Sabana REIT

Sabana REIT: DPU at 2.26c exceeding forecast of 2.17c with annualized yield of 9.3% 1Q Gross rev at $19.7m +8.8% qoq with net income at $11.9m +14.5% qoq. Distributable income was approx $14.5m +4.7% qoq. Gross rev was higher than forecast by 14.1% due to contribution from new properties which were acquired in 4Q2011 which flowed to net property income. Gearing is approx 33.9% and has debt headroom of approx $88.0m. Co has stated that both DTZ and Colliers expects industrial rents to decline due to supply and competition.