Hmmm...
Now willing to throw REIT investors under the bus to save the Aristocrats...?
LOL
Two positive signs here;
1)looks like you are grudgingly admitting rates are rising.
2)You appear to be in step 2 ("bargaining") of ? Kubler-Ross's  acceptance pattern.
I can only hope some RoB writers will make such progress regarding any number of issues

.
As for "the last three years"
?? what "confusional  (?) cloud of diversion" are you creating here ??
Fed rate was .at historic lows (0.25%)  since 2008....raised to .5% in Dec 2015.
2 yr interest rates only started moving higher (after 30 years) in Sept 2016...and guess what the Aristocrats did ?

If the market was as rate insensitive,predictable and formulaic as your "bond musings" and "supply and demand" (etc) theories would have us believe...
Well...it might still feel low stress......but it would not be a  pretty result.