Hoosiers Holdings Co., Ltd.
3284・Prime Market・Real Estate
Business
Housers Holdings Co., Ltd. is a holding company for a comprehensive real estate group founded in 1994. With 22 consolidated subsidiaries and 1 affiliate (as of the end of March 2026), it operates four businesses: (1) newly built condominiums and detached houses for families and singles (real estate development business), (2) condominiums and nursing care services for active seniors (CCRC business), (3) rental apartment development, sales, and private REIT management (real estate investment business), and (4) condominium management, sports club and hotel operations (real estate-related services business). Centered on its proprietary brands "Duo Hills," "Duo Seine," and "Duo Flats," the company conducts diversified operations spanning from the greater Tokyo metropolitan area to regional cities and overseas locations (Asia and North America).
Business Model
A vertically integrated model in which the group handles land acquisition, planning, construction, sales, management, and operation in-house. While flow revenue from the handover and sale of condominiums for sale and income-producing real estate serves as the core business, the company also builds up stock revenue through condominium management services after handover (26,653 units under management as of the end of March 2026) and through the operation of sports clubs and hotels. In the real estate investment business, the company also utilizes asset management functions for institutional investors through private REITs and private funds, aiming to diversify revenue.
Company Strengths
Built a vertically integrated structure encompassing four segments—Sales (Real Estate Development, CCRC), Investment (Real Estate Investment), and Services (Real Estate-Related Services)—all completed within the group. In FY2026 (ending March 2026), the Real Estate Investment Business posted operating income of ¥9,505 million, accounting for approximately 69% of company-wide profit, with the structure functioning to offset fluctuations in profit from the sales business.
Centered on the proprietary brands "Duo Hills," "Duo Seine," and "Duo Flats," the company has established locations nationwide, including Tohoku, Hokkaido, Kansai, Chubu, Kyushu, and Chugoku-Shikoku. As group-developed properties are handed over, the number of condominium units under management contract has continued to accumulate, reaching 26,653 units at the end of FY2026 (ending March 2026) (an increase of 1,828 units from the previous fiscal year-end), forming a stable base of recurring stock revenue.
In the Second Medium-Term Management Plan covering FY2022 through FY2026 (ending March 2026), the company achieved all key targets: consolidated ordinary income of ¥11.82 billion (target: ¥10.0 billion), ROE of 15.0% (target: 15% or higher), a dividend payout ratio of 40.1% (target: 40% or higher), and DOE of 6.0% (target: 4% or higher). This high level of execution against the plan is substantiated by numerical results.
ENVALITH's Perspective
Performance Trend
Revenue increased 74% over five fiscal years, from ¥79,542 million in FY2022 (ended March 2022) to ¥138,579 million in FY2026 (ending March 2026). In particular, FY2026 recorded a year-on-year increase of ¥46,425 million (up 50.4%), the largest increase in the company's history. The main drivers were the expansion in the number of income-producing real estate properties sold in the real estate investment business to 25 properties (up 5 properties year on year) and a sharp increase in units delivered in the CCRC business to 250 units (up 208 units year on year). The operating margin was maintained at the same level as the previous period, at 10.0%. Amid continued external headwinds such as rising construction material costs and higher interest rates, the sharp expansion in profit from the real estate investment business drove overall performance. Profitability metrics also improved, with ROE at 15.0% and ROA at 6.4%.
Growth Strategy
Bridging into the next medium-term management plan through expansion in the number of income real estate units sold and cultivation of the CCRC Business
For FY2027 (ending March 2027), the company plans to sell 32 rental condominium buildings (22 mid/high-rise, 10 low-rise). This represents an increase of 7 buildings from the previous fiscal year's actual result of 25, maintaining and strengthening the segment's position as the group's largest profit contributor. The Duo Flats brand's continued development and supply capability is the source of competitive advantage.
Against the planned 294 units to be delivered in FY2027 (ending March 2027), only 88 units have been contracted so far (progress rate of 29.9%), a low level. The company aims to accelerate contract accumulation through enhanced brand recognition and sales promotion of the Duo Seine Series, capturing demand for Senior Condominiums for Sale driven by the declining birthrate and aging population. Monetizing the segment's ¥23,433 million in assets remains a challenge.
Under the shareholder return policy of a payout ratio of 40% or more and DOE of 4% or more, the company paid a dividend of ¥74 per share for FY2026 (ending March 2026) (payout ratio of 40.1%). Net sales, operating profit, ordinary profit, and net income all exceeded the full-year forecasts, completing the medium-term plan in its final year.
Through the public offering and third-party allotment of new shares in September 2025, the equity ratio improved to 28.0% (from 23.4% in the previous fiscal year), and the D/E ratio declined to 1.9x (from 2.2x in the previous fiscal year). Profitability indicators also improved, with ROE of 15.0% and ROA of 6.4%. Preparation of the financial base for the next medium-term management plan is progressing.
Last updated: July 19, 2026