Darren Chan has given his Hold rating due to a combination of factors impacting Keppel DC REIT. The REIT met expectations for its FY24 distribution per unit (DPU), seeing significant rental reversions and contributions from newly acquired properties. However, these positives were partially offset by losses from the Guangdong data centers and depreciation of foreign currencies against the Singapore dollar. Despite maintaining a high occupancy rate and a stronger balance sheet with improved leverage, the REIT faces challenges, including non-collection of rental income from certain properties. While there are strong rental reversions expected for upcoming lease renewals, the current trading yield and external economic factors suggest maintaining a neutral stance. The target price adjustment reflects these mixed dynamics, leading to the Hold recommendation.