NTT DC REIT

What NTT DC REIT does

NTT DC REIT is a Singapore real estate investment trust listed on the SGX Main Board on 14 July 2025, constituted to invest in stabilised, income-producing real estate assets used primarily for data center purposes. Sponsored by NTT Limited (part of NTT Group, the third-largest global data center provider excluding China with 2,400+ MW of IT power), the REIT's initial portfolio comprises six data center facilities across the United States (Sacramento CA2 and Ashburn VA2), Europe (Vienna VIE1), and Asia-Pacific (Singapore SG1), with a combined appraised value of approximately US$1.6 billion as of 31 March 2026 and 80 MW of design IT load across more than 41,000 sqm of gross floor area. Portfolio occupancy stood at 94.6% as of December 2025, with 100% freehold ownership of assets and a weighted average lease expiry of more than 10 years.

The REIT generates revenue primarily through monthly base rent (MBR) under long-term master services agreements with tenants, supplemented by usage-based colocation and power services revenue, and non-recurring tenant fit-out revenue from leasing activity. Its largest tenant, Tesla, accounts for 29.9% of base rent, with the balance serving hyperscale cloud and AI providers and enterprise customers. H2 FY2026 revenue reached US$115.3 million (2.8% above IPO forecast) and full-year DPU of 5.56 US cents exceeded forecast by 2.6%, with the SG1 MSA renewed in March 2026 at 23% higher rent demonstrating pricing power. The REIT is governed by NTT DC REIT Manager Pte. Ltd. (incorporated December 2024), with GIC Private Limited holding a 9.8% cornerstone stake and NTT Ltd holding 25% post-IPO.

The business model centres on yield, distribution stability, and acquisition-led growth: a 100% distribution policy applies through FY26/27 and at least 90% thereafter, with US-dollar-denominated distributions paid semi-annually and SGD conversion available via CDP. Growth levers include organic rental reversion across the portfolio, the Sponsor's ROFR pipeline providing access to NTT Group's global data center development pipeline, and capital recycling via debt and equity markets. Distribution channels span SGX trading, SRS/CPF accounts for retail investors, and the iEdge Singapore Next 50 Index inclusion for institutional visibility, supported by four sell-side research houses.

Name

NTT DC REIT

Legal name

NTT DC REIT Manager Pte. Ltd.

Website

https://nttdcreit.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

11–50 employees

Short description

NTT DC REIT is a Singapore-listed pure-play data center REIT, sponsored by NTT Group, owning six stabilised data centers across the US, Austria, and Singapore with a US$1.6 billion portfolio valuation. It serves hyperscale cloud and AI tenants — including Tesla as the largest at 29.9% of base rent — generating rental income and distributions with growth via NTT's ROFR pipeline.

Ownership category

akta.pro rank

Product category

Data Center REIT

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Data Center Real Estate (REITs) & Leasing (HDABACAL)

akta.pro secondary industries

REITs & Listed Real Estate Securities (FSAAAKAD), Real Assets — Digital Infrastructure (Data Centers, Fiber, Towers) (FSAHAIAF)

Keywords

• Data center REIT
• Data center real estate
• Investment trust units
• Data center colocation
• Real estate investment

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Rental Income from Data Center Leases: The primary revenue stream comes from leasing data center space to tenants under long-term master services agreements. Revenue is generated through monthly base rent (MBR), with contractual lease terms and weighted average lease expiry (WALE) providing income stability. Higher colocation and power services revenue drove outperformance versus IPO forecast in H2 FY2026.
2. Power Services and Colocation Revenue: Revenue from power consumption and colocation services provided to tenants, with positive rental reversion outcomes. The SG1 master services agreement was renewed at 23% higher rent in March 2026, indicating strong pricing power.
3. Tenant Fit-out Revenue: Revenue from fitting out data center space for new and existing tenants, particularly from heightened leasing activity in the US portfolio. This is a non-recurring revenue stream tied to tenant expansion.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

NTT DC REIT is a Singapore-listed real estate investment trust that invests in a diversified portfolio of stabilised, income-producing real estate assets used primarily for data center purposes across the US, EMEA and Asia-Pacific. The REIT generates recurring rental income by leasing six data center facilities (80 MW design IT load, ~US$1.6 billion appraised value) to hyperscale cloud, AI and enterprise tenants under long-term master services agreements, and distributes at least 90% of distributable income (100% through FY26/27) to unitholders.

Product overview

NTT DC REIT is a pure-play data center Real Estate Investment Trust (REIT) that operates as a single, unified investment vehicle focused on stabilised income-producing data center real estate assets. The REIT's portfolio consists of six data center properties located across three regions: two facilities in Northern California (Sacramento CA2), two in Northern Virginia (Ashburn VA2), one in Vienna, Austria (VIE1), and one in Singapore (Serangoon SG1). The REIT provides investors with regular and stable distributions through rental income from its data center tenants, with a distribution policy of 100% of distributable income through FY26/27 and at least 90% thereafter. The sponsor is NTT Limited, part of the NTT Group, which is the third-largest global data center provider (excluding China) with over 2,400 MW of IT power in operation and under construction.

Differentiator

Problem solved

Functional benefit

Products and services

• Sacramento CA2 Data Center The Sacramento CA2 data center is part of NTT DC REIT's US portfolio, providing colocation and power services to hyperscale cloud providers and enterprise tenants in Northern California. It contributes to the REIT's 67.4% US portfolio weighting by valuation.
• Ashburn VA2 Data Center The Ashburn VA2 data center is located in Northern Virginia, a major hub for data center operations, serving hyperscale cloud providers and enterprise customers with colocation and power services. It is part of the REIT's 67.4% US portfolio weighting.
• Vienna VIE1 Data Center The Vienna VIE1 data center is part of NTT DC REIT's European portfolio, providing data center services to tenants in the Vienna, Austria market. It represents 16.1% of portfolio valuation and operates with occupancy between 90–97% at the time of seeding.
• Singapore SG1 (Serangoon) Data Center The Singapore SG1 (Serangoon) data center is part of NTT DC REIT's Asia-Pacific portfolio, providing colocation and power services in Singapore's data center market. The SG1 master services agreement was renewed in March 2026 at 23% higher rent, and occupancy stood at 94.6% as of December 2025.

Quantifiable outcome

• H2 FY2026 DPU of US$0.0387, beating IPO forecast by 2.4%
• +6 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• TeslacoreTechnology or Integration · 31 March 2026Tesla is the largest tenant of NTT DC REIT, accounting for 29.9% of base rent. Tesla's expansion of autonomous taxi services and humanoid robot programs is expected to drive additional data center demand, supporting future leasing activity. Tesla's hyperscale compute needs underpin a significant portion of the REIT's contracted rental income.

Scale indicators12 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• CyrusOne: US-based data center operator owned by KKR and Global Infrastructure Partners, serving hyperscale customers. Comparable in asset class, hyperscaler focus, and capital structure (private with institutional sponsors).
• GDS Holdings: China-based carrier-neutral data center operator serving hyperscale cloud and AI customers across Greater China and Southeast Asia. Comparable business model and tenant mix, with regional overlap in APAC markets where NTT DC REIT operates.
• Digital Realty Trust: Large-cap US-listed data center REIT operating global colocation facilities serving hyperscalers and enterprises. Closest global comparable in business model, tenant profile, and asset type to NTT DC REIT, but at materially larger scale.
• Equinix: US-listed global data center and interconnection REIT with the largest interconnection footprint worldwide. Directly comparable in asset class, REIT structure, and hyperscaler/enterprise tenant mix to NTT DC REIT.
• Mapletree Industrial Trust: Singapore-listed REIT with a meaningful data center segment (Mapletree Data Centre Trust) alongside industrial and business park assets. Overlaps with NTT DC REIT on data center exposure and competes for the same pool of Singapore-listed REIT investors.
• Keppel DC REIT: Singapore-listed pure-play data center REIT with a portfolio of assets across Asia-Pacific and Europe. Direct competitor to NTT DC REIT for institutional investor capital seeking SGX-listed data center exposure, and the most relevant local comparable.

Broad incumbents

• Stack Infrastructure: US-based private data center developer and operator owned by IPI Partners, focused on hyperscale build-to-suit facilities. Comparable in asset class and tenant profile, though structured as a private operator rather than a yield-oriented REIT.
• EdgeConneX: Private global data center operator backed by EQT Infrastructure, specializing in hyperscale and edge facilities. Comparable asset type and hyperscaler customer focus, but operates outside public REIT structures.
• Iron Mountain Data Centers: Data center division of Iron Mountain Incorporated (NYSE: IRM), a large storage REIT expanding into colocation. Operates data center real estate serving hyperscalers and enterprises, comparable in asset type but embedded within a broader records-storage business.

Regional players

• NEXTDC: Australia-listed data center operator serving hyperscale and enterprise customers across Australia. Comparable in business model and asset class but does not directly compete with NTT DC REIT's existing US/EMEA/APAC footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ntt-dc-reit

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NTT DC REIT