Keppel DC REIT Share Price 2026: 1H Results Preview Ahead of 24 July
DPU trend, analyst price targets, and what could move AJBU before its next results date.
Keppel DC REIT (SGX: AJBU) share price trades around S$2.29 in mid-July 2026, just days before its 1H2026 results land on 24 July. Distribution per unit (DPU) has grown for six straight reporting periods, driven by Tokyo and Singapore data-centre acquisitions. Here’s the DPU trend, analyst price targets, and balance-sheet strength you need before that results date.
Not financial advice. All figures are for educational reference only. Data as at July 2026 unless noted.
- Keppel DC REIT trades near S$2.29, with 1H2026 results due 24 July 2026 — its next scheduled disclosure.
- FY2025 DPU hit a record 10.381 cents (+9.8% year-on-year), and the 1Q2026 operational update showed a further +13.2% pace.
- Analyst consensus is Strong Buy, with average price targets clustering around S$2.50–S$2.59 — roughly 7% above the current price.
Table of Contents
Contents — Click to expand
- What Is Keppel DC REIT? A 60-Second Recap
- Keppel DC REIT Share Price Today
- DPU History: Six Straight Periods of Growth
- What to Watch in the 1H2026 Results (24 July)
- 1H2026 DPU: What the Growth Trend Suggests
- Analyst Price Targets & Consensus Rating
- Gearing, Debt Headroom & Cost of Debt
- Risks to Watch Before You Buy
- Keppel DC REIT vs Digital Core REIT
- Buy, Hold or Wait for the Results?
- Frequently Asked Questions
What Is Keppel DC REIT? A 60-Second Recap
Keppel DC REIT (SGX: AJBU) is Asia’s first pure-play data centre real estate investment trust, listed on the SGX Mainboard since December 2014. As at 31 March 2026, it owns a S$6.3 billion portfolio of 25 data centres spread across 10 countries in Asia and Europe. The portfolio mixes colocation facilities, fully-fitted data centres, and shell-and-core buildings leased to hyperscalers and enterprise tenants.
The REIT is sponsored by Keppel Ltd and has become a proxy for the AI and cloud-computing demand story on the Singapore Exchange. That’s why its DPU trajectory and unit price get closely watched by income investors who want data-centre exposure without buying individual operators directly.
Keppel DC REIT Share Price Today
Keppel DC REIT’s unit price has trended higher through 2026 alongside its record FY2025 results and a further double-digit DPU growth signal from its 1Q2026 business update. That said, S$2.29 is a snapshot, not a live tick — the counter moves throughout the trading day, so check your broker app or the SGX securities page for the current quote before you act on any of the figures in this article.
The bigger question for the next few weeks isn’t the current price on its own — it’s what the REIT’s 1H2026 results on 24 July 2026 confirm about whether that growth trend is holding up.
DPU History: Six Straight Periods of Growth
Keppel DC REIT reports distributions on a semi-annual basis, with a voluntary quarterly operational update in between. Here’s how DPU has moved over the last few periods, based on the REIT’s own disclosures:
| Period | DPU | YoY Growth | Notes |
|---|---|---|---|
| 1H2025 | 5.133 cents | — | Derived: FY2025 total minus disclosed 2H2025 |
| 2H2025 | 5.248 cents | — | Declared 30 January 2026 |
| FY2025 (full year) | 10.381 cents | +9.8% | Record high, despite an enlarged unit base post equity fund raise |
| 1Q2026 operational update | 2.833 cents (quarterly) | +13.2% | Voluntary update, 16 April 2026 — actual cash distributions remain semi-annual |
| 1H2026 (actual) | Due 24 Jul 2026 | — | Not yet declared |
Source: Keppel DC REIT FY2025 results presentation (30 January 2026), 1Q 2026 Operational Updates (16 April 2026).
What to Watch in the 1H2026 Results (24 July 2026)
Keppel DC REIT’s 1H2026 results, expected around 24 July 2026, will be the REIT’s first full disclosure since its strong 1Q2026 operational update. Here’s what matters most:
DPU growth trajectory. FY2025 DPU grew 9.8% year-on-year, and the 1Q2026 update showed an even faster 13.2% pace. Whether 1H2026 lands closer to the slower or faster of those two rates tells you if growth is accelerating or normalising.
Full contribution from recent acquisitions. Tokyo Data Centre 3 and the remaining interests in Keppel DC Singapore 3 and 4 were only partially reflected in earlier periods. 1H2026 should be the first period showing their full six-month contribution.
Rental reversion pace. Rental reversions ran at +45% for FY2025 and an even stronger +50.3% in the 1Q2026 update. That’s an unusually high number — worth watching whether it holds or eases as leases reprice off a higher base.
Occupancy. Portfolio occupancy was stable at 95.8% through FY2025. With new data-centre supply coming online globally, any move in this number is a signal on demand-supply balance.
Cost of debt and refinancing. Average cost of debt fell to 2.6% in 1Q2026, down 20 basis points quarter-on-quarter. A further decline would support DPU even without new acquisitions.
Acquisition pipeline guidance. Management commentary on further deals — and how they’d be funded — matters given the REIT already tapped equity markets with a fund raise in 3Q2025.
1H2026 DPU: What the Growth Trend Suggests
Nobody can know the exact 1H2026 DPU before Keppel DC REIT actually declares it on 24 July. But we can extrapolate from the REIT’s own disclosed growth rates to see what a continuation of the current trend would imply. This is illustrative only — not a forecast or guidance from Keppel DC REIT or The Kopi Notes.
| Scenario | Growth Rate Used | Illustrative 1H2026 DPU | Illustrative FY2026 Yield at S$2.29* |
|---|---|---|---|
| Conservative — FY2025’s growth pace | +9.8% | ~5.64 cents | ~4.75% |
| Faster — 1Q2026 update’s growth pace | +13.2% | ~5.81 cents | ~4.83% |
*Illustrative FY2026 yield = disclosed 2H2025 DPU (5.248c) + scenario 1H2026 DPU, divided by S$2.29. Original calculation by The Kopi Notes based on disclosed growth rates; actual results may differ materially.
Analyst Price Targets & Consensus Rating
Sell-side analysts have stayed constructive on Keppel DC REIT heading into the 1H2026 results. Consensus rating and price targets vary slightly by data provider, so treat the figures below as directional rather than precise:
| Metric | Value |
|---|---|
| Consensus Rating | Strong Buy (recent 3-month analyst ratings) |
| Average Price Target | S$2.50 – S$2.59 |
| High Estimate | S$2.71 – S$2.82 |
| Low Estimate | S$2.10 – S$2.37 |
| Implied Upside from S$2.29 | ~7% |
Source: Investing.com and TipRanks analyst consensus data, accessed July 2026.
Analyst targets are a useful sanity check, not a promise. They typically get revised after results — so expect price target updates from research desks within days of the 24 July announcement.
Gearing, Debt Headroom & Cost of Debt
Keppel DC REIT’s balance sheet looked solid heading into 1H2026. Gearing stood at 35.3% as at FY2025, giving roughly S$530 million of debt headroom against the REIT’s own internal comfort ceiling of 40%.
It’s worth being precise here: that 40% figure is Keppel DC REIT’s internal target, not the regulatory limit. Under the Monetary Authority of Singapore’s (MAS) framework effective 28 November 2024, S-REITs face a single aggregate leverage cap of 50%, which can rise to 60% if the REIT maintains an interest coverage ratio (ICR) above 2.5x. Keppel DC REIT’s own ceiling is deliberately more conservative than what regulation allows, which gives it room to keep funding new data-centre acquisitions with debt before needing another equity fund raise like the one it completed in 3Q2025.
Average cost of debt fell to 2.6% in the 1Q2026 update, down 20 basis points quarter-on-quarter — a helpful tailwind for DPU even without new acquisitions, as older, more expensive debt gets refinanced at lower rates.
Risks to Watch Before You Buy
No REIT is risk-free, and Keppel DC REIT’s growth story comes with specific things to watch:
Interest rate risk. If global rates stay higher for longer than expected, the refinancing tailwind that’s been supporting DPU could stall or reverse.
Currency risk. With assets spread across 10 countries, Keppel DC REIT carries exposure to the Japanese yen, euro, and British pound, among others. FX swings can affect both income and asset values in SGD terms.
Valuation risk. Data-centre cap rates have compressed on the back of AI demand. If that demand growth normalises, asset valuations and acquisition economics could get tougher.
Dilution risk. Keppel DC REIT has funded large acquisitions with equity fund raises before (most recently in 3Q2025). Further big deals could mean another round of unit issuance, which dilutes existing unitholders unless matched by proportionate DPU growth.
Tenant concentration. Colocation and hyperscaler tenants dominate the portfolio. A slowdown from any single large tenant could have an outsized impact given the REIT’s relatively concentrated tenant base compared to diversified retail or industrial REITs.
Keppel DC REIT vs Digital Core REIT
Keppel DC REIT isn’t the only SGX-listed pure-play data centre REIT — Digital Core REIT (SGX: DCRU) is the other major option for investors who want this theme. The two REITs differ in portfolio geography, tenant mix, and gearing profile. If you’re deciding between the two ahead of results season, our full Keppel DC REIT vs Digital Core REIT comparison breaks down the head-to-head numbers in detail.
For a deeper look at Keppel DC REIT’s fundamentals beyond this results preview — including its full portfolio breakdown and historical performance — see our earlier Keppel DC REIT share price deep-dive.
Buy, Hold or Wait for the Results?
This isn’t a buy or sell call — it’s a framework for how different investors might think about timing around 24 July:
| Investor Profile | Consideration |
|---|---|
| Already holding units | DPU trend has been consistently positive for six periods. Holding through results avoids re-entry timing risk, though the price could move sharply either way on the announcement. |
| Considering new entry pre-results | Buying ahead of an earnings date carries binary event risk. Some investors prefer to wait for confirmed 1H2026 numbers before committing new capital. |
| Income-focused, long horizon | Current yield (~4.5–4.8% on illustrative FY2026 numbers) sits below the broader S-REIT sector average. Keppel DC REIT is more of a growth-plus-income data-centre play than a pure high-yield pick — see our best S-REITs in Singapore 2026 guide if yield is your primary goal. |
Whatever your approach, a good habit is running the numbers through your own retirement plan rather than reacting to a single result. Our Singapore retirement calculator can help you see how a position like this fits into a longer-term income plan, and if you’re investing CPF savings, Keppel DC REIT is on the CPF Investment Scheme (CPFIS-OA) approved list — see our CPF investment strategy guide for how that works.
If you’re setting up a brokerage account to trade around results season, our Endowus referral code and Syfe referral code pages have current sign-up offers.
Not financial advice. This article is for educational reference only and does not constitute a recommendation to buy or sell Keppel DC REIT units. Always do your own research and consider speaking to a licensed financial adviser before investing.
Frequently Asked Questions
What is Keppel DC REIT's share price today?
Keppel DC REIT (SGX: AJBU) traded around S$2.29 as at mid-July 2026. Because unit prices move throughout the trading day, check a live quote on your broker app or SGX’s website for the current price rather than relying solely on this figure.
When will Keppel DC REIT release its 1H2026 results?
Keppel DC REIT is expected to release its 1H2026 (six months to 30 June 2026) financial results around 24 July 2026, based on its semi-annual reporting schedule and analyst earnings-date trackers. Always confirm the exact date via the REIT’s official investor relations page closer to the date.
What was Keppel DC REIT's last declared DPU?
The most recently declared distribution was 5.248 cents per unit for 2H2025 (the six months to 31 December 2025), announced 30 January 2026. Combined with 1H2025, FY2025’s full-year DPU came to a record 10.381 cents, up 9.8% year-on-year.
What is the analyst price target for Keppel DC REIT?
As at July 2026, analyst consensus rates Keppel DC REIT a Strong Buy, with average price targets ranging from roughly S$2.50 to S$2.59 depending on the data provider — around 7% above the S$2.29 trading price. High estimates run as far as S$2.82, and low estimates as far as S$2.10.
Is Keppel DC REIT's gearing level safe?
Keppel DC REIT’s gearing stood at 35.3% as at FY2025 — well within MAS’s regulatory aggregate leverage cap of 50% (up to 60% with an interest coverage ratio above 2.5x), and also below the REIT’s own more conservative internal ceiling of 40%. That leaves roughly S$530 million of debt headroom for further acquisitions.
What could move Keppel DC REIT's share price after the 1H2026 results?
Key drivers to watch include whether DPU growth continues at its recent 9.8%–13.2% pace, whether rental reversions (recently +45% to +50.3%) hold up, occupancy trends, further declines in cost of debt, and any new acquisition or capital-raising announcements.
Can I buy Keppel DC REIT with my CPF or SRS funds?
Yes. Keppel DC REIT is on the CPF Investment Scheme (CPFIS-OA) approved list, so CPF Ordinary Account savings above the mandatory S$20,000 set-aside can be invested through a CPFIS-linked brokerage account. It’s also compatible with SRS funds through brokers that support SRS trading, such as Endowus and FSMOne.
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This article was researched with the help of AI. While we strive to keep all information accurate and up to date, there may be errors. If you notice any discrepancies, please contact us.
