Financial Highlights

Distributable Income

4Q 20181 Listing Date
to 31 December 20181
 
Actual
US$'000
IPO Forecast2
US$'000
+/-
(%)
Actual
US$'000
IPO Forecast
US$'000
+/-
(%)
Gross Revenue 24,502 23,128  5.9  105,917  104,902  1.0 
Property Expenses (9,866) (9,536)  3.5  (41,565)  (42,905)  (3.1) 
Net Property Income 14,636 13,592  7.7  64,352  61,997  3.8 
Income available for distribution3
- IPO Portfolio
- Westpark Portfolio
10,258
9,551
707
9,446
9,446
-
8.6
1.1
43,796
43,089
707 
42,947
42,947
-
2.0
0.3
DPU (US cents) for the period3 1.25 1.50  (16.7)  6.22  6.79  (8.4) 
Distribution yield (%)   8.90%  9.72%  (82bps)
DPU (US cents) adjusted to exclude the effects of the acquisition of the Westpark Portfolio and Rights Issue5 1.51  1.50  0.7 6.83  6.79  0.6 

 

 

Balance Sheet Highlights
 (US$'000) As at
31 December 2018
Total Assets 1,067,112
Gross Borrowings 374,440
Total Liabilities 409,136
Unitholders' Funds 657,976
Adjusted Net Asset Value per Unit (US$)6 0.78

 

Financial Ratios
  As at
31 December 2018
Aggregate Leverage (%)7 35.1
Interest Coverage Ratio (times)8 5.5
Average Cost of Debt (% p.a.)9 3.53

 

Notes:

(1) No comparative figures presented as Keppel-KBS US REIT was constituted on 22 September 2017 and listed on 9 November 2017. 4Q 2018 refers to the period from 1 October 2018 to 31 December 2018, and includes the contribution from the acquisition of the Westpark Portfolio, which was completed on 30 November 2018.

(2) Forecast for 4Q 2018 was derived from one quarter of the 2018 forecast. There was no forecast figure for the period from Listing Date to 31 December 2017. Hence, forecast results for the period from Listing Date to 31 December 2018 comprise actual figures from Listing Date to 31 December 2017 and 2018 full year forecast.

(3) The income available for distribution to Unitholders is based on 100% of the taxable income available for distribution to Unitholders.  For the period from Listing Date to 31 December 2017, actual income available for distribution to Unitholders and DPU are US$5.2 million and 0.82 US cents respectively.

(4) Based on market closing price per Unit of US$0.61 as at the last trading day of 2018. 

(5) Actual 2H 2018 DPU adjusted to exclude the effects of the acquisition of the Westpark Portfolio and Rights Issue to illustrate the performance of the initial IPO Portfolio against forecast. 
(6) Adjusted to exclude the distributable income for 2H 2018.
(7) Calculated as the total borrowings and deferred payments (if any) as a percentage of the total assets.
(8) Ratio of EBITDA over interest expense paid or payable
(9) Includes amortisation of upfront debt financing costs.