Keppel Pacific OAK US REIT’s distributable income falls 19.3% YoY
The REIT's lower NPI also contributed to the decline.
Keppel Pacific OAK US REIT's distributable income fell 19.3% year-on-year to $12.5m (US$9.6m) in the first quarter of 2025 on lower net property income (NPI).
In its Q1 2025 financial statement, the REIT said its NPI dipped 6.2% YoY to $25.7m (US$19.7m).
The REIT attributed its lower NPI to lower rental income from higher free rents.
Meanwhile, the REIT also reported a 0.5% YoY lower gross revenue of $48.1m (US$36.9m).