Storageoh Co., Ltd
2997・Growth Market・Real Estate
Business
Storage Oh! Co., Ltd. is a specialized operator that provides an integrated business model covering the planning, development, operation, and management of self-storage trunk rooms. Its business is organized into three segments: "Trunk Room Operation and Management," "Trunk Room Development and Sales," and "Other Real Estate Transactions." Its main customers form a two-tier structure consisting of individual users (operation and management) and real estate investors (development and sales). As of the end of January 2026, the company operated 223 stores, with nationwide expansion centered on the greater Tokyo metropolitan area. It holds both container-type and air-conditioned built-in-type facilities, and listed on the Tokyo Stock Exchange Growth Market in April 2022. Net sales have reached the scale of ¥4,000 million.
Business Model
In the development and sales business, the company handles everything in-house from land acquisition through construction to sale to investors, with gains on sale serving as the primary source of profit. After a sale, the company enters into a master lease at a fixed rent and continues to operate and manage the trunk room facilities, thereby building up usage fee income as well. The operation and management business is divided into fixed-rent and variable-rent types, with revenue expanding as occupancy rates rise. In FY2026 (ending January 2026), development and sales accounted for 70% of gross profit, making it the core driver of profit.
Company Strengths
Established transaction relationships with major investors who have purchase intentions of ¥1 billion or more annually, including MetLife Insurance. In FY2026 (ending January 2026), MetLife Insurance alone accounted for ¥1,947,000 thousand, representing 48.7% of total net sales, securing a stable sales destination. The investment pipeline is functioning well, enabling smooth bank borrowing at the start of development.
Since 2019, the company has established an in-house system covering everything from land acquisition, design outsourcing, construction, sales, to operation management. In January 2024, it registered a licensed first-class architect office, internalizing the design planning function. As of the end of January 2026, it operates 223 stores and has accumulated development track records for both container-type and building-in-type facilities.
The operation management business recorded a segment loss of ¥53,224 thousand in the previous fiscal year, but turned profitable in FY2026 (ending January 2026) with a segment profit of ¥19,298 thousand. Net sales also increased 23.3% year-on-year to ¥1,096,491 thousand, driven by the addition of company-owned container-type properties and the expansion of occupied rooms at existing stores.
ENVALITH's Perspective
Performance Trend
Revenue for Q1 FY2027 (ending January 2027) (February–April 2026) was ¥546 million (down 13.4% year on year), with an operating loss of ¥111 million, an ordinary loss of ¥120 million, and a quarterly net loss of ¥86 million, a significant deterioration from the same quarter last year (operating loss of ¥36 million). The main cause was the sale of one hotel property (revenue of ¥349 million) in the other real estate transactions business in the same quarter last year, with the same segment's revenue this quarter limited to ¥8 million. Meanwhile, the development and sale of condominiums segment posted a large revenue increase of ¥231 million (up 706.6% year on year), recording segment profit of ¥40 million. The full-year earnings forecast (revenue of ¥4,668 million, operating profit of ¥217 million, net income of ¥134 million) remains unchanged. Looking at the financial trend over the past five fiscal years, revenue peaked at ¥4,263 million in FY2025 (ended January 2025), declined to ¥4,000 million in FY2026 (ended January 2026), and is expected to expand again to a full-year forecast of ¥4,668 million in FY2027 (ending January 2027). External factors such as declining domestic demand due to rising prices and higher interest rates are increasing uncertainty in the business environment.
Growth Strategy
Sustainable business expansion through strengthened development capabilities, improved occupancy rates, and diversified sales channels
The company aims to expand the scale of its operations management business by continuously increasing the number of company-owned container-type trunk room properties. Nine new stores were opened in Q1 FY2027 (ending January 2027), resulting in upfront investment costs such as advertising expenses and commission fees paid, but revenue contribution is expected as occupancy rates rise.
In Q1 FY2027 (ending January 2027), the company sold the container portion of one container-type property and one built-in type property, recording segment profit of ¥40 million in the Development and Sale segment. For the full fiscal year, the company plans to sell multiple properties, and maintaining relationships with major investors while developing new investors will be key to achieving full-year performance targets.
The company continues to work on maintaining and expanding occupied rooms at existing stores as well as acquiring new contract customers, achieving net sales of ¥307 million in the Operations Management segment, up 21.6% year-on-year for the same quarter. Improved customer acquisition efficiency through internet advertising and web payment systems is contributing to the stabilization of the revenue base.
The company has recorded rental sales from one residence property and one office property, and intends to continue accumulating rental income from company-owned real estate. While reproducing large one-time gains such as the hotel sale in the previous period is unlikely, the steady accumulation of rental income allows this segment to serve a complementary role.
Last updated: July 17, 2026