Why are my S-REITS suddenly going into the red and dropping so much? Anyone has a similar situation?

You can browse Dr Wealth for some explanation. https://www.drwealth.com/6-reasons-why-singapor...

A few factors come to mind.

1. Recent interest rate hike and no signs of stopping. REITs rely a lot on taking loans to finance new acquisitions and many already have existing debts which may/may not be fixed loans. This leads to slower projection of growth + possibly lower rate of return (DPU) when more cashflow is required to finance the same loan with higher interest.
2. Alternatives. SSBs, T-Bills, basically low-risk investment options in Singapore has become very favorable with rates closer or even beating some dividend yield of S-REITs where previously it was not, naturally there will be movement of money to assets with lesser likelihood of failure or volatility. 3% P.A. for a guranteed 10 years or ~3.5% P.A. with volatility and no end in mind? Think investor money would flow to the safer bet...
3. Companies/Businesses/Shops/Retail outlets etc. are not as profitable and are closing down. Lower occupancy rate for certain S-Reits. Lower net property income to be made by affected REITS. Almost like a double whammy effect where both top line and bottom line are hit.

Of course not all is lost... Eventually when optimism enters the sector again and when you have a relatively stable (not low) interest rate environment, I would not be surprisied to see money flowing back to valuable S-REITs again. Remember, the stock market is largely determined by investor emotion and sentiment and is loosely guided by present day values. Just because your stock lost 10%, does not mean the business has lost 10% of business/revenue. If you have convictions in your REITs, ask yourself if you see your REIT thriving and succeeding in years to come, only you can answer that. Best of luck :)