Spear Reit Cash Flow 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
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
Net Income	667.74	525.12	362.74	182.21	164.92	53.01
Depreciation & Amortization	16.06	15.67	15.37	15.35	13.77	11.75
Gain (Loss) on Sale of Investments	-	-	-	-	0.27	0.12
Asset Writedown	-368.39	-277.09	-176.89	2.87	2.05	106.4
Stock-Based Compensation	16.68	14.84	8.45	7.88	9.44	11.89
Change in Accounts Receivable	7.35	6.58	-5.04	-2.36	3.98	-6.29
Change in Accounts Payable	33.55	29.46	14.06	11.9	-13.43	15.03
Other Operating Activities	-15.79	-10.06	-10.87	-7.18	-20.32	-28.88
Operating Cash Flow	357.21	304.51	207.83	210.66	160.68	163.04
Operating Cash Flow Growth	80.14%	46.52%	-1.35%	31.11%	-1.44%	-22.53%
Acquisition of Real Estate Assets	-1,283	-1,245	-276.48	-148.26	-80.46	-454.3
Sale of Real Estate Assets	170.66	597.56	37.68	164.65	0.41	58.83
Net Sale / Acq. of Real Estate Assets	-1,112	-647.24	-238.8	16.39	-80.05	-395.47
Other Investing Activities	-0	-	-	-	-	-
Investing Cash Flow	-1,112	-647.24	-238.8	266.68	-42.66	-406.18
Short-Term Debt Issued	-	-	-	-	0.39	-
Long-Term Debt Issued	-	2,320	1,013	676.87	81.29	477.84
Total Debt Issued	2,595	2,320	1,013	676.87	81.67	477.84
Short-Term Debt Repaid	-	-	-	-0.39	-	-
Long-Term Debt Repaid	-	-2,234	-1,079	-907.03	-307.15	-85.39
Total Debt Repaid	-2,022	-2,234	-1,079	-907.42	-307.15	-85.39
Net Debt Issued (Repaid)	573.37	85.5	-66.03	-230.55	-225.48	392.45
Issuance of Common Stock	1,233	545.9	321.98	-	317.34	33.03
Repurchase of Common Stock	-3.72	-4.82	-41.53	-69.81	-87.45	-20.46
Common Dividends Paid	-259.22	-230.9	-171.92	-167.55	-126.96	-152.41
Other Financing Activities	-4.22	-4.14	-6.01	-19.13	1.69	-1.58
Net Cash Flow	784.07	48.81	5.53	-9.69	-2.85	7.88
Cash Interest Paid	133.63	121.51	158.03	138.13	150.17	152.59
Cash Income Tax Paid	7.77	7.25	1.53	2.18	4.63	7.21
Levered Free Cash Flow	337.58	549.95	127.44	-204.17	69.27	123.49
Unlevered Free Cash Flow	421.07	626.22	226.92	-117.82	163.6	219.64
Change in Working Capital	40.9	36.04	9.02	9.54	-9.45	8.73

Updated Aug 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.