Fortress REIT Limited - A (JSE:FFA)

Steven Brown
Market Cap (AUD): 13B
Sector: Financials
Last Trade (AUD): 10.59 -0.31 (-2.93%)
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1. About

Fortress was listed on the JSE on 22 October 2009 and has two separately listed classes of shares, offering investors different risk and reward profiles:

  • JSE:FFA which has a preferential right to distribution of income and to capital participation upon winding up, which is calculated as the 60-day volume weighted average traded price on the JSE. The annual increase in the FFA dividend is the lower of 5% or the Consumer Price Index; and

  • JSE:FFB which has entitlement to the residual distributable income and capital participation on winding up.*


*FFA shares must be issued in a ratio of 1:1 with the FFB shares and each share carries equal voting rights.

The group's diversified property portfolio is spread across the logistics, retail, industrial and office sectors in South Africa. It also has European exposure to high-growth economies in the Central and Eastern European market through its investment in NEPI Rockcastle plc.

Fortress has a footprint in all nine provinces of South Africa. Approximately 84% of its investment properties are concentrated in the three most populated and economically active provinces of South Africa, being Gauteng, KwaZulu-Natal and the Western Cape.

The group's main focus areas are the development of, and long-term investment in, modern, state-of-the-art logistics facilities and convenient, commuter-oriented retail centres. Its medium-term plan is to expand its logistics-focused properties to two-thirds of the total portfolio.

2. Business model

3. Strategy

4. Markets

5. Competition

6. History

7. Team

8. Financials

9. Risk