PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
Mirae Asset Maps REIT anchors its portfolio on Lotte Mall Gwangyo under a master lease structure running through 2035, but its most recent fiscal-year net income narrowed sharply versus prior years.
The core asset, Lotte Mall Gwangyo, operates under a master lease with GS Retail running through September 2035, with Lotte Shopping as the actual sub-tenant.
The REIT has diversified into Gangnam KG Tower equity securities and Majesta City Tower 1 preferred shares in Seocho, with all three underlying assets reporting 0% vacancy as of September 2025.
FY2025 operating margin stood at a solid 59.1%, but net income fell to about KRW 260 million, down sharply from roughly KRW 5.58 billion in FY2023 and KRW 1.53 billion in FY2024.
In 2026 the domestic REIT market has seen investor sentiment cool amid the fallout from JR Global REIT's rehabilitation filing and rising short-term funding cost pressures.
The Seoul office market, particularly the Gangnam Business District, has maintained low vacancy, a favorable backdrop for the company's Majesta City Tower 1 investment.
Mirae Asset Maps REIT is an externally managed real estate investment company listed on KOSPI in August 2020, structured as an indirect real estate investment vehicle.
Its core physical asset is Lotte Mall Gwangyo, a large commercial complex in the Gwangyo new town area of Suwon, Gyeonggi Province, operating under a master lease between the REIT (as landlord) and GS Retail that runs from September 2015 to September 2035, with Lotte Shopping as sub-tenant operating the Lotte Outlet and Lotte Cinema within the property.
The asset sits along the southern Seoul metropolitan transportation corridor connecting Pangyo, Bundang and Gwangyo, an area described as having substantial nearby residential demand.
Using proceeds from an early-2024 rights offering, the company added preferred equity in Majesta City Tower 1, a prime office building in the core of Gangnam Business District (GBD) whose long-term tenants include Nexon Games, Krafton and Olympus Korea.
The REIT also holds a smaller equity security position in Gangnam KG Tower, giving it a mixed portfolio spanning a retail physical asset and office-linked securities.
Mirae Asset Global Investments, the asset manager, is also a major shareholder and disclosed a modest on-market share sale in January 2026 that trimmed its stake slightly. Management has stated an intention to keep adding quality assets across sectors to grow into a larger, diversified REIT.
Industry commentary has noted, however, that the company's relatively small asset base constrains its ability to pursue large-scale new acquisitions.
| Quarter | Revenue | Operating profit | Op. margin |
|---|
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩6B | ₩3.1B | ₩600M | 52.9% | 0.7% | 223.1% |
| 2023 | ₩10.9B | ₩8.1B | ₩5.6B | 74.2% | 6.1% | 220.7% |
| 2024 | ₩6.9B | ₩4B | ₩1.5B | 58.3% | 1.5% | 200.0% |
| 2025 | ₩6.9B | ₩4.1B | ₩300M | 59.1% | 0.3% | 213.2% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
On a consolidated basis, revenue was KRW 5.95 billion in 2022, jumped to KRW 10.91 billion in 2023, then settled back to KRW 6.88 billion in 2024 and KRW 6.92 billion in 2025. Operating margin moved from 52.9% in 2022 to an exceptional 74.2% in 2023, before normalizing to 58.3% in 2024 and 59.1% in 2025.
Net income, however, showed far greater volatility than the margin trend would suggest: KRW 633 million in 2022, KRW 5.58 billion in 2023, KRW 1.53 billion in 2024, and just KRW 261 million in 2025.
This pattern suggests non-operating items — financing costs and valuation gains or losses on held equity securities and preferred shares — likely drove much of the swing in the bottom line rather than core operations.
Operating cash flow (CFO) declined steadily over the period, from KRW 2.56 billion in 2022 to KRW 2.71 billion in 2023, KRW 2.38 billion in 2024, and KRW 1.85 billion in 2025.
Total equity rose modestly from KRW 89.88 billion in 2022 to KRW 91.07 billion in 2023, jumped to KRW 100.82 billion in 2024 reflecting the early-2024 rights offering, and then fell back to KRW 96.09 billion in 2025.
Total liabilities stayed relatively stable in the KRW 200-205 billion range across all four years, with the debt ratio fluctuating between roughly 200% and 223%. Overall, revenue and operating margin have held up reasonably well, while net income and operating cash flow have both softened in the most recent year.
Given the nature of its holdings, both the large-format retail market and the prime Gangnam office market matter for this REIT.
According to Savills Korea's 2026 office market outlook, the Gangnam Business District (GBD) maintained a very low vacancy rate of 1.7% at the end of 2025 and is expected to keep the lowest vacancy among Seoul's business districts in 2026.
In contrast, the Central Business District (CBD) is projected to see vacancy rise to 8-10% due to large new supply.
NH Investment & Securities' research center forecasts that average annual new office supply across Seoul and the Bundang-Pangyo business area will fall 42% in 2026-2028 versus the prior three years, suggesting supply scarcity could support leasing metrics over the medium term.
The broader domestic REIT market has struggled in 2026: Shinhan Investment Corp noted that Korean listed REITs have underperformed year-to-date as JR Global REIT's liquidity crisis and rehabilitation filing tightened refinancing markets.
The same report, however, assessed that the risk of the crisis spreading into a systemic liquidity issue is limited, citing resilient fundamentals in the Seoul office market due to limited remote-work impact and constrained new supply.
On the retail side, CBRE Korea observed rent growth in emerging districts like Seongsu and Yongsan, while traditional large retail districts have struggled comparatively; the company's core Lotte Mall Gwangyo asset differs in that its long-term master lease structure insulates it to some degree from general retail cycle swings.
The company has articulated a strategy of continuously sourcing quality assets across sectors to grow into a larger, diversified REIT, with the early-2024 rights offering used to acquire Majesta City Tower 1 preferred shares serving as a concrete example.
It is understood to have completed a refinancing in March 2025, easing some near-term rollover pressure. At its February 25, 2026 annual general meeting, agenda items included a reduction of capital reserves, approval of financial statements, and a cash dividend resolution.
All three underlying assets — Lotte Mall Gwangyo, Gangnam KG Tower, and Majesta City Tower 1 — reported 0% vacancy in asset management reports as of September 2025, a positive signal for income stability.
That said, industry analysis has suggested that given the company's current asset scale and market capitalization, pursuing large new acquisitions will not be straightforward.
The medium-term office supply shortage forecast for Seoul could be a supportive backdrop for the company's Gangnam office preferred-equity position, while lease renewal terms for the retail asset after 2035 and broader credit caution in the domestic REIT market remain variables that could influence future financing conditions.
The shares tend to trade at a discount to net asset value, meaning market value sits below book equity per share.
At the same time, because net income over the most recent four quarters has fallen well below the levels seen in 2023-2024, the earnings multiple implied by that compressed profit figure is elevated relative to the company's own historical range.
This reflects a mechanical effect of shrunken earnings rather than necessarily a change in the underlying business, and how this multiple should be read will depend on whether profitability recovers going forward.
On dividends, the company has a track record of declaring annual cash distributions, but this report does not present a specific per-share dividend figure as of its reference date.
Overall, the valuation picture for this stock reflects both a stable underlying lease income stream and a recent compression in net income, and is not easily captured by any single metric in isolation.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
The core Lotte Mall Gwangyo asset is secured under a master lease with GS Retail through September 2035, and all three underlying assets reported 0% vacancy as of September 2025. This enhances the predictability of lease income and reduces tenant-departure risk relative to typical commercial real estate.
Lotte Shopping, the sub-tenant, is described as a solid retail operator, underpinning the credit quality of the dual-lease structure.
Through its preferred-share investment in Majesta City Tower 1, the REIT gains exposure to prime office space in Gangnam Business District. According to Savills Korea, GBD maintained a very low 1.7% vacancy rate at the end of 2025 and is expected to keep the lowest vacancy among Seoul submarkets in 2026.
NH Investment & Securities projects a 42% drop in new office supply across Seoul and the Bundang-Pangyo area in 2026-2028 versus the prior three years, pointing to a persistent supply shortage.
Operating margin broadly improved from 52.9% in 2022 to 59.1% in 2025. The company is understood to have completed a refinancing in March 2025, easing near-term rollover pressure. This can help manage short-term liquidity risk even with a debt ratio exceeding 200%.
Industry analysis suggests that, given its current scale and market capitalization, the company will find it difficult to acquire large assets in the way other bigger REITs can. This could constrain the pace of execution behind its stated ambition to grow into a large, diversified REIT. Asset growth reliant on smaller rights offerings also raises the issue of dilution for existing shareholders.
Net income declined in successive years, from KRW 5.58 billion in 2023 to KRW 1.53 billion in 2024 and KRW 261 million in 2025, while operating cash flow also fell for four straight years, from KRW 2.56 billion in 2022 to KRW 1.85 billion in 2025.
That this occurred despite a stable operating margin suggests growing pressure from non-operating items. If this trend persists, it could affect the resources available for future distributions.
According to Shinhan Investment Corp, the domestic listed REIT refinancing market has tightened in the wake of JR Global REIT's liquidity crisis and rehabilitation filing, contributing to sector-wide underperformance year-to-date. Elevated short-term funding costs are also a burden for REITs carrying high debt ratios. This broader market caution could affect individual issuers' financing terms as well.
The portfolio remains heavily concentrated in the single physical asset, Lotte Mall Gwangyo.
Analysis notes that the property is a sectionally-owned complex mixing officetel, commercial, and cultural-assembly facilities, meaning any repurposing or sale would require consent from multiple owners, limiting flexibility to restructure the asset.
Under the dual lease/sub-lease structure, deterioration in either GS Retail's or Lotte Shopping's credit standing or operating performance could affect lease income.
With a debt ratio in the 200-223% range, the company carries relatively high sensitivity to interest-rate movements. Industry commentary points to rising short-term funding costs, linked to 91-day CD rates, across the domestic REIT sector. Financing terms at future refinancing dates could affect distributable income.
JR Global REIT's rehabilitation filing highlighted credit risk concerns for REITs holding overseas assets, weighing on broader domestic REIT market sentiment.
Because that issue originated with overseas-asset holdings, its direct relevance to this company, whose assets are domestic office and retail properties, may be limited. Nonetheless, sector-wide risk aversion could still affect trading conditions and financing terms for individual names.
Watch for disclosures related to the company's stated strategy of adding new preferred-equity or physical real estate assets, including any potential rights offerings.
The next fiscal year's (December 2025-November 2026) audit report, annual general meeting, and cash dividend resolution should be checked to gauge the direction of earnings and distributions.
Any disclosure on refinancing or changes to borrowing terms should be reviewed for its impact on distributable income given short-term funding cost pressures.
Continued monitoring of shareholding disclosures is warranted given the major shareholder Mirae Asset Global Investments' recent stake adjustments.
Mirae Asset Maps REIT is centered on Lotte Mall Gwangyo, secured under an ultra-long master lease through 2035, and has diversified further into prime Gangnam office preferred equity. All three underlying assets reported 0% vacancy as of September 2025, a positive indicator for lease income stability.
That said, the financial data show a divergence: operating margin broadly improved or held steady from 2022 to 2025, while net income and operating cash flow both trended clearly downward in the more recent years.
The domestic REIT sector has seen investor sentiment cool in 2026 amid credit concerns tied to overseas-asset REITs and rising short-term funding costs, a variable that could affect individual issuers' financing conditions.
On the other hand, low vacancy in the Gangnam district and a medium-term office supply shortage forecast provide a supportive backdrop for the company's office exposure.
Industry analysis suggests that, given its current asset scale, pursuing large new acquisitions will not be easy, making the pace of execution behind its growth strategy worth monitoring going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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