It is probably fair to say most of the wealth destruction is...

It is probably fair to say most of the wealth destruction is behind the surviving REIT’s. While the deceptive business models that caused all this wealth destruction “SEEMS” to have changed in most and the fact that the GFC pressure has passed I’m not convinced all these REIT are just fixed.
I simply don’t think you can go from an expanding assets valuation and debt funded property bubble created model to a prudent cash flow model and fix everything in 12 months.
It will take years to repair these balance sheets and in those that have had to massively dilute to raise funds in the middle GFC (BIS) probably a decade of really sound management to return the share prices to something near to what they were before.
I would suggest some REIT are already fully priced with MCW and IOF just two that come to mind.