one think for sure about vpg, page-27

VPG had frostbite of the leg. In order to survive it cut off its leg.
Of course there is more bad news to come, and it was indirectly flagged in that last announcement. But it was to be expected.

Asset revaluation was so severe in Europe since the December valuation that VPG wrote off the whole joint venture. IMO writing off the joint venture was an alternate way of writing down as the result af latest valuations. There will be more revaluations for the rest of their asetts and that is likely to be reported in their annual report.

I expect all the reits to go through a round of revaluations. Hopefully this will be the last.
I'm not sure about Japan though, I think Japan real estate values stabalised a while ago, and yes, I do hold shares in BJT.