Sabana REIT occupancy rate drops to 83% in 1Q24

The REIT attributed the decline to the property repossession 33 & 35 Penjuru Lane.

Sabana Industrial Real Estate Investment Trust (REIT) said its occupancy rate for the first quarter of 2024 (1Q24) dropped to 83% from 91.2% the previous quarter (4Q23).

The company attributed the decline to the repossession of 33 & 35 Penjuru Lane on 8 March. Excluding the two properties which were previously master-leased, the REIT's occupancy would have been stable at 91.3%.

Recently, the court dismissed counterclaims by the ex-tenant of 33 & 35 Penjuru Lane against the REIT, allowing Sabana to proceed with its claims for outstanding rent and other payments due under the lease.

Donald Han, CEO of the Manager of Sabana Industrial REIT, said the first three months of 2024 were challenging for the company due to uncertainties from the internalisation process coupled with the repossession.

The REIT remains optimistic, having signed new and renewed leases totalling 139,426 square feet, achieving a positive rental reversion of 23.7% in 1Q24.

ALSO READ: Sabana Reit sets requisitioned EGM on or before 25 May

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