KOREReitUSD CMOU
Financials
Annual Report 2025
Explore the statements
27 tablesStatements of Financial Position
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalentsUS$’000 | 56,286 | 44,193 | 24,835 | 11,670 | PDF p. 85 |
| Trade and other receivablesUS$’000 | 4,867 | 5,369 | 17,108 | 18,606 | PDF p. 85 |
| Prepaid expensesUS$’000 | 537 | 602 | 235 | 469 | PDF p. 85 |
| Derivative assetsUS$’000 | 75 | 2,536 | 75 | 2,536 | PDF p. 85 |
| Current assets subtotal | |||||
| SubtotalUS$’000 | 61,765 | 52,700 | 42,253 | 33,281 | PDF p. 85 |
| Current assets | |||||
| Derivative assetsUS$’000 | 2,603 | 8,863 | 2,603 | 8,863 | PDF p. 85 |
| Non-current assets | |||||
| Investment propertiesUS$’000 | 1,325,370 | 1,326,410 | – | – | PDF p. 85 |
| Investments in subsidiariesUS$’000 | – | – | 1,285,527 | 1,281,859 | PDF p. 85 |
| Non-current assets subtotal | |||||
| SubtotalUS$’000 | 1,327,973 | 1,335,273 | 1,288,130 | 1,290,722 | PDF p. 85 |
| Statement total | |||||
| Total assetsUS$’000 | 1,389,738 | 1,387,973 | 1,330,383 | 1,324,003 | PDF p. 85 |
| Current liabilities | |||||
| Trade and other payablesUS$’000 | 33,019 | 32,644 | 6,484 | 4,838 | PDF p. 85 |
| Loans and borrowingsUS$’000 | 194,465 | 58,977 | 194,465 | 58,977 | PDF p. 85 |
| Rental security depositsUS$’000 | 1,367 | 1,257 | – | – | PDF p. 85 |
| Rent received in advanceUS$’000 | 6,296 | 7,301 | – | – | PDF p. 85 |
| Current liabilities subtotal | |||||
| SubtotalUS$’000 | 235,147 | 100,179 | 200,949 | 63,815 | PDF p. 85 |
| Current liabilities | |||||
| Loans and borrowingsUS$’000 | 416,619 | 545,846 | 416,619 | 545,846 | PDF p. 85 |
| Rental security depositsUS$’000 | 5,629 | 5,216 | – | – | PDF p. 85 |
| Non-current liabilities | |||||
| Derivative liabilitiesUS$’000 | 728 | – | 728 | – | PDF p. 85 |
| Preferred unitsUS$’000 | 1,850 | 1,124 | – | – | PDF p. 85 |
| Deferred tax liabilitiesUS$’000 | 17,530 | 19,298 | – | – | PDF p. 85 |
| Non-current liabilities subtotal | |||||
| SubtotalUS$’000 | 442,356 | 571,484 | 417,347 | 545,846 | PDF p. 85 |
| Statement total | |||||
| Total liabilitiesUS$’000 | 677,503 | 671,663 | 618,296 | 609,661 | PDF p. 85 |
| Net assets attributable to UnitholdersUS$’000 | 712,235 | 716,310 | 712,087 | 714,342 | PDF p. 85 |
| Unitholders’ fundsUS$’000 | 712,235 | 716,310 | 712,087 | 714,342 | PDF p. 85 |
| Non-current liabilities | |||||
| Units in issue (’000)thousand units | 1,044,450 | 1,044,450 | 1,044,450 | 1,044,450 | PDF p. 85 |
| Net asset value per unit (US$) attributable to UnitholdersUS$ per Unit | 0.68 | 0.69 | 0.68 | 0.68 | PDF p. 85 |
Definitions & sources
Original report: PDF p. 85 ↗
Consolidated Statement of Comprehensive Income
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Gross revenueUS$’000 | 150,165 | 146,437 | PDF p. 86 |
| Property expensesUS$’000 | (69,509) | (68,147) | PDF p. 86 |
| Net property incomeUS$’000 | 80,656 | 78,290 | PDF p. 86 |
| Finance incomeUS$’000 | 1,378 | 1,315 | PDF p. 86 |
| Finance expensesUS$’000 | (29,062) | (27,571) | PDF p. 86 |
| Manager’s base feesUS$’000 | (4,781) | (5,292) | PDF p. 86 |
| Trustee’s feeUS$’000 | (180) | (180) | PDF p. 86 |
| Fair value change in derivativesUS$’000 | (9,449) | (7,234) | PDF p. 86 |
| Other trust expensesUS$’000 | (3,943) | (3,560) | PDF p. 86 |
| Net income for the year before net fair value change in investment propertiesUS$’000 | 34,619 | 35,768 | PDF p. 86 |
| Net change in fair value of investment propertiesUS$’000 | (40,458) | (46,663) | PDF p. 86 |
| Net loss for the year before taxUS$’000 | (5,839) | (10,895) | PDF p. 86 |
| Tax creditUS$’000 | 1,764 | 4,001 | PDF p. 86 |
| Net loss for the year attributable to UnitholdersUS$’000 | (4,075) | (6,894) | PDF p. 86 |
Definitions & sources
Original report: PDF p. 86 ↗
Earnings per Unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per unit | |||
| Basic and dilutedUS cents per Unit | (0.39) | (0.66) | PDF p. 86 |
Definitions & sources
Original report: PDF p. 86 ↗
Consolidated Distribution Statement
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Distribution statement | |||
| Income available for distribution to Unitholders at the beginning of the yearUS$’000 | – | – | PDF p. 87 |
| Net loss for the yearUS$’000 | (4,075) | (6,894) | PDF p. 87 |
| Distribution adjustments (Note A)US$’000 | 47,107 | 54,521 | PDF p. 87 |
| Income available for distribution to UnitholdersUS$’000 | 43,032 | 47,627 | PDF p. 87 |
| – Distribution withheld for the financial year from 1 January 2024 to 31 December 2024US$’000 | – | (47,627) | PDF p. 87 |
| – Distribution withheld for the financial year from 1 January 2025 to 31 December 2025US$’000 | (40,421) | – | PDF p. 87 |
| Income available for distribution to Unitholders at the end of the yearUS$’000 | 2,611 | – | PDF p. 87 |
| Distribution adjustments | |||
| Property related non-cash itemsUS$’000 | 2,996 | 5,152 | PDF p. 87 |
| Trustee's feeUS$’000 | 180 | 180 | PDF p. 87 |
| Amortisation of upfront debt-related transaction costsUS$’000 | 799 | 727 | PDF p. 87 |
| Deferred tax incomeUS$’000 | (1,768) | (4,001) | PDF p. 87 |
| Fair value change in derivativesUS$’000 | 9,449 | 7,234 | PDF p. 87 |
| Net change in fair value of investment propertiesUS$’000 | 40,458 | 46,663 | PDF p. 87 |
| OthersUS$’000 | (5,007) | (1,434) | PDF p. 87 |
| Net distribution adjustmentsUS$’000 | 47,107 | 54,521 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
The p87 source footnotes explain that distributions resumed for 2H 2025 after being suspended from 2H 2023 through 1H 2025; footnote markers 1–4 are retained in source labels/quotes.
Distribution per Unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; US cents | 2024Group; US cents | Source |
|---|---|---|---|
| Consolidated Distribution Statement | |||
| Distribution per Unit (DPU) (US cents)US cents | 0.25 | – | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
1 Early resumption of distributions for the period from 1 July 2025 to 31 December 2025 (“2H 2025”). Distributions had been suspended starting with those related to the period from 1 July 2023 to 31 December 2023 (“2H 2023”) up till the period from 1 January 2025 to 30 June 2025 (“1H 2025”) under KORE US REIT’s (formerly known as Keppel Pacific Oak US REIT) (“KORE”) recapitalisation plan announced on 15 February 2024 (the “Recapitalisation Plan”).
Statement of Changes in Unitholders’ Funds — Group, 2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupUnits in issue and to be issued | 2025GroupRetained earnings | 2025GroupTotal | Source |
|---|---|---|---|---|
| Opening balance | ||||
| At 1 January 2025US$’000 | 687,002 | 29,308 | 716,310 | PDF p. 88 |
| Changes from operations | ||||
| Net loss for the yearUS$’000 | – | (4,075) | (4,075) | PDF p. 88 |
| Net decrease in net assets resulting from operationsUS$’000 | – | (4,075) | (4,075) | PDF p. 88 |
| Unitholders’ transactions | ||||
| Distribution to UnitholdersUS$’000 | – | – | – | PDF p. 88 |
| Changes from operations | ||||
| Net decrease in net assets resulting from Unitholders' transactionsUS$’000 | – | – | – | PDF p. 88 |
| Closing balance | ||||
| At 31 December 2025US$’000 | 687,002 | 25,233 | 712,235 | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Distribution to Unitholders is shown as dashes for each component. Distributions were suspended for the period starting from 2H 2023.
Statement of Changes in Unitholders’ Funds — Group, 2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupUnits in issue and to be issued | 2024GroupRetained earnings | 2024GroupTotal | Source |
|---|---|---|---|---|
| Opening balance | ||||
| At 1 January 2024US$’000 | 687,002 | 36,202 | 723,204 | PDF p. 88 |
| Changes from operations | ||||
| Net loss for the yearUS$’000 | – | (6,894) | (6,894) | PDF p. 88 |
| Net decrease in net assets resulting from operationsUS$’000 | – | (6,894) | (6,894) | PDF p. 88 |
| Unitholders’ transactions | ||||
| Distribution to UnitholdersUS$’000 | – | – | – | PDF p. 88 |
| Changes from operations | ||||
| Net decrease in net assets resulting from Unitholders' transactionsUS$’000 | – | – | – | PDF p. 88 |
| Closing balance | ||||
| At 31 December 2024US$’000 | 687,002 | 29,308 | 716,310 | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Distribution to Unitholders is shown as dashes for each component. Distributions were suspended for the period starting from 2H 2023.
Statement of Changes in Unitholders’ Funds — Trust, 2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025TrustUnits in issue and to be issued | 2025TrustRetained earnings | 2025TrustTotal | Source |
|---|---|---|---|---|
| Opening balance | ||||
| At 1 January 2025US$’000 | 687,002 | 27,340 | 714,342 | PDF p. 89 |
| Changes from operations | ||||
| Net loss for the yearUS$’000 | – | (2,255) | (2,255) | PDF p. 89 |
| Net decrease in net assets resulting from operationsUS$’000 | – | (2,255) | (2,255) | PDF p. 89 |
| Unitholders’ transactions | ||||
| Distribution to UnitholdersUS$’000 | – | – | – | PDF p. 89 |
| Changes from operations | ||||
| Net decrease in net assets resulting from Unitholders' transactionsUS$’000 | – | – | – | PDF p. 89 |
| Closing balance | ||||
| At 31 December 2025US$’000 | 687,002 | 25,085 | 712,087 | PDF p. 89 |
Definitions & sources
Original report: PDF p. 89 ↗
Distribution to Unitholders is shown as dashes for each component. Distributions were suspended for the period starting from 2H 2023.
Statement of Changes in Unitholders’ Funds — Trust, 2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024TrustUnits in issue and to be issued | 2024TrustRetained earnings | 2024TrustTotal | Source |
|---|---|---|---|---|
| Opening balance | ||||
| At 1 January 2024US$’000 | 687,002 | 4,737 | 691,739 | PDF p. 89 |
| Changes from operations | ||||
| Net income for the yearUS$’000 | – | 22,603 | 22,603 | PDF p. 89 |
| Net increase in net assets resulting from operationsUS$’000 | – | 22,603 | 22,603 | PDF p. 89 |
| Unitholders’ transactions | ||||
| Distribution to UnitholdersUS$’000 | – | – | – | PDF p. 89 |
| Changes from operations | ||||
| Net decrease in net assets resulting from Unitholders' transactionsUS$’000 | – | – | – | PDF p. 89 |
| Closing balance | ||||
| At 31 December 2024US$’000 | 687,002 | 27,340 | 714,342 | PDF p. 89 |
Definitions & sources
Original report: PDF p. 89 ↗
Distribution to Unitholders is shown as dashes for each component. Distributions were suspended for the period starting from 2H 2023.
Consolidated Statement of Cash Flows
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities; adjustments | |||
| Net loss before taxUS$’000 | (5,839) | (10,895) | PDF p. 90 |
| Property related non-cash itemsUS$’000 | 2,996 | 5,152 | PDF p. 90 |
| Finance incomeUS$’000 | (1,378) | (1,315) | PDF p. 90 |
| Allowance for expected credit lossesUS$’000 | 886 | 501 | PDF p. 90 |
| Finance expensesUS$’000 | 29,062 | 27,571 | PDF p. 90 |
| Fair value change in derivativesUS$’000 | 9,449 | 7,234 | PDF p. 90 |
| Net fair value change in investment propertiesUS$’000 | 40,458 | 46,663 | PDF p. 90 |
| SubtotalUS$’000 | 75,634 | 74,911 | PDF p. 90 |
| Operating activities; changes in working capital | |||
| Trade and other receivablesUS$’000 | (384) | (1,595) | PDF p. 90 |
| Trade and other payablesUS$’000 | 2,102 | 1,756 | PDF p. 90 |
| Prepaid expensesUS$’000 | 65 | (259) | PDF p. 90 |
| Rental security depositsUS$’000 | 523 | 308 | PDF p. 90 |
| Rental received in advanceUS$’000 | (1,005) | 581 | PDF p. 90 |
| Operating activities | |||
| Cash generated from operationsUS$’000 | 76,935 | 75,702 | PDF p. 90 |
| Tax paidUS$’000 | (4) | – | PDF p. 90 |
| Net cash generated from operating activitiesUS$’000 | 76,931 | 75,702 | PDF p. 90 |
| Investing activities | |||
| Payment for capital expenditure relating to investment propertiesUS$’000 | (45,333) | (53,630) | PDF p. 90 |
| Interest receivedUS$’000 | 1,378 | 1,315 | PDF p. 90 |
| Net cash used in investing activitiesUS$’000 | (43,955) | (52,315) | PDF p. 90 |
| Financing activities | |||
| Proceeds from issuance of preferred unitsUS$’000 | 726 | – | PDF p. 90 |
| Proceeds from new loansUS$’000 | 39,500 | 144,300 | PDF p. 90 |
| Repayment of loansUS$’000 | (34,000) | (139,000) | PDF p. 90 |
| Payment of debt related transaction costsUS$’000 | (38) | (771) | PDF p. 90 |
| Financing expense paid on loans and borrowingsUS$’000 | (26,899) | (27,365) | PDF p. 90 |
| Financing expense paid on preferred unitsUS$’000 | (172) | (135) | PDF p. 90 |
| Net cash used in financing activitiesUS$’000 | (20,883) | (22,971) | PDF p. 90 |
| Cash reconciliation | |||
| Net increase in cash and cash equivalentsUS$’000 | 12,093 | 416 | PDF p. 90 |
| Cash and cash equivalents at beginning of the yearUS$’000 | 44,193 | 43,777 | PDF p. 90 |
| Cash and cash equivalents at end of the yearUS$’000 | 56,286 | 44,193 | PDF p. 90 |
Definitions & sources
Original report: PDF p. 90 ↗
Consolidated Portfolio Statement
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group fair value (US$’000) | 2024Group fair value (US$’000) | 2025Percentage of total net assets (%) | 2024Percentage of total net assets (%) | Source |
|---|---|---|---|---|---|
| Consolidated portfolio statement | |||||
| The Plaza BuildingsUS$’000 and percent of net assets | 287,520 | 299,700 | 40.4 | 41.8 | PDF p. 91 |
| Bellevue Technology CenterUS$’000 and percent of net assets | 142,900 | 139,600 | 20.1 | 19.5 | PDF p. 91 |
| The Westpark PortfolioUS$’000 and percent of net assets | 229,400 | 227,000 | 32.2 | 31.7 | PDF p. 91 |
| Great Hills PlazaUS$’000 and percent of net assets | 46,390 | 45,000 | 6.5 | 6.3 | PDF p. 91 |
| Westech 360US$’000 and percent of net assets | 52,730 | 48,500 | 7.4 | 6.7 | PDF p. 91 |
| Westmoor CenterUS$’000 and percent of net assets | 96,400 | 103,000 | 13.5 | 14.4 | PDF p. 91 |
| 105 EdgeviewUS$’000 and percent of net assets | 50,860 | 55,910 | 7.1 | 7.8 | PDF p. 91 |
| Bridge CrossingUS$’000 and percent of net assets | 43,300 | 41,400 | 6.1 | 5.8 | PDF p. 91 |
| 1800 West Loop SouthUS$’000 and percent of net assets | 73,180 | 74,300 | 10.3 | 10.4 | PDF p. 91 |
| Bellaire ParkUS$’000 and percent of net assets | 51,640 | 47,300 | 7.3 | 6.6 | PDF p. 91 |
| One Twenty FiveUS$’000 and percent of net assets | 114,350 | 105,000 | 16.1 | 14.7 | PDF p. 91 |
| Maitland Promenade I & IIUS$’000 and percent of net assets | 98,200 | 101,600 | 13.8 | 14.2 | PDF p. 91 |
| Iron PointUS$’000 and percent of net assets | 38,500 | 38,100 | 5.3 | 5.3 | PDF p. 91 |
| Total investment propertiesUS$’000 and percent of net assets | 1,325,370 | 1,326,410 | 186.1 | 185.2 | PDF p. 91 |
| Other assets and liabilities (net)US$’000 and percent of net assets | (613,135) | (610,100) | (86.1) | (85.2) | PDF p. 91 |
| Net assetsUS$’000 and percent of net assets | 712,235 | 716,310 | 100.0 | 100.0 | PDF p. 91 |
Definitions & sources
Original report: PDF p. 91 ↗
Physical page 91 (printed p97); each property is freehold and locations are printed in separate wrapped lines.
Results highlights and ratios
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT financial highlights; source scope not explicitly labelled Group/Trust | 2024REIT financial highlights; source scope not explicitly labelled Group/Trust | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| Results highlights and ratios | ||||
| Gross revenueUS$’000 (2025/2024); % (change) | 150,165 | 146,437 | 2.5 | PDF p. 6 |
| Net property incomeUS$’000 (2025/2024); % (change) | 80,656 | 78,290 | 3.0 | PDF p. 6 |
| Income available for distribution to UnitholdersUS$’000 (2025/2024); % (change) | 43,032 | 47,627 | (9.6) | PDF p. 6 |
| Distribution to UnitholdersUS$’000 (2025/2024); % (change) | 2,611 | – | 100.0 | PDF p. 6 |
| Distribution per Unit (DPU) (US cents)US cents (2025/2024); % (change) | 0.25 | – | 100.0 | PDF p. 6 |
| Interest coverage ratio (times)times (2025/2024); % (change) | 2.50 | 2.60 | (3.8) | PDF p. 6 |
| Results highlights | ||||
| Weighted average all-in interest rate (% per annum)% p.a. (2025/2024); basis points (change) | 4.66 | 4.45 | 21 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Page 6 notes: 1 Early resumption of distributions in 2H 2025. Distributions had been suspended starting with those related to 2H 2023 up till 1H 2025 under KORE’s Recapitalisation Plan announced on 15 February 2024. 2 DPU for 2H 2025 was calculated based on 1,044,450,254 issued Units as at 31 December 2025. 3 Weighted average all-in interest rate includes amortisation of upfront debt financing costs. 4 Defined in the CIS Code issued by the MAS as trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation differences), over trailing 12 months interest expenses, borrowing-related fees and distributions on hybrid securities.
Balance sheet highlights and ratios
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT financial highlights; source scope not explicitly labelled Group/Trust | 2024REIT financial highlights; source scope not explicitly labelled Group/Trust | 2025Change (%), 2025 vs 2024, except values printed as percentage points or basis points | Source |
|---|---|---|---|---|
| Balance sheet highlights and ratios | ||||
| Investment propertiesUS$’000 (2025/2024); % (change) | 1,325,370 | 1,326,410 | (0.1) | PDF p. 6 |
| Total assetsUS$’000 (2025/2024); % (change) | 1,389,738 | 1,387,973 | 0.1 | PDF p. 6 |
| Gross borrowingsUS$’000 (2025/2024); % (change) | 612,720 | 607,220 | 0.9 | PDF p. 6 |
| Total liabilitiesUS$’000 (2025/2024); % (change) | 677,503 | 671,663 | 0.9 | PDF p. 6 |
| Unitholders’ fundsUS$’000 (2025/2024); % (change) | 712,235 | 716,310 | (0.6) | PDF p. 6 |
| Units in issue and to be issued as at balance sheet date (’000)’000 Units (2025/2024); % (change) | 1,044,450 | 1,044,450 | – | PDF p. 6 |
| Net Asset Value (NAV) per Unit (US$)US$ per Unit (2025/2024); % (change) | 0.68 | 0.69 | (1.4) | PDF p. 6 |
| Adjusted NAV per Unit, excluding distribution declared (US$)US$ per Unit (2025/2024); % (change) | 0.68 | 0.69 | (1.4) | PDF p. 6 |
| Unit price as at balance sheet date (US$)US$ per Unit (2025/2024); % (change) | 0.235 | 0.205 | 14.6 | PDF p. 6 |
| Balance sheet highlights | ||||
| Discount to NAV (%)% (2025/2024); percentage points (change) | (65.4) | (70.3) | 4.9 | PDF p. 6 |
| Aggregate leverage (%)% (2025/2024); basis points (change) | 44.1 | 43.7 | 40 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Page 6 notes applying to this table: 1 Early resumption of distributions in 2H 2025. Distributions had been suspended starting with those related to 2H 2023 up till 1H 2025 under KORE’s Recapitalisation Plan announced on 15 February 2024. 5 Aggregate leverage is computed based on gross borrowings over total deposited properties (the Group’s total assets) as stipulated in the Property Funds Appendix in the CIS Code issued by MAS. 6 Gross borrowings relates to bank borrowings drawn down from loan facilities. 7 Based on NAV as at 31 December 2025 and 31 December 2024.
Financial ratios
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; % | 2024Group; % | Source |
|---|---|---|---|
| Financial ratios | |||
| Ratio of expenses to weighted average net assets¹ — Including performance component of the Manager’s management fees% | 1.23 | 1.23 | PDF p. 111 |
| Ratio of expenses to weighted average net assets¹ — Excluding performance component of the Manager’s management fees% | 1.23 | 1.23 | PDF p. 111 |
| Portfolio turnover rate²% | – | – | PDF p. 111 |
Definitions & sources
Original report: PDF p. 111 ↗
1 The annualised ratio is computed in accordance with guidelines of the Investment Management Association of Singapore (“IMAS”). The expenses used in the computation relate to expenses at the Group level, excluding property related expenses, finance expenses, net foreign exchange differences and income tax expense. The Group did not pay any performance fee for the financial years ended 31 December 2025 and 31 December 2024. 2 The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of weighted average net asset value in accordance with the formula stated in the CIS Code.
Quarterly Results
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025; Q1 amount; US$’000 except quarterly percentage columnsQuarter 1 amount | 2025FY2025; Q1 percent; US$’000 except quarterly percentage columnsQuarter 1 share (%) | 2025FY2025; Q2 amount; US$’000 except quarterly percentage columnsQuarter 2 amount | 2025FY2025; Q2 percent; US$’000 except quarterly percentage columnsQuarter 2 share (%) | 2025FY2025; Q3 amount; US$’000 except quarterly percentage columnsQuarter 3 amount | 2025FY2025; Q3 percent; US$’000 except quarterly percentage columnsQuarter 3 share (%) | 2025FY2025; Q4 amount; US$’000 except quarterly percentage columnsQuarter 4 amount | 2025FY2025; Q4 percent; US$’000 except quarterly percentage columnsQuarter 4 share (%) | 2025FY2025; Total; US$’000 except quarterly percentage columnsAnnual total | 2024FY2024; Q1 amount; US$’000 except quarterly percentage columnsQuarter 1 amount | 2024FY2024; Q1 percent; US$’000 except quarterly percentage columnsQuarter 1 share (%) | 2024FY2024; Q2 amount; US$’000 except quarterly percentage columnsQuarter 2 amount | 2024FY2024; Q2 percent; US$’000 except quarterly percentage columnsQuarter 2 share (%) | 2024FY2024; Q3 amount; US$’000 except quarterly percentage columnsQuarter 3 amount | 2024FY2024; Q3 percent; US$’000 except quarterly percentage columnsQuarter 3 share (%) | 2024FY2024; Q4 amount; US$’000 except quarterly percentage columnsQuarter 4 amount | 2024FY2024; Q4 percent; US$’000 except quarterly percentage columnsQuarter 4 share (%) | 2024FY2024; Total; US$’000 except quarterly percentage columnsAnnual total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly results; FY2025 values followed by FY2024 values | |||||||||||||||||||
| Gross revenueUS$’000 (quarter amounts and annual totals); % of annual total (quarter shares) | 36,860 | 24.5 | 37,696 | 25.1 | 37,535 | 25.0 | 38,074 | 25.4 | 150,165 | 37,082 | 25.3 | 37,290 | 25.5 | 37,600 | 25.7 | 34,465 | 23.5 | 146,437 | PDF p. 6 |
| Net property incomeUS$’000 (quarter amounts and annual totals); % of annual total (quarter shares) | 19,651 | 24.4 | 21,005 | 26.0 | 20,615 | 25.6 | 19,385 | 24.0 | 80,656 | 20,984 | 26.8 | 21,031 | 26.9 | 20,128 | 25.7 | 16,147 | 20.6 | 78,290 | PDF p. 6 |
| Income available for distribution to UnitholdersUS$’000 (quarter amounts and annual totals); % of annual total (quarter shares) | 9,609 | 22.3 | 10,339 | 24.0 | 10,445 | 24.3 | 12,639 | 29.4 | 43,032 | 11,905 | 25.0 | 11,909 | 25.0 | 11,907 | 25.0 | 11,906 | 25.0 | 47,627 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Quarter columns are reported as amount and percent of annual total; 2025/2024 subrows preserve the original printed order.
Debt Maturity Profile
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; maturity year | Source |
|---|---|---|
| Debt maturity profile | ||
| 2026percent of gross borrowings | 31.7 | PDF p. 40 |
| 2027percent of gross borrowings | 30.7 | PDF p. 40 |
| 2028percent of gross borrowings | 29.4 | PDF p. 40 |
| 2029percent of gross borrowings | 4.9 | PDF p. 40 |
| 2030percent of gross borrowings | 3.3 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Interest Coverage Ratio Scenarios
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Interest coverage ratio scenarios | |||
| For the year ended 31 Decembertimes | 2.5 | 2.6 | PDF p. 40 |
| Scenario 1: 100 basis point increase in the weighted average interest ratetimes | 2.1 | 2.1 | PDF p. 40 |
| Scenario 2: 10% decrease in the EBITDAtimes | 2.3 | 2.3 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
ICR is in times; Scenario 1 increases the weighted average interest rate by 100 basis points; Scenario 2 decreases EBITDA by 10%. Original EBITDA definition is retained in the report.
Financial Review Key Statistics
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT financial review; source scope not explicitly labelled Group/Trust | 2024REIT financial review; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|---|
| Key statistics | |||
| Aggregate leverage% | 44.1 | 43.7 | PDF p. 41 |
| Weighted average all-in interest rate% p.a. | 4.66 | 4.45 | PDF p. 41 |
| Interest Coverage Ratiotimes | 2.5 | 2.6 | PDF p. 41 |
| Weighted average term to maturityyears | 1.5 | 2.4 | PDF p. 41 |
Definitions & sources
Original report: PDF p. 41 ↗
Aggregate leverage and ICR limits explained on the same page.
Occupancy rate (five-year historical chart)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021REIT historical highlights; source scope not explicitly labelled Group/Trust | 2022REIT historical highlights; source scope not explicitly labelled Group/Trust | 2023REIT historical highlights; source scope not explicitly labelled Group/Trust | 2024REIT historical highlights; source scope not explicitly labelled Group/Trust | 2025REIT historical highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|---|---|---|---|
| Key Highlights five-year chart | ||||||
| OCCUPANCY RATE (%)percent | 91.9 | 92.6 | 90.3 | 90.0 | 87.2 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Leasing volume (five-year historical chart)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021REIT historical highlights; source scope not explicitly labelled Group/Trust | 2022REIT historical highlights; source scope not explicitly labelled Group/Trust | 2023REIT historical highlights; source scope not explicitly labelled Group/Trust | 2024REIT historical highlights; source scope not explicitly labelled Group/Trust | 2025REIT historical highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|---|---|---|---|
| Key Highlights five-year chart | ||||||
| LEASING VOLUME ('000 sf)thousand square feet | 731 | 651 | 704 | 939 | 622 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Adjusted net property income (five-year historical chart)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021REIT historical highlights; source scope not explicitly labelled Group/Trust | 2022REIT historical highlights; source scope not explicitly labelled Group/Trust | 2023REIT historical highlights; source scope not explicitly labelled Group/Trust | 2024REIT historical highlights; source scope not explicitly labelled Group/Trust | 2025REIT historical highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|---|---|---|---|
| Key Highlights five-year chart | ||||||
| ADJUSTED NET PROPERTY INCOME⁴ (US$’000)US$’000 | 83,552 | 85,493 | 87,591 | 83,442 | 83,652 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Adjusted NPI excludes non-cash straight-line rent, lease incentives and amortisation of leasing commissions; distinct from reported NPI.
Key highlights — Portfolio valuation
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT FY2025 highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|
| Original current highlight cards | ||
| Portfolio valuationUS$ billions | 1.3 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Key highlights — Rental reversion
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT FY2025 highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|
| Original current highlight cards | ||
| Rental reversion% | 6.8 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Key highlights — Portfolio committed occupancy
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT FY2025 highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|
| Original current highlight cards | ||
| Portfolio committed occupancy% | 87.2 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Key highlights — Aggregate leverage
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT FY2025 highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|
| Original current highlight cards | ||
| Aggregate leverage% | 44.1 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Key highlights — FY2025 income available for distribution
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT FY2025 highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|
| Original current highlight cards | ||
| FY2025 income available for distributionUS$ millions | 43.0 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Key highlights — Distribution per unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025REIT FY2025 highlights; source scope not explicitly labelled Group/Trust | Source |
|---|---|---|
| Original current highlight cards | ||
| Distribution per unitUS cents per unit | 0.25 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Debt
Borrowings
Debt maturity profile (%)
| Item / unit | 2025Group, % of debt maturing in year, as at 31 December 2025 | Source |
|---|---|---|
| Debt maturity profile | ||
| 2026% | 31.7 | PDF p. 40 |
| 2027% | 30.7 | PDF p. 40 |
| 2028% | 29.4 | PDF p. 40 |
| 2029% | 4.9 | PDF p. 40 |
| 2030% | 3.3 | PDF p. 40 |
| 2031% | 0.0 | PDF p. 40 |
Notes
Row label is the maturity year; value is the printed percentage. All borrowings are US dollar-denominated and 100% unsecured. Weighted average term to maturity 1.5 years (2024: 2.4 years); weighted average all-in interest rate 4.66% p.a. (FY 2024: 4.45% p.a.); approx. 64.4% (31 Dec 2024: 70.5%) of borrowings hedged floating-to-fixed (excludes uncommitted revolving credit facilities).
Borrowing notes 2 tables
Loans and borrowings (Group and Trust)
| Item / unit | 2025Maturity year column | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|---|
| Current | ||||
| USD term loan at SOFR + 1.66% (unsecured)US$'000 | 2026 | 115,000 | – | PDF p. 105 |
| USD term loan at SOFR + 1.65% (unsecured)US$'000 | 2026 | 40,000 | – | PDF p. 105 |
| Revolving credit facility (unsecured)US$'000 | 2026 | 39,500 | – | PDF p. 105 |
| Revolving credit facility (unsecured)US$'000 | 2025 | – | 59,000 | PDF p. 105 |
| Non-current | ||||
| USD term loan at SOFR + 1.66% (unsecured)US$'000 | 2026 | – | 115,000 | PDF p. 105 |
| USD term loan at SOFR + 1.65% (unsecured)US$'000 | 2026 | – | 40,000 | PDF p. 105 |
| USD term loan at SOFR + 1.60% (unsecured)US$'000 | 2027 | 120,000 | 120,000 | PDF p. 105 |
| USD term loan at SOFR + 1.50% (unsecured)US$'000 | 2028 | 180,000 | 180,000 | PDF p. 105 |
| USD term loan at SOFR + 1.43% (unsecured)US$'000 | 2029 | 30,000 | 30,000 | PDF p. 105 |
| USD term loan at SOFR + 1.53% (unsecured)US$'000 | 2030 | 20,000 | 20,000 | PDF p. 105 |
| Revolving credit facility (unsecured)US$'000 | 2027 | 68,220 | 43,220 | PDF p. 105 |
Notes
Column order of values: maturity year (printed), 2025, 2024. All loans are unsecured USD loans. Interest rates are SOFR plus the printed margins.
Current section: Total current loans and borrowings 194,465 (2025) and 58,977 (2024). Non-current total 416,619 and 545,846. Total 611,084 and 604,823.
Percentage of total borrowings to Group's net assets 85.8% (2024: 84.4%); to Trust's net assets 85.8% (2024: 84.7%).
As at 31 December 2025, the Group has US$92.3 million (2024: US$97.8 million) of unutilised credit facilities to meet its future obligations.
The Group has unsecured bank loans of US$612.7 million (2024: US$607.2 million) of bank loans, comprising unsecured term loans and revolving credit facilities.
Key statistics (leverage and interest)
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Key statistics | |||
| Aggregate leverage% | 44.1 | 43.7 | PDF p. 41 |
Notes
Aggregate leverage is computed based on gross borrowings over total deposited properties (the Group’s total assets) as stipulated in the Property Funds Appendix in the CIS Code issued by the MAS.
Weighted average all-in interest rate includes amortisation of upfront debt financing costs.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 3.10 Distribution policy | The Group’s distribution policy is to consider the interest of the Unitholders (including, but not limited to, whether the Trust has funds surplus to its business requirements) when determining the amount of distributions (if any). The Trust may at its discretion declare distributions of Annual Distributable Income to Holders at such intervals as the Manager shall decide in its absolute discretion, which may range from 0% to 100% of the Distributable Income for that relevant distribution period. | Group policy | PDF p. 99 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit (DPU) (US cents) | 0.25 US cents per unit | Group, FY2025 (2H 2025 distribution; early resumption) | PDF p. 87 |
| Distribution per Unit (DPU) (US cents) | – US cents per unit | Group, FY2024 comparative | PDF p. 87 |
| Distribution to Unitholders | 2,611 US$'000 | Group, FY2025 (2024: –) | PDF p. 6 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage (%)5 | 44.1% | Group, as at 31 December 2025 (comparative 2024: 43.7) · As at 2025-12-31 | PDF p. 6 |
| Interest coverage ratio (times)4 | 2.50 times | Group, FY ended 31 December 2025 (comparative 2024: 2.60) | PDF p. 6 |
| Weighted average all-in interest rate (% per annum)3 | 4.66 % per annum | Group, FY ended 31 December 2025 (comparative 2024: 4.45) | PDF p. 6 |
| Weighted average term to maturity | 1.5 years | Group, as at 31 December 2025 (comparative 2024: 2.4 years) · As at 2025-12-31 | PDF p. 41 |
| Net Asset Value (NAV) per Unit (US$) | 0.68 US$ | Group, as at 31 December 2025 (comparative 2024: 0.69) · As at 2025-12-31 | PDF p. 6 |
| Distribution per Unit (DPU) (US cents)1,2 | 0.25 US cents | FY ended 31 December 2025 (comparative 2024: –) | PDF p. 6 |
| Portfolio | 87.2% | Portfolio, as at 31 December 2025 · As at 2025-12-31 | PDF p. 19 |
| WALE (by CRI) | 3.8 years | Portfolio, as at 31 December 2025 · As at 2025-12-31 | PDF p. 20 |
| WALE | 3.3 years | Top 10 tenants, as at 31 December 2025 · As at 2025-12-31 | PDF p. 20 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Ernst & Young LLP | Ernst & Young LLP | Group and Trust, FY ended 31 December 2025 | PDF p. 84 |
| engagement partner | Low Yen Mei | Group and Trust, FY ended 31 December 2025 | PDF p. 84 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group, the Statement of Financial Position and the Changes in Unitholders’ Funds of the Trust are properly drawn up in accordance with the IFRS Accounting Standards | Group and Trust, FY ended 31 December 2025 | PDF p. 82 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | The valuation of the investment properties is significant to our audit due to the magnitude and the complexity of the valuation which is highly dependent on a range of assumptions and estimates made by the external valuers engaged by the Manager. | Group, as at 31 December 2025 | PDF p. 82 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern basis (Note 2.2) | Notwithstanding the above, the Manager has prepared the Group’s financial statements on a going concern basis | Group and Trust, as at 31 December 2025 | PDF p. 93 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Auditor enumerates complete Group primary financial statements and separate Trust financial position and changes in unitholders funds. Separate Trust income/distribution/cashflow statements are not presented.
Original equity matrices retain all three monetary US$000 components for Group and Trust in2025 and2024; capital component units in issue is not a unit count.
Available historical charts cover2021–2025. Adjusted NPI excludes noncash straightline rent, lease incentives and amortisation of leasing commissions; distinct from reported NPI.
Amounts retain original US$000,US$/unit,UScents/unit,units000,percent,times,and years. Overview change percentages/basis points/percentage points and quarterly amount/share columns have distinct units.
Only five debt maturity bars2026–2030 are visibly published; hidden native2031/0.0 text is excluded with evidence retained. Original dashes are not zero.
Rounded current cards US$1.3b and US$43.0m remain distinct from precise statement amounts. Historical original-report backfill remains pending.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.