Heriot REIT Cash Flow Statement

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

Millions ZAR. Fiscal year is Jul - Jun.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	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
Net Income	1,307	1,379	664.73	964.02	609.58	313.03
Depreciation & Amortization	26.89	27.28	17.97	6.67	2.34	2.06
Gain (Loss) on Sale of Assets	4.86	4.86	-42.36	-	-	-
Gain (Loss) on Sale of Investments	-27.53	-27.53	2.51	47.71	70.21	-20.32
Asset Writedown	-1,110	-1,110	-466.2	-289.31	-338.87	-91.5
Income (Loss) on Equity Investments	-	-	-0.79	-78.12	-114.89	2.27
Change in Accounts Receivable	-9.5	-9.5	-50.87	18.31	8.8	-2.26
Change in Accounts Payable	21.25	21.25	12.44	21.86	0.18	12.31
Other Operating Activities	514.87	147.05	204.94	-427.77	11.18	37.38
Operating Cash Flow	750.94	455.46	368.15	263.36	248.52	252.96
Operating Cash Flow Growth	67.10%	23.72%	39.79%	5.97%	-1.75%	14.76%
Acquisition of Real Estate Assets	-164.31	-295.14	-370.93	-184.78	-187.89	-77.72
Sale of Real Estate Assets	10.67	19.63	0.2	-	83.25	47.5
Net Sale / Acq. of Real Estate Assets	-153.63	-275.5	-370.74	-184.78	-104.64	-30.22
Cash Acquisition	-	-	-1.37	10.91	-	-
Investment in Marketable & Equity Securities	79.28	49.69	0.23	-265.42	-270.45	-29.93
Other Investing Activities	20.11	79.98	9.33	1.9	6.85	-2.22
Investing Cash Flow	-51.18	-146.44	-362.55	-437.39	-368.24	-62.36
Long-Term Debt Issued	-	914.62	1,081	800.33	467.9	92.04
Total Debt Issued	1,285	914.62	1,081	800.33	467.9	92.04
Long-Term Debt Repaid	-	-722.37	-669.51	-424.86	-80.32	-30
Total Debt Repaid	-596.16	-722.37	-669.51	-424.86	-80.32	-30
Net Debt Issued (Repaid)	689.19	192.25	411.83	375.48	387.58	62.04
Common Dividends Paid	-389.07	-362.84	-266.02	-264.77	-248.5	-222.94
Other Financing Activities	-77	-86	-128.07	-13.19	-6.7	-5.66
Miscellaneous Cash Flow Adjustments	-	-	-	-0.75	-	-
Net Cash Flow	49.09	52.42	23.33	-77.26	12.66	24.04
Cash Interest Paid	510.85	510.85	427.09	192.02	122.83	110.45
Cash Income Tax Paid	2	0.99	0.93	2.98	1.53	1.5
Levered Free Cash Flow	730.43	38.31	299.74	6.26	148.04	182.85
Unlevered Free Cash Flow	1,017	341.42	569.84	132.44	226.38	253.17
Change in Working Capital	23.34	23.34	-21.11	40.17	8.98	10.05

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