Hotel Performance

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Domestic Hotels Total
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
# of Properties (Note2) actual - 103 (111) 103 (111) - - - - 103 (111)
Occupancy Rate actual (%) 80.5 86.6 - - - - 83.4
ADR actual (JPY) 12,073 13,473 - - - - 12,763
RevPAR actual (JPY) 9,715 11,669 - - - - 10,642
Gross Revenue actual (JPY mn) 8,176 8,414 - - - - 16,591
Overseas Hotels Total
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
# of Properties (Note2) actual - 2 2 - - - - 2
Occupancy Rate actual (%) 71.5 81.8 - - - - 76.4
ADR actual (USD) 720 738 - - - - 729
RevPAR actual (USD) 515 604 - - - - 557
Gross Revenue actual (USD'000) 11,941 13,190 - - - - 25,131
  1. ADR and RevPAR are rounded to the nearest yen and Gross Revenue is rounded down to the indicated unit. Percentages are rounded to one decimal place.This applies hereinafter.
  2. # of properties shows the number of the hotels that are subject to the calculation for each month, and does not include the number of hotels under fixed rent contract. The number in the parenthesis shows the total number of hotels held by INV as of the end of the subject month, including the hotels under fixed rent contract. Please see the footnote of the individual hotels listed below to identify the hotels under fixed rent contract.
  3. Sheraton Grande Tokyo Bay Hotel, the underlying asset of the preferred equity interest acquired on October 13, 2017 is excluded from the performance calculation.
  4. “Gross Revenue” for 2018 shows the total revenue of the hotel, while “Gross Revenue” prior to 2018 showed the gross operating income of the hotel. Year-on-year change in 2018 shows the total revenue in 2018 vs. the total revenue in 2017. There is no significant difference between total revenue and gross operating income for the limited service hotels that account for the vast majority of INV's hotel portfolio.
  5. For below figures of each hotel, comparison for year-on-year is not made if the days of operation are less than one month. Year-on-year comparison for the six month cumulative figures is not provided if the property was not held as at the beginning of the fiscal period. Year-on-year comparison with the pre-acquisition period of each hotel is based on actual results provided by sellers.

Individual Hotels

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2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.7 91.7 - - - - 91.1
year-on-year (points) 0.4 -1.0 - - - - -0.3
ADR actual (JPY) 11,157 12,937 - - - - 12,007
year-on-year (%) -5.1 -0.5 - - - - -2.9
RevPAR actual (JPY) 10,115 11,863 - - - - 10,944
year-on-year (%) -4.7 -1.7 - - - - -3.2
Gross Revenue actual (JPY mn) 40 42 - - - - 82
year-on-year (%) -4.0 -1.6 - - - - -2.8
    (Note 1) This property was acquired on May 23, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.0 93.8 - - - - 92.9
year-on-year (points) 6.6 5.2 - - - - 6.0
ADR actual (JPY) 8,736 9,955 - - - - 9,320
year-on-year (%) -2.0 -3.0 - - - - -2.6
RevPAR actual (JPY) 8,040 9,337 - - - - 8,656
year-on-year (%) 5.6 2.7 - - - - 4.1
Gross Revenue actual (JPY mn) 41 44 - - - - 85
year-on-year (%) 5.4 7.3 - - - - 6.4
    (Note 1) This property was acquired on May 23, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 54.5 71.0 - - - - 62.3
year-on-year (points) -8.2 -8.4 - - - - -8.3
ADR actual (JPY) 9,251 9,423 - - - - 9,344
year-on-year (%) -5.3 11.7 - - - - 3.2
RevPAR actual (JPY) 5,040 6,692 - - - - 5,824
year-on-year (%) -17.7 -0.1 - - - - -8.9
Gross Revenue actual (JPY mn) 40 48 - - - - 89
year-on-year (%) -14.6 1.4 - - - - -6.7
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.3 93.7 - - - - 94.6
year-on-year (points) 2.5 -0.9 - - - - 0.9
ADR actual (JPY) 12,882 15,218 - - - - 13,981
year-on-year (%) -1.1 -6.3 - - - - -4.0
RevPAR actual (JPY) 12,279 14,264 - - - - 13,221
year-on-year (%) 1.5 -7.3 - - - - -3.2
Gross Revenue actual (JPY mn) 81 80 - - - - 161
year-on-year (%) 2.9 -6.0 - - - - -1.7
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 98.0 97.5 - - - - 97.7
year-on-year (points) 1.1 0.7 - - - - 0.9
ADR actual (JPY) 23,834 25,960 - - - - 24,840
year-on-year (%) -7.6 -5.0 - - - - -6.3
RevPAR actual (JPY) 23,347 25,300 - - - - 24,274
year-on-year (%) -6.5 -4.3 - - - - -5.4
Gross Revenue actual (JPY mn) 70 68 - - - - 138
year-on-year (%) -5.9 -3.4 - - - - -4.7
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.7 83.4 - - - - 81.5
year-on-year (points) -5.6 -10.0 - - - - -7.7
ADR actual (JPY) 12,368 13,099 - - - - 12,723
year-on-year (%) -6.3 -5.8 - - - - -6.1
RevPAR actual (JPY) 9,858 10,929 - - - - 10,366
year-on-year (%) -12.5 -15.9 - - - - -14.2
Gross Revenue actual (JPY mn) 52 51 - - - - 103
year-on-year (%) -11.4 -15.4 - - - - -13.4
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Hotel MyStays Dojima" as of March 10, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 68.5 69.0 - - - - 68.7
year-on-year (points) -16.7 -18.9 - - - - -17.7
ADR actual (JPY) 8,117 8,778 - - - - 8,432
year-on-year (%) 11.0 5.3 - - - - 8.0
RevPAR actual (JPY) 5,558 6,061 - - - - 5,796
year-on-year (%) -10.8 -17.3 - - - - -14.1
Gross Revenue actual (JPY mn) 51 50 - - - - 102
year-on-year (%) -9.4 -16.5 - - - - -13.0
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 67.8 70.7 - - - - 69.2
year-on-year (points) -13.6 -18.0 - - - - -15.7
ADR actual (JPY) 6,937 7,019 - - - - 6,976
year-on-year (%) -12.0 -13.3 - - - - -12.7
RevPAR actual (JPY) 4,705 4,962 - - - - 4,827
year-on-year (%) -26.7 -30.9 - - - - -28.8
Gross Revenue actual (JPY mn) 29 28 - - - - 58
year-on-year (%) -26.2 -30.0 - - - - -28.1
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.5 87.4 - - - - 85.3
year-on-year (points) -3.3 -6.3 - - - - -4.7
ADR actual (JPY) 9,290 10,501 - - - - 9,878
year-on-year (%) 9.7 7.4 - - - - 8.4
RevPAR actual (JPY) 7,758 9,172 - - - - 8,429
year-on-year (%) 5.5 0.2 - - - - 2.7
Gross Revenue actual (JPY mn) 49 53 - - - - 103
year-on-year (%) 2.9 -0.4 - - - - 1.2
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.4 92.7 - - - - 91.5
year-on-year (points) 32.3 35.1 - - - - 33.6
ADR actual (JPY) 12,562 13,022 - - - - 12,783
year-on-year (%) 27.0 11.0 - - - - 18.8
RevPAR actual (JPY) 11,359 12,067 - - - - 11,695
year-on-year (%) 97.6 78.7 - - - - 87.9
Gross Revenue actual (JPY mn) 33 31 - - - - 65
year-on-year (%) 100.5 76.5 - - - - 88.0
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.9 92.5 - - - - 90.1
year-on-year (points) -2.6 2.4 - - - - -0.2
ADR actual (JPY) 12,901 15,608 - - - - 14,220
year-on-year (%) 29.6 7.0 - - - - 17.0
RevPAR actual (JPY) 11,344 14,440 - - - - 12,813
year-on-year (%) 25.9 9.8 - - - - 16.7
Gross Revenue actual (JPY mn) 65 74 - - - - 140
year-on-year (%) 22.4 9.4 - - - - 15.1
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.2 84.5 - - - - 85.9
year-on-year (points) -0.3 -9.1 - - - - -4.5
ADR actual (JPY) 17,226 19,466 - - - - 18,271
year-on-year (%) -11.0 -6.5 - - - - -9.0
RevPAR actual (JPY) 15,027 16,450 - - - - 15,703
year-on-year (%) -11.3 -15.6 - - - - -13.5
Gross Revenue actual (JPY mn) 32 32 - - - - 65
year-on-year (%) -10.9 -14.9 - - - - -12.9
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.4 95.3 - - - - 95.4
year-on-year (points) 2.4 2.2 - - - - 2.3
ADR actual (JPY) 9,824 11,199 - - - - 10,477
year-on-year (%) 5.8 -1.9 - - - - 1.8
RevPAR actual (JPY) 9,376 10,672 - - - - 9,991
year-on-year (%) 8.5 0.4 - - - - 4.3
Gross Revenue actual (JPY mn) 21 21 - - - - 42
year-on-year (%) 8.6 0.4 - - - - 4.3
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.6 95.8 - - - - 92.5
year-on-year (points) 3.9 3.8 - - - - 3.8
ADR actual (JPY) 10,209 11,774 - - - - 10,978
year-on-year (%) 1.6 3.4 - - - - 2.5
RevPAR actual (JPY) 9,144 11,277 - - - - 10,156
year-on-year (%) 6.2 7.6 - - - - 7.0
Gross Revenue actual (JPY mn) 15 17 - - - - 33
year-on-year (%) 6.4 7.6 - - - - 7.0
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 54.1 69.2 - - - - 61.3
year-on-year (points) -26.6 -14.0 - - - - -20.6
ADR actual (JPY) 6,333 7,430 - - - - 6,921
year-on-year (%) 9.9 23.1 - - - - 17.4
RevPAR actual (JPY) 3,425 5,144 - - - - 4,241
year-on-year (%) -26.4 2.5 - - - - -12.1
Gross Revenue actual (JPY mn) 13 18 - - - - 32
year-on-year (%) -26.1 2.3 - - - - -12.0
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 74.6 74.6 - - - - 74.6
year-on-year (points) -6.6 -8.6 - - - - -7.6
ADR actual (JPY) 5,774 6,037 - - - - 5,899
year-on-year (%) 4.7 4.8 - - - - 4.7
RevPAR actual (JPY) 4,309 4,503 - - - - 4,401
year-on-year (%) -3.8 -6.1 - - - - -4.9
Gross Revenue actual (JPY mn) 14 13 - - - - 27
year-on-year (%) -3.6 -5.2 - - - - -4.4
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.5 74.5 - - - - 73.5
year-on-year (points) -0.6 -5.0 - - - - -2.7
ADR actual (JPY) 9,195 9,966 - - - - 9,566
year-on-year (%) -13.8 -8.0 - - - - -11.0
RevPAR actual (JPY) 6,663 7,429 - - - - 7,027
year-on-year (%) -14.5 -13.8 - - - - -14.1
Gross Revenue actual (JPY mn) 23 23 - - - - 47
year-on-year (%) -14.4 -13.5 - - - - -14.0
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.0 90.7 - - - - 87.7
year-on-year (points) 10.6 15.9 - - - - 13.1
ADR actual (JPY) 14,974 15,308 - - - - 15,138
year-on-year (%) -11.1 -11.6 - - - - -11.3
RevPAR actual (JPY) 12,729 13,888 - - - - 13,279
year-on-year (%) 1.6 7.1 - - - - 4.3
Gross Revenue actual (JPY mn) 23 23 - - - - 47
year-on-year (%) 1.4 6.6 - - - - 3.9
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Flexstay Inn Kiyosumi Shirakawa" as of September 9, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 70.6 85.6 - - - - 77.7
year-on-year (points) -2.0 5.5 - - - - 1.6
ADR actual (JPY) 6,951 7,356 - - - - 7,163
year-on-year (%) 6.3 -1.3 - - - - 2.4
RevPAR actual (JPY) 4,904 6,299 - - - - 5,566
year-on-year (%) 3.4 5.5 - - - - 4.5
Gross Revenue actual (JPY mn) 5 6 - - - - 12
year-on-year (%) 2.8 5.9 - - - - 4.4
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 67.9 88.0 - - - - 77.4
year-on-year (points) -4.5 8.0 - - - - 1.4
ADR actual (JPY) 6,309 7,203 - - - - 6,791
year-on-year (%) 1.6 4.1 - - - - 3.5
RevPAR actual (JPY) 4,283 6,338 - - - - 5,258
year-on-year (%) -4.7 14.4 - - - - 5.3
Gross Revenue actual (JPY mn) 2 3 - - - - 6
year-on-year (%) -5.1 13.4 - - - - 4.7
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 96.5 99.7 - - - - 98.0
year-on-year (points) -1.7 -0.3 - - - - -1.0
ADR actual (JPY) 7,868 9,613 - - - - 8,710
year-on-year (%) 9.6 11.0 - - - - 10.4
RevPAR actual (JPY) 7,594 9,586 - - - - 8,539
year-on-year (%) 7.7 10.7 - - - - 9.3
Gross Revenue actual (JPY mn) 109 124 - - - - 234
year-on-year (%) 7.8 10.9 - - - - 9.4
    (Note 1) This property was acquired on February 6, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 70.9 78.8 - - - - 74.7
year-on-year (points) -2.3 4.4 - - - - 0.9
ADR actual (JPY) 6,079 6,214 - - - - 6,147
year-on-year (%) -10.5 -6.4 - - - - -8.6
RevPAR actual (JPY) 4,309 4,899 - - - - 4,589
year-on-year (%) -13.3 -0.9 - - - - -7.4
Gross Revenue actual (JPY mn) 34 34 - - - - 69
year-on-year (%) -8.7 0.9 - - - - -4.1
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" as of May 1, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.8 83.0 - - - - 82.9
year-on-year (points) 12.7 9.6 - - - - 11.2
ADR actual (JPY) 7,333 8,208 - - - - 7,749
year-on-year (%) -6.9 -3.4 - - - - -5.3
RevPAR actual (JPY) 6,074 6,812 - - - - 6,424
year-on-year (%) 10.0 9.2 - - - - 9.6
Gross Revenue actual (JPY mn) 16 16 - - - - 32
year-on-year (%) 9.3 7.1 - - - - 8.2
    (Note 1) This property was acquired on February 6, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.2 97.0 - - - - 95.5
year-on-year (points) 3.3 -0.4 - - - - 1.5
ADR actual (JPY) 11,851 12,907 - - - - 12,360
year-on-year (%) -9.2 -5.6 - - - - -7.5
RevPAR actual (JPY) 11,164 12,523 - - - - 11,809
year-on-year (%) -5.9 -6.0 - - - - -5.9
Gross Revenue actual (JPY mn) 66 66 - - - - 133
year-on-year (%) -4.8 -5.5 - - - - -5.2
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 86.0 92.3 - - - - 89.0
year-on-year (points) -4.5 -1.7 - - - - -3.2
ADR actual (JPY) 7,624 8,082 - - - - 7,850
year-on-year (%) 4.1 2.8 - - - - 3.5
RevPAR actual (JPY) 6,553 7,461 - - - - 6,984
year-on-year (%) -1.1 0.9 - - - - -0.1
Gross Revenue actual (JPY mn) 56 58 - - - - 114
year-on-year (%) 0.5 1.7 - - - - 1.1
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 93.5 93.8 - - - - 93.7
year-on-year (points) 4.0 0.6 - - - - 2.4
ADR actual (JPY) 13,283 14,645 - - - - 13,930
year-on-year (%) 2.9 2.5 - - - - 2.6
RevPAR actual (JPY) 12,426 13,734 - - - - 13,046
year-on-year (%) 7.5 3.1 - - - - 5.3
Gross Revenue actual (JPY mn) 38 37 - - - - 76
year-on-year (%) 7.9 3.6 - - - - 5.7
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.9 90.1 - - - - 86.3
year-on-year (points) -3.5 -2.3 - - - - -2.9
ADR actual (JPY) 8,056 8,545 - - - - 8,298
year-on-year (%) 5.8 3.3 - - - - 4.5
RevPAR actual (JPY) 6,677 7,696 - - - - 7,160
year-on-year (%) 1.5 0.7 - - - - 1.1
Gross Revenue actual (JPY mn) 37 39 - - - - 77
year-on-year (%) 2.5 2.3 - - - - 2.4
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.9 91.5 - - - - 85.4
year-on-year (points) -0.4 -0.4 - - - - -0.4
ADR actual (JPY) 7,391 7,714 - - - - 7,555
year-on-year (%) 3.8 3.6 - - - - 3.7
RevPAR actual (JPY) 5,904 7,060 - - - - 6,452
year-on-year (%) 3.2 3.2 - - - - 3.2
Gross Revenue actual (JPY mn) 30 33 - - - - 63
year-on-year (%) 4.4 4.6 - - - - 4.5
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Hotel Vista Shimizu" as of April 1, 2019.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.5 90.2 - - - - 87.2
year-on-year (points) 4.1 2.5 - - - - 3.4
ADR actual (JPY) 8,419 9,243 - - - - 8,823
year-on-year (%) 55.9 72.4 - - - - 64.0
RevPAR actual (JPY) 7,116 8,340 - - - - 7,697
year-on-year (%) 63.9 77.3 - - - - 70.5
Gross Revenue actual (JPY mn) 20 21 - - - - 41
year-on-year (%) 65.2 78.6 - - - - 71.9
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Flexstay Inn Higashi-Jujo" as of November 10, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 75.5 78.8 - - - - 77.1
year-on-year (points) -1.9 -6.9 - - - - -4.3
ADR actual (JPY) 9,304 9,280 - - - - 9,292
year-on-year (%) 4.4 -1.5 - - - - 1.4
RevPAR actual (JPY) 7,027 7,312 - - - - 7,162
year-on-year (%) 1.8 -9.4 - - - - -4.0
Gross Revenue actual (JPY mn) 53 53 - - - - 107
year-on-year (%) -3.4 0.6 - - - - -1.5
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.4 85.2 - - - - 80.5
year-on-year (points) -4.0 -0.4 - - - - -2.3
ADR actual (JPY) 6,518 7,267 - - - - 6,894
year-on-year (%) 16.5 8.5 - - - - 12.4
RevPAR actual (JPY) 4,977 6,189 - - - - 5,552
year-on-year (%) 10.7 8.0 - - - - 9.2
Gross Revenue actual (JPY mn) 10 11 - - - - 21
year-on-year (%) 10.4 6.6 - - - - 8.3
    (Note 1) This property was acquired on July 16, 2015.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.7 89.6 - - - - 86.0
year-on-year (points) -0.3 0.8 - - - - 0.2
ADR actual (JPY) 5,980 6,365 - - - - 6,171
year-on-year (%) 17.4 6.7 - - - - 11.8
RevPAR actual (JPY) 4,944 5,705 - - - - 5,305
year-on-year (%) 17.0 7.7 - - - - 12.0
Gross Revenue actual (JPY mn) 9 10 - - - - 19
year-on-year (%) 17.9 7.3 - - - - 12.2
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.7 82.2 - - - - 79.8
year-on-year (points) 0.9 1.2 - - - - 1.1
ADR actual (JPY) 6,838 7,457 - - - - 7,141
year-on-year (%) 1.5 4.3 - - - - 2.9
RevPAR actual (JPY) 5,311 6,129 - - - - 5,699
year-on-year (%) 2.7 5.9 - - - - 4.3
Gross Revenue actual (JPY mn) 35 36 - - - - 71
year-on-year (%) 2.5 6.4 - - - - 4.5
    (Note 1) This property was acquired on August 28, 2015.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.5 88.8 - - - - 88.1
year-on-year (points) -1.0 -4.3 - - - - -2.6
ADR actual (JPY) 12,077 12,248 - - - - 12,158
year-on-year (%) -11.8 -9.6 - - - - -10.7
RevPAR actual (JPY) 10,562 10,870 - - - - 10,708
year-on-year (%) -12.8 -13.8 - - - - -13.3
Gross Revenue actual (JPY mn) 19 18 - - - - 37
year-on-year (%) -10.9 -10.6 - - - - -10.7
    (Note 1) This property was acquired on January 22, 2016.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.2 95.4 - - - - 93.7
year-on-year (points) 1.9 3.0 - - - - 2.4
ADR actual (JPY) 13,187 15,646 - - - - 14,375
year-on-year (%) -2.3 3.3 - - - - 0.6
RevPAR actual (JPY) 12,157 14,924 - - - - 13,470
year-on-year (%) -0.3 6.7 - - - - 3.3
Gross Revenue actual (JPY mn) 160 175 - - - - 335
year-on-year (%) 0.0 6.2 - - - - 3.2
    (Note 1) INV acquired the entire portion of the Main Building and a portion of the Annex Building on March 31, 2016, and additionally acquired additional floors of the Annex Building after conversion from office space on October 31, 2017
    (Note 2) The number of rooms in this property has increased due to conversion from a locker room in Main Building (1 room) as well asconversion from an office space in Annex Building (49 rooms) on October 16, 2017
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 62.8 76.8 - - - - 69.4
year-on-year (points) 0.5 -1.0 - - - - -0.2
ADR actual (JPY) 28,580 21,717 - - - - 24,979
year-on-year (%) -0.3 4.5 - - - - 2.0
RevPAR actual (JPY) 17,948 16,671 - - - - 17,342
year-on-year (%) 0.5 3.2 - - - - 1.7
Gross Revenue actual (JPY mn) 438 409 - - - - 847
year-on-year (%) 4.6 4.1 - - - - 4.4
    (Note 1) This property was acquired on March 31, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.4 94.7 - - - - 93.0
year-on-year (points) 1.6 3.8 - - - - 2.6
ADR actual (JPY) 13,197 16,303 - - - - 14,699
year-on-year (%) 7.0 -6.0 - - - - -0.2
RevPAR actual (JPY) 12,062 15,447 - - - - 13,668
year-on-year (%) 8.8 -2.0 - - - - 2.7
Gross Revenue actual (JPY mn) 85 98 - - - - 183
year-on-year (%) 10.1 -1.0 - - - - 3.9
    (Note 1) This property was acquired on March 31, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.7 97.0 - - - - 95.8
year-on-year (points) -1.6 -0.2 - - - - -1.0
ADR actual (JPY) 15,233 16,539 - - - - 15,861
year-on-year (%) 9.3 4.2 - - - - 6.7
RevPAR actual (JPY) 14,419 16,038 - - - - 15,188
year-on-year (%) 7.4 3.9 - - - - 5.6
Gross Revenue actual (JPY mn) 47 48 - - - - 96
year-on-year (%) 7.8 5.2 - - - - 6.4
    (Note 1) This property was acquired on March 31, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.9 81.5 - - - - 77.0
year-on-year (points) 11.3 11.3 - - - - 11.3
ADR actual (JPY) 8,026 9,541 - - - - 8,787
year-on-year (%) -18.1 -1.7 - - - - -9.9
RevPAR actual (JPY) 5,848 7,773 - - - - 6,762
year-on-year (%) -3.0 14.1 - - - - 5.6
Gross Revenue actual (JPY mn) 62 70 - - - - 133
year-on-year (%) 0.5 9.9 - - - - 5.3
    (Note 1) This property was acquired on June 15, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.8 79.2 - - - - 77.9
year-on-year (points) -3.6 -5.2 - - - - -4.3
ADR actual (JPY) 9,245 9,777 - - - - 9,501
year-on-year (%) 8.7 7.3 - - - - 8.0
RevPAR actual (JPY) 7,101 7,742 - - - - 7,405
year-on-year (%) 3.8 0.7 - - - - 2.3
Gross Revenue actual (JPY mn) 59 54 - - - - 113
year-on-year (%) 5.3 -2.8 - - - - 1.3
    (Note 1) This property was acquired on June 15, 2016.
    (Note 2) This property changed its contract with its major tenant, Tokyu Hotels & Resorts Co., Ltd., to fixed-rent with variable rent lease from April 25, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.9 92.1 - - - - 90.4
year-on-year (points) -6.2 -3.4 - - - - -4.9
ADR actual (JPY) 29,139 29,835 - - - - 29,475
year-on-year (%) 10.2 11.4 - - - - 10.8
RevPAR actual (JPY) 25,904 27,464 - - - - 26,644
year-on-year (%) 3.0 7.5 - - - - 5.2
Gross Revenue actual (JPY mn) 105 99 - - - - 205
year-on-year (%) 5.1 7.4 - - - - 6.2
    (Note 1) This property was acquired on May 29, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 73.6 78.6 - - - - 76.0
year-on-year (points) -10.7 -13.3 - - - - -12.0
ADR actual (JPY) 7,296 7,447 - - - - 7,370
year-on-year (%) -0.5 -11.2 - - - - -6.2
RevPAR actual (JPY) 5,373 5,857 - - - - 5,603
year-on-year (%) -13.1 -24.1 - - - - -18.9
Gross Revenue actual (JPY mn) 113 102 - - - - 216
year-on-year (%) -5.2 -15.7 - - - - -10.5
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 86.2 93.3 - - - - 89.6
year-on-year (points) 4.5 3.5 - - - - 4.0
ADR actual (JPY) 14,441 14,624 - - - - 14,531
year-on-year (%) -13.2 -14.4 - - - - -13.8
RevPAR actual (JPY) 12,453 13,651 - - - - 13,022
year-on-year (%) -8.4 -11.0 - - - - -9.7
Gross Revenue actual (JPY mn) 101 99 - - - - 201
year-on-year (%) -7.7 -9.6 - - - - -8.6
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.4 93.5 - - - - 90.3
year-on-year (points) 1.0 4.6 - - - - 2.7
ADR actual (JPY) 13,711 15,557 - - - - 14,618
year-on-year (%) -2.2 1.2 - - - - -0.4
RevPAR actual (JPY) 11,987 14,551 - - - - 13,204
year-on-year (%) -1.1 6.4 - - - - 2.7
Gross Revenue actual (JPY mn) 219 227 - - - - 446
year-on-year (%) 3.1 11.8 - - - - 7.4
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.0 96.1 - - - - 95.0
year-on-year (points) -1.7 -0.7 - - - - -1.2
ADR actual (JPY) 14,457 24,152 - - - - 19,113
year-on-year (%) 30.2 19.5 - - - - 23.7
RevPAR actual (JPY) 13,584 23,221 - - - - 18,158
year-on-year (%) 27.9 18.7 - - - - 22.1
Gross Revenue actual (JPY mn) 105 161 - - - - 266
year-on-year (%) 27.9 18.2 - - - - 21.9
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.8 94.4 - - - - 87.8
year-on-year (points) -8.1 -1.4 - - - - -4.9
ADR actual (JPY) 9,590 11,132 - - - - 10,377
year-on-year (%) 9.9 12.7 - - - - 11.7
RevPAR actual (JPY) 7,845 10,513 - - - - 9,111
year-on-year (%) 0.0 11.1 - - - - 5.8
Gross Revenue actual (JPY mn) 41 49 - - - - 91
year-on-year (%) -0.9 10.7 - - - - 5.1
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 60.9 67.5 - - - - 64.0
year-on-year (points) 7.4 6.8 - - - - 7.1
ADR actual (JPY) 7,940 8,788 - - - - 8,364
year-on-year (%) -1.9 5.0 - - - - 1.6
RevPAR actual (JPY) 4,833 5,932 - - - - 5,354
year-on-year (%) 11.6 16.9 - - - - 14.3
Gross Revenue actual (JPY mn) 48 50 - - - - 98
year-on-year (%) 4.4 19.7 - - - - 11.7
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 65.7 74.1 - - - - 69.7
year-on-year (points) 2.1 -1.0 - - - - 0.6
ADR actual (JPY) 9,352 12,152 - - - - 10,765
year-on-year (%) -1.9 0.8 - - - - -0.7
RevPAR actual (JPY) 6,148 9,011 - - - - 7,507
year-on-year (%) 1.4 -0.6 - - - - 0.2
Gross Revenue actual (JPY mn) 71 82 - - - - 153
year-on-year (%) 12.8 11.8 - - - - 12.2
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.9 93.9 - - - - 91.3
year-on-year (points) -2.5 2.9 - - - - 0.1
ADR actual (JPY) 6,550 7,278 - - - - 6,905
year-on-year (%) -5.0 -14.0 - - - - -9.6
RevPAR actual (JPY) 5,823 6,832 - - - - 6,302
year-on-year (%) -7.6 -11.3 - - - - -9.5
Gross Revenue actual (JPY mn) 28 30 - - - - 58
year-on-year (%) -7.1 -11.1 - - - - -9.2
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.5 95.5 - - - - 95.5
year-on-year (points) 2.3 1.7 - - - - 2.0
ADR actual (JPY) 11,131 13,815 - - - - 12,405
year-on-year (%) -9.4 -2.2 - - - - -5.8
RevPAR actual (JPY) 10,628 13,196 - - - - 11,847
year-on-year (%) -7.2 -0.4 - - - - -3.8
Gross Revenue actual (JPY mn) 36 41 - - - - 77
year-on-year (%) -7.0 0.0 - - - - -3.4
    (Note 1) This property was acquired on June 27, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.8 90.4 - - - - 90.1
year-on-year (points) 8.0 5.5 - - - - 6.8
ADR actual (JPY) 10,620 14,049 - - - - 12,254
year-on-year (%) -1.5 -3.5 - - - - -2.8
RevPAR actual (JPY) 9,533 12,701 - - - - 11,037
year-on-year (%) 8.2 2.8 - - - - 5.2
Gross Revenue actual (JPY mn) 38 45 - - - - 83
year-on-year (%) 9.1 3.5 - - - - 6.0
    (Note 1) This property was acquired on June 27, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.6 93.5 - - - - 92.5
year-on-year (points) 0.1 1.0 - - - - 0.5
ADR actual (JPY) 16,362 17,925 - - - - 17,112
year-on-year (%) -13.4 -12.1 - - - - -12.7
RevPAR actual (JPY) 14,984 16,754 - - - - 15,824
year-on-year (%) -13.3 -11.1 - - - - -12.2
Gross Revenue actual (JPY mn) 167 167 - - - - 335
year-on-year (%) -11.2 -9.5 - - - - -10.3
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.8 93.1 - - - - 88.2
year-on-year (points) -2.8 2.4 - - - - -0.3
ADR actual (JPY) 12,955 18,790 - - - - 15,877
year-on-year (%) -6.1 -7.4 - - - - -6.3
RevPAR actual (JPY) 10,856 17,486 - - - - 14,003
year-on-year (%) -9.2 -4.9 - - - - -6.7
Gross Revenue actual (JPY mn) 191 253 - - - - 445
year-on-year (%) -10.9 -5.4 - - - - -7.9
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.9 96.2 - - - - 94.5
year-on-year (points) 3.5 3.7 - - - - 3.6
ADR actual (JPY) 12,771 14,198 - - - - 13,461
year-on-year (%) 3.2 -0.4 - - - - 1.4
RevPAR actual (JPY) 11,859 13,664 - - - - 12,716
year-on-year (%) 7.2 3.7 - - - - 5.4
Gross Revenue actual (JPY mn) 56 58 - - - - 115
year-on-year (%) 5.7 3.0 - - - - 4.3
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.6 82.2 - - - - 79.8
year-on-year (points) -2.2 -7.0 - - - - -4.5
ADR actual (JPY) 10,281 10,323 - - - - 10,302
year-on-year (%) -14.0 -14.1 - - - - -14.1
RevPAR actual (JPY) 7,981 8,486 - - - - 8,221
year-on-year (%) -16.4 -20.8 - - - - -18.7
Gross Revenue actual (JPY mn) 27 26 - - - - 54
year-on-year (%) -15.9 -20.4 - - - - -18.1
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.4 96.1 - - - - 95.7
year-on-year (points) -1.5 -0.3 - - - - -1.0
ADR actual (JPY) 17,351 28,107 - - - - 22,475
year-on-year (%) 17.1 12.1 - - - - 14.3
RevPAR actual (JPY) 16,549 27,011 - - - - 21,514
year-on-year (%) 15.3 11.7 - - - - 13.1
Gross Revenue actual (JPY mn) 190 260 - - - - 450
year-on-year (%) 16.4 10.8 - - - - 13.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.6 81.4 - - - - 76.8
year-on-year (points) 7.6 7.0 - - - - 7.3
ADR actual (JPY) 14,328 13,779 - - - - 14,052
year-on-year (%) -0.1 0.2 - - - - 0.1
RevPAR actual (JPY) 10,398 11,222 - - - - 10,789
year-on-year (%) 11.7 9.5 - - - - 10.6
Gross Revenue actual (JPY mn) 150 137 - - - - 287
year-on-year (%) 15.3 7.5 - - - - 11.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.3 84.4 - - - - 84.8
year-on-year (points) -2.3 -8.2 - - - - -5.1
ADR actual (JPY) 21,090 23,751 - - - - 22,346
year-on-year (%) -23.5 -4.3 - - - - -14.8
RevPAR actual (JPY) 17,979 20,038 - - - - 18,956
year-on-year (%) -25.5 -12.7 - - - - -19.6
Gross Revenue actual (JPY mn) 113 112 - - - - 225
year-on-year (%) -18.3 -7.2 - - - - -13.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.4 94.0 - - - - 92.1
year-on-year (points) -5.0 -1.2 - - - - -3.2
ADR actual (JPY) 17,854 24,432 - - - - 21,039
year-on-year (%) 3.2 10.2 - - - - 7.3
RevPAR actual (JPY) 16,145 22,962 - - - - 19,380
year-on-year (%) -2.2 8.8 - - - - 3.7
Gross Revenue actual (JPY mn) 96 115 - - - - 212
year-on-year (%) 1.3 10.0 - - - - 5.9
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 66.6 76.1 - - - - 71.1
year-on-year (points) 14.4 9.5 - - - - 12.1
ADR actual (JPY) 6,018 7,491 - - - - 6,766
year-on-year (%) -22.6 -4.0 - - - - -13.1
RevPAR actual (JPY) 4,009 5,703 - - - - 4,813
year-on-year (%) -1.3 9.7 - - - - 4.6
Gross Revenue actual (JPY mn) 27 35 - - - - 63
year-on-year (%) -11.0 23.4 - - - - 5.4
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 68.9 86.5 - - - - 77.3
year-on-year (points) 15.5 22.4 - - - - 18.8
ADR actual (JPY) 7,288 7,413 - - - - 7,355
year-on-year (%) 1.1 -0.9 - - - - 0.0
RevPAR actual (JPY) 5,024 6,413 - - - - 5,683
year-on-year (%) 30.3 33.7 - - - - 32.1
Gross Revenue actual (JPY mn) 99 98 - - - - 197
year-on-year (%) 29.2 23.8 - - - - 26.4
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.6 91.0 - - - - 90.7
year-on-year (points) 0.9 0.3 - - - - 0.6
ADR actual (JPY) 9,261 9,657 - - - - 9,449
year-on-year (%) 12.1 9.0 - - - - 10.6
RevPAR actual (JPY) 8,386 8,784 - - - - 8,575
year-on-year (%) 13.2 9.3 - - - - 11.3
Gross Revenue actual (JPY mn) 47 44 - - - - 92
year-on-year (%) 12.1 9.3 - - - - 10.7
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.0 96.0 - - - - 93.9
year-on-year (points) -3.3 2.0 - - - - -0.8
ADR actual (JPY) 18,062 23,888 - - - - 20,888
year-on-year (%) 1.6 1.0 - - - - 1.7
RevPAR actual (JPY) 16,624 22,930 - - - - 19,617
year-on-year (%) -1.8 3.1 - - - - 0.8
Gross Revenue actual (JPY mn) 67 76 - - - - 143
year-on-year (%) 0.1 -0.2 - - - - -0.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.7 91.3 - - - - 87.8
year-on-year (points) 5.3 -2.4 - - - - 1.7
ADR actual (JPY) 6,305 8,966 - - - - 7,617
year-on-year (%) 0.6 19.9 - - - - 10.6
RevPAR actual (JPY) 5,340 8,182 - - - - 6,689
year-on-year (%) 7.4 16.8 - - - - 12.7
Gross Revenue actual (JPY mn) 48 58 - - - - 106
year-on-year (%) 3.3 12.9 - - - - 8.3
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.9 88.3 - - - - 89.1
year-on-year (points) 1.6 0.4 - - - - 1.0
ADR actual (JPY) 10,608 16,526 - - - - 13,389
year-on-year (%) -3.5 9.6 - - - - 3.6
RevPAR actual (JPY) 9,539 14,590 - - - - 11,936
year-on-year (%) -1.8 10.1 - - - - 4.8
Gross Revenue actual (JPY mn) 209 203 - - - - 412
year-on-year (%) -0.9 0.8 - - - - -0.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.6 87.9 - - - - 84.6
year-on-year (points) 5.8 6.6 - - - - 6.2
ADR actual (JPY) 9,640 10,444 - - - - 10,037
year-on-year (%) 3.4 -1.8 - - - - 0.7
RevPAR actual (JPY) 7,863 9,180 - - - - 8,488
year-on-year (%) 11.3 6.2 - - - - 8.6
Gross Revenue actual (JPY mn) 70 73 - - - - 143
year-on-year (%) 9.3 5.1 - - - - 7.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 93.4 93.3 - - - - 93.4
year-on-year (points) -0.3 -3.7 - - - - -1.9
ADR actual (JPY) 11,231 19,499 - - - - 15,153
year-on-year (%) 17.5 18.4 - - - - 17.5
RevPAR actual (JPY) 10,489 18,193 - - - - 14,145
year-on-year (%) 17.1 14.0 - - - - 15.1
Gross Revenue actual (JPY mn) 37 55 - - - - 92
year-on-year (%) 16.4 11.4 - - - - 13.4
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 93.2 94.9 - - - - 94.0
year-on-year (points) -1.9 2.6 - - - - 0.2
ADR actual (JPY) 11,967 17,854 - - - - 14,788
year-on-year (%) 16.7 0.8 - - - - 7.6
RevPAR actual (JPY) 11,154 16,950 - - - - 13,905
year-on-year (%) 14.3 3.6 - - - - 7.9
Gross Revenue actual (JPY mn) 30 41 - - - - 72
year-on-year (%) 18.7 2.2 - - - - 8.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.7 94.6 - - - - 91.5
year-on-year (points) -2.4 -0.3 - - - - -1.4
ADR actual (JPY) 9,402 15,342 - - - - 12,316
year-on-year (%) 19.0 6.0 - - - - 11.1
RevPAR actual (JPY) 8,341 14,507 - - - - 11,267
year-on-year (%) 15.9 5.7 - - - - 9.5
Gross Revenue actual (JPY mn) 21 33 - - - - 54
year-on-year (%) 17.5 7.0 - - - - 10.8
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.1 91.5 - - - - 87.1
year-on-year (points) -5.1 -4.3 - - - - -4.7
ADR actual (JPY) 6,894 8,030 - - - - 7,461
year-on-year (%) -0.2 6.4 - - - - 3.3
RevPAR actual (JPY) 5,728 7,350 - - - - 6,498
year-on-year (%) -5.9 1.6 - - - - -2.0
Gross Revenue actual (JPY mn) 12 14 - - - - 27
year-on-year (%) -5.1 2.1 - - - - -1.4
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.6 81.3 - - - - 76.7
year-on-year (points) 3.8 10.3 - - - - 6.9
ADR actual (JPY) 5,703 5,968 - - - - 5,837
year-on-year (%) 7.4 -7.7 - - - - -0.6
RevPAR actual (JPY) 4,138 4,855 - - - - 4,478
year-on-year (%) 13.3 5.6 - - - - 9.2
Gross Revenue actual (JPY mn) 20 22 - - - - 43
year-on-year (%) 13.8 5.8 - - - - 9.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.7 96.6 - - - - 95.6
year-on-year (points) 0.7 -0.1 - - - - 0.3
ADR actual (JPY) 5,919 8,328 - - - - 7,074
year-on-year (%) 3.7 18.7 - - - - 11.6
RevPAR actual (JPY) 5,605 8,046 - - - - 6,764
year-on-year (%) 4.4 18.6 - - - - 11.9
Gross Revenue actual (JPY mn) 13 17 - - - - 30
year-on-year (%) -0.6 15.9 - - - - 8.0
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.7 92.2 - - - - 87.7
year-on-year (points) 2.2 -1.9 - - - - 0.3
ADR actual (JPY) 9,884 10,950 - - - - 10,416
year-on-year (%) 7.2 13.0 - - - - 10.1
RevPAR actual (JPY) 8,272 10,101 - - - - 9,140
year-on-year (%) 10.1 10.7 - - - - 10.4
Gross Revenue actual (JPY mn) 20 21 - - - - 42
year-on-year (%) 14.5 14.5 - - - - 14.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.7 80.4 - - - - 79.0
year-on-year (points) 7.0 7.0 - - - - 7.0
ADR actual (JPY) 9,518 9,305 - - - - 9,415
year-on-year (%) -2.5 -2.7 - - - - -2.6
RevPAR actual (JPY) 7,393 7,485 - - - - 7,436
year-on-year (%) 7.1 6.6 - - - - 6.9
Gross Revenue actual (JPY mn) 236 202 - - - - 439
year-on-year (%) 8.2 5.8 - - - - 7.1
    (Note 1) This property was acquired on January 6, 2020.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 80.0 87.5 - - - - 83.6
year-on-year (points) 2.1 5.6 - - - - 3.7
ADR actual (JPY) 7,944 8,122 - - - - 8,032
year-on-year (%) 0.3 -5.1 - - - - -2.4
RevPAR actual (JPY) 6,356 7,109 - - - - 6,713
year-on-year (%) 3.1 1.3 - - - - 2.2
Gross Revenue actual (JPY mn) 94 91 - - - - 185
year-on-year (%) 2.0 3.0 - - - - 2.5
    (Note 1) This property was acquired on January 6, 2020.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 59.6 69.6 - - - - 64.4
year-on-year (points) 7.8 4.9 - - - - 6.4
ADR actual (JPY) 24,765 22,445 - - - - 23,575
year-on-year (%) -9.5 1.5 - - - - -4.1
RevPAR actual (JPY) 14,765 15,620 - - - - 15,171
year-on-year (%) 4.1 9.1 - - - - 6.5
Gross Revenue actual (JPY mn) 308 300 - - - - 609
year-on-year (%) 6.0 9.7 - - - - 7.8
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 74.2 89.0 - - - - 81.2
year-on-year (points) 3.9 2.1 - - - - 3.0
ADR actual (JPY) 22,475 17,512 - - - - 19,894
year-on-year (%) -14.8 -8.9 - - - - -12.0
RevPAR actual (JPY) 16,670 15,577 - - - - 16,151
year-on-year (%) -10.1 -6.7 - - - - -8.6
Gross Revenue actual (JPY mn) 180 173 - - - - 353
year-on-year (%) 0.8 4.8 - - - - 2.7
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.6 87.9 - - - - 83.5
year-on-year (points) 0.1 1.4 - - - - 0.7
ADR actual (JPY) 7,263 8,400 - - - - 7,831
year-on-year (%) 8.2 9.2 - - - - 8.7
RevPAR actual (JPY) 5,780 7,387 - - - - 6,542
year-on-year (%) 8.2 10.9 - - - - 9.6
Gross Revenue actual (JPY mn) 31 35 - - - - 66
year-on-year (%) 7.9 10.2 - - - - 9.1
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.0 83.1 - - - - 81.0
year-on-year (points) 1.1 2.7 - - - - 1.9
ADR actual (JPY) 7,030 8,510 - - - - 7,751
year-on-year (%) -9.4 -3.4 - - - - -6.2
RevPAR actual (JPY) 5,556 7,073 - - - - 6,276
year-on-year (%) -8.1 -0.1 - - - - -4.0
Gross Revenue actual (JPY mn) 26 30 - - - - 56
year-on-year (%) -7.6 -1.1 - - - - -4.3
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.5 94.3 - - - - 91.8
year-on-year (points) 3.7 1.9 - - - - 2.8
ADR actual (JPY) 8,828 10,108 - - - - 9,452
year-on-year (%) 8.9 -13.9 - - - - -4.5
RevPAR actual (JPY) 7,897 9,531 - - - - 8,673
year-on-year (%) 13.6 -12.1 - - - - -1.4
Gross Revenue actual (JPY mn) 36 37 - - - - 73
year-on-year (%) 16.1 -9.8 - - - - 1.3
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 80.2 85.8 - - - - 82.8
year-on-year (points) 6.3 4.7 - - - - 5.6
ADR actual (JPY) 12,772 10,734 - - - - 11,770
year-on-year (%) 2.3 6.8 - - - - 4.4
RevPAR actual (JPY) 10,238 9,210 - - - - 9,750
year-on-year (%) 11.1 13.0 - - - - 11.9
Gross Revenue actual (JPY mn) 56 51 - - - - 107
year-on-year (%) 3.8 10.1 - - - - 6.7
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 66.1 80.0 - - - - 72.7
year-on-year (points) -13.6 2.7 - - - - -5.9
ADR actual (JPY) 16,495 15,566 - - - - 16,010
year-on-year (%) 4.0 -5.6 - - - - -0.9
RevPAR actual (JPY) 10,904 12,445 - - - - 11,636
year-on-year (%) -13.8 -2.3 - - - - -8.3
Gross Revenue actual (JPY mn) 506 493 - - - - 999
year-on-year (%) -2.0 1.8 - - - - -0.2
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 60.9 72.0 - - - - 66.2
year-on-year (points) -14.9 -1.1 - - - - -8.3
ADR actual (JPY) 12,994 12,652 - - - - 12,818
year-on-year (%) -0.5 -2.9 - - - - -1.8
RevPAR actual (JPY) 7,918 9,109 - - - - 8,483
year-on-year (%) -20.1 -4.4 - - - - -12.8
Gross Revenue actual (JPY mn) 235 230 - - - - 466
year-on-year (%) -7.9 -0.2 - - - - -4.2
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.9 93.2 - - - - 92.5
year-on-year (points) -1.1 -1.0 - - - - -1.0
ADR actual (JPY) 19,025 20,173 - - - - 19,574
year-on-year (%) -2.8 -2.1 - - - - -2.5
RevPAR actual (JPY) 17,477 18,807 - - - - 18,108
year-on-year (%) -4.0 -3.2 - - - - -3.6
Gross Revenue actual (JPY mn) 193 144 - - - - 338
year-on-year (%) 2.0 2.1 - - - - 2.0
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.1 93.0 - - - - 88.8
year-on-year (points) -1.8 3.9 - - - - 0.9
ADR actual (JPY) 8,767 10,948 - - - - 9,851
year-on-year (%) -1.2 -4.0 - - - - -2.4
RevPAR actual (JPY) 7,460 10,178 - - - - 8,750
year-on-year (%) -3.2 0.2 - - - - -1.4
Gross Revenue actual (JPY mn) 53 62 - - - - 116
year-on-year (%) 1.1 1.3 - - - - 1.2
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 57.5 73.5 - - - - 65.1
year-on-year (points) 2.4 -1.3 - - - - 0.7
ADR actual (JPY) 7,830 8,531 - - - - 8,206
year-on-year (%) 1.0 1.3 - - - - 1.0
RevPAR actual (JPY) 4,506 6,271 - - - - 5,344
year-on-year (%) 5.5 -0.5 - - - - 2.1
Gross Revenue actual (JPY mn) 46 58 - - - - 104
year-on-year (%) 4.6 4.6 - - - - 4.6
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.6 91.2 - - - - 87.2
year-on-year (points) 7.3 -1.2 - - - - 3.3
ADR actual (JPY) 36,397 36,422 - - - - 36,409
year-on-year (%) -6.9 13.8 - - - - 2.8
RevPAR actual (JPY) 30,420 33,229 - - - - 31,753
year-on-year (%) 1.9 12.3 - - - - 6.8
Gross Revenue actual (JPY mn) 101 95 - - - - 197
year-on-year (%) 7.7 6.6 - - - - 7.1
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.6 89.4 - - - - 86.9
year-on-year (points) -2.1 1.0 - - - - -0.6
ADR actual (JPY) 7,186 7,959 - - - - 7,564
year-on-year (%) -3.5 -12.2 - - - - -8.0
RevPAR actual (JPY) 6,078 7,114 - - - - 6,569
year-on-year (%) -5.8 -11.2 - - - - -8.7
Gross Revenue actual (JPY mn) 73 70 - - - - 144
year-on-year (%) -1.3 -6.1 - - - - -3.7
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.3 93.2 - - - - 92.2
year-on-year (points) -0.5 0.1 - - - - -0.2
ADR actual (JPY) 10,109 12,510 - - - - 11,260
year-on-year (%) -3.8 -6.8 - - - - -5.4
RevPAR actual (JPY) 9,233 11,655 - - - - 10,382
year-on-year (%) -4.3 -6.8 - - - - -5.6
Gross Revenue actual (JPY mn) 104 127 - - - - 231
year-on-year (%) 12.8 14.0 - - - - 13.5
    (Note 1) This property was acquired on July 31, 2024.
    (Note 2) There is a building operating as "Suisui Garden Ryokan" on the property site. The building is not owned by INV, but INV has agreed with the owner of the building to include the revenue from the operation of the building in the GOP of the property and collect it as part of the property's rent, assuming that INV will bear repair costs, etc. of the building. Therefore, the number of guest rooms of the property is 93, including the three guest rooms of the "Suisui Garden Ryokan".
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.4 93.2 - - - - 90.1
year-on-year (points) 0.6 7.1 - - - - 3.7
ADR actual (JPY) 10,091 21,075 - - - - 15,481
year-on-year (%) -5.4 16.9 - - - - 9.4
RevPAR actual (JPY) 8,818 19,642 - - - - 13,955
year-on-year (%) -4.7 26.5 - - - - 14.1
Gross Revenue actual (JPY mn) 68 95 - - - - 164
year-on-year (%) -0.8 15.1 - - - - 7.8
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.3 85.2 - - - - 82.1
year-on-year (points) 2.9 3.0 - - - - 3.0
ADR actual (JPY) 8,687 10,263 - - - - 9,464
year-on-year (%) -3.4 5.3 - - - - 1.1
RevPAR actual (JPY) 6,886 8,748 - - - - 7,769
year-on-year (%) 0.3 9.2 - - - - 4.9
Gross Revenue actual (JPY mn) 75 76 - - - - 151
year-on-year (%) 3.3 3.3 - - - - 3.3
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.8 88.6 - - - - 82.9
year-on-year (points) -0.8 5.8 - - - - 2.3
ADR actual (JPY) 17,643 15,491 - - - - 16,552
year-on-year (%) -2.3 2.3 - - - - -0.5
RevPAR actual (JPY) 13,730 13,728 - - - - 13,729
year-on-year (%) -3.3 9.5 - - - - 2.4
Gross Revenue actual (JPY mn) 50 48 - - - - 99
year-on-year (%) 1.2 12.8 - - - - 6.6
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.7 94.2 - - - - 88.7
year-on-year (points) 3.2 4.9 - - - - 4.0
ADR actual (JPY) 19,691 15,916 - - - - 17,788
year-on-year (%) 2.9 2.5 - - - - 2.6
RevPAR actual (JPY) 16,485 14,996 - - - - 15,778
year-on-year (%) 7.0 8.1 - - - - 7.5
Gross Revenue actual (JPY mn) 55 49 - - - - 104
year-on-year (%) 7.0 7.5 - - - - 7.2
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.1 86.1 - - - - 80.8
year-on-year (points) 3.9 2.7 - - - - 3.3
ADR actual (JPY) 17,594 14,786 - - - - 16,175
year-on-year (%) 5.9 3.2 - - - - 4.7
RevPAR actual (JPY) 13,393 12,728 - - - - 13,077
year-on-year (%) 11.6 6.6 - - - - 9.2
Gross Revenue actual (JPY mn) 166 154 - - - - 320
year-on-year (%) 17.4 12.0 - - - - 14.8
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.8 95.3 - - - - 89.8
year-on-year (points) 2.0 2.8 - - - - 2.3
ADR actual (JPY) 22,005 20,160 - - - - 21,076
year-on-year (%) 10.2 12.9 - - - - 11.5
RevPAR actual (JPY) 18,656 19,214 - - - - 18,921
year-on-year (%) 12.8 16.3 - - - - 14.4
Gross Revenue actual (JPY mn) 214 203 - - - - 418
year-on-year (%) 6.2 10.1 - - - - 8.1
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.5 96.4 - - - - 95.4
year-on-year (points) 14.7 11.7 - - - - 13.3
ADR actual (JPY) 23,511 21,309 - - - - 22,455
year-on-year (%) -1.6 3.6 - - - - 0.8
RevPAR actual (JPY) 22,217 20,537 - - - - 21,420
year-on-year (%) 16.5 17.8 - - - - 17.1
Gross Revenue actual (JPY mn) 98 88 - - - - 186
year-on-year (%) 22.0 20.2 - - - - 21.2
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.7 96.7 - - - - 94.6
year-on-year (points) -1.1 -0.7 - - - - -0.9
ADR actual (JPY) 26,157 29,073 - - - - 27,572
year-on-year (%) 10.4 13.7 - - - - 12.1
RevPAR actual (JPY) 24,259 28,113 - - - - 26,088
year-on-year (%) 9.1 12.8 - - - - 11.0
Gross Revenue actual (JPY mn) 109 109 - - - - 218
year-on-year (%) 6.6 6.9 - - - - 6.8
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 61.2 82.4 - - - - 71.3
year-on-year (points) -13.5 -2.6 - - - - -8.3
ADR actual (JPY) 23,918 20,840 - - - - 22,228
year-on-year (%) 7.5 7.8 - - - - 7.1
RevPAR actual (JPY) 14,629 17,178 - - - - 15,839
year-on-year (%) -11.9 4.6 - - - - -4.1
Gross Revenue actual (JPY mn) 69 77 - - - - 146
year-on-year (%) -9.8 4.9 - - - - -2.6
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.0 93.3 - - - - 87.9
year-on-year (points) 10.3 -0.2 - - - - 5.3
ADR actual (JPY) 6,364 6,493 - - - - 6,429
year-on-year (%) -3.9 -1.4 - - - - -2.6
RevPAR actual (JPY) 5,281 6,056 - - - - 5,649
year-on-year (%) 9.6 -1.6 - - - - 3.6
Gross Revenue actual (JPY mn) 33 34 - - - - 67
year-on-year (%) 11.1 -1.0 - - - - 4.7
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.6 86.1 - - - - 83.7
year-on-year (points) -12.3 -9.0 - - - - -10.7
ADR actual (JPY) 26,158 20,801 - - - - 23,545
year-on-year (%) 20.7 9.3 - - - - 15.3
RevPAR actual (JPY) 21,358 17,903 - - - - 19,718
year-on-year (%) 4.9 -1.0 - - - - 2.3
Gross Revenue actual (JPY mn) 76 63 - - - - 140
year-on-year (%) 2.2 -1.1 - - - - 0.7
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 65.0 84.0 - - - - 74.0
year-on-year (points) 8.1 0.8 - - - - 4.7
ADR actual (JPY) 13,490 12,541 - - - - 12,979
year-on-year (%) 8.6 26.7 - - - - 18.1
RevPAR actual (JPY) 8,770 10,534 - - - - 9,607
year-on-year (%) 24.1 28.0 - - - - 26.1
Gross Revenue actual (JPY mn) 37 46 - - - - 83
year-on-year (%) 23.1 38.5 - - - - 31.2
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.1 97.8 - - - - 95.9
year-on-year (points) 4.5 1.1 - - - - 2.9
ADR actual (JPY) 15,465 12,745 - - - - 14,148
year-on-year (%) 0.8 -0.9 - - - - 0.2
RevPAR actual (JPY) 14,556 12,461 - - - - 13,562
year-on-year (%) 5.9 0.2 - - - - 3.3
Gross Revenue actual (JPY mn) 49 42 - - - - 92
year-on-year (%) 7.6 0.9 - - - - 4.4
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.7 95.9 - - - - 92.6
year-on-year (points) 2.4 4.8 - - - - 3.6
ADR actual (JPY) 14,692 14,058 - - - - 14,380
year-on-year (%) -2.6 -1.6 - - - - -2.1
RevPAR actual (JPY) 13,175 13,481 - - - - 13,320
year-on-year (%) 0.1 3.6 - - - - 1.8
Gross Revenue actual (JPY mn) 46 46 - - - - 92
year-on-year (%) 3.6 10.2 - - - - 6.8
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.7 81.4 - - - - 78.9
year-on-year (points) -7.4 -6.0 - - - - -6.7
ADR actual (USD) 814 859 - - - - 836
year-on-year (%) 6.4 6.1 - - - - 6.3
RevPAR actual (USD) 624 699 - - - - 660
year-on-year (%) -3.0 -1.1 - - - - -2.1
Gross Revenue actual (USD'000) 10,931 11,739 - - - - 22,671
year-on-year (%) -7.0 7.1 - - - - -0.2
    (Note 1) This property was acquired on Septemer 28, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 57.9 82.7 - - - - 69.7
year-on-year (points) 20.1 37.1 - - - - 28.2
ADR actual (USD) 397 430 - - - - 416
year-on-year (%) 5.3 21.2 - - - - 13.8
RevPAR actual (USD) 230 356 - - - - 290
year-on-year (%) 61.2 119.9 - - - - 90.9
Gross Revenue actual (USD'000) 1,009 1,451 - - - - 2,460
year-on-year (%) 13.9 60.4 - - - - 37.4
    (Note 1) This property was acquired on Septemer 28, 2018.

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