Keppel DC REIT DPU up 7.4% to 9.85 cents for FY 2021

The group’s portfolio remained stable throughout the year with an occupancy rate of 98.3%.

A distribution per unit (DPU) year-on-year (YoY) increase of 7.4%, or 9.85 cents, was reported by Keppel DC REITS in its latest report for the financial year (FY) 2021.

The same growth was also seen with the group recording a distributable income (DI) of $87.4m for the second half of 2021, bringing DI for FY2021 to $171.6m. This 9.4% YoY growth was attributed by the company towards contributions from acquistions such as Kelsterbach Data Centre in Germany, Amsterdam Data Centre, and Eindhoven Campus in the Netherlands, and the completion of Intellicentre 3 East Data Centre in Sydney.

Property expenses of the group, meanwhile, saw a 7% YoY change at $22.91m, up from the previous year’s $21.41m. 

The report also confirms that at least 90% of the Group’s assets under management remain invested in data centres, with the acquistions of Eindhoven Campus in Netherlands being a highlight. This, along with the assumption that the acquisition of the London Data Center was completed in 2021, puts the assets under management value at $3.5b.

The fourth quarter of 2021 saw the group extend two SGD-dominated loans valued at $275m for two years until 2027, as well as another GBP-denominated loan at GBP 11.2m for five years until 2027. A six-year revolving credit facility of $150m and a five-year RMB 400m credit facility were also obtained during the quarter.

All in all, this put Keppel DC REIT’s average cost of debt at 1.6% per annum with an interest coverage ratio at 10.8 times. Aggregate leverage also remained healthy at 34.6%, with the debt maturity profile spread over 3.9 years.