Creating peace of mind through honest and committed management.

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

December 11, 2014
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Notice of Partial Repayment of Existing Loans
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) is conducting a partial loan
repayment using the proceeds from the sale of fifteen residential assets as announced in theNovember 14, 2014 release “Asset Acquisitions and Sales.”
1. Reason for Partial Repayment
Ichigo REIT is strategically restructuring its portfolio focusing on mid-size offices, an asset
class that offers both stability of returns and upside potential. To achieve this, Ichigo REIT will
repay 8,771 million yen of existing loans using the proceeds from the sale of assets asannounced in the November 14, 2014 release “Asset Acquisitions and Sales.”2. Repayment Details
SMBC, Mizuho Trust Syndicate Loan I (Term Loan 2)
Lenders

Outstanding Balance before Repayment
Repayment Amount
Outstanding Balance after Repayment
Date of Partial Repayment
Interest Rate
Collateral
Date of Borrowing
Date of Repayment

Sumitomo Mitsui Banking Corporation; Mizuho
Trust & Banking Co., Ltd.; Aozora Bank, Ltd.;
Shinsei Bank, Limited; Resona Bank, Limited
5,333 million yen
3,505 million yen
1,827 million yen
December 12, 2014
1.91575%
Yes – Collateralized
May 9, 2012
April 30, 2017

1

SMBC Syndicate Loan I (Term Loan 3)
Lenders

Outstanding Balance before Repayment
Repayment Amount
Outstanding Balance after Repayment
Date of Partial Repayment
Interest Rate
Collateral
Date of Borrowing
Date of Repayment

Sumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; Mizuho Trust & Banking Co., Ltd.;
Resona Bank, Limited; Aozora Bank, Ltd.;Tokyo Star Bank, Limited; ORIX BankCorporation
6,814 million yen
2,312 million yen
4,502 million yen
December 12, 2014
3 M JPY TIBOR + 1.00%
Yes – Collateralized
January 31, 2013
October 31, 2015

SMBC Syndicate Loan I (Term Loan 4)
Lenders

Outstanding Balance before Repayment
Repayment Amount
Outstanding Balance after Repayment
Date of Partial Repayment
Interest Rate
Collateral
Date of Borrowing
Date of Repayment

Sumitomo Mitsui Banking Corporation; Mizuho
Trust & Banking Co., Ltd.; Resona Bank,Limited; Tokyo Star Bank, Limited
6,814 million yen
2,312 million yen
4,502 million yen
December 12, 2014
1.64777%
Yes – CollateralizedJanuary 31, 2013
October 31, 2017

Aozora Bank Syndicate Loan
Lenders
Outstanding Balance before Repayment
Repayment AmountOutstanding Balance after Repayment
Date of Partial Repayment
Interest Rate
Collateral
Date of Borrowing
Date of Repayment

Aozora Bank, Ltd.; Shinsei Bank, Limited;
ORIX Bank Corporation
5,166 million yen
641 million yen
4,525 million yen
December 12, 2014
1.60269%
Yes – Collateralized
August 31, 2012
February 27, 2015

3. Earnings Outlook
There is no amendment to Ichigo REIT’s earnings and dividend forecast as announced in“Earnings and Dividend Forecast Revisions for the October 2014 and April 2015 Fiscal Periods”
on November 14, 2014.

2

Reference: Loan Composition after Partial Repayment■ Outstanding Loan Balance(million yen)
Before execution

After execution(Expected as ofJanuary 9, 2015) 1

Short-term borrowings

000

Long-term borrowings(due within one year)

19,743

16,825-2,918Long-term borrowings

36,13644,266

8,130

Total borrowings

55,88061,091

5,211

000

Total borrowings and investment
corporation bonds

55,88061,091

5,211

Other interest-bearing liabilities

000

Total interest-bearing liabilities

55,88061,091

5,211

Investment corporation bonds

1Increase/
Decrease

These figures assume that all loans are executed as planned as announced in theDecember 8, 2014 release “New Loans and Interest Rate Swap,” and all assets
announced in the November 14, 2014 release “Asset Acquisitions and Sales” are sold,and the proceeds are used to repay 8,771 million yen of existing loans.

Distribution of Loans (Expected, as of January 9, 2015)
ORIX Bank
2%

Shinsei
Trust *3
2%

Bank of Fukuoka 2%

MetLife Alico
3%
Tokyo Star
3%
Kagawa Bank3%

SMBC22%

Tokyo MUFJ
3%

Shinsei Trust *2
5%

Mizuho Bank
9%

Prudential LPS
6%

Mizuho Trust
4%

Resona Bank
10%

Shinsei Bank
13%

Aozora Bank
13%

2

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

3

Cash funding is provided by Ichigo Group Holdings Co., Ltd.
3

Distribution of Repayment Dates (Expected, as of January 9, 2015)(million yen)

20,00010,000

9,517
7,530
6,581
5,900
4,450

6,422
5,417

5,431

4,310
2,430
1,765

0
April 2015

Oct 2015

April 2016

Oct 2016

April 2017

Oct 2017April 2018

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

4

Oct 2018

April 2019Oct 2019

April 2020

Oct 2020

April 2021