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.

September 28, 2015
REIT Issuer
Ichigo Office REIT Investment Corporation (8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration & Statutory Executive Officer
Tel: 03-3502-4891

Notice of New Loans, Interest Rate Swap, and Repayment of Existing Loans
Ichigo Office REIT decided today to borrow funds via new loans and repay existing loans.
1. Reason for New Loans
Ichigo Office REIT is continually working to improve its financing terms, and has had a specificobjective of converting its loans to non-collateralized borrowing in order to diversify its fundingand support further asset acquisitions.
With these new loans, Ichigo Office REIT has successfully achieved this non-collateralization,
as also detailed in today’s release, “Non-Collateralization of All Ichigo Office REIT Loans.”
The repayments today include partial repayments, and cash-on-hand will be used for therepayments to supplement today’s borrowings.
2. Loan Details
Syndicate Loan I-A
Lenders

Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date
Principal Repayment Terms

Sumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; Aozora Bank, Ltd.; Resona Bank,Ltd.; The Bank of Tokyo-Mitsubishi UFJ, Ltd.;
Mizuho Trust & Banking Co., Ltd.; ORIX BankCorporation
4,914 million yen
Repayment of existing loan
September 30, 2015
March 31, 20211
2,457,000 yen of the principal will be repaid on
each Partial Principal Repayment Date; theremainder will be repaid in full on the Principal
Repayment Date.

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Partial Repayment Date

Interest Rate
Interest Payment Date

Collateralized

Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be October 31, 2015 and thelast payment date will be the same as thePrincipal Repayment Date)
1M JPY TIBOR + 0.65 % (p.a.)
Final business day of each month following theLoan Date (the first payment date will be
October 31, 2015 and the last payment date willbe the same as the Principal Repayment Date)
No

1 In the event the date is not a business day, repayment shall be made on the next business day. If

the next business day is in the following month, then repayment shall be made on the priorbusiness day.
Syndicate Loan I-B
Lenders
Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date
Principal Repayment Terms

Partial Repayment Date

Interest Rate
Interest Payment Date

Collateralized

The Kagawa Bank, Ltd.
1, 330 million yen
Repayment of existing loan
September 30, 2015 (Expected)
March 31, 20201
7,000,000 yen of the principal will be repaid on
each Partial Principal Repayment Date; theremainder will be repaid in full on the Principal
Repayment Date.
Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be October 31, 2015 and thelast payment date will be the same as thePrincipal Repayment Date)
1M JPY TIBOR + 0.60 % (p.a.)2Final business day of each month following theLoan Date (the first payment date will beOctober 31, 2015 and the last payment date willbe the same as the Principal Repayment Date)
No

1 In the event the date is not a business day, repayment shall be made on the next business day. If

the next business day is in the following month, then repayment shall be made on the priorbusiness day.
2The interest rate from September 30, 2015 to October 29, 2015 is 0.73%. Ichigo Office REIT
will disclose the interest once it has been determined.
3. Interest Rate Swap(a) ReasonTo fix the interest payment amount of Syndicate Loan I-A and hedge against a rise ininterest rates.
(b) Swap Details
Syndicate Loan I-A
Counterparty

Mizuho Bank, Ltd.

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Notional Principal

4,914 million yen (Amortized by 2,457,000 yen
on each Interest Payment Date)
Interest Rate
Fixed Interest Rate: 0.985%
Floating Interest Rate: 1M JPY TIBOR + 0.65%
Contract Date
September 28, 2015
Commencement Date
September 30, 2015
Termination Date
March 31, 2021 (Expected)
Interest Payment Date
Final business day of each month following theLoan Date (the first payment date will be
October 31, 2015 and the last payment date willbe the same as the Principal Repayment Date)(Note) The effect of the interest rate swap is to fix the interest rate of the above loan at 0.985%.
4. Loan Repayment Details
SMBC Syndicate Loan I (Term Loan 3)
Lenders

Initial Loan AmountCurrent Outstanding Amount
Repayment Amount
Outstanding Amount after Repayment
Loan Execution Date
Principal Repayment Date
Repayment Execution Date
Interest Rate
CollateralizedSumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; Mizuho Trust & Banking Co., Ltd.;
Resona Bank, Ltd.; Aozora Bank, Ltd.; TheTokyo Star Bank, Limited; ORIX Bank
Corporation
7,000 million yen
4,047,350,000 yen (As of September 30, 2015)
4,047,350,000 yen
NoneJanuary 31, 2013
October 31, 2015
September 30, 2015
3M JPY TIBOR + 1.00 % (p.a.)
Yes

SMBC Syndicate Loan I (Term Loan 4)
Lenders

Initial Loan AmountCurrent Outstanding Amount
Repayment Amount
Outstanding Amount after Repayment
Loan Execution Date
Principal Repayment Date
Repayment Execution Date
Interest Rate
CollateralizedSumitomo Mitsui Banking Corporation; Mizuho
Trust & Banking Co., Ltd.; Resona Bank, Ltd.;The Tokyo Star Bank, Limited
7,000 million yen
4,047,340,000 yen (As of September 30, 2015)
867,320,000 yen
3,180,020,000 yen
January 31, 2013
October 31, 2017
September 30, 2015
1.64777% (Fixed)
Yes

Kagawa Bank Loan
LenderInitial Loan AmountCurrent Outstanding Amount
Repayment Amount
Outstanding Amount after Repayment
Loan Execution Date
Principal Repayment Date

The Kagawa Bank, Ltd.
1,500 million yen
1,330,000,000 yen (As of September 30, 2015)
1,330,000,000 yen
NoneJanuary 31, 2013
November 30, 2015

3Repayment Execution Date
Interest Rate
CollateralizedSeptember 30, 2015
6M JPY TIBOR + 1.10 % (p.a.)Yes

5. Outstanding Loan Balance(million yen)

Beforeexecution(as of July 31,2015)

Afterexecution1(as of Sep 30,2015)

Short-term borrowings

000

Long-term borrowings(due within one year)2

5,635

283-5,352

Long-term borrowings

74,92981,181

6,252

Total borrowings

80,56581,464899

000

80,56581,464899

00080,565

81,464899

Investment corporation bonds
Total borrowings and investment
corporation bonds
Other interest-bearing
liabilities
Total interest-bearing
liabilitiesChange

1

These figures assume the new loan execution and repayment of existing loans in this release, as wellas the new loan as announced in today’s release, “Notice of New Loan for Acquisition of Ichigo
Kawasaki Building.”
2
These figures include existing borrowings and partial repayments of today’s borrowings.

6. Future Outlook
The impact of the borrowings and repayments on Ichigo Office REIT’s current period earnings
is minimal. Therefore, there is no revision to Ichigo Office REIT’s earnings and dividend
forecast as announced on June 16, 2015.
7. OtherRisks related to this loan have no material impact on the “Investment Risks” described in thelatest Securities Report submitted July 24, 2015.

4Reference
Lender Distribution (as of September 30, 2015)
Kagawa Bank
2%

Bank of Fukuoka
3%
ORIXBank
3%

BTMU
10%

SMBC
26%

Resona Bank
11%

Mizuho Bank
16%

Aozora Bank
12%

Shinsei Bank
14%

MizuhoTrust
3%Weighted Average Interest Rate and Average Loan Period(Interest Rate)(Loan Period, Year)

2.0%

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Weighted Average Interest RateAverage Loan Period

1.80%

4.3 years

1.69%
3.7 years
1.53%
1.5%

3

2.7 years
2.6 years

2.6 years

1.23%

1.19%

1.0%

0
October 2013

April 2014

October 2014

April 2015

September 2015

Website of Ichigo Office REIT*: www.ichigo-office.co.jp/english*The website URL has changed as a result of the name change to Ichigo Office REIT on September
5, 2015.
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