to join the discussion
HET looking interesting at R26.00 close, industrial rents actually holding up better than office space right now which is their real drag. yield's not terrible if you believe the dividend holds but property valuations are the killer, any rate cut cycle could be a proper tailwind for this thing. comparable REITs trading wider spreads, might be some room here.
been going through het's last annual report and the occupancy rates on the industrial side are still solid, mid 80s, which is holding up better than i expected given the load-shedding noise. office is the drag obviously but that's priced in already. at r26 the yield looks reasonable if they can stabilize the portfolio and keep the distribution steady, which the md&a suggests they're focused on. not a moonshot but decent risk reward for a contrarian play in reits right now.
HET sitting at R26.00 and the dividend yield is still decent if you actually hold through the cycles. Industrial property's been getting hammered but their office exposure gives some balance, could read as defensive when rates finally drop. Ngl the tenant quality matters more than the headlines though, need to dig into occupancy rates on the actual properties.
HET's been hammered but the yield at these levels is lekker for income players. Industrial space is still needed and their office portfolio is the problem, not the whole story. If they can shift some of that dead weight the recovery could be sharp. Long term this is a hold for me.
Current R 0,23 — 50% of range
Fundamentals sourced from JSE disclosures. Updated quarterly.