Digital Core REIT - DBS Research 2026-02-05: Sustained Earnings Despite A Challenging Year

• Digital Core REIT (SGX:DCRU)'s gross revenue and NPI grew sharply y-o-y in FY25, led by acquisitions and consolidation of the Frankfurt DC. Gross revenue rose 72.2% y-o-y to US$176.2mil and NPI increased 43.5% to US$88.7mil, largely reflecting acquisitions and consolidation of the Frankfurt facility from December 2024.

DPU was stable y-o-y despite a higher unit base; ~3.4% ahead of our estimates.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

Portfolio occupancy dipped slightly on a q-o-q basis.

• The slight 70bps decline in portfolio occupancy rate q-o-q was mainly due to softer utilisation in Los Angeles, while core markets remained near-full. In-service occupancy was 97.3% in 4Q25 compared to 98.0% in 3Q25, with Frankfurt steady at 99.4% and Silicon Valley holding at 100%, offset by Los Angeles falling to 85.9% from 90.5% as 200 North Nash declined to 83.5% from 91.6%. we understand that Digital Core REIT is in discussions with a potential tenant to backfill the vacancies at higher rents.

Rental reversions remained robust.

• 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:
2026-04-23 Digital Core REIT 1Q26 Business Updates - Healthy Leasing Momentum With Strong Positive Rental Reversions.

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