It seems that LMIR's management has the same approach towards excess rights as First REIT's management. Smaller unitholders would see more of their application filled compared to larger unitholders. I make this statement after exchanging notes with some friends and readers. For me, excess rights alloted as a percentage of the units I was holding before the rights issue is about 17%. A friend's percentage is closer to 80% and he has much less invested in the REIT than I do......