It’s no secret that property stocks are bleeding — probably more so than any other JSE sector — as pandemic-induced rental discounts to help keep struggling tenants afloat, rising vacancies and valuation losses weigh on profits.

Even so, listed property management teams deserve credit for the extent many have been able to strengthen balance sheets and stabilise business operations in recent months. The positive upshot of this is that most SA real estate investment trusts (Reits) are still able to pay dividends to shareholders, albeit admittedly nowhere near pre-Covid levels...

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