NTT DC REIT
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.
- Company typePublic
- Founded2025
- HeadquartersSingapore, Singapore
- Headcount11–50
- GTM typeB2B
- OfferingServices
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.
NTT DC REIT firmographics
Firmographics- 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
NTT DC REIT industry classification
Industry- 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
Where NTT DC REIT is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices5 records
Markets served
NTT DC REIT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Marketing or Sales, Others
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | One time/ perpetual license | IPO Offer Price — US$1.00 per unit |
| Subscription | Semi-annual | Distribution per Unit — 5.56 US cents (FY25/26) |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels7 records
NTT DC REIT product offering
Product offeringCore 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
Companies that use NTT DC REIT
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
NTT DC REIT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
NTT DC REIT partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- TeslacoreTesla 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
NTT DC REIT competitors and assessment
Company assessmentDirect 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
NTT DC REIT social profiles
Digital presenceNTT DC REIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
NTT DC REIT leadership team
Management profileNumber of profiles
Profiles2 records
NTT DC REIT funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NTT DC REIT M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NTT DC REIT
What does NTT DC REIT do?
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.
Is NTT DC REIT a public or private company?
NTT DC REIT is a public company. It is classified as public and is currently operating.
When was NTT DC REIT founded?
NTT DC REIT was founded in 2025. It employs 11 to 50 people.
Where is NTT DC REIT based?
NTT DC REIT is headquartered in Singapore, Singapore, in the Asia region.
How does NTT DC REIT make money?
Three revenue lines are on record. Rental Income from Data Center Leases are the primary driver. The others are power Services and Colocation Revenue and tenant Fit-out Revenue.
Who are NTT DC REIT's main competitors?
Direct peers on record are CyrusOne, GDS Holdings, Digital Realty Trust, Equinix, Mapletree Industrial Trust and Keppel DC REIT. Broad incumbents are Stack Infrastructure, EdgeConneX and Iron Mountain Data Centers. NEXTDC is listed as a regional player.
Does NTT DC REIT have an API?
No public API is recorded for NTT DC REIT.
What industry is NTT DC REIT in?
NTT DC REIT's product category is Data Center REIT. Its primary akta.pro industry code is HDABACAL, Data Center Real Estate (REITs) & Leasing, with a secondary code of FSAAAKAD, REITs & Listed Real Estate Securities. Its NAICS code is 525 and its SIC code is 6798.