Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>August marked another positive month for the SA Listed Property sector, with the SA All Property Index gaining 2.04% in total return terms.</li>
<li>The primary catalyst for this positive performance was the South African Reserve Bank's (SARB) decision to cut the repo rate by 25 basis points at the end of July.</li>
<li>The sector delivered good results from reporting companies, and guidance increases from several companies too (OCT, NRP, PPR, RES).</li>
</ul>


August marked another positive month for the SA Listed Property sector, with the SA All Property Index gaining 2.04% in total return terms.
The primary catalyst for this positive performance was the South African Reserve Bank's (SARB) decision to cut the repo rate by 25 basis points at the end of July.
The sector delivered good results from reporting companies, and guidance increases from several companies too (OCT, NRP, PPR, RES).


<ul>
<li>The SA All Property Index experienced a sharp initial decline precipitated by the US tariff announcements, but staged a strong recovery following a partial pause in tariff implementation. </li>
<li>Global REITs were up +1.25% for the month, but US REITs ended the month down -2.23%.</li>
<li>Despite global turbulence South African property companies demonstrated resilience. Ultimately ending the month firmly in positive territory up +6.54%, pulling the Index back into positivity for the year (YTD +2.15%). </li>
</ul>


The SA All Property Index experienced a sharp initial decline precipitated by the US tariff announcements, but staged a strong recovery following a partial pause in tariff implementation. 
Global REITs were up +1.25% for the month, but US REITs ended the month down -2.23%.
Despite global turbulence South African property companies demonstrated resilience. Ultimately ending the month firmly in positive territory up +6.54%, pulling the Index back into positivity for the year (YTD +2.15%). 


<ul>
<li>March was an extremely busy month for the SA listed property sector with earnings, pre-close, and interim releases coming thick and fast.</li>
<li>The SA All Property Index was down -4.12% for the quarter, the FTSE EPRA Nareit Global Index in ZAR was down -1.21%, and in USD down by -1.67%.</li>
<li>The best positions remain in property companies as insulated from international macro issues as possible, those with steady cash flows, tenants providing necessary products and/or services, plus low debt levels.</li>
</ul>


March was an extremely busy month for the SA listed property sector with earnings, pre-close, and interim releases coming thick and fast.
The SA All Property Index was down -4.12% for the quarter, the FTSE EPRA Nareit Global Index in ZAR was down -1.21%, and in USD down by -1.67%.
The best positions remain in property companies as insulated from international macro issues as possible, those with steady cash flows, tenants providing necessary products and/or services, plus low debt levels.


South African Listed Property Review - March 2025

<ul>
<li>The South African All Property Index (J803) continued its strong run in August, rising 8.37% for the month.</li>
<li>The All Property Index’s 2024 Total Return is now up 23.91%. </li>
<li>Investor in South African Listed Property are finally reaping the rewards for their patience through a long and difficult down-cycle for the sector.</li>
</ul>


The South African All Property Index (J803) continued its strong run in August, rising 8.37% for the month.
The All Property Index’s 2024 Total Return is now up 23.91%. 
Investor in South African Listed Property are finally reaping the rewards for their patience through a long and difficult down-cycle for the sector.


SA Listed Property and Fund Snapshot - August 2024

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>Last night the price snapshot was taken for the March 2024 rebalance.</li><li>We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>EXX is expected to enter the RESI with NPH falling out. </li></ul>

Last night the price snapshot was taken for the March 2024 rebalance.We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.EXX is expected to enter the RESI with NPH falling out. 

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

South Africa

Resilient REIT Ltd is a real estate investment trust. The Trust holds a portfolio of retail, commercial, and industrial properties concentrated in major non-metropolitan cities throughout South Africa.

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Resilient Reit (RES SJ)

SA Listed Property Review August 2025

SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...

Golden Section Capital

SA Listed Property Review April 2025

SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...

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South African Listed Property Review - March 2025

The first quarter of 2025 was an immensely challenging month, SA listed property was down by -4.12% for the quarter, and it certainly does not look...

Golden Section Capital

SA Listed Property and Fund Snapshot - August 2024

South African Listed Property has continued its strong recovery in 2024. August was another strong month seeing the All Property Index rise by 8.37%.

Golden Section Capital

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

Last night the price snapshot was taken for the March 2024 rebalance. We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI,...

DMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SA Listed Property Review August 2025

​SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...

Golden Section Capital

SA Listed Property Review April 2025

​SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...

Golden Section Capital

South African Listed Property Review - March 2025

The first quarter of 2025 was an immensely challenging month, SA listed property was down by -4.12% for the quarter, and it certainly does not look...

Golden Section Capital

SA Listed Property and Fund Snapshot - August 2024

South African Listed Property has continued its strong recovery in 2024. August was another strong month seeing the All Property Index rise by 8.37%.

Golden Section Capital

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

Last night the price snapshot was taken for the March 2024 rebalance. We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI,...

DMA

SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...

SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...