The flagship pure-play data-centre S-REIT — 25 assets in 10 countries, riding AI/cloud demand but carrying real tenant-concentration, China and land-tenure tail risks.
Filing-sourced diligence — FY2025 (31 Dec 2025) + 1Q2026 update (31 Mar 2026). Every figure is tagged to its source; what the filings don't disclose is listed, not guessed.
A diligence-ready read assembled from Keppel DC REIT's latest SGX filings: balance sheet, asset map, income durability, the concentration/structure most screeners skip, and the points investors usually miss.
Interactive map — drag to pan, use +/− to zoom; hover or tap a marker for the assets there. Bubble size = assets at that location; colour = type.
Singapore is 62.7% of AUM — a heavy concentration with finite land leases (see below). FY2025 (31 Dec 2025) + 1Q2026 update (31 Mar 2026).
| Metric | Value | As of / source |
|---|---|---|
| Aggregate leverage | 35.1% | 1Q2026 update (35.3% at FY2025) |
| Interest coverage (ICR) | 7.2x | 1Q2026 update (7.5x FY2025) |
| Average cost of debt | 2.6% | 1Q2026 update (3.0% FY2025) |
| % fixed / hedged | 84.8% | 1Q2026 update (71.2% FY2025) |
| Weighted avg debt maturity | 3.3 yrs | FY2025 & 1Q2026 |
| Total borrowings | ~S$2.4B | FY2025 |
| Headroom (to 50% MAS limit) | ~S$2.0B | 1Q2026 update |
| Green financing | 25.6% of debt | FY2025 |
Approximate, read from the 1Q2026 maturity chart. ~8.5% matures in 2026, ~18% in 2027.
| Metric | Value | As of / source |
|---|---|---|
| Portfolio value | S$6.07B | FY2025 (+25.6% YoY) |
| AUM | ~S$6.3B | 1Q2026 |
| Data centres | 25 | 1Q2026 |
| Countries | 10 | 1Q2026 |
| Occupancy | 95.6% | 1Q2026 |
| WALE | 6.5y area / 4.6y income | 1Q2026 |
| Rental reversion | ~+51% | 1Q2026 (~+45% FY2025) |
| NAV per unit | S$1.71 | FY2025 (+11.8% YoY) |
One hyperscaler is ~42.8% of rental income; the top 5 are ~71% and the top 10 ~83.5% (just 72 clients in total). A single re-lease or pricing reset at the anchor would move DPU materially. Internet-enterprise (hyperscaler) tenants are now 69.6% of income — up from 61.1% a year earlier.
| Tenant / metric | Share | As of |
|---|---|---|
| Top tenant (a Fortune Global 500 hyperscaler) | 42.8% | 1Q2026 |
| Top 5 tenants | ~71.1% | 1Q2026 |
| Top 10 tenants | ~83.5% | 1Q2026 |
| Total clients | 72 | 1Q2026 (75 at FY2025; excl. Guangdong master tenant) |
Sponsor: Keppel Ltd (17.9% unitholder). FY2025 acquisitions ~S$1.1B: Tokyo Data Centre 3 (JPY82.1bn / S$707m, 98.5% interest, leased 15 years to a global hyperscaler) and the remaining interests in Keppel DC Singapore 3, 4, 7 & 8 (now fully owned). Capital: S$404.5m preferential offering (Oct 2025, 168% subscribed). Pipeline: Keppel is developing Keppel DC Singapore 9 via its Data Centre Funds II & III as a feeder for future REIT acquisition; sponsor assets span SG, China, Indonesia, Japan and the Netherlands. Demand: management cites DC Byte demand CAGR ~19.4% (2025–29) vs ~17.9% supply, with AI inference becoming the largest workload driver by 2030.
| # | Risk |
|---|---|
| 1 | Tenant concentration — ~42.8% of income from one hyperscaler; top 5 ~71%. |
| 2 | China / Guangdong — unresolved Bluesea default; ongoing provisions and a governance overhang. |
| 3 | Singapore land-lease decay — 62.7% of AUM; DC1 ~18 years remaining. |
| 4 | Refinancing / rates — ~8.5% of debt matures 2026, ~18% in 2027; ICR easing 7.5x→7.2x. |
| 5 | FX translation — ~60% of debt non-SGD (JPY 40%, EUR 21%); JPY/EUR swings hit NAV and DPU. |
| 6 | Premium de-rating — a ~1.3x P/NAV leaves little room if the AI narrative cools. |
| 7 | Power / grid constraints and GV7 (London) lease non-renewal being actively managed. |
| Metric | Value | As of | Source |
|---|---|---|---|
| Price / yield / P-NAV / market cap | live | 17 Jun 2026 | GroundVision market feed (Yahoo Finance, delayed) |
| Gearing / ICR / cost of debt / % fixed / WADM | 35.1% / 7.2x / 2.6% / 84.8% / 3.3y | 1Q2026 | KDC 1Q2026 Operational Update |
| Debt by currency | JPY39.6/SGD29.7/EUR21.1/RMB4.9/GBP3.5/AUD1.2 | 1Q2026 | KDC 1Q2026 update p9 |
| Portfolio value / DCs / countries | S$6.07B / 25 / 10 | FY2025–1Q2026 | KDC FY2025 results; 1Q2026 update |
| Occupancy / WALE / reversion | 95.6% / 6.5y area / +51% | 1Q2026 | KDC 1Q2026 update |
| Top tenant / top 5 / top 10 / clients | 42.8% / 71.1% / 83.5% / 72 | 1Q2026 | KDC 1Q2026 update p13 |
| Guangdong loss allowance (FY2025) | S$20.9m | FY2025 | KDC FY2025 results p5 (relates to Guangdong DC 1–3) |
| Revenue / NPI / distributable income | S$441.4m / S$383.3m / S$268.1m | FY2025 | KDC FY2025 results p4 |
| DPU FY2025 (adjusted) | 10.381¢ (10.629¢ adj.) | FY2025 | KDC FY2025 results |
| NAV per unit | S$1.71 | FY2025 | KDC FY2025 results p8–9 |
| SG land lease — DC1 / weighted avg | ~18.3y / ~25.0y | 1Q2026 | KDC FY2025 results p9; 1Q2026 update p19 |
| Cap rate (Asia-Pacific) | 3.10%–8.50% | FY2025 | KDC FY2025 presentation p13 (Europe/UK by DCF) |
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