PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩277 per share · Prices as of the 2026-10-02 close
Mirae Asset Global REIT continues to generate stable rental income from fully leased US logistics assets, but it is navigating a transition marked by a 2025 swing to an operating loss and ongoing debt refinancing.
2025 revenue was about KRW 12.2 billion, similar to the prior year, but a sharp rise in operating costs pushed operating profit to a loss of roughly KRW 2.5 billion (operating margin -20.6%).
Net income attributable to owners moved from profit in 2022-2023 to a small loss in 2024 and a much larger loss of about KRW 6.1 billion in 2025.
Operating cash flow stayed above roughly KRW 8 billion in each of the past four years, diverging from the deterioration in book earnings.
The loan on the Amazon Houston logistics center was refinanced onto a SOFR-linked floating rate, while the FedEx Tampa logistics center loan had a maturity previously disclosed for October 2026.
A plan to add 11 new properties pursued in 2022-2023 collapsed after a rights offering fell short of its target, leaving asset-driven growth stalled.
Mirae Asset Global REIT is a trust-managed real estate investment company listed on the KOSPI in December 2021, aiming to invest in logistics centers, data centers and offices in core overseas locations.
At listing, its base assets were three properties: the Amazon logistics center in Houston, Texas, and FedEx logistics centers in Tampa, Florida and Indianapolis, Indiana, together valued at roughly KRW 450 billion.
The company has stated a policy of targeting logistics centers, data centers and offices in core locations across the United States and Western Europe. Its IPO subscription drew a ratio of 753.4-to-1 and about KRW 11.3 trillion in subscription deposits, marking one of the strongest showings among listed REITs.
The company later planned to add 11 properties through subsidiary REITs, including Amazon logistics centers in California and Utah, an Academy Sports+Outdoor property in Texas, and logistics facilities in Connecticut and Nevada, and pursued a rights offering tied to the Academy Houston logistics facility.
That rights offering, however, raised only about KRW 24.7 billion versus a KRW 57.4 billion target, and the planned acquisition effectively fell through. As a result, the portfolio has not expanded much beyond its original composition and is currently centered on four US logistics assets.
Tenants are high-credit global companies such as Amazon and FedEx, with occupancy at 100% and a relatively long weighted average lease expiry (WALE) of roughly six to nine years or more.
| Quarter | Revenue | Operating profit | Op. margin |
|---|
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩12B | ₩4.5B | ₩2B | 37.7% | 1.3% | 144.9% |
| 2023 | ₩12.5B | ₩4.4B | ₩2.5B | 35.2% | 1.6% | 133.9% |
| 2024 | ₩12.8B | ₩4.2B | -₩800M | 33.3% | −0.5% | 125.2% |
| 2025 | ₩12.2B | -₩2.5B | -₩6.1B | −20.6% | −4.1% | 145.2% |
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
Consolidated revenue in 2025 was about KRW 12.2 billion, close to the prior year's KRW 12.75 billion, suggesting the underlying rental income base has been maintained.
Operating profit, however, swung to a loss of roughly KRW 2.5 billion (operating margin of -20.6%) in 2025, a marked departure from three consecutive years of operating profit in 2022 (KRW 4.5 billion, 37.7% margin), 2023 (KRW 4.4 billion, 35.2% margin) and 2024 (KRW 4.2 billion, 33.3% margin).
According to press reports, operating expenses for fiscal 2025 jumped from about KRW 8.4 billion to KRW 14.7 billion, reflecting a combination of higher depreciation, administrative costs and valuation-related factors.
Added to this, around KRW 3.6 billion in financial costs including interest expense widened the net loss to about KRW 6.1 billion, with net income attributable to owners also coming in at roughly negative KRW 6.1 billion.
This marks a shift from net profits of about KRW 2.0 billion in 2022 and KRW 2.5 billion in 2023, to a small loss of about KRW 0.8 billion in 2024, and then a much larger loss in 2025.
An additional foreign currency translation loss of about KRW 6.4 billion pushed total comprehensive loss to roughly KRW 10.2 billion, an accounting loss tied to KRW/USD exchange rate movements rather than an actual cash outflow.
By contrast, operating cash flow remained above roughly KRW 8 billion in every year from 2022 through 2025 (about KRW 10.0 billion, KRW 8.2 billion, KRW 8.9 billion and KRW 8.2 billion respectively), a pattern distinct from the deterioration in book earnings.
The debt ratio rose again from 125.2% in 2024 to 145.2% in 2025, illustrating how borrowing structure and interest rate/currency conditions affect both earnings and balance-sheet health indicators.
Among the 23 listed REITs in Korea, eight hold logistics center assets, ranging from pure-play logistics REITs such as ESR Kendall Square REIT to diversified REITs such as Maston Premier REIT and Koramco Life Infra REIT that hold logistics assets alongside other property types.
Mirae Asset Global REIT is classified as a pure-play offshore logistics REIT, with its entire portfolio composed of US logistics centers.
Domestically listed REITs that invest in overseas real estate have gone through a period of weakened investor sentiment in recent years amid elevated interest rates and heightened currency volatility.
Share prices of domestic global REITs holding European assets such as those in Belgium have continued to decline, and Daishin Global REIT, which had been preparing a new listing, reconsidered its listing timeline citing currency volatility and weaker investor sentiment.
A 2024 report also noted a case in which an offshore REIT facing an imminent mortgage loan maturity saw refinancing conditions weigh on its share price, underscoring that financing structure and refinancing risk are being scrutinized in the market as much as asset quality itself.
Mirae Asset Global REIT's tenant base of high-credit companies such as Amazon and FedEx keeps vacancy risk relatively low, but its small number of assets and limited geographic and sector diversification make it comparatively more sensitive to issues at any single property.
Since its listing, the company has maintained a stated policy of expanding into logistics centers, data centers and offices in core US and Western European locations, but no clear resumption of new asset acquisitions has occurred since the 2022-2023 plan to add 11 properties collapsed due to a weak rights offering.
The most notable recent event has been refinancing of existing debt rather than new acquisitions.
An agenda item at a shareholders' meeting proposed refinancing the existing loan of about USD 83.64 million tied to the Amazon Houston logistics center, with the refinanced loan set at a floating rate of one-month SOFR plus 2.35 percentage points and a term of three years, extendable up to six years.
This indicates a partial shift from the fixed-rate funding structure that averaged around 2.4% at listing toward a floating-rate structure linked to market rates.
A remaining major maturity event is the loan on the FedEx Tampa logistics center in Florida, which, according to disclosures at the time, had a maturity date of October 2026.
The company continues to present stable rental income backed by long-term leases with high-credit tenants as its core strategy, but the timing and likelihood of renewed growth through new asset acquisitions remain uncertain.
The price-to-book ratio sits at a substantial discount to the company's book net asset value, meaning the value the market assigns falls short of total equity on the balance sheet.
This can be interpreted as reflecting the swing to an operating and net loss in 2025, the renewed rise in the debt ratio, and the foreign currency translation loss that together weighed on book earnings.
The company has continued to disclose semiannual dividend resolutions even as net income turned negative, which is consistent with REIT structures where distributable resources are often calculated closer to operating cash flow than to accounting net income.
Whether dividend-related metrics run higher or lower than peer offshore REITs, however, would need to be checked against individual disclosures rather than assumed.
Ultimately, the degree of discount to net asset value and how the 2025 gap between book earnings and cash flow evolves going forward are variables worth monitoring for this stock.
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 company's four US logistics centers maintain 100% occupancy, with tenants comprising high-credit global companies such as Amazon and FedEx. The remaining weighted average lease expiry (WALE) is relatively long at roughly six to nine years or more, limiting near-term vacancy risk.
With the rental income base intact, operating cash flow has stayed above roughly KRW 8 billion in each of the past four years.
The company refinanced the existing loan on the Amazon Houston asset onto a SOFR-linked floating rate (one-month SOFR plus 2.35 percentage points) with a reset three-year term, extendable to six years.
This can be viewed as an adjustment of the funding structure, moving away from the fixed-rate approach used at listing toward one responsive to shifting market rate conditions. Restructuring borrowing asset by asset also leaves open the possibility that interest expense could ease if market rates decline going forward.
The portfolio's simplicity, comprising just four US logistics assets, keeps management complexity low and allows for relatively transparent tracking of each property's lease terms and contract structure.
With tenants concentrated among a small number of large, high-credit companies, monitoring tenant-level credit conditions is comparatively straightforward. This simplicity can reduce information asymmetry relative to more diversified REITs holding a larger number of assets.
Operating profit that had persisted through 2024 swung to an operating loss in 2025, with a sharp jump in operating expenses from about KRW 8.4 billion to KRW 14.7 billion cited as the key driver. Added financial costs, including interest expense, widened the net loss to roughly KRW 6.1 billion. Compared with the net profit trend seen in 2022-2023, the direction of earnings has clearly reversed.
The roughly KRW 6.4 billion foreign currency translation loss recorded in 2025, which widened total comprehensive loss, illustrates how KRW/USD exchange rate movements directly affect earnings.
With the Amazon Houston loan now refinanced onto a SOFR-linked floating rate, future changes in US policy rates and SOFR will feed directly into interest expense. The debt ratio has also risen again, from 125.2% in 2024 to 145.2% in 2025.
Since the 2022-2023 plan to add 11 properties collapsed following a weak rights offering, no clear resumption of asset-driven growth has occurred.
With only four assets and limited geographic and sector diversification, a problem affecting any single tenant or property could have a relatively large impact on overall results.
Should the company attempt renewed growth via a future rights offering, dilution concerns for existing shareholders would also need to be weighed.
With the Amazon Houston loan now on a SOFR-linked floating rate, market rate movements feed directly into interest expense.
Based on disclosures from 2022, the loan on the FedEx Tampa logistics center in Florida had a maturity date of October 2026, meaning the terms of that refinancing could become an additional variable affecting future earnings. The broader rise in the debt ratio, from 125.2% in 2024 to 145.2% in 2025, is also worth monitoring.
Because all of the company's assets are US-based logistics centers, KRW/USD exchange rate movements are directly reflected in the financial statements through foreign currency translation gains and losses.
In 2025, a foreign currency translation loss of about KRW 6.4 billion contributed to the widening of total comprehensive loss. While distinct from actual cash flow, this has a real effect on total equity and financial ratios.
Given the precedent of the 2022-2023 plan to add 11 properties collapsing due to a weak rights offering, there is uncertainty over whether any renewed attempt to raise capital for new asset acquisitions would succeed.
If such an attempt coincides with broadly weak sentiment toward overseas real estate, subscription demand could be even harder to secure. Continued delays in adding assets could also prolong the current concentrated portfolio structure that relies on just four properties.
This was the loan maturity date for the FedEx Tampa logistics center as disclosed back in 2022; whether refinancing actually occurs and on what rate terms should be checked.
Third-quarter 2026 disclosures should be checked to see whether occupancy is maintained and whether the trend in operating and interest expenses is improving relative to the 2025 earnings deterioration.
The fiscal 2026 annual business report and shareholders' meeting should be reviewed for the dividend resolution and whether any additional loan refinancing agenda items are proposed.
Because interest expense on the SOFR-linked floating-rate debt is directly affected by the path of US policy rates, the outcomes of these rate decisions warrant tracking.
Mirae Asset Global REIT holds a simple US logistics portfolio fully leased to high-credit tenants such as Amazon and FedEx, and its operating cash flow has remained comparatively stable over the past four years.
In 2025, however, a sharp rise in operating expenses combined with financial costs and a foreign currency translation loss to push both operating profit and net income into losses, while the debt ratio rose again, adding volatility to book earnings.
Following the collapse of the 2022-2023 asset expansion plan, the portfolio remains limited to four properties, leaving it comparatively more sensitive to issues at any single asset or tenant.
More recently, the loan on the Amazon Houston asset was refinanced onto a SOFR-linked floating rate, exposing the funding structure more directly to market rate conditions, and the FedEx Tampa logistics center loan maturity (October 2026, as disclosed in 2022) is an approaching item to monitor.
The share price trades at a substantial discount to net asset value, reflecting a gap between the value the market assigns and book equity.
On balance, evaluating this stock requires weighing the strength of stable rental income and cash flow against the weaknesses of earnings volatility, debt restructuring, and stalled growth.
Report written 2026-09-05 · Data as of 2026-09-04
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