Ichigo Preserves and Improves Real Estate

June 14, 2017

Earnings Summary for the April 2017 Fiscal Period
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): July 25, 2017 (expected)
Dividend Payment: July 21, 2017 (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 April 2017 Fiscal Period (November 1, 2016 to April 30, 2017)(1) Earnings(JPY million; period-on-period change)

April 2017
October 2016

Operating
Revenue
7,352
7,090

Change+3.7%+6.1%

Operating
Profit3,378
3,405

Change-0.8%+6.1%

Recurring
Profit2,616
2,462

Change+6.2%-3.1%

Net Income
per Share(JPY)

Ratio ofNet Income
to Equity

Ratio of
Recurring Profit
to Total Assets

1,706
1,623

2.6%
2.5%

1.2%
1.3%

April 2017
October 2016

Net
Income2,615
2,462

Change+6.2%-0.8%

Ratio of
Recurring Profit
to Operating
Revenue
35.6%
34.7%

(2) Dividends
Dividend per
Total
Dividend per
Total
Share inDividends in
Share
Dividends
Excess ofExcess of
Payout Ratio(JPY)(JPY million)
Earnings
Earnings(JPY)(JPY million)
1,923
2,946
–
–
112.7%
April 2017
October 2016
1,904
2,917
–
–
118.4%

DOE

2.9%
2.9%

Notes:
1. The October 2016 dividend includes a JPY 454 million dividend reserve reversal, so Total
Dividends differ from Net Income.
2. The April 2017 dividend excludes a JPY 37 million provision to dividend reserves fromunappropriated retained earnings, but includes JPY370 million of negative goodwill amortization,
so Total Dividends differ from Net Income.
3. The October 2016 payout ratio reflects a new share issuance and is calculated as:
Payout Ratio = Total Dividends / Net Income x 100

(3) Assets and Equity

April 2017
October 2016

Total Assets(JPY million)
210,573
210,951

Net Assets(JPY million)
101,911102,214

Equity Ratio
(%)
48.4%
48.5%

Net Assets per Share(JPY)
66,50966,706

Cash Flows from
Financing Activities(JPY million)-3,65824,903

Cash and Cash
Equivalents at Endof the Period(JPY million)
20,561
19,273(4) Cash Flow

April 2017
October 2016

Cash Flows fromOperating Activities(JPY million)
9,046
3,572

Cash Flows from
Investing Activities(JPY million)-4,099-26,710

2. Earnings Forecast for the October 2017 Fiscal Period (May 1, 2017 to October 31, 2017) and theApril 2018 Fiscal Period (November 1, 2017 to April 30, 2018)(JPY million; period-on-period change)

October 2017
April 2018

October 2017
April 2018

Operating
Revenue
7,462
7,338

Change+1.5%-1.7%

Operating
ChangeProfit
3,450
+2.1%
3,551
+3.0%

Dividend per Share
(JPY)
1,930
1,940

Recurring
Profit
2,707
2,735

Net
Income2,706
2,735

Change+3.5%+1.1%

Change+3.5%+1.1%

Dividend per Share in Excess of Earnings––

Notes:
1. The forecast Net Income per share for October 2017 is JPY 1,766 and for April 2018 is JPY 1,785.
2. The October 2017 and April 2018 dividend forecasts includes JPY 250 million and JPY 238
million, respectively, in negative goodwill amortization and dividend reserve reversals, so forecast
Total Dividends differ from Net Income in both periods.

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 October 2016 and 1,532,287 shares at the end of April 2017.
(ii) There were no treasury shares at the end of October 2016 or at the end of April 2017.
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 October 2017 Earnings
Forecasts” and the “Preconditions for April 2018 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 October 2017 Earnings Forecast
PeriodPreconditions
October 2017: May 1, 2017 – October 31, 2017 (184 days)

Number of
Assets• 85 assets. The forecast assumes there will be no additional acquisitions orsales through October 31, 2017.

Number of
Shares• 1,532,287 shares issued and outstanding as of today

Operating
Revenue• Rental income is calculated conservatively based on lease contracts that are ineffect as of April 30, 2017 while taking into consideration such factors ashistorical rents, the competitiveness of the properties, and market conditions.
• Total occupancy: 97.1% as of October 31, 2017

OperatingExpenses• Among rental expenses, Ichigo Office REIT’s principal operating expenses(other than depreciation – see below) are calculated based on historical data
while taking into consideration variable expenses.
• Property and city planning taxes: JPY 595 million• Building maintenance and repair expenses: JPY 128 million. However,expenses for each period may differ significantly from these estimatedamounts for reasons including the variability of maintenance and repair
expenses, costs due to unexpected building damage, etc.
• Service provider expenses including property management fees: JPY 664
million• Depreciation: JPY 925 million. Depreciation has been calculated using thestraight-line method and includes the depreciation of forecast future capital
expenditures in the depreciation amount.
• Performance fees: JPY 165 million

Non-Operating
Expenses• Interest expenses: JPY 532 million• Borrowing-related expenses: JPY 211 million

Loans• Total borrowings: JPY 103,193 million as of October 31, 2017

Dividend per
Share• The dividend forecast assumes that distributions will comply with thedividend distribution policy stipulated in Ichigo Office REIT’s Articles ofIncorporation.
• Dividends for the October 2017 period are forecast to be the total ofunappropriated retained earnings of JPY 2,706 million, JPY 200 million ofnegative goodwill amortization, and a JPY 50 million dividend reserve
reversal.
• The dividend is subject to change due to such factors as tenant turnover,property changes, unexpected maintenance and repair costs and otherexpenses, fluctuations in interest rates, and the issuance of additional shares.

Dividend in
Excess ofEarnings per
Share• Ichigo Office REIT does not plan on making any dividend distribution inexcess of earnings.

Other• This forecast assumes that there are no material changes to laws andregulations, the tax system, accounting standards, listing rules of the Tokyo
Stock Exchange, rules of the Investment Trusts Association, Japan, the state of
the economy, and real estate market conditions.

4Preconditions for April 2018 Earnings Forecast
PeriodPreconditions
April 2018: November 1, 2017 – April 30, 2018 (181 days)

Number of
Assets• 85 assets. The forecast assumes there will be no additional acquisitions orsales through April 30, 2018.

Number of
Shares• 1,532,287 shares issued and outstanding as of today

Operating
Revenue• Rental income is calculated conservatively based on lease contracts that are ineffect as of April 30, 2017 while taking into consideration such factors ashistorical rents, the competitiveness of the properties, and market conditions.
• Total occupancy: 96.8% as of April 30, 2018

OperatingExpenses• Among rental expenses, Ichigo Office REIT’s principal operating expenses(other than depreciation – see below) are calculated based on historical data
while taking into consideration variable expenses.
• Property and city planning taxes: JPY 589 million• Building maintenance and repair expenses: JPY 110 million. However,expenses for each period may differ significantly from these estimatedamounts for reasons including the variability of maintenance and repair
expenses, costs due to unexpected building damage, etc.
• Service provider expenses including property management fees: JPY 651
million• Depreciation: JPY 918 million. Depreciation has been calculated using thestraight-line method and includes the depreciation of forecast future capital
expenditures in the depreciation amount.
• Performance fees: zero

Non-Operating
Expenses• Interest expenses: JPY 526 million• Borrowing-related expenses: JPY 289 million

Loans• Total borrowings: JPY 103,151 million as of April 30, 2018

Dividend per
Share• The dividend forecast assumes that distributions will comply with thedividend distribution policy stipulated in Ichigo Office REIT’s Articles ofIncorporation.
• Dividends for the April 2018 period are forecast to be the total ofunappropriated retained earnings of JPY 2,735 million, JPY 200 million ofnegative goodwill amortization, and a JPY 38 million dividend reserve
reversal.
• The dividend is subject to change due to such factors as tenant turnover,property changes, unexpected maintenance and repair costs and otherexpenses, fluctuations in interest rates, and the issuance of additional shares.

Dividend in
Excess ofEarnings per
Share• Ichigo Office REIT does not plan on making any dividend distribution inexcess of earnings.

Other• This forecast assumes that there are no material changes to laws andregulations, the tax system, accounting standards, listing rules of the Tokyo
Stock Exchange, rules of the Investment Trusts Association, Japan, the state of
the economy, and real estate market conditions.

5Financial Statements(1) Balance Sheet(JPY thousand)
October 2016(as of October 31, 2016)
AssetsCurrent Assets
Cash and cash equivalents
Cash and cash equivalents in trust
Accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Less: allowance for doubtful accounts
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

April 2017(as of April 30, 2017)

7,884,552
11,436,045
40,091
389,814403,134
10,366-4,094
20,159,911

8,630,416
11,986,481
70,498377,384–
2,254–
21,067,035

7,617,282-1,111,178
6,506,104
32,545-21,490
11,054
251,701-90,704
160,997
50,132-31,035
19,097
18,169,824
41,125,986-4,111,462
37,014,523
60,204-17,21742,986
374,734-148,272
226,462
208,467-95,164
113,303
123,006,878
3,246
185,274,478

7,640,484-1,225,911
6,414,572
32,545-23,450
9,095
257,124-100,708
156,415
51,304-33,944
17,35918,169,824
40,784,635-4,574,521
36,210,114
58,783-18,820
39,962395,384-176,838
218,545
135,064-70,303
64,761
122,803,366
903
184,104,920

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
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
Long-term loans
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Total Long-Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
Shareholders’ capital
SurplusCapital reserve surplus
Discretionary reserves
Dividend reserve
Reserve for adjustment of temporary
differences (negative goodwill)
Total discretionary reserves
Unappropriated retained earnings
Total Surplus
Total Shareholders’ Equity
Total Net Assets
Total Liabilities and Net Assets

7

October 2016(as of October 31, 2016)

April 2017(as of April 30, 2017)

10,005980,157
32,423
1,022,585
190,791,643
210,951,554

10,005
858,40938,523906,937
189,506,438
210,573,473

610,642980,819
487,156
2,786
605
70,642
1,285,196
30,386
3,468,234

583,273
9,866,406
693,1778,080
605
391,876
1,350,770
26,044
12,920,233

96,080,847
1,587,754
7,597,909
2,760
105,269,271
108,737,505

86,451,585
1,624,859
7,661,474
3,326
95,741,245
108,661,479

67,675,274

67,675,274

20,566,420

20,566,420

11,508,900

621,526–

10,432,940

11,508,900
2,463,454
34,538,774
102,214,049
102,214,049
210,951,554

11,054,467
2,615,831
34,236,719
101,911,993
101,911,993
210,573,473

(2) Income Statement
October 2016
(May 1, 2016 to
October 31, 2016)
Operating Revenue
Rental income
Other rental income
Dividend income from investment in TK equity
Gain on sale of real estate
Total Operating Revenue
Operating Expenses
Rental expense
Asset management fee
Asset custody fee
Administrative service fee
Directors’ compensation
Allowance for doubtful accounts
Loss on doubtful accounts
Other
Total Operating Expenses
Operating Profit
Non-Operating Income
Interest income
Reversal of distribution payable
Interest on tax refund
Total Non-Operating Income
Non-Operating Expenses
Interest expenses
Borrowing-related expenses
Share issuance expenses
Other
Total Non-Operating Expenses
Recurring Profit
Extraordinary Profit
Reversal of allowance for disaster-related loss
Total Extraordinary Profit
Pre-Tax Income
Income Taxes – Current
Total Income Taxes
Net Income
Retained Earnings Brought Forward
Unappropriated Retained Earnings

8(JPY thousand)April 2017
(November 1, 2016 toApril 30, 2017)

6,413,137
660,951
9,394
6,944
7,090,428

6,665,618
649,369–
37,9207,352,907

2,921,176
636,177
12,94542,315
5,040
4,094
–
63,392
3,685,142
3,405,285

2,959,571
858,990
14,43844,525
5,040
–
4,094
87,425
3,974,085
3,378,821

86
726
15
828

89
1,122
1,858
3,070

522,492
389,087
31,567
9943,156
2,462,957

522,707242,935–
225
765,868
2,616,024

636
636
2,463,593
605
605
2,462,988
465
2,463,454––
2,616,024
605
605
2,615,419
412
2,615,831

(3) Statement of Shareholders’ Equity
October 2016 (May 1, 2016 to October 31, 2016)(JPY thousand)Shareholders’ Equity
Surplus
Paid-In
CapitalBalance as of
May 1, 2016

58,781,415

Changes during
the Period
Issuance of
New Shares
Dividend
Reserve

8,893,858

CapitalReserve
SurplusDividend
Reserve

20,566,420

11,491,269

UnappropriatedRetained
Earnings
2,482,497

Total
Shareholders’EquityTotal
Surplus34,540,187

Total
Net Assets

93,321,603

93,321,603

8,893,858

8,893,858-17,630–––

Dividends-2,464,402-2,464,402-2,464,402-2,464,402

Net Income

2,462,988

2,462,988

2,462,988

2,462,988

17,630Total Changes

8,893,858–

17,630-19,043-1,4138,892,445

8,892,445

Balance as of
Oct 31, 2016

67,675,274

20,566,420

11,508,900

2,463,454

34,538,774

102,214,049

102,214,049

9April 2017 (November 1, 2016 to April 30, 2017)(JPY thousand)Shareholders’ Equity
SurplusDiscretionary Reserves
Paid-In
CapitalBalance as of
Nov 1, 2016
Changes during
the Period
Reversal of
Dividend
Reserve
Reserve for
Adjustmentof Temporary
Differences(Negative
Goodwill)
Dividends
Net Income
Total Changes
during the
PeriodBalance as ofApr 30, 2017

CapitalReserve
Surplus67,675,274

Dividend
Reserve

20,566,420

Reserve for
Adjustment of
Temporary
Differences(Negative
Goodwill)

Total
Discretionary
Reserves–

11,508,900

2,463,454

34,538,774-10,887,373

10,887,373–

10,432,940-10,432,940–-2,917,474-2,917,474

2,615,419

2,615,419

11,508,900-10,887,373

10,432,940–-10,887,373

10,432,940-454,432

152,377-302,055

67,675,274

20,566,420

621,526

10,432,940

11,054,467

2,615,831

34,236,719

Total Net Assets

Total Shareholders’EquityNet Income
Total Changes
during the
PeriodBalance as ofApr 30, 2017

Total
Surplus–

Shareholders’ Equity

Balance as of
Nov 1, 2016
Changes during
the Period
Reversal of
Dividend
Reserve
Reserve for
Adjustmentof Temporary
Differences(Negative
Goodwill)
Dividends

UnappropriatedRetained
Earnings

102,214,049

102,214,049

–

–

–

–

-2,917,474-2,917,474

2,615,419

2,615,419-302,055-302,055

101,911,993

101,911,993

10

(4) Cash Flow Statement(JPY thousand)April 2017
(November 1, 2016 toApril 30, 2017)

October 2016
(May 1, 2016 to
October 31, 2016)
Cash Flows from Operating Activities:
Pre-tax net income
Depreciation
Share issuance expenses
Increase (decrease) in allowance for disaster-related loss
Increase (decrease) in allowance for doubtful accounts
Interest income
Interest expense
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 equipment in
trust
Other
SubtotalInterest income received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operating Activities
Cash Flows from Investing Activities:
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 in trust
Decrease in tenant leasehold and security deposits intrust
Sale of securities investments
Net Cash from (Used for) Investing Activities
Cash Flows from Financing Activities:
Increase in long-term loans
Decrease from repayment of long-term loans
Proceeds from share issuance
Dividends paid
Net Cash from (Used for) Financing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period

112,463,593
921,085
31,567-60,000
4,094-86
522,492
3,214-403,134-78,144-257,642-352,911
166,623-122,338
237,637
962,495

2,616,024
923,937–

4,443,873

61,895
4,100,441
86-527,072-605
3,572,850

40,646
9,563,936
89-517,413-605
9,046,007-49,641-29,984,768-25,144-4,122,937––-4,094-89522,707-30,406
403,134
12,430121,748
321,234-78,805
206,02165,574–

98,02950,488-197,187-34,876

1,687,152

293,730-264,554-260,713

2,000,000-26,710,969–

19,500,000-997,274
8,862,291-2,461,931
24,903,085
1,764,966
17,508,765
19,273,732-4,099,453

3,000,000-3,743,674–-2,915,052-3,658,727

1,287,826
19,273,732
20,561,558

Material Matters after Closing of the Fiscal Period
1. Asset Acquisition
Ichigo Office REIT acquired the following assets in accordance with the guidelines specified in its
Articles of Incorporation.
Win Gotanda Building
Acquisition Price1
Location
Form of Ownership
Property Right
Contract Date
Closing Date
SellerIchigo Hongo Building2
Acquisition Price1
Location
Form of Ownership
Property Right
Contract Date
Closing Date
SellerOimachi Center Building
Acquisition Price1
Location
Form of Ownership
Property Right
Contract Date
Closing Date
SellerJPY 3.10 billion
1-30-2 Nishi Gotanda, Shinagawa-ku, Tokyo
Trust beneficiary interest in real estate (juekiken)
Land: Freehold (ownership ratio: 85.65%)
Building: Freehold (ownership ratio: 85.65%)
April 26, 2017
May 10, 2017
Shinagawa Holdings GK

JPY 2.30 billion
5-33-10 Hongo, Bunkyo-ku, Tokyo
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold (ownership ratio: 100%)
April 26, 2017
May 10, 2017
Kichijoji Holdings GK

JPY 1.68 billion
1-24-5 Oi, Shinagawa-ku, Tokyo
Trust beneficiary interest in real estate (juekiken)
Land: Freehold3
Building: Freehold (ownership ratio: 74.247%)
April 26, 2017
May 10, 2017
Kichijoji Holdings GK

1

The acquisition 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
The current building name, IKB Hongo Building, will be changed to Ichigo Hongo Building.
3
While part of the land is also owned by the other owners, an agreement exists with respect touse of the building constructed on this land and stipulates that no charge shall be assessed forsuch use.

122. New Loans
Ichigo Office REIT carried out the following borrowings on May 10, 2017 in order to fund the above
asset acquisition.
Term Loan VIII-A
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

SMBC
JPY 1 billion
1M JPY TIBOR + 0.33% (p.a.)
October 31, 2018
Final business day of each month following the Loan Dateand the Principal Repayment Date
Repayment will be made in full on the Principal
Repayment Date
No

Term Loan VIII-B
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

SMBC
JPY 1.1 billion
1M JPY TIBOR + 0.69% (p.a.)November 10, 2024
Final business day of each month following the Loan Dateand the Principal Repayment Date
Repayment will be made in full on the Principal
Repayment Date
No

Ichigo REIT has executed an interest rate swap to hedge against a rise in interest rates, and as a result
the interest rate for Term Loan VIII-B is fixed at 0.8525%.
Term Loan VIII-C
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Mizuho Bank
JPY 400 million
1M JPY TIBOR + 0.33% (p.a.)
October 31, 2018
Final business day of each month following the Loan Dateand the Principal Repayment Date
Repayment will be made in full on the Principal
Repayment DateNo

13

Term Loan VIII-D
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Mizuho Bank
JPY 1 billion
1M JPY TIBOR + 0.69% (p.a.)November 10, 2024
Final business day of each month following the Loan Dateand the Principal Repayment Date
Repayment will be made in full on the Principal
Repayment Date
No

Ichigo REIT has executed an interest rate swap to hedge against a rise in interest rates, and as a result
the interest rate for Term Loan VIII-D is fixed at 0.8525%.
Term Loan VIII-E
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Shinsei Bank
JPY 200 million
1M JPY TIBOR + 0.33% (p.a.)
October 31, 2018
Final business day of each month following the Loan Dateand the Principal Repayment Date
Repayment will be made in full on the Principal
Repayment Date
No

Term Loan VIII-F
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Shinsei Bank
JPY 900 million
1M JPY TIBOR + 0.69% (p.a.)November 10, 2024
Final business day of each month following the Loan Dateand the Principal Repayment Date
Repayment will be made in full on the Principal
Repayment Date
No

Ichigo REIT has executed an interest rate swap to hedge against a rise in interest rates, and as a result
the interest rate for Term Loan VIII-F is fixed at 0.8525%.
Term Loan VIII-G
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Resona Bank
JPY 400 million
1M JPY TIBOR + 0.69% (p.a.)November 10, 2024
Final business day of each month following the Loan Dateand the Principal Repayment Date
Repayment will be made in full on the Principal
Repayment Date
No

Ichigo REIT has executed an interest rate swap to hedge against a rise in interest rates, and as a result
the interest rate for Term Loan VIII-G is fixed at 0.8525%.
14

Term Loan VIII-H
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Development Bank of Japan
JPY 2 billion
0.87163% (fixed)
May 10, 2023
Final business day of January, April, July, and Octoberfollowing the Loan Date and the Principal Repayment Date
Repayment will be made in full on the Principal
Repayment Date
No

Earnings Forecasts
October 2017 Fiscal Period (May 1, 2017 to October 31, 2017)
For details on the preconditions, please refer to the “Preconditions for October 2017 Earnings
Forecasts” on page 4.
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in excess of earnings

JPY 7,462 million
JPY 3,450 million
JPY 2,707 million
JPY 2,706 million
JPY 1,930–

Note: The forecast dividend includes a JPY 250 million reserve reversal. Actual operating revenue,
operating profit, recurring profit, net income, and dividend per share are subject to change due
to changes in circumstances. This forecast does not guarantee the amount of dividend.
April 2018 Fiscal Period (November 1, 2017 to April 30, 2018)
For details on preconditions, please refer to the “Preconditions for April 2018 Earnings Forecasts” onpage 5.
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in excess of earnings

JPY 7,338 million
JPY 3,551 million
JPY 2,735 million
JPY 2,735 million
JPY 1,940–

Note: The forecast dividend includes a JPY 238 million reserve reversal. Actual operating revenue,
operating profit, recurring profit, net income, and dividend per share are subject to change due
to changes in circumstances. This forecast does not guarantee the amount of dividend.

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 Expenses
Total Expenses
Net Rental Income(A-B)

Previous Period
May 1, 2016 to
October 31, 2016

(JPY thousand)Current Period
November 1, 2016 toApril 30, 2017

5,184,868
901,503
266,636
60,1285,416,705
922,244266,939
59,728618,487
42,463

6,413,137

660,951
7,074,088

692,541
615,303
33,527921,085
97,440510,253
8,985
42,03916

596,31553,054

6,665,618

649,369
7,314,987

672,750
571,092
34,281
923,937
145,494
561,813
8,863
41,3382,921,176

2,959,571

4,152,912

4,355,416

2. Details of Real Estate Sales(JPY thousand)Previous Period (May 1, 2016 to October 31, 2016)
Ichigo Yokosuka Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gain on Real Estate Sale
Current Period (November 1, 2016 to April 30, 2017)
Ichigo Serviced Apartments Takanawadai
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Loss on Real Estate Sale
B-SITE Hamamatsucho
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Loss on Real Estate Sale

1,000,000
962,495
30,5606,944

990,000
1,288,920
510
299,430

616,000
667,942
510
52,453

Ichigo Serviced Apartments Ginza
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gain on Real Estate Sale

1,034,000
897,212507
136,280

Ichigo Pagoda Asakusa Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gain on Real Estate Sale

1,850,000
1,589,797
6,678
253,524

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)Previous Period
Current Period
May 1, 2016 toNovember 1, 2016 to
October 31, 2016
April 30, 2017
Cash and cash equivalents
7,884,552
8,630,416
Cash and cash equivalents in trust
11,436,045
11,986,481
Miscellaneous deposits-46,865-55,339
Cash and cash equivalents
19,273,732
20,561,558
Notes to Derivative Transactions
1. Non-Hedge Accounting
N/A
2. Hedge Accounting
Previous (October 2016) 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
toValueMarket

76,602,662

76,436,884

Note

Contract Amount–Current (April 2017) Fiscal Period
Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Contract AmountTotal>1 year77,519,773 77,353,995(JPY thousand)
Method ofMarket Marking
toValueMarket
Note–

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
Previous Period(May 1, 2016 to
October 31, 2016)
66,706
1,623

Net Assets per ShareNet Income per Share(JPY)
Current Period(November 1, 2016 toApril 30, 2017)
66,5091,706

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 is shown below.
(JPY thousand)Previous Period
Current Period(May 1, 2016 to(November 1, 2016 to
October 31, 2016)
April 30, 2017)
Net Income
2,462,988
2,615,419
Income not belonging to common––shareholders
Net Income belonging to common
2,462,988
2,615,419
shareholders
Average number of shares in period
1,517,476 shares
1,532,287shares
New Share Issuance
There was no new share issuance during the April 2017 fiscal period. Below are the changes to the
Total Number of Shares for the past five years.
Total Number of
SharesIssuedOutstanding

Issue Amount(JPY million)
ChangeTotal

Date

MethodMay 27, 20131

Public Offering

90,000932,823

5,431

20,360December 3, 20132

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)

85,0001,017,823

4,929

25,2898,500

1,026,323

492

25,782

95,6801,122,003

7,679

33,4628,320

1,130,323

667

34,130271,700

1,402,023

23,41857,54814,3001,416,323

1,232

58,781

110,166

1,526,489

8,449

67,2305,798

1,532,287

444

67,675January 7, 20143
December 3, 20144
December 24, 20145
May 1, 20156
May 27, 20157
May 23, 20168
June 22, 20169
1

New shares were issued via public offering at a share price of JPY 62,595 (subscription price of
JPY 60,348) to procure funds for asset acquisitions.
2
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.
3
New shares were issued via third-party allotment at a share price of JPY 57,997 to procure funds torepay debt.
4
New shares were issued via public offering at a share price of JPY 83,167 (subscription price JPY
of 80,266) to procure funds for asset acquisitions.
195

New shares were issued via third-party allotment at a share price of JPY 80,266 to procure funds torepay debt.
6
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.
7
New shares were issued via third-party allotment at a share price of JPY 86,192 to procure funds torepay debt.
8
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.
9
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

April 2017 Fiscal Period
Book Value4% of Total(JPY million)
8,805
4.2
4,066
1.9

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

11,894

5.6

95,446
41,72345.3
19.8

15,571

7.4

11,090188,598
21,974
210,573

5.3
89.6
10.4
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 April 30, 2017 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-25

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
Yokosuka
Office Ichigo
Building6(as of April 30, 2017)
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

18

126,761

4,125.52

3,230.36

78.3

8

103,219

1,925.24

1,925.24

100.0

13

77,0952,080.37

2,080.37

100.0

759,946

1,947.90

1,947.90

100.0

658,965

1,321.54

1,321.54

100.0

451,323686.50604.1988.0

825,552

1,602.29

1,602.29

100.0

541,951

1,484.39

1,484.39

100.0

854,505

1,388.35

1,317.63

94.9

26

62,332

1,378.83

1,378.83

100.0

840,198780.64780.64100.0

10

20,156494.14494.14100.0

620,455

1,891.01

1,891.01

100.0

871,213

2,387.34

2,387.34

100.0

751,7281,288.31

1,288.31

100.0

126,8201,302.43

1,302.43

100.0

535,6195,346.76

5,346.76

100.0

9

199,939

4,021.32

4,021.32

100.0

15

80,183

1,491.51

1,491.51

100.0

10

52,6891,250.85

1,250.85

100.0

739,3952,605.54

2,605.54

100.0

10

56,454

–

–

–

–

1,359

22

No.

Area

O-26

Tokyo
Metro Area

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

Asset
Type

Asset Name

Ikejiri
Office Ichigo
Building

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)

2,385.69

2,385.69

100.0

577,932

1,261.91

1,261.91

100.0

122,494

1,329.06

1,329.06

100.0

929,062

4,210.87

4,210.87

100.0

16

111,286

3,928.12

3,928.12

100.0

19

191,7038,009.11

8,009.11

100.0

23

217,529

8,601.71

8,470.35

98.5

15

116,135

3,551.46

3,430.11

96.6

21

78,346

6,329.33

6,244.63

98.7

12

153,851

2,523.09

2,523.09

100.0

10

89,065

6,250.53

6,250.53

100.0

1

209,275

3,729.35

3,729.35

100.0

17

93,174

2,295.57

2,295.57

100.0

978,561

2,697.36

2,697.36

100.0

784,833

3,159.27

3,159.27

100.0

2

156,680

3,585.92

3,585.92

100.0

9123,102

1,606.92

1,606.92

100.0

760,5506,180.68

6,180.68

100.0

29

156,654

2,960.81

2,960.81

100.0

13

58,4352,364.71

2,364.71

100.0

992,862

5,205.49

4,858.26

93.3

10

99,407

4,498.16

4,278.03

95.1

29

81,321

4,422.35

4,290.35

97.0

6

180,224

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
Nishiki First
O-76 Regional Cities Office 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
Four Major
Ichigo Fushimi
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

9120,030

3,510.44

3,510.44

100.0

5131,867

6,425.29

6,066.12

94.4

5

167,457

4,216.97

4,216.97

100.0

7142,194

2,971.22

2,971.22

100.0

680,2502,312.03

2,312.03

100.0

684,196

3,090.65

3,090.65

100.0

994,9034,548.10

4,548.10

100.0

18

112,650

2,369.82

2,369.82

100.0

12

63,0304,553.90

4,553.90

100.0

16

147,825

3,433.07

3,433.07

100.0

14

99,415

3,665.34

3,665.34

100.0

15

87,5781,041.36

1,041.36

100.0

338,281

1,769.09

1,769.09

100.0

845,2996,151.98

5,781.00

94.0

29

99,521

2,423.86

2,423.86

100.0

29

47,1283,324.54

3,324.54

100.0

179,6655,504.02

5,504.02

100.0

6

154,744

3,118.69

3,118.69

100.0

493,077

1,329.96

1,329.96

100.0

352,7933,679.70

3,679.70

100.0

789,1774,930.30

4,930.30

100.0

35

139,580

4,155.57

3,855.97

92.8

40

81,4082,006.78

2,006.78

100.0

23

48,93124

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
O-85
R-04
R-06
R-09
Z-02
Z-03
Z-04

Ichigo Shibuya
Central Tokyo Office Udagawacho
Building
Ichigo Serviced
Central Tokyo Other Apartments
Takanawadai7
Central Tokyo Other B-SITE
Hamamatsucho7
Ichigo Serviced
Central Tokyo Other Apartments
Ginza7
FiestaCentral Tokyo Other Ichigo
Shibuya Building
Tokyo
Burg
Other Ichigo
Metro Area
Omori Building
Ichigo Pagoda
Tokyo
Other
Asakusa
Metro Area
Building7
Tokyo
Metro Area

Z-05

MachidaOther Ichigo
East Building

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

Z-14

KamataOther Ichigo
Building
Total

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

2,521.51

2,521.51

100.0

12

46,415

1,491.38

1,328.74

89.1

6

69,987––––33,448––––17,266––––

41,754

1,185.85

1,185.85

100.0

969,575

5,345.62

4,958.09

92.8

36

156,990

–

–

–

–

69,8792,183.65

2,183.65

100.0

10

64,178

1,162.52

1,162.52

100.0

834,612765.61765.61100.0

630,7303,733.68

3,733.68

100.0

163,000778.77778.77100.0

475,003

2,717.77

2,717.77

100.0

777,2107,788.09

7,788.09

100.0

3

116,130

1,971.34

1,971.34

100.0

575,4182,124.68

2,124.68

100.0

252,012

253,545.89 249,881.01

98.6

897

7,314,987

1

Occupancy3 No. of(%)
Tenants4

Total Rental
Income5(JPY
thousand)

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 April 30, 2017.
3
Occupancy is the ratio of Leased Area to Total Leasable Area.
4
No. of Tenants is the number of tenants that have a valid lease contract in place with Ichigo Office
REIT (including trust structures owned by Ichigo Office REIT). 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 REIT.
2

25

5

Total Rental Income is the total of rental income, common area services income, parking area
income, and other related income generated from the property.
6This asset was sold on September 30, 2016.
7This asset was sold on April 26, 2017.

26

Book Value and Appraisal Value of Portfolio Assets(as of April 30, 2017)
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

2,977

3,408

1.8

3,202

2,744

1.5

2,450

1,939

1.0

1,760

1,525

0.8

1,370

1,211

0.6

1,713

1,407

0.7

Real estate

781

725

0.4

Real estate

1,080

1,102

0.6

Real estate

2,217

1,930

1.0

Trust
beneficiaryinterest in realestate

1,946

1,767

0.9

Real estate

1,150

1,124

0.6

Trust
beneficiaryinterest in realestate

562

522

0.3

Real estate

673

539

0.3

2,200

1,817

1.0

1,140

1,162

0.6

888

742

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

844

835

0.4

5,820

4,914

2.6

1,784

1,742

0.9

1,570

1,380

0.7

829

754

0.4

Real estate

1,240

1,476

0.8

Real estate

2,230

1,974

1.0

Ikebukuro,
Toshima-ku, Tokyo

Real estate

778

616

0.3

O-28

Ichigo Nishi
Gotanda Building

Nishi Gotanda,
Shinagawa-ku,
Tokyo

793

771

0.4

O-29

Ichigo Kichijoji
Building

Kichijoji Honcho,Musashino City,
Tokyo

2,590

2,229

1.2

O-34

Ichigo Sakae
Building
IchigoMarunouchi
Building

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

5,191

4,702

2.5

Real estate

7,180

6,052

3.2

1,730

1,509

0.8

1,270

1,157

0.6

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

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestate28

No.

Asset Name

O-42

Ichigo Takamatsu
Building

O-46

O-47

O-48

O-49

O-50

O-51

O-52

O-53

O-54

O-55

O-56

O-57

O-58

Location

Form ofOwnership

Trust
beneficiaryinterest in realestateTrust
Ichigo Kanda
Kanda-Nishikicho,
beneficiary
Nishikicho
Chiyoda-ku,
Tokyointerest in real
Building
estateTrust
Ichigo Akihabara Sotokanda,
beneficiaryNorth Building
Chiyoda-ku, Tokyo
interest in realestateTrust
Ichigo Sakaisuji
Honmachi,beneficiary
HonmachiChuo-ku,interest in real
Building
Osaka
estateTrust
Ichigo Kanda
Kanda-Ogawamachi,
beneficiary
Ogawamachi
Chiyoda-ku,
Tokyointerest in real
Building
estateTrust
Ichigo Hatchobori Shintomi,
beneficiary
Building
Chuo-ku, Tokyo
interest in realestateTrust
Ebisu Green
Ebisu Minami,
beneficiary
Glass
Shibuya-ku, Tokyo
interest in realestateTrust
Minami Oi,
Ichigo Omori
beneficiary
Shinagawa-ku,
Building
interest in realTokyoestateTrust
IchigoTakadanobaba,
beneficiary
Takadanobaba
Shinjuku-ku,
Tokyointerest in real
Building
estateMiyacho,
Trust
Ichigo Omiya
Omiya-ku,
beneficiary
Building
Saitama City,
interest in real
SaitamaestateSagamihara,
Trust
IchigoChuo-ku,
beneficiary
Sagamihara
SagamiharaCity,
interest in real
Building
Kanagawa
estateTrust
Ofuna,
Ichigo Ofuna
beneficiary
Kamakura City,
Building
interest in real
Kanagawa
estateTrust
Miyagino,
Ichigo Sendai
Miyagino-ku, Sendai beneficiary
East Building
interest in real
City, Miyagi
estateKarashimacho,
Trust
Ichigo Kumamoto Chuo-ku,
beneficiary
Building
Kumamoto City,
interest in real
Kumamoto
estateKotobukicho,
Takamatsu City,
Kagawa29

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

3,240

2,527

1.3

2,890

2,049

1.1

6,790

5,642

3.0

2,300

1,850

1.0

2,420

2,199

1.2

2,510

1,863

1.0

6,560

5,863

3.1

4,160

3,817

2.0

1,840

1,584

0.8

3,730

3,598

1.9

1,280

1,242

0.7

2,380

1,985

1.1

2,070

1,760

0.9

1,430

1,434

0.8

No.

Asset Name

Location

O-59

Ichigo Jingumae
Building

Jingumae,
Shibuya-ku, Tokyo

O-60

Ichigo Shibuya
Dogenzaka
Building

Maruyamacho,
Shibuya-ku, Tokyo

O-61

Ichigo Hiroo
Building

Hiroo,
Shibuya-ku, Tokyo

O-62

Ichigo Sasazuka
Building

Sasazuka,
Shibuya-ku, Tokyo

O-63

IchigoNihonbashi East
Building

Nihonbashi
Bakurocho,
Chuo-ku, Tokyo

O-64

IchigoSakurabashi
Building

Hatchobori,Chuo-ku, Tokyo

O-65

Ichigo Shinkawa
Building

Shinkawa,
Chuo-ku, Tokyo

O-66

Ichigo Kudan
Building

Kanda Jimbocho,
Chiyoda-ku, Tokyo

O-67

Ichigo Higashi
Gotanda Building

Higashi Gotanda,
Shinagawa-ku,
Tokyo

O-68

Axior Mita

Mita, Minato-ku,
Tokyo

O-69

Ichigo Higashi
Ikebukuro
Building

Higashi Ikebukuro,
Toshima-ku, Tokyo

O-70

Koriyama Big-i(Office Section)

Ekimae, Koriyama
City, Fukushima

O-71

Ichigo Kawasaki
Building

Higashi Tamachi,
Kawasaki-ku,
Kawasaki City,
Kanagawa

O-72

Ichigo Shibuya
East Building

Higashi,
Shibuya-ku, Tokyo

Form ofOwnership
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 realestate30

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

7,710

7,367

3.9

4,790

3,692

2.0

4,380

4,012

2.1

5,060

4,814

2.6

5,440

4,669

2.5

2,730

2,587

1.4

2,710

2,391

1.3

3,370

3,237

1.7

4,110

3,688

2.0

2,040

1,783

0.9

4,940

4,605

2.4

1,790

1,568

0.8

2,030

1,783

0.9

1,490

1,356

0.7

Location

Form ofOwnership

O-73

Ichigo Ningyocho Nihonbashi
Horidomecho,
Building
Chuo-ku, Tokyo

O-74

Ichigo Nishi
Honmachi
Building

Awaza, Nishi-ku,
Osaka

O-75

Ichigo Hakata
Building

Gionmachi,
Hakata-ku, Fukuoka

O-76

Nishiki First
Building

Nishiki, Naka-ku,
NagoyaO-77

Ichigo Ikenohata
Building

Ikenohata,
Taito-ku, Tokyo

O-78

Ichigo Ikebukuro
East Building

Higashi Ikebukuro,
Toshima-ku, Tokyo

O-79

Ichigo Motoazabu Motoazabu,
Building
Minato-ku, Tokyo

O-80

Ichigo Otsuka
Building

Minami Otsuka,
Toshima-ku, Tokyo

O-81

Ichigo Nagoya
Building

Meieki,Nakamura-ku,
NagoyaO-82

Ichigo Fushimi
Building

Nishiki, Naka-ku,
NagoyaO-83

Ichigo Nishiki
Building

Nishiki, Naka-ku,
NagoyaO-84

Ichigo Minami
Morimachi
Building

Matsugaecho,
Kita-ku, Osaka

O-85

Ichigo Shibuya
Udagawacho
Building

Udagawacho,
Shibuya-ku,
Tokyo

Z-02

Ichigo Fiesta
Shibuya Building

Udagawacho,
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 realestateNo.

Asset Name

Real estate

31

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

1,560

1,465

0.8

2,340

2,180

1.2

1,460

1,385

0.7

2,110

2,000

1.1

5,330

5,161

2.7

3,210

3,010

1.6

1,970

1,900

1.0

2,930

2,751

1.5

3,620

3,448

1.8

2,410

2,348

1.2

1,410

1,322

0.7

1,110

1,035

0.5

3,920

3,624

1.9

2,130

1,975

1.0

No.

Asset Name

Location

Z-03

Ichigo Burg
Omori Building

Omori Kita,
Ota-ku, Tokyo

Z-05

Ichigo Machida
East Building

Haramachida,
Machida City,
Tokyo

Z-07
Z-08

Ichigo Sapporo
2 jo Nishi,
Minami 2 Nishi 3 Minami
Chuo-ku,
SapporoBuilding
Ichigo Daimyo
Daimyo, Chuo-ku,
Balcony
Fukuoka

Z-09

Konami Sports
Club Izumi
Fuchu

Z-10

Ichigo Shibuya
Bunkamura Dori
Building

Z-11

TwicereYokohama Isogo(Retail Section)

Z-12

Lions Square
Kawaguchi

Z-13

Ichigo ShinYokohama Arena
Dori Building

Z-14

Ichigo Kamata
Building

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

2,997

3,125

1.7

1,540

1,276

0.7

Real estate

585

550

0.3

Real estate

677

589

0.3

1,450

1,130

0.6

3,010

2,472

1.3

1,870

1,551

0.8

2,630

2,386

1.3

1,750

1,689

0.9

1,500

1,449

0.8

209,667

188,598

100.0

Trust
beneficiaryinterest in realestateTrust
Udagawacho,
beneficiary
Shibuya-ku, Tokyo interest in realestateTrustMori, Isogo-ku,
beneficiary
Yokohamainterest in realestateMotogo, Kawaguchi Trust
beneficiaryCity,
interest in real
SaitamaestateTrust
Shin Yokohama,beneficiary
Kohoku-ku,
interest in real
Yokohama
estateTrust
Nishi Kamata,beneficiaryOta-ku, Tokyo
interest in realestateTotal
Fuchucho,
Izumi City, Osaka

1

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

32