Ichigo REIT April 2013 Fiscal Period
Corporate Presentation
June 18, 2013

Ichigo Real Estate Investment Corporation
Ichigo Real Estate Investment Advisors Co., Ltd.

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

www.ichigo-reit.co.jp/english

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Creating peace of mind throughhonest and committed management.

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

• Growth Strategy Road Map• April 2013 Financial Results- Dividend +12% over Forecast & 95.6% Occupancy (+3.3%)- Value-Add & Leasing Success- Major Refinancing• Stage II: Full-Scale Accretive Growth-•

Ichigo Accretive Growth Cycle
Successful Public Offering (PO)
Acquired Assets
Improved Portfolio
Post-PO Portfolio Diversification
Decreased Borrowing Costs 0.81% in Two Years
Loan Maturity Distribution
Strengthened Lender Base
October 2013 Dividend Forecast
Increased Dividend 57% in Two Years

Further Dividend Growth- Continue Strengthening of Financial Position- Enhance Asset Profitability- External Growth Strategy

Appendix: Borrowings / Leasing & Portfolio / About Ichigo REIT
© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

5

Growth Strategy Road Map

2011/10

Stage I

Stage II

Stage IIIFoundation for Growth

Full-Scale Growth

Solidify Market Position

2012/4

1st period post merger

2012/10

2nd period post merger

Goal

Pursue a ¥1,200+ Dividend

Action Plan

■ Financial Strategy
・Strengthen lender base・Reduce borrowing costs■ Internal Growth Strategy
・Reduce operating costs
・Enhance profitability of properties■ External Growth Strategy
・Disposition using negative goodwill
・Gather property information for PO・Efficiently replace properties
・Consider indirect property
acquisitions, e.g., TK investment

2013/4

3rd period post merger

2014/42013/10

4th period post merger

PO Targeting Dividend
Growth■ Financial Strategy
・Strengthen lender base・Strengthen financial base via PO・Obtain credit rating■ Internal Growth Strategy
・ Enhance profitability of individual
properties■ External Growth Strategy
Acquire properties via PO・Acquire・Gather property information to growassets and strengthen asset
sourcing

5th period post merger

2014/10

6th period post merger

Further Growth of Dividendand Assets■ Financial Strategy
・Consider non-collateralizedborrowing・Consider bond issuance■ Internal Growth Strategy
・Continuously enhance profitability ofproperties■ External Growth Strategy
・Further expand the scale of assets

Accelerated
Growth© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

6

April 2013 Financial Results© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

7

Dividend +12% over Forecast
Dividend for April 2013: 1,494 yen- One-time cost incurred for refinancing offset by negative goodwill* Since October 2012 income generated via the recognition of negative goodwill has been set aside as a dividend
reserve(million yen)

Category

Operating Revenue

Oct 2012
ActualApr 2013
Actual

4,320

4,147

Initial Forecast

4,118

Difference

Major Factors for Variation+29

Increase in Rent Revenue +1, Other Lease Business+27 (Terminaton Penalty Income, etc)

Operating Income

1,866

2,036

1,955

+81

Decrease in Rent Expenses +34(Utility Cost +11、Repair Expenses +15)
Decrease in SG&A +17

Ordinary Income

663

451

1,069

-618

Increase in Borrow ing Related Expenses -755
Increase in Interest Expenses +56

Net Income

-526

451

1,069

-618

1,387 yen

1,494 yen

1,330 yen+164 yen

No. of properties

67

66

－

－

－

No. of tenants

503

492

－

－

－

Leasable area

162,677 m 2

156,494 m 2

－

－

－

5.7%

5.7%

－

－

－

Dividend per ShareNOI yield© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

8

95.6% Occupancy (+3.3%)+3.3% Increase vs. October 2012 due to Strengthened Leasing Activities
Change in Occupancy and Average Rent per Tsubo
Average Rent （O+Z）

(yen)

100%
97.4%
97.3%
96.2%

Average Rent （R）
Office （O）

Others （Z）

90%

24,000

97.4%

98.2%

96.3%

95.6%

92.3%

95.1%
94.6%

98.1%

94.7%
92.0%

91.8%

Residence （R）

98.3%

91.6%

89.9%

93.2%

90.2%

20,000

90.5%

Total
16,00014,10080%

14,00013,90012,00011,90013,90013,90011,90011,70011,70070%

No. of properties

8,000
Apr. 2011

Oct. 2011

Apr. 2012

Oct. 2012

Apr. 2013

Office (O)

45

45

41

41

40

Residence (R)

18

18

18

18

18

Others (Z)

8

8

8

8

8

71

71

67

67

66

Total

12,000© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

9

Value-Add & Leasing Success• TK Kichijoji Building- Owing to value enhancements in common areas as well as tenant-tailoredleasing activities, Ichigo leased space to both an adult technical school and an
examination prep school- Significantly increased occupancy from 73.4% in April 2012 to 92.9% in April
2013■ Value Enhancements■ Ibaraki Kowa Building• Ibaraki Kowa Building--

Implemented anti-seismic measuresand strengthened leasing byemphasizing proximity to the nearest station
Took occupancy from 73.7% to 100%in less than one year

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

10

Value-Add & Leasing Success (2)• Akita Sanno 21 Building- Tailored contract to a major tenant’s needs for fast move-in- Contract covered 180 tsubo, 17% of the entire
rentable area

■ Akita Sanno 21 Building• Maintaining High Occupancy for Residential Assets- Developing “Ichigo Residence” brand and improving
tenant satisfaction with high-value services-

Smart meters for tenants to monitor and reduce their electricity use
Tenant-level security systems to provide a higher level of home security
Customizable living spaces to match individual tastes and needs
Pre-installed lighting and washing machines to lower tenant move-in costs- Increased occupancy-

Increased occupancy 1.9% from 96.3% in October 2012 to 98.2% in April 2013

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

11

Major Refinancing• 20 Billion Yen Comprehensive Refinancing (January 2013)-

Refinanced with the strong sponsorship of Ichigo Group
Significantly improved terms - lowered interest rate by 0.36%
Increased Megabank participation
Extended and diversified loan maturities• Refinanced Gibraltar Life Insurance Loan of 3.8 Billion Yen (March 2013)-

Lowered interest rate and further diversified lender base

• Use Dividend Reserve to Maintain Dividend Based on Operating Earnings
by Offsetting One-Off Costs Such as Borrowing-Related Costs© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

12

Stage II: Full-Scale Accretive Growth© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

13

Ichigo Accretive Growth Cycle
Entered Stage II Accretive Growth Cycle With Successful Public Offering (PO)Stage II

Stage IFoundation
for Growth・Achieved ¥1,387 yen
dividend (October2012), exceeding theinitial dividend targetof ¥1,200 yen
・Use negative
goodwill for financing
and internal andexternal growthstrategies

Grow
Dividends

Enhance
Profitability

Stage III

Raise Share
Price

Ichigo REIT
Growth Cycle

Improve
Portfolio

Continue Growth
Cycle to:LaunchPO

Solidify Market
Position+
Accelerate
Accretive Growth

Increase
AUM© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

14

Successful Public Offering (PO)• Significance of PO- Improved portfolio quality-

Acquired 3 assets worth 8.6 billion yen consisting of two prime location offices and a retail spacewith stable cash flow
Effectively deployed Ichigo Group’s warehousing function to support accretive growth- Enhanced profitability-

New assets improve NOI yield of existing portfolio
High occupancy to accelerate stabilized NOI (occupancy is 100% as of May 2013)- Further strengthened financial base-Lowered LTV (book value based)
Declined from 50.0% in April 2013 to c. 49.5 % as of the acquisition date in June 2013

• Acquired Assets
Property Name

Type

Address

Acquisition Price(million yen)Apprasal Value(million yen)

NOI Yield

NOI Yield After
Depreciation

Occupancy

Ichigo Akihabara North
Building (O-47)

OfficeChiyoda-ku, Tokyo

5,500

5,630

5.7%

4.8%

100.0%

Ichigo Sakaisuji
Honmachi Building (O-48)

OfficeChuo-ku, Osaka-shi,
Osaka

1,940

2,000

6.4%

4.8%

100.0%

Konami Sports Club Izumi
Fuchu (Z-09)

Other(Retail)Izumi-shi, Osaka

1,210

1,250

6.5%

4.9%

100.0%

8,650

8,880

Average 6.0%

Average 4.8%

Average 100.0%

Tota l© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

15

【Acquired Asset】 Ichigo Akihabara North Building (O-47)■ Overview■ Photo / Map

Acquisition Price

5,500 million yen

Appraisal Value

5,630 million yen

NOI Yield

5.7%

NOI Yield After
Depreciation

4.8%

Asset Type

OfficeAddress

Sotokanda, Chiyoda-ku, Tokyo

Access1-minute walk from both Suehirocho
Station on the Tokyo Metro Ginza Lineand 10-minute walk from Akihabara
Station on the JR Yamanote Line

Leasable Area

6,250.53 sqm

Structure

S / RC

Construction Date

May 1997

Occupancy

100.0%

B1F / 8F

【Location】
・ Centrally located office・ Akihabara area growing in popularity as office centerwith large-scale redevelopment projects. Can expect
stable tenant demand.
【Property】
・ Leased to a major Tokyo Stock Exchange-listedcompany with a fixed-term lease contract
・ High profile in the market for having a large and wellconfigured 250 tsubo floor plate© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

16

【Acquired Asset】 Ichigo Sakaisuji Honmachi Building (O-48)■ Photo / Map■ Overview
Acquisition Price

1,940 million yen

Appraisal Value

2,000 million yen

NOI Yield

6.4%

NOI Yield After
Depreciation

4.8%

Asset Type

OfficeAddress

Honmachi, Chuo-ku, Osaka-shi, Osaka

Access

1- minute walk from Sakaisuji
Honmachi Station on the Osaka
Municipal Subway Chuo Line and the
Sakaisuji Line, and 10-minute walkfrom Honmachi Station on the Osaka
Municipal Subway Midosuji Line

Leasable Area

3,729.29 sqm

Structure

S

Construction Date

March 2009

Occupancy

100.0%

B1F / 10F

【Location】
・ Conveniently located within walking distance from
Honmachi Station
・ The area is home to a number of financial institutions
and buildings owned and leased by large corporations.

Ichigo Sakaisuji
Honmachi Building

Chuo Line
Sakaisuji
Honmachi St.

Honmachi St.

【Property】
Property
・ Each floor is a large, well-configured, and sub-dividable
120 tsubo floor plate
・ Eco-friendly features such as fourteen individual air
conditioning systems per floor, lighting sensors, and
Low-E double-glazed glass© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Midosuji Line

Sakaisuji Line17

【Acquired Asset】 Konami Sports Club Izumi Fuchu （Z-09）■ Overview■ Photo / Map

Acquisition Price

1,210 million yen

Appraisal Value

1,250 million yen

NOI Yield

6.5%

NOI Yield After
Depreciation

4.9%

Asset Type

Other (Retail)

Address

Fuchucho, Izumi-shi, Osaka

Access3-minute walk from Izumi Fuchu
Station on the JR Hanwa Line

Leasable Area

3,733.68 sqm

Structure

S / RC

Construction Date

January 2011

Occupancy

100.0%

B1F / 6F

【Location】
・ Located in the Senboku are, a bedroom community
serving Central Osaka・ Has a demographically young, growing population【Property】
・ Sectional ownership of a diversified retail building
featuring a full-featured sports facility
・ Fixed, long-term contract with large fitness gym
operator

26

JR Hanwa Line

Izumi Fuchu St.

Izumi Fuchu Post Office

Konami Sports Club
Izumi Fuchu
480

Izumi Fuchu City Hall30

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

18

Improved Portfolio
Greater Economies of Scale (AUM +8%) and Improved Portfolio Quality
As of November 1, 2011at the Merger

Items

As of June 3, 2013at the Acquisition

As of April 30, 2013

Total

71

66

69

Office45

40

42

Residence

18

18

18

Other

8

8

9

Total

107,978

104,320

112,970

Office74,32570,668

78,108Residence

20,00520,00520,005

Other

13,647

13,647

14,857104,902100,369

109,249

175,984.91㎡

156,494.30 ㎡

170,207.80 ㎡

Occupancy

91.6%

95.6%

95.9%

NOI Yield

5.69%

5.72%

5.74%

LTV (Based on Book Value)

49.1%

50.0%

49.5%

LTV (Based on Market Value *)

50.2%

51.4%

50.7%

20.5

21.2

20.5

No. ofProperties

Acquisition Price(million yen)Appraisal Price (million yen)
Leasable Area

Average Age (years)(Note 1) Market Value: Interest-bearing debt / total assets reflecting unrealized losses(Note 2) Leasable Area and Occupancy as of June 3, 2013: Estimated using assets as of April 30, 2013 and 3 assets acquired via PO(Note 3) LTV as of June 3, 2013: Estimated using interest-bearing debt and total assets as of April 30, 2013 and 3 assets acquired via PO© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

19

Post-PO Portfolio Diversification
As of June 3, 2013

By UseBy Region

Portfolio Overview
No. of Properties

69

Total Acquisition Price

112,970 mm yen

Total Appraisal Value

109,249 mm yen

Leasable Area

170,207 m 2

Occupancy

95.9%

Other
13%

Middle: Acquisition Price(bn yen)Residence
18%

Below: % of portfolio

Sapporo0.5
1%

Office69%

By Price
Tokyo
Metro
Area
83.9
74%

* Leasable Area and Occupancy as of June 3,2013 is estimated based on assets as ofApril 30, 2013 and 3 assets acquired via PO

Kansai8.0
7%Sendai0.5
1%0~1 bn yen
16%
3 bn yen~37%

1~2 bn yen
37%

Nagoya12.2
10%

2~3 bn yen
10%

Other
6.9
6%
Fukuoka

0.6
1%

By Age30 years~
26%

20~30 years
24%

0~10 years
27%

10~20 years
23%

Average:20.5 years© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

20

Decreased Borrowing Costs 0.81% in Two Years■ Interest Rate

2.70%

At Merger

2.62%

2.62%

SMBC & Mizuho Trust Bank
Syndicate Loan (Term 1 &2)

2.60%
2.50%
2.35%

2.40%

2.26%

2.30%
2.20%

2.26%

2.24%

0.81% reduction inborrowing cost

2.10%

Aozora Bank
Syndicate Loan

2.00%
Comprehensive Refinancing(January 2013)

1.90%

1.88%

PO

1.81%

1.81%

1.80%
Nov 2011

Apr 2012 May 2012

Aug 2012

Oct 2012 Nov 2012 Jan 2013

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Apr 2013 Jun 201321

Loan Maturity Distribution
Diversified and Extended Loan Maturities via Refinancing and PO■ Loan Maturities (Million Yen)

30,00020,00014,93010,49810,000

8,449
6,825

6,685
5,366
3,607

2,000
0
Oct 2013

Apr 2014

Oct 2014

Apr 2015

Oct 2015

Apr 2016

Oct 2016

Apr 2017

Oct 2017© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Apr 2018

Oct 2018

22

Strengthened Lender Base
Further Diversified Lender Base via Major Refinancing and PO- New borrowing from Megabanks has strengthened lender baseLenders(As of the Merger on November 1, 2011)
BNY Mellon Trust1%(As of June 3, 2013)
Shinsei Trust *2
2%

Mizuho Bank
2%

Resona Bank
3%

KagawaBank
2%

Mizuho Trust
Kagawa Bank
(Loan backed by
2%
Trust Assets)Prudential LPS
Mizuho Trust
5%(Loan backed by
AIG Edison
Trust Assets)
Life Insurance
ORIX Bank(Gibraltar )4%

MetLifeTokyo Star Alico
3%
Bank
5%

GE JapanCorporation
51%

Mizuho Trust
6%

SMBC
17%

Prudential LPS
7%

Tokyo Star
Bank
21%

GE JapanCorporation
21%

Shinsei Trust *1
5%

6%

Aozora Bank
7%

ORIX Bank
2%

Shinsei Bank
9%
Resona Bank
9%

Aozora Bank
10%

※1: Source of fund is an Investment LPS managed by AXA Real Estate Investment Managers Japan KK※2: Cash funding provided by Ichigo Group© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

23

October 2013 Dividend Forecast
Dividend Forecast for October 2013: 1,490 yen- +24 yen vs. the April 2013 dividend on an on-going operating earnings basis- Dividend reflects earnings of new assets purchased with PO over a full period- Assumes 90,000 new shares from PO and 9,000 new shares from third-party
allotment(million yen)
Category

Apr. 2013
Actual (A)Oct. 2013
Forecast (B)Major Factors for Variationin Net Income(B)-(A)

Increase in Rental Income Due to Acquisition +302,
Operating Revenue

4,147

4,391

+244 Decrease in Rental Income for Existing Assets -57(Rent -35, Utilities Income +31, Other Income -50)

Operating Income

2,036

2,095

Increase in Rental Expenses -168
(Increase do to Acqusition -100、Increase in Utility+59
Expenses -40)
Increase in SG&A -15

Ordinary Income

451

1,309

Decrease in Interest Expenses +34, Decrease in+858 Borrowing Related Expenses +793, Other Increase -30(PO Related Costs)

Net Income

451

1,309

+858

1,494 yen

1,490 yen

-4 yenDividend per Unit

+24 yen vs Apr 2013 on-going basis
To use dividend reserve of 97 million yen© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

24

Increased Dividend 56% in Two Years
Higher operating earnings and strategic use of negative goodwill
Further improving forward profitability as a result of PO
April 2013 Actual
October 2013 Forecast

1,494 yen
October 2012 Actual

1.6X Dividend
October 2011 Actual

1,490 yen

One-Off Income

1,387 yen
April 2012 Actual

One-Off Income

1,219 yen

954 yenPO
Increased
Base
Dividend

Refinancing

On-Going Base
Dividend

On-Going Base
Dividend
On-Going Base
Dividend
On-Going Base
Dividend

954 yen

1,219
yen

On-Going Base
Dividend

1,310
yen

1,490
yen

1,466
yen

（※）

Pre-Merger(Estimate)

1st Period
Post-Merger

2nd Period
Post-Merger

3rd Period
Post-Merger

4th Period Post-Merger(Forecast)*Adjusted pre-merger dividend for the former FC Residential Investment Corporation and the former Ichigo Real Estate Investment Corporation.
© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

25

Further Dividend Growth© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

26

Continue Strengthening of Financial Position• Increase Financial Flexibility with View to Future Collateral Consolidation
and Non-Collateralized Borrowing- Strengthen lender base- Lower LTV- Seek credit ratingFirst Priority = Collateral Consolidation• Further Reduce Borrowing Costs- Collateral consolidation and credit rating- Refinance older loans with relatively high interest rates© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

27

Enhance Asset Profitability• Portfolio Occupancy Has Reached the Target Level- Focus on cutting incentives and raising rents• Improvements to Drive Higher Rents■ Ichigo Layout Office- Value enhancements to lobbies/entrances, kitchenareas, bathrooms- Improve quality of tenant services-

Identify and solve problems through tenantsurveys and site visits- Attract tenants with growth needs- Launch of Ichigo Layout Office-

Lowers tenants’ up-front costs by providing well-designed,
furnished offices.
Enables start-up and growth companies to save on bothmoving costs and move-in time.

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

28

External Growth Strategy• Accretive POs to Increase Dividend- Greater economies of scale and improved portfolio quality- Strengthen financial base to facilitate rapid acquisitions- Asset acquisition focus = Profitability + Stability• Ichigo Group Sponsorship to Support Accretive Growth- Use Ichigo Group’s warehousing function to lock-in attractive acquisitions- Warehousing by external investors sourced via Ichigo Group’s network also
possible© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

29

Appendix: Borrowings© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

30

June 3, 2013 Loan Details
As of June 3, 2013
LenderResona Bank, Limited.
Aozora Bank Syndicate Loan
(Aozora Bank, Ltd.; Shinsei Bank, Limited; ORIX Bank
Corporation)
SMBC & Mizuho Trust Bank Syndicate Loan
(Term Loan 1: Sumitomo Mitsui Banking Corporation;
Mizuho Trust & Banking Co., Ltd.; Aozora Bank, Ltd.; Shinsei
Bank, Limited; Resona Bank, Limited.)
SMBC Syndicate Loan
(Term Loan 3: Sumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; Mizuho Trust & Banking Co., Ltd.; Resona Bank,
Limited; Aozora Bank, Ltd.; The Tokyo Star Bank, Limited;
ORIX Bank)
GE Japan Corporation
The Kagawa Bank, Ltd.
Shinsei Trust & Banking Co., Ltd. (funded by Ichigo Group)
SMBC & Mizuho Trust Bank Syndicate Loan
(Term Loan 2: Sumitomo Mitsui Banking Corporation; Mizuho
Trust & Banking Co., Ltd.; Aozora Bank, Ltd.; Shinsei Bank,
Limited; Resona Bank, Limited.)
SMBC Syndicate Loan
(Term Loan 4: Sumitomo Mitsui Banking Corporation; Mizuho
Trust & Banking Co., Ltd.; Resona Bank, Limited; The Tokyo
Star Bank, Limited)
Shinsei Bank Syndicate Loan I(Shinsei Bank, Limited; MetLife Alico, Prudential Mortgage
Asset Holdings 1 Japan LPS; Shinsei Trust & Banking Co.,
Ltd. (funded by Investment LPS managed by AXA Real Estate
Investment Managers Japan KK))
Shinsei Bank Syndicate Loan II(Prudential Mortgage Asset Holdings 1 Japan LPS; Shinsei
Trust & Banking Co., Ltd. (funded by Investment LPS
managed by AXA Real Estate Investment Managers JapanKK))
SMBC Syndicate Loan II(Sumitomo Mitsui Banking Corporation; Shinsei Bank, Limited;
Resona Bank, Limited.; Aozora Bank, Ltd.)Balance(mm yen)
2,000

3M JPY TIBOR + 1.50% (variable)

June 29, 2011

April 30, 2014

5,611

1.60269% (fixed)

August 31, 2012

February 27, 2015

5,040

3M JPY TIBOR + 1.10% (variable)

May 9, 2012

April 30, 2015

6,982

3M JPY TIBOR + 1.00% (variable)

January 31, 2013

October 31, 2015

12,5001,386
1,100

3M JPY LIBOR + 2.30% (variable)
6M JPY TIBOR + 1.10% (variable)
2.85000% (fixed)

November 30, 2010
November 30, 2010
January 30, 2013

November 30, 2015
November 30, 2015
November 30, 2015

5,469

1.91575% (fixed)

May 9, 2012

April 30, 2017

6,982

1.64777% (fixed)

January 31, 2013

October 31, 2017

5,529

1.74777% (fixed)

January 31, 2013

November 30, 2017

3,800

1.76429% (fixed)

March 18, 2013

March 16, 2018

3,700

1.79372% (fixed)

June 3, 2013

May 31, 2018

Interest Rate

Drawdown Date

Maturity Date

60,101

LTV: 49.5% (the estimate reflects total Interest-bearing debts and assets as of April 30, 2013 as well as new borrowing
and assets acquired via PO)© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

31

(Reference) April 30, 2013 Loan Details
As of April 30, 2013
LenderBalanceResona Bank, Limited.

Interest Rate

Drawdown Date

Maturity Date

2,000

3M JPY TIBOR+1.50% (variable)

June 29, 2011

April 30, 2014

5,629

1.60269% (fixed)

August 31, 2012

February 27, 2015

5,040

3M JPY TIBOR+1.10% (variable)

May 9, 2012

April 30, 2015

Aozora Bank Syndicate Loan
(Aozora Bank, Ltd.; Shinsei Bank, Limited; ORIX Bank Corporation)
SMBC & Mizuho Trust Bank Syndicate Loan
(Term Loan 1: Sumitomo Mitsui Banking Corporation;
Mizuho Trust & Banking Co., Ltd.; Aozora Bank, Ltd.; Shinsei Bank,
Limited; Resona Bank, Limited.)
SMBC Syndicate Loan
(Term Loan 3: Sumitomo Mitsui Banking Corporation; Mizuho Bank,
Ltd.; Mizuho Trust & Banking Co., Ltd.; Resona Bank, Limited;
Aozora Bank, Ltd.; The Tokyo Star Bank, Limited; ORIX Bank)
GE Japan Corporation

6,982

3M JPY TIBOR+1.00% (variable)

January 31, 2013

October 31, 2015

12,500

3M JPY LIBOR+2.30% (variable)

November 30, 2010

November 30, 2015

The Kagawa Bank, Ltd.

1,400

6ヶ月円TIBOR+1.10% (variable)

November 30, 2010

November 30, 2015

Shinsei Trust & Banking Co., Ltd. (funded by Ichigo Group)
SMBC & Mizuho Trust Bank Syndicate Loan
(Term Loan 2: Sumitomo Mitsui Banking Corporation; Mizuho Trust& Banking Co., Ltd.; Aozora Bank, Ltd.; Shinsei Bank, Limited;
Resona Bank, Limited.)
SMBC Syndicate Loan
(Term Loan 4: Sumitomo Mitsui Banking Corporation; Mizuho Trust& Banking Co., Ltd.; Resona Bank, Limited; The Tokyo Star Bank,
Limited)Shinsei Bank Syndicate Loan I(Shinsei Bank, Limited; MetLife Alico, Prudential Mortgage Asset
Holdings 1 Japan LPS; Shinsei Trust & Banking Co., Ltd. (funded by
Investment LPS managed by AXA Real Estate Investment Managers
Japan KK))
Shinsei Bank Syndicate Loan II(Prudential Mortgage Asset Holdings 1 Japan LPS; Shinsei Trust &Banking Co., Ltd. (funded by Investment LPS managed by AXA Real
Estate Investment Managers Japan KK))
Total

1,100

2.85000% (fixed)

January 30, 2013

November 30, 2015

5,469

1.91575% (fixed)

May 9, 2012

April 30, 2017

6,982

1.64777% (fixed)

January 31, 2013

October 31, 2017

5,554

1.74777% (fixed)

January 31, 2013

November 30, 2017

3,800

1.76429% (fixed)

March 18, 2013

March 16, 2018

56,458

LTV: 50.0% (vs. April 30, 2013 total assets)© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

32

Appendix: Leasing & Portfolio© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

33

Leasing Progress
Leased area saw a decrease due to asset sales, but new contracts andexisting tenant expansion was net positive vs. terminations
Leasing Activity
Change from
Previous Rent

Leased Areas

79

6,032 m 2

-162 mm yen―

Upward19

1,199 m 2

+31 mm yen

+11 %

Flat

16

1,798 m 2

+37 mm yen―

Downward

70

2+126 mm yen-12 %Contract terminations

New contracts

Rent(for entire period)

No.

5,310 mAverage Free Rent
Tokyo Metropolitan Area: 3.1 months(-0.0 months vs. Oct. 2012)

Others: 4.0 months(+2.0 months vs. Oct. 2012)* Free rent increased in order to bring ina major tenant* Excluding assets sold during the period

Change in Leased Area
New contracts
Contract terminations-6,032m2+8,307m2

Asset sales-2,917m2

150,200 m2

149,558 m2

End of October 2012

End of April 2013

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

34

Contract Status
Contract Renewals in Apr. 2013 Period

Rent(for entire period)

Change from
Previous Rent

No.

Leased Areas

Upward

1

286 m

2

0.3 mm yen+3.4 %

Downward

21

4,582 m

2

-15 mm yen-12.5 %

Flat

126

23,298 m

2－－* Excluding assets sold during the period(No. / mm yen)

Upward(1 / 8)Downward(21 / 110)
Renewedcontracts(148 / 591)

Others(680 / 3,014)

Flat(126 / 459)

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

35

Monthly Rent
Change in Total Monthly Rent = +3 mm Yen
Portfolio-Wide Monthly Rent
Contract
termination

New contracts-27 mm yen+32 mm yen

Revisions-2 mm yen

Change bycontract renewal
Change by tenant movements+5 mm yen

-2 mm yen(-0.4%)(+0.9%)

604 mm yen

601 mm yen
Change during the period+3 mm yen(+0.5%)End of October 2012

End of April 2013

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

36

Tenant Diversification
Broad Diversification of Tenants Across Small/Mid-Sized Assets
As of April 30, 2013

Tenant Profiles (Office and Other)

Welf are3%
Real Estate
3%
Education
4%

Other
5%

Diversification of Tenants (Residence)

Corporate
30%Service*
26%

Finance
6%

Manufacturing
9%

Individual70%(Total number of tenants: 786)

 Age

 GenderOther
50s 3%
8%

IT
16%

Restaurant,
Hotel
12%

Female42%

Retail
14%

Male
58%

20s
28%

40s
19%

30s
42%

(Total number of tenants: 480)
* “Service” includes advertising agencies, consulting firms, accounting firms,
law firms, HR firms, beauty salons, domestic and foreign government offices,etc.

* Excluding service apartments (Bureau Takanawadai, B-site Hamamatsucho,
B-site Ginza East) and restaurants.

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

37

Portfolio Diversification
As of April 30, 2013

By UseOther
13%

By Region

Portfolio Overview
No. of Properties

66

Middle: Acquisition Price(bn yen)Total Acquisition Price

104,320 mm yen

Below: % of portfolio

SapporoResidence
19%
Office68%

0.5
1%

Total Appraisal Value

100,369 mm yen

Leasable Area

156,494 m

Occupancy

95.6%

2

By Price
Tokyo
Metro
Area
78.4
75%

Sendai0~1 bn yen
18%

0.5
1%

3 bn yen~
34%

Nagoya12.2
11%2~3 bn yen
11%

Kansai
4.9
5%

Fukuoka

1~2 bn yen
37%

By Age
Other
6.9
6%

0.6
1%

30 years~
28%

20~30 years
24%© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

0~10 years
26%

10~20 years
22%

Average:21.2 years
38Portfolio Description (1)As of April 30, 2013
Use

No.

OfficeProperty

Area

Address

AcquisitionPrice(mm yen)

NRA (m 2)

Occupancy(%)

Appraisal
Apr 2012(mm yen)

Cap rate(%)

O-01

COI Shinbashi Building (Note)Central Tokyo

Shinbashi, Minato-ku, Tokyo

6,110

5,519.98

100.0%

5,980

-

O-02

COI Nishisando Building

Central Tokyo

Yoyogi, Shibuya-ku, Tokyo

3,254

4,677.19

82.0%

2,872

5.2

O-03

MTC Building

Central Tokyo

Shiba, Minato-ku, Tokyo

2,740

4,097.63

100.0%

2,813

5.2

O-04

COI Nanpeidai Building

Central Tokyo

Nanpeidaicho, Shibuya-ku, Tokyo

1,920

1,925.24

91.9%

1,730

4.6

O-05

Joware Hanzomon

Central Tokyo

Hayabusacho, Chiyoda-ku, Tokyo

1,550

2,080.37

100.0%

1,530

5.0

O-06

COI Hijirizaka Building

Central Tokyo

Mita, Minato-ku, Tokyo

1,200

1,947.90

100.0%

1,220

5.4

O-07

COI Shibuya Kamiyamacho Building

Central Tokyo

Kamiyamacho, Shibuya-ku, Tokyo

1,505

1,321.54

100.0%

1,554

4.8

O-08

COI Akasaka 5 Chome Building

Central Tokyo

Akasaka, Minato-ku, Tokyo

735

687.78100.0%

727

4.8

O-09

COI Shibazonobashi Building

Central Tokyo

Shiba, Minato-ku, Tokyo

1,100

1,602.29

86.3%

1,100

5.2

O-10

COI Ebisu Nishi Building

Central Tokyo

Ebisu-nishi, Shibuya-ku, Tokyo

1,917

1,484.39

100.0%

1,865

5.0

O-11

COI Ginza 612

Central Tokyo

Ginza, Chuo-ku, Tokyo

1,773

1,395.95

91.8%

1,791

4.8

O-12

COI Uchikanda Building

Central Tokyo

Uchikanda, Chiyoda-ku, Tokyo

1,140

1,391.40

90.6%

1,050

5.2

O-13

COI Kudan-Minami Building

Central Tokyo

Kudan-Minami, Chiyoda-ku, Tokyo

387

490.91100.0%

393

5.0

O-14

COI Yotsuya 4 Chome Building

Central Tokyo

Yotsuya, Shinjuku-ku, Tokyo

550

780.64100.0%

551

5.1

O-15

COI Akasaka Tameike Building

Central Tokyo

Akasaka, Minato-ku, Tokyo

580

494.14100.0%

565

4.6

O-16

DSM Jimbocho Building

Central Tokyo

Kanda Jinbocho, Chiyoda-ku, Tokyo

1,820

1,889.54

100.0%

1,870

5.0

O-17

DSM Nihonbashi Kakigaracho Building

Central Tokyo

Nihonbashi Kakigaracho, Chuo-ku, Tokyo

1,150

2,386.11

64.1%

1,150

5.2

O-18

COI Kudan 2 Chome Building

Central Tokyo

Kudan Minami, Chiyoda-ku, Tokyo

763

1,288.31

100.0%

789

5.1

O-19

COI Kudan 3 Chome Building

Central Tokyo

Kudan Minami, Chiyoda-ku, Tokyo

844

1,302.43

80.8%

787

5.2

O-20

COI Gotanda Building

Central Tokyo

Higashi-Gotanda, Shinagawa-ku, Tokyo

5,060

5,346.76

100.0%

5,120

5.6

O-21

Benex S-2

Tokyo Metro Area

Shinyokohama, Kohoku-ku, Yokohama City, Kanagaw a

1,816

4,029.77

100.0%

1,666

5.8

O-22

COI Minami-Ikebukuro Building

Tokyo Metro Area

Minami-Ikebukuro, Toshima-ku, Tokyo

1,460

1,491.51

100.0%

1,350

5.1(Note ) The appraisal value methodology of COI Shinbashi Building uses the adjusted inwood method and assumes future redevelopment of the asset with a
discount rate of 4.8%

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

39

Portfolio Description (2)As of April 30, 2013
Use

OfficeArea

Address

AcquisitionPrice(mm yen)

NRA (m 2)

Occupancy(%)

Appraisal

No.

Property

O-23

Technos Nakano Building

Tokyo Metro Area

Arai, Nakano-ku, Tokyo

764

1,250.85

100.0%

751

5.8

O-24

COI Eitai Building

Tokyo Metro Area

Eidai, Koto-ku, Tokyo

1,490

2,608.05

100.0%

1,270

5.9

O-25

COI Yokosuka Bayside Building

Tokyo Metro Area

Wakamatsu-cho, Yokosuka City, Kanagawa

971

2,186.60

86.8%

908

6.4

O-26

Chitose Building

Tokyo Metro Area

Ohashi, Meguro-ku, Tokyo

2,030

2,385.69

100.0%

1,900

5.5

O-27

Route Ikebukuro Building

Tokyo Metro Area

Ikebukuro, Toshima-ku, Tokyo

639

1,261.91

100.0%

650

5.5

O-28

Nishi-Gotanda AccessCentral Tokyo

Nishigotanda, Shinagawa-ku, Tokyo

765

1,311.21

100.0%

757

5.3

O-29

TK Kichijoji Building

Tokyo Metro Area

Kichijoji Honcho, Musashino-shi, Tokyo

2,160

4,224.34

92.9%

2,190

5.7

O-30

Ibaraki Kowa Building

Other Regional Cities Eidaicho, Ibaraki City, Osaka

604

2,186.40

100.0%

651

7.1

O-33

COI Mei-Eki Building

Four Major Cities

Meieki, Nakamura-ku, Nagoya City, Aichi

837

2,063.52

100.0%

819

5.9

O-34

COI Nagoya Plaza Building

Four Major Cities

Sakae, Naka-ku, Nagoya City, Aichi

4,705

3,928.12

100.0%

4,828

5.4

O-35

COI Sendai Chuo Building

Other Regional Cities Chuo, Aoba-ku, Sendai City, Miyagi

510

2,378.07

93.3%

426

6.1

O-37

CRD Marunouchi

Four Major Cities

6,710

8,009.11

100.0%

6,490

5.3

O-38

Toyamaeki Nishi Building

Other Regional Cities Jinzuhonmachi, Toyama City, Toyama

1,650

8,601.71

96.0%

1,640

6.8

O-39

Daihyaku Mirai-Shinkin Building

Other Regional Cities Niagemachi, Oita City, Oita

1,100

3,247.06

96.1%

1,040

6.7

O-40

Kearney Place Saga

Other Regional Cities Ekimae-Chuo, Saga City, Saga659

2,786.43

100.0%

669

7.0

O-42

COI Takamatsu Building

Other Regional Cities Kotobukicho, Takamatsu City, Kagawa

3,010

6,329.33

90.7%

3,010

7.1

O-44

Akita Sanno 21 Building

Other Regional Cities Sanno, Akita City, Akita

560

3,497.88

72.3%

557

8.1

O-46

M's SQUARE

Central Tokyo

2,130

2,523.09

100.0%

2,270

4.7

70,668108,411.15

Marunouchi, Naka-ku, Nagoya City, Aichi

Kandanishikicho, Chiyoda-ku, Tokyo
Subtotal - OfficeApr 2012(mm yen)

Cap rate(%)

69,299(Note) Ichigo REIT sold COI Niigata Building on November 15, 2012

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

40

Portfolio Description (3)As of April 30, 2013
Use

Residence

No.

Property

Area

Address

AcquisitionPrice(mm yen)

NRA (m 2)

Occupancy(%)

Appraisal
Apr 2012(mm yen)

Cap rate(%)

R-01

ForeCity Roppongi

Central Tokyo

Roppongi, Minato-ku, Tokyo

1,730

1,663.87

98.8%

1,420

5.0

R-02

ForeCity Azabujuban

Central Tokyo

Mita, Minato-ku, Tokyo

1,140

1,111.20

93.8%

1,100

4.9

R-03

ForeCity Azabujuban No.2

Central Tokyo

Mita, Minato-ku, Tokyo

1,250

1,177.20

91.7%

1,160

4.9

R-04

Bureau Takanawadai

Central Tokyo

Shirokanedai, Minato-ku, Tokyo

1,360

1,677.88

100.0%

1,000

4.9

R-05

ForeCity Shirokanedai

Central Tokyo

Shirokanedai, Minato-ku, Tokyo

824

927.90

92.5%

740

4.9

R-06

B-Site Hamamatsucho

Central Tokyo

Hamamatsucho, Minato-ku, Tokyo

701

821.84100.0%

549

5.0

R-07

ForeCity Akihabara

Central Tokyo

Kanda Sakumacho, Chiyoda-ku, Tokyo

2,520

3,452.29

100.0%

2,060

5.0

R-08

Sweet One Court

Central Tokyo

Irifune, Chuo-ku, Tokyo

786

1,030.54

93.6%

682

5.0

R-09

B-site Ginza East

Central Tokyo

Shintomi, Chuo-ku, Tokyo

946

1,332.87

100.0%

753

5.0

R-10

ForeCity Sasazuka

Central Tokyo

Sasazuka, Shibuya-ku, Tokyo

1,050

1,452.61

100.0%

908

5.0

R-11

Gran Presso Kawadacho

Central Tokyo

Kawadacho, Shinjuku-ku, Tokyo

592

667.16100.0%

512

5.0

R-12

ForeCity Sakurashinmachi

Tokyo Metro Area

Sakurashinmachi, Setagaya-ku, Tokyo932

1,182.96

96.2%

769

5.0

R-13

ForeCity Shinkamada

Tokyo Metro Area

Shinkamada, Ota-ku, Tokyo

1,040

1,756.33

94.8%

963

5.3

R-14

ForeCity Nakaochiai

Central Tokyo

Nakaochiai, Shinjuku-ku, Tokyo

435

599.30100.0%

360

5.1

R-15

ForeCity Tomigaya

Central Tokyo

Tomigaya, Shibuya-ku, Tokyo

1,341

2,105.94

97.5%

1,570

5.0

R-16

ForeCity Ryogoku

Tokyo Metro Area

Midori, Sumida-ku, Tokyo

1,080

1,572.39

100.0%

1,040

5.2

R-17

ForeCity Toyosu

Tokyo Metro Area

Shinonome, Koto-ku, Tokyo

1,349

3,058.24

100.0%

1,630

5.3

R-18

ForeCity Nishihonmachi

Four Major Cities

Nishihonmachi, Nishi-ku, Osaka City, Osaka

927

2,675.88

100.0%

986

5.6

Subtotal - Residence

20,00528,266.40© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

18,20241

Portfolio Description (4)As of April 30, 2013
Use

Other

No.

Property

Area

AcquisitionPrice(mm yen)Address

NRA (m 2)

Occupancy(%)

Appraisal
Apr 2012(mm yen)

Cap rate(%)

Z-01

Falcon Shinsaibashi Building

Four Major Cities

Higashi-Shinsaibashi, Chuo-ku, Osaka City, Osaka

3,410

5,760.79

100.0%

2,740

5.4

Z-02

Fiesta Shibuya

Central Tokyo

Udagawacho, Shibuya-ku, Tokyo

1,970

1,220.02

96.2%

1,970

4.9

Z-03

Burc Omori

Tokyo Metro Area

Omorikita, Ota-ku, Tokyo

3,218

5,345.62

87.5%

3,040

6.2

Z-04

Pagoda Asakusa

Tokyo Metro Area

Kaminarimon, Taito-ku, Tokyo

1,640

2,091.27

88.4%

1,690

5.4

Z-05

Regalo Building

Tokyo Metro Area

Haramachida, Machida City, Tokyo

1,310

2,183.65

100.0%

1,350

5.8

Z-06

Lespoir 296

Tokyo Metro Area

Minami-Saiw ai, Nishi-ku, Yokohama City, Kanagaw a

903

1,264.26

100.0%

903

5.6

Z-07

El Centro Sapporo

Four Major Cities

Minami 2 jo Nishi, Chuo-ku, Sapporo City, Hokkaido

558

1,185.53

100.0%

565

6.1

Z-08

Daimyo Balcony

Four Major Cities

Daimyo, Chuo-ku, Fukuoka City, Fukuoka

638

765.61

84.9%

610

5.8

Subtotal - Other

13,647

19,816.75

12,868

Total

104,320

156,494.30

100,369

Reference: Newly Acquired Assets in June 2013
Use

No.

Acquired
Assets

O-47
O-48
Z-09

Property

Ichigo Akihabara North Building
Ichigo Sakaisuji Honmachi Building
Konami Sports Club Izumi Fuchu

Area

Address

Central Tokyo
Sotokanda, Chiyoda-ku, Tokyo
Four Major Cities
Honmachi, Chuo-ku, Osaka-shi, Osaka
Other Regional Cities Fuchucho, Izumi-shi, Osaka
Subtotal - Acquired Assets
Total - Existing Assets as of April 30, 2013 and Newly Acquired 3 Assets (69 Assets)

AcquisitionPrice(mm yen)

5,500
1,940
1,210
8,650
112,970© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

NRA (m 2)

6,250.53
3,729.29
3733.68
13,713.50
170,207.80

Occupancy(%)

100.0%
100.0%
100.0%

Appraisal
Apr 2012(mm yen)

5,630
2,000
1,250
8,880
109,249

Cap rate
(%)

5.2
5.4
6.4

42

Appendix: About Ichigo REIT

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

43

Shareholder Composition
As of April 30, 2013

Number of Shares by Shareholder Type

Major Shareholders
Name

Shares #Share %

1

Ichigo Trust Pte. Ltd.

404,486

48%

2

Trust & Custody Service Bank, Ltd., Securities Investment
Trust Account52,084

6%

2

Japan Trustee Service Bank, Trust Account52,0846%

4The Master Trust Bank of Japan, Trust Account45,896

5%

5

GOLDMAN SACHS INTERNATIONAL

27,470

3%

6

The Nomura Trust and Banking Co., Ltd.

24,6973%

7

JP MORGAN CHASE BANK 380 180

13,046

2%

8

CITIBANK LDN AEGON CUSTODY B.V.

7,103

1%

Domestic
Individuals& Others
116,767

STATE STREET BANK AND TRUST COMPANY

6,299

1%

10

STATE STREET BANK AND TRUST COMPANY 505012

4,614

1%

637,779

76%

Total

Domestic
Corporations
13,814

Number of Shareholders by Type
Domestic Foreign
Corporation &Corporations Individuals

119

9Financial
Institutions
191,372

Foreign
Corporation &Individuals
520,870

102

Financial
Institutions
32

Domestic
Individuals &Others
10,569© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

44

Overview of Ichigo REIT
As of April 30, 2013
Name

Ichigo Real Estate Investment Corporation (Ichigo REIT)

Securities Code8975

Address

1-1-1 Uchisaiwaicho Chiyoda-ku, Tokyo

Executive Director

Yoshihiro Takatsuka

Portfolio

66 properties (As of April 30, 2013)

Portfolio Value

104,320 million yen （acquisition price basis）

Fiscal Periods

November 1 – April 30 and May 1 – October 31

Asset Management Company
Name

Ichigo Real Estate Investment Advisors Co., Ltd.

President & Representative
Statutory Executive Officer

Wataru Orii

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

45

MEMO

© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

46

Disclaimer
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, anoffer to sell or a solicitation of an offer to buy any securities of Ichigo Real Estate Investment Corporation (Ichigo REIT). You
should consult with a representative of a securities firm if you intend to invest in any securities of Ichigo REIT.
These materials may contain forward-looking statements regarding the intent, belief or current expectations of management of
Ichigo REIT with respect to financial condition and future results of operations. These statements are based on certain
assumptions founded on currently available information. Accordingly, such statements are subjects to risks, uncertainties andassumptions and there is no assurance as to actual financial conditions or results of operations. Actual results may vary fromthose indicated in the forward-looking statements. Accordingly, please refrain from solely relying on these statements.
These materials have been created by the management of Ichigo REIT and Ichigo Real Estate Investment Advisors Co., Ltd.
(IRE) with the belief that the information contained is accurate. However, there is no assurance given as to the accuracy,
certainty, validity or fairness of any such information.
Please note that the content of these materials is subject to revision or retraction without prior notice.
No copying or reproduction of these materials or part of these materials is allowed without obtaining prior consent from Ichigo
REIT and IRE.

Contact:

Ichigo REIT IR Desk
TEL：03-3502-4891
FAX：03-3502-4894
IR_REIT@ichigo-holdings.co.jp
www.ichigo-reit.co.jp/english
Ichigo Group is Japan’s first zero-carbon listed real estate company. We aretaking responsibility for the carbon emissions we create, such as via thispresentation material, by taking measures to create offsets to our carbon
emissions and working with organizations to invest in low-carbon technologies.
© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

47