KORE’s aggregate leverage, as at June 30, stood at 42.7%, down from 43.2% as at Dec 31, 2023, due to the withholding of distributions.
For the 1HFY2024 ended June 30, Keppel Pacific Oak US REIT (KORE) reported an income available for distribution of US$23.8 million ($31.8 million), 8.8% lower y-o-y. During the 2QFY2024, income available for distribution also fell by 8.8% y-o-y to US$11.9 million.
Gross revenue for the 1HFY2024 fell by 2.0% y-o-y to US$74.4 million due to lower rental income y-o-y from the reduction in non-cash amortisation of straight line rent and lease incentives. The lower non-cash amortisation was due to timing differences in leasing completed for the respective periods. Carpark income also fell from lower usage of construction workers from neighbouring developments at The Plaza Buildings in the 1HFY2024.
