Fortress (FFB) – 1H24 results snapshot

FFB distribution of 81.44c.
Forecasted 2H distribution 60.44-65.57c
Revenue growth +14.3% y-y.
Dual share structure simplified in Feb 24.
FFO decreased 12.8% y-y to 949m,
NAV per equity share +18.5% y-y to 16.24.
Loan-to-value ratio down from 36.9% to 34.2%.
Value of listed equities (NRP) increased 34.8% y-y to R21bn, partially due to taking up the NRP script dividend option.
Vacancies increased from 3.7% June 23 to 4.16% December 23.
Distributable earnings increased 19% y-y to R953m.