- 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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