Comforia Residential REIT (3282) Q4 2026 earnings summary

Executive summary

• 31st FP DPU reached a record ¥6,115, up 4.1% YoY; EPU excluding gains on sales was a record ¥5,893, up 4.7%.

• Asset replacement and rent increases supported continued EPU growth; post-split DPU is forecast at ¥2,063 for the 32nd FP and ¥2,100 for the 33rd FP.

Financial highlights

• Jan. 31, 2026 period revenue was ¥12,319 million, operating profit ¥5,959 million, ordinary profit ¥4,978 million and profit ¥4,969 million; all increased YoY.

• Revenue exceeded forecast by ¥107 million; operating profit beat forecast by ¥2 million, net profit by ¥19 million and DPU by ¥10.

• Total assets were ¥356,932 million and net assets ¥161,232 million at Jan. 31, 2026; cash and cash equivalents were ¥18,223 million.

• Versus the 30th FP, DPU rose ¥158 to ¥6,115 and EPU excluding gains on sales rose ¥148 to ¥5,893; property-sale gains were ¥389 million.

Outlook and guidance

• Post-split DPU is forecast at ¥2,063 for the 32nd FP and ¥2,100 for the 33rd FP; the latter is 3.2% above 31st FP actual on a comparable split basis.

• EPU excluding gains on sales is forecast at ¥1,980 for the 32nd FP and ¥2,026 for the 33rd FP before growth-investment allocation; normalized 33rd FP EPU is ¥1,994.

• 32nd and 33rd FP revenue is forecast at ¥12,709 million and ¥12,653 million, with operating profit of ¥6,277 million and ¥6,150 million, respectively.

• Forecast distributions include reserve movements; actual results may differ materially, and forecasts do not guarantee distributions.