Resilient REIT Cash Flow Statement

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

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	4,571	2,880	3,529	3,789	3,784
Depreciation & Amortization	24.35	28.4	24.63	20.01	26.8
Gain (Loss) on Sale of Assets	-25.54	-71.89	-	-	-
Gain (Loss) on Sale of Investments	166.97	-407.8	743.44	-187.89	-150.78
Asset Writedown	-2,884	-1,398	-836.85	-1,148	-1,763
Stock-Based Compensation	14.08	-4.26	1.79	14.66	9.58
Income (Loss) on Equity Investments	-821.44	-167	-2,378	-1,056	-436.8
Change in Accounts Receivable	-2.88	-14.12	-13.46	31.61	-61.46
Change in Accounts Payable	24.14	25.58	37.05	-23.97	81.4
Change in Other Net Operating Assets	0.99	2.39	0.58	-26.24	-1.88
Other Operating Activities	261.28	550	272.5	57.03	15.24
Net Cash from Discontinued Operations	-	-329.02	-460.56	-	-
Operating Cash Flow	1,469	1,149	1,121	1,472	1,501
Operating Cash Flow Growth	27.81%	2.46%	-23.80%	-1.94%	19.83%
Acquisition of Real Estate Assets	-556.07	-663.06	-718.23	-565.63	-214.83
Sale of Real Estate Assets	-	-	-	-	784.2
Net Sale / Acq. of Real Estate Assets	-556.07	-663.06	-718.23	-565.63	569.37
Investment in Marketable & Equity Securities	328.9	-1,181	1,188	614.19	881.43
Other Investing Activities	115.44	223.91	-178	29.99	-2,536
Investing Cash Flow	-110.22	-1,693	285.91	78.33	-1,089
Long-Term Debt Issued	10,708	19,003	14,987	15,675	-
Total Debt Issued	10,708	19,003	14,987	15,675	24,114
Long-Term Debt Repaid	-10,472	-17,057	-14,784	-14,523	-
Total Debt Repaid	-10,472	-17,057	-14,784	-14,523	-22,758
Net Debt Issued (Repaid)	235.25	1,946	203.02	1,152	1,356
Issuance of Common Stock	0.52	-	-	-	-
Repurchase of Common Stock	-21.45	-14.13	-292.23	-1,106	-
Common Dividends Paid	-1,567	-1,415	-1,371	-1,622	-1,688
Foreign Exchange Rate Adjustments	-0.03	-	-	-	-
Net Cash Flow	5.85	-27.07	-52.41	-25.76	80.27
Cash Interest Paid	1,159	1,216	1,028	627.62	475.02
Cash Income Tax Paid	22	7.79	15.45	29.26	0.59
Levered Free Cash Flow	1,130	602.08	2,156	1,378	-
Unlevered Free Cash Flow	1,863	1,381	2,808	1,888	-
Change in Working Capital	22.24	13.84	24.17	-18.61	18.06

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