Keppel DC REIT
Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate and assets necessary to support the digital economy… Read more
Keppel DC REIT (KPDCF) - Net Assets
Latest net assets as of December 2025: $4.23 Billion USD
Based on the latest financial reports, Keppel DC REIT (KPDCF) has net assets worth $4.23 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($6.88 Billion) and total liabilities ($2.65 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $4.23 Billion |
| % of Total Assets | 61.47% |
| Annual Growth Rate | 17.92% |
| 5-Year Change | 81.11% |
| 10-Year Change | 293.91% |
| Growth Volatility | 15.31 |
Keppel DC REIT - Net Assets Trend (2015–2025)
This chart illustrates how Keppel DC REIT's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Keppel DC REIT (2015–2025)
The table below shows the annual net assets of Keppel DC REIT from 2015 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $4.23 Billion | +23.44% |
| 2024-12-31 | $3.43 Billion | +45.58% |
| 2023-12-31 | $2.35 Billion | -4.19% |
| 2022-12-31 | $2.46 Billion | +5.19% |
| 2021-12-31 | $2.34 Billion | +17.83% |
| 2020-12-31 | $1.98 Billion | +4.19% |
| 2019-12-31 | $1.90 Billion | +28.90% |
| 2018-12-31 | $1.48 Billion | +32.20% |
| 2017-12-31 | $1.12 Billion | +3.97% |
| 2016-12-31 | $1.07 Billion | +32.01% |
| 2015-12-31 | $813.49 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Keppel DC REIT's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 87905800000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $879.06 Million | 21.09% |
| Other Components | $3.29 Billion | 78.91% |
| Total Equity | $4.17 Billion | 100.00% |
Keppel DC REIT Competitors by Market Cap
The table below lists competitors of Keppel DC REIT ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Ideaya Biosciences Inc
NASDAQ:IDYA
|
$2.65 Billion |
|
China International Marine Containers (Group) Co. Ltd
F:OCM
|
$2.65 Billion |
|
CCR S.A
SA:CCRO3
|
$2.66 Billion |
|
Sunrun Inc
NASDAQ:RUN
|
$2.66 Billion |
|
Zhengzhou Coal Mining Machinery Group Company Limited
F:ZGC
|
$2.65 Billion |
|
Materion Corporation
NYSE:MTRN
|
$2.65 Billion |
|
Mianyang Fulin Precision Machining Co Ltd
SHE:300432
|
$2.65 Billion |
|
Cinemark Holdings Inc
NYSE:CNK
|
$2.65 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Keppel DC REIT's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 3,372,016,000 to 4,168,455,000, a change of 796,439,000 (23.6%).
- Net income of 427,820,000 contributed positively to equity growth.
- Dividend payments of 203,994,000 reduced retained earnings.
- New share issuances of 489,460,000 increased equity.
- Other factors increased equity by 83,153,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $427.82 Million | +10.26% |
| Dividends Paid | $203.99 Million | -4.89% |
| Share Issuances | $489.46 Million | +11.74% |
| Other Changes | $83.15 Million | +1.99% |
| Total Change | $- | 23.62% |
Book Value vs Market Value Analysis
This analysis compares Keppel DC REIT's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.78x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 1.11x to 0.78x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2020-12-31 | $1.19 | $1.33 | x |
| 2021-12-31 | $1.34 | $1.33 | x |
| 2022-12-31 | $1.40 | $1.33 | x |
| 2023-12-31 | $1.34 | $1.33 | x |
| 2024-12-31 | $1.53 | $1.33 | x |
| 2025-12-31 | $1.71 | $1.33 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Keppel DC REIT utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.26%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 96.93%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 1.65x
- Recent ROE (10.26%) is above the historical average (8.66%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2015 | 12.84% | 101.91% | 0.08x | 1.49x | $23.11 Million |
| 2016 | 4.74% | 51.38% | 0.06x | 1.47x | $-56.42 Million |
| 2017 | 5.99% | 46.91% | 0.08x | 1.62x | $-43.75 Million |
| 2018 | 9.82% | 80.83% | 0.08x | 1.56x | $-2.60 Million |
| 2019 | 5.70% | 54.67% | 0.07x | 1.57x | $-80.30 Million |
| 2020 | 8.65% | 63.32% | 0.08x | 1.72x | $-26.31 Million |
| 2021 | 13.68% | 115.71% | 0.07x | 1.65x | $84.33 Million |
| 2022 | 9.56% | 83.26% | 0.07x | 1.70x | $-10.51 Million |
| 2023 | 5.13% | 42.15% | 0.07x | 1.73x | $-112.57 Million |
| 2024 | 8.92% | 96.90% | 0.06x | 1.64x | $-36.53 Million |
| 2025 | 10.26% | 96.93% | 0.06x | 1.65x | $10.97 Million |
Industry Comparison
This section compares Keppel DC REIT's net assets metrics with peer companies in the REIT - Office industry.
Industry Context
- Industry: REIT - Office
- Average net assets among peers: $1,287,555,700
- Average return on equity (ROE) among peers: 2.47%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Keppel DC REIT (KPDCF) | $4.23 Billion | 12.84% | 0.63x | $2.65 Billion |
| Allied Properties Real Estate Investment Trust (APYRF) | $215.70 Million | 3.58% | 1.33x | $973.59 Million |
| Alexandria Real Estate Equities Inc (ARE) | $1.58 Billion | 5.93% | 1.94x | $7.61 Billion |
| Brandywine Realty Trust (BDN) | $1.69 Billion | 2.03% | 1.41x | $496.31 Million |
| BTB Real Estate Investment Trust (BTBIF) | $248.95 Million | 11.32% | 2.06x | $199.14 Million |
| Boston Properties Inc (BXP) | $3.00 Billion | 14.79% | 1.81x | $7.87 Billion |
| COPT Defense Properties (CDP) | $1.68 Billion | 4.55% | 1.53x | $3.58 Billion |
| City Office (CIO) | $772.63 Million | -0.35% | 0.96x | $2.76 Million |
| CLS Holdings plc (CLIHF) | $929.20 Million | -26.88% | 1.33x | $263.93 Million |
| Creative Media & Community Trust Corporation (CMCT) | $42.90 Million | 0.00% | 0.01x | $114.98K |
| Cromwell Property Group (CMWCF) | $2.71 Billion | 9.71% | 0.86x | $445.64 Million |