Upcoming Dividend • May 21
Upcoming dividend of JP¥3,990 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 14 August 2026. Trailing yield: 5.7%. Within top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (5.3%). Announcement • May 20
Heiwa Real Estate REIT, Inc. has filed a Follow-on Equity Offering. Heiwa Real Estate REIT, Inc. has filed a Follow-on Equity Offering.
Security Name: Units
Security Type: Common Stock
Securities Offered: 87,700 Announcement • May 10
Heiwa Real Estate REIT, Inc. to Report Fiscal Year 2026 Results on Jul 16, 2026 Heiwa Real Estate REIT, Inc. announced that they will report fiscal year 2026 results on Jul 16, 2026 Reported Earnings • Mar 01
First half 2026 earnings released: EPS: JP¥4,162 (vs JP¥3,432 in 1H 2025) First half 2026 results: EPS: JP¥4,162 (up from JP¥3,432 in 1H 2025). Revenue: JP¥10.7b (up 18% from 1H 2025). Net income: JP¥5.21b (up 27% from 1H 2025). Profit margin: 49% (up from 45% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, while revenues in the REITs industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Feb 17
First half dividend of JP¥3,990 announced Shareholders will receive a dividend of JP¥3,990. Ex-date: 28th May 2026 Payment date: 14th August 2026 Dividend yield will be 5.2%, which is higher than the industry average of 4.5%. Announcement • Feb 11
Heiwa Real Estate REIT, Inc. (TSE:8966) executed an agreement to acquire 70% stake in Nagoya Heiwa Building from Heiwa Real Estate Co., Ltd. (TSE:8803) for ¥5.1 billion. Heiwa Real Estate REIT, Inc. (TSE:8966) executed an agreement to acquire 70% stake in Nagoya Heiwa Building from Heiwa Real Estate Co., Ltd. (TSE:8803) for ¥5.1 billion on February 10, 2026. A cash consideration of ¥5.11 billion will be paid by Heiwa Real Estate REIT, Inc. As part of consideration, ¥5.11 billion is paid towards Nagoya Heiwa Building. The transaction will be funded through cash on hand and borrowings.
The transaction is subject to approval of offer by acquirer board. The deal has been unanimously approved by the board of Heiwa Real Estate REIT, Inc. The expected completion of the transaction is March 2, 2026. Reported Earnings • Jan 20
First half 2026 earnings released: EPS: JP¥4,162 (vs JP¥3,432 in 1H 2025) First half 2026 results: EPS: JP¥4,162 (up from JP¥3,432 in 1H 2025). Revenue: JP¥10.7b (up 18% from 1H 2025). Net income: JP¥5.21b (up 27% from 1H 2025). Profit margin: 49% (up from 45% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is expected to fall by 2.7% p.a. on average during the next 2 years compared to a 1.2% decline forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jan 20
Heiwa Real Estate REIT, Inc. announces Semi-Annual dividend, payable on August 14, 2026 Heiwa Real Estate REIT, Inc. announced Semi-Annual dividend of JPY 3990.0000 per share payable on August 14, 2026, ex-date on May 28, 2026 and record date on May 31, 2026. Announcement • Jan 19
Heiwa Real Estate REIT, Inc. Provides Earnings Guidance for the Fiscal Period Ending May 2026 and November 2026 Heiwa Real Estate REIT, Inc. provided earnings guidance for the fiscal period ending May 2026 and November 2026. For the fiscal period ending May 2026, the company expected Operating revenue to be ¥8,954 million, Operating profit to be ¥4,109 million, Profit to be ¥3,170 million and Distribution per unit to be ¥3,990.
For the fiscal period ending November 2026, the company expected Operating revenue to be ¥9,092 million, Operating profit to be ¥4,231 million, Profit to be ¥3,219 million and Distribution per unit to be ¥4,010. Upcoming Dividend • Nov 20
Upcoming dividend of JP¥3,950 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 17 February 2026. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (4.6%). Announcement • Nov 05
Heiwa Real Estate REIT, Inc. to Report First Half, 2026 Results on Jan 19, 2026 Heiwa Real Estate REIT, Inc. announced that they will report first half, 2026 results on Jan 19, 2026 Declared Dividend • Sep 08
Final dividend of JP¥3,950 announced Shareholders will receive a dividend of JP¥3,950. Ex-date: 27th November 2025 Payment date: 17th February 2026 Dividend yield will be 5.2%, which is higher than the industry average of 4.5%. Announcement • Sep 06
Heiwa Real Estate REIT, Inc. announces Semi-Annual dividend, payable on February 17, 2026 Heiwa Real Estate REIT, Inc. announced Semi-Annual dividend of JPY 3950.0000 per share payable on February 17, 2026, ex-date on November 27, 2025 and record date on November 30, 2025. Reported Earnings • Sep 03
Full year 2025 earnings released: EPS: JP¥7,517 (vs JP¥6,899 in FY 2024) Full year 2025 results: EPS: JP¥7,517 (up from JP¥6,899 in FY 2024). Revenue: JP¥19.2b (up 10% from FY 2024). Net income: JP¥8.98b (up 13% from FY 2024). Profit margin: 47% (up from 46% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 1.2% decline forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Aug 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.6% 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 (12% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. Upcoming Dividend • May 22
Upcoming dividend of JP¥3,850 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 15 August 2025. Trailing yield: 5.9%. Within top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (5.2%). Announcement • May 20
Heiwa Real Estate REIT, Inc. has filed a Follow-on Equity Offering. Heiwa Real Estate REIT, Inc. has filed a Follow-on Equity Offering.
Security Name: Units
Security Type: Common Stock
Securities Offered: 46,500
Security Features: Income Trust Announcement • May 01
Heiwa Real Estate REIT, Inc. to Report Fiscal Year 2025 Results on Jul 16, 2025 Heiwa Real Estate REIT, Inc. announced that they will report fiscal year 2025 results on Jul 16, 2025 Announcement • Apr 04
An undisclosed buyer agreed to acquire Of-07 HF HAMAMATSUCHO BUILDING from Heiwa Real Estate REIT, Inc. (TSE:8966) for ¥2.5 billion. An undisclosed buyer agreed to acquire Of-07 HF HAMAMATSUCHO BUILDING from Heiwa Real Estate REIT, Inc. (TSE:8966) for ¥2.5 billion on April 3, 2025. A cash consideration of ¥2.5 billion will be paid by the buyer. As part of consideration, ¥2.5 billion is paid towards assets of Of-07 HF HAMAMATSUCHO BUILDING. Under the terms of the transaction, the purchase of consideration will be settled through a lump-sum payment at time of delivery.
The expected completion of the transaction is June 30, 2025. Price Target Changed • Jan 20
Price target decreased by 7.2% to JP¥143,667 Down from JP¥154,750, the current price target is an average from 3 analysts. New target price is 14% above last closing price of JP¥125,500. Stock is down 9.8% over the past year. The company is forecast to post earnings per share of JP¥6,682 for next year compared to JP¥6,899 last year. Reported Earnings • Jan 18
First half 2025 earnings released: EPS: JP¥3,432 (vs JP¥3,475 in 1H 2024) First half 2025 results: EPS: JP¥3,432. Revenue: JP¥9.05b (up 4.5% from 1H 2024). Net income: JP¥4.10b (up 2.6% from 1H 2024). Profit margin: 45% (in line with 1H 2024). Revenue is expected to fall by 3.9% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the REITs industry in Japan. Upcoming Dividend • Nov 21
Upcoming dividend of JP¥3,440 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 25 February 2025. Trailing yield: 5.7%. Within top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (5.3%). Price Target Changed • Nov 11
Price target decreased by 9.5% to JP¥140,000 Down from JP¥154,750, the current price target is provided by 1 analyst. New target price is 16% above last closing price of JP¥120,500. Stock is down 14% over the past year. The company is forecast to post earnings per share of JP¥6,682 for next year compared to JP¥6,899 last year. New Risk • Jun 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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 7.4% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (3.9% increase in shares outstanding). Upcoming Dividend • May 23
Upcoming dividend of JP¥3,325 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 15 August 2024. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.7%). Announcement • May 22
Heiwa Real Estate REIT, Inc. has filed a Follow-on Equity Offering. Heiwa Real Estate REIT, Inc. has filed a Follow-on Equity Offering.
Security Name: Units
Security Type: Common Stock
Securities Offered: 42,800
Security Features: Income Trust
Transaction Features: Subsequent Direct Listing Announcement • Mar 26
An undisclosed buyer agreed to acquire Hf Nihonbashi Hamacho Building from Heiwa Real Estate REIT, Inc. (TSE:8966) for ¥3.5 billion. An undisclosed buyer agreed to acquire Hf Nihonbashi Hamacho Building from Heiwa Real Estate REIT, Inc. (TSE:8966) for ¥3.5 billion on March 25, 2024. Hf Nihonbashi Hamacho Building has annual rental income of ¥160 million. The deal is expected to be completed on June 3, 2024. Reported Earnings • Jan 20
First half 2024 earnings released: EPS: JP¥3,475 (vs JP¥3,203 in 1H 2023) First half 2024 results: EPS: JP¥3,475 (up from JP¥3,203 in 1H 2023). Revenue: JP¥8.66b (up 11% from 1H 2023). Net income: JP¥4.00b (up 12% from 1H 2023). Profit margin: 46% (in line with 1H 2023). Revenue is expected to fall by 2.5% p.a. on average during the next 3 years compared to a 2.4% decline forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥3,180 per share at 4.5% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 15 February 2024. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.4%). Reported Earnings • Sep 03
Full year 2023 earnings released: EPS: JP¥6,398 (vs JP¥5,841 in FY 2022) Full year 2023 results: EPS: JP¥6,398 (up from JP¥5,841 in FY 2022). Revenue: JP¥15.9b (up 12% from FY 2022). Net income: JP¥7.12b (up 16% from FY 2022). Profit margin: 45% (up from 43% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. New Risk • Jul 20
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 (9.5% operating cash flow to total debt). Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (109% cash payout ratio). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Reported Earnings • Jul 16
Full year 2023 earnings released Full year 2023 results: Revenue: JP¥15.9b (up 12% from FY 2022). Net income: JP¥7.12b (up 16% from FY 2022). Profit margin: 45% (up from 43% in FY 2022). The increase in margin was driven by higher revenue. Announcement • Jul 15
Heiwa Real Estate REIT, Inc. to Report Fiscal Year 2023 Results on Jul 14, 2023 Heiwa Real Estate REIT, Inc. announced that they will report fiscal year 2023 results on Jul 14, 2023 Buying Opportunity • Jul 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be JP¥181,484, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 5.6%. Buying Opportunity • May 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be JP¥190,194, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 5.6%. Upcoming Dividend • May 23
Upcoming dividend of JP¥3,130 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 15 August 2023. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (4.2%). Announcement • Feb 01
Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of HF Fushimi Residence for ¥610 million. Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire HF Fushimi Residence for ¥610 million on December 23, 2022.Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of HF Fushimi Residence for ¥610 million on January 31, 2023. Announcement • Jan 31
Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of HF Imaike Minami Residence for JPY 860 million. Heiwa Real Estate REIT, Inc. (TSE:8966) entered into an agreement to acquire HF Imaike Minami Residence for JPY 860 million on December 23, 2022.
Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of HF Imaike Minami Residence on January 30, 2023. Reported Earnings • Jan 20
First half 2023 earnings released: EPS: JP¥3,202 (vs JP¥2,816 in 1H 2022) First half 2023 results: EPS: JP¥3,202 (up from JP¥2,816 in 1H 2022). Revenue: JP¥7.84b (up 14% from 1H 2022). Net income: JP¥3.57b (up 20% from 1H 2022). Profit margin: 46% (up from 43% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥3,115 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 15 February 2023. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.7%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Supervisory Director Toshio Suzuki was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Aug 07
Price target increased to JP¥157,333 Up from JP¥144,000, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥151,700. Stock is down 10% over the past year. The company posted earnings per share of JP¥5,840 last year. Reported Earnings • Jul 20
Full year 2022 earnings released: EPS: JP¥5,840 (vs JP¥6,172 in FY 2021) Full year 2022 results: EPS: JP¥5,840 (down from JP¥6,172 in FY 2021). Revenue: JP¥14.2b (up 3.0% from FY 2021). Net income: JP¥6.17b (flat on FY 2021). Profit margin: 43% (down from 45% in FY 2021). The decrease in margin was driven by higher expenses. Net asset value (NAV) per share: JP¥99,095 (up 4.1% from FY 2021). The current share price is 44% higher than NAV per share. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • May 23
Upcoming dividend of JP¥3,050 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 15 August 2022. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.7%). 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. Supervisory Director Toshio Suzuki was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥5,730 (down from JP¥6,025 in FY 2020). Revenue: JP¥13.6b (flat on FY 2020). Net income: JP¥5.89b (down 2.9% from FY 2020). Profit margin: 43% (down from 44% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Jan 20
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: JP¥2,815 (down from JP¥3,254 in 1H 2021). Revenue: JP¥6.88b (down 2.6% from 1H 2021). Net income: JP¥2.97b (down 9.3% from 1H 2021). Profit margin: 43% (down from 46% in 1H 2021). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥2,850 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 16 February 2022. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (3.5%). Announcement • Sep 25
Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire HF SOKA RESIDENCE and Faret East Building for ¥2310 million. Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire HF SOKA RESIDENCE and Faret East Building for ¥2310 million on September 24, 2021. The financing for the acquisition will be done from Cash on hand and borrowings. The scheduled acquisition date for HF SOKA RESIDENCE is September 29, 2021, while for Faret East Building is October 29, 2021. Reported Earnings • Aug 30
Full year 2021 earnings released: EPS JP¥6,172 (vs JP¥5,217 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥13.8b (up 6.8% from FY 2020). Net income: JP¥6.19b (up 17% from FY 2020). Profit margin: 45% (up from 41% in FY 2020). Net asset value (NAV) per share: JP¥95,189 (flat on FY 2020). The current share price is 82% higher than NAV per share. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • May 21
Upcoming dividend of JP¥2,850 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 14 August 2021. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (3.4%). Announcement • Mar 14
Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire ACROSS Shinkawa, Kabuto-cho Uni-Square, HF Hakata-Higashi Residence II & HF Fukuoka Residence for ¥4.4 billion. Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire ACROSS Shinkawa, Kabuto-cho Uni-Square, HF Hakata-Higashi Residence II & HF Fukuoka Residence for ¥4.4 billion on March 12, 2021. The expected acquisition price of Across Shinkawa Building is ¥500 million, Kabuto-cho Uni-Square is ¥1480 million, HF Hakata-Higashi Residence II is ¥1,198.5 million and HF Fukuoka Residence EAST is ¥1,180 million. The completion date of ACROSS Shinkawa Building (additional acquisition 5.67%) is March 19, 2021, Kabuto-cho Uni-Square (additional acquisition 41.93%) is March 23, 2021 and HF Hakata-Higashi Residence II, HF Fukuoka Residence EAST is March 24, 2021. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS JP¥6,064 (vs JP¥4,939 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥13.7b (up 7.9% from FY 2019). Net income: JP¥6.06b (up 21% from FY 2019). Profit margin: 44% (up from 40% in FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 12
New 90-day high: JP¥144,100 The company is up 21% from its price of JP¥119,100 on 13 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 12% over the same period. Price Target Changed • Jan 28
Price target raised to JP¥143,000 Up from JP¥129,000, the current price target is provided by 1 analyst. The new target price is 7.6% above the current share price of JP¥132,900. As of last close, the stock is down 6.9% over the past year. Is New 90 Day High Low • Jan 25
New 90-day high: JP¥130,400 The company is up 14% from its price of JP¥114,000 on 27 October 2020. The Japanese market is also up 14% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the REITs industry, which is up 9.0% over the same period. Reported Earnings • Jan 21
Second quarter 2021 earnings released: EPS JP¥1,627 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥3.54b (up 12% from 2Q 2020). Net income: JP¥1.64b (up 31% from 2Q 2020). Profit margin: 46% (up from 40% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Dec 24
New 90-day high: JP¥123,200 The company is up 8.0% from its price of JP¥114,500 on 25 September 2020. The Japanese market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the REITs industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: JP¥120,400 The company is up 6.0% from its price of JP¥114,000 on 10 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is flat over the same period. Price Target Changed • Dec 01
Price target lowered to JP¥121,000 Down from JP¥143,667, the current price target is provided by 1 analyst. The new target price is close to the current share price of JP¥120,200. As of last close, the stock is down 12% over the past year. Announcement • Oct 29
Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire Of-46 TORYO BUILDING from a domestic business company for ¥2.5 billion. Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire Of-46 TORYO BUILDING from a domestic business company for ¥2.5 billion on October 27, 2020. The payment of ¥250 million will be deposited upon the execution of the agreement and payment of the remaining amount will be made at the time of delivery. The transaction will be funded by cash in hand or borrowings. For the year ending September 30, 2020, Of-46 TORYO BUILDING reported total rental income of ¥131.7 million. The transaction is expected to be completed by December 17, 2020. Daiwa Real Estate Appraisal Co., Ltd. acted as appraiser in the transaction. Announcement • Sep 30
Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire HF OHORI RESIDENCE BAYSIDE from a domestic business company for ¥1.2 billion. Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire HF OHORI RESIDENCE BAYSIDE from a domestic business company for ¥1.2 billion on September 29, 2020. The consideration will be paid out as lump sum at the time of the delivery. The acquisition will be financed from cash on hand. The transaction is expected to complete on September 30, 2020. Daiwa Real Estate Appraisal Co., Ltd. acted as appraiser in the transaction. Announcement • Sep 12
Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of Of-44 KINSHICHO SQUARE BUILDING. Heiwa Real Estate REIT, Inc. (TSE:8966) entered into an agreement to acquire Of-44 KINSHICHO SQUARE BUILDING for ¥2.8 billion on September 11, 2019. The consideration will be paid out as lump sum at the time of the delivery. In a related transaction, an unknown buyer entered into an agreement to acquire Of-01 HF GOTANDA BUILDING from Heiwa Real Estate REIT, Inc. for ¥1.5 billion on September 11, 2019. The acquisition will be financed from the sale and cash on hand. The transaction is expected to complete on September 20, 2019. Heiwa Real Estate Co., Ltd acted as the broker for the transaction.
Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of Of-44 KINSHICHO SQUARE BUILDING on September 20, 2019. 
