UI Boustead REIT reported gross revenue of 37.18 million Singapore dollars for the period from Mar, 12 2026 to Jun, 30 2026, 3.6 per cent below the forecast 38.58 million Singapore dollars. Net property income reached 29.17 million Singapore dollars, 4.3 per cent under projections, mainly due to a softer Japanese yen and a short-term leasing delay at UIB Konan Phase 2. Share of results from joint ventures rose 30.3 per cent year on year to 3.29 million Singapore dollars, driven by stronger contributions from Razer SEA HQ and 6 Tampines Industrial Avenue 5.

The trust’s portfolio comprises 23 properties in Singapore and Japan with an agreed property value of 1.904 billion Singapore dollars and a net lettable area of 5.3 million square feet. Committed occupancy stood at 98.1 per cent as at Jun, 30 2026, while portfolio weighted average lease expiry was 5.4 years. A S$2.6 million asset-enhancement initiative has started at 84 Boon Keng Road to convert the former single-tenant asset into a multi-tenant property; about 40 per cent of the 99,000-square-foot space is already pre-leased, with completion targeted by end-2026.

UI Boustead REIT’s aggregate leverage was 36.4 per cent at Jun, 30 2026, with a weighted average all-in cost of debt of 2.5 per cent per annum and a weighted average debt maturity of 3.9 years. Fixed-rate borrowings accounted for 67 per cent of total debt, and no refinancing is required until FY2029. The trust estimates it has approximately 300 million Singapore dollars of additional debt headroom before reaching a 45 per cent gearing threshold.

To drive inorganic growth, the REIT has committed 74.7 million Singapore dollars to two co-investment development projects, equal to 3.9 per cent of deposited property. These comprise a 24.26 per cent stake in the 508,880-square-foot UIB Konan Phase 3 logistics development in Shiga Prefecture, Japan, due in 2Q 2027 with an expected 4.8 per cent yield on cost, and a 51 per cent interest in a 252,113-square-foot built-to-suit aerospace facility in Seletar Aerospace Park, Singapore, slated for completion in 2Q 2028 with an anticipated 8.6 per cent yield on cost.

Based on a projected distribution per unit of 6.8 Singapore cents for PY2027 and the unit price of S$0.795 on Sep, 10 2026, UI Boustead REIT offers an estimated distribution yield of 8.6 per cent.