UIBREIT - 1st quarter results update is out. Committed portfolio occupancy of 98.1% as at 30 June 20261, up from 89.4% as at 30 September 20252. NPI was 4.3 percent lowered due to weaker Japanese yen and delay in lease commencement for a vacant unit at UIB Konan Phase 2

 Committed portfolio occupancy of 98.1% as at 30 June 20261, up from 89.4% as at 30 September 

20252

• Significant occupancy improvement from the Japan portfolio, which was 100.0% leased as at 30 

June 2026, compared to 76.7% as at 30 September 20252 

• Successful execution of investment strategy with two co-investments in development projects 

across Singapore and Japan within three months of listing; total investment cost of ~S$74.7 million

based on UI Boustead REIT’s respective interest in the development projects

• Commenced asset enhancement initiative works at 84 Boon Keng Road to reposition the property 

from single-tenant to multi-tenant at a cost of S$2.6 million.

The net property income (“NPI”) for the period from the

listing date of 12 March 2026 to 30 June 2026 (the “Period”) was S$29.2 million. This was

approximately 4.3% below the IPO forecast3 (“Forecast”) for the Period, mainly due to the weaker

Japanese yen against the Singapore dollar, as well as delay in lease commencement for a vacant unit

at UIB Konan Phase 2 (which has achieved 100% occupancy as at 30 June 2026). Share of results 

from joint ventures was S$3.3 million for the Period, 30.3% above the Forecast due to better 

performance at Razer SEA HQ and 6 Tampines Industrial Avenue 5.

Hopefully,  next quarter may see a better NPI and hopefully dpu payout is about the same as per the projected yield. 

The Gearing is very healthy at 36.4%. No refinancing required till FY 2029. Seem good.