To The Moon

Overview

NTT DC REIT is launching Singapore’s largest real estate investment trust (REIT) IPO in over a decade, seeking to raise approximately US$773 million. The offering comprises 599.9 million units priced at US$1.00 per unit for institutional and international investors, and 30 million units at S$1.276 for the Singapore public. NTT Limited, the sponsor, will retain a 25% stake through a concurrent subscription of 257.6 million units, while GIC, Singapore’s sovereign wealth fund, emerges as a key cornerstone investor with a 9.8% stake. The REIT's cornerstone investors also include AM Squared, UBS, Hazelview, and others. Trading is expected to commence on July 14, 2025, on the SGX Mainboard.

Prospectus | Product Highlights Sheet

Fundamental and Financial Ratios

• Type: Data Centers (Carrier-neutral, Tier III-equivalent, Global)

• Sponsor: NTT Limited • REIT Manager: NTT DC REIT Manager Pte. Ltd.

• Total Units Offered: 599,887,100

• Portfolio: 6 Data Centre • Properties across US, Austria, and Singapore

• Portfolio Size: US$1.572 billion (~S$2.02 billion) • IPO Offer Price: US$1.00 (Placement), S$1.276 (Public)

• NAV per Unit: US$0.95 (calculated)

• Price / NAV: 1.05x (approx.)

• Gearing Ratio: 35.0%

• Forecasted Distribution Yield: 7.5% (9M25/26), 7.8% (FY26/27)

• Distribution Policy: 100% of distributable income (initial years); semi-annual distributions

Lease Management Ratios • Occupancy Rate: 94.3% • WALE: 4.8 years (by Monthly Base Rent) • Customer Mix: 51% hyperscale, 49% colocation • Top 10 Tenant Contribution: 62.6% (excluding NTT Group)

Debt Management Ratios • Forecasted Interest Coverage Ratio: Not disclosed in exact ratio form, but interest cost forecasted at ~3.9% • Debt Maturity: No maturities for next 3 years; 2x 1-year extension options • Term Loan Composition: US$525 million; 70% fixed or hedged

IPO Information

• IPO Offer Price: US$1.00 / S$1.276

• Offer Closing Date: 10 July 2025, 12:00 p.m.

• Listing Date: 14 July 2025, 2:00 p.m.

Portfolio Overview

The REIT’s portfolio includes six carrier-neutral, Tier III or equivalent data center assets across the US, Austria, and Singapore, with an appraised value of approximately US$1.6 billion and a combined IT load of 90.7 MW. The assets are supported by a diversified mix of hyperscale (51%) and colocation (49%) tenants, including major tech firms and cloud providers, with a weighted average lease expiry of 4.8 years and a high occupancy rate of 94.3%. The REIT is positioned for organic growth through built-in escalations and potential asset enhancements, and benefits from a right-of-first-refusal pipeline of over 2,000 MW from its sponsor’s global portfolio.

Lease Management Overview

How NTT DC REIT stacks up with the 2 already listed other Data Centre REITs

$Keppel DC Reit(AJBU.SI)$  remains having the largest and most geographically diverse portfolio by number and AUM with 24 assets across Asia-Pacific and Europe, heavily weighted towards Singapore (66% by AUM). $DigiCore Reit USD(DCRU.SI)$ 11 asset portfolio is concentrated. NTT DC REIT holds a smaller portfolio of six assets located in the US (67%), Singapore (17%), and Austria (16%). $NTT DC REIT USD(NTDU.SI)$