Digital Core REIT's net property income drops 9.5% in 1Q24

Distributable income also declined, dropping 2.4%.

Real estate firm Digital Core REIT saw its net property income fall 9.5% YoY to $21.49m (US$15.79m) in the 1Q24.

Its revenue also fell 8.2% YoY to $33.45m (US$24.58m) in the same period.

The decline impacted Digital Core REIT’s distributable income, which fell 2.4% to $14.47m (US$10.63m). Its assets under management stood at $1.905b (US$1.4b), and occupancy remained at 95%.

ALSO READ: Digital Core REIT issues new units under private placement at US$0.6250 each

In 1Q24, Digital Core REIT acquired an additional 10% interest in the Osaka data centre and signed an agreement to purchase an extra 24.9% in the Frankfurt Facility.

It expects to generate a combined 5.6% DPU accretion. 

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