Saizen REIT

Saizen REIT: Results reflecting turnaround with DPU of 0.63c for 2H compared to 0.50c prev yr and 0.6 last half. 4Q rev was approx JPY907.7m -0.1% yoy though net profit was up at JPY478.0m reversing a loss of JPY1.6b last yr due to JPY1.5b in fair value losses. NPI was up 7.5% qoq which property operating expenses down 4.5% qoq. Avg occupancy rates was 91.4% compared to 90.9% but rental reversion of new contracts were lower by 2.1% overall in FY2012. Co currently trades at 0.5x P/B with 12-mth yield of 7.8% Book closure for div will be on the 31 Aug and is payable on the 18 Sep 2012.