Keppel DC Reit NPI up 24.1% in Q1

It was mainly driven by acquisitions.

Keppel Data Centre Reit reported a 24.1% year-on-year increase in net property income for the first quarter, rising to $88.1m from $71m.

The increase in net property income was mainly driven by the acquisitions of Keppel DC Singapore 7 and 8, and Tokyo Data Centre 1, as well as higher contributions from contract renewals and rental escalations in 2024. These gains were partially offset by the divestment of Intellicentre Campus and a one-off dispute settlement sum received at Keppel DC Singapore 1 during the quarter.

Revenue for the quarter also grew 22.6% to $102.2m, compared to $83.4m in Q1 FY2024.

Distribution per unit (DPU) increased 14.2% to $0.02503, up from $0.02192 a year earlier. Distributable income jumped 59.4% to $61.8m, from $38.8m previously.

The rise in DI and DPU was mainly due to contributions from acquisitions and strong portfolio performance. DI includes capital expenditure reserves used in the DPU computation for eligible unitholders.