Things haven’t been this bad for REITs since the Global Financial Crisis (GFC) back in 2009. Yes, I am talking about how the COVID-19 pandemic last year had slammed into the majority of REITs like a tsunami. The REIT model has always been predicated on two aspects: the demand for scarce real estate and the ability of the REIT to roll over its debt when it comes due. During the GFC, we saw the latter come under pressure as the financial system seized up. Some REITs had problems refinancing their loans and had to resort to highly-dilutive rights issues to shore up their balance sheets. The situation is different today. The world is slowly finding its feet as it recovers. The demand for real estate may remain tepid as companies adapt their operations to cope in a post-pandemic world.. Faced with this prospect, will 2021 be a great year for REITs? Or could we see more of the same problems that beset REITs...