KORE US REIT (CMOU) Q3 2025 TU earnings summary

Executive summary

• Occupancy was 88.0% at 30 Sep 2025; 9M leasing reached 449,772 sf, with positive rental reversion of 9.6%.

• 9M income available for distribution fell 14.8% YoY to US$30.4m; distribution restart remains targeted for 1H 2026, with payments in 2H 2026, subject to unforeseen circumstances.

• Refinancing of all loans due in 2025 was completed, and a lender commitment was secured to refinance 59% of loans maturing in 2026 early.

Financial highlights

• 9M 2025 gross revenue was US$112.1m, up 0.1% YoY; NPI was US$61.3m, down 1.3%.

• Adjusted NPI, excluding non-cash straight-line rent, lease incentives and leasing commission amortisation, was US$63.2m, down 2.2% YoY.

• Income available for distribution was US$30.4m, down 14.8% YoY, mainly due to lower adjusted NPI and higher finance, tax and professional expenses.

• Finance and other trust expenses increased 6.0% YoY to US$24.6m.

Outlook and guidance

• Targeting distribution restart for 1H 2026, with payments expected in 2H 2026, barring unforeseen circumstances; initial payout ratio will be conservative and increase progressively toward a sustainable level.

• Focus areas include maintaining occupancy above 85%, backfilling known vacancies, and pursuing early refinancing of 2026 maturities.

• Complete first-floor repositioning of 10800 Plaza by early 2026 and commence a new phase of upgrades at Bridge Crossing in 2026.