Ichigo REIT April 2012 Fiscal Period
Corporate Presentation
June 19, 2012

Ichigo Real Estate Investment Corporation
Ichigo REIT Management Co., Ltd.

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

www.ichigo-reit.co.jp/english

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Creating peace of mind throughhhonestt andd committed
itt d managementt© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Contents•

Progress in Growth Strategy-•

Towards Stage II of Growth Strategy-•

Growth Strategy Road Map
April 2012 Financial Results
Dividend Increase
Leasing Progress
Strategic Value-Up
P tf li Q
Portfolio
Quality
lit Improvement
It
Property Acquisition
Broadening of Lender Base and Borrowing Cost Reduction
Stage I: Lay Foundation for Growth
Achieving Stage I Goals
M
Mergeroff Asset
A
ManagerM
Differentiation by “Ichigo REIT” Brand

Forward Dividend Policy – Maximizing Unitholders’ Value- Dividend Forecast- Raise Dividend Base
- Full Focus on Raising Dividend
Appendix: Ichigo REIT Asset Management Strategy/ Borrowings/
Leasing & Portfolio/ About Ichigo REIT

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

4

Progress in Growth Strategy© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

5

Growth Strategy Road Map

2011/10

Stage I

Stage II

Stage IIILay Foundation for Growth

Full-Scale Growth

Solidify Market Position

2012/4

1st period post merger

2012/10

2nd period post mergerGo
oal

Seek Dividend of ¥1,200+¥1 200+

Action Plan

■ Financial Strategy
・Strengthen lender base・Reduce borrowing costs■ Internal Growth Strategy
・Reduce operating costs
・Enhance profitability of properties■ External Growth Strategy
・Disposition using negative goodwill
・Gather property information for PO
・Replace properties in timely fashion
・Consider indirect property
acquisition,i iie.g., TK iinvestment

2013/4

3rd period post merger

2013/10

4th period post merger

2014/45th period post merger

2014/10

6th period post merger

PO Targeting Dividend
GrowthFurther Growth of Dividendand Assets■ Financial Strategy
・Strengthen lender base・Strengthen financial base via PO・Obtain credit rating■ Financial Strategy
・Consider non-collateralizedborrowing・Consider bond issuancepmeasures toward further
・Implement
asset growth■ Internal Growth Strategy
・ Enhance profitability of individual
properties■ External Growth Strategy
・Acquire properties via PO・Gather property information for asset
growth and strengthen asset
sourcing© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

■ Internal Growth Strategy
・Continuously enhance profitability ofproperties■ External Growth Strategy
・Further expansion of scale of assets

Growth6

April 2012 Financial Results
Dividend for April 2012: 1,219 yen- Operating Income decrease due to asset sales- Dividend increase of 119 yen (10(10.8%)8%) compared to initial forecast
forecast, driven by
decrease in operating and interest expenses- Loss of 464 million yen on asset sales and borrowing-related expenses of
36 million yen on partial repayment of existing loans are offset by negative
goodwill(million yen)
Category

Oct 2011 Period Actual
FCR

Ichigo REIT

Sim ple Sum

Apr 2012
ActualInitial Forecast

Difference

Major Factors for Variation

Operating Revenue

787

3,674

4,461

4,273

4,371

-98

Decrease by asset sale -67, Other -31 (Decrease in utilities revenue -61,
Increase in other revenue +43, and others)

Operating Income

402

1,457

1,859

1,534

1,926

-392

Decrease in operating expenses by asset sale +36, Decrease in otheroperating expense +151 (Utilities expenses +68, Repair expenses +71, andothers), Capital loss -464, Increase in SGA -14

O diOrdinary
IIncome

240

591

831

526

942

-416
416

Decrease in interest expenses +7,
7, Increase in borrow ing related expenses-35

Net Income

236

568

804

17,08917,508-419－

7,220 yen
(beforeunit split)

2,777 yen
(beforeunit split)

954 yenDividend per Unit

(afterunit split)

1,219 yen

1,100 yen

+119 yen

No. of properties

19

52

71

67

71

－

－

No. of tenants

19

538

557

520

－

－

－

34,027 m2 141,957 m2

175,984 m2

162,565 m2

－

－

－

－

5.6%

－

－

－

Leasable area
NOI yield

5.4%

4.3%

*NOI yield of pre-merger Ichigo REIT is based on acquisition price before asset revaluation by the merger© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

7

Dividend Increase- Rental income increased 86 million yen due to decrease in operating expenses
such as repair costs- Reduced interest expenses by 7 million yen via partial repayment of existingloans in accordance with asset sales- Offset one-time expenses with negative goodwill

Dividend for April 2012

Decrease in
SG&A-14 mm yen

One-time expenses offset by
negative goodwill

Decrease ininterest expenses
and others
Increase in+13
mm yenrental income+86 mm yen

Capital loss

Increase individend

April 2012
Initial forecast(Recurring Profit on
on-going basis)(Recurring Profit)

1,027 mm yen

942 mm yen↓↓

Dividend per unit

Dividend per unit

1,100 yen-464 mm yen

1,219 yen

Dividend Apr. 2012
(Forecast)© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Expenses due
to partial
repayment ofloans-36 mm yen

Negativegoodwill

April 2012
Actual(Dividend reserve)

1,027 mm yen↓
Di id d per unit
Dividendit

1,219 yen

Dividend Apr. 2012
(Actual)8Leasing Progress
Increased Occupancy to 94.7% by April-end 2012
- Improvement of 3.1% compared to last period- Impact of asset sales: +0.9%- Brought in new restaurant to Falcon Shinsaibashi to achieve 100% occupancy
Changeg in Occupancypy and Averageg Rent per
p Tsubo(yen)

Average Rent （O+Z）

100%

Average Rent （R）

98.0%
97.7%

Office （O）

98.8%

97.3%

90%

Total

88.9%

96.2%

90.5%

91.8%

91.6%

87.9%

89.9%

90.2%

85.6%

98.3%
98.1%

94.7%

95 9%
95.9%

Residence （R）
Others （Z）

97.4%

24,000

92.0%
93.2%

20,00016,000,14,60080%70%No. of properties

14,30012,10014,10012,10014,00013,90012,00011,90011,900

Apr. 2010

Oct. 2010

Apr. 2011

Oct. 2011

Apr. 2012

Office (O)

47

46

45

45

41

Residence (R)

18

18

18

18

18

Others (Z)
Total

8

8

8

8

8

73

72

71

71

67

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

12,0008,000

9Internal Growth Strategy

Strategic Value-Up
Smart Capital Expenditures- Merger cleared impairment risk, and larger scale repairs to add value havebecome ppossible- Strengthen strategic investment (e.g., air conditioning, quake-resistance) toincrease leasing competitiveness and tenant satisfaction
Background

Implementation

Air Conndition
Quake
Resistance

Others• Direct impact on customer satisfaction• Strongest focus of tenants when selecting
office spaces*• Strong demand for energy saving to cut
electricity cost

• Taking advantage of government subsidy to
implement energy saving, upgrading capabilities
Examples of expected electricity usage
reduction:
Technos Nakano Building: -26%
Kearney Place Saga: -28%

• Reinforcementfoff old quake-resistancestandard buildings is essential• Need to clear uneasiness of tenants after
Tohoku Earthquake• Completed
C
quake-resistance construction in
Ibaraki Kowa Building• Assessing earthquake resistance in old buildings
and carrying out reinforcements• Various requirements to improve bathrooms
and kitchens for tenant satisfaction• Structural repairs also sometimes necessary
to maintain asset value• Improve tenant satisfaction by renovations toenhance comfort and design* Customer satisfaction survey in August 2011

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

10External Growth Strategy

Portfolio Quality Improvement
Progress in Asset Sales- Sold c. 4 billion yen assets out of c. 7 billion yen of assets projected to be soldat the beginninggg of the pperiod- Sold older, lower profitability, and high maintenance cost assets- Capital loss is offset by negative goodwill gained through the merger- Achieved portfolio quality improvement- Sold 4 out of 5 assets through Ichigo Group network- Found prospective buyers in local areas, which was key to selling assets at goodpricesAssets Sold
No. ofProperty
O-31
Apr. 2012
Period

O-41
O-43
O
43
O-32

Oct. 2012
PeriodO-36

Property
Sendai Ichibancho
Buildings
Kearney Place Kanazawa
EkimaeCOI Toyama
Shinsakura-machi Building
COI Hiroshima Kamiyacho
Building
Solon Keyakidori Building

Disposition

Feb 2012
Feb 2012
Mar 2012
Mar 2012
Jun 2012

Location
Sendai,SendaiMiyazaki Prefecture
Kanazawa,
Ishikawa Prefecture
Toyama,Toyama Prefecture
Hiroshima,
Hiroshima Prefecture
Fukuoka,
Fukuoka Prefecture
Total (5 Assets)© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

AcquisitionPrice(mm yen)Bldg.
Age(years)Occupancy

1,384

18

85.5%

533

21

77.4%

367

23

76 0%
76.0%

885

37

84.1%

788

22

53.5%

3,957
11

External Growth Strategy

Property Acquisition•

Obtained Preferential Acquisition Right to “M’s SQUARE” Located inCentral Tokyo
TK Investment
Itt Overview
Oi

Namboku Holdings GK
Trust beneficiaryy
rights in real estate(juekiken)
2,117 million yen•

TK Equity Interest
2,117 million yen

Of the TK Equity Interest
Interest,
Ichigo REIT invested 20 million yen

Positive Features of M’s SQUARE

M’s SQUARE- Excellent location with 1-8 minute walk from multiple JRand subwayy stations- New property- Excellent visibility→ Highg competitivenesspin the area•

Option to Acquire a High-Quality Office Asset toSupportpp Portfolio Quality
y Improvementp© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

12

Financial Strategy

Broadening of Lender Base and Borrowing Cost Reduction
Borrowed 10.9 billion Yen via Syndicate Loan with
Sumitomo Mitsui Banking and Mizuho Trust &Banking as Joint Arrangers (Drawdown Date: May
9, 2012)- Further diversification in lenders and maturities
Lenders：Sumitomo Mitsui Banking, Mizuho Trust &Banking, Aozora Bank, Shinsei Bank, Resona Bank

Distribution of Repayment Dates(million yen)Aozora Bank
7%

GE JapanCorporation
p
51%

Tokyo Star Bank
21%

After Refinance

Mizuho Trust (Loanbacked by Trust
Assets) Prudential LPS
5%20,000GE JapanCorporation
51%

Aozora Bank10%

10,000
3 884
3,884
0

ResonaBank
KagawaMizuho Trust
4%
Bank(Loan Backed
2%
Mizuho Trust
by Trust Assets)(Loan Backed by
Prudential LPS
Trust Assets)
5%
ORIX Bank
3%

Shinsei Bank
Mizuho4%
Trust Bank
Sumitomo
5%
Mitsui Bank
5%
KagawaBank
3%
Resona Bank
5%

28,46030,000

Before Refinance

Gibraltar
7%- In the refinanced loans, lowered borrowing cost by
1.4%

40,000

Di t ib ti off L
Distribution
Lenders
d

5,421

5,366
2 732
2,732

8,107
2,000

Oct. 2012

Apr. 2013

Oct. 2013

Apr. 2014

Oct. 2014

Apr. 2015

Oct. 2015

Apr. 2016

Oct. 2016© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Apr. 2017

Gibraltar
7%
Tokyo Star
Bank
5%

13

Towards Stage II of Growth Strategy© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

14

Stage I: Lay Foundation for Growth
Further Progress Towards Completion of Stage I
Stage I : Lay Foundation for Growth

Progress up to June 2012
Financial Strategy
S・Diversified lender formationand lengthened repayment
dates
g costs byy・Reduced borrowing
1.4%

Action Plan

Internal Growth Strategy
・Cut duplicated costs via themerger・Consolidating and reducing
outsourcing costs
・Improved occupancy, with
Central Tokyo almost 100%
(Total occupancy 91.6% Æ
94.7%)
External Growth Strategy
・Sold 5 portfolio assetsq・Ensured acquisition
opportunity of M’s SQUARE
by TK investment

Forward strategy
Financial Strategy
S・Early refinance for further
diversification of lender base・Reduction of borrowing cost
Internal Growth Strategy
・Integrating outsourcing functions,e.g. PM.
・Shift AM goal from occupancy to
NOI (strengthen leasing, strategic
value-up)

External Growth Strategy
・Acquisition of M’s SQUARE
Expansion of sourcing routes for・Expansion
property acquisition
・Keep monitoring propertytransaction market and tenant
movements for property disposal© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Stage II : Full-Scale Growth

PO Targeting Dividend
GrowthFinancial Strategy
S・Strengthen lender base・Strengthen financial base via
POg・Obtain credit rating
Internal Growth Strategy
・ Enhance profitability of
individual properties
External Growth Strategy
・Acquire properties via PO・Gather property information
for asset growth andstrengthent
th assett sourcingi15

Achieving Stage I Goals•

Finance- Aim at further diversification in lender formation, and build up strong
relationshipp with Japanesepmajor
j banks,, regionalgbanks,, and trust banks- Lower borrowing costs•

Internal Growth- Shift asset management goal from occupancy to NOI to maximize portfolio
profitability- Grasp trend of rent level and free rent in each area, and review both asking andcurrentt rents.
t AlsoAl shorten
h t freefrentt periodi d off new contracts
t t•External Growth- C
C. 3 billion of assets remain unsold out of the assets projected for sales at the
beginning of the period- Based upon potential NOI and buyer demand, determine sales timing- Consider property acquisition using excess collateral and non-collateralized
non collateralized
properties— Early acquisition of M’s SQUARE— Acquisition of high-quality properties using warehousing function of Ichigo Group© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

16

Merger of Asset Manager•

Merger of Asset Manager “Ichigo REIT Management Co, Ltd.” with “Ichigo
Real Estate Investment Advisors Co., Ltd.” Scheduled for July 1, 2012
- Integrate asset management know
know-how
how and sourcing routes and build up
human resources- Implement clear rules to avoid conflict of interest between Ichigo REIT and
private equityp
q y RE fund•Accelerate Property Acquisition Using Warehousing Capability Newly
Added via Ichigo
g Groupp Reorganizationg

Reorganization in Ichigo Group
Reorganization
Private Equity RE Fund AM

New Ichigo Real Estate Investment Advisors

Ichigo Real Estate Investment Advisors Co., Ltd.

Merge
J-REIT AM (Ichigo REIT)

Ichigo REIT Management Co., Ltd.

Small-Sized Assets & Ground Leases

Ichigo Estate Co., Ltd.
Merge

Financial Solutions

Ichigo Solutions Co., Ltd.

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

AM for J-REIT and private equity RE funds
Strengthened sourcing and AM capabilities

New Ichigo Estate
Small-sized assets, ground leases, and warehousing

17Differentiation by “Ichigo REIT” Brand•

Hands-On Property Management via Bottom-Up Strategy- Maintain Ichigo standard of management at highest levels- Enhance tenant satisfaction•

Ichigo Branding Implementation- Standardize the tenant signage
g g and leasingg advertisements and create “IchigogBrand”- Plan to open leasing site to introduce Ichigo Group properties

Joware Hanzomon

Technos Nakano
Building

COI Akasaka 5 Chome
Building© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Joware Hanzomon(Leasing Advertisement)18

Forward Dividend Policy － Maximizing Unitholders’ Value© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

19

Dividend Forecast•

Dividend Forecast for Oct. 2012： 1,260 yen (+41 yen)
- Operating revenue +148 million yen expected, excl. impact of asset buys/sells- Interest expensesp-87 million yyen due to May
y refinancing,g, etc.
- One-time expenses incurred by growth strategy (capital loss 214 million yen andborrowing-related expenses 234 million yen) will be offset by negative goodwill•

Dividend Forecast for Apr. 2013: 1,310 yen ((+5050 yen)- SG&A -20 million yen, interest expenses -36 million yen(million yen)
Category

Apr. 2012
Actual (A)Oct. 2012
Forecast (B)Major Factors for Variationin Net Income(B)-(A)

Apr. 2013
Forecast (C)(C)-(B)

Decrease by assets transaction -155
Operating Revenue

4,273

4,266

-7 Other +148 (utilities revenue +106, other rental

Increase in rental income +48

4,168- 98 Decrease in utilities revenue -46 (seasonal

income +60, and others)
Decrease in operating expenses -63 (Increasein utilities expenses -98, and others),+212
Decrease in capital loss +249, Decrease in
SGA +30

Operating Income

1,534

1,746

Ordinary Income

526

619

+93

17,089618-16,471

1,219 yen

1,260 yen

+41 yen

Net Income

Dividend per Unit

Major Factors for Variationin Net Income

factor), Other rental income -103

1,974

Decrease in operating expenses+90(Decrease in utilities expenses +38, Decrease+228
in repair expenses -76, and others), Decreasein capital loss -214

Decrease in interest expenses +87
Increase in borrowing related expenses -202

1,107

+488

Decrease in interest expenses -31
31
Decrease in borrowing related expenses -228

Decrease in extraordinary income-16,563 (gain on negative goodwill)

1,106

+488

―

1,310 yen

+50 yen© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

20

Raise Dividend Base•Via Growth Strategy, Raise Dividend Base
- Assume M’s SQUARE acquisition- Assume realistic reduction in SG&A and interest expensesp- Forecast does not include borrowing cost reduction from refinancing nor income
increase from property acquisition other than M’s SQUARE- Use negative goodwill to pay full dividends, and aim to raise dividend based uponrefinancing and further acquisitions

Dividend Forecast for Oct
Oct. 2012 and Apr
Apr. 2013
Decrease in interest
expenses, etc.
Decrease inrental income-82 mm yen

April 2012
ActualIncrease inrental income
by acquisition

Decreasein SGA+42 mm yen+13 mm yen+23 mm yen

Oct. 2013
Forecast
1,067 mm yen↓↓

Dividend Apr. 2012
(Actual)-30 mm yen(Dividend reserve)

1,027 mm yen

1,219 yen

Increase inrental income
by acquisition＋67 mm yen(Dividend reserve)

Dividend per unit

Decrease inrental income

Dividend forecast excludes impacts of one-time
expenses incurred by growth strategy

Dividend per unit

1,260 yen

Dividend Oct. 2012
(Forecast)© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Decreasein SGA, etc.

Decrease ininterest
expenses+37 mm yen+9 mm yen

Apr. 2013
A
Forecast(Dividend reserve)

1,106 mm yen↓
Dividend per unit

1,310 yen

Dividend Apr. 2013
(Forecast)21

Full Focus on Raising Dividend
Aggressively aim to raise dividend and increase unitholders value
Effect of reduction of borrowing costs on dividend[Assumption] Refinance Loan Amount: 10 billion yen (interest rate base)

ChangeDecrease in interest
expenses (per period)

-0.2%

-0.4%

-0.6%

-0.8%

-1.0%

10 mm yen

20 mm yen

30 mm yen

40 mm yen

50 mm yen

+11 yen+23 yen+35 yen+47 yen+59 yen

Effect on dividend per unit

Dividend per Unit

Effect of property acquisition[Assumption] Acquisition Amount: 1.5 billion yen (yield on rental income base, after depreciation)
Ichigo REIT portfolio income yield: 4.7%
(Income yield based on rental income after depreciation
depreciation,
actual result for Apr. 2012)

Yield
Increase in rental
income (per period)

4.0%

4.5%

5.0%

5.5%

6.0%

30 mm yyen

34 mm yyen

38 mm yyen

41 mm yyen

45 mm yyen

+36 yen+40 yen+44 yen+49 yen+53 yen

Effect on dividend per unit

Dividend per unit

* Simplified calculation to examine the impact of borrowing cost reduction or property acquisition (number of outstanding investment units: 842,823)© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

22

Appendix： Ichigo REIT Asset Management Strategy© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

23

Bottom-Up Strategy•

Differentiate Asset Management with Thorough Bottom-Up Strategy- Monetize idle space in properties： Ichigo & Nokishita.com- Customer satisfaction surveyy- Tenant satisfaction improvement projects (eg. bathroom renewal, Green
project)•

E
EnergySavingS i StStrategyt- Save energy in cooperation with tenants- Implemented CoolBiz to save electricity by turning off common space lights andcooperating with tenants- Saved 17% electricity during Jul - Sep 2011 (compared to the last year)- Saved 28% electricity in two Tokyo commercial-scale utility properties (more than
500kW), exceeding government requirement of 15%- Electricity cost reduction using Power Producer & Supplier (PPS)- Switched electricity provider from traditional major companies to new companies
and lowered electricity cost
- Completed switchover in most of the properties as of June 2012.
- Alleviate impact of anticipated electricity price increase by traditional powerpcompanies© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

24

Green Project
Unique Value Up Project Using Green Plants- Create green entrance- Enhanced visibilityy at reasonable cost
- Energy saving effect
Green project examples: Burc Omori, Fiesta Shibuya, DSM Jimbocho Building© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

25

Value Up Strategy (1)DSM Nihonbashi Kakigaracho Building- Improved entrance visibility by setting tenant signage and switched to LED
lightsg
to save energygy- Major changes: entrance (signage, lights), elevator- Occupancy improved: 89.1% (end of Oct. 2011) Æ 100% (end of Apr. 2012)

BeforeAfter

Achieved early lease up
after renovation by making
the renovation visible inadvance via layout plans© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

26

Value Up Strategy
BENEX S-2
- Enhanced visibility by newly set up lounge and artwork at entrance, renewalof tenant signage,g g , and switched to LED lightsgfor energy
gy savingg- Major changes: entrance (signage, furniture, artwork, lights), elevator- Occupancy improved: 77.5% (end of Oct. 2011) Æ 94.4% (end of Apr. 2012)

BeforeAfter

Before© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

After

After
27

Appendix: Borrowings© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

28

April 30, 2012 Loan Details
As of April 30, 2012

LenderBalance(mm yen)Interest Rate

Drawdown Date

Maturity Date

Aozora Bank, Ltd.

3,703

3M JPY TIBOR + 2.25% (variable)

February 29, 2008

August 31, 2012

The Tokyo Star Bank, Limited

2,925

3M JPY TIBOR + 2.50% (variable)

November 30, 2010

November 30, 2012

The Kagawa Bank, Ltd.

1,437

3M JPY TIBOR + 2.00% (variable)

November 30, 2010

November 30, 2012

The Tokyo Star Bank,
Bank Limited

5 494
5,494

3 075% (fixed)
3.075%

January 29
29, 2010

January 29
29, 2013

Gibraltar Life Insurance

3,800

2.481% (fixed)

March 16, 2006

March 16, 2013

The Tokyo Star Bank, Limited

3,700

3.1875% (fixed)

March 31, 2010

March 31, 2013

Mizuho Trust & Banking Co., Ltd.
(L
(Loan
B
Backedk db
by TTrustt A
Assets)t )ORIX Bank Corporation

1 800
1,800

3M JPY TIBOR + 2.60%
2 60% ((variable)
i bl )

S t b 17,
September
17 2010M h 14March
14, 2014

Resona Bank, Limited

2,000

3M JPY TIBOR + 1.50% (variable)

June 29, 2011

April 30, 2014

GE Japan Corporation

28,460

3M JPY LIBOR + 2.30% (variable)

November 30, 2010

May 30, 2014

Mizuho Trust & Banking Co., Ltd. (Loan
Backed by Trust Assets) / Prudential
LPS

2,936

2.81% (fixed)

November 30, 2010

May 25, 2016

Total

56,256

LTV: 48.8% (using April 30, 2012 asset value)© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

29June 30, 2012 Loan Details
As of June 30, 2012

Balance(mm yen)Interest Rate

Drawdown Date

Maturity Date

Aozora Bank, Ltd.

3,684

3M JPY TIBOR
O + 2.25% (variable)

February 29, 2008

August 31, 2012

The Tokyo Star Bank, Limited

2,910

3M JPY TIBOR + 2.50% (variable)

November 30, 2010

November 30, 2012

The Kagawa Bank, Ltd.

1,425

3M JPY TIBOR + 2.00% (variable)

November 30, 2010

November 30, 2012

Gibraltar Life Insurance

3,800

2.481% (fixed)

March 16, 2006

March 16, 2013

Resona Bank, Limited

2,000

3M JPY TIBOR + 1.50% (variable)

June 29, 2011

April 30, 2014

GE Japan Corporation

28,460

3M JPY LIBOR + 2.30% (variable)

November 30, 2010

May 30, 2014

Term Loan 1(Sumitomo Mitsui Banking Corporation,
Mizuho Trust & Banking Co., Ltd., Aozora
Bank, Ltd., Shinsei Bank, Limited, Resona
Bank, Limited)

5,068

3M JPY TIBOR + 1.10% (variable)

May 9, 2012

April 30, 2015

2,923

2.81% (fixed)

November 30, 2010

May 25, 2016

5,497

1.91575% (fixed)

May 9, 2012

April 30, 2017

LenderMizuho Trust & Banking Co., Ltd. (Loan
Backed by Trust Assets) / Prudential LPS
Term Loan 1(Sumitomo Mitsui Banking Corporation,
Mizuho Trust & Banking Co., Ltd., Aozora
Bank, Ltd., Shinsei Bank, Limited, Resona
Bank Limited)
Bank,
Total

55,767

LTV: 48.8%
48 8% (using June 30
30, 2012 asset value)© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

30

Appendix: Leasing & Portfolio© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

31

Progress in Asset Management (1)Progress in Leasing, Additions Exceeding Contract Termination- Recovery trend in office rental market- 26 new leases that are at or highergthan pprevious rent level ((27% of new leases
in terms of new contracts)
New contracts

Change in Leased Area
Contract terminations-6,410 m2+9 645 m2+9,645Decrease duet assett sales
tol-10,456 m2

161 166 m2
161,166
153,945 m2

End of Oct. 2011

End of Apr. 2012

Leasing Activity
Change fromprevious rent2-157 mm yen―

2+25 mm yen+5.6 %

9531 m 2+12 mm yen―

69

7,950 m2

+163 mm yen-23.1 %

Leased Areas

65

6,410 mUpward17

1,164 mFlat
Downward

Contract terminations

New contracts

Rent(for entire period)

No.

Average Free Rent
Tokyo Metropolitan Area：3.9 months
Others：5.0 months* Excluding assets sold during the period© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

32

Progress in Asset Management (2)88% of Lease Renewals at Existing Rent
- Maintained stable profitability which is a strong feature of small-to-mid sizedp pproperties(No. / mm yen)

Status of Contract Renewals in Apr. 2012 Period

Others(668 / 2,900)

Downward(20 / 155)
Upward(2 / 15)

RenewedRdcontracts(178 / 865)

Flat(156 / 670)

No.

Leased Areas

Rent(for entire period)

Change fromprevious rent

Upward

2

497 m

2

+0.5 mm yen+3.6%

Downward

20

9,996 m

2

-25 mm yen-14.9%

Flat

156

25 549 m 2
25,549――* Excluding assets sold during the period© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

33

Progress in Asset Management (3)Change in Total Monthly Rent during the Period is +3 mm Yen

Change in Portfolio-Wide Monthly Rent

-4 mm yen

-26 mm yen+33 mm yen

Change by tenant movements+7 mm yen
627 mmyen

Revision

New contracts

Contract
termination

Ch
Changebbycontract renewal-4 mm yen(-0.7%)(+1.2%)

630 mmyen

Change during the period+3 mm yen(+0 5%)(+0.5%)End of Oct
Oct. 2011

E d off Apr.
End
A 2012* Excluding assets sold during the period© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

34

Tenant Diversification
Broad Diversification of Portfolio Tenants across Small/Mid-Sized Assets
As of April 30, 2012

Tenant Profiles (Office and Others)
Welf are3%
Real Estate
3%

Diversification of Tenants (Residences)

Others5%

Corporate
29%
Individual71%

Education
4%
Finance5%Service27%

9 GenderProduction
10%

9 Age
Others
Oth
4%

IT
15%

Restaurant,
Hotel
12%

50s
10%

Female
44%

Male
56%

20s
32%

40s
15%

30s
39%

Retail16%(Total number of tenants: 502)

(Total number of residents: 780)
* Excluding Service apartments (Bureau Takanawadai, B-site Hamamatsucho,
B-site Ginza East) and restaurants.

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

35

Portfolio Diversification
As of April 30, 2012

By UsePortfolio Overview

By Region

Other
13%

No. of Properties

67

Middle： Acquisition
Price (bn yen)

Total Acquisition Price

104,809 mm yen

Below： % of portfolio

Total Appraisal Value

100 101 mm yen
100,101

Leasable Area
Occupancy

Sapporo
0.5
1%

Tokyo
Metro
Area
76.3
73%

162,565.82 ㎡
94.7%

Residence
19%
Office68%

By Price
Sendai0.5
1%0~1 bn yyen
18%
3 bn yen~
34%

Nagoya12.2
11%

Kansai4.9
4%Fukuoka
1.4
1%

Others
8.8
8%

2~3
2
3 bn yen
9%

By Age30 years~
27%

20~30
years
21%

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

1~2 bn yen
39%

0~10 years
33%

10~20
years
19%

Average:20.9 years
36Portfolio Description (1)As of April 30, 2012
Use

No.

O-01

OfficeProperty

COI Shinbashi Building

Area

Central Tokyo

Address

Shinbashi, Minato-ku, Tokyo

AcquisitionPrice(mm yen)

6,110

NRA (m 2)

5,519.98

Occupancy
(%)

100.0

Appraisal
Apr 2012(mm yen)

6,060

Cap rate
(%)

―

O-02

COI Nishisando Building

Central Tokyo

Yoyogi Shibuya-ku
Yoyogi,Shibuya-ku, Tokyo

3 254
3,254

4 854 58
4,854.58

96 9
96.9

3 057
3,057

53
5.3

O-03

MTC Building

Central Tokyo

Shiba, Minato-ku, Tokyo

2,740

4,097.63

100.0

2,762

5.3

O-04

COI Nanpeidai Building

Central Tokyo

Nanpeidaicho, Shibuya-ku, Tokyo

1,920

1,925.24

100.0

1,690

4.7

O-05

Joware Hanzomon

Central Tokyo

Hayabusacho, Chiyoda-ku, Tokyo

1,550

2,080.37

89.6

1,500

5.1

O-06

COI Hijirizaka Building

Central Tokyo

Mita, Minato-ku, Tokyo

1,200

1,947.90

96.0

1,210

5.5

O-07
O
07

COI Shibuya Kamiyamacho Building

Central Tokyo

Kamiyamacho Shibuya-ku
Kamiyamacho,
Shibuya ku, Tokyo

1 505
1,505

1 321 54
1,321.54

100 0
100.0

1 505
1,505

49
4.9

O-08

COI Akasaka 5 Chome Building

Central Tokyo

Akasaka, Minato-ku, Tokyo

735

687.78

100.0

721

4.9

O-09

COI Shibazonobashi Building

Central Tokyo

Shiba, Minato-ku, Tokyo

1,100

1,602.29

100.0

1,100

5.3

O-10

COI Ebisu Nishi Building

Central Tokyo

Ebisu-nishi, Shibuya-ku, Tokyo

1,917

1,484.39

100.0

1,811

5.1

O-11

COI Ginza 612

Central Tokyo

Ginza, Chuo-ku, Tokyo

1,773

1,395.58

96.5

1,777

4.8

O-12
O
12

COI Uchikanda Building

Central Tokyo

Uchikanda, Chiyoda-ku,
Chiyoda ku, Tokyo

1,140

1,379.33

100.0

1,100

5.3

O-13

COI Kudan-Minami Building

Central Tokyo

Kudan-Minami, Chiyoda-ku, Tokyo

387

490.91

100.0

389

5.1

O-14

COI Yotsuya 4 Chome Building

Central Tokyo

Yotsuya, Shinjuku-ku, Tokyo

550

780.64

100.0

551

5.2

O-15

COI Akasaka Tameike Building

Central Tokyo

Akasaka, Minato-ku, Tokyo

580

494.14

80.6

575

4.8

O-16

DSM Jimbocho Building

Central Tokyo

Kanda Jinbocho, Chiyoda-ku, Tokyo

1,820

1,931.48

100.0

1,820

5.1

O-17

g
Buildingg
DSM Nihonbashi Kakigaracho

Central TokyoyNihonbashi Kakigaracho,g, Chuo-ku,, Tokyo
y

1,150
,

2,379.80
,

100.0

1,150
,

5.3

O-18

COI Kudan 2 Chome Building

Central Tokyo

Kudan Minami, Chiyoda-ku, Tokyo

763

1,288.31

100.0

763

5.2

O-19

COI Kudan 3 Chome Building

Central Tokyo

Kudan Minami, Chiyoda-ku, Tokyo

844

1,302.43

80.8

822

5.3

O-20

COI Gotanda Building

Central Tokyo

Higashi-Gotanda, Shinagawa-ku, Tokyo

5,060

5,346.76

100.0

5,060

5.7

O-21

Benex S-2

Tokyo Metro Area

Shinyokohama, Kohoku-ku, Yokohama City, Kanagaw a

1,816

4,084.14

94.4

1,740

5.9

O-22

COI Minami-Ikebukuro Building

Tokyo Metro Area

Minami-Ikebukuro Toshima-ku
Minami-Ikebukuro,
Toshima-ku, Tokyo

1 460
1,460

1 490 311,490.31

100 0
100.0

1 410
1,410

52
5.2

* Post-merger acquisition price as of November 1, 2011
* Cap rate of COI Shinbashi Building using the adjusted inwood method, assuming future redevelopment of the asset, is 4.9%

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

37

Portfolio Description (2)As of April 30, 2012
Use

OfficeNRA (m 2)

Occupancy(%)

Appraisal

Property

O-23

Technos Nakano Building

Tokyo Metro Area

Arai, Nakano-ku, Tokyo

764

1,250.85

90.8

764

5.9

O 24
O-24

COI Eitai
Eit i B
Building
ildi

T k MetroTokyo
M t AreaA

Eid i K
Eidai,
Koto-ku,
t k T
Tokyo
k

1 490
1,490

2 607 40
2,607.40

100 0
100.0

1 340
1,340

59
5.9

O-25

COI Yokosuka Bayside Building

Tokyo Metro Area

Wakamatsu-cho, Yokosuka City, Kanagawa

971

2,186.60

91.2

935

6.5

O-26

Chitose Building

Tokyo Metro Area

Ohashi, Meguro-ku, Tokyo

2,030

2,385.69

100.0

1,930

5.5

O-27

Route Ikebukuro Building

Tokyo Metro Area

Ikebukuro, Toshima-ku, Tokyo

639

1,261.91

100.0

640

5.6

O-28

Nishi-Gotanda AccessCentral Tokyo

Nishigotanda, Shinagawa-ku, Tokyo

765

1,311.21

100.0

759

5.6

O-29

TK Kichijoji Building

Tokyo Metro Area

Kichijoji Honcho, Musashino-shi, Tokyo

2,160

4,182.46

73.4

2,160

5.8

O-30

Ibaraki Kowa Building

Other Regional Cities Eidaicho, Ibaraki City, Osaka

604

2,186.41

73.7

605

7.6

O-33

COI Mei-Eki Building

Four Major Cities

Meieki, Nakamura-ku, Nagoya City, Aichi

837

2,063.52

100.0

837

6.0

O-34

COI Nagoya Plaza Building

Four Major Cities

Sakae, Naka-ku, Nagoya City, Aichi

4,705

3,928.12

100.0

4,751

5.4

O-35
O
35

COI Sendai Chuo Building

Other Regional Cities Chuo, Aoba-ku,
Aoba ku, Sendai City, Miyagi

510

2,378.07

90.5

453

6.1

O-36

Solon Keyakidori Building *Four Major Cities

Kego, Chuo-ku, Fukuoka City, Fukuoka,

788

1,969.05

53.5

668

6.1

O-37

CRD Marunouchi

Four Major Cities

Marunouchi, Naka-ku, Nagoya City, Aichi

6,710

8,009.11

100.0

6,580

5.4

O-38

Toyamaeki Nishi Building

Other Regional Cities Jinzuhonmachi, Toyama City, Toyama

1,650

8,601.71

96.0

1,650

6.9

O-39

Daihyaku Mirai-Shinkin Building

Other Regional Cities Niagemachi, Oita City, Oita

1,100

3,247.72

92.8

1,100

6.8

O-40

Kearney Place Saga

Other Regional Cities Ekimae-Chuo, Saga City, Saga659

2,786.43

97.2

655

7.0

O-42

COI Takamatsu Building

Other Regional Cities Kotobukicho, Takamatsu City, Kagawa

3,010

6,329.33

100.0

3,010

7.1

O-44

Akita Sanno 21 Building

Other Regional Cities Sanno, Akita City, Akita

560

3,512.36

55.3

546

8.1

O-45

COI Niigata Building

Other Regional Cities Higashiodori, Chuo-ku, Niigata City, Niigata

1,830

6,368.60

79.0

1,550

7.2

Subtotal - Office71,156

114,452.08

Area

Address

AcquisitionPrice(mm yen)No.

Apr 2012(mm yen)

Cap rate(%)

69,506* Post-merger acquisition price as of November 1, 2011
* Ichigo REIT sold Solon Keyakidori Building on June 5, 2012

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

38

Portfolio Description (3)As of April 30, 2012
Use

Residence

No.

Property

Area

Address

AcquisitionPrice(mm yen)

NRA (m2)

Occupancy(%)

Appraisal
Apr 2012(mm yen)

Cap rate(%)

R-01

ForeCity Roppongi

Central Tokyo

Roppongi, Minato-ku, Tokyo

1,730

1,663.87

95.8

1,360

5.1

R 02
R-02

F Cit Azabujuban
ForeCity
A b j bC t lT
CentralTokyok

Mit Minato-ku,
Mita,
Mi t k Tokyo
T k

1 140
1,140

1 111 20
1,111.20

91 7
91.7

1 070
1,070

50
5.0

R-03

ForeCity Azabujuban No.2

Central Tokyo

Mita, Minato-ku, Tokyo

1,250

1,177.20

94.4

1,150

5.0

R-04

Bureau Takanawadai

Central Tokyo

Shirokanedai, Minato-ku, Tokyo

1,360

1,677.88

100.0

994

5.0

R-05

ForeCity Shirokanedai

Central Tokyo

Shirokanedai, Minato-ku, Tokyo

824

927.90

100.0

695

5.1

R-06

B-Site Hamamatsucho

Central Tokyo

Hamamatsucho, Minato-ku, Tokyo

701

821.84

100.0

522

5.1

R-07

ForeCity Akihabara

Central Tokyo

Kanda Sakumacho, Chiyoda-ku, Tokyo

2,520

3,452.29

100.0

2,040

5.2

R-08

Sweet One Court

Central Tokyo

Irifune, Chuo-ku, Tokyo

786

1,030.63

97.1

654

5.2

R-09

B-site Ginza East

Central Tokyo

Shintomi, Chuo-ku, Tokyo

R-10

ForeCity Sasazuka

Central Tokyo

Sasazuka, Shibuya-ku, Tokyo

946

1,332.87

100.0

713

5.1

1,050

1,452.61

100.0

879

5.2

R-11

Gran Presso Kawadacho

Central Tokyo

Kawadacho, Shinjuku-ku, Tokyo

592

667.16

91.5

485

5.2

R-12

ForeCity Sakurashinmachi

Tokyo Metro Area

Sakurashinmachi, Setagaya-ku, Tokyo932

1,182.96

88.6

757

5.2

R-13

ForeCity Shinkamada

Tokyo Metro Area

Shinkamada, Ota-ku, Tokyo

1,040

1,756.33

98.1

916

5.5

R-14

ForeCity Nakaochiai

Central Tokyo

Nakaochiai, Shinjuku-ku, Tokyo

435

599.30

100.0

370

5.2

R-15

ForeCity Tomigaya

Central Tokyo

Tomigaya, Shibuya-ku, Tokyo

1,341

2,105.94

100.0

1,550

5.1

R-16

ForeCity Ryogoku

Tokyo Metro Area

Midori, Sumida-ku, Tokyo

1,080

1,572.39

100.0

1,040

5.3

R-17

ForeCity Toyosu

Tokyo Metro Area

Shinonome, Koto-ku, Tokyo

1,349

3,058.24

100.0

1,570

5.4

R-18

ForeCity Nishihonmachi

Four Major Cities

Nishihonmachi, Nishi-ku, Osaka City, Osaka

927

2,675.88

100.0

957

5.9

Subtotal - Residence

20,00628,266.49

17,722* Post-merger acquisition price as of November 1
1, 2011© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

39

Portfolio Description (4)As of April 30, 2012
Use

No.

Z-01

Other

Property

Area

Falcon Shinsaibashi Building

Four Major Cities

Z-02

Fiesta Shibuya

Z-03

Burc Omori

Z-04

Pagoda Asakusa

Z-05

Regalo Building

Z-06
Z
06

Lespoir 296

Z-07

El Centro Sapporo

Z-08

Daimyo Balcony

AcquisitionPrice(mm yen)Address

NRA (m 2)

Occupancy(%)

Appraisal
Apr 2012(mm yen)

Cap rate(%)

Higashi-Shinsaibashi, Chuo-ku, Osaka City, Osaka

3,410

5,760.79

100.0

2,660

5.5

Central Tokyo

Udagawacho, Shibuya-ku, Tokyo

1,970

1,220.02

100.0

1,970

5.0

Tokyo Metro Area

Omorikita, Ota-ku, Tokyo

3,218

5,343.56

96.1

3,139

6.2

Tokyo Metro Area

Kaminarimon, Taito-ku, Tokyo

1,640

2,091.27

100.0

1,680

5.5

Tokyo Metro Area

Haramachida, Machida City, Tokyo

1,310

2,183.65

100.0

1,330

5.9

Tokyo Metro Area

Minami-Saiw
a Sa aai,, Nishi-ku,su, Yokohama
o o a aC
City,
y, Kanagaw
a aga a903

1 282 92
1,282.92

100 0
100.0

903

57
5.7

Four Major Cities

Minami 2 jo Nishi, Chuo-ku, Sapporo City, Hokkaido

558

1,199.43

86.7

561

6.1

Four Major Cities

Daimyo, Chuo-ku, Fukuoka City, Fukuoka

638

765.61

100.0

630

6.3

Subtotal - Other

13,647

19,847.25

12,873

Total

104,809

162,565.82

100,101* Post-merger acquisition price as of November 1, 2011

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

40

Appendix: About Ichigo REIT

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

41

Unitholder Composition
A off April
As
A il 30
30, 2012

Number of Units by Unitholder Type

Major Unitholders
Name

Units

Share

1

Ichigo Trust

293,83835%2

Jupiter LLC

106,869

13%

3

FAL HOLDINGS PTE
PTE. LTDLTD.

54 80354,803

7%

4

JP MORGAN CHASE BANK 380

41,972

5%

5

Japan Trustee Service Bank, Trust Account39,927

5%

6The Nomura Trust and Banking Co., Ltd.

38,172

5%

7

Trust & Custody Service Bank, Ltd., Securities Investment
Trust Account30,162

4%

GOLDMAN SACHS INTERNATIONAL

27,4138Foreign
Corporation &Individuals
475,312Financial
Institutions
140,857
Domestic
Corporations
121,364

Number of Unitholders by Type3%

Foreign
Financial Co
Corporation
po a o &Institutions Individuals
30
64

Domestic
Corporations
105

9

The Master Trust Bank of Japan, Trust Account

19,6892%

10

DEUTSCHE BANK AG LONDON-PB NON-TREATY
CLIENTS 613

10,557,

1%%

663,402

79%

Total

Domestic
Individuals& Others
105,290© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

Domestic
Individuals &Others8,12342Overview of Ichigo REIT
As of April 30, 2012
Name

Ichigo Real Estate Investment Corporation

Securities Code8975

Address

1-1-1 Uchisaiwaicho Chiyoda-ku, Tokyo

Executive Director

Yoshihiro Takatsuka

Portfolio

67 properties

Portfolio Value

104,809 million yen （Based on acquisition price）

Fiscal Periods

November 1 – April 30 and May 1 – October 31

Asset Management Company
Name

Ichigo REIT Management Co., Ltd.

President

Wataru Orii

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

43

MEMO

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

44

MEMO

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

45

MEMO

© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

46

Disclaimer
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, anoffer to sell or a solicitation of an offer to buy any securities of Ichigo Real Estate Investment Corporation (Ichigo REIT). You
should consult with a representative of a securities firm if you intend to invest in any securities of Ichigo REIT.
These materials may contain forward-looking statements regarding the intent, belief or current expectations of management ofI hi REIT with
Ichigoith respectt to
t financial
fi
i l condition
diti andd future
f t
results
lt off operations.
ti
These
Th
statementst tt are basedbd on certaint i
assumptions founded on currently available information. Accordingly, such statements are subjects to risks, uncertainties andassumptions and there is no assurance as to actual financial conditions or results of operations. Actual results may vary fromthose indicated in the forward-looking statements. Accordingly, please refrain from solely relying on these statements.
These materials have been created byy the managementgof Ichigo
g REIT and Ichigo
g REIT ManagementgCo.,, Ltd. ((IRM)) with thebelief that the information contained is accurate. However, there is no assurance given as to the accuracy, certainty, validity or
fairness of any such information.
Please note that the content of these materials is subject to revision or retraction without prior notice.
No copying or reproduction of these materials or part of these materials is allowed without obtaining prior consent from Ichigo
REIT and IRM.

Contact:

Ichigo REIT Management Co., Ltd.
TEL：03-3502-4891
FAX：03-3502-4894
IR REIT@i hi h ldi
IR_REIT@ichigo-holdings.co.jp
jwww.ichigo-reit.co.jp/english© 2012 Ichigo REIT Management Co., Ltd. Ichigo Real Estate Investment Corporation All rights reserved.

47