Ichigo Hotel Reit Investment Corp. · TSE:3463
Ichigo Hotel Reit Investment — FY2019 Earnings Presentation
63 slides from Ichigo Hotel Reit Investment's earnings presentation, Sep 12, 2019
Slide 1: Ichigo Hotel 8th Period (July 2019) Results Presentation
䛔䛱䛤䝩䝔䝹 䠄3463䠅 Ichigo Hotel 2019ᖺ7᭶ᮇ䠄➨8ᮇ䠅Ỵ⟬ㄝ᫂㈨ᩱ September 12, 2019 䛔䛱䛤䝩䝔䝹䝸䞊䝖ᢞ㈨ἲே 䠄3463㻕 Ichigo Hotel REIT Investment Corporation 䛔䛱䛤ᢞ㈨㢳ၥᰴᘧ♫ Ichigo Investment Advisors Co., Ltd. © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. www.ichigo-hotel.co.jp
Slide 2: Make More Sustainable
Make More Sustainable १५ॸॼঈঝॖথইছभَःठओُ © 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: Contents
┠ḟ 2019ᖺ7᭶ᮇỴ⟬ 2020ᖺ1᭶ᮇ / 2020ᖺ7᭶ᮇ ᴗ⦼ண 9 Ỵ⟬䝝䜲䝷䜲䝖 7 9 2020ᖺ1᭶ᮇ ᴗ⦼ண 22 9 2019ᖺ7᭶ᮇ Ỵ⟬ᴫせ 8 9 2020ᖺ7᭶ᮇ ᴗ⦼ண 23 9 ಖ᭷䝩䝔䝹䛾㐠⏝ᐇ⦼ 9 9 ᕞ䚸ᾏ㐨䚸୰ᅜ䞉ᅄᅜ䛷䛿RevPARୖ᪼ 10 9 ✚ᴟⓗ䛺┈ྥୖ⟇䜈䛾ྲྀ⤌䜏 11 ESG䠄⎔ቃ䞉♫䞉䜺䝞䝘䞁䝇䠅䜈䛾 9 ౯್ྥୖCAPEX 䝁䝭䝑䝖䝯䞁䝖 䠄䝛䝇䝖䝩䝔䝹㑣ぞ䠅 12 25 9 䛔䛱䛤䛾䝃䝇䝔䝘䝡䝸䝔䜱᪉㔪 9 ౯್ྥୖCAPEX 26 9 䛔䛱䛤䜾䝹䞊䝥䛻䛚䛡䜛ESG䛾ྲྀ⤌䜏䠄⎔ቃ䠅 䠄䝁䞊䝖䝩䝔䝹
Slide 6: July 2019 Period Results
2019ᖺ7᭶ᮇỴ⟬ © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 6
Slide 7: Results Highlights
Ỵ⟬䝝䜲䝷䜲䝖 2019ᖺ7᭶ᮇᐇ⦼ ㄝ᫂ 804ⓒ • ி㒔䞉㜰䛾䝩䝔䝹䛾᪂つ౪⤥䛾䝢䞊䜽䛿2019ᖺ䛷 ᙜᮇ⣧┈ 䠄๓ᖺྠᮇẚ-50ⓒ䚸-5.9%䠅 䛒䜚䚸ᚋ䛾౪⤥䛿ῶᑡ䛩䜛ぢ㎸䜏 2䝩䝔䝹ྲྀᚓ • ⇃ᮏ䚸ᗈᓥ䛾ඃⰋ䝩䝔䝹䜢ྲྀᚓ䛧䚸䛥䜙䛺䜛┈ᡂ㛗 ㈨⏘ྲྀᚓ 䠄ྲྀᚓ౯᱁3,720ⓒ䠅 䛸ᆅᇦศᩓ䛾㐍ᒎ䜢ᅗ䜛 7,773䠄ኚື㈤ᩱ13䝩䝔䝹䠅 • ᕞ䚸ᾏ㐨䚸୰ᅜ䞉ᅄᅜ䛷䛿RevPAR䛜ቑຍ䛧䛯 RevPAR 䠄๓ᖺྠᮇẚ-449䚸-5.5%䠅 ୍᪉䛷䚸㜰䚸ி㒔䚸Ἀ⦖䛷䛿ῶᑡ • ி㒔䞉㜰䛾䝩䝔䝹㈤ᩱ䛾ῶᑡ䠄-106ⓒ䠅䛜䚸 1,611ⓒ NOI 䠄๓ᖺྠ
Slide 8: July 2019 Period Results Overview
2019ᖺ7᭶ᮇ Ỵ⟬ᴫせ 䠄༢䠖ⓒ䠅 2018ᖺ7᭶ᮇ 2019ᖺ7᭶ᮇ ண(B) ணẚ ண䛸䛾䛺ᕪ␗せᅉ ᐇ⦼ ᐇ⦼(A) 䠄2019ᖺ3᭶Ⓨ⾲䠅 (A)-(B) Ⴀᴗ┈ 1,814 1,789 1,785 +4 䝩䝔䝹ኚື㈤ᩱ 803 735 750 -14 ணẚୖ䜜䠖3䝩䝔䝹䚸ணẚୗ䜜䠖7䝩䝔䝹 䝛䝇䝖䝩䝔䝹⇃ᮏྲྀᚓ䛻䜘䜛ኚື㈤ᩱ䛾ቑຍ +24䚸 䝩䝔䝹ᅛᐃ㈤ᩱ 952 984 969 +14 ᅛᐃ㈤ᩱ䛾ቑຍ +13 䛭䛾 58 70 65 +4 Ⴀᴗ㈝⏝ 771 797 796 +1 ಟ⧋㈝ 20 18 22 -3 ಟ⧋㈝䛾ຠ⋡䛻䜘䜛ῶᑡ ῶ౯ൾ༷㈝ 31
Slide 9: Operating Results of Owned Hotels
ಖ᭷䝩䝔䝹䛾㐠⏝ᐇ⦼ 䕔 ┈㈉⊩ᗘ䛜䜘䜚㧗䛔ኚື㈤ᩱ䝩䝔䝹䠄13䝩䝔䝹䠅 2018ᖺ2᭶ 2019ᖺ2᭶ ๓ᖺྠᮇẚ ቑῶ⋡ 䡚2018ᖺ7᭶ 䡚2019ᖺ7᭶ ᐈᐊୖ㧗䠄ⓒ䠅 3,042 2,885 -157 -5.2% ୖ㧗䠄ⓒ䠅 3,517 3,349 -167 -4.8% RevPAR䠄䠅 8,221 7,773 -449 -5.5% ᐈᐊ✌ാ⋡ 92.6% 89.7% -2.9% -3.2% ADR䠄䠅 8,879 8,668 -212 -2.4% 䕔 䝫䞊䝖䝣䜷䝸䜸య䠄20䝩䝔䝹䠅 2018ᖺ2᭶ 2019ᖺ2᭶ ๓ᖺྠᮇẚ ቑῶ⋡ 䡚2018ᖺ7᭶ 䡚201
Slide 10: RevPAR Up in Kyushu, Hokkaido, Chugoku-Shikoku
ᕞ䚸ᾏ㐨䚸୰ᅜ䞉ᅄᅜ䛷䛿RevPARୖ᪼ 䕔 䝩䝔䝹ᣦᶆ䛾ᆅᇦูᑐ๓ᖺྠᮇẚ䠄2019ᖺ2᭶䡚2019ᖺ7᭶䠅 䕔 RevPAR 䕔 ᐈᐊ✌ാ⋡ 䕔 ADR య ᾏ㐨 ᮾி ᮾᾏ䞉୰㒊 ி㒔 㜰 ୰ᅜ䞉ᅄᅜ ᕞ Ἀ⦖ +6% +5% +5% +4% +3% +4% +2% +1% +1% +1%+1% +1% +0% +0% +0% -0% -0% -2% -2% -3% -5% -6% -7% -16% -14% -19% -14% RevPAR 9,449 8,204 6,406 8,796 6,901 6,254 9,906 8,348 䝩䝔䝹ᩘ 3 2 4
Slide 11: Proactive Initiatives to Raise Revenue
✚ᴟⓗ䛺┈ྥୖ⟇䜈䛾ྲྀ⤌䜏 ┈ྥୖ⟇䛻䜘䜚䚸ᖺ㛫23.8ⓒ䠄+1.9%ͤ䠅䛾NOIྥୖ䜢ぢ㎸䜐 9 ౯್ྥୖCAPEX +11.3ⓒ / ᖺ — 䝛䝇䝖䝩䝔䝹㑣ぞ䚸䝁䞊䝖䝩䝔䝹ᩜ 䠄P12䡚P13ཧ↷䠅 9 ㈤ᩱᨵᐃ +11.1ⓒ / ᖺ — 4䝩䝔䝹䛻䛚䛔䛶䚸᭱పಖド㈤ᩱ䛾ቑ㢠䛻䛴䛝ྜព 䠄䝛䝇䝖䝩䝔䝹ᮐᖠ㏻䚸䝛䝇䝖䝩䝔䝹㜰ᚰᩪᶫ䚸䝛䝇䝖䝩䝔䝹ᯇᒣ䚸䝛䝇䝖䝩䝔䝹㑣ぞ䠅 9 䝁䝇䝖ຠ⋡ +1.4ⓒ / ᖺ — ᡞỈ䛾ά⏝䛻䜘䜛䚸Ỉ㐨⏝㔞䛾䝁䞁䝖䝻䞊䝹䠄䞂䜯䝸䜶䝩䝔䝹ኳ⚄䠅 ͤ ᑐ㇟䝩䝔䝹䛾ᖺ㛫NOI䠄2019ᖺ1᭶ᮇᐇ⦼䠇2019ᖺ7᭶ᐇ⦼䠅䛻ᑐ䛩䜛ྜ © I
Slide 12: Value-Add CAPEX Case (Nest Hotel Kumamoto)
౯್ྥୖCAPEX 䠄䝛䝇䝖䝩䝔䝹㑣ぞ䠅 ᐜྍ⬟ேᩘ䛾ቑຍ䛻䜘䜛䚸䝺䝆䝱䞊㟂せ䛾䛥䜙䛺䜛ྲྀ㎸䜏 9 ᐊ2ᐊ䜢ศ䛧䚸䝒䜲䞁䝹䞊䝮4ᐊ䛻ኚ᭦䠄2ᐊቑᐊ䠅 ⥲ᕤ㈝ ┈㈉⊩䠄㈤ᩱධ䠅 ROI ᢞ㈨ຠ⋡ 䠄ィ⏬䠅 22.0ⓒ +3.7ⓒ / ᖺ 16.9% 䞉2019ᖺ7᭶ᕤ ᐇ๓ ᐇᚋ 9 ᭱3ྡᐃဨ䛾䝒䜲䞁䝹䞊䝮䜢᪂タ 9 䝕䝇䜽䜢᧔ཤ䛧䚸䝺䝆䝱䞊ᐈ䛜⏝䛧䜔䛩䛔䝺䜲䜰䜴䝖䚸 ᫂䜛䛔䝕䝄䜲䞁䛻ᨵ ศ ᐊ䠄44䟝䠅 © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corpo
Slide 13: Value-Add CAPEX Case (Court Hotel Okayama)
౯್ྥୖCAPEX 䠄䝁䞊䝖䝩䝔䝹ᩜ䠅 ᐜྍ⬟ேᩘ䛾ቑຍ䛻䜘䜛䚸䝺䝆䝱䞊㟂せ䛾䛥䜙䛺䜛ྲྀ㎸䜏 9 䝇䜲䞊䝖䝹䞊䝮3ᐊ䜢ศ䛧䚸䝒䜲䞁䝹䞊䝮6ᐊ䛻ኚ᭦䠄3ᐊቑᐊ䠅 ⥲ᕤ㈝ ┈㈉⊩䠄㈤ᩱධ䠅 ROI ᢞ㈨ຠ⋡ 䠄ィ⏬䠅 39.0ⓒ +7.6ⓒ / ᖺ 19.5% 䞉2019ᖺ7᭶ᕤ ᐇ๓ ᐇᚋ 9 䝡䝆䝛䝇䚸䝺䝆䝱䞊୧㠃䛾㟂せ䛜ྲྀ䜚㎸䜑䜛䚸 ㈍ຠ⋡䛾㧗䛔䝒䜲䞁䝹䞊䝮6ᐊ䛻ኚ᭦ 9 㤋ෆ䛾㞺ᅖẼ䛻ྜ䜟䛫䛯䜽䝷䝅䜹䝹䛺䝕䝄䜲䞁䛻 ᨵ ศ 䝇䜲䞊䝖䝹䞊䝮䠄44䟝䠅 © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel
Slide 14: Profit Growth and Diversification Through Acquisitions
㈨⏘ྲྀᚓ䜢㏻䛨䛯┈ᡂ㛗䛸ᆅᇦศᩓ䛾㐍ᒎ 䝛䝇䝖䝩䝔䝹⇃ᮏ 䞂䜯䝸䜶䝩䝔䝹ᗈᓥ ≀௳ྡ ྲྀᚓᮇ 2019ᖺ4᭶25᪥ 2019ᖺ7᭶19᪥ ᡤᅾᆅ ⇃ᮏ┴⇃ᮏᕷ ᗈᓥ┴ᗈᓥᕷ ྲྀᚓ౯᱁ 2,220ⓒ 1,500ⓒ 㚷ᐃ౯᱁ 2,440ⓒ 1,730ⓒ 㚷ᐃNOIᅇ䜚ͤ 6.8% 7.1% JRᒣ㝧ᮏ⥺䛂ᗈᓥ䛃㥐 ᚐṌ⣙15ศ ❧ᆅ ⇃ᮏᕷ㟁䛂す㎞ᓥ⏫䛃㥐 ᚐṌ⣙2ศ ᗈᓥ㟁㕲䛂ዪᏛ㝔๓䛃␃ᡤ ᚐṌ⣙3ศ ྲྀᚓඛ 䝇䝫䞁䝃䞊䠄䛔䛱䛤䠅 ➨୕⪅䠄ᅜෆ䛾୍⯡ᴗ♫䠅 ͤ 㚷ᐃNOIᅇ䜚䠙㚷ᐃNOI㾂ྲྀᚓ౯᱁ • ᮏ䝩䝔䝹䛻䛴䛔䛶䛿ྲྀᚓᚋ䛻䝸䝤䝷䞁䝗䜢⾜䛔䚸䞂䜯䝸䜶䝩䝔䝹ᗈ
Slide 15: Initiatives for Growth
ᡂ㛗䛻ྥ䛡䛯ྲྀ⤌䜏 © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 15
Slide 16: Toward Further Improvement of Unitholder Value
䛥䜙䛺䜛ᢞ㈨౯್䛾ྥୖ䛻ྥ䛡䛶 ศ㓄㔠䛾ᡂ㛗䛸䝫䞊䝖䝣䜷䝸䜸䛾Ᏻᐃᛶᙉ䜢㏻䛨䚸ᘬ䛝⥆䛝ᢞ㈨౯್䛾 ྥୖ䜢ᅗ䜛 ศ㓄㔠䛾䛥䜙䛺䜛ᡂ㛗 ෆ㒊ᡂ㛗 እ㒊ᡂ㛗 • 䝩䝔䝹䛾≉ᛶ䛻ᛂ䛨䛯౯್ྥୖCAPEX䛾⥅⥆ • 䝇䝫䞁䝃䞊䝟䜲䝥䝷䜲䞁䛾ά⏝ – ➇த䛻䛥䜙䛥䜜䜛䛣䛸䛺䛟䚸㐺ṇ䛺౯᱁䛷䛾ྲྀᚓ䛜ྍ⬟ • ᡂ㛗వຊ䛜㝈ᐃⓗ䛺≀௳䛾ㆡΏ • ㈨⏘ධ᭰䜢㏻䛨䛯䝫䞊䝖䝣䜷䝸䜸䛾ᡂ㛗 • ㈤ᩱᨵᐃ䛻䛚䛡䜛䚸ᅛᐃ㈤ᩱ䛾ቑ㢠䜔 – ྵ䜏┈䛾㢧ᅾ䛸ᅇ䛧䛯㈨ᮏ䛾ᢞ㈨ ኚື㈤ᩱ᮲௳䛾ぢ┤䛧➼䜢㏻䛨䛶┈䛾 ᨵၿ䜢ᅗ䜛 • ධవຊ䜢ά⏝䛧䛯㈨⏘ྲྀᚓ – ㈨㔠ຠ⋡䛾ྥୖ – ධᮇ㛫䛾㛗ᮇ䚸㔠ᅛᐃ䜢㏻䛨䛯
Slide 17: Further Revenue Gains via Operator Change 1
䜸䝨䝺䞊䝍䞊ኚ᭦䛻䜘䜛䛥䜙䛺䜛┈䛾ྥୖ 䐟 䝩䝔䝹䜴䜱䞁䜾䜲䞁䝍䞊䝘䝅䝵䝘䝹⚄ᡞ᪂㛗⏣㥐๓ 9 㤋䝸䝙䝳䞊䜰䝹ᕤ䜢⤒䛶䚸2019ᖺ6᭶1᪥䛻䝸䝤䝷䞁䝗㛤ᴗ 9 ㈤ᩱ䛾䝎䜴䞁䝍䜲䝮䛺䛟᪂䛯䛺䜸䝨䝺䞊䝍䞊䜢ᑟධ 9 ≀௳య䛷ᅛᐃ㈤ᩱ䜢ቑ㢠䛧䚸䝩䝔䝹䛿ኚື㈤ᩱ䛜Ⓨ⏕ እほ 䝸䝙䝳䞊䜰䝹ᚋ䠄䝩䝔䝹ෆ䠅 © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 17
Slide 18: Further Revenue Gains via Operator Change 2
䜸䝨䝺䞊䝍䞊ኚ᭦䛻䜘䜛䛥䜙䛺䜛┈䛾ྥୖ 䐠 䞂䜯䝸䜶䝩䝔䝹ᗈᓥ 9 2019ᖺ7᭶䛾ྲྀᚓ䛸ྠ䛻䝸䝙䝳䞊䜰䝹ᕤ䛻╔ᡭ䛧䚸䝎䜴䞁䝍䜲䝮䜢᭱ᑠ㝈䛻 ᢚ䛘䚸2019ᖺ9᭶䛻䝸䝤䝷䞁䝗㛤ᴗணᐃ 9 ᗈᓥᕷ䛿䜲䞁䝞䜴䞁䝗䛜ቑຍ䛧䛶䛚䜚䚸䛭䛾ᡂ㛗䜢᭱㝈ாཷ䛷䛝䜛ኚື㈤ᩱ 䜢ᑟධ 䕔ᗈᓥᕷ䛾ほගධ㎸ᐈᩘ᥎⛣ 䠄༢䠖ⓒே䠅 ほගධ㎸ᐈᩘ䠄ᕥ㍈䠅 እᅜேほගᐈᩘ䠄ྑ㍈䠅 ᨵᚋ䜲䝯䞊䝆䠄䝻䝡䞊䠅 15.0 2.0 13.4 13.4 12.6 11.7 12.0 1.8 10.0 1.5 1.2 1.0 1.0 5.0 0.7 0.0 0.0 2014ᖺ 2015ᖺ 2016ᖺ 2017ᖺ 2018ᖺ
Slide 19: Asset Swap Contributing to Unitholder Value
ᢞ㈨౯್䛾ྥୖ䛻㈨䛩䜛㈨⏘ධ᭰ 䝩䝔䝹䝡䝇䝍䝥䝺䝭䜸ி㒔䜢ㆡΏ䠄2019ᖺ8᭶27᪥Ⓨ⾲䠅 9 ㆡΏ௦㔠䛻䛴䛔䛶䛿䚸㈨⏘ྲྀᚓ䜔౯್ྥୖCAPEX➼䛾ᡂ㛗ᢞ㈨䛻ά⏝ ㈨⏘ධ᭰䛾ຠᯝ 䕔 ྵ䜏┈䜢䛝䛟ୖᅇ䜛ㆡΏ┈䛾ᐇ⌧ 9 ㆡΏ౯᱁䠄4,500ⓒ䠅䛿䚸┤㏆䛾㚷ᐃホ౯㢠䠄3,820ⓒ䠅䛾⣙1.2ಸ 9 ㆡΏ┈䠄⣙668ⓒ䠅䛻䛴䛔䛶䛿䚸㢠䜢ᢞ㈨䛻ศ㓄 䕔 ᆅᇦศᩓ䛾㐍ᒎ ㈨⏘ධ᭰๓䠄2019ᖺ1᭶31᪥䠅 ㈨⏘ධ᭰ᚋ䠄2019ᖺ10᭶31᪥䠅 䛆ྲྀᚓ㈨⏘䛇 䛆ㆡΏணᐃ㈨⏘䛇 䠄 ྲྀᚓ౯᱁䝧䞊䝇䠅 ⚄ᡞ ᕞ ᶓ ⚄ᡞ ᶓ 2.9% 2.7% ྡྂᒇ 2.9% 2.9% 2.9
Slide 20: Hotels Owned by Sponsor Ichigo
䝇䝫䞁䝃䞊䛷䛒䜛䛔䛱䛤䛾ಖ᭷䝩䝔䝹 18䝩䝔䝹 ⣙550൨䠄2019ᖺ7᭶31᪥⌧ᅾ䠅 9 ᐟἩ≉ᆺ䜢୰ᚰ䛻ᅜ䛻ಖ᭷ 9 䝩䝔䝹ᡤᅾᆅ䠖ᮾி䚸ᶓ䚸㜰䚸ி㒔䚸⚟ᒸ➼ ⚄ዉᕝ┴ᶓᕷ ᮾி㒔᪂ᐟ༊ ⚟ᒸ┴⚟ᒸᕷ ⚟ᒸ┴⚟ᒸᕷ 㜰ᕷ୰ኸ༊ © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 20
Slide 21: Earnings Forecasts for Jan 2020 / Jul 2020 Periods
2020ᖺ1᭶ᮇ / 2020ᖺ7᭶ᮇ ᴗ⦼ண © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 21
Slide 22: January 2020 Period Earnings Forecast
2020ᖺ1᭶ᮇ ᴗ⦼ண 1ཱྀᙜ䛯䜚ศ㓄㔠䛿+49.3%䠄๓ᅇணẚ䠅 䠄༢䠖ⓒ䠅 2020ᖺ1᭶ᮇ 2019ᖺ1᭶ᮇ 2020ᖺ1᭶ᮇ ๓ᖺྠᮇẚ ๓ᅇண 䛺ᕪ␗せᅉ ᐇ⦼ (A) ᅇண (B) (B) - (A) 䠄 2019ᖺ3᭶Ⓨ⾲䠅 Ⴀᴗ┈ 2,439 1,773 2,383 -56 䝩䝔䝹ኚື㈤ᩱ 701 713 665 -35 ኚື㈤ᩱ䝩䝔䝹䛾ᐃRevPAR䠖7,090䠄๓ᖺྠᮇẚ-7.9%䠅 ㈨⏘ྲྀᚓ䞉ㆡΏ䛻䜘䜛ቑῶ䠖+5䚸㈤ᩱᨵᐃ䛻క䛖ቑຍ䠄ᮐᖠ㏻䚸㜰ᚰᩪᶫ䚸㑣ぞ䚸 䝩䝔䝹ᅛᐃ㈤ᩱ 984 991 989 +5 ᯇᒣ䠅䠖+5䚸䝔䝘䞁䝖ዎ⣙ᙧែኚ᭦䠄⚄
Slide 23: July 2020 Period Earnings Forecast
2020ᖺ7᭶ᮇ ᴗ⦼ண 1ཱྀᙜ䛯䜚ศ㓄㔠䛿-4.9%䠄๓ᖺྠᮇẚ䠅 䠄༢䠖ⓒ䠅 2019ᖺ7᭶ᮇ 2020ᖺ7᭶ᮇ ๓ᖺྠᮇẚ 䛺ᕪ␗せᅉ ᐇ⦼ (A) ண (B) (B) - (A) Ⴀᴗ┈ 1,789 1,789 +0 ኚື㈤ᩱ䝩䝔䝹䛾ᐃRevPAR䠖7,612䠄๓ᖺྠᮇẚ-0.6%䠅 䝩䝔䝹ኚື㈤ᩱ 735 809 +73 ㈨⏘ྲྀᚓ䛻䜘䜛ቑຍ䠖+72 䝩䝔䝹ᅛᐃ㈤ᩱ 984 936 -47 ㈨⏘ྲྀᚓ䞉ㆡΏ䛻䜘䜛ቑῶ䠖-46 䛭䛾 70 43 -26 ㈨⏘ྲྀᚓ䞉ㆡΏ䛻䜘䜛ቑῶ䠖-27 ㈨⏘ྲྀᚓ䞉ㆡΏ䛻䜘䜛ቑῶ䠖+7䚸᪤Ꮡ≀௳䛾ῶ౯ൾ༷㈝䛾ቑຍ䠖+17 Ⴀᴗ㈝⏝ 797
Slide 24: Commitment to ESG
ESG䠄⎔ቃ䞉♫䞉䜺䝞䝘䞁䝇䠅䜈䛾䝁䝭䝑䝖䝯䞁䝖 © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 24
Slide 25: Ichigo Sustainability Policy
䛔䛱䛤䛾䝃䝇䝔䝘䝡䝸䝔䜱᪉㔪 ⎔ቃ䛸䛾ㄪ 9 ᴗ䛜ᆅ⌫⎔ቃ䛻䛘䜛ᙳ㡪䜢ⓗ☜䛻ᢕᥱ䛧䚸⎔ቃ䜈䛾㈇Ⲵ䜢᭱ᑠ㝈䛸䛩䜛䜘䛖 ✚ᴟⓗ䛻ྲྀ⤌䜏䜎䛩 ┬䜶䝛䝹䜼䞊䚸పⅣ⣲䛸㈨※ᚠ⎔ 9 ᴗ䛾㐙⾜䛻䛒䛯䛳䛶䛿䚸䜶䝛䝹䜼䞊⏝㔞䛾๐ῶ䚸タ➼䛾㛗ᑑ䚸⠇Ỉ䚸 ᗫᲠ≀䛾๐ῶ䡡䝸䝃䜲䜽䝹➼䛻ດ䜑䚸䜎䛯䚸䜾䝸䞊䞁ㄪ㐩䜢᥎㐍䛧䚸పⅣ⣲♫䛸 ㈨※ᚠ⎔ᆺ♫䛾ᐇ⌧䜢┠ᣦ䛧䜎䛩 ἲ௧㐺ᛂ䛸⎔ቃ⟶⌮యไ䛾ᩚഛ 9 ⎔ቃ䛻㛵䜟䜛ἲつไ䜔䚸⮬䜙ཷ䛡ධ䜜䜢Ỵ䜑䛯䛭䛾䛾⎔ቃ䛻㛵䜟䜛せồ㡯䜢 㡰Ᏺ䛧䚸⎔ቃಖ䛻ດ䜑䜎䛩 䜎䛯䚸ἲつไ➼䛾ືྥ䜢ᖖ䛻ὀど䛧䚸䛭䛾ኚ䛻㐺ᛂ䛧䜎䛩 ᩍ⫱䞉ၨⓎάື 9 ᙜ᪉㔪䜢
Slide 26: ESG Initiatives in Ichigo Group (Environment)
䛔䛱䛤䜾䝹䞊䝥䛻䛚䛡䜛ESG䛾ྲྀ⤌䜏䠄⎔ቃ䠅 ᚰ⠏䛾♫ⓗព⩏ ᆅ⌫䛻ඃ䛧䛟Ᏻᛶ䛻ඃ䜜䛯䜽䝸䞊䞁䜶䝛䝹䜼䞊 ᘓ≀䜢䛂ቯ䛩䛃䛛䜙 ᖺ㛫Ⓨ㟁㔞 ᖺ㛫CO2๐ῶ㔞 ᘓ≀䛾౯್䜢䛂ά䛛䛩䛃 141,699,548 kWh 93,521,697 kg ⌧Ꮡ䝇䝖䝑䜽䜢᭷ຠά⏝䛧䚸 ື⏘䛾⤒῭⪏⏝ᖺᩘ䛾㛗ᮇ䚸 ㉁䛾ྥୖ䜢ᅗ䜛 ⣙47,233ୡᖏศ䛾 ⣙40,661ྎศ䛾 ᖺ㛫ᾘ㈝㟁ຊ䜢Ⓨ㟁 ᖺ㛫CO2ฟ㔞䜢๐ῶ ┬㈨※ ͤ 㟁Ẽᴗ㐃ྜ㈨ᩱ ͤ ⎔ቃ┬㈨ᩱ 䛂ቯ䛩䛃 1ୡᖏᙜ䛯䜚䛾ᖺ㛫ᾘ㈝㟁ຊ ㌴䛾ฟ䜺䝇䛻䜘䜛ᖺ㛫CO2ฟ㔞 㧗ຠ⋡ 3,000kWh ⣙2,300kg/ྎ 䠄2018ᖺ7᭶䡚2
Slide 27: ESG Initiatives in Ichigo Group (Social)
䛔䛱䛤䜾䝹䞊䝥䛻䛚䛡䜛ESG䛾ྲྀ⤌䜏䠄♫䠅 䝇䝫䞊䝒䞉ᩥᨭ ♫⚟♴άື ㄔᐇ䚸┿ᦸ䚸ᐇ┤䛻䛂ୡ⏺䜈䛾ᣮᡓ䛃䜢 ᐑᓮᏛ་Ꮫ㒊䛾ᑠඣ་⒪ศ㔝 ⥆䛡䜛ᑗ᮶᭷ᮃ䛺㑅ᡭ䜢ᛂ 䠄ᐑᓮ䜂䜎䜟䜚䜻䝱䞁䝥䠅䜈䛾ᐤ • 䜴䜶䜲䝖䝸䝣䝔䜱䞁䜾 • ᐑ䝅䝔䜱䛜CSRᆺ↓ᢸಖ♫മ䜢Ⓨ⾜ • ᘬཷே䜈ᨭᡶ䛖ᡭᩘᩱ䛾୍㒊䜢䚸ᐑ䝅䝔䜱䛜 • 䝷䜲䝣䝹ᑕᧁ䚸㝣ୖ➇ᢏ ᣦᐃ䛩䜛ඛ䜈ᐤ 䝟䝷䝸䞁䜰䞊䝖 • ᑠඣ䛜䜣ᝈ⪅䜢ᨭ䛩䜛䝪䝷䞁䝔䜱䜰άື䛾 ⥅⥆䜢ᨭ • 㞀䛜䛔⪅䜰䞊䝔䜱䝇䝖䜢ᨭ ୕Ꮿᏹᐇ㑅ᡭ 䠄䜴䜶䜲䝖䝸䝣䝔䜱䞁䜾䠅 ᆅᇦ䛾άᛶ J䝸䞊䜾䝖䝑䝥䝟䞊䝖䝘䞊၏୍䛾ື⏘♫䛸䛧䛶 䝇䝬䞊䝖㎰ᴗᨭ䜢㏻
Slide 28: ESG Initiatives in Ichigo Group (Governance)
䛔䛱䛤䜾䝹䞊䝥䛻䛚䛡䜛ESG䛾ྲྀ⤌䜏䠄䜺䝞䝘䞁䝇䠅 J䝸䞊䝖ึ䛸䛺䜛䛂ᡂᯝሗ㓘䛃䜈䛾⛣⾜ 9 ㈨⏘㐃ືሗ㓘➼䛸䛿␗䛺䜛䚸ᢞ㈨౯್ྥୖ䛸䛾㐃ືሗ㓘య⣔ 9 㟼ほⓗ䛺㐠⏝䛷䛿䛺䛟䚸ᢞ㈨౯್ྥୖ䛻䛴䛺䛜䜛⬟ືⓗ䛺㐠⏝䛾ಁ㐍 䝧䝇䝖䝥䝷䜽䝔䜱䝇䜢┠ᣦ䛩䜺䝞䝘䞁䝇యไ ᢞ㈨ἲே ㈨⏘㐠⏝♫ ㈨⏘㐠⏝♫䛾ᇳ⾜䜢䝰䝙䝍䝸䞁䜾 䝧䝇䝖䝥䝷䜽䝔䜱䝇䜢┠ᣦ䛩㐠⏝యไ • ᢞ㈨ἲே䛾ᙺဨ䛿ဨ䚸㈨⏘㐠⏝♫䛚䜘䜃 • ᣦྡጤဨタ⨨♫䛸䛧䚸ྲྀ⥾ᙺ5ྡ䛾䛖䛱3ྡ䛜 䛔䛱䛤䜾䝹䞊䝥䛛䜙⊂❧䛧䛯♫እᙺဨ䛻䛶ᵓᡂ ♫እྲྀ⥾ᙺ • ᇳ⾜ᙺဨ䜢୰ᚰ䛸䛧䛯ᙺဨ䛷䛾άⓎ䛺㆟ㄽ䛻䜘䜚䚸 • 䝩䝔䝹䝸䞊䝖㐠⏝㒊㛛䜢
Slide 29: Appendix: Hotel Market Data
Appendix 㻦㻌䝩䝔䝹䝬䞊䜿䝑䝖㛵㐃䝕䞊䝍 © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 29
Slide 30: Inbound-Led Demand Growth Continues
䜲䞁䝞䜴䞁䝗䜢୰ᚰ䛸䛧䛯㟂せ䛾ቑຍഴྥ䛿⥅⥆ 䝩䝔䝹䛾᪂つ౪⤥䛿2019ᖺ䛜䝢䞊䜽 Ᏻᐃ䛧䛯ᅜෆ㟂せ䛸䜲䞁䝞䜴䞁䝗䛾ቑຍ䛜䛔䛱䛤䝩䝔䝹䛾ᡂ㛗䜢ᨭ䛘䜛 䕔 せ㒔ᕷู ᪂つ౪⤥ᐈᐊቑຍ⋡ / 2018ᖺ3᭶ᮎẚ 䕔 ᅜෆᐟἩタ䛾ᘏ䜉ᐟἩ⪅ᩘ᥎⛣ 䠄ⓒே䠅 600 20.0% ᪥ᮏே እᅜே ᮾி㒔 㜰ᕷ ᮐᖠᕷ ྡྂᒇᕷ ி㒔ᕷ ⚟ᒸᕷ 㑣ぞᕷ 500 419 432 433 417 360 382 396 400 61 73 79 42 64 339 31 24 300 17 15.0% 200 336 351 354 359 353 359 354 322 100 10.0%
Slide 31: Strong Demand for Business Hotels Continues
䝡䝆䝛䝇䝩䝔䝹䛾ᙉ䛔㟂せ䛿⥅⥆ 䝡䝆䝛䝇䝩䝔䝹ᐟἩ⪅䛿䚸᪥ᮏே䛾㧗䛔Ᏻᐃᛶ䛸እᅜே䛾ᙉ䛔ᡂ㛗ᛶ䜢᭷䛩 9 2018ᖺ䛾᪥ᮏே䝡䝆䝛䝇䝩䝔䝹ᐟἩ⪅䛿183ⓒே䠄๓ᖺẚ+1%䠅䛷䝖䝑䝥䝅䜵䜰 9 2018ᖺ䛾እᅜே䝡䝆䝛䝇䝩䝔䝹ᐟἩ⪅䛿33ⓒே䠄๓ᖺẚ+16%䠅䛷䝖䝑䝥䝅䜵䜰 ڦタࢱࣉูᐟἩ⪅ᩘ㸦᪥ᮏே㸧 ڦタࢱࣉูᐟἩ⪅ᩘ㸦እᅜே㸧 䠄ⓒே䠅 䠄ⓒே䠅 200 40 䝡䝆䝛䝇䝩䝔䝹 䝅䜵䜰 䝡䝆䝛䝇䝩䝔䝹 䝅䜵䜰 䠄2018ᖺ䠅 38䠂 䠄2018ᖺ䠅 44䠂 150 30 100 20 50 10 0 0 2011ᖺ 2012ᖺ 2013ᖺ 2014ᖺ 2015ᖺ
Slide 32: Supply Growth Expected in High-Demand Areas
㟂せ䛜ᙉ䛔䜶䝸䜰䛻䛚䛔䛶౪⤥䛾ቑຍ䛜ぢ㎸䜎䜜䜛 䕔せ㒔ᕷู ᪂つ౪⤥ᐈᐊቑຍ⋡䠄ᑐ2018ᖺ3᭶ᮎẚ䠅 䠄ᐊ䠅 250,000 䕔 ᪂つ䝩䝔䝹ᐈᐊᩘ 䕔 ᪑㤋ᐈᐊᩘ 䕔 䝩䝔䝹ᐈᐊᩘ % ᪂つቑຍ⋡ +28% 200,000 150,000 +40% 100,000 +33% +46% 50,000 +20% +32% +36% +14% +17% +25% +12% +5% +9% +10% +7% 0 ᮾ ᮐ ྡ ி ⚟ ᶓ 㑣 ⚄ ᗈ ⇃ ᒸ ᯇ ி 㜰 ᖠ ྂ 㒔 ᒸ ぞ ᡞ ᓥ ᮏ ᯇ ᒣ ᒣ ᩜ 㒔 ᕷ ᕷ ᒇ ᕷ ᕷ ᕷ ᕷ ᕷ ᕷ ᕷ ᕷ ᕷ ᕷ ᕷ ᕷ ͤ
Slide 33: Appendix: Portfolio Status
Appendix 㻦㻌䝫䞊䝖䝣䜷䝸䜸䛾≧ἣ © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 33
Slide 34: Portfolio Map
䝫䞊䝖䝣䜷䝸䜸䝬䝑䝥 䠄2019ᖺ7᭶31᪥Ⅼಖ᭷㈨⏘䠅 ᮾி 㛵ᮾ⏥ಙ㉺ ᾏ㐨䞉ᮾ 㝣䞉ᮾᾏ C-1 C-3 B-1 ኚື㈤ᩱ䝩䝔䝹 A-1 A-2 A-3 D-1 D-2 D-3 D-4 ᅛᐃ㈤ᩱ䝩䝔䝹 䝇䝬䜲䝹䝩䝔䝹 䝩䝔䝹䝸䝤䝬䝑䜽䝇 䜾䝷䞁䝟䞊䜽䞉 䝛䝇䝖䝩䝔䝹 䝛䝇䝖䝩䝔䝹 䝁䞁䝣䜷䞊䝖 䝁䞁䝣䜷䞊䝖䝩䝔䝹 䝩䝔䝹䜴䜱䞁䜾 䝁䞁䝣䜷䞊䝖䝩䝔䝹 䝁䞁䝣䜷䞊䝖䝩䝔䝹 ᮾி㜿బ䞄㇂ ᪥ᮏᶫ⟽ᓮ 䜲䞁ᶓ ᮐᖠ㥐๓ ᮐᖠ㏻ 䝩䝔䝹㔲㊰ ᯇ 䜲䞁䝍䞊䝘䝅䝵䝘䝹 ୰㒊ᅜ㝿✵ 㕥㮵 ྡྂᒇ ㏆␥ ୰ᅜ䞉ᅄᅜ ᕞ䞉Ἀ⦖ E-1 E-2 E-3 F-1 F-2 F-3 G-1 G-2
Slide 35: Progress of Geographic Diversification
ᆅᇦศᩓ䛾㐍ᒎ ୖሙ 2017ᖺ1᭶ᮇ 2017ᖺ7᭶ᮇ䡚2019ᖺ1᭶ᮇ 2019ᖺ7᭶ᮇ 䠄2015ᖺ11᭶䠅 䠄➨3ᮇ䠅 䠄➨4ᮇ䡚➨7ᮇ䠅 䠄➨8ᮇ䠅 IPO䛻䜘䜛ྲྀᚓ PO䛻䜘䜛ྲྀᚓ 2017ᖺ7᭶ᮇ 2018ᖺ1᭶ᮇ 2019ᖺ1᭶ᮇ 㖟⾜ධ䛻䜘䜛ྲྀᚓ 9䝩䝔䝹 204൨ 10䝩䝔䝹 272൨ 1䝩䝔䝹 1䝩䝔䝹 1䝩䝔䝹 ィ2䝩䝔䝹 37൨ 䠄㚷ᐃNOIᅇ䜚5.9%䠅 䠄ྠ 5.5%䠅 14൨ 18൨ 17൨ 䠄ྠ 6.9%䠅 䠄ྠ 5.0%䠅 䠄ྠ 6.3%䠅 䠄ྠ 6.9%䠅 ྲྀᚓ 䝛䝇䝖䝩䝔䝹 䞂䜯䝸䜶䝩䝔䝹 ᾏ㐨2䚸ி㒔2䚸ྡྂᒇ1䚸 ᾏ㐨1䚸ᮾி3
Slide 36: Hotel Overview
䝩䝔䝹୍ぴ 䠄2019ᖺ7᭶31᪥Ⅼಖ᭷䝩䝔䝹䠅 ᮇᮎᖒ⡙ 2019ᖺ7᭶ᮇᮎホ౯ ㈤㈚ྍ⬟ ྵ䜏ᦆ┈ 䝩䝔䝹 ྲྀᚓ౯᱁ ౯᱁ ᮇᮎホ౯㢠 䝍䜲䝥 䝩䝔䝹 ㈤ᩱᙧែ ᡤᅾᆅ 㠃✚ 㑏ඖᅇ䜚 䠄ⓒ䠅 ␒ྕ 䠄ⓒ䠅 䠄ⓒ䠅 䠄ⓒ䠅 (䟝) (%) 䠄B䠅-䠄A䠅 䠄A䠅 䠄B䠅 A-1 䝛䝇䝖䝩䝔䝹ᮐᖠ㥐๓ ᅛᐃ䠇ኚື㈤ᩱ ᾏ㐨ᮐᖠᕷ 5,734.93 2,160 2,153 2,690 5.2 +536 A-2 䝛䝇䝖䝩䝔䝹ᮐᖠ㏻ ᅛᐃ䠇ኚື㈤ᩱ ᾏ㐨ᮐᖠᕷ 5,638.78 1,450 1,466 1,900 5.1 +433 A-3 䝁䞁䝣䜷䞊䝖䝩䝔䝹㔲㊰ ᅛᐃ㈤ᩱ
Slide 37: Operating Results by Hotel
2019ᖺ7᭶ᮇ 䝩䝔䝹ู㐠Ⴀᐇ⦼ 䝩䝔䝹 ᐈᐊᩘ 2019ᖺ7᭶ᮇ䠄2019ᖺ2᭶䡚2019ᖺ7᭶䠅ᐇ⦼ 䝩䝔䝹 ㈤ᩱᙧែ ᡤᅾᆅ ␒ྕ 䠄ᐊ䠅 RevPAR䠄䠅 ᐈᐊ✌ാ⋡䠄%䠅 ADR䠄䠅 ୖ㧗䠄ⓒ䠅 A-1 004 䝛䝇䝖䝩䝔䝹ᮐᖠ㥐๓ ᅛᐃ䠇ኚື㈤ᩱ ᾏ㐨ᮐᖠᕷ 162 11,129 (+5.1%) 98.3 (+0.4%) 11,322 (+4.7%) 394.7 (+5.6%) A-2 008 䝛䝇䝖䝩䝔䝹ᮐᖠ㏻ ᅛᐃ䠇ኚື㈤ᩱ ᾏ㐨ᮐᖠᕷ 121 12,645 (-0.2%) 96.7 (-0.8%) 13,081 (+0.6%) 300.0 (-1.1%) A
Slide 38: Income and Expenses by Hotel
ಶู䝩䝔䝹ᨭ 䠄༢䠖༓䠅 A-1 A-2 A-3 C-1 D-1 D-3 D-4 E-1 E-2 E-3 E-5 F-1 F-2 F-4 F-5 G-1 G-2 G-3 䝫䞊䝖 䝇䝬䜲䝹 䝁䞁䝣䜷䞊䝖 䝩䝔䝹 䝣䜷䝸䜸 䝛䝇䝖 䝛䝇䝖 䝇䝬䜲䝹 䝏䝃䞁䜲䞁 䝛䝇䝖 䝛䝇䝖 䝁䞊䝖 䞂䜯䝸䜶 䞂䜯䝸䜶 䝛䝇䝖 䝛䝇䝖 䝁䞁䝣䜷䞊䝖 䝩䝔䝹 䝁䞁䝣䜷䞊䝖 䝩䝔䝹 䝁䞁䝣䜷䞊䝖 䝡䝇䝍 䝁䞁䝣䜷䞊䝖 ྜィ 䝩䝔䝹 䝩䝔䝹 䝩䝔䝹 㜰 䝩䝔䝹 䝩䝔䝹 䝩䝔䝹 䝩䝔䝹 䝩䝔䝹 䝩䝔䝹 䝩䝔䝹 䛭䛾 䝩䝔䝹㔲㊰ ᮾி 䝩䝔䝹ᯇ ୰㒊 䝩䝔䝹㕥㮵 䝥䝺䝭䜸 䝩䝔䝹ᒸᒣ ᮐᖠ㥐๓ ᮐᖠ㏻ ி㒔ᅄ
Slide 39: Rent and Operations Data
㈤ᩱ䞉㐠Ⴀ㛵㐃䝕䞊䝍 䕔 ㈤ᩱධྜ 䕔 ㈤ᩱᙧែศᩓ 䠄┈㢠䝧䞊䝇䠅 䠄༢䠖༓䠅 䠄2019ᖺ7᭶ᮇ䝩䝔䝹㈤ᩱ䝧䞊䝇䠅 2018ᖺ7᭶ᮇ 2019ᖺ1᭶ᮇ 2019ᖺ7᭶ᮇ ┈㡯┠ ┈㢠 ẚ⋡ ┈㢠 ẚ⋡ ┈㢠 ẚ⋡ ᅛᐃ 988,147 54.5% 1,020,028 58.4% 1,029,238 57.5% ኚື㈤ᩱ ㈤ 䝩䝔䝹 952,653 52.5% 984,468 56.4% 984,145 55.0% 42.8% ᅛᐃ㈤ᩱ ᩱ 䛭䛾䠄ᗑ⯒➼䠅 35,494 2.0% 35,559 2.0% 45,092 2.5% 57.2% ኚື 803,401 44.3%
Slide 40: Owned Hotel Overview (Variable Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ኚື㈤ᩱ䠅 䕔 A-1 䝛䝇䝖䝩䝔䝹ᮐᖠ㥐๓ ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚2019ᖺ7᭶䠅 ADR RevPAR ᐈᐊ✌ാ⋡ ᡤᅾᆅ ᾏ㐨ᮐᖠᕷ୰ኸ༊ 䠄ྑ㍈䠅 䠄ྑ㍈䠅 䠄ᕥ㍈䠅 ᮐᖠᕷႠᆅୗ㕲༡⥺ 100% 25,000 䜰䜽䝉䝇 䛂䛥䛳䜍䜝䛃㥐 ᚐṌ⣙5ศ 80% 20,000 䝛䝇䝖䝩䝔䝹䝆䝱䝟䞁 60% 15,000 䜸䝨䝺䞊䝍䞊 ᰴᘧ♫ 40% 10,000 ᐈᐊᩘ 162ᐊ 20% 5,000 ྲྀᚓ㢠 2,160ⓒ 0% 0 2018ᖺ8᭶ 2018ᖺ11᭶ 2019ᖺ2᭶ 2019ᖺ5᭶ 䕔 A-2 䝛䝇䝖䝩䝔䝹ᮐᖠ㏻ ᖺ㛫㐠Ⴀᐇ⦼䠄201
Slide 41: Owned Hotel Overview (Variable Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ኚື㈤ᩱ䠅 䕔 C-1 䝇䝬䜲䝹䝩䝔䝹ᮾி㜿బ䞄㇂ ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚2019ᖺ7᭶䠅 ADR RevPAR ᐈᐊ✌ാ⋡ ᡤᅾᆅ ᮾி㒔ᮡ୪༊ 䠄ྑ㍈䠅 䠄ྑ㍈䠅 䠄ᕥ㍈䠅 JR୰ኸ⥺䞉⥲Ṋ⥺ 100% 12,500 䜰䜽䝉䝇 䛂㜿బ䞄㇂䛃㥐 80% 10,000 ᚐṌ⣙1ศ 60% 7,500 ᰴᘧ♫䝩䝇䝢䝍䝸䝔䜱 䜸䝨䝺䞊䝍䞊 䜸䝨䝺䞊䝅䝵䞁䝈 40% 5,000 ᐈᐊᩘ 112ᐊ 20% 2,500 0% 0 ྲྀᚓ㢠 3,910ⓒ 2018ᖺ8᭶ 2018ᖺ11᭶ 2019ᖺ2᭶ 2019ᖺ5᭶ 䕔 D-2 䝩䝔䝹䜴䜱䞁䜾䜲䞁䝍䞊䝘䝅䝵䝘䝹ྡྂᒇ ᖺ
Slide 42: Owned Hotel Overview (Variable Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ኚື㈤ᩱ䠅 䕔 E-1 䝇䝬䜲䝹䝩䝔䝹ி㒔ᅄ᮲ ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚2019ᖺ7᭶䠅 ADR RevPAR ᐈᐊ✌ാ⋡ ᡤᅾᆅ ி㒔ᗓி㒔ᕷୗி༊ 䠄ྑ㍈䠅 䠄ྑ㍈䠅 䠄ᕥ㍈䠅 䠄䠅 ி㒔ᕷႠᆅୗ㕲ⅲ⥺ 100% 25,000 䛂ᅄ᮲䛃㥐䛚䜘䜃 䜰䜽䝉䝇 㜰ᛴ㟁㕲ி㒔ᮏ⥺ 80% 20,000 䛂ⅲ䛃㥐 ᚐṌ⣙5ศ 60% 15,000 ᰴᘧ♫䝩䝇䝢䝍䝸䝔䜱 䜸䝨䝺䞊䝍䞊 䜸䝨䝺䞊䝅䝵䞁䝈 40% 10,000 ᐈᐊᩘ 144ᐊ 20% 5,000 0% 0 ྲྀᚓ㢠 4,480ⓒ 2018ᖺ8᭶ 2018ᖺ11᭶ 2019ᖺ2᭶ 2019ᖺ5᭶ 䕔 E
Slide 43: Owned Hotel Overview (Variable Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ኚື㈤ᩱ䠅 䕔 E-3 䝏䝃䞁䜲䞁㜰䜋䜣䜎䛱 ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚2019ᖺ7᭶䠅 ADR RevPAR ᐈᐊ✌ാ⋡ ᡤᅾᆅ 㜰ᗓ㜰ᕷ୰ኸ༊ 䠄ྑ㍈䠅 䠄ྑ㍈䠅 䠄ᕥ㍈䠅 䠄䠅 㜰ᕷႠᆅୗ㕲୰ኸ⥺ 100% 12,500 䜰䜽䝉䝇 䛂ሜ➽ᮏ⏫䛃㥐 80% 10,000 ᚐṌ⣙5ศ 60% 7,500 ᰴᘧ♫ 䜸䝨䝺䞊䝍䞊 SHR䝩䝔䝹䝸䞊䝇 40% 5,000 20% 2,500 ᐈᐊᩘ 130ᐊ 0% 0 2018ᖺ8᭶ 2018ᖺ11᭶ 2019ᖺ2᭶ 2019ᖺ5᭶ ྲྀᚓ㢠 1,630ⓒ 䕔 E-4 䝩䝔䝹䜴䜱䞁䜾䜲䞁䝍䞊䝘䝅䝵䝘䝹⚄ᡞ᪂㛗⏣
Slide 44: Owned Hotel Overview (Variable Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ኚື㈤ᩱ䠅 䕔 E-5 䝛䝇䝖䝩䝔䝹㜰ᚰᩪᶫ ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚2019ᖺ7᭶䠅 ADR RevPAR ᐈᐊ✌ാ⋡ ᡤᅾᆅ 㜰ᗓ㜰ᕷ୰ኸ༊ 䠄ྑ㍈䠅 䠄ྑ㍈䠅 䠄ᕥ㍈䠅 䠄䠅 㜰ᕷႠᆅୗ㕲ሜ➽⥺ 100% 12,500 㛗ᇼ㭯ぢ⥳ᆅ⥺ 䜰䜽䝉䝇 䛂㛗ᇼᶫ䛃㥐 80% 10,000 ᚐṌ⣙1ศ 60% 7,500 䝛䝇䝖䝩䝔䝹䝆䝱䝟䞁 䜸䝨䝺䞊䝍䞊 ᰴᘧ♫ 40% 5,000 ᐈᐊᩘ 302ᐊ 20% 2,500 0% 0 ྲྀᚓ㢠 7,600ⓒ 2018ᖺ8᭶ 2018ᖺ11᭶ 2019ᖺ2᭶ 2019ᖺ5᭶ 䕔 F-2 䝛䝇䝖䝩䝔䝹ᯇᒣ ᖺ㛫
Slide 45: Owned Hotel Overview (Variable Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ኚື㈤ᩱ䠅 䕔 F-4 䝁䞊䝖䝩䝔䝹ᩜ ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚2019ᖺ7᭶䠅 ADR RevPAR ᐈᐊ✌ാ⋡ ᡤᅾᆅ ᒸᒣ┴ᩜᕷ 䠄ྑ㍈䠅 䠄ྑ㍈䠅 䠄ᕥ㍈䠅 䠄䠅 100% 12,500 JRᒣ㝧ᮏ⥺䛂ᩜ䛃㥐 䜰䜽䝉䝇 80% 10,000 ᚐṌ⣙8ศ 60% 7,500 䜸䝨䝺䞊䝍䞊 The Courtᰴᘧ♫ 40% 5,000 20% 2,500 ᐈᐊᩘ 104ᐊ 0% 0 ྲྀᚓ㢠 1,725ⓒ 2018ᖺ8᭶ 2018ᖺ11᭶ 2019ᖺ2᭶ 2019ᖺ5᭶ 䕔 F-5 䞂䜯䝸䜶䝩䝔䝹ᗈᓥ ᡤᅾᆅ ᗈᓥ┴ᗈᓥᕷ ᗈᓥ㟁㕲䛂ዪᏛ㝔๓䛃 䜰䜽䝉
Slide 46: Owned Hotel Overview (Variable Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ኚື㈤ᩱ䠅 䕔 G-1 䞂䜯䝸䜶䝩䝔䝹ኳ⚄ ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚2019ᖺ7᭶䠅 ADR RevPAR ᐈᐊ✌ാ⋡ ᡤᅾᆅ ⚟ᒸ┴⚟ᒸᕷ୰ኸ༊ 䠄ྑ㍈䠅 䠄ྑ㍈䠅 䠄ᕥ㍈䠅 䠄䠅 100% 12,500 ⚟ᒸᕷႠᆅୗ㕲✵ ⥺ 䜰䜽䝉䝇 䛂ኳ⚄䛃㥐 ᚐṌ⣙6ศ 80% 10,000 60% 7,500 䜸䝨䝺䞊䝍䞊 The Courtᰴᘧ♫ 40% 5,000 ᐈᐊᩘ 77ᐊ 20% 2,500 0% 0 ྲྀᚓ㢠 1,380ⓒ 2018ᖺ8᭶ 2018ᖺ11᭶ 2019ᖺ2᭶ 2019ᖺ5᭶ 䕔 G-2 䝛䝇䝖䝩䝔䝹㑣ぞ ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚201
Slide 47: Owned Hotel Overview (Variable Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ኚື㈤ᩱ䠅 䕔 G-3 䝛䝇䝖䝩䝔䝹⇃ᮏ ᖺ㛫㐠Ⴀᐇ⦼䠄2018ᖺ8᭶䡚2019ᖺ7᭶䠅 ADR RevPAR ᐈᐊ✌ാ⋡ ᡤᅾᆅ ⇃ᮏ┴⇃ᮏᕷ୰ኸ༊ 䠄ྑ㍈䠅 䠄ྑ㍈䠅 䠄ᕥ㍈䠅 100% 12,500 ⇃ᮏᕷ㟁䛂す㎞ᓥ⏫䛃㥐 䜰䜽䝉䝇 ᚐṌ⣙2ศ 80% 10,000 䝛䝇䝖䝩䝔䝹䝆䝱䝟䞁 ┿ 60% 7,500 䜸䝨䝺䞊䝍䞊 ᰴᘧ♫ 40% 5,000 ᐈᐊᩘ 201ᐊ 20% 2,500 0% 0 ྲྀᚓ㢠 2,220ⓒ 2018ᖺ8᭶ 2018ᖺ11᭶ 2019ᖺ2᭶ 2019ᖺ5᭶ © Ichigo Investment Advisors Co., Ltd
Slide 48: Owned Hotel Overview (Fixed Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ᅛᐃ㈤ᩱ䠅 䕔 A-3 䝁䞁䝣䜷䞊䝖䝩䝔䝹㔲㊰ 䕔 B-1䜾䝷䞁䝟䞊䜽䞉䜲䞁ᶓ ᡤᅾᆅ ᾏ㐨㔲㊰ᕷ ᡤᅾᆅ ⚄ዉᕝ┴ᶓᕷす༊ JR᰿ᐊᮏ⥺ JR䞉⚾㕲䞉ᆅୗ㕲 䜰䜽䝉䝇 䜰䜽䝉䝇 䛂㔲㊰䛃㥐 ᚐṌ⣙2ศ 䛂ᶓ䛃㥐 ᚐṌ⣙6ศ 䜸䝨䝺䞊䝍䞊 ᰴᘧ♫䜾䝸䞊䞁䝈 䜸䝨䝺䞊䝍䞊 ᰴᘧ♫䝭䝗䝹䜴䝑䝗 ᐈᐊᩘ 126ᐊ ᐈᐊᩘ 175ᐊ ྲྀᚓ㢠 300ⓒ ྲྀᚓ㢠 1,490ⓒ 䕔 C-3 䝩䝔䝹䝸䝤䝬䝑䜽䝇᪥ᮏᶫ⟽ᓮ 䕔 D-1 䝁䞁䝣䜷䞊䝖䝩䝔䝹ᯇ ᡤᅾᆅ ᮾி㒔୰ኸ༊ ᡤᅾᆅ 㟼ᒸ┴ᯇᕷ୰༊ ᮾி䝯䝖䝻༙ⶶ㛛⥺ JRᮾᾏ㐨ᮏ⥺ 䜰䜽䝉䝇 䛂Ỉኳᐑ๓䛃㥐 䜰䜽
Slide 49: Owned Hotel Overview (Fixed Rent)
ಖ᭷䝩䝔䝹䛾ᴫせ 䠄ᅛᐃ㈤ᩱ䠅 䕔 D-3 䝁䞁䝣䜷䞊䝖䝩䝔䝹୰㒊ᅜ㝿✵ 䕔 D-4 䝁䞁䝣䜷䞊䝖䝩䝔䝹㕥㮵 ᡤᅾᆅ ឡ▱┴ᖖᕷ ᡤᅾᆅ ୕㔜┴㕥㮵ᕷ ୰㒊ᅜ㝿✵ ᚐṌ⣙5ศ ㏆㕲ྡྂᒇ⥺ 䜰䜽䝉䝇 䜰䜽䝉䝇 ྡ㕲✵ ⥺ 䛂ⓑᏊ䛃㥐 ᚐṌ⣙3ศ 䛂୰㒊ᅜ㝿✵ 䛃㥐 ᚐṌ⣙3ศ 䜸䝨䝺䞊䝍䞊 ᰴᘧ♫䜾䝸䞊䞁䝈 䜸䝨䝺䞊䝍䞊 ᰴᘧ♫䜾䝸䞊䞁䝈 ᐈᐊᩘ 105ᐊ ᐈᐊᩘ 346ᐊ ྲྀᚓ㢠 5,308ⓒ ྲྀᚓ㢠 300ⓒ 䕔 F-1 䝁䞁䝣䜷䞊䝖䝩䝔䝹ᒸᒣ 䕔 F-3 䜰䞊䝞䜲䞁ᗈᓥ䜶䜾䝊䜽䝔䜱䝤 ᡤᅾᆅ ᒸᒣ┴ᒸᒣᕷ ᡤᅾᆅ ᗈᓥ┴ᗈᓥᕷ JRᒣ㝧᪂ᖿ⥺ JRᒣ㝧᪂ᖿ⥺ 䜰䜽䝉䝇 ᒣ㝧
Slide 50: Appendix: Financial Data
Appendix 㻦㻌㈈ົ㛵㐃䝕䞊䝍 © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 50
Slide 51: Stable Financial Management (LTV)
䛆㈈ົ㐠Ⴀ䛇 Ᏻᐃᛶ䛾㧗䛔㈈ົ㐠Ⴀ ධṧᏑᮇ㛫䛾▷䛔ධ䛿ኚື㔠䛷ప㔠䛾䝯䝸䝑䝖䜢ாཷ䛧䛴䛴 80%௨ୖ䛾ᅛᐃ㔠ẚ⋡䛻䜘䜚ᑗ᮶䛾㔠ୖ᪼䝸䝇䜽䜢䝦䝑䝆 䕔 ධ≧ἣ䛾᥎⛣ 2017ᖺ7᭶ᮇᮎ 2018ᖺ1᭶ᮇᮎ 2018ᖺ7᭶ᮇᮎ 2019ᖺ1᭶ᮇᮎ 2019ᖺ7᭶ᮇᮎ ධ㔠ṧ㧗 19,950ⓒ 21,750ⓒ 21,750ⓒ 21,750ⓒ 25,470ⓒ 㛗ᮇධẚ⋡ 100.0% 100.0% 100.0% 100.0% 100.0% ᅛᐃ㔠ẚ⋡ 71.4% 73.8% 73.8% 80.7% 83.5% ᖹᆒධ㔠 0.88% 0.88% 0.88%
Slide 52: Bank Borrowings Status
㖟⾜ධ䛾≧ἣ 䕔 ಶูධ᫂⣽ 2019ᖺ7᭶31᪥Ⅼ ධ㔠 ධඛ ධṧ㧗 ኚື / ᅛᐃ ධ㔠 ධ᪥ ㏉῭ᮇ᪥ 䝍䞊䝮䝻䞊䞁2 ୕ఫ㖟⾜䚸䜏䛪䜋㖟⾜䚸᪂⏕㖟⾜䚸䜚䛭䛺㖟⾜ 5,250ⓒ ᅛᐃ 1.08000% 2015ᖺ11᭶30᪥ 2020ᖺ11᭶30᪥ ୕ఫ㖟⾜䚸䜏䛪䜋㖟⾜䚸᪂⏕㖟⾜䚸䜚䛭䛺㖟⾜䚸 䝍䞊䝮䝻䞊䞁3 2,000ⓒ ኚື 0.61545% 2016ᖺ08᭶17᪥ 2020ᖺ02᭶28᪥ ⚟ᒸ㖟⾜䚸す᪥ᮏ䝅䝔䜱㖟⾜ ୕ఫ㖟⾜䚸䜏䛪䜋㖟⾜䚸᪂⏕㖟⾜䚸䜚䛭䛺㖟⾜䚸 䝍䞊䝮䝻䞊䞁4 4,500ⓒ ᅛᐃ 0.90750% 2016ᖺ08᭶17᪥
Slide 53: Status of Unitholders
ᢞ㈨䛾≧ἣ 䠄2019ᖺ7᭶31᪥⌧ᅾ䠅 䕔 せᢞ㈨ 䕔 ᡤ᭷⪅ูᢞ㈨ཱྀᩘ ᡤ᭷ 䕔 እᅜἲே䞉ಶே 䕔 䛭䛾䛾ᅜෆἲே 䕔 㔠⼥ᶵ㛵䠄ドๆ♫䜢ྵ䜐䠅 䕔 ಶே䞉䛭䛾 Ặྡ䜎䛯䛿ྡ⛠ ẚ⋡ ᢞ㈨ཱྀᩘ 100% 45,576ཱྀ 40,149ཱྀ ᪥ᮏ䝖䝷䝇䝔䜱䞉䝃䞊䝡䝇ಙク㖟⾜ᰴᘧ♫ 60,448ཱྀ (15.7%) 1 30,960 12.1% (17.8%) 䠄ಙクཱྀ䠅 (23.7%) 16,748ཱྀ 80% 18,843ཱྀ (6.5%) ᪥ᮏ䝬䝇䝍䞊䝖䝷䝇䝖ಙク㖟⾜ᰴᘧ♫ 18,870ཱྀ (7.3%) 2 26,333 10.3% (7.4%) 䠄ಙクཱྀ䠅 ㈨⏘⟶⌮䝃䞊䝡䝇ಙク
Slide 54: Appendix: Other
Appendix : 䛭䛾 © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 54
Slide 55: Track Record of Growth: NAV and DPU per Unit
䛔䛱䛤䝩䝔䝹ᡂ㛗䛾㌶㊧ ༷䛧䛯䝇䝬䜲䝹䝩䝔䝹ὸⲡ䛾ྵ䜏┈ ͤ2 1ཱྀᙜ䛯䜚NAV䠄䠅 146,317 145,727 146,580 1ཱྀᙜ䛯䜚ศ㓄㔠䠄䠅 143,040 137,197 139,940 3,096 113,393 107,462 5,457 102,472 3,302 3,352 3,137 3,101 3,154 2,825 1,375 䠄ͤ1䠅 ୖሙ 2016ᖺ1᭶ᮇ 2016ᖺ7᭶ᮇ 2017ᖺ1᭶ᮇ 2017ᖺ7᭶ᮇ 2018ᖺ1᭶ᮇ 2018ᖺ7᭶ᮇ 2019ᖺ1᭶ᮇ 2019ᖺ7᭶ᮇ 䠄ಖ᭷䝩䝔䝹䠅 9䝩䝔䝹 9䝩䝔䝹 9䝩䝔䝹 19䝩䝔䝹 20䝩䝔䝹 2
Slide 56: Growth Strategy Roadmap
ᡂ㛗ᡓ␎䝻䞊䝗䝬䝑䝥 ྛ✀⟇䛿䝬䞊䜿䝑䝖⎔ቃ䛻ᛂ䛨䛶ᰂ㌾䛻ᑐᛂ 䝇䝔䞊䝆Ϩ 䝇䝔䞊䝆 ϩ እ㒊ᡂ㛗䞉ෆ㒊ᡂ㛗䞉ᙉᅛ䛺㈈ົᇶ┙䛾ᵓ⠏ 䜢㏻䛨䚸ศ㓄㔠䛾Ᏻᐃᡂ㛗䜢ᅗ䜛 • ┈ྥୖ䛻ྥ䛡䛯㈨⏘つᶍ䛾ᣑ • Ᏻᐃᛶ䛸ᡂ㛗ᛶ䜢㏣ồ䛷䛝䜛䚸ศᩓ䛾ຠ䛔䛯䝫䞊䝖䝣䜷䝸䜸䛾ᵓ⠏ እ • ᐟἩయ䞉≉ᆺ䝩䝔䝹䛻ඃඛⓗ䛻ᢞ㈨ • ྜ⌮ⓗ䛺㈨⏘ධ᭰䛘䛻䜘䜛ྵ䜏┈䛾ศ㓄䛸ᡂ㛗ᛶ䛾㏣ồ 㒊 • ዲ❧ᆅ䛾ᐟἩయ䞉≉ᆺ䝩䝔䝹䛻ຍ䛘䚸䝷䜾䝆䝳䜰䝸䞊䝩䝔䝹䜢ྵ䜐 • 䝁䞁䝞䞊䝆䝵䞁௳䚸䝃䞊䝡䝇䜰䝟䞊䝖䝯䞁䝖➼䛾ᐟἩタྲྀᚓ ᡂ 䝣䝹䝃䞊䝡䝇䝩䝔䝹䠋䝸䝌䞊䝖䝩䝔䝹➼䛾ྲྀᚓ • SPC䜈䛾ฟ㈨➼䚸㈨⏘ྲྀᚓᡭἲ䛾ከᵝ
Slide 57: About Sponsor Ichigo and CSR Activities
䝇䝫䞁䝃䞊䛷䛒䜛䛔䛱䛤䠄ᮾド୍㒊 2337䠅䛻䛴䛔䛶 ⣼✚㐠⏝㈨⏘ṧ㧗1.8௨ୖ䚸ື⏘䜔ᘓ⠏ᢏ⾡䜢ά䛛䛧䛯 䛂ᚰ⠏䛃ᶵ⬟䛜ᙉ䜏 ኴ㝧ගⓎ㟁䛸㢼ຊⓎ㟁䚸⎔ቃ㈇Ⲵ䛾㍍ῶ䜔䝇䝫䞊䝒ᨭ 䠄䜴䜶䜲䝖䝸䝣䝔䜱䞁䜾䚸䝷䜲䝣䝹ᑕᧁ䚸㝣ୖ䚸 ୕Ꮿᏹᐇ㑅ᡭ J䝸䞊䜾䠅➼䛾CSRάື䜒✚ᴟⓗ䛻᥎㐍 ©J.LEAGUE 䠄䜴䜶䜲䝖䝸䝣䝔䜱䞁䜾䠅 J-REIT䛂䛔䛱䛤䜸䝣䜱䝇䠄8975䠅䛃 䛚䜘䜃䛂䛔䛱䛤䝩䝔䝹䠄3463䠅䛃䛻ຍ䛘䚸 䛔䛱䛤ᢞ㈨㢳ၥᰴᘧ♫ 䛔䛱䛤ᰴᘧ♫ 䛂䛔䛱䛤䜾䝸䞊䞁䠄9282䠅䛃➼䛾䜰䝉䝑䝖䝬䝛䝆䝯䞁䝖ᴗ 䠄ᮾド୍㒊䠖2337䠅 䛔䛱䛤ᆅᡤᰴᘧ♫ ᚰ䜢㎸䜑䛶⌧Ꮡື⏘䛻᪂䛧䛔
Slide 58: Synergy Between Ichigo and Ichigo Hotel
䛔䛱䛤䛸䛔䛱䛤䝩䝔䝹䛾䝅䝘䝆䞊 䛔䛱䛤䚸䛔䛱䛤䝩䝔䝹ඹ䛻ከᵝ䛺䝋䞊䝅䞁䜾䝹䞊䝖䜢㏻䛨䛶䝩䝔䝹䜢ㄪ㐩 䛔䛱䛤䛿ᚰ⠏䠄䛧䜣䛱䛟䠅䛾䝜䜴䝝䜴䜢ά⏝䛧䚸䛔䛱䛤䝩䝔䝹䛜ᢞ㈨䛷䛝䜛 ㈨⏘䛻䛩䜉䛟㐺ṇ䜢ᅗ䜛 䛔䛱䛤䝩䝔䝹䛿ྲྀᚓ䛧䛯㈨⏘䜢୰㛗ᮇⓗ䛻㐠⏝䛧䚸┈䜢ᢞ㈨䛻ศ㓄 䛔䛱䛤䝩䝔䝹䠄3463䠅 ྲྀᚓ 䛔䛱䛤ᰴᘧ♫䠄䝇䝫䞁䝃䞊䠅 ྲྀᚓ ྲྀᚓ 䝩䝔䝹 ᚰ ⠏ ⌧Ꮡື⏘䛻᪂䛧䛔౯್䜢㐀 ༷ ୰㛗ᮇⓗ䛺㐠⏝ ᚰ⠏ᶵ⬟䛾ά⏝ ᙺ 䠄䝩䝔䝹㈨⏘䛛䜙䛾┈䜢ாཷ䛧䚸ᢞ㈨䛻ศ㓄䠅 䠄䝸䞊䝖䛻䜘䜛ᢞ㈨䛜ྍ⬟䛺㈨⏘䛻䛺䜛䜘䛖㐺ṇ䠅 ౯್ྥୖCAPEX䛾ᐇ 㑂ἲᛶ㐺ྜ≧ែ䛾ᨵၿ ୰
Slide 59: Move to Fully Performance-Based Fee Structure
䛆䛤ཧ⪃䛇 J-REITึ䛸䛺䜛䛂ᡂᯝሗ㓘䛃 䜈䛾⛣⾜ ᢞ㈨⥲䛷ᢞ㈨䛾⣙99%䛾㈶ྠ䜢ᚓ䛶ᢎㄆྍỴ ኚ᭦๓ᩱ⋡ ኚ᭦ᚋᩱ⋡ 㐠⏝ሗ㓘య⣔ 䠄2019ᖺ1᭶31᪥䜎䛷䠅 䠄2019ᖺ2᭶1᪥䛛䜙䠅 ㈨ 㐠⏝ሗ㓘Ϩ ⥲㈨⏘㢠㽢ᩱ⋡ 0.4% – ⏘ つ ᶍ ྲྀᚓሗ㓘 ྲྀᚓ౯᱁㽢ᩱ⋡ 1% – ᗫṆ 㐃 ື ㆡΏሗ㓘 ㆡΏ౯᱁㽢ᩱ⋡ 0.5% – 㐠⏝ሗ㓘ϩ 䠄┈䞉ศ㓄㔠 NOI㽢 DPU㽢ᩱ⋡ 0.002% 0.0036% ኚ᭦ ┈ 㐃 ᡂᯝሗ㓘䠅 ື ㆡΏᡂᯝሗ㓘 ㆡΏ┈㽢ᩱ⋡ – 15% ᪂タ ͤ ㆡΏᡂᯝሗ㓘䛿䚸ㆡΏᦆ䛾ሙྜ䛿Ⓨ⏕䛺䛧䠄ᮏᢞ㈨ἲே䛾タ❧௨㝆ィୖ䛧䛯ㆡΏᦆ┈
Slide 60: Overview of the Investment Corporation
ᢞ㈨ἲேᴫせ 2019ᖺ7᭶31᪥Ⅼ 䕔 ᢞ㈨ἲே ྡ⛠ 䛔䛱䛤䝩䝔䝹䝸䞊䝖ᢞ㈨ἲே ドๆ䝁䞊䝗 3463 ᡤᅾᆅ ᮾி㒔༓௦⏣༊ෆᖾ⏫୍┠1␒1ྕ ᇳ⾜ᙺဨ ᐑୗ ಟ Ỵ⟬ᮇ 1᭶ᮇ䠄8᭶1᪥䡚1᭶31᪥䠅䛚䜘䜃7᭶ᮇ䠄2᭶1᪥䡚7᭶31᪥䠅 䕔 ㈨⏘㐠⏝♫ ♫ྡ 䛔䛱䛤ᢞ㈨㢳ၥᰴᘧ♫ ௦⾲ᇳ⾜ᙺ♫㛗 ᒾ ⿱ᚿ 㔠⼥ၟရྲྀᘬᴗ 㛵ᮾ㈈ົᒁ㛗䠄㔠ၟ䠅➨318ྕ Ⓩ㘓䞉ຍධ༠ 䠄ᢞ㈨㐠⏝ᴗ䚸ᢞ㈨ຓゝ䞉௦⌮ᴗ䚸➨✀㔠⼥ၟရྲྀᘬᴗ䠅 ୍⯡♫ᅋἲேᢞ㈨ಙク༠ဨ © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Inve
Slide 61: MEMO
MEMO © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 61
Slide 62: MEMO
MEMO © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 62
Slide 63: Contact and Disclaimer
ᮏ㈨ᩱ䛿䚸ሗᥦ౪䜢┠ⓗ䛸䛧䛯䜒䛾䛷䛒䜚䚸≉ᐃ䛾ၟရ䛾ເ㞟䞉່ㄏ䞉Ⴀᴗ➼䜢┠ⓗ䛸䛧䛯䜒䛾䛷䛿 䛒䜚䜎䛫䜣䚹ᮏᢞ㈨ἲே䛾ᢞ㈨ドๆ䛾䛤㉎ධ䛻ᙜ䛯䛳䛶䛿䚸ྛドๆ♫䛻䛚ၥ䛔ྜ䜟䛫䛟䛰䛥䛔䚹 ᮏ㈨ᩱ䛾ෆᐜ䛻䛴䛔䛶䛿䚸ᑗ᮶䛾ண 䛻㛵䛩䜛グ㏙䛜ྵ䜎䜜䛶䛔䜎䛩䛜䚸䛣䛖䛧䛯グ㏙䛿䚸ᑗ᮶䛾 ᮏᢞ㈨ἲே䛾ᴗ⦼䚸⤒Ⴀᡂ⦼䚸㈈ᨻ≧ែ➼䜢ಖド䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹䜎䛯䚸ᮏᢞ㈨ἲே䛾ᐇ㝿䛾 ᴗ⦼䛿䚸䛥䜎䛦䜎䛺せ⣲䛻䜘䜚䚸ᮏㄝ᫂㈨ᩱ䛻䛚䛡䜛ぢ㏻䛧䛸䛿䛝䛟␗䛺䜛ྍ⬟ᛶ䛜䛒䜚䜎䛩䚹 䜘䛳䛶䚸䛣䜜䜙ぢ㏻䛧䛾䜏䛻㠃ⓗ䛻౫ᣐ䛩䜛䛣䛸䛿䛚᥍䛘䛔䛯䛰䛟䜘䛖䛚㢪䛔䛧䜎䛩䚹 ᮏ㈨ᩱ䛿ᘢ♫䛜ಙ㢗䛩䜛䛻㊊䜚䜛䛸ᛮ䜟䜜䜛ྛ✀
Ichigo Hotel REIT Investment — FY2019 Earnings Presentation on 6ix