Heriot REIT Cash Flow Statement

Financials in millions ZAR. Fiscal year is July - June.

Millions ZAR. Fiscal year is Jul - Jun.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2018 - 2020
Period Ending	Jun '25 Jun 30, 2025	Jun '24 Jun 30, 2024	Jun '23 Jun 30, 2023	Jun '22 Jun 30, 2022	Jun '21 Jun 30, 2021	2018 - 2020
Net Income	1,379	664.73	964.02	609.58	313.03	Upgrade
Depreciation & Amortization	27.28	17.97	6.67	2.34	2.06	Upgrade
Gain (Loss) on Sale of Assets	4.86	-42.36	-	-	-	Upgrade
Gain (Loss) on Sale of Investments	-27.53	2.51	47.71	70.21	-20.32	Upgrade
Asset Writedown	-1,110	-466.2	-289.31	-338.87	-91.5	Upgrade
Income (Loss) on Equity Investments	-	-0.79	-78.12	-114.89	2.27	Upgrade
Change in Accounts Receivable	-9.5	-50.87	18.31	8.8	-2.26	Upgrade
Change in Accounts Payable	21.25	12.44	21.86	0.18	12.31	Upgrade
Other Operating Activities	147.05	204.94	-427.77	11.18	37.38	Upgrade
Operating Cash Flow	455.46	368.15	263.36	248.52	252.96	Upgrade
Operating Cash Flow Growth	23.72%	39.79%	5.97%	-1.75%	14.76%	Upgrade
Acquisition of Real Estate Assets	-295.14	-370.93	-184.78	-187.89	-77.72	Upgrade
Sale of Real Estate Assets	19.63	0.2	-	83.25	47.5	Upgrade
Net Sale / Acq. of Real Estate Assets	-275.5	-370.74	-184.78	-104.64	-30.22	Upgrade
Cash Acquisition	-	-1.37	10.91	-	-	Upgrade
Investment in Marketable & Equity Securities	49.69	0.23	-265.42	-270.45	-29.93	Upgrade
Other Investing Activities	79.98	9.33	1.9	6.85	-2.22	Upgrade
Investing Cash Flow	-146.44	-362.55	-437.39	-368.24	-62.36	Upgrade
Long-Term Debt Issued	914.62	1,081	800.33	467.9	92.04	Upgrade
Total Debt Issued	914.62	1,081	800.33	467.9	92.04	Upgrade
Long-Term Debt Repaid	-722.37	-669.51	-424.86	-80.32	-30	Upgrade
Total Debt Repaid	-722.37	-669.51	-424.86	-80.32	-30	Upgrade
Net Debt Issued (Repaid)	192.25	411.83	375.48	387.58	62.04	Upgrade
Common Dividends Paid	-362.84	-266.02	-264.77	-248.5	-222.94	Upgrade
Other Financing Activities	-86	-128.07	-13.19	-6.7	-5.66	Upgrade
Miscellaneous Cash Flow Adjustments	-	-	-0.75	-	-	Upgrade
Net Cash Flow	52.42	23.33	-77.26	12.66	24.04	Upgrade
Cash Interest Paid	510.85	427.09	192.02	122.83	110.45	Upgrade
Cash Income Tax Paid	0.99	0.93	2.98	1.53	1.5	Upgrade
Levered Free Cash Flow	38.31	299.74	6.26	148.04	182.85	Upgrade
Unlevered Free Cash Flow	341.42	569.84	132.44	226.38	253.17	Upgrade
Change in Working Capital	23.34	-21.11	40.17	8.98	10.05	Upgrade

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.