Ichigo Office REIT Investment Corporation logo

Ichigo Office REIT Investment Corporation

8975.T

JPXReal EstateREIT - Office

Latest quote

¥94,800

+¥800 · +0.85%

Aug 24, 3:30 PM JST

8975.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Ichigo Office (8975) is a specialized Real Estate Investment Trust dedicated to investing in mid-sized office properties. This particular asset class offers a compelling blend of stable returns and potential for capital appreciation. The company's objective is to enhance shareholder earnings and foster sustainable growth by actively increasing the value of its real estate portfolio. This is achieved through a range of proactive asset management strategies, including providing tailored services to tenants, executing structural building enhancements, and strategically managing tenant leasing. Management of Ichigo Office is conducted by Ichigo Investment Advisors, the dedicated asset management subsidiary of Ichigo, a leading Japanese real estate owner and operator. This entity applies its extensive experience and profound knowledge in the development, operation, and administration of Japanese properties to generate value for shareholders. The mid-sized offices within the portfolio consistently produce stable cash flows, thereby ensuring reliable dividend distributions to investors. Furthermore, this asset class, sensitive to economic cycles, presents an upside opportunity for shareholders through the potential for higher rental income, particularly as the Japanese economy exhibits signs of recovery from decades of deflation. A distinct advantage arises from the Japanese mid-sized office market's relative inefficiency and the limited involvement of other major real estate companies, who typically prioritize larger assets. This market dynamic creates significant scope for adding value and boosting the profitability of acquired properties.

Industry
REIT - Office
Sector
Real Estate
Headquarters
JP
CEO
Takuma Hasegawa
Listed since
Oct 12, 2005

Market position

52-week range

Current ¥94,800

Open
¥94,800
Previous close
¥94,000
Volume
3.12K
0.82× average
Average volume
3.82K
Average daily volume
Market cap
144.83B JPY
Beta
0.16
Market reference 1
50-day average
¥93,794
+1.07% above average
200-day average
¥94,511.5
+0.31% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
243.49B JPY
P/E (TTM)
18.72×
P/B (TTM)
1.41×
P/S (TTM)
6.95×
EV / EBITDA
18.56×
Earnings yield
6.40%
Free cash flow yield
10.79%
Dividend yield
5.37%

Profitability & efficiency

Gross margin
39.06%
Operating margin
46.32%
Net margin
37.44%
Return on equity
8.92%
Return on assets
3.82%
Return on invested capital
4.64%

Financial health

Debt / equity
1.23×
Current ratio
1.22×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends72%58%45%31%Gross margin, FY2021: 63.20%Gross margin, FY2022: 62.90%Gross margin, FY2023: 68.69%Gross margin, FY2024: 62.21%Gross margin, FY2025: 39.04%Operating margin, FY2021: 50.65%Operating margin, FY2022: 49.84%Operating margin, FY2023: 54.72%Operating margin, FY2024: 52.54%Operating margin, FY2025: 41.39%Net margin, FY2021: 40.61%Net margin, FY2022: 40.62%Net margin, FY2023: 46.74%Net margin, FY2024: 42.82%Net margin, FY2025: 34.72%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 63.20%. Gross margin FY2022 62.90%. Gross margin FY2023 68.69%. Gross margin FY2024 62.21%. Gross margin FY2025 39.04%. Operating margin FY2021 50.65%. Operating margin FY2022 49.84%. Operating margin FY2023 54.72%. Operating margin FY2024 52.54%. Operating margin FY2025 41.39%. Net margin FY2021 40.61%. Net margin FY2022 40.62%. Net margin FY2023 46.74%. Net margin FY2024 42.82%. Net margin FY2025 34.72%.

Income trends

Revenue

26.92B JPY+55.69%

Operating income

11.14B JPY+22.64%

Net income

9.35B JPY+26.21%
Income trends across reported periods28.98B JPY20.74B JPY12.5B JPY4.26B JPYRevenue, FY2021: 15.57B JPYRevenue, FY2022: 16.48B JPYRevenue, FY2023: 20.29B JPYRevenue, FY2024: 17.29B JPYRevenue, FY2025: 26.92B JPYOperating income, FY2021: 7.89B JPYOperating income, FY2022: 8.21B JPYOperating income, FY2023: 11.1B JPYOperating income, FY2024: 9.09B JPYOperating income, FY2025: 11.14B JPYNet income, FY2021: 6.32B JPYNet income, FY2022: 6.69B JPYNet income, FY2023: 9.49B JPYNet income, FY2024: 7.4B JPYNet income, FY2025: 9.35B JPYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 15.57B JPY. Revenue FY2022 16.48B JPY. Revenue FY2023 20.29B JPY. Revenue FY2024 17.29B JPY. Revenue FY2025 26.92B JPY. Operating income FY2021 7.89B JPY. Operating income FY2022 8.21B JPY. Operating income FY2023 11.1B JPY. Operating income FY2024 9.09B JPY. Operating income FY2025 11.14B JPY. Net income FY2021 6.32B JPY. Net income FY2022 6.69B JPY. Net income FY2023 9.49B JPY. Net income FY2024 7.4B JPY. Net income FY2025 9.35B JPY.
Metric (JPY)FY2025FY2024FY2023FY2022FY2021
Revenue26.92B JPY17.29B JPY20.29B JPY16.48B JPY15.57B JPY
Cost of goods sold16.41B JPY6.53B JPY6.35B JPY6.11B JPY5.73B JPY
Gross profit10.51B JPY10.76B JPY13.94B JPY10.36B JPY9.84B JPY
Selling, general, and administrative1.39B JPY1.47B JPY2.49B JPY2B JPY1.82B JPY
Operating expenses−655.51M JPY1.67B JPY2.84B JPY2.15B JPY1.95B JPY
Interest income31.61M JPY2.13M JPY230K JPY222K JPY228K JPY
Depreciation and amortization1.98B JPY1.96B JPY1.92B JPY1.8B JPY1.76B JPY
Operating income11.14B JPY9.09B JPY11.1B JPY8.21B JPY7.89B JPY
Net income9.35B JPY7.4B JPY9.49B JPY6.69B JPY6.32B JPY

Company facts updated Aug 24, 2026.

Earnings

Latest fiscal-year EPS
6,039.88
FY2025 · +24.87% year over year
Latest fiscal-year revenue
26.92B JPY
FY2025 · +55.69% year over year

Annual EPS trend

Reported history and fiscal-year consensus

ReportedConsensus forecast
Annual EPS trend6,477.095,640.964,804.843,968.71FY21FY22FY23FY24FY25

Annual revenue trend

Reported history and fiscal-year consensus

ReportedConsensus forecast
Annual revenue trend28.06B23.52B18.97B14.43BFY21FY22FY23FY24FY25

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

¥6,045

2025 complete year+40.0% since 2021

2026 partial: ¥2,376

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Oct 29, 2026

¥5,683

Semi-Annual

Record Oct 31, 2026 · Payment Oct 29, 2026

Dividend

Ex-dividend Apr 28, 2026

¥2,376

Semi-Annual

Record Apr 30, 2026 · Payment Jul 22, 2026

Dividend

Ex-dividend Oct 30, 2025

¥2,715

Semi-Annual

Record Oct 31, 2025 · Payment Jan 21, 2026

Dividend

Ex-dividend Apr 28, 2025

¥3,330

Semi-Annual

Record Apr 30, 2025 · Payment Jul 22, 2025

Dividend

Ex-dividend Oct 30, 2024

¥2,692

Semi-Annual

Record Oct 31, 2024 · Payment Jan 21, 2025

Dividend

Ex-dividend Apr 26, 2024

¥2,199

Semi-Annual

Record Apr 30, 2024 · Payment Jul 22, 2024

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