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Keppel DC REIT’s net property income (NPI) surged by 41.9 percent to S$31.36 million in Q2 2017 compared to S$ 22.1 million in the same period a year ago, revealed an SGX filing on Monday (17 July).
At the same time, gross revenue increased 38.8 percent to S$34.52 million, while distributable income rose by 36.5 percent to S$20.13 million. This resulted in a gain of 4.2 percent in distribution per unit (DPU), which hit 1.74 cents versus 1.67 cents in Q2 2016.
For 1H 2017, the trust’s NPI grew by 39.1 percent year-on-year to S$60.21 million, while gross revenue shot up 34.5 percent to S$66.74 million. Distributable income surged by 42 percent S$41.9 million, whereas DPU increased by 8.7 percent to 3.63 cents compared to 3.34 cents in 1H 2016.
The annual gain in distributable income was driven by acquisitions announced last year and a one-off capital distribution of S$1.7 million in Q1 2017 in relation to the acquisition of Keppel DC Singapore 3. However, this was partially offset by lower variable income from Keppel DC Singapore 1 & 2 amidst the weaker recurring and power revenue.
In relation to the forward sale and purchase contract inked in the fourth quarter of 2015, the construction of the trust’s first German property is also on track, with the acquisition of maincubes Data Centre expected to be completed by Q2 2018.
As of 30 June 2017, Keppel DC REIT’s properties have an occupancy rate of 93.1 percent and a weighted average lease expiry (WALE) of 9.4 years. Overall, it owns a portfolio of 12 data centres across seven countries in Asia Pacific and Europe, with a combined lettable area of around 892,040 and total value of about S$1.4 billion.
This article was edited by Denise Djong.
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