Property punters are no doubt still reeling from last year’s value destruction when the SA listed property index (Sapy) tumbled 30% in what was the sector’s worst performance in more than 20 years. For some, the losses were far more pronounced — backers of Rebosis Property Fund B, Resilient Reit, Fortress Reit B, Intu Properties, Nepi Rockcastle, Tradehold, Capital & Regional, Delta Property Fund and Balwin Properties suffered capital losses of between 40% and 70%. The upside of last year’s decline is that it has created cheap buying opportunities for investors who are underweight in property, particularly those looking for a high and growing income stream. At least a dozen SA-focused real estate investment trusts (Reits) are now trading at juicy dividend yields exceeding 11%. The sector as a whole — comprising about 60 counters — is trading at a record 9.3% dividend yield. Though offshore property counters typically trade at lower initial dividend yields than their SA-focused count...

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