SPH REIT (SGX: SK6U), a retail real estate investment trust (REIT), kick-started Singapore’s latest earnings season on 6 October. For its second-quarter results announced in April, SPH REIT set the tone by becoming the first Singapore REIT to announce that it will retain a large chunk of its distributable income due to headwinds brought about by COVID-19. Following that, many REITs retained their distribution and the Monetary Authority of Singapore (MAS) and relevant authorities made it official to allow REITs to defer their distributable income and still enjoy the tax transparency treatment. In this latest period, investors could be watching to see if the retail REIT’s Singapore business has recovered with the start of Phase 2 on 19 June. A recovery could give some clues to the financial performance of other Singapore retail REITs. With that, let’s dive into SPH REIT’s earnings for the financial year ended 31 August 2020 (FY2020)....