Financial Ratios The Link Real Estate Investment Trust

Equities

823 HK0823032773

Commercial REITs

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Dec. 16	S&P Affirms Link REIT at A on Solid Market Position	MT
Dec. 09	Link Real Estate Investment Trust commences an Equity Buyback Plan for 255,384,511 shares, representing 10% of its issued share capital, under the authorization approved on July 31, 2024.	CI

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Published financial data: THE LINK REAL ESTATE INVESTMENT TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2020	2021	2022	2023	2024
Rental Revenues	10.72B	10.74B	11.6B	12.23B	13.58B
Other Revenues, Total	-	-	364M	85M	-627M
Total Revenues	10.72B	10.74B	11.97B	12.32B	12.95B
Property Expenses	2.37B	2.35B	2.63B	2.82B	3.24B
Selling General & Admin Expenses, Total	548M	586M	710M	871M	1.04B
Other Operating Expenses	-	-	-	-	-
Total Operating Expenses	2.91B	2.93B	3.34B	3.69B	4.27B
Operating Income (REIT / Utility Template)	7.8B	7.81B	8.63B	8.63B	8.68B
Interest Expense, Total	-958M	-996M	-1.07B	-1.59B	-2.49B
Interest and Investment Income	183M	126M	98M	106M	551M
Net Interest Expenses	-775M	-870M	-975M	-1.49B	-1.94B
Other Non Operating Income (Expenses)	328M	226M	68M	-162M	169M
EBT, Excl. Unusual Items	7.36B	7.17B	7.72B	6.98B	6.91B
Total Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-46M	-	-	-377M
Gain (Loss) on Sale of Investments	-	-	-11M	-	-5M
Gain (Loss) on Sale of Assets	-	-	-	-	-
Asset Writedown	-23.95B	-5.28B	426M	9.32B	-7.44B
EBT, Incl. Unusual Items	-16.59B	1.84B	8.14B	16.3B	-915M
Income Tax Expense	712M	1.09B	1.23B	1.01B	1.55B
Earnings From Continuing Operations	-17.3B	752M	6.91B	15.29B	-2.46B
Net Income to Company	-17.3B	752M	6.91B	15.29B	-2.46B
Minority Interest	181M	433M	-13M	158M	480M
Net Income - (IS)	-17.12B	1.18B	6.89B	15.45B	-1.98B
Net Income to Common Incl Extra Items	-17.12B	1.18B	6.89B	15.45B	-1.98B
Net Income to Common Excl. Extra Items	-17.12B	1.18B	6.89B	15.45B	-1.98B
Per Share Items
Net EPS - Basic	-8.17	0.57	3.29	7.09	-0.77
Basic EPS - Continuing Operations	-8.17	0.57	3.29	7.09	-0.77
Basic Weighted Average Shares Outstanding	2.1B	2.07B	2.09B	2.18B	2.56B
Net EPS - Diluted	-8.17	0.57	3.27	6.92	-0.77
Diluted EPS - Continuing Operations	-8.17	0.57	3.27	6.92	-0.77
Diluted Weighted Average Shares Outstanding	2.1B	2.07B	2.13B	2.24B	2.56B
Normalized Basic EPS	2.28	2.38	2.3	2.07	1.87
Normalized Diluted EPS	2.28	2.38	2.26	2.02	1.87
Dividend Per Share	2.87	2.9	3.06	2.74	2.63
Payout Ratio	-34.63	334.68	63.9	32.68	-272.37
Supplemental Items
EBITDA	7.88B	7.9B	8.71B	8.72B	8.76B
EBITA	7.8B	7.81B	8.63B	8.63B	8.68B
EBIT	7.8B	7.81B	8.63B	8.63B	8.68B
EBITDAR	7.89B	7.9B	8.72B	8.72B	-
Effective Tax Rate - (Ratio)	-4.29	59.22	15.11	6.17	-169.18
Current Domestic Taxes	988M	960M	955M	-	-
Current Foreign Taxes	-	-	7M	-	-
Total Current Taxes	988M	960M	962M	986M	928M
Deferred Domestic Taxes	-276M	-	-	-	-
Total Deferred Taxes	-276M	132M	267M	20M	620M
Normalized Net Income	4.78B	4.91B	4.81B	4.52B	4.8B
Interest Capitalized	53M	17M	5M	21M	39M
Interest on Long-Term Debt	236M	221M	206M	70M	197M
Supplemental Operating Expense Items
Marketing Expenses	132M	158M	198M	218M	273M
Selling and Marketing Expenses	132M	158M	198M	218M	273M
General and Administrative Expenses	416M	428M	512M	653M	766M
Net Rental Expense, Total	13M	5M	8M	2M	-
Imputed Operating Lease Interest Expense	3.16M	1M	1.43M	420K	-
Imputed Operating Lease Depreciation	9.84M	4M	6.57M	1.58M	-
Maintenance & Repair Expenses, Total	226M	285M	279M	278M	329M
Stock-Based Comp., Other (Total)	33M	13M	97M	29M	38M
Total Stock-Based Compensation	33M	13M	97M	29M	38M

Fiscal Period: March	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	195B	201B	214B	239B	238B
Accumulated Depreciation	-156M	-228M	-275M	-412M	-579M
Net Property Plant And Equipment	195B	200B	214B	239B	237B
Total Real Estate Assets	195B	200B	214B	239B	237B
Cash And Equivalents	7.88B	2.53B	2.78B	13.99B	7.18B
Accounts Receivable, Total	210M	253M	270M	170M	900M
Other Receivables	1.02B	942M	1.11B	2.11B	204M
Investment In Debt and Equity Securities	2.75B	2.74B	2.08B	1.19B	599M
Goodwill	424M	392M	400M	387M	-
Other Current Assets, Total	709M	2.59B	902M	4.06B	3.65B
Trading Asset Securities, Total	19M	61M	404M	318M	263M
Other Long-Term Assets, Total	-	-	3.76B	6.77B	2.15B
Total Assets	208B	210B	226B	268B	252B
Liabilities
Current Portion of Long-Term Debt	937M	3.25B	5.74B	8.09B	11.98B
Long-Term Debt	37.53B	39.36B	48.29B	61.06B	51.31B
Long-Term Leases	-	-	-	22M	29M
Accounts Payable, Total	80M	58M	104M	121M	90M
Accrued Expenses, Total	2.33B	2.08B	2.15B	1.33B	1.62B
Current Income Taxes Payable	370M	975M	483M	453M	441M
Unearned Revenue, Current	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	1.3B	627M	783M	1.4B	1.68B
Unearned Revenue Non Current	310M	401M	522M	446M	502M
Deferred Tax Liability Non-Current	2.87B	3.03B	3.35B	3.33B	3.93B
Other Non Current Liabilities	1.78B	1.41B	1.31B	2.62B	2.29B
Total Liabilities	47.5B	51.19B	62.73B	78.86B	73.87B
Common Stock, Total	160B	159B	163B	189B	179B
Total Common Equity	160B	159B	163B	189B	179B
Minority Interest	406M	-27M	302M	120M	-381M
Total Equity	160B	159B	163B	189B	178B
Total Liabilities And Equity	208B	210B	226B	268B	252B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.06B	2.08B	2.11B	2.55B	2.55B
ECS Total Common Shares Outstanding	2.06B	2.08B	2.11B	2.55B	2.55B
Book Value / Share	77.61	76.24	77.1	73.98	70.02
Tangible Book Value	159B	158B	162B	189B	179B
Tangible Book Value Per Share	77.4	76.05	76.91	73.83	70.02
Total Debt	38.46B	42.61B	54.03B	69.16B	63.32B
Net Debt	30.57B	40.02B	50.85B	54.86B	55.87B
Debt Equivalent Oper. Leases	104M	40M	64M	16M	-
Minority Interest, Total (Incl. Fin. Div)	406M	-27M	302M	120M	-381M
Equity Method Investments, Total	-	-	3.76B	6.77B	2.15B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	1.32B	1.32B	1.32B	1.62B	1.68B
Machinery, Total	220M	199M	199M	229M	285M
Full Time Employees	1.03K	1.2K	1.2K	1.33K	1.3K
Accumulated Allowance for Doubtful Accounts (Supple)	60M	67M	59M	106M	87M

Fiscal Period: March	2020	2021	2022	2023	2024
Net Income	-17.12B	1.18B	6.89B	15.45B	-1.98B
Depreciation, Depletion & Amortization	75M	91M	84M	94M	94M
Total Depreciation, Depletion & Amortization	75M	91M	84M	94M	94M
(Gain) Loss On Sale of Asset - (CF)	15M	21M	2M	-	7M
(Gain) Loss on Sale of Investments - (CF)	-	-	11M	-	5M
Total Asset Writedown	23.95B	5.32B	-426M	-9.32B	7.82B
(Income) Loss On Equity Investments - (CF)	-	-	-364M	-85M	627M
Stock-Based Compensation (CF)	25M	14M	118M	36M	49M
Change in Accounts Receivable	-300M	-130M	-411M	457M	337M
Change in Accounts Payable	-32M	-299M	73M	-476M	-153M
Change in Other Net Operating Assets (Collected)	25M	-22M	114M	13M	-137M
Other Operating Activities	-45M	896M	603M	1.47B	1.82B
Cash from Operations	6.59B	7.08B	6.7B	7.64B	8.48B
Acquisition of Real Estate Assets, Total	-1.97B	-896M	-886M	-820M	-1.06B
Sale of Real Estate Assets, Total	-	-	-	-	-
Net Sale / Acquisition of Real Estate Assets	-1.97B	-896M	-886M	-820M	-1.06B
Cash Acquisitions	-67M	-7.48B	-9.01B	-18.57B	-2.67B
Investment in Marketable and Equity Securities, Total	1.32B	-2.3B	-802M	-5.3B	1.27B
Other Investing Activities, Total	188M	138M	116M	57M	1.95B
Cash from Investing	-532M	-10.54B	-10.58B	-24.63B	-509M
Short Term Debt Issued, Total	-	-	-	304M	2M
Long-Term Debt Issued, Total	25.76B	20.68B	25.27B	40.46B	6.32B
Total Debt Issued	25.76B	20.68B	25.27B	40.76B	6.32B
Long-Term Debt Repaid, Total	-15.48B	-17.46B	-15.66B	-24.27B	-12.09B
Total Debt Repaid	-15.48B	-17.46B	-15.66B	-24.27B	-12.09B
Issuance of Common Stock	-	-	-	18.81B	-
Repurchase of Common Stock	-4.24B	-379M	-82M	-407M	-935M
Common Dividends Paid	-5.93B	-3.97B	-4.4B	-5.05B	-5.4B
Common & Preferred Stock Dividends Paid	-5.93B	-3.97B	-4.4B	-5.05B	-5.4B
Other Financing Activities, Total	-882M	-928M	-978M	-1.58B	-2.61B
Cash from Financing	-766M	-2.06B	4.14B	28.27B	-14.71B
Foreign Exchange Rate Adjustments	-108M	177M	-5M	-66M	-65M
Net Change in Cash	5.18B	-5.35B	249M	11.21B	-6.8B
Supplemental Items
Cash Interest Paid	882M	928M	978M	1.58B	2.81B
Cash Income Tax Paid (Refund)	933M	379M	1.47B	995M	958M
Net Debt Issued / Repaid	10.29B	3.21B	9.6B	16.49B	-5.77B
Levered Free Cash Flow	8.07B	2.18B	6.18B	603M	6.11B
Unlevered Free Cash Flow	8.67B	2.8B	6.85B	1.6B	7.67B
Change In Net Working Capital	-3.68B	2.18B	-1.28B	3.92B	-2.11B

Fiscal Period: March	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.24	2.34	2.48	2.19	2.08
Return on Total Capital	2.35	2.44	2.58	2.27	2.17
Return On Equity %	-9.9	0.47	4.29	8.69	-1.34
Return on Common Equity	-9.83	0.74	4.29	8.79	-1.08
Margin Analysis
Gross Profit Margin %	77.92	78.15	78.04	77.12	75.02
SG&A Margin	5.11	5.45	5.93	7.07	8.02
EBITDA Margin %	73.49	73.49	72.79	70.78	67.67
EBITA Margin %	72.81	72.69	72.1	70.05	67
EBIT Margin %	72.81	72.69	72.1	70.05	67
Income From Continuing Operations Margin %	-161.44	7	57.72	124.14	-19.02
Net Income Margin %	-159.75	11.03	57.61	125.42	-15.31
Net Avail. For Common Margin %	-159.75	11.03	57.61	125.42	-15.31
Normalized Net Income Margin	44.59	45.72	40.22	36.71	37.05
Levered Free Cash Flow Margin	75.29	20.31	51.63	4.89	47.2
Unlevered Free Cash Flow Margin	80.88	26.1	57.23	12.97	59.21
Asset Turnover
Asset Turnover	0.05	0.05	0.05	0.05	0.05
Fixed Assets Turnover	0.05	0.05	0.06	0.05	0.05
Receivables Turnover (Average Receivables)	66.78	46.41	44.37	55.61	14.2
Short Term Liquidity
Current Ratio	1.96	0.91	0.59	1.81	0.77
Quick Ratio	1.82	0.54	0.49	1.46	0.54
Operating Cash Flow to Current Liabilities	1.31	1.01	0.72	0.67	0.54
Days Sales Outstanding (Average Receivables)	5.48	7.86	8.23	6.56	25.78
Average Days Payable Outstanding	21.04	10.73	11.25	14.57	11.94
Long Term Solvency
Total Debt/Equity	24.02	26.85	33.15	36.58	35.49
Total Debt / Total Capital	19.37	21.17	24.9	26.78	26.19
LT Debt/Equity	23.44	24.8	29.63	32.31	28.77
Long-Term Debt / Total Capital	18.9	19.55	22.25	23.65	21.24
Total Liabilities / Total Assets	22.88	24.39	27.79	29.43	29.28
EBIT / Interest Expense	8.15	7.84	8.04	5.42	3.49
EBITDA / Interest Expense	8.22	7.93	8.12	5.48	3.53
(EBITDA - Capex) / Interest Expense	8.22	7.93	8.12	5.48	3.53
Total Debt / EBITDA	4.88	5.39	6.2	7.93	7.22
Net Debt / EBITDA	3.88	5.06	5.84	6.29	6.37
Total Debt / (EBITDA - Capex)	4.88	5.39	6.2	7.93	7.22
Net Debt / (EBITDA - Capex)	3.88	5.06	5.84	6.29	6.37
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.78	0.24	11.37	2.95	5.13
Gross Profit, 1 Yr. Growth %	6.67	0.53	11.22	1.75	2.26
EBITDA, 1 Yr. Growth %	7.82	0.24	10.31	0.11	0.5
EBITA, 1 Yr. Growth %	7.14	0.08	10.47	0.02	0.54
EBIT, 1 Yr. Growth %	7.14	0.08	10.47	0.02	0.54
Earnings From Cont. Operations, 1 Yr. Growth %	-184.64	-104.35	818.48	121.41	-116.11
Net Income, 1 Yr. Growth %	-184.22	-106.92	481.77	124.12	-112.83
Diluted EPS Before Extra, 1 Yr. Growth %	-185.46	-107.02	474.01	111.94	-111.18
Normalized Net Income, 1 Yr. Growth %	16.03	2.78	-2.02	-6.04	6.11
Net Property, Plant and Equip., 1 Yr. Growth %	-10.99	2.96	6.8	11.65	-0.66
Accounts Receivable, 1 Yr. Growth %	89.19	20.48	6.72	-37.04	-11.16
Total Assets, 1 Yr. Growth %	-8.51	1.09	7.54	18.7	-5.82
Common Equity, 1 Yr. Growth %	-15.38	-0.62	2.5	16.14	-5.35
Tangible Book Value, 1 Yr. Growth %	-15.41	-0.6	2.5	16.18	-5.16
Cash From Operations, 1 Yr. Growth %	10.91	7.42	-5.37	14.08	10.99
Levered Free Cash Flow, 1 Yr. Growth %	6.65	-72.96	183.16	-89.66	-992.75
Unlevered Free Cash Flow, 1 Yr. Growth %	10.39	-67.65	144.22	-75.42	1.83K
Dividend Per Share, 1 Yr. Growth %	5.91	0.97	5.41	-10.26	-4.25
Compound Annual Growth Rate Over Two Years