Keppel DC REIT FY2025: Record DPU 10.381¢ +9.8%, AUM +26% to S$6.3B, Tokyo DC 3 Hyperscale Acquired, Joins Straits Times Index

Keppel DC REIT FY2025 Annual Report (year ended 31 December 2025) is the REIT's most transformative year since listing in 2014 — record DPU, a landmark hyperscale acquisition in Japan, full ownership of its two newest Singapore data centres, and inclusion in the Straits Times Index from June 2025.

• ▸DPU: 10.381 Singapore cents for FY2025 (+9.8% from FY2024's 9.451¢) — a new record high since listing. Adjusted DPU ex-new preferential offering units: 10.629¢. Distribution yield: 4.6% based on year-end closing price of S$2.25.
• ▸Distributable Income: S$268.1M (+55.2% YoY from S$172.7M) — primary driver is full-year contribution from KDC SGP 7 & 8 (acquired in 2024) and Tokyo DC 1, plus 1.5 months from Tokyo DC 3, strong portfolio reversions, and lower finance costs.
• ▸Gross Revenue: S$441.4M (+42.2% YoY). Net Property Income: S$383.3M (+47.2% YoY).
• ▸AUM: S$6.3 billion (+26% YoY from S$5.0B). Portfolio valuation: S$6.07B (+25.4% YoY from S$4.83B).
• ▸Portfolio Occupancy: 95.8% (FY2024: 97.2%). WALE: 6.7 years by lettable area (FY2024: 6.3 years).
• ▸NAV/unit: S$1.71 (FY2024: S$1.53; +11.8%).
• ▸Aggregate Leverage: 35.3% (FY2024: 31.5%; well within 50% MAS cap). ICR: 7.5x (FY2024: 5.3x). WACD: 3.0% p.a. (FY2024: 3.3%).

• ▸Keppel DC REIT's largest overseas acquisition since listing. Completed 19 November 2025 — acquired 98.47% effective interest in Tokyo Data Centre 3 (Tokyo DC 3) in Inzai City, Chiba Prefecture (Greater Tokyo) for JPY82.1 billion (~S$683.0M) from Sunrise Inzai 4 TMK. Price was at a 1.1% discount to independent valuation of JPY83.0B (1 Sep 2025). Funded by S$398.9M net preferential offering (October 2025, 180.6M new units at S$2.24) plus debt.
• ▸Tokyo DC 3 is a newly built, freehold, hyperscale, Tier III-equivalent, fully-fitted single-tenant facility with 195,216sf GFA; 73,325sf NLA (attributable); single hyperscaler tenant; 100% occupied. Facility manager: Colt Data Centre Services Japan Operating GK. Partial-year (1.5 months) gross revenue contribution: S$4.6M. Greater Tokyo is one of Asia's most supply-constrained data centre markets — the acquisition deepens Keppel DC REIT's hyperscale strategy.

• ▸KDC SGP 7 & 8: Full 100% ownership achieved September 2025. Keppel DC REIT exercised its call option to acquire the remaining 51% interest in Memphis 1 Pte. Ltd. (holding company for KDC SGP 7 & 8) for ~S$6.6M. KDC SGP 8 achieved value creation through active asset management — 1.5 vacant floors converted into a data hall, driving occupancy to 100%. AEI at KDC SGP 8 ongoing (S$2.7M funded from preferential offering proceeds).
• ▸KDC SGP 1: 30-year land tenure extension secured September 2025 (new expiry 30 September 2055) — enabling long-term review and potential intensification. 30-year extension funded from preferential offering (~S$10.7M). Current occupancy 53.3% — below portfolio average, offering value-creation upside.
• ▸KDC SGP 7 & 8: 10-year land tenure extension secured December 2025 (new expiry 15 July 2050) — providing runway for client retention and growth at the Genting Lane campus.
• ▸Post year-end (12 February 2026): Acquired remaining 10% in KDC SGP 3 and 1% in KDC SGP 4 from Keppel Data Centres Holding Pte. Ltd. for aggregate ~S$50.5M, funded from unutilised preferential offering proceeds.

• ▸Kelsterbach Data Centre (Frankfurt, Germany): Divested 24 March 2025 to Fortinet GmbH for EUR50.0M — a 28.2% premium to the 31 December 2024 valuation of EUR39.0M. Proceeds used to reduce debt and recycle into higher-growth hyperscale assets.
• ▸Basis Bay Data Centre (Cyberjaya, Malaysia): Divestment announced 2 January 2025; completion expected 1Q 2026. Non-core asset at 40.2% occupancy — portfolio reconstitution towards hyperscale focus.
• ▸NetCo Bonds & Preference Shares: Proposed sale announced August 2025; completion pending regulatory clearance.

Portfolio reversion of approximately 45% during FY2025 — reflecting strong demand fundamentals particularly in Singapore and Dublin. This contributed directly to the DPU step-up above the organic baseline. 72.7% of rental income from fully-fitted colocation assets. Top client (Fortune Global 500 hyperscaler) contributes 42.1% of rental income. Internet enterprises account for 69.3% of rental income by sector. ~53.6% of occupied lettable area has more than 5 years to expiry. Built-in rental escalation mechanisms (CPI-linked, fixed increases, or combination) in more than half of contracts.

• ▸Included in the Straits Times Index (STI) from 23 June 2025 — Singapore's benchmark blue-chip index.
• ▸Joint winner of Singapore Corporate Governance Award at SIAS Investors' Choice Awards 2025. Best Investor Relations (Silver) at Singapore Corporate Awards 2025. MSCI ESG rating maintained at 'AA'. GRESB Green Star (4th consecutive year). Ranked 9th in Singapore Governance and Transparency Index (REIT & Business Trust category). PUE improvement of ~12% across fully-fitted colocation assets that underwent major AEI works — 10% target achieved one year ahead of schedule. Inaugural Green Financing Framework launched February 2025; ~S$608M in green financing secured by year-end (25.6% of total borrowings).

Loh Hwee Long: S$1,768,250 total for FY2025 (FY2024: S$1,498,260; +18.0% YoY). Mix: 30% base salary / 28% performance bonus (incl. S$50,000 deferred for Keppel private fund co-investment) / 20% PUP (Performance Unit Plan, 3-year vesting) / 22% RUP (Retention Unit Plan). KMP aggregate (CFO Adam Lee + Head of Portfolio Management Charmaine Cai): S$1,041,202 FY2025. Total director fees FY2025: approximately S$535,657 (6 directors, pro-rated for mid-year changes; Chairman Christina Tan and NED Thomas Pang fees paid to Keppel Ltd.).

Keppel DC REIT's FY2025 is a genuine step-change, not just an incremental improvement. The Tokyo DC 3 acquisition at a 1.1% valuation discount establishes a hyperscale beachhead in Asia's most supply-constrained data centre market. Full ownership of KDC SGP 7 & 8 removes the structural overhang from the 2024 EFR. STI inclusion is a quality endorsement that brings incremental institutional demand. The 10.381¢ record DPU with 9.8% growth — while managing a preferential offering and land lease extension costs — demonstrates the income engine's underlying strength. Key watchpoints: KDC SGP 1 occupancy recovery (53.3% — the main drag on portfolio metrics), Basis Bay DC disposal completion, and NetCo bond sale clearance. With 84.5% of AUM in Asia Pacific, a 45% rent reversion rate, and a hyperscale-focused acquisition pipeline, the trajectory into 2026 is constructive.