いちごオフィスリート投資法人（8975） – Ichigo Office April 2022 Fiscal Period Corporate Presentation

Ichigo Office(8975)Ichigo Office April 2022 Fiscal Period Corporate PresentationJune 14, 2022Ichigo Office REIT Investment Corporation (8975)Ichigo Investment Advisors Co., Ltd.© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. www.ichigo-office.co.jp/enWe would like to express our deepest condolences to all those affected by the global Covid pandemic and by the war and humanitarian crisis in Ukraine, along with our heartfelt wish for the immediate cessation of hostilities in Ukraine and the earliest and fullest possible recovery for all.Take care, be safe.© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 2Make The WorldMore Sustainable© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. Appendix Ichigo Office ESG Financial & Portfolio Data Mid-Size Office Investment Opportunity About Ichigo Office Other April 2022 Results April 2022 Highlights April 2022 Earnings April 2022 Financial Metrics Rapid Re-Tenanting After Vacancies Occupancy & Average Rent per Tsubo (3.3m2) Organic Growth: Rent Renewals of Existing Tenants Organic Growth: New Tenants at Higher Rents Asset Sale (Ichigo Akasaka 5 Chome Building) External Growth: Leveraging Sponsor Support Environmental Initiatives: Ichigo Office’s RE100 Initiatives Environmental Initiatives: Environmental CertificationsIchigo Office Growth Strategy Growth Strategy Roadmap (Post-Covid) External Growth Opportunities Leveraging Sponsor Support Driving Growth via Value-Add Capex (Ichigo Kudan 2 Chome Building) Access to Sponsor Ichigo’s Robust Pipeline of Office Assets October 2022 Forecast April 2023 Forecast© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 6April 2022 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 7April 2022 HighlightsAchievementsDetailsAcquisition-Driven Growth• Bridge fund investment (JPY 50M)• Acquired preferential negotiation right to four office assets (JPY 12.5B) with sponsor supportAsset Sale• Sold Ichigo Akasaka 5 Chome Building(Price: JPY 1.72B)• Gains on sale (JPY 940M) exceeded unrealized gains• Sale proceeds deployed towards growth investmentsOrganic Growth• Occupancy: 94.7% (-0.7% vs. October 2021)• NOI: +JPY 66M vs. initial forecast (+1.2%)ESG• Achieved RE100 renewable electricity target• Obtained environmental certifications for 4 assetsDividendJPY 2,508(+JPY 323, +14,8% vs. October 2021)• Completed transitioning 74 assets, excluding partially-owned and co-owned assets, to renewable electricity • CASBEE: 2 assets, Tokyo low-carbon small and medium-sized model building: 2 assets• +JPY 436 (+21.0%) vs. initial forecast• +JPY 8 (+0.3%) vs. revised forecast• Distributed 100% of Gains on Sale to ShareholdersBase EPS1JPY 2,036(-JPY 80, -3.8% vs. October 2021)• Continued Base EPS growth: +JPY 33 (+1.6%) vs. initial forecastNAV2FFO3JPY 95,053(+JPY 2,095, +2.3% vs. October 2021)• Increase in unrealized gains of portfolio: JPY 44.8B (+JPY 3.2B vs. October 2021)JPY 2,408(-JPY 293, -10.8% vs. October 2021)asset sale• Increase in Gains on Sale Performance Fee from 1 Base EPS = EPS – Capital Gains per share + Increase in Gains on Sale Performance Fee per share 2 NAV = BPS + Net Unrealized Capital Gains 3 FFO = Funds From Operations© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 8April 2022 EarningsOctober 2021ActualApril 2022Actual (A)April 2022InitialForecast (B)vs. Forecast(A) – (B)(Reference)RevisedForecastMajor Variation Factors(JPY million)Operating Revenue7,843 8,675 7,668 +1,006 Operating Profit3,962 4,436 3,776 Recurring Profit3,201 3,691 3,031 Net Income3,200 3,690 3,030 Dividend Reserve (-)Dividend Reserve Release (+)– 105 – 105 – 105 DividendJPY 2,185 JPY 2,508 JPY 2,072 +JPY 436 JPY 2,500 JPY 2,116 JPY 2,036 JPY 2,003 +JPY 33 –No. Of Shares Outstanding1,513,367 1,513,367 1,513,367 –1,513,367EPSNOI 5,843 5,637 5,571 No. Of Assets868586Occupancy (on Last Day of Period)Average Occupancy95.4%96.8% 94.7%95.0% 96.1%95.7% * NOI = Rental Income – Rental Expenses + DepreciationNo. Of Assets is Period-End　Increase in Gains on Sale +940 Increase in Rental Income +66 Decrease in rental income due to asset sale during fiscal period -10 [Existing Assets]　　Decrease in common area services income -4　　Increase in restoration & cleaning fee +39　　Increase in utilities income +35　　Increase in facilities income +3　　Other +38,6104,4243,6793,678　Increase in Rental Expenses　 +4 Decrease in rental expenses due to asset sale during fiscal period -1　　Increase in utilities expenses +71　　Increase in depreciation +5　　Decrease in service provider expenses (mainly brokerage fees) -62　　Decrease in repair expenses -10–105　Increase in Operating Expenses (excluding Rental Expenses) +342　　Increase in NOI & Dividend Performance fee +183　　Increase in Gains on Sale Performance fee due to asset sale +141　　Increase non-deductible consumption tax due to asset sale +18　Increase in Non-Operating Expenses +1　　Decrease in interest payment -2 Increase in allowance for doubtful accounts +3– Reference: April 2022 Dividend　　+JPY 8 (+0.3%) vs. Revised Forecast in February 202285　Reference: Capex　　April 2022 Actual 676–– Reference: April 2022 Reserves (Post-Dividend) Negative Goodwill Reserve 8,899 Dividend Reserve 3,368+660 +660 +660 – – +66- 1 -1.4%-0.7%© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 9April 2022 Financial Metrics April 2021October 2021April 2022DividendJPY 2,132JPY 2,185JPY 2,508NAV (per Share)JPY 92,874JPY 92,958JPY 95,053FFO (per Share)LTVAverage Interest RateJPY 2,638JPY 2,701JPY 2,40848.9%0.88%48.9%0.84%48.8%0.79%Average Debt Maturity6.8 years6.9 years6.9 years% Fixed Rate Loans93.5%91.3%91.3%* NAV = Net Assets + Net Unrealized Capital Gains* FFO = Net Income + Depreciation + Losses on Disposal of Fixed Assets + Liability for Asset Retirement Obligation + Losses on Asset Sales -Gains on Asset Sales – Extraordinary Gains + Extraordinary Losses* LTV = Interest-Bearing Liabilities/Total Assets* Average Debt Maturity is as of Period-End© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 10Rapid Re-Tenanting After VacanciesNewly Leased and Newly Vacated Office Space (m2)Newly LeasedNewly Vacated13,185Average Leased Area7,353m2(Nov 1, 2017 ~ Apr 30, 2022) 11,4228,1875,8047,4185,7785,7234,6364,023-5,300-5,590-4,028Average Vacated Area-8,084m2(Nov 1, 2017 ~ Apr 30, 2022) -11,434-7,433-9,110-6,714-12,244-10,900April2018October 2018April2019October 2019April2020October 2020April2021October 2021April2022Newly LeasedNewly VacatedNet Leasing (m2)11.3%9.8%+1,7514.8%4.4%+4773.5%3.0%+6084.6%4.5%+1336.5%5.9%+7543.2%7.3%-5,0878.9%9.6%-8224.5%5.3%5.8%8.6%-910-3,4821 Newly leased area for October 2022 (Forecast) is TBD as of today, but 2,325m2 is forecast as of May 20, 2022 (including both confirmed and expected new tenants).2 Newly vacated area for October 2022 (Forecast) is based on termination notices from tenants as of May 20, 2022.© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 11TBD1-6,2762October2022(Forecast)TBD4.9%TBDOccupancy & Average Rent per Tsubo (3.3m2)Occupancy Slightly Decreased vs Previous PeriodRent per Tsubo (3.3m2) in Central Tokyo IncreasedOccupancy (Office)Average Rent per Tsubo (3.3m2)100%99.6%98.2%97.6%97.3%97.2%95.8%96.2%Office (All) Office (Central Tokyo)(JPY)18,20096.9%17,80017,90017,90018,00015,00015,00015,00015,00015,10095%90%95.6%94.1%Period-EndOccupancyFree Rent-AdjustedOccupancyApr 2020Oct 2020Apr 2021Oct 2021Apr 2022All Offices(Central Tokyo)Apr 202081 Assets(45 Assets)Oct 202081 Assets(45 Assets)Apr 202182 Assets(45 Assets)Oct 202182 Assets(45 Assets)Apr 202281 Assets(44 Assets)Average Free-Rent Period:October 2021April 20221.9 months2.3 months© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 12Organic Growth: Rent Renewals of Existing Tenants11 Upward Rent Renewals, 1 DownwardNew Rent vs. Previous Rent(Office, Leased Area Basis) ■ Downward ■ Flat ■ Upward1.0%0.0%0.0%0.4%UpwardDownwardRent Change+1,421Downward: 1 tenantDecrease: -5.0%Flat: 224 tenants92.9%97.3%95.4%92.7%Change in Total Monthly Rent(Office)(JPY thousand)+1,2231,2641,671+578578+823823-24900-40-111355-467Oct 2020 Apr 2021Oct 2021 Apr 2022 Oct 2022** Oct 2022 reflects leases in place as of May 20, 2022.AverageIncrease:+13.2%6.1%AverageIncrease:+8.3%2.7%AverageIncrease:+9.0%4.6%AverageIncrease:+5.9%6.9%Oct 2020Apr 2021Oct 2021Apr 2022Upward:11 tenants© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 13Organic Growth: New Tenants at Higher Rents50% of New Tenants at Higher RentsNew Tenant Rent vs. Previous Tenant Rent(Office, Leased Area Basis) ■ Downward ■ Flat ■ Upward9.5%7.5%14.4%10.4%15.0%2.6%32.4%Downward:12 new tenantsAverage Decrease:-11.6%Impact on Monthly Rental Income From Tenant Turnover (Office)(JPY thousand)UpwardDownward12.8%Flat: 4 new tenantsRent Change+4,414+3,04283.1%82.4%75.2%Upward:24 new tenantsAverageIncrease:+32.2%AverageIncrease:+16.0%AverageIncrease:+13.2%54.8%AverageIncrease:+21.5%5,7314,601-187-2,689+2,3972,879-482+1,1973,412-2,215+513815815-301Oct 2020Apr 2021Oct 2021Apr 2022Oct 2020Apr 2021 Oct 2021Apr 2022Oct 2022** Oct 2022 reflects leases in place as of May 20, 2022.© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 14Asset Sale (Ichigo Akasaka 5 Chome Building)− Sale price exceeded book value and most recent appraisal value− Distributed gains on sale (JPY 940M) to shareholders as dividends, and deployed the remainder of the sale proceeds towards growth investmentsIchigo Akasaka 5 Chome BuildingFebruary 18, 2022Minato-ku, Tokyo 1.72B (1.9x Appraisal Value)JPY 727MJPY 878MAsset NameClosing DateLocationSale PriceBook ValueAppraisal ValueUse of Sale ProceedsAsset acquisitions & value-add capex© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 15External Growth Opportunities Leveraging Sponsor SupportAcquired Preferential Negotiation Right to Four Underlying Assets in a Bridge Fund (JPY 12.5B) Created Via Sponsor Support Bridge Fund OverviewTK OperatorGK Kizuna1Total TK Investment AmountJPY 5.33B (JPY 50M by Ichigo Office)Legal Form of AssetTK equity interest in trust beneficiary in real estate (juekiken)(Ichigo Hakataeki Higashi Building, Ichigo Hakata Meiji Dori Building, Fukuoka Kensetsu Kaikan, Ogaku Building)Underlying Real EstateIchigo Hakataeki Higashi BuildingIchigo Hakata Meiji Dori BuildingFukuoka Kensetsu KaikanOgaku BuildingAsset NameAreaLocationFukuoka CityChiyoda-ku, Tokyo4-min. walk from Hakata Station on the JRKagoshima Honsen Line1-min. walk from Gofuku Station on the Fukuoka City Subway Hakozaki Line2-min. walk from the Higashi-Hie Station on the Fukuoka City Subway Kuko Line3-min. walk from the Akihabara Station on the JR Yamanote LineAcquisition PriceJPY 3.50BJPY 3.08BJPY 2.75BJPY 3.24BExercise Period~ January 31, 2025Appraisal ValueJPY 3.58BJPY 3.36BJPY 2.82BJPY 3.38BRationaleLocated in the eastern Hakata Station area, part of Fukuoka’s main commercial districtLocated in the Gofukucho area adjacent toFukuoka’s prominent commercial districtsLocated in the eastern Hakata Station area, part of Fukuoka’s main commercial districtLocated near Akihabara Station which offers convenient access to the Tokyo Metropolitan area© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 16Environmental InitiativesIchigo Office’s RE100 InitiativesIchigo Office Completed Transitioning to Using Electricity Sourced From Renewable Energy Across All of Its Assets (74 Assets, Excluding Partially-Owned and Co-owned Assets) − Achieved annual CO2 reduction of 21,345 tons vs. 2019 21,345 tons = annual CO2 emissions of 9,280 cars Reduction rate: 96.5%Reduction rate = Amount of CO2 reduction / 2019 CO2 emissions (Scope 1 + Scope 2)Scope 1: Direct greenhouse gas emissions by Ichigo OfficeScope 2: Indirect gas emissions via use of electricity, heat, and steam supplied by other companiesRE100A global initiative bringing together businesses committed to 100% renewable electricity, including solar, wind, hydro, and biomass energy, and accelerating the change towards a zero-carbon society.Ichigo (2337), Ichigo Office’s sponsor, joined RE100 in February 2021 and set a target to source 100% renewable electricity across all of its operations, including Ichigo Office (8975) and Ichigo Hotel (3463), by 2025.© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 17Environmental InitiativesEnvironmental CertificationsCASBEE (January 2022)− Ichigo Jingumae Building (S rank),Ichigo Gotanda Building (A rank)− Total: 11 assets(S rank: 3 assets, A rank: 8 assets)Tokyo Low-Carbon Small and Medium-Sized Model Buildings (February 2022)− Ichigo Omori Building, Ichigo Otsuka Building (Rank A1+)− Total: 5 assets (A2+: 1 asset, A1+: 3 assets, A1: 1 asset)Ichigo Jingumae BuildingIchigo HigashiGotanda BuildingTotal of 19 Environmental Certifications Accounting for 33% of Total Leasable Office Area Ichigo Omori Building Ichigo Otsuka BuildingOsaka City’s Outstanding Waste Reduction Building Award (December 2021)− Ichigo Sakaisuji Honmachi Building− Awarded for remarkable achievements in reducing waste, promoting appropriate waste disposal, and maintaining a clean environmentLetter of AppreciationIchigo Sakaisuji Honmachi Building © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 18Ichigo Office Growth Strategy© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 19Growth Strategy Roadmap (Post-Covid)Growth Strategy Amid Increased Office Vacancy & Continued UncertaintyIssuesAction PlansTargetOrganic GrowthRecovery of Office Occupancy(April 30, 2022)Period-end Occupancy: 95.6%Free-Rent Adjusted Occupancy: 94.1% Deploy flexible leasing strategy focused on recovery of occupancy Drive investment returns via value-add capexAcquisition-Driven GrowthAcquisition of Mid-Office Assets with Upside Potential(April 30, 2022)Current Portfolio85 Assets/ JPY 205BESGIncrease GRESB Rating(2021 Results)3 Stars (4 years in a row),Green Star (5 years in a row)FinanceResponse to Rise in Long-Term Interest Rates Ichigo Higashi Ikebukuro 3 Chome Building：JPY 3.8BClosing date: June 20, 2022 (expected） Acquisition of bridge fund assets (JPY 12.5B)➡ Finance method TBD (e.g., Public offering, third-party allotment, etc.) Sale of retail assets(April 2022：4 Assets /JPY 6.6B) Acquire environmental certifications and achieve energy reduction goals to improve GRESB rating Set & achieve energy consumption and greenhouse gas emission reduction targets Maintain a stable financial base to raise credit rating Develop flexible financing strategies reflecting share price and J-REIT market environmentPeriod-end Occupancy> 97%Portfolio Size> JPY 220B Acquisition via Bridge FundSale of Retail Assets➡ CompletedGRESB Rating3 Stars ➡ 4 StarsRaise Credit Rating (JCR)A (Positive)➡ A+ (Stable)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 20External Growth Opportunities Leveraging Sponsor SupportAcquired Central Tokyo Mid-Sized Office with Upside Potential Asset Sale in April 2022 Fiscal PeriodAsset NameIchigo Akasaka 5 Chome BuildingGains on SaleJPY 940MSale PriceJPY 1,720M (1.9x Appraisal Value)BuyerThird-Party (Domestic Corporation)Asset Acquisition of Ichigo Higashi Ikebukuro 3 Chome Building (To be closed in June 2022)Acquisition DateJune 20, 2022 (expected)AreaLocationToshima-ku, Tokyo8-min walk from JR Ikebukuro Station, 9-min walk from Higashi Ikebukuro Station on the Tokyo Metro Yurakucho LineFeaturesArea with stable tenant demand spanning multiple industries Acquisition PriceAppraisal ValueExpected NOI Yield BuyerJPY 3,840MJPY 3,930M4.1%Third-Party Domestic TMK (tokutei mokuteki kaisha)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 21Financing MethodCash-on-hand, LoansExpected NOI yield is calculated by dividing expected annual NOI, calculated by Ichigo Investment Advisors, by acquisition priceDriving Growth via Value-Add Capex (Ichigo Kudan 2 Chome Building)− Renovated building entrance & common areas after sole tenant move-out− Leasing activities focused on minimizing downtime & re-tenanting at higher rent Ichigo Kudan 2 Chome Building (Chiyoda-ku, Tokyo)EntranceEntrance HallHallwayOccupancy (Forecast)Return (Expected)May 2022Oct 20220%63%CapexJPY 34MNOI Increase+JPY 14M p.a.Dec 2022100%ROI43.9%© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 22Access to Sponsor Ichigo’s Robust Pipeline of Office AssetsPrimarily Located in Tokyo & Fukuoka: c. JPY 56B (as of February 28, 2022)Koto-ku, TokyoShinagawa-ku, TokyoMinato-ku, TokyoMusashino City, TokyoFukuoka CityFukuoka CityFukuoka CitySendai City, Miyagi*Cumulative acquisition price as of February 28, 2022© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 23October 2022 ForecastDividend to Decrease Due to Fall-Off of Gains on Asset Sale(JPY million)April 2022Actual (A)Oct 2022Forecast (B)vs. April 2022 (A) – (B)Major Variation Factors (vs. April 2022)Operating RevenueOperating ProfitRecurring ProfitNet IncomeDividend Reserve (-)Dividend Reserve Release (+)8,6754,4363,6913,690–1057,7323,7372,9572,956–105DividendJPY 2,508JPY 2,023-JPY 485JPY 2,036JPY 1,954-JPY 82EPSNOI No. Of Shares Outstanding1,513,3671,513,367No. Of AssetsOccupancy (on Last Day of Period)Average Occupancy5,6375,5228594.7%95.0%8696.6%95.9%* NOI = Rental Income – Rental Expenses + Depreciation No. Of Assets is Period-End- 942- 698- 734- 734–––-115+1+1.9%+0.9% Fall-off of Gains on Sale -940 Decrease in Rental Income -3 Decrease due to April 2022 asset sale -17 Increase due to Oct 2022 asset acquisition +71　[Existing Assets]　　Decrease in common area services income -17 (Ichigo Kudan 2 Chome Building -16)　 Decrease in restoration & cleaning fee -39　Increase in Rental Expenses +121 Decrease due to April 2022 asset sale -8 Increase due to Oct 2022 asset acquisition +18　　[Existing Assets]　　Increase in utilities expenses +55　　Increase in service provider expenses (mainly brokerage fees) +45　　Increase in property tax +30　　Decrease in repair expenses and other expenses -19　Decrease in Operating Expenses (excluding Rental Expenses) -365　　Fall-off of Gains on Sale Performance Fee -141　　Decrease in NOI & Dividend Performance fee due to revenue decrease -210　　Decrease in non-deductible consumption taxes -19　　Increase in shareholder meeting expenses +5　Decrease in Non-Operating Income -2　　Reversal of distribution payable, decrease in insurance payment income -2　Increase in Non-Operationg Expenses +33　　Increase in interest payment (including bond interest) +25　　Increase in borrowing-related expenses +11　　Fall-off of allowance for doubtful accounts -3　Reference: Capex　 October 2022 Forecast 816　Reference: October 2022 Forecast (Post- Dividend)　　Negative Goodwill Reserve 8,794; Dividend Reserve 3,368© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 24April 2023 ForecastRental Income Forecast to Increase Due to Increase in Occupancy (JPY million)October 2022Forecast (B)April 2023Forecast (B)vs. October 2022 (A) – (B)Major Variation Factors (vs. October 2022)Operating RevenueOperating ProfitRecurring ProfitNet IncomeDividend Reserve (-)Dividend Reserve Release (+)7,7323,7372,9572,956–1055,5228696.6%95.9%7,7933,8183,0383,037–1055,6698696.6%97.2% Increase in Rental Income +59　　Increase due to October 2022 asset acquisition +24　　[Existing Assets]　　Increase in common area services income +54 (Ichigo Mita Building +20) (Ichigo Ebisu Green Glass +17) (Ichigo Shibuya Dogenzaka Building +15)　　Decrease in utilities income due to weather fluctuation -17　　Decrease in facility use income -2+60+80+80+80　Decrease in Rental Expenses -63　　Increase due to October 2022 asset acquisition +6　　[Existing Assets]　　Decrease in utilities expenses due to weather fluctuation -49　　Decrease in service provider expenses (mainly brokerage fees) -32　　Decrease in repair expenses and other expenses -9　　Increase in depreciation expenses +21　　Increase in Operating Expenses (excluding Rental Expenses) +43　　Increase in NOI & Dividend Performance fee due to revenue increase +45　　Decrease in shareholder meeting expenses -5　　Increase in other operating expenses +3　Reference: Capex　　April 2023 Forecast 945+146　Reference: April 2023 Reserve (Post-Dividend)　　Negative Goodwill Reserve 8,689　　Dividend Reserve 3,368–––––+1.3%DividendJPY 2,023JPY 2,076+JPY 53No. Of Shares Outstanding1,513,3671,513,367JPY 1,954JPY 2,007+JPY 53EPSNOI No. Of AssetsOccupancy (on Last Day of Period)Average Occupancy* NOI = Rental Income – Rental Expenses + Depreciation No. Of Assets is Period-End© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 25Appendix: Ichigo Office ESG © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 26Ichigo Office’s Sustainability CommitmentIchigo Sustainability PolicyIchigo believes that working on behalf of society and the environment is a fundamental social responsibility and will support the sustainable growth of Ichigo and Ichigo Office. Ichigo has thus made sustainability a key priority, and has established the following Sustainability Policy to actively work to reduce Ichigo’s environmental impact and support sustainable outcomes.1. Harmony With the EnvironmentIchigo actively monitors and minimizes the environmental impact of its real estate operations. 2. Energy Conservation, CO2 Emissions Reduction, and RecyclingIchigo seeks to contribute to a low-carbon, low-waste society by lowering its energy consumption, extending the useful life of its assets, actively recycling, and reducing waste and water consumption. 3. Regulatory and Environmental ComplianceIchigo complies with all environmental laws and regulations and Ichigo’s own independently-established environmental rules. Ichigo also carefully monitors and complies with all applicable changes in laws and regulations. 4. Training and AwarenessIchigo promotes understanding of its Sustainability Policy and works to increase sustainability awareness among all Ichigo employees. Ichigo will also promote sustainability in coordination with Ichigo stakeholders, seeking understanding and cooperation on sustainability from Ichigo partner companies and tenants. 5. Sustainability Performance Communication and DisclosureIchigo communicates this Sustainability Policy and Ichigo’s sustainability initiatives to society at large. Ichigo also obtains certifications for its sustainability activities on an ongoing basis. 6. Green ProcurementIchigo will implement green procurement measures, such as environmentally-friendly building materials and sustainable design, inIchigo’s building renovations, as well as selecting partner companies based on their environmental sustainability initiatives. Ichigo Sustainability Structure − The Head of Ichigo Office is responsible for promoting sustainability and ensuring compliance with the Sustainability Policy.− Quarterly meetings to monitor sustainability efforts and compliance Attended by the Heads of Sustainability, Asset Management, and Business Planning Develop sustainability goals and initiatives in coordination with sponsor Ichigo− Training and Awareness− Information Disclosure Conduct annual sustainability training for Office REIT asset management staff Disclose sustainability goals and performance and communicate to stakeholders© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 27Climate Positive: CO2 Reduction > EmissionsCO2 Reduction: +19% YOY (FY21/2 reduction: 115,884 tons)Growth of Ichigo Clean Energy Business Contributing to CO2 ReductionTotal Ichigo Power Plant CO2 ReductionsTotal Ichigo CO2 Emissions■ Ichigo (115,342 tons)■ Ichigo Green (22,506 tons)■ Ichigo (28,763 tons)■ Ichigo Office (22,727 tons)■ Ichigo Hotel (7,745 tons)FY22/2137,848tonsFY21/259,235tonsIchigo CO2 reductions are also significantly greater than pre-Covid emissions. FY20/2 CO2 Total Ichigo Emissions: 75,807 tonsFY21/2 actuals (FY22/2 currently being calculated & forecast to be below FY21/2 levels due to Ichigo’s across-the-board shift to renewable energy) 28© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. ESG Initiatives: Environmental (1)Sustainability Initiatives ProgressGRESB Real Estate Assessment (Since 2016)− Awarded Three Stars in GRESB Rating 4 years in a row− Won Green Star designation 5 years in a row,in recognition of its ESG-related policies and organizational setup (the “Management Component”), and environmental performance of assets as well as tenant engagement (the “Performance Component”)Transitioning to Renewable EnergyIchigo RE Target: Sourcing 100% Renewable Electricity Across Its Operations by 2025− In line with sponsor Ichigo joining RE100, Ichigo Office will transition to using renewable energy across all assetsIchigo Office Target: Transition to 100% renewable electricity at all assets➡ Completed transitioning all 74 assets, excluding partially-owned and co-ownedassets, to renewable electricity© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 29ESG Initiatives: Environmental (2)Environmental Certifications (as of June 14, 2022)− 20 Certifications (19 Assets), 33.3% of Total Leasable Area for OfficesCASBEEBELS Tokyo Low-Carbon Small and Medium-Sized Model BuildingsS Rank2 Stars (★★)1 Star (★)A2+Ichigo TakamatsuBuildingIchigo MarunouchiBuildingA RankIchigo JingumaeBuildingIchigo AkihabaraNorth BuildingIchigo OmiyaBuildingIchigo Kudan BuildingA1+Ichigo EbisuGreenGlassIchigo Sakaisuji Honmachi BuildingIchigo Sendai East BuildingIchigo Higashi Gotanda BuildingIchigoIkenohataBuildingIchigo Kanda Nishikicho BuildingIchigoMiraiShinkin BuildingWinGotanda Building 2DBJ Green Building3 Stars (★★★)1 Star (★)Ichigo Nihonbashi EastBuildingWin GotandaBuildingIchigo Akihabara North BuildingIchigo OmoriBuildingIchigo OtsukaBuildingA1Ichigo Hiroo Building© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 30ESG Initiatives: SocialIncreasing Stakeholder Satisfaction & Contributing to SocietyDisaster and Emergency ReadinessIchigo Group Initiatives Emergency equipment such as elevator emergency kits and vending machines Sandbags available at each building as flooding measuresElevator Emergency KitsAEDVending Machines as part of Disaster Recovery Covid Measuresgovernment notices• Posters promoting awareness and prevention and relaying • Hand sanitizers in common areas and disinfecting surfaces such as elevator buttons and doorknobs• Building management employees and cleaning staff carrying out thorough hygienic practices (wearing masks, hand-washing, disinfecting surfaces, etc.)• Facilitating communication with relevant government entities and implement fast building disinfection if a case is reported by a tenant••• Contributing to Regional RevitalizationIchigo works to revitalize local communities and promote regional economic development. Ichigo’s model of preserving and improving existing real estate creates jobs and supports businesses, and our clean energy plants also support their host communities by providing new and sustainable sources of income. Ichigo UniversityIchigo established Ichigo University in May 2013 to support employees’ continuing education and personal growth.Ichigo University courses are taught by employees and external professionals who are specialists in their fields and have deep experience.(Average Annual Number of Courses: 30)OnlineIn-Person (Pre-Covid) Sports Initiatives• As a top partner of the J.League professional soccer league, we support the league’s mission to promote community development. Ichigo supports outstanding athletes in weightlifting, rifle shooting, and track and field.© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 31ESG Initiatives: GovernanceGlobal Best Practice GovernanceNo Fixed Fee, Performance Fee-Only Structure Shifted to performance-linked fee structure on November 1, 2020 to fully align with value creation for shareholders Pro-active, dynamic management of Ichigo Office assets on behalf of shareholdersBest Practice GovernanceREIT Monitors Asset Management Company• All Ichigo Office Directors are Independent Directors• Active dialogue and effective internal controls via Board discussions led by REIT Executive Director• Draw upon expertise of REIT Supervisory Directors (qualified lawyers & accountants)Asset Management Company (AMC) Best Practice Asset Management Structure• Majority of AMC Directors (3 of 5) are •Independent DirectorsIndependent asset management team & best practice execution on behalf of Ichigo Office REIT within AMC• Compliance and Audit are directly under the AMC President to monitor and review critical compliance matters• Ensure objectivity by including third-party, independent lawyers and accountants in the Investment and Risk & Compliance CommitteesOnly 3 J-REITS (out of 61), including Ichigo Office (8975) and Ichigo Hotel (3463), have both an Asset Management Company (AMC) board that has a majority of Independent Directors and whose AMC President does NOT serve as the Executive Director of the REITIndependence of The Investment Corporation From AMCIndependent Directors at AMC➡ 27 of 61 J-REITs have AMC Presidents serving as Executive Director of the REIT All Ichigo Office Directors are Independent➡ Only 3 Asset Management Companies have any Independent Directors3 of 5 Ichigo Investment Advisors’ Directors are Independent© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. * Based on research as of May 31, 202232Appendix: Financial & Portfolio Data© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 33April 2022 vs. October 2021 EarningsOctober 2021ActualApril 2022Actual (A)vs. October2021(A) – (B)Major Variation Factors(JPY million)Operating Revenue7,843 8,675 +831 Operating Profit3,962 4,436 +474 Recurring Profit3,201 3,691 +490 Net Income3,200 3,690 +490 　Increase in Gains on Sale +940 Decrease in Rental Income -108 Decrease in rental income due to asset sale during fiscal period -10　　[Existing Assets] Decrease in common area services income -74　　(Future IZUMI -49, Ichigo Mita Building -16, Ichigo Higashi Ikebukuro Building -14, Ichigo Jingumae Building +17) Decrease in termination penalty fee -34　 Increase in utilities income +10　Dividend Reserve (-)Dividend Reserve Release (+)– 105 – 105 – – 　Increase in Rental Expenses　 +103 [Existing Assets] 　Increase in utilities expenses +49　　Increase in repair expenses +46 　Increase in depreciation +7DividendJPY 2,185 JPY 2,508 +JPY 323 No. Of Shares Outstanding1,513,367 1,513,367 –JPY 2,116 JPY 2,036 -JPY 80　Increase in Operating Expenses (excluding Rental Expenses) +253　　Increase in NOI & Dividend Performance fee +90　　Increase in Gains on Sale Performance fee due to asset sale +141　　Increase non-deductible consumption tax due to asset sale +18 　Other +45,843 5,637 – 205 　Decrease in Non-Operating Expenses -15 Decrease in interest payment (including bond interest) -34 Increase in borrowing-related expenses +14 Increase in allowance for doubtful accounts +3EPSNOI No. Of Assets8685Occupancy (on Last Day of Period)Average Occupancy95.4%96.8% 94.7%95.0% * NOI = Rental Income – Rental Expenses + Depreciation No. Of Assets is as of Period-End- 1 -0.7%-1.8%© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 342.5%2.0%1.5%1.0%0.5%0.0%Borrowing Details (1)Average Interest Rate and Average Remaining Loan MaturityLoan Details(Interest Rate)(Average Remaining Loan Maturity Including Bonds, Years)AmountMaturityAverage Interest RateAverage Remaining Loan Maturity3.7 years3.8 years3.9 years3.5 years3.5 yearsBankLoansJPY 2.55B4.9 yearsJPY 1.68B6.4 yearsJPY 4.9B8.1 yearsJPY 0.5B7.0 yearsInterestRate0.613(Fixed)0.720%(Fixed)0.833%(Fixed)0.860%(Fixed)543210FixedFloatingFixed*Floating0.97%0.93%0.88%0.84%0.79%Apr 2020Oct 2020Apr 2021Oct 2021Apr 2022Total/AverageJPY 9.62B6.8 years0.790%Fixed vs. Floating Loan Ratio2.2%5.0%6.5%8.7%8.7%97.8%95.0%93.5%91.3%91.3%* Fixed includes floating loans fixed via interest rate swapsApr 2020Oct 2020Apr 2021Oct 2021Apr 2022© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 35Borrowing Details (2)Loan Maturity Distribution (as of April 30, 2022)Bank Loans (fixed rate including fixed via interest rate swaps)Bank Loans (floating rate)Bonds4,1925,494 7,3461,0006,346 8,8461,0007,246 7,6474,600 3,0472,9002,000 900Apr2024LTV (as of April 30, 2022)(JPY million)9,633 9,623 9,812 8,9089,0561,2008,267 Oct2022Apr2023Oct2023Oct2024Apr2025Oct2025Oct2027Apr2028Oct2028Apr2029Oct2029Apr2030Oct2030Apr2031600Apr2026Oct2026955Apr20271,500Oct20317,953 7,856 4,027 4,1181,0003,118 4,899 4,9471,2003,747 LTV*LTV (Market Value-Basis)48.0%48.1%48.2%48.9%48.9%48.8%40.8%40.6%40.8%41.4%41.3%Oct 2019Apr 2020Oct 2020Apr 2021Oct 2021Apr 202240.8%* Market Value Basis =Interest-Bearing Liabilitiesas a ratio to Total Assets plusUnrealized Gains© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 365550454035Interest-Bearing Liabilities and Ichigo Office Credit RatingLender Base (as of April 30, 2022)(JPY million)Credit RatingLenderAmountRatioCredit Rating AgencyJapan Credit Rating Agency (JCR)Type of RatingLong-Term Issuer RatingRatingRating OutlookAPositiveSMBCMizuho BankShinsei BankMUFG BankAozora BankResona BankDevelopment Bank of JapanBank of FukuokaThe Kagawa BankMizuho TrustNishi-Nippon City BankORIX BankThe Bank of YokohamaTotalBondsUnsecured Bonds No.1Unsecured Bonds No.2Unsecured Bonds No.3Unsecured Bonds No.4Unsecured Bonds No.5Unsecured Bonds No.6TotalTotal Interest-Bearing Liabilities27,88319,64813,61011,5859,9538,4193,4003,2301,7151,6371,2136081,422104,3251,2001,0001,0001,2001,0001,5006,900111,22525.1%17.7%12.2%10.4%8.9%7.6%3.1%2.9%1.5%1.5%1.1%0.5%1.3%93.8%1.1%0.9%0.9%1.1%0.9%1.3%6.2%100%AmountRatio© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 37Growing Shareholder Value: NAVGrowing Value via Value-Add CapexNAV per Share Since October 2015: +35.6%Became Specialized Office REITin September 201587,93485,95784,07681,15578,33676,40073,49370,117(JPY)95,05391,61893,19392,78792,87492,958Oct 2015Apr 2016Oct2016Apr 2017Oct 2017Apr 2018Oct 2018Apr 2019Oct 2019Apr 2020Oct 2020Apr 2021Oct 2021Apr 2022NAV per Share = BPS + Net Unrealized Capital Gains per Share© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 38Growing Shareholder Value: Base EPSApril 2022 Base EPS: JPY 2,036 (-3.8% vs. October 2021)Gains on SaleRelease From Dividend Reserve and Negative Goodwill ReserveBase EPSDividend2,255186692,15049692,16321692,230692,132692,18569(JPY)2,508403692,0002,032(+1.6%)2,073(+2.0%)2,161(+4.2%)2,063(-4.5%)2,116(+2.6%)2,036(-3.8%)April 2019October 2019April 2020October 2020April 2021October 2021April 2022Base EPS = EPS – Capital Gains© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 39Trend of Portfolio Unrealized GainsApril 2022 Unrealized Gains of JPY 44.8B, +JPY 3.2B vs. October 2021Period-End Book Value (left axis)Period-End Appraisal Value (left axis)Unrealized Gains (right axis)19.82%21.01%20.77%20.39%20.53%22.25%15.01%15.98%17.13%219,100 229,198 234,805 240,131 241,167 240,398 244,029 244,001 246,330 200,000190,506 197,617 200,472 200,413 199,297 199,047 202,697 202,436 201,489 (JPY million)500,000400,000300,000100,0000Apr 2018(82 assets)Oct 2018(85 assets)Apr 2019(85 assets)Oct 2019(85 assets)Apr 2020(85 assets)Oct 2020(85 assets)Apr 2021(86 assets)Oct 2021(86 assets)Apr 2022(85 assets)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 30%20%10%0%-10%-20%40Trend of New Leases vs. Lease TerminationsOver 50% of Re-Tenanting at Higher RentNew Leases and Lease Terminations by Fiscal Period (Offices)Newly Leased (m2)Terminated (m2)Occupancy98.5%98.2%98.9%99.1%99.3%99.3%99.6%13,18511,4347,1536,4985,9826,3555,7785,3005,7235,5904,6364,0284,02397.6%97.3%96.9%12,24411,42295.6%10,9008,1877,4339,1106,7145,8047,41818,00014,00010,0006,0002,000Apr 2017Oct 2017Apr 2018Oct 2018Apr 2019Oct 2019Apr 2020Oct 2020Apr 2021Oct 2021Apr 2022Upward, Flat, and Downward Rent at Re-Tenanting (Offices)1 5,0001 2,0009,0006,0003,00003,7635438,8781,8865144,7527062705,00578804,9895614,0751314865,106UpwardFlatDownward(m2)3901747,6213812993,3411,6411,1858,5959471,7964,6748701494,784Area (m2)Apr 2017(7,153)Oct 2017(5,982)Apr 2018(13,185)Oct 2018(5,778)Apr 2019(4,636)Oct 2019(5,723)Apr 2020(8,187)Oct 2020(4,023)Apr 2021(11,422)Oct 2021(5,804)Apr 2022(7,418)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 100.0%95.0%90.0%85.0%80.0%41Office Rent TrendsMonthly Rent Remains Stable Despite Lease Terminations & Lease Renewal SlowdownNew Tenants/Increased SpaceDeparting Tenants/Decreased SpaceRenewals at Higher Rent(JPY million)+41-50+1.21,122Change Due to Tenant Movements-JPY 8M (-0.8%)Change Due to Lease Renewals+JPY 1.2M (+0.1%)1,114-1.4% p.a.October 2021Monthly RentApril 2022Change in Occupancy: 96.9% (October 2021) 95.6% (April 2022)© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 42Lease RenewalsApril 2022: Change in Monthly Rent by Asset TypeOctober 31,2021NewLeasesLeaseTerminationsUpwardDownward Asset Sale April 30, 2022Change1,126+41 -50 +1.2 -0.04 1,114-12 25+3 – – – 1,152+45 -50 +1.2 -0.04 291,143+3 -8 ((JPY million)Change atExisting Assets-7 +3 -3 OfficeOtherTotalUpwardDownwardFlatTotalApril 2022: Lease Renewals by Asset TypeAsset TypeLeased AreaNo. OfAssetsChange in Rent(Semi-Annual)Change FromPrevious Rent4,445.76m2+JPY 7M+5.9%OfficeOtherTotalOfficeOtherTotalOfficeOtherTotalOfficeOtherTotal11–111–1224122523612374,445.76m2269.22m2––269.22m259,548.96m2616.35m260,165.31m264,263.94m2616.35m264,880.29m2––––––+JPY 7M-JPY 0.2M+5.9%-5.0%-JPY 0.2M-5.0%+JPY 7M+0.5%+JPY 7M+0.5%-4 – -4––––––© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 43Leased AreaApril 2022: Leased Area by Asset TypeOctober 31, 2021Asset Sale April 30, 2022ChangeNewLeasesLeaseTerminations((m²)Change atExisting Assets247,508+7,418-10,900-683243,343-4,165-3,4825,009+1,594––6,603+1,594+1,594252,518+9,013-10,900-683249,947-2,571-1,887April 2022: New Leases & Lease Terminations by Asset TypeNew LeasesLease Terminations Asset TypeNo. OfAssetsLeasedAreaTotal Rent(Semi-Annual)No. OfAssetsLeasedArea10,900m2– Total Rent(Semi-Annual)-JPY 303M– 10,900m2-JPY 303M46–46OfficeOtherTotalOfficeOtherTotalUpwardDownwardFlatTotalOfficeOtherTotalOfficeOtherTotalOfficeOtherTotalOfficeOtherTotal24–24122144–4402424,067m2– 4,067m22,404m21,594m23,998m2947m2– 947m27,418m21,594m29,013m2+JPY 115M+JPY 115M+JPY 101M+JPY 21M+JPY 123M+JPY 34M– – +JPY 34M+JPY 251M+JPY 21M+JPY 273M© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 44Survey of New & Departing Tenants: Why Relocating?New TenantsDeparting TenantsMoving to a different building for larger floor space or better locationMoving to a different building for larger floor space or better locationOpening a new office Reducing cost or floor space OtherReducing cost or moving to a different building to integrate with other divisionsClosing officeOtherOct 202070.4%Oct 202019.5%22.0%43.9%14.6%7.4%11.1%11.1%Apr 202160.8%15.7%17.6% 5.9%Apr 20216.8%15.3%74.6%3.4%Oct 202148.6%32.4%13.5%5.4%Oct 202113.9% 19.4%63.9%2.8%Apr 202257.5%22.5% 10.0% 10.0%Apr 202217.4%10.9%69.6%2.9%© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 45Free-Rent Incentive TrendsFree Rent Incentive TrendsRental Income Loss Due to Free Rent (Months)(JPY million)Tokyo Metro Area (Average)Regional Cities (Average)Loss from Free RentActual Rent Income2.32.241327589792.71.76,9316,9406,8326,8796,7941.30.90.70.90.30.83210Apr 2020Oct 2020Apr 2021Oct 2021Apr 2022Apr 2020Oct 2020Apr 2021Oct 2021Apr 2022© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 46Continued Value-Add CapexCapex Tailored to Tenant Needs1,200900600Maintenance Costs, Capex, and DepreciationOctober 2022 Capex PlanMaintenanceCAPEXDepreciation(JPY million)Asset NameDetailsInvestmentIchigo Kudan BuildingRoom RenovationJPY 28MIchigo Nagaoya BuildingEmergency Power Generator UpgradeJPY 17M887893902926Ichigo Nishi Honmachi BuildingRestroom RenovationIchigo Kudan BuildingParking Lot Renovation3006256769458168601349692Oct 2021Apr 2022Oct 2022ForecastApr 2023ForecastApril 2023 Capex PlanAsset NameDetailsInvestmentKoriyama Big-iHVAC UpgradeIchigo Minami Morimachi Building Exterior Wall RenovationIchigo Otsuka BuildingExterior Wall RenovationIchigo Mita BuildingExterior Wall RenovationJPY 16MJPY 16MJPY 49MJPY 30MJPY 30MJPY 25M47© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. NOI Upside Despite Smaller Rent GapMajority of October 2022, April 2023 Rent Renewals are Tenants at Below-Market RentsGap Between Tenant Rent and Market Rent(Office) Distribution of Tenants by Rent Gap■ >10%■ -10% to 0%■ 0% to 10%■ Below -10%(JPY million)5%0%-5%-2.15%-2.35%All AreasCentral Tokyo1.48%0.58%-2.86%-2.01%-2.94%-6.74%-6.20%-5.98%-5.20%-8.07%-8.84%-7.32%-8.59%-10%-9.13%263 (27.6%)42767470176 (18.5%)35444550tneR tekraMwoeB-lOct 2018 Apr 2019 Oct 2019 Apr 2020 Oct 2020 Apr 2021 Oct 2021 Apr 2022Oct 2022Apr 2023* Rent Gap is the difference between the total tenant rent vs the total market rent for a standard floor plate of a building. Market rent is derived by replacing the tenant unit rent with the market unit rent as per data provided by CBRE, K.K.* Based on a standard floor pate and excluding tenants that have served notice of termination* Numbers in parentheses are % of total rent up for renewal in the period as of April 30, 2022© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 48Portfolio Growth as REIT Specializing in Mid-Size OfficesAs of October 31, 2021As of April 30, 2022As of June 20, 2022(Reference)Portfolio SizeJPY 206.1BJPY 205.4BNo. Of AssetsTotalOfficeOtherTotalOfficeOtherAreaCentral TokyoTokyo Metropolitan AreaFour Major Regional CitiesOther Regional CitiesAppraisal ValueLeasable AreaOccupancyNo. Of TenantsNOI Yield86 assets82 assets4 assets97%3%56%23%15%6%JPY 244.0B264,701m295.4%9305.5%85 assets81 assets4 assets97%3%56%23%15%6%JPY 246.3B263,948 m294.7%9235.5%86 assets82 assets4 assetsJPY 209.2B97%3%55%25%15%6%JPY 250.2B266,713m294.8%9295.5%• Portfolio percentage by area is based on acquisition price.• NOI Yield is annualized and calculated excluding assets sold in each period; NOI Yield of assets acquired in the April 2021 period are determined from the annual NOI calculated using an income approach based on appraisal value at acquisition.© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 49High Seismic Safety LevelAcquisition Guidelines− Seismic safety：Compliant with new seismic standard− Seismic PML1：Stand-alone PML of 20% or less, with a non-exceedance probability of 90% for the entire portfolioPortfolio Assets Seismic Safety Profile (as of April 30, 2022)Assets Built under Old Seismic Standard, but Seismic Renovation Completed4 Assets(Leasable Area Ratio 6.8%)Assets Built under Old Seismic Standard, but Original Construction Met New Earthquake Resistance Standard23 Assets(Leasable Area Ratio 3.3%)Portfolio PML3.4%as of April 30, 2022New Earthquake ResistanceStandard78 Assets(Leasable Area Ratio 90.0%)Assets Built Under Old Seismic Standard, butSeismic Renovation Completed (4 assets)Ichigo Sakae Building, Ichigo Mita Building, Ichigo Gotanda Building, and Ichigo Higashi Ikebukuro BuildingAssets Built Under Old Seismic Standard, but Original ConstructionMet New Earthquake Resistance Standard (3 assets)2Ichigo Ginza 612 Building, Ichigo Ofuna Building, and Ichigo Nagoya Building1 PML (Probable Maximum Loss) is the maximum expected loss from a large-scale earthquake (defined as an earthquake with an expected frequency of occurrence once every 475 years, or a 10% chance of occurrence within the next 50 years) occurring in the next 50 years, expressed as a ratio to the estimated replacement cost.2 Assets evaluated as having seismic strength equivalent to the new earthquake resistance standards and for which a third-party seismic evaluation report has been obtained.© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 50Portfolio Details (1)AssetTypeNo.Asset NameAreaLocationAcquisitionPrice(JPY M)Book Value(JPY M)LeasableArea(m2)Apr 2022 AppraisalOct 2021 AppraisalChangeOccupancyValue(JPY M)Cap rateCap rateCap rateValue(JPY M)Value(JPY M)as of April 30, 2022O-07 Ichigo Shibuya Kamiyamacho BuildingCentral TokyoShibuya-ku, Tokyo1,321.5486.7%O-02 Ichigo Nishisando BuildingCentral TokyoShibuya-ku, TokyoO-03 Ichigo Mita BuildingCentral TokyoMinato-ku, TokyoO-04 Ichigo Nanpeidai BuildingCentral TokyoShibuya-ku, TokyoO-05 Ichigo Hanzomon BuildingCentral TokyoChiyoda-ku, TokyoO-06 Ichigo Hijirizaka BuildingCentral TokyoMinato-ku, TokyoO-09 Ichigo Shibakoen BuildingCentral TokyoMinato-ku, TokyoO-10 Ichigo Ebisu Nishi BuildingCentral TokyoShibuya-ku, TokyoO-11 Ichigo Ginza 612 BuildingCentral TokyoChuo-ku, TokyoO-12 Ichigo Uchikanda BuildingCentral TokyoChiyoda-ku, TokyoO-14 Ichigo Yotsuya 4 Chome BuildingCentral TokyoShinjuku-ku, TokyoO-15 Ichigo Tameike BuildingCentral TokyoMinato-ku, TokyoO-16 Ichigo Jimbocho BuildingCentral TokyoChiyoda-ku, TokyoO-17 Ichigo Hakozaki BuildingCentral TokyoChuo-ku, TokyoOfficeO-18 Ichigo Kudan 2 Chome BuildingCentral TokyoChiyoda-ku, TokyoO-19 Ichigo Kudan 3 Chome BuildingCentral TokyoChiyoda-ku, TokyoO-20 Ichigo Gotanda BuildingCentral TokyoShinagawa-ku, TokyoO-21 Ichigo Shin Yokohama BuildingTokyo Metro AreaYokohamaO-22 Ichigo Minami Ikebukuro BuildingTokyo Metro AreaToshima-ku, TokyoO-24 Ichigo Eitai BuildingO-26 Ichigo Ikejiri BuildingTokyo Metro AreaKoto-ku, TokyoTokyo Metro AreaMeguro-ku, TokyoO-27 Ichigo Nishi Ikebukuro BuildingTokyo Metro AreaToshima-ku, TokyoO-29 Ichigo Kichijoji BuildingTokyo Metro AreaMusashino City, TokyoO-34 Ichigo Sakae BuildingFour Major CitiesNagoyaO-37 Ichigo Marunouchi BuildingFour Major CitiesNagoyaO-38 Ichigo Toyamaeki Nishi BuildingOther Regional Cities Toyama City, Toyama3,2542,7401,9201,5501,2001,5051,1001,9171,7731,1405505801,8201,1507638445,0601,8161,4607641,4902,0306397652,1604,7056,7101,6451,1583,3422,7081,8921,5001,2011,3331,0951,9171,8021,1084995041,7941,1347638084,7851,6561,3441,4231,9455897532,1534,6795,5241,4514,523.194,119.631,925.242,080.371,947.901,602.291,484.391,364.971,378.83780.64494.141,891.012,389.541,265.761,302.435,346.394,021.321,491.502,605.542,385.691,261.914,210.873,928.128,009.118,601.72100%77.8%100%100%100%100%100%96.0%100%81.8%82.8%100%100%–50.0%100%97.7%100%100%100%100%100%100%100%100%100%3,2703,6302,5502,0701,4901,9001,2802,5702,1501,3905807252,3701,1809379236,6301,6801,8909771,5002,2601,0308952,8606,2707,5401,8501,3504.0%4.1%3.5%3.6%4.3%3.7%4.1%3.7%3.7%4.1%4.0%3.6%3.9%4.2%4.2%4.2%4.4%4.7%3.9%4.6%4.6%4.2%4.3%4.3%4.6%4.8%4.2%5.8%5.9%3,2303,5802,5201,9401,4801,8901,2502,5102,1101,3505707222,3001,1709299056,3501,7001,8409481,4702,3209958762,8006,2907,5401,8201,3204.1%4.2%3.5%3.7%4.4%3.8%4.2%3.8%3.8%4.2%4.1%3.7%4.0%4.3%4.3%4.3%4.5%4.7%4.0%4.7%4.7%4.3%4.4%4.4%4.7%4.8%4.2%5.9%6.0%O-23 Ichigo Nakano North BuildingTokyo Metro AreaNakano-ku, Tokyo7181,264.11O-28 Ichigo Nishi Gotanda BuildingCentral TokyoShinagawa-ku, Tokyo1,328.9577.8%O-39 Ichigo Mirai Shinkin BuildingOther Regional Cities Oita City, Oita1,1243,551.4692.8%+130 -0.1%+3 -0.1%+8 -0.1%+18 -0.1%+280 -0.1%+40 +50 +30 +10 +10 +30 +60 +40 +40 +10 +70 +10 -20 +50 +29 +30 -60 +35 +19 +60 -20 –+30 +30 -0.1%-0.1%–-0.1%-0.1%-0.1%-0.1%-0.1%-0.1%-0.1%-0.1%-0.1%–-0.1%-0.1%-0.1%-0.1%-0.1%-0.1%-0.1%––-0.1%-0.1%51© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. Portfolio Details (2)Asset TypeNo.Asset NameAreaLocationAcquisition Price(JPY M)Book Value(JPY M)Leasable Area(m2)Apr 2022 AppraisalOct 2021 AppraisalChangeOccupancyValue(JPY M)Value(JPY M)Cap rateCap rateCap rateValue(JPY M)O-42 Ichigo Takamatsu BuildingOther Regional Cities Takamatsu City, Kagawa2,1176,329.3398.7%O-46 Ichigo Kanda Nishikicho BuildingCentral TokyoChiyoda-ku, TokyoO-47 Ichigo Akihabara North BuildingCentral TokyoChiyoda-ku, TokyoO-48 Ichigo Sakaisuji Honmachi BuildingFour Major CitiesOsakaO-50 Ichigo Hatchobori BuildingCentral TokyoChuo-ku, TokyoO-51 Ichigo Ebisu Green GlassCentral TokyoShibuya-ku, TokyoO-49 Ichigo Kanda Ogawamachi BuildingCentral TokyoChiyoda-ku, Tokyo2,1872,309.3989.8%O-52 Ichigo Omori BuildingCentral TokyoShinagawa-ku, Tokyo3,7823,585.9395.2%O-53 Ichigo Takadanobaba BuildingCentral TokyoShinjuku-ku, TokyoO-54 Ichigo Omiya BuildingTokyo Metro AreaSaitama City, SaitamaO-55 Ichigo Sagamihara BuildingTokyo Metro AreaSagamihara City, KanagawaO-56 Ichigo Ofuna BuildingTokyo Metro AreaKamakura City, KanagawaO-57 Ichigo Sendai East BuildingOther Regional Cities SendaiO-58 Ichigo Kumamoto BuildingOther Regional Cities Kumamoto City, KumamotoOfficeO-59 Ichigo Jingumae BuildingCentral TokyoShibuya-ku, TokyoO-61 Ichigo Hiroo BuildingCentral TokyoShibuya-ku, TokyoO-62 Ichigo Sasazuka BuildingCentral TokyoShibuya-ku, TokyoO-63 Ichigo Nihonbashi East BuildingCentral TokyoChuo-ku, TokyoO-64 Ichigo Sakurabashi BuildingCentral TokyoChuo-ku, TokyoO-65 Ichigo Shinkawa BuildingCentral TokyoChuo-ku, TokyoO-66 Ichigo Kudan BuildingCentral TokyoChiyoda-ku, TokyoO-60 Ichigo Shibuya Dogenzaka BuildingCentral TokyoShibuya-ku, Tokyo3,6822,789.8688.1%O-67 Ichigo Higashi Gotanda BuildingCentral TokyoShinagawa-ku, Tokyo3,6374,548.10100%O-68 Axior MitaCentral TokyoMinato-ku, Tokyo1,7062,369.8280.0%O-69 Ichigo Higashi Ikebukuro BuildingTokyo Metro AreaToshima-ku, Tokyo4,6014,433.0087.9%O-70 Koriyama Big-i (Office Section)Other Regional Cities Koriyama City, Fukushima1,5053,433.0794.1%O-71 Ichigo Kawasaki BuildingTokyo Metro AreaKawasaki City, Kanagawa1,8143,823.0182.9%O-72 Ichigo Shibuya East BuildingCentral TokyoShibuya-ku, TokyoO-73 Ichigo Ningyocho BuildingCentral TokyoChuo-ku, Tokyo1,3811,041.36100%1,4901,769.0988.8%© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 2,0002,523.095,4746,250.531,7123,729.351,7452,716.335,7643,159.271,5811,606.923,5386,180.681,2102,960.811,9582,364.711,5695,205.491,5534,507.597,4254,510.043,9863,510.444,8896,425.294,3714,216.972,5442,971.22100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%2,3912,312.0376.8%3,2333,090.6589.1%3,0102,1305,5001,9402,2101,9055,9003,8501,5803,4301,1742,0001,8401,4507,2003,6503,9604,7804,7002,5002,3603,1903,6601,8004,5701,6601,7501,3501,4503,8603,2908,0702,4702,5402,7607,6304,5701,9504,2801,3102,3202,1801,6007,9105,3304,7306,2305,6203,1803,0203,7104,4102,3705,4602,1402,2801,5501,6006.0%3.6%4.2%4.3%3.9%4.3%3.3%4.2%3.8%4.9%5.1%5.3%5.4%5.7%3.1%3.4%3.6%3.8%3.7%3.8%3.8%3.7%3.8%3.7%3.8%5.1%4.0%3.5%4.0%3,7903,3207,8402,4102,5402,7207,5304,4701,9204,1901,2802,6202,1401,6008,2705,3004,6805,9005,6203,0903,0103,6104,3202,3005,3602,1202,2201,5501,550as of April 30, 20226.1%3.7%4.3%4.4%4.0%4.4%3.4%4.3%3.9%5.0%5.2%5.3%5.5%5.8%3.2%3.4%3.7%3.9%3.8%3.9%3.8%3.8%3.9%3.8%3.9%5.1%4.1%3.5%4.1%+70 -0.1%-30 -0.1%+230 -0.1%+60 -0.1%–-0.1%+40 -0.1%+100 -0.1%+100 -0.1%+30 -0.1%+90 -0.1%+30 -0.1%-300 +40 -0.1%–-0.1%-360 -0.1%––+30 +50 -0.1%+330 -0.1%–-0.1%+90 -0.1%+10 –+100 -0.1%+90 -0.1%+70 -0.1%+100 -0.1%+20 –+60 -0.1%+50 -0.1%––52Portfolio Details (3)AssetTypeNo.Asset NameAreaLocationAcquisitionPrice(JPY M)BookValue(JPY M)LeasableArea(m2)Apr 2022 AppraisalOct 2021 AppraisalChangeOccupancyValue(JPY M)Value(JPY M)Cap rateCap rateCap rateValue(JPY M)O-80 Ichigo Otsuka BuildingTokyo Metro AreaToshima-ku, Tokyo2,7563,623.9884.1%O-74 Ichigo Nishi Honmachi BuildingFour Major CitiesOsakaO-75 Ichigo Hakata BuildingFour Major CitiesFukuokaO-76 Ichigo Nishiki First BuildingFour Major CitiesNagoyaO-77 Ichigo Ikenohata BuildingTokyo Metro AreaTaito-ku, TokyoO-78 Ichigo Ikebukuro East BuildingTokyo Metro AreaToshima-ku, TokyoO-79 Ichigo Motoazabu BuildingCentral TokyoMinato-ku, TokyoO-81 Ichigo Nagoya BuildingFour Major CitiesNagoyaO-82 Ichigo Fushimi BuildingFour Major CitiesNagoyaO-83 Ichigo Nishiki BuildingFour Major CitiesNagoyaO-84 Ichigo Minami Morimachi BuildingFour Major CitiesOsakaOfficeO-85 Ichigo Shibuya Udagawacho BuildingCentral TokyoShibuya-ku, TokyoO-86 Win Gotanda BuildingCentral TokyoShinagawa-ku, TokyoO-87 Ichigo Hongo BuildingTokyo Metro AreaBunkyo-ku, TokyoO-90 MIF BuildingCentral TokyoChiyoda-ku, TokyoO-91 Ichigo Uchi Honmachi BuildingFour Major CitiesOsakaO-92 Ichigo Minami Otsuka BuildingTokyo Metro AreaToshima-ku, TokyoO-93 Ichigo Nogizaka BuildingCentral TokyoMinato-ku, TokyoO-94 Ichigo Hakata East BuildingFour Major CitiesFukuokaO-95 Ichigo Nakameguro BuildingTokyo Metro Area Meguro-ku, Tokyo2,1901,3802,0005,1303,0101,8902,7403,4202,3401,3301,0403,5003,1002,3001,6803,3002,2001,9002,7803,3152,2501,4953,8302,1926,152.0095.5%1,3592,423.8696.5%1,9593,324.705,1195,504.152,9983,118.691,9131,329.96100%100%100%100%3,5254,930.3091.8%2,3254,155.6093.1%1,2892,006.7894.3%1,0542,521.51100%3,5591,491.6878.2%3,1053,689.882,3002,733.68100%100%2,1911,690.332,0013,004.072,8583,129.493,5072,199.352,2872,901.991,5501,044.34100%100%100%100%100%100%2,5001,5302,1705,5003,4302,3503,1003,9102,5401,4801,2604,1803,5402,6902,0903,6102,3702,1803,2703,6202,6101,6404,0104.5%4.6%4.3%4.1%4.1%3.5%4.2%4.2%4.4%4.3%4.3%3.1%4.0%4.2%4.2%4.0%3.9%4.5%3.7%3.4%4.3%3.8%4.2%2,5001,5302,1705,3403,3202,3502,9903,9102,5301,4701,2404,1803,3502,6501,9503,5102,3302,1803,2003,6302,4801,6304,010O-88 Oimachi Center BuildingCentral TokyoShinagawa-ku, Tokyo1,6982,751.0886.6%O-89 Win Gotanda Building 2Central TokyoShinagawa-ku, Tokyo3,2893,434.6988.7%O-96 Ichigo Tachikawa BuildingTokyo Metro AreaTachikawa City, Tokyo3,8324,879.7885.1%Subtotal – Office198,827195,094 254,593.8295.6% 239,697236,445+3,252 as of April 30, 20224.6%4.7%4.4%4.2%4.2%3.5%4.3%4.3%4.5%4.4%4.4%3.2%4.1%4.3%4.2%4.1%4.0%4.5%3.8%3.4%4.4%3.8%4.2%–––––-0.1%-0.1%-0.1%+160 -0.1%+110 -0.1%+110 -0.1%-0.1%+10 -0.1%+10 -0.1%+20 -0.1%–-0.1%+190 -0.1%+40 -0.1%+140 +100 -0.1%+40 -0.1%+70 -0.1%+130 -0.1%–-10 +10 –––––––© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 53Portfolio Details (4)No.Asset NameAreaLocationAcquisitionPrice(JPY M)Book Value(JPY M)LeasableArea(m2)Apr 2022 AppraisalOct 2021 AppraisalChangeOccupancyValue(JPY M)Cap rateCap rateCap rateValue(JPY M)Value(JPY M)Z-09 Future IZUMIOther Regional Cities Izumi City, Osaka1,0513,733.6640.3%-45 -0.1%Z-10 Ichigo Shibuya Bunkamura Dori Building Central TokyoShibuya-ku, Tokyo2,450778.77100%Z-11 Twicere Yokohama Isogo (Retail Section) Tokyo Metro AreaYokohama Z-14 Ichigo Kamata BuildingTokyo Metro Area Ota-ku, Tokyo1,4452,717.7780.8%1,4472,124.68100%1,2102,4001,6201,4006,630as of April 30, 20225633,0401,5001,5305.8%3.2%5.0%4.4%5.9%3.2%5.0%4.4%6083,0401,5001,5306,678––––––- 45 +3,207 Subtotal – Other6,3949,354.8870.6%6,633Total (85 Assets)205,457201,489 263,948.7094.7% 246,330243,123AssetTypeOtherReference 1TK EquityInvestmentGK Kizuna1 TK Equity InterestJPY 50MReference 2: Asset to be Acquired in the October 2022 PeriodAssetTypeNo.Asset NameAreaLocationAcquisitionPrice(JPY M)AcquisitionDateLeasableArea(m2)OccupancyAppraisal atAcquisitionValue(JPY M)Cap rateOfficeO-97Ichigo Higashi Ikebukuro3 Chome BuildingTokyo Metro AreaToshima-ku, Tokyo3,840 Jun 20, 20222,764.59100%3,9303.8%85 Assets Held on April 30, 2022 + New Acquisition 1 Asset = Total 86 Assets209,297266,713.2994.8% 250,260© Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 54Appendix: Mid-Size Office Investment Opportunity© Ichigo Investment