Keppel DC REIT's NPI rises 4.6% YoY, driven by strong lease reversions

It also recorded an improved DPU.

Keppel DC REIT's net property income (NPI) rose 4.6% YoY to $64.5m in Q3 2024, driven by strong reversions from its leases.

With higher NPI, the REIT also recorded improved distributable income (DI) and distribution per unit (DPU).

DI for the period was $44.7m, up 6.3% YoY, whilst DPU rose 6.1% YOY to $0.02502.

The REIT attributed its performance to higher rents from strong reversions and rent escalations, the partial distribution of the DXC settlement received earlier in H1 2024, and contributions from Tokyo DC 1.

Growth was partly offset by loss allowances for the Guangdong data centres, higher finance costs, and weaker foreign currencies against the Singapore dollar.