Financial Highlights
Distributable Income
 ($'000) 3Q 2017 

3Q 2016

Variance (%) 9M 2017  9M 2016 
Variance
(%)
Gross revenue 35,483 22,663 56.6 102,222 72,299 41.4
Property expenses (3,219) 40 Nm2 (9,751) (6,305) 54.7
Net property income 32,264 22,703 42.1 92,471 65,994 40.1
Distributable income to Unitholders1 20,179 16,782 20.2 62,075 46,278 34.1
Distribution per Unit3 (cents) 1.74 1.49 16.8 5.37 4.83 11.2
Adjusted DPU3 (cents) 1.74 1.674 4.2 5.224 5.014 4.2

Distribution yield5 (%)

 

 

 

5.38

5.19

19bps

Adjusted Distribution Yield5 (%)       5.27 5.05 22bps

 

 

Balance Sheet Highlights
 ($'000) As at
30 Sep 2017
As at
31 Dec 2016
 Variance
(%)
Investment properties 1,576,629 1,225,938 28.6
Total assets 1,747,399 1,582,999 10.4
Gross borrowings6 542,696 439,321 23.5
Total liabilities 638,409  509,131 25.4
Unitholders' funds 1,084,519 1,073,525 1.0
Net asset value per Unit ($) 0.96 0.95 1.1

 

Financial Ratios
  As at
30 Sep 2017
As at
31 Dec 2016
Aggregate leverage7 (%) 32.1 28.3
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 arising from the later completion of Keppel DC Singapore 3 on 20 January 2017 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. The distributable income also includes Keppel DC Singapore 3's Capex Reserves.

(2) Nm - not meaningful
(3) Keppel DC REIT declares distributions on a half-yearly basis. Keppel DC REIT has distributed 3.63 cents for the first half of 2017. No distribution has been declared for 3Q 2017. The DPU was computed based on the distributable income to Unitholders and had excluded the Capex Reserves.

(4) Excluding the one-off capital distribution of approximately $1.7 million (equivalent to 0.15 cents per Unit) paid to the Unitholders, 9M 2017's adjusted DPU would be 5.22 cents. This would be higher than 9M 2016's adjusted DPU of 5.01 cents after adjusting for the impact of the pro-rata Preferential Offering in November 2016 which lowered DPU by approximately 0.36 cents, and a one-off net property tax refund recorded in 3Q 2016 which increased DPU by approximately 0.18 cents.

(5) Based on 9M 2017's annualised DPU and closing price of $1.325 per Unit.
(6) Gross borrowings relates to bank borrowings drawn down from loan facilities.

(7) 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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