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.

December 6, 2018
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: Wataru Orii, PresidentInquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4891

Ichigo Office Portfolio Occupancy (Flash Data) – November 2018

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
TypeOctober 2018
(Final: A)

November 2018
(Flash: B)

Difference(B) - (A)

99.2%
99.1%
100%
99.6%

99.1%
99.0%
100%
99.4%

-0.1%
-0.1%
–-0.2%

99.6%

99.4%

-0.2%

97.8%

98.6%

+0.8%

98.6%

98.3%

-0.3%

85923
263,440.38m2
261,250.63m2

85920
263,400m2
261,000m2–-3

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 Office, Central Tokyo, Tokyo Metropolitan Area, and Other
Regional Cities due to departing tenants at the Ichigo Shibakoen Building, Ichigo
Nakano North Building, and Ichigo Sendai East Building, but increased for Four Major
Regional Cities due to new tenants at the Ichigo Fushimi Building.
Value-Add Actions
Ichigo Office conducts regular tenant satisfaction surveys with all tenants to seek theirinput on improving building quality, functionality, and services.
In the most recent survey in August, the overwhelming majority of tenants said they
were satisfied with Ichigo Office’s building quality and functionality and intend tocontinue as tenants. Ichigo Office will use the feedback from those tenants requesting
specific improvements in plumbing, HVAC, and elevators in its renovation and capex
planning.
Ichigo Office will continue to carry out value-add capex tailored to tenant needs toincrease tenant satisfaction and drive higher earnings for shareholders.
Survey Overview
Respondents

Tenant General
Affairs Personnel

No. ofDistributed
Surveys913No. ofAssets

84

No. ofResponses

638 (69.9%)

Overall Satisfaction – Building Quality & Functionality
Somewhat
Dissatisfied 10%

Satisfied
18%

Neither
Satisfied nor
Dissatisfied
16%

Somewhat Satisfied
55%

Dissatisfied
2%

Tenant Feedback(Plumbing, HVAC, Elevator Improvements)

Overall Satisfaction – Tenant Services
Satisfied33%

Somewhat Satisfied
48%

Neither
Satisfied nor
Dissatisfied
14%

Dissatisfied
1%

Somewhat
Dissatisfied 4%2