The current turmoil in global financial markets comes almost exactly five years after the last major drawdown for South Africa’s listed property sector, when the South African economy was shuttered at the start of the pandemic. Between March 2017 and March 2020, South African REITs, on average, lost more than 70% of their value - in the years since, the sector has clawed back nearly 68% in value (excluding dividends), though it remains more than 50% below March 2017 levels.

Liberty Two Degrees (L2D) has delivered a robust performance for the 2024 financial year, demonstrating resilience amid persistent macroeconomic pressures and operational challenges stemming from utility supply issues and municipal service delivery constraints.

The Vukile Property Fund delivered a substantial pre-close trading update for its financial year ended 31 March 2025, underscoring its dealmaking dexterity, strategic expansion and robust operational delivery. Vukile confirmed it is on track to meet its full-year guidance of 2% to 4% growth in funds from operations (FFO) per share and 6% growth in dividends per share (DPS).

Despite a challenging economic climate, Emira's local commercial portfolio showed resilience, although total vacancies increased to 6.8% by January 2025. Tenant retention stood at 77.5%, with lease reversions improving. Notable transactions included the disposal of 26 properties, yielding R2.4 billion. The Fund's residential portfolio saw improved vacancies at 4.0%, and the US portfolio experienced increased vacancies due to a retail bankruptcy. Emira's investment in Poland's DL Invest increased to a 45% stake. With strong capital management, the loan-to-value ratio decreased to 34.1%, positioning the Fund to exceed FY25 objectives, with results expected in May 2025.

Hyprop Investments has reported double-digit growth in distributable income of 14.5% to R765 million for the year ended 31st December 2024 with a 14.4% increase in distributable income per share to 201.4 cents per share.

Vukile Property Fund (JSE: VKE), the leading specialist retail real estate investment trust (REIT), through its 99.5% held Spanish subsidiary Castellana Properties, has acquired the largest shopping centre in Spain’s Valencia province, the iconic Bonaire Shopping Centre, from multinational retail REIT Unibail-Rodamco-Westfield.

Growthpoint Properties Limited delivered stronger-than-expected results for its six-month interim period ending 31 December 2024, reporting distributable income per share (DIPS) of 74.0cps, up 3.9% from HY24, while maintaining its distribution payout ratio at 82.5%.

South Africa's Real Estate Investment Trust (REIT) sector showed a recovery in February, rebounding by 1.2% after the price declines seen in January. This positive return outpaced the broader equity market, which remained flat at 0.0%, and the bond market, which posted a modest 0.1% gain.

Spear REIT's FY2025 stands out in the sector due to its strategic focus and consistent robust financial metrics. The company reported a 13.58% year-on-year increase in portfolio value, reaching R5.26 billion assets under ownership, and maintained a high occupancy rate of 96.02% with a further 100bps increase in occupancies since HY2025.

Fortress Real Estate Investments Limited has delivered strong results for the interim period ended 31 December 2024, following a strategic shift into higher growth and better-quality assets.