Keppel DC REIT - OCBC Investment Research 2025-07-25: Stellar Rebound In Rental Reversions To ~51% In 1H25

• Keppel DC REIT reported a strong set of 1H25 results. Gross revenue and net property income (NPI) jumped 34.4% and 37.8% y-o-y to S$211.3m and S$182.8m respectively. This was driven both by contributions from acquisitions and organic growth arising from higher rentals from previous lease renewals.

1H25 DPU jumped 12.8% y-o-y to 5.133 Singapore cents and exceeded our expectations.

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Stellar portfolio rental reversions of ~51%, although portfolio occupancy fell 0.7 ppt q-o-q to 95.8%.

• We had previously highlighted our expectations of a robust rental reversions outlook for Keppel DC REIT. Although that figure came in at 7% in 1Q25, it rebounded strongly to ~51% in 1H25, and this was attributed to a major contract renewal in 2Q25 with a rental uplift of above 50%.
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Healthy aggregate leverage ratio of 30.0%; sufficient headroom for more acquisitions.

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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:
2025-04-17 Keppel DC REIT - Strong Positioning In Singapore A Positive.

Price targets by 4 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