I bought Saizen REIT because of its high secured NAV which is security to conservative investors like myself. Its yield is also quite high then. Since they got themselves out of trouble (they defaulted one of their loans), Saizen REIT has embarked on a re-leveraging efforts to grow its business but I think they are taking a lot more risk as well which I am not comfortable with. Although its price-to-book ratio is at 0.759 which is one of the best, its yield is no longer high. With the depreciating yen, there is some impact on Saizen REIT.
I sold off 70,000 shares of Saizen REIT at $0.181 and locked in a profit of $950 excluding dividends. Although it has one of the best price-to-book ratio, there are others which are close rivals to Saizen REIT and they are safer. I have decided to go for these REITs instead.