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NTT DC REIT
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Alignment
Elite |
08-Apr-2026 10:35
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This top tenant is probably tesla. I agree that 30% concentration is potentially a risk, but at the same time a good relationship with a dynamic growing company like Tesla is a great opportunity for further demand growth and one has to judge what the net balance is of such a relationship. Having a big government backed company like NTT as a sponsor also provides some protection in this regard. | ||||
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chengwh1
Elite |
08-Apr-2026 01:28
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There is another risk with NTT DCR - the top tenant by GRI contributes 30%-odd of the rental income collected by NTT DCR. If this tenant has a chg in strategy or in whatsoever way towards this occupancy, the dpu will drop badly. Have a feeing the mkt is looking at this risk too. Apart from this, all other factors seemed fine with this REIT. | ||||
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Alignment
Elite |
06-Apr-2026 23:51
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Three factors drive the share price for this REIT as for any other 1) DPU, 2) the spread of the company' s DPU yield vs the US treasury bond yield, and 3) the US treasury bond yield. The company' s management has most power over 1), very limited power over 2) and none over 3). On DPU the company is outperforming its IPO guidance, so it is pretty much doing all it can. The fact that the share price is below $1 is therefore due to factors outside its control. Besides doing even better than it already is on DPU, there are things the company can do to influence 2) like better IR, buybacks etc. But at the end of the day 3) is a big deal. |
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JAMMIE
Member |
06-Apr-2026 09:35
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NTTDC had already crossed over $1 and was very strongly positioned to march towards about $1.45. The FED was custting rates and there was good news expected like the recent rental revision. Its the WAR that has complicated all equations. The WAR was unexpected and deifnitely not expected to last last this long. and now the FED will not cut rate anytime soon and can also be expected to increase (unlikely but possible). So either you can double down and accumulate more, and expect a mugh higher dividend yield in years to come , or you can exit if you are unable to ride out this long period of volatility. | ||||
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n3wbie
Elite |
02-Apr-2026 22:23
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Hope this dont become like the other overseas dc reit with Digicore, still yet to recover to IPO price after all these years despite a strong and reputable sponsor. What does it take for NTT DC reit to turn around, amidst the concerns for where rates would be? | ||||
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Joelton
Supreme |
01-Apr-2026 09:17
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NTT DC REIT renews master lease for SG1 at 23% increase in rent NTT DC REIT has successfully renewed the SG1 master services agreement dated March 31 between NTT Global Data Centers SG1 LLP, a wholly-owned subsidiary of NTT DC REIT, and NTT Singapore, an indirect wholly-owned subsidiary of NTT. SG1 is located on 51 Serangoon North Avenue 4,. The renewed SG1 Master Services Agreement delivers a positive rental reversion of about 23% to $474 per kilowatt, compared with the $385 per kilowatt committed under the previous one-year lease. The new lease incorporates fixed 5% annual rent escalations, providing contractual organic income growth over the three-year lease term commencing on April 1. Yutaka Torigoe, Chief Executive Officer of the Manager, said: &ldquo We are pleased to have achieved stronger than expected rental reversion, which would be accretive to NTT DC REIT&rsquo s income. Transitioning to a longer-term lease at higher rent further strengthens the visibility and stability of our cash flows. Looking ahead, we remain focused on delivering resilient performance while leveraging the strong pipeline of opportunities within our Sponsor and the wider NTT group to drive sustainable, long‑ term value creation.&rdquo Following the renewal, NTT Singapore will continue to anchor SG1 with 2.7 MW of contracted capacity, which accounts for 31% of SG1&rsquo s capacity. |
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Alignment
Elite |
19-Jan-2026 19:35
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They have already announced their first financial results on 12 November (for the period up to September). Distributable income was US$17.4m versus the IPO forecast of US$16.9m, so 3.3% higher.
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chengwh1
Elite |
19-Jan-2026 12:44
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Thank you,... How are you able to gauge that NTT DCR has over-delivered before the first official financial results ? I think this first result will be an anchoring tool to help gauge if we shld pour in more into NTT DCR.
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Alignment
Elite |
18-Jan-2026 09:46
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I know they are a different subset of REIT. What I am comparing them on is the guidance they gave at IPO versus what they have subsequently delivered. Daiwa have underdelivered versus what they promised. In contrast NTT so far has overdelivered. What is a commonality is that they are both managed by Japanese managers which is somewhat unusual for SGX listed REITs. So perhaps Daiwa' s situation has tainted the NTT share price.
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investshare
Supreme |
17-Jan-2026 19:47
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One question I have on DC reit.
How do the company manage the risk of obsolescence? You see Nvidia coming faster and better chips, in a year or two the existing DC will likely very hard to compete with new DC with new chips. |
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chengwh1
Elite |
17-Jan-2026 11:57
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Thank you, bro,.. Emm,... Daiwa owns a different asset class, and I wouldn' t compare Daiwa with NTT DCR. NTT DCR has yet to prove its ability to fulfill what it said,... we will need a few reporting rounds to gauge better. JMHO,... Had the data centre assets been located inside Japan, I would think investors would be more receptive. But again,... that' s just gut feel, having invested in ' a number of successful REITs' in my investing journey,.... One of the questions posed in the SIAS talk last few days made this insight come into me  ,... it' s a revelation,...
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Alignment
Elite |
16-Jan-2026 19:35
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Yes I agree with you, NTT will have to prove itself. Daiwa' s operational performance since IPO has been disappointing. So far NTT has done better but let' s see.
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chengwh1
Elite |
16-Jan-2026 17:52
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The mkt doesn' t seem to trust that this REIT can perform in spite of all the publicity activities that been carried out by Mr Ozaki and Team,.... participating in REITs-On-The-Move SIAS talk 2 days ago, and I think there will be more coming. Lstening closely to the talk 2 days ago and using my gut feel,... I think mkt is skeptical abt the data ctrs located outside of SG, with ONLY one DC inside SG and the rest in Europe and in The USA. This REIT has to prove itself over a few reportings before mkt is convinced,........
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Alignment
Elite |
15-Jan-2026 20:00
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Should be trading at a higher price given what the other DC REITS are yielding. The underlying business is pretty strong. Guess the market still does not trust Japanese managers. | ||||
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Joelton
Supreme |
14-Jan-2026 09:45
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UOBKH initiates coverage on NTT DC Reit with &lsquo buy&rsquo , forecasts 41% upside
The analyst points out that the Reit has enjoyed a &lsquo steady rise&rsquo in portfolio occupancy
[SINGAPORE] NTT DC Reit : NTDU -0.98% has the highest distribution yield among data centre real estate investment trusts (Reits), said UOB Kay Hian (UOBKH) on Thursday (Jan 8), as it initiated coverage with a US$1.42 target price.
The Reit&rsquo s potential acquisition of a hyperscale data centre in Germany could also enhance its presence in Tier 1 markets, said analyst Jonathan Koh. He forecast a 40.6 per cent upside from its US$1.01 closing unit price on Wednesday.
Despite being Singapore&rsquo s biggest initial public offering (IPO) in four years, NTT DC Reit&rsquo s units ended their first week of trading 5 per cent below the IPO price of US$1 in July.
Still, Koh pointed out that it has enjoyed a &ldquo steady rise&rdquo in portfolio occupancy, which was up 0.8 percentage point quarter on quarter at 95.1 per cent in September.
The Reit is &ldquo evaluating the potential acquisition of a Frankfurt hyperscale data centre with net property income yield of 6 per cent and weighted average lease expiry (Wale) of 10 years in the first half of 2026&rdquo .
Tesla-driven positivity ahead
NTT DC Reit&rsquo s largest tenant is a &ldquo technology powerhouse&rdquo &ndash a Fortune 100 US electric vehicle (EV) company widely believed to be Tesla &ndash which could be a key driver of its 2026 fortunes, said Koh. It accounted for 29.9 per cent of base rent as at September, with leases having Wale of eight years and rental escalation at 3 per cent.
&ldquo The EV company is expanding its autonomous taxi service to new geographical areas,&rdquo he said. &ldquo It has recently unveiled a new product, an autonomous humanoid robot, which could create more demand for NTT DC Reit&rsquo s data centre capacity.&rdquo
He noted that the Reit has a global right of first refusal over its sponsor&rsquo s stabilised data centres, covering 123 properties with a capacity of 2,000 megawatts (MW), of which 130 MW are prioritised targets for execution over the next three to five years.
Meanwhile, three of its data centres expanded net leased capacity due to scheduled ramp-ups by existing tenants and the addition of new tenants. As a result, their occupancies proved 0.6 percentage point, 0.8 percentage point and 3.4 percentage points to 95.7 per cent, 98.1 per cent and 93.4 per cent.
That increase is set to continue in the remainder of FY2026 and into 2027, said Koh.
&ldquo Overall, portfolio occupancy could improve by as much as 2.5 percentage points to 97.7 per cent in H2 FY2026.&rdquo
The Reit also posted positive rental reversion of 5.1 per cent in Q2 FY2026.
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SmallSmall
Supreme |
12-Jan-2026 11:47
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UOB Kay Hian starts NTT DC REIT at &lsquo buy&rsquo , sees 42% upsideFelicia TanMon, Jan 12, 2026 &bull 11:32 AM GMT+08 &bull &bull 3 min rea
Analyst Jonathan Koh has a target price of US$1.42 ($1.83), which represents a 42% upside to the REIT&rsquo s IPO and last-closed price of US$1 at Jan 12. Photo: NTT DC REIT
UOB Kay Hian analyst Jonathan Koh has initiated &ldquo buy&rdquo on NTT DC REIT on Jan 9 as he likes the REIT&rsquo s &ldquo lucrative yield&rdquo and sees incremental upside from asset injections. &ldquo NTT DC REIT has a global right of first refusal over its sponsor&rsquo s stabilised data centres covering 123 properties with a capacity of 2,000MW, of which 130MW are high-conviction potential acquisitions for execution over the next three to five years,&rdquo says Koh. |
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Alignment
Elite |
01-Jan-2026 09:28
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A positive boost for 2026. | ||||
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Joelton
Supreme |
24-Dec-2025 10:02
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NTT DC REIT added to S-REIT Benchmark Index
The number of constituents in the Singapore REIT (S-REIT) Benchmark Index has gone up to 28 with newcomer NTT DC REIT joining the index.
The benchmark index is relevant to the determination of the performance fee that may be paid to the manager under the trust deed constituting the respective REITs. For instance, some managers are only paid a fee when the REIT&rsquo s accumulated return exceeds the accumulated return of the benchmark index. The index, which is compiled and calculated independently by FTSE, was last updated on May 15.
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Alignment
Elite |
22-Dec-2025 07:34
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Even if the hyperscalers will never make money on ther AI spend, datacentres with long term contracted revenue from top tier clients are safe. The markets are in the early stages of processing winners and losers from this massive AI spend. There is still some hesitancy though about Japanese managed vehicles given the mixed track record, but this REIT looks ok. | ||||
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Joelton
Supreme |
19-Dec-2025 09:16
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Apac real assets show strength in 2025 NTT DC Reit anchors conviction of investors in data centres: report
This comes despite ongoing geopolitical and trade uncertainty weighing on business sentiment, says Aprea
[SINGAPORE] Real assets were ranked as one of global markets&rsquo strongest performers in 2025, where Asia-Pacific (Apac) players shone in particular, based on an Apac Real Assets Association&rsquo s (Aprea) TrendWatch report.
This regional performance came amid an environment hampered by shifting monetary policy, inflation and energy-transition pressures, as well as geopolitical risk, noted the Thursday (Dec 18) report.
The turning point of the asset class and its rise began in 2024, said Aprea, with a shift &ldquo firmly cemented&rdquo this year.
Momentum had already been visible for several years in some sectors, such as hospitality, multi-family and logistics, noted Naoki Suzuki, president and chief executive of real estate asset manager KJR Management. It has now spread to other sectors, such as retail and office.
&ldquo Limited new-floor supply forecasts, driven by higher construction costs, and more aggressive landlord negotiations contributed to a strong surge in office market rents,&rdquo he pointed out.
The shift has been clear in Tokyo, with vacancy rates in the office market falling below 3 per cent, based on data from CenterSquare Investment Management.
Such &ldquo modest improvements&rdquo can affect equity and real estate investment trust (Reit) valuations significantly, in light of developers&rsquo large exposure to office assets, stated the report.
Suzuki said: &ldquo Many Japan Reits have achieved cash-flow growth, which translates into higher dividends and net asset values (NAVs).&rdquo
The market, which had been trading at around a 20 per cent discount to NAV at the end of last year, has recovered to a level close to NAV, he added.
Lower funding costs, firm fundamentals to fuel appetite for Singapore commercial real estate
Paul Lee, managing partner at investment company Northmod, noted that core logistics assets in Greater Seoul and key Malaysian corridors outperformed expectations as well, with strong leasing momentum and &ldquo pockets of rental growth&rdquo .
Infrastructure in these two regions remains in favour among investors, particularly in terms of data centres, grid-support assets and renewables tied to the energy transition.
The report added that investor conviction in the data-centre theme was cemented by the initial public offering of NTT DC Reit on the Singapore Exchange this year &ndash the largest Reit listing in the city-state in the past 10 years.
Rise of China Reits
Meanwhile, demand for China Reits among investors increased, supported by the country&rsquo s low interest-rate environment.
&ldquo With 77 listed Reits, the asset class is rapidly reshaping China&rsquo s real estate capital markets,&rdquo said David Chen, chairman and CEO of FOG Capital and Asset Management, and independent director of Yuexiu Reit.
He added that the rise of China Reits occurred amid long-term apartment leasing, energy-related infrastructure, and digital centres staying &ldquo resilient&rdquo .
&ldquo More asset classes will be added to the China Reits family such as hotel, office and other formats of commercial real estate, which currently are not eligible to be publicly listed in China Reits,&rdquo said Chen.
He expects 2026 to bring more opportunities in acquiring &ldquo discounted core assets&rdquo , with a future exit into the China Reit market.
On the whole, despite ongoing geopolitical and trade uncertainty weighing on business sentiment, conditions improved for real estate in Apac in 2025.
&ldquo Declining rates boosted investor confidence towards the year end, and is expected to support stronger investment activity in 2026,&rdquo noted the report.
Structural demand drivers which have continued to strengthen range from e-commerce and data consumption to decarbonisation.
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