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Keppel DC REIT’s gross revenue of S$31.15 million for the financial period since listing on 12 December 2014 to 31 March 2015 has surpassed its IPO forecast of S$30.24 million by three percent, according to a filing with the Singapore Exchange (SGX).
As a result, its net property income (NPI) of S$26.2 million has exceeded its IPO projection of S$25.6 million by two percent, while its distributable income of S$17.16 million has outperformed the S$16.94 million expected during its flotation by 1.3 percent.
“The higher NPI and distributable income were mainly due to non-recurring service income generated from Citadel 100 Data Centre (pictured) and Gore Hill Data Centre,” said the company, adding that the occupancy rate of its properties rose from 93.5 percent to 93.6 percent.
Moreover, Credit Suisse noted that Keppel DC REIT’s year-to-date (YTD) distribution per unit (DPU) of 1.94 cents was in line with the street forecast as well as its own.
“Average borrowing costs came in lower than expected at 2.5 percent (IPO forecast of 3.1 percent), but was partly offset by weaker Australian dollar and Euro,” it added.
Keppel DC REIT is touted as the first data centre real estate investment trust floated in Asia and on the SGX, with a listing price of S$0.93 versus a recent closing price of S$1.02.
Its portfolio consists of eight high-quality data centres strategically located in major cities in Asia Pacific and Europe, with a combined lettable area of about 509,913 square feet.
These include S25 and T25 in Singapore, Cyberjaya Malaysia’s Basis Bay Data Centre, as well as Gore Hill Data Centre and iseek Data Centre in Sydney and Brisbane respectively. In Europe, it owns the GV7 Data Centre in London, Citadel 100 Data Centre in Dublin and Almere Data Centre in Amsterdam.
Image source: Keppel Corporation
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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