Digital Core REIT NPI reaches $91m in FY22

Its portfolio occupancy is at 96% as of January 2023.

Digital Core REIT report a net property income of $91m (US$69.4m) for the financial year 2022, a 3.8% increase from its forecast of $87.7m (US66.9m).

In a statement, it said its gross revenue was also up by 1.7% from its forecast to $141.3m (US$107.7m), and a distribution per unit of $0.052 (US$0.0398), which is down by 4.8% from the forecast.

John Stewart, CEO of Digital Core REIT Management, said the company delivered “solid results” despite a rapidly evolving environment.

“We successfully completed the acquisition of a 25% interest in a state-of-the-art freehold facility in Frankfurt and we repurchased units at a deep discount to NAV, generating meaningful accretion for Unitholders,” Stewart said.

“We remain focused on leasing up vacancy, proactively managing controllable costs and investing accretively to continue to create sustainable value for Unitholders,” he added.

The REIT’s portfolio was also 98% leased as of 31 December 2022, with the weighted average lease expiration of around 4.5 years.

It noted that a customer occupying around 37,000 net rentable square feet in Toronto filed for bankruptcy protection in April 2022 and vacated on 1 January 2023. This brings the company’s occupancy to 96%.

The REIT executed a short-term lease agreement with an investment grade cloud service provider that covers 50% of the bankrupt customer’s rental obligation.

US$1 = S$1.31

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia