SABANA Industrial Real Estate Investment Trust (Reit) clocked a portfolio occupancy of 85.2 per cent for the first quarter of 2022, just slightly lower than the 85.4 per cent occupancy rate in the previous quarter, said the company in an interim business update provided through a bourse filing on Thursday (Apr 21).

It also signed 11,786 square feet (sq ft) of new leases and renewed 208,633 sq ft of leases. Out of the renewed leases, 4 per cent had higher rental rates, achieving positive rental reversion.

According to Sabana, this is the eighth quarter over the past 9 quarters where positive reversion was achieved. As for leases due to expire this year, 44.1 per cent has been renewed.