I think you forget that many leases will adjust to market rates...

I think you forget that many leases will adjust to market rates as they are renewed. Industrial rents have been appreciating at a greater rate than CPI or 3% in some cases. This should counter increases in borrowing costs and at least maintain current dividends now nudging 7% and tax advantaged.
If interest rates are approaching their peak and may even fall in 12 months time then I think the model put forward although interesting is a little simplistic.
The recent sales at book value show to some degree the integrity of the valuation of the portfolio which is around $3.20 per share so the current trading price around $2.40 p.s. makes for excellent buying.