Digital Core REIT - DBS Research 2024-04-25: Back On Track To Deliver Stable Earnings

• Digital Core REIT (DCREIT, SGX:DCRU)'s 1Q24 revenues increased by ~7.5%, and NPI recorded an impressive increase of 31.1% q-o-q. This notable rise in NPI was primarily attributed to the full quarter's contribution from the initial 10% stake acquired in the Osaka DC (which was completed in November 2023) as well as one-off adjustments recognised in the previous quarter.

1Q24 distributable income increased 6.5% q-o-q to US$10.6m.

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Operating metrics remain stable.

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• Recently, Digital Core REIT renewed two major leases at the Frankfurt DC for an average term of approximately five years, achieving an average positive rental reversion of +2.0%.
• Looking ahead, the bulk of the 26% of lease expiries remaining in FY24 will be attributed to the lease expiries at the two LA properties. Despite this, Digital Core REIT remains confident in maintaining at least a 50% occupancy rate at the two LA properties, even when the master lease with Brookfield expires in September 2024.

Healthy balance sheet with debt headroom to embark on future initiatives.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-07-24 Digital Core REIT - Organic Growth To Bridge The Gap At Linton Hall.

Previous report by DBS:
2025-04-24 Digital Core REIT - Sustained Leasing Momentum In The US.

Price targets by other brokers at Digital Core REIT Target Prices.

Listing of research reports at Digital Core REIT Analyst Reports.

Relevant links:
Digital Core REIT Share Price History,
Digital Core REIT Announcements,
Digital Core REIT Dividend Payout Dates & Corporate Actions,
Digital Core REIT News