A small, USD pure-play data-centre trust sponsored by Digital Realty — trading at a deep discount to book, with a high-quality but concentrated tenant base and a long history of customer-default drama.
Filing-sourced diligence — FY2025 (31 Dec 2025) + 1Q2026 update (31 Mar 2026). Every figure is tagged to its source; what the filings don't disclose is listed, not guessed.
A diligence-ready read assembled from Digital Core REIT's latest SGX filings: balance sheet, asset map, income durability, the concentration/structure most screeners skip, and the points investors usually miss.
Interactive map — drag to pan, use +/− to zoom; hover or tap a marker for the assets there. Bubble size = assets at that location; colour = type.
Concentrated in two metros — Northern Virginia (37%) and Frankfurt (25%) are ~62% of value across just 11 assets. FY2025 (31 Dec 2025) + 1Q2026 update (31 Mar 2026).
| Metric | Value | As of / source |
|---|---|---|
| Aggregate leverage | 39.0% | 1Q2026 (37.1% at FY2025) |
| Interest coverage (ICR) | 3.3x | 1Q2026 |
| Cost of debt | 3.5% | FY2025 (down from 3.9%) |
| % fixed / hedged | 80% | 1Q2026 (~85% at FY2025) |
| Weighted avg debt maturity | 3.5 yrs | 1Q2026 |
| Total debt | US$710m | 1Q2026 (100% unsecured) |
| Debt headroom (to 50%) | ~US$428m | 1Q2026 |
| Metric | Value | As of / source |
|---|---|---|
| Portfolio value | US$1.8B | FY2025–1Q2026 |
| Data centres | 11 | across 4 countries / 6 metros |
| Occupancy (in-service) | 97% | 1Q2026 (98% after Linton Hall) |
| WALE | 4.4 yrs | 1Q2026 (→5.5y after Linton Hall) |
| Net rentable area | ~1.2m sq ft | 2026 |
| Tenure | 100% freehold | 2026 |
| NAV per unit | US$0.79 | 1Q2026 |
Despite 120+ customers (up from 12 at IPO), a single Fortune-50 software tenant is ~30.5% of rent and the top 10 are ~86%. The trust has weathered TWO customer Chapter 11s — Sungard (2022) and Cyxtera (2023, then ~22% of revenue) — both now resolved.
| Tenant / metric | Share | As of |
|---|---|---|
| Top tenant (Fortune-50 software) | 30.5% | 1Q2026 |
| Top 10 customers | 86.4% | 1Q2026 |
| Customer count | 120+ | 1Q2026 (12 at IPO) |
| Investment-grade % of rent | ~80% | 1Q2026 (→82% post-Linton Hall) |
Sponsor: Digital Realty (NYSE: DLR), the world's largest data-centre owner-operator (300+ facilities). ROFR pipeline: >US$15bn of sponsor assets — a large acquisition runway, though deals are related-party. Recent activity: acquired a 20% stake in a second Osaka data centre (¥13bn / ~US$87m, ~1.8% DPU accretive); consolidated an incremental 15.1% of Frankfurt (the FY2025 revenue driver); bought back 7.1m units in 1Q2026 at ~US$0.49. Income support: Digital Realty has provided cash-flow guarantees through tenant defaults (Sungard), repayable 2024–2028. Demand: +44% cash rental reversion in 1Q2026 (Frankfurt / N. Virginia) as AI lifts wholesale pricing.
| # | Risk |
|---|---|
| 1 | Tenant concentration — ~30.5% single tenant; ~86% top 10. |
| 2 | USD / SGD FX on distributions. |
| 3 | Rising leverage (39.0%) and a persistent ~0.6× NAV discount constraining accretive growth. |
| 4 | Refinancing / rate risk — ~3.5y WADM, ICR ~3.3x. |
| 5 | Small / concentrated portfolio — single-asset event risk (LA assets ~85% occupied). |
| 6 | Related-party dependence on Digital Realty for pipeline, pricing and support. |
| Metric | Value | As of | Source |
|---|---|---|---|
| Price / yield / P-NAV / market cap | live | 17 Jun 2026 | GroundVision market feed (Yahoo Finance, delayed) |
| Leverage / ICR / cost / %fixed / WADM | 39.0% / 3.3x / 3.5% / 80% / 3.5y | FY2025–1Q2026 | Digital Core REIT FY2025 release; 1Q2026 update |
| Portfolio value / DCs / metros | US$1.8B / 11 / 6 | FY2025 | FY2025 press release; IR |
| Occupancy / WALE | 97% / 4.4y | 1Q2026 | FY2025 release; 1Q2026 update |
| Top tenant / top 10 / customers | 30.5% / 86.4% / 120+ | 1Q2026 | 1Q2026 update coverage |
| FY2025 revenue / NPI / distributable income | US$176.2m / US$88.7m / US$46.9m | FY2025 | FY2025 press release |
| DPU (FY22–FY25) | 3.98 / 3.70 / 3.60 / 3.60 US¢ | FY2022–25 | IR distribution page |
| NAV per unit / P-NAV | US$0.79 / ~0.6x | 1Q2026 | 1Q2026 coverage |
| Cyxtera default → resolution | ~22% of revenue → ~5% | 2023 | The Edge; Dr Wealth |
| Sponsor ROFR pipeline | >US$15B | 2026 | DBS; FY2025 coverage |
| Geo by metro | NoVA 37 / Frankfurt 25 / SV 14 / Osaka 11 / Toronto 7 / LA 6 | 2026 | IR portfolio page |
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