Some time ago, I mentioned that due to the relatively high gearing level, I expected further acquisitions made by Croesus Retail Trust to be funded through new equity or a blend of new equity and debt. In their acquisition of another mall in Japan, Torius in Fukuoka, funds will be raised partially through a rights issue. Some details: 1. 114,222,677 Rights Units.  2. Issue price of S$0.610 per Rights Unit.  3. 22 Rights Units for every 100 existing Units held. I very much prefer a Rights issue to a share placement because the former allows all unit holders to participate. I also like Rights issues if the money is used to purchase good quality income producing assets which would lead to DPU accretion. Based on the purchase price, the NPI yield of Torius is 7.8% while Croesus Retail Trust's portfolio's NPI yield is 5.3%. So, the purchase is NPI yield accretive. However, ......