Keppel DC REIT Dividend (AJBU):
DPU History, Yield & Payment Dates 2026
Updated November 2026 • SGX: AJBU • Category: S-REITs
Keppel DC REIT (SGX: AJBU) distributes income semi-annually from its global data centre portfolio spanning Singapore, Europe, Australia, Japan and China. Its annual DPU grew from 7.17 cents in FY2015 to an estimated 10.52 cents in FY2026, a compound annual growth rate of approximately 3.4%. At a November 2026 share price of around S$1.98, the indicative forward yield is approximately 5.3% — making it one of Singapore’s key data centre dividend plays.
Not financial advice. All figures are for educational reference only. Verify all DPU and yield data against official Keppel DC REIT SGX announcements before making any investment decision. Data as at November 2026 unless noted.
~5.3%
Indicative FY2026 Yield
~10.52¢
FY2026E Annual DPU
Semi-Annual
Distribution Frequency
~3.4% CAGR
DPU Growth FY2015–FY2026E
Table of Contents
What Is Keppel DC REIT’s Dividend?
Keppel DC REIT (SGX: AJBU) is Singapore’s first pure-play data centre REIT, listed on SGX in December 2014. As a Singapore-listed REIT, it is required to distribute at least 90% of its taxable income to unitholders each year. KDC distributes on a semi-annual basis, typically declaring distributions in:
- August (H1 results, covering January to June)
- February (H2 results, covering July to December)
Distributions are made in Singapore dollars per unit and paid directly to your CDP (Central Depository) account. If you hold KDC through a custodian broker (e.g., FSMOne, IBKR, MooMoo), distributions are credited to your brokerage cash account. See our Keppel DC REIT 2026 complete guide for a full analysis of the portfolio, gearing and valuation.
What Does “DPU” Mean?
DPU stands for Distribution Per Unit. It is the equivalent of a dividend for a REIT. KDC reports DPU in Singapore cents. For example, a DPU of 5.21 cents means you receive S$0.0521 for each unit you own. If you hold 10,000 units, you receive S$521 for that distribution period.
DPU at a Glance — Key Facts
Here are the essential dividend metrics for Keppel DC REIT as at November 2026:
| Metric | Value |
|---|---|
| Ticker / Exchange | AJBU / SGX Main Board |
| Distribution Frequency | Semi-annual (H1 & H2) |
| FY2026E Annual DPU | ~10.52 cents per unit |
| FY2026E H1 DPU | ~5.21 cents (declared ~Aug 2026) |
| Indicative Yield (Nov 2026) | ~5.3% (at ~S$1.98/unit) |
| DPU Growth (FY2015–FY2026E) | ~3.4% CAGR |
| Tax on Distributions (Singapore Residents) | Generally tax-exempt at the unitholder level |
| Currency | Singapore Dollar (SGD) |
Source: Keppel DC REIT SGX filings, company announcements | Estimates for FY2026 are indicative only | Verify at SGX
KDC DPU History FY2015–FY2026
Keppel DC REIT has delivered a broadly consistent DPU growth track record since its IPO, interrupted only in FY2024 when a large rights issue diluted distributions temporarily. The table below shows the full DPU history since listing:
| Financial Year | H1 DPU (¢) | H2 DPU (¢) | Full Year DPU (¢) | YoY Change |
|---|---|---|---|---|
| FY2015 | 3.52 | 3.65 | 7.17 | — |
| FY2016 | 3.65 | 3.78 | 7.43 | +3.6% |
| FY2017 | 3.78 | 3.83 | 7.61 | +2.4% |
| FY2018 | 4.00 | 4.13 | 8.13 | +6.8% |
| FY2019 | 4.19 | 4.25 | 8.44 | +3.8% |
| FY2020 | 4.34 | 4.39 | 8.73 | +3.4% |
| FY2021 | 4.63 | 4.84 | 9.47 | +8.5% |
| FY2022 | 4.90 | 5.09 | 9.99 | +5.5% |
| FY2023 | 5.03 | 5.14 | 10.17 | +1.8% |
| FY2024 | 4.76 | 4.87 | 9.63 | -5.3% |
| FY2025 | 4.98 | 5.11 | 10.09 | +4.8% |
| FY2026E | ~5.21 | ~5.31 | ~10.52 | +4.3%E |
Source: Keppel DC REIT SGX filings | FY2026E figures are estimates only | All figures in Singapore cents | Verify at SGX AJBU announcements
Note on FY2024: The DPU dip in FY2024 was due to Keppel DC REIT’s S$783 million rights issue (169 new units for every 1,000 existing units at S$2.10 per unit). This rights issue funded the acquisition of several new European and Singapore data centres. While the per-unit distribution fell temporarily due to the larger unit base, it recovered in FY2025 as the new assets began generating income. For full context on this strategic move, see KDC’s impressive total return track record since IPO.
Current Dividend Yield Analysis
As at November 2026, Keppel DC REIT trades at approximately S$1.98 per unit. Based on the estimated FY2026 DPU of ~10.52 cents, the indicative yield is:
10.52 ¢ ÷ S$1.98 × 100 = ~5.3% indicative yield
For context, here is how KDC’s yield looks at different share price scenarios:
| Share Price (SGD) | DPU (FY2026E) | Indicative Yield |
|---|---|---|
| S$1.70 | ~10.52¢ | 6.2% |
| S$1.85 | ~10.52¢ | 5.7% |
| S$1.98 (Nov 2026) | ~10.52¢ | ~5.3% |
| S$2.15 | ~10.52¢ | 4.9% |
| S$2.30 | ~10.52¢ | 4.6% |
Note: These are illustrative calculations only. Actual DPU varies and is not guaranteed. This is not a recommendation to buy or sell.
The 5.3% indicative yield from KDC is below the broader S-REIT average of around 6–7%, which reflects the premium investors place on KDC’s growth profile, structural demand from the AI and cloud computing boom, and its established track record. For income investors building passive income strategies in Singapore, KDC can play a role as a lower-yield, higher-growth data centre allocation within a diversified REIT portfolio.
How & When to Receive the Dividend
To receive each semi-annual distribution from Keppel DC REIT, you need to own the units before the ex-dividend date (ex-date). The process works as follows:
- Declaration Date: KDC announces the DPU amount and declares the distribution (typically with the half-year results announcement)
- Ex-Dividend Date (Ex-Date): You must own KDC units before this date to qualify for the distribution
- Books Closure Date: The share registry is closed to record eligible unitholders
- Payment Date: Distributions are credited to your CDP account (or brokerage account for custodian-held units), typically 4–6 weeks after the ex-date
Typical KDC Distribution Calendar
| Period | Results Announced | Approximate Ex-Date | Approximate Payment |
|---|---|---|---|
| H1 (Jan–Jun) | July/August | August | September/October |
| H2 (Jul–Dec) | January/February | February | March/April |
Exact dates vary each year. Always verify the official ex-date and books closure date from SGX corporate announcements before trading.
Important: In Singapore’s T+2 settlement system, you must purchase KDC units at least two business days before the ex-date to be on record as an eligible unitholder. Buying on or after the ex-date will not entitle you to that round of distribution.
Is KDC’s DPU Sustainable?
This is the most important question for income investors. Here are the key factors that support — and threaten — Keppel DC REIT’s dividend sustainability:
Factors Supporting DPU Growth
- Structural demand from AI and cloud computing: Data centres are essential infrastructure for AI model training, cloud services, and enterprise IT. Demand is expected to grow at high single digits annually through 2030, underpinning stable or rising rental income for KDC.
- Long-dated leases with built-in escalation: KDC’s data centres are typically leased on 7–15 year terms with annual rent escalation clauses (often CPI-linked or fixed at 2–3%). This provides high income visibility and reduces downside risk.
- Strong occupancy: KDC has historically maintained occupancy above 93% across its global portfolio, minimising income leakage from vacant space.
- Post-rights recovery trajectory: The FY2024 DPU dip was a one-off dilution from the rights issue. The new data centre assets acquired have contributed to DPU recovery in FY2025, and the trend appears set to continue in FY2026.
Risks to Watch
- Interest rate sensitivity: As at H1 FY2026, KDC’s aggregate leverage (gearing) was approximately 36–38%, below the MAS 50% limit but sensitive to refinancing costs. Rising rates increase borrowing costs, which can compress distributable income.
- Forex exposure: A portion of KDC’s income is in Euros (from European data centres), Australian dollars and Japanese yen. A stronger SGD reduces the SGD-equivalent DPU from overseas assets. KDC uses currency hedging to manage this.
- Capital recycling dilution risk: Large acquisitions requiring further rights issues or private placements could dilute per-unit distributions, as seen in FY2024.
On balance, KDC’s DPU sustainability is underpinned by structural tailwinds, long lease terms and recovering post-rights income. The 10-year growth streak (before the FY2024 rights issue dip) demonstrates management’s commitment to growing distributions. We explore the full valuation case in our Keppel DC REIT 2026 complete guide.
KDC vs Peers: Dividend Yield Comparison
How does Keppel DC REIT’s ~5.3% yield compare to other large-cap S-REITs? The chart below shows the indicative distribution yield for KDC and five S-REIT peers as at November 2026:
| REIT | Ticker | Sub-sector | Indicative Yield (Nov 2026) |
|---|---|---|---|
| Keppel DC REIT | AJBU | Data Centres | ~5.3% |
| CapLand Ascendas REIT | A17U | Industrial / Logistics | ~6.3% |
| Mapletree Industrial Trust | ME8U | Industrial / Data Ctrs | ~6.0% |
| Mapletree Logistics Trust | M44U | Logistics | ~6.5% |
| ParkwayLife REIT | C2PU | Healthcare | ~3.9% |
| Frasers Logistics Trust | BUOU | Industrial / Logistics | ~6.8% |
Source: SGX, company filings | Indicative yields as at November 2026, based on trailing/estimated DPU | Not investment advice
KDC’s yield is below peers like CapLand Ascendas and Mapletree Logistics, but above ParkwayLife (which is prized for its inflation-linked rent escalation). The yield premium of CLAR and MLT partly reflects their higher gearing and exposure to economic cycles. KDC’s data centre premium pricing reflects strong growth visibility. For a broader view, see our analysis of the best S-REITs in Singapore 2026.
Where to Buy KDC REIT in Singapore
Keppel DC REIT (SGX: AJBU) is listed on the SGX Main Board and can be purchased through any SGX-authorised broker. Here are the main options for Singapore investors:
- IBKR (Interactive Brokers): Low commissions (from 0.08% or S$2.50 minimum), suitable for active investors. Use our IBKR referral code for account opening benefits.
- FSMOne: Popular with CPF investors. Allows CPFIS-OA investing in SGX-listed REITs including KDC. Commission is 0.08% or S$10 minimum. See our FSMOne referral code for the latest offers.
- Syfe: For a hands-off approach, Syfe’s REIT+ and Income+ portfolios may include data centre REITs. Use our Syfe referral code SRPRFFFCD for a fee waiver on your first few months.
- Endowus: Invest via CPF OA or SRS in Endowus’s professionally managed income funds that include S-REITs. See our Endowus referral code 2V343 for account opening cash rewards.
All stated fees are for reference only and may change. Please verify current fees directly with each broker before transacting.
Frequently Asked Questions
When does Keppel DC REIT pay its dividend?
Keppel DC REIT distributes income semi-annually. The H1 distribution (covering January to June) is typically paid in September or October, while the H2 distribution (covering July to December) is typically paid in March or April. Exact dates are announced with the half-year results, usually in late July or early August for H1, and late January or early February for H2.
What is Keppel DC REIT's current yield?
As at November 2026, Keppel DC REIT (AJBU) trades at approximately S$1.98 per unit. Based on the estimated FY2026 annual DPU of approximately 10.52 cents, the indicative yield is around 5.3%. This can fluctuate daily with the share price. Always calculate yield based on the latest share price and most recent declared DPU from SGX announcements.
Is Keppel DC REIT's dividend taxable in Singapore?
For Singapore individual investors, distributions from Singapore-listed REITs are generally exempt from Singapore income tax at the unitholder level, as the REIT has already paid tax at the trust level. However, tax treatment varies for corporate investors, foreign investors, and those holding KDC in CPF or SRS accounts. We recommend consulting a qualified tax professional for your specific situation.
Why did KDC's DPU drop in FY2024?
Keppel DC REIT completed a large rights issue in 2023–2024 that raised approximately S$783 million to fund new data centre acquisitions. The rights issue increased the total number of units outstanding (169 new units for every 1,000 existing units at S$2.10 each). With a larger unit base but the new assets initially in a ramp-up phase, the DPU per unit fell from 10.17 cents (FY2023) to 9.63 cents (FY2024). This is a temporary dilution effect common with rights-funded acquisitions. DPU recovered to 10.09 cents in FY2025 as the new data centres contributed fully.
How do I receive Keppel DC REIT distributions?
If you hold KDC units in your CDP (Central Depository) account, distributions are automatically credited to your CDP-linked bank account. If you hold KDC through a custodian broker (e.g. FSMOne, Syfe, IBKR), distributions are credited to your brokerage cash account. You must purchase units before the ex-dividend date to be eligible for that round of distribution. With Singapore’s T+2 settlement, buy at least two business days before the ex-date.
Can I invest in Keppel DC REIT using CPF or SRS?
Yes. Keppel DC REIT is included in the CPF Investment Scheme (CPFIS), which means Singapore investors can use their CPF OA (Ordinary Account) savings to purchase KDC units through CPFIS-approved brokers such as FSMOne or Phillip Capital. KDC can also be purchased with SRS (Supplementary Retirement Scheme) funds through major banks and brokerages. Note that CPF investment rules and eligible instruments can change — verify with CPF Board for current eligibility.
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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.
