I know many of the low priced REITs have been having a run of...

I know many of the low priced REITs have been having a run of late, but I suspect the pull back yesterday may have resulted from GPT's actions.
REITs are run by management who are more interested in their jobs than creating shareholder wealth so it is an easily decision to make decisions that dilute shareholders. GPT is repeating going back to its shareholders for additional funds & each time the gap between NAV & the share price is reduced.
Time & careful assets sales are more effective at retaining shareholders wealth than continually draining their pockets. May be its about time REIT managers stood up to nervous bankers & said "enough is enough, we are cash flow positive, just give us some time."
There are plenty of investors/traders who have acquired millions of shares at low prices & could not finance say a 1 for 1 at 10 or even 20 cents. Sure 10 & 20 cents may represent massive gains for these shareholders, but they hate to be diluted because they can't fund these issues i.e. 1 million at 20 cents is equivalent of $200,000 which few of these investors could finance.
So, I suspect many holders of cheap REITs were not impressed with GPT decision. It sent a clear message to other REIT that they could go down this path when share prices improve.
Regards
Buffett