Nepi Rockcastle (JSE: NRP) share price, discussion & sentiment

Topped up on NRP at R148.92 because the 5.8% yield is looking attractive relative to the fund's European property exposure, even if cap rates are under pressure.

@bear_naidoo what's the volume looking like though

148.19 and creeping toward 150. Good day to top up.

Rental reversions still pretty thin on the portfolio update. Volume's quiet too.

148.17 and the shorts are quiet, which is either a good sign or they're just waiting for the next earnings miss. Retail property is a dog until foot traffic normalises, and I'm not convinced it has yet across the board. Holding for now but if we push past 150 on volume I might trim, need the capital elsewhere.

@bear_naidoo ja, 150 is proper resistance here

Big wall at 150, classic. Not getting through that easy.

Waiting for that anchor tenant like waiting for a Proteas century.

Thing is, 148.17 and we're still waiting for the big anchor tenant announcements. Divvies are solid but the portfolio needs real momentum, not just holding pattern yields. Once they land a major retailer at one of the flagship centres the share will move, that's when you'll see the rerating.

@bullhammer_sa what's driving that jump to 180 mate, consumer confidence or interest rate cut?

@bullhammer_sa ja, if 150 breaks cleanly

@bullhammer_sa ja, this is the play. 150 is nothing.

sorry if this is dumb but what actually makes a REIT different from just buying the shares normally

Dividend yield's actually solid at these levels ngl, beats what you get sitting in bonds. If the malls keep their foot traffic and load-shedding doesn't tank consumer spend further, 150 is just the start, mark it.

150 THEN 180 THIS YEAR LFG!!!

Good morning everyone. NRP closed at R146.32 yesterday, still sitting under that R150 resistance. What's lekker is the dividend yield at these levels, especially stacked against the bank stocks most retail guys chase. Portfolio's actually diversified across SA and the region, not just Cape Town malls like some think. Long-term, if load-shedding eases and consumer confidence picks up, the foot traffic recovery story plays out nicely.

Ja nee, 146 is a solid entry for the yield play, especially if foot traffic keeps ticking up. Load-shedding easing would be the real catalyst though, hey.

@guppy_jse ja, dividend's the play here. Footfall stabilising is the real tell.

NRP sitting at 146.32 with retail anchors holding up okayish through the cycle, dividend yield's still lekker relative to the bond rate hey. Property guys always take it on the chin during rate hikes but these shopping centres aren't going anywhere, footfall's stabilising. Risk/reward looks quite compelling this side of 150.

NRP still got room to run past 150 if the property recovery holds. Yields are decent for a REIT and the portfolio spread across the malls is less scary than it was two years back. Long-term play for me, retail's not dead yet even with the online noise.