LAND BUSINESS CO.,LTD.
8944・Standard Market・Real Estate
Real Estate-related Business
The group's only profitable segment, developing leasing and investment businesses as twin pillars of its core business.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment revenue (H1 FY2026 cumulative) | ¥10,887 million | ¥5,134 million (H1 FY2025 cumulative) | ↑ |
| Segment profit (H1 FY2026 cumulative) | ¥5,120 million | ¥2,206 million (H1 FY2025 cumulative) | ↑ |
| Segment profit margin (H1 FY2026 cumulative) | 47.0% | 43.0% (H1 FY2025 cumulative) | ↑ |
| Segment revenue (prior full fiscal year) | ¥10,014 million | ― | — |
| Segment profit (prior full fiscal year) | ¥4,140 million | ― | — |
Business Details
Centered on Tokyo, the company operates a leasing business (real estate leasing and building management) for office buildings, residences, and commercial facilities, combined with an Investment and Other Business that enhances asset value through rebuild construction of existing properties. The company and its subsidiaries (Stardust Corporation, Jugetsu Kosan Co., Ltd., and Murata Shoji Co., Ltd.) work together to increase the added value of held properties and expand revenue through acquisition of new properties. As the group's only profitable segment, it functions as a stable revenue source that offsets losses in the Restaurant and Apparel Businesses.
Recent Overview
H1 revenue increased 112.1% year on year, with segment profit up 132.1%, representing substantial growth.
In H1 FY2026 (October 1, 2025 to March 31, 2026), revenue in the Real Estate-related Business expanded substantially to ¥10,887 million (up 112.1% year on year), with segment profit reaching ¥5,120 million (up 132.1% year on year). Sales of real estate for sale contributed significantly to operating cash flow through a decrease in inventory (¥3,920 million), and gain on sale of fixed assets of ¥332 million was also recorded. While there are some signs of rising rents in the leasing market, market conditions overall are generally described as improving moderately, and the company continues to focus on maintaining and improving occupancy rates and raising rents.
Key Products
Growth Drivers
- Continuation of a rent-increasing phase in the office building and residential leasing market, and maintenance of high occupancy rates
- Securing high occupancy rates and higher rents for leased properties through precise leasing strategies
- Enhancement of asset value and strengthening of earnings power through rebuild construction of held properties
- Substantial increase in revenue through sale of real estate for sale (up 112.1% year on year in H1)
- Expansion of segment scale through consolidation of Jugetsu Kosan Co., Ltd. as a subsidiary
Risks
- Risk of rising vacancy rates in the leased office building market due to work-style reforms and the spread of remote work
- Risk of increased borrowing costs amid rising interest rates (interim interest expense of ¥279 million, up 23.1% year on year)
- Risk of valuation losses on real estate for sale due to fluctuations in real estate market conditions
- Impairment risk on fixed assets
- Substantial capital investment needs and rising financial leverage associated with new property acquisitions and rebuild construction
- Deterioration of real estate market conditions amid economic downside risk stemming from heightened tensions in the Middle East and the impact of US trade policy
Last updated: December 19, 2025