Keppel DC REIT 1H26 - UOB Kay Hian 2026-07-24: Outlook Brightens In 2028

• Keppel DC REIT reported DPU of 5.714 cents for 1H26 (+11% y-o-y), which is marginally above our expectation.

• NPI grew 15% y-o-y in 1H26 due to:

  1. - Read this at SGinvestors.io -
  2. contract renewals and rental escalation.

• This was partially offset by the divestment Kelsterbach Data Centre in Germany (completion: 24 Mar 25). NPI margin expanded slightly by 0.4ppt y-o-y to 86.9% in 1H26.

• Growth in distributable income and DPU was aided by the acquisition of remaining interests in SGP3 (10%) and SGP4 (1%).

Clocked healthy positive reversion.

• Keppel DC REIT achieved positive rental reversion of 10% during 1H26 (1Q26: 51%, 2Q26: 5%). It renewed leases in Singapore and Australia in 2Q26, which lengthened portfolio WALE weighted by lettable area by 0.2 years to 6.7 years.

• - Read this at SGinvestors.io -

Positive leasing momentum in Australia.

• Read more at SGinvestors.io.

Jonathan Koh CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-07-24

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