Listed property has had a dismal few months, judging by the overall performance of the South African Listed Property index (Sapy), which has recorded a -18% total return year to date. But not every real estate punter has lost money on the JSE in 2018. The Sapy has been dragged down primarily by the hefty losses in the Resilient stable of shares, with Resilient Reit, Fortress Reit, Nepi Rockcastle and Greenbay Properties down 40% to 60% in the year to date. Other rand hedges including MAS Real Estate and Intu Properties have been sold down aggressively due to a stronger rand or lingering concerns about how Brexit will play out.However, the loss recorded by the index perhaps masks the stellar performance of smaller, South African-focused property stocks. Counters that have delivered double-digit returns so far in 2018 include Fairvest Property, which owns shopping centres that cater to lower-income shoppers, Emira Property Fund, which has made strides in improving the quality of its o...
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