Financial Highlights
Distributable Income
 ($'000) 2Q 2018 2Q 2017  Variance
(%)
Gross revenue 41,927 34,515 21.5
Property expenses (3,852) (3,152) 22.2
Net property income 38,075 31,363 21.4
Distributable income to Unitholders1 23,079 20,130 14.6
Distribution per Unit2 (cents) 1.82 1.74 4.6
Adjusted DPU3 (cents) 1.82 1.74 4.6
Annualised distribution yield4 (%)  - - -
Adjusted annualised distribution yield4 (%)  - - -

 

 

Balance Sheet Highlights
 ($'000) As at
30 Jun 2018
As at
31 Dec 2017
 Variance(%)
Investment properties 1,987,433 1,570,090 26.6
Total assets 2,206,396 1,763,282 25.1
Gross borrowings5 678,709 546,481 24.2
Total liabilities 816,658 646,780 26.3
Unitholders' funds 1,361,631 1,089,716 25.0
Net asset value per Unit ($) 1.01 0.97 4.1

 

Financial Ratios
  As at
30 Jun 2018
As at
31 Dec 2017
Aggregate leverage6 (%) 31.7 32.1
Interest coverage ratio (times) 10.7  9.7
Average cost of debt (%) 1.9 2.2

 

Notes:

(1) 1Q 2017’s distributable income included a one-off capital distribution of $1.7 million for the month of December 2016 arising from the later completion of Keppel DC Singapore 3. Distributable income included Keppel DC Singapore 3 and Keppel DC Singapore 5’s Capex Reserves.

(2) DPU was computed based on the distributable income to Unitholders and had excluded the Capex Reserves. 1H 2017’s DPU included a one-off capital distribution of 0.15 cents per Unit. The Manager declared an advanced distribution of 2.77 cents per Unit to eligible Unitholders for the period from 1 January to 15 May 2018, in connection with the private placement of 224.0 million new Units. For the period from 16 May to 30 June 2018, eligible Unitholders will receive distribution of 0.85 cents per Unit.
(3) 1H 2018’s DPU was higher than 1H 2017’s adjusted DPU after excluding the one-off capital distribution recorded in 1Q 2017.

(4) Annualised by quarters and computed based on 1H 2018’s closing price of $1.360 per Unit.

(5) Gross borrowings relates to bank borrowings drawn down from loan facilities.
(6) Aggregate leverage related to the $678.7 million external borrowings drawn down (refer to Paragraph 1(B)(ii)) and deposited properties refers to the value of the Group’s total assets based on the latest valuation defined in the property fund guidelines in the Code on Collective Investment Schemes issued by MAS, without considering finance lease liabilities pertaining to the land rent commitments for iseek DC and KDC DUB 1. If these finance lease liabilities pertaining to land rent commitments were included, the ratio would be 32.7% (31 December 2017: 33.4%).
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