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

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