The largest S-REIT IPO in over a decade — a newly listed, USD pure-play data-centre trust with a conservative balance sheet and a vast NTT sponsor pipeline, but a very short track record.
Filing-sourced diligence — FY25/26 (31 Mar 2026); listed 14 Jul 2025. Every figure is tagged to its source; what the filings don't disclose is listed, not guessed.
A diligence-ready read assembled from NTT DC REIT's latest SGX filings: balance sheet, asset map, income durability, the concentration/structure most screeners skip, and the points investors usually miss.
Interactive map — drag to pan, use +/− to zoom; hover or tap a marker for the assets there. Bubble size = assets at that location; colour = type.
Two-thirds of value is in the US (Sacramento + Ashburn), with Singapore and Vienna the balance. FY25/26 (31 Mar 2026); listed 14 Jul 2025.
| Metric | Value | As of / source |
|---|---|---|
| Aggregate leverage | 29.2% | FY25/26 — among the sector's lowest |
| Interest coverage (ICR) | 4.2x | FY25/26 |
| All-in cost of debt | 4.01% | FY25/26 (USD-heavy funding) |
| % fixed-rate | 70% | FY25/26 |
| Weighted avg debt maturity | 2.3 yrs | FY25/26 — short |
| Total debt | US$517m | FY25/26 |
| Debt maturing next 2 FYs | None | FY25/26 |
| Assets unencumbered | 100% | FY25/26 |
| Metric | Value | As of / source |
|---|---|---|
| Portfolio value | US$1.67B | FY25/26 (+11.3% vs IPO) |
| Data centres | 6 | across 3 countries |
| Design IT load | ~90.7 MW | FY25/26 |
| Occupancy (physical) | 95.1% | FY25/26 (98.5% committed) |
| WALE | 4.5 yrs | FY25/26 (by base rent) |
| Rental escalations | ~3.1% avg | 89% fixed-step / 3.3% CPI-linked |
| NAV per unit | ~US$0.95 | IPO (latest not separately disclosed) |
With only one distribution declared and a single tenant at ~31.5% of base rent (top 10 now ~74%), the income has almost no observed track record yet. The sponsor anchors part of it (NTT Singapore at SG1).
| Tenant / metric | Share | As of |
|---|---|---|
| Top tenant (% of base rent) | 31.5% | IPO base — reportedly an EV company |
| Top 10 tenants | ~74.0% | 4Q FY25/26 (62.6% excl. NTT at IPO) |
| Demand mix | 51% HS / 49% colo | by base rent |
| 3-yr customer retention | 98.3% | IPO |
Sponsor: NTT Limited (NTT Group; S&P A / Moody's A2), the world's 3rd-largest data-centre provider ex-China with a ~2,400 MW global footprint; NTT retains ~25% of units. Pipeline: a ROFR over ~2,000 MW of stabilised sponsor assets — more than 20× the REIT's current ~90.7 MW — with ~130 MW identified near-term and management publicly weighing Frankfurt and Tokyo. Strategy: target a ~40% US / 30% Europe / 30% Asia mix, mirroring NTT GDC. Capital: ~US$773m IPO (Jul 2025) at US$1.00; GIC a cornerstone (~9.8%). Demand: AI/HPC, with European data-centre vacancy projected to a record-low ~6.5% by end-2026.
| # | Risk |
|---|---|
| 1 | Single-tenant concentration (~31.5% of base rent; top 10 ~74%). |
| 2 | Very short track record — one distribution declared (paid Jun 2026). |
| 3 | USD distributions + USD/EUR/SGD FX translation. |
| 4 | Related-party / sponsor dominance (manager = NTT; ~25% stake; SG1 anchor & ROFR). |
| 5 | Short 2.3-year WADM — near-term refinancing at higher rates. |
| 6 | Growth depends on accretive, related-party sponsor injections and market access. |
| Metric | Value | As of | Source |
|---|---|---|---|
| Price / market cap | live | 17 Jun 2026 | GroundVision market feed (Yahoo Finance, delayed) |
| Forward yield (corrected) | ~8.1% | Jun 2026 | Forward on 5.56¢ maiden DPU / ~US$0.96 (Growbeansprout); IPO fcst 7.5% |
| Trailing-feed yield ~11% | artifact | Jun 2026 | Partial-period annualisation error — NOT a real yield |
| Maiden DPU (FY25/26) | 5.56 US¢ | FY25/26 | NTT DC REIT FY25/26 Media Release (paid 29 Jun 2026) |
| Leverage / ICR / cost / %fixed / WADM | 29.2% / 4.2x / 4.01% / 70% / 2.3y | FY25/26 | FY25/26 Media Release |
| Portfolio value / DCs / IT load | US$1.67B / 6 / ~90.7MW | FY25/26 | FY25/26 Media Release |
| Occupancy / WALE | 95.1% / 4.5y | FY25/26 | FY25/26 Media Release |
| Top tenant / top 10 | 31.5% / ~74% | IPO–4Q FY25/26 | DollarsAndSense; Singaporean Investor |
| Sponsor ROFR pipeline | ~2,000 MW | IPO | FY25/26 Media Release |
| Geo split | US 67.4 / SG 16.5 / Austria 16.1 | IPO | DrWealth/ReitSavvy prospectus summary |
| NAV per unit | ~US$0.95 | IPO | ReitSavvy (latest not separately disclosed) |
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