Resilient REIT Ratios and Metrics

Market cap in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	2020 - 2016
Period Ending	Mar '26 Mar 9, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Jun '21 Jun 30, 2021	2020 - 2016
Market Capitalization	27,521	19,626	14,808	17,840	21,568	18,825	Upgrade
Market Cap Growth	39.30%	32.54%	-16.99%	-17.29%	14.57%	19.70%	Upgrade
Enterprise Value	41,601	33,613	27,743	27,727	30,707	30,299	Upgrade
Last Close Price	82.49	54.34	37.58	41.52	39.63	33.21	Upgrade
PE Ratio	12.78	6.82	4.20	4.71	5.70	88.27	Upgrade
PS Ratio	6.82	5.16	2.59	4.01	5.89	24.17	Upgrade
PB Ratio	1.16	0.84	0.68	0.90	1.07	0.99	Upgrade
P/OCF Ratio	21.96	17.08	13.20	12.12	14.37	15.03	Upgrade
EV/Sales Ratio	10.30	8.83	4.86	6.23	8.38	38.91	Upgrade
EV/EBITDA Ratio	16.62	14.69	6.40	9.01	13.15	-	Upgrade
EV/EBIT Ratio	16.82	14.88	6.44	9.07	13.30	-	Upgrade
Debt / Equity Ratio	0.58	0.59	0.61	0.65	0.50	0.50	Upgrade
Debt / EBITDA Ratio	5.48	6.07	3.07	4.15	4.33	-	Upgrade
Net Debt / Equity Ratio	0.58	0.59	0.61	0.64	0.49	0.49	Upgrade
Net Debt / EBITDA Ratio	5.47	6.05	3.05	4.12	4.29	-24.09	Upgrade
Asset Turnover	0.11	0.10	0.17	0.14	-	0.03	Upgrade
Quick Ratio	0.11	0.06	0.05	0.07	0.05	0.06	Upgrade
Current Ratio	0.17	0.08	0.06	0.09	0.32	0.41	Upgrade
Return on Equity (ROE)	9.87%	13.19%	18.51%	19.58%	-	1.79%	Upgrade
Return on Assets (ROA)	4.11%	3.83%	7.81%	5.82%	-	-0.81%	Upgrade
Return on Invested Capital (ROIC)	6.61%	6.13%	12.73%	9.72%	7.85%	-1.14%	Upgrade
Earnings Yield	7.86%	14.67%	23.83%	21.24%	17.55%	1.13%	Upgrade
Dividend Yield	5.96%	8.10%	10.81%	10.55%	-	12.91%	Upgrade
Payout Ratio	68.27%	49.14%	38.84%	42.80%	44.59%	536.70%	Upgrade
Buyback Yield / Dilution	0.35%	0.54%	4.08%	2.90%	-0.13%	0.23%	Upgrade
Total Shareholder Return	6.31%	8.64%	14.89%	13.46%	-0.13%	13.14%	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.