Spear Reit Income Statement

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

Millions ZAR. Fiscal year is Mar - Feb.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Feb '26 Feb 28, 2026	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022
Rental Revenue	619.38	508.28	451.69	434.15	433.6
Tenant Reimbursements	232.51	181.78	164.21	146	140.75
Other Revenue	1.32	0.29	0.32	-	0.2
Total Revenue	853.2	690.35	616.21	580.15	574.56
Revenue Growth (YoY	23.59%	12.03%	6.21%	0.97%	8.30%
Property Expenses	307.41	241.27	215.02	198.02	195.77
Selling, General & Administrative	57.21	45.88	35.9	36.72	37.14
Depreciation & Amortization	16.79	15.67	15.37	15.35	13.77
Other Operating Expenses	-	-0.15	-3.19	-	-0.05
Total Operating Expenses	400.12	317.51	271.55	257.97	256.07
Operating Income	453.07	372.84	344.66	322.19	318.49
Interest Expense	-150.29	-122.03	-159.18	-138.15	-150.94
Interest & Investment Income	-	3.88	2.64	2.8	3.65
Other Non-Operating Income	40.36	-0.36	-0.35	0.13	-0.06
EBT Excluding Unusual Items	343.14	254.33	187.77	186.96	171.15
Gain (Loss) on Sale of Investments	-	-	-	-	-0.27
Total Insurance Settlements	-	0.95	0	0.64	0.02
Asset Writedown	460.61	277.09	176.89	-2.87	-2.05
Pretax Income	803.75	532.37	364.66	184.73	168.85
Income Tax Expense	4	7.25	1.92	2.53	3.93
Earnings From Continuing Operations	799.75	525.12	362.74	182.21	164.92
Net Income	799.75	525.12	362.74	182.21	164.92
Net Income to Common	799.75	525.12	362.74	182.21	164.92
Net Income Growth	52.30%	44.77%	99.08%	10.48%	211.13%
Basic Shares Outstanding	379	286	225	232	217
Diluted Shares Outstanding	388	293	229	236	217
Shares Change (YoY)	32.50%	27.76%	-2.82%	8.87%	4.13%
EPS (Basic)	2.11	1.83	1.62	0.79	0.76
EPS (Diluted)	2.06	1.79	1.58	0.77	0.76
EPS Growth	14.94%	13.31%	104.85%	1.48%	198.82%
Dividend Per Share	0.862	0.813	0.789	0.760	0.682
Dividend Growth	6.02%	3.06%	3.79%	11.33%	16.27%
Operating Margin	53.10%	54.01%	55.93%	55.54%	55.43%
Profit Margin	93.73%	76.07%	58.87%	31.41%	28.70%
EBITDA	469.87	388.51	360.03	337.53	332.26
EBITDA Margin	55.07%	56.28%	58.43%	58.18%	57.83%
D&A For Ebitda	16.79	15.67	15.37	15.35	13.77
EBIT	453.07	372.84	344.66	322.19	318.49
EBIT Margin	53.10%	54.01%	55.93%	55.54%	55.43%
Funds From Operations (FFO)	-	244.7	190.78	178.46	157.07
Adjusted Funds From Operations (AFFO)	-	244.7	190.78	178.46	157.07
FFO Payout Ratio	-	94.36%	90.11%	93.89%	80.83%
Effective Tax Rate	0.50%	1.36%	0.53%	1.37%	2.33%
Revenue as Reported	853.2	691.45	619.4	581.23	574.86

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