Buy Or Sell Opportunity • Jul 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to €755. The fair value is estimated to be €629, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.0%. Revenue is forecast to decline by 15% in 2 years. Earnings are forecast to grow by 0.2% in the next 2 years. New Risk • Jul 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (109% cash payout ratio). Reported Earnings • Jul 20
First half 2026 earnings released: EPS: JP¥3,558 (vs JP¥2,910 in 1H 2025) First half 2026 results: EPS: JP¥3,558 (up from JP¥2,910 in 1H 2025). Revenue: JP¥17.7b (up 12% from 1H 2025). Net income: JP¥8.46b (up 22% from 1H 2025). Profit margin: 48% (up from 44% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Annonce • May 25
Activia Properties Inc. to Report Q2, 2026 Results on Jul 16, 2026 Activia Properties Inc. announced that they will report Q2, 2026 results on Jul 16, 2026 Declared Dividend • May 20
Final dividend of JP¥3,169 announced Shareholders will receive a dividend of JP¥3,169. Ex-date: 28th May 2026 Payment date: 20th August 2026 Dividend yield will be 443%, which is higher than the industry average of 5.4%. Board Change • May 20
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Supervisory Director Kazuhiko Takamatsu is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Annonce • Apr 18
Activia Properties Inc. announces Semi-Annual dividend, payable on August 20, 2026 Activia Properties Inc. announced Semi-Annual dividend of JPY 3169.0000 per share payable on August 20, 2026, ex-date on May 28, 2026 and record date on May 31, 2026. Annonce • Mar 30
Activia Properties Inc. to Report Second Half, 2025 Results on Mar 30, 2026 Activia Properties Inc. announced that they will report second half, 2025 results on Mar 30, 2026 Annonce • Jan 18
J. FRONT CITY DEVELOPMENT Co.,Ltd. signed a letter of intent to acquire Kobe Kyu Kyoryuchi 25Bankan from Activia Properties Inc. (TSE:3279) for ¥26.3 billion. J. FRONT CITY DEVELOPMENT Co.,Ltd. signed a letter of intent to acquire Kobe Kyu Kyoryuchi 25Bankan from Activia Properties Inc. (TSE:3279) for ¥26.3 billion on January 16, 2026. A cash consideration of ¥26.26 billion will be paid by J. FRONT CITY DEVELOPMENT Co.,Ltd. As part of consideration, ¥26.26 billion is paid towards Kobe Kyu Kyoryuchi 25Bankan.
For the period ending December 31, 2025, Kobe Kyu Kyoryuchi 25Bankan reported total rental income of ¥1.16 billion.
The expected completion of the transaction is June 2, 2027. Annonce • Nov 10
Activia Properties Inc. to Report Fiscal Year 2025 Results on Jan 16, 2026 Activia Properties Inc. announced that they will report fiscal year 2025 results at 9:00 AM, Tokyo Standard Time on Jan 16, 2026 Annonce • Sep 06
Activia Properties Inc. announces Semi-Annual dividend, payable on February 18, 2026 Activia Properties Inc. announced Semi-Annual dividend of JPY 3000.0000 per share payable on February 18, 2026, ex-date on November 27, 2025 and record date on November 30, 2025. Annonce • May 23
Activia Properties Inc. to Report Q2, 2025 Results on Jul 16, 2025 Activia Properties Inc. announced that they will report Q2, 2025 results on Jul 16, 2025 Annonce • Mar 28
Activia Properties Inc. Announces Director Changes Activia Properties Inc. announced the resignation of Nobuhide Kashiwagi as Executive Director, effective from March 31, 2025. The company also announced the resignation of Kazuyuki Murayama as Substitute Executive Director, effective from March 31, 2025. Manabu Kamikawara appointed as Executive Director, effective from effective April 1, 2025. Profile of the newly appointed Executive Director: Managing Director from April 2018 at Manager, Investment Planning Department, Director, Investment Management Division, Urban Business. Chief Division officer of Activia Management Division at Manabu Kamikawara from April 2022 Manager, Business Strategy Department, Urban Business Unit, April 2025 Managing Director, Chief Division Officer of Activia Management Division, TLC REIT Management Inc. (scheduled to be effective on April 1, 2025), April 2025 Executive Director of Activia Properties Inc. (scheduled to be effective on April 1, 2025). Annonce • Nov 14
Activia Properties Inc. to Report Fiscal Year 2024 Results on Jan 17, 2025 Activia Properties Inc. announced that they will report fiscal year 2024 results on Jan 17, 2025 Declared Dividend • Nov 04
Final dividend of JP¥9,300 announced Shareholders will receive a dividend of JP¥9,300. Ex-date: 28th November 2024 Payment date: 19th February 2025 Dividend yield will be 485%, which is higher than the industry average of 5.4%. Buy Or Sell Opportunity • Nov 01
Now 21% overvalued Over the last 90 days, the stock has fallen 9.0% to €1,930. The fair value is estimated to be €1,601, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 3.7%. Annonce • Sep 27
Activia Properties Inc. to Report First Half, 2024 Results on Sep 27, 2024 Activia Properties Inc. announced that they will report first half, 2024 results on Sep 27, 2024 Buy Or Sell Opportunity • Sep 14
Now 22% overvalued Over the last 90 days, the stock has fallen 3.7% to €2,060. The fair value is estimated to be €1,685, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 3.7%. New Risk • Sep 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jul 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 10% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Jul 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €2,060. The fair value is estimated to be €2,668, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 3.7%. Revenue is forecast to decline by 2.8% in 2 years. Earnings are forecast to decline by 10% in the next 2 years. Upcoming Dividend • May 23
Upcoming dividend of JP¥9,300 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 19 August 2024. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.6%). Lower than average of industry peers (6.1%). Annonce • May 12
Activia Properties Inc. to Report Q2, 2024 Results on Jul 18, 2024 Activia Properties Inc. announced that they will report Q2, 2024 results on Jul 18, 2024 Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: JP¥21,583 (vs JP¥19,107 in FY 2022) Full year 2023 results: EPS: JP¥21,583 (up from JP¥19,107 in FY 2022). Revenue: JP¥34.8b (up 9.9% from FY 2022). Net income: JP¥17.5b (up 12% from FY 2022). Profit margin: 50% (up from 49% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 4.9% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annonce • Mar 30
Activia Properties Inc. to Report Second Half, 2023 Results on Mar 29, 2024 Activia Properties Inc. announced that they will report second half, 2023 results on Mar 29, 2024 Declared Dividend • Jan 19
Final dividend of JP¥9,300 announced Shareholders will receive a dividend of JP¥9,300. Ex-date: 30th May 2024 Payment date: 19th August 2024 Dividend yield will be 390%, which is higher than the industry average of 5.5%. Reported Earnings • Jan 19
Full year 2023 earnings released: EPS: JP¥21,583 (vs JP¥19,107 in FY 2022) Full year 2023 results: EPS: JP¥21,583 (up from JP¥19,107 in FY 2022). Revenue: JP¥34.8b (up 9.9% from FY 2022). Net income: JP¥17.5b (up 12% from FY 2022). Profit margin: 50% (up from 49% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 23
Upcoming dividend of JP¥9,300 per share at 4.5% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 16 February 2024. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (5.9%). Annonce • Nov 21
Activia Properties Inc. to Report Q4, 2023 Results on Jan 17, 2024 Activia Properties Inc. announced that they will report Q4, 2023 results on Jan 17, 2024 Annonce • Sep 30
Activia Properties Inc. to Report First Half, 2023 Results on Sep 29, 2023 Activia Properties Inc. announced that they will report first half, 2023 results on Sep 29, 2023 Reported Earnings • Sep 05
Full year 2023 earnings released: EPS: JP¥21,808 (vs JP¥19,203 in FY 2022) Full year 2023 results: EPS: JP¥21,808 (up from JP¥19,203 in FY 2022). Revenue: JP¥35.0b (up 12% from FY 2022). Net income: JP¥17.7b (up 14% from FY 2022). Profit margin: 51% (in line with FY 2022). Revenue is forecast to decline by 7.7% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to remain flat. Reported Earnings • Jul 20
First half 2023 earnings released First half 2023 results: Revenue: JP¥17.5b (up 13% from 1H 2022). Net income: JP¥8.84b (up 14% from 1H 2022). Profit margin: 51% (in line with 1H 2022). Revenue is forecast to decline by 5.0% p.a. on average during the next 2 years, while revenues in the REITs industry in Europe are expected to remain flat. Annonce • Jun 27
Activia Properties Inc., Annual General Meeting, Aug 17, 2023 Activia Properties Inc., Annual General Meeting, Aug 17, 2023. Agenda: To consider proposals regarding changes to the Articles of Incorporation and the appointment of Directors. Upcoming Dividend • May 23
Upcoming dividend of JP¥9,350 per share at 4.6% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 16 August 2023. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.3%). Annonce • May 10
Activia Properties Inc. to Report Q2, 2023 Results on Jul 19, 2023 Activia Properties Inc. announced that they will report Q2, 2023 results on Jul 19, 2023 Buying Opportunity • Mar 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €3,176, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Feb 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be €3,342, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jan 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.5%. The fair value is estimated to be €3,461, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Annonce • Nov 23
Activia Properties Inc. to Report Fiscal Year 2022 Results on Jan 17, 2023 Activia Properties Inc. announced that they will report fiscal year 2022 results on Jan 17, 2023 Upcoming Dividend • Nov 22
Upcoming dividend of JP¥9,300 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 14 February 2023. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (5.4%). Board Change • Nov 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Director Nobuhide Kashiwagi was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 07
Full year 2022 earnings released: EPS: JP¥19,203 (vs JP¥18,947 in FY 2021) Full year 2022 results: EPS: JP¥19,203 (up from JP¥18,947 in FY 2021). Revenue: JP¥31.2b (up 4.6% from FY 2021). Net income: JP¥15.5b (up 6.0% from FY 2021). Profit margin: 50% (in line with FY 2021). Annonce • Sep 30
Activia Properties Inc. to Report First Half, 2022 Final Results on Sep 29, 2022 Activia Properties Inc. announced that they will report first half, 2022 final results on Sep 29, 2022 Reported Earnings • Sep 04
Full year 2022 earnings released: EPS: JP¥19,203 (vs JP¥18,947 in FY 2021) Full year 2022 results: EPS: JP¥19,203 (up from JP¥18,947 in FY 2021). Revenue: JP¥31.2b (up 4.6% from FY 2021). Net income: JP¥15.5b (up 6.0% from FY 2021). Profit margin: 50% (in line with FY 2021). Reported Earnings • Jul 15
First half 2022 earnings released: EPS: JP¥9,453 (vs JP¥9,400 in 1H 2021) First half 2022 results: EPS: JP¥9,453 (up from JP¥9,400 in 1H 2021). Revenue: JP¥15.5b (up 5.4% from 1H 2021). Net income: JP¥7.73b (up 6.6% from 1H 2021). Profit margin: 50% (in line with 1H 2021). Over the next year, revenue is expected to shrink by 27% compared to a 1.5% decline forecast for the industry in Germany. Annonce • Jul 15
Activia Properties Inc. Provides Earnings Guidance for the Fiscal Period from June 1, 2022 to November 30, 2022 and the Fiscal Period from December 1, 2022 to May 31, 2023 Activia Properties Inc. provided earnings guidance for the fiscal period from June 1, 2022 to November 30, 2022 and the Fiscal Period from December 1, 2022 to May 31, 2023. For the period from June 1, 2022 to November 30, 2022, the company now expects revenue of JPY 15,882 million. Operating profit of JPY 8,834 million. Ordinary Profit of JPY 7,888 million. Profit of JPY 7,773 million.For the period from December 1, 2022 to May 31, 2023, the company now expects revenue of JPY 15,868 million. Operating profit of JPY 8,712 million. Ordinary Profit of JPY 7,706 million. Profit of JPY 7,693 million. Upcoming Dividend • May 23
Upcoming dividend of JP¥9,325 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 18 August 2022. Trailing yield: 4.5%. Within top quartile of German dividend payers (4.3%). In line with average of industry peers (4.4%). Annonce • May 21
Activia Properties Inc. to Report Q2, 2022 Results on Jun 14, 2022 Activia Properties Inc. announced that they will report Q2, 2022 results on Jun 14, 2022 Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Director Nobuhide Kashiwagi was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: JP¥19,159 (vs JP¥19,055 in FY 2020) Full year 2021 results: EPS: JP¥19,159 (up from JP¥19,055 in FY 2020). Revenue: JP¥30.4b (up 1.0% from FY 2020). Net income: JP¥15.0b (up 2.1% from FY 2020). Profit margin: 49% (in line with FY 2020). Net asset value (NAV) per share: €2,499 (up 2.2% from FY 2020). The current share price is 21% higher than NAV per share. Over the next year, revenue is forecast to decline by 29% while the reits industry in Germany is not expected to grow. Annonce • Feb 18
Activia Properties Inc. (TSE:3279) announces an Equity Buyback for 13,000 shares, representing 1.58% for ¥4,000 million. Activia Properties Inc. (TSE:3279) announces a share repurchase program. Under the program, the company will repurchase 13,000 shares, representing 1.58% of the outstanding shares for ¥4,000 million. The purpose of the program is to further enhance shareholder returns. The program will run until May 13, 2022. As of February 17, 2022, the company had 822,754 shares outstanding (excluding treasury stock) and no shares in treasury. Reported Earnings • Jan 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥18,875 (down from JP¥19,055 in FY 2020). Revenue: JP¥30.4b (up 1.0% from FY 2020). Net income: JP¥15.0b (up 2.1% from FY 2020). Profit margin: 49% (in line with FY 2020). Net asset value (NAV) per share: €2,605 (up 2.2% from FY 2020). The current share price is 19% higher than NAV per share. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 29% compared to a 4.9% growth forecast for the reits industry in Germany. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥9,350 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 12 February 2022. Trailing yield: 4.1%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.8%). Annonce • Aug 25
Activia Properties Inc. (TSE:3279) agreed to acquire Meguro Tokyu Building, Q plaza Shinjuku- 3chome and A-PLACE Shibuya Nampeidai from Tokyu Land Corporation for ¥43.5 billion. Activia Properties Inc. (TSE:3279) agreed to acquire Meguro Tokyu Building, Q plaza Shinjuku- 3chome and A-PLACE Shibuya Nampeidai from Tokyu Land Corporation for ¥43.5 billion on August 24, 2021. Under the terms of the transaction, Activia Properties will pay ¥16.3 billion for Meguro Tokyu Building, ¥18.4 billion for Q plaza Shinjuku- 3chome and ¥8.8 billion for A-PLACE Shibuya Nampeidai. Activia Properties will fund the transaction from the issuance of new investment units through the domestic primary offering, the international offering. The transaction is expected to close on September 10, 2021. Japan Real Estate Institute and Japan Valuers Co., Ltd. are acting as appraisal agency in the transaction. Reported Earnings • Jul 15
First half 2021 earnings released: EPS JP¥9,400 (vs JP¥9,508 in 1H 2020) The company reported a poor first half result with weaker earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: JP¥14.7b (down 1.8% from 1H 2020). Net income: JP¥7.25b (down 1.1% from 1H 2020). Profit margin: 49% (in line with 1H 2020). Annonce • Jul 14
Activia Properties Inc. Provides Earnings Guidance for the Period from June 1, 2021 to November 30, 2021 and the Fiscal Period from December 1, 2021 to May 31, 2022 Activia Properties Inc. provided earnings guidance for the period from June 1, 2021 to November 30, 2021 and the fiscal period from December 1, 2021 to May 31, 2022. For the period from June 1, 2021 to November 30, 2021, the company expects operating revenue of JPY 15,299 million, operating profit of JPY 8,190 million, profit of JPY 7,211 million.
For the period From December 1, 2021 to May 31, 2022, the company expects operating revenue of JPY 14,660 million, operating profit of JPY 8,023 million, profit of JPY 7,018 million. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS JP¥19,055 (vs JP¥20,256 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥30.1b (down 1.1% from FY 2019). Net income: JP¥14.7b (down 5.5% from FY 2019). Profit margin: 49% (down from 51% in FY 2019). The decrease in margin was primarily driven by higher expenses. Net asset value (NAV) per share: €2,559 (flat on FY 2019). The current share price is 38% higher than NAV per share. Reported Earnings • Jan 18
Full year 2020 earnings released: EPS JP¥19,055 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥30.1b (down 1.1% from FY 2019). Net income: JP¥14.7b (down 5.5% from FY 2019). Profit margin: 49% (down from 51% in FY 2019). The decrease in margin was primarily driven by higher expenses. 
