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Fortress dividend battered by lockdown

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The industrial property owner's dividends on its A and B shares fell 32% and 52% respectively but it now has R2.8bn for a rainy day

are paid their dividends from available profits first. These dividends increase at the prevailing inflation rate or 5%, whichever is lower. B-classThe group’s dividend per A share fell 32.1%, while the dividend per B share fell 51.9%.

“During the pandemic our overall portfolio collection has been quite strong. Between April and August our portfolio collected 93%. And in August, we collected 97%, of our rent,” Brown said. Brown said Fortress had been achieving similar rental rates over the past three to four years on new logistics rental boxes.

Logistics properties accounted for about 42.3% of the group’s portfolio, with a value of R12bn. In three to years, they would account for about 60%, according to Brown.

Source: Real Estate Daily Report (realestatedailyreport.net)

 

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