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 26, 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

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
Term Loan 29
Loan Date

Feb 29, 2024
1Lender

SMBC

Loan
Amount(JPY million)

Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

450

3M JPY
TIBOR+0.70%(p.a.)1, 3Jul 31, 2029
(5.4 years)

Lump-sumrepayment

NoThe interest payment date is the final day of every third month following the firstinterest 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 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.

1Term Loan 30
Loan Date

Lenders

LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
TermsCollateralized

4,500

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

Aug 31, 2030
(6.5 years)

Lump-sum
repaymentNoSMBC
Mizuho BankSBI Shinsei
BankFeb 29, 2024
Resona BankFukuoka Bank
Nishi-Nippon
City Bank2

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, 2024 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.

3Ichigo Hotel will also execute interest rate swaps on Term Loan 29 and 30, and will
announce the swap 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. For
current JPY TIBOR rates, please visit the JBA’s website:www.jbatibor.or.jp/english/rate
3. Existing Loans Being Repaid
Term Loan 20LoanAmount(JPY million)Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

SMBC

450

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

Lump-sum
repayment

No

Loan Date

Lenders

LoanAmount(JPY million)

Interest
Rate

Repayment
Date(Loan Term)

Repayment
Terms

Collateralized

Feb 28, 2023

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

4,500

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

Feb 29, 2024
(1.0 year)

Lump-sum
repayment

No

Loan Date

Feb 28, 2023

LenderTerm Loan 212

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.

3

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

4,950–-4,950Long-term bank loans

27,52032,470+4,950Total bank loans

32,47032,470––––32,47032,470–

Bonds
Total bank loans and bonds

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

7,170

4,950
8,200
3,500
2,220
July
2024

3,000

January
2025

2,000
July
2025

January
2026

July
2026

3,300

3,500

1,800
January
2027

July
2027

January
2028

July
2028

January
2029

July
2029

January
2030

July
2030

January2031

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

8,200

2,220
July
2024

3,500

3,000

January
2025

3,300

2,000
July
2025

January
2026

July
2026

2,250
450

4,500

3,500

1,800
January
2027

July
2027

4January
2028

July
2028

January
2029

July
2029

January
2030

July
2030

January2031