Ichigo Office REIT
Semi-Annual Report (Audited)
36th Fiscal Period
May 1, 2023 – October 31, 2023

Ichigo Office REIT Investment Corporation
Marunouchi Park Building 20F, 2-6-1 Marunouchi, Chiyoda-ku, Tokyo 100-6920

Message from Management

We extend our gratitude to all Ichigo Office shareholders for your trust.
Ichigo Office has continuously worked to drive shareholder value by constantly executing various measures.
During the October 2023 period, we conducted a strategic asset acquisition and sales. We sold the Twicere
Yokohama Isogo (sales price 1.6 billion yen), a partially owned commercial asset. In return, we acquired the
Ichigo Kinshicho South Building (acquisition price 1.8 billion yen), a mid-size office located in an area which
offers convenient access to central Tokyo office areas such as Tokyo and Otemachi Stations.
As a result, Ichigo Office’s AUM (assets under management) at period-end has grown to 212.4 billion yen. The
increase in portfolio earnings and unrealized gains will contribute to our sustainable growth and maximizing ourshareholder value.
Going forward, we will deploy our value-add capex capabilities to our newly acquired assets to further enhance
the competitiveness and profitability. Although the occupancy for Twicere Yokohama Isogo decreased after amajor tenant had departed, we were able to lease up half of the vacated space, and by selling this asset at an
appropriate timing, we acquired gain on sales of 105 million yen. The entire amount will be distributed as
dividends for the October 2023 period.
Leasing activities focused on recovery of large-scale vacancies is proceeding favorably, and we will continuously
make efforts to increase tenant satisfaction and focus on social contributions, while taking into consideration rent
levels and occupancy of our portfolio.
As a result of these activities, Ichigo Office’s October 2023 earnings were: operating revenue of 7,914 million
yen, operating profit of 3,914 million yen, recurring profit of 3,096 million yen, and net income of 3,095 million
yen. The dividend per share was 2,115 yen, a 100 yen (5.0%) increase from our forecast at period-start.
Ichigo Office’s new initiatives for the April 2024 period include issuance of bonds (350 million yen) to its
sponsor to finance proactive value-add capex deployment. Our aim is to maximize our shareholder value by
growing the asset value through deploying value-add capex.
Ichigo Office will continue to work to build a robust mid-size office portfolio and promote its ESG activities
with the aim to drive sustainable growth and maximize shareholder value.

Thank you so much for your continued support.
Keisuke Chiba, Executive Director
Ichigo Office REIT Investment Corporation(right)Takafumi Kagiyama, Executive Director
Ichigo Office REIT Investment Corporation(left)-2-

Asset Management Overview

1

Historical Investment Performance
32nd Fiscal Period 33rd Fiscal Period 34th Fiscal Period 35th Fiscal Period 36th Fiscal Period
From May 1, 2021 From November 1, From May 1, 2022 From November 1, From May 1, 2023
to October 31,
2021 to April 30,
to October 31,
2022 to April 30,
to October 31,
2021
2022
2022
2023
2023

Operating Revenue

million yen

7,843

8,675

7,800

12,3807,914(Real Estate Rental Income)million yen(7,843)(7,735)(7,798)(7,985)(7,807)

Operating Expenses

million yen

3,881

4,238

4,025

5,191

4,000

(Real Estate Rental
Expenses)million yen(2,887)(2,991)(3,122)(3,223)(3,131)

Operating Profit

million yen

3,962

4,436

3,775

7,189

3,914

Recurring Profit

million yen

3,201

3,691

3,001

6,390

3,096

Net Income

million yen

3,200

3,690

3,001

6,390

3,095

Total Assets

million yen

227,653

228,020

229,966

235,897

231,001(Period-on-Period Change)%

Net Assets

million yen(Period-on-Period Change)(-0.0)

(0.2)

(0.9)

(2.6)

(-2.1)

102,421102,806

102,011105,296

101,999%(-0.0)(0.4)(-0.8)(3.2)(-3.1)

Shareholders’ Equity

million yen

67,67567,67567,67567,67567,675

Number of Shares
Outstanding

shares1,513,367

1,513,367

1,513,367

1,513,367

1,513,367

Net Assets per Shareyen

67,67867,932

67,407

69,57767,399Total Dividends

million yen

3,306

3,795

3,105

6,392

3,200

Dividend per Share

yen

2,185

2,508

2,052

4,224

2,115

(Payable Dividend per Share)yen(2,185)(2,508)(2,052)(4,224)(2,115)(Dividend per Share in
Excess of Earnings)

yen

(–)

(–)

(–)

(–)

(–)

Ratio of Recurring Profit toTotal Assets(Note 1)%

1.4(2.8)

1.6(3.3)

1.3(2.6)

2.7(5.5)

1.3(2.6)

Return on Equity(Note 1)%

3.1(6.2)

3.6(7.3)

2.9(5.8)

6.2(12.4)

3.0(5.9)

Shareholder Equity Ratio(Note 1)

%

45.0

45.1

44.4

44.6

44.2

%

(-0.0)(0.1)(-0.7)(0.3)(-0.5)

%

103.4

102.9

103.4

100.0

103.4

Number of Assets

assets

86

85

86

88

88

Number of Tenants at PeriodEnd

tenants

930

923

938

998

1,008

(Period-on-Period Change)
Dividend Payout Ratio(Note 2)Other Reference Information

Total Leasable Aream

2

264,701.15

263,948.70

266,866.48

269,700.94

269,114.17

Occupancy at Period-End

%

95.4

94.7

96.5

95.9

96.8

Depreciation

million yen

887

893

910

950

971

Capital Expenditure

thousand yen

625,613674,547

632,888828,674

775,081

NOI (Net Operating Income) (Note 1)

million yen

5,843

5,637

5,586

5,712

5,648

yen

2,701

2,408

2,584

1,947

2,617

days

184

181

184

181

184

FFO (Funds fromOperations) per Share(Note 1)

Number of Days in the
Period(Note 1) 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 2) 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

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2

Summary of Operating Results for the Fiscal Period Ended October 31, 2023

(1) Overview
In the fiscal period ended October 31, 2023, Ichigo Office’s 36th fiscal period, Ichigo Office conducted a strategic asset acquistionand sales by selling a commercial asset located in Yokohama and acquiring a mid-size office located in Tokyo with growth potential
and currently fully occupied in return. Although the occupancy for the asset sold had decreased after the departure of a major tenant,Ichigo Investment Advisors, the asset management company of Ichigo Office, worked to lease up half of the vacated space, and as
result the sales price exceeded the recent appraisal value. Ichigo Office also made efforts to strengthen its organic growth potentialby 1) increasing asset value and investment efficiency via its value-add capex (Note) and 2) driving earnings growth with a focus on
tenant satisfaction. Ichigo Office seeks to construct a portfolio specializing in mid-size offices which can generate both earnings
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
With expectations to the COVID pandemic settling down, both economic and social activities in Japan has almost recovered to preCOVID standards. Although there are some global investors making changes to their investment strategies due to concerns such as
the worldwide increase in interest rates, Russia’s invasion of Ukraine, and turmoil in the Middle East. Japan’s continuously low
interest rates and the weak yen is driving the market for Japanese real estate investments, we continue to see strong investment
demands, and acquisition prices remain at high standards.
Yield for office assets remain at low levels, and this trend is expected to continue for the time being. Meanwhile, increase invacancy and decrease in new rents are noteworthy concerns for assets located in non-prime areas, and this may affect the market
environment going forward. Limited investment opportunities in Central Tokyo due to high prices is driving greater interest forinvestments 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 factor 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
During the current fiscal period, Ichigo Office worked to drive the earnings of individual assets with the aim of increasing portfolio
NOI, while taking into consideration rent levels and occupancy. Due to successful leasing activities, particularly in Central Tokyo,
the occupancy at period-end was 96.8%. In line with the spirit of RE100, a global initiative to accelerate the transition of electricity
used by businesses to 100% renewable energy, Ichigo Office has maintained its carbon-free operation across all assets, andcontinuously working to conserve energy by installing LED lights.
Ichigo Office sold the Twicere Yokohama Isogo, a commercial asset, and distributed the gain on sales to its shareholders. It alsoacquired the Ichigo Kinshicho South Building in order to pursue a robust mid-size office portfolio. As a result, the number of assets
owned at period-end was 88 assets (total acquisition price: 212,422 million yen).

(3) Financing
During the current fiscal period, Ichigo Office borrowed a total of 2,000 million yen in May 2023, a total of 3,047 milliom yen in
September 2023, and a total of 2,600 million yen in October 2023 from banks to repay loans that came due in respective months. To
maintain a stable financial base, Ichigo Office works to diversify repayment dates and is prudent about interest rate risks.

-4-(4) Earnings and Dividends
As a result of the management initiatives above, Ichigo Office recorded an operating revenue of 7,914 million yen, operating profitof 3,914 million yen, recurring profit of 3,096 million yen and net income of 3,095 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, mainly due to the loss on sales of real estate posted when assets
were transferred in the past for the purpose of improving portfolio quality, it may internally reserve profits if it has total net gains onsales of real estate assets and other profits from operations.
For this period, Ichigo Office has decided to pay a total dividend of 3,200 million yen, which is the total amount (except for
fractions in which the dividend per share is less than one yen) of unappropriated retained earnings (3,096 million yen) and thereversal of reserves for temporary difference adjustments (105 million yen). As a result, the dividend per share came to 2,115 yen.

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 andFebruary 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 to purchase 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 Officelists its shares, for each period.
32nd Fiscal Period
From May 1, 2021 toOctober 31, 2021

33rd Fiscal Period
From November 1, 2021 toApril 30, 2022

34th Fiscal Period
From May 1, 2022 to
October 31, 2022

35th Fiscal Period
From November 1, 2022 toApril 30, 2023

36th Fiscal Period
From May 1, 2023 to
October 31, 2023

High

101,400 yen

88,600 yen

88,400 yen

101,700 yen

91,400 yen

Low

86,300 yen

76,300 yen

81,000 yen

83,300 yen

83,800 yen

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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 3,200 million yen, which is the entire amount (except for fractions in which thedividend per share is less than one yen) of unappropriated retained earnings of 3,096 million yen, plus 105 million yen. As a result,the dividend per share came to 2,115 yen.
33rd Fiscal Period
35th Fiscal Period
32nd Fiscal Period
34th Fiscal Period
36th Fiscal Period
From November 1,
From November 1,
From May 1, 2021
From May 1, 2022
From May 1, 2023
2021 to April 30,
2022 to April 30,
to October 31, 2021
to October 31, 2022
to October 31, 2023
2022
2023
Unappropriated Retained Earnings

thousand yen

3,201,892

3,691,120

3,001,684

6,391,351

3,096,669

Retained Earnings for Dividend
Reservethousand yen

–

–

–

103,000–

Total Dividends

thousand yen

3,306,706

3,795,524

3,105,429

6,392,462

3,200,771(2,185)(2,508)(2,052)(4,224)(2,115)3,306,706

3,795,524

3,105,429

6,392,462

3,200,771(2,115)(Dividend per Share)

yen

Distributable Earnings

thousand yen(Distributable Earnings per Share)(2,185)(2,508)(2,052)(4,224)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)

yen

-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 andprefectural capitals whose primary use is as offices, as well as real estate-backed securities related to these assets. In particular,
Ichigo Office builds a portfolio specializing in mid-size offices with a focus on growth potential while securing earnings stability,
given that both stability and growth potential can be expected in mid-size offices and that the replacement of assets in the portfolio
in a mobilized manner 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 steadyacquisition-driven 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 salesof 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- Pursue investment efficiency- Minimize downtime at re-tenanting and free-rent periods(3) Financing Strategy
For the refinancing of existing loans, Ichigo Office will consider fixing borrowing rates and promoting the extension anddiversification of borrowing periods, due to the unstable social situations leading to a rise in interest rates. With respect to the longterm issuer rating it has acquired from Japan 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: Stable).”

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6

Significant Subsequent Events

Ichigo Office issued its First Callable Unsecured Investment Corporation Bond (subordinated and limited to qualified institutional
investors) based on the Board of Directors approval on November 13, 2023.
Total Issue AmountIssue Price
Interest Rate
Payment Date
Collateral
Redemption Date
Use of Proceeds
Allotee
Subordination Agreement

Transfer Restrictions

JPY 350 million
Par (JPY 100)
1.00% (fixed rate)
November 20, 2023
No
November 20, 2033
Value-add capex
Ichigo Inc.
In the event of an Ichigo Office liquidation or rehabilitation, Investment Corporation Bonds
will be treated as subordinated bankruptcy claims or subordinated rehabilitation claims. If
proceedings related to liquidation under Japanese law, or liquidation, bankruptcy, or
rehabilitation pursuant to laws outside of Japan arise and are ongoing, neither interest nor
principal payment will be made until senior claims have been repaid in full.
Sales of the Investment Corporation Bonds requires the approval of Ichigo Office, and can only
be sold to qualified institutional investors as defined in Article 10, Clause 1 of the Cabinet
Office Ordinance Relating to Definitions Prescribed in Article 2 of the Financial Instruments
and Exchange Law.

-8-

Ichigo Office Overview

1

Shares and Shareholders’ Equity

Number of Authorized
SharesNumber of Shares
Outstanding
Shareholders’ Equity
Number of Shareholders

2

32nd Fiscal Period
October 31, 2021

33rd Fiscal Period
April 30, 2022

34th Fiscal Period
October 31, 2022

35th Fiscal Period
April 30, 2023

36th Fiscal Period
October 31, 2023

shares

14,000,000

14,000,000

14,000,000

14,000,000

14,000,000

shares1,513,367

1,513,367

1,513,367

1,513,367

1,513,367

million yen
persons

67,675
14,10467,675
15,99467,675
16,12567,67520,032

67,67519,997

Major Shareholders

Major shareholders as of October 31, 2023 are as follows:
Name

SharesIchigo Trust Pte. Ltd.
Custody Bank of Japan, Ltd., Trust Account
The Master Trust Bank of Japan, Trust AccountIchigo Inc.
Nomura Trust & Banking Co., Ltd. Investment Trust Account
SMBC Nikko Securities Inc.
STATE STREET BANK WEST CLIENT – TREATY 505234
JP MORGAN CHASE BANK 385781
Japan Securities Finance Co., Ltd.
JP MORGAN CHASE BANK 385771
Total

426,872
268,221
170,307
107,040
56,05722,00821,886
14,506
13,447
13,079
1,113,423

Ratio of Shares Held to Total Numberof Shares Issued (%) (Note)
28.20
17.72
11.25
7.07
3.70
1.45
1.44
0.95
0.88
0.86
73.57

(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, 2023 are as follows:
Title

Name of Director

Hokuto Sogo Law Office, Partner
Visionary Holdings Inc., Director(Note 3)

Executive Director

Other Major Positions

Keisuke Chiba(Note 4)Masahiro Terada

Supervisory
Directors

Noriko Ichiba

Yuji Maruo
Accounting Auditor(Note 4)

Grant Thornton Taiyo LLC

2,160
―

Takafumi Kagiyama

Total Compensation
During the Current Fiscal
Period(thousand yen)

Miura & Partners, Partner
SBI Shinsei Bank Limited, Independent Director
Ichiba CPA Office, Representative
UPRISE Certified Tax Accountant’s Co., Representative
Daiho Corporation, External Auditor
COMPASS Co. Ltd., Partner
Nisshinbo Holdings Inc., External Auditor
Equity Partners Co., Ltd., Representative Director
Saint Clair Co., Ltd., Representative Director
―

1,440
1,440

1,440

960
(Note 5)9,930

(Note 1) The Executive and Supervisory Directors do not own shares of Ichigo Office under either their own name or another person’s name.
(Note 2) Agreements of indemnity between Ichigo Office and the Executive and Supervisory Directors do not exist.
(Note 3) On April 7, 2023, Ichigo Office received a notice of resignation, effective April 30, 2023 from Takaaki Fukunaga, the Executive Officer.
Accordingly, Keisuke Chiba, the Alternate Executive Director, was appointed as the new Executive Director on May 1, 2023.
(Note 4) Takafumi Kagiyama and Yuji Maruo were newly appointed as Executive Director and Supervisory Director, respectively, at the 14th Extraordinary
General Meeting of shareholders on June 23, 2023.
(Note 5) The total amount of fees paid to Grant Thornton Taiyo LLC includes fees (200 thousand yen) for services other than those stipulated in Article 2,
Paragraph 1 of the Certified Public Accountants Law. In addition, there is no fees paid to any person belonging to the same network as theaforementioned audit firm.

-9-(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.

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 arisingfrom the actions (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, 2023 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.

- 10 -

Assets under Management

1

Asset Composition
Asset Type

Area
(Note 1)

Real Estate
Trust BeneficiaryInterest in Real Estate(juekiken)(Note 3)35th Fiscal Period (as of April 30, 2023)

36th Fiscal Period (as of October 31, 2023)

Book Value(million yen)(Note 2)

Ratio to Total Assets(%)

Book Value(million yen)(Note 2)

Ratio to Total Assets(%)

Central Tokyo

5,932

2.5

5,939

2.6

Tokyo Metropolitan Area

3,925

1.7

5,851

2.5

Four Major Regional Cities

10,140

4.3

10,091

4.4

Central Tokyo

107,77345.7

107,722

46.6

Tokyo Metropolitan Area

42,072

17.8

40,631

17.6

Four Major Regional Cities

27,87911.8

27,914

12.1

Other Regional Cities
Subtotal

Investment in Securities (Note 4)

10,227

4.3

10,121

4.4

207,95188.2

208,272

90.2
0.0

39

0.0

39

Deposits and Other Assets

27,905

11.8

22,688

9.8

Total Assets

235,897100.0

231,001100.0(Note 1) Areas are defined as follows:
Central Tokyo
Tokyo Metropolitan Area

: Chiyoda, Minato, Chuo, Shinjuku, Shibuya and Shinagawa Wards: 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.)(Note 2) 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 bookvalue 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.
(Note 3) 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.
(Note 4) TK (tokumei kumiai) real estate equity interest in Kizuna1 GK TK

2Major Assets Owned

The table below is a summary of the major assets owned by Ichigo Office as of October 31, 2023 (top ten assets in terms of bookvalue).
Asset NameBook Value(million yen)
(Note 1)

Leasable Area
2(m )Leased Area2(m )Occupancy(%)(Note 2)

Ratio to Total
Rent Revenue(%)

Asset Type

Ichigo Jingumae Building

7,416

4,510.00

4,510.00

100.0

2.5

Ichigo Ebisu Green Glass

5,729

3,159.27

3,159.27

100.0

2.7

OfficeOfficeIchigo Akihabara North Building

5,434

6,250.53

6,250.53

100.0

3.0

OfficeIchigo Marunouchi Building

5,370

8,009.11

8,009.11

100.0

3.0

OfficeIchigo Sasazuka Building

4,868

6,425.29

6,425.29

100.0

2.4

OfficeIchigo Gotanda Building

4,787

5,346.39

4,802.34

89.8

2.5

OfficeIchigo Sakae Building

4,721

3,928.12

3,777.22

96.2

1.5

OfficeIchigo Higashi Ikebukuro Building

4,620

4,437.97

4,064.48

91.6

1.8

OfficeIchigo Nihonbashi East Building

4,290

4,216.97

4,216.97

100.0

1.9

OfficeOfficeIchigo Hiroo Building

3,969

3,510.44

3,299.14

94.0

1.7

Total

51,20849,794.09

48,514.35

97.4

22.9

(Note 1) Book Value does not include construction in progress or construction in progress in trust.
(Note 2) 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.

- 11 -

3

Portfolio Overview

Details of Portfolio Assets
The table below shows the details of assets owned by Ichigo Office as of October 31, 2023.

Asset Name

Location

Form of Ownership

Leasable
Area
2

(m )
O-02

Ichigo Nishisando Building

O-03

Appraisal
Book Value at
Value at
Period-end
Period-end(million yen)(million yen)
(Note 2)
(Note 1)

Yoyogi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,523.19

3,260

3,324

Ichigo Mita Building

Shiba, Minato-ku, Tokyo

Trust beneficiary interest in real estate

4,119.74

3,650

2,735

O-04

Ichigo Nanpeidai Building

Nanpeidaicho, Shibuya-ku,
Tokyo

Trust beneficiary interest in real estate

1,925.24

2,600

1,873

O-05

Ichigo Hanzomon Building

Hayabusacho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,080.37

2,240

1,484

O-06

Ichigo Hijirizaka Building

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,947.90

1,530

1,190

O-07

Ichigo Shibuya
Kamiyamacho Building

Kamiyamacho, Shibuya-ku,
TokyoReal estate

1,321.54

1,940

1,321

O-09

Ichigo Shibakoen Building

Shiba, Minato-ku, Tokyo

Real estate

1,602.29

1,270

1,102

O-10

Ichigo Ebisu Nishi Building

Ebisu-Nishi, Shibuya-ku, Tokyo

Real estate

1,484.39

2,670

1,902

O-11

Ichigo Ginza 612 Building

Ginza, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

1,364.56

2,320

1,797

O-12

Ichigo Uchikanda Building

Uchikanda, Chiyoda-ku, Tokyo

Real estate

1,378.83

1,440

1,114

O-14

Ichigo Yotsuya 4 Chome
Building

Yotsuya, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate780.64

591

497

O-15

Ichigo Tameike Building

Akasaka, Minato-ku, Tokyo

Real estate494.14

734

497

O-16

Ichigo Jimbocho Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

1,891.01

2,370

1,794

O-17

Ichigo Hakozaki Building

Nihonbashi Kakigaracho, Chuoku, Tokyo

Trust beneficiary interest in real estate

2,389.54

1,360

1,119

O-18

Ichigo Kudan 2 Chome
Building

Kudan Minami, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

1,265.76

1,180

756

O-19

Ichigo Kudan 3 Chome
Building

Kudan Minami, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

1,302.43

906

808

O-20

Ichigo Gotanda Building

Higashi Gotanda, Shinagawaku, Tokyo

Trust beneficiary interest in real estate

5,346.39

6,820

4,787

O-21

Ichigo Shin Yokohama
Building

Shin Yokohama, Kohoku-ku,
Yokohama City, Kanagawa

Trust beneficiary interest in real estate

4,097.85

1,670

1,648

O-22

Ichigo Minami Ikebukuro
Building

Minami Ikebukuro, Toshimaku, Tokyo

Trust beneficiary interest in real estate

1,491.50

2,010

1,326

O-23

Ichigo Nakano North
Building

Arai, Nakano-ku, Tokyo

Trust beneficiary interest in real estate

1,264.11

990

703

O-24

Ichigo Eitai Building

Eitai, Koto-ku, Tokyo

Real estate

2,605.54

1,470

1,398

O-26

Ichigo Ikejiri Building

Ohashi, Meguro-ku, Tokyo

Real estate

2,385.69

2,340

1,927

O-27

Ichigo Nishi Ikebukuro
Building

Ikebukuro, Toshima-ku, Tokyo

Real estate

1,261.91

1,070

582

O-28

Ichigo Nishi Gotanda
Building

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

1,334.68

939

757

O-29

Ichigo Kichijoji Building

Kichijoji Honcho, Musashino
City, Tokyo

Trust beneficiary interest in real estate

4,210.87

2,880

2,121

O-34

Ichigo Sakae Building

Sakae, Naka-ku, Nagoya City,
Aichi

Real estate

3,928.12

5,060

4,721

O-37

Ichigo Marunouchi Building

Marunouchi, Naka-ku, Nagoya
City, Aichi

Real estate

8,009.11

8,060

5,370

O-38

Ichigo Toyamaeki Nishi
Building

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

8,601.72

1,850

1,403

O-39

Ichigo Mirai Shinkin
Building

Niagemachi, Oita City, Oita

Trust beneficiary interest in real estate

3,551.46

1,400

1,084

- 12 -

Asset Name

Location

Form of Ownership

Leasable
Area
2

(m )

Appraisal
Book Value at
Value at
Period-end
Period-end(million yen)(million yen)
(Note 2)
(Note 1)

O-42

Ichigo Takamatsu Building

Kotobukicho, Takamatsu City,
KagawaTrust beneficiary interest in real estate

6,329.33

3,990

1,985

O-46

Ichigo Kanda Nishikicho
Building

Kanda-Nishikicho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,523.09

3,320

2,013

O-47

Ichigo Akihabara North
Building

Sotokanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

6,250.53

7,900

5,434

O-48

Ichigo Sakaisuji Honmachi
Building

Honmachi, Chuo-ku, Osaka
City, Osaka

Trust beneficiary interest in real estate

3,729.35

2,490

1,678

O-49

Ichigo Kanda Ogawamachi
Building

Kanda-Ogawamachi, Chiyodaku, Tokyo

Trust beneficiary interest in real estate

2,309.39

2,460

2,184

O-50

Ichigo Hatchobori Building

Shintomi, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,716.33

2,680

1,713

O-51

Ichigo Ebisu Green Glass

Ebisu Minami, Shibuya-ku,
Tokyo

Trust beneficiary interest in real estate

3,159.27

7,690

5,729

O-52

Ichigo Omori Building

Minami Oi, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

3,585.93

4,630

3,796

O-53

Ichigo Takadanobaba
Building

Takadanobaba, Shinjuku-ku,
Tokyo

Trust beneficiary interest in real estate

1,606.92

1,940

1,598

O-54

Ichigo Omiya Building

Miyacho, Omiya-ku, Saitama
City, Saitama

Trust beneficiary interest in real estate

6,213.30

4,490

3,502

O-55

Ichigo Sagamihara Building

Sagamihara, Chuo-ku,
Sagamihara City, Kanagawa

Trust beneficiary interest in real estate

2,960.81

1,350

1,205

O-56

Ichigo Ofuna Building

Ofuna, Kamakura City,
Kanagawa

Trust beneficiary interest in real estate

2,176.47

2,180

1,994

O-57

Ichigo Sendai East Building

Miyagino, Miyagino-ku,
Sendai, Miyagi

Trust beneficiary interest in real estate

5,205.49

2,100

1,530

O-58

Ichigo Kumamoto Building

Karashimacho, Chuo-ku,
Kumamoto City, Kumamoto

Trust beneficiary interest in real estate

4,507.59

1,620

1,567

O-59

Ichigo Jingumae Building

Jingumae, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,510.00

7,890

7,416

O-60

Ichigo Shibuya Dogenzaka
Building

Maruyamacho, Shibuya-ku,
Tokyo

Trust beneficiary interest in real estate

2,789.86

5,690

3,690

O-61

Ichigo Hiroo Building

Hiroo, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,510.44

4,780

3,969

O-62

Ichigo Sasazuka Building

Sasazuka, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

6,425.29

6,320

4,868

O-63

Ichigo Nihonbashi East
Building

Nihonbashi Bakurocho, Chuoku, Tokyo

Trust beneficiary interest in real estate

4,216.97

5,700

4,290

O-64

Ichigo Sakurabashi Building

Hatchobori, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,971.22

3,250

2,532

O-65

Ichigo Shinkawa Building

Shinkawa, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,312.03

3,130

2,390

O-66

Ichigo Kudan Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

3,090.65

3,720

3,268

O-67

Ichigo Higashi Gotanda
Building

Higashi Gotanda, Shinagawaku, Tokyo

Trust beneficiary interest in real estate

4,548.10

4,480

3,650

O-68

Axior Mita

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,369.82

2,680

1,689

O-69

Ichigo Higashi Ikebukuro
Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

4,437.97

5,570

4,620

O-70

Koriyama Big-i (OfficeSection)Ekimae, Koriyama City,
Fukushima

Trust beneficiary interest in real estate

3,433.07

2,200

1,518

O-71

Ichigo Kawasaki Building

Higashi Tamachi, Kawasaki-ku,
Kawasaki City, Kanagawa

Trust beneficiary interest in real estate

3,871.06

2,300

1,821

O-72

Ichigo Shibuya East Building

Higashi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,041.36

1,760

1,378

O-73

Ichigo Ningyocho Building

Nihonbashi Horidomecho,
Chuo-ku, Tokyo

Trust beneficiary interest in real estate

1,769.75

1,680

1,490

O-74

Ichigo Nishi Honmachi
Building

Awaza, Nishi-ku, Osaka City,
Osaka

Trust beneficiary interest in real estate

6,152.00

2,560

2,242

O-75

Ichigo Hakata Building

Gionmachi, Hakata-ku,
Fukuoka City, Fukuoka

Trust beneficiary interest in real estate

2,423.86

1,580

1,378

O-76

Ichigo Nishiki First Building

Nishiki, Naka-ku, Nagoya City,
Aichi

Trust beneficiary interest in real estate

3,324.70

2,250

1,959

- 13 -

Asset Name

Location

Form of Ownership

Leasable
Area
2

(m )

Appraisal
Book Value at
Value at
Period-end
Period-end(million yen)(million yen)
(Note 2)
(Note 1)

O-78

Ichigo Ikebukuro East
Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

3,118.69

3,630

3,005

O-79

Ichigo Motoazabu Building

Motoazabu, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,329.96

2,230

1,915

O-80

Ichigo Otsuka Building

Minami Otsuka, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

3,623.98

3,270

2,765

O-81

Ichigo Nagoya Building

Meieki, Nakamura-ku, Nagoya
City, Aichi

Trust beneficiary interest in real estate

4,930.30

3,920

3,578

O-82

Ichigo Fushimi Building

Nishiki, Naka-ku, Nagoya City,
Aichi

Trust beneficiary interest in real estate

4,155.60

2,580

2,326

O-83

Ichigo Nishiki Building

Nishiki, Naka-ku, Nagoya City,
Aichi

Trust beneficiary interest in real estate

2,006.78

1,500

1,294

O-84

Ichigo Minami Morimachi
Building

Matsugaecho, Kita-ku, Osaka
City, Osaka

Trust beneficiary interest in real estate

2,521.51

1,260

1,085

O-85

Ichigo Shibuya Udagawacho
Building

Udagawacho, Shibuya-ku,
Tokyo

Trust beneficiary interest in real estate

1,491.68

4,200

3,537

O-86

Win Gotanda Building

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

3,689.88

3,840

3,095

O-87

Ichigo Hongo Building

Hongo, Bunkyo-ku, Tokyo

Trust beneficiary interest in real estate

2,743.20

2,720

2,309

O-88

Oimachi Center Building

Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

2,771.41

2,140

1,726

O-89

Win Gotanda Building 2

Osaki, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,434.69

3,740

3,285

O-90

MIF Building

Uchikanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,690.27

2,350

2,187

O-91

Ichigo Uchi Honmachi
Building

Uchi Honmachi, Chuo-ku,
Osaka City, Osaka

Trust beneficiary interest in real estate

3,004.07

1,850

1,998

O-92

Ichigo Minami Otsuka
Building

Minami Otsuka, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

3,129.49

3,390

2,883

O-93

Ichigo Nogizaka Building

Akasaka, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,199.35

3,620

3,494

O-94

Ichigo Hakata East Building

Hakataeki Higashi, Hakata-ku,
Fukuoka City, Fukuoka

Trust beneficiary interest in real estate

2,901.99

2,910

2,326

O-95

Ichigo Nakameguro Building

Aobadai, Meguro-ku, Tokyo

Trust beneficiary interest in real estate

1,083.70

1,580

1,565

O-96

Ichigo Tachikawa Building

Akebonocho, Tachikawa,Tokyo

Trust beneficiary interest in real estate

4,879.78

4,040

3,820

O-97

Ichigo Higashi Ikebukuro 3
Chome Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

2,764.59

3,860

3,889

O-98

Ichigo Marunouchi South
Building

Nishiki, Naka-ku, Nagoya City,
Aichi

Trust beneficiary interest in real estate

1,973.27

1,850

1,796

O-99

Ichigo Hakataeki Higashi
Building

Hakataeki Higashi,Hakata-ku,
Fukuoka City, Fukuoka

Trust beneficiary interest in real estate

3,596.71

3,760

3,498

O-100 Fukuoka Kensetsu Kaikan

Hakataeki Higashi,Hakata-ku,
Fukuoka City, Fukuoka

Trust beneficiary interest in real estate

2,949.22

2,910

2,749

Kotobashi, Sumida-ku,Tokyo

Real estate

2,054.47

2,060

1,942

O-101

Ichigo Kinshicho South
Building

Z-09

Future IZUMIFuchucho, Izumi City, Osaka

Trust beneficiary interest in real estate

3,733.66

566

1,031

Z-10

Ichigo Shibuya Bunkamura
Dori Building

Udagawacho, Shibuya-ku,
Tokyo

Trust beneficiary interest in real estate778.77

2,910

2,445

Z-14

Ichigo Kamata Building

Nishi Kamata, Ota-ku, Tokyo

Trust beneficiary interest in real estate

Total

2,124.68

1,530

1,447

269,114.17

257,216

208,272(Note 1) 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).
(Note 2) The book value at period-end does not include construction in progress or construction in progress in trust.

- 14 -

thth

The table below shows the status of rental activity at Ichigo Office assets in the 35 and 36 fiscal Periods:
35th Fiscal Period
From November 1, 2022 to April 30, 2023
Asset Name

Number ofOccupancy at
Tenants at
Period-end
Period-end(%)(tenants)(Note 2)
(Note 1)

RentalIncome(thousandyen)

36th Fiscal Period
From May 1, 2023 to October 31, 2023

Number ofOccupancy at
Ratio to Total Tenants at
Period-end
RentalPeriod-end(%)
Income (%)(tenants)(Note 2)
(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-02

Ichigo Nishisando Building

16

100.0

137,283

1.7

16

100.0

133,210

1.7

O-03

Ichigo Mita Building

9

73.4

118,749

1.5

10

84.4

91,811

1.2

O-04

Ichigo Nanpeidai Building

13

100.0

80,794

1.0

13

100.0

79,6791.0

O-05

Ichigo Hanzomon Building

5

100.0

65,396

0.8

5

100.0

64,9730.8

O-06

Ichigo Hijirizaka Building

3

94.1

59,263

0.7

3

94.1

55,3540.7

O-07

Ichigo Shibuya Kamiyamacho
Building

587.0

54,049

0.7

5

87.0

47,4480.6

O-09

Ichigo Shibakoen Building

2

86.3

47,154

0.6

2

86.3

40,2520.5

O-10

Ichigo Ebisu Nishi Building

7

100.0

71,338

0.9

7

85.9

65,2380.8

O-11

Ichigo Ginza 612 Building

25

100.0

68,552

0.9

25

100.0

67,9850.9

O-12

Ichigo Uchikanda Building

9

89.8

47,478

0.6

8

79.6

40,1580.5

O-14

Ichigo Yotsuya 4 Chome
Building

981.8

18,184

0.2

10

90.9

19,1080.2

O-15

Ichigo Tameike Building

5

82.8

17,477

0.2

6

100.0

19,0970.2

O-16

Ichigo Jimbocho Building

8

100.0

79,298

1.0

7

85.3

75,5831.0

O-17

Ichigo Hakozaki Building

6

100.0

67,847

0.8

6

100.0

65,4870.8

O-18

Ichigo Kudan 2 Chome
Building

1

100.0

38,539

0.5

1

100.0

44,5030.6

O-19

Ichigo Kudan 3 Chome
Building

463.2

23,468

0.3

4

63.2

26,341

0.3

O-20

Ichigo Gotanda Building

14

89.8

199,305

2.5

14

89.8

192,779

2.5

O-21

Ichigo Shin Yokohama
Building

14

97.7

83,015

1.0

13

100.0

79,8151.0

O-22

Ichigo Minami Ikebukuro
Building

9100.0

61,269

0.8

9

100.0

59,1600.8

O-23

Ichigo Nakano North Building

6

89.0

43,375

0.5

6

89.0

38,4730.5

O-24

Ichigo Eitai Building

10

100.0

73,656

0.9

10

100.0

71,6170.9

O-26

Ichigo Ikejiri Building

6

100.0

93,523

1.2

6

100.0

91,278

1.2

O-27

Ichigo Nishi Ikebukuro
Building

1

100.0

29,217

0.4

1

100.0

29,2170.4

O-28

Ichigo Nishi Gotanda Building

8

100.0

39,319

0.5

8

100.0

41,1550.5

O-29

Ichigo Kichijoji Building

14

100.0

121,955

1.5

14

100.0

115,443

1.5

O-34

Ichigo Sakae Building

19

97.4

213,068

2.7

19

96.2

115,019

1.5

O-37

Ichigo Marunouchi Building

26

100.0

242,130

3.0

25

100.0

236,580

3.0

O-38

Ichigo Toyamaeki Nishi
Building

15

100.0

117,966

1.5

15

100.0

116,165

1.5

O-39

Ichigo Mirai Shinkin Building

21

100.0

75,899

1.0

21

100.0

75,3171.0

O-42

Ichigo Takamatsu Building

15

100.0

161,201

2.0

15

100.0

156,160

2.0

O-46

Ichigo Kanda Nishikicho
Building

11

100.0

90,007

1.1

11

100.0

100,038

1.3

O-47

Ichigo Akihabara North
Building

1

100.0

232,734

2.9

1

100.0

233,6103.0

O-48

Ichigo Sakaisuji Honmachi
Building

14

93.3

95,772

1.2

14

100.0

91,873

1.2

O-49

Ichigo Kanda Ogawamachi
Building

7

79.7

70,489

0.9

8

89.8

71,6880.9

O-50

Ichigo Hatchobori Building

6

84.6

94,742

1.2

6

84.6

77,266

1.0

O-51

Ichigo Ebisu Green Glass

6

100.0

211,123

2.6

6

100.0

212,366

2.7

O-52

Ichigo Omori Building

11

100.0

138,100

1.7

11

100.0

135,865

1.7

O-53

Ichigo Takadanobaba Building

6

75.2

57,596

0.7

7

90.7

44,866

0.6

O-54

Ichigo Omiya Building

28

97.5

165,094

2.1

29

94.4

158,320

2.0- 15 -

35th Fiscal Period
From November 1, 2022 to April 30, 2023
Asset Name

Number ofOccupancy at
Tenants at
Period-end
Period-end(%)(tenants)(Note 2)
(Note 1)

RentalIncome(thousandyen)

36th Fiscal Period
From May 1, 2023 to October 31, 2023

Number ofOccupancy at
Ratio to Total Tenants at
Period-end
RentalPeriod-end(%)
Income (%)(tenants)(Note 2)
(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-55

Ichigo Sagamihara Building

13

100.0

63,137

0.8

13

100.0

62,881

0.8

O-56

Ichigo Ofuna Building

10

94.3

77,746

1.0

10

83.3

72,1950.9

O-57

Ichigo Sendai East Building

10

100.0

106,311

1.3

10

100.0

100,683

1.3

O-58

Ichigo Kumamoto Building

34

100.0

86,255

1.1

33

98.1

81,6011.0

O-59

Ichigo Jingumae Building

6

100.0

184,565

2.3

6

100.0

192,305

2.5

O-60

Ichigo Shibuya Dogenzaka
Building

12

100.0

133,921

1.7

11

100.0

131,649

1.7

O-61

Ichigo Hiroo Building

5

100.0

138,891

1.7

4

94.0

133,015

1.7

O-62

Ichigo Sasazuka Building

6

100.0

198,123

2.5

6

100.0

188,039

2.4

O-63

Ichigo Nihonbashi East
Building

7

100.0

150,531

1.9

7

100.0

148,830

1.9

O-64

Ichigo Sakurabashi Building

6

100.0

88,943

1.1

6

100.0

87,4901.1

O-65

Ichigo Shinkawa Building

6

100.0

79,837

1.0

6

100.0

86,349

1.1

O-66

Ichigo Kudan Building

10

100.0

106,304

1.3

10

100.0

110,975

1.4

O-67

Ichigo Higashi Gotanda
Building

20

100.0

133,823

1.7

20

100.0

135,423

1.7

O-68

Axior Mita

11

100.0

68,181

0.9

11

100.0

70,8250.9

O-69

Ichigo Higashi Ikebukuro
Building

1787.8

147,056

1.8

18

91.6

138,024

1.8

O-70

Koriyama Big-i (OfficeSection)14

94.1

100,509

1.3

16

100.0

105,133

1.3

O-71

Ichigo Kawasaki Building

16

87.6

79,791

1.0

16

87.6

82,238

1.1

O-72

Ichigo Shibuya East Building

3

100.0

44,971

0.6

3

100.0

45,151

0.6

O-73

Ichigo Ningyocho Building

8

100.0

49,170

0.6

8

100.0

48,2520.6

O-74

Ichigo Nishi Honmachi
Building

32

100.0

115,020

1.4

32

100.0

112,337

1.4

O-75

Ichigo Hakata Building

28

100.0

55,158

0.7

28

100.0

54,761

0.7

O-76

Ichigo Nishiki First Building

7

100.0

71,027

0.9

7

100.0

77,3991.0

O-78

Ichigo Ikebukuro East
Building

2

100.0

97,627

1.2

2

100.0

93,291

1.2

O-79

Ichigo Motoazabu Building

3

100.0

68,382

0.9

3

100.0

67,6770.9

O-80

Ichigo Otsuka Building

8

100.0

94,470

1.2

8

100.0

102,420

1.3

O-81

Ichigo Nagoya Building

32

81.6

128,801

1.6

32

81.5

128,128

1.6

O-82

Ichigo Fushimi Building

39

92.2

87,706

1.1

40

92.8

91,203

1.2

O-83

Ichigo Nishiki Building

24

94.3

48,524

0.6

25

100.0

47,5980.6

O-84

Ichigo Minami Morimachi
Building

12

100.0

48,577

0.6

12

100.0

50,1040.6

O-85

Ichigo Shibuya Udagawacho
Building

889.0

61,452

0.8

8

89.0

60,0140.8

O-86

Win Gotanda Building

11

100.0

103,680

1.3

11

100.0

113,917

1.5

O-87

Ichigo Hongo Building

5

81.1

87,944

1.1

5

81.1

83,313

1.1

O-88

Oimachi Center Building

7

100.0

78,534

1.0

6

100.0

67,6640.9

O-89

Win Gotanda Building 2

9

88.7

96,831

1.2

10

100.0

101,952

1.3

O-90

MIF Building

7

88.3

60,111

0.8

7

88.3

60,2360.8

O-91

Ichigo Uchi Honmachi
Building

17

96.1

65,097

0.8

18

100.0

64,3260.8

O-92

Ichigo Minami Otsuka
Building

8

100.0

83,262

1.0

7

100.0

79,7471.0

O-93

Ichigo Nogizaka Building

6

100.0

88,600

1.1

6

100.0

89,214

1.1- 16 -

35th Fiscal Period
From November 1, 2022 to April 30, 2023
Asset Name

Number ofOccupancy at
Tenants at
Period-end
Period-end(%)(tenants)(Note 2)
(Note 1)

RentalIncome(thousandyen)

36th Fiscal Period
From May 1, 2023 to October 31, 2023

Number ofOccupancy at
Ratio to Total Tenants at
Period-end
RentalPeriod-end(%)
Income (%)(tenants)(Note 2)
(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-94

Ichigo Hakata East Building

19

100.0

74,694

0.9

19

100.0

72,6920.9

O-95

Ichigo Nakameguro Building

5

80.9

31,745

0.4

6

90.4

31,8600.4

O-96

Ichigo Tachikawa Building

14

83.1

98,155

1.2

16

95.9

101,700

1.3

O-97

Ichigo Higashi Ikebukuro 3
Chome Building

6

100.0

98,293

1.2

6

100.0

99,804

1.3

O-98

Ichigo Marunouchi South
Building

23

88.3

34,580

0.4

26

97.6

44,551

0.6

O-99

Ichigo Hakataeki Higashi
Building

31

96.8

45,581

0.6

30

94.6

90,4131.2

O-100 Fukuoka Kensetsu Kaikan

11

100.0

43,132

0.5

11

100.0

84,052

1.1

Ichigo Kinshicho South
O-101
Building

–

–

–

–

7

100.0

158

0.0

Z-09

Future IZUMI

2

100.0

43,072

0.5

2

100.0

54,2550.7

Z-10

Ichigo Shibuya Bunkamura
Dori Building

4

100.0

76,983

1.0

5

100.0

75,2231.0

Z-11

Twicere Yokohama Isogo(Retail Section) (Note 3)

7

80.8

53,7150.7––

52,2900.7

Z-14

Ichigo Kamata Building

2

100.0

54,404

0.7

2

100.0

53,920

0.7

Total

998

95.9

7,985,103

100.0

1,008

96.8

7,807,619

100.0(Note 1) 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.
(Note 2) “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 to the first decimal place.
(Note 3) The asset was sold on October 30, 2023.

- 17 -

Details of Renewable Energy Power Generation Equipment
N/A

Details of PPP and PFI
N/ADetails of Investments in Securities
The table below is the summary of investments in securities owned by Ichigo Office as of October 31, 2023.
Type

Book Value(thousand yen)
Per Share

Equity Interest in Kizuna 1
GK TK

TK (tokumei kumiai)
equity interest

Total

Appraisal Value(thousand yen) (Note 1)

Total

Per Share

Difference

Note

Total

–

39,846–

39,846–(Note 2)–

39,846–

39,846––(Note 1) “Appraisal Value” shows the book value of the TK equity interest.
(Note 2) The underlying real estate in the Kizuna 1 GK TK is a trust beneficiary interest in real estate (juekiken) of Ichigo Hakata Meiji Dori Building and Ogaku
Building.

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, 2023 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, 2023.
Classification
Transactions Other thanMarket Transactions

Type
Interest rate swap (pay fixed,
receive floating)
Total

Contract Amount (thousand yen)
Exceeding One Year (Note 1)

Market Value (thousand yen)
(Note 2)

98,360,000

96,360,000–

98,360,000

96,360,000–(Note 1)

(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, market value is omitted.

5Assets by Country and Region

All Ichigo Office assets are located in Japan.

- 18 -

Capital Expenditures

1

Schedule of Capital Expenditures

The major renovation-related capital expenditures planned as of October 31, 2023 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

PeriodIchigo Kinshicho South Building(Sumida-ku, Tokyo)

Renovate exterior walls

From February 2024
to March 2024

Ichigo Nishi Honmachi Building(Osaka)Renovate exterior walls(Phase 3)

Ichigo Higashi Ikebukuro 3
Chome Building(Toshima-ku, Tokyo)

Amount Paid in the
Fiscal Period under
Review

Amount Already Paid

39,592––

From March 2024
to April 2024

30,670––Upgrade air conditioning
systems

From February 2024
to May 2024

30,670––Ichigo Marunouchi South
Building(Nagoya)

Elevator Upgrade

From October 2024
to October 2024

28,630––Ichigo Hanzomon Building(Chiyoda-ku, Tokyo)

Renovate exterior walls

From December 2023
to February 2024

27,610––Ichigo Nakameguro Building(Meguro-ku, Tokyo)

Renovate exterior walls(Phase 1)

From Febryary 2024
to April 2024

26,182––

Oimachi Center Building(Shinagawa-ku, Tokyo)

Upgrade air conditioning
systems

From January 2024
to March 2024

25,570––Ichigo Hakata East Building(Fukuoka)

Upgrade central
monitoring board

From October 2024
to October 2024

25,570––Ichigo Shibuya Kamiyamacho
Building(Shibuya-ku, Tokyo)

Renovate tenant spaces

From October 2023
to November 2023

25,366––

Ichigo Shibakoen Building(Minato-ku, Tokyo)

Renovate exterior walls(Phase 1)

From March 2024
to April 2024

24,309–

1,360

Ichigo Nakameguro Building(Meguro-ku, Tokyo)

Renovate exterior walls(Phase 2)

From May 2024
to August 2024

24,244––

Ichigo Kawasaki Building(Kawasaki)

Upgrade Air Handling
Units

From October 2024
to October 2024

22,714––

Ichigo Nogizaka Building(Minato-ku, Tokyo)

Upgrade air conditioning
systems

From September 2024
to September 2024

22,630––Ichigo Shibuya Dogenzaka
Building(Shibuya-ku,Tokyo)

Elevator Upgrade

From September 2024
to September 2024

22,510––From December 2023
to February 2024

21,515––

Total Amount

Ichigo Jimbocho Building(Chiyoda-ku, Tokyo)

Renovate tenant spaces

Ichigo Jimbocho Building(Chiyoda-ku, Tokyo)

Renovate tenant spaces(10 floor)

From December 2023
to February 2024

21,515––

Ichigo Nagoya Building(Nagoya)Upgrade air conditioning
systems

From September 2024
to September 2024

21,070––Ichigo Takadanobaba Building(Shinjuku-ku, Tokyo)

Renovate exterior walls(Phase 1)

From April 2024
to April 2024

20,470––

Oimachi Center Building(Shinagawa-ku, Tokyo)

Upgrade air conditioning
systems

From June 2024
to October 2024

20,470––Ichigo Hakataeki Higashi
Building(Fukuoka)

Upgrade air conditioning
systems

From May 2024
to May 2024

20,420––Ichigo Kudan 3 Chome Building(Chiyoda-ku, Tokyo)

Renovate tenant spaces

From January 2024
to January 2024

15,370––Ichigo Uchikanda Building(Chiyoda-ku, Tokyo)

Renovate exterior walls

From March 2024
to May 2024

15,033––th(9 floor)th- 19 -

Expected Payment Amount (thousand yen)
Asset Name
(Location)

Amount Paid in the
Fiscal Period under
Review

Amount Already Paid

13,330––From April 2024
to April 2024

12,330––Renovate tenant spaces

From December 2023
to January 2024

12,310––Upgrade air conditioning
systems

From March 2024
to March 2024

11,514––

From December 2023
to December 2023

8,210

–

–

From June 2024
to June 2024

6,768

–

–

Purpose

PeriodIchigo Hijirizaka Building(Minato-ku, Tokyo)

Upgrade air conditioning
systems

From February 2024
to February 2024

Ichigo Minami Morimachi
Building(Oasaka)

Maintenance of
mechanical car parking
spaces(Phase 1)

Ichigo Uchikanda Building(Chiyoda-ku, Tokyo)
Ichigo Shibakoen Building(Minato-ku, Tokyo)

Ichigo Yotsuya 4 Chome Building
Renovate tenant spaces(Shinjuku-ku, Tokyo)
Ichigo Sasazuka Building(Shibuya-ku-,Tokyo)

2Upgrade emergency
telephone panel

Total Amount

Capital Expenditures during the Current Fiscal Period

Capital expenditures during the current fiscal period amounted to 866,941 thousand yen, and construction work of a total of 775,081
thousand yen were conducted, combined with repair expenses of 91,859 thousand yen.
Asset Name (Location)

PurposePayment Amount(thousand yen)

PeriodIchigo Nishi Honmachi Building(Osaka)Renovate exterior walls

From April 2023
to June 2023

36,940

Oimachi Center Building(Shinagawa-ku, Tokyo)

Upgrade air conditioning systems

From June 2023
to July 2023

20,266

Ichigo Shibakoen Building(Minato-ku, Tokyo)

Elevator Upgrade

From May 2023
to May 2023

18,083

Ichigo Yotsuya 4 Chome Building(Chiyoda-ku, Tokyo)

Renovate entrance hall

From August 2023
to September 2023

5,567

3

Other

694,224

Total

775,081

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 andrenovations from cash flow during each fiscal period as follows.
(Thousand yen)
32nd Fiscal Period
From May 1, 2021 toOctober 31, 2021
Balance of Reserves at
Beginning of Period

33rd Fiscal Period
From November 1, 2021
to April 30, 2022

34th Fiscal Period
From May 1, 2022 to
October 31, 2022

35th Fiscal Period
From November 1, 2022
to April 30, 2023

36th Fiscal Period
From May 1, 2023 to
October 31, 2023

1,557,530

1,555,616

1,508,839

1,597,254

1,447,264

Gains

739,142779,842868,312783,823

742,966

Reversals

741,056

826,619

779,896

933,812731,831

1,555,616

1,508,839

1,597,254

1,447,264

1,458,399

Amount Brought Forward
to Next Period- 20 -

Expenses and Liabilities

1

Details of Operating Expenses(Thousand yen)
35th Fiscal Period
From November 1, 2022 to April 30, 2023

a. Asset Management Fees

36th Fiscal Period
From May 1, 2023 to October 31, 2023

1,679,263

678,392b. Asset Custody Fees

15,19815,435c. Administrative Service Fees

44,85055,273d. Directors’ Compensation

5,040

7,440

e. Other Operating Expenses

223,662

112,538

Total

1,968,015

869,079(Note) Other than the asset management fees shown above, there is an asset sales performance fee of 775,251 thousand yen for the 35th fiscal period, and 18,682
thousand yen for the 36th fiscal period, which has been deducted from the gain on on sales of investment properties.

2

Borrowings

The table below shows borrowings as of October 31, 2023.
LenderLongTerm
Loans

Loan
Date

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

0.845
(Note 2)October 31,
2023

Lump-sum
repayment

SMBC

November 2,
2016

1,000

–

SMBC

May 10,
2017

1,100

1,100

0.852 November 10, Lump-sum(Note 2)2024
repayment

Mizuho Bank

May 10,
2017

1,000

1,000

0.852 November 10, Lump-sum(Note 2)2024
repayment

SBI Shinsei Bank

May 10,
2017

900

900

0.852 November 10, Lump-sum(Note 2)2024
repayment

Resona Bank

May 10,
2017

400

400

0.852 November 10, Lump-sum(Note 2)2024
repayment

Development Bank ofJapan

May 10,
2017

2,000

–

SMBC

215

–

Mizuho Bank340–

MUFG Bank

283

–

237

–

SBI Shinsei Bank

135–

Bank of Fukuoka

195–

ORIX Bank

195

–

SMBC

633

633

Mizuho Bank

508

508

Resona BankMUFG Bank
Resona Bank

November 7,
2017

November 7,
2017

425

425

356

356

SBI Shinsei Bank

201

201

Aozora Bank

257

257

- 21 -

0.871

May 10,2023

Use

Collateralized(Note 3)

No
(No Guarantee)

Lump-sum
repayment

0.761(Note 2)October 31,
2023

Lump-sum
repayment

0.948(Note 2)October 31,
2025

Lump-sum
repayment

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

352

352

1,352

1,352

901

901

SBI Shinsei Bank

901

901

Resona Bank

448

448

SMBC

400

400

Mizuho Bank

350

350

300

300

300

300

Bank of Fukuoka

225

225

The Kagawa Bank

200

200

Lender

Loan
Date

SMBC
Mizuho Trust
Aozora Bank

April 27,2018

SBI Shinsei BankMUFG BankMay 9,
2018

Nishi-Nippon City Bank

225

225

SMBC

835

835

Mizuho Bank

491

491

SBI Shinsei Bank

393

393

393

393

Aozora Bank

393

393

Resona Bank

294

294

MUFG Bank

June 15,
2018

The Kagawa BankLongTerm
Loans

Average
Interest 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

Use

Collateralized

0.860 November 11, Lump-sum(Note 2)2024
repayment

147

147

SMBC

September 28,
2018

500

500

0.621

February 29,
2024

Lump-sum
repayment

Mizuho Bank

September 28,
2018

400

400

0.621

February 29,
2024

Lump-sumNo
repayment (Note 3) (No Guarantee)

SMBC

October 31,
2018

1,000

1,000

0.962
(Note 2)

April 30,2026

Lump-sum
repayment

Mizuho Bank

October 31,
2018

400

400

0.701

April 30,2026

Lump-sum
repayment

SBI Shinsei Bank

October 31,
2018

200

200

0.701

April 30,2026

Lump-sum
repayment

954

954

November 30,
2018

656

656

773

773

SBI Shinsei Bank

483

483

SMBC

December 21,
2018

830

830

570

570

250

250

400

400

400

400

300

300

SMBC
Aozora Bank
Mizuho Bank

Aozora Bank
SMBC
Mizuho Bank
Development Bank ofJapan

December 28,
2018

MUFG BankSBI Shinsei Bank

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

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

0.850(Note 2)

April 30,2026

Lump-sum
repayment

250

250

SMBC

April 26,
2019

1,000

1,000

0.867 September 25, Lump-sum(Note 2)2026
repayment

Resona Bank

April 26,
2019

1,000

1,000

0.867 September 25, Lump-sum(Note 2)2026
repayment

Bank of Fukuoka

April 26,
2019

1,000

1,000

0.867 September 25, Lump-sum(Note 2)2026
repayment- 22 -

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

1,239

1,239

Mizuho Bank

1,074

1,074

743

743

743

743

743

743

Lender

SBI Shinsei Bank
Aozora Bank

Loan
Date

July 31,
2019

Resona BankORIX Bank
The Kagawa Bank
SMBC

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

September 30,
2019

692

692

0.726
(Note 2)

672
610

641

641

549

549

SMBC

1,224

1,224

Mizuho Bank

1,224

1,224

783

783

783

783

Aozora Bank

783

783

Resona Bank

587

587

955

955

827

–

790

–

November 29,
2019

December 16,
2019

March 31,
2020

SMBC
SBI Shinsei Bank
Mizuho BankMay 29,
2020

753

–

MUFG Bank

677

–

SMBC

543

543

SBI Shinsei Bank

518

518

494

494

445

445

Mizuho Bank

Lump-sum
repayment

413

MUFG BankLongTerm
Loans

March 25,
2027

413

672

The Kagawa Bank

0.822
(Note 2)413

610

MUFG Bank

Repayment
Terms

413

Mizuho BankSBI Shinsei Bank

Repayment
Date

July 31,
2019

SMBC

SBI Shinsei Bank

Average
Interest Rate(%)
(Note 1)

May 29,2020

MUFG Bank

March 25,2026

0.844 September 25, Lump-sum(Note 2)2027
repayment

0.876 September 25, Lump-sum(Note 2)2027
repayment

0.662

0.477

March 25,
2027

Lump-sum
repayment

No
September 25, Lump-sum (Note 3)(No Guarantee)
2023
repayment

0.740(Note 2)

March 25,
2027

Lump-sum
repayment

August 31,
2020

2,127

2,127

0.828
(Note 2)

August 25,
2028

Lump-sum
repayment

SBI Shinsei Bank

August 31,
2020

998

998

0.722
(Note 2)

March 25,
2027

Lump-sum
repayment

SBI Shinsei Bank

August 31,
2020

1,000

1,000

0.828
(Note 2)

August 25,
2028

Lump-sum
repayment

Mizuho Bank

August 31,
2020

400

400

0.828
(Note 2)

August 25,
2028

Lump-sum
repayment

SMBC

407

407

MUFG Bank

781

781

Resona Bank

586

586

407

407

260

260

Mizuho BankSBI Shinsei Bank
Aozora Bank

260

260

SMBC

814

814

Mizuho BankSBI Shinsei Bank
Aozora Bank

December 10,
2020

814

814

521

521

521

521

- 23 -

Collateralized

Lump-sum
repayment

Aozora Bank

December 10,
2020

Use

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

0.787 November 25, Lump-sum(Note 2)2028
repayment

Lender

Loan
Date

Balance at
Period-end(million yen)

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

SMBC

December 18,
2020

800

800

0.802 November 25, Lump-sum(Note 2)2028
repayment

Mizuho Bank

December 18,
2020

700

700

0.802 November 25, Lump-sum(Note 2)2028
repayment

Bank of Yokohama

December 18,
2020

500

500

0.802 November 25, Lump-sum(Note 2)2028
repayment

527

527

494

494

355

355

Bank of Yokohama

285

285

Mizuho Trust & Banking

95

95

1,055

1,055

710

710

571

571

Resona Bank

571

571

Mizuho Trust & Banking

190

190

SMBC

329

329

1,372

1,372

376

376

Mizuho Bank

329

329

Bank of Yokohama

30

30

SMBC

329

329

Mizuho Bank

329

329

287

287

174

174

SBI Shinsei Bank

162

162

Bank of Yokohama

161

161

SMBC

988

988

988

988

862

862

SBI Shinsei Bank

487

487

Aozora Bank

422

422

500

500

194

194

SMBC
MUFG Bank
Mizuho Bank

March 31,
2021

SMBC
Mizuho Bank
Aozora Bank

March 31,2021

MUFG Bank
Bank of Fukuoka

LongTerm
Loans

Balance at
Period-start(million yen)

Resona Bank
Aozora Bank

May 7,
2021

May 7,
2021

Mizuho Bank
Resona Bank

Development Bank ofJapan

May 7,
2021

September 30,
2021

SMBC
Mizuho BankMUFG Bank

November 8,
2021

194

194

1,622

1,622

Bank of Fukuoka

446

446

Bank of Yokohama

90

90

SMBC

389

389

Mizuho Bank

389

389

271

271

154

154

Aozora Bank

117

117

Bank of Yokohama

356

356

Resona BankSBI Shinsei Bank

November 8,
2021- 24 -

0.461

0.876
(Note 2)

0.461

March 25,
2029

(Note 3)

No
(No Guarantee)

Lump-sum
repayment

September 25, Lump-sum
2024
repayment

March 25,
2028

Lump-sum
repayment

0.819(Note 2)

May 25,2029

Lump-sum
repayment

September 25, Lump-sum
2028
repayment

0.612 September 25, Lump-sum(Note 2)2026
repayment

0.720(Note 2)

Collateralized

September 25, Lump-sum
2024
repayment

0.733(Note 2)

0.764

Use

March 25,
2028

Lump-sum
repayment

Lender

Loan
Date

SMBC
Mizuho Bank

Balance at
Period-end(million yen)

1,363

1,363

1,363

1,363

1,086

1,086

SBI Shinsei Bank

617

617

Aozora Bank

470

470

500

500

SMBC

222

222

Mizuho Bank

193

193

1,580

1,580

Bank of Fukuoka

494

494

Nishi-Nippon City Bank

100

100

SMBC

628

628

Mizuho Bank

385

385

SBI Shinsei Bank

217

217

98

98

111

111

Resona Bank

Development Bank ofJapan

MUFG Bank

Aozora Bank

November 8,
2021

January 31,
2022

May 31,
2022

May 31,
2022

Nishi-Nippon City Bank
Resona Bank

125

125

SMBC

2,360

2,360

Mizuho Bank

1,348

1,348

869

869

396

396

Nishi-Nippon City Bank

283

283

Resona Bank

220

220

SBI Shinsei Bank
Aozora BankLongTerm
Loans

Balance at
Period-start(million yen)

May 31,
2022

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

0.859

January 25,
2029

Lump-sum
repayment

0.717(Note 2)

May 25,2027

Lump-sum
repayment

0.816(Note 2)

May 25,2028

Lump-sum
repayment

1.019(Note 2)

May 27,2030

Lump-sum
repayment

June 20,
2022

950

950

1.107
(Note 2)

May 25,2029

Lump-sum
repayment

Mizuho Bank

June 20,
2022

950

950

1.107
(Note 2)

May 25,2029

Lump-sum
repayment

1,000

1,000

524

524

1,579

1,579

307

307

Bank of Fukuoka

493

493

Nishi-Nippon City Bank

493

493

Mizuho BankMUFG BankSBI Shinsei Bank

November 30,
2022

Resona Bank

245

245

1,500

1,500

800

800

778

778

Aozora Bank

200

200

SMBC

707

707

600

600

293

293

SMBC
Mizuho BankSBI Shinsei Bank

Mizuho Bank
Aozora Bank

November 30,
2022

November 30,
2022

Resona Bank

0.958 November 25, Lump-sum(Note 2)2027
repayment

1.036(Note 2)

August 25,
2028

Lump-sum
repayment

1.609 September 25, Lump-sum(Note 2)2032
repayment

100

100

Bank of Fukuoka

January 27,
2023

300

300

1.405
(Note 2)October 25,
2029

Lump-sum
repayment

Nishi-Nippon City Bank

January 27,
2023

200

200

1.405
(Note 2)October 25,
2029

Lump-sum
repayment

SMBC

January 27,
2023

700

700

1.723
(Note 2)January 25,
2032

Lump-sum
repayment- 25 -

Collateralized(Note 3)

No
(No Guarantee)

0.833 November 25, Lump-sum(Note 2)2029
repayment

SMBC

SMBC

Use

Lender

Loan
Date

Balance at
Period-end(million yen)

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

January 25,
2023

Lump-sum
repayment

Mizuho Bank

January 27,
2023

600

600

1.723
(Note 2)Development Bank ofJapan

May 10,
2023

–

2,000

1.108

SMBC

–

127

Mizuho Bank

–

100

–

677

–

100

–

700

–

653

SBI Shinsei Bank

–

690

SMBC

–

100

Mizuho Bank

–

100

–

283

–

135

Bank of Fukuoka–

95

Resona Bank

–

100

SMBC

–

115

–

240

–

100

Resona Bank–

137

Kansai Mirai Bank

–

195

–

1,000

108,007108,007

September 25,
2023

MUFG BankSBI Shinsei Bank
SMBC

September 25,
2023

Mizuho BankLongTerm
Loans

Balance at
Period-start(million yen)

MUFG BankSBI Shinsei Bank

October 31,
2023

Mizuho Bank
Bank of Fukuoka

October 31,
2023

October 31,
2023

SMBC
Total

Use

Collateralized(Note 3)

No
(No Guarantee)

September 25, Lump-sum
2029
repayment

1.160(Note 2)

April 25,
2028

Lump-sum
repayment

1.644(Note 2)

July 25,
2031

Lump-sum
repayment

1.202(Note 2)

May 25,2028

Lump-sum
repayment

1.773(Note 2)October 25,
2031

Lump-sum
repayment

1.772(Note 2)October 25,
2031

Lump-sum
repayment(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 statedunit.
(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 rateduring the period after the effect of the interest rate swap is stated.
(Note 3) The proceeds are used for acquisition of real estate and/or beneficiary rights of real estate in trust and repayment of loans.

- 26 -

3

Investment Corporation Bonds

The status of investment corporation bonds outstanding as of October 31, 2023 is as follows:
Date ofIssuance

Balance at
Period-start(million yen)

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

First unsecured investment
corporation bonds

September 22,
2017

1,200

1,200

0.900

Second unsecured investment
corporation bonds

April 26, 2018

1,000

1,000

0.900

Third unsecured investment
corporation bonds

November 29,
2018

1,000

1,000

0.750

Fourth unsecured investment
corporation bonds

July 26, 2019

1,200

1,200

Fifth unsecured investment
corporation bonds

March 26,
2020

1,000

Sixth unsecured investment
corporation bonds

May 6, 2021

Total

April 26,
2028

November 28, Lump-sum
2025
repayment

1,000

0.300

March 26,2025

Lump-sum
repayment

1,500

1,500

0.850

May 2,
2031

Lump-sum
repayment

6,900

6,900

Share Options

N/A- 27 -

Collateralized(Note 1)No
(No guarantee)

Lump-sum
repayment

0.890

Short-Term Investment Corporation Bonds

Use

September 22, Lump-sum
2027
repayment

Lump-sum
repayment

N/A

5

Redemption
MethodJuly 26,
2029(Note 1) The proceeds are used for repaying existing loans and acquisition of assets.
(Note 2) A ranking pari passu among Ichigo Office investment corporation bonds is attached.

4

Redemption
DateAcquisitions and Sales during the Fiscal Period

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

Asset Type

Asset Name

Date

Sales

Price
(million yen)Price(million yen)

Date

(Note)
Trust
beneficiaryinterest in realestateReal estate

Twicere Yokohama Isogo(Retail Section)

Ichigo Kinshicho South Building–(Note)–

October 31,
2023

1,875

October 30,
2023

Book Value(million yen)

Gain (loss)
on Sales(million yen)

1,600

1,426

105

–

–

–

–

(Note) Acquisition and sales prices exclude incidental expenses such as fees and property, city planning, and consumption taxes.

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 EstateTransaction

Asset Name
Twicere Yokohama Isogo(Retail Section)

Sales

Acquisition Ichigo Kinshicho South Building

Transaction
Date

Transaction Price(million yen)
(Note 1)

Appraisal Value(million yen)
(Note 2)October 30,
2023

1,600

October 31,
2023

1,875

Appraiser

Date of
Appraisal

1,510

The Daiwa Real EstateAppraisal Co., Ltd.

April 30,
2023

2,060

The Tanizawa Sogo
Appraisal Co., Ltd.

September 1,
2023(Note 1) Transaction Prices exclude incidental expenses such as fees and property, city planning, and consumption taxes.
(Note 2) The appraisal above is carried out by applying the “Appraisal of Value of Real Estate for Securitization in Chapter 3 of the Specific Standards of theJapanese Real Estate Appraisal Standards.”(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, 2023 to October 31, 2023, the transactions subject to price verification were seven 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.

4

Transactions with Related Parties(1) Transactions
N/A- 28 -

(2) Leases
N/A(3) 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.

Financial Statements

1

Assets, Liabilities, Principal, Profit and Loss

Please refer to “(1) Balance Sheet,” “(2) Income Statement,” “(3) Statement of Changes in Net Assets,” “(4) Statement of Dividends”“(5) Cash Flow Statements,” and “(6) Notes to Financial Statements” shown 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- 29 -

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 (%)

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

120,820

0.1

33rd Fiscal Period (November 1, 2021 to April 30, 2022)

1,400

116,620

0.1

34th Fiscal Period (May 1, 2022 to October 31, 2022)

1,400

117,460

0.1

35th Fiscal Period (November 1, 2022 to April 30, 2023)

1,400

123,3400.1

36th Fiscal Period (May 1, 2023 to October 31, 2023)

1,400

118,860

0.1(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.

- 30 -

2

Notices(1) Shareholder Meeting
AgendaSummary

Amendment to the Articles of Incorporation(Reduce NOI & Dividend Performance Fee)

The rate of the profit and distribution Performance Fee has been reduced from0.0054% to approximately 0.0048%.

Amendment to the Articles of Incorporation(Amend Gains on Sale Performance Fee)In the event that a transfer Performance Fee is incurred, the amount of the
Performance Fee for income/distribution for the relevant fiscal period calculated in"Performance Fee for income/distribution" has been reduced by an amountequivalent to such transfer Performance Fee.

Amendment to the Articles of Incorporation(Amend Gains on Merger Performance Fee)

(1) The phrase “in response to a merger proposal” has been deleted in order to clarify
that the Gains on Merger Performance Fee is paid when the asset managementcompany changes due to a merger.
(2) In order to clarify the calculation basis, Ichigo Office’s merger price has been
replaced with the Merger Price as of the Merger Agreement Date, and redefined
as follows:
Gains on Merger Performance Fee = Gains per Share at the Time of the Merger
Agreement (Merger Price at the Time of the Merger Agreement – Net Assets per
Share at the Time of the Merger Agreement) * Number of Shares Outstanding at
the Time of the Merger Agreement(3) Clearly specified that the Gains on Merger Performance Fee will arise when themerger agreement is signed, contingent on the merger closing.

Amendment to the Articles of Incorporation(Amend Gains on REIT TOB Sale
Performance Fee)

(1) Clearly specified that the Gains on REIT TOB Sale Performance Fee is only paid
when there is a change in asset management company as a result if a TOB, similar
to the Gains on Merger Performance Fee.
(2) Considering the possibility of a squeeze-out by the bidder after a TOB, if asqueeze-out is implemented, the shares subject to the squeeze-out has been
included in the calculation of additional compensation, and the additional
compensation occurs as of the date the squeeze-out is completed.

Appointment of Takafumi Kagiyama as
Executive Director

Takafumi Kagiyama was appointed as Executive Director.

Appointment of Yuji Maruo as Supervisory
Director

Yuji Maruo was appointed as Supervisory Director.

Amendment to the Articles of Incorporation(Reduce upper limit on Director
compensation and add Director
compensation shareholder approvalrequirement)

The maximum remuneration for executive directors has been reduced from 800,000
yen to 720,000 yen per month, and the maximum remuneration for supervisory
directors reduced from 500,000 yen to 450,000 yen per month. In addition, theamount of remuneration will be determined by an ordinary resolution of the general
meeting of unitholders as an amount considered reasonable in light of general pricetrends, wage trends, and other factors.

Amendment to the Articles of Incorporation(Change upper limit for number of
Directors)

The number of directors has been changed to a total of no more than five after the
next General Meeting of Shareholders.

Partial amendments to the Articles ofIncorporation (regarding change in the rateof NOI & Dividend Performance Fee)

Ichigo Office received a notice of withdrawal of the proposal and the proposal waswithdrawn.

Partial amendments to the Articles ofIncorporation (regarding abolition of Gainson Sale Performance Fee, and adoption ofAsset Acquisition Fee and Asset Sale Fee)

Ichigo Office received a notice of withdrawal of the proposal and the proposal waswithdrawn.

- 31 -

AgendaSummary

Partial amendments to the Articles ofIncorporation (regarding abolition of Gainson Merger Performance Fee and Gains on
REIT TOB Sale Performance Fee, andadoption of Merger Fee)

The proposal was disapproved because it did not receive the required two-thirds ofshareholders in attendance voting for the proposal.

Appointment of Mr. Toru Sugihara as an
executive director

The proposal was disapproved because it did not receive the required majority ofshareholders in attendanc voting for the proposal.

Appointment of Mr. Akihiko Fujinaga as asupervisory director

The proposal was disapproved because it did not receive the required majority ofshareholders in attendanc voting for the proposal.

Partial amendments to the Articles ofIncorporation (regarding adoption of a cap
on remuneration for Executive Directors
and Supervisory Directors)

The proposal was disapproved because it did not receive the required two-thirds ofshareholders in attendance voting for the proposal.

(2) Board of Directors
N/A

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

Other

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

- 32 -

1. Financial Statements(1) Balance Sheet(Thousand Yen)
Previous fiscal period(As of April 30, 2023)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
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
TK (tokumei kumiai) equity interest
Lease and guarantee deposits
Long-term prepaid expenses
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance expenses
Total deferred assets
Total Assets- 37 -

Current fiscal period(As of October 31, 2023)

11,503,977
14,259,512
21,317
477,828
3,006
26,265,643

6,485,932
14,109,451
9,510
518,994327
21,124,217

7,189,308(2,356,994)
4,832,314
30,478(25,530)
4,948
352,982(247,867)
105,115
85,494(61,373)
24,12015,031,993
1,649
49,089,328(12,497,544)
36,591,784
79,965(42,354)
37,611
949,160(487,669)
461,490357,810(238,697)
119,112146,248,541
14,345
203,473,027

7,556,540(2,464,828)
5,091,711
30,587(25,844)
4,743
358,001(261,435)
96,56688,087(66,073)
22,014
16,668,067
1,649
48,905,052(13,066,185)
35,838,866
87,573(43,246)
44,327
979,701(522,224)
457,477
383,340(258,301)
125,038
145,429,585
2,674
203,782,724

4,494,579
4,494,579

4,494,579
4,494,579

39,846
10,0001,442,675
137,968(3,898)
1,626,593
209,594,201

39,846
10,0001,408,748
108,164－
1,566,759
209,844,063

37,54737,547
235,897,392

33,14833,148231,001,429

(Thousand Yen)
Previous fiscal period(As of April 30, 2023)
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- 38 -

Current fiscal period(As of October 31, 2023)

1,477,513
10,547,000
1,906,537
26,638605
73,676
1,484,456
17,524
15,533,950

805,157
7,092,000
841,11228,445605
278,044
1,521,249
41,413
10,608,028

6,900,000
97,460,000
1,488,679
9,102,764
19,62596,074
115,067,144
130,601,095

6,900,000
100,915,000
1,349,631
9,108,284
19,692
101,178
118,393,786
129,001,814

67,675,274

67,675,274

20,566,420(1,499,919)
19,066,500*2

3,368,625
8,794,544
12,163,170
6,391,351
37,621,022
105,296,297
105,296,297
235,897,392*3*1

20,566,420(1,499,919)
19,066,500*23,471,625
8,689,544
12,161,170
3,096,669
34,324,340
101,999,614
101,999,614
231,001,429*3*1

(2) Income Statement(Thousand yen)Previous fiscal period(November 1, 2022 toApril 30, 2023)
Operating Revenue
Rental revenue
Other rental revenue
Gain on sales of real estate
Dividend from TK (tokumei kumiai)
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)

7,287,685
697,418*2 4,393,094
2,506
12,380,703*1

3,223,121
1,679,263
15,19844,8505,040
223,662
5,191,136
7,189,567

*1

*1

*1

*1

- 39 -

Current fiscal period(May 1, 2023 to
October 31, 2023)
7,251,432
556,187*2 105,865
1,369
7,914,855*1

3,131,034
678,392
15,43555,273
7,440
112,538
4,000,114
3,914,740

113
505
9
628

117
689
143
950

472,895
322,0024,327
269
799,494
6,390,701
6,390,701
605
605
6,390,096
1,255
6,391,351

495,686
281,148
4,399
38,071
819,306
3,096,384
3,096,384
605
605
3,095,779
889
3,096,669

(3) Statement of Changes in Net Assets
Previous fiscal period (November 1, 2022 to April 30, 2023)(Thousand yen)
Shareholders’ equity
Surplus

Balance at beginning of
periodDiscretionary reserves

Shareholders’capitalCapitalreserve
surplusCapitalreserve
surplusdeduction

Capitalreserve
surplus (net)

Dividend
reserve

Temporarydifference
adjustment
reserve

Total
discretionary
reserves

67,675,274

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

19,066,500

3,368,625

8,899,544

12,268,170(105,000)(105,000)

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

–

–

–

–

–

(105,000)(105,000)

67,675,274

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

19,066,500

3,368,625

8,794,544

12,163,170

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed loss)
Balance at beginning of
periodTotal
shareholders’equityTotal surplus

Total net assets

3,001,684

34,336,355

102,011,630

102,011,630

105,000–––

Dividends(3,105,429)(3,105,429)(3,105,429)(3,105,429)

Net Income

6,390,096

6,390,096

6,390,096

6,390,096

Total changes during
period3,389,666

3,284,666

3,284,666

3,284,666

Balance at period-end

6,391,351

37,621,022

105,296,297

105,296,297

Changes during the period
Release from temporary
difference adjustment
reserve- 40 -

Current fiscal period (May 1, 2023 to October 31, 2023)(Thousand yen)
Shareholders’ equity
Surplus

Balance at beginning of
periodShareholders’capital67,675,274

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

8,794,544

12,163,170

103,000－

103,000(105,000)(105,000)

Changes during the period
Increase in Dividend
Reserve
Release from temporary
difference adjustment
reserve
Dividends
Net Income
Total changes during theperiodBalance at period-end

－

－

－

－

103,000(105,000)(2,000)67,675,274

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

19,066,500

3,471,625

8,689,544

12,161,170

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

Total
shareholders’equityTotal net assets

6,391,351

37,621,022

105,296,297

105,296,297(103,000)－－－

105,000－－－

Dividends(6,392,462)(6,392,462)(6,392,462)(6,392,462)

Net Income

3,095,779

3,095,779

3,095,779

3,095,779

Total changes during
period(3,294,682)(3,296,682)(3,296,682)(3,296,682)

Balance at period-end

3,096,669

34,324,340

101,999,614

101,999,614

Changes during the period
Increase in Dividend
Reserve
Release from temporary
difference adjustment
reserve- 41 -

(4) Statement of Dividends
Previous fiscal period(November 1, 2022 toApril 30, 2023)
Ⅰ.

Unappropriated Retained Earnings

Current fiscal period(May 1, 2023 to
October 31, 2023)

6,391,351,735 yen

3,096,669,159 yen

105,000,000 yen

105,000,000 yen

6,392,462,208 yen

3,200,771,205 yen(4,224 yen)

(2,115 yen)

II. Discretionary Reserve Reversal
Reversal of Temporary Difference
Adjustment Reserve
III. Total Dividends(Dividend per share)
IV. Discretionary Reserves
Provision to Dividend Reserve
V. Retained Earnings Carried Forward
Method for calculating the amount of dividends

103,000,000 yen― yen

889,527 yen

897,954 yen

The distribution policy set out in
Article 37 of the Articles ofIncorporation of the Investment
Corporation stipulates that the amountof dividends shall exceed 90% of“profit available for dividend” asprovided for in Article 67-15,
Paragraph 1 of the Act on Special
Measures Concerning Taxation. Basedon this policy, the decision was madeto distribute, as dividends,
6,392,462,208 yen, which was theentire amount excluding the fractional
portion where the amount of dividends
per share was less than 1 yen from theamount after adding 105,000,000 yenof the reversal of the temporary
difference adjustment reserve to
6,391,351,735 yen of unappropriatedretained earnings, and transferring
103,000,000 yen of gains on sales ofreal estate to dividend reserves, within
J-REIT conduit rules. As a result,dividend per share came to 4,224 yen.

- 42 -The distribution policy set out in
Article 37 of the Articles ofIncorporation of the Investment
Corporation stipulates that the amountof dividends shall exceed 90% of“profit available for dividend” asprovided for in Article 67-15,
Paragraph 1 of the Act on Special
Measures Concerning Taxation. Basedon this policy, the decision was madeto distribute, as dividends,
3,200,771,205 yen, which was theentire amount excluding the fractional
portion where the amount of dividends
per share was less than 1 yen from theamount after adding 105,000,000 yenof the reversal of the temporary
difference adjustment reserve to
3,096,669,159 yen of unappropriatedretained earnings. As a result,dividend per share came to 2,115 yen.

(5) Cash Flow Statement(Thousand yen)Previous fiscal period(November 1, 2022 toApril 30, 2023)
Cash flows from operating activities
Pre-tax income
Depreciation
Increase (decrease) in allowance for doubtful accounts
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
Decrease due to sales of property, plant, and equipment
Other
SubtotalInterest income received
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 in trust
Repayments from tenant leasehold and security deposits in trust
Proceeds from redemption of investment securities
Net Cash flows from (used for) investments
Cash flows from financing activities
Increase in long-term borrowings
Decrease in long-term borrowings
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- 43 -

Current fiscal period(May 1, 2023 to
October 31, 2023)

6,390,701
950,851―(113)
472,895(19,745)
5,732(7,947)(66,017)(2,389)792,548
997,956(1,119,417)
5,111,918
4,622
13,511,596
113(471,284)(605)
13,039,821*1

3,096,384
971,756(3,898)(117)495,686
11,806―(41,166)
33,926204,368(728,518)(1,065,425)
36,793
1,426,472
74,1744,512,244
117(493,879)(605)
4,017,877(53,290)(8,761,990)
14,743(43,926)
597,403(505,697)
11,096(8,741,662)(2,020,757)(642,705)
143,446(282,494)
396,556(391,036)

11,419,000(9,623,250)(3,102,644)(1,306,894)
2,991,264
22,667,831
25,659,096

7,647,000(7,647,000)(6,393,290)(6,393,290)(5,172,403)
25,659,096*1 20,486,693―(2,796,990)

(6) Notes to Financial Statements(Going concern note)
N/A(Summary of Significant Accounting Policies)
1. Standards and methods forvaluation of assets

Securities
Other securities
Securities without market value
Securities are accounted at cost based on the moving-average method.
Investments in TK (tokumei kumiai) real estate equity interest
Investments in TK (tokumei kumiai) real estate equity interest are accounted for using theequity method of accounting.

2. Method of depreciation of fixed
assets(1) Property, plant and equipment (including assets in trust)The depreciation of property, plant and equipment is calculated using the straight-line
method.
The useful lives of assets are as stated below.
Buildings: 1 to 63 years

Structures: 2 to 45 years

Machinery and equipment: 1 to 15 years

Tools, furniture andfixtures: 1 to 15 years(2) Long-term prepaid expenses
The depreciation of long-term prepaid expenses is calculated using the straight-line method.
3. Accounting for deferred assets

Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized equally over the period up to theredemption.

4. Standards for recognition ofrevenues and expenses(1) Accounting for revenues
Details of performance obligations regarding revenue from contracts between Ichigo Office
and its customers and the general point of time under normal circumstances such revenues
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
imposed on real estate owned that was assessed and determined, the amountcorresponding to the relevant 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. The amount corresponding to fixed asset taxes that was included in the acquisition
costs of real estate for the previous fiscal period was 1,226 thousand yen.

- 44 -

5. Method of hedge accounting(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.

6.Scope of funds on the cash flow
statement

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.

7. Other significant mattersserving as the basis for
preparing financial statements(1) Accounting for trust beneficiary interests in real estate
For trust beneficiary interests in real estate, all trust assets and liabilities as well as all
income 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 arelisted 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 non-deductible consumption taxes
Non-deductible consumption taxes on assets are included in the acquisition costs ofindividual assets.

- 45 -

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, 2023)

Current fiscal period(As of October 31, 2023)

50,00050,000Previous fiscal period(As of April 30, 2023)

Current fiscal period(As of October 31, 2023)*2. Cancellation of Treasury Shares

No. of shares cancelled

18,92018,920Total amount of sharescancelled (JPY thousand)

1,499,919

1,499,919(Note) There were no cancellation of treasury shares during the current fiscal period.
*3. Provision and reversal of temporary difference adjustment reserves
Previous fiscal period (As of April 30, 2023)(Thousand yen)

Gain on
Negativegoodwill(Note)

Initial amount

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at endof period

Reasons forprovision andreversal

10,432,940

8,899,544–

105,000

8,794,544

Appropriation
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, 2023)(Thousand yen)

Gain on
Negativegoodwill(Note)

Initial amount

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at endof period

Reasons forprovision andreversal

10,432,940

8,794,544–

105,000

8,689,544

Appropriation
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.

- 46 -

(Notes to Income Statement)*1. Details of real estate rental income(Thousand yen)Previous fiscal period(November 1, 2022 toApril 30, 2023)

Current fiscal period(May 1, 2023 to
October 31, 2023)

5,992,526
943,511
283,605
68,0407,287,685

5,963,287
931,692
286,130
70,322

697,418

529,221
26,965

A. Real estate rental revenue
Rental Revenue
Rental revenue
Common area charges
Parking lot rental revenue
Facility use charges

7,251,432

Other rental revenue
Utilities revenue
Other

658,821
38,596

Total real estate rental revenue

7,985,103

B. Real estate rental expenses
Rental expenses
Service provider expenses
Utilities
Trust fees
Depreciation
Repair expenses
Taxes and public dues
Non-life insurance expenses
Other rental expenses

661,897
716,926
36,691
950,851
100,201
696,242
16,18844,120Total real estate rental expenses

556,187
7,807,619

691,544559,191
34,553
971,756
91,859719,664
16,92945,534
3,223,121

3,131,034

4,761,981

4,676,584

C. Net rental income(A-B)*2. Details of real estate sales
Previous fiscal period (November 1, 2022 to April 30, 2023)
Ichigo Ikenohata Building(Thousand Yen)

Real estate sale revenue

10,600,000

Real estate sale cost

5,111,918

Other real estate sale expenses

1,094,987

Gain on real estate sales

4,393,094

Current fiscal period (May 1, 2023 to October 31, 2023)
Twicere Yokohama Isogo (Retail Section)(Thousand Yen)

Real estate sale revenue

1,600,000

Real estate sale cost

1,426,472

Other real estate sale expenses

67,661Gain on real estate sales

105,865- 47 -

(Statement of changes in net assets)
Previous fiscal period(November 1, 2022 toApril 30, 2023)

Current fiscal period(May 1, 2023 to
October 31, 2023)

Total number of authorized shares and total number ofshares issued and outstanding
Total number of authorized shares

14,000,000 shares

14,000,000 shares

Total number of shares issued and outstanding

1,513,367 shares

1,513,367 shares(Notes to statement of dividends)
Previous fiscal period(November 1, 2022 toApril 30, 2023)

Current fiscal period(May 1, 2023 to
October 31, 2023)

By applying the transitional measures of Paragraph 3 of the
Supplementary Provisions of the “Regulation on
Accountings of Investment Corporations” (Cabinet Office
Order No. 27 of 2015), an amount of 10,432,940,000 yen,which was the remaining balance of gain on negative
goodwill was transferred to the temporary difference
adjustment reserve account, and planned to equally reverse
the entire amount within 50 years. The original policy was
to reverse a minimum of 200,000,000 yen starting from the23rd fiscal period, as stated on the statement of dividends
for the 22nd fiscal period. But the policy has been changed
to reversing a minimum of 105,000,000 yen starting fromthe 24th fiscal period. For this fiscal period, 105,000,000
yen will be reversed.

By applying the transitional measures of Paragraph 3 of the
Supplementary Provisions of the “Regulation on
Accountings of Investment Corporations” (Cabinet Office
Order No. 27 of 2015), an amount of 10,432,940,000 yen,which was the remaining balance of gain on negative
goodwill was transferred to the temporary difference
adjustment reserve account, and planned to equally reverse
the entire amount within 50 years. The original policy was
to reverse a minimum of 200,000,000 yen starting from the23rd fiscal period, as stated on the statement of dividends
for the 22nd fiscal period. But the policy has been changed
to reversing a minimum of 105,000,000 yen starting fromthe 24th fiscal period. For this fiscal period, 105,000,000
yen will be reversed.

- 48 -

(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)Previous fiscal period(November 1, 2022 toApril 30, 2023)

Current fiscal period(May 1, 2023 to
October 31, 2023)

Cash and deposits

11,503,977

6,485,932

Cash and deposits in trust

14,259,512

14,109,451

Miscellaneous deposits(104,393)(108,691)

Cash and cash equivalents

25,659,096

20,486,693(Notes to lease transactions)Operating lease transactions(Lessee)(Thousand yen)Previous fiscal period(As of April 30, 2023)

Current fiscal period(As of October 31, 2023)

Outstanding lease charges
One year or less

78,58379,044

Over one year

1,470,845

1,431,323

1,549,429

1,510,367

Total(Lessor)(Thousand yen)Previous fiscal period(As of April 30, 2023)

Current fiscal period(As of October 31, 2023)

Outstanding lease charges
One year or less

7,346,552

7,268,865

Over one year

738,858

824,950

8,085,410

8,093,815

Total- 49 -

(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 futurefluctuations in interest rates, and not for trading or speculative purposes. Ichigo Office also carefully invests surplus funds inconsideration of safety and liquidity so as not to bear excess risks, taking the financial environment and cash management into fullconsideration.
(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
the asset management company formulates a cash management plan. Loans with floating interest rates are exposed to the risk offluctuations in interest rates, but the impact of rising market interest rates on Ichigo Office’s operations are controlled by managing
the LTV appropriately and by utilizing derivatives (interest rate swaps) as a hedging method.
(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, 2023, the market value, and the difference between the carrying amount and themarket value were as follows. Investments in TK (tokumei kumiai) real estate equity interest (Note 2) are not included in the tablebelow.
“Cash and deposits” and “Cash and deposits in trust” has been omitted because the market value of these items are almost equal totheir book 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)

10,547,000

10,550,668

3,668(2) Investment corporation bonds

6,900,000

6,772,445(127,554)(3) Long-term borrowings

97,460,000

97,017,763(442,236)

114,907,000

114,340,876(566,123)–––

Total liabilities(4) Derivative transactions

The carrying amount on the balance sheet on October 31, 2023, the market value, and the difference between the carrying amount andthe market value were as follows. Investments in TK (tokumei kumiai) real estate equity interest (Note 2) are not included in the tablebelow.
“Cash and deposits” and “Cash and deposits in trust” has been omitted because the market value of these items are almost equal totheir book 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)

7,092,000

7,092,905

905(2) Investment corporation bonds

6,900,000

6,709,589(190,410)

100,915,000

99,891,073(1,023,926)

114,907,000

113,693,568(1,213,431)

–

–

–

(3) Long-term borrowings
Total liabilities(4) Derivative transactions- 50 -

(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
value of long-term loans with floating interest rates is based on the book value because the market value is approximately
equal to the book value due to the situation in which the interest rate is renewed periodically. For some long-term loans
with floating interest 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 estimated rates for similar loans.
(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.
(3) Derivative transactions
Please refer to “Notes to Derivative Transactions” below.
(Note 2) Investments in TK (tokumei kumiai) real estate equity interest
Previous fiscal period (As of April 30, 2023)
In accordance with the treatments stipulated in Paragraph 24-16 of “Implementation Guidance on Accounting for Fair
Value Measurement” (ASBJ Guidance No.31, June 17, 2021, Accounting Standards Board of Japan), matters set down on
Paragraph 4-1 of “Implementation Guidance on Fair Value Measurement of Financial Instruments” (ASBJ Guidance No.19,
March 31, 2020) has been omitted.
The carrying amount on the balance sheet for the Investment in TK real estate equity interest according to the above
implementation is 39,846 thousand yen.
Current fiscal period (As of October 31, 2023)
In accordance with the treatments stipulated in Paragraph 24-16 of “Implementation Guidance on Accounting for Fair
Value Measurement” (ASBJ Guidance No.31, June 17, 2021, Accounting Standards Board of Japan), matters set down on
Paragraph 4-1 of “Implementation Guidance on Fair Value Measurement of Financial Instruments” (ASBJ Guidance No.19,
March 31, 2020) has been omitted.
The carrying amount on the balance sheet for the Investment in TK real estate equity interest according to the above
implementation is 39,846 thousand yen.

(Note 3) Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (April 30, 2023)(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
10,547,000
–
–
–
–
–
(due within one year)
Investment corporation bonds–

1,000,000

1,000,000–

2,200,000

2,700,000

Long-term borrowings–

10,538,000

13,340,000

18,720,000

18,204,000

36,658,000

10,547,000

11,538,000

14,340,000

18,720,000

20,404,000

39,358,000

Total

Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (October 31, 2023)(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
7,092,000–––––(due within one year)
Investment corporation bonds–

1,000,000

1,000,000

1,200,000

1,000,000

2,700,000

Long-term borrowings–

11,840,000

17,658,000

19,353,000

18,445,000

33,619,000

7,092,000

12,840,000

18,658,000

20,553,000

19,445,000

36,319,000

Total- 51 -

(Securities)
Previous fiscal period (As of April 30, 2023)
Investments in TK (tokumei kumiai) real estate equity interest (carrying amount on the balance sheet: 39,846 thousand yen) has been
omitted in accordance with the regulations noted on Article 8-6-2, Paragraph 3 of the amended Ordinance on the Terminology, Forms,
and Preparation Methods of Financial Statements, etc.
Current fiscal period (As of October 31, 2023)
Investments in TK (tokumei kumiai) real estate equity interest (carrying amount on the balance sheet: 39,846 thousand yen) has been
omitted in accordance with the regulations noted on Article 8-6-2, Paragraph 3 of the amended Ordinance on the Terminology, Forms,
and Preparation Methods of Financial Statements, etc.
(Notes to derivative transactions)
1. Non-hedge accounting derivatives
Not applicable in the previous fiscal period (ended April 30, 2023) and the current fiscal period (ended October 31, 2023).
2. Hedge accounting derivatives
Previous fiscal period (As of April 30, 2023)(Thousand yen)Contract amount

Method of hedge
accounting

Type of derivativetransaction

Main hedged item

Special treatment ofinterest rate swaps

Interest rate swap
transaction(pay fixed, receive
floating)

Long-term
borrowings

95,313,000

Over one year

Marketvalue

Calculation
method ofmarket value

90,713,000(Note)–(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 (duewithin one year) (3) long-term borrowings payable in “Notes to financial instruments, 2. Matters concerning the market value,etc. of financial instruments” above.
Current fiscal period (As of October 31, 2023)(Thousand yen)Contract amount

Method of hedge
accounting

Type of derivativetransaction

Main hedged item

Special treatment ofinterest rate swaps

Interest rate swap
transaction(pay fixed, receive
floating)

Long-term
borrowings

98,360,000

Over one year

Marketvalue

Calculation
method ofmarket value

96,360,000(Note)–(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 (duewithin one year) (3) long-term borrowings payable in “Notes to financial instruments, 2. Matters concerning the market value,etc. of financial instruments” above.
(Notes to retirement benefits)
Previous fiscal period (As of April 30, 2023)
N/A
Current fiscal period (As of October 31, 2023)
N/A- 52 -

(Notes to tax effect accounting)
1. Breakdown of deferred tax assets and liabilities by major cause(Thousand yen)Previous fiscal period(As of April 30, 2023)

Current fiscal period(As of October 31, 2023)

Deferred tax assets
Valuation difference of assets transferred at merger

5,178,387

5,166,180

Asset retirement obligations

1,755

1,860

Allowance for doubtful accounts

1,226

–

Subtotal

5,181,369

5,168,040

Valuation allowance(5,181,369)(5,168,040)

–

–

–

–

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(As of April 30, 2023)
Statutory tax rate

Current fiscal period(As of October 31, 2023)

31.46%

31.46%

Deductible dividend distribution(31.30%)(31.11%)

Change in valuation allowance(0.16%)(0.35%)

Other

0.01%

0.02%

Effective tax rate

0.01%

0.02%

(Adjustment)(Notes to share of profit and loss of entities accounted for using the equity method)
Previous fiscal period (November 1, 2022 to April 30, 2023)
N/A
Current fiscal period (May 1, 2023 to October 31, 2023)
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, 2022 to April 30, 2023) and the current fiscal period (from May 1,
2023 to October 31, 2023)
2. Affiliated companies
Not applicable in the previous fiscal period (from November 1, 2022 to April 30, 2023) and the current fiscal period (from May 1,
2023 to October 31, 2023)
3. Fellow subsidiaries
Not applicable in the previous fiscal period (from November 1, 2022 to April 30, 2023) and the current fiscal period (from May 1,
2023 to October 31, 2023)
4. Directors and principal individual shareholders
Not applicable in the previous fiscal period (from November 1, 2022 to April 30, 2023) and the current fiscal period (from May 1,
2023 to October 31, 2023)(Asset retirement obligations)
Previous fiscal period (November 1, 2022 to April 30, 2023)
The statement is omitted because the total amount of asset retirement obligations is not material.
Current fiscal period (May 1, 2023 to October 31, 2023)
The statement is omitted because the total amount of asset retirement obligations is not material.

- 53 -

(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(November 1, 2022 toApril 30, 2023)

Use

Current fiscal period(May 1, 2023 to
October 31, 2023)

Carrying amount
OfficeBalance at the beginning of period

198,708,273

201,584,740

Increase (decrease) during period

2,876,466

1,763,693

Balance at period-end

201,584,740

203,348,433

Market value at period-end

248,674,000

252,210,000

Balance at the beginning of period

6,390,133

6,366,871

Increase (decrease) during period(23,261)(1,442,325)

Balance at period-end

6,366,871

4,924,546

Market value at period-end

6,656,000

5,006,000

Balance at the beginning of period

205,098,407

207,951,612

Increase (decrease) during period

2,853,204

321,367

Balance at period-end

207,951,612

208,272,979

Market value at period-end

255,330,000

257,216,000

Carrying amount
Other

Carrying amount
Total(Note 1) The carrying amounts represent the amounts after deducting the accumulated depreciation from the acquisition costs.
(Note 2) The major increase in rental assets during the previous fiscal period was due to the acquisition of trust beneficiary interests inreal estate of three assets (8,085,918 thousand yen), and the major decrease was due to sale of a trust beneficiary interest inreal estate of one asset (5,111,918 thousand yen) and depreciation.
The major increase during the current fiscal period was due to the acquisition of one real estate asset (1,943,903 thousandyen), and the major decrease was due to the sale of a trust beneficiary interest in real estate of one asset (1,426,472 thousandyen) and 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)
1. Breakdown of revenue from contracts with customers
Previous fiscal period (November 1, 2022 to April 30, 2023)(Thousand yen)
Revenues generated from contracts
with customers
Real estate property sales

Sales to external customers

10,600,000

Utility charge reimbursements(Note 2) 4,393,094

658,821658,821

Other–

7,326,281

Total

11,258,821

12,378,197(Note 1) Rental revenues, etc. which are subject to Accounting Standard for Lease Transactions (ASBJ Statement No. 13) and thetransfer of real estate properties which is subject to Practical Guidelines on Accounting by Transferors for Securitization ofReal Estate Using Special Purpose Companies (Accounting System Committee Report No.15 of the Japanese Institute ofCertified Public Accountants) are not included in the above amounts as they are excluded from revenue recognition
accounting standards. Revenues generated from contracts with major customers are real estate property sales and utility
charge reimbursements.

- 54 -

(Note 2) Real estate property sales is shown as gain on sales of real estate (cost related to sales of real estate and other expenses
related to sales of real estate subtracted from revenue from real estate sales) on the Income Statement. Ichigo Officerecognizes gain on sales of real estate as operating revenue, and loss on sales of real estate as operating expenses, therefore
the amount of gain on sales of real estate is shown above.
Current fiscal period (May 1, 2023 to October 31, 2023)(Thousand yen)
Revenues generated from contracts
with customers
Real estate property sales

Sales to external customers

1,600,000

Utility charge reimbursements(Note 2) 105,865

529,221529,221

Other–

7,278,398

Total

2,129,221

7,913,485(Note 1) Rental revenues, etc. which are subject to Accounting Standard for Lease Transactions (ASBJ Statement No. 13) and thetransfer of real estate properties which is subject to Practical Guidelines on Accounting by Transferors for Securitization ofReal Estate Using Special Purpose Companies (Accounting System Committee Report No.15 of the Japanese Institute ofCertified Public Accountants) are not included in the above amounts as they are excluded from revenue recognition
accounting standards. Revenues generated from contracts with major customers are real estate property sales and utility
charge reimbursements.
(Note 2) Real estate property sales is shown as gain on sales of real estate (cost related to sales of real estate and other expenses
related to sales of real estate subtracted from revenue from real estate sales) on the Income Statement. Ichigo Officerecognizes gain on sales of real estate as operating revenue, and loss on sales of real estate as operating expenses, therefore
the amount of gain on sales of real estate is shown above.
2. Basis for understanding of revenues generated from contracts with customers
Previous fiscal period (November 1, 2022 to April 30, 2023)
Basis is as indicated in the Summary of Significant Accounting Policies.
Current fiscal period (May 1, 2023 to October 31, 2023)
Basis is as indicated in the Summary of Significant Accounting Policies.
3. Information on revenue recognized during the current fiscal period, or that expected to be recognized in the next fiscal period or
thereafter
Previous fiscal period (November 1, 2022 to April 30, 2023)(Thousand yen)
(1) Balance of contract assets and contract liabilities, etc.
Previous fiscal period(November 1, 2022 to April 30, 2023)
Receivables generated from contracts with customers(balance at the beginning of period)

1,328

Receivables generated from contracts with customers(balance at period-end)

953

Contract assets (balance at the beginning of period)–

Contract assets (balance at period-end)–

Contract liabilities (balance at the beginning of period)–

Contract liabilities (balance at period-end)–(2) Transaction price allocated to remaining performance obligations
N/A
For utility charge reimbursements, as Ichigo Office has the rights to receive from customers an amount directly corresponding to
the value for the lessees who are customers of sections for which performance is complete by the end of the fiscal period, theamount it has the right to claim according to Paragraph 19 of the Implementation Guidelines of the Accounting Standard for
Revenue Recognition is recognized as revenue. Accordingly, such is not included in the note on transaction price allocated to- 55 -

remaining performance obligations through application of the provisions of Paragraph 80-22 (2) of the Accounting Standard for
Revenue Recognition.
Current fiscal period (May 1, 2023 to October 31, 2023)(Thousand yen)
(1) Balance of contract assets and contract liabilities, etc.
Current fiscal period(May 1, 2023 to October 31, 2023)
Receivables generated from contracts with customers(balance at the beginning of period)

953

Receivables generated from contracts with customers(balance at period-end)

653

Contract assets (balance at the beginning of period)–

Contract assets (balance at period-end)–

Contract liabilities (balance at the beginning of period)–

Contract liabilities (balance at period-end)–(2) Transaction price allocated to remaining performance obligations
N/A
For utility charge reimbursements, as Ichigo Office has the rights to receive from customers an amount directly corresponding to
the value for the lessees who are customers of sections for which performance is complete by the end of the fiscal period, theamount it has the right to claim according to Paragraph 19 of the Implementation Guidelines of the Accounting Standard for
Revenue Recognition is recognized as revenue. Accordingly, such is not included in the note on transaction price allocated toremaining performance obligations through application of the provisions of Paragraph 80-22 (2) of the Accounting Standard for
Revenue Recognition.
(Segment information)
The segment information is omitted because Ichigo Office has only one segment of real estate rental business.

- 56 -

(Related information)
Previous fiscal period (November 1, 2022 to April 30, 2023)
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, 2023 to October 31, 2023)
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)
Previous fiscal period(November 1, 2022 toApril 30, 2023)

Current fiscal period(May 1, 2023 to
October 31, 2023)

Net assets per share (yen)69,57767,399Net income per share (yen)

4,222

2,045

(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.
Previous fiscal period(November 1, 2022 toApril 30, 2023)

Current fiscal period(May 1, 2023 to
October 31, 2023)

Net Income(Thousand yen)

6,390,096

3,095,779

Amount not attributable to common shareholders(Thousand yen)––

Net income attributable to common shareholders(Thousand yen)

6,390,096

3,095,779(Shares)

1,513,367

1,513,367

Average number of shares during period- 57 -

(Notes to Significant Subsequent Events)
Ichigo Office issued its First Callable Unsecured Investment Corporation Bond (subordinated and limited to qualified institutional
investors) based on the Board of Directors approval on November 13, 2023.
Total Issue AmountIssue Price
Interest Rate
Payment Date
Collateral
Redemption Date
Use of Proceeds
Allotee
Subordination Agreement

Transfer Restrictions

JPY 350 million
Par (JPY 100)
1.00% (fixed rate)
November 20, 2023
No
November 20, 2033
Value-add capex
Ichigo Inc.
In the event of an Ichigo Office liquidation or rehabilitation, Investment Corporation Bonds
will be treated as subordinated bankruptcy claims or subordinated rehabilitation claims. If
proceedings related to liquidation under Japanese law, or liquidation, bankruptcy, or
rehabilitation pursuant to laws outside of Japan arise and are ongoing, neither interest nor
principal payment will be made until senior claims have been repaid in full.
Sales of the Investment Corporation Bonds requires the approval of Ichigo Office, and can only
be sold to qualified institutional investors as defined in Article 10, Clause 1 of the Cabinet
Office Ordinance Relating to Definitions Prescribed in Article 2 of the Financial Instruments
and Exchange Law.

- 58 -

(7) Supplementary Schedules(i) Schedule of securities(a) Stocks
N/A(b) Securities other than stocks(Thousand yen)Type
TK (tokumei
kumiai) realestate equity
interest

Name of Security

Equity interest in
Kizuna 1 GK TK
Total

Aggregate
Value

Book
Value

AccruedInterest
Receivable

AccruedInterest
Paid

Appraisal
Value(Note 1)

Difference

Note

–

39,846––

39,846–(Note 2)–

39,846––

39,846––(Note 1) Appraisal value shows the book value of the TK real estate equity interest.
(Note 2) The underlying real estate in the Kizuna 1 GK TK is a trust beneficiary interest in real estate (juekiken) of Ichigo Hakata
Meiji Dori Building, and Ogaku Building.
(ii) Contract value and market value of derivative transactions and forward exchange contracts(Thousand yen)Classification

Type

Transactions other than market
transactions

Interest rate swap
(pay fixed, receive floating)

Total

Contract amount (Note 1)
Exceeding 1 year

Market value (Note 2)

98,360,000

96,360,000–

98,360,000

96,360,000–(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.

- 59 -

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

Asset type

Balance atBalance atIncrease
Decrease
beginning of
end of current
during period during period
current period
period7,189,308

367,232–

7,556,540

2,464,828

107,834

5,091,711(Note)

Structures

30,478108–

30,587

25,844313

4,743(Note)

Machinery and equipment

352,982

5,019–

358,001

261,435

13,56896,566(Note)

Tools, furniture andfixtures85,494

2,593–

88,087

66,073

4,699

22,014(Note)

15,031,993

1,636,074–

16,668,067––

16,668,067(Note)

1,649

–

–

1,649

–

–

1,649

Buildings in trust

49,089,328

638,567

822,843

48,905,052

13,066,185

786,554

35,838,866(Note)

Structures in trust

79,965

9,313

1,704

87,57343,2462,261

44,327(Note)

Machinery and equipmentin trust

949,160

30,541–

979,701

522,224

34,554457,477(Note)

Tools, furniture andfixtures in trust

357,81030,146

4,615

383,340

258,301

21,970125,038(Note)

146,248,541–

818,956

145,429,585––

145,429,585(Note)

14,345300

11,971

2,674

–

–

2,674

219,431,059

2,719,896

1,660,090

220,490,864

16,708,140

971,756

203,782,724

4,494,579––

4,494,579––

4,494,579

4,494,579––

4,494,579––

4,494,579

223,925,638

2,719,896

1,660,090

224,985,444

16,708,140

971,756

208,277,303

Construction in progress

Land in trust
Construction in progress intrust
Subtotal
Intangible
assetsBalance at
Depreciation end of current Remarks
periodoramortization
during period

Buildings

Land

Property,plant andequipment

Accumulated depreciationor accumulated
amortization

Land leasehold rights intrust
Subtotal
Total(Note) The major increase during the current fiscal period was due to the acquisition of one real estate asset (1,943,903 thousand yen),and the major decrease was due to the sale of a trust beneficiary interest in real estate of one asset (1,426,472 thousand yen) anddepreciation.
(iv) Schedule of other specified assets
N/A- 60 -

(v) Schedule of investment corporation bonds(Thousand yen)
Date ofissuance
First unsecured
September 22,
investment
2017
corporation bonds
Second unsecured
April 26,
investment
2018
corporation bonds
Third unsecured
November 29,
investment
2018
corporation bonds
Fourth unsecured
July 26,
investment
2019
corporation bonds
Fifth unsecured
March 26,
investment
2020
corporation bonds
Sixth unsecured
May 6,
investment2021
corporation bonds
Total

Balance at
Decrease
Balance at Interest rate
period-start during period period-end(%)

Redemption
date

1,200,000–

1,200,000

0.900

September 22,
2027

1,000,000–

1,000,000

0.900

April 26,2028

1,000,000–

1,000,000

0.750

November 28,
2025

1,200,000–

1,200,000

0.890

July 26,2029

1,000,000–

1,000,000

0.300

March 26,2025

1,500,000–

1,500,000

0.850

May 2,
2031

6,900,000–

6,900,000–

Use

Security(Note 1)

Unsecured/
unguaranteed

–

–

–

(Note 1) The proceeds are used for repaying existing loans and acquisition of assets.
(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 Due after 2 years Due after 3 years Due after 4 years
but within 2 years but within 3 years but within 4 years but within 5 years

Due within 1 year
Investment corporation bonds–

1,000,000

1,000,000

1,200,000

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

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

SMBC

1,000,000–

1,000,000–

0.845(Note 2)October 31,
2023

Lump-sum
repayment

SMBC

1,100,000––

1,100,000

0.852
November 10, Lump-sum(Note 2)2024
repayment

Mizuho Bank

1,000,000––

1,000,000

0.852
November 10, Lump-sum(Note 2)2024
repayment

SBI Shinsei Bank

900,000––

900,000

0.852
November 10, Lump-sum(Note 2)2024
repayment

Resona Bank

400,000––

400,000

0.852
November 10, Lump-sum(Note 2)2024
repayment

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–

SBI Shinsei Bank

135,000–

135,000–

Bank of Fukuoka

195,000–

195,000–

ORIX Bank

195,000–

195,000–

LenderLongTerm
Loans

Development Bank ofJapan- 61 -

Use

Collateralized

0.871

May 10,2023

No
Lump-sum (Note 3)(No Guarantee)
repayment

0.761(Note 2)October 31,
2023

Lump-sum
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

SMBC

633,000––

633,000

Mizuho Bank

508,000––

508,000

MUFG Bank

425,000––

425,000

Resona Bank

356,000

–

–

0.948
356,000 (Note 2)

October 31,
2025

Lump-sum
repayment

SBI Shinsei Bank

201,000––

201,000

Aozora Bank
SMBC

257,000––

257,000

352,000––

352,000

Mizuho Trust

1,352,000––

1,352,000

Aozora Bank

901,000––

901,000

0.990(Note 2)

April 30,2026

Lump-sum
repayment

SBI Shinsei Bank

901,000––

901,000

Resona Bank

448,000––

448,000

SMBC

400,000––

400,000

Mizuho Bank

350,000––

350,000

SBI Shinsei Bank

300,000––

300,000

MUFG Bank

300,000––

300,000

0.795(Note 2)

April 30,2024

Lump-sum
repayment

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

SBI 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

0.621

February 29,
2024

Lump-sum
repayment

Mizuho Bank

400,000––

400,000

0.621

February 29,
2024

Lump-sum
repayment

1,000,000––

1,000,000

0.962(Note 2)

April 30,2026

Lump-sum
repayment

Mizuho Bank

400,000––

400,000

0.701

April 30,2026

Lump-sum
repayment

SBI Shinsei Bank

200,000––

200,000

0.701

April 30,2026

Lump-sum
repayment

SMBC

954,000––

954,000

Aozora Bank

656,000––

656,000

Mizuho Bank

773,000––

0.975 September 30, Lump-sum
2026
repayment
773,000 (Note 2)

SBI Shinsei Bank

483,000––

483,000

LenderLongTerm
Loans

SMBC

0.860
November 11, Lump-sum(Note 2)2024
repayment (Note 3)

SMBC

830,000––

Aozora Bank

570,000––

830,000 0.907 September 30, Lump-sum
2026
repayment
570,000 (Note 2)

SMBC

250,000––

250,000

Mizuho Bank

400,000––

400,000

Development Bank ofJapan

400,000––

400,000

MUFG Bank

300,000––

300,000

SBI Shinsei Bank

250,000––

250,000- 62 -

Use

0.850(Note 2)

April 30,2026

Lump-sum
repayment

CollateralizedNo(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

Averageinterest
rate(%)(Note 1)SMBC

1,000,000––

1,000,000

0.867 September 25, Lump-sum(Note 2)2026
repayment

Resona Bank

1,000,000––

1,000,000

0.867(Note 2)

Bank of Fukuoka

1,000,000––

1,000,000

0.867 September 25, Lump-sum(Note 2)2026
repayment

SMBC

1,239,000––

1,239,000

Mizuho Bank

1,074,000––

1,074,000
743,000

LenderLongTerm
Loans

Repayment
date

Repayment
terms

SBI Shinsei Bank

743,000––

743,000

–

–

0.822
743,000 (Note 2)

Resona Bank

743,000––

743,000

ORIX Bank

413,000––

413,000

The Kagawa Bank

413,000––

413,000

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

SMBC

692,000––

692,000

0.726(Note 2)

SMBC

672,000––

672,000
610,000

March 25,
2027

March 25,
2026

No
(No Guarantee)

Lump-sum
repayment

Mizuho Bank

610,000––

641,000––

0.844 September 25, Lump-sum
2027
repayment
641,000 (Note 2)

MUFG Bank

549,000––

549,000

SMBC

1,224,000––

1,224,000

Mizuho Bank

1,224,000––

1,224,000

SBI Shinsei Bank

783,000––

783,000

MUFG Bank

783,000––

0.876 September 25, Lump-sum
2027
repayment
783,000 (Note 2)

Aozora Bank

783,000––

783,000

Resona Bank

587,000––

587,000

The Kagawa Bank

955,000––

955,000

SMBC

827,000–

827,000–

SBI Shinsei Bank

790,000–

790,000–

Mizuho Bank

753,000–

753,000–

MUFG Bank

677,000–

677,000–

SMBC

543,000––

543,000

SBI Shinsei Bank

518,000––

518,000

Mizuho Bank

494,000

–

–

0.740
494,000 (Note 2)

MUFG Bank

445,000––

445,000

Aozora Bank

2,127,000––

2,127,000

SBI Shinsei Bank

998,000––

SBI Shinsei Bank

1,000,000–

Mizuho Bank

400,000

SMBC

407,000

MUFG Bank

781,000––

781,000

Resona Bank

586,000––

586,000

Mizuho Bank

407,000––

0.569 September 25, Lump-sum
2025
repayment
407,000 (Note 2)

SBI Shinsei Bank

260,000––

260,000

Aozora Bank

260,000––

260,000

March 25,
2027

Lump-sum
repayment

September 25, Lump-sum
2023
repayment

March 25,
2027

Lump-sum
repayment

0.828(Note 2)

August 25,
2028

Lump-sum
repayment

998,000

0.722(Note 2)

March 25,
2027

Lump-sum
repayment–

1,000,000

0.828(Note 2)

August 25,
2028

Lump-sum
repayment––

400,000

0.828(Note 2)

August 25,
2028

Lump-sum
repayment––

407,000- 63 -(Note 3)Lump-sum
repayment

SBI Shinsei Bank

0.477

Collateralized

September 25 Lump-sum
2026
repayment

Aozora Bank

0.662

Use

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

814,000––

814,000

Mizuho Bank

814,000––

814,000

SBI Shinsei Bank

521,000––

521,000

Aozora Bank

521,000––

521,000

SMBC

800,000––

800,000

0.802
November 25, Lump-sum(Note 2)2028
repayment

Mizuho Bank

700,000––

700,000

0.802
November 25, Lump-sum(Note 2)2028
repayment

Bank of Yokohama

500,000––

500,000

0.802
November 25, Lump-sum(Note 2)2028
repayment

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

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

SBI 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

SBI Shinsei Bank

487,000––

487,000

Aozora Bank

422,000––

422,000

Development Bank ofJapan

500,000––

500,000

LenderSMBC

LongTerm
Loans

MUFG Bank- 64 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

Use

Collateralized(Note 3)

No
(No Guarantee)

0.787
November 25, Lump-sum(Note 2)2028
repayment

0.461

0.876
(Note 2)

0.461

September 25, Lump-sum
2024
repayment

March 25,
2029

Lump-sum
repayment

September 25, Lump-sum
2024
repayment

0.733(Note 2)

March 25,
2028

Lump-sum
repayment

0.819(Note 2)

May 25,2029

Lump-sum
repayment

0.764

September 25, Lump-sum
2028
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

194,000––

194,000

Mizuho Bank

194,000––

194,000

MUFG Bank

1,622,000––

1,622,000

Bank of Fukuoka

446,000––

446,000

Bank of Yokohama

90,000––90,000SMBC

389,000––

389,000

Mizuho Bank

389,000––

389,000

Resona Bank

271,000––

271,000

SBI Shinsei Bank

154,000––

154,000

Aozora Bank

117,000––

117,000

Bank of Yokohama

356,000––

356,000

SMBC

1,363,000––

1,363,000

Mizuho Bank

1,363,000––

1,363,000

Resona Bank

1,086,000––

1,086,000

SBI Shinsei Bank

617,000––

617,000

Aozora Bank

470,000––

470,000

Development Bank ofJapan

500,000––

500,000

SMBC

222,000––

222,000

Mizuho Bank

193,000––

193,000

MUFG Bank

1,580,000––

1,580,000

Bank of Fukuoka

494,000––

494,000

Nishi-Nippon City Bank

100,000––

100,000

SMBC

628,000––

628,000

Mizuho Bank

385,000––

385,000

SBI Shinsei Bank

217,000––

217,000

Aozora Bank

98,000––98,000

Nishi-Nippon City Bank

111,000––

111,000

Resona Bank

125,000––

125,000

SMBC

2,360,000––

2,360,000

Mizuho Bank

1,348,000––

1,348,000

SBI Shinsei Bank

869,000––

869,000

Aozora Bank

396,000––

396,000

Nishi-Nippon City Bank

283,000––

283,000

Resona Bank

220,000––

220,000

SMBC

950,000––

Mizuho Bank

950,000––

LenderLongTermLoans- 65 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

Use

Collateralized(Note 3)

No
(No Guarantee)

0.612 September 25, Lump-sum(Note 2)2026
repayment

0.720(Note 2)

March 25,
2028

Lump-sum
repayment

0.833
November 25, Lump-sum(Note 2)2029
repayment

0.859

January 25,
2029

Lump-sum
repayment

0.717(Note 2)

May 25,2027

Lump-sum
repayment

0.816(Note 2)

May 25,2028

Lump-sum
repayment

1.019(Note 2)

May 27,2030

Lump-sum
repayment

950,000

1.107(Note 2)

May 25,2029

Lump-sum
repayment

950,000

1.107(Note 2)

May 25,2029

Lump-sum
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

1,000,000––

1,000,000

Mizuho Bank

524,000––

524,000

MUFG Bank

1,579,000––

1,579,000

SBI Shinsei Bank

307,000––

307,000

Bank of Fukuoka

493,000––

493,000

Nishi-Nippon City Bank

493,000––

493,000

Resona Bank

245,000––

245,000

1,500,000––

1,500,000

Mizuho Bank

800,000––

800,000

SBI Shinsei Bank

778,000––

778,000

Aozora Bank

200,000––

200,000

SMBC

707,000––

707,000

Mizuho Bank

600,000––

600,000

Aozora Bank

293,000––

293,000

Resona Bank

100,000––

100,000

Bank of Fukuoka

300,000––

300,000

1.405(Note 2)October 25,
2029

Lump-sum
repayment

Nishi-Nippon City Bank

200,000––

200,000

1.405(Note 2)October 25,
2029

SMBC

700,000––

700,000

1.723(Note 2)January 25,
2032

Lump-sumNo
repayment (Note 3) (No Guarantee)

Lump-sum
repayment

Mizuho Bank

600,000––

600,000

1.723(Note 2)January 25,
2032

Lump-sum
repayment

Development Bank of
Japan

–

2,000,000–

2,000,000

1.108

September 25, Lump-sum
2029
repayment

SMBC–

127,000–

127,000

Mizuho Bank–

100,000–

100,000

MUFG Bank

–

677,000–

677,000

SBI Shinsei Bank–

100,000–

100,000

SMBC–

700,000–

700,000

Mizuho Bank–

653,000–

653,000

SBI Shinsei Bank–

690,000–

690,000

SMBC–

100,000–

100,000

Mizuho Bank–

100,000–

100,000

MUFG Bank–

283,000–

283,000

SBI Shinsei Bank–

135,000–

135,000

Bank of Fukuoka–

95,000–95,000Resona Bank–

100,000–

100,000

LenderSMBC

SMBCLongTerm
Loans- 66 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

Use

Collateralized

0.958
November 25, Lump-sum(Note 2)2027
repayment

1.036(Note 2)

August 25,
2028

Lump-sum
repayment

1.609 September 25, Lump-sum(Note 2)2032
repayment

1.160(Note 2)

April 25,
2028

Lump-sum
repayment

1.644(Note 2)

July 25,
2031

Lump-sum
repayment

1.202(Note 2)

May 25,2028

Lump-sum
repayment

Lender

LongTerm
Loans

Increase
Balance atduringperiod-start
period(Thousand(Thousand
yen)
yen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

–

115,000–

115,000

Mizuho Bank–

240,000–

240,000

Bank of Fukuoka–

100,000–

100,000

Resona Bank–

137,000–

137,000

Kansai Mirai Bank–

195,000–

195,000

SMBC–

1,000,000–

1,000,000

108,007,000

7,647,000

Total

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

1.773
(Note 2)October 25,
2031

Lump-sum
repayment

1.772(Note 2)October 25,
2031

Lump-sum
repayment

Use

Collateralized(Note 3)

No
(No Guarantee)

7,647,000 108,007,000(Note 1) 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.
(Note 2) 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.
(Note 3) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.
(Note 4) 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 within 1 year

Due after 1 year Due after 2 years Due after 3 years Due after 4 years
but within 2 years but within 3 years but within 4 years but within 5 years

Long-term borrowings
due within one year

7,092,000

–

–

–

–

Long-term borrowings–

11,840,000

17,658,000

19,353,000

18,445,000

7,092,000

11,840,000

17,658,000

19,353,000

18,445,000

Total- 67 -