NTT DC Reit posts Q1 net property income of US$27.9 million, beats IPO forecast by 5%

[SINGAPORE] The manager of pure-play data centre real estate investment trust (Reit) NTT DC Reit on Wednesday (Aug 12) posted a net property income of US$27.9 million for the three months ended Jun 30.

This beat the initial public offering projection of US$26.6 million by 5 per cent.

The manager attributed the performance to lower real estate taxes and operational costs, as well as favourable foreign exchange impact.

Distributable income for the first quarter of FY2027 stood at US$22.6 million, surpassing the IPO forecast of US$20.5 million by 10.6 per cent.

However, revenue came in at US$58.1 million, 1.1 per cent below the IPO projection of US$58.7 million.

“The majority of the committed leases is expected to start contributing to revenue in Q3 FY2027,” noted the manager in a business update.

Portfolio occupancy by IT load for the period ended Jun 30 increased to 95.9 per cent, up slightly from 95.1 per cent as at Mar 31.

As at Jun 30, portfolio occupancy stood at 99.2 per cent, including committed contracts, noted the manager.

The Reit holds six assets in the US, Singapore as well as the Europe, Middle East and Africa region, with a total design IT load of 90.7 megawatts.

Its portfolio has a weighted average lease expiry of 4.3 years as at Jun 30, while rental reversion stood at 13.4 per cent.

For the same period, the total debt of the Reit stood at US$537 million, a slight increase from US$517 million for the period ended Mar 31.

NTT DC Reit made its trading debut in July 2025, with an IPO price of US$1.

Units of NTT DC Reit closed 0.5 per cent or US$0.005 higher at US$0.935 on Wednesday, before the results were announced.