Make The World
More Sustainable

June 14, 2019

April 2019 Fiscal Period Earnings
Ichigo Office REIT Investment Corporation (Tokyo Stock Exchange, 8975)
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Ichigo Investment Advisors Co., Ltd. (Asset Management Company)
Representative: Hiroshi Iwai, President
Inquiries: Masanori Kubota, Statutory Executive Officer (Finance)
Telephone: +81-3-3502-4891
Submission of Financial Report (Yuka Shoken Hokokusho): July 29, 2019 (expected)
Dividend Payment: July 22, 2019 (expected)
Supplemental Material to Financial and Business Results: Yes (Corporate Presentation)
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. Financial Results for the April 2019 Fiscal Period (November 1, 2018 to April 30, 2019)(1) Earnings(JPY million; period-on-period change)

April 2019
October 2018

Operating
ChangeRevenue
8,451+10.7%
7,632-15.8%

April 2019
October 2018

Net Income
per Share
(JPY)
2,435
1,945

Operating
ChangeProfit4,510+20.4%
3,745-27.8%
Return on Equity(6 months)
3.6%
2.9%

Recurring
ChangeProfit3,733+26.2%
2,958-33.4%
Recurring Profit toTotal Assets(6 months)
1.7%
1.3%

Net
Income3,732
2,980

Change+25.2%-32.9%

Recurring Profit toOperating Revenue
44.2%
38.8%

(2) Dividends
Dividend per
Share

April 2019
October 2018

(JPY)
2,255
2,014

Dividend per
Total
Share inDividends in
Excess ofExcess of
Payout Ratio
Earnings
Earnings(JPY million)(JPY)(JPY million)
3,455
–
–
92.6%
3,086
103.5%––
Total
Dividends

Dividend on
Equity Ratio
3.3%
3.0%

Notes:
1. April 2019 Total Dividends differ from Net Income, because Total Dividends exclude a JPY 382
million provision to dividend reserves from unappropriated retained earnings and include a JPY
105 million negative goodwill amortization.
2. October 2018 Total Dividends differ from Net Income, because Total Dividends include a JPY
105 million negative goodwill amortization.

1(3) Assets and Equity

April 2019
October 2018

Total Assets(JPY million)
225,678
221,807

Net Assets(JPY million)
103,863103,217

Net Assets per Share(JPY)
67,78367,361Equity Ratio
46.0%
46.5%

(4) Cash Flow

April 2019
October 2018

Cash Flows fromOperations

Cash Flows from
Investments

Cash Flows from
Financing(JPY million)
7,886
3,717

(JPY million)-6,595-8,086(JPY million)
-172
-196

Cash and Cash
Equivalents at Endof the Period(JPY million)
23,60522,486

2. Earnings Forecasts for the October 2019 Fiscal Period (May 1, 2019 to October 31, 2019) andthe April 2020 Fiscal Period (November 1, 2019 to April 30, 2020)(JPY million; period-on-period change)

October 2019
April 2020

October 2019
April 2020

Operating
Revenue
8,266
7,789

Change-2.2%-5.8%

Operating
Profit4,357
3,925

Change-3.4%-9.9%

Dividend per Share
(JPY)
2,140
2,095

Recurring
Profit
3,537
3,105

Net
Income3,536
3,105

Change-5.2%-12.2%

Change-5.2%-12.2%

Dividend per Share in Excess of Earnings––

Notes:
1. The forecast Net Income per Share for October 2019 is JPY 2,308, reflecting a JPY 440 million gainon sale on the Ichigo Fiesta Shibuya Building on May 30, 2019 (Net Income per Share would be
JPY 2,021 without the gain on sale). The forecast Net Income per Share for April 2020 is JPY
2,026.
2. The October 2019 dividend forecast includes a JPY 105 million negative goodwill amortizationand excludes a JPY 362 million provision to dividend reserves from unappropriated retained
earnings, so forecast Total Dividends differ from Net Income in this period.
3. The April 2020 dividend forecast includes a JPY 105 million negative goodwill amortization, so
forecast Total Dividends differ from Net Income in this period.

2

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective
Restatement(i) Changes Accompanying Amendments to Accounting Standards:(ii) Changes Not Listed in (i):(iii) Changes in Accounting Estimates:(iv) Retrospective Restatement:

None
None
None
None

(2) Number of Shares Issued and Outstanding(i) The number of shares issued and outstanding (including treasury shares) was 1,532,287
shares at the end of April 2019 and 1,532,287 shares at the end of October 2018.
(ii) There were no treasury shares at the end of April 2019 or at the end of October 2018.
Completion Status of Auditing ProceduresThis document is not subject to the auditing requirements set forth in the Financial Instruments
and Exchange Law of Japan. The auditing procedures in accordance with those requirements havethus not been completed as of the date of the publication of this document.
Appropriate Use of Performance Forecasts and Other Matters of Special Note
The forecasts presented above are current figures based on certain preconditions. Accordingly, theactual operating revenue, operating profit, recurring profit, net income, dividend per share, anddividend per share in excess of earnings may vary due to changes in circumstances. Moreover,these forecasts should not be construed as a guarantee of such performance or results.
For details on preconditions, please refer to the “Preconditions for the October 2019 and April
2020 Earnings Forecasts” on pages 4 and 5.
This English version is a translation of the original Japanese report and is provided solely for
informational purposes. Should there be any discrepancies between this translation and theJapanese original, the latter shall prevail.

3Preconditions for the October 2019 and April 2020 Earnings Forecasts
Period• October 2019: May 1, 2019 – October 31, 2019 (184 days)• April 2020: November 1, 2019 – April 30, 2020 (182 days)

Number of
Assets• 85 assets

Number of
Shares• 1,532,287 shares issued and outstanding as of the date of this report

Operating
Revenue

OperatingExpenses

Non-Operating
Expenses• Rental income is calculated conservatively based on lease contracts that are in effectas of April 30, 2019 while taking into consideration such factors as historical rents,
the competitiveness of the properties, and market conditions.
• Total occupancy: 98.3% as of October 31, 2019, and 98.5% as of April 30, 2020
• Gains on sale: JPY 440 million for October 2019
• Depreciation: JPY 838 million for October 2019 and JPY 837 million for April 2020
Depreciation has been calculated using the straight-line method and includes thedepreciation of forecast future capital expenditures.
• Property and city planning taxes: JPY 653 million for October 2019 and JPY 655
million for April 2020. Prorated property and city planning taxes related toacquisitions are included in acquisition cost.
• Building maintenance and repair expenses: JPY 132 million for October 2019 and JPY
137 million for April 2020. However, expenses may differ significantly from theseestimated amounts for reasons including the variability of maintenance and repair
expenses, one-time costs due to unexpected building damage, etc.
• Service provider expenses, including property management fees: JPY 663 million for
October 2019 and JPY 664 million for April 2020
• Performance fees: None for October 2019 and JPY 16 million for April 2020
• Rental expenses, Ichigo Office’s principal operating expenses (other thandepreciation, see above), are calculated based on historical data adjusted for any
anticipated changes.
• Actual operating expenses may differ significantly from these assumptions due tounforeseeable factors.
• Interest expenses on loans and bonds: JPY 546 million for October 2019 and JPY
537 million for April 2020
• Other borrowing-related expenses: JPY 274 million for October 2019 and JPY 282
million for April 2020

Interest-Bearing
Liabilities• Loans and bonds: JPY 108,458 million outstanding as of October 31, 2019 and JPY
108,399 million outstanding as of April 30, 2020

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 October 2019 period are forecast to be JPY 3,279 million(unappropriated earnings (i.e., Net Income) of JPY 3,536 million plus JPY 105
million of negative goodwill amortization), minus a JPY 362 million provision fromgains on sale to the dividend reserve, subject to the reserve complying with J-REIT
conduit requirements. Ichigo Office does not expect to pay any corporate tax,
because it can offset any potential tax liability with loss carry-forwards.
• Total dividends for April 2020 are forecast to be JPY 3,210 million (unappropriatedearnings (i.e., Net Income) of JPY 3,105 million plus JPY 105 million of negative
goodwill amortization).
• 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.

4

Dividend in
Excess ofEarnings

Other• Ichigo Office does not plan on paying any dividend in excess of earnings.
• This forecast assumes that there are no material revisions to laws and regulations, thetax system, accounting standards, listing rules of the Tokyo Stock Exchange, andrules of the Investment Trusts Association, Japan, and no material changes in thestate of the economy and real estate market conditions.

5Financial Statements(1) Balance Sheet(JPY thousand)
October 2018(as of October 31, 2018)
AssetsCurrent Assets
Cash and cash equivalents
Cash and cash equivalents in trust
Accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings
Depreciation
Buildings (net)
Structures
Depreciation
Structures (net)
Machinery and equipment
Depreciation
Machinery and equipment (net)Fixtures
Depreciation
Fixtures (net)Land
Buildings in trust
Depreciation
Buildings in trust (net)
Structures in trust
Depreciation
Structures in trust (net)
Machinery and equipment in trust
Depreciation
Machinery and equipment in trust (net)Fixtures in trust
Depreciation
Fixtures in trust (net)Land in trust
Construction in progress in trust
Total Property, Plant, and Equipment
Intangible Assets
Leasehold rights in trust
Total Intangible Assets

6

April 2019(as of April 30, 2019)

9,323,086
13,229,574
5,208
410,582
231,965
2,258
23,202,676

10,021,971
13,654,840
15,125428,834–
2,257
24,123,029

7,235,000-1,482,991
5,752,008
26,834-22,864
3,969
283,903-132,565
151,337
52,176-40,337
11,83817,425,755
42,869,885-6,557,635
36,312,249
62,165-27,454
34,710518,515-245,132
273,383
171,689-97,101
74,588133,082,735
754
193,123,333

7,260,271-1,592,792
5,667,479
26,834-23,8652,968
286,757-143,999
142,757
56,422-42,887
13,535
17,425,755
42,835,577-7,099,173
35,736,403
62,204-29,425
32,778574,386-261,965
312,420
192,509-110,073
82,435
136,560,928
980
195,978,444

4,494,579
4,494,579

4,494,579
4,494,579

(JPY thousand)
October 2018(as of October 31, 2018)

April 2019(as of April 30, 2019)10,000890,520
63,335
963,856
198,581,769

10,000970,693
69,4491,050,142
201,523,165

22,812
22,812
221,807,258

31,846
31,846225,678,041

719,409
14,270,145
591,670
4,140
605
95,224
1,451,818
34,324
17,167,337

642,683
16,198,215
613,798
18,834605
223,3031,476,410
22,10319,195,954

2,200,000
89,130,111
1,579,794
8,414,582
4,443
93,652
101,422,583
118,589,920

3,200,000
89,126,332
1,605,062
8,595,090
10,104
81,735
102,618,324
121,814,279

67,675,274

67,675,274

20,566,420

20,566,420

2,254,373
9,739,544
11,993,917
2,981,724
35,542,062
103,217,337
103,217,337
221,807,258

2,254,373
9,634,544
11,888,917
3,733,149
36,188,487
103,863,761
103,863,761
225,678,041

Investments and Other Assets
Tenant leasehold and security deposits
Long-term prepaid expenses
Other
Total Investments and Other Assets
Total Fixed Assets
Accrued Assets
Bond Issuance Expenses
Total Accrued Assets
Total Assets
Liabilities
Current Liabilities
Accounts payable
Long-term loans (due within one year)
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes, etc.
Advances received
Other
Total Current Liabilities
Long-Term Liabilities
Bonds
Long-term loans
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total Long-Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
Shareholders’ capital
SurplusCapital reserve surplus
Discretionary reserves
Dividend reserve
Negative goodwill
Total discretionary reserves
Unappropriated retained earnings
Total Surplus
Total Shareholders’ Equity
Total Net Assets
Total Liabilities and Net Assets

7

(2) Income Statement(JPY thousand)
October 2018
(May 1, 2018 to
October 31, 2018)
Operating Revenue
Rental income
Other rental income
Gains on sale of real estate
Total Operating Revenue
Operating Expenses
Rental expense
Asset management fee
Asset custody fee
Administrative service fee
Directors’ compensation
Other
Total Operating Expenses
Operating Profit
Non-Operating Income
Interest income
Reversal of distribution payable
Insurance payment income
Interest on tax refund
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expenses
Borrowing-related expenses
Amortization of bond issuance expenses
Other
Total Non-Operating Expenses
Recurring Profit
Extraordinary Profit
Insurance proceeds
Total Extraordinary Profit
Extraordinary Loss
Reduction in book value of a fixed asset
Total Extraordinary Loss
Pre-Tax Income
Income Taxes – Current
Total Income Taxes
Net Income
Retained Earnings Brought Forward
Unappropriated Retained Earnings

8

April 2019
(November 1, 2018 toApril 30, 2019)

6,947,280
685,072–
7,632,352

7,150,026
632,235
668,975
8,451,237

2,993,236
765,737
14,76147,641
5,040
60,474
3,886,891
3,745,461

2,990,685
807,440
14,872
43,293
5,040
79,3283,940,659
4,510,578

113
868
2,126
–
–
3,108

109
1,873
27,129661
439
30,213537,655
251,361
1,241–
790,258
2,958,311

535,727
269,9742,021
12
807,735
3,733,055

154,024
154,024––

130,854
130,854
2,981,480
605
605
2,980,875
848
2,981,724––
3,733,055
605
605
3,732,450
698
3,733,149

(3) Statement of Shareholders’ Equity
October 2018 (May 1, 2018 to October 31, 2018)(JPY thousand)Shareholders’ Equity
Surplus
Paid-In
CapitalDiscretionary Reserves
Unappropriated
Total
Retained
Dividend
Negative
Discretionary
Earnings
Reserve
Goodwill
Reserves

CapitalReserve
Surplus

Balance as of
67,675,274 20,566,420
May 1, 2018
Changes during
the Period
Increase in
Dividend
Reserve
Release from
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes––
during the Period
Balance as of
67,675,274 20,566,420
October 31, 2018

659,446

9,901,966

1,594,926-162,422

Balance as of
May 1, 2018
Changes during
the Period
Increase in
Dividend
Reserve
Release from
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes
during the Period
Balance as of
October 31, 2018

10,561,413

4,442,764 35,570,598

1,594,926-1,594,926–-162,422

162,422–-3,009,411 -3,009,411
2,980,875 2,980,875
1,594,926-162,422

1,432,504-1,461,039

2,254,373

9,739,544

11,993,917

2,981,724 35,542,062

Shareholders’ Equity
Total
Shareholders’EquityTotal
Surplus

Total Net Assets

103,245,872

103,245,872

–

–

–

–

-3,009,411
2,980,875-3,009,411
2,980,875-28,535-28,535

103,217,337

103,217,337
9-28,535

April 2019 (November 1, 2018 to April 30, 2019)(JPY thousand)Shareholders’ Equity
Surplus
Paid-In
CapitalDiscretionary Reserves
Unappropriated
Total
Retained
Dividend
Negative
Discretionary
Earnings
Reserve
Goodwill
Reserves

CapitalReserve
Surplus

Balance as of
67,675,274 20,566,420
November 1, 2018
Changes during
the Period
Release from
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes––
during the Period
Balance as of
67,675,274 20,566,420
April 30, 2019

2,254,373

9,739,544

11,993,917-105,000-105,000

Balance as ofNovember 1, 2018
Changes during
the Period
Release from
Negative
Goodwill
Reserve
Dividends
Net Income
Total Changes
during the Period
Balance as ofApril 30, 2019

2,981,724 35,542,062

105,00–-3,086,026 -3,086,026
3,732,450 3,732,450–-105,000-105,000

2,254,373

9,634,544

11,888,917

Shareholders’ Equity
Total
Shareholders’EquityTotal
Surplus

Total Net Assets

103,217,337

103,217,337––-3,086,026
3,732,450-3,086,026
3,732,450

646,424

646,424

103,863,761

103,863,761

10

751,424

646,424

3,733,149 36,188,487

Dividend Statement(JPY)
October 2018
(May 1, 2018 to
October 31, 2018)
I Unappropriated Retained Earnings

April 2019
(November 1, 2018 toApril 30, 2019)

2,981,724,275

3,733,149,050

Discretionary Reserve Reversal
Negative Goodwill Amortization
Total Dividends
III(Dividend per Share)
Discretionary Reserves
IV
Provision to Dividend Reserve

105,000,000

105,000,000

3,086,026,018(2,014)

3,455,307,185(2,255)–

382,748,608

V Retained Earnings Carried Forward

698,257

93,257II

11

(4) Cash Flow Statement(JPY thousand)April 2019
(November 1, 2018 toApril 30, 2019)

October 2018
(May 1, 2018 to
October 31, 2018)
Cash Flows from Operations:Pre-tax net income
Depreciation
Interest income
Interest expense
Early disposal and writedown of equipment
Insurance proceeds
Reduction in book value of a fixed asset
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in advances received
Decrease due to sale of property, plant, and equipmentin trust
Other
Sub-TotalInterest income received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations

2,981,480
857,196-113
537,655
269-154,024
130,854
1,178-231,965-5,3401,314-295,611
66,38775,778-194,899

3,733,055
857,127-109535,727–––-9,917
231,965-18,251-80,172
128,078
6,879
22,12824,592–

2,952,724

493,724
4,263,885
113-545,938-605
3,717,454

24,184
8,408,013
109-521,033-605
7,886,484-26,504-7,864,015
11,923-199,014-43,895-6,690,269
29,858-4,243785,265

1,927,715

Cash Flows from Investments:
Acquisition of property, plant, and equipment
Acquisition of property, plant, and equipment in trust
Increase in tenant leasehold and security deposits
Decrease in tenant leasehold and security deposits
Increase in tenant leasehold and security deposits intrust
Decrease in tenant leasehold and security deposits intrust
Net Cash from (Used for) Investments-794,282-1,814,216-8,086,626-6,595,051

Cash Flows from Financing:
Increase in long-term loans
Decrease from repayment of long-term loans
Proceeds from bond issuance
Dividends paid
Net Cash from (Used for) Financing
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period

7,446,000-4,633,329–-3,008,722-196,051-4,565,222
27,051,869
22,486,646

8,866,000-6,941,709
988,943-3,085,786-172,552
1,118,880
22,486,646
23,605,527

12

Material Matters after Closing of the Fiscal Period
1. Asset Acquisition
Ichigo Office acquired the following asset in accordance with the guidelines specified in its Articles
of Incorporation.
Ichigo Hakata East Building1
Acquisition Price2
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Seller

JPY 2.25 billion
1-13-6 Hakataeki Higashi, Hakata-ku, Fukuoka
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
May 29, 2019
May 31, 2019
Kichijoji Holdings GK

1

Ichigo Office will change the building name from Takeyama Hakata Building to Ichigo Hakata East
Building.
2
The acquisition price is the transaction price of the trust beneficiary interest (juekiken) itself anddoes not include fees and applicable property, city planning, and consumption taxes.
2. Asset Sale
Ichigo Office sold the following asset in accordance with the guidelines specified in its Articles ofIncorporation.
Ichigo Fiesta Shibuya Building
JPY 2.4 billion
Sale Price1
2
Book Value
JPY 1.960 billion
Location
3-10 Udagawacho, Shibuya-ku, Tokyo
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Contract Date
May 29, 2019
Closing Date
May 30, 2019
Buyer
Hakata GK
1

The sale price is the transaction price of the trust beneficiary interest (juekiken) itself and does notinclude fees and applicable property, city planning, and consumption taxes. Gains on Sale of JPY
440,477,000 will be recognized in the Fiscal Period ending October 2019.
2
Book value as of April 30, 201913

Earnings Forecasts
For details on the preconditions, please refer to the “Preconditions for the October 2019 and April
2020 Earnings Forecasts” on pages 4 and 5.
October 2019 Fiscal Period (May 1, 2019 to October 31, 2019)
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in Excess of Earnings

JPY 8,266 million
JPY 4,357 million
JPY 3,537 million
JPY 3,536 million
JPY 2,140–

April 2020 Fiscal Period (November 1, 2019 to April 30, 2020)
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in Excess of Earnings

JPY 7,789 million
JPY 3,925 million
JPY 3,105 million
JPY 3,105 million
JPY 2,095–

Note: The above are forecasts, and actual operating revenue, operating profit, recurring profit, net
income, and dividend per share are subject to change.

14

Notes to Balance Sheet
Negative Goodwill Amortization
Previous (October 2018) Fiscal Period(JPY thousand)

Negative Goodwill

1

InitialAmountAmount at the
Beginning of
the Period

10,432,940

9,901,966

Newly
Reserved
Amount–at theAmortized AmountEndofAmountthe Period

162,422

Use

Dividend
payment

9,739,5441

Remaining amount of negative goodwill at the end of the period, after amortizing JPY 162,422,422
pursuant to the rules of the Investment Trusts Association of Japan, which requires a negative
goodwill amortization of JPY 105,000,000 or more per period

Current (April 2019) Fiscal Period(JPY thousand)

Negative Goodwill

2

InitialAmountAmount at
the Beginningof the Period

10,432,940

9,739,544

Newly
Reserved
Amount–at theAmortize AmountEndofd Amount
the Period

105,000

9,634,5442

Use

Dividend
payment

Remaining amount of negative goodwill at the end of the period, after amortizing JPY 105,000,000
pursuant to the rules of the Investment Trusts Association of Japan, which requires a negative
goodwill amortization of JPY 105,000,000 or more per period

15Notes to Income Statement
1．Details of Rental Income

A

B

C

Real Estate Rental Income
Rental Income
Rental Income
Common Area Services Income
Parking Lot Income
Facility Use Income
Other Rental Income
Utilities Income
Other
Total Income
Real Estate Rental Expenses
Rental Expenses
Service Provider Expenses
Utilities
Trust Fees
Depreciation
Repair Expenses
Property and City Planning Taxes
Insurance
Other Rental Expenses
Total Expenses
Net Rental Income(A-B)

October 2018
(May 1, 2018 to
October 31, 2018)(JPY thousand)April 2019
(November 1, 2018 toApril 30, 2019)

5,676,610
937,777
278,461
54,431

5,837,627
973,385
281,238
57,773

638,126
46,945

6,947,280

685,072
7,632,352

668,128
642,997
34,127857,196
117,337
619,297
11,88042,271

16

580,820
51,415

7,150,026

632,235
7,782,261

668,737
611,250
34,176857,127
138,848
624,886
14,12941,5292,993,236

2,990,685

4,639,115

4,791,576

2. Details of Real Estate Sales(JPY thousand)
October 2018 Fiscal Period (May 1, 2018 to October 31, 2018)
N/A
April 2019 Fiscal Period (November 1, 2018 to April 30, 2019)
Ichigo Toyamaeki Nishi Building
Real Estate Sale Income
4,734Real Estate Sale Cost
1,250
Other Real Estate Sale Expenses
Gains on Real Estate Sale

24,17018,185

Note: Real Estate Sale Income includes JPY 11,800,110 of compensation to Ichigo Officefrom the buyer (Toyama City) for lost parking lot income as a result of the sale.
Ichigo Machida East Building
Ichigo Shin Yokohama Arena Dori Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gains on Real Estate Sale

3,600,000
2,947,990
1,219
650,789

Note: Sale Price is the total sale price of the two assets, because the buyer did not provide
consent to disclose each asset’s sale price.

17

Notes to Cash Flow Statement
1. Relationship between Cash and Cash Equivalents at End of the Period and Items Shown on the
Balance Sheet(JPY thousand)
October 2018
April 2019
(May 1, 2018 to(November 1, 2018 to
October 31, 2018)
April 30, 2019)
Cash and deposits
9,323,086
10,021,971
Cash and deposits in trust
13,229,574
13,654,840
Miscellaneous deposits-66,014-71,283
Cash and cash equivalents
22,486,646
23,605,527
Notes to Derivatives Transactions
1. Non-Hedge Accounting
N/A
2. Hedge Accounting
Previous (October 2018) Fiscal Period

Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Total

>1 year(JPY thousand)
Method ofMarket Marking
toValueMarket94,051,106

83,675,111

Note

Contract Amount–Note: Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.
Current (April 2019) Fiscal Period
Accounting Method

Transaction
Type

Hedging Target

Special Treatment
of Interest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Total

>1 year(JPY thousand)
Method ofMarket Marking
toValueMarket98,976,297

84,626,332

Note

Contract Amount–Note: Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.

18Per Share Information(JPY)
October 2018
(May 1, 2018 to
October 31, 2018)
67,361
1,945

Net Assets per ShareNet Income per Share

April 2019
(November 1, 2018 toApril 30, 2019)67,7832,435

Note: Net Income per Share is calculated based on the weighted average number of shares
during the period. There are no potentially dilutive shares outstanding. The data used
to calculate Net Income per Share are shown below.
(JPY thousand)
October 2018
April 2019
(May 1, 2018 to(November 1, 2018 to
October 31, 2018)
April 30, 2019)
Net Income
2,980,875
3,732,450
Net Income Not Attributable to––
Common Shareholders
Net Income Attributable to Common
2,980,875
3,732,450
Shareholders
Average Number of Shares in Period
1,532,287 shares
1,532,287 shares
New Share Issuance
There was no new share issuance during the April 2019 fiscal period. Below are the changes to the
Total Number of Shares for the past five years.
Date

MethodDecember 3, 20141

Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)
Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)
Public Offering
Third-Party Allotment toUnderwriter (Greenshoe)

December 24, 20142
May 1, 20153
May 27, 20154
May 23, 20165
June 22, 20166
1

Total Number of
SharesIssuedOutstanding

Issue Amount(JPY million)
ChangeTotal

95,6801,122,003+7,67933,4628,320

1,130,323+667

34,130271,700

1,402,023+23,418

57,54814,3001,416,323+1,23258,781

110,166

1,526,489+8,44967,2305,798

1,532,287+444

67,675

New shares were issued via public offering at a share price of JPY 83,167 (subscription price of
JPY 80,266) to procure funds for asset acquisitions.

2

New shares were issued via third-party allotment at a share price of JPY 80,266 to procure funds torepay debt.
3
New shares were issued via public offering at a share price of JPY 89,212 (subscription price of
JPY 86,192) to procure funds for asset acquisitions.
4
New shares were issued via third-party allotment at a share price of JPY 86,192 to procure funds torepay debt.
5
New shares were issued via public offering at a share price of JPY 79,365 (subscription price of
JPY 76,695) to procure funds for asset acquisitions.
6
New shares were issued via third-party allotment at a share price of JPY 76,695 to procure funds torepay debt.
19

Portfolio Information
Portfolio Composition
Legal Formof Asset

April 2019 Fiscal Period
Book Value4% of Total(JPY million)
8,726
3.9
4,028
1.8

Area

Central Tokyo1
Tokyo Metropolitan Area2
Real estate
Four Major Regional
Cities3
Central Tokyo1
Trust beneficiary Tokyo Metropolitan Area2
interest in real
Four Major Regional
estate (juekiken)
Cities3
Other Regional Cities
Subtotal
Deposits / Other Assets
Total Assets
1

Central Tokyo

10,4974.7

108,549
40,55848.1
18.0

17,388

7.7

10,723
200,472
25,205
225,678

4.8
88.8
11.2
100.0

Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa
Wards
2Tokyo (excluding the above six wards), Kanagawa, Chiba, andTokyo Metropolitan Area
Saitama Prefectures
3
Four Major Regional Cities Osaka, Nagoya, Fukuoka, and Sapporo
4Book Value is the respective April 30, 2019 balance sheet real estate or trust beneficiaryinterest in real estate asset value less depreciation and does not include construction inprogress and construction in progress in trust.

20

Portfolio Asset Details

No.
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-26

Area

Asset
Type

Asset Name

Nishisando
Central Tokyo Office Ichigo
Building
Mita
Central Tokyo Office Ichigo
Building
Nanpeidai
Central Tokyo Office Ichigo
Building
HanzomonCentral Tokyo Office Ichigo
Building
Hijirizaka
Central Tokyo Office Ichigo
Building
Ichigo Shibuya
Central Tokyo Office Kamiyamacho
Building
Akasaka 5
Central Tokyo Office Ichigo
Chome Building
Shibakoen
Central Tokyo Office Ichigo
Building
Ebisu
Central Tokyo Office Ichigo
Nishi Building
Ginza 612
Central Tokyo Office Ichigo
Building
Uchikanda
Central Tokyo Office Ichigo
Building
Yotsuya 4
Central Tokyo Office Ichigo
Chome Building
TameikeCentral Tokyo Office Ichigo
Building
Jimbocho
Central Tokyo Office Ichigo
Building
HakozakiCentral Tokyo Office Ichigo
Building
Kudan 2Central Tokyo Office Ichigo
Chome Building
Kudan 3Central Tokyo Office Ichigo
Chome Building
GotandaCentral Tokyo Office Ichigo
Building
Ichigo ShinTokyo
OfficeYokohama
Metro Area
Building
Tokyo
Metro Area
Tokyo
Metro Area
Tokyo
Metro Area
Tokyo
Metro Area

Ichigo Minami
Office Ikebukuro
Building
NakanoOffice Ichigo
North Building
Eitai
Office Ichigo
Building
Ikejiri
Office Ichigo
Building(as of April 30, 2019)
Total Rental
Occupancy3 No. of
Income5
4(JPY
Tenants(%)
thousand)

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

4,564.63

4,564.63

100.0

16

132,420

4,119.63

4,119.63

100.0

9122,778

1,925.24

1,925.24

100.0

13

79,4632,080.37

2,080.37

100.0

659,9201,947.90

1,947.90

100.0

658,9201,321.54

1,321.54

100.0

452,084683.86683.86100.0

928,181

1,602.29

1,602.29

100.0

436,8691,484.39

1,484.39

100.0

870,342

1,387.09

1,387.09

100.0

25

64,696

1,378.83

1,117.75

81.1

8

46,267780.64780.64100.0

1020,652494.14494.14100.0

620,2801,891.01

1,891.01

100.0

875,263

2,387.34

2,387.34

100.0

754,4001,288.31

1,288.31

100.0

127,487

1,302.43

1,302.43

100.0

535,6105,346.39

5,346.39

100.0

14

208,035

4,021.32

3,927.46

97.7

14

79,957

1,491.51

1,491.51

100.0

10

53,5771,250.85

1,250.85

100.0

637,9472,605.54

2,605.54

100.0

10

63,872

2,385.69

2,385.69

100.0

582,307

21

No.

O-27
O-28
O-29
O-34
O-37
O-38
O-39
O-42
O-46
O-47
O-48
O-49
O-50
O-51
O-52
O-53
O-54
O-55

Area

Asset
Type

Asset Name

Ichigo Nishi
Office Ikebukuro
Building
Nishi
Central Tokyo Office Ichigo
Gotanda Building
Tokyo
Ichigo Kichijoji
Metro Area Office Building
Four Major
Ichigo Sakae
Regional Cities Office Building
Four Major Office Ichigo
Marunouchi
Regional Cities
Building
Tokyo
Metro Area

Other Regional Office Ichigo Toyamaeki
CitiesNishi Building
Other Regional Office Ichigo Mirai
Cities
Shinkin Building
Other Regional Office Ichigo Takamatsu
CitiesBuilding
Ichigo Kanda
Central Tokyo Office Nishikicho
Building
Akihabara
Central Tokyo Office Ichigo
North Building
Sakaisuji
Four Major Office Ichigo
HonmachiRegional Cities
Building

Ichigo Kanda
Central Tokyo Office Ogawamachi
Building
Hatchobori
Central Tokyo Office Ichigo
Building
Green
Central Tokyo Office Ebisu
Glass
Omori
Central Tokyo Office Ichigo
Building
IchigoCentral Tokyo Office Takadanobaba
Building
Tokyo
Ichigo Omiya
Metro Area Office Building
IchigoTokyo
OfficeSagamihara
Metro Area
Building

Tokyo
Ichigo Ofuna
Metro Area Office Building
Other
Ichigo Sendai
O-57 Regional Cities Office East Building
Other
Ichigo Kumamoto
O-58 Regional Cities Office Building
Ichigo Jingumae
O-59 Central Tokyo Office Building
O-56

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

1,261.91

1,261.91

100.0

131,5401,329.06

1,329.06

100.0

934,1284,210.87

4,210.87

100.0

13

114,171

3,928.12

3,928.12

100.0

19

219,2078,009.11

8,009.11

100.0

23

232,704

8,601.71

8,390.28

97.5

14

123,741

3,551.46

3,387.38

95.4

21

78,663

6,329.33

6,156.81

97.3

13

152,182

2,523.09

2,523.09

100.0

10

91,8436,250.53

6,250.53

100.0

1

214,327

3,729.35

3,729.35

100.0

17

93,0862,295.57

2,295.57

100.0

981,6692,697.36

2,697.36

100.0

791,702

3,159.27

3,159.27

100.0

2161,993

3,585.92

3,585.92

100.0

8

131,656

1,606.92

1,606.92

100.0

862,474

6,180.68

6,180.68

100.0

30

159,472

2,960.81

2,960.81

100.0

13

60,1282,364.71

2,364.71

100.0

994,134

5,205.49

4,970.82

95.5

10

102,104

4,507.59

4,396.63

97.5

31

86,6334,510.04

4,510.04

100.0

7

203,500

22

Occupancy3 No. of
Tenants4(%)

Total Rental
Income5(JPY
thousand)

No.

Area

Asset
Type

Asset Name

O-67

Ichigo Shibuya
Central Tokyo Office Dogenzaka
Building
IchigoHiroo
Central Tokyo Office Building
SasazukaCentral Tokyo Office Ichigo
Building
Nihonbashi
Central Tokyo Office Ichigo
East Building
IchigoCentral Tokyo Office Sakurabashi
Building
Shinkawa
Central Tokyo Office Ichigo
Building
Kudan
Central Tokyo Office Ichigo
Building
HigashiCentral Tokyo Office Ichigo
Gotanda Building

O-68

Central Tokyo Office Axior Mita

O-60
O-61
O-62
O-63
O-64
O-65
O-66

O-69
O-70
O-71
O-72
O-73
O-74

Ichigo Higashi
Office Ikebukuro
Building
Other Regional Office Koriyama Big-i
Cities(Office Section)
Tokyo Metro Office Ichigo Kawasaki
Area
Building
ShibuyaCentral Tokyo Office Ichigo
East Building
Ningyocho
Central Tokyo Office Ichigo
Building
Nishi
Four Major Office Ichigo
HonmachiRegional Cities
Building
Tokyo
Metro Area

Four Major
Ichigo Hakata
O-75 Regional Cities Office Building
Four Major
Ichigo Nishiki
O-76 Regional Cities Office First Building
Tokyo
Ichigo Ikenohata
O-77
Metro Area Office Building
Tokyo
Ichigo Ikebukuro
O-78
Metro Area Office East Building
Ichigo Motoazabu
O-79 Central Tokyo Office Building
Tokyo
Ichigo Otsuka
O-80
Metro Area Office Building
Four Major
Ichigo Nagoya
O-81 Regional Cities Office Building
Four Major
Ichigo Fushimi
O-82 Regional Cities Office Building
Four Major
Ichigo Nishiki
O-83 Regional Cities Office Building

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

2,789.86

2,789.86

100.0

9125,778

3,510.44

3,510.44

100.0

5133,9036,425.29

6,425.29

100.0

6

183,552

4,216.97

4,216.97

100.0

7147,325

2,971.22

2,971.22

100.0

683,403

2,312.03

2,312.03

100.0

676,0133,090.65

3,090.65

100.0

9103,195

4,548.10

4,548.10

100.0

18

130,1312,369.82

2,369.82

100.0

12

68,1394,472.00

4,472.00

100.0

20

160,056

3,433.07

3,433.07

100.0

14

103,118

3,710.17

3,710.17

100.0

17

90,846

1,041.36

1,041.36

100.0

341,9301,769.09

1,769.09

100.0

846,542

6,152.00

6,152.00

100.0

31

106,5122,423.86

2,423.86

100.0

28

52,9683,324.70

3,324.70

100.0

569,106

5,504.15

5,504.15

100.0

7

162,527

3,118.69

3,118.69

100.0

3

94,4601,329.96

1,329.96

100.0

353,147

3,679.70

3,679.70

100.0

791,2654,930.30

4,930.30

100.0

36

150,447

4,155.57

3,929.11

94.6

39

88,0752,006.78

2,006.78

100.0

23

49,17323

Occupancy3 No. of
Tenants4(%)

Total Rental
Income5(JPY
thousand)

No.

Area

Asset
Type

Asset Name

Ichigo Minami
Four Major
O-84 Regional Cities Office Morimachi
Building

O-89

Ichigo Shibuya
Central Tokyo Office Udagawacho
Building
GotandaCentral Tokyo Office Win
Building
Tokyo
Ichigo Hongo
Metro Area Office Building
CenterCentral Tokyo Office Oimachi
Building
GotandaCentral Tokyo Office Win
Building 2

O-90

Central Tokyo Office MIF Building

O-85
O-86
O-87
O-88

Ichigo Uchi
Four Major
O-91 Regional Cities Office Honmachi
Building
Tokyo
Metro Area

O-92

Minami
Office Ichigo
Otsuka Building

NogizakaCentral Tokyo Office Ichigo
Building
FiestaCentral Tokyo Other Ichigo
Shibuya Building
Tokyo
MachidaOther Ichigo
Metro Area
East Building6
Other Regional Other Konami Sports
CitiesClub Izumi Fuchu
Ichigo Shibuya
Central Tokyo Other Bunkamura Dori
Building
TwicereTokyo
Other Yokohama Isogo
Metro Area
(Retail Section)

O-93
Z-02
Z-05
Z-09
Z-10
Z-11
Z-12

Tokyo
Metro Area

SquareOther Lions
Kawaguchi

Z-13

Tokyo
Metro Area

Z-14

Tokyo
Metro Area

Ichigo Shin
Other Yokohama Arena
Dori Building6
KamataOther Ichigo
Building
Total

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

2,521.51

2,521.51

100.0

12

47,353

1,491.48

1,491.48

100.0

885,0303,689.88

3,689.88

100.0

11

111,474

2,722.58

2,722.58

100.0

782,031

2,751.08

2,751.08

100.0

872,942

3,433.16

3,433.16100.0

9106,084

1,690.33

1,690.33

100.0

760,9803,004.07

2,725.11

90.7

16

58,6183,127.84

3,127.84

100.0

953,0892,175.88

2,175.88

100.0

554,1391,185.85

1,185.85

100.0

10

70,769––––18,367

3,733.68

3,733.68

100.0

163,000778.77778.77100.0

475,8682,717.77

2,717.77

100.0

881,953

7,788.09

7,788.09

100.0

3

121,997

–

–

–

–

21,016

2,124.68

2,124.68

100.0

253,516

264,762.27 263,008.25

99.3

921

7,782,261

1

Occupancy3 No. of
Tenants4(%)

Leasable Area is subject to minor adjustments due to renovations or rental contract terms.
Leased Area is the total space that is leased as of April 30, 2019.
3
Occupancy is the ratio of Leased Area to Total Leasable Area.
2

24

Total Rental
Income5(JPY
thousand)4No. of Tenants is the number of tenants that have a valid lease contract in place with Ichigo Office(including trust structures owned by Ichigo Office). The number of tenants is counted as one where
there is a master lease contract in place with a master lease company other than Ichigo Office.
5
Total Rental Income is the total of rental income, common area services income, parking lot
income, and other related income generated from the property.
6
The building was sold on December 20, 2018.

25

Book Value and Appraisal Value of Portfolio Assets(as of April 30, 2019)
No.
O-02

O-03

O-04

O-05

O-06
O-07

Asset Name

Location

Form ofOwnership

Trust
Ichigo Nishisando Yoyogi, Shibuya-ku, beneficiary
BuildingTokyo
interest in realestateTrust
Ichigo Mita
Shiba, Minato-ku,
beneficiary
BuildingTokyo
interest in realestateTrust
Ichigo Nanpeidai Nanpeidaicho,
beneficiary
Building
Shibuya-ku, Tokyo
interest in realestateTrust
Ichigo Hanzomon Hayabusacho,
beneficiary
Building
Chiyoda-ku, Tokyo
interest in realestateTrust
Ichigo Hijirizaka Mita, Minato-ku,
beneficiary
BuildingTokyo
interest in realestateIchigo Shibuya
Kamiyamacho,
Kamiyamacho
Real estate
Shibuya-ku, Tokyo
Building

Appraisal
Book
Value1
Value2(JPY million) (JPY million)% ofPortfolio3

3,280

3,363

1.7

3,580

2,725

1.4

2,600

1,917

1.0

1,940

1,510

0.8

1,440

1,220

0.6

1,860

1,373

0.7

Real estate

826

720

0.4

Real estate

1,130

1,100

0.5

Real estate

2,480

1,925

1.0

O-10

Ichigo Akasaka 5
Chome Building
Ichigo Shibakoen
Building
Ichigo Ebisu
Nishi Building

Akasaka,Minato-ku, Tokyo
Shiba,
Minato-ku, Tokyo
Ebisu-Nishi,
Shibuya-ku, Tokyo

O-11

Ichigo Ginza 612
Building

Ginza, Chuo-ku,
Tokyo

Trust
beneficiaryinterest in realestate

2,030

1,777

0.9

O-12

Ichigo Uchikanda
Building

Uchikanda,
Chiyoda-ku, Tokyo

Real estate

1,210

1,122

0.6

O-14

Ichigo Yotsuya 4
Chome Building

Yotsuya,
Shinjuku-ku, Tokyo

Trust
beneficiaryinterest in realestate

576

510

0.3

O-15

Ichigo Tameike
Building

Akasaka,Minato-ku, Tokyo

Real estate

688

524

0.3

O-16

Ichigo Jimbocho
Building

Kanda Jimbocho,
Chiyoda-ku, Tokyo

2,380

1,809

0.9

O-17

Ichigo Hakozaki
Building

Nihonbashi
Kakigaracho,
Chuo-ku, Tokyo

1,150

1,147

0.6

O-18

Ichigo Kudan 2
Chome Building

Kudan Minami,
Chiyoda-ku, Tokyo

936

733

0.4

O-08
O-09

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestate26

No.

Asset Name

Location

O-19

Ichigo Kudan 3
Chome Building

Kudan Minami,
Chiyoda-ku, Tokyo

O-20

Ichigo Gotanda
Building

Higashi Gotanda,
Shinagawa-ku,
Tokyo

O-21

Ichigo ShinYokohama
Building

Shin Yokohama,
Kohoku-ku,
Yokohama

O-22

Ichigo Minami
Ikebukuro
Building

Minami Ikebukuro,
Toshima-ku, Tokyo

O-23

Ichigo Nakano
North Building

Arai, Nakano-ku,
Tokyo

O-24

Ichigo Eitai
Building
Ichigo Ikejiri
Building
Ichigo Nishi
Ikebukuro
Building

Eitai, Koto-ku,
Tokyo
Ohashi,
Meguro-ku, Tokyo

Form ofOwnership
Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateAppraisal
Book
Value1
Value2(JPY million) (JPY million)% ofPortfolio3

851

822

0.4

6,260

4,860

2.4

1,920

1,700

0.8

1,660

1,380

0.7

885

739

0.4

Real estate

1,270

1,469

0.7

Real estate

2,230

1,954

1.0

Ikebukuro,
Toshima-ku, Tokyo

Real estate

957

604

0.3

O-28

Ichigo Nishi
Gotanda Building

Nishi Gotanda,
Shinagawa-ku,
Tokyo

826

759

0.4

O-29

Ichigo Kichijoji
Building

Kichijoji Honcho,Musashino City,
Tokyo

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestate

2,810

2,200

1.1

O-34

Ichigo Sakae
Building
IchigoMarunouchi
Building

Sakae, Naka-ku,
NagoyaMarunouchi,
Naka-ku,
NagoyaReal estate

6,490

4,689

2.3

Real estate

7,700

5,808

2.9

1,730

1,494

0.7

1,310

1,153

0.6

3,500

2,357

1.2

2,930

2,004

1.0

O-26
O-27

O-37
O-38

Honmachi,
Ichigo Toyamaeki Jinzu
ToyamaCity,
Nishi Building
ToyamaO-39

Ichigo Mirai
Shinkin Building

Niagemachi,
Oita City, Oita

O-42

Ichigo Takamatsu
Building

Kotobukicho,
Takamatsu City,
KagawaO-46

Ichigo Kanda
Nishikicho
Building

Kanda-Nishikicho,
Chiyoda-ku, Tokyo

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestate27

Location

Form ofOwnership

IchigoO-47 Akihabara North
Building

Sotokanda,
Chiyoda-ku,
Tokyo

Ichigo Sakaisuji
O-48 Honmachi
Building

Honmachi,Chuo-ku,
Osaka

Ichigo Kanda
O-49 Ogawamachi
Building

KandaOgawamachi,
Chiyoda-ku,
Tokyo

IchigoO-50 Hatchobori
Building

Shintomi,
Chuo-ku, Tokyo

Green
O-51 Ebisu
Glass

Ebisu Minami,
Shibuya-ku, Tokyo

Omori
O-52 Ichigo
Building

Minami Oi,
Shinagawa-ku,
Tokyo

IchigoO-53 Takadanobaba
Building

Takadanobaba,
Shinjuku-ku,
Tokyo

Omiya
O-54 Ichigo
Building

Miyacho,Omiya-ku,
Saitama City,
SaitamaIchigoO-55 Sagamihara
Building

Sagamihara, Chuoku, Sagamihara
City, Kanagawa

Ofuna
O-56 Ichigo
Building

Ofuna,
Kamakura City,
Kanagawa

SendaiO-57 Ichigo
East Building

Miyagino,
Miyagino-ku,
Sendai, Miyagi

IchigoO-58 Kumamoto
Building

Karashimacho,
Chuo-ku,
Kumamoto City,
Kumamoto

Jingumae
O-59 Ichigo
Building

Jingumae,
Shibuya-ku, Tokyo

Ichigo Shibuya
O-60 Dogenzaka
Building

Maruyamacho,
Shibuya-ku, Tokyo

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateNo.

Asset Name

28

Appraisal
Value1(JPY million)

Book Value2(JPY million)% ofPortfolio3

6,970

5,576

2.8

2,320

1,787

0.9

2,480

2,195

1.1

2,620

1,814

0.9

6,720

5,832

2.9

4,230

3,796

1.9

1,890

1,586

0.8

4,020

3,625

1.8

1,250

1,220

0.6

2,480

1,945

1.0

2,100

1,674

0.8

1,580

1,472

0.7

8,050

7,413

3.7

5,140

3,670

1.8

No.

Asset Name

Hiroo
O-61 Ichigo
Building
Sasazuka
O-62 Ichigo
Building
IchigoO-63 Nihonbashi East
Building
IchigoO-64 Sakurabashi
Building
Shinkawa
O-65 Ichigo
Building
Kudan
O-66 Ichigo
Building
Ichigo Higashi
O-67 Gotanda
Building
O-68 Axior Mita
Ichigo Higashi
O-69 Ikebukuro
Building
Big-i
O-70 Koriyama(Office Section)
Kawasaki
O-71 Ichigo
Building
ShibuyaO-72 Ichigo
East Building
IchigoO-73 Ningyocho
Building
Ichigo Nishi
O-74 Honmachi
Building

Location

Form ofOwnership

Trust
Hiroo,
beneficiary
Shibuya-ku, Tokyo interest in realestateTrust
Sasazuka,
beneficiary
Shibuya-ku, Tokyo interest in realestateTrust
Nihonbashi
beneficiary
Bakurocho,
interest in real
Chuo-ku, Tokyo
estateTrust
Hatchobori,
beneficiary
Chuo-ku, Tokyo
interest in realestateTrust
Shinkawa,
beneficiary
Chuo-ku, Tokyo
interest in realestateTrust
Kanda Jimbocho,
beneficiary
Chiyoda-ku,
interest in realTokyoestate
Trust
Higashi Gotanda,
beneficiary
Shinagawa-ku,
interest in realTokyoestateTrust
Mita, Minato-ku,
beneficiaryTokyo
interest in realestateHigashi Ikebukuro, Trust
beneficiary
Toshima-ku,
interest in realTokyoestateTrust
Ekimae, Koriyama beneficiary
City, Fukushima
interest in realestateHigashi Tamachi,
Trust
Kawasaki-ku,
beneficiary
Kawasaki City,
interest in real
Kanagawa
estate
Trust
Higashi,beneficiary
Shibuya-ku, Tokyo interest in realestateTrust
Nihonbashi
beneficiary
Horidomecho,interest in real
Chuo-ku, Tokyo
estateTrust
Awaza, Nishi-ku,
beneficiary
Osakainterest in realestate29

Appraisal
Value1(JPY million)

Book Value2(JPY million)% ofPortfolio3

4,580

4,002

2.0

5,620

4,895

2.4

5,470

4,547

2.3

3,000

2,576

1.3

2,870

2,387

1.2

3,480

3,218

1.6

4,180

3,661

1.8

2,260

1,752

0.9

5,070

4,614

2.3

2,110

1,488

0.7

2,130

1,777

0.9

1,570

1,351

0.7

1,580

1,482

0.7

2,450

2,143

1.1

No.

Asset Name

HakataO-75 Ichigo
Building
Nishiki
O-76 Ichigo
First Building
Ikenohata
O-77 Ichigo
Building
IchigoO-78 Ikebukuro East
Building
IchigoO-79 Motoazabu
Building
OtsukaO-80 Ichigo
Building
NagoyaO-81 Ichigo
Building
Fushimi
O-82 Ichigo
Building
NishikiO-83 Ichigo
Building
Ichigo Minami
O-84 Morimachi
Building
Ichigo Shibuya
O-85 Udagawacho
Building
GotandaO-86 Win
Building
Hongo
O-87 Ichigo
Building
Center
O-88 Oimachi
Building

Location

Form ofOwnership

Trust
beneficiaryinterest in realestateTrust
Nishiki, Naka-ku,
beneficiary
Nagoyainterest in realestateTrust
Ikenohata,
beneficiary
Taito-ku, Tokyo
interest in realestateHigashi Ikebukuro, Trust
beneficiary
Toshima-ku,
interest in realTokyoestateTrust
Motoazabu,
beneficiary
Minato-ku, Tokyo interest in realestateTrust
Minami Otsuka,
beneficiary
Toshima-ku,
interest in realTokyoestateTrust
Meieki,beneficiary
Nakamura-ku,
interest in real
NagoyaestateTrust
Nishiki, Naka-ku,
beneficiary
Nagoyainterest in realestateTrust
Nishiki, Naka-ku,
beneficiary
Nagoyainterest in realestateTrust
Matsugaecho,beneficiary
Kita-ku, Osakainterest in realestateTrust
Udagawacho,
beneficiary
Shibuya-ku,
interest in realTokyoestateTrust
Nishi Gotanda,
beneficiary
Shinagawa-ku,
interest in realTokyoestateTrust
Hongo,
beneficiary
Bunkyo-ku,
interest in realTokyoestateTrustOi, Shinagawa-ku, beneficiaryTokyo
interest in realestateGionmachi,
Hakata-ku,
Fukuoka

30

Appraisal
Value1(JPY million)

Book Value2(JPY million)% ofPortfolio3

1,500

1,365

0.7

2,100

1,976

1.0

5,390

5,140

2.6

3,240

2,985

1.5

2,050

1,905

1.0

2,940

2,728

1.4

3,850

3,483

1.7

2,450

2,330

1.2

1,430

1,292

0.6

1,140

1,014

0.5

4,060

3,595

1.8

3,280

3,110

1.6

2,390

2,299

1.1

1,910

1,699

0.8

Asset Name

Location

Form ofOwnership

GotandaO-89 Win
Building 2

Osaki,
Shinagawa-ku,
Tokyo

O-90 MIF Building

Uchikanda,
Chiyoda-ku,
Tokyo

Ichigo Uchi
O-91 Honmachi
Building

Uchi Honmachi,
Chuo-ku,
Osaka

MinamiO-92 Ichigo
Otsuka Building

Minami Otsuka,
Toshima-ku,
Tokyo

Nogizaka
O-93 Ichigo
Building

Akasaka,Minato-ku,
Tokyo

Ichigo Fiesta
Z-02 Shibuya
Building

Udagawacho,
Shibuya-ku,
Tokyo

Trust
beneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateKonami Sports
Z-09 Club Izumi
Fuchu

Fuchucho,
Izumi City, Osaka

No.

Real estate

Trustbeneficiaryinterest in realestateTrust
Ichigo Shibuya
Udagawacho,
Z-10 Bunkamura Dori Shibuya-ku, Tokyo beneficiaryinterest in real
Building
estate
Trust
TwicereMori,
Isogo-ku,
beneficiaryZ-11 Yokohama Isogo Yokohamainterest in real
(Retail Section)
estateTrust
Motogo,Lions
SquarebeneficiaryZ-12 Kawaguchi
Kawaguchi City,
interest in real
SaitamaestateTrust
IchigoKamataNishi
Kamata,beneficiaryZ-14 Building
Ota-ku, Tokyo
interest in realestateTotal
1Appraisal
Value1(JPY million)

Book Value2(JPY million)% ofPortfolio3

3,530

3,308

1.7

2,330

2,207

1.1

2,110

1,994

1.0

3,080

2,875

1.4

3,580

3,334

1.7

2,210

1,960

1.0

1,440

1,083

0.5

3,220

2,462

1.2

1,880

1,509

0.8

2,520

2,370

1.2

1,520

1,444

0.7

234,805

200,472

100.0

Pursuant to Ichigo Office’s internal rules and the rules of the Investment Trusts Association of Japan,
Appraisal Value at period-end is either an appraisal value or an indicative value from the Japan Real
Estate Institute, Daiwa Real Estate Appraisal, Tanizawa Sōgō Appraisal, or Rich Appraisal Institute.
2
Book Value at period-end does not include construction in progress and construction in progress in trust.
3% of Portfolio is based on book value.

31