Keppel DC Reit AJBU
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+0.94% +0.02 Updated 2 Nov 2026, 13:06 SGT
Financials
Annual Report 2025
Explore the statements
20 tablesStatements of Financial Position
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment properties$’000 | 6,133,400 | 4,904,007 | 495,000 | 524,772 | PDF p. 102 |
| Investment in subsidiaries$’000 | – | – | 3,867,223 | 3,015,294 | PDF p. 102 |
| Loans to subsidiaries$’000 | – | – | 219,332 | 514,832 | PDF p. 102 |
| Investment in a joint venture$’000 | – | – | – | – | PDF p. 102 |
| Notes receivables$’000 | 77,167 | 155,293 | – | 75,237 | PDF p. 102 |
| Trade and other receivables$’000 | 13,472 | 16,526 | – | – | PDF p. 102 |
| Derivative financial assets$’000 | 7,874 | 15,006 | 4,064 | 2,050 | PDF p. 102 |
| Deposits$’000 | – | 619 | – | – | PDF p. 102 |
| Deferred tax assets$’000 | 248 | 4,054 | – | – | PDF p. 102 |
| Non-current assets subtotal | |||||
| Subtotal$’000 | 6,232,161 | 5,095,505 | 4,585,619 | 4,132,185 | PDF p. 102 |
| Current assets | |||||
| Loans to subsidiaries$’000 | – | – | 41,399 | 71,651 | PDF p. 102 |
| Notes receivables$’000 | – | 3,836 | – | 3,836 | PDF p. 102 |
| Trade and other receivables$’000 | 204,207 | 106,372 | 39,248 | 5,253 | PDF p. 102 |
| Derivative financial assets$’000 | 427 | 4,309 | 219 | 1,124 | PDF p. 102 |
| Cash and cash equivalents$’000 | 351,869 | 316,691 | 176,850 | 119,648 | PDF p. 102 |
| Current assets subtotal | |||||
| Subtotal$’000 | 556,503 | 431,208 | 257,716 | 201,512 | PDF p. 102 |
| Current assets | |||||
| Investment property held for sale$’000 | 17,092 | 16,520 | – | – | PDF p. 102 |
| Asset held for sale$’000 | 75,426 | – | 75,426 | – | PDF p. 102 |
| Current assets including assets held for sale subtotal | |||||
| Subtotal$’000 | 649,021 | 447,728 | 333,142 | 201,512 | PDF p. 102 |
| Total | |||||
| Total assets$’000 | 6,881,182 | 5,543,233 | 4,918,761 | 4,333,697 | PDF p. 102 |
| Current liabilities | |||||
| Loans from subsidiaries$’000 | – | – | 195,273 | 64,043 | PDF p. 102 |
| Loans and borrowings$’000 | 312,759 | 87,331 | – | 8,372 | PDF p. 102 |
| Trade and other payables$’000 | 126,705 | 287,355 | 29,396 | 95,529 | PDF p. 102 |
| Derivative financial liabilities$’000 | 1,815 | 456 | 1,115 | 196 | PDF p. 102 |
| Provision for taxation$’000 | 17,130 | 11,615 | 1,514 | 1,229 | PDF p. 102 |
| Current liabilities subtotal | |||||
| Subtotal$’000 | 458,409 | 386,757 | 227,298 | 169,369 | PDF p. 102 |
| Non-current liabilities | |||||
| Loans from subsidiaries$’000 | – | – | 1,428,680 | 1,353,916 | PDF p. 102 |
| Loans and borrowings$’000 | 2,077,482 | 1,628,137 | – | – | PDF p. 102 |
| Derivative financial liabilities$’000 | 5,848 | 8,664 | 3,822 | 6 | PDF p. 102 |
| Deferred tax liabilities$’000 | 109,327 | 92,727 | 17,596 | 16,218 | PDF p. 102 |
| Non-current liabilities subtotal | |||||
| Subtotal$’000 | 2,192,657 | 1,729,528 | 1,450,098 | 1,370,140 | PDF p. 102 |
| Total | |||||
| Total liabilities$’000 | 2,651,066 | 2,116,285 | 1,677,396 | 1,539,509 | PDF p. 102 |
| Net assets$’000 | 4,230,116 | 3,426,948 | 3,241,365 | 2,794,188 | PDF p. 102 |
| Represented by | |||||
| Unitholders’ funds$’000 | 4,168,455 | 3,372,016 | 3,241,365 | 2,794,188 | PDF p. 102 |
| Non-controlling interests$’000 | 61,661 | 54,932 | – | – | PDF p. 102 |
| Represented by subtotal | |||||
| Subtotal$’000 | 4,230,116 | 3,426,948 | 3,241,365 | 2,794,188 | PDF p. 102 |
| Other information | |||||
| Units in issue (’000)’000 Units | 2,440,733 | 2,209,075 | 2,440,733 | 2,209,075 | PDF p. 102 |
| Net asset value per Unit ($)$ per Unit | 1.71 | 1.53 | 1.33 | 1.26 | PDF p. 102 |
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Definitions & sources
Original report: PDF p. 102 ↗
Consolidated Statement of Profit or Loss
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Gross revenue$’000 | 441,362 | 310,287 | PDF p. 103 |
| Property operating expenses$’000 | (58,102) | (50,001) | PDF p. 103 |
| Net property income$’000 | 383,260 | 260,286 | PDF p. 103 |
| Finance income$’000 | 15,311 | 15,390 | PDF p. 103 |
| Finance costs$’000 | (48,943) | (51,509) | PDF p. 103 |
| Trustees’ fees$’000 | (680) | (562) | PDF p. 103 |
| Manager’s base fee$’000 | (25,485) | (18,841) | PDF p. 103 |
| Manager’s performance fee$’000 | (12,107) | (8,945) | PDF p. 103 |
| Audit fees$’000 | (805) | (646) | PDF p. 103 |
| Valuation fees$’000 | (282) | (280) | PDF p. 103 |
| Net gains on derivatives$’000 | 2,350 | 5,885 | PDF p. 103 |
| Other trust expenses$’000 | (12,373) | (12,189) | PDF p. 103 |
| Profit before divestment of an investment property and net change in fair value of investment properties$’000 | 300,246 | 188,589 | PDF p. 103 |
| Gain on divestment of an investment property$’000 | 10,825 | 31,611 | PDF p. 103 |
| Net change in fair value of investment properties$’000 | 161,648 | 120,610 | PDF p. 103 |
| Profit before tax$’000 | 472,719 | 340,810 | PDF p. 103 |
| Tax expenses$’000 | (38,037) | (26,832) | PDF p. 103 |
| Profit after tax$’000 | 434,682 | 313,978 | PDF p. 103 |
| Profit attributable to | |||
| Unitholders$’000 | 427,820 | 300,669 | PDF p. 103 |
| Non-controlling interests$’000 | 6,862 | 13,309 | PDF p. 103 |
| Profit attributable to subtotal | |||
| Subtotal$’000 | 434,682 | 313,978 | PDF p. 103 |
| Earnings per Unit (cents) | |||
| – Basic and dilutedcents per Unit | 18.71 | 17.09 | PDF p. 103 |
| – Basic and diluted (excluding net change in fair value of investment properties and their related deferred tax impact)cents per Unit | 11.73 | 11.00 | PDF p. 103 |
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Definitions & sources
Original report: PDF p. 103 ↗
Consolidated Statement of Comprehensive Income
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit after tax$’000 | 434,682 | 313,978 | PDF p. 104 |
| Other comprehensive loss: Items that may be reclassified subsequently to profit or loss | |||
| Movement in hedging reserve$’000 | (8,238) | (11,487) | PDF p. 104 |
| Realisation of net currency translation differences upon reduction of share capital of foreign operations$’000 | – | 7,581 | PDF p. 104 |
| Foreign currency translation movement$’000 | 6,517 | (8,610) | PDF p. 104 |
| Other comprehensive loss | |||
| Total other comprehensive loss$’000 | (1,721) | (12,516) | PDF p. 104 |
| Comprehensive income | |||
| Total comprehensive income$’000 | 432,961 | 301,462 | PDF p. 104 |
| Attributable to | |||
| Unitholders$’000 | 426,294 | 288,143 | PDF p. 104 |
| Non-controlling interests$’000 | 6,667 | 13,319 | PDF p. 104 |
| Attributable to subtotal | |||
| Subtotal$’000 | 432,961 | 301,462 | PDF p. 104 |
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Definitions & sources
Original report: PDF p. 104 ↗
Statement of Movements in Unitholders’ Funds — Group 2025
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Units in Issue ($’000) | 2025Group; Foreign Currency Translation Reserve ($’000) | 2025Group; Hedging Reserve ($’000) | 2025Group; Other Reserve ($’000) | 2025Group; Accumulated Profits ($’000) | 2025Group; Unitholders’ Funds ($’000) | 2025Group; Non-Controlling Interests ($’000) | 2025Group; Total ($’000) | Source |
|---|---|---|---|---|---|---|---|---|---|
| opening balances | |||||||||
| At 1 January 2025$’000 | 2,944,483 | (58,791) | 26,900 | (95,751) | 555,175 | 3,372,016 | 54,932 | 3,426,948 | PDF p. 105 |
| operations | |||||||||
| Profit after tax for the year$’000 | – | – | – | – | 427,820 | 427,820 | 6,862 | 434,682 | PDF p. 105 |
| Net increase in net assets resulting from operations$’000 | – | – | – | – | 427,820 | 427,820 | 6,862 | 434,682 | PDF p. 105 |
| other comprehensive loss | |||||||||
| Movement in hedging reserve$’000 | – | – | (8,238) | – | – | (8,238) | – | (8,238) | PDF p. 105 |
| Foreign currency translation movement$’000 | – | 6,712 | – | – | – | 6,712 | (195) | 6,517 | PDF p. 105 |
| Net decrease in other comprehensive income$’000 | – | 6,712 | (8,238) | – | – | (1,526) | (195) | (1,721) | PDF p. 105 |
| Unitholders’ transactions | |||||||||
| Net increase in net assets resulting from Unitholders’ contribution$’000 | 484,707 | – | – | – | – | 484,707 | – | 484,707 | PDF p. 105 |
| Distributions to Unitholders$’000 | (29,594) | – | – | – | (103,937) | (133,531) | – | (133,531) | PDF p. 105 |
| Payment of management fees in Units$’000 | 23,268 | – | – | – | – | 23,268 | – | 23,268 | PDF p. 105 |
| Net increase in net assets resulting from Unitholders’ transactions$’000 | 478,381 | – | – | – | (103,937) | 374,444 | – | 374,444 | PDF p. 105 |
| Group | |||||||||
| Acquisition of an interest in a subsidiary$’000 | – | – | – | (4,299) | – | (4,299) | (48) | (4,347) | PDF p. 105 |
| Capital contribution of non-controlling interests$’000 | – | – | – | – | – | – | 4,666 | 4,666 | PDF p. 105 |
| Dividends paid to non-controlling interests$’000 | – | – | – | – | – | – | (4,556) | (4,556) | PDF p. 105 |
| closing balances | |||||||||
| At 31 December 2025$’000 | 3,422,864 | (52,079) | 18,662 | (100,050) | 879,058 | 4,168,455 | 61,661 | 4,230,116 | PDF p. 105 |
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Definitions & sources
Original report: PDF p. 105 ↗
The source prints $’000 beneath every component heading, including Units in Issue.
Statement of Movements in Unitholders’ Funds — Group 2024
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Units in Issue ($’000) | 2024Group; Foreign Currency Translation Reserve ($’000) | 2024Group; Hedging Reserve ($’000) | 2024Group; Other Reserve ($’000) | 2024Group; Accumulated Profits ($’000) | 2024Group; Unitholders’ Funds ($’000) | 2024Group; Non-Controlling Interests ($’000) | 2024Group; Total ($’000) | Source |
|---|---|---|---|---|---|---|---|---|---|
| opening balances | |||||||||
| At 1 January 2024$’000 | 1,991,446 | (57,752) | 38,387 | (95,751) | 434,650 | 2,310,980 | 42,981 | 2,353,961 | PDF p. 105 |
| operations | |||||||||
| Profit after tax for the year$’000 | – | – | – | – | 300,669 | 300,669 | 13,309 | 313,978 | PDF p. 105 |
| Net increase in net assets resulting from operations$’000 | – | – | – | – | 300,669 | 300,669 | 13,309 | 313,978 | PDF p. 105 |
| other comprehensive loss | |||||||||
| Movement in hedging reserve$’000 | – | – | (11,487) | – | – | (11,487) | – | (11,487) | PDF p. 105 |
| Realisation of net currency translation differences upon reduction of share capital of foreign operations$’000 | – | 7,581 | – | – | – | 7,581 | – | 7,581 | PDF p. 105 |
| Foreign currency translation movement$’000 | – | (8,620) | – | – | – | (8,620) | 10 | (8,610) | PDF p. 105 |
| Net decrease in other comprehensive income$’000 | – | (1,039) | (11,487) | – | – | (12,526) | 10 | (12,516) | PDF p. 105 |
| Unitholders’ transactions | |||||||||
| Net increase in net assets resulting from Unitholders’ contribution$’000 | 988,263 | – | – | – | – | 988,263 | – | 988,263 | PDF p. 105 |
| Distributions to Unitholders$’000 | (43,279) | – | – | – | (180,144) | (223,423) | – | (223,423) | PDF p. 105 |
| Payment of management fees in Units$’000 | 8,053 | – | – | – | – | 8,053 | – | 8,053 | PDF p. 105 |
| Net increase in net assets resulting from Unitholders’ transactions$’000 | 953,037 | – | – | – | (180,144) | 772,893 | – | 772,893 | PDF p. 105 |
| Group | |||||||||
| Acquisition of an interest in a subsidiary$’000 | – | – | – | – | – | – | (56) | (56) | PDF p. 105 |
| Capital contribution of non-controlling interests$’000 | – | – | – | – | – | – | 1,349 | 1,349 | PDF p. 105 |
| Dividends paid to non-controlling interests$’000 | – | – | – | – | – | – | (2,661) | (2,661) | PDF p. 105 |
| closing balances | |||||||||
| At 31 December 2024$’000 | 2,944,483 | (58,791) | 26,900 | (95,751) | 555,175 | 3,372,016 | 54,932 | 3,426,948 | PDF p. 105 |
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Definitions & sources
Original report: PDF p. 105 ↗
The source prints $’000 beneath every component heading, including Units in Issue.
Statement of Movements in Unitholders’ Funds — Trust 2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust; Units in Issue ($’000) | 2025Trust; Other Reserve ($’000) | 2025Trust; Accumulated Profits/(Losses) ($’000) | 2025Trust; Unitholders’ Funds ($’000) | Source |
|---|---|---|---|---|---|
| opening balances | |||||
| At 1 January 2025$’000 | 2,944,483 | (95,751) | (54,544) | 2,794,188 | PDF p. 106 |
| operations | |||||
| Profit after tax for the year$’000 | – | – | 72,733 | 72,733 | PDF p. 106 |
| Net increase in net assets resulting from operations$’000 | – | – | 72,733 | 72,733 | PDF p. 106 |
| Unitholders’ transactions | |||||
| Net increase in net assets resulting from Unitholders’ contribution$’000 | 484,707 | – | – | 484,707 | PDF p. 106 |
| Distribution to Unitholders$’000 | (29,594) | – | (103,937) | (133,531) | PDF p. 106 |
| Payment of management fees in Units$’000 | 23,268 | – | – | 23,268 | PDF p. 106 |
| Net increase in net assets resulting from Unitholders’ transactions$’000 | 478,381 | – | (103,937) | 374,444 | PDF p. 106 |
| closing balances | |||||
| At 31 December 2025$’000 | 3,422,864 | (95,751) | (85,748) | 3,241,365 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
The source prints $’000 beneath every component heading, including Units in Issue.
Statement of Movements in Unitholders’ Funds — Trust 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust; Units in Issue ($’000) | 2024Trust; Other Reserve ($’000) | 2024Trust; Accumulated Profits/(Losses) ($’000) | 2024Trust; Unitholders’ Funds ($’000) | Source |
|---|---|---|---|---|---|
| opening balances | |||||
| At 1 January 2024$’000 | 1,991,446 | (95,751) | (50,326) | 1,845,369 | PDF p. 106 |
| operations | |||||
| Profit after tax for the year$’000 | – | – | 175,926 | 175,926 | PDF p. 106 |
| Net increase in net assets resulting from operations$’000 | – | – | 175,926 | 175,926 | PDF p. 106 |
| Unitholders’ transactions | |||||
| Net increase in net assets resulting from Unitholders’ contribution$’000 | 988,263 | – | – | 988,263 | PDF p. 106 |
| Distribution to Unitholders$’000 | (43,279) | – | (180,144) | (223,423) | PDF p. 106 |
| Payment of management fees in Units$’000 | 8,053 | – | – | 8,053 | PDF p. 106 |
| Net increase in net assets resulting from Unitholders’ transactions$’000 | 953,037 | – | (180,144) | 772,893 | PDF p. 106 |
| closing balances | |||||
| At 31 December 2024$’000 | 2,944,483 | (95,751) | (54,544) | 2,794,188 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
The source prints $’000 beneath every component heading, including Units in Issue.
Consolidated Statement of Cash Flows
41 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit after tax$’000 | 434,682 | 313,978 | PDF p. 107 |
| Cash flows from operating activities — Adjustments for | |||
| Tax expenses$’000 | 38,037 | 26,832 | PDF p. 107 |
| Finance income$’000 | (15,311) | (15,390) | PDF p. 107 |
| Finance costs$’000 | 48,943 | 51,509 | PDF p. 107 |
| Gain on divestment of an investment property$’000 | (10,825) | (31,611) | PDF p. 107 |
| Loss allowance for doubtful receivables$’000 | 28,275 | 26,949 | PDF p. 107 |
| Net change in fair value of financial asset through profit or loss$’000 | – | 176 | PDF p. 107 |
| Net change in fair value of derivatives$’000 | 1,667 | 548 | PDF p. 107 |
| Net change in fair value of investment properties$’000 | (161,648) | (120,610) | PDF p. 107 |
| Management fees paid and payable in Units$’000 | 9,876 | 4,996 | PDF p. 107 |
| Unrealised currency translation differences$’000 | 1,168 | 1,428 | PDF p. 107 |
| Cash flows from operating activities — adjustments subtotal | |||
| Total adjustments subtotal$’000 | 374,864 | 258,805 | PDF p. 107 |
| Cash flows from operating activities — Changes in working capital | |||
| Trade and other receivables$’000 | (56,329) | (24,977) | PDF p. 107 |
| Trade and other payables$’000 | (41,632) | 13,065 | PDF p. 107 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 276,903 | 246,893 | PDF p. 107 |
| Net tax paid$’000 | (14,074) | (23,158) | PDF p. 107 |
| Net cash from operating activities$’000 | 262,829 | 223,735 | PDF p. 107 |
| Cash flows from investing activities | |||
| Acquisitions of interests in investment properties (Note A)$’000 | (1,165,437) | (1,097,382) | PDF p. 107 |
| Additions to investment properties$’000 | (3,301) | (22,509) | PDF p. 107 |
| Net proceeds from divestment of investment property and investment in notes (Note B)$’000 | 65,475 | 75,110 | PDF p. 107 |
| Capital expenditures on investment properties$’000 | (38,923) | (35,409) | PDF p. 107 |
| Coupon received from notes receivables$’000 | 12,747 | 10,382 | PDF p. 107 |
| Receipt of notes receivables$’000 | 3,836 | 3,487 | PDF p. 107 |
| Net cash used in investing activities$’000 | (1,125,603) | (1,066,321) | PDF p. 107 |
| Cash flows from financing activities | |||
| Proceeds from issuance of Units$’000 | 489,460 | 1,001,280 | PDF p. 107 |
| Proceeds from borrowings$’000 | 1,284,055 | 692,801 | PDF p. 107 |
| Acquisition of additional interest in a subsidiary$’000 | (6,682) | – | PDF p. 107 |
| Note proceeds from a non-controlling interest$’000 | – | 2,335 | PDF p. 107 |
| Capital contribution from a non-controlling interest$’000 | 4,666 | 1,354 | PDF p. 107 |
| Payment of transaction costs relating to fund-raising$’000 | (4,200) | (10,204) | PDF p. 107 |
| Payment of financing transaction costs$’000 | (4,585) | (1,883) | PDF p. 107 |
| Repayment of borrowings$’000 | (595,066) | (474,788) | PDF p. 107 |
| Finance costs paid$’000 | (45,614) | (50,533) | PDF p. 107 |
| Distributions paid to Unitholders$’000 | (203,994) | (152,960) | PDF p. 107 |
| Dividends paid to non-controlling interests$’000 | (4,556) | (2,661) | PDF p. 107 |
| Payment of lease liabilities$’000 | (27,024) | – | PDF p. 107 |
| Net cash generated from financing activities$’000 | 886,460 | 1,004,741 | PDF p. 107 |
| Cash and cash equivalents reconciliation | |||
| Net increase in cash and cash equivalents$’000 | 23,686 | 162,155 | PDF p. 107 |
| Cash and cash equivalents at beginning of the year$’000 | 311,218 | 149,733 | PDF p. 107 |
| Effects of exchange rate fluctuations on cash held$’000 | 1,642 | (670) | PDF p. 107 |
| Cash and cash equivalents at end of the year$’000 | 336,546 | 311,218 | PDF p. 107 |
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Definitions & sources
Original report: PDF p. 107 ↗
The statement refers to Note A and Note B but their explanatory details are not printed on this statement page. The accompanying notes form an integral part of these financial statements. No separate Trust or Company cash flow statement is presented in the report contents or statement pages inspected.
Distribution Statement — Group
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; year ended 31 December | 2024Group; comparative year | Source |
|---|---|---|---|
| Distribution statement | |||
| Amount available for distribution to Unitholders at beginning of the year$’000 | 64,842 | 115,532 | PDF p. 109 |
| Profit after tax attributable to Unitholders after tax$’000 | 427,820 | 300,669 | PDF p. 109 |
| Net tax and other adjustments (Note A)$’000 | (159,769) | (127,936) | PDF p. 109 |
| Amount available for distribution to Unitholders$’000 | 332,893 | 288,265 | PDF p. 109 |
| Distributions to Unitholders | |||
| Distribution of 4.332 cents per Unit for the period from 1/7/2023 to 31/12/2023$’000 | – | (74,573) | PDF p. 109 |
| Distribution of 4.549 cents per Unit for the period from 1/1/2024 to 30/6/2024$’000 | – | (78,388) | PDF p. 109 |
| Distribution of 4.083 cents per Unit for the period from 1/7/2024 to 27/11/2024$’000 | – | (70,462) | PDF p. 109 |
| Distribution of 0.819 cents per Unit for the period from 28/11/2024 to 31/12/2024$’000 | (18,091) | – | PDF p. 109 |
| Distribution of 5.133 cents per Unit for the period from 1/1/2025 to 30/6/2025$’000 | (113,729) | – | PDF p. 109 |
| Distribution of 4.209 cents per Unit for the period from 1/1/2025 to 30/6/2025$’000 | (1,711) | – | PDF p. 109 |
| Subtotal$’000 | (133,531) | (223,423) | PDF p. 109 |
| Distribution statement | |||
| Amount available for distribution to Unitholders at end of the year$’000 | 199,362 | 64,842 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
The statement lists the full-year cash distributions and the amount available for distribution at the beginning and end of each year. Printed per-Unit rates and distribution periods are part of each row label.
Note A details are in a separate table.
Distribution Statement Note A — Net tax and other adjustments
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Note A adjustments | 2024Group; Note A adjustments | Source |
|---|---|---|---|
| Net tax and other adjustments | |||
| Trustee’s fees$’000 | 571 | 470 | PDF p. 109 |
| Rental income adjustment on a straight-line basis$’000 | (4,663) | 1,471 | PDF p. 109 |
| Amortisation of capitalised transaction costs$’000 | 1,449 | 1,127 | PDF p. 109 |
| Net change in fair value of investment properties$’000 | (159,887) | (111,687) | PDF p. 109 |
| Foreign exchange (gains)/losses$’000 | (394) | 673 | PDF p. 109 |
| Deferred tax expenses/(credit)$’000 | 17,955 | (2,189) | PDF p. 109 |
| Net change in fair value of financial assets at FVTPL$’000 | – | 176 | PDF p. 109 |
| Management fees paid and/or payable in units$’000 | 9,876 | 4,996 | PDF p. 109 |
| Income support (net of tax)$’000 | 7,221 | – | PDF p. 109 |
| Gain on divestment of investment property (net of withholding tax)1$’000 | (10,825) | (17,028) | PDF p. 109 |
| Other net adjustments2$’000 | (21,072) | (5,945) | PDF p. 109 |
| Net tax and other adjustments subtotal | |||
| Subtotal$’000 | (159,769) | (127,936) | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
1 These relate to adjustments of accounting gains on divestments for Kelsterbach DC (FY 2025) and Intellicentre Campus (FY 2024).
2 Included in other net adjustments largely comprise timing differences in the dividends and distributions by subsidiaries.
Group Financial Highlights — Results Highlights and Ratios
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Change, 2025 vs 2024 | Source |
|---|---|---|---|---|
| Results highlights and ratios | ||||
| Gross Revenue$’000; Change column: % | 441,362 | 310,287 | 42.2 | PDF p. 8 |
| Net Property Income$’000; Change column: % | 383,260 | 260,286 | 47.2 | PDF p. 8 |
| Distributable Income$’000; Change column: % | 268,051 | 172,733 | 55.2 | PDF p. 8 |
| Distribution per Unit (DPU)1,2 (cents)cents; Change column: % | 10.381 | 9.451 | 9.8 | PDF p. 8 |
| Distribution Yield3 (%)%; Change column: bps | 4.61 | 4.34 | 27 | PDF p. 8 |
| Adjusted DPU1,2 (cents)cents; Change column: % | 10.629 | 9.504 | 11.8 | PDF p. 8 |
| Weighted Average all-in Interest Rate (% per annum)% per annum; Change column: bps | 3.0 | 3.3 | -30 | PDF p. 8 |
| Interest Coverage Ratio (times)times; Change column: times | 7.5 | 5.3 | 2.2 | PDF p. 8 |
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Definitions & sources
Original report: PDF p. 8 ↗
The report labels the first two year columns 2025 and 2024 and the third Change; the $’000 and % units are printed for the year columns and Change respectively. The Change column is not a year.
1 Computed based on distributable income after setting aside both Capex Reserves and upfront land premium relating to Keppel DC Singapore 7 and 8 (ULP Reserves).
2 FY 2025 DPU took into account an expanded Unitholding base due to the new pro-rata Preferential Offering Units listed on 22 October 2025 that will be entitled to distributable income from 1 July 2025. Adjusted DPU of 5.496 cents for 2H 2025 and 10.629 cents for FY 2025 were derived assuming that the Preferential Offering Units are not entitled to the distributable income prior to 22 October 2025.
3 Computed based on closing price of $2.25 and $2.18 per Unit as at 31 December 2025 and 31 December 2024 respectively.
bps = basis points
The third column is the printed Change comparison for 2025 versus 2024, not a third reporting year. Its unit is the one shown for each row, including basis points or times where printed.
Group Financial Highlights — Balance Sheet Highlights and Ratios
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Change, 2025 vs 2024 | Source |
|---|---|---|---|---|
| Balance sheet highlights and ratios | ||||
| Investment Properties4$’000; Change column: % | 6,150,492 | 4,920,527 | 25.0 | PDF p. 8 |
| Total Assets4,5$’000; Change column: % | 6,881,182 | 5,543,233 | 24.1 | PDF p. 8 |
| Deposited Properties$’000; Change column: % | 6,792,091 | 5,450,247 | 24.6 | PDF p. 8 |
| Gross Borrowings5,6$’000; Change column: % | (2,375,583) | (1,683,908) | 41.1 | PDF p. 8 |
| Deferred Payment7$’000; Change column: % | (22,535) | (33,865) | (33.5) | PDF p. 8 |
| Lease Liabilities4,5$’000; Change column: % | (21,339) | (35,203) | (39.4) | PDF p. 8 |
| Total Liabilities$’000; Change column: % | (2,651,066) | (2,116,285) | 25.3 | PDF p. 8 |
| Unitholders’ Funds$’000; Change column: % | 4,168,455 | 3,372,016 | 23.6 | PDF p. 8 |
| Units in Issue (’000)’000 units; Change column: % | 2,440,733 | 2,209,075 | 10.5 | PDF p. 8 |
| Net Asset Value (NAV) per Unit ($)$ per Unit; Change column: % | 1.71 | 1.53 | 11.8 | PDF p. 8 |
| Adjusted NAV per Unit, excluding distribution ($)$ per Unit; Change column: % | 1.66 | 1.52 | 9.2 | PDF p. 8 |
| Aggregate Leverage5 (%)%; Change column: bps | 35.3 | 31.5 | 381 | PDF p. 8 |
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Definitions & sources
Original report: PDF p. 8 ↗
The report labels the first two year columns 2025 and 2024 and the third Change; the $’000 and % units are printed for the year columns and Change respectively. The Change column is not a year.
4 Included an investment property held for sale, which was re-classified upon the entry into a sale and purchase agreement in 2024. Investment properties and total assets include the carrying value of the lease liabilities pertaining to extension offers.
5 Computed based on gross borrowings and deferred payment as a percentage of deposited properties, both of which do not consider the lease liabilities pertaining to extension offers.
6 Gross borrowings relates to external borrowings drawn down from term loan facilities, revolving credit facilities, multicurrency debt issuance programme and Tokutei Mokuteki Kaisha bonds.
7 Deferred payment relates to the amount payable for Keppel DC Singapore 8 as at 31 December 2025 and 31 December 2024.
The third column is the printed Change comparison for 2025 versus 2024, not a third reporting year. Its unit is the one shown for each row, including basis points or times where printed.
Half-Yearly Results — 2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; First Half amount | 2025Group; First Half share of full year | 2025Group; Second Half amount | 2025Group; Second Half share of full year | 2025Group; Full Year amount | Source |
|---|---|---|---|---|---|---|
| Half-yearly results; 2025 | ||||||
| Gross Revenue$’000 at value columns; % of full-year amount at percentage columns | 211,309 | 48 | 230,053 | 52 | 441,362 | PDF p. 8 |
| Net Property Income$’000 at value columns; % of full-year amount at percentage columns | 182,813 | 48 | 200,447 | 52 | 383,260 | PDF p. 8 |
| Distributable Income$’000 at value columns; % of full-year amount at percentage columns | 127,128 | 47 | 140,923 | 53 | 268,051 | PDF p. 8 |
| DPU3 (cents)cents at value columns; % of full-year amount at percentage columns | 5.133 | 49 | 5.248 | 51 | 10.381 | PDF p. 8 |
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Definitions & sources
Original report: PDF p. 8 ↗
Half-Yearly Results — 2024
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; First Half amount | 2024Group; First Half share of full year | 2024Group; Second Half amount | 2024Group; Second Half share of full year | 2024Group; Full Year amount | Source |
|---|---|---|---|---|---|---|
| Half-yearly results; 2024 | ||||||
| Gross Revenue$’000 at value columns; % of full-year amount at percentage columns | 157,180 | 51 | 153,107 | 49 | 310,287 | PDF p. 8 |
| Net Property Income$’000 at value columns; % of full-year amount at percentage columns | 132,649 | 51 | 127,637 | 49 | 260,286 | PDF p. 8 |
| Distributable Income$’000 at value columns; % of full-year amount at percentage columns | 80,878 | 47 | 91,855 | 53 | 172,733 | PDF p. 8 |
| DPU3 (cents)cents at value columns; % of full-year amount at percentage columns | 4.549 | 48 | 4.902 | 52 | 9.451 | PDF p. 8 |
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Definitions & sources
Original report: PDF p. 8 ↗
Earnings per Unit — Profit attributable to Unitholders
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; comparative | Source |
|---|---|---|---|
| Earnings per Unit calculation | |||
| Profit attributable to Unitholders$’000 | 427,820 | 300,669 | PDF p. 144 |
| Profit attributable to Unitholders (excluding net change in fair value of investment properties and their related deferred tax impact)$’000 | 268,137 | 193,501 | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
Basic and diluted earnings per Unit are calculated using profit or loss for the year and weighted average number of Units during the year.
Earnings per Unit — Weighted average units
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; weighted average number of Units | 2024Group; comparative | Source |
|---|---|---|---|
| Weighted average number of Units | |||
| – outstanding during the year’000 Units | 1,759,159 | 1,720,451 | PDF p. 144 |
| – effects of Units issued’000 Units | 527,607 | 38,708 | PDF p. 144 |
| Weighted average number of Units during the year’000 Units | 2,286,766 | 1,759,159 | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
Earnings per Unit — Reported and excluding fair-value effects
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; comparative | Source |
|---|---|---|---|
| Earnings per Unit | |||
| Basic and diluted earnings per Unit (cents)cents per Unit | 18.71 | 17.09 | PDF p. 144 |
| Basic and diluted earnings per Unit (cents) (excluding net change in fair value of investment properties and their related deferred tax impact)cents per Unit | 11.73 | 11.00 | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
Distribution per Unit — Financial-year total
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group; comparative | Source |
|---|---|---|---|
| Distribution per Unit | |||
| Distribution per Unit (cents)cents per Unit | 10.381 | 9.451 | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
The calculation is based on total amount available for distribution for the year: 268,051 and 172,733 ($’000).
The amount available for distribution is after setting aside capital expenditure and upfront land premium reserves, as stated in the source notes.
Key Statistics
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as at 31 December | 2024Group; as at 31 December | Source |
|---|---|---|---|
| Key statistics as at 31 December | |||
| Aggregate leverage (%)% | 35.3 | 31.5 | PDF p. 49 |
| Interest coverage ratio (ICR)times | 7.5 | 5.3 | PDF p. 49 |
| Weighted average debt tenor (years)years | 3.3 | 3.2 | PDF p. 49 |
| Percentage of unencumbered assets (%)% | 100.0 | 100.0 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 49 ↗
1 Computed based on gross borrowings and deferred payment as a percentage of deposited properties; the calculation excludes lease liabilities pertaining to extension offers.
Sensitivity Analysis on ICR
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as at 31 December | Source |
|---|---|---|
| Sensitivity analysis on ICR | ||
| 10% decrease in EBITDAtimes | 6.7 | PDF p. 49 |
| 100 basis points increase in the weighted average cost of debt1times | 5.6 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 49 ↗
1 Assuming change in the weighted average interest rate of all hedged and unhedged borrowings.
Where the money comes from
Segment information
By business
Operating segments by type of asset 10 lines
| Item / unit | 2025Fully-fitted (Colocation) | 2025Fully-fitted (Single Tenant) | 2025Shell and core | 2025Total | 2024Fully-fitted (Colocation) | 2024Fully-fitted (Single Tenant) | 2024Shell and core | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| By type of asset | |||||||||
| Gross revenue$'000 | 328,115 | 80,715 | 32,532 | 441,362 | 198,652 | 74,424 | 37,211 | 310,287 | PDF p. 157 |
| Net property income$'000 | 297,914 | 58,607 | 26,739 | 383,260 | 173,053 | 53,087 | 34,146 | 260,286 | PDF p. 157 |
| Finance income$'000 | 457 | 303 | 92 | 852 | 71 | 1,399 | 3,203 | 4,673 | PDF p. 157 |
| Finance costs$'000 | (19,029) | (16,193) | (11,723) | (46,945) | (15,949) | (18,280) | (14,011) | (48,240) | PDF p. 157 |
| Net change in fair value of investment properties$'000 | 200,895 | (35,436) | (3,811) | 161,648 | 178,606 | (7,862) | (50,134) | 120,610 | PDF p. 157 |
| Reportable segment profit before tax$'000 | 470,013 | 5,314 | 20,467 | 495,794 | 330,999 | 21,021 | 6,481 | 358,501 | PDF p. 157 |
| Segment assets$'000 | 4,196,942 | 1,727,647 | 626,514 | 6,551,103 | 3,592,979 | 961,974 | 711,043 | 5,265,996 | PDF p. 157 |
| Segment liabilities$'000 | 998,668 | 1,220,816 | 413,197 | 2,632,681 | 1,119,593 | 454,070 | 523,855 | 2,097,518 | PDF p. 157 |
| Other segment items | |||||||||
| Capital expenditure/net additions$'000 | 60,459 | 6,887 | 426 | 67,772 | 48,812 | 238 | 3,228 | 52,278 | PDF p. 157 |
| By type of asset | |||||||||
| Net change in fair value of financial assets at FVTPL$'000 | – | – | (176) | (176) | PDF p. 157 | ||||
Notes
Blank values are cells not printed in the source (only Total column printed). Segments renamed in 2025 to fully-fitted (colocation), fully-fitted (single tenant) and shell and core; no reclassification between segments.
Blank values are cells not printed in the source (only Total column printed).
By geography
Operating segments by geographical area 16 lines
| Item / unit | 2025GROUP | 2024GROUP | Source |
|---|---|---|---|
| Gross revenue | |||
| – Singapore$'000 | 316,088 | 177,495 | PDF p. 158 |
| – China$'000 | 24,100 | 23,929 | PDF p. 158 |
| – Japan$'000 | 11,018 | 2,679 | PDF p. 158 |
| – Germany$'000 | 11,678 | 17,615 | PDF p. 158 |
| – Ireland$'000 | 36,906 | 35,438 | PDF p. 158 |
| – The Netherlands$'000 | 17,668 | 16,459 | PDF p. 158 |
| – Other countries$'000 | 23,904 | 36,672 | PDF p. 158 |
| Total gross revenue$'000 | 441,362 | 310,287 | PDF p. 158 |
| Investment properties | |||
| – Singapore$'000 | 3,860,539 | 3,264,551 | PDF p. 158 |
| – China$'000 | 229,308 | 273,550 | PDF p. 158 |
| – Japan$'000 | 888,421 | 213,960 | PDF p. 158 |
| – Germany$'000 | 179,716 | 222,703 | PDF p. 158 |
| – Ireland$'000 | 341,987 | 302,583 | PDF p. 158 |
| – The Netherlands$'000 | 255,513 | 234,417 | PDF p. 158 |
| – Other countries$'000 | 377,916 | 392,243 | PDF p. 158 |
| Total carrying value of investment properties$'000 | 6,133,400 | 4,904,007 | PDF p. 158 |
Notes
Major customers: Gross revenue of approximately $289.1 million (2024: $151.3 million) is derived from one client from the fully-fitted (colocation) segment (2024: fully-fitted (colocation) segment).
Debt
Borrowings
Terms and debt repayment schedule - Group borrowings
| Item / unit | 2025GROUP Face value $'000 | 2025GROUP Carrying amount $'000 | 2024GROUP Face value $'000 | 2024GROUP Carrying amount $'000 | Source |
|---|---|---|---|---|---|
| GROUP | |||||
| Borrowings$'000 | 2,375,583 | 2,375,583 | 1,683,908 | 1,683,908 | PDF p. 138 |
Notes
Interest rate % per annum: 1.51 – 4.78 (2024: 1.08 – 4.78). Year of maturity: 2026 – 2031 (2024: 2025 – 2031).
Loans from subsidiaries - Trust terms and repayment schedule
| Item / unit | 2025TRUST Face value $'000 | 2025TRUST Carrying amount $'000 | 2024TRUST Face value $'000 | 2024TRUST Carrying amount $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Loans from subsidiaries$'000 | 1,428,680 | 1,428,680 | 1,353,916 | 1,353,916 | PDF p. 137 |
| Current liabilities | |||||
| Loans from subsidiaries$'000 | 195,273 | 195,273 | 64,043 | 64,043 | PDF p. 137 |
Notes
Unsecured, interest-bearing, maturities one to six years (2024: one to seven years), interest 1.51% to 4.78% (2024: 1.19% to 4.78%) per annum.
Non-current: rate 1.82 – 4.78% (2024: 1.19 – 4.78), maturity 2027 – 2031 (2024: 2026 – 2031). Current: rate 1.51 – 3.54% (2024: 3.72 – 3.91), maturity 2026 (2024: 2025).
Borrowing notes 2 tables
Loans and borrowings (Group and Trust)
| Item / unit | 2025GROUP $'000 | 2024GROUP $'000 | 2025TRUST $'000 | 2024TRUST $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Borrowings$'000 | 2,062,824 | 1,606,775 | – | – | PDF p. 137 |
| Capitalised transaction costs of debt financing$'000 | (6,681) | (3,643) | – | – | PDF p. 137 |
| Lease liabilities$'000 | 21,339 | 25,005 | – | – | PDF p. 137 |
| Loans and borrowings (non-current total)$'000 | 2,077,482 | 1,628,137 | – | – | PDF p. 137 |
| Current liabilities | |||||
| Borrowings$'000 | 312,759 | 77,133 | – | – | PDF p. 137 |
| Lease liabilities$'000 | – | 10,198 | – | 8,372 | PDF p. 137 |
| Total | |||||
| Total loans and borrowings$'000 | 2,390,241 | 1,715,468 | – | 8,372 | PDF p. 137 |
Notes
The loans and borrowings are carried at amortised cost.
All borrowings are unconditionally and irrevocably guaranteed by Perpetual (Asia) Limited (in its capacity as Trustee of Keppel DC REIT).
Unlabelled subtotal rows (non-current 2,077,482 / 1,628,137; current 312,759 / 87,331) are printed without a label.
Interest rate risk - fixed and variable rate instruments
| Item / unit | 2025GROUP $'000 | 2024GROUP $'000 | Source |
|---|---|---|---|
| Fixed rate instruments | |||
| Interest rate swaps (Notional)$'000 | (1,006,646) | (881,574) | PDF p. 148 |
| Lease liabilities$'000 | (21,339) | (35,203) | PDF p. 148 |
| Variable rate instruments | |||
| Borrowings$'000 | (1,689,884) | (1,683,908) | PDF p. 148 |
| Interest rate swaps (Notional)$'000 | 1,006,646 | 881,574 | PDF p. 148 |
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 2025 | 5.248 cents per Unit | Second Half DPU, FY 2025 | PDF p. 8 |
| 2024 | 4.549 cents per Unit | First Half DPU, FY 2024 comparative | PDF p. 8 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit (DPU)1,2 (cents) | 10.381 cents per Unit | Full year FY 2025 (vs FY 2024 9.451; change 9.8%) | PDF p. 8 |
| Distribution per Unit (DPU)1,2 (cents) | 9.451 cents per Unit | Full year FY 2024 comparative | PDF p. 8 |
| Total amount available for distribution for the year | 268,051 $’000 | Group, 2025 (2024: 172,733) | PDF p. 144 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate Leverage5 (%) | 35.3% | As at 31 December 2025; comparative 31 December 2024: 31.5; change 381 bps · As at 2025-12-31 | PDF p. 8 |
| Interest Coverage Ratio (times) | 7.5 times | FY ended 31 December 2025; comparative FY2024: 5.3; change 2.2 times | PDF p. 8 |
| Weighted Average all-in Interest Rate (% per annum) | 3.0 % per annum | FY ended 31 December 2025; comparative FY2024: 3.3; change -30 bps | PDF p. 8 |
| Weighted average debt tenor (years) | 3.3 years | As at 31 December 2025; comparative 31 December 2024: 3.2 · As at 2025-12-31 | PDF p. 49 |
| Occupancy | 95.8% | As at 31 December 2025; comparative 31 December 2024: 97.2% · As at 2025-12-31 | PDF p. 39 |
| WALE by Lettable Area | 6.7 years | As at 31 December 2025; comparative 31 December 2024: 6.3 years · As at 2025-12-31 | PDF p. 39 |
| Valuation4 | $6.07 billion | As at 31 December 2025; comparative 31 December 2024: $4.83 billion · As at 2025-12-31 | PDF p. 39 |
| Net Asset Value (NAV) per Unit ($) | 1.71 $ | As at 31 December 2025; comparative 31 December 2024: 1.53; change 11.8% · As at 2025-12-31 | PDF p. 8 |
| Distribution per Unit (DPU)1,2 (cents) | 10.381 cents | FY ended 31 December 2025; comparative FY2024: 9.451; change 9.8% | PDF p. 8 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PricewaterhouseCoopers LLP | Group and Trust, FY2025 | PDF p. 101 |
| Engagement partner | Maurice Loh Seow Wee | Group and Trust, FY2025 | PDF p. 101 |
| Our opinion | In our opinion, the accompanying consolidated financial statements of Keppel DC REIT (the “Trust”) and its subsidiaries (the “Group”) and the statement of financial position and statement of movements of Unitholders’ funds of the Trust are properly drawn up | Group and Trust, FY2025 | PDF p. 99 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.