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Keppel DC Reit's Q3 DPU up 16.8%

MAINBOARD-LISTED Keppel DC Reit posted on Monday a 16.8 per cent rise in its Q3 distribution per unit (DPU) to 1.74 Singapore cents from 1.49 Singapore cents a year ago as acquisitions and more rental income helped to lift earnings.

For the three months ended Sept 30, 2017, the real estate investment trust's (Reit) adjusted DPU stood at 1.74 Singapore cents, up from 1.67 Singapore cents the previous year.

Keppel DC Reit Management Pte Ltd, the manager of Keppel DC Reit, said in a Singapore Exchange filing on Monday that the Reit declared distributions on a half-yearly basis. It has distributed 3.63 cents for H117. No distribution has been declared for the quarter ended Sept 30, 2017.

"The DPU was computed based on the distributable income to unitholders and had excluded the Capex Reserves," it said.

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In Q3 17, net property income rose 42.1 per cent to S$32.3 million. Distributable income to unitholders increased by 20.2 per cent to S$20.2 million.

Gross rental income for Q3 2017 was S$34.2 million, an increase of 56.4 per cent from a year ago. (see amendment note)

This was mainly contributed by the acquisitions of Milan DC, Cardiff DC, B10 DC and the 90 per cent interest in KDC SGP 3 and higher variable income from KDC SGP 1 due to higher recurring revenue.

Gross revenue rose 56.6 per cent to S$35.5 million in Q3 2017.

In Q3 2017, there was an absence of non-cash downward adjustment for the straight-lining of rental income at Almere DC. There was a drop in the variable income from KDC SGP 2 due to lower recurring and power revenue, and lower rental income from Basis Bay DC, Keppel DC Reit Management Pte Ltd said.

Keppel DC Reit closed trading at S$1.35 on Monday, down one Singapore cent, or 0.74 per cent.

Amendment: A previous version of this article said that gross rental income for Q3 2017 was S$34.2 million, an increase of 56.4 per cent from the previous quarter. The increase should be from Q3 2016, not from the previous quarter. The article has been updated to reflect this.