Ichigo Office REIT Investment Corporation
Stock Price Chart
2026/11/12 13:15 UpdatedPrice Trend
2026/11/12 13:15 UpdatedPrice & Trading Details
2026/11/12 13:15 UpdatedPRICE
TRADING
Analyst Recommendations 2 analysts
Updated 2026/11/01Earnings Calendar
Updated 2026/11/01Shareholder Composition
Updated 2026/11/01Dividend History 2Years Growth
Updated 2026/11/08| Year | Dividend | Change |
|---|---|---|
| 2026 | ¥9,669 | +60.0% |
| 2025 | ¥6,045 | +23.6% |
| 2024 | ¥4,891 | -22.8% |
| 2023 | ¥6,339 | +39.0% |
| 2022 | ¥4,560 | - |
Financial Performance
2026/11/08 UpdatedRevenue & Profit
Margins
Cash Flow
Financial Health
| 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | ¥15,569M | ¥16,476M | ¥20,296M | ¥17,291M |
| Gross Profit | ¥9,840M | ¥10,363M | ¥13,941M | ¥10,758M |
| Operating Income | ¥7,886M | ¥8,212M | ¥11,104M | ¥9,086M |
| Pretax Income | ¥7,289M | ¥7,587M | ¥10,456M | ¥8,519M |
| Net Income | ¥6,322M | ¥6,692M | ¥9,486M | ¥7,405M |
| EPS | - | ¥4,421.94 | ¥6,268.06 | ¥4,820.68 |
| Operating Margin | 50.65% | 49.84% | 54.71% | 52.54% |
| Balance Sheet | ||||
| Total Assets | ¥227,653M | ¥229,967M | ¥231,001M | ¥244,755M |
| Total Equity | ¥102,422M | ¥102,012M | ¥102,000M | ¥106,375M |
| Total Liabilities | ¥125,231M | ¥127,955M | ¥129,002M | ¥138,380M |
| Cash | ¥9,421M | ¥8,697M | ¥6,486M | ¥6,858M |
| Interest-bearing Debt | ¥111,253M | ¥113,111M | ¥114,907M | ¥123,757M |
| Equity Ratio | 44.99% | 44.36% | 44.16% | 43.46% |
| D/E Ratio | 1.09 | 1.11 | 1.13 | 1.16 |
| Cash Flow | ||||
| Operating CF | ¥8,518M | ¥9,795M | ¥17,058M | ¥12,232M |
| Investing CF | -¥5,072M | -¥5,188M | -¥11,539M | -¥17,192M |
| Financing CF | -¥6,246M | -¥5,244M | -¥7,700M | ¥5,814M |
| Free CF | ¥3,342M | ¥4,546M | ¥5,579M | -¥5,277M |
| Efficiency | ||||
| ROE | 6.17% | 6.56% | 9.30% | 6.96% |
| ROA | 2.78% | 2.91% | 4.11% | 3.03% |
Latest IR Information
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Notice of Portfolio Occupancy Rate Flash Report (As of End of October 2026)
Published flash portfolio occupancy rates as of the end of October 2026. Overall portfolio occupancy 97.6% (MoM +0.1%), office 97.6%, other 0% etc. Reports decreases in number of properties and leasable area due to disposals, with occupancy improving in some...
Read more -
Notice of Completion of Asset Transfer
The transfer of Ichigo Sagamihara Building was completed following the contract signed on September 18, 2026. Transfer price: 1,240 hundred million yen; delivery date: 2026-10-28. Details are provided in the timely disclosure PDF.
Read more -
Notice of Asset Transfers (Ichigo Jimbocho Building, Ichigo Kanda Ogawamachi Building, Ichigo Hatchobori Building, Ichigo Nishi-Gotanda Building, Ichigo Kanda Nishiki-cho Building)
Decision to transfer assets of five properties. Transferees are domestic operating companies; total appraised value is approx. 13,880 million yen, total planned transfer price is approx. 19,000 million yen. Expected transfer gain is approx. 7,930 million yen, part of which...
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Notice of Upward Revision to Operational Status and Distribution Forecast for the Fiscal Period Ending April 2027
Following the acquisition of five properties, the operational status and distribution forecast for the fiscal period ending April 2027 have been revised upward. A gain on disposition of approximately 7,930 million yen is expected to be recorded; part will be...
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Notice of Interest Rate Swap Agreements
Entered into interest rate swap agreements for part of borrowings. Notional amounts are 1,483 million yen and 483 million yen, each for a 5.5-year period from 2026-10-26 to 2032-04-25, fixed rates 3.474%/3.441% with floating rates linked to TIBOR. Effects are...
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Latest News (5 items)
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Average Analyst Rating: none
Average Target Price: ¥108,250
Rating Score: 2.00 (Based on 2 analysts)
※1=Strong Buy, 5=Strong Sell
Company Information
About
Ichigo Office REIT Investment Corporation 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.