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    REIT - Specialty
Keppel DC REIT

Keppel DC REIT

AJBU.SI
Keppel DC REITSG flagStock Exchange of Singapore
2.28
SGD
+0.04
- -
5.58BMarket Cap
Keppel DC REIT
AJBU.SI
(Stock Exchange of Singapore)

Recent

price

2.28

P/E

ratio

- -

div

yld

- -

ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.06
0.11
0.1
0.12
0.14
0.14
0.16
0.16
0.16
0.16
0.18
0.19
0.14
Revenue per Share
0.04
0.11
0.05
0.06
0.11
0.07
0.1
0.19
0.13
0.07
0.17
0.19
0.08
Basic EPS, GAAP
0.04
0.06
0.08
0.1
0.08
0.1
0.14
0.11
0.13
0.12
0.13
0.11
0.11
Free Cash Flow per Basic Share
- -
0.03
0.06
0.06
0.06
0.09
0.06
0.11
0.08
0.1
0.09
0.09
0.09
Dividend per Share
- -
- -
- -
- -
1.17
1.37
1.24
1.41
1.42
1.4
1.99
1.88
1.42
Book Value per Share
0.83
0.89
1.13
0.96
1.14
1.31
1.19
1.38
1.41
1.36
1.95
1.85
1.36
Tangible Book Value per Share
929
913
945
1,169
1,299
1,441
1,659
1,689
1,745
1,727
1,759
2,287
1,390
Basic Weighted Avg Shares
55
102
99
139
176
195
266
271
277
281
310
441
195
Sales/Revenue/Turnover
79.62
76.89
82.09
70.8
76.14
78.22
79.63
79.99
78.99
75.63
70.84
75.14
78.22
Operating Margin (%)
- -
- -
1
2
7
4
6
3
- -
- -
- -
- -
4
Depreciation Expense
33
104
51
65
142
107
168
314
231
119
301
428
107
Net Income, GAAP
10.1
5.07
11.69
9.43
3.32
10.18
10.91
8.32
11.69
11.3
7.87
8.05
10.18
Effective Tax Rate (%)
59.5
101.91
51.38
46.91
80.83
54.67
63.32
115.71
83.26
42.15
96.9
96.93
54.66
Profit Margin (%)
51
40
303
125
33
172
71
42
18
61
61
191
172
Working Capital
323
338
464
576
573
880
1,044
1,136
1,300
1,408
1,628
2,077
880
LT Debt
773
813
1,074
1,117
1,476
1,903
1,982
2,336
2,457
2,354
3,427
4,230
1,903
Total Equity
- -
6.53
5.23
5.44
6.6
5.44
6.27
5.83
5.1
4.85
4.5
5.17
5.44
Return on Invested Capital (%)
- -
32.93
14.68
13.54
10.56
4.42
5.66
9.06
6.57
4.34
7.49
7.76
4.42
Return on Capital (%)
- -
- -
- -
- -
18.63
6.08
8.35
14.14
9.49
4.83
10.15
10.97
6.08
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'19
Sep'19
Dec'19
ST Debt
124
16
40
LT Borrowings
610
712
832
LT Finance Leases
- -
- -
48
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,399
1,511
1,658
Market Capitalization
1,793
2,628
2,864

Working Capital

FRC

•

in mil. unless spec.
Jun'19
Sep'19
Dec'19
Total Current Assets
227
434
280
Cash, Cash Equivalents & STI
144
347
156
Accounts Receivable, Net
80
84
44
Inventories
- -
- -
- -
Total Current Liabilities
161
79
108
Payables & Accruals
- -
- -
- -
ST Debt
124
16
40
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
18.91%
17.57%
23.44%
Free Cash Flow
19.98%
3.13%
17.47%
Net Income, GAAP
33.47%
41.49%
42.29%
Sales/Revenue/Turnover
16.89%
11.67%
42.24%
Total Cash Common Dividend
25.59%
19.39%
33.36%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
281
2024
- -
- -
- -
- -
310
2025
- -
- -
- -
- -
441

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.07
2024
- -
- -
- -
- -
0.17
2025
- -
- -
- -
- -
0.19

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.1
2024
- -
- -
- -
- -
0.09
2025
- -
- -
- -
- -
0.09
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Business
Keppel DC REIT Keppel DC REIT (AJBU.SI), the first pure-play data centre real estate investment trust listed in Asia on the Singapore Exchange in December 2014, principally invests, directly or indirectly, in a diversified portfolio of income-producing real estate assets used primarily for data centre purposes, as well as real estate and assets that support the digital economy; its investments comprise a mix of colocation, fully-fitted, shell and core assets, and debt securities across 25 data centres with approximately $5.0 billion in assets under management, strategically located in 14 cities across 10 countries in Asia Pacific, including Singapore (Keppel DC Singapore 1-8), Australia, China, Japan (Tokyo DC 1), and Malaysia, and Europe, including the United Kingdom, Ireland, Netherlands, and Germany; the REIT targets cloud service providers, enterprises, and financial institutions as key customers in high-demand data centre hubs driven by cloud adoption, AI, big data analytics, and 5G; headquartered in Singapore at 1 HarbourFront Avenue, #18-01 Keppel Bay Tower, it is managed by Keppel DC REIT Management Pte. Ltd. and sponsored by Keppel, a global asset manager with expertise in infrastructure, real estate, and connectivity. Keppel DC REIT reports robust financial performance, with gross revenue growing 10.3% to $310.3 million and net profit surging over 100% in FY2024 ended December 31, 2024, supported by rental escalations and strategic portfolio expansion; recent acquisitions within the last year include Tokyo Data Centre 1 in West Tokyo for JPY 23.4 billion (S$201.0-209.2 million) completed July 31, 2024, two AI-ready hyperscale data centres Keppel DC Singapore 7 and 8 at Keppel Data Centre Campus for S$1.38-1.4 billion announced November 2024 from a related joint venture, and a hyperscale data centre in Inzai City, Greater Tokyo, announced September 2025 forecasted to boost assets under management to S$5.7 billion and extend weighted average lease expiry to 7.2 years; the REIT launched a preferential offering in September-October 2025 raising gross proceeds of S$404.5 million, obtained new loan facilities and green bonds, divested Kelsterbach Data Centre in Frankfurt, Germany, for EUR 50.0 million in February-March 2025 and Basis Bay Data Centre in Cyberjaya, Malaysia, introduced a Green Financing Framework in February 2025 to support sustainable growth, and earned accolades including the Singapore Corporate Governance Award in November 2025 and Best Investor Relations (Silver) at the Singapore Corporate Awards in September 2025.