Vacancy rates, page-7

They'll definitely survive. Whether they'll prosper probably requires a bit more thought.

I assume by 'prosper', you're referring to UOS utilizing its conservative balance sheet to buy assets at firesale prices from overleveraged distressed sellers. If I still owned UOS, I'd probably spend some time proving that theory out by looking at how UOS' competitors are positioned from a leverage standpoint, and whether they have viable access to equity. If UOS' competitors are either not highly leveraged, or they have easy access to equity, then the most likely outcome is that very few assets are traded at cyclical lows and everyone just rides it out.

Thinking back to the local REIT market blowup in 2008-09, all the analysts then were saying that there was going to be a wave of firesales by the weak and overleveraged players, to the benefit of the strong and well-captialised players. What transpired was substantially different - even the weak guys managed to raise enough equity to amortize debt and stave off asset firesales, so there were actually very few asset firesales even during the peak of the market shake out.