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XJPX8975
Market cap799mUSD
Jan 16, Last price  
79,900.00JPY
1D
-0.25%
1Q
-2.32%
Jan 2017
5.13%
IPO
32.85%
Name

Ichigo Office REIT Investment Corp

Chart & Performance

D1W1MN
XJPX:8975 chart
P/E
13.10
P/S
6.12
EPS
6,100.52
Div Yield, %
7.64%
Shrs. gr., 5y
-0.25%
Rev. gr., 5y
3.98%
Revenues
20.29b
+23.17%
001,274,146,0001,420,673,0001,524,356,0008,594,103,0008,719,679,0009,253,364,00011,269,353,00013,772,873,00014,883,654,00016,694,468,00016,755,554,00016,124,335,00015,569,018,00016,476,445,00020,294,703,000
Net income
9.49b
+41.75%
00514,506,000374,667,000448,414,00016,562,698,0001,941,010,0002,716,392,0002,558,050,0004,945,349,0005,411,656,0007,422,418,0007,286,772,0006,888,776,0006,322,454,0006,692,023,0009,485,875,000
CFO
17.06b
+74.15%
643,052,000666,717,000649,908,0006,181,869,0004,560,235,00011,035,529,00023,712,782,00010,900,248,00012,728,013,00013,696,269,00014,176,635,00010,739,247,0008,518,444,0009,795,084,00017,057,698,000
Dividend
Apr 28, 20250 JPY/sh
Earnings
Jun 13, 2025

Profile

Ichigo Office (8975) is a specialized office REIT that focuses on mid-size offices, an asset class that offers both return stability and upside potential. Ichigo Office seeks to drive higher earnings and sustainable growth for its shareholders by increasing the value of its assets through a broad array of value-add activities, including tailored tenant services, structural building improvements, and targeted tenant leasing. Ichigo Office is managed by Ichigo Investment Advisors, the asset management subsidiary of Ichigo, a major Japanese real estate owner/operator. Ichigo Investment Advisors works to grow value on behalf of shareholders by deploying its deep experience and know-how in developing, operating, and managing Japanese real estate. The mid-size offices in which we invest produce stable cashflows, supporting stable dividends for shareholders. Also, this economically-sensitive asset class provides upside for shareholders via the possibility of higher rent income as the Japanese economy shows signs of emerging from multiple decades of deflation. Furthermore, because the market for mid-size offices in Japan is relatively inefficient and has less participation by other major real estate companies, who tend to focus on larger assets, there is a significant opportunity to add value and increase the profitability of the assets we acquire.
IPO date
Oct 12, 2005
Employees
Domiciled in
JP
Incorporated in
JP

Valuation

Title
JPY in thousands, except ratios and share amounts
FYFYFYFYFYFYFYFYFY
2023‑102022‑102021‑102020‑102019‑102018‑102017‑102016‑102015‑10
Income
Revenues
20,294,703
23.17%
16,476,445
5.83%
Cost of revenue
8,842,566
8,111,043
Unusual Expense (Income)
NOPBT
11,452,137
8,365,402
NOPBT Margin
56.43%
50.77%
Operating Taxes
1,210
1,210
Tax Rate
0.01%
0.01%
NOPAT
11,450,927
8,364,192
Net income
9,485,875
41.75%
6,692,023
5.85%
Dividends
(9,495,934)
(7,101,889)
Dividend yield
7.39%
5.59%
Proceeds from repurchase of equity
BB yield
Debt
Debt current
7,092,000
17,270,250
Long-term debt
107,815,000
95,841,000
Deferred revenue
Other long-term liabilities
10,578,789
10,639,454
Net debt
108,490,845
104,362,509
Cash flow
Cash from operating activities
17,057,698
9,795,084
CAPEX
(11,478,742)
(5,249,225)
Cash from investing activities
(11,538,652)
(5,187,594)
Cash from financing activities
(7,700,184)
(5,243,889)
FCF
(3,123,966)
16,673,236
Balance
Cash
6,485,000
8,697,113
Long term investments
(68,845)
51,628
Excess cash
5,401,420
7,924,919
Stockholders' equity
70,772,943
82,945,127
Invested Capital
222,083,981
217,760,742
ROIC
5.21%
3.86%
ROCE
5.03%
3.71%
EV
Common stock shares outstanding
1,513
1,513
Price
84,900.00
1.19%
83,900.00
-2.78%
Market cap
128,484,858
1.19%
126,971,491
-2.78%
EV
236,975,703
231,334,000
EBITDA
13,374,744
10,169,362
EV/EBITDA
17.72
22.75
Interest
968,581
893,726
Interest/NOPBT
8.46%
10.68%