Digital Core REIT reports 1Q22 net property income beat IPO forecast

Digital Core REIT's property at 3015 Winona Avenue, Los Angeles, California, in the U.S. Credit: Digital Core REITDigital Core REIT's property at 3015 Winona Avenue, Los Angeles, California, in the U.S. Credit: Digital Core REIT

Digital Core REIT reported Thursday its first quarter net property income came in at US$17.87 million, 6.9 percent above the forecast from its initial public offering (IPO) prospectus.

Revenue for the January-to-March period was US$26.46 million, 0.1 percent below the IPO forecast, the REIT said in a filing to SGX.

The distributable income for the first quarter was US$12.11 million, up 1.9 percent from the IPO forecast, the filing said.

In its portfolio update, Digital Core REIT said: “Over the last twelve months, Digital Realty has leased 19 MW in Toronto, absorbing substantially all its existing available capacity.”

Occupancy for the portfolio is at 100 percent based on net rentable square feet, the REIT said.

Read more details of Digital Core REIT’s first quarter update.