Balance Sheet Link Real Estate Investment Trust

Equities

823 HK0823032773

Commercial REITs

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04-07	Jack Investment Pte Ltd. and Pangjwee Development Pte Ltd has entered into agreements to acquire an unknown minority stake in Swing By @ Thomson Plaza from Link Real Estate Investment Trust for SGD 250 million.	CI
03-31	McCormick & Company, Incorporated entered into an agreement to acquire Foods Business of Unilever PLC for $44.8 billion.	CI

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Published financial data: LINK REAL ESTATE INVESTMENT TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Rental Revenues	10.74B	11.6B	12.23B	13.58B	14.22B
Other Revenues, Total	-	364M	85M	-627M	-419M
Total Revenues	10.74B	11.97B	12.32B	12.95B	13.8B
Property Expenses	2.35B	2.63B	2.82B	3.24B	3.32B
Selling General & Admin Expenses, Total	586M	710M	871M	1.04B	1.19B
Other Operating Expenses	-	-	-	-	-
Total Operating Expenses	2.93B	3.34B	3.69B	4.27B	4.52B
Operating Income (REIT / Utility Template)	7.81B	8.63B	8.63B	8.68B	9.28B
Interest Expense, Total	-996M	-1.07B	-1.59B	-2.49B	-2.12B
Interest and Investment Income	126M	98M	106M	551M	224M
Net Interest Expenses	-870M	-975M	-1.49B	-1.94B	-1.9B
Other Non Operating Income (Expenses)	226M	68M	-162M	169M	29M
EBT, Excl. Unusual Items	7.17B	7.72B	6.98B	6.91B	7.41B
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	-5.28B	426M	9.32B	-7.44B	-16.28B
EBT, Incl. Unusual Items	1.84B	8.14B	16.3B	-915M	-8.87B
Income Tax Expense	1.09B	1.23B	1.01B	1.55B	564M
Earnings From Continuing Operations	752M	6.91B	15.29B	-2.46B	-9.43B
Net Income to Company	752M	6.91B	15.29B	-2.46B	-9.43B
Minority Interest	433M	-13M	158M	480M	568M
Net Income - (IS)	1.18B	6.89B	15.45B	-1.98B	-8.86B
Net Income to Common Incl Extra Items	1.18B	6.89B	15.45B	-1.98B	-8.86B
Net Income to Common Excl. Extra Items	1.18B	6.89B	15.45B	-1.98B	-8.86B
Per Share Items
Net EPS - Basic	0.57	3.29	7.09	-0.77	-3.45
Basic EPS - Continuing Operations	0.57	3.29	7.09	-0.77	-3.45
Basic Weighted Average Shares Outstanding	2.07B	2.09B	2.18B	2.56B	2.57B
Net EPS - Diluted	0.57	3.27	6.92	-0.77	-3.45
Diluted EPS - Continuing Operations	0.57	3.27	6.92	-0.77	-3.45
Diluted Weighted Average Shares Outstanding	2.07B	2.13B	2.24B	2.56B	2.57B
Normalized Basic EPS	2.38	2.3	2.07	1.87	2.02
Normalized Diluted EPS	2.38	2.26	2.02	1.87	2.02
Dividend Per Share	2.9	3.06	2.74	2.63	2.72
Payout Ratio	334.68	63.9	32.68	-272.37	-60.34
Supplemental Items
EBITDA	7.9B	8.71B	8.72B	8.76B	9.36B
EBITA	7.81B	8.63B	8.63B	8.68B	9.28B
EBIT	7.81B	8.63B	8.63B	8.68B	9.28B
EBITDAR	7.9B	8.72B	8.72B	-	-
Effective Tax Rate - (Ratio)	59.22	15.11	6.17	-169.18	-6.36
Current Domestic Taxes	960M	955M	-	870M	839M
Current Foreign Taxes	-	7M	-	58M	64M
Total Current Taxes	960M	962M	986M	928M	903M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	132M	267M	20M	620M	-339M
Normalized Net Income	4.91B	4.81B	4.52B	4.8B	5.2B
Interest Capitalized	17M	5M	21M	39M	57M
Interest on Long-Term Debt	221M	206M	70M	197M	184M
Supplemental Operating Expense Items
Marketing Expenses	158M	198M	218M	273M	279M
Selling and Marketing Expenses	158M	198M	218M	273M	279M
General and Administrative Expenses	428M	512M	653M	766M	915M
Net Rental Expense, Total	5M	8M	2M	-	-
Imputed Operating Lease Interest Expense	1M	1.43M	420K	-	-
Imputed Operating Lease Depreciation	4M	6.57M	1.58M	-	-
Maintenance & Repair Expenses, Total	285M	279M	278M	329M	296M
Stock-Based Comp., Other (Total)	13M	97M	29M	38M	84M
Total Stock-Based Compensation	13M	97M	29M	38M	84M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	201B	214B	239B	238B	222B
Accumulated Depreciation	-228M	-275M	-412M	-579M	-651M
Net Property Plant And Equipment	200B	214B	239B	237B	222B
Total Real Estate Assets	200B	214B	239B	237B	222B
Cash And Equivalents	2.53B	2.78B	13.99B	7.18B	3.34B
Accounts Receivable, Total	253M	270M	170M	900M	836M
Other Receivables	942M	1.11B	2.11B	204M	295M
Investment In Debt and Equity Securities	2.74B	2.08B	1.19B	599M	-
Goodwill	392M	400M	387M	-	-
Other Current Assets, Total	2.59B	902M	4.06B	3.65B	810M
Trading Asset Securities, Total	61M	404M	318M	263M	108M
Other Long-Term Assets, Total	-	3.76B	6.77B	2.15B	2B
Total Assets	210B	226B	268B	252B	229B
Liabilities
Current Portion of Long-Term Debt	3.25B	5.74B	8.09B	11.98B	10.56B
Long-Term Debt	39.36B	48.29B	61.06B	51.31B	48.44B
Long-Term Leases	-	-	22M	29M	19M
Accounts Payable, Total	58M	104M	121M	90M	106M
Accrued Expenses, Total	2.08B	2.15B	1.33B	1.62B	1.31B
Current Income Taxes Payable	975M	483M	453M	441M	430M
Unearned Revenue, Current	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	627M	783M	1.4B	1.68B	1.34B
Unearned Revenue Non Current	401M	522M	446M	502M	548M
Deferred Tax Liability Non-Current	3.03B	3.35B	3.33B	3.93B	-
Other Non Current Liabilities	1.41B	1.31B	2.62B	2.29B	3.03B
Total Liabilities	51.19B	62.73B	78.86B	73.87B	65.78B
Common Stock, Total	159B	163B	189B	179B	163B
Total Common Equity	159B	163B	189B	179B	163B
Minority Interest	-27M	302M	120M	-381M	-72M
Total Equity	159B	163B	189B	178B	163B
Total Liabilities And Equity	210B	226B	268B	252B	229B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.08B	2.11B	2.55B	2.55B	2.58B
ECS Total Common Shares Outstanding	2.08B	2.11B	2.55B	2.55B	2.58B
Book Value / Share	76.24	77.1	73.98	70.02	63.3
Tangible Book Value	158B	162B	189B	179B	163B
Tangible Book Value Per Share	76.05	76.91	73.83	70.02	63.3
Total Debt	42.61B	54.03B	69.16B	63.32B	59.02B
Net Debt	40.02B	50.85B	54.86B	55.87B	55.57B
Debt Equivalent Oper. Leases	40M	64M	16M	-	-
Minority Interest, Total (Incl. Fin. Div)	-27M	302M	120M	-381M	-72M
Equity Method Investments, Total	-	3.76B	6.77B	2.15B	2B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	1.32B	1.32B	1.62B	1.68B	1.69B
Machinery, Total	199M	199M	229M	285M	332M
Full Time Employees	1.2K	1.2K	1.33K	1.3K	1.44K
Accumulated Allowance for Doubtful Accounts (Supple)	67M	59M	106M	87M	97M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	1.18B	6.89B	15.45B	-1.98B	-8.86B
Depreciation, Depletion & Amortization	91M	84M	94M	94M	86M
Total Depreciation, Depletion & Amortization	91M	84M	94M	94M	86M
(Gain) Loss On Sale of Asset - (CF)	21M	2M	-	7M	2M
(Gain) Loss on Sale of Investments - (CF)	-	11M	-	5M	-
Total Asset Writedown	5.32B	-426M	-9.32B	7.82B	16.28B
(Income) Loss On Equity Investments - (CF)	-	-364M	-85M	627M	419M
Stock-Based Compensation (CF)	14M	118M	36M	49M	109M
Change in Accounts Receivable	-130M	-411M	457M	337M	-15M
Change in Accounts Payable	-299M	73M	-476M	-153M	73M
Change in Other Net Operating Assets (Collected)	-22M	114M	13M	-137M	-32M
Other Operating Activities	896M	603M	1.47B	1.82B	954M
Cash from Operations	7.08B	6.7B	7.64B	8.48B	9.01B
Acquisition of Real Estate Assets, Total	-896M	-886M	-820M	-1.06B	-1.2B
Sale of Real Estate Assets, Total	-	-	-	-	-
Net Sale / Acquisition of Real Estate Assets	-896M	-886M	-820M	-1.06B	-1.2B
Cash Acquisitions	-7.48B	-9.01B	-18.57B	-2.67B	-284M
Investment in Marketable and Equity Securities, Total	-2.3B	-802M	-5.3B	1.27B	2.7B
Other Investing Activities, Total	138M	116M	57M	1.95B	308M
Cash from Investing	-10.54B	-10.58B	-24.63B	-509M	1.52B
Short Term Debt Issued, Total	-	-	304M	2M	880M
Long-Term Debt Issued, Total	20.68B	25.27B	40.46B	6.32B	16.47B
Total Debt Issued	20.68B	25.27B	40.76B	6.32B	17.35B
Short Term Debt Repaid, Total	-	-	-	-	-1.76B
Long-Term Debt Repaid, Total	-17.46B	-15.66B	-24.27B	-12.09B	-22.78B
Total Debt Repaid	-17.46B	-15.66B	-24.27B	-12.09B	-24.54B
Issuance of Common Stock	-	-	18.81B	-	-
Repurchase of Common Stock	-379M	-82M	-407M	-935M	-574M
Common Dividends Paid	-3.97B	-4.4B	-5.05B	-5.4B	-5.35B
Common & Preferred Stock Dividends Paid	-3.97B	-4.4B	-5.05B	-5.4B	-5.35B
Other Financing Activities, Total	-928M	-978M	-1.58B	-2.61B	-1.24B
Cash from Financing	-2.06B	4.14B	28.27B	-14.71B	-14.36B
Foreign Exchange Rate Adjustments	177M	-5M	-66M	-65M	-14M
Net Change in Cash	-5.35B	249M	11.21B	-6.8B	-3.84B
Supplemental Items
Cash Interest Paid	928M	978M	1.58B	2.81B	2.41B
Cash Income Tax Paid (Refund)	379M	1.47B	995M	958M	879M
Net Debt Issued / Repaid	3.21B	9.6B	16.49B	-5.77B	-7.19B
Levered Free Cash Flow	2.18B	6.18B	603M	6.11B	6.81B
Unlevered Free Cash Flow	2.8B	6.85B	1.6B	7.67B	8.14B
Change In Net Working Capital	2.18B	-1.28B	3.92B	-2.11B	-2.17B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.34	2.48	2.19	2.08	2.41
Return on Total Capital	2.44	2.58	2.27	2.17	2.48
Return On Equity %	0.47	4.29	8.69	-1.34	-5.52
Return on Common Equity	0.74	4.29	8.79	-1.08	-5.18
Margin Analysis
Gross Profit Margin %	78.15	78.04	77.12	75.02	75.91
SG&A Margin	5.45	5.93	7.07	8.02	8.65
EBITDA Margin %	73.49	72.79	70.78	67.67	67.82
EBITA Margin %	72.69	72.1	70.05	67	67.26
EBIT Margin %	72.69	72.1	70.05	67	67.26
Income From Continuing Operations Margin %	7	57.72	124.14	-19.02	-68.32
Net Income Margin %	11.03	57.61	125.42	-15.31	-64.21
Net Avail. For Common Margin %	11.03	57.61	125.42	-15.31	-64.21
Normalized Net Income Margin	45.72	40.22	36.71	37.05	37.68
Levered Free Cash Flow Margin	20.31	51.63	4.89	47.2	49.34
Unlevered Free Cash Flow Margin	26.1	57.23	12.97	59.21	58.96
Asset Turnover
Asset Turnover	0.05	0.05	0.05	0.05	0.06
Fixed Assets Turnover	0.05	0.06	0.05	0.05	0.06
Receivables Turnover (Average Receivables)	46.41	44.37	55.61	14.2	16.39
Short Term Liquidity
Current Ratio	0.91	0.59	1.81	0.77	0.39
Quick Ratio	0.54	0.49	1.46	0.54	0.33
Operating Cash Flow to Current Liabilities	1.01	0.72	0.67	0.54	0.66
Days Sales Outstanding (Average Receivables)	7.86	8.23	6.56	25.78	22.27
Average Days Payable Outstanding	10.73	11.25	14.57	11.94	10.76
Long Term Solvency
Total Debt/Equity	26.85	33.15	36.58	35.49	36.12
Total Debt / Total Capital	21.17	24.9	26.78	26.19	26.53
LT Debt/Equity	24.8	29.63	32.31	28.77	29.66
Long-Term Debt / Total Capital	19.55	22.25	23.65	21.24	21.79
Total Liabilities / Total Assets	24.39	27.79	29.43	29.28	28.7
EBIT / Interest Expense	7.84	8.04	5.42	3.49	4.37
EBITDA / Interest Expense	7.93	8.12	5.48	3.53	4.41
(EBITDA - Capex) / Interest Expense	7.93	8.12	5.48	3.53	4.41
Total Debt / EBITDA	5.39	6.2	7.93	7.22	6.3
Net Debt / EBITDA	5.06	5.84	6.29	6.37	5.93
Total Debt / (EBITDA - Capex)	5.39	6.2	7.93	7.22	6.3
Net Debt / (EBITDA - Capex)	5.06	5.84	6.29	6.37	5.93
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.24	11.37	2.95	5.13	6.59
Gross Profit, 1 Yr. Growth %	0.53	11.22	1.75	2.26	7.85
EBITDA, 1 Yr. Growth %	0.24	10.31	0.11	0.5	6.82
EBITA, 1 Yr. Growth %	0.08	10.47	0.02	0.54	7.01
EBIT, 1 Yr. Growth %	0.08	10.47	0.02	0.54	7.01
Earnings From Cont. Operations, 1 Yr. Growth %	-104.35	818.48	121.41	-116.11	282.91
Net Income, 1 Yr. Growth %	-106.92	481.77	124.12	-112.83	346.95
Diluted EPS Before Extra, 1 Yr. Growth %	-107.02	474.01	111.94	-111.18	345.52
Normalized Net Income, 1 Yr. Growth %	2.78	-2.02	-6.04	6.11	8.4
Net Property, Plant and Equip., 1 Yr. Growth %	2.96	6.8	11.65	-0.66	-6.56
Accounts Receivable, 1 Yr. Growth %	20.48	6.72	-37.04	-11.16	-7.11
Total Assets, 1 Yr. Growth %	1.09	7.54	18.7	-5.82	-9.17
Common Equity, 1 Yr. Growth %	-0.62	2.5	16.14	-5.35	-8.59
Tangible Book Value, 1 Yr. Growth %	-0.6	2.5	16.18	-5.16	-8.59
Cash From Operations, 1 Yr. Growth %	7.42	-5.37	14.08	10.99	6.27
Levered Free Cash Flow, 1 Yr. Growth %	-72.96	183.16	-89.66	-992.75	11.42
Unlevered Free Cash Flow, 1 Yr. Growth %	-67.65	144.22	-75.42	1.83K	6.14
Dividend Per Share, 1 Yr. Growth %	0.97	5.41	-10.26	-4.25	3.69
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.46	5.66	7.08	4.03	5.86
Gross Profit, 2 Yr. CAGR %	3.55	5.74	6.38	2	5.02
EBITDA, 2 Yr. CAGR %	3.96	5.15	5.09	0.31	3.62
EBITA, 2 Yr. CAGR %	3.55	5.15	5.12	0.28	3.73
EBIT, 2 Yr. CAGR %	3.55	5.15	5.12	0.28	3.73
Earnings From Cont. Operations, 2 Yr. CAGR %	-80.82	-36.82	350.96	-40.28	-21.47
Net Income, 2 Yr. CAGR %	-75.86	-36.55	261.09	-46.37	-24.26
Diluted EPS Before Extra, 2 Yr. CAGR %	-75.51	-36.71	248.53	-51.32	-29.42
Normalized Net Income, 2 Yr. CAGR %	9.2	0.35	-4.05	-0.15	7.25
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.27	4.86	9.2	5.31	-3.66
Accounts Receivable, 2 Yr. CAGR %	50.97	13.39	-18.03	82.57	-9.16
Total Assets, 2 Yr. CAGR %	-3.83	4.27	12.98	5.73	-7.51
Common Equity, 2 Yr. CAGR %	-8.3	0.93	9.11	4.84	-6.98
Tangible Book Value, 2 Yr. CAGR %	-8.3	0.94	9.13	4.97	-6.89
Cash From Operations, 2 Yr. CAGR %	9.15	0.82	3.9	12.53	8.61
Levered Free Cash Flow, 2 Yr. CAGR %	-46.3	-12.5	-47.44	2.4	215.38
Unlevered Free Cash Flow, 2 Yr. CAGR %	-40.24	-11.12	-24.52	8.61	352.36
Dividend Per Share, 2 Yr. CAGR %	3.41	3.17	-2.74	-7.3	-0.36
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.34	6.03	4.75	6.43	4.88
Gross Profit, 3 Yr. CAGR %	2.44	6.05	4.39	4.99	3.92
EBITDA, 3 Yr. CAGR %	2.81	6.03	3.45	3.54	2.44
EBITA, 3 Yr. CAGR %	2.53	5.81	3.41	3.57	2.48
EBIT, 3 Yr. CAGR %	2.53	5.81	3.41	3.57	2.48
Earnings From Cont. Operations, 3 Yr. CAGR %	-74.97	-30.35	-4.03	48.51	10.94
Net Income, 3 Yr. CAGR %	-70.83	-30.26	-3.37	18.72	8.74
Diluted EPS Before Extra, 3 Yr. CAGR %	-70.21	-30.05	-5.36	10.75	1.83
Normalized Net Income, 3 Yr. CAGR %	7.93	5.33	-1.83	-0.78	2.62
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.47	-0.71	7.08	5.81	1.2
Accounts Receivable, 3 Yr. CAGR %	33.64	34.49	-6.8	52.65	45.75
Total Assets, 3 Yr. CAGR %	-1.01	-0.18	8.87	6.33	0.51
Common Equity, 3 Yr. CAGR %	-3.86	-4.83	5.76	4.06	0.16
Tangible Book Value, 3 Yr. CAGR %	-3.86	-4.84	5.78	4.14	0.24
Cash From Operations, 3 Yr. CAGR %	2.96	4.08	5.06	6.21	10.4
Levered Free Cash Flow, 3 Yr. CAGR %	-14.31	-6.53	-57.89	40.98	5.32
Unlevered Free Cash Flow, 3 Yr. CAGR %	-3.15	-4.46	-43.09	39.84	7.78
Dividend Per Share, 3 Yr. CAGR %	5.1	4.07	-1.52	-3.25	-3.78
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	4.22	5.27	4.21	5.23	5.19
Gross Profit, 5 Yr. CAGR %	4.83	5.57	4	4.41	4.64
EBITDA, 5 Yr. CAGR %	5.07	5.45	3.72	3.71	3.51
EBITA, 5 Yr. CAGR %	4.91	5.34	3.56	3.56	3.54
EBIT, 5 Yr. CAGR %	4.91	5.34	3.56	3.56	3.54
Earnings From Cont. Operations, 5 Yr. CAGR %	-45.98	-17.35	-20.44	-34.51	-11.43
Net Income, 5 Yr. CAGR %	-40.8	-17.2	-20.2	-37.22	-12.34
Diluted EPS Before Extra, 5 Yr. CAGR %	-39.68	-16.23	-20.42	-39.51	-15.84
Normalized Net Income, 5 Yr. CAGR %	7.18	5.96	2.97	3.1	1.71
Net Property, Plant and Equip., 5 Yr. CAGR %	4.91	4.22	3.29	1.66	2.65
Accounts Receivable, 5 Yr. CAGR %	22.42	28.19	9.91	51.98	31.82
Total Assets, 5 Yr. CAGR %	5.13	5.11	4.36	2.14	2
Common Equity, 5 Yr. CAGR %	4.5	3.31	1.13	-1.07	0.47
Tangible Book Value, 5 Yr. CAGR %	4.52	3.33	1.14	-1.03	0.52
Cash From Operations, 5 Yr. CAGR %	4.49	1.96	3.34	7.38	6.47
Levered Free Cash Flow, 5 Yr. CAGR %	2.74	-3.15	-29.53	-4.18	-3.33
Unlevered Free Cash Flow, 5 Yr. CAGR %	4.52	-2.03	-12.34	-0.47	-1.25
Dividend Per Share, 5 Yr. CAGR %	7.06	6	1.89	-0.64	-1.06