3289
Tokyu Fudosan Holdings Corporation
東急不動産ホールディングス株式会社
Real Estate
Tokyu Fudosan Holdings Corporation, together with its subsidiaries, engages in the real estate business in Japan and internationally. The company operates through four segments: Urban Development, Strategic Investment, Property Management & Operation, and Real Estate Agents. The Urban Development segment develops and operates office buildings, commercial facilities, condominiums, and other facilities. The Strategic Investment segment develops, leases, and operates renewable energy power generation facilities and logistics facilities, as well as engages in REIT and fund management business. The Property Management & Operation segment engages in providing management services and renovation work for condominiums and buildings; sales and operation of membership resort hotels, urban hotels, golf courses, ski resorts, senior housing, and other; environmental greening business; new businesses based on the internal entrepreneurship program, and other services. The Real-Estate Agents segment is involved in Real estate brokerage, purchase, and resale business; sales agency business; and managing and operating rental housing and student apartments. Tokyu Fudosan Holdings Corporation was founded in 1918 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
—
¥1,150.3B
¥1,103.0B
¥1,005.8B
¥989.0B
SG&A
¥118.6B
¥104.6B
¥95.8B
¥86.7B
¥110.1B
Operating Income
¥166.9B
¥140.8B
¥120.2B
¥110.4B
¥83.8B
Non-Operating Income
¥5.7B
¥5.2B
¥4.1B
¥2.6B
¥3.3B
Dividend Income
—
¥508M
¥666M
¥326M
¥317M
Interest Income
—
¥422M
¥412M
¥200M
¥244M
Non-Operating Expenses
—
¥16.8B
¥13.9B
¥13.5B
¥14.3B
Interest Expense
—
¥14.0B
¥12.0B
¥10.7B
¥11.1B
Ordinary Income
¥147.8B
¥129.2B
¥110.4B
¥99.6B
¥72.8B
Pre-tax Income
¥147.1B
¥122.3B
¥103.0B
¥70.2B
¥55.9B
Income Taxes
¥48.7B
¥43.9B
¥33.5B
¥21.8B
¥19.9B
Current Tax
—
¥48.6B
¥34.8B
¥22.6B
¥34.6B
Deferred Tax
—
¥-4.6B
¥-1.3B
¥-778M
¥-14.7B
Net Income (owners)
¥96.7B
¥77.6B
¥68.5B
¥48.2B
¥35.1B
Minority Interest
—
¥829M
¥961M
¥88M
¥848M
Comprehensive Income
—
¥98.4B
¥85.8B
¥73.0B
¥48.9B
EBITDA
¥235.5B
¥196.6B
¥169.9B
¥160.2B
¥132.5B
Goodwill Amort. (J-GAAP)
—
¥4.3B
¥5.0B
¥5.2B
¥5.4B
EPS
¥135.45
¥108.69
¥96.40
¥67.21
¥48.84
Shares Outstanding
—
719.8M
719.8M
719.8M
719.8M
Shares Issued (total)
—
719.8M
719.8M
719.8M
719.8M
Treasury Shares
—
0.1M
0.1M
0.1M
0.1M
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥3,419.1B
¥3,259.9B
¥3,030.8B
¥2,738.5B
¥2,634.3B
Current Assets
¥1,476.0B
¥1,381.9B
¥1,359.2B
¥1,115.6B
¥1,037.0B
Cash & Deposits
¥187.8B
¥160.9B
¥246.6B
¥171.0B
¥154.0B
Trade Receivables
—
¥59.7B
¥56.2B
¥45.8B
¥39.2B
Inventories
—
¥750M
¥731M
¥846M
¥804M
Non-Current Assets
¥1,943.0B
¥1,878.0B
¥1,671.6B
¥1,622.9B
¥1,597.4B
PP&E
¥1,245.5B
¥1,227.4B
¥1,094.7B
¥1,066.5B
¥1,093.4B
Goodwill
—
¥49.7B
¥43.5B
¥53.4B
¥60.7B
Intangible Assets
—
¥98.3B
¥83.5B
¥105.9B
¥108.2B
Investment Securities
¥398.5B
¥354.7B
¥333.0B
¥295.5B
¥246.4B
Deferred Tax Assets
—
¥36.4B
¥25.9B
¥26.3B
¥26.9B
Total Liabilities
¥2,502.5B
¥2,416.4B
¥2,258.8B
¥2,037.8B
¥1,991.0B
Current Liabilities
¥525.5B
¥621.5B
¥508.1B
¥406.1B
¥438.8B
Accounts Payable
—
¥52.9B
¥69.6B
¥41.8B
¥43.9B
ST Debt
¥206.1B
¥234.2B
¥147.3B
¥156.4B
¥158.5B
Taxes Payable
—
¥34.6B
¥17.9B
¥11.1B
¥18.4B
Non-Current Liabilities
¥1,976.9B
¥1,794.9B
¥1,750.8B
¥1,631.7B
¥1,552.3B
Total LT Borrowings
¥1,610.6B
¥1,443.3B
¥1,422.8B
¥1,316.5B
¥1,243.2B
Pension Obligations
—
¥28.0B
¥30.0B
¥29.9B
¥29.1B
Deferred Tax Liab.
—
¥32.6B
¥22.8B
¥21.6B
¥22.6B
Total Equity
¥916.6B
¥843.5B
¥771.9B
¥700.7B
¥643.3B
Capital Stock
—
¥77.6B
¥77.6B
¥77.6B
¥77.6B
Capital Surplus
—
¥163.3B
¥165.7B
¥165.7B
¥166.6B
Retained Earnings
¥560.4B
¥493.6B
¥440.5B
¥392.5B
¥357.0B
Treasury Stock
—
¥-3.0B
¥-4.8B
¥-6.5B
¥-341M
AOCI
—
¥91.1B
¥71.1B
¥55.4B
¥31.0B
Equity (owners)
¥788.4B
¥731.4B
¥679.0B
¥629.2B
¥600.8B
Minority Interests
—
¥21.0B
¥21.8B
¥16.1B
¥11.5B
Total Interest-Bearing Debt ⓘ
¥1,816.8B
¥1,677.5B
¥1,570.1B
¥1,472.9B
¥1,401.7B
Net Cash ⓘ
¥-1,629.0B
¥-1,516.5B
¥-1,323.5B
¥-1,301.9B
¥-1,247.7B
NCAV ⓘ
¥-1,026.4B
¥-1,034.5B
¥-899.7B
¥-922.2B
¥-954.1B
NCAV/Share
—
¥-1,437
¥-1,250
¥-1,281
¥-1,326
BV/Share
—
¥1,016
¥943
¥874
¥835
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥129.5B
¥47.4B
¥156.5B
¥94.7B
¥76.5B
Interest Paid
—
¥-13.9B
¥-11.6B
¥-10.7B
¥-11.0B
Interest Received
—
¥389M
¥846M
¥2.0B
¥2.1B
D&A
¥68.6B
¥51.5B
¥44.6B
¥44.5B
¥43.3B
Goodwill Amort.
—
¥4.3B
¥5.0B
¥5.2B
¥5.4B
Investing CF
¥-164.5B
¥-140.0B
¥-178.2B
¥-120.1B
¥-31.8B
Financing CF
¥55.8B
¥1.5B
¥97.8B
¥42.8B
¥-81.3B
Dividends Paid
—
¥-24.5B
¥-20.5B
¥-13.0B
¥-11.5B
LT Debt Repaid
—
¥-108.1B
¥-115.4B
¥-151.5B
¥-142.8B
Free Cash Flow
¥129.5B
¥47.4B
¥156.5B
¥94.7B
¥76.5B
Net Change in Cash
—
¥-88.8B
¥75.8B
¥16.8B
¥-35.8B
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
11.0%
9.9%
9.6%
7.3%
5.7%
ROA
2.9%
2.5%
2.4%
1.8%
1.3%
EPS
¥135.45
¥108.69
¥96.40
¥67.21
¥48.84
DPS
¥22.00
¥36.50
¥31.00
¥23.50
¥17.00
BPS
¥1,260.05
¥1,150.27
¥1,053.04
¥964.77
¥878.32
FCF/Share
—
¥66
¥217
¥132
¥106
NCAV/Share
—
¥-1,437
¥-1,250
¥-1,281
¥-1,326
Payout Ratio
16.2%
33.6%
32.2%
35.0%
34.8%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 4
Date Activist Stake Event Flag Demands Source
2025-09-19
Sumitomo Mitsui Trust Bank,Limited
6.4%
-0.16%
change
Passive
—
2025-07-22
Sumitomo Mitsui Trust Bank,Limited
6.56%
change
Passive
—
2024-12-18
BlackRock Japan Co., Ltd.
5.11%
initial_5pct
Passive
—
2024-04-05
Mizuho Bank, Ltd.
5.07%
initial_5pct
Passive
—
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-05-11
15:30
Div Increase
¥18.7B ¥26.0/sh
+33%
Tokyu Real Estate Holdings increased its FY2026 year-end dividend to ¥26.00 per share from the prior forecast of ¥22.50 …
Summary
Tokyu Real Estate Holdings increased its FY2026 year-end dividend to ¥26.00 per share from the prior forecast of ¥22.50 per share (+3.50 yen increase), driven by better-than-expected earnings (¥96.7 billion vs ¥90 billion guidance). Combined with the interim dividend of ¥22.00, the annual dividend reaches ¥48.00 per share with a 35.4% payout ratio, consistent with the Medium-Term Management Plan 2030 shareholder return policy.
Deadline: 2026-06-26
YoY: +33%
Source (JP)
当期末の配当を、直近の配当予想から1株当たり3円50銭増配し、1株当たり26円00銭としました。年間配当金は1株当たり48円00銭、配当性向は35.4%
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 11
#
Shareholder
Shares (thou.)
% of Total
1
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
116,034
16.12%
2
東急株式会社
114,479
15.90%
3
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
59,362
8.25%
4
JPモルガン証券株式会社
17,039
2.37%
5
Employee Stock Ownership Plan
東急不動産ホールディングス従業員持株会
13,861
1.93%
6
Sumitomo Mitsui Trust Bank
三井住友信託銀行株式会社 (常任代理人 株式会社日本カストディ銀行)
12,140
1.69%
7
Dai-ichi Life Insurance
第一生命保険株式会社 (常任代理人 株式会社日本カストディ銀行)
11,934
1.66%
8
State Street Bank and Trust Company
ステート ストリート バンク アンド トラスト カンパニー 505001 (常任代理人 株式会社みずほ銀行決済営業部)
11,920
1.66%
9
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口4)
8,751
1.22%
10
JPMorgan Chase Bank, N.A.
ジェーピー モルガン チェース バンク 385781 (常任代理人 株式会社みずほ銀行決済営業部)
8,514
1.18%
Domestic Nominees
27.3%
+1.9% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
2.8%
+1.7% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
21.9%
-1.3% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
Japan Master Trust Bank
日本マスタートラスト信託銀行
15.53%
16.01%
16.12%
+0.11%
東急
15.90%
15.90%
15.90%
Japan Custody Bank
日本カストディ銀行
7.89%
7.69%
9.47%
+1.78%
JPモルガン証券
↑
—
1.18%
2.37%
+1.19%
Employee Stock Ownership Plan
東急不動産ホールディングス従業員持株会
1.73%
1.79%
1.93%
+0.14%
Sumitomo Mitsui Trust Bank
三井住友信託銀行
1.69%
1.69%
1.69%
Dai-ichi Life Insurance
第一生命保険
1.66%
1.66%
1.66%
State Street
NEW ENTRY
—
—
—
1.66%
NEW
JP Morgan
—
1.15%
1.18%
+0.03%
SSBTC CLIENT OMNIBUS ACCOUNT
SSBTC CLIENT OMNIBUS ACCOUNT
last seen 2024
Exited Top 10
1.85%
1.34%
—
ビ-エヌワイエム アズ エ-ジ-テイ クライアンツ 10 パ-セント
last seen 2024
Exited Top 10
—
1.26%
—
野村信託銀行株式会社(東急不動産ホールディングス従業員持株会専用信託口)
last seen 2023
Exited Top 10
1.35%
—
—
ビ-エヌワイエム アズ エ-ジ-テイ クライアンツ ノン トリ-テイ- ジヤスデツク
last seen 2023
Exited Top 10
1.40%
—
—
HSBC BANK PLC A/C HSBC BANK PLC AS TRUSTEE FOR PUTM ACS JAPAN EQUITY FUND
last seen 2023
Exited Top 10
1.22%
—
—
Concentration (HHI)
ⓘ
574
583
621
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥11,347M
+187% since 2023
Holdings
11
+2 new
1 exited
Trend
2 building
vs 2023
Held Company
FY2025
¥11,347M total
FY2023
¥3,954M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Mitsubishi UFJ Financial Group, Inc.
株式会社三菱UFJフィナンシャル・グループ
3,983
1,980,870
1,679
1,980,870
M
East Japan Railway Company
東日本旅客鉄道株式会社
3,528
NEW
New
1,195,200
—
M
三井住友トラスト・グループ株式会社
2,348
NEW
New
631,298
—
M
The Chiba Bank, Ltd.
株式会社千葉銀行
464
332,300
284
332,300
M
第一生命ホールディングス株式会社
449
99,100
241
99,100
M
Mizuho Financial Group, Inc.
株式会社みずほフィナンシャルグループ
167
41,458
77
41,458
M
株式会社コンコルディア・フィナンシャルグループ
164
167,920
81
167,920
M
株式会社八十二銀行
140
132,650
76
132,650
M
gooddays holdings,Inc.
gooddaysホールディングス株式会社
77
+100.0%
↑
120,000
71
60,000
Sumitomo Mitsui Financial Group, Inc.
株式会社三井住友フィナンシャルグループ
20
+200.0%
↑
5,400
9
1,800
Resona Holdings, Inc.
株式会社りそなホールディングス
7
6,000
3
6,000
M
三井住友トラスト・ホールディングス株式会社
—
−100%
Exit
—
1,433
315,649
M
Portfolio total
11,347
3,954
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding