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REITs log record earnings in 2017

All Headlines 08:49 March 09, 2018

SEOUL, March 9 (Yonhap) -- South Korean real estate investment trusts (REITs) saw their earnings soar nearly 30 percent on-year to reach a fresh record high in 2017, the financial regulator said Friday.

The combined net profit of 11 REITs stood at 506.1 billion won (US$472 million) last year, up 28.7 percent from the previous year, according to the Financial Supervisory Service.

All the industry players were more than 10 billion won in the black, with their average net income coming to 46 billion won. Their operating revenue reached 1.03 trillion won last year, up 31.3 percent from the previous year.

REITs are a type of security that invests in real estate to be traded on major exchanges and provides investors with stakes in real estate, such as office buildings, apartments and hotels.

According to the regulator, their combined assets surged 40 percent on-year to 1.34 trillion won as of end-2017, with total liabilities spiking 81.4 percent to 1.54 trillion won.

Their combined equity capital climbed around 22 percent on-year to 2.3 trillion won. The 11 REITs had 178.5 trillion won under their management as of the end of last year, up 14.6 percent from a year earlier.

REITs log record earnings in 20170

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