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.

January 23, 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 Loans
Ichigo Hotel today decided to borrow funds via new loans.
1. Loan Rationale
The new loans will be used to repay existing loans (JPY 1,800 million). Details of theloans to be repaid are in Section 3 below.
2. Loan Details
Loan Date

Jan 31, 2024

1Lender

LoanAmount(JPY million)

SMBC

400

Mizuho Bank300

SBI Shinsei
Bank300

Resona Bank

200

Fukuoka Bank300

Nishi-Nippon
City Bank300

InterestRate

RepaymentDate(Loan Term)

RepaymentTerms

Collateralized

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

Jul 31, 2029
(5.5 years)

Lump-sum
repayment

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2

Ichigo 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. For
current JPY TIBOR rates, please visit the JBA’s website:www.jbatibor.or.jp/english/rate
3. Existing Loans Being Repaid
Loan Date

Jan 31, 2023

LenderLoan
Amount(JPY million)

SMBC

400

Mizuho Bank300

SBI ShinseiBank300

Resona Bank200

Fukuoka Bank300

Nishi-Nippon
City Bank300

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

3M JPY
TIBOR+0.50%(p.a.)Jan 31, 2024
(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)

AfterNew Loans(B)

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

6,750

4,950

-1,800Long-term bank loans

25,72027,520+1,800Total 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

4,950

1,800

2,220

January
2024

July
2024

8,200

3,000
January
2025

July
2025

January
2026

July
2026

3,300

3,500

2,000
January
2027

July
2027

January
2028

July
2028

January
2029

3,500
July
2029

January2030

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

7,170

4,950
8,200
2,220
January
2024

July
2024

January
2025

2,000
July
2025

January
2026

3,500

3,300

3,500

3,000

1,800

July
2026

January
2027

3July
2027

January
2028

July
2028

January
2029

July
2029

January2030