You are the Chief Investment Officer (CIO) of a global real estate fund. Economic indicators suggest an impending recession. Develop a portfolio rebalancing strategy to shift capital from cyclical asset classes (e.g., hospitality, retail) to defensive sectors (e.g., industrial, medical office). Outline the execution plan, including which assets to disposition via a 1031 exchange, which assets to refinance to pull out equity, and how to leverage hedges against interest rate volatility.