DigiCore Reit USD DCRU
Financials
ANNUAL REPORT 2025
Explore the statements
15 tablesStatements of Financial Position
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalentsUS$’000 | 29,863 | 44,115 | 3,286 | 13,113 | PDF p. 154 |
| Trade and other receivablesUS$’000 | 31,542 | 18,117 | 80,880 | 94,367 | PDF p. 154 |
| Derivative financial assetsUS$’000 | 130 | 71 | 130 | 71 | PDF p. 154 |
| Prepaid expensesUS$’000 | 1,086 | 756 | 107 | 111 | PDF p. 154 |
| Total current assetsUS$’000 | 62,621 | 63,059 | 84,403 | 107,662 | PDF p. 154 |
| Non-current assets | |||||
| Derivative financial assetsUS$’000 | 583 | 779 | 583 | 779 | PDF p. 154 |
| Investment in real estateUS$’000 | 2,003,926 | 1,852,018 | – | – | PDF p. 154 |
| SubsidiariesUS$’000 | – | – | 1,552,261 | 1,467,515 | PDF p. 154 |
| AssociatesUS$’000 | 174,541 | 94,632 | – | – | PDF p. 154 |
| Deferred tax assetUS$’000 | 3,728 | 4,181 | – | – | PDF p. 154 |
| Total non-current assetsUS$’000 | 2,182,778 | 1,951,610 | 1,552,844 | 1,468,294 | PDF p. 154 |
| Assets | |||||
| Total assetsUS$’000 | 2,245,399 | 2,014,669 | 1,637,247 | 1,575,956 | PDF p. 154 |
| Current liabilities | |||||
| Trade and other payablesUS$’000 | 47,757 | 33,617 | 5,091 | 6,135 | PDF p. 154 |
| Derivative financial liabilitiesUS$’000 | 1,774 | – | 1,774 | – | PDF p. 154 |
| Current tax payableUS$’000 | 402 | – | – | – | PDF p. 154 |
| Rent received in advanceUS$’000 | 11,420 | 1,331 | – | – | PDF p. 154 |
| Total current liabilitiesUS$’000 | 61,353 | 34,948 | 6,865 | 6,135 | PDF p. 154 |
| Non-current liabilities | |||||
| Derivative financial liabilitiesUS$’000 | 995 | 2,841 | 995 | 2,841 | PDF p. 154 |
| Loans and borrowingsUS$’000 | 667,746 | 548,663 | 667,746 | 548,663 | PDF p. 154 |
| Shareholder loanUS$’000 | 123,333 | 105,174 | – | – | PDF p. 154 |
| Preferred unitsUS$’000 | 99 | 99 | – | – | PDF p. 154 |
| Deferred tax liabilitiesUS$’000 | 56,273 | 43,570 | – | – | PDF p. 154 |
| Total non-current liabilitiesUS$’000 | 848,446 | 700,347 | 668,741 | 551,504 | PDF p. 154 |
| Liabilities | |||||
| Total liabilitiesUS$’000 | 909,799 | 735,295 | 675,606 | 557,639 | PDF p. 154 |
| Net assets | |||||
| Net assetsUS$’000 | 1,335,600 | 1,279,374 | 961,641 | 1,018,317 | PDF p. 154 |
| Represented by | |||||
| Unitholders’ fundsUS$’000 | 1,073,962 | 1,044,049 | 961,641 | 1,018,317 | PDF p. 154 |
| Non-controlling interestsUS$’000 | 261,638 | 235,325 | – | – | PDF p. 154 |
| SubtotalUS$’000 | 1,335,600 | 1,279,374 | 961,641 | 1,018,317 | PDF p. 154 |
| Units in issue and to be issued | |||||
| Units in issue and to be issued (‘000)‘000 units | 1,341,032 | 1,321,588 | 1,341,032 | 1,321,588 | PDF p. 154 |
| Net asset value per Unit | |||||
| Net asset value per Unit (US$) attributable to UnitholdersUS$ per Unit | 0.80 | 0.79 | 0.72 | 0.77 | PDF p. 154 |
Definitions & sources
Original report: PDF p. 154 ↗
The statement says: “The accompanying notes form an integral part of these financial statements.” No separate table footnotes are printed on this page.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Gross revenueUS$’000 | 176,152 | 102,274 | PDF p. 155 |
| Property operating expensesUS$’000 | (87,413) | (40,442) | PDF p. 155 |
| Net property incomeUS$’000 | 88,739 | 61,832 | PDF p. 155 |
| Dividend incomeUS$’000 | – | 2,056 | PDF p. 155 |
| Finance incomeUS$’000 | 777 | 11,107 | PDF p. 155 |
| Finance costsUS$’000 | (29,394) | (25,122) | PDF p. 155 |
| Manager’s base feeUS$’000 | (8,275) | (4,723) | PDF p. 155 |
| Manager’s performance feeUS$’000 | (2,477) | (1,559) | PDF p. 155 |
| Trustee’s feeUS$’000 | (216) | (184) | PDF p. 155 |
| Other trust expensesUS$’000 | (3,835) | (3,662) | PDF p. 155 |
| Unrealised foreign exchangeUS$’000 | (686) | 8,597 | PDF p. 155 |
| Profit before tax, fair value changes and share of results of an associateUS$’000 | 44,633 | 48,342 | PDF p. 155 |
| Share of result of associatesUS$’000 | 18,866 | 16,601 | PDF p. 155 |
| Remeasurement loss of shareholder loan discountUS$’000 | (3,687) | – | PDF p. 155 |
| Remeasurement loss of previously held equity interest in an associateUS$’000 | – | (11,144) | PDF p. 155 |
| Fair value change in derivativesUS$’000 | 28 | 71 | PDF p. 155 |
| Net change in fair value of investment propertiesUS$’000 | 22,042 | 251,601 | PDF p. 155 |
| Profit before taxUS$’000 | 81,882 | 305,471 | PDF p. 155 |
| Tax expenseUS$’000 | (15,119) | (40,021) | PDF p. 155 |
| Profit after taxUS$’000 | 66,763 | 265,450 | PDF p. 155 |
| Attributable to | |||
| UnitholdersUS$’000 | 47,698 | 205,381 | PDF p. 155 |
| Non-controlling interestUS$’000 | 19,065 | 60,069 | PDF p. 155 |
| SubtotalUS$’000 | 66,763 | 265,450 | PDF p. 155 |
| Other comprehensive income — items that are or may be reclassified subsequently to profit or loss | |||
| Movement in fair value of cash flow hedgesUS$’000 | (92) | 1,286 | PDF p. 155 |
| Movement in fair value reservesUS$’000 | – | (1,214) | PDF p. 155 |
| Foreign currency translation movementUS$’000 | 35,587 | (22,879) | PDF p. 155 |
| Other comprehensive income | |||
| Total other comprehensive income for the yearUS$’000 | 35,495 | (22,807) | PDF p. 155 |
| Comprehensive income | |||
| Total comprehensive income for the yearUS$’000 | 102,258 | 242,643 | PDF p. 155 |
| Comprehensive income attributable to | |||
| UnitholdersUS$’000 | 66,898 | 185,744 | PDF p. 155 |
| Non-controlling interestsUS$’000 | 35,360 | 56,899 | PDF p. 155 |
| SubtotalUS$’000 | 102,258 | 242,643 | PDF p. 155 |
| Earnings per Unit (US cents) | |||
| BasicUS cents per Unit | 3.66 | 15.79 | PDF p. 155 |
| DilutedUS cents per Unit | 3.56 | 15.54 | PDF p. 155 |
Definitions & sources
Original report: PDF p. 155 ↗
The statement says: “The accompanying notes form an integral part of these financial statements.” No separate table footnotes are printed on this page.
Consolidated Statement of Cash Flows
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxUS$’000 | 81,882 | 305,471 | PDF p. 161 |
| Operating activities; adjustments | |||
| Property related non-cash itemsUS$’000 | (1,699) | (347) | PDF p. 161 |
| Manager’s fees paid or payable in unitsUS$’000 | 10,752 | 6,282 | PDF p. 161 |
| Dividend and finance incomeUS$’000 | (777) | (13,163) | PDF p. 161 |
| Finance expenseUS$’000 | 29,394 | 25,122 | PDF p. 161 |
| Unrealised foreign exchangeUS$’000 | 686 | (8,597) | PDF p. 161 |
| Remeasurement loss of shareholder loan discountUS$’000 | 3,687 | – | PDF p. 161 |
| Remeasurement loss of previously held equity interest in an associateUS$’000 | – | 11,144 | PDF p. 161 |
| Fair value change in derivativesUS$’000 | (28) | (71) | PDF p. 161 |
| Share of results of an associateUS$’000 | (18,866) | (16,601) | PDF p. 161 |
| Net change in fair value of investment propertiesUS$’000 | (22,042) | (251,601) | PDF p. 161 |
| Operating activities | |||
| Operating profit before working capital changesUS$’000 | 82,989 | 57,639 | PDF p. 161 |
| Operating activities; changes in working capital | |||
| Trade and other receivablesUS$’000 | (10,034) | 1,609 | PDF p. 161 |
| Prepaid expensesUS$’000 | (218) | 82 | PDF p. 161 |
| Trade and other payablesUS$’000 | 14,307 | 3,991 | PDF p. 161 |
| Rent received in advanceUS$’000 | 9,514 | (3,876) | PDF p. 161 |
| Operating activities | |||
| Net cash generated from operationsUS$’000 | 96,558 | 59,445 | PDF p. 161 |
| Tax paidUS$’000 | (2,902) | (2,816) | PDF p. 161 |
| Net cash from operating activitiesUS$’000 | 93,656 | 56,629 | PDF p. 161 |
| Investing activities | |||
| Acquisition of a subsidiaryUS$’000 | – | (55,077) | PDF p. 161 |
| Proceeds from divestment of investment propertiesUS$’000 | – | 178,000 | PDF p. 161 |
| Additions to investment in real estateUS$’000 | (40,623) | (10,766) | PDF p. 161 |
| Investment in associateUS$’000 | (68,309) | (166,159) | PDF p. 161 |
| Dividend received from an associateUS$’000 | 3,813 | – | PDF p. 161 |
| Interest receivedUS$’000 | 777 | 8,333 | PDF p. 161 |
| Net cash used in investing activitiesUS$’000 | (104,342) | (45,669) | PDF p. 161 |
| Financing activities | |||
| Proceeds from issuance of unitsUS$’000 | – | 120,000 | PDF p. 162 |
| Payment of transaction costs relating to issuance of unitsUS$’000 | – | (2,319) | PDF p. 162 |
| Proceeds from loans and borrowingsUS$’000 | 86,760 | 448,015 | PDF p. 162 |
| Payment of existing loans and borrowingsUS$’000 | (6,211) | (438,808) | PDF p. 162 |
| Payment of debt-related transaction costsUS$’000 | (230) | (3,629) | PDF p. 162 |
| Capital contribution from non-controlling interestUS$’000 | 3,633 | 254 | PDF p. 162 |
| Interest paid on loans and borrowingsUS$’000 | (26,401) | (21,742) | PDF p. 162 |
| Interest paid on preferred unitsUS$’000 | (15) | (15) | PDF p. 162 |
| Dividends paid to non-controlling interestsUS$’000 | (12,680) | (24,134) | PDF p. 162 |
| Distribution to UnitholdersUS$’000 | (46,748) | (42,574) | PDF p. 162 |
| Purchase of unitsUS$’000 | (989) | (15,557) | PDF p. 162 |
| Net cash (used in)/from financing activitiesUS$’000 | (2,881) | 19,491 | PDF p. 162 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalentsUS$’000 | (13,567) | 30,451 | PDF p. 162 |
| Cash and cash equivalents at 1 JanuaryUS$’000 | 44,115 | 12,101 | PDF p. 162 |
| Effect of exchange rate fluctuations on cash held in foreign currencyUS$’000 | (685) | 1,563 | PDF p. 162 |
| Cash and cash equivalents at 31 DecemberUS$’000 | 29,863 | 44,115 | PDF p. 162 |
Definitions & sources
Original report: PDF p. 161 ↗ PDF p. 162 ↗
Significant non-cash transactions: during the financial year ended 31 December 2025, the Trust issued units amounting to US$3.2 million (2024: US$3.3 million) as payment for the Manager’s base fees.
The statement says: “The accompanying notes form an integral part of these financial statements.”
Consolidated Statement of Changes in Unitholders’ Funds — Group — FY2025
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupUnits in issue | 2025GroupTreasury units | 2025GroupForeign currency translation reserve | 2025GroupHedging reserve | 2025GroupRetained earnings | 2025GroupTotal Unitholders’ funds | 2025GroupNon-controlling interests | 2025GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||
| At 1 January 2025US$’000 | 1,029,053 | – | (22,551) | (2,062) | 39,609 | 1,044,049 | 235,325 | 1,279,374 | PDF p. 158 |
| Total comprehensive income | |||||||||
| Profit for the yearUS$’000 | – | – | – | – | 47,698 | 47,698 | 19,065 | 66,763 | PDF p. 158 |
| Other comprehensive income | |||||||||
| Movement in fair value of cash flow hedgesUS$’000 | – | – | – | (92) | – | (92) | – | (92) | PDF p. 158 |
| Foreign currency translation movementUS$’000 | – | – | 56,911 | – | – | 56,911 | 16,295 | 73,206 | PDF p. 158 |
| Effective portion of changes in fair value of net investment hedgesUS$’000 | – | – | (37,619) | – | – | (37,619) | – | (37,619) | PDF p. 158 |
| Total other comprehensive income for the yearUS$’000 | – | – | 19,292 | (92) | – | 19,200 | 16,295 | 35,495 | PDF p. 158 |
| Total comprehensive income | |||||||||
| Total comprehensive income for the yearUS$’000 | – | – | 19,292 | (92) | 47,698 | 66,898 | 35,360 | 102,258 | PDF p. 158 |
| Transactions with Unitholders | |||||||||
| Manager’s base fee paid or payable in unitsUS$’000 | 8,275 | – | – | – | – | 8,275 | – | 8,275 | PDF p. 158 |
| Manager’s performance fee paid or payable in unitsUS$’000 | 2,477 | – | – | – | – | 2,477 | – | 2,477 | PDF p. 158 |
| Capital contribution from non-controlling interestsUS$’000 | – | – | – | – | – | – | 3,633 | 3,633 | PDF p. 158 |
| Purchase of unitsUS$’000 | (989) | 989 | – | – | – | – | – | – | PDF p. 158 |
| Cancellation of treasury unitsUS$’000 | – | (989) | – | – | – | (989) | – | (989) | PDF p. 158 |
| Distribution to UnitholdersUS$’000 | (37,009) | – | – | – | (9,739) | (46,748) | – | (46,748) | PDF p. 158 |
| Dividends paid to non-controlling interestsUS$’000 | – | – | – | – | – | – | (12,680) | (12,680) | PDF p. 158 |
| Total transactions with Unitholders for the yearUS$’000 | (27,246) | – | – | – | (9,739) | (36,985) | (9,047) | (46,032) | PDF p. 158 |
| Closing balance | |||||||||
| At 31 December 2025US$’000 | 1,001,807 | – | (3,259) | (2,154) | 77,568 | 1,073,962 | 261,638 | 1,335,600 | PDF p. 158 |
Definitions & sources
Original report: PDF p. 158 ↗
Values on each row follow the printed column order: Units in issue; Treasury units; Foreign currency translation reserve; Hedging reserve; Retained earnings; Total Unitholders’ funds; Non-controlling interests; Total. The header also includes Fair value reserve for the comparative table on physical page 157; the 2025 table has no separate Fair value reserve column.
The statement says: “The accompanying notes form an integral part of these financial statements.”
Consolidated Statement of Changes in Unitholders’ Funds — Group — FY2024
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupUnits in issue | 2024GroupTreasury units | 2024GroupForeign currency translation reserve | 2024GroupHedging reserve | 2024GroupFair value reserve | 2024GroupRetained earnings | 2024GroupTotal Unitholders’ funds | 2024GroupNon-controlling interests | 2024GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||||
| At 1 January 2024US$’000 | 943,582 | – | (2,842) | (3,348) | (1,341) | (145,576) | 790,475 | 129,156 | 919,631 | PDF p. 157 |
| Total comprehensive income | ||||||||||
| Profit for the yearUS$’000 | – | – | – | – | – | 205,381 | 205,381 | 60,069 | 265,450 | PDF p. 157 |
| Other comprehensive income | ||||||||||
| Movement in fair value of cash flow hedgesUS$’000 | – | – | – | 1,286 | – | – | 1,286 | – | 1,286 | PDF p. 157 |
| Movement in fair value reserveUS$’000 | – | – | – | – | (1,214) | – | (1,214) | – | (1,214) | PDF p. 157 |
| Reclassification of fair value reserve to retained earningsUS$’000 | – | – | – | – | 2,555 | (2,555) | – | – | – | PDF p. 157 |
| Foreign currency translation movementUS$’000 | – | – | (29,878) | – | – | – | (29,878) | (3,170) | (33,048) | PDF p. 157 |
| Recognition of foreign currency translation to profit or loss from step acquisition of a subsidiaryUS$’000 | – | – | 1,431 | – | – | – | 1,431 | – | 1,431 | PDF p. 157 |
| Effective portion of changes in fair value of net investment hedgesUS$’000 | – | – | 8,738 | – | – | – | 8,738 | – | 8,738 | PDF p. 157 |
| Total other comprehensive income for the yearUS$’000 | – | – | (19,709) | 1,286 | 1,341 | (2,555) | (19,637) | (3,170) | (22,807) | PDF p. 157 |
| Total comprehensive income | ||||||||||
| Total comprehensive income for the yearUS$’000 | – | – | (19,709) | 1,286 | 1,341 | 202,826 | 185,744 | 56,899 | 242,643 | PDF p. 157 |
| Transactions with Unitholders | ||||||||||
| Equity placementUS$’000 | 120,000 | – | – | – | – | – | 120,000 | – | 120,000 | PDF p. 157 |
| Issuance costsUS$’000 | (2,319) | – | – | – | – | – | (2,319) | – | (2,319) | PDF p. 157 |
| Manager’s acquisition fee paid or payable in unitsUS$’000 | 1,998 | – | – | – | – | – | 1,998 | – | 1,998 | PDF p. 157 |
| Manager’s base fee paid or payable in unitsUS$’000 | 4,723 | – | – | – | – | – | 4,723 | – | 4,723 | PDF p. 157 |
| Manager’s performance fee paid or payable in unitsUS$’000 | 1,559 | – | – | – | – | – | 1,559 | – | 1,559 | PDF p. 157 |
| Step acquisition of a subsidiaryUS$’000 | – | – | – | – | – | – | – | 73,150 | 73,150 | PDF p. 157 |
| Capital contribution from non-controlling interestsUS$’000 | – | – | – | – | – | – | – | 254 | 254 | PDF p. 157 |
| Purchase of unitsUS$’000 | (15,557) | 15,557 | – | – | – | – | – | – | – | PDF p. 157 |
| Cancellation of treasury unitsUS$’000 | – | (15,557) | – | – | – | – | (15,557) | – | (15,557) | PDF p. 157 |
| Distribution to UnitholdersUS$’000 | (24,933) | – | – | – | – | (17,641) | (42,574) | – | (42,574) | PDF p. 157 |
| Dividends paid to non-controlling interestsUS$’000 | – | – | – | – | – | – | – | (24,134) | (24,134) | PDF p. 157 |
| Total transactions with Unitholders for the yearUS$’000 | 85,471 | – | – | – | – | (17,641) | 67,830 | 49,270 | 117,100 | PDF p. 157 |
| Closing balance | ||||||||||
| At 31 December 2024US$’000 | 1,029,053 | – | (22,551) | (2,062) | – | 39,609 | 1,044,049 | 235,325 | 1,279,374 | PDF p. 157 |
Definitions & sources
Original report: PDF p. 157 ↗
Original page heading reads “Year ended 31 December 2025”; the table rows explicitly show opening 1 January 2024 and closing 31 December 2024, so this is preserved as the Group FY2024 comparative movement table.
All nine printed component axes are separate; all original dashes are retained as en dash literals, not overwritten with zeros.
Statement of Changes in Unitholders’ Funds — Trust — FY2025
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025TrustUnits in issue | 2025TrustTreasury units | 2025TrustHedging reserve | 2025TrustRetained earnings | 2025TrustTotal Unitholders’ funds | Source |
|---|---|---|---|---|---|---|
| Opening balance | ||||||
| At 1 January 2025US$’000 | 1,029,053 | – | (2,062) | (8,674) | 1,018,317 | PDF p. 160 |
| Total comprehensive income | ||||||
| Loss for the yearUS$’000 | – | – | – | (19,599) | (19,599) | PDF p. 160 |
| Other comprehensive income | ||||||
| Movement in fair value of cash flow hedgesUS$’000 | – | – | (92) | – | (92) | PDF p. 160 |
| Total other comprehensive income for the yearUS$’000 | – | – | (92) | – | (92) | PDF p. 160 |
| Total comprehensive income | ||||||
| Total comprehensive income for the yearUS$’000 | – | – | (92) | (19,599) | (19,691) | PDF p. 160 |
| Transactions with Unitholders | ||||||
| Manager’s base fee paid or payable in unitsUS$’000 | 8,275 | – | – | – | 8,275 | PDF p. 160 |
| Manager’s performance fee paid or payable in unitsUS$’000 | 2,477 | – | – | – | 2,477 | PDF p. 160 |
| Purchase of unitsUS$’000 | (989) | 989 | – | – | – | PDF p. 160 |
| Cancellation of treasury unitsUS$’000 | – | (989) | – | – | (989) | PDF p. 160 |
| Distribution to UnitholdersUS$’000 | (37,009) | – | – | (9,739) | (46,748) | PDF p. 160 |
| Total transactions with Unitholders for the yearUS$’000 | (27,246) | – | – | (9,739) | (36,985) | PDF p. 160 |
| Closing balance | ||||||
| At 31 December 2025US$’000 | 1,001,807 | – | (2,154) | (38,012) | 961,641 | PDF p. 160 |
Definitions & sources
Original report: PDF p. 160 ↗
Values on each row follow the printed column order: Units in issue; Treasury units; Hedging reserve; Retained earnings; Total Unitholders’ funds. Units in issue is denominated in US$’000 in this statement.
The statement says: “The accompanying notes form an integral part of these financial statements.”
Statement of Changes in Unitholders’ Funds — Trust — FY2024
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024TrustUnits in issue | 2024TrustTreasury units | 2024TrustHedging reserve | 2024TrustRetained earnings | 2024TrustTotal Unitholders’ funds | Source |
|---|---|---|---|---|---|---|
| Opening balance | ||||||
| At 1 January 2024US$’000 | 943,582 | – | (3,348) | (15,876) | 924,358 | PDF p. 159 |
| Total comprehensive income | ||||||
| Profit for the yearUS$’000 | – | – | – | 24,843 | 24,843 | PDF p. 159 |
| Other comprehensive income | ||||||
| Movement in fair value of cash flow hedgesUS$’000 | – | – | 1,286 | – | 1,286 | PDF p. 159 |
| Total other comprehensive income for the yearUS$’000 | – | – | 1,286 | – | 1,286 | PDF p. 159 |
| Total comprehensive income | ||||||
| Total comprehensive income for the yearUS$’000 | – | – | 1,286 | 24,843 | 26,129 | PDF p. 159 |
| Transactions with Unitholders | ||||||
| Equity placementUS$’000 | 120,000 | – | – | – | 120,000 | PDF p. 159 |
| Issuance costsUS$’000 | (2,319) | – | – | – | (2,319) | PDF p. 159 |
| Manager’s acquisition fee paid or payable in unitsUS$’000 | 1,998 | – | – | – | 1,998 | PDF p. 159 |
| Manager’s base fee paid or payable in unitsUS$’000 | 4,723 | – | – | – | 4,723 | PDF p. 159 |
| Manager’s performance fee paid or payable in unitsUS$’000 | 1,559 | – | – | – | 1,559 | PDF p. 159 |
| Purchase of unitsUS$’000 | (15,557) | 15,557 | – | – | – | PDF p. 159 |
| Cancellation of treasury unitsUS$’000 | – | (15,557) | – | – | (15,557) | PDF p. 159 |
| Distribution to UnitholdersUS$’000 | (24,933) | – | – | (17,641) | (42,574) | PDF p. 159 |
| Total transactions with Unitholders for the yearUS$’000 | 85,471 | – | – | (17,641) | 67,830 | PDF p. 159 |
| Closing balance | ||||||
| At 31 December 2024US$’000 | 1,029,053 | – | (2,062) | (8,674) | 1,018,317 | PDF p. 159 |
Definitions & sources
Original report: PDF p. 159 ↗
Values on each row follow the printed column order: Units in issue; Treasury units; Hedging reserve; Retained earnings; Total Unitholders’ funds. Units in issue is denominated in US$’000 in this statement.
The statement says: “The accompanying notes form an integral part of these financial statements.”
Distribution Statement (full source breakdown)
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Distribution statement | |||
| Amount available for distribution to Unitholders at the beginning of the yearUS$’000 | 23,405 | 20,004 | PDF p. 156 |
| Profit after tax attributable to UnitholdersUS$’000 | 47,698 | 205,381 | PDF p. 156 |
| Property-related non-cash items (1)US$’000 | (1,352) | (312) | PDF p. 156 |
| Manager’s base fee paid/payable in UnitsUS$’000 | 8,275 | 4,723 | PDF p. 156 |
| Manager’s performance fee paid/payable in UnitsUS$’000 | 2,477 | 1,559 | PDF p. 156 |
| Trustee’s feeUS$’000 | 216 | 184 | PDF p. 156 |
| Amortisation of upfront debt-related transaction costs (2)US$’000 | 1,145 | 3,365 | PDF p. 156 |
| Net deferred tax expense/(income)US$’000 | 13,205 | 38,450 | PDF p. 156 |
| Remeasurement loss of shareholder loan discountUS$’000 | 3,687 | – | PDF p. 156 |
| Remeasurement loss of previously held equity interest in an associateUS$’000 | – | 11,144 | PDF p. 156 |
| Change in fair value in derivativesUS$’000 | (28) | (71) | PDF p. 156 |
| Net change in fair value of investment propertiesUS$’000 | (16,546) | (197,464) | PDF p. 156 |
| Share of results of an associateUS$’000 | (18,866) | (16,601) | PDF p. 156 |
| Unrealised foreign exchange (gain)/lossUS$’000 | 674 | (8,596) | PDF p. 156 |
| Amortisation of shareholder loan interest expenseUS$’000 | 1,833 | – | PDF p. 156 |
| Others (3)US$’000 | 4,428 | 4,229 | PDF p. 156 |
| Net distribution adjustmentsUS$’000 | (852) | (159,390) | PDF p. 156 |
| Amount available for distribution to UnitholdersUS$’000 | 46,846 | 45,991 | PDF p. 156 |
| Distribution of 3.60 (2024: 3.58) US cents per unit for the period from 1 July 2024 to 30 June 2025 (2024: 1 July 2023 to 30 June 2024) (4)US$’000 | (46,779) | (42,590) | PDF p. 156 |
| Amount available for distribution to Unitholders at end of the yearUS$’000 | 23,472 | 23,405 | PDF p. 156 |
| Distribution per Unit (US cents)US cents | 3.60 | 3.60 | PDF p. 156 |
Definitions & sources
Original report: PDF p. 156 ↗
FY 2025 Financial Highlights and Ratios
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Actual FY 2025 | 2024Actual FY 2024 | 2025Change FY2025 vs FY2024; % / bps / times as printed in each row | Source |
|---|---|---|---|---|
| Financial highlights and ratios | ||||
| Gross revenueUS$ thousands; change in % | 176,152 | 102,274 | 72.2 | PDF p. 14 |
| Net property incomeUS$ thousands; change in % | 88,739 | 61,832 | 43.5 | PDF p. 14 |
| Distributable income attributable to UnitholdersUS$ thousands; change in % | 46,846 | 45,991 | 1.9 | PDF p. 14 |
| Distribution per Unit (DPU) (US cents)US cents; change in % | 3.60 | 3.60 | 0.0 | PDF p. 14 |
| Distribution yield (%)%; change in bps | 7.06 | 6.21 | 85 bps | PDF p. 14 |
| Interest coverage ratio (times)times; change in times | 3.5 | 3.6 | (0.1x) | PDF p. 14 |
| Weighted average cost of debt rate (% per annum)% per annum; change in bps | 3.5% | 4.2% | (70bps) | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Source footnote 1: Distributable income attributable to Unitholders is based on 100% of the taxable income available for distribution to Unitholders.
Source footnote 2: FY 2025 and FY 2024 distribution yields are based on market closing prices of US$0.510 and US$0.580 per Unit as at the last trading day of the respective periods.
Source footnote 3: Does not include amortisation of debt financing fees.
Source footnote 4: Investment in real estate comprised of data centre properties classified as (i) investment properties and (ii) property, plant and equipment
Source footnote 5: Adjusted NAV per Unit as of 31 December 2025 excludes the distributable income of 1.80 US cents per Unit for 2H 2025.
Source footnote 6: As defined under the CIS Code.
Statement of Financial Position Highlights
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY 2025 | 2024FY 2024 | Source |
|---|---|---|---|
| Statement of financial position highlights | |||
| Investment in real estateUS$‘000 | 2,003,926 | 1,852,018 | PDF p. 14 |
| Total assetsUS$‘000 | 2,245,399 | 2,014,669 | PDF p. 14 |
| Gross borrowingsUS$‘000 | 670,517 | 552,349 | PDF p. 14 |
| Total liabilitiesUS$‘000 | 909,799 | 735,295 | PDF p. 14 |
| Unitholdersʼ fundsUS$‘000 | 1,073,962 | 1,044,049 | PDF p. 14 |
| Units in issue and to be issued as at balance sheet date (ʽ000)‘000 Units | 1,341,032 | 1,321,588 | PDF p. 14 |
| Net asset value (NAV) per Unit (US$)US$ per Unit | 0.80 | 0.79 | PDF p. 14 |
| Adjusted NAV per unit, excluding distribution (US$)US$ per Unit | 0.78 | 0.77 | PDF p. 14 |
| Unit price as at balance sheet date (US$)US$ per Unit | 0.510 | 0.580 | PDF p. 14 |
| Aggregate leverage (%)% | 37.1 | 34.0 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Source footnote 1: Distributable income attributable to Unitholders is based on 100% of the taxable income available for distribution to Unitholders.
Source footnote 2: FY 2025 and FY 2024 distribution yields are based on market closing prices of US$0.510 and US$0.580 per Unit as at the last trading day of the respective periods.
Source footnote 3: Does not include amortisation of debt financing fees.
Source footnote 4: Investment in real estate comprised of data centre properties classified as (i) investment properties and (ii) property, plant and equipment
Source footnote 5: Adjusted NAV per Unit as of 31 December 2025 excludes the distributable income of 1.80 US cents per Unit for 2H 2025.
Source footnote 6: As defined under the CIS Code.
Per Unit Data
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Earnings per Unit | |||
| Basic earnings per unit (US cents)US cents | 3.66 | 15.79 | PDF p. 199 |
| Diluted earnings per unit (US cents)US cents | 3.56 | 15.54 | PDF p. 199 |
| Basic EPU | |||
| Weighted average number of units at end of the financial year (‘000) (1)‘000 Units | 1,304,111 | 1,300,343 | PDF p. 199 |
| Diluted EPU | |||
| Weighted average number of units at end of the financial year (‘000) (2)‘000 Units | 1,341,032 | 1,321,588 | PDF p. 199 |
Definitions & sources
Original report: PDF p. 199 ↗
(1) Based on the weighted average number of units issued and issuable as at the end of the financial year.
(2) Based on the weighted average number of units issued and issuable as at the end of the financial year, adjusted on the basis that the management fee units were issued at the beginning of the year.
Financial Ratios
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Expenses to weighted average net assets (1) | |||
| – Expense ratio excluding performance-related fee% | 1.14 | 0.90 | PDF p. 215 |
| – Expense ratio including performance-related fee% | 1.37 | 1.07 | PDF p. 215 |
| Financial ratios | |||
| Ratio of expenses to net assets (2)% | 9.49 | 4.81 | PDF p. 215 |
| Portfolio turnover rate (3)% | – | 17.05 | PDF p. 215 |
Definitions & sources
Original report: PDF p. 215 ↗
The first two rows are expenses to weighted average net assets, as the source subheading states.
(1) The annualised ratio is computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group, excluding property expenses, finance expenses, changes in fair value of derivatives and investment properties, foreign exchange gains/(losses), tax expenses as well as remeasurement loss of shareholder loan discount and previously held equity interest in an associate.
(2) The ratio is computed based on total operating expenses, including property expenses and all fees and charges paid to the Manager and interested parties for the financial year, as a percentage of net asset value as at the end of the financial year.
(3) The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties or property, plant and equipment of the Group expressed as a percentage of weighted average net asset value.
Interest Coverage Sensitivity
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, financial year ended 31 December 2025 | Source |
|---|---|---|
| Sensitivity analysis on impact of changes in EBITDA and weighted average interest rate on ICR | ||
| For the financial year ended 31 December 2025times | 3.5 times | PDF p. 202 |
| 10% decrease in EBITDAtimes | 3.1 times | PDF p. 202 |
| 100 basis point increase in the weighted average interest ratetimes | 2.6 times | PDF p. 202 |
Definitions & sources
Original report: PDF p. 202 ↗
(1) EBITDA means earnings before interest, taxes, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation).
(2) ICR means Interest Coverage Ratio, a ratio that is calculated by dividing the trailing 12 months’ earnings before interest, taxes, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months’ interest expense, borrowing-related fees and distributions on hybrid securities.
Quarterly and full-year chart values FY2025
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Quarter 1 | 2025Group; Quarter 2 | 2025Group; Quarter 3 | 2025Group; Quarter 4 | 2025Group; Full year | Source |
|---|---|---|---|---|---|---|
| Financial chart | ||||||
| Gross revenueUS$ million | 44.2 | 44.7 | 43.5 | 43.8 | 176.2 | PDF p. 15 |
| Net property incomeUS$ million | 22.4 | 23.9 | 21.4 | 21.0 | 88.7 | PDF p. 15 |
| Distributable incomeUS$ million | 11.7 | 11.7 | 11.8 | 11.6 | 46.8 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Quarterly and full-year chart values FY2024
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Quarter 1 | 2024Group; Quarter 2 | 2024Group; Quarter 3 | 2024Group; Quarter 4 | 2024Group; Full year | Source |
|---|---|---|---|---|---|---|
| Financial chart | ||||||
| Gross revenueUS$ million | 24.6 | 23.7 | 23.7 | 30.3 | 102.3 | PDF p. 15 |
| Net property incomeUS$ million | 15.8 | 14.6 | 14.8 | 16.6 | 61.8 | PDF p. 15 |
| Distributable incomeUS$ million | 10.6 | 12.0 | 12.0 | 11.4 | 46.0 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Where the money comes from
Segment information
By geography
Operating segment (geographical) – year ended 31 December 11 lines
| Item / unit | 2025North America (US$'000) | 2025EMEA (US$'000) | 2025APAC (US$'000) | 2025Total (US$'000) | 2024North America (US$'000) | 2024EMEA (US$'000) | 2024APAC (US$'000) | 2024Total (US$'000) | Source |
|---|---|---|---|---|---|---|---|---|---|
| For the year ended 31 December | |||||||||
| Gross revenueUS$'000 | 105,494 | 70,658 | – | 176,152 | 97,683 | 4,591 | – | 102,274 | PDF p. 213PDF p. 214 |
| Property operating expensesUS$'000 | (53,130) | (34,283) | – | (87,413) | (38,512) | (1,930) | – | (40,442) | PDF p. 213PDF p. 214 |
| Total segment net property incomeUS$'000 | 52,364 | 36,375 | – | 88,739 | 59,171 | 2,661 | – | 61,832 | PDF p. 213PDF p. 214 |
| Manager’s base feeUS$'000 | (3,906) | – | – | (3,906) | (4,500) | – | – | (4,500) | PDF p. 213PDF p. 214 |
| Net change in fair value of investment propertiesUS$'000 | (7,011) | 29,053 | – | 22,042 | 135,695 | 115,906 | – | 251,601 | PDF p. 213PDF p. 214 |
| Share of result of associatesUS$'000 | – | – | 18,866 | 18,866 | PDF p. 213 | ||||
| Reportable segment profit before taxUS$'000 | 41,447 | 65,428 | 18,866 | 125,741 | 190,366 | 121,613 | 13,555 | 325,534 | PDF p. 213PDF p. 214 |
| Assets | |||||||||
| Segment assetsUS$'000 | 1,300,956 | 759,276 | 174,541 | 2,234,773 | 1,224,745 | 627,273 | 94,632 | 1,946,650 | PDF p. 213PDF p. 214 |
| Liabilities | |||||||||
| Segment liabilitiesUS$'000 | 31,207 | 376,342 | – | 407,549 | 13,222 | 313,968 | – | 327,190 | PDF p. 213PDF p. 214 |
| Other segment items | |||||||||
| Capital expendituresUS$'000 | 35,328 | 4,262 | 390 | 39,980 | 8,297 | 276 | 99 | 8,672 | PDF p. 213PDF p. 214 |
| For the year ended 31 December | |||||||||
| Share of results of an associateUS$'000 | – | 3,046 | 13,555 | 16,601 | PDF p. 214 | ||||
Notes
Primary segment is by geography: North America (U.S. and Canada), EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific). Blank values ('') denote cells not printed (unallocated items are shown only in the Total column).
Continuation of Note 26 Operating Segment. Blank values ('') denote cells not printed (unallocated items are shown only in the Total column).
Debt
Borrowings
Borrowing notes 1 tables
Loans and borrowings (Group and Trust)
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Non-current / Bank Loan | |||
| Unsecured interest-bearing bank borrowingsUS$'000 | 670,517 | 552,349 | PDF p. 190 |
| Less: Unamortised upfront debt-related transaction costsUS$'000 | (2,771) | (3,686) | PDF p. 190 |
| Non-current / Shareholder loan | |||
| Amount due to Digital Euro Finco L.P.US$'000 | 123,333 | 105,174 | PDF p. 190 |
Notes
Header: Non-current, Bank Loan; net carrying amount of bank loan 667,746 (2025) and 548,663 (2024) printed as an unlabelled subtotal row.
Shareholder loan due to Digital Euro Finco L.P. is unsecured, twelve-month floating EURIBOR plus applicable margin, matures 1 July 2030.
Undrawn capacity on Revolving Credit Facility: US$194.5 million (2024: US$214.9 million).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution Policy | Digital Core REIT maintains a semi-annual distribution policy and will distribute at least 90% of its annual distributable income for each financial year. | Digital Core REIT | PDF p. 28 |
| Distribution policy | The Trust’s distribution policy is to distribute at least 90% of its annual distributable income for each financial year. The actual level of distribution will be determined at the Manager’s discretion. | Trust | PDF p. 179 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit (DPU) (US cents) | 3.60 US cents per unit | FY 2025 full-year DPU (Actual) | PDF p. 14 |
| Distribution per Unit (DPU) (US cents) | 3.60 US cents per unit | FY 2024 full-year DPU (Actual), comparative | PDF p. 156 |
| Adjusted NAV per Unit | 1.80 US cents per Unit for 2H 2025 | 2H 2025 distributable income excluded from adjusted NAV · As at 2025-12-31 | PDF p. 14 |
| Distribution of 3.60 (2024: 3.58) US cents per unit for the period from 1 July 2024 to 30 June 2025 (2024: 1 July 2023 to 30 June 2024) (4) | 3.60 (2024: 3.58) US cents per unit | Group, distributions paid during the year; 2025 vs 2024 comparative | PDF p. 156 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage (%)6 | 37.1% | Group, as at 31 December 2025; comparative 2024: 34.0 · As at 2025-12-31 | PDF p. 14 |
| Interest coverage ratio (times) | 3.5 times | Group, FY 2025; comparative FY 2024: 3.6; change (0.1x) | PDF p. 14 |
| Weighted average cost of debt rate (% per annum)3 | 3.5% | Group, FY 2025; comparative FY 2024: 4.2%; change (70bps) | PDF p. 14 |
| weighted average lease expiry (WALE) | 4.6 years | In-service portfolio at share, by annualised rent, as at 31 December 2025 · As at 2025-12-31 | PDF p. 36 |
| in-service portfolio remained more than 97% leased | more than 97% leased | In-service portfolio, FY 2025 / as at 31 December 2025 · As at 2025-12-31 | PDF p. 35 |
| appraisal value | US$3.0 billion | Portfolio at 100% share, as at 31 December 2025 · As at 2025-12-31 | PDF p. 34 |
| Net asset value (NAV) per Unit (US$) | 0.80 US$ | Group, as at 31 December 2025; comparative 2024: 0.79 · As at 2025-12-31 | PDF p. 14 |
| Distribution per Unit (DPU) (US cents) | 3.60 US cents | Group, FY 2025; comparative FY 2024: 3.60; change 0.0% | PDF p. 14 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| KPMG LLP | KPMG LLP | Group | PDF p. 153 |
| Engagement partner | Lee Chin Siang Barry | Group | PDF p. 153 |
| Opinion | present fairly, in all material respects | Group and Trust | PDF p. 150 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment in real estate | Valuation of investment in real estate | Group | PDF p. 150 |
| Valuation of investment in real estate - risk | These investments in real estate are stated at their fair values based on the valuations performed by independent professional valuers engaged by the Group. | Group | PDF p. 150 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Primary statements are in US$ thousands except per-unit cents, per-unit dollars and unit counts as each source row states. Equity columns retain their actual component names.
The report provides FY2025 and FY2024 comparisons. No five-year financial summary is disclosed in the inspected report; original historical reports still require backfill.
Group primary statements are presented; the Trust has separate financial position and changes in unitholders funds statements. Separate Trust profit or loss and cash-flow statements are not presented.
Quarterly chart values retain the original FY2025 and FY2024 series and quarter/full-year labels. Chart amounts are US$ millions and are rounded, so they may differ from full statement amounts.
Financial-highlight change units are mixed: percent, basis points or times as printed. Original dashes and unlabeled source subtotals are retained; dash is not treated as zero.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.