How I Actually Read a Financial Report (Using a REIT That's Failing One Number 🦖
How I Actually Read a Financial Report (Using a REIT That's Failing One Number 🦖
🔍 The Angle
Keppel DC REIT’s 1H 2026 DPU rose 11.3% to 5.714 cents, yet portfolio occupancy slipped to 92.5% from 95.6% last quarter. The gap comes from one asset: the Cardiff data centre in the UK is now vacant, dragging the headline even though 95% of revenue-generating power capacity remains contracted.
💰 What It Means For You
For CPF and SRS investors, the balance sheet still clears: gearing at 34.0% and ICR at 6.9x leave real headroom, but the 92.5% occupancy sits 2.5 percentage points below a 95% floor for prime assets. Iggy’s Forensic Zone: Zone 4, Caution. Watch for a Cardiff re-leasing update before assuming the yield fully reflects the risk.
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