Heiwa Real Estate : March 22, 2024Notice of Plan for a Special Dividend and Revision of the Planned Dividend(160KB)

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

March 22, 2024

For immediate release

Kiyoyuki Tsuchimoto, Representative Executive Officer, President and CEO

Heiwa Real Estate Co., Ltd.

1-10, Nihonbashi Kabuto-cho,Chuo-ku, Tokyo

(Code No. 8803) TSE Prime Market, NSE Premier Market, Fukuoka, and Sapporo

Notice of Plan for a Special Dividend and Revision of the Planned Dividend

Heiwa Real Estate Co., Ltd. (the "Company") announced today that its Board of Directors, in a meeting held on March 22, 2024, decided to revise the Company's planned year-end dividend for the fiscal year ending March 31, 2024, which was previously announced on April 28, 2023. Details are as follows:

1. Reason for the revision of the planned dividend

The Company returns profits to shareholders based on the assumptions that it can stably operate its businesses over the long term, particularly the redevelopment and building businesses, and secure sufficient internal reserves for raising shareholder value. As a basic policy, over the four-year period from April 1, 2020, to March 31, 2024, the Company has been aiming to attain a consolidated total shareholder return ratio of approximately 70% by drawing from returns on business investments while placing importance on the cost of capital and capital efficiency.

In accordance with this policy, and after giving full consideration to a number of factors, particularly expectations for financial results to exceed targets in the current fiscal year, which is the final year of its medium-term management plan, the Company decided to pay a special dividend instead of buying back its own shares. Therefore, the planned fiscal year-end dividend has been revised to ¥108 per share, comprised of an ordinary dividend of ¥58 per share and a special dividend of ¥50 yen per share. This combined with the interim dividend already paid will bring the total dividend amount for the fiscal year ending March 31, 2024, to ¥166 per share.

2. Details of the revision of the planned dividend

		Annual dividend per share (yen)
	Interim		Fiscal year-end		Total
Previous plan			58		116
(Announced on April 28, 2023)
			108		166
				(Ordinary dividend
Revised plan			(Ordinary dividend of ¥58
			totaling ¥116 per share
		per share and special
				and special dividend of
			dividend of ¥50 per share)
				¥50 per share)
Dividend per share paid in the
current fiscal year (ending March	58
31, 2024)
Dividend per share paid in the
previous fiscal year (ended	50		54		104
March 31, 2023)