KORE US REIT (CMOU) Q1 2026 TU earnings summary

Executive summary

• Adjusted NPI rose 15.9% YoY to US$23.4m; income available for distribution increased 4.3% to US$10.0m. Portfolio occupancy was 85.1%, reflecting a known Westpark vacate.

• Leasing activity totaled 58,157 sf, or 1.2% of NLA, with 0.8% positive rental reversion; management is targeting FY2026 occupancy near 2025 levels.

Financial highlights

• Gross revenue was US$38.7m, up 5.1% YoY; NPI was US$22.3m, up 13.6%.

• Adjusted NPI was US$23.4m, up 15.9%, mainly on higher one-off other operating income and cash rent, plus lower other property expenses; higher repairs, maintenance and utilities partly offset gains.

• Income available for distribution rose 4.3% YoY to US$10.0m; finance and other trust expenses increased 10.0% to US$8.7m, mainly due to higher finance costs.

• Adjusted NPI excludes non-cash straight-line rent, lease incentives and amortisation of leasing commissions, which do not affect distributions.

Outlook and guidance

• Leasing activity is expected to gain momentum after 1Q, typically the slowest quarter, supported by technology, aerospace and defence demand; management expects FY2026 occupancy near 2025 levels.

• Negotiations are ongoing on significant Westpark leases, with healthy renewal interest at Westmoor Center; backfill discussions cover part of the 124,000 sf Westpark vacancy.

• Strategy prioritises occupancy, targeted asset upgrades and spec suites, potential divestments when markets improve, debt reduction or reinvestment of proceeds, and value-accretive growth.

• Distributions are intended to resume, with a view to progressive increases in line with long-term portfolio performance.