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With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

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Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

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 <div class='content-caption'>Keppel Group of S-REITs – Summary of Full Year Results</div>
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As at last Friday (Jan 28), 12 S-Reits have reported their full year financial results for the period ended Dec 31, 2021.

The majority reported a year-on-year (yoy) increase in full year distribution per unit (DPU). 
Among them, all three S-REITs under the Keppel Group - Keppel DC REIT, Keppel REIT and Keppel Pacific Oak US REIT - have announced their full year 2021 financial results last week. 
Keppel DC Reit (KDCReit) declared a DPU of 9.851 Singapore cents for FY 2021, a 7.4 per cent increase from 9.170 cents in FY 2020.

This was on the back of a 9.4 per cent y-o-y increase in FY 2021 distributable income, supported by contributions from new data centre acquisitions in Germany, the Netherlands and Australia, as well as the completion of asset enhancement initiatives in Dublin and Singapore.

Looking ahead, the Reit noted that it may also look to potentially acquire assets from its sponsor and Keppel's private data centre fund, which have more than S$2 billion of assets under management and development. 
Keppel Reit declared full year FY2021 DPU of 5.82 Singapore cents, representing an increase of 1.6 per cent year on year.

The Reit noted that the growth in distribution was due mainly to full-year contribution from Victoria Police Centre and Pinnacle Office Park, in Australia, which were added to the portfolio in FY 2020, as well as Keppel Bay Tower, in Singapore, which was acquired in May 2021.

However, the increase was partially offset by the impact of the divestment of 275 George Street, Australia, in July 2021 and lower occupancies in some buildings.

Keppel Pacific Oak US Reit's (KORE) FY 2021 distributable income increased 6.5 per cent year on year, bringing its full year DPU to 6.34 US cents, an increase of 1.8 per cent year on year.

KORE attributed its stronger performance to several factors, including contributions from new acquisitions during the year, as well as positive rental reversions and built-in annual rental escalations across the portfolio.

All three S-Reits under the Keppel Group have made commitments to maintain a sustainable portfolio, guided by the 3 key themes under their sustainability framework - environmental stewardship, responsible business, and people and community.

In particular, KDCReit aims to introduce renewable energy to at least 50 per cent of its colocation assets by 2030, as well as encourage the use of renewable energy at all other portfolio assets.

Keppel Reit 's Keppel Bay Tower, 8 Exhibition Street and Victoria Police Centre are already fully powered by renewable energy while its 8 Exhibition Street asset has achieved carbon neutrality.

All 3 S-Reits also target to achieve at least 20 hours of training hours per employee and contribute to Keppel Capital's target of more than 500 hours of staff volunteerism in 2022.  REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/real-estate/keppel-groups-s-reits-average-36-dpu-growth-for-fy2021"> read</a><a href="https://www.businesstimes.com.sg/companies-markets/full-steam-ahead-for-s-reits-earnings-season"> </a>the original version.
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    Keppel Group of S-REITs – Summary of Full Year Results


As at last Friday (Jan 28), 12 S-Reits have reported their full year financial results for the period ended Dec 31, 2021.

The majority reported a year-on-year (yoy) increase in full year distribution per unit (DPU).  
Among them, all three S-REITs under the Keppel Group - Keppel DC REIT, Keppel REIT and Keppel Pacific Oak US REIT - have announced their full year 2021 financial results last week.  
Keppel DC Reit (KDCReit) declared a DPU of 9.851 Singapore cents for FY 2021, a 7.4 per cent increase from 9.170 cents in FY 2020.

This was on the back of a 9.4 per cent y-o-y increase in FY 2021 distributable income, supported by contributions from new data centre acquisitions in Germany, the Netherlands and Australia, as well as the completion of asset enhancement initiatives in Dublin and Singapore.

Looking ahead, the Reit noted that it may also look to potentially acquire assets from its sponsor and Keppel's private data centre fund, which have more than S$2 billion of assets under management and development.  
Keppel Reit declared full year FY2021 DPU of 5.82 Singapore cents, representing an increase of 1.6 per cent year on year.

The Reit noted that the growth in distribution was due mainly to full-year contribution from Victoria Police Centre and Pinnacle Office Park, in Australia, which were added to the portfolio in FY 2020, as well as Keppel Bay Tower, in Singapore, which was acquired in May 2021.

However, the increase was partially offset by the impact of the divestment of 275 George Street, Australia, in July 2021 and lower occupancies in some buildings.

Keppel Pacific Oak US Reit's (KORE) FY 2021 distributable income increased 6.5 per cent year on year, bringing its full year DPU to 6.34 US cents, an increase of 1.8 per cent year on year.

KORE attributed its stronger performance to several factors, including contributions from new acquisitions during the year, as well as positive rental reversions and built-in annual rental escalations across the portfolio.

All three S-Reits under the Keppel Group have made commitments to maintain a sustainable portfolio, guided by the 3 key themes under their sustainability framework - environmental stewardship, responsible business, and people and community.

In particular, KDCReit aims to introduce renewable energy to at least 50 per cent of its colocation assets by 2030, as well as encourage the use of renewable energy at all other portfolio assets.

Keppel Reit 's Keppel Bay Tower, 8 Exhibition Street and Victoria Police Centre are already fully powered by renewable energy while its 8 Exhibition Street asset has achieved carbon neutrality.

All 3 S-Reits also target to achieve at least 20 hours of training hours per employee and contribute to Keppel Capital's target of more than 500 hours of staff volunteerism in 2022.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Keppel Group's S-Reits average 3.6% DPU growth for FY2021