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.

February 5, 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: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Ichigo REIT Portfolio Occupancy (Flash Data) – January 2015
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces its portfolio
occupancy as of the end of January 2015:Total
By AssetType

End of December
2014(Final: A)
96.1%

End of January
2015(Flash: B)
96.2%

Difference
(B-A)
+0.1%

Offices
Others

96.4%

96.5%

+0.1%

94.9%

95.3%

+0.4%

Central Tokyo

96.9%

97.9%

+1.0%

96.2%

95.5%

-0.7%

93.6%

93.6%

－96.1%

95.8%

-0.3%

64
610
182,236.52m2
175,063.40m2

66
622
187,300m2
180,100m2+2+12Tokyo
Metropolitan Area
By Area
Four Major
Regional Cities
Other RegionalCities
No. of Assets
No. of Tenants
Leasable Area
Leased Area

(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
Ichigo REIT acquired two assets on January 9, 2015, the Ichigo Sagamihara Building and theIchigo Kamata Building. (For details, please see the November 14, 2014 release “AssetAcquisitions and Sales.”)
A new tenant at Ebisu Green Glass resulted in improved occupancy for Office and Central Tokyo,
and lease terminations at Ichigo Shin-Yokohama Building and Ichigo Kumamoto Building
decreased occupancy in Tokyo Metropolitan Area and Other Regional Cities.
Leasing and Value Enhancement Activities
One of the tenants at Ichigo Omiya Building terminated its lease recently. However, Ichigo
REIT was able to find a new tenant with no downtime due to effective collaboration with theReal Estate Services Division of sponsor Ichigo Group Holdings (“Ichigo”). Ichigo searched foroffice tenants in the vicinity with a potential need to move due to business expansion. Throughthis consultative sales process, Ichigo came to know the two-phase expansion plan of the newtenant at an early stage. The first phase was to accommodate an increased number of staff. This
need was met through leasing a smaller office in the Ichigo Omiya Building. The second phase
was to further increase the number of staff and consolidate their existing offices into a single
location. This need was met through leasing a large office in Ichigo Omiya, which is now thetenant’s northern Kanto area main office.
Ichigo REIT will continue to conduct tailored leasing matched to tenant needs for every Ichigo
building, not just in central Tokyo but also across the Tokyo metropolitan area and Japan’s
regional cities.
Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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