We are almost one and a half months since the COVID-19 outbreak. Since the outbreak, people scrambled to wipe out surgical masks and hand sanitizers off the shelves. When the DORSCON (Disease Outbreak Response System Condition) level was raised to ORANGE, this causes some form of panic. People flocked to grocery stores to stock up their daily necessities and shopping malls became almost vacant overnight. At this moment, I am not exactly sure how hard the impact of the COVID-19 situation to retail REITs as tenants will still need to pay their rental even though business is bad. Over the weekends, I read about news that land lords are cutting their rental by almost 50% to help tenants tide over the current situation. We will probably see some DPU reduction over the next few quarters.

Below is the STI Index chart since the outbreak of the COVID-19. As you