Digital Core REIT FY2025: DPU Held at 3.60¢ Despite Linton Hall Downtime; Osaka 3 Acquired; 10-Year Lease-Up Secured Jan 2026

Digital Core REIT FY2025 Annual Report (year ended 31 December 2025) shows resilient DPU of 3.60 US¢ (flat YoY) despite six months of downtime at its flagship Linton Hall facility in Northern Virginia, offset by accretive investment activity, organic lease-up, rent growth and balance sheet savings. A defining post-period event: in January 2026, the REIT secured a 10-year lease at Linton Hall with an investment-grade global cloud provider, delivering +35% NPI vs the prior rent.

• ▸Gross Revenue: US$176.2M (FY2024: US$102.3M; +72.2% — driven by full-year consolidation of Frankfurt facility post stake increase + Osaka 3 acquisition).
• ▸NPI: US$88.7M (FY2024: US$61.8M; +43.5%).
• ▸Distributable Income: US$46.8M (FY2024: US$46.0M; +1.9%).
• ▸DPU: 3.60 US¢ (FY2024: 3.60 US¢; flat — maintained despite Linton Hall downtime).
• ▸Distribution Yield: 7.06% (FY2024: 6.21%; +85bps).
• ▸NAV/unit: US$0.80 (FY2024: US$0.79).
• ▸Aggregate Leverage: 37.1% (FY2024: 34.0%).
• ▸WACD: 3.5% p.a. (FY2024: 4.2%; -70bps — proactive balance sheet management).
• ▸Wtd Avg Debt Maturity: 3.7 years; no maturities until Dec 2027.

• ▸Northern Virginia (3 assets, 90% stake):
• ▸44520 Hastings Drive (Ashburn): 132,299 sq ft, 12,510 kW, 100% occ, WALE 7.4 yrs, val US$384.3M (+3.1% YoY).
• ▸8217 Linton Hall Road (Bristow): 207,002 sq ft, 9,720 kW — OUT OF SERVICE 3Q 2025 for refurbishment; 100% occ (pro forma); WALE 10.0 yrs; val US$230.4M (+5.3%); 10-yr lease with IG cloud provider commencing Dec 2026 (+35% NPI). BIGGEST FY2025 STORY.
• ▸43831 Devin Shafron Drive (Ashburn): 105,364 sq ft powered shell, 100% occ, WALE 0.3 yrs, val US$57.3M (+2.0%).

• ▸Silicon Valley (2 assets, 90% stake):
• ▸3011 Lafayette Street (Santa Clara): 81,702 sq ft, 5,400 kW, 100% occ, WALE 4.1 yrs, val US$157.5M (+1.7%). Energy Star.
• ▸1500 Space Park Drive (Santa Clara): 46,454 sq ft shell, 100% occ, WALE 8.7 yrs, val US$90.9M (-10.1% — market softening). LEED Gold.

• ▸Los Angeles (2 assets, 90% stake):
• ▸200 North Nash Street (El Segundo): 102,245 sq ft, 2,430 kW, occ 83.5% (FY2024: 86.8%; -3.3pp — short WALE 1.1 yr), val US$58.5M (+6.4%).
• ▸3015 Winona Avenue (Burbank): 74,620 sq ft, 1,494 kW, occ 89.2% (FY2024: 70.6%; +18.6pp — standout lease-up), val US$48.6M (+9.0%). Energy Star.

Toronto — 371 Gough Road (Markham, 90%): 93,877 sq ft, 6,089 kW, 100% occ, WALE 3.6 yrs, val US$131.1M (+7.1%).

Frankfurt — Wilhelm-Fay-Straße 15 & 24 (65%): 292,205 sq ft (largest by NRSqFt), 22,100 kW, occ 99.4%, WALE 4.4 yrs, val US$465.7M (+19.1% — first full-year post consolidation). Largest single-asset revenue contributor (US$33.5M rent FY2025). Dark fibre to Sponsor's Hanauer Landstraße campus (700+ carriers/ISPs).

• ▸Osaka (2 assets, 20% stake — Osaka Digital Connected Campus):
• ▸Digital Osaka 2: 48,289 sq ft, 5,100 kW, occ 98.3% (FY2024: 94.6%; +3.7pp), WALE 2.7 yrs, val US$113.3M (+5.3%).
• ▸Digital Osaka 3 (NEW ACQUISITION FY2025): 38,707 sq ft, 3,980 kW, 100% occ, WALE 6.9 yrs, val US$90.0M. Acquired 20% interest from Mitsubishi Corp for ¥13B (~US$86.7M) in March 2025; Osaka now 11% of portfolio revenue (up from 7%), surpassing LA. Funded via first ¥-denominated EMTN note.

• ▸Mar 2025: Established US$750M EMTN Programme + issued first ¥-denominated note (natural currency hedge for Osaka assets).
• ▸Sep 2025: Included in SGX iEdge Singapore Next 50 Indices.
• ▸Feb 2025: Serene Nah appointed Chairman replacing David Lucey.

John Stewart: US$1,255,076 (FY2025); FY2024: US$1,306,067 (-3.9% YoY). Mix: 29% fixed / 23% bonus / 24% performance RSUs (FY2023 3-yr period concluded, 50% vested Mar 2026) / 24% time-based. Total staff remuneration (9 beneficiaries): ~US$3.2M (fixed US$1.4M / variable US$1.6M / benefits US$0.2M).

Digital Core REIT's FY2025 story is disciplined execution under pressure — maintaining flat DPU despite losing six months of income from its largest asset (Linton Hall). The January 2026 Linton Hall lease-up at +35% NPI is the defining catalyst: once the new 10-year lease commences Dec 2026, the REIT's income base will step up meaningfully. Meanwhile, Frankfurt delivered full-year contribution, Osaka was expanded with Osaka 3, and the EMTN programme broadens funding access. The portfolio is now positioned at 97%+ occupancy across 9 in-service assets with 85% pass-through energy structure and 100% freehold land ownership.