"On Tuesday, June 16, 2009, the closing net asset value per share ("NAV") of common stock for Old RAP was $9.993, for RAF was $9.989 and for RAP was $19.470 (after effecting a 1.5:1 reverse stock split). Since each reorganization was based on the relative NAVs of the funds, this generated a reorganization conversion ratio that resulted in Old RAP common shareholders receiving 0.513 shares of RAP common stock for each share of Old RAP stock they previously held and RAF common shareholders receiving 0.513 shares of RAP common stock for each share of RAF stock they previously held. The opening NAV of RAP on Wednesday, June 17, 2009, is $19.474. Common shareholders may receive fractional shares in connection with the reorganizations. "

OK so I'm confused.. did common shareholders benefit or get screwed in this deal (particularly considering the sweet 1:1 conversion ratio that preferred shareholders seem to have gotten). Also, how does RAP stack up to other Asia-Pacific REIT Mutual Funds & REITs? I'm looking at a couple right now, but I'm a complete newbie to REITs.