Sabana REIT has declared a DPU of 2.4c and will go XD on 23 July. Unit holders will be paid on 29 August. The numbers are nothing out of the ordinary: NAV/share: $1.06 Gearing: 37.1% Interest cover ratio: 5.1x Occupancy: 100% Some people wonder why Sabana REIT is trading with such a high distribution yield. It is nearly 8%. Well, there are many possible reasons but one reason is probably because 5 of its master leases are expiring in November this year and this is something I have blogged about since the second half of last year. In the latest report, the management revealed that 1 of the master leases will be renewed while the other 4 are still undergoing negotiations. It has been revealed that in the event these 4 master leases are not renewed, the REIT will see a 7.3% vacancy rate. This would impact ......