Posters have raised some interesting points here.  One that I would start with is that the word "will" in the heading should be changed to "could" or "might".  That, in my opinion would be more appropriate because dividend or income investors would also be in stocks additional to REITs.
Because we are using "loose estimates and assumptions", if we go with that; let assume that if the US Fed. raises rates, that Mortgages would begin to rise and as a result, rents would also rise, (I don't think that real estate owners who rent out properties are in the charity business).  I assume that rents and REITs would keep up with rising interest rates, at least that's what most analysts are saying and dividends would adjust accordingly.  Meanwhile, banks, pipelines, utilities, would continue to pay distributions to those of us who indulge and profit.  
Other more knowledgeable posters than I, have shared similar thoughts.

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