Keppel DC REIT’s DPU rises 13.2% to 2.833 cents in Q1

Distributable income climbed 20.7% to $74.6m, supported by acquisitions and portfolio gains.

Keppel DC REIT posted a distribution per unit (DPU) of 2.833 cents for the first quarter (Q1) of 2026, up 13.2% from 2.503 cents a year earlier, according to its operational update on 16 April.

Distributable income rose 20.7% year on year (YoY) to $74.6m from $61.8m in Q1 2025.

Gross revenue increased 18.4% to $121.0m, whilst net property income climbed 19.4% to $105.2m.

The REIT said higher distributable income and DPU were driven by stronger portfolio performance, alongside contributions from acquisitions including Tokyo Data Centre 3 and additional interests in Keppel DC Singapore 3 and 4.

This was partially offset by higher finance costs, which increased 20.8% due to acquisition-related borrowings drawn in Q4 2025.

Portfolio occupancy stood at 95.6% as at 31 March, slightly lower than 95.8% in the previous quarter, whilst portfolio weighted average lease expiry (WALE) was 6.5 years.

Aggregate leverage declined to 35.1%, down 20 basis points from end-2025, whilst the average cost of debt stood at 2.6% for Q1 2026.

The trailing 12-month interest coverage ratio was 7.2 times, compared with a higher level in the prior period.

Total debt stood at about $2.4b, with the REIT maintaining a well-staggered maturity profile and a weighted average debt tenor of 3.3 years.

The REIT said around 6% of rental income is due for renewal annually in 2026 and 2027, with ongoing portfolio optimisation and selective asset repositioning.

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