Ichigo Office REIT April 2016 Fiscal Period
Corporate Presentation
June 14, 2016

Ichigo Office REIT Investment Corporation (8975)
Ichigo Real Estate Investment Advisors Co., Ltd.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

www.ichigo-office.co.jp/english

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Ichigo Preserves andImproves Real Estate© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

We express our deepest condolences to all
who have suffered from the recent
earthquakes in Kumamoto.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

April 2016 Results Driving Accretive Growth April 2016 Earnings
 12 Consecutive Periods of Dividend Growth – No. 1 vs. All J-REITs
 >97% Occupancy
 Organic Growth – Leasing Activities in April 2016 Period
 Organic Growth – Existing Tenants at Higher Rents
 Organic Growth – New Tenants at Higher Rents
 Organic Growth – Beating Target of 2.0% p.a. Rent Increase

Ichigo Office REIT Growth Strategy
 Ichigo Office REIT’s Competitive Superiority
 Ichigo Office REIT Growth Strategy Roadmap
 Portfolio Growth via Ichigo’s Sponsor Support
 Strategic Portfolio Restructuring Growing Mid-Size Office Portfolio
 Rising Market Rents Creating Room for Rent Increases
 Win-Win Rent Increase Case: Ichigo Akihabara North Building Building a Trusted Ichigo Brand
 Financing Details
 October 2016 Earnings Forecast April 2017 Earnings Forecast
Appendix: About Ichigo Office REIT; Financial & Portfolio Data
© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

6

April 2016 Results© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

7

Driving Accretive Growth
Growth Strategy Roadmap
Action Plans

April 2016 Period Achievements

Organic Growth Strategy

Achieve continuous NOI
growth and strengthen Ichigo
Office brand• High occupancy via proactive leasing activities‒ Average overall occupancy: 97.3%• Increased rental income‒ 29 tenant renewals at higher rents

External Growth Strategy

Increase portfolio size andscale and be smart in portfolio
restructuring

Strategic portfolio restructuring via sales and acquisitions:• Sold 4 assets with limited potential‒ Sale price: c. JPY 3.3 B (JPY 0.3B gain on sale)• Acquisition of 5 mid-size office assets using above gain on sales and LTV capacity

Improve credit rating &borrowing terms• Repayment of existing loans using the gain on sales from the asset sales to lower
average interest rate
• Lower LTV to increase additional borrowing capacity via partial repayment of existingloans for future asset acquisitions• Retain gain on sales in dividend reserve and deploy against future dividends

Disaster Response(Ichigo Kumamoto Building)• Immediately confirmed situation and responded• Some cracks and detached tiles, but no major damage• Repair expenses (60 million yen) recorded in April 2016 as provision fordisaster-related loss

Financing Strategy

Other© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

8

April 2016 Earnings
April 2016 Dividend: 1,740 yen (+20 yen vs. Initial Forecast)
October 2015

Operating Revenue

Operating Profit

6,248

2,952

Initial Forecast

April 2016

6,682

3,208

6,346

2,813

VS Initial(million yen)

Major Factors for Variation

Forecast+335

Rental revenue of existing assets +23,
Rental revenue of sold assets during the fiscal period -41
Utilities income -45
Increase in one-off cancellation fee, one-time fee +18
Other +7
Gain on sale from asset sales +372

+395

Operating revenue +335
Decrease in rental expense +142
(Utilities +89, Depreciation +14,
Repair +27, Other +11)
Capital loss from asset sales -54
Increase in SG&A -29(Management fee, other operating expenses)

Recurring Profit

1,854

2,542

2,176

+366

Operating profit +395
Higher non-operating expense -29(Decrease in interest expenses +5, Increase in borrowing-related
expenses -34)

Net Income

1,853

2,482

2,175

+306

Recurring profit +366
Provision for Kumamoto Earthquake-related loss -60

1,308 yen

1,752 yen

1,536 yen+216 yen

EPS

Dividend reserve: 11,491 million yen (as of April 30, 2016)
Retained gain on sales: 372 million yen
Reversal: 354 million yen
Dividend reserve amount after dividend payout: 11,508 million yen

1,706 yen

1,740 yen

1,720 yen

+20 yenNo. of Assets

77

73

－

－

－

No. of Tenants

724

690

－

－

－

Leasable Area

227,424 ㎡

217,381 ㎡－－－

Dividend Per Share* No. of Assets, No. of Tenants, and Leasable Area is as of each period-end. (Master lease contract is counted as one tenant.）© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

912 Consecutive Periods of Dividend Growth – No. 1 vs. All J-REITs
Currently Forecasting 14 Consecutive Periods of Dividend Growth

1,890
yen

1,900
yen

(Forecast) (Forecast)

1,494
yen
1,219
yen

737
yen
(*)

April
2010

899
yen
(*)

October
2010

979
yen
(*)

April
2011

1,537
yen

1,541
yen

1,547
yen

October
2013

April
2014

October
2014

1,603
yen

1,706
yen

1,740
yen
(Actual)

1,387
yen

1,031
yen
(*)

October
2011

April
2012

October
2012

April
2013

April
2015

October April 2016
2015
(Actual)October
April
2016
2017
(Forecast) (Forecast)* Adjusted to reflect stock split on November 1, 2011
© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

10

>97% Occupancy
97.4% Total Office Occupancy; Office Average Rents +2.0%
Occupancy and Rent per Tsubo (3.3m2)
(yen)

100%
97.0%

98.1%

Occupancy(All Offices)

Occupancy(Offices in Central
Tokyo)

94.8%

90.5%

96.3%

94.7%
96.2%

93.2%
94.4%

94.6%

96.1%

96.6%

96.0%

97.4%
96.5%

22,000

94.3%

90%

Average rent per
tsubo(All Offices)17,10016,90018,00017,20016,50080%

No. of Assets

95.1%

95.5%

14,00013,90013,90013,80016,60016,20016,30014,00013,70016,40015,90013,50014,30014,00013,60070%

10,000
Apr 2012

Oct 2012

Apr 2013

Oct 2013

Apr 2014

Oct 2014

Apr 2015

Oct 2015

Apr 2016

All Offices

41

41

40

41

42

41

48

61

58

(Offices in Central Tokyo)

(21)

(22)

(22)

(23)

(24)

(23)

(26)

(36)

(36)

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

11Organic Growth (1) Leasing Activities in April 2016 Period
Renewals at Higher Rents Both Within and Outside Tokyo
April 2016 Period Actual (Office Only)
Area

Number of
Renewals

Leased Area

Increase per
fiscal period(thousand yen)Central Tokyo

17

11,653m2

18,1506.0%

71,080m2

1,470

5.9%

2

760m2

662

4.2%

1

221m2

402

8.3%

27

13,715m2

20,685

6.0%

Tokyo
Metropolitan Area
Four Major
Regional Cities
Other Regional
Cities

Total

Increase(%)

Priority Leasing Focus:
Lease-Up of Ichigo Shibuya Dogenzaka Building
Lease termination of a tenant in May 2016 (total area: 1,528 m2)
Successful lease-up of all space  Average Building Rent +15.3%
Floor

Area

Lease Start Date

Industry

New Rent

7F

330 m 2

May 2016

International Courier Service

+29%

6F

330 m 2

July 2016

Distance Learning

+29%

5F

330 m 2

August 2016

Employment Agency

+35%

4F

128 m 2

July 2016

IT

+28%

4F

204 m

2

July 2016

Employment Agency

+18%

3F

330 m 2

July 2016

Employment Agency+18%© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

12Organic Growth (2) Existing Tenants at Higher Rents
Driving Higher Rents at Renewal
New Rent Level vs. Previous Rent Level(By Leased Space )Trend in Lease Renewals(By Monthly Rent)(thousand yen)

Downward

100%
11.3%

Flat

5.8%

5,000

Upward1.9%

Upward0.7%

Downward

Rent Change

4,000
3,448

80%

58.7%

3,000
3,374

60%
88.7%

85.5%

2,000

95.8%

40%

1,000

780

220
40.6%

20%

0%

0

315

-465

-145

-74

-653

April 2015

October 2015

April 2016

0

0.0%

8.7%

2.2%

-1,000
October 2014

April 2015

October 2015

April 2016

75

653

October 2014

* Office only

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

13

Organic Growth (3) New Tenants at Higher Rents
April 2016 One-Off Decrease in Higher Rent, but Rents in Central Tokyo
Continue to Rise and Higher Occupancy Driving Higher Total Rent
Impact on Rental Income Due to Replacing Tenants(By Monthly Rent)

Breakdown of New Tenant v Previous Tenant Rent
(By Leased Space)
Downward

Flat

Upward(thousand yen)
3,000

100%

Upward

32.1%

2,000

42.9%

75.3%

9.1%

1,626

1,440
+883

1,000

60%

Rent Change

1,996

29.6%

80%

Downward

+677

12.7%
268
0

20.2%

October 2014

April 2015

October 2015

40%

-407
-1,00058.8%

20%April 2016

-1,596

-762

57.7%

10.4%

-1,11436.9%-2,000-1,864-2,03414.4%

0%-3,000

October 2014

April 2015

October 2015

April 2016

* Office only

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

14

Organic Growth (4) Beating Target of 2.0% p.a. Rent Increase
Organic Growth Achieved Via Higher Occupancy and Renewals at
Higher Rent
(million yen/ month)

+33

-23

Change due to tenant movements+10mm yen (+1.1%)

891

End of October 2015

+3.8

-0.1

Change due to contract renewals+3.7mm yen (+0.4%)904
1.5% Increase(= 3% p.a.)

New lease/
Lease Terminations/
More leased area Less leased area

Renewals at
Higher Rent

Renewals at
Lower Rent

April 2016

Change in occupancy during the period ( Excludes assets sold during the period): 96.5% (October 2015) → 97.3% (April 2016)© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

15

Ichigo Office REIT Growth Strategy© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

16

Ichigo Office REIT Competitive Advantage (1)Ichigo Strengths in Value-Add
 Focus on assets with value-add potential todrive earnings and valuation upside Target tenants are SMEs, a large and highlydiversified tenant base with consistent
demand through the economic cycle.

Real Estate Market

Mid-Size Assets(90% of total mkt; Building
age mostly 15-30 years)

Value-Add
Potential

Characteristics of Mid-Size Assets
・ Major component of the realestate market
・Target tenants range from SMEs
to branches and sales offices oflarge companies
・Requires advanced value-add
skills and asset management
know-how due to building age

Ichigo’s Deep Expertise in
Value-Add and Leasing of
Mid-Size Office Buildings

Professional Management Fully Using Ichigo’s
Value-Add Capability
 Strategic capex and continuous value-add
enhancements using Ichigo’s deep expertise Tenant retention via Ichigo’s high level of tenant
services Building a trusted Ichigo brand Drive high occupancy via tailored leasing
strategies
Ichigo Asset Segmentation

Core Office・ Tokyo metropolitan area, close totrain/subway stations
・ Strong leasing market with large tenant pool・ High competitiveness using Ichigo’s expertisein management and value-add

Accessible
Office・ Tokyo metropolitan area, close to train/subway
stations or other public transport・ Tenant demand for sales offices with parking
spaces・ Demand developed and expanded via area
marketing and tenant matching(Satellite Office)Branch Office・ Central business districts of major regional
cities・ Tenant demand for branch offices
・ Assets with high competitiveness© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

17

Ichigo Office REIT Competitive Advantage (2)Pursuing Both Social Significance and Sustainable Growth Effective re-use of social infrastructure drawing upon Ichigo’s Value-Add expertise Close collaboration with Ichigo as sponsor allows both for acquisition of assets in a timely mannerand large-scale asset renovations that may not be possible as part of the REIT portfolio. Taking
advantage of Ichigo’s capabilities can lengthen the useful life of Ichigo Office REIT assets andincrease earnings stability

Buy

Buy

Ichigo Office REIT(8975)
・Target assets with Value-Add
potential, drawing upon Ichigo’s
Value-Add expertiseReal
Estate・Effective re-use of key social
infrastructure and lengthening of
useful life of assets
・Professional asset management
through the economic cycle

Sell

ValueAdd
Preserve &Improve© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Real
EstateExternal

Sell

18

Ichigo Office REIT Growth Strategy Roadmap
StageⅠ/Ⅱ/Ⅲ/Ⅳ

Stage V

Multi-Asset REIT

Stage VI

Specialized Office REIT

2011/10

2015/10

2016/42017/4

2016/102017/10Grow Office Portfolio
Goals

Targets

Dividend per Share

Lay Foundation for Sustainable
Dividend Growth

Enhance Profitability

Accretive Growth Cycle

Foundation for Growth

Strengthen Forward Growth Capabilities

2,000 yen
JPY 230B
A (Stable)

1,706 yen (actual)

Total Assets

JPY 165.6 B (October 31, 2015)

Credit Rating

A- (Stable)■ Organic Growth Strategy■ Organic Growth Strategy

Achieve continuous NOI growth and strengthen
Ichigo Office brand・ Raise rents, especially in Central Tokyo where
supply-demand balance is tight・ Increase rental-related income
・ Support branding and sense of Ichigo quality at
assets, e.g., prominent Ichigo signage
・ Maintain highest standard of quality in servicing
tenants via Ichigo Property Management Standard

Drive growth with strong Ichigo Office brand and
100 asset portfolio
・Increase competitiveness of Ichigo assets via
strong Ichigo brand・Develop original services for Ichigo tenants
・Drive higher rents within and outside of Tokyo・Maximum return on capex

Target: Increase rents by >2.0% p.a.

Action Plan

Stable Dividend Growth■ External Growth Strategy
Increase portfolio size and scale and be smart in
portfolio restructuring
・Consider acquiring the 13 assets with preferential
acquisition rights
・ Sell assets with limited potential■ Financing Strategy
Improve credit rating & borrowing terms
・Improve credit rating from A- (Stable)
・Improve borrowing terms (cost/tenor/diversity)
・Acquire bank commitment line
・Deploy negative goodwill to increase dividends
・Prepare to enter global REIT indices■ External Growth Strategy
Aim for asset size of JPY 230B
・Broaden acquisition pipeline via diversified
sourcing
・Use Ichigo sponsor support and diversified
funding capability to close quickly under deadline■ Financing Strategy
Improve credit rating and diversify funding・Achieve an A (Stable) credit rating
・ Consider issuance of REIT bonds and broadening
lender base・ Use financial strength and commitment line togrow acquisition capacity
・Further improve borrowing terms
・Enter global REIT indices© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

19

Portfolio Growth via Ichigo’s Sponsor Support
Ichigo Support for Strategic Portfolio Restructuring
Sponsor Support (Beginning of October 2013 Period - May 24, 2016)( billion yen)

140
120

Acquisition (Sponsor Support)

Acquisition (Other)

100

Sale (Sponsor Support)

Sale (Other)

14.9
14.9

80

14.9

60

103.6

40
20
0

10.3

8.6
-0.8

-20

4.3

4.3

12.4

12.4

-6.9

-7.4

-40
October 2013

April 2014

October 2014

74.4

74.4

-16.5

-19.3

-19.3

-19.3

-7.9

-11.3

-11.3

-7.9

April 2015

October 2015

April 2016

May 24, 2016

33.2

Ichigo Group Assets

Win Gotanda Building(Tokyo)

Win Dai2
Gotanda Building(Tokyo)IKB Hongo(Tokyo)MIF Building(Tokyo)Hakata Ekimae Square Kakyouin Plaza(Fukuoka)(Miyagi)© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

20

Strategic Portfolio Restructuring
4 Asset Sales

Sold

4 assets, JPY 2.9B
Reasons for Sale:– Vacancy risk
– Capex burden– Increased competition in the area

Akita Sanno 21
Building

Ichigo Saga
Building

Ichigo Yokohama
Nishiguchi Building

Ichigo Meieki
Building

Strategic Portfolio
Restructuring

2016/4

Bought2016/10
Acquisition from Ichigo’s bridge fund via
execution of preferential negotiations rights

13 assets, JPY 29.2B

13 Asset Acquisitions

Ichigo Shibuya East Building

Ichigo Ningyocho Building

Ichigo Minami Morimachi Building

Nishiki First Building

Ichigo Ikenohata Building

Ichigo Nishihonmachi Building

Ichigo Ikebukuro East Building

Ichigo Hakata Building

Ichigo Motoazabu Building

Ichigo Fushimi Building

Ichigo Otsuka Building© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Ichigo Nishiki Building

Ichigo Nagoya Building

21

Growing Mid-Size Office Portfolio
As of October 31, 2015

(Reference)
As of May 24, 2016

As of April 30, 2016

Total

77

73

86

Office

61

58

71

Other

16

15

15

Total

165.6(100%)

162.7(100%)

191.9(100%)

Office141.6(86%)

139.6(86%)

168.8(88%)

Other

24.0(14%)23.1(14%)23.1(12%)Central Tokyo

60%

61%

54%

Tokyo Metropolitan Area

23%

23%

25%

Four Major Regional Cities

9%

9%

15%

Other Regional Cities

8%

7%

6%

227,424.66 m 2

217,381.68 m 2

259,335.69 m 2

Occupancy

96.2%

97.3%

97.4%

# of Tenants

724

690

889

NOI Yield

5.6%

5.6%

5.5%

# of Assets

Acquisition Price(billion yen)

Location

Leasable Area

(Note) NOI Yield as of October 31, 2015 and April 30, 2016 are provisionally calculated excluding assets sold during the fiscal period; NOI of assets acquired in
October 2016 fiscal period are determined from the annual NOI calculated via DCF method based on the appraisal value at acquisition.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

22

Rising Market Rents Creating Room for Rent Increases (1)Rent Gap, shown in graph, is the premium in % of current rent vs. market rent
25.00%

20.00%

Central Tokyo
Four Major Cities
All

19.21%

15.69%
15.00%

14.58%

14.54%

15.09%
14.03%

13.66%
12.01%
12.15%

10.00%

10.95%
7.40%

5.00%

6.74%

Tokyo Metropolitan Area
Other Regional Cities

8.91%

8.31%

7.12%

8.84%
8.42%
8.19%
6.83%

6.09%

9.10%
8.33%

5.89%

6.79%

8.31%
7.69%

5.06%

6.44%

2.91%
2.03%

1.15%
0.00%

1.09%

0.50%

- 0.12%-1.50%-5.00%
April 2013

October 2013

April 2014

October 2014

April 2015

October 2015

April 2016

Data from CBRE, office only

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

23

Rising Market Rents Creating Room for Rent Increases (2)Leasing Focus on Existing Tenants with Below-Market Rents
Current Rent Gap for Leases Contracted to Expire by Fiscal Period(m2)
60,000< -10%-10% - 0%0%-10%>10%

50,0007,401

40,0006,110
30,00015,442
5,363

4,456

11,915
12,678

11,956

7,244

6,749

7,727

6,776

6,963

October 2016

April 2017

October 2017

20,00012,302

10,81910,00012,5580April 2018

(Note) Standard floors offices only. Excludes tenants scheduled for termination.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

24Win-Win Rent Increase Case: Ichigo Akihabara North Building
Upgraded air conditioning system to increase energy efficiency andlower tenant utilities costs prior to rent contract renewal

ActionConducted a large-scale air
conditioning system replacement
and installed a high-spec, energy
efficient system

Tenant Benefit

Ichigo Office REIT Benefit

Lower Cost

Higher Rent

Energy Consumption

Rent-14.6%

Win-Win© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

+5.0%

25

Building a Trusted Ichigo Brand
Increase asset value via high levels of tenant service that embody the Ichigo
brand and improving the safety, quality, and aesthetics of assets via Ichigo’s
architectural and engineering capabilities
Asset Branding

Hospitality and Service

Updating building names and branding to reflect status as
Ichigo Office REIT assets

High levels of tenant service based on Ichigo Property
Management Standard

Ichigo Service
Staff Business
Card
Tenant Listing

Signage

Free Ichigo
Umbrellas for
Tenants

Entrance Mat• Entrance aesthetics that embody the Ichigo brand• External Ichigo signage• “Welcome to Ichigo” entrance mats

24/7 Support• Implementation of Ichigo Property Management
Standard to support tenant safety and satisfaction• Building management services locally based to raiselevel of service and control costs• Focus on serving tenants in every detail© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

26

Financing Details
As of May 24, 2016

October 31, 2015

April 30, 2016

May 24, 2016

Average Interest Rate

1.19%

1.14%

1.07%

Fixed Interest Rate Ratio

80.1%

79.4%

83.5%

4.2 years

3.8 years

4.3 years

Average Remaining Maturity

1

Net Asset LTV

44.0%

43.1%

46.4%

Dividend Reserve (million yen)

12,053

11,491

11,5082

2,3

Breakdown: Negative Goodwill(million yen)

11,223

10,874

267

267

634

2

Retained Sales Gain(million yen)

Rating

11,785Credit Rating Agency

Long-Term Issuer Rating

Japan Credit Rating Agency (JCR)

A- (Stable)

1 Forecast as of October 31, 2016
2 Amounts are as of after the April 2016 period dividend payment (July 2016)
3 The negative goodwill portion of the dividend reserve (10,874 million yen) will be transferred to a temporary differences

adjustment account as of October 31, 2016.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

27

October 2016 Earnings Forecast
Dividend Forecast: 1,890 yen (+150 yen vs. April 2016)
Begin negative goodwill amortization of JPY 200M per period
April 2016
Actual (A)Operating Revenue

6,682

October 2016
Forecast (B)7,152(B) - (A)

Major Factors for Variation+469

Rental revenue increase: +743 (On existing assets: +71, on sold assets during previous fiscal
period: -108, on acquired assets during previous fiscal period +780)
Parking and facility use revenue increase +39
Utilities income increase due to seasonal factors +139
Decrease in one-off income such as termination penalties -30
Decrease in TK dividend -50
Decrease in gain on sale from asset sales from previous period -372
Increase in rental expense +459
(Service provider expenses +66, utilities expense increase due to seasonal factors +156,
increase in property tax +130, increase in depreciation +84, increase in repair +10, increase inother expenses +10)
Decrease in capital loss from asset sales -54
Decrease in SG&A -138 (Decrease in management fee, other operating expenses)

3,474

3,741

+267

3,208

3,410

+202

2

1

-1

668

1,003

+355

Recurring Profit

2,542

2,407

-135

Net Income

2,482

2,407

-75

1,752 yen

1,570 yen

-182 yen

Operating Expenses

Operating Expenses
Non-Operating Income

Non-Operating Expenses

EPS

Retained Earnings for
Temporary Difference
Adjustment and Dividend
Reserve Reversal
Total Dividend
Dividend per Share(million yen)

-17

490

+507

2,464

2,896

+431

1,740 yen

1,890 yen+150 yen

Increase in interest expense due to new loans +74
Increase in financing related expense +205
Increase in new share issuance related expense +54

October 2016 breakdown
Retained earnings for temporary difference adjustment
One-off expense 270 (financing related 207, share issuance 54, other 8), per fiscal period
depreciation of negative goodwill 200
Retained in reserve from gain on sale 19* EPS (Earning per share) is calculated by dividing net income by the number of shares outstanding.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

28

April 2017 Earnings Forecast
Dividend Forecast: 1,900 yen (+10 yen vs. October 2016)(million(million yen)
yen)

Operating Revenue

Operating Expenses

October 2016
Forecast (A)April 2017
Forecast (B)(B) - (A)

7,152

7,188

+36

Rental revenue increase +69
Parking and facilities use revenue increase +3
Utilities income decrease due to seasonal factors -36

Rental expense increase +5 (decrease in service provider expenses -16, decrease in utilities
expenses due to seasonal factors -23,
Increase in property tax +23, increase in repair expenses +19, increase in other expenses +2)
Increase in SG&A +196 (increase in management fee and other operating expenses)

3,741

3,944

+202

3,410

3,244

-166

1

1

+0

1,003

741

-262

Recurring Profit

2,407

2,503

+96

Net Income

2,407

2,503

+96

1,570 yen

1,633 yen

+63 yenOperating Expenses
Non-Operating Income

Non-Operating Expenses

EPS

Retained Earnings for
Temporary Difference
Adjustment and Dividend
Reserve Reversal
Total Dividend
Dividend per Share

490

406

-83

2,896

2,911

+15

1,890 yen

1,900 yen

+10 yen

Major Factors for Variation

Decrease in financing related expense due to new loans during previous fiscal period -207
Decrease in new share issuance expenses due to refinance during previous fiscal period -54

April 2017 breakdown
Retained earnings for temporary difference adjustment
One-off expenses 153 (management fees), per fiscal period depreciation ofnegative goodwill 200
Retained in reserve from gain on sale 53* * EPS (Earning per share) is calculated by dividing net income by the number of shares outstanding.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

29

Appendix: About Ichigo Office REIT

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

30

Historic Operating Results and Current Mid-Term Targets
Stage ⅠFoundation for GrowthMerger
Nov 1, 2011

April 2012

Stage Ⅱ
Accretive Growth Cycle

October 2012

April 2013

October 2013

Stage Ⅲ
Enhance Profitability
April 2014

October 2014

Stage Ⅳ
Increase Size & Scale
April 2015

October 2015

1,706 yen
1,537 yen

Dividend Per
Share
(yen)

1,541 yen

1,547 yenStage Ⅴ
Lay Foundation for
Sustainable Dividend Growth
April
2016

October
2016

Stage Ⅵ
April/October
2017

Mid-Term
Target1,740 yen

2,000 yen

1,603 yen

1,494 yen
1,387 yen
1,219 yen

954 yen77/
165.6B

Total Assets(No ofassets/Amount inbillion yen)Transactions

68/
112.3B71/
114.3B70/
114.0B

Office70.6B

Office77.5B

Office75.5B

Office75.1B

Comprehensive
Refinancing

Accretive PO

Accretive PO

71/
107.9B67/
104.8B67/
106.1B66/
104.3B

Office74.3B

Office71.1B

Office72.4B

73/
162.7B65/
123.3B

JPY230B

Office95.8B

Office141.6B

Accretive PO

Accretive PO

Strategic
Restructuring

Transition to
Pure Office
REIT

Office139.6B

A (Stable)

JCR Credit
Rating ADeCollateralizationof All Loans© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

31

About Ichigo Office REIT (1)Specialized Office REIT Focusing on Mid-Size Offices, an Asset Class That
Offers Both Return Stability and Upside Potential
 Mid-Size Office asset characteristics‒ Stable cashflows supporting earnings and dividend stability for shareholders‒ Upside earnings potential in economic upturns‒ Ability to increase earnings and value via value-add
 79% Tokyo Metropolitan Area
 Driving accretive growth via strategic value-add and hands-on asset management© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

32

About Ichigo Office REIT (2)Building a Trusted Ichigo Brand
 Updating building names to reflect their status as Ichigo Office REIT assets
 Improving the safety, quality, and aesthetics of assets via Ichigo’s architectural andengineering capabilities© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

33

About Ichigo Office REIT (3)Increasing Occupancy With Ichigo’s Pre-fitted and Furnished Ichigo
Layout Office High-function, high-aesthetics, low-cost Differentiating Ichigo’s office assets to raise their profile and lead to rapid lease-up
 Lowers tenants’ up-front costs and saves moving costs and move-in time
Ichigo Layout Office Examples■ Ichigo Shibakoen Building

Maximize thepotential of auniquely-shaped
office■ Ichigo Jimbocho Building

Redesign and renovate© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Advantages for Tenants

・Cost-saving
・Quick start-up

Advantages for
Ichigo Office REIT

・Competitive
differentiation
・Higher asset profile
・Faster leasing34

Sustainability Initiatives
Environmental Sustainability Policy
To protect the earth that we all share, Ichigo Office REIT believes that working on behalf of the environment and society is
its fundamental social responsibility and will support its sustainable growth. Ichigo Office REIT has thus madeEnvironmental Sustainability a key priority, and has established the following Environmental Sustainability Policy to actively
work to reduce Ichigo’s environmental impact and support environmentally-positive outcomes.
1. Harmony with the Environment
Ichigo will actively monitor and minimize the environmental impact of its real estate operations.
2. Energy Conservation, CO2 Emissions Reduction, and Recycling
Ichigo will seek a low-carbon, low-waste society by working to reduce its energy consumption, extend the useful life of its assets,
actively recycle, and reduce waste and water consumption.

3. Regulatory and Environmental Compliance
Ichigo will comply with all environmental laws and regulations and all of Ichigo’s own independently-established environmental rules.
Ichigo will also carefully monitor and comply with all applicable changes in laws and regulations.
4. Training and AwarenessIchigo will hold training programs to promote understanding of this Environmental Sustainability Policy and increase environmental
sustainability awareness among all Ichigo employees and staff. Ichigo will also promote environmental sustainability in coordination
with Ichigo stakeholders, seeking understanding and cooperation on environmental sustainability from Ichigo partner companies andtenants.
5. Environmental Performance Communication and Disclosure
Ichigo will work to communicate this Environmental Sustainability Policy and Ichigo’s environmental sustainability initiatives to its
shareholders and to society at large. Ichigo will also seek to obtain sustainability certifications on an ongoing basis.
6. Green Procurement
Ichigo will implement green procurement measures, such as environmentally- sensitive building materials and sustainable design, in
Ichigo’s building renovations, as well as selecting partner companies based on their environmental sustainability initiatives.

Participation in GRESBGRESB is a global organization comprised of institutional investors, particularly pension funds, andis designed to assess the sustainability performance of real estate portfolios – a standard used formaking investment decisions. Ichigo Office REIT plans to participate in the GRESB real estate
assessment this year.
© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

35

Fair and Appropriate Pricing in Related Party Transactions
The following steps are taken to ensure fair and appropriate pricing
when acquiring office assets from related parties such as Ichigo Office
REIT’s sponsor:
 All purchase prices must be below the asset appraisal value as determined byindependent third-party real estate appraisers
 A second-opinion appraisal value from another independent third-party appraiser isalways obtained to cross-check the above appraisal
 Independent third-parties are included in decisionmaking bodies to ensure
independence (Investment Management Committee, Risk & Compliance Committee)
 Independent third-parties serve as Ichigo Office REIT’s executive director andsupervisory directors
Defined Related Parties
 Ichigo Real Estate Investment Advisors, Ichigo Real Estate Investment Advisors’ directors andemployees (including external directors)
 Interested parties as stipulated in the Order for Enforcement of the Act on Investment Trusts
and Investment Corporations
 Ichigo Inc., and its executive officers
 Companies or special-purpose companies in which those listed above can have significant
impact as they have a majority stake or effectively make management decisions based on
discretionary investment contracts© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

36

Appendix: Financial & Portfolio Data

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

37

Loan Details as of May 24, 2016
Borrowing

Balance(million yen)

Borrowing Rate

Drawdown Date

Maturity DateSMBCSyndicate Loan I (Term Loan 4)

1,618

1.64777%(Fixed)January 31, 2013

October 31, 2017

SMBCSyndicate Loan II (Term Loan 1)

3,614

1.79372%(Fixed)June 3, 2013

May 31, 2018

SMBCSyndicate Loan II (Term Loan 2)

3,917

1.46856%(Floating)*

December 12, 2013

November 30, 2018

SMBCSyndicate Loan II (Term Loan 3)

6,419

1.07000%(Floating)*

August 1, 2014

July 31, 2019SMBCSyndicate Loan II (Term Loan 4)

5,435

1.26750%(Floating)*

December 10, 2014

December 10, 2020

SMBCSyndicate Loan II (Term Loan 5)

1,482

0.73545%(Floating)

December 15, 2014

June 15, 2018

SMBCSyndicate Loan II (Term Loan 6)

5,435

1.03369%(Floating)*

December 15, 2014

December 16, 2019SMBCSyndicate Loan II (Term Loan 7)

1,482

0.73545%(Floating)January 9, 2015

June 15, 2018

SMBCSyndicate Loan I (Term Loan 5)

4,975

0.78545%(Floating)

April 30, 2015

April 30, 2018

SMBCSyndicate Loan III (Term Loan 1-A)

2,994

1.14800%(Floating)*

April 30, 2015

November 30, 2019SMBCSyndicate Loan III (Term Loan 1-B)

5,089

1.18500%(Floating)*

April 30, 2015

May 31, 2020

SMBCSyndicate Loan III (Term Loan 2-A)

3,992

0.73545%(Floating)May 7, 2015

November 7, 2017

SMBCSyndicate Loan III (Term Loan 2-B)

9,231

1.27500%(Floating)*

May 7, 2015

May 7, 2021

SMBCSyndicate Loan III (Term Loan 2-C)

9,231

1.34750%(Floating)*

May 7, 2015

November 7, 2021

Syndicate Loan I -A

4,906

0.98500%(Floating)*

September 30, 2015

March 31, 2021

Syndicate Loan I -B

1,309

0.63545%(Floating)

September 30, 2015

March 31, 2020

898

0.58545%(Floating)

September 30, 2015

September 30, 2019

Syndicate Loan III

4,525

1.14200%(Floating)*

February 27, 2015

August 31, 2020

Syndicate Loan IV

2,000

0.96273%(Floating)

April 30, 2014

April 30,2019Syndicate Loan V-A

3,900

0.80800%(Floating)*

May 9, 2016

May 31, 2022

Syndicate Loan V-B

3,900

0.85800%(Floating)*

May 9, 2016

November 30, 2022

Syndicate Loan VI-A

5,850

0.70500%(Floating)*

May 24, 2016

May 31, 2022

Syndicate Loan VI-B

5,850

0.75000%(Floating)*

May 24, 2016

November 30, 2022

Total

98,058

1.07%

Term Loan II* Interest rate has been fixed with an interest rate swap

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

38

(Reference) Loan Details as of April 30, 2015
Borrowing

Balance(million yen)

Borrowing Rate

Drawdown Date

Maturity DateSMBCSyndicate Loan I (Term Loan 4)

1,618

1.64777%(Fixed)January 31, 2013

October 31, 2017

SMBCSyndicate Loan II (Term Loan 1)

3,614

1.79372%(Fixed)June 3, 2013

May 31, 2018

SMBCSyndicate Loan II (Term Loan 2)

3,917

1.46856%(Floating)*

December 12, 2013

November 30, 2018

SMBCSyndicate Loan II (Term Loan 3)

6,419

1.07000%(Floating)*

August 1, 2014

July 31, 2019SMBCSyndicate Loan II (Term Loan 4)

5,435

1.26750%(Floating)*

December 10, 2014

December 10, 2020

SMBCSyndicate Loan II (Term Loan 5)

1,482

0.73545%(Floating)

December 15, 2014

June 15, 2018

SMBCSyndicate Loan II (Term Loan 6)

5,435

1.03369%(Floating)*

December 15, 2014

December 16, 2019SMBCSyndicate Loan II (Term Loan 7)

1,482

0.73545%(Floating)January 9, 2015

June 15, 2018

SMBCSyndicate Loan I (Term Loan 5)

4,975

0.78545%(Floating)

April 30, 2015

April 30, 2018

SMBCSyndicate Loan III (Term Loan 1-A)

2,994

1.14800%(Floating)*

April 30, 2015

November 30, 2019SMBCSyndicate Loan III (Term Loan 1-B)

5,089

1.18500%(Floating)*

April 30, 2015

May 31, 2020

SMBCSyndicate Loan III (Term Loan 2-A)

3,992

0.73545%(Floating)May 7, 2015

November 7, 2017

SMBCSyndicate Loan III (Term Loan 2-B)

9,231

1.27500%(Floating)*

May 7, 2015

May 7, 2021

SMBCSyndicate Loan III (Term Loan 2-C)

9,231

1.34750%(Floating)*

May 7, 2015

November 7, 2021

Syndicate Loan I -A

4,906

0.98500%(Floating)*

September 30, 2015

March 31, 2021

Syndicate Loan I -B

1,309

0.63545%(Floating)

September 30, 2015

March 31, 2020

898

0.58545%(Floating)

September 30, 2015

September 30, 2019

Syndicate Loan III

4,525

1.14200%(Floating)*

February 27, 2015

August 31, 2020

Syndicate Loan IV

2,000

0.96273%(Floating)

April 30, 2014

April 30,2019

Total

78,558

1.14%

Term Loan II* Interest rate has been fixed with an interest rate swap

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

39

Loan Details (1)As of May 24, 2016

Weighted Average Interest Rate and Average Loan Period(Loan Term, Year)(Interest Rate)
2.5%

5.0
Weighted Average Interest Rate

4.3 years

Average Loan Period

2.0%

4.0

4.2 years
1.69%

1.53%

3.8 years

3.7 years

1.5%

3.0

1.23%
2.6 years

1.19%

1.14%

2.6 years

1.07%

1.0%

2.0

0.5%

1.0

0.0%

0.0
April 2014
変動

October 2014

April 2015

October 2015

April 2016

May 24, 2016

27.1%
27.1%

26.5%
26.5%

19.9%
19.9%

20.6%
20.6%

16.5%
16.5%

72.9%
72.9%

73.5%
73.5%

80.1%
80.1%

79.4%
79.4%

83.5%
83.5%

固定

変動 Rate
固定Ratio
Fixed-to-Floating
Fixed
Floating

38.6%
38.6%

61.4%
61.4%

100.0%
100.0%

0.0%
0.0%© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

40

Megabank-Centered Lender Base
As of April 30, 2016

Nishi-Nippon City
Bank
Kagawa Bank
1%
2%
ORIX Bank
3%
Bank of Fukuoka
3%

Kagawa Bank
2%
ORIX Bank
3%
Bank of Fukuoka
3%

Resona Bank
10%

SMBC
26%

Resona Bank
10%

SMBC
26%

Aozora Bank
10%

Aozora Bank
12%
Mizuho Bank
16%
Shinsei Bank
14%

As of May 24, 2016

Shinsei Bank
14%

BTMU
12% Mizuho Trust2%© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Mizuho Bank
17%
BTMU
12% Mizuho Trust
2%

41

Loan Details (2)As of May 24, 2016

Distribution of Repayment Dates(million yen)
20,00015,00010,000

8,938

9,563

9,574

Apr 2020

Oct 2020

10,233
9,139

9,129

Oct 2021

Apr 2022

9,633

9,623

Oct 2022

Apr 2023

7,263

6,527
5,867
5,000

1,550
0
Apr 2016

Oct 2016

Apr 2017

Oct 2017

Apr 2018

Oct 2018

Apr 2019

Oct 2019

Apr 2021

New Loans on
May 9 andMay 24, 2016

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

42

Unrealized Portfolio Gains: Appraisal Value > Book Value
Unrealized Gains of JPY 13.2B (+ JPY 4.7B vs. October 2015)(million yen)
200,000

10.00%

AppraisalValue
Value
Appraisal

Book Value

8.18%
Portf olio % Unrealized Gain/Loss

180,000

174,955

5.13%
173,4473.79%
160,000

5.00%
161,721

164,977

1.55%
0.01%
140,000

0.00%-1.57%-2.95%
120,000

126,359
121,741-2.85%-3.88%

113,034
113,022
111,050
109,305

114,182

112,433-5.00%

104,143

100,000

104,164
103,310
101,087
100,369
100,101

80,000-10.00%April 201267 assets

October 201267 assets

April 2013
66 assets

October 2013
68 assets

April 201471 assets

October 201470 assets

April 201565 assets© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

October 201577 assets

April 201673 assets

43

Occupancy & Leasing Activity
Change in Leased Area as a Result of New Contracts andContract Terminations

Occupancy (as of April 2016)(m 2)

Asset Type

UpwardOfficeNo

Rent (for entire
period)Area

172,497㎡+72 mm yen

Changefromprevious
rent+15.5 %

Other

2

259 ㎡

+10 mm yen+24.0 %

Total

19

2,756 ㎡

+83 mm yen+16.5 %

10,000New Contracts

Terminations

8,000

7,327

6,171
6,000

5,084
3,852

3,932

5,678

5,640

April 2015

October 2015

-5,911-5,617

4,592

4,000

2,000
Flat

New
Contracts/
Increase ofSpace

Office6

1,367 ㎡

+30 mm yen

－

Other

－
－

－
－

－

－

Total

6

1,367 ㎡

+30 mm yen－

0
October 2012

April 2013

October 2013

Office172,908㎡+66 mm yen-15.6%

Other

2

295 ㎡

+6 mm yen

-14.8%

Total

19

3,204 ㎡

+73 mm yen-15.5%

Office40

6,772㎡+171 mm yen

-1.4%

Other

4

555 ㎡

+16 mm yen+5.1 %

Total

44

7,327 ㎡

+188 mm yen-15.5%

Office21

4,729 ㎡

-127 mm yen－

Contract
Terminations/

Other

4

470 ㎡

-12 mm yen－

Decrease of
Space

Total

25

5,199 ㎡

-139 mm yen－

October 2014

April 2016

-2,000-3,270-4,000
Downward

April 2014

-4,439-4,583-6,000-6,275-5,199-8,000-8,315

Total-10,000© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

44

Free Rent (Incentives)

Free Rent (Incentives)

Rental Income Loss due to Free Rent

(months)(million yen)

5.0

6,000

Average of Tokyo Metropolitan Area
Average of Regional Cities

4.5

Loss from Free Rent
Actual Rent Ratio

4.4
4.0

4.0

98.5%

Actual Rent Income

100.0%
99.3%

99.0%

99.0%

99.1%

98.5%

3.9

49
5,000

98.8%
67
98.0%

98.0%

3.5

3.1

3.6

3.1

3.0

3.0

2.5

3.1
2.5

41

4,000

2.7

2.0

96.0%

40

2.4
2.0

73

2.0

27

59

55

5,228

5,315

94.0%

2.0
1.5

1.6

1.2

3,000

1.0

3,614

3,579

3,785

3,984

3,912

4,159
92.0%

0.5

2,000

0.0
October 2012

April 2013

October 2013

April 2014

October 2014

Total Average:
Tokyo Metropolitan Area Average:
Other Regional Cities Average:

April 2015

October 2015

April 2016

90.0%
October 2012 April 2013 October 2013 April 2014 October 2014 April 2015 October 2015 April 2016

1.8 months
2.0 months
1.2 months© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

45

Total Leased Area

New Leases/
Floor space
expansion

Lease
Terminations/
Floor space
downsize+7,327 m2-5,199m2

Asset Sale

Decrease in
Leasable Area*-8,665 m2-852 m2

Leased Area
218,823 m2

October 2015

Leased Area
211,433m2

April 2016

* Due to decrease in leasable area of Ichigo Serviced Apartments Ginza and Ichigo Serviced Apartments Takanawadai© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

46

Total Leased Area by Asset Class(m2)
End of October 2015

New
Contracts

Lease
Terminations

Asset
Acquisitions

Asset Sales

ChangeServiced
Apartments

End of April 2016

Change of
Existing
Assets

Office183,141

6,772-4,729—-7,400—177,783

2,042

Other

35,682

555

-470

—

-1,264-852

33,650

-767

Total

218,823

7,327-5,199—-8,665-852

211,4331,274© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

47

Lease Renewals at Higher Rent > Renewals at Lower Rent(# of tenants / million yen)

UpwardDownward

Flat

Asset TypeNo

Leased Area

Rent
(Entire Period)

Change from
Previous Rent

Office27

13,715 m2+20.6 million yen

+6.0%

Other

2

1,110 m2

+1.9 million yen

+8.9%

Total

29

14,826 m2+22.6 million yen+6.1%

Office1

249 m2-0.4 million yen

-5.6%

Other

1

46 m2

-0.1 million yen

-7.5%

Total

2

295 m2-0.5 million yen-5.9%

Office99

19,835 m2

－

－

Other

15

2,316 m2

－

－

Total

114

22,151 m2－－© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

RenewedLeases145
37,274 m2
925 mm yen

Other
529
181,548 m2
4,568 mm yen

Flat
114
22,151 m 2
547 mm yen

Increase
29
14,826 m2
369 mm yen

Downward
2
295 m210 mm yen48

Change in Monthly Rent by Asset Type(million yen)
End of

New

Lease

October 2015

Contracts

Terminations

UpwardDownward

Asset Sales

End of April
2016

Change from
ChangeExisting
Assets

Office

777

28

-21

3.4

-0.1

-18

769

-7

+10

Other

138

4

-2

0.3

-0.0

-5

135

-3

+2

Total

915

33

-23

3.8

-0.1

-24

904

-10

+13

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

49

Highly Diversified Tenant Mix
As of April 30, 2016

Tenant Profiles
by sector(based on # of tenants)

Education2%

Construction
2%
Other
5%

Real Estate3%

Total Number of Tenants: 687**

Finance7%Service
26%

Restaurant/Hotel

9%

Retail17%

Manufacturing
13%

Top 5 Tenants
11.1% by Area
10.9% by Rental Income* Excludes the three serviced apartments

IT
16%* “Service” includes advertising agencies, consulting firms, accounting
firms, law firms, HR firms, beauty salons, and domestic and foreign
government offices, etc.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

50

Portfolio Details (1)As of April 30, 2016
Use

OfficeAddress

AcquisitionPrice(mm yen)Book Value(mm yen)

NRA(m2)

Occupancy(%)

Apr 2016 Appraisal

No.

Property

Area

O-02

Ichigo Nishisando Building

Central Tokyo

Yoyogi, Shibuya-ku, Tokyo

3,254

3,418

4,564.63

100.0%

2,848

4.5%

O-03

Ichigo Mita Building

Central Tokyo

Shiba, Minato-ku, Tokyo

2,740

2,746

4,097.63

100.0%

2,996

4.6%

O-04

Ichigo Nanpeidai Building

Central Tokyo

Nanpeidaicho, Shibuya-ku, Tokyo

1,920

1,936

1,925.24

100.0%

2,220

3.9%

O-05

Ichigo Hanzomon Building

Central Tokyo

Hayabusacho, Chiyoda-ku, Tokyo

1,550

1,533

2,080.37

75.9%

1,720

4.3%

O-06

Ichigo Hijirizaka Building

Central Tokyo

Mita, Minato-ku, Tokyo

1,200

1,219

1,947.90

100.0%

1,320

4.9%

O-07

Ichigo Shibuya Kamiyamacho Building

Central Tokyo

Kamiyamacho, Shibuya-ku, Tokyo

1,505

1,424

1,321.54

100.0%

1,685

4.2%

O-08

Ichigo Akasaka 5 Chome Building

Central Tokyo

Akasaka, Minato-ku, Tokyo

735

729

687.78

87.6%

776

4.1%

O-09

Ichigo Shibakoen Building

Central Tokyo

Shiba, Minato-ku, Tokyo

1,100

1,108

1,602.29

100.0%

1,110

4.7%

O-10

Ichigo Ebisu Nishi Building

Central Tokyo

Ebisu-nishi, Shibuya-ku, Tokyo

1,917

1,923

1,484.39

71.8%

2,147

4.3%

O-11

Ichigo Ginza 612 Building

Central Tokyo

Ginza, Chuo-ku, Tokyo

1,773

1,769

1,390.70

100.0%

1,936

4.3%

O-12

Ichigo Uchikanda Building

Central Tokyo

Uchikanda, Chiyoda-ku, Tokyo

1,140

1,132

1,378.82

100.0%

1,120

4.7%

O-14

Ichigo Yotsuya 4 Chome Building

Central Tokyo

Yotsuya, Shinjuku-ku, Tokyo

550

529

780.64100.0%

541

4.6%

O-15

Ichigo Tameike Building

Central Tokyo

Akasaka, Minato-ku, Tokyo

580

547

494.14100.0%

639

4.2%

O-16

Ichigo Jimbocho Building

Central Tokyo

Kanda Jinbocho, Chiyoda-ku, Tokyo

1,820

1,823

1,891.01

100.0%

2,150

4.5%

O-17

Ichigo Hakozaki Building

Central Tokyo

Nihonbashi Kakigaracho, Chuo-ku, Tokyo

1,150

1,171

2,387.34

100.0%

1,060

4.8%

O-18

Ichigo Kudan 2 Chome Building

Central Tokyo

Kudan Minami, Chiyoda-ku, Tokyo

763

742

1,288.31

100.0%

875

4.6%

O-19

Ichigo Kudan 3 Chome Building

Central Tokyo

Kudan Minami, Chiyoda-ku, Tokyo

844

842

1,302.43

100.0%

827

4.7%

O-20

Ichigo Gotanda Building

Central Tokyo

Higashi-Gotanda, Shinagawa-ku, Tokyo

5,060

4,928

5,346.76

100.0%

5,660

4.9%

O-21

Ichigo Shin-Yokohama Building

Tokyo Metro Area

Shinyokohama, Kohoku-ku, Yokohama City, Kanagawa

1,816

1,746

4,021.32

100.0%

1,749

5.2%

O-22

Ichigo Minami-Ikebukuro Building

Tokyo Metro Area

Minami-Ikebukuro, Toshima-ku, Tokyo

1,460

1,381

1,491.51

100.0%

1,570

4.4%

O-23

Ichigo Nakano North Building

Tokyo Metro Area

Arai, Nakano-ku, Tokyo

764

763

1,250.85

100.0%

851

5.2%

O-24

Ichigo Eitai Building

Tokyo Metro Area

Eitai, Koto-ku, Tokyo

1,490

1,478

2,608.05

100.0%

1,130

5.2%

O-25

Ichigo Yokosuka Building

Tokyo Metro Area

Wakamatsu-cho, Yokosuka City, Kanagawa

971

963

2,187.44

95.6%

982

5.7%

O-26

Ichigo Ikejiri Building

Tokyo Metro Area

Ohashi, Meguro-ku, Tokyo

2,030

1,989

2,385.69

100.0%

2,090

4.8%

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Value(mm yen)

Cap rate(%)

51

Portfolio Details (2)As of April 30, 2016
Use

OfficeNo.

Property

Area

Address

O-27

Ichigo Nishi Ikebukuro Building

Tokyo Metro Area

Ikebukuro, Toshima-ku, Tokyo

O-28

Ichigo Nishi Gotanda Building

Central Tokyo

Nishigotanda, Shinagawa-ku, Tokyo

O-29

Ichigo Kichijoji Building

Tokyo Metro Area

Kichijoji Honcho, Musashino-shi, Tokyo

O-34

Ichigo Sakae Building

Four Major Cities

Sakae, Naka-ku, Nagoya City, Aichi

O-37

Ichigo Marunouchi Building

Four Major Cities

O-38

Ichigo Toyamaeki Nishi Building

Other Regional Cities

O-39

Ichigo Mirai Shinkin Building

O-42
O-46

AcquisitionPrice(mm yen)Book Value(mm yen)

639

NRA
(m2)

622

1,261.91765

760

1,311.21

2,160

2,253

4,210.87

4,705

4,705

3,928.12

Marunouchi, Naka-ku, Nagoya City, Aichi

6,710

6,171

Jinzuhonmachi, Toyama City, Toyama

1,650

1,535

Other Regional Cities

Niagemachi, Oita City, Oita

1,158

Ichigo Takamatsu Building

Other Regional Cities

Kotobukicho, Takamatsu City, Kagawa

Ichigo Kanda Nishikicho Building

Central Tokyo

Kanda Nishikicho, Chiyoda-ku, Tokyo

O-47

Ichigo Akiharaba North Building

Central Tokyo

O-48

Ichigo Sakaisuji Honmachi Building

O-49

Ichigo Kanda Ogawamachi Building

O-50
O-51

Occupancy(%)

Cap rate
(%)

702

4.8%

44.9%

757

4.9%

100.0%

2,540

5.2%

100.0%

5,151

5.1%

8,009.11

100.0%

6,890

4.8%

8,601.71

97.2%

1,720

6.3%

1,181

3,551.46

92.1%

1,260

6.2%

3,010

2,613

6,329.33

98.7%

3,160

6.7%

2,130

2,069

2,523.09

100.0%

2,650

4.2%

Sotokanda, Chiyoda-ku, Tokyo

5,500

5,661

6,250.53

100.0%

6,700

4.7%

Four Major Cities

Honmachi, Chuo-ku, Osaka City, Osaka

1,940

1,875

3,729.35

85.6%

2,280

4.8%

Central Tokyo

Kanda Ogawamachi, Chiyoda-ku, Tokyo

2,210

2,206

2,281.75

100.0%

2,410

4.5%

Ichigo Hatchobori Building

Central Tokyo

Shintomicho, Chuo-ku, Tokyo

1,905

1,888

2,697.36

100.0%

2,430

4.8%

Ebisu Green GlassCentral Tokyo

Ebisu-Minami, Shibuya-ku, Tokyo

5,900

5,884

3,159.27

100.0%

6,430

3.8%

O-52

Ichigo Omori Building

Central Tokyo

Minami-Ooi, Shinagawa-ku, Tokyo

3,850

3,826

3,583.56

100.0%

4,100

4.6%

O-53

Ichigo Takadanobaba Building

Central Tokyo

Takadanobaba, Shinjuku-ku, Tokyo

1,580

1,585

1,606.92

100.0%

1,710

4.4%

O-54

Ichigo Omiya Building

Tokyo Metro Area

Miyacho, Omiya-ku, Saitama City, Saitama

3,430

3,436

6,180.68

99.1%

3,660

5.4%

O-55

Ichigo Sagamihara Building

Tokyo Metro Area

Sagamihara, Chuo-ku, Sagamihara City, Kanagawa

1,174

1,233

2,960.81

100.0%

1,260

5.7%

O-56

Ichigo Ofuna Building

Tokyo Metro Area

Ofuna, Kamakura City, Kanagawa

2,000

1,981

2,364.71

100.0%

2,230

5.5%

O-57

Ichigo Sendai East Building

Other Regional Cities

Miyagino, Miyagino-ku, Sendai City, Miyagi

1,840

1,793

5,213.09

100.0%

2,020

6.0%

O-58

Ichigo Kumamoto Building

Other Regional Cities

Karashimacho, Chuo-ku, Kumamoto City, Kumamoto

1,450

1,453

4,499.08

100.0%

1,400

6.1%

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

100.0%

Apr 2016 Appraisal
Value(mm yen)52

Portfolio Details (3)As of April 30, 2016
Use

OfficeAcquisitionPrice(mm yen)Address

Book Value(mm yen)

NRA(m2)

Occupancy(%)

Apr 2016 Appraisal

No.

Property

Area

O-59

Ichigo Jingumae Building

Central Tokyo

Jingumae, Shibuya-ku, Tokyo

7,200

7,336

4,384.97

87.2%

7,610

3.7%

O-60

Ichigo Shibuya Dogenzaka Building

Central Tokyo

Maruyamacho, Shibuya-ku, Tokyo

3,650

3,706

2,789.86

100.0%

4,080

3.8%

O-61

Ichigo Hiroo Building

Central Tokyo

Hiroo, Shibuya-ku, Tokyo

3,960

4,025

3,510.44

100.0%

4,260

4.2%

O-62

Ichigo Sasazuka Building

Central Tokyo

Sasazuka, Shibuya-ku, Tokyo

4,780

4,830

6,425.29

100.0%

5,010

4.4%

O-63

Ichigo Nihonbashi East Building

Central Tokyo

Nihonbashi Bakurocho, Chuo-ku, Tokyo

4,700

4,730

4,216.97

84.7%

5,250

4.2%

O-64

Ichigo Sakurabashi Building

Central Tokyo

Hatchobori, Chuo-ku, Tokyo

2,500

2,579

2,971.22

100.0%

2,700

4.3%

O-65

Ichigo Shinkawa Building

Central Tokyo

Shinkawa, Chuo-ku, Tokyo

2,360

2,399

2,312.03

100.0%

2,650

4.2%

O-66

Ichigo Kudan Building

Central Tokyo

Kanda Jimbocho, Chiyoda-ku, Tokyo

3,190

3,242

3,090.65

86.1%

3,310

4.3%

O-67

Ichigo Higashi Gotanda Building

Central Tokyo

Higashi Gotanda, Shinagawa-ku, Tokyo

3,660

3,706

4,548.10

100.0%

3,890

4.4%

O-68

Axior Mita

Central Tokyo

Mita, Minato-ku, Tokyo

1,800

1,799

2,369.82

100.0%

1,930

4.2%

O-69

Ichigo Higashi Ikebukuro Building

Tokyo Metro Area

Higashi Ikebukuro, Toshima-ku, Tokyo

4,570

4,617

4,553.90

100.0%

4,870

4.4%

O-70

Koriyama Big-I (Office Section)

Other Regional Cities

Eki-mae, Koriyama City, Fukushima

1,660

1,620

3,433.07

100.0%

1,750

5.3%

O-71

Ichigo Kawasaki Building

Tokyo Metro Area

Higashidacho, Kawasaki-ku, Kawasaki City, Kanagawa

4.6%

Subtotal - OfficeValue(mm yen)

1,750

1,746

3,665.34

100.0%

1,960

139,618

138,931

182,442.36

97.4%

150,732© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Cap rate(%)

53

Portfolio Details (4)As of April 30, 2016
Use

Other

Area

AcquisitionPrice(mm yen)Address

Book Value(mm yen)

NRA
(m 2)

Occupancy(%)

Apr 2016 Appraisal

No.

Property

R-04

Ichigo Serviced Apartments Takanawadai

Central Tokyo

Shirokanedai, Minato-ku, Tokyo

1,360

1,296

1,248.50

67.0%

1,140

4.4%

R-06

B-Site Hamamatsucho

Central Tokyo

Hamamatsucho, Minato-ku, Tokyo

701

673

821.84100.0%

604

4.5%

R-09

Ichigo Serviced Apartments Ginza

Central Tokyo

Shintomi, Chuo-ku, Tokyo

946

904

1,020.14

68.1%

844

4.4%

Z-02

Ichigo Fiesta Shibuya Building

Central Tokyo

Udagawacho, Shibuya-ku, Tokyo

1,970

1,980

1,185.85

100.0%

2,050

4.3%

Z-03

Ichigo Burg Omori

Tokyo Metro Area

Omorikita, Ota-ku, Tokyo

3,218

3,158

5,345.62

92.4%

2,990

5.8%

Z-04

Ichigo Pagoda Asakusa

Tokyo Metro Area

Kaminarimon, Taito-ku, Tokyo

1,640

1,597

2,091.26

100.0%

1,800

4.7%

Z-05

Ichigo Machida East Building

Tokyo Metro Area

Haramachida, Machida City, Tokyo

1,310

1,289

2,183.65

100.0%

1,470

5.1%

Z-07

Ichigo Sapporo Minami 2 Nishi 3 Building

Four Major Cities

Minami 2 jo Nishi, Chuo-ku, Sapporo City, Hokkaido

558

556

1,162.52

100.0%

580

5.4%

Z-08

Ichigo Daimyo Balcony

Four Major Cities

Daimyo, Chuo-ku, Fukuoka City, Fukuoka

638

598

765.61100.0%

655

4.9%

Z-09

Konami Sports Club Izumi Fuchu

Other Regional Cities

Fuchucho, Izumi-shi, Osaka

1,210

1,154

3,733.68

100.0%

1,400

5.9%

Z-10

Ichigo Shibuya Bunkamura-Dori Building

Central Tokyo

Udagawa-cho, Shibuya-ku, Tokyo

2,400

2,475

778.77100.0%

2,950

3.6%

Z-11

Twicere Yokohama Isogo (Retail Section)

Tokyo Metro AreaMori, Isogo-ku, Yokohama City, Kanagawa

1,620

1,573

2,717.77

94.6%

1,890

5.4%

Z-12

Lions Square Kawaguchi

Tokyo Metro Area

Motogo, Kawaguchi City, Saitama

2,430

2,407

7,788.09

100.0%

2,590

4.8%

Z-13

Ichigo Shin Yokohama Arena Dori Building

Tokyo Metro Area

Shin-Yokohama, Kohoku-ku, Yokohama City, Kanagawa

1,700

1,695

1,971.34

100.0%

1,770

5.3%

Z-14

Ichigo Kamata Building

Tokyo Metro Area

Nishi-Kamata, Ota-ku, Tokyo

1,400

1,428

2,124.68

100.0%

1,490

4.8%

Value
(mm yen)Subtotal - Other

23,101

22,78934,939.32

96.3%

24,223

Total (77 assets)

162,719

161,721217,381.68

97.3%

174,955© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

Cap rate(%)

54

Portfolio Details (5)(Reference) 13 Assets Acquired in May 2016
Use

OfficeNo.

PropertyArea

As of May 24, 2016
Address

AcquisitionPrice(mm yen)Book Value(mm yen)

NRA
(m 2)

Occupancy(%)

Appraisal at Aquisition
Value(mm yen)

Cap rate(%)

O-72

Ichigo Shibuya East Building

Central Tokyo

Higashi, Shibuya-ku, Tokyo

1,350

2016/5/9

1,041.36

100.0%

1,450

3.9%

O-73

Ichigo Ningyocho Building

Central Tokyo

Nihonbashi-horidomecho, Chuo-ku, Tokyo

1,450

2016/5/9

1,769.09

100.0%

1,530

4.3%

O-74

Ichigo Nishi Honmachi Building

Four Major Cities

Awaza, Nishi-ku, Osaka City, Osaka

2,190

2016/5/9

6,151.98

94.1%

2,290

5.1%

O-75

Ichigo Hakata Building

Four Major Cities

Gionmachi, Hakata-ku, Fukuoka

1,380

2016/5/9

2,423.86

100.0%

1,410

5.2%

O-76

Nishiki First Building

Four Major Cities

Nishiki, Naka-ku, Nagoya, Aichi

2,000

2016/5/9

3,324.54

100.0%

2,050

5.0%

O-77

Ichigo Ikenohata Building

Tokyo Metro Area

Ikenohata, Taito-ku, Tokyo

5,130

2016/5/24

5,504.02

100.0%

5,220

4.4%

O-78

Ichigo Ikebukuro East Building

Tokyo Metro Area

Higashi Ikebukuro, Toshima-ku, Tokyo

3,010

2016/5/24

3,118.69

100.0%

3,110

4.4%

O-79

Ichigo Motoazabu Building

Central Tokyo

Motoazabu, Minato-ku, Tokyo

1,890

2016/5/24

1,329.96

100.0%

1,940

3.8%

O-80

Ichigo Otsuka Building

Tokyo Metro Area

Minami Otsuka, Toshima-ku, Tokyo

2,740

2016/5/24

3,679.70

100.0%

2,820

4.5%

O-81

Ichigo Nagoya Building

Four Major Cities

Meieki, Nakamura-ku, Nagoya, Aichi

3,420

2016/5/24

4,930.30

95.9%

3,500

4.8%

O-82

Ichigo Fushimi Building

Four Major Cities

Nishiki, Naka-ku, Nagoya, Aichi

2,340

2016/5/24

4,152.22

93.1%

2,360

5.0%

O-83

Ichigo Nishiki Building

Four Major Cities

Nishiki, Naka-ku, Nagoya, Aichi

1,330

2016/5/24

2,006.78

100.0%

1,360

4.9%

O-84

Ichigo Minami Morimachi Building

Four Major Cities

Matsugaecho, Kita-ku, Osaka

1,040

2016/5/24

2,521.51

100.0%

1,090

4.9%

Subtotal - Newly-acquired 13 assets

29,27041,954.01

98.0%

30,13073 Assets held on April 30, 2016＋newly-acquired 13 Assets = Total 86 Assets

191,989259,335.69

97.4%

205,085© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

55

88% Office & 79% Tokyo Metropolitan Area Portfolio
As of May 24, 2016

No. of Assets

By Use86

Total Acquisition Price 191,989 mm yen
Total Appraisal Value

205,085 mm yen

Leasable Area

259,335 m2

Occupancy

97.4%

Sapporo

0.6
0.3%

Tokyo
Metro
Area
151.7
79%

Kansai
6.4
3%

Other
12%

Office88%

Sendai1.8
1%

By Price

Nagoya20.5
11%<JPY 1B
5%
Other
8.9
5%

Fukuoka

2.0
1%

By Region
Acquisition Price (bn yen)and % of portfolio

JPY1B-2B
30%>JPY 3B
48%

JPY1B-2B
17%(Note) The 3 serviced apartments are included in Other.
© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

56

86% Office & 84% Tokyo Metropolitan Area Portfolio
As April 30, 2016

No. of Assets

By Use73

Total Acquisition Price 162,719 mm yen
Total Appraisal Value

174,955 mm yen

Leasable Area

217,381 m 2

Occupancy

97.3%

Sapporo

0.6
0.3%

Tokyo
Metro
Area
136.2
84%

Other
14%

Office86%

Sendai1.9
1%

By Price

Nagoya11.4
7%<JPY 1B
6%

Kansai
3.2
2%

Other
8.9
6%

Fukuoka

0.6
0.4%

By Region
Acquisition Price (bn yen)and % of portfolio>JPY 3B
49%

JPY 1B-2B
31%

JPY 2B-3B
14%(Note) The 3 serviced apartments are included in Other.
© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

57

Shareholder Composition
As of April 30, 2016

Major Shareholders

Number of Shares by Shareholder TypeName

1

Shares #Ichigo Trust Pte. Ltd.

342,890

24%

2

The Master Trust Bank of Japan, Trust Account155,68511%

3

Japan Trustee Services Bank, Ltd., Trust Account148,073

10%

4

Trust & Custody Services Bank,Ltd.,
Securities Investment Trust Account140,16910%

5

Nomura Bank (Luxembourg) S.A.

111,983

8%

6

Barclays Capital Securities Limited

53,875

4%

7

The Nomura Trust and Banking Co., Ltd.,
Investment Trust Account46,393

3%

8

Morgan Stanley MUFG Securities Co., Ltd.

46,2883%

9Goldman Sachs International

28,722

2%

10

SIX SIS Ltd.

13,7681%

1,087,846

77%

Total

Domestic
Individuals &Others167,032

Share

Foreign
Corporations &Individuals
659,674

Financial
Institutions
573,503

Domestic
Corporations
16,114

Number of Shareholders by Type

Financial
Institutions
57

Domestic
Corporations
256

Foreign
Corporations &Individuals
142

Domestic Individuals& Others
15,649© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

58

Ichigo Office REIT Overview
As of April 30, 2016

Investment Corporation

Name

Ichigo Office REIT Investment Corporation

Securities code

8975

Location

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Executive Director

Yoshihiro Takatsuka

Portfolio

73 properties

Portfolio Value

162,719 million yen (based on acquisition price)

Fiscal Periods

November 1 - April 30 and May 1 - October 31

Asset Management Company

Name

Ichigo Real Estate Investment Advisors Co., Ltd.

President & Representative
Statutory Executive Director

Wataru Orii

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

59

MEMO

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

60

MEMO

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

61

MEMO

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

62

Disclaimer
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, anoffer to sell or a solicitation of an offer to buy any securities of Ichigo Office REIT Investment Corporation (Ichigo Office REIT).
These materials may contain forward-looking statements regarding the intent, belief or current expectations of management of
Ichigo Office REIT with respect to financial condition and future results of operations. These statements are based on certain
assumptions founded on currently available information. Accordingly, such statements are subjects to risks, uncertainties andassumptions and there is no assurance as to actual financial conditions or results of operations. Actual results may vary fromthose indicated in the forward-looking statements. Accordingly, please refrain from solely relying on these statements.
These materials have been created by the management of Ichigo Office REIT and Ichigo Real Estate Investment Advisors Co.,
Ltd. (IRE) with the belief that the information contained is accurate. However, there is no assurance given as to the accuracy,
certainty, validity or fairness of any such information. Please note that the content of these materials is subject to revision or
retraction without prior notice.
This document is a translation. If there is any discrepancy between the Japanese version and the English translation, theJapanese version shall prevail. No copying or reproduction of these materials or part of these materials is allowed withoutobtaining prior consent from Ichigo Office REIT and IRE.

Ichigo Office REIT IR Desk
TEL：03-3502-4891 FAX：03-3502-4894
IR_Office@ichigo.gr.jp
www.ichigo-office.co.jp/english
Ichigo is Japan’s first zero-carbon listed real estate company. We are taking
responsibility for our environmental footprint by offsetting our carbon emissions
and investing in low-carbon technologies such as solar energy.

© 2016 Ichigo Real Estate Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.

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