NTT DC Reit posts H2 DPU of US$0.0387, beating IPO forecast by 2.4%

[SINGAPORE] The manager of NTT DC Real Estate Investment Trust (Reit) on Tuesday (May 12) reported a distribution per unit (DPU) of US$0.0387 for its second half ended Mar 31.

This beat the DPU of US$0.0378 forecast in the Reit’s initial public offering by 2.4 per cent.

NTT DC Reit debuted on the mainboard of the Singapore Exchange in July 2025.

Revenue came in at US$115.3 million for the half-year, exceeding its IPO forecast of US$112.1 million by 2.8 per cent. The manager attributed this to higher revenue from the Reit’s colocation and power services, as well as an increase in tenant fit-out revenue from “heightened leasing activity and additional customisation works” for its US portfolio.

Net property income (NPI) beat the IPO forecast by 2.5 per cent, at US$52.4 million for H2 FY2026. Besides higher revenue, this was also driven by lower-than-expected real estate taxes and a favourable foreign-exchange impact. These, however, were partially offset by higher repair and maintenance costs and other property expenses.

Distributable income stood at US$40.1 million, versus US$39.2 million in the IPO forecast. The distribution will be paid out on Jun 29.

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For the full year ended Mar 31, NTT DC Reit’s revenue was US$164.8 million, coming in 2.5 per cent higher than the IPO forecast. NPI, at US$74.9 million, beat the forecast by 2.3 per cent. Full-year DPU was US$0.0556, exceeding the IPO forecast of US$0.0542. Distributable income was also higher than expected, at US$57.5 million.

The manager said that the Reit’s outlook is “underpinned by strong leasing demand, consistent execution of strategic initiatives and favourable tailwinds in the data centre industry”. It added that it “remains mindful of ongoing geopolitical uncertainties and the potential impact on global demand, supply chains and capital market conditions”.

Units of NTT DC Reit closed flat at US$1.01 on Tuesday, before the results were released.