There is no accounting for Mr. Market's behaviour and the recent strength in the unit price of AIMS AMP Capital Industrial REIT is, to me, inexplicable. At a pre-rights unit price of $1.415, the REIT was trading at a discount to NAV which was at $1.52 per unit. Post rights, however, the NAV is closer to $1.29 a unit. So, the recent high of $1.43 is actually a 10.85% premium to NAV. Of course, with the funds raised from the rights issue not being used for yield accretive purposes, I also expect a 15% dilution to DPU in the near term. Not very supportive of a higher unit price, wouldn't you say? Eventually, DPU should recover but probably not to the pre-rights level and not in a jiffy. Having given due consideration to all the above reasons, I decided to reduce the size of my long position in the REIT ......