Ichigo Preserves and Improves Real Estate

December 15, 2016

Financial Report for the October 2016 Fiscal Period
Ichigo Office REIT Investment Corporation (Tokyo Stock Exchange, 8975)
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Ichigo Investment Advisors Co., Ltd. (Asset Management Company)
Representative: Wataru Orii, President
Inquiries: Masanori Kubota, Statutory Executive Officer (Finance, Accounting)Telephone: +81-3-3502-4891
Submission of Financial Report (Yuka Shoken Hokokusho): January 26, 2017 (expected)
Dividend Payment: January 23, 2017 (expected)
Supplemental Material to Financial and Business Results: Yes (Corporate Presentation)
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. Financial Results for the October 2016 Fiscal Period (May 1, 2016 to October 31, 2016)(1) Earnings(million yen; period-on-period change)

October 2016

Operating
Revenue
7,090

April 2016

6,682

6.1%

Operating
Profit
3,405

6.9%

3,208

Change

6.1%

Recurring
Profit
2,462

8.7%

2,542

Change-3.1%

Net
Income
2,462

37.1%

2,482

ChangeChange

-0.8%
33.9%

2.5%

Ratio of
Recurring Profit
to Total Assets
1.3%

Ratio of
Recurring Profit
to Operating Revenue
34.7%

2.7%

1.4%

38.1%

Net Income per Share(yen)

Ratio of Net Income
to Equity

October 2016

1,623

April 2016

1,752

(2) Dividends
Dividend per
Share

Total
Dividends

October 2016

(yen)
1,904

(million yen)
2,917

April 2016

1,740

2,464

Dividend per ShareTotal Dividends in Payout
in Excess of
Excess of Earnings Ratio
Earnings(yen)(million yen)
(%)
–
–
118.4

–

–

99.3

Ratio of
Dividends to
Net Assets
(%)
2.9

2.6

(Note 1) The April 2016 dividend includes a JPY 17 million provision to the dividend reserve fromunappropriated retained earnings, so Total Dividends differ from Net Income.
(Note 2) The October 2016 dividend includes a JPY 454 million dividend reserve reversal, so Total
Dividends differ from Net Income.
(Note 3) The October 2016 payout ratio reflects a new share issuance and is calculated as:
Payout Ratio = Total Dividends / Net Income x 100

(3) Assets and Equity

October 2016

Total Assets(million yen)
210,951

Net Assets(million yen)
102,214

Equity Ratio
(%)
48.5%

Net Assets per Share(yen)
66,706

April 2016

182,430

93,321

51.2%

65,890Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities(million yen)(million yen)(million yen)

Cash and Cash
Equivalents at End of
the Period(million yen)

October 2016

3,572

-26,710

24,903

19,273

April 2016

7,327

-539

-5,247

17,508(4) Cash Flow

2. Earnings Forecast for the April 2017 Fiscal Period (November 1, 2016 to April 30, 2017) and theOctober 2017 Fiscal Period (May 1, 2017 to October 31, 2017)(million yen; period-on-period change)

April 2017

Operating
Revenue
7,247

October 2017

7,333

2.2%

Operating
Profit
3,277

1.2%

3,328

Change-3.8%

Recurring
Profit
2,556

1.6%

2,591

Change3.8%

Net
Income
2,556

1.3%

2,590

ChangeChange

3.8%
1.3%
(yen)

Dividend per ShareDividend per Share in Excess of Earnings

April 2017

1,910

–

October 2017

1,920

–

(Note 1) The forecast Net Income per share for April 2017 is JPY 1,668 and for October 2017 is
JPY 1,690.
(Note 2) The April 2017 and October 2017 dividend forecasts include a dividend reserve reversal of
JPY 370 million and JPY 350 million, respectively. Thus, forecast Total Dividends in both
periods differ from forecast Net Income.

2

3. Other(1) Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective
Restatement(i) Changes Accompanying Amendments to Accounting Standards: None(ii) Changes Not Listed in (i):None(iii) Changes in Accounting Estimates:None(iv) Retrospective Restatement:
None(2) Number of Shares Issued and Outstanding(i) The number of shares issued and outstanding (including treasury shares) was 1,416,323
shares at the end of April 2016 and 1,532,287 shares at the end of October 2016.
(ii) There were no treasury shares at the end of April 2016 or at the end of October 2016.
Completion Status of Auditing ProceduresThis document is not subject to the auditing requirements set forth in the Financial Instruments
and Exchange Law of Japan. The auditing procedures in accordance with those requirements havethus not been completed as of the date of the publication of this document.
Appropriate Use of Performance Forecasts and Other Matters of Special Note
The forecasts presented above are current figures based on certain preconditions. Accordingly, theactual operating revenue, operating profit, recurring profit, net income, dividend per share, anddividend per share in excess of earnings may vary due to changes in circumstances. Moreover,these forecasts should not be construed as a guarantee of such performance or results.
For details on preconditions, please refer to the “Preconditions for the April 2017 Earnings
Forecasts” and the “Preconditions for the October 2017 Earnings Forecasts” on pages 4 and 5.
This English version is a translation of the original Japanese report and is provided solely for
informational purposes. Should there be any discrepancies between this translation and theJapanese original, the latter shall prevail.

3Preconditions for the April 2017 Earnings Forecasts
Preconditions
PeriodApril 2017 Fiscal Period: November 1, 2016 to April 30, 2017 (181 days)

Portfolio Assets• 86 assets. The forecast assumes there will be no additional acquisitions or sales throughApril 2017.
• The actual number of portfolio assets may change due to acquisitions or sales.

Number of Shares• 1,532,287 shares issued and outstanding as of December 15, 2016, with no additional
new issuance before April 30, 2017.

Operating
Revenue• Portfolio-wide occupancy forecast for April 30, 2017: 97.2%• Rental income is calculated conservatively based on lease contracts that are in effect as oftoday while taking into consideration such factors as historical rents, the competitivenessof Ichigo Office REIT assets, and market conditions.

OperatingExpenses• Property and city planning taxes: JPY 559 million. Prorated property and city planningtaxes related to acquisitions are included in acquisition cost and excluded from operating
expenses.
• Building maintenance and repair expenses: JPY 129 million. However, expenses may
differ significantly from these estimated amounts for reasons including the variability ofmaintenance and repair expenses, costs due to unexpected building damage, etc.
• Service provider expenses, including property management fees: JPY 658 million• Depreciation: JPY 925 million. Depreciation is calculated using the straight-line method,and includes the depreciation of future expected capital expenditures.
• Performance fees to asset management company: JPY 163 million• Rental expenses, Ichigo Office REIT’s principal operating expenses (other thandepreciation, see above) are calculated based on historical data while taking into
consideration potential changes in expenses.
• Actual operating expenses may differ significantly from these assumptions due tounforeseeable factors.

Non-Operating
Expenses• Interest expenses: JPY 527 million• Borrowing-related expenses: JPY 193 million

Borrowings• Total borrowings: JPY 99,914 million as of April 30, 2017

Dividend per
Share• Dividends: JPY 2,927 million, which is the total amount of unappropriated retained
earnings of JPY 2,556 million plus a JPY 364 million earnings reserve reversal (including
JPY 200 million of negative goodwill amortization) plus a JPY 6 million dividend reserve
reversal.
• Dividend per share is based on the assumption that dividends will comply with thedividend distribution policy stipulated in Ichigo Office REIT’s Articles of Incorporation.
• Dividend per share is subject to change due to factors such as tenant turnover, changes in
portfolio assets, unexpected maintenance and repair costs, fluctuations in interest rates,
and the issuance of additional shares.

Dividend
Distribution in
Excess ofEarnings per Share• Ichigo Office REIT does not plan on making any dividend distribution in excess ofearnings per share or in excess of retained earnings.

Other• The performance forecast is based on the assumption that revisions impacting theforecast figures will not be made to laws and ordinances, the tax system, accounting
standards, listing rules, rules of the Investment Trust Association, Japan, and that there
will be no unexpected material change in general economic trends, real estate market
conditions, etc.
4

Preconditions for the October 2017 Earnings Forecasts
Preconditions
PeriodOctober 2017 Fiscal Period: May 1, 2017 to October 31, 2017 (184 days)

Portfolio Assets• 86 assets. The forecast assumes there will be no additional acquisitions or sales throughOctober 2017.
• The actual number of portfolio assets may change due to acquisitions or sales.

Number of Shares• 1,532,287 shares issued and outstanding as of December 15, 2016, with no additional
new issuance before October 31, 2017.

Operating
Revenue• Portfolio-wide occupancy for October 31, 2017: 96.8%• Rental income is calculated conservatively based on lease contracts that are in effect as oftoday while taking into consideration such factors as historical rents, the competitivenessof Ichigo Office REIT properties, and market conditions.

OperatingExpenses• Property and city planning taxes: JPY 598 million. Prorated property and city planningtaxes related to acquisitions are included in acquisition cost and excluded from operating
expenses.
• Building maintenance and repair expenses: JPY 114 million. However, expenses may
differ significantly from these estimated amounts for reasons including the variability ofmaintenance and repair expenses, costs due to unexpected building damage, etc.
• Service provider expenses, including property management fees: JPY 651 million• Depreciation: JPY 930 million. Depreciation is calculated using the straight-line method,and includes the depreciation of future expected capital expenditures.
• Performance fees to asset management company: JPY 127 million• Rental expenses, Ichigo Office REIT’s principal operating expenses (other thandepreciation, see above) are calculated based on historical data while taking into
consideration potential changes in expenses.
• Actual operating expenses may differ significantly from these assumptions due tounforeseeable factors.

Non-Operating
Expenses• Interest expenses: JPY 535 million• Borrowing-related expenses: JPY 202 million

Borrowings• Total borrowings: JPY 99,780 million as of October 31, 2017

Dividend per
Share• Dividends: JPY 2,942 million, which is the total amount of unappropriated retained
earnings of JPY 2,591 million plus a JPY 327 million earnings reserve reversal (including
JPY 200 million of negative goodwill amortization) plus a JPY 22 million dividend
reserve reversal.
• Dividend per share is based on the assumption that dividends will comply with thedividend distribution policy stipulated in Ichigo Office REIT’s Articles of Incorporation.
• Dividend per share is subject to change due to factors such as tenant turnover, changes in
portfolio assets, unexpected maintenance and repair costs, fluctuations in interest rates,
and the issuance of additional shares.

Dividend
Distribution in
Excess ofEarnings per Share• Ichigo Office REIT does not plan on making any dividend distribution in excess ofearnings per share or in excess of retained earnings.

Other• The performance forecast is based on the assumption that revisions impacting theforecast figures will not be made to laws and ordinances, the tax system, accounting
standards, listing rules, rules of the Investment Trust Association, Japan, and that there
will be no unexpected material change in general economic trends, real estate market
conditions, etc.
5Financial Statements(1) Balance Sheet(Thousand yen)
April 2016(as of April 30, 2016)
AssetsCurrent assets
Cash and cash equivalents
Cash and cash equivalents in trust
Accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Less: provision for doubtful accounts
Total current assets
Fixed assets
Property, plant, and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
FixturesAccumulated depreciation
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
Fixtures in trust
Accumulated depreciation
Fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant, and equipment
Intangible assets
Leasehold rights in trust
Total intangible assets

6

October 2016(as of October 31, 2016)

7,961,946
9,588,157
43,306311,670–
11,231–
17,916,313

7,884,552
11,436,045
40,091
389,814403,134
10,366-4,094
20,159,911

8,013,966-1,044,830
6,969,136
32,545-19,337
13,208240,839-81,147
159,691
57,170-30,306
26,86318,763,321
36,180,504-3,371,382
32,809,122
57,918-13,577
44,341
301,936-116,546
185,389
193,962-83,497
110,465
98,144,951
3,366
157,229,858

7,617,282-1,111,178
6,506,104
32,545-21,490
11,054
251,701-90,704
160,997
50,132-31,035
19,097
18,169,824
41,125,986-4,111,462
37,014,523
60,204-17,21742,986
374,734-148,272
226,462
208,467-95,164
113,303
123,006,878
3,246
185,274,478

4,494,579
4,494,579

4,494,579
4,494,579

(Thousand yen)
April 2016(as of April 30, 2016)
Investments and other assets
Investments in securities
Tenant leasehold and security deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities
Accounts payable
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable, etc.
Accrued consumption taxes, etc.
Advances received
Provision for disaster-related loss
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Shareholders’ capital
SurplusCapital surplus
Dividend reserve
Unappropriated retained earnings
Total surplus
Total shareholders’ equity
Total net assets
Total liabilities and net assets

7

October 2016(as of October 31, 2016)

2,030,331
10,005722,514
26,5762,789,427
164,513,865
182,430,179–
10,005980,157
32,423
1,022,585
190,791,643
210,951,554

548,735
255,549
609,494
7,366
605
423,553
1,047,558
60,00036,031
2,988,893

610,642980,819
487,156
2,786
605
70,642
1,285,196–
30,386
3,468,234

78,303,391
1,686,912
6,126,635
2,742
86,119,682
89,108,576

96,080,847
1,587,754
7,597,909
2,760
105,269,271
108,737,505

58,781,415

67,675,274

20,566,420
11,491,269
2,482,497
34,540,187
93,321,603
93,321,603
182,430,179

20,566,420
11,508,900
2,463,454
34,538,774
102,214,049
102,214,049
210,951,554

(2) Income Statement(Thousand yen)
April 2016
(November 1, 2015 toApril 30, 2016)
Operating revenue
Rental income
Other rental income
Dividend income from investment in TK equity
Gain on sales of real estate
Total operating revenue
Operating expenses
Rental expense
Loss on sales of real estate
Asset management fee
Asset custody fee
Administrative service fees
Directors’ compensation
Provision for doubtful accounts
Other operating expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Reversal of distribution payable
Interest on tax refund
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing-related expenses
Share issuance expenses
Other non-operating expenses
Total non-operating expenses
Recurring profit
Extraordinary profit
Reversal of provision for disaster-related loss
Total extraordinary profit
Extraordinary loss
Provision for disaster-related loss
Total extraordinary loss
Pre-tax income
Income taxes – current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings

8

October 2016
(May 1, 2016 to
October 31, 2016)

5,675,615
584,151
50,136
372,545
6,682,449

6,413,137
660,951
9,394
6,944
7,090,428

2,527,506
54,083764,925
13,08740,152
5,040–
69,3433,474,139
3,208,309

2,921,176–
636,177
12,94542,3155,040
4,094
63,392
3,685,142
3,405,285

1,525
615
783
2,924

86
726
15
828

478,136
190,131––668,267
2,542,966

522,492
389,087
31,567
9943,156
2,462,957

–
–

636
636

60,00060,0002,482,966
605
605
2,482,361
135
2,482,497––
2,463,593
605
605
2,462,988
465
2,463,454

(3) Statement of Shareholders’ Equity
April 2016 (November 1, 2015 to April 30, 2016)(Thousand yen)
Shareholders' equity
Surplus
Shareholders’capitalUnappropriatedretainedearnings / loss

Total
shareholders’equityTotal
surplusTotal
net asset

CapitalsurplusDividend
reserve

20,566,420

12,053,620

1,854,031

34,474,073

93,255,488

93,255,488-562,350

562,350–––Dividends-2,416,247-2,416,247-2,416,247-2,416,247

Net income

2,482,361

2,482,361

2,482,361

2,482,361

Balance at start of the period

58,781,415

Changes during the period
Reversal of dividend
reserve

Total changes during theperiodBalance at end of the period––-562,350

628,465

66,114

66,114

66,11458,781,415

20,566,420

11,491,269

2,482,497

34,540,187

93,321,603

93,321,603

October 2016 (May 1, 2016 to October 31, 2016)(Thousand yen)
Shareholders’ equity
Surplus
Shareholders’capitalBalance at start of the period

58,781,415

CapitalsurplusDividend
reserve

20,566,420

11,491,269

Unappropriatedretainedearnings/loss
2,482,497

Total
shareholders’equityTotal
surplus34,540,187

Total
net asset

93,321,603

93,321,603

8,893,858

8,893,858

Changes during the period
Issuance of new shares

8,893,858-17,630–––

Dividends-2,464,402-2,464,402-2,464,402-2,464,402

Net income

2,462,988

2,462,988

2,462,988

2,462,988

Dividend reserve

17,630Total changes during theperiod

8,893,858–

17,630-19,043-1,4138,892,445

8,892,445

Balance at end of the period

67,675,274

20,566,420

11,508,900

2,463,454

34,538,774

102,214,049

102,214,049

9

(4) Cash Flow Statement(Thousand yen)
October 2016
(May 1, 2016 to
October 31, 2016)

April 2016
(November 1, 2015 toApril 30, 2016)
Cash Flows from Operating Activities
Pre-tax income
Depreciation and amortization
Share issuance expenses
Increase (decrease) in provision for disasterrelated loss
Increase (decrease) in provision for doubtful
accounts
Interest income
Interest expenses
Decrease (increase) in operating accounts
receivable
Decrease (increase) in consumption taxes
receivable
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term advance charges
Increase (decrease) in accrued consumption taxes
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in advances received
Decrease due to sale of property, plant, andequipment
Decrease due to sale of property, plant, andequipment in trust
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash generated by (used in) operating activities

2,482,966
836,704–

2,463,593
921,085
31,56760,000-60,000–

4,094-1,525478,136-86
522,492

3,689

3,214

515,293-403,134

13,830145,914392,568-133,907
77,6007,385-78,144-257,642-352,911
166,623-122,338
237,637554,258

962,495

2,358,614–

10,9597,802,491
1,525-476,013-605
7,327,398

61,895
4,100,441
86-527,072-605
3,572,850-31,160-250,681
74,151-131,850-49,641-29,984,768
98,029-197,187

245,027

1,687,152-445,085-264,554–

2,000,000

Net cash generated by (used in) investing activities-539,597-26,710,969

Cash Flows from Financing Activities
Increase in long-term borrowings
Decrease from repayments of long-term borrowings
Proceeds from issuance of shares
Dividends paid
Net cash generated by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period–-2,834,834–-2,412,653-5,247,488
1,540,312
15,968,453
17,508,765

19,500,000-997,274
8,862,291-2,461,931
24,903,085
1,764,966
17,508,765
19,273,732

Cash Flows from Investing Activities
Purchase of property, plant, and equipment
Purchase of property, plant, and equipment in trust
Increase in tenant leasehold and security deposits
Decrease in tenant leasehold and security deposits
Increase in tenant leasehold and security deposits intrust
Decrease in tenant leasehold and security deposits
in trust
Sale of investment securities

10Material Matters After Closing of the Fiscal Period
1.

Asset Acquisition
Ichigo Office REIT acquired the following asset in accordance with the guidelines
specified in the Articles of Incorporation.
Ichigo Shibuya Udagawacho Building1
Acquisition Price2
JPY 3,500,000,000
Location
10-2 Udagawacho, Shibuya-ku, Tokyo
Legal Form of Asset
Trust beneficiary interest in real estate (juekiken)
Contract Date
October 14, 2016
Closing Date
November 2, 2016
3
SellerDomestic operating company
1

Upon acquisition, the current building name, Shibuya BLUE Building, will bechanged to Ichigo Shibuya Udagawacho Building.
2
The acquisition price is the transaction price of the trust beneficiary interest(juekiken) itself and does not include fees and applicable property, city planning,and consumption taxes.
3
The seller is a domestic operating company and has not given consent todisclose its identity.
2.

New Loans
Ichigo Office REIT carried out the following borrowings on November 2, 2016 in orderto fund the above asset acquisition.
Term Loan VII-A
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

SMBC
JPY 1,000 million
1M JPY TIBOR + 0.39% (p.a.)April 30, 2019
Final business day of each month following the Loan
Date and the Principal Repayment Date
Lump sum repayment on the Principal Repayment Date
No

Term Loan VII-B
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

SMBC
JPY 1,000 million
1M JPY TIBOR + 0.66% (p.a.)1
October 31, 2023
Final business day of each month following the Loan
Date and the Principal Repayment Date
Lump sum repayment on the Principal Repayment DateNo

1

An interest rate swap agreement exists to hedge against a rise in interest rates.
As a result, the effective interest rate has been fixed at 0.845%.

11

Term Loan VII-C
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Development Bank of Japan
JPY 500 million
0.67503% (fixed rate)
September 30, 2021
Final business day of January, April, July, and Octoberfollowing the Loan Date and the Principal Repayment
Date
Lump sum repayment on the Principal Repayment Date
No

Term Loan VII-D
LenderLoan AmountInterest Rate
Principal Repayment Date
Interest Payment Date
Principal Repayment Terms
Collateralized

Development Bank of Japan
JPY 500 million
0.70801% (fixed rate)
January 31, 2022
Final business day of January, April, July, and Octoberfollowing the Loan Date and the Principal Repayment
Date
Lump sum repayment on the Principal Repayment DateNo

12

Earnings Forecasts
April 2017 Fiscal Period (November 1, 2016 to April 30, 2017)
For details on the preconditions, please refer to the “Preconditions for the April 2017 Earnings
Forecasts” on page 4.
April 2017 Fiscal Period (November 1, 2016 to April 30, 2017)
Operating Revenue
7,247 million yen
Operating Profit
3,277 million yen
Recurring Profit
2,556 million yen
Net Income
2,556 million yen
Dividend per Share
1,910 yen
Dividend in excess of earnings–(Note) The forecast dividend includes a JPY 370 million reserve reversal. Actual
operating revenue, operating profit, recurring profit, net income, and dividend pershare are subject to change due to changes in circumstances. This forecast does
not guarantee the amount of dividend.
October 2017 Fiscal Period (May 1, 2017 to October 31, 2017)
For details on preconditions, please refer to the “Preconditions for the October 2017 Earnings
Forecasts” on page 5.
October 2017 Fiscal Period (May 1, 2017 to October 31, 2017)
Operating Revenue
7,333 million yen
Operating Profit
3,328 million yen
Recurring Profit
2,591 million yen
Net Income
2,590 million yen
Dividend per Share
1,920 yen
Dividend in excess of earnings–(Note) The forecast dividend includes a JPY 350 million reserve reversal. Actual
operating revenue, operating profit, recurring profit, net income, and dividend pershare are subject to change due to changes in circumstances. This forecast does
not guarantee the amount of dividend.

13Notes to Income Statement
1．Details of Rental Income(Thousand yen)A

Previous Period
November 1, 2015 toApril 30, 2016

Current Period
May 1, 2016 to
October 31, 2016

4,607,934
780,942
232,835
53,903

5,675,615

5,184,868
901,503
266,636
60,1286,413,137

584,151

618,487
42,463660,951

Real Estate Rental Income
Rental Income
Rental Income
Common Area Services Income
Parking Lot Income
Facility Use Income
Other Rental Income
Utilities Income
Other528,981
55,169Total Income
BC

6,259,767

Real Estate Rental Expenses
Rental Expenses
Service Provider Expenses
Utilities
Trust Fees
Depreciation
Repair Expenses
Property and City Planning Taxes
Insurance
Other Expenses

590,416553,280
31,955
836,704
89,059383,284
7,614
35,1907,074,088

692,541
615,303
33,527921,085
97,440510,253
8,985
42,039Total Expenses

2,527,506

2,921,176

Net Rental Income(A-B)

3,732,260

4,152,912

14

2．Details of Real Estate Sales(Thousand yen)Previous Period (November 1, 2015 to April 30, 2016)
Akita Sanno 21 Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses

520,645554,258
20,470Loss on Real Estate Sale

54,083

Ichigo Saga Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses

870,000
696,729
26,750Gain on Real Estate Sale

146,520

Ichigo Yokohama Nishiguchi Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses

1,150,000
893,90735,494Gain on Real Estate Sale

220,597

Ichigo Meieki Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses

799,595
767,977
26,190Gain on Real Estate Sale

5,426

Current Period (May 1, 2016 to October 31, 2016)
Ichigo Yokosuka Building
Real Estate Sale Income
Real Estate Sale Cost
Other Real Estate Sale Expenses
Gain on Real Estate Sale

1,000,000
962,495
30,5606,944

15

Notes to Cash Flow Statement
1．Relationship between Cash and Cash Equivalents at End of the Period and Items Shown on
the Balance Sheet(Thousand yen)Previous Period
November 1, 2015 toApril 30, 2016

Current Period
May 1, 2016 to
October 31, 2016

Cash and cash equivalents
Cash and cash equivalents in trust
Miscellaneous deposits

7,961,946
9,588,157-41,338

7,884,552
11,436,045-46,865

Cash and cash equivalents

17,508,765

19,273,732

Notes to Derivative Transactions
1．Non-Hedge Accounting
N/A.
2．Hedge Accounting
Previous (April 2016) Fiscal Period(Thousand yen)Accounting
MethodTransaction
Type

Hedging Target

SpecialTreatment ofInterest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Contract AmountTotal>1 yearMarketValue

57,185,551

57,058,773

Note

Method ofMarking toMarket–Current (October 2016) Fiscal Period(Thousand yen)Accounting
MethodTransaction
Type

Hedging Target

SpecialTreatment ofInterest Rate
Swap method

Interest rate
swap (payfixed, receive
floating)

Long-term loan

Contract AmountTotal>1 yearMarketValue

76,602,662

76,436,884

Note

Method ofMarking toMarket–(Note) Swaps accounted under the Special Treatment of Interest Swap method are processed together
with the hedging target (in this case, a long-term loan), and therefore their market values areincluded in the balance sheet as part of Long-Term Loans.

Major Tenant Details
No single tenant comprises 10% or more of total operating revenue.

16Per Share Information

Net Asset per SharePrevious Period(November 1, 2015 toApril 30, 2016)
65,890(yen)
Current Period(May 1, 2016 to
October 31, 2016)
66,706

1,752

1,623

Net Income per Share(Note) Net Income per Share is calculated based on the weighted average number of shares during
the period. There are no potentially dilutive shares outstanding. The data used to calculate Net
Income per Share is shown below.
(Thousand yen)Previous Period
Current Period(November 1, 2015 to(May 1, 2016 toApril 30, 2016)
October 31, 2016)
Net Income
2,482,361
2,462,988
Income not belonging to common––shareholders
Net Income belonging to common
2,482,361
2,462,988
shareholders
Average number of shares in period
1,416,323 shares
1,517,476 shares

New Share Issuance
Ichigo Office REIT issued new shares (110,166 shares through a public offering and 5,798
shares through a third-party allotment (Greenshoe) to the underwriter) on May 23, 2016 andJune 22, 2016, respectively. Total proceeds from the public offering were JPY 8,893 million.
Date

Total Number of
Shares

MethodIssuedOutstanding

Issue Amount(million yen)
ChangeTotal

November 1, 20111

Stock-Split

196,200

228,900–

14,928

November 1, 20112

Merger

613,923

842,823–

14,928May 27, 20133

Public Offering

90,000932,823

5,431

20,360December 3, 20134

Public Offering

85,0001,017,823

4,929

25,289January 7, 20145

Third-Party Allotment
to Underwriter(Greenshoe)

8,500

1,026,323

492

25,782

December 3, 20146

Public Offering

95,6801,122,003

7,679

33,462

December 24, 20147

Third-Party Allotment
to Underwriter(Greenshoe)

8,320

1,130,323

667

34,130

May 1, 20158

Public Offering

271,700

1,402,023

23,41857,548May 27, 20159

Third-Party Allotment
to Underwriter(Greenshoe)

14,3001,416,323

1,232

58,781

May 23, 201610

Public Offering

110,166

1,526,489

8,449

67,230June 22, 201611

Third-Party Allotment
to Underwriter(Greenshoe)

5,798

1,532,287

444

67,67517

1

Ichigo Office REIT carried out a seven-to-one stock-split.
Ichigo REIT (8983) merged with Ichigo Office REIT (8975), with Ichigo Office REIT as thesurviving entity. The merger ratio was three post-stock-split Ichigo Office REIT shares per
Ichigo REIT share.
3
New shares were issued via public offering at a share price of JPY 62,595 (subscription priceof JPY 60,348) to procure funds for asset acquisitions.
4
New shares were issued via public offering at a share price of JPY 60,157 (subscription priceof JPY 57,997) to procure funds for asset acquisitions.
5
New shares were issued via third-party allotment at a share price of JPY 57,997 to procure
funds to repay debt.
6
New shares were issued via public offering at a share price of JPY 83,167 (subscription price
JPY of 80,266) to procure funds for asset acquisitions.
7
New shares were issued via third-party allotment at a share price of JPY 80,266 to procure
funds to repay debt.
8
New shares were issued via public offering at a share price of JPY 89,212 (subscription priceof JPY 86,192) to procure funds for asset acquisitions.
9
New shares were issued via third-party allotment at a share price of JPY 86,192 to procure
funds to repay debt.
10
New shares were issued via public offering at a share price of JPY 79,365 (subscription
price of JPY 76,695) to procure funds for asset acquisitions.
11
New shares were issued via third-party allotment at a share price of JPY 76,695 to procure
funds to repay debt.
2

18

Portfolio Information
Portfolio Composition
Legal Form of
Asset

Area

Central Tokyo1
Real estateTokyo Metropolitan Area2
Four Major Regional Cities3
Central Tokyo1
Trust beneficiaryTokyo Metropolitan Area2
interest in real estate
Four Major Regional Cities3(juekiken)
Other Regional Cities
Subtotal
Deposits / Other Assets
Total Assets
1

Central Tokyo

October 2016 Fiscal Period
Book Value4% of Total(million yen)
8,824
4.2
4,078
1.9
11,964
5.7
94,81444.9
43,236
20.5
15,6197.4
11,228
5.3
189,765
90.0
21,18510.0
210,951
100.0

Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards
Tokyo (excluding the above six wards), Kanagawa, Chiba, and Saitama
2
Tokyo Metropolitan Area
Prefectures
3
Four Major Regional Cities Osaka, Nagoya, Fukuoka, and Sapporo
4Book Value is the respective October 31, 2016 balance sheet real estate and trust beneficiary interest inreal estate asset value less depreciation and does not include construction in progress and construction inprogress in trust.

19Portfolio Asset Details(as of October 31, 2016)
Asset
Type

Total Leasable Total Leased
Total Rental
Occupancy No. of
Area
Area
Income3
4(%)
Tenants(m2)1(m2) 2(thousand yen)5

Asset
No.

Area

O-02

Central Tokyo

Office Ichigo Nishisando Building

4,564.63

4,564.63

100.0

18

126,137

O-03

Central Tokyo

Office Ichigo Mita Building

4,097.63

4,097.63

100.0

8

115,810

O-04

Central Tokyo

Office Ichigo Nanpeidai Building

1,925.24

1,925.24

100.0

13

73,539O-05

Central Tokyo

Office Ichigo Hanzomon Building

2,080.37

2,080.37

100.0

749,155

O-06

Central Tokyo

Office Ichigo Hijirizaka Building

1,947.90

1,947.90

100.0

757,548

O-07

Central Tokyo

OfficeIchigo Shibuya Kamiyamacho
Building

1,321.54

1,321.54

100.0

451,619

O-08

Central Tokyo

OfficeIchigo Akasaka 5 Chome
Building

685.14602.8388.0

624,847

O-09

Central Tokyo

Office Ichigo Shibakoen Building

1,602.29

1,602.29

100.0

542,070O-10

Central Tokyo

Office Ichigo Ebisu Nishi Building

1,484.39

1,484.39

100.0

843,627

O-11

Central Tokyo

Office Ichigo Ginza 612 Building

1,388.35

1,388.35

100.0

27

64,199O-12

Central Tokyo

Office Ichigo Uchikanda Building

1,378.83

1,378.83

100.0

840,428

O-14

Central Tokyo

OfficeIchigo Yotsuya 4 Chome
Building

780.64780.64100.0

1020,330O-15

Central Tokyo

Office Ichigo Tameike Building

494.14494.14100.0

621,123

O-16

Central Tokyo

Office Ichigo Jimbocho Building

1,891.01

1,891.01

100.0

871,387

O-17

Central Tokyo

Office Ichigo Hakozaki Building

2,387.34

2,387.34

100.0

750,984

O-18

Central Tokyo

OfficeIchigo Kudan 2 Chome
Building

1,288.31

1,288.31

100.0

126,820O-19

Central Tokyo

OfficeIchigo Kudan 3 Chome
Building

1,302.43

1,302.43

100.0

535,515

O-20

Central Tokyo

Office Ichigo Gotanda Building

5,346.76

5,346.76

100.0

9200,413

O-21

Tokyo
Metro Area

OfficeIchigo Shin Yokohama
Building

4,021.32

4,021.32

100.0

15

78,147

O-22

Tokyo
Metro Area

OfficeIchigo Minami Ikebukuro
Building

1,491.51

1,491.51

100.0

10

52,767

O-23

Tokyo
Metro Area

Office Ichigo Nakano North Building

1,250.85

1,250.85

100.0

639,217

O-24

Tokyo
Metro Area

Office Ichigo Eitai Building

2,605.54

2,188.99

84.0

856,402

O-25

Tokyo
Metro Area

Office Ichigo Yokosuka Building6

–

–

–

–

50,217

O-26

Tokyo
Metro Area

Office Ichigo Ikejiri Building

2,385.69

2,385.69

100.0

677,047

Asset Name

20

Total Leasable Total Leased
Total Rental
Occupancy No. of
Area
Area
Income3
4(%)
Tenants(m2)1(m2) 2(thousand yen)5

Asset
No.

Area

Asset
Type

Asset Name

O-27

Tokyo
Metro Area

OfficeIchigo Nishi Ikebukuro
Building

1,261.91

1,261.91

100.0

122,265

O-28

Central Tokyo

Office Ichigo Nishi Gotanda Building

1,317.16

1,166.49

88.6

8

17,148

O-29

Tokyo
Metro Area

Office Ichigo Kichijoji Building

4,210.87

4,210.87

100.0

16

110,357

O-33

Four Major
Office Ichigo Meieki Building7
Regional Cities

–

–

–

–

787

O-34

Four Major
Office Ichigo Sakae Building
Regional Cities

3,928.12

3,928.12

100.0

19

195,131

O-37

Four Major
Office Ichigo Marunouchi Building
Regional Cities

8,009.11

7,433.00

92.8

20

216,283

O-38

Other Regional
Cities

OfficeIchigo Toyamaeki Nishi
Building

8,601.71

8,470.35

98.5

15

115,797

O-39

Other Regional
Cities

Office Ichigo Mirai Shinkin Building

3,551.46

3,398.43

95.7

2176,969

O-40

Other Regional
Cities

Office Ichigo Saga Building8

–

–

–

–

51

O-42

Other Regional
Cities

Office Ichigo Takamatsu Building

6,329.33

6,244.63

98.7

12

153,710

O-46

Central Tokyo

OfficeIchigo Kanda Nishikicho
Building

2,523.09

2,523.09

100.0

10

87,667

O-47

Central Tokyo

OfficeIchigo Akihabara North
Building

6,250.53

6,250.53

100.0

1210,635

O-48

Ichigo Sakaisuji Honmachi
Four Major
OfficeBuilding
Regional Cities

3,729.35

3,729.35

100.0

17

85,702

O-49

Central Tokyo

OfficeIchigo Kanda Ogawamachi
Building

2,281.75

2,281.75

100.0

982,194

O-50

Central Tokyo

Office Ichigo Hatchobori Building

2,697.36

2,697.36

100.0

775,771

O-51

Central Tokyo

Office Ebisu Green Glass

3,159.27

3,159.27

100.0

2

156,283

O-52

Central Tokyo

Office Ichigo Omori Building

3,585.92

3,585.92

100.0

9127,789

O-53

Central Tokyo

Office Ichigo Takadanobaba Building

1,606.92

1,606.92

100.0

758,483

O-54

Tokyo
Metro Area

Office Ichigo Omiya Building

6,180.68

6,180.68

100.0

29

155,581

O-55

Tokyo
Metro Area

Office Ichigo Sagamihara Building

2,960.81

2,960.81

100.0

13

58,305

O-56

Tokyo
Metro Area

Office Ichigo Ofuna Building

2,364.71

2,364.71

100.0

992,670O-57

Other
Office Ichigo Sendai East Building
Regional Cities

5,205.49

5,205.49

100.0

11

98,648

O-58

Other
Office Ichigo Kumamoto Building
Regional Cities

4,498.16

4,424.21

98.4

31

83,539

O-59

Central Tokyo

Office Ichigo Jingumae Building

4,384.97

4,252.97

97.0

5

170,956

O-60

Central Tokyo

OfficeIchigo Shibuya Dogenzaka
Building

2,789.86

2,789.86

100.0

968,73621

AssetType

Total Leasable Total Leased
Total Rental
Occupancy No. of
Area
Area
Income3
4(%)
Tenants(m2)1(m2) 2(thousand yen)5

Asset
No.

Area

O-61

Central Tokyo

Office Ichigo Hiroo Building

3,510.44

3,510.44

100.0

5126,954

O-62

Central Tokyo

Office Ichigo Sasazuka Building

6,425.29

6,425.29

100.0

5175,285

O-63

Central Tokyo

Office4,216.97

4,216.97

100.0

7

114,714

O-64

Central Tokyo

Office Ichigo Sakurabashi Building

2,971.22

2,971.22

100.0

674,634

O-65

Central Tokyo

Office Ichigo Shinkawa Building

2,312.03

2,312.03

100.0

682,497

O-66

Central Tokyo

Office Ichigo Kudan Building

3,090.65

2,718.78

88.0

891,428

O-67

Central Tokyo

OfficeIchigo Higashi Gotanda
Building

4,548.10

4,393.82

96.6

17

104,640

O-68

Central Tokyo

Office Axior Mita

2,369.82

2,369.82

100.0

11

61,394

O-69

Tokyo
Metro Area

OfficeIchigo Higashi Ikebukuro
Building

4,553.90

4,553.90

100.0

16

145,035

O-70

Other Regional
Cities

OfficeKoriyama Big-i(Office Section)

3,433.07

3,433.07

100.0

14

99,273

O-71

Tokyo Metro
Area

Office Ichigo Kawasaki Building

3,665.34

3,665.34

100.0

15

85,822

O-72

Central Tokyo

Office Ichigo Shibuya East Building

1,041.36

1,041.36

100.0

436,328

O-73

Central Tokyo

Office Ichigo Ningyocho Building

1,769.09

1,769.09

100.0

842,583

O-74

Ichigo Nishi Honmachi
Four Major
OfficeBuilding
Regional Cities

6,151.98

5,788.00

94.1

28

97,382

O-75

Four Major
Office Ichigo Hakata Building
Regional Cities

2,423.86

2,277.41

94.0

29

46,335

O-76

Four Major
Office Nishiki First Building
Regional Cities

3,324.54

3,324.54

100.0

175,785

Asset Name

Ichigo Nihonbashi East
Building

O-77

Tokyo
Metro Area

Office Ichigo Ikenohata Building

5,504.02

5,504.02

100.0

6

136,601

O-78

Tokyo
Metro Area

Office Ichigo Ikebukuro East Building

3,118.69

3,118.69

100.0

478,668

O-79

Central Tokyo

Office Ichigo Motoazabu Building

1,329.96

1,329.96

100.0

344,806

O-80

Tokyo
Metro Area

Office Ichigo Otsuka Building

3,679.70

3,679.70

100.0

775,369O-81

Four Major
Office Ichigo Nagoya Building
Regional Cities

4,930.30

4,930.30

100.0

35

119,736

O-82

Four Major
Office Ichigo Fushimi Building
Regional Cities

4,154.02

3,640.03

87.6

38

68,954

O-83

Four Major
Office Ichigo Nishiki Building
Regional Cities

2,006.78

2,006.78

100.0

23

41,796

O-84

Ichigo Minami Morimachi
Four Major
OfficeBuilding
Regional Cities

2,521.51

2,521.51

100.0

12

40,232

R-04

Central Tokyo

Ichigo Serviced Apartments
Takanawadai

1,248.50

700.7056.1

140,388

Other

22

Asset
No.

Area

Asset
Type

Asset Name

R-06

Central Tokyo

Other

B-SITE Hamamatsucho

R-09

Central Tokyo

Other

Z-02

Central Tokyo

Z-03

Total Leasable Total Leased
Total Rental
Occupancy No. of
Area
Area
Income3
4(%)
Tenants(m2)1(m2) 2(thousand yen)5
821.84821.84100.0

117,760Ichigo Serviced Apartments
Ginza

1,020.14

960.3394.1

144,084

Other

Ichigo Fiesta Shibuya

1,185.85

1,185.85

100.0

969,152

Tokyo
Metro Area

Other

Ichigo Burg Omori

5,345.62

5,004.84

93.6

37

163,099

Z-04

Tokyo
Metro Area

Other

Ichigo Pagoda Asakusa

2,091.26

1,847.71

88.4

6

80,460

Z-05

Tokyo
Metro Area

Other

Ichigo Machida East Building

2,183.65

2,183.65

100.0

10

63,794

Z-06

Tokyo
Metro Area

Other

Ichigo Yokohama Nishiguchi
Building9

–

–

–

–

561

Z-07

Four Major
Regional Cities

Other

Ichigo Sapporo Minami 2
Nishi 3 Building

1,162.52

1,162.52

100.0

833,721

Z-08

Four Major
Regional Cities

Other

Ichigo Daimyo Balcony

765.61765.61100.0

631,879

Z-09

Other Regional
CitiesOther

Konami Sports Club Izumi
Fuchu

3,733.68

3,733.68

100.0

163,000Z-10Central Tokyo

Other

Ichigo Shibuya Bunkamura
Dori Building

778.77778.77100.0

475,213

Z-11

Tokyo
Metro Area

Other

Twicere Yokohama Isogo(Retail Section)

2,717.77

2,571.95

94.6

7

78,502

Z-12

Tokyo
Metro Area

Other

Lions Square Kawaguchi
Building

7,788.09

7,788.09

100.0

3

121,728

Z-13

Tokyo
Metro Area

Other

Ichigo Shin Yokohama Arena
Dori Building

1,971.34

1,971.34

100.0

582,110

Z-14

Tokyo
Metro Area

Other

Ichigo Kamata Building

2,124.68

2,124.68

100.0

251,535257,142.35

252,453.34

98.2

892

7,074,088

Total
1

Leasable Area is subject to minor adjustments due to refurbishing or individual rental contract terms.
Leased Area is the total space that is leased under rental contracts as of October 31, 2016.
3
Occupancy is the ratio of Leased Area to Total Leasable Area, rounded off to the nearest tenth.
4
No. of Tenants is the number of tenants that have a valid lease contract in place with Ichigo Office REIT (including
trust structures owned by Ichigo Office REIT). The number of tenants is counted as one where there is a master lease
contract in place with a master lease company other than Ichigo Office REIT.
5
Total Rental Income is the total of rental income, common area services income, parking area income, and other related
income generated from the property.
6This asset was sold on September 30, 2016.
7This asset was sold on April 15, 2016.
8This asset was sold on March 24, 2016.
9This asset was sold on March 30, 2016.
2

23

Book Value and Appraisal Value of Portfolio Assets(as of October 31, 2016)
Form of OwnershipAppraisal
Value1(million yen)Book Value2(million yen)

% ofPortfolio3

Asset
No.

Asset Name

O-02

Ichigo Nishisando
Building

Yoyogi, Shibuya-ku,
Tokyo

Trust beneficiaryinterest in real estate

2,926

3,419

1.8

O-03

Ichigo Mita Building

Shiba, Minato-ku, Tokyo

Trust beneficiaryinterest in real estate

3,019

2,749

1.4

O-04

Ichigo Nanpeidai
Building

Nanpeidaicho, Shibuya-ku,
Tokyo

Trust beneficiaryinterest in real estate

2,350

1,938

1.0

O-05

Ichigo Hanzomon
Building

Hayabusacho, Chiyoda-ku,
Tokyo

Trust beneficiaryinterest in real estate

1,780

1,529

0.8

Mita, Minato-ku, Tokyo

Trust beneficiaryinterest in real estate

1,350

1,215

0.6

Kamiyamacho, Shibuyaku, Tokyo

Real estate

1,712

1,415

0.7

Akasaka, Minato-ku,
TokyoReal estate

780

727

0.4

O-06
O-07
O-08

Ichigo Hijirizaka
Building
Ichigo Shibuya
Kamiyamacho
Building
Ichigo Akasaka 5
Chome Building

Location

O-09

Ichigo Shibakoen
Building

Shiba, Minato-ku, Tokyo

Real estate

1,050

1,106

0.6

O-10

Ichigo Ebisu Nishi
Building

Ebisu-Nishi, Shibuya-ku,
TokyoReal estate

2,210

1,926

1.0

O-11

Ichigo Ginza 612
Building

Ginza, Chuo-ku, Tokyo

Trust beneficiaryinterest in real estate

1,946

1,769

0.9

O-12

Ichigo Uchikanda
Building

Uchikanda, Chiyoda-ku,
TokyoReal estate

1,120

1,127

0.6

O-14

Ichigo Yotsuya 4
Chome Building

Yotsuya Shinjuku-ku,
Tokyo

Trust beneficiaryinterest in real estate

551

525

0.3

O-15

Ichigo Tameike
Building

Akasaka, Minato-ku,
TokyoReal estate

651

543

0.3

O-16

Ichigo Jimbocho
Building

Kanda Jimbocho, Chiyodaku, Tokyo

Trust beneficiaryinterest in real estate

2,160

1,822

1.0

O-17

Ichigo Hakozaki
Building

Nihonbashi Kakigaracho,
Chuo-ku, Tokyo

Trust beneficiaryinterest in real estate

1,110

1,167

0.6

O-18

Ichigo Kudan 2 Chome
Building

Kudan Minami, Chiyodaku, Tokyo

Trust beneficiaryinterest in real estate

885

739

0.4

O-19

Ichigo Kudan 3 Chome
Building

Kudan Minami, Chiyodaku, Tokyo

Trust beneficiaryinterest in real estate

827

839

0.4

O-20

Ichigo Gotanda
Building

Trust beneficiaryinterest in real estate

5,740

4,923

2.6

O-21

Ichigo Shin Yokohama
Building

Trust beneficiaryinterest in real estate

1,780

1,752

0.9

O-22

Ichigo Minami
Ikebukuro Building

Higashi Gotanda,
Shinagawa-ku, Tokyo
Shin Yokohama, Kohokuku, Yokohama City,
Kanagawa
Minami-Ikebukuro,
Toshima-ku, Tokyo

Trust beneficiaryinterest in real estate

1,590

1,380

0.7

O-23

Ichigo Nakano North
Building

Arai, Nakano-ku, Tokyo

Trust beneficiaryinterest in real estate

882

759

0.4

O-24

Ichigo Eitai Building

Eitai, Koto-ku, Tokyo

Real estate

1,240

1,476

0.8

O-26

Ichigo Ikejiri Building

Ohashi, Meguro-ku, Tokyo

Real estate

2,150

1,982

1.0

O-27

Ichigo Nishi Ikebukuro
Building

Ikebukuro, Toshima-ku,
TokyoReal estate

706

619

0.3

24

Form of OwnershipAppraisal
Value1(million yen)Book Value2(million yen)

% ofPortfolio3

Nishi-Gotanda,
Shinagawa-ku, Tokyo

Trust beneficiaryinterest in real estate

778

763

0.4

Ichigo Kichijoji
Building

Kichijoji Honcho,Musashino City, Tokyo

Trust beneficiaryinterest in real estate

2,570

2,241

1.2

O-34

Ichigo Sakae Building

Sakae, Naka-ku, Nagoya
City, Aichi

Real estate

5,191

4,707

2.5

O-37

Ichigo Marunouchi
Building

Marunouchi, Naka-ku,
Nagoya City, Aichi

Real estate

6,970

6,108

3.2

O-38

Ichigo Toyamaeki
Nishi Building

Jinzuhonmachi,
Toyama City, Toyama

Trust beneficiaryinterest in real estate

1,730

1,529

0.8

O-39

Ichigo Mirai Shinkin
Building

Niagemachi, Oita City,
Oita

Trust beneficiaryinterest in real estate

1,260

1,170

0.6

O-42

Ichigo Takamatsu
Building

Kotobukicho, Takamatsu
City, Kagawa

Trust beneficiaryinterest in real estate

3,190

2,569

1.4

O-46

Ichigo Kanda
Nishikicho Building

Kanda-Nishikicho,
Chiyoda-ku, Tokyo

Trust beneficiaryinterest in real estate

2,780

2,060

1.1

O-47

Ichigo Akihabara
North Building

Sotokanda, Chiyoda-ku,
Tokyo

Trust beneficiaryinterest in real estate

6,700

5,641

3.0

O-48

Ichigo Sakaisuji
Honmachi Building

Honmachi, Chuo-ku,
Osaka City, Osaka

Trust beneficiaryinterest in real estate

2,280

1,866

1.0

O-49

Ichigo Kanda
Ogawamachi Building

Kanda-Ogawamachi,
Chiyoda-ku, Tokyo

Trust beneficiaryinterest in real estate

2,410

2,203

1.2

O-50

Ichigo Hatchobori
Building

Shintomi, Chuo-ku, Tokyo

Trust beneficiaryinterest in real estate

2,470

1,875

1.0

O-51

Ebisu Green Glass

Ebisu Minami, Shibuyaku, Tokyo

Trust beneficiaryinterest in real estate

6,540

5,872

3.1

O-52

Ichigo Omori Building

Minami Oi, Shinagawa-ku,
Tokyo

Trust beneficiaryinterest in real estate

4,160

3,825

2.0

O-53

Ichigo Takadanobaba
Building

Takadanobaba, Shinjukuku, Tokyo

Trust beneficiaryinterest in real estate

1,790

1,582

0.8

O-54

Ichigo Omiya Building

Trust beneficiaryinterest in real estate

3,680

3,419

1.8

O-55

Ichigo Sagamihara
Building

Trust beneficiaryinterest in real estate

1,260

1,250

0.7

O-56

Ichigo Ofuna Building

Miyacho, Omiya-ku,
Saitama City, Saitama
Sagamihara, Chuo-ku,
Sagamihara City,
Kanagawa
Ofuna, Kamakura City,
Kanagawa

Trust beneficiaryinterest in real estate

2,270

1,997

1.1

O-57

Ichigo Sendai East
Building

Trust beneficiaryinterest in real estate

2,040

1,782

0.9

O-58

Ichigo Kumamoto
Building

Trust beneficiaryinterest in real estate

1,430

1,438

0.8

O-59

Ichigo Jingumae
Building

Miyagino, Miyagino-ku,
Sendai City, Miyagi
Karashimacho, Chuo-ku,
Kumamoto City,
Kumamoto
Jingumae, Shibuya-ku,
Tokyo

Trust beneficiaryinterest in real estate

7,710

7,352

3.9

O-60

Ichigo Shibuya
Dogenzaka Building

Maruyamacho, Shibuyaku, Tokyo

Trust beneficiaryinterest in real estate

4,660

3,695

1.9

O-61

Ichigo Hiroo Building

Hiroo, Shibuya-ku, Tokyo

Trust beneficiaryinterest in real estate

4,320

4,018

2.1

O-62

Ichigo Sasazuka
Building

Sasazuka, Shibuya-ku,
Tokyo

Trust beneficiaryinterest in real estate

5,020

4,807

2.5

O-63

Ichigo Nihonbashi East
Building

Nihonbashi Bakurocho,
Chuo-ku, Tokyo

Trust beneficiaryinterest in real estate

5,290

4,700

2.5

Asset
No.

Asset Name

O-28

Ichigo Nishi Gotanda
Building

O-29

Location25

Form of OwnershipAppraisal
Value1(million yen)Book Value2(million yen)

% ofPortfolio3

Hatchobori, Chuo-ku,
Tokyo

Trust beneficiaryinterest in real estate

2,730

2,596

1.4

Ichigo Shinkawa
Building

Shinkawa, Chuo-ku,
Tokyo

Trust beneficiaryinterest in real estate

2,710

2,392

1.3

O-66

Ichigo Kudan Building

Kanda Jimbocho, Chiyodaku, Tokyo

Trust beneficiaryinterest in real estate

3,350

3,236

1.7

O-67

Ichigo Higashi
Gotanda Building

Higashi Gotanda,
Shinagawa-ku, Tokyo

Trust beneficiaryinterest in real estate

4,020

3,699

1.9

O-68

Axior Mita

Mita, Minato-ku, Tokyo

Trust beneficiaryinterest in real estate

1,970

1,791

0.9

O-69

Ichigo Higashi
Ikebukuro Building

Higashi Ikebukuro,
Toshima-ku, Tokyo

Trust beneficiaryinterest in real estate

4,920

4,613

2.4

O-70

Koriyama Big-i (OfficeSection)Trust beneficiaryinterest in real estate

1,770

1,594

0.8

O-71

Ichigo Kawasaki
Building

Trust beneficiaryinterest in real estate

1,980

1,792

0.9

O-72

Ichigo Shibuya East
Building

Ekimae, Koriyama City,
Fukushima
Higashi Tamachi,
Kawasaki-ku, Kawasaki
City, Kanagawa
Higashi, Shibuya-ku,
Tokyo

Trust beneficiaryinterest in real estate

1,460

1,357

0.7

O-73

Ichigo Ningyocho
Building

Nihonbashi Horidomecho,
Chuo-ku, Tokyo

Trust beneficiaryinterest in real estate

1,550

1,458

0.8

O-74

Ichigo Nishi Honmachi
Building

Awaza, Nishi-ku, Osaka
City, Osaka

Trust beneficiaryinterest in real estate

2,330

2,194

1.2

O-75

Ichigo Hakata Building

Gionmachi, Hakata-ku,
Fukuoka City, Fukuoka

Trust beneficiaryinterest in real estate

1,440

1,384

0.7

O-76

Nishiki First Building

Nishiki, Naka-ku,
Nagoya City, Aichi

Trust beneficiaryinterest in real estate

2,080

2,006

1.1

O-77

Ichigo Ikenohata
Building

Ikenohata, Taito-ku, Tokyo

Trust beneficiaryinterest in real estate

5,310

5,150

2.7

O-78

Ichigo Ikebukuro East
Building

Higashi Ikebukuro,
Toshima-ku, Tokyo

Trust beneficiaryinterest in real estate

3,170

3,017

1.6

O-79

Ichigo Motoazabu
Building

Motoazabu, Minato-ku,
Tokyo

Trust beneficiaryinterest in real estate

1,970

1,901

1.0

O-80

Ichigo Otsuka Building

Minami Otsuka, Toshimaku, Tokyo

Trust beneficiaryinterest in real estate

2,880

2,745

1.4

O-81

Ichigo Nagoya
Building

Meieki, Nakamura-ku,
Nagoya City, Aichi

Trust beneficiaryinterest in real estate

3,530

3,443

1.8

O-82

Ichigo Fushimi
Building

Nishiki, Naka-ku,
Nagoya City, Aichi

Trust beneficiaryinterest in real estate

2,400

2,351

1.2

O-83

Ichigo Nishiki
Building

Nishiki, Naka-ku,
Nagoya City, Aichi

Trust beneficiaryinterest in real estate

1,390

1,330

0.7

Ichigo Minami
Morimachi Building
Ichigo Serviced
Apartments
Takanawadai
B-SITE
Hamamatsucho

Matsugaecho, Kita-ku,
Osaka City, Osaka

Trust beneficiaryinterest in real estate

1,110

1,042

0.5

Shirokanedai, Minato-ku,
Tokyo

Trust beneficiaryinterest in real estate

1,160

1,294

0.7

Hamamatsucho, Minatoku, Tokyo

Trust beneficiaryinterest in real estate

616

670

0.4

859

901

0.5

2,100

1,977

1.0

Asset
No.

Asset Name

O-64

Ichigo Sakurabashi
Building

O-65

O-84
R-04
R-06

Location

R-09

Ichigo Serviced
Apartments Ginza

Shintomi, Chuo-ku, Tokyo

Trust beneficiaryinterest in real estate

Z-02

Ichigo Fiesta Shibuya

Udagawacho, Shibuya-ku,
TokyoReal estate26

Location

Form of OwnershipAppraisal
Value1(million yen)Book Value2(million yen)

% ofPortfolio3

Ichigo Burg Omori

Omori Kita, Ota-ku, Tokyo

Trust beneficiaryinterest in real estate

3,005

3,142

1.7

Ichigo Pagoda Asakusa

Kaminarimon, Taito-ku,
Tokyo

Trust beneficiaryinterest in real estate

1,820

1,595

0.8

Ichigo Machida East
Building
Ichigo Sapporo
Minami 2 Nishi 3
Building
Ichigo Daimyo
Balcony

Haramachida, Machida
City, Tokyo
Minami 2 jo Nishi, Chuoku, Sapporo City,
Hokkaido
Daimyo, Chuo-ku,
Fukuoka City, Fukuoka

Trust beneficiaryinterest in real estate

1,490

1,283

0.7

Real estate

584

553

0.3

Real estate

669

593

0.3

Konami Sports Club
Izumi Fuchu
Ichigo Shibuya
Bunkamura Dori
Building
Twicere Yokohama
Isogo (Retail Section)

Fuchucho, Izumi City,
Osaka

Trust beneficiaryinterest in real estate

1,420

1,142

0.6

Udagawacho, Shibuya-ku,
Tokyo

Trust beneficiaryinterest in real estate

3,040

2,474

1.3

Mori, Isogo-ku, Yokohama
City, Kanagawa

Trust beneficiaryinterest in real estate

1,870

1,562

0.8

Z-12

Lions Square
Kawaguchi

Trust beneficiaryinterest in real estate

2,610

2,398

1.3

Z-13

Ichigo Shin Yokohama
Arena Dori Building

Trust beneficiaryinterest in real estate

1,720

1,694

0.9

Z-14

Ichigo Kamata
Building

Motogo, Kawaguchi City,
Saitama
Shin Yokohama, Kohokuku, Yokohama City,
Kanagawa
Nishi Kamata, Ota-ku,
Tokyo

Trust beneficiaryinterest in real estate

1,490

1,439

0.8

207,537

189,765

100.0

Asset
No.

Asset Name

Z-03
Z-04
Z-05
Z-07
Z-08
Z-09
Z-10
Z-11

Total
1

Based on Ichigo Office REIT’s internal rules and the rules of The Investment Trusts Association, Japan, Appraisal
Value at period-end shows either an appraisal value or an indicative value as determined by the Japan Real Estate
Institute, Daiwa Real Estate Appraisal, Tanizawa Sōgō Appraisal, or Rich Appraisal Institute.
2
Book Value at period-end does not include amounts for construction in progress.
3% of Portfolio is based on book value and is rounded off to the nearest tenth.

27