Kore US Reit posts H1 DPU of US$0.004

[SINGAPORE] The manager of Kore US Reit on Tuesday (Jul 28) posted a distribution per unit of US$0.004 for its first half ended June, with a payout ratio of about 21 per cent.

The ex-dividend date is on Aug 4 and the record date is on Aug 5. The payment will be distributed on Sep 29.

Income available for distribution was at US$20.4 million for H1, up 2.1 per cent year on year from S$19.9 million.

The real estate investment trust’s (Reit) revenue also rose 2.8 per cent on the year to US$76.6 million, from US$74.6 million.

Property expenses of US$33.5 million for H1 were also 1.1 per cent lower than the US$33.9 million in the same period a year before, largely due to lower other property expenses.

This was partially offset by higher property taxes, repairs and maintenance, utilities and property management fee.

Net property income was at US$43.1 million for the period, a jump of 6.1 per cent from US$40.7 million a year prior.

As at Jun 30, aggregate leverage stood at 43.3 per cent, with an interest coverage ratio of 2.5 times.

Committed portfolio occupancy was recorded at 85.3 per cent, on top of portfolio rental reversion for H1 up 1.5 per cent year on year.

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Kore US Reit Q1 distributable income rises 4.3% on higher adjusted NPI

The Reit manager said a shrinking supply base is helping to support occupancy levels, leasing fundamentals and rental outlook.

“Office inventory contracted by 33 million square feet (sq ft) over the past five quarters, the lowest level since 2012,” the bourse filing said.

The trust also flagged how national office vacancy declined 10 basis points year on year to 20.1 per cent, signalling the gradual recovery in leasing fundamentals.

Artificial intelligence is said to be supporting a revival in office leasing across major US cities, according to the manager.

“The tech share of US leasing rose to 22.7 per cent in Q1 2026, (with) AI-driven leasing totals of around 30 million sq ft across key US tech markets since 2019,” it said.

Units of Kore ended 1.7 per cent or US$0.003 higher at US$0.181 on Monday.