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...

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