Ichigo Office Reit Investment : Portfolio Occupancy (Flash Data) – December 2018

Ichigo Preserves and Improves Real Estate

[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.

January 10, 2019

Issuer

Ichigo Office REIT Investment Corporation ("Ichigo Office," 8975)

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Representative: Yoshihiro Takatsuka, Executive Directorwww.ichigo-office.co.jp/english

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Wataru Orii, President

Inquiries: Hiroto Tajitsu, Head of Administration Tel: [phone]

Ichigo Office Portfolio Occupancy (Flash Data) - December 2018

November 2018

(Final: A)December 2018

(Flash: B)Difference (B) - (A)

Total

By Asset Office Type

+0.2% +0.2%

By Area

100% 99.4% 99.4%

Other

Central Tokyo Tokyo Metropolitan Area

100% 99.6% 99.9%

- +0.2% +0.5%

Four Major Regional Cities Other Regional Cities

98.6% 98.3%

98.6% 98.3%

- -

No. of Assets No. of Tenants Leasable Area Leased Area Notes:

85 920 263,438.59m2 261,090.93m2

85 922 264,500m2 262,700m2

- +2

• 1. The above figures are month-end and have not been audited.

• 2. Leasable Area is the total area of properties available for leasing. It is subject to minor 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.

Explanation of Changes

Occupancy increased for Office, Central Tokyo, Tokyo Metropolitan Area, and the total portfolio due to new tenants at the Ichigo Ginza 612 Building, Ichigo Jimbocho Building, and Ichigo Nakano North Building.

Leasable area also increased as a result of the December 20 sale of two retail assets, December 21 acquisition of the Ichigo Minami Otsuka Building, and December 28 acquisition of the Ichigo Nogizaka Building. For details of the asset sales and acquisitions, please refer to the December 14, 2018 release "Acquisition of Two Office Assets and Sale of Two Non-Office Assets."

Value-Add Actions

Ichigo Office has successfully leased up its seventh Ichigo Layout Office, located in the Ichigo Jimbocho Building. Ichigo Layout Office is a service that differentiates Ichigo buildings from those of its competitors by providing fully-fitted offices to accelerate tenant move-ins and reduce tenant costs.

The Ichigo Layout Office at the Ichigo Jimbocho Building is a high-quality office space that offers flexibility to startups in the growth stage by including features such as mobile furniture to allow tenant layout changes to accommodate new employees. After holding private viewings and receiving interest from multiple tenants, Ichigo Office leased the space to a growing IT company at a rent that generates a significant return on Ichigo's value-add investment.

Ichigo Office will continue to carry out value-add capex tailored to tenant needs to increase tenant satisfaction and drive higher earnings for shareholders.

Ichigo Jimbocho Building (Chiyoda-ku, Tokyo) - Ichigo Layout Office

Investment & Outcomes
Capex	JPY 14M
Rent Increase	+75.0%
NOI Increase	+JPY 6.1M p.a.
ROI	41.9%