I don't know how you come off claiming they will pay a higher rate of interest on the new bonds. These folks are not idiots. They would not be calling the existing debt and issuing new debt if they were not expecting to lower the interest.
As a bond holder in numerous non-investment grade bonds over the past 5 years, I have been experiencing an ever increasing rate of bonds being called in order to take advantage of the current low borrowing rates on new debt.. Just this month alone, I have had three bond issues called due to refinancing. In fact, the interest rates on non-investment grade debt, FTR is better than non-investment grade, is running around 5%. This is a drop from rates of 10 to 12% or more only 3 or 4 years ago. I no longer am buying any of these bonds because a yield of 5% is not acceptable to me.
You say you are 39 years old. Quite candidly, you still have a lot to learn. Take it from someone who is 30 years older than you are.
FYI, REITS are not the only investment I own. I own BDCs, leveraged bond funds, stocks, etc., and I own, and have owned, a significant number of individual bonds. Have you taken a look at the interest yields of investment rated corporate bonds of late? Best I can say is that it stinks. How about non-investment grade (junk) bonds. Considering the risk, those yields for the companies that likely will have the funds needed to make the payoffs at maturity are around 6%. The bonds I hold were purchased in 2009 through 2011. They are non-investment grade and were purchased at yields between 10 to 12%. Today, those same bonds yield half those amounts.
I am doing OK in this turbulent market - generating more income than I need to live on. However, many retired folks are not, as they have had their funds in savings accounts, CDs, money market accounts, etc. These are the people that never actively managed their portfolios while working. Now, they do not know how, nor what to do as they watch their money market accounts paying a rate of .01%. The CDs that used to pay them around 7 or 8% only a few years ago, are now paying 2%.
My friend, you will not be retiring for near 30 years, if ever. I likely will be dead in 10 years or less, and I do not have children to worry about. You will be the one having to survive in an economically devastated USA - you and your children and grandchildren. Good luck.
Bernanke and his cohorts on the Fed will accomplish little, if anything, in the way of reducing unemployment. However, what they are accomplishing is the destruction of the living standards for the millions of retired and about-to-be retired Americans. Personally, the biggest enemy of my retirement portfolio has not been this economy but rather has been Ben Bernanke.