SA Corporate Real Estate 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	564.01	645.83	1,209	819.31	620.88
Depreciation & Amortization	21.05	18.07	25.96	10.06	11.09
Other Amortization	18.34	18.87	13.92	24.74	23.54
Gain (Loss) on Sale of Assets	-9.2	15.52	51.77	5.33	21.72
Gain (Loss) on Sale of Investments	-	-	5.53	128.3	-22.85
Asset Writedown	183	-60.05	-599	36.88	430.53
Stock-Based Compensation	17.53	18.01	9.78	10.6	2.8
Income (Loss) on Equity Investments	-146.65	-55.25	-56.52	-246.53	36.29
Change in Accounts Receivable	34.06	-50.73	80.27	-177.15	20.57
Change in Accounts Payable	-59.68	65.54	46.53	-3.23	33.48
Other Operating Activities	30.62	41.26	-77.22	-181.42	-516.94
Operating Cash Flow	672.22	685.83	730.47	449.58	715.91
Operating Cash Flow Growth	-1.98%	-6.11%	62.48%	-37.20%	6.33%
Acquisition of Real Estate Assets	-283.17	-326.09	-371.64	-469.85	-296.59
Sale of Real Estate Assets	390.74	133.59	778.07	271.75	824.6
Net Sale / Acq. of Real Estate Assets	107.58	-192.5	406.43	-198.1	528.01
Cash Acquisition	-428.65	-	-1,035	-3	-
Investment in Marketable & Equity Securities	51.68	52.27	269.24	20.75	-1.44
Other Investing Activities	-	-43.17	4.25	97.24	94.68
Investing Cash Flow	-102	-200.2	-364.56	152.33	607.81
Long-Term Debt Issued	262.46	1,845	2,062	706	931.5
Total Debt Issued	262.46	1,845	2,062	706	931.5
Long-Term Debt Repaid	-1,236	-1,232	-1,778	-695.97	-1,465
Total Debt Repaid	-1,236	-1,232	-1,778	-695.97	-1,465
Net Debt Issued (Repaid)	-973.28	613.15	284.62	10.03	-533.29
Issuance of Common Stock	744.49	-	-	-	-
Repurchase of Common Stock	-36.11	-29.64	-19.52	-	-16.52
Common Dividends Paid	-656.78	-601.17	-567.54	-643.24	-709.21
Other Financing Activities	-	-	-48.47	-	-21.48
Foreign Exchange Rate Adjustments	-0.89	-	-	-	-
Net Cash Flow	-352.34	467.97	15.01	-31.31	43.22
Cash Interest Paid	768.83	831.63	657.66	524.69	502.06
Cash Income Tax Paid	3.04	9.82	1.2	2.13	1.61
Levered Free Cash Flow	-639.33	-129.09	972.01	759.27	501.82
Unlevered Free Cash Flow	-95.8	387.71	1,393	938.97	650.76
Change in Working Capital	-26.12	14.5	126.79	-180.38	54.28

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