1034 GMT - Singapore-Listed U.S. REITs are showing signs of expansionary demand, UOB Kay Hian analysts write in a note. The pressures from downsizing activities are easing as companies continue to adapt to hybrid work arrangements established during the pandemic, they note. Leasing momentum is being supported by growing confidence in signing long-term leases, with the analysts highlighting that ending remote work is a priority under Trump's administration. More large companies are transitioning back to in-office work, which is driving office occupancy rates higher this year, they add. The analysts note that U.S. office REITs listed on the Singapore Exchange are trading at "overwhelmingly attractive valuations" compared to their counterparts listed in New York. UOB Kay Hian maintains a buy rating on Keppel Pacific Oak US REIT and Prime US REIT, with target prices of $0.32 and $0.33, respectively. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 05:34 ET (10:34 GMT)
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