Evidence library · Singapore · Industrial, logistics and business-space real estate
UI Boustead REIT SGX: UIBU
Investor snapshot
Business model
UI Boustead REIT owns 23 industrial, logistics and business-space properties in Singapore and Japan, leased to tenants and co-invested in two developments with its sponsor.
Evidence now
For the period from listing to 30 June 2026 net property income was S$29.167m, 4.3% below the IPO forecast, on a weaker yen and one delayed lease commencement, while committed occupancy rose to 98.1% and aggregate leverage was 36.4%.
Main risk
The central risk is that the forecast distribution of 6.8 cents per unit for the year to 31 March 2027 is not earned, because no distribution has been paid yet and S$25.2m of development commitments are still to be funded.
Next proof
The next test is the first distribution declaration for the period to 30 September 2026, payable by 31 December 2026, and the December 2026 half-year results.
UI Boustead REIT listed on the SGX Main Board on 12 March 2026 with 23 industrial properties it bought from its sponsor, and has reported one period of results since.
Portfolio agreed property value
S$1,904.2m
Completed properties
23 (21 Singapore, 2 Japan)
Committed occupancy
98.1% at 30 June 2026
Net property income, listing to 30 June 2026
S$29.167m (4.3% below forecast)
Aggregate leverage
36.4% at 30 June 2026
All-in cost of debt
2.5% a year
Forecast DPU, year to 31 March 2027
6.8 cents (7.8% at the S$0.88 offer price)
Information cutoff
22 September 2026
Public evidence is below. The authenticated private research library holds a release-state record and an evidence note for this trust. It carries no current decision, fair value or investment action. Private research status.
The live questionCan rent and joint-venture receipts earn the forecast distribution while the trust funds two development commitments?Net property income for the first reported period was 4.3% below the IPO forecast at S$29.167m, no distribution has been paid yet, and S$25.2m of development capital commitments are outstanding.
What improved
Committed occupancy 98.1% at 30 June 2026 against 89.4% at 30 September 2025. The Japan portfolio committed occupancy 100.0% at 30 June 2026 after UIB Konan Phase 2 signed up in full. Singapore renewals signed at a 2.6% positive rental reversion; 63,600 sq ft renewed in the period.
What became more demanding
Gross revenue and net property income came in 3.6% and 4.3% below the prorated forecast for the period to 30 June 2026. Net property income of S$29.167m for 12 March to 30 June 2026, 4.3% below the IPO forecast. Aggregate leverage 36.4% at 30 June 2026, all-in cost of debt 2.5%, interest cover 5.0 times, no refinancing before FY2029.
Strongest alternative explanation
The shortfall is translational and timing rather than demand: the manager attributes it to a weaker yen against the Singapore dollar and to one delayed lease commencement at UIB Konan Phase 2, which reached full occupancy by 30 June 2026, and joint-venture results beat forecast by 30.3%. S$74.7m committed across two development co-investments, 3.9% of deposited property.
The decisive missing fact
The first distribution declaration for the period to 30 September 2026, payable by 31 December 2026, and the December 2026 half-year results will show whether the forecast DPU of 6.8 cents for the year to 31 March 2027 is being earned rather than forecast.
Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.
Private working record
Private working materials are not published or available for sharing. This public page contains factual evidence and open questions only. Private research status records that no current decision authority is available.
On this page
Business anatomy · from inputs to customer value
Industrial rent, two developments, and the first distribution
The trust leases 23 industrial properties across Singapore and Japan, co-invests in two developments with its sponsor, and has not yet paid a distribution.
Follow the operating chain from demand or inputs to customer outcome and cash.
Revenue engineLeasing
Lease industrial space
What happensTwenty-three logistics, industrial and business-space properties in Singapore and Japan are leased to tenants under long leases.
How it earnsRent is collected under the leases; portfolio committed occupancy was 98.1% at 30 June 2026.
Capital allocationDevelopment
Co-invest with the sponsor
What happensTwo co-investments with the sponsor: UIB Konan Phase 3 in Japan and a build-to-suit aerospace facility at Seletar.
Capital at riskS$74.7 million of investment value, 3.9% of deposited property, within the 10% development limit.
Company actionAsset works
Reposition and re-lease
What happensAt 84 Boon Keng Road works convert a single-tenant building to multi-tenant; about 40% is pre-committed.
Value createdRent rises on expiry; Singapore renewals signed in the period were 2.6% above previous rents.
Cash conversionDistributions
Pay out and service debt
What happensThe trust pays out 100% of distributable income to March 2027; the first distribution is due by 31 December 2026.
Cash triggerAggregate leverage was 36.4% at 30 June 2026; debt costs 2.5% and none matures before FY2029.
Original SMID Research comic. AI-assisted, analyst-directed monochrome artwork depicts the evidenced operating steps of UI Boustead REIT; deterministic captions and dated mix figures state the economics using issuer disclosures available to 2026-09-22. The drawings are representative—not issuer artwork, an exact product or site design, a statement of scale, or a company forecast.
Investor translation
What matters after the operating picture
Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.
Value lever
Rent from 23 Singapore and Japan industrial properties, after occupancy, reversions and yen translation.
Cash bottleneck
Distributions depend on net property income and joint-venture receipts while S$25.2m of development commitments are funded from internal funds or existing facilities.
Credit breakpoint
Aggregate leverage of 36.4% rising towards the 45% ceiling as the development commitments draw, inside a facility stack with no refinancing before FY2029.
Next proof
The first distribution declaration, the December 2026 half-year results, and construction progress on UIB Konan Phase 3 and the Seletar aerospace facility.
Text version of this comic
Revenue engine · Lease industrial space Twenty-three logistics, industrial and business-space properties in Singapore and Japan are leased to tenants under long leases. How it earns: Rent is collected under the leases; portfolio committed occupancy was 98.1% at 30 June 2026.
Capital allocation · Co-invest with the sponsor Two co-investments with the sponsor: UIB Konan Phase 3 in Japan and a build-to-suit aerospace facility at Seletar. Capital at risk: S$74.7 million of investment value, 3.9% of deposited property, within the 10% development limit.
Company action · Reposition and re-lease At 84 Boon Keng Road works convert a single-tenant building to multi-tenant; about 40% is pre-committed. Value created: Rent rises on expiry; Singapore renewals signed in the period were 2.6% above previous rents.
Cash conversion · Pay out and service debt The trust pays out 100% of distributable income to March 2027; the first distribution is due by 31 December 2026. Cash trigger: Aggregate leverage was 36.4% at 30 June 2026; debt costs 2.5% and none matures before FY2029.
What the trust owns
UI Boustead REIT is a Singapore real estate investment trust constituted on 3 July 2025 and listed on the SGX Main Board on 12 March 2026. It owns 23 completed industrial properties: 21 in Singapore on leasehold land and two freehold properties in Japan, with 5.9 million square feet of gross floor area and an agreed property value of S$1,904.2m at 30 September 2025, the date of the independent valuations in the prospectus. The trust is managed by UIB REIT Management Pte. Ltd., a wholly-owned subsidiary of the sponsor, UIB Holdings Limited, which the prospectus describes as a Pan-Asian logistics and industrial platform with about US$4.0bn of assets under management at 31 December 2025.
The trust earns rent from tenants under leases. At 30 September 2025 the portfolio's weighted average lease expiry was 5.8 years, split 8.4 years for single-tenant buildings and 4.6 years for multi-tenant buildings, and occupancy was 89.4%. The ten largest tenants contributed about 54% of net property income at listing; no single tenant accounted for more than 9.0%. The prospectus names GlaxoSmithKline, Rolls-Royce Solutions Asia, Jabil Circuit, AUMOVIO, Yamato Transport, Nippon Express, Network for Electronic Transfers and Jumbo Group among the larger tenants, with the three largest identities withheld under confidentiality obligations.
Three Singapore properties sit in joint ventures rather than being consolidated: 98 Tuas Bay Drive, 6 Tampines Industrial Avenue 5 and Razer SEA HQ at 1 one-north Crescent. The trust holds 100.0% and 98.4% economic interests in the relevant entities, so their rental revenue and interest appear as share of results and interest income, not as consolidated property revenue. The Japan properties are held through a Japanese TMK structure with a consumption-tax debt facility that the manager expects to be repaid after the tax is refunded.
Portfolio at 30 September 2025, as disclosed in the prospectus. Source: IPO prospectus.
The first reported period, listing to 30 June 2026
The trust's first reported period covers 12 March 2026, the listing date, to 30 June 2026. Gross revenue was S$37.179m against a prorated forecast of S$38.577m, 3.6% lower, and net property income was S$29.167m against S$30.478m, 4.3% lower. The manager attributes the shortfall to a weaker Japanese yen against the Singapore dollar and to a delay in lease commencement for a vacant unit at UIB Konan Phase 2, which reached full occupancy by the end of the period. The share of results from joint ventures was S$3.292m, 30.3% above forecast, which the manager attributes to better performance at Razer SEA HQ and 6 Tampines Industrial Avenue 5. The forecast it is measured against is prorated from the prospectus's two-month Forecast Period 2026 and its year to 31 March 2027 projection; the trust is not reporting against its own prior-year numbers, because it did not exist as an operating trust before listing.
Group results for 12 March 2026 to 30 June 2026 against the prorated IPO forecast, S$'000. Source: business update presentation, 27 July 2026.
Line
Actual
Forecast
Variance
Gross revenue
37,179
38,577
−3.6%
Property operating expenses
(8,012)
(8,099)
−1.1%
Net property income
29,167
30,478
−4.3%
Share of results from joint ventures
3,292
2,526
+30.3%
The distribution policy in the prospectus is to pay out 100.0% of distributable income for the period from the listing date to the end of the year to 31 March 2027, and at least 90.0% semi-annually afterwards. The first distribution covers the listing date to 30 September 2026 and is to be paid on or before 31 December 2026. No distribution has been paid or declared for the period reported here, and the trust's units have therefore carried no cash distribution since listing.
The prospectus forecasts a distribution per unit of 1.1 cents for the two-month Forecast Period 2026 and 6.8 cents for the year to 31 March 2027, which the cover describes as a 7.8% yield at the S$0.88 offer price on a price-to-net-asset-value of 1.0 times. Those are forecast and projected figures examined by the reporting auditor for the prospectus, not amounts earned.
Where the properties are, and what moved occupancy
Committed portfolio occupancy was 98.1% at 30 June 2026, 8.7 percentage points higher than 89.4% at 30 September 2025. The improvement came from the three properties the prospectus identified as having occupancy uplift: 26 Tai Seng Street in Singapore, and UIB Konan Phase 2 and Toyo MK Fuso Building in Japan. The Japan portfolio reached 100.0% committed occupancy from 76.7%, with UIB Konan Phase 2 letting its 1.7 million square feet of net lettable area and Toyo MK Fuso Building signing a major Japanese insurance corporation. Singapore committed occupancy was 97.0%, 0.7 percentage points higher, helped by a new lease at 26 Tai Seng Street with a global fast-food chain for its Singapore headquarters.
Rents moved little in the period. About 63,600 square feet of leases were renewed, of which 26,800 square feet were in Singapore, signed at a positive rental reversion of 2.6%. The portfolio's weighted average lease expiry was 5.4 years at 30 June 2026, with 11.2% of gross rental income due for renewal in the remainder of the year to 31 March 2027, of which the manager says about 78% is under advanced negotiation.
Currency is a live variable rather than a footnote. The Japan portfolio produced 14.4% of gross revenue but carries 28.8% of agreed property value, and the manager describes a natural hedge of about 66% on the Japan portfolio against yen debt, with debt split 54% Singapore dollars and 46% yen at 30 June 2026. The reported shortfall against forecast was attributed principally to the weaker yen.
At listing the trust's aggregate leverage was 37.9%, and facilities totalled S$935.8m of which S$822.5m was drawn. At 30 June 2026 aggregate leverage was 36.4%, the weighted average all-in cost of debt was 2.5% a year, about 67% of debt was fixed, the weighted average debt maturity was 3.9 years, and the interest coverage ratio was 5.0 times. The manager states there is no refinancing requirement until FY2029 and describes about S$300m of debt headroom before reaching 45% gearing. The gearing limit in the property funds appendix is 50.0%; the prospectus recorded ICR of 4.7 times and a weighted average debt maturity of 4.2 years on its projection-year figures.
The trust also holds S$55.06m of bonds issued by the Singapore joint-venture LLPs, carrying a fixed 5.0% coupon, and those bonds are the cash-extraction mechanism for the three joint-venture properties: their results are stated after the bonds' interest expense while the trust separately earns the coupon. The prospectus records S$1,122.1m as the total transaction price for the portfolio: S$1,072.0m of consideration plus S$50.1m of bonds, S$55.1m after working-capital adjustments.
The two development co-investments are the main claim on capital after listing. The trust committed S$74.7m of total investment value to UIB Konan Phase 3 in Japan (24.26% effective interest, S$7.3m capital commitment, expected completion in the second quarter of 2027) and to a build-to-suit aerospace facility at Seletar Aerospace Park in Singapore (51.0% interest, S$17.9m capital commitment, expected completion in the second quarter of 2028). Together with the S$2.6m asset enhancement at 84 Boon Keng Road, the manager puts the total capital commitment at about S$25.2m, to be funded from internal funds or existing facilities, and says aggregate leverage would rise to about 38.6% if that were funded entirely with debt. The trust's interest in development projects equals 3.9% of deposited property, inside the 10.0% development limit.
Capital structure as reported. Sources: IPO prospectus and business update, 27 July 2026.
The trust's filings since the business update are administrative: on 29 July 2026 the manager took payment of management fees in units, and on 3 August 2026 it filed the August investor presentation, which repeats the figures reported on 27 July. The trust also filed notices of conference appearances at Citi's 2026 ASEAN Summit in August, the Maybank-REITAS-SGX Singapore REIT Corporate Day in September, and the UOB Kay Hian Asian Gems Virtual Conference in September 2026. No distribution has been declared for any period.
The two developments remain the visible pipeline: UIB Konan Phase 3 in Konan City, Shiga Prefecture, with pre-leasing described as progressing with about 70% of net lettable area under negotiation, and the Seletar aerospace facility let on a lease of about 22.5 years with built-in escalations to a global aerospace corporation. The asset enhancement at 84 Boon Keng Road was about 40% pre-committed ahead of completion expected at the end of 2026.
One interested-person transaction is on the record: on 8 July 2026 the trust announced entry into a design and build contract with Boustead Projects E&C Pte. Ltd., a company associated with the sponsor, in relation to the AUMOVIO building. The announcement is a continuing-connected-person transaction disclosure.
What the unit price did, and what the issuer filed beside it
This is the record of UI Boustead REIT's daily unit price from its 12 March 2026 listing to 22 September 2026, against the Straits Times Index and a three-REIT peer set. It records the tape. It does not infer a cause from a filing that happens to sit near a move.
Four windows are retained where the move stayed large after both the index and the peer median were subtracted. The filing list is the trust's own announcement register, enumerated from the issuer's IR mirror on 23 September 2026; it is not a complete SGXNET sweep.
Click a quarter — on the chart or in the return strip under it — to read its filings beside its large moves.
Key: UI Boustead REIT (UIBU) as a solid line; Straits Times Index rebased, dashed; peer median rebased, dotted; the benchmark runs off scale Jun 26–Sep 26 and is clipped there; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.
How to read the tags.Market-wide and Sector-wide mean the index or the peer median moved with the share over the same session or week; Residual means the move is still large after both are subtracted. A residual is what is left over, not a cause: it does not establish that the company’s own news moved the price, and an unchanged or thinly traded price is not proof that no information arrived. Returns use the dividend-adjusted close; a filing released after the open is read against the next session.
Q1 2026
12 Mar 2026 – 31 Mar 2026 (part quarter)
UIBU +0.0%STI +0.6%Peer median −1.5%Range S$0.81–S$0.84Close S$0.81
Key developments
12Mar
S$0.81Corporate action
Listing announcement: units admitted to the Main Board of the SGX-ST.
UI Boustead REIT's units began trading after an offering priced at S$0.88 per unit. The trust holds 23 industrial, logistics, hi-specs and business-space properties with an agreed property value of S$1,904.2m at 30 September 2025, acquired from the sponsor UIB Holdings.
No retained move window in this quarter's public map.
Q2 2026
1 Apr 2026 – 30 Jun 2026
UIBU −0.6%STI +5.8%Peer median +0.8%Range S$0.77–S$0.84Close S$0.80
Key developments
24Apr
S$0.82Corporate action
Co-investment in the UIB Konan Phase 3 development project.
The trust announced a co-investment in UIB Konan Phase 3 in Japan at an effective interest of about 24.26%, with a capital commitment of S$7.3m and completion expected in the second quarter of 2027. The announcement was released at 23:12, after the close of the 24 April session.
Renewed and signed new leases for 305,292 sq ft of space.
The trust renewed and signed new leases over 305,292 sq ft of net lettable area in the period from 1 October 2025 to 30 April 2026, 5.7% of the portfolio. Committed occupancy rose to about 92.2% at 30 April 2026 from 89.4% at the prospectus date, with Singapore at 97.1% and Japan at 83.2%. The manager also said the electricity tariff for the Singapore portfolio was locked in for three years to 2029.
Released Reaction (next session, 8 May): UIBU −0.6% · STI −0.4% · peers −0.4% · 0.5× median volumeSource: Leasing announcement, 7 May 2026
22May
S$0.78Corporate action
Proposed co-investment in a build-to-suit aerospace facility.
The trust announced a proposed co-investment in the build-to-suit development of an aerospace facility at Seletar Aerospace Park in Singapore, at an interest of 51.0% with a capital commitment of S$17.9m and completion expected in the second quarter of 2028. The release was filed at 23:04, after the close of the 22 May session.
24 Apr to 30 Apr 2026 · +2.44% · Residual · index -0.21%, peers -2.54%, left over +4.98%
The price rose from S$0.820 to S$0.840 while the Straits Times Index fell 0.21% and the median peer fell 2.54%. The trust's co-investment announcement for UIB Konan Phase 3 was released at 23:12 on 24 April 2026, after that session closed. The filing is not treated as the cause of the later sessions in this window.
Peer control: the session-aligned median of CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust was -2.54% over this window.Register row 1
2
15 May to 22 May 2026 · -2.50% · Residual · index +1.58%, peers +2.44%, left over -4.94%
The price fell from S$0.800 to S$0.780 while the Straits Times Index rose 1.58% and the median peer rose 2.44%. No issuer filing inside this window is used as a cause. The Seletar build-to-suit announcement was released at 23:04 on 22 May 2026, after the window's last session closed.
Peer control: the session-aligned median of CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust was +2.44% over this window.Register row 2
Q3 2026
1 Jul 2026 – 22 Sep 2026 (part quarter)
UIBU +1.9%STI +9.8%Peer median −5.8%Range S$0.79–S$0.85Close S$0.81
Key developments
8Jul
S$0.82Corporate action
Design and build contract with Boustead Projects E&C as an interested person transaction.
The trust announced entry into a design and build contract with Boustead Projects E&C Pte. Ltd., a company associated with the sponsor, for asset enhancement works at the AUMOVIO Building Phase 3 at 84 Boon Keng Road, converting the property from single-tenanted to multi-tenanted. The total contract sum is approximately S$2.6 million, and the announcement is a continuing-connected-person transaction disclosure.
Business update for the period from 12 March 2026 to 30 June 2026.
Net property income was S$29.167m, 4.3% below the prorated IPO forecast, on a weaker yen and one delayed lease commencement. Committed portfolio occupancy was 98.1% at 30 June 2026 against 89.4% at 30 September 2025 and aggregate leverage was 36.4%. No distribution was declared. The filing was released at 17:23, after the close of the session.
The presentation repeats the figures reported on 27 July 2026 and adds no new period financials. The trust separately filed notices of conference appearances for Citi's 2026 ASEAN Summit in August, the Maybank-REITAS-SGX Singapore REIT Corporate Day in September and the UOB Kay Hian Asian Gems Virtual Conference in September 2026.
24 Jul to 31 Jul 2026 · -4.19% · Residual · index +0.72%, peers +1.61%, left over -5.80%
The price fell from S$0.835 to S$0.800 while the Straits Times Index rose 0.72% and the median peer rose 1.61%. The business update for the period from 12 March to 30 June 2026 was released at 17:23 on 27 July 2026, after that session closed, and the following session fell 3.57% against an index move of −0.07%. The chart does not treat the filing as the cause of the move.
Peer control: the session-aligned median of CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust was +1.61% over this window.Register row 3
4
11 Sep to 18 Sep 2026 · +3.77% · Residual · index -0.70%, peers 0.00%, left over +3.77%
The price rose from S$0.795 to S$0.825 while the Straits Times Index fell 0.70% and the median peer was unchanged. No issuer filing inside this window is used as a cause; the trust's last filing before it was a conference-appearance notice on 14 September 2026.
Peer control: the session-aligned median of CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust was 0.00% over this window.Register row 4
Yahoo Finance daily closes for UIBU.SI from 12 March 2026 to 22 September 2026 (134 sessions). Returns use the adjusted series; closes in the chart are as traded. The Straits Times Index is the market control; the peer control is the session-aligned median of CapitaLand Integrated Commercial Trust (A17U.SI), Mapletree Industrial Trust (ME8U.SI) and Frasers Logistics & Commercial Trust (BUOU.SI).
Four retained windows against the Straits Times Index and a three-REIT peer control
Every retained move: four windows. Residual means the move remains large after both the Straits Times Index and the median peer return are subtracted.
#
Session
UIBU
STI
Peers
Left over
Control result
What the evidence supports
1
24 Apr to 30 Apr 2026
+2.44%
-0.21%
-2.54%
+4.98%
Residual
The price rose from S$0.820 to S$0.840 while the Straits Times Index fell 0.21% and the median peer fell 2.54%. The trust's co-investment announcement for UIB Konan Phase 3 was released at 23:12 on 24 April 2026, after that session closed. The filing is not treated as the cause of the later sessions in this window. Peer control: the session-aligned median of CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust was -2.54% over this window.
2
15 May to 22 May 2026
-2.50%
+1.58%
+2.44%
-4.94%
Residual
The price fell from S$0.800 to S$0.780 while the Straits Times Index rose 1.58% and the median peer rose 2.44%. No issuer filing inside this window is used as a cause. The Seletar build-to-suit announcement was released at 23:04 on 22 May 2026, after the window's last session closed. Peer control: the session-aligned median of CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust was +2.44% over this window.
3
24 Jul to 31 Jul 2026
-4.19%
+0.72%
+1.61%
-5.80%
Residual
The price fell from S$0.835 to S$0.800 while the Straits Times Index rose 0.72% and the median peer rose 1.61%. The business update for the period from 12 March to 30 June 2026 was released at 17:23 on 27 July 2026, after that session closed, and the following session fell 3.57% against an index move of −0.07%. The chart does not treat the filing as the cause of the move. Peer control: the session-aligned median of CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust was +1.61% over this window.
4
11 Sep to 18 Sep 2026
+3.77%
-0.70%
0.00%
+3.77%
Residual
The price rose from S$0.795 to S$0.825 while the Straits Times Index fell 0.70% and the median peer was unchanged. No issuer filing inside this window is used as a cause; the trust's last filing before it was a conference-appearance notice on 14 September 2026. Peer control: the session-aligned median of CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust was 0.00% over this window.
The market series is Yahoo Finance daily data for UIBU.SI, retrieved 22 September 2026. One vendor row dated 27 May 2026 was removed as a forward fill: that date was not an SGX session, and the exchange's own price history for another security shows no session that day. No second price source was retained. Broker research and trade press are not used as evidence.
What is not established
Several things a reader would want are not in the record at the cutoff. The trust has not yet declared a distribution, so there is no paid yield to compare with the forecast 6.8 cents for the year to 31 March 2027; the first declaration, for the period to 30 September 2026, is due by 31 December 2026. There is no audited full-year set of accounts for the trust: the first full-year statements will be those for the year ending 31 March 2027, and everything reported to date is unaudited and, for periods before listing, a pro forma consolidation rather than the trust's own results.
The trust discloses no credit rating, and the prospectus expresses no opinion on the sustainability of the forecast distribution beyond the reporting auditor's examination of the forecast itself. Portfolio-level capitalisation rates are disclosed property by property, not as a single weighted average, so the gap between the portfolio's implied yield and the 5.0% cost of the LLP bonds can only be inferred from the per-property rates. The yen has been the largest single reconciling item between forecast and actual results, and the trust does not disclose a sensitivity of net property income or distributions to the yen-dollar rate.
What the next twelve months will settle: whether the first distribution matches the forecast trajectory, whether the Japan portfolio's new tenants (an insurance corporation at Toyo MK Fuso and e-commerce, distribution and logistics tenants including Nippon Express at UIB Konan Phase 2) stay through their initial terms, how much of the 11.2% of gross rental income up for renewal in the rest of FY2027 converts at positive reversions, and whether the two developments complete on the disclosed schedules.
Every other test on this page waits for the company to file. These do not. Each row is a series you can look up yourself, free, today — with the level this reading was built against, the levels that would put it in question, and what the series cannot tell you.
business-update and investor presentations in the issuer newsroom UI Boustead REIT Management Pte. Ltd.
Last recorded
98.1 %, 2026-06-30
What the reading assumes
89.4 % (committed occupancy of the IPO portfolio at 30 September 2025, 30 September 2025)
Watch / alert
95 and 92 %, on a move below — currently at or better than the level the reading assumed
How often to look
quarterly (the series prints quarterly)
What it points to. occupancy sets the rent base that funds distributions and debt service
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. The manager publishes this figure and the reader cannot see the underlying leases: one large tenant not renewing, or a re-letting at a lower rent, would move the true number without showing in the headline occupancy until the next update.
Settled by next quarterly business update, due 2026-11-30. Lead time: one quarter.
the daily closing price and volume on any broker or SGX price page Singapore Exchange / market data vendors
Last recorded
0.815 S$ per unit, 2026-09-22
What the reading assumes
0.88 S$ per unit (IPO offering price of S$0.88 per unit, 12 March 2026)
Watch / alert
0.75 and 0.7 S$ per unit, on a move below — currently at or better than the level the reading assumed
How often to look
daily (the series prints daily)
What it points to. a lower unit price lifts the trust's cost of equity and makes any equity-funded acquisition or refinancing more expensive
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. This is a price, not the business: it moves on flows, index events and rate expectations, and it cannot tell the reader anything about occupancy, the renewal tail or whether the first distribution will be paid.
Settled by next quarterly business update, due 2026-11-30. Lead time: same session.
leasing-update and business-update presentations in the issuer newsroom UI Boustead REIT Management Pte. Ltd.
Last recorded
2.6 %, 2026-06-30
What the reading assumes
0 % (a flat renewal, FY2027)
Watch / alert
0 and -2 %, on a move below — currently at or better than the level the reading assumed
How often to look
half-yearly (the series prints quarterly)
What it points to. renewal spreads set forward rental income on the expiring tail
Direction only — this pack does not carry a coefficient from this series to reported earnings.
What it cannot tell you. A single blended reversion rate hides the tenant mix behind it: the manager could report a positive blended number while the largest leases renew flat or lower, and the reversion figure says nothing about occupancy or about the yen translation of the Japan rents.
Settled by next leasing or business update, due 2026-11-30. Lead time: one to two quarters.
real_estate — nothing public to watch
Searched JTC public statistics and the issuer sources held in this run for a free quarterly industrial rent index level covering this portfolio's submarkets, and no level published as at the information cutoff was retained.
Watchlist reviewed on 2026-09-22; each observation has its own date above. This watchlist date does not change the company research cutoff. A series moving past a level is a reason to re-read the case, not a recommendation. The same series across every company covered: what you can watch.
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