Resilient REIT Ratios and Metrics

Market cap in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021
Period Ending	Feb '26 Feb 19, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Jun '21 Jun 30, 2021
Market Capitalization	29,209	19,626	14,808	17,840	21,568	18,825
Market Cap Growth	51.96%	32.54%	-16.99%	-17.29%	14.57%	19.70%
Enterprise Value	43,289	33,613	27,743	27,727	30,707	30,299
Last Close Price	87.55	54.34	37.58	41.52	39.63	33.21
PE Ratio	13.57	6.82	4.20	4.71	5.70	88.27
PS Ratio	7.23	5.16	2.59	4.01	5.89	24.17
PB Ratio	1.23	0.84	0.68	0.90	1.07	0.99
P/OCF Ratio	23.31	17.08	13.20	12.12	14.37	15.03
EV/Sales Ratio	10.72	8.83	4.86	6.23	8.38	38.91
EV/EBITDA Ratio	17.30	14.69	6.40	9.01	13.15	-
EV/EBIT Ratio	17.51	14.88	6.44	9.07	13.30	-
Debt / Equity Ratio	0.58	0.59	0.61	0.65	0.50	0.50
Debt / EBITDA Ratio	5.48	6.07	3.07	4.15	4.33	-
Net Debt / Equity Ratio	0.58	0.59	0.61	0.64	0.49	0.49
Net Debt / EBITDA Ratio	5.47	6.05	3.05	4.12	4.29	-24.09
Asset Turnover	0.11	0.10	0.17	0.14	-	0.03
Quick Ratio	0.11	0.06	0.05	0.07	0.05	0.06
Current Ratio	0.17	0.08	0.06	0.09	0.32	0.41
Return on Equity (ROE)	9.87%	13.19%	18.51%	19.58%	-	1.79%
Return on Assets (ROA)	4.11%	3.83%	7.81%	5.82%	-	-0.81%
Return on Invested Capital (ROIC)	6.61%	6.13%	12.73%	9.72%	7.85%	-1.14%
Earnings Yield	7.40%	14.67%	23.83%	21.24%	17.55%	1.13%
Dividend Yield	5.64%	8.10%	10.81%	10.55%	-	12.91%
Payout Ratio	68.27%	49.14%	38.84%	42.80%	44.59%	536.70%
Buyback Yield / Dilution	0.35%	0.54%	4.08%	2.90%	-0.13%	0.23%
Total Shareholder Return	6.01%	8.64%	14.89%	13.46%	-0.13%	13.14%

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