Ichigo Preserves and Improves Real Estate[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

July 5, 2016
REIT Issuer
Ichigo Office REIT Investment Corporation (8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration & Statutory Executive Officer
Tel: +81-3-3502-4891

Ichigo Office REIT Portfolio Occupancy (Flash Data) – June 2016
Ichigo Office REIT hereby announces its portfolio occupancy as of the end of June 2016:

OfficeEnd ofMay 2016
(Final: A)
96.9%
97.1%

End ofJune 2016
(Flash: B)
96.9%
97.1%

Other

95.2%

95.4%

+0.2%

Central Tokyo
Tokyo
Metropolitan Area
By Area
Four Major
Regional Cities
Other RegionalCities
No. of Assets
No. of Tenants
Leasable Area
Leased Area95.0%

95.3%

+0.3%

99.0%

98.7%

-0.3%

96.8%

96.8%

－98.3%

97.8%

-0.5%

86
889
259,335.69 m2
251,260.02 m2

86890
259,300 m2
251,200 m2－+1Total
By AssetType

Difference
(B-A)
－－

(Note 1) The above figures have not been audited.
(Note 2) Leasable Area is the total space of the individual properties that is available to be leased
and is subject to minor adjustments due to refurbishing or individual rental contract terms.
(Note 3) “Central Tokyo” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa
Wards. “Tokyo Metropolitan Area” refers to Tokyo (excluding the six wards above),
Kanagawa, Chiba, and Saitama Prefectures. “Four Major Regional Cities” refers to Osaka,
Nagoya, Fukuoka, and Sapporo.
(Note 4) Amounts less than a hundred square meters of Leasable Area and Leased Area for Flash
Data are rounded down.

1Explanation of Changes
Occupancy increased for Central Tokyo due to new tenants at Ichigo Hanzomon Building andIchigo Nishi Gotanda Building. Occupancy decreased for Tokyo Metropolitan Area and Other
Regional Cities due to lease terminations at Ichigo Pagoda Asakusa Building and Ichigo
Sendai East Building.
Value-Add Actions
Immediately after receiving a lease termination notice at Ichigo Shibuya Dogenzaka Building,Ichigo Office REIT began seeking tenants and has now completed leasing up all vacant space,totaling 1,528 square meters. Rents are up 18% to 35% compared to previous rents, and as aresult the average office rent per square meter for the building has increased by 15%.
In line with its target to increase rents by more than 2.0% annually, Ichigo Office REIT willcontinue to seek new tenants at higher rents and drive higher rents at renewals.
Lease-up of Ichigo Shibuya Dogenzaka Building
Floor

Area

Lease Start DateIndustry

New Rent

7F2330 m

May 2016

International Courier Service

+29%

6F

330 m2

July 2016

Distance Learning

+29%

5F

330 m2

August 2016

Employment Agency

+35%

4F

128 m2

July 2016

IT+28%

4F

330 m2

July 2016

Employment Agency

+18%

3F2

July 2016

Employment Agency+18%

240 m2