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Investor Presentaiton

一期一会| ICHIGO Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent Jan 2020 Jul 2020 (JPY thousand) Jan 2021 Rent Ratio Rent Ratio Rent Ratio Fixed Rent 1,032,448 63.9% 963,173 1,023,281 Rent Fixed Rent from Operators 993,479 61.5% 935,606 993,875 Other (Rent from Retail Tenants) 38,969 2.4% 27,566 29,405 Variable Rent 564,434 34.9% -25,467 -3,942 Other (Utility Income) 19,104 1.2% 15,371 16,238 Total 1,615,986 100% 937,705 100% 1,035,576 100% Operating Results (Feb 2020 - Jan 2021) RevPAR (right axis) ADR (right axis) 80% Occupancy (left axis) (JPY) 8,000 60% 40% 20% 6,000 4,000 2,000 0% 0 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 39
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