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.

September 28, 2012
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

Revision of Earnings Forecast and Dividend
for the Fiscal Period Ending October 2012
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) today amended its earnings forecast
for the Fiscal Period ending October 2012 (May 1, 2012 – October 31, 2012) previously
announced in the “Financial Report for the Fiscal Period ending April 2012 (November 1, 2011– April 30, 2012)” on June 18, 2012. Accordingly, Ichigo REIT hereby makes an upwardrevision of its dividend forecast per the below.
1. Amendment to Earnings Forecast for the Fiscal Period ending October 2012
(1) Details of Revision
OperatingRevenue(million yen)

Operating
Income(million yen)

Ordinary
Income(million yen)

Net
Income(million yen)

Dividendper Unit(yen)Previous
Announced
4,266
1,746
619
618
1,260
Forecast (A)Current
Amended
4,305
1,821
598-590
1,330
Forecast (B)Change (B-A)+39+75-21-1,208+70
Change
+0.9%
+4.3%
-3.4%
－+5.6%(Note) Number of investment units outstanding at the end of the Fiscal Period ending October
2012: 842,823 units(2) Reason for the Revision of Forecast
Ichigo REIT has decided to sell its portfolio asset COI Niigata Building on November 15, 2012
(in the Fiscal Period ending April 2013) as announced in the “Sale of Portfolio Asset” release
today. In accordance with the sale, Ichigo REIT hereby revises its earnings and dividend
forecast for the Fiscal Period ending October 2012, reflecting the property sale and current

operational outlook.
- Operating Revenue is expected to increase by 39 million yen due to solid leasing activities.
- Operating Income is expected to increase by 75 million yen due to a decrease in rental
business expenses such as repair expenses and property taxes.
- Ordinary Income is expected to decrease by 21 million yen for the current fiscal period due toan increase in non-operating expenses from a one-time expense due to refinancing for new
property acquisitions on August 31, 2012. This one-time expense is to be offset by retained
earnings allocated through negative goodwill.
- The asset sale will contribute to improving the quality of Ichigo REIT’s portfolio, thereby
helping to achieve our growth strategy. (As for the reason for the sale, please refer to the “Saleof Portfolio Asset” release today.) The sale price is below book value and the capital loss of c.
1,188 million yen is expected to be booked in extraordinary loss in the Fiscal Period ending
October 2012 as an impairment loss, based on the “Accounting Standard regarding Impairment
Loss of Fixed Assets.” However, the loss will be offset by retained earnings allocated throughnegative goodwill.
- Based on the above-mentioned increase in Operating Income, Dividend per Unit is expected toincrease by 70 yen. The dividend is expected to be paid by using retained earnings of 1,717
million yen (to offset a capital loss on Solon Keyaki Dori Building of 214 million yen,
one-time financing expenses of 315 million yen, and an impairment loss of 1,188 million yen).
2. Others
There is no revision to the earnings forecast for the Fiscal Period ending April 2013
(November 1, 2012 – April 30, 2013) as announced in the “Financial Report for the Fiscal
Period ending April 2012 (November 1, 2011 – April 30, 2012)” on June 18, 2012.

Note: The figures above are forecasts as of the date of this release. The actual OperatingRevenue, Operating Income, Ordinary Income, Net Income, Dividend per Unit may differ
significantly, and there is no guarantee of payment of a Dividend per Unit exceeding actual
profit for the Fiscal Periods ending October 2012 or April 2013.
Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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