This is a followup post from 7 REITs Reported Results For The COVID-19 Period And A Few Have Withheld Dividends as more REITs have released their Jan-Mar 2020 results.

Retail REITs reported the most depressing news to unitholders – big dividend cuts.

We did a poll previously to ask if unitholders are willing to take dividend cuts to help the tenants. Most were willing to accept 0-29% cut over a period of 3-6 months.

But the reality is that the dividend cuts among the retail REITs were deeper than unitholders’ expectations, with 4 of them cutting Distribution Per Unit (DPU) by 49% to 78% thus far. That made our estimation of 48% cut look conservative.

Starhill Global REIT is not in the list because there’s no DPU given for the period of Jan-Mar 2020 as they have switched to semi-annual reporting and distribution cycles. SPH REIT has been