- 2H25/FY25 Keppel DC REIT's DPU of 5.248/10.381 Singapore cents (+7.1%/+9.8% y-o-y) was in line with our expectations, forming 51%/102% of our FY25e estimates. The y-o-y growth was driven by the acquisitions of KDC SGP 7 & 8 and Tokyo DC 1 & 3, stronger contributions from contract renewals and escalations, and lower finance costs.
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- Keppel DC REIT’s largest tenants include some of the world’s leading internet enterprises, with its single largest tenant accounting for 42.1% of rental income.
The Positives
Stable occupancy at 95.8% with strong rental reversion of +45% for FY25.
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Lower finance costs.
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