NTT DC REIT reported revenue of 106.0 million Singapore dollars for the nine months ended Dec, 31 2025, up 1.7% on its adjusted initial public offering forecast. Net property income came in at 47.1 million Singapore dollars, 0.6% below forecast, while distributable income was 36.3 million Singapore dollars, broadly in line with expectations.

The trust said portfolio occupancy stood at 94.6% by information-technology load, but committed leases secured during the third quarter will raise this figure to 97.3%. Rent reversion over the period was positive 9.2%, supported by strong demand in its Northern California, Northern Virginia, Vienna and Singapore assets. Weighted average lease expiry was 4.4 years.

Aggregate leverage remained at 32.5%, with all assets unencumbered and 70% of debt on fixed rates. The weighted average all-in interest rate was 3.94% and the interest-coverage ratio was 4.0 times. There are no debt maturities in the next three financial years; the average debt tenor is 2.8 years, extendable via two 12-month options.

The six-asset portfolio, valued at an initial purchase consideration of 1.5 billion Singapore dollars, provides 90.7 MW of design IT load across the United States, Austria and Singapore. Sponsor NTT Limited, part of NTT Group, is the world’s third-largest data-centre operator outside China with more than 2,300 MW of capacity in operation or under construction.

Management said discussions are under way on amending the sponsor’s fee structure to enhance alignment with unitholders’ interests, with implementation targeted for the first half of FY26/27.