Ichigo Office Reit Investment Corporation · TSE:8975
Ichigo Office Reit Investment — October 2025 Earnings Presentation
58 slides from Ichigo Office Reit Investment's earnings presentation, Dec 15, 2025
Slide 1: Ichigo Office October 2025 Fiscal Period Corporate Presentation
Ichigo Office (8975) Ichigo Office October 2025 Fiscal Period Corporate Presentation December 15, 2025 Ichigo Office REIT Investment Corporation (8975) Ichigo Investment Advisors Co., Ltd. © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. www.ichig
Slide 2: Ichigo is a Japanese sustainable infrastructure company
Ichigo is a Japanese sustainable infrastructure company dedicated to making the world more sustainable © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.
Slide 3: © 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.
Slide 4: Ichigo – A Sustainable Infrastructure Company
Ichigo – A Sustainable Infrastructure Company Whether developing new technologies to allow buildings to last 100 years, powering communities with clean energy, or creating new possibilities for tenants and stakeholders, Ichigo is working to build a more prosperous and sustainable society for all. ©
Slide 5: October 2025 Results, Growth Strategy and Appendix
October 2025 Results Appendix October 2025 Highlights Ichigo Office ESG October 2025 Earnings Financial & Portfolio Data October 2025 Financial Metrics Other Growing Shareholder Value: NAV Ichigo Office Total Return Target >8% Occupancy & Average Rent per Tsubo (3.3m2) Organic Gr
Slide 6: October 2025 Results
October 2025 Results © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 6
Slide 7: October 2025 Highlights
October 2025 Highlights Achievements Details • Sale price 2X Book Value, 1.5X Appraisal Value Asset Sale • Sold Ichigo Toyamaeki Nishi Building (JPY 2.7B) • Gains on sale (JPY 1.1B) distributed to shareholders • Asset sold at price significantly exceeding Appraisal Value • Net Income: +JPY 1,178M vs
Slide 8: October 2025 Earnings
October 2025 Earnings (JPY million) October 2025 April 2025 October 2025 vs. Forecast Initial Major Variation Factors Actual Actual (A) (A) - (B) Forecast (B) Increase in Real Estate Gains on Sale +1,094 Operating Revenue 10,235 9,271 8,141 +1,129 (Ichigo Toyamaeki Nishi Building) Operating Profit 6
Slide 9: October 2025 Financial Metrics
October 2025 Financial Metrics Value-Add Optimization: Asset Value Increase Resulting in Market Value LTV Decline October 2024 April 2025 October 2025 Dividend JPY 2,692 JPY 3,330 JPY 2,715 NAV (per Share) JPY 101,306 JPY 103,537 JPY 106,287 FFO (per Share) JPY 2,579 JPY 2,671 JPY 2,639 Book Value L
Slide 10: Growing Shareholder Value: NAV
Growing Shareholder Value: NAV 5 Consecutive Fiscal Periods of Achieving Record NAV on Continuous Gains on Sales, Growing Value via Value-Add Capex NAV Growth in Past Year: +4.9% Annual Average NAV Growth: After Becoming Specialized Office REIT: +4.2% (JPY) +4.9% Became Specialized Office REIT in Se
Slide 11: Ichigo Office Total Return Target >8%
Ichigo Office Total Return Target >8% − Total Return of Most Recent 1-Year: +29.7% vs. TSE REIT Index − Achieved Ongoing KPI: Total Return (Total Shareholder Return) >8% p.a. Over the 1-Year, 3-Year, & 5-Year Periods Since Listing − Ichigo Office Outperforms the TSE REIT Index Over All Periods Since
Slide 12: Occupancy & Average Rent per Tsubo (3.3m2)
Occupancy & Average Rent per Tsubo (3.3m2) − Maintained Stable Occupancy & Steady Rent per Tsubo Increase − Value-Add Renovation Driving Significant Rent per Tsubo Increase in Central Tokyo & Across All Assets Occupancy (Office) Average Rent per Tsubo (3.3m2) 100% 8 months Office (All) (JPY) Average
Slide 13: Organic Growth: New Tenants at Higher Rents
Organic Growth: New Tenants at Higher Rents Achieved Rent Increase for 90% New Tenants New Rent vs. Previous Rent Change in Total Monthly Rent (Office, Leased Area Basis) (Office) (JPY thousand) ■ Downward ■ Flat ■ Upward Upward Downward +9,995 6.2% 19.5% 8.4% Average Decrease 15.3% -6.7％ +8,408 4.1
Slide 14: Organic Growth: Rent Renewals of Existing Tenants
Organic Growth: Rent Renewals of Existing Tenants No Downward Rent Renewals, Achieved Average Rent Unit Price Higher Than April 2025 New Rent vs. Previous Rent Change in Total Monthly Rent (Office, Leased Area Basis) (Office) (JPY thousand) ■ Downward ■ Flat ■ Upward Upward Downward 0.0% 0.7% 0.4% 0
Slide 15: Value-Add Capex Driving Asset Competitiveness
Value-Add Capex Driving Asset Competitiveness Created Comfortable Office Environment Driving Tenant Satisfaction via Value-Add Ichigo Jingumae Building Ichigo Kanda Ogawamachi Building Ichigo Nanpeidai Building © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All righ
Slide 16: Ichigo Sasazuka Building Leasing Status
Ichigo Sasazuka Building Leasing Status Driving Significant Value Post Large-Scale Tenant Departure Leased 1 Remaining Floor at +26% Rent Increase, Achieved 100% Occupancy − Value-Add Impact: +27% Rent per Tsubo, +29% Appraisal Value (Oct 2023~Oct 2025) Tenant Departure (Apr 2024) As of April 30, 20
Slide 17: Value-Add Cases Financed by 1st Value-Add Capex Loan
Value-Add Cases Financed by 1st Value-Add Capex Loan 29% Average ROI on Value-Add Financed by 1st Value-Add Capex Loan Realized Upside via Common Area Renovations & Ready to Move In Office Format Conversions Value-Add Capex Financed by 1st Value-Add Capex Loan (JPY 350M) Rent Rent ROI Detail Renewal
Slide 18: Value-Add Cases Financed by 2nd Value-Add Capex Loan
Value-Add Cases Financed by 2nd Value-Add Capex Loan Financing via Bank Loans, Achieved High Return (c. 24% Average Actual ROI) − Conducted Common Area Renovations & In-Demand Ready to Move In Office Format Conversions Value-Add Capex Financed by 2nd Value-Add Capex Loan (October 2025) Rent Rent ROI
Slide 19: Gains on Sales From Asset Sale
Gains on Sales From Asset Sale Generating Gains on Sales & Securing Financing for Growth Investments − Sale Price 2X Book Value & 1.5X Appraisal Value − Gains on Sales (JPY 1.1B) Distributed as October 2025 Dividend − Sales Proceeds Primarily Used for Strategic Growth Investments Ichigo Toyamaeki Ni
Slide 20: Sustainability Initiatives
Sustainability Initiatives Implementation of Plan for Obtaining Environmental Certifications − Obtaining Environmental Certifications (3-4 Assets p.a.), Gradually Increasing Ratio of Certified Assets Initial Plan Now Target (Oct 2024-end) (October 2025-end) (Oct 2029-end) 32.7% (21 Assets) 38.6% (23
Slide 21: Share Buyback Maximizing Shareholder Value
Share Buyback Maximizing Shareholder Value Part of Asset Management Strategy to Continuously Achieve Total Return Targets Share Buyback Overview 16,969 shares Total Number of Shares (1.1% of total shares outstanding) Total Amount JPY 1,580,083,100 Buyback Period June 17, 2025 ~ September 30, 2025 Sh
Slide 22: Ichigo Office Growth Strategy
Ichigo Office Growth Strategy © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 22
Slide 23: Gains on Sales From Continuous Asset Sales
Gains on Sales From Continuous Asset Sales Sold at 1.7X Book Value, 1.2X Most Recent Appraisal Value − Gains on Sale (JPY 500M) to be Distributed as April 2026 Dividend − Sales Proceeds Strategically Used for Growth Investments Ichigo Mirai Shinkin Building Asset Name Location Oita City, Oita Book V
Slide 24: Sold 12 Assets (JPY 30.6B), JPY 9.8B Gains on Sales
Asset Sales From 2022 Sold 12 Assets (JPY 30.6B), JPY 9.8B Gains on Sales Average Sale Price at 1.7X Book Value, 1.5X Appraisal Value Asset Sales Record (JPY million) ■ Total Sale Price ■ Total Gains on Sales 12,200 10,520 * Gains on sale equals sale price minus sale-related expenses & IIA’s 4,504 4
Slide 25: Selective Investments Focused on Capital Costs
Selective Investments Focused on Capital Costs Acquired Mid-Size Office With Earnings Growth Potential − Strategic Investment in Area With Extensive Knowledge of the Local Market Where Ichigo Office Owns Other Assets − Aiming to Close Over 10% Rent Gap via Value-Add Ichigo Tachikawa Koen Dori Buildi
Slide 26: Loan for Value-Add Capex
Loan for Value-Add Capex Committed Term Loan Allowing Proactive & Flexible Value-Add Capex − Realized Continuous Financing (Second Loan After Nov. 2024 Loan) − Secured Line of Credit Allowing Flexible Financing From Main Bank (SMBC), Aiming to Drive Cash Flows & Value of Owned Assets Commitment Term
Slide 27: Access to Sponsor Ichigo's Robust Pipeline of Office Assets
Access to Sponsor Ichigo’s Robust Pipeline of Office Assets Growth via Sponsor Pipeline (18 Assets, JPY 80.7B) No. Assets Area 1 Office in Sapporo City, Hokkaido Four Major Regional Cities 2 Office in Chiyoda-ku, Tokyo Central Tokyo 3 Office in Minato-ku, Tokyo Central Tokyo Sapporo City, 4 Office i
Slide 28: April 2026 Forecast
April 2026 Forecast – Dividend Forecast to Decrease due to Drop Off in Gains on Sales – Increase in Rental Income of Existing Assets (JPY million) October 2025 April 2026 vs. October 2025 Major Variation Factors Actual (B) Forecast (A) (A) - (B) Decrease in Real Estate Gains on Sale -585 Operating R
Slide 29: October 2026 Forecast
October 2026 Forecast – Significant NOI Growth on Value-Add – Drop Off in Gains on Sales, Forecasting No Asset Sales (JPY million) April 2026 October 2026 vs. April 2026 Major Variation Factors Forecast (B) Forecast (A) (A) - (B) Drop off of Real Estate Gains on Sale -508 Operating Revenue 8,665 8,3
Slide 30: Appendix: Ichigo Office ESG
Appendix: Ichigo Office ESG © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 30
Slide 31: Ichigo Office's Sustainability Commitment
Ichigo Office’s Sustainability Commitment Ichigo Sustainability Policy Ichigo 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,
Slide 32: Ichigo Climate Positive: CO2 Reduction vs. Emissions (1)
Ichigo Climate Positive: CO2 Reduction vs. Emissions (1) Ichigo CO2 Reduction = 8X CO2 Emissions Ichigo Office CO2 Emissions as of FY25/2-end (Actual) 910 tons CO2 Reduction 104,502 CO2 Emissions 12,813 tons tons CO2 Reduction due to Ichigo & Ichigo Green Clean Energy Scope 1+2 Emissions Power Plant
Slide 33: Ichigo Climate Positive: CO2 Reduction vs. Emissions (2)
Ichigo Climate Positive: CO2 Reduction vs. Emissions (2) Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) CO2 Reduction vs. Emissions ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichigo CO2 Emissions (
Slide 34: RE100: Completed Renewable Energy Transition
RE100: Completed Renewable Energy Transition Maintain 100% Renewable Energy to Achieve RE100 Certification & Ichigo 2030 RE100 KPI RE100 Progress (as of February 28, 2025) Non-Fossil Certificate Renewable Energy Switch Tracking for Ichigo Power Plants RE100 62% 38% 100% Ichigo Office 60% of Total Re
Slide 35: ESG Initiatives: Environmental (1)
ESG Initiatives: Environmental (1) Sustainability Initiatives Progress GRESB Real Estate Assessment (Since 2016) − Awarded 3 Stars in GRESB Rating − Won Green Star designation 9 years in a row, in recognition of its ESG-related policies and organizational setup (the “Management Component”), and envi
Slide 36: ESG Initiatives: Environmental (2)
ESG Initiatives: Environmental (2) Environmental Certifications (as of October 31, 2025) − 28 Certifications (23 Assets), 38.6% of Total Leasable Area for Offices Tokyo Low-Carbon Small CASBEE BELS and Medium-Sized Model Buildings S Rank 2 Stars 1 Star A3 A3- A2+ A2 (★★) (★) Ichigo Nishisando Ichigo
Slide 37: ESG Initiatives: Social
ESG Initiatives: Social Contributing to Society Contributing to Regional Revitalization Ichigo University Sports Initiatives As a top partner of the J.League Ichigo works to revitalize local communities Ichigo established Ichigo University in May professional soccer league, we support the and promot
Slide 38: ESG Initiatives: Governance
ESG Initiatives: Governance Global Best Practice Governance No Fixed Fee, Performance Fee-Only Structure Best Practice Governance Shifted to performance- REIT Asset Management Company (AMC) linked fee structure on Monitors Asset Management Company Best Practice Asset Management Structure Novem
Slide 39: Appendix: Financial & Portfolio Data
Appendix: Financial & Portfolio Data © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 39
Slide 40: Borrowing Details (1)
Borrowing Details (1) Average Interest Rate and Average Remaining Loan Maturity October 2025 Loan Details (Interest Rate) (Average Remaining Loan Maturity Including Bonds, Years) Interest Amount Maturity Rate 2.5% 5 Average Interest Rate Average Remaining Loan Maturity 2.0104% JPY 1.235B 4.5 years (
Slide 41: Borrowing Details (2)
Borrowing Details (2) Loan Maturity Distribution (as of October 31, 2025) Bank Loans (fixed rate including fixed via interest rate swaps) Bank Loans (floating rate) Bonds Subordinate Bonds (JPY million) 11,656 11,836 11,482 1,200 10,124 10,181 9,812 9,785 9,496 1,200 8,846 8,908 1,000 1,500 1,000 7,
Slide 42: Interest-Bearing Liabilities and Ichigo Office Credit Rating
Interest-Bearing Liabilities and Ichigo Office Credit Rating Lender Base (as of October 31, 2025) (JPY million) Credit Rating Lender Amount Ratio vs. April 2025 Credit Rating Agency Japan Credit Rating Agency (JCR) SMBC 34,709 27.8% 0.5% Type of Rating Long-Term Issuer Rating Mizuho Bank 23,195 18.6
Slide 43: Trend of Portfolio Unrealized Gains
Trend of Portfolio Unrealized Gains October 2025 Unrealized Gains JPY 62.8B (+JPY 4B vs. April 2025) (JPY million) © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 43
Slide 44: Survey of New & Departing Tenants: Reason for Relocation
Survey of New & Departing Tenants: Reason for Relocation New Tenants Departing Tenants Moving to a different building for larger floor space or better location Moving to a different building for larger floor space or better location Opening a new office Closing office Reducing cost or floor space Re
Slide 45: Rapid Re-Tenanting After Vacancies
Rapid Re-Tenanting After Vacancies Newly Leased and Newly Vacated Office Space (m2) ■ Newly Leased ■ Newly Vacated Net Leased Area 11,799 Average Leased Area 8,225m2 10,164 (May 1, 2021 ~ Oct 31, 2025) 8,629 9,463 7,418 7,304 7,101 6,309 5,804 TBD1 -4,989 -6,059 -5,638 -6,714 Average Vacated Area -8
Slide 46: Value-Add Capex to Drive Tenant Satisfaction
Value-Add Capex to Drive Tenant Satisfaction Capex Tailored to Tenant Needs Maintenance Costs, Capex, and Depreciation April 2026 Capex Plan (JPY million) 2,000 Asset Name Details Investment Maintenance CAPEX (Value-Add) Ichigo Hijirizaka Building Tenant Area Renovation JPY 90M CAPEX (LCC) Depreciat
Slide 47: Portfolio Details (1)
Portfolio Details (1) as of October 31, 2025 Book Leasable Oct 2025 Appraisal Change Asset No. Asset Name Location Value Area Occupancy Value Value Type Cap rate Cap rate (JPY M) (m2) (JPY M) (JPY M) 1 O-02 Ichigo Nishisando Building Shibuya-ku, Tokyo 3,278 4,523.19 100% 3,330 3.7% +30 – 2 O-03 Ichi
Slide 48: Portfolio Details (2)
Portfolio Details (2) as of October 31, 2025 Book Leasable Oct 2025 Appraisal Change Asset No. Asset Name Location Value Area Occupancy Value Value Type 2 Cap rate Cap rate (JPY M) (m ) (JPY M) (JPY M) 26 O-46 Ichigo Kanda Nishikicho Building Chiyoda-ku, Tokyo 2,030 2,523.09 100% 3,330 3.5% – – 27 O
Slide 49: Portfolio Details (3)
Portfolio Details (3) as of October 31, 2025 Book Leasable Oct 2025 Appraisal Change Asset No. Asset Name Location Value Area Occupancy Value Value Type Cap rate Cap rate (JPY M) (m2) (JPY M) (JPY M) 51 O-72 Ichigo Shibuya East Building Shibuya-ku, Tokyo 1,530 1,041.36 64.2% 2,450 3.2% +280 – 52 O-7
Slide 50: Portfolio Details (4)
Portfolio Details (4) as of October 31, 2025 Book Leasable Oct 2025 Appraisal Change Asset No. Asset Name Location Value Area Occupancy Value Value Type 2 Cap rate Cap rate (JPY M) (m ) (JPY M) (JPY M) 76 O-99 Ichigo Hakataeki Higashi Building Fukuoka 3,559 3,596.70 100% 3,840 4.0% – – 77 O-100 Ichi
Slide 51: Portfolio: 98% Office, 76% Tokyo Metropolitan Area
Portfolio: 98% Office, 76% Tokyo Metropolitan Area No. Of Assets 86 Assets as of October 31, 2025 Total Acquisition Price JPY 218.1B Map Key Location By Asset Type Appraisal Value JPY 278.4B Acquisition Price (JPY B) Other Leasable Area 257,311.24m2 % of Portfolio 2% Occupancy 97.5% NOI Yield 5.3% P
Slide 52: Highly Diversified Tenant Mix
Highly Diversified Tenant Mix as of October 31, 2025 Tenants by Industry Total Number of Tenants: 1,026 (Based on No. Of Tenants) Education 2% Share of Top 10 Tenants Restaurant/Hotel 3% Other 10.0% of Leased Area Construction 4% 4% 11.9% of Rental Income Real Estate 4% Service Top 10 Tenants (by Bu
Slide 53: Appendix: Other
Appendix: Other © Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved. 53
Slide 54: J.League Shareholder Program
J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan − First Japanese company to include not just its own shareholders, but also the shareholders of the REITs and solar power producer that it manages, in its shareholder program (106,600 shareholders total) − First co
Slide 55: Ichigo Office's Sponsor: Ichigo (2337)
Ichigo Office’s Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy ‒ Manages Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282) ‒ Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologie
Slide 56: Shareholder Composition
Shareholder Composition as of October 31, 2025 Major Shareholders Shareholdings by Shareholder Type Foreign Corporations & Individuals Non-Financial Domestic Corporations No. Of Name Share Domestic Financial Institutions Domestic Individuals Shares 1 Ichigo Trust Pte. Ltd. 384,704 25.0% 607,308 Cust
Slide 57: Ichigo Office Overview
Ichigo Office Overview Investment Corporation Name Ichigo Office REIT Investment Corporation Securities Code 8975 Address 2-6-1 Marunouchi, Chiyoda-ku, Tokyo Executive Director Takafumi Kagiyama Portfolio Assets 86 Assets (as of October 31, 2025) Portfolio Value JPY 218.1B1 (as of October 31, 2025)
Slide 58: Disclaimer
Disclaimer These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of Ichigo Office REIT Investment Corporation (“Ichigo Office”). These materials may contain fo
Ichigo Office REIT Investment — October 2025 Earnings Presentation on 6ix