Keppel DC REIT Share 2026: Price, DPU, Yield & Investment Analysis

Singapore’s first pure-play data centre REIT — complete 2026 guide for Singapore investors.

Keppel DC REIT (SGX: AJBU) is Asia’s first pure-play data centre REIT, listed since December 2014 with 25 data centres across 10 countries valued at SGD 6.2 billion as at December 2025. Its FY2025 DPU of 10.38 Singapore cents grew 9.8% year on year — the strongest growth since listing. At SGD 2.24, the forward dividend yield stands at 4.56%.

Not financial advice. All figures are for educational reference only. Data as at July 2026 unless noted.

Table of Contents

What Is Keppel DC REIT?

Keppel DC REIT was listed on the Singapore Exchange (SGX) on 12 December 2014, becoming Asia’s first and Singapore’s only pure-play data centre REIT. Since listing, it has grown from a 7-asset portfolio into a global platform with 25 data centres across 10 countries, collectively valued at approximately SGD 6.2 billion as at December 2025.

The REIT is managed by Keppel DC REIT Management Pte. Ltd., a wholly owned subsidiary of Keppel Ltd (SGX: BN4). Keppel’s sponsorship provides a visible acquisition pipeline through Keppel’s global infrastructure network — an important EEAT signal for long-term unitholders.

Unlike retail or office REITs, Keppel DC REIT’s tenants are mission-critical technology operators — hyperscalers, cloud providers, and enterprise IT firms that need 24/7 uptime. This translates into long lease structures (typically 5–10 years), contractual rental escalations, and very low tenant turnover. Portfolio occupancy was approximately 98% as at December 2025.

Key Facts at a Glance

Source: Keppel DC REIT Investor Relations, SGX, July 2026

Keppel DC REIT Share Price 2026

As at July 2026, Keppel DC REIT (AJBU) trades at approximately SGD 2.24 per unit. This compares to its reported Net Asset Value (NAV) per unit of approximately SGD 2.15 as at 31 December 2025 — placing the REIT at a mild premium to book value of around 1.04x NAV.

The share price recovery over the past 12 months has been supported by three factors: (1) AI-driven re-rating of data centre assets globally; (2) Keppel DC REIT’s blowout FY2025 results; and (3) moderating interest rates easing pressure on REIT leverage costs.

For context, the 52-week low was approximately SGD 1.72. At that trough, the trailing yield would have exceeded 6% — a level that has historically attracted strong buying into Keppel DC REIT.

FY2025 Full-Year Financial Results

Keppel DC REIT’s FY2025 results (released 30 January 2026) were the strongest in its history. Revenue, NPI, and distributable income all hit record highs:

Source: Keppel DC REIT FY2025 Financial Results, released 30 January 2026

These gains were driven by the full contribution of acquisitions (including Tokyo Data Centre 3 and full ownership of Keppel DC Singapore 3, 4, 7 and 8), rental escalations (~45% positive reversion), and a 10-year land tenure lease extension for KDC Singapore 7 and 8.

Portfolio: 25 Data Centres Across 10 Countries

Keppel DC REIT’s portfolio spans Singapore, Japan, Australia, China, Malaysia, Germany, Republic of Ireland, Italy, the Netherlands, and the UK. Geographic breakdown as at 31 December 2025:

• Singapore (62.7%): Eight assets including Keppel DC Singapore 1–8. Singapore data centres benefit from political stability, strategic subsea cable infrastructure, and the MAS regulatory environment that attracts global financial and tech clients.
• Japan (13.6%): Expanded significantly with Tokyo Data Centre 3. Japan is seeing surging cloud and AI demand from hyperscalers such as Microsoft and Amazon entering the market at scale.
• Europe (~17%): Diversified across Germany, Ireland, Italy, Netherlands, and the UK — covering major European internet exchange hubs.
• Others (~7%): Assets in Australia, China, and Malaysia complete the global footprint.

Singapore’s dominant 62.7% weighting is a double-edged sword. The city-state’s data centre moratorium on new builds (in effect since 2019, with only selective exemptions) means existing assets are increasingly valuable. However, concentration in one jurisdiction is a risk factor. For a broader view of Singapore REITs across property types, see our guide to the best S-REITs in Singapore 2026.

DPU and Dividend Yield Analysis

Keppel DC REIT pays dividends semi-annually. DPU has grown consistently over recent years. Here is the confirmed DPU track record:

Source: Keppel DC REIT Investor Relations | FY2026 is consensus estimate only, subject to change

For a Singapore investor holding 10,000 AJBU units at SGD 2.24 (total outlay: SGD 22,400), the gross annual DPU income at FY2025 rates would be approximately SGD 1,038. Singapore investors pay no withholding tax on REIT distributions — a significant advantage for those building passive income in Singapore. To understand exactly what DPU means and how it is calculated, see our DPU guide for Singapore REITs.

The Data Centre Boom: Why AI Matters in 2026

The structural story behind Keppel DC REIT is straightforward: AI, cloud computing, and digitisation are driving unprecedented demand for data centre capacity — and supply is constrained.

Key tailwinds as at mid-2026:

• AI model training requires massive compute clusters housed in hyperscale data centres. Microsoft, Google, Amazon, and Meta are committing hundreds of billions in global data centre capex.
• Singapore supply constraints: The government’s data centre moratorium (in force since 2019) means existing licensed assets hold significant scarcity value. Keppel DC REIT’s eight Singapore assets benefit directly from this.
• ~45% positive rent reversion in FY2025 shows that landlords currently have strong pricing power as expiring leases are renewed at materially higher rates.
• Japan as the next frontier: Hyperscalers are rapidly expanding in Japan. Tokyo Data Centre 3 gives Keppel DC REIT direct exposure to this demand wave.

For Singapore investors, data centre REITs offer tech-sector exposure through a familiar REIT structure — with semi-annual distributions, no capital gains tax, and no dividend withholding tax. Use our Singapore retirement calculator to model how a Keppel DC REIT position could contribute to your income target.

Risks to Consider

Keppel DC REIT carries risks that every investor should assess before buying:

Interest rate sensitivity. The REIT uses leverage (~35% aggregate leverage as at Dec 2025). Higher-for-longer rates compress distributable income. Rate movements directly affect DPU.

Premium to NAV (~1.04x). At SGD 2.24, you pay above book value. If sentiment turns negative or the sector re-rates, price could fall to or below NAV.

Singapore concentration. With 62.7% in one market, any change to Singapore’s data centre policies, new supply, or key tenant loss would have an outsized impact.

Technology disruption. Edge computing, energy constraints, and next-generation computing architectures could reshape demand patterns over a 10+ year horizon, though near-term contracts provide protection.

FX risk. Revenue spans 10 countries with JPY, EUR, AUD, and CNY exposure. Currency movements can affect SGD-denominated DPU.

Investment Verdict for 2026

For Singapore income investors seeking tech-adjacent exposure, Keppel DC REIT offers a compelling combination: secular demand growth from AI, a high-quality portfolio, strong DPU growth, and no withholding tax on distributions.

At SGD 2.24 and a forward yield of ~4.56%, the entry point is not cheap — but it compares favourably to Singapore T-bills (yields have fallen from their 2023–2024 peak) and offers real capital growth potential if the data centre thematic continues.

Our take: Hold/Accumulate on dips for investors with a 3–5 year horizon. Those starting a position can use FSMOne (referral code P0544985) or Syfe Brokerage (code SRPRFFFCD) for low-cost access to SGX-listed REITs.

This is not financial advice. Past DPU is not a guarantee of future distributions. Always conduct your own research or consult a licensed financial adviser.

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