In This Story
Pacific Oak Strategic Opportunity REIT Inc Com (PCOK0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $1.12 billion and total liabilities of $969.2 million. The company reported a net loss of $104.9 million for the year.
As of December 31, 2024, Pacific Oak Strategic Opportunity REIT owned nine office complexes, one residential home portfolio, one apartment property, one hotel, three undeveloped land investments, and one office/retail development property.
The company's real estate portfolio had a total estimated value of $897.2 million, with a net book value of $882 million for real estate held for investment.
The company reported $120.5 million in rental income and $9.1 million in hotel revenues for the year. Operating expenses totaled $295.7 million, including $41.1 million in depreciation and amortization.
Pacific Oak Strategic Opportunity REIT has $876.8 million in outstanding debt obligations, with a weighted-average interest rate of 6.6%. The company plans to address its 2025 debt maturities through refinancing, asset sales, or property turnovers.
The company has indefinitely suspended its share redemption program due to liquidity constraints and does not anticipate having funds available for stockholder liquidity in the near term.
The report highlights risks related to the concentration of investments in office properties, which represent approximately 49.6% of the company's property portfolio.
Pacific Oak Strategic Opportunity REIT's investment strategy focuses on opportunistic real estate and real estate-related investments, aiming to enhance shareholder value through rentals, redevelopment, and strategic dispositions.
The company acknowledges challenges in the current office market, including elevated cap rates, depressed transaction volumes, and refinancing difficulties due to the impact of remote work and economic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pacific Oak Strategic Opportunity REIT Inc Com annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.