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FORI - Availability of the Annual Financial Statements of the Guarantors and the Issuer
Fortress REIT Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2009/016487/06)
Company code: FORI
(Approved as a REIT by the JSE)
(“Fortress” or “the Issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE GUARANTORS AND THE ISSUER
Bondholders are advised that the annual financial statements of Capital Propfund Proprietary Limited (“CPF”)
and Fortress Income 3 Proprietary Limited, the Guarantors to the Fortress ZAR20 000 000 000 Domestic
Medium Term Note Programme (the “Guarantors”), for the year ended 30 June 2021 as well as the company
annual financial statements for the Issuer for the year ended 30 June 2021 (collectively, the “financial
statements”) are available for inspection at the Issuer’s registered office.
Bondholders are also advised that the audit reports on the financial statements were unqualified, with no
modifications applicable.
Bondholders are further advised that the comparative financial information for CPF and for the Issuer, included
in the CPF annual financial statements for the year ended 30 June 2021 (“CPF 2021 AFS”) and the Issuer’s
company annual financial statements for the year ended 30 June 2021 (“Fortress 2021 Company AFS”),
respectively, has been restated for the following:
Fortress 2021 Company AFS and CPF 2021 AFS:
A restatement has been made to prior period financial information due to a prior period error in respect of the
carrying value of investments in subsidiaries. The accounting policy for the subsequent measurement of
investments in subsidiaries was incorrectly applied, in that these investments were previously carried at
historic cost, instead of being carried at historic cost less accumulated impairments. The restatements reflect
the carrying value of investments in subsidiaries at cost less accumulated impairments in the separate financial
statements of the above-mentioned companies.
The restatements have no bearing whatsoever on the Fortress group audited consolidated financial
statements, nor any of the Fortress group’s reported metrics such as earnings per share and headline earnings
per share, as previously published.
29 October 2021
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 29-10-2021 04:30:00
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