Keppel DC REIT 1Q25 - UOB Kay Hian 2025-04-21: Contributions From SGP7 & SGP8 Kick In

• Keppel DC REIT reported a solid DPU growth of 14.2% y-o-y in 1Q25, which is in line with our expectation. Growth would have been more pronounced if not for elevated capex reserve, estimated at S$6m and equivalent to 10% of distributable income.
• - Read this at SGinvestors.io -

Benefitting from data centre acquisitions in Singapore and Japan.

• Distributable income grew 59.4% y-o-y to S$61.8m. We attribute the strong growth to:
  1. full-quarter contributions from newly-acquired SGP7 and SGP8 (completion: 27 Dec 24),
  2. - Read this at SGinvestors.io -
  3. contract renewals and rental escalation in 2024.
• This was partially offset by the divestment of Intellicentre Campus in Sydney, Australia (completion: 24 Jun 24).

No major renewal in 1Q25.

• Keppel DC REIT clocked a positive rental reversion of 7% for renewals in Dublin and smaller leases in Singapore during 1Q25. There was no major contract renewal. Leases renewed in 1Q25 accounted for only 1.8% of rental income.

Portfolio WALE lengthened with lease renewals.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-03-20 Keppel DC REIT - Sustainable Growth In Singapore; Green Shoots In China..

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