AP-UN.TO - Troubled office REIT down 25% today

Allied Properties has been really challenged since the move away from office units and interest rates. It's a REIT that has been diversifying into residential slowly, but it is primarily quality office spaces with between 85-90% occupancy atm, and targeting 90% in the near future. It is divesting assets to service some debt. Trading at about $10/share now, its book value is closer to 35/share. Price per AFFO is around 7x. They recently substantially reduced their dividend (by around 60%) to service debt. A great move, imo. I am assuming today's drop has to do more with the equity offering of $500 mil at such low share prices, which is necessary to cover series H debt maturing this year at 600 mil. Looks like all the bad news is already baked in. I don't have a position, but I am thinking of starting a bet on a bounce back up. This seems like a huge overreaction!