Fortress Real Estate Investments Limited has reported record-low vacancies in its trading and pre-close operational update for the period to 31^st December 2024.

With 117 915m² of new logistics developments in South Africa currently underway (73% pre-let), Fortress highlighted a decrease in vacancies from 1.5% to 0.9% as at 31st May 2025.

The Group’s local retail assets reported an increase in like-for-like tenant turnover of 4% and maintaining a low vacancy rate of 0.9%.

During the financial year, Fortress disposed of non-core assets with a combined book value of R1,39 billion, generating proceeds of R1,44 billion at a premium to book value of 3%.

Fortress has reaffirmed its current forecast for distributable earnings of R1,930 billion for FY2025, providing distributable earnings guidance for FY2026 of between R2,046 billion and R2,074 billion, representing growth in distributable earnings of between 6% and 7.5%. On a per share basis, this translates to R1.60 for the current financial year and between R1.70 and R1.72 for the forthcoming financial year.

In May 2025, the Group raised R820 million under its DMTN programme, refinancing R4,2 billion in bank facilities at improved pricing. Fortress has R5 billion in cash and available facilities with a loan-to-value (LTV) ratio of 39.8%.