Fortress FY total distributions up 14.36% to 160.90c

Fortress Income Fund has delivered a 14.36% rise in distributions to 160.90c in the year to June from a year ago.

Fortress’ focus is investment in retail properties‚ in particular centres close to transport nodes with high footfalls.

The distribution attributable to the A-linked units was 117.62c (a 5% increase) with 43.28c attributable to the B-linked units‚ a 50.9% increase.

The direct properties generally performed ahead of budget and R5.2m of unbudgeted turnover rental was received in 2014.

The investments in listed-property securities‚ both local and offshore‚ “performed well”.

Europe Property Investments plc and Rockcastle Global Real Estate Company experienced good growth in distributions in their respective currencies‚ and Fortress further benefited from the depreciation of the rand.

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