Digital Core REIT has reported a distributable income attributable to unitholders of US$10.9 million for 1QFY2093 ended March, down 10% y-o-y from US$12.1 million recorded for 1QFY2022.
Revenue in the same period was US$26.78 million, up 1.2% y-o-y.
Digtal Core REIT owns a portfolio of 11 data centres in locations largely in the US and Canada, but also one at Frankfurt.
The REIT's bottomline was weighed down by sharply higher finance costs. From US$1.26 million incurred for 1QFY2022, this shot up to US$5.4 million for 1QFY2023. The REIT's tax expense, too, doubled to US$3.4 million.
The portfolio, valued at US$1.58 billion, has a weighted average lease expiry of 4.2 years and is 97% occupied as at March 31.
The REIT's net asset value per unit, as at March 31 was 81 US cents. Its unit price in recent weeks has been weighed down by reports of its data centre customers in financial woes.
In its business update, Digital Core REIT says it is trying to backfill the remaining vacant space at its Toronto asset. it is also trying to lower existing vacancy at its Frankfurt asset.
Year to date, Digital Core REIT units are down by more than half to close at 45 US cents on April 26.
