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.

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/english

June 6, 2018

Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4891

Ichigo Office Portfolio Occupancy (Flash Data) – May 2018
April 2018
(Final: A)
Total
OfficeOtherCentral Tokyo
Tokyo
Metropolitan
By Area Area
Four Major
Regional Cities
Other RegionalCities
No. of Assets
No. of Tenants
Leasable Area
Leased Area
By Asset
TypeMay 2018
(Flash: B)

Difference(B) - (A)

99.0%
98.9%
99.8%
99.2%

98.9%
98.8%
99.8%
99.1%

-0.1%
-0.1%
–-0.1%

99.0%

98.8%

-0.2%

98.4%

98.5%

+0.1%

98.9%

98.9%

–82891
255,487.63m2
252,877.70m2

84907
260,600m2
257,700m2+2+16Notes:
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 toOsaka, Nagoya, Fukuoka, and Sapporo.

1Explanation of Changes
Occupancy decreased for Central Tokyo and Tokyo Metropolitan Area due to departing
tenants at the Ichigo Jimbocho Building and the Ichigo Omiya Building, but increased
for Four Major Regional Cities due to new tenants at the Ichigo Nishi Honmachi
Building and the Ichigo Fushimi Building. Furthermore, the number of assets, tenants,
and leasable area all increased as a result of the May 9 acquisition of the Win Gotanda
Building 2 and the MIF Building. (For details of the asset acquisitions, please refer tothe April 25 release “Acquisition of Two Office Assets (Win Gotanda Building 2, MIFBuilding).”)Value-Add Actions
Ichigo Office has been focusing on moving rents to current market levels at times of retenanting. In anticipation of an April-end departure of a retail tenant occupying 235
tsubo (775m2) on the first and second floors of the Ichigo Sakae Building, Ichigo Officetargeted retail tenants that would benefit from the building’s prime location on Otsu
Dori, a major thoroughfare in one of Nagoya’s premier commercial districts. Ichigo
Office successfully leased up the space with a 41.8% increase in rent and no lease
downtime.
Ichigo Office owns a number of other office buildings in areas with significant upward
rent potential, and will leverage its market intelligence and leasing capabilities to work
towards realizing these higher rents with minimal downtime.
Ichigo Sakae Building
Hisaya Odori

Fushimi Dori

Fushimi Station

Sakae Station

Ichigo Sakae
Building

Nishiki Dori

Nagoya Municipal Subway Meijo LineOtsu Dori

Nagoya Municipal Subway Tsurumai Line

Nagoya Municipal Subway Higashiyama LineHirokoji DoriYabacho Station
Wakamiya Odori2