Keppel DC REIT - OCBC Investment Research 2025-04-17: Strong Positioning In Singapore A Positive

• Keppel DC REIT (SGX:AJBU) started FY25 on a positive note, as its 1Q25 gross revenue and net property income (NPI) jumped 22.6% and 24.1% y-o-y to S$102.2m and S$88.1m respectively. This was driven by contribution from acquisitions and organic growth from rental uplifts clocked in from previous lease renewals.

1Q25 DPU jumped 14.2% y-o-y to 2.503 Singapore cents.

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More modest portfolio rental reversions of 7% due to smaller leases being renewed.

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• Looking ahead, 13.6% of Keppel DC REIT’s leases by rental income are expiring for the remaining three quarters of FY25, with the bulk of expiries coming from major leases in Singapore in 2Q25. We believe this augurs well for Keppel DC REIT’s rental reversions outlook, given the still healthy demand and supply dynamics.

Portfolio occupancy stood at 96.5%.

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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/.

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