Sabana Industrial REIT NPI revenue and occupancy down in H1

Net property income (NPI) was $27.2m for the period.

Sabana Industrial REIT reported a gross revenue of $55.2m in the first six months of 2024, down 0.2% year-on-year (YoY) from $55.3m.

Overall portfolio occupancy rate also dropped 15.1% YoY to 78.8% due to repossessions of 33 & 35 Penjuru Lane and 30 & 32 Tuas Avenue 8, Sabana Industrial REIT said in a press release.

Net property income (NPI) remained stable at $27.2m YoY whilst rental reversions remained positive at 16.8%.

In the same period, Sabana Industrial REIT reported 42 new and renewed leases totalling 269,110 sq ft and achieved a tenant retention rate of 90.5% for all lease renewals.

In addition, total income available for distribution fell 6.6% YoY to $16.6m amidst higher finance costs due to increased borrowings and higher borrowing costs.