INVESTMENT FIRM Fortress will be hoping for an improved performance after a difficult half-year.
Influenced by the loss of rental income from the vacated BET building, the Fortress Caribbean Property Fund Limited SCC – Value Fund saw its profit fall from more than $2.3 million in the first half of financial year 2015, to $881 151 in the same period this year.
“The major change is the loss of rent from the BET building. The net asset value is [77 cents] per share compared to [79 cents] at the financial year ended September 30, 2015. The net assets are $42.933 million compared to $43.721 million at the end of September 2015. There were no new purchases or property sales completed during the six months ended March 31, 2016,” the company reported.
Outside of the BET building, Fortress said “earnings from the Value Fund’s other commercial properties are in line with the prior year”.
“There has been an increase in the vacancy at Carlisle House as two long-standing tenants moved out and have not yet been replaced and the largest tenant on the first floor has recently given notice to leave later in the year. There was an independent rent review for one of the joint venture tenants which resulted in a five per cent decrease in their rent on the renewal of a long-term lease,” it added.
In terms of the Fortress Caribbean Property Fund Limited SCC – Development Fund, this entity had a $320 801 loss in the first six months of the financial year. The loss for the same period last year was $350 638.
“The net asset value is [46 cents] per share down from [48 cents] a year earlier. The net assets are $24.91 million compared to $25.23 million for the financial year ended September 30, 2015. There were no asset sales during the six months ended March 31, 2016,” the report stated. (SC)