Ichigo Office REIT Investment : New Loans for Acquisition of Office Assets

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.

May 20, 2024

Issuer

Ichigo Office REIT Investment Corporation ("Ichigo Office," 8975) 2-6-1Marunouchi, Chiyoda-ku,Tokyo

Representative: Keisuke Chiba, Executive Director

www.ichigo-office.co.jp/en

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Hiroshi Iwai, President

Inquiries: Yuji Kamo, Head of Ichigo Office

Tel: [phone]

New Loans for Acquisition of Office Assets

Ichigo Office decided today to borrow funds via new loans.

1. Loan Rationale

The new loans will be deployed towards acquiring the Ichigo Akihabara East Building, Ichigo Hakata Meiji Dori Building, Ichigo Hakata Gion Building, Ichigo Tenjin North Building, Ichigo Gotanda West Building, and Ichigo Otemachi North Building, as announced in today's release "Acquisition of Six Office Assets."

2. New Loan Details (Total JPY 8,500 million)

Loan Date

Lender

Loan

Amount

(JPY million)

Interest Rate

Repayment

Date

(Loan Term)

Repayment CollateralizedTerms

	SMBC	3,300
	Mizuho Bank	2,000	3M JPY TIBOR	Apr 25, 2031
			+0.61% (p.a.)1, 3	(6.91 years)
May 30,	Aozora Bank	1,000	Lump-sum
				No
2024					repayment
SBI Shinsei Bank	1,000
	MUFG Bank	900	TBD2
	(Fixed Rate)	Apr 25, 2029
	SBI Shinsei Bank	300	3M JPY TIBOR	(4.91 years)
	+0.49% (p.a.)1, 3

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating tonew loans, and has not been prepared for the purpose of solicitation of investment.

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1. Interest payment date is the 25th of every third month following the first interest payment date (the first payment date will be July 25, 2024 and the last payment date will be the same as the principal repayment date). In the event the interest payment date is not a business day, payment shall be made on the following business day. If the following business day falls into the following month, payment shall be made on the previous business day. Ichigo Office will announce the interest rates for the first period (May 30, 2024 to July 25, 2024) after they are determined.
2. Interest payment date is the 25th of every third month following the first interest payment date (the first payment date will be July 25, 2024 and the last payment date will be the same as the principal repayment date). In the event the interest payment date is not a business day, payment shall be made on the following business day. If the following business day falls into the following month, payment shall be made on the previous business day. Ichigo Office will announce the interest rate after it is determined.
3. Ichigo Office will also execute interest rate swaps on the loans, and will announce the swap interest rates after they are determined.
   Note: The base rate for the loans will be JPY TIBOR as published by the Japanese Bankers Association (JBA) two business days before each interest payment date. For current JPY TIBOR rates, please visit the JBA's website: www.jbatibor.or.jp/english/rate

3. Earnings Impact

The impact of the new loans has already been announced in today's release "Upward Earnings Forecast Revision for the October 2024 Fiscal Period."

5. Other

Risks related to the loan have no material impact on the investment risks described in

"Section 2: Reference Information, Part 2: Supplementary Information of Documents for

Reference, 3: Investment Risks" of the Securities Registration Statement submitted on May 20, 2024.

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating tonew loans, and has not been prepared for the purpose of solicitation of investment.

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Loan and Bond Composition after New Loans

Outstanding Loan and Bond Balance

		Before
		New Loans
		(A)
Short-term bank loans		-
Long-term bank loans		108,007
Total bank loans		108,007
Bonds		7,250
Total bank loans and bonds		115,257

		(JPY	million)
After			Change
New Loans
	(B) - (A)
(B)
-			-
116,507				+8,500
116,507				+8,500
7,250				-
123,757
			+8,500

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating tonew loans, and has not been prepared for the purpose of solicitation of investment.

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Distribution of Loan and Bond Maturities

Before New Loans

■ Bank Loans (floating rate)	■ Bank Loans (fixed rate)	■ Bonds	■ Subordinated Bonds					(JPY million)
							11,645
							1,200
					9,812			9,763	9,682		9,347
				8,846		8,908		1,000		8,902
							1,200
				1,000
		7,346												7,595
		1,000													1,500
			5,494									4,899	5,476
4,192					7,953	10,445
					8,763
		7,246
									8,147
		6,346													6,095
																1,300	1,700
				600		955														350
	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr
2024	2025	2025	2026	2026	2027	2027	2028	2028	2029	2029	2030	2030	2031	2031	2032	2032	2033	2033	2034

After New Loans

■ Bank Loans (floating rate)	■ Bank Loans (fixed rate) ■ Bonds	■ Subordinated Bonds	■ New Loans		(JPY million)
						11,645
						1,200
				9,812		9,763	9,682	10,102
							9,347
			8,846		8,908		1,000		1,200
						1,200
			1,000
	7,346												7,595
												7,300
	1,000													1,500
		5,494									4,899	5,476
4,192					7,953	10,445
							8,902
		7,246				8,763		8,147
	6,346													6,095
															1,300	1,700
			600		955														350
Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr
2024	2025	2025	2026	2026	2027	2027	2028	2028	2029	2029	2030	2030	2031	2031	2032	2032	2033	2033	2034

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating tonew loans, and has not been prepared for the purpose of solicitation of investment.

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