Spear Reit Cash Flow 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
Net Income	799.75	525.12	362.74	182.21	164.92
Depreciation & Amortization	16.79	15.67	15.37	15.35	13.77
Gain (Loss) on Sale of Investments	-	-	-	-	0.27
Asset Writedown	-460.61	-277.09	-176.89	2.87	2.05
Stock-Based Compensation	18.71	14.84	8.45	7.88	9.44
Change in Accounts Receivable	5.95	6.58	-5.04	-2.36	3.98
Change in Accounts Payable	28.23	29.46	14.06	11.9	-13.43
Other Operating Activities	-12.71	-10.06	-10.87	-7.18	-20.32
Operating Cash Flow	396.12	304.51	207.83	210.66	160.68
Operating Cash Flow Growth	30.08%	46.52%	-1.35%	31.11%	-1.44%
Acquisition of Real Estate Assets	-1,041	-1,245	-276.48	-148.26	-80.46
Sale of Real Estate Assets	3.72	597.56	37.68	164.65	0.41
Net Sale / Acq. of Real Estate Assets	-1,037	-647.24	-238.8	16.39	-80.05
Other Investing Activities	16.48	-	-	-	-
Investing Cash Flow	-1,021	-647.24	-238.8	266.68	-42.66
Short-Term Debt Issued	-	-	-	-	0.39
Long-Term Debt Issued	1,754	2,320	1,013	676.87	81.29
Total Debt Issued	1,754	2,320	1,013	676.87	81.67
Short-Term Debt Repaid	-	-	-	-0.39	-
Long-Term Debt Repaid	-1,307	-2,234	-1,079	-907.03	-307.15
Total Debt Repaid	-1,307	-2,234	-1,079	-907.42	-307.15
Net Debt Issued (Repaid)	446.7	85.5	-66.03	-230.55	-225.48
Issuance of Common Stock	803.35	545.9	321.98	-	317.34
Repurchase of Common Stock	-1.3	-4.82	-41.53	-69.81	-87.45
Common Dividends Paid	-300.37	-230.9	-171.92	-167.55	-126.96
Other Financing Activities	-4.91	-4.14	-6.01	-19.13	1.69
Miscellaneous Cash Flow Adjustments	-0	-	-	-	-
Net Cash Flow	318.86	48.81	5.53	-9.69	-2.85
Cash Interest Paid	-	121.51	158.03	138.13	150.17
Cash Income Tax Paid	-	7.25	1.53	2.18	4.63
Levered Free Cash Flow	346.32	549.95	127.44	-204.17	69.27
Unlevered Free Cash Flow	440.25	626.22	226.92	-117.82	163.6
Change in Working Capital	34.18	36.04	9.02	9.54	-9.45

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