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FORTRESS REIT LIMITED - Distribution guidance FY19/FY20 and 30 June 2019 pre-close webcast

Release Date: 24/05/2019 12:50
Code(s): FFB FFA FIFB08 FIFB10 FIFB09 FIFB12 FIFB15 FIFB11 FIFB14     PDF:  
Wrap Text
Distribution guidance FY19/FY20 and 30 June 2019 pre-close webcast

FORTRESS REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share codes:   FFA      ISIN: ZAE000248498
                   FFB      ISIN: ZAE000248506
Bond company code: FORI
(Approved as a REIT by the JSE)
("Fortress" or "the Company")


DISTRIBUTION GUIDANCE FY19/FY20 AND 30 JUNE 2019 PRE-CLOSE WEBCAST


Further to the distribution prospects for the year ending 30 June 2019 communicated to shareholders in
Fortress' interim results announcement for the six months ended 31 December 2018 and published on SENS
on 5 March 2019, Fortress expects that the distribution per Fortress B share will be at the low end of the
previously guided range of 155 cents per share to 163 cents per share for the full 2019 financial year, on the
assumption that the Fortress A share distribution will increase by 5%.

In respect of the financial year ending 30 June 2020, the board expects total distributable income growth of
between 3% and 4%. Assuming distribution growth of 5% for the Fortress A share, the distribution per
Fortress B share for the full 2020 financial year will be between 157 cents per share and 164 cents per share.

The guidance for the years ending 30 June 2019 and 30 June 2020 is based on the following assumptions:

Macro-economic

-   The macro-economic environment will not deteriorate further;
-   The current political landscape does not change dramatically; and
-   South Africa's sovereign rating remains at investment grade (as rated by Moody's) and the outlook does
    not deteriorate.

Fortress specific

-   Contractual escalations and market-related renewals will be achieved with no major change in vacancy
    rates;
-   No major corporate failures will occur;
-   Tenants will be able to absorb the recovery of rising utility costs and municipal rates; and
-   Distributions from Lighthouse Capital Limited, NEPI Rockcastle PLC and Resilient REIT Limited will
    be in line with their guidance communicated to the market or the Company's forecast.

The financial information on which this distribution guidance is based, has not been reviewed or reported on
by the Company's external auditors.

The Company's annual financial results for the year ending 30 June 2019 will be published on or about
2 September 2019.

Shareholders are further advised that Fortress is hosting a pre-close webcast at 9:30 on Friday 31 May 2019,
prior to Fortress entering its closed period for the year ending 30 June 2019.

Shareholders may register to participate in the pre-close webcast by following the link below:
https://attendee.gotowebinar.com/register/6036568824586708481

24 May 2019


Lead sponsor
Java Capital
 
Joint sponsor
Nedbank Corporate and Investment Banking

Date: 24/05/2019 12:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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