Holders of the landlord's A shares will see a 15% fall in distributions to end-June, while holders of B shares won't receive anything
Holders of the landlord’s A shares will see a 15% fall in distributions to end-June, while holders of B shares won’t receive anythingLandlord Fortress has warned that its B-shareholders will not receive a dividend in its six months to end-June as Covid-19 batters the property sector.
Fortress — which has assets in logistics, commuter-orientated retail centres, and industrial and office properties — said the distribution per share payable to Fortress A-shareholders to end-June will be at least 15%, or about 11c, lower.Fortress uses an A-B share structure that serves investors of varying risk profiles. A-class shareholders are paid their dividends from available profits first. B-class shareholders are entitled to residual distributable income after distributions to A shares.
The group had about R30bn in directly held property assets at the end of December. Fortress also owns a 23.3% equity stake in Eastearn European mall owner Nepi Rockcastle. Fortress A shares were up 0.96% to R12.59 in afternoon trade on Tuesday, while B shares were down 6.44% to R1.89, on track for their worst day in about two weeks.
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