Fortress Income Fund total distribution up 11.72%

Posted On Thursday, 15 August 2013 11:34 Published by Commercial Property News
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Fortress Income Fund reports that its total distributions for the year ended 30 June 2013 increased by 11.72% to 140‚70c.

Jeff Zidel Fortress Income FundInternally managed property loan stock company Fortress Income Fund (FFA)‚ which last month converted to a Real Estate Investment Trust (REIT)‚ on Wednesday reported that its total distributions for the year ended 30 June 2013 increased by 11.72% to 140‚70 cents.

The distribution attributable to the A linked units was 112.02 cents (a 5% increase) with 28.68 cents attributable to the B linked units (a 48.91% increase).

The distributable income attributable to the A linked units for the six months ended 30 June 2013 was 56.01 cents (a 5% increase) with 15.22 cents (a 52.96% increase) attributable to the B linked units.

“Whilst the direct portfolio performed to budget‚ the group’s investments in listed property securities have exceeded forecasts."

"The investments in both New Europe Property Investments plc (Nepi) and Rockcastle Global Real Estate Company Limited (Rockcastle) experienced good growth in their respective currencies and shareholders benefitted further from the weaker Rand‚” the company said.

Fortress said it aimed to increase its direct property investment in retail centres close to transport nodes with high footfalls.

The group would continue to dispose of its remaining office and industrial properties to focus on retail investments.

In addition to acquiring new retail centres‚ Fortress said it would expand and redevelop its existing retail centres to accommodate demand‚ to maintain their relevance and to enhance their attractiveness to customers and tenants.

Fortress will continue to increase its investments in listed property companies‚ particularly those with hard currency exposure. Euro or US Dollar denominated investments now constitute 23.4% of Fortress’ total assets.

“The board is confident that Fortress will achieve growth in distributions of approximately 10% for the 2014 financial year‚” the company added.

Last modified on Thursday, 15 August 2013 12:03

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