As far as REIT, SFET has exercised the option to purchase the rest of SFOG. I know that's not an REIT issue, but the concept is similar: control your own destiny with a park. REIT would destroy that.
They were/are planning to "buy out" the partners in this park by 2027 for $332m. I don't know how much they already own, plus all of the physical aspects and infrastructure would be, but selling the land to a REIT would make absolutely no sense. I don't see a world in which the REIT could or would pay the value that is there. If they did, imagine the cost of the leaseback.
I believe they want to do the same for Over Texas.
However, when the sale of SFA is made known, it could give a hint on what value they could realize in markets with high land value.
I'm far from a financial expert, but this makes no sense to me in a lease back scenario.