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.

June 5, 2015
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: Hiroto Tajitsu, Statutory Executive Officer, Head of Administration
Tel: 03-3502-4891

Ichigo REIT Portfolio Occupancy (Flash Data) – May 2015
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces its portfolio
occupancy as of the end of May 2015:
End of April 2015
(Final: A)

End of May 2015
(Flash: B)

Difference(B-A)

96.0%

96.1%

+0.1%

Offices

96.1%

95.9%

-0.2%

Other

96.0%

97.0%

+1.0%

Central TokyoTokyo
Metropolitan Area
By Area
Four Major
Regional Cities
Other RegionalCitiesNo. of Assets
No. of Tenants
Leasable Area
Leased Area

96.8%

96.2%

-0.6%

96.0%

95.3%

-0.7%

94.8%

97.8%

+3.0%

95.7%

96.0%

+0.3%

65605
184,919.13m2
177,599.70m2

76703
223,700m2
214,900m2+11+98Total
By Asset
Type(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
Ichigo REIT acquired twelve prime location mid-size office buildings (eleven located in CentralTokyo) on May 7, 2015. Concurrently, Ichigo REIT sold the Falcon Shinsaibashi Building onMay 8, 2015. (For details, please see the release “Asset Acquisitions and Sale” announced onApril 9, 2015.)
The sale of the Falcon Shinsaibashi Building and a new tenant at the Ichigo Marunouchi
Building resulted in improved occupancy for Four Major Regional Cities and Other. Meanwhile,a lease termination at the Ichigo Kichijoji Building and the acquisition of the twelve new assets(which have slightly lower occupancy than Ichigo REIT’s existing assets) decreased occupancy
in Office, Central Tokyo, and Tokyo Metropolitan Area. Ichigo REIT is using its leasing
capabilities to work towards a rapid lease-up of vacant space in the newly acquired buildings.
Leasing and Value Enhancement Activities
Ichigo REIT carried out value-add enhancements to the Ichigo Kanda Nishikicho Building
when one of the floors became vacant due to a lease termination. Ichigo REIT renovated thecommon space and updated the lighting with LED fixtures, decreasing annual energy
consumption by 26%. This not only improves the energy efficiency of the building, but also
minimizes running costs for future tenants, heightening the building’s competitiveness. Ichigo
REIT will continue to carry out value-add enhancements to improve tenant functionality andcomfort and further increase Ichigo buildings’ competitiveness and attractiveness.

Common Space

LED Lighting

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

2