You are 100% correct and it has happened many times before. The...

You are 100% correct and it has happened many times before. The reality is this:

At the end of 2022 they had to write off the costs of acquisition of thee buildings of around $17 million.
Then at the end of June 2023 they wrote off another. $53 million.
That $70 million has pushed up their gearing but that isn't the real problem.

They have a lease that they have a rental guarantee on but remains unlet and has an expiry of 30 June 2024 on the rental guarantee.
Plus 2 floors in another building unlet at this stage. The statement being: • Remaining vacancies under parked due to existing tenant demand for car spaces

That will add complexity.

You are 100% correct that a lot of this should have been anticipated over the 18 months.

The thing that is catching them is the debt with rising interest rates is ushing them close to the interest covenant of 1.5 times. They as you said should have issued the mia culpa and reduced distributions to maybe 80% of income. They could have raised equity earlier in the interest rate cycle.
Now they are handling the problem by raising funds. They could have been dishonest and underwritten it and taken up cheap shares or placed them. They are not even allowing over subscriptions so they are trying to limit the dilution as best possible.

Probably too little too late.

I will take up my 1 in 8 as I would assume we will do alright out of this when the cycle turns. I do agree that it would have been best to suspend distributions but maybe then the rush to the exit would have been enormous. Hopefully excess cashflow could be used to target a buyback at 40c or lower.

We can just grizzle and then cough up the cash.