Overview
Real Estate

REALGATE INC.

REALGATE INC. is a Tokyo-based real estate revitalization company specializing in the renovation and repositioning of aging commercial buildings (typically 20–40 years old, ~500 tsubo floor area) into flexible workplaces including small offices, share offices, and co-working spaces. The company operates across multiple business models—property management (PM), master lease (ML), design & construction, asset ownership, and capital gain through value-add sales—generating approximately 60% of revenues from recurring stock-type income. Operations are concentrated in Tokyo's central wards (Shibuya, Minato, Meguro), with 65 operating properties and over 1,500 tenant contracts as of September 2025.

Market Cap
¥22.8B
US$146M
EV
¥38.9B
US$248M
Stock¥3,525▲+2.47%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
23.4
x
LTM EV/EBIT
31.8
x
LTM PER
41.7
x
LTM PBR
3.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-5.0%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 29, 26Q3 FY2026/09 earnings announced
MC → EV Bridge
22.8BUS$146MMarket Cap18.3BUS$117M+ Debt2.17BUS$13.8M− Cash0.00BUS$0.00M− Inv. Sec.38.9BUS$248MEV
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Performance & Balance
Revenue 5Y (¥B)
6.97US$44.5M'23/97.95US$50.7M'24/99.79US$62.4M'25/9
EBITDA 5Y (¥B)
0.92US$5.84M'23/91.14US$7.24M'24/91.44US$9.19M'25/9
Net Income 5Y (¥B)
0.28US$1.77M'23/90.38US$2.42M'24/90.56US$3.57M'25/9
Capital Structure
26%
74%
EquityD/E 2.86xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.96US$12.5M5.77US$36.8M'23/91.13US$7.21M9.71US$61.9M'24/90.95US$6.04M13.9US$88.9M'25/9
Shareholders
Top 10 hold 79.5%
1
CyberAgent,Inc.
63.29%
2
Yutaka IWAMOTO
6.17%
3
Shinichi WASHIDA
2.60%
4
Kazushi YAMAUCHI
1.81%
5
Sapporo Real Estate Development Co., Ltd.
1.38%
6
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
1.08%
7
Shintaro TABATA
1.04%
8
Yoshihiro KATAYAMA
1.00%
9
MSCO CUSTOMER SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
0.60%
10
Manabu WATANABE
0.54%
Management
9 officers
Yutaka IWAMOTO
Representative Director
Apr 1996 Joined Penta-Ocean Construction Co., Ltd. Jul 2001 Joined Daikyo Incorporated Nov 2004 Joined Propast Co., Ltd. Jun 2008 Executive Officer, Propast Co., Ltd. Aug 2009 Representative Director, the Company (current)
1973-09-20
Ryo KUROKAWA
Director
Apr 2007 Joined Mibu Corporation Apr 2018 Joined the Company; Team Leader, Planning and Sales Department Nov 2018 General Manager, Planning and Sales Department No. 2 Apr 2019 Executive Officer Oct 2022 General Manager, Planning and Sales Department Dec 2024 Director (current) Oct 2025 Head of Business Division (current)
1982-11-01
Fumiya KIKUCHI
Director
Apr 2010 Joined Shin Nihon & Co. (now EY ShinNihon LLC) Mar 2020 Joined the Company; General Manager, Accounting Department (current) Jan 2024 Executive Officer Dec 2024 Director (current) Oct 2025 Head of Administration Division (current)
1987-06-24
Go NAKAYAMA
Director
Apr 1998 Joined Sumitomo Corporation Aug 1999 Joined CyberAgent, Inc. Dec 2003 Director, CyberAgent, Inc. Apr 2006 Managing Director, CyberAgent, Inc. Jul 2015 Director, Makuake Inc. (current) Oct 2020 Director and Senior Managing Executive Officer, CyberAgent, Inc. (current) Jul 2021 Director, the Company (current)
1975-11-02
Noboru SENNIN
Outside Director
Apr 1980 Joined Yasuda Trust & Banking Co., Ltd. (now Mizuho Trust & Banking Co., Ltd.) Apr 2009 Joined Trust & Custody Services Bank, Ltd. (now The Master Trust Bank of Japan, Ltd.) Apr 2016 Executive Director, The Master Trust Bank of Japan, Ltd. Jun 2016 Full-time Audit & Supervisory Board Member, The Master Trust Bank of Japan, Ltd. Nov 2020 Outside Director, the Company (current) Oct 2021 Outside Audit & Supervisory Board Member, Aizawa Securities Co., Ltd. (current)
1957-02-19
Kei TANAKA
Outside Director
Apr 2007 Joined Goldman Sachs Securities Co., Ltd. Jan 2025 Head of Japan Real Estate Investment, Alpha Advisory Co., Ltd. (current) May 2025 Outside Director, Kepple Group Co., Ltd. (current) Jul 2025 Director, CROSS FM Co., Ltd. (current) Dec 2025 Outside Director, the Company (current)
1982-05-14
Yuko KIUCHI
Full-time Outside Audit & Supervisory Board Member
Oct 1998 Joined Asahi & Co. (now Azusa Audit LLC) Oct 2003 Part-time Audit & Supervisory Board Member, Daicolo Co., Ltd. (current) Sep 2019 Full-time Audit & Supervisory Board Member, the Company (current)
1971-03-12
Eiji KATAYAMA
Outside Audit & Supervisory Board Member
Apr 1973 Joined Fujisawa Pharmaceutical Co., Ltd. (now Astellas Pharma Inc.) Aug 1984 Joined Ginza Law Office (now Abe, Ikubo & Katayama) Jan 1991 Partner, Abe, Ikubo & Katayama (current) Jun 2004 Outside Director, Seikagaku Corporation Oct 2005 Outside Audit & Supervisory Board Member, Mitsubishi UFJ Trust and Banking Corporation Mar 2011 Outside Audit & Supervisory Board Member, Japan Airlines Co., Ltd. Dec 2014 Outside Audit & Supervisory Board Member, Akatsuki Inc. (current) Dec 2018 Audit & Supervisory Board Member, the Company (current) Oct 2022 Outside Director, Japan Drilling Co., Ltd.
1950-11-08
Nagao ASAMI
Outside Audit & Supervisory Board Member
Sep 1987 Joined Aoyama Audit Corporation (now PwC Japan LLC) Aug 1995 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Mar 2000 Joined Ecos Co., Ltd. Jan 2002 Head, Nagao Asami Certified Public Accountant Office (current) Mar 2018 Audit & Supervisory Board Member, the Company (current)
1964-10-24
Large Shareholding Reports
Hulic Co., Ltd.
2026-06-01
5.05%
Yutaka IWAMOTO
2026-05-29
9.70%→11.89%
Annual report (as of 2026-03-31): 6.17%
Yutaka IWAMOTO
2026-05-29
11.89%→12.03%
Annual report (as of 2026-03-31): 6.17%
CyberAgent, Inc.
2026-05-29
68.54%→63.22%
Annual report (as of 2026-03-31): 63.29%
Yutaka IWAMOTO
2026-05-29
8.22%→9.70%
Annual report (as of 2026-03-31): 6.17%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-28
Q3 Earnings Flash
FY ending Sep 2026
EDINET
2026-06-01
Large Shareholding Report
EDINET
2026-05-29
Large Shareholding Report
EDINET
2026-05-29
Large Shareholding Report
EDINET
2026-05-29
Large Shareholding Report
EDINET
2026-05-29
Large Shareholding Report
EDINETAmended
2026-05-25
Amended Securities Registration Statement
EDINETAmended
2026-05-25
Amended Securities Registration Statement
EDINET
2026-05-15
Securities Registration Statement
EDINET
2026-05-15
Securities Registration Statement
EDINET
2026-05-08
Semi-Annual Securities Report
Period: Oct 2025 – Sep 2026
TDnet
2026-01-27
Q1 Earnings Flash
FY ending Sep 2026
EDINET
2025-12-11
Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-07-29
Q3 Earnings Flash
FY ending Sep 2025
EDINET
2025-05-08
Semi-Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnetAmended
2025-03-25
Q1 Earnings Flash
FY ending Sep 2025
TDnet
2025-01-28
Q1 Earnings Flash
FY ending Sep 2025
EDINET
2024-12-12
Annual Securities Report
Period: Oct 2023 – Sep 2024
EDINET
2024-05-08
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-12-07
Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-07-31
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
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