Creating peace of mind through honest and committed management.

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

December 22, 2014
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Notice of Repayment of Existing Loan
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) is conducting a loan repayment
using the funds procured from the issuance of new shares as announced in the November 14,
2014 release “Issuance of New Shares and Secondary Share Offering” and proceeds from thesale of assets as announced in the November 14, 2014 release “Asset Acquisitions and Sales.”
1. Reason for Repayment
Ichigo REIT will repay 1,100 million yen of an existing loan using the funds procured from theissuance of new shares as announced in the November 14, 2014 release “Issuance of New
Shares and Secondary Share Offering” and the proceeds from the sale of fifteen residential
assets as announced in the November 14, 2014 release “Asset Acquisitions and Sales.”2. Repayment Details
Shinsei Trust Loan (Funded by Ichigo Group)
Lenders
Repayment Amount
Outstanding Balance after Repayment
Date of Borrowing
Repayment Due Date
Repayment Execution Date
Collateral

Shinsei Trust & Banking Co., Ltd.
1,100 million yen
None
January 30, 2013
November 30, 2015
December 30, 2014
Non-collateralized

3. Earnings Outlook
There is no amendment to Ichigo REIT’s earnings and dividend forecast as announced in“Earnings Forecast for the Fiscal Period ending April 2015” in the Financial Report on
December 18, 2014.

1

Reference: Loan Composition after Partial Repayment■ Outstanding Loan Balance (Expected, as of January 9, 2015)(million yen)
As ofNovember 30,2014

After execution(Expected as ofJanuary 9, 2015) 1

Increase/Decrease

Short-term borrowings

000

Long-term borrowings(due within one year)

19,743

15,725-4,018

Long-term borrowings

36,13644,266

8,130

Total borrowings

55,88059,991

4,111000

Total borrowings and investment
corporation bonds

55,88059,991

4,111

Other interest-bearing liabilities

000

Total interest-bearing liabilities

55,88059,991

4,111

Investment corporation bonds

1

These figures assume that all loans are executed as planned as announced in theDecember 8, 2014 release “New Loans and Interest Rate Swap.”

Distribution of Loans (Expected, as of January 9, 2015)

ORIX Bank
3%

Bank ofFukuoka 2%MetLife
3%
BTMU
3%

Kagawa Tokyo Star
Bank
3%
3%

SMBC
22%

Shinsei Trust *2
5%

Prudential LPS
6%

Mizuho Bank
10%

Resona Bank
10%

MizuhoTrust
4%

Shinsei Bank
13%

2Aozora Bank
14%

Source of funds is Investment LPS managed by AXA Real Estate Investment Managers
Japan KK2

Distribution of Repayment Dates (Expected, as of January 9, 2015)(million yen)
20,00020,00015,00015,00010,00010,000

9,517
9,517
7,530
7,530
6,581
6,581
4,450
4,450

5,000
5,000

April
April 2015
2015

OctOct 20152015

6,422
6,422
5,417
5,417

5,431
5,431

4,310
4,310
1,765
1,765

1,330
1,330
0
0

5,900
5,900

April
2016
April 2016

Oct 2016
2016
OctApril 2017
2017
April

Oct 2017
2017
OctApril 2018
2018
April

Oct 2018
Oct
2018

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

3

April
April 2019
2019

Oct
Oct 2019
2019

April
April 2020
2020

Oct
Oct 2020
2020

April
April 2021
2021