Keppel DC REIT Dividend 2026: DPU History, Yield & Complete Investor Guide
Data Centre S-REIT | SGX: AJBU | Updated April 2026
Keppel DC REIT (SGX: AJBU) is Singapore’s first and largest listed data centre REIT, offering unitholders exposure to a resilient, high-demand asset class. For FY2024, it paid a total DPU of approximately 9.494 cents per unit — translating to a forward yield of around 5.5–6% at prevailing prices. With 23 data centres across Asia-Pacific and Europe, Keppel DC REIT combines defensive income with structural tailwinds from cloud computing, AI workloads, and digital infrastructure growth.
Not financial advice. All figures are for educational reference only. Data as at April 2026 unless noted.
Table of Contents
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What Is Keppel DC REIT?
Listed on the SGX in December 2014, Keppel DC REIT was the first data centre REIT to list in Asia. It is managed by Keppel DC REIT Management Pte. Ltd., a wholly-owned subsidiary of Keppel Ltd. The REIT invests primarily in income-producing data centre assets across Asia-Pacific and Europe, targeting long-term, triple-net leases with investment-grade tenants including hyperscalers, co-location providers, and enterprise clients.
As of Q4 2024, Keppel DC REIT’s portfolio comprises 23 data centres with a total asset value of approximately SGD 3.86 billion, spread across Singapore, Australia, Germany, Ireland, the Netherlands, the United Kingdom, Malaysia, China, and Italy. The REIT’s structure provides Singapore unitholders with tax-transparent distribution income — distributions are not subject to Singapore withholding tax for individual unitholders resident in Singapore.
The REIT distributes income semi-annually — once for H1 (January–June) and once for H2 (July–December). Distributions are paid approximately two to three months after the close of each half-year period.
DPU History: FY2018 to FY2024
Understanding Keppel DC REIT’s distribution per unit (DPU) history requires noting an important event: the REIT underwent a 10-for-1 unit split in October 2020. Pre-split DPU figures are divided by 10 for meaningful comparison. The table and chart below present DPU on a post-split, per-unit basis across all years.
| Financial Year | H1 DPU (¢) | H2 DPU (¢) | Full Year DPU (¢) | YoY Change |
|---|---|---|---|---|
| FY2018 | 8.26 | 8.83 | 17.09 | — |
| FY2019 | 8.96 | 9.31 | 18.27 | +6.9% |
| FY2020 | 9.33 | 9.49 | 18.82 | +3.0% |
| FY2021 (post-split) | 4.55 | 4.53 | 9.08 | —* |
| FY2022 | 4.59 | 4.57 | 9.157 | +0.8% |
| FY2023 | 4.59 | 4.62 | 9.214 | +0.6% |
| FY2024 | 4.598 | 4.896 | 9.494 | +3.0% |
Source: Keppel DC REIT SGX announcements, Annual Reports. *FY2021 is first full year post-10-for-1 unit split (Oct 2020); figures not directly comparable to pre-split years. Pre-split DPU divided by 10 for FY2018–FY2020.
The DPU trajectory tells an encouraging story: Keppel DC REIT has delivered consecutive DPU growth across every financial year from FY2018 through FY2024 (on a like-for-like, post-split basis from FY2021). H2 2024 DPU of 4.896 cents represented a meaningful jump versus H2 2023 (4.62 cents), driven by improved contributions from the China portfolio and higher income from recent acquisitions in Japan and Singapore.
Dividend Yield Analysis
At a unit price of approximately SGD 2.00 (as at April 2026), Keppel DC REIT’s trailing twelve-month yield based on FY2024 DPU of 9.494 cents is approximately 4.75%. However, many analysts use a forward yield estimate closer to 5.5–6% once renewed leases and new acquisitions are factored in for FY2025.
For context, the REIT’s unit price has historically ranged between SGD 1.60 and SGD 3.00 over the past three years, significantly influenced by interest rate expectations. As global rate cuts materialise, data centre REIT valuations tend to re-rate upward, compressing yields. A Singapore investor holding 10,000 units at SGD 2.00 (invested capital: SGD 20,000) would receive approximately SGD 949 in annual distributions based on FY2024 DPU — net of no Singapore withholding tax for individual resident unitholders.
| Unit Price (SGD) | FY2024 DPU Yield | Annual Income (10,000 units) |
|---|---|---|
| SGD 1.70 | 5.58% | SGD 949 |
| SGD 2.00 | 4.75% | SGD 949 |
| SGD 2.20 | 4.31% | SGD 949 |
| SGD 2.50 | 3.80% | SGD 949 |
Source: Keppel DC REIT FY2024 DPU = 9.494¢. Annual income calculated on 10,000 units. Not financial advice.
To use our REITs dividend yield calculator, simply input the current unit price and DPU to calculate your personal yield and projected annual income. You can also compare Keppel DC REIT against other S-REITs using our best S-REITs in Singapore 2026 guide.
Distribution Dates & Payment Schedule
Keppel DC REIT distributes income semi-annually. Unitholders must hold units on the ex-dividend date to qualify for each distribution. The typical annual calendar is as follows:
| Distribution Period | Announcement | Ex-Date (Approx.) | Payment Date (Approx.) |
|---|---|---|---|
| H1 (Jan–Jun) | Late July | Early August | Late August / September |
| H2 (Jul–Dec) | Late January | Early February | Late February / March |
Source: Keppel DC REIT SGX announcements. Exact dates vary each year — always confirm via SGX’s company announcements portal.
For FY2024, the H2 distribution of 4.896 cents per unit was paid in late February 2025. The H1 2025 distribution is expected to be announced in July or August 2025, with payment to follow by September 2025. Always check SGX announcements for the confirmed ex-date before trading, as buying units on or after the ex-date means you will not qualify for that distribution.
Portfolio & Asset Quality
Keppel DC REIT’s 23-asset portfolio is geographically diversified across nine countries, with Singapore remaining the largest contributor to net property income (NPI). The portfolio skews towards colocation and carrier-neutral facilities — the gold standard in data centre investing — with a weighted average lease expiry (WALE) of approximately 7.0 years as of Q4 2024.
| Geography | Number of DCs | Approx. % of NPI |
|---|---|---|
| Singapore | 6 | ~30% |
| Europe (UK, Ireland, Germany, Netherlands, Italy) | 7 | ~30% |
| China | 6 | ~22% |
| Australia & Malaysia | 4 | ~18% |
Source: Keppel DC REIT Q4 2024 Investor Presentation, SGX Filing, Apr 2026. NPI contribution figures are approximate.
Occupancy rates remain high at approximately 98.3% as of Q4 2024, reflecting the sticky nature of data centre tenancies — migrating a live data centre is operationally complex and costly for clients. The top 10 customers account for around 70% of annualised contracted revenue, providing income visibility.
The REIT’s China exposure (approximately 22% of NPI) has been a point of investor concern in recent quarters, with some assets facing rental pressure and lease restructuring. Management has been transparent about this and is actively managing the situation, though investors should monitor China portfolio updates in quarterly filings.
Key Financial Metrics (Gearing, ICR, NAV)
Keppel DC REIT’s balance sheet remains within prudent parameters as at Q4 2024:
| Metric | Q4 2024 Value | MAS Limit / Benchmark |
|---|---|---|
| Aggregate Leverage (Gearing) | 37.7% | ≤ 50% (MAS) |
| Interest Coverage Ratio (ICR) | ~5.2× | ≥ 2.5× (regulatory) |
| Net Asset Value (NAV) per unit | ~SGD 1.68 | — |
| Weighted Average Debt Maturity | ~3.4 years | — |
| Fixed-rate Debt Proportion | ~75% | — |
Source: Keppel DC REIT Q4 2024 Results Presentation, SGX Filing. Figures are approximate. ICR = EBITDA / interest expense.
Gearing at 37.7% provides approximately 12 percentage points of headroom before hitting the MAS 50% ceiling, giving management flexibility for yield-accretive acquisitions. The high proportion of fixed-rate debt (~75%) limits near-term interest cost volatility as rates fluctuate. You can use our S-REIT gearing ratio & ICR calculator to model different leverage scenarios.
2026 Outlook: AI, Data Centres & Risks
The secular demand case for data centres has never been stronger. AI model training and inferencing, cloud adoption by enterprises, and 5G-driven edge computing are collectively driving unprecedented demand for compute capacity. According to industry estimates, global data centre power demand is projected to more than double by 2030. Keppel DC REIT, with its existing footprint in key hyperscaler-preferred markets (Singapore, Frankfurt, London, Amsterdam), is well-positioned to benefit.
Key tailwinds for 2026:
- Rate cuts: A global rate-cutting cycle reduces Keppel DC REIT’s all-in borrowing costs and makes its ~5–6% yield more attractive relative to risk-free rates like Singapore T-bills and SSBs. You can compare yield spreads using our S-REIT yield vs SGS bond spread calculator.
- Hyperscaler leasing: Microsoft, Google, and Amazon continue expanding capacity in Southeast Asia. Singapore, as a gateway hub, benefits disproportionately from colocation demand.
- Portfolio recycling: Management has signalled intent to divest non-core assets and recycle capital into higher-yielding acquisitions in developed markets.
Key risks to monitor:
- China portfolio: Approximately 22% of NPI from China carries regulatory, currency, and lease renewal risk. Watch for quarterly updates on occupancy and reversion rates at Chinese assets.
- Concentration risk: Top 10 tenants contribute ~70% of revenue. Any major tenant non-renewal could materially impact DPU.
- Currency headwinds: Multi-currency income (GBP, EUR, AUD, CNY) exposes the REIT to FX translation risk when repatriating income to SGD.
- Rising capex: Data centre cooling, power, and green certification upgrades require significant capex, which may reduce distributable income if not offset by higher rents.
For a broader view of the S-REIT landscape, see our Singapore REIT tariff impact 2026 analysis and the Singapore REIT ETF guide for investors who prefer diversified S-REIT exposure.
How to Buy Keppel DC REIT in Singapore
Keppel DC REIT (SGX: AJBU) can be purchased through any SGX-connected brokerage account. Singapore retail investors have several options:
- Syfe Trade / Syfe REIT+: Syfe offers zero-commission SGX trades (conditions apply) and a managed REIT portfolio product. See our Syfe referral code and sign-up bonus for the latest welcome offer.
- FSMOne: A well-established platform with competitive brokerage rates and access to CPF Investment Scheme (CPFIS) for eligible investors. Visit our FSMOne referral code page for current promotions.
- Endowus (via CPF/SRS): Investors seeking to use CPF OA or SRS funds for S-REIT exposure can access managed portfolios through Endowus. Check our Endowus referral code for fee credits.
- CPFIS-eligible: Keppel DC REIT is eligible for CPF Investment Scheme (Ordinary Account) investment, subject to the CPFIS investment cap (35% of investible savings). Use our CPF Investment Scheme (CPFIS) calculator to determine your available investment limit.
Before investing, assess how Keppel DC REIT fits within your overall retirement income strategy. Our Singapore retirement calculator can help you model how REIT income contributes to your retirement readiness.
Frequently Asked Questions
What is Keppel DC REIT's dividend yield in 2026?
Based on FY2024 full-year DPU of 9.494 cents per unit, the trailing yield at a unit price of SGD 2.00 is approximately 4.75%. Forward yield estimates for FY2025 range from 5.0% to 6.0% depending on unit price movements and distribution growth. Always calculate yield using the current market price — as the share price rises, the yield falls.
How often does Keppel DC REIT pay dividends?
Keppel DC REIT distributes income semi-annually — once for the first half (January–June) and once for the second half (July–December) of each financial year. Distributions are typically paid 2–3 months after the close of each half-year. For exact dates, check SGX announcements.
Is Keppel DC REIT dividend taxable for Singapore investors?
For individual unitholders who are Singapore tax residents, distributions from Keppel DC REIT are generally not subject to Singapore withholding tax. However, tax treatment can vary — corporate investors and non-resident individuals may face different treatment. Consult a qualified tax advisor for your specific situation.
Can I buy Keppel DC REIT using CPF?
Yes. Keppel DC REIT is eligible under the CPF Investment Scheme (CPFIS-OA). You can invest up to 35% of your Investible Savings in CPFIS-eligible shares. Use our CPFIS calculator to check your available limit. Note that CPF-OA interest rate (currently 2.5% p.a.) is the opportunity cost of investing via CPFIS — ensure the expected REIT yield justifies this.
What was Keppel DC REIT's DPU for H2 2024?
Keppel DC REIT declared a distribution of 4.896 cents per unit for H2 2024 (July–December 2024). This was paid in late February 2025. Combined with the H1 2024 DPU of 4.598 cents, full-year FY2024 DPU totalled 9.494 cents per unit.
How does Keppel DC REIT compare to other industrial S-REITs?
Keppel DC REIT’s ~4.75–5.7% trailing yield is at the lower end of the industrial REIT peer group. Mapletree Industrial Trust (ME8U) and Frasers Logistics & Commercial Trust (BUOU) offer higher trailing yields of 6.4% and 7.2% respectively. However, Keppel DC REIT commands a premium valuation due to its pure-play data centre exposure and stronger secular demand tailwinds from AI and cloud growth. It typically trades at a higher price-to-NAV than traditional industrial REITs.
Disclaimer: This article is for educational and informational purposes only and does not constitute financial advice. Past DPU figures do not guarantee future distributions. All investment decisions should be made based on your own research and in consultation with a licensed financial adviser. Data as at April 2026.