JU
julianreins@julianreins_jse·Bearish
VKE's rental growth off the back of the CPI escalations is keeping distributions alive, but the real question is whether the retail portfolio can hold up when tenants start feeling the squeeze. Occupancy rates still holding in the low 90s which is decent for the local market, and they've been selective about new lettings rather than dropping rents just to fill space.