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 5, 2016
REIT Issuer
Ichigo 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 Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration & Statutory Executive Officer
Tel: +81-3-3502-4891

Ichigo Office REIT Portfolio Occupancy (Flash Data) – March 2016
Ichigo Office REIT hereby announces its portfolio occupancy as of the end of March 2016:
End ofFebruary 2016
(Final: A)
96.5%

End ofMarch 2016
(Flash: B)
96.7%

Office

96.4%

97.0%

+0.6%

Other

96.8%

94.9%

-1.9%

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

95.2%

95.1%

-0.1%

98.2%

98.8%

+0.6%

96.0%

97.3%

+1.3%

97.2%

97.0%

-0.2%

76
720
223,467.02 m2
215,551.51 m2

74
692
219,400 m2
212,000 m2-2-28

Total
By Asset
TypeDifference
(B-A)
+0.2%

(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) Amounts less than a hundred square meters of Leasable Area and Leased Area for Flash
Data are rounded down.

1Explanation of Changes
Occupancy improved for Office, Tokyo Metropolitan Area, and Four Major Regional Cities,
thanks to new tenants at Ichigo Shin Yokohama Building and Ichigo Sakaisuji Honmachi
Building.
Occupancy declined for Other due to lower occupancy at Ichigo Serviced Apartments
Takanawadai and Ichigo Serviced Apartments Ginza.
The sales of Ichigo Saga Building and Ichigo Yokohama Nishiguchi Building were also
completed on March 24, 2016 and March 30, 2016, respectively. For details, please see theMarch 16, 2016 release “Sale of Portfolio Asset (Ichigo Saga Building)” and the March 4,2016 release “Sale of Portfolio Assets (Ichigo Meieki Building, Ichigo Yokohama Nishiguchi
Building).”
Value-Add Actions
Ichigo Office REIT is currently putting particular focus on leasing up the Ichigo Shibuya
Dogenzaka Building, as a tenant is expected to vacate a few floors totaling 1,533.37 m2 in May.
Immediately after receiving the lease termination notification, Ichigo Office REIT createdmarketing materials, approached leasing agents, and began to hold private viewings.
Given that the Shibuya area is seeing strong office lease demand and rising rents, Ichigo
Office REIT is working to achieve higher rents with this change in tenant. Space in thebuilding is generating numerous inquiries from potential tenants, and Ichigo Office REIT
recently acquired a new tenant for one floor (332.22 m2) at a rent 29% higher than the current
tenant with no vacancy downtime (i.e., the new lease commenced immediately at the previous
lease expiry). Ichigo Office REIT will continue its leasing efforts to minimize downtime andacquire new tenants at increased rents.
Ichigo Shibuya Dogenzaka Building2