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    Real Estate

  3. •

    REIT - Hotel & Motel
Invincible Investment Corporation

Invincible Investment Corporation

IVINF
Invincible Investment CorporationUS flagOther OTC
339.50
USD
- -
- -
2.29BMarket Cap
Invincible Investment Corporation
IVINF
(Other OTC)

Recent

price

339.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2020
2021
2022
2023
2024
2025
FRC
- -
3,451.23
4,057.63
4,047.42
4,068.29
4,968.7
5,439.86
5,315.23
7,810.52
- -
2,911.48
2,003.09
3,216.39
5,412.84
6,106.25
7,020.31
Revenue per Share
- -
179.75
507.39
1,380.18
1,803.46
2,754.18
2,980.91
3,106.68
5,591.51
- -
171.83
-424.07
998.96
3,108.36
3,666.9
4,059.97
Basic EPS, GAAP
- -
-9,822.81
1,853.44
-18,334.07
-14,459.79
-21,399.03
-14,024.31
-6,788.94
-2,830
- -
1,425.57
1,923.38
1,782.05
-5,238.6
-9,520.72
-78.02
Free Cash Flow per Basic Share
- -
400.78
378.51
600.04
1,459.04
2,283.41
2,548.67
2,723.1
3,133.7
- -
1,794.13
182.49
331.94
2,180.73
3,133.45
3,875.45
Dividend per Share
- -
19,584.97
21,820.47
26,605.44
29,379.8
35,438.72
43,703.98
42,480.59
44,040.31
- -
40,852.78
40,246.71
40,913.67
45,160.15
45,752.6
45,920.78
Book Value per Share
- -
24,230.99
26,441.43
29,628.69
29,526.76
34,479.14
40,843.68
38,838.12
39,165.25
- -
36,810.6
36,247.51
36,947.64
40,871.34
40,670.78
41,067.82
Tangible Book Value per Share
- -
1
1
2
3
4
4
5
6
- -
6
6
6
6
8
8
Basic Weighted Avg Shares
4,480
4,653
5,501
8,386
11,839
17,670
21,908
27,556
45,927
27,997
17,751
12,213
19,610
34,734
46,691
53,699
Sales/Revenue/Turnover
8.71
42.51
45.4
59.67
60.65
62.3
62
65.13
76.3
51.28
17.96
-0.4
42.69
66.06
69.37
67.5
Operating Margin (%)
852
893
1,071
1,365
2,263
3,742
4,849
5,812
6,926
7,757
7,992
7,740
7,522
7,965
9,332
10,845
Depreciation Expense
-3,785
242
688
2,860
5,248
9,794
12,005
16,106
32,879
12,063
1,048
-2,585
6,090
19,946
28,039
31,055
Net Income, GAAP
- -
- -
0.18
0.04
0.02
0.01
0.01
0.01
- -
0.01
0.12
- -
0.02
0.01
- -
- -
Effective Tax Rate (%)
-84.48
5.21
12.5
34.1
44.33
55.43
54.8
58.45
71.59
43.09
5.9
-21.17
31.06
57.43
60.05
57.83
Profit Margin (%)
- -
3,403
3,215
13,455
14,161
14,602
-9,474
-42,449
-18,081
- -
-62,539
-100,018
-130,993
-30,282
11,803
-7,362
Working Capital
- -
43,720
41,001
66,042
90,619
142,419
154,936
174,029
206,358
- -
172,140
124,492
80,877
194,793
279,173
290,504
LT Debt
- -
32,671
35,845
61,392
91,758
131,455
181,320
221,365
254,201
- -
249,641
246,130
250,321
290,305
351,389
354,587
Total Equity
- -
- -
3.24
4.86
4.6
4.81
4.23
4.38
7.27
5.59
1.24
- -
1.7
4.37
5.25
5.26
Return on Invested Capital (%)
- -
- -
3.05
3.73
3.95
4.69
4.06
4.22
7.06
5.21
0.96
- -
1.48
4.03
4.96
5.09
Return on Capital (%)
-39.56
1.84
2.46
6.75
7.46
9.26
7.95
8.13
13.72
9.32
0.84
-1.05
2.46
7.4
8.77
8.86
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Working Capital

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
7.64%
0.91%
Free Cash Flow
-22.9%
-72.89%
-99.18%
Net Income, GAAP
-39.73%
-80.7%
10.76%
Sales/Revenue/Turnover
19.67%
31.19%
15.01%
Total Cash Common Dividend
73.53%
135.69%
23.72%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
34,734
2024
- -
- -
- -
- -
46,691
2025
- -
- -
- -
- -
53,699

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
3,108.36
2024
- -
- -
- -
- -
3,666.9
2025
- -
- -
- -
- -
4,059.97

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
2,180.73
2024
- -
- -
- -
- -
3,133.45
2025
- -
- -
- -
- -
3,875.45
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Business
Invincible Investment Corporation (TSE:8963) operates as a closed-end real estate investment trust externally managed by Consonant Investment Management Co., Ltd. with a primary focus on acquiring, owning, and leasing income-generating properties across Japan and select overseas locations. The company invests predominantly in hotels including limited service, full service, and resort properties under brands such as Hotel MyStays, Flexstay Inn, Art Hotel, Kamenoi Hotel, and others; residential properties comprising urban apartments and housing complexes primarily in the Tokyo metropolitan area; and select retail facilities such as AEON TOWN Sukagawa, alongside preferred equity interests in assets like Sheraton Grande Tokyo Bay Hotel and overseas resorts including Westin Grand Cayman Seven Mile Beach Resort & Spa and Sunshine Suites Resort in the Cayman Islands. Its portfolio encompasses 156 properties with a total acquisition price of JPY687.3 billion, spanning regions from Hokkaido and Tokyo 23 wards to Kyushu, Kansai, Chubu, and overseas markets, targeting stable rental income from hotel operators like Iconia Hospitality K.K. and residential tenants. Founded in 2002 as TGR Investment Inc. and renamed following a merger with LCP Investment Corporation in 2010, Invincible Investment Corporation maintains its headquarters at Roppongi Hills Mori Tower 41F, 6-10-1 Roppongi, Minato-ku, Tokyo, Japan, under the sponsorship of affiliates of Fortress Investment Group LLC. Recent developments include the August 2025 acquisition of trust beneficiary interests in 10 domestic hotels such as Irago Ocean Resort, Kirishima Kokusai Hotel, and Kamenoi Hotel properties across Aichi, Kagoshima, Mie, Gunma, Shizuoka, Kanagawa, Ibaraki, Kochi, and Fukuoka for JPY34.3 billion from Fortress Group affiliates, expanding its hotel portfolio to 114 properties with 19,814 rooms; prior 2024 hotel acquisitions including Art Hotel Osaka Bay Tower & Solaniwa Onsen, Hakodate Kokusai Hotel, and others; multiple green loan refinancings and debt financings in 2025 such as the October green loan and August syndicate loan with interest rate swaps; upward revision of financial forecasts for the fiscal period ending December 2025 with distributions projected at JPY2,127 per unit; and sustainability initiatives including GRESB Real Estate assessments, CASBEE certifications, and DBJ Green Building certifications.