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.

August 8, 2024
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
2-6-1 Marunouchi, Chiyoda-ku, Tokyo
Representative: Takafumi Kagiyama, Executive Director
www.ichigo-office.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Yuji Kamo, Head of Ichigo OfficeTel: +81-3-4485-5231

Upward Earnings Forecast Revision for the April 2025 Fiscal Period
Ichigo Office is revising up its April 2025 fiscal period earnings forecast announced
in the June 14, 2024 release “April 2024 Fiscal Period Earnings.”
1. April 2025 Earnings Forecast Revision(JPY million)
Operating Operating Recurring
Revenue
ProfitProfit
Previous Forecast(A)
New Forecast(B)
Difference(B) - (A)% ChangeNet
IncomeDividendper Share(JPY)Dividend in
Excess ofEarnings(JPY)

8,282

4,072

3,163

3,162

2,102

–

8,691

4,4723,564

3,563

2,294–+408+400+400+400+192

–

+4.9%

+9.8%

+12.7%+12.7%+9.1%–Net Income per Share: JPY 2,291 (1,554,934 shares outstanding at period-end)
Note: The new forecast is based on the “Preconditions for the April 2025 Earnings
Forecast” on page 3. Actual results may vary due to changes in circumstances, so these
forecasts should therefore not be construed as a guarantee of such results. Ichigo Officewill make a forecast revision should a material discrepancy emerge between this forecastand results.

12. April 2025 Earnings Forecast Revision Rationale
Ichigo Office is revising up its April 2025 fiscal period earnings forecast to reflect theimpact of the planned November 29, 2024 sale of the Ichigo Yotsuya 4 Chome Building
announced in today’s release “Sale of Portfolio Asset (Ichigo Yotsuya 4 ChomeBuilding).” Ichigo Office expects to record gains on sale of c. JPY 422 million in theApril 2025 fiscal period.

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Preconditions for the April 2025 Earnings ForecastPeriod April 2025: November 1, 2024 – April 30, 2025 (181 days)

Number ofAssets

 92 assets (91 assets after the sale of the Ichigo Yotsuya 4 Chome Building onNovember 29, 2024)

Number ofShares 1,554,934 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 today while taking into consideration such factors as historical rents, thecompetitiveness of the properties, and market conditions.
 Total occupancy: 97.1% as of April 30, 2025
 Gain on sale of the Ichigo Yotsuya 4 Chome Building: JPY 422 million
Gain on sale estimate calculated as the Sale Price minus Book Value, Brokerage
Fees, Ichigo Investment Advisor’s Performance Fee, and other transaction expenses.

OperatingExpenses• Depreciation: JPY 965 million
Depreciation has been calculated using the straight-line method and includes thedepreciation of forecast future capital expenditures.
• Utilities expenses: JPY 661 million• Property, city planning, and depreciable asset taxes: JPY 736 million. Prorated
property and city planning taxes related to acquisitions will be recorded in the April2025 fiscal period.
• Building maintenance and repair expenses: JPY 153 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 709 million• NOI & Dividend Performance Fee: JPY 703 million• 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.

Non-OperatingExpenses• Interest expenses on loans and bonds: JPY 641 million• Other borrowing-related expenses: JPY 262 million

Interest-Bearing
Liabilities• Loans and bonds: JPY 123,757 million as of April 30, 2025

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Dividend The dividend forecasts assumes that dividends will comply with the dividend
distribution policy stipulated in Ichigo Office’s Articles of Incorporation.
 Total dividends are forecast to be JPY 3,567 million (unappropriated retainedearnings (i.e., Net Income) of JPY 3,563 million plus JPY 105 million of negative
goodwill amortization), minus JPY 101 million of provision from gains on sale tothe dividend reserve, subject to J-REIT conduit requirements).
 The dividends are 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.

Other These forecasts assume 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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