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	-	664.73	964.02	609.58	313.03	Upgrade
Depreciation & Amortization	-	17.97	6.67	2.34	2.06	Upgrade
Gain (Loss) on Sale of Assets	-	-42.36	-	-	-	Upgrade
Gain (Loss) on Sale of Investments	-	2.51	47.71	70.21	-20.32	Upgrade
Asset Writedown	-	-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	-	-50.87	18.31	8.8	-2.26	Upgrade
Change in Accounts Payable	-	12.44	21.86	0.18	12.31	Upgrade
Other Operating Activities	455.46	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	-	427.09	192.02	122.83	110.45	Upgrade
Cash Income Tax Paid	-	0.93	2.98	1.53	1.5	Upgrade
Levered Free Cash Flow	34.17	299.3	6.26	148.04	182.85	Upgrade
Unlevered Free Cash Flow	340.39	569.39	132.44	226.38	253.17	Upgrade
Change in Working Capital	-	-21.11	40.17	8.98	10.05	Upgrade

Updated Dec 31, 2024. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.