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Digital Core REIT reports 1QFY2024 distributable income of US$10.6 mil, 2.4% lower y-o-y

Felicia Tan
Felicia Tan • 1 min read
Digital Core REIT reports 1QFY2024 distributable income of US$10.6 mil, 2.4% lower y-o-y
A Digital Core REIT asset in the US. Photo: DCREIT
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The manager of Digital Core REIT has reported revenue of US$24.6 million ($33.5 million) for the 1QFY2024 ended March 31, 8.2% lower y-o-y.

Net property income (NPI) also fell by 9.5% y-o-y to US$15.8 million due to the lower revenue and higher property expenses.

Adjusted NPI, which excludes the contribution from 2401 and 2403 Walsh for the 1QFY2024 and 1QFY2023, increased by 3.9% y-o-y to $15.9 million.

Profit for the period rose by 15.7% y-o-y to US$10.1 million due to other income of US$4.9 million where there were none in the year before and lower tax expense.

Net profit attributable to unitholders – or earnings – increased by 21.4% y-o-y to US$8.7 million.

After distribution adjustments, distributable income fell by 2.4% y-o-y to US$10.6 million.

See also: Cordlife posts net loss of $11.57 mil for 1QFY2024 due to refund fulfilment

As at March 31, the REIT’s net asset value (NAV) per unit stood at 67 US cents, 2.9% lower y-o-y.

Portfolio occupancy for the same period stood at 95% while weighted average lease expiry (WALE) stood at 2.8 years.

The REIT’s assets under management (AUM) as at March 31 stood at US$1.4 billion. Its aggregate leverage stood at 35.1% with an interest coverage ratio of 3.2 times.

Units in Digital Core REIT closed flat at 61 US cents on April 24.

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