The management of Sabana REIT have once again exceeded their own forecast and they have announced a DPU of 2.41c for 4Q 2012. The REIT goes XD on 23 Jan 13 and the income distribution is payable to unitholders on 28 Feb 2013. Gearing: 37.6% Interest cover ratio: 5.4x NAV/unit: $1.07 All in financing cost: 4.3% The numbers are all good except for the fact that 44.7% of leases by gross revenue are still expiring this year. There is no news on any progress made towards the renewal of these leases and that could explain Mr. Market's more cautious attitude towards this REIT. Sabana REIT's distribution yield is currently the highest in the S-REIT universe. Annualised, we are looking at a distribution yield of some 8.38% based on the last closing price of $1.15 per unit. Unless it is able to assure ......