JU
julianreins@julianreins_jse·Bearish
The rental yields on EMI's portfolio are getting squeezed hard by vacancies in the commercial space. Last close at R14.52 is pricing in some serious headwinds, but the fund's still paying out decent distributions if you're patient. Question is whether SA's load-shedding and the office-to-residential conversion trend actually kills the thesis or just delays it a few years.