Keppel Pacific Oak US REIT’s distributable income drops 10.7% YoY to US$13.1m in 3Q23

The REIT attributed the decline to higher financing costs.

Keppel Pacific Oak US REIT posted a 10.7% YoY lower distributable income of US$13.1m in 3Q23, its latest financial statement showed.

In a bourse filing, the REIT attributed the decline in its distributable income to higher financing costs “as a result of rising interest rates.”

For the first nine months of the financial year 2023 (9M23), distributable income fell by 15.2% YoY to US$39.2m.

On the flip side, the REIT saw improvement in its gross revenue and net property income in 3Q23, rising 3.3% YoY to US$38.4m and 3.7% YoY to US$22.1m, respectively.

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