The manager of Keppel Pacific Oak US REIT (KORE) CMOU has postponed the release of its results for FY2023 ended December to a later date, according to an bourse filing on Jan 30.
The manager had planned to release the REIT’s results before the market opens on Jan 31, as announced on Jan 5. Instead, the manager now says the results “will be announced at a later date to be determined”.
This will, however, be no “later than 60 days after Dec 31, 2023”, or Feb 29.
In October 2023, KORE reported a lower adjusted distributable income of US$13.1 million (then $17.93 million) for 3QFY2023 ended Sept 30, down 10.7% y-o-y.
The REIT manager cited higher financing costs as a result of rising interest rates.
For 9MFY2023, adjusted distributable income stood at US$39.2 million, down 15.2% y-o-y from $46.2 million in the same period a year ago.
The REIT’s net property income (NPI) grew by 3.7% y-o-y to US$22.1 million for the 3QFY2023, and 2.6% y-o-y to $65.9 million for the 9MFY2023.
Units in Keppel Pacific Oak US REIT closed 0.5 US cents higher, or 1.59% up, at 32 US cents on Jan 30. Its unit price has declined 40.7% over the past year.
Commercial real estate in the US has been pummelled by tight lending amid high interest rates, along with flagging leasing demand for office space.
