NTT DC Reit H1 DPU beats IPO projection by 10% at US$0.0432
Tenant expansions at two California data centres lift portfolio occupancy to 97.5%
NTT DC Real Estate Investment Trust (Reit) has reported its first half of FY2026/27 results, with distribution per unit (DPU) of US$0.0432, exceeding the initial public offering projection by 10%. Net property income (NPI) surpassed forecasts at US$55.8 million, 4.9% above projection, while gross revenue was 2% higher at US$119.8 million.
The improved NPI was attributed to increased tenant fit-out revenue, lower real estate taxes, and favorable foreign exchange movements. Net finance costs were 5.5% below projection at US$10.4 million, mainly due to lower interest rates. Portfolio occupancy by information technology load rose to 97.5%, driven by expansions at CA1 and CA3 data centres in California.
Rental reversion totaled 11.7% during the period, with a significant 23% from the renewal of NTT Master Services Agreement. The Reit's aggregate leverage decreased to 29.9% as of September 30, from 31% at end-June, with total debt at US$528 million.
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