Digital Core REIT: AI growth meets attractive 6.8% yield

Key Points

• Pure-play global data centre REIT: Digital Core REIT (DCRU) is a pure-play global data centre S-REIT with a USD 1.8 billion portfolio of 11 assets across the US, Germany, Japan, and Canada. It serves over 120 tenants, with strong exposure to hyperscalers and investment-grade customers.

• Stable FY25 performance despite Linton Hall disruption: FY25 DPU remained stable at USD 3.60 cents despite 6 months of downtime at the Linton Hall facility, supported by acquisitions, strong rental reversions, and high occupancy across the portfolio. The Linton Hall overhang was resolved in early 2026 with a 10-year lease to a global cloud provider at a 35% rental reversion, which will boost total portfolio occupancy from 81% to 98% by December 2026.

• AI-driven demand supercycle underway: The global data centre sector is entering a multi-year growth cycle driven by AI, cloud adoption, and other forms of digitalisation. Structural supply constraints, particularly power shortages and long grid connection timelines, are tightening vacancy rates and supporting strong pricing power for existing operators in key metro markets.

• Resilient fundamentals: DCRU has limited exposure to energy cost inflation, with 83% of its rental income protected by pass-through lease structures. Combined with long debt maturities, predominantly fixed-rate debt, and stable occupancy, the REIT is well positioned to withstand a higher-for-longer interest rate environment.

• Attractive upside and dividend yield: DCRU trades at an estimated 20% discount to NAV despite strong tenant quality, improving occupancy, and structural demand tailwinds. Using a DDM-based valuation, we derive a target price of USD 0.69, implying ~33% upside and an attractive forward dividend yield of ~6.8%.

Initiation Coverage

Digital Core REIT (SGX: DCRU)

BUY: USD 0.69 (+32.6%)

The AI boom is driving an unprecedented surge in demand for data centres, as hyperscalers race to build the infrastructure needed to support both training and inference workloads. This has created a clear divergence within the REIT sector. While many segments face cyclical headwinds, data centre REITs such as Digital Core REIT (SGX: DCRU) stand to benefit from resilient, long-term demand drivers, supported by tight supply and growing pricing power in key markets.

Digital Core REIT, a pure-play data centre S-REIT, is strategically positioned to capitalise on these secular drivers. With its high-quality portfolio of freehold assets in major global hubs and strong balance sheets, DCRU offers a unique combination of resilient fundamentals and structural growth potential.

Company Overview

Digital Core REIT (SGX: DCRU) is a pure-play date centre Singapore Real Estate Investment Trust (S-REIT) that invests in income-generating real estate assets worldwide that are primarily used for data centre operations.

As of 31 December 2025, the REIT’s portfolio comprises 11 data centres located in the United States, Canada, Germany and Japan, valued at USD 1.8 billion. By annualised rent, the US accounts for the largest share of the portfolio at 43%, followed by Germany at 33%, Japan at 13%, and Canada at 11%.

Figure 1: Portfolio composition by metro

DCRU serves over 120 tenants, including several of the world’s leading technology companies. Its top 10 tenants account for 86% of annualised rent, with hyperscale cloud service providers and a major social media platform making up the majority. Overall, DCRU boasts a high-quality tenant base, with 79% of its annualised rent derived from investment-grade tenants.

62% of the portfolio operate on a Gross + E(lectricity) basis, where tenants pay for their own electricity usage, while 21% operate on a triple-net lease structure, where tenants cover operating expenses such as property taxes, insurance, and maintenance costs (including electricity). These lease structures help shield DCRU from rising operating expenses. At the same time, DCRU’s leases have built-in annual rental escalations ranging from 1% to 5%.

DCRU boasts a high in-service portfolio occupancy rate of 97%, while the overall portfolio occupancy is 81%, reflecting the temporary non-operation of its Linton Hall facility in the US. The facility was vacated by the previous tenant in June 2025 and is currently undergoing refurbishment. The REIT also has a healthy weighted average lease expiry (WALE) of 4.6 years, providing good cash flow visibility.

Table 1: Top 10 customers

Customer	Trade Sector	Credit Rating	No. of Locations	Annualised Rent (‘000)	% of Total
1. Fortune 50 Software Company	Hyperscale CSP	AAA / Aaa	4	$31,027	30.8%
2. Fortune 25 Tech Company	Hyperscale CSP	AA+ / Aa2	2	$15,671	15.6%
3. Social Media Platform	Social Media	AA- / Aa3	1	$12,604	12.5%
4. Global Technology Solutions Provider	Hyperscale CSP	A- / A3	2	$6,761	6.7%
5. Global Cloud Provider	Hyperscale CSP	AA / A1	3	$4,740	4.7%
6. Global Colocation Data Centre Provider	Colocation / IT SP	Unrated	1	$4,394	4.4%
7. Next-Generation AI Computing Developer	Other	Unrated	1	$3,800	3.8%
8. Listed Software Developer	Other	Unrated	2	$2,777	2.8%
9. Global Cloud Service Provider	Hyperscale CSP	BBB / Baa2	2	$2,591	2.6%
10. IT Service Provider	Other	B- / Caa2	4	$2,332	2.3%
Others	-	-	6	$14,075	14.0%
Total / Weighted Average				$100,773	100.0%
Source: Digital Core REIT. Data are in USD unless otherwise stated, as of 31 December 2025..

Table 2: Portfolio summary

Source: Digital Core REIT. Data as of 31 December 2025.

REIT Structure, Ownership and Management

DCRU is sponsored by Digital Realty (NYSE: DLR), the world’s largest global data centre provider offering cloud- and carrier-neutral data centre, colocation, and interconnection solutions to a broad range of customers, from enterprises to hyperscale cloud service providers. Its global data centre platform, PlatformDIGITAL®, enables customers to efficiently scale their digital infrastructure and securely interconnect with a wide range of enterprises and service providers within a metropolitan area.

Digital Realty has granted DCRU a right of first refusal (ROFR) over its pipeline of data centres worth over USD 15 billion, providing DCRU with priority access to a pipeline of high-quality assets to support future growth. With a 32% stake in DCRU, Digital Realty is committed to the growth and success of DCRU.

Through its subsidiaries and regional joint ventures, DCRU indirectly owns 90% of its US and Canada properties (with the remaining 10% held by its sponsor), 65% of its Frankfurt properties (remaining 35% held by its sponsor), and 20% of its Japan properties (with 50% held by its sponsor and 30% by Mitsubishi Corporation).

Figure 2: REIT structure

The management team and board consist of long-standing members of the sponsor’s team with deep data centre expertise. John J. Stewart, the CEO, previously served as Senior Vice President, Investor Relations, Tax & Treasury at Digital Realty and was earlier a Senior Analyst covering data centre REITs at Green Street Advisors. David Craft, the CFO, was formerly Vice President of Acquisitions and Investments at Digital Realty, where he played a key role in executing over USD 10 billion in data centre acquisitions, dispositions, and joint ventures globally.

FY25 Financial Highlights

Gross revenue and NPI for FY25 rose significantly year-on-year, primarily driven by the acquisition of an additional 15.1% stake in the Frankfurt facility and its consolidation in December 2025.

DPU was stable at USD 3.60 cents, despite six months of downtime at the Linton Hall facility. The loss of rental income was offset by accretive acquisitions, higher occupancy and rent growth in other properties. DCRU maintained its portfolio occupancy at 97% (excluding Linton Hall) and achieved a 31% rental reversion. Additionally, the repurchase of 1.8 million REIT units added 10 basis points of accretion to DPU.

Table 3: Financial highlights

	FY2023	FY2024	FY2025	FY24 vs FY25 YoY
Gross revenue	102,591	102,274	176,152	72.2%
Net property income	63,050	61,832	88,739	43.5%
Distributable income	41,484	45,991	46,846	1.9%
DPU (US cents)	3.70	3.60	3.60	-
Source: Digital Core REIT. Data are in USD thousands unless otherwise stated, as of 31 December 2025.

Recent Developments

DCRU announced on 5 January 2026 that it has successfully leased the entire Linton Hall facility to an investment grade global cloud service provider, securing a 35% rental reversion. The 10‑year lease is set to commence on 1 December 2026 and is expected to generate approximately USD 14.8 million in annualised net property income, of which DCRU 90% share amounts to around USD 13.3 million. The lease agreement features a 3% annual rental escalation and a no-break option for the tenant. The Linton Hall facility is expected to contribute 10% of the REIT’s revenue.

This development removes a key earnings overhang for DCRU. Upon commencement of the lease, portfolio occupancy is projected to rise from 81% to 98%, while the WALE of the portfolio will extend from 4.6 years to 5.5 years, providing greater visibility of future cash flows for the REIT. At the same time, the proportion of annualised rent from investment-grade tenants is expected to increase from 79% to 82%, enhancing the overall credit quality of the tenant base.

Industry overview

The global data centre industry has entered a multi-year expansion cycle driven by the rapid growth of artificial intelligence, cloud computing, and digital transformation. Hyperscale cloud providers such as Amazon, Microsoft, and Google continue to anchor demand through large-scale investments in AI infrastructure. According to McKinsey, global data centre demand is projected to grow at a 22% CAGR through 2030, expanding from 82 GW to 219 GW.

While the initial demand surge (2023-2025) was dominated by AI model training, the industry is expected to tilt more heavily toward AI inference workloads as the real-world deployment of AI applications increase. Unlike training, which can be performed in remote regions with low-cost power, inference require data centres to be located closer to end-users to minimise latency, increasing demand for facilities in major metropolitan areas.

Figure 3: Inference workloads are expected to surpass training workloads by 2027

Supply of data centres, however, remains highly constrained. JLL estimates that global data centre occupancy reached 97% by the end of 2025, leaving tenants with limited available capacity.

The key bottleneck for new developments is increasingly power availability, with grid connection timelines in major US data centre hubs now often exceeding three years. As a result, hyperscalers are beginning to explore tier 2 markets such as Des Moines, San Antonio, and Columbus, where power can typically be secured 12 to 24 months faster than tier 1 hubs like Northern Virigina.

In Ontario, where DCREIT’s Toronto asset is located, proposed Bill 40 would introduce a ministerial approval process for large data centre grid connections, potentially tightening supply and raising barriers to entry.

Overall, the tight supply of data centres globally continues to support high occupancy and favourable leasing conditions for existing operators, creating a supportive backdrop for established data centre owners.

Competitive Positioning

DCRU operates alongside several listed data centre REITs in Singapore. Its closest peers include Keppel DC REIT (SGX: AJBU) and NTT DC REIT (SGX: NTDU), both pure-play data centre REITs, as well as Mapletree Industrial Trust (SGX: ME8U), which derives approximately 58% of its portfolio from data centres.

Among its peers, DCRU is the only S-REIT whose portfolio consists entirely of freehold data centre assets, eliminating land lease expiry risk and supporting long-term asset value preservation.

In terms of scale, DCRU is the second smallest among its peer group, larger only than NTT DC REIT, which was listed recently on 14 July 2025.

From a geographic perspective, DCRU offers relatively diversified international exposure, though it does not have assets in Singapore. This contrasts with Keppel DC REIT, which remains heavily concentrated in Singapore but lacks exposure to the US. DCRU's US assets are also clustered in high-demand data centre hubs such as Northern Virginia and Silicon Valley, whereas Mapletree Industrial Trust’s data centre portfolio is more geographically dispersed across the US.

In terms of leverage, Digital Core REIT carries the second-highest gearing among its peers, though its leverage remains comfortably below the 50% regulatory limit imposed by MAS, indicating a still-healthy balance sheet.

Table 4: Peer comparison

	Digital Core (FY25)	Keppel DC (FY25)	NTT DC (9MFY25/26)	Mapletree Industrial (9MFY25/26)
AUM	USD 1.8bn	SGD 6.3 bn	USD 1.5bn	SGD 8.5 bn
Data centre exposure	100%	100%	100%	58%
Freehold	100%	44%	83%	89%
Geographical exposure*	US (43%) Germany (33%) Japan (13%) Canada (11%)	Singapore (62.4%) Europe (15.5%) Japan (14.0%) Rest of APAC (8.1%)	US (64.6%), Vienna (18.1%), Singapore (17.3%)	North America (81.6%) Japan (12.3%) Singapore (6.0%) *reflects data centres only
Occupancy rate	81%	95.8%	94.6%	91.4%
WALE	4.6 yrs	4.9 yrs	4.4 yrs	4.5 yrs
Rental reversion	31%	45%	9.2%	North America portfolio: 3.1%
Aggregate leverage	37.1%	35.3%	32.5%	37.2%
Source: Company’s latest financial results. Data as of 31 December 2025.

Investment Thesis

Capitalising on the secular demand for data centres

DCRU is well positioned to benefit from the structural growth in demand for data centres, which continues to outpace the limited power-constrained supply. In major data centre hubs such as Northern Virginia, new facilities face long lead times to secure adequate power, strengthening the position of incumbents who already have reliable access. This supply-demand imbalance grants DCRU significant pricing power, allowing it to command premium rents in a tight market. Reflecting this dynamic, DCRU achieved a robust 31% cash rental reversion on lease renewals in FY2025.

Moreover, Digital Core REIT’s metro-centric assets are strategically positioned to capture the next wave of high-density demand, as the industry increasingly shifts toward latency-sensitive inference workloads, which are projected to account for 40% of all data centre compute by 2030.

DCRU has opportunities to enhance both occupancy and capacity. Its Los Angeles asset has seen occupancy decline from 90.5% to 85.9%, but management is actively seeking new tenants to backfill the vacancy at higher rental rates. Targeted investments in facility upgrades offer further upside, expanding sellable capacity while preventing obsolescence. The Linton Hall redevelopment, for example, involves a USD 40 million capital expenditure to increase the facility’s capacity by 13% to 10.8 MW and has already contributed to a strong 35% rental reversion. These upgrades ensure that facilities remain capable of supporting modern AI workloads.

DCRU has also renewed the expiring lease at its Devin Shafron Drive property at a rate yet to be disclosed. Given the strong rental growth in Northern Virginia in recent years, we expect the renewal to deliver a solid double-digit rental reversion.

Resilient fundamentals amid rising energy costs and interest rate headwinds

The US-Iran conflict has pushed energy prices higher and upended the global rate cut narrative. With the inflationary impact of elevated oil prices, rate cuts are no longer the base case. Instead, markets are increasingly pricing in a prolonged pause by the Fed and a more hawkish stance from other central banks. While such an environment is typically unfavourable for REITs, we believe DCRU remains well-positioned to navigate these headwinds.

On the cost side, DCRU is relatively insulated from rising electricity prices. Approximately 83% of its annualised rental income is derived from pass-through lease structures (i.e., Gross + Electricity or Triple Net), where tenants bear utility expenses. For the remaining 17%—largely colocation contracts—the REIT has secured fixed electricity pricing through multi-year agreements with utility providers. In addition, DCRU retains the ability to reprice customer contracts should utility costs rise by more than 5%.

While higher electricity costs could potentially weigh on lease renewals and rental reversions, we view this risk as limited, given robust data centre demand in core markets alongside constrained supply. As such, rising energy costs are unlikely to have a material impact on DCRU’s operating performance.

DCRU’s balance sheet also remains well-positioned for a higher-for-longer rate environment. The REIT has a weighted average debt maturity of 3.7 years, with no refinancing needs until December 2027, and 85% of its borrowings are hedged against interest rate fluctuations.

Figure 4: DCRU has no near-term debt that is due for refinancing

While DCRU is not immune to potential cap rate expansion, which would increase aggregate leverage and may weigh on financial flexibility and distributions, its strong financing profile provides sufficient headroom to absorb such pressures.

Based on our stress test, a 100 bps expansion in cap rates would raise aggregate leverage from 37.1% to 44.7%, still below the 50% regulatory limit set by the Monetary Authority of Singapore. Similarly, a 100 bps increase in interest rates would reduce its interest coverage ratio from 3.5x to 2.6x—comfortably above the 1.5x threshold.

Overall, DCRU’s prudent leverage and predominantly fixed-rate debt structure position it well to withstand a prolonged higher interest rate environment. Strong underlying demand for data centres, reflected in tight vacancy rates, further supports its resilience despite a challenging macro backdrop.

Catalysts

Higher-than-expected rental reversions and accretive acquisitions

The successful lease-up of remaining vacancy at its Los Angeles colocation assets, coupled with stronger-than-expected rental reversions at Devin Shafron Drive property, could provide further upside to earnings and distributions.

Additionally, while we do not expect near-term acquisitions as the REIT’s units are trading at a discount to NAV and the interest rate environment remains elevated, any DPU-accretive acquisitions would likely be viewed positively by the market, particularly if they enhance portfolio scale and geographic diversification.

Boost from EQDP, GEMS and passive ETF inflows

DCRU could also benefit from ongoing initiatives aimed at deepening Singapore’s equity market. The REIT is already a beneficiary of the Grant for Equity Market Singapore (GEMS) scheme, which supports listed companies in strengthening investor engagement and expanding their capital markets presence.

In addition, DCRU may attract greater institutional attention under the Equity Market Development Programme (EQDP), a SGD 5 billion initiative by the MAS aimed at improving liquidity and participation in small- and mid-cap counters.

Another potential catalyst is the launch of the iEdge Singapore Next 50 Index, which tracks the next tier of promising Singapore-listed companies outside the Straits Times Index. As asset managers introduce ETFs and other passive investment products tracking this benchmark, DCRU could benefit from index inclusion-driven inflows, which may further enhance the REIT’s market visibility and trading liquidity.

Sustainability Analysis

DCRU has demonstrated a strong and measurable commitment to environmental stewardship. In FY2025, the REIT achieved a key milestone by matching 100% of its reporting-scope portfolio with renewable energy, up significantly from 57% in the previous year.

Operationally, the REIT continues to enhance resource efficiency through targeted initiatives. These include deploying the Nalco Water AI tool across its North American assets to optimise water usage, as well as retrofitting HITEC Uninterruptible Power Supply (UPS) systems, which collectively reduced energy consumption by 1,064 MWh at selected facilities.

Looking ahead, DCRU has outlined clear sustainability targets. It aims to obtain green building certifications, including ENERGY STAR certification and LEED Silver certification, across its entire portfolio by 2030. In parallel, the REIT plans to expand sustainability-linked green lease provisions to all customer contracts, reinforcing a shared commitment with tenants to achieve environmental goals. Over the longer term, management remains committed to making 100% clean and renewable energy available to customers.

Valuation

We expect DPU to remain roughly flat at USD 0.036 for FY2026. As the Linton Hall lease is only set to commence in December 2026, the asset will experience approximately 11 months of downtime. However, this impact should be mitigated by full-year contributions from the recently acquired 20% stake in Osaka 3, improved occupancy at its Los Angeles assets, and positive rental reversion at the Devin Shafron Drive property. We expect DPU to grow high double digits in FY2027 once rental contributions from Linton Hall begin.

DCRU currently trades at a 20% discount to NAV, while most of its peers trade at a premium (peer average Price/NAV of 1.08). Notably, Keppel DC REIT commands a 36% premium to NAV, reflecting its larger asset base and stronger growth profile, with DPU increasing 9.8% year-on-year. While some discount is warranted given DCRU’s smaller scale, history of tenant bankruptcies, and DPU uncertainty stemming from the temporary downtime at Linton Hall, we believe the current discount is excessive.

The REIT has demonstrated its ability to maintain DPU despite the Linton Hall downtime in FY2025 and has successfully navigated past tenant bankruptcies involving Cyxtera Technologies and Sungard, with support from its sponsor. For instance, the sponsor provided a five-year, interest-free loan to backstop near-term cash flow shortfalls following Sungard’s bankruptcy. Furthermore, the successful securing of a new tenant for Linton Hall strengthens portfolio fundamentals and improves earnings visibility going forward.

Using a Dividend Discount Model (beta=0.84, cost of equity 8.3%, risk free rate = 3.7%, terminal growth rate =2.0%), we obtain a fair value estimate of USD 0.69 for DCRU, representing an upside of 32.6%.

As such, we assign a “Buy” rating for DCRU, reflecting an attractive upside potential and a high average dividend yield of 7.7% for the next three years.

Figure 5: DCRU is trading at a steep discount to peers with an attractive dividend yield

Table 5: DCRU projections

DCRU	FY25A	FY26E	FY27E	FY28E
EPS (in USD)	0.037	0.034	0.039	0.040
P/E Ratio (X)	13.93	15.77	13.63	13.21
DPU (in USD)	0.036	0.036	0.043	0.044
DPU growth (%)	0.0%	-0.6%	19.0%	4.2%
Dividend Yield (%)	6.8%	6.7%	8.0%	8.4%
Current Price	USD 0.53
Target Price	USD 0.69
Upside Potential	32.6%
Source: Historical data is from Bloomberg Finance L.P., while forecasted data are based on iFAST Estimates. Computation of data used DCRU’s closing price as of 15 April 2026.

Figure 6: DCRU’s share price vs DPU

Investment risks

Customer concentration risk

Despite having over 120 customers, DCRU’s top three tenants account for 58.9% of total annualised rent, while the top ten represent 86%. As a result, any non-renewal of leases, difficulty in securing new tenants, or tenant bankruptcies could materially impact the DPU. However, given that demand for data centres continues to outstrip supply, vacancies are likely to be filled relatively quickly.

Furthermore, the REIT’s top five tenants, which contribute roughly 70% of annualised rent, all carry investment-grade credit ratings, making bankruptcies unlikely. In any case, Digital Core REIT has historically demonstrated its ability to mitigate the impact of tenant defaults, supported by strong backing from its sponsor.

Rising hyperscaler ownership of data centres

Hyperscalers may increasingly build and own their own data centres to gain greater control and reduce long-term costs, rather than lease capacity from third-party operators like Digital Core REIT. Data from Synergy Research Group shows that hyperscalers currently account for 44% of global data-centre capacity, with more than half already located in owned facilities. This share is projected to rise to 61% of total capacity, with around 40% comprising owned assets, underscoring hyperscalers’ preference for maintaining long-term control over their core infrastructure.

That said, a hybrid strategy of both leasing and building is likely to persist. Leasing remains an important channel for hyperscalers to secure capacity quickly, particularly in power-constrained markets where development timelines are long. It also enables them to expand into new regions or meet short-term demand spikes without committing to large upfront capital expenditure.

Higher-for-longer interest rates

A higher interest rate environment may hinder management’s plan to double the REIT’s USD1.8 billion asset base and market capitalisation over the next three to five years, as acquisitions become harder to execute on a DPU-accretive basis due to a higher cost of capital.

As a result, inorganic growth through acquisitions and capital recycling may be constrained in the near term, with the REIT likely relying more on rental reversions and improved occupancy to support DPU growth.

iFAST Research rating system

iFAST Research employs a five-tier rating system for stocks: Buy (material upside potential, favourable risk-return); Accumulate (moderate upside, selectively add on weakness); Hold (limited upside, maintain existing positions); Trim (upside insufficient to justify a full position, reduce exposure on strength); and Sell (material downside risk, exit position).

Declaration:

For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) and the analyst who produced this report hold a NIL position in the abovementioned securities.

This research report was prepared with the assistance of artificial intelligence (AI) tools. iFAST Financial Pte Ltd does not rely exclusively on AI for content generation; the content of this report – including all investment theses, ratings, price targets and conclusions – has been independently reviewed and verified by the research analyst(s) to ensure accuracy and professional integrity.

This research report is produced under the Grant for Equity Market Singapore (“GEMS”) Scheme. iFAST Financial Pte Ltd receives financial compensation for the preparation and publication of this report. For more information regarding the GEMS scheme and its objectives, please refer to this infographic. iFAST Financial Pte Ltd maintains editorial independence regarding the analysis and conclusions presented herein.

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Digital Core REIT: AI growth meets attractive 6.8% yield

Key Points

Company Overview

Figure 1: Portfolio composition by metro

Table 1: Top 10 customers

Table 2: Portfolio summary

Source: Digital Core REIT. Data as of 31 December 2025.

Figure 2: REIT structure

Table 3: Financial highlights

Industry overview

Figure 3: Inference workloads are expected to surpass training workloads by 2027

Competitive Positioning

Table 4: Peer comparison

Investment Thesis

Figure 4: DCRU has no near-term debt that is due for refinancing

Catalysts

Sustainability Analysis

Valuation

Figure 5: DCRU is trading at a steep discount to peers with an attractive dividend yield

Table 5: DCRU projections

Figure 6: DCRU’s share price vs DPU

Investment risks

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