Basic Profile & Key Statistics

Keppel DC REIT (KDC) is a data centre REIT that owns 19 properties across 9 countries.

Performance Review

Gross revenue, NPI, distributable income and DPU increased by 10.6%, 10%, 17.5% and 18.1% respectively, mainly due to contributions from acquisitions and AEI in 2020.

Development of IC3 Ease DC, AEI for DC1 and Keppel DC Dublin 2 are on track, which would improve KDC income for FY2021.

Related Parties Shareholding

  • REIT sponsor’s shareholding is low at 20.94%
  • REIT manager’s shareholding is low at 0.37%
  • Directors of REIT manager’s shareholding are low at 0.04%

Lease Profile

  • Occupancy is high at 97.8%
  • WALE is long at 6.6 years (by NLA), it is lower if weighted by GRI
  • Highest lease expiry within 5 years is moderate at 27.9% which falls this year
  • Weighted average land lease expiry is slightly short at 58.27 years

Debt Profile

  • Gearing ratio is moderate at 37.2%
  • Cost of debt is low at 1.5%
  • Fixed rate debt % is low at 67%