Keppel DC REIT

AJBU: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 8.30	Lpxmnd	Wwtlclqbq

Keppel DC REIT’s Second-Half 2022 Earnings Are in Line; Uncertainty Rating Increased to Medium

Xinfu Lee

Feb 3, 2023

Keppel DC REIT’s, or KDC REIT’s, second-half 2022 distributable income grew 7.3% year on year on the back of a 4% year-on-year increase in its net property income, higher finance income received from its investment in the NetCo bonds, and coupon income from GuangDong Data Centre 3 that is still undergoing fitout work. As a result, second-half 2022 distribution per unit, or DPU, increased 4.8% year on year to SGD 0.05165, in line with our expectations.

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