Creating peace of mind through honest and committed management.

[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 4, 2014
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Ichigo REIT Portfolio Occupancy (Flash Data) – March 2014
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces its portfolio
occupancy as of the end of March 2014:
End of February
2014(Final: A)
95.3%

End of March2014(Flash: B)
95.8%

Office (O)

95.1%

95.6%

+0.5%

Residence (R)

96.7%

97.6%

+0.9%

Other (Z)

94.9%

94.9%

－94.3%

94.8%

+0.5%

94.9%

94.9%

－98.2%

99.2%

+1.0%

95.8%

96.3%

+0.5%

72523
175,965.36 m2
167,696.61 m2

72519
175,900 m2
168,600 m2－-4Total
By AssetTypeCentral TokyoTokyo
Metropolitan Area
By Area
Four Major
Regional Cities
Other RegionalCities
No. of Properties
No. of Tenants
Leasable Area
Leased Area

Difference
(B-A)
+0.5%

(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) Leasable Area and Leased Area for Flash Data are rounded down to the nearest hundred
square meters.

1Explanation of Changes
Occupancy rates for Residence and Central Tokyo continued to increase due to new tenantleases at the Ichigo Serviced Apartments Ginza. The occupancy rate for Office, Four Major
Regional Cities, and Other Regional Cities also improved due to new tenant leases at the Ichigo
Marunouchi Building and the Akita Sanno 21 Building.

Leasing and Value Enhancement Activities
To conserve energy and reduce costs, Ichigo REIT replaced fluorescent and incandescent lightingwith LEDs at the Fiesta Shibuya and the Pagoda Asakusa buildings in February 2014. LEDsconsume less electricity than fluorescent and incandescent lighting and last as long as 40,000
hours, leading to a drastic cut in both the environmental burden and maintenance costs.
Aesthetically, the new lighting design is bright, smooth, and attractive, with light colors
matching with the design of the buildings and light intensities well-modulated with billboards
and the interior lighting of the buildings. At the Pagoda Asakusa, the entrance now looks larger
with its ceiling lit up more brightly from underneath and narrow-angled lights illuminating awall facing the entrance.
■Fiesta Shibuya

BeforeInstallationof LEDs

■Pagoda Asakusa

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

2After