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.

January 8, 2015
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Ichigo REIT Portfolio Occupancy (Flash Data) – December 2014
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces its portfolio
occupancy as of the end of December 2014:
End of November
2014(Final: A)
95.8%
95.9%

End of December
2014(Flash: B)
96.1%
96.4%

97.9%

--Others

93.4%

94.9%

+1.5%

Central Tokyo

96.8%

96.9%

+0.1%

95.2%

95.4%

+0.2%

95.8%

93.6%

-2.2%

94.5%

96.1%

+1.6%

70517
170,303.59m2
163,217.32m2

64610
182,200m2
175,000m2-6+93Total
By AssetTypeOffices
Residences

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

Difference(B-A)+0.3%+0.5%(Note 1) The above figures have not been audited.
(Note 2) Leasable Area is the total space of the individual properties that is available to be leased
and is subject to minor adjustments due to refurbishing or individual rental contract terms.
(Note 3) “Central Tokyo” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa
Wards. “Tokyo Metropolitan Area” refers to Tokyo (excluding the six wards above),
Kanagawa, Chiba, and Saitama Prefectures. “Four Major Regional Cities” refers to Osaka,Nagoya, Fukuoka, and Sapporo.
(Note 4) Leasable Area and Leased Area for Flash Data are rounded down to the nearest hundred
square meters.

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(Note 5)

Asset Type “Residences” is now obsolete as the fifteen residential assets were sold on
December 12, 2014 as announced in the November 14, 2014 release “Asset Acquisitionsand Sales.” The three Serviced Apartments (R-04 Bureau Takanawadai, R-06 B-Site
Hamamatsucho, R-09 Ichigo Serviced Apartments Ginza) will be included in “Others.”

Explanation of Changes
Ichigo REIT acquired three assets (Ebisu Green Glass, Ichigo Omiya Building, Ichigo Sendai
East Building) on December 10, 2014 and six more assets (Ichigo Omori Building, Ichigo
Takadanobaba Building, Ichigo Ofuna Building, Ichigo Kumamoto Building, Lions SquareKawaguchi, Ichigo Shin-Yokohama Arena-Dori Building) on December 15, 2014. Also, Ichigo
REIT sold 15 residential assets on December 12, 2014. These transactions have resulted inimproved occupancy. (For details, please see the November 14, 2014 release “AssetAcquisitions and Sales.”)
Meanwhile, lease terminations at Ichigo Meieki Building decreased occupancy in Four Major
Regional Cities.
Leasing and Value Enhancement Activities
Acquired by Ichigo REIT on December 10, 2014, Ebisu Green Glass was initially purchased byIchigo REIT’s sponsor Ichigo Group Holdings (“Ichigo”) in November 2013 after a 3-floor
lease contract to a single tenant was terminated. The Retail Team of Ichigo’s Real Estate Service
Division conducted value-add renovations and sub-divided the 3 floors after test marketing theasset to potential tenants. Additionally, Ichigo improved the security of the common areas andadded new signage. These actions successfully resulted in a new tenant occupying two floors inMarch 2014 and another tenant occupying the other floor in December 2014, and the building is
now fully occupied.
Ichigo REIT will continue to strengthen its operations through Ichigo’s support and drive furthergrowth for its shareholders.
Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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