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Under supervision (confirmation) · Designated 2026-09-14 JPX notice

Overview

Real Estate

LEOPALACE21 CORPORATION

Leopalace21 Corporation is Japan's leading apartment leasing and management company, primarily engaged in the rental of company-owned properties and sublease management of apartments built under construction contracts, primarily targeting single-person households. The company also provides broadband services, rental-related services, and apartment renovation works through its rental business segment, complemented by senior care facility operations under the 'Azumien' brand and resort operations in Guam. Additional services include corporate housing agency, rental guarantee, rooftop solar power generation, and renters' insurance through its group subsidiaries.

K891, Inc. completed a tender offer for the company at US$6.26 (¥1,000) per share (announced 2026-09-14). (Completed)

Market Cap

US$1.97B

¥314B

US$1.76B

¥282B

StockUS$6.19(¥989)▲+0.10%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

7.2

LTM EV/EBIT

7.8

LTM PER

14.7

LTM PBR

5.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+30.8%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

1Aug 10, 26Q1 FY2027/03 earnings announced

2Sep 15, 26Dividend forecast revised

MC → EV Bridge

AI Briefing

Leopalace21 runs Japan's largest single-occupant apartment leasing/sublease platform, plus senior care and Guam resort operations. FY26/3 revenue US$2.79B (¥445B) with operating profit US$225M (¥36.0B) (8.1% margin), continuing a four-year margin recovery from 2.4% in FY23/3. Top shareholder register is concentrated among two large holders (UH Partners 2, Chidori Godo) at roughly 31% combined alongside trust banks and institutional holders.

Open LEOPALACE21 CORPORATION in the demo →Comps, DCF and WACC for this company. Free, no time limit.

Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

63%

37%

EquityD/E 0.60xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

Leasing business

Revenue

US$2.69B(¥430B)

Segment profit

US$277M(¥44.3B)10.3%

Elderly care business

Revenue

US$85.5M(¥13.7B)

Segment profit

-US$6.65M(¥-1.06B)-7.8%

Other businesses

Revenue

US$12.0M(¥1.92B)

Segment profit

-US$16.8M(¥-2.68B)-139.3%

Adjustments

Revenue

-US$2.47M(¥-0.39B)

Segment profit

-US$28.7M(¥-4.59B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 56.5%

as of 2026-03-31 · Source: Annual Securities Report

UH Partners 2 Investment Limited Partnership (General Partner: UH Partners 2, Inc.)

15.47%

Chidori G.K.

15.45%

The Master Trust Bank of Japan, Ltd. (Trust Account)

6.38%

Custody Bank of Japan, Ltd. (Trust Account)

4.90%

MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)

4.38%

MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB (Standing Proxy: BofA Securities Japan Co., Ltd.)

2.78%

LEOPALACE21 CORPORATION Stock Ownership Association

2.12%

GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

1.78%

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.67%

LEOPALACE21 CORPORATION Business Partners' Stock Ownership Association

1.59%

Management

14 officers

Fumiya MIYAO

Representative Director, President and Executive Officer; General Manager, Development Business Headquarters

Apr 1983 Joined Nakamichi Lease Co., Ltd. Jun 1990 Joined Leopalace21 Corporation Sep 2000 Deputy General Manager, Accounting Department Jul 2008 General Manager, Resort Business Headquarters Jul 2010 General Manager, Management Planning Department Jul 2012 Managing Officer Apr 2013 Executive Officer Jun 2016 Director, Executive Officer May 2017 In charge of Management Planning Department and Public Relations Department Apr 2018 Director, Managing Executive Officer; in charge of Management Planning and IR May 2019 Representative Director, President (current); President and Executive Officer (current) Jun 2019 General Manager, Business Management Headquarters May 2022 General Manager, Construction Defect Countermeasures Headquarters Apr 2025 General Manager, Development Business Headquarters (current)

1960-04-14

Mayumi HAYASHIMA

Director, Managing Executive Officer; General Manager, Leasing Business Headquarters

Apr 1996 Joined Leopalace21 Corporation Apr 2009 Deputy Sales Manager, East Japan Corporate Sales Department, Leasing Sales Department No. 3, Leasing Business Division Jul 2010 General Manager, East Japan Corporate Sales Department No. 2, Leasing Business Division Apr 2014 General Manager, Corporate Operations Promotion Division Apr 2015 Managing Officer Apr 2018 Executive Officer Jun 2019 Director, Executive Officer; General Manager, Compliance Headquarters; Chief Legal Officer (CLO) Jun 2020 General Manager, Compliance Promotion Headquarters; Chief Legal Officer (CLO) Jul 2020 General Manager, Administration Headquarters May 2021 Deputy General Manager, Management Administration Headquarters May 2022 Director, Managing Executive Officer (current); General Manager, Leasing Business Headquarters Nov 2024 General Manager, Business Promotion Headquarters Apr 2026 General Manager, Leasing Business Headquarters (current)

1973-04-26

Naomichi MOCHIDA

Director, Managing Executive Officer; in charge of special assignments

Apr 1985 Joined The Mitsui Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Jun 2007 Joined Leopalace21 Corporation; Director, General Manager, Management Planning Headquarters Apr 2009 Director, Executive Officer; General Manager, Leasing Sales Department No. 3, Leasing Business Division; General Manager, Broadband Promotion Department Apr 2010 General Manager, Related Business Headquarters Jun 2010 Executive Officer May 2011 General Manager, Corporate Sales Division Apr 2013 Deputy General Manager, Leasing Business Division Apr 2014 Managing Executive Officer Jul 2015 Deputy General Manager, Construction Contract Business Division Jun 2020 Representative Director, President, Leopalace Leasing Co., Ltd. May 2021 Managing Officer; General Manager, Corporate Planning Department May 2022 Executive Officer; Deputy General Manager, Leasing Business Headquarters; General Manager, Corporate Sales Department Jun 2022 Director, Executive Officer Nov 2024 Director, Managing Executive Officer (current); General Manager, Leasing Sales Headquarters Apr 2026 In charge of special assignments (current)

1962-09-04

Shinji TAKEKURA

Director, Executive Officer; General Manager, Management Administration Headquarters; Deputy General Manager, Development Business Headquarters

Apr 1996 Joined Leopalace21 Corporation Apr 2014 General Manager, West Japan Contract Sales Department No. 1 May 2018 General Manager, East Japan Contract Sales Department No. 3 Jun 2020 General Manager, East Japan Wealth Management Department No. 2; in charge of Emergency Countermeasures Project for Construction Defects Oct 2020 General Manager, Corporate Planning Department Apr 2021 Executive Officer May 2022 General Manager, Management Administration Headquarters (current); General Manager, Compliance Promotion Headquarters; Chief Legal Officer (CLO) Jun 2022 Director, Executive Officer (current) Apr 2025 Deputy General Manager, Development Business Headquarters (current)

1972-05-09

Akio YAMASHITA

Director

Apr 1984 Joined Development Bank of Japan Inc. Jan 2006 Joined Morgan Stanley Securities Co., Ltd. (now Morgan Stanley MUFG Securities Co., Ltd.) Jun 2008 Joined Fortress Investment Group Japan G.K. as Managing Director (current) Mar 2013 Japan Representative, Fortress Investment Group Japan G.K. Jun 2021 Director, Leopalace21 Corporation (current) Jan 2022 Director, PJC Investments Co., Ltd. (now Accordia Golf Holdings Co., Ltd.); Director, Accordia Golf Co., Ltd. Sep 2023 Director, Sogo & Seibu Co., Ltd. (current) Feb 2025 Japan Representative, Fortress Investment Group Japan G.K.; Chairman, Phoenix Resort Co., Ltd. (current) Apr 2025 Director, Tokiwa Kosan Co., Ltd. (current) Dec 2025 Co-Head of Asia and Japan Representative, Fortress Investment Group Japan G.K. (current)

1961-10-23

Jin LIU

Director

Apr 2010 Joined Morgan Stanley MUFG Securities Co., Ltd. Apr 2011 Joined RBS Securities May 2012 Joined Fortress Investment Group Japan G.K. Apr 2020 Director, FHK Co., Ltd. (current) Dec 2020 Managing Director, Fortress Investment Group Japan G.K. (current) Jun 2021 Director, Leopalace21 Corporation (current) Jan 2022 Director, PJC Investments Co., Ltd. (now Accordia Golf Holdings Co., Ltd.); Director, Accordia Golf Co., Ltd. Sep 2023 Representative Director, Sogo & Seibu Co., Ltd. Apr 2026 Representative Director, President, Sogo & Seibu Co., Ltd. (current)

1984-06-10

Akira WATANABE

Director

Apr 1973 Registered as attorney-at-law Nov 2006 Outside Audit & Supervisory Board Member, Fast Retailing Co., Ltd. Jun 2007 Outside Director, Maeda Corporation Jun 2007 Outside Audit & Supervisory Board Member, KADOKAWA Group Holdings Co., Ltd. (now KADOKAWA Corporation) Apr 2010 Outside Director, MS&AD Insurance Group Holdings, Inc. Mar 2013 Outside Director, Dunlop Sports Co., Ltd. Oct 2015 Director, Asia Pile Holdings Corporation (current) Sep 2018 Partner, Comm & Path Law Office (current) Jun 2019 Outside Director, Maeda Road Construction Co., Ltd. (current) Jul 2020 Director, Leopalace21 Corporation (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), KADOKAWA Corporation

1947-02-16

Yutaka NAKAMURA

Director

Apr 1981 Joined National Housing Material Co., Ltd. (now Panasonic Homes Co., Ltd.) Oct 2002 General Manager, Quality and Environment Promotion Department, Panasonic Homes Co., Ltd. Oct 2006 General Manager, Quality, Environment and IT Department, Panasonic Homes Co., Ltd. Apr 2011 Managing Officer; General Manager, Quality and Environment Headquarters, Panasonic Homes Co., Ltd. Apr 2012 Senior Managing Officer; General Manager, Quality and Environment Headquarters, Panasonic Homes Co., Ltd. Apr 2018 Senior Chief Officer in charge of Quality and CS, Panasonic Homes Co., Ltd. Mar 2019 Retired from Panasonic Homes Co., Ltd. Feb 2020 Director, Leopalace21 Corporation (current)

1958-09-28

Takumi SHIBATA

Director

Apr 1976 Joined Nomura Securities Co., Ltd. Jul 1997 President, Nomura International plc (London) Jul 1998 Director, Nomura Securities Co., Ltd. Apr 2000 President, Nomura Holdings Europe plc Apr 2005 Representative Director, President and CEO, Nomura Asset Management Co., Ltd. Jul 2007 Representative Director, Executive Vice President and COO, Nomura Holdings, Inc. Jul 2013 Representative Director, Chairman, Nikko Asset Management Co., Ltd. (now Amova Asset Management Co., Ltd.) Jan 2014 Representative Director, President and COO, Nikko Asset Management Co., Ltd. Jun 2020 Representative Director, President, Fiducia Co., Ltd. (current) Apr 2022 Representative Director, Teraffoods Co., Ltd. Jun 2022 Director, Leopalace21 Corporation (current) Jul 2022 Outside Director, Nanosummit Co., Ltd. (current) May 2023 Outside Director, Seeds Co., Ltd. (current) Jun 2023 Outside Director, PJC Investments Co., Ltd. (now Accordia Golf Holdings Co., Ltd.); Outside Director, Accordia Golf Co., Ltd. Mar 2025 Director, Soundwave Innovation Co., Ltd. (current) Mar 2026 Director, Teraffoods Co., Ltd. (current)

1953-01-08

Kan ISHII

Director

Apr 1977 Joined Development Bank of Japan Inc. Oct 2008 Managing Executive Officer, Development Bank of Japan Inc. Jan 2010 Deputy Trustee, Japan Airlines Co., Ltd. Aug 2011 Representative Director, President, Fukuoka Jisho Co., Ltd. Jun 2017 Outside Director, Nippon Piston Ring Co., Ltd. Apr 2018 Visiting Professor, Graduate School of Business Creation Jun 2018 Director, Nishinippon Shimbun Co., Ltd. Apr 2019 Specially Appointed Professor, Graduate School of Business Creation (current) Jun 2021 Management Advisor, Terrasmile Co., Ltd. (current) Jun 2022 Director, Leopalace21 Corporation (current); Representative Director, PJC Investments Co., Ltd. (now Accordia Golf Holdings Co., Ltd.); Representative Director, President and CEO, Accordia Golf Co., Ltd.

1954-02-11

Jiro YOSHINO

Full-time Audit & Supervisory Board Member

Apr 1978 Joined Dai-Tokyo Fire and Marine Insurance Co., Ltd. (now Aioi Nissay Dowa Insurance Co., Ltd.) Apr 2011 Executive Officer; General Manager, Chiba Division (concurrent), Aioi Nissay Dowa Insurance Co., Ltd. Apr 2012 Managing Executive Officer; General Manager, Regional Sales Promotion Headquarters (concurrent), Aioi Nissay Dowa Insurance Co., Ltd.; Executive Officer, MS&AD Insurance Group Holdings, Inc. Jun 2013 Full-time Audit & Supervisory Board Member, Aioi Nissay Dowa Insurance Co., Ltd. Jun 2017 Audit & Supervisory Board Member, Leopalace21 Corporation (current)

1954-08-24

Kenichiro SAMEJIMA

Full-time Audit & Supervisory Board Member

Apr 1984 Joined Nikkei House Co., Ltd. Feb 1986 Joined Leopalace21 Corporation Apr 1999 General Manager, Leopalace World Shinjuku Store Management Section, Leasing Business Division Oct 1999 General Manager, Head Office Planning Section, Leasing Business Division Apr 2009 Executive Officer; General Manager, Business Department, Leasing Business Headquarters Feb 2010 General Manager, Planning and Business Department, Leasing Business Division Apr 2012 General Manager, Information Systems Department Jul 2012 Managing Officer Apr 2014 Executive Officer Jul 2019 In charge of Information Systems, Administration Headquarters Jun 2020 Managing Officer; General Manager, Audit & Supervisory Board Office Jul 2020 Audit & Supervisory Board Member, Leopalace21 Corporation (current)

1958-09-11

Kido MURAKAMI

Audit & Supervisory Board Member

Apr 1972 Joined Ministry of Finance Jul 1993 General Manager, General Affairs Department, Tokyo National Tax Bureau Jul 1998 Director, Investigation and Inspection Department, National Tax Agency Jun 2000 Director, Taxation Department, National Tax Agency Jun 2003 Deputy Commissioner, National Tax Agency Oct 2005 Senior Managing Director, East Nippon Expressway Company Limited Jun 2011 Full-time Audit & Supervisory Board Member, Credit Saison Co., Ltd. Jun 2019 Director, Leopalace21 Corporation Jul 2020 Audit & Supervisory Board Member, Leopalace21 Corporation (current)

1948-02-12

Kazutaka SHIMOFUKIKOSHI

Audit & Supervisory Board Member

Oct 1979 Joined Asahi Accounting Corporation (now Azsa LLC) Aug 1983 Registered as Certified Public Accountant Jul 1985 Joined Nihon Keiei Keikaku Co., Ltd. (now Alma Co., Ltd.) Sep 1992 Representative Director, Pendel Management Research Institute Co., Ltd. (current); Director, Shimofukikoshi CPA Office (current) Jun 1993 Registered as Certified Tax Accountant Jan 2007 Representative Partner, Pendel Tax Accountant Corporation Jun 2009 Audit & Supervisory Board Member, Fourteen Forty Technology Research Institute Co., Ltd. (now FFRI Security Co., Ltd.) Aug 2015 Representative Director, JP Consultants Group Co., Ltd. (current) Jun 2016 Director and Audit and Supervisory Committee Member, FFRI Co., Ltd. (now FFRI Security Co., Ltd.) Mar 2017 Representative Director, Pendel Capital Management Co., Ltd. (current) Dec 2017 Certified Tax Accountant, Pendel Tax Accountant Corporation (current) Jun 2023 Audit & Supervisory Board Member, Leopalace21 Corporation (current)

1955-10-04

Large Shareholding Reports

K891 Co., Ltd.

2026-11-10

61.90%→61.90%

K891 Co., Ltd.

2026-11-09

61.90%

J.P. Morgan Securities Japan Co., Ltd.

2026-11-05

2.61%

Chidori Godo Kaisha

2026-11-04

15.10%→0.00%

Annual report (as of 2026-03-31): 15.45%

Chidori G.K.

2026-10-26

15.10%→15.10%

Annual report (as of 2026-03-31): 15.45%

UH Partners 2 Co., Ltd.

2026-09-24

15.13%→15.13%

Chidori Godo Kaisha (LLC)

2025-10-02

25.27%→15.10%

Annual report (as of 2026-03-31): 15.45%

Chidori Godo Kaisha (LLC)

2025-10-02

18.12%→25.27%

Annual report (as of 2026-03-31): 15.45%

UH Partners 2 Co., Ltd.

2025-09-29

15.36%→15.13%

Disclosures

Tender Offer

2026-09-14

LEOPALACE21 CORPORATION

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LEOPALACE21 CORPORATION

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