The days of property heavyweights such as Growthpoint, Redefine, Hammerson, Nepi Rockcastle, Resilient and Fortress trading at market caps north of R50bn, sizeable premiums to NAV of 30% or more and dividend yields below 7% seem a distant memory.

Over the past six to 12 months, property share prices have been decimated — more than 20 of the JSE’s 50-odd real estate counters have seen discounts to NAV widen to a colossal 75% or more. In addition, at least a dozen stocks are trading at ridiculously high dividend yields of between 30% and 70%. That’s in stark contrast to the average 10%-12% on offer only six months ago...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.