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.

October 31, 2022
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

Earnings Forecast Revision for the April 2023 Fiscal Period
Ichigo Office is revising up its April 2023 fiscal period earnings forecast announced
in the June 14, 2022 release “April 2022 Fiscal Period Earnings.”
1. April 2023 Earnings Forecast Revision(JPY million)

Operating
Revenue

Operating
ProfitRecurring
ProfitNet
IncomeDividendper Share(JPY)Previous Forecast (A)

7,793

3,818

3,038

3,037

2,076

New Forecast (B)12,150

6,993

6,201

6,200

4,098

Difference (B) - (A)+4,357+3,174+3,163+3,163+2,022% Change+55.9%+83.1%+104.1%+104.1%+97.4%Net Income per Share: JPY 4,097 (1,513,367 shares outstanding at period-end)
Note: The forecasts presented above are based on the preconditions set out below in“Preconditions for the April 2023 Earnings Forecast.” The actual operating revenue,operating profit, recurring profit, net income, and dividend may vary due to changes incircumstances. These forecasts should therefore not be construed as a guarantee of suchresults. Ichigo Office will revise the forecast should a substantial discrepancy emerge
between the forecast and actual operating results.
2. April 2023 Earnings Forecast Revision Rationale
Ichigo Office is revising up its earnings forecast to reflect the impact of the planned
December 20, 2022 sale of the Ichigo Ikenohata Building announced in today’s release“Sale of Portfolio Asset (Ichigo Ikenohata Building).” Ichigo Office is selling the asset
at a price that is 2.1 times book value and 1.9 times recent appraisal value, and expects
to record a gain on sale of JPY 4.39 billion in the April 2023 fiscal period.
There is no change to the October 2022 fiscal period earnings forecast.
1Preconditions for the April 2023 Earnings Forecast
Period April 2023: November 1, 2022 – April 30, 2023 (181 days)

Number ofAssets

 86 assets (85 assets after the sale of the Ichigo Ikenohata Building on December20, 2022)

Number ofShares 1,513,367 shares issued and outstanding as of the date of this report

OperatingRevenue Rental income is calculated conservatively based on lease contracts that are in effectas of October 31, 2022 while taking into consideration such factors as historical
rents, the competitiveness of the properties, and market conditions.
 Total occupancy: 96.8% as of April 30, 2023
 Gain on sale of the Ichigo Ikenohata Building: JPY 4,392 million (An estimate
calculated as the Sale Price minus Book Value, Brokerage Fees, IIA’s PerformanceFee, and other transaction expenses)

OperatingExpenses• Depreciation: JPY 914 million. Depreciation has been calculated using the straightline method and includes the depreciation of forecast future capital expenditures.
• Property, city planning, and depreciable asset taxes: JPY 692 million. Prorated
property and city planning taxes related to acquisitions are included in acquisitioncost.
• Building maintenance and repair expenses: JPY 124 million. However, expenses
may differ significantly from these estimated amounts for reasons including thevariability of maintenance and repair expenses, one-time costs due to unexpectedbuilding damage, etc.
• Service provider expenses, including property management fees: JPY 716 million• Performance fees: JPY 1,479 million.
• Rental expenses, Ichigo Office’s principal operating expenses (other thandepreciation, see above), are calculated based on historical data adjusted for anyanticipated changes.
• Actual operating expenses may differ significantly from these assumptions due tounforeseeable factors.

Non-OperatingExpenses• Interest expenses on loans and bonds: JPY 472 million• Other borrowing-related expenses: JPY 319 million

Interest-Bearing
Liabilities• Loans and bonds: JPY 113,107 million outstanding as of April 30, 2023

Dividend The dividend forecast assumes that dividends will comply with the dividend
distribution policy stipulated in Ichigo Office’s Articles of Incorporation.
 Total dividends for the April 2023 period are forecast to be JPY 6,202 million(unappropriated retained earnings (i.e., Net Income) of JPY 6,200 million plus JPY
105 million of negative goodwill amortization, minus a JPY 103 million provisionfrom gains on sale to the dividend reserve, subject to J-REIT conduit requirements).
 The dividend is subject to change due to changes in circumstances such as asset
acquisitions and dispositions, tenant turnover, unexpected maintenance and repair
costs and other expenses, changes in interest rates, and the issuance of new shares.

Dividend in
Excess ofEarnings

 Ichigo Office does not plan on paying any dividend in excess of earnings.

2Other This forecast assumes that there will be no further spread of the Covid pandemic,
and therefore does not reflect the potential impact of a more severe or prolonged
pandemic.
 This forecast assumes that there are no material revisions to laws and regulations,the tax system, accounting standards, listing rules of the Tokyo Stock Exchange,
and rules of the Investment Trusts Association, Japan, and no material changes inthe state of the economy and real estate market conditions.

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