South Africa’s listed property sector performed badly in 2020, with many tenants unable to operate and a resultant knock-on effect on landlords’ earnings. The Covid-19 national lockdown was a significant factor, bringing business activity to a halt for a period. The listed property industry provided nearly R1.8bn rental support bailouts for tenants, mostly SMEs, and the brunt of these bailouts was ultimately borne by shareholders, investors and pension funds invested in listed property. However, the sector is expected to recover in 2021 as the risks experienced in 2020 can now be quantified or calculated to some degree. Metope CEO, Liliane Barnard, comments.