Make The World
More Sustainable

Ichigo Office REIT
Semi-Annual Report (Audited)
31st Fiscal Period
November 1, 2020 – April 30, 2021

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

Message from Management
First of all, we would like to express our deepest condolences to all those across the world affected by the COVID
and our wishes for the earliest possible recovery.
We extend our gratitude to all Ichigo Office shareholders for your trust.
Ichigo Office continued making efforts to increase shareholder value under prolonged COVID circumstances. In
December 2020, we acquired a mid-size office with growth potential, located in Tachikawa City, Tokyo (Ichigo
Tachikawa Building, 3.83 billion yen), in order to increase earnings stability and further diversify our portfolio.
Upon acquisition, we renovated the common areas to drive further earnings growth. We also continued taking
measures to organically increase the competitiveness and earnings of our assets over the longer term. Given theimpact of COVID on our share price and in order to make optimal use of cash-on-hand, Ichigo Office bought backits own shares and cancelled all of the 18,920 acquired shares (1.2% of total outstanding shares) by the end of the
fiscal period.
As a result of these activities, Ichigo Office’s April 2021 earnings were: operating revenue of 7,725 million yen,operating profit of 3,923 million yen, recurring profit of 3,122 million yen, and net income of 3,121 million yen.
The dividend per share was 2,132 yen, a 69 yen increase from our December 2020 forecast.
As part of Ichigo Office’s ongoing focus on reducing the environmental impact of its office buildings, three of ourbuildings (Ichigo Kudan Building, Ichigo Akihabara North Building, and Ichigo Hiroo Gotanda Building) were
newly awarded the Tokyo Low-Carbon Small and Mid-Sized Model Buildings certification, thus bringing the total
to 14 buildings with environmental certifications. In-line with the goals of RE100, which our sponsor Ichigo joinedin February 2021, Ichigo Office is working to contribute to a more sustainable society by targeting to source 100%
renewable electricity across all of its buildings (excluding partially and jointly owned buildings).
Although the economic outlook still remains uncertain because of COVID, Ichigo Office will continue to makeefforts to build a robust mid-size office portfolio and progress its ESG activities with the aim to drive sustainablegrowth and maximize shareholder value
Thank you so much for your continued support.
Yoshihiro Takatsuka, Executive Director
Ichigo Office REIT Investment Corporation(left)
Hiroshi Iwai,
President and Executive Officer
Ichigo Investment Advisors Co., Ltd.
(right)–2–

Asset Management Overview

1

Historical Investment Performance

Operating Revenue

27th Fiscal Period 28th Fiscal Period 29th Fiscal Period 30th Fiscal Period

31st Fiscal Period

From November 1,
2018 to April 30, 2019

From November 1,
2020 to April 30, 2021

From May 1, 2019 to
October 31, 2019

From November 1,
2019 to April 30, 2020

From May 1, 2020 to
October 31, 2020

million yen

8,451

8,304

8,260

7,863

7,725

(Real Estate Rental Income)million yen(7,782)(7,862)(7,860)(7,862)(7,725)

Operating Expenses

million yen

3,940

3,941

3,879

3,770

3,801

(Real Estate Rental Expenses)

million yen(2,990)(3,025)(2,950)(2,852)(2,841)

Operating Profit

million yen

4,510

4,363

4,381

4,092

3,923

Recurring Profit

million yen

3,733

3,554

3,576

3,313

3,122

Net Income

million yen

3,732

3,554

3,575

3,312

3,121

Total Assets

million yen

225,678

225,898

227,312226,980

227,654(Note 1)

(Period-on-Period Change)%

Net Assets

million yen(Period-on-Period Change)

(1.7)

(0.1)

(0.6)

(-0.1)(0.3)

103,863

103,962

104,244

104,242

102,447

%

(0.6)

(0.1)

(0.3)

(-0.0)(-1.7)

million yen

67,67567,67567,67567,67567,675

Number of Shares Outstanding

shares1,532,287

1,532,287

1,532,287

1,532,287

1,513,367

Net Assets per Shareyen

67,783

67,84868,031

68,03067,695

Total Dividends

million yen

3,455

3,294

3,314

3,417

3,226

Dividend per Share

yen

2,255

2,150

2,163

2,230

2,132

(Payable Dividend per Share)yen(2,255)(2,150)(2,163)(2,230)(2,132)(Dividend per Share in Excess of
Earnings)

yen

(―)

(―)

(―)

(―)

(―)

Shareholders’ Equity

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

1.7 (3.4)

1.6 (3.1)

1.6 (3.2)

1.5(2.9)

1.4(2.8)

Return on Equity(Note 2)%

3.6 (7.3)

3.4(6.8)

3.4(6.9)

3.2(6.3)

3.0(6.1)

Shareholder Equity Ratio(Note 2)

%

46.0

46.0

45.9

45.9

45.0

%

(-0.5)(0.0)(-0.2)(0.1)(-0.9)

%

92.6

92.7

92.7

103.1

104.0

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

Other Reference Information
Number of Assets

assets

85

85

85

85

86

Number of Tenants at Period-End

tenants

921

934

938

924

934

Total Leasable Aream2

264,762.27

266,478.61

259,717.74

259,754.33

264,651.68

Occupancy at Period-End

%

99.3

99.4

99.6

97.5

97.2

Depreciation

million yen

857

842

839

838

870

Capital Expenditures

thousand yen

442,533

478,779

525,201

587,955

677,483

NOI (Net Operating Income)(Note 2)

million yen

5,648

5,679

5,748

5,847

5,754

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

yen

2,558

2,581

2,621

2,709

2,638

days

181

184

182

184

181

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

Profitto

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

Return on Equity

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

Shareholder Equity Ratio

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

NOI

Real Estate Rental Income – Real Estate Rental Expenses + Depreciation

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

–3–

2

Summary of Operating Results for the Fiscal Period Ended October 31, 2020

(1) Overview
In the fiscal period ended April 30, 2021, Ichigo Office’s 31st fiscal period, Ichigo Office worked to strengthen its organic growthpotential by 1) increasing asset value and investment efficiency through its value-add capex (Note) and 2) driving earnings growthwith a focus on tenant satisfaction. Ichigo Office seeks to construct a portfolio specializing in mid-size offices which can generate
both earnings 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 economic outlook for Japan remains uncertain as the ongoing impact of COVID resulted in a FY2020 GDP growth rate of -4.6%,
thus exceeding the 3.6% drop during the Global Financial Crisis and recording the worst growth since World War II. The repeateddeclarations of states of emergency by the Japanese government has also impacted the economy, with the preliminary GDP growthrate for 2021Q1 being negative and forecasts for FY2021 being -5.1%.
The real estate transaction market continued to see strong investment demand from both domestic and overseas investors, thus driving
acquisition prices up and making for a difficult environment for asset acquisition. Although prices are expected to remain high, theeffects of the COVID pandemic on the real estate transaction market needs to be carefully monitored.
The office leasing market saw a recovery in demand, mainly from office expansion needs in the manufacturing industry thatexperienced stronger earnings during the autumn of 2020 when the spread of COVID temporarily subsided. However, limitations on
economic activity caused by the declaration of states of emergency since the beginning of 2021 has increased the uncertainty of
economic outlook and resulted in some tenants postponing office expansion plans.
(ii) Investment Performance
Ichigo Office acquired the Ichigo Tachikawa Building (acquisition price: 3,830 million yen) in order to further build its mid-size office
portfolio and maximize shareholder value. The number of assets owned at period-end was 86 assets (total acquisition price: 206,192
million yen).
With a focus to grow portfolio NOI, Ichigo Office worked to raise both rents and occupancy in order to increase the profitability of
its assets. During the current fiscal period, Ichigo Office took various actions to enhance the competitiveness and profitability of its
assets, such as the value-add capex renovations in the Ichigo Jingumae Building, aimed at increasing tenant satisfaction. As a resultof such efforts, the occupancy for the overall portfolio at period-end was 97.2%.

(3) Financing
During the current fiscal period, Ichigo Office borrowed a total of 10,224 million yen from banks in December 2020 and March 2021,
to repay loans that came due in those months (a total of 10,233 million yen). It also borrowed 2,000 million yen in new loans to acquire
the Ichigo Tachikawa 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 7,725 million yen, operating profit of
3,923 million yen, recurring profit of 3,122 million yen and net income of 3,121 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 3,226 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 3,122 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 2,132 yen..
On January 7, 2021, Ichigo Office decided to conduct a share buyback, in order to maximize its shareholder value, and purchased
18,920 shares (1.2% of shares outstanding) through in-market purchases via a secruitities firm. On March 26, 2021, Ichigo Officedecided to cancel all the acquired shares. As a result of this share cancellation, the dividend per share increased by 18 yen.
(Note) The balance of tax losses carried forward for Ichigo Office is approximately 8.4 billion yen, and the carry forward period expires as of the April 2022 fiscal period. Restrictions
regarding the maximum reduction of losses able to be included in deductible expenses will not be applied.

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

Balance

Shareholders’ Equity(million yen)
Increase/decrease

Notes

Balance

May 23, 2016

Public Offering

110,166

1,526,489

8,449

67,230(Note 1)

June 22, 2016

Greenshoe

5,798

1,532,287

444

67,675(Note 2)

April 12, 2021

Shares Cancelled-18,920

1,513,367―

67,675(Note 3)(Note 1)
(Note 2)
(Note 3)

Ichigo Office issued new shares via public offering at an issue price 79,365 yen per share (underwriting price of 76,695 yen) for the purpose of raising funds to acquire new
assets.
Ichigo Office issued new shares via a third-party allotment (Greenshoe) at an issue price of 76,695 yen per share for the purpose of repaying loans.
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.

–5–

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.
27th Fiscal Period
From November 1, 2018 toApril 30, 20194

28th Fiscal Period
From May 1, 2019 to
October 31, 201929th Fiscal Period
From November 1, 2019 toApril 30, 2020

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

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

High106,200 yen

118,100 yen

119,300 yen

81,000 yen

98,600 yen

Low

91,300 yen

99,400 yen

54,300 yen

66,500 yen

68,100 yen

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 3,226 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 3,122 million yen, plus 105 million yen, which is the reversal ofreserves for temporary difference adjustments. As a result, the dividend per share came to 2,132 yen.
27th Fiscal Period
From November 1,
2018 to April 30,
2019

28th Fiscal Period
From May 1, 2019
to October 31, 201929th Fiscal Period
From November 1,
2019 to April 30,
2020

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

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

Unappropriated Retained Earnings

thousand yen

3,733,149

3,554,415

3,575,841

3,312,935

3,122,657

Retained Earnings for Dividend
Reservethousand yen

93

―

―

―

―

Total Dividends

thousand yen

3,455,307

3,294,417

3,314,336

3,417,000

3,226,498(2,255)(2,150)(2,163)(2,230)(2,132)

3,455,307

3,294,417

3,314,336

3,417,000

3,226,498(2,132)(Dividend per Share)

yen

Distributable Earnings

thousand yen(Distributable Earnings per Share)yen(2,255)(2,150)(2,163)(2,230)thousand yen

―

―

―

―

―

yen

(―)

(―)

(―)

(―)

(―)

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

thousand yen

―

―

―

―

―

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

yen

(―)

(―)

(―)

(―)

(―)

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

thousand yen

―

―

―

―

―

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

yen

(―)

(―)

(―)

(―)

(―)

Total Refund of Capital(Refund of capital per share)

–6–

5

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

(2) Portfolio Management (Organic Growth)
In the management and operation of the assets owned, Ichigo Office aims to build a robust portfolio and drive sustainable growththrough active promotion of the following initiatives that will lead to the strengthening of the earnings power of individual assets.
- Provide differentiated high-quality office spaces such as Ichigo Layout Office and Ichigo Lounge- Increase asset value and investment returns via value-add capex- Maintain and drive earnings growth with a focus on tenant satisfaction- Minimize downtime at re-tenanting and free-rent periods(3) Financing Strategy
For the refinancing of existing loans, Ichigo Office will take advantage of the low-interest-rate environment by fixing borrowing rates
and promoting the extension and diversification of borrowing periods. With respect to the long-term issuer rating it has acquired fromJapan 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 rating of “A (Outlook: Stable).”6

Significant Subsequent Events

N/A

–7–

Ichigo Office Overview

1

Shares and Shareholders’ Equity

Number of Authorized Shares

27th Fiscal Period
April 30, 201928th Fiscal Period
October 31, 201929th Fiscal Period
April 30, 2020

30th Fiscal Period
October 31, 2020

31st Fiscal Period
April 30, 2021

shares

14,000,000

14,000,000

14,000,000

14,000,000

14,000,000

Number of Shares
Outstanding

shares1,532,287

1,532,287

1,532,287

1,532,287

1,513,367

Shareholders’ Equity

millionyen

67,67567,67567,67567,67567,675

Number of Shareholders

persons

13,091

12,85813,368

13,947

13,911

2

Major Shareholders

Major shareholders as of April 30, 2021 are as follows:
Name

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

SharesIchigo Trust Pte. Ltd.

331,190

Custody Bank of Japan, Ltd., Trust Account240,857

21.88
15.91

The Master Trust Bank of Japan, Trust Account194,939

12.88

Custody Bank of Japan, Ltd., Securities Investment Trust Account81,414

5.37

NOMURA BANK (LUXEMBOURG) S.A.

60,188

3.97

Nomura Trust & Banking Co., Ltd. Investment Trust Account51,360

3.39

GOLDMAN SACHS INTERNATIONAL

36,7492.42

SMBC Nikko Securities Co., Ltd.

23,721

1.56

STATE STREET BANK WEST CLIENT – TREATY 505234

21,911

1.44

Japan Securities Finance Co., Ltd.

17,6911.16

1,060,020

70.04

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

3

Executive Director and Supervisory Directors(1) Ichigo Office’s directors and auditor as of April 30, 2021 are as follows:
Title

Executive Director

Supervisory Directors

Accounting Auditor

Name of Director

Other Major Positions

Total Compensation
During the Current Fiscal
Period(thousand yen)

Yoshihiro Takatsuka

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

2,160

Takaaki Fukunaga

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

1,440

Masahiro Terada

City-Yuwa Partners, Partner

1,440

Grant Thornton Taiyo LLC

―

9,500

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

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

–8–

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
Ichigo Office has purchased D&O (directors and officers) liability insurance, pursuant to Article 201-3, Paragraph
1 of the Act on Trusts and Investment Corporations. Therefore, the beneficiaries are covered against lawsuits arisingin relation to execution of their management duties.

Executive and Supervisory Directors

Insurance Company: AIG General Insurance Company, Ltd.

Policyholder: Ichigo Office REIT

Maximum amount of payment: 1,500,000 thousand yen

The insurance premiums, including the special provisions for shareholder derivative actions, will be paid by Ichigo
Office, as approved by the Board of Directors.

5

Asset Management Company, Asset Custodian, and Administrative AgentsThe asset management company, asset custodian, and administrative agents as of April 30, 2021 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.

–9–

Assets under Management

1

Asset Composition
30th Fiscal Period (as of October 31, 2020)

Area

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

31st Fiscal Period (as of April 30, 2021)
Book Value(million yen)(Note 2)

Ratio to Total Assets(%)

Central Tokyo

6,736

3.0

6,727

3.0

Tokyo Metropolitan Area

4,001

1.8

3,994

1.8

Four Major Regional Cities

10,333

4.6

10,320

4.5

Central Tokyo

108,24347.7

108,137

47.5

Tokyo Metropolitan Area

39,603

17.4

43,39919.1

Four Major Regional Cities

19,654

8.7

19,677

8.6

Other Regional Cities

10,474

4.6

10,438

4.6

Subtotal

199,04787.7

202,697

89.0

Real Estate

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

Investment in Securities (Note 4)(Note 1)

Ratio to Total Assets
(%)

50

0.0

―

―

Deposits and Other Assets

27,882

12.3

24,957

11.0

Total Assets

226,980

100.0

227,654100.0(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 Tachikawa Holdings GK TK

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

The table below is a summary of the major assets owned by Ichigo Office as of April 30, 2021 (top ten assets in terms of book value).
Asset NameBook Value(million yen)
(Note 1)

Leasable Area(m2)

Leased Area(m2)

Occupancy(%)(Note 2)

Ratio to Total Rent
Revenue(%)

Asset Type

Ichigo Jingumae Building

7,421

4,510.04

4,378.04

97.1

2.1

OfficeEbisu Green Glass (Note 3)

5,788

3,159.27

2,551.82

80.8

2.4

OfficeOfficeIchigo Marunouchi Building

5,637

8,009.11

8,009.11

100.0

3.1

Ichigo Akihabara North Building

5,507

6,250.53

6,250.53

100.0

3.0

OfficeIchigo Ikenohata Building

5,133

5,504.15

5,504.15

100.0

2.1

OfficeIchigo Sasazuka Building

4,915

6,425.29

6,425.29

100.0

2.4

OfficeIchigo Gotanda Building

4,801

5,346.39

5,094.88

95.3

2.6

OfficeIchigo Sakae Building

4,683

3,928.12

3,928.12

100.0

2.8

OfficeIchigo Higashi Ikebukuro Building

4,601

4,433.00

4,433.00

100.0

2.1

OfficeOfficeIchigo Nihonbashi East Building
Total(Note 1)
(Note 2)
(Note 3)

4,425

4,216.97

4,216.97

100.0

1.9

52,91551,782.87

50,791.91

98.1

24.6

Book Value does not include construction in progress or construction in progress in trust.
Occupancy is the ratio of the Leased Area within the Leasable Area of the real estate or real estate in trust as of period-end. The ratio is rounded off to the first decimal place.
The property name will be changed to Ichigo Ebisu Green Glass on September 1, 2021.

– 10 –

3

Portfolio Overview

Details of Portfolio Assets
The table below shows the details of assets owned by Ichigo Office as of April 30, 2021.
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

3,220

3,324

O-03 Ichigo Mita Building

Shiba, Minato-ku, Tokyo

Trust beneficiary interest in real estate

4,119.63

3,640

2,717

O-04 Ichigo Nanpeidai Building

Nanpeidaicho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,925.24

2,490

1,900

O-05 Ichigo Hanzomon Building

Hayabusacho, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

2,080.37

1,930

1,509

O-06 Ichigo Hijirizaka Building

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,947.90

1,480

1,206

Ichigo Shibuya Kamiyamacho
O-07
Building

Kamiyamacho, Shibuya-ku, Tokyo

Real estate

1,321.54

1,890

1,350

O-08 Ichigo Akasaka 5 Chome Building

Akasaka, Minato-ku, Tokyo

Real estate683.52876

730

O-09 Ichigo Shibakoen Building

Shiba, Minato-ku, Tokyo

Real estate

1,602.29

1,210

1,101

O-10 Ichigo Ebisu Nishi Building

Ebisu-Nishi, Shibuya-ku, Tokyo

Real estate

1,484.39

2,510

1,915

O-11 Ichigo Ginza 612 Building

Ginza, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

1,379.06

2,080

1,799

O-12 Ichigo Uchikanda Building

Uchikanda, Chiyoda-ku, Tokyo

Real estate

1,378.83

1,380

1,118

O-14 Ichigo Yotsuya 4 Chome Building

Yotsuya, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate780.64569

499

O-15 Ichigo Tameike Building

Akasaka, Minato-ku, Tokyo

Real estate494.14

722

511

O-16 Ichigo Jimbocho Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

1,891.01

2,300

1,798

O-17 Ichigo Hakozaki Building

Nihonbashi Kakigaracho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

2,388.44

1,160

1,134

O-18 Ichigo Kudan 2 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,288.31

936

726

O-19 Ichigo Kudan 3 Chome Building

Kudan Minami, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,302.43904

810

O-20 Ichigo Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

5,346.39

6,320

4,801

O-21 Ichigo Shin Yokohama Building

Shin Yokohama, Kohoku-ku,
Yokohama

Trust beneficiary interest in real estate

4,021.32

1,740

1,671

O-22 Ichigo Minami Ikebukuro Building

Minami Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

1,491.50

1,850

1,354

O-23 Ichigo Nakano North Building

Arai, Nakano-ku, Tokyo

Trust beneficiary interest in real estate

1,264.11

948

725

O-24 Ichigo Eitai Building

Eitai, Koto-ku, Tokyo

Real estate

2,605.54

1,470

1,443

O-26 Ichigo Ikejiri Building

Ohashi, Meguro-ku, Tokyo

Real estate

2,385.69

2,320

1,955

O-27 Ichigo Nishi Ikebukuro Building

Ikebukuro, Toshima-ku, Tokyo

Real estate

1,261.91

995

595

O-28 Ichigo Nishi Gotanda Building

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

1,329.06873

751

O-29 Ichigo Kichijoji Building

Kichijoji Honcho, Musashino City,
Tokyo

Trust beneficiary interest in real estate

4,210.87

2,800

2,172

O-34 Ichigo Sakae Building

Sakae, Naka-ku, Nagoya

Real estate

3,928.12

6,290

4,683

O-37 Ichigo Marunouchi Building

Marunouchi, Naka-ku, Nagoya

Real estate

8,009.11

7,540

5,637

O-38 Ichigo Toyamaeki Nishi Building

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

8,601.71

1,810

1,484

O-39 Ichigo Mirai Shinkin Building

Niagemachi, Oita City, Oita

Trust beneficiary interest in real estate

3,551.46

1,330

1,143

O-42 Ichigo Takamatsu Building

Kotobukicho, Takamatsu City,
KagawaTrust beneficiary interest in real estate

6,329.33

3,780

2,197

O-46 Ichigo Kanda Nishikicho Building

Kanda-Nishikicho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,523.09

3,310

1,999

O-47 Ichigo Akihabara North Building

Sotokanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

6,250.53

7,840

5,507

Ichigo Sakaisuji Honmachi
O-48
Building

Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,729.35

2,410

1,739

Ichigo Kanda Ogawamachi
O-49
Building

Kanda-Ogawamachi, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

2,309.39

2,540

2,192

O-50 Ichigo Hatchobori Building

Shintomi, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,716.33

2,700

1,769

O-51 Ebisu Green Glass

Ebisu Minami, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,159.27

7,530

5,788

O-52 Ichigo Omori Building

Minami Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,585.93

4,460

3,787

O-53 Ichigo Takadanobaba Building

Takadanobaba, Shinjuku-ku, Tokyo

Trust beneficiary interest in real estate

1,606.92

1,910

1,587

O-54 Ichigo Omiya Building

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

6,180.68

4,190

3,566

O-55 Ichigo Sagamihara Building

Sagamihara, Chuo-ku, Sagamihara
City, Kanagawa

Trust beneficiary interest in real estate

2,960.81

1,280

1,212

O-56 Ichigo Ofuna Building

Ofuna, Kamakura City, Kanagawa

Trust beneficiary interest in real estate

2,364.71

2,620

1,934

– 11 –

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-57 Ichigo Sendai East Building

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

5,205.49

2,140

1,601

O-58 Ichigo Kumamoto Building

Karashimacho, Chuo-ku, Kumamoto
City, Kumamoto

Trust beneficiary interest in real estate

4,507.59

1,590

1,493

O-59 Ichigo Jingumae Building

Jingumae, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

4,510.04

8,290

7,421

Ichigo Shibuya Dogenzaka
O-60
Building

Maruyamacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

2,789.86

5,360

3,678

O-61 Ichigo Hiroo Building

Hiroo, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

3,510.44

4,680

4,000

O-62 Ichigo Sasazuka Building

Sasazuka, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

6,425.29

5,890

4,915

O-63 Ichigo Nihonbashi East Building

Nihonbashi Bakurocho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

4,216.97

5,620

4,425

O-64 Ichigo Sakurabashi Building

Hatchobori, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,971.22

3,090

2,557

O-65 Ichigo Shinkawa Building

Shinkawa, Chuo-ku, Tokyo

Trust beneficiary interest in real estate

2,312.03

3,010

2,385

O-66 Ichigo Kudan Building

Kanda Jimbocho, Chiyoda-ku,
Tokyo

Trust beneficiary interest in real estate

3,090.65

3,590

3,207

O-67 Ichigo Higashi Gotanda Building

Higashi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

4,548.10

4,320

3,637

O-68 Axior Mita

Mita, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,369.82

2,300

1,721

O-69 Ichigo Higashi Ikebukuro Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

4,433.00

5,330

4,601

O-70 Koriyama Big-i (Office Section)

Ekimae, Koriyama City, Fukushima

Trust beneficiary interest in real estate

3,433.07

2,140

1,482

O-71 Ichigo Kawasaki Building

Higashi Tamachi, Kawasaki-ku,
Kawasaki City, Kanagawa

Trust beneficiary interest in real estate

3,769.69

2,220

1,813

O-72 Ichigo Shibuya East Building

Higashi, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,041.36

1,530

1,358

O-73 Ichigo Ningyocho Building

Nihonbashi Horidomecho, Chuo-ku,
Tokyo

Trust beneficiary interest in real estate

1,769.09

1,550

1,475

O-74 Ichigo Nishi Honmachi Building

Awaza, Nishi-ku, Osaka

Trust beneficiary interest in real estate

6,152.00

2,490

2,189

O-75 Ichigo Hakata Building

Gionmachi, Hakata-ku, Fukuoka

Trust beneficiary interest in real estate

2,423.86

1,530

1,362

O-76 Ichigo Nishiki First Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

3,324.70

2,170

1,965

O-77 Ichigo Ikenohata Building

Ikenohata, Taito-ku, Tokyo

Trust beneficiary interest in real estate

5,504.15

5,330

5,133

O-78 Ichigo Ikebukuro East Building

Higashi Ikebukuro, Toshima-ku,
Tokyo

Trust beneficiary interest in real estate

3,118.69

3,310

2,989

O-79 Ichigo Motoazabu Building

Motoazabu, Minato-ku, Tokyo

Trust beneficiary interest in real estate

1,329.96

2,360

1,915

O-80 Ichigo Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,679.70

3,000

2,752

O-81 Ichigo Nagoya Building

Meieki, Nakamura-ku, Nagoya

Trust beneficiary interest in real estate

4,930.30

3,910

3,497

O-82 Ichigo Fushimi Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

4,155.60

2,530

2,335

O-83 Ichigo Nishiki Building

Nishiki, Naka-ku, Nagoya

Trust beneficiary interest in real estate

2,006.78

1,470

1,281

O-84

Ichigo Minami Morimachi
Building

Matsugaecho, Kita-ku, Osaka

Trust beneficiary interest in real estate

2,521.51

1,230

1,039

O-85

Ichigo Shibuya Udagawacho
Building

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate

1,491.68

4,180

3,568

Nishi Gotanda, Shinagawa-ku,
Tokyo

Trust beneficiary interest in real estate

3,689.88

3,340

3,101

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

Hongo, Bunkyo-ku, Tokyo

Trust beneficiary interest in real estate

2,722.58

2,580

2,305

O-88 Oimachi Center Building

Oi, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

2,751.08

1,940

1,700

O-89 Win Gotanda Building 2

Osaki, Shinagawa-ku, Tokyo

Trust beneficiary interest in real estate

3,433.16

3,510

3,286

O-90 MIF Building

Uchikanda, Chiyoda-ku, Tokyo

Trust beneficiary interest in real estate

1,690.33

2,330

2,192

O-91 Ichigo Uchi Honmachi Building

Uchi Honmachi, Chuo-ku, Osaka

Trust beneficiary interest in real estate

3,004.07

2,180

1,988

O-92 Ichigo Minami Otsuka Building

Minami Otsuka, Toshima-ku, Tokyo

Trust beneficiary interest in real estate

3,127.84

3,190

2,855

O-93 Ichigo Nogizaka Building

Akasaka, Minato-ku, Tokyo

Trust beneficiary interest in real estate

2,199.35

3,640

3,518

O-94 Ichigo Hakata East Building

Hakataeki Higashi, Hakata-ku,
Fukuoka

Trust beneficiary interest in real estate

2,901.99

2,430

2,279

O-95 Ichigo Nakameguro Building

Aobadai, Meguro-ku, Tokyo

Trust beneficiary interest in real estate

1,040.02

1,640

1,555

O-96 Ichigo Tachikawa Building

Akebonocho, Tachikawa, Tokyo

Trust beneficiary interest in real estate

4,879.78

4,000

3,841

Z-09

Konami Sports Club Izumi Fuchu

Fuchucho, Izumi City, Osaka

Trust beneficiary interest in real estate

3,733.68

866

1,036

Z-10

Ichigo Shibuya Bunkamura Dori
Building

Udagawacho, Shibuya-ku, Tokyo

Trust beneficiary interest in real estate778.77

3,040

2,454

Z-11

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

Trust beneficiary interest in real estate

2,717.77

1,500

1,467

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

1,445

264,651.68

244,029

202,697

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.

– 12 –

The table below shows the status of rental activity at Ichigo Office assets in the 30th and 31st fiscal Periods:
30th Fiscal Period
From May 1, 2020 to October 31, 2020
Asset Name

Number of
Tenants at
Period-end(tenants)

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

(Note 1)

RentalIncome(thousandyen)

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

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

15

87.0

126,825

1.6

17

100.0

127,384

O-03 Ichigo Mita Building

9

100.0

121,279

1.5

8

89.5

110,640

1.6
1.4

O-04 Ichigo Nanpeidai Building

13

100.0

79,643

1.0

13

100.0

79,0601.0

O-05 Ichigo Hanzomon Building

6

100.0

61,822

0.8

5

92.5

61,0190.8

O-06 Ichigo Hijirizaka Building

6

100.0

59,073

0.8

5

100.0

58,5090.8

Ichigo Shibuya Kamiyamacho
O-07
Building

4

100.0

54,051

0.7

4

100.0

53,721

0.7

O-08 Ichigo Akasaka 5 Chome Building

9

100.0

28,811

0.4

9

100.0

28,878

0.4

O-09 Ichigo Shibakoen Building

3

100.0

47,815

0.6

3

100.0

48,305

0.6

O-10 Ichigo Ebisu Nishi Building

7

100.0

70,267

0.9

7

100.0

72,4260.9

O-11 Ichigo Ginza 612 Building

23

93.3

65,209

0.8

23

91.3

62,7160.8

O-12 Ichigo Uchikanda Building

8

89.8

45,957

0.6

9

100.0

46,0000.6

O-14 Ichigo Yotsuya 4 Chome Building

9

90.9

21,287

0.3

10

100.0

20,7370.3

O-15 Ichigo Tameike Building

5

82.8

20,747

0.3

4

63.4

17,6650.2

O-16 Ichigo Jimbocho Building

7

92.6

71,104

0.9

7

92.6

70,682

0.9

O-17 Ichigo Hakozaki Building

6

100.0

58,501

0.7

6

88.0

51,8620.7

O-18 Ichigo Kudan 2 Chome Building

1

100.0

28,899

0.4

1

100.0

28,8990.4

O-19 Ichigo Kudan 3 Chome Building

5

100.0

37,735

0.5

4

81.0

37,927

0.5

O-20 Ichigo Gotanda Building

14

100.0

208,358

2.7

14

95.3

198,127

2.6

O-21 Ichigo Shin Yokohama Building

14

97.7

81,150

1.0

14

97.7

81,164

1.1

O-22 Ichigo Minami Ikebukuro Building

9

100.0

60,567

0.8

9

100.0

60,7150.8

O-23 Ichigo Nakano North Building

6

100.0

41,975

0.5

7

100.0

43,225

0.6

O-24 Ichigo Eitai Building

9

93.2

68,862

0.9

10

100.0

65,6400.8

O-26 Ichigo Ikejiri Building

5

100.0

78,385

1.0

5

91.1

74,6581.0

O-27 Ichigo Nishi Ikebukuro Building

1

100.0

29,217

0.4

1

100.0

29,217

0.4

O-28 Ichigo Nishi Gotanda Building

9

100.0

35,409

0.5

9

100.0

35,476

0.5

O-29 Ichigo Kichijoji Building

13

100.0

113,674

1.4

13

100.0

113,736

1.5

O-34 Ichigo Sakae Building

19

100.0

217,598

2.8

19

100.0

217,585

2.8

O-37 Ichigo Marunouchi Building

22

85.1

235,821

3.0

25

100.0

239,342

3.1

O-38 Ichigo Toyamaeki Nishi Building

16

100.0

114,885

1.5

15

98.9

116,848

1.5

O-39 Ichigo Mirai Shinkin Building

20

95.8

77,044

1.0

19

92.2

75,5941.0

O-42 Ichigo Takamatsu Building

14

98.7

155,609

2.0

14

98.7

154,311

2.0

O-46 Ichigo Kanda Nishikicho Building

9

100.0

99,346

1.3

8

69.2

66,826

0.9

O-47 Ichigo Akihabara North Building

1

100.0

229,131

2.9

1

100.0

230,015

3.0

Ichigo Sakaisuji Honmachi
O-48
Building

15

100.0

96,835

1.2

15

100.0

96,095

1.2

Ichigo Kanda Ogawamachi
Building

9100.0

85,011

1.1

9

100.0

84,6301.1

O-50 Ichigo Hatchobori Building

7

100.0

95,823

1.2

7

100.0

98,134

1.3

O-49

O-51 Ebisu Green Glass

6

100.0

170,178

2.2

5

80.8

186,302

2.4

O-52 Ichigo Omori Building

10

100.0

134,140

1.7

10

100.0

137,445

1.8

O-53 Ichigo Takadanobaba Building

8

100.0

60,878

0.8

7

84.5

59,3330.8

O-54 Ichigo Omiya Building

30

100.0

165,102

2.1

30

100.0

164,012

2.1

O-55 Ichigo Sagamihara Building

13

100.0

60,192

0.8

13

100.0

59,8900.8

O-56 Ichigo Ofuna Building

9

100.0

93,449

1.2

9

100.0

92,577

1.2

O-57 Ichigo Sendai East Building

10

100.0

102,674

1.3

10

100.0

103,914

1.3

O-58 Ichigo Kumamoto Building

31

94.1

84,149

1.1

32

98.4

82,391

1.1

O-59 Ichigo Jingumae Building

5

89.5

203,650

2.6

6

97.1

165,802

2.1

Ichigo Shibuya Dogenzaka
O-60
Building

888.1

130,097

1.7

9

88.1

97,588

1.3

O-61 Ichigo Hiroo Building

5

100.0

136,310

1.7

5

100.0

127,485

1.7

O-62 Ichigo Sasazuka Building

6

100.0

186,312

2.4

6

100.0

184,462

2.4

O-63 Ichigo Nihonbashi East Building

7

100.0

150,181

1.9

7

100.0

149,189

1.9

O-64 Ichigo Sakurabashi Building

6

100.0

82,766

1.1

6

100.0

75,8971.0

O-65 Ichigo Shinkawa Building

5

68.8

70,775

0.9

6

90.2

65,102

0.8

O-66 Ichigo Kudan Building

10

100.0

107,273

1.4

10

100.0

108,304

1.4

O-67 Ichigo Higashi Gotanda Building

17

94.3

132,406

1.7

18

95.5

118,901

1.5

O-68 Axior Mita

11

100.0

68,332

0.9

11

100.0

68,332

0.9

O-69 Ichigo Higashi Ikebukuro Building

19

100.0

160,338

2.0

17

100.0

162,548

2.1– 13 –

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

Number of
Tenants at
Period-end(tenants)

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

(Note 1)

RentalIncome(thousandyen)

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

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-70 Koriyama Big-i (Office Section)

14

100.0

104,426

1.3

14

100.0

104,556

1.4

O-71 Ichigo Kawasaki Building

17

100.0

89,178

1.1

16

93.2

85,908

1.1

O-72 Ichigo Shibuya East Building

2

84.1

46,566

0.6

3

100.0

40,127

0.5

O-73 Ichigo Ningyocho Building

8

100.0

47,896

0.6

8

100.0

47,8380.6

O-74 Ichigo Nishi Honmachi Building

31

100.0

111,432

1.4

31

98.7

110,127

1.4

O-75 Ichigo Hakata Building

28

100.0

53,067

0.7

28

100.0

53,0590.7

O-76 Ichigo Nishiki First Building

5

82.1

75,036

1.0

6

100.0

74,006

1.0

O-77 Ichigo Ikenohata Building

7

100.0

164,835

2.1

7

100.0

164,032

2.1

O-78 Ichigo Ikebukuro East Building

3

100.0

95,706

1.2

3

100.0

96,508

1.2

O-79 Ichigo Motoazabu Building

3

100.0

67,648

0.9

3

100.0

68,2930.9

O-80 Ichigo Otsuka Building

7

100.0

102,756

1.3

7

100.0

101,940

1.3

O-81 Ichigo Nagoya Building

36

100.0

151,609

1.9

35

100.0

149,465

1.9

O-82 Ichigo Fushimi Building

40

95.7

93,997

1.2

37

94.8

92,201

1.2

O-83 Ichigo Nishiki Building

24

94.3

49,528

0.6

24

97.0

49,736

0.6

O-84 Ichigo Minami Morimachi Building

12

100.0

49,830

0.6

12

100.0

49,762

0.6

Ichigo Shibuya Udagawacho
Building

9100.0

89,935

1.1

6

67.3

75,8491.0

O-86 Win Gotanda Building

11

100.0

110,885

1.4

11

100.0

110,082

1.4

O-87 Ichigo Hongo Building

7

100.0

94,018

1.2

7

100.0

93,1901.2

O-88 Oimachi Center Building

8

100.0

74,321

0.9

8

100.0

62,9180.8

O-89 Win Gotanda Building 2

10

100.0

106,550

1.4

9

88.7

100,817

1.3

O-90 MIF Building

7

100.0

66,075

0.8

7

100.0

66,088

0.9

O-91 Ichigo Uchi Honmachi Building

18

100.0

65,723

0.8

18

100.0

65,7590.9

O-92 Ichigo Minami Otsuka Building

8

100.0

79,552

1.0

8

100.0

79,186

1.0

O-93 Ichigo Nogizaka Building

5

100.0

90,880

1.2

5

100.0

80,687

1.0

O-94 Ichigo Hakata East Building

21

100.0

74,496

0.9

20

100.0

74,3531.0

O-95 Ichigo Nakameguro Building

5

90.0

34,338

0.4

6

100.0

34,705

0.4

O-96 Ichigo Tachikawa Building

–

–

–

–

15

95.7

85,076

1.1

Z-09 Konami Sports Club Izumi Fuchu

1

100.0

63,000

0.8

1

100.0

63,0000.8

Z-10

Ichigo Shibuya Bunkamura Dori
Building

4

100.0

74,921

1.0

4

100.0

74,9791.0

Z-11

Twicere Yokohama Isogo (Retail
Section)7

80.8

57,626

0.7

7

80.8

50,728

0.7

2

100.0

53,289

0.7

2

100.0

52,911

0.7

924

97.5

7,862,088

100.0

934

97.2

7,725,167

100.0

O-85

Z-14 Ichigo Kamata Building
Total(Note 1)
(Note 2)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.

– 14 –

Details of Renewable Energy Power Generation Equipment
N/A

Details of PPP and PFI
N/ADetails of Investments in Securities
N/A

4 Status of Other Assets
Trust beneficiary rights whose major asset is real estate are included in “3. Portfolio Overview” above, and major specified assets inwhich the Investment Corporation invests as of April 30, 2021 are as follows.

Contract Value and Market Value of Specified Transactions
The table below shows the contract value and fair value of a specified transaction at Ichigo Office as of April 30, 2021.
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)

95,638,000

77,321,000―

95,638,000

77,321,000―

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.

– 15 –(Note 2)

Capital Expenditures

1 Schedule of Capital Expenditures
The major renovation-related capital expenditures planned as of April 30, 2021 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 2)

From December 2021
to December 2021

Ichigo Kumamoto Building(Kumamoto City, Kumamoto)

Elevator Upgrade(Lift No.2)

Ichigo Kumamoto Building(Kumamoto City, Kumamoto)Amount Paid in the
Fiscal Period under
Review

Amount Already Paid

50,050――From October 2021
to October 2021

29,140――Elevator Upgrade(Lift No.1)

From January 2022
to January 2022

29,140――Ichigo Nishi Honmachi Building(Nishi-ku, Osaka)

High-voltage Switching
Equipment Upgrade

From September 2021
to September 2021

24,550――Ichigo Minami Morimachi
Building (Kita-ku, Osaka)

Elevator Upgrade (Phase 1)

From October 2021
to October 2021

12,410――Ichigo Minami Morimachi
Building (Kita-ku, Osaka)

Elevator Upgrade (Phase 2)

From November 2021
to November 2021

12,410――Ichigo Yotsuya 4 Chome Building(Shinjuku-ku, Tokyo)

Exterior Wall Renovation

From March 2022
to March 2022

6,665

―

―

Total Amount2 Capital Expenditures during the Current Fiscal Period
Capital expenditures during the current fiscal period amounted to 677,483 thousand yen, and construction work of a total of 771,464
thousand yen were conducted, combined with repair expenses of 93,981 thousand yen.
Asset Name (Location)

PurposePayment Amount(thousand yen)

PeriodIchigo Nishi Honmachi Building(Nishi-ku, Osaka)

Air Conditioning Upgrade

From November 2020
to November 2020

28,936

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

Air Conditioning Upgrade

From September 2020
to December 2020

22,248

Ichigo Akasaka 5 Chome Building(Minato-ku, Tokyo)

Elevator Upgrade

From January 2021
to February 2021

10,270Ichigo Minami Morimachi Building(Kita-ku, Osaka)

Automated Parking Renovation

From March 2021
to March 2021

10,238

Other605,790

Total

677,483

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)

27th Fiscal Period
From November 1, 2018
to April 30, 201928th Fiscal Period
From May 1, 2019 to
October 31, 201929th Fiscal Period
From November 1, 2019
to April 30, 2020

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

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

1,537,351

1,491,865

1,542,418

1,546,103

1,586,617

Gains

642,828

614,687

787,498

646,051695,825

Reversals

688,314564,134

783,813605,536

724,912

1,491,865

1,542,418

1,546,103

1,586,617

1,557,530

Balance of Reserves at
Beginning of Period

Amount Brought Forward
to Next Period– 16 –

Expenses and Liabilities

1 Details of Operating Expenses(Thousand yen)

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

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

a. Asset Management Fees

777,107834,274b. Asset Custody Fees

15,092

15,079c. Administrative Service Fees

45,37043,586d. Directors’ Compensation

5,040

5,040

e. Other Operating Expenses

75,51162,012

Total

918,121959,993

2 Borrowings
The table below shows borrowings as of April 30, 2021.
Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

1,221

－

Mizuho Bank

1,221

－

LenderAozora Bank
Shinsei Bank

Loan
Date

December 10,
2014

Resona Bank

－
－

586

－

781

－

SMBC

1,952

1,950

Mizuho Bank

1,952

1,950

Aozora Bank

589

588

Shinsei Bank

771

770

1,625

1,624

MUFG BankMUFG Bank

May 7,
2015

Resona BankLongTerm
Loans

781
781

1,362

1,361

Bank of Fukuoka

447

446

ORIX Bank

447

446

SMBC

1,952

1,950

Mizuho Bank

1,952

1,950

Aozora Bank

589

588

Shinsei BankMUFG Bank

May 7,
2015

Resona Bank

773

772

1,625

1,624

1,360

1,359

Bank of Fukuoka

447

446

ORIX Bank

447

446

1,584

－

Mizuho Trust

286－

Resona Bank

572

－

572

－

Mizuho Bank

1,066

－

ORIX Bank

286－

MUFG Bank

494

－

SMBC

Aozora Bank

September 30,
2015– 17 –

Average
Interest
Rate(%)(Note 1)

Repayment
Date

Repayment
Terms

1.267
(Note 2)

December 10,
2020(Note 3)1.275
(Note 2)

May 7,
2021(Note 4)

1.347
(Note 2)

November 8,
2021(Note 4)0.985

March 31,2021

(Note 5)(Note 2)Use

Collateralized(Note 8)

No
(No Guarantee)

Lender

Loan
Date

SMBC
Mizuho BankMUFG BankMay 9,
2016

Shinsei Bank
SMBC
Mizuho BankMUFG BankMay 9,
2016

Shinsei Bank
SMBC

Balance at
Period-end(million yen)

1,436

1,435

1,040

1,039

891

891

495

495

1,436

1,435

1,040

1,039

891

891

495

495

1,783

1,782

Mizuho Bank

891

891

MUFG Bank

693

693

Shinsei Bank
Aozora BankMay 24,
2016

Bank of Fukuoka

594

594

495

495

495

495

Nishi-Nippon City Bank

495

495

Resona Bank

346

346

1,783

1,782

SMBC

Average
Interest
Rate(%)(Note 1)

Repayment
Date

Repayment
Terms

0.808
(Note 2)

May 31,
2022(Note 6)0.858
(Note 2)

November 30,
2022(Note 6)0.705
(Note 2)

May 31,
2022(Note 7)(Note 7)

Mizuho Bank

891

891

MUFG Bank

693

693

594

594

0.750

495

495

(Note 2)

November 30,
2022

Bank of Fukuoka

495

495

Nishi-Nippon City Bank

495

495

346

346

1,000

1,000

0.845
(Note 2)October 31,
2023

Lump-sum
repayment

500

500

0.675

September 30,
2021

Lump-sum
repayment

November 2,
2016

500

500

0.708

January 31,
2022

Lump-sum
repayment

SMBC

May 10,
2017

1,100

1,100

0.852

November 11,
2024

Lump-sum
repayment

Mizuho Bank

May 10,
2017

1,000

1,000

November 11,
2024

Lump-sum
repayment

Shinsei Bank

May 10,
2017

900

900

November 11,
2024

Lump-sum
repayment

Resona Bank

May 10,
2017

400

400

November 11,
2024

Lump-sum
repayment

Development Bank of JapanMay 10,
2017

2,000

2,000

May 10,2023

Lump-sum
repayment

SMBC

215

215

Mizuho Bank

340

340

283

283

237

237

October 31,
2023

Lump-sum
repayment

135

135

Shinsei BankLongTerm
Loans

Balance at
Period-start(million yen)Aozora BankMay 24,
2016

Resona BankSMBC
Development Bank of Japan
Development Bank of Japan

November 2,
2016
November 2,
2016

MUFG Bank
Resona Bank
Shinsei Bank

November 7,
2017Bank of Fukuoka

195

195

ORIX Bank

195

195

– 18 –(Note 2)0.852
(Note 2)0.852
(Note 2)0.852
(Note 2)
0.871

0.761
(Note 2)Use

Collateralized(Note 8)

No
(No Guarantee)

Balance at
Period-start(million yen)

Balance at
Period-end(million yen)

SMBC

633

633

Mizuho Bank

508

508

Lender

MUFG Bank

Loan
Date

425

425

0.948

356

356

(Note 2)

Shinsei Bank

201

201

Aozora Bank

257

257

SMBC

352

352

1,352

1,352

901

901

Shinsei Bank

901

901

Resona Bank

448

448

SMBC

400

400

Mizuho Bank

350

350

300

300

300

300

Bank of Fukuoka

225

225

The Kagawa Bank

200

200

Resona Bank

November 7,
2017

Mizuho Trust
Aozora Bank

April 27,2018

Shinsei BankMUFG BankMay 9,
2018

Nishi-Nippon City Bank

225

225

SMBC

835

835

Mizuho Bank

491

491

Shinsei Bank

393

393

393

393

Aozora Bank

393

393

Resona Bank

294

294

The Kagawa Bank

147

147

MUFG BankLongTerm
Loans

Average
Interest
Rate(%)(Note 1)

June 15,
2018

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

Repayment
Date

Repayment
Terms

October 31,
2025

Lump-sum
repayment

April 30,2026

Lump-sum
repayment

April 30,2024

Lump-sum
repayment

November 11,
2024

Lump-sum
repayment

SMBC

September 28,
2018

500

500

0.643

February 29,
2024

Lump-sum
repayment

Mizuho Bank

September 28,
2018

400

400

0.643

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

0.723

April 30,2026

Lump-sum
repayment

Shinsei Bank

October 31,
2018

200

200

0.723

April 30,2026

Lump-sum
repayment

954

954

773

773

0.975

483

483

(Note 2)September 30,
2026

Lump-sum
Repayment

656

656

830

830

0.907

570

570

(Note 2)September 30,
2026

Lump-sum
Repayment

250

250

400

400

400

400

April 30,2026

Lump-sum
repayment

MUFG Bank

300

300

Shinsei Bank

250

250
September 25,
2026

Lump-sum
repayment

September 25,
2026

Lump-sum
repayment

SMBC
Mizuho Bank
Shinsei Bank

November 30,
2018

Aozora Bank
SMBC
Aozora Bank

December 21,
2018

SMBC
Mizuho Bank
Development Bank of Japan

December 28,
2018

SMBC

April 26,
2019

1,000

1,000

Resona Bank

April 26,
2019

1,000

1,000

– 19 –

0.962(Note 2)0.850
(Note 2)0.867
(Note 2)0.867
(Note 2)Use

Collateralized(Note 8)

No
(No Guarantee)

Balance at
Period-end(million yen)

1,000

1,000

SMBC

1,239

1,239

Mizuho Bank

1,074

1,074

Shinsei Bank

743

743

0.822

743

743

Resona Bank

743

743

ORIX Bank

413

413

July 31,2019

413

September 30,
2019

LenderBank of Fukuoka

Aozora Bank

The Kagawa Bank
SMBC

April 26,
2019

July 31,
2019

SMBC
Mizuho Bank
Shinsei Bank

November 29,
2019

MUFG Bank

Repayment
Date

Repayment
Terms

September 25,
2026

Lump-sum
repayment(Note 2)

March 25,
2027

Lump-sum
repayment

413

0.698
(Note 2)September 25,
2025

Lump-sum
repayment

692

692

0.726
(Note 2)

March 25,
2026

Lump-sum
repayment

672

672

610

610

0.844

641

641

(Note 2)September 27,
2027

Lump-sum
repayment

September 27,
2027

Lump-sum
repayment

0.668

March 25,
2027

Lump-sum
repayment

0.488

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(Note 2)

August 25,
2028

Lump-sum
repayment

0.569(Note 2)September 25,
2025

Lump-sum
repayment

0.787(Note 2)

November 27,
2028

Lump-sum
repayment

549

549

SMBC

1,224

1,224

Mizuho Bank

1,224

1,224

Shinsei Bank

0.867
(Note 2)

783

783

0.876

783

783

(Note 2)

783

783

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

MUFG Bank

December 16,
2019

Aozora Bank
Resona Bank
The Kagawa BankLongTerm
Loans

Average
Interest
Rate(%)(Note 1)

Balance at
Period-start(million yen)

Loan
Date

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

SMBC

－

407

MUFG Bank－

781

Resona Bank

－

586

－

407

Shinsei Bank－

260

Aozora Bank

－

260

SMBC

－

814

－

814

－

521

－

521

Mizuho Bank

Mizuho Bank
Shinsei Bank
Aozora Bank

December 10,
2020

December 10,
2020– 20 –

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

Use

Collateralized(Note 8)

No
(No Guarantee)

Lender

Loan
Date

Balance at
Period-end(million yen)

Average
Interest
Rate(%)(Note 1)

Repayment
Date

Repayment
Terms

SMBC

December 18,
2020

－

800

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

Mizuho Bank

December 18,
2020

－

700

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

Bank of Yokohama Bank

December 18,
2020

－

500

0.802
(Note 2)

November 27,
2028

Lump-sum
repayment

－

527

－

494

－

355

0.479

September 25,
2024

Lump-sum
repayment

Bank of Yokohama－

285

Mizuho Trust & Banking

－

95

SMBC

－

1,055

－

710

－

571

0.876
(Note 2)

March 26,
2029

Lump-sum
repayment

Resona Bank－

571

Mizuho Trust & Banking－

190

103,945

105,896

SMBC
MUFG BankLongTerm
Loans

Balance at
Period-start(million yen)March 31,2021

Mizuho Bank

Mizuho Bank
March 31,
2021

Aozora Bank

Total

Use

Collateralized(Note 8)

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 December 10, 2020.
(Note 4) 4 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) The remaining balance was repaid on March 31, 2021.
(Note 6) 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 balance at period-end includes long-term borrowings due within one year of 7 million yen.
(Note 7) 2 million yen is repaid on the final business day every three months, and the remaining balance will be repaid on the last due date.
The balance at period-end includes long-term borrowings due within one year of 11 million yen.
(Note 8) The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.

– 21 –

3 Investment Corporation Bonds
The status of investment corporation bonds outstanding as of April 30, 2021 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

5,400

5,400

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– 22 –

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 Name

Date

Sales

Price
(million yen)Price(million yen)

Date

(Note 1)

Ichigo Tachikawa Building(Note 1)

December 18,
2020(Note 1)

3,830―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

Asset Name

Acquisition Ichigo Tachikawa Building(Note 1)
(Note 2)

Transaction
Date
December 18, 2020

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

(Note 1)

(Note 2)

3,830

Appraiser

4,000 Daiwa Real Estate Appraisal Co., Ltd

Date of
Appraisal
November 1, 2020

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 November 1, 2020 to April 30, 2021, 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.

– 23 –

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.

– 24 –

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 (%)

22nd Fiscal Period (May 1, 2016 to October 31, 2016)

1,400

98,98023rd Fiscal Period (November 1, 2016 to April 30, 2017)

1,400

88,3400.1

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

1,400

103,040

0.1

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(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.

– 25 –

0.1

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

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

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

5 OtherIn this document, whole numbers are rounded down and ratios are rounded off, unless otherwise specified.
（Auditor’s Report 用に確保）- 26 -

1. Financial Statements(1) Balance Sheet
Previous fiscal period(As of October 31, 2020)
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
Land
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) real estate equity interest
Lease and guarantee deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance expenses
Total deferred assets
Total Assets- 31 -(Thousand Yen)
Current fiscal period(As of April 30, 2021)

12,255,742
13,933,066
30,923413,999－
4,068
26,637,799

8,884,298
14,194,614
13,030444,428
59,893
2,316
23,598,581

7,116,749(1,855,835)
5,260,913
26,472(23,992)
2,480
333,883(181,060)
152,823
66,648(49,728)
16,92015,638,558
44,203,750(9,020,897)
35,182,853
66,046(32,540)
33,506689,618(340,159)
349,459
241,607(154,044)
87,563
137,827,799
4,362
194,557,241

7,208,238(1,964,818)
5,243,420
29,066(24,293)
4,773
336,180(194,478)
141,70267,417(52,365)
15,052
15,638,558
45,672,055(9,721,825)
35,950,230
69,520(34,504)
35,015773,363(367,569)
405,794
268,992(169,005)
99,986140,668,104
5,137
198,207,776

4,494,579
4,494,579

4,494,579
4,494,579

50,65410,0001,077,427
106,742
1,244,824
200,296,645－
10,0001,188,361
113,058
1,311,420
204,013,776

46,135
46,135226,980,580

42,43042,430227,654,788

Previous fiscal period(As of October 31, 2020)
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- 32 -(Thousand Yen)
Current fiscal period(As of April 30, 2021)

677,572
19,941,293
603,607
15,264605
137,830
1,473,971
17,72522,867,869

588,212
19,317,000
974,987
13,316605
77,741
1,577,403
20,61922,569,885

5,400,000
84,004,250
1,468,543
8,893,934
10,207
92,97599,869,911
122,737,780

5,400,000
86,579,000
1,512,979
9,032,195
19,36093,765
102,637,300
125,207,186

67,675,274

67,675,274

20,566,420－
20,566,420*2 (1,499,919)

20,566,420
19,066,500

3,368,625

3,368,625*3 9,319,544*3 9,214,544

12,688,170
3,312,935
36,567,525
104,242,800*1 104,242,800
226,980,580

12,583,170
3,122,657
34,772,328
102,447,602*1 102,447,602
227,654,788

(2) Income Statement(Thousand yen)Previous fiscal period(May 1, 2020 to
October 31, 2020)
Operating Revenue
Rental revenue
Other rental revenue
Dividend from TK (tokumei kumiai) real estate
equity interest
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
Other
Total non-operating expenses
Recurring Profit
Pre-tax income
Income taxes - current
Total income taxes
Net Income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

7,267,491*1 7,165,612*1 594,597*1 559,554

1,654

－

7,863,743

7,725,167*1 2,852,712*1 2,841,732

777,107
15,09245,3705,040
75,5113,770,834
4,092,909

834,274
15,07943,586
5,040
62,0123,801,726
3,923,441

121
783
640
500
2,045

124
861
－
491
1,477

517,240
260,408
3,766－
781,4143,313,540
3,313,540
605
605
3,312,935－
3,312,935

494,155
301,355
3,705
3,376
802,592
3,122,326
3,122,326
605
605
3,121,721
935
3,122,657*1- 33 -

Current fiscal period(November 1, 2020 toApril 30, 2021)

(3) Statement of Changes in Net Assets
Previous fiscal period (May 1, 2020 to October 31, 2020)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at beginning of period

Discretionary reserves
Capital reserve
surplus67,675,274

20,566,420

Dividend reserve

Temporarydifference
adjustment
reserve

Total discretionary
reserves

3,002,120

9,424,544

12,426,665

366,505－

366,505(105,000)(105,000)

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

366,505(105,000)

261,505

67,675,274

20,566,420

3,368,625

9,319,544

12,688,170

Total
shareholders’equityTotal net assets

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed
loss)
Balance at beginning of period

Total surplus

3,575,841

36,568,927

104,244,202

104,244,202(366,505)－－－

105,000－－－

Dividends(3,314,336)(3,314,336)(3,314,336)(3,314,336)

Net Income

3,312,935

3,312,935

3,312,935

3,312,935

Total changes during period(262,906)(1,401)(1,401)(1,401)

Balance at period-end

3,312,935

36,567,525

104,242,800

104,242,800

Changes during period
Increase in dividend reserve
Release from temporary
difference adjustment
reserve- 34 -

Current fiscal period (November 1, 2020 to April 30, 2021)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at beginning of period

Capitalreserve
surplus67,675,274

Discretionary reserves

Capitalreserve
surplusdeduction

Capitalreserve
surplus (net)

Dividend
reserve

Temporarydifference
adjustment
reserve

Total
discretionary
reserves－

20,566,420

3,368,625

9,319,544

12,688,170(105,000)(105,000)

20,566,420

Changes during the period
Release from temporary
difference adjustment
reserve
Dividends
Net Income
Share Buyback
Share Cancellation
Total changes during the period
Balance at period-end(1,499,919)(1,499,919)－－(1,499,919)(1,499,919)－(105,000)(105,000)

67,675,274

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

19,066,500

3,368,625

9,214,544

12,583,170

Shareholders’ equity
Surplus
Unappropriatedretained earnings(undisposed
loss)

Treasury
SharesTotal surplus

3,312,935

36,567,525

105,000

Dividends
Net Income

Balance at beginning of period

Totalshareholders’equity－Total net assets

104,242,800

104,242,800

－

－

－

(3,417,000)(3,417,000)(3,417,000)(3,417,000)

3,121,721

3,121,721

3,121,721

3,121,721(1,499,919)(1,499,919)(1,499,919)(1,499,919)

1,499,919－－

Changes during the period
Release from temporary
difference adjustment
reserve

Share Buyback
Share Cancellation
Total changes during period(190,278)(1,795,197)－(1,795,197)(1,795,197)

Balance at period-end

3,122,657

34,772,328－

102,447,602

102,447,602- 35 -

(4) Statement of Dividends
Previous fiscal period(May 1, 2020 to
October 31, 2020)
Ⅰ. Unappropriated Retained Earnings
II. Discretionary Reserve Reversal
Reversal of Temporary Difference
Adjustment Reserve
III. Total Dividends(Dividend per share)
IV. Discretionary Reserves

3,312,935,101 yen

3,122,657,050 yen

105,000,000 yen

105,000,000 yen

3,417,000,010 yen（2,230 yen）

3,226,498,444 yen（2,132 yen）

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

Current fiscal period(November 1,2020 toApril 30,2021)

935,091 yen
The distribution policy set out in
Article 37 of the Articles ofIncorporation of the Investment
Corporation stipulates that the amountof dividends shall exceed 90% of“profit available for dividend” asprovided for in Article 67-15,
Paragraph 1 of the Act on Special
Measures Concerning Taxation. Basedon this policy, the decision was madeto distribute, as dividends,
3,417,000,010 yen, which was theentire amount excluding the fractional
portion where the amount of dividends
per share was less than 1 yen from theamount after adding 105,000,000 yenof the reversal of the temporary
difference adjustment reserve to
3,312,935,101 yen of unappropriatedretained earnings. As a result, dividend
per share came to 2,230 yen.

- 36 -

1,158,606 yen
The distribution policy set out in
Article 37 of the Articles ofIncorporation of the Investment
Corporation stipulates that the amountof dividends shall exceed 90% of“profit available for dividend” asprovided for in Article 67-15,
Paragraph 1 of the Act on Special
Measures Concerning Taxation. Basedon this policy, the decision was madeto distribute, as dividends,
3,226,498,444 yen, which was theentire amount excluding the fractional
portion where the amount of dividends
per share was less than 1 yen from theamount after adding 105,000,000 yenof the reversal of the temporary
difference adjustment reserve to
3,122,657,050 yen of unappropriatedretained earnings. As a result, dividend
per share came to 2,132 yen.

(5) Cash Flow Statement(Thousand yen)Previous fiscal period(May 1, 2020 to
October 31, 2020)
Cash flows from operating activities
Pre-tax income
Depreciation
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
Other
Subtotal
Purchase of property, plant and equipment
Interest expenses paid
Income taxes paid
Net Cash flows from (used for) operations
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Proceeds from tenant leasehold and security deposits
Repayments from tenant leasehold and security
deposits
Proceeds from tenant leasehold and security deposits intrust
Repayments from tenant leasehold and security
deposits in trust
Increase due to redemption of equity interest
Net Cash flows from (used for) investments
Cash flows from financing activities
Increase in long-term borrowings
Decrease in long-term borrowings
Share buyback
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- 37 -

Current fiscal period(November 1, 2020 toApril 30, 2021)

3,313,540
838,322(121)
517,240(11,481)－
9,896(34,748)(96,711)45,370
11,136(64,184)(28,931)4,499,327
121(513,449)(605)
3,985,394

3,122,326
870,602(124)
494,155
17,892(59,893)(30,429)(110,934)(60,089)(101,112)
371,380
103,432
4,851
4,622,057
124(496,102)(605)
4,125,474(41,741)(457,439)
96,984(94,251)(4,414,937)
108,067(163,566)(63,631)207,611568,130(401,552)(429,869)－(759,705)

50,654(4,275,838)

9,572,000(9,623,789)－(3,312,810)(3,364,599)(138,910)
26,243,499*1 26,104,589

12,224,000(10,273,543)(1,499,919)(3,416,058)(2,965,521)(3,115,884)
26,104,589*1 22,988,704

(6) Notes to Financial Statements(Going concern note)
N/A(Summary of Significant Accounting Policies)
1. Standards and methods for valuation Securities
of securities
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 are accounted for using the equity 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 fixed asset taxes, etc.
revenues and expenses
Of the amount of fixed asset taxes, city planning taxes and depreciable asset taxes imposed onreal estate owned that was assessed and determined, the amount corresponding to the relevant
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.
The amount corresponding to fixed asset taxes that was included in the acquisition costs ofreal estate for the previous fiscal period was 783 thousand yen.
5. 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.
6. Scope of funds on the cash flow
Funds (cash and cash equivalents) on the cash flow statement consist of cash on hand, cash
statement
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.
7. 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 allstatements
income 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 arelisted separately on the balance sheet.
(i) Cash and deposits in trust(ii) Buildings in trust; structures in trust; machinery and equipment in trust; tools,
furniture and fixtures in trust; land in trust; construction in progress in trust; and landleasehold rights in trust(iii) Tenant leasehold and security deposits in trust(2) Accounting for consumption taxes
The accounting for consumption taxes is tax exclusive. Non-deductible consumption taxes
on assets are included in the acquisition costs of individual assets.

- 38 -

(Notes to accounting standards not yet applied)- “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 on March 31, 2020, Accounting Standards Board of Japan)- “Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30 on March 31, 2021,
Accounting Standards Board of Japan)(1) Overview
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States
jointly developed comprehensive accounting standards for revenue recognition, and “Revenue from Contracts with Customers” wasissued in May 2014 (IFRS 15 in IASB and Topic 606 in FASB). Given that IFRS 15 and Topic 606 would be applied from a businessyear starting on or after January 1, 2018 and after December 15, 2017, respectively, the Accounting Standards Board of Japan (ASBJ)
developed comprehensive standards for revenue recognition and published the Accounting Standard for Revenue Recognition with
the Implementation Guidance.
The basic policy of ASBJ for the development of accounting standards for revenue recognition is believed to set the accounting
standards from the perspective of comparability between financial statements, which is one of the benefits of promoting consistency
with IFRS 15, with the incorporation of the basic principles of IFRS 15 as a starting point, and if there are items that should beconsidered in practices implemented in Japan, to add alternative handlings to the extent to which comparability is not impaired.
(2) Planned date of application
The Accounting Standard for Revenue Recognition, etc. will be applied at the beginning of the fiscal period ending October 2021.
(3) Impact of applying the accounting standard, etc.
The amount of the impact of applying the Accounting Standard for Revenue Recognition, etc. on the financial statements is currently
under review.
- “Accounting Standard for Fair Value Management” (ASBJ Statement No.30 on July 4, 2019, Accounting Standards Board of Japan)- “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10 on July 4, 2019, Accounting Standards Board of Japan)- “Implementation Guidance on Accounting Standard for Fair Value Management” (ASBJ Guidance No. 31 on July 4, 2019, AccountingStandards Board of Japan)(1) Overview
IASB and FASB issued new common fair value management measurements (IFRS 13 in IASB and Topic 820 in FASB) to develop
accounting standards for fair value management. Under these circumstances, ASBJ also developed an accounting standard for fairvalue measurement and issued a new standard together with its implementation guidance.
As a basic policy for the development of the new standard, ASBJ determined to generally adopt all the principles of IFRS 13 in orderto enhance the comparability of financial statements among domestic and overseas companies, by applying the consistent measurement
methods. However, for any item to be considered arising from business practices in Japan, other treatments for the item shall be
determined to the extent that comparability is not impaired.
(2) Planned date of application
The Accounting Standard for Fair Value Management, etc. will be applied at the beginning of the fiscal period ending October 2021.
(3) Impact of applying the accounting standard, etc.
The amount of the impact of applying the Accounting Standard for Fair Value Management, etc. on the financial statements is currently
under review.

- 39 -

Notes(Notes to balance sheet)*1. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporation(Thousand yen)Previous fiscal period(As of October 31, 2020)

Current fiscal period(As of April 30, 2021)

50,00050,000Previous fiscal period(As of October 31, 2020)

Current fiscal period(As of April 30, 2021)*2. Cancellation of Treasury Shares

No. of shares cancelled
Total amount of sharescancelled (JPY thousand)－

18,920－1,499,919*3. Provision and reversal of temporary difference adjustment reserves
Previous fiscal period (As of October 31, 2020)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,424,544－

105,000

9,319,544(Thousand yen)
Reasons forprovision andreversalAppropriation
to dividends(Note) The initial amount of gain on negative goodwill is the amount previously transferred from gain on negative
goodwill to the temporary difference adjustment reserves account. The entire amount will be equally reversed
within 50 years. For the current fiscal period, 105,000,000 yen was reversed from the reserve.
Current fiscal period (As of April 30, 2021)
InitialamountGain on
Negativegoodwill(Note)

10,432,940

Balance at
beginning of
periodAmountreserved
during period

Amountreversedduring period

Balance at
end of period

9,319,544－

105,000

9,214,544(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.

- 40 -

(Notes to Income Statement)*1. Details of real estate rental income(Thousand yen)Previous fiscal period(May 1, 2020 to
October 31, 2020)

Current fiscal period(November 1, 2020 toApril 30, 2021)

5,968,650
972,042
262,743
64,055

7,267,491

5,866,808
965,585
270,179
63,038

7,165,612

529,526
65,070594,597496,848
62,705559,554

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

7,862,088

7,725,167

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

647,476
485,627
34,699691,847
428,352
37,994

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

838,322
126,863
660,949
16,90941,863870,602
93,981
658,60918,411
41,931

Total real estate rental expenses
C． Net rental income（A-B）- 41 -

2,852,712

2,841,732

5,009,376

4,883,435

(Statement of changes in net assets)
Previous fiscal period(May 1, 2020 to
October 31, 2020)
Total number of authorized shares and total number ofshares issued and outstanding
Total number of authorized shares
Total number of shares issued and outstanding

14,000,000 shares
1,532,287 shares

Current fiscal period(November 1, 2020 toApril 30, 2021)

14,000,000 shares
1,513,367 shares(Notes to statement of dividends)
Previous fiscal period(May 1, 2020 to
October 31, 2020)

Current fiscal period(November 1, 2020 toApril 30, 2021)

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

- 42 -

(Notes to cash flow statement)*1. Relationship between cash and cash equivalents at the end of the fiscal period and items shown on the Balance Sheet(Thousand yen)
Current fiscal period
Previous fiscal period(May 1, 2020 to(November 1, 2020 to
October 31, 2020)
April 30, 2021)
Cash and deposits
Cash and deposits in trust
Miscellaneous deposits

12,255,742
13,933,066(84,219)8,884,298
14,194,614(90,208)

Cash and cash equivalents

26,104,589

22,988,704(Notes to lease transactions)Operating lease transactions(Lessee)Previous fiscal period(May 1, 2020 to
October 31, 2020)(Thousand yen)
Current fiscal period(November 1, 2020 toApril 30, 2021)

Outstanding lease charges
One year or lessOver one year

71,9351,000,883

67,289961,930

Total

1,072,818

1,029,220(Lessor)Previous fiscal period(May 1, 2020 to
October 31, 2020)(Thousand yen)
Current fiscal period(November 1, 2020 toApril 30, 2021)

Outstanding lease charges
One year or lessOver one year

6,564,526
1,088,964

7,573,266
1,228,946

Total

7,621,436

8,802,213- 43 -

(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
In addition to values based on market prices, the market value of financial instruments includes values based on reasonable calculations
when there is no market price. Because of certain parameters, etc. are adopted in the calculation of the values concerned, there may
be cases where the values concerned will vary when different parameters, etc. are adopted.
2. Matters concerning the market value, etc. of financial instruments
The carrying amount on the balance sheet on October 31, 2020, the market value, and the difference between the carrying amount andthe market value were as follows.
Financial instruments whose market value is deemed to be extremely difficult to determine are not included in the table below (see(Note2)), and those that are not material are omitted.
(Thousand yen)
Carrying valueMarket value

Difference(1) Cash and deposits

12,255,742

12,255,742－(2) Cash and deposits in trust

13,933,066

13,933,066－

26,188,808

26,188,808－(3) Long-term borrowings (due within one year)

19,941,293

19,975,014

33,721(4) Investment corporation bonds

5,400,000

5,325,970(74,029)(5) Long-term borrowings

84,004,250

84,866,346

862,096

109,345,543

110,167,331

821,788

Total assets

Total liabilities－－－(6) Derivative transactions(Note 1) Matters concerning the calculation method of the market value of financial instruments and derivative transactions(1) Cash and deposits (2) Cash and deposits in trust
The book value is used as the market value because the market values of these items are almost equal to their book values
since they are settled within a short period of time.
(3) Long-term borrowings (due within one year) (5) 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.
(4) 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.
(6) Derivative transactions
Please refer to “Notes to Derivative Transactions” below.

- 44 -

The carrying amount on the balance sheet on April 30, 2021, the market value, and the difference between the carrying amount and themarket value were as follows:
Financial instruments whose market value is deemed to be extremely difficult to determine are not included in the table below (see(Note2)), and those that are not material are omitted.
(Thousand yen)
Carrying valueMarket value

Difference(1) Cash and deposits

8,884,298

8,884,298－(2) Cash and deposits in trust

14,194,614

14,194,614－

23,078,912

23,078,912－(3) Long-term borrowings (due within one year)

19,317,000

19,348,724

31,724(4) Investment corporation bonds

5,400,000

5,326,130(73,869)(5) Long-term borrowings

86,579,000

87,364,694

785,694111,296,000

112,039,548

743,548

Total assets

Total liabilities－－－(6) Derivative transactions(Note 1) Matters concerning the calculation method of the market value of financial instruments and derivative transactions(1) Cash and deposits (2) Cash and deposits in trust
The book value is used as the market value because the market values of these items are almost equal to their book values
since they are settled within a short period of time.
(3) Long-term borrowings (due within one year) (5) 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.
(4) 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.
(6) Derivative transactions
Please refer to “Notes to Derivative Transactions” below.
(Note 2) Financial instruments whose market value is deemed to be extremely difficult to determineClassification(Thousand yen)
Current fiscal period(November 1, 2020 toApril 30, 2021)

Previous fiscal period(May 1, 2020 to
October 31, 2020)(1) TK (tokumei kumiai) real estate
equity interest

50,654－(2) Tenant leasehold and security
deposits

1,468,543

1,512,979(3) Tenant leasehold and security
deposits in trust

8,893,934

9,032,195(1) TK (tokumei kumiai) real estate equity interest is not subject to the disclosure of market values because it is deemed to be
extremely difficult to rationally estimate future cash flows given that they do not have a market price.
(2) (3) Tenant leasehold and securities deposits deposited by lessees in leasehold assets and tenant leasehold and securities deposits intrust are not subject to the disclosure of market values because it is deemed to be extremely difficult to rationally estimate future cash
flows given that they do not have a market price and that it is difficult to determine the substantive deposit period of lessees fromwhen they move in until they vacate the asset.

- 45 -

(Note 3) Maturity profile of monetary receivables after the fiscal period-end date (October 31, 2020)(Thousand yen)
Due after 1 year Due after 2
Due after 3
Due after 4
Due after
Due withinbutyears but within years but within years but within
5 years
1 year
within 2 years
3 years
4 years
5 years
Cash and deposits

12,255,742

―

―

―

―

―

Cash and deposits in trust

13,933,066

―

―

―

―

―

26,188,808

―

―

―

―

―

Total

Maturity profile of monetary receivables after the fiscal period-end date (April 30, 2021)(Thousand yen)
Due after 1 year Due after 2
Due after 3
Due after 4
Due within
Due afterbutyears but within years but within years but within
1 year
5 years
within 2 years
3 years
4 years
5 years
Cash and deposits

8,884,298

―

―

―

―

―

Cash and deposits in trust

14,194,614

―

―

―

―

―

23,078,912

―

―

―

―

―

Total

(Note 4) Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (October 31, 2020)(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
19,941,293
―
―
―
―
―
(due within one year)
Investment corporation bonds

―

―

―

―

1,000,000

4,400,000

Long-term borrowings―

19,292,000

17,270,250

2,900,000

9,139,000

35,403,000

19,941,293

19,292,000

17,270,250

2,900,000

10,139,000

39,803,000

Total

Maturity profile of investment corporation bonds and long-term loans after the fiscal period-end date (April 30, 2021)(Thousand yen)
Due after
Due after
Due after
Due after
Due after
Due within
1 year but
2 years but
3 years but
4 years but
5 years
1 year
within 2 years within 3 years within 4 years within 5 years
Long-term borrowings
19,317,000
―
―
―
―
―
(due within one year)
Investment corporation bonds

―

―

―

1,000,000

1,000,000

3,400,000

Long-term borrowings―

19,266,000

10,547,000

8,102,000

13,340,000

35,324,000

19,317,000

19,266,000

10,547,000

9,102,000

14,340,000

38,724,000

Total(Securities)
Previous fiscal period (As of October 31, 2020)
TK (tokumei kumiai) real estate equity interest (book value of 50,654 thousand yen) is not subject to the disclosure of market values
because it is deemed to be extremely difficult to rationally estimate future cash flows given that they do not have a market price.
Current fiscal period (As of April 30, 2021)
N/A- 46 -

(Notes to derivative transactions)
1. Non-hedge accounting derivatives
Not applicable in the previous fiscal period (ended October 31, 2020) and the current fiscal period (ended April 30, 2021).
2. Hedge accounting derivatives
Previous fiscal period (As of October 31, 2020)
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
95,443,543
76,002,250 (Note)–(pay fixed, receive
borrowings
floating)(Note) Interest rate swaps accounted under the special treatment method are processed together with the hedged items (in this case, along-term borrowing). Therefore, their market values are included in the market values of (3) Long-term borrowings (due within
one year) (5) long-term borrowings payable in (Note 1) of “Notes to financial instruments, 2. Matters concerning the market
value, etc. of financial instruments” above.
Special treatment ofinterest rate swaps

Current fiscal period (As of April 30, 2021)
Method of hedge
accounting

Type of derivativetransaction

Contract amount
Main hedged item

Over a year

(Thousand yen)Calculation
Marketmethod ofvaluemarket value

Interest rate swap
transaction
Long-term
95,638,000
77,321,000 (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 (3) Long-term borrowings (due within
one year) (5) long-term borrowings payable in (Note 1) of “Notes to financial instruments, 2. Matters concerning the market
value, etc. of financial instruments” above.
Special treatment ofinterest rate swaps(Notes to retirement benefits)
Previous fiscal period (As of October 31, 2020)
N/A
Current fiscal period (As of April 30, 2021)
N/A- 47 -

(Notes to tax effect accounting)
1. Breakdown of deferred tax assets and liabilities by major cause
Previous fiscal period(As of October 31, 2020)
Deferred tax assets
Valuation difference of assets transferred at merger
5,279,383
Asset retirement obligations
1,241
Tax loss carried forward
264,884
Other
22
Subtotal
Valuation allowance(Thousand yen)
Current fiscal period(As of April 30, 2021)
5,266,735
1,338
264,886
14

5,545,531(5,545,531)

5,532,975(5,532,975)

–

–

–

–

Total deferred tax assets
Deferred tax assets (net)

2. Breakdown of tax rate differences between the statutory tax rate and the effective tax rate by major cause
Previous fiscal period
Current fiscal period(As of October 31, 2020)(As of April 30, 2021)
Statutory tax rate
(Adjustment)
Deductible dividend distribution
Change in valuation allowance
Use of tax loss carried forward
Other

31.46%

31.46%(31.11%)(0.35%)
0.00%
0.02%

(31.11%)(0.35%)
0.00%
0.02%

0.02%

0.02%

Effective tax rate
(Notes to share of profit and loss of entities accounted for using the equity method)
Previous fiscal period (May 1, 2020 to October 31, 2020)
N/A
Current fiscal period (November 1, 2020 to April 30, 2021)
N/A(Notes to related party transactions)
1. The parent company and principal shareholders of Ichigo Office
Not applicable in the previous fiscal period (from May 1, 2020 to October 31, 2020) and the current fiscal period (from November 1,
2020 to April 30, 2021)
2. Affiliated companies
Not applicable in the previous fiscal period (from May 1, 2020 to October 31, 2020) and the current fiscal period (from November 1,
2020 to April 30, 2021)
3. Fellow subsidiaries
Not applicable in the previous fiscal period (from May 1, 2020 to October 31, 2020) and the current fiscal period (from November 1,
2020 to April 30, 2021)
4. Directors and principal individual shareholders
Not applicable in the previous fiscal period (from May 1, 2020 to October 31, 2020) and the current fiscal period (from November 1,
2020 to April 30, 2021)(Asset retirement obligations)
Previous fiscal period (May 1, 2020 to October 31, 2020)
The statement is omitted because the total amount of asset retirement obligations is not material.
Current fiscal period (November 1, 2020 to April 30, 2021)
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(May 1, 2020 to(November 1, 2020 to
October 31, 2020)
April 30, 2021)
Carrying amount
Balance at the beginning of period
Office192,856,225

Increase (decrease) during period

192,633,710(222,514)

3,659,814

Balance at period-end

192,633,710

196,293,525

Market value at period-end

232,898,000

237,093,000

Balance at the beginning of period

6,440,815

6,413,747

Increase (decrease) during period(27,067)(10,055)

Balance at period-end

6,413,747

6,403,692

Market value at period-end

7,500,000

6,936,000

Balance at the beginning of period

199,297,040

199,047,458

Increase (decrease) during period(249,582)

3,649,759

199,047,458

202,697,218

Carrying amount

Other

Carrying amount

Total

Balance at period-end

Market value at period-end
240,398,000
244,029,000(Note 1) The carrying amounts represent the amounts after deducting the accumulated depreciation from the acquisition costs.
(Note 2) The major decrease in rental assets during the previous fiscal period was due to depreciation.
The major increase during the current fiscal period was due to the acquisition of trust beneficiary interests in real estate of one
asset (3,833,554 thousand yen), and the major decrease was 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.”- 49 -

(Segment information)
The segment information is omitted because Ichigo Office has only one segment of real estate rental business.
(Related information)
Previous fiscal period (May 1, 2020 to October 31, 2020)
1. Information by product and service
The statement is omitted because operating revenue from external customers in a single product and service category comprises morethan 90% of operating revenue on the Income Statement.
2. Information by region(1) Operating revenue
The statement is omitted because operating revenue from external customers in Japan comprises more than 90% of operating revenue
on the income statement.
(2) Property, plant and equipment
The statement is omitted because the amount of property, plant and equipment located in Japan comprises more than 90% of theamount of property, plant and equipment on the balance sheet.
3. Information by main customer
The statement is omitted because all operating revenue from a single external customer comprises less than 10% of operating revenue
on the income statement.
Current fiscal period (November 1, 2020 to May 30, 2021)
1. Information by product and service
The statement is omitted because operating revenue from external customers in a single product and service category comprises morethan 90% of operating revenue on the income statement.
2. Information by region(1) Operating revenue
The statement is omitted because operating revenue from external customers in Japan comprises more than 90% of operating revenue
on the income statement.
(2) Property, plant and equipment
The statement is omitted because the amount of property, plant and equipment located in Japan comprises more than 90% of theamount of property, plant and equipment on the balance sheet.
3. Information by main customer
The statement is omitted because all operating revenue from a single external customer comprises less than 10% of operating revenue
on the income statement.
(Notes to per-share information)
Current fiscal period(November 1, 2020 toApril 30, 2021)

Previous fiscal period(May 1, 2020 to
October 31, 2020)

Net assets per share (yen)68,03067,695
Net income per share (yen)
2,162
2,050
(Note 1) Net income per share is calculated by dividing net income by the daily weighted average number of shares. Diluted net
income per share is not stated because there are no dilutive shares.
(Note 2) The basis for calculating net income per share is as follows.
Current fiscal period(November 1, 2020 toApril 30, 2021)

Previous fiscal period(May 1, 2020 to
October 31, 2020)
Net Income(Thousand yen)Amount not attributable to common shareholders(Thousand yen)－－

Net income attributable to common shareholders(Thousand yen)

3,312,935

3,121,721(Shares)

1,532,287

1,522,356

Average number of shares during period(Notes to Significant Subsequent Events)
N/A- 50 -

3,312,935

3,121,721

(7) Supplementary Schedules(i) Schedule of securities(a) Stocks
N/A(b) Securities other than stocks
N/A(ii) Contract value and market value of derivative transactions and forward exchange contracts(Thousand yen)Contract amount (Note 1)

Classification

Type

Transactions other than market
transactions

Interest rate swap
(pay fixed, receive floating)

Exceeding 1 year
95,638,000

Market value (Note 2)

77,321,000

–

–
Total
95,638,000
77,321,000(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.

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

Property,plant andequipment

Accumulated depreciation or
Balance atBalance at end accumulated amortization
Balance at end
Increase during
Decrease
beginning ofof current
Depreciation or of current
periodduring period
current period
periodperiodamortization
during period

Buildings

7,116,749

91,489―7,208,238

1,964,818

108,983

5,243,420(Note)

Structures

26,472

2,594―

29,06624,293300

4,773(Note)

Machinery and equipment

333,883

2,296―

336,180

194,478

13,417

141,702(Note)

Tools, furniture and fixtures

66,648768―

67,41752,365

2,637

15,052(Note)

Land

15,638,558――

15,638,558――

15,638,558

Buildings in trust

44,203,750

1,468,305―

45,672,055

9,721,825

700,928

35,950,230(Note)

Structures in trust

66,046

3,473―

69,52034,504

1,963

35,015(Note)

689,618

83,745―773,363367,569

27,410405,794(Note)

241,607

27,384―

268,992

169,005

14,961

99,986(Note)

137,827,799

2,840,304―

140,668,104――

140,668,104

4,362

817

41

5,137

―

―

5,137

206,215,499

4,521,179

41

210,736,636

12,528,860

870,602198,207,776

4,494,579――

4,494,579――

4,494,579

4,494,579――

4,494,579――

4,494,579

210,710,078

4,521,179

41

215,231,216

12,528,860

870,602202,702,355

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

Remarks

trust

assetsSubtotal
Total(Note) The major increase during the current fiscal period was due to the acquisition of Ichigo Tachikawa Building in real estate of one
asset (3,833,554 thousand yen), and the major decrease was depreciation.
(iv) Schedule of other specified assets
N/A- 51 -

(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

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

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

5,400,000–

5,400,000

Total

Use

Security

November 28,
Unsecured/(Note 1)
2025
unguaranteed

–

–

–

–

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

–

–

–

1,000,000

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

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

1,221,150－

1,221,150－

Mizuho Bank

1,221,170－

1,221,170－

Aozora Bank

781,550－

781,550－

Shinsei Bank

781,550－

781,550－

Resona Bank

586,170－

586,170－

MUFG Bank

781,550－

781,550－

SMBC

1,952,286

－

1,974

1,950,312

Mizuho Bank

1,952,286

－

1,974

1,950,312

Aozora Bank

589,444－596

588,848

Shinsei Bank

771,420－780

770,640

MUFG Bank

1,625,916

－

1,644

1,624,272

Resona Bank

1,362,842

－

1,378

1,361,464

447,028－452

446,576

LenderBank of Fukuoka

447,028－452

446,576

SMBC

1,952,286

－

1,974

1,950,312

Mizuho Bank

1,952,286

－

1,974

1,950,312

Aozora Bank

589,444－596

588,848

Shinsei Bank

773,398－

782

772,616

MUFG Bank

1,625,916

－

1,644

1,624,272

Resona Bank

1,360,864

－

1,376

1,359,488

Bank of Fukuoka

447,028－452

446,576

ORIX Bank

447,028－452

446,576

ORIX Bank- 52 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

1.267
(Note 2)

December 10,
2020(Note 3)1.275
(Note 2)

May 7,
2021(Note 4)

1.347
(Note 2)

November 8,
2021(Note 4)Use

Collateralized(Note 8)

No
(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

1,584,387－

1,584,387－

Mizuho Trust

286,064－

286,064－

Resona Bank

572,128－

572,128－

Aozora Bank

572,128－

572,128－

Mizuho Bank

1,066,878－

1,066,878－

ORIX Bank

286,064－

286,064－

MUFG Bank

494,750－

494,750－

SMBC

1,436,950

－

1,450

1,435,500

Mizuho Bank

1,040,550

－

1,050

1,039,500

MUFG Bank

891,900－

900

891,000

Shinsei Bank

495,500－

500

495,000

SMBC

1,436,950

－

1,450

1,435,500

Mizuho Bank

1,040,550

－

1,050

1,039,500

MUFG Bank

891,900－

900

891,000

Shinsei Bank

495,500－

500

495,000

LenderSMBC

1,783,800

－

1,800

1,782,000

Mizuho Bank

891,900－

900

891,000

MUFG Bank

693,700－

700

693,000

Shinsei Bank

594,600－

600

594,000

Aozora Bank

495,500－

500

495,000

Bank of Fukuoka

495,500－

500

495,000

Nishi-Nippon City Bank

495,500－

500

495,000

SMBC

LongTerm
Loans

346,850－350

346,500

1,783,800

－

1,800

1,782,000

Mizuho Bank

891,900－

900

891,000

MUFG Bank

693,700－

700

693,000

Shinsei Bank

594,600－

600

594,000

Aozora Bank

495,500－

500

495,000

Bank of Fukuoka

495,500－

500

495,000

Nishi-Nippon City Bank

495,500－

500

495,000

346,850－350

346,500

1,000,000－－

Development Bank of Japan

500,000－

Development Bank of Japan

500,000

SMBC

Resona Bank
SMBC

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.985
(Note 2)

March 31,2021

(Note 5)0.808
(Note 2)

March 31,2021

(Note 6)0.858
(Note 2)

November 30,
2022(Note 6)0.705
(Note 2)

May 31,
2022(Note 7)0.750
(Note 2)

November 30,
2022(Note 7)1,000,000

0.845(Note 2)－500,000

0.675

－

－

500,000

0.708

1,100,000－－

1,100,000

Mizuho Bank

1,000,000－－

1,000,000

Shinsei Bank

900,000－－

900,000

Resona Bank

400,000－－

400,000

2,000,000－－

2,000,000

October 31,
2023
September 30,
2021
January 31,
2022
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
Lump-sum
repayment
Lump-sum
repayment

Resona BankSMBC

Development Bank of Japan- 53 -

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

Use

Collateralized(Note 8)

No
(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

215,000－－

215,000

Mizuho Bank

340,000－－

340,000

MUFG Bank

283,000－－

283,000

Resona Bank

237,000－－

237,000

Shinsei Bank

135,000－－

135,000

Bank of Fukuoka

195,000－－

195,000

ORIX Bank

195,000－－

195,000

SMBC

633,000－－

633,000

Mizuho Bank

508,000－－

508,000

MUFG Bank

425,000－－

425,000

Resona Bank

356,000－－

356,000

Shinsei Bank

201,000－－

201,000

Aozora Bank

257,000－－

257,000

SMBC

352,000－－

352,000

Mizuho Trust

1,352,000－－

1,352,000

Aozora Bank

901,000－－

901,000

Shinsei Bank

901,000－－

901,000

Resona Bank

448,000－－

448,000

SMBC

400,000－－

400,000

Mizuho Bank

350,000－－

350,000

Shinsei Bank

300,000－－

300,000

MUFG Bank

300,000－－

300,000

Bank of Fukuoka

225,000－－

225,000

The Kagawa Bank

200,000－－

200,000

Nishi-Nippon City Bank

225,000－－

225,000

SMBC

835,000－－

835,000

Mizuho Bank

491,000－－

491,000

Shinsei Bank

393,000－－

393,000

MUFG Bank

393,000－－

393,000

Aozora Bank

393,000－－

393,000

Resona Bank

294,000－－

294,000

The Kagawa Bank

147,000－－

147,000

SMBC

500,000－－

500,000

0.643

Mizuho Bank

400,000－－

400,000

0.643

1,000,000－－

1,000,000

0.962(Note 2)

Mizuho Bank

400,000－－

400,000

0.723

Shinsei Bank

200,000－－

200,000

0.723

SMBC

954,000－－

954,000

Mizuho Bank

773,000－－

773,000

Shinsei Bank

483,000－－

483,000

Aozora Bank

656,000－－

656,000

SMBC

830,000－－

830,000

Aozora Bank

570,000－－

570,000

LenderSMBC

LongTerm
Loans

SMBC

- 54 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.761
(Note 2)October 31,
2023

Lump-sum
repayment

0.948(Note 2)October 31,
2025

Lump-sum
repayment

0.990(Note 2)

April 30,2026

Lump-sum
repayment

0.795(Note 2)

April 30,2024

Lump-sum
repayment

0.860(Note 2)

November 11,
2024

Lump-sum
repayment

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

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

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

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

Use

Collateralized(Note 8)

No
(No Guarantee)

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousandyen)

250,000－－

250,000

Mizuho Bank

400,000－－

400,000

Development Bank of Japan

400,000－－

400,000

MUFG Bank

300,000－－

300,000

Shinsei Bank

250,000－－

250,000

SMBC

1,000,000－－

1,000,000

Resona Bank

1,000,000－－

1,000,000

Bank of Fukuoka

1,000,000－－

1,000,000

SMBC

1,239,000－－

1,239,000

Mizuho Bank

1,074,000－－

1,074,000

Shinsei Bank

743,000－－

743,000

Aozora Bank

743,000－－

743,000

Resona Bank

743,000－－

743,000

ORIX Bank

413,000－－

413,000

The Kagawa Bank

413,000－－

413,000

SMBC

692,000－－

692,000

SMBC

672,000－－

672,000

Mizuho Bank

610,000－－

610,000

Shinsei Bank

641,000－－

641,000

MUFG Bank

549,000－－

549,000

SMBC

1,224,000－－

1,224,000

Mizuho Bank

1,224,000－－

1,224,000

Shinsei Bank

783,000－－

783,000

MUFG Bank

783,000－－

783,000

Aozora Bank

783,000－－

783,000

Resona Bank

587,000－－

587,000

The Kagawa Bank

955,000－－

955,000

SMBC

827,000－－

827,000

Shinsei Bank

790,000－－

790,000

Mizuho Bank

753,000－－

753,000

MUFG Bank

677,000－－

677,000

SMBC

543,000－－

543,000

Shinsei Bank

518,000－－

518,000

Mizuho Bank

494,000－－

494,000

MUFG Bank

445,000－－

445,000

Aozora Bank

2,127,000－－

2,127,000

Shinsei Bank

998,000－－

998,000

Shinsei Bank

1,000,000－－

1,000,000

Mizuho Bank

400,000－－

400,000

LenderSMBC

LongTerm
Loans- 55 -

Averageinterest
rate(%)(Note 1)

Repayment
date

Repayment
terms

0.850
(Note 2)

April 30,2026

Lump-sum
repayment

0.867(Note 2)0.867
(Note 2)0.867
(Note 2)0.822
(Note 2)

March 25,
2027

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

0.488(Note 8)

No
(No Guarantee)

Lump-sum
repayment

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

0.668

Collateralized

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

0.698(Note 2)0.726
(Note 2)0.876
(Note 2)Use

September 27, Lump-sum
2027
repayment

March 25,
2027

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

Balance atperiod-start(Thousandyen)

Increaseduringperiod(Thousandyen)

Decreaseduringperiod(Thousandyen)

Balance atperiod-end(Thousand
yen)

SMBC

－

407,000－

407,000

MUFG Bank－

781,000－

781,000

Resona Bank－

586,000－

586,000

Mizuho Bank－

407,000－

407,000

Shinsei Bank－

260,000－

260,000

Aozora Bank－

260,000－

260,000

SMBC－

814,000－

814,000

Mizuho Bank－

814,000－

814,000

Shinsei Bank－

521,000－

521,000

Aozora Bank－

521,000－

521,000

SMBC－

800,000－

800,000

Mizuho Bank－

700,000－

700,000

Bank of Yokohama－

500,000－

500,000

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－

95,000－95,000SMBC－

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

103,945,543

12,224,000

10,273,543

105,896,000

LenderLongTerm
Loans

Total

(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)Averageinterest
rate(%)(Note 1)

Repayment
date

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

0.479

September 25, Lump-sum
2024
repayment

0.876(Note 2)

March 26,
2029

Repayment
terms

Use

Collateralized(Note 8)

No
(No Guarantee)

Lump-sum
repayment

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 December 10, 2020.
4 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 remaining balance was repaid on March 31, 2021.
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 balance at period-end is long-term borrowings due within one year of 7 million yen.
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 balance at period-end is long-term borrowings due within one year of 11 million yen.
The proceeds are used for acquisition of assets and/or beneficiary rights of real estate in trust and repayment of loans.
The total amounts of long-term loans to be repaid for each year within five years after the balance sheet date are as follows.

- 56 -

(Thousand yen)
Due after 1 year Due after 2 years Due after 3 years Due after 4 years
Due within 1 year
but within 2 years but within 3 years but within 4 years but within 5 years
Long-term
borrowings due
within one year
Long-term
borrowings
Total

19,317,000

－

－

－

－

－

19,266,000

10,547,000

8,102,000

13,340,000

19,317,000

19,266,000

10,547,000

8,102,000

13,340,000- 57 -