Financial Highlights
Distributable Income
 ($'000) 3Q 2018 3Q 2017  Variance
(%)
Gross revenue 47,557 35,483 34.0
Property expenses (4,514) (3,219) 40.2
Net property income 43,043 32,264 33.4
Distributable income to Unitholders1 26,024 20,179 29.0
Distribution per Unit2 (cents) 1.85 1.74 6.3
Adjusted DPU3 (cents) 1.85 1.74 6.3
Annualised distribution yield4 (%)  - - -
Adjusted annualised distribution yield4 (%)  - - -

 

 

Balance Sheet Highlights
 ($'000) As at
30 Sep 2018
As at
31 Dec 2017
 Variance(%)
Investment properties 1,999,991 1,570,090 27.4
Total assets 2,199,543 1,763,282 24.7
Gross borrowings5 682,882 546,481 25.0
Total liabilities 789,748 646,780 22.1
Unitholders' funds 1,381,587 1,089,716 26.8
Net asset value per Unit ($) 1.02 0.97 5.2

 

Financial Ratios
  As at
30 Sep 2018
As at
31 Dec 2017
Aggregate leverage6 (%) 32.0 32.1
Interest coverage ratio (times) 11.2  9.7
Average cost of debt (%) 1.9 2.2

 

Notes:

  1. DPU have excluded an amount of capital expenditure that has been set aside for KDC SGP 3 and KDC SGP 5 (Capex Reserves). 9M 2017 DPU included a one-off capital distribution of approximately 0.15 cents per Unit for the month of December 2016 arising from the later completion of KDC SGP 3.
  2. The Manager has declared distributions to eligible Unitholders of (i) 2.77 cents per unit for the period from 1 January to 15 May 2018 in connection with the private placement launched on 7 May 2018 and (ii) 0.85 cents per Unit for the period from 16 May to 30 June 2018. Keppel DC REIT declares distributions on a half-yearly basis. No distribution has been declared for the quarter ended 30 September 2018.
  3. Excluding the one-off capital distribution of approximately 0.15 cents per Unit recorded in 1Q 2017, the adjusted DPU for 9M 2017 would be 5.22 cents.
  4. Distribution yields were annualised by quarters and computed based on 3Q 2018 closing price of $1.370.
  5. Gross borrowings relates to bank borrowings drawn down from loan facilities.
  6. Aggregate leverage related to the $682.9 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 33.0% (31 December 2017: 33.4%).
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