This research purpose is to examine an effect of operating cash flow, leverage, profitability, and investment opportunity set on dividend policy. The research objects were property, real estate, and building construction listed in Indonesia Stock Exchange from 2012-2017. The selected samples using purposive sampling consisted 113 samples. This research used multiple regression analysis and SPSS 16.0 as analytical application. This research results showed cash flow from operation had positive and not significant effect on dividend policy, leverage had negative and significant effect on dividend policy, profitability had negative and significant effect on dividend policy, and investment opportunity set had positive and significant effect on dividend policy.