Previous studies of real estate investment trust (REIT) on dividend policies have focused primarily on REITs listed in the U.S.  These studies find that, REIT in the U.S. usually distribute dividend not bounded by the tax regulation requirement. The dividend distribution by REITs is negatively related to firm performance including return on assets, and growth in earnings. In addition, the managers tend to take advantage of the weak monitoring by paying lower dividends. In this study, I focus on the new emerging REITs market to examine the determinants of REITs dividend payout (selected from five countries or regions in the Asia) during the 2001-2008 period.  My preliminary findings show that dividend payout level for these REITs is negatively associated with returns on assets which support the agency cost theory. My results also show that dividend payout level is negatively correlated with board size, which indicate that REITs pay low dividends with weak internal governance monitoring.