Equites Property Fund Income Statement

Financials in millions ZAR. Fiscal year is March - February.

Millions ZAR. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '25 Aug 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021
Rental Revenue	2,874	2,732	2,463	2,161	1,688	1,185
Other Revenue	1,286	1,525	21.54	1,052	0.58	-
Total Revenue	4,160	4,257	2,484	3,213	1,688	1,185
Revenue Growth (YoY	37.77%	71.35%	-22.68%	90.31%	42.41%	19.29%
Property Expenses	2,045	2,201	531.5	1,212	240.42	163.1
Selling, General & Administrative	150.16	182.91	153.33	236.05	78.04	56.9
Other Operating Expenses	-21.34	-17.62	-18.74	5.24	-6.06	-1.77
Total Operating Expenses	2,174	2,366	666.09	1,453	312.4	218.22
Operating Income	1,986	1,891	1,818	1,759	1,376	967.16
Interest Expense	-769.95	-722.13	-537.04	-229.05	-19.7	-24.55
Interest & Investment Income	385.27	315.71	203.72	56.45	14.02	17.37
Currency Exchange Gain (Loss)	-28.78	35.09	-316.82	-279.41	164.97	93.64
Other Non-Operating Income	-90.84	-128.5	-85.94	176.92	51.7	-262.46
EBT Excluding Unusual Items	1,482	1,391	1,082	1,484	1,587	791.16
Gain (Loss) on Sale of Assets	-31.61	-16.63	-149.83	-8.23	-15.94	31.91
Total Insurance Settlements	0.01	0.36	-	0.43	0.12	0.01
Asset Writedown	597.51	109.46	550.9	-1,607	1,168	-224.87
Other Unusual Items	-	-	-0.01	-	-	-
Pretax Income	2,048	1,484	1,483	-130.69	2,739	598.21
Income Tax Expense	58.47	66.48	-39.56	-25.91	382.81	108.16
Earnings From Continuing Operations	1,989	1,418	1,523	-104.78	2,356	490.05
Minority Interest in Earnings	-518.63	-474.24	-370.87	-534.02	-323.76	-82.55
Net Income	1,590	943.55	1,152	-638.79	2,033	407.5
Net Income to Common	1,590	943.55	1,152	-638.79	2,033	407.5
Net Income Growth	73.44%	-18.08%	-	-	398.81%	-40.26%
Basic Shares Outstanding	828	809	781	775	688	614
Diluted Shares Outstanding	840	819	790	775	694	623
Shares Change (YoY)	5.65%	3.74%	1.86%	11.79%	11.25%	17.24%
EPS (Basic)	1.92	1.17	1.47	-0.82	2.95	0.66
EPS (Diluted)	1.89	1.15	1.46	-0.82	2.93	0.65
EPS Growth	64.27%	-20.99%	-	-	348.17%	-49.03%
Dividend Per Share	1.365	1.339	1.311	1.696	1.630	1.550
Dividend Growth	3.18%	2.14%	-22.69%	4.06%	5.16%	2.38%
Operating Margin	47.74%	44.42%	73.19%	54.77%	81.49%	81.59%
Profit Margin	38.23%	22.17%	46.36%	-19.88%	120.41%	34.38%
EBITDA	1,992	1,895	1,824	1,761	1,378	969.03
EBITDA Margin	47.88%	44.52%	73.42%	54.83%	81.63%	81.75%
D&A For Ebitda	5.97	4.08	5.9	1.94	2.26	1.87
EBIT	1,986	1,891	1,818	1,759	1,376	967.16
EBIT Margin	47.74%	44.42%	73.19%	54.77%	81.49%	81.59%
Effective Tax Rate	2.85%	4.48%	-	-	13.98%	18.08%
Revenue as Reported	4,160	4,257	2,484	3,213	1,688	1,185

Updated Aug 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.