- Keppel DC REIT reported a strong set of 2H24 results, as net property income (NPI) rose 8.5% y-o-y to S$127.6m. The buoyant results were driven by strong rental reversions for multiple major contract renewals in Singapore and contribution from a data centre acquired in Tokyo, Japan. This culminated in FY24 NPI of S$260.3m, representing an increase of 6.3%.
2H24 DPU beat our expectations
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- Keppel DC REIT's DPU of 9.451 Singapore cents for FY24 was slightly higher than FY23’s 9.383 Singapore cents by 0.7%, and was above our 9.21 Singapore cents forecast by 2.6%.
Robust portfolio rental reversions of 39% in FY24 due largely to Singapore renewals
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- Looking ahead, management expects its strong momentum in Singapore to continue, although the level of rental reversion would depend on the vintage of the lease (smaller reversions expected if lease was renewed in recent years).
Solid Turnaround Story
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