Heiwa Real Estate REIT Past Earnings Performance

Past criteria checks 5/6

Heiwa Real Estate REIT has been growing earnings at an average annual rate of 7.4%, while the REITs industry saw earnings growing at 4% annually. Revenues have been growing at an average rate of 5.3% per year. Heiwa Real Estate REIT's return on equity is 6.4%, and it has net margins of 45.2%.

Key information

7.4%

Earnings growth rate

5.1%

EPS growth rate

REITs Industry Growth	5.9%
Revenue growth rate	5.3%
Return on equity	6.4%
Net Margin	45.2%
Last Earnings Update	30 Nov 2023

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How Heiwa Real Estate REIT makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

TSE:8966 Revenue, expenses and earnings (JPY Millions)
Date	Revenue	Earnings	G+A Expenses
30 Nov 23	16,706	7,554	123
31 Aug 23	16,296	7,339	123
31 May 23	15,886	7,124	121
28 Feb 23	15,523	6,942	120
30 Nov 22	15,159	6,759	119
31 Aug 22	14,679	6,462	119
31 May 22	14,199	6,165	119
28 Feb 22	13,903	6,027	118
30 Nov 21	13,607	5,887	114
31 Aug 21	13,705	6,040	121
31 May 21	13,803	6,192	126
28 Feb 21	13,732	6,128	139
30 Nov 20	13,660	6,063	151
31 Aug 20	13,288	5,679	147
31 May 20	12,917	5,295	141
29 Feb 20	12,814	5,190	129
30 Nov 19	12,656	5,012	134
31 Aug 19	12,654	5,075	117
31 May 19	12,597	5,065	126
28 Feb 19	13,809	6,184	119
30 Nov 18	12,430	4,974	142
31 Aug 18	14,852	7,011	121
31 May 18	14,685	6,720	139
28 Feb 18	13,198	5,316	122
30 Nov 17	11,762	3,808	156
31 Aug 17	11,618	3,502	122
31 May 17	11,525	3,092	139
28 Feb 17	11,428	2,986	122
30 Nov 16	11,396	2,170	154
31 Aug 16	11,443	3,392	123
31 May 16	11,555	3,904	141
30 Nov 15	11,846	4,218	158
31 May 15	10,830	2,222	154
30 Nov 14	10,104	3,002	150
31 May 14	10,118	2,888	156
30 Nov 13	9,230	2,670	156

Quality Earnings: 8966 has high quality earnings.

Growing Profit Margin: 8966's current net profit margins (45.2%) are higher than last year (44.6%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: 8966's earnings have grown by 7.4% per year over the past 5 years.

Accelerating Growth: 8966's earnings growth over the past year (11.8%) exceeds its 5-year average (7.4% per year).

Earnings vs Industry: 8966 earnings growth over the past year (11.8%) exceeded the REITs industry 4.5%.

Heiwa Real Estate REIT Past Earnings Performance

Past criteria checks 5/6

Key information

Recent past performance updates

First half 2024 earnings released: EPS: JP¥3,475 (vs JP¥3,203 in 1H 2023)

Full year 2023 earnings released: EPS: JP¥6,398 (vs JP¥5,841 in FY 2022)

Full year 2023 earnings released

Heiwa Real Estate REIT, Inc. to Report Fiscal Year 2023 Results on Jul 14, 2023

First half 2023 earnings released: EPS: JP¥3,202 (vs JP¥2,816 in 1H 2022)

Full year 2022 earnings released: EPS: JP¥5,840 (vs JP¥6,172 in FY 2021)

Recent updates

New minor risk - Shareholder dilution

Upcoming dividend of JP¥3,325 per share

Heiwa Real Estate REIT, Inc. has filed a Follow-on Equity Offering.

An undisclosed buyer agreed to acquire Hf Nihonbashi Hamacho Building from Heiwa Real Estate REIT, Inc. (TSE:8966) for ¥3.5 billion.

First half 2024 earnings released: EPS: JP¥3,475 (vs JP¥3,203 in 1H 2023)

Upcoming dividend of JP¥3,180 per share at 4.5% yield

Full year 2023 earnings released: EPS: JP¥6,398 (vs JP¥5,841 in FY 2022)

New major risk - Revenue and earnings growth

Full year 2023 earnings released

Heiwa Real Estate REIT, Inc. to Report Fiscal Year 2023 Results on Jul 14, 2023

Now 20% undervalued after recent price drop

Now 20% undervalued after recent price drop

Upcoming dividend of JP¥3,130 per share at 4.0% yield

Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of HF Fushimi Residence for ¥610 million.

Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of HF Imaike Minami Residence for JPY 860 million.

First half 2023 earnings released: EPS: JP¥3,202 (vs JP¥2,816 in 1H 2022)

Upcoming dividend of JP¥3,115 per share

No independent directors

Price target increased to JP¥157,333

Full year 2022 earnings released: EPS: JP¥5,840 (vs JP¥6,172 in FY 2021)

Upcoming dividend of JP¥3,050 per share

Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire Trust beneficiary rights of Grace Building Sengakujimae from Heiwa Real Estate Co., Ltd. (TSE:8803) for ¥2219 million.

No independent directors

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

First half 2022 earnings: Revenues and EPS in line with analyst expectations

Upcoming dividend of JP¥2,850 per share

Heiwa Real Estate REIT, Inc. (TSE:8966) agreed to acquire HF SOKA RESIDENCE and Faret East Building for ¥2310 million.

Full year 2021 earnings released: EPS JP¥6,172 (vs JP¥5,217 in FY 2020)

Upcoming dividend of JP¥2,850 per share

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.

Full year 2020 earnings released: EPS JP¥6,064 (vs JP¥4,939 in FY 2019)

New 90-day high: JP¥144,100

Price target raised to JP¥143,000

New 90-day high: JP¥130,400

Second quarter 2021 earnings released: EPS JP¥1,627

New 90-day high: JP¥123,200

New 90-day high: JP¥120,400

Price target lowered to JP¥121,000

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 HF OHORI RESIDENCE BAYSIDE from a domestic business company for ¥1.2 billion.

Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of Of-44 KINSHICHO SQUARE BUILDING.

Revenue & Expenses Breakdown

Earnings and Revenue History

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Return on Equity

Return on Assets

Return on Capital Employed

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