Tokyu Fudosan Holdings Corporation
3289・Prime Market・Real Estate
Business
Tokyu Fudosan Holdings is a comprehensive real estate group centered on Tokyu Land Corporation, comprising 355 subsidiaries and 112 affiliated companies. Its businesses are classified into two axes: "Asset Utilization Business" and "Human Capital Business." The former consists of the Urban Development Business, which handles the development, leasing, and sale of offices, retail facilities, and residences centered on the Greater Shibuya area, and the Strategic Investment Business, which encompasses renewable energy, logistics facilities, REIT management, and overseas real estate. The latter consists of the Property Management & Operation Business, which handles Condominium & Building Management as well as hotels, leisure, and healthcare, and the Real Estate Distribution Business, which operates Sales Brokerage, Buy-Resale & Real Estate Sales, and Rental Housing Services. Major customers range widely from individual and corporate real estate users to institutional investors.
Business Model
By internalizing the entire value chain — from real estate development and acquisition (capital deployment) through leasing and operations (income gain), sales to investors (capital gain), and management/brokerage fees (management revenue) — the company generates revenue across multiple layers. Asset utilization businesses (urban development and strategic investment) serve as the core profit driver, while human capital utilization businesses (management/operations and real estate distribution) complement this with stable stock-type fee revenue.
Company Strengths
The vacancy rate for leased offices and retail facilities remained low at 0.7% as of the end of FY2026 (ending March 2026). The average rent revision increase rate approached 15%, and improved occupancy at large-scale redevelopment properties centered on the Shibuya area continues to support ongoing internal growth. The company holds a high-quality portfolio with segment assets of ¥1,752,952 million.
In January 2025, Renewable Japan Co., Ltd. was made a consolidated subsidiary, expanding operational renewable energy rated capacity to 2,077MW (as of the end of FY2026, ending March 2026). Total rated capacity after all facilities become operational is planned to reach 2,693MW. Through multi-asset expansion including logistics facilities, data centers, and overseas real estate, capital expenditure in the Strategic Investment Business grew 2.2x year-on-year to ¥69,399 million.
The Real Estate Distribution Business, centered on Tokyu Livable, Inc., achieved net sales of ¥364,654 million and operating income of ¥64,378 million (operating margin of 17.6%) in FY2026 (ending March 2026). Sales brokerage transaction volume expanded to ¥2,563.5 billion (up ¥332.3 billion year-on-year), with the number of transactions reaching 33,922. The number of managed rental housing units also continued to expand, reaching 151 thousand units (up from 117 thousand units at the end of FY2022, ending March 2022).
ENVALITH's Perspective
Performance Trend
Revenue increased 26% over five fiscal periods, from ¥989,049 million in FY2022 (ended March 2022) to ¥1,246,048 million in FY2026 (ending March 2026), with growth accelerating over the most recent two periods. Operating income nearly doubled over the same period, from ¥83,817 million to ¥166,882 million, and the operating margin improved significantly from 8.5% to 13.4%. Net income attributable to owners of the parent reached ¥96,697 million (up 24.7% year on year), with the pace of profit growth expanding. External factors—a solid real estate sales and purchase market, recovering inbound demand, and an expanding renewable energy market—boosted performance. ROE improved to 11.2% (from 9.9% in the previous period), and the equity ratio also rose to 26.3% (from 25.3% in the previous period). For FY2027 (ending March 2027), the company plans revenue of ¥1,400,000 million, operating income of ¥190,000 million, and net income of ¥100,000 million.
Growth Strategy
A large-scale investment strategy aiming for ROE of 10% and operating income of ¥220 billion or more under the Medium-Term Management Plan 2030
The company continues to drive occupancy and earnings contribution from large-scale development properties in the wider Shibuya area, while accelerating sales of residential-type assets to investors. In FY2026 (ending March 2026), urban development business net sales reached ¥399,946 million (up 14.6% year on year), with operating income of ¥75,235 million (up 6.6%). Contracted units for condominiums for sale totaled 1,584 units, an increase of 463 units year on year, supporting continued accumulation of sales bookings in subsequent periods.
The consolidation of Renewable Japan Co., Ltd. (now Riene Energy Co., Ltd.) as a subsidiary has rapidly expanded operational renewable energy capacity. As of the end of FY2026 (ending March 2026), operational rated capacity reached 2,077MW (before equity-interest adjustment), with total rated capacity after all facilities become operational expected to reach 2,693MW. Sales of logistics facilities and other assets to investors also performed well, and operating income in the strategic investment business improved sharply, rising 156.9% year on year to ¥13,242 million.
The number of managed condominium units is on a recovery trend, reaching 832,310 units at the end of FY2026 (ending March 2026), with 862,030 units forecast by the end of FY2027 (ending March 2027). Continued strength in the hotel business (Tokyu Stay, Harvest Club, etc.), which is capturing inbound demand, contributed to operating income in the property management business rising 8.6% year on year to ¥27,178 million. For FY2027 (ending March 2027), the company plans a substantial increase in operating income for this business to ¥42.3 billion (up 55.5% year on year).
Under the shareholder return policy in the Medium-Term Management Plan 2030, the company has set a target of maintaining a payout ratio of 35% or more through FY2028 (ending March 2028) and continuing progressive dividends. In FY2026 (ending March 2026), the annual dividend per share reached ¥48.0 (an increase from ¥36.5 in the previous period), achieving a payout ratio of 35.4%. For FY2027 (ending March 2027), the company plans an annual dividend per share of ¥50.0, with a payout ratio of 35.7%.
Last updated: July 19, 2026