Ichigo Hotel Reit Investment Corp. · TSE:3463
Ichigo Hotel Reit Investment — H1 2025 Earnings Presentation
63 slides from Ichigo Hotel Reit Investment's earnings presentation, Sep 16, 2025
Slide 1: Ichigo Hotel July 2025 Fiscal Period Corporate Presentation
Ichigo Hotel (3463) Ichigo Hotel July 2025 Fiscal Period Corporate Presentation September 16, 2025 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: Ichigo is a Japanese sustainable infrastructure company
Ichigo is a Japanese sustainable infrastructure company dedicated to making 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 – A Sustainable Infrastructure Company
Ichigo – A Sustainable Infrastructure Company Whether developing new technologies to allow buildings to last 100 years, powering communities with clean energy, or creating new possibilities for tenants and stakeholders, Ichigo is working to build a more prosperous and sustainable society for all. ©
Slide 5: Agenda
July 2025 Results Acquired New Hotels Contributing to Growth July 2025 Highlights Driving Shareholder Value via Ichigo Sponsor July 2025 Earnings Breakdown Pipeline Financial Metrics: Maintaining Financial Base Earnings Forecasts Stability & Creating Asset Value January 2026 Forecast Interest-Bearin
Slide 6: July 2025 Results
July 2025 Results © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 6
Slide 7: July 2025 Highlights
July 2025 Highlights Results Details • +JPY 194M (+16.4%) vs. Mar 2025 forecast JPY 1,377M • Driving earnings via organic growth and hotel Net Income +JPY 382M (+38.4%) YOY acquisitions, significant earnings growth due to gains on sale • Sold hotel at price exceeding Book Value and Sale & • 1 hotel
Slide 8: July 2025 Earnings Breakdown
July 2025 Earnings Breakdown Dividend +16.4% due to NOI +16.7% vs. Forecast & Gains on Sale (JPY million) Previous (Reference) Jul 2024 Jul 2025 vs. Forecast Forecast Revised Forecast Major Variation Factors (vs. Initial Forecast) Actual Actual ( A) (A) - (B) (Mar 2025) (B) (Jul 2025) Operating Reve
Slide 9: Financial Metrics: Maintaining Financial Base Stability & Creating Asset Value
Financial Metrics Maintaining Financial Base Stability & Creating Asset Value July 31, 2024 January 31, 2025 July 31, 2025 Dividend JPY 3,040 JPY 10,125 JPY 4,207 NAV (per Share) JPY 146,944 JPY 148,746 JPY 167,129 FFO (per Share) JPY 4,475 JPY 4,133 JPY 4,681 Book Value LTV 43.3% 41.4% 45.5% Market
Slide 10: Strategic Control of Interest-Bearing Liabilities, Maintain Stability
Interest-Bearing Liabilities Strategic Control of Interest-Bearing Liabilities, Maintain Stability Distribution of Loan and Bond Maturities (as of July 31, 2025) Fixed Rate Floating Rate 8,200 4,500 3,500 3,550 3,300 3,500 3,000 2,000 2,250 2,220 Jan 2026 Jul 2026 Jan 2027 Jul 2027 Jan 2028 Jul 2028
Slide 11: RevPAR +14% Due to Robust Demand, Double-Digit Growth
Hotel Operating Results RevPAR +14% Due to Robust Demand, Double-Digit Growth Variable Rent Hotels (21 Hotels) Feb 1, 2024 Feb 1, 2025 Change YOY - Jul 31, 2024 - Jul 31, 2025 Room Revenue (JPY M) 4,914 5,593 +678 +13.8% Total Revenue (JPY M) 5,325 5,988 +664 +12.5% RevPAR (JPY) 8,559 9,794 +1,235 +
Slide 12: ADR Growth Driving RevPAR Growth (YOY)
Hotel Operating Results ADR Growth Driving RevPAR Growth (YOY) YOY by Region (Feb 2025 – Jul 2025) 27 Hotels (excludes Capsule Plus Yokohama, Washington Hotel Plaza Shimonoseki Eki Nishi, Smile Hotel Miyakojima, which RevPAR Occupancy ADR opened in April 2025, and Smile Hotel Tokyo Asagaya, for whic
Slide 13: Sustainability Initiatives (1)
Environmental Initiatives Sustainability Initiatives (1) – Received Environmental Certifications Received CASBEE Highest S Rank for Comfort Hotel Central International Airport Newly received BELS (Building-Housing Energy-efficiency Labeling System) certifications for 2 hotels, for total of 6 BELS-ce
Slide 14: Sustainability Initiatives (2)
Environmental Initiatives Sustainability Initiatives (2) – Achieved 100% renewable energy transition at all hotels on June 30, 2025 Scheduled to purchase non-fossil certificates with tracking information for hotels acquired in July & August 2025 in November Renewable Energy Transition (as of June 30
Slide 15: 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 Greens Co., Ltd. (Hotel Wing International) (Smile Hotels) (Choice Hotels) • Ichigo Hotel-Owned Hotels: 2 Hotels •
Slide 16: 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 (104,120 sha
Slide 17: Growth Initiatives
Growth Initiatives © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 17
Slide 18: NAV per Share Growth Driving Shareholder Value
Ichigo Hotel’s Strengths NAV per Share Growth Driving Shareholder Value Achieved Record High NAV, Returning to Growth Trajectory – NAV growth in most recent 1-year: +13.7% – Post-Covid annual average NAV growth (CAGR): +10.5% after July 2023 (JPY) Covid Impact 167,129 146,317 146,580 146,944 139,940
Slide 19: Value-Add
Ichigo Hotel’s Growth Strategy Value-Add Growth Strategy Leveraging Value-Add Capabilities, Working With Operators – Conducting appropriate measures including contract renewals, rebranding, & hotel renewals Completed Contract Renewals (July 2025, 3 Hotels) Hotel Name Region Lease Terms Renewal Detai
Slide 20: Strategic Contract Renewals Driving Shareholder Value
Ichigo Hotel’s Growth Strategy Strategic Contract Renewals Driving Shareholder Value Earnings & NAV Growth: Comfort Hotel Central International Airport – +12% increase in fixed rent, source of stable earnings – Change to new variable rent contract allowing Ichigo Hotel to earn increases in hotel ear
Slide 21: Hotel Sales
Ichigo Hotel’s Growth Strategy Hotel Sales Comprehensive Analysis of Market Changes, Growth, Cash Flow, & Profitability – Increased asset value during ownership, sold at price higher than appraisal value – Distributing gains on sales as dividends, used sales proceeds for new growth investments Distr
Slide 22: Hotel Acquisitions
Ichigo Hotel’s Growth Strategy Hotel Acquisitions Proactively Acquiring Hotels With Growth Potential to Grow Portfolio – Leveraging asset management company’s sourcing capabilities to acquire high-quality hotels from sponsor & external parties RevPAR & Appraisal Value Growth Since Hotel Acquisitions
Slide 23: Acquired New Hotels Contributing to Growth
Acquired New Hotels Contributing to Growth Acquired Hotels in Areas With Robust Business & Leisure Hotel Demand – Stability: Areas with robust business demand – Growth: Areas with tourist attractions driving inbound/leisure demand Acquired Hotels (Since January 2025 Fisal Period) The OneFive Marine
Slide 24: Driving Shareholder Value via Ichigo Sponsor Pipeline
Driving Shareholder Value via Ichigo Sponsor Pipeline 14 Hotels Across Japan (JPY 70.4B) in Sponsor Pipeline as of May 31, 2025 Sponsor-Owned Hotels By Area Hokkaido/Tohoku Kanto Koshinetsu Tokyo Kinki Sendai Yokohama Utsunomiya, Tochigi Shinjuku Osaka (Namba) Chugoku/ Kyushu Shikoku No. Of Area Hot
Slide 25: Earnings Forecasts
Earnings Forecasts © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 25
Slide 26: January 2026 Forecast
January 2026 Forecast ̶ Gains on Sale Drop-Off, Downtime due to Asagaya Renewal Renovations ̶ Earnings Increase from Newly Acquired & Existing Hotels Exceed NOI Decrease from Asset Sale (JPY million) Jan 2026 Jan 2026 Jan 2025 vs. Jan 2025 Previous Forecast Revised Major Variation Factors (vs. Jan 2
Slide 27: July 2026 Forecast
July 2026 Forecast Gains on Sale Drop-Off, Downtime due to Renovations of 4 Hotels (JPY million) Jul 2025 Jul 2026 vs. Jul 2025 Major Variation Factors (vs. Jul 2025) Actual (A) Forecast (B) (B) - (A) Operating Revenue 3,051 2,644 -407 Decrease in Operating Revenue -407 Variable Rent 1,310 1,256 -54
Slide 28: Ichigo's Commitment to ESG
Ichigo’s Commitment to ESG © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 28
Slide 29: 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 30: Ichigo Climate Positive: CO2 Reduction vs. Emissions (1)
Ichigo Climate Positive: CO2 Reduction vs. Emissions (1) Ichigo CO2 Reduction = 8X CO2 Emissions (as of February 28, 2025) Ichigo Hotel CO2 Emissions 5,711 tons CO2 Reduction CO2 Emissions 104,502 13,000 tons tons CO2 Reduction due to Ichigo & Ichigo Green Clean Energy Scope 1+2 Emissions Power Plan
Slide 31: 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 vs. Emissions ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichigo CO2 Emissions (
Slide 32: RE100: Continued Renewable Energy Transition
RE100: Continued Renewable Energy Transition Maintain 100% Renewable Energy to Achieve RE100 Certification & Ichigo 2030 RE100 KPI RE100 Progress (as of May 31, 2025) RE100達成率 Non-Fossil Certificate 100% Tracking for Ichigo Power Plants Renewable Energy Switch 41% Ichigo Hotel 59% 25% Ichigo Hotel 1
Slide 33: 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 34: 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 35: 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 Independ
Slide 36: Appendix: Portfolio Details
Appendix: Portfolio Details © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 36
Slide 37: Portfolio Lease Details
Portfolio Lease Details (as of July 31 2025) 1 Operator did not provide consent to disclose information. 2 Nest Hotel Hakata Ekimae was acquired on February 4, 2025, and Smile Hotel Miyakojima was acquired on July 28, 2025. © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporat
Slide 38: Individual Hotel Summary
Individual Hotel Summary (as of July 31, 2025) Jan 2024 Appraisal Unrealized Acquisition Book Value Hotel Leasable Area Value Gains Hotel Name Lease Terms Location Price (JPY M) No. (m2) (JPY M) Cap Rate (%) (JPY M) (JPY M) (A) (B) (B) - (A) A-1 Nest Hotel Sapporo Ekimae Variable + Fixed Rent Sappor
Slide 39: Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends
Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent (JPY thousand) Jul 2024 Jan 2025 Jul 2025 Rent Ratio Rent Ratio Rent Ratio Fixed Rent 1,284,968 52.7% 1,303,474 46.6% 1,273,422 46.2% Rent Variable Rent 1,011,822 41.5% 1,324,203 47.3% 1,310,553 47.6% Rent from Retail Tenants 9
Slide 40: Variable Rent Hotel Details
Variable Rent Hotel Details A-2 Nest Hotel Sapporo Odori Operating Results (Aug 2024 – Jul 2025) ADR RevPAR Occupancy Location Sapporo (right) (right) (left) (JPY) 4-minute walk from 100% 30,000 Odori Station on Access 80% 24,000 Sapporo City Metro Namboku Line 60% 18,000 Nest Hotel Japan Operator 4
Slide 41: Variable Rent Hotel Details
Variable Rent Hotel Details B-1 Capsule Plus Yokohama Location Yokohama, Kanagawa 6-minute walk from Access Yokohama Station on JR/ Subway Line The hotel operator did not give consent to disclose data. Operator nine hours Inc. Guest Rooms 169 Acquisition JPY 1,490M Price B-2 Smile Hotel Nagano Locat
Slide 42: Variable Rent Hotel Details
Variable Rent Hotel Details B-4 HOTEL THE KNOT YOKOHAMA ADR RevPAR Occupancy Location Yokohama Operating Results (Aug 2024 – Jul 2025) (right) (left) (JPY) (right) 100% 20,000 5-minute walk from JR Access 80% 16,000 Yokohama Station 60% 12,000 K.K. Hospitality Operator Operations 40% 8,000 Guest Roo
Slide 43: Variable Rent Hotel Details
Variable Rent Hotel Details C-4 The OneFive Tokyo Shibuya ADR RevPAR Occupancy Location Shibuya-ku, Tokyo Operating Results (Aug 2024 – Jul 2025) (right) (right) (left) (JPY) 6-minute walk from 100% 30,000 Shibuya Station on JR, Access Tokyu, Keio, and 80% 24,000 Tokyo Metro Lines 60% 18,000 Operato
Slide 44: Variable Rent Hotel Details
Variable Rent Hotel Details D-3 Comfort Hotel Central International Airport Location Tokoname, Aichi ADR RevPAR Occupancy Operating Results (Aug 2024 – Jul 2025) (right) (right) (left) (JPY) 5-minute walk from the Central International 100% 15,000 Airport and 3-minute 80% 12,000 Access walk from Cen
Slide 45: Variable Rent Hotel Details
Variable Rent Hotel Details D-6 Quintessa Hotel Ogaki ADR RevPAR Occupancy Location Ogaki, Gifu Operating Results (Aug 2024 – Jul 2025) (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 46: Variable Rent Hotel Details
Variable Rent Hotel Details E-3 The OneFive Osaka Sakaisuji Location Osaka Operating Results (Aug 2024 – Jul 2025) ADR RevPAR Occupancy (right) (right) (left) (JPY) 5-minute walk from Sakaisuji-Hommachi 100% 15,000 Access Station on Osaka Municipal Subway 80% 12,000 Chuo Line 60% 9,000 Operator OneF
Slide 47: Variable Rent Hotel Details
Variable Rent Hotel Details E-6 Comfort Hotel Osaka Shinsaibashi (Ichigo Shinsaibashi Building) Location Osaka ADR RevPAR Occupancy Operating Results (Aug 2024 – Jul 2025) (right) (right) (left) (JPY) 5-minute walk from Shinsaibashi Station 100% 20,000 on Osaka Metro Access Midosuji Line and 80% 16,
Slide 48: Variable Rent Hotel Details
Variable Rent Hotel Details F-2 Nest Hotel Matsuyama Location Matsuyama, Ehime Operating Results (Aug 2024 – Jul 2025) ADR RevPAR Occupancy (right) (right) (left) (JPY) 5-minute drive from Matsuyama Airport, 100% 10,000 3-minute walk from Access 80% 8,000 Katsuyamacho Station on Iyo Railway Jonan 60
Slide 49: Variable Rent Hotel Details
Variable Rent Hotel Details G-1 The OneFive Fukuoka Tenjin Location Fukuoka Operating Results (Aug 2024 – Jul 2025) ADR RevPAR Occupancy (right) (right) (left) (JPY) 100% 25,000 6-minute walk from Tenjin Station on 80% 20,000 Access Fukuoka City Subway Kuko Line 60% 15,000 40% 10,000 Operator OneFiv
Slide 50: Variable Rent Hotel Details
Variable Rent Hotel Details G-4 The OneFive Marine Fukuoka Location Fukuoka Operating Results (Aug 2024 – Jul 2025) ADR RevPAR Occupancy (right) (right) (left) (JPY) 8-minute walk from Nakasu Kawabata 100% 20,000 Station on Fukuoka Access City Subway Kuko 80% 16,000 Line and Gofukucho Station on Hak
Slide 51: Variable Rent Hotel Details
Variable Rent Hotel Details G-6 Smile Hotel Miyakojima Location Miyakojima, Okinawa Operating Results (Aug 2024 – Jul 2025) ADR RevPAR Occupancy (right) (right) (left) (JPY) 13-minute drive from 100% 10,000 Access the Miyako Airport 80% 8,000 K.K. Hospitality Operator 60% 6,000 Operations Guest Room
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-4 Comfort Hotel Suzuka F-3 Urbain Hiroshima Executive Location Suzuka, Mie Location Hiroshima 6-minute walk from 3-minute walk from Hiroshima Station on JR Access Shirako Station on Access Sanyo Shinkansen and Kintetsu Nagoya Line Sanyo Main Line Operator Greens Co., Ltd.
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: Loan Details
Loan Details (as of July 31, 2025) Lender Composition Fixed vs. Floating * Includes interest fixed via swaps Aozora Fukuoka 2% 3% Kansai Mirai Nishi-Nippon City 1% 3% Resona Floating 10% 18% SMBC 38% SBI Shinsei 12% Fixed* Mizuho 82% 31% Loan Details Total Loans JPY 36,020 million Average Interest R
Slide 56: Shareholder Composition
Shareholder Composition Major Shareholders (as of July 31, 2025) By Number of Shares Held Foreign Corporations & Individuals Domestic Financial Institutions No. Of Name Share Non-Financial Domestic Corporations Domestic Individuals Shares 1 Ichigo Trust 59,087 18.0% 82,734 79,960 81,570 (25.3%) (24.
Slide 57: Appendix: Other
Appendix: Other © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 57
Slide 58: Hotel Map
Hotel Map Hotel No. Hotel Name Geographic Composition (Acquisition Price Basis) Kobe A-2 Nest Hotel Sapporo Odori Nagoya 2.1% 3.8% A-3 Comfort Hotel Kushiro A-4 THE KNOT SAPPORO Kyoto 6.4% Sapporo B-1 Capsule Plus Yokohama Kyushu Kushiro Osaka 21.4% A-2 A-4 B-2 Smile Hotel Nagano 7.6% A-3 B-3 Hotel
Slide 59: 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 60: 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 61: OneFive Hotels – Ichigo Group Hotel Operator
OneFive Hotels – Ichigo Group Hotel Operator – Ichigo-Owned OneFive Hotels Operates 17 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 Satisfaction Name One
Slide 62: 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 63: 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
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