Digital Core REIT (DCRU) Q3 2025 earnings summary

Executive summary

• Distributable income for the nine months ended September 2025 was $35.2 million, up 1.9% year-over-year, with a portfolio of 11 data centers and $1.7 billion in AUM across the U.S., Canada, Germany, and Japan.

• Completed the acquisition of a 20% interest in a second Osaka data center and repurchased 1.8 million units YTD, resulting in 0.1% DPU accretion.

• Portfolio occupancy stands at 98% (81% including a property under refurbishment), with a weighted average lease expiry of 4.7 years.

Financial highlights

• Revenue for 9M25 was $132.4 million, up 83.9% year-over-year; net property income rose 49.6% to $67.7 million.

• Net profit attributable to unitholders was $18.7 million, down 21.7% year-over-year, while distributable income increased 1.9% to $35.2 million.

• Net asset value per unit was $0.78 as of September 2025, with an 18.1% decline in unit price to $0.475.

Outlook and guidance

• Artificial intelligence and digital economy trends are expected to drive continued growth in digital spending and data center demand.

• APAC expansion remains a focus, with Osaka positioned as a strategic growth node.