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

Looks like all loan repayment is cumulative from the IPO price and will the aggregated irrespective of when the investor bought the units

2 scenarios emerge:

1. Units bought after aggregate loan repaid exceeded IPO price: If on the day of buying units historical loan repaid exceeded IPO price then the distribution will be taxed subsequently AND no reduction in purchase price for capital gains calculation on the day of selling the units

OR

2. Units bought before aggregate loan repaid exceeded IPO price: If on the day of buying units historical loan repaid still has not exceeded IPO price then the loan repaid component of distribution every quarter would be tax free till it exceeds the IPO price AND on the day of selling units capital gains will be calculated basis reduced purchase price (in proportion to the tax free loan repaid component received thru distributions) and investor will pay higher capital gains tax