Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

March 25, 2021
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Sanae Hiraoka, Head of Ichigo OfficeTel: +81-3-3502-4891

New Loans
Ichigo Office decided today to borrow funds via new loans.
1. Loan Rationale
The new loans will be used to repay an existing loan (JPY 4,859 million). Details of theexisting loan to be repaid are in Section 3 below.
2. New Loan Details
Loan Date

Mar 31, 2021

1Lenders

LoanAmount(JPY million)

Interest Rate

Repayment
Repayment
Date
CollateralizedTerms(Loan Terms)

SMBC
MUFG Bank
Mizuho Bank
Bank of Yokohama
Mizuho Trust & Banking

1,756

1M JPY TIBOR+0.41% (p.a.)1

Sep 25, 2024
(3.5 years)

SMBC
Mizuho Bank
Aozora Bank
Resona Bank
Mizuho Trust & Banking

3,097

Lump-sum
repayment
3M JPY TIBOR+0.68% (p.a.) 2,3

NoMar 25, 2029
(8.0 years)

Interest payment date is the 25th of every month following the first interest payment date.
(The first payment date will be April 26, 2021 and the last payment date will be the sameas the principal repayment date.) In the event the interest payment date is not a businessday, payment shall be made on the following business day. If the following business day
falls into the following month, payment shall be made on the previous business day. Ichigo
Office will announce the interest rate for the first period (March 31, 2021 to April 26,2021) after it is determined.

12Interest payment date is the 25th of every third month following the first interest payment
date. (The first payment date will be April 26, 2021 and the last payment date will be thesame as the principal repayment date.) In the event the interest payment date is not abusiness day, payment shall be made on the following business day. If the followingbusiness day falls into the following month, payment shall be made on the previous
business day. Ichigo Office will announce the interest rate for the first period (March 31,2021 to April 26, 2021) after it is determined.

3Ichigo Office will also execute an interest rate swap on the loan, and will announce theswap interest rate after it is determined.

Note:

The base rate for the loans will be JPY TIBOR as published by the Japanese Bankers
Association (JBA) two business days before each interest payment date. For current JPYTIBOR rates, please visit the JBA’s website: www.jbatibor.or.jp/english/rate
3. Existing Loan Being Repaid
Loan Date

Lenders

SMBC
Mizuho Bank
Resona Bank
Aozora Bank
Sep 30, 2015
MUFG Bank
Mizuho Trust & Banking
ORIX Bank

LoanAmountInterest Rate
(JPY million)

4,859

Repayment
Date

1M JPY TIBOR Mar 31, 2021
+0.65% (p.a.)(5.5 years)

Repayment
CollateralizedTerms

Lump-sum
repayment

4. Earnings Outlook
The impact of the new loans on Ichigo Office’s April 2021 and October 2021 fiscal period
earnings has already been reflected in the forecast presented in Ichigo Office’s December
14, 2020 release “October 2020 Fiscal Period Earnings.”
4. OtherRisks related to the loans have no material impact on the “Investment Risks” described inthe latest Financial Report submitted on January 28, 2021.

2No

Loan and Bond Composition after New Loans
Outstanding Loan and Bond Balance(JPY million)
BeforeNew Loans
(A)

After
New Loans(B)1

Change(B) - (A)Short-term bank loans–––

Long-term bank loans1

105,921

105,915-6

Total bank loans1

105,921

105,915

-6

5,400

5,400

–

111,321111,315-6

Bonds
Total bank loans and bonds1
1

The outstanding balance after repayment reflects a JPY 6 million principal repayment
using cash-on-hand.
Distribution of Loan and Bond Maturities
Before New Loans■ Bank Loans (floating rate)
9,639

9,629

9,633

■ Bank Loans (fixed rate)■ Bonds(JPY million)

9,623
8,908

8,846
7,647

1,000

7,346

9,056
1,200

7,266

1,000
5,494

4,600

4,859

2,900
3,047

Oct
2021

Apr
2022

Oct
2022

Apr
2023

Oct
2023

7,856

2,000

1,200

1,000955

600

Apr
2024

3,527

6,346

900
Apr
2021

4,6707,953

7,246

Oct2024

Apr2025

Oct2025

Apr2026

Oct2026

Apr2027

Oct2027

Apr2028

Oct2028

Apr2029

Oct2029

Apr2030

Oct2030

After New Loans■ Bank Loans (floating rate)
9,639

9,629

9,633

■ Bank Loans (fixed rate)■ New Loans

9,623
8,908

8,846
7,647

1,000

7,346

■ Bonds(JPY million)

9,056
1,200

7,767

7,266

1,000

3,097

5,494

4,600

7,953

7,246

3,047

2,000

Oct
2021

Apr2022

Oct2022

Apr2023

Oct2023

Apr
2024

3,527
4,670

1,756
1,000
0900
Apr
2021

7,856

6,346

2,900

955

600

Oct
2024

Apr
2025

Oct
2025

Apr2026

31,200Oct2026

Apr2027

Oct
2027

Apr2028

Oct2028

Apr2029

Oct2029

Apr2030

Oct2030