23-January-2017Unaudited Results of Keppel DC REIT for the Fourth Quarter and Full Year Ended 31 December 2016
The Directors of Keppel DC REIT Management Pte. Ltd., as Manager of Keppel DC REIT, are pleased to announce the unaudited results of Keppel DC REIT for the fourth quarter and full year ended 31 December 2016.
Keppel DC REIT's FY 2016 Distributable Income Exceeds Forecast by 4.0%
• Portfolio grew during the year with three acquisitions
• DPU2,3 of 2.80 cents declared for 2H 2016
• Distributable income2 for FY 2016 was $61.0 million, 4.0% higher than IPO forecast1
• Adjusted distribution yield3 based on IPO price was 7.18%, up 3 bps from IPO forecast1
• Portfolio occupancy of 94.4%
• Portfolio weighted average lease expiry (WALE) of 9.6 years by leased lettable area
• Aggregate leverage of 28.3%
• Strong interest coverage ratio of 9.4 times
(1) On a pro-rata basis for the relevant financial period, as derived from the Projection Year 2016 figures in IPO Prospectus.
(2) Distributable income to Unitholders is based on 100% of the taxable income available for distribution to Unitholders. Keppel DC REIT has distributed 3.34 cents per Unit for 1H 2016. For 2H 2016, eligible Unitholders will receive distribution of 2.80 cents per Unit.
(3) The 242.0 million new Units listed on 15 November 2016, pursuant to the pro-rata preferential offering, are entitled to the distributable income for 2H 2016. In addition, there was a period of 1.5 months for which there was no income contributed by Keppel DC Singapore 3 as the acquisition was completed later than expected. Excluding the impact from the pro-rata preferential offering, the later completion of Keppel DC Singapore 3 acquisition as well as the one-off property tax refund in 3Q 2016, the adjusted DPU for FY 2016 would have been 6.68 cents, higher than both the IPO forecast and FY 2015 Actual. Adjusted distribution yield for FY 2016 would be correspondingly higher than IPO forecast and FY 2015 Actual.
For more information, please contact:
Mr Kevin Ho
Ms Liang Hui Hui