Korea Real Estate Investment & Trust Q1 2026 Consolidated Net Profit 9.9B Won, Up 17% YoY

Consolidated Q1 2026 revenue 43.7B won, operating profit 0.5B won, net profit 9.9B won (up 17% YoY from 8.6B won)
Separate net profit 2.9B won, sharply down from 18.2B won YoY (deterioration in proprietary business profitability)
Equity 1.04T won, debt ratio 95.4% (up from 91.8% at year-end 2025), continued increase in debt
Net capital ratio (NCR) 205%, above regulatory 150% but down from 230% at year-end 2025
Trust AUM 10.39T won, slight increase from 10.34T won, led by land trust growth
Issued 20B won exchangeable bonds (Jan 23, 2026; maturity 2031; 0% coupon; 1% yield; exchange price 1,344 won)
Holds 30.5M treasury shares (12.08%); treasury shares decreased by 3.57M due to exchangeable bond conversion
Expanding urban renewal (35 sites, 38,702 households) and REITs (AUM 3.98T won)
Contingent liabilities: PF market slowdown, litigation risks (provision 5.9B won), completion guarantee obligations 1.35T won