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) - - - 103 (111)
Occupancy Rate actual (%) 80.5 86.6 87.6 - - - 84.8
ADR actual (JPY) 12,073 13,473 14,529 - - - 13,390
RevPAR actual (JPY) 9,715 11,669 12,721 - - - 11,358
Gross Revenue actual (JPY mn) 8,176 8,414 10,131 - - - 26,722
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 - - - 2
Occupancy Rate actual (%) 71.5 81.8 87.4 - - - 80.2
ADR actual (USD) 720 738 790 - - - 752
RevPAR actual (USD) 515 604 691 - - - 603
Gross Revenue actual (USD'000) 11,941 13,190 16,200 - - - 41,332
  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 92.8 - - - 91.7
year-on-year (points) 0.4 -1.0 1.2 - - - 0.2
ADR actual (JPY) 11,157 12,937 15,310 - - - 13,158
year-on-year (%) -5.1 -0.5 7.2 - - - 1.0
RevPAR actual (JPY) 10,115 11,863 14,209 - - - 12,069
year-on-year (%) -4.7 -1.7 8.6 - - - 1.3
Gross Revenue actual (JPY mn) 40 42 55 - - - 138
year-on-year (%) -4.0 -1.6 8.3 - - - 1.4
    (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 (%) 92.0 93.8 94.1 - - - 93.3
year-on-year (points) 6.6 5.2 5.6 - - - 5.8
ADR actual (JPY) 8,736 9,955 12,633 - - - 10,471
year-on-year (%) -2.0 -3.0 -1.5 - - - -2.2
RevPAR actual (JPY) 8,040 9,337 11,884 - - - 9,768
year-on-year (%) 5.6 2.7 4.8 - - - 4.4
Gross Revenue actual (JPY mn) 41 44 60 - - - 146
year-on-year (%) 5.4 7.3 4.4 - - - 5.5
    (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 79.8 - - - 68.3
year-on-year (points) -8.2 -8.4 -5.7 - - - -7.4
ADR actual (JPY) 9,251 9,423 16,732 - - - 12,315
year-on-year (%) -5.3 11.7 6.6 - - - 5.8
RevPAR actual (JPY) 5,040 6,692 13,354 - - - 8,417
year-on-year (%) -17.7 -0.1 -0.5 - - - -4.5
Gross Revenue actual (JPY mn) 40 48 101 - - - 190
year-on-year (%) -14.6 1.4 0.5 - - - -3.0
    (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 (%) 95.3 93.7 94.6 - - - 94.6
year-on-year (points) 2.5 -0.9 1.1 - - - 0.9
ADR actual (JPY) 12,882 15,218 17,537 - - - 15,206
year-on-year (%) -1.1 -6.3 -3.5 - - - -3.8
RevPAR actual (JPY) 12,279 14,264 16,583 - - - 14,379
year-on-year (%) 1.5 -7.3 -2.4 - - - -2.9
Gross Revenue actual (JPY mn) 81 80 102 - - - 264
year-on-year (%) 2.9 -6.0 -1.6 - - - -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 98.0 - - - 97.8
year-on-year (points) 1.1 0.7 1.9 - - - 1.2
ADR actual (JPY) 23,834 25,960 29,588 - - - 26,478
year-on-year (%) -7.6 -5.0 -7.4 - - - -6.7
RevPAR actual (JPY) 23,347 25,300 28,984 - - - 25,896
year-on-year (%) -6.5 -4.3 -5.6 - - - -5.5
Gross Revenue actual (JPY mn) 70 68 86 - - - 225
year-on-year (%) -5.9 -3.4 -5.5 - - - -5.0
    (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 (%) 79.7 83.4 89.0 - - - 84.1
year-on-year (points) -5.6 -10.0 -2.7 - - - -6.0
ADR actual (JPY) 12,368 13,099 14,026 - - - 13,198
year-on-year (%) -6.3 -5.8 -7.2 - - - -6.4
RevPAR actual (JPY) 9,858 10,929 12,480 - - - 11,094
year-on-year (%) -12.5 -15.9 -9.9 - - - -12.6
Gross Revenue actual (JPY mn) 52 51 63 - - - 166
year-on-year (%) -11.4 -15.4 -10.4 - - - -12.3
    (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 68.1 - - - 68.5
year-on-year (points) -16.7 -18.9 -23.3 - - - -19.6
ADR actual (JPY) 8,117 8,778 10,907 - - - 9,276
year-on-year (%) 11.0 5.3 31.6 - - - 16.3
RevPAR actual (JPY) 5,558 6,061 7,433 - - - 6,358
year-on-year (%) -10.8 -17.3 -1.9 - - - -9.6
Gross Revenue actual (JPY mn) 51 50 68 - - - 171
year-on-year (%) -9.4 -16.5 -3.3 - - - -9.4
    (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 (%) 67.8 70.7 79.2 - - - 72.6
year-on-year (points) -13.6 -18.0 -11.5 - - - -14.2
ADR actual (JPY) 6,937 7,019 7,780 - - - 7,279
year-on-year (%) -12.0 -13.3 -9.4 - - - -11.3
RevPAR actual (JPY) 4,705 4,962 6,165 - - - 5,288
year-on-year (%) -26.7 -30.9 -20.9 - - - -25.8
Gross Revenue actual (JPY mn) 29 28 38 - - - 96
year-on-year (%) -26.2 -30.0 -20.8 - - - -25.4
    (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 (%) 83.5 87.4 93.6 - - - 88.2
year-on-year (points) -3.3 -6.3 -2.5 - - - -3.9
ADR actual (JPY) 9,290 10,501 12,314 - - - 10,769
year-on-year (%) 9.7 7.4 6.1 - - - 7.6
RevPAR actual (JPY) 7,758 9,172 11,530 - - - 9,497
year-on-year (%) 5.5 0.2 3.4 - - - 3.0
Gross Revenue actual (JPY mn) 49 53 74 - - - 177
year-on-year (%) 2.9 -0.4 3.1 - - - 2.0
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The number of rooms in this property has increased due to conversion (4 rooms) on July 20, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.4 92.7 93.1 - - - 92.0
year-on-year (points) 32.3 35.1 2.0 - - - 22.7
ADR actual (JPY) 12,562 13,022 16,140 - - - 13,952
year-on-year (%) 27.0 11.0 12.0 - - - 12.4
RevPAR actual (JPY) 11,359 12,067 15,026 - - - 12,842
year-on-year (%) 97.6 78.7 14.5 - - - 49.3
Gross Revenue actual (JPY mn) 33 31 44 - - - 110
year-on-year (%) 100.5 76.5 16.6 - - - 50.7
    (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 (%) 87.9 92.5 92.5 - - - 90.9
year-on-year (points) -2.6 2.4 26.5 - - - 9.0
ADR actual (JPY) 12,901 15,608 15,479 - - - 14,661
year-on-year (%) 29.6 7.0 21.7 - - - 19.1
RevPAR actual (JPY) 11,344 14,440 14,325 - - - 13,334
year-on-year (%) 25.9 9.8 70.6 - - - 32.2
Gross Revenue actual (JPY mn) 65 74 82 - - - 222
year-on-year (%) 22.4 9.4 67.6 - - - 30.1
    (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 88.8 - - - 86.9
year-on-year (points) -0.3 -9.1 -6.6 - - - -5.2
ADR actual (JPY) 17,226 19,466 23,419 - - - 20,083
year-on-year (%) -11.0 -6.5 1.6 - - - -5.0
RevPAR actual (JPY) 15,027 16,450 20,797 - - - 17,458
year-on-year (%) -11.3 -15.6 -5.5 - - - -10.4
Gross Revenue actual (JPY mn) 32 32 44 - - - 110
year-on-year (%) -10.9 -14.9 -5.6 - - - -10.1
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The number of rooms in this property has increased due to conversion (9 rooms) on September 24, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.4 95.3 93.2 - - - 94.6
year-on-year (points) 2.4 2.2 0.4 - - - 1.6
ADR actual (JPY) 9,824 11,199 14,392 - - - 11,805
year-on-year (%) 5.8 -1.9 11.6 - - - 5.5
RevPAR actual (JPY) 9,376 10,672 13,418 - - - 11,171
year-on-year (%) 8.5 0.4 12.0 - - - 7.3
Gross Revenue actual (JPY mn) 21 21 30 - - - 72
year-on-year (%) 8.6 0.4 11.4 - - - 7.1
    (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 (%) 89.6 95.8 95.8 - - - 93.6
year-on-year (points) 3.9 3.8 5.7 - - - 4.5
ADR actual (JPY) 10,209 11,774 13,362 - - - 11,818
year-on-year (%) 1.6 3.4 3.8 - - - 3.1
RevPAR actual (JPY) 9,144 11,277 12,798 - - - 11,066
year-on-year (%) 6.2 7.6 10.4 - - - 8.3
Gross Revenue actual (JPY mn) 15 17 22 - - - 55
year-on-year (%) 6.4 7.6 11.7 - - - 8.8
    (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 71.6 - - - 64.8
year-on-year (points) -26.6 -14.0 - - - - -13.5
ADR actual (JPY) 6,333 7,430 8,223 - - - 7,416
year-on-year (%) 9.9 23.1 9.7 - - - 15.9
RevPAR actual (JPY) 3,425 5,144 5,889 - - - 4,809
year-on-year (%) -26.4 2.5 9.7 - - - -4.1
Gross Revenue actual (JPY mn) 13 18 23 - - - 56
year-on-year (%) -26.1 2.3 8.9 - - - -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 (%) 74.6 74.6 74.7 - - - 74.6
year-on-year (points) -6.6 -8.6 -8.7 - - - -8.0
ADR actual (JPY) 5,774 6,037 6,429 - - - 6,082
year-on-year (%) 4.7 4.8 7.3 - - - 5.6
RevPAR actual (JPY) 4,309 4,503 4,802 - - - 4,539
year-on-year (%) -3.8 -6.1 -4.0 - - - -4.6
Gross Revenue actual (JPY mn) 14 13 15 - - - 43
year-on-year (%) -3.6 -5.2 -3.6 - - - -4.1
    (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 (%) 72.5 74.5 78.5 - - - 75.2
year-on-year (points) -0.6 -5.0 -10.6 - - - -5.4
ADR actual (JPY) 9,195 9,966 10,850 - - - 10,028
year-on-year (%) -13.8 -8.0 -5.8 - - - -9.2
RevPAR actual (JPY) 6,663 7,429 8,515 - - - 7,539
year-on-year (%) -14.5 -13.8 -17.0 - - - -15.3
Gross Revenue actual (JPY mn) 23 23 29 - - - 77
year-on-year (%) -14.4 -13.5 -17.2 - - - -15.2
    (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 (%) 85.0 90.7 91.8 - - - 89.1
year-on-year (points) 10.6 15.9 6.3 - - - 10.8
ADR actual (JPY) 14,974 15,308 19,212 - - - 16,583
year-on-year (%) -11.1 -11.6 7.8 - - - -4.4
RevPAR actual (JPY) 12,729 13,888 17,636 - - - 14,780
year-on-year (%) 1.6 7.1 15.8 - - - 8.7
Gross Revenue actual (JPY mn) 23 23 32 - - - 79
year-on-year (%) 1.4 6.6 15.2 - - - 8.2
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Flexstay Inn Kiyosumi Shirakawa" and the number of rooms in this property has increased due to conversion (2 rooms) on 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 83.0 - - - 79.5
year-on-year (points) -2.0 5.5 4.6 - - - 2.6
ADR actual (JPY) 6,951 7,356 8,610 - - - 7,683
year-on-year (%) 6.3 -1.3 9.4 - - - 5.2
RevPAR actual (JPY) 4,904 6,299 7,150 - - - 6,112
year-on-year (%) 3.4 5.5 15.8 - - - 8.8
Gross Revenue actual (JPY mn) 5 6 8 - - - 21
year-on-year (%) 2.8 5.9 14.9 - - - 8.4
    (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 90.2 - - - 81.8
year-on-year (points) -4.5 8.0 8.4 - - - 3.8
ADR actual (JPY) 6,309 7,203 7,895 - - - 7,210
year-on-year (%) 1.6 4.1 -2.4 - - - 1.3
RevPAR actual (JPY) 4,283 6,338 7,120 - - - 5,899
year-on-year (%) -4.7 14.4 7.6 - - - 6.3
Gross Revenue actual (JPY mn) 2 3 4 - - - 11
year-on-year (%) -5.1 13.4 7.3 - - - 5.7
    (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 99.8 - - - 98.6
year-on-year (points) -1.7 -0.3 -0.1 - - - -0.7
ADR actual (JPY) 7,868 9,613 11,291 - - - 9,609
year-on-year (%) 9.6 11.0 8.3 - - - 9.6
RevPAR actual (JPY) 7,594 9,586 11,266 - - - 9,478
year-on-year (%) 7.7 10.7 8.2 - - - 8.9
Gross Revenue actual (JPY mn) 109 124 161 - - - 395
year-on-year (%) 7.8 10.9 8.1 - - - 8.9
    (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 76.3 - - - 75.2
year-on-year (points) -2.3 4.4 -1.4 - - - 0.1
ADR actual (JPY) 6,079 6,214 6,429 - - - 6,245
year-on-year (%) -10.5 -6.4 -0.2 - - - -5.7
RevPAR actual (JPY) 4,309 4,899 4,907 - - - 4,698
year-on-year (%) -13.3 -0.9 -2.0 - - - -5.5
Gross Revenue actual (JPY mn) 34 34 39 - - - 108
year-on-year (%) -8.7 0.9 -0.1 - - - -2.7
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" and the number of rooms in this property has increased due to conversion (6 rooms) on 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 89.5 - - - 85.2
year-on-year (points) 12.7 9.6 9.0 - - - 10.5
ADR actual (JPY) 7,333 8,208 8,270 - - - 7,937
year-on-year (%) -6.9 -3.4 -2.4 - - - -4.2
RevPAR actual (JPY) 6,074 6,812 7,403 - - - 6,761
year-on-year (%) 10.0 9.2 8.5 - - - 9.2
Gross Revenue actual (JPY mn) 16 16 19 - - - 51
year-on-year (%) 9.3 7.1 7.9 - - - 8.1
    (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 95.9 - - - 95.7
year-on-year (points) 3.3 -0.4 -0.1 - - - 1.0
ADR actual (JPY) 11,851 12,907 15,158 - - - 13,327
year-on-year (%) -9.2 -5.6 3.4 - - - -3.5
RevPAR actual (JPY) 11,164 12,523 14,543 - - - 12,750
year-on-year (%) -5.9 -6.0 3.3 - - - -2.5
Gross Revenue actual (JPY mn) 66 66 86 - - - 220
year-on-year (%) -4.8 -5.5 4.3 - - - -1.7
    (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 (%) 86.0 92.3 94.0 - - - 90.7
year-on-year (points) -4.5 -1.7 0.4 - - - -1.9
ADR actual (JPY) 7,624 8,082 9,528 - - - 8,449
year-on-year (%) 4.1 2.8 8.2 - - - 5.5
RevPAR actual (JPY) 6,553 7,461 8,959 - - - 7,664
year-on-year (%) -1.1 0.9 8.7 - - - 3.3
Gross Revenue actual (JPY mn) 56 58 76 - - - 191
year-on-year (%) 0.5 1.7 9.2 - - - 4.2
    (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 (%) 93.5 93.8 93.9 - - - 93.7
year-on-year (points) 4.0 0.6 4.6 - - - 3.2
ADR actual (JPY) 13,283 14,645 18,699 - - - 15,576
year-on-year (%) 2.9 2.5 11.4 - - - 6.2
RevPAR actual (JPY) 12,426 13,734 17,561 - - - 14,602
year-on-year (%) 7.5 3.1 17.1 - - - 9.9
Gross Revenue actual (JPY mn) 38 37 53 - - - 129
year-on-year (%) 7.9 3.6 17.4 - - - 10.2
    (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 (%) 82.9 90.1 91.5 - - - 88.1
year-on-year (points) -3.5 -2.3 -0.4 - - - -2.1
ADR actual (JPY) 8,056 8,545 10,346 - - - 9,031
year-on-year (%) 5.8 3.3 5.8 - - - 5.2
RevPAR actual (JPY) 6,677 7,696 9,465 - - - 7,954
year-on-year (%) 1.5 0.7 5.3 - - - 2.8
Gross Revenue actual (JPY mn) 37 39 53 - - - 130
year-on-year (%) 2.5 2.3 5.9 - - - 3.8
    (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 90.3 - - - 87.1
year-on-year (points) -0.4 -0.4 -0.7 - - - -0.5
ADR actual (JPY) 7,391 7,714 8,977 - - - 8,063
year-on-year (%) 3.8 3.6 10.5 - - - 6.3
RevPAR actual (JPY) 5,904 7,060 8,106 - - - 7,022
year-on-year (%) 3.2 3.2 9.6 - - - 5.7
Gross Revenue actual (JPY mn) 30 33 41 - - - 105
year-on-year (%) 4.4 4.6 8.1 - - - 5.9
    (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 91.6 - - - 88.8
year-on-year (points) 4.1 2.5 2.5 - - - 3.1
ADR actual (JPY) 8,419 9,243 11,354 - - - 9,723
year-on-year (%) 55.9 72.4 86.3 - - - 72.5
RevPAR actual (JPY) 7,116 8,340 10,405 - - - 8,630
year-on-year (%) 63.9 77.3 91.6 - - - 78.7
Gross Revenue actual (JPY mn) 20 21 29 - - - 70
year-on-year (%) 65.2 78.6 92.2 - - - 79.7
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Flexstay Inn Higashi-Jujo" and the number of rooms in this property has increased due to conversion (2 rooms) on 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 85.3 - - - 79.9
year-on-year (points) -1.9 -6.9 -3.9 - - - -4.2
ADR actual (JPY) 9,304 9,280 10,098 - - - 9,589
year-on-year (%) 4.4 -1.5 -0.7 - - - 0.6
RevPAR actual (JPY) 7,027 7,312 8,613 - - - 7,662
year-on-year (%) 1.8 -9.4 -5.0 - - - -4.4
Gross Revenue actual (JPY mn) 53 53 62 - - - 170
year-on-year (%) -3.4 0.6 -2.9 - - - -2.0
    (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 82.1 - - - 81.1
year-on-year (points) -4.0 -0.4 3.9 - - - -0.2
ADR actual (JPY) 6,518 7,267 7,469 - - - 7,094
year-on-year (%) 16.5 8.5 9.1 - - - 11.3
RevPAR actual (JPY) 4,977 6,189 6,128 - - - 5,751
year-on-year (%) 10.7 8.0 14.5 - - - 11.1
Gross Revenue actual (JPY mn) 10 11 12 - - - 33
year-on-year (%) 10.4 6.6 15.5 - - - 10.9
    (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 90.6 - - - 87.6
year-on-year (points) -0.3 0.8 1.8 - - - 0.8
ADR actual (JPY) 5,980 6,365 6,684 - - - 6,354
year-on-year (%) 17.4 6.7 5.6 - - - 9.4
RevPAR actual (JPY) 4,944 5,705 6,058 - - - 5,565
year-on-year (%) 17.0 7.7 7.8 - - - 10.4
Gross Revenue actual (JPY mn) 9 10 11 - - - 31
year-on-year (%) 17.9 7.3 7.9 - - - 10.6
    (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 80.1 - - - 79.9
year-on-year (points) 0.9 1.2 -1.0 - - - 0.3
ADR actual (JPY) 6,838 7,457 7,471 - - - 7,255
year-on-year (%) 1.5 4.3 4.2 - - - 3.4
RevPAR actual (JPY) 5,311 6,129 5,982 - - - 5,797
year-on-year (%) 2.7 5.9 2.9 - - - 3.8
Gross Revenue actual (JPY mn) 35 36 39 - - - 111
year-on-year (%) 2.5 6.4 3.1 - - - 4.0
    (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 90.9 - - - 89.1
year-on-year (points) -1.0 -4.3 -1.5 - - - -2.2
ADR actual (JPY) 12,077 12,248 14,341 - - - 12,926
year-on-year (%) -11.8 -9.6 3.1 - - - -5.8
RevPAR actual (JPY) 10,562 10,870 13,038 - - - 11,511
year-on-year (%) -12.8 -13.8 1.4 - - - -8.1
Gross Revenue actual (JPY mn) 19 18 23 - - - 60
year-on-year (%) -10.9 -10.6 2.6 - - - -6.0
    (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 94.9 - - - 94.1
year-on-year (points) 1.9 3.0 2.5 - - - 2.5
ADR actual (JPY) 13,187 15,646 17,785 - - - 15,559
year-on-year (%) -2.3 3.3 7.6 - - - 3.3
RevPAR actual (JPY) 12,157 14,924 16,885 - - - 14,646
year-on-year (%) -0.3 6.7 10.6 - - - 6.1
Gross Revenue actual (JPY mn) 160 175 220 - - - 556
year-on-year (%) 0.0 6.2 10.1 - - - 5.8
    (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 as conversion from an office space in Annex Building (49 rooms) on October 16, 2017 and further increased due to conversion (1 room) on September 12, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 62.8 76.8 94.4 - - - 78.0
year-on-year (points) 0.5 -1.0 -0.5 - - - -0.3
ADR actual (JPY) 28,580 21,717 27,419 - - - 25,996
year-on-year (%) -0.3 4.5 7.3 - - - 4.3
RevPAR actual (JPY) 17,948 16,671 25,895 - - - 20,288
year-on-year (%) 0.5 3.2 6.7 - - - 3.9
Gross Revenue actual (JPY mn) 438 409 626 - - - 1,473
year-on-year (%) 4.6 4.1 4.5 - - - 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 94.5 - - - 93.5
year-on-year (points) 1.6 3.8 2.0 - - - 2.4
ADR actual (JPY) 13,197 16,303 16,167 - - - 15,210
year-on-year (%) 7.0 -6.0 4.7 - - - 1.6
RevPAR actual (JPY) 12,062 15,447 15,271 - - - 14,220
year-on-year (%) 8.8 -2.0 7.0 - - - 4.3
Gross Revenue actual (JPY mn) 85 98 107 - - - 291
year-on-year (%) 10.1 -1.0 7.4 - - - 5.2
    (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 96.0 - - - 95.8
year-on-year (points) -1.6 -0.2 -0.7 - - - -0.9
ADR actual (JPY) 15,233 16,539 19,657 - - - 17,170
year-on-year (%) 9.3 4.2 4.4 - - - 5.8
RevPAR actual (JPY) 14,419 16,038 18,865 - - - 16,454
year-on-year (%) 7.4 3.9 3.6 - - - 4.8
Gross Revenue actual (JPY mn) 47 48 62 - - - 158
year-on-year (%) 7.8 5.2 3.8 - - - 5.4
    (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 90.8 - - - 81.7
year-on-year (points) 11.3 11.3 11.8 - - - 11.5
ADR actual (JPY) 8,026 9,541 12,088 - - - 10,051
year-on-year (%) -18.1 -1.7 4.4 - - - -3.9
RevPAR actual (JPY) 5,848 7,773 10,979 - - - 8,214
year-on-year (%) -3.0 14.1 20.0 - - - 11.8
Gross Revenue actual (JPY mn) 62 70 104 - - - 237
year-on-year (%) 0.5 9.9 17.5 - - - 10.3
    (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 44.0 - - - 67.6
year-on-year (points) -3.6 -5.2 -43.9 - - - -16.7
ADR actual (JPY) 9,245 9,777 10,346 - - - 9,670
year-on-year (%) 8.7 7.3 1.7 - - - 4.1
RevPAR actual (JPY) 7,101 7,742 4,554 - - - 6,533
year-on-year (%) 3.8 0.7 -49.1 - - - -16.5
Gross Revenue actual (JPY mn) 59 54 31 - - - 144
year-on-year (%) 5.3 -2.8 -55.7 - - - -20.7
    (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.
    (Note 3) Renovation Period: April 1, 2026 - June 30, 2026 (scheduled). This property has been closed since March 18, 2026, due to a change in tenant and operator. Therefore, the figures for March 2026 are the results of 17 days of operation from March 1, 2026 to March 17, 2026.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.9 92.1 95.2 - - - 92.0
year-on-year (points) -6.2 -3.4 0.8 - - - -2.9
ADR actual (JPY) 29,139 29,835 36,925 - - - 32,129
year-on-year (%) 10.2 11.4 17.9 - - - 13.9
RevPAR actual (JPY) 25,904 27,464 35,149 - - - 29,574
year-on-year (%) 3.0 7.5 18.9 - - - 10.4
Gross Revenue actual (JPY mn) 105 99 139 - - - 345
year-on-year (%) 5.1 7.4 19.5 - - - 11.2
    (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 84.9 - - - 79.1
year-on-year (points) -10.7 -13.3 -7.4 - - - -10.4
ADR actual (JPY) 7,296 7,447 9,069 - - - 7,998
year-on-year (%) -0.5 -11.2 -3.3 - - - -4.8
RevPAR actual (JPY) 5,373 5,857 7,695 - - - 6,323
year-on-year (%) -13.1 -24.1 -11.1 - - - -15.8
Gross Revenue actual (JPY mn) 113 102 146 - - - 362
year-on-year (%) -5.2 -15.7 0.3 - - - -6.4
    (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 (%) 86.2 93.3 91.2 - - - 90.2
year-on-year (points) 4.5 3.5 -0.8 - - - 2.4
ADR actual (JPY) 14,441 14,624 20,472 - - - 16,601
year-on-year (%) -13.2 -14.4 -0.5 - - - -8.8
RevPAR actual (JPY) 12,453 13,651 18,667 - - - 14,966
year-on-year (%) -8.4 -11.0 -1.4 - - - -6.3
Gross Revenue actual (JPY mn) 101 99 146 - - - 348
year-on-year (%) -7.7 -9.6 -0.9 - - - -5.5
    (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 (%) 87.4 93.5 93.4 - - - 91.4
year-on-year (points) 1.0 4.6 4.9 - - - 3.5
ADR actual (JPY) 13,711 15,557 19,089 - - - 16,192
year-on-year (%) -2.2 1.2 7.0 - - - 2.7
RevPAR actual (JPY) 11,987 14,551 17,838 - - - 14,800
year-on-year (%) -1.1 6.4 13.0 - - - 6.7
Gross Revenue actual (JPY mn) 219 227 300 - - - 747
year-on-year (%) 3.1 11.8 12.1 - - - 9.2
    (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 87.4 - - - 92.4
year-on-year (points) -1.7 -0.7 9.4 - - - 2.4
ADR actual (JPY) 14,457 24,152 15,197 - - - 17,838
year-on-year (%) 30.2 19.5 39.1 - - - 26.5
RevPAR actual (JPY) 13,584 23,221 13,277 - - - 16,476
year-on-year (%) 27.9 18.7 55.9 - - - 29.9
Gross Revenue actual (JPY mn) 105 161 104 - - - 371
year-on-year (%) 27.9 18.2 53.5 - - - 29.4
    (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 (%) 81.8 94.4 96.1 - - - 90.7
year-on-year (points) -8.1 -1.4 -0.3 - - - -3.3
ADR actual (JPY) 9,590 11,132 12,753 - - - 11,245
year-on-year (%) 9.9 12.7 3.7 - - - 8.6
RevPAR actual (JPY) 7,845 10,513 12,259 - - - 10,195
year-on-year (%) 0.0 11.1 3.4 - - - 4.8
Gross Revenue actual (JPY mn) 41 49 64 - - - 155
year-on-year (%) -0.9 10.7 3.2 - - - 4.3
    (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 64.4 - - - 64.1
year-on-year (points) 7.4 6.8 -1.6 - - - 4.1
ADR actual (JPY) 7,940 8,788 9,062 - - - 8,605
year-on-year (%) -1.9 5.0 15.3 - - - 6.4
RevPAR actual (JPY) 4,833 5,932 5,831 - - - 5,519
year-on-year (%) 11.6 16.9 12.5 - - - 13.7
Gross Revenue actual (JPY mn) 48 50 72 - - - 171
year-on-year (%) 4.4 19.7 21.4 - - - 15.6
    (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 65.7 - - - 68.3
year-on-year (points) 2.1 -1.0 -3.2 - - - -0.7
ADR actual (JPY) 9,352 12,152 9,494 - - - 10,344
year-on-year (%) -1.9 0.8 -0.4 - - - -0.4
RevPAR actual (JPY) 6,148 9,011 6,235 - - - 7,069
year-on-year (%) 1.4 -0.6 -4.9 - - - -1.4
Gross Revenue actual (JPY mn) 71 82 78 - - - 232
year-on-year (%) 12.8 11.8 3.4 - - - 9.1
    (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 (%) 88.9 93.9 94.1 - - - 92.2
year-on-year (points) -2.5 2.9 6.9 - - - 2.4
ADR actual (JPY) 6,550 7,278 8,434 - - - 7,442
year-on-year (%) -5.0 -14.0 3.4 - - - -4.7
RevPAR actual (JPY) 5,823 6,832 7,934 - - - 6,864
year-on-year (%) -7.6 -11.3 11.5 - - - -2.2
Gross Revenue actual (JPY mn) 28 30 38 - - - 97
year-on-year (%) -7.1 -11.1 10.1 - - - -2.4
    (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 94.8 - - - 95.3
year-on-year (points) 2.3 1.7 4.3 - - - 2.8
ADR actual (JPY) 11,131 13,815 15,895 - - - 13,601
year-on-year (%) -9.4 -2.2 1.2 - - - -3.0
RevPAR actual (JPY) 10,628 13,196 15,070 - - - 12,957
year-on-year (%) -7.2 -0.4 6.0 - - - -0.1
Gross Revenue actual (JPY mn) 36 41 52 - - - 129
year-on-year (%) -7.0 0.0 6.4 - - - 0.3
    (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 93.1 - - - 91.1
year-on-year (points) 8.0 5.5 1.1 - - - 4.9
ADR actual (JPY) 10,620 14,049 15,480 - - - 13,389
year-on-year (%) -1.5 -3.5 8.4 - - - 1.3
RevPAR actual (JPY) 9,533 12,701 14,415 - - - 12,200
year-on-year (%) 8.2 2.8 9.7 - - - 7.0
Gross Revenue actual (JPY mn) 38 45 56 - - - 140
year-on-year (%) 9.1 3.5 7.0 - - - 6.4
    (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 (%) 91.6 93.5 93.3 - - - 92.7
year-on-year (points) 0.1 1.0 0.8 - - - 0.6
ADR actual (JPY) 16,362 17,925 24,141 - - - 19,546
year-on-year (%) -13.4 -12.1 2.5 - - - -6.8
RevPAR actual (JPY) 14,984 16,754 22,512 - - - 18,127
year-on-year (%) -13.3 -11.1 3.4 - - - -6.2
Gross Revenue actual (JPY mn) 167 167 246 - - - 581
year-on-year (%) -11.2 -9.5 4.3 - - - -4.7
    (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 92.4 - - - 89.6
year-on-year (points) -2.8 2.4 11.6 - - - 3.8
ADR actual (JPY) 12,955 18,790 13,369 - - - 14,986
year-on-year (%) -6.1 -7.4 8.7 - - - -3.0
RevPAR actual (JPY) 10,856 17,486 12,352 - - - 13,434
year-on-year (%) -9.2 -4.9 24.3 - - - 1.3
Gross Revenue actual (JPY mn) 191 253 209 - - - 654
year-on-year (%) -10.9 -5.4 15.8 - - - -1.4
    (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 95.6 - - - 94.9
year-on-year (points) 3.5 3.7 3.7 - - - 3.6
ADR actual (JPY) 12,771 14,198 17,534 - - - 14,875
year-on-year (%) 3.2 -0.4 6.4 - - - 3.4
RevPAR actual (JPY) 11,859 13,664 16,768 - - - 14,111
year-on-year (%) 7.2 3.7 10.6 - - - 7.5
Gross Revenue actual (JPY mn) 56 58 78 - - - 193
year-on-year (%) 5.7 3.0 9.2 - - - 6.2
    (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 88.8 - - - 82.9
year-on-year (points) -2.2 -7.0 -3.9 - - - -4.3
ADR actual (JPY) 10,281 10,323 11,642 - - - 10,796
year-on-year (%) -14.0 -14.1 -10.2 - - - -12.6
RevPAR actual (JPY) 7,981 8,486 10,338 - - - 8,950
year-on-year (%) -16.4 -20.8 -14.0 - - - -16.9
Gross Revenue actual (JPY mn) 27 26 35 - - - 90
year-on-year (%) -15.9 -20.4 -13.9 - - - -16.5
    (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 84.7 - - - 91.9
year-on-year (points) -1.5 -0.3 2.4 - - - 0.2
ADR actual (JPY) 17,351 28,107 17,535 - - - 20,907
year-on-year (%) 17.1 12.1 21.7 - - - 15.9
RevPAR actual (JPY) 16,549 27,011 14,857 - - - 19,221
year-on-year (%) 15.3 11.7 25.3 - - - 16.1
Gross Revenue actual (JPY mn) 190 260 170 - - - 621
year-on-year (%) 16.4 10.8 21.4 - - - 15.3
    (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 (%) 72.6 81.4 91.5 - - - 81.8
year-on-year (points) 7.6 7.0 7.2 - - - 7.3
ADR actual (JPY) 14,328 13,779 16,174 - - - 14,869
year-on-year (%) -0.1 0.2 0.7 - - - 0.3
RevPAR actual (JPY) 10,398 11,222 14,794 - - - 12,169
year-on-year (%) 11.7 9.5 9.3 - - - 10.1
Gross Revenue actual (JPY mn) 150 137 182 - - - 470
year-on-year (%) 15.3 7.5 6.7 - - - 9.6
    (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 89.5 - - - 86.4
year-on-year (points) -2.3 -8.2 -1.5 - - - -3.9
ADR actual (JPY) 21,090 23,751 31,026 - - - 25,441
year-on-year (%) -23.5 -4.3 6.5 - - - -6.6
RevPAR actual (JPY) 17,979 20,038 27,753 - - - 21,986
year-on-year (%) -25.5 -12.7 4.7 - - - -10.6
Gross Revenue actual (JPY mn) 113 112 165 - - - 391
year-on-year (%) -18.3 -7.2 9.7 - - - -4.7
    (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 (%) 90.4 94.0 86.9 - - - 90.3
year-on-year (points) -5.0 -1.2 1.8 - - - -1.5
ADR actual (JPY) 17,854 24,432 15,889 - - - 19,332
year-on-year (%) 3.2 10.2 12.0 - - - 8.1
RevPAR actual (JPY) 16,145 22,962 13,808 - - - 17,461
year-on-year (%) -2.2 8.8 14.3 - - - 6.4
Gross Revenue actual (JPY mn) 96 115 85 - - - 297
year-on-year (%) 1.3 10.0 11.6 - - - 7.4
    (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 (%) 66.6 76.1 90.2 - - - 77.7
year-on-year (points) 14.4 9.5 6.1 - - - 10.0
ADR actual (JPY) 6,018 7,491 9,340 - - - 7,796
year-on-year (%) -22.6 -4.0 4.0 - - - -6.1
RevPAR actual (JPY) 4,009 5,703 8,428 - - - 6,058
year-on-year (%) -1.3 9.7 11.6 - - - 7.9
Gross Revenue actual (JPY mn) 27 35 56 - - - 119
year-on-year (%) -11.0 23.4 11.7 - - - 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 (%) 68.9 86.5 93.9 - - - 83.0
year-on-year (points) 15.5 22.4 28.6 - - - 22.2
ADR actual (JPY) 7,288 7,413 7,584 - - - 7,444
year-on-year (%) 1.1 -0.9 -6.9 - - - -2.7
RevPAR actual (JPY) 5,024 6,413 7,121 - - - 6,178
year-on-year (%) 30.3 33.7 33.9 - - - 32.8
Gross Revenue actual (JPY mn) 99 98 126 - - - 324
year-on-year (%) 29.2 23.8 21.0 - - - 24.3
    (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 (%) 90.6 91.0 92.6 - - - 91.4
year-on-year (points) 0.9 0.3 0.8 - - - 0.7
ADR actual (JPY) 9,261 9,657 11,654 - - - 10,219
year-on-year (%) 12.1 9.0 25.9 - - - 16.2
RevPAR actual (JPY) 8,386 8,784 10,791 - - - 9,338
year-on-year (%) 13.2 9.3 26.9 - - - 17.0
Gross Revenue actual (JPY mn) 47 44 60 - - - 152
year-on-year (%) 12.1 9.3 26.2 - - - 16.4
    (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 (%) 92.0 96.0 87.2 - - - 91.6
year-on-year (points) -3.3 2.0 6.0 - - - 1.6
ADR actual (JPY) 18,062 23,888 16,561 - - - 19,469
year-on-year (%) 1.6 1.0 9.2 - - - 3.2
RevPAR actual (JPY) 16,624 22,930 14,446 - - - 17,836
year-on-year (%) -1.8 3.1 17.2 - - - 4.9
Gross Revenue actual (JPY mn) 67 76 60 - - - 204
year-on-year (%) 0.1 -0.2 14.9 - - - 3.9
    (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 (%) 84.7 91.3 91.2 - - - 89.0
year-on-year (points) 5.3 -2.4 2.1 - - - 1.8
ADR actual (JPY) 6,305 8,966 6,752 - - - 7,312
year-on-year (%) 0.6 19.9 -1.6 - - - 6.3
RevPAR actual (JPY) 5,340 8,182 6,156 - - - 6,505
year-on-year (%) 7.4 16.8 0.7 - - - 8.5
Gross Revenue actual (JPY mn) 48 58 55 - - - 162
year-on-year (%) 3.3 12.9 6.1 - - - 7.5
    (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 (%) 89.9 88.3 88.6 - - - 88.9
year-on-year (points) 1.6 0.4 18.0 - - - 6.9
ADR actual (JPY) 10,608 16,526 8,970 - - - 11,874
year-on-year (%) -3.5 9.6 2.2 - - - 1.5
RevPAR actual (JPY) 9,539 14,590 7,944 - - - 10,561
year-on-year (%) -1.8 10.1 28.2 - - - 10.0
Gross Revenue actual (JPY mn) 209 203 184 - - - 597
year-on-year (%) -0.9 0.8 14.8 - - - 4.1
    (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 91.6 - - - 87.0
year-on-year (points) 5.8 6.6 3.2 - - - 5.1
ADR actual (JPY) 9,640 10,444 11,168 - - - 10,447
year-on-year (%) 3.4 -1.8 14.7 - - - 5.7
RevPAR actual (JPY) 7,863 9,180 10,227 - - - 9,087
year-on-year (%) 11.3 6.2 18.8 - - - 12.3
Gross Revenue actual (JPY mn) 70 73 85 - - - 228
year-on-year (%) 9.3 5.1 9.6 - - - 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 (%) 93.4 93.3 84.0 - - - 90.1
year-on-year (points) -0.3 -3.7 2.0 - - - -0.6
ADR actual (JPY) 11,231 19,499 10,689 - - - 13,720
year-on-year (%) 17.5 18.4 15.1 - - - 16.6
RevPAR actual (JPY) 10,489 18,193 8,975 - - - 12,364
year-on-year (%) 17.1 14.0 17.9 - - - 15.8
Gross Revenue actual (JPY mn) 37 55 32 - - - 125
year-on-year (%) 16.4 11.4 17.5 - - - 14.4
    (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 78.5 - - - 88.7
year-on-year (points) -1.9 2.6 0.6 - - - 0.3
ADR actual (JPY) 11,967 17,854 11,600 - - - 13,816
year-on-year (%) 16.7 0.8 17.2 - - - 9.9
RevPAR actual (JPY) 11,154 16,950 9,103 - - - 12,251
year-on-year (%) 14.3 3.6 18.1 - - - 10.3
Gross Revenue actual (JPY mn) 30 41 25 - - - 97
year-on-year (%) 18.7 2.2 17.0 - - - 10.6
    (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 73.3 - - - 85.2
year-on-year (points) -2.4 -0.3 4.4 - - - 0.6
ADR actual (JPY) 9,402 15,342 9,501 - - - 11,482
year-on-year (%) 19.0 6.0 10.7 - - - 10.6
RevPAR actual (JPY) 8,341 14,507 6,969 - - - 9,786
year-on-year (%) 15.9 5.7 17.8 - - - 11.4
Gross Revenue actual (JPY mn) 21 33 17 - - - 71
year-on-year (%) 17.5 7.0 18.9 - - - 12.7
    (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 (%) 83.1 91.5 91.7 - - - 88.7
year-on-year (points) -5.1 -4.3 -3.1 - - - -4.2
ADR actual (JPY) 6,894 8,030 8,822 - - - 7,946
year-on-year (%) -0.2 6.4 4.2 - - - 3.7
RevPAR actual (JPY) 5,728 7,350 8,091 - - - 7,047
year-on-year (%) -5.9 1.6 0.8 - - - -0.9
Gross Revenue actual (JPY mn) 12 14 17 - - - 45
year-on-year (%) -5.1 2.1 1.1 - - - -0.4
    (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 86.8 - - - 80.2
year-on-year (points) 3.8 10.3 14.5 - - - 9.5
ADR actual (JPY) 5,703 5,968 7,116 - - - 6,314
year-on-year (%) 7.4 -7.7 -2.1 - - - -0.8
RevPAR actual (JPY) 4,138 4,855 6,177 - - - 5,063
year-on-year (%) 13.3 5.6 17.5 - - - 12.6
Gross Revenue actual (JPY mn) 20 22 31 - - - 74
year-on-year (%) 13.8 5.8 17.8 - - - 12.8
    (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 (%) 94.7 96.6 96.8 - - - 96.0
year-on-year (points) 0.7 -0.1 0.7 - - - 0.4
ADR actual (JPY) 5,919 8,328 6,293 - - - 6,803
year-on-year (%) 3.7 18.7 -1.2 - - - 7.2
RevPAR actual (JPY) 5,605 8,046 6,090 - - - 6,532
year-on-year (%) 4.4 18.6 -0.5 - - - 7.6
Gross Revenue actual (JPY mn) 13 17 14 - - - 45
year-on-year (%) -0.6 15.9 -0.5 - - - 5.1
    (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 (%) 83.7 92.2 80.3 - - - 85.2
year-on-year (points) 2.2 -1.9 3.9 - - - 1.5
ADR actual (JPY) 9,884 10,950 9,330 - - - 10,063
year-on-year (%) 7.2 13.0 6.6 - - - 8.9
RevPAR actual (JPY) 8,272 10,101 7,494 - - - 8,573
year-on-year (%) 10.1 10.7 12.1 - - - 10.9
Gross Revenue actual (JPY mn) 20 21 17 - - - 59
year-on-year (%) 14.5 14.5 12.6 - - - 14.0
    (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 (%) 77.7 80.4 78.8 - - - 78.9
year-on-year (points) 7.0 7.0 5.4 - - - 6.5
ADR actual (JPY) 9,518 9,305 9,630 - - - 9,489
year-on-year (%) -2.5 -2.7 0.0 - - - -1.7
RevPAR actual (JPY) 7,393 7,485 7,587 - - - 7,488
year-on-year (%) 7.1 6.6 7.4 - - - 7.1
Gross Revenue actual (JPY mn) 236 202 237 - - - 676
year-on-year (%) 8.2 5.8 10.2 - - - 8.1
    (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 84.0 - - - 83.7
year-on-year (points) 2.1 5.6 1.9 - - - 3.1
ADR actual (JPY) 7,944 8,122 8,001 - - - 8,021
year-on-year (%) 0.3 -5.1 -0.9 - - - -1.9
RevPAR actual (JPY) 6,356 7,109 6,722 - - - 6,717
year-on-year (%) 3.1 1.3 1.4 - - - 1.9
Gross Revenue actual (JPY mn) 94 91 104 - - - 290
year-on-year (%) 2.0 3.0 2.6 - - - 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 85.8 - - - 71.8
year-on-year (points) 7.8 4.9 -0.7 - - - 4.0
ADR actual (JPY) 24,765 22,445 35,046 - - - 28,302
year-on-year (%) -9.5 1.5 5.7 - - - -0.2
RevPAR actual (JPY) 14,765 15,620 30,087 - - - 20,308
year-on-year (%) 4.1 9.1 4.9 - - - 5.7
Gross Revenue actual (JPY mn) 308 300 585 - - - 1,194
year-on-year (%) 6.0 9.7 3.8 - - - 5.8
    (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 84.6 - - - 82.3
year-on-year (points) 3.9 2.1 1.3 - - - 2.4
ADR actual (JPY) 22,475 17,512 22,583 - - - 20,845
year-on-year (%) -14.8 -8.9 -8.9 - - - -10.9
RevPAR actual (JPY) 16,670 15,577 19,096 - - - 17,165
year-on-year (%) -10.1 -6.7 -7.5 - - - -8.2
Gross Revenue actual (JPY mn) 180 173 207 - - - 561
year-on-year (%) 0.8 4.8 2.0 - - - 2.4
    (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 93.8 - - - 87.1
year-on-year (points) 0.1 1.4 1.4 - - - 0.9
ADR actual (JPY) 7,263 8,400 9,341 - - - 8,391
year-on-year (%) 8.2 9.2 4.6 - - - 7.0
RevPAR actual (JPY) 5,780 7,387 8,759 - - - 7,306
year-on-year (%) 8.2 10.9 6.1 - - - 8.1
Gross Revenue actual (JPY mn) 31 35 46 - - - 112
year-on-year (%) 7.9 10.2 4.6 - - - 7.2
    (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 80.6 - - - 80.8
year-on-year (points) 1.1 2.7 4.1 - - - 2.6
ADR actual (JPY) 7,030 8,510 6,930 - - - 7,469
year-on-year (%) -9.4 -3.4 -0.2 - - - -4.5
RevPAR actual (JPY) 5,556 7,073 5,584 - - - 6,038
year-on-year (%) -8.1 -0.1 5.1 - - - -1.3
Gross Revenue actual (JPY mn) 26 30 26 - - - 83
year-on-year (%) -7.6 -1.1 4.3 - - - -1.7
    (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 (%) 89.5 94.3 94.9 - - - 92.8
year-on-year (points) 3.7 1.9 1.2 - - - 2.3
ADR actual (JPY) 8,828 10,108 10,801 - - - 9,927
year-on-year (%) 8.9 -13.9 1.4 - - - -2.4
RevPAR actual (JPY) 7,897 9,531 10,247 - - - 9,215
year-on-year (%) 13.6 -12.1 2.7 - - - 0.1
Gross Revenue actual (JPY mn) 36 37 44 - - - 117
year-on-year (%) 16.1 -9.8 3.3 - - - 2.0
    (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 70.4 - - - 78.6
year-on-year (points) 6.3 4.7 1.3 - - - 4.1
ADR actual (JPY) 12,772 10,734 12,899 - - - 12,119
year-on-year (%) 2.3 6.8 16.7 - - - 8.2
RevPAR actual (JPY) 10,238 9,210 9,082 - - - 9,520
year-on-year (%) 11.1 13.0 18.9 - - - 14.1
Gross Revenue actual (JPY mn) 56 51 53 - - - 161
year-on-year (%) 3.8 10.1 13.7 - - - 9.0
    (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 82.6 - - - 76.1
year-on-year (points) -13.6 2.7 -1.0 - - - -4.2
ADR actual (JPY) 16,495 15,566 18,549 - - - 16,960
year-on-year (%) 4.0 -5.6 -1.4 - - - -0.9
RevPAR actual (JPY) 10,904 12,445 15,329 - - - 12,908
year-on-year (%) -13.8 -2.3 -2.6 - - - -6.1
Gross Revenue actual (JPY mn) 506 493 509 - - - 1,508
year-on-year (%) -2.0 1.8 -5.4 - - - -2.0
    (Note 1) This property was acquired on July 31, 2024.
    (Note 2) The number of rooms in this property has increased due to conversion (4 rooms) on December 24, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 60.9 72.0 82.1 - - - 71.7
year-on-year (points) -14.9 -1.1 -0.6 - - - -5.7
ADR actual (JPY) 12,994 12,652 12,057 - - - 12,517
year-on-year (%) -0.5 -2.9 1.2 - - - -0.9
RevPAR actual (JPY) 7,918 9,109 9,896 - - - 8,970
year-on-year (%) -20.1 -4.4 0.5 - - - -8.1
Gross Revenue actual (JPY mn) 235 230 273 - - - 739
year-on-year (%) -7.9 -0.2 5.6 - - - -0.8
    (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 (%) 91.9 93.2 94.7 - - - 93.3
year-on-year (points) -1.1 -1.0 -0.3 - - - -0.8
ADR actual (JPY) 19,025 20,173 23,883 - - - 21,081
year-on-year (%) -2.8 -2.1 5.3 - - - 0.5
RevPAR actual (JPY) 17,477 18,807 22,619 - - - 19,662
year-on-year (%) -4.0 -3.2 4.9 - - - -0.4
Gross Revenue actual (JPY mn) 193 144 172 - - - 510
year-on-year (%) 2.0 2.1 8.7 - - - 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 (%) 85.1 93.0 93.8 - - - 90.5
year-on-year (points) -1.8 3.9 10.4 - - - 4.2
ADR actual (JPY) 8,767 10,948 10,257 - - - 9,995
year-on-year (%) -1.2 -4.0 -7.1 - - - -3.9
RevPAR actual (JPY) 7,460 10,178 9,617 - - - 9,049
year-on-year (%) -3.2 0.2 4.5 - - - 0.7
Gross Revenue actual (JPY mn) 53 62 67 - - - 184
year-on-year (%) 1.1 1.3 7.9 - - - 3.6
    (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 (%) 57.5 73.5 64.6 - - - 65.0
year-on-year (points) 2.4 -1.3 -1.7 - - - -0.2
ADR actual (JPY) 7,830 8,531 7,700 - - - 8,032
year-on-year (%) 1.0 1.3 6.2 - - - 2.8
RevPAR actual (JPY) 4,506 6,271 4,977 - - - 5,217
year-on-year (%) 5.5 -0.5 3.5 - - - 2.5
Gross Revenue actual (JPY mn) 46 58 58 - - - 162
year-on-year (%) 4.6 4.6 8.3 - - - 5.9
    (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 93.4 - - - 89.3
year-on-year (points) 7.3 -1.2 -1.6 - - - 1.6
ADR actual (JPY) 36,397 36,422 36,672 - - - 36,504
year-on-year (%) -6.9 13.8 13.0 - - - 6.4
RevPAR actual (JPY) 30,420 33,229 34,241 - - - 32,610
year-on-year (%) 1.9 12.3 11.0 - - - 8.3
Gross Revenue actual (JPY mn) 101 95 112 - - - 309
year-on-year (%) 7.7 6.6 8.5 - - - 7.6
    (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 (%) 84.6 89.4 90.4 - - - 88.1
year-on-year (points) -2.1 1.0 3.0 - - - 0.6
ADR actual (JPY) 7,186 7,959 9,099 - - - 8,106
year-on-year (%) -3.5 -12.2 3.2 - - - -3.8
RevPAR actual (JPY) 6,078 7,114 8,226 - - - 7,140
year-on-year (%) -5.8 -11.2 6.7 - - - -3.1
Gross Revenue actual (JPY mn) 73 70 88 - - - 233
year-on-year (%) -1.3 -6.1 7.8 - - - 0.4
    (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 92.9 - - - 92.4
year-on-year (points) -0.5 0.1 -0.6 - - - -0.3
ADR actual (JPY) 10,109 12,510 13,278 - - - 11,959
year-on-year (%) -3.8 -6.8 4.0 - - - -2.0
RevPAR actual (JPY) 9,233 11,655 12,329 - - - 11,053
year-on-year (%) -4.3 -6.8 3.4 - - - -2.4
Gross Revenue actual (JPY mn) 104 127 149 - - - 381
year-on-year (%) 12.8 14.0 12.2 - - - 12.9
    (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 90.9 - - - 90.4
year-on-year (points) 0.6 7.1 7.6 - - - 5.0
ADR actual (JPY) 10,091 21,075 11,510 - - - 14,105
year-on-year (%) -5.4 16.9 3.2 - - - 7.4
RevPAR actual (JPY) 8,818 19,642 10,465 - - - 12,753
year-on-year (%) -4.7 26.5 12.6 - - - 13.7
Gross Revenue actual (JPY mn) 68 95 74 - - - 239
year-on-year (%) -0.8 15.1 14.2 - - - 9.8
    (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 84.9 - - - 83.1
year-on-year (points) 2.9 3.0 -0.1 - - - 1.9
ADR actual (JPY) 8,687 10,263 10,043 - - - 9,668
year-on-year (%) -3.4 5.3 1.7 - - - 1.3
RevPAR actual (JPY) 6,886 8,748 8,531 - - - 8,032
year-on-year (%) 0.3 9.2 1.6 - - - 3.7
Gross Revenue actual (JPY mn) 75 76 95 - - - 247
year-on-year (%) 3.3 3.3 6.6 - - - 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 (%) 77.8 88.6 94.3 - - - 86.9
year-on-year (points) -0.8 5.8 -0.3 - - - 1.4
ADR actual (JPY) 17,643 15,491 21,398 - - - 18,364
year-on-year (%) -2.3 2.3 4.0 - - - 1.3
RevPAR actual (JPY) 13,730 13,728 20,176 - - - 15,950
year-on-year (%) -3.3 9.5 3.6 - - - 2.9
Gross Revenue actual (JPY mn) 50 48 69 - - - 169
year-on-year (%) 1.2 12.8 -2.0 - - - 2.8
    (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 (%) 83.7 94.2 94.2 - - - 90.6
year-on-year (points) 3.2 4.9 6.5 - - - 4.9
ADR actual (JPY) 19,691 15,916 20,319 - - - 18,695
year-on-year (%) 2.9 2.5 -0.5 - - - 1.5
RevPAR actual (JPY) 16,485 14,996 19,133 - - - 16,934
year-on-year (%) 7.0 8.1 6.9 - - - 7.3
Gross Revenue actual (JPY mn) 55 49 61 - - - 165
year-on-year (%) 7.0 7.5 5.2 - - - 6.5
    (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 94.3 - - - 85.5
year-on-year (points) 3.9 2.7 5.2 - - - 4.0
ADR actual (JPY) 17,594 14,786 20,022 - - - 17,636
year-on-year (%) 5.9 3.2 4.5 - - - 4.7
RevPAR actual (JPY) 13,393 12,728 18,873 - - - 15,074
year-on-year (%) 11.6 6.6 10.6 - - - 9.8
Gross Revenue actual (JPY mn) 166 154 219 - - - 540
year-on-year (%) 17.4 12.0 14.2 - - - 14.5
    (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 89.1 - - - 89.5
year-on-year (points) 2.0 2.8 -2.4 - - - 0.7
ADR actual (JPY) 22,005 20,160 20,879 - - - 21,008
year-on-year (%) 10.2 12.9 5.8 - - - 9.4
RevPAR actual (JPY) 18,656 19,214 18,597 - - - 18,809
year-on-year (%) 12.8 16.3 3.0 - - - 10.2
Gross Revenue actual (JPY mn) 214 203 216 - - - 634
year-on-year (%) 6.2 10.1 0.7 - - - 5.4
    (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 (%) 94.5 96.4 94.6 - - - 95.1
year-on-year (points) 14.7 11.7 4.4 - - - 10.2
ADR actual (JPY) 23,511 21,309 26,316 - - - 23,778
year-on-year (%) -1.6 3.6 2.9 - - - 1.3
RevPAR actual (JPY) 22,217 20,537 24,893 - - - 22,616
year-on-year (%) 16.5 17.8 7.9 - - - 13.4
Gross Revenue actual (JPY mn) 98 88 107 - - - 293
year-on-year (%) 22.0 20.2 10.9 - - - 17.2
    (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 96.5 - - - 95.3
year-on-year (points) -1.1 -0.7 -1.0 - - - -0.9
ADR actual (JPY) 26,157 29,073 32,889 - - - 29,427
year-on-year (%) 10.4 13.7 12.8 - - - 12.4
RevPAR actual (JPY) 24,259 28,113 31,735 - - - 28,033
year-on-year (%) 9.1 12.8 11.7 - - - 11.3
Gross Revenue actual (JPY mn) 109 109 137 - - - 356
year-on-year (%) 6.6 6.9 8.4 - - - 7.4
    (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 (%) 61.2 82.4 85.1 - - - 76.0
year-on-year (points) -13.5 -2.6 -6.8 - - - -7.8
ADR actual (JPY) 23,918 20,840 22,881 - - - 22,480
year-on-year (%) 7.5 7.8 12.5 - - - 9.1
RevPAR actual (JPY) 14,629 17,178 19,476 - - - 17,092
year-on-year (%) -11.9 4.6 4.3 - - - -1.0
Gross Revenue actual (JPY mn) 69 77 99 - - - 245
year-on-year (%) -9.8 4.9 2.8 - - - -0.5
    (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 93.5 - - - 89.8
year-on-year (points) 10.3 -0.2 -2.3 - - - 2.7
ADR actual (JPY) 6,364 6,493 7,398 - - - 6,776
year-on-year (%) -3.9 -1.4 -2.1 - - - -2.7
RevPAR actual (JPY) 5,281 6,056 6,917 - - - 6,086
year-on-year (%) 9.6 -1.6 -4.4 - - - 0.3
Gross Revenue actual (JPY mn) 33 34 43 - - - 111
year-on-year (%) 11.1 -1.0 -3.8 - - - 1.2
    (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 (%) 81.6 86.1 89.4 - - - 85.7
year-on-year (points) -12.3 -9.0 -4.3 - - - -8.5
ADR actual (JPY) 26,158 20,801 28,513 - - - 25,330
year-on-year (%) 20.7 9.3 5.5 - - - 11.7
RevPAR actual (JPY) 21,358 17,903 25,497 - - - 21,709
year-on-year (%) 4.9 -1.0 0.6 - - - 1.6
Gross Revenue actual (JPY mn) 76 63 89 - - - 229
year-on-year (%) 2.2 -1.1 -1.5 - - - -0.2
    (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 (%) 65.0 84.0 84.2 - - - 77.5
year-on-year (points) 8.1 0.8 15.3 - - - 8.3
ADR actual (JPY) 13,490 12,541 14,588 - - - 13,581
year-on-year (%) 8.6 26.7 -0.8 - - - 10.8
RevPAR actual (JPY) 8,770 10,534 12,289 - - - 10,531
year-on-year (%) 24.1 28.0 21.3 - - - 24.1
Gross Revenue actual (JPY mn) 37 46 51 - - - 135
year-on-year (%) 23.1 38.5 21.0 - - - 27.1
    (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 (%) 94.1 97.8 97.4 - - - 96.4
year-on-year (points) 4.5 1.1 -0.4 - - - 1.8
ADR actual (JPY) 15,465 12,745 14,771 - - - 14,365
year-on-year (%) 0.8 -0.9 10.5 - - - 3.7
RevPAR actual (JPY) 14,556 12,461 14,390 - - - 13,847
year-on-year (%) 5.9 0.2 10.0 - - - 5.6
Gross Revenue actual (JPY mn) 49 42 52 - - - 145
year-on-year (%) 7.6 0.9 8.7 - - - 5.9
    (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 93.1 - - - 92.8
year-on-year (points) 2.4 4.8 -0.6 - - - 2.1
ADR actual (JPY) 14,692 14,058 17,296 - - - 15,388
year-on-year (%) -2.6 -1.6 3.2 - - - -0.3
RevPAR actual (JPY) 13,175 13,481 16,097 - - - 14,277
year-on-year (%) 0.1 3.6 2.6 - - - 2.1
Gross Revenue actual (JPY mn) 46 46 60 - - - 153
year-on-year (%) 3.6 10.2 9.4 - - - 7.8
    (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 89.7 - - - 82.6
year-on-year (points) -7.4 -6.0 -0.8 - - - -4.7
ADR actual (USD) 814 859 928 - - - 870
year-on-year (%) 6.4 6.1 13.0 - - - 9.0
RevPAR actual (USD) 624 699 833 - - - 719
year-on-year (%) -3.0 -1.1 12.1 - - - 3.1
Gross Revenue actual (USD'000) 10,931 11,739 14,707 - - - 37,378
year-on-year (%) -7.0 7.1 10.9 - - - 3.9
    (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 81.4 - - - 73.7
year-on-year (points) 20.1 37.1 79.2 - - - 45.7
ADR actual (USD) 397 430 396 - - - 408
year-on-year (%) 5.3 21.2 14.9 - - - 11.9
RevPAR actual (USD) 230 356 322 - - - 301
year-on-year (%) 61.2 119.9 4,315.9 - - - 195.2
Gross Revenue actual (USD'000) 1,009 1,451 1,492 - - - 3,953
year-on-year (%) 13.9 60.4 2,506.5 - - - 113.9
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) The name of this property was changed from "Sunshine Suites Resort" and the number of rooms in this property has increased due to conversion (1 room) on December 25, 2025.

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