Ichigo Preserves and Improves Real Estate[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

January 10, 2019
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, PresidentInquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4891

Ichigo Office Portfolio Occupancy (Flash Data) – December 2018

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

November 2018
(Final: A)

December 2018
(Flash: B)

Difference(B) - (A)

99.1%
99.0%
100%
99.4%

99.3%
99.2%
100%
99.6%

+0.2%
+0.2%
–+0.2%

99.4%

99.9%

+0.5%

98.6%

98.6%

–

98.3%

98.3%

–85920263,438.59m2
261,090.93m2

85922
264,500m2
262,700m2–+2

Notes:
1. The above figures are month-end and have not been audited.
2. Leasable Area is the total area of properties available for leasing. It is subject tominor adjustments due to renovations or variations in rental contract terms.
3. Central Tokyo refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa
Wards. Tokyo Metropolitan Area refers to Tokyo (excluding the six wards above),
Kanagawa, Chiba, and Saitama Prefectures. Four Major Regional Cities refers toOsaka, Nagoya, Fukuoka, and Sapporo.

1Explanation of Changes
Occupancy increased for Office, Central Tokyo, Tokyo Metropolitan Area, and the total
portfolio due to new tenants at the Ichigo Ginza 612 Building, Ichigo Jimbocho
Building, and Ichigo Nakano North Building.
Leasable area also increased as a result of the December 20 sale of two retail assets,December 21 acquisition of the Ichigo Minami Otsuka Building, and December 28
acquisition of the Ichigo Nogizaka Building. For details of the asset sales andacquisitions, please refer to the December 14, 2018 release “Acquisition of Two Office
Assets and Sale of Two Non-Office Assets.”
Value-Add Actions
Ichigo Office has successfully leased up its seventh Ichigo Layout Office, located in theIchigo Jimbocho Building. Ichigo Layout Office is a service that differentiates Ichigo
buildings from those of its competitors by providing fully-fitted offices to acceleratetenant move-ins and reduce tenant costs.
The Ichigo Layout Office at the Ichigo Jimbocho Building is a high-quality office spacethat offers flexibility to startups in the growth stage by including features such as mobilefurniture to allow tenant layout changes to accommodate new employees. After holding
private viewings and receiving interest from multiple tenants, Ichigo Office leased thespace to a growing IT company at a rent that generates a significant return on Ichigo’svalue-add investment.
Ichigo Office will continue to carry out value-add capex tailored to tenant needs toincrease tenant satisfaction and drive higher earnings for shareholders.
Ichigo Jimbocho Building (Chiyoda-ku, Tokyo) – Ichigo Layout Office

Investment & OutcomesCapex

JPY 14M

Rent Increase+75.0%

NOI Increase+JPY 6.1M p.a.

ROI

41.9%

2