aReit PROP LIMITED - Trading Statement

Trading Statement

AREIT PROP LIMITED
Approved as a REIT
(Incorporated in the Republic of South Africa)
(Registration number 2021/837953/06)
("the Company")
ISIN Code: ZAE000306585 | JSE Code: APO

TRADING STATEMENT

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, companies are
required to publish a trading statement as soon as they are satisfied that a reasonable degree of
certainty exists that the financial results for the period to be reported on will differ by at least 20%
from the financial results for the previous corresponding period or a profit forecast previously
provided to the market in relation to such period.

The Company advises that the valuation of the leasehold properties has undergone a detailed
exercise with the new auditors and, as a result of a change to the discount rate and the variable
income actually achieved coming out of Covid being lower than anticipated in the original
valuation of the leasehold properties at the time of listing, a large impairment of the leasehold
properties will be incurred. This will result in the Company showing a loss for the year under review.
It is noted that this is non-cash flow in nature and will not impact headline earnings or distributable
income of the Company. Furthermore, the gearing ratio of the Company will remain below 1% of
the gross net asset value due to the Company not being geared.

Accordingly, shareholders are advised that a reasonable degree of certainty exists that, for the
year ended 31 December 2023, the basic loss per share will be between 390 cents and 400 cents,
representing a decrease of over 100% compared to the basic earnings per share of 39.60 cents
reported for the year ended 31 December 2022.

At this stage, in the absence of any final audit adjustments required, the headline earnings per
share ("HEPS") for the year ended 31 December 2023 is expected to be within 20% of the HEPS
reported in the previous corresponding period of 63.97 cents per share.

This financial information has not been reviewed or reported on by the Company's auditors. The
audited results for the year ended 31 December 2023 are expected to be published during April
2025.

Cape Town
8 April 2025

Designated Advisor
AcaciaCap Advisors Proprietary Limited

Date: 08-04-2025 02:20:00
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