Historically, owning physical property seemed like a good bet to weather a downturn. After all, the whole idea of investing in property is that it’s supposed to hold its value through economic cycles. However, the COVID-19 pandemic has thrown up some unwanted surprises for REITs. Hospitality REITs have suffered a painful decline in gross revenue and net property income (NPI) as air travel is curtailed and lockdowns are implemented. Commercial REITs face an uncertain future as more companies implement telecommuting arrangements and look to downsize the amount of space they rent to further cut costs. And retail REITs, which had been recognised as one of the more stable sub-sectors of the REIT universe, saw visitor footfall drying up and tenant sales under pressure as movement restriction orders kept people at home. Distribution per unit (DPU) was slashed for many prominent retail REITs. As it stands, choosing a good REIT to...