Fortress (FFA & FFB) FY23 – Results Snapshot

Revenue growth +9.9% y-y.
NAV increased +24.6% y-y to R33 330m.
NAV per equity share +24.6% y-y to 15.82.
Loan-to-value ratio down from 38.7% to 35.9%
No distributions declared to either FFA or FFB shares.
R1 300m in property assets sold.
R3 500m in developments completed.
Value of listed equities (NRP) increased 23.9% to R16 800m, partially due to taking up the NRP script dividend option.
Vacancies decreased from 5.4% to 3.7% as Fortress recycles non-core assets.
Distributable earnings increasing 5.3% y-y to R1 797m.
FFA dividend benchmark escalated by 5% to 87.27c a share.