The dismal results reported by JSE-listed property stocks in recent weeks underscore the extent to which Covid-related trading restrictions have hobbled these companies’ predictable dividends.

Mall owners, who in recent months have heavily subsidised their struggling retail tenants via rental discounts and deferrals, have been particularly hard hit. So much so that only two out of a batch of at least a dozen real estate investment trusts (Reits) that have reported results for the June period have declared a dividend and maintained a payout ratio equivalent to 100% of distributable profits — Resilient Reit and Fairvest.

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