Keppel DC REIT - OCBC Investment 2023-07-25: Flat 1H23 Distributions Growth

• Keppel DC REIT’s 1H23 gross revenue and net property income (NPI) increased 3.6% and 3.3% y-o-y to S$140.5m and S$127.4m, respectively. However, DPU growth came in flat y-o-y at 5.051 Singapore cents due largely to a jump in its finance costs by 73.4% y-o-y to S$22.7m. See Keppel DC REIT's announcement dated 24 Jul 2023.
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Portfolio occupancy has been stable for several quarters now at 98.5%

• Keppel DC REIT (SGX:AJBU)’s portfolio occupancy was unchanged q-o-q for the third consecutive quarter at 98.5%, a reflection of the resiliency of its portfolio.
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• On an overall portfolio basis, rental reversions were positive by up to double digits, although there were not many leases up for renewal.

Aggregate leverage ratio declined 0.5 ppt q-o-q to 36.3%; but average cost of debt increased to 3.3% post-refinancing

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-04-17 Keppel DC REIT - Strong Positioning In Singapore A Positive.

Previous report by OCBC:
2025-01-27 Keppel DC REIT - Well Poised To Deliver Healthy DPU Growth In FY25.

Price targets by 2 other brokers at Keppel DC REIT Target Prices.

Listing of research reports at Keppel DC REIT Analyst Reports.

Relevant links:
Keppel DC REIT Share Price History,
Keppel DC REIT Announcements,
Keppel DC REIT Dividend Payout Dates & Corporate Actions,
Keppel DC REIT News