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South African (JSE) REITS Industry Analysis
UpdatedDec 23, 2025
DataAggregated Company Financials
Companies11
- 7D1.7%
- 3M14.7%
- 1Y25.7%
- YTD27.1%
The REITS industry is up 1.7% in the last week, with Redefine Properties up 3.0%. This takes the industry's 12 month performance to a gain of 26%.
Industry Valuation and Performance
Has the South African REITS Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 23 Dec 2025 | R150.0b | R39.2b | R14.7b | 8.7x | 10.2x | 3.8x |
| Thu, 20 Nov 2025 | R149.7b | R39.4b | R14.5b | 9.8x | 10.4x | 3.8x |
| Sat, 18 Oct 2025 | R143.8b | R41.3b | R15.6b | 9.3x | 9.2x | 3.5x |
| Mon, 15 Sep 2025 | R139.8b | R41.0b | R15.2b | 8.6x | 9.2x | 3.4x |
| Wed, 13 Aug 2025 | R137.3b | R42.1b | R13.3b | 8.3x | 10.3x | 3.3x |
| Fri, 11 Jul 2025 | R132.3b | R42.1b | R13.3b | 8x | 10x | 3.1x |
| Sun, 08 Jun 2025 | R130.7b | R42.1b | R13.3b | 7.9x | 9.8x | 3.1x |
| Tue, 06 May 2025 | R125.7b | R41.9b | R12.9b | 8.9x | 9.7x | 3x |
| Thu, 03 Apr 2025 | R119.0b | R41.9b | R13.1b | 7.1x | 9.1x | 2.8x |
| Sat, 01 Mar 2025 | R122.3b | R41.0b | R10.5b | 7.6x | 11.6x | 3x |
| Mon, 27 Jan 2025 | R119.2b | R41.0b | R10.5b | 7.5x | 11.3x | 2.9x |
| Wed, 25 Dec 2024 | R124.5b | R41.0b | R10.5b | 7.7x | 11.8x | 3x |
| Fri, 22 Nov 2024 | R128.0b | R40.9b | R9.0b | 8.9x | 14.2x | 3.1x |
| Sun, 20 Oct 2024 | R127.8b | R40.5b | R8.1b | 9.6x | 15.8x | 3.2x |
| Tue, 17 Sep 2024 | R129.3b | R40.1b | R8.3b | 9.6x | 15.5x | 3.2x |
| Thu, 15 Aug 2024 | R118.0b | R39.5b | R7.4b | 10.2x | 16x | 3x |
| Sat, 13 Jul 2024 | R114.0b | R39.5b | R7.4b | 10x | 15.5x | 2.9x |
| Mon, 10 Jun 2024 | R103.8b | R39.2b | R7.4b | 9x | 14.1x | 2.6x |
| Wed, 08 May 2024 | R102.8b | R39.2b | R8.0b | 8.8x | 12.9x | 2.6x |
| Fri, 05 Apr 2024 | R104.5b | R38.8b | R7.5b | 9.3x | 13.9x | 2.7x |
| Sun, 03 Mar 2024 | R105.8b | R38.0b | R8.6b | 9.3x | 12.3x | 2.8x |
| Tue, 30 Jan 2024 | R137.4b | R43.5b | R9.8b | 10.1x | 14x | 3.2x |
| Thu, 28 Dec 2023 | R133.6b | R43.5b | R9.8b | 9.1x | 13.6x | 3.1x |
| Sat, 25 Nov 2023 | R124.4b | R43.2b | R10.9b | 8.7x | 11.4x | 2.9x |
| Mon, 23 Oct 2023 | R119.2b | R42.8b | R17.1b | 9.9x | 7x | 2.8x |
| Wed, 20 Sep 2023 | R125.8b | R42.1b | R17.0b | 9.1x | 7.4x | 3x |
| Fri, 18 Aug 2023 | R130.5b | R41.9b | R20.8b | 9x | 6.3x | 3.1x |
| Sun, 16 Jul 2023 | R128.1b | R41.9b | R20.8b | 8.9x | 6.2x | 3.1x |
| Tue, 13 Jun 2023 | R129.2b | R41.8b | R20.9b | 8.9x | 6.2x | 3.1x |
| Thu, 11 May 2023 | R131.6b | R40.5b | R23.7b | 7.5x | 5.6x | 3.2x |
| Sat, 08 Apr 2023 | R138.2b | R40.1b | R23.1b | 8.8x | 6x | 3.4x |
| Mon, 06 Mar 2023 | R230.8b | R65.1b | R29.8b | 6.1x | 7.7x | 3.5x |
| Wed, 01 Feb 2023 | R234.5b | R64.8b | R29.3b | 6x | 8x | 3.6x |
| Fri, 30 Dec 2022 | R239.9b | R64.8b | R29.2b | 6.2x | 8.2x | 3.7x |
Price to Earnings Ratio
8.2x
Current Industry PE
- Investors are relatively neutral on the South African REITs industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 10.6x.
- The 3-year average PS ratio of 3.1x is lower than the industry's current PS ratio of 3.8x.
Past Earnings Growth
- The earnings for companies in the REITs industry have declined 21% per year over the last three years,
- Revenues have also declined 15% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Trends
Which industries have driven the changes within the South African Real Estate industry?
| ZA Market | 2.76% | |
| Real Estate | 0.82% | |
| REITS | 1.67% | |
| Industrial REITs | 2.59% | |
| Diversified REITs | 1.67% | |
| Office REITs | 1.26% | |
| Retail REITs | 0.86% | |
| Residential REITs | 0% | 0 |
| Specialized REITs | 0% | 0 |
| Hotel and Resort REITs | 0% | 0 |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Retail REITs industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 7.1x.
Forecasted GrowthThere is insufficient data on the sub-industries of this industry.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| RDF Redefine Properties | R5.89 | 2.3% +R903.2m | 28.9% | PB0.7x | |
| GRT Growthpoint Properties | R17.08 | 1.0% +R574.3m | 32.1% | PB0.9x | |
| SAC SA Real Estate | R3.65 | 5.8% +R518.2m | 26.3% | PB0.8x | |
| BTN Burstone Group | R8.97 | 3.8% +R261.8m | -4.1% | PB0.8x | |
| SEA Spear Reit | R11.80 | 1.7% +R79.2m | 23.2% | PB1x |