Ichigo Preserves and Improves Real Estate

December 14, 2018

October 2018 Fiscal Period Earnings
Ichigo Office REIT Investment Corporation (Tokyo Stock Exchange, 8975)
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Ichigo Investment Advisors Co., Ltd. (Asset Management Company)
Representative: Wataru Orii, President
Inquiries: Masanori Kubota, Statutory Executive Officer (Finance)
Telephone: +81-3-3502-4891
Submission of Financial Report (Yuka Shoken Hokokusho): January 28, 2019 (expected)
Dividend Payment: January 21, 2019 (expected)
Supplemental Material to Financial and Business Results: Yes (Corporate Presentation)
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. Financial Results for the October 2018 Fiscal Period (May 1, 2018 to October 31, 2018)(1) Earnings(JPY million; period-on-period change)

October 2018
April 2018

Operating
ChangeRevenue
7,632-15.8%
9,062+20.3%

October 2018
April 2018

Net Income
per Share
(JPY)
1,945
2,898

Operating
ChangeProfit3,745-27.8%
5,185+47.3%
Return on Equity(6 months)
2.9%
4.3%

Recurring
Profit2,958
4,442

Change-33.4%+58.8%

Recurring Profit toTotal Assets(6 months)
1.3%
2.0%

Net
Income2,980
4,441

Change-32.9%+58.8%

Recurring Profit toOperating Revenue
38.8%
49.0%

(2) Dividends
Dividend per
Share

October 2018
April 2018

(JPY)
2,014
1,964

Dividend per
Total
Share inDividends in
Excess ofExcess of
Payout Ratio
Earnings
Earnings(JPY million)(JPY)(JPY million)
3,086
103.5%
–
–
3,009
67.7%
–
–
Total
Dividends

Dividend on
Equity Ratio
3.0%
2.9%

Notes:
1. October 2018 Total Dividends differ from Net Income, because Total Dividends include a JPY
105 million negative goodwill amortization.
2. April 2018 Total Dividends differ from Net Income, because Total Dividends exclude a JPY
1,594 million provision to dividend reserves from unappropriated retained earnings and include a
JPY 162 million negative goodwill amortization.

1(3) Assets and Equity

October 2018
April 2018

Total Assets(JPY million)
221,807
219,028

Net Assets(JPY million)
103,217103,245

Net Assets per Share(JPY)
67,361
67,380Equity Ratio
46.5%
47.1%

(4) Cash Flow

October 2018
April 2018

Cash Flows fromOperations

Cash Flows from
Investments

Cash Flows from
Financing(JPY million)
3,717
9,978

(JPY million)-8,086-268(JPY million)-196-3,561

Cash and Cash
Equivalents at Endof the Period(JPY million)
22,486
27,051

2. Earnings Forecasts for the April 2019 Fiscal Period (November 1, 2018 to April 30, 2019) andthe October 2019 Fiscal Period (May 1, 2019 to October 31, 2019)(JPY million; period-on-period change)

April 2019
October 2019

April 2019
October 2019

Operating
Revenue
8,356
7,708

Change9.5%-7.8%

Operating
Profit4,457
3,897

Change19.0%-12.6%

Dividend per Share
(JPY)
2,215
2,070

Recurring
Profit
3,665
3,067

Net
Income3,664
3,067

Change23.9%-16.3%

Change22.9%-16.3%

Dividend per Share in Excess of Earnings––

Notes:
1. The forecast Net Income per Share for April 2019 is JPY 2,391 and for October 2019 is JPY 2,001.
2. The April 2019 dividend forecast includes a JPY 105 million negative goodwill amortization andexcludes a JPY 376 million provision to dividend reserves from unappropriated retained earnings,
so forecast Total Dividends differ from Net Income in this period.
3. The October 2019 dividend forecast includes a JPY 105 million negative goodwill amortization, so
forecast Total Dividends differ from Net Income in this period.

2

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective
Restatement(i) Changes Accompanying Amendments to Accounting Standards:(ii) Changes Not Listed in (i):(iii) Changes in Accounting Estimates:(iv) Retrospective Restatement:

None
None
None
None

(2) Number of Shares Issued and Outstanding(i) The number of shares issued and outstanding (including treasury shares) was 1,532,287
shares at the end of April 2018 and 1,532,287 shares at the end of October 2018.
(ii) There were no treasury shares at the end of April 2018 or at the end of October 2018.
Completion Status of Auditing ProceduresThis document is not subject to the auditing requirements set forth in the Financial Instruments
and Exchange Law of Japan. The auditing procedures in accordance with those requirements havethus not been completed as of the date of the publication of this document.
Appropriate Use of Performance Forecasts and Other Matters of Special Note
The forecasts presented above are current figures based on certain preconditions. Accordingly, theactual operating revenue, operating profit, recurring profit, net income, dividend per share, anddividend per share in excess of earnings may vary due to changes in circumstances. Moreover,these forecasts should not be construed as a guarantee of such performance or results.
For details on preconditions, please refer to the “Preconditions for the April 2019 Earnings
Forecasts and October 2019 Earnings Forecasts” on pages 4 and 5.
This English version is a translation of the original Japanese report and is provided solely for
informational purposes. Should there be any discrepancies between this translation and theJapanese original, the latter shall prevail.

3Preconditions for the April 2019 and October 2019 Earnings Forecasts
Period• April 2019: November 1, 2018 – April 30, 2019 (181 days)• October 2019: May 1, 2019 – October 31, 2019 (184 days)

Number of
Assets• 85 assets

Number of
Shares• 1,532,287 shares issued and outstanding as of the date of this report

Operating
Revenue

OperatingExpenses

Non-Operating
Income• Rental income is calculated conservatively based on lease contracts that are in effectas of October 31, 2018 while taking into consideration such factors as historical
rents, the competitiveness of the properties, and market conditions.
• Total occupancy: 98.5% as of April 30, 2019, and 98.2% as of October 31, 2019
• Gains on sale: JPY 645 million for April 2019
• Depreciation: JPY 854 million for April 2019 and JPY 837 million for October 2019
Depreciation has been calculated using the straight-line method and includes thedepreciation of forecast future capital expenditures.
• Property, city planning, and depreciable asset taxes: JPY 618 million for April 2019
and JPY 650 million for October 2019. Prorated property and city planning taxes
related to acquisitions are included in acquisition cost.
• Building maintenance and repair expenses: JPY 142 million for April 2019 and JPY
106 million for October 2019. However, expenses may differ significantly from theseestimated amounts for reasons including the variability of maintenance and repair
expenses, one-time costs due to unexpected building damage, etc.
• Service provider expenses, including property management fees: JPY 666 million for
April 2019 and JPY 653 million for October 2019
• Performance fees: JPY 52 million for April 2019 and None for October 2019
• Rental expenses, Ichigo Office’s principal operating expenses (other thandepreciation, see above), are calculated based on historical data adjusted for any
anticipated changes.
• Actual operating expenses may differ significantly from these assumptions due tounforeseeable factors.
• Insurance income: JPY 19 million for April 2019
• Subsidy from Sustainable Open Innovation Initiative (SII), a Japanese government
program to support businesses implementing energy efficiency and conservation
measures: JPY 7 million for April 2019

Non-Operating
Expenses• Interest expenses on loans and bonds: JPY 539 million for April 2019 and JPY 555
million for October 2019
• Other borrowing-related expenses: JPY 280 million for April 2019 and JPY 274
million for October 2019

Interest-Bearing
Liabilities• Loans and bonds: JPY 108,524 million outstanding as of April 30, 2019 and JPY
108,458 million outstanding as of October 31, 2019

Dividend• The dividend forecast assumes that dividends will comply with the dividend
distribution policy stipulated in Ichigo Office’s Articles of Incorporation.
• Total dividends for the April 2019 period are forecast to be JPY 3,394 million(unappropriated earnings (i.e., Net Income) of JPY 3,665 million plus JPY 105
million of negative goodwill amortization, minus a JPY 376 million provision fromgains on sale to the dividend reserve, subject to the reserve complying with J-REIT
conduit requirements. Ichigo Office does not expect to pay any corporate tax,
because it can offset any potential tax liability with loss carry-forwards.
• Total dividends for October 2019 are forecast to be JPY 3,172 million(unappropriated earnings (i.e., Net Income) of JPY 3,067 million plus JPY 105
million of negative goodwill amortization).
4• The dividend is subject to change due to changes in circumstances such as asset
acquisitions and dispositions, tenant turnover, unexpected maintenance and repair
costs and other expenses, changes in interest rates, and the issuance of new shares.
Dividend in
Excess ofEarnings

Other• Ichigo Office does not plan on paying any dividend in excess of earnings.
• This forecast assumes that there are no material revisions to laws and regulations, thetax system, accounting standards, listing rules of the Tokyo Stock Exchange, andrules of the Investment Trusts Association, Japan, and no material changes in thestate of the economy and real estate market conditions.

5Financial Statements(1) Balance Sheet(JPY thousand)April 2018(as of April 30, 2018)
AssetsCurrent Assets
Cash and cash equivalents
Cash and cash equivalents in trust
Accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings
Depreciation
Buildings (net)
Structures
Depreciation
Structures (net)
Machinery and equipment
Depreciation
Machinery and equipment (net)Fixtures
Depreciation
Fixtures (net)Land
Buildings in trust
Depreciation
Buildings in trust (net)
Structures in trust
Depreciation
Structures in trust (net)
Machinery and equipment in trust
Depreciation
Machinery and equipment in trust (net)Fixtures in trust
Depreciation
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

6

October 2018(as of October 31, 2018)14,190,557
12,926,748
6,386
405,242–
2,256
27,531,190

9,323,086
13,229,574
5,208
410,582
231,965
2,258
23,202,676

7,217,496-1,373,695
5,843,800
26,385-21,744
4,641
271,955-121,600
150,354
50,344-37,845
12,49817,425,755
41,255,897-5,862,784
35,393,113
61,602-25,064
36,538468,175-222,176
245,998
159,839-84,185
75,654
126,824,044
817
186,013,218

7,235,000-1,482,991
5,752,008
26,834-22,864
3,969
283,903-132,565
151,337
52,176-40,337
11,83817,425,755
42,869,885-6,557,635
36,312,249
62,165-27,454
34,710518,515-245,132
273,383
171,689-97,101
74,588133,082,735
754
193,123,333

4,494,579
4,494,579

4,494,579
4,494,579

(JPY thousand)

Investments and Other Assets
Tenant leasehold and security deposits
Long-term prepaid expenses
Other
Total Investments and Other Assets
Total Fixed Assets
Accrued Assets
Bond Issuance Expenses
Total Accrued Assets
Total Assets
Liabilities
Current Liabilities
Accounts payable
Long-term loans (due within one year)
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes, etc.
Advances received
Other
Total Current Liabilities
Long-Term Liabilities
Bonds
Long-term loans
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
Dividend reserve
Negative goodwill
Total discretionary reserves
Unappropriated retained earnings
Total Surplus
Total Shareholders’ Equity
Total Net Assets
Total Liabilities and Net Assets

7

April 2018(as of April 30, 2018)

October 2018(as of October 31, 2018)

10,005
891,835
63,768965,608
191,473,407

10,000890,520
63,335
963,856
198,581,769

24,05324,053
219,028,651

22,812
22,812
221,807,258

461,063
11,575,038
515,891
12,423605
390,836
1,646,717
21,698
14,624,273

719,409
14,270,145
591,670
4,140
605
95,224
1,451,818
34,324
17,167,337

2,200,000
89,012,547
1,526,885
8,358,832
3,361
56,879101,158,505
115,782,779

2,200,000
89,130,111
1,579,794
8,414,582
4,443
93,652
101,422,583
118,589,920

67,675,274

67,675,274

20,566,420

20,566,420

659,446
9,901,966
10,561,413
4,442,764
35,570,598
103,245,872
103,245,872
219,028,651

2,254,373
9,739,544
11,993,917
2,981,724
35,542,062
103,217,337
103,217,337
221,807,258

(2) Income Statement

Operating Revenue
Rental income
Other rental income
Gains on sale of real estate
Total Operating Revenue
Operating Expenses
Rental expense
Asset management fee
Asset custody fee
Administrative service fee
Directors’ compensation
Other
Total Operating Expenses
Operating Profit
Non-Operating Income
Interest income
Reversal of distribution payable
Insurance payment income
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expenses
Borrowing-related expenses
Amortization of bond issuance expenses
Total Non-Operating Expenses
Recurring Profit
Extraordinary Profit
Insurance proceeds
Total Extraordinary Profit
Extraordinary Loss
Reduction in book value of a fixed asset
Total Extraordinary Loss
Pre-Tax Income
Income Taxes – Current
Total Income Taxes
Net Income
Retained Earnings Brought Forward
Unappropriated Retained Earnings

8

April 2018
(November 1, 2018 toApril 30, 2018)(JPY thousand)
October 2018
(May 1, 2018 to
October 31, 2018)

6,803,488
663,702
1,594,926
9,062,117

6,947,280
685,072–
7,632,352

3,008,519
723,276
14,703
44,9145,040
80,2733,876,727
5,185,390

2,993,236
765,737
14,76147,641
5,040
60,474
3,886,891
3,745,461

99
562
48,372
127
49,162

113
868
2,126
–
3,108

518,215
273,427760
792,404
4,442,148

537,655
251,361
1,241
790,258
2,958,311––

154,024
154,024––
4,442,148
605
605
4,441,543
1,220
4,442,764

130,854
130,854
2,981,480
605
605
2,980,875
848
2,981,724

(3) Statement of Shareholders’ Equity
April 2018 (November 1, 2017 to April 30, 2018)(JPY thousand)Shareholders’ Equity
Surplus
Paid-In
CapitalBalance as of
Nov 1, 2017
Changes during
the Period
Release from
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes
during the Period
Balance as ofApril 30, 2018

Discretionary Reserves
Unappropriated
Total
Retained
Dividend
Negative
Discretionary
Earnings
Reserve
Goodwill
Reserves

CapitalReserve
Surplus67,675,274 20,566,420

659,446 10,062,856

10,722,303-160,890-160,890

2,797,644 34,086,368

160,890–-2,957,313 -2,957,313
4,441,543 4,441,543–––-160,890-160,890

67,675,274 20,566,420

659,446

9,901,966

10,561,413

Shareholders’ Equity
Total
Shareholders’EquityBalance as ofNovember 1, 2017
Changes during
the Period
Release from
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes
during the Period
Balance as ofApril 30, 2018

Total
Surplus

Total Net Assets

101,761,642

101,761,642––-2,957,313
4,441,543-2,957,313
4,441,543

1,484,229

1,484,229

103,245,872

103,245,872

9

1,645,120

1,484,229

4,442,764 35,570,598

October 2018 (May 1, 2018 to October 31, 2018)(JPY thousand)Shareholders’ Equity
Surplus
Paid-In
CapitalBalance as of
May 1, 2018
Changes during
the Period
Increase in
Dividend
Reserve
Release from
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes
during the Period
Balance as of
October 31, 2018

Discretionary Reserves
Unappropriated
Total
Retained
Dividend
Negative
Discretionary
Earnings
Reserve
Goodwill
Reserves

CapitalReserve
Surplus67,675,274 20,566,420

659,446

9,901,966

1,594,926-162,422

10,561,413

4,442,764 35,570,598

1,594,926-1,594,926–-162,422

162,422–-3,009,411 -3,009,411
2,980,875 2,980,875–

1,594,926-162,422

1,432,504-1,461,039

67,675,274 20,566,420

2,254,373

9,739,544

11,993,917

2,981,724 35,542,062–

Shareholders’ Equity
Total
Shareholders’EquityBalance as of
May 1, 2018
Changes during
the Period
Increase in
Dividend
Reserve
Release from
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes
during the Period
Balance as of
October 31, 2018

Total
Surplus

Total Net Assets

103,245,872

103,245,872

–

–

–

–

-3,009,411
2,980,875-3,009,411
2,980,875-28,535-28,535

103,217,337

103,217,337

10-28,535

Dividend Statement(JPY)
April 2018
(November 1, 2017 toApril 30, 2018)
I Unappropriated Retained Earnings

October 2018
(May 1, 2018 to
October 31, 2018)

4,442,764,274

2,981,724,275

Discretionary Reserve Reversal
Negative Goodwill Amortization
Total Dividends
III(Dividend per Share)
Discretionary Reserves
IV
Provision to Dividend Reserve

162,422,422

105,000,000

3,009,411,668(1,964)

3,086,026,018(2,014)

1,594,926,730–

V Retained Earnings Carried Forward

848,298

698,257

II11

(4) Cash Flow Statement
April 2018
(November 1, 2017 toApril 30, 2018)
Cash Flows from Operations:Pre-tax net income
Depreciation
Interest income
Interest expense
Early disposal and writedown of equipment
Insurance proceeds
Reduction in book value of a fixed asset
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes 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 sale of property, plant, and equipment
Decrease due to sale of property, plant, and equipmentin trust
Other
SubtotalInterest income received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations
Cash Flows from Investments:
Acquisition of property, plant, and equipment
Acquisition of property, plant, and equipment in trust
Increase in tenant leasehold and security deposits
Decrease in tenant leasehold and security deposits
Increase in tenant leasehold and security deposits intrust
Decrease in tenant leasehold and security deposits intrust
Net Cash from (Used for) Investments
Cash Flows from Financing:
Increase in long-term loans
Decrease from repayment of long-term loans
Proceeds from bond issuance
Dividends paid
Net Cash 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

12(JPY thousand)
October 2018
(May1, 2018 to
October 31, 2018)

4,442,148
914,757-99
518,215–––
6,047
56,068-11,693-60,648
325,504-40,153-211,764
128,165
1,125,958

2,981,480
857,196-113
537,655
269-154,024
130,854
1,178-231,965-5,3401,314-295,611
66,38775,778-194,899–

3,097,844
198,676
10,489,029
99-509,708-605
9,978,815–
493,724
4,263,885
113-545,938-605
3,717,454-22,400-369,221
65,096-139,427-26,504-7,864,015
11,923-199,014

705,071785,265-507,415-794,282-268,296-8,086,626

7,934,000-9,528,111
988,359-2,956,168-3,561,921
6,148,597
20,903,272
27,051,869

7,446,000-4,633,329–-3,008,722-196,051-4,565,222
27,051,869
22,486,646

Material Matters after Closing of the Fiscal Period
1. Asset Acquisitions
Ichigo Office acquired the following assets in accordance with the guidelines specified in its Articles
of Incorporation.
Ichigo Minami Otsuka Building1
Acquisition Price2
JPY 2.78 billion
Location
3-10-10 Minami Otsuka, Toshima-ku, Tokyo
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Property Right
Land: Freehold
Building: Freehold
Contract Date
December 14, 2018
Closing Date
December 21, 2018
3
SellerDomestic real estate company
Ichigo Nogizaka Building1
Acquisition Price2
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Seller3

JPY 3.32 billion
8-11-37 Akasaka, Minato-ku, Tokyo
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
December 14, 2018
December 28, 2018
Domestic real estate company

1

Ichigo Office will change the building names from Minami Otsuka Square Building and Unizo
Nogizaka Building to Ichigo Minami Otsuka Building and the Ichigo Nogizaka Building,respectively, after the acquisitions. For purposes of this document, the buildings are referred to as
the Ichigo Minami Otsuka Building and Ichigo Nogizaka Building.
2
The acquisition price is the transaction price of the trust beneficiary interest (juekiken) itself anddoes not include fees and applicable property, city planning, and consumption taxes.
3
The sellers did not provide consent to disclose their names.

132. Asset Sales
Ichigo Office sold the following assets in accordance with the guidelines specified in its Articles ofIncorporation.
Ichigo Machida East Building
Sale Price1
Book Value2
Location
Legal Form of Asset
Contract Date
Closing Date
Buyer3

See footnote 1
JPY 1.27 billion
4-5-8 Haramachida, Machida City, Tokyo
Trust beneficiary interest in real estate (juekiken)
December 14, 2018
December 20, 2018
Domestic real estate company

Ichigo Shin Yokohama Arena Dori Building
See footnote 1
Sale Price1
2
JPY 1.68 billion
Book Value
Location
3-7-7 Shin-Yokohama, Kohoku-ku, Yokohama
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Contract Date
December 14, 2018
Closing Date
December 20, 2018
3
Buyer
Domestic real estate company
1

The buyer did not provide consent to disclose each asset’s sale price, but the total sale price of thetwo assets is JPY 3.6 billion, generating a forecast JPY 645 million in gains on sale for Ichigo
Office in April 2019. The sale price is the transaction price of the trust beneficiary interest(juekiken) itself and does not include fees and applicable property, city planning, and consumption
taxes.
2
Book value as of October 31, 20183
A single buyer bought both assets, and did not provide consent to disclose its name.

14Earnings Forecasts
For details on the preconditions, please refer to the “Preconditions for the April 2019 and October
2019 Earnings Forecasts” on pages 4 and 5.
April 2019 Fiscal Period (November 1, 2018 to April 30, 2019)
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in excess of earnings

JPY 8,356 million
JPY 4,457 million
JPY 3,665 million
JPY 3,664 million
JPY 2,215–

October 2019 Fiscal Period (May 1, 2019 to October 31, 2019)
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in excess of earnings

JPY 7,708 million
JPY 3,897 million
JPY 3,067 million
JPY 3,067 million
JPY 2,070–

Note: The above are forecasts, and actual operating revenue, operating profit, recurring profit, net
income, and dividend per share are subject to change.

15

Notes to Income Statement
1．Details of Rental Income

A

B

C

Real Estate Rental Income
Rental Income
Rental Income
Common Area Services Income
Parking Lot Income
Facility Use Income
Other Rental Income
Utilities Income
Other
Total Income
Real Estate Rental Expenses
Rental Expenses
Service Provider Expenses
Utilities
Trust Fees
Depreciation
Repair Expenses
Property and City Planning Taxes
Insurance
Other Rental Expenses
Total Expenses
Net Rental Income(A-B)

April 2018
(November 1, 2017 toApril 30, 2018)(JPY thousand)
October 2018
(May 1, 2018 to
October 31, 2018)

5,524,621
946,201
275,736
56,9295,676,610
937,777
278,461
54,431

597,408
66,293

6,803,488

663,7027,467,190

691,537
590,740
33,733914,757
130,146
597,170
9,757
40,676

16

638,126
46,945

6,947,280

685,072
7,632,352

668,128
642,997
34,127857,196
117,337
619,297
11,88042,271
3,008,519

2,993,236

4,458,671

4,639,115

2. Details of Real Estate Sales(JPY thousand)April 2018 Fiscal Period (November 1, 2017 to April 30, 2018)
Ichigo Burg Omori
Real Estate Sale Income
3,097,844
Real Estate Sale Cost
126,502
Other Real Estate Sale Expenses
Gain on Real Estate Sale
Ichigo Sapporo Minami 2 Nishi 3 Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gain on Real Estate Sale

4,200,000

975,652

1,020,000
545,629
31,106443,263

Ichigo Daimyo Balcony
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gain on Real Estate Sale

780,000
580,328
23,660176,010October 2018 Fiscal Period (May 1, 2018 to October 31, 2018)
N/A

17

Notes to Cash Flow Statement
1. Relationship between Cash and Cash Equivalents at End of the Period and Items Shown on the
Balance Sheet(JPY thousand)April 2018
October 2018
(November 1, 2017 to(May 1, 2018 toApril 30, 2018)
October 31, 2018)
Cash and deposits
14,190,557
9,323,086
Cash and deposits in trust
12,926,748
13,229,574
Miscellaneous deposits-66,014-65,435
Cash and cash equivalents
27,051,869
22,486,646
Notes to Derivative Transactions
1. Non-Hedge Accounting
N/A
2. Hedge Accounting
Previous (April 2018) Fiscal Period

Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Total

>1 year(JPY thousand)
Method ofMarket Marking
toValueMarket88,187,995

84,164,297

Note

Contract Amount–Note: Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.
Current (October 2018) Fiscal Period
Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Total

>1 year(JPY thousand)
Method ofMarket Marking
toValueMarket94,051,106

83,675,111

Note

Contract Amount–Note: Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.

18Per Share Information
April 2018
(November 1, 2017 toApril 30, 2018)
67,380
2,898

Net Assets per ShareNet Income per Share(JPY)
October 2018
(May 1, 2018 to
October 31, 2018)
67,361
1,945

Note: Net Income per Share is calculated based on the weighted average number of shares
during the period. There are no potentially dilutive shares outstanding. The data used
to calculate Net Income per Share are shown below.
(JPY thousand)April 2018
October 2018
(November 1, 2017 to(May 1, 2018 toApril 30, 2018)
October 31, 2018)
Net Income
4,441,543
2,980,875
Net Income Not Attributable to––
Common Shareholders
Net Income Attributable to Common
4,441,543
2,980,875
Shareholders
Average Number of Shares in Period
1,532,287 shares
1,532,287 shares
New Share Issuance
There was no new share issuance during the October 2018 fiscal period. Below are the changes to
the Total Number of Shares for the past five years.
Date

MethodDecember 3, 20131

Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)
Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)
Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)
Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)

January 7, 20142
December 3, 20143
December 24, 20144
May 1, 20155
May 27, 20156
May 23, 20167
June 22, 20168

Total Number of
SharesIssuedOutstanding

Issue Amount(JPY million)
ChangeTotal

85,0001,017,823+4,92925,2898,500

1,026,323+492

25,782

95,6801,122,003+7,67933,4628,320

1,130,323+667

34,130271,700

1,402,023+23,418

57,54814,3001,416,323+1,23258,781

110,166

1,526,489+8,44967,2305,798

1,532,287+444

67,675

1

New shares were issued via public offering at a share price of JPY 60,157 (subscription price of
JPY 57,997) to procure funds for asset acquisitions.
2
New shares were issued via third-party allotment at a share price of JPY 57,997 to procure funds torepay debt.
3
New shares were issued via public offering at a share price of JPY 83,167 (subscription price of
JPY 80,266) to procure funds for asset acquisitions.
4

New shares were issued via third-party allotment at a share price of JPY 80,266 to procure funds torepay debt.

19

5

New shares were issued via public offering at a share price of JPY 89,212 (subscription price of
JPY 86,192) to procure funds for asset acquisitions.
6
New shares were issued via third-party allotment at a share price of JPY 86,192 to procure funds torepay debt.
7
New shares were issued via public offering at a share price of JPY 79,365 (subscription price of
JPY 76,695) to procure funds for asset acquisitions.
8
New shares were issued via third-party allotment at a share price of JPY 76,695 to procure funds torepay debt.

20

Portfolio Information
Portfolio Composition
Form ofOwnership

October 2018 Fiscal Period
Book Value4% of Total(JPY million)
8,742
3.9
4,038
1.8

Area

Central Tokyo1
Tokyo Metropolitan Area2
Real estate
Four Major Regional
Cities3
Central Tokyo1
Trust beneficiary Tokyo Metropolitan Area2
interest in real
Four Major Regional
estate (juekiken)
Cities3
Other Regional Cities
Subtotal
Deposits / Other Assets
Total Assets
1

Central Tokyo

10,563

4.8

105,335
40,69947.5
18.3

17,422

7.9

10,814
197,617
24,190221,807

4.9
89.1
10.9
100.0

Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa
Wards
2Tokyo (excluding the above six wards), Kanagawa, Chiba, andTokyo Metropolitan Area
Saitama Prefectures
3
Four Major Regional Cities Osaka, Nagoya, Fukuoka, and Sapporo
4Book Value is the respective October 31, 2018 balance sheet real estate or trust beneficiaryinterest in real estate asset value less depreciation and does not include construction inprogress and construction in progress in trust.

21

Portfolio Asset Details

No.
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-26

Area

Asset
Type

Asset Name

Nishisando
Central Tokyo Office Ichigo
Building
Mita
Central Tokyo Office Ichigo
Building
Nanpeidai
Central Tokyo Office Ichigo
Building
HanzomonCentral Tokyo Office Ichigo
Building
Hijirizaka
Central Tokyo Office Ichigo
Building
Ichigo Shibuya
Central Tokyo Office Kamiyamacho
Building
Akasaka 5
Central Tokyo Office Ichigo
Chome Building
Shibakoen
Central Tokyo Office Ichigo
Building
Ebisu
Central Tokyo Office Ichigo
Nishi Building
Ginza 612
Central Tokyo Office Ichigo
Building
Uchikanda
Central Tokyo Office Ichigo
Building
Yotsuya 4
Central Tokyo Office Ichigo
Chome Building
TameikeCentral Tokyo Office Ichigo
Building
Jimbocho
Central Tokyo Office Ichigo
Building
HakozakiCentral Tokyo Office Ichigo
Building
Kudan 2Central Tokyo Office Ichigo
Chome Building
Kudan 3Central Tokyo Office Ichigo
Chome Building
GotandaCentral Tokyo Office Ichigo
Building
Ichigo ShinTokyo
OfficeYokohama
Metro Area
Building
Tokyo
Metro Area
Tokyo
Metro Area
Tokyo
Metro Area
Tokyo
Metro Area

Ichigo Minami
Office Ikebukuro
Building
NakanoOffice Ichigo
North Building
Eitai
Office Ichigo
Building
Ikejiri
Office Ichigo
Building(as of October 31, 2018)
Total Rental
Occupancy3 No. of
Income5
4(JPY
Tenants(%)
thousand)

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

4,564.63

4,564.63

100.0

16

133,262

4,121.42

4,121.42

100.0

10

123,059

1,925.24

1,925.24

100.0

13

77,6202,080.37

2,080.37

100.0

760,421

1,947.90

1,947.90

100.0

659,055

1,321.54

1,321.54

100.0

452,588683.86683.86100.0

929,122

1,602.29

1,602.29

100.0

548,915

1,484.39

1,484.39

100.0

870,3201,387.09

1,338.21

96.5

24

65,063

1,378.83

1,378.83

100.0

842,488780.64780.64100.0

1021,034494.14398.5080.6

519,192

1,891.01

1,750.52

92.6

7

69,7572,387.34

2,387.34

100.0

754,437

1,288.31

1,288.31

100.0

130,432

1,302.43

1,302.43

100.0

535,837

5,346.39

5,346.39

100.0

14

208,149

4,021.32

3,927.46

97.7

14

75,194

1,491.51

1,491.51

100.0

10

53,1071,250.85

1,135.45

90.8

639,2442,605.54

2,605.54

100.0

10

65,481

2,385.69

2,385.69

100.0

581,889

22

No.

O-27
O-28
O-29
O-34
O-37
O-38
O-39
O-42
O-46
O-47
O-48
O-49
O-50
O-51
O-52
O-53
O-54
O-55

Area

Asset
Type

Asset Name

Ichigo Nishi
Office Ikebukuro
Building
Nishi
Central Tokyo Office Ichigo
Gotanda Building
Tokyo
Ichigo Kichijoji
Metro Area Office Building
Four Major
Ichigo Sakae
Regional Cities Office Building
Four Major Office Ichigo
Marunouchi
Regional Cities
Building
Tokyo
Metro Area

Other Regional Office Ichigo Toyamaeki
CitiesNishi Building
Other Regional Office Ichigo Mirai
Cities
Shinkin Building
Other Regional Office Ichigo Takamatsu
CitiesBuilding
Ichigo Kanda
Central Tokyo Office Nishikicho
Building
Akihabara
Central Tokyo Office Ichigo
North Building
Sakaisuji
Four Major Office Ichigo
HonmachiRegional Cities
Building

Ichigo Kanda
Central Tokyo Office Ogawamachi
Building
Hatchobori
Central Tokyo Office Ichigo
Building
Green
Central Tokyo Office Ebisu
Glass
Omori
Central Tokyo Office Ichigo
Building
IchigoCentral Tokyo Office Takadanobaba
Building
Tokyo
Omiya
Office Ichigo
Metro Area
Building
IchigoTokyo
OfficeSagamihara
Metro Area
Building

Tokyo
Ichigo Ofuna
Metro Area Office Building
Other
Ichigo Sendai
O-57 Regional Cities Office East Building
Other
Ichigo Kumamoto
O-58 Regional Cities Office Building
Ichigo Jingumae
O-59 Central Tokyo Office Building
O-56

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

1,261.91

1,261.91

100.0

126,387

1,329.06

1,329.06

100.0

933,943

4,210.87

4,210.87

100.0

14

111,068

3,928.12

3,928.12

100.0

19

219,398

8,009.11

8,009.11

100.0

23

235,874

8,601.71

8,470.35

98.5

15

117,837

3,551.46

3,387.38

95.4

21

79,227

6,329.33

6,244.44

98.7

13

155,880

2,523.09

2,523.09

100.0

10

93,051

6,250.53

6,250.53

100.0

1

214,519

3,729.35

3,729.35

100.0

17

93,2582,295.57

2,295.57

100.0

981,596

2,697.36

2,697.36

100.0

792,3993,159.27

3,159.27

100.0

2

162,634

3,585.92

3,585.92

100.0

9132,597

1,606.92

1,606.92

100.0

861,833

6,180.68

6,119.75

99.0

30

154,8842,960.81

2,960.81

100.0

13

60,462

2,364.71

2,364.71

100.0

994,222

5,205.49

5,095.28

97.9

11

101,436

4,507.59

4,507.59

100.0

31

86,1894,510.04

4,510.04

100.0

7

191,727

23

Occupancy3 No. of
Tenants4(%)

Total Rental
Income5(JPY
thousand)

No.

Area

Asset
Type

Asset Name

O-67

Ichigo Shibuya
Central Tokyo Office Dogenzaka
Building
IchigoHiroo
Central Tokyo Office Building
SasazukaCentral Tokyo Office Ichigo
Building
Nihonbashi
Central Tokyo Office Ichigo
East Building
IchigoCentral Tokyo Office Sakurabashi
Building
Shinkawa
Central Tokyo Office Ichigo
Building
Kudan
Central Tokyo Office Ichigo
Building
HigashiCentral Tokyo Office Ichigo
Gotanda Building

O-68

Central Tokyo Office Axior Mita

O-60
O-61
O-62
O-63
O-64
O-65
O-66

O-69
O-70
O-71
O-72
O-73
O-74

Ichigo Higashi
Office Ikebukuro
Building
Other Regional Office Koriyama Big-i
Cities(Office Section)
Tokyo Metro Office Ichigo Kawasaki
Area
Building
ShibuyaCentral Tokyo Office Ichigo
East Building
Ningyocho
Central Tokyo Office Ichigo
Building
Nishi
Four Major Office Ichigo
HonmachiRegional Cities
Building
Tokyo
Metro Area

Four Major
Ichigo Hakata
O-75 Regional Cities Office Building
Four Major
Ichigo Nishiki
O-76 Regional Cities Office First Building
Tokyo
Ichigo Ikenohata
O-77
Metro Area Office Building
Tokyo
Ichigo Ikebukuro
O-78
Metro Area Office East Building
Ichigo Motoazabu
O-79 Central Tokyo Office Building
Tokyo
Ichigo Otsuka
O-80
Metro Area Office Building
Four Major
Ichigo Nagoya
O-81 Regional Cities Office Building
Ichigo Fushimi
Four Major
O-82 Regional Cities Office Building
Four Major
Ichigo Nishiki
O-83 Regional Cities Office Building

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

2,789.86

2,789.86

100.0

9126,656

3,510.44

3,510.44

100.0

5133,128

6,425.29

6,425.29

100.0

6

181,472

4,216.97

4,216.97

100.0

7

148,804

2,971.22

2,971.22

100.0

681,8552,312.03

2,312.03

100.0

669,0083,090.65

3,090.65

100.0

9103,1144,548.10

4,548.10

100.0

18

124,046

2,369.82

2,369.82

100.0

12

67,235

4,472.00

4,472.00

100.0

20

150,960

3,433.07

3,433.07

100.0

14

103,6093,710.17

3,710.17

100.0

17

88,2601,041.36

1,041.36

100.0

342,273

1,769.09

1,769.09

100.0

846,2286,152.00

6,152.00

100.0

31

110,048

2,423.86

2,423.86

100.0

28

53,0633,324.66

2,983.41

89.7

4

24,251

5,504.15

5,504.15

100.0

7

157,575

3,118.69

3,118.69

100.0

3

91,5481,329.96

1,329.96

100.0

353,485

3,679.70

3,679.70

100.0

792,3214,930.30

4,930.30

100.0

36

146,376

4,155.57

3,653.91

87.9

38

88,391

2,006.78

2,006.78

100.0

23

49,49024

Occupancy3 No. of
Tenants4(%)

Total Rental
Income5(JPY
thousand)

No.

Area

Asset
Type

Asset Name

Ichigo Minami
Four Major
O-84 Regional Cities Office Morimachi
Building

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

2,521.51

2,521.51

100.0

12

47,7401,491.48

1,491.48

100.0

886,566

3,689.88

3,689.88

100.0

11

113,204

2,722.58

2,722.58

100.0

7

81,6302,751.08

2,751.08

100.0

873,2053,433.16

3,433.16

100.0

995,396

Occupancy3 No. of
Tenants4(%)

Total Rental
Income5(JPY
thousand)

O-89

Ichigo Shibuya
Central Tokyo Office Udagawacho
Building
GotandaCentral Tokyo Office Win
Building
Tokyo
Ichigo Hongo
Metro Area Office Building
CenterCentral Tokyo Office Oimachi
Building
GotandaCentral Tokyo Office Win
Building 2

O-90

Central Tokyo Office MIF Buiding

1,690.33

1,493.28

88.3

6

58,718

Ichigo Uchi
Four Major
O-91 Regional Cities Office Honmachi
Building

2,829.16

2,725.11

96.3

16

9,933

O-85
O-86
O-87
O-88

Z-02
Z-03
Z-05

Central Tokyo

FiestaOther Ichigo
Shibuya Building

1,185.85

1,185.85

100.0

10

68,703

Tokyo
Metro Area
Tokyo
Metro Area

Burg
Other Ichigo
Omori Building6

–

–

–

–

3,625

MachidaOther Ichigo
East Building

2,183.65

2,183.65

100.0

10

66,671

–

–

–

–

808

–

–

–

–

575

3,733.68

3,733.68

100.0

163,000778.77778.77100.0

475,8272,717.77

2,717.77

100.0

881,421

7,788.09

7,788.09

100.0

3

123,562

1,971.34

1,971.34

100.0

578,396

2,124.68

2,124.68

100.0

254,047

263,440.38 261,250.63

99.2

923

7,632,352

Ichigo Sapporo
Four Major
Z-07 Regional Cities Other Minami 2 Nishi 3
Building6
Four Major
Ichigo Daimyo
Z-08 Regional Cities Other Balcony7
Other Regional Other Konami Sports
Z-09
CitiesClub Izumi Fuchu
Ichigo Shibuya
CentralTokyo
Other
Bunkamura Dori
Z-10
Building
TwicereTokyo
OtherYokohama Isogo
Z-11
Metro Area
(Retail Section)
Tokyo
SquareOther Lions
Z-12
Metro Area
Kawaguchi
Ichigo Shin
Tokyo
Other
Yokohama Arena
Z-13
Metro Area
Dori Building
Tokyo
Metro Area

Z-14

KamataOther Ichigo
Building
Total

1

Leasable Area is subject to minor adjustments due to renovations or rental contract terms.
Leased Area is the total space that is leased as of October 31, 2018.
3
Occupancy is the ratio of Leased Area to Total Leasable Area.
2

25

4

No. of Tenants is the number of tenants that have a valid lease contract in place with Ichigo Office(including trust structures owned by Ichigo Office). The number of tenants is counted as one where
there is a master lease contract in place with a master lease company other than Ichigo Office.
5
Total Rental Income is the total of rental income, common area services income, parking lot
income, and other related income generated from the property.
6
The building was sold on March 30, 2018.
7
The building was sold on April 20, 2018.

26

Book Value and Appraisal Value of Portfolio Assets(as of October 31, 2018)
No.
O-02

O-03

O-04

O-05

O-06
O-07

Asset Name

Location

Trust
Ichigo Nishisando Yoyogi, Shibuya-ku, beneficiary
BuildingTokyo
interest in realestateTrust
Ichigo Mita
Shiba, Minato-ku,
beneficiary
BuildingTokyo
interest in realestateTrust
Ichigo Nanpeidai Nanpeidaicho,
beneficiary
Building
Shibuya-ku, Tokyo
interest in realestateTrust
Ichigo Hanzomon Hayabusacho,
beneficiary
Building
Chiyoda-ku, Tokyo
interest in realestateTrust
Ichigo Hijirizaka Mita, Minato-ku,
beneficiary
BuildingTokyo
interest in realestateIchigo Shibuya
Kamiyamacho,
Kamiyamacho
Real estate
Shibuya-ku, Tokyo
Building

O-10

Ichigo Akasaka 5
Chome Building
Ichigo Shibakoen
Building
Ichigo Ebisu
Nishi Building

Akasaka,Minato-ku, Tokyo
Shiba,
Minato-ku, Tokyo
Ebisu-Nishi,
Shibuya-ku, Tokyo

O-11

Ichigo Ginza 612
Building

Ginza, Chuo-ku,
Tokyo

O-12

Ichigo Uchikanda
Building

Uchikanda,
Chiyoda-ku, Tokyo

O-14

Ichigo Yotsuya 4
Chome Building

Yotsuya,
Shinjuku-ku, Tokyo

O-15

Ichigo Tameike
Building

Akasaka,Minato-ku, Tokyo

O-16

Ichigo Jimbocho
Building

Kanda Jimbocho,
Chiyoda-ku, Tokyo

O-17

Ichigo Hakozaki
Building

Nihonbashi
Kakigaracho,
Chuo-ku, Tokyo

O-18

Ichigo Kudan 2
Chome Building

Kudan Minami,
Chiyoda-ku, Tokyo

O-08
O-09

Form ofOwnership

Appraisal
Book
Value1
Value2(JPY million) (JPY million)% ofPortfolio3

3,170

3,373

1.7

3,510

2,729

1.4

2,560

1,919

1.0

1,880

1,512

0.8

1,440

1,213

0.6

1,810

1,382

0.7

Real estate

806

722

0.4

Real estate

1,130

1,102

0.6

Real estate

2,440

1,929

1.0

Trust
beneficiaryinterest in realestate

2,000

1,776

0.9

Real estate

1,170

1,114

0.6

Trust
beneficiaryinterest in realestate

575

514

0.3

Real estate

684

528

0.3

2,290

1,813

0.9

1,150

1,154

0.6

915

735

0.4

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestate27

No.

Asset Name

Location

O-19

Ichigo Kudan 3
Chome Building

Kudan Minami,
Chiyoda-ku, Tokyo

O-20

Ichigo Gotanda
Building

Higashi Gotanda,
Shinagawa-ku,
Tokyo

O-21

Ichigo ShinYokohama
Building

Shin Yokohama,
Kohoku-ku,
Yokohama

O-22

Ichigo Minami
Ikebukuro
Building

Minami Ikebukuro,
Toshima-ku, Tokyo

O-23

Ichigo Nakano
North Building

Arai, Nakano-ku,
Tokyo

O-24

Ichigo Eitai
Building
Ichigo Ikejiri
Building
Ichigo Nishi
Ikebukuro
Building

Eitai, Koto-ku,
Tokyo
Ohashi,
Meguro-ku, Tokyo

Form ofOwnership
Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateAppraisal
Book
Value1
Value2(JPY million) (JPY million)% ofPortfolio3

851

826

0.4

6,250

4,874

2.5

1,870

1,712

0.9

1,630

1,385

0.7

885

741

0.4

Real estate

1,250

1,469

0.7

Real estate

2,220

1,962

1.0

Ikebukuro,
Toshima-ku, Tokyo

Real estate

837

607

0.3

O-28

Ichigo Nishi
Gotanda Building

Nishi Gotanda,
Shinagawa-ku,
Tokyo

825

762

0.4

O-29

Ichigo Kichijoji
Building

Kichijoji Honcho,Musashino City,
Tokyo

2,800

2,195

1.1

O-34

Ichigo Sakae
Building
IchigoMarunouchi
Building

Sakae, Naka-ku,
NagoyaMarunouchi,
Naka-ku,
NagoyaTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateReal estate

6,480

4,693

2.4

Real estate

7,520

5,870

3.0

1,750

1,515

0.8

1,280

1,160

0.6

3,440

2,402

1.2

2,930

2,014

1.0

O-26
O-27

O-37
O-38

Honmachi,
Ichigo Toyamaeki Jinzu
ToyamaCity,
Nishi Building
ToyamaO-39

Ichigo Mirai
Shinkin Building

Niagemachi,
Oita City, Oita

O-42

Ichigo Takamatsu
Building

Kotobukicho,
Takamatsu City,
KagawaO-46

Ichigo Kanda
Nishikicho
Building

Kanda-Nishikicho,
Chiyoda-ku, Tokyo

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestate28

Location

Form ofOwnership

IchigoO-47 Akihabara North
Building

Sotokanda,
Chiyoda-ku,
Tokyo

Ichigo Sakaisuji
O-48 Honmachi
Building

Honmachi,Chuo-ku,
Osaka

Ichigo Kanda
O-49 Ogawamachi
Building

KandaOgawamachi,
Chiyoda-ku,
Tokyo

IchigoO-50 Hatchobori
Building

Shintomi,
Chuo-ku, Tokyo

Green
O-51 Ebisu
Glass

Ebisu Minami,
Shibuya-ku, Tokyo

Omori
O-52 Ichigo
Building

Minami Oi,
Shinagawa-ku,
Tokyo

IchigoO-53 Takadanobaba
Building

Takadanobaba,
Shinjuku-ku,
Tokyo

Omiya
O-54 Ichigo
Building

Miyacho,Omiya-ku,
Saitama City,
SaitamaIchigoO-55 Sagamihara
Building

Sagamihara, Chuoku, Sagamihara
City, Kanagawa

Ofuna
O-56 Ichigo
Building

Ofuna,
Kamakura City,
Kanagawa

SendaiO-57 Ichigo
East Building

Miyagino,
Miyagino-ku,
Sendai, Miyagi

IchigoO-58 Kumamoto
Building

Karashimacho,
Chuo-ku,
Kumamoto City,
Kumamoto

Jingumae
O-59 Ichigo
Building

Jingumae,
Shibuya-ku, Tokyo

Ichigo Shibuya
O-60 Dogenzaka
Building

Maruyamacho,
Shibuya-ku, Tokyo

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateNo.

Asset Name

29

Appraisal
Value1(JPY million)

Book Value2(JPY million)% ofPortfolio3

6,970

5,598

2.8

2,310

1,803

0.9

2,460

2,191

1.1

2,530

1,827

0.9

6,710

5,839

3.0

4,220

3,799

1.9

1,890

1,586

0.8

3,990

3,637

1.8

1,250

1,221

0.6

2,410

1,953

1.0

2,100

1,694

0.9

1,580

1,445

0.7

8,040

7,407

3.7

5,050

3,670

1.9

No.

Asset Name

Hiroo
O-61 Ichigo
Building
Sasazuka
O-62 Ichigo
Building
IchigoO-63 Nihonbashi East
Building
IchigoO-64 Sakurabashi
Building
Shinkawa
O-65 Ichigo
Building
Kudan
O-66 Ichigo
Building
Ichigo Higashi
O-67 Gotanda
Building
O-68 Axior Mita
Ichigo Higashi
O-69 Ikebukuro
Building
Big-i
O-70 Koriyama(Office Section)
Kawasaki
O-71 Ichigo
Building
ShibuyaO-72 Ichigo
East Building
IchigoO-73 Ningyocho
Building
Ichigo Nishi
O-74 Honmachi
Building

Location

Form ofOwnership

Trust
Hiroo,
beneficiary
Shibuya-ku, Tokyo interest in realestateTrust
Sasazuka,
beneficiary
Shibuya-ku, Tokyo interest in realestateTrust
Nihonbashi
beneficiary
Bakurocho,
interest in real
Chuo-ku, Tokyo
estateTrust
Hatchobori,
beneficiary
Chuo-ku, Tokyo
interest in realestateTrust
Shinkawa,
beneficiary
Chuo-ku, Tokyo
interest in realestateTrust
Kanda Jimbocho,
beneficiary
Chiyoda-ku,
interest in realTokyoestate
Trust
Higashi Gotanda,
beneficiary
Shinagawa-ku,
interest in realTokyoestateTrust
Mita, Minato-ku,
beneficiaryTokyo
interest in realestateHigashi Ikebukuro, Trust
beneficiary
Toshima-ku,
interest in realTokyoestateTrust
Ekimae, Koriyama beneficiary
City, Fukushima
interest in realestateHigashi Tamachi,
Trust
Kawasaki-ku,
beneficiary
Kawasaki City,
interest in real
Kanagawa
estate
Trust
Higashi,beneficiary
Shibuya-ku, Tokyo interest in realestateTrust
Nihonbashi
beneficiary
Horidomecho,interest in real
Chuo-ku, Tokyo
estateTrust
Awaza, Nishi-ku,
beneficiary
Osakainterest in realestate30

Appraisal
Value1(JPY million)

Book Value2(JPY million)% ofPortfolio3

4,530

4,000

2.0

5,290

4,870

2.5

5,470

4,578

2.3

2,880

2,563

1.3

2,790

2,388

1.2

3,480

3,224

1.6

4,280

3,663

1.9

2,190

1,760

0.9

5,270

4,607

2.3

1,890

1,500

0.8

2,120

1,786

0.9

1,530

1,351

0.7

1,570

1,486

0.8

2,380

2,149

1.1

No.

Asset Name

HakataO-75 Ichigo
Building
Nishiki
O-76 Ichigo
First Building
Ikenohata
O-77 Ichigo
Building
IchigoO-78 Ikebukuro East
Building
IchigoO-79 Motoazabu
Building
OtsukaO-80 Ichigo
Building
NagoyaO-81 Ichigo
Building
Fushimi
O-82 Ichigo
Building
NishikiO-83 Ichigo
Building
Ichigo Minami
O-84 Morimachi
Building
Ichigo Shibuya
O-85 Udagawacho
Building
GotandaO-86 Win
Building
Hongo
O-87 Ichigo
Building
Center
O-88 Oimachi
Building

Location

Form ofOwnership

Trust
beneficiaryinterest in realestateTrust
Nishiki, Naka-ku,
beneficiary
Nagoyainterest in realestateTrust
Ikenohata,
beneficiary
Taito-ku, Tokyo
interest in realestateHigashi Ikebukuro, Trust
beneficiary
Toshima-ku,
interest in realTokyoestateTrust
Motoazabu,
beneficiary
Minato-ku, Tokyo interest in realestateTrust
Minami Otsuka,
beneficiary
Toshima-ku,
interest in realTokyoestateTrust
Meieki,beneficiary
Nakamura-ku,
interest in real
NagoyaestateTrust
Nishiki, Naka-ku,
beneficiary
Nagoyainterest in realestateTrust
Nishiki, Naka-ku,
beneficiary
Nagoyainterest in realestateTrust
Matsugaecho,beneficiary
Kita-ku, Osakainterest in realestateTrust
Udagawacho,
beneficiary
Shibuya-ku,
interest in realTokyoestateTrust
Nishi Gotanda,
beneficiary
Shinagawa-ku,
interest in realTokyoestateTrust
Hongo,
beneficiary
Bunkyo-ku,
interest in realTokyoestateTrustOi, Shinagawa-ku, beneficiaryTokyo
interest in realestateGionmachi,
Hakata-ku,
Fukuoka

31

Appraisal
Value1(JPY million)

Book Value2(JPY million)% ofPortfolio3

1,500

1,371

0.7

2,100

1,986

1.0

5,380

5,149

2.6

3,240

2,987

1.5

2,020

1,899

1.0

2,940

2,723

1.4

3,740

3,489

1.8

2,450

2,339

1.2

1,430

1,299

0.7

1,130

1,014

0.5

4,050

3,602

1.8

3,280

3,109

1.6

2,390

2,303

1.2

1,900

1,700

0.9

Asset Name

Location

Form ofOwnership

GotandaO-89 Win
Building 2

Osaki,
Shinagawa-ku,
Tokyo

O-90 MIF Building

Uchikanda,
Chiyoda-ku,
Tokyo

Ichigo Uchi
O-91 Honmachi
Building

Uchi Honmachi,
Chuo-ku,
Osaka

Ichigo Fiesta
Z-02 Shibuya
Building

Udagawacho,
Shibuya-ku,
Tokyo

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateMachidaZ-05 Ichigo
East Building

Haramachida,
Machida City,
Tokyo

No.

Real estate

Trustbeneficiaryinterest in realestateTrust
Konami Sports
Fuchucho,beneficiaryZ-09 Club Izumi
Izumi
City,
Osaka
interest in real
Fuchu
estateTrust
Ichigo Shibuya
Udagawacho,
Z-10 Bunkamura Dori Shibuya-ku, Tokyo beneficiaryinterest in real
Building
estate
Trust
TwicereMori,
Isogo-ku,
beneficiaryZ-11 Yokohama Isogo Yokohamainterest in real
(Retail Section)
estateTrust
Motogo,Lions
SquarebeneficiaryZ-12 Kawaguchi
Kawaguchi City,
interest in real
SaitamaestateIchigo Shin
Trust
Shin Yokohama,
Yokohama
beneficiaryZ-13 Arena DoriKohoku-ku,
interest in real
Yokohama
Building
estate
Trust
KamataNishi Kamata,beneficiaryZ-14 Ichigo
Building
Ota-ku, Tokyo
interest in realestateTotal
1Appraisal
Value1(JPY million)

Book Value2(JPY million)% ofPortfolio3

3,490

3,318

1.7

2,320

2,210

1.1

2,000

1,969

1.0

2,210

1,963

1.0

1,550

1,272

0.6

1,440

1,095

0.6

3,220

2,464

1.2

1,880

1,518

0.8

2,710

2,376

1.2

1,780

1,679

0.9

1,520

1,447

0.7

229,198

197,617

100.0

Pursuant to Ichigo Office’s internal rules and the rules of the Investment Trusts Association of Japan,
Appraisal Value at period-end is either an appraisal value or an indicative value from the Japan Real
Estate Institute, Daiwa Real Estate Appraisal, Tanizawa Sōgō Appraisal, or Rich Appraisal Institute.
2
Book Value at period-end does not include construction in progress and construction in progress in trust.
3% of Portfolio is based on book value.

32