Clearly a no win situation. As the Fed eases their manipulation of the market, MREIT book values decline.
With that comes divy cuts and PPS goes down and makes it increasingly difficult for any meaningful SPO.
There will be a bottom, but no real incentive for management. I only have 2000 share left so I have them on reinvestment and will wait and see..
The FED does have to stop monetizing debt as the unrealized losses on asset purchases decline in value from a losing purchase from banks and declining Treasury bonds purchased. But FED rates will still be low for a couple of years. There are plenty of options to obtain low cost money to leverage.