Most REITs have started to recover from last year’s circuit breaker. The natural question is to ask what’s next. The first three months of 2021 have been a breath of fresh air for most REITs as vaccinations gained momentum and business conditions improved. A slew of REITs has reported a rebound in gross revenue and, consequently, distributable income. In many cases, distribution per unit (DPU) has also risen sharply, both due to a low base back in the first quarter of 2020 (1Q2020) and the release of retention sums that were set aside to assist struggling tenants. However, at the same time, uncertainty has increased markedly in the second quarter. The Delta variant of the COVID-19 virus is significantly more transmissible and has been wreaking havoc around the globe, sparking renewed lockdowns and movement restrictions. Even in Singapore, a spike in community cases has, unfortunately, pushed the country back to Phase 2 once again....