PROPERTY
Fortress hikes B-share dividends 25%
The company also successfully began to sell part of its struggling office portfolio
Fortress Income Fund’s careful management of local and offshore assets has helped it to release some of the strongest results so far this season. The company outdid expectations by growing its B-share dividend 25.09% in the year to June, while it also successfully began to sell part of its struggling office portfolio. Fortress, a hybrid real estate investment trust that invests in physical property and listed property securities, offers different risks and rewards with its A-and B-share structure. A-share investors are paid the lower of the rise in the consumer price index and 5%, but have a preferential claim to earnings. The group grew its B-share dividend to 93.41c per share in the financial year ended-June, from 74.69c a year earlier. The B-share dividend was expected to grow 15% in the year to June 2018 and at least 15% in the following year. At the end of June, Fortress owned 327 properties valued at R29.9bn and its listed securities portfolio was worth R30.2bn. Local and offs...
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