Cause - covi. Effect - Plenty of REIT's going IPO during 2021-2022. Did someone acquired large chunks of their shares OTC while they were cheap through covi and later on made them to go IPO ? Some of those were privately held for years. Or is it them raising capital in order not to sink ?
There were a lot of IPOs of EVERYTHING the last couple years. Even stupid SPACs made a silly return, despite we all knew they were bad (except for millennials who thought they knew-it-all). That said, the large amount of debt that REITs hold is wrecking them now that the easy-days of cheap money is long over with. The wrekoning is here, and so are the discounts.