Overview
Real Estate

HEIWA REAL ESTATE CO.,LTD.

Heiwa Real Estate is a Tokyo-based real estate company with origins in managing securities exchange buildings, operating across two core segments: Building Business and Asset Management Business. The Building Business encompasses development, leasing, management, and sale of office buildings, commercial facilities, residential properties, and securities exchange buildings in major Japanese cities including Tokyo, Osaka, Nagoya, Sapporo, and Fukuoka. The Asset Management Business involves managing Heiwa Real Estate REIT Investment Corporation and providing real estate brokerage services through its subsidiaries.

Market Cap
¥152B
US$970M
EV
¥343B
US$2.19B
Stock¥2,301▲+1.37%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
16.8
x
LTM EV/EBIT
23.7
x
LTM PER
14.6
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-23.9%pt
10012
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 14, 25Former Murakami Fund group (City Index Eleventh, Reno, Minami… changed stake (6.29%→5.29%)
2Feb 26, 26Former Murakami Fund group (City Index Eleventh, Reno, Minami… changed stake (5.29%→4.23%)
MC → EV Bridge
152BUS$970MMarket Cap259BUS$1.65B+ Debt17.2BUS$110M− Cash51.0BUS$325M− Inv. Sec.343BUS$2.19BEV
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Performance & Balance
Revenue 5Y (¥B)
57.8US$369M'22/344.5US$284M'23/344.4US$283M'24/342.1US$268M'25/350.9US$324M'26/3
EBITDA 5Y (¥B)
18.0US$115M'22/316.5US$105M'23/318.8US$120M'24/318.8US$120M'25/320.9US$134M'26/3
Net Income 5Y (¥B)
8.71US$55.5M'22/39.14US$58.3M'23/38.45US$53.9M'24/39.57US$61.0M'25/311.0US$70.4M'26/3
Capital Structure
32%
68%
EquityD/E 2.10xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
62.3US$397M202US$1.29B'22/355.5US$354M222US$1.42B'23/358.5US$373M223US$1.42B'24/356.4US$360M246US$1.57B'25/365.6US$418M265US$1.69B'26/3
Shareholders
Top 10 hold 50.7%
1
TAISEI CORPORATION
20.23%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.07%
3
Mitsubishi Estate Company,Limited
5.32%
4
Custody Bank of Japan, Ltd. (Trust Account)
4.21%
5
Aya NOMURA
4.06%
6
Reno Co., Ltd.
3.62%
7
Morgan Stanley MUFG Securities Co., Ltd.
1.34%
8
Resona Bank, Limited
1.33%
9
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.32%
10
Sumitomo Mitsui Banking Corporation
1.20%
Management
9 officers
Kiyoyuki TSUCHIMOTO
Director
Apr 1982 Joined Tokyo Stock Exchange, Inc. Jun 2013 Managing Director, Tokyo Stock Exchange, Inc. Jun 2014 Director and Managing Executive Officer, Tokyo Stock Exchange, Inc. Apr 2016 Director and Senior Managing Executive Officer, Tokyo Stock Exchange, Inc. Jun 2017 Director of the Company (current); Senior Managing Executive Officer of the Company, in charge of Real Estate Sales Department Jun 2018 In charge of Building Business Division of the Company May 2019 Representative Director of the Company; Acting President Dec 2019 Representative Director and President of the Company; President and Executive Officer Jun 2022 Representative Executive Officer and President of the Company (current)
1959-11-19
Akihiko TOMITA
Director
Apr 1984 Joined Taisei Corporation Aug 2010 General Manager, Sales Department (II), Building Sales Division, Taisei Corporation Apr 2014 Managing Officer and Deputy Head of Sales Division, Taisei Yuraku Real Estate Co., Ltd. Apr 2015 Executive Officer and Head of Facilities Management Sales Division, Taisei Yuraku Real Estate Co., Ltd. May 2016 Deputy Head of Urban Development Division and General Manager, Public-Private Partnership Project Department, Taisei Corporation Jul 2016 Deputy Head of Urban Development Division, Taisei Corporation Apr 2019 Managing Officer and Deputy Head of Urban Development Division, Taisei Corporation Apr 2022 Executive Fellow and Deputy Head of Urban Development Division, Taisei Corporation Apr 2024 Executive Fellow, Deputy Head of Urban Development Division and in charge of International Development Business, Taisei Corporation Jul 2024 Managing Executive Officer of the Company, in charge of Development Promotion Department I and II (current) Apr 2025 Representative Executive Officer and Executive Vice President of the Company (current) Jun 2025 Director of the Company (current)
1960-07-18
Takahisa AOYAMA
Director
Apr 1993 Joined the Company Jun 2014 General Manager, Finance Department of the Company Jun 2017 General Manager, Real Estate Sales Department of the Company Jun 2018 General Manager, Building Business Division of the Company Jun 2020 Executive Officer of the Company, in charge of Real Estate Investment Business Division; General Manager, Real Estate Investment Business Division Jun 2022 Director of the Company (current); Executive Officer, in charge of Corporate Planning, General Affairs, Finance Departments and Legal Office; General Manager, Corporate Planning and General Affairs Department and Head of Legal Office Apr 2023 In charge of Corporate Planning, General Affairs and Finance Departments of the Company; General Manager, Corporate Planning Department (current) Apr 2025 Managing Executive Officer of the Company (current); in charge of Corporate Planning Department, Alliance Project Promotion and Finance Department (current)
1969-08-29
Daisuke KOBAYASHI
Director
Apr 1993 Joined the Company Aug 2006 General Affairs Department and IR Office of the Company Jun 2013 General Manager, Nagoya Branch, Leasing Business Division of the Company Jun 2020 Seconded to Heiwa Real Estate Asset Management Co., Ltd. as Director and General Manager, Business Planning Division Jun 2022 Director of the Company (current)
1969-05-03
Takahiro MORIGUCHI
Outside Director
Apr 1967 Joined The Tokyo Bank, Ltd. (now MUFG Bank, Ltd.) Jun 1995 Director of The Tokyo Bank, Ltd.; Vice Chairman of the Board, Union Bank Apr 1996 Director, The Tokyo-Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) May 1997 President, Union Bancal Corporation; President, Union Bank of California Jun 2000 Managing Director, The Tokyo-Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) Jul 2001 Managing Director, Treasury Division and Head of E-Commerce Promotion Division, The Tokyo-Mitsubishi Bank, Ltd. May 2003 Representative Director and Deputy President, Head of Corporate Business Division, The Tokyo-Mitsubishi Bank, Ltd. May 2004 Representative Director and Deputy President, General Oversight of Operations, The Tokyo-Mitsubishi Bank, Ltd. Jun 2005 Senior Adviser, The Tokyo-Mitsubishi Bank, Ltd. Jan 2006 Senior Adviser, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) Feb 2006 Chairman, J.P. Morgan Securities Ltd. (now J.P. Morgan Securities plc) Apr 2006 Chairman of the Board, J.P. Morgan Securities Ltd. Jun 2006 Representative Director, Chairman, CEO and President, J.P. Morgan Securities Ltd. Sep 2007 Representative Director and Chairman, J.P. Morgan Securities Ltd. Jul 2016 Senior Adviser, J.P. Morgan Securities Ltd. Jun 2020 Outside Director of the Company (current)
1944-05-22
Junko UTSUNOMIYA
Outside Director (Audit and Supervisory Committee Member)
Apr 2000 Registered as attorney-at-law; joined Nagashima Ohno & Tsunematsu Oct 2007 Seconded to Tokyo Stock Exchange, Inc. Nov 2011 Established Utsunomiya Sogo Law Office Jun 2012 Outside Audit & Supervisory Board Member, Start Today Co., Ltd. (now ZOZO, Inc.) Apr 2013 Outside Audit & Supervisory Board Member, Sorast Inc. Sep 2013 Outside Director, Adventure Inc. Feb 2018 Established Utsunomiya, Shimizu & Yoshiki Law Office; Representative Attorney (current) Oct 2018 Outside Audit & Supervisory Board Member, Raksul Inc. Oct 2019 Outside Director (Audit and Supervisory Committee Member), Raksul Inc. Jun 2020 Outside Director of the Company (current) Mar 2021 Outside Director (Audit and Supervisory Committee Member), PeptiDream Inc. (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member), ZOZO, Inc. (current)
1971-06-21
Eiji YAMADA
Outside Director
Apr 1978 Joined Nippon Telegraph and Telephone Public Corporation (now NTT, Inc.) Jun 2005 Executive Officer, NTT DATA Corporation (now NTT DATA Group Corporation) Jun 2011 Director and Managing Executive Officer, NTT DATA Corporation Jun 2012 Representative Director and Executive Vice President, NTT DATA Corporation Jun 2015 Adviser, NTT DATA Corporation; President and Representative Director, Nippon Denki Keisan Co., Ltd. Jun 2017 Outside Director, Chiba Kogyo Bank, Ltd. (current) Jun 2021 Adviser, Nippon Denki Keisan Co., Ltd.; Outside Director, Kyokuyo Co., Ltd. (current) Jun 2022 Outside Director of the Company (current)
1955-07-18
Mitsunobu YAMAGUCHI
Outside Director
Sep 1983 Joined Ohta Tetsuzo Certified Public Accountants Office (now EY ShinNihon LLC) Aug 1987 Registered as Certified Public Accountant Jul 1996 Seconded to Ernst & Young, Detroit Office, USA May 2001 Partner, Ohta Showa Century Audit Corporation (now EY ShinNihon LLC) May 2007 Representative Partner, ShinNihon Audit Corporation (now EY ShinNihon LLC) Jul 2020 Established Yamaguchi CPA Office; Director (current) Jun 2021 Outside Audit & Supervisory Board Member, Meitec Corporation Jun 2022 Outside Director of the Company (current) Oct 2023 Outside Director (Audit and Supervisory Committee Member), Meitec Group Holdings, Inc.
1958-01-24
Tomoko ITO
Outside Director
Apr 1979 Joined Market Information Center Co., Ltd. (now QUICK Corporation) Mar 2013 Director and General Manager, Customer Support Division, QUICK Corporation Jan 2015 Director and General Manager, Customer Support Division; Assistant to Business Reform Promotion, QUICK Corporation Mar 2016 Managing Director and General Manager, Customer Support Division; Assistant to Business Reform Promotion, QUICK Corporation Apr 2016 Managing Director in charge of Human Resources, General Affairs and Labor; Assistant to Business Reform Promotion, QUICK Corporation Apr 2017 Managing Director, General Supervisor of StepUp Promotion; in charge of Human Resources, General Affairs and Labor; Assistant to Business Reform Promotion, QUICK Corporation Jan 2018 Managing Director, General Supervisor of StepUp Promotion; in charge of Human Resources, General Affairs and Labor, QUICK Corporation Mar 2018 Managing Director, in charge of Human Resources, General Affairs and Labor and General Supervisor of StepUp Promotion, QUICK Corporation Jan 2019 Managing Director, General Supervisor of Human Development and Labor, QUICK Corporation Mar 2019 Senior Managing Director, in charge of Human Development and Labor, QUICK Corporation Mar 2021 Adviser in charge of Human Resources, QUICK Corporation Jun 2024 Outside Director, Yamatane Corporation (current) Jun 2025 Outside Director of the Company (current)
1956-09-11
Large Shareholding Reports
Aya NOMURA
2026-02-26
5.29%→4.23%
Annual report (as of 2026-03-31): 4.06%
Aya NOMURA
2025-11-14
6.29%→5.29%
Annual report (as of 2026-03-31): 4.06%
Aya NOMURA
2025-06-20
6.29%→6.29%
Annual report (as of 2026-03-31): 4.06%
―
2024-11-26
6.29%→6.29%
Annual report (as of 2026-03-31): 4.06%
―
2024-10-29
6.29%→6.29%
Annual report (as of 2026-03-31): 4.06%
―
2024-09-27
6.06%→6.29%
Annual report (as of 2026-03-31): 4.06%
―
2024-08-19
5.05%→6.06%
Annual report (as of 2026-03-31): 4.06%
―
2024-07-29
5.05%
Annual report (as of 2026-03-31): 4.06%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-31
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-02-26
Large Shareholding Report
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Large Shareholding Report
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-06-20
Large Shareholding Report
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-26
Large Shareholding Report
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2024-10-29
Large Shareholding Report
EDINET
2024-09-27
Large Shareholding Report
EDINET
2024-08-19
Large Shareholding Report
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-07-29
Large Shareholding Report
EDINET
2024-06-24
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-22
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-23
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-06-23
Annual Securities Report
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