Sabana REIT's crown jewel, New Tech Park. (Photo: REITsWeek)Sabana REIT's crown jewel, New Tech Park. (Photo: REITsWeek)

Data from Sabana REIT’s latest disclosure are in the Singapore REITs table.

Sabana Industrial REIT (Sabana REIT) disclosed on 21 April that its portfolio occupancy for 1Q 2022 was at 85.2%, down slightly from the 85.4% reported in the previous quarter.

Excluding 1 Tuas Avenue 4, which is completely vacant and marked for redevelopment, occupancy would have been 88.2%.

Over the period, Sabana REIT signed 11,786 square feet of new leases and renewed 208,633 square feet with a positive rental reversion of 4%.

This is the 8th quarter in the past 9 quarters where positive reversion was achieved, said the REIT.

Of the 2022 lease expiries, 44.1%has been renewed, and there are no master leases expiring until 2023, it added.

Sabana REIT maintains that it is proactively engaging key tenants with leases expiring in 2023 to secure their medium and long-term leasing solutions within its portfolio.

Additionally, 30 & 32 Tuas Avenue 8 is under advance lease negotiations and documentation processes with a new master tenant, the REIT added.

Sabana REIT was last done on the Singapore Exchange at SGD0.45, which presently implies a distribution yield of 6.78% according to data on the Singapore REITs table.

Related: Sabana REIT explains why it seeks mandate for new units, Quarz Capital remains unconvinced

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.