The manager of Sabana Industrial REIT has reported portfolio occupancy of 85.2% for the 1QFY2022 ended March. Excluding the REIT’s property at 1 Tuas Avenue 4 which is marked for redevelopment, occupancy would have been at 88.2%.
As at March 31, the REIT’s weighted average lease expiry (WALE) stood at 2.7 years.
During the quarter, the manager renewed 208,633 sq ft of leases with a positive rental reversion of 4.0%. Of the leases expiring in 2022, some 44.1% of them were renewed. There are no master leases expiring till 2023.