MIRARTH HOLDINGS, Inc.
8897・Prime Market・Real Estate
Business
MIRARTH Holdings is a comprehensive real estate group founded in 1972, which transitioned to a holding company structure in October 2022. In its core Real Estate Business, the company develops new condominiums under the "LEBEN" and "NEBEL" brands through 8 business locations nationwide, holding the No. 5 position nationally in the 2025 supply unit ranking by seller group. Based on a management portfolio of 80,581 units, the company also generates management and leasing income, and engages in the Real Estate Securitization Business (development and sale of residences, offices, etc.). In addition, it operates renewable energy power generation businesses in solar, wind, and biomass, an Asset Management Business handling J-REIT and private fund management, and Other Business including construction and hotels, building a diversified business portfolio that combines flow-type and stock-type operations.
Business Model
The main revenue source is sales from the delivery of newly built condominiums (flow-type), with the Real Estate Business accounting for approximately 90% of group sales. This is complemented by stock-type revenue such as management income from 80,581 managed units, electricity sales income from operating power generation facilities (Energy Business sales of ¥11,465 million), and management fees accompanying AUM expansion (Asset Management Business sales of ¥1,226 million). Land acquisition and construction funds are procured through borrowings from financial institutions, with an LTV target of below 65% set as a financial discipline goal.
Company Strengths
Ranked 5th nationally in the 2025 ranking of unit supply by seller group. The company operates a supply system covering a wide range from the greater Tokyo metropolitan area to core regional cities through 8 nationwide sales offices (Tokyo metropolitan area, Osaka, Sapporo, Nagoya, etc.). In FY2026 (ending March 2026), the number of new condominium units delivered reached 2,767 units (including JV equity interests), and the land acquisition and sales network backed by over 50 years of development track record serves as a differentiating factor against competitors.
Group subsidiary Reven Community manages 80,581 units, accumulating stable, stock-type revenue from management fee income and rental income. In addition, electricity sales revenue (¥11,465 million in sales) from operational power generation facilities in the Energy Business further diversifies the revenue base, reducing reliance on flow-type revenue from condominium sales.
The company maintains an integrated structure that completes land acquisition, planning, construction, sales, management, and after-sales service within the group. In the Real Estate Securitization Business, developed income-producing real estate is sold to the REIT market and similar channels to generate development profit, while in the Asset Management Business, self-developed properties are incorporated into funds to earn management fees. This intra-group synergy enables the suppression of outsourcing costs and the internalization of added value.
ENVALITH's Perspective
Performance Trend
Revenue expanded for five consecutive fiscal periods, from ¥162,744 million in FY2022 (ending March 2022) to ¥214,369 million in FY2026 (ending March 2026). In FY2026 (ending March 2026), the delivery of 2,767 units of new condominiums (including JV equity portion), increased electricity sales revenue in the Energy Business (up 15.6% year on year), and a substantial increase in revenue from Other Business (up 33.3% year on year) contributed to both revenue and operating profit exceeding the prior period's levels. However, due to the recording of an impairment loss of ¥4,754 million associated with a decline in the profitability of power generation facilities in the Energy Business, net income attributable to owners of the parent decreased 42.0% year on year, from ¥8,207 million in the prior period to ¥4,758 million. Regarding the external environment, in the New Condominium Development Business market, selling prices have trended upward against a backdrop of rising construction costs, which contributed to boosting the average unit sales price. On the other hand, an increase in interest expenses amid rising interest rates (¥4,190 million, up 38.9% year on year) has been a factor pressuring ordinary income.
Growth Strategy
Long-term vision centered on stable growth of the core real estate business, while cultivating the Energy Business and Asset Management Business as the second and third pillars of growth
Actively promoting supply not only in the Greater Tokyo area but also into core regional cities. Planning 2,480 units for delivery in FY2027 (ending March 2027) (1,910 units after JV apportionment based on the Company's equity interest), while securing 388 units under contract for delivery from FY2028 (ending March 2028) onward (169 units after JV apportionment). The Company aims to maintain and strengthen its position as the No. 5 nationwide ranking by supply volume among seller groups in 2025.
In addition to existing renewable energy generation such as solar and onshore wind power, the Company aims to improve profitability through the development of new areas such as storage batteries. In FY2026 (ending March 2026), an impairment loss of ¥4,754 million was recorded on power generation facilities, and improving the profitability of existing assets while selectively investing in new assets remains a key challenge. Electricity sales revenue increased 15.6% year on year to ¥11,465 million.
The Company aims to expand assets under management through group synergies and acquisition of properties from third parties, thereby increasing management fee revenue. In FY2026 (ending March 2026), net sales were ¥1,226 million (up 5.5% year on year), with segment profit of ¥242 million. The Company will continue to diversify its asset offerings across J-REITs, private funds, and renewable energy funds.
In the update to the medium-term management plan announced in March 2026, the Company newly introduced a dividend on equity (DOE) metric. The policy is to determine dividends based on whichever is higher between a payout ratio of 35-40% or a DOE of 3.5%. The annual dividend for FY2026 (ending March 2026) is ¥21 per share (payout ratio of 60.0%), and the forecast for FY2027 (ending March 2027) is ¥23 per share (interim dividend of ¥11, year-end dividend of ¥12).
Last updated: July 19, 2026