I have decided to look at K-REIT again because after looking through my portfolio, I realize that there might be better options out there. At the current price, the yield is 6.71% with a very low price-to-book ratio. Moreover, the secured NAV is $1.332 which is higher than current price.
Although its yield does not reach my target, I have deviated away slightly from my criteria by buying FCOT. If I were to decide again, I might have chosen K-REIT instead because it is less risky than FCOT. FCOT has a credit rating of Ba2 which is worse than K-REIT (Baa3). Moreover, it has secured NAV which FCOT does not have. All these would justify a lower yield (not too low actually compared to FCOT).
Although I have compared between K-REIT and FCOT, I am still sticking to FCOT. If I have additional funds (which I don't have right now), then I will consider K-REIT.