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November 30, 2015
REIT Issuer
Ichigo Hotel REIT Investment Corporation (3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration & Statutory Executive Officer
Tel: +81-3-3502-4892

Notice of New Loans and Interest Rate Swap
Ichigo Hotel REIT decided today to borrow funds via new loans and enter an interest rate swapagreement.
1. Reason for New Loans
Ichigo Hotel REIT is acquiring nine assets today (total acquisition price JPY 20,410 million),and the new loans will be used for these asset acquisitions and related expenses. For details on
the assets, please refer to today’s release “Asset Acquisitions.”
2. Loan Details
Term Loan I
Lenders
Loan Amount
Loan Date
Principal Repayment Date
Principal Repayment Terms
Interest Rate
Interest Payment Date

Collateralized

Sumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; Shinsei Bank; Resona Bank, Ltd.
3,250 million yen
November 30, 2015
November 30, 20181
Lump sum repayment on the Principal
Repayment Date
1M JPY TIBOR + 0.60% (p.a.) 2
Final business day of each month following theLoan Date (the first payment date will beFebruary 29, 2016 and the last payment date
will be the same as the Principal RepaymentDate)
No

1

In the event the date is not a business day, repayment shall be made on the next business day. If
the next business day is in the following month, then repayment shall be made on the priorbusiness day.
2The base rate from November 30, 2015 to February 29, 2016 is 0.17091%.

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the new loans and interest rate swap by Ichigo Hotel REIT,
and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice of amendments
thereto, if any, without fail and to undertake investment at their own decision and responsibility.

1Term Loan IILenders
Loan Amount
Loan Date
Principal Repayment Date
Principal Repayment Terms
Interest Rate
Interest Payment Date

Collateralized

Sumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; Shinsei Bank: Resona Bank, Ltd.
5,250 million yen
November 30, 2015
November 30, 20201
Lump sum repayment on the Principal
Repayment Date
1M JPY TIBOR + 0.70% (p.a.)2
Final business day of each month following theLoan Date (the first payment date will beFebruary 29, 2016 and the last payment date
will be the same as the Principal Repayment
Date)
No

1

In the event the date is not a business day, repayment shall be made on the next business day. If
the next business day is in the following month, then repayment shall be made on the priorbusiness day.
2
The base rate from November 30, 2015 to February 29, 2016 is 0.17091%.
3. Interest Rate Swap(a) Reason
To fix the interest payment amount of Term Loan II and hedge against a rise in interest
rates.
(b) Swap Details
Term Loan IICounterparty
Notional Principal
Interest Rate

Commencement Date
Termination Date
Interest Payment Date

34Mizuho Bank, Ltd
5,250 million yen
Fixed Interest Rate: 1.08%3
Floating Interest Rate: 1M JPY TIBOR +0.70%4
November 30, 2015
November 30, 2020
Final business day of each month following theLoan Date (the first payment date will beFebruary 29, 2016 and the last payment date
will be the same as the Principal RepaymentDate)

The effect of the interest rate swap is to fix the interest rate of the above loan at 1.08%.
The base rate from November 30, 2015 to February 29, 2016 is 0.17091%.

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the new loans and interest rate swap by Ichigo Hotel REIT,
and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice of amendments
thereto, if any, without fail and to undertake investment at their own decision and responsibility.

24. Outstanding Loan Balance(million yen)
Beforeexecution(as ofNovember 30,2015)

After execution(as of November30, 2015)

Short-term borrowings

000Long-term borrowings(due within one year)000

Long-term borrowings

08,500

8,500

0

8,500

8,500

Investment corporation bonds

000

Total borrowings and investment
corporation bonds

08,5008,500

Other interest-bearing liabilities

000

0

8,500

8,500

Total borrowings

Total interest-bearing
liabilities

Change5. Other
Risks related to these loans have no material impact on the “Investment Risks” described in thelatest Securities Report submitted October 26, 2015.

Ichigo Hotel REIT Website: www.ichigo-hotel.co.jp/english

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the new loans and interest rate swap by Ichigo Hotel REIT,
and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice of amendments
thereto, if any, without fail and to undertake investment at their own decision and responsibility.

3