SK ReitSK리츠

SK REIT's 2025 profit rose sharply on a small revenue base, while its share price is roughly flat over the past year and it carries about ₩1.0T in borrowings.

SK REIT is a Seoul-focused real estate investment company whose main assets are office buildings leased to SK affiliates and SK Energy gas stations, and it pays out income as dividends. In FY 2025 it reported revenue of ₩70.4B and net income of ₩32.4B, up from ₩1.1B in 2024, and the share price closed at ₩5,370 on 2026-10-28, near the middle of its 52-week range of ₩4,760 to ₩7,200. The data does not include the company's upcoming results or any analyst views.

What stands out

• Revenue grew 34.2% in FY 2025 to ₩70.4B, with an operating margin of 91.7%, but net income of ₩32.4B was well below operating income of ₩64.5B, so the gap between them is worth checking in the filings.
• Net income in 2024 was only ₩1.1B, so the 2025 figure is a large swing and one year does not show a steady trend.
• Borrowings stand at about ₩1.0T against cash of ₩53.7B, and liabilities are 168.9% of equity, which is high leverage for the business.
• Free cash flow for FY 2025 was ₩4.9B, a small amount next to the company's debt and market value of about ₩1.62T.
• Over 20 days, foreign investors were net buyers of about ₩1.0B, while retail investors were net sellers of about ₩1.3B; foreign ownership edged up to 8.4% from 8.1% about 60 days earlier.
• Recent filings are mostly insider shareholding reports, along with an October borrowing filing, a prospectus and securities issuance results from September, and a 5%+ holding report on 2 October.

What to watch

• The filings list does not show a date for the next earnings release, so check the company's filings for upcoming results and whether the 2025 profit jump repeats.
• Borrowing and refinancing: the October borrowing filing and the high liabilities-to-equity ratio are the main balance-sheet points to follow, along with the September securities issuance.
• Valuation and dividends: the data shows a trailing P/E of about 50, a P/B of 0.8 and a dividend yield of 1.3%, and its DCF model gives a base value of ₩1,524 and a bull value of ₩4,154, which is well below the current price; the bear value of ₩8 looks like a data issue, so treat the model output with caution.