Financial Highlights
Distributable Income
 ($'000) 1Q 2018 1Q 2017  Variance
(%)
Gross revenue 38,008 32,224 17.9
Property expenses (3,920) (3,380) 16.0
Net property income 34,088 28,844 18.2
Distributable income to Unitholders1 20,867 21,766 (4.1)
Distribution per Unit2 (cents) 1.80 1.89 (4.8)
Adjusted DPU (cents) 1.80 1.74 3.4
Annualised distribution yield3 (%)  5.00 4.94 6 bps
Adjusted annualised distribution yield3 (%)  5.00 4.83 17 bps

 

 

Balance Sheet Highlights
 ($'000) As at
31 Mar 2018
As at
31 Dec 2017
 Variance(%)
Investment properties 1,719,094 1,570,090 9.5
Total assets 1,896,543 1,763,282 7.6
Gross borrowings4 685,738 546,481 25.5
Total liabilities 787,082 646,780 21.7
Unitholders' funds 1,082,663 1,089,716 (0.6)
Net asset value per Unit ($) 0.96 0.97 (1.0)

 

Financial Ratios
  As at
31 Mar 2018
As at
31 Dec 2017
Aggregate leverage5 (%) 37.4 32.1
Interest coverage ratio (times) 10.7  9.7
Average cost of debt (%) 2.1 2.2

 

Notes:

(1) 1Q 2017’s distribution 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 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. 1Q 2018 and 1Q 2017’s distributable income included Keppel DC Singapore 3’s Capex Reserves.

(2) DPU was computed based on the distributable income to Unitholders and had excluded the Capex Reserves. 1Q 2017 DPU included a one-off capital distribution of 0.15 cents per Unit. Keppel DC REIT declares distributions on a half-yearly basis. No distribution has been declared for the quarter ended 31 March 2018.
(3) Annualised by quarters and computed based on 1Q 2018’s closing price of $1.440 per Unit.

(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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