ubs stands for united boofhead sellers, page-39

It looks like every single REIT is going to fail and be wound up!

Even REITS with gearing below 40% are raising capital, which I find surprising, and I think this is sending the willies through all REIT's, as most have higher gearing.

There have been no asset sales of note anywhere in the sector that I can recall, probably because everyone is trying to sell property in the same depressed market.

Banks still denying access to capital and being sticky about covenants, so it appears they are trying to drive every company to the point of extinction, then renegotiate terms with a gun to managements head.

CB's deliberately spiked interest rates and created this deflationary collapse, however I am unsure if this is the result they intended, or whether it has run out of control.
I suspect that as interest rates have not yet been lowered close to 0; that this capital destruction and nationalization of banks (and probably infrastructure soon) is part of the game plan.