[Company analysis] Tokyo Tatemono Co., Ltd. (東京建物)

「Tokyo Tatemono Co., Ltd. (東京建物)」is a comprehensive real estate company with the 120 years of history. Since its founding, they have engaged in almost all businesses related to real estate such as development, operation, leasing and brokerage of offices, homes and commercial facilities. The number of consolidated employees is approximately 5,010.

 

 

1. Company Profile

2. Summary and Features

3. Major Business

4. Financial Information

 

 

 

1. Company Profile

 

※Unit is JPY million, as of 2019

Company name	Tokyo Tatemono Co., Ltd.
Company name (Japanese)	東京建物
Date of establishment	October 1, 1896
Headquarters location	〒103-8285 東京都中央区八重洲1丁目9番9号
Capital	92,400
Consolidated sales	273,302
Consolidated operating profit	46,765
Consolidated total assets	1,451,584
Consolidated capital	356,578
Capital adequacy ratio	24.6%
Consolidated number of employees	5,010

 

 

 

2. Summary and Features

 
「Tokyo Tatemono」is a real estate development company. As its name indicates, they mainly operates in Tokyo. Yasuda Zenjiro(安田善次郎), the founder of Yasuda Zaibatsu(安田財閥), founded this company in 1896 and started Japan's first mortgage business since its establishment. For over 120 years since its foundation, they have been developing office, residential and commercial real estate businesses, and played a pioneering role in the real estate industry.

In addition,「Tokyo Tatemono」continued the real estate appraisal business since 1868, and achieved great reputation on the real estate appraisal industry by participating in the "Japan Fudosan Appraisal Association(日本不動案鑑定協会)" on October 1, 1965 as a founder. In the housing business, the condominium brand "Brillia" is known to consumers, and in the luxury rental condominium business, they are developing "Apartments(アパートメンツ)". As of 2009, it has 12th largest apartment supply.

 

In the building business, 66% of real estate lease business area is located in Tokyo's 23 wards, and in the housing business, Tokyo's 23 wards account for about 60%. 「Tokyo Tatemono」has developed many large office buildings such as , "Shinjuku Center Building(新宿センタービル)" and "Osaki New City(大崎ニューシティー)"and "Otemachi Tower(大手町タワー)" which has the real forests.

Since「Tokyo Tatemono」is engaged in various fields of the real estate business, it is evaluated as a company with excellent "comprehensive strength". However, due to the decline in Japan's population and the increase in taxes, the demand for new condominiums has recently declined and the construction costs have also risen. So the profitability of the condominium business itself has deteriorated.

 

 

 

3. Major Business

 

■ Building business

■ Housing business

■ Asset management service

 

 

 

4. Financial information

 

※Unit is JPY million

		2016	2017	2018
Consolidated sales		254,498	266,983	273,302
Consolidated operating profit		36,363	44,757	46,765
Consolidated total assets		1,314,558	1,441,050	1,451,584
Consolidated net assets		325,593	353,419	356,578
Breakdown of sales	Buildings business	104,272	104,580	109,587
	Housing business	80,410	101,731	98,701
	Asset management business	52,886	40,477	43,246
	Others	19,106	22,497	24,296
	Adjustments	-2,177	-2,302	-2,529