Distributable income for 9M17 was $62.1 million, 34.1% higher than the REIT’s distributable income of $46.3 million in 9M16.
This came on the back of its acquisitions as well as a one-off capital distribution of $1.7 million in 1Q17, which was paid to unitholders in relation to the Keppel DC Singapore 3 acquisition.
See: Keppel DC REIT acquires second Dublin data centre for $101.3 mil
This was however partially offset by lower variable income from Keppel DC Singapore 1 and Keppel DC Singapore 2, lower rental income from Basis Bay Data Centre, as well as an absence of a one-off net property tax refund that was recorded in 3Q16.
See also: Keppel Pacific Oak US REIT’s 1QFY2025 distributable income falls by 19.3% y-o-y to US$9.6 mil
Gross revenue for the nine months grew 41.4% to $102.2 million during 9M17 from $72.3 million a year ago, boosted by a 40.2% increase in gross rental income to $99.7 million from $71.1 million in the previous year.
This was mainly contributed by the acquisitions of Milan DC, Cardiff DC, B10 DC and the 90.0% interest in KDC SGP 3 as well as the absence of non-cash downward adjustment for the straight-lining of rental income at Almere DC.
The higher gross rental income was however partially offset by lower variable income for KDC SGP 1 and KDC SGP 2, due to lower recurring and power revenue and lower rental income from Basis Bay DC.
See also: Keppel DC REIT reports 1QFY2025 DPU of 2.503 cents, 14.2% higher y-o-y
Consequently, net property income (NPI) for 9M17 grew 40.1% to $92.5 million from $66 million a year ago.
As at end Sept, Keppel DC REIT’s portfolio occupancy was 93.4%, with a WALE of 9.2 years.
The manager is in the midst of finalising the documentation of the two remaining major leases due in 2017, and says it remains confident that the data centre industry’s growth potential will be underpinned by the increasing reliance on digital data, as well as sustained demand for cloud services.
Units in Keppel DC REIT closed 1 cent lower at $1.35.
