J.S.B.Co.,Ltd.
3480・Prime Market・Real Estate
Business
J.S.B. Co., Ltd. is a real estate leasing and management company founded in 1976, specializing exclusively in student apartments. It operates 85 directly-managed branches across 8 regions nationwide, managing 2,711 buildings and 99,300 units as of the end of April 2025, making it one of the largest players in the industry. Its primary customers are university and graduate school students, and it handles the entire process seamlessly—from proposing student apartment plans to real estate owners through to bulk leasing, subleasing, and management after completion of construction. As complementary businesses, it also operates Student Support Services (career support), a Japanese Language School Business, and Real Estate Sales Business. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The company proposes and plans student apartments to real estate owners, and upon completion, undertakes a bulk lease (fixed-rent type), guaranteeing owners a fixed rent while subleasing the units to students and others. In exchange for guaranteeing rent to owners regardless of occupancy rate, the main sources of revenue are the margin between the sublease rent and various management fees. Because the graduation and enrollment cycle of residents is clear, early recruitment is possible, and the occupancy rate remains extremely high, at 99.9% as of the end of April 2025.
Company Strengths
As of the end of April 2025, the company managed 99,300 units across 2,711 buildings, operating 85 directly-managed stores across 8 regions nationwide. It maintains a geographically diversified management base including 25,891 units in the Greater Tokyo area, 17,952 units in the Keiji (Kyoto-Shiga) area, and 12,413 units in Kyushu, with an estimated market share of approximately 5% in student apartment demand. Scale expansion continues, with an increase of 4,322 units compared to the previous fiscal year.
The occupancy rate stood at 99.9% as of the end of April 2025. Because the move-in/move-out cycle for students is well-defined, early recruitment is possible, and high occupancy is supported by business partnerships with universities and university co-ops (since 1993), a nationwide directly-managed store network, and intermediary services for international students. This occupancy level underpins the earnings stability of the master lease (Leased Property Sublease) model.
Revenue grew from ¥52,788 million in FY2021 to ¥76,046 million in FY2025, achieving revenue growth for 5 consecutive fiscal years (average annual growth rate of approximately 9.5%). Continued expansion in the number of managed units (an increase of 4,322 units compared to the previous fiscal year) and maintenance of a high occupancy rate have supported steady growth in rental income, achieving a 103.6% attainment rate against the single-fiscal-year FY2025 revenue plan (¥73,399 million) under the medium-term management plan GT02.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive periods of growth, rising from ¥52,788 million in FY2021 to ¥76,046 million in FY2025, and maintained its growth trend in H1 FY2026 at ¥45,837 million (up 8.4% year on year). Operating profit fell back to ¥7,659 million in FY2025 due to one-off costs including special investigation expenses, but recovered in H1 FY2026 to ¥8,653 million (up 9.1% year on year). Interim net income increased substantially to ¥6,654 million (up 28.8% year on year), driven by the booking of extraordinary gains totaling ¥1,299 million from the sale of company-owned properties and the sale of investment securities. As an external factor, the record-high number of students has supported demand, while rising costs for food materials, taxes and public dues amid inflation have pushed up expenses. The full-year earnings forecast remains unchanged at revenue of ¥81,826 million (up 7.6% year on year) and operating profit of ¥9,159 million (up 19.6% year on year).
Growth Strategy
Targeting 104,000 managed units and revenue of ¥81.8 billion in the final year of GT02, accelerating property development and capital recycling
The company is advancing a wide variety of property development projects in both urban centers and regional areas, including an environmentally-conscious wooden student apartment building with Keikyu Corporation, and the start of operations for newly entered properties in Tochigi, Shimane, Yamaguchi, and other prefectures. As of the end of April 2026, managed units reached 103,040, approaching the mid-term target of 104,000 units.
The company has established a recycling cycle in which self-developed properties are sold with attached sublease agreements, and the proceeds are allocated to new property development. In the first half of the fiscal year ending October 2026, the company completed the sale of 4 buildings, recording a gain on sale of fixed assets of ¥800 million. This strategy, aimed at simultaneously improving capital efficiency and increasing managed units, continues to be pursued.
The Board of Directors resolved to support and recommend tendering in response to the tender offer (¥9,000 per share) by Ursa 4 Co., Ltd. The tender offer period runs from June 15 to July 27, 2026 (30 business days). Upon completion, the company will be delisted, which is seen as intended to increase flexibility in management strategy following the transition to a private company.
Last updated: July 17, 2026