Keppel DC REIT - OCBC Investment 2023-10-17: Still Awaiting Acquisitions As Higher Finance Costs Bite

Keppel DC REIT - Still Awaiting Acquisitions As Higher Finance Costs Bite

Keppel DC REIT (SGX:AJBU) | SGinvestors.ioKeppel DC REIT (SGX:AJBU)
  • Keppel DC REIT (SGX:AJBU)’s 3Q23 gross revenue and net property income (NPI) increased 0.5% and 0.8% y-o-y to S$70.7m and S$64.6m, respectively. However, given the spike in finance costs from S$8.2m in 3Q22 to S$12.8m in 3Q23, DPU slipped 3.6% y-o-y to S$0.02492.
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Portfolio occupancy inched down to 98.3% due to higher vacancies at Singapore assets

  • Keppel DC REIT’s portfolio occupancy inched down 0.2 ppt q-o-q to 98.3% after three consecutive quarters of being stable at 98.5%. This was attributed to higher vacancies at three of its Singapore assets, but management said that it was confident in backfilling the vacant spaces.

Overall rental reversions came in positive

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  • Colocation leases are deliberately renewed with shorter tenors of two to three years given the still robust rental outlook.

Awaiting acquisitions with debt headroom of S$182m before reaching aggregate leverage of 40%

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

OCBC Research Team OCBC Investment Research | 2023-10-17

Previous report by OCBC:
2023-07-25 Keppel DC REIT - Flat 1H23 Distributions Growth.

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 Dividends & Corporate Actions,
Keppel DC REIT News Articles


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