ESR Kendall Square ReitESR켄달스퀘어리츠

ESR Kendall Square REIT is a small logistics-warehouse REIT with high margins on paper, but thin net profit, heavy borrowing and a share price down about 30% over the past year.

The company holds logistics warehouses in Gyeonggi, Gyeongnam and Chungnam through stakes in affiliated REIT vehicles and trust certificates, and passes rental and dividend income to shareholders. Trailing twelve-month revenue is about ₩63.9B and operating income about ₩29.2B, but net income is only about ₩0.6B, and borrowings of about ₩1.55T are large against cash of about ₩128B. The shares closed at ₩3,100 on 2026-10-23, near the lower end of their 52-week range of ₩2,925 to ₩4,795.

What stands out

• Operating margin is high at about 45.8% on a trailing basis, but net margin is only about 1%, so most operating income is absorbed before reaching shareholders, largely by financing costs and other items the data does not break down.
• Net income was negative at about -₩3.4B in 2025 after positive results in 2021 to 2024, and trailing return on equity is about 0.1%.
• Liabilities are about 151% of equity, and the data shows borrowings of about ₩1.55T against cash of about ₩128B.
• The stated dividend yield is 4.4%, while the price is down 30.2% over one year and 6.3% over three months.
• Trailing free cash flow is about ₩16.3B. The data gives no outlook, guidance or analyst views.
• Foreign ownership fell from 39.7% to 38.9% over about 60 days, and 20-day net flows were negative for foreign and retail investors and positive for institutions.

What to watch

• The half-year report for August 2026 was filed on 2026-10-15; the data does not include its detailed figures, so check the filing for debt levels and net income trends.
• Several amended filings on real estate investment company borrowing appeared in September and October 2026. The data does not explain them, so read the filings for the terms and purpose of the borrowing.
• Insider shareholding reports have been filed frequently since September 2026. The data does not say what these reports show about trading. No recent news headlines were available.