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.

February 27, 2024
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
2-6-1 Marunouchi, Chiyoda-ku, Tokyo
Representative: Eriko Ishii, Executive Director
www.ichigo-hotel.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Hidehito Iwasaka, Head of Ichigo Hotel
Tel: +81-3-4485-5232

Interest Rate Swaps
Ichigo Hotel has fixed the interest rates for the first payment dates of the loans
announced in the February 26, 2024 release “New Loans,” and has executed interest
rate swaps to lock in the interest rates on the loans.
1. Interest Rates

Term Loan 29
Loan Date

Lender

Feb 29, 2024

SMBC

1LoanRepayment
Interest Rate forAmountDate
First Payment(JPY million)(Loan Term)
450

0.77810% (p.a.)1

Jul 31, 2029
(5.4 years)

Repayment
CollateralizedTerms
Lump-sumrepayment

NoThe term for the first interest payment date is February 29, 2024 through April 30, 2024.

Term Loan 30
Loan DateLenders

SMBC
Mizuho BankSBI Shinsei
BankFeb 29, 2024 Resona Bank
Fukuoka Bank
Nishi-Nippon
City Bank
2

LoanRepayment
Interest Rate forAmountDate
First Payment(JPY million)(Loan Term)

4,500

0.90091% (p.a.)2

Aug 31, 2030
(6.5 years)

Repayment
CollateralizedTerms

Lump-sum
repayment

The term for the first interest payment date is February 29, 2024 through May 31, 2024.

1No2. Reason for Interest Rate Swaps
Ichigo Hotel will fix the interest rates on the loans announced in the February 26, 2024
release via interest rate swaps in order to hedge against any future rise in interest rates.
3. Loan Details
Term Loan 29
Loan Date

Feb 29, 2024

1

LenderSMBC

LoanAmount(JPY million)

Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

450

3M JPY
TIBOR+0.70%(p.a.)1

Jul 31, 2029
(5.4 years)

Lump-sum
repayment

NoThe swap will fix the interest rate for Term Loan 29 at 1.40100%.

Note:
The interest payment date of the loan is the final day of every third month following thefirst interest payment date (the first payment date will be April 30, 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.
Term Loan 30
Loan DateLenders

SMBC
Mizuho BankSBI ShinseiBankFeb 29, 2024
Resona Bank
Fukuoka Bank
Nishi-Nippon
City Bank2

LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

4,500

3M JPY
TIBOR+0.80%(p.a.)2

Aug 31, 2030
(6.5 years)

Lump-sum
repayment

NoThe swap will fix the interest rate for Term Loan 30 at 1.58500%

Note:
The interest payment date of the loan is the final day of every third month following thefirst interest payment date (the first payment date will be May 31, 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.
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/rate2

4. Swap Details
Counterparty

Notional(JPY million)

Contract Start
Date

Contract EndDate

FixedInterest Rate(Pay)

FloatingInterest Rate(Receive)

Mizuho Bank450

Feb 29, 2024Jul 31, 2029
(5.4 years)

1.40100%

3M JPY TIBOR+0.70% (p.a.)Mizuho Bank

4,500

Feb 29, 2024

Aug 30, 2030
(6.5 years)

1.58500%

3M JPY TIBOR+0.80% (p.a.)

5. Earnings Impact
The impact of the new loans and the interest rate swaps has already been factored into
Ichigo Hotel’s January 2024 and July 2024 fiscal period earnings forecasts presented in
the September 14, 2023 release “July 2023 Fiscal Period Earnings.”
6. OtherRisks related to the loans and the interest rate swaps have no material impact on the“Investment Risks” described in the latest Financial Report submitted on October 26,
2023.

3