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.

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

Ichigo REIT Portfolio Occupancy (Flash Data) – June 2015
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces its portfolio
occupancy as of the end of June 2015:
End of May 2015
(Final: A)

End of June 2015
(Flash: B)

Difference
(B-A)

96.2%

96.2%

-Office

96.0%

95.9%

-0.1%

Other

97.1%

97.4%

+0.3%

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

96.2%

96.6%

+0.4%

95.7%

95.6%

-0.1%

97.8%

97.8%

-96.0%

95.2%

-0.8%

76702
223,768.75m2
215,204.10m2

76701
223,700m2
215,200m2

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

1Explanation of Changes
A new tenant at the Ichigo Shibuya Dogenzaka Building and new leases at the Ichigo Serviced
Apartments Ginza resulted in increased occupancy for Central Tokyo and Other. Meanwhile, alease termination at the Ichigo Sendai East Building decreased occupancy in Other RegionalAreas.
Leasing and Value Enhancement Activities
In leasing up its buildings, Ichigo REIT is not merely increasing the rents to reflect the recent
market recovery. Instead, Ichigo REIT seeks to drive rents above market rents in the area byanalyzing the location and characteristics of assets and implementing value-add enhancements
suitable to the asset and tailored to tenant needs.
At the Ichigo Shibakoen Building, with a tenant departure scheduled for August 2015, Ichigo
REIT will carry out value-add renovations to speed lease-up and increase rents. Ichigo REIT
will renovate the common space and refresh the interior and fixtures to create a more stylishdesign to meet the needs of IT and communication industry tenants, a dominant industry in thearea. The objective of the renovation is a fast recovery on investment and the acquisition of newtenants at rents above market rents in the area.
Ichigo Shibakoen Building

A conveniently located and highvisibility office building within
3 minutes walking distance fromthe Akabanebashi Station on theToei Oedo Line

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

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