Ichigo Preserves and Improves Real Estate[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.

June 6, 2017

IssuerIchigo Office REIT Investment Corporation (8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Business Administration
Tel: +81-3-3502-4891

Ichigo Office REIT Portfolio Occupancy (Flash Data) – May 2017
April 2017
(Final: A)
Total
OfficeOther
Central Tokyo
Tokyo
Metropolitan
By Area Area
Four Major
Regional Cities
Other Regional
CitiesNo. of Assets
No. of Tenants
Leasable Area
Leased Area
By AssetType

May 2017(Flash: B)

Difference(B) - (A)

98.6%
98.5%
98.7%
98.4%

98.2%
98.3%
97.7%
97.6%

-0.4%
-0.2%
-1.0%
-0.8%

99.5%

99.1%

-0.4%

98.4%

99.0%

+0.6%

97.4%

97.4%

–

82
897
253,545.89m2
249,881.01m2

85
919
262,700m2
258,000m2+3+22

Notes:
1. The above figures are month-end and have not been audited.
2. Leasable Area is the total space of the individual properties that is available to beleased and is subject to minor adjustments due to refurbishing or individual rental
contract terms.
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.

1Explanation of Changes
Occupancy decreased for Central Tokyo due to the May 10, 2017 acquisition of
Oimachi Center Building (which Ichigo Office REIT bought partially vacant with aplan to lease up to increase occupancy) and partial lease terminations at Ichigo
Shibakoen Building and Ichigo Ginza 612 Building. Occupancy increased for Four
Major Regional Cities due to new tenants at Ichigo Nishihonmachi Building and
Ichigo Fushimi Building.
Portfolio assets, tenants, and leasable floor area also increased as a result of theacquisition of three office buildings, including the Oimachi Center Building describedabove. (For details, please see the April 26, 2017 release “Acquisition of Three Office
Assets and Sale of Four Non-Office Assets.”)
Value-Add Actions
The Ichigo Jingumae Building is a mid-size Tokyo office building with a mix of office,retail, and restaurant tenants. It is located in one of the most prominent commercial
areas in Japan and on a major road (Meiji Dori) that runs from Harajuku/Omotesando
to Shibuya.
To capitalize on the high visibility of the building and its vibrant surrounding area,
Ichigo Office REIT has renovated the entrance, a staircase that offers access to retailfacilities in the basement, and common areas such as restrooms and hallways. The
Ichigo Jingumae Building has been commanding increasingly higher rents over the last
several years, and these improvements are expected to further increase its
competitiveness and profitability.
Ichigo Office REIT will continue to drive higher earnings for shareholders via
value-add capex and strategic tenant leasing.
Ichigo Jingumae Building (Post-Renovation)

Entrance

Staircase to Basement Retail2