TRUST Holdings Inc.
3286・Standard Market・Real Estate
Business
Trust Holdings Corporation began its parking lot business in Fukuoka Prefecture in 1993 and is now a pure holding company with 10 consolidated subsidiaries. Centered on its core parking lot business (approximately 54% of net sales), the company operates a real estate business focused on family-oriented new condominium sales primarily in the Kyushu region, a parking lot fractionalization business selling the fractional parking lot investment product "Trust Partners" based on the Act on Specified Joint Real Estate Ventures, a medical services business providing real estate leasing, lending, and consulting to medical institutions, an RV business manufacturing and selling camping cars, and other businesses including hot spring bathing facility operation and security services. Guided by its corporate philosophy of forming regional communities with well-developed "medical, food, and housing" environments, the company changed its listing market segment to the Tokyo Stock Exchange Standard Market and the Fukuoka Stock Exchange Main Market in May 2025.
Business Model
In the parking lot business, the company leases idle land and operates it as pay-by-time and monthly-contract parking lots, building up stable recurring (stock-type) revenue. In the real estate business, the company plans, develops, and sells family-oriented newly built condominiums in the Kyushu region, recognizing flow-type revenue at the time of completion and handover. In the parking lot and other fractionalization business, the company utilizes the Act on Specified Joint Real Estate Ventures to sell parking lot sites as fractionalized products to individual investors, earning income at the time of formation and full sale as well as transfer fees. In the medical service business, the company secures stable income through real estate leasing and lending to medical institutions. The company has established a flexible funding structure through overdraft agreements (totaling ¥3.2 billion) with 11 partner banks.
Company Strengths
As of the end of FY2025 (ended June 2025), the company operated 928 parking lots (up 24 from the previous period) with 30,171 parking spaces. In the first half of FY2026 (ending June 2026), it continued its expansion by newly developing 76 locations and 1,990 parking spaces. Its regionally focused, area-based rollout centered on Kyushu and western Japan forms a barrier to entry for competitors.
The parking lot fractional ownership business "Trust Partners" is a scheme based on the Act on Specified Joint Real Estate Ventures for acquiring and holding parking lot land, allowing the company to secure high-quality parking lot land with lower cancellation risk compared to ordinary land lease contracts. In FY2025 (ended June 2025), the company structured and fully sold the 34th through 37th offerings, achieving sales of ¥618,920 thousand and operating profit of ¥37,881 thousand (up 48.5% year on year).
The parking lot business, real estate business, and parking lot fractional ownership business work together to mutually complement information gathering, procurement, and utilization of quality properties. The cycle in which land acquired through the specified joint real estate venture is operated as parking lots while also being offered as fractionalized products to individual investors contributes to diversifying revenue streams and strengthening the company's ability to secure land.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥13,694 million in FY2024 before declining to ¥12,888 million in FY2025, and the decline has accelerated in the cumulative nine months of Q3 FY2026 (ending June 2026), with revenue of ¥7,346 million (down 17.3% year-on-year). Operating profit fell from ¥676 million in FY2024 to ¥530 million in FY2025, and in the cumulative nine months of the current fiscal year the company recorded an operating loss of ¥60 million, an ordinary loss of ¥135 million, and a quarterly net loss of ¥102 million, turning to losses. The main cause was a sharp decline in real estate handovers (segment revenue down 76.0% year-on-year). As for the external environment, price increases stemming from U.S. trade policy and the situation in the Middle East continue to affect household and corporate activity, and uncertainty about the outlook persists. The full-year earnings forecast has been revised downward to revenue of ¥11,900 million, an operating loss of ¥470 million, and a net loss of ¥690 million.
Growth Strategy
Rebuilding the profitability of three businesses through parking network expansion, recovery in real estate deliveries, and expanded sales of fractional investment products
In the cumulative nine months of Q3 FY2026 (ending June 2026), the company newly developed 113 locations and 2,963 parking spaces, bringing the total to 985 locations and 32,151 parking spaces as of quarter-end. Efforts to optimize pricing and improve occupancy rates at existing parking lots are also underway, but sales declined slightly by 1.5% year-on-year, leaving profitability improvement as a key challenge.
Construction and delivery of "Trust Residence Jonaibashi" (Karatsu City, Saga Prefecture) and "Trust Shirakibara Residence" (Onojo City, Fukuoka Prefecture) are scheduled for Q4. Real estate for sale under development has increased to ¥2,811 million (up ¥1,260 million from the previous fiscal year-end), and completion of delivery is a prerequisite for achieving the full-year earnings forecast.
In the cumulative nine months through Q3, the company formed and fully sold No. 38 (total sales value of ¥155 million) and No. 39 (total sales value of ¥147 million). Sales reached ¥367 million (up 21.1% year-on-year) and operating profit reached ¥18 million (up 42.3% year-on-year), making it the only segment to achieve both revenue and profit growth. New product formation and sales are also planned for Q4, with transfer fee income from existing products remaining solid.
In the hot spring bathing business, the company is focusing on acquiring new visitors and securing repeat customers through the renewal of sauna facilities. In the security business, the company is actively pursuing contracts for stationed security services at commercial facilities and other locations. The Other segment as a whole achieved sales of ¥790 million (up 4.6% year-on-year) and turned profitable with operating profit of ¥15 million (compared to an operating loss of ¥2 million in the same period of the previous year).
Last updated: July 17, 2026