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Equites Property Fund: Price vs Value
After a tumultuous few years for South African listed property, the sector has made a strong start to the new year with JSE REITs leading the world through 2021. Equites Property Fund, led by CEO Andrea Taverna-Turisan, has bucked that trend of recent years. This niche property fund, focused on logistics and warehousing properties, has managed to benefit from concentrated bets on a property segment that still has further growth potential. The company produced a solid set of financials, seeing double-digit increases in revenue and distributable earnings, although other important performance metrics such as headline earnings were down by similar percentage points. Looking ahead, an almost non-existent vacancy rate and a weighted average lease expiry profile of over 15 years underpins the sustainability of these earnings.