Digital Core REIT's 3QY24 Result Review
Basic Profile & Key Statistics
Key Indicators
Performance Highlight
Gross revenue declined slightly YoY. NPI and income available for distribution experienced a significant decline due to the absence of one-off income in 3Q2023, along with higher property expenses and financing costs.
Rental Reversion
Rental reversion for 3Q stands at 10.5%.
Acquisition
On 6 September 2024, DCR exercised its option to acquire additional interest in the Frankfurt Facility. The actual amount of interest to be acquired will be determined and announced at a later date.
Related Parties Shareholding
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REIT Sponsor's Shareholding: Favorable
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REIT Manager's Shareholding: Favorable
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Directors of REIT Manager's Shareholding: Less Favorable
Lease Profile
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Occupancy: Moderate
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WALE: Moderate
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Highest Lease Expiry in 4 Years: Favorable
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Weighted Average Land Lease Expiry: Favorable
Debt Profile
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Gearing Ratio: Moderate
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Cost of Debt: Moderate
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Fixed Rate Debt %: Favorable
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Unsecured Debt %: Favorable
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WADM: Moderate
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Highest Debt Maturity in 4 Years: Favorable
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Interest Coverage Ratio: Favorable
Diversification Profile
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Top Geographical Contribution: Favorable
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Top Property Contribution: Less Favorable
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Top 5 Properties' Contribution: Less Favorable
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Top Tenant Contribution: Less Favorable
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Top 10 Tenants' Contribution: Less Favorable
Key Financial Metrics
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Property Yield: Less Favorable
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Management Fees over Operating Distributable Income: Less Favorable
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Operating Distributable Income on Capital: Moderate
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Operating Distributable Income Margin: Moderate
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Operating Distribution Proportion: Less Favorable
DPU Breakdown
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TTM Distribution Breakdown:82.7% from Operation17.3% from Management Fees Paid in Units
Trends (Up to 10 Years)
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Uptrend: Operating Distributable Income over Manager's Fees, Operating Distributable Income Margin
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Flat: Operating Distributable Income on Capital
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Slight Downtrend: Committed Occupancy
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Downtrend: DPU from Operations, NAV per Unit, Adjusted Interest Coverage Ratio, Property Yield, Operating Distribution Proportion
Price Range & Relative Valuation Metrics
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Dividend Yield: Average for 1y & 3y
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P/NAV: Average for 1y & 3y
Author's Opinion
The performance is similar to the previous quarter. For debt, there is no debt maturity until 2027.
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