Overview
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Columbia Works Inc.

Columbia Works is a Tokyo-based real estate developer focused on residential rental apartments, offices, and hotels, primarily targeting major metropolitan areas in Japan. The company operates an integrated model spanning land acquisition, development, and sales—under brands such as Blancé, LUMIEC, and BIASTA—complemented by property leasing management, hotel operation (via Columbia Hotels & Resorts), and asset management services. Its competitive strengths lie in its proprietary 'Uniqubation' concept, Build-to-Suit development capabilities, and the ability to combine flow income from development sales with recurring stock income from management and operations.

Market Cap
¥25.4B
US$162M
EV
¥74.5B
US$475M
Stock¥3,295▲+0.46%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
8.9
x
LTM EV/EBIT
9.3
x
LTM PER
5.4
x
LTM PBR
1.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-35.9%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 13, 26FY guidance raised, buyback/cancellation, first-ever ¥7 dividend announced
MC → EV Bridge
25.4BUS$162MMarket Cap58.1BUS$371M+ Debt8.93BUS$56.9M− Cash0.15BUS$0.97M− Inv. Sec.74.5BUS$475MEV
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Performance & Balance
Revenue 5Y (¥B)
10.0US$63.8M'21/1211.0US$70.2M'22/1214.5US$92.3M'23/1221.0US$134M'24/1237.1US$237M'25/12
EBITDA 5Y (¥B)
4.21US$26.9M'24/126.42US$40.9M'25/12
Net Income 5Y (¥B)
0.68US$4.35M'21/121.17US$7.49M'22/121.52US$9.67M'23/122.24US$14.3M'24/123.46US$22.1M'25/12
Capital Structure
24%
76%
EquityD/E 3.11xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
'21/120.13US$0.82M'22/120.02US$0.13M'23/124.30US$27.4M37.6US$240M'24/128.03US$51.2M46.8US$298M'25/12
Shareholders
Top 10 hold 74.8%
1
Nstyle Co., Ltd.
43.97%
2
Jun NAKAUCHI
15.01%
3
Naoya MIZUYAMA
4.17%
4
Rakuten Securities, Inc.
3.37%
5
SBI SECURITIES Co., Ltd.
3.27%
6
Custody Bank of Japan, Ltd. (Trust Account)
1.60%
7
Daiwa Securities Co. Ltd.
1.19%
8
BBH(LUX) FOR MUFG GLOBALFUND SICAV - MUFG JAPANEQUITY SMALL CAP FUND (Standing Proxy: MUFG Bank, Ltd.)
0.75%
9
THE BANK OF NEW YORKMELLON 140044 (Standing Proxy: Mizuho Bank, Ltd.)
0.75%
10
Hiroyuki FUKUYAMA
0.74%
Management
8 officers
Jun NAKAUCHI
Representative Director
Apr 2000 Joined Meiwa Jisho Co., Ltd. Nov 2004 Joined ORIX Corporation Nov 2004 Seconded to ORIX Real Estate Corporation Apr 2010 General Management Department, same company Jan 2011 Real Estate Investment Team, Risk Management Division (Examination Department), same company May 2013 Representative Director, the Company Aug 2014 Representative Director, JAC Community Co., Ltd. (now Columbia Community Co., Ltd.) (current) Jan 2018 Representative Director, Columbia Hotels & Resorts Co., Ltd. (current) Nov 2019 Representative Director, Nstyle Co., Ltd. (current)
1975-10-03
Naoya MIZUYAMA
Director
Apr 2007 Joined ORIX Corporation Apr 2007 Retail Store Business (Commercial Facility Development), same company Jul 2013 Joined the Company Jan 2014 Director, Head of Investment Business Division, the Company Jan 2018 Director, Head of Operations Division, concurrently Head of Finance Department and Head of Human Resources & General Affairs Department, the Company Oct 2019 Director, Head of Operations Division, concurrently Head of Finance Department, Head of Human Resources & General Affairs Department and Head of Management Planning Office, the Company Mar 2020 Director, the Company (current)
1982-09-21
Tsuyoshi UOZUMI
Director
Apr 2006 Joined Mori Trust Co., Ltd. Jul 2013 Joined Hulic Co., Ltd. Apr 2017 Seconded to Isetan Mitsukoshi Holdings Ltd. Apr 2019 Joined the Company Jan 2022 Head of Sales Division, the Company Apr 2023 Representative Director, Columbia Asset Management Co., Ltd. Sep 2023 Director, the Company (current)
1980-09-17
Manabu OMATA
Outside Director
Apr 1998 Joined Mitsui Fudosan Hanbai Co., Ltd. (now Mitsui Fudosan Realty Co., Ltd.) Jan 2001 Joined ORIX Corporation Jan 2001 Seconded to ORIX Real Estate Corporation Sep 2008 Seconded to Daikyo Inc. Mar 2011 Senior Managing Director, Prime Home Co., Ltd. Jun 2012 Director, Prime Estate Co., Ltd. (current) Nov 2014 Representative Director, Prime Home Co., Ltd. (current) Jun 2015 Director, Hosty Co., Ltd. (current) Nov 2017 Director, Yorozuya Fudosan Co., Ltd. (current) May 2020 Director, SK Consultant Co., Ltd. (current) Jul 2021 Outside Director, the Company (current)
1975-12-10
Naoko TASHIRO
Outside Director
Apr 1989 Joined Fuji Television Network, Inc. Jun 2024 Director, Regional Fish Co., Ltd. (current) Mar 2025 Outside Director, the Company (current)
1966-05-10
Sen'ichiro TSUGAWA
Outside Director (Full-time Audit and Supervisory Committee Member)
Apr 2001 Joined Hyogo Prefectural Government Sep 2001 Resigned from Hyogo Prefectural Government Dec 2006 Joined Misuzu Audit Corporation Aug 2007 Joined Shin Nihon & Co. (now EY ShinNihon LLC) Sep 2012 Registered as Certified Public Accountant Oct 2014 Manager, Shin Nihon & Co. (now EY ShinNihon LLC) Oct 2018 Senior Manager, Shin Nihon & Co. (now EY ShinNihon LLC) Mar 2026 Outside Director (Full-time Audit and Supervisory Committee Member), the Company
1973-04-27
Nozomi TAKASHIMA
Outside Director (Audit and Supervisory Committee Member)
Dec 2012 Joined Nagashima Ohno & Tsunematsu (current) Sep 2018 Kirkland & Ellis LLP, New York Office Oct 2019 Legal Department, Mitsubishi Corporation Apr 2021 Outside Audit & Supervisory Board Member, the Company Mar 2022 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1986-08-18
Takahiko OBA
Outside Director (Audit and Supervisory Committee Member)
Dec 2006 Joined Tohmatsu LLC Jul 2010 Registered as Certified Public Accountant May 2011 Head, Takahiko Oba Certified Public Accountant Office (current) Oct 2011 Founded Bridge Inc. (now Bridge Consulting Group Co., Ltd.), Representative Director, COO Jan 2021 Founded Tetraworks Co., Ltd., Representative Director (current) Mar 2021 Outside Audit & Supervisory Board Member, the Company; Chairman, Minami Fuji Audit LLC Group (current) Jan 2022 Outside Director (Audit and Supervisory Committee Member), United Front Partners Inc. (current) Mar 2022 Outside Director (Audit and Supervisory Committee Member), the Company (current) Nov 2022 Outside Director, K.T.K. Co., Ltd. (current) Jan 2023 Director, MINAMI FUJI ASIA PACIFIC SINGAPORE PTE LTD (current) Jan 2023 Outside Audit & Supervisory Board Member, Hammock Co., Ltd. (current) Aug 2024 Outside Director (Audit and Supervisory Committee Member), IK Holdings Inc. (current)
1981-04-30
Large Shareholding Reports
Nstyle Co., Ltd.
2026-07-07
43.69%→43.69%
Annual report (as of 2026-06-30): 43.97%
Nstyle Co., Ltd.
2026-02-18
37.44%→43.69%
Annual report (as of 2026-06-30): 43.97%
Nstyle Co., Ltd.
2025-12-15
37.45%→37.44%
Annual report (as of 2026-06-30): 43.97%
Nstyle Co., Ltd.
2025-12-15
39.00%→37.45%
Annual report (as of 2026-06-30): 43.97%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
EDINET
2026-07-07
Large Shareholding Report
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-02-18
Large Shareholding Report
EDINET
2025-12-15
Large Shareholding Report
EDINET
2025-12-15
Large Shareholding Report
EDINETAmended
2025-12-08
Amended Securities Registration Statement
EDINETAmended
2025-12-08
Amended Securities Registration Statement
TDnet
2025-11-27
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-11-27
Securities Registration Statement
EDINET
2025-11-27
Securities Registration Statement
TDnet
2025-11-12
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-14
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-29
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINETAmended
2024-03-15
Amended Securities Registration Statement
EDINETAmended
2024-03-07
Amended Securities Registration Statement
EDINET
2024-02-20
Securities Registration Statement
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