Ichigo Preserves and Improves Real Estate[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.

March 6, 2019
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, PresidentInquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4891

Ichigo Office Portfolio Occupancy (Flash Data) – February 2019

TotalOffice
OtherCentral Tokyo
Tokyo
Metropolitan
By Area Area
Four Major
Regional Cities
Other RegionalCities
No. of Assets
No. of Tenants
Leasable Area
Leased Area
By Asset
TypeJanuary 2019
(Final: A)

February 2019
(Flash: B)

Difference(B) - (A)

99.4%
99.3%
100.0%
99.7%

99.3%
99.3%
100.0%
99.8%-0.1%––+0.1%

99.9%

99.9%

–98.6%

98.6%

–

98.3%

97.8%

-0.5%

85922264,587.29m2
262,867.52m2

85923
264,500m2
262,800m2–+1

Notes:
1. The above figures are month-end and have not been audited.
2. Leasable Area is the total area of properties available for leasing. It is subject tominor adjustments due to renovations or variations in rental contract terms.
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 toOsaka, Nagoya, Fukuoka, and Sapporo.

1Explanation of Changes
Occupancy decreased for Other Regional Cities due to the reduction of floor space by atenant in the Ichigo Takamatsu Building, but increased for Central Tokyo due to a new
tenant moving into the Ichigo Shibuya East Building.
Value-Add Actions
Ichigo Office has seen an increasing number of young companies moving into its
buildings in Central Tokyo as they expand their businesses. To meet the needs of thesegrowth-stage tenants, Ichigo Office offers services such as the Ichigo Layout Office,which provides flexible layouts to reduce move-in costs, shorten setup time, andaccommodate continuing growth; the Ichigo Lounge, a high-quality shared work space;and Triple Zero, a leasing program that reduces costs for young companies. 1Ichigo Office will continue to carry out value-add capex tailored to tenant needs toincrease tenant satisfaction and drive higher earnings for shareholders.
1

Triple Zero: Zero deposit, zero guarantor fee, and zero restoration fee on departure.
Offered in collaboration with Japan Corporate Property Guarantee, this program isavailable at Ichigo buildings in areas with particularly strong startup demand.

% of Tenants that are Less than Five Years Old (Central Tokyo, 2015-18)≧5 years since
established76%<5 years since
established24%<1 year11%

1-3 years46%

3-5 years
43%

Reasons New Tenants Give for Relocating
Moving to abetter location
4%

Reducing costor floor space
4%

Opening a
new office
14%

Moving to a different building
for larger floor space/adding floor space79%

As seen above, 24% of Ichigo Office tenants in Central Tokyo established theircompanies less than five years ago. Most are startups entering a growth stage when theyneed the flexibility and space to expand.

2