Make The World
More Sustainable

Ichigo Office REIT
Semi-Annual Report (Audited)
32nd Fiscal Period
May 1, 2021 – October 31, 2021

Ichigo Office REIT Investment Corporation
Imperial Hotel Tower, 1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo 100-0011–1–

Message from Management
First of all, we would like to express our deepest condolences to all those across the world affected by the COVID
pandemic and our wishes for the earliest possible recovery.
We extend our gratitude to all Ichigo Office shareholders for your trust.
Ichigo Office worked to drive shareholder value under prolonged COVID circumstances by increasing tenantsatisfaction and focusing on social contributions, while taking into consideration rent levels and occupancy of its
portfolio.
During the October 2021 period, we worked to strengthen our organic growth potential by increasing asset value
and investment efficiency via strategic value-add capex, such as the renovation of the Ichigo Hakozaki Building.
We successfully leased up over 80% of the newly vacated office space (on an area basis) at higher rents, and ourportfolio occupancy at period-end remained at a high level of 95.4%.
In line with the goals of RE100, Ichigo Office is targeting to source 100% of the electricity needs across its assets(excluding partially and jointly owned assets) via renewable energy by April 2022. Ichigo Office has alreadytransitioned 69 assets to renewable electricity as of December 2021, therefore reducing CO2 emissions by 19,622
tons, an 89% reduction compared to 2019.
As a result of these activities, Ichigo Office’s October 2021 earnings were: operating revenue of 7,843 million yen,operating profit of 3,962 million yen, recurring profit of 3,201 million yen, and net income of 3,200 million yen.
The dividend per share was 2,185 yen, a 43 yen increase versus our forecast at period-start.
Ichigo Office will continue to work to build a robust mid-size office portfolio and promote its ESG activities withthe aim to drive sustainable growth and maximize shareholder value.

Thank you so much for your continued support.
Yoshihiro Takatsuka, Executive Director
Ichigo Office REIT Investment Corporation(left)
Hiroshi Iwai,
President and Executive Officer
Ichigo Investment Advisors Co., Ltd.
(right)–2–

Asset Management Overview

1

Historical Investment Performance

Operating Revenue

28th Fiscal Period 29th Fiscal Period 30th Fiscal Period

31st Fiscal Period

32nd Fiscal Period

From May 1, 2019 to
October 31, 2019

From November 1,
2020 to April 30, 2021

From May 1, 2021 toOctober 31, 2021

From November 1,
2019 to April 30, 2020

From May 1, 2020 to
October 31, 2020

million yen

8,304

8,260

7,863

7,725

7,843

(Real Estate Rental Income)million yen(7,862)(7,860)(7,862)(7,725)(7,843)Operating Expenses

million yen

3,941

3,879

3,770

3,801

3,881

(Real Estate Rental Expenses)

million yen(3,025)(2,950)(2,852)(2,841)(2,887)

Operating Profit

million yen

4,363

4,381

4,092

3,923

3,962

Recurring Profit

million yen

3,554

3,576

3,313

3,122

3,201

Net Income

million yen

3,554

3,575

3,312

3,121

3,200

Total Assets

million yen

225,898

227,312226,980

227,654

227,653(Note 1)

(Period-on-Period Change)%

Net Assets

million yen(Period-on-Period Change)

(0.1)

(0.6)

(-0.1)(0.3)(-0.0)

103,962

104,244

104,242

102,447

102,421

%

(0.1)

(0.3)

(-0.0)(-1.7)(-0.0)

million yen

67,67567,67567,67567,67567,675

Number of Shares Outstanding

shares1,532,287

1,532,287

1,532,287

1,513,367

1,513,367

Net Assets per Shareyen

67,84868,031

68,03067,69567,678

Total Dividends

million yen

3,294

3,314

3,417

3,226

3,306

Dividend per Share

yen

2,150

2,163

2,230

2,132

2,185

(Payable Dividend per Share)yen(2,150)(2,163)(2,230)(2,132)(2,185)(Dividend per Share in Excess of
Earnings)

yen

(―)

(―)

(―)

(―)

(―)

Shareholders’ Equity

Ratio of Recurring Profit to Total
Assets(Note 2)%

1.6 (3.1)

1.6 (3.2)

1.5(2.9)

1.4(2.8)

1.4(2.8)

Return on Equity(Note 2)%3.4(6.8)

3.4(6.9)

3.2(6.3)

3.0(6.1)

3.1(6.2)

Shareholder Equity Ratio(Note 2)

%

46.0

45.9

45.9

45.0

45.0

%

(0.0)

(-0.2)(0.1)(-0.9)(-0.0)

%

92.7

92.7

103.1

104.0

103.4

(Period-on-Period Change)
Dividend Payout Ratio(Note 3)

Other Reference Information
Number of Assets

assets

85

85

85

86

86

Number of Tenants at Period-End

tenants

934

938

924

934

930

Total Leasable Aream2

266,478.61

259,717.74

259,754.33

264,651.68

264,701.15

Occupancy at Period-End

%

99.4

99.6

97.5

97.2

95.4

Depreciation

million yen

842

839

838

870

887

Capital Expenditure

thousand yen

478,779

525,201

587,955

677,483

625,613

NOI (Net Operating Income)(Note 2)

million yen

5,679

5,748

5,847

5,754

5,843

FFO (Funds from Operations) per
Share(Note 2)

yen

2,581

2,621

2,709

2,638

2,701

days

184

182

184

181

184

Number of Days in the Period(Note 1) Operating revenue, etc. do not include consumption tax or local consumption tax (hereinafter “consumption taxes”).
(Note 2) The indicators stated are calculated using the formulas below. Figures in parentheses are annualized values.
Ratio of Recurring Profit toTotal Assets

Recurring Profit / (Total Assets at Beginning of Period + Total Assets at End of Period) ÷ 2

Return on Equity

Net Income / (Net Assets at Beginning of Period + Net Assets at End of Period) ÷ 2

Shareholder Equity Ratio

Net Assets at End of Period / Total Assets at End of Period

NOI

Real Estate Rental Income – Real Estate Rental Expenses + Depreciation

FFO per Share(Net Income + Depreciation + Loss on Retirement of Non-Current Assets + Expenses for Asset Retirement Obligations ±Losses (Gains) on Sales of Assets ± Extraordinary Losses (Profits)) / Number of Shares Outstanding(Note 3) Dividend Payout Ratio is calculated using the formula below and rounded down to the nearest unit:
Dividend per Share (not including dividend per share in excess of earnings) / Net Income per Share

–3–

2

Summary of Operating Results for the Fiscal Period Ended October 31, 2021

(1) Overview
In the fiscal period ended October 31, 2021, Ichigo Office’s 32nd fiscal period, Ichigo Office worked to strengthen its organic growthpotential by 1) increasing asset value and investment efficiency via its value-add capex (Note) and 2) driving earnings growth with afocus on tenant satisfaction. Ichigo Office seeks to construct a portfolio specializing in mid-size offices which can generate bothearnings stability and earnings growth.
(Note) “Value-add capex” is capital expenditure that enhances the competitiveness and profitability of Ichigo Office assets.

(2) Market Environment and Investment Performance(i) Market Environment
The market for commercial properties continues to see strong investment demand despite the ongoing COVID pandemic withacquisition prices remaining at high levels and the number of transactions higher than the previous year. Several J-REITs raised equity
via public offerings to fund acquisitions, but unlike last year which saw acquisitions focused on the logistics sector, the market was
active this year with acqustions spanning different asset types. WIth the state of emergency lifted as of September 30, 2021, theeconomy is expected to normalize and investment appetite should remain high, therefore compressing cap rates.
Although office asset cap rates remain at low levels, an increase in vacancy and a decrease in new rents are noteworthy changes
observed in the office leasing market. Limited investment opportunities in Tokyo due to low yields is expected to drive greater interestfor investments in regional cities as investors look for higher yields and changes in working styles. Furthermore, a rising global interestin environmental and social issues is expected to accelerate ESG initiatives within the real estate market and become an increasingly
important consideration for real estate investments. Ichigo Office is fully aware of these changes in market environment and will
adjust its investment activity accordingly and with a long-term perspective.
(ii) Investment Performance
Ichigo Office worked this period to drive the earnings of individual assets with the aim of increasing portfolio NOI, while taking into
consideration rent levels and occupancy. During the current fiscal period, Ichigo Office took various actions to enhance thecompetitiveness and profitability of its assets, such as the value-add capex renovations at the Ichigo Hakozaki Building aimed atincreasing tenant satisfaction. As a result of such efforts, occupancy for the portfolio at period-end remained at a high level of 95.4%.
In line with the spirit of RE100, a global initiative to accelerate the transition of electricity used by businesses to 100% renewableenergy, Ichigo Office is targeting to source 100% of the electricity needs across all of its assets.
The number of assets owned at period-end was 86 assets (total acquisition price: 206,192 million yen).

(3) Financing
During the current fiscal period, Ichigo Office borrowed a total of 8,125 million yen from banks in May 2021 and September 2021,
to repay loans that came due in those months (a total of 9,639 million yen) and issued its sixth Investment Corporation Bond (1,500
million yen). To maintain a stable financial base, Ichigo Office works to diversify repayment dates and is prudent about interest raterisks.

–4–

(4) Earnings and Dividends
As a result of the management initiatives above, Ichigo Office recorded an operating revenue of 7,843 million yen, operating profit of
3,962 million yen, recurring profit of 3,201 million yen and net income of 3,200 million yen for the fiscal period. With respect todividends, the dividend policy set out in Article 37 of the Articles of Incorporation of the Investment Corporation stipulates that theamount of dividends shall exceed the amount equivalent to 90% of distributable earnings as provided for in Article 67-15, Paragraph
1 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957 including subsequent amendments, hereinafter the “Special
Measures Taxation Act”).
Ichigo Office has voluntary reserves for temporary difference adjustments and dividends. Of these voluntary reserves, it uses
temporary difference adjustments of 105 million yen or more every period based on the revised Rules on Real Estate Investment
Trusts and Real Estate Investment Corporations in 2015 (hereinafter the “Rules of the Investment Trust Association, Japan”). Similarly,
Ichigo Office may use dividend reserves from the standpoint of stabilizing the dividend level, taking cash flows into account.
However, because Ichigo Office also has a tax loss carried forward (Note), mainly due to the loss on sales of real estate posted whenassets were transferred in the past for the purpose of improving portfolio quality, it may internally reserve profits if it has total net
gains on sales of real estate assets and other profits from operations.
For this period, Ichigo Office has decided to pay a total dividend of 3,306 million yen, which is the entire amount (except for fractions
in which the dividend per share is less than one yen) of unappropriated retained earnings of 3,201 million yen, plus 105 million yen,which is the reversal of reserves for temporary difference adjustments. As a result, the dividend per share came to 2,185 yen...
(Note) The balance of tax losses carried forward for Ichigo Office is approximately 8.4 billion yen, and the carry forward period expires as of the April 2022 fiscal period. Restrictions
regarding the maximum reduction of losses able to be included in deductible expenses will not be applied.

3

Issuance of New Shares

Increases and decreases in the total number of shares outstanding and the total amount of shareholders’ equity for the most recent five
years are as follows:
Date

Remarks

Number of Shares Outstanding(shares)
Increase/decrease

April 12, 2021

Shares Cancelled

Balance-18,920

1,513,367

Shareholders’ Equity(million yen)
Increase/decrease
―

Notes

Balance
67,675(Note)(Note)
Ichigo Office purchased its own shares in the Tokyo Stock Exchange, through in-market purchase via a securities firm between January 8, 2021 and February 12, 2021. On
March 26, 2021, the Board of Directors approved to cancel the acquired shares, and the shares were cancelled on April 12, 2021. Since Ichigo Office used its Capital Reserve Surplus topurchase the shares, the amount of the Shareholders’ Equity did not change.

Share Price Performance
The table below shows the high and low prices (closing prices) on the Tokyo Stock Exchange REIT market, where Ichigo Office lists
its shares, for each period.
28th Fiscal Period
From May 1, 2019 to
October 31, 201929th Fiscal Period
From November 1, 2019 toApril 30, 2020

30th Fiscal Period
From May 1, 2020 to
October 31, 2020

31st Fiscal Period
From November 1, 2020 toApril 30, 2021

32nd Fiscal Period
From May 1, 2021 toOctober 31, 2021

High118,100 yen

119,300 yen

81,000 yen

98,600 yen

101,400 yen

Low

99,400 yen

54,300 yen

66,500 yen

68,100 yen

86,300 yen

–5–

4

Dividends

With respect to dividends in the current fiscal period, the dividend distribution policy set out in Article 37 of the Articles ofIncorporation of the Investment Corporation stipulates that the amount of dividends shall exceed an amount equivalent to 90% of
distributable earnings as provided for in Article 67-15, Paragraph 1 of the Special Measures Taxation Act. Based on this policy, Ichigo
Office has decided to pay a total dividend of 3,306 million yen, which is the entire amount (except for fractions in which the dividend
per share is less than one yen) of unappropriated retained earnings of 3,201 million yen, plus 105 million yen, which is the reversal ofreserves for temporary difference adjustments. As a result, the dividend per share came to 2,185 yen.
28th Fiscal Period
From May 1, 2019
to October 31, 201929th Fiscal Period
From November 1,
2019 to April 30,
2020

30th Fiscal Period
From May 1, 2020
to October 31, 2020

31st Fiscal Period
From November 1,
2020 to April 30,
2021

32nd Fiscal Period
From May 1, 2021
to October 31, 2021

Unappropriated Retained Earnings

thousand yen

3,554,415

3,575,841

3,312,935

3,122,657

3,201,892

Retained Earnings for Dividend
Reservethousand yen

―

―

―

―

―

Total Dividends

thousand yen

3,294,417

3,314,336

3,417,000

3,226,498

3,306,706(2,150)(2,163)(2,230)(2,132)(2,185)

3,294,417

3,314,336

3,417,000

3,226,498

3,306,706(2,185)(Dividend per Share)

yen

Distributable Earnings

thousand yen(Distributable Earnings per Share)yen(2,150)(2,163)(2,230)(2,132)

thousand yen

―

―

―

―

―

yen

(―)

(―)

(―)

(―)

(―)

Of the Total Refund of Capital, Total
Distribution from Reserves for
Temporary Difference Adjustment

thousand yen

―

―

―

―

―

(Of the Refund of Capital per Share,
Distribution from Reserves for
Temporary Difference Adjustment per
Share)

yen

(―)

(―)

(―)

(―)

(―)

Of the Total Refund of Capital, Total
Distribution from the Distribution
Associated with a Decrease in
Investment for Tax Purposes

thousand yen

―

―

―

―

―

(Of the Refund of Capital per Share,
Distribution from the Distribution
Associated with a Decrease in
Investment for Tax Purposes)

yen

(―)

(―)

(―)

(―)

(―)

Total Refund of Capital(Refund of capital per share)

–6–

5

Investment Policies and Strategies(1) Asset Acquisitions (Acquisition-Driven Growth)
Ichigo Office invests in real estate mainly located in central Tokyo, the Tokyo metropolitan area, major regional cities and prefectural
capitals whose primary use is as offices, as well as real estate-backed securities related to these assets. In particular, Ichigo Officebuilds a portfolio specializing in mid-size offices with a focus on growth potential while securing earnings stability, given that bothstability and growth potential can be expected in mid-size offices and that the replacement of assets in the portfolio in a mobilizedmanner according to the market conditions is also possible because the absolute number of assets is large and there are numerous
opportunities for acquisition.
When acquiring assets, Ichigo Office works to obtain quality investment information at an early stage and promote an arm’s lengthtransaction, using information from Ichigo Investment Advisors Co., Ltd., the asset management company (hereinafter the “AssetManager”) of Ichigo Office, based on the Asset Manager’s own network. In addition, Ichigo Office also promotes steady acquisitiondriven growth, by using external bridge funds as well as the warehousing function of Ichigo Inc., based on the sponsor support
agreement. Ichigo Office also strives to improve the quality of the portfolio through asset replacements by considering sales of assets
with limited room for organic growth.

(2) Portfolio Management (Organic Growth)
In the management and operation of the assets owned, Ichigo Office aims to build a robust portfolio and drive sustainable growththrough active promotion of the following initiatives that will lead to the strengthening of the earnings power of individual assets.
- Provide differentiated high-quality office spaces such as Ichigo Layout Office and Ichigo Lounge- Increase asset value and investment returns via value-add capex- Maintain and drive earnings growth with a focus on tenant satisfaction- Minimize downtime at re-tenanting and free-rent periods(3) Financing Strategy
For the refinancing of existing loans, Ichigo Office will take advantage of the low-interest-rate environment by fixing borrowing rates
and promoting the extension and diversification of borrowing periods. With respect to the long-term issuer rating it has acquired fromJapan Credit Rating Agency, Ltd., Ichigo Office will strengthen its financial base and expand its cash flows while diversifying its
financing using investment corporation bonds, with the aim of further improving the current rating of “A (Outlook: Positive).”

6

Significant Subsequent Events

N/A

–7–

Ichigo Office Overview

1

Shares and Shareholders’ Equity

Number of Authorized Shares

28th Fiscal Period
October 31, 201929th Fiscal Period
April 30, 2020

30th Fiscal Period
October 31, 2020

31st Fiscal Period
April 30, 2021

32nd Fiscal Period
October 31, 2021

shares

14,000,000

14,000,000

14,000,000

14,000,000

14,000,000

Number of Shares
Outstanding

shares1,532,287

1,532,287

1,532,287

1,513,367

1,513,367

Shareholders’ Equity

millionyen

67,67567,67567,67567,67567,675

Number of Shareholders

persons

12,85813,368

13,947

13,911

14,1042

Major Shareholders

Major shareholders as of October 31, 2021 are as follows:
Name

Ratio of Shares Held to Total
Number of Shares Issued (%) (Note)

SharesIchigo Trust Pte. Ltd.

331,190

Custody Bank of Japan, Ltd., Trust Account237,126

21.88
15.66

The Master Trust Bank of Japan, Trust Account186,454

12.32

Custody Bank of Japan, Ltd., Securities Investment Trust Account73,643

4.86

NOMURA BANK (LUXEMBOURG) S.A.

57,025

3.76

Nomura Trust & Banking Co., Ltd. Investment Trust Account53,471

3.53

GOLDMAN SACHS INTERNATIONAL

34,379

2.27

STATE STREET BANK WEST CLIENT – TREATY 505234

22,061

1.45

SMBC Nikko Securities Co., Ltd.

18,748

1.23

BNP PARIBAS SECURITIES SERVICES LUXEMBOURG / JASDEC /SECURITIES-AIFM

15,271

1.00

Total

1,029,368

68.01(Note ) The ratio of shares held to the total number of shares issued is truncated after the second decimal place.

3

Executive Director and Supervisory Directors(1) Ichigo Office’s directors and auditor as of October 31, 2021 are as follows:
Title

Executive Director

Supervisory Directors

Accounting Auditor

Name of Director

Other Major Positions

Total Compensation
During the Current Fiscal
Period(thousand yen)

Yoshihiro Takatsuka

R’s Consulting KK, Representative Director
Oct Advisors Inc., Director and Partner

2,160

Takaaki Fukunaga

Fukunaga CPA Office, Representative
Global Solutions Consulting Co., Ltd., Representative Director
GreenOak Investment Management KK, external Corporate Auditor
AWP Ticket Guard Small Amount & Short Term Insurance Co., Ltd., external
Corporate Auditor
PP Japan Co., Ltd., Corporate Auditor
Retailer’s Sphere Co., Ltd., Corporate Auditor
GMO Registry, Inc., external Corporate Auditor

1,440

Masahiro Terada

City-Yuwa Partners, Partner

1,440

Grant Thornton Taiyo LLC

―

9,520

(Note) The Executive and Supervisory Directors do not own shares of Ichigo Office under either their own name or another person’s name.

(2) Policy for Determining Dismissal or Non-Reappointment of Accounting Auditor
The Board of Directors will determine the dismissal of the accounting auditor pursuant to the provisions of the Act on Investment
Trusts and Investment Corporations and the refusal to reappoint the accounting auditor, taking various factors into consideration,
including the quality of the audit and compensation for the audit.

–8–

4

Directors and Officers Liability Insurance

Ichigo Office has purchased the following D&O (directors and officers liability) insurance.
Beneficiary

Details of the D&O Insurance(1) Insurance Coverage Overview
The D&O liability insurance covers damages and litigation expenses resulting from litigations arising from theactions (including negligence) of persons serving in a role of Executive or Supervisory Director.

Executive and Supervisory Directors(2) Insurance Premiums
Ichigo Office will bear the cost of insurance premiums, including the special provision for shareholder derivative
lawsuits.
(3) Measures to Ensure Appropriate Performance of Duties
Damages resulting from willful misconduct and gross negligence are not covered by this insurance.

5

Asset Management Company, Asset Custodian, and Administrative AgentsThe asset management company, asset custodian, and administrative agents as of October 31, 2021 are as follows:
Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Asset Custodian
Administrative Agent (Administration)
Administrative Agent (Accounting)Mizuho Trust Banking & Co., Ltd.

Administrative Agent (Transfer Agent)
Administrative Agent (Special Accounts)

Sumitomo Mitsui Trust Bank, Limited

Administrative Agent (Special Accounts)

Mitsubishi UFJ Trust and Banking Corporation

Administrative Agent (Investment Corporation Bonds)

Sumitomo Mitsui Banking Corporation

Administrative Agent (Investment Corporation Bonds)

MUFG Bank, Ltd.

Administrative Agent (Investment Corporation Bonds)

Mizuho Bank, LTD.

–9–

Assets under Management

1

Asset Composition

2

Book Value(million yen)(Note 2)

Ratio to Total Assets
(%)

6,727

3.0

6,712

2.9

Tokyo Metropolitan Area

3,994

1.8

3,977

1.7

Four Major Regional Cities

10,3204.5

10,265

4.5

Central Tokyo

108,13747.5

108,070

47.5

Tokyo Metropolitan Area

43,39919.1

43,35219.0

Four Major Regional Cities

19,677

8.6

19,686

8.6

Other Regional Cities

10,438

4.6

10,370

4.6

Subtotal

202,697

89.0

202,43688.9(Note 3)(Note 3)32nd Fiscal Period (as of October 31, 2021)

Ratio to Total Assets(%)

Central Tokyo

Trust BeneficiaryInterest in Real Estate(juekiken)(Note 2)

Book Value(million yen)(Note 2)(Note 1)

Real Estate(Note 1)

31st Fiscal Period (as of April 30, 2021)

Area

Asset Type

Deposits and Other Assets

24,957

11.0

25,216

11.1

Total Assets

227,654100.0

227,653

100.0

Areas are defined as follows:
Central Tokyo: Chiyoda, Minato, Chuo, Shinjuku, Shibuya and Shinagawa Wards
Tokyo Metropolitan Area : Tokyo (excluding the six wards above) and Kanagawa, Chiba and Saitama Prefectures
Four Major Regional Cities : Osaka, Nagoya, Fukuoka and Sapporo
Other Regional Cities: Regional cities other than the above (prefectural capitals, etc.)
Book Value is the amount recorded on the balance sheet as of the closing date (for real estate and the trust beneficiary interest in real estate, the book value after
depreciation). Construction in progress and construction in progress in trust are not included in the subtotal of real estate and the trust beneficiary interest in real estate.
Land leasehold rights in trust held together with buildings in trust are stated in the section on the trust beneficiary interest in real estate by adding them to buildings in trust,etc.

Major Assets Owned

The table below is a summary of the major assets owned by Ichigo Office as of October 31, 2021 (top ten assets in terms of bookvalue).
Asset NameBook Value(million yen)
(Note 1)

Leasable Area(m2)

Leased Area(m2)

Occupancy(%)(Note 2)

Ratio to Total Rent
Revenue(%)

Asset Type

Ichigo Jingumae Building

7,414

4,510.04

4,378.04

97.1

2.2

OfficeIchigo Ebisu Green Glass

5,776

3,159.27

2,551.82

80.8

2.0

OfficeOfficeIchigo Marunouchi Building

5,584

8,009.11

8,009.11

100.0

3.1

Ichigo Akihabara North Building

5,495

6,250.53

6,250.53

100.0

2.9

OfficeIchigo Ikenohata Building

5,125

5,504.15

5,504.15

100.0

2.1

OfficeIchigo Sasazuka Building

4,898

6,425.29

6,425.29

100.0

2.4

OfficeIchigo Gotanda Building

4,787

5,346.39

5,346.39

100.0

2.6

OfficeIchigo Sakae Building

4,681

3,928.12

3,928.12

100.0

2.8

OfficeIchigo Higashi Ikebukuro Building

4,608

4,433.00

4,433.00

100.0

2.1

OfficeOfficeIchigo Nihonbashi East Building
Total(Note 1)
(Note 2)

4,399

4,216.97

4,216.97

100.0

1.9

52,772

51,782.87

51,043.42

98.6

24.0

Book Value does not include construction in progress or construction in progress in trust.
Occupancy is the ratio of the Leased Area within the Leasable Area of the real estate or real estate in trust as of period-end. The ratio is rounded off to the first decimal place.

– 10 –

3

Portfolio Overview

Details of Portfolio Assets
The table below shows the details of assets owned by Ichigo Office as of October 31, 2021.
Asset Name

Location

Form of Ownership

LeasableArea(m2)

Appraisal
Value at
Period-end(million yen)
(Note 1)

Book Value at
Period-end(million yen)
(Note 2)O-02 Ichigo Nishisando Building

Yoyogi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,523.19

3,230

3,333

O-03 Ichigo Mita Building

Shiba, Minato-ku, Tokyo

Trust beneficiary interest in real estate

4,119.63

3,580

2,709

O-04 Ichigo Nanpeidai Building

Nanpeidaicho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,925.24

2,520

1,900

O-05 Ichigo Hanzomon Building

Hayabusacho, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

2,080.37

1,940

1,505

O-06 Ichigo Hijirizaka Building

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,947.90

1,480

1,203

Ichigo Shibuya Kamiyamacho
O-07
Building

Kamiyamacho, Shibuya-ku, Tokyo

Real estate

1,321.54

1,890

1,343

O-08 Ichigo Akasaka 5 Chome Building

Akasaka, Minato-ku, Tokyo

Real estate683.52

878

729

O-09 Ichigo Shibakoen Building

Shiba, Minato-ku, Tokyo

Real estate

1,602.29

1,250

1,100

O-10 Ichigo Ebisu Nishi Building

Ebisu-Nishi, Shibuya-ku, Tokyo

Real estate

1,484.39

2,510

1,918

O-11 Ichigo Ginza 612 Building

Ginza, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

1,364.88

2,110

1,800

O-12 Ichigo Uchikanda Building

Uchikanda, Chiyoda-ku, Tokyo

Real estate

1,378.83

1,350

1,113

O-14 Ichigo Yotsuya 4 Chome Building

Yotsuya, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate780.64570

502

O-15 Ichigo Tameike Building

Akasaka, Minato-ku, Tokyo

Real estate494.14

722

508

O-16 Ichigo Jimbocho Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

1,891.01

2,300

1,797

O-17 Ichigo Hakozaki Building

Nihonbashi Kakigaracho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

2,389.54

1,170

1,137

O-18 Ichigo Kudan 2 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,288.31

929

723

O-19 Ichigo Kudan 3 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,302.43905

809

O-20 Ichigo Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

5,346.39

6,350

4,787

O-21 Ichigo Shin Yokohama Building

Shin Yokohama, Kohoku-ku,
Yokohama

Trust beneficiary interest in real estate

4,021.32

1,700

1,661

O-22 Ichigo Minami Ikebukuro Building

Minami Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

1,491.50

1,840

1,347

O-23 Ichigo Nakano North Building

Arai, Nakano-ku, Tokyo

Trust beneficiary interest in real estate

1,264.11

948

719

O-24 Ichigo Eitai Building

Eitai, Koto-ku, Tokyo

Real estate

2,605.54

1,470

1,434

O-26 Ichigo Ikejiri Building

Ohashi, Meguro-ku, Tokyo

Real estate

2,385.69

2,320

1,951

O-27 Ichigo Nishi Ikebukuro Building

Ikebukuro, Toshima-ku, Tokyo

Real estate

1,261.91

995

592

O-28 Ichigo Nishi Gotanda Building

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

1,329.06876

751

O-29 Ichigo Kichijoji Building

Kichijoji Honcho, Musashino City,
Tokyo

Trust beneficiary interest in real estate

4,210.87

2,800

2,164

O-34 Ichigo Sakae Building

Sakae, Naka-ku, Nagoya

Real estate

3,928.12

6,290

4,681

O-37 Ichigo Marunouchi Building

Marunouchi, Naka-ku, Nagoya

Real estate

8,009.11

7,540

5,584

O-38 Ichigo Toyamaeki Nishi Building

Jinzu Honmachi, Toyama City,
ToyamaTrust beneficiary interest in real estate

8,601.72

1,820

1,470

O-39 Ichigo Mirai Shinkin Building

Niagemachi, Oita City, Oita

Trust beneficiary interest in real estate

3,551.46

1,320

1,136

O-42 Ichigo Takamatsu Building

Kotobukicho, Takamatsu City,
KagawaTrust beneficiary interest in real estate

6,329.33

3,790

2,159

O-46 Ichigo Kanda Nishikicho Building

Kanda-Nishikicho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,523.09

3,320

2,000

O-47 Ichigo Akihabara North Building

Sotokanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

6,250.53

7,840

5,495

Ichigo Sakaisuji Honmachi
O-48
Building

Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,729.35

2,410

1,725

Ichigo Kanda Ogawamachi
O-49
Building

Kanda-Ogawamachi, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,309.39

2,540

2,190
1,756

O-50 Ichigo Hatchobori Building

Shintomi, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,716.33

2,720

O-51 Ichigo Ebisu Green Glass

Ebisu Minami, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,159.27

7,530

5,776

O-52 Ichigo Omori Building

Minami Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,585.93

4,470

3,782

O-53 Ichigo Takadanobaba Building

Takadanobaba, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate

1,606.92

1,920

1,586

O-54 Ichigo Omiya Building

Miyacho, Omiya-ku, Saitama City,
SaitamaTrust beneficiary interest in real estate

6,180.68

4,190

3,552

O-55 Ichigo Sagamihara Building

Sagamihara, Chuo-ku, Sagamihara
City, Kanagawa

Trust beneficiary interest in real estate

2,960.81

1,280

1,213

O-56 Ichigo Ofuna Building

Ofuna, Kamakura City, Kanagawa

Trust beneficiary interest in real estate

2,364.71

2,620

1,941

– 11 –

Asset Name

Location

Form of Ownership

LeasableArea(m2)

Appraisal
Value at
Period-end(million yen)
(Note 1)

Book Value at
Period-end(million yen)
(Note 2)

O-57 Ichigo Sendai East Building

Miyagino, Miyagino-ku, Sendai,
MiyagiTrust beneficiary interest in real estate

5,205.49

2,140

1,589

O-58 Ichigo Kumamoto Building

Karashimacho, Chuo-ku, Kumamoto
City, Kumamoto

Trust beneficiary interest in real estate

4,507.59

1,600

1,520

O-59 Ichigo Jingumae Building

Jingumae, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,510.04

8,270

7,414

Ichigo Shibuya Dogenzaka
O-60
Building

Maruyamacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

2,789.86

5,300

3,682

O-61 Ichigo Hiroo Building

Hiroo, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,510.44

4,680

3,994

O-62 Ichigo Sasazuka Building

Sasazuka, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

6,425.29

5,900

4,898

O-63 Ichigo Nihonbashi East Building

Nihonbashi Bakurocho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

4,216.97

5,620

4,399

O-64 Ichigo Sakurabashi Building

Hatchobori, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,971.22

3,090

2,549

O-65 Ichigo Shinkawa Building

Shinkawa, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,312.03

3,010

2,397

O-66 Ichigo Kudan Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

3,090.65

3,610

3,228

O-67 Ichigo Higashi Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

4,548.10

4,320

3,641

O-68 Axior Mita

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,369.82

2,300

1,714

O-69 Ichigo Higashi Ikebukuro Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

4,433.00

5,360

4,608

O-70 Koriyama Big-i (Office Section)

Ekimae, Koriyama City, Fukushima

Trust beneficiary interest in real estate

3,433.07

2,120

1,470

O-71 Ichigo Kawasaki Building

Higashi Tamachi, Kawasaki-ku,
Kawasaki City, Kanagawa

Trust beneficiary interest in real estate

3,815.16

2,220

1,816

O-72 Ichigo Shibuya East Building

Higashi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,041.36

1,550

1,381

O-73 Ichigo Ningyocho Building

Nihonbashi Horidomecho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

1,769.09

1,550

1,479

O-74 Ichigo Nishi Honmachi Building

Awaza, Nishi-ku, Osaka

Trust beneficiary interest in real estate

6,152.00

2,500

2,199

O-75 Ichigo Hakata Building

Gionmachi, Hakata-ku, Fukuoka

Trust beneficiary interest in real estate

2,423.86

1,530

1,360

O-76 Ichigo Nishiki First Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

3,324.70

2,170

1,960

O-77 Ichigo Ikenohata Building

Ikenohata, Taito-ku, Tokyo

Trust beneficiary interest in real estate

5,504.15

5,340

5,125

O-78 Ichigo Ikebukuro East Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

3,118.69

3,320

2,993

O-79 Ichigo Motoazabu Building

Motoazabu, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,329.96

2,350

1,914

O-80 Ichigo Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,679.70

2,990

2,752

O-81 Ichigo Nagoya Building

Meieki, Nakamura-ku, Nagoya

Trust beneficiary interest in real estate

4,930.30

3,910

3,493

O-82 Ichigo Fushimi Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

4,155.60

2,530

2,330

O-83 Ichigo Nishiki Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

2,006.78

1,470

1,289

O-84

Ichigo Minami Morimachi
Building

Matsugaecho, Kita-ku, Osaka

Trust beneficiary interest in real estate

2,521.51

1,240

1,046

O-85

Ichigo Shibuya Udagawacho
Building

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,491.68

4,180

3,564

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

3,689.88

3,350

3,108

O-86 Win Gotanda Building
O-87 Ichigo Hongo Building

Hongo, Bunkyo-ku, Tokyo

Trust beneficiary interest in real estate

2,733.68

2,650

2,304

O-88 Oimachi Center Building

Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

2,751.08

1,950

1,700

O-89 Win Gotanda Building 2

Osaki, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,433.16

3,510

3,287

O-90 MIF Building

Uchikanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,690.33

2,330

2,192

O-91 Ichigo Uchi Honmachi Building

Uchi Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,004.07

2,180

2,003

O-92 Ichigo Minami Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,129.49

3,200

2,849

O-93 Ichigo Nogizaka Building

Akasaka, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,199.35

3,630

3,517

O-94 Ichigo Hakata East Building

Hakataeki Higashi, Hakata-ku,
Fukuoka

Trust beneficiary interest in real estate

2,901.99

2,480

2,278

O-95 Ichigo Nakameguro Building

Aobadai, Meguro-ku, Tokyo

Trust beneficiary interest in real estate

1,044.34

1,630

1,555

O-96 Ichigo Tachikawa Building

Akebonocho, Tachikawa, Tokyo

Trust beneficiary interest in real estate

4,879.78

4,010

3,843

Z-09

Future IZUMIFuchucho, Izumi City, Osaka

Trust beneficiary interest in real estate

3,733.68

608

1,024

Z-10

Ichigo Shibuya Bunkamura Dori
Building

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate778.77

3,040

2,452

Z-11

Twicere Yokohama Isogo (Retail
Section)Mori, Isogo-ku, Yokohama

Trust beneficiary interest in real estate

2,717.77

1,500

1,456

Z-14

Ichigo Kamata Building

Nishi Kamata, Ota-ku, Tokyo

Trust beneficiary interest in real estate

Total(Note 1)
(Note 2)

2,124.68

1,530

1,446

264,701.15

244,001

202,436

The appraisal value at period-end is the value appraised by the real estate appraisers of Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sogo
Appraisal Co., Ltd. and Rich Appraisal Institute under the Articles of Incorporation of Ichigo Office and the Regulation on Accounting of Investment Corporations (Cabinet
Office Order No. 47 of 2006 including subsequent amendments).
The book value at period-end does not include construction in progress or construction in progress in trust.

– 12 –

The table below shows the status of rental activity at Ichigo Office assets in the 31st and 32nd fiscal Periods:
31st Fiscal Period
From November 1, 2020 to April 30, 2021
Asset Name

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

32nd Fiscal Period
From May 1, 2021 to October 31, 2021

Ratio to Total
RentalIncome (%)

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-02 Ichigo Nishisando Building

17

100.0

127,384

1.6

17

100.0

139,527

O-03 Ichigo Mita Building

8

89.5

110,640

1.4

8

89.5

109,5211.8
1.4

O-04 Ichigo Nanpeidai Building

13

100.0

79,060

1.0

13

100.0

77,8691.0

O-05 Ichigo Hanzomon Building

5

92.5

61,019

0.8

5

92.5

56,8080.7

O-06 Ichigo Hijirizaka Building

5

100.0

58,509

0.8

5

100.0

59,4850.8

Ichigo Shibuya Kamiyamacho
O-07
Building

4

100.0

53,721

0.7

4

100.0

53,9630.7

O-08 Ichigo Akasaka 5 Chome Building

9

100.0

28,878

0.4

9

100.0

28,433

0.4

O-09 Ichigo Shibakoen Building

3

100.0

48,305

0.6

3

100.0

49,1400.6

O-10 Ichigo Ebisu Nishi Building

7

100.0

72,426

0.9

7

100.0

72,1960.9

O-11 Ichigo Ginza 612 Building

23

91.3

62,716

0.8

22

93.5

70,0900.9

O-12 Ichigo Uchikanda Building

9

100.0

46,000

0.6

9

100.0

50,4290.6

O-14 Ichigo Yotsuya 4 Chome Building

10

100.0

20,737

0.3

10

100.0

21,2380.3

O-15 Ichigo Tameike Building

4

63.4

17,665

0.2

5

82.8

12,381

0.2

O-16 Ichigo Jimbocho Building

7

92.6

70,682

0.9

7

92.6

70,9980.9

O-17 Ichigo Hakozaki Building

6

88.0

51,862

0.7

6

88.0

50,624

0.6

O-18 Ichigo Kudan 2 Chome Building

1

100.0

28,899

0.4

1

100.0

33,7160.4

O-19 Ichigo Kudan 3 Chome Building

4

81.0

37,927

0.5

4

81.0

32,515

0.4

O-20 Ichigo Gotanda Building

14

95.3

198,127

2.6

15

100.0

202,354

2.6

O-21 Ichigo Shin Yokohama Building

14

97.7

81,164

1.1

14

97.7

81,3731.0

O-22 Ichigo Minami Ikebukuro Building

9

100.0

60,715

0.8

9

100.0

60,6320.8

O-23 Ichigo Nakano North Building

7

100.0

43,225

0.6

6

91.9

40,201

0.5

O-24 Ichigo Eitai Building

10

100.0

65,640

0.8

10

100.0

67,4080.9

O-26 Ichigo Ikejiri Building

5

91.1

74,658

1.0

6

100.0

76,715

1.0

O-27 Ichigo Nishi Ikebukuro Building

1

100.0

29,217

0.4

1

100.0

29,217

0.4

O-28 Ichigo Nishi Gotanda Building

9

100.0

35,476

0.5

7

77.8

32,104

0.4

O-29 Ichigo Kichijoji Building

13

100.0

113,736

1.5

13

100.0

114,433

1.5

O-34 Ichigo Sakae Building

19

100.0

217,585

2.8

19

100.0

217,981

2.8

O-37 Ichigo Marunouchi Building

25

100.0

239,342

3.1

25

100.0

241,631

3.1

O-38 Ichigo Toyamaeki Nishi Building

15

98.9

116,848

1.5

15

100.0

115,915

1.5

O-39 Ichigo Mirai Shinkin Building

19

92.2

75,594

1.0

19

95.8

74,8081.0

O-42 Ichigo Takamatsu Building

14

98.7

154,311

2.0

14

98.6

155,819

2.0

O-46 Ichigo Kanda Nishikicho Building

8

69.2

66,826

0.9

8

69.2

58,2300.7

O-47 Ichigo Akihabara North Building

1

100.0

230,015

3.0

1

100.0

230,446

2.9

Ichigo Sakaisuji Honmachi
O-48
Building

15

100.0

96,095

1.2

15

100.0

96,537

1.2

Ichigo Kanda Ogawamachi
Building

9

100.0

84,630

1.1

9

100.0

84,9591.1

O-50 Ichigo Hatchobori Building

7

100.0

98,134

1.3

7

100.0

98,291

1.3

O-49

O-51 Ichigo Ebisu Green Glass

5

80.8

186,302

2.4

5

80.8

156,538

2.0

O-52 Ichigo Omori Building

10

100.0

137,445

1.8

10

100.0

138,395

1.8
0.7

O-53 Ichigo Takadanobaba Building

7

84.5

59,333

0.8

8

100.0

57,290O-54 Ichigo Omiya Building

30

100.0

164,012

2.1

30

100.0

166,362

2.1

O-55 Ichigo Sagamihara Building

13

100.0

59,890

0.8

13

100.0

59,821

0.8

O-56 Ichigo Ofuna Building

9

100.0

92,577

1.2

9

100.0

93,864

1.2

O-57 Ichigo Sendai East Building

10

100.0

103,914

1.3

10

100.0

102,955

1.3

O-58 Ichigo Kumamoto Building

32

98.4

82,391

1.1

33

100.0

86,005

1.1

O-59 Ichigo Jingumae Building

6

97.1

165,802

2.1

6

97.1

170,273

2.2

Ichigo Shibuya Dogenzaka
O-60
Building

988.1

97,588

1.3

10

100.0

115,297

1.5

O-61 Ichigo Hiroo Building

5

100.0

127,485

1.7

5

100.0

134,239

1.7

O-62 Ichigo Sasazuka Building

6

100.0

184,462

2.4

6

100.0

187,724

2.4

O-63 Ichigo Nihonbashi East Building

7

100.0

149,189

1.9

7

100.0

150,265

1.9

O-64 Ichigo Sakurabashi Building

6

100.0

75,897

1.0

6

100.0

81,9941.0

O-65 Ichigo Shinkawa Building

6

90.2

65,102

0.8

5

76.8

69,424

0.9

O-66 Ichigo Kudan Building

10

100.0

108,304

1.4

10

100.0

108,390

1.4

O-67 Ichigo Higashi Gotanda Building

18

95.5

118,901

1.5

19

100.0

122,161

1.6

O-68 Axior Mita

11

100.0

68,332

0.9

10

90.0

67,2840.9

O-69 Ichigo Higashi Ikebukuro Building

17

100.0

162,548

2.1

17

100.0

163,010

2.1– 13 –

31st Fiscal Period
From November 1, 2020 to April 30, 2021
Asset Name

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

32nd Fiscal Period
From May 1, 2021 to October 31, 2021

Ratio to Total
RentalIncome (%)

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-70 Koriyama Big-i (Office Section)

14

100.0

104,556

1.4

14

100.0

105,975

1.4

O-71 Ichigo Kawasaki Building

16

93.2

85,908

1.1

15

80.7

84,127

1.1

O-72 Ichigo Shibuya East Building

3

100.0

40,127

0.5

3

100.0

43,823

0.6

O-73 Ichigo Ningyocho Building

8

100.0

47,838

0.6

8

100.0

47,6790.6

O-74 Ichigo Nishi Honmachi Building

31

98.7

110,127

1.4

31

98.2

111,087

1.4

O-75 Ichigo Hakata Building

28

100.0

53,059

0.7

28

100.0

53,2790.7

O-76 Ichigo Nishiki First Building

6

100.0

74,006

1.0

6

100.0

79,175

1.0

O-77 Ichigo Ikenohata Building

7

100.0

164,032

2.1

7

100.0

164,501

2.1

O-78 Ichigo Ikebukuro East Building

3

100.0

96,508

1.2

3

100.0

95,427

1.2

O-79 Ichigo Motoazabu Building

3

100.0

68,293

0.9

3

100.0

68,7210.9

O-80 Ichigo Otsuka Building

7

100.0

101,940

1.3

7

100.0

103,249

1.3

O-81 Ichigo Nagoya Building

35

100.0

149,465

1.9

33

92.8

145,948

1.9

O-82 Ichigo Fushimi Building

37

94.8

92,201

1.2

38

95.7

90,0901.1

O-83 Ichigo Nishiki Building

24

97.0

49,736

0.6

25

100.0

48,546

0.6

O-84 Ichigo Minami Morimachi Building

12

100.0

49,762

0.6

12

100.0

49,726

0.6

Ichigo Shibuya Udagawacho
Building

667.3

75,849

1.0

7

78.2

65,151

0.8

O-86 Win Gotanda Building

11

100.0

110,082

1.4

11

100.0

118,955

1.5

O-87 Ichigo Hongo Building

7

100.0

93,190

1.2

7

100.0

91,486

1.2

O-88 Oimachi Center Building

8

100.0

62,918

0.8

7

86.6

64,4990.8

O-89 Win Gotanda Building 2

9

88.7

100,817

1.3

8

83.1

95,267

1.2

O-90 MIF Building

7

100.0

66,088

0.9

7

100.0

66,775

0.9

O-91 Ichigo Uchi Honmachi Building

18

100.0

65,759

0.9

18

100.0

65,6900.8

O-92 Ichigo Minami Otsuka Building

8

100.0

79,186

1.0

8

100.0

79,936

1.0

O-93 Ichigo Nogizaka Building

5

100.0

80,687

1.0

6

100.0

87,9001.1

O-94 Ichigo Hakata East Building

20

100.0

74,353

1.0

20

100.0

75,2901.0

O-95 Ichigo Nakameguro Building

6

100.0

34,705

0.4

6

100.0

36,8390.5

O-96 Ichigo Tachikawa Building

15

95.7

85,076

1.1

13

85.1

111,970

1.4

Z-09 Future IZUMI

1

100.0

63,0000.8――

110,663

1.4

Ichigo Shibuya Bunkamura Dori
Z-10
Building

4

100.0

74,979

1.0

3

88.5

77,332

1.0

Twicere Yokohama Isogo (Retail
Section)7

80.8

50,728

0.7

7

80.8

52,338

0.7

2

100.0

52,911

0.7

2

100.0

53,088

0.7

934

97.2

7,725,167

100.0

930

95.4

7,843,853

100.0

O-85

Z-11

Z-14 Ichigo Kamata Building
Total(Note 1)
(Note 2)In the column “Number of Tenants at Period-end,” the total number of tenants that have entered into a lease contract with Ichigo Office or the trustee as the lessor is stated. If
a master lease contract has been entered into with a master leasing company other than Ichigo Office, the number of tenants is counted as one.
“Occupancy Rate at Period-end” is the ratio of the Leased Area within the Leasable Area of the real estate or real estate in trust as of period-end. The ratio is rounded off tothe first decimal place.

– 14 –

Details of Renewable Energy Power Generation Equipment
N/A

Details of PPP and PFI
N/ADetails of Investments in Securities
N/A

4 Status of Other Assets
Trust beneficiary rights whose major asset is real estate are included in “3. Portfolio Overview” above, and major specified assets inwhich the Investment Corporation invests as of October 31, 2021 are as follows.

Contract Value and Market Value of Specified Transactions
The table below shows the contract value and fair value of a specified transaction at Ichigo Office as of October 31, 2021.
Classification
Transactions Other than Market
Transactions

Type

Contract Amount (thousand yen)
(Note 1)

Interest rate swap (pay fixed,
receive floating)
Total(Note 1)
(Note 2)Market Value (thousand yen)

Exceeding One Year (Note 1)

91,659,250

72,867,250―

91,659,250

72,867,250―

The contract amount of interest rate swap is based on the notional principal.
Since the above transaction meets the specific matching criteria of the Accounting Standard for Financial Instruments, market value is omitted.

5 Assets by Country and Region
All Ichigo Office assets are located in Japan.

– 15 –(Note 2)

Capital Expenditures

1 Schedule of Capital Expenditures
The major renovation-related capital expenditures planned as of October 31, 2021 are as described below. The payment amount for thescheduled work below includes the amount classified as accounting expenses.
Expected Payment Amount (thousand yen)
Asset Name
(Location)

Purpose

PeriodKoriyama Big-i (Office Section)(Koriyama City, Fukushima)

Air Conditioning Upgrade(Phase 2)

From December 2021
to December 2021

Ichigo Kudan 2 Chome Building(Chiyoda-ku, Tokyo)

Renovate all common areas

Ichigo Kumamoto Building(Kumamoto City, Kumamoto)Amount Paid in the
Fiscal Period under
Review

Amount Already Paid

49,000――From February 2022
to February 2022

34,954――

Elevator Upgrade(Lift No.1)

From January 2022
to January 2022

29,140――Future IZUMI(Izumi City, Osaka)

Upgrade machine andequipment

From January 2022
to January 2022

26,600――Ichigo Shibakoen Building(Minato-ku, Tokyo)

Elevator Upgrade

From October 2022
to October 2022

18,430――Ichigo Kudan 2 Chome Building(Chiyoda-ku, Tokyo)

Renovate entrance hall

From February 2022
to February 2022

14,366――

Ichigo Minami Morimachi
Building (Kita-ku, Osaka)

Elevator Upgrade (Phase 2)

From November 2021
to November 2021

12,410――Ichigo Nishi Gotanda Building(Shinagawa-ku, Tokyo)

Elevator Upgrade

From May 2022
to May 2022

12,310――From February 2022
to February 2022

9,446

―

―

Ichigo Kudan 2 Chome Building(Chiyoda-ku, Tokyo)

Renovate all tenant spaces

Total Amount2 Capital Expenditures during the Current Fiscal Period
Capital expenditures during the current fiscal period amounted to 625,613 thousand yen, and construction work of a total of 712,307
thousand yen were conducted, combined with repair expenses of 86,694 thousand yen.
Asset Name (Location)

PurposePayment Amount(thousand yen)

PeriodIchigo Kumamoto Building(Kumamoto City, Kumamoto)

Elevator Upgrade(Lift No.2)

From August 2021
to October 2021

29,140Ichigo Nishi Honmachi Building(Nishi-ku, Osaka)

High-voltage Switching
Equipment Upgrade

From October 2021
to October 2021

24,244

Ichigo Minami Morimachi Building(Kita-ku, Osaka)

Elevator Upgrade (Phase 1)

From October 2021
to October 2021

10,745

Other561,484

Total

625,613

3 Cash Reserves for Long-Term Repair and Maintenance Plans
Based on each asset’s long-term repair and maintenance plans, Ichigo Office reserves funds for future large-scale repairs and renovations
from cash flow during each fiscal period as follows.
(Thousand yen)

28th Fiscal Period
From May 1, 2019 to
October 31, 201929th Fiscal Period
From November 1, 2019
to April 30, 2020

30th Fiscal Period
From May 1, 2020 to
October 31, 2020

31st Fiscal Period
From November 1,
2020 to April 30, 2021

32nd Fiscal Period
From May 1, 2021 toOctober 31, 2021

1,491,865

1,542,418

1,546,103

1,586,617

1,557,530

Gains

614,687

787,498

646,051695,825

739,142

Reversals

564,134

783,813605,536

724,912741,056

1,542,418

1,546,103

1,586,617

1,557,530

1,555,616

Balance of Reserves at
Beginning of Period

Amount Brought Forward
to Next Period– 16 –

Expenses and Liabilities

1 Details of Operating Expenses(Thousand yen)

31st Fiscal Period
From November 1, 2020 to April 30, 2021

32nd Fiscal Period
From May 1, 2021 to October 31, 2021

a. Asset Management Fees

834,274

871,602b. Asset Custody Fees

15,07915,106c. Administrative Service Fees

43,586

43,593d. Directors’ Compensation

5,040

5,040

e. Other Operating Expenses

62,01258,429

Total

959,993993,771

2 Borrowings
The table below shows borrowings as of October 31, 2021.
Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

1,950

－

Mizuho Bank

1,950

－

Aozora Bank588－

Shinsei Bank

770

－

1,624

－

Lender

MUFG Bank

Loan
Date

May 7,
2015

1,361

－

Bank of Fukuoka

446－

ORIX Bank

446

－

SMBC

1,950

1,948

Mizuho Bank

1,950

1,948

Aozora Bank

588

588

Resona BankLongTerm
Loans

Shinsei BankMUFG Bank

May 7,
2015

Resona Bank

772

771

1,624

1,622

1,359

1,358

Bank of Fukuoka

446

446

ORIX Bank

446

446

1,435

1,434

1,039

1,038

891

890

495

494

SMBC

1,435

1,434

Mizuho Bank

1,039

1,038

891

890

495

494

SMBC
Mizuho BankMUFG BankMay 9,
2016

Shinsei BankMUFG Bank
Shinsei BankMay 9,
2016– 17 –

Average
Interest
Rate(%)(Note 1)

Repayment
Date

Repayment
Terms

1.275
(Note 2)

May 7,
2021(Note 3)

1.347
(Note 2)

November 8,
2021(Note 4)0.808
(Note 2)

May 31,
2022(Note 5)0.858
(Note 2)

November 30,
2022(Note 6)

Use

Collateralized(Note 10)No
(No Guarantee)

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

1,782

1,780

Mizuho Bank

891

890

MUFG Bank

693

692

594

593

495

494

Bank of Fukuoka

495

494

Nishi-Nippon City Bank

495

494

Lender

Loan
Date

SMBC

Shinsei Bank
Aozora BankMay 24,
2016

Repayment
Date

Repayment
Terms

0.705
(Note 2)

May 31,
2022(Note 7)

346

346

1,782

1,780

Mizuho Bank

891

890

MUFG Bank

693

692

Shinsei Bank

594

593

0.750

495

494

(Note 2)

November 30,
2022(Note 7)

Bank of Fukuoka

495

494

Nishi-Nippon City Bank

495

494

Resona Bank

346

346

1,000

1,000

0.845
(Note 2)October 31,
2023

Lump-sum
repayment

500

－

0.675

September 30,
2021(Note 9)November 2,
2016

500

500

0.708

January 31,
2022

Lump-sum
repayment

SMBC

May 10,
2017

1,100

1,100

0.852

November 11,
2024

Lump-sum
repayment

Mizuho Bank

May 10,
2017

1,000

1,000

November 11,
2024

Lump-sum
repayment

Shinsei Bank

May 10,
2017

900

900

November 11,
2024

Lump-sum
repayment

Resona Bank

May 10,
2017

400

400

November 11,
2024

Lump-sum
repayment

Development Bank of JapanMay 10,
2017

2,000

2,000

May 10,2023

Lump-sum
repayment

215

215

Resona Bank
SMBC

Aozora BankSMBC
Development Bank of Japan
Development Bank of JapanLongTerm
Loans

Average
Interest
Rate(%)(Note 1)

May 24,
2016

November 2,
2016
November 2,
2016

SMBC

(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)
0.871

Mizuho Bank

340

340

MUFG Bank

283

283

237

237

Shinsei Bank

135

135

Bank of Fukuoka

195

195

ORIX Bank

195

195

SMBC

633

633

Mizuho Bank

508

508

425

425

0.948

356

356

(Note 2)

Shinsei Bank

201

201

Aozora Bank

257

257

Resona BankMUFG Bank
Resona Bank

November 7,
2017

November 7,
2017

SMBC
Mizuho Trust
Aozora Bank

April 27,
2018

352

352

1,352

1,352

901

901

Shinsei Bank

901

901

Resona Bank

448

448

– 18 –

0.761(Note 2)0.990
(Note 2)October 31,
2023

Lump-sum
repayment
Lump-sum
repayment

October 31,
2025

Lump-sum
repayment

April 30,2026

Lump-sum
repayment

Use

Collateralized(Note 10)No
(No Guarantee)

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

400

400

Mizuho Bank

350

350

LenderLoan
Date

Shinsei Bank

300

300

300

300

Bank of Fukuoka

225

225

The Kagawa Bank

200

200

Nishi-Nippon City Bank

225

225

SMBC

835

835

Mizuho Bank

491

491

Shinsei Bank

393

393

393

393

MUFG BankMUFG BankMay 9,
2018

June 15,
2018

Aozora Bank

393

393

Resona Bank

294

294

The Kagawa BankLongTerm
Loans

Average
Interest
Rate(%)(Note 1)

0.795
(Note 2)0.860
(Note 2)

Repayment
Date

Repayment
Terms

April 30,2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

147

147

SMBC

September 28,
2018

500

500

0.654

February 29,
2024

Lump-sum
repayment

Mizuho Bank

September 28,
2018

400

400

0.654

February 29,
2024

Lump-sum
repayment

SMBC

October 31,
2018

1,000

1,000

April 30,2026

Lump-sum
repayment

Mizuho Bank

October 31,
2018

400

400

0.734

April 30,2026

Lump-sum
repayment

Shinsei Bank

October 31,
2018

200

200

0.734

April 30,2026

Lump-sum
repayment

SMBC

954

954

Mizuho Bank

773

773

0.975

483

483

(Note 2)September 30,
2026

Lump-sum
Repayment

September 30,
2026

Lump-sum
Repayment

April 30,2026

Lump-sum
repayment

September 25,
2026

Lump-sum
repayment

September 25,
2026

Lump-sum
repayment

September 25,
2026

Lump-sum
repayment

Shinsei Bank

November 30,
2018

0.962
(Note 2)

Aozora Bank

656

656

SMBC

830

830

0.907

570

570

(Note 2)

SMBC

250

250

Mizuho Bank

400

400

400

400

MUFG Bank

300

300

Shinsei Bank

250

250

Aozora Bank

Development Bank of Japan

December 21,
2018

December 28,
2018

0.850
(Note 2)

0.867

SMBC

April 26,
2019

1,000

1,000

Resona Bank

April 26,
2019

1,000

1,000

Bank of Fukuoka

April 26,
2019

1,000

1,000

SMBC

1,239

1,239

Mizuho Bank

1,074

1,074

Shinsei Bank

743

743

0.822

743

743

(Note 2)

March 25,
2027

Lump-sum
repayment

Resona Bank

743

743

ORIX Bank

413

413

July 31,
2019

413

413

0.698
(Note 2)September 25,
2025

Lump-sum
repayment

September 30,
2019

692

692

0.726
(Note 2)

March 25,
2026

Lump-sum
repayment

Aozora Bank

The Kagawa Bank
SMBC

July 31,2019– 19 –(Note 2)0.867
(Note 2)0.867
(Note 2)Use

Collateralized(Note 10)No
(No Guarantee)

Balance at
Period-end(million yen)

672

672

610

610

0.844

641

641

(Note 2)

549

549

SMBC

1,224

1,224

Mizuho Bank

1,224

1,224

Shinsei Bank

783

783

0.876

783

783

(Note 2)

LenderSMBC
Mizuho Bank
Shinsei Bank

November 29,
2019

MUFG BankMUFG Bank

December 16,
2019

Repayment
Date

Repayment
Terms

September 27,
2027

Lump-sum
repayment

September 27,
2027

Lump-sum
repayment

0.653

March 25,
2027

Lump-sum
repayment

0.473

September 25,
2023

Lump-sum
repayment

March 25,
2027

Lump-sum
repayment

August 25,
2028

Lump-sum
repayment

March 25,
2027

Lump-sum
repayment

August 25,
2028

Lump-sum
repayment(Note 2)

August 25,
2028

Lump-sum
repayment

0.569(Note 2)September 25,
2025

Lump-sum
repayment

0.787(Note 2)

November 27,
2028

Lump-sum
repayment

Aozora Bank

783

783

Resona Bank

587

587

955

955

SMBC

827

827

Shinsei Bank

790

790

753

753

MUFG Bank

677

677

SMBC

543

543

518

518

0.740

494

494

(Note 2)445

445

The Kagawa Bank

Mizuho Bank

Shinsei Bank
Mizuho Bank

March 31,2020

May 29,2020

May 29,2020

MUFG BankLongTerm
Loans

Average
Interest
Rate(%)(Note 1)

Balance at
Period-start(million yen)

Loan
Date

Aozora Bank

August 31,
2020

2,127

2,127

Shinsei Bank

August 31,
2020

998

998

Shinsei Bank

August 31,
2020

1,000

1,000

Mizuho Bank

August 31,
2020

400

400

SMBC

407

407

MUFG Bank

781

781

586

586

407

407

Shinsei Bank

260

260

Aozora Bank

260

260

SMBC

814

814

Mizuho Bank

814

814

521

521

Resona Bank
Mizuho Bank

Shinsei Bank

December 10,
2020

December 10,
2020

Aozora Bank

0.828
(Note 2)
0.722
(Note 2)0.828
(Note 2)
0.828

521

521

SMBC

December 18,
2020

800

800

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

Mizuho Bank

December 18,
2020

700

700

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

Bank of Yokohama Bank

December 18,
2020

500

500

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

527

527

494

494

355

355

0.494

September 25,
2024

Lump-sum
repayment

Bank of Yokohama

285

285

Mizuho Trust & Banking

95

95

SMBC
MUFG Bank
Mizuho Bank

March 31,2021

– 20 –

Use

Collateralized(Note 10)No
(No Guarantee)

Repayment
Date

Repayment
Terms

0.876
(Note 2)

March 26,
2029

Lump-sum
repayment

0.490

September 25,
2024

Lump-sum
repayment

Balance at
Period-end(million yen)

1,055

1,055

710

710

571

571

Resona Bank

571

571

Mizuho Trust & Banking

190

190

SMBC

－

329

MUFG Bank

－

1,372

－

376

Mizuho Bank－

329

Bank of Yokohama

－

30

SMBC

－

329

Mizuho Bank

－

329

－

287

0.733

－

174

(Note 2)

Shinsei Bank－

162

Bank of Yokohama

－

161

SMBC

－

988

Mizuho Bank

－

988

－

862

Shinsei Bank－

487

Aozora Bank

－

422

－

500

105,896

104,353

LenderSMBC
Mizuho Bank
March 31,
2021

Aozora Bank

Bank of Fukuoka

LongTerm
Loans

Average
Interest
Rate(%)(Note 1)

Balance at
Period-start(million yen)

Loan
Date

Resona Bank

May 7,
2021

May 7,
2021

Aozora Bank

May 7,
2021

Resona Bank

Development Bank of Japan
Total

September 30
2021

0.819
(Note 2)

0.764

March 27,2028

Lump-sum
repayment

May 25,2029

Lump-sum
repayment

September 25,
2028

Lump-sum
repayment

Use

Collateralized(Note 10)No
(No Guarantee)(Note 1) Average Interest Rate indicates a weighted average of interest rates during the period based on the number of days, and it is rounded down to the stated unit.
(Note 2) To avoid interest rate risk, an interest rate swap agreement has been signed separately to fix the interest rates, and the weighted average interest rate during theperiod after the effect of the interest rate swap is stated.
(Note 3) The remaining balance was repaid on May 7, 2021.
(Note 4) 4 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 5) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 6) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The balance at period-end includes long-term borrowings due within one year of 7 million yen.
(Note 7) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 8) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The balance at period-end includes long-term borrowings due within one year of 11 million yen.
(Note 9) The remaining balance was repaid on September 30, 2021.
(Note 10) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.

– 21 –

3 Investment Corporation Bonds
The status of investment corporation bonds outstanding as of October 31, 2021 is as follows:
Date ofIssuance

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)Interest Rate(%)

Redemption
Date

Redemption
MethodFirst unsecured investment
corporation bonds

September 22,
2017

1,200

1,200

0.900

September 22,
2027

Lump-sum
repayment

Second unsecured investment
corporation bonds

April 26, 2018

1,000

1,000

0.900

April 26,
2028

Lump-sum
repayment

Third unsecured investment
corporation bonds

November 29,
2018

1,000

1,000

0.750

November 28,
2025

Lump-sum
repayment

Fourth unsecured investment
corporation bonds

July 26, 2019

1,200

1,200

0.890

July 26,
2029

Lump-sum
repayment

Fifth unsecured investment
corporation bonds

March 26,
2020

1,000

1,000

0.300

March 26,2025

Lump-sum
repayment

sixth unsecured investment
corporation bonds

May 6, 2021

－

1,500

0.850

May 2,
2031

Lump-sum
repayment

5,400

6,900

Total
(Note 1)
(Note 2)The proceeds are used for repaying existing loans.
A ranking pari passu among Ichigo Office investment corporation bonds is attached.

4 Short-Term Investment Corporation Bonds
N/A

5 Share Options
N/A– 22 –

Use

Collateralized(Note 1)No
(No guarantee)

Acquisitions and Sales during the Fiscal Period

1Acquisitions and Sales of Real Estate and Asset-Backed Securities, Infrastructure Assets,
and Infrastructure-Related Assets

N/A

2 Acquisition and Sales of Other Assets
Assets other than the assets acquired shown above are mostly bank deposits and bank deposits in trust.

3 Review of Asset Values (Appraisal Values)(1) Real Estate
N/A(2) Other
For assets that require a transaction price investigation pursuant to Article 201 of the Act on Investment Trusts and Investment
Corporations and were not part of the list shown above, Ichigo Office entrusted the price inspection to Grant Thornton Taiyo LLC. For
the inspection period from May 1, 2021 to October 31, 2021, the transactions subject to price verification were six interest rate swaps.
With respect to the price verification of these interest rate swaps, all related research work was outsourced, including identification of
the transaction counterparties, currency, interest rates, maturity, and other relevant transaction information.

– 23 –

4 Transactions with Related Parties(1) Transactions
N/A(2) Amount of Fees Paid
N/A

5 Transactions between the Asset Management Company and its Other Businesses
While Ichigo Investment Advisors Co., Ltd., the Asset Management Company of Ichigo Office, concurrently engages in operations of
the Type II Financial Instruments Business, Real Estate Brokerage Business, and Real Estate Syndication Business, there are no
applicable transactions.

– 24 –

Financial Statements

1 Assets, Liabilities, Principal, Profit and Loss
Please refer to “II. Balance Sheet,” “III. Income Statement,” “IV. Statement of Changes in Net Assets,” “V. Notes to Financial
Statements,” and “VI. Statement of Dividends” later in this report.

2 Changes in Method of Depreciation
N/A

3 Changes in Method of Real Estate and Infrastructure Assets Appraisal
N/A

Other

1 Ichigo Office Shares Held by Asset Management Company
Details of Ichigo Office shares held by Ichigo Investment Advisors Co., Ltd., the Asset Management Company, are as follows:(1) Transactions
Date

Number of Shares Acquired (shares)

Number of Shares Sold (shares)

Number of Shares Held (shares)

November 1, 2011

(Note)1,200

―

1,400

Cumulative total

1,400

―

1,400

(Note) Reflects a 7-for-1 share split with November 1, 2011 as the effective date.

(2) Status of Holdings
Number of Shares Heldat Period-end (shares)

Value of Shares Heldat Period-end(thousand yen)(Note)

Ratio of Total
Outstanding Shares (%)

23rd Fiscal Period (November 1, 2016 to April 30, 2017)

1,400

88,3400.1

24th Fiscal Period (May 1, 2017 to October 31, 2017)

1,400

103,040

0.1

25th Fiscal Period (November 1, 2017 to April 30, 2018)

1,400

113,820

0.1

26th Fiscal Period (May 1, 2018 to October 31, 2018)

1,400

129,640

0.1

27th Fiscal Period (November 1, 2018 to April 30, 2019)

1,400

143,640

0.1

28th Fiscal Period (May 1, 2019 to October 31, 2019)

1,400

155,540

0.1

29th Fiscal Period (November 1, 2019 to April 30, 2020)

1,400

95,7600.1

30th Fiscal Period (May 1, 2020 to October 31, 2020)

1,400

94,5000.1

31st Fiscal Period (November 1, 2020 to April 30, 2021)

1,400

133,700

0.1

32nd Fiscal Period (May 1, 2021 to October 31, 2021)

1,400

120,8200.1(Note) The Value of Shares Held at Period-end is calculated by multiplying the Number of Shares Held by the share price at period-end.

– 25 –

2 Notices(1) Shareholder Meeting
N/A(2) Board of Directors
Major matters approved by the Board of Directors are as follows:
Approval Date

Subjects

Note

May 28, 2021

Entrustment of General Administrative Matters
Regarding Issuance of Investment Corporation
Bonds

The Board of Directors were entrusted to determine the overview for the investment corporation
bonds scheduled for issuance from June 6, 2021 to June 5, 2023, and approved the candidates forrespective general administrators, as well as other related matters.

3 Disclosure of Affiliated Foreign Real Estate Holding Companies
N/A

4 Disclosure of Assets Owned by Affiliated Foreign Real Estate Holding Companies
N/A

5 OtherIn this document, whole numbers are rounded down and ratios are rounded off, unless otherwise specified.

- 26 -

1. Financial Statements(1) Balance Sheet
Previous fiscal period(As of April 30, 2021)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
Total intangible assets
Investments and other assets
Lease and guarantee deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance expenses
Total deferred assets
Total Assets- 31 -(Thousand Yen)
Current fiscal period(As of October 31, 2021)

8,884,298
14,194,614
13,030444,428
59,893
2,316
23,598,581

9,420,989
13,974,370
17,599433,762－
2,298
23,849,019

7,208,238(1,964,818)
5,243,420
29,066(24,293)
4,773
336,180(194,478)
141,70267,417(52,365)
15,052
15,638,558－
45,672,055(9,721,825)
35,950,230
69,520(34,504)
35,015773,363(367,569)
405,794
268,992(169,005)
99,986140,668,104
5,137
198,207,776

7,240,518(2,074,931)
5,165,587
29,066(24,613)
4,453
339,358(207,623)
131,734
70,921(55,244)
15,677
15,638,558
1,360
46,203,049(10,435,327)
35,767,722
69,520(36,486)
33,033
800,471(395,886)
404,584
298,095(186,014)
112,081
140,668,104
6,137
197,949,036

4,494,579
4,494,579

4,494,579
4,494,579

10,0001,188,361
113,058
1,311,420
204,013,776

10,0001,184,988
114,849
1,309,838
203,753,453

42,43042,430227,654,788

50,60350,603
227,653,077

Previous fiscal period(As of April 30, 2021)
Liabilities
Current Liabilities
Operating accounts payable
Long-term loans (due within one year)
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Long-Term Liabilities
Investment corporation bonds
Long-term borrowings
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total long-term liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
Shareholders’ capital
SurplusCapital reserve surplus
Capital reserve surplus deduction
Capital reserve surplus (net)Discretionary reserves
Reserve for dividends
Reserve for temporary difference adjustments
Total discretionary reserves
Unappropriated retained earnings (undisposed loss)
Total surplus
Total Shareholders’ Equity
Total Net Assets
Total Liabilities and Net Assets- 32 -(Thousand Yen)
Current fiscal period(As of October 31, 2021)

588,212
19,317,000
974,987
13,316605
77,741
1,577,403
20,61922,569,885

608,916
19,292,000
1,015,033
24,963605
234,129
1,554,997
19,70822,750,353

5,400,000
86,579,000
1,512,979
9,032,195
19,36093,765
102,637,300
125,207,186

6,900,000
85,061,250
1,521,592
8,894,482
19,425
84,133
102,480,885
125,231,239

67,675,274

67,675,274

20,566,420

20,566,420*2 (1,499,919)*2 (1,499,919)

19,066,500

19,066,500

3,368,625

3,368,625*3 9,214,544*3 9,109,544

12,583,170
3,122,657
34,772,328
102,447,602*1 102,447,602
227,654,788

12,478,170
3,201,892
34,746,563
102,421,837*1 102,421,837
227,653,077

(2) Income Statement(Thousand yen)Previous fiscal period(November 1, 2020 toApril 30, 2021)
Operating Revenue
Rental revenue
Other rental revenue
Total operating revenue
Operating Expenses
Rental expenses
Asset management fee
Asset custody fee
Administrative service fees
Directors' compensation
Other operating expenses
Total operating expenses
Operating Profit
Non-Operating Revenues
Interest income
Reversal of distribution payable
Other
Total non-operating revenues
Non-operating expenses
Interest expenses
Borrowing expenses
Amortization of bond issuance expenses
Other
Total non-operating expenses
Recurring Profit
Pre-tax income
Income taxes - current
Total income taxes
Net Income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

7,165,612*1 7,218,290*1 559,554*1 625,562

7,725,167

7,843,853*1 2,841,732*1 2,887,418

834,274
15,07943,586
5,040
62,0123,801,726
3,923,441

871,602
15,106
43,593
5,040
58,4293,881,190
3,962,663

124
861
491
1,477

104
1,065
642
1,813

494,155
301,355
3,705
3,376
802,592
3,122,326
3,122,326
605
605
3,121,721
935
3,122,657

470,997
287,7284,382
30763,138
3,201,338
3,201,338
605
605
3,200,733
1,158
3,201,892*1- 33 -

Current fiscal period(May 1, 2021 toOctober 31, 2021)

(3) Statement of Changes in Net Assets
Previous fiscal period (November 1, 2020 to April 30, 2021)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at beginning of period

Capitalreserve
surplus67,675,274

Discretionary reserves

Capitalreserve
surplusdeduction

Capitalreserve
surplus (net)

Dividend
reserve

Temporarydifference
adjustment
reserve

Total
discretionary
reserves－

20,566,420

3,368,625

9,319,544

12,688,170(105,000)(105,000)

20,566,420

Changes during the period
Release from temporary
difference adjustment
reserve
Dividends
Net Income
Share Buyback
Share Cancellation
Total changes during the period
Balance at period-end(1,499,919)(1,499,919)－－(1,499,919)(1,499,919)－(105,000)(105,000)

67,675,274

20,566,420(1,499,919)

19,066,500

3,368,625

9,214,544

12,583,170

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed
loss)

Treasury
SharesTotal surplus

3,312,935

36,567,525

105,000

Dividends
Net Income

Balance at beginning of period

Totalshareholders’equity－Total net assets

104,242,800

104,242,800

－

－

－

(3,417,000)(3,417,000)(3,417,000)(3,417,000)

3,121,721

3,121,721

3,121,721

3,121,721(1,499,919)(1,499,919)(1,499,919)(1,499,919)

1,499,919－－

Changes during the period
Release from temporary
difference adjustment
reserve

Share Buyback
Share Cancellation
Total changes during period(190,278)(1,795,197)－(1,795,197)(1,795,197)

Balance at period-end

3,122,657

34,772,328－

102,447,602

102,447,602- 34 -

Current fiscal period (May 1, 2021 to October 31, 2021)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at beginning of period

67,675,274

Discretionary reserves

Capitalreserve
surplusCapitalreserve
surplusdeduction

Capitalreserve
surplus (net)

Dividend
reserve

Temporarydifference
adjustment
reserve

Total
discretionary
reserves

20,566,420(1,499,919)

19,066,500

3,368,625

9,214,544

12,583,170(105,000)(105,000)

Changes during the period
Release from temporary
difference adjustment
reserve
Dividends
Net Income
Total changes during the period
Balance at period-end

－

－

－

－

－

(105,000)(105,000)

67,675,274

20,566,420(1,499,919)

19,066,500

3,368,625

9,109,544

12,478,170

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed
loss)
Balance at beginning of period

Total surplus

Total
shareholders’equityTotal net assets

3,122,657

34,772,328

102,447,602

102,447,602

105,000－－－

Dividends(3,226,498)(3,226,498)(3,226,498)(3,226,498)

Net Income

3,200,733

3,200,733

3,200,733

3,200,733

79,235(25,764)(25,764)(25,764)

3,201,892

34,746,563

102,421,837

102,421,837

Changes during the period
Release from temporary
difference adjustment
reserve

Total changes during period
Balance at period-end- 35 -

(4) Statement of Dividends
Previous fiscal period(November 1, 2020 toApril 30, 2021)
Ⅰ. Unappropriated Retained Earnings
II. Discretionary Reserve Reversal
Reversal of Temporary Difference
Adjustment Reserve
III. Total Dividends(Dividend per share)
IV. Discretionary Reserves

3,122,657,050 yen

3,201,892,139 yen

105,000,000 yen

105,000,000 yen

3,226,498,444 yen（2,132 yen）

3,306,706,895 yen（2,185 yen）

V. Retained Earnings Carried Forward
Method for calculating the amount of dividends

Current fiscal period(May 1,2021 toOctober 31,2021)

1,158,606 yen
The distribution policy set out in Article
37 of the Articles of Incorporation of
the Investment Corporation stipulates
that the amount of dividends shallexceed 90% of “profit available fordividend” as provided for in Article 6715, Paragraph 1 of the Act on Special
Measures Concerning Taxation. Basedon this policy, the decision was made to
distribute, as dividends, 3,226,498,444
yen, which was the entire amountexcluding the fractional portion where
the amount of dividends per share wasless than 1 yen from the amount after
adding 105,000,000 yen of the reversalof the temporary difference adjustment
reserve to 3,122,657,050 yen of
unappropriated retained earnings. As aresult, dividend per share came to 2,132
yen.

- 36 -

185,244 yen
The distribution policy set out in Article
37 of the Articles of Incorporation of
the Investment Corporation stipulates
that the amount of dividends shallexceed 90% of “profit available fordividend” as provided for in Article 6715, Paragraph 1 of the Act on Special
Measures Concerning Taxation. Basedon this policy, the decision was made to
distribute, as dividends, 3,306,706,895
yen, which was the entire amountexcluding the fractional portion where
the amount of dividends per share wasless than 1 yen from the amount after
adding 105,000,000 yen of the reversalof the temporary difference adjustment
reserve to 3,201,892,139 yen of
unappropriated retained earnings. As aresult, dividend per share came to 2,185
yen.

(5) Cash Flow Statement(Thousand yen)Previous fiscal period(November 1, 2020 toApril 30, 2021)
Cash flows from operating activities
Pre-tax income
Depreciation
Interest income
Interest expense
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in advances received
Other
Subtotal
Purchase of property, plant and equipment
Interest expenses paid
Income taxes paid
Net Cash flows from (used for) operations
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security deposits
Repayments from tenant leasehold and security
deposits
Proceeds from tenant leasehold and security deposits intrust
Repayments from tenant leasehold and security
deposits in trust
Increase due to redemption of equity interest
Net Cash flows from (used for) investments
Cash flows from financing activities
Increase in long-term borrowings
Decrease in long-term borrowings
Proceeds from bond issuance
Share buyback
Dividends paid
Net Cash flows from (used for) financing
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 37 -

Current fiscal period(May 1, 2021 toOctober 31, 2021)

3,122,326
870,602(124)
494,155
17,892(59,893)(30,429)(110,934)(60,089)(101,112)
371,380
103,432
4,851
4,622,057
124(496,102)(605)
4,125,474

3,201,338
887,267(104)
470,997(4,568)59,893
10,666
3,373
156,388
60,15640,046(22,406)(10,225)
4,852,821
104(459,350)(605)
4,392,970(94,251)(4,414,937)
108,067(57,717)(609,708)
33,973(63,631)(25,360)

568,130

254,320(429,869)(392,033)

50,654(4,275,838)－(796,525)

12,224,000(10,273,543)－(1,499,919)(3,416,058)(2,965,521)(3,115,884)
26,104,589*1 22,988,704

8,125,000(9,667,750)
1,487,445－(3,225,613)(3,280,918)
315,526
22,988,704*1 23,304,230

(6) Notes to Financial Statements(Going concern note)
N/A(Summary of Significant Accounting Policies)
1. Method of depreciation of fixed(1) Property, plant and equipment (including assets in trust)
assetsThe depreciation of property, plant and equipment is calculated using the straight-line
method.
The useful lives of assets are as stated below.
: 1 to 63 years
Buildings
Structures: 2 to 45 years
Machinery and equipment : 1 to 15 years
Tools, furniture and fixtures : 1 to 15 years(2) Long-term prepaid expenses
The depreciation of long-term prepaid expenses is calculated using the straight-line method.
2. Accounting for deferred assets
3. Standards for recognition ofrevenues and expenses

4. Method of hedge accounting

5. Scope of funds on the cash flow
statement

Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized equally over the period up to theredemption.
(1) Accounting for revenues
Details of performance obligations regarding revenue from contracts between Ichigo Office
and its customers and the the general point of time under normal circumstances suchrevenues should be recognized are as follows:(i) Real estate property sales
Revenue from real estate property sales is recognized as revenues when the buyer(customer) obtains control over a real estate property following the seller’s fulfilment of
its obligation to hand over the property which is stipulated in the contract associated withthe sale of real estate property.
(ii) Utility charge reimbursements
Revenue from utility charge reimbursements is recognized according to the supply ofelectricity, water, etc. to lessees who are customers based on lease agreements and otherterms related to the real estate properties.
For utility charge reimbursements which Ichigo Office regards itself as an agent, the net
amount calculated by subtracting the amount paid to a party from the total amountreceived as charges for electricity, gas, etc. supplied by the same party is recognized asrevenue.
(2) Accounting for fixed asset taxes, etc.
Of the amount of fixed asset taxes, city planning taxes and depreciable asset taxes imposedon real estate owned that was assessed and determined, the amount corresponding to therelevant computation period is recognized as expenses in the rental business.
The amount corresponding to fixed asset taxes for the first fiscal year that the Investment
Corporation should incur associated with the acquisition of real estate or trust beneficiaryinterests in real estate is not expensed, but is included in the acquisition costs of the realestate.
(1) Method of hedge accounting
In cases where the interest rate swaps meet the conditions for special treatment, the special
treatment is adopted.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Interest on loans(3) Hedging policy
The Investment Corporation conducts derivative transactions to hedge the risks set out in the
Articles of Incorporation based on the risk management regulations.
(4) Method for assessing the effectiveness of hedging
The evaluation of the effectiveness of interest rate swaps is omitted because they meet therequirements for special treatment.
Funds (cash and cash equivalents) on the cash flow statement consist of cash on hand, cash
held in trust, bank deposits and bank deposits held in trust that can be withdrawn at any time,and short-term investments, with a maturity of 3 months or less from the date of acquisition,
which are readily convertible to cash and contain only an insignificant risk of value
fluctuation.

- 38 -

6. Other significant matters serving as (1) Accounting for trust beneficiary interests in real estate
the basis for preparing financial
For trust beneficiary interests in real estate, all trust assets and liabilities as well as all income
statements
generated and expenses incurred in trusts are recorded in the relevant accounts on the balance
sheet and the income statement.
The following material items of the trust accounts recorded in the relevant accounts are listed
separately on the balance sheet.
(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust; machinery and equipment in trust; tools, furnitureand fixtures in trust; land in trust; construction in progress in trust; and land leasehold
rights in trust(iii) Tenant leasehold and security deposits in trust(2) Accounting for consumption taxes
The accounting for consumption taxes is tax exclusive. Non-deductible consumption taxes
on assets are included in the acquisition costs of individual assets.
(Notes to changes in accounting standards)(1) Application of Accounting Standard for Revenue Recognition, etc.
The “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29 on March 31, 2020, Accounting Standards Board ofJapan) has been applied at the beginning of the October 2021 fiscal period. In accordance with this accounting standard, Ichigo Officerecognizes revenue as the amount expected to be received in exchange for the promised goods or services when the control of thegoods or services is transferred to the customer. The impact of these changes on the financial statements for the October 2021 fiscal
period is minor.
Furthermore, in accordance with the transitional treatment stipulated in Paragraph 89-3 of the Accounting Standard for Revenue
Recognition, related information on revenue recognition for the previous fiscal period is not disclosed.
(2) Application of Accounting Standard for Fair Value Management, etc.
The “Accounting Standard for Fair Value Management” (ASBJ Statement No.30 on July 4, 2019, Accounting Standards Board ofJapan) has been applied at the beginning of the October 2021 fiscal period. In accordance with the transitional treatment prescribedin Paragraph 19 of the Accounting Standard for Fair Value Measurement and Paragraph 44–2 of the Accounting Standard for Financial
Instruments (ASBJ Statement No. 10, July 4, 2019, Accounting Standard Board of Japan), Ichigo Office has decided to apply the new
accounting policies set forth by the Accounting Standard for Fair Value Measurement, etc. in the future. The impact of these changes
on the financial statements for the October 2021 fiscal period is minor.
Furthermore, in accordance with the regulations noted on Article 2, Paragraph 5 of the supplementary provisions for the “Cabinet
Office Order for Partially Revising the Ordinance on the Terminology, Forms, and Preparation Methods of Financial Statements, etc.”(Cabinet Office Ordinance No.61 on September 24, 2021), matters set down on Article 8-6-2, Paragraph 1-3 of the amended Ordinanceon the Terminology, Forms, and Preparation Methods of Financial Statements, etc. has been omitted.

- 39 -

Notes(Notes to balance sheet)*1. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporation(Thousand yen)Previous fiscal period(As of April 30, 2021)

Current fiscal period(As of October 31, 2021)

50,00050,000Previous fiscal period(As of April 30, 2021)

Current fiscal period(As of October 31, 2021)*2. Cancellation of Treasury Shares

No. of shares cancelled
18,920Total amount of shares
1,499,919
cancelled (JPY thousand)(Note) There were no cancellation of treasury shares during the current fiscal period.

18,9201,499,919*3. Provision and reversal of temporary difference adjustment reserves
Previous fiscal period (As of April 30, 2021)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,319,544－

105,000

9,214,544(Thousand yen)
Reasons forprovision andreversalAppropriation
to dividends(Note) The initial amount of gain on negative goodwill is the amount previously transferred from gain on negative
goodwill to the temporary difference adjustment reserves account. The entire amount will be equally reversed
within 50 years. For the current fiscal period, 105,000,000 yen was reversed from the reserve.
Current fiscal period (As of October 31, 2021)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,214,544－

105,000

9,109,544(Thousand yen)
Reasons forprovision andreversalAppropriation
to dividends(Note) The initial amount of gain on negative goodwill is the amount previously transferred from gain on negative
goodwill to the temporary difference adjustment reserves account. The entire amount will be equally reversed
within 50 years. For the current fiscal period, 105,000,000 yen was reversed from the reserve.

- 40 -

(Notes to Income Statement)*1. Details of real estate rental income(Thousand yen)Previous fiscal period(November 1, 2020 toApril 30, 2021)

Current fiscal period(May 1, 2021 toOctober 31, 2021)

5,866,808
965,585
270,179
63,038

7,165,612

5,914,034
965,695
274,50264,058

7,218,290

496,848
62,705559,554526,796
98,766

625,562

A． Real estate rental revenue
Rental Revenue
Rental revenue
Common area charges
Parking lot rental revenue
Facility use charges
Other rental revenue
Utilities revenue
Other
Total real estate rental revenue

7,725,167

7,843,853

B． Real estate rental expenses
Rental expenses
Service provider expenses
Utilities
Trust fees

691,847
428,352
37,994660,305
481,33136,809Depreciation
Repair expenses
Taxes and public dues
Non-life insurance expenses
Other rental expenses

870,602
93,981
658,60918,411
41,931

887,267
86,694672,145
20,80042,063

Total real estate rental expenses
C． Net rental income（A-B）- 41 -

2,841,732

2,887,418

4,883,435

4,956,434

(Statement of changes in net assets)
Previous fiscal period(November 1, 2020 toApril 30, 2021)
Total number of authorized shares and total number ofshares issued and outstanding
Total number of authorized shares
Total number of shares issued and outstanding

Current fiscal period(May 1, 2021 toOctober 31, 2021)

14,000,000 shares
1,513,367 shares

14,000,000 shares
1,513,367 shares(Notes to statement of dividends)
Previous fiscal period(November 1, 2020 toApril 30, 2021)

Current fiscal period(May 1, 2021 toOctober 31, 2021)

By applying the transitional measures of Paragraph 3 of the By applying the transitional measures of Paragraph 3 of the
Supplementary Provisions of the “Regulation on Accountings Supplementary Provisions of the “Regulation on Accountingsof Investment Corporations” (Cabinet Office Order No. 27 of of Investment Corporations” (Cabinet Office Order No. 27 of2015), an amount of 10,432,940,000 yen, which was the 2015), an amount of 10,432,940,000 yen, which was theremaining balance of gain on negative goodwill was remaining balance of gain on negative goodwill wastransferred to the temporary difference adjustment reserve transferred to the temporary difference adjustment reserve
account, and planned to equally reverse the entire amount account, and planned to equally reverse the entire amountwithin 50 years. The original policy was to reverse a within 50 years. The original policy was to reverse aminimum of 200,000,000 yen starting from the 23rd fiscal minimum of 200,000,000 yen starting from the 23rd fiscal
period, as stated on the statement of dividends for the 22nd period, as stated on the statement of dividends for the 22nd
fiscal period. But the policy has been changed to reversing a fiscal period. But the policy has been changed to reversing aminimum of 105,000,000 yen starting from the 24th fiscal minimum of 105,000,000 yen starting from the 24th fiscal
period. For this fiscal period, 105,000,000 yen will be period. For this fiscal period, 105,000,000 yen will bereversed.
reversed.

- 42 -

(Notes to cash flow statement)*1. Relationship between cash and cash equivalents at the end of the fiscal period and items shown on the Balance Sheet(Thousand yen)
Current fiscal period
Previous fiscal period(November 1, 2020 to(May 1, 2021 toApril 30, 2021)
October 31, 2021)
Cash and deposits
Cash and deposits in trust
Miscellaneous deposits

8,884,298
14,194,614(90,208)9,420,989
13,974,370(91,129)

Cash and cash equivalents

22,988,704

23,304,230(Notes to lease transactions)Operating lease transactions(Lessee)Previous fiscal period(November 1, 2020 toApril 30, 2021)
Outstanding lease charges
One year or lessOver one year
Total

(Thousand yen)
Current fiscal period(May 1, 2021 toOctober 31, 2021)

67,289961,930

58,603934,800

1,029,220

993,403(Lessor)Previous fiscal period(November 1, 2020 toApril 30, 2021)(Thousand yen)
Current fiscal period(May 1, 2021 toOctober 31, 2021)

Outstanding lease charges
One year or lessOver one year

7,573,266
1,228,946

7,235,903
930,183

Total

8,802,213

8,117,329- 43 -

(Notes to financial instruments)
1. Matters concerning the status of financial instruments(1) Policy for handling financial instruments
Ichigo Office manages its assets by investing mainly in specified assets such as real estate with the aim of securing stable earnings in
the medium to long term. It raises funds primarily through the issuance of investment units, the borrowing of bank loans and theissuance of investment corporation bonds. Derivative transactions are used for the purpose of mitigating the risk of future fluctuationsin interest rates, and not for trading or speculative purposes. Ichigo Office also carefully invests surplus funds in consideration ofsafety and liquidity so as not to bear excess risks, taking the financial environment and cash management into full consideration.
(2) Description of financial instruments and associated risks, and risk management structure
Funds raised from loans and investment corporation bonds are used for the purchase of real estate and trust beneficiary interests inreal estate and the repayment of loans, and they are exposed to the liquidity risk on the dates of repayment and redemption. Ichigo
Office not only works to reduce the liquidity risk through the diversification of financing and the decentralization of repayment dates
and lenders by controlling LTV in the range that is deemed appropriate, but also manages the liquidity risk in terms of the way theasset management company formulates a cash management plan. Loans with floating interest rates are exposed to the risk offluctuations in interest rates, but LTV is managed appropriately to limit the impact of rising market interest rates on the operations of
Ichigo Office.
(3) Supplementary explanation of matters concerning the market value, etc. of financial instruments
Because of certain parameters, etc. are adopted in the calculation of the market values of financial instruments, there may be cases
where the values concerned will vary when different parameters, etc. are adopted.
2. Matters concerning the market value, etc. of financial instruments
The carrying amount on the balance sheet on April 30, 2021, the market value, and the difference between the carrying amount and themarket value were as follows.
“Cash and deposits” and “Cash and deposits in trust” has been omitted because the market value of these items are almost equal to theirbook values since they are settled within a short period.
“Tenant leasehold and security deposits” and “Tenant leasehold and security deposits in trust” also has been omitted since these items
are not material.
(Thousand yen)
Carrying valueMarket value

Difference(1) Long-term borrowings (due within one year)

19,317,000

19,348,724

31,724(2) Investment corporation bonds

5,400,000

5,326,130(73,869)(3) Long-term borrowings

86,579,000

87,364,694

785,694111,296,000

112,039,548

743,548－－－

Total liabilities(4) Derivative transactions

The carrying amount on the balance sheet on October 31, 2021, the market value, and the difference between the carrying amount andthe market value were as follows:“Cash and deposits” and “Cash and deposits in trust” has been omitted because the market value of these items are almost equal to theirbook values since they are settled within a short period.
“Tenant leasehold and security deposits” and “Tenant leasehold and security deposits in trust” also has been omitted since these items
are not material.
(Thousand yen)
Carrying valueMarket value

Difference(1) Long-term borrowings (due within one year)

19,292,000

19,295,453

3,453(2) Investment corporation bonds

6,900,000

6,845,680(54,319)(3) Long-term borrowings

85,061,250

85,678,193

616,943

111,253,250

111,819,327

566,077－－－

Total liabilities(4) Derivative transactions(Note 1) Matters concerning the calculation method of the market value of financial instruments and derivative transactions(1) Long-term borrowings (due within one year) (3) Long-term borrowings
The market value of long-term loans with fixed interest rates is calculated by discounting the present value by using aninterest rate that is assumed if the total amount of principal and interest is borrowed in similar new loans. The market valueof long-term loans with floating interest rates is based on the book value because the market value is approximately equal tothe book value due to the situation in which the interest rate is renewed periodically. For some long-term loans with floatinginterest rates that are subject to the special treatment of interest rate swaps (see “Notes to Derivative Transactions” below),
the present value is calculated by discounting the combined total of principal and interest translated at the logically estimatedrates for similar loans.
- 44 -

(2) Investment corporation bonds
The market value of investment corporation bonds is calculated by discounting it based on the reference values announced
by the Japan Securities Dealers Association.
(4) Derivative transactions
Please refer to “Notes to Derivative Transactions” below.
(Note 2) Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (April 30, 2021)(Thousand yen)
Due after
Due after
Due after
Due after
Due after
Due within
1 year but
2 years but
3 years but
4 years but
5 years
1 year
within 2 years within 3 years within 4 years within 5 years
Long-term borrowings
19,317,000
―
―
―
―
―
(due within one year)
Investment corporation bonds

―

―

―

1,000,000

1,000,000

3,400,000

Long-term borrowings―

19,266,000

10,547,000

8,102,000

13,340,000

35,324,000

19,317,000

19,266,000

10,547,000

9,102,000

14,340,000

38,724,000

Total

Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (October 31, 2021)(Thousand yen)
Due after
Due after
Due after
Due after
Due within
Due after
1 year but
2 years but
3 years but
4 years but
1 year
5 years
within 2 years within 3 years within 4 years within 5 years
Long-term borrowings
19,292,000
―
―
―
―
―
(due within one year)
Investment corporation bonds

―

―

―

1,000,000

1,000,000

4,900,000

Long-term borrowings―

17,270,250

7,092,000

11,840,000

15,112,000

33,747,000

19,292,000

17,270,250

7,092,000

12,840,000

16,112,000

38,647,000

Total(Securities)
Previous fiscal period (As of April 30, 2021)
N/A
Current fiscal period (As of October 31, 2021)
N/A- 45 -

(Notes to derivative transactions)
1. Non-hedge accounting derivatives
Not applicable in the previous fiscal period (ended April 30, 2021) and the current fiscal period (ended October 31, 2021).
2. Hedge accounting derivatives
Previous fiscal period (As of April 30, 2021)
Method of hedge
accounting

Type of derivativetransaction

Contract amount
Main hedged item

Over one year

(Thousand yen)Calculation
Marketmethod ofvaluemarket value

Interest rate swap
transaction
Long-term
95,638,000
77,321,000 (Note)–(pay fixed, receive
borrowings
floating)(Note) Interest rate swaps accounted under the special treatment method are processed together with the hedged items (in this case, along-term borrowing). Therefore, their market values are included in the market values of (1) Long-term borrowings (due within
one year) (3) long-term borrowings payable in (Note 1) of “Notes to financial instruments, 2. Matters concerning the market
value, etc. of financial instruments” above.
Special treatment ofinterest rate swaps

Current fiscal period (As of October 31, 2021)
Method of hedge
accounting

Type of derivativetransaction

Contract amount
Main hedged item

Over a year

(Thousand yen)Calculation
Marketmethod ofvaluemarket value

Interest rate swap
transaction
Long-term
91,659,250
72,867,250 (Note)–(pay fixed, receive
borrowings
floating)(Note) Interest rate swaps accounted under the special treatment method are processed together with the hedged items (in this case,long-term borrowings). Therefore, their market values are included in the market values of (1) Long-term borrowings (due within
one year) (3) long-term borrowings payable in (Note 1) of “Notes to financial instruments, 2. Matters concerning the market
value, etc. of financial instruments” above.
Special treatment ofinterest rate swaps(Notes to retirement benefits)
Previous fiscal period (As of April 30, 2021)
N/A
Current fiscal period (As of October 31, 2021)
N/A- 46 -

(Notes to tax effect accounting)
1. Breakdown of deferred tax assets and liabilities by major cause
Previous fiscal period(As of April 30, 2021)
Deferred tax assets
Valuation difference of assets transferred at merger
5,266,735
Asset retirement obligations
1,338
Tax loss carried forward
264,886
Other
14
Subtotal
Valuation allowance(Thousand yen)
Current fiscal period(As of October 31, 2021)
5,254,116
1,442
264,88675,532,975(5,532,975)

5,520,453(5,520,453 )

–

–

–

–

Total deferred tax assets
Deferred tax assets (net)

2. Breakdown of tax rate differences between the statutory tax rate and the effective tax rate by major cause
Previous fiscal period
Current fiscal period(As of April 30, 2021)(As of October 31, 2021)
Statutory tax rate
(Adjustment)
Deductible dividend distribution
Change in valuation allowance
Use of tax loss carried forward
Other

31.46%

31.46%(31.11%)(0.35%)
0.00%
0.02%

(31.12 %)(0.34 %)
0.00%
0.02%

0.02%

0.02%

Effective tax rate
(Notes to share of profit and loss of entities accounted for using the equity method)
Previous fiscal period (November 1, 2020 to April 30, 2021)
N/A
Current fiscal period (May 1, 2021 to October 31, 2021)
N/A(Notes to related party transactions)
1. The parent company and principal shareholders of Ichigo Office
Not applicable in the previous fiscal period (from November 1, 2020 to April 30, 2021) and the current fiscal period (from May 1,
2021 to October 31, 2021)
2. Affiliated companies
Not applicable in the previous fiscal period (from November 1, 2020 to April 30, 2021) and the current fiscal period (from May 1,
2021 to October 31, 2021)
3. Fellow subsidiaries
Not applicable in the previous fiscal period (from November 1, 2020 to April 30, 2021) and the current fiscal period (from May 1,
2021 to October 31, 2021)
4. Directors and principal individual shareholders
Not applicable in the previous fiscal period (from November 1, 2020 to April 30, 2021) and the current fiscal period (from May 1,
2021 to October 31, 2021)(Asset retirement obligations)
Previous fiscal period (November 1, 2020 to April 30, 2021)
The statement is omitted because the total amount of asset retirement obligations is not material.
Current fiscal period (May 1, 2021 to October 31, 2021)
The statement is omitted because the total amount of asset retirement obligations is not material.

- 47 -

(Notes to rental assets)
Ichigo Office owns rental assets mainly in the six wards of central Tokyo, other Tokyo metropolitan areas, the four largest cities andother major cities for the purpose of earning stable rental revenues. The carrying amounts, increase (decrease) during the period, andmarket values of these rental assets are as follows:(Thousand yen)Previous fiscal period
Current fiscal period
Use(November 1, 2020 to(May 1, 2021 toApril 30, 2021)
October 31, 2021)
Carrying amount
Balance at the beginning of period
Office192,633,710

Increase (decrease) during period

196,293,525

3,659,814(236,926)

Balance at period-end

196,293,525

196,056,599

Market value at period-end

237,093,000

237,323,000

Balance at the beginning of period

6,413,747

6,403,692

Increase (decrease) during period(10,055)(24,174)

Balance at period-end

6,403,692

6,379,518

Market value at period-end

6,936,000

6,678,000

Balance at the beginning of period

199,047,458

202,697,218

Increase (decrease) during period

3,649,759(261,100)

202,697,218

202,436,117

Carrying amount

Other

Carrying amount

Total

Balance at period-end

Market value at period-end
244,029,000
244,001,000(Note 1) The carrying amounts represent the amounts after deducting the accumulated depreciation from the acquisition costs.
(Note 2) The major increase during the previous fiscal period was due to the acquisition of trust beneficiary interests in real estate of
one asset (3,833,554 thousand yen), and the major decrease was depreciation.
(Note 3) The market value at the end of the period was based on the appraisal value or investigation value estimated by external realestate appraisers.
The details of real estate rental income are stated in “Notes to Income Statement.”(Notes regarding revenue recognition)
Breakdown of revenue from contracts with customers
Current fiscal period (May 1, 2021 to October 31, 2021)(Thousand yen)
Revenues generated from contracts
with customers
Real estate property sales

Sales to external customers－

Utility charge reimbursements
Other

－

526,796526,796－

7,317,056

Total
526,796
7,843,853(Note) Rental revenues, etc. which are subject to Accounting Standard for Lease Transactions (ASBJ Statement No. 13) are not includedin the above amounts as they are excluded from revenue recognition accounting standards. Revenues generated from contracts withmajor customers are real estate property sales and utility charge reimbursements.

- 48 -

(Segment information)
The segment information is omitted because Ichigo Office has only one segment of real estate rental business.
(Related information)
Previous fiscal period (November 1, 2020 to April 30, 2021)
1. Information by product and service
The statement is omitted because operating revenue from external customers in a single product and service category comprises morethan 90% of operating revenue on the Income Statement.
2. Information by region(1) Operating revenue
The statement is omitted because operating revenue from external customers in Japan comprises more than 90% of operating revenue
on the income statement.
(2) Property, plant and equipment
The statement is omitted because the amount of property, plant and equipment located in Japan comprises more than 90% of theamount of property, plant and equipment on the balance sheet.
3. Information by main customer
The statement is omitted because all operating revenue from a single external customer comprises less than 10% of operating revenue
on the income statement.
Current fiscal period (May 1, 2021 to October 31, 2021)
1. Information by product and service
The statement is omitted because operating revenue from external customers in a single product and service category comprises morethan 90% of operating revenue on the income statement.
2. Information by region(1) Operating revenue
The statement is omitted because operating revenue from external customers in Japan comprises more than 90% of operating revenue
on the income statement.
(2) Property, plant and equipment
The statement is omitted because the amount of property, plant and equipment located in Japan comprises more than 90% of theamount of property, plant and equipment on the balance sheet.
3. Information by main customer
The statement is omitted because all operating revenue from a single external customer comprises less than 10% of operating revenue
on the income statement.
(Notes to per-share information)
Current fiscal period(May 1, 2021 toOctober 31, 2021)

Previous fiscal period(November 1, 2020 toApril 30, 2021)

Net assets per share (yen)67,69567,678Net income per share (yen)
2,050
2,114
(Note 1) Net income per share is calculated by dividing net income by the daily weighted average number of shares. Diluted net
income per share is not stated because there are no dilutive shares.
(Note 2) The basis for calculating net income per share is as follows.
Current fiscal period(May 1, 2021 toOctober 31, 2021)

Previous fiscal period(November 1, 2020 toApril 30, 2021)
Net Income(Thousand yen)Amount not attributable to common shareholders(Thousand yen)－－

Net income attributable to common shareholders(Thousand yen)

3,121,721

3,200,733(Shares)

1,522,356

1,513,367

Average number of shares during period(Notes to Significant Subsequent Events)
N/A- 49 -

3,121,721

3,200,733

(7) Supplementary Schedules(i) Schedule of securities(a) Stocks
N/A(b) Securities other than stocks
N/A(ii) Contract value and market value of derivative transactions and forward exchange contracts(Thousand yen)Contract amount (Note 1)

Classification

Type

Transactions other than market
transactions

Interest rate swap
(pay fixed, receive floating)

Exceeding 1 year
91,659,250

Market value (Note 2)

72,867,250

–

–
Total
91,659,250
72,867,250(Note 1) The contract amount of interest rate swap is based on the notional principal.
(Note 2) Since the above transaction meets the specific matching criteria of the Accounting Standard for Financial Instruments, thestatement of market value is omitted.

(iii) Summary table of schedule of real estate(Thousand yen)
Asset type

Balance atBalance at end
Increase during
Decrease
beginning ofof current
periodduring period
current period
period7,208,238

32,279―7,240,518

2,074,931

110,1125,165,587(Note)

Structures

29,066――29,066

24,613320

4,453(Note)

Machinery and equipment

336,180

3,177―

339,358

207,623

13,145

131,734(Note)

Tools, furniture and fixtures

67,417

3,504―

70,921

55,244

2,878

15,677(Note)

15,638,558――

15,638,558――

15,638,558

―

1,360

―

1,360

―

―

1,360

Buildings in trust

45,672,055

530,994―

46,203,049

10,435,327

713,501

35,767,722(Note)

Structures in trust

69,520――69,52036,486

1,982

33,033(Note)

773,363

27,108―800,471395,886

28,317404,584(Note)

268,992

29,103―

298,095

186,01417,008112,081(Note)

140,668,104――

140,668,104――

140,668,104

5,137

1,000

6,137

―

―

6,137

210,736,636

628,527―

211,365,164

13,416,127

887,267

197,949,036

4,494,579――

4,494,579――

4,494,579

4,494,579――

4,494,579――

4,494,579

215,231,216

628,527―

215,859,743

13,416,127

887,267

202,443,615

Construction in progress

Machinery and equipmentin trust
Tools, furniture and fixturesin trust
Land in trust
Construction in progress intrust
Subtotal
Land leasehold rights in
Intangible

Remarks

Buildings

Land

Property,plant andequipment

Accumulated depreciation or
accumulated amortization
Balance at end
Depreciation or of current
periodamortization
during period

trust

assetsSubtotal
Total―(Note) The major decrease was depreciation the current fiscal period.
(iv) Schedule of other specified assets
N/A- 50 -

(v) Schedule of investment corporation bonds(Thousand yen)
Date ofissuance
First unsecured
investment
corporation bonds
Second unsecured
investment
corporation bonds
Third unsecured
investment
corporation bonds
Fourth unsecured
investment
corporation bonds
Fifth unsecured
investment
corporation bonds
Sixth unsecured
investment
corporation bonds

Balance at
Decrease
period-start during period

Balance at Interest rate Redemption
period-end
(%)
date

September 22,
2017

1,200,000–

1,200,000

0.900

September 22,
2027

April 26,2018

1,000,000–

1,000,000

0.900

April 26,
2028

November 29,
2018

1,000,000–

1,000,000

0.750

November 28,
2025

July 26,2019

1,200,000–

1,200,000

0.890

July 26,
2029

March 26,2020

1,000,000–

1,000,000

0.300

March 26,2025

May 6,
2021––

1,500,000

0.850

5,400,000–

6,900,000

Total

Use

Security(Note 1)

Unsecured/
unguaranteed––

May 2,
2031––(Note 1) The proceeds are used for repaying existing loans.
(Note 2) A ranking pari passu among Ichigo Office investment corporation bonds is attached.
(Note 3) The maturity profile of investment corporate bonds for each year within five years after the balance sheet date is as follows.
(Thousand yen)
Due after 1 year but Due after 2 years Due after 3 years Due after 4 years
Due within 1 year
within 2 years
but within 3 years but within 4 years but within 5 years
Investment corporation bonds

–

–

–

1,000,000

1,000,000(vi) Schedule of loans
Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

1,950,312－

1,950,312－

Mizuho Bank

1,950,312－

1,950,312－

Aozora Bank

588,848－588,848－

Shinsei Bank

770,640－

770,640－

MUFG Bank

1,624,272－

1,624,272－

Resona Bank

1,361,464－

1,361,464－

Bank of Fukuoka

446,576－

446,576－

ORIX Bank

446,576－

446,576－

SMBC

1,950,312

－

1,974

1,948,338

Mizuho Bank

1,950,312

－

1,974

1,948,338

Aozora Bank

588,848－596

588,252

Shinsei Bank

772,616－

782

771,834

MUFG Bank

1,624,272

－

1,644

1,622,628

Resona Bank

LenderLongTerm
Loans

1,359,488

－

1,376

1,358,112

Bank of Fukuoka

446,576－452

446,124

ORIX Bank

446,576－452

446,124

1,435,500

－

1,450

1,434,050

Mizuho Bank

1,039,550

－

1,050

1,038,450

MUFG Bank

891,000－

900

891,000

Shinsei Bank

495,000－

500

495,000

SMBC- 51 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

1.275
(Note 2)

May 7,
2021(Note 3)

1.347
(Note 2)

November 8,
2021(Note 4)0.808
(Note 2)

May 31,
2022(Note 5)Use

Collateralized(Note 10)No
(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

1,435,500

－

1,450

1,434,050

Mizuho Bank

1,039,500

－

1,050

1,038,450

MUFG Bank

891,000－

900

890,100

Shinsei Bank

495,000－

500

494,500

Lender

1,782,000

－

1,800

1,780,200

Mizuho Bank

891,000－

900

890,100

MUFG Bank

693,000－

700

692,300

Shinsei Bank

594,000－

600

593,400

Aozora Bank

495,000－

500

494,500

Bank of Fukuoka

495,000－

500

494,500

Nishi-Nippon City Bank

495,000－

500

494,500

SMBC

Repayment
date

Repayment
terms

0.858
(Note 2)

November 30,
2022(Note 6)0.705
(Note 2)

May 31,
2022(Note 7)0.750
(Note 2)

November 30,
2022(Note 8)October 31,
2023
September 30,
2021
January 31,
2022
November 11,
2024
November 11,
2024
November 11,
2024
November 11,
2024
May 10,2023

Lump-sum
repayment

0.761(Note 2)October 31,
2023

Lump-sum
repayment

0.948(Note 2)October 31,
2025

Lump-sum
repayment

346,500－

350

346,150

1,782,000

－

1,800

1,780,200

Mizuho Bank

891,000－

900

890,100

MUFG Bank

693,000－

700

692,300

Shinsei Bank

594,000－

600

593,400

Aozora Bank

495,000－

500

494,500

Bank of Fukuoka

495,000－

500

494,500

Nishi-Nippon City Bank

495,000－

500

494,500

Resona Bank

346,500－

350

346,150

1,000,000－－

1,000,000

0.845(Note 2)Development Bank of Japan

500,000－

500,000－

0.675

Development Bank of Japan

500,000－－

500,000

0.708

SMBC

1,100,000－－

1,100,000

Mizuho Bank

1,000,000－－

1,000,000

Shinsei Bank

900,000－－

900,000

Resona Bank

400,000－－

400,000

2,000,000－－

2,000,000

SMBC

215,000－－

215,000

Mizuho Bank

340,000－－

340,000

MUFG Bank

283,000－－

283,000

Resona Bank

237,000－－

237,000

Shinsei Bank

135,000－－

135,000

Bank of Fukuoka

195,000－－

195,000

ORIX Bank

195,000－－

195,000

SMBC

633,000－－

633,000

Mizuho Bank

508,000－－

508,000

MUFG Bank

425,000－－

425,000

Resona Bank

356,000－－

356,000

Shinsei Bank

201,000－－

201,000

Aozora Bank

257,000－－

257,000

Resona BankSMBCLongTerm
Loans

Averageinterest
rate(%)(Note 1)SMBC

Development Bank of Japan- 52 -

0.852(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)0.871

(Note 9)Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

Use

Collateralized(Note 10)No
(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

352,000－－

352,000

Mizuho Trust

1,352,000－－

1,352,000

Aozora Bank

901,000－－

901,000

Shinsei Bank

901,000－－

901,000

Resona Bank

448,000－－

448,000

SMBC

400,000－－

400,000

Mizuho Bank

350,000－－

350,000

Shinsei Bank

300,000－－

300,000

MUFG Bank

300,000－－

300,000

Bank of Fukuoka

225,000－－

225,000

The Kagawa Bank

200,000－－

200,000

Nishi-Nippon City Bank

225,000－－

225,000

SMBC

835,000－－

835,000

Mizuho Bank

491,000－－

491,000

Shinsei Bank

393,000－－

393,000

MUFG Bank

393,000－－

393,000

Aozora Bank

393,000－－

393,000

Resona Bank

294,000－－

294,000

The Kagawa Bank

147,000－－

147,000

SMBC

500,000－－

500,000

0.654

Mizuho Bank

400,000－－

400,000

0.654

1,000,000－－

1,000,000

0.962(Note 2)

Mizuho Bank

400,000－－

400,000

0.734

Shinsei Bank

200,000－－

200,000

0.734

SMBC

954,000－－

954,000

Mizuho Bank

773,000－－

773,000

Shinsei Bank

483,000－－

483,000

Aozora Bank

656,000－－

656,000

SMBC

830,000－－

830,000

Aozora Bank

570,000－－

570,000

SMBC

250,000－－

250,000

Mizuho Bank

400,000－－

400,000

Development Bank of Japan

400,000－－

400,000

MUFG Bank

300,000－－

300,000

250,000－－

250,000

SMBC

1,000,000－－

1,000,000

Resona Bank

1,000,000－－

1,000,000

Bank of Fukuoka

1,000,000－－

1,000,000

LenderSMBC

LongTerm
Loans

SMBC

Shinsei Bank

- 53 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.990
(Note 2)

April 30,2026

Lump-sum
repayment

0.795(Note 2)

April 30,2024

Lump-sum
repayment

0.860(Note 2)

November 11,
2024

Lump-sum
repayment

February 29,
2024
February 29,
2024
April 30,
2026
April 30,
2026
April 30,2026

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

0.975(Note 2)September 30, Lump-sum
2026
repayment

0.907(Note 2)September 30, Lump-sum
2026
repayment

0.850(Note 2)0.867
(Note 2)0.867
(Note 2)0.867
(Note 2)

April 30,2026

Lump-sum
repayment

September 25, Lump-sum
2026
repayment
September 25 Lump-sum
2026
repayment
September 25, Lump-sum
2026
repayment

Use

Collateralized(Note 10)No
(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

1,239,000－－

1,239,000

Mizuho Bank

1,074,000－－

1,074,000

Shinsei Bank

743,000－－

743,000

Aozora Bank

743,000－－

743,000

Resona Bank

743,000－－

743,000

ORIX Bank

413,000－－

413,000

The Kagawa Bank

413,000－－

413,000

SMBC

692,000－－

692,000

SMBC

672,000－－

672,000

Mizuho Bank

610,000－－

610,000

Shinsei Bank

641,000－－

641,000

Lender549,000－－

549,000

SMBC

1,224,000－－

1,224,000

Mizuho Bank

1,224,000－－

1,224,000

Shinsei Bank

783,000－－

783,000

MUFG Bank

783,000－－

783,000

Aozora Bank

783,000－－

783,000

Resona Bank

587,000－－

587,000

The Kagawa Bank

955,000－－

955,000

SMBC

827,000－－

827,000

Shinsei Bank

790,000－－

790,000

Mizuho Bank

753,000－－

753,000

MUFG Bank

677,000－－

677,000

SMBC

543,000－－

543,000

Shinsei Bank

518,000－－

518,000

Mizuho Bank

494,000－－

494,000

MUFG Bank

445,000－－

445,000

Aozora Bank

2,127,000－－

2,127,000

Shinsei Bank

998,000－－

998,000

Shinsei Bank

1,000,000－－

1,000,000

Mizuho Bank

400,000－－

400,000

SMBC

407,000－－

407,000

MUFG Bank

781,000－－

781,000

Resona Bank

586,000－－

586,000

Mizuho Bank

407,000－－

407,000

Shinsei Bank

260,000－－

260,000

Aozora Bank

260,000－－

260,000

SMBC

814,000－－

814,000

Mizuho Bank

814,000－－

814,000

Shinsei Bank

521,000－－

521,000

Aozora Bank

521,000－－

521,000

MUFG BankLongTerm
Loans- 54 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.822
(Note 2)

March 25,
2027

Lump-sum
repayment

0.698(Note 2)0.726
(Note 2)September 25, Lump-sum
2025
repayment
March 25,
Lump-sum2026
repayment

0.844(Note 2)September 27, Lump-sum
2027
repayment

0.876(Note 2)September 27, Lump-sum
2027
repayment

0.653

0.473

March 25,
2027

Use

Collateralized(Note 10)No
(No Guarantee)

Lump-sum
repayment

September 25, Lump-sum
2023
repayment

0.740(Note 2)

March 25,
2027

Lump-sum
repayment

0.828(Note 2)
0.722
(Note 2)0.828
(Note 2)0.828
(Note 2)

August 25,
2028
March 25,
2027
August 25,
2028
August 25,
2028

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

0.569(Note 2)September 25, Lump-sum
2025
repayment

0.787(Note 2)

November 27,
2028

Lump-sum
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

800,000－－

800,000

Mizuho Bank

700,000－－

700,000

Bank of Yokohama

500,000－－

500,000

SMBC

527,000－－

527,000

MUFG Bank

494,000－－

494,000

Mizuho Bank

355,000－－

355,000

Bank of Yokohama

285,000－－

285,000

Mizuho Trust & Banking

95,000－－95,0001,055,000－－

1,055,000

Mizuho Bank

710,000－－

710,000

Aozora Bank

571,000－－

571,000

Resona Bank

571,000－－

571,000

Mizuho Trust & Banking

190,000－－

190,000

SMBC－

329,000－

329,000

MUFG Bank－

1,372,000－

1,372,000

Bank of Fukuoka－

376,000－

376,000

Mizuho Bank－

329,000－

329,000

Bank of Yokohama－

30,000－30,000SMBC－

329,000－

329,000

Mizuho Bank－

329,000－

329,000

Resona Bank－

287,000－

287,000

Aozora Bank－

174,000－

174,000

Shinsei Bank－

162,000－

162,000

Bank of Yokohama－

161,000－

161,000

SMBC－

988,000－

988,000

Mizuho Bank－

988,000－

988,000

Resona Bank－

862,000－

862,000

Shinsei Bank－

487,000－

487,000

Aozora Bank－

422,000－

422,000

Development Bank of Japan－

500,000－

500,000

105,896,000

8,125,000

9,667,750

104,353,250

LenderSMBC

LongTerm
Loans

Total

(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.802
(Note 2)0.802
(Note 2)0.802
(Note 2)

November 27,
2028
November 27,
2028
November 27,
2028

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

0.494

September 25, Lump-sum
2024
repayment

0.876(Note 2)0.490

March 26,
2029

Collateralized(Note 10)No
(No Guarantee)

Lump-sum
repayment

September 25, Lump-sum
2024
repayment

0.733(Note 2)

March 27,2028

Lump-sum
repayment

0.819(Note 2)

May 25,2029

Lump-sum
repayment

0.764

Use

September 25, Lump-sum
2028
repayment

Average Interest Rate indicates a weighted average of interest rates during the period based on the number of days, and it isrounded down to the stated unit.
To avoid interest rate risk, an interest rate swap agreement has been signed separately to fix the interest rates, and theweighted average interest rate during the period after the effect of the interest rate swap is stated.
The remaining balance was repaid on May 7, 2021.
4 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The entire amount of the balance at period-end is long-term borrowings due within one year.
1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The entire amount of the balance at period-end is long-term borrowings due within one year.
- 55 -

(Note 6) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The balance at period-end is long-term borrowings due within one year of 7 million yen.
(Note 7) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The entire amount of the balance at period-end is long-term borrowings due within one year.
(Note 8) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The balance at period-end is long-term borrowings due within one year of 11 million yen.
(Note 9) The remaining balance was repaid on September 30, 2021.
(Note 10) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.
(Note 11) The total amounts of long-term loans to be repaid for each year within five years after the balance sheet date are as follows.
(Thousand yen)
Due after 1 year Due after 2 years Due after 3 years Due after 4 years
Due within 1 year
but within 2 years but within 3 years but within 4 years but within 5 years
Long-term
borrowings due
within one year
Long-term
borrowings
Total

19,292,000

－

－

－

－

－

17,270,250

7,092,000

11,840,000

15,112,000

19,292,000

17,270,250

7,092,000

11,840,000

15,112,000- 56 -