Im not an expert
But I still think the best thing for this reit to do is sell 1-2 buildings, or the non toronto portfolio at a discount (getting the NAV back up by buying back units 55% off), DIR (should have been done at $14.50), and do SIB #2 while keeping debt maturities in mind...
25m shares, 10m public. When the market turns those shares will POP 2x to $30 faster than the speed of light