{
 "company": "UI Boustead Real Estate Investment Trust",
 "ticker": "SGX:UIBU",
 "source_page": "https://smidresearch.com/companies/ui-boustead-reit/",
 "information_cutoff": null,
 "licence": "Public evidence-library figures as filed by the issuer and recomputed by SMID Research; cite the page and its information cut-off. No rating, fair value, price target or recommendation is included. Not investment advice.",
 "tables": [
  {
   "index": 1,
   "section": "What the trust owns",
   "caption": "Portfolio at 30 September 2025, as disclosed in the prospectus. Source: IPO prospectus.",
   "headers": [
    "Slice",
    "Share"
   ],
   "rows": [
    [
     "Singapore, by agreed property value",
     "71.2%"
    ],
    [
     "Japan, by agreed property value",
     "28.8%"
    ],
    [
     "Logistics, by agreed property value",
     "29.9%"
    ],
    [
     "Business space, by agreed property value",
     "29.7%"
    ],
    [
     "General industrial, by agreed property value",
     "21.3%"
    ],
    [
     "Hi-specs industrial, by agreed property value",
     "19.1%"
    ],
    [
     "Singapore, by gross revenue",
     "85.6%"
    ],
    [
     "Japan, by gross revenue",
     "14.4%"
    ]
   ]
  },
  {
   "index": 2,
   "section": "The first reported period, listing to 30 June 2026",
   "caption": "Group results for 12 March 2026 to 30 June 2026 against the prorated IPO forecast, S$'000. Source: business update presentation, 27 July 2026.",
   "headers": [
    "Line",
    "Actual",
    "Forecast",
    "Variance"
   ],
   "rows": [
    [
     "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%"
    ]
   ]
  },
  {
   "index": 3,
   "section": "Debt and what it costs",
   "caption": "Capital structure as reported. Sources: IPO prospectus and business update, 27 July 2026.",
   "headers": [
    "Measure",
    "At listing (prospectus)",
    "At 30 June 2026"
   ],
   "rows": [
    [
     "Aggregate leverage",
     "37.9%",
     "36.4%"
    ],
    [
     "All-in cost of debt",
     "2.4% a year",
     "2.5% a year"
    ],
    [
     "Interest coverage ratio",
     "4.7 times",
     "5.0 times"
    ],
    [
     "Weighted average debt maturity",
     "4.2 years",
     "3.9 years"
    ],
    [
     "Fixed-rate share of debt",
     "not stated",
     "67%"
    ],
    [
     "Refinancing required",
     "none before FY2029",
     "none before FY2029"
    ]
   ]
  },
  {
   "index": 4,
   "section": "Q3 2026",
   "caption": "Every retained move: four windows. Residual means the move remains large after both the Straits Times Index and the median peer return are subtracted.",
   "headers": [
    "#",
    "Session",
    "UIBU",
    "STI",
    "Peers",
    "Left over",
    "Control result",
    "What the evidence supports"
   ],
   "rows": [
    [
     "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."
    ]
   ]
  }
 ]
}