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 28, 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 26 and 27.
1. Reason for Interest Rate Swaps
Ichigo Hotel will fix the interest rates on Term Loans 26 and 27 announced in theNovember 24, 2023 release “New Loans” via swaps in order to hedge against any futurerise in interest rates.
2. Loan Details
Term Loan 26
Loan Date

Lenders

SMBC
Mizuho BankNov 30, 2023 SBI ShinseiBankResona Bank
1LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

3,500

3M JPY
TIBOR+0.60%(p.a.)1

Nov 30, 2027
(4.0 years)

Lump-sum
repayment

No

The interest rate is fixed at 1.20200% as a result of this interest rate swap.

1Term Loan 27
Loan Date

Lenders

Nov 30, 2023

SMBC
Mizuho BankSBI Shinsei
Bank
Resona Bank

1

LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

3,500

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

Nov 30, 2029
(6.0 years)

Lump-sumrepayment

NoThe interest rate is fixed at 1.49900% as a result of this interest rate swap.

Note:
The interest payment date of Term Loans 26 and 27 is the final day of every third monthfollowing the first interest 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 eventthe 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 shallbe made on the previous business day.
The base rate for Term Loans 26 and 27 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 End
Date

Fixed
Interest Rate(Pay)

Floating
Interest Rate(Receive)

Mizuho Bank

3,500

Nov 30, 2023

Nov 30, 2027
(4.0 years)

1.20200%

3M JPY TIBOR+0.60% (p.a.)Mizuho Bank

3,500

Nov 30, 2023

Nov 30, 2029(6.0 years)

1.49900%

3M JPY TIBOR+0.70% (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 and July 2024 fiscal period earnings forecasts presented in
the September 14, 2023 release “July 2023 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