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) 103 (111) 103 (111) 103 (111)
Occupancy Rate actual (%) 80.5 86.6 87.4 85.2 84.9 82.2 84.4
ADR actual (JPY) 12,073 13,473 14,529 14,620 15,165 12,306 13,726
RevPAR actual (JPY) 9,715 11,669 12,699 12,452 12,871 10,118 11,589
Gross Revenue actual (JPY mn) 8,176 8,414 10,131 9,456 10,172 8,213 54,564
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
# of Properties (Note2) actual - 103 (111) 103 (111) - - - - 103 (111)
Occupancy Rate actual (%) 86.7 87.6 - - - - 87.1
ADR actual (JPY) 14,886 17,569 - - - - 16,234
RevPAR actual (JPY) 12,904 15,385 - - - - 14,144
Gross Revenue actual (JPY mn) 10,222 11,819 - - - - 22,042
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 2 2 2
Occupancy Rate actual (%) 71.5 81.8 87.4 71.6 58.4 61.8 72.0
ADR actual (USD) 720 738 790 718 490 462 669
RevPAR actual (USD) 515 604 691 514 286 285 481
Gross Revenue actual (USD'000) 11,941 13,190 16,200 12,363 8,592 8,007 70,295
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
# of Properties (Note2) actual - 2 2 - - - - 2
Occupancy Rate actual (%) 66.0 43.4 - - - - 54.7
ADR actual (USD) 411 316 - - - - 373
RevPAR actual (USD) 272 137 - - - - 204
Gross Revenue actual (USD'000) 7,512 4,125 - - - - 11,638
  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 91.5 91.7 90.3 91.5
year-on-year (points) 0.4 -1.0 1.2 -1.9 -0.2 1.3 0.0
ADR actual (JPY) 11,157 12,937 15,310 17,243 14,740 11,076 13,767
year-on-year (%) -5.1 -0.5 7.2 0.0 0.5 1.4 0.6
RevPAR actual (JPY) 10,115 11,863 14,209 15,784 13,513 10,007 12,590
year-on-year (%) -4.7 -1.7 8.6 -2.0 0.4 2.9 0.6
Gross Revenue actual (JPY mn) 40 42 55 60 53 38 290
year-on-year (%) -4.0 -1.6 8.3 -1.8 0.6 3.0 0.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 91.7 89.5 - - - - 90.6
year-on-year (points) 1.6 -0.3 - - - - 0.7
ADR actual (JPY) 11,240 9,747 - - - - 10,502
year-on-year (%) 5.5 -5.2 - - - - 0.3
RevPAR actual (JPY) 10,305 8,721 - - - - 9,513
year-on-year (%) 7.4 -5.5 - - - - 1.1
Gross Revenue actual (JPY mn) 40 34 - - - - 75
year-on-year (%) 7.9 -5.0 - - - - 1.6
    (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 79.5 69.1 69.9 83.0
year-on-year (points) 6.6 5.2 5.6 -14.0 -23.8 -23.0 -7.3
ADR actual (JPY) 8,736 9,955 12,633 15,426 11,495 7,770 11,027
year-on-year (%) -2.0 -3.0 -1.5 10.3 -2.6 -17.0 -1.8
RevPAR actual (JPY) 8,040 9,337 11,884 12,270 7,940 5,428 9,150
year-on-year (%) 5.6 2.7 4.8 -6.2 -27.6 -37.5 -9.7
Gross Revenue actual (JPY mn) 41 44 60 60 40 27 274
year-on-year (%) 5.4 7.3 4.4 -5.1 -27.2 -36.6 -8.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 70.0 67.7 - - - - 68.9
year-on-year (points) -21.8 -23.2 - - - - -22.4
ADR actual (JPY) 8,080 7,629 - - - - 7,862
year-on-year (%) -11.6 -6.9 - - - - -9.3
RevPAR actual (JPY) 5,656 5,166 - - - - 5,415
year-on-year (%) -32.6 -30.7 - - - - -31.6
Gross Revenue actual (JPY mn) 29 26 - - - - 55
year-on-year (%) -31.6 -31.5 - - - - -31.6
    (Note 1) This property was acquired on May 23, 2014.
    (Note 2) Renovation Period: April 13, 2026 - February 25, 2027 (scheduled).
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 54.5 71.0 79.8 79.5 89.9 71.3 74.4
year-on-year (points) -8.2 -8.4 -5.7 -10.3 0.8 -7.5 -6.5
ADR actual (JPY) 9,251 9,423 16,732 20,178 14,259 9,302 13,632
year-on-year (%) -5.3 11.7 6.6 0.6 -3.2 -9.3 0.6
RevPAR actual (JPY) 5,040 6,692 13,354 16,037 12,824 6,629 10,139
year-on-year (%) -17.7 -0.1 -0.5 -11.0 -2.3 -17.9 -7.5
Gross Revenue actual (JPY mn) 40 48 101 118 99 52 461
year-on-year (%) -14.6 1.4 0.5 -8.0 0.9 -14.8 -5.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 76.9 67.1 - - - - 72.0
year-on-year (points) -5.8 -12.0 - - - - -8.9
ADR actual (JPY) 9,485 8,976 - - - - 9,248
year-on-year (%) -2.7 -11.1 - - - - -6.7
RevPAR actual (JPY) 7,297 6,020 - - - - 6,658
year-on-year (%) -9.6 -24.5 - - - - -17.0
Gross Revenue actual (JPY mn) 58 49 - - - - 108
year-on-year (%) -7.8 -20.4 - - - - -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 (%) 95.3 93.7 94.6 96.4 76.2 70.8 87.8
year-on-year (points) 2.5 -0.9 1.1 -0.2 -19.4 -21.3 -6.4
ADR actual (JPY) 12,882 15,218 17,537 14,191 16,514 12,627 14,871
year-on-year (%) -1.1 -6.3 -3.5 -9.1 17.9 1.0 -0.4
RevPAR actual (JPY) 12,279 14,264 16,583 13,674 12,578 8,935 13,052
year-on-year (%) 1.5 -7.3 -2.4 -9.2 -6.1 -22.4 -7.2
Gross Revenue actual (JPY mn) 81 80 102 92 76 56 490
year-on-year (%) 2.9 -6.0 -1.6 -7.8 -12.6 -24.7 -7.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 42.6 49.2 - - - - 45.9
year-on-year (points) -42.1 -43.0 - - - - -42.5
ADR actual (JPY) 12,297 13,632 - - - - 13,012
year-on-year (%) 25.6 18.5 - - - - 21.8
RevPAR actual (JPY) 5,243 6,704 - - - - 5,973
year-on-year (%) -36.8 -36.8 - - - - -36.8
Gross Revenue actual (JPY mn) 36 39 - - - - 76
year-on-year (%) -44.6 -46.4 - - - - -45.6
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) Renovation Period: May 7, 2026 - December 18, 2026 (scheduled)
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 98.0 97.5 98.0 97.6 98.3 97.3 97.8
year-on-year (points) 1.1 0.7 1.9 0.8 4.9 3.0 2.1
ADR actual (JPY) 23,834 25,960 29,588 27,242 26,700 21,800 25,871
year-on-year (%) -7.6 -5.0 -7.4 -7.6 3.2 -4.5 -5.0
RevPAR actual (JPY) 23,347 25,300 28,984 26,577 26,250 21,218 25,294
year-on-year (%) -6.5 -4.3 -5.6 -6.8 8.6 -1.4 -2.9
Gross Revenue actual (JPY mn) 70 68 86 77 78 61 442
year-on-year (%) -5.9 -3.4 -5.5 -6.0 8.2 -2.0 -2.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 97.5 98.0 - - - - 97.7
year-on-year (points) 4.9 0.8 - - - - 2.8
ADR actual (JPY) 21,864 21,951 - - - - 21,908
year-on-year (%) 10.9 2.1 - - - - 6.2
RevPAR actual (JPY) 21,308 21,503 - - - - 21,405
year-on-year (%) 16.9 2.9 - - - - 9.4
Gross Revenue actual (JPY mn) 65 65 - - - - 130
year-on-year (%) 16.5 3.1 - - - - 9.3
    (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 (%) 79.7 83.4 89.0 90.8 90.1 85.6 86.5
year-on-year (points) -5.6 -10.0 -2.7 -3.5 -5.5 -8.1 -5.8
ADR actual (JPY) 12,368 13,099 14,026 14,933 14,608 11,582 13,487
year-on-year (%) -6.3 -5.8 -7.2 -21.9 -25.3 -28.7 -17.2
RevPAR actual (JPY) 9,858 10,929 12,480 13,560 13,157 9,915 11,661
year-on-year (%) -12.5 -15.9 -9.9 -24.9 -29.6 -34.9 -22.4
Gross Revenue actual (JPY mn) 52 51 63 69 70 54 362
year-on-year (%) -11.4 -15.4 -10.4 -19.1 -23.2 -26.9 -18.4
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.9 90.5 - - - - 90.7
year-on-year (points) 1.5 5.5 - - - - 3.5
ADR actual (JPY) 11,984 12,594 - - - - 12,288
year-on-year (%) -24.9 -23.9 - - - - -24.3
RevPAR actual (JPY) 10,890 11,401 - - - - 11,146
year-on-year (%) -23.6 -19.0 - - - - -21.3
Gross Revenue actual (JPY mn) 60 67 - - - - 128
year-on-year (%) -16.3 -5.2 - - - - -10.8
    (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 66.6 65.1 64.4 66.9
year-on-year (points) -16.7 -18.9 -23.3 -25.6 -24.3 -18.2 -21.2
ADR actual (JPY) 8,117 8,778 10,907 9,811 10,237 8,113 9,339
year-on-year (%) 11.0 5.3 31.6 -3.1 14.4 6.0 10.3
RevPAR actual (JPY) 5,558 6,061 7,433 6,531 6,665 5,221 6,251
year-on-year (%) -10.8 -17.3 -1.9 -30.0 -16.7 -17.4 -16.2
Gross Revenue actual (JPY mn) 51 50 68 59 61 45 337
year-on-year (%) -9.4 -16.5 -3.3 -29.0 -15.9 -20.0 -16.1
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 73.3 76.8 - - - - 75.0
year-on-year (points) -17.6 -18.9 - - - - -18.3
ADR actual (JPY) 8,804 9,570 - - - - 9,196
year-on-year (%) 17.4 11.8 - - - - 14.4
RevPAR actual (JPY) 6,450 7,346 - - - - 6,898
year-on-year (%) -5.3 -10.3 - - - - -8.0
Gross Revenue actual (JPY mn) 58 67 - - - - 126
year-on-year (%) -8.5 -10.3 - - - - -9.5
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) Renovation Period: January 5, 2026 - August 31, 2026.
    (Note 3) The number of rooms in this property decreased by 10 on September 1, 2026.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 67.8 70.7 79.2 82.1 53.5 41.8 65.8
year-on-year (points) -13.6 -18.0 -11.5 -15.0 -39.8 -52.4 -25.1
ADR actual (JPY) 6,937 7,019 7,780 8,619 8,713 6,181 7,640
year-on-year (%) -12.0 -13.3 -9.4 -17.5 -26.0 -37.1 -19.6
RevPAR actual (JPY) 4,705 4,962 6,165 7,074 4,660 2,582 5,028
year-on-year (%) -26.7 -30.9 -20.9 -30.2 -57.6 -72.1 -41.8
Gross Revenue actual (JPY mn) 29 28 38 42 28 15 183
year-on-year (%) -26.2 -30.0 -20.8 -28.2 -57.5 -71.6 -41.1
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 45.6 39.3 - - - - 42.4
year-on-year (points) -47.7 -54.8 - - - - -51.2
ADR actual (JPY) 6,212 6,515 - - - - 6,351
year-on-year (%) -38.9 -37.9 - - - - -38.5
RevPAR actual (JPY) 2,830 2,560 - - - - 2,696
year-on-year (%) -70.1 -74.1 - - - - -72.1
Gross Revenue actual (JPY mn) 17 15 - - - - 32
year-on-year (%) -71.2 -75.2 - - - - -73.2
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) Renovation Period: May 11, 2026 - December 23, 2026 (scheduled).
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.5 87.4 93.6 87.6 87.4 86.3 87.7
year-on-year (points) -3.3 -6.3 -2.5 -5.3 -1.4 1.6 -2.8
ADR actual (JPY) 9,290 10,501 12,314 15,192 12,840 9,675 11,677
year-on-year (%) 9.7 7.4 6.1 12.2 4.9 -13.7 4.5
RevPAR actual (JPY) 7,758 9,172 11,530 13,310 11,221 8,353 10,235
year-on-year (%) 5.5 0.2 3.4 5.8 3.3 -12.1 1.3
Gross Revenue actual (JPY mn) 49 53 74 81 72 52 384
year-on-year (%) 2.9 -0.4 3.1 4.7 3.2 -10.9 0.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 91.7 92.9 - - - - 92.3
year-on-year (points) 4.8 2.0 - - - - 3.4
ADR actual (JPY) 9,970 10,366 - - - - 10,169
year-on-year (%) -10.5 -10.8 - - - - -10.7
RevPAR actual (JPY) 9,141 9,630 - - - - 9,386
year-on-year (%) -5.6 -8.9 - - - - -7.3
Gross Revenue actual (JPY mn) 59 62 - - - - 121
year-on-year (%) -5.8 -8.6 - - - - -7.2
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The number of rooms in this property increased by four 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 95.1 91.3 91.5 92.3
year-on-year (points) 32.3 35.1 2.0 0.4 -3.8 -1.7 10.4
ADR actual (JPY) 12,562 13,022 16,140 17,460 15,838 11,893 14,532
year-on-year (%) 27.0 11.0 12.0 -2.2 12.1 2.6 6.6
RevPAR actual (JPY) 11,359 12,067 15,026 16,597 14,459 10,887 13,417
year-on-year (%) 97.6 78.7 14.5 -1.8 7.6 0.7 20.1
Gross Revenue actual (JPY mn) 33 31 44 46 42 30 229
year-on-year (%) 100.5 76.5 16.6 -3.7 6.5 0.0 19.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 92.2 93.8 - - - - 93.0
year-on-year (points) -1.6 -0.9 - - - - -1.2
ADR actual (JPY) 11,540 9,786 - - - - 10,655
year-on-year (%) 2.7 -7.1 - - - - -2.1
RevPAR actual (JPY) 10,635 9,182 - - - - 9,909
year-on-year (%) 0.9 -7.9 - - - - -3.4
Gross Revenue actual (JPY mn) 30 26 - - - - 57
year-on-year (%) -2.5 -9.0 - - - - -5.6
    (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 91.3 90.9 89.8 90.8
year-on-year (points) -2.6 2.4 26.5 23.7 20.1 31.3 17.0
ADR actual (JPY) 12,901 15,608 15,479 16,325 16,049 13,414 14,972
year-on-year (%) 29.6 7.0 21.7 35.0 16.6 12.4 20.1
RevPAR actual (JPY) 11,344 14,440 14,325 14,908 14,580 12,052 13,596
year-on-year (%) 25.9 9.8 70.6 82.3 49.8 72.5 47.8
Gross Revenue actual (JPY mn) 65 74 82 82 84 67 457
year-on-year (%) 22.4 9.4 67.6 80.6 48.0 73.5 46.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 91.6 89.3 - - - - 90.4
year-on-year (points) 41.6 27.8 - - - - 34.7
ADR actual (JPY) 13,515 13,890 - - - - 13,701
year-on-year (%) 21.3 21.0 - - - - 20.9
RevPAR actual (JPY) 12,375 12,402 - - - - 12,388
year-on-year (%) 122.1 75.5 - - - - 96.1
Gross Revenue actual (JPY mn) 71 71 - - - - 142
year-on-year (%) 120.3 74.2 - - - - 94.5
    (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 91.5 93.6 94.8 90.1
year-on-year (points) -0.3 -9.1 -6.6 -3.8 -1.9 2.3 -3.2
ADR actual (JPY) 17,226 19,466 23,419 26,197 21,649 15,605 20,610
year-on-year (%) -11.0 -6.5 1.6 -11.7 6.3 -13.7 -6.1
RevPAR actual (JPY) 15,027 16,450 20,797 23,962 20,273 14,787 18,575
year-on-year (%) -11.3 -15.6 -5.5 -15.3 4.2 -11.5 -9.3
Gross Revenue actual (JPY mn) 32 32 44 50 44 31 236
year-on-year (%) -10.9 -14.9 -5.6 -14.8 4.6 -11.3 -8.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 95.2 94.5 - - - - 94.8
year-on-year (points) 4.8 2.1 - - - - 3.5
ADR actual (JPY) 18,827 15,867 - - - - 17,352
year-on-year (%) -4.5 -7.6 - - - - -5.9
RevPAR actual (JPY) 17,916 14,994 - - - - 16,455
year-on-year (%) 0.5 -5.5 - - - - -2.3
Gross Revenue actual (JPY mn) 39 33 - - - - 72
year-on-year (%) 0.7 -4.1 - - - - -1.6
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The number of rooms in this property increased by nine 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 95.6 95.4 94.6 94.9
year-on-year (points) 2.4 2.2 0.4 1.3 5.2 1.5 2.1
ADR actual (JPY) 9,824 11,199 14,392 15,266 12,589 8,994 12,054
year-on-year (%) 5.8 -1.9 11.6 19.0 0.9 -4.7 5.8
RevPAR actual (JPY) 9,376 10,672 13,418 14,602 12,013 8,511 11,443
year-on-year (%) 8.5 0.4 12.0 20.5 6.7 -3.1 8.3
Gross Revenue actual (JPY mn) 21 21 30 31 26 18 150
year-on-year (%) 8.6 0.4 11.4 20.7 6.6 -3.2 8.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 95.8 95.1 - - - - 95.5
year-on-year (points) 1.9 -0.3 - - - - 0.8
ADR actual (JPY) 8,646 7,634 - - - - 8,142
year-on-year (%) -5.9 -6.5 - - - - -6.1
RevPAR actual (JPY) 8,282 7,261 - - - - 7,771
year-on-year (%) -4.0 -6.8 - - - - -5.3
Gross Revenue actual (JPY mn) 18 16 - - - - 35
year-on-year (%) -4.1 -7.0 - - - - -5.5
    (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 95.8 95.5 95.6 94.7
year-on-year (points) 3.9 3.8 5.7 1.7 1.7 7.0 4.0
ADR actual (JPY) 10,209 11,774 13,362 15,909 13,142 10,646 12,537
year-on-year (%) 1.6 3.4 3.8 5.8 9.7 0.5 4.2
RevPAR actual (JPY) 9,144 11,277 12,798 15,243 12,556 10,182 11,867
year-on-year (%) 6.2 7.6 10.4 7.7 11.7 8.4 8.8
Gross Revenue actual (JPY mn) 15 17 22 25 21 16 119
year-on-year (%) 6.4 7.6 11.7 7.7 11.5 8.2 9.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 94.1 91.8 - - - - 93.0
year-on-year (points) 6.6 3.4 - - - - 5.0
ADR actual (JPY) 10,580 9,268 - - - - 9,932
year-on-year (%) 0.1 -0.8 - - - - -0.2
RevPAR actual (JPY) 9,959 8,507 - - - - 9,233
year-on-year (%) 7.7 3.0 - - - - 5.5
Gross Revenue actual (JPY mn) 17 14 - - - - 31
year-on-year (%) 7.4 2.5 - - - - 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 (%) 54.1 69.2 71.6 74.0 67.6 60.6 66.1
year-on-year (points) -26.6 -14.0 0.0 -3.3 -5.6 1.5 -8.0
ADR actual (JPY) 6,333 7,430 8,223 9,326 8,114 6,446 7,745
year-on-year (%) 9.9 23.1 9.7 14.4 13.9 -4.6 12.7
RevPAR actual (JPY) 3,425 5,144 5,889 6,897 5,485 3,909 5,121
year-on-year (%) -26.4 2.5 9.7 9.5 5.2 -2.1 0.6
Gross Revenue actual (JPY mn) 13 18 23 27 22 15 121
year-on-year (%) -26.1 2.3 8.9 10.0 5.3 -1.6 0.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 54.7 44.9 - - - - 49.8
year-on-year (points) -2.6 -6.9 - - - - -4.7
ADR actual (JPY) 6,293 6,311 - - - - 6,301
year-on-year (%) -3.2 0.9 - - - - -1.3
RevPAR actual (JPY) 3,442 2,834 - - - - 3,138
year-on-year (%) -7.6 -12.4 - - - - -9.8
Gross Revenue actual (JPY mn) 14 11 - - - - 25
year-on-year (%) -7.9 -11.8 - - - - -9.7
    (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 (%) 74.6 74.6 74.7 87.7 83.3 76.0 78.5
year-on-year (points) -6.6 -8.6 -8.7 -1.2 -1.4 -5.9 -5.4
ADR actual (JPY) 5,774 6,037 6,429 6,757 6,779 6,175 6,348
year-on-year (%) 4.7 4.8 7.3 5.0 8.7 2.1 5.7
RevPAR actual (JPY) 4,309 4,503 4,802 5,923 5,644 4,695 4,983
year-on-year (%) -3.8 -6.1 -4.0 3.6 6.8 -5.2 -1.1
Gross Revenue actual (JPY mn) 14 13 15 18 18 15 96
year-on-year (%) -3.6 -5.2 -3.6 3.6 8.9 -4.7 -0.4
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 88.8 84.2 - - - - 86.5
year-on-year (points) 7.8 4.1 - - - - 6.0
ADR actual (JPY) 5,844 5,745 - - - - 5,796
year-on-year (%) 2.0 1.0 - - - - 1.5
RevPAR actual (JPY) 5,190 4,836 - - - - 5,013
year-on-year (%) 11.8 6.2 - - - - 9.0
Gross Revenue actual (JPY mn) 17 16 - - - - 33
year-on-year (%) 13.3 6.2 - - - - 9.8
    (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 (%) 72.5 74.5 78.5 88.7 79.4 67.9 77.0
year-on-year (points) -0.6 -5.0 -10.6 -5.5 -8.8 -20.2 -8.4
ADR actual (JPY) 9,195 9,966 10,850 10,721 10,513 9,073 10,106
year-on-year (%) -13.8 -8.0 -5.8 -19.4 -28.8 -25.6 -17.9
RevPAR actual (JPY) 6,663 7,429 8,515 9,509 8,352 6,164 7,777
year-on-year (%) -14.5 -13.8 -17.0 -24.1 -35.8 -42.7 -26.0
Gross Revenue actual (JPY mn) 23 23 29 32 29 21 159
year-on-year (%) -14.4 -13.5 -17.2 -23.7 -35.6 -41.9 -25.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 73.8 83.5 - - - - 78.7
year-on-year (points) -15.0 -7.9 - - - - -11.5
ADR actual (JPY) 8,643 8,397 - - - - 8,513
year-on-year (%) -34.8 -40.9 - - - - -38.0
RevPAR actual (JPY) 6,377 7,016 - - - - 6,697
year-on-year (%) -45.8 -46.0 - - - - -45.9
Gross Revenue actual (JPY mn) 22 24 - - - - 47
year-on-year (%) -45.6 -45.0 - - - - -45.3
    (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 (%) 85.0 90.7 91.8 88.8 92.1 87.1 89.3
year-on-year (points) 10.6 15.9 6.3 4.0 6.8 10.0 8.9
ADR actual (JPY) 14,974 15,308 19,212 22,162 18,476 14,411 17,487
year-on-year (%) -11.1 -11.6 7.8 3.8 4.6 -1.8 -1.1
RevPAR actual (JPY) 12,729 13,888 17,636 19,686 17,023 12,548 15,607
year-on-year (%) 1.6 7.1 15.8 8.7 13.0 10.9 9.8
Gross Revenue actual (JPY mn) 23 23 32 34 31 22 168
year-on-year (%) 1.4 6.6 15.2 8.7 13.6 10.5 9.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 88.1 83.2 - - - - 85.7
year-on-year (points) 4.4 -0.1 - - - - 2.1
ADR actual (JPY) 14,843 12,968 - - - - 13,932
year-on-year (%) 2.0 -5.7 - - - - -1.6
RevPAR actual (JPY) 13,079 10,788 - - - - 11,933
year-on-year (%) 7.3 -5.8 - - - - 0.9
Gross Revenue actual (JPY mn) 24 20 - - - - 44
year-on-year (%) 6.9 -4.5 - - - - 1.4
    (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 increased by two 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 97.2 88.3 83.0 84.5
year-on-year (points) -2.0 5.5 4.6 14.8 4.5 -0.9 4.4
ADR actual (JPY) 6,951 7,356 8,610 8,117 7,766 6,804 7,638
year-on-year (%) 6.3 -1.3 9.4 -11.7 11.8 1.8 2.5
RevPAR actual (JPY) 4,904 6,299 7,150 7,888 6,860 5,646 6,457
year-on-year (%) 3.4 5.5 15.8 4.2 17.7 0.7 8.0
Gross Revenue actual (JPY mn) 5 6 8 9 8 6 45
year-on-year (%) 2.8 5.9 14.9 3.7 16.1 0.0 7.4
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.9 74.5 - - - - 79.7
year-on-year (points) 0.3 -11.6 - - - - -5.6
ADR actual (JPY) 6,552 6,488 - - - - 6,522
year-on-year (%) -0.3 0.5 - - - - 0.2
RevPAR actual (JPY) 5,565 4,835 - - - - 5,200
year-on-year (%) 0.1 -13.0 - - - - -6.4
Gross Revenue actual (JPY mn) 6 5 - - - - 12
year-on-year (%) -0.1 -12.6 - - - - -6.3
    (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 (%) 67.9 88.0 90.2 96.7 81.5 82.7 84.4
year-on-year (points) -4.5 8.0 8.4 12.6 3.7 5.5 5.5
ADR actual (JPY) 6,309 7,203 7,895 8,373 7,496 6,706 7,396
year-on-year (%) 1.6 4.1 -2.4 -15.2 1.1 -2.4 -2.9
RevPAR actual (JPY) 4,283 6,338 7,120 8,093 6,111 5,548 6,241
year-on-year (%) -4.7 14.4 7.6 -2.5 5.9 4.5 3.9
Gross Revenue actual (JPY mn) 2 3 4 5 4 3 25
year-on-year (%) -5.1 13.4 7.3 -1.4 5.8 4.9 4.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 78.6 77.7 - - - - 78.2
year-on-year (points) -5.4 1.8 - - - - -1.8
ADR actual (JPY) 6,594 6,048 - - - - 6,322
year-on-year (%) -2.0 -0.8 - - - - -1.6
RevPAR actual (JPY) 5,182 4,700 - - - - 4,941
year-on-year (%) -8.3 1.5 - - - - -3.9
Gross Revenue actual (JPY mn) 3 3 - - - - 6
year-on-year (%) -7.8 1.6 - - - - -3.5
    (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 99.1 98.8 99.5 98.9
year-on-year (points) -1.7 -0.3 -0.1 -0.9 -0.2 0.3 -0.5
ADR actual (JPY) 7,868 9,613 11,291 13,136 11,220 9,039 10,376
year-on-year (%) 9.6 11.0 8.3 10.8 12.1 -6.1 7.7
RevPAR actual (JPY) 7,594 9,586 11,266 13,015 11,090 8,991 10,260
year-on-year (%) 7.7 10.7 8.2 9.9 11.9 -5.9 7.2
Gross Revenue actual (JPY mn) 109 124 161 179 158 125 859
year-on-year (%) 7.8 10.9 8.1 9.8 11.8 -5.5 7.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 99.4 99.2 - - - - 99.3
year-on-year (points) 0.9 0.6 - - - - 0.8
ADR actual (JPY) 9,512 8,889 - - - - 9,201
year-on-year (%) -0.7 -11.0 - - - - -6.0
RevPAR actual (JPY) 9,460 8,817 - - - - 9,138
year-on-year (%) 0.3 -10.5 - - - - -5.2
Gross Revenue actual (JPY mn) 135 127 - - - - 263
year-on-year (%) 0.3 -10.1 - - - - -5.0
    (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 79.6 79.4 83.4 78.0
year-on-year (points) -2.3 4.4 -1.4 1.6 4.6 3.2 1.6
ADR actual (JPY) 6,079 6,214 6,429 10,022 10,265 9,799 8,214
year-on-year (%) -10.5 -6.4 -0.2 5.0 4.5 7.1 1.5
RevPAR actual (JPY) 4,309 4,899 4,907 7,976 8,154 8,174 6,409
year-on-year (%) -13.3 -0.9 -2.0 7.1 10.9 11.4 3.7
Gross Revenue actual (JPY mn) 34 34 39 56 59 59 284
year-on-year (%) -8.7 0.9 -0.1 6.5 9.2 10.8 4.1
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.8 85.2 - - - - 85.0
year-on-year (points) 5.1 -3.8 - - - - 0.7
ADR actual (JPY) 10,362 11,899 - - - - 11,132
year-on-year (%) 4.6 0.6 - - - - 2.0
RevPAR actual (JPY) 8,785 10,136 - - - - 9,461
year-on-year (%) 11.4 -3.6 - - - - 2.8
Gross Revenue actual (JPY mn) 64 73 - - - - 137
year-on-year (%) 11.7 -3.8 - - - - 2.9
    (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 increased by six 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 89.6 89.9 86.1 86.9
year-on-year (points) 12.7 9.6 9.0 7.0 4.6 5.9 8.1
ADR actual (JPY) 7,333 8,208 8,270 8,239 8,214 7,899 8,032
year-on-year (%) -6.9 -3.4 -2.4 -1.2 -1.0 -0.1 -2.5
RevPAR actual (JPY) 6,074 6,812 7,403 7,385 7,384 6,799 6,978
year-on-year (%) 10.0 9.2 8.5 7.1 4.4 7.3 7.6
Gross Revenue actual (JPY mn) 16 16 19 18 19 17 107
year-on-year (%) 9.3 7.1 7.9 6.6 4.6 7.0 7.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.3 85.0 - - - - 84.6
year-on-year (points) 4.7 8.3 - - - - 6.5
ADR actual (JPY) 7,480 7,126 - - - - 7,303
year-on-year (%) -0.3 -3.0 - - - - -1.7
RevPAR actual (JPY) 6,303 6,059 - - - - 6,181
year-on-year (%) 5.6 7.4 - - - - 6.5
Gross Revenue actual (JPY mn) 16 16 - - - - 32
year-on-year (%) 5.2 7.3 - - - - 6.2
    (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 95.9 94.6 94.3 92.6 94.8
year-on-year (points) 3.3 -0.4 -0.1 -1.7 -2.1 -3.0 -0.7
ADR actual (JPY) 11,851 12,907 15,158 16,486 13,528 12,236 13,707
year-on-year (%) -9.2 -5.6 3.4 -4.6 -4.2 -0.3 -3.4
RevPAR actual (JPY) 11,164 12,523 14,543 15,599 12,763 11,327 12,989
year-on-year (%) -5.9 -6.0 3.3 -6.3 -6.3 -3.5 -4.1
Gross Revenue actual (JPY mn) 66 66 86 89 74 65 450
year-on-year (%) -4.8 -5.5 4.3 -5.7 -6.5 -3.2 -3.5
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 93.8 92.2 - - - - 93.0
year-on-year (points) -0.3 -4.2 - - - - -2.2
ADR actual (JPY) 12,217 11,244 - - - - 11,735
year-on-year (%) -1.5 -3.4 - - - - -2.3
RevPAR actual (JPY) 11,456 10,371 - - - - 10,913
year-on-year (%) -1.7 -7.6 - - - - -4.6
Gross Revenue actual (JPY mn) 68 62 - - - - 130
year-on-year (%) -2.3 -8.1 - - - - -5.1
    (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 (%) 86.0 92.3 94.0 95.4 93.0 91.9 92.1
year-on-year (points) -4.5 -1.7 0.4 -0.7 0.2 -1.6 -1.3
ADR actual (JPY) 7,624 8,082 9,528 9,831 9,012 7,471 8,622
year-on-year (%) 4.1 2.8 8.2 4.2 6.2 0.4 4.6
RevPAR actual (JPY) 6,553 7,461 8,959 9,376 8,386 6,864 7,939
year-on-year (%) -1.1 0.9 8.7 3.5 6.4 -1.4 3.2
Gross Revenue actual (JPY mn) 56 58 76 77 71 57 397
year-on-year (%) 0.5 1.7 9.2 3.3 6.6 -1.0 3.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 92.8 90.1 - - - - 91.5
year-on-year (points) 0.0 -3.6 - - - - -1.8
ADR actual (JPY) 7,396 7,017 - - - - 7,210
year-on-year (%) 0.4 -3.7 - - - - -1.6
RevPAR actual (JPY) 6,862 6,325 - - - - 6,593
year-on-year (%) 0.5 -7.4 - - - - -3.5
Gross Revenue actual (JPY mn) 59 54 - - - - 113
year-on-year (%) 0.9 -7.3 - - - - -3.2
    (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 93.9 94.0 93.1 93.7
year-on-year (points) 4.0 0.6 4.6 -1.0 1.5 -1.1 1.5
ADR actual (JPY) 13,283 14,645 18,699 20,176 16,452 11,201 15,770
year-on-year (%) 2.9 2.5 11.4 4.9 10.1 -9.9 4.3
RevPAR actual (JPY) 12,426 13,734 17,561 18,942 15,472 10,427 14,778
year-on-year (%) 7.5 3.1 17.1 3.8 11.9 -10.9 6.0
Gross Revenue actual (JPY mn) 38 37 53 55 47 30 263
year-on-year (%) 7.9 3.6 17.4 4.6 12.8 -11.2 6.5
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 93.9 92.6 - - - - 93.2
year-on-year (points) -0.3 -0.7 - - - - -0.5
ADR actual (JPY) 11,746 10,155 - - - - 10,957
year-on-year (%) -1.2 -8.5 - - - - -4.7
RevPAR actual (JPY) 11,031 9,399 - - - - 10,215
year-on-year (%) -1.6 -9.2 - - - - -5.2
Gross Revenue actual (JPY mn) 33 28 - - - - 62
year-on-year (%) -2.1 -8.7 - - - - -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 (%) 82.9 90.1 91.5 92.8 89.0 87.2 88.9
year-on-year (points) -3.5 -2.3 -0.4 -2.8 -6.2 -5.5 -3.5
ADR actual (JPY) 8,056 8,545 10,346 10,588 9,060 7,554 9,065
year-on-year (%) 5.8 3.3 5.8 6.5 12.9 4.0 6.7
RevPAR actual (JPY) 6,677 7,696 9,465 9,824 8,067 6,584 8,056
year-on-year (%) 1.5 0.7 5.3 3.4 5.6 -2.2 2.7
Gross Revenue actual (JPY mn) 37 39 53 52 45 36 264
year-on-year (%) 2.5 2.3 5.9 3.0 6.9 -2.3 3.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 92.1 89.5 - - - - 90.8
year-on-year (points) 1.4 -3.2 - - - - -0.9
ADR actual (JPY) 7,628 7,098 - - - - 7,367
year-on-year (%) 0.8 -1.8 - - - - -0.4
RevPAR actual (JPY) 7,025 6,354 - - - - 6,689
year-on-year (%) 2.3 -5.2 - - - - -1.4
Gross Revenue actual (JPY mn) 39 36 - - - - 75
year-on-year (%) 2.7 -4.7 - - - - -0.9
    (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 87.5 84.6 72.1 84.2
year-on-year (points) -0.4 -0.4 -0.7 -2.9 -3.4 -7.1 -2.5
ADR actual (JPY) 7,391 7,714 8,977 7,687 9,664 7,384 8,177
year-on-year (%) 3.8 3.6 10.5 -8.5 8.6 6.6 4.1
RevPAR actual (JPY) 5,904 7,060 8,106 6,725 8,175 5,321 6,888
year-on-year (%) 3.2 3.2 9.6 -11.4 4.3 -3.0 1.1
Gross Revenue actual (JPY mn) 30 33 41 33 43 26 208
year-on-year (%) 4.4 4.6 8.1 -11.3 6.4 -5.0 1.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.1 90.9 - - - - 87.5
year-on-year (points) -4.0 3.9 - - - - -0.1
ADR actual (JPY) 8,130 9,171 - - - - 8,671
year-on-year (%) 8.0 -0.5 - - - - 3.6
RevPAR actual (JPY) 6,840 8,336 - - - - 7,588
year-on-year (%) 3.2 3.9 - - - - 3.6
Gross Revenue actual (JPY mn) 35 43 - - - - 78
year-on-year (%) 2.2 4.4 - - - - 3.4
    (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 90.9 92.3 88.6 89.7
year-on-year (points) 4.1 2.5 2.5 1.6 4.1 12.5 4.6
ADR actual (JPY) 8,419 9,243 11,354 13,858 10,774 8,067 10,332
year-on-year (%) 55.9 72.4 86.3 84.4 84.3 52.1 73.6
RevPAR actual (JPY) 7,116 8,340 10,405 12,601 9,944 7,144 9,267
year-on-year (%) 63.9 77.3 91.6 87.7 92.9 77.0 82.9
Gross Revenue actual (JPY mn) 20 21 29 34 28 19 152
year-on-year (%) 65.2 78.6 92.2 90.7 95.0 78.4 84.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.2 85.1 - - - - 87.7
year-on-year (points) 50.6 48.7 - - - - 49.6
ADR actual (JPY) 7,993 7,273 - - - - 7,643
year-on-year (%) 53.4 47.4 - - - - 50.5
RevPAR actual (JPY) 7,208 6,191 - - - - 6,699
year-on-year (%) 249.1 244.4 - - - - 246.9
Gross Revenue actual (JPY mn) 20 17 - - - - 37
year-on-year (%) 245.4 246.4 - - - - 245.9
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Flexstay Inn Higashi-Jujo" and the number of rooms in this property increased by two 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 87.4 83.9 83.6 82.4
year-on-year (points) -1.9 -6.9 -3.9 -1.5 -3.1 1.6 -2.6
ADR actual (JPY) 9,304 9,280 10,098 9,187 10,634 9,099 9,618
year-on-year (%) 4.4 -1.5 -0.7 -6.1 0.3 -5.7 -1.7
RevPAR actual (JPY) 7,027 7,312 8,613 8,028 8,922 7,604 7,929
year-on-year (%) 1.8 -9.4 -5.0 -7.7 -3.3 -3.9 -4.7
Gross Revenue actual (JPY mn) 53 53 62 53 64 58 345
year-on-year (%) -3.4 0.6 -2.9 -4.1 7.5 8.3 0.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 83.5 76.6 - - - - 80.1
year-on-year (points) -3.4 -13.1 - - - - -8.3
ADR actual (JPY) 8,385 10,048 - - - - 9,181
year-on-year (%) -18.5 -17.6 - - - - -18.4
RevPAR actual (JPY) 7,005 7,701 - - - - 7,353
year-on-year (%) -21.7 -29.6 - - - - -26.1
Gross Revenue actual (JPY mn) 56 54 - - - - 110
year-on-year (%) -6.0 -15.4 - - - - -10.8
    (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 (%) 76.4 85.2 82.1 90.1 86.7 84.3 84.0
year-on-year (points) -4.0 -0.4 3.9 2.2 0.5 2.8 0.8
ADR actual (JPY) 6,518 7,267 7,469 7,666 7,251 6,914 7,193
year-on-year (%) 16.5 8.5 9.1 7.5 8.0 0.9 8.3
RevPAR actual (JPY) 4,977 6,189 6,128 6,903 6,286 5,826 6,046
year-on-year (%) 10.7 8.0 14.5 10.2 8.5 4.4 9.3
Gross Revenue actual (JPY mn) 10 11 12 13 12 11 71
year-on-year (%) 10.4 6.6 15.5 9.6 8.7 4.9 9.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 80.0 79.7 - - - - 79.9
year-on-year (points) 0.8 6.7 - - - - 3.7
ADR actual (JPY) 6,767 6,152 - - - - 6,460
year-on-year (%) -5.1 -7.6 - - - - -6.4
RevPAR actual (JPY) 5,416 4,905 - - - - 5,161
year-on-year (%) -4.2 0.8 - - - - -1.9
Gross Revenue actual (JPY mn) 10 9 - - - - 20
year-on-year (%) -3.9 1.7 - - - - -1.3
    (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 90.6 91.8 90.0 88.2 88.8
year-on-year (points) -0.3 0.8 1.8 0.2 -1.3 0.5 0.3
ADR actual (JPY) 5,980 6,365 6,684 6,843 6,631 6,127 6,448
year-on-year (%) 17.4 6.7 5.6 6.0 10.4 5.5 8.3
RevPAR actual (JPY) 4,944 5,705 6,058 6,280 5,968 5,402 5,725
year-on-year (%) 17.0 7.7 7.8 6.2 8.9 6.1 8.7
Gross Revenue actual (JPY mn) 9 10 11 11 11 10 65
year-on-year (%) 17.9 7.3 7.9 6.3 9.0 7.4 9.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 79.2 67.8 - - - - 73.5
year-on-year (points) -7.7 -15.7 - - - - -11.7
ADR actual (JPY) 6,145 5,930 - - - - 6,046
year-on-year (%) 1.6 3.3 - - - - 2.5
RevPAR actual (JPY) 4,866 4,024 - - - - 4,445
year-on-year (%) -7.4 -16.1 - - - - -11.5
Gross Revenue actual (JPY mn) 9 7 - - - - 17
year-on-year (%) -8.0 -15.9 - - - - -11.8
    (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 (%) 77.7 82.2 80.1 91.0 89.8 83.4 84.0
year-on-year (points) 0.9 1.2 -1.0 2.2 -1.4 3.3 0.8
ADR actual (JPY) 6,838 7,457 7,471 7,157 6,830 6,633 7,057
year-on-year (%) 1.5 4.3 4.2 3.6 7.6 -1.0 3.4
RevPAR actual (JPY) 5,311 6,129 5,982 6,515 6,134 5,531 5,929
year-on-year (%) 2.7 5.9 2.9 6.2 6.0 3.0 4.5
Gross Revenue actual (JPY mn) 35 36 39 41 40 35 228
year-on-year (%) 2.5 6.4 3.1 6.1 6.3 3.2 4.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 83.2 67.0 - - - - 75.1
year-on-year (points) 1.0 -6.2 - - - - -2.6
ADR actual (JPY) 6,814 6,860 - - - - 6,834
year-on-year (%) 6.5 1.2 - - - - 3.9
RevPAR actual (JPY) 5,670 4,599 - - - - 5,134
year-on-year (%) 7.8 -7.3 - - - - 0.4
Gross Revenue actual (JPY mn) 37 30 - - - - 67
year-on-year (%) 8.5 -7.4 - - - - 0.8
    (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 91.0 87.2 83.5 88.1
year-on-year (points) -1.0 -4.3 -1.5 -4.6 -8.2 -11.0 -5.1
ADR actual (JPY) 12,077 12,248 14,341 15,229 14,364 10,354 13,160
year-on-year (%) -11.8 -9.6 3.1 -22.7 -26.5 -34.4 -18.3
RevPAR actual (JPY) 10,562 10,870 13,038 13,866 12,520 8,647 11,599
year-on-year (%) -12.8 -13.8 1.4 -26.4 -32.9 -42.0 -22.8
Gross Revenue actual (JPY mn) 19 18 23 24 22 15 123
year-on-year (%) -10.9 -10.6 2.6 -24.8 -29.3 -37.2 -19.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 83.4 94.2 - - - - 88.8
year-on-year (points) -12.1 -3.3 - - - - -7.7
ADR actual (JPY) 10,611 9,321 - - - - 9,927
year-on-year (%) -30.3 -39.7 - - - - -35.3
RevPAR actual (JPY) 8,848 8,781 - - - - 8,815
year-on-year (%) -39.1 -41.8 - - - - -40.5
Gross Revenue actual (JPY mn) 16 16 - - - - 32
year-on-year (%) -34.7 -38.9 - - - - -36.9
    (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 94.4 93.9 94.4 94.2
year-on-year (points) 1.9 3.0 2.5 -0.4 0.3 1.0 1.4
ADR actual (JPY) 13,187 15,646 17,785 20,209 16,964 13,109 16,165
year-on-year (%) -2.3 3.3 7.6 5.3 7.5 -5.9 3.0
RevPAR actual (JPY) 12,157 14,924 16,885 19,087 15,921 12,381 15,225
year-on-year (%) -0.3 6.7 10.6 4.9 7.8 -4.9 4.5
Gross Revenue actual (JPY mn) 160 175 220 240 206 161 1,164
year-on-year (%) 0.0 6.2 10.1 5.7 8.0 -2.8 4.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 94.5 94.0 - - - - 94.3
year-on-year (points) 1.5 1.7 - - - - 1.6
ADR actual (JPY) 13,660 12,356 - - - - 13,010
year-on-year (%) 0.9 -1.1 - - - - -0.1
RevPAR actual (JPY) 12,916 11,619 - - - - 12,267
year-on-year (%) 2.4 0.8 - - - - 1.7
Gross Revenue actual (JPY mn) 173 153 - - - - 327
year-on-year (%) 3.9 0.7 - - - - 2.4
    (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 increased by a total of 51 due to an addition of one room on October 16, 2017, the acquisition of an additional 49 rooms on October 31, 2017, and an addition of one 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 80.4 85.0 81.1 80.1
year-on-year (points) 0.5 -1.0 -0.5 -4.2 -1.0 -3.7 -1.6
ADR actual (JPY) 28,580 21,717 27,419 25,404 34,834 24,387 27,233
year-on-year (%) -0.3 4.5 7.3 2.9 15.9 2.4 6.3
RevPAR actual (JPY) 17,948 16,671 25,895 20,421 29,596 19,767 21,818
year-on-year (%) 0.5 3.2 6.7 -2.3 14.5 -2.0 4.2
Gross Revenue actual (JPY mn) 438 409 626 502 651 500 3,128
year-on-year (%) 4.6 4.1 4.5 -1.4 8.8 -2.3 3.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 98.5 99.7 - - - - 99.1
year-on-year (points) 1.2 -0.2 - - - - 0.5
ADR actual (JPY) 35,292 62,678 - - - - 49,064
year-on-year (%) 1.3 3.0 - - - - 2.2
RevPAR actual (JPY) 34,774 62,482 - - - - 48,628
year-on-year (%) 2.6 2.8 - - - - 2.7
Gross Revenue actual (JPY mn) 712 1,042 - - - - 1,754
year-on-year (%) 3.7 1.7 - - - - 2.5
    (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 93.6 92.2 93.2 93.2
year-on-year (points) 1.6 3.8 2.0 1.9 0.0 5.0 2.3
ADR actual (JPY) 13,197 16,303 16,167 17,266 16,565 13,608 15,516
year-on-year (%) 7.0 -6.0 4.7 16.4 8.6 2.4 5.4
RevPAR actual (JPY) 12,062 15,447 15,271 16,160 15,274 12,686 14,468
year-on-year (%) 8.8 -2.0 7.0 18.8 8.6 8.2 8.1
Gross Revenue actual (JPY mn) 85 98 107 110 107 86 595
year-on-year (%) 10.1 -1.0 7.4 18.4 9.5 9.2 8.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 93.1 93.6 - - - - 93.4
year-on-year (points) 5.9 3.3 - - - - 4.6
ADR actual (JPY) 13,832 13,878 - - - - 13,855
year-on-year (%) 17.5 7.1 - - - - 12.0
RevPAR actual (JPY) 12,882 12,991 - - - - 12,937
year-on-year (%) 25.5 11.0 - - - - 17.7
Gross Revenue actual (JPY mn) 90 91 - - - - 182
year-on-year (%) 26.2 11.0 - - - - 18.1
    (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 93.2 91.5 95.6 94.6
year-on-year (points) -1.6 -0.2 -0.7 -3.9 -4.8 -0.4 -2.0
ADR actual (JPY) 15,233 16,539 19,657 22,707 19,943 15,260 18,214
year-on-year (%) 9.3 4.2 4.4 6.2 14.4 -2.9 5.8
RevPAR actual (JPY) 14,419 16,038 18,865 21,164 18,252 14,591 17,234
year-on-year (%) 7.4 3.9 3.6 1.9 8.6 -3.3 3.7
Gross Revenue actual (JPY mn) 47 48 62 67 60 46 332
year-on-year (%) 7.8 5.2 3.8 2.3 7.8 -3.4 3.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 96.1 95.5 - - - - 95.8
year-on-year (points) 0.3 -0.6 - - - - -0.1
ADR actual (JPY) 14,867 13,008 - - - - 13,941
year-on-year (%) -4.9 -8.1 - - - - -6.4
RevPAR actual (JPY) 14,292 12,424 - - - - 13,358
year-on-year (%) -4.6 -8.7 - - - - -6.5
Gross Revenue actual (JPY mn) 47 41 - - - - 88
year-on-year (%) -5.3 -8.5 - - - - -6.8
    (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 88.6 87.3 79.9 83.5
year-on-year (points) 11.3 11.3 11.8 12.4 9.3 9.2 10.9
ADR actual (JPY) 8,026 9,541 12,088 12,416 15,544 8,807 11,253
year-on-year (%) -18.1 -1.7 4.4 -3.0 6.7 -0.7 -1.0
RevPAR actual (JPY) 5,848 7,773 10,979 10,995 13,573 7,035 9,398
year-on-year (%) -3.0 14.1 20.0 12.8 19.5 12.3 13.9
Gross Revenue actual (JPY mn) 62 70 104 101 124 71 536
year-on-year (%) 0.5 9.9 17.5 11.2 17.4 11.7 12.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.3 91.2 - - - - 87.7
year-on-year (points) 12.5 4.5 - - - - 8.5
ADR actual (JPY) 9,901 13,700 - - - - 11,875
year-on-year (%) 1.9 4.4 - - - - 2.6
RevPAR actual (JPY) 8,344 12,495 - - - - 10,420
year-on-year (%) 19.8 9.8 - - - - 13.6
Gross Revenue actual (JPY mn) 85 122 - - - - 207
year-on-year (%) 17.5 10.8 - - - - 13.5
    (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 36.9 0.0 0.0 0.0 31.7
year-on-year (points) -3.6 -5.2 -51.0 -88.2 -89.3 -82.8 -53.8
ADR actual (JPY) 9,245 9,777 10,346 0 0 0 9,670
year-on-year (%) 8.7 7.3 1.7 -100.0 -100.0 -100.0 -1.3
RevPAR actual (JPY) 7,101 7,742 3,820 0 0 0 3,068
year-on-year (%) 3.8 0.7 -57.3 -100.0 -100.0 -100.0 -63.4
Gross Revenue actual (JPY mn) 59 54 31 0 0 0 144
year-on-year (%) 5.3 -2.8 -55.7 -100.0 -100.0 -100.0 -63.1
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 85.9 86.9 - - - - 86.4
year-on-year (points) -3.1 2.1 - - - - -0.5
ADR actual (JPY) 10,734 13,046 - - - - 11,896
year-on-year (%) 11.5 3.5 - - - - 7.4
RevPAR actual (JPY) 9,218 11,331 - - - - 10,275
year-on-year (%) 7.6 6.0 - - - - 6.7
Gross Revenue actual (JPY mn) 59 71 - - - - 131
year-on-year (%) -10.6 -10.1 - - - - -10.3
    (Note 1) This property was acquired on June 15, 2016.
    (Note 2) The name of this property was changed from "Takamatsu Tokyu REI Hotel" on April 1, 2026.
    (Note 3) Renovation Period: April 1, 2026 - June 30, 2026.
    (Note 4) This property was closed from March 18, 2026 to June 30, 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 93.1 92.4 95.6 92.9
year-on-year (points) -6.2 -3.4 0.8 -3.4 19.7 35.9 7.3
ADR actual (JPY) 29,139 29,835 36,925 41,253 32,798 28,421 33,126
year-on-year (%) 10.2 11.4 17.9 7.1 16.4 4.6 10.4
RevPAR actual (JPY) 25,904 27,464 35,149 38,400 30,312 27,174 30,765
year-on-year (%) 3.0 7.5 18.9 3.3 47.9 67.3 19.8
Gross Revenue actual (JPY mn) 105 99 139 146 122 106 720
year-on-year (%) 5.1 7.4 19.5 3.2 46.0 62.6 19.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 95.8 90.1 - - - - 92.9
year-on-year (points) 25.9 28.1 - - - - 27.0
ADR actual (JPY) 29,900 25,033 - - - - 27,541
year-on-year (%) 7.1 -0.2 - - - - 3.6
RevPAR actual (JPY) 28,638 22,550 - - - - 25,594
year-on-year (%) 46.7 45.1 - - - - 46.0
Gross Revenue actual (JPY mn) 115 91 - - - - 207
year-on-year (%) 46.3 43.3 - - - - 44.9
    (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 80.0 75.4 67.7 76.7
year-on-year (points) -10.7 -13.3 -7.4 -13.9 -16.8 -23.9 -14.3
ADR actual (JPY) 7,296 7,447 9,069 9,211 8,900 6,982 8,211
year-on-year (%) -0.5 -11.2 -3.3 -22.5 -24.5 -28.8 -16.4
RevPAR actual (JPY) 5,373 5,857 7,695 7,368 6,707 4,729 6,298
year-on-year (%) -13.1 -24.1 -11.1 -33.9 -38.3 -47.4 -29.5
Gross Revenue actual (JPY mn) 113 102 146 134 121 105 724
year-on-year (%) -5.2 -15.7 0.3 -26.4 -31.6 -33.8 -20.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 80.7 88.8 - - - - 84.7
year-on-year (points) -8.5 4.4 - - - - -2.0
ADR actual (JPY) 7,092 6,922 - - - - 7,003
year-on-year (%) -29.7 -37.6 - - - - -33.8
RevPAR actual (JPY) 5,723 6,146 - - - - 5,934
year-on-year (%) -36.3 -34.3 - - - - -35.3
Gross Revenue actual (JPY mn) 120 114 - - - - 235
year-on-year (%) -22.9 -28.4 - - - - -25.6
    (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 (%) 86.2 93.3 91.2 92.9 91.8 92.5 91.3
year-on-year (points) 4.5 3.5 -0.8 -0.5 -1.6 0.2 0.8
ADR actual (JPY) 14,441 14,624 20,472 21,553 17,745 13,475 17,108
year-on-year (%) -13.2 -14.4 -0.5 -11.5 -2.7 -12.8 -9.0
RevPAR actual (JPY) 12,453 13,651 18,667 20,023 16,292 12,466 15,617
year-on-year (%) -8.4 -11.0 -1.4 -12.0 -4.4 -12.7 -8.1
Gross Revenue actual (JPY mn) 101 99 146 152 130 100 730
year-on-year (%) -7.7 -9.6 -0.9 -10.9 -3.7 -10.4 -7.1
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 93.8 90.0 - - - - 91.9
year-on-year (points) 2.0 -1.8 - - - - 0.1
ADR actual (JPY) 14,543 13,347 - - - - 13,957
year-on-year (%) -6.4 -3.9 - - - - -5.1
RevPAR actual (JPY) 13,641 12,019 - - - - 12,830
year-on-year (%) -4.3 -5.8 - - - - -5.0
Gross Revenue actual (JPY mn) 109 99 - - - - 209
year-on-year (%) -4.2 -5.4 - - - - -4.8
    (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 90.1 92.5 79.0 89.3
year-on-year (points) 1.0 4.6 4.9 9.9 7.4 -3.4 4.1
ADR actual (JPY) 13,711 15,557 19,089 12,513 15,780 10,481 14,667
year-on-year (%) -2.2 1.2 7.0 -7.4 7.1 -0.1 1.9
RevPAR actual (JPY) 11,987 14,551 17,838 11,271 14,593 8,284 13,100
year-on-year (%) -1.1 6.4 13.0 4.1 16.5 -4.2 6.8
Gross Revenue actual (JPY mn) 219 227 300 205 246 162 1,362
year-on-year (%) 3.1 11.8 12.1 11.8 15.1 0.0 9.4
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 83.5 88.7 - - - - 86.1
year-on-year (points) 12.2 1.9 - - - - 7.0
ADR actual (JPY) 13,191 17,575 - - - - 15,448
year-on-year (%) -1.9 1.3 - - - - -0.9
RevPAR actual (JPY) 11,018 15,584 - - - - 13,301
year-on-year (%) 14.8 3.4 - - - - 7.8
Gross Revenue actual (JPY mn) 209 274 - - - - 483
year-on-year (%) 23.0 11.2 - - - - 16.0
    (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 75.8 82.1 93.2 88.0
year-on-year (points) -1.7 -0.7 9.4 2.5 -0.7 5.2 2.4
ADR actual (JPY) 14,457 24,152 15,197 8,926 13,457 14,287 15,242
year-on-year (%) 30.2 19.5 39.1 8.1 6.6 -1.2 16.4
RevPAR actual (JPY) 13,584 23,221 13,277 6,763 11,050 13,321 13,414
year-on-year (%) 27.9 18.7 55.9 11.7 5.7 4.6 19.7
Gross Revenue actual (JPY mn) 105 161 104 52 92 107 623
year-on-year (%) 27.9 18.2 53.5 11.7 13.1 11.1 21.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 96.5 95.3 - - - - 95.9
year-on-year (points) 4.9 2.9 - - - - 3.9
ADR actual (JPY) 19,245 18,316 - - - - 18,783
year-on-year (%) 5.0 -2.1 - - - - 1.4
RevPAR actual (JPY) 18,568 17,461 - - - - 18,015
year-on-year (%) 10.7 1.0 - - - - 5.8
Gross Revenue actual (JPY mn) 149 141 - - - - 291
year-on-year (%) 15.6 5.0 - - - - 10.2
    (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 (%) 81.8 94.4 96.1 88.5 88.2 86.2 89.2
year-on-year (points) -8.1 -1.4 -0.3 -4.2 -1.5 -4.1 -3.3
ADR actual (JPY) 9,590 11,132 12,753 15,912 13,854 10,886 12,397
year-on-year (%) 9.9 12.7 3.7 7.2 9.9 -7.2 6.0
RevPAR actual (JPY) 7,845 10,513 12,259 14,079 12,223 9,388 11,053
year-on-year (%) 0.0 11.1 3.4 2.4 8.0 -11.4 2.2
Gross Revenue actual (JPY mn) 41 49 64 71 63 47 339
year-on-year (%) -0.9 10.7 3.2 2.9 7.8 -11.0 2.1
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 94.0 90.8 - - - - 92.4
year-on-year (points) 2.5 -5.2 - - - - -1.4
ADR actual (JPY) 11,069 10,905 - - - - 10,989
year-on-year (%) -6.0 -12.2 - - - - -9.2
RevPAR actual (JPY) 10,409 9,897 - - - - 10,153
year-on-year (%) -3.4 -17.0 - - - - -10.6
Gross Revenue actual (JPY mn) 54 52 - - - - 106
year-on-year (%) -3.9 -16.6 - - - - -10.5
    (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 76.9 72.3 67.3 68.2
year-on-year (points) 7.4 6.8 -1.6 -1.4 -3.9 -5.5 0.2
ADR actual (JPY) 7,940 8,788 9,062 11,654 10,137 8,638 9,459
year-on-year (%) -1.9 5.0 15.3 4.7 10.8 11.9 7.4
RevPAR actual (JPY) 4,833 5,932 5,831 8,966 7,331 5,817 6,450
year-on-year (%) 11.6 16.9 12.5 2.7 5.2 3.5 7.7
Gross Revenue actual (JPY mn) 48 50 72 85 75 63 394
year-on-year (%) 4.4 19.7 21.4 2.5 10.4 2.3 9.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 74.2 83.8 - - - - 79.0
year-on-year (points) -6.5 -1.5 - - - - -4.0
ADR actual (JPY) 9,113 11,100 - - - - 10,167
year-on-year (%) 9.5 -4.3 - - - - 1.6
RevPAR actual (JPY) 6,763 9,297 - - - - 8,030
year-on-year (%) 0.6 -5.9 - - - - -3.3
Gross Revenue actual (JPY mn) 71 92 - - - - 164
year-on-year (%) 3.3 0.7 - - - - 1.8
    (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 80.8 82.1 86.8 75.8
year-on-year (points) 2.1 -1.0 -3.2 -2.8 -3.4 2.9 -0.9
ADR actual (JPY) 9,352 12,152 9,494 30,912 17,946 13,535 15,992
year-on-year (%) -1.9 0.8 -0.4 6.4 13.3 6.9 5.1
RevPAR actual (JPY) 6,148 9,011 6,235 24,976 14,732 11,751 12,125
year-on-year (%) 1.4 -0.6 -4.9 2.9 8.7 10.6 3.9
Gross Revenue actual (JPY mn) 71 82 78 164 128 106 631
year-on-year (%) 12.8 11.8 3.4 2.3 7.9 2.0 5.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.3 94.2 - - - - 89.3
year-on-year (points) -2.1 3.2 - - - - 0.6
ADR actual (JPY) 13,916 28,183 - - - - 21,447
year-on-year (%) 6.7 -0.1 - - - - 3.0
RevPAR actual (JPY) 11,729 26,554 - - - - 19,142
year-on-year (%) 4.1 3.4 - - - - 3.6
Gross Revenue actual (JPY mn) 113 182 - - - - 296
year-on-year (%) 12.9 10.8 - - - - 11.6
    (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 (%) 88.9 93.9 94.1 86.6 87.4 84.6 89.2
year-on-year (points) -2.5 2.9 6.9 -3.2 8.6 12.5 4.2
ADR actual (JPY) 6,550 7,278 8,434 6,466 8,198 6,559 7,273
year-on-year (%) -5.0 -14.0 3.4 -4.6 2.7 -1.9 -3.0
RevPAR actual (JPY) 5,823 6,832 7,934 5,600 7,166 5,549 6,488
year-on-year (%) -7.6 -11.3 11.5 -8.0 14.0 15.0 1.8
Gross Revenue actual (JPY mn) 28 30 38 26 35 26 186
year-on-year (%) -7.1 -11.1 10.1 -7.0 13.1 15.5 1.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 82.4 85.7 - - - - 84.1
year-on-year (points) 6.9 -5.6 - - - - 0.7
ADR actual (JPY) 6,913 7,608 - - - - 7,267
year-on-year (%) 7.4 -18.8 - - - - -9.7
RevPAR actual (JPY) 5,696 6,523 - - - - 6,110
year-on-year (%) 17.3 -23.8 - - - - -8.9
Gross Revenue actual (JPY mn) 28 32 - - - - 61
year-on-year (%) 17.9 -21.8 - - - - -7.2
    (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 94.8 94.5 95.2 95.9 95.2
year-on-year (points) 2.3 1.7 4.3 -0.6 1.1 2.3 1.8
ADR actual (JPY) 11,131 13,815 15,895 18,111 15,022 11,742 14,276
year-on-year (%) -9.4 -2.2 1.2 -4.8 0.7 0.1 -2.5
RevPAR actual (JPY) 10,628 13,196 15,070 17,118 14,299 11,265 13,596
year-on-year (%) -7.2 -0.4 6.0 -5.5 1.9 2.5 -0.6
Gross Revenue actual (JPY mn) 36 41 52 57 49 37 273
year-on-year (%) -7.0 0.0 6.4 -5.3 2.1 3.0 -0.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 94.9 94.5 - - - - 94.7
year-on-year (points) 5.2 0.6 - - - - 2.9
ADR actual (JPY) 11,302 10,005 - - - - 10,655
year-on-year (%) 5.3 2.7 - - - - 4.2
RevPAR actual (JPY) 10,722 9,453 - - - - 10,088
year-on-year (%) 11.4 3.4 - - - - 7.5
Gross Revenue actual (JPY mn) 37 32 - - - - 69
year-on-year (%) 11.7 3.3 - - - - 7.6
    (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 90.8 86.7 88.2 89.8
year-on-year (points) 8.0 5.5 1.1 -2.0 3.3 -0.2 2.6
ADR actual (JPY) 10,620 14,049 15,480 14,883 13,940 10,998 13,342
year-on-year (%) -1.5 -3.5 8.4 4.3 3.2 -1.6 1.8
RevPAR actual (JPY) 9,533 12,701 14,415 13,510 12,086 9,702 11,984
year-on-year (%) 8.2 2.8 9.7 2.1 7.3 -1.8 4.8
Gross Revenue actual (JPY mn) 38 45 56 51 48 37 278
year-on-year (%) 9.1 3.5 7.0 2.2 7.9 0.1 5.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 93.5 94.6 - - - - 94.0
year-on-year (points) 6.3 5.8 - - - - 6.1
ADR actual (JPY) 11,749 12,596 - - - - 12,175
year-on-year (%) -6.2 -1.1 - - - - -3.6
RevPAR actual (JPY) 10,988 11,911 - - - - 11,450
year-on-year (%) 0.7 5.3 - - - - 3.0
Gross Revenue actual (JPY mn) 43 47 - - - - 90
year-on-year (%) -0.4 5.6 - - - - 2.7
    (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 93.8 94.6 94.0 93.4
year-on-year (points) 0.1 1.0 0.8 1.1 1.7 4.0 1.4
ADR actual (JPY) 16,362 17,925 24,141 27,218 24,188 16,816 21,172
year-on-year (%) -13.4 -12.1 2.5 -11.2 4.8 -4.0 -5.4
RevPAR actual (JPY) 14,984 16,754 22,512 25,529 22,880 15,803 19,783
year-on-year (%) -13.3 -11.1 3.4 -10.1 6.7 0.2 -4.0
Gross Revenue actual (JPY mn) 167 167 246 269 249 173 1,273
year-on-year (%) -11.2 -9.5 4.3 -8.8 6.8 1.6 -2.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 93.7 93.9 - - - - 93.8
year-on-year (points) 2.1 1.5 - - - - 1.8
ADR actual (JPY) 16,751 14,496 - - - - 15,622
year-on-year (%) 4.7 -0.4 - - - - 2.3
RevPAR actual (JPY) 15,700 13,615 - - - - 14,657
year-on-year (%) 7.1 1.2 - - - - 4.2
Gross Revenue actual (JPY mn) 177 156 - - - - 334
year-on-year (%) 8.7 3.5 - - - - 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 (%) 83.8 93.1 92.4 79.0 82.2 87.3 86.2
year-on-year (points) -2.8 2.4 11.6 16.8 8.8 11.3 8.0
ADR actual (JPY) 12,955 18,790 13,369 8,870 13,455 14,550 13,734
year-on-year (%) -6.1 -7.4 8.7 -0.2 12.1 5.2 -0.2
RevPAR actual (JPY) 10,856 17,486 12,352 7,006 11,057 12,706 11,841
year-on-year (%) -9.2 -4.9 24.3 26.7 25.5 20.7 10.0
Gross Revenue actual (JPY mn) 191 253 209 135 198 223 1,211
year-on-year (%) -10.9 -5.4 15.8 24.5 19.9 19.2 7.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 91.8 92.0 - - - - 91.9
year-on-year (points) 4.4 3.1 - - - - 3.7
ADR actual (JPY) 19,852 19,659 - - - - 19,755
year-on-year (%) 7.6 -0.1 - - - - 3.6
RevPAR actual (JPY) 18,230 18,086 - - - - 18,158
year-on-year (%) 13.0 3.3 - - - - 8.0
Gross Revenue actual (JPY mn) 308 309 - - - - 618
year-on-year (%) 13.4 5.6 - - - - 9.4
    (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 94.6 93.0 94.6 94.4
year-on-year (points) 3.5 3.7 3.7 1.4 0.7 2.1 2.5
ADR actual (JPY) 12,771 14,198 17,534 19,805 16,767 11,294 15,418
year-on-year (%) 3.2 -0.4 6.4 5.3 8.2 -11.6 2.4
RevPAR actual (JPY) 11,859 13,664 16,768 18,727 15,588 10,684 14,561
year-on-year (%) 7.2 3.7 10.6 6.8 9.1 -9.6 5.2
Gross Revenue actual (JPY mn) 56 58 78 85 74 49 402
year-on-year (%) 5.7 3.0 9.2 7.7 9.5 -9.1 4.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 95.8 94.2 - - - - 95.0
year-on-year (points) 1.5 2.3 - - - - 1.9
ADR actual (JPY) 11,483 10,103 - - - - 10,799
year-on-year (%) -2.0 -7.0 - - - - -4.4
RevPAR actual (JPY) 11,004 9,518 - - - - 10,261
year-on-year (%) -0.3 -4.6 - - - - -2.4
Gross Revenue actual (JPY mn) 52 45 - - - - 97
year-on-year (%) -0.3 -4.1 - - - - -2.1
    (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 (%) 77.6 82.2 88.8 86.3 88.8 74.1 83.0
year-on-year (points) -2.2 -7.0 -3.9 -8.6 -6.4 -21.1 -8.2
ADR actual (JPY) 10,281 10,323 11,642 12,896 12,169 9,220 11,176
year-on-year (%) -14.0 -14.1 -10.2 -26.3 -32.8 -40.1 -24.4
RevPAR actual (JPY) 7,981 8,486 10,338 11,129 10,809 6,835 9,279
year-on-year (%) -16.4 -20.8 -14.0 -33.0 -37.2 -53.4 -31.2
Gross Revenue actual (JPY mn) 27 26 35 37 37 25 189
year-on-year (%) -15.9 -20.4 -13.9 -32.1 -36.6 -48.7 -29.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 81.7 72.1 - - - - 76.9
year-on-year (points) -8.4 -12.2 - - - - -10.3
ADR actual (JPY) 10,161 9,102 - - - - 9,665
year-on-year (%) -34.9 -47.6 - - - - -41.3
RevPAR actual (JPY) 8,301 6,563 - - - - 7,432
year-on-year (%) -41.0 -55.2 - - - - -48.2
Gross Revenue actual (JPY mn) 28 23 - - - - 52
year-on-year (%) -41.1 -53.8 - - - - -47.5
    (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 72.3 81.4 89.0 86.4
year-on-year (points) -1.5 -0.3 2.4 2.8 1.9 1.3 1.1
ADR actual (JPY) 17,351 28,107 17,535 10,263 16,090 16,769 17,947
year-on-year (%) 17.1 12.1 21.7 0.1 5.2 -2.4 9.4
RevPAR actual (JPY) 16,549 27,011 14,857 7,416 13,105 14,931 15,506
year-on-year (%) 15.3 11.7 25.3 4.2 7.6 -1.0 10.8
Gross Revenue actual (JPY mn) 190 260 170 94 156 166 1,038
year-on-year (%) 16.4 10.8 21.4 8.1 10.6 0.0 11.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 96.3 95.8 - - - - 96.1
year-on-year (points) 3.9 3.6 - - - - 3.7
ADR actual (JPY) 23,400 22,609 - - - - 23,005
year-on-year (%) 5.1 -2.7 - - - - 1.1
RevPAR actual (JPY) 22,534 21,669 - - - - 22,102
year-on-year (%) 9.5 1.1 - - - - 5.2
Gross Revenue actual (JPY mn) 246 235 - - - - 481
year-on-year (%) 9.4 1.3 - - - - 5.3
    (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 93.8 83.0 85.2 84.6
year-on-year (points) 7.6 7.0 7.2 4.8 7.6 8.6 7.1
ADR actual (JPY) 14,328 13,779 16,174 15,632 16,320 16,339 15,498
year-on-year (%) -0.1 0.2 0.7 0.9 7.1 1.7 1.8
RevPAR actual (JPY) 10,398 11,222 14,794 14,662 13,548 13,914 13,108
year-on-year (%) 11.7 9.5 9.3 6.3 17.9 13.1 11.2
Gross Revenue actual (JPY mn) 150 137 182 171 177 166 987
year-on-year (%) 15.3 7.5 6.7 4.9 24.7 10.2 11.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 87.1 87.4 - - - - 87.2
year-on-year (points) 1.8 -1.5 - - - - 0.2
ADR actual (JPY) 23,746 27,544 - - - - 25,648
year-on-year (%) 1.4 0.7 - - - - 0.9
RevPAR actual (JPY) 20,675 24,077 - - - - 22,376
year-on-year (%) 3.6 -1.0 - - - - 1.1
Gross Revenue actual (JPY mn) 233 268 - - - - 501
year-on-year (%) 3.6 -1.8 - - - - 0.7
    (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 (%) 85.3 84.4 89.5 94.2 94.3 80.3 88.0
year-on-year (points) -2.3 -8.2 -1.5 -0.3 1.7 7.4 -0.5
ADR actual (JPY) 21,090 23,751 31,026 39,463 28,698 20,006 27,703
year-on-year (%) -23.5 -4.3 6.5 4.3 2.3 -0.1 -2.0
RevPAR actual (JPY) 17,979 20,038 27,753 37,163 27,073 16,059 24,391
year-on-year (%) -25.5 -12.7 4.7 3.9 4.2 10.0 -2.5
Gross Revenue actual (JPY mn) 113 112 165 206 162 97 857
year-on-year (%) -18.3 -7.2 9.7 4.1 6.0 8.1 0.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.0 93.9 - - - - 91.9
year-on-year (points) 16.8 12.5 - - - - 14.7
ADR actual (JPY) 24,896 30,199 - - - - 27,604
year-on-year (%) 3.6 5.1 - - - - 4.2
RevPAR actual (JPY) 22,401 28,355 - - - - 25,378
year-on-year (%) 27.4 21.3 - - - - 23.9
Gross Revenue actual (JPY mn) 136 170 - - - - 307
year-on-year (%) 22.8 20.8 - - - - 21.7
    (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 76.7 85.7 89.8 87.2
year-on-year (points) -5.0 -1.2 1.8 15.2 9.5 5.0 4.2
ADR actual (JPY) 17,854 24,432 15,889 11,656 16,584 18,674 17,638
year-on-year (%) 3.2 10.2 12.0 -6.3 1.5 3.0 3.7
RevPAR actual (JPY) 16,145 22,962 13,808 8,941 14,218 16,769 15,379
year-on-year (%) -2.2 8.8 14.3 16.8 14.1 9.1 9.0
Gross Revenue actual (JPY mn) 96 115 85 57 87 97 539
year-on-year (%) 1.3 10.0 11.6 20.1 16.0 11.4 10.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 95.4 92.1 - - - - 93.7
year-on-year (points) 3.9 0.2 - - - - 2.1
ADR actual (JPY) 24,963 24,101 - - - - 24,540
year-on-year (%) 2.8 -4.1 - - - - -0.7
RevPAR actual (JPY) 23,812 22,186 - - - - 22,999
year-on-year (%) 7.2 -3.9 - - - - 1.5
Gross Revenue actual (JPY mn) 136 129 - - - - 265
year-on-year (%) 8.1 -2.2 - - - - 2.9
    (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 90.2 90.1 89.9 80.1 82.3
year-on-year (points) 14.4 9.5 6.1 9.5 11.9 18.9 11.7
ADR actual (JPY) 6,018 7,491 9,340 9,708 12,109 6,747 8,781
year-on-year (%) -22.6 -4.0 4.0 -2.5 6.6 -10.7 -3.3
RevPAR actual (JPY) 4,009 5,703 8,428 8,747 10,888 5,408 7,223
year-on-year (%) -1.3 9.7 11.6 9.0 22.8 16.8 12.7
Gross Revenue actual (JPY mn) 27 35 56 56 72 36 285
year-on-year (%) -11.0 23.4 11.7 9.2 23.3 16.3 13.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.8 92.0 - - - - 88.4
year-on-year (points) 23.6 7.5 - - - - 15.6
ADR actual (JPY) 7,415 10,107 - - - - 8,816
year-on-year (%) -3.7 3.9 - - - - -0.7
RevPAR actual (JPY) 6,287 9,295 - - - - 7,791
year-on-year (%) 33.5 13.2 - - - - 20.6
Gross Revenue actual (JPY mn) 42 62 - - - - 104
year-on-year (%) 32.4 13.0 - - - - 20.2
    (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 95.4 86.1 81.2 85.3
year-on-year (points) 15.5 22.4 28.6 32.1 26.8 21.4 24.5
ADR actual (JPY) 7,288 7,413 7,584 7,652 11,092 9,319 8,409
year-on-year (%) 1.1 -0.9 -6.9 -11.6 -1.7 11.7 -1.5
RevPAR actual (JPY) 5,024 6,413 7,121 7,299 9,550 7,564 7,171
year-on-year (%) 30.3 33.7 33.9 33.2 42.8 51.6 38.1
Gross Revenue actual (JPY mn) 99 98 126 117 145 125 711
year-on-year (%) 29.2 23.8 21.0 26.3 34.5 29.4 27.5
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 94.1 89.8 - - - - 92.0
year-on-year (points) 26.2 11.5 - - - - 18.9
ADR actual (JPY) 9,106 14,350 - - - - 11,666
year-on-year (%) -18.9 -7.6 - - - - -13.8
RevPAR actual (JPY) 8,573 12,880 - - - - 10,727
year-on-year (%) 12.4 5.9 - - - - 8.4
Gross Revenue actual (JPY mn) 145 167 - - - - 313
year-on-year (%) 20.5 6.7 - - - - 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 (%) 90.6 91.0 92.6 94.7 91.9 92.0 92.1
year-on-year (points) 0.9 0.3 0.8 1.7 6.6 11.4 3.6
ADR actual (JPY) 9,261 9,657 11,654 10,793 11,318 8,771 10,265
year-on-year (%) 12.1 9.0 25.9 -7.4 8.0 -0.2 7.2
RevPAR actual (JPY) 8,386 8,784 10,791 10,220 10,400 8,072 9,456
year-on-year (%) 13.2 9.3 26.9 -5.8 16.4 13.9 11.6
Gross Revenue actual (JPY mn) 47 44 60 55 57 44 309
year-on-year (%) 12.1 9.3 26.2 -5.2 15.8 12.6 11.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 92.5 95.8 - - - - 94.2
year-on-year (points) 6.8 2.1 - - - - 4.4
ADR actual (JPY) 9,262 9,247 - - - - 9,255
year-on-year (%) 5.0 -5.6 - - - - -0.8
RevPAR actual (JPY) 8,571 8,857 - - - - 8,714
year-on-year (%) 13.3 -3.5 - - - - 4.1
Gross Revenue actual (JPY mn) 48 50 - - - - 98
year-on-year (%) 13.0 -2.9 - - - - 4.3
    (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 (%) 92.0 96.0 87.2 72.8 85.9 91.4 87.5
year-on-year (points) -3.3 2.0 6.0 14.6 6.5 4.9 5.1
ADR actual (JPY) 18,062 23,888 16,561 11,627 17,359 19,481 18,034
year-on-year (%) 1.6 1.0 9.2 -12.5 -1.0 0.1 -0.4
RevPAR actual (JPY) 16,624 22,930 14,446 8,467 14,914 17,804 15,777
year-on-year (%) -1.8 3.1 17.2 9.5 7.1 5.8 5.8
Gross Revenue actual (JPY mn) 67 76 60 39 65 73 382
year-on-year (%) 0.1 -0.2 14.9 12.3 8.7 5.1 5.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 94.9 94.3 - - - - 94.6
year-on-year (points) 1.3 -0.7 - - - - 0.3
ADR actual (JPY) 27,921 28,573 - - - - 28,246
year-on-year (%) 3.2 -4.1 - - - - -0.7
RevPAR actual (JPY) 26,487 26,946 - - - - 26,716
year-on-year (%) 4.6 -4.9 - - - - -0.4
Gross Revenue actual (JPY mn) 102 104 - - - - 206
year-on-year (%) 5.4 -4.2 - - - - 0.3
    (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 (%) 84.7 91.3 91.2 86.3 87.4 82.0 87.1
year-on-year (points) 5.3 -2.4 2.1 -3.4 -3.6 -3.1 -0.8
ADR actual (JPY) 6,305 8,966 6,752 6,007 7,529 5,532 6,857
year-on-year (%) 0.6 19.9 -1.6 4.6 2.0 -6.1 3.6
RevPAR actual (JPY) 5,340 8,182 6,156 5,182 6,583 4,535 5,973
year-on-year (%) 7.4 16.8 0.7 0.7 -2.1 -9.5 2.7
Gross Revenue actual (JPY mn) 48 58 55 47 55 39 304
year-on-year (%) 3.3 12.9 6.1 7.4 1.4 -13.2 3.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 89.3 87.3 - - - - 88.3
year-on-year (points) 0.7 -4.5 - - - - -1.9
ADR actual (JPY) 5,923 6,151 - - - - 6,036
year-on-year (%) 4.8 -29.2 - - - - -16.1
RevPAR actual (JPY) 5,290 5,370 - - - - 5,330
year-on-year (%) 5.6 -32.6 - - - - -17.9
Gross Revenue actual (JPY mn) 47 46 - - - - 93
year-on-year (%) 13.2 -23.6 - - - - -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 (%) 89.9 88.3 88.6 70.1 85.9 89.9 85.5
year-on-year (points) 1.6 0.4 18.0 15.9 12.4 2.8 8.6
ADR actual (JPY) 10,608 16,526 8,970 6,905 10,555 13,542 11,262
year-on-year (%) -3.5 9.6 2.2 -9.1 -4.7 -11.9 -4.6
RevPAR actual (JPY) 9,539 14,590 7,944 4,839 9,068 12,171 9,624
year-on-year (%) -1.8 10.1 28.2 17.5 11.4 -9.1 6.1
Gross Revenue actual (JPY mn) 209 203 184 141 178 226 1,143
year-on-year (%) -0.9 0.8 14.8 7.0 3.9 -0.3 3.5
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 96.2 92.4 - - - - 94.3
year-on-year (points) 9.5 1.9 - - - - 5.7
ADR actual (JPY) 22,433 19,895 - - - - 21,189
year-on-year (%) -2.7 -9.8 - - - - -6.0
RevPAR actual (JPY) 21,576 18,389 - - - - 19,982
year-on-year (%) 8.1 -7.9 - - - - 0.1
Gross Revenue actual (JPY mn) 309 270 - - - - 580
year-on-year (%) 7.9 -1.5 - - - - 3.3
    (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 (%) 81.6 87.9 91.6 90.1 90.4 85.6 87.8
year-on-year (points) 5.8 6.6 3.2 6.3 7.2 4.4 5.5
ADR actual (JPY) 9,640 10,444 11,168 10,311 12,803 8,611 10,543
year-on-year (%) 3.4 -1.8 14.7 8.4 21.0 5.0 9.1
RevPAR actual (JPY) 7,863 9,180 10,227 9,291 11,572 7,369 9,262
year-on-year (%) 11.3 6.2 18.8 16.5 31.4 10.6 16.4
Gross Revenue actual (JPY mn) 70 73 85 82 93 69 474
year-on-year (%) 9.3 5.1 9.6 17.3 21.5 3.6 11.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.1 91.4 - - - - 90.8
year-on-year (points) 5.9 5.0 - - - - 5.4
ADR actual (JPY) 10,184 12,153 - - - - 11,176
year-on-year (%) 18.6 13.1 - - - - 15.5
RevPAR actual (JPY) 9,178 11,112 - - - - 10,145
year-on-year (%) 26.9 19.7 - - - - 22.8
Gross Revenue actual (JPY mn) 81 93 - - - - 174
year-on-year (%) 13.0 10.2 - - - - 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 (%) 93.4 93.3 84.0 64.4 79.4 90.6 84.1
year-on-year (points) -0.3 -3.7 2.0 14.8 7.5 12.8 5.6
ADR actual (JPY) 11,231 19,499 10,689 7,375 11,453 12,167 12,271
year-on-year (%) 17.5 18.4 15.1 -0.4 2.8 -2.8 8.2
RevPAR actual (JPY) 10,489 18,193 8,975 4,751 9,094 11,025 10,320
year-on-year (%) 17.1 14.0 17.9 29.3 13.6 13.2 15.9
Gross Revenue actual (JPY mn) 37 55 32 17 32 38 214
year-on-year (%) 16.4 11.4 17.5 31.9 12.4 14.1 15.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 93.9 94.8 - - - - 94.3
year-on-year (points) 3.1 6.7 - - - - 4.9
ADR actual (JPY) 16,495 15,164 - - - - 15,826
year-on-year (%) 9.9 -0.6 - - - - 4.6
RevPAR actual (JPY) 15,482 14,369 - - - - 14,925
year-on-year (%) 13.7 7.0 - - - - 10.4
Gross Revenue actual (JPY mn) 54 51 - - - - 105
year-on-year (%) 14.9 8.7 - - - - 11.8
    (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 (%) 93.2 94.9 78.5 75.4 80.8 85.6 84.6
year-on-year (points) -1.9 2.6 0.6 12.3 7.2 6.5 4.5
ADR actual (JPY) 11,967 17,854 11,600 7,458 10,843 11,538 12,008
year-on-year (%) 16.7 0.8 17.2 -3.6 -2.2 -7.0 2.8
RevPAR actual (JPY) 11,154 16,950 9,103 5,625 8,765 9,874 10,162
year-on-year (%) 14.3 3.6 18.1 15.3 7.4 0.7 8.6
Gross Revenue actual (JPY mn) 30 41 25 15 24 26 163
year-on-year (%) 18.7 2.2 17.0 14.9 7.9 0.4 8.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.9 94.2 - - - - 92.6
year-on-year (points) 0.3 5.3 - - - - 2.8
ADR actual (JPY) 16,469 16,216 - - - - 16,340
year-on-year (%) 5.1 -5.8 - - - - -0.6
RevPAR actual (JPY) 14,974 15,279 - - - - 15,127
year-on-year (%) 5.5 -0.1 - - - - 2.6
Gross Revenue actual (JPY mn) 42 42 - - - - 84
year-on-year (%) 9.4 2.4 - - - - 5.8
    (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 (%) 88.7 94.6 73.3 60.4 75.5 84.3 79.3
year-on-year (points) -2.4 -0.3 4.4 11.6 7.6 7.8 4.8
ADR actual (JPY) 9,402 15,342 9,501 5,939 9,175 10,128 10,167
year-on-year (%) 19.0 6.0 10.7 -2.8 -7.3 -10.4 1.7
RevPAR actual (JPY) 8,341 14,507 6,969 3,588 6,930 8,542 8,063
year-on-year (%) 15.9 5.7 17.8 20.3 3.1 -1.3 8.3
Gross Revenue actual (JPY mn) 21 33 17 8 17 21 119
year-on-year (%) 17.5 7.0 18.9 21.9 4.2 -1.4 9.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 91.8 88.9 - - - - 90.3
year-on-year (points) 2.1 1.3 - - - - 1.7
ADR actual (JPY) 13,654 13,010 - - - - 13,337
year-on-year (%) 7.4 -3.9 - - - - 1.6
RevPAR actual (JPY) 12,536 11,563 - - - - 12,049
year-on-year (%) 10.0 -2.6 - - - - 3.6
Gross Revenue actual (JPY mn) 31 30 - - - - 62
year-on-year (%) 10.2 2.7 - - - - 6.4
    (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 (%) 83.1 91.5 91.7 90.5 90.0 85.2 88.6
year-on-year (points) -5.1 -4.3 -3.1 -6.3 -1.1 -0.8 -3.4
ADR actual (JPY) 6,894 8,030 8,822 9,465 8,912 7,910 8,365
year-on-year (%) -0.2 6.4 4.2 16.0 1.7 -5.4 4.0
RevPAR actual (JPY) 5,728 7,350 8,091 8,564 8,025 6,742 7,415
year-on-year (%) -5.9 1.6 0.8 8.4 0.5 -6.3 0.1
Gross Revenue actual (JPY mn) 12 14 17 18 18 14 97
year-on-year (%) -5.1 2.1 1.1 5.9 4.9 -4.4 1.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 89.0 91.5 - - - - 90.3
year-on-year (points) 0.7 -1.2 - - - - -0.3
ADR actual (JPY) 8,212 7,686 - - - - 7,945
year-on-year (%) 1.1 -8.3 - - - - -3.8
RevPAR actual (JPY) 7,311 7,034 - - - - 7,173
year-on-year (%) 1.9 -9.6 - - - - -4.0
Gross Revenue actual (JPY mn) 16 15 - - - - 32
year-on-year (%) 3.0 -8.4 - - - - -2.9
    (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 (%) 72.6 81.3 86.8 90.6 86.7 81.0 83.2
year-on-year (points) 3.8 10.3 14.5 12.8 12.6 7.3 10.2
ADR actual (JPY) 5,703 5,968 7,116 8,306 7,349 5,359 6,704
year-on-year (%) 7.4 -7.7 -2.1 1.6 -1.1 -11.4 -1.6
RevPAR actual (JPY) 4,138 4,855 6,177 7,525 6,370 4,343 5,576
year-on-year (%) 13.3 5.6 17.5 18.4 15.7 -2.6 12.1
Gross Revenue actual (JPY mn) 20 22 31 36 32 21 164
year-on-year (%) 13.8 5.8 17.8 19.3 16.1 -2.3 12.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 81.1 72.7 - - - - 76.9
year-on-year (points) 13.7 1.8 - - - - 7.8
ADR actual (JPY) 5,323 4,782 - - - - 5,068
year-on-year (%) -5.5 -8.6 - - - - -6.6
RevPAR actual (JPY) 4,319 3,478 - - - - 3,898
year-on-year (%) 13.8 -6.3 - - - - 3.8
Gross Revenue actual (JPY mn) 21 17 - - - - 39
year-on-year (%) 13.9 -6.0 - - - - 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 (%) 94.7 96.6 96.8 96.6 90.5 85.4 93.4
year-on-year (points) 0.7 -0.1 0.7 0.0 -6.9 -10.6 -2.7
ADR actual (JPY) 5,919 8,328 6,293 5,605 6,894 5,148 6,362
year-on-year (%) 3.7 18.7 -1.2 4.5 4.6 -1.4 5.3
RevPAR actual (JPY) 5,605 8,046 6,090 5,413 6,242 4,396 5,943
year-on-year (%) 4.4 18.6 -0.5 4.5 -2.9 -12.3 2.3
Gross Revenue actual (JPY mn) 13 17 14 12 14 10 83
year-on-year (%) -0.6 15.9 -0.5 3.7 -3.8 -10.4 1.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 83.9 91.8 - - - - 87.8
year-on-year (points) -11.2 -5.1 - - - - -8.2
ADR actual (JPY) 5,571 5,765 - - - - 5,672
year-on-year (%) 3.9 -28.2 - - - - -15.4
RevPAR actual (JPY) 4,672 5,291 - - - - 4,982
year-on-year (%) -8.4 -31.9 - - - - -22.6
Gross Revenue actual (JPY mn) 11 12 - - - - 24
year-on-year (%) -7.7 -30.7 - - - - -21.5
    (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 (%) 83.7 92.2 80.3 70.5 82.8 92.8 83.6
year-on-year (points) 2.2 -1.9 3.9 1.2 3.2 1.0 1.7
ADR actual (JPY) 9,884 10,950 9,330 8,760 9,120 9,691 9,653
year-on-year (%) 7.2 13.0 6.6 6.1 5.7 3.5 7.0
RevPAR actual (JPY) 8,272 10,101 7,494 6,174 7,548 8,995 8,070
year-on-year (%) 10.1 10.7 12.1 8.0 10.0 4.6 9.2
Gross Revenue actual (JPY mn) 20 21 17 14 17 20 112
year-on-year (%) 14.5 14.5 12.6 10.1 11.2 5.3 11.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 94.1 94.4 - - - - 94.3
year-on-year (points) 0.6 2.0 - - - - 1.3
ADR actual (JPY) 10,757 11,556 - - - - 11,157
year-on-year (%) 4.7 9.6 - - - - 7.2
RevPAR actual (JPY) 10,127 10,912 - - - - 10,520
year-on-year (%) 5.4 12.0 - - - - 8.7
Gross Revenue actual (JPY mn) 24 26 - - - - 50
year-on-year (%) 5.8 13.0 - - - - 9.4
    (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 (%) 77.7 80.4 78.8 82.2 78.9 75.6 78.9
year-on-year (points) 7.0 7.0 5.4 2.1 4.5 8.0 5.7
ADR actual (JPY) 9,518 9,305 9,630 9,743 9,467 8,864 9,430
year-on-year (%) -2.5 -2.7 0.0 -1.4 -3.1 -3.7 -2.3
RevPAR actual (JPY) 7,393 7,485 7,587 8,009 7,471 6,704 7,442
year-on-year (%) 7.1 6.6 7.4 1.2 2.8 7.6 5.3
Gross Revenue actual (JPY mn) 236 202 237 254 237 209 1,378
year-on-year (%) 8.2 5.8 10.2 5.0 4.6 12.9 7.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 75.6 74.8 - - - - 75.2
year-on-year (points) 2.6 1.8 - - - - 2.2
ADR actual (JPY) 9,008 9,323 - - - - 9,164
year-on-year (%) -5.3 -5.3 - - - - -5.3
RevPAR actual (JPY) 6,807 6,972 - - - - 6,889
year-on-year (%) -1.9 -2.9 - - - - -2.4
Gross Revenue actual (JPY mn) 224 233 - - - - 457
year-on-year (%) 0.3 0.6 - - - - 0.4
    (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 83.2 75.3 74.2 80.6
year-on-year (points) 2.1 5.6 1.9 -2.3 -2.8 -6.0 -0.3
ADR actual (JPY) 7,944 8,122 8,001 9,404 11,154 8,872 8,889
year-on-year (%) 0.3 -5.1 -0.9 -12.1 2.5 -5.7 -4.1
RevPAR actual (JPY) 6,356 7,109 6,722 7,822 8,402 6,586 7,167
year-on-year (%) 3.1 1.3 1.4 -14.5 -1.1 -12.8 -4.4
Gross Revenue actual (JPY mn) 94 91 104 108 118 102 619
year-on-year (%) 2.0 3.0 2.6 -16.8 0.6 -0.9 -2.4
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.7 94.4 - - - - 89.5
year-on-year (points) -1.9 1.8 - - - - -0.1
ADR actual (JPY) 9,249 16,164 - - - - 12,893
year-on-year (%) -4.9 -3.0 - - - - -3.1
RevPAR actual (JPY) 7,835 15,255 - - - - 11,545
year-on-year (%) -7.0 -1.1 - - - - -3.2
Gross Revenue actual (JPY mn) 111 153 - - - - 264
year-on-year (%) -2.9 7.3 - - - - 2.8
    (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 92.2 91.2 87.5 81.1
year-on-year (points) 7.8 4.9 -0.7 1.1 5.2 0.4 3.1
ADR actual (JPY) 24,765 22,445 35,046 34,988 39,661 37,215 33,344
year-on-year (%) -9.5 1.5 5.7 2.1 14.7 6.7 4.6
RevPAR actual (JPY) 14,765 15,620 30,087 32,263 36,170 32,549 27,035
year-on-year (%) 4.1 9.1 4.9 3.3 21.6 7.2 8.8
Gross Revenue actual (JPY mn) 308 300 585 619 688 610 3,113
year-on-year (%) 6.0 9.7 3.8 3.7 18.3 6.4 8.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 82.3 84.8 - - - - 83.6
year-on-year (points) -9.4 -9.0 - - - - -9.2
ADR actual (JPY) 71,480 86,729 - - - - 79,218
year-on-year (%) 7.8 6.6 - - - - 7.2
RevPAR actual (JPY) 58,850 73,563 - - - - 66,207
year-on-year (%) -3.2 -3.6 - - - - -3.4
Gross Revenue actual (JPY mn) 1,002 1,214 - - - - 2,216
year-on-year (%) -1.8 -4.6 - - - - -3.3
    (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 (%) 74.2 89.0 84.6 79.0 90.0 79.6 82.6
year-on-year (points) 3.9 2.1 1.3 -7.3 -1.1 -11.3 -2.1
ADR actual (JPY) 22,475 17,512 22,583 19,083 26,751 19,754 21,494
year-on-year (%) -14.8 -8.9 -8.9 -7.2 7.2 6.8 -3.8
RevPAR actual (JPY) 16,670 15,577 19,096 15,079 24,081 15,717 17,764
year-on-year (%) -10.1 -6.7 -7.5 -15.0 5.8 -6.5 -6.1
Gross Revenue actual (JPY mn) 180 173 207 162 230 169 1,124
year-on-year (%) 0.8 4.8 2.0 -10.5 4.4 -7.6 -0.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 96.1 98.3 - - - - 97.2
year-on-year (points) -0.5 1.8 - - - - 0.7
ADR actual (JPY) 31,228 56,958 - - - - 44,241
year-on-year (%) 1.2 2.7 - - - - 2.5
RevPAR actual (JPY) 30,006 56,005 - - - - 43,005
year-on-year (%) 0.7 4.6 - - - - 3.2
Gross Revenue actual (JPY mn) 272 429 - - - - 702
year-on-year (%) 0.5 4.3 - - - - 2.8
    (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 (%) 79.6 87.9 93.8 89.9 88.0 76.8 86.0
year-on-year (points) 0.1 1.4 1.4 -2.3 0.6 -11.4 -1.7
ADR actual (JPY) 7,263 8,400 9,341 8,969 9,803 7,760 8,645
year-on-year (%) 8.2 9.2 4.6 11.2 3.1 7.9 7.3
RevPAR actual (JPY) 5,780 7,387 8,759 8,059 8,623 5,956 7,433
year-on-year (%) 8.2 10.9 6.1 8.5 3.8 -6.0 5.2
Gross Revenue actual (JPY mn) 31 35 46 41 44 31 229
year-on-year (%) 7.9 10.2 4.6 7.5 3.6 -5.8 4.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.8 90.7 - - - - 90.8
year-on-year (points) 6.5 5.7 - - - - 6.1
ADR actual (JPY) 8,298 9,104 - - - - 8,701
year-on-year (%) -7.5 -13.0 - - - - -10.4
RevPAR actual (JPY) 7,536 8,258 - - - - 7,897
year-on-year (%) -0.3 -7.1 - - - - -4.0
Gross Revenue actual (JPY mn) 40 43 - - - - 83
year-on-year (%) 0.2 -4.5 - - - - -2.3
    (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 (%) 79.0 83.1 80.6 77.7 80.9 90.8 82.0
year-on-year (points) 1.1 2.7 4.1 -2.9 -2.9 7.8 1.6
ADR actual (JPY) 7,030 8,510 6,930 17,430 12,429 9,551 10,254
year-on-year (%) -9.4 -3.4 -0.2 1.2 12.6 -7.3 -1.2
RevPAR actual (JPY) 5,556 7,073 5,584 13,539 10,060 8,670 8,406
year-on-year (%) -8.1 -0.1 5.1 -2.4 8.7 1.4 0.8
Gross Revenue actual (JPY mn) 26 30 26 58 46 39 228
year-on-year (%) -7.6 -1.1 4.3 -0.5 9.2 3.1 1.5
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.0 94.0 - - - - 92.0
year-on-year (points) 3.8 1.8 - - - - 2.8
ADR actual (JPY) 12,121 23,510 - - - - 17,940
year-on-year (%) 4.3 3.1 - - - - 3.1
RevPAR actual (JPY) 10,904 22,091 - - - - 16,497
year-on-year (%) 8.9 5.1 - - - - 6.3
Gross Revenue actual (JPY mn) 49 96 - - - - 145
year-on-year (%) 7.4 4.3 - - - - 5.3
    (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 94.9 95.4 94.8 94.2 93.8
year-on-year (points) 3.7 1.9 1.2 1.4 6.9 4.4 3.3
ADR actual (JPY) 8,828 10,108 10,801 10,329 13,480 8,607 10,390
year-on-year (%) 8.9 -13.9 1.4 -4.8 18.4 -12.4 -0.4
RevPAR actual (JPY) 7,897 9,531 10,247 9,852 12,782 8,105 9,747
year-on-year (%) 13.6 -12.1 2.7 -3.5 27.6 -8.1 3.2
Gross Revenue actual (JPY mn) 36 37 44 42 53 34 247
year-on-year (%) 16.1 -9.8 3.3 -1.8 24.3 -6.3 4.1
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.9 93.7 - - - - 92.3
year-on-year (points) 4.0 1.3 - - - - 2.6
ADR actual (JPY) 7,941 10,275 - - - - 9,125
year-on-year (%) -13.0 -1.1 - - - - -6.7
RevPAR actual (JPY) 7,220 9,624 - - - - 8,422
year-on-year (%) -9.1 0.3 - - - - -3.9
Gross Revenue actual (JPY mn) 31 42 - - - - 74
year-on-year (%) -9.6 -0.7 - - - - -4.7
    (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 (%) 80.2 85.8 70.4 58.2 77.5 75.0 74.4
year-on-year (points) 6.3 4.7 1.3 -11.1 12.6 11.7 4.3
ADR actual (JPY) 12,772 10,734 12,899 16,558 15,602 11,291 13,175
year-on-year (%) 2.3 6.8 16.7 10.5 1.0 2.9 5.7
RevPAR actual (JPY) 10,238 9,210 9,082 9,631 12,091 8,471 9,803
year-on-year (%) 11.1 13.0 18.9 -7.2 20.5 21.8 12.2
Gross Revenue actual (JPY mn) 56 51 53 45 60 47 315
year-on-year (%) 3.8 10.1 13.7 -11.2 17.6 19.3 8.4
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 79.4 87.7 - - - - 83.5
year-on-year (points) 20.6 5.4 - - - - 13.0
ADR actual (JPY) 13,905 24,120 - - - - 19,265
year-on-year (%) 11.0 -0.2 - - - - -0.3
RevPAR actual (JPY) 11,044 21,146 - - - - 16,095
year-on-year (%) 49.9 6.3 - - - - 18.1
Gross Revenue actual (JPY mn) 59 89 - - - - 148
year-on-year (%) 43.1 4.6 - - - - 17.3
    (Note 1) This property was acquired on August 1, 2023.
    (Note 2) The number of rooms in this property decreased by one on May 1, 2026.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 66.1 80.0 82.6 81.8 78.5 63.3 75.3
year-on-year (points) -13.6 2.7 -1.0 -16.0 -18.4 -34.3 -13.6
ADR actual (JPY) 16,495 15,566 18,549 18,277 17,703 13,734 16,880
year-on-year (%) 4.0 -5.6 -1.4 -15.9 -28.0 -42.5 -18.0
RevPAR actual (JPY) 10,904 12,445 15,329 14,948 13,905 8,694 12,718
year-on-year (%) -13.8 -2.3 -2.6 -29.7 -41.6 -62.7 -30.5
Gross Revenue actual (JPY mn) 506 493 509 474 495 374 2,853
year-on-year (%) -2.0 1.8 -5.4 -17.2 -26.0 -42.5 -16.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 74.5 85.0 - - - - 79.7
year-on-year (points) -22.3 -12.1 - - - - -17.2
ADR actual (JPY) 16,075 16,923 - - - - 16,527
year-on-year (%) -37.4 -42.9 - - - - -40.3
RevPAR actual (JPY) 11,975 14,378 - - - - 13,177
year-on-year (%) -51.8 -50.0 - - - - -50.9
Gross Revenue actual (JPY mn) 434 492 - - - - 927
year-on-year (%) -34.9 -34.3 - - - - -34.6
    (Note 1) This property was acquired on July 31, 2024.
    (Note 2) The number of rooms in this property increased by four 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 84.4 84.2 88.4 78.7
year-on-year (points) -14.9 -1.1 -0.6 3.7 3.8 1.5 -1.3
ADR actual (JPY) 12,994 12,652 12,057 16,418 20,285 18,366 15,723
year-on-year (%) -0.5 -2.9 1.2 -0.8 7.4 6.5 3.5
RevPAR actual (JPY) 7,918 9,109 9,896 13,864 17,078 16,229 12,373
year-on-year (%) -20.1 -4.4 0.5 3.8 12.4 8.3 1.8
Gross Revenue actual (JPY mn) 235 230 273 318 381 368 1,807
year-on-year (%) -7.9 -0.2 5.6 4.6 9.4 12.3 4.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.7 91.3 - - - - 88.0
year-on-year (points) 1.2 7.8 - - - - 4.5
ADR actual (JPY) 21,160 26,277 - - - - 23,814
year-on-year (%) 9.9 -2.1 - - - - 3.3
RevPAR actual (JPY) 17,931 23,998 - - - - 20,964
year-on-year (%) 11.4 7.0 - - - - 8.9
Gross Revenue actual (JPY mn) 398 475 - - - - 873
year-on-year (%) 8.2 5.8 - - - - 6.9
    (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 (%) 91.9 93.2 94.7 95.1 92.2 93.5 93.4
year-on-year (points) -1.1 -1.0 -0.3 -0.9 -0.1 -0.9 -0.7
ADR actual (JPY) 19,025 20,173 23,883 27,083 23,130 18,303 21,980
year-on-year (%) -2.8 -2.1 5.3 0.1 9.3 -1.4 1.6
RevPAR actual (JPY) 17,477 18,807 22,619 25,770 21,331 17,115 20,538
year-on-year (%) -4.0 -3.2 4.9 -0.9 9.2 -2.4 0.8
Gross Revenue actual (JPY mn) 193 144 172 177 173 153 1,014
year-on-year (%) 2.0 2.1 8.7 -2.3 12.5 0.1 3.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 96.2 92.4 - - - - 94.3
year-on-year (points) 3.7 1.2 - - - - 2.5
ADR actual (JPY) 18,307 15,766 - - - - 17,063
year-on-year (%) 0.4 -8.2 - - - - -3.6
RevPAR actual (JPY) 17,615 14,567 - - - - 16,091
year-on-year (%) 4.4 -7.0 - - - - -1.1
Gross Revenue actual (JPY mn) 155 109 - - - - 265
year-on-year (%) 6.0 -4.0 - - - - 1.6
    (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 (%) 85.1 93.0 93.8 92.6 92.4 84.8 90.2
year-on-year (points) -1.8 3.9 10.4 9.0 4.8 6.6 5.5
ADR actual (JPY) 8,767 10,948 10,257 9,263 11,146 8,742 9,877
year-on-year (%) -1.2 -4.0 -7.1 -5.5 -0.4 -0.6 -3.2
RevPAR actual (JPY) 7,460 10,178 9,617 8,577 10,299 7,415 8,914
year-on-year (%) -3.2 0.2 4.5 4.6 5.1 7.8 3.1
Gross Revenue actual (JPY mn) 53 62 67 60 71 50 366
year-on-year (%) 1.1 1.3 7.9 10.9 6.6 9.6 6.1
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.6 95.4 - - - - 93.0
year-on-year (points) 4.7 1.7 - - - - 3.2
ADR actual (JPY) 9,352 11,322 - - - - 10,363
year-on-year (%) -0.8 4.5 - - - - 2.0
RevPAR actual (JPY) 8,475 10,803 - - - - 9,639
year-on-year (%) 4.6 6.5 - - - - 5.7
Gross Revenue actual (JPY mn) 59 74 - - - - 134
year-on-year (%) 6.0 5.5 - - - - 5.7
    (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 (%) 57.5 73.5 64.6 77.5 83.7 87.6 74.0
year-on-year (points) 2.4 -1.3 -1.7 4.4 2.4 8.3 2.4
ADR actual (JPY) 7,830 8,531 7,700 16,829 12,566 10,080 10,839
year-on-year (%) 1.0 1.3 6.2 -0.3 12.9 -5.5 3.1
RevPAR actual (JPY) 4,506 6,271 4,977 13,040 10,514 8,830 8,020
year-on-year (%) 5.5 -0.5 3.5 5.7 16.2 4.4 6.6
Gross Revenue actual (JPY mn) 46 58 58 106 95 81 445
year-on-year (%) 4.6 4.6 8.3 6.3 15.4 6.5 8.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.0 91.2 - - - - 87.6
year-on-year (points) 0.7 4.4 - - - - 2.5
ADR actual (JPY) 12,861 25,298 - - - - 19,335
year-on-year (%) 14.8 3.3 - - - - 7.5
RevPAR actual (JPY) 10,801 23,067 - - - - 16,934
year-on-year (%) 15.8 8.5 - - - - 10.7
Gross Revenue actual (JPY mn) 97 179 - - - - 277
year-on-year (%) 21.4 7.7 - - - - 12.2
    (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 (%) 83.6 91.2 93.4 89.9 91.6 83.5 88.8
year-on-year (points) 7.3 -1.2 -1.6 -1.3 0.5 -4.9 -0.2
ADR actual (JPY) 36,397 36,422 36,672 31,303 34,802 28,204 34,039
year-on-year (%) -6.9 13.8 13.0 6.0 3.9 4.2 5.8
RevPAR actual (JPY) 30,420 33,229 34,241 28,135 31,863 23,537 30,237
year-on-year (%) 1.9 12.3 11.0 4.5 4.5 -1.6 5.6
Gross Revenue actual (JPY mn) 101 95 112 92 103 80 586
year-on-year (%) 7.7 6.6 8.5 3.7 4.2 -0.8 5.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.4 91.3 - - - - 90.8
year-on-year (points) -2.6 -7.1 - - - - -4.9
ADR actual (JPY) 33,454 36,042 - - - - 34,755
year-on-year (%) 20.7 -2.6 - - - - 6.9
RevPAR actual (JPY) 30,237 32,893 - - - - 31,565
year-on-year (%) 17.2 -9.6 - - - - 1.5
Gross Revenue actual (JPY mn) 101 113 - - - - 215
year-on-year (%) 13.7 -3.4 - - - - 4.0
    (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 (%) 84.6 89.4 90.4 84.7 87.0 86.0 87.0
year-on-year (points) -2.1 1.0 3.0 1.1 9.5 9.1 3.6
ADR actual (JPY) 7,186 7,959 9,099 6,740 8,168 6,700 7,666
year-on-year (%) -3.5 -12.2 3.2 -6.9 -3.6 -4.1 -4.4
RevPAR actual (JPY) 6,078 7,114 8,226 5,707 7,106 5,764 6,669
year-on-year (%) -5.8 -11.2 6.7 -5.7 8.2 7.2 -0.2
Gross Revenue actual (JPY mn) 73 70 88 69 77 64 445
year-on-year (%) -1.3 -6.1 7.8 9.4 4.9 5.6 3.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.0 85.0 - - - - 84.5
year-on-year (points) 9.5 -6.4 - - - - 1.5
ADR actual (JPY) 7,114 8,142 - - - - 7,631
year-on-year (%) -0.9 -10.6 - - - - -7.4
RevPAR actual (JPY) 5,976 6,923 - - - - 6,449
year-on-year (%) 11.7 -16.8 - - - - -5.7
Gross Revenue actual (JPY mn) 68 75 - - - - 144
year-on-year (%) 10.5 -13.0 - - - - -3.2
    (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 (%) 91.3 93.2 92.9 95.8 96.7 95.3 94.2
year-on-year (points) -0.5 0.1 -0.6 2.4 8.3 4.4 2.4
ADR actual (JPY) 10,109 12,510 13,278 11,386 12,900 9,998 11,699
year-on-year (%) -3.8 -6.8 4.0 8.8 4.4 10.7 2.5
RevPAR actual (JPY) 9,233 11,655 12,329 10,913 12,479 9,528 11,021
year-on-year (%) -4.3 -6.8 3.4 11.7 14.1 16.1 5.1
Gross Revenue actual (JPY mn) 104 127 149 124 175 123 805
year-on-year (%) 12.8 14.0 12.2 6.3 52.1 15.1 18.8
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 95.0 94.7 - - - - 94.9
year-on-year (points) 0.9 2.7 - - - - 1.8
ADR actual (JPY) 11,841 14,655 - - - - 13,246
year-on-year (%) 7.1 5.6 - - - - 6.4
RevPAR actual (JPY) 11,254 13,882 - - - - 12,568
year-on-year (%) 8.1 8.7 - - - - 8.4
Gross Revenue actual (JPY mn) 93 120 - - - - 214
year-on-year (%) -7.6 11.1 - - - - 2.0
    (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 80.3 85.4 80.7 86.3
year-on-year (points) 0.6 7.1 7.6 0.4 -1.0 4.3 3.1
ADR actual (JPY) 10,091 21,075 11,510 8,981 11,056 8,372 11,909
year-on-year (%) -5.4 16.9 3.2 2.6 1.7 -1.1 5.1
RevPAR actual (JPY) 8,818 19,642 10,465 7,214 9,442 6,754 10,273
year-on-year (%) -4.7 26.5 12.6 3.1 0.6 4.4 9.1
Gross Revenue actual (JPY mn) 68 95 74 52 62 49 404
year-on-year (%) -0.8 15.1 14.2 10.1 3.1 -0.7 7.4
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 87.5 86.7 - - - - 87.1
year-on-year (points) 5.4 0.4 - - - - 2.9
ADR actual (JPY) 10,869 12,923 - - - - 11,891
year-on-year (%) 9.7 11.8 - - - - 10.6
RevPAR actual (JPY) 9,513 11,200 - - - - 10,357
year-on-year (%) 16.9 12.4 - - - - 14.4
Gross Revenue actual (JPY mn) 69 72 - - - - 141
year-on-year (%) 11.4 6.1 - - - - 8.6
    (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 (%) 79.3 85.2 84.9 78.1 74.4 66.4 78.0
year-on-year (points) 2.9 3.0 -0.1 3.3 -3.9 1.3 1.1
ADR actual (JPY) 8,687 10,263 10,043 7,516 10,995 6,452 9,074
year-on-year (%) -3.4 5.3 1.7 -9.2 8.8 -7.4 0.0
RevPAR actual (JPY) 6,886 8,748 8,531 5,870 8,180 4,285 7,078
year-on-year (%) 0.3 9.2 1.6 -5.1 3.3 -5.5 1.3
Gross Revenue actual (JPY mn) 75 76 95 67 87 50 452
year-on-year (%) 3.3 3.3 6.6 -0.5 5.3 -6.0 2.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 84.1 86.1 - - - - 85.1
year-on-year (points) 10.8 -1.5 - - - - 4.6
ADR actual (JPY) 8,107 9,412 - - - - 8,768
year-on-year (%) 2.0 -29.2 - - - - -19.3
RevPAR actual (JPY) 6,815 8,104 - - - - 7,459
year-on-year (%) 17.0 -30.4 - - - - -14.6
Gross Revenue actual (JPY mn) 71 87 - - - - 159
year-on-year (%) 9.4 -20.5 - - - - -9.4
    (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 (%) 77.8 88.6 94.3 87.8 93.1 83.4 87.5
year-on-year (points) -0.8 5.8 -0.3 -4.9 -0.4 1.6 0.1
ADR actual (JPY) 17,643 15,491 21,398 20,267 23,516 15,534 19,172
year-on-year (%) -2.3 2.3 4.0 3.5 11.3 1.5 3.6
RevPAR actual (JPY) 13,730 13,728 20,176 17,790 21,888 12,956 16,775
year-on-year (%) -3.3 9.5 3.6 -2.0 10.8 3.5 3.7
Gross Revenue actual (JPY mn) 50 48 69 61 74 52 358
year-on-year (%) 1.2 12.8 -2.0 -2.1 7.7 7.2 3.5
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 83.7 91.0 - - - - 87.4
year-on-year (points) -1.3 1.1 - - - - -0.1
ADR actual (JPY) 20,049 27,906 - - - - 24,141
year-on-year (%) 14.4 6.3 - - - - 9.7
RevPAR actual (JPY) 16,788 25,393 - - - - 21,091
year-on-year (%) 12.6 7.6 - - - - 9.5
Gross Revenue actual (JPY mn) 60 83 - - - - 144
year-on-year (%) 10.5 9.5 - - - - 9.9
    (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 (%) 83.7 94.2 94.2 95.9 94.3 90.7 92.1
year-on-year (points) 3.2 4.9 6.5 10.7 1.4 15.2 7.0
ADR actual (JPY) 19,691 15,916 20,319 19,301 19,602 16,462 18,594
year-on-year (%) 2.9 2.5 -0.5 -5.4 4.3 -4.6 -0.3
RevPAR actual (JPY) 16,485 14,996 19,133 18,505 18,488 14,934 17,129
year-on-year (%) 7.0 8.1 6.9 6.5 5.9 14.7 7.9
Gross Revenue actual (JPY mn) 55 49 61 57 59 49 332
year-on-year (%) 7.0 7.5 5.2 8.5 6.5 16.1 8.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 86.0 86.7 - - - - 86.4
year-on-year (points) 27.0 4.3 - - - - 15.7
ADR actual (JPY) 17,341 21,874 - - - - 19,616
year-on-year (%) -4.5 15.0 - - - - 5.1
RevPAR actual (JPY) 14,917 18,967 - - - - 16,942
year-on-year (%) 39.2 21.0 - - - - 28.4
Gross Revenue actual (JPY mn) 47 55 - - - - 103
year-on-year (%) 40.9 16.9 - - - - 26.8
    (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 (%) 76.1 86.1 94.3 77.8 81.8 76.6 82.1
year-on-year (points) 3.9 2.7 5.2 -6.0 -0.8 -3.3 0.3
ADR actual (JPY) 17,594 14,786 20,022 13,789 19,316 11,806 16,417
year-on-year (%) 5.9 3.2 4.5 -1.0 18.6 12.4 7.8
RevPAR actual (JPY) 13,393 12,728 18,873 10,730 15,804 9,041 13,479
year-on-year (%) 11.6 6.6 10.6 -8.1 17.5 7.7 8.2
Gross Revenue actual (JPY mn) 166 154 219 145 179 137 1,002
year-on-year (%) 17.4 12.0 14.2 0.4 14.5 0.6 10.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 89.8 92.2 - - - - 91.0
year-on-year (points) 4.3 -2.6 - - - - 0.8
ADR actual (JPY) 21,819 36,319 - - - - 29,165
year-on-year (%) 19.0 12.6 - - - - 13.2
RevPAR actual (JPY) 19,593 33,489 - - - - 26,541
year-on-year (%) 25.0 9.5 - - - - 14.2
Gross Revenue actual (JPY mn) 230 309 - - - - 539
year-on-year (%) 16.0 7.2 - - - - 10.8
    (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 89.1 84.6 87.1 82.3 87.1
year-on-year (points) 2.0 2.8 -2.4 -2.8 3.1 10.4 2.1
ADR actual (JPY) 22,005 20,160 20,879 16,622 22,530 13,862 19,444
year-on-year (%) 10.2 12.9 5.8 6.1 15.3 7.4 9.4
RevPAR actual (JPY) 18,656 19,214 18,597 14,058 19,615 11,402 16,932
year-on-year (%) 12.8 16.3 3.0 2.8 19.5 22.9 12.1
Gross Revenue actual (JPY mn) 214 203 216 173 214 162 1,185
year-on-year (%) 6.2 10.1 0.7 0.9 12.2 26.0 8.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 80.5 81.4 - - - - 81.0
year-on-year (points) 16.9 15.1 - - - - 16.0
ADR actual (JPY) 17,551 22,244 - - - - 19,910
year-on-year (%) 22.5 -2.9 - - - - 6.5
RevPAR actual (JPY) 14,133 18,103 - - - - 16,118
year-on-year (%) 55.0 19.3 - - - - 32.7
Gross Revenue actual (JPY mn) 189 229 - - - - 419
year-on-year (%) 51.2 29.0 - - - - 38.2
    (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 (%) 94.5 96.4 94.6 79.5 90.5 80.0 89.2
year-on-year (points) 14.7 11.7 4.4 2.9 11.5 -2.2 7.2
ADR actual (JPY) 23,511 21,309 26,316 20,272 26,674 17,826 22,880
year-on-year (%) -1.6 3.6 2.9 -1.9 9.4 14.9 4.6
RevPAR actual (JPY) 22,217 20,537 24,893 16,108 24,143 14,252 20,413
year-on-year (%) 16.5 17.8 7.9 1.9 25.3 11.9 13.7
Gross Revenue actual (JPY mn) 98 88 107 73 100 68 537
year-on-year (%) 22.0 20.2 10.9 8.0 25.9 6.6 15.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 88.9 91.9 - - - - 90.4
year-on-year (points) 12.2 0.3 - - - - 6.3
ADR actual (JPY) 19,985 31,573 - - - - 25,877
year-on-year (%) -1.6 7.7 - - - - 2.6
RevPAR actual (JPY) 17,757 29,012 - - - - 23,385
year-on-year (%) 14.1 8.1 - - - - 10.3
Gross Revenue actual (JPY mn) 84 117 - - - - 201
year-on-year (%) 18.4 15.7 - - - - 16.8
    (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 (%) 92.7 96.7 96.5 96.4 96.9 93.4 95.4
year-on-year (points) -1.1 -0.7 -1.0 0.3 0.5 -0.4 -0.4
ADR actual (JPY) 26,157 29,073 32,889 20,617 27,388 17,664 25,689
year-on-year (%) 10.4 13.7 12.8 -4.1 10.3 4.2 8.5
RevPAR actual (JPY) 24,259 28,113 31,735 19,870 26,527 16,493 24,509
year-on-year (%) 9.1 12.8 11.7 -3.8 10.9 3.8 8.0
Gross Revenue actual (JPY mn) 109 109 137 98 119 87 662
year-on-year (%) 6.6 6.9 8.4 0.7 9.2 6.1 6.5
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 96.2 98.6 - - - - 97.4
year-on-year (points) 2.2 -0.2 - - - - 1.0
ADR actual (JPY) 19,743 34,265 - - - - 27,094
year-on-year (%) 3.4 6.3 - - - - 4.9
RevPAR actual (JPY) 18,994 33,795 - - - - 26,395
year-on-year (%) 5.8 6.1 - - - - 6.0
Gross Revenue actual (JPY mn) 100 148 - - - - 248
year-on-year (%) 8.2 6.9 - - - - 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 68.6 81.5 73.6 75.3
year-on-year (points) -13.5 -2.6 -6.8 -17.0 -6.2 -11.4 -9.6
ADR actual (JPY) 23,918 20,840 22,881 15,572 21,352 12,599 19,629
year-on-year (%) 7.5 7.8 12.5 2.3 3.1 -15.0 4.6
RevPAR actual (JPY) 14,629 17,178 19,476 10,679 17,394 9,267 14,784
year-on-year (%) -11.9 4.6 4.3 -18.0 -4.3 -26.4 -7.3
Gross Revenue actual (JPY mn) 69 77 99 58 83 55 443
year-on-year (%) -9.8 4.9 2.8 -17.9 -1.2 -18.9 -5.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 87.0 95.1 - - - - 91.0
year-on-year (points) -1.8 -0.9 - - - - -1.3
ADR actual (JPY) 26,769 46,635 - - - - 37,141
year-on-year (%) -1.0 -0.5 - - - - -0.5
RevPAR actual (JPY) 23,292 44,329 - - - - 33,810
year-on-year (%) -3.1 -1.4 - - - - -1.9
Gross Revenue actual (JPY mn) 107 175 - - - - 283
year-on-year (%) -0.6 -0.2 - - - - -0.4
    (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 (%) 83.0 93.3 93.5 91.1 82.9 80.2 87.2
year-on-year (points) 10.3 -0.2 -2.3 1.0 2.6 1.4 2.2
ADR actual (JPY) 6,364 6,493 7,398 7,976 7,654 6,639 7,106
year-on-year (%) -3.9 -1.4 -2.1 11.8 3.3 -6.5 0.3
RevPAR actual (JPY) 5,281 6,056 6,917 7,270 6,344 5,322 6,200
year-on-year (%) 9.6 -1.6 -4.4 13.0 6.7 -4.9 2.9
Gross Revenue actual (JPY mn) 33 34 43 43 39 33 227
year-on-year (%) 11.1 -1.0 -3.8 11.8 6.2 -2.7 3.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 89.6 87.5 - - - - 88.6
year-on-year (points) 7.3 -7.0 - - - - 0.2
ADR actual (JPY) 6,730 7,605 - - - - 7,162
year-on-year (%) 1.1 3.9 - - - - 2.1
RevPAR actual (JPY) 6,032 6,656 - - - - 6,344
year-on-year (%) 10.1 -3.8 - - - - 2.3
Gross Revenue actual (JPY mn) 38 41 - - - - 80
year-on-year (%) 11.6 -3.1 - - - - 3.5
    (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 (%) 81.6 86.1 89.4 89.7 93.6 90.7 88.5
year-on-year (points) -12.3 -9.0 -4.3 -6.2 -0.1 2.0 -4.9
ADR actual (JPY) 26,158 20,801 28,513 22,225 28,834 18,816 24,338
year-on-year (%) 20.7 9.3 5.5 1.2 13.6 6.8 9.5
RevPAR actual (JPY) 21,358 17,903 25,497 19,942 26,989 17,058 21,549
year-on-year (%) 4.9 -1.0 0.6 -5.3 13.4 9.2 3.7
Gross Revenue actual (JPY mn) 76 63 89 72 89 61 452
year-on-year (%) 2.2 -1.1 -1.5 -6.1 9.3 2.8 0.9
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 88.7 94.4 - - - - 91.6
year-on-year (points) 6.4 -0.8 - - - - 2.8
ADR actual (JPY) 21,307 33,242 - - - - 27,460
year-on-year (%) 0.1 5.3 - - - - 2.5
RevPAR actual (JPY) 18,907 31,396 - - - - 25,151
year-on-year (%) 7.9 4.4 - - - - 5.7
Gross Revenue actual (JPY mn) 72 105 - - - - 178
year-on-year (%) 10.7 2.0 - - - - 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 (%) 65.0 84.0 84.2 80.2 89.1 64.8 77.8
year-on-year (points) 8.1 0.8 15.3 7.7 -1.1 -17.0 2.4
ADR actual (JPY) 13,490 12,541 14,588 13,151 17,549 11,111 13,944
year-on-year (%) 8.6 26.7 -0.8 -6.3 13.1 -5.0 6.4
RevPAR actual (JPY) 8,770 10,534 12,289 10,546 15,633 7,201 10,855
year-on-year (%) 24.1 28.0 21.3 3.7 11.7 -24.7 9.8
Gross Revenue actual (JPY mn) 37 46 51 43 57 32 269
year-on-year (%) 23.1 38.5 21.0 7.2 9.6 -20.7 11.7
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 78.0 91.6 - - - - 84.8
year-on-year (points) -1.9 4.5 - - - - 1.3
ADR actual (JPY) 15,309 29,446 - - - - 22,946
year-on-year (%) 0.8 11.8 - - - - 9.2
RevPAR actual (JPY) 11,938 26,980 - - - - 19,459
year-on-year (%) -1.6 17.5 - - - - 10.9
Gross Revenue actual (JPY mn) 47 82 - - - - 130
year-on-year (%) 1.0 13.9 - - - - 8.8
    (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 (%) 94.1 97.8 97.4 80.4 87.3 71.4 88.1
year-on-year (points) 4.5 1.1 -0.4 -10.7 -1.9 -9.9 -2.9
ADR actual (JPY) 15,465 12,745 14,771 12,669 16,064 11,140 13,963
year-on-year (%) 0.8 -0.9 10.5 1.7 10.8 -3.3 4.3
RevPAR actual (JPY) 14,556 12,461 14,390 10,192 14,026 7,955 12,295
year-on-year (%) 5.9 0.2 10.0 -10.3 8.5 -15.1 1.0
Gross Revenue actual (JPY mn) 49 42 52 35 44 29 255
year-on-year (%) 7.6 0.9 8.7 -10.0 4.4 -15.0 0.3
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 85.2 95.6 - - - - 90.4
year-on-year (points) 1.9 -2.2 - - - - -0.1
ADR actual (JPY) 13,452 16,935 - - - - 15,294
year-on-year (%) 0.2 0.1 - - - - -0.1
RevPAR actual (JPY) 11,456 16,183 - - - - 13,819
year-on-year (%) 2.5 -2.2 - - - - -0.3
Gross Revenue actual (JPY mn) 39 50 - - - - 90
year-on-year (%) 7.4 -2.9 - - - - 1.4
    (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 93.1 91.6 95.2 84.8 91.7
year-on-year (points) 2.4 4.8 -0.6 3.3 7.6 30.5 8.0
ADR actual (JPY) 14,692 14,058 17,296 12,684 15,781 10,406 14,247
year-on-year (%) -2.6 -1.6 3.2 -7.0 -1.2 -12.7 -4.0
RevPAR actual (JPY) 13,175 13,481 16,097 11,617 15,030 8,819 13,060
year-on-year (%) 0.1 3.6 2.6 -3.6 7.3 36.3 5.2
Gross Revenue actual (JPY mn) 46 46 60 51 56 41 302
year-on-year (%) 3.6 10.2 9.4 0.1 14.2 52.9 12.0
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 90.7 91.9 - - - - 91.3
year-on-year (points) 11.7 -1.9 - - - - 4.9
ADR actual (JPY) 10,729 14,896 - - - - 12,825
year-on-year (%) -15.8 7.5 - - - - -3.9
RevPAR actual (JPY) 9,734 13,682 - - - - 11,708
year-on-year (%) -3.3 5.4 - - - - 1.6
Gross Revenue actual (JPY mn) 41 50 - - - - 92
year-on-year (%) 16.8 8.9 - - - - 12.3
    (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 72.0 74.3 79.4
year-on-year (points) -7.4 -6.0 -0.8 3.3 5.5 8.1 0.5
ADR actual (USD) 814 859 928 784 519 495 743
year-on-year (%) 6.4 6.1 13.0 3.4 4.9 5.9 5.8
RevPAR actual (USD) 624 699 833 648 373 368 590
year-on-year (%) -3.0 -1.1 12.1 7.7 13.6 18.9 6.5
Gross Revenue actual (USD'000) 10,931 11,739 14,707 11,637 8,321 7,594 64,931
year-on-year (%) -7.0 7.1 10.9 9.7 25.1 26.3 9.6
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 75.3 47.8 - - - - 61.6
year-on-year (points) 0.6 -6.7 - - - - -3.1
ADR actual (USD) 452 346 - - - - 411
year-on-year (%) 7.4 -3.8 - - - - 4.0
RevPAR actual (USD) 341 166 - - - - 253
year-on-year (%) 8.3 -15.7 - - - - -0.9
Gross Revenue actual (USD'000) 6,834 3,654 - - - - 10,489
year-on-year (%) 0.0 -15.9 - - - - -6.2
    (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 81.4 43.0 23.2 29.1 52.6
year-on-year (points) 20.1 37.1 79.2 43.0 23.2 12.0 35.8
ADR actual (USD) 397 430 396 386 261 244 379
year-on-year (%) 5.3 21.2 14.9 0.0 0.0 2.9 9.5
RevPAR actual (USD) 230 356 322 166 61 71 199
year-on-year (%) 61.2 119.9 4,315.9 5,602.7 0.0 74.6 244.0
Gross Revenue actual (USD'000) 1,009 1,451 1,492 725 271 413 5,363
year-on-year (%) 13.9 60.4 2,506.5 6,224.4 2,710,750.0 132.4 163.2
2026/07 2026/08 2026/09 2026/10 2026/11 2026/12 2026/07～12
Occupancy Rate actual (%) 41.9 32.1 - - - - 37.0
year-on-year (points) 32.4 32.1 - - - - 32.2
ADR actual (USD) 220 198 - - - - 210
year-on-year (%) -4.0 0.0 - - - - -8.2
RevPAR actual (USD) 92 63 - - - - 78
year-on-year (%) 324.0 0.0 - - - - 616.0
Gross Revenue actual (USD'000) 678 470 - - - - 1,149
year-on-year (%) 587.7 71,909.3 - - - - 1,057.3
    (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 increased by one on December 25, 2025.

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