In 2011, Teh Hooi Ling wrote an intriguing article ‘The REIT Myth Busted’ on The Business Times. She pointed out among 17 REITs with a listing history of four years, 14 of them issued a cash call (rights issue). Teh stated that for many of the REITs, their cash calls exceeded the dividends paid to shareholders. In other words, whatever the REITs pay out in dividends, they ‘take it back’ in the form of rights issues. Calvin Yeo, a REIT investor, responded to Teh’s article with his own ‘Is the REIT Myth Busted?’. He pointed that Teh’s article does not consider that an investor can choose not to subscribe to the rights issue. An investor basically also has the option to sell the nil-paid rights, which are given free, to earn additional income. Of course, by doing that, the investor must be prepared to have his ......