Hot stocks: US office S-Reits slump on distribution suspensions, gearing woes
PURE-PLAY US office real estate investment trusts (Reits) took a beating on Thursday (Feb 15) morning, after Keppel Pacific Oak US Reit (Kore) announced it was suspending distributions to unitholders for two years as its leverage rose to 43.2 per cent as at end-2023.
Earlier, Kore’s manager also announced the Reit’s second-half distributable income fell 10.1 per cent year on year to US$26.1 million.
All Singapore-listed US office Reits were on the downtrend in early trade.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife hiring more technical and laboratory staff to ‘strengthen core processes’
Tesla’s China-made EV sales fall 18% y/y in April
Singapore stocks end lower even as regional markets rally; STI slips 0.1%
New Thai finance minister downplays row with central bank
South-east Asia increasingly used for illicit money flows, terrorist financing: US Treasury official
Apac finance M&A to stay subdued after Q1 decline as uncertainties linger: S&P Global