Ichigo Hotel Reit Investment Corp. · TSE:3463
Ichigo Hotel Reit Investment — July 2024 fiscal period Earnings Presentation
65 slides from Ichigo Hotel Reit Investment's earnings presentation, Sep 17, 2024
Slide 1: Corporate Presentation: July 2024 Fiscal Period
Ichigo Hotel (3463) Ichigo Hotel July 2024 Fiscal Period Corporate Presentation September 17, 2024 Ichigo Hotel REIT Investment Corporation (3463) Ichigo Investment Advisors Co., Ltd. © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. www.ichigo-hote
Slide 2: Make The World More Sustainable
Make The World More Sustainable © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
Slide 3: © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
Slide 4: © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
Slide 5: Agenda
July 2024 Results Earnings Forecasts July 2024 Highlights January 2025 Forecast July 2024 Earnings Breakdown July 2025 Forecast Hotel Operating Results: Continued Hotel Earnings Ichigo’s Commitment to ESG Growth Ichigo Sustainability Policy Hotel Operating Results: RevPAR Growth in All
Slide 6: July 2024 Results
July 2024 Results © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 6
Slide 7: July 2024 Highlights
July 2024 Highlights Results Details • +JPY 72M (+7.8%) vs. Mar 2024 forecast JPY 995M Net Income +JPY 273M (+37.9%) YOY • Achieved 8 consecutive periods of earnings growth • Driven by earnings increase from newly-acquired 5 hotels • Occupancy: 88.4% (+0.3% vs. 88.1% forecast) RevPAR JPY 8,259 (21 v
Slide 8: July 2024 Earnings Breakdown
July 2024 Earnings Breakdown Dividend Exceeds Initial & Revised Forecasts due to Strong Asset Management Performance (JPY million) Previous (Reference) Jul 2023 Jul 2024 Forecast vs. Forecast Revised Major Variation Factors (vs. Initial Forecast) Actual Actual (A) (Mar 2024) (A) - (B) Forecast (B) (
Slide 9: Continued Hotel Earnings Growth
Hotel Operating Results Continued Hotel Earnings Growth YOY Growth Across All KPIs on Demand Exceeding Drop-Out From End of Domestic Travel Subsidy Program Variable Rent Hotels (21 Hotels) Feb 1, 2023 Feb 1, 2024 Change YOY - Jul 31, 2023 - Jul 31, 2024 Room Revenue (JPY M) 4,273 4,775 +503 +11.8% T
Slide 10: RevPAR Growth in All Regions – Demand Recovery in Kyoto & Tokai
Hotel Operating Results RevPAR Growth in All Regions – Demand Recovery in Kyoto & Tokai YOY by Region (Feb 2024 – Jul 2024) 26 Hotels (excludes Capsule Plus Yokohama and Washington RevPAR Occupancy ADR Hotel Plaza Shimonoseki Eki Nishi) Total Kanto/ Tokai/ Chugoku/ Portfolio Hokkaido Tokyo Kyoto Osa
Slide 11: Growing Earnings via Re-Tenanting & Improved Contract Terms
Growth Strategy Growing Earnings via Re-Tenanting & Improved Contract Terms Rental Income Growth on Back of Re-Tenanting After End of Lease Contracts & Improving Lease Contract Terms at Renewals Hotel Wing International Nagoya – Achieved +6% rental income increase in Jul 2024 vs. Jul 2019 due to c
Slide 12: Environmental Initiatives: Sustainability Initiatives
Environmental Initiatives Sustainability Initiatives – Achieved 100% renewable energy transition at all hotels Completed renewable energy transition at 16 hotels Purchased non-fossil certificates for other hotels Ongoing discussions with tenants of the 14 hotels that purchased non-fossil certi
Slide 13: Shareholder Discount Program
Shareholder Program Shareholder Discount Program Providing Hotel Discounts to Ichigo Hotel Shareholders in Cooperation With Hotel Operators Minacia Co., Ltd. K.K. Hospitality Operations Hotel Wing International Smile Hotels, THE KNOT Special rate 12% lower than rates on hotel website Special rat
Slide 14: Ichigo J.League Shareholder Program
Shareholder Program Ichigo J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan − First Japanese company to include not just its own shareholders, but also the shareholders of the REITs and solar power producer that it manages, in its shareholder program (83,000 shar
Slide 15: Sustainability as a Key Management Priority
Sustainability as a Key Management Priority © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 15
Slide 16: Higher-Than-Appraisal Value Sale of Value-Add Hotel
Higher-Than-Appraisal Value Sale of Value-Add Hotel Gains on Sale (c. JPY 2.18B) to be Distributed as Jan 2025 Dividend − Sold at 1.7X Appraisal Value, 2.2X Book Value − Sale proceeds to be used for growth investments Nest Hotel Sapporo Ekimae Hotel Name Sale Price JPY 4,700M Book Value JPY 2,130M A
Slide 17: Driving Revenue Increase at Lease Contract-End
Driving Revenue Increase at Lease Contract-End Seeking Value-Add Initiatives to Maximize Shareholder Value Such as Rebranding, Large-Scale Renovations, and Re-examination of Contract Terms 6 Hotels Ending Lease Contract by Jan 2026 Fiscal Period-End Lease Contract Hotel Name Region Lease Terms End J
Slide 18: Driving Shareholder Value via Ichigo Sponsor Pipeline
Driving Shareholder Value via Ichigo Sponsor Pipeline 14 Hotels Across Japan (JPY 63.7B) in Sponsor Pipeline as of May 2024 Sponsor-Owned Hotels By Area Chugoku/ Hokkaido/Tohoku Kanto Koshinetsu Tokyo Kinki Shikoku Sendai Yokohama Utsunomiya, Tochigi Shinjuku Osaka (Namba) Hiroshima Kyushu Book Valu
Slide 19: Shareholder-Oriented AM Fee Structure
Shareholder-Oriented AM Fee Structure – Continued Implementation of No Fixed Fee, Performance Fee-Only Structure i.e., Performance-Linked Fee Structure – To Further Incentivize the Asset Management Company to Continue Focusing on Long-Term Performance, Ichigo Hotel Proposes the Following Revisions a
Slide 20: Earnings Forecasts
Earnings Forecasts © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 20
Slide 21: January 2025 Forecast
January 2025 Forecast ̶ Forecasting Record High Dividend ̶ Impact of AM Fee Change Under Revised Forecast: Dividend +JPY 1,176, +13.1% (JPY million) Jan 2025 Jan 2025 Jan 2024 Previous Revised vs. Forecast Major Variation Factors (vs. Initial Forecast) Actual (A) Forecast Forecast (B) - (A) (Jul 202
Slide 22: July 2025 Forecast
July 2025 Forecast ̶ Forecasting One-Time Profit Decrease on NOI Decrease From Nest Hotel Sapporo Ekimae Sale & Downtime for Hotels With Lease End Contracts ̶ No Change in Long-Term Profit Growth After July 2025 Fiscal Period (JPY million) Jul 2024 Jul 2025 vs. Forecast Major Variation Factors (vs.
Slide 23: Ichigo's Commitment to ESG
Ichigo’s Commitment to ESG © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 23
Slide 24: Ichigo Sustainability Policy
Ichigo Sustainability Policy Harmony With the Environment and Recycling Ichigo actively monitors and minimizes the environmental impact of its business operations via extending the useful life of its assets, reducing water and water consumption, and recycling. Addressing Climate Change and Shift to
Slide 25: Ichigo Climate Positive: CO2 Reduction vs. Emissions (1)
Ichigo Climate Positive: CO2 Reduction vs. Emissions (1) Ichigo CO2 Reduction = 4X CO2 Emissions Ichigo Hotel CO2 Emissions 6,729 tons CO2 Reduction 101,217 CO2 Emissions tons 22,767 tons CO2 Reduction due to Ichigo & Ichigo Green Clean Energy Scope 1+2 Emissions Power Plant Production (Ichigo + Ich
Slide 26: Ichigo Climate Positive: CO2 Reduction vs. Emissions (2)
Ichigo Climate Positive: CO2 Reduction vs. Emissions (2) Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) CO2 Reduction/Reduction Impact/CO2 Emissions ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichig
Slide 27: RE100: Continued Renewable Energy Transition
RE100: Continued Renewable Energy Transition Targeting Full Group-Wide 100% Renewable Energy Transition in FY25/2 – Ichigo Hotel & Ichigo Office Have Completed Transition to 100% Renewable Energy RE100 Progress (as of May 31, 2024) RE100 Target: 2025 Non-Fossil Certificate Tracking for Renewable Ene
Slide 28: Ichigo SBT (Science Based Targets) Certification
Ichigo SBT (Science Based Targets) Certification Ichigo’s Greenhouse Gas Reduction Targets Certified as Aligned With SBT’s 1.5°C Trajectory SBT Certified Ichigo’s Greenhouse Gas Reduction Targets Target Target Year Direct emissions owned or controlled by a Scope 1 company 70% Reduction Indirect emis
Slide 29: Ichigo ESG – Environmental
Ichigo ESG – Environmental Sustainability-Driven & Climate Positive Effective Use of Existing Real Estate Towards a Net Zero Carbon Society J-REIT Initiatives Preserve & Improve Real Estate Community-Based, Productive Use of Pro-Active Environmental to End Wasteful Demolition Idle Land for Clean Ene
Slide 30: Ichigo ESG – Social
Ichigo ESG – Social Contributing to a Sustainable Society Contributing to Regional Revitalization Ichigo University Sports Initiatives Ichigo works to revitalize local communities Ichigo established Ichigo University in May and promote regional economic 2013 to support employees’ continuing As a top
Slide 31: Ichigo ESG – Governance
Ichigo ESG – Governance Global Best Practice Governance No Fixed Fee, Best Practice Governance Performance Fee- Only Structure REIT Asset Management Company (AMC) Shifted to performance- Monitors Asset Management Company Best Practice linked fee structure to • All Ichigo Hotel Directors are In
Slide 32: Appendix: Portfolio Details
Appendix: Portfolio Details © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 32
Slide 33: RevPAR, ADR, & Occupancy Growth On Track
RevPAR, ADR, & Occupancy Growth On Track RevPAR on Growth Trajectory Variable Rent Hotels: RevPAR, Occupancy, & ADR (Jul 2020 – Jul 2024) (JPY) ■ RevPAR ■ ADR Occupancy 88.4% 87.1% 86.2% 82.6% 83.7% 9,344 9,205 8,957 69.3% 8,259 7,937 61.4% 49.8% 7,498 48.3% 7,186 6,259 5,487 5,276 4,981 4,703 4,893
Slide 34: Portfolio Lease Details
Portfolio Lease Details (as of July 31, 2024) Variable Lease Terms Fixed Rent Fixed + Variable Rent Total Rent Form of Contract Lease Lease Lease Lease – Fixed Rent Yes Yes Yes – – Excess Above Fixed Variable Rent – Fixed Portion of Revenue Upside Fixed Portion of Hotel GOP Portion of – Hotel GOP Re
Slide 35: Individual Hotel Summary
Individual Hotel Summary (as of July 31, 2024) Jul 2024 Appraisal Leasable Acquisition Book Value Unrealized Hotel Value Hotel Name Lease Terms Location Area Price (JPY M) Cap Rate Gains No. (JPY M) (㎡) (JPY M) (A) (%) (B) - (A) (B) A-1 Nest Hotel Sapporo Ekimae Variable + Fixed Rent Sapporo 5,734.9
Slide 36: July 2024 Fiscal Period Individual Hotel Operating Results (1)
July 2024 Fiscal Period Individual Hotel Operating Results (1) (year-on-year) No. of July 2024 (February 2024 - July 2024) Hotel Hotel Name Lease Terms Location Guest No. RevPAR (JPY) Occupancy (%) ADR (JPY) Revenue (JPY M) Rooms A-1 Nest Hotel Sapporo Ekimae Variable + Fixed Rent Sapporo 162 10,184
Slide 37: July 2024 Fiscal Period Individual Hotel Operating Results (2)
July 2024 Fiscal Period Individual Hotel Operating Results (2) (year-on-year) No. of July 2024 (February 2024 - July 2024) Hotel Hotel Name Lease Terms Location Guest No. RevPAR (JPY) Occupancy (%) ADR (JPY) Revenue (JPY M) Rooms F-1 The OneFive Okayama Variable + Fixed Rent Okayama 208 5,417 (-5.5%
Slide 38: Individual Hotel Financials (1)
Individual Hotel Financials (1) (JPY thousand) A-1 A-2 A-3 A-4 B-2 B-3 B-4 C-1 C-4 D-1 D-3 D-4 Comfort Total Nest Hotel Nest Hotel Hotel HOTEL THE Smile Hotel The OneFive Comfort Comfort THE KNOT Smile Hotel Hotel Central Comfort Sapporo Sapporo Sunshine KNOT Tokyo Tokyo Hotel Hotel Kushiro SAPPORO
Slide 39: Individual Hotel Financials (2)
Individual Hotel Financials (2) (JPY thousand) D-5 D-6 E-1 E-3 E-5 F-1 F-2 F-4 F-5 G-1 G-3 Quintessa The OneFive Nest Hotel The OneFive The OneFive Quintessa Smile Hotel The OneFive Nest Hotel Valie Hotel Nest Hotel Hotel Ise Osaka Osaka Garden Fukuoka Other Hotel Ogaki Kyoto Shijo Okayama Matsuyama
Slide 40: Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends
Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent (JPY thousand) Jul 2023 Jan 2024 Jul 2024 Rent Ratio Rent Ratio Rent Ratio Fixed 992,218 55.2% 1,222,928 53.6% 1,284,968 52.7% Rent Variable Rent 756,458 42.1% 934,780 41.0% 1,011,822 41.5% Rent from Retail Tenants 29,333 1.6%
Slide 41: Variable Rent Hotel Details
Variable Rent Hotel Details A-1 Nest Hotel Sapporo Ekimae ADR RevPAR Occupancy Location Sapporo Operating Results (Aug 2023 – Jul 2024) (right) (right) (left) (JPY) 100% 25,000 5-minute walk from Sapporo Station on 80% 20,000 Access Sapporo City Metro Namboku Line 60% 15,000 Nest Hotel Japan Operato
Slide 42: Variable Rent Hotel Details
Variable Rent Hotel Details A-3 THE KNOT SAPPORO ADR RevPAR Occupancy Location Sapporo Operating Results (Aug 2023 – Jul 2024) (right) (right) (left) (JPY) 100% 30,000 2-minute walk from Susukino Station on Access Sapporo Municipal 80% 24,000 Subway Namboku Line 60% 18,000 Operator OneFive Hotels In
Slide 43: Variable Rent Hotel Details
Variable Rent Hotel Details B-2 Smile Hotel Nagano ADR RevPAR Occupancy Location Nagano Operating Results (Aug 2023 – Jul 2024) (right) (left) (JPY) (right) 100% 10,000 3-minute walk from Nagano Station on JR Access 80% 8,000 Hokuriku Shinkansen Line 60% 6,000 K.K. Hospitality Operator 40% 4,000 Ope
Slide 44: Variable Rent Hotel Details
Variable Rent Hotel Details C-1 Smile Hotel Tokyo Asagaya ADR RevPAR Occupancy Location Suginami-ku, Tokyo Operating Results (Aug 2023 – Jul 2024) (right) (right) (left) (JPY) 100% 15,000 1-minute walk from 80% 12,000 Access Asagaya Station on JR Chuo and Sobu Lines 60% 9,000 40% 6,000 K.K. Hospital
Slide 45: Variable Rent Hotel Details
Variable Rent Hotel Details D-2 Hotel Wing International Nagoya ADR RevPAR Occupancy Location Nagoya Operating Results (Aug 2023 – Jul 2024) (right) (right) (left) (JPY) 2-minute walk from 100% 10,000 Marunouchi Station on both Nagoya Subway 80% 8,000 Access Network Sakuradori Line and Tsurumai 60%
Slide 46: Variable Rent Hotel Details
Variable Rent Hotel Details D-6 Quintessa Hotel Ogaki ADR RevPAR Occupancy Location Ogaki, Gifu Operating Results (Aug 2023 – Jul 2024) (right) (right) (left) (JPY) 100% 10,000 5-minute walk from Ogaki Station on JR 80% 8,000 Access Tokaido Line, Yoro Railway Yoro Line 60% 6,000 Core Global 40% 4,00
Slide 47: Variable Rent Hotel Details
Variable Rent Hotel Details E-3 The OneFive Osaka Sakaisuji Location Osaka ADR RevPAR Occupancy Operating Results (Aug 2023 – Jul 2024) (right) (right) (left) (JPY) 5-minute walk from 100% 10,000 Sakaisuji-Hommachi Access Station on Osaka 80% 8,000 Municipal Subway Chuo Line 60% 6,000 Operator OneFi
Slide 48: Variable Rent Hotel Details
Variable Rent Hotel Details E-5 Nest Hotel Osaka Shinsaibashi Location Osaka Operating Results (Aug 2023 – Jul 2024) ADR RevPAR Occupancy (right) (right) (left) (JPY) 1-minute walk from 100% 10,000 Nagahoribashi Station Access 80% 8,000 on Osaka Municipal Subway Sakaisuji Line 60% 6,000 Nest Hotel J
Slide 49: Variable Rent Hotel Details
Variable Rent Hotel Details F-1 The OneFive Okayama Location Okayama Operating Results (Aug 2023 – Jul 2024) ADR RevPAR Occupancy (right) (right) (left) (JPY) 100% 10,000 15-minute walk from Okayama Station on 80% 8,000 Access Sanyo Shinkansen, Sanyo Main Line, Uno 60% 6,000 Line 40% 4,000 Operator
Slide 50: Variable Rent Hotel Details
Variable Rent Hotel Details F-4 The OneFive Garden Kurashiki Location Kurashiki, Okayama ADR RevPAR Occupancy Operating Results (Aug 2023 – Jul 2024) (right) (right) (left) (JPY) 100% 12,500 8-minute walk from Access Kurashiki Station on 80% 10,000 JR Sanyo Main Line 60% 7,500 Operator OneFive Hotel
Slide 51: Variable Rent Hotel Details
Variable Rent Hotel Details G-1 The OneFive Fukuoka Tenjin Location Fukuoka Operating Results (Aug 2023 – Jul 2024) ADR RevPAR Occupancy (right) (right) (left) (JPY) 100% 15,000 6-minute walk from Tenjin Station on Access 80% 12,000 Fukuoka City Subway Kuko Line 60% 9,000 Operator OneFive Hotels Inc
Slide 52: Fixed Rent Hotel Details
Fixed Rent Hotel Details A-3 Comfort Hotel Kushiro B-3 Hotel Sunshine Utsunomiya Location Kushiro, Hokkaido Location Utsunomiya, Tochigi 5-minute walk from 2-minute walk from Utsunomiya Station on Access Kushiro Station on JR Access JR Tohoku Main Line, Nemuro Main Line Tohoku Shinkansen Operator Gr
Slide 53: Fixed Rent Hotel Details
Fixed Rent Hotel Details D-3 Comfort Hotel Central International Airport D-4 Comfort Hotel Suzuka Location Tokoname, Aichi Location Suzuka, Mie 5-minute walk from Central International 3-minute walk from Airport, Access Shirako Station on Access 3-minute walk from Kintetsu Nagoya Line Central Intern
Slide 54: Appendix: Loan Details & Shareholder Composition
Appendix: Loan Details & Shareholder Composition © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 54
Slide 55: Stable Financial Base
Stable Financial Base Outstanding Loan Balance Jul 31, 2022 Jan 31, 2023 Jul 31, 2023 Jan 31, 2024 Jul 31, 2024 Amount JPY 25.47B JPY 25.47B JPY 25.47B JPY 32.47B JPY 32.47B Long-Term Loan Ratio 70.7% 63.7% 46.0% 84.8% 100% Fixed Rate Ratio 70.7% 63.7% 46.0% 84.8% 100% Average Interest Rate 0.77% 0.
Slide 56: Loan Details
Loan Details Loan Lender Amount Floating/ Interest Rate Borrowing Date Maturity (as of July 31, 2024) (JPY M) Fixed (%) Term Loan 9 SMBC, Mizuho, SBI Shinsei, Resona 1,500 Fixed 0.92000% November 30, 2018 November 30, 2024 Lender Composition Term Loan 11 SMBC, Mizuho, SBI Shinsei, Resona, Aozora 1,5
Slide 57: Shareholder Composition
Shareholder Composition Major Shareholders (as of July 31, 2024) By Number of Shares Held Foreign Corporations & Individuals Domestic Financial Institutions No. Of Name Share Non-Financial Domestic Corporations Domestic Individuals Shares 32,214 1 Ichigo Trust 59,087 18.0% (12.6%) 85,351 82,734 16,7
Slide 58: Appendix: Sponsor, Portfolio Map, & Others
Appendix: Sponsor, Portfolio Map, & Others © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 58
Slide 59: Capturing Demand Via Contract Renewals & Rebranding
Capturing Demand Via Contract Renewals & Rebranding Timing Hotel Name Lease Terms Changes Capsule Plus Yokohama Fixed Feb 2021 Rebranding • Added GOP-linked variable rent (formerly Grandpark-Inn Yokohama) Variable Rent Variable+Fixed • Decreased fixed rent Aug 2021 Hotel Wing International Nagoya
Slide 60: Hotel Map
Hotel Map Hotel No. Location Hotel Name Geographic Composition (Acquisition Price Basis) A-1 Hokkaido Nest Hotel Sapporo Ekimae A-2 Hokkaido Nest Hotel Sapporo Odori Nagoya Kobe 2.1% A-3 Hokkaido Comfort Hotel Kushiro Kyushu 3.8% 5.2% A-4 Hokkaido THE KNOT SAPPORO Sapporo Osaka Kushiro B-1 Kanto Kos
Slide 61: Ichigo Hotel's Sponsor: Ichigo (2337)
Ichigo Hotel’s Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy ‒ Manages Ichigo Hotel (3463), Ichigo Office (8975), and Ichigo Green (9282) ‒ Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologies
Slide 62: Synergies Between Ichigo Hotel and Sponsor
Synergies Between Ichigo Hotel and Sponsor ‒ Strengthen acquisitions through leveraging Ichigo’s sourcing network ‒ Optimize assets for REIT investments through Ichigo’s real estate value-add capabilities ‒ Drive higher returns for Ichigo Hotel shareholders Ichigo Hotel (3463) Buy Sponsor: Ichigo (2
Slide 63: Acquisitions Leveraging Sponsor Support (OneFive Hotels)
Acquisitions Leveraging Sponsor Support (OneFive Hotels) – Ichigo-Owned OneFive Hotels Operates 16 Hotels With Focus on the Hakata Area in Fukuoka Prefecture – OneFive Hotels Deploys PROPERA, an AI-Based Revenue Management System Developed by Ichigo, to Maximize Earnings and Increase Guest Satisfact
Slide 64: Ichigo Hotel Overview
Ichigo Hotel Overview Ichigo Hotel Name Ichigo Hotel REIT Investment Corporation Securities Code 3463 Address 2-6-1 Marunouchi, Chiyoda-ku, Tokyo Executive Director Eriko Ishii Fiscal Periods January (August 1 - January 31) and July (February 1 - July 31) Asset Management Company Name Ichigo Investm
Slide 65: Disclaimer
Disclaimer These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Hotel REIT Investment Corporation (Ichigo Hotel). These materials may contain forward-looking statements regarding the
Ichigo Hotel REIT Investment — July 2024 fiscal period Earnings Presentation on 6ix