Keppel Pacific Oak US REIT

What Keppel Pacific Oak US REIT does

KORE US REIT (Keppel Office Real Estate US REIT, formerly Keppel Pacific Oak US REIT) is a Singapore-listed real estate investment trust focused on US office properties. The REIT owns 13 freehold Class A office buildings and business campuses aggregating approximately 4.8 million square feet of net lettable area across eight US growth markets: Bellevue/Redmond, Austin, Denver, Nashville, Houston, Dallas, Orlando, and Sacramento. Combined assets under management stood at US$1.3 billion as of December 31, 2025, with a portfolio committed occupancy of 87.2%. The manager, KORE US REIT Management Pte. Ltd., is jointly owned by Keppel and KORE Pacific Advisors, and the trustee is Perpetual (Asia) Limited.

The REIT generates revenue principally through rental income from its office portfolio, with anchor tenant relationships including Comdata (Fleetcor) at Bridge Crossing in Nashville and technology-sector tenants Meta and Pokemon at The Westpark Portfolio in Redmond. The portfolio carries ENERGY STAR and LEED Gold certifications across multiple buildings, supporting positioning toward TAMI (technology, advertising, media, information) and healthcare tenants. Geographic concentration is notable, with Bellevue/Redmond representing approximately 49.8% of portfolio carrying value.

In the most recent reporting period, Q1 2026 revenue was US$38.7 million (up 5.1% year-on-year) and adjusted net property income was US$23.4 million (up 15.9%), while H2 FY2025 revenue was US$75.6 million (up 4.9%) and H2 distributable income was US$23.1 million (down 3.1% due to higher financing costs). Distributions to unitholders were suspended from H2 FY2023 through H2 FY2025 as part of recapitalization, and resumed at a conservative DPU of US$0.0025 for H2 FY2025. The REIT sourced a US$37.5 million loan facility in January 2026 to address 2026 refinancing requirements.

Name

Keppel Pacific Oak US REIT

Legal name

KORE US REIT (Keppel Office Real Estate US REIT)

Website

https://koreusreit.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

KORE US REIT is a Singapore-listed REIT that owns 13 freehold Class A US office buildings totaling ~4.8M SF and US$1.3B in assets across eight US growth markets, serving institutional and retail investors seeking exposure to US office real estate.

Ownership category

akta.pro rank

Product category

Commercial Office Real Estate

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• US office REIT
• Commercial real estate
• Singapore-listed REIT
• Freehold office properties
• Property leasing

Headquarters

HQ city

Bukit Merah

HQ country

Singapore

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel

Revenue model

1. Rental Income from Office Properties: KORE generates revenue through rental income from its portfolio of 13 freehold office buildings across 8 US markets. Q1 revenue was US$38.7 million with 5.1% year-on-year growth. The REIT's adjusted NPI was US$23.4 million, representing a 15.9% increase.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

KORE US REIT (Keppel Office Real Estate US REIT) is a Singapore-listed Real Estate Investment Trust that owns and operates a portfolio of 13 freehold Class A office buildings and business campuses spanning approximately 4.8 million square feet of net lettable area across eight key US growth markets. The REIT generates revenue by leasing office space to corporate tenants, with a combined portfolio value of US$1.3 billion as of December 31, 2025, and distributes income to unitholders in the form of distribution per unit (DPU).

Product overview

KORE US REIT is a Singapore-listed Real Estate Investment Trust owning a portfolio of 13 freehold Class A office buildings and business campuses across eight key US growth markets: Bellevue/Redmond (Seattle), Austin, Denver, Nashville, Houston, Dallas, Orlando, and Sacramento. The portfolio comprises approximately 4.8 million SF of net lettable area with a combined asset value of US$1.3 billion as of December 31, 2025. Properties include The Westpark Portfolio (Redmond), The Plaza Buildings and Bellevue Technology Center (Bellevue), Great Hills Plaza and Westech 360 (Austin), Westmoor Center and 105 Edgeview (Denver), Bridge Crossing (Nashville), 1800 West Loop South and Bellaire Park (Houston), One Twenty Five (Dallas), Maitland Promenade I & II (Orlando), and Iron Point (Sacramento). The REIT focuses on freehold office properties in Super Sun Belt, 18-Hour Cities, and Supernova markets with exposure to technology, advertising, media, information (TAMI), and healthcare sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• The Plaza Buildings

Named customers3 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Perpetual (Asia) LimitedcoreOthersTrustee for KORE US REIT. The trustee obtained a US$37.5 million loan facility in January 2026 to substantially address the REIT's refinancing needs for 2026.
• Ernst & Young LLPminorImplementation/ SI/ Consulting PartnerExternal auditor for KORE US REIT, providing audit services from their Singapore office at One Raffles Quay.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• SL Green Realty: NYSE-listed Manhattan-focused office REIT; broader incumbent competing for institutional allocators across the US office category even though KORE is non-overlapping geographically.
• Vornado Realty Trust: NYSE-listed (VNO) office REIT concentrated in NYC; competes broadly for office capital but with a different geographic footprint (gateway city vs. KORE's Sun Belt bias).
• Highwoods Properties: NYSE-listed (HIW) office REIT focused on Sun Belt business districts—the most direct US-domestic incumbent to KORE's market selection and tenant-mix philosophy.
• Cousins Properties: NYSE-listed (CUZ) Sun Belt office REIT; the most direct US incumbent overlap with KORE's geographic footprint (Atlanta, Austin, Charlotte, Dallas, Nashville) and tenant targeting.
• Boston Properties: NYSE-listed (BXP) one of the largest US office REITs; operates at broader scale with gateway-city concentration (NYC, Boston, DC, SF, LA) but competes for the same institutional office investor capital.

Direct peers

• Manulife US REIT: Singapore-listed REIT (SGX) investing in a portfolio of US office assets—the closest direct structural peer to KORE, sharing the same cross-border listing model and US Sun Belt/CBD exposure.
• Equity Commonwealth: US-listed office REIT (NYSE: EQC) holding a portfolio of Class A office properties; comparable business model of acquiring and operating income-producing office buildings, with similar distribution-orientation.
• Prime US REIT: Singapore-listed REIT focused on US office properties; competes with KORE for the same Asian investor base seeking USD-denominated office income.
• Empire State Realty Trust: NYSE-listed REIT owning a portfolio of office and observatory assets; comparable revenue model (rental income from Class A office) and direct competitive overlap in the office REIT category.
• Paramount Group: US-listed office REIT (NYSE: PGRE) focused on Class A office in select markets; directly comparable product strategy and tenant-targeting focus on premier office assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/koreusreit

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keppel Pacific Oak US REIT