Rights issues are a common method for raising additional equity capital by Australian Real Estate Investment Trusts (A-REITs). This study investigates the A-REIT capital raising costs of the renounceable and non-renounceable equity rights issues during 2001 to 2009. Potential influencing factors on direct and indirect (as measured by the percentage discount to subscribers) costs will be investigated. Issue size, percentage underwritten and concentration of ownership are expected to significantly influence the percentage direct costs while whether the issue is underwritten is expected to influence the percentage discount. Identifying factors that influence the direct and indirect costs may help A-REITs better control their rights issue capital raising costs.