Lead Real Estate Co Ltd
lead-real.co.jpWhat Do They Do?
Develops and sells luxury homes, condominiums, and hotels to individuals, institutional investors, and hotel operators; also operates hotels and leases apartments to individuals.
20-F for FY2026, filed Nov 2, 2026We are a developer of luxury residential properties, including single-family homes and condominiums, and hotels across Tokyo, Kanagawa…View ↗
We primarily generate revenue from developing and selling single family homes, condominiums, and hotels. Since our inception in 2001, we…View ↗
We develop and sell entire low-rise and mid-rise condominiums to institutional customers, which include blue chip private equity buyers…View ↗
We develop and sell hotels, primarily apartment-style extended-stay hotels under our ENT TERRACE brand, as well as land parcels for hotel…View ↗
How Do They Make Money?
Property buyers are billed when contracts are signed and when land or completed buildings are transferred; customers generally pay each bill that day. Apartment leasing revenue comes in over time.
20-F for FY2026, filed Nov 2, 2026The Land Sales Contract outlines the terms and conditions of the land sale, while the Construction Contract summarizes the terms of the…View ↗
The Company generates other revenue, which includes income from hotel operations, leasing, commission, property management, and other…View ↗
Leasing revenue is recognized over time under ASC 842 (Leases).View ↗
JPY 18.2B
-
20-F for FY2026, filed Nov 2, 2026
JPY 18.2B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Real estate
|
96%
FY2023: 98%
|
Real estate, FY2026
JPY 17.5B Sources
|
|
Other revenue
|
3.9%
FY2023: 1.8%
|
Other revenue, FY2026
JPY 713.4M Sources
|
Who Are Their Customers?
Individuals buy homes, while institutional investors and hotel operators buy entire condominiums and hotels. Real estate agencies introduce customers to the company.
20-F for FY2026, filed Nov 2, 2026We develop and sell single-family homes to individual customers, primarily in Tokyo, Kanagawa prefecture, and Sapporo. Our target…View ↗
We develop and sell entire low-rise and mid-rise condominiums to institutional customers, which include blue chip private equity buyers…View ↗
We develop and sell hotels, primarily apartment-style extended-stay hotels under our ENT TERRACE brand, as well as land parcels for hotel…View ↗
The first stage of our development process involves the identification of new opportunities. We identify land and development sites for…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 3.5% of its revenue as net income in FY2026, but spent more cash than it brought in: free cash flow was −JPY 5.3B.
How Are They Changing?
Hotel development and sales
The older report centers real estate development and sales on homes and condominiums, while the latest report includes hotels in its development and sales business; both describe hotel operations.
20-F for FY2023, filed Nov 15, 2023 20-F for FY2026, filed Nov 2, 2026We primarily generate revenue from developing and selling single-family homes and condominiums. Since our inception in 2001, we have…View ↗
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