Real Gate Research Memo (2): Developing a business to regenerate and operate old small to medium buildings in the center of the city into small shared offices, etc.

Fisco Japan · May 23 23:32

■会社概要

1. 会社概要

リアルゲイト＜5532＞は、渋谷エリアを中止とした都心の築古中小ビルをスモールオフィス・シェアオフィス等に再生するFWP事業を展開する成長企業である。2009年の創業以来、15期連続で増収を達成してきた。企業理念として、「古いものに価値を、不動産にクリエイティブを、働き方に自由を」を掲げ、その具現化に取り組んでいる。同社を創業以来率いるのは、一級建築士の資格を持ち、海外のヴィンテージ建築をこよなく愛する岩本裕代表取締役である。岩本氏は、五洋建設＜1893＞、(株)大京、プロパスト＜3236＞にて現場監督や企画・販売等の経験を積んだ後に独立した。また五洋建設ではアメフト選手としても活躍し、現在もパワーリフティングを趣味とするパワフルな経営者である。2009年の創業に際しては、(株)トランジットジェネラルオフィスの傘下での起業であった。当初のビジネスモデルはPMであったが、2012年にMLを開始し、2017年以降には設計・施工にも進出した。転機が訪れたのは、コロナ禍の2021年7月である。親会社の都合により同社株式は譲渡され、サイバーエージェントの連結子会社となった。IT大手企業の傘下に入ったことで、経営管理やガバナンスの体制が整備され、2年後の2023年6月には、東京証券取引所グロース市場へスピード上場を達成した。現在は、金融機関との信頼関係も強化され、物件の保有や売却も行っており、多様なスキームの駆使によって成長が加速している。

2. 収入モデル

同社は、FWP事業の単一セグメントであるが、創業来、収入モデルとなる事業を追加してきた。現在は5つの主要モデルが存在し、主力となる事業はMLである。ビルオーナーより10～15年程度の契約で建物を賃借し、転貸する事業で、開業初期は支払家賃が先行するが、満室稼働後は安定収入が得られ、2023年9月期の全社売上構成の61.6%を占める。創業来の事業であるPMは、ビルオーナーより企画、運営を受託し、テナント賃料収入に対して一定の手数料収入等を得る事業であり、全社売上構成の6.4%を占める。再生物件保有（保有）は、自ら物件保有し、賃料収入を得る事業であり、全社売上構成の3.2%を占める。設計・施工は、設計監理契約や工事請負契約を締結し完成時に工事収入等を得る事業で、ML・PM に附随して発生する特徴があり、全社売上構成の18.5%を占める。近年同社が進出した物件売却は、保有物件の売却による収入を得る事業で、全社売上構成の10.1%を占める。財務状況の改善を図るとともに、売却後にML・PMを受託することで、安定的なストック収入にもつなげられる。ML・PM・保有は継続性・安定性の高いストック型の収入モデルであり、3つの合計で約7割を占めている。フロー型の設計・施工や物件売却も最終的にはMLやPMにつなげることを前提としており、ストック型売上を安定的に積み上げられるのが同社の強みである。

同社は、創業以来順調に業績を伸ばしてきたが、特にストック型売上（ML、PM）は安定的に積み上がってきた。一方でフロー売上（設計・施工）は上下に変動する傾向にある。2022年9月期からは、保有モデルが加わり、2023年9月期からは売却モデルが加わった。設計・施工から入りMLにつなげるパターンや保有（賃料）から入り売却（キャピタルゲイン）したうえでMLにつなげるなど、多彩な提案ができるのが同社の特徴である。

（執筆：フィスコ客員アナリスト　角田秀夫）

■Company Overview

1. Company Overview

Real Gate ＜5532＞ is a growing company developing an FWP business to regenerate old small to medium buildings in the center of the city that have been discontinued in the Shibuya area into small offices, shared offices, etc. Since its establishment in 2009, sales have increased for 15 consecutive terms. As a corporate philosophy, we have set “value for old things, creativity for real estate, and freedom in the way we work,” and we are working to embody them. The company has been leading the company since it was founded by CEO Hiroshi Iwamoto, who is qualified as a first-class architect and loves vintage architecture from overseas. Mr. Iwamoto became independent after gaining experience in site supervision, planning and sales at Goyo Construction (1893), Daikyo Co., Ltd., and Propast (3236). He also played an active role as an American football player at Goyo Construction, and he is still a powerful manager whose hobby is powerlifting. When it was founded in 2009, it was a business under the umbrella of Transit General Office Co., Ltd. The original business model was PM, but ML started in 2012, and it also advanced into design and construction after 2017. The turning point came in July 2021 due to the COVID-19 pandemic. The company's shares were transferred due to the circumstances of the parent company, and it became a consolidated subsidiary of CyberAgent. Since it came under the umbrella of a major IT company, a business management and governance system was put in place, and two years later, in 2023/6, a speedy listing was achieved on the Tokyo Stock Exchange growth market. Currently, relationships of trust with financial institutions have also been strengthened, properties are owned and sold, and growth is accelerating due to the full use of various schemes.

2. income model

The company is a single segment of the FWP business, but since its establishment, businesses that serve as revenue models have been added. Currently, there are 5 main models, and the main business is ML. It is a business where buildings are leased and subleased with contracts of about 10 to 15 years from building owners, and rent payments take precedence at the beginning of business, but stable income can be obtained after full occupancy, accounting for 61.6% of the company-wide sales structure for the 2023/9 fiscal year. PM, which has been a business since its inception, is a business where planning and operation are entrusted by building owners, and receives fixed fee income, etc. from tenant rent income, and accounts for 6.4% of the company-wide sales structure. Regeneration property ownership (holding) is a business where people own properties and earn rent income, and accounts for 3.2% of the company-wide sales structure. Design/construction is a business that obtains construction income etc. upon completion by concluding design supervision agreements and construction contract agreements, and has characteristics that occur in connection with ML/PM, and accounts for 18.5% of the company-wide sales structure. Property sales, which the company has expanded into in recent years, are businesses that earn income from the sale of owned properties, and account for 10.1% of the company-wide sales structure. In addition to improving the financial situation, it can also lead to stable stock income by entrusting ML/PM after sale. ML/PM/holding is a stock type income model with high continuity and stability, and the total of the three accounts for about 70%. It is assumed that flow-type design/construction and property sales will eventually lead to ML and PM, and the company's strength is that it can stably accumulate stock type sales.

The company's business performance has been growing steadily since it was founded, but in particular, stock type sales (ML, PM) have been steadily piling up. Meanwhile, flow sales (design/construction) tend to fluctuate up and down. A holding model was added from the 2022/9 fiscal year, and a sale model was added from the 2023/9 fiscal year. A characteristic of the company is that it can make various proposals, such as patterns that go in from design/construction and connect to ML, and then buy and sell (capital gain) from holding (rent) and then connect to ML.

(Written by FISCO Visiting Analyst Hideo Kakuta)

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

リアルゲイト Research Memo（2）：都心の築古中小ビルをスモール・シェアオフィス等に再生・運用する事業を展開

Real Gate Research Memo (2): Developing a business to regenerate and operate old small to medium buildings in the center of the city into small shared offices, etc.

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