Spear Reit Income Statement

Financials in millions ZAR. Fiscal year is March - February.

Millions ZAR. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2017 - 2020
Period Ending	Aug '25 Aug 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021	2017 - 2020
Rental Revenue	575.84	508.28	451.69	434.15	433.6	410.08	Upgrade
Tenant Reimbursements	200.14	181.78	164.21	146	140.75	120.28	Upgrade
Other Revenue	-0.43	0.29	0.32	-	0.2	0.17	Upgrade
Total Revenue	775.55	690.35	616.21	580.15	574.56	530.54	Upgrade
Revenue Growth (YoY	22.58%	12.03%	6.21%	0.97%	8.30%	0.74%	Upgrade
Property Expenses	269.34	241.27	215.02	198.02	195.77	160.93	Upgrade
Selling, General & Administrative	52.89	45.88	35.9	36.72	37.14	26.67	Upgrade
Depreciation & Amortization	16.06	15.67	15.37	15.35	13.77	11.75	Upgrade
Other Operating Expenses	-0.15	-0.15	-3.19	-	-0.05	-0.07	Upgrade
Total Operating Expenses	354.81	317.51	271.55	257.97	256.07	211.17	Upgrade
Operating Income	420.73	372.84	344.66	322.19	318.49	319.37	Upgrade
Interest Expense	-133.58	-122.03	-159.18	-138.15	-150.94	-153.84	Upgrade
Interest & Investment Income	3.88	3.88	2.64	2.8	3.65	5.91	Upgrade
Other Non-Operating Income	15.14	-0.36	-0.35	0.13	-0.06	-0.28	Upgrade
EBT Excluding Unusual Items	306.17	254.33	187.77	186.96	171.15	171.16	Upgrade
Gain (Loss) on Sale of Investments	-	-	-	-	-0.27	-0.12	Upgrade
Total Insurance Settlements	0.95	0.95	0	0.64	0.02	0.64	Upgrade
Asset Writedown	368.39	277.09	176.89	-2.87	-2.05	-106.4	Upgrade
Pretax Income	675.5	532.37	364.66	184.73	168.85	65.28	Upgrade
Income Tax Expense	7.77	7.25	1.92	2.53	3.93	8.29	Upgrade
Earnings From Continuing Operations	667.74	525.12	362.74	182.21	164.92	56.99	Upgrade
Minority Interest in Earnings	-	-	-	-	-	-3.98	Upgrade
Net Income	667.74	525.12	362.74	182.21	164.92	53.01	Upgrade
Net Income to Common	667.74	525.12	362.74	182.21	164.92	53.01	Upgrade
Net Income Growth	83.52%	44.77%	99.08%	10.48%	211.13%	-74.43%	Upgrade
Basic Shares Outstanding	332	286	225	232	217	208	Upgrade
Diluted Shares Outstanding	339	293	229	236	217	208	Upgrade
Shares Change (YoY)	37.95%	27.76%	-2.82%	8.87%	4.13%	3.71%	Upgrade
EPS (Basic)	2.01	1.83	1.62	0.79	0.76	0.25	Upgrade
EPS (Diluted)	1.97	1.79	1.58	0.77	0.76	0.25	Upgrade
EPS Growth	33.03%	13.31%	104.85%	1.48%	198.82%	-75.35%	Upgrade
Dividend Per Share	0.833	0.813	0.789	0.760	0.682	0.587	Upgrade
Dividend Growth	4.08%	3.06%	3.79%	11.33%	16.27%	-35.96%	Upgrade
Operating Margin	54.25%	54.01%	55.93%	55.54%	55.43%	60.20%	Upgrade
Profit Margin	86.10%	76.07%	58.87%	31.41%	28.70%	9.99%	Upgrade
EBITDA	436.79	388.51	360.03	337.53	332.26	331.12	Upgrade
EBITDA Margin	56.32%	56.28%	58.43%	58.18%	57.83%	62.41%	Upgrade
D&A For Ebitda	16.06	15.67	15.37	15.35	13.77	11.75	Upgrade
EBIT	420.73	372.84	344.66	322.19	318.49	319.37	Upgrade
EBIT Margin	54.25%	54.01%	55.93%	55.54%	55.43%	60.20%	Upgrade
Funds From Operations (FFO)	244.7	244.7	190.78	178.46	157.07	-	Upgrade
Adjusted Funds From Operations (AFFO)	-	244.7	190.78	178.46	157.07	-	Upgrade
FFO Payout Ratio	94.36%	94.36%	90.11%	93.89%	80.83%	-	Upgrade
Effective Tax Rate	1.15%	1.36%	0.53%	1.37%	2.33%	12.70%	Upgrade
Revenue as Reported	776.65	691.45	619.4	581.23	574.86	531.24	Upgrade

Updated Feb 28, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.