Fortress Real Estate Investments повысила дистрибуируемую прибыль на 14,2% за счет реструктуризации портфеля

Fortress Real Estate Investments lifted distributable earnings by 14.2% in the year to end-June as the repositioning of its retail and logistics portfolio continued to drive stronger income growth. The performance came despite tougher global conditions, with the group reporting its focus on higher-quality retail and logistics assets was beginning to translate into stronger earnings and valuations. Distributable earnings rose to R2.3bn, ahead of the group’s guidance, while earnings per share increased 10.1% as stronger operating performance was supported by higher asset values and a stronger balance sheet. The group declared a full-year dividend of 178.8c a share. Overall, like-for-like net operating income increased 6.8%, with the South African logistics portfolio leading the performance with growth of 8.4%. South African portfolio values increased 6.4% on a like-for-like basis. CEO Steven Brown said the group’s strategy of recycling capital out of older assets and into developments, expansions and acquisitions was strengthening the portfolio. “Our portfolio repositioning strategy continues to deliver measurable earnings growth, improved asset values and a stronger balance sheet,” Brown said. The group also raised R1.35bn in equity during the year, allowing it to fund its development pipeline without having to dispose of assets, as property market conditions improve. The group reduced its loan-to-value ratio from 39.1% to 34%, while its South African tangible net asset value per share rose 9.4%. Vacancies also improved during the period, with retail remaining a particularly strong performer despite the acquisition of Balfour Mall, which had a high vacancy rate when Fortress took ownership. Logistics remained a key source of growth for Fortress. The group is converting development opportunities into income-producing assets through new projects and pre-let agreements, supported by continued demand for logistics space. At the same time, Fortress continued to recycle capital from noncore assets, with disposals completed at a 6% premium to book value. Looking ahead, the group expects earnings growth to continue, raising its financial year 2027 distributable earnings guidance to R2.46bn. Distribution per share is expected to increase 7.5%. Brown said the stronger balance sheet, sustained demand for the group’s core assets and its development pipeline positioned Fortress for further growth. Business Day