The last time I blogged about Sabana REIT was in February this year. I suggested that we might want to view some assertions in cyberspace that Sabana REIT offered great value for money because of its relatively high yield and rather big discount to NAV with a dose of scepticism. What I was most concerned about was the matter of expiring master leases, 11 in all. Subsequent to the end of 3Q 2015, the Manager converted one building, namely 23 Serangoon North Avenue 5, from master lease to multi tenanted. The Manager is in the final stage of negotiations for remaining 10 master leases slated to expire in 4Q 2015. Source: Press Release. What is the occupancy of 23 Serangoon North Ave 5? I very much doubt that it is 100%. DPU is already lower in Q3 and it is likely to take another hit in Q4 as property income ......