UI Boustead REIT reports net property income of $29.2 mil; 4.3% lower than IPO forecast

Teo Zheng Long07-27 12:43

UI Boustead REIT's aggregate leverage was at 36.4% with all-in cost of debt of 2.5% per annum.UI Boustead REIT UIBU has reported a net property income (NPI) of $29.2 million for the period from March ...

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This figure was 4.3% lower than its IPO forecast, mainly due to the weaker Japanese Yen and the delay in lease commencement for a vacant unit at UIB Konan Phase 2, which has achieved full occupancy as at June 30.\nMeanwhile, share of results from joint ventures was at $3.3 million, which was 30% above its IPO forecast due to the better performance at Razer SEA HQ and 6 Tampines Industrial Avenue 5.\nCommitted portfolio occupancy was 98.1% as at June 30, 8.7 percentage points higher than 89.4% as at Sept 30, 2025. UI Boustead REIT explains that the higher occupancy was due to occupancy uplift from 26 Tai Seng Street in Singapore, UIB Konan Phase 2 and Toyo MK Fuso Building in Japan.\nDuring the period, around 63,600 square feet (sq ft) were renewed, of which about 26,800 sq ft was from its Singapore portfolio, which saw a positive rental reversion of 2.6%.\nPortfolio weighted average lease expiry (\"WALE\") stood at 5.4 years as at June 30. Meanwhile, 11.2% of its gross rental income is due for renewal this year, of which around 78% is under advanced negotiations.\nUI Boustead REIT's top 10 tenants contributed approximately 47% of its NPI. In addition, 65.9% of its tenants were from the high-tech, value-add and innovative sectors.\nOn the capital management front, UI Boustead REIT's aggregate leverage was at 36.4% with all-in cost of debt of 2.5% per annum. 67% of its debt are on fixed rate with weighted average debt maturity of 3.9 years. At the same time, interest coverage ratio remained at 5.0 times.\n\"Looking ahead, the protracted Middle East conflict has led to significant global economic and inflationary pressures, increasing foreign exchange and interest rate volatility. Nonetheless, we remain highly committed to delivering results in line with the Forecast to maintain the stability and resilience of income streams for Unitholders,\" says Tan Shu Lin, CEO of the manager.\nUnits of UI Boustead REIT closed 0.5 cents higher, or 0.6% up at 84 cents on July 27.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2654021425","isCrawlerRequest":true}