Comforia Residential REIT (3282) Q4 2025 earnings summary

Executive summary

• 29th FP ended Jan. 2025 with record DPU of ¥5,873; EPU excluding property-sale gains was ¥5,631. Annual EPU growth excluding gains was 2.3%, above the 2%+ goal; annual DPU growth was 3.8%.

• Portfolio AUM reached ¥327.1B across 183 properties, with strategy focused on Tokyo 23-ward acquisitions, internal rent growth and capital-cost-conscious investment.

• Rising interest costs and planned acquisitions temper near-term earnings growth, while rent demand supports internal growth.

Financial highlights

• 29th FP revenue was ¥11,460M, up 0.6% YoY; operating profit was ¥5,293M, down 0.7%; ordinary profit was ¥4,510M, down 1.5%; net profit was ¥4,501M, down 1.5%.

• DPU of ¥5,873 exceeded forecast by ¥123 and rose ¥159 vs. 28th FP; EPU excluding sale gains was ¥5,631, beating forecast by ¥131 and rising ¥67.

• Revenue beat forecast by ¥152M and net profit by ¥96M, supported by existing-property rent growth and newly acquired properties; property-sale gain was ¥107M.

• Cash and cash equivalents were ¥17,155M at Jan. 31, 2025, versus ¥17,788M at July 31, 2024. Operating, investing and financing cash flows were ¥7,824M, −¥13,418M and ¥4,961M.

Outlook and guidance

• 30th FP DPU forecast is ¥5,750 and 31st FP ¥5,860; EPU excluding sale gains is forecast at ¥5,631 and ¥5,741, respectively.

• July 2025 forecast: revenue ¥11,649M, operating profit ¥5,331M, ordinary profit ¥4,403M and net profit ¥4,394M; January 2026 forecast: ¥11,831M, ¥5,482M, ¥4,488M and ¥4,479M, respectively.

• EPU excluding gains is expected to remain flat in 30th FP as busy-season softness and higher interest costs offset new-property contributions; 31st FP EPU is forecast to rise 2%.

• Forecast distributions include ¥92M of voluntary retained earnings reversal in each period; forecasts are not guaranteed and actual results may differ materially.