SF Real Estate Investment Trust (HKG:2191)

HKG:2191 Income Statement

Financials in millions HKD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Rental Revenue	445.45	445.99	444.92	421.47	366.41
Total Revenue	445.45	445.99	444.92	421.47	366.41
Revenue Growth (YoY	-0.12%	0.24%	5.56%	15.03%	31.33%
Property Expenses	78.89	92.34	87.26	77.91	63.33
Selling, General & Administrative	33.85	33.03	37.44	31.97	43.99
Other Operating Expenses	27.09	-39.67	-3.14	-1.55	9.18
Total Operating Expenses	139.83	85.7	121.57	108.33	116.51
Operating Income	305.61	360.29	323.35	313.14	249.9
Interest Expense	-85.3	-117.06	-113.96	-73.2	-34.04
Interest & Investment Income	2.53	7	9.2	3.54	0.16
Currency Exchange Gain (Loss)	1.84	-1.32	-0.36	-0.68	-5.95
EBT Excluding Unusual Items	224.69	248.91	218.23	242.81	210.08
Asset Writedown	-610.27	-614.44	55.01	301.23	121.26
Pretax Income	-385.57	-365.53	273.25	544.04	331.34
Income Tax Expense	-53.25	-71	53.78	104.36	69.93
Net Income	-332.32	-294.53	219.47	439.67	261.41
Net Income to Common	-332.32	-294.53	219.47	439.67	261.41
Net Income Growth	-	-	-50.08%	68.19%	872.49%
Basic Shares Outstanding	819	811	802	800	800
Diluted Shares Outstanding	819	811	807	800	800
Shares Change (YoY)	1.03%	0.46%	0.90%	-	-
EPS (Basic)	-0.41	-0.36	0.27	0.55	0.33
EPS (Diluted)	-0.41	-0.36	0.27	0.55	0.33
EPS Growth	-	-	-50.53%	68.23%	-
Dividend Per Share	0.263	0.274	0.287	0.277	0.259
Dividend Growth	-3.91%	-4.40%	3.32%	7.27%	-
Operating Margin	68.61%	80.78%	72.68%	74.30%	68.20%
Profit Margin	-74.60%	-66.04%	49.33%	104.32%	71.34%
EBITDA	307.73	362.4	325.53	314.71	251.4
EBITDA Margin	69.08%	81.26%	73.17%	74.67%	68.61%
D&A For Ebitda	2.11	2.11	2.18	1.57	1.49
EBIT	305.61	360.29	323.35	313.14	249.9
EBIT Margin	68.61%	80.78%	72.68%	74.30%	68.20%
Effective Tax Rate	-	-	19.68%	19.18%	21.11%

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.