Earlier this week, Rebosis B shares tumbled another 10% to a fresh low of 63c. It means that since November, the debt-ridden property stock has shed no less than 90% of its value — wiping nearly R6bn off its market capitalisation.

Unfortunately, the value destruction hasn’t ended there. Investors typically invest in real estate investment trusts (Reits) like Rebosis, in part, for the relatively large dividends they’re paid. Only, Rebosis shareholders have now been told that the interim dividend for the six months to February has been "suspended" — the first time a JSE-listed Reit has postponed a dividend.

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