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Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent (JPY thousand) Jul 2021 Jan 2022 Jul 2022 Rent Ratio Rent Ratio Rent Ratio Fixed 976,196 87.3% 962,540 85.5% 929,692 74.5% Rent Fixed Rent from Operators 947,031 84.7% 933,355 82.9% 900,497 72.1% Other (Rent from Retail Tenants) 29,164 2.6% 29,184 2.6% 29,194 2.3% Variable Rent 126,577 11.3% 147,812 13.1% 302,719 24.2% Other (Utility Income) 15,184 1.4% 15,466 1.4% 15,960 1.3% Total 1,117,958 100% 1,125,819 100% 1,248,372 100% Operating Results (Aug 2021 - Jul 2022) RevPAR (right axis) ADR (right axis) 80% Occupancy (left axis) (JPY) 8,000 60% 40% 20% 6,000 4,000 2,000 0% 0 一期一会| Aug 2021 Sep 2021 Oct 2021 Nov 2021 Dec 2021 Jan 2022 Feb 2022 Mar 2022 Apr 2022 May 2022 Jun 2022 Jul 2022 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 39

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