DIGITAL Core real estate investment trust (Reit) has posted US$34.4 million in distributable income to its unit holders over the first three quarters ended on Sep 30 – 3.4 per cent lower than its forecast US$35.6 million.

Net property income came in at US$53 million, 5.7 per cent higher than its forecast of US$50.1 million, over the same period, according to a business update filed with the Singapore Exchange on Wednesday (Oct 26).

Revenue for Digital Core Reit, : DCRU 0% which holds only data centres in its portfolio of assets, came in at US$80.7 million, 1.6 per cent higher than the projected US$79.4 million.

As the Reit was listed only last December, year-on-year comparisons are not available.

The Reit reported a total portfolio value of US$1.45 billion from its 10 data centres located across the United States, as well as in Canada.

As of Sep 30 this year, the occupancy rate was 100 per cent; its weighted average lease expiry is 5 years.

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Referring to one of its Toronto customers filing for bankruptcy protection, Digital Core Reit indicated that it had amended the lease, which gives it the flexibility to market the capacity, given that the IT service provider is preparing to vacate the premises by the end of this year.

The Reit had signed a cash-flow support agreement with a sponsor, which guarantees that all rental payments that are due until the end of the lease would be paid. The Reit’s manager reiterated what it had said in its first-quarter business update – that its distribution per unit (DPU) would not be affected.

Even as this IT service provider vacates its premises, Digital Core Reit said that market vacancy is tightening across its core markets.

The Reit has an outstanding debt of US$350 million, which works out to an aggregate leverage of 26.2 per cent.

Units of the Reit closed 1.8 per cent, or US$0.01 higher to US$0.57 on Wednesday.