SA Corporate Real Estate Income Statement

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

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	2,938	2,941	2,480	2,042	2,121	2,062
Other Revenue	57.55	50.75	54.72	246.53	-36.29	-59.69
Total Revenue	2,995	2,992	2,535	2,289	2,085	2,002
Revenue Growth (YoY	7.25%	18.01%	10.75%	9.78%	4.13%	-12.99%
Property Expenses	1,345	1,314	1,073	875.48	848.67	828.88
Selling, General & Administrative	18.91	18.91	17.05	11.58	13	12.7
Depreciation & Amortization	18.24	18.24	26.14	12	11.53	24.29
Provision for Loan Losses	-	-	-	-	-	-2.21
Other Operating Expenses	170.37	170.37	166.87	136.58	123.71	106.29
Total Operating Expenses	1,579	1,550	1,304	1,058	1,053	1,084
Operating Income	1,416	1,441	1,231	1,231	1,032	918.22
Interest Expense	-841.31	-826.87	-673.9	-287.52	-238.29	-872.53
Interest & Investment Income	40.34	32.28	48.9	33.89	39.76	51.78
Currency Exchange Gain (Loss)	10.39	-5.01	-40.21	-27.06	-44.49	-41.01
Other Non-Operating Income	-3.92	-2.16	97.41	-0.28	6.92	-9.76
EBT Excluding Unusual Items	621.5	639.63	663.6	949.73	796.15	46.7
Gain (Loss) on Sale of Investments	4.5	4.5	0.89	-126.7	22.85	-6.1
Gain (Loss) on Sale of Assets	-38.12	-15.52	-55.77	-5.33	-21.72	-18.29
Total Insurance Settlements	-	-	0.41	52.61	331.5	-
Asset Writedown	24.72	16.5	599	1.22	-502.01	-1,517
Other Unusual Items	-	-	8.4	-48.6	-	3.58
Pretax Income	612.61	645.11	1,217	822.92	626.76	-1,491
Income Tax Expense	-4.91	-0.72	7.58	3.61	5.88	2.18
Earnings From Continuing Operations	617.52	645.83	1,209	819.31	620.88	-1,494
Net Income	617.52	645.83	1,209	819.31	620.88	-1,494
Net Income to Common	617.52	645.83	1,209	819.31	620.88	-1,494
Net Income Growth	-48.38%	-46.58%	47.56%	31.96%	-	-
Basic Shares Outstanding	2,510	2,486	2,491	2,489	2,515	2,515
Diluted Shares Outstanding	2,550	2,517	2,501	2,500	2,515	2,515
Shares Change (YoY)	1.99%	0.64%	0.03%	-0.58%	-	-0.48%
EPS (Basic)	0.25	0.26	0.49	0.33	0.25	-0.59
EPS (Diluted)	0.24	0.26	0.48	0.33	0.25	-0.59
EPS Growth	-49.39%	-46.92%	47.51%	32.73%	-	-
Dividend Per Share	0.253	0.244	0.232	0.241	0.229	0.303
Dividend Growth	5.74%	5.13%	-4.02%	5.50%	-24.45%	-20.35%
Operating Margin	47.28%	48.18%	48.57%	53.76%	49.50%	45.85%
Profit Margin	20.62%	21.59%	47.69%	35.79%	29.78%	-74.58%
EBITDA	1,425	1,449	1,239	1,236	1,038	924.38
EBITDA Margin	47.57%	48.44%	48.88%	54.01%	49.76%	46.16%
D&A For Ebitda	8.89	7.86	7.78	5.55	5.28	6.16
EBIT	1,416	1,441	1,231	1,231	1,032	918.22
EBIT Margin	47.28%	48.18%	48.57%	53.76%	49.50%	45.85%
Funds From Operations (FFO)	711.87	680.91	647.79	674.76	639.46	601.14
Adjusted Funds From Operations (AFFO)	-	680.91	647.79	674.76	639.46	601.14
FFO Payout Ratio	87.05%	88.29%	87.61%	95.33%	110.91%	73.88%
Effective Tax Rate	-	-	0.62%	0.44%	0.94%	-

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