NTT DC REIT (NTDU) Q3 2026 TU earnings summary

Executive summary

• Delivered stable financial performance for the nine months ended 31 December 2025, with results in line with forecasts and supported by steady operating performance.

• Strong leasing activity and positive rent reversion (+9.2%) drove occupancy to 97.3% including committed leases.

• Portfolio comprises six assets across the U.S., EMEA, and APAC, with a total design IT load of 90.7 MW and a weighted average lease expiry of 4.4 years.

Financial highlights

• Gross revenue was US$106.0m, up 1.7% from the adjusted IPO forecast; net property income was US$47.1m, 0.6% below forecast due to lower occupancy and softer power revenue.

• Distributable income reached US$36.1m, in line with the adjusted IPO forecast.

• Profit attributable to unitholders improved by 65.4% compared to forecast, at a loss of US$1.3m versus a forecasted loss of US$3.7m.

Outlook and guidance

• Discussions are ongoing regarding a potential management fee structure change to better align with unitholders' interests, targeted for implementation by 1H FY26/27.

• New leasing incentive scheme expected to further strengthen leasing outcomes.