Creating peace of mind through honest and committed management.

[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.

September 7, 2015
REIT Issuer
Ichigo Office REIT Investment Corporation (8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Statutory Executive Officer, Head of Administration
Tel: 03-3502-4891

Ichigo Office REIT Portfolio Occupancy (Flash Data) – August 2015
Ichigo Office REIT hereby announces its portfolio occupancy as of the end of August 2015:

96.1%

End of August
2015(Flash: B)
96.4%

Office

95.8%

96.2%

+0.4%

Other

97.4%

97.6%

+0.2%

Central TokyoTokyo
Metropolitan Area
By Area
Four Major
Regional Cities
Other RegionalCities
No. of Assets
No. of Tenants
Leasable Area
Leased Area

96.1%

96.1%

－95.8%

96.9%+1.1%

97.8%

97.8%

－95.7%

95.7%－76704
223,735.20m2
214,977.99m2

76705
223,700m2
215,700m2－+1

End of July 2015
(Final: A)
Total
By AssetType

Difference
(B-A)
+0.3%

(Note 1) The above figures have not been audited.
(Note 2) Leasable Area is the total space of the individual properties that is available to be leased
and is subject to minor adjustments due to refurbishing or individual rental contract terms.
(Note 3) “Central Tokyo” refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa
Wards. “Tokyo Metropolitan Area” refers to Tokyo (excluding the six wards above),
Kanagawa, Chiba, and Saitama Prefectures. “Four Major Regional Cities” refers to Osaka,Nagoya, Fukuoka, and Sapporo.
(Note 4) Leasable Area and Leased Area for Flash Data are rounded down to the nearest hundred
square meters.

1Explanation of Changes
New tenants at Ichigo Minami Ikebukuro Building and Ichigo Shin Yokohama Building resulted
in improved occupancy for Office and Tokyo Metropolitan Area.
Leasing and Value Enhancement Activities
Ichigo Office REIT has maintained occupancy at over 95% since April 2013 via its leasing
activities and strategic value-add enhancements, and has also been successful in acquiring thenew tenants at higher rents.
Ichigo Office REIT has focused its new tenant acquisitions in the Tokyo metropolitan area
which has growing tenant demand. By carrying out value-add enhancements to improve Ichigo
buildings’ functionality and competitiveness, Ichigo Office REIT is succeeding in bringing in
new tenants at higher rents than the previous tenant. Ichigo Office REIT will continue to driveincreased earnings via high occupancy and increased rents.

Rent Level of New Tenants vs. Previous Tenant
100%

Upward

14.5%

11.4%

11.3%

80%

14.4%

Flat

31.3%

Downward

10.4%

29.7%

58.8%

60%

18.6%

40%

77.3%

75.3%

9.1%

55.8%
50.1%

20%
32.1%

0%
April 2013

October 2013

April 2014

October 2014

April 2015

Website of Ichigo Office REIT*: www.ichigo-office.co.jp/english*The website URL has changed as a result of the name change to Ichigo Office REIT on
September 5, 2015.

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