Creating peace of mind through honest and committed management.

[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

April 6, 2015
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: 03-3502-4891

Ichigo REIT Portfolio Occupancy (Flash Data) – March 2015
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces its portfolio
occupancy as of the end of March 2015:Total
By AssetType

End of February
2015(Final: A)
96.0%

End of March2015(Flash: B)
96.0%

Difference(B-A)－Offices
Others

96.0%

96.0%

－

96.2%

96.2%

－Central Tokyo

97.0%

96.6%

-0.4%

96.0%

96.3%

+0.3%

94.0%

94.0%

－95.7%

96.0%

+0.3%

66620
187,320.58m2
179,876.17m2

65605
184,900m2
177,600m2

-1-15

Tokyo
Metropolitan Area
By Area
Four Major
Regional Cities
Other RegionalCities
No. of Assets
No. of Tenants
Leasable Area
Leased Area

(Note 1) The above figures have not been audited.
(Note 2) Leasable Area is the total space of the individual properties that is available to be leased
and is subject to minor adjustments due to refurbishing or individual rental contract terms.
(Note 3) “Central Tokyo” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and ShinagawaWards. “Tokyo Metropolitan Area” refers to Tokyo (excluding the six wards above),
Kanagawa, Chiba, and Saitama Prefectures. “Four Major Regional Cities” refers to Osaka,Nagoya, Fukuoka, and Sapporo.
(Note 4) Leasable Area and Leased Area for Flash Data are rounded down to the nearest hundred
square meters.

1Explanation of Changes
New tenants at Ichigo Shin-Yokohama Building and Ichigo Sagamihara Building resulted in
improved occupancy for Tokyo Metropolitan Area. Meanwhile, lease terminations at Ichigo
Kanda-Nishikicho Building and Ichigo Ginza 612 Building decreased occupancy in CentralTokyo.
Also, as announced in the March 20, 2015 release “Sale of Portfolio Asset,” Ichigo REIT sold theIchigo Sendai Chuo Building at a profit.
Leasing and Value Enhancement Activities
On an on-going basis, Ichigo REIT conducts value-add renovations to enhance the amenity of its
assets, improve tenant satisfaction, and generate high returns for Ichigo REIT shareholders. In
carrying out these value-add renovations, Ichigo REIT takes advantage of the Ichigo Group’s
broad environmental and architectural capabilities and expertise.
As one example, Ichigo REIT has recently conducted strategic value-add renovations to theIchigo Nanpeidai Building targeted at the needs of major tenants in the Shibuya area. Specifically,Ichigo REIT conducted a phased renovation to renew the building’s interior and equipment withthe specific aim of attracting IT and advertising industry tenants. As these types of tenants tend tohave flexible work patterns, Ichigo REIT installed high-grade, high-flexibility air conditioningsystems.
As a result, Ichigo REIT was able to acquire new tenants at higher new contract rents that reflect
the building improvements.

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Details of Ichigo Nanpeidai Building Renovation(million yen)
Fiscal PeriodRenovation Details

Cost

October 2011

Renewal of 1st floor entrance, new signage

3

April 2012

New air conditioning (Floors 6-10)

17

October 2012

Renovation of common areas (Floors B1, 4)

7April 2013

Renovation of common areas (Floors 2,5,6 )10April 2013

New air conditioning (Floors B1, 2-5)

18

October 2013

Renovation of common areas (Floors 3,8)

6

Occupancy and New Contract Rents(%)

New contract rents
140

100.0

100.0

100.0

100.0

100.0

91.9
90.0

90.0
120

122

87.2
116

80.0

113
103
100
10070.0
New contract rents (left axis)
Occupancy (right axis)

8060.0
Apr 2012 (1)Oct 2012 (-)

Apr 2013 (2)Oct 2013 (1)Apr 2014(-)

Oct 2014 (1)Apr 2015 (1)Notes: Excludes basement floor units. The number in the parentheses after the fiscal period is the numberof new contracts in that period. Figures for the April 2015 period are as of January 31, 2015

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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