NTT DC REIT beats IPO forecast with $0.0708 DPU

Its maiden distribution was 2.6% above forecast, supported by higher revenue and lower finance costs.

NTT DC REIT posted a distribution per unit of $0.0708 (US$0.0556) for FY25/26, exceeding its IPO forecast of $0.0688 (US$0.0542) by 2.6%.

The REIT’s gross revenue came in at $209.8m (US$164.8m) for the period from 28 March 2025 to 31 March 2026, 2.5% above forecast. The outperformance was driven by stronger colocation and power services revenue, higher tenant fit-out revenue, increased leasing activity, and additional customisation works for its US portfolio.

Net property income rose to $95.3m (US$74.9m), beating the forecast by 2.3%. This was supported by higher revenue, lower-than-expected real estate taxes, and favourable foreign exchange impact, partly offset by higher repair and maintenance costs and other property expenses.

Distributable income stood at $73.2m (US$57.5m), 2.5% above forecast, whilst net finance costs were $19.0m (US$14.9m), 3.3% lower than projected.

The maiden distribution will be paid on 29 June 2026. The last day of trading on a cum-distribution basis is 18 May 2026.

The REIT maintained a healthy balance sheet, with total debt of $658.2m (US$517m) as at 31 March and no maturities due in the next two financial years.

Aggregate leverage improved to 29.2% from 32.5% as at 31 December 2025. After the distribution payment, leverage is expected to remain at 31.3%.

Its interest coverage ratio was 4.2 times, whilst the weighted average all-in interest rate stood at 4.01%. About 70% of borrowings were on fixed rates, and all assets remained unencumbered.

($1 = US$0.79)

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