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.
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.
See also: Thakral’s 1QFY2026 adjusted attributable profit more than doubles y-o-y to $3.3 mil
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.
