NTT DC REIT (SGX:NTDU
) has reported a distributable income of US$36.3 million in 9MFY2026 ended Dec 31, 2025, 0.4% higher compared against the adjusted IPO forecast of US$36.1 million.
Gross revenue was at US$106.0 million, 1.7% higher compared to the adjusted IPO forecast while net property income (NPI) was 0.6% below adjusted IPO forecast at US$47.1 million.
The lower NPI was mainly due to lower occupancy rate and a softer power revenue. However, this was partially offset by higher tenant fit-out revenue and positive forex impact.
Portfolio occupancy rate was down by 0.5 percentage points to 94.6% for 9MFY2026. Including the lease committed in 3QFY2026 and yet to be commenced, portfolio occupancy rate would have risen to 97.3%.
Portfolio rental reversion was at a positive rate of 9.2%, driven by strong leasing activity in 3QFY2026.
The REIT manager said that it is currently in advanced negotiations with a related-party tenant at SG1, with expectations of achieving “meaningful rent reversion”. Meanwhile, NTT DC REIT managed to secure committed backfill for the properties at CA1 and CA3.
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As at Dec 31, 2025, NTT DC REIT’s aggregate leverage remained unchanged at 32.5%, while weighted average all-in interest rate inched up higher to 3.94%.
Interest coverage ratio declined marginally to 4.0 times and 70% of its total debt are on fixed rate.
On the lease expiry profile, less than 12% of the leases will be due for renewal in FY2026 and the weighted average lease expiry stood at 4.4 years.
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Finally, the REIT manager is in discussions with the sponsor on a potential management fee structure change, with the goal to enhance alignment with unitholders’ interest and the implementation will be targeted by 1HFY2027.
Units in NTT DC REIT closed at US$1.01 on Feb 10.
