What Digital Core REIT does

Digital Core REIT is a Singapore-listed (SGX: DCRU) pure-play data centre real estate investment trust, exclusively sponsored by Digital Realty — the world's largest data centre owner, operator, developer, and acquirer. Established via its December 2021 IPO with an initial 10-asset, 100%-freehold US/Canada portfolio appraised at US$1.4 billion, the REIT today owns and operates 11 institutional-quality data centre facilities spanning 1.2 million net rentable square feet across six top-tier markets: Northern Virginia, Silicon Valley, Los Angeles, Toronto, Frankfurt, and Osaka. As of 31 March 2026 the portfolio was 97% occupied with a weighted average lease expiry of 4.41 years, and 79% of annualised rent was contributed by investment-grade customers including global hyperscale cloud providers, colocation and interconnection operators, social media platforms, and IT solutions providers.

The underlying technology is straightforward but capital-intensive: mission-critical data centre real estate — power, cooling, connectivity, and security infrastructure — delivered through carrier-neutral hyperscale and powered-shell space leased to blue-chip tenants. Revenue mechanics are driven by long-dated multi-year leases with contractual rent escalation (e.g., 3% annual escalation on the Linton Hall lease), a stated policy to distribute at least 90% of distributable income, and dual equity/debt capital raising (a US$120 million private placement in February 2024, a EUR 300 million loan facility, a US$716 million credit facility stack, and a US$750 million EMTN programme established in March 2025). Semi-annual cash distributions are paid in USD, with election for SGD payment. Aggregate leverage stood at approximately 37.1% as of H2 2025, and unit price was US$0.510 as of 8 July 2026, trading at a discount to NAV.

The REIT's go-to-market is capital-markets driven: SGX-listed units are distributed globally through brokerage and CDP accounts; institutional outreach is conducted via Citi, DBS, and SGX-REITAS conferences; and analyst coverage is provided by Bank of America Merrill Lynch, Citi, DBS, UOB Kay Hian, and RBC. Growth has been executed through bolt-on acquisitions from the sponsor pipeline (Frankfurt 2022 and 2024; Osaka 2023, April 2024, and March 2025), combined with organic lease-up of vacant capacity. The most material near-term value driver is the January 2026 10-year hyperscaler lease on the formerly vacant Linton Hall facility in Northern Virginia, which lifted portfolio occupancy from 81% to 98%, is expected to generate approximately US$14.8 million in annualised net property income (a 35% increase over prior rent), and propelled FY2025 revenue to US$176.2 million — a 72.2% year-on-year increase from US$102.3 million in FY2024.

Name

Digital Core REIT

Legal name

Digital Core REIT Management Pte. Ltd.

Website

https://digitalcorereit.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Digital Core REIT (SGX: DCRU) is a pure-play data centre S-REIT exclusively sponsored by Digital Realty. It owns 11 freehold data centres across North America, Europe, and Asia Pacific, leasing capacity to investment-grade hyperscale cloud providers, colocation operators, and digital platforms.

Ownership category

akta.pro rank

Product category

Data Centre REIT (Real Estate Investment Trust)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Data Center Real Estate (REITs) & Leasing (HDABACAL)

akta.pro secondary industries

REITs & Listed Real Estate Securities (FSAAAKAD), Real Assets — Digital Infrastructure (Data Centers, Fiber, Towers) (FSAHAIAF)

Keywords

• Data centre colocation
• Real estate investment trust
• Hyperscale data centres
• Mission-critical facilities
• Institutional property leasing

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Others, Personnel, Technology or R&D

Revenue model

1. Rental Income from Data Centre Leases: Digital Core REIT generates revenue through long-term leases with blue-chip tenants including global cloud providers, colocation providers, social media platforms, and IT solutions companies. The REIT's portfolio spans 11 data centres across North America (Northern Virginia, Silicon Valley, Los Angeles, Toronto), Europe (Frankfurt), and Asia Pacific (Osaka). Revenue is primarily contracted under multi-year leases with weighted average lease expiry of 4.41 years as of March 2026. Rental income includes base rent with periodic escalation clauses (e.g., 3% annual rental escalation on Linton Hall lease).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Digital Core REIT owns and operates a diversified portfolio of 11 institutional-quality, 100% freehold mission-critical data centre facilities in top-tier markets across the U.S. (Northern Virginia, Silicon Valley, Los Angeles), Canada (Toronto), Germany (Frankfurt), and Japan (Osaka). The REIT generates revenue by leasing hyperscale and powered shell data centre space on long-term, multi-year contracts to blue-chip enterprise tenants including global cloud providers, colocation and interconnection providers, social media platforms, and IT solutions companies, and distributes at least 90% of distributable income as semi-annual USD distributions to unitholders.

Product overview

Digital Core REIT is a pure-play data centre Singapore Real Estate Investment Trust (S-REIT) sponsored by Digital Realty. The company operates a diversified portfolio of institutional-quality, 100% freehold data centre facilities concentrated in top-tier markets across North America (Silicon Valley, Los Angeles, Toronto, Northern Virginia), Europe (Frankfurt), and Asia Pacific (Osaka). The REIT provides colocation services with carrier-neutral hyperscale and powered shell data centre spaces leased to a roster of blue-chip customers, primarily global cloud providers, colocation providers, social media platforms, and IT solutions companies. As of March 2026, the portfolio comprises 11 data centres with $1.8 billion AUM, 97% occupancy, and over 120 customers.

Differentiator

Problem solved

Functional benefit

Products and services

• Data Centre Colocation Services Digital Core REIT's core offering is the leasing of carrier-neutral hyperscale and powered shell data centre space across 11 mission-critical, 100% freehold facilities in Northern Virginia, Silicon Valley, Los Angeles, Toronto, Frankfurt and Osaka to blue-chip tenants, primarily investment-grade global cloud providers, colocation and interconnection operators, social media platforms and IT solutions companies under long-term multi-year leases with annual escalation clauses.

Quantifiable outcome

• Revenue grew 72.2% to US$176.2 million in FY2025
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators15 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Iron Mountain Data Centers: NYSE-listed REIT (storage + data centres) with a growing hyperscale data centre platform comparable to Digital Core REIT's mix of hyperscale and powered-shell facilities across North America and Europe.
• Equinix, Inc. Nasdaq-listed global colocation and interconnection REIT with US$80bn+ enterprise value; operates interconnection-dense IBX facilities very comparable to Digital Core REIT's carrier-neutral data centre assets, though heavier on retail colocation vs hyperscale.
• Digital Realty Trust: NYSE-listed global pure-play data centre REIT and exclusive sponsor of Digital Core REIT; the largest data centre owner/operator worldwide with US$70bn+ AUM and the most comparable scale, asset type and tenant mix.

Direct peers

• Mapletree Industrial Trust: SGX-listed industrial REIT with meaningful data centre exposure in its portfolio; the closest S-REIT peer to Digital Core REIT in terms of investor base, distribution policy and Singapore-listed REIT structure.
• Keppel DC REIT: Singapore-listed pure-play data centre REIT with a portfolio across Asia Pacific, Europe and the Americas; the most directly comparable S-REIT to Digital Core REIT in mandate, structure, sponsor model and tenant base of hyperscale cloud providers.

Emerging players

• GDS Holdings Limited: Hong Kong- and Nasdaq-listed Asia data centre operator with a portfolio concentrated in China Tier-1 markets; comparable asset type (carrier-neutral hyperscale) but predominantly Mainland China exposure versus Digital Core REIT's North America/Europe/Japan footprint.

Regional players

• NTT DC REIT (Japan): Japan-listed pure-play data centre REIT sponsored by NTT; comparable asset type and tenant base (cloud/IT services), and a direct competitor for Osaka exposure that overlaps Digital Core REIT's Osaka 2.0 facility stake.
• NEXTDC Limited: ASX-listed Australian data centre operator with hyperscale and enterprise facilities in Sydney, Melbourne, Brisbane and Perth; comparable pure-play data centre business model and tenant mix but geographically concentrated in Australia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/digital-core-reit

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Digital Core REIT