Gross revenue for the quarter was 34% higher at $47.6 million from $35.5 million last year, as gross rental income saw a 30.2% y-o-y increase to $44.6 million and other income more than doubled to $3.0 million.
The overall increase in gross revenue was mainly contributed by the acquisitions of KDC SGP 5, maincubes DC and KDC DUB 2. There were also higher variable income from the other Singapore properties. In addition, overseas contributions increased from the appreciation of EUR against SGD.
These were partially offset by lower rental income received from Gore Hill DC as well as lower overseas contributions due to the depreciation of AUD against SGD.
In line with the increase in revenue, property operating expenses increased by 40.2% y-o-y to $4.51 million, bringing net property income for 3Q18 to $43.0 million, 33.4% higher than $32.3 million a year ago.
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Finance costs increased by 16.5% to $4.24 million from $3.64 million in the previous year.
Income available for distribution in 3Q18 was 29% higher at $26.0 million from $20.1 million in the previous year.
As at Sept 31, the REIT’s cash and cash equivalents stood at $99.2 million.
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In a filing issued on Tuesday, the REIT’s manager says that it is well-positioned to benefit from the growth of the data centre market. Meanwhile, it will continue to seek opportunities to capture value and strengthen its presence across key data centre hubs.
Units in Keppel DC REIT closed 1 cent higher at $1.34 on Tuesday.
