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 22, 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 existing loans (JPY 4,950 million). Details of theloans to be repaid are in Section 3 below.
2. Loan Details (Total JPY 4,950 million)
Term Loan 20
LoanAmount(JPY million)

Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

SMBC

450

3M JPY
TIBOR+0.50%(p.a.)1Feb 29, 2024
(1.0 year)

Lump-sum
repaymentNoLoan Date

Lenders

LoanAmount(JPY million)

Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

Feb 28, 2023

SMBC
Mizuho BankSBI Shinsei
BankResona Bank
Fukuoka Bank
Nishi-Nippon
City Bank

4,500

3M JPY
TIBOR+0.50%(p.a.)1

Feb 29, 2024
(1.0 year)

Lump-sum
repayment

No

Loan Date

Feb 28, 2023

LenderTerm Loan 211

1

The interest payment date is the final day of every third month following the firstinterest payment date (the first payment date will be May 31, 2023 and the last
payment date will be the same as the principal repayment date). In the event theinterest 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.

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. Existing Loans Being Repaid (Total JPY 4,950 million)
Term Loan 4Loan Date

Lenders

SMBC
Mizuho BankSBI Shinsei
Bank
Aug 17, 2016 Resona Bank
Fukuoka Bank
Nishi-Nippon
City Bank

LoanAmount(JPY million)

Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

4,500

1M JPY
TIBOR+0.75%(p.a.)

Feb 28, 2023
(6.5 years)

Lump-sum
repayment

NoLoanAmount(JPY million)

Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

450

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

Feb 28, 2023
(1.0 years)

Lump-sum
repayment

No

Term Loan 17
Loan Date

Feb 28, 2022

Lender

SMBC4. Earnings Impact
The impact of the new loans on Ichigo Hotel’s January 2023 and July 2023 fiscal period
earnings has already been reflected in the forecasts presented in Ichigo Hotel’s
December 22, 2022 release “Earnings Forecast Revision for the January 2023 Fiscal
Period” and September 14, 2022 release “July 2022 Fiscal Period Earnings,”
respectively, and therefore the forecasts are unchanged.
5. Other
Risks related to the loans have no material impact on the “Investment Risks” describedin the latest Financial Report submitted on October 26, 2022.

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

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

9,250

13,750+4,500Long-term bank loans

16,22011,720-4,500Total bank loans

25,47025,470

–

870

870

–

26,34026,340–

Bonds
Total bank loans and bonds

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

13,300

8,800
4,950
450
4,500July2023

4,500
January2024

2,220

3,000

July
2024

January
2025

2,500
500
370

2,000
July
2025

January
2026

July
2026

January2027

After New Loans

July2027(JPY million)■ Long-term Loans (fixed rate) ■ Short-term Loans ■ Bonds■ New Loans
13,300

8,800

7,170
4,950

4,5000
July
2023

January
2024

2,220

3,000

July
2024

January
2025

2,500
500
370

2,0000
July
2025

30
January
2026

July
2026

0
January
2027

0
July
2027