Singapore REITs (S-REITs) had a tepid year in 2021. The sector underperformed the benchmark Straits Times Index (SGX: ^STI), chalking up a total return of 5.2% against the index’s total return of 13.6%. This performance may be underwhelming given that movement restrictions have been eased. Meanwhile, retail REITs have also stopped doling out tenant relief measures and restored their distribution per unit (DPU). On the other hand, the spectre of interest rate increases by the US Federal Reserve has acted as a dampener for the industry. Still, there were bright spots among the REITs. Parkway Life REIT (SGX: C2PU) posted a stellar 32.6% unit price increase in 2021 as the healthcare REIT signed new master lease agreements for its three Singapore hospitals. Industrial REIT ESR-REIT (SGX: J91U) chalked up a 23.1% gain in its unit price as it gears up for a merger with ARA Logos Logistics Trust (SGX: K2LU)....