J.S.B.Co.,Ltd.
3480・Prime Market・Real Estate
Real Estate Leasing & Management
A single-segment business centered on the planning, operation, and management of student apartments
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (2Q cumulative) | ¥45,837 million | ¥42,303 million | ↑ |
| Operating income (2Q cumulative) | ¥8,653 million | ¥7,930 million | ↑ |
| Ordinary income (2Q cumulative) | ¥8,507 million | ¥7,703 million | ↑ |
| Interim net income attributable to owners of parent (2Q cumulative) | ¥6,655 million | ¥5,167 million | ↑ |
| Number of managed units (end of April 2026) | 103,040 units | 99,300 units (end of April 2025) | ↑ |
| Occupancy rate (leased and company-owned properties, end of April 2026) | 99.9% | 99.9% | — |
| Equity ratio | 46.5% | 46.8% (end of FY2025 (ending October 2025)) | — |
| Total assets | ¥99,202 million | ¥88,947 million | ↑ |
| Net assets | ¥46,095 million | ¥41,629 million | ↑ |
| Operating cash flow (2Q cumulative) | ¥9,075 million | ¥7,090 million | ↑ |
| Full-year net sales forecast | ¥81,826 million | up 7.6% year on year | ↑ |
| Full-year operating income forecast | ¥9,159 million | up 19.6% year on year | ↑ |
Business Details
The company primarily develops and proposes student apartments targeted at students, providing rent guarantees through master lease (sublease) arrangements, subletting to tenants, and handling building maintenance and tenant management. It operates 103,040 managed units (as of end-April 2026) nationwide. The business is run under three formats—leased properties, managed-entrustment properties, and company-owned properties—and also handles rent guarantee services, real estate brokerage, and contracted operation of student dormitories. As this core business accounts for the vast majority of consolidated net sales and constitutes the company's sole reporting segment, its results are consistent with the company's overall performance.
Recent Overview
Double-digit growth in both net sales and profit for 2Q cumulative period; resolution to accept TOB
For the cumulative second quarter of FY2026 (ending October 2026) (November 2025 to April 2026), net sales were ¥45,837 million (up 8.4% year on year), operating income was ¥8,653 million (up 9.1% year on year), and interim net income attributable to owners of parent was ¥6,655 million (up 28.8% year on year). The number of managed units expanded to 103,040, an increase of 3,740 units year on year, while the occupancy rate was maintained at a high 99.9%. The sale of four company-owned properties resulted in a gain on sale of fixed assets of ¥800 million and a gain on sale of investment securities of ¥499 million, both recorded as extraordinary income. The full-year earnings forecast remains unchanged. Meanwhile, on June 12, 2026, the Board of Directors resolved to support and recommend that shareholders tender their shares in a tender offer by Ursa 4 Co., Ltd. (at ¥9,000 per share), and the company is expected to be delisted. In addition, the year-end dividend forecast has been revised to no dividend.
Key Products
Growth Drivers
- The number of university (including graduate school) students reached a record high of 2.972 million, up 23,000 year on year (per the Ministry of Education, Culture, Sports, Science and Technology's finalized FY2025 School Basic Survey), and the favorable market environment continues
- Continued increase in the number of managed units (103,040 as of end-April 2026, up 3,740 year on year) is driving steady expansion in rental income and other revenue
- Promotion of new property acquisitions in both urban and regional areas (an environmentally conscious wooden student apartment project with Keikyu Corporation, and the start of operations at newly launched properties in Tochigi, Shimane, Yamaguchi, and other areas)
- Establishment of a capital recycling cycle from the sale of company-owned properties to new development under the capital allocation strategy (four buildings sold in the current interim period), improving capital efficiency
- Maintenance of a high occupancy rate of 99.9% (as of end-April 2026), providing a stable revenue base
Risks
- If the tender offer by Ursa 4 Co., Ltd. (at ¥9,000 per share) is completed, the company is expected to be delisted, eliminating liquidity for shareholders; the year-end dividend forecast has already been revised to no dividend
- Due to the seasonal structure of the Real Estate Leasing & Management business (net sales and operating income are concentrated in the first half, particularly the second quarter), full-year results are highly dependent on tenant contract trends during the peak season
- Upward pressure on costs such as guaranteed rent, depreciation, food costs, and taxes and public dues associated with the increase in managed units (cost of sales increased 7.6% year on year to ¥34,373 million)
- Rising interest rate risk and expanding financial leverage associated with the increase in long-term borrowings (long-term borrowings under fixed liabilities of ¥30,291 million, up ¥1,979 million from the end of the prior fiscal year)
- Risk of future contraction in demand for student apartments due to the long-term decline in the 18-year-old population (current market share is approximately 5%)
- Increased costs and uncertainty in the business environment due to external factors such as price increases, labor shortages, and geopolitical risks
Last updated: January 26, 2026