Fortress H1 combined distribution up 19.64% to 92.96c

By Alistair Anderson

JSE-listed Fortress Income Fund (FFA‚ FFB) achieved combined distribution growth of 19.64% to 92.96c‚ for the six months to December compared with the same period in the previous year.

Fortress‚ which focuses on retail centres serving SA’s commuter market‚ has outperformed the listed property market in the period. Average distribution growth for listed property in this period was about 8%.

The distribution attributable to Fortress’s A linked units was 61.75c‚ a 5% increase.

Fortress’s B linked unit distribution was 31.21c‚ representing an increase of 65.22% over the prior comparable six-month period.

CEO Mark Stevens said Fortress benefited from its exposure to its offshore equity holdings where the rand on average was weaker than forecast.

Fortress has offshore investments in New Europe Property Investments (NEP) and Rockcastle (ROC). Fortress gets dollar-denominated income from Rockcastle and euro-denominated income from New Europe Properties.

The results from its local equity holdings were also ahead of forecast‚ Mr Stevens said.

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