Ichigo Group Holdings Co (ICHIF) Q3 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.620 -- 00:00:06.022 Thank you, everybody, for waiting. I'm Scott Callan, Chairman of Ichigo. 00:00:06.022 -- 00:00:10.984 I am joined today by Dan Morisaku, who is a senior member of our finance team and the 00:00:10.984 -- 00:00:14.746 head of global IR. Thank you so much, everybody, for joining us today. 00:00:14.746 -- 00:00:19.028 We're working off of the presentation in front of you, which is also on our website, 00:00:19.028 -- 00:00:24.731 FY fiscal year 26, February, so ending next month, the Q3 corporate 00:00:24.731 -- 00:00:29.072 presentation. So let's go to it. 00:00:31.627 -- 00:00:36.730 I think the overview is that it's both a strong operating environment, 00:00:36.730 -- 00:00:39.811 but more importantly what's 00:00:40.313 -- 00:00:45.416 happening in real estate in Japan is deeply in line with the core 00:00:45.416 -- 00:00:50.232 capabilities of our firm. As you know, we are a value-add investor. 00:00:50.232 -- 00:00:53.535 We, in principle, don't do development. I'll talk a little bit about what we've done 00:00:53.535 -- 00:00:57.578 in logistics. And as we say internally, when people ask me, can we do development, it's 00:00:57.578 -- 00:00:59.520 like only if you don't take development risk. 00:00:59.520 -- 00:01:04.724 So we've done it with logistics. We specialize in taking existing assets 00:01:04.724 -- 00:01:09.608 and preserving and improving real estate, existing assets and improving them. 00:01:09.608 -- 00:01:12.626 Because of inflation, construction inflation, 00:01:12.626 -- 00:01:15.852 This model is the right model for not only Japan, but for the rest of the world. 00:01:15.852 -- 00:01:19.358 Japan has classically done a lot of destructive 00:01:19.358 -- 00:01:23.794 redevelopment, which is economically and ecol...