Keppel DC REIT reports 1Q22 net property income slipped

Computer coding. Photo by Markus Spiske on UnsplashComputer coding. Photo by Markus Spiske on Unsplash

Keppel DC REIT reported Tuesday its first quarter net property income slipped 1.4 percent on-year to S$60.13 million.

The REIT said there were lower contributions from Singapore assets due to provisions made for a client payment under dispute at KDC SGP 1 and higher electricity costs.

Gross revenue for the three months ended 31 March edged down 0.9 percent on-year to S$66.10 million, the REIT said in a filing to SGX.

First quarter distributable income before the deduction of capex reserves grew 5.9 percent on-year to S$44.53 million, the REIT said.

The distribution per unit (DPU) came in at 2.466 Singapore cents, up 0.2 percent from 2.462 Singapore cents in the year-earlier quarter, the filing said. Keppel DC REIT makes distributions on a half-yearly basis and no distribution was declared for the first quarter, the filing said.

The distributable income and DPU rose mainly on recent data center acquisitions and investments in debt securities, Keppel DC REIT said.

The REIT has 21 data centers across nine countries, with assets under management of S$3.5 billion as of end-March.

Read more about Keppel DC REIT’s first quarter update.