Ichigo Office REIT Investment : Portfolio Occupancy (Flash Data) - June 2022

Make The World

More Sustainable

[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.

July 6, 2022

Issuer

Ichigo Office REIT Investment Corporation ("Ichigo Office," 8975) 1-1-1Uchisaiwaicho, Chiyoda-ku,Tokyo

Representative: Yoshihiro Takatsuka, Executive Director

www.ichigo-office.co.jp/en

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Hiroshi Iwai, President

Inquiries: Norio Nagamine, Head of Ichigo Office

Tel: [phone]

Ichigo Office Portfolio Occupancy (Flash Data) - June 2022

May 2022	June 2022	Difference
(Final: A)	(Flash: B)	(B) - (A)

Total		94.7%	95.6%	+0.9%
By Asset	Office	95.6%	95.6%	-
Type	Other	70.6%	94.4%	+23.8%
	Central Tokyo	94.2%	94.2%	-
	Tokyo
	Metropolitan	95.1%	95.1%	-
By Area	Area
Four Major	97.5%	97.8%	+0.3%
	Regional Cities
	Other Regional	92.2%	98.0%	+5.8%
	Cities
No. of Assets	85	86	+1
No. of Tenants	923	930	+7
Leasable Area	263,965.72m2	266,700m2
Leased Area	250,103.30m2	254,800m2
Notes:

1. The above are unaudited month-end figures.
2. Leasable Area is the total area of space available for leasing, and may have small adjustments due to renovations or variations in 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.

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Explanation of Changes

Occupancy increased for Other, Other Regional Cities, and Four Major Regional Cities due to fully leasing-up vacant office space at Future IZUMI and a new tenant at the Ichigo Nishi Honmachi Building. As a result, occupancy has recovered to above 94% for all Asset Types and all Areas.

Leasable Area increased due to the June 20, 2022 acquisition of the Ichigo Higashi Ikebukuro 3 Chome Building. For details on the acquisition, please refer to the June 14, 2022 release, "Acquisition of Office Asset (Ichigo Higashi Ikebukuro 3 Chome Building)."

Value-Add Actions

As part of its efforts to increase tenant satisfaction and drive earnings via value-add capex, Ichigo Office recently completed renovation work of the common areas, including the entrance and elevator halls, at the Ichigo Shibuya East Building. Ichigo Office installed LED ceiling lights and a stylish wall, thus improving both aesthetics and visitor convenience. The building is currently at full occupancy, and Ichigo Office will work to maintain high occupancy and drive profitability.

Ichigo Office will continue to work to increase tenant satisfaction and the competitiveness of its assets to drive higher earnings for shareholders.

Ichigo Shibuya East Building

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