Many years ago, a young friend of mine steadfastly refused to invest in REITs. His logic was that REITs should be relegated to the preserve of older, income-focused investors who desire dividend income. Being younger, his attention was fixated on companies that could grow over time to provide strong capital gains. Of course, there’s nothing wrong with having a different investment philosophy. However, he would have been surprised to know that REITs, especially the stronger ones, have provided a great mix of both capital gains and dividends over the years. For example, Frasers Centrepoint Trust (SGX: J69U), or FCT, a retail-focused REIT that owns a portfolio of heartland malls, traded at S$1.48 back in October 2010. A decade later, its share price closed at S$2.36 recently, for an absolute gain of 59%. However, over the last nine years, the total dividends that were paid out amounted to almost a dollar....