Keppel DC REIT's property income soars 41.9% to $31.4m

On the back of strong contributions from recently-acquired data centres.

Keppel DC REIT reported a robust net property income growth for the past quarter, up 41.9% to $31.4m.

This came with the 38.8% growth in gross revenue to $34.5m. According to OCBC Investment Research analyst Andy Wong Teck Ching and Eli Lee, the rosy numbers was driven by contributions from the acquisitions of the 90% interest of KDC SGP 3, Milan DC and Cardiff DC.

Keppel DC REIT's yields could have been better if not for the lower variable income from KDC SGP 1 and KDC SGP 2 and impact from a client downsizing its requirements at KDC DUB 1, the analysts noted.

Meanwhile, the group's distribution per unit (DPU) grew by a lower magnitude of 4.2% to 1.74 cents, due to higher finance costs and an enlarged unit base from a preferential offering exercise last year.

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