The keppel dc reit share price closed at S$2.31 in early September 2026. Mapletree Industrial Trust (ME8U) traded at S$1.97. Both carry exactly 34.0% gearing. Beyond that number, the two REITs diverge considerably.

KDC REIT holds 23 data centres across Singapore, Europe, Malaysia and China — a pure-play with 1H2026 DPU up 11.3% year-on-year. MIT owns 136 properties: 79 in Singapore and 55 in North America (including 13 data centres via a JV), plus assets in Japan. Data centres account for 57% of MIT’s AUM, but the rest is flatted factories and hi-tech industrial space.

The choice between them comes down to one trade-off: higher current yield (MIT at ~6.5%) versus stronger DPU growth (KDC REIT at +11.3% in 1H2026). This article sets out the data so you can decide which fits your portfolio. It is not financial advice.

For full deep-dives, see the KDC REIT 2026 investor guide and the MIT 2026 investor guide on this site.

Quick Comparison at a Glance

All figures are sourced from SGX company filings and announcements as at September 2026.

Keppel DC REIT (AJBU) 2026 Overview

KDC REIT listed on SGX in December 2014 as Singapore’s first listed data centre REIT. It holds 23 data centres across Singapore, Australia, Europe, Malaysia and China — a purely data-centre-focused portfolio.

1H2026 distributable income rose 18.5% year-on-year to S$150.67 million. Revenue increased 14.5% to S$242.05 million. DPU came in at 5.714¢ for the half — up 11.3% from the 5.132¢ paid in 1H2025. The annualised DPU run-rate sits at approximately 11.4¢.

Portfolio occupancy was 92.5% as at 30 June 2026, reflecting one contract expiry at Cardiff Data Centre. Around 95% of the portfolio’s power capacity was contracted. KDC REIT completed the acquisition of Tokyo Data Centre 3 and the remaining interests in Keppel DC Singapore 3 and 4 during the period — both fuelled the revenue uplift.

For the full analysis, see the KDC REIT price and valuation guide 2026.

DPU History and Distribution Yield

The two REITs tell opposite DPU stories over the past 12 months. KDC REIT grew its 1H2026 DPU by 11.3%. MIT’s full-year DPU fell 6.3% to 12.71¢ — driven largely by the absence of the prior year’s divestment gain and softer North American occupancy.

On a trailing yield basis, MIT wins at ~6.5% versus KDC REIT’s ~4.9%. On a DPU growth basis, KDC REIT is the clear leader.

KDC REIT has grown its annual DPU from roughly 8.60¢ in FY2021 to an annualised run-rate of ~11.4¢ heading into 2H2026 — a compound annual growth of roughly 7.3% over five years. MIT’s DPU hovered between 13.36¢ and 13.64¢ from FY2021/22 to FY2024/25 before declining in FY2025/26.

For investors prioritising income stability and yield today, MIT has the edge. For those willing to accept a lower starting yield in exchange for growth, KDC REIT’s trajectory is more compelling.

Gearing and Financial Health

Both REITs carry identical aggregate leverage of 34.0% as at mid-2026 — comfortably below the MAS regulatory limit of 50%. This is the one metric where the comparison is genuinely a draw.

KDC REIT maintained 34.0% gearing despite completing two acquisitions in 1H2026. That signals strong cash flow generation and disciplined capital management. MIT’s gearing fell 3.2 percentage points quarter-on-quarter after deploying S$300 million of perpetual securities proceeds to repay borrowings — a meaningful deleveraging step.

The perpetual securities coupon of 3.25% is below MIT’s weighted average cost of debt, which is net positive for distributions. However, perpetual securities are excluded from gearing calculations under MAS rules — investors should account for them as quasi-debt when assessing balance sheet risk.

On interest rate sensitivity: KDC REIT has a higher proportion of fixed-rate debt, providing more protection in a volatile rate environment. MIT’s floating rate exposure is a mild negative if rates remain elevated post-FOMC (September 17-18, 2026).

Which Data Centre REIT Suits You?

Neither REIT is a bad choice. The decision depends on what you are trying to achieve.

If your priority is income now, MIT’s 6.5% yield is 160 basis points above KDC REIT’s 4.9%. That gap compounds meaningfully over five years if you are reinvesting distributions. The diversified industrial portfolio also means MIT is less exposed to a single-sector correction.

If your priority is DPU growth and analyst-backed upside, KDC REIT’s +11.3% 1H2026 DPU growth — with a pure-play data centre portfolio riding AI infrastructure demand — makes it the stronger growth candidate. The consensus target of S$2.62 suggests 13% capital upside, above MIT’s implied 6.5%.

A third option is to hold both. KDC REIT provides growth; MIT provides yield. Together they cover the full data centre exposure in the Singapore S-REIT market without taking a binary bet. See the retirement planning calculator to model how different yield and growth combinations affect your projected passive income target.

This is not financial advice. Past DPU trends do not guarantee future distributions. Always read the latest SGX filings and consult a licensed financial adviser if in doubt.

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