Yes I'm aware of the CPI linked increases. That means over half...

Yes I'm aware of the CPI linked increases. That means over half of them aren't. 100% of the debt is interest rate linked however and they won't be able to maintain the dividend without borrowing further (observe the already established trend) which will exacerbate the problem. If they breach their covenants because of NTA devaluation they will dilute you out of existence with institutional capital raises at the bottom.

"At the end of the day", as you say, the cap rate is narrowing. Do you expect it to widen as interest rates rise, or narrow further? If it narrows further will they cut your dividend? Or will they borrow more money to pay you the dividend you come to expect? If the latter, what will the effect of that be next year, or the year after that? A REIT is not a bond proxy. Observe what happened during the 2020 crash. CLW fell with the market but didn't recover with it.