Keppel DC Reit posts 16.8% jump in Q3 DPU

Units of Keppel DC Reit closed one cent lower at $1.35 on Monday.
Units of Keppel DC Reit closed one cent lower at $1.35 on Monday.PHOTO: KEPPEL DC REIT MANAGEMENT

SINGAPORE - Keppel DC Reit has posted a 16.8 per cent jump in its third-quarter distribution per unit (DPU) to 1.74 cents, thanks to a series of acquisitions.

Excluding the impact of the pro-rata preferential offering and a one-off net property tax refund last year, the adjusted DPU for the three months ended Sept 30 is 4.2 per cent higher from 1.67 cents in the same period a year ago.

Distributable income to unitholders rose 20.2 per cent to S$20.2 million.

Gross rental income expanded by 56.4 per cent to S$34.2 million. This was on the back of the acquisitions of Milan DC, Cardiff DC, B10 DC and the 90 per cent interest in Keppel DC Singapore 3, and higher variable income from Keppel DC Singapore 1 due to higher recurring revenue, said the Reit's manager on Monday.

Net property income rose 42.1 per cent to S$32.3 million.

Earnings per unit for the quarter came in at 1.91 cents, down from 2.38 cents previously. Net asset value per unit stood at 96 cents as at Sept 30, marginally down from 95 cents as at Dec 31.

Units of Keppel DC Reit closed 0.7 per cent or one cent lower at $1.35 on Monday, before the results were announced.