DAIWA SECURITIES LIVING INVESTMENT CORPORATION

Cash flow Daiwa Securities Living Investment Corporation

Equities

8986

JP3046410001

Residential REITs

Delayed Japan Exchange Other stock markets 01:30:00 2026-02-18 am EST			5-day change	1st Jan Change
115,900.00 ^JPY	+0.78%		+0.26%	+1.58%

Jan. 27	Daiwa Securities Living Investment Refinances 2.59 Billion Yen in Loans	MT
Jan. 27	Daiwa Securities Living Investment Corporation Decides to Refinance the Borrowings of JPY 2,591 Million	CI

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Published financial data: DAIWA SECURITIES LIVING INVESTMENT CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2021	2022	2023	2024	2025
Rental Revenues	21.3B	22.7B	23.87B	24.78B	25.27B
Gain (Loss) on Sale of Assets, Total (Rev)	-	-	802M	2.66B	4.58B
Other Revenues, Total	-	-	-	1K	-
Total Revenues	21.3B	22.7B	24.67B	27.44B	29.85B
Property Expenses	9.54B	10.64B	11.65B	12.01B	12.57B
Selling General & Admin Expenses, Total	376M	666M	438M	863M	477M
Provision for Bad Debts	709K	3.83M	113K	4.82M	401K
Other Operating Expenses	1.2B	723M	767M	866M	822M
Total Operating Expenses	11.11B	12.03B	12.86B	13.75B	13.87B
Operating Income (REIT / Utility Template)	10.19B	10.67B	11.81B	13.69B	15.98B
Interest Expense, Total	-1.16B	-1.09B	-1.3B	-1.33B	-2.04B
Interest and Investment Income	10K	22K	12K	226K	3.37M
Net Interest Expenses	-1.16B	-1.09B	-1.3B	-1.33B	-2.03B
Other Non Operating Income (Expenses)	-146M	-298M	-151M	-341M	-133M
EBT, Excl. Unusual Items	8.89B	9.28B	10.35B	12.02B	13.82B
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	8.89B	9.28B	10.35B	12.02B	13.82B
Income Tax Expense	605K	1.21M	605K	1.21M	605K
Earnings From Continuing Operations	8.89B	9.27B	10.35B	12.02B	13.82B
Net Income to Company	8.89B	9.27B	10.35B	12.02B	13.82B
Net Income - (IS)	8.89B	9.27B	10.35B	12.02B	13.82B
Net Income to Common Incl Extra Items	8.89B	9.27B	10.35B	12.02B	13.82B
Net Income to Common Excl. Extra Items	8.89B	9.27B	10.35B	12.02B	13.82B
Per Share Items
Net EPS - Basic	4.2K	4.21K	4.58K	5K	5.75K
Basic EPS - Continuing Operations	4.2K	4.21K	4.58K	5K	5.75K
Basic Weighted Average Shares Outstanding	2.12M	2.2M	2.26M	2.4M	2.4M
Net EPS - Diluted	4.2K	4.21K	4.58K	5K	5.75K
Diluted EPS - Continuing Operations	4.2K	4.21K	4.58K	5K	5.75K
Diluted Weighted Average Shares Outstanding	2.12M	2.2M	2.26M	2.4M	2.4M
Normalized Basic EPS	2.62K	2.63K	2.86K	3.13K	3.6K
Normalized Diluted EPS	2.62K	2.63K	2.86K	3.13K	3.6K
Dividend Per Share	-	4.36K	-	4.7K	-
Payout Ratio	102.45	101.47	94.49	88.04	89.36
Supplemental Items
EBITDA	15.09B	15.67B	17.14B	19.04B	21.52B
EBITA	10.19B	10.67B	11.81B	13.69B	15.98B
EBIT	10.19B	10.67B	11.81B	13.69B	15.98B
Total Revenues (As Reported)	10.49B	22.7B	11.9B	27.44B	15.19B
Effective Tax Rate - (Ratio)	0.01	0.01	0.01	0.01	0
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	605K	1.21M	605K	1.21M	605K
Normalized Net Income	5.56B	5.8B	6.47B	7.51B	8.64B
Interest on Long-Term Debt	-	154M	-	157M	-
Supplemental Operating Expense Items
Advertising Expense	-	521M	-	709M	-
Selling and Marketing Expenses	213M	521M	272M	709M	303M
General and Administrative Expenses	162M	146M	166M	153M	174M
Maintenance & Repair Expenses, Total	-	835M	-	1.2B	-

Fiscal Period: September	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	-	374B	-	431B	-
Accumulated Depreciation	-	-40B	-	-47.92B	-
Net Property Plant And Equipment	322B	334B	345B	383B	387B
Total Real Estate Assets	322B	334B	345B	383B	387B
Cash And Equivalents	11.04B	14.77B	18.7B	8.17B	8.95B
Accounts Receivable, Total	155M	150M	148M	147M	150M
Other Receivables	-	-	-	-	-
Other Intangibles, Total	-	610M	-	2.64B	-
Restricted Cash	2.8B	2.99B	3.16B	3.69B	3.88B
Other Current Assets, Total	379M	420M	338M	505M	524M
Deferred Charges Long-Term	-	115M	-	65.93M	-
Other Long-Term Assets, Total	120M	1.05B	91M	1.41B	41M
Total Assets	336B	354B	368B	400B	400B
Liabilities
Current Portion of Long-Term Debt	13.5B	18.2B	18.99B	21.61B	27.5B
Short-Term Borrowings	-	-	-	-	-
Long-Term Debt	159B	163B	169B	183B	177B
Accounts Payable, Total	396M	526M	1.05B	638M	1.08B
Accrued Expenses, Total	757M	824M	973M	1.04B	1.04B
Current Income Taxes Payable	-	605K	-	605K	-
Unearned Revenue, Current	-	865M	-	1.21B	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	811M	37.7M	925M	64.23M	1.23B
Other Non Current Liabilities	4.36B	4.52B	4.45B	4.58B	4.47B
Total Liabilities	179B	188B	196B	212B	213B
Common Stock, Total	124B	132B	138B	153B	153B
Additional Paid In Capital	20.62B	20.62B	20.62B	20.62B	18.62B
Retained Earnings	12.56B	12.43B	13B	14.44B	15.91B
Comprehensive Income and Other	1M	2K	11M	45.98M	329M
Total Common Equity	157B	165B	172B	188B	188B
Total Equity	157B	165B	172B	188B	188B
Total Liabilities And Equity	336B	354B	368B	400B	400B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.2M	2.26M	2.26M	2.41M	2.39M
ECS Total Common Shares Outstanding	2.13M	2.2M	2.26M	2.41M	2.39M
Book Value / Share	73.79K	74.93K	76.07K	78.04K	78.61K
Tangible Book Value	157B	165B	172B	185B	188B
Tangible Book Value Per Share	73.79K	74.66K	76.07K	76.94K	78.61K
Total Debt	173B	182B	188B	205B	205B
Net Debt	162B	167B	169B	197B	196B
Account Code - Inventory Valuation	-	3	-	3	-
Land - (BS)	-	181B	-	218B	-
Buildings, Total	-	190B	-	210B	-
Machinery, Total	-	2.26B	-	2.82B	-
Accumulated Allowance for Doubtful Accounts (Supple)	6M	6.59M	9M	8.7M	7M

Fiscal Period: September	2021	2022	2023	2024	2025
Net Income	8.89B	9.28B	10.35B	12.02B	13.82B
Depreciation, Depletion & Amortization	4.9B	5.01B	5.33B	5.35B	5.54B
Total Depreciation, Depletion & Amortization	4.9B	5.01B	5.33B	5.35B	5.54B
Amortization of Deferred Charges, Total	127M	262M	141M	305M	166M
Change in Accounts Receivable	10.54M	4.31M	-1.5M	1.85M	-1.56M
Change in Accounts Payable	-592M	69.41M	530M	133M	-159M
Change in Unearned Revenues	78.22M	63.76M	63.43M	309M	-14.89M
Change in Other Net Operating Assets (Collected)	-81.06M	-279M	-109M	8.83B	4.94B
Other Operating Activities	-211M	1.62M	8.26B	-419M	5.51B
Cash from Operations	13.12B	14.4B	24.57B	26.53B	29.79B
Acquisition of Real Estate Assets, Total	-29B	-18.25B	-23.25B	-54.92B	-14.37B
Net Sale / Acquisition of Real Estate Assets	-29B	-18.25B	-23.25B	-54.92B	-14.37B
Purchase / Sale of Intangible Assets	-381K	-	-	-2.07B	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	324M	164M	-63.61M	127M	-107M
Cash from Investing	-28.68B	-18.09B	-23.32B	-56.87B	-14.48B
Short Term Debt Issued, Total	-	2.37B	-	-	-
Long-Term Debt Issued, Total	950M	22.5B	-	35.59B	-
Total Debt Issued	32.38B	24.87B	15.85B	35.59B	10.9B
Short Term Debt Repaid, Total	-	-2.37B	-	-	-
Long-Term Debt Repaid, Total	-	-13.52B	-	-18.99B	-
Total Debt Repaid	-12.38B	-15.89B	-9.4B	-18.99B	-10.9B
Issuance of Common Stock	6.39B	8.03B	6.17B	14.32B	-
Common Dividends Paid	-9.11B	-9.41B	-9.78B	-10.58B	-12.35B
Common & Preferred Stock Dividends Paid	-9.11B	-9.41B	-9.78B	-10.58B	-12.35B
Other Financing Activities, Total	-93.72M	-	-1K	-1K	-2B
Cash from Financing	17.19B	7.6B	2.84B	20.34B	-14.35B
Miscellaneous Cash Flow Adjustments	-	3K	-1M	-2K	-
Net Change in Cash	1.64B	3.92B	4.09B	-10B	968M
Supplemental Items
Cash Interest Paid	970M	1.07B	1.12B	1.31B	1.82B
Cash Income Tax Paid (Refund)	605K	1.21M	605K	1.21M	605K
Net Debt Issued / Repaid	20B	8.98B	6.45B	16.6B	0
Levered Free Cash Flow	-	11.32B	-	10.61B	-
Unlevered Free Cash Flow	-	11.98B	-	11.42B	-
Change In Net Working Capital	510M	-66.11M	-611M	697M	-191M

Fiscal Period: September	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.97	1.93	2.05	2.23	2.5
Return on Total Capital	2.01	1.97	2.09	2.27	2.55
Return On Equity %	5.76	5.75	6.14	6.68	7.36
Return on Common Equity	5.76	5.75	6.14	6.68	7.36
Margin Analysis
Gross Profit Margin %	55.23	53.13	52.75	56.22	57.89
SG&A Margin	1.76	2.94	1.78	3.14	1.6
EBITDA Margin %	70.86	69.05	69.49	69.4	72.09
EBITA Margin %	47.85	46.99	47.87	49.9	53.54
EBIT Margin %	47.85	46.99	47.87	49.9	53.54
Income From Continuing Operations Margin %	41.74	40.86	41.96	43.8	46.29
Net Income Margin %	41.74	40.86	41.96	43.8	46.29
Net Avail. For Common Margin %	41.74	40.86	41.96	43.8	46.29
Normalized Net Income Margin	26.09	25.54	26.23	27.37	28.93
Levered Free Cash Flow Margin	-	49.86	-	38.68	-
Unlevered Free Cash Flow Margin	-	52.76	-	41.62	-
Asset Turnover
Asset Turnover	0.07	0.07	0.07	0.07	0.07
Fixed Assets Turnover	0.07	0.07	0.07	0.08	0.08
Receivables Turnover (Average Receivables)	132.2	148.62	159.92	167.55	169.96
Short Term Liquidity
Current Ratio	0.93	0.9	1.02	0.51	0.44
Quick Ratio	0.72	0.73	0.86	0.34	0.29
Operating Cash Flow to Current Liabilities	0.85	0.7	1.12	1.08	0.97
Days Sales Outstanding (Average Receivables)	2.76	2.46	2.28	2.18	2.15
Average Days Payable Outstanding	23.54	14.9	24.64	19.09	24.94
Long Term Solvency
Total Debt/Equity	109.79	109.97	109.39	109.01	109.15
Total Debt / Total Capital	52.33	52.37	52.24	52.15	52.19
LT Debt/Equity	101.2	98.95	98.34	97.5	94.49
Long-Term Debt / Total Capital	48.24	47.13	46.97	46.65	45.18
Total Liabilities / Total Assets	53.23	53.29	53.2	53.05	53.12
EBIT / Interest Expense	8.82	9.76	9.06	10.27	7.85
EBITDA / Interest Expense	13.06	14.34	13.15	14.29	10.57
(EBITDA - Capex) / Interest Expense	-	14.34	-	14.29	-
Total Debt / EBITDA	11.44	11.59	10.98	10.75	9.51
Net Debt / EBITDA	10.71	10.65	9.88	10.32	9.1
Total Debt / (EBITDA - Capex)	-	11.59	-	10.75	-
Net Debt / (EBITDA - Capex)	-	10.65	-	10.32	-
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.98	6.57	8.67	11.24	8.8
Gross Profit, 1 Yr. Growth %	15.43	5.01	7.9	16.22	12.04
EBITDA, 1 Yr. Growth %	14.69	4.72	9.37	12.01	13
EBITA, 1 Yr. Growth %	13.02	4.65	10.7	15.96	16.74
EBIT, 1 Yr. Growth %	13.02	4.65	10.7	15.96	16.74
Earnings From Cont. Operations, 1 Yr. Growth %	-5.35	4.33	11.62	16.09	14.98
Net Income, 1 Yr. Growth %	-5.35	4.33	11.62	16.09	14.98
Diluted EPS Before Extra, 1 Yr. Growth %	-17.42	0.22	8.86	9.25	15.03
Normalized Net Income, 1 Yr. Growth %	2.37	4.32	11.61	16.09	14.98
Net Property, Plant and Equip., 1 Yr. Growth %	8.77	4.17	3.46	11.68	0.82
Accounts Receivable, 1 Yr. Growth %	-7.31	-2.93	-1.64	-0.71	1.77
Total Assets, 1 Yr. Growth %	8.41	5.17	3.92	8.86	0.01
Common Equity, 1 Yr. Growth %	4.09	5.04	4.1	9.2	-0.13
Tangible Book Value, 1 Yr. Growth %	4.51	5.06	4.49	8.02	1.29
Cash From Operations, 1 Yr. Growth %	-48.4	9.76	70.57	7.97	12.3
Levered Free Cash Flow, 1 Yr. Growth %	-	10.36	-	-16.76	-
Unlevered Free Cash Flow, 1 Yr. Growth %	-	10.21	-	-15.04	-
Dividend Per Share, 1 Yr. Growth %	-	0.93	-	6.07	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	12.88	6.78	7.62	9.95	10.01
Gross Profit, 2 Yr. CAGR %	17.2	8.78	5.17	13.1	15.25
EBITDA, 2 Yr. CAGR %	14.45	9.14	6.57	10.23	12.04
EBITA, 2 Yr. CAGR %	14.66	8.76	7.64	13.3	16.35
EBIT, 2 Yr. CAGR %	14.66	8.76	7.64	13.3	16.35
Earnings From Cont. Operations, 2 Yr. CAGR %	16.74	-0.63	7.91	13.83	15.54
Net Income, 2 Yr. CAGR %	16.74	-0.63	7.91	13.83	15.54
Diluted EPS Before Extra, 2 Yr. CAGR %	2.73	-9.02	4.46	9.06	12.1
Normalized Net Income, 2 Yr. CAGR %	15.02	3.35	7.91	13.83	15.53
Net Property, Plant and Equip., 2 Yr. CAGR %	21.66	6.18	3.56	7.22	5.84
Accounts Receivable, 2 Yr. CAGR %	-17.91	-5.15	-2.28	-1.03	0.67
Total Assets, 2 Yr. CAGR %	21.67	6.78	4.54	6.36	4.34
Common Equity, 2 Yr. CAGR %	20.43	4.56	4.57	6.62	4.43
Tangible Book Value, 2 Yr. CAGR %	20.43	4.58	4.57	6.06	4.43
Cash From Operations, 2 Yr. CAGR %	-5.17	-24.74	36.83	35.71	10.11
Capital Expenditures, 2 Yr. CAGR %	1.3	-	-26.2	-	45.35
Levered Free Cash Flow, 2 Yr. CAGR %	-	14.83	-	-3.17	-
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	14.76	-	-2.35	-
Dividend Per Share, 2 Yr. CAGR %	-	1.67	-	3.83	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.8	10.74	7.41	8.81	9.56
Gross Profit, 3 Yr. CAGR %	10.78	12.01	8.49	10.33	12.74
EBITDA, 3 Yr. CAGR %	10.45	11.83	9.21	8.36	11.15
EBITA, 3 Yr. CAGR %	10.35	12.18	9.4	10.34	14.43
EBIT, 3 Yr. CAGR %	10.35	12.18	9.4	10.34	14.43
Earnings From Cont. Operations, 3 Yr. CAGR %	12.32	12.45	3.3	10.57	14.21
Net Income, 3 Yr. CAGR %	12.32	12.45	3.3	10.57	14.21
Diluted EPS Before Extra, 3 Yr. CAGR %	3.14	1.89	-3.41	6.03	11.01
Normalized Net Income, 3 Yr. CAGR %	12.32	12.44	6.03	10.57	14.21
Net Property, Plant and Equip., 3 Yr. CAGR %	14.2	15.54	5.26	6.19	5.04
Accounts Receivable, 3 Yr. CAGR %	-10.29	-13.26	-3.99	-1.67	-0.1
Total Assets, 3 Yr. CAGR %	13.95	15.9	5.82	5.96	4.2
Common Equity, 3 Yr. CAGR %	13.22	15.07	4.41	6.09	4.32
Tangible Book Value, 3 Yr. CAGR %	13.41	15.12	4.55	5.73	4.45
Cash From Operations, 3 Yr. CAGR %	8.56	-0.43	-1.14	26.44	27.41
Levered Free Cash Flow, 3 Yr. CAGR %	-	12.63	-	1.15	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	12.46	-	1.67	-
Dividend Per Share, 3 Yr. CAGR %	-	2.66	-	2.85	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.79	5.96	8.33	10.42	8.44
Gross Profit, 5 Yr. CAGR %	7.17	6.09	8.5	12.44	11.14
EBITDA, 5 Yr. CAGR %	7.3	6.56	8.88	11.19	10.34
EBITA, 5 Yr. CAGR %	7.11	6.36	9.26	12.63	12.13
EBIT, 5 Yr. CAGR %	7.11	6.36	9.26	12.63	12.13
Earnings From Cont. Operations, 5 Yr. CAGR %	9.84	7.65	10.54	13	8.03
Net Income, 5 Yr. CAGR %	9.84	7.65	10.54	13	8.03
Diluted EPS Before Extra, 5 Yr. CAGR %	4.36	1.46	3.67	4.7	2.52
Normalized Net Income, 5 Yr. CAGR %	9.84	7.65	10.53	13	9.73
Net Property, Plant and Equip., 5 Yr. CAGR %	8.59	8.93	9.82	12.14	5.5
Accounts Receivable, 5 Yr. CAGR %	2.76	-3.48	-7.17	-8.56	-2.15
Total Assets, 5 Yr. CAGR %	8.02	8.82	10.09	11.98	5.22
Common Equity, 5 Yr. CAGR %	7.91	8.81	9.68	11.61	4.42
Tangible Book Value, 5 Yr. CAGR %	8.02	8.84	9.79	11.41	4.5
Cash From Operations, 5 Yr. CAGR %	7.28	2.34	19.09	12.7	3.21
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	-	5.26	-	6.02	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	5.03	-	6.28	-
Dividend Per Share, 5 Yr. CAGR %	-	2.67	-	3.12	-