Make The World
More Sustainable[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.

May 25, 2020
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, President
Inquiries: Sanae Hiraoka, Head of Ichigo OfficeTel: +81-3-3502-4891

New Loans
Ichigo Office decided today to borrow funds via new loans.
1. Loan Rationale
The new loans will be used to repay an existing loan (JPY 5,049 million). Details of the loan
to be repaid are in Section 3 below.
2. Loan Details
Loan Date

LenderLoanAmount(JPY million)

Interest Rate

Repayment
Date

Repayment
Collateralized
Terms

May 29, 2020

SMBC
Shinsei Bank
Mizuho BankMUFG Bank

3,047

3M JPY TIBOR+0.41% (p.a.)1

Sep 25, 2023
(3.3 years)

Lump-sum
repayment

NoMay 29, 2020

SMBC
Shinsei Bank
Mizuho BankMUFG Bank

2,000

3M JPY TIBOR+0.62% (p.a.)1, 2

Mar 25, 2027
(6.8 years)

Lump-sum
repayment

No1The interest payment date is 25th of every third month following the first interest payment
date. (The first payment date will be July 27, 2020 and the last payment date will be thesame as the principal repayment date.) In the event the interest payment date is not abusiness day, payment shall be made on the following business day. If the following
business day falls into the following month, payment shall be made on the previous
business day. Ichigo Office will announce the interest rates for the first period (May 29,2020 to July 27, 2020) after they are determined.

2Ichigo Office will also execute an interest rate swap on this loan, and will announce theswap interest rate after it is determined.

1Note:The base rate for the loans will be JPY TIBOR as published by the Japanese Bankers
Association (JBA) two business days before each interest payment date. For current JPY
TIBOR rates, please visit the JBA’s website: www.jbatibor.or.jp/english/rate
3. Existing Loan Being Repaid
Loan Date

LenderApr 30, 2015

SMBC
Shinsei Bank
Mizuho BankMUFG Bank

LoanAmountInterest Rate
(JPY million)
5,049

Repayment
Date

1M JPY TIBOR May 31, 2020
+0.84% (p.a.)(5.1 years)

Repayment
Collateralized
Terms
Lump-sum
repayment

4. Earnings Outlook
The impact of the new loans on Ichigo Office’s October 2020 fiscal period earnings has
already been reflected in the forecast presented in Ichigo Office’s December 13, 2019release “October 2019 Fiscal Period Earnings.”
5. OtherRisks related to the loans have no material impact on the “Investment Risks” described in
the latest Financial Report submitted on January 28, 2020.

2NoLoan and Bond Composition after New Loans
Outstanding Loan and Bond Balance(JPY million)
BeforeNew Loans
(A)

After
New Loans(B)1

Change(B) - (A)

Short-term bank loans–––

Long-term bank loans

103,997

103,995-2

Total bank loans

103,997

103,995

-2

5,400

5,400

–

109,397

109,395-2

Bonds
Total bank loans and bonds
1The amount reflects a JPY 2 million principal repayment using cash-on-hand.

Distribution of Loan and Bond Maturities
Before New Loans■ Bank Loans (floating rate)
10,233
9,574

9,639

■ Bank Loans (fixed rate)■ Bonds(JPY million)

9,629 9,633 9,623

7,346

8,846

9,056

1,000

1,200
7,266

1,000

5,910

4,600
7,246
2,900

4,955 7,856

6,346 2,793

2,000

Oct
2020

Apr
2021

Oct2021

Apr2022

Oct2022

Apr2023

Oct
2023

Apr
2024

1,200

1,000

900

955

600

Oct
2024

Apr
2025

Oct
2025

Apr
2026

Oct2026

Apr2027

Oct2027

Apr2028

Oct2028

Apr2029

Oct2029

Apr2030

Oct2030

After New Loans■ Bank Loans (floating rate)
10,2339,639 9,629 9,633■ Bank Loans (fixed rate)■ Bonds

9,623
7,647

7,346

(JPY million)■ New Loan

8,846

9,056

1,000

7,910 1,200
7,266
2,000

1,000
3,047
4,525
7,246
2,900
4,600

2,000

Apr
2021

Oct
2021

Apr2022

Oct
2022

Apr
2023

Oct
2023

Apr
2024

1,200

1,000

900

Oct
2020

7,856
4,955

6,346 2,793

955600

Oct
2024

Apr
2025

Oct
2025

3

Apr
2026

Oct2026

Apr2027

Oct2027

Apr2028

Oct2028

Apr2029

Oct2029

Apr2030

Oct2030