Equity is not same a REIT or bonds
It's perfectly acceptable for REITS to borrow money to pay trust unit payments as you are not shareholder. but unit holder. for equity holders, management doesn't have to pay any dividend if there is no free cash flow. or debt is too high and company has issues with refinancing, increase revenue/debt increase interest rates. from investment grade to junk grade, the difference interest is 50% more or double prime rate or junk bond.