The South African listed property sectors has been one of the hardest hit and one of the slowest to recover, following the advent of the coronavirus pandemic and ensuing lockdowns. Redefine, the country’s second largest real-estate investment trust by market capitalisation, announced its interim results to February 28 2021 and there was very little to get excited about. Nearly every important performance metric was down on the prior period, with rental reversions arguably the most concerning barometer of performance. The diversified REIT has large exposure to office and retail space, with many property analysts forecasting weak demand in these sub-sector for time to come. – Justin Rowe-Roberts