- Keppel DC REIT (SGX:AJBU) reported 4Q25 DPU of S$2.711 cents, +6.9% q-o-q/+12.9% y-o-y. Full year Keppel DC REIT's DPU of S$10.381 cents, +9.8% y-o-y.
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- Gearing was up due to acquisitions and scheduled payments while cost of debt improved from JPY debt mix. Focus is on portfolio optimisation and hyper scale acquisition.
Organic and inorganic growth
- FY25 revenue and NPI of S$441.3m and S$383.3m, +42.2% and +47.2% y-o-y, due to acquisitions of Keppel DC Singapore 7 and 8 and Tokyo Data Centre 1 and 3 as well as higher contributions from contract renewals and escalations. The increase was partially offset by the divestments of Intellicentre Campus and Kelsterbach Data Centre, as well as the absence of a one-off dispute settlement sum received in 2024.
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- Occupancy was steady at 95.8%. Hyperscalers contributed 69% of rental income for FY25 vs 61% in FY24. Reversion for the year was +45% (+39% in FY24). Guide is for positive rental reversions to stay intact.
Effective capital management
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