NTT DC REIT trades at 0.85 times net asset value — a discount that, notably, is not shared broadly across its Singapore-listed peers. That distinction matters. A sector-wide re-rating would point to macro forces: rate expectations, capital flows, sentiment toward the asset class as a whole. A REIT-specific discount points somewhere narrower — the market is pricing something particular to this portfolio. Three features of the book explain most of it. First, concentration: the top two tenants account for 44% of base rent and the top ten for 75.4%, with a single tenant — an investment-grade multinational corporate — representing 31.5% on its own. That tenant's lease is unusually strong: seven years, with rental escalations and onerous penalty even on early exit. But headline screens used by many analysts and index providers weight concentration by share of income, not by lease enforceability or counterparty credit quality — so a genuinely well-protected exposure still reads, on paper, as a single-name risk. Second, geography: 63.9% of the portfolio...