KWSE:AREEC Income Statement

Financials in millions KWD. Fiscal year is January - December.

Millions KWD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	6.06	6.07	5.97	4.78	2.21	1.33
Gain (Loss) on Sale of Investments (Rev)	-0.21	-0.06	0.26	0.13	-0.22	0.33
Other Revenue	6.35	6.29	5.65	4.6	2.62	3.34
Total Revenue	12.53	12.61	12.16	9.75	4.61	5.07
Revenue Growth (YoY	4.25%	3.67%	24.77%	111.49%	-9.16%	29.72%
Property Expenses	2.88	2.82	2.66	2.16	0.61	0.34
Selling, General & Administrative	1.22	1.22	1.17	1.1	1.15	1.12
Other Operating Expenses	0.18	0.18	0.16	0.12	0.06	0.1
Total Operating Expenses	4.51	4.46	4.23	3.52	1.82	1.65
Operating Income	8.02	8.15	7.93	6.23	2.79	3.42
Interest Expense	-1.45	-1.48	-1.62	-1.69	-0.78	-0.43
Other Non-Operating Income	-0.02	-0.02	-0.02	-0.01	0.03	0.04
EBT Excluding Unusual Items	6.55	6.65	6.29	4.53	2.04	3.03
Asset Writedown	-0.31	-0.31	-0.35	-0.05	1.96	0.33
Total Legal Settlements	-	-	-	-	-	0.82
Pretax Income	6.24	6.34	5.94	4.49	4	4.17
Income Tax Expense	0.04	0.04	0.03	0.02	-	0.01
Net Income	6.21	6.3	5.91	4.47	4	4.17
Net Income to Common	6.21	6.3	5.91	4.47	4	4.17
Net Income Growth	7.66%	6.66%	32.19%	11.63%	-3.91%	202.87%
Basic Shares Outstanding	209	209	209	209	209	209
Diluted Shares Outstanding	209	209	209	209	209	209
EPS (Basic)	0.03	0.03	0.03	0.02	0.02	0.02
EPS (Diluted)	0.03	0.03	0.03	0.02	0.02	0.02
EPS Growth	7.66%	6.66%	32.20%	11.64%	-3.91%	202.89%
Dividend Per Share	0.020	0.020	0.020	0.010	0.005	0.005
Dividend Growth	-	-	106.19%	106.38%	2.17%	-
Operating Margin	63.99%	64.66%	65.20%	63.94%	60.52%	67.39%
Profit Margin	49.51%	49.99%	48.58%	45.86%	86.87%	82.13%
EBITDA	8.24	8.38	8.15	6.39	2.87	3.51
EBITDA Margin	65.76%	66.42%	67.01%	65.56%	62.20%	69.26%
D&A For Ebitda	0.22	0.22	0.22	0.16	0.08	0.09
EBIT	8.02	8.15	7.93	6.23	2.79	3.42
EBIT Margin	63.99%	64.66%	65.20%	63.94%	60.52%	67.39%
Effective Tax Rate	0.60%	0.57%	0.52%	0.34%	-	0.14%

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