Singapore · Delayed Price · Currency is SGD · Price in USD KORE US REIT Earnings Call Transcripts
Fiscal Year 2026
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Refinancing of all near-term debt maturities enabled early distribution resumption, with stable portfolio valuation and robust leasing activity. Occupancy is expected to remain in the mid-80% range despite known vacates, and capex will focus more on leasing. Asset manager transition is underway with no operational impact expected.
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Leasing momentum remained positive in H1 2025, with 281,000 sq ft leased and occupancy at 88.2%, though NPI and distributable income declined year-on-year. Refinancing is underway, with distributions expected to resume in H1 2026 at a lower level, and office demand in key growth markets remains resilient.
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Committed occupancy rose to 90% in 2024, with record leasing volumes and stable portfolio value despite a fair value loss. Distributions remain suspended until 2026, with $50 million budgeted for CapEx and TIs in 2025. Rising financing costs and known vacates will pressure occupancy, but operational performance and market recovery are expected to support future growth.
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Leverage decreased to 42.7% as refinancing progressed and distributions remain suspended through 2025. Occupancy improved to 90.7% with strong leasing in key tech hubs, but income available for distribution fell 8.8% year-on-year due to higher financing costs. CapEx is focused on TIs and spec suites, with stable rent and cautious outlook on asset sales and distributions.
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Leasing momentum remained strong with over 550,000 sq ft signed and occupancy at 85.3%, supported by asset enhancements and a successful spec suite strategy. Financial performance was stable, with income available for distribution up 2.1% year-over-year and a new $40 million credit facility bolstering liquidity.