Keppel DC REIT net property income up 8.4% for 1H2021

The company said their income was driven by its latest acquisitions.

Data centre-focused Keppel DC REIT reported an 8.4% increase in their net property income, to $123.8m from $114.2m, for the first half of 2021.

In a bourse disclosure, Keppel DC REIT added that its distributable income was $84.3m, 12.4% higher than the same period last year.

“The growth in distributable income was due mainly to contributions from the accretive acquisitions of Amsterdam Data Centre and Kelsterbach Data Centre in Frankfurt, as well as the completion of the asset enhancement initiative works at Keppel DC Singapore 5 and Keppel DC Dublin 1 in the second half of 2020, and Keppel DC Dublin 2 and DC 1 in the first quarter of 2021,” it said in the report.

Portfolio occupancy is at 98.0% as of end-June, driven by new, renewed, and expanded leases with clients at Keppel DC REIT’s Singapore and Dublin data centres.

In April, it announced an investment mandate that will include real estate and assets that support the digital economy, whilst maintaining at least 90% of its assets in data centres.

It plans to continue pursuing third party acquisition opportunities moving forward.