Creating peace of mind through honest and committed management.

[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.

May 22, 2012
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo REIT Management Co., Ltd.
Representative: Wataru Orii, President & Representative Director
Inquiries: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891

Sale of Portfolio Asset
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has sold the below portfolio asset.
1. Sale Summary
O-36 Solon Keyakidori Building
Asset
Acquisition Date(acquisition date by pre-merger IchigoREIT)
Sale PriceBook Value
Difference between Sale Price andBook ValueContract Date
Settlement Date (expected)
Settlement Method

Real EstateNovember 1, 2011
(July 3, 2007)
590,000,000 yen (plus taxes)
786,444,649 yen (estimated as of April 30, 2012)-196,444,649 yenMay 22, 2012
June 5, 2012
Transaction by trust fiduciary (Mizuho Trust &Banking Co., Ltd.)(Note) As of today, Ichigo REIT holds the assets as a trust beneficiary right with Mizuho
Trust & Banking Co., Ltd. as the trust fiduciary. In this sale, the trust assets are to be
sold by instructing the trust fiduciary.
2. Reason for the Sale
Following its merger with the former Ichigo Real Estate Investment Corporation on November
1, 2011, Ichigo REIT has been proactively taking actions to further its growth as acomprehensive J-REIT and pursue stable and steady profitability. Ichigo REIT has defined theperiod until October 2012 as “Stage I” under this growth strategy, aiming to “Lay theFoundation for Growth” by improving portfolio quality via the strategic use of its negative
goodwill.
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Today’s asset sale was determined after analyzing the future potential of all of Ichigo REIT’sproperties based on criteria such as property age, occupancy, and maintenance cost. The salewill contribute to improving the quality of Ichigo REIT’s portfolio, thereby helping achieve oneof the goals of Stage I.
3. Use of Funds
The funds obtained through the sale will be used for partial repayment of existing borrowings
and funding future growth.
4. Summary of Property
O-36 Solon Keyakidori Building
AssetLocation

Real Estate
2-17-30 Keigo, Chuo-ku, Fukuoka
Ownership (fee simple)
685.12 m2
Commercial

Property Right
Size
Land
ZoningCoverage Ratio /80% / 400%
Floor Area Ratio
Property Right
Ownership (fee simple)
UseRetail, Office, Parking
Building
Structure
RC 7F
Total Floor Area
2,786.09 m2
Construction Date
September 14, 1989
Number of Tenants9 (as of April 30, 2012)
Monthly Rent1
3,586 thousand yen (as of April 30, 2012)
Deposit1
31,604 thousand yen (as of April 30, 2012)
Leasable Space
1,969.05 m2 (as of April 30, 2012)
Leased Space
1,053.59 m2 (as of April 30, 2012)
Occupancy
53.5 % (as of April 30, 2012)
Acquisition Price
788 million yen
Appraiser
DAIWA REAL ESTATE APPRAISAL CO., LTD.
Appraisal
DateApril 30, 2012
Value
668 million yen(Note 1) Monthly Rent and Deposit include rental income and common area fees as specified in
the lease contracts.
5. Buyer Profile
Name
ALBA CREATE CO., LTD.
Address
4-4-21, Hakataekimae, Hakata-ku, Fukuoka
Representative
President Kouki Shioyama
Capital50 million yen
Principal Businesses
DeveloperRelationship with Ichigo REIT orNone
Asset Management Company(Note) The buyer is not a “related party” as defined in the Enforcement Ordinance of theInvestment Trust and Investment Corporation Law and the internal rules of the asset
management company.
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6. Broker Profile(1) Summary
Name
Address

Ichigo Solutions Co., Ltd. (“ISL”)
The Imperial Hotel Tower, 1-1-1 Uchisaiwaicho,
Chiyoda-ku, Tokyo
Representative
Takuma Hasegawa, President & Representative Director
Capital
500 million yen
Principal Businesses
Financial Instruments Dealer, Moneylending Business,
Real Estate Business
ISL is a 100% subsidiary of Ichigo Group Holdings Co.,
Ltd., the parent company of Ichigo REIT Management
Relationship with Ichigo REIT(“IRM”), to which Ichigo REIT entrusts its asset
or Asset Management Company
management operation. In addition, ISL has in place anagreement to support both Ichigo REIT and IRM.
(Note) The broker is a “related party” as defined in the Enforcement Ordinance of theInvestment Trust and Investment Corporation Law and the internal rules of the asset
management company. Therefore, the sale procedure follows the internal rules of theasset management company.
(2) Brokerage Fee
13,275,000 yen
7. ScheduleMay 22, 2012
June 5, 2012 (expected)

Contract signing
Settlement and partial repayment of Term Loan I

8. Future Outlook
This sale will generate a loss of c. 214 million yen, and the lowered rental income after
selling this property is expected to decrease Ichigo REIT’s operating, current, and net profit
relative to its forecasts for the fiscal period ending October 2012. However, because Ichigo
REIT expects to offset these by using its negative goodwill (which totals 16.5 billion yen asof November 1, 2011), there is no change in the dividend forecast.
Portfolio Reference Information
1. Post-Sale Portfolio Summary
Before Sale (A)After Sale (B)Difference(B-A)

Occupancy
94.0%
94.5%
+0.5%
(as of March, 31 2012)
Average Building Age
21.0 years
21.0 years
0 years(as of June 5, 2012)
Diversification by Area1(Tokyo Metropolitan Area/Other72.8% / 27.2%
73.4% / 26.6%+0.6% / -0.6%
Areas) (as of June 5, 2012)(Note 1) “Tokyo Metropolitan Area” refers to “Central Tokyo” and “Tokyo Metropolitan Area.”“Other Areas” refers to “Four Major Regional Cities” and “Other Regional Cities.”3

2. Post-Sale Portfolio Assets
No.
O-01
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-13
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-25
O-26
O-27
O-28
O-29
O-30
O-33
O-34
O-35
O-37
O-38
O-39
O-40
O-42O-44
O-45

PropertyArea

COI Shinbashi Building
Central Tokyo
COI Nishisando Building
Central Tokyo
MTC Building
Central Tokyo
COI Nanpeidai Building
Central Tokyo
Joware Hanzomon
Central Tokyo
COI Hijirizaka Building
Central Tokyo
COI Shibuya Kamiyamacho Building
Central Tokyo
COI Akasaka 5 Chome Building
Central Tokyo
COI Shibazonobashi Building
Central Tokyo
COI Ebisu Nishi Building
Central Tokyo
COI Ginza 612
Central Tokyo
COI Uchikanda Building
Central Tokyo
COI Kudan-Minami Building
Central Tokyo
COI Yotsuya 4 Chome Building
Central Tokyo
COI Akasaka Tameike Building
Central TokyoDSM Jimbocho Building
Central Tokyo
DSM Nihonbashi Kakigaracho Building Central Tokyo
COI Kudan 2 Chome Building
Central Tokyo
COI Kudan 3 Chome Building
Central Tokyo
COI Gotanda Building
Central Tokyo
Benex S-2
Tokyo Metropolitan Area
COI Minami-Ikebukuro Building
Tokyo Metropolitan Area
Technos Nakano Building
Tokyo Metropolitan Area
COI Eitai Building
Tokyo Metropolitan Area
COI Yokosuka Bayside Building
Tokyo Metropolitan Area
Chitose Building
Tokyo Metropolitan Area
Route Ikebukuro Building
Tokyo Metropolitan Area
Nishi-Gotanda AccessCentral TokyoTK Kichijoji Building
Tokyo Metropolitan Area
Ibaraki Kowa Building
Other Regional Cities
COI Mei-Eki Building
Four Major Regional Cities
COI Nagoya Plaza Building
Four Major Regional Cities
COI Sendai Chuo Building
Other Regional Cities
CRD Marunouchi
Four Major Regional Cities
Toyamaeki Nishi Building
Other Regional Cities
Daihyaku Mirai-Shinkin Building
Other Regional Cities
Kearney Place Saga
Other Regional Cities
COI Takamatsu Building
Other Regional Cities
Akita Sanno 21 Building
Other Regional Cities
COI Niigata Building
Other Regional Cities
Subtotal - Office (40 Properties)
4Acquisition% ofPrice
Portfolio(mm yen)
6,110
3,254
2,740
1,920
1,550
1,200
1,505735
1,1001,917
1,773
1,140
387
550
580
1,820
1,150
763
844
5,060
1,816
1,460
764
1,490
971
2,030
639
765
2,160
604
837
4,705
510
6,710
1,650
1,100
659
3,010
560
1,830
70,368

5.87%
3.13%
2.63%
1.85%
1.49%
1.15%
1.45%
0.71%
1.06%
1.84%
1.70%
1.10%
0.37%
0.53%
0.56%
1.75%
1.11%
0.73%
0.81%
4.86%
1.75%
1.40%
0.73%
1.43%
0.93%
1.95%
0.61%
0.74%
2.08%
0.58%
0.80%
4.52%
0.49%
6.45%
1.59%
1.06%
0.63%
2.89%
0.54%
1.76%
67.65%

R-01
R-02
R-03
R-04
R-05
R-06
R-07
R-08
R-09
R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-18

ForeCity Roppongi
ForeCity Azabujuban
ForeCity Azabujuban No.2
Bureau Takanawadai
ForeCity Shirokanedai
B-Site Hamamatsucho
ForeCity Akihabara
Sweet One Court
B-site Ginza East
ForeCity Sasazuka
Gran Presso Kawadacho
ForeCity Sakurashinmachi
ForeCity Shinkamada
ForeCity Nakaochiai
ForeCity Tomigaya
ForeCity Ryogoku
ForeCity Toyosu
ForeCity Nishihonmachi

Z-01
Z-02
Z-03
Z-04
Z-05
Z-06
Z-07Z-08

Falcon Shinsaibashi Building
Fiesta Shibuya
Burc Omori
Pagoda Asakusa
Regalo Building
Lespoir 296
El Centro Sapporo
Daimyo Balcony

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Four Major Regional Cities
Subtotal - Residence (18 Properties)
Four Major Regional Cities
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Four Major Regional Cities
Four Major Regional Cities
Subtotal - Others (8 Properties)
Total

1,730
1.66%
1,140
1.10%
1,250
1.20%
1,360
1.31%
824
0.79%
701
0.67%
2,520
2.42%
786
0.76%
946
0.91%
1,050
1.01%
592
0.57%
932
0.90%
1,040
1.00%
435
0.42%
1,341
1.29%
1,080
1.04%
1,349
1.30%
927
0.89%
20,005 19.23%
3,410
3.28%
1,970
1.89%
3,218
3.09%
1,640
1.58%
1,310
1.26%
903
0.87%
558
0.54%
638
0.61%
13,647 13.12%
104,020 100.00%

This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to thepress club for the Ministry of Land, Infrastructure, Transport, and Tourism and the press club for specialty
construction newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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