Price Target Changed • Mar 26
Price target decreased by 8.4% to R23.67 Down from R25.85, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of R23.17. Stock is up 25% over the past year. The company posted earnings per share of R2.23 last year. Announcement • Mar 19
An undisclosed buyer acquired 5.08% stake in Fortress Real Estate Investments Limited (JSE:FFB). An undisclosed buyer acquired 5.08% stake in Fortress Real Estate Investments Limited (JSE:FFB) on March 19, 2026.
An undisclosed buyer completed the acquisition of 5.08% stake in Fortress Real Estate Investments Limited (JSE:FFB) on March 19, 2026. Declared Dividend • Mar 16
First half dividend increased to R0.88 Dividend of R0.88 is 15% higher than last year. Ex-date: 31st March 2026 Payment date: 7th July 2026 Dividend yield will be 7.6%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
First half 2026 earnings released: EPS: R1.78 (vs R1.17 in 1H 2025) First half 2026 results: EPS: R1.78 (up from R1.17 in 1H 2025). Revenue: R3.29b (up 11% from 1H 2025). Net income: R2.15b (up 56% from 1H 2025). Profit margin: 65% (up from 47% in 1H 2025). Revenue is expected to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Africa are expected to grow by 9.3%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Dec 02
Price target increased by 10% to R24.90 Up from R22.63, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of R24.83. Stock is up 24% over the past year. The company posted earnings per share of R2.23 last year. Announcement • Dec 02
Fortress Real Estate Investments Limited Appoints Members of the Social, Ethics and Sustainability Committee Fortress Real Estate Investments Limited at its AGM, held on 1 December 2025, approved the election of Thavanesan Chetty, Susan Melanie Ludolph, Sipho Vuso Majija, Nonhlanhla Mayisela, and Moshiko Caswell Ramokgadi Rampheri as members of the social, ethics and sustainability committee. Announcement • Nov 01
Fortress Real Estate Investments Limited, Annual General Meeting, Dec 01, 2025 Fortress Real Estate Investments Limited, Annual General Meeting, Dec 01, 2025. Location: company`s registered office, block c, cullinan place, cullinan close, morningside, 2196, South Africa Announcement • Oct 20
Fortress Real Estate Investments Limited Declares Cash Dividend on Fortress B Share for the Six Months Ended 30 June 2025 Fortress Real Estate Investments Limited announced that shareholders are referred to the declaration announcement released on SENS on 12 September 2025 detailing the opportunity for shareholders to receive the dividend for the six months ended 30 June 2025 as a cash dividend of 86.29000 cents per Fortress B share), or for eligible shareholders to elect to receive a dividend in specie of ordinary shares in NEPI Rockcastle N.V. in respect of all or some of their Fortress B shares in lieu of the cash dividend (the "dividend in specie"), or to elect to receive the dividend as a part cash dividend and part dividend in specie. As noted in the declaration announcement, Fortress B shareholders who have elected the dividend in specie are liable for securities transfer tax ("STT") at the rate of 0.25% on the value of the NRP shares that are transferred to them, calculated based on the closing NRP share price on 17 October 2025 (the "record date"). Buy Or Sell Opportunity • Oct 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to R23.01. The fair value is estimated to be R19.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 37%. Upcoming Dividend • Oct 08
Upcoming dividend of R0.86 per share Eligible shareholders must have bought the stock before 15 October 2025. Payment date: 21 October 2025. Payout ratio is a comfortable 73% and the cash payout ratio is 95%. Trailing yield: 7.0%. Lower than top quartile of South African dividend payers (8.2%). In line with average of industry peers (7.7%). Buy Or Sell Opportunity • Sep 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to R23.07. The fair value is estimated to be R19.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 37%. Buy Or Sell Opportunity • Sep 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to R22.75. The fair value is estimated to be R18.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 37%. Reported Earnings • Sep 05
Full year 2025 earnings released: EPS: R2.23 (vs R3.70 in FY 2024) Full year 2025 results: EPS: R2.23 (down from R3.70 in FY 2024). Revenue: R6.02b (down 7.6% from FY 2024). Net income: R2.68b (down 38% from FY 2024). Profit margin: 45% (down from 67% in FY 2024). Revenue is expected to decline by 7.8% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Africa are expected to grow by 8.6%. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 30
Fortress Real Estate Investments Limited Announces Committee Appointments, Effective July 1, 2025 Fortress Real Estate Investments Limited announced that referred to the announcement published on 27 February 2025, where it was confirmed that Robin Lockhart-Ross and Ina Lopion would retire from the board with effect from 30 June 2025. As a result, the following changes to the Fortress board subcommittees have been made, effective 1 July 2025: Herman Bosman has been appointed as chairman of the nomination committee; Jon Hillary has been appointed as member of the nomination committee; and Nonhlanhla Mayisela has been appointed as chairperson of the risk committee and as a member of the property and investment committee. Announcement • Mar 24
Fortress Real Estate Investments Limited Appoints Sharron Venessa Naidoo as Independent Non-Executive Director and Member of Committee's In order to bolster the capacity of the board of directors of Fortress Real Estate Investments Limited and to enhance future succession planning of the audit committee, Fortress announced the appointment of Ms. Sharron Venessa Naidoo (‘Venessa’) as an independent non-executive director of the Company, as member of the audit committee and as member of the risk committee with effect from 20 March 2025. Venessa has over 30 years' experience in business, finance and start-ups and has held executive directorships and key financial roles in telecoms, media and entertainment, retail and investment companies. In her most recent executive leadership role, she served as a director and chief financial officer of Smile Telecoms Holdings Limited until 2020. She is an independent non-executive director of OUTsurance Group Limited, RFG Holdings Limited and Lesaka Technologies Inc. and serves on each of their respective audit and risk committees. Upcoming Dividend • Mar 19
Upcoming dividend of R0.76 per share Eligible shareholders must have bought the stock before 26 March 2025. Payment date: 01 April 2025. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 7.9%. Lower than top quartile of South African dividend payers (8.4%). In line with average of industry peers (7.9%). Reported Earnings • Mar 03
First half 2025 earnings released: EPS: R1.17 (vs R1.40 in 1H 2024) First half 2025 results: EPS: R1.17 (down from R1.40 in 1H 2024). Revenue: R2.97b (down 7.7% from 1H 2024). Net income: R1.38b (down 53% from 1H 2024). Profit margin: 47% (down from 92% in 1H 2024). Revenue is expected to decline by 7.6% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Africa are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 27
Fortress Real Estate Investments Limited Announces Board and Committee Changes Shareholders and noteholders are advised that Robin Lockhart-Ross will retire as the independent non-executive chairman of Fortress with effect from 30 June 2025, having served on the board since 2 July 2018 and as chairman of Fortress since 1 July 2020. He will remain the chairman of the nomination committee and a member of the remuneration committee until his retirement on 30 June 2025. Accordingly, Herman Bosman has been appointed as independent non-executive chairman of Fortress with effect from 1 July 2025. Herman was appointed to the board of Fortress as an independent non-executive director on 29 August 2024 and as lead independent non-executive director on 2 December 2024. Shareholders and noteholders are further advised that Ina Lopion will retire as independent non-executive director of Fortress, chairperson of the risk committee and member of the property and investment committee with effect from 30 June 2025. Ina has served on the board since January 2019. Changes to the Board subcommittees will be announced in due course. Board Change • Dec 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Herman Bosman was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Dec 04
Price target increased by 8.3% to R21.67 Up from R20.00, the current price target is an average from 3 analysts. New target price is 8.3% above last closing price of R20.00. Stock is up 189% over the past year. The company posted earnings per share of R3.70 last year. Announcement • Nov 01
Fortress Real Estate Investments Limited, Annual General Meeting, Dec 03, 2024 Fortress Real Estate Investments Limited, Annual General Meeting, Dec 03, 2024. Location: company`s registered office, block c, cullinan place, cullinan close, morningside, 2196, South Africa Announcement • Oct 24
Fortress Real Estate Investments Limited Announces the Retirement of Jan Potgieter as Lead Independent Non-Executive Director as the Chairman of the Property and Investment Committee, Member of the Audit Committee and Member of the Nomination Committee, Effective 3 December 2024 Fortress Real Estate Investments Limited announced that Mr. Jan Potgieter, the lead independent non-executive director of Fortress, will not be standing for re-election at the forthcoming annual general meeting, having served on the board of directors (“Board”) for nine years. Accordingly, Jan will retire as a director and as the chairman of the property and investment committee, member of the audit committee and member of the nomination committee, with effect from 3 December 2024. Jan joined the Board in December 2015 with the merger of Capital Property Fund Limited into Fortress. Upcoming Dividend • Oct 23
Upcoming dividend of R0.70 per share Eligible shareholders must have bought the stock before 30 October 2024. Payment date: 05 November 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 6.9%. Lower than top quartile of South African dividend payers (7.9%). In line with average of industry peers (6.9%). Announcement • Oct 16
Fortress Real Estate Investments Limited Declares Cash Dividend for the Six Months Ended 30 June 2024, Payable on 31 October 2024 Fortress Real Estate Investments Limited declared the full distributable earnings of Fortress for the six months ended 30 June 2024 as a cash dividend, amounting to a dividend of 70.19000 cents per Fortress B share. Shareholders are advised that the Company is offering them the opportunity to accept the dividend as a cash dividend of 70.19000 cents per Fortress B share (the "cash dividend"), or for eligible Fortress B shareholders to elect to receive a dividend in specie of ordinary shares in NEPI Rockcastle N.V. ("NRP shares") in respect of all or some of their Fortress B shares in lieu of the cash dividend (the "dividend in specie"), or to elect to receive the dividend as a part cash distribution and part dividend in specie. Shareholders who do not elect to receive the dividend in specie will receive the cash dividend in respect of all of their Fortress B shares by default. Last day to trade in order to be eligible for the cash dividend, or alternatively, the dividend in specie, or a combination thereof ("LDT") is 29 October 2024. Fortress B shares trade "ex" dividend is 30 October 2024. Cash payment in respect of fractions announced on SENS by 11:00am on 31 October 2024. Record date for the cash dividend and to determine Participation in the dividend in specie 1 November 2024. Recent Insider Transactions Derivative • Oct 15
CEO, MD & Executive Director exercised options to buy R32m worth of stock. On the 7th of October, Steven Brown exercised options to buy 2m shares at a strike price of around R20.22, costing a total of R31m. This transaction amounted to 110% of their direct individual holding at the time of the trade. Since December 2023, Steven's direct individual holding has decreased from 7.56m shares to 2.90m. Company insiders have collectively bought R83m more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Oct 08
Price target increased by 13% to R20.00 Up from R17.70, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of R19.83. Stock is up 225% over the past year. The company posted earnings per share of R3.70 last year. Price Target Changed • Sep 11
Price target increased by 10% to R18.53 Up from R16.80, the current price target is an average from 3 analysts. New target price is 7.9% below last closing price of R20.12. Stock is up 245% over the past year. The company posted earnings per share of R3.70 last year. Reported Earnings • Sep 01
Full year 2024 earnings released Full year 2024 results: Revenue: R4.38b (down 29% from FY 2023). Net income: R4.33b (down 27% from FY 2023). Profit margin: 99% (up from 96% in FY 2023). Revenue is forecast to stay flat during the next 2 years compared to a 2.4% growth forecast for the Real Estate industry in Africa. Announcement • Aug 29
Fortress Real Estate Investments Limited Announces Board Appointments The Board of Directors of Fortress Real Estate Investments Limited announced the appointments of Mr. Herman Bosman and Ms. Nonhlanhla Mayisela as independent non-executive directors of the board, with effect from 29 August 2024. Herman is a Chartered Financial Analyst with B.Com Law, LLB and LLM degrees from The University of Johannesburg. Herman worked at Rand Merchant Bank, a division of FirstRand Bank Limited ("RMB") for 12 years and ultimately headed up its corporate finance division. He returned to the RMB group in 2014 as the Chief Executive Officer of RMB Holdings Limited ("RMBH") and RMI Holdings Limited following his tenure as Chief Executive Officer of Deutsche Bank South Africa from 2006 to 2013. Herman has also served on the boards of FirstRand Limited, Discovery Limited and Hastings plc and is currently the chairman of the boards of RMBH and OUTsurance Holdings Limited. Upon his appointment to the board, Herman will be a member of the remuneration and nomination committees. Nonhlanhla holds a BCom in Accounting from the University of South Africa, a Post Graduate Diploma in Management from Wits Business School and is the co-owner and executive director of Ukukhula Real Estate Partners, a majority black-women-owned commercial real estate asset management company. She has over 20 years' experience in the property industry. Nonhlanhla has been at the forefront of driving gender diversity through her extensive involvement in the Women's Property Network. She is also the co-founder and director of African Women in Property, a non-executive director of the Afrit Group and an investment committee member of Summit Africa Social Infrastructure Fund. Most recently, she also held the position of non-executive director of Liberty 2 Degrees until November 2023. Upon her appointment to the board, Nonhlanhla will be a member of the social, ethics and sustainability and risk committees. Fortress confirms that the aforementioned appointments have been made in accordance with the Company's policy dealing with the nomination of directors. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 95% to R14.73. The fair value is estimated to be R12.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Apr 03
Upcoming dividend of R0.81 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 15 April 2024. The company last paid an ordinary dividend in July 2015. The average dividend yield among industry peers is 7.8%. Reported Earnings • Mar 11
First half 2024 earnings released: EPS: R1.40 (vs R1.33 in 1H 2023) First half 2024 results: EPS: R1.40 (up from R1.33 in 1H 2023). Revenue: R3.22b (up 7.3% from 1H 2023). Net income: R2.96b (up 6.1% from 1H 2023). Profit margin: 92% (down from 93% in 1H 2023). Revenue is expected to fall by 10% p.a. on average during the next 3 years compared to a 3.8% decline forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 77% per year whereas the company’s share price has increased by 80% per year. Price Target Changed • Mar 01
Price target increased by 26% to R8.05 Up from R6.40, the current price target is an average from 2 analysts. New target price is 52% below last closing price of R16.60. Stock is up 262% over the past year. The company posted earnings per share of R2.82 last year. Announcement • Dec 07
Fortress REIT Limited Announces Resignation of Donnovan Pydigadu as Chief Operating Officer and Executive Director and Consequently as Member of the Social, Ethics and Sustainability Committee with Effect from 14 August 2023 Fortress REIT Limited announced that Shareholders and noteholders are advised that Donnovan Pydigadu has informed the board of directors (`Board') of Fortress, of his intention to resign from both his board position as chief operating officer and executive director and consequently as a member of the Social, ethics and sustainability committee with effect from 14 August 2023, in order to pursue other interests. Donnovan will remain at the disposal of the Company until 31 December 2023 to ensure a smooth handover of current matters and finalisation of existing projects in progress. Announcement • Nov 29
Peresec Prime Brokers (Pty) Ltd acquired unknown minority stake in Fortress Real Estate Investments Limited (JSE:FFA). Peresec Prime Brokers (Pty) Ltd acquired unknown minority stake in Fortress Real Estate Investments Limited (JSE:FFA) on November 28, 2023.Peresec Prime Brokers (Pty) Ltd completed the acquisition of unknown minority stake in Fortress Real Estate Investments Limited (JSE:FFA) on November 28, 2023. Announcement • Sep 02
An unknown buyer acquired Underperforming Retail Assets in Secunda, Middelburg, Bellville, Philippi and Makhanda from Fortress Real Estate Investments Limited (JSE:FFA) for approximately ZAR 550 million. An unknown buyer acquired Underperforming Retail Assets in Secunda, Middelburg, Bellville, Philippi and Makhanda from Fortress Real Estate Investments Limited (JSE:FFA) for approximately ZAR 550 million on September 1, 2023.An unknown buyer completed the acquisition of Underperforming Retail Assets in Secunda, Middelburg, Bellville, Philippi and Makhanda from Fortress Real Estate Investments Limited (JSE:FFA) on September 1, 2023. Announcement • Jul 13
Fortress REIT Limited Announces Resignation of Donnovan Pydigadu as Chief Operating Officer and Executive Director and as a Member of the Social, Ethics and Sustainability Committee, Effective 14 August 2023 Fortress REIT Limited announced that Donnovan Pydigadu has informed the board of directors of Fortress, of his intention to resign from both his board position as chief operating officer and executive director and consequently as a member of the Social, ethics and sustainability committee with effect from 14 August 2023, in order to pursue other interests. Donnovan will remain at the disposal of the Company until 31 December 2023 to ensure a smooth handover of current matters and finalisation of existing projects in progress. Announcement • Jul 01
Fortress REIT Limited Announces Board Changes Fortress REIT Limited announced that Mr. Caswell Rampheri has been appointed as an independent non-executive director, as a member of the property and investment committee, as well as a member of the social, ethics and sustainability committee of the Company, and Mr. Eddy Oblowitz has been appointed as the chairperson of the remuneration committee, both with effect from 29 June 2023. Caswell holds a BA LLB, as well as a Higher Diploma in Tax, certificates in Shopping Centre Management, Finance and Accounting and Estate Agency, and is a graduate of the Standard Bank Wings Leadership Programme. His past experience includes, a commercial property consultant with the Investec Property Group, a project executive and centre manager with Old Mutual Properties, deputy general manager within the Peermont Group, head asset manager and strategy director at Pareto Limited, together with various senior management roles within Liberty Properties. In addition, he is a past director of the Joburg Property Company, past president of the South African Institute of Black Property Practitioners and a previous committee member of the South African Property Owners Association. Caswell currently serves as a non-executive director of Delta Property Fund Limited, as well as chief executive officer of the Buna Group, a pan-African real estate and infrastructure development, investment and debt/equity raising and advisory company, which he founded in 2009. Fortress confirms that Caswell's appointment has been made in accordance with the Company's policy dealing with the nomination of directors. Announcement • Jun 28
An unknown buyer acquired non-core properties of Fortress REIT Limited for R1.21 billion. An unknown buyer acquired non-core properties of Fortress REIT Limited for R1.2 billion on June 26, 2023.An unknown buyer completed the acquisition of non-core properties of Fortress REIT Limited for R1.2 billion on June 26, 2023. Announcement • Feb 16
Fortress Real Estate Investments Limited Announces Resignation of Bram Goossens as Independent Non-Executive Director, Member of the Audit Committee, Member of the Social, Ethics and Sustainability Committee and Chairperson of Remuneration Committee Fortress Real Estate Investments Limited that Mr. Bram Goossens, an independent non-executive director, member of the audit committee, member of the social, ethics and sustainability committee and chairperson of the remuneration committee, has resigned from the board of Fortress with effect from 14 February 2023, to pursue other interests. 
