Activia Properties Inc

What Activia Properties Inc does

Activia Properties Inc (TSE Securities Code: 3279) is a Japanese Real Estate Investment Trust (J-REIT) that invests in urban commercial facilities and Tokyo office buildings. The investment corporation was established on September 7, 2011 and listed on the Tokyo Stock Exchange REIT Market on June 12, 2012. It is sponsored by Tokyu Fudosan Holdings Group, with Tokyu Fudosan REIT Management Co., Ltd. acting as external asset manager operating the ActivIA Operations Division. The company is the issuer, not the operator — it has no direct employees, and all asset management, leasing, and investor relations functions are performed by the sponsor affiliate.

The company manages a portfolio of 46 properties with a total acquisition price of ¥542.1 billion as of May 29, 2026, allocated across three categories: Urban Commercial Facilities (UR), Tokyo Office Buildings (TO), and Activia Account (AA) diversified assets. Urban commercial and Tokyo office properties together target a 70%+ allocation per stated investment policy. Notable holdings include Tokyu Plaza Omotesando 'Omokado' (a flagship fashion and dining complex at the Jingumae intersection), the large-scale Shiodome Building, A-PLACE branded offices, and Déck Tokyo Beach. The portfolio maintains a 99.1% monthly occupancy rate as of May 31, 2026, and is geographically distributed across Kanto, Kansai, Hokkaido, Kyushu, and Okinawa.

Activia generates revenue primarily through rental income from its 46 properties; real estate rental business revenue was ¥14,943 million in the 28th fiscal period (June–November 2025), out of ¥16,538 million total operating revenue. As a J-REIT, the company is required to distribute at least 90% of taxable income to unitholders, with per-unit distribution of ¥3,113 for the 28th period (28.8% YoY growth). Forecasts for the 29th and 30th periods are ¥3,169 and ¥3,170, respectively. Total outstanding borrowings of ¥246,048 million (as of June 12, 2026) against ¥561,233 million total assets indicate a moderate LTV around 43%. The REIT has a long-term issuer rating of AA with Stable outlook from Japan Credit Rating Agency (September 2025) and is included in FTSE EPRA/NAREIT global and green-focused real estate indexes.

Name

Activia Properties Inc

Legal name

Activia Properties Investment Corporation (アクティビア・プロパティーズ投資法人)

Website

https://activia-reit.co.jp

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

Activia Properties Inc is a Tokyo-listed J-REIT (TSE: 3279) that invests in 46 urban commercial facilities and Tokyo office buildings worth ¥542.1 billion, sponsored by Tokyu Fudosan Holdings Group and distributing semi-annual rental income to unitholders.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust (J-REIT)

NAICS

Trusts, Estates, and Agency Accounts (52592), Trust, Fiduciary, and Custody Activities (523991), Finance and Insurance (52)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Commercial Real Estate Asset Management (BPAJAMAB), Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Commercial real estate
• Tokyo office properties
• Real estate investment trust
• Urban retail properties
• Property portfolio management

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Real Estate Rental Income: The primary revenue stream is rental income from a portfolio of 46 properties (as of May 29, 2026) comprising urban commercial facilities, Tokyo office buildings, and Activia Account assets across Japan. Rental income includes base rent and common area maintenance (CAM) charges from tenants under long-term lease agreements. For the 28th fiscal period (June–November 2025), real estate rental business revenue was ¥14,943 million out of total operating revenue of ¥16,538 million. The REIT generates recurring semi-annual rental income with 99.1% monthly occupancy rate as of May 31, 2026.
2. Distribution to Investors: As a listed J-REIT, the company distributes rental income less expenses to investors on a semi-annual basis (May and November fiscal year-ends). Distributions are governed by Japanese tax rules requiring at least 90% of taxable income to be distributed. Per-unit distribution for the 28th fiscal period was ¥3,113. Distribution growth is driven by internal growth (tenant lease-up, rent increases) and external growth (new property acquisitions).

Pricing tiers

Distribution channels2 records

Marketing channels5 records

Core offering

Activia Properties is a publicly listed Japanese Real Estate Investment Trust (J-REIT) that invests in and manages a diversified portfolio of 46 urban commercial facilities, Tokyo office buildings, and select diversified assets across Japan. The REIT's portfolio had a total acquisition price of ¥542.1 billion as of May 29, 2026, generating recurring semi-annual rental income that is distributed to unitholders. Per-unit distribution for the 28th fiscal period (June–November 2025) was ¥3,113, with 99.1% monthly occupancy maintained.

Product overview

Activia Properties Inc is a Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (TSE: 3279) that operates as a single, unified investment vehicle rather than a platform architecture. The REIT's investment strategy focuses on two core asset categories: Urban Commercial Facilities (都市型商業施設) and Tokyo Office Buildings (東京オフィス), which together comprise approximately 70% of the portfolio, with the remaining allocation to Activia Account (アクティビア・アカウント) for selective investments. The REIT's product offering consists of its investment trust units, which provide investors exposure to a diversified portfolio of 46 properties valued at ¥542.1 billion, including flagship assets such as Tokyu Plaza Omotesando 'Omokado', Cue Plaza Ebisu, and Shiodome Building. The REIT operates under comprehensive support from Tokyu Fudosan Holdings Group, utilizing the group's value chain for property acquisition, management, and operations. The investment approach is characterized by 'proactive management' aimed at maximizing unitholder value through strategic asset allocation and active portfolio optimization.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Trust Units (Listed J-REIT Units) Investment trust units listed on the Tokyo Stock Exchange offering investors exposure to a diversified portfolio of urban commercial facilities and Tokyo office buildings, with semi-annual per-unit distributions (¥3,113 confirmed for the 28th fiscal period, ending November 2025).
• Urban Commercial Facilities Portfolio Investment category covering retail complexes and shopping centers in prime urban areas with high foot traffic and diverse tenant mix, including Tokyu Plaza Omotesando Omokado, Qube Shibuya, Kobe Kyoryuchi 25, Cube Shinjuku, and A-FLAG properties.
• Tokyo Office Buildings Portfolio Investment category covering office buildings in central Tokyo including A-PLACE branded offices, Shiodome Building, Meguro Tokyu Building, Kasumigaseki Tokyu Building, and Ebisu Prime Square, serving corporate tenants seeking Grade A office space.
• Activia Account Portfolio Flexible investment category covering regional commercial facilities, logistics properties, and mixed-use assets outside the core categories, representing up to 30% of the portfolio, including Ama-gasaki Q's Mall, Icotto family-oriented suburban malls, and A-PLACE properties in regional cities.

Quantifiable outcome

• 99.1% monthly occupancy rate maintained across the portfolio (May 2026)
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core.

• Tokyu Fudosan Corporation (東急不動産株式会社)coreStrategic or Co-development PartnerTokyu Fudosan Corporation is the core sponsor and parent company of the asset manager (Tokyu Fudosan REIT Management Co., Ltd.). It provides the REIT with proprietary property acquisition opportunities from its development pipeline, supports asset co-ownership arrangements on flagship properties (e.g., 25% retained interest in Tokyu Plaza Omotesando 'Omokado'), and committed to maintaining its investment unit holdings in the REIT. It is the primary source of external growth support for the investment corporation.
• Tokyu Livable Inc. (東急リバブル株式会社)coreStrategic or Co-development PartnerTokyu Livable is a member of the Tokyu Fudosan Holdings Group and provides property management and brokerage services to the REIT. It supports leasing activities and tenant management for the investment corporation's property portfolio as part of the sponsor's integrated value chain.
• Tokyu Community Co., Ltd. (株式会社東急コミュニティー)coreStrategic or Co-development PartnerTokyu Community is a Tokyu Fudosan Holdings Group company providing building management and maintenance services for the REIT's properties. It contributes to the internal growth strategy by maintaining high occupancy and property quality.
• Tokyu Resorts & Stay Co., Ltd. (東急リゾーツ＆リエイト株式会社)coreStrategic or Co-development PartnerTokyu Resorts & Stay is a Tokyu Fudosan Holdings Group company supporting the REIT's hospitality-related property management and operations, particularly relevant for hotel assets in the portfolio like Nest Hotel Naha.
• Tokyu Land S.C. Management Co., Ltd. (東急不動産SCマネジメント株式会社)coreStrategic or Co-development PartnerTokyu Land S.C. Management provides shopping center management expertise within the Tokyu Fudosan Holdings Group, supporting the REIT's urban commercial facility operations and tenant mix optimization.
• Tokyu Fudosan REIT Management Co., Ltd. (東急不動産リート・マネジメント株式会社)coreStrategic or Co-development PartnerThe external asset manager for Activia Properties. It is a consolidated subsidiary of Tokyu Fudosan Holdings Group and responsible for all investment decisions, property management oversight, and investor relations. The asset manager operates the 'ActivIA Operations Division (アクティビア運用本部)' staffed by experienced real estate professionals from the Tokyu Fudosan Group.
• Tokyu Fudosan Holdings Group Value Chain Partners (Multiple entities)coreStrategic or Co-development PartnerThe REIT benefits from a comprehensive support framework involving multiple Tokyu Fudosan Holdings Group companies: Tokyu Fudosan (property sourcing, co-investment), Tokyu Livable (leasing, property management), Tokyu Community (building management), Tokyu Resorts & Stay (hospitality operations), and Tokyu Land S.C. Management (shopping center operations). This multi-party support structure enables both external growth (acquisition pipeline) and internal growth (operational expertise) for the REIT's portfolio.
• Japan Securities Depository Center (JASDEC)coreOthersAs a listed J-REIT, Activia Properties' investment units are registered in the Japanese book-entry system operated by Japan Securities Depository Center (日本証券代行). This enables electronic transfer of units and is required for TSE-listed securities.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ORIX JREIT: Diversified J-REIT with significant exposure to Tokyo offices and urban retail properties. Comparable portfolio composition and similar mid-large-cap focus, supported by ORIX Group as sponsor.
• Japan Retail Fund Investment Corporation: J-REIT focused primarily on retail properties, including urban retail and suburban shopping centers. Direct peer for the Urban Commercial Facilities segment of Activia's portfolio.
• Daiwa Office Investment Corporation: J-REIT focused on office buildings, primarily in central Tokyo. Closely comparable to Activia's Tokyo office segment and competes for similar corporate tenants.
• Frontier Real Estate Investment Corporation: J-REIT focused on retail and commercial facilities, including shopping centers and urban retail properties. Highly comparable to Activia's Urban Commercial Facilities segment in terms of asset type and tenant base.
• Kenedix Office Investment Corporation: J-REIT focused on mid-sized office buildings in Tokyo, a comparable strategy to Activia's A-PLACE series and other mid-sized Tokyo offices. Overlaps significantly on tenant base and asset scale.
• Tokyu REIT (Tokyu Real Estate Investment Trust): Sister J-REIT also sponsored by Tokyu Fudosan Holdings Group. While focused on retail/logistics rather than offices, shares the same sponsor infrastructure and competes for some of the same properties and tenants in the Tokyu Fudosan ecosystem.
• Nippon Building Fund: Japan's largest J-REIT focused exclusively on office buildings in central Tokyo, with a similar large-cap, Grade-A office strategy. It is the most direct comparable to Activia's Tokyo office segment and competes for the same tenant pool.
• Japan Real Estate Investment Corporation: One of the largest J-REITs, focused primarily on office buildings in central Tokyo. Closely comparable to Activia's Tokyo office concentration and competes for similar prime assets and tenants.

Regional players

• Mitsubishi Estate Logistics REIT: J-REIT focused on logistics facilities sponsored by Mitsubishi Estate. Relevant comparable for capital structure, governance, and the broader Japanese listed real estate investment market, but operates in a different asset vertical.

Emerging players

• Nippon Prologis REIT: J-REIT focused on logistics properties. Partial overlap through the Activia Account's logistics holdings, though primarily a different asset class. Listed comparable for sponsor-supported J-REITs with similar governance quality.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubenet-presentations.com/3279

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Activia Properties Inc