KORE’s gross revenue for 3Q2021 is 4.5% higher y-o-y at US$36 million, while net property income increased 5.6% y-o-y to US$21.7 million.
See: RHB maintains 'buy' on KORE on the back of US office recovery
For the first nine months of 2021, KORE’s income available for distribution increased 4.7% y-o-y to US$45.9 million.
However, gross revenue and net property income for the same period declined marginally by 0.5% and 0.2% y-o-y to US$104.4 million and US$62.3 million respectively.
KORE’s aggregate leverage as at Sept 30 is 37.7%, with no long-term refinancing requirements until November 2022. Cash and undrawn facilities stood at US$165.5 million.
The REIT says it achieved a positive rental reversion of 8.3% in 9M2021. The average rent collection was about 99% and rent deferment requests amounted to only about 1% of the net lettable area (NLA).
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KORE recorded about 480,165 sq f of leased spaces in 9M2021, equivalent to 9.4% of portfolio NLA. By cash rental income, its weighted average lease expiry was at 3.4 years.
Units in KORE closed 0.6% lower at 79.5 US cents on Oct 27.
Photo: KORE
