Ascendas India Trust (AIT) is an interesting Real Estate Investment Trust (REIT) listed in August 2007. What interest me to look at the total return of AIT and its internal rate of return (IRR) over the last 7.5 years is of its unique profile in a country where its currency have been depreciating against the home currency. AIT was listed in Aug 2007 at $1.18. The price reached a high of more than $1.60 after listing before eventually plunging to $0.40. Since then it recovered to $1.00 and have been fluctuating below that. The current share price is $0.86. AIT started off relatively lowly geared and even today its net debt to asset is 22%,, which is much lower than majority of the REITs. One of the important criteria for REITs is the quality of the manager, and if you assess the performance ......