Embassy REIT: Is this “Blackstone” promoted REIT is real diamond?

These changes do affect retail holders negatively but it I think it does not affect mutual funds as it is a pass through for them and if a equity fund holds it it becomes LTCG

I am not too sure about this but the terms of the debt that the Trust gives to the SPVs can be changed such that there is lower repayment of SPV debt. Of course it will then show up in interest or some other category which is also taxable but if it is dividend it might be better off