Ichigo Office(8975)

April 26th Asset Sales & Today’s Asset Acquisitions
Supplementary Material
May 20, 2024

Ichigo Office REIT Investment Corporation (8975)
Ichigo Investment Advisors Co., Ltd.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

www.ichigo-office.co.jp/en

Make The World
More Sustainable© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

This material supplements the information on Ichigo Office’s strategic initiatives
during the April 2024 and October 2024 fiscal periods detailed in the following
releases:
April 26, 2024 Releases“Sale of Two Portfolio Assts (Ichigo Ofuna Building, Ichigo Kudan 2 ChomeBuilding)”“Upward Earnings Forecast Revisions for the April 2024 Fiscal Period &October 2024 Fiscal Period”
Today’s Releases“Issuance of New Shares via Third-Party Allotment”“Acquisition of Six Office Assets”“New Loans for Acquisition of Office Assets”“Upward Earnings Forecast Revision for the October 2024 Fiscal Period”© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

3Significance of Sales & Acquisitions & Third-Party Allotment
Monetizing Higher Asset Values Generated via Value-Add & Distributing
Proceeds to Shareholders
 Significantly Increased Asset Values via Value-Add— Ichigo Ofuna Building Sale Price: 10% Above Appraisal Value, 20% Above Book Value– Ichigo Ofuna Building Gains on Sale of c. JPY 260M to be Distributed as April 2024 Dividend— Ichigo Kudan 2 Chome Building: 70% Above Appraisal Value, 170% Above Book Value– Ichigo Kudan 2 Chome Building Gains on Sale of c. JPY 1.06B to be Distributed as October
2024 Dividend

Acquiring New Assets With Earnings Upside & Executing Value-Add toDrive Further Growth in Shareholder Value Buying 6 High-Quality Mid-Size Office Assets (Total Acquisition Price JPY 15.4B)
With Earnings Upside in Central Tokyo and Central Fukuoka

Both of Ichigo Office’s Sponsors Taking Actions to Support Ichigo Office’sGrowth Provision of High-Quality Asset Pipeline (Ichigo) Participation in Third-Party Share Issuance (Ichigo Trust)
Note: Of the total gains on sales, Ichigo Office will retain JPY 101 million of the gains on sales as retained earnings within the J-REIT taxation rules anddistribute the remainder as dividends© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Dividend Impact of Sales & Acquisitions & Third-Party Allotment– Impact of Asset Sales on Dividend Forecasts: April 2024: +JPY 163(+8.1%), October 2024: +JPY 596 (+28.8%)– Impact of Asset Acquisitions & New Share Issuance on Dividend
Forecasts: October 2024: +JPY 614 (+29.7%)
April 2024 Dividend (JPY)

October 2024 Dividend (JPY)+28.8%+29.7%+8.1%

2,115(Reference)
October 2023
Actual2,169
2,006April 2024
(InitialForecast)April 2024
(RevisedForecast)

2,662

2,680

October 2024
(RevisedForecast)

October 2024
(New Forecast)

2,066

October 2024
(InitialForecast)(Note 1) The preconditions of the initial April 2024 earnings forecast announced in December 2023 and the revised forecast announced in April 2024 differ because therevised forecast reflects the impact of the asset sales and a re-evaluation of the preconditions of existing assets, i.e., dividend increase due to asset sales.
(Note 2) The preconditions of the October 2024 earnings forecast announced in December 2023 and the revised forecast announced in April 2024 differ because therevised forecast reflects the impact of the asset sales, asset acquisitions, and third-party allotment, and a re-evaluation of the preconditions of existing assets.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Third-Party Allotment Overview
Maximizing Equity Proceeds & Minimizing Dilution
 Issuing Shares at Previous Trading Day’s Closing Price – No Risk of IssuancePrice Being Pushed Down by Share Price Decreases During Book Building
Period Issuing Shares at No Discount and None of the Significant Underwriter &Offering Costs That Are Typical of Public Offerings
Third-Party Allotment Overview

Number of Shares to be Offered

41,567 Shares

Issue Price

JPY 84,200 per ShareTotal Issue AmountJPY 3,499,941,400

Offering Method

Third-Party Allotment

Allottee and Number of Shares
to be Issued to Allottee

Ichigo Trust: 41,567 Shares© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Overview of Asset Sales & Acquisitions
BeforeSales & Acquisitions

Asset Sales

Asset Acquisitions

AfterSales &Acquisitions

Portfolio Size

88 assets/
JPY 212.4B

2 assets/
JPY 2.7B

6 assets/
JPY 15.4B

92 assets/
JPY 225.1B

Central Tokyo %54.0%––54.7%

Tokyo
Metropolitan
Area %

21.9%

––

19.8%

Four Major
Regional Cities %

18.5%

––

20.2%

NOI (Annual)

JPY 11.21B

JPY 170M

JPY 650M

JPY 11.69B

Ichigo Akihabara East Building
Ichigo Ofuna Building
Ichigo Kudan 2 Chome Building Ichigo Hakata Meiji Dori Building
Ichigo Hakata Gion Building
Ichigo Tenjin North BuildingIchigo Gotanda West Building
Ichigo Otemachi North Building(Note 1) Annual NOI: Calculated by IIA
Before Sales & Acquisitions: Annualized April 2024 NOI as of today
Asset Sales: Annualized April 2024 NOI of the Ichigo Ofuna Building and Ichigo Kudan 2 Chome Building as of today
Asset Acquisitions: NOI of 6 assets calculated using the appraisal value of each asset as of the acquisition date and direct capitalization method
After Sales & Acquisitions: NOI Before Sales & Acquisitions minus NOI of assets to be sold plus NOI of assets to be acquired(Note 2) Percentages are calculated on an acquisition-price basis© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Overview of Asset Acquisitions (6 Offices/JPY 15.4B)– Acquiring Offices Located in Central Tokyo & Central Fukuoka– Deploying Value-Add Capex to Drive Asset Value
Asset Number

O-102

O-103

Asset Name

Ichigo Akihabara
East Building

O-104

O-105

Ichigo Hakata Meiji Ichigo Hakata Gion Ichigo Tenjin North
Dori Building
Building
Building

O-106

O-107

Ichigo Gotanda
West Building

Ichigo Otemachi
North Building

ExteriorAcquisition Date

May 30, 2024

Acquisition Price

JPY 3,240M

JPY 3,080M

JPY 1,700M

JPY 1,550M

JPY 3,950M

JPY 1,946M

Appraisal Value

JPY 3,370M

JPY 3,460M

JPY 1,710M

JPY 1,570M

JPY 4,010M

JPY 2,060M

NOI Yield

4.1%

5.4%

4.5%

4.7%

4.6%

4.3%

SellerFinancing Method

GK Kizuna1

Ichigo Estate
New Share Issuance via Third-Party Allotment, Loans, Cash-on-hand

NOI Yield is equal to Annual NOI calculated by IIA minus Acquisition Price© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

8Ichigo Akihabara East Building (O-102)– Mid-Size Central Tokyo Office Offering Convenient Access– Deploying Value-Add Capex to Drive Asset Value, Tenant Satisfaction,& Rental Income
Value-Add Plan1
 Renewal of common areas including restrooms
 Long-term rent increase negotiations,re-tenanting
 Close 15% rent gap2

Common Area Renovation Example(Ichigo Shibuya Dogenzaka Building)

Asset Details
Acquisition Price

JPY 3,240 million

Appraisal Value

JPY 3,370 million

Expected NOI Yield

4.1%

Asset TypeOfficeLocation

2-19 Kanda Sakumacho, Chiyoda-ku, Tokyo

Access3-min walk from Akihabara Station on JR
Yamanote Line, 1-min walk from Akihabara
Station on Hibiya Line

Leasable Area

2,100.93m2

Structure

SRC, B1F / 8F

Date Built

March 1988

Occupancy

100% (as of March 31, 2024)

Building Photos(Note 1) The value-add plans on this page and the following pages are plan as oftoday and are subject to change. The value-add examples on this page
and the following pages are not of the assets being acquired.
(Note 2) Rent gap refers to the gap between the expected rent calculated by IIA
reflecting the asset’s value-add plan and the current rent.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Hakata Meiji Dori Building (O-103)– Mid-Size Office Located Near Hakata Station & Tenjin Areas, Offering
Convenient Access– Deploy Value-Add Capex to Drive Asset Value, Tenant Satisfaction, &Rental Income
Ichigo Layout Office Example

Value-Add Plan

(Ichigo Nakameguro Building) Renovate vacant space with Ichigo Layout Office format–Target ROI >8% Renovate common areas including pantries & entrance Close 30% rent gap
Asset Details
Acquisition Price

JPY 3,080 million

Appraisal Value

JPY 3,460 million

Expected NOI Yield

5.4%

Asset TypeOfficeLocation

8-17 Tenyamachi, Hakata-ku, Fukuoka City

Access1-min walk from Gofukucho Station on Fukuoka
City Subway Hakozaki Line, 4-min walk fromNakasu Kawabata Station on Fukuoka City
Subway Kuko Line

Leasable Area

3,374.97m2

Structure

Steel, 7F

Date Built

October 2007

Occupancy

76.6% (as of March 31, 2024)(Note) Ichigo Layout Office is a service that differentiates Ichigo buildings fromthose of its competitors by providing fully-fitted offices to acceleratetenant move-ins and reduce tenant costs

Building Photos© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Hakata Gion Building (O-104)– Mid-Size Office Located in one of Fukuoka City’s Prime Office Areas– Deploy Value-Add Capex to Drive Asset Value, Tenant Satisfaction, &Rental Income
Value-Add Plan
 Conduct leasing activities tailored to needs of tenants inthe area, including dividing currently vacant spaces andvacant spaces in the future Renovate common areas including restrooms Close 15% rent gap
Asset Details
Acquisition Price

JPY 1,700 million

Appraisal Value

JPY 1,710 million

Expected NOI Yield

4.5%

Asset TypeOffice

Location

4-61 Gionmachi, Hakata-ku, Fukuoka City

Access2-min walk from Gion Station on Fukuoka City
Subway Kuko Line & Kushida Jinjamae Station on
Fukuoka City Subway Nanakuma Line

Leasable Area

1,632.29m2

Structure(1) Steel, 9F; (2) Steel, one-story building

Date Built

February 2009Occupancy

88.0% (as of March 31, 2024)

Ichigo Layout Office Example(Ichigo Hakata East Building)

Building Photos© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Tenjin North Building (O-105)– Mid-Size Office Located in one of Fukuoka City’s Prime CBD, Offering
Convenient Access by Train– Deploy Value-Add Capex to Drive Asset Value, Tenant Satisfaction, &Rental Income
Value-Add Plan

Conversion Example

 Convert 8th floor residential section to office section–Aim for ROI>10%

 Improve energy efficiency via installing LED lighting
 Close 20% rent gap
Asset Details
Acquisition Price

JPY 1,550 million

Appraisal Value

JPY 1,570 million

Expected NOI Yield

4.7%

Asset TypeOfficeLocation

4-6-28 Tenjin, Chuo-ku, Fukuoka City

Access6-min walk from Tenjin Station on Fukuoka City
Subway Kuko Line

Leasable Area

1,475.75m2

Structure(1) SRC/RC, 8F; (2) Steel, 1F

Date Built

October 1985

Occupancy

100% (as of March 31, 2024)

Building Photos© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Gotanda West Building (O-106)– Mid-Size Office Located in Convenient Gotanda Area With High Office
Demand– Deploy Value-Add Capex to Drive Asset Value, Tenant Satisfaction, &Rental Income
Value-Add Plan Renovate common areas on 2nd-5th floors–Re-tenant 7th floor section at 80% rent increase after renovating common areas

 Convert 2 vacant sections on 6th floor to Ichigo Layout Office Close 15% rent gap
Asset Details
Acquisition Price

JPY 3,950 million

Appraisal Value

JPY 4,010 million

Expected NOI Yield4.6%Asset TypeOfficeLocation

2-18-3 Nishi Gotanda, Shinagawa-ku, Tokyo

Access4-min walk from Gotanda Station on JR Yamanote,Tokyu Ikegami, & Toei Asakusa Lines

Leasable Area

2,735.34m2

Structure

SRC, B1F / 8F

Date Built

March 1985

Occupancy

85.4% (as of March 31, 2024)

Building Photos© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Ichigo Otemachi North Building (O-107)– Mid-Size Office Located in Uchikanda Area Offering Convenient
Access Within Central Tokyo– Deploy Value-Add Capex to Drive Asset Value, Tenant Satisfaction, &Rental Income
Value-Add Plan Convert 3 floors into Ichigo Office Layout formats––Target ROI >10%Re-tenant at 50% rent increase after converting another floor into Ichigo Layout Office format

 Close 20% rent gap
Asset Details
Acquisition Price

JPY 1,946 million

Appraisal Value

JPY 2,060 million

Expected NOI Yield

4.3%

Asset TypeOfficeLocation

1-15-7 Uchikanda, Chiyoda-ku, Tokyo

Access6-min walk from Kanda Station on JR Yamanote
Line, 3-min walk from Awajicho Station on Tokyo
Metro Marunouchi Line & Ogawamachi Station on
Toei Shinjuku Line

Leasable Area

1,237.43m2

Structure

Steel, 12F

Date Built

February 2008

Occupancy

93.3% (as of March 31, 2024)

Building Photos© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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Disclaimer
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as,
an offer to sell or a solicitation of an offer to buy any securities of Ichigo Office REIT Investment Corporation (“Ichigo Office”).
These materials are not disclosures or reports based on the Financial Instruments and Exchange Law (Act No. 25 of 1948,
including subsequent revisions), Investment Trust and Investment Corporation Law (Act No. 198 of 1951) and other applicablelaws and regulations, the Tokyo Stock Exchange regulations, the Investment Trust Association rules, and other applicable rulesand regulations.
These materials may contain forward-looking statements regarding the intent, belief or current expectations of management ofIchigo Office with respect to financial condition and future results of operations. These statements are based on certain
assumptions founded on currently available information. Accordingly, such statements are subject to risks, uncertainties andassumptions and there is no assurance as to actual financial conditions or results of operations. Actual results may vary fromthose indicated in the forward-looking statements. Accordingly, please refrain from solely relying on these statements.
These materials have been created by the management of Ichigo Office and Ichigo Investment Advisors Co., Ltd. (“IIA”) withthe belief that the information contained is accurate. However, there is no assurance given as to the accuracy, certainty, validityor fairness of any such information. Please note that the content of these materials is subject to revision or retraction without
prior notice.
This document is a translation. If there is any discrepancy between the Japanese version and the English translation, theJapanese version shall prevail. No copying or reproduction of these materials or part of these materials is allowed withoutobtaining prior consent from Ichigo Office and IIA.

Make The World
More Sustainable

Ichigo Office IR Desk (8975)
TEL：+81-3-4485-5231
E-mail: IR_Office@ichigo.gr.jp
www.ichigo-office.co.jp/en
Ichigo is Japan’s first zero-carbon listed real estate company.
We are taking responsibility for our environmental footprint by offsetting ourcarbon emissions and investing in low-carbon technologies such as solar energy.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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