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.

August 29, 2023
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, 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: +81-3-3502-4892

Interest Rate Swaps
Ichigo Hotel decided today to enter into interest rate swaps to lock in the interest rates
on Term Loans 24 and 25.
1. Reason for Interest Rate Swaps
Ichigo Hotel will fix the interest rates on Term Loans 24 and 25 announced in theAugust 16, 2023 release “New Loans and Repayment of Existing Loan” via swaps inorder to hedge against any future rise in interest rates.
2. Loan Details
Term Loan 24
Loan DateLenders

SMBCMizuho BankSBI Shinsei
BankAug 31, 2023
Resona BankFukuoka Bank
Nishi-Nippon
City Bank1

LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

1,200

3M JPY
TIBOR+0.55%(p.a.)1

Aug 25, 2026
(3.0 years)

Lump-sum
repayment

No

The interest rate is fixed at 0.96400% as a result of this interest rate swap.

1Term Loan 25
Loan Date

Lenders

Aug 31, 2023

SMBC
Mizuho BankSBI Shinsei
BankResona Bank

2

LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

3,300

3M JPY
TIBOR+0.65%(p.a.)2Aug 31, 2028
(5.0 years)

Lump-sum
repayment

NoThe interest rate is fixed at 1.23900% as a result of this interest rate swap.

Note:
The interest payment date of Term Loans 24 and 25 is the final day of every third monthfollowing the first interest payment date (the first payment date will be November 30,
2023 and the last payment date will be the same as the principal repayment date). In theevent the interest payment date is not a business day, payment shall be made on thefollowing 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 Term Loans 24 and 25 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. Swap Details
Counterparty

Notional(JPY million)

Contract Start
Date

Contract EndDate

Fixed
Interest Rate(Pay)

Floating
Interest Rate(Receive)

Mizuho Bank

1,200

Aug 31, 2023

Aug 25, 2026
(3.0 years)

0.96400%

3M JPY TIBOR+0.55% (p.a.)Mizuho Bank3,300

Aug 31, 2023

Aug 31, 2028
(5.0 years)

1.23900%

3M JPY TIBOR+0.65% (p.a.)

4. Earnings Impact
The impact of the new loans and the interest rate swaps has already been factored into
Ichigo Hotel’s January 2024 fiscal period earnings forecast presented in Ichigo Hotel’sAugust 16, 2023 release “Upward Earnings Forecast Revision for the January 2024
Fiscal Period.”
5. OtherRisks related to the loans and the interest rate swaps have no material impact on theinvestment risks described in “Section 2: Reference Information, Part 2: SupplementaryInformation of Documents for Reference, 3: Investment Risks” of the Securities
Registration Statement submitted on August 16, 2023.

2