3463
Ichigo Hotel
2019 7 8
September 12, 2019
3463
Ichigo Hotel REIT Investment Corporation
Ichigo Investment Advisors Co., Ltd.
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. www.ichigo-hotel.co.jp
Make More Sustainable
© 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.
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
2019 7 2020 1 / 2020 7
7 2020 1 22
2019 7 8 2020 7 23
9
RevPAR 10
11 ESG
CAPEX
12 25
CAPEX 26
ESG
13 27
ESG
14
ESG
28
Appendix
16
17
18
19
20
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 5
2019 7
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 6
2019 7
804 • 2019
-50 -5.9%
2 •
3,720
7,773 13 • RevPAR
RevPAR -449 -5.5%
• -106
1,611
NOI -28 -1.8%
+68
1 FFO( 1) 4,496 -175 -3.7% • NOI FFO
1 3,154 -198 -5.9% • -20 -0.6%
1 NAV( 2) 146,580 +854 +0.6% •
1 1 FFO Funds From Operations
2 1 NAV Net Asset Value
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 7
2019 7
2018 7 2019 7 (B)
(A) 2019 3 (A)-(B)
1,814 1,789 1,785 +4
803 735 750 -14 3 7
+24
952 984 969 +14 +13
58 70 65 +4
771 797 796 +1
20 18 22 -3
310 328 317 +11 +12
1,042 992 989 +2
855 805 810 -5
+8
854 804 809 -5
1 -0.6%
3,352 3,154 3,174 -20
DPU -5.9% -198
1 FFO 4,671 4,496 4,473 +23
NOI 1,640 1,611 1,606 +5
NOI 1,329 1,283 1,288 -5
CAPEX 246 256 319 -63
51,448 54,984 – –
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 8
13
2018 2 2019 2
2018 7 2019 7
3,042 2,885 -157 -5.2%
3,517 3,349 -167 -4.8%
RevPAR 8,221 7,773 -449 -5.5%
92.6% 89.7% -2.9% -3.2%
ADR 8,879 8,668 -212 -2.4%
20
2018 2 2019 2
2018 7 2019 7
4,361 4,225 -135 -3.1%
4,906 4,727 -178 -3.6%
RevPAR 7,426 7,182 -245 -3.3%
89.9% 88.4% -1.5% -1.7%
ADR 8,260 8,122 -137 -1.7%
2019 6
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 9
RevPAR
2019 2 2019 7
RevPAR ADR
+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
3 2 4 2 2 4 1 1
15% 8% 17% 10% 14% 17% 4% 7%
2019 7
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 10
23.8 +1.9% NOI
CAPEX +11.3 /
—
P12 P13
+11.1 /
—4
+1.4 /
—
NOI 2019 1 2019 7
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 11
CAPEX
2 4 2
ROI
22.0 +3.7 / 16.9% 2019 7
3
44
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 12
CAPEX
3 6 3
ROI
39.0 +7.6 / 19.5% 2019 7
6
44
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 13
2019 4 25 2019 7 19
2,220 1,500
2,440 1,730
NOI 6.8% 7.1%
JR 15
2
3
NOI NOI •
2019 9
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 14
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 15
• CAPEX •
–
•
•
• –
•
–
–
•
•
•
•
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 16
2019 6 1
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 17
2019 7
2019 9
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
2014 2015 2016 2017 2018
30 2018
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 18
2019 8 27
CAPEX
4,500 3,820 1.2
668
2019 1 31 2019 10 31
2.9% 2.7% 2.9% 2.9%
2.9% 5.2%
18.2% 18.1%
5.3%
7.1%
7.4%
7.4% 8.8%
7.7% 15.9%
7.7%
10.4% 15.4%
10.4%
12.5% 14.1%
14.1%
34.1% 26.9%
NOI
NOI NOI
167 / 256 /
NOI NOI NOI NOI 2019 7 31 NOI
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 19
18 550 2019 7 31
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 20
2020 1 / 2020 7
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 21
2020 1
1 +49.3%
2020 1
2019 1 2020 1
(A) (B) (B) - (A)
2019 3
2,439 1,773 2,383 -56
701 713 665 -35 RevPAR 7,090 -7.9%
+5
984 991 989 +5 +5 -6
753 68 727 -25 -7 +7 -26
+28
866 793 980 +114 +32 +21
16 23 27 +10
308 322 354 +46
1,573 979 1,402 -170
1,399 803 1,199 -200 +31
1,398 802 1,198 -200
1 +49.3% 1,553
5,487 3,147 4,700 -787 -14.3%
DPU
1 FFO 4,055 4,432 3,494 -561
NOI 1,574 1,592 1,538 -35
NOI 1,266 1,270 1,183 -82
CAPEX 321 317 363 +42
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 22
2020 7
1 -4.9%
2019 7 2020 7
(A) (B) (B) - (A)
1,789 1,789 +0
RevPAR 7,612 -0.6%
735 809 +73 +72
984 936 -47 -46
70 43 -26 -27
+7 +17
797 816 +19 -10
18 19 +0
328 362 +33
992 972 -19
805 766 -38 +24
804 765 -39
1
3,154 3,001 -153 -4.9%
DPU
1 FFO 4,496 4,441 -55
NOI 1,611 1,620 +8
NOI 1,283 1,257 -25
CAPEX 256 352 +96
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 23
ESG
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 24
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 25
ESG
CO2
141,699,548 kWh 93,521,697 kg
47,233 40,661
CO2
1 CO2
3,000kWh 2,300kg/
2018 7 2019 6
2018 8975
CASBEE GRESB
S A
•
• PM
• Green Star
3
BELS DBJ Green Building
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 26
ESG
• • CSR
•
•
•
•
J
• •
•
©J.LEAGUE
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 27
ESG
J
• • 5 3
• •
•
•
•
J-REIT 63 2
J 63 31 1
3
5 3
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 28
Appendix
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 29
2019
/ 2018 3
600
20.0%
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% 0
2011 2012 2013 2014 2015 2016 2017 2018
10
60
60
5.0%
40
40
+402% 28
31
24
20
0.0% 20
2018 2019 2020 2021 2022 2023 13
10
8
6
2019 6 7
0
2011 2012 2013 2014 2015 2016 2017 2018 2020 2030
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 30
2018 183 +1%
2018 33 +16%
200 40
2018 38
2018 44
150 30
100 20
50 10
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 31
2018 3
250,000
%
+28%
200,000
150,000
+40%
100,000
+33% +46%
50,000 +20% +32%
+36%
+14% +17% +25%
+12% +5% +9% +10% +7%
0
2019 6 7
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 32
Appendix
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 33
2019 7 31
C-1 C-3 B-1 A-1 A-2 A-3 D-1 D-2 D-3 D-4
E-1 E-2 E-3 F-1 F-2 F-3 G-1 G-2 G-3
A-1 A-2
A-3
E-4 E-5 F-4 F-5
E-1 E-2
E-3 E-5 C-1 C-3
B-1
F-4 F-1 E-4 D-4
G-1 F-3
F-2
F-5 D-1
G-3 D-2 D-3
23
544
2019 8 27 G-2
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 34
2017 1 2017 7 2019 1 2019 7
2015 11 3 4 7 8
IPO PO 2017 7 2018 1 2019 1
9 204 10 272 1 1 1 2 37
NOI 5.9% 5.5% 14 18 17 6.9%
5.0% 6.3% 6.9%
2 2 1 1 3 2
1 1 1 1 1 2 1 1 1 1 1 1
1 27
6.9
9 204 20 21 21
19 476 491 509 507 23 544
2016 1
2019 7 31
2.7% 2.7%
6.8% 4.9%
7.3%
16.9%
7.6% 39.6% 6.6%
6.9%
8.0%
14.8%
7.2%
13.1%
9.7%
14.4%
17.7%
13.1%
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 35
2019 7 31
2019 7
( ) (%) B - A
A B
A-1 5,734.93 2,160 2,153 2,690 5.2 +536
A-2 5,638.78 1,450 1,466 1,900 5.1 +433
A-3 3,180.58 300 291 421 5.5 +129
B-1 1,183.26 1,490 1,503 1,550 4.6 +46
C-1 2,721.70 3,910 3,987 4,370 4.4 +382
C-3 853.00 1,360 1,323 1,440 4.5 +116
D-1 4,173.92 1,550 1,469 1,750 5.2 +280
D-2 5,255.66 2,670 2,699 2,880 4.8 +180
D-3 11,599.63 5,308 5,345 5,880 4.0 +534
D-4 2,186.65 300 286 378 5.0 +91
E-1 4,891.84 4,480 4,553 4,350 4.4 -203
E-2 3,867.66 3,600 3,580 3,820 4.2 +239
E-3 3,690.00 1,630 1,707 1,960 4.5 +252
E-4 4,540.90 1,490 1,424 1,800 4.7 +375
E-5 8,057.26 7,600 7,695 7,550 4.5 -145
F-1 5,543.70 1,200 1,188 1,260 5.3 +71
F-2 6,671.94 1,610 1,664 2,020 5.7 +355
F-3 2,756.20 1,800 1,839 2,080 5.3 +240
F-4 3,964.19 1,725 1,811 2,070 5.0 +258
F-5 4,332.50 1,500 1,529 1,730 4.9 +200
G-1 1,910.94 1,380 1,441 2,230 4.2 +788
G-2 9,240.20 3,750 3,802 4,190 5.3 +387
G-3 6,404.36 2,220 2,216 2,440 5.3 +223
23 108,399.80 54,483 54,984 60,759 4.7 +5,774
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 36
2019 7
2019 7 2019 2 2019 7
RevPAR % ADR
A-1 004 162 11,129 (+5.1%) 98.3 (+0.4%) 11,322 (+4.7%) 394.7 (+5.6%)
A-2 008 121 12,645 (-0.2%) 96.7 (-0.8%) 13,081 (+0.6%) 300.0 (-1.1%)
A-3 018 126 4,219 (+17.1%) 75.5 (+5.1%) 5,592 (+11.5%) 101.4 (+16.0%)
C-1 012 112 9,122 (+3.6%) 98.4 (+3.1%) 9,268 (+0.4%) 189.3 (+2.9%)
D-1 006 196 5,017 (+7.6%) 82.5 (+4.0%) 6,084 (+3.5%) 178.0 (+7.6%)
D-2 003 224 5,489 (+1.7%) 87.0 (+0.1%) 6,308 (+1.6%) 245.2 (+1.2%)
D-3 011 346 8,365 (+0.6%) 91.5 (+0.8%) 9,138 (-0.2%) 546.4 (-4.4%)
D-4 019 105 4,497 (-2.6%) 75.6 (+1.0%) 5,945 (-3.5%) 86.3 (-2.9%)
E-1 001 144 7,833 (-17.3%) 99.4 (+1.4%) 7,877 (-18.4%) 222.3 (-15.1%)
E-2 002 84 10,446 (-15.1%) 85.8 (-8.5%) 12,179 (-7.2%) 177.6 (-13.4%)
E-3 005 130 5,696 (-20.9%) 81.0 (-8.7%) 7,031 (-13.3%) 134.0 (-20.9%)
E-5 010 302 7,419 (-18.6%) 90.4 (-3.9%) 8,207 (-15.3%) 436.5 (-17.9%)
F-1 017 208 5,347 (-4.7%) 88.4 (-1.9%) 6,048 (-2.9%) 210.5 (-4.4%)
F-2 015 190 5,826 (+9.2%) 87.4 (-1.7%) 6,670 (+11.1%) 287.6 (+6.0%)
F-3 021 171 6,553 (+2.5%) 91.9 (+1.7%) 7,130 (+0.8%) 202.8 (+0.3%)
F-4 022 104 8,360 (+16.4%) 96.3 (+1.1%) 8,685 (+15.1%) 186.2 (+16.8%)
G-1 009 77 9,906 (+6.9%) 97.3 (+1.0%) 10,177 (+5.9%) 147.2 (+6.3%)
G-2 013 200 8,348 (-6.9%) 83.9 (-7.0%) 9,952 (+0.2%) 430.0 (-5.4%)
G-3 023 201 4,788 (-8.8%) 77.4 (-13.1%) 6,189 (+5.0%) 199.1 (-10.3%)
527 – – – –
2,355 7,773 (-5.5%) 89.7 (-3.2%) 8,668 (-2.4%) 2,885.5 (-4.8%)
1,375 6,171 (+1.6%) 86.3 (+1.1%) 7,154 (+0.5%) 1,340.3 (-0.8%)
3,730 7,182 (-3.3%) 88.4 (-1.7%) 8,122 (-1.7%) 4,225.8 (-3.6%)
2019 6
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 37
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
1,789,669 134,971 107,426 18,419 94,494 55,361 151,441 15,442 94,501 75,000 61,797 181,999 45,900 96,872 86,586 166 70,318 121,998 37,933 339,036
984,145 31,129 27,327 18,419 30,041 55,361 151,441 15,442 30,744 75,000 39,600 66,540 45,900 36,341 31,665 - 21,664 42,611 13,891 251,020
735,493 103,841 80,098 - 64,452 - - - 63,756 - 22,197 115,458 - 60,531 54,711 - 48,654 79,386 24,042 18,361
70,030 - - - - - - - - - - - - - 209 166 - - - 69,655
177,885 9,719 11,548 5,456 7,162 3,505 14,359 3,049 6,332 11,367 4,937 16,827 5,914 6,843 5,837 85 4,742 8,558 915 50,722
17,404 600 600 900 2,337 600 570 540 600 1,475 915 1,200 600 720 600 50 600 1,080 416 3,000
2,696 148 155 81 89 93 273 47 142 100 99 242 137 196 104 9 55 234 96 388
18,648 3,427 1,901 - 555 115 403 271 233 1,850 270 1,296 883 922 823 - 350 2,326 35 2,984
110,272 5,113 8,454 4,066 3,772 2,425 12,659 1,782 4,996 7,526 3,288 13,680 3,858 4,574 3,945 - 3,372 4,499 - 22,254
28,864 429 436 409 407 271 452 408 359 415 364 408 435 429 363 25 364 417 368 22,094
NOI
1,611,783 125,252 95,877 12,962 87,331 51,856 137,082 12,393 88,168 63,632 56,860 165,171 39,985 90,028 80,748 80 65,576 113,439 37,018 288,314
-
328,558 15,338 14,950 4,943 26,462 14,635 32,443 4,156 16,159 13,919 6,735 34,108 12,832 17,955 10,142 - 8,751 35,642 12,431 46,947
1,283,224 109,913 80,927 8,019 60,869 37,220 104,639 8,236 72,009 49,713 50,125 131,062 27,153 72,072 70,606 80 56,825 77,797 24,586 241,366
-
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 38
2019 7
2018 7 2019 1 2019 7
988,147 54.5% 1,020,028 58.4% 1,029,238 57.5%
952,653 52.5% 984,468 56.4% 984,145 55.0% 42.8%
35,494 2.0% 35,559 2.0% 45,092 2.5% 57.2%
803,401 44.3% 701,671 40.2% 735,493 41.1%
22,515 1.2% 23,668 1.4% 24,937 1.4%
1,814,064 100.0% 1,745,367 100.0% 1,789,669 100.0%
2018 8 2019 7
RevPAR ADR
100% 10,000
80% 8,000
60% 6,000
40% 4,000
20% 2,000
0% 0
2018 8 2018 9 2018 10 2018 11 2018 12 2019 1 2019 2 2019 3 2019 4 2019 5 2019 6 2019 7
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 39
A-1
2018 8 2019 7 ADR RevPAR
100% 25,000
5 80% 20,000
60% 15,000
40% 10,000
162 20% 5,000
2,160 0% 0
2018 8 2018 11 2019 2 2019 5
A-2
2018 8 2019 7 ADR RevPAR
100% 25,000
4 80% 20,000
60% 15,000
40% 10,000
121 20% 5,000
0% 0
1,450 2018 8 2018 11 2019 2 2019 5
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 40
C-1
2018 8 2019 7 ADR RevPAR
JR 100% 12,500
80% 10,000
1
60% 7,500
40% 5,000
112 20% 2,500
0% 0
3,910 2018 8 2018 11 2019 2 2019 5
D-2
2018 8 2019 7 ADR RevPAR
100% 12,500
2 80% 10,000
60% 7,500
40% 5,000
224 20% 2,500
0% 0
2,670 2018 8 2018 11 2019 2 2019 5
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 41
E-1
2018 8 2019 7 ADR RevPAR
100% 25,000
80% 20,000
5
60% 15,000
40% 10,000
144 20% 5,000
0% 0
4,480 2018 8 2018 11 2019 2 2019 5
E-2
2018 8 2019 7 ADR RevPAR
100% 25,000
80% 20,000
5
60% 15,000
40% 10,000
20% 5,000
84
0% 0
3,600 2018 8 2018 11 2019 2 2019 5
2019 8 27
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 42
E-3
2018 8 2019 7 ADR RevPAR
100% 12,500
80% 10,000
5
60% 7,500
SHR 40% 5,000
20% 2,500
130
0% 0
2018 8 2018 11 2019 2 2019 5
1,630
E-4
2018 8 2019 7 ADR RevPAR
100% 12,500
JR
2 80% 10,000
60% 7,500
40% 5,000
20% 2,500
133
0% 0
2018 8 2018 11 2019 2 2019 5
1,490
2019 3 1 2019 6
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 43
E-5
2018 8 2019 7 ADR RevPAR
100% 12,500
80% 10,000
1
60% 7,500
40% 5,000
302 20% 2,500
0% 0
7,600 2018 8 2018 11 2019 2 2019 5
F-2
2018 8 2019 7 ADR RevPAR
100% 12,500
25
80% 10,000
3
60% 7,500
40% 5,000
20% 2,500
190
0% 0
1,610 2018 8 2018 11 2019 2 2019 5
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 44
F-4
2018 8 2019 7 ADR RevPAR
100% 12,500
JR
8 80% 10,000
60% 7,500
The Court 40% 5,000
20% 2,500
104
0% 0
1,725 2018 8 2018 11 2019 2 2019 5
F-5
3
2019 7 19 2019 9
The Court
171
1,550
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 45
G-1
2018 8 2019 7 ADR RevPAR
100% 12,500
6 80% 10,000
60% 7,500
The Court
40% 5,000
77 20% 2,500
0% 0
1,380 2018 8 2018 11 2019 2 2019 5
G-2
2018 8 2019 7 ADR RevPAR
7 100% 12,500
80% 10,000
5
60% 7,500
40% 5,000
200 20% 2,500
0% 0
3,750 2018 8 2018 11 2019 2 2019 5
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 46
G-3
2018 8 2019 7 ADR RevPAR
100% 12,500
2 80% 10,000
60% 7,500
40% 5,000
201
20% 2,500
0% 0
2,220
2018 8 2018 11 2019 2 2019 5
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 47
A-3 B-1
JR JR
2 6
126 175
300 1,490
C-3 D-1
JR
3 2
48 196
1,360 1,550
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 48
D-3 D-4
5
3
3
105
346
5,308 300
F-1 F-3
JR JR
15 6
208 171
1,200 1,800
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 49
Appendix
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 50
80%
2017 7 2018 1 2018 7 2019 1 2019 7
19,950 21,750 21,750 21,750 25,470
100.0% 100.0% 100.0% 100.0% 100.0%
71.4% 73.8% 73.8% 80.7% 83.5%
0.88% 0.88% 0.88% 0.89% 0.86%
4.1 3.6 3.1 3.2 3.0
LTV 37.1% 39.2% 39.1% 38.8% 43.0%
6,000
5,250
4,000 4,500 4,500
4,200
3,000
2,000 2,220
1,800
0
2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025
7 1 7 1 7 1 7 1 7 1 7 1
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 51
2019 7 31
/
2 5,250 1.08000% 2015 11 30 2020 11 30
3 2,000 0.61545% 2016 08 17 2020 02 28
4 4,500 0.90750% 2016 08 17 2023 02 28
5 4,500 0.98500% 2016 08 17 2023 08 31
6 450 0.56545% 2017 03 27 2020 02 28
7 1,800 0.78750% 2017 08 01 2023 01 31
8 1,750 0.46545% 2018 11 30 2020 05 29
9 1,500 0.92000% 2018 11 30 2024 11 29
10 2,220 0.75450% 2019 04 25 2024 04 30
11 1,500 0.73575% 2019 07 19 2024 11 29
25,470 0.86% 3.0
3%
1%
4%
LTV
16.5%
10%
39%
12%
83.5%
31%
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 52
2019 7 31
100%
45,576 40,149
1 30,960 12.1% 60,448 (17.8%) (15.7%)
(23.7%) 16,748
80% 18,843 (6.5%)
18,870 (7.3%)
2 26,333 10.3% (7.4%)
3 13,068 5.1% 60% 106,633
101,053
(41.8%)
95,188 (39.6%)
(37.3%)
4 9,373 3.7%
40%
5 6,500 2.5%
20% 89,502 91,444
80,468
6 6,424 2.5% (31.5%) (35.1%) (35.8%)
7 GOLDMAN SACHS INTERNATIONAL 5,872 2.3% 0%
2018 7 2019 1 2019 7
254,974 254,974 254,974
8 SIX SIS LTD. 5,133 2.0%
9 MUFG 3,835 1.5% 2018 7 2019 1 2019 7
11,299 13,101 13,415 97.4%
10 CGML–LONDON EQUITY 3,477 1.4%
54 48 54 0.4%
7 7 7 0.1%
110,975 43.5%
4 3 2 0.0%
43 38 45 0.3%
183 218 220 1.6%
107 78 88 0.6%
11,643 13,445 13,777 100.0%
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 53
Appendix :
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 54
2
1 NAV
146,317 145,727 146,580
1 143,040
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
1
2016 1 2016 7 2017 1 2017 7 2018 1 2018 7 2019 1 2019 7
9 9 9 19 20 21 21 21 23
204 204 204 476 491 509 509 507 544
1 1 2
9 10
1 2016 1 471
2 2018 8
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 55
• •
• •
• •
• SPC
• LTV •
•
• CAPEX
• •
• • UP
•
•
• LTV
•
•
• LTV
•
•
•
•
•
• ESG
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 56
2337
1.8
J CSR ©J.LEAGUE
J-REIT 8975 3463
9282
2337
ECO
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 57
3463
CAPEX
NOI
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 58
J-REIT
99%
2019 1 31 2019 2 1
0.4% –
1% –
0.5% –
NOI DPU 0.002% 0.0036%
– 15%
2019 2 1
DPU = 1
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 59
2019 7 31
3463
1 1
1 8 1 1 31 7 2 1 7 31
318
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 60
MEMO
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 61
MEMO
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 62
IR
TEL 03-3502-4892
IR_Hotel@ichigo.gr.jp
www.ichigo-hotel.co.jp
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.