Activia Properties (3279) Q4 2025 earnings summary

Executive summary

• FP28 EPU exceeded forecast by 3.8%, supported by internal growth; the progressive DPU growth target rose from 2%+ to 3%+ annually.

• For the period ended Nov. 30, 2025, revenue rose 4.1% YoY to ¥16,538m and net profit rose 6.9% to ¥7,395m; portfolio occupancy was 99.6% across 45 properties.

Financial highlights

• FP28 revenue was ¥16,538.749m, including ¥14,943.595m leasing revenue, ¥1,549.093m other leasing revenue and ¥46.060m silent-partnership gains.

• Operating profit was ¥8,557.501m, ordinary profit ¥7,395.166m and net profit ¥7,394.561m; each increased YoY.

• FP28 NOI excluding sale gains was ¥11.471bn and post-depreciation NOI ¥9.837bn; DPU was ¥3,113, up ¥203 vs. FP27.

• FP28 NAV per unit was ¥160,634, up ¥4,954 vs. FP27; portfolio unrealized gains rose ¥11.2bn to ¥113.9bn.

• Operating cash flow was ¥9,503.6m; investing and financing cash outflows were ¥953.8m and ¥7,148.4m, respectively; period-end cash was ¥21,205.7m.

Outlook and guidance

• FP29 forecast revenue is ¥17.689bn, including ¥1.564bn in property-sale gains; profit is ¥8.369bn and DPU ¥3,169. FP30 forecast revenue is ¥17.894bn, including ¥1.663bn in sale gains; profit is ¥8.370bn and DPU ¥3,170.

• FP35 targets are EPU of ¥3,150+ and DPU of ¥3,280+; EPU CAGR target is 2%+ from FP27, with progressive DPU growth of 3%+ annually from the ¥3,000 FP29 base.

• Post-depreciation NOI CAGR guidance through FP35 rose from 2.5% to 3.2%, comprising 2.7% internal growth and 0.5% asset replacement; EPU CAGR guidance remains 2%+.

• FP30 EPU excluding one-off factors is ¥3,003, a 2.1% CAGR from FP27; calculation excludes strategic downtime, vacancy losses and expected acquisition effects.

• Forecasts assume no material economic or real estate market changes, 2,376,318 units outstanding and LTV of ~47%; maturities through both forecast periods are assumed refinanced.