Saizen REIT has been adding apartment buildings to its portfolio since resolving the CMBS for YK Shintoku. This will go some way to ameliorating the expected decline in DPU due to warrants exercised earlier. Since my blog post of 26 May 2012, Saizen REIT's unit price has been rising gradually, hitting a high of 16c just two sessions ago. Mr. Market has recovered from his anxiety and is making up for over selling the REIT back in May, it seems. For anyone who has missed the boat and is thinking of jumping in now, I would say that the risk premium is higher now, obviously. In the last two years or so, the highest Saizen REIT's unit price went to was 18c, if I remember correctly. Would its unit price push to test 18c again? I am almost confident it would but when would it do so? That, I cannot ......