Metope In The News

Moneyweb: Stor-Age pays out full year dividends

While most of its fellow JSE-listed property groups withholding or deferring dividends due to Covid-19 uncertainty, Stor-Age Property Reit (Real Estate Investment Trust) has decided to pay out final dividends for the full-year to the end of March 2020. Metope investment analyst Kelly Ward comments.

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Moneyweb: Delta slides on poor 2019 FY results

Delta Property Fund, one of the JSE’s most empowered real estate investment trusts (Reit), reported one of its worst performances for the full year to 29 February, with distributable earnings for the year declining 38.1% to 45.69 cents per share, from 73.84 cents per share achieved in the prior year. However, the office-focused fund said it had nevertheless managed to renew 211 764m² of expiring leases and concluded 17 344m² new leases during the year. Metope Investment Analyst Kelly Ward comments. 

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Moneyweb – Arrowhead and Exemplar deliver better than expected results

Despite tough market conditions well before the Covid-19 outbreak in South Africa, JSE-listed real estate counters Arrowhead Properties and Exemplar Reitail posted financial results ahead of expectation this week. Arrowhead, which has a dual A and B share structure, reported distributable income growth of 4.1% to 56.77 cents for its A share. The group also narrowed the distribution per share (DPS) decline of its B share to -7.69%, which translated to 31.46 cents for the half year compared to 34.08 for the corresponding prior period. Metope Investment Analyst Kelly Ward comments on the results.

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Financial Mail: Western Cape property – boring is the only game in town

Growing earnings uncertainty has become the new norm among real estate investment trusts (Reits), but the JSE’s only pure Western Cape-based property play, Spear Reit, still scores fairly high in terms of predictability. The small-cap company, which was co-listed by industry veteran Mike Flax less than four years ago, is one of the few property counters still delivering on its dividend growth promises. Metope Investment Analyst, Kelly Ward, comments.

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Financial Mail: Equites – still riding the e-tail wave

Equites, the JSE’s only specialist logistics Real Estate Investment Trust (Reit), continues to deliver the goods.The warehouse and distribution centre developer is one of only a handful of SA property stocks that can still afford to pay a dividend. Most other Reits are expected to postpone dividends and hold on to their cash instead, as potential losses from Covid-19 lockdown-induced rental holidays, tenant defaults and bankruptcies start to mount. Metope Investment Analyst Kelly Ward comments.

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Financial Mail: Listed property – beware sky-high yields

Perennial blue-chip property stocks like Hyprop, Redefine, Vukile and EPP are trading at dividend yields of unbelievably tempting levels of between 30% and 40%. Consider that late last year, these real estate investment trusts (REITs) were trading at yields of below 14%. In fact, some lower-rated property stocks like Fourways Mall owner Accelerate can now be bought at a yield of 72%. But analysts are warning investors not to be dazzled by what may at first glance appear the buying opportunity of the century. Metope investment analyst Kelly Ward comments.

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Financial Mail: MAS Real Estate – back on the buyers’ list

The market has once again warmed to MAS Real Estate, despite disclosure concerns and a potential conflict of interest arising from recent management changes. The company, which in November appointed Nepi Rockcastle co-founder Martin Slabbert at the helm as CEO — its third CEO in less than two years — bounced back more than 15% at one point last week following the release of a robust set of results.  Metope Investment Analyst Kelly Ward comments.

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Financial Mail: How malls plan to keep the tills ringing

It’s no secret that shopping centre owners have had a horrible two years. Profits have been eroded on multiple fronts and led to the demise of Stuttafords, a brutal restructuring at Edcon, as well as closure of international stores including River Island, Topshop and Victoria’s Secret. All the while, utility costs and municipal rates are rising and electricity is intermittent. But it’s not all doom and gloom. Latest shopping centre performance metrics released by some JSE-listed mall owners suggest that many are using the downturn to boost flagging sales and footfall. Metope Investment Analyst Kelly Ward comments.

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MoneyMarketing: Tax free property income funds – an attractive future income stream

The end of February marks the start of the new tax year and it’s time for investors in a Tax Free Savings Account (TFSA) to either make their lump sum investment of R33 000 or a series of regular investments in order to take full advantage of the tax benefits offered by SARS for these type of savings vehicles. For those investors looking to generate an income from their investments, and who can maximise their TFSA allocations for the next 15 years, tax free property income funds can be used to provide an attractive income in the future. They are ideal for those investors who do not have a pension fund or whose pensions may not be sufficient and need to be supplemented. Liliane Barnard and Aimee Glisson at Metope Investment Managers elaborate.

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