The nine-month distributable income was 0.4% higher than the Reit’s forecast of US$36.1 million
[SINGAPORE] The manager of NTT DC Real Estate Investment Trust (NTT DC Reit) on Tuesday (Feb 10) reported a distributable income of US$36.3 million for the nine months ended Dec 31, 2025.
The nine-month distributable income was 0.4 per cent higher than the Reit’s forecast of US$36.1 million made at its initial public offering (IPO) – which includes contributions from VIE1, a freehold asset in Vienna, and other properties in its IPO.
NTT DC Reit listed on the Singapore Exchange mainboard in July 2025.
Its revenue for the nine-month period stood at US$106 million, 1.7 per cent higher than the forecast.
Net property income (NPI) was, however, at US$47.1 million. This is 0.6 per cent lower than the prediction of US$47.4 million.
The lower NPI was due to lower occupancy and softer power revenue. NTT DC Reit’s portfolio occupancy fell 0.5 percentage point to 94.6 per cent. However, the decline in NPI was partially offset by higher tenant fit-out revenue and positive foreign exchange impact, said the Reit manager.
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The manager said NTT DC Reit experienced strong leasing performance in the nine-month period, which was supported by positive pricing momentum.
As at Dec 31, the Reit’s committed portfolio occupancy stood at 97.3 per cent; these will start contributing to the trust’s top line starting from Q4 FY2026. It recorded a positive rental reversion of 9.2 per cent and leases renewed stood at US$1.1 million in monthly base rent.
The manager also noted that it is in advanced negotiations with a related-party tenant at SG1, with expectations of achieving meaningful rent reversion. SG1 is the Reit’s asset in Serangoon and it has an occupancy rate of 93.5 per cent by IT load as at end-December.
The manager added that they are in discussions with its sponsor on a potential management fee structure change are in progress to enhance alignment with unitholders’ interest, with implementation targeted by H1 FY2027.
NTT DC Reit currently has six assets across the US, Europe and Asia-Pacific. Its portfolio has a weighted average lease expiry of 4.4 years as at Dec 31, 2025. It has 90.7 megawatt in design IT load.
Its total debt stood at US$523 million as at end-December, and aggregate leverage maintained at 32.5 per cent.
Units of NTT DC Reit ended Tuesday 1 per cent or US$0.01 higher at US$1.01.
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