Make The World
More Sustainable

June 14, 2024

April 2024 Fiscal Period Earnings
Ichigo Office REIT Investment Corporation (Tokyo Stock Exchange, 8975)
Representative: Keisuke Chiba, Executive Director
www.ichigo-office.co.jp/en
Ichigo Investment Advisors Co., Ltd. (Asset Management Company)
Representative: Hiroshi Iwai, President
Inquiries: Yuji Kamo, Head of Ichigo OfficeTelephone: +81-3-4485-5231
Submission of Financial Report (Yuka Shoken Hokokusho): July 26, 2024 (expected)
Dividend Payment: July 22, 2024 (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 2024 Fiscal Period (November 1, 2023 to April 30, 2024)(1) Earnings(JPY million; period-on-period change)

April 2024
October 2023

Operating
Revenue
8,068
7,914

Change+1.9%-36.1%

Operating
Profit4,094
3,914

Net Income
per Share
(JPY)
2,195
2,045

April 2024
October 2023

Change+4.6%-45.5%

Return on Equity(6 months)
3.3%
3.0%

Recurring
Profit3,323
3,096

Change+7.3%-51.5%

Recurring Profit toTotal Assets(6 months)
1.4%
1.3%

Net
Income3,323
3,095

Change+7.3%-51.6%

Recurring Profit toOperating Revenue
41.2%
39.1%

(2) Dividends
Dividend per
Total
Share
Dividends(JPY)(JPY million)
April 2024
October 2023

2,199
2,115

3,327
3,200

Dividend per
Total
Share inDividends in
Excess ofExcess of
Payout Ratio
Earnings
Earnings(JPY)(JPY million)––
100.1%––
103.4%

Dividend on
Equity
(DOE)
3.2%
3.1%

Notes:
1. October 2023 Total Dividends differ from Net Income because Total Dividends include a JPY 105
million negative goodwill amortization.
2. April 2024 Total Dividends differ from Net Income because Total Dividends exclude a JPY 101
million provision to dividend reserves from unappropriated retained earnings and include a JPY
105 million negative goodwill amortization.

1(3) Assets and Equity

April 2024
October 2023

Total Assets(JPY million)
231,225
231,001

Net Assets(JPY million)
102,122
101,999

Net Assets per Share(JPY)
67,47967,399

Shareholder Equity
Ratio
44.2%
44.2%

(4) Cash Flows(JPY million)

April 2024
October 2023

Cash Flows fromOperations

Cash Flows from
Investments

Cash Flows from
Financing

6,266
4,017

-1,106-2,796-2,859-6,393

Cash and Cash
Equivalents at Endof the Period
22,787
20,486

2. Earnings Forecasts for the October 2024 Fiscal Period (May 1, 2024 to October 31, 2024) andthe April 2025 Fiscal Period (November 1, 2024 to April 30, 2025)(JPY million; period-on-period change)

October 2024
April 2025

October 2024
April 2025

Operating
Revenue
9,214
8,282

Operating
ChangeProfit+14.2%
4,977+21.6%-10.1%
4,072-18.2%

ChangeDividend per Share
(JPY)
2,683
2,102

Recurring
ChangeProfit4,068+22.4%
3,163-22.2%Net
Income4,068
3,162

Change+22.4%-22.3%

Dividend per Share in Excess of Earnings––

Notes:
1. The forecast Net Income per Share for October 2024 is JPY 2,616. The forecast Net Income per
Share for April 2025 is JPY 2,034.
2. The October 2024 Total Dividends differ from Net Income because Total Dividends include a JPY
105 million negative goodwill amortization.
3. The April 2025 Total Dividends differ from Net Income because Total Dividends include a JPY
105 million negative goodwill amortization.

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 1,513,367
shares as of both October 31, 2023 and April 30, 2024.
(ii) There were no treasury shares at the end of October 2023 or at the end of April 2024.
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 in this document are current figures based on certain preconditions.
Accordingly, the actual operating results may vary due to changes in circumstances, and these
forecasts should not be construed as a guarantee of such results.
For details on the preconditions, please refer to the “Preconditions for the October 2024 and April
2025 Earnings Forecasts” on pages 4 and 5.
This English version is a translation of the original Japanese report and is provided solely for
information purposes. Should there be any discrepancies between this translation and the Japaneseoriginal, the latter shall prevail.

3Preconditions for the October 2024 and April 2025 Earnings Forecasts
Period• October 2024: May 1, 2024 – October 31, 2024 (184 days)• April 2025: November 1, 2024 – April 30, 2025 (181 days)

Number of
Assets• 93 assets (excluding Ichigo Kudan 2 Chome Building to be sold on October 31,2024) as announced on the April 26, 2024 release “Sale of Two Portfolio Assets(Ichigo Ofuna Building, Ichigo Kudan 2 Chome Building) ”)

Number of
Shares• 1,554,934 shares issued and outstanding as of the date of this report

Operating
Revenue• Rental income is calculated conservatively based on lease contracts that are in effectas of April 30, 2024 while taking into consideration such factors as historical rents,
the competitiveness of the properties, and market conditions.
• Total occupancy: 97.0% as of October 31, 2024, and 97.1% as of April 30, 2025.

OperatingExpenses• Depreciation: JPY 943 million for October 2024 and JPY 966 million for April 2025.
Depreciation has been calculated using the straight-line method and includes thedepreciation of forecast future capital expenditures.
• Property and city planning taxes: JPY 743 million for October 2024 and JPY 738
million for April 2025.
• Building maintenance and repair expenses: JPY 140 million for October 2024 and
JPY 154 million for April 2025. However, expenses may differ significantly fromthese forecast amounts for reasons including the variability of maintenance andrepair expenses, one-time costs due to unexpected building damage, etc.
• Service provider expenses, including property management fees: JPY 770 million for
October 2024 and JPY 710 million for April 2025.
• Utility expenses: JPY 685 million for October 2024 and JPY 662 million for April
2025. Expenses include renewable energy expenses related to RE100 initiatives.
• Performance fees: JPY 667 million for October 2024 and JPY 729 million for April
2025.
• Rental expenses, Ichigo Office’s principal operating expense (other thandepreciation, see above), are calculated based on historical data adjusted for
anticipated expense variations.
• Actual operating expenses may differ significantly from these assumptions due tounforeseeable factors.

Non-Operating
Expenses• Interest expenses on loans and bonds: JPY 600 million for October 2024 and JPY
641 million for April 2025
• Other borrowing-related expenses: JPY 281 million for October 2024 and JPY 262
million for April 2025

Interest-Bearing
Liabilities• Loans and bonds: JPY 123,757 million outstanding as of October 31, 2024 and JPY
123,757 million outstanding as of April 30, 2025

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 October 2024 are forecast to be JPY 4,173 million(unappropriated earnings (i.e., Net Income) of JPY 4,068 million plus JPY 105
million of negative goodwill amortization).
• Total dividends for April 2025 are forecast to be JPY 3,269 million (unappropriatedearnings (i.e., Net Income) of JPY 3,164 million plus JPY 105 million of negative
goodwill amortization).
• The dividend is subject to change due to factors such as asset acquisitions anddispositions, tenant turnover, unexpected maintenance and repair costs and otherexpenses, 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 2023
(as of October 31, 2023)
AssetsCurrent Assets
Cash and deposits
Cash and deposits in trust
Accounts receivable
Prepaid expenses
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
Construction in progress
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 2024
(as of April 30, 2024)

6,485,932
14,109,451
9,510
518,994327
21,124,217

8,676,152
14,222,740
14,875478,434
183
23,392,386

7,556,540-2,464,828
5,091,711
30,587-25,844
4,743
358,001-261,435
96,56688,087-66,073
22,014
16,668,067
1,649
48,905,052-13,066,185
35,838,866
87,573-43,246
44,327
979,701-522,224
457,477
383,340-258,301
125,038
145,429,585
2,674
203,782,724

7,647,776-2,579,118
5,068,657
30,587-26,171
4,415
362,091-275,546
86,54597,314-71,695
25,61916,669,592
289
49,204,667-13,629,624
35,575,042
85,820-44,006
41,813
1,017,710-558,043
459,667
409,295-279,298
129,996
143,793,109
2,674
201,857,424

4,494,579
4,494,579

4,494,579
4,494,579

(JPY thousand)
October 2023
(as of October 31, 2023)

April 2024
(as of April 30, 2024)

39,846
10,0001,408,748
108,164
1,566,759
209,844,063

39,846
10,0001,284,476
111,002
1,445,326
207,797,330

33,14833,148231,001,429

36,192
36,192
231,225,909

805,157–
7,092,000
841,11228,445605
278,044
1,521,249
41,413
10,608,028

753,8221,000,000
10,538,000
782,61728,753605
151,255
1,456,555
42,98914,754,597

6,900,000
100,915,000
1,349,631
9,108,284
19,692
101,178
118,393,786
129,001,814

6,250,000
97,469,000
1,352,027
9,152,237
19,759106,281
114,349,307
129,103,904

67,675,274

67,675,274

20,566,420-1,499,919
19,066,500

20,566,420-1,499,919
19,066,500

3,471,625
8,689,544
12,161,170
3,096,669
34,324,340
101,999,614
101,999,614
231,001,429

3,471,625
8,584,544
12,056,170
3,324,059
34,446,730
102,122,004
102,122,004
231,225,909

Investments and Other Assets
TK (tokumei kumiai) equity interest
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
Bonds (due within one year)
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
Paid-in capital
SurplusCapital reserve surplus
Capital reserve surplus deduction
Capital reserve surplus (net)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 2023
(May 1, 2023 to
October 31, 2023)
Operating Revenue
Rental income
Other rental income
Gains on sale of real estate
Dividend from TK (tokumei kumiai)
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 proceeds
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Borrowing-related expenses
Amortization of bond issuance expenses
Other
Total Non-Operating Expenses
Recurring Profit
Pre-Tax Income
Income Taxes – Current
Total Income Taxes
Net Income
Retained Earnings Brought Forward
Unappropriated Retained Earnings

8

April 2024
(November 1, 2023 toApril 30, 2024)

7,251,432
556,187
105,865
1,369
7,914,855

7,225,840
535,592
306,062822
8,068,318

3,131,034
678,392
15,43555,273
7,440
112,538
4,000,114
3,914,740

3,160,602
655,270
15,24046,8738,640
87,321
3,973,946
4,094,371

117
689
–
143
950

102
619
7,908
–
8,630

495,686
281,148
4,399
38,071
819,306
3,096,384
3,096,384
605
605
3,095,779
889
3,096,669

516,585
257,574
5,075–
779,236
3,323,766
3,323,766
605
605
3,323,161
897
3,324,059

(3) Statement of Shareholders’ Equity
October 2023 (May 1, 2023 to October 31, 2023)(JPY thousand)Shareholders’ Equity
Surplus

Balance as of
May 1, 2023
Changes during
the Period
Increase in
Dividend
Reserve
Negative
Goodwill
Amortization
Dividends
Net Income
Total Changes
during the Period
Balance as of
October 31, 2023

Paid-In
CapitalCapitalReserve
SurplusCapitalReserve
Surplus
Deduction

CapitalReserve
Surplus(net)

67,675,274

20,566,420-1,499,919

19,066,500 3,368,625 8,794,544

12,163,170

103,000–

103,000-105,000-105,000-105,000-2,00019,066,500 3,471,625 8,689,544

12,161,170

–

–

–

67,675,274

20,566,420-1,499,919

Discretionary Reserves
Total
Dividend Negative
Discretionary
Reserve Goodwill Reserves–

103,000

Shareholders’ Equity
Surplus
Unappropriated
Total
Retained
Surplus
Earnings
Balance as of
May 1, 2023
Changes during
the Period
Increase in
Dividend
Reserve
Negative
Goodwill
Amortization
Dividends
Net Income
Total Changes
during the Period
Balance as of
October 31, 2023

Total
Shareholders’EquityTotal Net Assets

6,391,351

37,621,022

105,296,297

105,296,297-103,000–––

105,000–––-6,392,462
3,095,779-6,392,462
3,095,779-6,392,462
3,095,779-6,392,462
3,095,779-3,294,682-3,296,682-3,296,682-3,296,682

3,096,669

34,324,340

101,999,614

101,999,614

9April 2024 (November 1, 2023 to April 30, 2024)(JPY thousand)Shareholders’ Equity
Surplus
Paid-In
CapitalBalance as of
67,675,274
November 1, 2023
Changes during
the Period
Negative
Goodwill
Amortization
Dividends
Net Income
Total Changes–
during the Period
Balance as of
67,675,274
April 30, 2024

CapitalReserve
SurplusCapitalReserve
Surplus
Deduction

CapitalReserve
Surplus(net)

20,566,420-1,499,919

19,066,500 3,471,625 8,689,544

12,161,170-105,000-105,000-105,000-105,000

19,066,500 3,471,625 8,584,544

12,056,170––

20,566,420-1,499,919

Discretionary Reserves
Total
Dividend Negative
Discretionary
Reserve Goodwill Reserves––

Shareholders’ Equity
Surplus
UnappropriatedRetained
Earnings
Balance as ofNovember 1, 2023
Changes during
the Period
Negative
Goodwill
Amortization
Dividends
Net Income
Total Changes
during the Period
Balance as ofApril 30, 2024

Total
Shareholders’EquityTotal
Surplus

Total Net Assets

3,096,669

34,324,340

101,999,614

101,999,614

105,000–––-3,200,771
3,323,161-3,200,771
3,323,161-3,200,771
3,323,161-3,200,771
3,323,161

227,390122,390122,390122,390

3,324,059

34,446,730

102,122,004

102,122,004

10

Dividend Statement(JPY)
April 2024
(November 1, 2023 toApril 30, 2024)

October 2023
(May 1, 2023 to
October 31, 2023)
I Unappropriated Retained Earnings
Discretionary Reserve Reversal –Negative Goodwill Amortization
Total Dividends
III(Dividend per Share)
Discretionary Reserves
IV
Provision to Dividend ReserveII

V Retained Earnings Carried Forward

11

3,096,669,159

3,324,059,209

105,000,000

105,000,000

3,200,771,205(2,115)

3,327,894,033(2,199)–101,000,000

897,954

165,176

(4) Cash Flow Statement
October 2023
(May 1, 2023 to
October 31, 2023)(JPY thousand)April 2024
(November 1, 2023 toApril 30, 2024)

Cash Flows from Operations:Pre-tax net income
Depreciation
Increase (decrease) in allowance for doubtful accounts
Interest income
Interest expense
Decrease (increase) in operating accounts 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 equipment
Other
Sub-TotalInterest income received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations

3,096,384
971,756-3,898-117495,686
11,806-41,166
33,926204,368-728,518-1,065,425
36,793
1,426,472
74,1744,512,244
117-493,879-605
4,017,877

3,323,766
982,864–-102
516,585-5,36440,560124,271-126,788
5,066-58,495-94
1,981,264-160
6,783,374
102-516,277-605
6,266,593

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 in trust
Decrease in tenant leasehold and security deposits in trust
Net Cash from (Used for) Investments-2,020,757-642,705
143,446-282,494
396,556-391,036-2,796,990-95,973-998,367
49,085-55,338
489,254-495,577-1,106,917

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

7,647,000-7,647,000–-6,393,290-6,393,290-5,172,403
25,659,096
20,486,693

2,900,000-2,900,000
341,879-3,200,935-2,859,055
2,300,621
20,486,693
22,787,314

12

Material Matters after Closing of the Fiscal Period
1. Issuance of New Shares
Ichigo Office issued new shares via a third-party allotment on May 30, 2024.
Number of shares to be offered
Paid-in price (issue price)
Total paid-in amount (total issue amount)
Payment date
Allottees

41,567 shares
JPY 84,200 per share
JPY 3,499,941,400
May 30, 2024
Ichigo Trust

2. Asset Acquisition
Ichigo Office acquired the following six assets in accordance with the guidelines specified in its
Articles of Incorporation.
Ichigo Akihabara East Building 1
Acquisition Price2
JPY 3,240 million
Location
2-19 Kanda Sakumacho, Chiyoda-ku, Tokyo
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Property Right
Land: Freehold
Building: Freehold
Contract Date
May 20, 2024
Closing Date
May 30, 2024
SellerGK Kizuna1
Ichigo Hakata Meiji Dori Building
JPY 3,080 million
Acquisition Price2
Location
8-17 Tenyamachi, Hakata-ku, Fukuoka City
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Property Right
Land: Freehold
Building: Freehold
Contract Date
May 20, 2024
Closing Date
May 30, 2024
SellerGK Kizuna1
Ichigo Hakata Gion Building1
Acquisition Price2
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
SellerJPY 1,700 million
4-61 Gionmachi Hakata-ku, Fukuoka
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
May 20, 2024
May 30, 2024
Ichigo Estate13

Ichigo Tenjin North Building 1
Acquisition Price2
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
SellerJPY 1,550 million
4-6-28 Tenjin Chuo-ku, Fukuoka
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
May 20, 2024
May 30, 2024
Ichigo Estate

Ichigo Gotanda West Building 1
JPY 3,950 million
Acquisition Price2
Location
2-18-3 Nishi Gotanda Shinagawa-ku, Tokyo
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Property Right
Land: Freehold
Building: Freehold
Contract Date
May 20, 2024
Closing Date
May 30, 2024
SellerIchigo Estate

Ichigo Otemachi North Building
JPY 1,946 million
Acquisition Price2
Location
1-15-7 Uchikanda Chiyoda-ku, Tokyo
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Property Right
Land: Freehold
Building: Freehold
Contract Date
May 20, 2024
Closing Date
May 30, 2024
SellerIchigo Estate1

Ichigo Office changed the building names from Ogaku Building, FORECAST Hakata Gion, Tenjin
First Building, and COCORO Gotanda to Ichigo Akihabara East Building, Ichigo Hakata Gion
Building, Ichigo Tenjin North Building, and Ichigo Gotanda West Building, respectively.
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.

144. New Loans
Ichigo Office decided to borrow funds via new loans in order to fund the above asset acquisition on
May 30, 2024.
Loan Date

LenderMay 30, 2024

Loan
Amount(JPY million)

SMBC

3,300

Mizuho Bank

2,000

MUFG Bank

900

SBI Shinsei
Bank

300

SBI Shinsei
Bank

1,000

Aozora Bank

1,000

Total
1

Interest Rate

Repayment Repayment CollateraDate
Terms
lized
(Loan Term)

3M JPYTIBOR
Apr 25, 2031
+0.61% (p.a.)1
3M JPYTIBOR
Apr 25, 2031
+0.61% (p.a.)1
1.31656%(Fixed Rate)

Apr 25, 2029

Lump-sum3M JPY
repayment
Apr 25, 2029
TIBOR
+0.49% (p.a.)1
3M JPYApr 25, 2031
TIBOR
+0.61% (p.a.)1
3M JPYTIBOR
Apr 25, 2031
+0.61% (p.a.)1

No

8,500

Ichigo Office has executed interest rate swaps to lock in the interest rates on the loans.

Earnings Forecasts
For details on the preconditions to these forecasts, please refer to pages 4 and 5.
October 2024 Fiscal Period (May 1, 2024 to October 31, 2024)
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in Excess of Earnings

JPY 9,214 million
JPY 4,977 million
JPY 4,068 million
JPY 4,068 million
JPY 2,683–

April 2025 Fiscal Period (November 1, 2024 to April 30, 2025)
Operating Revenue
Operating Profit
Recurring Profit
Net Income
Dividend per ShareDividend in Excess of Earnings

JPY 8,282 million
JPY 4,072 million
JPY 3,163 million
JPY 3,162 million
JPY 2,102–

Note: The forecasts presented above are current figures based on certain preconditions. Accordingly,
the actual operating results may vary due to changes in circumstances, and these forecasts should not
be construed as a guarantee of such results.

15

Notes to Balance Sheet
Cancellation of Treasury Shares
Previous Period
October 2023

Current Period
April 2024

Cumulative Number of Shares
18,920 shares
18,920 sharescancelled (shares)
Cumulative Amount of Shares
1,499,919
1,499,919
Cancelled (JPY thousand)Note: There were no treasury shares cancelled during the April 2024 fiscal period
Negative Goodwill Amortization
Previous (October 2023) Fiscal Period(JPY thousand)InitialAmountNegative Goodwill

10,432,940

Amount at
the Beginningof the Period

Newly
Reserved
Amount

8,794,544–

at theAmortized AmountEndofAmountthe Period

105,000

8,689,544

Use

Dividend
payment

Current (April 2024) Fiscal Period(JPY thousand)

Negative Goodwill

InitialAmountAmount at
the Beginningof the Period

10,432,940

8,689,544

16

Newly
Reserved Amortized
AmountAmount–105,000

Amount at theEnd ofthe Period

8,584,544

Use

Dividend
payment

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 2023
(May 1, 2023 to
October 31, 2023)(JPY thousand)April 2024
(November 1, 2023 toApril 30, 2024)

5,963,287
931,692
286,130
70,322

5,962,790
900,677
292,573
69,798529,221
26,9657,251,432

556,187
7,807,619

691,544559,191
34,553
971,756
91,859719,664
16,92945,534

535,592
7,761,433

721,758
489,173
37,200982,864
132,914731,302
18,22547,162
3,131,034
4,676,584

17469,282
66,3107,225,840

3,160,602
4,600,831

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 2023
April 2024
(May 1, 2023 to(November 1, 2023 to
October 31, 2023)
April 30, 2024)
Cash and deposits
6,485,932
8,676,152
Cash and deposits in trust
14,109,451
14,222,740
Miscellaneous deposits-108,691-111,578
Cash and cash equivalents
20,486,693
22,787,314
Notes to Derivatives Transactions
1. Non-Hedge Accounting
N/A
2. Hedge Accounting
Previous (October 2023) Fiscal Period
Accounting Method

Transaction Type

Hedging
TargetTotal>1 year(JPY thousand)
Method ofMarket Marking
toValueMarketSpecial Treatment
of Interest Rate
Swap method

Interest rate swap
(pay fixed,
receive floating)Long-term
loan

98,360,000

96,360,000

Note

Contract Amount–Note: Swaps accounted under the Special Treatment of Interest Rate Swap method are processed
together with the hedging target (in this case, a long-term loan), and therefore their market
values are included in the balance sheet as part of Long-Term Loans.
Current (April 2024) Fiscal Period
Accounting Method

Transaction Type

Hedging
TargetTotal>1 year(JPY thousand)
Method ofMarket Marking
toValueMarketSpecial Treatment
of Interest Rate
Swap method

Interest rate swap
(pay fixed,
receive floating)Long-term
loan

99,260,000

92,914,000

Note

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

18–Per Share Information(JPY)
October 2023
(May 1, 2023 to
October 31, 2023)
67,3992,045

Net Assets per ShareNet Income per Share

April 2024
(November 1, 2023 toApril 30, 2024)
67,4792,195

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 2023
April 2024
(May 1, 2023 to(November 1, 2023 to
October 31, 2023)
April 30, 2024)
Net Income
3,095,779
3,323,161
Net Income Not Attributable to––
Common Shareholders
Net Income Attributable to Common
Shareholders
Average Number of Shares in Period

3,095,779

3,323,161

1,513,367 shares

1,513,367 shares

Changes in Outstanding Shares
There was no new share issuance during the April 2024 fiscal period. Below are the changes to the
Total Number of Shares for the past five years.
Date

MethodApril 12, 2021

Share Cancellation

Total Number of
SharesChangeOutstanding-18,920

1,513,367

Issue Amount(JPY million)
ChangeTotal–

67,675

Note: Ichigo Office bought back shares in the open market via a securities firm between January 8,2021 and February 12, 2021. All shares bought back were cancelled on April 12, 2021 pursuant to
its board resolution on March 26, 2021. There is no change in Issue Amount because funds for theshare buyback were deducted from the capital reserve surplus.

19

Portfolio Information
Portfolio Composition
Legal Formof Asset

April 2024 Fiscal Period
Book Value4% of Total(JPY million)

Area

Central Tokyo1

5,983

2.6

5,834

2.5

10,036

4.3

107,849
38,67946.6
16.7

27,92612.1

10,039206,349
39
24,837231,225

4.3
89.2
–
10.7
100

Real estateTokyo Metropolitan Area2
Four Major Regional
Cities3
Central Tokyo1
Trust beneficiary Tokyo Metropolitan Area2
interest in real
Four Major Regional
estate (juekiken)
Cities3
Other Regional Cities
Sub-Total
TK (tokumei kumiai) equity interest
Deposits / Other Assets
Total Assets
1

Central Tokyo

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, 2024 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-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

Area

Tokyo
Metro Area

O-26
O-27

Tokyo
Metro Area

O-24

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
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

O-23

Asset
Type

Ichigo Minami
Office Ikebukuro
Building
NakanoOffice Ichigo
North Building
Eitai
Office Ichigo
Building
Ikejiri
Office Ichigo
Building
Ichigo Nishi
Office Ikebukuro
Building(as of April 30, 2024)
Total Rental
Occupancy3 No. of
Income5
4(JPY
Tenants(%)
thousand)

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

4,523.19

4,523.19100

16135,299

4,119.74

3,878.86

94.2

11

97,882

1,925.24

1,925.24100

1380,4392,080.37

2,080.37100

565,896

1,947.90

1,833.76

94.1

3

55,305

1,321.54

1,149.68

87.0

547,434

1,602.29

1,382.39

86.3

2

39,902

1,484.39

1,484.39100

863,4701,364.15

1,284.83

94.2

24

84,748

1,378.83

1,378.83100

1042,287780.64638.5281.8

919,353494.14494.14100

621,3991,904.53

1,765.51

92.7

8

68,694

2,389.54

2,389.54100

658,242

1,265.76

1,265.76

100

144,716

1,302.43

822.6963.2

426,473

5,346.39

4,550.83

85.1

12

191,744

4,097.85

4,097.85100

1384,814

1,491.50

1,491.50

100

862,486

1,264.11

1,264.11100

739,4132,605.54

2,605.54100

1071,5802,385.69

2,385.69

100

689,932

1,261.91

1,261.91

100

129,217

21

No.

Area

Asset
Type

Asset Name

Ichigo Nishi
O-28 Central Tokyo Office Gotanda Building
Tokyo
Ichigo Kichijoji
O-29 Metro Area Office Building
Four Major
Ichigo Sakae
O-34 Regional Cities Office Building
Four Major Office Ichigo
Marunouchi
O-37 Regional Cities
Building
Other Regional Office Ichigo Toyamaeki
CitiesNishi Building
Other Regional Office Ichigo Mirai
O-39
Cities
Shinkin Building
Other Regional Office Ichigo Takamatsu
O-42
CitiesBuilding
Ichigo Kanda
O-46 Central Tokyo Office Nishikicho
Building
Ichigo Akihabara
O-47 Central Tokyo Office North Building
Ichigo Sakaisuji
Four Major
O-48 Regional Cities Office Honmachi
Building
O-38

Ichigo Kanda
O-49 Central Tokyo Office Ogawamachi
Building
Ichigo Hatchobori
O-50 Central Tokyo Office Building
Ichigo Ebisu
O-51 Central Tokyo Office Green Glass
Ichigo Omori
O-52 Central Tokyo Office Building
IchigoO-53 Central Tokyo Office Takadanobaba
Building
Tokyo
IchigoOmiya
O-54 Metro Area Office Building
Tokyo
Ichigo Sagamihara
O-55 Metro Area Office Building
Tokyo
Ichigo Ofuna
O-56 Metro Area Office Building6
Other
Ichigo Sendai East
O-57 Regional Cities Office Building
Other
Ichigo Kumamoto
O-58 Regional Cities Office Building
Ichigo Jingumae
O-59 Central Tokyo Office Building
Ichigo Shibuya
O-60 Central Tokyo Office Dogenzaka
Building

Total rental
Occupancy3 No. of Income5
Tenants4(%)(JPY
thousand)

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

1,334.68

1,186.92

88.9

8

36,963

4,210.87

4,210.87100

14117,184

3,928.12

3,604.52

91.8

18

152,545

8,009.11

7,821.52

97.7

24

236,279

8,601.72

8,601.72100

15116,015

3,551.46

3,551.46

100

21

77,235

6,329.33

6,329.33100

15

158,056

2,523.09

2,523.09100

11

97,5476,250.53

6,250.53100

1226,946

3,729.35

3,729.35100

1497,8462,309.39

2,309.39100

975,553

2,716.33

2,716.33

100

778,6683,159.27

3,159.27100

6207,228

3,585.93

3,585.93100

11132,206

1,606.92

1,457.38

90.7

7

51,694

6,213.30

6,213.30

100

30

152,846

2,960.81

2,771.06

93.6

12

53,502––––64,1555,205.49

4,968.47

95.4

994,961

4,507.59

4,507.59100

35

83,3284,510.00

4,510.00

100

5

188,920

2,789.86

2,586.91

92.7

11

125,082

22

No.

Area

Asset
Type

Asset Name

Total rental
Occupancy3 No. of Income5
Tenants4(%)(JPY
thousand)

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

3,510.44

3,299.14

94.0

4125,754

6,425.29

4,358.76

67.8

7128,011

4,216.97

4,216.971007135,868

2,971.22

2,971.22100

688,2672,312.03

2,312.03100

685,346

3,090.65

3,090.65100

10108,192

O-67

Hiroo
Central Tokyo Office Ichigo
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

4,548.10

4,548.10100

20136,312

O-68

Central Tokyo Office Axior Mita

2,369.82

2,369.82

100

1170,892

4,437.97

4,064.48

91.6

18

152,269

3,433.07

3,433.07100

16110,454

3,871.06

3,563.20

92.0

17

82,442

1,041.36

1,041.36100

344,751

1,769.75

1,769.75

100

845,5396,152.00

6,152.00

100

31

112,372

2,423.86

2,423.86100

27

54,972

3,324.70

3,324.70100

777,3003,118.69

3,118.69

100

284,551

1,329.96

755.2556.8

242,5193,616.77

3,616.77100

8103,4124,930.30

4,427.51

89.8

35

133,869

4,155.60

3,697.10

89.0

40

92,913

2,006.78

2,006.78

100

25

48,9302,521.51

2,521.51100

1250,437

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

23

Area

No.

Asset
Type

Asset Name

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
Four Major
Ichigo Hakata
O-94 Regional Cities Office East Building
IchigoTokyo
OfficeNakameguro
O-95
Metro Area
Building
O-93

IchigoOffice Tachikawa
Building
Ichigo Higashi
Tokyo
OfficeIkebukuro 3
O-97
Metro Area
Chome Building
IchigoFour Major
O-98 Regional Cities Office Marunouchi
South Building
Hakataeki
Four Major Office Ichigo
HigashiO-99 Regional Cities
Building
Tokyo
Metro Area

O-96

Four Major
Fukuoka Kensetsu
O-100 Regional Cities Office Kaikan
Tokyo
Ichigo Kinshicho
Metro Area Office South Building
Other Regional Other Future IZUMI
Z-09
CitiesIchigo Shibuya
Z-10 Central Tokyo Other Bunkamura Dori
Building
Tokyo
KamataOther Ichigo
Z-14
Metro Area
Building

O-101

Total

Total rental
Occupancy No. of Income5
Tenants4(%)(JPY
thousand)

Total
Leasable
Area1
(m2)

Total
LeasedArea2(m2)

1,491.68

1,327.53

89.0

858,835

3,689.88

3,689.88

100

11

109,7452,744.02

2,582.44

94.1

6

77,8992,771.41

2,771.41100

676,391

3,434.69

3,434.69100

10

111,815

1,690.27

1,690.27100

859,7573,004.07

3,004.07100

1866,8793,129.49

3,129.49100

882,446

2,199.35

2,199.35100

680,9372,901.99

2,901.99100

1972,863

1,083.70

1,083.70

100

736,391

4,879.78

4,677.57

95.9

16

114,2712,764.59

2,764.59100

697,154

1,973.27

1,973.27100

2749,406

3,596.71

3,375.38

93.8

30

86,3252,949.22

2,949.22100

1182,836

2,054.47

2,054.47100

756,904

3,733.66

3,733.66

100

250,568778.77778.77100

575,0282,124.68

2,124.68

100

252,660266,944.42 257,879.22

96.6

1,006

7,760,007

1

3

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, 2024.
3
Occupancy is the ratio of Leased Area to Total Leasable Area.
2

24

4

No. 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 asset.
6
Sold on April 26, 2024

25

Book Value and Appraisal Value of Portfolio Assets
No.

Asset Name

Location

Form ofOwnership

Trust
Yoyogi,beneficiary
Shibuya-ku, Tokyo interest in realestateTrust
IchigoMita
Shiba,
Minato-ku,
beneficiaryO-03 BuildingTokyo
interest in realestateTrust
IchigoNanpeidai
Nanpeidaicho,
beneficiaryO-04 Building
Shibuya-ku, Tokyo interest in realestateTrust
IchigoHayabusacho,
beneficiaryO-05 Hanzomon
Chiyoda-ku,
Tokyointerest in real
Building
estateTrust
IchigoHijirizaka
Mita,
Minato-ku,
beneficiaryO-06 BuildingTokyo
interest in realestateIchigo Shibuya
Kamiyamacho,O-07 Kamiyamacho
Shibuya-ku, Tokyo Real estate
Building
IchigoO-02 Nishisando
Building

Shibakoen
O-09 Ichigo
Building
Ebisu
O-10 Ichigo
Nishi Building

Shiba,
Minato-ku, Tokyo Real estate
Ebisu-Nishi,
Shibuya-ku, Tokyo Real estate
Trust
IchigoGinza
612
Ginza,
Chuo-ku,
beneficiaryO-11 BuildingTokyo
interest in realestateIchigoUchikanda,
O-12 Uchikanda
Chiyoda-ku, Tokyo Real estate
Building

Appraisal
Value1(JPY million)(as of April 30, 2024)
Book
% of
Value2
3
Portfolio(JPY million)

3,290

3,313

1.6

3,720

2,727

1.3

2,680

1,870

0.9

2,240

1,512

0.7

1,530

1,199

0.6

1,940

1,351

0.7

1,270

1,124

0.5

2,760

1,896

0.9

2,390

1,796

0.9

1,490

1,114

0.5

Yotsuya 4 Yotsuya,
O-14 Ichigo
Chome Building Shinjuku-ku,
Tokyo

Trust
beneficiaryinterest in realestate

591

497

0.2

Tameike
O-15 Ichigo
Building

Real estate

738

496

0.2

2,500

1,839

0.9

1,460

1,117

0.5

1,200

753

0.4

JimbochoO-16 Ichigo
Building
Hakozaki
O-17 Ichigo
Building
Kudan 2
O-18 Ichigo
Chome Building

Akasaka,Minato-ku, Tokyo

Trust
Kanda-Jimbocho,
beneficiary
Chiyoda-ku, Tokyo interest in realestateTrust
Nihonbashi
beneficiary
Kakigaracho,interest in real
Chuo-ku, Tokyo
estate
Trust
Kudan Minami,
beneficiary
Chiyoda-ku, Tokyo interest in realestate26

No.

Asset Name

Location

Form ofOwnership

Trust
Kudan Minami,
beneficiary
Chiyoda-ku, Tokyo interest in realestate
Trust
Higashi Gotanda,
IchigoGotandabeneficiaryO-20 Building
Shinagawa-ku,
interest in realTokyoestateTrust
Ichigo Shin
Shin Yokohama,beneficiaryO-21 Yokohama
Kohoku-ku,
interest in real
Building
Yokohama
estateIchigo Minami
Minami Ikebukuro, Trust
beneficiaryO-22 Ikebukuro
Toshima-ku,
interest in real
BuildingTokyo
estateTrust
IchigoNakanoArai,
Nakano-ku,
beneficiaryO-23 North BuildingTokyo
interest in realestateIchigo
Eitai
Eitai,
Koto-ku,
O-24 Building
Real estateTokyo
Ikejiri
Ohashi,O-26 Ichigo
Building
Meguro-ku, Tokyo Real estate
Ichigo Nishi
Ikebukuro,
O-27 Ikebukuro
Toshima-ku,
Real estate
Building
Tokyo
Trust
Ichigo Nishi
Nishi Gotanda,
beneficiaryO-28 Gotanda
Shinagawa-ku,
interest in real
BuildingTokyo
estateKichijoji Honcho, Trust
IchigoKichijoji
beneficiaryO-29 Building
Musashino City,
interest in realTokyoestateIchigoSakae
Sakae,
Naka-ku,
O-34 Building
Real estate
NagoyaIchigoMarunouchi,
O-37 Marunouchi
Naka-ku,Real estate
Building
NagoyaTrust
IchigoJinzu Honmachi,
beneficiaryO-38 Toyamaeki Nishi Toyama City,
interest in real
BuildingToyamaestateTrust
IchigoMirai
Niagemachi,
beneficiaryO-39 Shinkin Building Oita City, Oita
interest in realestateTrust
IchigoKotobukicho,
beneficiaryO-42 Takamatsu
Takamatsu City,
interest in real
Building
KagawaestateTrust
Ichigo Kanda
Kanda-Nishikicho,
beneficiaryO-46 Nishikicho
Chiyoda-ku,
Tokyointerest in real
Building
estateKudan 3O-19 Ichigo
Chome Building

27

Appraisal
Value1(JPY million)

Book
% of
Value2
3
Portfolio(JPY million)

906

805

0.4

6,930

4,771

2.3

1,770

1,644

0.8

2,110

1,326

0.6

1,020

697

0.3

1,460

1,388

0.7

2,380

1,924

0.9

1,070

579

0.3

985

756

0.4

2,910

2,111

1.0

5,100

4,721

2.3

7,940

5,315

2.6

1,850

1,394

0.7

1,400

1,073

0.5

4,000

1,957

0.9

3,320

2,015

1.0

No.

Asset Name

Location

Form ofOwnership

Trust
IchigoAkihabara
Sotokanda,
beneficiaryO-47 North Building
Chiyoda-ku, Tokyo interest in realestateTrust
Ichigo Sakaisuji Honmachi,
beneficiaryO-48 Honmachi
Chuo-ku,interest in real
Building
Osaka
estateTrust
Ichigo Kanda
KandabeneficiaryO-49 Ogawamachi
Ogawamachi,
in real
Building
Chiyoda-ku, Tokyo interest
estateTrust
IchigoShintomi,
beneficiaryO-50 Hatchobori
Chuo-ku,Tokyo
interest in real
Building
estateTrust
IchigoEbisu
Ebisu
Minami,beneficiary
O-51 Green Glass
Shibuya-ku, Tokyo interest in realestateTrust
Minami Oi,
IchigoOmori
beneficiaryO-52 Building
Shinagawa-ku,
interest in realTokyoestateTrust
IchigoTakadanobaba,
beneficiaryO-53 Takadanobaba
Shinjuku-ku,
interest in real
BuildingTokyo
estateMiyacho,
Trust
IchigoOmiya
Omiya-ku,
beneficiaryO-54 Building
Saitama City,
interest in real
SaitamaestateSagamihara,
Trust
IchigoChuo-ku,
beneficiaryO-55 Sagamihara
SagamiharaCity,
interest in real
Building
Kanagawa
estateTrust
Miyagino,
IchigoSendaibeneficiaryO-57 East Building
Miyagino-ku,
interest in real
Sendai, Miyagi
estateKarashimacho,
Trust
IchigoChuo-ku,
beneficiary
O-58 Kumamoto
KumamotoCity,
interest in real
Building
Kumamoto
estateTrust
IchigoJingumae
Jingumae,beneficiary
O-59 Building
Shibuya-ku, Tokyo interest in realestateTrust
Ichigo Shibuya
Maruyamacho,
beneficiaryO-60 Dogenzaka
Shibuya-ku,
Tokyointerest in real
Building
estateTrust
IchigoHiroo
Hiroo,
beneficiary
O-61 Building
Shibuya-ku, Tokyo interest in realestate28

Appraisal
Value1(JPY million)

Book
% of
Value2
3
Portfolio(JPY million)

7,900

5,416

2.6

2,570

1,670

0.8

2,470

2,186

1.1

2,770

1,703

0.8

7,670

5,718

2.8

4,770

3,794

1.8

1,940

1,596

0.8

4,620

3,494

1.7

1,350

1,195

0.6

2,160

1,519

0.7

1,640

1,569

0.8

8,050

7,408

3.6

5,690

3,691

1.8

4,860

3,962

1.9

No.

Asset Name

Location

Form ofOwnership

Trust
Sasazuka,
beneficiary
Shibuya-ku, Tokyo interest in realestateTrust
IchigoNihonbashi
beneficiary
O-63 Nihonbashi East Bakurocho,
interest in real
Building
Chuo-ku, Tokyo
estateTrust
IchigoHatchobori,
beneficiaryO-64 Sakurabashi
Chuo-ku,Tokyo
interest in real
Building
estateTrust
IchigoShinkawa
Shinkawa,
beneficiaryO-65 Building
Chuo-ku, Tokyo
interest in realestateTrust
IchigoKudan
Kanda-Jimbocho,
beneficiaryO-66 Building
Chiyoda-ku, Tokyo interest in realestateTrust
Ichigo Higashi
Higashi Gotanda,
beneficiaryO-67 Gotanda
Shinagawa-ku,
interest in real
BuildingTokyo
estate
Trust
Mita,
Minato-ku,
beneficiaryO-68 Axior Mita
Tokyo
interest in realestateTrust
Ichigo Higashi
Higashi Ikebukuro, beneficiaryO-69 Ikebukuro
Toshima-ku,
interest in real
BuildingTokyo
estateTrust
Ekimae,Koriyama
Big-ibeneficiaryO-70 (Office Section) Koriyama City,
interest in real
Fukushima
estateHigashi Tamachi,
Trust
IchigoKawasaki
Kawasaki-ku,
beneficiaryO-71 Building
Kawasaki City,
interest in real
Kanagawa
estateTrust
IchigoShibuyaHigashi,beneficiaryO-72 East Building
Shibuya-ku, Tokyo interest in realestateTrust
IchigoNihonbashi
beneficiary
O-73 Ningyocho
Horidomecho,interest in real
Building
Chuo-ku, Tokyo
estateTrust
Ichigo Nishi
Awaza,
Nishi-ku,
beneficiaryO-74 Honmachi
Osakainterest in real
Building
estate
Trust
Gionmachi,
IchigoHakatabeneficiaryO-75 Building
Hakata-ku,
interest in real
FukuokaestateSasazuka
O-62 Ichigo
Building

29

Appraisal
Value1(JPY million)

Book
% of
Value2
3
Portfolio(JPY million)

7,340

5,056

2.5

5,720

4,260

2.1

3,330

2,524

1.2

3,220

2,395

1.2

3,720

3,257

1.6

4,630

3,653

1.8

2,740

1,681

0.8

5,610

4,644

2.3

2,200

1,506

0.7

2,290

1,830

0.9

1,760

1,381

0.7

1,800

1,488

0.7

2,560

2,243

1.1

1,610

1,378

0.7

No.

Asset Name

Location

Form ofOwnership

Trust
beneficiaryinterest in realestateHigashi Ikebukuro, Trust
IchigoIkebukuro
beneficiaryO-78 East Building
Toshima-ku,
interest in realTokyoestateTrust
IchigoMotoazabu,
beneficiary
O-79 Motoazabu
Minato-ku,
Tokyointerest in real
Building
estateTrust
Minami Otsuka,
IchigoOtsukabeneficiaryO-80 Building
Toshima-ku,
interest in realTokyoestateTrust
Meieki,
IchigoNagoyabeneficiaryO-81 Building
Nakamura-ku,
interest in real
NagoyaestateTrust
IchigoFushimiNishiki,Naka-ku,
beneficiaryO-82 Building
Nagoyainterest in realestateTrust
IchigoNishikiNishiki,Naka-ku,
beneficiaryO-83 Building
Nagoyainterest in realestateTrust
Ichigo Minami
Matsugaecho,beneficiary
O-84 Morimachi
Kita-ku,Osakainterest in real
Building
estateTrust
Ichigo Shibuya
Udagawacho,
beneficiaryO-85 Udagawacho
Shibuya-ku,
interest in real
BuildingTokyo
estateTrust
Nishi Gotanda,
Win
GotandabeneficiaryO-86 Building
Shinagawa-ku,
interest in realTokyoestateTrust
Hongo,
IchigoHongobeneficiaryO-87 Building
Bunkyo-ku,
interest in realTokyoestateTrust
OimachiCenterOi,
Shinagawa-ku,
beneficiaryO-88 BuildingTokyo
interest in realestateTrust
Osaki,
Win
GotandabeneficiaryO-89 Building 2
Shinagawa-ku,
interest in realTokyoestateTrust
Uchikanda,
beneficiaryO-90 MIF Building
Chiyoda-ku, Tokyo interest in realestateNishiki
O-76 Ichigo
First Building

Nishiki, Naka-ku,
Nagoya30

Appraisal
Value1(JPY million)

Book
Value2(JPY million)% ofPortfolio3

2,250

1,954

0.9

3,690

2,999

1.5

2,230

1,915

0.9

3,350

2,764

1.3

3,940

3,595

1.7

2,580

2,325

1.1

1,500

1,289

0.6

1,290

1,086

0.5

4,200

3,529

1.7

4,090

3,093

1.5

2,910

2,318

1.1

2,170

1,756

0.9

3,920

3,279

1.6

2,350

2,188

1.1

Location

Form ofOwnership

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

HakataO-94 Ichigo
East Building

Hakataeki Higashi,
Hakata-ku,
Fukuoka

IchigoO-95 Nakameguro
Building

Aobadai,
Meguro-ku,
Tokyo

IchigoO-96 Tachikawa
Building

Akebonocho,
Tachikawa,
Tokyo

Ichigo Higashi
O-97 Ikebukuro 3
Chome Building

Higashi Ikebukuro,
Toshima-ku,
Tokyo

IchigoO-98 Marunouchi
South Building

Nishiki, Naka-ku,
NagoyaHakataeki Higashi,
O-100 Fukuoka
Kensetsu Kaikan Hakata-ku,
FukuokaTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateTrustbeneficiaryinterest in realestateKinshicho Kotobashi,
O-101 Ichigo
South Building
Sumida-ku, Tokyo

Real estate

No.

Asset Name

Ichigo Hakataeki Hakataeki Higashi,
O-99 Higashi
Hakata-ku,
Building
Fukuoka

Appraisal
Value1(JPY million)

Book
Value2(JPY million)% ofPortfolio3

1,870

1,999

1.0

3,390

2,886

1.4

3,580

3,487

1.7

2,930

2,331

1.1

1,590

1,606

0.8

4,040

3,814

1.8

3,810

3,897

1.9

1,840

1,796

0.9

3,780

3,488

1.7

2,890

2,764

1.3

2,040

1,942

0.9

Trust
beneficiaryZ-09 Future IZUMIinterest in realestateTrust
Ichigo Shibuya
Udagawacho,
Z-10 Bunkamura Dori Shibuya-ku, Tokyo beneficiaryinterest in real
Building
estateTrust
IchigoKamataNishi
Kamata,beneficiaryZ-14 Building
Ota-ku, Tokyo
interest in realestate

568

1,017

0.5

2,910

2,443

1.2

1,530

1,447

0.7

Total

259,178

206,349

100

Fuchucho,
Izumi City, Osaka

31

1

Pursuant to Ichigo Office’s internal rules and the rules of the Investment Trusts Association of Japan,
Appraisal Value at period-end is an appraisal 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.

32

Major Capital Expenditures
a. Major Planned Capital Expenditures (as of April 30, 2024)
Asset Name
(Location)

Total
Amount AlreadyExpenditures
Paid(JPY thousand) (JPY thousand)PurposeTimingIchigo Otsuka Building(Toshima-ku, Tokyo)

Renovate exterior
walls (Phase 1)

Feb – Apr 2025

36,790–Ichigo Hakozaki Building(Chuo-ku, Tokyo)

Renovate exteriorwalls

Feb 2025

30,670–Ichigo Nishi Honmachi
Building(Osaka)Renovate exterior
walls (Phase 4)

Oct – Dec 2024

30,670–Ichigo Kinshicho South
Building(Sumida-ku, Tokyo)

Renovate exteriorwalls

Oct 2024

29,650–Ichigo Marunouchi South
Building(Nagoya)Upgrade elevators

Oct 2024

28,630–Ichigo Shibakoen Building(Minato-ku, Tokyo)

Renovate exterior
walls (Phase 2)

May – Jun 2024

25,876–

Ichigo Nakameguro Building Renovate exterior(Meguro-ku, Tokyo)
walls

May – Aug 2024

25,774–

Ichigo Nishi Honmachi
Building(Osaka)Renovate exterior
walls (Phase 3)

Aug – Oct 2024

25,570–

Oimachi Center Building(Shinagawa-ku, Tokyo)

Upgrade HVAC
units

Aug 2024

25,570–Ichigo Takadanobaba
Building(Shinjuku-ku, Tokyo)

Renovate exterior
walls (Phase 2)

Apr 2025

23,530–Ichigo Jimbocho Building(Chiyoda-ku, Tokyo)

Upgrade firefighting equipment

Mar 2025

22,510–Ichigo Takadanobaba
Building(Shinjuku-ku, Tokyo)

Renovate exterior
walls (Phase 1)

Oct – Dec 2024

20,470–33

TotalAmount AlreadyExpenditures
Paid(JPY thousand) (JPY thousand)Asset Name
(Location)

PurposeTimingIchigo Ningyocho Building(Chuo-ku, Tokyo)

Renovate exteriorwalls

Jun – Jul 2024

18,430–

Oimachi Center Building(Shinagawa-ku, Tokyo)

Upgrade HVAC
units

Nov 2024

18,430–Ichigo Hijirizaka Building(Minato-ku, Tokyo)

Upgrade HVAC
units

Sep 2024

17,920–Ichigo Eitai Building(Koto-ku, Tokyo)

Upgrade elevators

Aug 2024

17,206–

Ichigo Uchikanda Building(Chiyoda-ku, Tokyo)

Renovate exteriorwalls

Sep 2024

15,033–

Ichigo Shibakoen Building(Minato-ku, Tokyo)

Upgrade HVAC
units

May – Nov 2024

11,514–

Ichigo Kudan 3 Chome
Building(Chiyoda-ku, Tokyo)

Upgrade elevators

Aug – Sep 2024

9,240

–

Ichigo Nakano North
Building(Nakano-ku, Tokyo)

Upgrade elevators

May 2024

8,931

–

34

b. Major Capital Expenditures during the Current Fiscal Period (April 2024)
During the April 2024 fiscal period, capital expenditures totaled JPY 1,172,213 thousand. Of thistotal JPY 1,039,299 thousand were capitalized and JPY 132,914 thousand were treated as expenses(Building Maintenance & Repair Expenses).
Asset Name
(Location)

PurposeTimingTotal Expenditures(JPY thousand)Ichigo Hanzomon Building(Chiyoda-ku, Tokyo)

Renovate exteriorwalls

Dec 2023 – Feb 2024

27,610Ichigo Shibuya
Kamiyamacho Building(Shibuya-ku, Tokyo)

Renovate officespace

Oct 2023 – Dec 2023

25,128

Oimachi Center Building(Shinagawa-ku, Tokyo)

Upgrade HVAC
units

Feb – Apr 2024

24,856

Ichigo Nakameguro
Building(Meguro-ku, Tokyo)

Renovate exterior
walls (Phase 1)

Feb – Apr 2024

24,346

Ichigo Shibakoen Building(Minato-ku, Tokyo)

Renovate exterior
walls (Phase 1)

Mar – Apr 2024

24,309Ichigo Jimbocho Building(Chiyoda-ku, Tokyo)

Renovate officespace (10th floor)

Jan – Mar 2024

19,695

Other893,354

Total

1,039,299

35