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.

January 11, 2023
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Takaaki Fukunaga, 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

Ichigo Office Portfolio Occupancy (Flash Data) – December 2022

TotalOffice
OtherCentral Tokyo
Tokyo
Metropolitan
By Area Area
Four Major
Regional Cities
Other RegionalCities
No. of Assets
No. of Tenants
Leasable Area
Leased Area
By Asset
Type

November 2022
(Final: A)

December 2022
(Flash: B)

Difference(B) - (A)

96.3%
96.4%
94.4%
97.1%

96.4%
96.5%
94.4%
97.4%

+0.1%
+0.1%
–+0.3%

94.2%

94.2%

–95.7%

95.3%

-0.4%

98.8%

98.8%

–87960266,844.72m2
258,922.40m2

86952
263,300m2
253,800m2-1-8

Notes:
1. The above are unaudited month-end figures.
2. Leasable Area is the total area of space available for leasing, and may have small
adjustments due to renovations or variations in rental contract terms.
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 toOsaka, Nagoya, Fukuoka, and Sapporo.

1Explanation of Changes
Although occupancy decreased for Four Major Regional Cities due to departing tenants
at the Ichigo Fushimi Building and Ichigo Marunouchi South Building, occupancy
increased for Office and Central Tokyo due to new tenants at the Win Gotanda Building,
Ichigo Nishi Gotanda Building, and Ichigo Higashi Gotanda Building.
No. of Assets and Leasable Area decreased due to the December 20, 2022 sale of theIchigo Ikenohata Building. For details of the sale, please refer to the October 31, 2022
release, “Sale of Portfolio Asset (Ichigo Ikenohata Building).”
www.ichigo-office.co.jp/news/news_file/file/IchigoOffice_20221031_Asset_Sale_ENG.pdf
Value-Add Actions
As part of its organic growth initiatives, Ichigo Office works to rapidly lease-up vacant
spaces and therefore minimize downtime by increasing tenant satisfaction via value-add
capex, strengthening relationships with brokers, hosting asset viewings, and actively
following up with potential tenants. As a result of such efforts, the October 2022 fiscal
period saw the highest level of net leased space (newly leased space minus newly
vacated space) since the October 2018 fiscal period.
Ichigo Office will continue to drive organic growth by increasing earnings and NOI via
rapid lease-ups of vacant space.
Newly Leased and Newly Vacated Office Space (m2)
■ Newly Leased
Average
LeasedSpace
6,847m2■ Newly Vacated

Net Leased Space

11,422
8,187
5,778(+477)-5,3004,636(+608)-4,028

5,723

5,804
(+754)

8,629(+2,569)

4,023(+133)(-822)(-910)-5,590

Average
VacatedSpace-7,486m2

7,418-6,714(-5,087)-7,433(-3,482)-6,059-9,110-10,900-12,244

October
2018

April
2019

October
2019

April2020

October
2020

April
2021

October
2021

April
2022

October
2022

Average Leased Space and Average Vacated Space are averages from the October 2018
fiscal period through the October 2022 fiscal period (excluding assets sold during eachperiod)2