Income Statement Accelerate Property Fund Limited

Stocks

APF

ZAE000185815

Commercial REITs

End-of-day quote Johannesburg S.E. 2026-10-02			5-day change	1st Jan Change
0.3900 ^ZAR	-2.50%		-2.50%	-35.00%

09-14	Aristonas Proprietary Limited agreed to acquire Cedar Square Shopping Centre from Accelerate Property Fund Limited for ZAR 630 million.	CI
07-29	Accelerate Property Fund Limited Reports Earnings Results for the Full Year Ended March 31, 2026	CI

c1bddb3e763.CmC_u7xx92WFrL_UvhQdCIlFui0mfJMMYQw6-M575ss.fw_oyMUCngTr2vTjzkdXUb4r4EMTEOtjMVsOrf1NqqYyNYz23QmANM_dhw

Published financial data: ACCELERATE PROPERTY FUND LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (ZAR)	2023 (ZAR)	2024 (ZAR)	2025 (ZAR)	2026 (ZAR)
Rental Revenues	948M	872M	819M	760M	679M
Total Revenues	948M	872M	819M	760M	679M
Property Expenses	319M	336M	349M	329M	304M
Selling General & Admin Expenses, Total	51.26M	68.5M	64.4M	68.99M	66.09M
Provision for Bad Debts	-49.62M	-20.97M	-7.62M	20.32M	8.1M
Other Operating Expenses	-6.85M	-1.81M	177K	535M	-84.56M
Total Operating Expenses	314M	382M	406M	953M	293M
Operating Income (REIT / Utility Template)	634M	490M	413M	-193M	385M
Interest Expense, Total	-331M	-389M	-569M	-421M	-398M
Interest and Investment Income	43.97M	68.15M	99.9M	103M	7.42M
Net Interest Expenses	-287M	-320M	-470M	-318M	-390M
Currency Exchange Gains (Loss)	-21.26M	7.66M	-	-	-
Other Non Operating Income (Expenses)	76.64M	52.85M	-29.54M	-429M	305M
EBT, Excl. Unusual Items	403M	230M	-85.83M	-940M	300M
Gain (Loss) on Sale of Investments	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-6.39M	-	-
Asset Writedown	-364M	-809M	-355M	-274M	-429M
Insurance Settlements	-	-	-	-	82.5M
Other Unusual Items	-35.62M	-15.35M	-178M	-55.44M	-
EBT, Incl. Unusual Items	3.08M	-594M	-625M	-1.27B	-45.89M
Income Tax Expense	98K	-	-	-	-
Earnings From Continuing Operations	2.98M	-594M	-625M	-1.27B	-45.89M
Earnings Of Discontinued Operations	57.63M	-7.08M	-	-	-
Net Income to Company	60.61M	-601M	-625M	-1.27B	-45.89M
Minority Interest	1.38M	-	-	-	-
Net Income - (IS)	61.98M	-601M	-625M	-1.27B	-45.89M
Net Income to Common Incl Extra Items	61.98M	-601M	-625M	-1.27B	-45.89M
Net Income to Common Excl. Extra Items	4.35M	-594M	-625M	-1.27B	-45.89M
Per Share Items
Net EPS - Basic	0.06	-0.52	-0.48	-0.74	-0.02
Basic EPS - Continuing Operations	0	-0.52	-0.48	-0.74	-0.02
Basic Weighted Average Shares Outstanding	957M	1.15B	1.3B	1.71B	1.97B
Net EPS - Diluted	0.06	-0.52	-0.48	-0.74	-0.02
Diluted EPS - Continuing Operations	0	-0.52	-0.48	-0.74	-0.02
Diluted Weighted Average Shares Outstanding	962M	1.15B	1.3B	1.71B	1.97B
Normalized Basic EPS	0.26	0.13	-0.04	-0.34	0.1
Normalized Diluted EPS	0.26	0.13	-0.04	-0.34	0.1
Dividend Per Share	0.22	-	-	-	-
Payout Ratio	-	-6.35	-	-	-
Supplemental Items
EBITDA	642M	498M	421M	-190M	388M
EBITA	634M	490M	413M	-193M	385M
EBIT	634M	490M	413M	-193M	385M
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	912M	856M	819M	760M	679M
Effective Tax Rate - (Ratio)	3.19	-	-	-	-
Current Domestic Taxes	98K	-	-	-	-
Current Foreign Taxes	-	-	-	-	-
Total Current Taxes	98K	-	-	-	-
Normalized Net Income	253M	144M	-53.64M	-587M	188M
Interest Capitalized	3.38M	8.23M	-	-	-
Interest on Long-Term Debt	5.86M	8.37M	141K	28K	15K
Supplemental Operating Expense Items
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	-	16.68M	15.38M	15.07M	19.46M
Stock-Based Comp., SG&A Exp. (Total)	502K	-	-	-	-
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	502K	-	-	-	-

Fiscal Period: March	2022 (ZAR)	2023 (ZAR)	2024 (ZAR)	2025 (ZAR)	2026 (ZAR)
Assets
Gross Property Plant And Equipment	9.99B	8.91B	7.66B	6.45B	6.03B
Accumulated Depreciation	-1.77M	-1.89M	-2.12M	-2.51M	-3.13M
Net Property Plant And Equipment	9.99B	8.91B	7.66B	6.45B	6.03B
Total Real Estate Assets	9.99B	8.91B	7.66B	6.45B	6.03B
Cash And Equivalents	47.87M	38.92M	21.95M	7.91M	110M
Accounts Receivable, Total	430M	505M	176M	70.98M	37.39M
Other Receivables	408M	484M	821M	14.3M	59.94M
Investment In Debt and Equity Securities	38.69M	36.68M	38.98M	97K	8.76M
Notes Receivable (Collected)	-	-	-	0	0
Other Current Assets, Total	162M	314M	1.02B	1.32B	602M
Trading Asset Securities, Total	3.85M	52.86M	7.78M	-	-
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	11.08B	10.34B	9.75B	7.87B	6.84B
Liabilities
Current Portion of Long-Term Debt	668M	2.42B	3.36B	829M	3B
Current Portion of Leases	353K	372K	277K	255K	493K
Long-Term Debt	3.93B	2.06B	1.07B	2.92B	3.19M
Long-Term Leases	758K	559K	328K	-	1.33M
Accounts Payable, Total	53.39M	30.7M	23.66M	25.48M	17.93M
Accrued Expenses, Total	117M	112M	106M	76.87M	72.83M
Unearned Revenue, Current	-	-	37.26M	32.78M	10.51M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	362M	367M	420M	330M	34.07M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	5.13B	4.99B	5.01B	4.21B	3.14B
Common Stock, Total	4.95B	5.19B	5.19B	5.38B	5.47B
Retained Earnings	985M	170M	-454M	-1.72B	-1.77B
Comprehensive Income and Other	13.82M	-3.28M	-	-	-
Total Common Equity	5.95B	5.35B	4.73B	3.65B	3.7B
Minority Interest	-	-	-	-	-
Total Equity	5.95B	5.35B	4.73B	3.65B	3.7B
Total Liabilities And Equity	11.08B	10.34B	9.75B	7.87B	6.84B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	958M	1.3B	1.3B	1.8B	2.05B
ECS Total Common Shares Outstanding	958M	1.3B	1.3B	1.8B	2.05B
Book Value / Share	6.21	4.13	3.65	2.03	1.81
Tangible Book Value	5.95B	5.35B	4.73B	3.65B	3.7B
Tangible Book Value Per Share	6.21	4.13	3.65	2.03	1.81
Total Debt	4.6B	4.48B	4.43B	3.75B	3.01B
Net Debt	4.54B	4.39B	4.4B	3.74B	2.9B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	2.1M	2.17M	1.74M	1.76M	1.81M
Full Time Employees	-	-	-	-	40
Accumulated Allowance for Doubtful Accounts (Supple)	-2.5M	84.64M	65.01M	93.27M	14.93M

Fiscal Period: March	2022 (ZAR)	2023 (ZAR)	2024 (ZAR)	2025 (ZAR)	2026 (ZAR)
Net Income	61.98M	-601M	-625M	-1.27B	-45.89M
Depreciation, Depletion & Amortization	8.6M	8.47M	8.23M	3.8M	3.22M
Total Depreciation, Depletion & Amortization	8.6M	8.47M	8.23M	3.8M	3.22M
Amortization of Deferred Charges, Total	-	-	12.4M	97.49M	30.94M
(Gain) Loss On Sale of Asset - (CF)	-	-	6.39M	-	-
(Gain) Loss on Sale of Investments - (CF)	-137M	-64.6M	41.53M	44.68M	-5.48M
Total Asset Writedown	364M	809M	355M	274M	429M
Stock-Based Compensation (CF)	502K	-	-	-	-
Provision and Write-off of Bad Debts	-	-	158M	1.05B	10.03M
Change in Accounts Receivable	-250M	-84.43M	-85.71M	-39.02M	35.74M
Change in Accounts Payable	27.03M	-20.46M	-19.94M	-6.4M	-48.05M
Other Operating Activities	375M	383M	533M	299M	47.65M
Net Cash From Discontinued Operations	62.23M	-7.08M	-	-	-
Cash from Operations	512M	422M	384M	451M	457M
Acquisition of Real Estate Assets, Total	-43.48M	-34.41M	-38.43M	-110M	-110M
Sale of Real Estate Assets, Total	108M	147M	97.75M	66.98M	90.09M
Net Sale / Acquisition of Real Estate Assets	65.02M	112M	59.32M	-43.45M	-20.31M
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	600M	-	-	-	-
Cash from Investing	665M	112M	59.32M	-43.45M	-20.31M
Long-Term Debt Issued, Total	1.63B	810M	1.44B	1.2B	90.29M
Total Debt Issued	1.63B	810M	1.44B	1.2B	90.29M
Long-Term Debt Repaid, Total	-2.35B	-918M	-1.47B	-1.37B	-138M
Total Debt Repaid	-2.35B	-918M	-1.47B	-1.37B	-138M
Issuance of Common Stock	-	44.75M	-	200M	100M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-38.16M	-	-	-
Common & Preferred Stock Dividends Paid	-	-38.16M	-	-	-
Other Financing Activities, Total	-423M	-443M	-436M	-447M	-387M
Cash from Financing	-1.15B	-544M	-461M	-421M	-334M
Foreign Exchange Rate Adjustments	-4.99M	545K	-	-	-
Net Change in Cash	22.41M	-8.95M	-16.97M	-14.04M	103M
Supplemental Items
Cash Interest Paid	397M	443M	436M	447M	382M
Cash Income Tax Paid (Refund)	98K	-	-	-	-
Net Debt Issued / Repaid	-726M	-108M	-24.35M	-175M	-47.62M
Levered Free Cash Flow	233M	-254M	-710M	202M	405M
Unlevered Free Cash Flow	440M	-11.26M	-363M	380M	624M
Change In Net Working Capital	-34.95M	326M	633M	-485M	-379M

Fiscal Period: March	2022 (ZAR)	2023 (ZAR)	2024 (ZAR)	2025 (ZAR)	2026 (ZAR)
Profitability
Return on Assets	3.35	2.86	2.57	-1.37	3.28
Return on Total Capital	3.46	3.01	2.72	-1.46	3.41
Return On Equity %	0.05	-10.52	-12.39	-30.29	-1.25
Return on Common Equity	0.07	-10.52	-12.39	-30.29	-1.25
Margin Analysis
Gross Profit Margin %	66.35	61.48	57.38	56.68	55.24
SG&A Margin	5.41	7.86	7.86	9.08	9.73
EBITDA Margin %	67.78	57.18	51.4	-24.94	57.17
EBITA Margin %	66.9	56.23	50.43	-25.41	56.77
EBIT Margin %	66.9	56.23	50.43	-25.41	56.77
Income From Continuing Operations Margin %	0.31	-68.16	-76.24	-167.02	-6.76
Net Income Margin %	6.54	-68.98	-76.24	-167.02	-6.76
Net Avail. For Common Margin %	0.46	-68.16	-76.24	-167.02	-6.76
Normalized Net Income Margin	26.69	16.51	-6.55	-77.28	27.66
Levered Free Cash Flow Margin	24.63	-29.15	-86.67	26.58	59.69
Unlevered Free Cash Flow Margin	46.44	-1.29	-44.36	50.05	91.84
Asset Turnover
Asset Turnover	0.08	0.08	0.08	0.09	0.09
Fixed Assets Turnover	0.09	0.09	0.1	0.11	0.11
Receivables Turnover (Average Receivables)	2.97	1.86	4.12	6.15	12.53
Short Term Liquidity
Current Ratio	0.88	0.48	0.52	1.09	0.26
Quick Ratio	0.74	0.37	0.26	0.07	0.07
Operating Cash Flow to Current Liabilities	0.43	0.14	0.1	0.35	0.15
Days Sales Outstanding (Average Receivables)	122.86	195.77	88.79	59.36	29.13
Average Days Payable Outstanding	64.87	45.69	28.48	27.23	26.07
Long Term Solvency
Total Debt/Equity	77.27	83.69	93.56	102.69	81.25
Total Debt / Total Capital	43.59	45.56	48.34	50.66	44.83
LT Debt/Equity	66.04	38.52	22.61	79.98	0.12
Long-Term Debt / Total Capital	37.25	20.97	11.68	39.46	0.07
Total Liabilities / Total Assets	46.3	48.24	51.45	53.58	45.92
EBIT / Interest Expense	1.92	1.26	0.73	-0.46	0.97
EBITDA / Interest Expense	1.94	1.28	0.74	-0.45	0.98
(EBITDA - Capex) / Interest Expense	1.94	1.28	0.74	-0.45	0.98
Total Debt / EBITDA	7.15	8.98	10.5	-19.8	7.74
Net Debt / EBITDA	7.07	8.8	10.43	-19.76	7.45
Total Debt / (EBITDA - Capex)	7.16	8.98	10.51	-19.8	7.74
Net Debt / (EBITDA - Capex)	7.07	8.8	10.44	-19.76	7.45
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	18.06	-8	-4.32	-7.24	-10.68
Gross Profit, 1 Yr. Growth %	23.76	-14.68	-6.7	-11.26	-12.95
EBITDA, 1 Yr. Growth %	48.91	-22.34	-11.33	-145.01	-157.5
EBITA, 1 Yr. Growth %	49.78	-22.6	-12.99	-146.74	-156.79
EBIT, 1 Yr. Growth %	49.78	-22.6	-12.99	-146.74	-156.79
Earnings From Cont. Operations, 1 Yr. Growth %	-100.43	-20.06K	5.13	103.23	-96.39
Net Income, 1 Yr. Growth %	-108.78	-1.07K	3.89	103.23	-96.39
Diluted EPS Before Extra, 1 Yr. Growth %	-100.63	-11.47K	-6.67	54.1	-96.68
Normalized Net Income, 1 Yr. Growth %	420.82	-43.04	-139.94	995.09	-130.19
Net Property, Plant and Equip., 1 Yr. Growth %	-15.05	-10.76	-14	-15.82	-6.59
Accounts Receivable, 1 Yr. Growth %	106.88	17.46	-20.36	-59.73	-47.32
Total Assets, 1 Yr. Growth %	-11.83	-6.62	-5.77	-19.29	-13
Common Equity, 1 Yr. Growth %	-0.74	-10	-11.61	-22.84	1.36
Tangible Book Value, 1 Yr. Growth %	-0.74	-10	-11.61	-22.84	1.36
Cash From Operations, 1 Yr. Growth %	44.49	-17.52	-9	17.26	1.41
Capital Expenditures, 1 Yr. Growth %	306.98	-61.14	183.82	-	-
Levered Free Cash Flow, 1 Yr. Growth %	-52.47	-209.06	161.97	-128.83	-470.67
Unlevered Free Cash Flow, 1 Yr. Growth %	-35.61	-102.56	1.64K	-204.74	709.4
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-6.57	4.22	-7.01	-5.79	-8.98
Gross Profit, 2 Yr. CAGR %	-6.85	2.72	-13.49	-7.54	-12.11
EBITDA, 2 Yr. CAGR %	1.56	7.5	-18.99	-36.82	-4
EBITA, 2 Yr. CAGR %	1.95	7.63	-19.23	-36.23	-3.42
EBIT, 2 Yr. CAGR %	1.95	7.63	-19.23	-36.23	-3.42
Earnings From Cont. Operations, 2 Yr. CAGR %	-94.05	-7.03	1.35K	46.17	-72.9
Net Income, 2 Yr. CAGR %	-72.89	-7.69	217.47	45.3	-72.9
Diluted EPS Before Extra, 2 Yr. CAGR %	-92.86	-15.37	929.91	19.93	-78.02
Normalized Net Income, 2 Yr. CAGR %	57.83	72.14	-53.92	109.13	87.11
Net Property, Plant and Equip., 2 Yr. CAGR %	-10.17	-12.93	-12.4	-14.92	-11.33
Accounts Receivable, 2 Yr. CAGR %	63.29	55.89	-35.98	-43.37	-53.94
Total Assets, 2 Yr. CAGR %	-9.53	-9.27	-6.2	-12.79	-16.2
Common Equity, 2 Yr. CAGR %	-6	-5.48	-10.81	-17.41	-11.56
Tangible Book Value, 2 Yr. CAGR %	-6	-5.48	-10.81	-17.41	-11.56
Cash From Operations, 2 Yr. CAGR %	-16.37	9.17	-13.36	3.3	9.05
Capital Expenditures, 2 Yr. CAGR %	137.6	25.75	5.02	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-14.72	-28.05	74.57	-13.68	-23.96
Unlevered Free Cash Flow, 2 Yr. CAGR %	-11.48	-87.16	-9.09	327.15	31.01
Dividend Per Share, 2 Yr. CAGR %	16.74	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-8.43	-7.05	0.69	-7.08	-7.45
Gross Profit, 3 Yr. CAGR %	-9.9	-9.56	-2.55	-11.81	-9.38
EBITDA, 3 Yr. CAGR %	-7.74	-7.15	-0.79	-33.4	-6.51
EBITA, 3 Yr. CAGR %	-7.67	-7.02	-0.8	-32.69	-6.72
EBIT, 3 Yr. CAGR %	-7.67	-7.02	-0.8	-32.69	-6.72
Earnings From Cont. Operations, 3 Yr. CAGR %	-82.61	-10.95	-3.14	652.64	-57.42
Net Income, 3 Yr. CAGR %	-52.08	-10.67	-3.98	173.61	-57.58
Diluted EPS Before Extra, 3 Yr. CAGR %	-79.92	-16.43	-12.56	446.77	-64.4
Normalized Net Income, 3 Yr. CAGR %	-3.96	12.32	3.37	32.48	11.82
Net Property, Plant and Equip., 3 Yr. CAGR %	-6.47	-10.37	-13.29	-13.56	-12.23
Accounts Receivable, 3 Yr. CAGR %	-9.98	46.31	-5.35	-45.15	-44.72
Total Assets, 3 Yr. CAGR %	-6.78	-8.57	-8.12	-10.78	-12.86
Common Equity, 3 Yr. CAGR %	-9.2	-7.35	-7.57	-15.01	-11.58
Tangible Book Value, 3 Yr. CAGR %	-9.2	-7.35	-7.57	-15.01	-11.58
Cash From Operations, 3 Yr. CAGR %	-16.35	-16.76	2.74	-4.16	2.67
Capital Expenditures, 3 Yr. CAGR %	50.83	29.93	64.95	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-11.65	-7.48	13.09	-4.65	14.34
Unlevered Free Cash Flow, 3 Yr. CAGR %	52.21	-72.83	-18.98	-4.71	210.37
Dividend Per Share, 3 Yr. CAGR %	-24.45	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.94	-6.29	-7.87	-6.88	-3.29
Gross Profit, 5 Yr. CAGR %	-5.03	-9.85	-11.37	-9.88	-5.89
EBITDA, 5 Yr. CAGR %	-2.96	-9.92	-12.43	-21.17	-2.09
EBITA, 5 Yr. CAGR %	-3.18	-9.98	-12.49	-20.55	-1.85
EBIT, 5 Yr. CAGR %	-3.18	-9.98	-12.49	-20.55	-1.85
Earnings From Cont. Operations, 5 Yr. CAGR %	-68.1	-11.39	2	8.57	-41.81
Net Income, 5 Yr. CAGR %	-41.42	-11.15	2.09	8.52	-42.11
Diluted EPS Before Extra, 5 Yr. CAGR %	-66.04	-13.89	-2.88	-3.44	-49.67
Normalized Net Income, 5 Yr. CAGR %	0.63	-14.03	-28.42	42.05	31.06
Net Property, Plant and Equip., 5 Yr. CAGR %	-3.39	-6.57	-8.89	-12.22	-12.51
Accounts Receivable, 5 Yr. CAGR %	16.61	10.63	-21.45	-15.14	-29.04
Total Assets, 5 Yr. CAGR %	-2.21	-4.78	-6.55	-10.29	-11.44
Common Equity, 5 Yr. CAGR %	-4.12	-7.36	-9.85	-11.51	-9.19
Tangible Book Value, 5 Yr. CAGR %	-4.12	-7.36	-9.85	-11.51	-9.19
Cash From Operations, 5 Yr. CAGR %	-2.92	-8	-15.17	-9.25	5.22
Capital Expenditures, 5 Yr. CAGR %	-30.33	-20.49	30.5	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	-5.86	18.45	15.98	-8.84	-3.76
Unlevered Free Cash Flow, 5 Yr. CAGR %	-2.62	-48.74	23.84	-7.49	-1.82
Dividend Per Share, 5 Yr. CAGR %	-17.52	-	-	-	-