The SA Listed property Index (J253) recorded a total return of -3.27% in September 2012. The Property Loan Stock Index (J256) and property Unit Trust Index (J255) recorded returns of -3.78% and -1.41% respectively over the same period. Capital markets firmed during the month with the yield to maturity (YTM) on the Long Term Government Bond Index ending the month at 6.86% (6.97% - 31st August 2012). The historic 12 month rolled yield of the SA listed property sector de-rated relative to the 10 year government bond YTM and ended the month weaker at 6.49% (6.20% - 31st August 2012).

SA Equities recorded the highest total return (1.64%) of the four traditional asset classes for September. SA Bonds (0.90%) and SA Cash (0.40%) were the next best performing asset classes for the month. For the last 12 months SA Listed Property, as an asset class, has recorded the highest total return (37.71%), followed by SA Equities (24.43%), SA Bonds (16.99%) and Cash (5.61%).

Having earlier acquired the management company, Redefine's proposal to Fountainhead to now acquire the latter's property portfolio progressed in early October. Redefine wishes to issue both its own shares and Hyprop shares for payment in what will essentially be a swap. Certain properties will be excluded from the deal. It appears the process is being pursued in consultation with all parties.

The SA Listed Property Index (J253) recorded a total return of 6.91% in June 2012. Capital Markets firmed significantly during the month with the yield to maturity on the Long Term Government Bond Index ending the month at 7.46%. The historic 12- month rolled yield of the SA listed property sector moved in the same direction and ended the month firmer at 6.97%.

SA Listed Property recorded the highest total return (+6.91%) of the four traditional asset classes for June. SA Bonds (+3.32%) and Equities (+1.85%) were the next best performing asset classes for the month. For the last 12 months SA Listed Property, as an asset class, has recorded the highest total return (26.32%), followed by SA Bonds (14.56%), Equities (9.24%) and Cash (5.67%).

The majority of the return recorded from SA Listed property in June was driven by the firming in capital market yields.

As at the 30th June 2012 the historic rolled income yield of SA listed property was 6.97%. The outlook for distribution growth in 2012 remains reasonable and the sector is likely to deliver inflationary type growth in income distributions. Listed property is a long term investment and over the long term the total return from listed property will be driven by the income yield plus growth in that income.

The Xcede Property Fund will change it's name to The X Funds MET Property Fund, effective from 03 July 2012

The SA Listed Property Index (J253) recorded a total return of 2.10% in March 2012. The Property Loan Stock Index (J256) and Property Unit Trust Index (J255) recorded returns of 1.72% and 3.28% respectively over the same period.

The historic 12-month rolled yield of the SA listed property sector ended the month firmer at 7.45% (7.53% - 29 February 2012).

SA Listed Property recorded the highest total return (+2.10%) of the four traditional asset classes for March. SA Cash (+0.45%) and SA Bonds (+0.10%) were the next best performing asset classes for the month. For the last 12 months SA Listed Property as an asset class, has recorded the highest total return (20.27%) followed by SA Bonds (13.15%), Equities (7.53%) and SA Cash (5.68%).

In terms of the SA Listed property sector, the current income yield plus prospect of income growth will drive the total return over the long term. As at the 31st March 2012, the historic rolled income yield of SA listed property was 7.45%. The outlook for distribution growth in 2012 remains reasonable and the sector is likely to deliver inflationary type growth at income distributions. Assuming distribution growth of 5% over the next twelve months, the forward yield from listed property at 31st March 2012 is 7.82%.

The risk to total returns in the short term is a weakening in capital markets and/or deterioration in the income growth outlook. Listed property is a long term investment and over the long term the total return from listed property will be driven by the income yield plus growth in that income.

The SA Listed Property Index (J253) recorded a total return of -2.11% in September 2011.

Capital Markets weakened during the month with the yield to maturity on the Long Term Government Bond Index ending the month at 8.35% (7.89%-31 August 2011). The historic 12-month rolled yield of the SA listed property sector ended the month at 7.94% (7.77%-31 August 2011).

The financial markets continue to be characterized by uncertainty and extreme volatility. The main drivers of volatility are centered on concerns of a potential Greek sovereign debt default, Euro zone sovereign debt contagion, and an uncertain global growth, which has resulted in increased uncertainty over the future global macro-economic outlook.

Despite this short term volatility, SA listed property exhibited its resilience as a source of stable cash flows and income growth by achieving a reasonable total return performance over the YTD and 12 month time horizons.

The SA Listed Property Index (J253) recorded a total return of 2.10% in December 2011.

The SA listed property index recorded a total return of 8.93% for the 2011 year. The best performing SA listed property stock in terms of total return for 2011 was Fortress B (106.01%), followed by Sycom (24.15%) and Investec Property Fund (23.06%).

During 2011 there were 9 new company listings. These new listings were Arrowhead A, Arrowhead B, Dipula A, Dipula B, Investec Property Fund, Rebosis, Synergy A, Synergy B, and Vunani Property Fund, including New European Property Fund and Redefine International (both included in SA indices in 2011). The amount of investable listed property securities increased from 19 to 28 in the year. The market capitalization of the sector grew by approximately 19% to R151.7bn, with the 9 new listings adding approximately R9bn to the total. Hyprop's acquisition of Attfund Retail and Growthpoint's acquisition of 50% stake in the V&A Waterfront also contributed to the sectors growth. During the year Pangbourne merged with Capital, which resulted in the creation of the 3rd largest fund by market capitalization in the SA Listed Property sector.

Considering the performance of the four traditional asset classes in South Africa over a short time horizon (i.e. the last 12 months), SA Listed Property was the best performing asset class (8.93%), followed by Bonds (8.80%), Cash (5.71%) and Equities (2.57%).

As at the 31st December 2011 the historic rolled income yield of SA listed property was 7.93%. The outlook for distribution growth in 2012 remains reasonable. Assuming distribution growth of 5% the forward yield from listed property at 31st December 2011 is 8.33%.

Over the long term the total return from listed property will be driven by the income yield plus growth in that income. Listed property income has the potential to grow. Listed property remains an attractive alternative to cash and bonds over the long term.

The SA Listed Property Index (J253) recorded a total return of + 3.71% in April 2011. Capital markets firmed during the month with the yield to maturity on the Long Term Government Bond Index ending the month at 8.47%. The historic 12- month rolled yield of the SA listed property sector ended the month at 8.06%. SA listed property recorded the highest total return of the four traditional asset classes for April.

Equities, as an asset class have recorded the highest total return for both year to date (3.38%) and on the last 12 months (17.54%).

Investec Property Fund debuted on the JSE on the 14th March 2011. The listing price was R9.50 and the stock ended the month at R10.40 to record the highest total return for the month (9.47%). Rebosis, which is the second of potentially a number of possible new listings in 2011, is earmarked to make its JSE debut on the 17th May 2011. Other potential new listings in 2011 in dude Old Mutual's Triangle Fund. Vunani Property Fund and Mergence/Dipula Property Fund.

The outlook for distribution growth over the next 12 months remains reasonable and the sector is likely to continue delivering real growth in income distributions. Assuming distribution growth of 7% the forward yield from listed property at 30th April 2011 is 8.62%.

Listed Property income grows whereas the income from a vanilla bond instrument does not.

Listed property is a long term investment and over the long term the total return from listed property will be driven by the income yield plus growth in that income.