Some light may be shed as to what caused renewed panic selling of real estate investment trusts (reits) when Fortress releases its results on Friday.Fortress, which has B units akin to normal shares and A units similar to preference shares listed on the JSE, was among Thursday’s biggest casualties. Its B units closed 11.4% lower at R26.65 — the third time since the start of the year they have fallen more than 11% in a day.Including Thursday’s plunge, Fortress B units have lost 37% so far this year, after ending 2017 at R42.20.Fortress A units fell 2.2% to R17.25 on Thursday, taking their drop for the year to date to 7.6%.Fortress followed the example of its 16%-owner Resilient in hastening the release of its results in an attempt to calm a market in which some unknown short-seller appears to spreading rumours to drive the prices of the JSE’s reits down.On January 19, Fortress said it would release its interim results on Friday rather than the originally diarised February 8.Fortress ...
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