NTT DC REIT 9M FY25/26 delivers steady income, +9.2% rent reversion and 97.3% committed occupancy; leverage at 32.5%
Summary:
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9M FY25/26 gross revenue was US$106.0m, 1.7% above the adjusted IPO forecast, while NPI of US$47.1m was just 0.6% below forecast due to lower occupancy and softer power revenue, partly offset by higher fit-out income and FX gains.
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Amount available for distribution came in at US$36.3m, slightly ahead of the US$36.1m adjusted IPO forecast, with profit attributable to unitholders at a small loss of US$1.3m versus a forecast loss of US$3.7m.
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Portfolio committed occupancy reached 97.3% as at 31 December 2025 on strong 3Q leasing at CA1, CA3 and SG1, with 9M FY25/26 rent reversion at +9.2% and only under 12% of base rent expiring in FY25/26.
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The balance sheet remains conservative with aggregate leverage at 32.5%, 100% of assets unencumbered, 70% of debt fixed and a 3.94% weighted average all‑in interest rate, leaving about US$201m of headroom to a 40% gearing cap.
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The six‑asset, 90.7MW portfolio (U.S., Singapore, Vienna) has a 4.4‑year WALE and is anchored by hyperscale and global tech tenants (top‑10 contribute 75.5% of base rent) with average 2.7% annual rental escalations, while management explores fee structure changes to better align with unitholders.