New Risk • May 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • May 16
First half dividend of JP¥4,000 announced Shareholders will receive a dividend of JP¥4,000. Ex-date: 28th August 2026 Payment date: 16th November 2026 Dividend yield will be 5.0%, which is higher than the industry average of 4.5%. Announcement • Apr 17
Hulic Reit, Inc. announces Semi-Annual dividend, payable on November 16, 2026 Hulic Reit, Inc. announced Semi-Annual dividend of JPY 4000.0000 per share payable on November 16, 2026, ex-date on August 28, 2026 and record date on August 31, 2026. Reported Earnings • Apr 17
First half 2026 earnings released: EPS: JP¥4,208 (vs JP¥4,117 in 1H 2025) First half 2026 results: EPS: JP¥4,208 (up from JP¥4,117 in 1H 2025). Revenue: JP¥12.7b (up 1.6% from 1H 2025). Net income: JP¥6.06b (up 2.2% from 1H 2025). Profit margin: 48% (in line with 1H 2025). Revenue is forecast to stay flat during the next 2 years, in line with the revenue forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 26
Hulic Reit, Inc. to Report Fiscal Year 2026 Results on Apr 16, 2026 Hulic Reit, Inc. announced that they will report fiscal year 2026 results on Apr 16, 2026 Upcoming Dividend • Feb 19
Upcoming dividend of JP¥4,000 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 15 May 2026. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.8%). Declared Dividend • Dec 11
Final dividend of JP¥4,000 announced Dividend of JP¥4,000 is the same as last year. Ex-date: 26th February 2026 Payment date: 15th May 2026 Dividend yield will be 4.6%, which is about the same as the industry average. Announcement • Dec 10
Hulic Reit, Inc. announces Semi-Annual dividend, payable on May 15, 2026 Hulic Reit, Inc. announced Semi-Annual dividend of JPY 4000.0000 per share payable on May 15, 2026, ex-date on February 26, 2026 and record date on February 28, 2026. New Risk • Dec 05
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. Revenue is less than US$1m. Price Target Changed • Dec 02
Price target increased by 7.7% to JP¥181,250 Up from JP¥168,250, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥176,100. Stock is up 33% over the past year. The company is forecast to post earnings per share of JP¥7,795 for next year compared to JP¥8,295 last year. New Risk • Nov 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. Reported Earnings • Oct 19
Full year 2025 earnings released: EPS: JP¥8,295 (vs JP¥7,234 in FY 2024) Full year 2025 results: EPS: JP¥8,295 (up from JP¥7,234 in FY 2024). Revenue: JP¥25.2b (up 11% from FY 2024). Net income: JP¥11.9b (up 15% from FY 2024). Profit margin: 47% (up from 46% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, while revenues in the REITs industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • Aug 26
Hulic Reit, Inc. to Report First Half, 2026 Results on Oct 17, 2025 Hulic Reit, Inc. announced that they will report first half, 2026 results on Oct 17, 2025 Upcoming Dividend • Aug 21
Upcoming dividend of JP¥4,000 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 17 November 2025. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (4.7%). Buy Or Sell Opportunity • Aug 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to JP¥167,700. The fair value is estimated to be JP¥139,659, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 1.6% per annum over the same time period. Announcement • Jun 27
Hulic Reit, Inc. (TSE:3295) agreed to acquire Hulic Shinjuku Building from Hulic Co., Ltd. (TSE:3003) for ¥26.4 billion. Hulic Reit, Inc. (TSE:3295) agreed to acquire Hulic Shinjuku Building from Hulic Co., Ltd. (TSE:3003) for ¥26.4 billion on June 26, 2025. For the period ending December 31, 2024, Hulic Shinjuku Building reported total revenue of ¥862 million. The expected completion of the transaction is June 27, 2025. Reported Earnings • May 31
First half 2025 earnings released: EPS: JP¥4,117 (vs JP¥3,584 in 1H 2024) First half 2025 results: EPS: JP¥4,117 (up from JP¥3,584 in 1H 2024). Revenue: JP¥12.5b (up 10.0% from 1H 2024). Net income: JP¥5.93b (up 15% from 1H 2024). Profit margin: 48% (up from 46% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.6% decline forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Declared Dividend • May 16
First half dividend of JP¥4,000 announced Shareholders will receive a dividend of JP¥4,000. Ex-date: 28th August 2025 Payment date: 17th November 2025 Dividend yield will be 5.4%, which is higher than the industry average of 4.5%. Buy Or Sell Opportunity • Apr 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.4% to JP¥146,500. The fair value is estimated to be JP¥121,828, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 7.0% in 2 years. Earnings are forecast to decline by 13% in the next 2 years. Announcement • Apr 18
Hulic Reit, Inc. announces Semi-Annual dividend, payable on November 17, 2025 Hulic Reit, Inc. announced Semi-Annual dividend of JPY 4000.0000 per share payable on November 17, 2025, ex-date on August 28, 2025 and record date on August 31, 2025. Reported Earnings • Apr 18
First half 2025 earnings released: EPS: JP¥4,117 (vs JP¥3,584 in 1H 2024) First half 2025 results: EPS: JP¥4,117 (up from JP¥3,584 in 1H 2024). Revenue: JP¥12.5b (up 10.0% from 1H 2024). Net income: JP¥5.93b (up 15% from 1H 2024). Profit margin: 48% (up from 46% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is expected to fall by 3.6% p.a. on average during the next 2 years compared to a 3.0% decline forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. New Risk • Mar 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. Announcement • Feb 25
Hulic Reit, Inc. to Report Fiscal Year 2025 Results on Apr 17, 2025 Hulic Reit, Inc. announced that they will report fiscal year 2025 results on Apr 17, 2025 Upcoming Dividend • Feb 20
Upcoming dividend of JP¥4,000 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 15 May 2025. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (5.2%). Reported Earnings • Oct 19
Full year 2024 earnings released: EPS: JP¥7,234 (vs JP¥6,911 in FY 2023) Full year 2024 results: EPS: JP¥7,234 (up from JP¥6,911 in FY 2023). Revenue: JP¥22.8b (up 4.2% from FY 2023). Net income: JP¥10.4b (up 4.7% from FY 2023). Profit margin: 46% (in line with FY 2023). Revenue is forecast to stay flat during the next 2 years compared to a 1.7% growth forecast for the REITs industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Announcement • Aug 23
Hulic Reit, Inc. to Report First Half, 2025 Results on Oct 16, 2024 Hulic Reit, Inc. announced that they will report first half, 2025 results on Oct 16, 2024 Upcoming Dividend • Aug 22
Upcoming dividend of JP¥3,580 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 14 November 2024. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (5.0%). Buy Or Sell Opportunity • Aug 06
Now 21% overvalued Over the last 90 days, the stock has fallen 9.6% to JP¥136,800. The fair value is estimated to be JP¥112,986, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.8%. For the next 3 years, revenue is forecast to decline by 0.3% per annum. Earnings are also forecast to decline by 1.4% per annum over the same time period. New Risk • May 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 21
First half 2024 earnings released: EPS: JP¥3,584 (vs JP¥3,394 in 1H 2023) First half 2024 results: EPS: JP¥3,584 (up from JP¥3,394 in 1H 2023). Revenue: JP¥11.3b (up 6.0% from 1H 2023). Net income: JP¥5.16b (up 5.6% from 1H 2023). Profit margin: 46% (in line with 1H 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year and the company’s share price has also fallen by 5% per year. Announcement • Feb 23
Hulic Reit, Inc. to Report Fiscal Year 2024 Results on Apr 18, 2024 Hulic Reit, Inc. announced that they will report fiscal year 2024 results on Apr 18, 2024 Upcoming Dividend • Feb 21
Upcoming dividend of JP¥3,480 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 15 May 2024. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (4.8%). New Risk • Oct 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 19
Full year 2023 earnings released Full year 2023 results: Revenue: JP¥21.9b (down 2.7% from FY 2022). Net income: JP¥9.95b (down 8.0% from FY 2022). Profit margin: 45% (down from 48% in FY 2022). The decrease in margin was primarily driven by lower revenue. Announcement • Aug 25
Hulic Reit, Inc. to Report Q2, 2024 Results on Oct 17, 2023 Hulic Reit, Inc. announced that they will report Q2, 2024 results on Oct 17, 2023 Upcoming Dividend • Aug 23
Upcoming dividend of JP¥3,480 per share at 4.2% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 15 November 2023. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (4.4%). New Risk • Jun 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 15
First half 2023 earnings released: EPS: JP¥3,394 (vs JP¥3,785 in 1H 2022) First half 2023 results: EPS: JP¥3,394 (down from JP¥3,785 in 1H 2022). Revenue: JP¥10.7b (down 3.0% from 1H 2022). Net income: JP¥4.89b (down 8.6% from 1H 2022). Profit margin: 46% (down from 49% in 1H 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥3,480 per share at 4.5% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 16 May 2023. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (4.0%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Officer & Director Kazuaki Chokki was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 28
List Development Co., Ltd. agreed to acquire Yokohama Yamashitacho Building from Hulic Reit, Inc. (TSE:3295) for approximately ¥ 4.8 billion. List Development Co., Ltd. agreed to acquire Yokohama Yamashitacho Building from Hulic Reit, Inc. (TSE:3295) for approximately ¥ 4.8 billion on September 27, 2022. The transaction is expected to close on September 28, 2022. Announcement • Aug 26
Hulic Reit, Inc. to Report Q2, 2023 Results on Oct 13, 2022 Hulic Reit, Inc. announced that they will report Q2, 2023 results on Oct 13, 2022 Upcoming Dividend • Aug 23
Upcoming dividend of JP¥3,700 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 15 November 2022. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.6%). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Officer & Director Kazuaki Chokki was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
First half 2022 earnings released: EPS: JP¥3,784 (vs JP¥4,145 in 1H 2021) First half 2022 results: EPS: JP¥3,784 (down from JP¥4,145 in 1H 2021). Revenue: JP¥11.0b (down 1.5% from 1H 2021). Net income: JP¥5.35b (down 1.7% from 1H 2021). Profit margin: 49% (in line with 1H 2021). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Announcement • Feb 26
Hulic Reit, Inc. to Report Q4, 2022 Results on Apr 14, 2022 Hulic Reit, Inc. announced that they will report Q4, 2022 results on Apr 14, 2022 Upcoming Dividend • Feb 18
Upcoming dividend of JP¥3,600 per share Eligible shareholders must have bought the stock before 25 February 2022. Payment date: 16 May 2022. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (3.8%). Reported Earnings • Oct 19
Full year 2021 earnings released: EPS JP¥7,837 (vs JP¥7,429 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: JP¥21.7b (up 7.1% from FY 2020). Net income: JP¥10.4b (up 7.2% from FY 2020). Profit margin: 48% (in line with FY 2020). Net asset value (NAV) per share: JP¥137,124 (flat on FY 2020). The current share price is 30% higher than NAV per share. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Aug 23
Upcoming dividend of JP¥3,550 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 13 November 2021. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.1%). In line with average of industry peers (3.4%). Executive Departure • Jun 09
Supervisory Officer Shigeru Sugimoto has left the company On the 31st of May, Shigeru Sugimoto's tenure as Supervisory Officer ended after 7.6 years in the role. We don't have any record of a personal shareholding under Shigeru's name. A total of 2 executives have left over the last 12 months. Executive Departure • Jun 01
Executive Officer & Director has left the company On the 31st of May, Eiji Tokita's tenure as Executive Officer & Director ended after 7.6 years in the role. As of March 2021, Eiji personally held only 25.00 shares (JP¥3.1m worth at the time). Eiji is the only executive to leave the company over the last 12 months. Price Target Changed • Apr 25
Price target increased to JP¥173,800 Up from JP¥161,400, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥171,900. Stock is up 45% over the past year. Reported Earnings • Apr 16
First half 2021 earnings released: EPS JP¥4,145 (vs JP¥3,555 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: JP¥11.2b (up 16% from 1H 2020). Net income: JP¥5.44b (up 17% from 1H 2020). Profit margin: 49% (in line with 1H 2020). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Announcement • Feb 25
Hulic Reit, Inc. to Report Fiscal Year 2021 Results on Apr 14, 2021 Hulic Reit, Inc. announced that they will report fiscal year 2021 results on Apr 14, 2021 Upcoming Dividend • Feb 18
Upcoming Dividend of JP¥4,052 Per Share Will be paid on the 15th of May to those who are registered shareholders by the 25th of February. The trailing yield of 4.4% is in the top quartile of Japanese dividend payers (2.8%), and it is higher than industry peers (3.8%). Is New 90 Day High Low • Jan 22
New 90-day high: JP¥154,300 The company is up 10.0% from its price of JP¥140,900 on 23 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: JP¥147,700 The company is up 7.0% from its price of JP¥138,600 on 25 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is flat over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: JP¥146,700 The company is up 6.0% from its price of JP¥138,400 on 04 September 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 3.0% over the same period. Announcement • Aug 22
Hulic Reit, Inc. to Report First Half, 2021 Results on Oct 14, 2020 Hulic Reit, Inc. announced that they will report first half, 2021 results on Oct 14, 2020 
