Ichigo Office REIT Financial Statements (Audited)
40thFiscal Period
May 1, 2025 - October 31, 2025
Ichigo Office REIT Investment Corporation (8975)
Marunouchi Park Building 20F, 2-6-1 Marunouchi, Chiyoda-ku, Tokyo 100-6920
Financial Statements(1) Balance Sheet
Previous fiscal period (As of April 30, 2025)
(Thousand Yen)
Current fiscal period (As of October 31, 2025)
Assets | ||
Current assets | ||
Cash and deposits | 13,070,281 | 12,142,957 |
Cash and deposits in trust | 14,729,233 | 14,965,164 |
Operating accounts receivable | 48,133 | 12,438 |
Prepaid expenses | 509,209 | 534,908 |
Other | 6,888 | 5,583 |
Total current assets | 28,363,745 | 27,661,053 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings | 7,703,039 | 7,802,216 |
Accumulated depreciation | (2,662,534) | (2,753,882) |
Buildings, net | 5,040,505 | 5,048,333 |
Structures | 30,789 | 30,789 |
Accumulated depreciation | (23,391) | (23,727) |
Structures, net | 7,397 | 7,061 |
Machinery and equipment | 374,229 | 379,104 |
Accumulated depreciation | (290,958) | (298,984) |
Machinery and equipment, net | 83,271 | 80,120 |
Tools, furniture and fixtures | 116,524 | 124,923 |
Accumulated depreciation | (81,557) | (87,926) |
Tools, furniture and fixtures, net | 34,967 | 36,997 |
Land | 16,334,305 | 16,334,305 |
Construction in progress | 231 | 231 |
Buildings in trust | 50,289,019 | 49,772,030 |
Accumulated depreciation | (14,415,821) | (14,664,900) |
Buildings in trust, net | 35,873,197 | 35,107,129 |
Structures in trust | 94,976 | 89,926 |
Accumulated depreciation | (48,015) | (47,871) |
Structures in trust, net | 46,960 | 42,054 |
Machinery and equipment in trust | 1,095,610 | 1,134,149 |
Accumulated depreciation | (627,320) | (657,459) |
Machinery and equipment in trust, net | 468,290 | 476,690 |
Tools, furniture and fixtures in trust | 494,862 | 537,839 |
Accumulated depreciation | (318,219) | (323,081) |
Tools, furniture and fixtures in trust, net | 176,642 | 214,758 |
Land in trust | 153,871,815 | 153,693,216 |
Construction in progress in trust | 6,689 | 9,238 |
Total property, plant and equipment | 211,944,274 | 211,050,136 |
Intangible assets | ||
Leasehold rights in trust | 4,494,579 | 4,494,579 |
Total intangible assets | 4,494,579 | 4,494,579 |
Investments and other assets | ||
Lease and guarantee deposits | 10,000 | 10,000 |
Long-term prepaid expenses | 1,173,438 | 1,060,830 |
Other | 81,674 | 62,356 |
Allowance for doubtful accounts | (17,345) | - |
Total investments and other assets | 1,247,766 | 1,133,186 |
Total non-current assets | 217,686,620 | 216,677,903 |
Deferred assets | ||
Investment bond issuance costs | 26,056 | 21,951 |
Total deferred assets | 26,056 | 21,951 |
Total Assets | 246,076,422 | 244,360,907 |
(Thousand Yen)
Previous fiscal period | Current fiscal period | |
(As of April 30, 2025) | (As of October 31, 2025) | |
Liabilities | ||
Current Liabilities | ||
Operating accounts payable | 1,558,038 | 1,315,557 |
Long-term bonds (due within one year) | 1,000,000 | 1,000,000 |
Long-term loans (due within one year) | 13,340,000 | 17,658,000 |
Accounts payable - other | 691,052 | 820,512 |
Accrued expenses | 33,645 | 31,663 |
Income taxes payable | 605 | 605 |
Accrued consumption taxes | 430,827 | 228,242 |
Advances received | 1,433,306 | 1,580,330 |
Other | 61,766 | 21,351 |
Total current liabilities | 18,549,241 | 22,656,261 |
Long-Term Liabilities | ||
Investment corporation bonds | 5,250,000 | 5,250,000 |
Long-term loans | 104,167,000 | 100,730,000 |
Tenant leasehold and security deposits | 1,302,596 | 1,285,398 |
Tenant leasehold and security deposits in trust | 9,326,568 | 9,539,208 |
Asset retirement obligations | 27,753 | 27,912 |
Other | 89,875 | 94,979 |
Total long-term liabilities | 120,163,794 | 116,927,499 |
Total Liabilities | 138,713,035 | 139,583,761 |
Net Assets | ||
Shareholders' Equity | ||
Shareholders' capital | 71,175,215 | 71,175,215 |
Surplus | ||
Capital reserve surplus | 20,566,420 | 20,566,420 |
Capital reserve surplus deduction | *2 (1,499,919) | *2 (3,080,002) |
Capital reserve surplus (net) | 19,066,500 | 17,486,417 |
Discretionary reserves | ||
Reserve for dividends | 3,572,625 | 3,673,625 |
Reserve for temporary difference adjustments | *3 8,374,544 | *3 8,269,544 |
Total discretionary reserves | 11,947,170 | 11,943,170 |
Unappropriated retained earnings (undisposed loss) | 5,174,499 | 4,172,341 |
Total surplus | 36,188,170 | 33,601,929 |
Total Shareholders' Equity | 107,363,386 | 104,777,145 |
Total Net Assets | *1 107,363,386 | *1 104,777,145 |
Total Liabilities and Net Assets | 246,076,422 | 244,360,907 |
(2) Income Statement | (Thousand yen) | |
Previous fiscal period (November 1, 2024 to April 30, 2025) | Current fiscal period (May 1, 2025 to October 31, 2025) | |
Operating Revenue | ||
Rental revenue | *1 7,590,713 | *1 7,566,178 |
Other rental revenue | *1 632,183 | *1 611,422 |
Gain on sales of real estate | *2 2,012,680 | *2 1,094,176 |
Total operating revenue | 10,235,577 | 9,271,777 |
Operating Expenses | ||
Rental expenses | *1 3,366,531 | *1 3,369,429 |
Asset management fee | 567,297 | 686,737 |
Asset custody fee | 15,790 | 15,843 |
Administrative service fees | 53,401 | 52,822 |
Directors' compensation | 5,040 | 5,040 |
Other operating expenses | 132,743 | 71,276 |
Total operating expenses | 4,140,804 | 4,201,149 |
Operating Profit | 6,094,773 | 5,070,627 |
Non-Operating Revenues | ||
Interest income | 9,868 | 21,742 |
Reversal of distribution payable | 498 | 575 |
Insurance payment income | 27,848 | - |
Reversal of allowance for doubtful accounts | - | 16,176 |
Other | 373 | 4,146 |
Total non-operating revenues | 38,589 | 42,641 |
Non-operating expenses | ||
Interest expenses | 617,617 | 640,223 |
Loan related expenses | 270,638 | 293,418 |
Amortization of bond issuance expenses | 4,920 | 4,105 |
Provision of allowance for doubtful accounts | 17,345 | - |
Other | 48,427 | 3,144 |
Total non-operating expenses | 958,948 | 940,891 |
Recurring Profit | 5,174,414 | 4,172,377 |
Pre-tax income | 5,174,414 | 4,172,377 |
Income taxes - current | 605 | 605 |
Total income taxes | 605 | 605 |
Net Income | 5,173,809 | 4,171,772 |
Retained earnings brought forward | 690 | 569 |
Unappropriated retained earnings (undisposed loss) | 5,174,499 | 4,172,341 |
(3) Statement of Changes in Net Assets
Previous fiscal period (November 1, 2024 to April 30, 2025)
(Thousand yen)
Shareholders' equity | |||||||
Shareholders' capital | Surplus | ||||||
Capital reserve surplus | Capital reserve surplus deduction | Capital reserve surplus (net) | Discretionary reserves | ||||
Dividend reserve | Temporary difference adjustment reserve | Total discretionary reserves | |||||
Balance at beginning of period | 71,175,215 | 20,566,420 | (1,499,919) | 19,066,500 | 3,572,625 | 8,479,544 | 12,052,170 |
Changes during the period | |||||||
Reversal from temporary difference adjustment reserve | (105,000) | (105,000) | |||||
Dividends | |||||||
Net Income | |||||||
Total changes during the period | - | - | - | - | - | (105,000) | (105,000) |
Balance at end of period | 71,175,215 | 20,566,420 | (1,499,919) | 19,066,500 | 3,572,625 | 8,374,544 | 11,947,170 |
Shareholders' equity | Total net assets | |||
Surplus | Total shareholders' equity | |||
Unappropriated retained earnings (undisposed loss) | Total surplus | |||
Balance at beginning of period | 4,081,572 | 35,200,243 | 106,375,459 | 106,375,459 |
Changes during the period | ||||
Reversal from temporary difference adjustment reserve | 105,000 | - | - | - |
Dividends | (4,185,882) | (4,185,882) | (4,185,882) | (4,185,882) |
Net Income | 5,173,809 | 5,173,809 | 5,173,809 | 5,173,809 |
Total changes during period | 1,092,927 | 987,927 | 987,927 | 987,927 |
Balance at end of period | 5,174,499 | 36,188,170 | 107,363,386 | 107,363,386 |