- Keppel DC REIT continues to benefit from sector tailwinds and continued portfolio optimisation and rebalancing.
Accretive deal boosts bottom line
- Keppel DC REIT reported 1Q DPU of S$2.833c, +4.5% q-o-q/+13.2% y-o-y. Growth was supported by past acquisitions and positive reversion.
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- Debt metrics were stable. Utility cost is manageable in the near term with pass-through contracts.
Performance led by Tokyo 3 DC acquisition
- 1QFY26 revenue was S$121.0m, +1.7% q-o-q, +18.4% y-o-y, while NPI came in at S$105.2m, +2.1% q-o-q, +19.4% y-o-y. Growth was led by full quarter contribution of Tokyo DC 3, acquisition of remaining interests in Keppel DC 3 and 4 in Singapore, positive reversions and rent escalations; partially offset by divestment of Kelsterbach DC and higher borrowing costs.
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- Occupancy was slightly lower at 95.6% (vs 95.8% in 4QFY25) due to slippages in Singapore (KDC1 and KDC2). Backfilling of existing vacancies, power studies for select assets and divestment of Basis Bay DC in Malaysia remains work in progress.
Prudent capital management
- Read more at SGinvestors.io.
