Make The World
More Sustainable

Ichigo Office REIT
Semi-Annual Report (Audited)
34th Fiscal Period
May 1, 2022 – October 31, 2022

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

Message from Management
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 October 2022 period, we acquired the Ichigo Higashi Ikebukuro 3 Chome Building in order to drive
earnings growth and solidify earnings stability. We were able to add an asset with earnings growth potential in the
Ikebukuro area, where we already own 4 assets.
We were able to enhance competitiveness and profitability of our assets through value-add capex at the Ichigo
Kudan 2 Chome Building, where a major tenant moved out during the previous period. We renovated the entrance
and common areas, and succeeded in acquiring a new tenant at higher rents (+38.5% vs. previous rent). We
successfully leased up two-thirds of the newly vacated space (leased area basis) at higher rents, thus driving ourrevenue growth. We also installed LED lights at the common areas of the Ichigo Marunouchi Building in order toimplement sustainability initiatives which contribute to society.
As a result of these activities, Ichigo Office’s October 2022 earnings were: operating revenue of 7,800 million yen,operating profit of 3,775 million yen, recurring profit of 3,001 million yen, and net income of 3,001 million yen.
The dividend per share was 2,052 yen, a 29 yen increase from our forecast at period-start. In terms of financial
policies, Ichigo Office’s long-term issuer rating (acquired from the Japan Credit Agency) has been upgraded from“A” to “A+”.
For the upcoming April 2023 period, Ichigo Office has already taken measures to enhance shareholder value. In
November 2022, we acquired the Ichigo Marunouchi South Building, an asset located in the Marunouchi Area of
Nagoya, to pursue a robust mid-size office portfolio. We also decided to sell the Ichigo Ikenohata Building for
10,600 million yen, a price 1.9x the appraisal value (5,500 million yen), therefore expecting a gain on sales of
4,392 million yen. This transaction is expected to be completed in December 2022.
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.
Takaaki Fukunaga, 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

30th Fiscal Period 31st Fiscal Period

32nd Fiscal Period

33rd Fiscal Period

34th Fiscal Period

From May 1, 2020 to
October 31, 2020

From May 1, 2021 toOctober 31, 2021

From November 1,
2021 to April 30, 2022

From May 1, 2022 to
October 31, 2022

From November 1,
2020 to April 30, 2021

million yen

7,863

7,725

7,843

8,675

7,800

(Real Estate Rental Income)million yen(7,862)(7,725)(7,843)(7,735)(7,798)Operating Expenses

million yen

3,770

3,801

3,881

4,238

4,025

(Real Estate Rental Expenses)

million yen(2,852)(2,841)(2,887)(2,991)(3,122)

Operating Profit

million yen

4,092

3,923

3,962

4,436

3,775

Recurring Profit

million yen

3,313

3,122

3,201

3,691

3,001

Net Income

million yen

3,312

3,121

3,200

3,690

3,001

Total Assets

million yen

226,980

227,654

227,653

228,020

229,966(Note 1)

(Period-on-Period Change)
Net Assets(Period-on-Period Change)%(-0.1)(0.3)(-0.0)

(0.2)

(0.9)

million yen

104,242

102,447

102,421102,806

102,011%(-0.0)(-1.7)(-0.0)(0.4)(-0.8)

million yen

67,67567,67567,67567,67567,675

Number of Shares Outstanding

shares1,532,287

1,513,367

1,513,367

1,513,367

1,513,367

Net Assets per Shareyen

68,03067,69567,67867,932

67,407

Total Dividends

million yen

3,417

3,226

3,306

3,795

3,105

Dividend per Share

yen

2,230

2,132

2,185

2,508

2,052

(Payable Dividend per Share)yen(2,230)(2,132)(2,185)(2,508)(2,052)(Dividend per Share in Excess of
Earnings)

yen

(–)

(–)

(–)

(–)

(–)

Shareholders’ Equity

Ratio of Recurring Profit to Total
Assets(Note 2)%1.5(2.9)

1.4(2.8)

1.4(2.8)

1.6(3.3)

1.3(2.6)

Return on Equity(Note 2)%

3.2(6.3)

3.0(6.1)

3.1(6.2)

3.6(7.3)

2.9(5.8)

Shareholder Equity Ratio(Note 2)

%

45.9

45.0

45.0

45.1

44.4

%

(0.1)

(-0.9)(-0.0)(0.1)(-0.7)

%

103.1

104.0

103.4

102.9

103.4

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

Other Reference Information
Number of Assets

assets

85

86

86

85

86

Number of Tenants at Period-End

tenants

924

934

930

923

938

Total Leasable Aream2

259,754.33

264,651.68

264,701.15

263,948.70

266,866.48

Occupancy at Period-End

%

97.5

97.2

95.4

94.7

96.5

Depreciation

million yen

838

870

887

893

910

Capital Expenditure

thousand yen

587,955

677,483

625,613674,547

632,888

NOI (Net Operating Income)(Note 2)

million yen

5,847

5,754

5,843

5,637

5,586

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

yen

2,709

2,638

2,701

2,408

2,584

days

184

181

184

181

184

Number of Days in the Period(Note 1) 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 2) 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 October 31, 2022

(1) Overview
In the fiscal period ended October 31, 2022, Ichigo Office’s 34th 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
The COVID pandemic has not shown signs of settling down, but economic and social activities in Japan has almost recovered to preCOVID standards. Although there are concerns such as the global rise in interest rates, and Russia’s invasion on Ukraine, Japan’s low
interest rates and the weak yen is driving the market for Japanese commercial properties. We continue to see strong investment
demands from both domestic and overseas investors, with acquisition prices remaining at high levels and the number of transactions
remain at high standards.
Yield for office assets remain at low levels, and this trend is expected to continue for the time being. Meanwhile, increase in vacancy
and decrease in new rents are noteworthy concerns for assets located in non-prime areas, and this may have an effect on the market
environment going forward. Limited investment opportunities in Central Tokyo due to high prices is driving greater interest forinvestments 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. Due to successful leasing activities, particularly in Central Tokyo,
the occupancy at period-end was 96.5%. 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 maintained its carbon-free operation across all assets, and iscontinuously working to conserve energy by installing LED lights.
In order to pursue a robust mid-size office portfolio, Ichigo Office acquired the Ichigo Higashi Ikebukuro 3 Chome Building. As aresult, the number of assets owned at period-end was 86 assets (total acquisition price: 209,297 million yen).

(3) Financing
During the current fiscal period, Ichigo Office borrowed a total of 9,629 million yen from banks in May 2022, to repay loans thatcame due in those months (a total of 9,633 million yen). It also borrowed 1,900 million yen in new loans to acquire the Ichigo Higashi
Ikebukuro Building. 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 7,800 million yen, operating profit of
3,775 million yen, recurring profit of 3,001 million yen and net income of 3,001 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 3,105 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 3,001 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 2,052 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 to purchase 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.
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

34th Fiscal Period
From May 1, 2022 to
October 31, 2022

High

81,000 yen

98,600 yen

101,400 yen

88,600 yen

88,400 yen

Low

66,500 yen

68,100 yen

86,300 yen

76,300 yen

81,000 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 3,105 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 3,001 million yen, plus 105 million yen, which is the reversal ofreserves for temporary difference adjustments. As a result, the dividend per share came to 2,052 yen.
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

34th Fiscal Period
From May 1, 2022
to October 31, 2022

Unappropriated Retained Earnings

thousand yen

3,312,935

3,122,657

3,201,892

3,691,120

3,001,684

Retained Earnings for Dividend
Reservethousand yen

–

–

–

–

–

Total Dividends

thousand yen

3,417,000

3,226,498

3,306,706

3,795,524

3,105,429(2,230)(2,132)(2,185)(2,508)(2,052)

3,417,000

3,226,498

3,306,706

3,795,524

3,105,429(2,052)(Dividend per Share)

yen

Distributable Earnings

thousand yen(Distributable Earnings per Share)(2,230)(2,132)(2,185)(2,508)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)

yen

–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 Marunouchi South Building (Note 1)
1,750,000,000 yen
Acquisition Price (Note 2)
Location
2-2-24 Nishiki, Naka-ku, Nagoya City, Aichi
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Property Right
Land: Freehold
Building: Freehold
Contract Date
November 24, 2022
Closing Date
November 30, 2022
A Third-Party Japanese Company
Seller (Note 3)(Note 1) After the acquisition by Ichigo Office, the building name will be changed from “ISM Nagoya Marunouchi Building” to “Ichigo Marunouchi South 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) Asset Sale
Ichigo Office signed a contract to sell the following asset in accordance with the guidelines specified in its Articles of Incorporation.
Ichigo Ikenohata Building
Sale Price (Note 1)
Book Value (Note 2)
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Buyer (Note 3)

10,600,000,000 yen (expected)
5,115,741,242 yen
1-2-18 Ikenohata, Taito-ku, Tokyo
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
October 31, 2022
December 20, 2022
A Third-Party Japanese Company(Note 1) The sale price is the transaction price of the trust beneficiary interest (juekiken) itself and does not include fees and applicable property, city planning, and consumption taxes.
Ichigo Office expects to record a Gains on Sale of JPY 4,392,861 thousand in the April 2023 fiscal period.
(Note 2) Book value as of October 31, 2022
(Note 3) The buyer did not provide consent to disclose its name.

–8–Ichigo Office Overview

1

Shares and Shareholders’ Equity
30th Fiscal Period
October 31, 2020

31st Fiscal Period
April 30, 2021

32nd Fiscal Period
October 31, 2021

33rd Fiscal Period
April 30, 2022

34th Fiscal Period
October 31, 2022

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

1,513,367

1,513,367

1,513,367

1,513,367

Shareholders’ Equity

millionyen

67,67567,67567,67567,67567,675

Number of Shareholders

persons

13,947

13,911

14,104

15,994

16,1252Major Shareholders

Major shareholders as of October 31, 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 Account278,326

18.39

The Master Trust Bank of Japan, Trust Account179,117

11.83

Nomura Trust & Banking Co., Ltd. Investment Trust Account54,6203.60

NOMURA BANK (LUXEMBOURG) S.A.

52,483

3.46

BERKELEY GLOBAL, LLC

46,799

3.09

GOLDMAN SACHS INTERNATIONAL

35,813

2.36

BNP PARIBAS LUXEMBOURG / 2S / BNP PARIBAS LUXEMBOURG / 2S /JASDEC / SECURITIES - AIFM

27,287

1.80

STATE STREET BANK WEST CLIENT – TREATY 505234

21,572

1.42

SMBC Nikko Securities Inc.

21,412

1.41

1,048,619

69.29

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 October 31, 2022 are as follows:
Title

Executive Director

Name of Director

Total Compensation
During the Current Fiscal
Period(thousand yen)

Takaaki Fukunaga(Note 3)

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

1,080

Masahiro Terada

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

1,440

Noriko Ichiba(Note 4)

Ichiba CPA Office, Representative
UPRISE Certified Tax Accountant’s Co., Representative
Daiho Corporation, External Auditor

Supervisory Directors

Accounting Auditor

Other Major Positions

Grant Thornton Taiyo LLC

―

720
9,510

(Note 1) The Executive and Supervisory Directors do not own shares of Ichigo Office under either their own name or another person’s name.
(Note 2) Agreements of indemnity between Ichigo Office and the Executive and Supervisory Directors do not exist.
(Note 3) Elected as Executive Director at the Shareholder Meeting held on July 30, 2022, and assumed the role immediately.
(Note 4) Elected as Supervisory Director at the Shareholder Meeting held on July 30, 2022, and assumed the role immediately.

(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 October 31, 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
33rd Fiscal Period (as of April 30, 2022)

Area

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

Book Value(million yen)(Note 2)

Ratio to Total Assets(%)

Central Tokyo

5,960

2.6

5,952

2.6

Tokyo Metropolitan Area

3,959

1.7

3,942

1.7

Four Major Regional Cities

10,203

4.5

10,176

4.4

Central Tokyo

107,980

47.4

107,837

46.9

Tokyo Metropolitan Area

43,30519.0

47,145

20.5

Four Major Regional Cities

19,706

8.6

19,761

8.6

Other Regional Cities

10,373

4.5

10,282

4.5

Subtotal

201,48988.4

205,098

89.2

Real Estate

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

Investment in Securities (Note 4)(Note 1)34th Fiscal Period (as of October 31, 2022)

Ratio to Total Assets
(%)

51

0.0

51

0.0

Deposits and Other Assets

26,48011.6

24,816

10.8

Total Assets

228,020100.0

229,966

100.0(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 October 31, 2022 (top ten assets in terms of bookvalue).
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

7,419

4,510.04

4,510.04

100.0

2.5

OfficeIchigo Ebisu Green Glass

5,750

3,159.27

3,159.27

100.0

2.2

OfficeOfficeIchigo Marunouchi Building

5,479

8,009.11

8,009.11

100.0

3.1

Ichigo Akihabara North Building

5,460

6,250.53

6,250.53

100.0

3.0

OfficeIchigo Ikenohata Building

5,115

5,504.15

5,504.15

100.0

2.1

OfficeIchigo Sasazuka Building

4,879

6,425.29

6,425.29

100.0

2.4

OfficeIchigo Gotanda Building

4,765

5,346.39

5,346.39

100.0

2.7

OfficeIchigo Sakae Building

4,696

3,928.12

3,825.61

97.4

2.8

OfficeIchigo Higashi Ikebukuro Building

4,609

4,433.00

3,896.27

87.9

1.9

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

4,342

4,216.97

4,216.97

100.0

1.9

52,51951,782.87

51,143.63

98.8

24.7

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 October 31, 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

3,330

3,326

O-03 Ichigo Mita Building

Shiba, Minato-ku, Tokyo

Trust beneficiary interest in real estate

4,119.63

3,640

2,706

O-04 Ichigo Nanpeidai Building

Nanpeidaicho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,925.24

2,610

1,883

O-05 Ichigo Hanzomon Building

Hayabusacho, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

2,080.37

2,130

1,495

O-06 Ichigo Hijirizaka Building

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,947.90

1,500

1,197

Ichigo Shibuya Kamiyamacho
O-07
Building

Kamiyamacho, Shibuya-ku, Tokyo

Real estate

1,321.54

1,900

1,329

O-09 Ichigo Shibakoen Building

Shiba, Minato-ku, Tokyo

Real estate

1,602.29

1,270

1,094

O-10 Ichigo Ebisu Nishi Building

Ebisu-Nishi, Shibuya-ku, Tokyo

Real estate

1,484.39

2,640

1,915

O-11 Ichigo Ginza 612 Building

Ginza, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

1,364.56

2,320

1,797

O-12 Ichigo Uchikanda Building

Uchikanda, Chiyoda-ku, Tokyo

Real estate

1,378.83

1,390

1,112

O-14 Ichigo Yotsuya 4 Chome Building

Yotsuya, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate780.64583

497

O-15 Ichigo Tameike Building

Akasaka, Minato-ku, Tokyo

Real estate494.14726

500

O-16 Ichigo Jimbocho Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

1,891.01

2,370

1,789

O-17 Ichigo Hakozaki Building

Nihonbashi Kakigaracho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

2,389.54

1,290

1,134

O-18 Ichigo Kudan 2 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,265.76

1,160

759

O-19 Ichigo Kudan 3 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,302.43883

803

O-20 Ichigo Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

5,346.39

6,780

4,765

O-21 Ichigo Shin Yokohama Building

Shin Yokohama, Kohoku-ku,
Yokohama

Trust beneficiary interest in real estate

4,021.32

1,690

1,642

O-22 Ichigo Minami Ikebukuro Building

Minami Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

1,491.50

1,980

1,337

O-23 Ichigo Nakano North Building

Arai, Nakano-ku, Tokyo

Trust beneficiary interest in real estate

1,264.11

981

712

O-24 Ichigo Eitai Building

Eitai, Koto-ku, Tokyo

Real estate

2,605.54

1,540

1,416

O-26 Ichigo Ikejiri Building

Ohashi, Meguro-ku, Tokyo

Real estate

2,385.69

2,320

1,939

O-27 Ichigo Nishi Ikebukuro Building

Ikebukuro, Toshima-ku, Tokyo

Real estate

1,261.91

1,050

586

O-28 Ichigo Nishi Gotanda Building

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

1,334,79911

762

O-29 Ichigo Kichijoji Building

Kichijoji Honcho, Musashino City,
Tokyo

Trust beneficiary interest in real estate

4,210.87

2,870

2,140

O-34 Ichigo Sakae Building

Sakae, Naka-ku, Nagoya

Real estate

3,928.12

6,070

4,696

O-37 Ichigo Marunouchi Building

Marunouchi, Naka-ku, Nagoya

Real estate

8,009.11

7,730

5,479

O-38 Ichigo Toyamaeki Nishi Building

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

8,601.72

1,880

1,432

O-39 Ichigo Mirai Shinkin Building

Niagemachi, Oita City, Oita

Trust beneficiary interest in real estate

3,551.46

1,380

1,110

O-42 Ichigo Takamatsu Building

Kotobukicho, Takamatsu City,
KagawaTrust beneficiary interest in real estate

6,329.33

3,970

2,075

O-46 Ichigo Kanda Nishikicho Building

Kanda-Nishikicho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,523.09

3,300

2,003

O-47 Ichigo Akihabara North Building

Sotokanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

6,250.53

7,860

5,460

Ichigo Sakaisuji Honmachi
O-48
Building

Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,729.35

2,470

1,701

Kanda-Ogawamachi, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,309.39

2,550

2,186

O-50 Ichigo Hatchobori Building

Shintomi, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,716.33

2,760

1,734

O-51 Ichigo Ebisu Green Glass

Ebisu Minami, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,159.27

7,680

5,750

O-52 Ichigo Omori Building

Minami Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,585.93

4,700

3,782

O-53 Ichigo Takadanobaba Building

Takadanobaba, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate

1,606.92

1,950

1,577

O-54 Ichigo Omiya Building

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

6,213.30

4,300

3,523

O-55 Ichigo Sagamihara Building

Sagamihara, Chuo-ku, Sagamihara
City, Kanagawa

Trust beneficiary interest in real estate

2,960.81

1,310

1,203

O-56 Ichigo Ofuna Building

Ofuna, Kamakura City, Kanagawa

Trust beneficiary interest in real estate

2,364.71

2,320

1,965

O-57 Ichigo Sendai East Building

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

5,205.49

2,200

1,553

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

1,610

1,558

Jingumae, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,510.04

7,890

7,419

Maruyamacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

2,789.86

5,530

3,685

O-61 Ichigo Hiroo Building

Hiroo, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,510.44

4,740

3,985

O-62 Ichigo Sasazuka Building

Sasazuka, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

6,425.29

6,240

4,879

O-63 Ichigo Nihonbashi East Building

Nihonbashi Bakurocho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

4,216.97

5,640

4,342

O-64 Ichigo Sakurabashi Building

Hatchobori, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,971.22

3,170

2,536

O-65 Ichigo Shinkawa Building

Shinkawa, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,312.03

3,060

2,385

O-66 Ichigo Kudan Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

3,090.65

3,710

3,279

O-67 Ichigo Higashi Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

4,548.10

4,440

3,642

O-68 Axior Mita

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,369.82

2,540

1,698

O-69 Ichigo Higashi Ikebukuro Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

4,433.00

5,470

4,609

O-70 Koriyama Big-i (Office Section)

Ekimae, Koriyama City, Fukushima

Trust beneficiary interest in real estate

3,433.07

2,150

1,494

O-71 Ichigo Kawasaki Building

Higashi Tamachi, Kawasaki-ku,
Kawasaki City, Kanagawa

Trust beneficiary interest in real estate

3,871.06

2,290

1,809

O-72 Ichigo Shibuya East Building

Higashi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,041.36

1,600

1,380

O-73 Ichigo Ningyocho Building

Nihonbashi Horidomecho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

1,769.75

1,640

1,488

O-74 Ichigo Nishi Honmachi Building

Awaza, Nishi-ku, Osaka

Trust beneficiary interest in real estate

6,152.00

2,520

2,205

O-75 Ichigo Hakata Building

Gionmachi, Hakata-ku, Fukuoka

Trust beneficiary interest in real estate

2,423.86

1,570

1,368

O-76 Ichigo Nishiki First Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

3,324.70

2,230

1,959

O-77 Ichigo Ikenohata Building

Ikenohata, Taito-ku, Tokyo

Trust beneficiary interest in real estate

5,504.15

5,600

5,115

O-78 Ichigo Ikebukuro East Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

3,118.69

3,520

2,997

O-79 Ichigo Motoazabu Building

Motoazabu, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,329.96

2,360

1,912

O-80 Ichigo Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,623.98

3,200

2,753

O-81 Ichigo Nagoya Building

Meieki, Nakamura-ku, Nagoya

Trust beneficiary interest in real estate

4,930.30

3,910

3,544

O-82 Ichigo Fushimi Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

4,155.60

2,570

2,324

O-83 Ichigo Nishiki Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

2,006.78

1,490

1,293

Ichigo Minami Morimachi
O-84
Building

Matsugaecho, Kita-ku, Osaka

Trust beneficiary interest in real estate

2,521.51

1,260

1,065

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,491.68

4,180

3,552

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

3,689.88

3,620

3,099

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

2,743.20

2,730

2,304

O-88 Oimachi Center Building

Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

2,771.41

2,100

1,700

O-89 Win Gotanda Building 2

Osaki, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,434.69

3,720

3,292

O-90 MIF Building

Uchikanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,690.27

2,370

2,190

O-91 Ichigo Uchi Honmachi Building

Uchi Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,004.07

2,180

1,999

O-92 Ichigo Minami Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,129.49

3,280

2,878

O-93 Ichigo Nogizaka Building

Akasaka, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,199.35

3,620

3,502

O-94 Ichigo Hakata East Building

Hakataeki Higashi, Hakata-ku,
Fukuoka

Trust beneficiary interest in real estate

2,901.99

2,800

2,297

O-95 Ichigo Nakameguro Building

Aobadai, Meguro-ku, Tokyo

Trust beneficiary interest in real estate

1,080.98

1,640

1,561

O-96 Ichigo Tachikawa Building

Akebonocho, Tachikawa, Tokyo

Trust beneficiary interest in real estate

4,879.78

4,020

3,830

Ichigo Higashi Ikebukuro 3 Chome
O-97
Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

2,764.59

3,950

3,875

Z-09

Future IZUMIFuchucho, Izumi City, Osaka

Trust beneficiary interest in real estate

3,733.66

576

1,056

Z-10

Ichigo Shibuya Bunkamura Dori
Building

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate778.77

3,040

2,447

Z-11

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

Trust beneficiary interest in real estate

2,717.77

1,510

1,438

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

266,866.48

253,110205,098

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 33rd and 34th fiscal Periods:
33rd Fiscal Period
From November 1, 2021 to April 30, 2022
Asset Name

Number of
Tenants at
Period-end(tenants)

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

(Note 1)

RentalIncome(thousandyen)

34th Fiscal Period
From May 1, 2022 to October 31, 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

138,921

1.8

17

100.0

137,648

O-03 Ichigo Mita Building

8

77.8

92,905

1.2

9

89.8

93,3291.2

O-04 Ichigo Nanpeidai Building

13

100.0

79,497

1.0

13

100.0

79,9141.0

O-05 Ichigo Hanzomon Building

5

100.0

61,322

0.8

5

100.0

65,5570.8

O-06 Ichigo Hijirizaka Building

4

100.0

59,799

0.8

4

100.0

60,2950.8

Ichigo Shibuya Kamiyamacho
O-07
Building

4

86.7

53,231

0.7

5

100.0

50,3290.6––

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

49,415

0.6

3

100.0

49,808

O-10 Ichigo Ebisu Nishi Building

7

100.0

72,581

0.9

7

100.0

72,471

0.9

O-11 Ichigo Ginza 612 Building

23

96.0

61,956

0.8

25

100.0

67,467

0.9

O-12 Ichigo Uchikanda Building

10

100.0

43,033

0.6

10

100.0

45,4480.6

O-14 Ichigo Yotsuya 4 Chome Building

8

81.8

19,537

0.3

9

81.8

17,9470.2

O-15 Ichigo Tameike Building

5

82.8

16,411

0.2

5

82.8

17,2930.2

O-16 Ichigo Jimbocho Building

8

100.0

72,738

0.9

8

100.0

78,591

1.0

O-17 Ichigo Hakozaki Building

7

100.0

57,213

0.7

6

100.0

62,7700.8

O-18 Ichigo Kudan 2 Chome Building––

19,292

0.2

1

100.0

3,653

0.0

O-19 Ichigo Kudan 3 Chome Building

3

50.0

26,342

0.3

3

50.0

20,977

0.3

O-20 Ichigo Gotanda Building

15

100.0

206,660

2.7

15

100.0

212,315

2.7

O-21 Ichigo Shin Yokohama Building

14

97.7

81,387

1.1

14

97.7

82,218

1.1

O-22 Ichigo Minami Ikebukuro Building

9

100.0

60,792

0.8

9

100.0

61,0190.8

O-23 Ichigo Nakano North Building

7

100.0

40,596

0.5

7

100.0

42,211

0.5

O-24 Ichigo Eitai Building

10

100.0

72,035

0.9

10

100.0

73,221

0.9

O-26 Ichigo Ikejiri Building

6

100.0

84,046

1.1

6

100.0

87,121

1.1

O-27 Ichigo Nishi Ikebukuro Building

1

100.0

33,988

0.4

1

100.0

29,217

0.4

O-28 Ichigo Nishi Gotanda Building

7

77.8

25,582

0.3

7

77.9

28,2020.4

O-29 Ichigo Kichijoji Building

14

100.0

116,025

1.5

14

100.0

118,839

1.5

O-34 Ichigo Sakae Building

19

100.0

217,888

2.8

18

97.4

214,947

2.8

O-37 Ichigo Marunouchi Building

26

100.0

238,315

3.1

26

100.0

243,338

3.1

O-38 Ichigo Toyamaeki Nishi Building

14

100.0

116,428

1.5

14

100.0

118,241

1.5

O-39 Ichigo Mirai Shinkin Building

19

92.8

75,021

1.0

20

94.0

74,4181.0

O-42 Ichigo Takamatsu Building

15

98.7

156,282

2.0

15

100.0

157,300

2.0

O-46 Ichigo Kanda Nishikicho Building

11

100.0

72,750

0.9

11

100.0

92,602

1.2

O-47 Ichigo Akihabara North Building

1

100.0

230,218

3.0

1

100.0

230,325

3.0

Ichigo Sakaisuji Honmachi
O-48
Building

15

100.0

97,222

1.3

15

100.0

98,526

1.3

Ichigo Kanda Ogawamachi
Building

8

89.8

83,716

1.1

7

79.7

70,7620.9

O-50 Ichigo Hatchobori Building

7

100.0

97,708

1.3

7

100.0

98,074

1.3

O-51 Ichigo Ebisu Green Glass

6

100.0

157,430

2.0

6

100.0

175,209

2.2

O-52 Ichigo Omori Building

10

95.2

134,626

1.7

11

100.0

130,828

1.7

O-53 Ichigo Takadanobaba Building

8

100.0

61,118

0.8

8

100.0

63,701

0.8

O-54 Ichigo Omiya Building

30

100.0

163,988

2.1

29

100.0

165,827

2.1

O-55 Ichigo Sagamihara Building

13

100.0

60,391

0.8

13

100.0

60,8920.8

O-56 Ichigo Ofuna Building

9

100.0

92,023

1.2

9

100.0

93,684

1.2

O-57 Ichigo Sendai East Building

10

100.0

104,098

1.3

10

100.0

104,922

1.3

O-58 Ichigo Kumamoto Building

33

100.0

86,515

1.1

34

100.0

85,353

1.1

O-59 Ichigo Jingumae Building

7

100.0

188,652

2.4

7

100.0

196,591

2.5

Ichigo Shibuya Dogenzaka
Building

1088.1

120,810

1.6

12

100.0

113,848

1.5

O-61 Ichigo Hiroo Building

5

100.0

135,682

1.8

5

100.0

138,118

1.8

O-62 Ichigo Sasazuka Building

6

100.0

188,095

2.4

6

100.0

190,891

2.4

O-63 Ichigo Nihonbashi East Building

7

100.0

149,942

1.9

7

100.0

151,101

1.9

O-64 Ichigo Sakurabashi Building

6

100.0

86,594

1.1

6

100.0

87,574

1.1

O-65 Ichigo Shinkawa Building

5

76.8

70,445

0.9

6

100.0

70,8200.9

O-66 Ichigo Kudan Building

9

89.1

96,557

1.2

10

100.0

100,223

1.3

O-49

O-60

– 14 –

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

Number of
Tenants at
Period-end(tenants)

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

(Note 1)

RentalIncome(thousandyen)

34th Fiscal Period
From May 1, 2022 to October 31, 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-67 Ichigo Higashi Gotanda Building

19

100.0

131,121

1.7

19

97.7

136,928

1.8

O-68 Axior Mita

9

80.0

59,107

0.8

11

100.0

56,228

0.7

O-69 Ichigo Higashi Ikebukuro Building

16

87.9

160,440

2.1

16

87.9

145,293

1.9

O-70 Koriyama Big-i (Office Section)

14

94.1

105,891

1.4

14

94.1

98,716

1.3

O-71 Ichigo Kawasaki Building

16

82.9

76,900

1.0

15

79.8

77,6721.0

O-72 Ichigo Shibuya East Building

3

100.0

44,497

0.6

3

100.0

44,952

0.6

O-73 Ichigo Ningyocho Building

8

88.8

43,176

0.6

8

100.0

43,8530.6

O-74 Ichigo Nishi Honmachi Building

30

95.5

109,735

1.4

31

98.3

111,322

1.4

O-75 Ichigo Hakata Building

26

96.5

53,194

0.7

28

100.0

53,0690.7

O-76 Ichigo Nishiki First Building

6

100.0

79,318

1.0

6

100.0

79,4181.0

O-77 Ichigo Ikenohata Building

7

100.0

164,540

2.1

7

100.0

165,273

2.1

O-78 Ichigo Ikebukuro East Building

2

100.0

93,329

1.2

2

100.0

96,397

1.2

O-79 Ichigo Motoazabu Building

3

100.0

68,726

0.9

3

100.0

69,2610.9

O-80 Ichigo Otsuka Building

7

84.1

122,768

1.6

7

84.1

86,2001.1

O-81 Ichigo Nagoya Building

34

91.8

139,601

1.8

31

80.7

140,427

1.8

O-82 Ichigo Fushimi Building

38

93.1

92,096

1.2

39

93.1

90,942

1.2

O-83 Ichigo Nishiki Building

24

94.3

50,341

0.7

24

94.3

47,9590.6

O-84 Ichigo Minami Morimachi Building

12

100.0

45,296

0.6

12

100.0

46,454

0.6

Ichigo Shibuya Udagawacho
Building

778.2

68,015

0.9

8

89.0

54,385

0.7

O-86 Win Gotanda Building

11

100.0

118,936

1.5

10

86.6

117,348

1.5

O-87 Ichigo Hongo Building

7

100.0

90,580

1.2

6

87.0

94,574

1.2

O-88 Oimachi Center Building

7

86.6

66,666

0.9

7

100.0

69,1190.9

O-89 Win Gotanda Building 2

9

88.7

102,718

1.3

9

88.7

97,277

1.2

O-90 MIF Building

7

100.0

67,057

0.9

7

88.3

57,614

0.7

O-91 Ichigo Uchi Honmachi Building

18

100.0

65,817

0.9

17

100.0

65,1190.8

O-92 Ichigo Minami Otsuka Building

8

100.0

82,124

1.1

8

100.0

84,602

1.1

O-93 Ichigo Nogizaka Building

6

100.0

88,408

1.1

6

100.0

88,916

1.1

O-94 Ichigo Hakata East Building

19

100.0

75,124

1.0

19

100.0

75,3881.0

O-95 Ichigo Nakameguro Building

6

100.0

37,960

0.5

5

80.8

36,095

0.5

O-96 Ichigo Tachikawa Building

13

85.1

106,396

1.4

13

81.5

103,078

1.3

Ichigo Higashi Ikebukuro 3 Chome
O-97
Building

–

–

–

–

6

100.0

71,5990.9

Z-09 Future IZUMI

1

40.3

5,737

0.1

2

100.0

24,7700.3

Ichigo Shibuya Bunkamura Dori
Z-10
Building

4

100.0

69,556

0.9

4

100.0

74,426

1.0

Twicere Yokohama Isogo (Retail
Z-11
Section)7

80.8

51,297

0.7

7

80.8

54,029

0.7

2

100.0

53,228

0.7

2

100.0

54,018

0.7

923

94.7

7,735,491

100.0

938

96.5

7,798,741

100.0

O-85

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 October 31, 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

–

51,628–51,628–(Note 2)–

51,628–51,628––“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 October 31, 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 October 31, 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)

93,517,250

81,294,000–

93,517,250

81,294,000–

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 October 31, 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 Otsuka Building(Toshima-ku, Tokyo)

Renovate exterior walls

Ichigo Minami Morimachi
Building (Kita-ku, Osaka)

Amount Paid in the
Fiscal Period under
Review

Amount Already Paid

49,000––From March 2023
to March 2023

30,670––Renovate exterior walls

From November 2022
to November 2022

30,650–1,000

Ichigo Nishi Honmachi Building(Nishi-ku, Osaka)

Renovate exterior walls(Phase 1)

From March 2023
to March 2023

28,630––Ichigo Nishi Honmachi Building(Nishi-ku, Osaka)

Renovate exterior walls(Phase 2)

From May 2023
to May 2023

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

Renovate exterior walls

From September 2023
to September 2023

25,910–1,360

Ichigo Takamatsu Building(Takamatsu City, Kagawa)

Upgrade central
surveillance board

From May 2023
to May 2023

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

Elevator Upgrade

From November 2022
to November 2022

23,020––Ichigo Ofuna Building(Kamakura City, Kanagawa)

Renovate exterior walls

From December 2022
to December 2022

20,470––Ichigo Shibakoen Building(Minato-ku, Tokyo)

Elevator Upgrade

From May 2023
to May 2023

20,470––Ichigo Shin Yokohama Building(Yokohama)

Elevator Upgrade

From March 2023
to March 2023

19,450––Ichigo Sagamihara Building(Sagamihara City, Kanagawa)Elevator Upgrade

From January 2023
to January 2023

16,390––Ichigo Minami Morimachi
Building (Kita-ku, Osaka)

Maintenance of mechanicalcar parking spaces(Phase 1)

From October 2023
to October 2023

12,330––Ichigo Kudan 3 Chome Building(Chiyoda-ku, Tokyo)

Weather proofing of roof

From September 2023
to September 2023

10,064––

Total Amount2 Capital Expenditures during the Current Fiscal Period
Capital expenditures during the current fiscal period amounted to 632,888 thousand yen, and construction work of a total of 726,081
thousand yen were conducted, combined with repair expenses of 93,192 thousand yen.
Asset Name (Location)
Ichigo Nishi Gotanda Building(Shinagawa-ku, Tokyo)

Purpose

PeriodFrom April 2022
to May 2022

Elevator Upgrade

Payment Amount(thousand yen)
12,310Other

620,578

Total

632,888– 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)

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

34th Fiscal Period
From May 1, 2022 to
October 31, 2022

1,546,103

1,586,617

1,557,530

1,555,616

1,508,839

Gains

646,051695,825

739,142779,842868,312

Reversals

605,536

724,912741,056

826,619

779,896

1,586,617

1,557,530

1,555,616

1,508,839

1,597,254

Balance of Reserves at
Beginning of Period

Amount Brought Forward
to Next Period– 18 –

Expenses and Liabilities

1 Details of Operating Expenses(Thousand yen)

33rd Fiscal Period
From November 1, 2021 to April 30, 2022
a. Asset Management Fees

34th Fiscal Period
From May 1, 2022 to October 31, 2022

1,102,670

773,873b. Asset Custody Fees

15,10615,120c. Administrative Service Fees

43,62947,149d. Directors’ Compensation

5,040

5,040

e. Other Operating Expenses

80,99861,913

Total

1,247,444

903,097

2 Borrowings
The table below shows borrowings as of October 31, 2022.
Repayment
Date

Repayment
Terms

0.808
(Note 2)

May 31,
2022(Note 3)

Balance at
Period-end(million yen)

1,432

–

1,037

–

889

–

494

–

1,432

1,431

1,037

1,036

889

888

494

493

1,778

–

Mizuho Bank

889–

MUFG Bank

691

–

592

–

0.705

494

–

(Note 2)

Bank of Fukuoka

494–

Nishi-Nippon City Bank

494–

Resona Bank

345

–

1,778

1,776

Loan
Date

SMBC
Mizuho BankMUFG BankMay 9,
2016

Shinsei Bank
SMBC
Mizuho BankMUFG BankMay 9,
2016

Shinsei BankSMBC

Shinsei Bank
Aozora BankLongTerm
Loans

Average
Interest Rate(%)
(Note 1)

Balance at
Period-start(million yen)

LenderMay 24,2016

SMBC
Mizuho Bank

889

888

MUFG Bank

691

690

592

592

Shinsei Bank
Aozora BankMay 24,
2016

494

493

Bank of Fukuoka

494

493

Nishi-Nippon City Bank

494

493

Resona Bank

345

345

SMBC

November 2, 2016

1,000

1,000

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

– 19 –

0.858 November 30,(Note 2)2022

May 31,2022

0.750 November 30,
2022(Note 2)0.845
(Note 2)

(Note 5)0.852 November 11,
2024

Lump-sum
repayment

0.852 November 11,
2024

Lump-sum
repayment

0.852 November 11,
2024

Lump-sum
repayment

0.852 November 11,
2024

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

(Note 6)

No
(No
Guarantee)(Note 3)Lump-sum
repayment(Note 2)

Collateralized(Note 4)

October 31,
2023(Note 2)Use

Lender

Loan
Date

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

Average
Interest Rate(%)
(Note 1)

Repayment
Date

Repayment
Terms

Development Bank of JapanMay 10,
2017

2,000

2,000

0.871

May 10,2023

Lump-sum
repayment

SMBC

215

215

Mizuho Bank

340

340
October 31,
2023

Lump-sum
repayment

October 31,
2025

Lump-sum
repayment

April 30,2026

Lump-sum
repayment

April 30,2024

Lump-sum
repayment

MUFG Bank
Resona Bank

November 7,
2017Shinsei Bank

283
237

135

135

Bank of Fukuoka

195

195

ORIX Bank

195

195

SMBC

633

633

0.761
(Note 2)

Mizuho Bank

508

508

MUFG Bank

425

425

0.948

356

356

(Note 2)

Resona Bank

November 7,
2017Shinsei 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

Mizuho Trust
Aozora Bank

April 27,2018

Shinsei BankLongTerm
Loans

283
237

300

300

300

300

Bank of Fukuoka

225

225

The Kagawa Bank

200

200

Nishi-Nippon City Bank

225

225

SMBC

835

835

MUFG BankMay 9,
2018

Mizuho Bank

491

491

Shinsei Bank

393

393

393

393

MUFG Bank

June 15,
2018

Aozora Bank

393

393

Resona Bank

294

294

The Kagawa Bank

0.990
(Note 2)0.795
(Note 2)0.860 November 11,
2024

Lump-sum
repayment(Note 2)

147

147

SMBC

September 28,
2018

500

500

0.644

February 29,
2024

Lump-sum
repayment

Mizuho Bank

September 28,
2018

400

400

0.644

February 29,
2024

Lump-sum
repayment

SMBC

October 31,
2018

1,000

1,000

April 30,2026

Lump-sum
repayment

Mizuho Bank

October 31,
2018

400

400

0.724

April 30,2026

Lump-sum
repayment

Shinsei Bank

October 31,
2018

200

200

0.724

April 30,2026

Lump-sum
repayment

SMBC

954

954

Mizuho Bank

773

773

483

483

Shinsei Bank

November 30,
2018

Aozora Bank

656

656

SMBC

830

830

570

570

Aozora Bank

December 21,
2018– 20 –

0.962(Note 2)

0.975 September 30,
2026

Lump-sum
Repayment

0.907 September 30,
2026

Lump-sum
Repayment(Note 2)

(Note 2)Use

Collateralized(Note 6)

(No
Guarantee)

NoBalance at
Period-start(million yen)

Balance at
Period-end(million yen)

250

250

400

400

400

400

MUFG Bank

300

300

Shinsei Bank

250

250

Lender

Loan
Date

SMBC
Mizuho Bank
Development Bank of Japan

December 28,
2018

Lump-sum
repayment

743

0.822

743

743

(Note 2)Lump-sum
repayment

743

743

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

743

The Kagawa Bank
SMBC

Mizuho Bank
Shinsei Bank

(Note 2)
(Note 2)

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

November 29,
2019

641

549

549

SMBC

1,224

1,224

Mizuho Bank

1,224

1,224

Shinsei Bank

783

783

783

783

MUFG Bank

December 16,
2019

0.844 September 27,
2027

0.876 September 27,
2027(Note 2)

783

783

Resona Bank

587

587

955

955

827

827

790

790

753

753

MUFG Bank

677

677

SMBC

543

543

518

518

0.740

494

494

(Note 2)445

445

March 31,
2020

SMBC
Shinsei Bank
Mizuho Bank

Shinsei Bank
Mizuho BankMay 29,2020

May 29,2020

MUFG Bank
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

– 21 –March 25,
2026

(Note 2)

Aozora Bank

The Kagawa Bank

March 25,
2027

413

641

MUFG Bank(Note 2)

July 31,
2019

SMBC

LongTerm
Loans

0.867 September 25,
2026

Resona BankORIX Bank

Lump-sum
repayment

Lump-sum
repayment

1,000

Resona Bank

April 30,2026

0.867 September 25,
2026

1,000

Aozora Bank

Repayment
Terms

Lump-sum
repayment

April 26,
2019

July 31,
2019

0.850
(Note 2)

Repayment
Date

0.867 September 25,
2026

SMBC

Shinsei Bank

Average
Interest Rate(%)
(Note 1)

Lump-sum
repayment

March 25,
2027

Lump-sum
repayment

0.476

September 25,
2023

Lump-sum
repayment

March 25,
2027

Lump-sum
repayment

August 25,
2028

Lump-sum
repayment

March 25,
2027

Lump-sum
repayment

August 25,
2028

Lump-sum
repayment

August 25,
2028

Lump-sum
repayment

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

Collateralized(Note 6)

No
(No
Guarantee)

Lump-sum
repayment

0.656(Note 2)

Use

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

407

407

MUFG Bank

781

781

586

586

407

407

Shinsei Bank

260

260

Aozora Bank

260

260

SMBC

814

814

814

814

521

521

521

521

LenderResona Bank
Mizuho Bank

Mizuho Bank
Shinsei Bank

Loan
Date

December 10,
2020

December 10,
2020

Aozora Bank

Repayment
Date

Repayment
Terms

0.569 September 25,(Note 2)2025

Lump-sum
repayment

0.787 November 27,(Note 2)2028

Lump-sum
repayment

SMBC

December 18,
2020

800

800

0.802 November 27,(Note 2)2028

Lump-sum
repayment

Mizuho Bank

December 18,
2020

700

700

0.802 November 27,(Note 2)2028

Lump-sum
repayment

Bank of Yokohama

December 18,
2020

500

500

0.802 November 27,(Note 2)2028

Lump-sum
repayment

0.488

September 25,
2024

Lump-sum
repayment

0.876(Note 2)

March 26,
2029

Lump-sum
repayment

SMBC

527

527

MUFG Bank

494

494

355

355

Bank of Yokohama

285

285

Mizuho Trust & Banking

95

95

1,055

1,055

Mizuho Bank

March 31,
2021

SMBC
Mizuho Bank
Aozora BankLongTerm
Loans

Average
Interest Rate(%)
(Note 1)March 31,2021

Resona Bank

710

710

571

571

571

571

Mizuho Trust & Banking

190

190

SMBC

329

329

1,372

1,372

376

376

Mizuho Bank

329

329

Bank of Yokohama

30

30

SMBC

329

329

Mizuho Bank

329

329

287

287

0.733

174

174

(Note 2)

Shinsei Bank

162

162

Bank of Yokohama

161

161

SMBC

988

988

Mizuho Bank

988

988

862

862

MUFG Bank
Bank of Fukuoka

Resona Bank
Aozora Bank

Resona Bank

May 7,
2021

May 7,
2021

May 7,
2021

Shinsei Bank

487

487

Aozora Bank

422

422

500

500

SMBC

194

194

Mizuho Bank

194

194

1,622

1,622

Bank of Fukuoka

446

446

Bank of Yokohama

90

90

Development Bank of Japan

MUFG Bank

September 30,
2021

November 8,
2021– 22 –

September 25,
2024

Lump-sum
repayment

March 27,2028

Lump-sum
repayment

May 25,2029

Lump-sum
repayment

September 25,
2028

Lump-sum
repayment

0.612 September 25,
2026

Lump-sum
repayment

0.488

0.819
(Note 2)

0.764

(Note 2)Use

Collateralized(Note 6)

No
(No
Guarantee)

Balance at
Period-end(million yen)

SMBC

389

389

Mizuho Bank

389

389

271

271

0.720

154

154

(Note 2)

117

117

Resona Bank

Loan
Date

November 8,
2021

Shinsei Bank
Aozora Bank
Bank of Yokohama

356

356

1,363

1,363

1,363

1,363

1,086

1,086

617

617

470

470

500

500

–

222

–

193

–

1,580

Bank of Fukuoka–

494

Nishi-Nippon City Bank

–

100

SMBC

–

628

Mizuho Bank

–

385

–

217

0.816

–

98

(Note 2)

Nishi-Nippon City Bank–

111

Resona Bank

–

125

SMBC

–

2,360

Mizuho Bank

–

1,348

–

869

1.019

–

396

(Note 2)

Nishi-Nippon City Bank–

283

Resona Bank

–

220

SMBC
Mizuho Bank
November 8,
2021

Resona Bank
Shinsei Bank
Aozora Bank
Development Bank of Japan

January 31,
2022

SMBC
Mizuho Bank
May 31,
2022

MUFG BankLongTerm
Loans

Average
Interest Rate(%)
(Note 1)

Balance at
Period-start(million yen)

Lender

Shinsei Bank

May 31,
2022

Aozora Bank

Shinsei Bank

May 31,
2022

Aozora Bank

SMBC

June 20,
2022

–

950

Mizuho Bank

June 20,
2022

–

950

104,325

106,211

Total

Repayment
Date

Repayment
Terms

March 27,2028

Lump-sum
repayment

0.833 November 25,
2029

Lump-sum
repayment

January 25,
2029

Lump-sum
repayment

May 25,2027

Lump-sum
repayment(Note 2)

0.859

0.717
(Note 2)

1.107
(Note 2)
1.107
(Note 2)

May 25,2028

Lump-sum
repayment

May 27,2030

Lump-sum
repayment

May 25,2029

Lump-sum
repayment

May 25,2029

Lump-sum
repayment

Use

Collateralized(Note 6)

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 May 31, 2022.
(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) 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 6) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.
(Note 7) Shinsei Bank changed its corporate name to SBI Shinsei Bank as of January 4, 2023.

– 23 –

3 Investment Corporation Bonds
The status of investment corporation bonds outstanding as of October 31, 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

Date

Sales

Price
(million yen)Price(million yen)

Date

(Note 1)

Trust beneficiaryinterest in realestate(Note 1)

Ichigo Higashi Ikebukuro 3 Chome
Building

June 20,
2022

3,840

(Note 1)–

Book Value(million yen)

Gain (loss)
on Sales(million yen)

–

–

–

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
Acquisition(Note 1)
(Note 2)

Asset Name
Ichigo Higashi Ikebukuro 3 Chome
Building

Transaction
Date

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

(Note 1)

(Note 2)June 20, 2022

3,840

3,930

Appraiser

Date of
Appraisal

The Tanizawa Sogo Appraisal
Co., Ltd.

April 1, 2022

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) 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 May 1, 2022 to October 31, 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 (%)

25th Fiscal Period (November 1, 2017 to April 30, 2018)

1,400

113,820

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

116,620

0.1

34th Fiscal Period (May 1, 2022 to October 31, 2022)

1,400

117,460

0.1(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
Ichigo Office’s 13th Shareholder Meeting was held on July 30, 2022. Major matters approved at the meeting are as follows:
Proposals
Amendment of the Articles of Incorporation

OutlineThe Articles of Incorporation was amended to follow the revisions made to ASBJ Standard No. 30(Accounting Standard for Fair Value Measurement), ASBJ Standard No. 10 (Accounting Standard for
Financial Instruments), and any related new or revised accounting standards and implementation guidelines
pertaining to the asset valuation of securities and rights associated with derivative transactions.

Appointment of one Executive Director

Takaaki Fukunaga was appointed as Executive Director.

Appointment of two Supervisory Directors

Masahiro Terada and Noriko Ichiba were appointed as Supervisory Directors.

Appointment of one Alternative Executive Director

Keisuke Chiba was appointed as alternative Executive Director.

Appointment of one Alternative Supervisory Director

Nagahisa Kita was appointed as alternative Supervisory Director.

(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
Previous fiscal period(As of April 30, 2022)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
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- 32 -(Thousand Yen)
Current fiscal period(As of October 31, 2022)

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

8,697,113
14,067,194
1,572
469,881
5,732
2,643
23,244,138

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

7,153,708(2,250,823)
4,902,884
29,066(25,229)
3,837
349,004(234,377)
114,626
75,136(57,195)
17,94015,031,993
1,360
47,859,465(11,892,165)
35,967,300
73,249(40,371)
32,878872,824(455,189)
417,634
332,658(221,178)
111,479
144,003,252
4,480
200,609,669

4,494,579
4,494,579

4,494,579
4,494,579

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

51,62810,0001,376,658
142,316(3,898)
1,576,705
206,680,954

46,27546,275228,020,888

41,87541,875229,966,968

Previous fiscal period(As of April 30, 2022)
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- 33 -(Thousand Yen)
Current fiscal period(As of October 31, 2022)

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

575,417
17,270,250
908,581
25,027605
76,0652,603,873
15,067
21,474,887

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

6,900,000
88,941,000
1,517,862
9,011,058
19,55890,971
106,480,450
127,955,338

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 9,004,544*3 8,899,544

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

12,268,170
3,001,684
34,336,355
102,011,630*1 102,011,630
229,966,968

(2) Income Statement(Thousand yen)Previous fiscal period(November 1, 2021 toApril 30, 2022)
Operating Revenue
Rental revenue
Other rental revenue
Gain on sales of real estate
Dividend from TK (tokumei kumiai)
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
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)

7,136,936*1 7,180,483*1 598,555*1 618,257*2 940,111–
8,675,603–
2,103
7,800,844*1 2,991,430*1 3,122,066

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

773,873
15,12047,1495,040
61,913
4,025,164
3,775,680

112
1,046
686
492
2,337

110
607
533
–
1,251

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

457,184
313,653
4,399–
775,2383,001,693
3,001,693
605
605
3,001,088
596
3,001,684*1- 34 -

Current fiscal period(May 1, 2022 to
October 31 2022)

(3) Statement of Changes in Net Assets
Previous 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
shareholders’equityTotal surplus

Total 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- 35 -

Current fiscal period (May 1, 2022 to October 31, 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

9,004,544

12,373,170(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

8,899,544

12,268,170

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed
loss)

Total
shareholders’equityTotal surplus

Total net assets

3,691,120

35,130,791

102,806,066

102,806,066

105,000–––

Dividends(3,795,524)(3,795,524)(3,795,524)(3,795,524)

Net Income

3,001,088

3,001,088

3,001,088

3,001,088

Total changes during period(689,435)(794,435)(794,435)(794,435)

Balance at period-end

3,001,684

34,336,355

102,011,630

102,011,630

Balance at beginning of period
Changes during the period
Release from temporary
difference adjustment
reserve- 36 -

(4) Statement of Dividends
Previous fiscal period(November 1, 2021 toApril 30, 2022)
Ⅰ. Unappropriated Retained Earnings
II. Discretionary Reserve Reversal
Reversal of Temporary Difference
Adjustment Reserve
III. Total Dividends(Dividend per share)
IV. Discretionary Reserves

3,691,120,583 yen

3,001,684,742 yen

105,000,000 yen

105,000,000 yen

3,795,524,436 yen（2,508 yen）

3,105,429,084 yen（2,052 yen）

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

Current fiscal period(May 1,2022 to
October 31,2022)

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.

- 37 -

1,255,658 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, 3,105,429,084
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 3,001,684,742 yen of
unappropriated retained earnings. As aresult, dividend per share came to 2,052
yen.

(5) Cash Flow Statement(Thousand yen)Previous fiscal period(November 1, 2021 toApril 30, 2022)
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
SubtotalInterest income received
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
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- 38 -

Current fiscal period(May 1, 2022 to
October 31, 2022)

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

3,001,693
910,042–(110)
457,184
1,347(5,732)(22,005)(84,610)(77,689)(119,277)(205,934)
1,101,173–(8,719)4,947,360
110(456,022)(605)
4,490,843(22,115)(673,956)
42,821(39,500)(4,513,654)
81,124(102,155)(25,520)392,670

413,878(409,326)(280,646)(51,212)(823,276)–(4,364,318)

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

11,529,000(9,642,750)(3,794,607)(1,908,357)(1,781,832)
24,449,663*1 22,667,831

(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(1) Property, plant and equipment (including assets in trust)
assetsThe 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.
4.Standards for recognition of
Accounting for allowance of doubtful accounts
allowances
Estimated uncollectible amounts are recognized based on a case-by-case evaluation of thecollectability of certain receivables, such as receivables with default possibility.
5. Standards for recognition of(1) Accounting for revenues
revenues and expenses
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.
6. Method of hedge accounting(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.

- 39 -

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.

- 40 -

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 April 30, 2022)

Current fiscal period(As of October 31, 2022)

50,00050,000Previous fiscal period(As of April 30, 2022)

Current fiscal period(As of October 31, 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 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.
Current fiscal period (As of October 31, 2022)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,004,544–

105,000

8,899,544(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.

- 41 -

(Notes to Income Statement)*1. Details of real estate rental income(Thousand yen)Previous fiscal period(November 1, 2021 toApril 30, 2022)

Current fiscal period(May 1, 2022 to
October 31, 2022)

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

7,136,936

5,887,330
948,762
280,095
64,294

7,180,483

537,131
61,423

598,555

590,724
27,533

618,257

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

7,735,491

7,798,741

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

663,709530,808
31,778

667,705
665,464
33,312

Depreciation
Repair expenses
Taxes and public dues
Non-life insurance expenses
Other rental expenses

893,918
134,056
673,758
20,78842,613910,042
93,192
689,651
18,76743,929Total real estate rental expenses
C． Net rental income（A-B）

2,991,430

3,122,066

4,744,060

4,676,674*2. Details of real estate sales
Previous fiscal period (November 1, 2021 to April 30, 2022)
Ichigo Akasaka 5 Chome Building(Thousand yen)
1,720,000
727,532
52,355

Real estate sale revenue
Real estate sale cost
Other real estate sale expenses
Gain on real estate sales

940,111

Current fiscal period (May 1, 2022 to October 31, 2022)
N/A- 42 -

(Statement of changes in net assets)
Previous fiscal period(November 1, 2021 toApril 30, 2022)
Total number of authorized shares and total number ofshares issued and outstanding
Total number of authorized shares
Total number of shares issued and outstanding

Current fiscal period(May 1, 2022 to
October 31, 2022)

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

14,000,000 shares
1,513,367 shares(Notes to statement of dividends)
Previous fiscal period(November 1, 2021 toApril 30, 2022)

Current fiscal period(May 1, 2022 to
October 31, 2022)

By applying the transitional measures of Paragraph 3 of the
Supplementary Provisions of the “Regulation on
Accountings of Investment Corporations” (Cabinet Office
Order No. 27 of 2015), an amount of 10,432,940,000 yen,which was the remaining balance of gain on negative
goodwill was transferred to the temporary difference
adjustment reserve account, and planned to equally reverse
the entire amount within 50 years. The original policy was
to reverse a minimum of 200,000,000 yen starting from the23rd fiscal period, as stated on the statement of dividends forthe 22nd fiscal period. But the policy has been changed toreversing a minimum of 105,000,000 yen starting from the24th fiscal period. For this fiscal period, 105,000,000 yen
will be reversed.

By applying the transitional measures of Paragraph 3 of the
Supplementary Provisions of the “Regulation on
Accountings of Investment Corporations” (Cabinet Office
Order No. 27 of 2015), an amount of 10,432,940,000 yen,which was the remaining balance of gain on negative
goodwill was transferred to the temporary difference
adjustment reserve account, and planned to equally reverse
the entire amount within 50 years. The original policy was
to reverse a minimum of 200,000,000 yen starting from the23rd fiscal period, as stated on the statement of dividends forthe 22nd fiscal period. But the policy has been changed toreversing a minimum of 105,000,000 yen starting from the24th fiscal period. For this fiscal period, 105,000,000 yen
will be reversed.

- 43 -

(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(November 1, 2021 to(May 1, 2022 toApril 30, 2022)
October 31, 2022)
Cash and deposits
Cash and deposits in trust
Miscellaneous deposits

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

8,697,113
14,067,194(96,476)

Cash and cash equivalents

24,449,663

22,667,831(Notes to lease transactions)Operating lease transactions(Lessee)Previous fiscal period(As of April 30, 2022)(Thousand yen)
Current fiscal period(As of October 31, 2022)

Outstanding lease charges
One year or lessOver one year

74,306
1,465,027

74,5701,427,742

Total

1,539,334

1,502,312(Lessor)Previous fiscal period(As of April 30, 2022)(Thousand yen)
Current fiscal period(As of October 31, 2022)

Outstanding lease charges
One year or lessOver one year

6,687,098
864,146

7,159,556
707,983

Total

7,551,244

7,867,540- 44 -

(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 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

The carrying amount on the balance sheet on October 31, 2022, the market value, and the difference between the carrying amount andthe market value were as follows. Investments in TK (tokumei kumiai) real estate equity interest (Note 2) are not included in the tablebelow.
“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)

17,270,250

17,276,037

5,787(2) Investment corporation bonds

6,900,000

6,792,043(107,956)(3) Long-term borrowings

88,941,000

88,866,152(74,847)

113,111,250

112,934,233(177,016)–––

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.
- 45 -

(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 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.
Current fiscal period (As of October 31, 2022)
In accordance with the treatments stipulated in Paragraph 24-16 of “Implementation Guidance on Accounting for Fair Value
Measurement” (ASBJ Guidance No.31, June 17, 2021, 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 51,628 thousand yen.
(Note 3) 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 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
19,266,000
–
–
–
–
–
(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

Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (October 31, 2022)(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
17,270,250
–
–
–
–
–
(due within one year)
Investment corporation bonds––

1,000,000

1,000,000

1,200,000

3,700,000

Long-term borrowings–

7,092,000

11,840,000

17,658,000

19,353,000

32,998,000

17,270,250

7,092,000

12,840,000

18,658,000

20,553,000

36,698,000

Total(Securities)
Previous 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.
Current fiscal period (As of October 31, 2022)
Investments in TK (tokumei kumiai) real estate equity interest (carrying amount on the balance sheet: 51,628 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.

- 46 -

(Notes to derivative transactions)
1. Non-hedge accounting derivatives
Not applicable in the previous fiscal period (ended April 30, 2022) and the current fiscal period (ended October 31, 2022).
2. Hedge accounting derivatives
Previous 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, 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 October 31, 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
93,517,250
81,294,000 (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 April 30, 2022)
N/A
Current fiscal period (As of October 31, 2022)
N/A- 47 -

(Notes to tax effect accounting)
1. Breakdown of deferred tax assets and liabilities by major cause
Previous fiscal period(As of April 30, 2022)
Deferred tax assets
Valuation difference of assets transferred at merger
5,202,126
Asset retirement obligations
1,546
Allowance for doubtful accounts
1,226
Subtotal
Valuation allowance(Thousand yen)
Current fiscal period(As of October 31, 2022)
5,190,018
1,651
5,190,018

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

5,192,896(5,192,896)

–

–

–

–

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 April 30, 2022)(As of October 31, 2022)
Statutory tax rate
(Adjustment)
Deductible dividend distribution
Change in valuation allowance
Other

31.46%

31.46%(30.13 %)(1.33 %)
0.02%

(31.11 %)(0.35 %)
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 (November 1, 2021 to April 30, 2022)
N/A
Current fiscal period (May 1, 2022 to October 31, 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 November 1, 2021 to April 30, 2022) and the current fiscal period (from May 1,
2022 to October 31, 2022)
2. Affiliated companies
Not applicable in the previous fiscal period (from November 1, 2021 to April 30, 2022) and the current fiscal period (from May 1,
2022 to October 31, 2022)
3. Fellow subsidiaries
Not applicable in the previous fiscal period (from November 1, 2021 to April 30, 2022) and the current fiscal period (from May 1,
2022 to October 31, 2022)
4. Directors and principal individual shareholders
Not applicable in the previous fiscal period (from November 1, 2021 to April 30, 2022) and the current fiscal period (from May 1,
2022 to October 31, 2022)(Asset retirement obligations)
Previous fiscal period (November 1, 2021 to April 30, 2022)
The statement is omitted because the total amount of asset retirement obligations is not material.
Current fiscal period (May 1, 2022 to October 31, 2022)
The statement is omitted because the total amount of asset retirement obligations is not material.

- 48 -

(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(November 1, 2021 to(May 1, 2022 toApril 30, 2022)
October 31, 2022)
Carrying amount
OfficeBalance at the beginning of period

196,056,599

195,094,739

Increase (decrease) during period(961,859)

3,613,533

Balance at period-end

195,094,739

198,708,273

Market value at period-end

237,323,000

246,454,000

Balance at the beginning of period

6,379,518

6,394,603

Increase (decrease) during period

15,085(4,469)Balance at period-end

6,394,603

6,390,133

Market value at period-end

6,678,000

6,656,000

Balance at the beginning of period

202,436,117

201,489,343

Increase (decrease) during period(946,774)

3,609,064

201,489,343

205,098,407

Carrying amount

Other

Carrying amount

Total

Balance at period-end

Market value at period-end
246,330,000
253,110,000(Note 1) The carrying amounts represent the amounts after deducting the accumulated depreciation from the acquisition costs.
(Note 2) The major increase during the current fiscal period was due to the acquisition of trust beneficiary interests in real estate of asset
one asset (3,886,026 thousand yen, and the decrease due to 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 (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.

- 49 -

Current fiscal period (May 1, 2022 to October 31, 2022)(Thousand yen)
Revenues generated from contracts
with customers
Real estate property sales

Sales to external customers–

Utility charge reimbursements
Other

–

590,724

590,724–

7,208,016

Total
590,724
7,798,741(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.
2. Basis for understanding of revenues generated from contracts with customers
Previous fiscal period (November 1, 2021 to April 30, 2022）
Basis is as indicated in the Summary of Significant Accounting Policies.
Current fiscal period (May 1, 2022 to October 31, 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
Previous fiscal period (November 1, 2021 to April 30, 2022)(Thousand yen)
(1) Balance of contract assets and contract liabilities, etc.
Previous 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.

- 50 -

Current fiscal period (May 1, 2022 to October 31, 2022)(Thousand yen)
(1) Balance of contract assets and contract liabilities, etc.
Current fiscal period(May 1, 2022 to October 31, 2022)
Receivables generated from contracts with customers(balance at the beginning of period)

1,504

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

1,328

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.

- 51 -

(Segment information)
The segment information is omitted because Ichigo Office has only one segment of real estate rental business.
(Related information)
Previous 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.
Current fiscal period (May 1, 2022 to October 31, 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(May 1, 2022 to
October 31, 2022)

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

Net assets per share (yen)67,932
67,407
Net income per share (yen)
2,438
1,983
(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(May 1, 2022 to
October 31, 2022)

Previous fiscal period(November 1, 2021 toApril 30, 2022)
Net Income(Thousand yen)Amount not attributable to common shareholders(Thousand yen)––

Net income attributable to common shareholders(Thousand yen)

3,690,935

3,001,088(Shares)

1,513,367

1,513,367

Average number of shares during period- 52 -

3,690,935

3,001,088

(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 Marunouchi South Building (Note 1)
Acquisition Price (Note 2)
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Seller(Note 3)

1,750,000,000 yen
2-2-24 Nishiki, Naka-ku, Nagoya City, Aichi
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
November 24, 2022
November 30, 2022
A Third-Party Japanese Company

Ichigo Hakataeki Higashi Building
Acquisition Price (Note 2)
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Seller3,500,000,000 yen
1-13-9 Hakataeki Higashi, Hakata-ku, Fukuoka City
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
January 24, 2023
January 27, 2023
GK Kizuna 1

Fukuoka Kensetsu Kaikan
Acquisition Price (Note 2)
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Seller2,750,000,000 yen
3-14-18 Hakataeki Higashi, Hakata-ku, Fukuoka City
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
January 24, 2023
January 27, 2023
GK Kizuna 1(Note 1) After the acquisition by Ichigo Office, the building name will be changed from “ISM Nagoya Marunouchi Building” to “Ichigo Marunouchi South 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.

- 53 -

(2) Asset Sale
Ichigo Office signed a contract to sell the following asset in accordance with the guidelines specified in its Articles of Incorporation.
Ichigo Ikenohata Building
Sale Price (Note 1)
Book Value (Note 2)
Location
Legal Form of Asset
Property Right
Contract Date
Closing Date
Buyer (Note 3)

10,600,000,000 yen
5,115,741,242 yen
1-2-18 Ikenohata, Taito-ku, Tokyo
Trust beneficiary interest in real estate (juekiken)
Land: Freehold
Building: Freehold
October 31, 2022
December 20, 2022
A Third-Party Japanese Company(Note 1) The sale price is the transaction price of the trust beneficiary interest (juekiken) itself and does not include fees and applicable property, city planning, and consumption taxes.
Ichigo Office expects to record a Gains on Sale of JPY 4,392.861 million in the April 2023 fiscal period.
(Note 2) Book value as of October 31, 2022
(Note 3) The buyer did not provide consent to disclose its name.

(3) 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
700,000,000 yen
3M JPY TIBOR + 0.77% (p.a.)(Note)
January 25, 2032
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
600,000,000 yen
3M JPY TIBOR + 0.77% (p.a.)(Note)
January 25, 2032
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

The Bank of Fukuoka
300,000,000 yen
3M JPY TIBOR + 0.62% (p.a.)(Note)
October 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

Nishi-Nippon City Bank
200,000,000 yen
3M JPY TIBOR + 0.62% (p.a.)(Note)
October 25, 2029
25th of every January, April, July, and October following the loan dateLump-sum repayment
No(Note) Ichigo Office has executed 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–

51,628–

AccruedInterest
Paid

Appraisal
Value(Note 1)

Difference

Note

–

51,628–(Note 2)

Total–
51,628––51,628––(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
93,517,250

81,294,000

Market value (Note 2)–

Total
93,517,250
81,294,000–(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
period7,089,250

64,457–

7,153,708

2,250,823

104,914

4,902,884(Note)

Structures

29,066––29,06625,229295

3,837(Note)

Machinery and equipment

347,826

1,177–

349,004

234,377

13,422

114,626(Note)

Tools, furniture and fixtures

70,226

4,909–

75,13657,195

3,474

17,940(Note)

15,031,993––

15,031,993––

15,031,993

1,360

–

–

1,360

–

–

1,360

Buildings in trust

46,791,823

1,067,642–

47,859,465

11,892,165

737,31235,967,300(Note)

Structures in trust

70,9602,288–

73,24940,371

1,956

32,878(Note)

847,928

24,896–872,824455,189

30,655

417,634(Note)

314,072

18,585–

332,658

221,178

18,010111,479(Note)

140,668,104

3,335,148–

144,003,252––

144,003,252

7,021

800

3,340

4,480

–

–

4,480

211,269,634

4,519,906

3,340

215,786,200

15,176,531

910,042

200,609,669

4,494,579––

4,494,579––

4,494,579

4,494,579––

4,494,579––

4,494,579

215,764,214

4,519,906

3,340

220,280,780

15,176,531

910,042

205,104,249

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 increase during the current fiscal period was due to the acquisition of one asset (3,886,026 thousand yen), and thedecrease due to 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

1,200,000(vi) Schedule of loans
Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

1,432,600–

1,432,600–

1,037,400–

1,037,400–

MUFG Bank

889,200–

889,200–

SBI Shinsei Bank

494,000–

494,000–

1,432,600

–

1,450

1,431,150

1,037,400

–

1,050

1,036,350

MUFG Bank

889,200–

900

888,300

SBI Shinsei Bank

494,000–

500

493,500

1,778,400–

1,778,400–

Mizuho Bank

889,200–

889,200–

MUFG Bank

691,600–

691,600–

SBI Shinsei Bank

592,800–

592,800–

Aozora Bank

494,000–

494,000–

Bank of Fukuoka

494,000–

494,000–

Nishi-Nippon City Bank

494,000–

494,000–

Resona Bank

345,800–

345,800–

LenderSMBC
Mizuho Bank

SMBC
Mizuho BankLongTerm
Loans

SMBC

- 57 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.808
(Note 2)

May 31,
2022(Note 3)0.858
(Note 2)

November 30,
2022(Note 4)0.705
(Note 2)

May 31,
2022(Note 3)Use

Collateralized(Note 6)

No
(No Guarantee)

Lender

SMBC

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

1,778,400

–

1,800

1,776,600

Mizuho Bank

889,200–

900

888,300

MUFG Bank

691,600–

700

690,900

SBI Shinsei Bank

592,800–

600

592,200

Aozora Bank

494,000–

500

493,500

Bank of Fukuoka

494,000–

500

493,500

Nishi-Nippon City Bank

494,000–

500

493,500

Resona Bank

345,800–

350

345,450

SMBC

1,000,000––

1,000,000

SMBC

1,100,000––

1,100,000

Mizuho Bank

1,000,000––

1,000,000

SBI Shinsei Bank

900,000––

900,000

Resona Bank

400,000––

400,000

2,000,000––

2,000,000

Development Bank of JapanLongTerm
Loans

Balance atperiod-start(Thousand
yen)

SMBC

215,000––

215,000

Mizuho Bank

340,000––

340,000

MUFG Bank

283,000––

283,000

Resona Bank

237,000––

237,000

SBI 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

SBI 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

SBI Shinsei Bank

901,000––

901,000

Resona Bank

448,000––

448,000

SMBC

400,000––

400,000

Mizuho Bank

350,000––

350,000

SBI 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- 58 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.750
(Note 2)

November 30,
2022(Note 5)0.845
(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)October 31,
2023
November 11,
2024
November 11,
2024
November 11,
2024
November 11,
2024
May 10,2023

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

October 31,
2023

Lump-sum
repayment

0.871

0.761
(Note 2)

0.948
(Note 2)October 31,
2025

Lump-sum
repayment

0.990(Note 2)

April 30,2026

Lump-sum
repayment

0.795(Note 2)

April 30,2024

Lump-sum
repayment

Use

Collateralized(Note 6)

No
(No Guarantee)

Lender

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

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

SMBC

835,000––

835,000

Mizuho Bank

491,000––

491,000

SBI 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

0.644

Mizuho Bank

400,000––

400,000

0.644

1,000,000––

1,000,000

0.962(Note 2)

Mizuho Bank

400,000––

400,000

0.724

SBI Shinsei Bank

200,000––

200,000

0.724

SMBC

954,000––

954,000

Mizuho Bank

773,000––

773,000

SBI 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

SBI 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

SBI 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

672,000––

672,000

Mizuho Bank

610,000––

610,000

SBI Shinsei Bank

641,000––

641,000

MUFG Bank

549,000––

549,000

SMBC

LongTerm
Loans

Balance atperiod-start(Thousandyen)- 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)

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

0.698(Note 2)0.726
(Note 2)September 25, Lump-sum
2025
repayment
March 25,
Lump-sum2026
repayment

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

Use

Collateralized(Note 6)

No
(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

1,224,000––

1,224,000

Mizuho Bank

1,224,000––

1,224,000

SBI 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

SBI Shinsei Bank

790,000––

790,000

Mizuho Bank

753,000––

753,000

MUFG Bank

677,000––

677,000

SMBC

543,000––

543,000

LenderLongTermLoans

SBI 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

SBI Shinsei Bank

998,000––

998,000

SBI 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

SBI Shinsei Bank

260,000––

260,000

Aozora Bank

260,000––

260,000

SMBC

814,000––

814,000

Mizuho Bank

814,000––

814,000

SBI 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

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––95,000- 60 -

Averageinterest
rate(%)(Note 1)

Repayment
date

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

0.656

0.476

March 25,
2027

Repayment
terms

Use

Collateralized(Note 6)

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

0.488

September 25, Lump-sum
2024
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

1,055,000––

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

SBI 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

SBI 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

SBI Shinsei Bank

154,000––

154,000

Aozora Bank

117,000––

117,000

Bank of Yokohama

356,000––

356,000

SMBC

1,363,000––

1,363,000

Mizuho Bank

1,363,000––

1,363,000

Resona Bank

1,086,000––

1,086,000

SBI Shinsei Bank

617,000––

617,000

Aozora Bank

470,000––

470,000

LenderSMBC

MUFG BankLongTerm
Loans- 61 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.876
(Note 2)

March 26,
2029

Lump-sum
repayment

0.488

Use

Collateralized(Note 6)

No
(No Guarantee)

September 25, Lump-sum
2024
repayment

0.733(Note 2)

March 27,2028

Lump-sum
repayment

0.819(Note 2)

May 25,2029

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)

March 25,
2028

Lump-sum
repayment

0.833(Note 2)

November 25,
2029

Lump-sum
repayment

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

500,000––

500,000

0.859

January 25,
2029

Lump-sum
repayment

SMBC–

222,000–

222,000

Mizuho Bank–

193,000–

193,000

MUFG Bank–

1,580,000–

1,580,000

0.717(Note 2)

May 25,2027

Lump-sum
repayment

Bank of Fukuoka–

494,000–

494,000

Nishi-Nippon City Bank–

100,000–

100,000

SMBC–

628,000–

628,000

Mizuho Bank–

385,000–

385,000

SBI Shinsei Bank–

217,000–

217,000

Aozora Bank–

98,000–98,0000.816(Note 2)

May 25,2028

Lump-sum
repayment

LenderDevelopment Bank of JapanLongTerm
Loans

Nishi-Nippon City Bank–

111,000–

111,000

Resona Bank–

125,000–

125,000

SMBC–

2,360,000–

2,360,000

Mizuho Bank–

1,348,000–

1,348,000

SBI Shinsei Bank–

869,000–

869,000

Aozora Bank–

396,000–

396,000

Nishi-Nippon City Bank–

283,000–

283,000

Resona Bank–

220,000–

220,000

SMBC–

950,000–

950,000

Mizuho Bank–

950,000–

950,000

Total

104,325,000

11,529,000

9,642,750

106,211,250(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)1.019
(Note 2)

May 27,2030

Lump-sum
repayment

1.107(Note 2)
1.107
(Note 2)

May 25,2029
May 25,2029

Lump-sum
repayment
Lump-sum
repayment

Use

Collateralized(Note 6)

No
(No Guarantee)

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.
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.
The remaining balance was repaid on May 31, 2022.
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.
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.
The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.
Shinsei Bank changed its corporate name to SBI Shinsei Bank on January 4, 2023.
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

17,270,250

–

–

–

–

–

7,092,000

11,840,000

17,658,000

19,353,000

17,270,250

7,092,000

11,840,000

17,658,000

19,353,000- 62 -