銘柄情報

Ichigo Office REIT Investment Corporation

Ichigo REIT is now Ichigo Office REIT as of Sep 5, 2015. Office building REIT sponsored by Ichigo Group Holdings. It is a specialized ofice REIT that focuses on mid-size offices, an asset class that offers both return stability and upside potential. It 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.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/06/14Update

投資指標の計算式について

Investment amount per unit

Unitholders' capital / Number of investment units authorized

NAV per unit

((Unitholders' capital + Investment surplus) + (Portforio assets appraisal value - ortfolio assets book value) / Number of investment units authorized

P/NAV

Investment unit price / NAV per unit

FFO per unit

(Net income + depreciation + profit and loss on real estate) / Number of investment units authorized

P/FFO

Investment unit price / FFO per unit

NOI

Rental business income + depreciation

NOI yield

NOI / Portfolio assets book value

Implied cap rate

NOI / (Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) + Security and guarantee deposits received

Market capitalization

Investment unit price * Number of investment units authorized

LTV

Interest-bearing liabilities / Total assets

DSCR

NOI / (Interest-bearing liabilities at end of previous period - Interest-bearing liabilities at end of current period + current interest expense)

EV / EBITDA

Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) / NOI

Ratio of long-term fixed interest rate

Long-term fixed interest / Interest-bearing liabilities

Corporate Data

Investment Corporation Name Ichigo Office REIT Investment Corporation
Abbreviation IRE
Securities code 8975(JPX)
Listing date 2005/10/12
Time elapsed 16.83 year
Closing months April / October
URL https://www.ichigo-office.co.jp/
Unitholders' capital 67,675Million JPY
Number of investment units authorized 1,513,367Unit
Investment amount per unit 44,718JPY
Rating JCR:A- 
Type of assets under management Offices:97% Others:3%
Management target regions
6 Central Wards of Tokyo:56% Other metropolitan areas:23% Four Major Metropolitan Areas:22% Kansai Areas:15% Other major cities:6%
Number of investment properties 85
Number of tenants 923
Total leasable floor space 249,947.13㎡

Investment Index Information

NAV per Unit 97,562JPY
Unit Price / NAV per Unit 0.87
FFO per Unit 3,650JPY
Unit Price / FFO per Unit 23.18
NOI Yield 4.28%
Implied Cap Rate 3.61%
Market capitalization 128,031Million JPY
Acquisition book value 206,192Million JPY
Term-end book value 201,489Million JPY
Appraisal value 246,330Million JPY
Interest-bearing liabilities 111,225Million JPY
LTV 48.78%
EV / EBITDA 24.88
Average maturity of borrowings 3.9year
Ratio of long-term fixed interest rate
Average occupancy rate 94.7%
Average age of buildings 28.98year

Investment Management Policies

  • Investable Assets are Offices, trust beneficiary interests in Offices, and real-estate backed securities pertaining to Offices.
    Its portfolio is composed primarily of mid-size office buildings in the Tokyo Metropolitan Area in pursuit of stability of returns and earnings and dividend growth.

Other Related Corporations

Asset Manager Ichigo Investment Advisors Co., Ltd.
Update 2022/06/14 Capital 400Million JPY
Major Shareholders 100% Ichigo Inc. Other Shareholders

Account Settlement InformationFY2022-4(Million JPY)

31th 32th 33th
(most recent)
34th forecast 35th forcast
Revised Date Revised Date
Operating revenue 7,725 7,843 8,675 7,732 7,793
Operating income 3,923 3,962 4,436 3,737 3,818
Ordinary income 3,122 3,201 3,691 2,957 3,038
Net income 3,121 3,200 3,690 2,956 3,037
Short-term borrowings 19,317 19,292 19,266
Long-term borrowings 86,579 85,061 85,059
Investment corporation bonds 5,400 6,900 6,900
Total assets 227,654 227,653 228,020
Net assets 102,447 102,421 102,806
Distribution per unit 2,132
JPY/per Unit
2,185
JPY/per Unit
2,185
JPY/per Unit
2,023
JPY/per Unit
2,076
JPY/per Unit

Other Affiliated Companies

Asset custodian Mizuho Trust & Banking Co., Ltd. Accounting auditor Grant Thornton Taiyo LLC
Accounting services Mizuho Trust & Banking Co., Ltd. Unitholders registry administrator Mizuho Trust & Banking Co., Ltd.
Tax administration services Mizuho Trust & Banking Co., Ltd. Investment corporation bond administrator Sumitomo Mitsui Banking Corporation
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