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)
Occupancy Rate actual (%) 80.5 86.6 87.4 85.2 - - 84.9
ADR actual (JPY) 12,073 13,473 14,529 14,620 - - 13,699
RevPAR actual (JPY) 9,715 11,669 12,699 12,452 - - 11,626
Gross Revenue actual (JPY mn) 8,176 8,414 10,131 9,456 - - 36,178
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
Occupancy Rate actual (%) 71.5 81.8 87.4 71.6 - - 78.0
ADR actual (USD) 720 738 790 718 - - 744
RevPAR actual (USD) 515 604 691 514 - - 581
Gross Revenue actual (USD'000) 11,941 13,190 16,200 12,363 - - 53,695
  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
year-on-year (points) 0.4 -1.0 1.2 -1.9 - - -0.3
ADR actual (JPY) 11,157 12,937 15,310 17,243 - - 14,178
year-on-year (%) -5.1 -0.5 7.2 0.0 - - 0.6
RevPAR actual (JPY) 10,115 11,863 14,209 15,784 - - 12,998
year-on-year (%) -4.7 -1.7 8.6 -2.0 - - 0.3
Gross Revenue actual (JPY mn) 40 42 55 60 - - 198
year-on-year (%) -4.0 -1.6 8.3 -1.8 - - 0.4
    (Note 1) This property was acquired on May 23, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.0 93.8 94.1 79.5 - - 89.8
year-on-year (points) 6.6 5.2 5.6 -14.0 - - 0.9
ADR actual (JPY) 8,736 9,955 12,633 15,426 - - 11,568
year-on-year (%) -2.0 -3.0 -1.5 10.3 - - 0.0
RevPAR actual (JPY) 8,040 9,337 11,884 12,270 - - 10,393
year-on-year (%) 5.6 2.7 4.8 -6.2 - - 1.0
Gross Revenue actual (JPY mn) 41 44 60 60 - - 206
year-on-year (%) 5.4 7.3 4.4 -5.1 - - 2.2
    (Note 1) This property was acquired on May 23, 2014.
    (Note 3) Renovation Period: April 13, 2026 - September 30, 2026 (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 - - 71.1
year-on-year (points) -8.2 -8.4 -5.7 -10.3 - - -8.1
ADR actual (JPY) 9,251 9,423 16,732 20,178 - - 14,512
year-on-year (%) -5.3 11.7 6.6 0.6 - - 3.5
RevPAR actual (JPY) 5,040 6,692 13,354 16,037 - - 10,322
year-on-year (%) -17.7 -0.1 -0.5 -11.0 - - -7.1
Gross Revenue actual (JPY mn) 40 48 101 118 - - 309
year-on-year (%) -14.6 1.4 0.5 -8.0 - - -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 (%) 95.3 93.7 94.6 96.4 - - 95.0
year-on-year (points) 2.5 -0.9 1.1 -0.2 - - 0.7
ADR actual (JPY) 12,882 15,218 17,537 14,191 - - 14,948
year-on-year (%) -1.1 -6.3 -3.5 -9.1 - - -5.1
RevPAR actual (JPY) 12,279 14,264 16,583 13,674 - - 14,203
year-on-year (%) 1.5 -7.3 -2.4 -9.2 - - -4.5
Gross Revenue actual (JPY mn) 81 80 102 92 - - 356
year-on-year (%) 2.9 -6.0 -1.6 -7.8 - - -3.3
    (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 (%) 98.0 97.5 98.0 97.6 - - 97.7
year-on-year (points) 1.1 0.7 1.9 0.8 - - 1.1
ADR actual (JPY) 23,834 25,960 29,588 27,242 - - 26,669
year-on-year (%) -7.6 -5.0 -7.4 -7.6 - - -6.9
RevPAR actual (JPY) 23,347 25,300 28,984 26,577 - - 26,066
year-on-year (%) -6.5 -4.3 -5.6 -6.8 - - -5.8
Gross Revenue actual (JPY mn) 70 68 86 77 - - 302
year-on-year (%) -5.9 -3.4 -5.5 -6.0 - - -5.2
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.7 83.4 89.0 90.8 - - 85.7
year-on-year (points) -5.6 -10.0 -2.7 -3.5 - - -5.4
ADR actual (JPY) 12,368 13,099 14,026 14,933 - - 13,658
year-on-year (%) -6.3 -5.8 -7.2 -21.9 - - -11.3
RevPAR actual (JPY) 9,858 10,929 12,480 13,560 - - 11,711
year-on-year (%) -12.5 -15.9 -9.9 -24.9 - - -16.5
Gross Revenue actual (JPY mn) 52 51 63 69 - - 236
year-on-year (%) -11.4 -15.4 -10.4 -19.1 - - -14.4
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Hotel MyStays Dojima" as of March 10, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 68.5 69.0 68.1 66.6 - - 68.0
year-on-year (points) -16.7 -18.9 -23.3 -25.6 - - -21.1
ADR actual (JPY) 8,117 8,778 10,907 9,811 - - 9,407
year-on-year (%) 11.0 5.3 31.6 -3.1 - - 10.3
RevPAR actual (JPY) 5,558 6,061 7,433 6,531 - - 6,401
year-on-year (%) -10.8 -17.3 -1.9 -30.0 - - -15.9
Gross Revenue actual (JPY mn) 51 50 68 59 - - 230
year-on-year (%) -9.4 -16.5 -3.3 -29.0 - - -15.4
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 67.8 70.7 79.2 82.1 - - 75.0
year-on-year (points) -13.6 -18.0 -11.5 -15.0 - - -14.4
ADR actual (JPY) 6,937 7,019 7,780 8,619 - - 7,645
year-on-year (%) -12.0 -13.3 -9.4 -17.5 - - -13.2
RevPAR actual (JPY) 4,705 4,962 6,165 7,074 - - 5,734
year-on-year (%) -26.7 -30.9 -20.9 -30.2 - - -27.2
Gross Revenue actual (JPY mn) 29 28 38 42 - - 139
year-on-year (%) -26.2 -30.0 -20.8 -28.2 - - -26.3
    (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 (%) 83.5 87.4 93.6 87.6 - - 88.0
year-on-year (points) -3.3 -6.3 -2.5 -5.3 - - -4.3
ADR actual (JPY) 9,290 10,501 12,314 15,192 - - 11,869
year-on-year (%) 9.7 7.4 6.1 12.2 - - 8.9
RevPAR actual (JPY) 7,758 9,172 11,530 13,310 - - 10,450
year-on-year (%) 5.5 0.2 3.4 5.8 - - 3.9
Gross Revenue actual (JPY mn) 49 53 74 81 - - 258
year-on-year (%) 2.9 -0.4 3.1 4.7 - - 2.8
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The number of rooms in this property has increased due to conversion (4 rooms) on July 20, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.4 92.7 93.1 95.1 - - 92.8
year-on-year (points) 32.3 35.1 2.0 0.4 - - 17.2
ADR actual (JPY) 12,562 13,022 16,140 17,460 - - 14,851
year-on-year (%) 27.0 11.0 12.0 -2.2 - - 5.2
RevPAR actual (JPY) 11,359 12,067 15,026 16,597 - - 13,781
year-on-year (%) 97.6 78.7 14.5 -1.8 - - 29.1
Gross Revenue actual (JPY mn) 33 31 44 46 - - 156
year-on-year (%) 100.5 76.5 16.6 -3.7 - - 29.1
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.9 92.5 92.5 91.3 - - 91.0
year-on-year (points) -2.6 2.4 26.5 23.7 - - 12.7
ADR actual (JPY) 12,901 15,608 15,479 16,325 - - 15,079
year-on-year (%) 29.6 7.0 21.7 35.0 - - 23.0
RevPAR actual (JPY) 11,344 14,440 14,325 14,908 - - 13,728
year-on-year (%) 25.9 9.8 70.6 82.3 - - 42.9
Gross Revenue actual (JPY mn) 65 74 82 82 - - 305
year-on-year (%) 22.4 9.4 67.6 80.6 - - 40.8
    (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 (%) 87.2 84.5 88.8 91.5 - - 88.1
year-on-year (points) -0.3 -9.1 -6.6 -3.8 - - -4.9
ADR actual (JPY) 17,226 19,466 23,419 26,197 - - 21,670
year-on-year (%) -11.0 -6.5 1.6 -11.7 - - -7.1
RevPAR actual (JPY) 15,027 16,450 20,797 23,962 - - 19,084
year-on-year (%) -11.3 -15.6 -5.5 -15.3 - - -12.0
Gross Revenue actual (JPY mn) 32 32 44 50 - - 160
year-on-year (%) -10.9 -14.9 -5.6 -14.8 - - -11.6
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The number of rooms in this property has increased due to conversion (9 rooms) on September 24, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.4 95.3 93.2 95.6 - - 94.9
year-on-year (points) 2.4 2.2 0.4 1.3 - - 1.5
ADR actual (JPY) 9,824 11,199 14,392 15,266 - - 12,677
year-on-year (%) 5.8 -1.9 11.6 19.0 - - 9.2
RevPAR actual (JPY) 9,376 10,672 13,418 14,602 - - 12,029
year-on-year (%) 8.5 0.4 12.0 20.5 - - 11.0
Gross Revenue actual (JPY mn) 21 21 30 31 - - 104
year-on-year (%) 8.6 0.4 11.4 20.7 - - 10.9
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.6 95.8 95.8 95.8 - - 94.2
year-on-year (points) 3.9 3.8 5.7 1.7 - - 3.8
ADR actual (JPY) 10,209 11,774 13,362 15,909 - - 12,859
year-on-year (%) 1.6 3.4 3.8 5.8 - - 3.8
RevPAR actual (JPY) 9,144 11,277 12,798 15,243 - - 12,110
year-on-year (%) 6.2 7.6 10.4 7.7 - - 8.1
Gross Revenue actual (JPY mn) 15 17 22 25 - - 80
year-on-year (%) 6.4 7.6 11.7 7.7 - - 8.5
    (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 (%) 54.1 69.2 71.6 74.0 - - 67.1
year-on-year (points) -26.6 -14.0 0.0 -3.3 - - -11.0
ADR actual (JPY) 6,333 7,430 8,223 9,326 - - 7,942
year-on-year (%) 9.9 23.1 9.7 14.4 - - 16.2
RevPAR actual (JPY) 3,425 5,144 5,889 6,897 - - 5,331
year-on-year (%) -26.4 2.5 9.7 9.5 - - -0.1
Gross Revenue actual (JPY mn) 13 18 23 27 - - 83
year-on-year (%) -26.1 2.3 8.9 10.0 - - -0.1
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 74.6 74.6 74.7 87.7 - - 77.9
year-on-year (points) -6.6 -8.6 -8.7 -1.2 - - -6.3
ADR actual (JPY) 5,774 6,037 6,429 6,757 - - 6,272
year-on-year (%) 4.7 4.8 7.3 5.0 - - 5.6
RevPAR actual (JPY) 4,309 4,503 4,802 5,923 - - 4,885
year-on-year (%) -3.8 -6.1 -4.0 3.6 - - -2.2
Gross Revenue actual (JPY mn) 14 13 15 18 - - 62
year-on-year (%) -3.6 -5.2 -3.6 3.6 - - -1.9
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.5 74.5 78.5 88.7 - - 78.6
year-on-year (points) -0.6 -5.0 -10.6 -5.5 - - -5.4
ADR actual (JPY) 9,195 9,966 10,850 10,721 - - 10,223
year-on-year (%) -13.8 -8.0 -5.8 -19.4 - - -12.4
RevPAR actual (JPY) 6,663 7,429 8,515 9,509 - - 8,032
year-on-year (%) -14.5 -13.8 -17.0 -24.1 - - -18.1
Gross Revenue actual (JPY mn) 23 23 29 32 - - 109
year-on-year (%) -14.4 -13.5 -17.2 -23.7 - - -17.9
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.0 90.7 91.8 88.8 - - 89.0
year-on-year (points) 10.6 15.9 6.3 4.0 - - 9.1
ADR actual (JPY) 14,974 15,308 19,212 22,162 - - 17,975
year-on-year (%) -11.1 -11.6 7.8 3.8 - - -2.4
RevPAR actual (JPY) 12,729 13,888 17,636 19,686 - - 16,006
year-on-year (%) 1.6 7.1 15.8 8.7 - - 8.7
Gross Revenue actual (JPY mn) 23 23 32 34 - - 114
year-on-year (%) 1.4 6.6 15.2 8.7 - - 8.4
    (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 has increased due to conversion (2 rooms) on September 9, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 70.6 85.6 83.0 97.2 - - 84.0
year-on-year (points) -2.0 5.5 4.6 14.8 - - 5.7
ADR actual (JPY) 6,951 7,356 8,610 8,117 - - 7,809
year-on-year (%) 6.3 -1.3 9.4 -11.7 - - 0.1
RevPAR actual (JPY) 4,904 6,299 7,150 7,888 - - 6,556
year-on-year (%) 3.4 5.5 15.8 4.2 - - 7.4
Gross Revenue actual (JPY mn) 5 6 8 9 - - 30
year-on-year (%) 2.8 5.9 14.9 3.7 - - 7.0
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 67.9 88.0 90.2 96.7 - - 85.5
year-on-year (points) -4.5 8.0 8.4 12.6 - - 6.0
ADR actual (JPY) 6,309 7,203 7,895 8,373 - - 7,539
year-on-year (%) 1.6 4.1 -2.4 -15.2 - - -3.9
RevPAR actual (JPY) 4,283 6,338 7,120 8,093 - - 6,448
year-on-year (%) -4.7 14.4 7.6 -2.5 - - 3.3
Gross Revenue actual (JPY mn) 2 3 4 5 - - 17
year-on-year (%) -5.1 13.4 7.3 -1.4 - - 3.4
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 96.5 99.7 99.8 99.1 - - 98.7
year-on-year (points) -1.7 -0.3 -0.1 -0.9 - - -0.7
ADR actual (JPY) 7,868 9,613 11,291 13,136 - - 10,494
year-on-year (%) 9.6 11.0 8.3 10.8 - - 10.0
RevPAR actual (JPY) 7,594 9,586 11,266 13,015 - - 10,362
year-on-year (%) 7.7 10.7 8.2 9.9 - - 9.2
Gross Revenue actual (JPY mn) 109 124 161 179 - - 575
year-on-year (%) 7.8 10.9 8.1 9.8 - - 9.2
    (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 (%) 70.9 78.8 76.3 79.6 - - 76.3
year-on-year (points) -2.3 4.4 -1.4 1.6 - - 0.5
ADR actual (JPY) 6,079 6,214 6,429 10,022 - - 7,230
year-on-year (%) -10.5 -6.4 -0.2 5.0 - - -1.9
RevPAR actual (JPY) 4,309 4,899 4,907 7,976 - - 5,518
year-on-year (%) -13.3 -0.9 -2.0 7.1 - - -1.3
Gross Revenue actual (JPY mn) 34 34 39 56 - - 165
year-on-year (%) -8.7 0.9 -0.1 6.5 - - 0.3
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" and the number of rooms in this property has increased due to conversion (6 rooms) on May 1, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.8 83.0 89.5 89.6 - - 86.3
year-on-year (points) 12.7 9.6 9.0 7.0 - - 9.6
ADR actual (JPY) 7,333 8,208 8,270 8,239 - - 8,016
year-on-year (%) -6.9 -3.4 -2.4 -1.2 - - -3.5
RevPAR actual (JPY) 6,074 6,812 7,403 7,385 - - 6,917
year-on-year (%) 10.0 9.2 8.5 7.1 - - 8.6
Gross Revenue actual (JPY mn) 16 16 19 18 - - 70
year-on-year (%) 9.3 7.1 7.9 6.6 - - 7.7
    (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 - - 95.4
year-on-year (points) 3.3 -0.4 -0.1 -1.7 - - 0.3
ADR actual (JPY) 11,851 12,907 15,158 16,486 - - 14,110
year-on-year (%) -9.2 -5.6 3.4 -4.6 - - -4.0
RevPAR actual (JPY) 11,164 12,523 14,543 15,599 - - 13,463
year-on-year (%) -5.9 -6.0 3.3 -6.3 - - -3.6
Gross Revenue actual (JPY mn) 66 66 86 89 - - 310
year-on-year (%) -4.8 -5.5 4.3 -5.7 - - -2.9
    (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 (%) 86.0 92.3 94.0 95.4 - - 91.9
year-on-year (points) -4.5 -1.7 0.4 -0.7 - - -1.6
ADR actual (JPY) 7,624 8,082 9,528 9,831 - - 8,808
year-on-year (%) 4.1 2.8 8.2 4.2 - - 5.1
RevPAR actual (JPY) 6,553 7,461 8,959 9,376 - - 8,092
year-on-year (%) -1.1 0.9 8.7 3.5 - - 3.3
Gross Revenue actual (JPY mn) 56 58 76 77 - - 269
year-on-year (%) 0.5 1.7 9.2 3.3 - - 3.9
    (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 (%) 93.5 93.8 93.9 93.9 - - 93.8
year-on-year (points) 4.0 0.6 4.6 -1.0 - - 2.1
ADR actual (JPY) 13,283 14,645 18,699 20,176 - - 16,727
year-on-year (%) 2.9 2.5 11.4 4.9 - - 5.5
RevPAR actual (JPY) 12,426 13,734 17,561 18,942 - - 15,687
year-on-year (%) 7.5 3.1 17.1 3.8 - - 8.0
Gross Revenue actual (JPY mn) 38 37 53 55 - - 185
year-on-year (%) 7.9 3.6 17.4 4.6 - - 8.5
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.9 90.1 91.5 92.8 - - 89.3
year-on-year (points) -3.5 -2.3 -0.4 -2.8 - - -2.3
ADR actual (JPY) 8,056 8,545 10,346 10,588 - - 9,436
year-on-year (%) 5.8 3.3 5.8 6.5 - - 5.6
RevPAR actual (JPY) 6,677 7,696 9,465 9,824 - - 8,422
year-on-year (%) 1.5 0.7 5.3 3.4 - - 3.0
Gross Revenue actual (JPY mn) 37 39 53 52 - - 183
year-on-year (%) 2.5 2.3 5.9 3.0 - - 3.6
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.9 91.5 90.3 87.5 - - 87.2
year-on-year (points) -0.4 -0.4 -0.7 -2.9 - - -1.1
ADR actual (JPY) 7,391 7,714 8,977 7,687 - - 7,969
year-on-year (%) 3.8 3.6 10.5 -8.5 - - 2.2
RevPAR actual (JPY) 5,904 7,060 8,106 6,725 - - 6,948
year-on-year (%) 3.2 3.2 9.6 -11.4 - - 0.9
Gross Revenue actual (JPY mn) 30 33 41 33 - - 139
year-on-year (%) 4.4 4.6 8.1 -11.3 - - 1.1
    (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 - - 89.3
year-on-year (points) 4.1 2.5 2.5 1.6 - - 2.7
ADR actual (JPY) 8,419 9,243 11,354 13,858 - - 10,776
year-on-year (%) 55.9 72.4 86.3 84.4 - - 76.0
RevPAR actual (JPY) 7,116 8,340 10,405 12,601 - - 9,623
year-on-year (%) 63.9 77.3 91.6 87.7 - - 81.5
Gross Revenue actual (JPY mn) 20 21 29 34 - - 105
year-on-year (%) 65.2 78.6 92.2 90.7 - - 83.2
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Flexstay Inn Higashi-Jujo" and the number of rooms in this property has increased due to conversion (2 rooms) on November 10, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 75.5 78.8 85.3 87.4 - - 81.8
year-on-year (points) -1.9 -6.9 -3.9 -1.5 - - -3.5
ADR actual (JPY) 9,304 9,280 10,098 9,187 - - 9,481
year-on-year (%) 4.4 -1.5 -0.7 -6.1 - - -1.2
RevPAR actual (JPY) 7,027 7,312 8,613 8,028 - - 7,753
year-on-year (%) 1.8 -9.4 -5.0 -7.7 - - -5.3
Gross Revenue actual (JPY mn) 53 53 62 53 - - 223
year-on-year (%) -3.4 0.6 -2.9 -4.1 - - -2.5
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.4 85.2 82.1 90.1 - - 83.3
year-on-year (points) -4.0 -0.4 3.9 2.2 - - 0.4
ADR actual (JPY) 6,518 7,267 7,469 7,666 - - 7,249
year-on-year (%) 16.5 8.5 9.1 7.5 - - 10.3
RevPAR actual (JPY) 4,977 6,189 6,128 6,903 - - 6,039
year-on-year (%) 10.7 8.0 14.5 10.2 - - 10.8
Gross Revenue actual (JPY mn) 10 11 12 13 - - 47
year-on-year (%) 10.4 6.6 15.5 9.6 - - 10.5
    (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 - - 88.6
year-on-year (points) -0.3 0.8 1.8 0.2 - - 0.6
ADR actual (JPY) 5,980 6,365 6,684 6,843 - - 6,480
year-on-year (%) 17.4 6.7 5.6 6.0 - - 8.5
RevPAR actual (JPY) 4,944 5,705 6,058 6,280 - - 5,743
year-on-year (%) 17.0 7.7 7.8 6.2 - - 9.2
Gross Revenue actual (JPY mn) 9 10 11 11 - - 43
year-on-year (%) 17.9 7.3 7.9 6.3 - - 9.4
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.7 82.2 80.1 91.0 - - 82.7
year-on-year (points) 0.9 1.2 -1.0 2.2 - - 0.8
ADR actual (JPY) 6,838 7,457 7,471 7,157 - - 7,228
year-on-year (%) 1.5 4.3 4.2 3.6 - - 3.4
RevPAR actual (JPY) 5,311 6,129 5,982 6,515 - - 5,976
year-on-year (%) 2.7 5.9 2.9 6.2 - - 4.4
Gross Revenue actual (JPY mn) 35 36 39 41 - - 152
year-on-year (%) 2.5 6.4 3.1 6.1 - - 4.5
    (Note 1) This property was acquired on August 28, 2015.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.5 88.8 90.9 91.0 - - 89.6
year-on-year (points) -1.0 -4.3 -1.5 -4.6 - - -2.8
ADR actual (JPY) 12,077 12,248 14,341 15,229 - - 13,511
year-on-year (%) -11.8 -9.6 3.1 -22.7 - - -11.5
RevPAR actual (JPY) 10,562 10,870 13,038 13,866 - - 12,100
year-on-year (%) -12.8 -13.8 1.4 -26.4 - - -14.2
Gross Revenue actual (JPY mn) 19 18 23 24 - - 84
year-on-year (%) -10.9 -10.6 2.6 -24.8 - - -12.2
    (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 - - 94.2
year-on-year (points) 1.9 3.0 2.5 -0.4 - - 1.8
ADR actual (JPY) 13,187 15,646 17,785 20,209 - - 16,725
year-on-year (%) -2.3 3.3 7.6 5.3 - - 3.7
RevPAR actual (JPY) 12,157 14,924 16,885 19,087 - - 15,756
year-on-year (%) -0.3 6.7 10.6 4.9 - - 5.7
Gross Revenue actual (JPY mn) 160 175 220 240 - - 796
year-on-year (%) 0.0 6.2 10.1 5.7 - - 5.8
    (Note 1) INV acquired the entire portion of the Main Building and a portion of the Annex Building on March 31, 2016, and additionally acquired additional floors of the Annex Building after conversion from office space on October 31, 2017.
    (Note 2) The number of rooms in this property has increased due to conversion from a locker room in Main Building (1 room) as well as conversion from an office space in Annex Building (49 rooms) on October 16, 2017 and further increased due to conversion (1 room) on September 12, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 62.8 76.8 94.4 80.4 - - 78.6
year-on-year (points) 0.5 -1.0 -0.5 -4.2 - - -1.3
ADR actual (JPY) 28,580 21,717 27,419 25,404 - - 25,845
year-on-year (%) -0.3 4.5 7.3 2.9 - - 3.9
RevPAR actual (JPY) 17,948 16,671 25,895 20,421 - - 20,321
year-on-year (%) 0.5 3.2 6.7 -2.3 - - 2.3
Gross Revenue actual (JPY mn) 438 409 626 502 - - 1,976
year-on-year (%) 4.6 4.1 4.5 -1.4 - - 2.9
    (Note 1) This property was acquired on March 31, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.4 94.7 94.5 93.6 - - 93.5
year-on-year (points) 1.6 3.8 2.0 1.9 - - 2.3
ADR actual (JPY) 13,197 16,303 16,167 17,266 - - 15,725
year-on-year (%) 7.0 -6.0 4.7 16.4 - - 5.3
RevPAR actual (JPY) 12,062 15,447 15,271 16,160 - - 14,705
year-on-year (%) 8.8 -2.0 7.0 18.8 - - 7.9
Gross Revenue actual (JPY mn) 85 98 107 110 - - 401
year-on-year (%) 10.1 -1.0 7.4 18.4 - - 8.5
    (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 (%) 94.7 97.0 96.0 93.2 - - 95.2
year-on-year (points) -1.6 -0.2 -0.7 -3.9 - - -1.6
ADR actual (JPY) 15,233 16,539 19,657 22,707 - - 18,526
year-on-year (%) 9.3 4.2 4.4 6.2 - - 5.7
RevPAR actual (JPY) 14,419 16,038 18,865 21,164 - - 17,632
year-on-year (%) 7.4 3.9 3.6 1.9 - - 3.9
Gross Revenue actual (JPY mn) 47 48 62 67 - - 225
year-on-year (%) 7.8 5.2 3.8 2.3 - - 4.4
    (Note 1) This property was acquired on March 31, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.9 81.5 90.8 88.6 - - 83.4
year-on-year (points) 11.3 11.3 11.8 12.4 - - 11.7
ADR actual (JPY) 8,026 9,541 12,088 12,416 - - 10,678
year-on-year (%) -18.1 -1.7 4.4 -3.0 - - -3.6
RevPAR actual (JPY) 5,848 7,773 10,979 10,995 - - 8,909
year-on-year (%) -3.0 14.1 20.0 12.8 - - 12.1
Gross Revenue actual (JPY mn) 62 70 104 101 - - 339
year-on-year (%) 0.5 9.9 17.5 11.2 - - 10.6
    (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 - - 47.9
year-on-year (points) -3.6 -5.2 -51.0 -88.2 - - -37.4
ADR actual (JPY) 9,245 9,777 10,346 0 - - 9,670
year-on-year (%) 8.7 7.3 1.7 -100.0 - - 0.5
RevPAR actual (JPY) 7,101 7,742 3,820 0 - - 4,628
year-on-year (%) 3.8 0.7 -57.3 -100.0 - - -43.6
Gross Revenue actual (JPY mn) 59 54 31 0 - - 144
year-on-year (%) 5.3 -2.8 -55.7 -100.0 - - -42.9
    (Note 1) This property was acquired on June 15, 2016.
    (Note 2) This property changed its contract with its major tenant, Tokyu Hotels & Resorts Co., Ltd., to fixed-rent with variable rent lease from April 25, 2023.
    (Note 3) Renovation Period: April 1, 2026 - June 30, 2026 (scheduled). This property has been closed since March 18, 2026, due to a change in tenant and operator.
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 - - 92.3
year-on-year (points) -6.2 -3.4 0.8 -3.4 - - -3.0
ADR actual (JPY) 29,139 29,835 36,925 41,253 - - 34,429
year-on-year (%) 10.2 11.4 17.9 7.1 - - 11.7
RevPAR actual (JPY) 25,904 27,464 35,149 38,400 - - 31,780
year-on-year (%) 3.0 7.5 18.9 3.3 - - 8.1
Gross Revenue actual (JPY mn) 105 99 139 146 - - 491
year-on-year (%) 5.1 7.4 19.5 3.2 - - 8.7
    (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 - - 79.3
year-on-year (points) -10.7 -13.3 -7.4 -13.9 - - -11.3
ADR actual (JPY) 7,296 7,447 9,069 9,211 - - 8,304
year-on-year (%) -0.5 -11.2 -3.3 -22.5 - - -10.7
RevPAR actual (JPY) 5,373 5,857 7,695 7,368 - - 6,585
year-on-year (%) -13.1 -24.1 -11.1 -33.9 - - -21.8
Gross Revenue actual (JPY mn) 113 102 146 134 - - 497
year-on-year (%) -5.2 -15.7 0.3 -26.4 - - -12.8
    (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 (%) 86.2 93.3 91.2 92.9 - - 90.8
year-on-year (points) 4.5 3.5 -0.8 -0.5 - - 1.6
ADR actual (JPY) 14,441 14,624 20,472 21,553 - - 17,867
year-on-year (%) -13.2 -14.4 -0.5 -11.5 - - -9.8
RevPAR actual (JPY) 12,453 13,651 18,667 20,023 - - 16,230
year-on-year (%) -8.4 -11.0 -1.4 -12.0 - - -8.1
Gross Revenue actual (JPY mn) 101 99 146 152 - - 500
year-on-year (%) -7.7 -9.6 -0.9 -10.9 - - -7.2
    (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 (%) 87.4 93.5 93.4 90.1 - - 91.1
year-on-year (points) 1.0 4.6 4.9 9.9 - - 5.1
ADR actual (JPY) 13,711 15,557 19,089 12,513 - - 15,283
year-on-year (%) -2.2 1.2 7.0 -7.4 - - 0.3
RevPAR actual (JPY) 11,987 14,551 17,838 11,271 - - 13,918
year-on-year (%) -1.1 6.4 13.0 4.1 - - 6.2
Gross Revenue actual (JPY mn) 219 227 300 205 - - 953
year-on-year (%) 3.1 11.8 12.1 11.8 - - 9.8
    (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 (%) 94.0 96.1 87.4 75.8 - - 88.2
year-on-year (points) -1.7 -0.7 9.4 2.5 - - 2.4
ADR actual (JPY) 14,457 24,152 15,197 8,926 - - 15,924
year-on-year (%) 30.2 19.5 39.1 8.1 - - 23.9
RevPAR actual (JPY) 13,584 23,221 13,277 6,763 - - 14,048
year-on-year (%) 27.9 18.7 55.9 11.7 - - 27.4
Gross Revenue actual (JPY mn) 105 161 104 52 - - 423
year-on-year (%) 27.9 18.2 53.5 11.7 - - 26.9
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.8 94.4 96.1 88.5 - - 90.1
year-on-year (points) -8.1 -1.4 -0.3 -4.2 - - -3.5
ADR actual (JPY) 9,590 11,132 12,753 15,912 - - 12,390
year-on-year (%) 9.9 12.7 3.7 7.2 - - 8.1
RevPAR actual (JPY) 7,845 10,513 12,259 14,079 - - 11,166
year-on-year (%) 0.0 11.1 3.4 2.4 - - 4.0
Gross Revenue actual (JPY mn) 41 49 64 71 - - 227
year-on-year (%) -0.9 10.7 3.2 2.9 - - 3.8
    (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 (%) 60.9 67.5 64.4 76.9 - - 67.3
year-on-year (points) 7.4 6.8 -1.6 -1.4 - - 2.7
ADR actual (JPY) 7,940 8,788 9,062 11,654 - - 9,476
year-on-year (%) -1.9 5.0 15.3 4.7 - - 5.1
RevPAR actual (JPY) 4,833 5,932 5,831 8,966 - - 6,381
year-on-year (%) 11.6 16.9 12.5 2.7 - - 9.6
Gross Revenue actual (JPY mn) 48 50 72 85 - - 256
year-on-year (%) 4.4 19.7 21.4 2.5 - - 10.9
    (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 - - 71.4
year-on-year (points) 2.1 -1.0 -3.2 -2.8 - - -1.2
ADR actual (JPY) 9,352 12,152 9,494 30,912 - - 16,159
year-on-year (%) -1.9 0.8 -0.4 6.4 - - 2.6
RevPAR actual (JPY) 6,148 9,011 6,235 24,976 - - 11,545
year-on-year (%) 1.4 -0.6 -4.9 2.9 - - 0.9
Gross Revenue actual (JPY mn) 71 82 78 164 - - 397
year-on-year (%) 12.8 11.8 3.4 2.3 - - 6.2
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.9 93.9 94.1 86.6 - - 90.8
year-on-year (points) -2.5 2.9 6.9 -3.2 - - 1.0
ADR actual (JPY) 6,550 7,278 8,434 6,466 - - 7,210
year-on-year (%) -5.0 -14.0 3.4 -4.6 - - -4.6
RevPAR actual (JPY) 5,823 6,832 7,934 5,600 - - 6,548
year-on-year (%) -7.6 -11.3 11.5 -8.0 - - -3.5
Gross Revenue actual (JPY mn) 28 30 38 26 - - 124
year-on-year (%) -7.1 -11.1 10.1 -7.0 - - -3.5
    (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 (%) 95.5 95.5 94.8 94.5 - - 95.1
year-on-year (points) 2.3 1.7 4.3 -0.6 - - 1.9
ADR actual (JPY) 11,131 13,815 15,895 18,111 - - 14,722
year-on-year (%) -9.4 -2.2 1.2 -4.8 - - -3.8
RevPAR actual (JPY) 10,628 13,196 15,070 17,118 - - 13,997
year-on-year (%) -7.2 -0.4 6.0 -5.5 - - -1.8
Gross Revenue actual (JPY mn) 36 41 52 57 - - 186
year-on-year (%) -7.0 0.0 6.4 -5.3 - - -1.5
    (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 - - 91.0
year-on-year (points) 8.0 5.5 1.1 -2.0 - - 3.2
ADR actual (JPY) 10,620 14,049 15,480 14,883 - - 13,762
year-on-year (%) -1.5 -3.5 8.4 4.3 - - 2.0
RevPAR actual (JPY) 9,533 12,701 14,415 13,510 - - 12,528
year-on-year (%) 8.2 2.8 9.7 2.1 - - 5.6
Gross Revenue actual (JPY mn) 38 45 56 51 - - 192
year-on-year (%) 9.1 3.5 7.0 2.2 - - 5.3
    (Note 1) This property was acquired on June 27, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.6 93.5 93.3 93.8 - - 93.0
year-on-year (points) 0.1 1.0 0.8 1.1 - - 0.7
ADR actual (JPY) 16,362 17,925 24,141 27,218 - - 21,480
year-on-year (%) -13.4 -12.1 2.5 -11.2 - - -8.2
RevPAR actual (JPY) 14,984 16,754 22,512 25,529 - - 19,978
year-on-year (%) -13.3 -11.1 3.4 -10.1 - - -7.5
Gross Revenue actual (JPY mn) 167 167 246 269 - - 850
year-on-year (%) -11.2 -9.5 4.3 -8.8 - - -6.0
    (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 - - 87.0
year-on-year (points) -2.8 2.4 11.6 16.8 - - 7.0
ADR actual (JPY) 12,955 18,790 13,369 8,870 - - 13,598
year-on-year (%) -6.1 -7.4 8.7 -0.2 - - -4.0
RevPAR actual (JPY) 10,856 17,486 12,352 7,006 - - 11,827
year-on-year (%) -9.2 -4.9 24.3 26.7 - - 4.4
Gross Revenue actual (JPY mn) 191 253 209 135 - - 790
year-on-year (%) -10.9 -5.4 15.8 24.5 - - 2.2
    (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 (%) 92.9 96.2 95.6 94.6 - - 94.8
year-on-year (points) 3.5 3.7 3.7 1.4 - - 3.1
ADR actual (JPY) 12,771 14,198 17,534 19,805 - - 16,105
year-on-year (%) 3.2 -0.4 6.4 5.3 - - 3.8
RevPAR actual (JPY) 11,859 13,664 16,768 18,727 - - 15,265
year-on-year (%) 7.2 3.7 10.6 6.8 - - 7.3
Gross Revenue actual (JPY mn) 56 58 78 85 - - 279
year-on-year (%) 5.7 3.0 9.2 7.7 - - 6.7
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.6 82.2 88.8 86.3 - - 83.8
year-on-year (points) -2.2 -7.0 -3.9 -8.6 - - -5.4
ADR actual (JPY) 10,281 10,323 11,642 12,896 - - 11,337
year-on-year (%) -14.0 -14.1 -10.2 -26.3 - - -17.4
RevPAR actual (JPY) 7,981 8,486 10,338 11,129 - - 9,495
year-on-year (%) -16.4 -20.8 -14.0 -33.0 - - -22.3
Gross Revenue actual (JPY mn) 27 26 35 37 - - 127
year-on-year (%) -15.9 -20.4 -13.9 -32.1 - - -21.8
    (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 - - 87.0
year-on-year (points) -1.5 -0.3 2.4 2.8 - - 0.9
ADR actual (JPY) 17,351 28,107 17,535 10,263 - - 18,697
year-on-year (%) 17.1 12.1 21.7 0.1 - - 13.5
RevPAR actual (JPY) 16,549 27,011 14,857 7,416 - - 16,270
year-on-year (%) 15.3 11.7 25.3 4.2 - - 14.6
Gross Revenue actual (JPY mn) 190 260 170 94 - - 715
year-on-year (%) 16.4 10.8 21.4 8.1 - - 14.3
    (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 - - 84.8
year-on-year (points) 7.6 7.0 7.2 4.8 - - 6.6
ADR actual (JPY) 14,328 13,779 16,174 15,632 - - 15,080
year-on-year (%) -0.1 0.2 0.7 0.9 - - 0.4
RevPAR actual (JPY) 10,398 11,222 14,794 14,662 - - 12,792
year-on-year (%) 11.7 9.5 9.3 6.3 - - 9.0
Gross Revenue actual (JPY mn) 150 137 182 171 - - 642
year-on-year (%) 15.3 7.5 6.7 4.9 - - 8.3
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.3 84.4 89.5 94.2 - - 88.4
year-on-year (points) -2.3 -8.2 -1.5 -0.3 - - -3.0
ADR actual (JPY) 21,090 23,751 31,026 39,463 - - 29,177
year-on-year (%) -23.5 -4.3 6.5 4.3 - - -2.7
RevPAR actual (JPY) 17,979 20,038 27,753 37,163 - - 25,781
year-on-year (%) -25.5 -12.7 4.7 3.9 - - -5.8
Gross Revenue actual (JPY mn) 113 112 165 206 - - 597
year-on-year (%) -18.3 -7.2 9.7 4.1 - - -1.8
    (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 (%) 90.4 94.0 86.9 76.7 - - 86.9
year-on-year (points) -5.0 -1.2 1.8 15.2 - - 2.7
ADR actual (JPY) 17,854 24,432 15,889 11,656 - - 17,638
year-on-year (%) 3.2 10.2 12.0 -6.3 - - 4.5
RevPAR actual (JPY) 16,145 22,962 13,808 8,941 - - 15,331
year-on-year (%) -2.2 8.8 14.3 16.8 - - 7.8
Gross Revenue actual (JPY mn) 96 115 85 57 - - 355
year-on-year (%) 1.3 10.0 11.6 20.1 - - 9.3
    (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 (%) 66.6 76.1 90.2 90.1 - - 80.8
year-on-year (points) 14.4 9.5 6.1 9.5 - - 9.9
ADR actual (JPY) 6,018 7,491 9,340 9,708 - - 8,329
year-on-year (%) -22.6 -4.0 4.0 -2.5 - - -5.0
RevPAR actual (JPY) 4,009 5,703 8,428 8,747 - - 6,730
year-on-year (%) -1.3 9.7 11.6 9.0 - - 8.2
Gross Revenue actual (JPY mn) 27 35 56 56 - - 176
year-on-year (%) -11.0 23.4 11.7 9.2 - - 8.6
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 68.9 86.5 93.9 95.4 - - 86.1
year-on-year (points) 15.5 22.4 28.6 32.1 - - 24.7
ADR actual (JPY) 7,288 7,413 7,584 7,652 - - 7,501
year-on-year (%) 1.1 -0.9 -6.9 -11.6 - - -5.1
RevPAR actual (JPY) 5,024 6,413 7,121 7,299 - - 6,459
year-on-year (%) 30.3 33.7 33.9 33.2 - - 32.9
Gross Revenue actual (JPY mn) 99 98 126 117 - - 441
year-on-year (%) 29.2 23.8 21.0 26.3 - - 24.8
    (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 (%) 90.6 91.0 92.6 94.7 - - 92.2
year-on-year (points) 0.9 0.3 0.8 1.7 - - 0.9
ADR actual (JPY) 9,261 9,657 11,654 10,793 - - 10,366
year-on-year (%) 12.1 9.0 25.9 -7.4 - - 8.8
RevPAR actual (JPY) 8,386 8,784 10,791 10,220 - - 9,559
year-on-year (%) 13.2 9.3 26.9 -5.8 - - 9.9
Gross Revenue actual (JPY mn) 47 44 60 55 - - 207
year-on-year (%) 12.1 9.3 26.2 -5.2 - - 9.7
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.0 96.0 87.2 72.8 - - 86.9
year-on-year (points) -3.3 2.0 6.0 14.6 - - 4.8
ADR actual (JPY) 18,062 23,888 16,561 11,627 - - 17,827
year-on-year (%) 1.6 1.0 9.2 -12.5 - - -0.3
RevPAR actual (JPY) 16,624 22,930 14,446 8,467 - - 15,494
year-on-year (%) -1.8 3.1 17.2 9.5 - - 5.5
Gross Revenue actual (JPY mn) 67 76 60 39 - - 243
year-on-year (%) 0.1 -0.2 14.9 12.3 - - 5.2
    (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 (%) 84.7 91.3 91.2 86.3 - - 88.3
year-on-year (points) 5.3 -2.4 2.1 -3.4 - - 0.5
ADR actual (JPY) 6,305 8,966 6,752 6,007 - - 6,993
year-on-year (%) 0.6 19.9 -1.6 4.6 - - 6.1
RevPAR actual (JPY) 5,340 8,182 6,156 5,182 - - 6,174
year-on-year (%) 7.4 16.8 0.7 0.7 - - 6.8
Gross Revenue actual (JPY mn) 48 58 55 47 - - 209
year-on-year (%) 3.3 12.9 6.1 7.4 - - 7.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.9 88.3 88.6 70.1 - - 84.2
year-on-year (points) 1.6 0.4 18.0 15.9 - - 9.1
ADR actual (JPY) 10,608 16,526 8,970 6,905 - - 10,840
year-on-year (%) -3.5 9.6 2.2 -9.1 - - -1.1
RevPAR actual (JPY) 9,539 14,590 7,944 4,839 - - 9,131
year-on-year (%) -1.8 10.1 28.2 17.5 - - 10.9
Gross Revenue actual (JPY mn) 209 203 184 141 - - 738
year-on-year (%) -0.9 0.8 14.8 7.0 - - 4.6
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.6 87.9 91.6 90.1 - - 87.8
year-on-year (points) 5.8 6.6 3.2 6.3 - - 5.4
ADR actual (JPY) 9,640 10,444 11,168 10,311 - - 10,412
year-on-year (%) 3.4 -1.8 14.7 8.4 - - 6.4
RevPAR actual (JPY) 7,863 9,180 10,227 9,291 - - 9,138
year-on-year (%) 11.3 6.2 18.8 16.5 - - 13.4
Gross Revenue actual (JPY mn) 70 73 85 82 - - 311
year-on-year (%) 9.3 5.1 9.6 17.3 - - 10.3
    (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 (%) 93.4 93.3 84.0 64.4 - - 83.7
year-on-year (points) -0.3 -3.7 2.0 14.8 - - 3.3
ADR actual (JPY) 11,231 19,499 10,689 7,375 - - 12,499
year-on-year (%) 17.5 18.4 15.1 -0.4 - - 12.6
RevPAR actual (JPY) 10,489 18,193 8,975 4,751 - - 10,461
year-on-year (%) 17.1 14.0 17.9 29.3 - - 17.2
Gross Revenue actual (JPY mn) 37 55 32 17 - - 142
year-on-year (%) 16.4 11.4 17.5 31.9 - - 16.3
    (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 (%) 93.2 94.9 78.5 75.4 - - 85.4
year-on-year (points) -1.9 2.6 0.6 12.3 - - 3.3
ADR actual (JPY) 11,967 17,854 11,600 7,458 - - 12,411
year-on-year (%) 16.7 0.8 17.2 -3.6 - - 6.6
RevPAR actual (JPY) 11,154 16,950 9,103 5,625 - - 10,594
year-on-year (%) 14.3 3.6 18.1 15.3 - - 11.0
Gross Revenue actual (JPY mn) 30 41 25 15 - - 112
year-on-year (%) 18.7 2.2 17.0 14.9 - - 11.1
    (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 (%) 88.7 94.6 73.3 60.4 - - 79.0
year-on-year (points) -2.4 -0.3 4.4 11.6 - - 3.4
ADR actual (JPY) 9,402 15,342 9,501 5,939 - - 10,422
year-on-year (%) 19.0 6.0 10.7 -2.8 - - 7.5
RevPAR actual (JPY) 8,341 14,507 6,969 3,588 - - 8,237
year-on-year (%) 15.9 5.7 17.8 20.3 - - 12.3
Gross Revenue actual (JPY mn) 21 33 17 8 - - 80
year-on-year (%) 17.5 7.0 18.9 21.9 - - 13.7
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.1 91.5 91.7 90.5 - - 89.1
year-on-year (points) -5.1 -4.3 -3.1 -6.3 - - -4.7
ADR actual (JPY) 6,894 8,030 8,822 9,465 - - 8,331
year-on-year (%) -0.2 6.4 4.2 16.0 - - 7.0
RevPAR actual (JPY) 5,728 7,350 8,091 8,564 - - 7,426
year-on-year (%) -5.9 1.6 0.8 8.4 - - 1.6
Gross Revenue actual (JPY mn) 12 14 17 18 - - 63
year-on-year (%) -5.1 2.1 1.1 5.9 - - 1.3
    (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 81.3 86.8 90.6 - - 82.8
year-on-year (points) 3.8 10.3 14.5 12.8 - - 10.3
ADR actual (JPY) 5,703 5,968 7,116 8,306 - - 6,859
year-on-year (%) 7.4 -7.7 -2.1 1.6 - - 0.2
RevPAR actual (JPY) 4,138 4,855 6,177 7,525 - - 5,679
year-on-year (%) 13.3 5.6 17.5 18.4 - - 14.4
Gross Revenue actual (JPY mn) 20 22 31 36 - - 111
year-on-year (%) 13.8 5.8 17.8 19.3 - - 14.9
    (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 (%) 94.7 96.6 96.8 96.6 - - 96.2
year-on-year (points) 0.7 -0.1 0.7 0.0 - - 0.3
ADR actual (JPY) 5,919 8,328 6,293 5,605 - - 6,502
year-on-year (%) 3.7 18.7 -1.2 4.5 - - 6.6
RevPAR actual (JPY) 5,605 8,046 6,090 5,413 - - 6,252
year-on-year (%) 4.4 18.6 -0.5 4.5 - - 6.9
Gross Revenue actual (JPY mn) 13 17 14 12 - - 58
year-on-year (%) -0.6 15.9 -0.5 3.7 - - 4.8
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.7 92.2 80.3 70.5 - - 81.5
year-on-year (points) 2.2 -1.9 3.9 1.2 - - 1.5
ADR actual (JPY) 9,884 10,950 9,330 8,760 - - 9,782
year-on-year (%) 7.2 13.0 6.6 6.1 - - 8.4
RevPAR actual (JPY) 8,272 10,101 7,494 6,174 - - 7,973
year-on-year (%) 10.1 10.7 12.1 8.0 - - 10.3
Gross Revenue actual (JPY mn) 20 21 17 14 - - 74
year-on-year (%) 14.5 14.5 12.6 10.1 - - 13.2
    (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 (%) 77.7 80.4 78.8 82.2 - - 79.7
year-on-year (points) 7.0 7.0 5.4 2.1 - - 5.4
ADR actual (JPY) 9,518 9,305 9,630 9,743 - - 9,554
year-on-year (%) -2.5 -2.7 0.0 -1.4 - - -1.7
RevPAR actual (JPY) 7,393 7,485 7,587 8,009 - - 7,619
year-on-year (%) 7.1 6.6 7.4 1.2 - - 5.4
Gross Revenue actual (JPY mn) 236 202 237 254 - - 931
year-on-year (%) 8.2 5.8 10.2 5.0 - - 7.3
    (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 - - 83.6
year-on-year (points) 2.1 5.6 1.9 -2.3 - - 1.8
ADR actual (JPY) 7,944 8,122 8,001 9,404 - - 8,365
year-on-year (%) 0.3 -5.1 -0.9 -12.1 - - -5.3
RevPAR actual (JPY) 6,356 7,109 6,722 7,822 - - 6,993
year-on-year (%) 3.1 1.3 1.4 -14.5 - - -3.3
Gross Revenue actual (JPY mn) 94 91 104 108 - - 398
year-on-year (%) 2.0 3.0 2.6 -16.8 - - -3.6
    (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 - - 76.9
year-on-year (points) 7.8 4.9 -0.7 1.1 - - 3.2
ADR actual (JPY) 24,765 22,445 35,046 34,988 - - 30,307
year-on-year (%) -9.5 1.5 5.7 2.1 - - 0.4
RevPAR actual (JPY) 14,765 15,620 30,087 32,263 - - 23,297
year-on-year (%) 4.1 9.1 4.9 3.3 - - 4.8
Gross Revenue actual (JPY mn) 308 300 585 619 - - 1,813
year-on-year (%) 6.0 9.7 3.8 3.7 - - 5.1
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 74.2 89.0 84.6 79.0 - - 81.5
year-on-year (points) 3.9 2.1 1.3 -7.3 - - 0.0
ADR actual (JPY) 22,475 17,512 22,583 19,083 - - 20,418
year-on-year (%) -14.8 -8.9 -8.9 -7.2 - - -9.8
RevPAR actual (JPY) 16,670 15,577 19,096 15,079 - - 16,644
year-on-year (%) -10.1 -6.7 -7.5 -15.0 - - -9.8
Gross Revenue actual (JPY mn) 180 173 207 162 - - 724
year-on-year (%) 0.8 4.8 2.0 -10.5 - - -0.8
    (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 - - 87.8
year-on-year (points) 0.1 1.4 1.4 -2.3 - - 0.1
ADR actual (JPY) 7,263 8,400 9,341 8,969 - - 8,539
year-on-year (%) 8.2 9.2 4.6 11.2 - - 8.1
RevPAR actual (JPY) 5,780 7,387 8,759 8,059 - - 7,494
year-on-year (%) 8.2 10.9 6.1 8.5 - - 8.2
Gross Revenue actual (JPY mn) 31 35 46 41 - - 153
year-on-year (%) 7.9 10.2 4.6 7.5 - - 7.3
    (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 - - 80.0
year-on-year (points) 1.1 2.7 4.1 -2.9 - - 1.3
ADR actual (JPY) 7,030 8,510 6,930 17,430 - - 9,886
year-on-year (%) -9.4 -3.4 -0.2 1.2 - - -3.3
RevPAR actual (JPY) 5,556 7,073 5,584 13,539 - - 7,913
year-on-year (%) -8.1 -0.1 5.1 -2.4 - - -1.8
Gross Revenue actual (JPY mn) 26 30 26 58 - - 142
year-on-year (%) -7.6 -1.1 4.3 -0.5 - - -1.2
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.5 94.3 94.9 95.4 - - 93.5
year-on-year (points) 3.7 1.9 1.2 1.4 - - 2.0
ADR actual (JPY) 8,828 10,108 10,801 10,329 - - 10,030
year-on-year (%) 8.9 -13.9 1.4 -4.8 - - -3.0
RevPAR actual (JPY) 7,897 9,531 10,247 9,852 - - 9,374
year-on-year (%) 13.6 -12.1 2.7 -3.5 - - -0.9
Gross Revenue actual (JPY mn) 36 37 44 42 - - 160
year-on-year (%) 16.1 -9.8 3.3 -1.8 - - 1.0
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 80.2 85.8 70.4 58.2 - - 73.5
year-on-year (points) 6.3 4.7 1.3 -11.1 - - 0.3
ADR actual (JPY) 12,772 10,734 12,899 16,558 - - 12,997
year-on-year (%) 2.3 6.8 16.7 10.5 - - 7.4
RevPAR actual (JPY) 10,238 9,210 9,082 9,631 - - 9,548
year-on-year (%) 11.1 13.0 18.9 -7.2 - - 7.9
Gross Revenue actual (JPY mn) 56 51 53 45 - - 206
year-on-year (%) 3.8 10.1 13.7 -11.2 - - 3.8
    (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 (%) 66.1 80.0 82.6 81.8 - - 77.5
year-on-year (points) -13.6 2.7 -1.0 -16.0 - - -7.2
ADR actual (JPY) 16,495 15,566 18,549 18,277 - - 17,307
year-on-year (%) 4.0 -5.6 -1.4 -15.9 - - -6.2
RevPAR actual (JPY) 10,904 12,445 15,329 14,948 - - 13,418
year-on-year (%) -13.8 -2.3 -2.6 -29.7 - - -14.1
Gross Revenue actual (JPY mn) 506 493 509 474 - - 1,983
year-on-year (%) -2.0 1.8 -5.4 -17.2 - - -6.1
    (Note 1) This property was acquired on July 31, 2024.
    (Note 2) The number of rooms in this property has increased due to conversion (4 rooms) on December 24, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 60.9 72.0 82.1 84.4 - - 74.9
year-on-year (points) -14.9 -1.1 -0.6 3.7 - - -3.3
ADR actual (JPY) 12,994 12,652 12,057 16,418 - - 13,617
year-on-year (%) -0.5 -2.9 1.2 -0.8 - - -0.2
RevPAR actual (JPY) 7,918 9,109 9,896 13,864 - - 10,193
year-on-year (%) -20.1 -4.4 0.5 3.8 - - -4.4
Gross Revenue actual (JPY mn) 235 230 273 318 - - 1,058
year-on-year (%) -7.9 -0.2 5.6 4.6 - - 0.8
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.9 93.2 94.7 95.1 - - 93.7
year-on-year (points) -1.1 -1.0 -0.3 -0.9 - - -0.8
ADR actual (JPY) 19,025 20,173 23,883 27,083 - - 22,604
year-on-year (%) -2.8 -2.1 5.3 0.1 - - 0.3
RevPAR actual (JPY) 17,477 18,807 22,619 25,770 - - 21,189
year-on-year (%) -4.0 -3.2 4.9 -0.9 - - -0.5
Gross Revenue actual (JPY mn) 193 144 172 177 - - 687
year-on-year (%) 2.0 2.1 8.7 -2.3 - - 2.5
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.1 93.0 93.8 92.6 - - 91.0
year-on-year (points) -1.8 3.9 10.4 9.0 - - 5.4
ADR actual (JPY) 8,767 10,948 10,257 9,263 - - 9,809
year-on-year (%) -1.2 -4.0 -7.1 -5.5 - - -4.4
RevPAR actual (JPY) 7,460 10,178 9,617 8,577 - - 8,931
year-on-year (%) -3.2 0.2 4.5 4.6 - - 1.6
Gross Revenue actual (JPY mn) 53 62 67 60 - - 244
year-on-year (%) 1.1 1.3 7.9 10.9 - - 5.3
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 57.5 73.5 64.6 77.5 - - 68.1
year-on-year (points) 2.4 -1.3 -1.7 4.4 - - 1.0
ADR actual (JPY) 7,830 8,531 7,700 16,829 - - 10,535
year-on-year (%) 1.0 1.3 6.2 -0.3 - - 2.5
RevPAR actual (JPY) 4,506 6,271 4,977 13,040 - - 7,173
year-on-year (%) 5.5 -0.5 3.5 5.7 - - 4.0
Gross Revenue actual (JPY mn) 46 58 58 106 - - 269
year-on-year (%) 4.6 4.6 8.3 6.3 - - 6.1
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.6 91.2 93.4 89.9 - - 89.5
year-on-year (points) 7.3 -1.2 -1.6 -1.3 - - 0.9
ADR actual (JPY) 36,397 36,422 36,672 31,303 - - 35,198
year-on-year (%) -6.9 13.8 13.0 6.0 - - 6.4
RevPAR actual (JPY) 30,420 33,229 34,241 28,135 - - 31,491
year-on-year (%) 1.9 12.3 11.0 4.5 - - 7.4
Gross Revenue actual (JPY mn) 101 95 112 92 - - 402
year-on-year (%) 7.7 6.6 8.5 3.7 - - 6.7
    (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 (%) 84.6 89.4 90.4 84.7 - - 87.2
year-on-year (points) -2.1 1.0 3.0 1.1 - - 0.7
ADR actual (JPY) 7,186 7,959 9,099 6,740 - - 7,775
year-on-year (%) -3.5 -12.2 3.2 -6.9 - - -4.5
RevPAR actual (JPY) 6,078 7,114 8,226 5,707 - - 6,782
year-on-year (%) -5.8 -11.2 6.7 -5.7 - - -3.7
Gross Revenue actual (JPY mn) 73 70 88 69 - - 302
year-on-year (%) -1.3 -6.1 7.8 9.4 - - 2.3
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.3 93.2 92.9 95.8 - - 93.3
year-on-year (points) -0.5 0.1 -0.6 2.4 - - 0.4
ADR actual (JPY) 10,109 12,510 13,278 11,386 - - 11,812
year-on-year (%) -3.8 -6.8 4.0 8.8 - - 0.4
RevPAR actual (JPY) 9,233 11,655 12,329 10,913 - - 11,018
year-on-year (%) -4.3 -6.8 3.4 11.7 - - 0.8
Gross Revenue actual (JPY mn) 104 127 149 124 - - 506
year-on-year (%) 12.8 14.0 12.2 6.3 - - 11.2
    (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 - - 87.9
year-on-year (points) 0.6 7.1 7.6 0.4 - - 3.9
ADR actual (JPY) 10,091 21,075 11,510 8,981 - - 12,934
year-on-year (%) -5.4 16.9 3.2 2.6 - - 6.9
RevPAR actual (JPY) 8,818 19,642 10,465 7,214 - - 11,368
year-on-year (%) -4.7 26.5 12.6 3.1 - - 11.9
Gross Revenue actual (JPY mn) 68 95 74 52 - - 292
year-on-year (%) -0.8 15.1 14.2 10.1 - - 9.8
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.3 85.2 84.9 78.1 - - 81.8
year-on-year (points) 2.9 3.0 -0.1 3.3 - - 2.3
ADR actual (JPY) 8,687 10,263 10,043 7,516 - - 9,154
year-on-year (%) -3.4 5.3 1.7 -9.2 - - -1.0
RevPAR actual (JPY) 6,886 8,748 8,531 5,870 - - 7,491
year-on-year (%) 0.3 9.2 1.6 -5.1 - - 1.8
Gross Revenue actual (JPY mn) 75 76 95 67 - - 315
year-on-year (%) 3.3 3.3 6.6 -0.5 - - 3.4
    (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 - - 87.1
year-on-year (points) -0.8 5.8 -0.3 -4.9 - - -0.2
ADR actual (JPY) 17,643 15,491 21,398 20,267 - - 18,844
year-on-year (%) -2.3 2.3 4.0 3.5 - - 1.7
RevPAR actual (JPY) 13,730 13,728 20,176 17,790 - - 16,410
year-on-year (%) -3.3 9.5 3.6 -2.0 - - 1.6
Gross Revenue actual (JPY mn) 50 48 69 61 - - 231
year-on-year (%) 1.2 12.8 -2.0 -2.1 - - 1.5
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.7 94.2 94.2 95.9 - - 91.9
year-on-year (points) 3.2 4.9 6.5 10.7 - - 6.3
ADR actual (JPY) 19,691 15,916 20,319 19,301 - - 18,853
year-on-year (%) 2.9 2.5 -0.5 -5.4 - - -0.3
RevPAR actual (JPY) 16,485 14,996 19,133 18,505 - - 17,327
year-on-year (%) 7.0 8.1 6.9 6.5 - - 7.1
Gross Revenue actual (JPY mn) 55 49 61 57 - - 222
year-on-year (%) 7.0 7.5 5.2 8.5 - - 7.0
    (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 (%) 76.1 86.1 94.3 77.8 - - 83.6
year-on-year (points) 3.9 2.7 5.2 -6.0 - - 1.5
ADR actual (JPY) 17,594 14,786 20,022 13,789 - - 16,741
year-on-year (%) 5.9 3.2 4.5 -1.0 - - 4.0
RevPAR actual (JPY) 13,393 12,728 18,873 10,730 - - 13,988
year-on-year (%) 11.6 6.6 10.6 -8.1 - - 5.9
Gross Revenue actual (JPY mn) 166 154 219 145 - - 685
year-on-year (%) 17.4 12.0 14.2 0.4 - - 11.2
    (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 (%) 84.8 95.3 89.1 84.6 - - 88.3
year-on-year (points) 2.0 2.8 -2.4 -2.8 - - -0.2
ADR actual (JPY) 22,005 20,160 20,879 16,622 - - 19,958
year-on-year (%) 10.2 12.9 5.8 6.1 - - 8.9
RevPAR actual (JPY) 18,656 19,214 18,597 14,058 - - 17,621
year-on-year (%) 12.8 16.3 3.0 2.8 - - 8.7
Gross Revenue actual (JPY mn) 214 203 216 173 - - 808
year-on-year (%) 6.2 10.1 0.7 0.9 - - 4.4
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.5 96.4 94.6 79.5 - - 91.2
year-on-year (points) 14.7 11.7 4.4 2.9 - - 8.4
ADR actual (JPY) 23,511 21,309 26,316 20,272 - - 23,014
year-on-year (%) -1.6 3.6 2.9 -1.9 - - 0.8
RevPAR actual (JPY) 22,217 20,537 24,893 16,108 - - 20,989
year-on-year (%) 16.5 17.8 7.9 1.9 - - 11.0
Gross Revenue actual (JPY mn) 98 88 107 73 - - 367
year-on-year (%) 22.0 20.2 10.9 8.0 - - 15.2
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.7 96.7 96.5 96.4 - - 95.5
year-on-year (points) -1.1 -0.7 -1.0 0.3 - - -0.6
ADR actual (JPY) 26,157 29,073 32,889 20,617 - - 27,205
year-on-year (%) 10.4 13.7 12.8 -4.1 - - 8.7
RevPAR actual (JPY) 24,259 28,113 31,735 19,870 - - 25,992
year-on-year (%) 9.1 12.8 11.7 -3.8 - - 8.0
Gross Revenue actual (JPY mn) 109 109 137 98 - - 455
year-on-year (%) 6.6 6.9 8.4 0.7 - - 5.9
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 61.2 82.4 85.1 68.6 - - 74.2
year-on-year (points) -13.5 -2.6 -6.8 -17.0 - - -10.1
ADR actual (JPY) 23,918 20,840 22,881 15,572 - - 20,883
year-on-year (%) 7.5 7.8 12.5 2.3 - - 8.6
RevPAR actual (JPY) 14,629 17,178 19,476 10,679 - - 15,488
year-on-year (%) -11.9 4.6 4.3 -18.0 - - -4.4
Gross Revenue actual (JPY mn) 69 77 99 58 - - 304
year-on-year (%) -9.8 4.9 2.8 -17.9 - - -4.4
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.0 93.3 93.5 91.1 - - 90.1
year-on-year (points) 10.3 -0.2 -2.3 1.0 - - 2.3
ADR actual (JPY) 6,364 6,493 7,398 7,976 - - 7,080
year-on-year (%) -3.9 -1.4 -2.1 11.8 - - 1.0
RevPAR actual (JPY) 5,281 6,056 6,917 7,270 - - 6,382
year-on-year (%) 9.6 -1.6 -4.4 13.0 - - 3.7
Gross Revenue actual (JPY mn) 33 34 43 43 - - 154
year-on-year (%) 11.1 -1.0 -3.8 11.8 - - 4.0
    (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 - - 86.7
year-on-year (points) -12.3 -9.0 -4.3 -6.2 - - -7.9
ADR actual (JPY) 26,158 20,801 28,513 22,225 - - 24,527
year-on-year (%) 20.7 9.3 5.5 1.2 - - 9.0
RevPAR actual (JPY) 21,358 17,903 25,497 19,942 - - 21,267
year-on-year (%) 4.9 -1.0 0.6 -5.3 - - -0.1
Gross Revenue actual (JPY mn) 76 63 89 72 - - 301
year-on-year (%) 2.2 -1.1 -1.5 -6.1 - - -1.7
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 65.0 84.0 84.2 80.2 - - 78.2
year-on-year (points) 8.1 0.8 15.3 7.7 - - 8.2
ADR actual (JPY) 13,490 12,541 14,588 13,151 - - 13,471
year-on-year (%) 8.6 26.7 -0.8 -6.3 - - 5.9
RevPAR actual (JPY) 8,770 10,534 12,289 10,546 - - 10,535
year-on-year (%) 24.1 28.0 21.3 3.7 - - 18.3
Gross Revenue actual (JPY mn) 37 46 51 43 - - 179
year-on-year (%) 23.1 38.5 21.0 7.2 - - 21.6
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.1 97.8 97.4 80.4 - - 92.4
year-on-year (points) 4.5 1.1 -0.4 -10.7 - - -1.4
ADR actual (JPY) 15,465 12,745 14,771 12,669 - - 13,996
year-on-year (%) 0.8 -0.9 10.5 1.7 - - 3.6
RevPAR actual (JPY) 14,556 12,461 14,390 10,192 - - 12,933
year-on-year (%) 5.9 0.2 10.0 -10.3 - - 2.0
Gross Revenue actual (JPY mn) 49 42 52 35 - - 180
year-on-year (%) 7.6 0.9 8.7 -10.0 - - 2.4
    (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 - - 92.5
year-on-year (points) 2.4 4.8 -0.6 3.3 - - 2.4
ADR actual (JPY) 14,692 14,058 17,296 12,684 - - 14,719
year-on-year (%) -2.6 -1.6 3.2 -7.0 - - -1.8
RevPAR actual (JPY) 13,175 13,481 16,097 11,617 - - 13,612
year-on-year (%) 0.1 3.6 2.6 -3.6 - - 0.8
Gross Revenue actual (JPY mn) 46 46 60 51 - - 204
year-on-year (%) 3.6 10.2 9.4 0.1 - - 5.8
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.7 81.4 89.7 82.6 - - 82.6
year-on-year (points) -7.4 -6.0 -0.8 3.3 - - -2.7
ADR actual (USD) 814 859 928 784 - - 849
year-on-year (%) 6.4 6.1 13.0 3.4 - - 7.5
RevPAR actual (USD) 624 699 833 648 - - 701
year-on-year (%) -3.0 -1.1 12.1 7.7 - - 4.2
Gross Revenue actual (USD'000) 10,931 11,739 14,707 11,637 - - 49,016
year-on-year (%) -7.0 7.1 10.9 9.7 - - 5.2
    (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 - - 66.0
year-on-year (points) 20.1 37.1 79.2 43.0 - - 45.1
ADR actual (USD) 397 430 396 386 - - 405
year-on-year (%) 5.3 21.2 14.9 - - - 9.9
RevPAR actual (USD) 230 356 322 166 - - 267
year-on-year (%) 61.2 119.9 4,315.9 5,602.7 - - 246.1
Gross Revenue actual (USD'000) 1,009 1,451 1,492 725 - - 4,679
year-on-year (%) 13.9 60.4 2,506.5 6,224.4 - - 151.6
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) The name of this property was changed from "Sunshine Suites Resort" and the number of rooms in this property has increased due to conversion (1 room) on December 25, 2025.

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