Fortress Income Fund Limited is an internally-managed loan structured stock company with holdings of direct property investments and listed real estate securities. The company was listed as a property loan stock company on the Johannesburg Stock Exchange in 2009, with an initial market cap of R1.8 billion, making it the largest initial listing in the JSE property sector at the time. Fortress Shares are for sale separately under A and B units.

Securities comprise locally-listed REITs and off-shore based companies. Fortress’s direct property portfolio includes almost 100 investment properties, with 88.8% in the retail sector, 9.3% in the industrial sector and 0.5% in the office sector. The group’s portfolio spans across South Africa, with properties in Gauteng, Cape Town, Mpumalanga, KwaZulu-Natal, Free State, North West, Eastern Cape and Limpopo. The group’s earnings are derived from rentals, as well as distributions from its listed property securities.

Today, Fortress is one of the largest property stocks on the JSE, with a market cap of more than R50 billion.

Fortress has enjoyed outstanding performance over the past few years with Fortress share price burgeoning on the JSE. The latest financial year proved to be one of the most successful in the company’s history, with Fortress shares (B shares) registering remarkable growth of 155%. Overall, the company was the best performing property fund on the JSE. The company had substantial increases in market capitalization, net asset values and liquidity, despite difficult economic conditions in South Africa. This positive data was reflected by record profits of R2.5 billion and a 20.29% increase in dividends.

The company made one of the biggest acquisitions in the listed property sector in 2015 through a move to buy the 33 525m2 Weskus Mall in the Western Cape. The company also continues to buy into continual extensions and redevelopments.

Fortress’s strategy going forward is to increase investment in CBD retail projects and rural projects, reducing exposure to small industrial centres. Purchase of new retail properties and the expansion and redevelopment of the group’s existing retail portfolio, has been identified as a key strategy.

The quality of Fortress’s property portfolio, along with good offshore exposure through a numer of foreign currency denominated listed equities, should enable the group to grow dividends in a challenging trade environment, while protecting the extraordinary growth path of Fortress share price.

The live online stocks chart shows that shareholders have reaped massive rewards from Fortress shares, with Fortress share price more than doubling since the beginning of 2015. All of the company’s retail centres are attracting rising numbers of customers, while new acquisitions and offshore investments have paid off in spades.

Investment analysts forecast that Fortress shares still have significant potential for upside, advising that the shares are a shrewd buy.

Financials

Real Estate

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