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    Real estate investment trusts
Fortress Real Estate Investments Limited Class B

Fortress Real Estate Investments Limited Class B

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EUR
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Mar 11Next Earn
Fortress Real Estate Investments Limited Class B
GETTEX:A2JSNV
(Gettex)

Recent

price

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P/E

ratio

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div

yld

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ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
ZAR
2.09
1.99
2.22
2
0.96
1.44
1.82
1.64
1.66
1.73
1.54
1.67
1.85
3.83
5.13
5.25
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Revenue per Share
1.27
2.05
4.17
3.05
2.93
-3.4
2.07
-2.22
1.2
-3.99
1.6
0.38
2.88
3.79
2.28
4.27
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Basic EPS, GAAP
-2.56
0.13
0.1
0.06
-0.04
-0.43
-0.88
-0.81
-0.59
0.28
0.56
0.64
0.5
0.51
1.5
1.03
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Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
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Dividend per Share
1.67
2.87
5.18
6.99
14.77
19.69
20.54
16.77
16.57
11.43
12.92
12.99
15.71
25.67
25.85
27.64
27.64
Book Value per Share
1.67
2.87
5.18
6.99
14.77
19.69
20.54
16.77
16.57
11.43
12.92
12.99
15.71
25.67
25.85
27.64
27.64
Tangible Book Value per Share
223
286
305
382
876
1,578
2,139
2,211
2,190
2,097
2,098
2,058
2,051
1,144
1,174
1,189
1,221
Basic Weighted Avg Shares
466
570
675
763
842
2,276
3,894
3,633
3,628
3,617
3,233
3,446
3,788
4,384
6,016
6,241
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Sales/Revenue/Turnover
64.86
62.48
63.54
63.34
61.49
63.82
68.21
66.8
57.87
53.82
51.74
52.71
51.88
52.16
67.42
61.75
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Operating Margin (%)
1
1
4
3
4
26
39
35
34
40
37
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- -
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- -
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Depreciation Expense
283
587
1,272
1,165
2,564
-5,372
4,420
-4,904
2,618
-8,369
3,353
778
5,917
4,333
2,676
5,073
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Net Income, GAAP
13.25
11.02
8.96
6.59
8.92
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1.43
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13.74
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5.1
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23.54
29.66
18.07
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Effective Tax Rate (%)
60.72
103.04
188.45
152.58
304.31
-235.98
113.51
-134.98
72.14
-231.38
103.69
22.57
156.22
98.84
44.49
81.28
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Profit Margin (%)
-601
-686
-462
-981
-1,304
-794
-1,082
-3,194
-2,882
-2,031
-1,226
-4,369
-2,498
-2,480
1,895
476
476
Working Capital
2,554
3,289
4,459
6,099
2,468
10,987
13,805
14,925
14,571
15,668
15,237
13,787
16,022
16,969
23,173
20,675
20,675
LT Debt
762
1,659
3,238
5,794
13,461
40,924
45,113
37,050
35,020
24,205
27,380
26,960
33,520
30,065
30,622
34,829
34,829
Total Equity
16.52
6.84
5.72
4.94
3.24
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4.61
- -
3.88
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- -
-1.11
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6.95
7.05
5.31
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Return on Invested Capital (%)
17.38
21.69
26.24
19.49
21.6
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9.82
- -
6.73
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- -
3.73
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11.03
7.39
10.84
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Return on Capital (%)
50.08
48.51
51.94
25.79
26.63
-19.75
10.28
-11.96
7.29
-28.36
13.05
2.88
19.7
13.71
8.88
15.6
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Return on Common Equity (%)

Capital Structure

ZAR

•

in mil. unless spec.
Jun'25
Dec'26
Jun'26
ST Debt
3,012
5,501
6,448
LT Borrowings
23,173
19,246
20,675
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
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Shares Outstanding
1,177
1,191
1,251
Market Capitalization
- -
- -
- -

Working Capital

ZAR

•

in mil. unless spec.
Jun'25
Dec'26
Jun'26
Total Current Assets
6,474
5,154
8,749
Cash, Cash Equivalents & STI
5,191
3,853
5,887
Accounts Receivable, Net
28
1,301
45
Inventories
- -
- -
- -
Total Current Liabilities
4,579
7,250
8,273
Payables & Accruals
- -
- -
- -
ST Debt
3,012
5,501
6,448
Deferred Revenue
- -
- -
- -

Growth Rates

ZAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-0.28%
5.61%
13.74%
Free Cash Flow
22.19%
23.86%
-30.17%
Net Income, GAAP
-49.79%
121.7%
89.54%
Sales/Revenue/Turnover
12.65%
14.64%
3.75%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
4,384
2025
- -
- -
6,016
2026
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- -
6,241

Semi-annual Earnings Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
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3.79
2025
- -
- -
2.28
2026
- -
- -
4.27

Semi-annual Dividends Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
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- -
- -
2025
- -
- -
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2026
- -
- -
- -
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Business
Fortress REIT Limited is a South Africa-based real estate investment trust specializing in retail and logistics property sectors. It develops and acquires logistics real estate and commuter-focused retail centers predominantly in South Africa and Central and Eastern Europe. Its core products and services include ownership and management of retail shopping centers such as The Galleria, Arbour Crossing, and Evaton Mall; logistics assets both in South Africa and Central/Eastern Europe; industrial properties; office space; and related property management services. Fortress also emphasizes sustainable development, incorporating solar photovoltaic plants in its portfolio to enhance energy efficiency. Founded in 2008 and headquartered in Johannesburg, Fortress operates through business segments including retail, logistics in South Africa, logistics in Central and Eastern Europe, industrial, office, and other property investments. The company targets commuters and retailers by offering convenient and modern retail facilities in prime locations and high-quality logistics warehousing focused on fulfilling growing e-commerce and distribution demands. Fortress maintains a strategic interest exceeding 16% in NEPI Rockcastle, a major listed property company in Central and Eastern Europe. Recent major company changes include a R900 million sustainability-linked bond issuance aligned with Fortress’s ESG strategy to expand renewable energy use across its portfolio, particularly solar power installations. Fortress has also executed strategic disposals and acquisitions, such as selling non-core properties to recycle capital into logistics developments and retail redevelopments. Additionally, the company has increased total full-year distributions and maintained robust operational growth, reflecting continued portfolio expansion and improving asset performance. Fortress announced the repurchase of all FFB shares and exchanged them for NEPI Rockcastle shares, reinforcing its long-term investment stance in the European segment. These activities demonstrate Fortress REIT Limited’s strategic focus on enhancing and diversifying its property portfolio while integrating sustainability into its operations across South Africa and Central/Eastern Europe, supporting stable income generation and growth in the real estate sector. This description incorporates the latest operational updates and strategic moves by Fortress REIT Limited through 2024 and 2025.