Sabana Reit reports higher occupancy rates, positive rental reversions

SABANA Real Estate Investment Trust (Reit) said it saw positive rental reversion of 3.1 per cent in the first quarter of this year.

In an update for the quarter, the Reit manager also said its portfolio occupancy was higher on both a year-on-year and quarter-on-quarter basis.

Portfolio occupancy was 79 per cent at the end of March, up from 76.5 per cent at end-December and 77 per cent at end-March 2020.

Of the leases that expire this year, 57 per cent have either been renewed or have been replaced with new leases.

The Reit manager also updated that Sabana Reit's board is still searching for suitable candidates to replace two independent directors - Yeo Wee Kiong and Willy Shee Ping Yah - whose last day of service will be April 26.

As at 9.41am, units of Sabana Reit were down 1.1 per cent or 0.5 Singapore cent at 43 cents.