Ichigo Office(8975)

Share Buyback (Supplementary Disclosure)
January 7, 2021

Ichigo Office REIT Investment Corporation (8975)
Ichigo Investment Advisors Co., Ltd.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

www.ichigo-office.co.jp/en

Make The World
More Sustainable© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

This material is a summary of today’s following two releases detailing Ichigo Office’sshare buyback to grow shareholder value:“Amendment to Management Guidelines of Asset Management Company (ShareBuybacks and Cancellations),” January 7, 2021
“Share Buyback,” January 7, 2021

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

4

2017 – 2020 Growth: Driving Shareholder Value (1)(JPY billion)

Portfolio Size (Acquisition Price)➡ +JPY 5.4B, +2.7%
203.0

203.2

202.3

202.3

April 2019(85 Assets)

October 2019(85 Assets)

April 2020
(85 Assets)

October 2020
(85 Assets)

199.9
196.9
192.5

October 2017(85 Assets)

April 2018(82 Assets)

October 2018(85 Assets)(JPY)

NAV (per Share)➡ + JPY 11,632, +14.3%
NAV = BPS + Unrealized Capital Gains

93,19392,787

April 2020

October 2020

91,61887,93485,957
84,076
81,155October 2017

April 2018

October 2018

April 2019

October 2019

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

5

2017 – 2020 Growth: Driving Shareholder Value (2)(JPY million)

NOI➡ +JPY 393M, +7.2%

5,847
5,748
5,679

5,648
5,496

5,454
5,373

October 2017

April 2018

October 2018

April 2019

October 2019

April 2020

October 2020

Base EPS➡ +JPY 337, +18.5%(JPY)

Base EPS = EPS – Capital Gains

2,161
2,032

2,000

2,073

1,945
1,824

October 2017

1,857

April 2018

October 2018

April 2019

October 2019

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

April 2020

October 20206

2017 – 2020 Growth: Driving Shareholder Value (3)(JPY)

Dividend➡ +JPY 300, +15.5%

2,255

1,930

1,964

October 2017

April 2018

2,150

2,163

October 2019

April 20202,230

2,014

October 2018

April 2019

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

October 20207

Share Buyback and Cancellation to Grow Shareholder Value
With current share price at a discount to NAV, a share buyback/cancellation
grows value for shareholders
Share Buyback Rationale

Grow NAV

Grow per-share NAV by buying shares at discount to NAV
and reducing share countGrow EPS

Grow EPS by reducing share countGrow Dividend

Message to Market

Grow per-share dividend by reducing share countSends a clear message to market that Ichigo Office’s sharesare undervalued and that we are committed to growing
shareholder value

Maximize Shareholder Value© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

8

Share Buyback and Cancellation
Share Buyback Summary
Number of Shares

Amount30,000 shares (maximum)(1.96% of total shares outstanding, net of treasury shares)

JPY 1.5B (maximum)

Buyback Period

January 8, 2021 – March 31, 2021

Buyback Method

In-market purchases via securities firm

Share Cancellation: Plan to cancel all shares acquired via this buyback
during the April 2021 fiscal period© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

9

Ichigo Office Financial Metrics
Portfolio Size (Acquisition Price)

JPY 206.1B (as of December 30, 2020)

Cash and Cash Equivalents

JPY 12.2B (as of October 31, 2020)

Market Capitalization

JPY 114.0B (December 30, 2020 closing price)

October 2020 Dividend (Actual)

JPY 2,230

April 2021 Dividend (Forecast)

JPY 2,063

NAV (per Share)

JPY 92,787 (as of October 31, 2020)

Market Cap/NAV0.80X© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

10Disclaimer
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as,
an offer to sell or a solicitation of an offer to buy any securities of Ichigo Office REIT Investment Corporation (“Ichigo Office”).
These materials may contain forward-looking statements regarding the intent, belief or current expectations of management ofIchigo Office 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 subject 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 Office and Ichigo Investment Advisors Co., Ltd. (IIA) with thebelief that the information contained is accurate. However, there is no assurance given as to the accuracy, certainty, validity orfairness of any such information. Please note that the content of these materials is subject to revision or retraction without priornotice.
This document is a translation. If there is any discrepancy between the Japanese version and the English translation, theJapanese version shall prevail. No copying or reproduction of these materials or part of these materials is allowed withoutobtaining prior consent from Ichigo Office and IIA.

Make The World
More Sustainable

Ichigo Office IR Desk (8975)
TEL: +81-3-3502-4891
E-mail: IR_Office@ichigo.gr.jp
www.ichigo-office.co.jp/en
Ichigo is Japan’s first zero-carbon listed real estate company.
We are taking responsibility for our environmental footprint by offsetting ourcarbon emissions and investing in low-carbon technologies such as solar energy.

© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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