NTT DC REIT (NTDU) Investor presentation summary

Key highlights for FY25/26

• Outperformed IPO forecast with NPI up 2.3%, distributable income up 2.5%, and DPU up 2.6%, driven by operational strength and positive FX movements.

• Portfolio valuation rose 11.3% to US$1,670.2m, reflecting asset appreciation and recent acquisitions.

• Achieved robust rental reversion of +8.5% (13.7% including NTT Singapore lease renewal) and secured a 23% rental uplift on the SG1 MSA renewal.

• Portfolio occupancy reached 95.1% with committed occupancy at 98.5%; WALE stands at 4.5 years.

• Aggregate leverage remains healthy at 29.2% with 70% fixed rate debt and a strong interest coverage ratio of 4.2x.

Financial performance and position

• Gross revenue for FY25/26 was US$164.8m, 2.5% above forecast, mainly due to higher tenant fit-out income, colocation revenue, and favorable FX.

• Net property income reached US$74.9m, up 2.3% from forecast; DPU was 5.56 US cents, 2.6% above forecast.

• Net assets attributable to unitholders increased 20.8% to US$1,181m; NAV per unit rose to US$1.14.

• All loans are unsecured, and the portfolio is 100% unencumbered.

Operational and leasing updates

• Strong leasing momentum with 98.5% committed occupancy as of March 2026, including new leases yet to commence.

• SG1 Master Services Agreement renewal delivered a 23% rental uplift, 5% annual escalations, and a 3-year lease term.

• Top 10 customers contribute 75.4% of monthly base rent, with a diversified tenant base including Fortune 100 companies.

• Lease expiry profile is well-staggered, with less than 17% expiring in FY26/27 and a WALE of 4.5 years.