Ichigo Hotel Reit Investment Corp. · TSE:3463

Ichigo Hotel Reit Investment — January 2022 fiscal period Earnings Presentation

64 slides from Ichigo Hotel Reit Investment's earnings presentation, Mar 17, 2022

  1. Slide 1: Ichigo Hotel January 2022 Fiscal Period Corporate Presentation

    Ichigo Hotel (3463) Ichigo Hotel January 2022 Fiscal Period Corporate Presentation March 17, 2022 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-hotel

  2. Slide 2: Condolences message

    We would like to express our deepest condolences to all those affected by the March 16, 2022 earthquake off the coast of Fukushima, by the war and humanitarian crisis in Ukraine, and by the global Covid pandemic, along with our heartfelt wish for the immediate cessation of hostilities in Ukraine and

  3. Slide 3: Make The World More Sustainable

    Make The World More Sustainable © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.

  4. 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.

  5. Slide 5: © 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.

  6. Slide 6: Agenda

    January 2022 Results Ichigo’s Commitment to ESG  January 2022 Highlights  Ichigo Sustainability Policy  January 2022 Earnings Breakdown  Delivering on Sustainability  January 2022 Room Revenue +56.8%,  Full ESG Transparency & Disclosure RevPAR +29.2% YOY  Ichigo ESG – Environmental  Strong R

  7. Slide 7: January 2022 Results

    January 2022 Results © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 7

  8. Slide 8: January 2022 Highlights

    January 2022 Highlights Net Income & Dividend Exceeded Revised Forecast Announced in Jan 2022 Results Details • Generated variable rent at 3 hotels JPY 342M Net Income +JPY 60M (+21.3%) vs. revised forecast • +JPY 158M (+85.9%) vs. initial forecast announced on Sep 2021 JPY 3,112 (15 variable rent h

  9. Slide 9: January 2022 Earnings Breakdown

    January 2022 Earnings Breakdown (JPY million) Jan 2021 Jan 2022 Forecast (B) vs. Forecast Forecast Major Variation Factors (vs. Forecast) Actual Actual (A) (Jan 2022) (A) - (B) (Sep 2021) F Operating Revenue 1,035 1,125 1,102 +23 1,007 Increase in variable rent (Valie Hiroshima, Yokohama, Variable R

  10. Slide 10: January 2022 Room Revenue +56.8%, RevPAR +29.2% YOY

    January 2022 Room Revenue +56.8%, RevPAR +29.2% YOY Variable Rent Hotels (15 Hotels) Aug 1, 2020 Aug 1, 2021 Aug 1, 2019 Change YOY - Jan 31, 2021 - Jan 31, 2022 - Jan 31, 2020 Room Revenue (JPY M) 848 1,330 +482 +56.8% 2,538 Total Revenue (JPY M) 964 1,483 +519 +53.8% 2,853 RevPAR (JPY) 2,408 3,112

  11. Slide 11: Strong Recovery in Hotel Demand

    Strong Recovery in Hotel Demand YOY by Region (Aug 2021– January 2022) 21 Hotels (excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi) RevPAR Occupancy ADR Total Tokai/ Chugoku/ Portfolio Hokkaido Tokyo Chubu Kyoto Osaka Kobe Shikoku Kyushu +292% +193% +50% +47% +39% +34%

  12. Slide 12: Monthly Operating Results Under Covid (Jan 2020 – Jan 2022)

    Monthly Operating Results Under Covid (Jan 2020 – Jan 2022) RevPAR RevPAR (left axis, JPY) YOY (right axis) 5,000 150% 4,530 (JPY) 4,495 State of +122% Go To Travel Campaign Emergency +102% 3,747 4,000 100% +72% 3,480 3,292 3,276 3,156 2,760 3,035 2,978 2,993 3,000 +82% 50% 2,482 2,592 2,489 +58% 2,

  13. Slide 13: Continued Hotel Demand Recovery Since Mid-2021

    Continued Hotel Demand Recovery Since Mid-2021 Ichigo Hotel RevPAR (vs. 2019) and Hotel Reservations +40% Business Hotels Full-Service Hotels Resort Hotels Japanese Inns Number of Guests Ichigo Hotel RevPAR +20% 0% -20% -40% -60% -80% -100% Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Ma

  14. Slide 14: Operator Changes to Drive Earnings Growth (1)

    Operator Changes to Drive Earnings Growth (1) The OneFive Osaka Sakaisuji (Former Chisun Inn Osaka Honmachi) − Hotel operator change from third-party operator to Ichigo-owned Hakata Hotels upon expiration of lease contract − Rebranded and reopened as The OneFive Osaka Sakaisuji − Occupancy on track

  15. Slide 15: Operator Changes to Drive Earnings Growth (2)

    Operator Changes to Drive Earnings Growth (2) The OneFive Garden Kurashiki (Former Court Hotel Kurashiki) − Hotel operator change from third-party operator to Ichigo-owned Hakata Hotels upon expiration of lease contract − Rebranded and reopened as The OneFive Garden Kurashiki in February 2022 − Grow

  16. Slide 16: Increasing Stability via Contract Renewals & Rebranding

    Increasing Stability via Contract Renewals & Rebranding Timing Hotel Name Lease Terms Changes Variable+Fixed • Increased fixed rent Jun 2020 Smile Hotel Tokyo Asagaya Lease Renewal Rent • Revised variable rent The OneFive Okayama Fixed  • Operator change to Hakata Hotels Oct 2020 Variable+Fixed Reb

  17. Slide 17: Strong Sponsor Support (1)

    Strong Sponsor Support (1) Changed Hotel Operator to Ichigo-owned Hakata Hotels − Veteran hotel operator with expertise in AI revenue management (PROPERA) – operates 14 hotels with focus on the Hakata (Fukuoka) area − Maintained high occupancy, substantially outperforming other hotels (Hotels using

  18. Slide 18: Strong Sponsor Support (2)

    Strong Sponsor Support (2) Bond Issuances Further Strengthening Ichigo Hotel’s Financial Base − Demonstrates strong commitment and support from the sponsor − Objective: To further strengthen Ichigo Hotel’s financial base amid an uncertain market environment Issuance Issue Date Name Issue Amount Inte

  19. Slide 19: Shareholder Program (1) Shareholder Discount Program

    Shareholder Program (1) Shareholder Discount Program − Program Established to Express Gratitude to Ichigo Hotel Shareholders and to Support the Hotel Industry Impacted by Covid − K.K. Hospitality Operations Added as Operator From January 2022 Fiscal Period Special Discount Rates (including hotels no

  20. Slide 20: Shareholder Program (2) Ichigo J.League Shareholder Program

    Shareholder Program (2) 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 listed solar power producer that it manages, in its shareholder program (

  21. Slide 21: 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. 21

  22. Slide 22: Sustainability Initiatives (1)

    Sustainability Initiatives (1) Minimizing Environmental Impact of Ichigo Hotel-Owned Assets Environmental Certifications − HOTEL EMIT SHIBUYA (BELS 4 Stars) − Joined GRESB Real Estate Assessment in 2021 − Awarded 2 Stars in GRESB rating − Won Green Star designation − Energy efficiency assessments fo

  23. Slide 23: Sustainability Initiatives (2)

    Sustainability Initiatives (2) Shift to Renewable Energy − Executed renewable energy contracts for 9 hotels as of January 2022 fiscal period, of which 2 hotels have begun sourcing renewable energy − 14 remaining hotels to be transitioned sequentially from February 2022 onwards Renewable Energy Renew

  24. Slide 24: Market Environment & Forecast Assumptions

    Market Environment & Forecast Assumptions Hotel Market Gradually Recovering − Conservative forecasts despite gradual hotel demand recovery Occupancy and ADR Forecasts for 15 Variable Hotels − Forecasting Occupancy at -10~-20% & ADR at -30~-40% vs. 2019 (Pre-Covid) levels July 2019 July 2020 July 202

  25. Slide 25: July 2022 Forecast

    July 2022 Forecast Dividend JPY 838, -20.6% YOY  Assumes Covid-related hotel leases to local governments will last 2-3 months, not entire fiscal period (JPY million) Jul 2022 Jul 2022 Jul 2021 Previous Revised (B) - (A) Major Factors for Variation Actual (A) Forecast Forecast (B) (Sept 2021) Operat

  26. Slide 26: January 2023 Forecast

    January 2023 Forecast Dividend JPY 858, -36.2% YOY  Assumes no Covid-related hotel leases to local governments  Fall-off of previous period's extraordinary gain from lawsuit settlement (JPY million) Jan 2022 Jan 2023 (B) - (A) Major Factors for Variation Actual (A) Forecast (B) Operating Revenue 1

  27. Slide 27: Ichigo's Commitment to ESG

    Ichigo’s Commitment to ESG © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 27

  28. Slide 28: Ichigo Sustainability Policy

    Ichigo Sustainability Policy Harmony with the Environment Ichigo actively monitors and minimizes the environmental impact of its business operations. Energy Conservation, CO2 Reduction, and Recycling Ichigo seeks to contribute to a low-carbon, low-waste society by reducing energy consumption, extend

  29. Slide 29: Delivering on Sustainability

    Delivering on Sustainability Clean Energy Business Growth Addressing Critical Environmental Issues Ichigo is Net Zero Carbon Today Total Ichigo Power Plant CO2 Reductions Total Ichigo CO2 Emissions ■ Ichigo (93,526 tons) ■ Ichigo (28,763 tons) ■ Ichigo Green (22,357 tons) ■ Ichigo Office (22,727 ton

  30. Slide 30: Full ESG Transparency & Disclosure

    Full ESG Transparency & Disclosure ICHIGO Sustainable City Ichigo Sustainability Report Promoting Awareness of Ichigo’s Sustainability Introducing Ichigo’s Vision for Society’s Future Initiatives via Ichigo Sustainability Report Sustainable Infrastructure Sports Senior Management Message Sustainable

  31. Slide 31: 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

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: Appendix: Portfolio Details

    Appendix: Portfolio Details © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 34

  35. Slide 35: Hotel Map

    Hotel Map Tokyo Kanto Hokkaido Hokuriku/Tokai C-1 C-3 C-4 B-1 A-1 A-2 A-3 D-1 D-2 D-3 D-4 Smile Hotel Hotel Livemax HOTEL Capsule Plus Nest Hotel Nest Hotel Comfort Comfort Hotel Hotel Wing Comfort Hotel Comfort Hotel Tokyo Asagaya Nihombashi- EMIT Yokohama Sapporo Ekimae Sapporo Odori Hotel Kushiro

  36. Slide 36: Portfolio Growth

    Portfolio Growth IPO Jan 2017 July 2017 through January 2022 (Nov 30, 2015) Fiscal Period Fiscal Periods IPO Acquisitions PO Acquisitions July 2017 Jan 2018 Jan 2019 July 2019 Jan 2020 July 2020 Jan 2021 - 9 hotels 10 hotels 1 hotel 1 hotel 1 hotel 2 hotels 2 hotels Jan 2022 JPY 20.4B JPY 27.2B JPY

  37. Slide 37: Portfolio Lease Details

    Portfolio Lease Details Operator Diversification Driving Earnings Stability (as of January 31, 2022) Lease Terms Fixed Rent Fixed + Variable Rent Variable Rent Total Form of Contract Lease Lease Lease Lease – Fixed Rent Yes Yes Yes – – Fixed Portion of Fixed Portion of Hotel Excess Above Fixed Varia

  38. Slide 38: Individual Hotel Summary

    Individual Hotel Summary (as of January 31, 2022) F Jan 2022 Appraisal Leasable Acquisition Book Value Unrealized Hotel Area Value Hotel Name Lease Terms Location Price (JPY M) Cap Rate Gains (JPY M) No. 2 (JPY M) (m ) (JPY M) (A) (% ) (B) - (A) (B) A-1 Nest Hotel Sapporo Ekimae Variable + Fixed Ren

  39. Slide 39: January 2022 Fiscal Period Individual Hotel Operating Results

    January 2022 Fiscal Period Individual Hotel Operating Results (year-on-year) No. Of January 2022 (August 2021 - January 2022) 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 3,9

  40. Slide 40: Individual Hotel Financials

    Individual Hotel Financials (JPY thousand) A-1 A-2 A-3 C-1 C-4 D-1 D-3 D-4 E-1 E-3 E-5 F-1 F-2 F-4 F-5 G-1 G-3 Comfort Hotel The Total Nest Hotel Nest Hotel Comfort Smile Hotel HOTEL Comfort The OneFive Nest Hotel The Comfort Hotel Central Smile Hotel Nest Hotel Court Hotel Valie Hotel OneFive Nest

  41. Slide 41: Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends

    Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent Jan 2021 Jul 2021 Jan 2022 Rent Ratio Rent Ratio Rent (JPYRatio thousand) Fixed Rent 1,023,280 – 976,196 87.3% 962,540 85.5% Fixed Rent from Operators 993,875 – 947,031 84.7% 933,355 82.9% Rent Other (Rent from Retail Tenants)

  42. Slide 42: Variable Rent Hotel Details

    Variable Rent Hotel Details A-1 Nest Hotel Sapporo Ekimae ADR RevPAR Occupancy Location Sapporo Operating Results (Feb 2021 – Jan 2022) (right) (right) (left) (JPY) 5-minute walk from 100% 7,500 Sapporo Station on Access Sapporo City Metro 80% 6,000 Namboku Line 60% 4,500 Nest Hotel Japan Operator C

  43. Slide 43: 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 1.49B Price C-1 Smile Hotel Tokyo Asagaya

  44. Slide 44: Variable Rent Hotel Details

    Variable Rent Hotel Details C-4 HOTEL EMIT SHIBUYA ADR RevPAR Occupancy Location Shibuya-ku, Tokyo Operating Results (Feb 2021 – Jan 2022) (right) (right) (left) (JPY) 6-minute walk from 100% 7,500 Shibuya Station on JR, Access 80% 6,000 Tokyu, Keio, and Tokyo Metro Lines 60% 4,500 40% 3,000 Operato

  45. Slide 45: Variable Rent Hotel Details

    Variable Rent Hotel Details E-1 Smile Hotel Kyoto Shijo Location Kyoto ADR RevPAR Occupancy Operating Results (Feb 2021 – Jan 2022) (right) (right) (left) 5-minute walk from (JPY) Shijo Station on Kyoto 100% 7,500 City Subway Karasuma Access Line and Karasuma 80% 6,000 Station on Hankyu Kyoto Main L

  46. Slide 46: Variable Rent Hotel Details

    Variable Rent Hotel Details E-4 Hotel Wing International Kobe Shin Nagata Ekimae Location Kobe ADR RevPAR Occupancy Operating Results (Feb 2021 – Jan 2022) (right) (right) (left) (JPY) 2-minute walk from 100% 10,000 Shin Nagata Station Access 80% 8,000 on JR Kobe Line and JR Sanyo Honsen Line 60% 6,

  47. Slide 47: Variable Rent Hotel Details

    Variable Rent Hotel Details F-1 The OneFive Okayama Location Okayama ADR RevPAR Occupancy Operating Results (Feb 2021 – Jan 2022) (right) (right) (left) (JPY) 15-minute walk from 100% 7,500 Okayama Station on Access Sanyo Shinkansen, 80% 6,000 Sanyo Main Line, Uno Line 60% 4,500 Operator Hakata Hote

  48. Slide 48: Variable Rent Hotel Details

    Variable Rent Hotel Details F-4 Court Hotel Kurashiki Location Kurashiki, Okayama ADR RevPAR Occupancy Operating Results (Feb 2021 – Jan 2022) (right) (right) (left) (JPY) 100% 10,000 8-minute walk from Access Kurashiki Station on 80% 8,000 JR Sanyo Main Line 60% 6,000 Operator The Court Co., Ltd. 4

  49. Slide 49: Variable Rent Hotel Details

    Variable Rent Hotel Details G-1 The OneFive Fukuoka Tenjin ADR RevPAR Occupancy Location Fukuoka Operating Results (Feb 2021 – Jan 2022) (right) (right) (left) (JPY) 6-minute walk from 100% 7,500 Tenjin Station on Access 80% 6,000 Fukuoka City Subway Kuko Line 60% 4,500 Operator Hakata Hotels Inc. 4

  50. Slide 50: Fixed Rent Hotel Details

    Fixed Rent Hotel Details A-3 Comfort Hotel Kushiro C-3 Hotel Livemax Nihombashi-Hakozaki Location Kushiro, Hokkaido Location Chuo-ku, Tokyo 3-minute walk from 2-minute walk from Suitengumae Station Access Kushiro Station on JR Access on Tokyo Metro Nemuro Main Line Hanzomon Line Operator Greens Co.,

  51. Slide 51: 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 Access Shirako Station on Access JR Sanyo Shinkansen Kintetsu Nagoya Line and Sanyo Main Line Operator Greens Co., Ltd.

  52. Slide 52: Appendix: Loan Details & Shareholder Composition

    Appendix: Loan Details & Shareholder Composition © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 52

  53. Slide 53: Stable Financial Base

    Stable Financial Base Outstanding Loan Balance Jan 31, 2020 Jul 31, 2020 Jan 31, 2021 Jul 31, 2021 Jan 31, 2022 Amount JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B Long-Term Loan Ratio 100% 93.1% 72.5% 72.5% 72.5% Fixed Rate Ratio 83.5% 91.4% 70.7% 70.7% 70.7% Average Interest Rate 0.88% 0

  54. Slide 54: Loan Details

    Loan Details Amount Floating/ Interest Rate Loan Lender (JPY million) Fixed (%) Borrowing Date Maturity 済方 (as of January 31, 2022) SMBC, Mizuho, Shinsei, Resona, Fukuoka, Term Loan 4 4,500 Fixed 0.90750% August 17, 2016 February 28, 2023 Nishi-Nippon City SMBC, Mizuho, Shinsei, Resona, Fukuoka, Len

  55. Slide 55: Shareholder Composition

    Shareholder Composition Major Shareholders (as of January 31, 2022) By Number of Shares Held No. Of Foreign Corporations & Individuals Domestic Financial Institutions Name Share Non-Financial Domestic Corporations Domestic Individuals Shares Custody Bank of Japan, Ltd., 1 26,813 10.5% 38,334 Trust A

  56. Slide 56: Appendix: Growth Roadmap, Sponsor, Shareholder Alignment

    Appendix: Growth Roadmap, Sponsor, Shareholder Alignment © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 56

  57. Slide 57: Ongoing Actions to Drive Increased Shareholder Value

    Ongoing Actions to Drive Increased Shareholder Value Portfolio Growth & Diversification Drive Earnings Growth & Stability Organic Growth External Growth Current Environment Current Environment • Both Japanese and inbound demand has dropped • Sales and acquisitions limited due to ongoing market signi

  58. Slide 58: 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) ‒ TSE First Section, JPX-Nikkei 400 Member ‒ Deeply committed to CSR and Sustainability ‒ Japan’s first zero-car

  59. Slide 59: Synergies Between Ichigo Hotel and Sponsor

    Synergies Between Ichigo Hotel and Sponsor ‒ Strengthen acquisitions through leveraging Ichigo’s sourcing network ‒ Increase asset value through Ichigo’s real estate value-add capabilities ‒ Drive higher returns for Ichigo Hotel shareholders Ichigo Hotel (3463) Buy Sponsor: Ichigo (2337) Buy Buy Hot

  60. Slide 60: Hakata Hotels & PROPERA

    Hakata Hotels & PROPERA − Hakata Hotels, a consolidated subsidiary of Ichigo, is a hotel operator operating 14 hotels across Japan with many located in the Hakata (Fukuoka) area − Hakata Hotels is deploying PROPERA, an AI-based revenue management system developed by Ichigo, to maximize earnings and

  61. Slide 61: Portfolio Growth Opportunity via Ichigo Sponsor Support

    Portfolio Growth Opportunity via Ichigo Sponsor Support 20 Hotels (JPY 64B) in Ichigo Sponsor Pipeline as of November 30, 2021 − Lodging-focused hotels across Japan − Locations: Major cities such as Hokkaido, Tokyo, Yokohama, Osaka, and Fukuoka Fukuoka Hokkaido Hiroshima Tokyo Fukuoka Yokohama Osaka

  62. Slide 62: Covid Response

    Covid Response Safety Measures and Services for Guests − Installed self-check-in terminals − Offering remote work options (strengthened Wi-Fi networks to accommodate remote work demand) − Provision of hand sanitizers, periodic disinfections, and mandatory mask- wearing for employees − Confirming gue

  63. Slide 63: Ichigo Hotel Overview

    Ichigo Hotel Overview Ichigo Hotel Name Ichigo Hotel REIT Investment Corporation Securities Code 3463 Address 1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo Executive Director Osamu Miyashita Fiscal Periods January (August 1 - January 31) and July (February 1 - July 31) Asset Management Company Name Ichigo

  64. Slide 64: 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 th

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