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Ichigo Office REIT Investment Corporation
(8975)
Ichigo Office REIT Investment Corporation (8975) vs. iShares MSCI Japan ETF (EWJ)
Ichigo Office REIT Investment Corporation Business Overview & Revenue Model
Ichigo Office REIT Investment Corporation Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.92B | 17.29B | 20.29B | 16.48B | 15.57B |
| Gross Profit | 12.48B | 10.76B | 13.94B | 10.36B | 9.84B |
| EBITDA | 13.12B | 10.48B | 13.03B | 10.02B | 9.64B |
| Net Income | 9.35B | 7.40B | 9.49B | 6.69B | 6.32B |
Balance Sheet | |||||
| Total Assets | 244.36B | 244.76B | 231.00B | 229.97B | 227.65B |
| Cash, Cash Equivalents and Short-Term Investments | 27.11B | 6.86B | 6.49B | 8.70B | 9.42B |
| Total Debt | 124.64B | 123.76B | 114.91B | 113.11B | 111.25B |
| Total Liabilities | 139.58B | 138.38B | 129.00B | 127.96B | 125.23B |
| Stockholders Equity | 104.78B | 106.38B | 102.00B | 102.01B | 102.42B |
Cash Flow | |||||
| Free Cash Flow | 15.75B | -5.28B | 5.58B | 4.55B | 3.34B |
| Operating Cash Flow | 18.34B | 12.23B | 17.06B | 9.80B | 8.52B |
| Investing Cash Flow | -2.63B | -17.19B | -11.54B | -5.19B | -5.07B |
| Financing Cash Flow | -10.06B | 5.81B | -7.70B | -5.24B | -6.25B |
Ichigo Office REIT Investment Corporation Technical Analysis
Ichigo Office REIT Investment Corporation Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥150.26B | 16.21 | ― | 6.26% | 55.69% | 24.75% | |
67 Neutral | ¥200.22B | 24.29 | ― | 3.82% | 64.38% | 0.79% | |
66 Neutral | ¥140.71B | 16.60 | ― | 5.86% | 90.94% | 40.39% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | ¥257.33B | 21.54 | ― | 4.63% | -5.47% | 14.66% | |
64 Neutral | ¥357.54B | 25.64 | ― | 3.94% | 19.18% | -23.37% |
Ichigo Office REIT Investment Corporation Corporate Events
Ichigo Office REIT reported a slight month-on-month dip in overall portfolio occupancy to 97.1% in December 2025, driven mainly by tenant departures in central Tokyo office assets, while occupancy in the four major regional cities improved on the back of new leases. The portfolio expanded with the acquisition of the Ichigo Tachikawa Koen Dori Building, increasing the number of assets, tenants, and leasable area, and the REIT continues efforts to quickly lease vacant space. Demonstrating its value-add strategy, Ichigo Office completed a Ready to Move In renovation on the second floor of the Ichigo Nanpeidai Building in Shibuya, securing a new tenant at a 58.3% higher rent with minimal downtime, underscoring the REIT’s focus on enhancing asset competitiveness and shareholder value through targeted capex and tenant-centric upgrades.
The most recent analyst rating on (JP:8975) stock is a Buy with a Yen108594.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has corrected data in its October 2025 fiscal period corporate presentation, specifically the reported average rent increase for upward office rent renewals. The revised figure shows that average rent hikes on upward renewals were 26.8%, significantly higher than the previously disclosed 14.5%, underscoring stronger-than-initially-reported organic growth from leasing activities and suggesting a more robust rental performance that may positively influence investor perception of the REIT’s income growth potential.
The most recent analyst rating on (JP:8975) stock is a Buy with a Yen108594.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation reported a decline in its financial performance for the October 2025 fiscal period, with operating revenue and net income decreasing by 9.4% and 19.4% respectively compared to the previous period. The company also provided earnings forecasts for the upcoming fiscal periods, anticipating further declines in operating revenue and net income, which may impact dividend payouts and shareholder returns.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has secured a JPY 1,000 million committed term loan from Sumitomo Mitsui Banking Corporation to finance value-add capital expenditures aimed at enhancing its mid-sized office portfolio. This strategic move is part of Ichigo Office’s broader plan to achieve long-term total returns exceeding 8% by proactively deploying capital to differentiate its assets and increase NAV per share, thereby maximizing shareholder value.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation presented its corporate performance for the October 2025 fiscal period, highlighting its commitment to sustainability. The announcement underscores the company’s strategic focus on sustainable infrastructure, which may enhance its market positioning and appeal to environmentally conscious stakeholders.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has completed the acquisition of the Ichigo Tachikawa Koen Dori Building and appointed CBRE K.K. as the property management company. This strategic move is expected to attract high-quality tenants and ensure stable profitability, leveraging CBRE’s market expertise and extensive network, with no impact on the company’s fiscal earnings forecasts.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation reported a slight decrease in occupancy rates for November 2025, primarily due to tenant departures from specific buildings and the sale of an asset. Despite the decrease, the company is actively working on leasing vacant spaces and has completed renovations to enhance tenant satisfaction and competitiveness. These efforts are part of Ichigo Office’s strategy to increase tenant satisfaction and drive earnings, which includes the introduction of a flexible office environment in the Ichigo Jingumae Building.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has fixed the interest rate for a new loan of JPY 1,000 million at 1.18364% per annum, with a repayment date set for April 25, 2032. This financial move is part of their strategy to manage their fiscal operations effectively, with the impact already accounted for in their earnings forecast for the April 2026 fiscal period.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has announced a new loan of JPY 1,000 million from Mizuho Bank to redeem its existing investment corporation bonds. This strategic financial maneuver is expected to have no material impact on the company’s investment risks and has already been accounted for in the company’s earnings forecast for the April 2026 fiscal period.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation announced the sale of the Ichigo Mirai Shinkin Building, an office asset, to a third-party Japanese company for JPY 1,750 million. The decision to sell was driven by limited earnings growth potential and anticipated renovation costs, with the sale price significantly exceeding both the book and appraisal values. This strategic move is expected to benefit shareholders by reallocating proceeds towards strategic investments and maintaining a portfolio focused on high-quality office assets.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has revised its earnings forecast for the April 2026 fiscal period upward, citing gains from the sale of the Ichigo Mirai Shinkin Building and the acquisition of the Ichigo Tachikawa Koen Dori Building. The company anticipates a significant increase in net income and dividends per share, reflecting a positive impact on its financial performance and shareholder returns.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation reported a slight increase in overall occupancy rates for October 2025, despite a decrease in the Tokyo Metropolitan Area due to tenant departure. The company is actively working to fill vacant spaces and enhance tenant satisfaction through value-add renovations, such as those completed at the Ichigo Fushimi Building in Nagoya. These efforts are part of Ichigo Office’s strategy to increase asset competitiveness and shareholder value.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has announced the fixed interest rates for new loans totaling JPY 2,380 million, with a mix of fixed and floating rates. These interest rates have already been factored into the company’s fiscal forecasts, indicating no significant impact on its earnings or investment risks.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has revised its earnings forecast for the October 2025 fiscal period upwards, following the planned sale of the Ichigo Toyamaeki Nishi Building. This sale is expected to generate a significant gain, positively impacting the company’s financial performance and increasing dividends per share, reflecting a strong strategic move in its portfolio management.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has announced the sale of the Ichigo Toyamaeki Nishi Building to Toa Bussan Corporation for JPY 2,720 million, significantly above its book and appraisal values. This strategic decision is aimed at improving portfolio quality and generating long-term shareholder value, with proceeds earmarked for future strategic investments and value-add capital expenditures.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation announced the acquisition of the Ichigo Tachikawa Koen Dori Building, a mid-size office asset in Tokyo, for JPY 1,950 million. This acquisition aligns with the company’s strategy to enhance shareholder returns by leveraging value-add capital expenditures and capitalizing on the building’s rent gap. The acquisition is expected to increase the company’s portfolio to 86 office assets, and Ichigo Office plans to enhance tenant satisfaction and earnings growth through operational improvements.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has announced the execution of a JPY 881 million loan to fund value-add capital expenditures, which is part of a previously announced JPY 1,000 million commitment term loan. This move is intended to drive asset value and net asset value per share. The loan, with a 7-year term and an interest rate of 3M JPY TIBOR +0.62% per annum, is expected to have minimal impact on the company’s earnings for the October 2025 and April 2026 fiscal periods, and does not alter the company’s financial forecasts or investment risk profile.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation announced the cancellation of 16,969 shares acquired in a recent buyback, representing 1.1% of total shares outstanding. This move will not affect the company’s earnings forecasts for the fiscal periods ending in October 2025 and April 2026, indicating a stable financial outlook.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.
Ichigo Office REIT Investment Corporation has announced the acquisition of new loans totaling JPY 2,380 million to refinance an existing loan of the same amount. This strategic financial move is expected to have no material impact on the company’s earnings forecasts for the fiscal periods ending in October 2025 and April 2026, as these have already been accounted for in previous financial disclosures.
The most recent analyst rating on (JP:8975) stock is a Hold with a Yen101097.00 price target. To see the full list of analyst forecasts on Ichigo Office REIT Investment Corporation stock, see the JP:8975 Stock Forecast page.