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Keppel DC Reit DPU down 4.8 % in Q1 in absence of one-off distribution

KEPPEL DC Reit has posted a first quarter distribution per unit (DPU) of 1.80 Singapore cents in the first quarter, down 4.8 per cent from 1.89 Singapore cents in the same period a year earlier.

Excluding the one-off capital distribution of 0.15 Singapore cent per unit recorded in the first quarter a year earlier in relation to Keppel DC Singapore 3, the adjusted DPU for Q1 2017 would be 1.74 Singapore cents.

DPU in the three months to March 31 would therefore be 3.4 per cent higher than the adjusted DPU in Q1 2017, owing mainly to higher contributions from Keppel DC Dublin 2 and higher variable income from Keppel DC Singapore 1, partially offset by lower rental income from Basis Bay Data Centre and Gore Hill Data Centre as well as higher finance costs and manager's fees, distribution recorded in Q1 2017.

Gross revenue jumped 17.9 per cent to S$38 million. Net income rose 18.2 per cent to S$34.1 million.

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Portfolio occupancy was 93.7 per cent, with a weighted average lease expiry of 9.6 years.

Earnings per unit was 2.21 Singapore cents, up from 2.04 Singapore cents in the same period a year earlier.

Net asset value per unit was S$0.96 as at March 31.

Separately, the Reit manager said that Christina Tan will replace Chan Hon Chew as chairman of the board from April 18.

Mr Chan, a non-executive director, together with independent director Richard Teo, will step down with effect from April 18 to facilitate the board renewal process.

Ms Tan is chief executive of Keppel Capital, the Keppel group's asset management arm that includes the asset manager of Keppel DC Reit, as well as Alpha Investment Partners. Ms Tan is also the deputy chairman of Alpha.

The counter closed unchanged at S$1.46 on Monday.

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