DAIWA SECURITIES LIVING INVESTMENT CORPORATION

Cash flow Daiwa Securities Living Investment Corporation

Equities

8986

JP3046410001

Residential REITs

Market Closed - Japan Exchange Other stock markets 01:30:00 2024-12-06 am EST			5-day change	1st Jan Change
88,600.00 ^JPY	-0.34%		-2.53%	-15.05%

Nov. 20	Daiwa Securities Living Investment Corporation Provides Consolidated Earnings Guidance for the Period from October 1, 2024, to March 31, 2025 and April 1, 2025 to September 30, 2025	CI
Nov. 20	Daiwa Securities Living Investment Corporation Announces New Borrowing for Purpose of Refinancing the Existing Borrowings	CI

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Published financial data: DAIWA SECURITIES LIVING INVESTMENT CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2020	2021	2022	2023	2024
Rental Revenues	18.44B	21.3B	22.7B	23.87B	24.28B
Interest and Investment Income, Total (Revenue Block)	-	-	-	-	-
Gain (Loss) on Sale of Assets, Total (Rev)	-	-	-	802M	2.29B
Other Revenues, Total	1.47B	1.47B	-	-	-
Total Revenues	19.91B	21.3B	22.7B	24.67B	26.57B
Property Expenses	9.72B	9.54B	10.64B	11.65B	12.3B
Selling General & Admin Expenses, Total	518M	376M	666M	438M	190M
Provision for Bad Debts	2.94M	709K	3.83M	113K	-
Other Operating Expenses	653M	1.2B	723M	767M	874M
Total Operating Expenses	10.89B	11.11B	12.03B	12.86B	13.37B
Operating Income (REIT / Utility Template)	9.02B	10.19B	10.67B	11.81B	13.2B
Interest Expense, Total	-841M	-1.16B	-1.09B	-1.3B	-1.54B
Interest and Investment Income	12K	10K	22K	12K	-
Net Interest Expenses	-841M	-1.16B	-1.09B	-1.3B	-1.54B
Other Non Operating Income (Expenses)	508M	-146M	-298M	-151M	24M
EBT, Excl. Unusual Items	8.68B	8.89B	9.28B	10.35B	11.69B
Total Merger & Related Restructuring Charges	-394M	-394M	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other Unusual Items	1.1B	1.06B	-58M	-23M	-62M
EBT, Incl. Unusual Items	9.39B	8.89B	9.28B	10.35B	11.63B
Income Tax Expense	1.21M	605K	1.21M	605K	-
Earnings From Continuing Operations	9.39B	8.89B	9.27B	10.35B	11.63B
Net Income to Company	9.39B	8.89B	9.27B	10.35B	11.63B
Net Income - (IS)	9.39B	8.89B	9.27B	10.35B	11.63B
Net Income to Common Incl Extra Items	9.39B	8.89B	9.27B	10.35B	11.63B
Net Income to Common Excl. Extra Items	9.39B	8.89B	9.27B	10.35B	11.63B
Per Share Items
Net EPS - Basic	5.08K	4.2K	4.21K	4.58K	4.85K
Basic EPS - Continuing Operations	5.08K	4.2K	4.21K	4.58K	4.85K
Basic Weighted Average Shares Outstanding	1.85M	2.12M	2.2M	2.26M	2.4M
Net EPS - Diluted	5.08K	4.2K	4.21K	4.58K	4.85K
Diluted EPS - Continuing Operations	5.08K	4.2K	4.21K	4.58K	4.85K
Diluted Weighted Average Shares Outstanding	1.85M	2.12M	2.2M	2.26M	2.4M
Normalized Basic EPS	2.94K	2.62K	2.63K	2.86K	3.05K
Normalized Diluted EPS	2.94K	2.62K	2.63K	2.86K	3.05K
Dividend Per Share	4.22K	-	4.36K	-	-
Payout Ratio	71	102.45	101.47	94.49	86.79
Supplemental Items
EBITDA	13.16B	15.09B	15.67B	17.14B	18.77B
EBITA	9.02B	10.19B	10.67B	11.81B	13.2B
EBIT	9.02B	10.19B	10.67B	11.81B	13.2B
Total Revenues (As Reported)	19.91B	10.49B	22.7B	11.9B	-
Effective Tax Rate - (Ratio)	0.01	0.01	0.01	0.01	-
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	1.21M	605K	1.21M	605K	-
Normalized Net Income	5.43B	5.56B	5.8B	6.47B	7.3B
Interest on Long-Term Debt	-	-	154M	-	-
Supplemental Operating Expense Items
Advertising Expense	386M	-	521M	-	-
Selling and Marketing Expenses	386M	213M	521M	272M	-
General and Administrative Expenses	132M	162M	146M	166M	190M
Maintenance & Repair Expenses, Total	1.2B	-	835M	-	-

Fiscal Period: March	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	326B	-	374B	-	-
Accumulated Depreciation	-30.21B	-	-40B	-	-
Net Property Plant And Equipment	296B	322B	334B	345B	386B
Total Real Estate Assets	296B	322B	334B	345B	386B
Cash And Equivalents	9.66B	11.04B	14.77B	18.7B	8.77B
Accounts Receivable, Total	167M	155M	150M	148M	199M
Other Receivables	170M	-	-	-	-
Other Intangibles, Total	611M	-	610M	-	-
Restricted Cash	2.55B	2.8B	2.99B	3.16B	3.55B
Other Current Assets, Total	329M	379M	420M	338M	601M
Deferred Charges Long-Term	46.83M	-	115M	-	-
Other Long-Term Assets, Total	810M	120M	1.05B	91M	78M
Total Assets	310B	336B	354B	368B	399B
Liabilities
Current Portion of Long-Term Debt	22.21B	13.5B	18.2B	18.99B	18.15B
Short-Term Borrowings	2.5B	-	-	-	-
Long-Term Debt	128B	159B	163B	169B	187B
Accounts Payable, Total	834M	396M	526M	1.05B	953M
Accrued Expenses, Total	730M	757M	824M	973M	1.02B
Current Income Taxes Payable	605K	-	605K	-	-
Unearned Revenue, Current	722M	-	865M	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	65.92M	811M	37.7M	925M	1.05B
Other Non Current Liabilities	4.05B	4.36B	4.52B	4.45B	4.59B
Total Liabilities	159B	179B	188B	196B	212B
Common Stock, Total	118B	124B	132B	138B	153B
Additional Paid In Capital	20.62B	20.62B	20.62B	20.62B	20.62B
Retained Earnings	12.78B	12.56B	12.43B	13B	13.77B
Comprehensive Income and Other	2K	1M	2K	11M	11M
Total Common Equity	151B	157B	165B	172B	187B
Total Equity	151B	157B	165B	172B	187B
Total Liabilities And Equity	310B	336B	354B	368B	399B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.06M	2.2M	2.26M	2.26M	2.4M
ECS Total Common Shares Outstanding	2.06M	2.13M	2.2M	2.26M	2.4M
Book Value / Share	73.5K	73.79K	74.93K	76.07K	78.06K
Tangible Book Value	151B	157B	165B	172B	187B
Tangible Book Value Per Share	73.21K	73.79K	74.66K	76.07K	78.06K
Total Debt	153B	173B	182B	188B	205B
Net Debt	143B	162B	167B	169B	196B
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	-	3	-	-
Land - (BS)	153B	-	181B	-	-
Buildings, Total	171B	-	190B	-	-
Machinery, Total	1.59B	-	2.26B	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	5.54M	6M	6.59M	9M	10M

Fiscal Period: March	2020	2021	2022	2023	2024
Net Income	9.39B	8.89B	9.28B	10.35B	11.63B
Depreciation, Depletion & Amortization	4.14B	4.9B	5.01B	5.33B	5.57B
Total Depreciation, Depletion & Amortization	4.14B	4.9B	5.01B	5.33B	5.57B
Amortization of Deferred Charges, Total	228M	127M	262M	141M	-
Change in Accounts Receivable	63.19M	10.54M	4.31M	-1.5M	-102M
Change in Accounts Payable	507M	-592M	69.41M	530M	-316M
Change in Unearned Revenues	256M	78.22M	63.76M	63.43M	-
Change in Other Net Operating Assets (Collected)	11.94B	-81.06M	-279M	-109M	2M
Other Operating Activities	-1.1B	-211M	1.62M	8.26B	9.77B
Cash from Operations	25.43B	13.12B	14.4B	24.57B	26.55B
Acquisition of Real Estate Assets, Total	-72.31B	-29B	-18.25B	-23.25B	-97.64B
Net Sale / Acquisition of Real Estate Assets	-72.31B	-29B	-18.25B	-23.25B	-97.64B
Purchase / Sale of Intangible Assets	-26.51M	-381K	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	1.56B	324M	164M	-63.61M	272M
Cash from Investing	-70.78B	-28.68B	-18.09B	-23.32B	-97.37B
Short Term Debt Issued, Total	2B	-	2.37B	-	-
Long-Term Debt Issued, Total	44.8B	950M	22.5B	6.45B	16.6B
Total Debt Issued	46.8B	32.38B	24.87B	15.85B	33.2B
Short Term Debt Repaid, Total	-	-	-2.37B	-	-
Long-Term Debt Repaid, Total	-19.5B	-	-13.52B	-	-
Total Debt Repaid	-19.5B	-12.38B	-15.89B	-9.4B	-
Issuance of Common Stock	26B	6.39B	8.03B	6.17B	28.64B
Common Dividends Paid	-6.67B	-4.5B	-9.41B	-4.81B	-
Common & Preferred Stock Dividends Paid	-6.69B	-4.6B	-9.21B	-4.97B	-10.09B
Common & Preferred Stock Dividends Paid	-6.67B	-9.11B	-9.41B	-9.78B	-10.09B
Other Financing Activities, Total	-	-93.72M	-42M	-1K	-
Cash from Financing	46.63B	17.19B	7.6B	2.84B	51.75B
Miscellaneous Cash Flow Adjustments	1.75B	1.75B	3K	-1M	2M
Net Change in Cash	3.04B	1.64B	3.92B	4.09B	-19.07B
Supplemental Items
Cash Interest Paid	819M	970M	1.07B	1.12B	1.16B
Cash Income Tax Paid (Refund)	1.93M	605K	1.21M	605K	-
Net Debt Issued / Repaid	27.3B	20B	8.98B	6.45B	33.2B
Levered Free Cash Flow	8.58B	-	11.32B	-	-84.6B
Unlevered Free Cash Flow	9.09B	-	11.98B	-	-83.64B
Change In Net Working Capital	869M	510M	-66.11M	-611M	-183M

Fiscal Period: March	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.1	1.97	1.93	2.05	2.15
Return on Total Capital	2.14	2.01	1.97	2.09	2.2
Return On Equity %	7.24	5.76	5.75	6.14	6.48
Return on Common Equity	7.24	5.76	5.75	6.14	6.48
Margin Analysis
Gross Profit Margin %	51.19	55.23	53.13	52.75	53.69
SG&A Margin	2.6	1.76	2.94	1.78	0.72
EBITDA Margin %	66.1	70.86	69.05	69.49	70.65
EBITA Margin %	45.29	47.85	46.99	47.87	49.68
EBIT Margin %	45.29	47.85	46.99	47.87	49.68
Income From Continuing Operations Margin %	47.18	41.74	40.86	41.96	43.76
Net Income Margin %	47.18	41.74	40.86	41.96	43.76
Net Avail. For Common Margin %	47.18	41.74	40.86	41.96	43.76
Normalized Net Income Margin	27.26	26.09	25.54	26.23	27.5
Levered Free Cash Flow Margin	43.12	-	49.86	-	-318.42
Unlevered Free Cash Flow Margin	45.68	-	52.76	-	-314.8
Asset Turnover
Asset Turnover	0.07	0.07	0.07	0.07	0.07
Fixed Assets Turnover	0.08	0.07	0.07	0.07	0.07
Receivables Turnover (Average Receivables)	92.71	132.2	148.62	159.92	132.68
Short Term Liquidity
Current Ratio	0.48	0.93	0.9	1.02	0.62
Quick Ratio	0.37	0.72	0.73	0.86	0.42
Operating Cash Flow to Current Liabilities	0.94	0.85	0.7	1.12	1.25
Days Sales Outstanding (Average Receivables)	3.95	2.76	2.46	2.28	2.76
Average Days Payable Outstanding	25.6	23.54	14.9	24.64	22.37
Long Term Solvency
Total Debt/Equity	101.04	109.79	109.97	109.39	109.42
Total Debt / Total Capital	50.26	52.33	52.37	52.24	52.25
LT Debt/Equity	84.68	101.2	98.95	98.34	99.72
Long-Term Debt / Total Capital	42.12	48.24	47.13	46.97	47.62
Total Liabilities / Total Assets	51.29	53.23	53.29	53.2	53.16
EBIT / Interest Expense	10.72	8.82	9.76	9.06	8.59
EBITDA / Interest Expense	15.64	13.06	14.34	13.15	12.22
(EBITDA - Capex) / Interest Expense	15.64	-	14.34	-	-51.35
Total Debt / EBITDA	11.6	11.44	11.59	10.98	10.91
Net Debt / EBITDA	10.87	10.71	10.65	9.88	10.44
Total Debt / (EBITDA - Capex)	11.6	-	11.59	-	-2.6
Net Debt / (EBITDA - Capex)	10.87	-	10.65	-	-2.48
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	19.09	6.98	6.57	8.67	13.86
Gross Profit, 1 Yr. Growth %	18.76	15.43	5.01	7.9	18.06
EBITDA, 1 Yr. Growth %	17.42	14.69	4.72	9.37	16.18
EBITA, 1 Yr. Growth %	19.35	13.02	4.65	10.7	20.95
EBIT, 1 Yr. Growth %	19.35	13.02	4.65	10.7	20.95
Earnings From Cont. Operations, 1 Yr. Growth %	43.98	-5.35	4.33	11.62	22.63
Net Income, 1 Yr. Growth %	43.98	-5.35	4.33	11.62	22.63
Diluted EPS Before Extra, 1 Yr. Growth %	27.78	-17.42	0.22	8.86	14.2
Normalized Net Income, 1 Yr. Growth %	33.11	2.37	4.32	11.61	22.97
Net Property, Plant and Equip., 1 Yr. Growth %	36.81	8.77	4.17	3.46	9.73
Accounts Receivable, 1 Yr. Growth %	-27.46	-7.31	-2.93	-1.64	19.16
Total Assets, 1 Yr. Growth %	36.54	8.41	5.17	3.92	8.98
Common Equity, 1 Yr. Growth %	39.35	4.09	5.04	4.1	9.15
Tangible Book Value, 1 Yr. Growth %	39.49	4.51	5.06	4.49	9.15
Cash From Operations, 1 Yr. Growth %	74.29	-48.4	9.76	70.57	80.22
Capital Expenditures, 1 Yr. Growth %	289.67	273.25	43.95	-38.58	402.86
Levered Free Cash Flow, 1 Yr. Growth %	8.36	-	10.36	-	-
Unlevered Free Cash Flow, 1 Yr. Growth %	7.99	-	10.21	-	-
Dividend Per Share, 1 Yr. Growth %	4.66	-	0.93	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.72	12.88	6.78	7.62	8.6
Gross Profit, 2 Yr. CAGR %	8.52	17.2	8.78	5.17	11.18
EBITDA, 2 Yr. CAGR %	8.39	14.45	9.14	6.57	8.63
EBITA, 2 Yr. CAGR %	9.04	14.66	8.76	7.64	11.33
EBIT, 2 Yr. CAGR %	9.04	14.66	8.76	7.64	11.33
Earnings From Cont. Operations, 2 Yr. CAGR %	22.36	16.74	-0.63	7.91	12.16
Net Income, 2 Yr. CAGR %	22.36	16.74	-0.63	7.91	12.16
Diluted EPS Before Extra, 2 Yr. CAGR %	15.27	2.73	-9.02	4.46	7.56
Normalized Net Income, 2 Yr. CAGR %	17.65	15.02	3.35	7.91	12.11
Net Property, Plant and Equip., 2 Yr. CAGR %	17.02	21.66	6.18	3.56	7.35
Accounts Receivable, 2 Yr. CAGR %	-11.75	-17.91	-5.15	-2.28	9.49
Total Assets, 2 Yr. CAGR %	16.82	21.67	6.78	4.54	6.69
Common Equity, 2 Yr. CAGR %	18.09	20.43	4.56	4.57	6.37
Tangible Book Value, 2 Yr. CAGR %	18.15	20.43	4.58	4.57	6.37
Cash From Operations, 2 Yr. CAGR %	57.48	-5.17	-24.74	36.83	34.83
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