Guangdong Data Centre (Keppel DC REIT)Guangdong Data Centre (Keppel DC REIT)

Data from Keppel DC REIT’s latest disclosure has been updated in the Singapore REITs table.

Keppel DC REIT has reported a distribution per unit (DPU) of 2.541 Singapore cents for its 1Q 2023, an increase of 3% year-on-year.

The REIT’s gross revenue for the quarter increased by 6.5% year-on-year and came in at SGD70.4 million.

Correspondingly, net property income rose by 6.3% over the same period to SGD63.9 million.

Keppel DC REIT has attributed these increases mainly to new revenue from the acquisitions of Guangdong Data Centre 2 and building shell of Guangdong Data Centre 3.

The REIT also saw renewals and income escalations, and enjoyed tax savings from approvals obtained for the NetCo bonds to be qualified as qualifying project debt securities.

However, these were partially offset by lower contributions from some of the Singapore
colocation assets arising from higher facilities expenses, higher finance costs, and depreciation of foreign currencies against the SGD.

Keppel DC REIT was last done on the SGX at SGD2.08, which presently implies a distribution yield of 4.89% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.