Financial Highlights
Distributable Income
 ($'000) 2Q 2017 

2Q 2016

Variance (%) 1H 2017  1H 2016 
Variance
(%)
Gross revenue 34,515 24,865 38.8 66,739 49,636 34.5
Property expenses (3,152) (2,760) 14.2 (6,532) (6,345) 2.9
Net property income 31,363 22,105 41.9 60,207 43,291 39.1
Distributable income to Unitholders1 20,130 14,749 36.5 41,896 29,496 42.0
Distribution per Unit2,3 (cents) 1.74 1.67 4.2 3.63 3.34  8.7

Annualised distribution yield3 (%)

- At 1H 2017 closing price of $1.290

- At 1H 2016 closing price of $1.110

 

 

 

 

 

 

 

5.56

6.46

 

5.21

6.05

 

35bps

41bps

 

 

Balance Sheet Highlights
 ($'000) As at
30 Jun 2017
As at
31 Dec 2016
 Variance
(%)
Investment properties 1,462,328 1,225,938 19.3
Total assets 1,641,692 1,582,999 3.7
Gross borrowings4 438,843 439,321  (0.1)
Total liabilities 526,147  509,131 3.3
Unitholders' funds 1,090,666 1,073,525 1.6
Net asset value per Unit ($) 0.968 0.954 1.5

 

Financial Ratios
  As at
30 Jun 2017
As at
31 Dec 2016
Aggregate leverage5 (%) 27.7  29.2
Interest coverage ratio (times) 10.6  9.4
Average cost of debt (%) 2.2  2.5

 

Notes:

(1) Included a one-off capital distribution of $1.7 million in 1H 2017 for the month of December 2016 arising from the later completion of Keppel DC Singapore 3 and where the vendor had agreed that all the rights and obligations shall pass to the REIT as if completion had occurred on 1 December 2016. Pursuant to the lease agreement entered into for Keppel DC Singapore 3, the distributable income would also include the Capex Reserves. 

(2) The DPU was computed based on the distributable income to Unitholders and had excluded the Capex Reserves. Keppel DC REIT declares distributions on a half-yearly basis. For the financial period from 1 January to 30 June 2017, eligible unitholders will receive distribution of 3.63 cents per Unit.

(3) Excluding the one-off capital distribution of approximately 0.15 cents per Unit, 1H 2017’s DPU would have been 3.48 cents and the adjusted annualised distribution yield would have been 5.44% and 6.32% based on closing prices of 1H 2017 and 1H 2016 respectively.

(4) Gross borrowings relates to bank borrowings drawn down from loan facilities.

(5) Aggregate Leverage was computed based on gross borrowings as a percentage of the deposited properties. Deposited properties relates to total assets as stipulated in the Property Fund Appendix in the Code on Collective Investment Schemes issued by MAS. Both gross borrowings and deposited properties do not take into consideration the finance lease liabilities pertaining to land rent commitments for iseek Data Centre and Keppel DC Dublin 1.

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