REIT Watch - Data Centre S-REITs Stay Resilient on AI tailwinds

SGX

02/23

Pure-play Data Centre S-REITsNameStock CodeMarket Cap(S$B)Last PriceP/B RatioDividend Yield (%)Digital Core REIT USDDCRU0.9US$ 0.5250.76.9%Keppel DC REIT AJBU5.5S$ 2.261.34.6%NTT DC REIT USDNTDU1.3US$...

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Data Centre S-REITs Stay Resilient on AI tailwinds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-23 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.sgx.com/research-education/market-updates/20260223-reit-watch-data-centre-s-reits-stay-resilient-ai><strong>SGX</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Pure-play Data Centre S-REITsNameStock CodeMarket Cap(S$B)Last PriceP/B RatioDividend Yield (%)Digital Core REIT USDDCRU0.9US$ 0.5250.76.9%Keppel DC REIT AJBU5.5S$ 2.261.34.6%NTT DC REIT USDNTDU1.3US$...</p>\n\n<a href=\"https://www.sgx.com/research-education/market-updates/20260223-reit-watch-data-centre-s-reits-stay-resilient-ai\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999013460.SGD","symbol_name":"LionGlobal Singapore Dividend Equity Fund SGD","start_time":0,"source_url":"https://www.sgx.com/research-education/market-updates/20260223-reit-watch-data-centre-s-reits-stay-resilient-ai","article_id":"2613011270","we_media_id":null,"thumbnails":[],"rights":{"source":"sgx_stock","url":"https://www.sgx.com/research-education/market-updates/20260223-reit-watch-data-centre-s-reits-stay-resilient-ai","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2613011270","pubTimestamp":1771776000,"columns":[],"sourceInfo":{"source_id":"sgx_stock","name":"SGX"},"weMediaInfo":null,"summary":"Pure-play Data Centre S-REITsNameStock CodeMarket Cap(S$B)Last PriceP/B RatioDividend Yield (%)Digital Core REIT USDDCRU0.9US$ 0.5250.76.9%Keppel DC REITAJBU5.5S$ 2.261.34.6%NTT DC REIT USDNTDU1.3US$ ","collect":0,"end_time":0,"defaultTopTitle":"sgx.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999013460.SGD":"LionGlobal Singapore Dividend Equity Fund SGD","LU2238330802.EUR":"AZ EQUITY - 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It added that robust demand for both colocation and hyperscale DCs will continue to drive strong investor interest in 2026.Keppel DC REIT delivered a strong performance in FY2025, with distributable income (DI) growing 55.2 per cent year-on-year, while distribution per unit (DPU) rose 9.8 per cent to a record S$0.10381.This came on the back of 42.2 per cent growth in gross revenue, driven by S$1.1 billion of accretive acquisitions in Tokyo and Singapore, as well as higher contributions from contract renewals and escalations. The REIT launched a preferential offering last September to raise S$404.5 million to partially finance the acquisition of a Tokyo Data Centre.Keppel DC REIT’s rental income from hyperscalers rose to 69.3 per cent as at end December 2025 from 61.1 per cent a year ago. It also saw strong rental reversion of 45.0 per cent for the year and portfolio occupancy of 95.8 per cent. In terms of outlook, Keppel DC REIT’s manager noted that data centre growth will be fuelled by continued cloud adoption, rapid digitalisation and the scaling of AI workloads, and megatrends such as cloudification and agentic AI will support its efforts to create sustainable, long-term value for unitholders.DBS Group Research analyst Dale Lai noted that Keppel DC REIT’s earnings visibility will be supported by its high occupancy and weighted average lease expiry (WALE) of 6.7 years, while tailwinds from falling interest rates are expected to support lower financing costs. However, earnings growth may be partially offset by impending divestments, and a key swing factor would be how quickly capital from divestments can be recycled.  He has a “buy” rating on the REIT with a S$2.60 target price.DBS Group Research also has “buy” ratings on NTT DC REIT and Digital Core REIT with target prices of US$1.20 and US$0.70 respectively. Lai noted that Digital Core REIT has pipeline assets from its sponsor valued at more than US$15 billion, allowing it to potentially grow into the largest pure-play DC S-REIT.“Its healthy debt headroom provides it the financial flexibility to embark on further accretive acquisitions. We believe that once markets become more conducive for further acquisitions, Digital Core REIT will be able to grow further,” he said.Digital Core REIT reported stable DPU for FY2025, while distributable income grew 1.9 per cent, with its manager noting that favorable fundamentals have resulted in robust new and renewal leasing volume. During the year, the REIT signed leases representing $26 million of annualised rental revenue, with 31 per cent cash rental reversions. The REIT reached a 10-year agreement with an investment grade global cloud service provider to occupy its entire facility at Linton Hall in Virginia, at a 35 per cent increase over previous net rent. Meanwhile, NTT DC REIT – which listed on the SGX mainboard in July 2025 – reported stable performance which were in line with its IPO forecasts.  The REIT had 9-month revenue of US$106 million, up 1.7 per cent from its adjusted IPO forecast, while distributable income was up 0.4 per cent to US$36.3 million.The manager noted that leasing performance was driven by strong demand, with committed portfolio occupancy of 97.3 per cent, and 9.2 per cent rent reversion. The REIT is in advanced negotiations with a related-party tenant at its SG1 DC, with expectations of achieving meaningful rent reversion.NTT DC REIT has also been in discussions with its sponsor on a potential management fee structure change to enhance alignment with unitholders’ interest, with implementation targeted by 1H FY26/27.Retail investors have been net buyers of the three DC S-REITs with close to S$40 million net inflows for the year to Feb 19.For more research and information on Singapore’s REIT sector, visit sgx.com/research-education/sectors for the SREITs & Property Trusts Chartbook.REIT Watch is a regular column on The Business Times, read the original version.Enjoying this read?Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.Stay up-to-date with our SGX Invest Telegram channel.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}