Higher financing costs impact Keppel Pacific OAK US REIT's income

The REIT's income available for distribution fell to US$11.9m in 1Q24.

Keppel Pacific OAK US REIT saw its income available for distribution drop by 8.8% YoY to US$11.9m in 1Q24.

In a bourse filing, the REIT attributed the decline to higher financing costs as a result of higher interest rates.

The REIT"s net property income also fell in 1Q24, slipping 0.8% YoY to US$21.0m.

Meanwhile, the REIT posted a 1.4% negative rental reversion in 1Q24 due to renewals at Bellevue Technology Center and Westmoor.

More than half (64.3%) of the leases signed by the REIT in 1Q24 are renewals.

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