Keppel Pacific Oak US REIT (CMOU)

Overview

Keppel Pacific Oak US REIT (KORE) operates as a distinguished office Real Estate Investment Trust (REIT), having made its debut on the Singapore Exchange Securities Trading Limited (SGX-ST) on November 9, 2017. Positioned to take advantage of the robust growth in the technology, advertising, media, information (TAMI), medical, and healthcare sectors, KORE strategically focuses on the United States' key growth markets. It aims to be the premier US office S-REIT choice by delivering sustainable distributions and formidable total returns to its Unitholders. KORE boasts a diversified investment portfolio, comprising income-generating commercial assets and real estate-related assets located in regions with strong economic and office fundamentals that typically exceed both the US national average and those of leading gateway cities. These preferred markets include the Super Sun Belt and 18-Hour Cities that are witnessing a significant migration trend known as The Great American Move. As of December 31, 2023, KORE's asset portfolio includes 13 freehold office buildings and business campuses, strategically distributed across eight pivotal technology and innovation hubs in the US. This portfolio represents a combined asset value of US$1.33 billion and covers an aggregate net lettable area of about 4.8 million sf. KORE is administered by Keppel Pacific Oak US REIT Management Pte. Ltd., a joint venture between Keppel, a global leader in providing sustainability-oriented solutions across various sectors, and KORE Pacific Advisors, a reputed commercial real estate investment manager in the United States.

Products and Services

KORE invests in a variety of income-generating and real estate-related assets, aiming to capitalize on the dynamic growth of certain economic sectors in the United States. Below are the key components of KORE's investment focus:

• Diversified Portfolio of Income-producing Commercial Assets:

  KORE holds 13 freehold office buildings and business campuses across the United States, specifically in regions known for their rapid technological and innovative growth. This strategic selection targets markets with strong economic and office fundamentals, providing a stable foundation for KORE's investment strategy.

• Focus on Key Growth Markets:

  The REIT's investments are concentrated in the Super Sun Belt and 18-Hour Cities, areas characterized by a high rate of professional migration and economic growth exceeding the national average. These markets offer a promising landscape for sustainable income and valuation growth, appealing to a broad base of potential tenants.

• Specialization in TAMI and Healthcare Sectors:

  KORE specifically targets the technology, advertising, media, information (TAMI), and medical and healthcare sectors within its portfolio. These sectors are recognized for their resilience and growth potential, comprising 50.9% of KORE's portfolio by cash rental income and contributing significantly to the REIT's financial health and stability.