SA Corporate Real Estate Income 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
Rental Revenue	2,922	2,941	2,480	2,042	2,121
Other Revenue	139.05	50.75	54.72	246.53	-36.29
Total Revenue	3,061	2,992	2,535	2,289	2,085
Revenue Growth (YoY	2.33%	18.01%	10.75%	9.78%	4.13%
Property Expenses	1,305	1,314	1,073	875.48	848.67
Selling, General & Administrative	18.99	18.91	17.05	11.58	13
Depreciation & Amortization	21.27	18.24	26.14	12	11.53
Other Operating Expenses	215.7	170.37	166.87	136.58	123.71
Total Operating Expenses	1,581	1,550	1,304	1,058	1,053
Operating Income	1,481	1,441	1,231	1,231	1,032
Interest Expense	-869.65	-826.87	-673.9	-287.52	-238.29
Interest & Investment Income	50.86	32.28	48.9	33.89	39.76
Currency Exchange Gain (Loss)	56.88	-5.01	-40.21	-27.06	-44.49
Other Non-Operating Income	-	-2.16	97.41	-0.28	6.92
EBT Excluding Unusual Items	718.7	639.63	663.6	949.73	796.15
Gain (Loss) on Sale of Investments	7.6	4.5	0.89	-126.7	22.85
Gain (Loss) on Sale of Assets	9.2	-15.52	-55.77	-5.33	-21.72
Total Insurance Settlements	-	-	0.41	52.61	331.5
Asset Writedown	-162.3	16.5	599	1.22	-502.01
Other Unusual Items	-	-	8.4	-48.6	-
Pretax Income	573.19	645.11	1,217	822.92	626.76
Income Tax Expense	9.18	-0.72	7.58	3.61	5.88
Earnings From Continuing Operations	564.01	645.83	1,209	819.31	620.88
Net Income	564.01	645.83	1,209	819.31	620.88
Net Income to Common	564.01	645.83	1,209	819.31	620.88
Net Income Growth	-12.67%	-46.58%	47.56%	31.96%	-
Basic Shares Outstanding	2,580	2,486	2,491	2,489	2,515
Diluted Shares Outstanding	2,612	2,517	2,501	2,500	2,515
Shares Change (YoY)	3.79%	0.64%	0.03%	-0.58%	-
EPS (Basic)	0.22	0.26	0.49	0.33	0.25
EPS (Diluted)	0.22	0.26	0.48	0.33	0.25
EPS Growth	-15.86%	-46.92%	47.51%	32.73%	-
Dividend Per Share	0.266	0.244	0.232	0.241	0.229
Dividend Growth	8.96%	5.13%	-4.02%	5.50%	-24.45%
Operating Margin	48.36%	48.18%	48.57%	53.76%	49.50%
Profit Margin	18.42%	21.59%	47.69%	35.79%	29.78%
EBITDA	1,490	1,449	1,239	1,236	1,038
EBITDA Margin	48.68%	48.44%	48.88%	54.01%	49.76%
D&A For Ebitda	9.85	7.86	7.78	5.55	5.28
EBIT	1,481	1,441	1,231	1,231	1,032
EBIT Margin	48.36%	48.18%	48.57%	53.76%	49.50%
Funds From Operations (FFO)	774.75	680.91	647.79	674.76	639.46
Adjusted Funds From Operations (AFFO)	774.75	680.91	647.79	674.76	639.46
FFO Payout Ratio	84.77%	88.29%	87.61%	95.33%	110.91%
Effective Tax Rate	1.60%	-	0.62%	0.44%	0.94%

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