The prices of JSE-listed property stocks continue to see-saw, which suggests investors aren’t betting on a sustained recovery in their own backyards any time soon.

That’s hardly surprising given the barrage of difficulties dampening the earnings and dividend growth outlook for SA real estate investment trusts (Reits). They include a lockdown-induced rise in rental arrears and vacancies, anaemic consumer spending, ever higher operating costs, stretched balance sheets and, of course, renewed load-shedding...

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