The Business Times publishes an editorial regarding the recent wave of rights-issue that has dismayed Singapore's REIT shareholders.

Recent cash calls by OUE Commercial Reit, Keppel-KBS US Reit and Cromwell European Reit have all drawn negative market reactions. As one market watcher whispered in passing: You never know who's next.

Indeed, Reits have always relied on equity dilution or new debt to fund acquisitions, since the law requires them to distribute at least 90 per cent of income to enjoy tax benefits.