Make The World
More Sustainable

Ichigo Office REIT
Semi-Annual Report (Audited)
33rd Fiscal Period
November 1, 2021 – April 30, 2022

Ichigo Office REIT Investment Corporation
Imperial Hotel Tower, 1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo 100-0011

Message from Management
First of all, we would like to express our deepest condolences to all those across the world affected by the COVID
pandemic and our wishes for the earliest possible recovery.
We extend our gratitude to all Ichigo Office shareholders for your trust.
Ichigo Office has continuously worked to drive shareholder value by increasing tenant satisfaction and focusing onsocial contributions, while taking into consideration rent levels and occupancy of its portfolio.
During the April 2022 period, we sold the Ichigo Akasaka 5 Chome Building, and will distribute the gain on sales(JPY 940 million) as dividends. We also acquired a TK equity interest in four mid-sized office assets, and received
preferential negotiation rights to buy these assets, which are located in Fukuoka City and Central Tokyo.
Furthermore, we worked to strengthen our organic growth potential by increasing asset value and investment
efficiency via strategic value-add capex, such as the renovation of the Ichigo Shibuya Dogenzaka Building and
Ichigo Kudan 2 Chome Building. We successfully leased up over 50% of the newly vacated office space (on anarea basis) at higher rents.
In line with the goals of RE100, Ichigo Office has achieved the target to source 100% of the electricity needs acrossits assets (excluding partially and jointly owned assets) via renewable energy. By achieving this goal, we have
reduced our CO2 emissions by 21,345 tons, a 96.5% reduction compared to 2019.
As a result of these activities, Ichigo Office’s April 2022 earnings were: operating revenue of 8,675 million yen,operating profit of 4,436 million yen, recurring profit of 3,691 million yen, and net income of 3,690 million yen.
The dividend per share was 2,508 yen, a 436 yen increase from our forecast at period-start.
Ichigo Office will continue to work to build a robust mid-size office portfolio and promote its ESG activities withthe aim to drive sustainable growth and maximize shareholder value.

Thank you so much for your continued support.
Yoshihiro Takatsuka, Executive Director
Ichigo Office REIT Investment Corporation(left)
Hiroshi Iwai,
President and Executive Officer
Ichigo Investment Advisors Co., Ltd.
(right)–2–

Asset Management Overview

1

Historical Investment Performance

Operating Revenue

29th Fiscal Period 30th Fiscal Period 31st Fiscal Period

32nd Fiscal Period

33rd Fiscal Period

From November 1,
2019 to April 30, 2020

From May 1, 2021 toOctober 31, 2021

From November 1,
2021 to April 30, 2022

From May 1, 2020 to
October 31, 2020

From November 1,
2020 to April 30, 2021

million yen

8,260

7,863

7,725

7,843

8,675

(Real Estate Rental Income)million yen(7,860)(7,862)(7,725)(7,843)(7,735)

Operating Expenses

million yen

3,879

3,770

3,801

3,881

4,238

(Real Estate Rental Expenses)

million yen(2,950)(2,852)(2,841)(2,887)(2,991)

Operating Profit

million yen

4,381

4,092

3,923

3,962

4,436

Recurring Profit

million yen

3,576

3,313

3,122

3,201

3,691

Net Income

million yen

3,575

3,312

3,121

3,200

3,690

Total Assets

million yen

227,312226,980

227,654

227,653

228,020(Note 1)

(Period-on-Period Change)%

Net Assets

million yen(Period-on-Period Change)(0.6)(-0.1)(0.3)(-0.0)(0.2)

104,244

104,242

102,447

102,421102,806%(0.3)(-0.0)(-1.7)(-0.0)(0.4)

million yen

67,67567,67567,67567,67567,675

Number of Shares Outstanding

shares1,532,287

1,532,287

1,513,367

1,513,367

1,513,367

Net Assets per Shareyen

68,031

68,03067,69567,67867,932

Total Dividends

million yen

3,314

3,417

3,226

3,306

3,795

Dividend per Share

yen

2,163

2,230

2,132

2,185

2,508

(Payable Dividend per Share)yen(2,163)(2,230)(2,132)(2,185)(2,508)(Dividend per Share in Excess of
Earnings)

yen

(―)

(―)

(―)

(―)

(―)

Shareholders’ Equity

Ratio of Recurring Profit to Total
Assets(Note 2)%

1.6 (3.2)

1.5(2.9)

1.4(2.8)

1.4(2.8)

1.6(3.3)

Return on Equity(Note 2)%3.4(6.9)

3.2(6.3)

3.0(6.1)

3.1(6.2)

3.6(7.3)

Shareholder Equity Ratio(Note 2)

%

45.9

45.9

45.0

45.0

45.1

%

(-0.2)(0.1)(-0.9)(-0.0)

(0.1)

%

92.7

103.1

104.0

103.4

102.9

(Period-on-Period Change)
Dividend Payout Ratio(Note 3)

Other Reference Information
Number of Assets

assets

85

85

86

86

85

Number of Tenants at Period-End

tenants

938

924

934

930

923

Total Leasable Aream2

259,717.74

259,754.33

264,651.68

264,701.15

263,948.70

Occupancy at Period-End

%

99.6

97.5

97.2

95.4

94.7

Depreciation

million yen

839

838

870

887

893

Capital Expenditure

thousand yen

525,201

587,955

677,483

625,613674,547

NOI (Net Operating Income)(Note 2)

million yen

5,748

5,847

5,754

5,843

5,637

FFO (Funds from Operations) per
Share(Note 2)

yen

2,621

2,709

2,638

2,701

2,408

days

182

184

181

184

181

Number of Days in the Period(Note 1) Operating revenue, etc. do not include consumption tax or local consumption tax (hereinafter “consumption taxes”).
(Note 2) The indicators stated are calculated using the formulas below. Figures in parentheses are annualized values.
Ratio of Recurring Profit toTotal Assets

Recurring Profit / (Total Assets at Beginning of Period + Total Assets at End of Period) ÷ 2

Return on Equity

Net Income / (Net Assets at Beginning of Period + Net Assets at End of Period) ÷ 2

Shareholder Equity Ratio

Net Assets at End of Period / Total Assets at End of Period

NOI

Real Estate Rental Income – Real Estate Rental Expenses + Depreciation

FFO per Share(Net Income + Depreciation + Loss on Retirement of Non-Current Assets + Expenses for Asset Retirement Obligations ±Losses (Gains) on Sales of Assets ± Extraordinary Losses (Profits)) / Number of Shares Outstanding(Note 3) Dividend Payout Ratio is calculated using the formula below and rounded down to the nearest unit:
Dividend per Share (not including dividend per share in excess of earnings) / Net Income per Share

–3–

2

Summary of Operating Results for the Fiscal Period Ended April 30, 2022

(1) Overview
In the fiscal period ended April 30, 2022, Ichigo Office’s 33rd fiscal period, Ichigo Office worked to strengthen its organic growthpotential by 1) increasing asset value and investment efficiency via its value-add capex (Note) and 2) driving earnings growth with afocus on tenant satisfaction. Ichigo Office seeks to construct a portfolio specializing in mid-size offices which can generate bothearnings stability and earnings growth.
(Note) “Value-add capex” is capital expenditure that enhances the competitiveness and profitability of Ichigo Office assets.

(2) Market Environment and Investment Performance(i) Market Environment
With the COVID pandemic starting to show signs of calming down, and the domestic economy showing signs of recovery, the market
for commercial properties continues to see strong investment demand, with acquisition prices remaining at high levels and the numberof transactions remain at high standards.
Although office asset cap rates remain at low levels, an increase in vacancy and a decrease in new rents are noteworthy changes
observed in the office leasing market. Limited investment opportunities in Tokyo due to low yields is expected to drive greater interestfor investments in regional cities as investors look for higher yields and changes in working styles. Furthermore, a rising global interestin environmental and social issues is expected to accelerate ESG initiatives within the real estate market and become an increasingly
important consideration for real estate investments. Ichigo Office is fully aware of these changes in market environment and will
adjust its investment activity accordingly and with a long-term perspective.
(ii) Investment Performance
During the current fiscal period, Ichigo Office worked to drive the earnings of individual assets with the aim of increasing portfolio
NOI, while taking into consideration rent levels and occupancy. The occupancy at period-end was 94.7%, due to a sole tenant moving
out at the Ichigo Kudan 2 Chome Building. In line with the spirit of RE100, a global initiative to accelerate the transition of electricity
used by businesses to 100% renewable energy, Ichigo Office has successfully transitioned 100% of the electricity needs across all of
its assets, and is continuously working to conserve energy by installing LED lights.
As a result of the sale of Ichigo Akasaka 5 Chome Building, Ichigo Office was able to distribute the gain on sales, and deployed thesale proceed toward growth investments, such as asset acquisition and value-add capex. Ichigo Office also acquired preferential
negotiation rights to a total of 4 underlying assets (located in Fukuoka City and Central Tokyo) in a bridge fund created via sponsor
support.

(3) Financing
During the current fiscal period, Ichigo Office borrowed a total of 9,621 million yen from banks in November 2021 and January 2022,
to repay loans that came due in those months (a total of 9,629 million yen). To maintain a stable financial base, Ichigo Office works
to diversify repayment dates and is prudent about interest rate risks.

–4–(4) Earnings and Dividends
As a result of the management initiatives above, Ichigo Office recorded an operating revenue of 8,675 million yen, operating profit of
4,436 million yen, recurring profit of 3,691 million yen and net income of 3,690 million yen for the fiscal period. With respect todividends, the dividend policy set out in Article 37 of the Articles of Incorporation of the Investment Corporation stipulates that theamount of dividends shall exceed the amount equivalent to 90% of distributable earnings as provided for in Article 67-15, Paragraph
1 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957 including subsequent amendments, hereinafter the “Special
Measures Taxation Act”).
Ichigo Office has voluntary reserves for temporary difference adjustments and dividends. Of these voluntary reserves, it uses
temporary difference adjustments of 105 million yen or more every period based on the revised Rules on Real Estate Investment
Trusts and Real Estate Investment Corporations in 2015 (hereinafter the “Rules of the Investment Trust Association, Japan”). Similarly,
Ichigo Office may use dividend reserves from the standpoint of stabilizing the dividend level, taking cash flows into account.
However, because Ichigo Office also has a tax loss carried forward (Note), mainly due to the loss on sales of real estate posted whenassets were transferred in the past for the purpose of improving portfolio quality, it may internally reserve profits if it has total net
gains on sales of real estate assets and other profits from operations.
For this period, Ichigo Office has decided to pay a total dividend of 3,795 million yen, which is the entire amount (except for fractions
in which the dividend per share is less than one yen) of unappropriated retained earnings of 3,691 million yen, plus 105 million yen,which is the reversal of reserves for temporary difference adjustments. As a result, the dividend per share came to 2,508 yen.

3

Issuance of New Shares

Increases and decreases in the total number of shares outstanding and the total amount of shareholders’ equity for the most recent five
years are as follows:
Date

Remarks

Number of Shares Outstanding(shares)
Increase/decrease

April 12, 2021

Shares Cancelled

Shareholders’ Equity(million yen)

Balance-18,920

1,513,367

Increase/decrease
―

Notes

Balance
67,675(Note)(Note)
Ichigo Office purchased its own shares in the Tokyo Stock Exchange, through in-market purchase via a securities firm between January 8, 2021 and February 12, 2021. On
March 26, 2021, the Board of Directors approved to cancel the acquired shares, and the shares were cancelled on April 12, 2021. Since Ichigo Office used its Capital Reserve Surplus topurchase the shares, the amount of the Shareholders’ Equity did not change.

Share Price Performance
The table below shows the high and low prices (closing prices) on the Tokyo Stock Exchange REIT market, where Ichigo Office lists
its shares, for each period.
29th Fiscal Period
From November 1, 2019 toApril 30, 2020

30th Fiscal Period
From May 1, 2020 to
October 31, 2020

31st Fiscal Period
From November 1, 2020 toApril 30, 2021

32nd Fiscal Period
From May 1, 2021 toOctober 31, 2021

33rd Fiscal Period
From November 1, 2021 toApril 30, 2022

High

119,300 yen

81,000 yen

98,600 yen

101,400 yen

88,600 yen

Low

54,300 yen

66,500 yen

68,100 yen

86,300 yen

76,300 yen

–5–

4

Dividends

With respect to dividends in the current fiscal period, the dividend distribution policy set out in Article 37 of the Articles ofIncorporation of the Investment Corporation stipulates that the amount of dividends shall exceed an amount equivalent to 90% of
distributable earnings as provided for in Article 67-15, Paragraph 1 of the Special Measures Taxation Act. Based on this policy, Ichigo
Office has decided to pay a total dividend of 3,795 million yen, which is the entire amount (except for fractions in which the dividend
per share is less than one yen) of unappropriated retained earnings of 3,691 million yen, plus 105 million yen, which is the reversal ofreserves for temporary difference adjustments. As a result, the dividend per share came to 2,508 yen.
29th Fiscal Period
From November 1,
2019 to April 30,
2020

30th Fiscal Period
From May 1, 2020
to October 31, 2020

31st Fiscal Period
From November 1,
2020 to April 30,
2021

32nd Fiscal Period
From May 1, 2021
to October 31, 2021

33rd Fiscal Period
From November 1,
2021 to April 30,
2022

Unappropriated Retained Earnings

thousand yen

3,575,841

3,312,935

3,122,657

3,201,892

3,691,120

Retained Earnings for Dividend
Reservethousand yen

―

―

―

―

―

Total Dividends

thousand yen

3,314,336

3,417,000

3,226,498

3,306,706

3,795,524(2,163)(2,230)(2,132)(2,185)(2,508)3,314,336

3,417,000

3,226,498

3,306,706

3,795,524(2,508)(Dividend per Share)

yen

Distributable Earnings

thousand yen(Distributable Earnings per Share)yen(2,163)(2,230)(2,132)(2,185)thousand yen

―

―

―

―

―

yen

(―)

(―)

(―)

(―)

(―)

Of the Total Refund of Capital, Total
Distribution from Reserves for
Temporary Difference Adjustment

thousand yen

―

―

―

―

―

(Of the Refund of Capital per Share,
Distribution from Reserves for
Temporary Difference Adjustment per
Share)

yen

(―)

(―)

(―)

(―)

(―)

Of the Total Refund of Capital, Total
Distribution from the Distribution
Associated with a Decrease in
Investment for Tax Purposes

thousand yen

―

―

―

―

―

(Of the Refund of Capital per Share,
Distribution from the Distribution
Associated with a Decrease in
Investment for Tax Purposes)

yen

(―)

(―)

(―)

(―)

(―)

Total Refund of Capital(Refund of capital per share)

–6–

5

Investment Policies and Strategies(1) Asset Acquisitions (Acquisition-Driven Growth)
Ichigo Office invests in real estate mainly located in central Tokyo, the Tokyo metropolitan area, major regional cities and prefectural
capitals whose primary use is as offices, as well as real estate-backed securities related to these assets. In particular, Ichigo Officebuilds a portfolio specializing in mid-size offices with a focus on growth potential while securing earnings stability, given that bothstability and growth potential can be expected in mid-size offices and that the replacement of assets in the portfolio in a mobilizedmanner according to the market conditions is also possible because the absolute number of assets is large and there are numerous
opportunities for acquisition.
When acquiring assets, Ichigo Office works to obtain quality investment information at an early stage and promote an arm’s lengthtransaction, using information from Ichigo Investment Advisors Co., Ltd., the asset management company (hereinafter the “AssetManager”) of Ichigo Office, based on the Asset Manager’s own network. In addition, Ichigo Office also promotes steady acquisitiondriven growth, by using external bridge funds as well as the warehousing function of Ichigo Inc., based on the sponsor support
agreement. Ichigo Office also strives to improve the quality of the portfolio through asset replacements by considering sales of assets
with limited room for organic growth.

(2) Portfolio Management (Organic Growth)
In the management and operation of the assets owned, Ichigo Office aims to build a robust portfolio and drive sustainable growththrough active promotion of the following initiatives that will lead to the strengthening of the earnings power of individual assets.
- Provide differentiated high-quality office spaces such as Ichigo Layout Office and Ichigo Lounge- Increase asset value and investment returns via value-add capex- Pursue investment efficiency- Minimize downtime at re-tenanting and free-rent periods(3) Financing Strategy
For the refinancing of existing loans, Ichigo Office will consider fixing borrowing rates and promoting the extension anddiversification of borrowing periods, due to the unstable social situations leading to a rise in interest rates. With respect to the longterm issuer rating it has acquired from Japan Credit Rating Agency, Ltd., Ichigo Office will strengthen its financial base and expand
its cash flows while diversifying its financing using investment corporation bonds, with the aim of further improving the current ratingof “A (Outlook: Positive).”

6

Significant Subsequent Events(1) Asset Acquisition
The sales and purchase agreements for the following asset has been made in accordance with the guidelines specified in Ichigo Office’s
Articles of Incorporation.
Ichigo Higashi Ikebukuro 3 Chome Building (Note 1)
Acquisition Price (Note 2)
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Seller (Note 3)

3,840,000,000 yen
3-13-3 Higashi Ikebukuro, Toshima-ku, Tokyo
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
June 14, 2022
June 20, 2022
Domestic TMK (tokutei mokuteki kaisha)(Note 1) After the acquisition by Ichigo Office, the building name will be changed from “Seiwa Ikebukuro Building” to “Ichigo Higashi Ikebukuro 3 Chome Building”.
(Note 2) The acquisition price is the sales value of the trust beneficiary interest in real estate that does not include expenses for acquisition, the amount equivalent to settled fixed asset
taxes and city planning taxes, and the amount equivalent to consumption taxes.
(Note 3) The seller did not provide consent to disclose its name.

–7–

(2) Loans
Ichigo Office decided to borrow funds via new loans in order to fund the above asset acquisition.
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

SMBC
950,000,000 yen
3M JPY TIBOR + 0.62% (p.a.)(Note)
May 25, 2029
25th of every January, April, July, and October following the loan dateLump-sum repayment
No

LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Mizuho Bank
950,000,000 yen
3M JPY TIBOR + 0.62% (p.a.)(Note)
May 25, 2029
25th of every January, April, July, and October following the loan dateLump-sum repayment
No(Note) Ichigo Office will execute interest rate swaps to hedge against a rise in interest rates.

–8–

Ichigo Office Overview

1

Shares and Shareholders’ Equity
29th Fiscal Period
April 30, 2020

30th Fiscal Period
October 31, 2020

31st Fiscal Period
April 30, 2021

32nd Fiscal Period
October 31, 2021

33rd Fiscal Period
April 30, 2020

Number of Authorized Sharesshares

14,000,000

14,000,000

14,000,000

14,000,000

14,000,000

Number of Shares
Outstanding

shares1,532,287

1,532,287

1,513,367

1,513,367

1,513,367

Shareholders’ Equity

millionyen

67,67567,67567,67567,67567,675

Number of Shareholders

persons

13,368

13,947

13,911

14,104

15,9942

Major Shareholders

Major shareholders as of April 30, 2022 are as follows:
Name

Ratio of Shares Held to Total
Number of Shares Issued (%) (Note)

SharesIchigo Trust Pte. Ltd.

331,190

21.88

Custody Bank of Japan, Ltd., Trust Account229,022

15.13

The Master Trust Bank of Japan, Trust Account179,250

11.84

Custody Bank of Japan, Ltd., Securities Investment Trust Account67,457

4.45

NOMURA BANK (LUXEMBOURG) S.A.

53,629

3.54

Nomura Trust & Banking Co., Ltd. Investment Trust Account52,394

3.46

GOLDMAN SACHS INTERNATIONAL

35,736

2.36

BNP PARIBAS SECURITIES SERVICES LUXEMBOURG / JASDEC /SECURITIES-AIFM

23,391

1.54

STATE STREET BANK WEST CLIENT – TREATY 505234

22,0211.45

SCBHK AC LIECHTENSTEINISCHE LANDESBANK AG

20,8761.37

1,014,966

67.06

Total
(Note) The ratio of shares held to the total number of shares issued is truncated after the second decimal place.

3

Executive Director and Supervisory Directors(1) Ichigo Office’s directors and auditor as of April 30, 2022 are as follows:
Title

Executive Director

Name of Director

Total Compensation
During the Current Fiscal
Period(thousand yen)

Yoshihiro Takatsuka

R’s Consulting KK, Representative Director
Oct Advisors Inc., Director and Partner

2,160

Takaaki Fukunaga

Fukunaga CPA Office, Representative
Global Solutions Consulting Co., Ltd., Representative Director
Bentall GreenOak KK, external Corporate Auditor
AWP Ticket Guard Small Amount & Short Term Insurance Co., Ltd., external
Corporate Auditor
PP Japan Co., Ltd., Corporate Auditor
GMO Registry, Inc., external Corporate Auditor

1,440

Masahiro Terada

City-Yuwa Partners, Partner
Shinsei Bank Limited, Independent Director

1,440

―

9,440

Supervisory Directors

Accounting Auditor

Other Major Positions

Grant Thornton Taiyo LLC(Note) The Executive and Supervisory Directors do not own shares of Ichigo Office under either their own name or another person’s name.

(2) Policy for Determining Dismissal or Non-Reappointment of Accounting Auditor
The Board of Directors will determine the dismissal of the accounting auditor pursuant to the provisions of the Act on Investment
Trusts and Investment Corporations and the refusal to reappoint the accounting auditor, taking various factors into consideration,
including the quality of the audit and compensation for the audit.

–9–

4

Directors and Officers Liability Insurance

Ichigo Office has purchased the following D&O (directors and officers liability) insurance.
Beneficiary

Details of the D&O Insurance(1) Insurance Coverage Overview
The D&O liability insurance covers damages and litigation expenses resulting from litigations arising from theactions (including negligence) of persons serving in a role of Executive or Supervisory Director.

Executive and Supervisory Directors(2) Insurance Premiums
Ichigo Office will bear the cost of insurance premiums, including the special provision for shareholder derivative
lawsuits.
(3) Measures to Ensure Appropriate Performance of Duties
Damages resulting from willful misconduct and gross negligence are not covered by this insurance.

5

Asset Management Company, Asset Custodian, and Administrative AgentsThe asset management company, asset custodian, and administrative agents as of April 30, 2022 are as follows:
Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Asset Custodian
Administrative Agent (Administration)
Administrative Agent (Accounting)Mizuho Trust Banking & Co., Ltd.

Administrative Agent (Transfer Agent)
Administrative Agent (Special Accounts)

Sumitomo Mitsui Trust Bank, Limited

Administrative Agent (Special Accounts)

Mitsubishi UFJ Trust and Banking Corporation

Administrative Agent (Investment Corporation Bonds)

Sumitomo Mitsui Banking Corporation

Administrative Agent (Investment Corporation Bonds)

MUFG Bank, Ltd.

Administrative Agent (Investment Corporation Bonds)

Mizuho Bank, LTD.

– 10 –

Assets under Management

1

Asset Composition
32nd Fiscal Period (as of October 31, 2021)

Area

Asset TypeBook Value(million yen)(Note 2)(Note 1)

Book Value(million yen)(Note 2)

Ratio to Total Assets(%)

Central Tokyo

6,712

2.9

5,960

2.6

Tokyo Metropolitan Area

3,977

1.7

3,959

1.7

Four Major Regional Cities

10,265

4.5

10,203

4.5

Central Tokyo

108,070

47.5

107,980

47.4

Tokyo Metropolitan Area

43,35219.0

43,30519.0

Four Major Regional Cities

19,686

8.6

19,706

8.6

Other Regional Cities

10,370

4.6

10,373

4.5

Subtotal

202,43688.9

201,489

88.4

Real Estate

Trust BeneficiaryInterest in Real Estate(juekiken)(Note 3)

Investment in Securities (Note 4)(Note 1)33rd Fiscal Period (as of April 30, 2022)

Ratio to Total Assets
(%)

―

―

51

0.0

Deposits and Other Assets

25,21611.1

26,480

11.6

Total Assets

227,653

100.0

228,020100.0(Note 4)

Areas are defined as follows:
Central Tokyo: Chiyoda, Minato, Chuo, Shinjuku, Shibuya and Shinagawa Wards
Tokyo Metropolitan Area : Tokyo (excluding the six wards above) and Kanagawa, Chiba and Saitama Prefectures
Four Major Regional Cities : Osaka, Nagoya, Fukuoka and Sapporo
Other Regional Cities: Regional cities other than the above (prefectural capitals, etc.)
Book Value is the amount recorded on the balance sheet as of the closing date (for real estate and the trust beneficiary interest in real estate, the book value after
depreciation). Construction in progress and construction in progress in trust are not included in the subtotal of real estate and the trust beneficiary interest in real estate.
Land leasehold rights in trust held together with buildings in trust are stated in the section on the trust beneficiary interest in real estate by adding them to buildings in trust,etc.
TK (tokumei kumiai) real estate equity interest in Kizuna1 GK TK

2Major Assets Owned(Note 2)
(Note 3)

The table below is a summary of the major assets owned by Ichigo Office as of April 30, 2022 (top ten assets in terms of book value).
Asset NameBook Value(million yen)
(Note 1)

Leasable Area(m2)

Leased Area(m2)

Occupancy(%)(Note 2)

Ratio to Total Rent
Revenue(%)

Asset Type

Ichigo Jingumae Building

7,425

4,510.04

4,510.04

100.0

2.4

OfficeIchigo Ebisu Green Glass

5,764

3,159.27

3,159.27

100.0

2.0

OfficeOfficeIchigo Marunouchi Building

5,524

8,009.11

8,009.11

100.0

3.1

Ichigo Akihabara North Building

5,474

6,250.53

6,250.53

100.0

3.0

OfficeIchigo Ikenohata Building

5,119

5,504.15

5,504.15

100.0

2.1

OfficeIchigo Sasazuka Building

4,889

6,425.29

6,425.29

100.0

2.4

OfficeIchigo Gotanda Building

4,785

5,346.39

5,346.39

100.0

2.7

OfficeIchigo Sakae Building

4,679

3,928.12

3,928.12

100.0

2.8

OfficeIchigo Higashi Ikebukuro Building

4,601

4,433.00

3,896.27

87.9

2.1

OfficeOfficeIchigo Nihonbashi East Building
Total(Note 1)
(Note 2)

4,371

4,216.97

4,216.97

100.0

1.9

52,63451,782.87

51,246.14

99.0

24.6

Book Value does not include construction in progress or construction in progress in trust.
Occupancy is the ratio of the Leased Area within the Leasable Area of the real estate or real estate in trust as of period-end. The ratio is rounded off to the first decimal place.

– 11 –

3

Portfolio Overview

Details of Portfolio Assets
The table below shows the details of assets owned by Ichigo Office as of April 30, 2022.
Asset Name

Location

Form of Ownership

LeasableArea(m2)

Appraisal
Value at
Period-end(million yen)
(Note 1)

Book Value at
Period-end(million yen)
(Note 2)O-02 Ichigo Nishisando Building

Yoyogi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,523.19

3,270

3,342

O-03 Ichigo Mita Building

Shiba, Minato-ku, Tokyo

Trust beneficiary interest in real estate

4,119.63

3,630

2,708

O-04 Ichigo Nanpeidai Building

Nanpeidaicho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,925.24

2,550

1,892

O-05 Ichigo Hanzomon Building

Hayabusacho, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

2,080.37

2,070

1,500

O-06 Ichigo Hijirizaka Building

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,947.90

1,490

1,201

Ichigo Shibuya Kamiyamacho
O-07
Building

Kamiyamacho, Shibuya-ku, Tokyo

Real estate

1,321.54

1,900

1,333

O-09 Ichigo Shibakoen Building

Shiba, Minato-ku, Tokyo

Real estate

1,602.29

1,280

1,095

O-10 Ichigo Ebisu Nishi Building

Ebisu-Nishi, Shibuya-ku, Tokyo

Real estate

1,484.39

2,570

1,917

O-11 Ichigo Ginza 612 Building

Ginza, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

1,364.97

2,150

1,802

O-12 Ichigo Uchikanda Building

Uchikanda, Chiyoda-ku, Tokyo

Real estate

1,378.83

1,390

1,108

O-14 Ichigo Yotsuya 4 Chome Building

Yotsuya, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate780.64580

499

O-15 Ichigo Tameike Building

Akasaka, Minato-ku, Tokyo

Real estate494.14725

504

O-16 Ichigo Jimbocho Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

1,891.01

2,370

1,794

O-17 Ichigo Hakozaki Building

Nihonbashi Kakigaracho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

2,389.54

1,180

1,134

O-18 Ichigo Kudan 2 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,265.76937

763

O-19 Ichigo Kudan 3 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,302.43923

808

O-20 Ichigo Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

5,346.39

6,630

4,785

O-21 Ichigo Shin Yokohama Building

Shin Yokohama, Kohoku-ku,
Yokohama

Trust beneficiary interest in real estate

4,021.32

1,680

1,656

O-22 Ichigo Minami Ikebukuro Building

Minami Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

1,491.50

1,890

1,344

O-23 Ichigo Nakano North Building

Arai, Nakano-ku, Tokyo

Trust beneficiary interest in real estate

1,264.11

977

718

O-24 Ichigo Eitai Building

Eitai, Koto-ku, Tokyo

Real estate

2,605.54

1,500

1,423

O-26 Ichigo Ikejiri Building

Ohashi, Meguro-ku, Tokyo

Real estate

2,385.69

2,260

1,945

O-27 Ichigo Nishi Ikebukuro Building

Ikebukuro, Toshima-ku, Tokyo

Real estate

1,261.91

1,030

589

O-28 Ichigo Nishi Gotanda Building

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

1,328.95

895

753

O-29 Ichigo Kichijoji Building

Kichijoji Honcho, Musashino City,
Tokyo

Trust beneficiary interest in real estate

4,210.87

2,860

2,153

O-34 Ichigo Sakae Building

Sakae, Naka-ku, Nagoya

Real estate

3,928.12

6,270

4,679

O-37 Ichigo Marunouchi Building

Marunouchi, Naka-ku, Nagoya

Real estate

8,009.11

7,540

5,524

O-38 Ichigo Toyamaeki Nishi Building

Jinzu Honmachi, Toyama City,
ToyamaTrust beneficiary interest in real estate

8,601.72

1,850

1,451

O-39 Ichigo Mirai Shinkin Building

Niagemachi, Oita City, Oita

Trust beneficiary interest in real estate

3,551.46

1,350

1,124

O-42 Ichigo Takamatsu Building

Kotobukicho, Takamatsu City,
KagawaTrust beneficiary interest in real estate

6,329.33

3,860

2,117

O-46 Ichigo Kanda Nishikicho Building

Kanda-Nishikicho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,523.09

3,290

2,000

O-47 Ichigo Akihabara North Building

Sotokanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

6,250.53

8,070

5,474

Ichigo Sakaisuji Honmachi
O-48
Building

Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,729.35

2,470

1,712

Kanda-Ogawamachi, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,309.39

2,540

2,187

O-50 Ichigo Hatchobori Building

Shintomi, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,716.33

2,760

1,745

O-51 Ichigo Ebisu Green Glass

Ebisu Minami, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,159.27

7,630

5,764

O-52 Ichigo Omori Building

Minami Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,585.93

4,570

3,782

O-53 Ichigo Takadanobaba Building

Takadanobaba, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate

1,606.92

1,950

1,581

O-54 Ichigo Omiya Building

Miyacho, Omiya-ku, Saitama City,
SaitamaTrust beneficiary interest in real estate

6,180.68

4,280

3,538

O-55 Ichigo Sagamihara Building

Sagamihara, Chuo-ku, Sagamihara
City, Kanagawa

Trust beneficiary interest in real estate

2,960.81

1,310

1,210

O-56 Ichigo Ofuna Building

Ofuna, Kamakura City, Kanagawa

Trust beneficiary interest in real estate

2,364.71

2,320

1,958

O-57 Ichigo Sendai East Building

Miyagino, Miyagino-ku, Sendai,
MiyagiTrust beneficiary interest in real estate

5,205.49

2,180

1,569

O-49

Ichigo Kanda Ogawamachi
Building– 12 –

Asset Name

Location

Form of Ownership

LeasableArea(m2)

Appraisal
Value at
Period-end(million yen)
(Note 1)O-58 Ichigo Kumamoto Building
O-59 Ichigo Jingumae Building
O-60

Ichigo Shibuya Dogenzaka
Building

Karashimacho, Chuo-ku, Kumamoto
City, Kumamoto

Book Value at
Period-end(million yen)
(Note 2)Trust beneficiary interest in real estate

4,507.59

1,600

1,553

Jingumae, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,510.04

7,910

7,425

Maruyamacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

2,789.86

5,330

3,682

O-61 Ichigo Hiroo Building

Hiroo, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,510.44

4,730

3,986

O-62 Ichigo Sasazuka Building

Sasazuka, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

6,425.29

6,230

4,889

O-63 Ichigo Nihonbashi East Building

Nihonbashi Bakurocho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

4,216.97

5,620

4,371

O-64 Ichigo Sakurabashi Building

Hatchobori, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,971.22

3,180

2,544

O-65 Ichigo Shinkawa Building

Shinkawa, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,312.03

3,020

2,391

O-66 Ichigo Kudan Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

3,090.65

3,710

3,233

O-67 Ichigo Higashi Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

4,548.10

4,410

3,637

O-68 Axior Mita

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,369.82

2,370

1,706

O-69 Ichigo Higashi Ikebukuro Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

4,433.00

5,460

4,601

O-70 Koriyama Big-i (Office Section)

Ekimae, Koriyama City, Fukushima

Trust beneficiary interest in real estate

3,433.07

2,140

1,505

O-71 Ichigo Kawasaki Building

Higashi Tamachi, Kawasaki-ku,
Kawasaki City, Kanagawa

Trust beneficiary interest in real estate

3,823.01

2,280

1,814

O-72 Ichigo Shibuya East Building

Higashi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,041.36

1,550

1,381

O-73 Ichigo Ningyocho Building

Nihonbashi Horidomecho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

1,769.09

1,600

1,490

O-74 Ichigo Nishi Honmachi Building

Awaza, Nishi-ku, Osaka

Trust beneficiary interest in real estate

6,152.00

2,500

2,192

O-75 Ichigo Hakata Building

Gionmachi, Hakata-ku, Fukuoka

Trust beneficiary interest in real estate

2,423.86

1,530

1,359

O-76 Ichigo Nishiki First Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

3,324.70

2,170

1,959

O-77 Ichigo Ikenohata Building

Ikenohata, Taito-ku, Tokyo

Trust beneficiary interest in real estate

5,504.15

5,500

5,119

O-78 Ichigo Ikebukuro East Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

3,118.69

3,430

2,998

O-79 Ichigo Motoazabu Building

Motoazabu, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,329.96

2,350

1,913

O-80 Ichigo Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,623.98

3,100

2,756

O-81 Ichigo Nagoya Building

Meieki, Nakamura-ku, Nagoya

Trust beneficiary interest in real estate

4,930.30

3,910

3,525

O-82 Ichigo Fushimi Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

4,155.60

2,540

2,325

O-83 Ichigo Nishiki Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

2,006.78

1,480

1,289

Ichigo Minami Morimachi
O-84
Building

Matsugaecho, Kita-ku, Osaka

Trust beneficiary interest in real estate

2,521.51

1,260

1,054

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,491.68

4,180

3,559

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

3,689.88

3,540

3,105

O-85

Ichigo Shibuya Udagawacho
Building

O-86 Win Gotanda Building
O-87 Ichigo Hongo Building

Hongo, Bunkyo-ku, Tokyo

Trust beneficiary interest in real estate

2,733.68

2,690

2,300

O-88 Oimachi Center Building

Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

2,751.08

2,090

1,698

O-89 Win Gotanda Building 2

Osaki, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,434.69

3,610

3,289

O-90 MIF Building

Uchikanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,690.33

2,370

2,191

O-91 Ichigo Uchi Honmachi Building

Uchi Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,004.07

2,180

2,001

O-92 Ichigo Minami Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,129.49

3,270

2,858

O-93 Ichigo Nogizaka Building

Akasaka, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,199.35

3,620

3,507

O-94 Ichigo Hakata East Building

Hakataeki Higashi, Hakata-ku,
Fukuoka

Trust beneficiary interest in real estate

2,901.99

2,610

2,287

O-95 Ichigo Nakameguro Building

Aobadai, Meguro-ku, Tokyo

Trust beneficiary interest in real estate

1,044.34

1,640

1,550

O-96 Ichigo Tachikawa Building

Akebonocho, Tachikawa, Tokyo

Trust beneficiary interest in real estate

4,879.78

4,010

3,832

Z-09

Future IZUMIFuchucho, Izumi City, Osaka

Trust beneficiary interest in real estate

3,733.66

563

1,051

Z-10

Ichigo Shibuya Bunkamura Dori
Building

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate778.77

3,040

2,450

Z-11

Twicere Yokohama Isogo (Retail
Section)Mori, Isogo-ku, Yokohama

Trust beneficiary interest in real estate

2,717.77

1,500

1,445

Z-14

Ichigo Kamata Building

Nishi Kamata, Ota-ku, Tokyo

Trust beneficiary interest in real estate

Total(Note 1)
(Note 2)

2,124.68

1,530

1,447

263,948.70

246,330

201,489

The appraisal value at period-end is the value appraised by the real estate appraisers of Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd., The Tanizawa Sogo
Appraisal Co., Ltd. and Rich Appraisal Institute under the Articles of Incorporation of Ichigo Office and the Regulation on Accounting of Investment Corporations (Cabinet
Office Order No. 47 of 2006 including subsequent amendments).
The book value at period-end does not include construction in progress or construction in progress in trust.

– 13 –

The table below shows the status of rental activity at Ichigo Office assets in the 32nd and 33rd fiscal Periods:
32nd Fiscal Period
From May 1, 2021 to October 31, 2021
Asset Name

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

33rd Fiscal Period
From November 1, 2021 to April 30, 2022

Ratio to Total
RentalIncome (%)

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-02 Ichigo Nishisando Building

17

100.0

139,527

1.8

17

100.0

138,921O-03 Ichigo Mita Building

8

89.5

109,521

1.4

8

77.8

92,905

1.2

O-04 Ichigo Nanpeidai Building

13

100.0

77,869

1.0

13

100.0

79,4971.0

O-05 Ichigo Hanzomon Building

5

92.5

56,808

0.7

5

100.0

61,3220.8

O-06 Ichigo Hijirizaka Building

5

100.0

59,485

0.8

4

100.0

59,7990.8

Ichigo Shibuya Kamiyamacho
O-07
Building

4

100.0

53,963

0.7

4

86.7

53,231

0.7

9

100.0

28,433

0.4――

17,935

0.2
0.6

O-08

Ichigo Akasaka 5 Chome Building(Note 3)

1.8

O-09 Ichigo Shibakoen Building

3

100.0

49,140

0.6

3

100.0

49,415

O-10 Ichigo Ebisu Nishi Building

7

100.0

72,196

0.9

7

100.0

72,581

0.9

O-11 Ichigo Ginza 612 Building

22

93.5

70,090

0.9

23

96.0

61,9560.8

O-12 Ichigo Uchikanda Building

9

100.0

50,429

0.6

10

100.0

43,0330.6

O-14 Ichigo Yotsuya 4 Chome Building

10

100.0

21,238

0.3

8

81.8

19,5370.3

O-15 Ichigo Tameike Building

5

82.8

12,381

0.2

5

82.8

16,411

0.2

O-16 Ichigo Jimbocho Building

7

92.6

70,998

0.9

8

100.0

72,7380.9

O-17 Ichigo Hakozaki Building

6

88.0

50,624

0.6

7

100.0

57,2130.7

O-18 Ichigo Kudan 2 Chome Building

1

100.0

33,7160.4――

19,292

0.2

O-19 Ichigo Kudan 3 Chome Building

4

81.0

32,515

0.4

3

50.0

26,342

0.3

O-20 Ichigo Gotanda Building

15

100.0

202,354

2.6

15

100.0

206,660

2.7

O-21 Ichigo Shin Yokohama Building

14

97.7

81,373

1.0

14

97.7

81,387

1.1

O-22 Ichigo Minami Ikebukuro Building

9

100.0

60,632

0.8

9

100.0

60,7920.8

O-23 Ichigo Nakano North Building

6

91.9

40,201

0.5

7

100.0

40,596

0.5

O-24 Ichigo Eitai Building

10

100.0

67,408

0.9

10

100.0

72,0350.9

O-26 Ichigo Ikejiri Building

6

100.0

76,715

1.0

6

100.0

84,046

1.1

O-27 Ichigo Nishi Ikebukuro Building

1

100.0

29,217

0.4

1

100.0

33,9880.4

O-28 Ichigo Nishi Gotanda Building

7

77.8

32,104

0.4

7

77.8

25,582

0.3

O-29 Ichigo Kichijoji Building

13

100.0

114,433

1.5

14

100.0

116,025

1.5

O-34 Ichigo Sakae Building

19

100.0

217,981

2.8

19

100.0

217,888

2.8

O-37 Ichigo Marunouchi Building

25

100.0

241,631

3.1

26

100.0

238,315

3.1

O-38 Ichigo Toyamaeki Nishi Building

15

100.0

115,915

1.5

14

100.0

116,428

1.5

O-39 Ichigo Mirai Shinkin Building

19

95.8

74,808

1.0

19

92.8

75,0211.0

O-42 Ichigo Takamatsu Building

14

98.6

155,819

2.0

15

98.7

156,282

2.0

O-46 Ichigo Kanda Nishikicho Building

8

69.2

58,230

0.7

11

100.0

72,7500.9

O-47 Ichigo Akihabara North Building

1

100.0

230,446

2.9

1

100.0

230,218

3.0

Ichigo Sakaisuji Honmachi
O-48
Building

15

100.0

96,537

1.2

15

100.0

97,222

1.3

Ichigo Kanda Ogawamachi
Building

9100.0

84,959

1.1

8

89.8

83,716

1.1

O-50 Ichigo Hatchobori Building

7

100.0

98,291

1.3

7

100.0

97,708

1.3

O-51 Ichigo Ebisu Green Glass

5

80.8

156,538

2.0

6

100.0

157,430

2.0

O-52 Ichigo Omori Building

10

100.0

138,395

1.8

10

95.2

134,626

1.7

O-53 Ichigo Takadanobaba Building

8

100.0

57,290

0.7

8

100.0

61,1180.8

O-54 Ichigo Omiya Building

30

100.0

166,362

2.1

30

100.0

163,988

2.1

O-55 Ichigo Sagamihara Building

13

100.0

59,821

0.8

13

100.0

60,391

0.8

O-56 Ichigo Ofuna Building

9

100.0

93,864

1.2

9

100.0

92,023

1.2

O-57 Ichigo Sendai East Building

10

100.0

102,955

1.3

10

100.0

104,098

1.3

O-58 Ichigo Kumamoto Building

33

100.0

86,005

1.1

33

100.0

86,515

1.1

O-59 Ichigo Jingumae Building

6

97.1

170,273

2.2

7

100.0

188,652

2.4

Ichigo Shibuya Dogenzaka
O-60
Building

10

100.0

115,297

1.5

10

88.1

120,810

1.6

O-61 Ichigo Hiroo Building

5

100.0

134,239

1.7

5

100.0

135,682

1.8

O-62 Ichigo Sasazuka Building

6

100.0

187,724

2.4

6

100.0

188,095

2.4

O-63 Ichigo Nihonbashi East Building

7

100.0

150,265

1.9

7

100.0

149,9421.9

O-64 Ichigo Sakurabashi Building

6

100.0

81,994

1.0

6

100.0

86,594

1.1

O-65 Ichigo Shinkawa Building

5

76.8

69,424

0.9

5

76.8

70,445

0.9

O-66 Ichigo Kudan Building

10

100.0

108,390

1.4

9

89.1

96,557

1.2

O-67 Ichigo Higashi Gotanda Building

19

100.0

122,161

1.6

19

100.0

131,121

1.7

O-68 Axior Mita

10

90.0

67,284

0.9

9

80.0

59,107

0.8

O-49– 14 –

32nd Fiscal Period
From May 1, 2021 to October 31, 2021
Asset Name

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

33rd Fiscal Period
From November 1, 2021 to April 30, 2022

Ratio to Total
RentalIncome (%)

Number of
Tenants at
Period-end(tenants)

Occupancy at
Period-end(%)(Note 2)

(Note 1)

RentalIncome(thousandyen)

Ratio to Total
RentalIncome (%)

O-69 Ichigo Higashi Ikebukuro Building

17

100.0

163,010

2.1

16

87.9

160,440

O-70 Koriyama Big-i (Office Section)

14

100.0

105,975

1.4

14

94.1

105,891

2.1
1.4

O-71 Ichigo Kawasaki Building

15

80.7

84,127

1.1

16

82.9

76,9001.0

O-72 Ichigo Shibuya East Building

3

100.0

43,823

0.6

3

100.0

44,497

0.6

O-73 Ichigo Ningyocho Building

8

100.0

47,679

0.6

8

88.8

43,176

0.6

O-74 Ichigo Nishi Honmachi Building

31

98.2

111,087

1.4

30

95.5

109,735

1.4

O-75 Ichigo Hakata Building

28

100.0

53,279

0.7

26

96.5

53,194

0.7

O-76 Ichigo Nishiki First Building

6

100.0

79,175

1.0

6

100.0

79,3181.0

O-77 Ichigo Ikenohata Building

7

100.0

164,501

2.1

7

100.0

164,540

2.1

O-78 Ichigo Ikebukuro East Building

3

100.0

95,427

1.2

2

100.0

93,329

1.2

O-79 Ichigo Motoazabu Building

3

100.0

68,721

0.9

3

100.0

68,7260.9

O-80 Ichigo Otsuka Building

7

100.0

103,249

1.3

7

84.1

122,768

1.6

O-81 Ichigo Nagoya Building

33

92.8

145,948

1.9

34

91.8

139,601

1.8

O-82 Ichigo Fushimi Building

38

95.7

90,090

1.1

38

93.1

92,096

1.2

O-83 Ichigo Nishiki Building

25

100.0

48,546

0.6

24

94.3

50,341

0.7

O-84 Ichigo Minami Morimachi Building

12

100.0

49,726

0.6

12

100.0

45,296

0.6

Ichigo Shibuya Udagawacho
Building

778.2

65,151

0.8

7

78.2

68,0150.9

O-86 Win Gotanda Building

11

100.0

118,955

1.5

11

100.0

118,936

1.5

O-87 Ichigo Hongo Building

7

100.0

91,486

1.2

7

100.0

90,5801.2

O-88 Oimachi Center Building

7

86.6

64,499

0.8

7

86.6

66,666

0.9

O-89 Win Gotanda Building 2

8

83.1

95,267

1.2

9

88.7

102,718

1.3

O-90 MIF Building

7

100.0

66,775

0.9

7

100.0

67,057

0.9

O-91 Ichigo Uchi Honmachi Building

18

100.0

65,690

0.8

18

100.0

65,8170.9

O-92 Ichigo Minami Otsuka Building

8

100.0

79,936

1.0

8

100.0

82,124

1.1

O-93 Ichigo Nogizaka Building

6

100.0

87,900

1.1

6

100.0

88,408

1.1

O-94 Ichigo Hakata East Building

20

100.0

75,290

1.0

19

100.0

75,1241.0

O-95 Ichigo Nakameguro Building

6

100.0

36,839

0.5

6

100.0

37,9600.5

O-96 Ichigo Tachikawa Building

13

85.1

111,970

1.4

13

85.1

106,396

1.4

Z-09 Future IZUMI――

110,663

1.4

1

40.3

5,737

0.1

Ichigo Shibuya Bunkamura Dori
Z-10
Building

3

88.5

77,332

1.0

4

100.0

69,556

0.9

Twicere Yokohama Isogo (Retail
Section)7

80.8

52,338

0.7

7

80.8

51,297

0.7

2

100.0

53,088

0.7

2

100.0

53,228

0.7

930

95.4

7,843,853

100.0

923

94.7

7,735,491

100.0

O-85

Z-11

Z-14 Ichigo Kamata Building
Total(Note 1)
(Note 2)
(Note 3)In the column “Number of Tenants at Period-end,” the total number of tenants that have entered into a lease contract with Ichigo Office or the trustee as the lessor is stated. If
a master lease contract has been entered into with a master leasing company other than Ichigo Office, the number of tenants is counted as one.
“Occupancy Rate at Period-end” is the ratio of the Leased Area within the Leasable Area of the real estate or real estate in trust as of period-end. The ratio is rounded off tothe first decimal place.
The asset was sold on February 18, 2022.

– 15 –

Details of Renewable Energy Power Generation Equipment
N/A

Details of PPP and PFI
N/ADetails of Investments in Securities
The table below is the summary of investments in securities owned by Ichigo Office as of April 30, 2022.
Book Value(thousand yen)Type

Per Share
Equity Interest in Kizuna 1
GK TK

TK (tokumei kumiai)
equity interest

Total(Note 1)
(Note 2)

Appraisal Value(thousand yen) (Note 1)

Total

Per Share

Difference

Note

Total

―

51,212―

51,212―(Note 2)―

51,212―

51,212――“Appraisal Value” shows the book value of the TK equity interest.
The underlying real estate in the Kizuna 1 GK TK is a trust beneficiary interest in real estate (juekiken) of Ichigo Hakataeki Higashi Building, Ichigo Hakata Meiji Dori Building,
Fukuoka Kensetsu Kaikan, and Ogaku Building.

4 Status of Other Assets
Trust beneficiary rights whose major asset is real estate are included in “3. Portfolio Overview” above, and major specified assets inwhich the Investment Corporation invests as of April 30, 2022 are as follows.

Contract Value and Market Value of Specified Transactions
The table below shows the contract value and fair value of a specified transaction at Ichigo Office as of April 30, 2022.
Classification
Transactions Other than Market
Transactions

Type

Contract Amount (thousand yen)
(Note 1)

Interest rate swap (pay fixed,
receive floating)
Total(Note 1)
(Note 2)Market Value (thousand yen)

Exceeding One Year (Note 1)

91,631,000

72,365,000―

91,631,000

72,365,000―

The contract amount of interest rate swap is based on the notional principal.
Since the above transaction meets the specific matching criteria of the Accounting Standard for Financial Instruments, market value is omitted.

5 Assets by Country and Region
All Ichigo Office assets are located in Japan.

– 16 –(Note 2)

Capital Expenditures

1 Schedule of Capital Expenditures
The major renovation-related capital expenditures planned as of April 30, 2022 are as described below. The payment amount for thescheduled work below includes the amount classified as accounting expenses.
Expected Payment Amount (thousand yen)
Asset Name
(Location)

Purpose

PeriodKoriyama Big-i (Office Section)(Koriyama City, Fukushima)

Air Conditioning Upgrade(Phase 3)

From December 2022
to December 2022

Ichigo Minami Morimachi
Building (Kita-ku, Osaka)

Renovate exterior walls

Ichigo Otsuka Building(Toshima-ku, Tokyo)

Amount Paid in the
Fiscal Period under
Review

Amount Already Paid

49,000――From November 2022
to November 2022

31,870―1,000

Renovate exterior walls

From December 2022
to December 2022

30,670――Ichigo Sagamihara Building(Sagamihara City, Kanagawa)Elevator Upgrade

From January 2023
to January 2023

25,162――

Ichigo Takadanobaba Building(Shinjuku-ku, Tokyo)

Elevator Upgrade

From November 2022
to November 2022

23,020――Ichigo Uchikanda Building(Chiyoda-ku, Tokyo)

Renovate exterior walls

From April 2023
to April 2023

20,470――

Oimachi Center Building(Chiyoda-ku, Tokyo)

Upgrade air conditioning
systems

From March 2023
to March 2023

20,470――Ichigo Shin Yokohama Building(Yokohama)Upgrade high-voltage
Switching equipment(Phase 1)

From February 2023
to February 2023

17,860――Ichigo Kudan 2 Chome Building(Chiyoda-ku, Tokyo)

Renovate tenant spaces

From July 2022
to July 2022

15,370――Ichigo Nishi Gotanda Building(Shinagawa-ku, Tokyo)

Elevator Upgrade

From May 2022
to May 2022

12,310――Ichigo Yotsuya 4 Chome Building(Shinjuku-ku, Tokyo)

Renovate tenant spaces

From June 2022
to June 2022

5,120

―

―

Total Amount2 Capital Expenditures during the Current Fiscal Period
Capital expenditures during the current fiscal period amounted to 674,547 thousand yen, and construction work of a total of 808,604
thousand yen were conducted, combined with repair expenses of 134,056 thousand yen.
Asset Name (Location)

Purpose

PeriodPayment Amount(thousand yen)

Koriyama Big-i (Office Section)(Koriyama City, Fukushima)

Air Conditioning Upgrade(Phase 2)

From September 2021
to December 2021

48,251

Ichigo Kumamoto Building(Kumamoto City, Kumamoto)

Elevator Upgrade (Lift No.1)

From October 2021
to December 2021

29,140Ichigo Kudan 2 Chome Building(Chiyoda-ku, Tokyo)

Renovate all tenant spaces

From March 2022
to April 2022

28,630Future IZUMI(Izumi City, Osaka)

Upgrade machine and equipment

From December 2021
to March 2022

24,040Ichigo Minami Morimachi Building(Kita-ku, Osaka)

Elevator Upgrade (Phase 2)

From October 2021
to November 2021

10,745

Other533,741

Total

674,547– 17 –

3 Cash Reserves for Long-Term Repair and Maintenance Plans
Based on each asset’s long-term repair and maintenance plans, Ichigo Office reserves funds for future large-scale repairs and renovations
from cash flow during each fiscal period as follows.
(Thousand yen)

29th Fiscal Period
From November 1, 2019
to April 30, 2020

30th Fiscal Period
From May 1, 2020 to
October 31, 2020

31st Fiscal Period
From November 1, 2020
to April 30, 2021

32nd Fiscal Period
From May 1, 2021 toOctober 31, 2021

33rd Fiscal Period
From November 1,
2021 to April 30, 2022

1,542,418

1,546,103

1,586,617

1,557,530

1,555,616

Gains

787,498

646,051695,825

739,142779,842

Reversals

783,813605,536

724,912741,056

826,619

1,546,103

1,586,617

1,557,530

1,555,616

1,508,839

Balance of Reserves at
Beginning of Period

Amount Brought Forward
to Next Period– 18 –

Expenses and Liabilities

1 Details of Operating Expenses(Thousand yen)

32nd Fiscal Period
From May 1, 2021 to October 31, 2021

33rd Fiscal Period
From November 1, 2021 to April 30, 2022

a. Asset Management Fees

871,602

1,102,670

b. Asset Custody Fees

15,106

15,106c. Administrative Service Fees

43,593

43,629d. Directors’ Compensation

5,040

5,040

e. Other Operating Expenses

58,42980,998

Total

993,771

1,247,444

2 Borrowings
The table below shows borrowings as of April 30, 2022.
Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

1,948

－

Mizuho Bank

1,948

－

Aozora Bank588－

Shinsei Bank

771

－

1,622

－

Lender

MUFG Bank

Loan
Date

May 7,
2015

Resona Bank

1,358

－

Bank of Fukuoka

446－

ORIX Bank

446

－

SMBC

1,434

1,432

Mizuho Bank

1,038

1,037

890

889

MUFG BankMay 9,
2016

Shinsei Bank
SMBC
Mizuho BankMUFG BankLongTerm
Loans

May 9,
2016

Shinsei Bank
SMBC

494

494

1,434

1,432

1,038

1,037

890

889

494

494

1,780

1,778

Mizuho Bank

890

889

MUFG Bank

692

691

593

592

494

494

Bank of Fukuoka

494

494

Nishi-Nippon City Bank

494

494

Shinsei Bank
Aozora BankMay 24,
2016

Resona Bank

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

1.347
(Note 2)

November 8,
2021(Note 3)0.808
(Note 2)

May 31,
2022(Note 4)0.858
(Note 2)

November 30,
2022(Note 5)0.705
(Note 2)

May 31,
2022(Note 6)

November 30,
2022(Note 7)

346

345

1,780

1,778

Mizuho Bank

890

889

MUFG Bank

692

691

Shinsei Bank

593

592

0.750

494

494

(Note 2)

Bank of Fukuoka

494

494

Nishi-Nippon City Bank

494

494

Resona Bank

346

345

SMBC

Aozora BankMay 24,2016– 19 –

Use

Collateralized(Note 9)No
(No Guarantee)

Lender

SMBC
Development Bank of Japan

Loan
Date
November 2,
2016
November 2,
2016

Balance at
Period-end(million yen)

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

1,000

1,000

0.845
(Note 2)October 31,
2023

Lump-sum
repayment

500

－

0.708

January 31,
2022(Note 8)0.852

November 11,
2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

May 10,2023

Lump-sum
repayment

October 31,
2023

Lump-sum
repayment

October 31,
2025

Lump-sum
repayment

SMBC

May 10,
2017

1,100

1,100

Mizuho Bank

May 10,
2017

1,000

1,000

Shinsei Bank

May 10,
2017

900

900

Resona Bank

May 10,
2017

400

400

Development Bank of JapanMay 10,
2017

2,000

2,000

SMBC

215

215

Mizuho Bank

340

340

283

283

237

237

Shinsei Bank

135

135

Bank of Fukuoka

195

195

ORIX Bank

195

195

SMBC

633

633

Mizuho Bank

508

508

MUFG Bank
Resona BankMUFG Bank

November 7,
2017(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)
0.871

0.761
(Note 2)

425

425

0.948

356

356

(Note 2)

Shinsei Bank

201

201

Aozora Bank

257

257

SMBC

352

352

1,352

1,352

901

901

Shinsei Bank

901

901

Resona Bank

448

448

SMBC

400

400

Mizuho Bank

350

350

300

300

300

300

Bank of Fukuoka

225

225

The Kagawa Bank

200

200

Resona BankLongTerm
Loans

Balance at
Period-start(million yen)

November 7,
2017

Mizuho Trust
Aozora Bank

April 27,2018

Shinsei BankMUFG BankMay 9,
2018

Nishi-Nippon City Bank

225

225

SMBC

835

835

Mizuho Bank

491

491

Shinsei Bank

393

393

393

393

Aozora Bank

393

393

Resona Bank

294

294

The Kagawa Bank

147

147

MUFG Bank

June 15,
2018

0.990
(Note 2)0.795
(Note 2)0.860
(Note 2)

April 30,2026

Lump-sum
repayment

April 30,2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

SMBC

September 28,
2018

500

500

0.648

February 29,
2024

Lump-sum
repayment

Mizuho Bank

September 28,
2018

400

400

0.648

February 29,
2024

Lump-sum
repayment

SMBC

October 31,
2018

1,000

1,000

April 30,2026

Lump-sum
repayment– 20 –

0.962(Note 2)Use

Collateralized(Note 9)No
(No Guarantee)

Lender

Loan
Date

Balance at
Period-end(million yen)

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

Mizuho Bank

October 31,
2018

400

400

0.728

April 30,2026

Lump-sum
repayment

Shinsei Bank

October 31,
2018

200

200

0.728

April 30,2026

Lump-sum
repayment

954

954

SMBC
Mizuho Bank
Shinsei Bank

November 30,
2018

Aozora Bank
SMBC
Aozora Bank

December 21,
2018

SMBC
Mizuho Bank
Development Bank of Japan

December 28,
2018

MUFG Bank
Shinsei Bank

773

773

483

483

656

656

830

830

570

570

250

250

400

400

400

400

300

300

250

250

SMBC

April 26,
2019

1,000

1,000

Resona Bank

April 26,
2019

1,000

1,000

Bank of Fukuoka

April 26,
2019

1,000

1,000

SMBC

1,239

1,239

Mizuho Bank

1,074

1,074

Shinsei Bank
Aozora BankLongTerm
Loans

Balance at
Period-start(million yen)

July 31,
2019

Resona BankORIX Bank
The Kagawa Bank
SMBC

Lump-sum
Repayment

0.907 September 30,
2026

Lump-sum
Repayment

0.850

Lump-sum
repayment(Note 2)

(Note 2)0.867 September 25,
2026

Lump-sum
repayment

0.867 September 25,
2026

Lump-sum
repayment

0.867 September 25,
2026

Lump-sum
repayment

Lump-sum
repayment(Note 2)
(Note 2)
(Note 2)

743

743

0.822

743

743

(Note 2)

743

743
413

413

413

0.698 September 25,(Note 2)2025

Lump-sum
repayment

September 30,
2019

692

692

0.726
(Note 2)Lump-sum
repayment

672

672

610

610
641

549

549

SMBC

1,224

1,224

Mizuho Bank

1,224

1,224

783

783

783

783

783

783

587

587

955

955

SMBC

827

827

Shinsei Bank

790

790

753

753

MUFG Bank

677

677

SMBC

543

543

518

518

0.740

494

494

(Note 2)445

445

November 29,
2019

MUFG Bank

Shinsei BankMUFG Bank

December 16,
2019

Aozora Bank
Resona Bank
The Kagawa Bank

Mizuho Bank

Shinsei Bank
Mizuho BankMUFG Bank

March 25,
2027

413

641

Shinsei Bank

April 30,
2026

July 31,
2019

SMBC
Mizuho Bank

0.975 September 30,
2026(Note 2)

March 31,2020

May 29,2020

May 29,2020– 21 –March 25,2026

0.844 September 27,
2027

Lump-sum
repayment

0.876 September 27,
2027

Lump-sum
repayment(Note 2)

(Note 2)

0.652

March 25,
2027

Lump-sum
repayment

0.472

September 25,
2023

Lump-sum
repayment

March 25,
2027

Lump-sum
repayment

Use

Collateralized(Note 9)No
(No Guarantee)

Lender

Loan
Date

Balance at
Period-end(million yen)Aozora Bank

August 31,
2020

2,127

2,127

Shinsei Bank

August 31,
2020

998

998

Shinsei Bank

August 31,
2020

1,000

1,000

Mizuho Bank

August 31,
2020

400

400

SMBC

407

407

MUFG Bank

781

781

Resona Bank

586

586

407

407

Mizuho Bank

December 10,
2020

Shinsei Bank

260

260

Aozora Bank

260

260

SMBC

814

814

Mizuho Bank
Shinsei Bank

December 10,
2020

Aozora Bank

814

814

521

521

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

August 25,
2028

Lump-sum
repayment

March 25,
2027

Lump-sum
repayment

August 25,
2028

Lump-sum
repayment

August 25,
2028

Lump-sum
repayment

0.569 September 25,(Note 2)2025

Lump-sum
repayment

0.787(Note 2)

November 27,
2028

Lump-sum
repayment

0.828(Note 2)
0.722
(Note 2)0.828
(Note 2)0.828
(Note 2)

521

521

SMBC

December 18,
2020

800

800

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

Mizuho Bank

December 18,
2020

700

700

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

Bank of Yokohama Bank

December 18,
2020

500

500

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

527

527

494

494

355

355

0.488

September 25,
2024

Lump-sum
repayment

Bank of Yokohama

285

285

Mizuho Trust & Banking

95

95

1,055

1,055

710

710

571

571

0.876
(Note 2)

March 26,
2029

Lump-sum
repayment

Resona Bank

571

571

Mizuho Trust & Banking

190

190

0.488

September 25,
2024

Lump-sum
repayment

March 27,2028

Lump-sum
repayment

May 25,2029

Lump-sum
repayment

SMBC
MUFG BankLongTerm
Loans

Balance at
Period-start(million yen)Mizuho Bank

March 31,
2021

SMBC
Mizuho Bank
Aozora Bank

March 31,
2021

SMBC

329

329

1,372

1,372

376

376

Mizuho Bank

329

329

Bank of Yokohama

30

30

SMBC

329

329

MUFG Bank
Bank of Fukuoka

May 7,
2021

Mizuho Bank

329

329

Resona Bank

287

287

0.733

174

174

(Note 2)

Aozora Bank

May 7,
2021

Shinsei Bank

162

162

Bank of Yokohama

161

161

SMBC

988

988

Mizuho Bank

988

988

862

862

Shinsei Bank

487

487

Aozora Bank

422

422

Resona Bank

May 7,
2021– 22 –

0.819(Note 2)Use

Collateralized(Note 9)No
(No Guarantee)

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

500

500

0.764

September 25,
2028

Lump-sum
repayment

－

194

－

194

－

1,622

0.612 September 25,
2026

Lump-sum
repayment

Bank of Fukuoka－

446

Bank of Yokohama

－

900

SMBC

－

389

Mizuho Bank

－

389

－

271

0.720

－

154

(Note 2)

March 25,
2028

Lump-sum
repayment

Aozora Bank－

117

Bank of Yokohama

－

356

－

1,363

－

1,363

－

1,086

November 25,
2029

Lump-sum
repayment

－

617

－

470

－

500

January 25,
2029

Lump-sum
repayment

104,353

104,325

LenderLoan
Date

Development Bank of Japan

September 30,
2021

SMBC
Mizuho Bank
November 8,
2021

MUFG BankLongTerm
Loans

Resona Bank

November 8,
2021

Shinsei Bank

SMBC
Mizuho Bank
November 8,
2021

Resona Bank
Shinsei Bank
Aozora Bank
Development Bank of Japan
Total

January 31,
2022(Note 2)0.833
(Note 2)

0.859

Use

Collateralized(Note 9)No
(No Guarantee)(Note 1) Average Interest Rate indicates a weighted average of interest rates during the period based on the number of days, and it is rounded down to the stated unit.
(Note 2) To avoid interest rate risk, an interest rate swap agreement has been signed separately to fix the interest rates, and the weighted average interest rate during theperiod after the effect of the interest rate swap is stated.
(Note 3) The remaining balance was repaid on November 8, 2021.
(Note 4) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 5) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 6) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 7) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The entire amount of the balance at period-end is included in long-term borrowings due within one year.
(Note 8) The remaining balance was repaid on January 31, 2022.
(Note 9) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.

– 23 –

3 Investment Corporation Bonds
The status of investment corporation bonds outstanding as of April 30, 2022 is as follows:
Date ofIssuance

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)Interest Rate(%)

Redemption
Date

Redemption
MethodFirst unsecured investment
corporation bonds

September 22,
2017

1,200

1,200

0.900

September 22,
2027

Lump-sum
repayment

Second unsecured investment
corporation bonds

April 26, 2018

1,000

1,000

0.900

April 26,
2028

Lump-sum
repayment

Third unsecured investment
corporation bonds

November 29,
2018

1,000

1,000

0.750

November 28,
2025

Lump-sum
repayment

Fourth unsecured investment
corporation bonds

July 26, 2019

1,200

1,200

0.890

July 26,
2029

Lump-sum
repayment

Fifth unsecured investment
corporation bonds

March 26,
2020

1,000

1,000

0.300

March 26,2025

Lump-sum
repayment

sixth unsecured investment
corporation bonds

May 6, 2021

1,500

1,500

0.850

May 2,
2031

Lump-sum
repayment

6,900

6,900

Total
(Note 1)
(Note 2)The proceeds are used for repaying existing loans.
A ranking pari passu among Ichigo Office investment corporation bonds is attached.

4 Short-Term Investment Corporation Bonds
N/A

5 Share Options
N/A– 24 –

Use

Collateralized(Note 1)No
(No guarantee)

Acquisitions and Sales during the Fiscal Period

1Acquisitions and Sales of Real Estate and Asset-Backed Securities, Infrastructure Assets,
and Infrastructure-Related Assets
Acquisitions

Asset Type

Asset Name

Sales

Price
(million yen)

Date

Price
(million yen)

Date

(Note 1)

(Note 1)

Book Value(million yen)

Gain (loss)
on Sales(million yen)

Real Estate

Ichigo Akasaka 5 Chome Building――

February 18,
2022

1,720

727

940

TK
(tokumei kumiai)
equity interest

Equity interest in Kizuna 1 GK TK

January 28,
2022

50

―

―

―

―

―

50

―

1,720

727

940

Total
(Note 1)

Acquisition and sales prices exclude incidental expenses such as fees and property, city planning, and consumption taxes.

2 Acquisition and Sales of Other Assets
Assets other than the assets acquired shown above are mostly bank deposits and bank deposits in trust.

3 Review of Asset Values (Appraisal Values)(1) Real EstateTransaction
Sales(Note 1)
(Note 2)

Asset Name
Ichigo Akasaka 5 Chome Building

Transaction
Date

Transaction Price(million yen)Appraisal Value(million yen)

(Note 1)

(Note 2)February 18, 2022

1,720

Date of
Appraisal

Appraiser

878 Japan Real Estate Institute

October 31, 2021

Transaction Prices exclude incidental expenses such as fees and property, city planning, and consumption taxes.
The appraisal above is carried out by applying the “Appraisal of Value of Real Estate for Securitization in Chapter 3 of the Specific Standards of the Japanese Real EstateAppraisal Standards.”(2) Investment in Securities
Transaction

Type

Acquisition TK (tokumei kumiai) equity interest(Note 1)
(Note 2)

Transaction
Date

Brand Name

TK (tokumei kumiai) real estate equity
interest in Kizuna1 GK TK

January 28, 2022

Specified Assets
Survey Price(million yen)Transaction Price(million yen)
(Note 1)50

50

Transaction Prices exclude incidental expenses.
The appraisal above is carried out by Grant Thornton Taiyo LLC, applying the Japan Institute of Certified Public Accountants Industrial Audit Committee Report No. 23,“Research for Specified Assets Value held by Investment Trusts and Investment Corporations”, and Ichigo Office has received the appraisal report.

(3) Other
For assets that require a transaction price investigation pursuant to Article 201 of the Act on Investment Trusts and Investment
Corporations and were not part of the list shown above, Ichigo Office entrusted the price inspection to Grant Thornton Taiyo LLC. For
the inspection period from November 1, 2021 to April 30, 2022, the transactions subject to price verification were six interest rate swaps.
With respect to the price verification of these interest rate swaps, all related research work was outsourced, including identification of
the transaction counterparties, currency, interest rates, maturity, and other relevant transaction information.

– 25 –

4 Transactions with Related Parties(1) Transactions
N/A(2) Amount of Fees Paid
N/A

5 Transactions between the Asset Management Company and its Other Businesses
While Ichigo Investment Advisors Co., Ltd., the Asset Management Company of Ichigo Office, concurrently engages in operations of
the Type II Financial Instruments Business, Real Estate Brokerage Business, and Real Estate Syndication Business, there are no
applicable transactions.

– 26 –

Financial Statements

1 Assets, Liabilities, Principal, Profit and Loss
Please refer to “II. Balance Sheet,” “III. Income Statement,” “IV. Statement of Changes in Net Assets,” “V. Notes to Financial
Statements,” and “VI. Statement of Dividends” later in this report.

2 Changes in Method of Depreciation
N/A

3 Changes in Method of Real Estate and Infrastructure Assets Appraisal
N/A

Other

1 Ichigo Office Shares Held by Asset Management Company
Details of Ichigo Office shares held by Ichigo Investment Advisors Co., Ltd., the Asset Management Company, are as follows:(1) Transactions
Date

Number of Shares Acquired (shares)

Number of Shares Sold (shares)

Number of Shares Held (shares)

November 1, 2011

(Note)1,200

―

1,400

Cumulative total

1,400

―

1,400

(Note) Reflects a 7-for-1 share split with November 1, 2011 as the effective date.

(2) Status of Holdings
Number of Shares Heldat Period-end (shares)

Value of Shares Heldat Period-end(thousand yen)(Note)

Ratio of Total
Outstanding Shares (%)

24th Fiscal Period (May 1, 2017 to October 31, 2017)

1,400

103,04025th Fiscal Period (November 1, 2017 to April 30, 2018)

1,400

113,8200.1
0.1

26th Fiscal Period (May 1, 2018 to October 31, 2018)

1,400

129,640

0.1

27th Fiscal Period (November 1, 2018 to April 30, 2019)

1,400

143,640

0.1

28th Fiscal Period (May 1, 2019 to October 31, 2019)

1,400

155,540

0.1

29th Fiscal Period (November 1, 2019 to April 30, 2020)

1,400

95,7600.1

30th Fiscal Period (May 1, 2020 to October 31, 2020)

1,400

94,5000.1

31st Fiscal Period (November 1, 2020 to April 30, 2021)

1,400

133,700

0.1

32nd Fiscal Period (May 1, 2021 to October 31, 2021)

1,400

120,820

0.1

33rd Fiscal Period (November 1, 2021 to April 30, 2022)

1,400

116,6200.1(Note) The Value of Shares Held at Period-end is calculated by multiplying the Number of Shares Held by the share price at period-end.

– 27 –

2 Notices(1) Shareholder Meeting
N/A(2) Board of Directors
N/A

3 Disclosure of Affiliated Foreign Real Estate Holding Companies
N/A

4 Disclosure of Assets Owned by Affiliated Foreign Real Estate Holding Companies
N/A

5 OtherIn this document, whole numbers are rounded down and ratios are rounded off, unless otherwise specified.

- 28 -

1. Financial Statements(1) Balance Sheet(Thousand Yen)
Current fiscal period(As of April 30, 2022)

Previous fiscal period(As of October 31, 2021)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and 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
Investments and other assets
TK (tokumei kumiai) equity interest
Lease and guarantee deposits
Long-term prepaid expenses
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance expenses
Total deferred assets
Total Assets

9,420,989
13,974,370
17,599433,762
2,298
23,849,019

10,526,684
14,018,464
2,919
447,876
2,299
24,998,244

7,240,518(2,074,931)
5,165,587
29,066(24,613)
4,453
339,358(207,623)
131,734
70,921(55,244)
15,677
15,638,558
1,360
46,203,049(10,435,327)
35,767,722
69,520(36,486)
33,033
800,471(395,886)
404,584
298,095(186,014)
112,081
140,668,104
6,137
197,949,036

7,089,250(2,145,909)
4,943,341
29,066(24,933)
4,133
347,826(220,954)
126,871
70,226(53,720)
16,50515,031,993
1,360
46,791,823(11,154,852)
35,636,970
70,960(38,414)32,545
847,928(424,534)
423,393
314,072(203,168)
110,904
140,668,104
7,021
197,003,145

4,494,579
4,494,579

4,494,579
4,494,579―

1,309,838
203,753,453

51,212
10,0001,292,047
129,281(3,898)1,478,644
202,976,369

50,60350,603
227,653,077

46,27546,275228,020,888

10,0001,184,988
114,849―- 34 -

Previous fiscal period(As of October 31, 2021)
Liabilities
Current Liabilities
Operating accounts payable
Long-term loans (due within one year)
Accounts payable – otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Long-Term Liabilities
Investment corporation bonds
Long-term borrowings
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
Shareholders’ capital
SurplusCapital reserve surplus
Capital reserve surplus deduction
Capital reserve surplus (net)Discretionary reserves
Reserve for dividends
Reserve for temporary difference adjustments
Total discretionary reserves
Unappropriated retained earnings (undisposed loss)
Total surplus
Total Shareholders’ Equity
Total Net Assets
Total Liabilities and Net Assets- 35 -(Thousand Yen)
Current fiscal period(As of April 30, 2022)

608,916
19,292,000
1,015,033
24,963605
234,129
1,554,997
19,70822,750,353

731,474
19,266,000
1,114,516
23,865605
153,754
1,502,700
17,461
22,810,378

6,900,000
85,061,250
1,521,592
8,894,482
19,425
84,133
102,480,885
125,231,239

6,900,000
85,059,000
1,462,258
8,877,826
19,49285,867
102,404,444
125,214,822

67,675,274

67,675,274

20,566,420

20,566,420*2 (1,499,919)*2 (1,499,919)

19,066,500

19,066,500

3,368,625

3,368,625*3 9,109,544*3 9,004,544

12,478,170
3,201,892
34,746,563
102,421,837*1 102,421,837
227,653,077

12,373,170
3,691,120
35,130,791
102,806,066*1 102,806,066
228,020,888

(2) Income Statement(Thousand yen)Previous fiscal period(May 1, 2021 toOctober 31, 2021)
Operating Revenue
Rental revenue
Other rental revenue
Gain on sales of real estate
Total operating revenue
Operating Expenses
Rental expenses
Asset management fee
Asset custody fee
Administrative service fees
Directors' compensation
Other operating expenses
Total operating expenses
Operating Profit
Non-Operating Revenues
Interest income
Reversal of distribution payable
Insurance payment income
Other
Total non-operating revenues
Non-operating expenses
Interest expenses
Borrowing expenses
Amortization of bond issuance expenses
Provision of allowance for doubtful accounts
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 (undisposed loss)

Current fiscal period(November 1, 2021 toApril 30 2022)

7,218,290*1 7,136,936*1 625,562*1 598,555―*2 940,111

7,843,853

8,675,603*1 2,887,418*1 2,991,430

871,602
15,106
43,593
5,040
58,4293,881,190
3,962,663

1,102,670
15,106
43,6295,040
80,9984,238,874
4,436,728

104
1,065

112
1,046
686
492
2,337

*1

―

642
1,813
470,997
287,7284,382―

30763,138
3,201,338
3,201,338
605
605
3,200,733
1,158
3,201,892- 36 -

436,542
302,756
4,327
3,898
―
747,525
3,691,540
3,691,540
605
605
3,690,935
185
3,691,120

(3) Statement of Changes in Net Assets
Previous fiscal period (May 1, 2021 to October 31, 2021)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at beginning of period

67,675,274

Discretionary reserves

Capitalreserve
surplusCapitalreserve
surplusdeduction

Capitalreserve
surplus (net)

Dividend
reserve

Temporarydifference
adjustment
reserve

Total
discretionary
reserves

20,566,420(1,499,919)

19,066,500

3,368,625

9,214,544

12,583,170(105,000)(105,000)

Changes during the period
Release from temporary
difference adjustment
reserve
Dividends
Net Income
Total changes during the period
Balance at period-end

－

－

－

－

－

(105,000)(105,000)

67,675,274

20,566,420(1,499,919)

19,066,500

3,368,625

9,109,544

12,478,170

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed
loss)

Total surplus

Total
shareholders’equityTotal net assets

3,122,657

34,772,328

102,447,602

102,447,602

105,000－－－

Dividends(3,226,498)(3,226,498)(3,226,498)(3,226,498)

Net Income

3,200,733

3,200,733

3,200,733

3,200,733

79,235(25,764)(25,764)(25,764)

3,201,892

34,746,563

102,421,837

102,421,837

Balance at beginning of period
Changes during the period
Release from temporary
difference adjustment
reserve

Total changes during period
Balance at period-end- 37 -

Current fiscal period (November 1, 2021 to April 30, 2022)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at beginning of period

67,675,274

Discretionary reserves

Capitalreserve
surplusCapitalreserve
surplusdeduction

Capitalreserve
surplus (net)

Dividend
reserve

Temporarydifference
adjustment
reserve

Total
discretionary
reserves

20,566,420(1,499,919)

19,066,500

3,368,625

9,109,544

12,478,170(105,000)(105,000)

Changes during the period
Release from temporary
difference adjustment
reserve
Dividends
Net Income
Total changes during the period
Balance at period-end

－

－

－

－

－

(105,000)(105,000)

67,675,274

20,566,420(1,499,919)

19,066,500

3,368,625

9,004,544

12,373,170

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed
loss)

Total surplus

Total
shareholders’equityTotal net assets

3,201,892

34,746,563

102,421,837

102,421,837

105,000－－－

Dividends(3,306,706)(3,306,706)(3,306,706)(3,306,706)

Net Income

3,690,935

3,690,935

3,690,935

3,690,935

489,228

384,228

384,228

384,228

3,691,120

35,130,791

102,806,066

102,806,066

Balance at beginning of period
Changes during the period
Release from temporary
difference adjustment
reserve

Total changes during period
Balance at period-end- 38 -

(4) Statement of Dividends
Previous fiscal period(May 1, 2021 toOctober 31, 2021)
Ⅰ. Unappropriated Retained Earnings
II. Discretionary Reserve Reversal
Reversal of Temporary Difference
Adjustment Reserve
III. Total Dividends(Dividend per share)
IV. Discretionary Reserves

3,201,892,139 yen

3,691,120,583 yen

105,000,000 yen

105,000,000 yen

3,306,706,895 yen（2,185 yen）

3,795,524,436 yen（2,508 yen）

V. Retained Earnings Carried Forward
Method for calculating the amount of dividends

Current fiscal period(November 1,2021 toApril 30,2022)

185,244 yen
The distribution policy set out in Article
37 of the Articles of Incorporation of
the Investment Corporation stipulates
that the amount of dividends shallexceed 90% of “profit available fordividend” as provided for in Article 6715, Paragraph 1 of the Act on Special
Measures Concerning Taxation. Basedon this policy, the decision was made to
distribute, as dividends, 3,306,706,895
yen, which was the entire amountexcluding the fractional portion where
the amount of dividends per share wasless than 1 yen from the amount after
adding 105,000,000 yen of the reversalof the temporary difference adjustment
reserve to 3,201,892,139 yen of
unappropriated retained earnings. As aresult, dividend per share came to 2,185
yen.

- 39 -

596,147 yen
The distribution policy set out in Article
37 of the Articles of Incorporation of
the Investment Corporation stipulates
that the amount of dividends shallexceed 90% of “profit available fordividend” as provided for in Article 6715, Paragraph 1 of the Act on Special
Measures Concerning Taxation. Basedon this policy, the decision was made to
distribute, as dividends, 3,795,524,436
yen, which was the entire amountexcluding the fractional portion where
the amount of dividends per share wasless than 1 yen from the amount after
adding 105,000,000 yen of the reversalof the temporary difference adjustment
reserve to 3,691,120,583 yen of
unappropriated retained earnings. As aresult, dividend per share came to 2,508
yen.

(5) Cash Flow Statement(Thousand yen)Previous fiscal period(May 1, 2021 toOctober 31, 2021)
Cash flows from operating activities
Pre-tax income
Depreciation
Increase(decrease) in allowance for doubtful accounts
Interest income
Interest expense
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes 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 sales of property, plant, and equipment
Other
Subtotal
Purchase of property, plant and equipment
Interest expenses paid
Income taxes paid
Net Cash flows from (used for) operations
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security deposits
Repayments from tenant leasehold and security
deposits
Proceeds from tenant leasehold and security deposits intrust
Repayments from tenant leasehold and security
deposits in trust
Acquisition of TK (tokumei kumiai) equity interest
Net Cash flows from (used for) investments
Cash flows from financing activities
Increase in long-term borrowings
Decrease in long-term borrowings
Proceeds from bond issuance
Dividends paid
Net Cash flows 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- 40 -

Current fiscal period(November 1, 2021 toApril 30, 2022)

3,201,338
887,267－(104)
470,997(4,568)59,893
10,666
3,373
156,388
60,15640,046(22,406)－(10,225)
4,852,821
104(459,350)(605)
4,392,970

3,691,540
893,9183,898(112)
436,542
14,679－(14,114)(107,059)(80,374)
143,198
99,482(52,296)
727,532(14,460)
5,742,374
112(437,641)(605)
5,304,241(57,717)(609,708)
33,973(22,115)(673,956)
42,821(25,360)(102,155)

254,320392,670(392,033)(409,326)－(796,525)(51,212)(823,276)

8,125,000(9,667,750)
1,487,445(3,225,613)(3,280,918)
315,526
22,988,704*1 23,304,230

9,621,000(9,649,250)－(3,307,282)(3,335,532)
1,145,433
23,304,230*1 24,449,663

(6) Notes to Financial Statements(Going concern note)
N/A(Summary of Significant Accounting Policies)
1. Standards and methods for valuation Securities
of assets
Other securities
Securities without market value
Securities are accounted at cost based on the moving-average method.
Investments in TK (tokumei kumiai) real estate equity interest
Investments in TK (tokumei kumiai) real estate equity interest are accounted for using theequity method of accounting.
2. Method of depreciation of fixed
assets(1) Property, plant and equipment (including assets in trust)The depreciation of property, plant and equipment is calculated using the straight-line
method.
The useful lives of assets are as stated below.
Buildings: 1 to 63 years
Structures: 2 to 45 years
Machinery and equipment : 1 to 15 years
Tools, furniture and fixtures : 1 to 15 years(2) Long-term prepaid expenses
The depreciation of long-term prepaid expenses is calculated using the straight-line method.

3. Accounting for deferred assets

Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized equally over the period up to theredemption.
Accounting for allowance of doubtful accounts
Estimated uncollectible amounts are recognized based on a case-by-case evaluation of thecollectability of certain receivables, such as receivables with default possibility.
(1) Accounting for revenues
Details of performance obligations regarding revenue from contracts between Ichigo Office
and its customers and the general point of time under normal circumstances such revenues
should be recognized are as follows:(i) Real estate property sales
Revenue from real estate property sales is recognized as revenues when the buyer(customer) obtains control over a real estate property following the seller’s fulfilment of
its obligation to hand over the property which is stipulated in the contract associated withthe sale of real estate property.
(ii) Utility charge reimbursements
Revenue from utility charge reimbursements is recognized according to the supply ofelectricity, water, etc. to lessees who are customers based on lease agreements and otherterms related to the real estate properties.
For utility charge reimbursements which Ichigo Office regards itself as an agent, the net
amount calculated by subtracting the amount paid to a party from the total amountreceived as charges for electricity, gas, etc. supplied by the same party is recognized asrevenue.
(2) Accounting for fixed asset taxes, etc.
Of the amount of fixed asset taxes, city planning taxes and depreciable asset taxes imposedon real estate owned that was assessed and determined, the amount corresponding to therelevant computation period is recognized as expenses in the rental business.
The amount corresponding to fixed asset taxes for the first fiscal year that the Investment
Corporation should incur associated with the acquisition of real estate or trust beneficiaryinterests in real estate is not expensed, but is included in the acquisition costs of the realestate.
(1) Method of hedge accounting
In cases where the interest rate swaps meet the conditions for special treatment, the special
treatment is adopted.
(2) Hedging instruments and hedged items
Hedging instruments: Interest rate swap transactions
Hedged items: Interest on loans(3) Hedging policy
The Investment Corporation conducts derivative transactions to hedge the risks set out in the
Articles of Incorporation based on the risk management regulations.
(4) Method for assessing the effectiveness of hedging
The evaluation of the effectiveness of interest rate swaps is omitted because they meet therequirements for special treatment.

4.Standards for recognition ofallowances
5. Standards for recognition ofrevenues and expenses

6. Method of hedge accounting- 41 -

7. Scope of funds on the cash flow
statement

Funds (cash and cash equivalents) on the cash flow statement consist of cash on hand, cash
held in trust, bank deposits and bank deposits held in trust that can be withdrawn at any time,and short-term investments, with a maturity of 3 months or less from the date of acquisition,
which are readily convertible to cash and contain only an insignificant risk of value
fluctuation.
8. Other significant matters serving as (1) Accounting for trust beneficiary interests in real estate
the basis for preparing financial
For trust beneficiary interests in real estate, all trust assets and liabilities as well as all income
statements
generated and expenses incurred in trusts are recorded in the relevant accounts on the balance
sheet and the income statement.
The following material items of the trust accounts recorded in the relevant accounts are listed
separately on the balance sheet.
(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust; machinery and equipment in trust; tools, furnitureand fixtures in trust; land in trust; construction in progress in trust; and land leasehold
rights in trust(iii) Tenant leasehold and security deposits in trust(2) Accounting for non-deductible consumption taxes
Non-deductible consumption taxes on assets are included in the acquisition costs ofindividual assets.

- 42 -

Notes(Notes to balance sheet)*1. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporation(Thousand yen)Previous fiscal period(As of October 31, 2021)

Current fiscal period(As of April 30, 2022)

50,00050,000Previous fiscal period(As of October 31, 2021)

Current fiscal period(As of April 30, 2022)*2. Cancellation of Treasury Shares

No. of shares cancelled
18,920Total amount of shares
1,499,919
cancelled (JPY thousand)(Note) There were no cancellation of treasury shares during the current fiscal period.

18,9201,499,919*3. Provision and reversal of temporary difference adjustment reserves
Previous fiscal period (As of October 31, 2021)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,214,544－

105,000

9,109,544(Thousand yen)
Reasons forprovision andreversalAppropriation
to dividends(Note) The initial amount of gain on negative goodwill is the amount previously transferred from gain on negative
goodwill to the temporary difference adjustment reserves account. The entire amount will be equally reversed
within 50 years. For the current fiscal period, 105,000,000 yen was reversed from the reserve.
Current fiscal period (As of April 30, 2022)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,109,544－

105,000

9,004,544(Thousand yen)
Reasons forprovision andreversalAppropriation
to dividends(Note) The initial amount of gain on negative goodwill is the amount previously transferred from gain on negative
goodwill to the temporary difference adjustment reserves account. The entire amount will be equally reversed
within 50 years. For the current fiscal period, 105,000,000 yen was reversed from the reserve.

- 43 -

(Notes to Income Statement)*1. Details of real estate rental income(Thousand yen)Previous fiscal period(May 1, 2021 toOctober 31, 2021)

Current fiscal period(November 1, 2021 toApril 30, 2022)

5,914,034
965,695
274,50264,058

7,218,290

5,849,440
945,265
277,532
64,697

7,136,936

526,796
98,766

625,562

537,131
61,423

598,555

A． Real estate rental revenue
Rental Revenue
Rental revenue
Common area charges
Parking lot rental revenue
Facility use charges
Other rental revenue
Utilities revenue
Other
Total real estate rental revenue

7,843,853

7,735,491

B． Real estate rental expenses
Rental expenses
Service provider expenses
Utilities
Trust fees

660,305
481,33136,809663,709530,808
31,778Depreciation
Repair expenses
Taxes and public dues
Non-life insurance expenses
Other rental expenses

887,267
86,694672,145
20,80042,063893,918
134,056
673,758
20,78842,613

Total real estate rental expenses
C． Net rental income（A-B）

2,887,418

2,991,430

4,956,434

4,744,060*2. Details of real estate sales (Thousand yen)Previous fiscal period (May 1, 2021 to October 31, 2021)
N/A
Current fiscal period (November 1, 2021 to April 30, 2022)
Ichigo Akasaka 5 Chome Building
Real estate sale revenue
Real estate sale cost
Other real estate sale expenses
Gain on real estate sales

1,720,000
727,532
52,355940,111- 44 -

(Statement of changes in net assets)
Previous fiscal period(May 1, 2021 toOctober 31, 2021)
Total number of authorized shares and total number ofshares issued and outstanding
Total number of authorized shares
Total number of shares issued and outstanding

14,000,000 shares
1,513,367 shares

Current fiscal period(November 1, 2021 toApril 30, 2022)

14,000,000 shares
1,513,367 shares(Notes to statement of dividends)
Previous fiscal period(May 1, 2021 toOctober 31, 2021)

Current fiscal period(November 1, 2021 toApril 30, 2022)

By applying the transitional measures of Paragraph 3 of the By applying the transitional measures of Paragraph 3 of the
Supplementary Provisions of the “Regulation on Accountings Supplementary Provisions of the “Regulation on Accountingsof Investment Corporations” (Cabinet Office Order No. 27 of of Investment Corporations” (Cabinet Office Order No. 27 of2015), an amount of 10,432,940,000 yen, which was the 2015), an amount of 10,432,940,000 yen, which was theremaining balance of gain on negative goodwill was remaining balance of gain on negative goodwill wastransferred to the temporary difference adjustment reserve transferred to the temporary difference adjustment reserve
account, and planned to equally reverse the entire amount account, and planned to equally reverse the entire amountwithin 50 years. The original policy was to reverse a within 50 years. The original policy was to reverse aminimum of 200,000,000 yen starting from the 23rd fiscal minimum of 200,000,000 yen starting from the 23rd fiscal
period, as stated on the statement of dividends for the 22nd period, as stated on the statement of dividends for the 22nd
fiscal period. But the policy has been changed to reversing a fiscal period. But the policy has been changed to reversing aminimum of 105,000,000 yen starting from the 24th fiscal minimum of 105,000,000 yen starting from the 24th fiscal
period. For this fiscal period, 105,000,000 yen will be period. For this fiscal period, 105,000,000 yen will bereversed.
reversed.

- 45 -

(Notes to cash flow statement)*1. Relationship between cash and cash equivalents at the end of the fiscal period and items shown on the Balance Sheet(Thousand yen)
Current fiscal period
Previous fiscal period(May 1, 2021 to(November 1, 2021 toOctober 31, 2021)
April 30, 2022)
Cash and deposits
Cash and deposits in trust
Miscellaneous deposits

9,420,989
13,974,370(91,129)

10,526,684
14,018,464(95,484)

Cash and cash equivalents

23,304,230

24,449,663

Previous fiscal period(As of October 31, 2021)(Thousand yen)
Current fiscal period(As of April 30, 2022)(Notes to lease transactions)Operating lease transactions(Lessee)

Outstanding lease charges
One year or lessOver one year

58,603934,800

60,470970,582

Total

993,403

1,031,053(Lessor)Previous fiscal period(As of October 31, 2021)(Thousand yen)
Current fiscal period(As of April 30, 2022)

Outstanding lease charges
One year or lessOver one year

7,198,330
665,306

6,715,355
879,641

Total

7,863,636

7,594,996- 46 -

(Notes to financial instruments)
1. Matters concerning the status of financial instruments(1) Policy for handling financial instruments
Ichigo Office manages its assets by investing mainly in specified assets such as real estate with the aim of securing stable earnings in
the medium to long term. It raises funds primarily through the issuance of investment units, the borrowing of bank loans and theissuance of investment corporation bonds. Derivative transactions are used for the purpose of mitigating the risk of future fluctuationsin interest rates, and not for trading or speculative purposes. Ichigo Office also carefully invests surplus funds in consideration ofsafety and liquidity so as not to bear excess risks, taking the financial environment and cash management into full consideration.
(2) Description of financial instruments and associated risks, and risk management structure
Funds raised from loans and investment corporation bonds are used for the purchase of real estate and trust beneficiary interests inreal estate and the repayment of loans, and they are exposed to the liquidity risk on the dates of repayment and redemption. Ichigo
Office not only works to reduce the liquidity risk through the diversification of financing and the decentralization of repayment dates
and lenders by controlling LTV in the range that is deemed appropriate, but also manages the liquidity risk in terms of the way theasset management company formulates a cash management plan. Loans with floating interest rates are exposed to the risk offluctuations in interest rates, but LTV is managed appropriately to limit the impact of rising market interest rates on the operations of
Ichigo Office.
(3) Supplementary explanation of matters concerning the market value, etc. of financial instruments
Because of certain parameters, etc. are adopted in the calculation of the market values of financial instruments, there may be cases
where the values concerned will vary when different parameters, etc. are adopted.
2. Matters concerning the market value, etc. of financial instruments
The carrying amount on the balance sheet on October 31, 2021, the market value, and the difference between the carrying amount andthe market value were as follows.
“Cash and deposits” and “Cash and deposits in trust” has been omitted because the market value of these items are almost equal to theirbook values since they are settled within a short period.
“Tenant leasehold and security deposits” and “Tenant leasehold and security deposits in trust” also has been omitted since these items
are not material.
(Thousand yen)
Carrying valueMarket value

Difference(1) Long-term borrowings (due within one year)

19,292,000

19,295,453

3,453(2) Investment corporation bonds

6,900,000

6,845,680(54,319)(3) Long-term borrowings

85,061,250

85,678,193

616,943

111,253,250

111,819,327

566,077－－－

Total liabilities(4) Derivative transactions

The carrying amount on the balance sheet on April 30, 2022, the market value, and the difference between the carrying amount and themarket value were as follows. Investments in TK (tokumei kumiai) real estate equity interest (Note 2) are not included in the table below.
“Cash and deposits” and “Cash and deposits in trust” has been omitted because the market value of these items are almost equal to theirbook values since they are settled within a short period.
“Tenant leasehold and security deposits” and “Tenant leasehold and security deposits in trust” also has been omitted since these items
are not material.
(Thousand yen)
Carrying valueMarket value

Difference(1) Long-term borrowings (due within one year)

19,266,000

19,271,200

5,200(2) Investment corporation bonds

6,900,000

6,800,023(99,976)(3) Long-term borrowings

85,059,000

85,266,912

207,912111,225,000

111,338,135

113,135－－－

Total liabilities(4) Derivative transactions(Note 1) Matters concerning the calculation method of the market value of financial instruments and derivative transactions(1) Long-term borrowings (due within one year) (3) Long-term borrowings
The market value of long-term loans with fixed interest rates is calculated by discounting the present value by using aninterest rate that is assumed if the total amount of principal and interest is borrowed in similar new loans. The market valueof long-term loans with floating interest rates is based on the book value because the market value is approximately equal tothe book value due to the situation in which the interest rate is renewed periodically. For some long-term loans with floatinginterest rates that are subject to the special treatment of interest rate swaps (see “Notes to Derivative Transactions” below),
the present value is calculated by discounting the combined total of principal and interest translated at the logically estimatedrates for similar loans.
- 47 -

(2) Investment corporation bonds
The market value of investment corporation bonds is calculated by discounting it based on the reference values announced
by the Japan Securities Dealers Association.
(4) Derivative transactions
Please refer to “Notes to Derivative Transactions” below.
(Note 2) Investments in TK (tokumei kumiai) real estate equity interest
Previous fiscal period (As of October 31, 2021)
N/A
Current fiscal period (As of April 30, 2022)
In accordance with the treatments stipulated in Paragraph 27 of “Implementation Guidance on Accounting for Fair Value
Measurement” (ASBJ Guidance No.31, July 4, 2019, Accounting Standards Board of Japan), matters set down on Paragraph4-1 of “Implementation Guidance on Fair Value Measurement of Financial Instruments” (ASBJ Guidance No.19, March 31,2020) has been omitted.
The carrying amount on the balance sheet for the Investment in TK real estate equity interest according to the above
implementation is 51,212 thousand yen.
(Note 3) Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (October 31, 2021)(Thousand yen)
Due after
Due after
Due after
Due after
Due within
Due after
1 year but
2 years but
3 years but
4 years but
1 year
5 years
within 2 years within 3 years within 4 years within 5 years
Long-term borrowings
19,292,000
―
―
―
―
―
(due within one year)
Investment corporation bonds

―

―

―

1,000,000

1,000,000

4,900,000

Long-term borrowings―

17,270,250

7,092,000

11,840,000

15,112,000

33,747,000

19,292,000

17,270,250

7,092,000

12,840,000

16,112,000

38,647,000

Total

Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (April 30, 2022)(Thousand yen)
Due after
Due after
Due after
Due after
Due after
Due within
1 year but
2 years but
3 years but
4 years but
5 years
1 year
within 2 years within 3 years within 4 years within 5 years
Long-term borrowings
19,266,000
―
―
―
―
―
(due within one year)
Investment corporation bonds――

1,000,000

1,000,000―

4,900,000

Long-term borrowings―

10,547,000

10,538,000

13,340,000

18,720,000

31,914,000

19,266,000

10,547,000

11,538,000

14,340,000

18,720,000

36,814,000

Total(Securities)
Previous fiscal period (As of October 31, 2021)
N/A
Current fiscal period (As of April 30, 2022)
Investments in TK (tokumei kumiai) real estate equity interest (carrying amount on the balance sheet: 51,212 thousand yen) has been
omitted in accordance with the regulations noted on Article 8-6-2, Paragraph 3 of the amended Ordinance on the Terminology, Forms,
and Preparation Methods of Financial Statements, etc.

- 48 -

(Notes to derivative transactions)
1. Non-hedge accounting derivatives
Not applicable in the previous fiscal period (ended October 31, 2021) and the current fiscal period (ended April 30, 2022).
2. Hedge accounting derivatives
Previous fiscal period (As of October 31, 2021)
Method of hedge
accounting

Type of derivativetransaction

Contract amount
Main hedged item

Over one year

(Thousand yen)Calculation
Marketmethod ofvaluemarket value

Interest rate swap
transaction
Long-term
91,659,250
72,867,250 (Note)–(pay fixed, receive
borrowings
floating)(Note) Interest rate swaps accounted under the special treatment method are processed together with the hedged items (in this case, along-term borrowing). Therefore, their market values are included in the market values of (1) Long-term borrowings (due within
one year) (3) long-term borrowings payable in (Note 1) of “Notes to financial instruments, 2. Matters concerning the market
value, etc. of financial instruments” above.
Special treatment ofinterest rate swaps

Current fiscal period (As of April 30, 2022)
Method of hedge
accounting

Type of derivativetransaction

Contract amount
Main hedged item

Over one year

(Thousand yen)Calculation
Marketmethod ofvaluemarket value

Interest rate swap
transaction
Long-term
91,631,000
72,365,000 (Note)–(pay fixed, receive
borrowings
floating)(Note) Interest rate swaps accounted under the special treatment method are processed together with the hedged items (in this case,long-term borrowings). Therefore, their market values are included in the market values of (1) Long-term borrowings (due within
one year) (3) long-term borrowings payable in (Note 1) of “Notes to financial instruments, 2. Matters concerning the market
value, etc. of financial instruments” above.
Special treatment ofinterest rate swaps(Notes to retirement benefits)
Previous fiscal period (As of October 31, 2021)
N/A
Current fiscal period (As of April 30, 2022)
N/A- 49 -

(Notes to tax effect accounting)
1. Breakdown of deferred tax assets and liabilities by major cause
Previous fiscal period(As of October 31, 2021)
Deferred tax assets
Valuation difference of assets transferred at merger
5,254,116
Asset retirement obligations
1,442
Tax loss carried forward
264,886
Allowance for doubtful accounts
–
Other
7
Subtotal
Valuation allowance(Thousand yen)
Current fiscal period(As of April 30, 2022)
5,202,126
1,546
–
1,226
–

5,520,453(5,520,453)

5,204,899(5,204,899)

–

–

–

–

Total deferred tax assets
Deferred tax assets (net)

2. Breakdown of tax rate differences between the statutory tax rate and the effective tax rate by major cause
Previous fiscal period
Current fiscal period(As of October 31, 2021)(As of April 30, 2022)
Statutory tax rate
(Adjustment)
Deductible dividend distribution
Change in valuation allowance
Other

31.46%

31.46%(31.12 %)(0.34 %)
0.02%

(30.13 %)(1.33 %)
0.02%

0.02%

0.02%

Effective tax rate
(Notes to share of profit and loss of entities accounted for using the equity method)
Previous fiscal period (May 1, 2021 to October 31, 2021)
N/A
Current fiscal period (November 1, 2021 to April 30, 2022)
N/A(Notes to related party transactions)
1. The parent company and principal shareholders of Ichigo Office
Not applicable in the previous fiscal period (from May 1, 2021 to October 31, 2021) and the current fiscal period (from November 1,
2021 to April 30, 2022)
2. Affiliated companies
Not applicable in the previous fiscal period (from May 1, 2021 to October 31, 2021) and the current fiscal period (from November 1,
2021 to April 30, 2022)
3. Fellow subsidiaries
Not applicable in the previous fiscal period (from May 1, 2021 to October 31, 2021) and the current fiscal period (from November 1,
2021 to April 30, 2022)
4. Directors and principal individual shareholders
Not applicable in the previous fiscal period (from May 1, 2021 to October 31, 2021) and the current fiscal period (from November 1,
2021 to April 30, 2022)(Asset retirement obligations)
Previous fiscal period (May 1, 2021 to October 31, 2022)
The statement is omitted because the total amount of asset retirement obligations is not material.
Current fiscal period (November 1, 2021 to April 30, 2022)
The statement is omitted because the total amount of asset retirement obligations is not material.

- 50 -

(Notes to rental assets)
Ichigo Office owns rental assets mainly in the six wards of central Tokyo, other Tokyo metropolitan areas, the four largest cities andother major cities for the purpose of earning stable rental revenues. The carrying amounts, increase (decrease) during the period, andmarket values of these rental assets are as follows:(Thousand yen)Previous fiscal period
Current fiscal period
Use(May 1, 2021 to(November 1, 2021 toOctober 31, 2021)
April 30, 2022)
Carrying amount
Balance at the beginning of period
Office196,293,525

Increase (decrease) during period

196,056,599(236,926)(961,859)

Balance at period-end

196,056,599

195,094,739

Market value at period-end

237,323,000

239,697,000

Balance at the beginning of period

6,403,692

6,379,518

Increase (decrease) during period(24,174)

15,085

Balance at period-end

6,379,518

6,394,603

Market value at period-end

6,678,000

6,633,000

Balance at the beginning of period

202,697,218

202,436,117

Increase (decrease) during period(261,100)(946,774)

202,436,117

201,489,343

Carrying amount

Other

Carrying amount

Total

Balance at period-end

Market value at period-end
244,001,000
246,330,000(Note 1) The carrying amounts represent the amounts after deducting the accumulated depreciation from the acquisition costs.
(Note 2) The major decrease during the previous fiscal period was due to depreciation.
The major decrease during the current fiscal period was due to the sale of trust beneficiary interests in real estate of one asset(727,532 thousand yen), and depreciation.
(Note 3) The market value at the end of the period was based on the appraisal value or investigation value estimated by external realestate appraisers.
The details of real estate rental income are stated in “Notes to Income Statement.”(Notes regarding revenue recognition)
1. Breakdown of revenue from contracts with customers
Previous fiscal period (May 1, 2021 to October 31, 2021)(Thousand yen)
Revenues generated from contracts
with customers
Real estate property sales
Utility charge reimbursements
Other

Sales to external customers－－

526,796526,796－

7,317,056

Total
526,796
7,843,853(Note) Rental revenues, etc. which are subject to Accounting Standard for Lease Transactions (ASBJ Statement No. 13) and the transfer
of real estate properties which is subject to Practical Guidelines on Accounting by Transferors for Securitization of Real Estate Using
Special Purpose Companies (Accounting System Committee Report No.15 of the Japanese Institute of Certified Public Accountants) are
not included in the above amounts as they are excluded from revenue recognition accounting standards. Revenues generated fromcontracts with major customers are real estate property sales and utility charge reimbursements.

- 51 -

Current fiscal period (November 1, 2021 to April 30, 2022)(Thousand yen)
Revenues generated from contracts
with customers
Real estate property sales

Sales to external customers

1,720,000

Utility charge reimbursements
Other

※2

940,111537,131

537,131－7,198,359

Total
2,257,131
8,675,603(Note 1) Rental revenues, etc. which are subject to Accounting Standard for Lease Transactions (ASBJ Statement No. 13) and the transfer
of real estate properties which is subject to Practical Guidelines on Accounting by Transferors for Securitization of Real Estate Using
Special Purpose Companies (Accounting System Committee Report No.15 of the Japanese Institute of Certified Public Accountants) are
not included in the above amounts as they are excluded from revenue recognition accounting standards. Revenues generated fromcontracts with major customers are real estate property sales and utility charge reimbursements.
(Note 2) Real estate property sales is shown as gain on sales of real estate (cost related to sales of real estate and other expenses related
to sales of real estate subtracted from revenue from real estate sales) on the Income Statement. Ichigo Office recognizes gain on salesof real estate as operating revenue, and loss on sales of real estate as operating expenses, therefore the amount of gain on sales of realestate is shown above.
2. Basis for understanding of revenues generated from contracts with customers
Current fiscal period (November 1, 2021 to April 30, 2022)
Basis is as indicated in the Summary of Significant Accounting Policies.
3. Information on revenue recognized during the current fiscal period, or that expected to be recognized in the next fiscal period or
thereafter
Current fiscal period (November 1, 2021 to April 30, 2022)(Thousand yen)
(1) Balance of contract assets and contract liabilities, etc.
Current fiscal period(November 1, 2021 to April 30, 2022)
Receivables generated from contracts with customers(balance at the beginning of period)

2,102

Receivables generated from contracts with customers(balance at period-end)

1,504

Contract assets (balance at the beginning of period)–

Contract assets (balance at period-end)–

Contract liabilities (balance at the beginning of period)–

Contract liabilities (balance at period-end)–(2) Transaction price allocated to remaining performance obligations
N/A
For utility charge reimbursements, as Ichigo Office has the rights to receive from customers an amount directly corresponding to
the value for the lessees who are customers of sections for which performance is complete by the end of the fiscal period, the amountit has the right to claim according to Paragraph 19 of the Implementation Guidelines of the Accounting Standard for Revenue
Recognition is recognized as revenue. Accordingly, such is not included in the note on transaction price allocated to remaining
performance obligations through application of the provisions of Paragraph 80-22 (2) of the Accounting Standard for Revenue
Recognition.

- 52 -

(Segment information)
The segment information is omitted because Ichigo Office has only one segment of real estate rental business.
(Related information)
Previous fiscal period (May 1, 2021 to October 31, 2021)
1. Information by product and service
The statement is omitted because operating revenue from external customers in a single product and service category comprises morethan 90% of operating revenue on the Income Statement.
2. Information by region(1) Operating revenue
The statement is omitted because operating revenue from external customers in Japan comprises more than 90% of operating revenue
on the income statement.
(2) Property, plant and equipment
The statement is omitted because the amount of property, plant and equipment located in Japan comprises more than 90% of theamount of property, plant and equipment on the balance sheet.
3. Information by main customer
The statement is omitted because all operating revenue from a single external customer comprises less than 10% of operating revenue
on the income statement.
Current fiscal period (November 1, 2021 to April 30, 2022)
1. Information by product and service
The statement is omitted because operating revenue from external customers in a single product and service category comprises morethan 90% of operating revenue on the income statement.
2. Information by region(1) Operating revenue
The statement is omitted because operating revenue from external customers in Japan comprises more than 90% of operating revenue
on the income statement.
(2) Property, plant and equipment
The statement is omitted because the amount of property, plant and equipment located in Japan comprises more than 90% of theamount of property, plant and equipment on the balance sheet.
3. Information by main customer
The statement is omitted because all operating revenue from a single external customer comprises less than 10% of operating revenue
on the income statement.
(Notes to per-share information)
Current fiscal period(November 1, 2021 toApril 30, 2022)

Previous fiscal period(May 1, 2021 toOctober 31, 2021)

Net assets per share (yen)67,67867,932
Net income per share (yen)
2,114
2,438
(Note 1) Net income per share is calculated by dividing net income by the daily weighted average number of shares. Diluted net
income per share is not stated because there are no dilutive shares.
(Note 2) The basis for calculating net income per share is as follows.
Current fiscal period(November 1, 2021 toApril 30, 2022)

Previous fiscal period(May 1, 2021 toOctober 31, 2021)
Net Income(Thousand yen)Amount not attributable to common shareholders(Thousand yen)－－

Net income attributable to common shareholders(Thousand yen)

3,200,733

3,690,935(Shares)

1,513,367

1,513,367

Average number of shares during period- 53 -

3,200,733

3,690,935

(Notes to Significant Subsequent Events)(1) Asset Acquisition
Ichigo Office acquired the following asset based on the basic policy for asset management set forth in the Articles of Incorporation.
Ichigo Higashi Ikebukuro 3 Chome Building (Note 1)
Acquisition Price (Note 2)
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Seller3,840,000,000 yen
3-13-3 Higashi Ikebukuro, Toshima-ku, Tokyo
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
June 14, 2022
June 20, 2022
Domestic TMK (tokutei mokuteki kaisha)(Note 1) After the acquisition by Ichigo Office, the building name will be changed from “Seiwa Ikebukuro Building” to “Ichigo Higashi Ikebukuro 3 Chome Building”.
(Note 2) The acquisition price is the sales value of the trust beneficiary interest in real estate that does not include expenses for acquisition, the amount equivalent to settled fixed asset
taxes and city planning taxes, and the amount equivalent to consumption taxes.
(Note 3) The seller did not provide consent to disclose its name.

(2) Loans
Ichigo Office borrowed funds via the following loans in order to pay for the above asset acquisition and related expenses.
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Borrowing Terms
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Borrowing Terms

SMBC
950,000,000 yen
3M JPY TIBOR + 0.62% (p.a.)(Note)
May 25, 2029
25th of every January, April, July, and October following the loan date, and the final payment
date will be the principal repayment dateLump-sum repayment
No collateral / No guarantee
Mizuho Bank
950,000,000 yen
3M JPY TIBOR + 0.62% (p.a.)(Note)
May 25, 2029
25th of every January, April, July, and October following the loan date, and the final payment
date will be same as the principal repayment dateLump-sum repayment
No collateral / No guarantee(Note) Ichigo Office has executed an interest rate swaps to hedge against a rise in interest rates.

- 54 -

(7) Supplementary Schedules(i) Schedule of securities(a) Stocks
N/A(b) Securities other than stocks(Thousand yen)Type
TK (tokumei
kumiai) realestate equity
interest

Name of Security

Equity interest in
Kizuna 1 GK TK

Aggregate
Value

Book
Value

AccruedInterest
Receivable―

51,212―

AccruedInterest
Paid

Appraisal
Value(Note 1)

Difference―

51,212―

Note―(Note2)

Total―
51,212――
51,212――(Note 1) Appraisal value shows the book value of the TK real estate equity interest.
(Note 2) The underlying real estate in the Kizuna 1 GK TK is a trust beneficiary interest in real estate (juekiken) of Ichigo Hakataeki
Higashi Building, Ichigo Hakata Meiji Dori Building, Fukuoka Kensetsu Kaikan, and Ogaku Building.
(ii) Contract value and market value of derivative transactions and forward exchange contracts(Thousand yen)Classification

Type

Transactions other than market
transactions

Interest rate swap
(pay fixed, receive floating)Contract amount (Note 1)
Exceeding 1 year
91,631,000

72,365,000

Market value (Note 2)
–

–
Total
91,631,000
72,365,000(Note 1) The contract amount of interest rate swap is based on the notional principal.
(Note 2) Since the above transaction meets the specific matching criteria of the Accounting Standard for Financial Instruments, thestatement of market value is omitted.

- 55 -

(iii) Summary table of schedule of real estate(Thousand yen)
Asset type

Balance atBalance at end
Increase during
Decrease
beginning ofof current
periodduring period
current period
period7,240,518

8,043

159,311

7,089,250

2,145,909

109,648

4,943,341(Note)

Structures

29,066―

0

29,06624,933320

4,133(Note)

Machinery and equipment

339,358

8,468―

347,826

220,954

13,331

126,871(Note)

Tools, furniture and fixtures

70,921

4,517

5,212

70,22653,7203,362

16,505(Note)

15,638,558―

606,565

15,031,993――

15,031,993(Note)

1,360

―

―

1,360

―

―

1,360

Buildings in trust

46,203,049

588,773―

46,791,823

11,154,852

719,525

35,636,970(Note)

Structures in trust

69,5201,440―

70,96038,414

1,927

32,545(Note)

800,471

47,456―

847,928

424,534

28,647423,393(Note)

298,095

15,976―

314,072

203,168

17,154110,904(Note)

140,668,104――

140,668,104――

140,668,104

6,137

1,700

817

7,021

―

―

7,021

211,365,164

676,376

771,906

211,269,634

14,266,489

893,918

197,003,145

4,494,579――

4,494,579――

4,494,579

4,494,579――

4,494,579――

4,494,579

215,859,743

676,376

771,906

215,764,214

14,266,489

893,918

201,497,725

Construction in progress

Machinery and equipmentin trust
Tools, furniture and fixturesin trust
Land in trust
Construction in progress intrust
Subtotal
Land leasehold rights in
Intangible

Remarks

Buildings

Land

Property,plant andequipment

Accumulated depreciation or
accumulated amortization
Balance at end
Depreciation or of current
periodamortization
during period

trust

assetsSubtotal
Total(Note) The major decrease during the current fiscal period was due to the sale of one asset (727,532 thousand yen), and depreciation.
(iv) Schedule of other specified assets
N/A- 56 -

(v) Schedule of investment corporation bonds(Thousand yen)
Date ofissuance
First unsecured
investment
corporation bonds
Second unsecured
investment
corporation bonds
Third unsecured
investment
corporation bonds
Fourth unsecured
investment
corporation bonds
Fifth unsecured
investment
corporation bonds
Sixth unsecured
investment
corporation bonds

Balance at
Decrease
period-start during period

Balance at Interest rate Redemption
period-end
(%)
date

September 22,
2017

1,200,000–

1,200,000

0.900

September 22,
2027

April 26,2018

1,000,000–

1,000,000

0.900

April 26,
2028

November 29,
2018

1,000,000–

1,000,000

0.750

November 28,
2025

July 26,2019

1,200,000–

1,200,000

0.890

July 26,
2029

March 26,2020

1,000,000–

1,000,000

0.300

March 26,2025

May 6,
2021

1,500,000–

1,500,000

0.850

6,900,000–

6,900,000

Total

Use

Security(Note 1)

Unsecured/
unguaranteed––

May 2,
2031––(Note 1) The proceeds are used for repaying existing loans.
(Note 2) A ranking pari passu among Ichigo Office investment corporation bonds is attached.
(Note 3) The maturity profile of investment corporate bonds for each year within five years after the balance sheet date is as follows.
(Thousand yen)
Due after 1 year but Due after 2 years Due after 3 years Due after 4 years
Due within 1 year
within 2 years
but within 3 years but within 4 years but within 5 years
Investment corporation bonds––

1,000,000

1,000,000–(vi) Schedule of loans
Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

1,948,338－

1,948,338－

Mizuho Bank

1,948,338－

1,948,338－

Aozora Bank

588,252－

588,252－

Shinsei Bank

771,834－

771,834－

MUFG Bank

1,622,628－

1,622,628－

Resona Bank

1,358,112－

1,358,112－

Bank of Fukuoka

446,124－

446,124－

ORIX Bank

446,124－

446,124－

SMBC

1,434,050

－

1,450

1,432,600

Mizuho Bank

1,038,450

－

1,050

1,037,400

MUFG Bank

890,100－

900

889,200

Bank494,500－

500

494,000

SMBC

1,434,050

－

1,450

1,432,600

Mizuho Bank

1,038,450

－

1,050

1,037,400

MUFG Bank

890,100－

900

889,200

Shinsei Bank

494,500－

500

494,000

LenderLongTerm
Loans- 57 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

1.347
(Note 2)

November 8,
2021(Note 3)0.808
(Note 2)

May 31,
2022(Note 4)0.858
(Note 2)

November 30,
2022(Note 5)Use

Collateralized(Note 9)No
(No Guarantee)

Lender

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

1,780,200

－

1,800

1,778,400

Mizuho Bank

890,100－

900

889,200

MUFG Bank

692,300－

700

691,600

Shinsei Bank

593,400－

600

592,800

Aozora Bank

494,500－

500

494,000

Bank of Fukuoka

494,500－

500

494,000

Nishi-Nippon City Bank

494,500－

500

494,000

SMBC

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.705
(Note 2)

May 31,
2022(Note 6)0.750
(Note 2)

November 30,
2022(Note 7)

October 31,
2023
January 31,
2022
November 11,
2024
November 11,
2024
November 11,
2024
November 11,
2024
May 10,2023

Lump-sum
repayment

0.761(Note 2)October 31,
2023

Lump-sum
repayment

0.948(Note 2)October 31,
2025

Lump-sum
repayment

0.990(Note 2)

April 30,2026

Lump-sum
repayment

346,150－350

345,800

1,780,200

－

1,800

1,778,400

Mizuho Bank

890,100－

900

889,200

MUFG Bank

692,300－

700

691,600

Shinsei Bank

593,400－

600

592,800

Aozora Bank

494,500－

500

494,000

Bank of Fukuoka

494,500－

500

494,000

Nishi-Nippon City Bank

494,500－

500

494,000

Resona Bank

346,150－350

345,800

1,000,000－－

1,000,000

0.845(Note 2)500,000－

500,000

－

0.708

SMBC

1,100,000－－

1,100,000

Mizuho Bank

1,000,000－－

1,000,000

Shinsei Bank

900,000－－

900,000

Resona Bank

400,000－－

400,000

2,000,000－－

2,000,000

SMBC

215,000－－

215,000

Mizuho Bank

340,000－－

340,000

MUFG Bank

283,000－－

283,000

Resona Bank

237,000－－

237,000

Shinsei Bank

135,000－－

135,000

Bank of Fukuoka

195,000－－

195,000

ORIX Bank

195,000－－

195,000

SMBC

633,000－－

633,000

Mizuho Bank

508,000－－

508,000

MUFG Bank

425,000－－

425,000

Resona Bank

356,000－－

356,000

Shinsei Bank

201,000－－

201,000

Aozora Bank

257,000－－

257,000

SMBC

352,000－－

352,000

Mizuho Trust

1,352,000－－

1,352,000

Aozora Bank

901,000－－

901,000

Shinsei Bank

901,000－－

901,000

Resona Bank

448,000－－

448,000

Resona Bank
SMBC

SMBC
Development Bank of JapanLongTerm
Loans

Balance atperiod-start(Thousandyen)

Development Bank of Japan- 58 -

0.852(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)
0.871

Use

Collateralized(Note 9)No
(No Guarantee)(Note 8)Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

400,000－－

400,000

Mizuho Bank

350,000－－

350,000

Shinsei Bank

300,000－－

300,000

MUFG Bank

300,000－－

300,000

Bank of Fukuoka

225,000－－

225,000

The Kagawa Bank

200,000－－

200,000

Nishi-Nippon City Bank

225,000－－

225,000

SMBC

835,000－－

835,000

Mizuho Bank

491,000－－

491,000

Shinsei Bank

393,000－－

393,000

MUFG Bank

393,000－－

393,000

Aozora Bank

393,000－－

393,000

Resona Bank

294,000－－

294,000

The Kagawa Bank

147,000－－

147,000

SMBC

500,000－－

500,000

Mizuho Bank

400,000－－

400,000

0.648

LenderRepayment
date

Repayment
terms

0.795
(Note 2)

April 30,2024

Lump-sum
repayment

0.860(Note 2)

November 11,
2024

Lump-sum
repayment

February 29,
2024
February 29,
2024
April 30,
2026
April 30,
2026
April 30,2026

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

0.648

1,000,000－－

1,000,000

0.962(Note 2)

Mizuho Bank

400,000－－

400,000

0.728

Shinsei Bank

200,000－－

200,000

0.728

SMBC

954,000－－

954,000

Mizuho Bank

773,000－－

773,000

Shinsei Bank

483,000－－

483,000

Aozora Bank

656,000－－

656,000

SMBC

830,000－－

830,000

Aozora Bank

570,000－－

570,000

SMBC

250,000－－

250,000

Mizuho Bank

400,000－－

400,000

Development Bank of Japan

400,000－－

400,000

MUFG Bank

300,000－－

300,000

Shinsei Bank

250,000－－

250,000

SMBC

1,000,000－－

1,000,000

Resona Bank

1,000,000－－

1,000,000

Bank of Fukuoka

1,000,000－－

1,000,000

SMBC

1,239,000－－

1,239,000

Mizuho Bank

1,074,000－－

1,074,000

Shinsei Bank

743,000－－

743,000

Aozora Bank

743,000－－

743,000

Resona Bank

743,000－－

743,000

ORIX Bank

413,000－－

413,000

The Kagawa Bank

413,000－－

413,000

SMBC

692,000－－

692,000

SMBC

LongTerm
Loans

Averageinterest
rate(%)(Note 1)

- 59 -

0.975(Note 2)September 30, Lump-sum
2026
repayment

0.907(Note 2)September 30, Lump-sum
2026
repayment

0.850(Note 2)0.867
(Note 2)0.867
(Note 2)0.867
(Note 2)0.822
(Note 2)0.698
(Note 2)0.726
(Note 2)

April 30,2026

Lump-sum
repayment

September 25, Lump-sum
2026
repayment
September 25 Lump-sum
2026
repayment
September 25, Lump-sum
2026
repayment

March 25,
2027

Lump-sum
repayment

September 25, Lump-sum
2025
repayment
March 25,
Lump-sum2026
repayment

Use

Collateralized(Note 9)No
(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

672,000－－

672,000

Mizuho Bank

610,000－－

610,000

Shinsei Bank

641,000－－

641,000

Lender549,000－－

549,000

SMBC

1,224,000－－

1,224,000

Mizuho Bank

1,224,000－－

1,224,000

Shinsei Bank

783,000－－

783,000

MUFG Bank

783,000－－

783,000

Aozora Bank

783,000－－

783,000

Resona Bank

587,000－－

587,000

The Kagawa Bank

955,000－－

955,000

SMBC

827,000－－

827,000

Shinsei Bank

790,000－－

790,000

Mizuho Bank

753,000－－

753,000

MUFG Bank

677,000－－

677,000

SMBC

543,000－－

543,000

Shinsei Bank

518,000－－

518,000

Mizuho Bank

494,000－－

494,000

MUFG Bank

445,000－－

445,000

Aozora Bank

2,127,000－－

2,127,000

Shinsei Bank

998,000－－

998,000

Shinsei Bank

1,000,000－－

1,000,000

Mizuho Bank

400,000－－

400,000

SMBC

407,000－－

407,000

MUFG Bank

781,000－－

781,000

Resona Bank

586,000－－

586,000

Mizuho Bank

407,000－－

407,000

Shinsei Bank

260,000－－

260,000

Aozora Bank

260,000－－

260,000

SMBC

814,000－－

814,000

Mizuho Bank

814,000－－

814,000

Shinsei Bank

521,000－－

521,000

Aozora Bank

521,000－－

521,000

SMBC

800,000－－

800,000

Mizuho Bank

700,000－－

700,000

Bank of Yokohama

500,000－－

500,000

MUFG BankLongTerm
Loans- 60 -

Averageinterest
rate(%)(Note 1)

Repayment
date

0.844
(Note 2)September 27, Lump-sum
2027
repayment

0.876(Note 2)September 27, Lump-sum
2027
repayment

0.652

0.472

March 25,
2027

Repayment
terms

Use

Collateralized(Note 9)No
(No Guarantee)

Lump-sum
repayment

September 25, Lump-sum
2023
repayment

0.740(Note 2)

March 25,
2027

Lump-sum
repayment

0.828(Note 2)
0.722
(Note 2)0.828
(Note 2)0.828
(Note 2)

August 25,
2028
March 25,
2027
August 25,
2028
August 25,
2028

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

0.569(Note 2)September 25, Lump-sum
2025
repayment

0.787(Note 2)

November 27,
2028

Lump-sum
repayment

0.802(Note 2)0.802
(Note 2)0.802
(Note 2)

November 27,
2028
November 27,
2028
November 27,
2028

Lump-sum
repayment
Lump-sum
repayment
Lump-sum
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

527,000－－

527,000

MUFG Bank

494,000－－

494,000

Mizuho Bank

355,000－－

355,000

Bank of Yokohama

285,000－－

285,000

Mizuho Trust & Banking

95,000－－95,0001,055,000－－

1,055,000

Mizuho Bank

710,000－－

710,000

Aozora Bank

571,000－－

571,000

Resona Bank

571,000－－

571,000

Mizuho Trust & Banking

190,000－－

190,000

SMBC

329,000－－

329,000

1,372,000－－

1,372,000

Bank of Fukuoka

376,000－－

376,000

Mizuho Bank

329,000－－

329,000

Bank of Yokohama

30,000－－30,000SMBC

329,000－－

329,000

Mizuho Bank

329,000－－

329,000

Resona Bank

287,000－－

287,000

Aozora Bank

174,000－－

174,000

Shinsei Bank

162,000－－

162,000

Bank of Yokohama

161,000－－

161,000

SMBC

988,000－－

988,000

Mizuho Bank

988,000－－

988,000

Resona Bank

862,000－－

862,000

Shinsei Bank

487,000－－

487,000

Aozora Bank

422,000－－

422,000

Development Bank of Japan

500,000－－

500,000

SMBC－

194,000－

194,000

Mizuho Bank－

194,000－

194,000

MUFG Bank－

1,622,000－

1,622,000

Bank of Fukuoka－

446,000－

446,000

Bank of Yokohama－

90,000－90,000SMBC－

389,000－

389,000

Mizuho Bank－

389,000－

389,000

Resona Bank－

271,000－

271,000

Shinsei Bank－

154,000－

154,000

Aozora Bank－

117,000－

117,000

Bank of Yokohama－

356,000－

356,000

LenderSMBC

MUFG BankLongTerm
Loans- 61 -

Averageinterest
rate(%)(Note 1)

Repayment
date

0.488

September 25, Lump-sum
2024
repayment

0.876(Note 2)

0.488

0.733
(Note 2)0.819
(Note 2)

March 26,
2029

Repaymentterms

Collateralized(Note 9)No
(No Guarantee)

Lump-sum
repayment

September 25, Lump-sum
2024
repayment

March 27,2028

May 25,2029

Lump-sum
repayment

Lump-sum
repayment

0.764

September 25, Lump-sum
2028
repayment

0.612(Note 2)September 25, Lump-sum
2026
repayment

0.720(Note 2)

Use

March 25,
2028

Lump-sum
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

－

1,363,000－

1,363,000

Mizuho Bank－

1,363,000－

1,363,000

Resona Bank－

1,086,000－

1,086,000

Shinsei Bank－

617,000－

617,000

Aozora Bank－

470,000－

470,000

Development Bank of Japan－

500,000－

500,000

104,353,250

9,621,000

9,649,250

104,325,000

LenderLongTerm
Loans

Total

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.833
(Note 2)

November 25,
2029

Lump-sum
repayment

0.859

January 25,
2029

Lump-sum
repayment

Use

Collateralized(Note 9)No
(No Guarantee)(Note 1)

Average Interest Rate indicates a weighted average of interest rates during the period based on the number of days, and it isrounded down to the stated unit.
(Note 2) To avoid interest rate risk, an interest rate swap agreement has been signed separately to fix the interest rates, and theweighted average interest rate during the period after the effect of the interest rate swap is stated.
(Note 3) The remaining balance was repaid on November 8, 2021.
(Note 4) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The entire amount of the balance at period-end is long-term borrowings due within one year.
(Note 5) 1 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The entire amount of the balance at period-end is long-term borrowings due within one year.
(Note 6) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The entire amount of the balance at period-end is long-term borrowings due within one year.
(Note 7) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the lastdue date.
The entire amount of the balance at period-end is long-term borrowings due within one year.
(Note 8) The remaining balance was repaid on January 31, 2022.
(Note 9) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.
(Note 10) The total amounts of long-term loans to be repaid for each year within five years after the balance sheet date are as follows.
(Thousand yen)
Due after 1 year Due after 2 years Due after 3 years Due after 4 years
Due within 1 year
but within 2 years but within 3 years but within 4 years but within 5 years
Long-term
borrowings due
within one year
Long-term
borrowings
Total

19,266,000

－

－

－

－

－

10,547,000

10,538,000

13,340,000

18,720,000

19,266,000

10,547,000

10,538,000

13,340,000

18,720,000- 62 -