Abstract
COVID-19 and its concomitant global impact as a Black Swan event was certainly unprecedented, unexpected, and certainly not prepared for. Within this study, we will analyse twenty South African Real Estate Investment Trusts (REITs) by considering six Key Performance Indicators (KPIs) and how COVID-19 impacted the performance of these REITs. The top ten and bottom ten REITs on the Johannesburg Stock Exchange were selected based on their Net Operating Income.
A quantitative research methodology was employed, utilizing financial data from the selected REITs to evaluate their performance before and after the COVID-19 pandemic. The findings indicate that REITs with diversified portfolios and strong liquidity reserves demonstrated greater resilience, whereas those heavily reliant on retail and hospitality assets experienced significant declines in revenue and occupancy rates. This study highlights the critical role of financial agility in mitigating economic shocks and underscores the need for strategic risk management within the sector. The implications of this research extend to investors, policymakers, and real estate managers, as it provides insights into adaptive strategies for maintaining stability in future crises.