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.
Ichigo Office Portfolio Occupancy (Flash Data) - October 2023
September 2023
October 2023
(Final: A)
(Flash: B)
Difference
(B) - (A)
Total
96.6%
96.8%
+0.2%
By Asset
Office
96.6%
96.7%
+0.1%
Type
Other
97.0%
100%
+3.0%
Central Tokyo
96.3%
96.2%
-0.1%
Tokyo
Metropolitan
95.0%
96.0%
+1.0%
By Area
Area
Four Major
97.3%
97.1%
-0.2%
Regional Cities
Other Regional
99.6%
99.5%
-0.1%
Cities
No. of Assets
88
88
-
No. of Tenants
1,011
1,008
-3
Leasable Area
269,739.50m2
269,100m2
Leased Area
260,689.69m2
260,400m2
Notes:
The above are unaudited month-end figures.
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.
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
Although occupancy decreased for Central Tokyo, Four Major Regional Cities, and Other Regional Cities due to departing tenants at the Ichigo Jimbocho Building and Ichigo Hakataeki Higashi Building, occupancy increased for Office and Tokyo Metropolitan Area due to new tenants at the Ichigo Tachikawa Building and Ichigo Ningyocho Building.
Leasable area has decreased after the sale of the Twicere Yokohama Isogo (retail section) on October 30, 2023, and the acquisition of the Ichigo Kinshicho South Building on October 31, 2023.
For details on the asset sale, please refer to the September 22, 2023 release "Sale of Retail Asset (Twicere Yokohama Isogo)."
For details on the asset acquisition, please refer to the October 13, 2023 release "Acquisition of Office Asset (Ichigo Kinshicho South Building)." www.ichigo- office.co.jp/ir/news/news_file/file/IchigoOffice_20231013_Asset_Acquisition_ENG.pdf
Actions Driving Tenant Satisfaction and Earnings
As part of its efforts to increase tenant satisfaction and drive earnings via value-add capex, Ichigo Office recently completed renovating the entrance area at the Ichigo Yotsuya 4 Chome Building to enhance aesthetics and tenant convenience. Although Ichigo Office received a lease termination notice from one of the building's tenants, with the renovation work now complete Ichigo Office is working towards a rapid lease- up of the vacant space.
Ichigo Office will continue to increase tenant satisfaction and the competitiveness of its assets to drive higher value for its shareholders.
Ichigo Yotsuya 4 Chome Building
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Disclaimer
Ichigo Office REIT Investment Corporation published this content on 07 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2023 11:21:04 UTC.
Ichigo Office REIT Investment Corp is a real estate investment trust (REIT). It aims to achieve sustainable growth in asset and stable earnings from mid- to long-term perspectives. The Company mainly invests in office buildings in central Tokyo, other metropolitan areas and other major cities nationwide. Its property portfolio includes Ichigo Nishisando Building, Ichigo Mita Building, Ichigo Uchikanda Building, Ichigo Shin-Yokohama Building, Ichigo Nishi Ikebukuro Building, Ichigo Sakae Building, Ichigo Marunouchi Building, and among others. The asset manager of the Fund is Ichigo Investment Advisors Co Ltd.