Data from Keppel DC REIT’s latest results have been updated into the Singapore REITs table.

Keppel DC REIT disclosed on 19 April that it has reported gross revenue of SGD83.4 million for its 1Q 2024.

This is an increase of 18.4% from what was reported in the corresponding period of 2023.

Accordingly, the REIT’s net property income came in at SGD71.0 million, a rise of 11.2% on a year-on-year basis.

However, the REIT distributable income came in 16.3% lower year-on-year at SGD38.8 million.

Subsequently, the REIT’s distribution per unit for the period was recorded at 2.192 Singapore cents, a decline of 13.7% on a year-on-year basis.

Keppel DC REIT has attributed the fall in distributable income to less favourable forex hedges and higher financing costs.

A settlement sum from its dispute with DXC will also be distributed across four quarters, the REIT revealed.

Keppel DC REIT was last done on the Singapore Exchange at SGD1.64, which presently implies a distribution yield of 5.35% 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.