Ichigo REIT October 2013 Fiscal Period
Corporate Presentation
December 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 throughhhonestt andd committed
itt d management.
t© 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.

• October 2013 Financial Results-

Revenues, Income, and Dividend All Beat Forecast
7 Consecutive Periods of Dividend Growth – No. 1 vs. All J-REITs>95% Occupancy
1st Accretive Follow-On Public Offering – May 2013
Leasing Activities Driving Higher Occupancy & NOI• Continued Accretive Growth-

New Growth Strategy Road Map
Accretive Growth Cycle
2nd AccretiveAti Follow-On
F ll
O Public
P bli Off
Offering
i – NovemberNb 2013Acquisition Details
Increased Financial Flexibility
Improvedp
Portfolio Q
Qualityy
Strengthened Lender Base
April 2014 Dividend Forecast
April 2014 On-Going Basis Dividend

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

5

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

6

Revenues, Income, and Dividend All Beat Forecast
October 2013 Dividend: 1,537 yen(million yen)

Category

Apr 2012
ActualOct 2013
ActualInitial Forecast

Difference

Major Factors for Variation

Operating Revenue

4,147

4,572

4,391

+181

Decrease in rental revenue: -32 (Including sale of Ibaraki
Kowa Building: -15), Other rental revenue: +49(Termination penalty income, etc), Capital gain from saleof Ibaraki Kowa Building:g +165

Operating Income

2,036

2,293

2,095

+198

Decrease in rental expenses: +24(Repair expenses: +17)
Increase in SG&A: -8

Ordinary Income

451

1 490
1,490

1 309
1,309

+181
181

Increase in borrowing related expenses: -21
D
Decrease
iin iinterest expenses: +8
8

Net Income

451

1,489

1,309

+180

1,494 yen

1,537 yen

1,490 yen

+47 yenNo. of properties

66

68

－

－

－

N off ttenants
No.
t

492

497

－

－

－

Leasable area

156,494 m

2

167,869 m

－

－

－

5.7%

5.6%

－

－

－

Dividend per ShareNOI yield

2

Newly reserved 165 of capital gains and used 109 ofexisting
i i didividend
id d reserve, resulting
l i iin a net didividend
id dreserve increase of 55© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

77 Consecutive Periods of Dividend Growth – No. 1 vs. All J-REITs>2X Dividend in 3 years

899 yen
737 yen

((*))

1,031
yen

979 yen
(*)

1,219
yen

1,387
1
387
yen

1,494
,
yen

1,537
yen

(*)

(*)

April 2010

October 2010

April 2011

October 2011

April 2012

October 2012

April 2013

October 2013

* Adjusted to reflect stock split on November 1, 2011

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

8

>95% Occupancy
Occupancy and Rent per Tsubo
Averageg Rent （O+Z）

(yen)

100%

98.3%
97.4%

Average Rent （R）

98.1%

97.4%
96.3%

94.7%

Office （O）

91.6%

Residence （R）
90%

Others （Z）

93.2%

92.0%
90.2%

92.3%

98.2%

98 0%
98.0%

95.6%

24,000

95.2%

94.7%
94.5%

95.1%
94.6%

20,000

90.5%

Total
16,00014,00013,90080%

11,90013,90011,90013,90011,70013,70011,70011,70070%

No. of p
propertiesp

8,000
Oct. 2011Apr.
p 2012

Oct. 2012

Apr.
p 2013Oct. 2013

Office (O)

45

41

41

40

41

Residence (R)

18

18

18

18

18

Others (Z)

8

8

8

8

9

71

67

67

66

68

Total

12 00012,000© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

9

1st Accretive Follow-On Public Offering – May 2013
• Improved portfolio quality• Enhanced profitability• StrengthenedStthd financial
fi
i lb
base
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%

Konamii S
KSportst Cl
Clubb IIzumii
Fuchu (Z-09)

Oth
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 lFrom Left to Right:
Ichigo Akihabara North Building (O-47)
Ichigo Sakaisuji Honmachi Building (O-48)
Konami Sports Club Izumi Fuchu (Z-09)© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

10

Leasing Activities Driving Higher Occupancy & NOI• Ichigo Layout Office- Success at Ichigo Uchikanda Building and Ichigo Jimbocho Building-

Immediately brought in new tenants and even saw an increase in spillover leasing of regular
regular,non-Layout Office units.

- Optimized Ichigo Shibakoen Building’s Unique Floor Plate
Ichigo Shibakoen Building[After]

⼥⼦トイレ

給湯室
男⼦トイレ

応接室

[Before]エレベーターテラス• Consolidated PM Companies to Improve Quality and Cut Costs- Reduced annual fees by 15 million yen© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

11

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

12

New Growth Strategy Road Map
Stage I/II
2011/10

Stage III2013/10

Stage IV

2014/45th period post merger

2014/10

6th period post merger

Goal

Enhance Profitability

2015/47th period post merger

Stage V
2015/10

8th period post merger

Increase Size & Scale■ Financing Strategy
・Strengthen financial base via PO
S e g e lendere de base・Strengthen
・Obtain credit rating

Pllan

Accretivve Grow
wth CycleeFoundaation for Growth

Obtain Credit Rating■ Internal Growth Strategy
・Strategic leasing of individual
propertiesp y value enhancements
・Property
・Promote Ichigo brand■ External Growth Strategy
・Continuously acquire properties
through PO・Improve portfolio with asset sales
・Deploy Sponsor’s warehousing
capability■ Financing Strategy
・Obtain credit rating
S e g e financiala c a base via
a POO・Strengthen
・Increase potential for new borrowing(collateral consolidation and noncollateralized borrowing)■ Internal Growth Strategyplease conditions for assets
・Improvewith growth potential
・Promote Ichigo brand■ External Growth Strategy
・Acquire properties via new borrowing
・Increase asset size while balancing
growth and stability
・Deploy Sponsor’s warehousing
capability© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

2016/49th period post merger

2016/1010th period post merger

Further Increase Dividend■ Financing Strategy
・Consider bond issuancep o e ccredit
ed ratinga g・Improve■ Internal Growth Strategy
・Improve profit structure as asset size
increases
・Strengthen Ichigo brand awareness■ External Growth Strategy
・Acquire properties via new borrowing
・Increase asset size while balancing
growth and stability

13

Accretive Growth Cycle
Two accretive PO’s under the Ichigo Group’s sponsorship
1st PO: 9 billion yyen ((Acquiredq
all 3 assets via Ichigo
g Groupp bridgeg funds))

Grow
Dividends

7 Assets:
17

Raise SharePricebillion yen

Enhance
Profitability

Ichigo REIT
Growth Cycley

Improve
Portfolio

LaunchPO

2nd PO: 8 billion yen (Acquired 2 assets via Ichigo Group bridge funds)

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

14

2nd Accretive Follow-On Public Offering – November 2013
• Higher NOI (5.4% on new assets) and improved earthquake resistance• Greater economies of scale to cut costs and improve borrowing terms• Strengthened financial base – Apr 14 LTV 45
45.5%
5% from 48
48.8%
8% in Oct 13
Asset Acquisitions
Type

Address

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

Ichigo Kanda Ogawamachi
Building (O-49)

OfficeChiyoda-ku, Tokyo

2,210

2,280

Ichigo Hatchobori Building(O-50)

OfficeChuo-ku, Tokyo

1,905

Ichigo Shibuya BunkamuraDori Building (Z-10)

Other(Retail)

Shibuya-ku, Tokyo

Twicere Yokohama Isogo(Retail Section) (Z-11)

Other(Retail)

Isogo-ku, Yokohama
City, Kanagawa

Property Name

Total

NOI Yield After
Depreciation

Occupancy

5.1%

4.4%

100.0%

20.2

2,190

6.2%

4.9%

100.0%

3.8

2,400

2,540

4.4%

4.3%

100.0%

1.5

1,620

1,670

6.1%

4.8%

100.0%

2.3

8,135

8,680

Average 5.4%

Average 4.6%

Average 100.0%

NOI Yield

Building Age (years)

Average 7.3

Asset Sale (scheduled for April 2014)
Property Name
COI Shinbashi Building(O 01)(O-01)

Type

Address

Sale Price(million yen)Apprasal Value(million yen) (*1)

Book Value(million yen) (*2)

Capital Gain(million yen)

Building Age (years)

OfficeMinato-ku, Tokyo

6,151

6,040

6,097

52

53.0

*1 As of October 2013 *2 Estimate as of April 2014
© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

15

Acquisition: Ichigo Kanda Ogawamachi Building (O-49)
Acquisition Price

2,210 million yen

Appraisal Value

2,280 million yen

NOI Yield

5.1%

NOI Yield After
Depreciation

4.4%

Asset Type

OfficeAddress

Kanda-Ogawamachi, Chiyoda-ku, Tokyo

Access2-minute walk from Ogawamachi Stationon the Toei Shinjuku Line and3-minute walk from Shin Ochanomizu
Station on the Tokyo Metro Chiyoda Line

Leasable Area

2,217.44 m2

Structure

S / SRC

Construction Date

Sep 1993

Occupancy

100.0%

B1F / 10F

Location・ Convenient train access.
・ In-demand commercial and retail neighborhood
Features・ Located on a main street and boasts an attractive glass
façade.
・Nationwide chain of men’s suit shops occupies B1 to 2F.

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

To be replaced16

Acquisition: Ichigo Hatchobori Building (O-50)
Acquisition Price

1,905 million yen

Appraisal Value

2,190 million yen

NOI Yield

6.2%

NOI Yield After
Depreciation

4.9%

Asset Type

OfficeAddress

Shintomi, Chuo-ku, Tokyo

Access3-minute walk from Hatchobori Stationon the JR Keiyo Line and Tokyo Metro
Hibiya Line and 6-minute walk from
Shintomicho Station on the Tokyo Metro
Yurakucho Line

Leasable Area

2,697.18 m2

Structure

S

Construction Date

Jan 2010

Occupancy

100.0%

8F

Location・ Conveniently located from stations on the JR Keiyo
Line, Tokyo Metro Hibiya Line, and Yurakucho Line.
・ Within walking distance to the major business districts
Marunouchi, Otemachi, Nihonbashi, and Ginza.
Features・ An architectural glass curtain wall and an entrance hallwith
ith ttwo-storytceilings.
ili・ Each floor has a well-configured 120 tsubo floor plate
and uncommonly high ceilings.

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

17

Acquisition: Ichigo Shibuya Bunkamura-Dori Building (Z-10)
Acquisition Price

2,400 million yen

Appraisal Value

2,540 million yen

NOI Yield

4.4%

NOI Yield After
Depreciation

4.3%

Asset Type

Other (Retail)

Address

Udagawa-cho, Shibuya-ku, Tokyo

Accessy Station on
3-minute walk from Shibuya
the JR Yamanote Line, Tokyu Toyoko
and Denentoshi Lines, Keio InokashiraLine, and Tokyo Metro Ginza Line

Leasable Area

778.77 m2

Structure

S / RC

Construction Date

May 2012

Occupancy

100.0%

B1F / 8F

Location
Station,・ The property is located to the west of Shibuya Station
one of Tokyo’s most vibrant large-scale retail andshopping areas.
Features・ Occupies a highly visible corner of Bunkamura-Dori, abustling main street.
・ BoastsBt a uniquei
aluminuml icurtaint i wallll ddesignedid tto
attract a wide range of tenants.

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

18

Acquisition: Twicere Yokohama Isogo (Retail Section) (Z-11)
Acquisition Price

1,620 million yen

Appraisal Value

1,670 million yen

NOI Yield

6.1%

NOI
O Yield Afterf
Depreciation

4.8%

Asset Type

Other (Retail)

AddressMori, Isogo-ku, Yokohama City,
Kanagawa

Access2-minute walk from Isogo Station on the
JR Negishi Line

Leasable Area

2,717.77 m2

Structure

RC

Construction Date

Jul 2009

Occupancy

100.0%

B1F / 8F

Locationg area,, a bedroom
・ Located in the Yokohama Isogo
community serving Central Tokyo and Yokohama. The
west side of Isogo Station has a concentration ofcommercial buildings.
・ Direct pedestrian access from Isogo Station.
Features
・ The property consists of ownership of the B1
B1- 3F retailfloors, and the current tenants include retail shops, aclinic, and banks.
・ A long-term fixed lease with a 1F supermarket.

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

19

Increased Financial Flexibility
Asset Sale Enables Future Collateral Consolidation and Non-Collateralized
Borrowing to Grow Shareholder Value
Acquisitions via PO
Increased NOI to offset lower
NOI on sale

COI Shinbashi
Building Sale

Lower LTV

Increased Probability

Strengthen Lender Baseby Refinancing

Obtain Credit Rating

Lower Interest Rate

Collateral
Consolidation

Non-Collateralized
Borrowing

Further Lower Interest Rate・ Increase Dividend
・ Increase Acquisition
Capacity© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

20

Improved Portfolio Quality
As of November 1, 2011at the Merger

Items

As of December 10, 2013at the Acquisition

As of October 31, 2013

As of April 30, 2014
at the Sale

Total

71

68

72

71

Office

45

41

43

42

Residence

18

18

18

18

Other

8

9

11

11

Total

107,978

112,366

120,501

114,391

Office74,32577,504

81,61975,509Residence

20,00520,00520,00520,005

Other

13,647

14,857

18,877

18,877104,902109,305

117,985

111,945

175,984.91㎡

167,869.53㎡

176,280.69㎡

170,760.71㎡

O
Occupancy

91 6%
91.6%

95 2%
95.2%

95 4%
95.4%

95 6%
95.6%

NOI Yield

5.7%

5.6%

5.6%

5.6%

LTV (Based on Book Value)

49.1%

48.8%

48.5%

45.5%

LTV (Based on Market Value)

50 2%
50.2%

49 5%
49.5%

49 0%
49.0%

46 0%
46.0%

LTV (Based on Appraisal Value)

55.7%

54.5%

53.8%

50.3%

20.5

20.9

20.0

18.6

No. ofProperties

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

Average Age (years)(Note 1) Leasable Area and Occupancy as of April 30, 2014: Estimated using assets as of October 31, 2013 and 4 assets acquired via PO minus 1 asset to be sold(Note 2) LTV as of April 30, 2014: Estimated using interest-bearing debt and total assets as of October 31, 2013 and 4 assets acquired via PO minus 1 asset to be sold.
LTV based on Market Value is calculated as (Interest-bearing debt / total assets reflecting unrealized gains / losses)© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

21

Strengthened Lender Base

As of April 30, 2014

As of November 1, 2011 Merger

Shinsei Trust *2
2%

BNY Mellon Trust
1%

Kagawa Bank
2%
MetLife Alico
3%

Resona Bank
3%

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%

Mizuho Bank
3%
Shinsei Trust *1
5%

6%

Aozora Bank
7%

Tokyo Star
Bank
21%

GE JapanCorporation
51%

ORIX Bank
2%

SMBC
21%

Tokyo Star Bank
5%
Prudential LPS
6%
Mizuho Trust
7%

Resona Bank
10%

Aozora Bank
12%
GE JapanJ
Corporation
12%
Shinsei Bank
10%

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

22

April 2014 Dividend Forecast
April 2014 Dividend Forecast: 1,530 yen(million yen)
Category

Operating Revenue

Operating Income

Oct. 2013
Actual (A)

4,572

2,293

Apr. 2014
Forecast (B)Major Factors for Variationin Net Income(B)-(A)

4,590

Increase in Rental Income due to Acquisitions: +246,
Decrease in Capital Gains: -112,+18
Decrease in Rental Income for Existing Assets: -115((Rent: -40,, Utilities Income: -37,, Other Income: -35))

2,205

Increase in Rental Expenses: -59(Increase due to Acquisitions: -67, Decrease for Existing-88
Assets: +7)
Increase in SG&A: -46 (Increase in AM Fee)

Ordinary Income

1,490

1,300

Increase in Interest Expenses: -11, Increase in Borrowing-190 Related Expenses: -75, Other Increase: -17 (PO Related
Costs)Net Income

1,489

1,299

-190

1,537 yen

1,530 yen

Dividend per Share+13 yen vs October 2013 on an on-going basis;-7 yen Newly reserve 52 of capital gains and use 325 of existing
dividend reserve, resulting in a net decrease of 272* Dividend forecast reflects full-period NOI from new assets purchased via PO
and assumes 85,000 new shares from PO and 8,500 new shares from PO underwriter
third-party allotment© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

23

April 2014 On-Going Basis Dividend

April 2014 Forecast
On-Going Basis

October 2013 Actual
On-Goingg Basis-20 yen+117 yen
DividendDi
id d
Reserve for
One-Off P&L(including
capital gains
and PO-related
expenses)

1,420 yen

1 530 yen
1,530

1,517 yen

Early
Termination
Penaltyy Income,,
Original State
Repair Income,etc.

+317 yen

Dividend
Reserve for
One-Off P&L(including
capital gains
and PO-related
expenses)

October 2013
(Actual)

1,537
yen

April 2014
(Forecast)

1,530
yen

1,214 yen

Net Profit Per ShareExcluding Capital Gains

Dividend Per Share

On-Going Basis
Dividend

Net Profit Per ShareExcluding Capital Gains

Dividend Per share

On-Going Basis
Dividend* On
On-Going
Going Basis Dividend: Dividend excluding the impact of one-off
one off income and expenses including early termination penalty income
and tenant “return to original state” repair income© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

24Appendix: Borrowings, Leasing, & Portfolio Data

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

25

October 31, 2013 Loan Details
LTV: 48.8%
Borrowing
Resona Bank Loan

LenderResona Bank, Limited.
Aozora Bank, Ltd.; Shinsei Bank, Limited; ORIX Bank
Aozora Bank Syndicate Loan
Corporation
Sumitomo Mitsui Banking Corporation;
SMBC & Mizuho Trust Bank
Mizuho Trust & Banking Co., Ltd.; Aozora Bank, Ltd.;
Syndicate Loan I (Term Loan 1)
Shinsei Bank, Limited; Resona Bank, Limited.
Sumitomo Mitsui Banking Corporation; Mizuho Bank,SMBC
Ltd ; Mizuho Trust & Banking Co
Ltd.;Co., Ltd
Ltd.;; Resona Bank
Bank,
Limited; Aozora Bank, Ltd.; The Tokyo Star Bank,
Syndicate Loan I (Term Loan 3)
Limited; ORIX Bank
GE Japan Loan
GE Japan Corporation
Kagawa Bank Loan
The Kagawa Bank, Ltd.
Shinsei Trust & Banking Co., Ltd. (funded by Ichigo
Shinsei Trust Loan
Group)
Sumitomo Mitsui Banking Corporation;
SMBC & Mizuho Trust Bank
Mizuho Trust & Banking Co., Ltd.; Aozora Bank, Ltd.;
Syndicate Loan I (Term Loan 2)
Shinsei Bank, Limited; Resona Bank, Limited.
Sumitomo Mitsui Banking Corporation; Mizuho Trust
SMBC& Banking Co., Ltd.; Resona Bank, Limited; The
S di t L
Syndicate
Loan I (T(Term Loan
L
4)
Tokyo Star Bank, Limited
Shinsei Bank, Limited; MetLife Alico, Prudential
Mortgage Asset Holdings 1 Japan LPS; Shinsei Trust& Banking Co., Ltd. (funded by Investment LPS
Shinsei Bank Syndicate Loan I
managed by AXA Real Estate Investment Managers
J
Japan
KK)
Prudential Mortgage Asset Holdings 1 Japan LPS;
Shinsei Trust & Banking Co., Ltd. (funded by
Shinsei Bank Syndicate Loan II
Investment LPS managed by AXA Real Estate
Investment Managers Japan KK)
Sumitomo Mitsui Banking Corporation; Shinsei Bank,SMBC S
Syndicatedi t L
Loan II (T(Term Loan
L
1)
Limited; Resona Bank, Limited.; Aozora Bank, Ltd.
Total

Balance (mm yen)
2,000

As of October 31, 2013
Drawdown Date
Maturity Date
June 29, 2011
April 30, 2014

5,594

August 31, 2012

February 27, 2015

5,026

May 9, 2012

April 30, 2015

6 94
6,947

J
January
31
31, 2013

O b 31,
October
31 201
2015

12,5001,386

November 30, 2010
November 30, 2010

November 30, 2015
November 30, 2015

1,100

January 30, 2013

November 30, 2015

5,455

May 9, 2012

April 30, 2017

6,947

January 31, 2013

October 31, 2017

5,104

January 31, 2013

November 30, 2017

3,766

March 18, 2013

March 16, 2018

3 690
3,690

J
June
3
3, 2013M 31,
May
31 2018

59,519© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

26

Lease Turnover
Lease Turnover as of October 2013
Rent
( entire p(forperiod))

Asset
yp
Type

No.

Leased Areas

O+Z

29

6,275 m2

-188 mm yen

―

R

35

1,063 m

2

-26 mm yen

―

Total

64

7,338 m2

-214 mm yen

―

O+Z

4

550 m

2

+16 mm yen+8.0 %

R

11

293 m

2

+8 mm yen

+3.3 %

Total

15

843 m

2

+24 mm yen+6.4 %

O+Z

4

618 m

2

+20 mm yen

－

R

10

331 m

2

+8 mm yen

－

Total

14

949 m

2

+28 mm yen

－

O+Z

14

3,917 m

2

+83 mm yen-22.3 %

R

11

387 m

2

+9 mm yen

-2.5 %

Total

25

4,304 m

2

+92 mm yen-20.6 %

Contract terminations

UpwardFlat
New contracts

Downward* Excluding assets sold during the period
Asset Type
O: Office, R: Residence, Z: Other

Change from
Previous Rent

Average Free Rent
Tokyo Metropolitan Area: 3.9 months(+0.8 months vs. Apr. 2013)

Others: 0.8 months(-3.2 months vs. Apr. 2013)© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

27

Leased Area

Asset acquisitionLease
terminations

New leases-7,338 m2+6,096 m2+13,713 m2

Asset sales-2,186 ㎡

149,558 m2

End of April 2013

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

159,843 m2

End of October 201328

Lease Status and Renewals for October 2013
Asset
Type

No.

Leased Areas

Rent(entire period)

Change from
Previous Rent

Upward

Total

0

－

－

－

Downward

O+Z

12

3,844 m2

-19 mm yen-15.9 %

R

0

－

－

－

Total

12

3,844 m2

-19 mm yen-15.9 %

O+Z

84

16,742 m2

－

－

R

55

4,303 m2

－

－

Total

139

21,045 m2

－

－

Flat

* Excludes assets sold during the period
Asset Type
O: Office, R: Residence, Z: Other(No. / mm yen)
Downward(12 / 98)
Renewedleases(151 / 615)

Others(687 / 2,918)

Flat(139 / 517)

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

29

Change in Total Monthly Rent
Asset acquisitions
and salesLeasetermination

New leases-36 mm yen+24 mm yen

Change by tenant movements-12 mm yen(-1.9%)

Revisions＋44 mm yen- 3 mm yen
Change bycontract renewal

Change byasset turnover-3 mm yen

+44 mm yen(-0.5%)(+7.3%)

635 mm yen
605 mm yen
Change during theperiod+30 mm yen(+4.9%)End of April 2013

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

End of October 201330

Tenant Composition
As of October 31, 2013

Tenant Profiles (Office and Other)

Residential Tenant Profiles

by Sector

by Counterparty* Based on # of Tenants

Other
Real Estate
6%
3%
EducationEdti
Welf are 3%
4%

Corporate
29%

Service*
26%

Finance
5%

Manufacturing
9%

Individual71%(Total number of tenants: 788)

by Ageby GenderIT
17%

Restaurant,,
Hotel
12%
Retail
15%

50s
50
8%

Female
43%

Male
57%

Other
4%
%

20s
31%

40s
18%

30s
40%

(Total number of tenants: 485)
Top 5 Tenants: 11% (by Area)* “Service” includes advertising agencies, consulting firms, accounting firms,
law firms, HR firms, beauty salons, and domestic and foreign government
offices, etc.

* Excluding serviced 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.

31

Portfolio Composition
As of October 31, 2013

By UsePortfolio Overview

No. of Properties

68

Total Acquisition Price

112,366 mm yen

Total Appraisal Value

109,305 mm yen

Leasable Area

167,869 m 2

Occupancy

95.2%

Other
13%

Sapporo0.5
1%

Office69%

By Price
Tokyo
Metro
Area
83.9
75%

Kansai
7.4
7%Sendai0.5
1%0~1 bn yen
16%
3 bn yen~37%
1~2 bn yen
37%

Nagoya12.2
11%2~3 bn yen
10%

Other
6.9
6%
Fukuoka

0.6
1%

Residence18%

By Region

By Age30 years~
25%

0~10 years
26%

20~30
0 30 yea
years
s
26%

10~20 years
23%

Acquisition Price (bn yen)and % of portfolio

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

32

Portfolio Details (1)As of October 31, 2013
Use

No.

O-01

OfficeProperty

Area

Address

AcquisitionPrice(mm yen)

6,110

2

NRA (m )5,519.98

Occupancy(%)

Oct 2013 Appraisal
Value(mm yen)

89.6%

6,040

Cap rate(%)

COI Shinbashi Building (Note)Central Tokyo

Shinbashi, Minato-ku, Tokyo

-

O-02

Ichigo Nishisando Building

Central Tokyo

Yoyogi, Shibuya-ku, Tokyo

3,254

4,564.63

82.6%

2,710

5.1

O-03

Ichigo Mita Building

Central Tokyo

Shiba, Minato-ku, Tokyo

2,740

4,097.63

100.0%

2,754

5.1

O-04

Ichigo Nanpeidai Building

Central Tokyo

Nanpeidaicho, Shibuya-ku, Tokyo

1,920

1,925.24

100.0%

1,790

4.5

O-05

Ichigo Hanzomon Building

Central Tokyo

Hayabusacho, Chiyoda-ku, Tokyo

1,550

2,080.37

85.0%

1,540

4.9

O-06

Ichigo Hijirizaka Building

Central Tokyo

Mita, Minato-ku, Tokyo

1,200

1,947.90

100.0%

1,240

5.3

O-07

Ichigo Shibuya Kamiyamacho Building

Central Tokyo

Kamiyamacho, Shibuya-ku, Tokyo

1,505

1,321.54

100.0%

1,592

4.7

O-08

Ichigo Akasaka 5 Chome Building

Central Tokyo

Akasaka, Minato-ku, Tokyo

735

687.78100.0%

729

4.7

O-09

Ichigo Shibakoen Building

Central Tokyo

Shiba, Minato-ku, Tokyo

1,100

1,602.29

86.3%

1,040

5.2

O-10

Ichigo Ebisu-Nishi Building

Central Tokyo

Ebisu-nishi, Shibuya-ku, Tokyo

1,917

1,484.39

100.0%

1,915

4.9

O-11

COI Ginza 612

yCentral Tokyo

Ginza,, Chuo-ku,, Tokyo
y

1,773
,

1,395.95
,

91.8%

1,816
,

4.7

O-12

Ichigo Uchikanda Building

Central Tokyo

Uchikanda, Chiyoda-ku, Tokyo

1,140

1,378.82

91.3%

1,040

5.1

O-13

Ichigo Kudan-Minami Building

Central Tokyo

Kudan-Minami, Chiyoda-ku, Tokyo

387

490.91

89.0%

405

4.9

O-14

Ichigo Yotsuya 4 Chome Building

Central Tokyo

Yotsuya, Shinjuku-ku, Tokyo

550

780.64

90.9%

551

5.0

O-15

Ichigo Tameike Building

Central Tokyo

Akasaka, Minato-ku, Tokyo

580

494.14100.0%

566

4.6

O-16

Ichigo Jimbocho Building

Central Tokyo

Kanda Jinbocho
Jinbocho, Chiyoda-ku
Chiyoda-ku, Tokyo

1 820
1,820

1 889 54
1,889.54

100 0%
100.0%

1 920
1,920

49
4.9

O-17

Ichigo Hakozaki Building

Central Tokyo

Nihonbashi Kakigaracho, Chuo-ku, Tokyo

1,150

2,386.11

88.0%

1,150

5.2

O-18

Ichigo Kudan 2 Chome Building

Central Tokyo

Kudan Minami, Chiyoda-ku, Tokyo

763

1,288.31

100.0%

796

5.1

O-19

Ichigo Kudan 3 Chome Building

Central Tokyo

Kudan Minami, Chiyoda-ku, Tokyo

844

1,302.43

80.8%

796

5.2

O-20

Ichigo Gotanda Building

Central Tokyo

Higashi-Gotanda, Shinagawa-ku, Tokyo

5,060

5,346.76

100.0%

5,170

5.5

O-21

Ichigo Shin-Yokohama Building

Tokyo Metro Area

Shinyokohama, Kohoku-ku, Yokohama City, Kanagaw a

1,816

4,029.77

94.3%

1,736

5.7

O-22

Ichigo Minami-Ikebukuro Building

Tokyo Metro Area

Minami-Ikebukuro, Toshima-ku, Tokyo

1,460

1,491.51

100.0%

1,400

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

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

33

Portfolio Details (2)As of October 31, 2013

Use

OfficeNo.

Property

Area

Address

AcquisitionPrice(mm yen)2

NRA (m )Occupancy(%)

Oct 2013 Appraisal
Value(mm yen)

Cap rate
(%)

O 23
O-23

Ichigo Nakano North Building

Tokyo Metro Area

Arai Nakano
Arai,
Nakano-ku,
ku Tokyo764

1 250 85
1,250.85

100 0%
100.0%

767

57
5.7

O-24

Ichigo Eitai Building

Tokyo Metro Area

Eidai, Koto-ku, Tokyo

1,490

2,608.05

100.0%

1,160

5.8

O-25

Ichigo Yokosuka Building

Tokyo Metro Area

Wakamatsu-cho, Yokosuka City, Kanagawa

971

2,186.60

91.2%

908

6.3

O-26

Ichigo Ikejiri Building

Tokyo Metro Area

Ohashi, Meguro-ku, Tokyo

2,030

2,385.69

100.0%

1,920

5.4

O-27

Route Ikebukuro Building

Tokyo Metro Area

Ikebukuro, Toshima-ku, Tokyo

639

1,261.91

100.0%

631

5.3

O-28

Ichigo Nishi-Gotanda Building

Central Tokyo

Nishigotanda, Shinagawa-ku, Tokyo

765

1,311.21

100.0%

750

5.3

O-29

Ichigo Kichijoji Building

Tokyo Metro Area

Kichijoji Honcho, Musashino-shi, Tokyo

2,160

4,224.34

95.1%

2,220

5.6

O-33

Ichigo Meieki Building

Four Major Cities

Meieki, Nakamura-ku, Nagoya City, Aichi

837

2,063.52

100.0%

809

5.8

O-34

Ichigo Sakae Building

Four Major Cities

Sakae, Naka-ku, Nagoya City, Aichi

4,705

3,928.12

97.2%

4,984

5.3

O-35

Ichigo Sendai Chuo Building

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

510

2,378.07

93.3%

436

6.0

O-37

Ichigo Marunouchi Building

Four Major Cities

6,710

8,009.11

96.2%

6,560

5.3

O-38

Ichigo Toyamaeki-Nishi Building

Other Regional Cities Jinzuhonmachi, Toyama City, Toyama

1,650

8,601.71

96.0%

1,630

6.8

O-39

Ichigo Mirai-Shinkin Building

Other Regional Cities Niagemachi, Oita City, Oita

1,100

3,247.06

96.1%

1,040

6.7

O-40

Ichigo Saga Building

Other Regional Cities Ekimae-Chuo,
Ekimae-Chuo Saga City
City, Saga659

2 786 432,786.43

95 3%
95.3%

672

70
7.0

O-42

Ichigo 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%

549

8.1

O-46

Ichigo Kanda-Nishikicho Building

Central Tokyo

Kandanishikicho, Chiyoda-ku, Tokyo

2,130

2,523.09

100.0%

2,270

4.7

O-47

Ichigo Akiharaba North Building

Central Tokyo

Sotokanda, Chiyoda-ku, Tokyo

5,500

6,250.53

100.0%

5,710

5.2

O-48

Ichigo Sakaisuji Honmachi Building

Four Major Cities

Honmachi, Chuo-ku, Osaka-shi, Osaka

1,940

3,729.29

100.0%

2,070

5.3

77,504116,079.43

94.7%

76,792

Marunouchi, Naka-ku, Nagoya City, Aichi

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

34

Portfolio Details (3)As of October 31, 2013
Use

No.

Residence

Property

Area

Address

AcquisitionPrice(mm yen)2

NRA (m )Occupancy(%)

Oct 2013 Appraisal
Value(mm yen)

Cap rate(%)

R-01

ForeCity Roppongi

Central Tokyo

Roppongi, Minato-ku, Tokyo

1,730

1,663.87

94.5%

1,420

5.0

R-02

ForeCity Azabujuban

Central Tokyo

Mita, Minato-ku, Tokyo

1,140

1,111.20

95.8%

1,100

4.9

R-03

ForeCity Azabujuban No.2

Central Tokyo

Mita, Minato-ku, Tokyo

1,250

1,177.20

100.0%

1,180

4.8

R-04

Bureau Takanawadai

Central Tokyo

Shirokanedai, Minato-ku, Tokyo

1,360

1,677.88

100.0%

972

4.9

R-05

ForeCity Shirokanedai

Central Tokyo

Shirokanedai, Minato-ku, Tokyo

824

927.90

92.5%

741

4.9

R-06

B-Site Hamamatsucho

Central TokyoyHamamatsucho,, Minato-ku,, Tokyoy

R-07

ForeCity Akihabara

Central Tokyo

Kanda Sakumacho, Chiyoda-ku, Tokyo

R-08

Suite One Court

Central Tokyo

R-09

B-site Ginza East

R-10

701

821.84100.0%
%

556

5.0

2,520

3,452.29

100.0%

2,060

5.0

Irifune, Chuo-ku, Tokyo

786

1,030.54

96.6%

667

5.0

Central Tokyo

Shintomi, Chuo-ku, Tokyo

946

1,332.87

100.0%

747

5.0

ForeCity Sasazuka

Central Tokyo

Sasazuka, Shibuya-ku, Tokyo

1,050

1,452.61

100.0%

907

5.0

R 11
R-11

Gran Presso Kawadacho

Central Tokyo

Kawadacho Shinjuku
Kawadacho,
Shinjuku-ku,
ku Tokyo

592

667 16667.16

91 1%
91.1%

503

50
5.0

R-12

ForeCity Sakurashinmachi

Tokyo Metro Area

Sakurashinmachi, Setagaya-ku, Tokyo932

1,182.96

96.2%

769

5.0

R-13

ForeCity Shinkamata

Tokyo Metro Area

Shinkamada, Ota-ku, Tokyo

1,040

1,756.33

92.1%

972

5.2

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

96.3%

1,590

4.9

R-16

ForeCity Ryogoku

Tokyo Metro Area

Midori, Sumida-ku, Tokyo

1,080

1,572.39

100.0%

1,040

5.1

R-17

ForeCity Toyosu

Tokyo Metro Area

Shinonome, Koto-ku, Tokyo

1,349

3,058.24

100.0%

1,660

5.2

R-18

ForeCity Nishihonmachi

Four Major Cities

Nishihonmachi, Nishi-ku, Osaka City, Osaka

927

2,675.88

100.0%

1,010

5.5

Subtotal - Residence

20,00528,266.40

98.0%

18,254© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

35

Portfolio Details (4)As of October 31, 2013
Use

Other

No.

Property

Area

AcquisitionPrice(mm yen)Address

NRA (m 2)

Occupancy(%)

Oct 2013 Appraisal
Value(mm yen)

Cap rate(%)

Z-01

Falcon Shinsaibashi BuildinggFour Major
j 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

1,193.29

90.8%

2,000

4.6

Z-03

Burg Omori

Tokyo Metro Area

Omorikita, Ota-ku, Tokyo

3,218

5,345.62

89.7%

3,040

6.1

Z-04

Pagoda Asakusa

Tokyo Metro Area

Kaminarimon, Taito-ku, Tokyo

1,640

2,091.27

88.4%

1,720

5.3

Z-05

Regalo Building

Tokyo Metro Area

Haramachida, Machida City, Tokyo

1,310

2,183.65

86.5%

1,360

5.7

Z-06

Ichigo Yokohama-Nishiguchi Building

Tokyo Metro Area

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

903

1,264.26

91.6%

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%

584

6.0

Z-08

Daimyo Balcony

Four Major Cities

Daimyo, Chuo-ku, Fukuoka City, Fukuoka

638

765.61100.0%

612

5.5

Z-09

Konami Sports Club Izumi Fuchu

Other Regional Cities Fuchucho, Izumi-shi, Osaka

1,210

3,733.68

100.0%

1,300

6.4

Subtotal - Other

14,857

23,523.70

94.5%

14,259Total

112,366

167,869.53

95.2%

109,305

New Assets – December 2013
Use

officeOther

No.

Property

Area

Address

AcquisitionPrice(mm yen)

NRA (m 2)

Occupancy(%)

Oct 2013 Appraisal
Value(mm yen)

Cap rate(%)

O-49

Ichigo Kanda Ogawamachi Building

Central Tokyo

Kanda-Ogawamachi, Chiyoda-ku, Tokyo

2,210

2,217.44

100.0%

2,280

4.9

O-50

Ichigo Hatchobori Building

Central Tokyo

Shintomi Chuo-ku
Shintomi,
Chuo-ku, Tokyo

1 905
1,905

2 697 18
2,697.18

100 0%
100.0%

2 190
2,190

53
5.3

Z-10

Ichigo Shibuya Bunkamura-Dori Building

Central Tokyo

Udagawa-cho, Shibuya-ku, Tokyo

2,400

778.77100.0%

2,540

4.2

Z-11

Twicere Yokohama Isogo (Retail Section)

Tokyo Metro Area

1,620
8,135
120,501

2717.77
8,411.16
176,280.69

100.0%

1,670
8,680
117,985

5.9

Mori, Isogo-ku, Yokohama City, Kanagawa
Subtotal - Acquired Assets
Total - Existing Assets as of October 31, 2013 and Newly Acquired 4 Assets (72 Assets)© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

36

Appendix: About Ichigo REIT

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

37

Shareholder Composition
A off OctoberAs
O t b 31,
31 2013

Number of Shares by Shareholder Type

Major Shareholders
Name

Shares #Share %

1

Ichigo Trust Pte. Ltd.

358,402

38%

2

Japan Trustee Service Bank, Trust Account62,6387%

2Th MasterThe
M t TrustT t Bank
B k off Japan,J
Trust
T t AccountAt

60 74260,742

7%

4

Trust & Custody Service Bank, Ltd., Securities Investment
Trust Account55,631

6%

5

BARCLAYS CAPITAL SECURITIES LIMITED

44,675

5%

6

The Nomura Trust and Banking Co., Ltd.

29,941

3%

7

GOLDMAN SACHS INTERNATIONAL

29,1693%

8

NOMURA BANK (LUXEMBOURG) S
S.A.
A

25 61425,614

3%

9

JP MORGAN CHASE BANK 380180

19,590

2%

10

MORGAN STANLEY & CO. INTERNATIONAL PLC

16,6072%703,009

75%

Total

Domestic
IIndividuals
di id l& Others
150,255

Foreign
Corporationp&
Individuals
550,986

Financial
Institutions
216,676
Domestic
Corporations
14,906

Number of Shareholders by Typeg
Domestic Foreign
Corporation &Corporations Individuals

164

107

Financial
Institutions
31

Domestic
Individuals &Others12,743© 2013 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

38

Ichigo REIT Overview
As of October 31, 2013
Name

Ichigo Real Estate Investment Corporation (Ichigo REIT)

Securities Code8975

Address

1-1-1 Uchisaiwaicho Chiyoda-ku, Tokyo

Executive Director

Yoshihiro Takatsuka

Portfolio

68 properties (As of October 31, 2013)

Portfolio Value

112,366 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.

39

MEMO

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

40

MEMO

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

41

MEMO

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

42

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 ofI hi REIT with
Ichigoith respectt to
t financial
fi
i l condition
diti andd ffuturetresults
lt off operations.
ti
These
Th
statementst tt are basedbd on certaint i
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.
y the managementgof Ichigo
g REIT and Ichigo
g Real Estate Investment Advisors Co.,, Ltd.
These materials have been created by(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
IR_REIT@ichigo
holdings.co.jp
co jp
www.ichigo-reit.co.jp/english
Ichigo Group is Japan’s first zero-carbon listed real estate company. We aretaking responsibility for our environmental footprint by offsetting our carbon
emissions as well as 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.

43