COMMERCIAL PROPERTY | Staff Reporter, Singapore

Keppel DC Reit's NPI increased 37.6% to $125m in 2017

Thanks to acquisitions of data centres in Berlin, Milan and Singapore.

Keppel DC Reit has announced an increase in its net property income (NPI) by 37.6% YoY, rising from $90m in 2016 to $125m in 2017.

A rise in its NPI was caused by acquisitions of KDC DUB 2, KDC SGP 3 and Milan DC and the absence of a one-off net property tax refund at KDC SGP 1 and KDC SGP 2 in FY 2016, increasing its property operating expenses to $13.9m in FY 2017.

Further, gross rental income increased by 38.6% YoY, from $97.2m in 2016 to $134.6m in 2017. This was mainly due to acquisitions of KDC DUB 2, Milan DC, Cardiff DC, and the 90% interest in KDC SGP 3. Higher variable income from KDC SGP 1, and the absence of non-cash downward adjustment for the straight-lining of rental income at Almere DC also contributed to the increase in GRI.

Gross revenue rose by 40.3% YoY, from $99m in 2016 to $139m in 2017.

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