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.

April 30, 2015
REIT Issuer
Ichigo Real Estate 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, Head of Administration
Tel: 03-3502-4891

Notice of Determination of Loan Interest Rate and Interest Rate Swaps
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) today has fixed the interest rate of aloan and is entering into interest rate swap agreements for loans announced in the April 27, 2015
release “Notice of New Loans, Interest Rate Swap, and Repayment of Existing Loan.”
1. Determination of Loan Interest RateLoanBank

Outstanding
Balance as ofApril 30, 2015

Interest Rate (p.a.)

Sumitomo Mitsui BankingCorporationMizuho Bank, Ltd.

SMBC Syndicate
Loan III(Term Loan 2-A)

The Bank ofTokyo-Mitsubishi UFJ, Ltd.
Resona Bank, Ltd.

4,000
million yen

Shinsei Bank, LimitedAozora Bank, Ltd.
The Bank of Fukuoka
ORIX Bank Corporation

10.82128%[Effective Period]
May 7 - May 28,
2015

Reference“Notice of New
Loans, Interest
Rate Swap, andRepayment of
Existing Loan,”released on April
27, 2015
www.ichigo-reit.co.jp/module/_newsPdfReit/340/Ichi
goREIT_2015042
7_New_Loan_and%20Refinance_E
NG.pdf

2. Interest Rate Swap(a) Reason
To fix the interest payment amount of SMBC Syndicate Loan III Term Loans 2-B and2-C and hedge against a rise in interest rates.
(b) Swap Details
SMBC Syndicate Loan III (Term Loan 2-B)
Counterparty
Notional Principal
Interest Rate

Mizuho Bank, Ltd.
9,250 million yen
Fixed Interest Rate: 1.2750%
Floating Interest Rate: 1M JPY TIBOR + 0.86%
Contract Date
April 30, 2015
Commencement Date
May 7, 2015
Termination Date
May 7, 2021 (Expected)
Interest Payment Date
Final business day of each month following theLoan Date (the first payment date will be May
29, 2015 and the last payment date will be thesame as the Principal Repayment Date)(Note) The effect of the interest rate swap is to fix the interest rate of the above loan at
1.2750%.
SMBC Syndicate Loan III (Term Loan 2-C)
Counterparty
Notional Principal
Interest Rate

Mizuho Bank, Ltd.
9,250 million yen
Fixed Interest Rate: 1.3475%
Floating Interest Rate: 1M JPY TIBOR + 0.90%
Contract Date
April 30, 2015
Commencement Date
May 7, 2015
Termination Date
November 7, 2021 (Expected)
Interest Payment Date
Final business day of each month following theLoan Date (the first payment date will be May29, 2015 and the last payment date will be thesame as the Principal Repayment Date)(Note) The effect of the interest rate swap is to fix the interest rate of the above loan at
1.3475%.

3. Future Outlook
There is no amendment to Ichigo REIT’s earnings and dividend forecast as announced in“Earnings and Dividend Forecast Revisions for the April 2015 and October 2015 Fiscal Periods”
on April 9, 2015.

2Reference
Average Interest Rate (as of May 7, 2015)

1.90%
1.78%
1.69%

1.70%

GELoanRefiinancing(Aug 2014)
3rd Accretive Follow-On
Public Offering(Dec 2014)

1.53%
1.50%
1.39%
1.34%
1.30%
After execution of refinancing as
announced on April 27, 2015
(As of May 7, 2015 )

1.23%

1.10%
Mar-14May-14Jul-14

Sep-14

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

3

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