Investor Presentaiton

July 2024 Forecast Assuming End of Contract for Leasing Rooms to Local Governments & Drop Out of Demand From Government Travel Subsidy Program Dividend +JPY 137 Due to Acquisition of 5 Hotels (JPY million) Jul 2023 Actual (A) Jul 2024 Forecast (B) vs. Forecast (B) - (A) Major Factors for Variation Operating Revenue 1,796 2,372 Variable Rent 756 967 Fixed Rent 992 1,265 +576 Increase in variable rent +273 (5 acquired hotels, Kurashiki, Nagoya, Okayama, +211 Matsuyama) Decrease in variable rent -62 (Valie Hiroshima, Kumamoto) *End of leasing all rooms +273 Increase in fixed rent +273 (5 acquired hotels, Kurashiki, Nagano) Retail rent (3 acquired hotels) +67 Other (Gains on Sales, etc.) 47 139 +92 Utility income +17, Other income +7 Operating Expenses 862 1,142 +280 AM fee +51, Administrative expenses +21, Fixed asset tax +48 Insurance/Management outsourcing fees, trust fees +21, Utility expenses +15 Repair & Maintenance 31 60 +29 Depreciation 387 481 +94 Operating Profit 933 1,229 +296 Recurring Profit 722 894 Interest expenses +114, Borrowing-related expenses +12 +172 Amortization of share issuance expenses +5, Amortization of bond issuance expenses -7, Non-operating income -1 Net Income 721 893 +172 -3.6% YOY Dividend JPY 2,831 JPY 2,728 -JPY 103 +JPY 137 impact from acquisition of 5 hotels ΝΟΙ 1,589 2,052 +463 Post-Depreciation NOI 1,201 1,570 +369 Capex 551 541 -10 No. Of Shares Outstanding 254,974 327,489 +72,515 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 29 29

View entire presentation