PROPERTY (REAL ESTATE)

All listed counters are Real Estate Investment Trusts (REIT), invested in a variety of geographies (SA, UK, EU, Australia) and market sectors (Office, Retail, Industrial, Logistics and Storage). 

 INDUSTRY EXPOSURES

Business:  Issue materiality is largely focused on balancing capital with dividend expectations. Operationally, REITs have to deliver development projects on time and on budget, raising scrutiny on reporting. M&A activity raises expectations for synergy, with accompanying risks.

Environment: In Europe, the transition to renewable energy sources is no longer only governed by the requirements of the Technical Building Code, but also by the implementation of the new proposal of the European Taxonomy Regulation. Similar legislation is set to follow in South African metro areas. Green building supports the customer value proposition. 

Society: Management of distressed tenants during the Covid crisis was a significant issue, but this has faded somewhat, leaving societal issues generally of medium to low materiality.

Governance: Materiality largely stable from previous years, though changes in leadership have an impact on competence, depth and succession planning. Governance vulnerabilities include:

  • Minority shareholder rights and ethical behaviour

  • Board quality and competence capable of dealing with changing market trends

In this report

  • Hammerson (HMN)

  • Shaftesbury Capital (SHC)

  • Growthpoint (GRT)

  • Hyprop (HYP)

  • Fortress (FFB)

  • Nepi Rockcastle (NRP)

  • Redefine (RDF)

  • Resilient (RES)

  • Burstone group (BTN)

  • Lighthouse (LTE)

  • Emira (EMI)

  • Attacq (ATT)

  • Equites (EQU)

  • Fairvest (FTB)

  • Mas (MSP)

  • SA Corporate Real Estate (SAC)

  • Sirius Real Estate (SRE)

  • Stor-Age Property (SSS)

  • Vukile (VKE)

Price: $995

Included:

  • Full 70-page report covering all 19 companies in the Property sector

  • Introductory in-person consultation, scheduled at your convenience; learn more about how to link FarSight scores with your valuation process, and get up-to-date answers to specifics on each company under coverage.