Ichigo Preserves and Improves Real Estate[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, 2018
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/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, PresidentInquiries: Hiroto Tajitsu, Head of Business Administration
Tel: +81-3-3502-4891

Ichigo Office Portfolio Occupancy (Flash Data) – December 2017

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

November 2017
(Final: A)

December 2017
(Flash: B)

Difference(B) - (A)

97.9%
97.9%
97.7%
98.6%

98.1%
98.1%
97.8%
98.8%

+0.2%
+0.2%
+0.1%
+0.2%

96.5%

96.7%

+0.2%

98.4%

98.5%

+0.1%

97.7%

97.8%

+0.1%

85925
262,758.30m2
257,136.31m2

85929
262,700m2
257,600m2–+4

Notes:
1. The above figures are month-end and have not been audited.
2. Leasable Area is the total space of the individual properties that is available to beleased and is subject to minor adjustments due to refurbishing or individual 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
Occupancy increased for all Asset Types and Areas as a result of new tenants at theIchigo Shibakoen Building, the Ichigo Omiya Building, the Ichigo Kumamoto Building,
the Ichigo Hakata Building, and the Ichigo Burg Omori Building.
Value-Add Actions
Ichigo Office has been working towards a rapid lease-up of the Ichigo Gotanda Building
in order to minimize downtime after a major tenant lease termination (1,920m2) inNovember 2017. To date, Ichigo Office has successfully leased up 85% of the vacant
space at an average rent increase of 14.3%, having focused its leasing activities on retailtenants that would benefit from the building’s prime location directly in front ofGotanda Station on the JR Yamanote Line.
Ichigo Office has a strategic focus on minimizing lease downtime in order to driveorganic earnings growth, and will continue to work to drive higher earnings forshareholders through rapid re-tenanting at higher rents.
Ichigo Gotanda Building Leasing Results
FloorArea10F
9F
9F
8F
8F
8F
4F

541m
2251m
2290m
2145m
2102m
2290m
2290m

(Total)1,627m22None
0.5 months
–None
None
None
None

Free RentPeriod
1 month
2 months–None
1 month
2 months
1 monthRent vs.
Previous Tenant+13.3%+20.0%–+13.3%+13.3%+13.3%+13.3%

0.1 months

1.2 months+14.3%

Tenant Industry

Lease Start Date

Downtime

Real Estate
Education(Leasing Activity In Progress)
Employment Agency
ITApparele-Learning

November 2017
November 2017
–November 2017
November 2017
November 2017
November 2017

6 Tenants(Average)2