A photo I took during my internship stint

“Those who fail to learn from history are condemned to repeat it.” – Winston Churchill
This article discuss the risks of investing in REITs – specifically due to extremely dilutive rights issues – by looking at how the Global Financial Crisis (GFC) in 2007 to 2009 unfolded. I believe it is good for us to understand the worst case scenarios that may play out again, be it over the next few months or sometime in the future. I would be taking a macro perspective in discussing the property cycles, and how debt can be a double edged sword – and linking these to the REIT sector. I would also take a look back into history, and summarise the key developments for REITs during the GFC period. Specifically, the rights issues undertaken by REITs during the GFC period are of great interest to me –