,Singapore

Keppel Pacific Oak US Reit to see growth due to in-migration and magnet cities

Keppel Pacific Oak owns five properties in three Super Sun Belt Cities.

Keppel Pacific Oak US Reit (KORE) could look forward to growth from in-migration and magnet cities, according to a report from UOB Kay Hian

Due to the Tax Cut & Jobs Act of 2017, the movement of Americans from high to low-tax states has risen. The states of Florida, Texas and Washington have presented themselves as alternative options for those with high-income.  

Meanwhile, Super Sun Belt and 18-hour cities are the current focus of KORE. These cities have low to no state-level taxes. Markets covered by these categories are Atlanta, Dallas and Houston for Super Sun Belt, while Austin, Charlotte and Denver fall under 18-hour cities. 

KORE currently owns five properties in three Super Sun Belt cities, namely, Atlanta, Dallas and Houston, which account for 25% of NPI in 1H21. 

Six properties in 3 18-hour cities, namely, Seattle, Austin and Denver, are owned by KORE and account for 60.9% of NPI in 1H21.

 

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