Make The World
More Sustainable

Ichigo Office REIT
Semi-Annual Report (Audited)
29th Fiscal Period
November 1, 2019 – April 30, 2020

Ichigo Office REIT Investment Corporation
Imperial Hotel Tower, 1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo 100-0011–1–

Message from Management
First of all, we would like to express our deepest condolences to all those across the world affected by the COVID19 pandemic.
We extend our gratitude to all Ichigo Office shareholders for your trust.
For the April 2020 fiscal period, Ichigo Office focused on organic growth through continuing high occupancy andproactive negotiations to increase rents, as well as pursuing a robust portfolio and drive sustainable growth tomaximize shareholder value, as shown on the Growth Strategy Roadmap announced in June 2019.
In April 2020, we acquired a mid-size office in Nakameguro, an area near Shibuya, one of Tokyo’s primecommercial districts (Ichigo Nakameguro Building) for 1.49 billion yen and sold a retail asset, the Lions Square
Kawaguchi. As a result, Ichigo Office’s AUM (assets under management) at the end of the fiscal period was 85
assets, with a total acquisition price of 202.3 billion yen.
We continued to deploy our value-add capex capabilities to provide comfortable working environments. Throughthese measures to continuously increase tenant satisfaction and earnings growth, occupancy was over 99%
throughout the fiscal period.
In terms of financing policies, we issued our fifth Investment Corporation Bond, and we continue to borrow longterm and at fixed rates in order to hedge future interest rate risk.
As a result of these actions, Ichigo Office achieved one of the goals set in the Growth Strategy Roadmap, by being
selected for inclusion in the FTSE EPRA Nareit Global Real Estate Index, a global benchmark for real estate
investing, used by investors worldwide.
Ichigo Office’s April 2020 earnings results are as follows: operating revenue of 8,260 million yen, operating profitof 4,381 million yen, recurring profit of 3,576 million yen, and net income of 3,575 million yen. Base EPS, whichis earnings per share minus capital gains per share, was 2,073 yen, a 41 yen increase from the previous period. The
dividend per share was 2,163 yen, a 13 yen increase from the previous period.
Currently the economic outlook is quite difficult to foresee, due to the calamity of COVID-19. Ichigo Office will
make continuous efforts to build a robust mid-size office portfolio in an aim to drive sustainable growth andmaximize shareholder value through growth investments that reflect a full understanding of and responsiveness tothe market environment.
Ichigo Office’s name comes from the ancient Japanese proverb, Ichigo Ichie, literally meaning “One lifetime, one
encounter.” We will continue to embrace this philosophy of sincerity and service. We work to build strong longterm relationships to support the success of our clients, shareholders, and all stakeholders.
Thank you so much for your continued support.
Yoshihiro Takatsuka, Executive Director
Ichigo Office REIT Investment Corporation(left)
Hiroshi Iwai,
President and Executive Officer
Ichigo Investment Advisors Co., Ltd.
(right)–2–

Asset Management Overview

1

Historical Investment Performance
25th Fiscal Period 26th Fiscal Period 27th Fiscal Period 28th Fiscal Period 29th Fiscal Period
From November 1,
2017 to April 30, 2018

Operating Revenue

From May 1, 2018 to
October 31, 2018

From November 1,
2018 to April 30, 2019

From May 1, 2019 to
October 31, 2019

From November 1,
2019 to April 30, 2020

million yen

9,062

7,632

8,451

8,304

8,260

(Real Estate Rental Income)million yen(7,467)(7,632)(7,782)(7,862)(7,860)Operating Expenses

million yen

3,876

3,886

3,940

3,941

3,879

(Real Estate Rental Expenses)

million yen(3,008)(2,993)(2,990)(3,025)(2,950)Operating Profit

million yen

5,185

3,745

4,510

4,363

4,381

Recurring Profit

million yen

4,442

2,958

3,733

3,554

3,576

Net Income

million yen

4,441

2,980

3,732

3,554

3,575

Total Assets

million yen

219,028

221,807

225,678

225,898

227,312(Note 1)

(Period-on-Period Change)%

Net Assets

million yen(Period-on-Period Change)

(0.7)

(1.3)

(1.7)

(0.1)

(0.6)

103,245

103,217

103,863

103,962

104,244%(1.5)(-0.0)

(0.6)

(0.1)

(0.3)

million yen

67,67567,67567,67567,67567,675

Number of Shares Outstanding

shares1,532,287

1,532,287

1,532,287

1,532,287

1,532,287

Net Assets per Shareyen

67,38067,361

67,783

67,84868,031

Total Dividends

million yen

3,009

3,086

3,455

3,294

3,314

Dividend per Share

yen

1,964

2,014

2,255

2,150

2,163

(Payable Dividend per Share)yen(1,964)(2,014)(2,255)(2,150)(2,163)(Dividend per Share in Excess of
Earnings)

yen

(―)

(―)

(―)

(―)

(―)

Shareholders’ Equity

Ratio of Recurring Profit to Total
Assets(Note 2)%2.0(4.1)

1.3(2.7)

1.7 (3.4)

1.6 (3.1)

1.6 (3.2)

Return on Equity(Note 2)%4.3(8.7)

2.9(5.7)

3.6 (7.3)

3.4(6.8)

3.4(6.9)

Shareholder Equity Ratio(Note 2)

%

47.1

46.5

46.0

46.0

45.9

%

(0.4)

(-0.6)(-0.5)(0.0)(-0.2)

%

67.7

103.5

92.6

92.7

92.7

(Period-on-Period Change)
Dividend Payout Ratio(Note 3)

Other Reference Information
Number of Assets

assets

82

85

85

85

85

Number of Tenants at Period-End

tenants

891

923

921

934

938

Total Leasable Aream2

255,487.63

263,440.38

264,762.27

266,478.61

259,717.74

Occupancy at Period-End

%

99.0

99.2

99.3

99.4

99.6

Depreciation

million yen

914

857

857

842

839

Capital Expenditures

thousand yen

395,979

453,299442,533

478,779

525,201

NOI (Net Operating Income)(Note 2)

million yen

5,373

5,496

5,648

5,679

5,748

FFO (Funds from Operations) per
Share(Note 2)

yen

2,454

2,489

2,558

2,581

2,621

days

181

184

181

184

182

Number of Days in the Period(Note 1) Operating revenue, etc. do not include consumption tax or local consumption tax (hereinafter “consumption taxes”).
(Note 2) 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 ±Gain (Loss) on Sales of Assets ± Extraordinary Profit (losses) / Number of Shares Outstanding(Note 3) 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 profits) / Net Income per Share

–3–

2

Summary of Operating Results for the Fiscal Period Ending April 30, 2020

(1) Overview
In the fiscal period ending April 30, 2020, Ichigo Office’s 29th fiscal period, Ichigo Office worked to increase its attractiveness as a
specialized office REIT focusing on mid-size offices by selling a retail asset and acquiring a mid-sized office in return. Ichigo Officealso strengthened its organic growth potential. Key action items during the period were: 1) driving increased asset value and investment
efficiency through value-add capex (Note) and 2) maintain and drive earnings growth with a focus on tenant satisfaction. Ichigo Officeseeks to construct a portfolio specializing in mid-sized 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
During the current fiscal period, the GDP growth rate for 2019 Q4 slumped for the first time in 5 quarters, dropping 7.1% p.a. fromthe previous quarter, due to negative impact caused by the October 2019 consumption tax increase and severe typhoons. From January
2020, concerns of a global economic recession has increased, caused by the outbreak of COVID-19. Also, the 2020 Tokyo Olympic
Games being postponed has affected the steady growth of the Japanese economy, gradually showing signs of uncertainty.
Although the uncertain outlook of the economy is causing volatility in the monetary market, long-tem interest rates remained at low
standards, driven by BOJ’s monetary easing. Meanwhile, deterioration in the global economy may cause an increase in credit costs aswell as corporate demands for capital, and how this will effect the banks is a concern.
In the real estate market, the competition in acquiring assets continued to be severe, as demand remains quite strong from both domestic
and overseas investors, backed by the favorable financing environment. Under this environment, Ichigo Office made efforts to acquire
assets through strategic acquisitions and sales.
Meanwhile, in the office leasing market, vacancies continues to be limited in Central Tokyo, as well as major local cities such as
Osaka and Nagoya, leading to strong growth in rents. The supply/demand balance for the mid-size offices in which Ichigo Officespecializes continues to be tight, although how the outbreak of COVID-19 effects the corporate tenants needs to be watched carefully.
(ii) Investment Performance
In order to pursue a robust mid-size office portfolio and maximize shareholder value, Ichigo Office acquired the Ichigo Nakameguro
Building (acquisition price: 1,495 million yen) and sold Lions Square Kawaguchi (sales price: 2,845 million yen). The number ofassets owned at period-end was 85 assets (total acquisition price: 202,362 million yen).
Ichigo office has focused on NOI growth, and worked to raise both rents and occupancy in order to increase the profitability of its
assets. During the current fiscal period, Ichigo Office took various actions to enhance the competitiveness and profitability of its assets,such as the value-add capex renovations in the Ichigo Nogizaka Building, aimed to increase tenant satisfaction. As a result of such
efforts, the occupancy for the overall portfolio at period-end was 99.6%.

(3) Financing
During the current fiscal period, Ichigo Office borrowed a total of 8,811 million yen from banks in Novemnber 2019 and March 2020,
to repay loans that came due in those months (a total of 8,814 million yen) and issued its fifth Investment Corporation Bond (1,000
million yen) to fund part of the acquisition of the Ichigo Nakameguro Building . 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 8,260 million yen, operating profit of
4,381 million yen, recurring profit of 3,576 million yen and net income of 3,575 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 (Note), mainly due to the loss on sales of real estate posted whenassets were transferred in the past for the purpose of improving portfolio quality, it may internally reserve profits if it has total net
gains on sales of real estate assets and other profits from operations.
For this period, Ichigo Office has decided to distribute 3,314 million yen, which is the total amount of unappropriated retained earnings(3,575 million yen) and the reversal of reserves for temporary difference adjustments (105 million yen) minus gain on sales of realestate transferred to dividend reserves in compliance with J-REIT conduit rules (366 million yen). As a result, the dividend per share
was 2,163 yen.
(Note) The balance of tax losses carried forward owned by Ichigo Office is approximately 8.4 billion yen, and the expiration of the tax losses carrying forward period is the fiscal period
ending April 30, 2022. Restrictions regarding the maximum reduction of losses able to be included in deductible expenses will not be applied.

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

Balance

Shareholders’ Equity(million yen)
Increase/decrease

Notes

Balance

May 1, 2015

Public Offering

271,700

1,402,023

23,41857,548(Note 1)

May 27, 2015

Greenshoe

14,3001,416,323

1,232

58,781(Note 2)

May 23, 2016

Public Offering

110,166

1,526,489

8,449

67,230(Note 3)June 22, 2016

Greenshoe

5,798

1,532,287

444

67,675(Note 4)(Note 1)
(Note 2)
(Note 3)(Note 4)

Ichigo Office issued new shares via public offering at an issue price of 89,212 yen per share (underwriting price of 86,192 yen) for the purpose of raising funds to acquire new
assets.
Ichigo Office issued new shares via a third-party allotment (Greenshoe) at an issue price of 86,192 yen per share for the purpose of repaying loans.
Ichigo Office issued new shares via public offering at an issue price 79,365 yen per share (underwriting price of 76,695 yen) for the purpose of raising funds to acquire new
assets.
Ichigo Office issued new shares via a third-party allotment (Greenshoe) at an issue price of 76,695 yen per share for the purpose of repaying loans.

–5–Share Price Performance
The table below shows the high and low prices (closing prices) on the Tokyo Stock Exchange REIT market, where Ichigo Office lists
its shares, for each period.
25th Fiscal Period
From November 1, 2017 toApril 30, 20184

26th Fiscal Period
From May 1, 2018 to
October 31, 2018

27th Fiscal Period
From November 1, 2018 toApril 30, 201928th Fiscal Period
From May 1, 2019 to
October 31, 201929th Fiscal Period
From November 1, 2019 toApril 30, 2020

High

83,600 yen

93,800 yen

106,200 yen

118,100 yen

119,300 yen

Low

73,900 yen

81,600 yen

91,300 yen

99,400 yen

54,300 yen

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 the 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 3,314 million yen, which is the entire amount (except for fractions in which the dividend
per share is less than one yen) of unappropriated retained earnings of 3,575 million yen, plus 105 million yen, which is the reversal ofreserves for temporary difference adjustments, minus 366 million yen, which is gain on sales of real estate transferred to dividend
reserves in compliance with J-REIT conduit rules. As a result, the dividend per share came to 2,163 yen.
25th Fiscal Period
From November 1,
2017 to April 30,
2018

26th Fiscal Period
From May 1, 2018
to October 31, 2018

27th Fiscal Period
From November 1,
2018 to April 30,
2019

28th Fiscal Period
From May 1, 2019
to October 31, 201929th Fiscal Period
From November 1,
2019 to April 30,
2020

Unappropriated Retained Earnings

thousand yen

4,442,764

2,981,724

3,733,149

3,554,415

3,575,841

Retained Earnings for Dividend
Reservethousand yen

848

698

93

―

―

Total Dividends

thousand yen

3,009,411

3,086,026

3,455,307

3,294,417

3,314,336(1,964)(2,014)(2,255)(2,150)(2,163)3,009,411

3,086,026

3,455,307

3,294,417

3,314,336(2,163)(Dividend per Share)

yen

Distributable Earnings

thousand yen(Distributable Earnings per Share)yen(1,964)(2,014)(2,255)(2,150)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)

–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 and prefectural
capitals whose primary use is as offices, as well as real estate-backed securities related to these assets. In particular, Ichigo Officebuilds a portfolio specializing in mid-size offices with a focus on growth potential while securing earnings stability, given that bothstability and growth potential can be expected in mid-size offices and that the replacement of assets in the portfolio in a mobilizedmanner 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 steady acquisitiondriven growth, by utilizing 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 sales of 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 Ichigo Layout Office and Ichigo Lounge high-quality office spaces- Increase asset value and investment returns via value-add capex- Maintain and drive earnings growth with a focus on tenant satisfaction- Minimize downtime at re-tenanting and free-rent periods(3) Financing Strategy
For the refinancing of existing loans, Ichigo Office will take advantage of the low-interest-rate environment by fixing borrowing rates
and promoting the extension and diversification of borrowing periods. With respect to the long-term issuer rating it has acquired fromJapan Credit Rating Agency, Ltd., Ichigo Office will strengthen its financial base and expand its cash flows while diversify financing
using investment corporation bonds, with the aim of further improving the current rating of “A (Outlook: Stable).”6

Significant Subsequent Events

N/A

–7–

Ichigo Office Overview

1

Shares and Shareholders’ Equity

Number of Authorized Shares

25th Fiscal Period
April 30, 2018

26th Fiscal Period
October 31, 2018

27th Fiscal Period
April 30, 201928th Fiscal Period
October 31, 201929th Fiscal Period
April 30, 2020

shares

14,000,000

14,000,000

14,000,000

14,000,000

14,000,000

Number of Shares
Outstanding

shares1,532,287

1,532,287

1,532,287

1,532,287

1,532,287

Shareholders’ Equity

millionyen

67,67567,67567,67567,67567,675

Number of Shareholders

persons

16,994

14,705

13,091

12,85813,3682

Major Shareholders

Major shareholders as of April 30, 2020 are as follows:
Name

Ratio of Shares Held to Total
Number of Shares Issued (%) (Note)

SharesIchigo Trust Pte. Ltd.

344,190

Japan Trustee Services Bank, Ltd., Trust Account

195,158

22.46
12.73

The Master Trust Bank of Japan, Trust Account

174,596

11.39

Trust & Custody Service Bank, Ltd., Securities Investment Trust Account82,402

5.37

NOMURA BANK (LUXEMBOURG) S.A.

67,108

4.37

The Nomura Trust and Banking Co., Ltd., Investment Trust Account57,961

3.78

GOLDMAN SACHS INTERNATIONAL

41,4172.70

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

22,687

1.48

BNP PARIBAS SECURITIES SERVICES LUXEMBOURG / JASDEC /SECURITIES - AIFM

21,958

1.43

STATE STREET BANK WEST CLIENT – TREATY 505234
Total

21,5091.40

1,028,986

67.15(Note) The ratio of shares held to the total number of shares issued is rounded down to the first decimal place.

3

Executive Director and Supervisory Directors(1) Ichigo Office’s directors and auditor as of April 30, 2020 are as follows:
Title

Executive Director

Supervisory Directors

Accounting Auditor

Name of Director

Other Major Positions

Total Compensation
During the Current Fiscal
Period(thousand yen)

Yoshihiro Takatsuka

R’s Consulting KK, Representative Director
Oct Advisors Inc., Director and Partner

2,160

Takaaki Fukunaga

Fukunaga CPA Office, Representative
Global Solutions Consulting Co., Ltd., Representative Director
GreenOak Investment Management KK, external Corporate Auditor
AWP Ticket Guard Small Amount & Short Term Insurance Co., Ltd., external
Corporate Auditor
PP Japan Co., Ltd., Corporate Auditor
Retailer’s Sphere Co., Ltd., Corporate Auditor
GMO Registry, Inc., external Corporate Auditor

1,440

Masahiro Terada

City-Yuwa Partners, Partner

1,440

Grant Thornton Taiyo LLC―(Note) The Executive and Supervisory Directors do not own shares of Ichigo Office under either their own name or another person’s name.

–8–

9,510

(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

Asset Management Company, Asset Custodian, and Administrative AgentsThe asset management company, asset custodian, and administrative agents as of April 30, 2020 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 Bankng Corporation

Administrative Agent (Investment Corporation Bonds)

MUFG Bank, Ltd.

Administrative Agent (Investment Corporation Bonds)

Mizuho Bank, LTD.

–9–

Assets under Management

1

Asset Composition
28th Fiscal Period (as of October 31, 2019)

Area

Asset TypeBook Value(million yen)(Note 2)(Note 1)29th Fiscal Period (as of April 30, 2020)
Book Value(million yen)(Note 2)

Ratio to Total Assets(%)

Central Tokyo

6,768

3.0

6,746

3.0

Tokyo Metropolitan Area

4,019

1.8

4,015

1.8

Four Major Regional Cities

10,437

4.6

10,390

4.6

Central Tokyo

108,44948.0

108,321

47.7

Tokyo Metropolitan Area

40,47317.9

39,621

17.4

Four Major Regional Cities

19,605

8.7

19,647

8.6

Other Regional Cities

10,660

4.7

10,554

4.6

Subtotal

200,41388.7

199,297

87.7

Real Estate

Trust BeneficiaryInterest in Real Estate(juekiken)(Note 3)

Investment in Securities (Note 4)(Note 1)

Ratio to Total Assets
(%)

50

0.0

50

0.0

Deposits and Other Assets

25,433

11.3

27,964

12.3

Total Assets

225,898

100.0

227,312100.0(Note 4)

Areas are defined as follows:
Central Tokyo: Chiyoda, Minato, Chuo, Shinjuku, Shibuya and Shinagawa Wards
Tokyo Metropolitan Area : 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.)
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 book value 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.
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.
TK (tokumei kumiai) real estate equity interest in Tachikawa Holdings GK TK

2Major Assets Owned(Note 2)
(Note 3)

The table below is a summary of the major assets owned by Ichigo Office as of April 30, 2020 (top ten assets in terms of book value).
Asset NameBook Value(million yen)
(Note 1)

Leasable Area(m2)

Leased Area(m2)

Occupancy(%)(Note 2)

Ratio to Total Rent
Revenue(%)

Asset Type

Ichigo Jingumae Building

7,414

4,510.04

4,510.04

100.0

2.6

Ebisu Green Glass

5,807

3,159.27

3,159.27

100.0

1.9

OfficeOfficeIchigo Marunouchi Building

5,700

8,009.11

8,009.11

100.0

3.0

OfficeIchigo Akihabara North Building

5,542

6,250.53

6,250.53

100.0

2.8

OfficeIchigo Ikenohata Building

5,134

5,504.15

5,504.15

100.0

2.1

OfficeIchigo Sasazuka Building

4,923

6,425.29

6,425.29

100.0

2.3

OfficeIchigo Gotanda Building

4,832

5,346.39

5,346.39

100.0

2.6

OfficeIchigo Sakae Building

4,690

3,928.12

3,928.12

100.0

2.8

OfficeIchigo Higashi Ikebukuro Building

4,604

4,433.00

4,433.00

100.0

1.9

OfficeOfficeIchigo Nihonbashi East Building
Total(Note 1)
(Note 2)

4,486

4,216.97

4,216.97

100.0

1.9

53,13651,782.87

51,782.87

100.0

23.9

Book Value does not include construction in progress or construction in progress in trust.
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.

– 10 –

3

Portfolio Overview

Details of Portfolio Assets
The table below shows the details of assets owned by Ichigo Office as of April 30, 2020.
Asset Name

Location

Form of Ownership

LeasableArea(m2)

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

Book Value at
Period-end(million yen)
(Note 2)O-02 Ichigo Nishisando Building

Yoyogi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,564.63

3,260

3,338

O-03 Ichigo Mita Building

Shiba, Minato-ku, Tokyo

Trust beneficiary interest in real estate

4,119.63

3,630

2,728

O-04 Ichigo Nanpeidai Building

Nanpeidaicho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,925.24

2,690

1,911

O-05 Ichigo Hanzomon Building

Hayabusacho, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

2,080.37

1,950

1,507

O-06 Ichigo Hijirizaka Building

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,947.90

1,470

1,214

Ichigo Shibuya Kamiyamacho
O-07
Building

Kamiyamacho, Shibuya-ku, Tokyo

Real estate

1,321.54

1,890

1,363

O-08 Ichigo Akasaka 5 Chome Building

Akasaka, Minato-ku, Tokyo

Real estate683.52876

720

O-09 Ichigo Shibakoen Building

Shiba, Minato-ku, Tokyo

Real estate

1,602.29

1,160

1,098

O-10 Ichigo Ebisu Nishi Building

Ebisu-Nishi, Shibuya-ku, Tokyo

Real estate

1,484.39

2,510

1,920

O-11 Ichigo Ginza 612 Building

Ginza, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

1,379.06

2,120

1,777

O-12 Ichigo Uchikanda Building

Uchikanda, Chiyoda-ku, Tokyo

Real estate

1,378.83

1,350

1,125

O-14 Ichigo Yotsuya 4 Chome Building

Yotsuya, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate780.64590

504

O-15 Ichigo Tameike Building

Akasaka, Minato-ku, Tokyo

Real estate494.14

722

517

O-16 Ichigo Jimbocho Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

1,891.01

2,440

1,803

O-17 Ichigo Hakozaki Building

Nihonbashi Kakigaracho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

2,387.34

1,180

1,137

O-18 Ichigo Kudan 2 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,288.31

954

730

O-19 Ichigo Kudan 3 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,302.43868

816

O-20 Ichigo Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

5,346.39

6,320

4,832

O-21 Ichigo Shin Yokohama Building

Shin Yokohama, Kohoku-ku,
Yokohama

Trust beneficiary interest in real estate

4,021.32

1,740

1,687

O-22 Ichigo Minami Ikebukuro Building

Minami Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

1,491.50

1,870

1,368

O-23 Ichigo Nakano North Building

Arai, Nakano-ku, Tokyo

Trust beneficiary interest in real estate

1,250.85935

730

O-24 Ichigo Eitai Building

Eitai, Koto-ku, Tokyo

Real estate

2,605.54

1,440

1,459

O-26 Ichigo Ikejiri Building

Ohashi, Meguro-ku, Tokyo

Real estate

2,385.69

2,230

1,956

O-27 Ichigo Nishi Ikebukuro Building

Ikebukuro, Toshima-ku, Tokyo

Real estate

1,261.91

989

599

O-28 Ichigo Nishi Gotanda Building

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

1,329.06873

754

O-29 Ichigo Kichijoji Building

Kichijoji Honcho, Musashino City,
Tokyo

Trust beneficiary interest in real estate

4,210.87

2,960

2,182

O-34 Ichigo Sakae Building

Sakae, Naka-ku, Nagoya

Real estate

3,928.12

6,290

4,690

O-37 Ichigo Marunouchi Building

Marunouchi, Naka-ku, Nagoya

Real estate

8,009.11

7,590

5,700

O-38 Ichigo Toyamaeki Nishi Building

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

8,601.71

1,850

1,511

O-39 Ichigo Mirai Shinkin Building

Niagemachi, Oita City, Oita

Trust beneficiary interest in real estate

3,551.46

1,330

1,133

O-42 Ichigo Takamatsu Building

Kotobukicho, Takamatsu City,
KagawaTrust beneficiary interest in real estate

6,329.33

3,650

2,272

O-46 Ichigo Kanda Nishikicho Building

Kanda-Nishikicho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,523.09

3,310

1,998

O-47 Ichigo Akihabara North Building

Sotokanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

6,250.53

7,780

5,542

Ichigo Sakaisuji Honmachi
O-48
Building

Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,729.35

2,380

1,767

Ichigo Kanda Ogawamachi
O-49
Building

Kanda-Ogawamachi, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,309.39

2,580

2,195

O-50 Ichigo Hatchobori Building

Shintomi, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,697.36

2,680

1,788

O-51 Ebisu Green Glass

Ebisu Minami, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,159.27

7,460

5,807

O-52 Ichigo Omori Building

Minami Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,585.93

4,450

3,788

O-53 Ichigo Takadanobaba Building

Takadanobaba, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate

1,606.92

1,910

1,582

O-54 Ichigo Omiya Building

Miyacho, Omiya-ku, Saitama City,
SaitamaTrust beneficiary interest in real estate

6,180.68

4,170

3,593

O-55 Ichigo Sagamihara Building

Sagamihara, Chuo-ku, Sagamihara
City, Kanagawa

Trust beneficiary interest in real estate

2,960.81

1,280

1,223

O-56 Ichigo Ofuna Building

Ofuna, Kamakura City, Kanagawa

Trust beneficiary interest in real estate

2,364.71

2,620

1,942

– 11 –

Asset Name

Location

Form of Ownership

LeasableArea(m2)

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

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

O-57 Ichigo Sendai East Building

Miyagino, Miyagino-ku, Sendai,
MiyagiTrust beneficiary interest in real estate

5,205.49

2,150

1,635

O-58 Ichigo Kumamoto Building

Karashimacho, Chuo-ku, Kumamoto
City, Kumamoto

Trust beneficiary interest in real estate

4,507.59

1,590

1,478

O-59 Ichigo Jingumae Building

Jingumae, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,510.04

8,280

7,414

Ichigo Shibuya Dogenzaka
O-60
Building

Maruyamacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

2,789.86

5,430

3,675

O-61 Ichigo Hiroo Building

Hiroo, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,510.44

4,710

4,010

O-62 Ichigo Sasazuka Building

Sasazuka, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

6,425.29

5,770

4,923

O-63 Ichigo Nihonbashi East Building

Nihonbashi Bakurocho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

4,216.97

5,600

4,486

O-64 Ichigo Sakurabashi Building

Hatchobori, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,971.22

3,100

2,562

O-65 Ichigo Shinkawa Building

Shinkawa, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,312.03

3,000

2,381

O-66 Ichigo Kudan Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

3,090.65

3,600

3,207

O-67 Ichigo Higashi Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

4,548.10

4,260

3,646

O-68 Axior Mita

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,369.82

2,320

1,737

O-69 Ichigo Higashi Ikebukuro Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

4,433.00

5,310

4,604

O-70 Koriyama Big-i (Office Section)

Ekimae, Koriyama City, Fukushima

Trust beneficiary interest in real estate

3,433.07

2,130

1,463

O-71 Ichigo Kawasaki Building

Higashi Tamachi, Kawasaki-ku,
Kawasaki City, Kanagawa

Trust beneficiary interest in real estate

3,710.17

2,180

1,807

O-72 Ichigo Shibuya East Building

Higashi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,041.36

1,560

1,353

O-73 Ichigo Ningyocho Building

Nihonbashi Horidomecho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

1,769.09

1,630

1,478

O-74 Ichigo Nishi Honmachi Building

Awaza, Nishi-ku, Osaka

Trust beneficiary interest in real estate

6,152.00

2,470

2,158

O-75 Ichigo Hakata Building

Gionmachi, Hakata-ku, Fukuoka

Trust beneficiary interest in real estate

2,423.86

1,520

1,360

O-76 Ichigo Nishiki First Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

3,324.70

2,140

1,970

O-77 Ichigo Ikenohata Building

Ikenohata, Taito-ku, Tokyo

Trust beneficiary interest in real estate

5,504.15

5,520

5,134

O-78 Ichigo Ikebukuro East Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

3,118.69

3,360

2,984

O-79 Ichigo Motoazabu Building

Motoazabu, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,329.96

2,300

1,914

O-80 Ichigo Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,679.70

3,050

2,732

O-81 Ichigo Nagoya Building

Meieki, Nakamura-ku, Nagoya

Trust beneficiary interest in real estate

4,930.30

3,910

3,492

O-82 Ichigo Fushimi Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

4,155.57

2,510

2,332

O-83 Ichigo Nishiki Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

2,006.78

1,460

1,284

O-84

Ichigo Minami Morimachi
Building

Matsugaecho, Kita-ku, Osaka

Trust beneficiary interest in real estate

2,521.51

1,170

1,020

O-85

Ichigo Shibuya Udagawacho
Building

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,491.68

4,170

3,580

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

3,689.88

3,330

3,105

O-86 Win Gotanda Building
O-87 Ichigo Hongo Building

Hongo, Bunkyo-ku, Tokyo

Trust beneficiary interest in real estate

2,722.58

2,630

2,290

O-88 Oimachi Center Building

Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

2,751.08

1,970

1,695

O-89 Win Gotanda Building 2

Osaki, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,433.16

3,610

3,296

O-90 MIF Building

Uchikanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,690.33

2,370

2,196

O-91 Ichigo Uchi Honmachi Building

Uchi Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,004.07

2,180

1,995

O-92 Ichigo Minami Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,127.84

3,190

2,861

O-93 Ichigo Nogizaka Building

Akasaka, Minato-ku, Osaka

Trust beneficiary interest in real estate

2,199.35

3,670

3,437

O-94 Ichigo Hakata East Building

Hakataeki Higashi, Hakata-ku,
Fukuoka

Trust beneficiary interest in real estate

2,901.99

2,500

2,266

O-95 Ichigo Nakameguro Building

Aobadai, Meguro-ku, Tokyo

Trust beneficiary interest in real estate

1,037.30

1,670

1,554

Z-09

Konami Sports Club Izumi Fuchu

Fuchucho, Izumi City, Osaka

Trust beneficiary interest in real estate

3,733.68

1,450

1,059

Z-10

Ichigo Shibuya Bunkamura Dori
Building

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate778.77

3,030

2,457

Z-11

Twicere Yokohama Isogo (Retail
Section)Mori, Isogo-ku, Yokohama

Trust beneficiary interest in real estate

2,717.77

1,500

1,487

Z-14

Ichigo Kamata Building

Nishi Kamata, Ota-ku, Tokyo

Trust beneficiary interest in real estate

Total(Note 1)
(Note 2)

2,124.68

1,520

1,435

259,717.74

241,167

199,297

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).
The book value at period-end does not include construction in progress or construction in progress in trust.

– 12 –

The table below shows the status of rental activity at Ichigo Office assets in the 28th and 29th Periods:
28th Fiscal Period
From May 1, 2019 to October 31, 2019
Asset Name

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

29th Fiscal Period
From November 1, 2019 to April 30, 2020

Ratio to Total
RentalIncome (%)

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-02 Ichigo Nishisando Building

16

100.0

135,581

1.7

15

99.1

133,849

O-03 Ichigo Mita Building

9

100.0

121,937

1.6

9

100.0

119,211

1.7
1.5

O-04 Ichigo Nanpeidai Building

13

100.0

80,234

1.0

13

100.0

79,881

1.0

O-05 Ichigo Hanzomon Building

6

100.0

62,921

0.8

6

100.0

62,7060.8

O-06 Ichigo Hijirizaka Building

6

100.0

59,101

0.8

6

100.0

58,971

0.8

Ichigo Shibuya Kamiyamacho
O-07
Building

4

100.0

52,574

0.7

4

100.0

53,0620.7

O-08 Ichigo Akasaka 5 Chome Building

9

100.0

28,443

0.4

9

100.0

29,137

0.4

O-09 Ichigo Shibakoen Building

4

100.0

42,376

0.5

4

100.0

42,7280.5

O-10 Ichigo Ebisu Nishi Building

8

100.0

71,033

0.9

7

100.0

70,591

0.9

O-11 Ichigo Ginza 612 Building

24

100.0

66,397

0.8

24

100.0

66,8230.9

O-12 Ichigo Uchikanda Building

9

100.0

37,814

0.5

9

100.0

47,315

0.6

O-14 Ichigo Yotsuya 4 Chome Building

10

100.0

20,729

0.3

10

100.0

20,3800.3

O-15 Ichigo Tameike Building

6

100.0

21,390

0.3

6

100.0

21,403

0.3

O-16 Ichigo Jimbocho Building

8

100.0

76,612

1.0

7

92.6

72,3190.9

O-17 Ichigo Hakozaki Building

7

100.0

54,918

0.7

6

100.0

55,0440.7

O-18 Ichigo Kudan 2 Chome Building

1

100.0

28,899

0.4

1

100.0

28,8990.4

O-19 Ichigo Kudan 3 Chome Building

5

100.0

34,994

0.4

5

100.0

36,655

0.5

O-20 Ichigo Gotanda Building

14

100.0

208,711

2.7

14

100.0

207,841

2.6

O-21 Ichigo Shin Yokohama Building

14

97.7

81,405

1.0

14

97.7

81,1771.0

O-22 Ichigo Minami Ikebukuro Building

9

100.0

58,110

0.7

9

100.0

58,0630.7

O-23 Ichigo Nakano North Building

6

100.0

41,125

0.5

6

100.0

42,1480.5

O-24 Ichigo Eitai Building

10

100.0

63,358

0.8

10

100.0

65,5890.8

O-26 Ichigo Ikejiri Building

5

100.0

80,022

1.0

5

100.0

80,7371.0

O-27 Ichigo Nishi Ikebukuro Building

1

100.0

28,677

0.4

1

100.0

29,127

0.4

O-28 Ichigo Nishi Gotanda Building

9

100.0

34,296

0.4

9

100.0

34,8730.4

O-29 Ichigo Kichijoji Building

13

100.0

114,509

1.5

13

100.0

116,263

1.5

O-34 Ichigo Sakae Building

19

100.0

221,809

2.8

19

100.0

217,416

2.8

O-37 Ichigo Marunouchi Building

23

100.0

235,431

3.0

23

100.0

237,464

3.0

O-38 Ichigo Toyamaeki Nishi Building

15

99.1

114,366

1.5

15

99.1

116,352

1.5

O-39 Ichigo Mirai Shinkin Building

21

95.4

77,790

1.0

20

95.8

78,566

1.0

O-42 Ichigo Takamatsu Building

15

100.0

152,757

1.9

15

100.0

155,785

2.0

O-46 Ichigo Kanda Nishikicho Building

9

89.7

87,666

1.1

9

100.0

97,921

1.2

O-47 Ichigo Akihabara North Building

1

100.0

215,277

2.7

1

100.0

217,230

2.8

Ichigo Sakaisuji Honmachi
O-48
Building

17

100.0

94,831

1.2

17

100.0

95,463

1.2

Ichigo Kanda Ogawamachi
Building

9100.0

81,621

1.0

9

100.0

79,5251.0

O-50 Ichigo Hatchobori Building

7

100.0

93,013

1.2

7

100.0

92,606

1.2

O-51 Ebisu Green Glass

2

100.0

163,475

2.1

6

100.0

147,093

1.9

O-52 Ichigo Omori Building

8

95.2

132,294

1.7

9

100.0

135,888

1.7

O-53 Ichigo Takadanobaba Building

8

100.0

63,485

0.8

8

100.0

60,4430.8

O-54 Ichigo Omiya Building

30

100.0

159,565

2.0

29

97.5

160,367

2.0

O-55 Ichigo Sagamihara Building

13

100.0

60,220

0.8

13

100.0

59,9350.8

O-56 Ichigo Ofuna Building

9

100.0

94,213

1.2

9

100.0

93,608

1.2

O-57 Ichigo Sendai East Building

10

97.6

98,995

1.3

10

100.0

101,230

1.3

O-58 Ichigo Kumamoto Building

31

96.8

87,575

1.1

31

99.0

83,696

1.1

O-59 Ichigo Jingumae Building

7

100.0

207,461

2.6

7

100.0

207,005

2.6

Ichigo Shibuya Dogenzaka
O-60
Building

9100.0

129,147

1.6

9

100.0

129,869

1.7

O-61 Ichigo Hiroo Building

5

100.0

135,740

1.7

5

100.0

135,647

1.7

O-62 Ichigo Sasazuka Building

6

100.0

183,487

2.3

6

100.0

183,979

2.3

O-63 Ichigo Nihonbashi East Building

7

100.0

149,132

1.9

7

100.0

148,060

1.9

O-49

O-64 Ichigo Sakurabashi Building

6

100.0

83,787

1.1

6

100.0

83,3901.1

O-65 Ichigo Shinkawa Building

6

100.0

79,330

1.0

6

100.0

79,535

1.0

O-66 Ichigo Kudan Building

9

98.2

101,317

1.3

10

100.0

101,212

1.3

O-67 Ichigo Higashi Gotanda Building

18

100.0

131,993

1.7

18

100.0

131,874

1.7

O-68 Axior Mita

12

100.0

68,128

0.9

11

100.0

68,2690.9

O-69 Ichigo Higashi Ikebukuro Building

19

100.0

160,492

2.0

19

100.0

149,497

1.9– 13 –

28th Fiscal Period
From May 1, 2019 to October 31, 2019
Asset Name

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

29th Fiscal Period
From November 1, 2019 to April 30, 2020

Ratio to Total
RentalIncome (%)

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-70 Koriyama Big-i (Office Section)

14

100.0

104,333

1.3

14

100.0

104,219

1.3

O-71 Ichigo Kawasaki Building

17

100.0

91,637

1.2

16

98.1

90,408

1.2

O-72 Ichigo Shibuya East Building

3

100.0

44,045

0.6

3

100.0

44,111

0.6

O-73 Ichigo Ningyocho Building

8

100.0

48,053

0.6

8

100.0

47,942

0.6

O-74 Ichigo Nishi Honmachi Building

31

100.0

108,741

1.4

31

100.0

108,881

1.4

O-75 Ichigo Hakata Building

28

100.0

53,394

0.7

28

100.0

53,1590.7

O-76 Ichigo Nishiki First Building

5

100.0

76,008

1.0

5

100.0

76,0121.0

O-77 Ichigo Ikenohata Building

7

100.0

164,246

2.1

7

100.0

163,596

2.1

O-78 Ichigo Ikebukuro East Building

3

100.0

94,120

1.2

3

100.0

95,307

1.2

O-79 Ichigo Motoazabu Building

3

100.0

55,242

0.7

3

100.0

59,6870.8

O-80 Ichigo Otsuka Building

7

100.0

98,112

1.2

7

100.0

100,292

1.3

O-81 Ichigo Nagoya Building

36

100.0

153,012

1.9

36

100.0

150,381

1.9

O-82 Ichigo Fushimi Building

41

96.7

91,058

1.2

41

96.7

92,111

1.2

O-83 Ichigo Nishiki Building

23

100.0

49,781

0.6

23

100.0

50,061

0.6

O-84 Ichigo Minami Morimachi Building

12

100.0

48,256

0.6

12

100.0

48,7490.6

Ichigo Shibuya Udagawacho
Building

9100.0

83,244

1.1

9

100.0

90,953

1.2

O-86 Win Gotanda Building

10

100.0

112,881

1.4

10

100.0

111,946

1.4

O-87 Ichigo Hongo Building

7

100.0

84,068

1.1

7

100.0

87,071

1.1

O-88 Oimachi Center Building

8

100.0

73,339

0.9

8

100.0

73,1850.9

O-85

O-89 Win Gotanda Building 2

9

100.0

106,042

1.3

10

100.0

105,156

1.3

O-90 MIF Building

7

100.0

65,372

0.8

7

100.0

64,6540.8

O-91 Ichigo Uchi Honmachi Building

17

94.2

60,328

0.8

18

100.0

62,5120.8

O-92 Ichigo Minami Otsuka Building

9

100.0

75,835

1.0

9

100.0

77,9121.0

O-93 Ichigo Nogizaka Building

4

87.5

77,505

1.0

5

100.0

73,626

0.9

O-94 Ichigo Hakata East Building

21

100.0

59,673

0.8

21

100.0

72,4350.9

O-95 Ichigo Nakameguro Building

―

―

―

―

6

100.0

3,240

0.0

Z-02 Ichigo Fiesta Shibuya Building――

11,756

0.1

―

―

―

―

Z-09 Konami Sports Club Izumi Fuchu

1

100.0

63,000

0.8

1

100.0

63,0000.8

Ichigo Shibuya Bunkamura Dori
Z-10
Building

4

100.0

76,690

1.0

4

100.0

75,551

1.0

Twicere Yokohama Isogo (Retail
Section)8

100.0

83,419

1.1

8

100.0

80,7251.0(Note 3)

Z-11

Z-12 Lions Square Kawaguchi(Note 4)

3

100.0

125,114

1.6――

116,839

1.5

Z-14 Ichigo Kamata Building

2

100.0

53,731

0.7

2

100.0

52,941

0.7

934

99.4

7,862,644

100.0

938

99.6

7,860,421

100.0

Total
(Note 1)
(Note 2)
(Note 3)(Note 4)In the column “Number of Tenants at Period-end,” the total number of tenants who have concluded a lease contract with Ichigo Office or the trustee as the lessor is stated. If
a master lease contract has been concluded with a master leasing company other than Ichigo Office, the number of tenants is counted as one.
“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 tothe first decimal place.
The asset was sold on May 30, 2019.
The asset was sold on April 24, 2020.

– 14 –

Details of Renewable Energy Power Generation Equipment
N/A

Details of PPP and PFI
N/ADetails of Investments in Securities
Book Value(thousand yen)Type

Per Share
Equity Interst in Tachikawa
Holdings GK TK

TK (tokumei kumiai)
equity interest

Total(Note 1)
(Note 2)

Appraisal Value(thousand yen) (Note 1)

Total

Per Share

Difference

Note

Total

―

50,654―50,654―(Note 2)―50,654―50,654――“Appraisal Value” shows the book value of the TK equity interest.
The underlying real estate in the Tachikawa Holdings GK TK is a trust beneficiary interest in real estate (juekiken) of Unizo Tachikawa 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 April 30, 2020 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 April 30, 2020.
Classification
Transactions Other than Market
Transactions

Type

Contract Amount (thousand yen)
(Note 1)

Interest rate swap (pay fixed,
receive floating)
Total(Note 1)
(Note 2)Market Value (thousand yen)

Exceeding One Year (Note 1)(Note 2)

98,542,332

78,645,000―

98,542,332

78,645,000―

The contract amount of interest rate swap is based on the notional principal.
Since the above transaction meets the specific matching criteria of the Accounting Standard for Financial Instruments, the statement of market value is omitted.

5 Assets by Country and Region
All Ichigo Office assets are located in Japan.

– 15 –

Capital Expenditures

1 Schedule of Capital Expenditures
The major renovation-related capital expenditures planned as of April 30, 2020 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

PeriodKoriyama Big-i (Office Section)(Koriyama City, Fukushima)

Air Conditioning Upgrade

From November 2020
to December 2020

Ichigo Nishi Honmachi Building(Nishi-ku, Osaka)

Air Conditioning Upgrade

Ichigo Hakata Building(Hakata-ku, Fukuoka)

Amount Paid in the
Fiscal Period under
Review

Amount Already Paid

52,090――From October 2020
to November 2020

34,750――Elevator Upgrade

From April 2021
to April 2021

25,570――Ichigo Minami Morimachi
Building (Kita-ku, Osaka)

Parking Space Renovation

From October 2020
to November 2020

13,330――Ichigo Akasaka 5 Chome Building(Minato-ku, Tokyo)

Elevator Upgrade

From January 2021
to January 2021

11,290――Total Amount2 Capital Expenditures during the Current Fiscal Period
Capital expenditures during the current fiscal period amounted to 525,201 thousand yen, and construction work of a total of 634,537
thousand yen were conducted, combined with repair expenses of 109,336 thousand yen.
Asset Name (Location)

PurposeIchigo Kawasaki Building(Kawasaki City, Kanagawa)

Payment Amount(thousand yen)

PeriodFrom February 2020
to March 2020

Elevator Upgrade

27,304

Other

497,897

Total

525,201

3 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 and renovations
from cash flow during each fiscal period as follows.
(Thousand yen)

25th Fiscal Period
From November 1, 2017
to April 30, 2018

26th Fiscal Period
From May 1, 2018 to
October 31, 2018

27th Fiscal Period
From November 1, 2018
to April 30, 201928th Fiscal Period
From May 1, 2019 to
October 31, 201929th Fiscal Period
From November 1, 2019
to April 30, 2020

1,183,437

1,255,148

1,537,351

1,491,865

1,542,418

Gains

707,271

833,530

642,828

614,687

787,498

Reversals

635,561

551,326

688,314564,134

783,8131,255,148

1,537,351

1,491,865

1,542,418

1,546,103

Balance of Reserves at
Beginning of Period

Amount Brought Forward
to Next Period– 16 –

Expenses and Liabilities

1 Details of Operating Expenses(Thousand yen)

28th Fiscal Period
From May 1, 2019 to October 31, 201929th Fiscal Period
From November 1, 2019 to April 30, 2020

a. Asset Management Fees

770,048778,642b. Asset Custody Fees

15,027

15,035c. Administrative Service Fees

42,87542,805d. Directors’ Compensation

5,040

5,040

e. Other Operating Expenses

82,99987,131

Total

915,990928,654

2 Borrowings
The table below shows borrowings as of April 30, 2020.
Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

1,224

1,222

Mizuho Bank

1,224

1,222

783

782

783

782

587

586

LenderAozora Bank
Shinsei Bank

Loan
Date

December 10,
2014

Resona BankMUFG Bank

783

782

SMBC

1,224

－

Mizuho Bank

1,224

－

Aozora Bank
Shinsei Bank

December 15,
2014

Resona Bank

－
－

587

－

Repayment
Date

Repayment
Terms

1.267
(Note 2)

December 10,
2020(Note 3)

1.033
(Note 2)

December 16,
2019(Note 4)

1.142

August 31
2020

Lump-sum
repayment

MUFG Bank

783－

Aozora Bank

2,127

2,127

1,998

1,998

ORIX Bank

400

400

SMBC

672

－

610

－

1.148

641

－

(Note 2)

November 29
2019(Note 5)

549

－

1,371

1,370
1.185
(Note 2)

May 29,2020(Note 6)1.275
(Note 2)

May 7,
2021(Note 7)

Shinsei BankLongTerm
Loans

783
783

Average
Interest
Rate(%)(Note 1)

Mizuho Bank
Shinsei Bank

February 27,
2015

April 30,
2015

MUFG Bank
SMBC
Mizuho Bank

1,248

1,247

1,310

1,308

MUFG Bank

1,123

1,122

SMBC

1,956

1,954

Mizuho Bank

1,956

1,954

Aozora Bank

590

590

Shinsei Bank

Shinsei BankMUFG Bank
Resona Bank

April 30,
2015

May 7,
2015

772

772

1,629

1,627

1,365

1,364

Bank of Fukuoka

447

447

ORIX Bank

447

447

– 17 –(Note 2)Use

Collaterized(Note 12)No
(No Guarantee)

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

1,956

1,954

Mizuho Bank

1,956

1,954

Aozora Bank

590

590

Shinsei Bank

774

774

1,629

1,627

Lender

MUFG Bank

Loan
Date

May 7,
2015

Resona Bank

1,363

1,362

Bank of Fukuoka

447

447

ORIX Bank

447

447

1,587

1,585

286

286

573

572

573

572

Mizuho Bank

1,069

1,067

ORIX Bank

286

286

495

495

955

－

SMBC

1,439

1,438

Mizuho Bank

1,042

1,041

893

892

496

496

1,439

1,438

1,042

1,041

893

892

496

496

SMBC
Mizuho Trust
Resona Bank
Aozora Bank

September 30,
2015

MUFG Bank
The Kagawa BankMUFG Bank

September 30,
2015

May 9,
2016

Shinsei BankSMBCLongTerm
Loans

Mizuho BankMUFG BankMay 9,
2016

Shinsei Bank
SMBC

1,787

1,785

Mizuho Bank

893

892

MUFG Bank

695

694

Shinsei Bank
Aozora BankMay 24,
2016

Bank of Fukuoka

595

595

496

496

496

496

Nishi-Nippon City Bank

496

496

Resona Bank

347

347

1,787

1,785

SMBC

Average
Interest
Rate(%)(Note 1)

Repayment
Date

Repayment
Terms

1.347
(Note 2)

November 8,
2021(Note 7)0.985

March 31,2021

(Note 8)0.670

March 31,2020

(Note 9)0.808
(Note 2)

May 31,
2022(Note 10)0.858
(Note 2)

November 30,
2022(Note 10)0.705
(Note 2)

May 31,
2022(Note 11)

(Note 2)

Mizuho Bank

893

892

MUFG Bank

695

694

595

595

0.750

496

496

(Note 2)

November 30,
2022(Note 11)

Bank of Fukuoka

496

496

Nishi-Nippon City Bank

496

496

347

347

1,000

1,000

0.845
(Note 2)October 31,
2023

Lump-sum
repayment

500

500

0.675

September 30,
2021

Lump-sum
repayment

500

500

0.708

January 31,
2022

Lump-sum
repayment

Shinsei Bank
Aozora BankMay 24,
2016

Resona BankSMBC
Development Bank of Japan
Development Bank of Japan

November 2,
2016
November 2,
2016
November 2,
2016– 18 –

Use

Collaterized(Note 12)No
(No Guarantee)

Loan
Date

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

May 10,
2017

1,100

1,100

Mizuho Bank

May 10,
2017

1,000

1,000

Shinsei Bank

May 10,
2017

900

900

Resona Bank

May 10,
2017

400

400

Development Bank of JapanMay 10,
2017

2,000

2,000

215

215

LenderSMBC
Mizuho Bank

340

340

MUFG Bank

283

283

237

237

Resona Bank

November 7,
2017

0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)
0.871

0.761
(Note 2)

Shinsei Bank

135

135

Bank of Fukuoka

195

195

ORIX Bank

195

195

SMBC

633

633

Mizuho Bank

508

508

425

425

0.948

356

356

(Note 2)

Shinsei Bank

201

201

Aozora Bank

257

257

MUFG Bank
Resona Bank

November 7,
2017

SMBC
Mizuho Trust
LongTerm
Loans

Average
Interest
Rate(%)(Note 1)

Aozora Bank

April 27,
2018

352

352

1,352

1,352

901

901

Shinsei Bank

901

901

Resona Bank

448

448

SMBC

400

400

Mizuho Bank

350

350

Shinsei Bank

300

300

300

300

MUFG BankMay 9,
2018

Bank of Fukuoka

225

225

The Kagawa Bank

200

200

Nishi-Nippon City Bank

225

225

SMBC

835

835

Mizuho Bank

491

491

Shinsei Bank

393

393

393

393

Aozora Bank

393

393

Resona Bank

294

294

The Kagawa Bank

147

147

MUFG Bank

June 15,
2018

0.990
(Note 2)0.795
(Note 2)0.860
(Note 2)

Repayment
Date

Repayment
Terms

November 11,
2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

May 10,2023

Lump-sum
repayment

October 31,
2023

Lump-sum
repayment

October 31,
2025

Lump-sum
repayment

April 30,2026

Lump-sum
repayment

April 30,2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

SMBC

September 28,
2018

500

500

0.641

February 29,
2024

Lump-sum
repayment

Mizuho Bank

September 28,
2018

400

400

0.641

February 29,
2024

Lump-sum
repayment

SMBC

October 31,
2018

1,000

1,000

April 30,2026

Lump-sum
repayment

Mizuho Bank

October 31,
2018

400

400

0.721

April 30,2026

Lump-sum
repayment

Shinsei Bank

October 31,
2018

200

200

0.721

April 30,2026

Lump-sum
repayment– 19 –

0.962(Note 2)Use

Collaterized(Note 12)No
(No Guarantee)

Balance at
Period-end(million yen)

954

954

773

773

0.975

483

483

(Note 2)

656

656

830

830

0.907

570

570

(Note 2)

250

250

400

400

400

400

MUFG Bank

300

300

Shinsei Bank

250

250

LenderSMBC
Mizuho Bank

November 30,
2018

Shinsei Bank
Aozora Bank
SMBC

December 21,
2018

Aozora Bank
SMBC
Mizuho Bank
Development Bank of JapanLongTerm
Loans

Average
Interest
Rate(%)(Note 1)

Balance at
Period-start(million yen)

Loan
Date

December 28,
2018

0.850
(Note 2)

0.867

Repayment
Date

Repayment
Terms

September 30,
2026

Lump-sum
Repayment

September 30,
2026

Lump-sum
Repayment

April 30,2026

Lump-sum
repayment

September 25,
2026

Lump-sum
repayment

September 25,
2026

Lump-sum
repayment

September 25,
2026

Lump-sum
repayment

Lump-sum
repayment

SMBC

April 26,
2019

1,000

1,000

Resona Bank

April 26,
2019

1,000

1,000

Bank of Fukuoka

April 26,
2019

1,000

1,000

SMBC

1,239

1,239

Mizuho Bank

1,074

1,074

743

743

0.822

743

743

(Note 2)

March 25,
2027

743

743

Shinsei Bank

July 31,
2019

Aozora Bank
Resona BankORIX Bank(Note 2)0.867
(Note 2)0.867
(Note 2)

413

413

July 31,
2019

413

413

0.698
(Note 2)September 25,
2025

Lump-sum
repayment

September 30,
2019

692

692

0.726
(Note 2)

March 25,
2026

Lump-sum
repayment

–

672

–

610

0.844

–

641

(Note 2)September 27,
2027

Lump-sum
repayment

MUFG Bank

–

549

SMBC

–

1,224

Mizuho Bank

–

1,224

Shinsei Bank

–

783

0.876

–

783

(Note 2)September 27,
2027

Lump-sum
repayment

Aozora Bank–

783

Resona Bank–

587
March 25,
2027

Lump-sum
repayment

The Kagawa Bank
SMBC
SMBC
Mizuho Bank

November 29,
2019

Shinsei Bank

December 16,
2019

MUFG Bank

The Kagawa Bank
Total

March 31,2020–
104,056

955
103,997– 20 –

0.664

Use

Collaterized(Note 12)No
(No Guarantee)

(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 stated unit.
(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 rate during theperiod after the effect of the interest rate swap is stated.
(Note 3) 3 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 4) The remaining balance was repaid on December 16, 2019.
(Note 5) The remaining balance was repaid on November 29, 2019.
(Note 6) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 7) 4 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The balance at period-end includes long-term borrowings due within one year of 18 million yen.
(Note 8) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 9) The remaining balance was repaid on March 31, 2020.
(Note 10) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The balance at period-end includes long-term borrowings due within one year of 7 million yen.
(Note 11) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The balance at period-end includes long-term borrowings due within one year of 11 million yen.
(Note 12) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.

– 21 –

3 Investment Corporation Bonds
The status of investment corporation bonds outstanding as of April 30, 2020 is as follows:
Date ofIssuance

Balance at
Period-start(million yen)

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

Redemption
Date

Redemption
MethodFirst unsecured investment
corporation bonds

September 22,
2017

1,200

1,200

0.900

September 22,
2027

Lump-sum
repayment

Second unsecured investment
corporation bonds

April 26, 2018

1,000

1,000

0.900

April 26,
2028

Lump-sum
repayment

Third unsecured investment
corporation bonds

November 29,
2018

1,000

1,000

0.750

November 28,
2025

Lump-sum
repayment

Fourth unsecured investment
corporation bonds

July 26, 2019

1,200

1,200

0.890

July 26,
2029

Lump-sum
repayment

Fifth unsecured investment
corporation bonds

March 26,
2020

–

1,000

0.300

March 26,2025

Lump-sum
repayment

4,400

5,400

Total
(Note 1)
(Note 2)The proceeds are used for repaying existing loans.
A ranking pari passu among Ichigo Office investment corporation bonds is attached.

4 Short-Term Investment Corporation Bonds
N/A

5 Share Options
N/A– 22 –

Use

Colltarized(Note 1)No
(No guarantee)

Acquisitions and Sales during the Fiscal Period

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

Date

Sales

Price
(million yen)Price(million yen)

Date

(Note 1)

Ichigo Nakameguro Building
Lions Square Kawaguchi(Note 1)
(Note 2)

April 14, 2020

(Note 1)

1,495

–

–

Book Value(million yen)

Gain (loss)
on Sales(million yen)

―

―

―

―

April 24, 2020

2,845

2,360

398

Acquisition and sales prices exclude incidental expenses such as fees and property, city planning, and consumption taxes.
Sales Price is the total sale price of the two assets, because the buyer did not provide consent to disclose each asset’s sales price.

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

Acquisition Ichigo Nakameguro Building
Sale(Note 1)
(Note 2)Lions Square Kawaguchi

Transaction
Date

Transaction Price(million yen)Appraisal Value(million yen)

(Note 1)

(Note 2)

April 14, 2020

1,495

1,670

April 24, 2020

2,845

2,530 Daiwa Real Estate Appraisal Co., Ltd.

Appraiser

Date of
Appraisal

The Tanizawa Sōgō Appraisal Co.,Ltd.

December 31,
2019
October 31,
2019

Transaction Prices exclude incidental expenses such as fees and property, city planning, and consumption taxes.
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 the Japanese Real EstateAppraisal 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 of November 1, 2019 to April 30, 2020, the transactions subject to price verification were two 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.

– 23 –

4 Transactions with Related Parties(1) Transactions
N/A(2) 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.

– 24 –

Financial Statements

1 Assets, Liabilities, Principal, Profit and Loss
Please refer to “II. Balance Sheet,” “III. Income Statement,” “IV. Statement of Changes in Net Assets,” “V. Notes to Financial
Statements,” and “VI. Statement of Dividends” 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

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 (%)

20th Fiscal Period (May 1, 2015 to October 31, 2015)

1,400

117,040

21st Fiscal Period (November 1, 2015 to April 30, 2016)

1,400

116,760

0.1

22nd Fiscal Period (May 1, 2016 to October 31, 2016)

1,400

98,9800.1

23rd Fiscal Period (November 1, 2016 to April 30, 2017)

1,400

88,3400.1

24th Fiscal Period (May 1, 2017 to October 31, 2017)

1,400

103,040

0.1

25th Fiscal Period (November 1, 2017 to April 30, 2018)

1,400

113,820

0.1

26th Fiscal Period (May 1, 2018 to October 31, 2018)

1,400

129,640

0.1

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(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.

– 25 –

0.1

2 Notices
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 OtherIn this document, whole numbers are rounded down and ratios are rounded off, unless otherwise specified.

- 26 -

1. Financial Statements(1) Balance Sheet
Previous fiscal period(As of October 31, 2019)
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
Land
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) real estate equity interest
Lease and guarantee deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance expenses
Total deferred assets
Total Assets- 30 -(Thousand Yen)
Current fiscal period(As of April 30, 2020)

10,069,180
13,823,470
20,169416,247
3,928
24,332,996

11,956,974
14,364,161
19,441
423,896
2,687
26,767,161

7,057,925(1,641,030)
5,416,894
26,177(23,591)
2,586
302,156(155,680)
146,475
64,379
ሺ44,095)
20,283
15,638,558
43,755,757(7,776,223)
35,979,533
67,932(31,417)
36,515606,189(288,440)
317,749
205,903(125,054)
80,849138,279,665
4,403
195,923,515

7,087,139(1,748,149)
5,338,990
26,472(23,789)
2,683
321,160(168,008)
153,151
65,713
ሺ46,960ሻ
18,753
15,638,558
43,714,666(8,348,147)
35,366,519
64,921(30,664)
34,257657,734(315,095)
342,639
218,228(139,119)
79,108137,827,799
4,445
194,806,906

4,494,579
4,494,579

4,494,579
4,494,579

50,65410,000965,315
79,4601,105,429
201,523,524

50,65410,0001,042,678
90,562
1,193,895
200,495,381

41,71941,719225,898,240

49,902
49,902
227,312,445

Previous fiscal period(As of October 31, 2019)
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
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- 31 -(Thousand Yen)
Current fiscal period(As of April 30, 2020)

723,226
18,493,568
591,212
11,340605
125,572
1,533,966
20,74821,500,240

542,611
19,897,332
592,470
11,473
605
234,541
1,538,155
30,00522,847,196

4,400,000
85,562,543
1,509,112
8,870,659
10,13882,768100,435,222
121,935,462

5,400,000
84,100,000
1,535,126
9,087,875
10,17387,872100,221,046
123,068,243

67,675,274

67,675,274

20,566,420

20,566,420

2,637,122

3,002,120*2 9,529,544*2 9,424,544

12,166,666
3,554,415
36,287,502
103,962,777*1 103,962,777
225,898,240

12,426,665
3,575,841
36,568,927
104,244,202*1 104,244,202
227,312,445

(2) Income Statement(Thousand yen)Previous fiscal period(May 1, 2019 to
October 31, 2019)
Operating Revenues
Rental revenues
Other rental revenues
Dividend from TK (tokumei kumiai) real estate
equity interest
Gain on sales of real estate
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
Insurance payment income
Other
Total non-operating revenues
Non-operating expenses
Interest expenses
Borrowing expenses
Amortization of bond issuance expenses
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)

*1
*1

*2

*1

- 32 -

Current fiscal period(November 1, 2019 toApril 30, 2020)

7,216,148
646,496*1 7,275,310

1,137

1,898

*1

440,537
8,304,319
3,025,290
770,048
15,02742,8755,040
82,9993,941,281
4,363,038*2*1

585,110398,275
8,260,594
2,950,896
778,642
15,03542,8055,040
87,131
3,879,550
4,381,043

112
1,995
1,552
500
4,159

112
2,019
1,634
494
4,260

543,894
265,686
2,689
812,270
3,554,927
3,554,927
605
605
3,554,322
93
3,554,415

527,958
278,047
2,852
808,8573,576,446
3,576,446
605
605
3,575,841－
3,575,841

(3) Statement of Changes in Net Assets
Previous fiscal period (May 1, 2019 to October 31, 2019)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at beginning of period

Discretionary reserves
Capital reserve
surplus67,675,274

20,566,420

Dividend reserve

2,254,373

Temporarydifference
adjustment
reserve

Total discretionary
reserves

9,634,544

11,888,917

Changes during the period
382,748

Increase in dividend reserve382,748

Release from temporary
difference adjustment(105,000)(105,000)

reserve
Dividends
Net Income
Total changes during the period
Balance at period-end－－

382,748(105,000)

277,748

67,675,274

20,566,420

2,637,122

9,529,544

12,166,666

Total
shareholders’equityTotal net assets

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

Total surplus

3,733,149

36,188,487

103,863,761

103,863,761(382,748)－－－

105,000－－－

Dividends(3,455,307)(3,455,307)(3,455,307)(3,455,307)

Net Income

3,554,322

3,554,322

3,554,322

3,554,322

Total changes during period(178,733)

99,01599,01599,015

Balance at period-end

3,554,415

36,287,502

103,962,777

103,962,777

Changes during period
Increase in dividend reserve
Release from temporary
difference adjustment
reserve- 33 -

Current fiscal period (November 1, 2019 to April 30, 2020)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at beginning of period

Discretionary reserves
Capital reserve
surplusDividend reserve

20,566,420

2,637,122

67,675,274

Temporarydifference
adjustment
reserve

Total discretionary
reserves

9,529,544

12,166,666

Changes during the period
364,998

Increase in dividend reserve364,998

Release from temporary
difference adjustment(105,000)(105,000)

reserve
Dividends
Net Income
Total changes during the period
Balance at period-end－－

364,998(105,000)

259,998

67,675,274

20,566,420

3,002,120

9,424,544

12,426,665

Total
shareholders’equityTotal net assets

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed
loss)

Total surplus

3,554,415

36,287,502

103,962,777

103,962,777(364,998)－－－

105,000－－－

Dividends(3,294,417)(3,294,417)(3,294,417)(3,294,417)

Net Income

3,575,841

3,575,841

3,575,841

3,575,841

21,425

281,424

281,424

281,424

3,575,841

36,568,927

104,244,202

104,244,202

Balance at beginning of period
Changes during the period
Increase in dividend reserve
Release from temporary
difference adjustment
reserve

Total changes during period
Balance at period-end- 34 -

(4) Statement of Dividends
Previous fiscal period(May 1, 2019 to
October 31, 2019)

Current fiscal period(November 1, 2019 toApril 30, 2020)

Ⅰ. Unappropriated Retained Earnings
II. Discretionary Reserve Reversal
Reversal of Temporary Difference
Adjustment Reserve
III. Total Dividends(Dividend per share)
IV. Discretionary Reserves

3,554,415,880 yen

3,575,841,811 yen

105,000,000 yen

105,000,000 yen

3,294,417,050 yen（2,150 yen）

3,314,336,781 yen（2,163 yen）

Provision to Dividend Reserve
V. Retained Earnings Carried Forward

364,998,830 yen－yen

366,505,030 yen－yen

Method for calculating the amount of dividends

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,
3,554,415,880 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
3,659,415,880 yen of unappropriatedretained earnings, and transferring
364,998,830 yen of gain on sales ofreal estate to dividend reserves, within
J-REIT conduit rules. As a result,dividend per share came to 2,150 yen.

- 35 -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,
3,575,841,811 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
3,680,841,811 yen of unappropriatedretained earnings, and transferring
366,505,030 yen of gain on sales ofreal estate to dividend reserves, within
J-REIT conduit rules. As a result,dividend per share came to 2,163 yen.

(5) Cash Flow Statement(Thousand yen)Previous fiscal period(May 1, 2019 to
October 31, 2019)
Cash flows from operating activities
Pre-tax income
Depreciation
Interest income
Interest expense
Decrease (increase) in operating accounts 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
Decrease due to sales of property, plant, and equipmentin trust
Other
Subtotal
Purchase of property, plant, and equipment
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 intrust
Repayments from tenant leasehold and security
deposits in trust
Acquisition of TK (tokumei kumiai) real estate equity
interest
Net Cash flows from (used for) investments
Cash flows from financing activities
Increase in long-term borrowings
Decrease in long-term borrowings
Proceeds from bond issuance
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- 36 -

Current fiscal period(November 1, 2019 toApril 30, 2020)

3,554,927
842,219(112)
543,894(5,043)
12,586
5,377(97,730)
6,904(22,586)
57,555
1,959,320

3,576,446
839,094(112)
527,958728(7,648)(77,363)
108,969(58,444)
1,258
4,189
－

－

2,360,814(15,281)
6,842,032
112(551,388)(605)
6,290,151

6,250
7,282,170
112(527,824)(605)
6,753,853(40,003)(2,633,667)
45,234(54,631)(2,150,628)
54,403(141,184)(28,389)

396,328

622,304(121,056)(405,089)(50,654)－(2,545,003)(1,962,030)

6,060,000(7,328,436)
1,187,698(3,454,459)(3,535,196)
209,951
23,605,527*1 23,815,479

8,811,000(8,869,779)
988,964(3,293,987)(2,363,802)
2,428,020
23,815,479*1 26,243,499

(6) Notes to Financial Statements(Going concern note)
N/A(Summary of Significant Accounting Policies)
1. Standards and methods for valuation Securities
of 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 are accounted for using the equity method of
accounting.
2. Method of depreciation of fixed(1) Property, plant, and equipment (including assets in trust)
assetsThe 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 20 years
Machinery and equipment : 1 to 15 years
Tools, furniture and fixtures : 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

4. Standards for recognition ofrevenues and expenses

Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized equally over the period up to theredemption.
Accounting for fixed asset taxes, etc.
Of the amount of fixed asset taxes, city planning taxes and depreciable asset taxes imposed onreal estate owned that was assessed and determined, the amount corresponding to the relevant
computation period is expensed 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 real estate.
The amount corresponding to fixed asset taxes that was included in the acquisition costs of realestate for the previous fiscal period was 639 thousand yen, whereas for the current fiscal period
is 5,743 thousand yen.

5. Method of hedge accounting(1) Method of hedge accounting
In cases where the interest rate swaps meet the conditions for special treatment, 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
Funds (cash and cash equivalents) on the cash flow statement consist of cash on hand, cash
statement
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 matters serving as (1) Accounting for trust beneficiary interests in real estate
the basis for preparing financial
For trust beneficiary interests in real estate, all trust assets and liabilities as well as allstatements
income generated and expenses incurred in trusts are recorded in the relevant accounts on thebalance sheet and the income statement.
The following material items of the trust accounts recorded in the relevant accounts are listed
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 consumption taxes
The accounting for consumption taxes is tax exclusive. Non-deductible consumption taxes
on assets are included in the acquisition costs of individual assets.
- 37 -

(Notes to accounting standards not yet applied)- “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 on March 31, 2020, Accounting Standards Board of Japan)- “Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30 on March 31, 2020,
Accounting Standards Board of Japan)(1) Overview
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States
jointly developed comprehensive accounting standards for revenue recognition, and “Revenue from Contracts with Customers” wasissued in May 2014 (IFRS 15 in IASB and Topic 606 in FASB). Given that IFRS 15 and Topic 606 would be applied from a businessyear starting on or after January 1, 2018 and after December 15, 2017, respectively, the Accounting Standards Board of Japan (ASBJ)
developed comprehensive standards for revenue recognition and published the Accounting Standard for Revenue Recognition with
the Implementation Guidance.
The basic policy of ASBJ for the development of accounting standards for revenue recognition is believed to set the accounting
standards from the perspective of comparability between financial statements, which is one of the benefits of promoting consistency
with IFRS 15, with the incorporation of the basic principles of IFRS 15 as a starting point, and if there are items that should beconsidered in practices implemented in Japan, to add alternative handlings to the extent to which comparability is not impaired.
(2) Planned date of application
The Accounting Standard for Revenue Recognition, etc. will be applied at the beginning of the fiscal period ending October 2021.
(3) Impact of applying the accounting standard, etc.
The amount of the impact of applying the Accounting Standard for Revenue Recognition, etc. on the financial statements is currently
under review.
- “Accounting Standard for Fair Value Management” (ASBJ Statement No.30 on July 4, 2019, Accounting Standards Board of Japan)- “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10 on July 4, 2019, Accounting Standards Board of Japan)- “Implementation Guidance on Accounting Standard for Fair Value Management” (ASBJ Guidance No. 31 on July 4, 2019, AccountingStandards Board of Japan)(1) Overview
IASB and FASB issued new common fair value management measurements (IFRS 13 in IASB and Topic 820 in FASB) to develop
accounting standards for fair value management. Under these circumstances, ASBJ also developed an accounting standard for fairvalue measurement and issued a new standard together with its implementation guidance.
As a basic poicy for the development of the new standard, ASBJ determined to generally adopt all the principles of IFRS 13 in orderto enhance the compariblity of financial statements among domestic and overseas companies, by applying the consistent measurement
methods. However, for any item to be considered arising from business practices in Japan, other treatments for the item shall be
determined to the extent that conparibility is not impaired.
(2) Planned date of application
The Accounting Standard for Fair Value Management, etc. will be applied at the beginning of the fiscal period ending October 2021.
(3) Impact of applying the accounting standard, etc.
The amount of the impact of applying the Accounting Standard for Fair Value Management, etc. on the financial statements is currently
under review.
-“Accounting Standard for Disclosure of Accounting Estimates” (ASBJ Statement No. 31 on March 31, 2020, Accounting Standards
Board of Japan)(1) Overview
IASB issued International Accounting Standard 1 (IAS 1) “Presentation of Financial Statements” in 2003. Paragraph 125 of IAS 1
requires disclosure on information about the “assumptions the entity makes about the future, and other major sources of estimation
uncertainty”. In this regard, there has been a request that the major sources of estimation uncertainty should be disclosed in the notes
to financial statements under Japanese GAAP to provide useful information to users of financial statements. In response to this request,
the ASBJ developed and issued “Accounting Standard for Disclosure of Accounting Estimates”
ASBJ’s basic policy in developing this accounting standard is not to expand the notes, but to indicate the general principles (or the
purpose of disclosure) and let the entity judge the information which should be disclosed according to their objectives. In developing
this standard, ASBJ referred to the principles of Paragraph 125 of IAS 1.
(2) Planned date of application
The Accounting Standard for Disclosure of Accounting Estimates will be applied from the end of the fiscal period ending April 2021.

- 38 -

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 October 31, 2019)

Current fiscal period(As of April 30, 2020)

50,00050,000*2. Provision and reversal of temporary difference adjustment reserves
Previous fiscal period (As of October 31, 2019)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,634,544－

105,000

9,529,544(Thousand yen)
Reasons forprovision andreversalAppropriation
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 April 30, 2020)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,529,544－

105,000

9,424,544(Thousand yen)
Reasons forprovision andreversalAppropriation
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.

- 39 -

(Notes to Income Statement)*1. Details of real estate rental income(Thousand yen)Previous fiscal period(May 1, 2019 to
October 31, 2019)

Current fiscal period(November 1, 2019 toApril 30, 2020)

5,899,459
976,631
282,784
57,271

7,216,148

5,955,548
975,822
282,089
61,8507,275,310

615,643
30,852646,496

550,753
34,356585,110

A． Real estate rental revenue
Rental Revenues
Rental revenue
Common area charges
Parking lot rental revenue
Facility use charges
Other rental revenue
Utilities revenue
Other
Total real estate rental revenue

7,862,644

7,860,421

B． Real estate rental expenses
Rental expenses
Service provider expenses
Utilities
Trust fees

680,851
606,754
35,577710,954521,43142,071

Depreciation
Repair expenses
Taxes and public dues
Non-life insurance expenses
Other rental expenses

842,219
133,895
665,543
18,36042,086

839,094
109,336
667,823
17,942
42,242

Total real estate rental expenses
C． Net rental income（A-B）- 40 -

3,025,290

2,950,896

4,837,354

4,909,525

*2. Details of real estate sales (Thousand yen)Previous fiscal period (May 1, 2019 to October 31, 2019)
Ichigo Fiesta Shibuya Building
Real estate sale revenue
Real estate sale cost
1,959,320
Other real estate sale expenses
142
Gain on real estate sales

2,400,000

440,537

Current fiscal period (November 1, 2019 to April 30, 2020)
Lions Square Kawaguchi
Real estate sale revenue
Real estate sale cost
2,360,814
Other real estate sale expenses
85,910Gain on real estate sales

2,845,000

398,275(Statement of changes in net assets)
Previous fiscal period(May 1, 2019 to
October 31, 2019)

Current fiscal period(November 1, 2019 toApril 30, 2020)

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

14,000,000 shares
1,532,287 shares

14,000,000 shares
1,532,287 shares(Notes to statement of dividends)
Previous fiscal period(May 1, 2019 to
October 31, 2019)

Current fiscal period(November 1, 2019 toApril 30, 2020)

By applying the transitional measures of Paragraph 3 of theBy applying the transitional measures of Paragraph 3 of the
Supplementary Provisions of the “Regulation on Accountings Supplementary Provisions of the “Regulation on Accountingsof Investment Corporations” (Cabinet Office Order No. 27 of of Investment Corporations” (Cabinet Office Order No. 27 of2015), an amount of 10,432,940,000 yen, which was the 2015), an amount of 10,432,940,000 yen, which was theremaining balance of gain on negative goodwill was remaining balance of gain on negative goodwill wastransferred to the temporary difference adjustment reserve transferred to the temporary difference adjustment reserve
account, and planned to equally reverse the entire amount account, and planned to equally reverse the entire amountwithin 50 years. The original policy was to reverse a within 50 years. The original policy was to reverse aminimum of 200,000,000 yen starting from the 23rd fiscal minimum of 200,000,000 yen starting from the 23rd fiscal
period, as stated on the statement of dividends for the 22nd period, as stated on the statement of dividends for the 22nd
fiscal period. But the policy has been changed to reversing a fiscal period. But the policy has been changed to reversing aminimum of 105,000,000 yen starting from the 24th fiscal minimum of 105,000,000 yen starting from the 24th fiscal
period. For this fiscal period, 105,000,000 yen will be period. For this fiscal period, 105,000,000 yen will bereversed.
reversed.

- 41 -

(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)
Current fiscal period
Previous fiscal period(May 1, 2019 to(November 1, 2019 to
October 31, 2019)
April 30, 2020)
Cash and deposits
Cash and deposits in trust
Miscellaneous deposits

10,069,180
13,823,470(77,171)

11,956,974
14,364,161(77,636)

Cash and cash equivalents

23,815,479

26,243,499(Notes to lease transactions)Operating lease transactions(Lessee)Previous fiscal period(May 1, 2019 to
October 31, 2019)(Thousand yen)
Current fiscal period(November 1, 2019 toApril 30, 2020)

Outstanding lease charges
One year or lessOver one year

71,561
1,073,192

71,935
1,036,851

Total

1,144,754

1,108,786(Lessor)Previous fiscal period(May 1, 2019 to
October 31, 2019)(Thousand yen)
Current fiscal period(November 1, 2019 toApril 30, 2020)

Outstanding lease charges
One year or lessOver one year

6,903,707
1,607,122

6,954,742
1,257,306

Total

8,510,830

8,212,049- 42 -

(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 terms. 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 future fluctuationsin interest rates, and not for trading or speculative purposes. Ichigo Office also invests surplus funds carefully in consideration ofsafety and liquidity so as not to bear excess risks, taking the financial environment and cash management into full consideration.
(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 theasset management company formulates a cash management plan. Loans with floating interest rates are exposed to the risk offluctuations in interest rates, but LTV is managed appropriately to limit the impact of rising market interest rates on the operations of
Ichigo Office.
(3) Supplementary explanation of matters concerning the market value, etc. of financial instruments
In addition to values based on market prices, the market value of financial instruments includes values based on reasonable calculations
when there is no market price. Because certain preconditions, etc. are adopted in the calculation of the values concerned, there may becases where the values concerned will vary when different preconditions, etc. are adopted.
2. Matters concerning the market value, etc. of financial instruments
The carrying amount on the balance sheet on October 31, 2019, the market value, and the difference between the carrying amount andthe market value were as follows.
Financial instruments whose market value is deemed to be extremely difficult to determine are not included in the table below (see(Note2)), and those that are not material are omitted.
(Thousand yen)
Carrying valueMarket value

Difference(1) Cash and deposits

10,069,180

10,069,180－(2) Cash and deposits in trust

13,823,470

13,823,470－

23,892,650

23,892,650－(3) Long-term borrowings (due within one year)

18,493,568

18,524,160

30,592(4) Investment corporation bonds

4,400,000

4,427,124

27,124(5) Long-term borrowings

85,562,543

86,626,665

1,064,122

108,456,111

109,577,951

1,121,840

Total assets

Total liabilities－－－(6) Derivative transactions(Note 1) Matters concerning the calculation method of the market value of financial instruments and derivative transactions(1) Cash and deposits (2) Cash and deposits in trust
The book value is used as the market value because the market values of these items are almost equal to their book values
since they are settled within a short period of time.
(3) Long-term borrowings (due within one year) (5) Long-term borrowings
The market value of long-term loans with fixed interest rates is calculated by discounting the present value by an interest
rate that is assumed if the total amount of principal and interest is borrowed in similar new loans. The market value of longterm loans with floating interest rates is based on the book value because the market value is approximately equal to thebook value due to the situation in which the interest rate is renewed periodically. For some long-term loans with floatinginterest 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 estimatedrates for similar loans.
(4) 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.
(6) Derivative transactions
Please refer to “Notes to Derivative Transactions” below.

- 43 -

The carrying amount on the balance sheet on April 30, 2020, the market value, and the difference between the carrying amount and themarket value were as follows:
Financial instruments whose market value is deemed to be extremely difficult to determine are not included in the table below (see(Note2)), and those that are not material are omitted.
(Thousand yen)
Carrying valueMarket value

Difference(1) Cash and deposits

11,956,974

11,956,974－(2) Cash and deposits in trust

14,364,161

14,364,161－

26,321,136

26,321,136－(3) Long-term borrowings (due within one year)

19,897,332

19,933,001

35,669(4) Investment corporation bonds

5,400,000

5,372,821(27,178)(5) Long-term borrowings

84,100,000

85,020,977

920,977

109,397,332

110,326,799

929,467

Total assets

Total liabilities－－－(6) Derivative transactions(Note 1) Matters concerning the calculation method of the market value of financial instruments and derivative transactions(1) Cash and deposits (2) Cash and deposits in trust
The book value is used as the market value because the market values of these items are almost equal to their book values
since they are settled within a short period of time.
(3) Long-term borrowings (due within one year) (5) Long-term borrowings
The market value of long-term loans with fixed interest rates is calculated by discounting the present value by an interest
rate that is assumed if the total amount of principal and interest is borrowed in similar new loans. The market value of longterm loans with floating interest rates is based on the book value because the market value is approximately equal to thebook value due to the situation in which the interest rate is renewed periodically. For some long-term loans with floatinginterest 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 estimatedrates for similar loans.
(4) 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.
(6) Derivative transactions
Please refer to “Notes to Derivative Transactions” below.
(Note 2) Financial instruments whose market value is deemed to be extremely difficult to determineClassification(Thousand yen)
Current fiscal period(November 1, 2019 toApril 30, 2020)

Previous fiscal period(May 1, 2019 to
October 31, 2019)(1) TK (tokumei kumiai) real estate
equity interest

50,65450,654(2) Tenant leasehold and security
deposits

1,509,112

1,535,126(3) Tenant leasehold and security
deposits in trust

8,870,659

9,087,875(1) TK (tokumei kumiai) real estate equity interest is not subject to the disclosure of market values because it is deemed to be
extremely difficult to rationally estimate future cash flows given that they do not have a market price.
(2) (3) Tenant leasehold and securities deposits deposited by lessees in leasehold assets and tenant leasehold and securities deposits intrust are not subject to the disclosure of market values because it is deemed to be extremely difficult to rationally estimate future cash
flows given that they do not have a market price and that it is difficult to determine the substantive deposit period of lessees fromwhen they move in until they vacate the asset.

- 44 -

(Note 3) Maturity profile of monetary receivables after the fiscal period-end date (October 31, 2019)(Thousand yen)
Due after 1 year Due after 2
Due after 3
Due after 4
Due after
Due withinbutyears but within years but within years but within
5 years
1 year
within 2 years
3 years
4 years
5 years
Cash and deposits

10,069,180

―

―

―

―

―

Cash and deposits in trust

13,823,470

―

―

―

―

―

23,892,650

―

―

―

―

―

Total

Maturity profile of monetary receivables after the fiscal period-end date (April 30, 2020)(Thousand yen)
Due after 1 year Due after 2
Due after 3
Due after 4
Due within
Due afterbutyears but within years but within years but within
1 year
5 years
within 2 years
3 years
4 years
5 years
Cash and deposits

11,956,974

―

―

―

―

―

Cash and deposits in trust

14,364,161

―

―

―

―

―

26,321,136

―

―

―

―

―

Total

(Note 4) Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (October 31, 2019)(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
18,493,568
―
―
―
―
―
(due within one year)
Investment corporation bonds

―

―

―

―

―

4,400,000

Long-term borrowings―

19,941,293

19,292,000

14,223,250

2,900,000

29,206,000

18,493,568

19,941,293

19,292,000

14,223,250

2,900,000

33,606,000

Total

Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (April 30, 2020)(Thousand yen)
Due after
Due after
Due after
Due after
Due after
Due within
1 year but
2 years but
3 years but
4 years but
5 years
1 year
within 2 years within 3 years within 4 years within 5 years
Long-term borrowings
19,897,332
―
―
―
―
―
(due within one year)
Investment corporation bonds

―

―

―

―

1,000,000

4,400,000

Long-term borrowings―

19,317,000

19,266,000

7,500,000

6,346,000

31,671,000

19,897,332

19,317,000

19,266,000

7,500,000

7,346,000

36,071,000

Total(Securities)
Previous fiscal period (As of October 31, 2019)
TK (tokumei kumiai) real estate equity interest (book value of 50,654 thousand yen) is not subject to the disclosure of market values
because it is deemed to be extremely difficult to rationally estimate future cash flows given that they do not have a market price.
Current fiscal period (As of April 30, 2020)
TK (tokumei kumiai) real estate equity interest (book value of 50,654 thousand yen) is not subject to the disclosure of market values
because it is deemed to be extremely difficult to rationally estimate future cash flows given that they do not have a market price.

- 45 -

(Notes to derivative transactions)
1. Non-hedge accounting derivatives
Not applicable in the previous fiscal period (ended October 31, 2019) and the current fiscal period (ended April 30, 2020).
2. Hedge accounting derivatives
Previous fiscal period (As of October 31, 2019)
Method of hedge
accounting

Type of derivativetransaction

Contract amount
Main hedged item

Over one year

(Thousand yen)Calculation
Marketmethod ofvaluemarket value

Interest rate swap
transaction
Long-term
98,601,111
81,062,543 (Note)–(pay fixed, receive
borrowings
floating)(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 (3) Long-term borrowings (due within
one year) (5) long-term borrowings payable in (Note 1) of “Notes to financial instruments, 2. Matters concerning the market
value, etc. of financial instruments” above.
Special treatment ofinterest rate swaps

Current fiscal period (As of April 30, 2020)
Method of hedge
accounting

Type of derivativetransaction

Contract amount
Main hedged item

Over a year

(Thousand yen)Calculation
Marketmethod ofvaluemarket value

Interest rate swap
transaction
Long-term
98,542,332
78,645,000 (Note)–(pay fixed, receive
borrowings
floating)(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 (3) Long-term borrowings (due within
one year) (5) long-term borrowings payable in (Note 1) of “Notes to financial instruments, 2. Matters concerning the market
value, etc. of financial instruments” above.
Special treatment ofinterest rate swaps(Notes to retirement benefits)
Previous fiscal period (As of October 31, 2019)
N/A
Current fiscal period (As of April 30, 2020)
N/A- 46 -

(Notes to tax effect accounting)
1. Breakdown of deferred tax assets and liabilities by major cause
Previous fiscal period(As of October 31, 2019)
Deferred tax assets
Valuation difference of assets transferred at merger
5,305,446
Asset retirement obligations
1,132
Tax loss carried forward
335,942
Other
51
Subtotal
Valuation allowance(Thousand yen)
Current fiscal period(As of April 30, 2020)
5,292,421
1,186
264,88455

5,642,572(5,642,572)

5,558,548(5,558,548)

–

–

–

–

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
Current fiscal period(As of October 31, 2019)(As of April 30, 2020)
Statutory tax rate
(Adjustment)
Deductible dividend distribution
Change in valuation allowance
Use of tax loss carried forward
Other

31.51%

31.46%(19.63%)(11.88%)–0.02%(29.15%)(0.32%)(1.99%)
0.02%

0.02%

0.02%

Effective tax rate
(Notes to share of profit and loss of entities accounted for using the equity method)
Previous fiscal period (May 1, 2019 to October 31, 2019)
N/A
Current fiscal period (November 1, 2019 to April 30, 2020)
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 May 1, 2019 to October 31, 2019) and the current fiscal period (from November 1,
2019 to April 30, 2020)
2. Affiliated companies
Not applicable in the previous fiscal period (from May 1, 2019 to October 31, 2019) and the current fiscal period (from November 1,
2019 to April 30, 2020)
3. Fellow subsidiaries
Not applicable in the previous fiscal period (from May 1, 2019 to October 31, 2019) and the current fiscal period (from November 1,
2019 to April 30, 2020)
4. Directors and principal individual shareholders
Not applicable in the previous fiscal period (from May 1, 2019 to October 31, 2019) and the current fiscal period (from November 1,
2019 to April 30, 2020)(Asset retirement obligations)
Previous fiscal period (May 1, 2019 to October 31, 2019)
The statement is omitted because the total amount of asset retirement obligations is not material.
Current fiscal period (November 1, 2019 to April 30, 2020)
The statement is omitted because the total amount of asset retirement obligations is not material.

- 47 -

(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
Current fiscal period
Use(May 1, 2019 to(November 1, 2019 to
October 31, 2019)
April 30, 2020)
Carrying amount
Balance at the beginning of period
Office189,641,269

Increase (decrease) during period

191,578,135

1,936,865

1,278,089

Balance at period-end

191,578,135

192,856,225

Market value at period-end

230,101,000

233,667,000

Balance at the beginning of period

10,830,773

8,835,555

Increase (decrease) during period(1,995,217)(2,394,740)

Balance at period-end

8,835,555

6,440,815

Market value at period-end

10,030,000

7,500,000

Balance at the beginning of period

200,472,043

200,413,691

Increase (decrease) during period(58,352)(1,116,650)

200,413,691

199,297,040

Carrying amount

Other

Carrying amount

Total

Balance at period-end

Market value at period-end
240,131,000
241,167,000(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 one asset (2,264,408 thousand yen), and the major decrease was due to sales of real estate of one asset (1,959,320
thousand yen) and depreciation.
The major increase during the current fiscal period was due to the acquisition of trust beneficiary interests in real estate of one
asset (1,555,078 thousand yen), and the major decrease was due to sales of trust beneficiary interests in real estate of one asset(2,360,814 thousand yen) 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 is stated in “Income Statement.”- 48 -

(Segment information)
The segment information is omitted because Ichigo Office has only one segment of the real estate rental business.
(Related information)
Previous fiscal period (May 1, 2019 to October 31, 2019)
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 (November 1, 2019 to April 30, 2020)
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)
Current fiscal period(November 1, 2019 toApril 30, 2020)

Previous fiscal period(May 1, 2019 to
October 31, 2019)

Net assets per share (yen)67,84868,031
Net income per share (yen)
2,319
2,333
(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 diluted shares.
(Note 2) The basis for calculating net income per share is as follows.
Current fiscal period(November 1, 2019 toApril 30, 2020)

Previous fiscal period(May 1, 2019 to
October 31, 2019)
Net Income(Thousand yen)Amount not attributable to common shareholders(Thousand yen)－－

Net income attributable to common shareholders(Thousand yen)

3,554,322

3,575,841(Shares)

1,532,287

1,532,287

Average number of shares during period- 49 -

3,554,322

3,575,841

(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
Tachikawa Holdings
GK TK

Aggregate
Value

Book
Value

AccruedInterest
Receivable

AccruedInterest
Paid

AppraisalValue―

50,654――50,654

Difference

Note

―

(Note 2)

(Note 1)

Total―
50,654――50,654――(Note 1) Appraisal value shows the book value of the TK real estate equity interest.
(Note 2) The underlying real estae in the Tachikawa Holdings GK TK is a trust beneficiary interest in real estate (juekiken) of Unizo
Tachikawa 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)Contract amount (Note 1)
Exceeding 1 year
98,542,332

78,645,000

Market value (Note 2)
–

–
Total
98,542,332
78,645,000(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.

- 50 -

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

Property,plant andequipment

Accumulated depreciation or
Balance atBalance at end accumulated amortization
Balance at end
Increase during
Decrease
beginning ofof current
Depreciation or of current
periodduring period
current period
periodperiodamortization
during period

Buildings

7,057,925

29,213―

7,087,139

1,748,149

107,118

5,338,990(Note)

Structures

26,177295―

26,472

23,789197

2,683(Note)

Machinery and equipment

302,156

19,004―

321,160

168,008

12,328153,151(Note)

Tools, furniture and fixtures

64,3791,334―

65,713

46,9602,865

18,753(Note)

Land

15,638,558――

15,638,558――

15,638,558

Buildings in trust

43,755,757

581,544622,635

43,714,666

8,384,147

673,365

35,366,519(Note)

Structures in trust

67,932

2,409

5,420

64,921

30,664

2,058

34,257(Note)

606,189

51,545―

657,734

315,095

26,655

342,639(Note)

205,903

13,376

1,052

218,228

139,119

14,505

79,108(Note)

138,279,665

1,384,533

1,836,399

137,827,799――

137,827,799(Note)

4,403

41

―

4,445

―

―

4,445

206,009,048

2,083,300

2,465,507

205,626,841

10,819,934

839,094

194,806,906

4,494,579―

4,494,579――

4,494,579

4,494,579――

4,494,579――

4,494,579

210,503,628

2,083,300

2,465,507

210,121,420

10,819,934

839,094

199,301,486

Machinery and equipmentin trust
Tools, furniture and fixturesin trust
Land in trust
Construction in progress intrust
Subtotal
Land leasehold rights in
Intangible

Remarks

trust

assetsSubtotal
Total―(Note) The major increase during the current fiscal period was due to the acquisition of trust beneficiary interests in real estate of one
asset (1,555,078 thousand yen), and the major decrease was due to sales of trust beneficiary interests in real estate of one asset(2,360,814 thousand yen) and depreciation.
(iv) Schedule of other specified assets
N/A- 51 -

(v) Schedule of investment corporation bonds(Thousand yen)
Date ofissuance
First unsecured
investment
corporation bonds
Second unsecured
investment
corporation bonds
Third unsecured
investment
corporation bonds
Fourth unsecured
investment
corporation bonds
Fifth unsecured
investment
corporation bonds

Balance at
Decrease
period-start during period

Balance at Interest rate Redemption
period-end
(%)
date

September 22,
2017

1,200,000–

1,200,000

0.900

September 22,
2027

April 26,2018

1,000,000–

1,000,000

0.900

April 26,
2028

November 29,
2018

1,000,000–

1,000,000

0.750

July 26,2019

1,200,000–

1,200,000

0.890

July 26,
2029

March 26,
2020

–

–

1,000,000

0.300

March 26,2025

4,400,000–

5,400,000

Total

Use

Security

November 28,
Unsecured/(Note 1)
2025
unguaranteed

–

–

–

–

(Note 1) The proceeds are used for repaying existing loans.
(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 but Due after 2 years Due after 3 years Due after 4 years
Due within 1 year
within 2 years
but within 3 years but within 4 years but within 5 years
Investment corporation bonds

–

–

–

–

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

Increase during Decrease
periodduring period(Thousand(Thousand
yen)
yen)

Balance atperiod-end(Thousand
yen)

SMBC

1,224,275

－

1,562

1,222,712

Mizuho Bank

1,224,295

－

1,562

1,222,732

Aozora Bank

783,550－

1,000

782,550

Shinsei Bank

783,550－

1,000

782,550

Resona Bank

587,670－750

586,920

MUFG Bank

783,550－

1,000

782,550SMBC

1,224,275－

1,224,275－

Mizuho Bank

1,224,295－

1,224,295－

Aozora Bank

783,550－

783,550－

Shinsei Bank

783,550－

783,550－

Resona BankLongTerm MUFG Bank
Loans
Aozora Bank

587,670－

587,670－783,550－

783,550－

2,127,000－－

2,127,000

Shinsei Bank

1,998,000－－

1,998,000

ORIX Bank

400,000－－

400,000

SMBC

672,655－

672,655－

Mizuho Bank

610,006－

610,006－

Shinsei Bank

641,331－641,331－

MUFG Bank

549,006－

549,006－

SMBC

1,371,544

－

1,384

1,370,160

Mizuho Bank

1,248,660

－

1,260

1,247,400

Shinsei Bank

1,310,102

－

1,322

1,308,780

MUFG Bank

1,123,794

－

1,134

1,122,660- 52 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

1.267
(Note 2)

December 10,
2020(Note 3)

1.033
(Note 2)

December 16,
2019(Note 4)

1.142
(Note 2)

August 31,
2020

Lump-sum
Repayment

1.148(Note 2)

November 29,
2019(Note 5)1.185
(Note 2)

May 29,2020(Note 6)

Use

Collateralized(Note 12)No
(No Guarantee)

Lender

Balance atperiod-start(Thousandyen)

Increase during Decrease
periodduring period(Thousand(Thousand
yen)
yen)

Balance atperiod-end(Thousand
yen)

SMBC

1,956,234

－

1,974

1,954,260

Mizuho Bank

1,956,234

－

1,974

1,954,260

Aozora Bank

590,636－596

590,040

Shinsei Bank

772,980－780

772,200

MUFG Bank

1,629,204

－

1,644

1,627,560

Resona Bank

1,365,598

－

1,378

1,364,220

Bank of Fukuoka

447,932－452

447,480

ORIX Bank

447,932－452

447,480

SMBC

1,956,234

－

1,974

1,954,260

Mizuho Bank

1,956,234

－

1,974

1,954,260

Aozora Bank

590,636－596

590,040

Shinsei Bank

774,962－782

774,180

MUFG Bank

1,629,204

－

1,644

1,627,560

Resona Bank

1,363,616

－

1,376

1,362,240

Bank of Fukuoka

447,932－452

447,480

ORIX Bank

447,932－452

447,480

1,587,589

－

1,601

1,585,988

Mizuho Trust

286,642－289

286,353

Resona Bank

573,285－578

572,707

Long- Aozora Bank
Term
Loans Mizuho Bank

573,285－578

572,707

1,069,035

－

1,078

1,067,957

ORIX Bank

286,642－289

286,353

MUFG Bank

495,750－500

495,250

The Kagawa Bank

955,000－

955,000－

SMBC

1,439,850

－

1,450

1,438,400

Mizuho Bank

1,042,650

－

1,050

1,041,600

MUFG Bank

893,700－

900

892,800

Shinsei Bank

496,500－

500

496,000

SMBC

1,439,850

－

1,450

1,438,400

Mizuho Bank

1,042,650

－

1,050

1,041,600

MUFG Bank

893,700－

900

892,800

SMBC

496,500－

500

496,000

1,787,400

－

1,800

1,785,600

Mizuho Bank

893,700－

900

892,800

MUFG Bank

695,100－

700

694,400

Shinsei Bank

595,800－

600

595,200

Aozora Bank

496,500－

500

496,000

Bank of Fukuoka

496,500－

500

496,000

Nishi-Nippon City Bank

496,500－

500

496,000

347,550－350

347,200

Shinsei Bank
SMBC

Resona Bank

- 53 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

1.275
(Note 2)

May 7,
2021(Note 7)

1.347
(Note 2)

November 8,
2021(Note 7)0.985
(Note 2)

March 31,2021

(Note 8)0.670

March 31,2020

(Note 9)0.808
(Note 2)

May 31,
2022(Note 10)0.858
(Note 2)

November 30,
2022(Note 10)0.705
(Note 2)

May 31,
2022(Note 11)

Use

Collateralized(Note 12)No
(No Guarantee)

Lender

Balance atperiod-start(Thousandyen)

Increase during Decrease
periodduring period(Thousand(Thousand
yen)
yen)

Balance atperiod-end(Thousandyen)

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.750
(Note 2)

November 30,
2022(Note 11)

October 31,
2023
September 30,
2021
January 31,
2022
November 11,
2024
November 11,
2024
November 11,
2024
November 11,
2024
May 10,2023

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

0.761(Note 2)October 31,
2023

No
Lump-sum(Note 12)(No Guarantee)
repayment

0.948(Note 2)October 31,
2025

Lump-sum
repayment

0.990(Note 2)

April 30,2026

Lump-sum
repayment

0.795(Note 2)

April 30,2024

Lump-sum
repayment

1,787,400

－

1,800

1,785,600

893,700－

900

892,800

MUFG Bank

695,100－

700

694,400

Shinsei Bank

595,800－

600

595,200

Aozora Bank

496,500－

500

496,000

Bank of Fukuoka

496,500－

500

496,000

Nishi-Nippon City Bank

496,500－

500

496,000

Resona Bank

347,550－350

347,200

1,000,000－－

1,000,000

0.845(Note 2)Development Bank of Japan

500,000－－

500,000

0.675

Development Bank of Japan

500,000－－

500,000

0.708

SMBC

1,100,000－－

1,100,000

Mizuho Bank

1,000,000－－

1,000,000

Shinsei Bank

900,000－－

900,000

Resona Bank

400,000－－

400,000

2,000,000－－

2,000,000

SMBC

215,000－－

215,000

Mizuho Bank

340,000－－

340,000

MUFG BankLongTerm Resona Bank
Loans
Shinsei Bank

283,000－－

283,000

237,000－－

237,000

135,000－－

135,000

Bank of Fukuoka

195,000－－

195,000

ORIX Bank

195,000－－

195,000

SMBC

633,000－－

633,000

Mizuho Bank

508,000－－

508,000

MUFG Bank

425,000－－

425,000

Resona Bank

356,000－－

356,000

Shinsei Bank

201,000－－

201,000

Aozora Bank

257,000－－

257,000

SMBC

352,000－－

352,000

Mizuho Trust

1,352,000－－

1,352,000

Aozora Bank

901,000－－

901,000

Shinsei Bank

901,000－－

901,000

Resona Bank

448,000－－

448,000

SMBC

400,000－－

400,000

Mizuho Bank

350,000－－

350,000

Shinsei Bank

300,000－－

300,000

MUFG Bank

300,000－－

300,000

Bank of Fukuoka

225,000－－

225,000

The Kagawa Bank

200,000－－

200,000

Nishi-Nippon City Bank

225,000－－

225,000

SMBC
Mizuho BankSMBC

Development Bank of Japan- 54 -

0.852(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)
0.871

Use

CollateralizedLender

Balance atperiod-start(Thousandyen)

Increase during Decrease
periodduring period(Thousand(Thousand
yen)
yen)

Balance atperiod-end(Thousand
yen)

SMBC

835,000－－

835,000

Mizuho Bank

491,000－－

491,000

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

Mizuho Bank

400,000－－

400,000

Averageinterest
rate(%)(Note 1)

Repayment
date

0.860
(Note 2)

November 11, Lump-sum
2024
repayment

0.641
0.641

0.962

1,000,000－－

1,000,000

Mizuho Bank

400,000－－

400,000

0.721

Shinsei Bank

200,000－－

200,000

0.721

SMBC

954,000－－

954,000

Mizuho Bank

773,000－－

773,000

Shinsei Bank

483,000－－

483,000

Aozora Bank

656,000－－

656,000

SMBC

830,000－－

830,000

Aozora Bank

570,000－－

570,000

Long- SMBC
Term
Loans Mizuho Bank

250,000－－

250,000

400,000－－

400,000

Development Bank of Japan

400,000－－

400,000

MUFG Bank

300,000－－

300,000

Shinsei Bank

250,000－－

250,000

SMBC

1,000,000－－

1,000,000

Resona Bank

1,000,000－－

1,000,000

Bank of Fukuoka

1,000,000－－

1,000,000

SMBC

1,239,000－－

1,239,000

Mizuho Bank

1,074,000－－

1,074,000

Shinsei Bank

743,000－－

743,000

Aozora Bank

743,000－－

743,000

Resona Bank

743,000－－

743,000

ORIX Bank

413,000－－

413,000

The Kagawa Bank

413,000－－

413,000

SMBC

692,000－－

692,000

SMBC－

672,000－

672,000

Mizuho Bank－

610,000－

610,000

Shinsei Bank－

641,000－

641,000

MUFG Bank－

549,000－

549,000

SMBC- 55 -(Note 2)February 29,
2024
February 29,
2024
April 30,
2026
April 30,
2026
April 30,
2026

Repayment
terms

Use

Collateralized(Note 12)No
(No Guarantee)

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

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

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

0.850(Note 2)

April 30,2026

Lump-sum
repayment

0.867(Note 2)0.867
(Note 2)0.867
(Note 2)September 25,
2026
September 25,
2026
September 25,
2026

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

0.822(Note 2)

March 25,
2027

Lump-sum
repayment

0.698(Note 2)0.726
(Note 2)September 25,
2025
March 25,
2026

Lump-sum
repayment
Lump-sum
repayment

0.844(Note 2)September 27, Lump-sum
2027
repayment

Lender

Balance atperiod-start(Thousandyen)

Increase during Decrease
periodduring period(Thousand(Thousand
yen)
yen)

Balance atperiod-end(Thousand
yen)

SMBC

－

1,224,000－

1,224,000

Mizuho Bank－

1,224,000－

1,224,000

Shinsei BankLongTerm MUFG Bank
Loans
Aozora Bank－

783,000－

783,000－

783,000－

783,000－

783,000－

783,000

Resona Bank－

587,000－

587,000

The Kagawa Bank－

955,000－

955,000

104,056,111

8,811,000

8,869,779

103,997,332

Total

Averageinterest
rate(%)(Note 1)

Repayment
date

0.876
(Note 2)September 27, Lump-sum
2027
repayment

0.664

March 25,
2027

Repayment
terms

Use

Collateralized(Note 12)No
(No Guarantee)

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 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 the weighted
average interest rate during the period after the effect of the interest rate swap is stated.
(Note 3) 3 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due
date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 4) The remaining balance was repaid on December 16, 2019.
(Note 5) The remaining balance was repaid on November 29, 2019.
(Note 6) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due
date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 7) 4 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due
date.
The balance at period-end includes long-term borrowings due within one year of 18 million yen.
(Note 8) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due
date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 9) The remaining balance was repaid on March 31, 2020.
(Note 10) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due
date.
The balance at period-end includes long-term borrowings due within one year of 7 million yen.
(Note 11) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due
date.
The balance at period-end includes long-term borrowings due within one year of 11 million yen.
(Note 12) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.
(Note 13) 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 after 1 year Due after 2 years Due after 3 years Due after 4 years
Due within 1 year
but within 2 years but within 3 years but within 4 years but within 5 years
Long-term
borrowings due
within one year
Long-term
borrowings
Total

19,897,332

－

－

－

－

－

19,317,000

19,266,000

7,500,000

6,346,000

19,897,332

19,317,000

19,266,000

7,500,000

6,346,000- 56 -