Keppel DC REIT (SGX: AJBU) paid a 1H 2026 Distribution Per Unit (DPU) of 5.714 Singapore cents, up 11.3% year-on-year. The REIT pays distributions twice a year, typically in March and September. At the current price of around S$2.20 per unit, the trailing yield is approximately 4.98%. This guide covers the full DPU history, semi-annual ex-dividend dates, yield breakdown at different price levels, and how the upcoming FOMC rate decision may affect your distributions.

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

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KDC REIT Distribution Policy

Keppel DC REIT distributes at least 90% of its taxable income to unitholders each financial year. This is the minimum required for Singapore REITs to qualify for tax-transparent treatment under MAS rules. In practice, KDC REIT has consistently paid out close to 100% of distributable income.

The REIT pays distributions on a semi-annual basis. You receive two payments each year. The first covers January to June (1H results), and the second covers July to December (2H results). Distributions are announced when the results are released, together with the ex-dividend date and the payment date.

To qualify for a distribution, you must hold units before the ex-dividend date. Buying on the ex-dividend date itself means you miss that payout. The settlement period on SGX is T+2, so you need to purchase at least two business days before the ex-date to be on the record.

For a broader view of how KDC REIT’s income model compares to peers, see the best S-REITs in Singapore 2026 guide.

Keppel DC REIT DPU History 2022–2026

The table below tracks every semi-annual DPU from 1H 2022 to 1H 2026, including ex-dividend dates and payment dates. Note that 2H 2024 included a supplementary top-up distribution of 0.819 cents (ex-date 4 Feb 2025) on top of the regular 4.083 cents payment (ex-date 26 Nov 2024).

Source: SGX filings, StockAnalysis.com. Data as at Sep 2026. YoY compares equivalent half-year period. Not financial advice.

1H 2026 Results in Detail

Keppel DC REIT reported its 1H 2026 results on 23 July 2026. The headline DPU came in at 5.714 cents per unit, up 11.3% from 5.133 cents in 1H 2025. This is the strongest half-year DPU growth since 2021.

The growth was driven by three factors. First, acquisitions added revenue — the full-period contribution of Tokyo Data Centre 3 and the remaining interests in Keppel DC Singapore 3 and 4. Second, positive reversions and rent escalations across the portfolio kicked in. Third, the manager maintained disciplined capital management, with gearing declining to 34.0%.

Distributable income for 1H 2026 rose 18.5% year-on-year to S$150.7 million. This outpaced DPU growth because of a higher unit count following the rights issue completed in 2025. You can read the full background on the Keppel DC REIT rights issue guide.

The 1H 2026 DPU of 5.714 cents will be paid on 18 September 2026. If you held units before the ex-date of 30 July 2026, this payment is already on its way. The timing coincides with the Federal Reserve’s September FOMC decision — which adds further interest rate context for forward projections.

Keppel DC REIT Dividend Yield Analysis

Dividend yield depends on the price you paid for the units, not the current market price. The table below shows what yield you would be earning at various entry prices, based on the projected full-year 2026 DPU of approximately 11.0 cents.

Based on projected FY2026 DPU of 11.0 cents (consensus). Annual income per 10,000 units is fixed regardless of price. Not financial advice.

For context, the broader S-REIT sector average yield in 2026 sits around 5.0–6.0%. KDC REIT trades at the lower end of that range because it carries a growth premium. The REIT is classified as a data centre play with structural tailwinds from AI compute demand, which justifies a higher price-to-book multiple. The current P/B of approximately 1.27x means you are paying a 27% premium to net asset value (NAV of S$1.73 as at June 2026).

If you are tracking passive income from your portfolio, you can use the Singapore retirement calculator to see how KDC REIT distributions might contribute to your income target over time.

Ex-Dividend Dates Explained

The ex-dividend date is the cutoff for receiving a distribution. If you buy on or after the ex-date, you do not receive that payout. This matters especially for investors who are planning around specific income timing.

Here is how the timing typically works for KDC REIT. Results are announced in January (for 2H) and July (for 1H). The ex-date usually falls within one to two weeks of the results announcement. Payment follows roughly six to eight weeks later.

Recent ex-dates have followed this pattern consistently:

• 1H 2026: Ex-date 30 Jul 2026 (results announced 23 Jul 2026)
• 2H 2025: Ex-date 6 Feb 2026
• 1H 2025: Ex-date 1 Aug 2025

Based on this cadence, the 2H 2026 ex-date is expected in late January or early February 2027, with payment in March 2027. The exact date will be announced with the full-year 2026 results.

On SGX, settlement is T+2 business days. If the ex-date falls on a Wednesday, you need to purchase by Monday (two business days earlier) to be on the register. Keep this in mind if you are trying to qualify for a specific payment.

Rate Cut Impact on KDC REIT Distributions

KDC REIT management has disclosed that a 25 basis point (bps) change in interest rates has a 0.3% pro forma impact on 1H 2026 DPU. At 5.714 cents, that translates to approximately 0.017 cents per unit per half-year period.

For a 50 bps cut across two FOMC meetings, the combined uplift would be approximately 0.034 cents per half-year DPU. On an annualised basis, that is around 0.068 cents. Not a dramatic number on its own, but it compounds with the organic growth from rental reversions and new acquisitions.

Source: KDC REIT 1H 2026 results presentation, pro forma sensitivity. Not financial advice.

The Fed held rates steady at 3.50–3.75% at its July 2026 meeting over the objections of three officials who wanted a hike. The September FOMC meeting falls on 17–18 September 2026 — the same week as the 1H 2026 DPU payment. The outcome of that meeting will set the tone for KDC REIT’s interest cost trajectory into 2H 2026.

KDC REIT has 22.9% of its debt due for renewal by end of FY2027. A lower rate environment at renewal would reduce financing costs and support DPU. For broader context on passive income options in Singapore, see the passive income Singapore 2026 guide.

Cardiff Vacancy — The Key DPU Headwind to Watch

The biggest near-term risk to KDC REIT’s distributions is the vacancy at Cardiff Data Centre in the UK. A major tenant contract expired, leaving significant empty space at the facility. Occupancy at Cardiff dropped sharply, pulling the portfolio-wide rate from 95.6% to 92.5% between Q1 and Q2 2026.

Excluding Cardiff, the rest of the portfolio runs at 95.3% — which is healthy for a data centre REIT. The Cardiff vacancy is concentrated and temporary, but it will weigh on distributable income for as long as the space remains empty.

The manager is actively working to re-lease the Cardiff space. Data centre demand in Europe remains strong driven by AI workloads and cloud migration. However, large colocation contracts take time to negotiate and execute. A backfill could take two to four quarters from vacancy date.

This is distinct from the rights issue dilution discussed in the KDC REIT rights issue guide, which is already factored into the current unit count and DPU calculations.

Is KDC REIT’s Dividend Sustainable?

Three metrics help frame the sustainability question: gearing, interest coverage, and WALE.

Gearing is the ratio of debt to total assets. KDC REIT’s gearing stood at 34.0% as at June 2026. The MAS regulatory limit is 50%. A 16 percentage-point buffer gives the manager flexibility to acquire more assets or weather an economic downturn without breaching the cap.

Interest coverage measures how many times EBIT covers interest expense. KDC REIT reported 6.9x interest coverage in 1H 2026. Most analysts consider anything above 3.0x comfortable. At 6.9x, the REIT has significant headroom even if borrowing costs rise further.

WALE (Weighted Average Lease Expiry) tells you how long the average tenant is committed for. KDC REIT has a WALE of 6.7 years. That means the average lease still has nearly seven years to run. This is very high for a REIT and provides income visibility well beyond the near-term rate environment.

Source: KDC REIT 1H 2026 results presentation, StockAnalysis.com. Not financial advice.

One risk to flag is tenant concentration. The top 10 tenants account for 84.3% of gross rental income. The single largest tenant contributes 43.5% of monthly gross rent. If that anchor tenant downsizes or exits, the DPU impact would be material. This is a structural feature of data centre REITs — large hyperscaler clients bring stable, long-term income but also meaningful concentration risk.

If you are exploring how KDC REIT fits in a broader dividend portfolio, Syfe’s income-focused portfolios offer a managed alternative. Check the current Syfe referral code for sign-up bonuses, and the Endowus referral code for CPF-eligible fund options.

For a full look at KDC REIT’s portfolio, AI growth thesis, and share price context, see the main Keppel DC REIT investor guide 2026.

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