8803
HEIWA REAL ESTATE CO.,LTD.
平和不動産株式会社
Real Estate
Heiwa Real Estate Co., Ltd. operates as a real estate company in Japan. It operates in two segments, Building Business and Asset Management Business. The company develops, leases, manages, and sells stock exchange buildings, office buildings, commercial facilities, and housing. It also provides property management and real estate agency services. The company was incorporated in 1947 and is headquartered in Tokyo, Japan.
Price
¥2,328
Market Cap
¥78.1B
Ent. Value
¥318.8B
Net Debt
−¥240.7B
Shares Out.
33.6M
P / E
14.1×
EV / EBIT
21.1×
P / Book
1.21×
P / NCAV
N/M
Div. Yield
1.55%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥50.9B | ¥42.1B | ¥44.4B | ¥44.5B | ¥57.8B |
| Cost of Sales | ¥29.5B | ¥23.0B | ¥25.9B | ¥28.2B | ¥40.1B |
| Gross Profit | ¥21.3B | ¥19.0B | ¥18.6B | ¥16.3B | ¥17.7B |
| SG&A | ¥6.2B | ¥5.8B | ¥5.5B | ¥5.5B | ¥5.1B |
| Operating Income | ¥15.1B | ¥13.2B | ¥13.0B | ¥10.8B | ¥12.6B |
| Non-Operating Income | ¥742M | ¥575M | ¥444M | ¥575M | ¥585M |
| Dividend Income | — | ¥529M | ¥382M | ¥539M | ¥534M |
| Interest Income | — | ¥18M | ¥17M | ¥6M | ¥5M |
| Non-Operating Expenses | — | ¥2.1B | ¥2.0B | ¥1.7B | ¥1.6B |
| Interest Expense | — | ¥1.9B | ¥1.7B | ¥1.5B | ¥1.4B |
| Ordinary Income | ¥13.0B | ¥11.7B | ¥11.5B | ¥9.6B | ¥11.6B |
| Pre-tax Income | ¥15.9B | ¥12.4B | ¥12.4B | ¥13.3B | ¥12.5B |
| Income Taxes | ¥4.9B | ¥2.9B | ¥4.0B | ¥4.1B | ¥3.8B |
| Current Tax | — | ¥4.4B | ¥4.0B | ¥4.7B | ¥4.1B |
| Deferred Tax | — | ¥-1.5B | ¥-81M | ¥-532M | ¥-274M |
| Net Income (owners) | ¥11.0B | ¥9.6B | ¥8.4B | ¥9.1B | ¥8.7B |
| Comprehensive Income | — | ¥7.4B | ¥10.3B | ¥6.5B | ¥6.6B |
| EBITDA | ¥20.9B | ¥18.9B | ¥18.8B | ¥16.5B | ¥18.0B |
| Goodwill Amort. (J-GAAP) | — | ¥42M | ¥7M | — | — |
| EPS | ¥165.63 | ¥283.11 | ¥236.13 | ¥254.27 | ¥236.74 |
| Shares Outstanding | — | 33.6M | 36.0M | 36.0M | 36.6M |
| Shares Issued (total) | — | 38.9M | 38.9M | 38.9M | 38.9M |
| Treasury Shares | — | 5.3M | 2.9M | 2.9M | 2.2M |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥451.8B | ¥419.5B | ¥406.0B | ¥398.3B | ¥376.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥93.4B | ¥60.0B | ¥53.3B | ¥46.6B | ¥53.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥19.9B | ¥19.3B | ¥20.4B | ¥20.9B | ¥23.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥358.2B | ¥359.2B | ¥352.3B | ¥351.4B | ¥322.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥272.0B | ¥282.4B | ¥275.5B | ¥279.5B | ¥249.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥602M | ¥645M | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | ¥31.2B | ¥31.3B | ¥30.7B | ¥28.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥45.6B | ¥37.0B | ¥38.1B | ¥34.6B | ¥39.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥243M | ¥250M | ¥226M | ¥156M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥325.1B | ¥301.5B | ¥280.3B | ¥279.0B | ¥256.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥42.0B | ¥32.4B | ¥29.1B | ¥34.5B | ¥30.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥31.1B | ¥19.5B | ¥17.5B | ¥19.5B | ¥16.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | — | ¥2.6B | ¥1.7B | ¥2.6B | ¥3.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥283.1B | ¥269.1B | ¥251.3B | ¥244.5B | ¥226.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥229.6B | ¥221.9B | ¥201.6B | ¥198.9B | ¥181.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | — | ¥180M | ¥126M | ¥234M | ¥119M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥7.4B | ¥9.5B | ¥8.8B | ¥10.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥126.8B | ¥118.0B | ¥125.6B | ¥119.3B | ¥119.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | — | ¥21.5B | ¥21.5B | ¥21.5B | ¥21.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥19.7B | ¥19.7B | ¥19.7B | ¥19.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥57.7B | ¥64.6B | ¥61.0B | ¥56.3B | ¥50.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-19.0B | ¥-10.0B | ¥-10.0B | ¥-7.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥31.2B | ¥33.4B | ¥31.8B | ¥35.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥89.9B | ¥86.7B | ¥92.2B | ¥87.5B | ¥84.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥260.6B | ¥241.4B | ¥219.0B | ¥218.4B | ¥197.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-240.7B | ¥-222.1B | ¥-198.6B | ¥-197.5B | ¥-174.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-231.7B | ¥-241.5B | ¥-227.1B | ¥-232.4B | ¥-203.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥-7,197 | ¥-6,315 | ¥-6,462 | ¥-5,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥2,585 | ¥2,565 | ¥2,433 | ¥2,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥14.9B | ¥16.0B | ¥19.6B | ¥24.0B | ¥34.2B |
| Interest Paid | — | ¥-1.9B | ¥-1.6B | ¥-1.5B | ¥-1.4B |
| Interest Received | — | ¥548M | ¥422M | ¥522M | ¥540M |
| D&A | ¥5.8B | ¥5.6B | ¥5.8B | ¥5.7B | ¥5.4B |
| Goodwill Amort. | — | ¥42M | ¥7M | — | — |
| Investing CF | ¥-26.5B | ¥-24.8B | ¥-19.4B | ¥-40.2B | ¥-20.7B |
| CapEx | ¥20.8B | ¥23.7B | ¥18.2B | ¥38.2B | ¥18.2B |
| Purchase Investments | — | ¥-1.9B | ¥-1.3B | ¥-313M | ¥-1.6B |
| Financing CF | ¥10.8B | ¥7.7B | ¥280M | ¥14.0B | ¥-15.5B |
| Dividends Paid | — | ¥-6.0B | ¥-4.0B | ¥-3.8B | ¥-3.2B |
| Share Buybacks | — | ¥-9.1B | ¥-14M | ¥-2.7B | ¥-2.8B |
| LT Debt Repaid | — | ¥-17.0B | ¥-16.1B | ¥-13.5B | ¥-27.2B |
| Free Cash Flow | ¥-5.9B | ¥-7.7B | ¥1.4B | ¥-14.3B | ¥16.0B |
| Net Change in Cash | — | ¥-1.1B | ¥508M | ¥-2.3B | ¥-2.0B |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 9.0% | 7.9% | 6.9% | 7.7% | 7.3% |
| ROA | 2.5% | 2.3% | 2.1% | 2.4% | 2.3% |
| EPS | ¥165.63 | ¥283.11 | ¥236.13 | ¥254.27 | ¥236.74 |
| DPS | ¥36.00 | ¥172.00 | ¥166.00 | ¥104.00 | ¥95.00 |
| BPS | ¥1,918.61 | ¥3,534.16 | ¥3,510.66 | ¥3,334.34 | ¥3,269.74 |
| FCF/Share | — | ¥-229 | ¥39 | ¥-397 | ¥436 |
| NCAV/Share | — | ¥-7,197 | ¥-6,315 | ¥-6,462 | ¥-5,555 |
| Payout Ratio | 21.7% | 60.8% | 70.3% | 40.9% | 40.1% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 15
Capital Allocation Signals 2
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-15
15:00
|
Special Div | ¥4.1B ¥62.0/sh -43% | Heiwa Real Estate (8803) announced a dividend of ¥62 per share for FY2026 (ended March 31, 2026), comprising ¥47 ordinar… | |
|
Summary
Heiwa Real Estate (8803) announced a dividend of ¥62 per share for FY2026 (ended March 31, 2026), comprising ¥47 ordinary dividend and ¥15 special dividend, with total payout of ¥4,135 million. This represents a 43.1% year-over-year decline from the prior year's ¥109 per share (¥79 ordinary + ¥30 special), reflecting a shift toward maintaining internal reserves for long-term redevelopment projects while targeting a 50% consolidated payout ratio. The special dividend component of ¥15 indicates a return to capital optimization given the company's redevelopment pipeline and capital efficiency targets.
Deadline: 2026-06-03
YoY: -43%
Source (JP)
2026年３月期末の１株当たり配当金については、上記の方針、当期の業績及び今後の事業展開等を総合的に勘案し、62円（普通配当47円、特別配当15円）とすることといたしました。
剰余金の配当に関するお知らせ
TDnet PDF
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2026-04-30
15:00
|
Div Increase | ¥62.0/sh +14% | Heiwa Real Estate (8803) raised its FY2026 March period-end dividend forecast by 1 yen to 62 yen per share (47 yen ordin… | |
|
Summary
Heiwa Real Estate (8803) raised its FY2026 March period-end dividend forecast by 1 yen to 62 yen per share (47 yen ordinary + 15 yen special), resulting in total annual DPS of 98 yen including the interim dividend of 36 yen. This represents a 12 yen increase (13.95%) versus prior-year split-adjusted DPS of 86 yen, marking the 9th consecutive year of dividend increases since FY2017.
YoY: +14%
Source (JP)
期末の１株当たり配当金を前回公表予想から１円増額し 62 円（普通配当 47 円、特別配当 15 円）とする予定です。これにより、１株当たり年間配当金は既に実施した中間配当金 36 円と合わせ 98 円となります。
配当予想の修正（増配）に関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
taisei corporation
大成建設株式会社
|
6,750 | 20.12% |
| 2 |
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）
|
4,157 | 12.39% |
| 3 | 野村 絢 | 2,444 | 7.29% |
| 4 |
Mitsubishi Estate Company, Limited
三菱地所株式会社
|
1,776 | 5.29% |
| 5 | 株式会社レノ | 1,492 | 4.45% |
| 6 |
Japan Custody Bank
株式会社日本カストディ銀行（信託口）
|
1,315 | 3.92% |
| 7 |
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部）
|
459 | 1.37% |
| 8 |
Resona Bank
株式会社りそな銀行
|
445 | 1.33% |
| 9 | 株式会社三井住友銀行 | 402 | 1.20% |
| 10 |
JP MORGAN CHASE BANK
JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部）
|
386 | 1.15% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
16.3%
-4.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
2.5%
-1.2% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
39.7%
+12.5% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 58.5% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| taisei corporation 大成建設 ↑ | 1.48% | 1.48% | 20.12% +18.64% | |
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 13.00% | 11.79% | 12.39% +0.60% | |
| 野村 絢 NEW ENTRY | — | — | — | 7.29% NEW |
| Mitsubishi Estate Company, Limited 三菱地所 | 11.89% | 11.89% | 5.29% -6.60% | |
| 式会社レノ NEW ENTRY | — | — | — | 4.45% NEW |
| Japan Custody Bank 日本カストディ銀行 | 9.05% | 8.64% | 3.92% -4.72% | |
| State Street | 3.32% | 2.54% | 1.37% -1.17% | |
| Resona Bank りそな銀行 | 1.24% | 1.24% | 1.33% +0.09% | |
| 三井住友銀行 NEW ENTRY | 1.12% | — | 1.20% NEW | |
| JP Morgan | 1.21% | 1.21% | 1.15% -0.06% | |
| CGML PB CLIENT ACCOUNT／COLLATERAL CGML PB CLIENT ACCOUNT／COLLATERAL last seen 2024 | Exited Top 10 | 10.85% | 10.85% | — |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） last seen 2024 | Exited Top 10 | — | 1.74% | — |
| Concentration (HHI) ⓘ | 527 | 487 | 681 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥15,419M
+43% since 2023
Holdings
29
+2 new
1 exited
Trend
2 unwinding
vs 2023
| Held Company | FY2025 ¥15,419M total | FY2023 ¥10,768M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Takasago Thermal Engineering Co., Ltd.
高砂熱学工業株式会社
|
1,532 |
276,000
|
582 | 276,000 | M |
|
Japan Securities Finance Co.,Ltd.
日本証券金融株式会社
|
1,393 |
780,300
|
793 | 780,300 | M |
|
DAIKIN INDUSTRIES, LTD.
ダイキン工業株式会社
|
1,097 |
68,000
|
1,608 | 68,000 | M |
|
taisei corporation
大成建設株式会社
|
995 |
NEW
New
150,600
|
— | M | |
|
KINDEN CORPORATION
株式会社きんでん
|
951 |
284,000
|
452 | 284,000 | M |
| 新日本空調株式会 社 | 940 |
+100.0%
↑
538,600
|
502 | 269,300 | M |
|
Tokyo Tatemono Co., Ltd.
東京建物株式会社
|
931 |
368,500
|
595 | 368,500 | M |
|
Mitsubishi Estate Company, Limited
三菱地所株式会社
|
887 |
365,000
|
575 | 365,000 | M |
|
Tokyu Fudosan Holdings Corporation
東急不動産ホールディングス株式会社
|
839 |
841,000
|
534 | 841,000 | M |
|
IwaiCosmo Holdings, Inc.
岩井コスモホールディングス株式会社
|
747 |
310,500
|
416 | 310,500 | M |
| 三井不動産株式会 社 | 638 |
+200.0%
↑
480,000
|
397 | 160,000 | M |
| 日比谷総合設備株 式会社 | 546 |
175,000
|
378 | 175,000 | M |
|
AIZAWA SECURITIES GROUP CO., LTD.
アイザワ証券グループ株式会社
|
523 |
353,300
|
243 | 353,300 | M |
|
Sumitomo Realty & Development Co.,Ltd.
住友不動産株式会社
|
397 |
71,000
|
211 | 71,000 | M |
|
莉､蜥後い繧ｫ繧ｦ繝ｳ繝�繧｣繝ｳ繧ｰ繝ｻ繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ譬ｪ蠑丈ｼ夂､ｾ
令和アカウンティング・ホールディングス株式会社
|
375 |
NEW
New
625,000
|
— | ||
|
Japan Exchange Group, Inc.
株式会社日本取引所グループ
|
369 |
-74.7%
↓
241,600
|
1,927 | 955,100 | |
| 株式会社TAKARA COMPANY | 330 |
100,000
|
224 | 100,000 | M |
|
HASEKO Corporation
株式会社長谷工コーポレーション
|
314 |
160,000
|
246 | 160,000 | M |
|
Sumitomo Mitsui Financial Group, Inc.
株式会社三井住友フィナンシャルグループ
|
307 |
+200.0%
↑
81,000
|
143 | 27,000 | M |
| 株式会社岡三証券 グループ | 304 |
460,000
|
216 | 460,000 | M |
|
Mito Securities Co., Ltd.
水戸証券株式会社
|
260 |
492,000
|
142 | 492,000 | M |
|
The 77Bank,Ltd.
株式会社七十七銀行
|
190 |
40,000
|
86 | 40,000 | M |
|
Daiwa Securities Group Inc.
株式会社大和証券グループ本社
|
115 |
116,000
|
72 | 116,000 | M |
|
TOYO SECURITIES CO., LTD.
東洋証券株式会社
|
105 |
207,000
|
65 | 207,000 | M |
|
SCSK Corporation
ＳＣＳＫ株式会社
|
103 |
-50.1%
↓
28,000
|
108 | 56,100 | |
|
KYOKUTO SECURITIES CO.,LTD.
極東証券株式会社
|
101 |
70,000
|
41 | 70,000 | M |
|
Marusan Securities Co.,Ltd.
丸三証券株式会社
|
88 |
98,500
|
42 | 98,500 | M |
|
Nomura Holdings Inc.
野村ホールディングス株式会社
|
22 |
25,000
|
12 | 25,000 | M |
|
Resona Holdings, Inc.
株式会社りそなホールディングス
|
20 |
16,000
|
10 | 16,000 | M |
|
Ichiyoshi Securities Co.,Ltd.
いちよし証券株式会社
|
— |
−100%
Exit
—
|
148 | 245,000 | |
| Portfolio total | 15,419 | 10,768 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding