D&D Platform Reit posts 315% jump in operating profit for latest period

D&D Platform Reit said Wednesday its operating profit rose 315 percent to 82.3 billion won ($62.1 million) in its latest reporting period, as revenue climbed 206 percent to 91.1 billion won ($68.8 million).

The real estate investment trust did not give a reason for the increase in the regulatory filing, which reports changes of 30 percent or more in revenue or profit. The figures compare the latest period with the one immediately before it.

The trust invests through shares and beneficiary certificates in three office properties — Semicon-Mullae, Myeongdong and Susong — and three logistics centers, including Yongin Centers 1 and 2 and a Japanese logistics center, earning rental income that it distributes as dividends. Its portfolio is 95 percent domestic and 5 percent overseas, split between offices at 74 percent and logistics centers at 26 percent, according to its website.

The company's total assets stood at 1.15 trillion won ($869 million) at the end of the period, against liabilities of 638 billion won ($482 million) and equity of 512 billion won ($387 million).

The trust is pursuing the sale of its Semicon-Mullae asset and is reviewing new investments and improvements to its financial structure with the proceeds. It plans to keep its Japanese logistics center but aims to sell it again before the fund's maturity in July 2027, according to a Korea Investors Service report.

At Semicon-Susong, SK EcoPlant leases 86.9 percent of the rentable area and plans to move out after June 2027, with SK D&D responsible for the lease for the following two years. Remaining lease terms are 1.8 years at Susong, 3.1 years at Myeongdong and 3.7 years at Mullae.

The asset manager is D&D Investment, wholly owned by SK D&D. The largest shareholder of sponsor SK D&D is set to change to Han & Co. Development Holdings, a change expected to bring a shift in business strategy, the rating agency report said.

The trust declared a dividend of 120 won per share for the 12th fiscal period, with a record date of March 31, 2026, according to its website.