Which are the Resilient REITs as interest rates head upwards for longer?

Which S-REITs are more prepared as interest rates climb higher-for-longer? S-REITs entered its 2nd WORST correction in history this week. As of the low seen on Mon 17 Oct 2022, the FTSE ST Reit index is down a woeful 177.21 points or 20.3%. This is the 2nd worst correction for S-REITs, not including the Global Financial Crisis of 2007 - 2009 and Pandemic sell-off of Mar 2020.

We examine in detail the contrasting fortunes of Elite Commercial Reit vs Cromwell European Reit. Although the former is 100% exposed to the UK which is in crisis, the latter has performed worse. What gives?