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Keppel DC Reit DPU up 4.6% in Q2

KEPPEL DC Reit has posted a second-quarter distribution per unit (DPU) of 1.82 Singapore cents, up 4.6 per cent from the same period a year earlier.

The higher distributable income was due mainly to higher contributions from maincubes data centre in the Frankfurt region and assets in Singapore and Dublin.

However, this was partially offset by the absence of the one-off capital distribution in relation to Keppel DC Singapore 3 in Tampines, lower contribution from Basis Bay data centre in Malaysia, as well as higher finance costs and manager's fees. 

Gross revenue in the second quarter jumped 21.5 per cent to S$41.9 million. Net property income jumped 21.4 per cent to S$38.1 million.

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Portfolio occupancy as at end-June was 92 per cent, with less than 5 per cent of the leases due for expiry per year until end-2020. Portfolio weighted average lease expiry was 8.8 years. 

Net asset value per unit was S$1.01 as at June 30, up from S$0.97 as at Dec 31.

On June 12, the Reit manager completed the acquisition of Keppel DC Reit's fourth asset in Singapore – Keppel DC Singapore 5 (formerly known as Kingsland Data Centre). This expanded Keppel DC Reit's asset base to 15 data centres with a combined assets under management of S$1.94 billion.

Units in the Reit rose one cent or 0.75 per cent to S$1.35 before the results were announced after market close.