On 2 February 2026, Keppel DC REIT (“KDC”) released their full year result for FY2025. KDC delivered a resilient financial performance in the final quarter of FY2025. Despite an enlarged unitholder base following recent equity fundraisings, the REIT achieved an increase in Distribution Per Unit (“DPU”). This underscores the highly accretive nature of recent acquisitions and strong organic rental reversions within the portfolio. KDC also saw the portfolio underwent significant valuation uplifts, driven by the structural tailwinds of the digital economy and AI-led demand. This appreciation directly bolstered the Net Asset Value (“NAV”), reflecting the increased strategic value of data centre assets. With a market price that remained relatively stable quarter-on-quarter, the rising NAV has resulted in a compression of the Price-to-Book (“P/B”) ratio. Despite the lower P/B multiple, do note that KDC continues to trade at a significant premium to book value. Disclaimer: Not financial advice. This content is provided for general informational purposes only and...