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.

August 5, 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

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

End of July 2014
(Flash: B)

Difference(B-A)

96.1%

95.5%

-0.6%

Offices (O)

95.6%

94.9%

-0.7%

Residences (R)

98.3%

97.2%

-1.1%

Others (Z)

95.8%

96.2%

+0.4%

95.2%

95.0%

-0.2%

96.2%

95.8%

-0.4%

98.1%

96.8%

-1.3%

96.2%

95.1%

-1.1%

71
517
170,498.24m2
163,819.71m2

71515
170,800m2
163,100m2－-2Total
By AssetTypeCentral TokyoTokyo
Metropolitan Area
By Area
Four Major
Regional Cities
Other RegionalCities
No. of Properties
No. of Tenants
Leasable Area
Leased Area

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

1Explanation of Changes
As announced in the release “Completion of Acquisition of Portfolio Asset (Additional Sectionof Ichigo Mirai-Shinkin Building)” on July 31, 2014, Ichigo REIT acquired a vacant additional
section of the Ichigo Mirai-Shinkin Building, which increased Leasable Area while reducing theoccupancy rate for Office as well as Other Regional Cities. In addition, although new tenantleases have now brought Ichigo Kudan 3 Chome Building to full occupancy, lease terminationsin the Ichigo Marunouchi Building and the Ichigo Jimbocho Building also contributed tolowering the occupancy rate for Office. Furthermore, although the average occupancy rate inJuly was above 80% at the Ichigo Serviced Apartments Ginza, it dropped to 70.9% at the end ofJuly, which decreased the occupancy rate for Residence.
Leasing and Value Enhancement Activities
Upon the completion of value-add renovations to the Ichigo Kanda Ogawamachi Building, Ichigo
REIT conducted private viewings for nearly one hundred leasing brokers. Survey feedback fromthe participating brokers was that in addition to the highly convenient location, the improvements
to the entrance, elevator hall, and rest rooms will be very attractive to tenants. With the building’s
heightened competitiveness, Ichigo REIT will work towards a rapid lease-up.
Ichigo Kanda Ogawamachi Building

EntranceElevator Hall

Website of Ichigo REIT: www.ichigo-reit.co.jp/english2