While Sydney and Melbourne endure lockdowns, the corporate world is in a self-inflicted news blackout ahead of the August reporting season for financial year 2020-21.

Analysts say it will be easier to compare figures for the year because the two biggest economies – NSW and Victoria – were in lockdown this time last year too.

However, they all concede that the past financial year was an off-the-charts roller-coaster ride and this augurs a rocky reporting season.

Overall, ASX200 REITs rose a collective 28 per cent in the 2021 financial year, outpacing the wider ASX200 index, which was up 26.3 per cent.

Macquarie Equities analysts said in a note to clients that given the headwinds facing the retail and office sectors, they expect a more difficult reporting season for large cap traditional rent collectors – with recent lockdowns in Sydney and Melbourne adding to their concerns.

Real estate investment trusts (REITs) usually survive volatility and are seen as safe havens with higher yields than cash, but some sectors have been hit hard.

Retail landlords have lost rent as non-food tenants were forced to close, while offices have been empty and companies have been reviewing their future space requirements.

A boom in e-commerce has fuelled the massive demand increase for warehouses and distribution centres, which underpin industrial property operators and landlords.

Macquarie Equities’ analysts say in a new report that REITs underperformed the market in calendar 2021, but since March many of the losses have reversed, in part driven by a moderation in bond yields.