Esr Kendall Square Reit Co., Ltd. · KRX:365550
Esr Kendall Square Reit — H1 2025 Earnings Presentation
11 slides from Esr Kendall Square Reit's earnings presentation, Aug 25, 2025
Slide 1: ESR Kendall Square REIT 1H 2025 Financial Results
5 ESR KENDALLSQUARE ESR KENDALL SQUARE REIT 1H 2025 Financial Results
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by ESR Kendall Square REIT Co., Ltd. (the “Company”) solely for informational purposes in its presentation to prospective investors held in connection with the proposed offering (the “Offering”) of common shares of the Company (the “Securities”). The in
Slide 3: 1H 2025 (FY11) Performance Snapshot
1H 2025 (FY 11) Performance Snapshot Asset Management Key Highlights Lease Renewal Performance & Maturity Profile As of Nov. 2024 (FY10) As of May 2025(FY11) 66.0% Solid leasing 43.0% performance 22.7% 18.1% 15.2% 9.7% 18.1% 4.5% 1.8% 2025 2026 2027 2028 ~ Vacant
Slide 4: 1H 2025 (FY11) Income Statement – In accordance with K-IFRS
1H 2025 (FY 11) Income Statement – In accordance with K-IFRS + Operating revenue: KRW 58.7bn (+5.0% YoY) from Icheon LP 8 (acquired H2 2024), asset stabilization and lease renewals + Operating Income: KRW 28.7bn, up 7.9% from FY10 but marginally down from FY9 + Net Income: Impacted by lower equity m
Slide 5: 1H 2025 (FY11) Balance Sheet
1H 2025 (FY 11) Balance Sheet + Total Assets: KRW 2.5 trillion, down 0.9% from previous FY10 but up 1.2% YoY, maintaining stable scale + Total Liabilities: KRW 1.44 trillion with minimal change from previous quarter, though current liabilities increased due to maturing long-term debt -0.9% +1.2% -0.
Slide 6: 1H 2025 (FY11) Financial Results - NOI & FFO
1H 2025 (FY 11) Financial Results - NOI & FFO + Net Operating Income (NOI): KRW 62.4 billion, up 10.4% QoQ and 3.8% YoY, demonstrating consistent growth + Profitability Enhancement: Driven by stable operating costs and positive impact from new assets + Funds From Operations (FFO): KRW 19.5 billion,
Slide 7: Appendix
Ost (NOALL SQUARE SECTION IL Appendix ESR KENDALLSQUARE REIT
Slide 8: Investment Structure Post-2025 Rights Offering
Investment Structure Post-2025 Rights Offering + 2025 Rights Offering: KRW 134.1 billion in new capital raised for Cheonan LP 1 acquisition and debt repayment + Cheonan LP 1: Expected to generate approximately KRW 5 billion in annual operating income + Appraisal LTV improved from 51.9% to 50% ESR Ke
Slide 9: Portfolio Status Post-2025 Rights Offering
Portfolio Status Post-2025 Rights Offering + Improved Financial Structure: LTV reduced from 51.9% to 50% through equity capital raise + Interest Rate Environment: 63% floating rate exposure positions portfolio to benefit from anticipated rate cuts + Strong leasing performance: Most 2025 lease expira
Slide 10: ESR KS REIT Portfolio Overview
ESR KS REIT Portfolio Overview + Market Leader: 20 logistics centers, GFA: ~1.2 mn sqm - Korea's largest logistics REIT + Quality Tenants: Coupang (54% of area), Maersk, Samsung Logistics + other major e-commerce/3PL firms + Strong Track Record: Continuous expansion since 2020 IPO via equity raises,
Slide 11: 2025 Capital Execution Strategy & Growth Roadmap (E)
2025 Capital Execution Strategy & Growth Roadmap (E) + Cheonan LP1: 100% equity-funded acquisition via rights offering + Cheonan LP1 to be acquired entirely with equity raised through the rights offering + Remaining LTV capacity and recap potential from core asset revaluation to support trophy pipel
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