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.

November 24, 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

New LoansIchigo Hotel today decided to borrow funds via new loans.
1. Loan Rationale
The new loans will be used to repay an existing loan (JPY 7,000 million). Details of theloan to be repaid are in Section 3 below.
2. Loan Details
Term Loan 26
Loan Date

Lenders

SMBC
Mizuho Bank
Nov 30, 2023 SBI Shinsei
Bank
Resona Bank

LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized3,500

3M JPY
TIBOR+0.60%(p.a.)1, 2Nov 30, 2027
(4.0 years)

Lump-sum
repayment

NoLoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

3,500

3M JPY
TIBOR+0.70%(p.a.)1, 2

Nov 30, 2029
(6.0 years)

Lump-sum
repayment

No

Term Loan 27
Loan Date

Lenders

Nov 30, 2023

SMBC
Mizuho BankSBI Shinsei
Bank
Resona Bank1

The interest payment date is the final day of every third month following the firstinterest payment date (the first payment date will be February 29, 2024 and the last
payment date will be the same as the principal repayment date). In the event the1

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.
2Ichigo Hotel will also execute interest rate swaps on the loans, and will announce theswap 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. Forcurrent JPY TIBOR rates, please visit the JBA’s website:www.jbatibor.or.jp/english/rate
3. Existing Loan Being Repaid
Term Loan 18
Loan Date

Lenders

Nov 30, 2022

SMBCMizuho BankSBI Shinsei
Bank
Resona Bank

LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

7,000

3M JPY
TIBOR+0.50%(p.a.)

Nov 30, 2023
(1.0 years)

Lump-sum
repaymentNo

4. Earnings Impact
The impact of the new loans has already been factored into the January 2024 and July2024 fiscal period earnings forecasts presented in the September 14, 2023 release “July2023 Fiscal Period Earnings.”
5. OtherRisks related to the loans have no material impact on the “Investment Risks” describedin the latest Financial Report submitted on October 26, 2023.

2

Reference: Loan and Bond Composition after New Loans
Outstanding Loan and Bond Balance(JPY million)
BeforeNew Loans
(A)

After
New Loans(B)

Change(B) - (A)Short-term bank loans

13,7506,750-7,000Long-term bank loans

18,72025,720+7,000Total bank loans

32,47032,470––––32,47032,470–

Bonds
Total bank loans and bonds

Distribution of Loan Maturities per Fiscal Period
Before New Loans■ Long-term Loans (fixed rate) ■ Short-term Loans(JPY million)

7,170

8,800

4,950

2,220
Jan2024

Jul
2024

8,200
3,300

3,000
Jan
2025

2,000
Jul
2025

Jan
2026

Jul
2026

Jan2027

Jul
2027

Jan
2028

Jul
2028

Jan
2029

Jul
2029

Jan
2030

After New Loans■ Long-term Loans (fixed rate) ■ Short-term Loans■ New Loans(JPY million)

7,170

4,950
8,200

1,800

2,220

Jan2024

Jul
2024

3,000
Jan
2025

Jul
2025

Jan
2026

3,300

3,500

2,000
Jul
2026

Jan
2027

3Jul2027

Jan2028

Jul2028

Jan
2029

3,500
Jul
2029

Jan2030