Report Summary

• Keppel DC REIT (KDCREIT) continues its growth trajectory, with 9M25 distribution per unit (DPU) up 8.8% year-on-year, driven by acquisitions and organic rental growth despite portfolio dilution from a preferential offering.
• KDCREIT remains a strong proxy for increasing data centre demand, maintains robust occupancy (95.8%), has low refinancing risk, and is strengthening its position with new AI-ready hyperscale data centres, while its leverage and cost of debt are healthy and trending lower.