Well they certainly arent professing anything that anyone doesnt...

Well they certainly arent professing anything that anyone doesnt already know.
If the market thought that REITS property values were going to be stable then they would be trading somewhere near NTA.

VPG NTA is above 50c and they are trading sub 3c.
So the market thinks that property values will come down a further 40% on top of what VPG has already announced?

I think property values will drop, you will see some tenant default, however I am not sure they will get that low.
It really has to come to a point that buildings are valued at markedly below construction cost (almost there in some cases). If I were an investor with money and could buy a building at below what it would cost me to build today, with tenants in the place and a return already being offered, why wouldnt I do it.