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Retail and office J-REIT focused on urban Tokyu-area properties, sponsored by Tokyu Fudosan Holdings.
Retail and office J-REIT focused on urban Tokyu-area properties, sponsored by Tokyu Fudosan Holdings.
Earns rent on retail buildings and offices, largely in the Tokyo area, and distributes most income to unitholders as a J-REIT must. It is externally managed, and growth comes from buying properties, financed by issuing new units and borrowing.
In one line: An urban retail-office REIT tied to a major Tokyo rail/property group.
Moat: narrow (regulatory licence, distribution). Sponsor Tokyu Fudosan's urban development pipeline concentrated along its rail network.
Headquarters: Tokyo, Japan · Founded: 2012
Size Activia Properties (3279.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $1.90B, the 503rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥126,300 on 6 Nov 2026.
Performance Over six months the shares fell 10.0%, against -9.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 23.6% over the last twelve months (peer median +4.7%); the operating margin is 46.9% (peer median 45.2%).
Valuation It trades at 1.12× book value against a peer median of 0.95× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 5.6%; Activia Properties delivers 5.9%, so the price asks less than the business earns today.
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥39.0B | ¥32.4B | ¥31.6B | ¥34.8B | ¥37.6B |
| Revenue growth | — | +3% | -9% | -7% | — |
| Gross profit | ¥18.7B | ¥16.9B | ¥16.5B | ¥19.9B | ¥18.1B |
| EBITDA | ¥21.6B | ¥19.8B | ¥19.3B | ¥22.4B | ¥20.3B |
| Net income | ¥15.9B | ¥14.3B | ¥14.2B | ¥17.5B | ¥15.6B |
| Free cash flow | ¥15.8B | ¥15.2B | ¥18.4B | ¥14.6B | ¥23.5B |
| Capital expenditure | ¥8.63B | ¥2.94B | ¥3.22B | ¥47.9B | ¥1.02B |
| Total debt | n/a | ¥265B | ¥265B | ¥266B | ¥260B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Activia Properties 3279.T | $1.90B | -10% | +24% | 6% | 1.12× | 5.6% |
| Japan Metropolitan Fund Investment 8953.T | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% |
| TOKYU REIT 8957.T | $1.10B | -6% | +10% | 9% | 1.37× | 5.2% |
| United Urban Investment 8960.T | $3.04B | -15% | -2% | 7% | 1.25× | 4.9% |
| Hulic Reit 3295.T | $1.23B | -17% | +5% | 6% | 0.96× | 4.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3279.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | +2.7% | 7th lowest of 21 |
| 6-month return | -10.0% | -9.1% | 11th highest of 21 |
| Return on equity | 5.9% | 6.9% | 10th lowest of 21 |
| Price / book | 1.12× | 0.95× | 7th most expensive of 21 |
| Trailing P/E | 18.9× | 15.7× | 6th most expensive of 17 |
| ROE the price implies | 5.6% | 6.8% | 7th least demanding of 21 |
| ROE delivered | 5.9% | 6.8% | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Activia Properties 3279.T | Japan | $1.90B | -10% | +24% | 6% | 1.12× | 5.6% | 5.9% |
| Great Portland Estates GPE.L | United Kingdom | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% | 7.5% |
| Getty Realty GTY | United States | $1.92B | -14% | +11% | 9% | 1.50× | 11.2% | 8.9% |
| RLJ Lodging Trust RLJ | United States | $1.92B | +40% | +1% | 1% | 1.07× | 11.2% | 1.3% |
| Region RGN.AX | Australia | $1.89B | +6% | +30% | 9% | 0.92× | 9.4% | 9.2% |
| ARMOUR Residential REIT ARR | United States | $1.87B | -29% | -140% | -2% | 0.80× | 10.2% | -2.3% |
| Blackstone Mortgage Trust BXMT | United States | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% | -11.7% |
| Xenia Hotels & Resorts XHR | United States | $1.97B | +26% | +4% | 0% | 1.80× | 17.3% | 0.3% |
| Mitsui Fudosan Logistics Park 3471.T | Japan | $2.00B | -13% | +156% | 5% | 0.99× | 5.0% | 4.6% |
| BWP Trust BWP.AX | Australia | $2.01B | -2% | +2% | 13% | 0.86× | 7.4% | 13.2% |
| H&R Real Estate Investment Trust HR-UN.TO | Canada | $1.80B | -10% | -6% | -13% | 0.60× | 6.3% | -12.8% |
| Champion Real Estate Investment Trust 2778.HK | Hong Kong | $1.80B | -8% | -8% | -3% | 0.35× | 4.6% | -2.6% |
| Charter Hall Long WALE REIT CLW.AX | Australia | $1.78B | +4% | +40% | 8% | 0.76× | 9.2% | 8.3% |
| Sekisui House Reit 3309.T | Japan | $1.78B | -23% | +5% | 7% | 0.97× | 5.3% | 7.4% |
| Aroundtown AT1.DE | Germany | $2.04B | -32% | +1% | 5% | 0.22× | 4.0% | 4.9% |
| Parkway Life Real Estate Investment Trust C2PU.SI | Singapore | $2.05B | 0% | +3% | 10% | 1.56× | 6.3% | 10.1% |
| Industrial & Infrastructure Fund Investment 3249.T | Japan | $2.07B | -12% | +36% | 8% | 1.33× | 6.4% | 8.5% |
| Mitsui Fudosan Accommodations Fund 3226.T | Japan | $1.75B | -16% | +18% | 9% | 1.79× | 6.3% | 8.6% |
| Daiwa Office Investment 8976.T | Japan | $1.74B | -12% | +24% | 6% | 1.13× | 4.7% | 6.3% |
| Eurocommercial Properties ECMPA.AS | Netherlands | $1.72B | -7% | +1% | 9% | 0.64× | 5.0% | 8.5% |
| Primaris Real Estate Investment Trust PMZ-UN.TO | Canada | $2.11B | +21% | +18% | 5% | 1.08× | 9.1% | 4.6% |