Octodec (OCT) is a real estate investment trust (REIT) which owns 246 properties mainly in the inner cities of Johannesburg (33,9%) and Pretoria (66,1%). It has a gross lettable area (GLA) of 1 557 460m² and is valued at R11bn. It is owned and controlled by the founding Wapnick family and Jeffrey Wapnick is the CEO. It owns Killarney Mall and Woodmead Value Mart. In its results for the year to 31st August 2023 the company reported revenue up 2,2% and headline earnings per share (HEPS) down 37%. The company's net asset value (NAV) increased 4,1% to 2424c per share. The company said, "Despite the difficult trading conditions we are experiencing, we anticipate that our distributable income will be maintained and that the distribution may increase by between 3% and 5% for the six months ended 28 February 2024 compared to the same period for FY2023". In our view this is an interesting REIT which has performed relatively well in very difficult conditions. On a P:E ratio of 5,56 and trading at 906c, a fraction of its NAV, we consider this share to be a possible long-term buy, especially now that it has reduced its loan-to-value (LTV) to 37,7%.