Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

April 27, 2021
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Norio Nagamine, Head of Ichigo OfficeTel: +81-3-3502-4891

New LoansIchigo Office today decided to borrow funds via new loans.
1. Loan Rationale
The new loans, together with the proceeds from the bonds announced in Ichigo Office’s
April 22, 2021 release “Bond Issuance” and cash-on-hand, will be used to repay an existing
loan (JPY 9,139 million). Details of the existing loan to be repaid are in Section 3 below.
2. New Loan Details
Loan Date

May 7, 2021

1Lenders

LoanAmount(JPY million)

Interest Rate

Repayment
Repayment
DateCollateralizedTerms(Loan Term)

SMBC
MUFG Bank
The Bank of Fukuoka
Mizuho Bank
Bank of Yokohama

2,436

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

Sep 25, 2024
(3.4 years)

SMBC
Mizuho Bank
Resona Bank
Aozora Bank
Shinsei Bank
Bank of Yokohama

1,442

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

Mar 25, 2028
(6.9 years)

SMBC
Mizuho Bank
Resona Bank
Shinsei Bank
Aozora Bank

3,747

3M JPY TIBOR+0.68% (p.a.) 2,3

May 25, 2029
(8.1 years)

Lump-sumrepayment

NoInterest payment date is the 25th of every month following the first interest payment date.
(The first payment date will be May 25, 2021 and the last payment date will be the same as
the principal repayment date.) In the event the interest payment date is not a business day,payment shall be made on the following business day. If the following business day falls
1into the following month, payment shall be made on the previous business day. Ichigo
Office will announce the interest rate for the first period (May 7, 2021 to May 25, 2021)
after it is determined.
2Interest payment date is the 25th of every third month following the first interest payment
date. (The first payment date will be July 26, 2021 and the last payment date will be thesame as the principal repayment date.) In the event the interest payment date is not abusiness day, payment shall be made on the following business day. If the following
business day falls into the following month, payment shall be made on the previous
business day. Ichigo Office will announce the interest rates for the first period (May 7,2021 to July 26, 2021) after they are determined.

3Ichigo Office will also execute interest rate swaps on the loans, and will announce theswap interest rates after they are determined.

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

Lenders

May 7, 2015

SMBC
Mizuho BankMUFG Bank
Resona Bank
Shinsei Bank
Aozora BankORIX Bank
The Bank of Fukuoka

LoanAmountInterest Rate(JPY million)

Repayment
DateRepayment
CollateralizedTerms

1M JPY TIBOR+0.86% (p.a.)May 7, 2021
(6.0 years)

Lump-sum
repayment

9,139

4. Earnings Outlook
The new loans will be made on May 7, 2021 and therefore will have no impact on Ichigo
Office’s April 2021 fiscal period earnings. The impact of the new loans on October 2021
fiscal period earnings has already been reflected in the forecast presented in Ichigo
Office’s December 14, 2020 release “October 2020 Fiscal Period Earnings.”
5. OtherRisks related to the loans have no material impact on the “Investment Risks” described inthe latest Financial Report submitted on January 28, 2021.

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

AfterNew Loans(B)1

Change(B) - (A)Short-term bank loans–––

Long-term bank loans

105,896

104,382-1,514

Total bank loans

105,896

104,382-1,514

6,900

6,900

–

112,796111,282-1,514

Bonds
Total bank loans and bonds
1

The change in outstanding loan and bond balance assumes the receipt of proceeds(JPY 1.5 billion) from the bonds announced in Ichigo Office’s April 22, 2021 release“Bond Issuance.” The outstanding balance decreases because JPY 14 million of existingloans will be repaid using cash-on-hand.

3Distribution of Loan and Bond Maturities
Before New Loans■ Bank Loans (floating rate)
9,639 9,629

9,633■ Bank Loans (fixed rate)■ Bonds

9,623

8,908 9,056

8,846
7,647

1,000

7,346

(JPY million)

1,200

7,767

7,266

1,000
5,494

4,600

7,246
2,900
3,047

Apr
2022

Oct2022

Apr2023

Oct
2023

7,856

Apr2024

3,527

6,346

2,000 1,756
955600Oct2024

Apr2025

Oct2025

Apr2026

1,500

1,200

1,000

900
Oct
2021

7,953

Oct2026

Apr2027

Oct
2027

Apr2028

Oct2028

Apr2029

Oct2029

Apr2030

Oct2030

Apr2031

Oct2031After New Loans■ Bank Loans (floating rate)
9,629

9,633

■ Bank Loans (fixed rate)■ New Loans

8,846
1,000

8,908 9,056■ Bonds(JPY million)

9,623
7,647

7,346

1,200

7,767

7,266

1,000
5,494

4,600

2,900 2,436

7,953
7,246

3,527

6,346

Oct
2021

900
Apr2022

Oct2022

Apr2023

Oct2023Apr
2024

3,7472,442

3,047 2,000
500

4,947

7,856

4,192

1,500

1,442
1,756
Oct2024

Apr2025

Oct2025

Apr
2026

Oct2026

4

Apr
2027

1,200

1,000

955

600

Oct2027

Apr2028

Oct2028

Apr2029

Oct
2029

Apr
2030

Oct
2030

Apr
2031

Oct2031