Donald Han, CEO of Sabana Industrial REIT. (Sabana Industrial REIT)Donald Han, CEO of Sabana Industrial REIT. (Sabana Industrial REIT)

Sabana Industrial REIT (Sabana REIT) has struck an optimistic note with regards to the prospects of its assets, despite ongoing tenant troubles and a seemingly stagnant occupancy figure.

The REIT disclosed on 23 January that its revenue of SGD111.9 million for FY2023 represents an all-time high, and is 17.9% higher year-on-year when compared to what was reported for FY2022.

Related: Citing internalisation costs, Sabana REIT reports 9.5% fall in DPU for FY2023

However, the REIT’s occupancy remained relatively unchanged at 91.2% when compared to what was reported a year ago.

Included in this occupancy figure is 33-35 Penjuru Lane, which is considered to be fully leased despite facing tenant delinquency issues.

Related: Sabana REIT set for legal showdown with delinquent tenant

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.