South African Reits provide R3.5bn Covid-19 relief
Real estate investment trusts (Reits) provided R3-billion in relief support to tenants between April and December 2020, with 69% of this provided between April and August 2020, industry body the South African Reit Association (SA Reit) says.
Reits issued a further R500-million in support between January and June this year, bringing the total relief comprising rental discounts and deferrals to R3.5-billion, the organisation's 'Rental Relief Report' shows.
The Reits' relief measures played a key stabilising role in the overall economy by supporting tenants, especially small, medium-sized and microenterprises, which are a critical segment of the economy.
Eighty per cent of the relief came through in the form of unrecoverable discounts intended to sustain tenants' cash flows and curb business failures, with the remaining 20% as deferrals on rental payments.
"The tremendous collective effort that our members made to enable business sustainability during the pandemic is a clear demonstration of their continuing role as a key player in the economy," says SA Reit CEO Joanne Solomon.
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