Regular readers know that AK is usually pretty inactive as an investor, preferring to do nothing most of the time and just collect dividends. Well, in 2Q 2018, in the S-REITs space, there was a bit of action. There was the 1 for 10 rights issue by Frasers Logistics & Industrial Trust (FLT) in which I took up my entitlement and applied for a small number of excess rights. To be honest, I did not think that the rights issue was very attractively priced. Perhaps, it was fairly priced. We have to take note that the massive deal weakened the REIT's balance sheet significantly while delivering very little increase to DPU and NAV per unit. I must say that I feel that the deal was better for the sponsor than it was for the REIT. We shall see if the REIT's DPU grows in future, everything else remaining equal ......