Digital Core REIT has reported a lower distributable income of US$31.5 million ($43.21 million) for the 9MFY2023 ended September, 8.5% down from the US$34.4 million reported in the same period a year before.
During the period, the REIT reported revenue of US$79.7 million, 1.2% lower y-o-y from US$80.7 million the year before.
The REIT’s net property income (NPI) for the 9MFY2023 also fell by 3.7% y-o-y to US$51 million from US$53 million in the same period a year before. But this figure was a 2.2% increase from the REIT’s 9MFY2023 forecast of US$49.9 million.
Profit for the period came in 33.9% lower y-o-y at US$22.1 million from US$33.4 million in the same period a year before.
Likewise, net profit attributable to unitholders dropped by 38.9% y-o-y to US$17.4 million in 9MFY2023 from US$28.5 million in the same period a year before.
As at Sept 30, Digital Core REIT reported a portfolio occupancy of 97%, based on net rentable square feet. The REIT notes that on June 4, its second-largest customer filed for bankruptcy protection.
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The REIT’s weighted average lease expiry (WALE) for the 9MFY2023 is 3.6 years as at Sept 30.
For this period, the REIT has a 72% fixed rate debt, and its weighted average debt maturity is 3.2 years. It has a total of US$506 million of total outstanding debt, with a 34.4% aggregate leverage. Its average cost of debt stands at 5.1%, with a 3.3 times interest coverage ratio.
Its net asset value (NAV) per unit stood at 80 US cents as at Sept 30.
Units in Digital Core REIT closed 0.3 US cents lower or 5.88% down on Oct 26 at 48 US cents.
