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 - 102 (111) - - - - - 102 (111)
Occupancy Rate actual (%) 80.5 - - - - - 80.5
ADR actual (JPY) 12,103 - - - - - 12,103
RevPAR actual (JPY) 9,745 - - - - - 9,745
Gross Revenue actual (JPY mn) 8,117 - - - - - 8,117
Overseas Hotels Total
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
# of Properties (Note2) actual - 2 - - - - - 2
Occupancy Rate actual (%) 71.5 - - - - - 71.5
ADR actual (USD) 720 - - - - - 720
RevPAR actual (USD) 515 - - - - - 515
Gross Revenue actual (USD'000) 11,941 - - - - - 11,941
  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 - - - - - 90.7
year-on-year (points) 0.4 - - - - - 0.4
ADR actual (JPY) 11,157 - - - - - 11,157
year-on-year (%) -5.1 - - - - - -5.1
RevPAR actual (JPY) 10,115 - - - - - 10,115
year-on-year (%) -4.7 - - - - - -4.7
Gross Revenue actual (JPY mn) 40 - - - - - 40
year-on-year (%) -4.0 - - - - - -4.0
    (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 - - - - - 92.0
year-on-year (points) 6.6 - - - - - 6.6
ADR actual (JPY) 8,736 - - - - - 8,736
year-on-year (%) -2.0 - - - - - -2.0
RevPAR actual (JPY) 8,040 - - - - - 8,040
year-on-year (%) 5.6 - - - - - 5.6
Gross Revenue actual (JPY mn) 41 - - - - - 41
year-on-year (%) 5.4 - - - - - 5.4
    (Note 1) This property was acquired on May 23, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 54.5 - - - - - 54.5
year-on-year (points) -8.2 - - - - - -8.2
ADR actual (JPY) 9,251 - - - - - 9,251
year-on-year (%) -5.3 - - - - - -5.3
RevPAR actual (JPY) 5,040 - - - - - 5,040
year-on-year (%) -17.7 - - - - - -17.7
Gross Revenue actual (JPY mn) 40 - - - - - 40
year-on-year (%) -14.6 - - - - - -14.6
    (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 (%) 95.3 - - - - - 95.3
year-on-year (points) 2.5 - - - - - 2.5
ADR actual (JPY) 12,882 - - - - - 12,882
year-on-year (%) -1.1 - - - - - -1.1
RevPAR actual (JPY) 12,279 - - - - - 12,279
year-on-year (%) 1.5 - - - - - 1.5
Gross Revenue actual (JPY mn) 81 - - - - - 81
year-on-year (%) 2.9 - - - - - 2.9
    (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 (%) 98.0 - - - - - 98.0
year-on-year (points) 1.1 - - - - - 1.1
ADR actual (JPY) 23,834 - - - - - 23,834
year-on-year (%) -7.6 - - - - - -7.6
RevPAR actual (JPY) 23,347 - - - - - 23,347
year-on-year (%) -6.5 - - - - - -6.5
Gross Revenue actual (JPY mn) 70 - - - - - 70
year-on-year (%) -5.9 - - - - - -5.9
    (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 (%) 79.7 - - - - - 79.7
year-on-year (points) -5.6 - - - - - -5.6
ADR actual (JPY) 12,368 - - - - - 12,368
year-on-year (%) -6.3 - - - - - -6.3
RevPAR actual (JPY) 9,858 - - - - - 9,858
year-on-year (%) -12.5 - - - - - -12.5
Gross Revenue actual (JPY mn) 52 - - - - - 52
year-on-year (%) -11.4 - - - - - -11.4
    (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 - - - - - 68.5
year-on-year (points) -16.7 - - - - - -16.7
ADR actual (JPY) 8,117 - - - - - 8,117
year-on-year (%) 11.0 - - - - - 11.0
RevPAR actual (JPY) 5,558 - - - - - 5,558
year-on-year (%) -10.8 - - - - - -10.8
Gross Revenue actual (JPY mn) 51 - - - - - 51
year-on-year (%) -9.4 - - - - - -9.4
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 67.8 - - - - - 67.8
year-on-year (points) -13.6 - - - - - -13.6
ADR actual (JPY) 6,937 - - - - - 6,937
year-on-year (%) -12.0 - - - - - -12.0
RevPAR actual (JPY) 4,705 - - - - - 4,705
year-on-year (%) -26.7 - - - - - -26.7
Gross Revenue actual (JPY mn) 29 - - - - - 29
year-on-year (%) -26.2 - - - - - -26.2
    (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 (%) 83.5 - - - - - 83.5
year-on-year (points) -3.3 - - - - - -3.3
ADR actual (JPY) 9,290 - - - - - 9,290
year-on-year (%) 9.7 - - - - - 9.7
RevPAR actual (JPY) 7,758 - - - - - 7,758
year-on-year (%) 5.5 - - - - - 5.5
Gross Revenue actual (JPY mn) 49 - - - - - 49
year-on-year (%) 2.9 - - - - - 2.9
    (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 (%) 90.4 - - - - - 90.4
year-on-year (points) 32.3 - - - - - 32.3
ADR actual (JPY) 12,562 - - - - - 12,562
year-on-year (%) 27.0 - - - - - 27.0
RevPAR actual (JPY) 11,359 - - - - - 11,359
year-on-year (%) 97.6 - - - - - 97.6
Gross Revenue actual (JPY mn) 33 - - - - - 33
year-on-year (%) 100.5 - - - - - 100.5
    (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 (%) 87.9 - - - - - 87.9
year-on-year (points) -2.6 - - - - - -2.6
ADR actual (JPY) 12,901 - - - - - 12,901
year-on-year (%) 29.6 - - - - - 29.6
RevPAR actual (JPY) 11,344 - - - - - 11,344
year-on-year (%) 25.9 - - - - - 25.9
Gross Revenue actual (JPY mn) 65 - - - - - 65
year-on-year (%) 22.4 - - - - - 22.4
    (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 (%) 87.2 - - - - - 87.2
year-on-year (points) -0.3 - - - - - -0.3
ADR actual (JPY) 17,226 - - - - - 17,226
year-on-year (%) -11.0 - - - - - -11.0
RevPAR actual (JPY) 15,027 - - - - - 15,027
year-on-year (%) -11.3 - - - - - -11.3
Gross Revenue actual (JPY mn) 32 - - - - - 32
year-on-year (%) -10.9 - - - - - -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 (%) 95.4 - - - - - 95.4
year-on-year (points) 2.4 - - - - - 2.4
ADR actual (JPY) 9,824 - - - - - 9,824
year-on-year (%) 5.8 - - - - - 5.8
RevPAR actual (JPY) 9,376 - - - - - 9,376
year-on-year (%) 8.5 - - - - - 8.5
Gross Revenue actual (JPY mn) 21 - - - - - 21
year-on-year (%) 8.6 - - - - - 8.6
    (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 (%) 89.6 - - - - - 89.6
year-on-year (points) 3.9 - - - - - 3.9
ADR actual (JPY) 10,209 - - - - - 10,209
year-on-year (%) 1.6 - - - - - 1.6
RevPAR actual (JPY) 9,144 - - - - - 9,144
year-on-year (%) 6.2 - - - - - 6.2
Gross Revenue actual (JPY mn) 15 - - - - - 15
year-on-year (%) 6.4 - - - - - 6.4
    (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 (%) 54.1 - - - - - 54.1
year-on-year (points) -26.6 - - - - - -26.6
ADR actual (JPY) 6,333 - - - - - 6,333
year-on-year (%) 9.9 - - - - - 9.9
RevPAR actual (JPY) 3,425 - - - - - 3,425
year-on-year (%) -26.4 - - - - - -26.4
Gross Revenue actual (JPY mn) 13 - - - - - 13
year-on-year (%) -26.1 - - - - - -26.1
    (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
year-on-year (points) -6.6 - - - - - -6.6
ADR actual (JPY) 5,774 - - - - - 5,774
year-on-year (%) 4.7 - - - - - 4.7
RevPAR actual (JPY) 4,309 - - - - - 4,309
year-on-year (%) -3.8 - - - - - -3.8
Gross Revenue actual (JPY mn) 14 - - - - - 14
year-on-year (%) -3.6 - - - - - -3.6
    (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 (%) 72.5 - - - - - 72.5
year-on-year (points) -0.6 - - - - - -0.6
ADR actual (JPY) 9,195 - - - - - 9,195
year-on-year (%) -13.8 - - - - - -13.8
RevPAR actual (JPY) 6,663 - - - - - 6,663
year-on-year (%) -14.5 - - - - - -14.5
Gross Revenue actual (JPY mn) 23 - - - - - 23
year-on-year (%) -14.4 - - - - - -14.4
    (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 (%) 85.0 - - - - - 85.0
year-on-year (points) 10.6 - - - - - 10.6
ADR actual (JPY) 14,974 - - - - - 14,974
year-on-year (%) -11.1 - - - - - -11.1
RevPAR actual (JPY) 12,729 - - - - - 12,729
year-on-year (%) 1.6 - - - - - 1.6
Gross Revenue actual (JPY mn) 23 - - - - - 23
year-on-year (%) 1.4 - - - - - 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" as of September 9, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 70.6 - - - - - 70.6
year-on-year (points) -2.0 - - - - - -2.0
ADR actual (JPY) 6,951 - - - - - 6,951
year-on-year (%) 6.3 - - - - - 6.3
RevPAR actual (JPY) 4,904 - - - - - 4,904
year-on-year (%) 3.4 - - - - - 3.4
Gross Revenue actual (JPY mn) 5 - - - - - 5
year-on-year (%) 2.8 - - - - - 2.8
    (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 (%) 67.9 - - - - - 67.9
year-on-year (points) -4.5 - - - - - -4.5
ADR actual (JPY) 6,309 - - - - - 6,309
year-on-year (%) 1.6 - - - - - 1.6
RevPAR actual (JPY) 4,283 - - - - - 4,283
year-on-year (%) -4.7 - - - - - -4.7
Gross Revenue actual (JPY mn) 2 - - - - - 2
year-on-year (%) -5.1 - - - - - -5.1
    (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 (%) 96.5 - - - - - 96.5
year-on-year (points) -1.7 - - - - - -1.7
ADR actual (JPY) 7,868 - - - - - 7,868
year-on-year (%) 9.6 - - - - - 9.6
RevPAR actual (JPY) 7,594 - - - - - 7,594
year-on-year (%) 7.7 - - - - - 7.7
Gross Revenue actual (JPY mn) 109 - - - - - 109
year-on-year (%) 7.8 - - - - - 7.8
    (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 - - - - - 70.9
year-on-year (points) -2.3 - - - - - -2.3
ADR actual (JPY) 6,079 - - - - - 6,079
year-on-year (%) -10.5 - - - - - -10.5
RevPAR actual (JPY) 4,309 - - - - - 4,309
year-on-year (%) -13.3 - - - - - -13.3
Gross Revenue actual (JPY mn) 34 - - - - - 34
year-on-year (%) -8.7 - - - - - -8.7
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" as of May 1, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.8 - - - - - 82.8
year-on-year (points) 12.7 - - - - - 12.7
ADR actual (JPY) 7,333 - - - - - 7,333
year-on-year (%) -6.9 - - - - - -6.9
RevPAR actual (JPY) 6,074 - - - - - 6,074
year-on-year (%) 10.0 - - - - - 10.0
Gross Revenue actual (JPY mn) 16 - - - - - 16
year-on-year (%) 9.3 - - - - - 9.3
    (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 - - - - - 94.2
year-on-year (points) 3.3 - - - - - 3.3
ADR actual (JPY) 11,851 - - - - - 11,851
year-on-year (%) -9.2 - - - - - -9.2
RevPAR actual (JPY) 11,164 - - - - - 11,164
year-on-year (%) -5.9 - - - - - -5.9
Gross Revenue actual (JPY mn) 66 - - - - - 66
year-on-year (%) -4.8 - - - - - -4.8
    (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 (%) 86.0 - - - - - 86.0
year-on-year (points) -4.5 - - - - - -4.5
ADR actual (JPY) 7,624 - - - - - 7,624
year-on-year (%) 4.1 - - - - - 4.1
RevPAR actual (JPY) 6,553 - - - - - 6,553
year-on-year (%) -1.1 - - - - - -1.1
Gross Revenue actual (JPY mn) 56 - - - - - 56
year-on-year (%) 0.5 - - - - - 0.5
    (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 (%) 93.5 - - - - - 93.5
year-on-year (points) 4.0 - - - - - 4.0
ADR actual (JPY) 13,283 - - - - - 13,283
year-on-year (%) 2.9 - - - - - 2.9
RevPAR actual (JPY) 12,426 - - - - - 12,426
year-on-year (%) 7.5 - - - - - 7.5
Gross Revenue actual (JPY mn) 38 - - - - - 38
year-on-year (%) 7.9 - - - - - 7.9
    (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 (%) 82.9 - - - - - 82.9
year-on-year (points) -3.5 - - - - - -3.5
ADR actual (JPY) 8,056 - - - - - 8,056
year-on-year (%) 5.8 - - - - - 5.8
RevPAR actual (JPY) 6,677 - - - - - 6,677
year-on-year (%) 1.5 - - - - - 1.5
Gross Revenue actual (JPY mn) 37 - - - - - 37
year-on-year (%) 2.5 - - - - - 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 (%) 79.9 - - - - - 79.9
year-on-year (points) -0.4 - - - - - -0.4
ADR actual (JPY) 7,391 - - - - - 7,391
year-on-year (%) 3.8 - - - - - 3.8
RevPAR actual (JPY) 5,904 - - - - - 5,904
year-on-year (%) 3.2 - - - - - 3.2
Gross Revenue actual (JPY mn) 30 - - - - - 30
year-on-year (%) 4.4 - - - - - 4.4
    (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 - - - - - 84.5
year-on-year (points) 4.1 - - - - - 4.1
ADR actual (JPY) 8,419 - - - - - 8,419
year-on-year (%) 55.9 - - - - - 55.9
RevPAR actual (JPY) 7,116 - - - - - 7,116
year-on-year (%) 63.9 - - - - - 63.9
Gross Revenue actual (JPY mn) 20 - - - - - 20
year-on-year (%) 65.2 - - - - - 65.2
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Flexstay Inn Higashi-Jujo" as of November 10, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 75.5 - - - - - 75.5
year-on-year (points) -1.9 - - - - - -1.9
ADR actual (JPY) 9,304 - - - - - 9,304
year-on-year (%) 4.4 - - - - - 4.4
RevPAR actual (JPY) 7,027 - - - - - 7,027
year-on-year (%) 1.8 - - - - - 1.8
Gross Revenue actual (JPY mn) 53 - - - - - 53
year-on-year (%) -3.4 - - - - - -3.4
    (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 (%) 76.4 - - - - - 76.4
year-on-year (points) -4.0 - - - - - -4.0
ADR actual (JPY) 6,518 - - - - - 6,518
year-on-year (%) 16.5 - - - - - 16.5
RevPAR actual (JPY) 4,977 - - - - - 4,977
year-on-year (%) 10.7 - - - - - 10.7
Gross Revenue actual (JPY mn) 10 - - - - - 10
year-on-year (%) 10.4 - - - - - 10.4
    (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 - - - - - 82.7
year-on-year (points) -0.3 - - - - - -0.3
ADR actual (JPY) 5,980 - - - - - 5,980
year-on-year (%) 17.4 - - - - - 17.4
RevPAR actual (JPY) 4,944 - - - - - 4,944
year-on-year (%) 17.0 - - - - - 17.0
Gross Revenue actual (JPY mn) 9 - - - - - 9
year-on-year (%) 17.9 - - - - - 17.9
    (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 (%) 77.7 - - - - - 77.7
year-on-year (points) 0.9 - - - - - 0.9
ADR actual (JPY) 6,838 - - - - - 6,838
year-on-year (%) 1.5 - - - - - 1.5
RevPAR actual (JPY) 5,311 - - - - - 5,311
year-on-year (%) 2.7 - - - - - 2.7
Gross Revenue actual (JPY mn) 35 - - - - - 35
year-on-year (%) 2.5 - - - - - 2.5
    (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 - - - - - 87.5
year-on-year (points) -1.0 - - - - - -1.0
ADR actual (JPY) 12,077 - - - - - 12,077
year-on-year (%) -11.8 - - - - - -11.8
RevPAR actual (JPY) 10,562 - - - - - 10,562
year-on-year (%) -12.8 - - - - - -12.8
Gross Revenue actual (JPY mn) 19 - - - - - 19
year-on-year (%) -10.9 - - - - - -10.9
    (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 - - - - - 92.2
year-on-year (points) 1.9 - - - - - 1.9
ADR actual (JPY) 13,187 - - - - - 13,187
year-on-year (%) -2.3 - - - - - -2.3
RevPAR actual (JPY) 12,157 - - - - - 12,157
year-on-year (%) -0.3 - - - - - -0.3
Gross Revenue actual (JPY mn) 160 - - - - - 160
year-on-year (%) 0.0 - - - - - 0.0
    (Note 1) INV acquired the entire portion of the Main Building and a portion of the Annex Building on March 31, 2016, and additionally acquired additional floors of the Annex Building after conversion from office space on October 31, 2017
    (Note 2) The number of rooms in this property has increased due to conversion from a locker room in Main Building (1 room) as well asconversion from an office space in Annex Building (49 rooms) on October 16, 2017
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 62.8 - - - - - 62.8
year-on-year (points) 0.5 - - - - - 0.5
ADR actual (JPY) 28,580 - - - - - 28,580
year-on-year (%) -0.3 - - - - - -0.3
RevPAR actual (JPY) 17,948 - - - - - 17,948
year-on-year (%) 0.5 - - - - - 0.5
Gross Revenue actual (JPY mn) 438 - - - - - 438
year-on-year (%) 4.6 - - - - - 4.6
    (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 - - - - - 91.4
year-on-year (points) 1.6 - - - - - 1.6
ADR actual (JPY) 13,197 - - - - - 13,197
year-on-year (%) 7.0 - - - - - 7.0
RevPAR actual (JPY) 12,062 - - - - - 12,062
year-on-year (%) 8.8 - - - - - 8.8
Gross Revenue actual (JPY mn) 85 - - - - - 85
year-on-year (%) 10.1 - - - - - 10.1
    (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 - - - - - 94.7
year-on-year (points) -1.6 - - - - - -1.6
ADR actual (JPY) 15,233 - - - - - 15,233
year-on-year (%) 9.3 - - - - - 9.3
RevPAR actual (JPY) 14,419 - - - - - 14,419
year-on-year (%) 7.4 - - - - - 7.4
Gross Revenue actual (JPY mn) 47 - - - - - 47
year-on-year (%) 7.8 - - - - - 7.8
    (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 - - - - - 72.9
year-on-year (points) 11.3 - - - - - 11.3
ADR actual (JPY) 8,026 - - - - - 8,026
year-on-year (%) -18.1 - - - - - -18.1
RevPAR actual (JPY) 5,848 - - - - - 5,848
year-on-year (%) -3.0 - - - - - -3.0
Gross Revenue actual (JPY mn) 62 - - - - - 62
year-on-year (%) 0.5 - - - - - 0.5
    (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 - - - - - 76.8
year-on-year (points) -3.6 - - - - - -3.6
ADR actual (JPY) 9,245 - - - - - 9,245
year-on-year (%) 8.7 - - - - - 8.7
RevPAR actual (JPY) 7,101 - - - - - 7,101
year-on-year (%) 3.8 - - - - - 3.8
Gross Revenue actual (JPY mn) 59 - - - - - 59
year-on-year (%) 5.3 - - - - - 5.3
    (Note 1) This property was acquired on June 15, 2016.
    (Note 2) This property changed its contract with its major tenant, Tokyu Hotels & Resorts Co., Ltd., to fixed-rent with variable rent lease from April 25, 2023. However, in view of the continuity of disclosed data, this hotel will continue to be treated as a fixed-rent hotel and excluded from the Domestic Hotels Total.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.9 - - - - - 88.9
year-on-year (points) -6.2 - - - - - -6.2
ADR actual (JPY) 29,139 - - - - - 29,139
year-on-year (%) 10.2 - - - - - 10.2
RevPAR actual (JPY) 25,904 - - - - - 25,904
year-on-year (%) 3.0 - - - - - 3.0
Gross Revenue actual (JPY mn) 105 - - - - - 105
year-on-year (%) 5.1 - - - - - 5.1
    (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 - - - - - 73.6
year-on-year (points) -10.7 - - - - - -10.7
ADR actual (JPY) 7,296 - - - - - 7,296
year-on-year (%) -0.5 - - - - - -0.5
RevPAR actual (JPY) 5,373 - - - - - 5,373
year-on-year (%) -13.1 - - - - - -13.1
Gross Revenue actual (JPY mn) 113 - - - - - 113
year-on-year (%) -5.2 - - - - - -5.2
    (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 (%) 86.2 - - - - - 86.2
year-on-year (points) 4.5 - - - - - 4.5
ADR actual (JPY) 14,441 - - - - - 14,441
year-on-year (%) -13.2 - - - - - -13.2
RevPAR actual (JPY) 12,453 - - - - - 12,453
year-on-year (%) -8.4 - - - - - -8.4
Gross Revenue actual (JPY mn) 101 - - - - - 101
year-on-year (%) -7.7 - - - - - -7.7
    (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 - - - - - 87.4
year-on-year (points) 1.0 - - - - - 1.0
ADR actual (JPY) 13,711 - - - - - 13,711
year-on-year (%) -2.2 - - - - - -2.2
RevPAR actual (JPY) 11,987 - - - - - 11,987
year-on-year (%) -1.1 - - - - - -1.1
Gross Revenue actual (JPY mn) 219 - - - - - 219
year-on-year (%) 3.1 - - - - - 3.1
    (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 - - - - - 94.0
year-on-year (points) -1.7 - - - - - -1.7
ADR actual (JPY) 14,457 - - - - - 14,457
year-on-year (%) 30.2 - - - - - 30.2
RevPAR actual (JPY) 13,584 - - - - - 13,584
year-on-year (%) 27.9 - - - - - 27.9
Gross Revenue actual (JPY mn) 105 - - - - - 105
year-on-year (%) 27.9 - - - - - 27.9
    (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 - - - - - 81.8
year-on-year (points) -8.1 - - - - - -8.1
ADR actual (JPY) 9,590 - - - - - 9,590
year-on-year (%) 9.9 - - - - - 9.9
RevPAR actual (JPY) 7,845 - - - - - 7,845
year-on-year (%) 0.0 - - - - - 0.0
Gross Revenue actual (JPY mn) 41 - - - - - 41
year-on-year (%) -0.9 - - - - - -0.9
    (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 (%) 60.9 - - - - - 60.9
year-on-year (points) 7.4 - - - - - 7.4
ADR actual (JPY) 7,940 - - - - - 7,940
year-on-year (%) -1.9 - - - - - -1.9
RevPAR actual (JPY) 4,833 - - - - - 4,833
year-on-year (%) 11.6 - - - - - 11.6
Gross Revenue actual (JPY mn) 48 - - - - - 48
year-on-year (%) 4.4 - - - - - 4.4
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 65.7 - - - - - 65.7
year-on-year (points) 2.1 - - - - - 2.1
ADR actual (JPY) 9,352 - - - - - 9,352
year-on-year (%) -1.9 - - - - - -1.9
RevPAR actual (JPY) 6,148 - - - - - 6,148
year-on-year (%) 1.4 - - - - - 1.4
Gross Revenue actual (JPY mn) 71 - - - - - 71
year-on-year (%) 12.8 - - - - - 12.8
    (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 (%) 88.9 - - - - - 88.9
year-on-year (points) -2.5 - - - - - -2.5
ADR actual (JPY) 6,550 - - - - - 6,550
year-on-year (%) -5.0 - - - - - -5.0
RevPAR actual (JPY) 5,823 - - - - - 5,823
year-on-year (%) -7.6 - - - - - -7.6
Gross Revenue actual (JPY mn) 28 - - - - - 28
year-on-year (%) -7.1 - - - - - -7.1
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.5 - - - - - 95.5
year-on-year (points) 2.3 - - - - - 2.3
ADR actual (JPY) 11,131 - - - - - 11,131
year-on-year (%) -9.4 - - - - - -9.4
RevPAR actual (JPY) 10,628 - - - - - 10,628
year-on-year (%) -7.2 - - - - - -7.2
Gross Revenue actual (JPY mn) 36 - - - - - 36
year-on-year (%) -7.0 - - - - - -7.0
    (Note 1) This property was acquired on June 27, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.8 - - - - - 89.8
year-on-year (points) 8.0 - - - - - 8.0
ADR actual (JPY) 10,620 - - - - - 10,620
year-on-year (%) -1.5 - - - - - -1.5
RevPAR actual (JPY) 9,533 - - - - - 9,533
year-on-year (%) 8.2 - - - - - 8.2
Gross Revenue actual (JPY mn) 38 - - - - - 38
year-on-year (%) 9.1 - - - - - 9.1
    (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 - - - - - 91.6
year-on-year (points) 0.1 - - - - - 0.1
ADR actual (JPY) 16,362 - - - - - 16,362
year-on-year (%) -13.4 - - - - - -13.4
RevPAR actual (JPY) 14,984 - - - - - 14,984
year-on-year (%) -13.3 - - - - - -13.3
Gross Revenue actual (JPY mn) 167 - - - - - 167
year-on-year (%) -11.2 - - - - - -11.2
    (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 - - - - - 83.8
year-on-year (points) -2.8 - - - - - -2.8
ADR actual (JPY) 12,955 - - - - - 12,955
year-on-year (%) -6.1 - - - - - -6.1
RevPAR actual (JPY) 10,856 - - - - - 10,856
year-on-year (%) -9.2 - - - - - -9.2
Gross Revenue actual (JPY mn) 191 - - - - - 191
year-on-year (%) -10.9 - - - - - -10.9
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.9 - - - - - 92.9
year-on-year (points) 3.5 - - - - - 3.5
ADR actual (JPY) 12,771 - - - - - 12,771
year-on-year (%) 3.2 - - - - - 3.2
RevPAR actual (JPY) 11,859 - - - - - 11,859
year-on-year (%) 7.2 - - - - - 7.2
Gross Revenue actual (JPY mn) 56 - - - - - 56
year-on-year (%) 5.7 - - - - - 5.7
    (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 - - - - - 77.6
year-on-year (points) -2.2 - - - - - -2.2
ADR actual (JPY) 10,281 - - - - - 10,281
year-on-year (%) -14.0 - - - - - -14.0
RevPAR actual (JPY) 7,981 - - - - - 7,981
year-on-year (%) -16.4 - - - - - -16.4
Gross Revenue actual (JPY mn) 27 - - - - - 27
year-on-year (%) -15.9 - - - - - -15.9
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.4 - - - - - 95.4
year-on-year (points) -1.5 - - - - - -1.5
ADR actual (JPY) 17,351 - - - - - 17,351
year-on-year (%) 17.1 - - - - - 17.1
RevPAR actual (JPY) 16,549 - - - - - 16,549
year-on-year (%) 15.3 - - - - - 15.3
Gross Revenue actual (JPY mn) 190 - - - - - 190
year-on-year (%) 16.4 - - - - - 16.4
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.6 - - - - - 72.6
year-on-year (points) 7.6 - - - - - 7.6
ADR actual (JPY) 14,328 - - - - - 14,328
year-on-year (%) -0.1 - - - - - -0.1
RevPAR actual (JPY) 10,398 - - - - - 10,398
year-on-year (%) 11.7 - - - - - 11.7
Gross Revenue actual (JPY mn) 150 - - - - - 150
year-on-year (%) 15.3 - - - - - 15.3
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.3 - - - - - 85.3
year-on-year (points) -2.3 - - - - - -2.3
ADR actual (JPY) 21,090 - - - - - 21,090
year-on-year (%) -23.5 - - - - - -23.5
RevPAR actual (JPY) 17,979 - - - - - 17,979
year-on-year (%) -25.5 - - - - - -25.5
Gross Revenue actual (JPY mn) 113 - - - - - 113
year-on-year (%) -18.3 - - - - - -18.3
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.4 - - - - - 90.4
year-on-year (points) -5.0 - - - - - -5.0
ADR actual (JPY) 17,854 - - - - - 17,854
year-on-year (%) 3.2 - - - - - 3.2
RevPAR actual (JPY) 16,145 - - - - - 16,145
year-on-year (%) -2.2 - - - - - -2.2
Gross Revenue actual (JPY mn) 96 - - - - - 96
year-on-year (%) 1.3 - - - - - 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 (%) 66.6 - - - - - 66.6
year-on-year (points) 14.4 - - - - - 14.4
ADR actual (JPY) 6,018 - - - - - 6,018
year-on-year (%) -22.6 - - - - - -22.6
RevPAR actual (JPY) 4,009 - - - - - 4,009
year-on-year (%) -1.3 - - - - - -1.3
Gross Revenue actual (JPY mn) 27 - - - - - 27
year-on-year (%) -11.0 - - - - - -11.0
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 68.9 - - - - - 68.9
year-on-year (points) 15.5 - - - - - 15.5
ADR actual (JPY) 7,288 - - - - - 7,288
year-on-year (%) 1.1 - - - - - 1.1
RevPAR actual (JPY) 5,024 - - - - - 5,024
year-on-year (%) 30.3 - - - - - 30.3
Gross Revenue actual (JPY mn) 99 - - - - - 99
year-on-year (%) 29.2 - - - - - 29.2
    (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 (%) 90.6 - - - - - 90.6
year-on-year (points) 0.9 - - - - - 0.9
ADR actual (JPY) 9,261 - - - - - 9,261
year-on-year (%) 12.1 - - - - - 12.1
RevPAR actual (JPY) 8,386 - - - - - 8,386
year-on-year (%) 13.2 - - - - - 13.2
Gross Revenue actual (JPY mn) 47 - - - - - 47
year-on-year (%) 12.1 - - - - - 12.1
    (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 (%) 92.0 - - - - - 92.0
year-on-year (points) -3.3 - - - - - -3.3
ADR actual (JPY) 18,062 - - - - - 18,062
year-on-year (%) 1.6 - - - - - 1.6
RevPAR actual (JPY) 16,624 - - - - - 16,624
year-on-year (%) -1.8 - - - - - -1.8
Gross Revenue actual (JPY mn) 67 - - - - - 67
year-on-year (%) 0.1 - - - - - 0.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.7 - - - - - 84.7
year-on-year (points) 5.3 - - - - - 5.3
ADR actual (JPY) 6,305 - - - - - 6,305
year-on-year (%) 0.6 - - - - - 0.6
RevPAR actual (JPY) 5,340 - - - - - 5,340
year-on-year (%) 7.4 - - - - - 7.4
Gross Revenue actual (JPY mn) 48 - - - - - 48
year-on-year (%) 3.3 - - - - - 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 (%) 89.9 - - - - - 89.9
year-on-year (points) 1.6 - - - - - 1.6
ADR actual (JPY) 10,608 - - - - - 10,608
year-on-year (%) -3.5 - - - - - -3.5
RevPAR actual (JPY) 9,539 - - - - - 9,539
year-on-year (%) -1.8 - - - - - -1.8
Gross Revenue actual (JPY mn) 209 - - - - - 209
year-on-year (%) -0.9 - - - - - -0.9
    (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 (%) 81.6 - - - - - 81.6
year-on-year (points) 5.8 - - - - - 5.8
ADR actual (JPY) 9,640 - - - - - 9,640
year-on-year (%) 3.4 - - - - - 3.4
RevPAR actual (JPY) 7,863 - - - - - 7,863
year-on-year (%) 11.3 - - - - - 11.3
Gross Revenue actual (JPY mn) 70 - - - - - 70
year-on-year (%) 9.3 - - - - - 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 (%) 93.4 - - - - - 93.4
year-on-year (points) -0.3 - - - - - -0.3
ADR actual (JPY) 11,231 - - - - - 11,231
year-on-year (%) 17.5 - - - - - 17.5
RevPAR actual (JPY) 10,489 - - - - - 10,489
year-on-year (%) 17.1 - - - - - 17.1
Gross Revenue actual (JPY mn) 37 - - - - - 37
year-on-year (%) 16.4 - - - - - 16.4
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 93.2 - - - - - 93.2
year-on-year (points) -1.9 - - - - - -1.9
ADR actual (JPY) 11,967 - - - - - 11,967
year-on-year (%) 16.7 - - - - - 16.7
RevPAR actual (JPY) 11,154 - - - - - 11,154
year-on-year (%) 14.3 - - - - - 14.3
Gross Revenue actual (JPY mn) 30 - - - - - 30
year-on-year (%) 18.7 - - - - - 18.7
    (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 (%) 88.7 - - - - - 88.7
year-on-year (points) -2.4 - - - - - -2.4
ADR actual (JPY) 9,402 - - - - - 9,402
year-on-year (%) 19.0 - - - - - 19.0
RevPAR actual (JPY) 8,341 - - - - - 8,341
year-on-year (%) 15.9 - - - - - 15.9
Gross Revenue actual (JPY mn) 21 - - - - - 21
year-on-year (%) 17.5 - - - - - 17.5
    (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 (%) 83.1 - - - - - 83.1
year-on-year (points) -5.1 - - - - - -5.1
ADR actual (JPY) 6,894 - - - - - 6,894
year-on-year (%) -0.2 - - - - - -0.2
RevPAR actual (JPY) 5,728 - - - - - 5,728
year-on-year (%) -5.9 - - - - - -5.9
Gross Revenue actual (JPY mn) 12 - - - - - 12
year-on-year (%) -5.1 - - - - - -5.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.6 - - - - - 72.6
year-on-year (points) 3.8 - - - - - 3.8
ADR actual (JPY) 5,703 - - - - - 5,703
year-on-year (%) 7.4 - - - - - 7.4
RevPAR actual (JPY) 4,138 - - - - - 4,138
year-on-year (%) 13.3 - - - - - 13.3
Gross Revenue actual (JPY mn) 20 - - - - - 20
year-on-year (%) 13.8 - - - - - 13.8
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.7 - - - - - 94.7
year-on-year (points) 0.7 - - - - - 0.7
ADR actual (JPY) 5,919 - - - - - 5,919
year-on-year (%) 3.7 - - - - - 3.7
RevPAR actual (JPY) 5,605 - - - - - 5,605
year-on-year (%) 4.4 - - - - - 4.4
Gross Revenue actual (JPY mn) 13 - - - - - 13
year-on-year (%) -0.6 - - - - - -0.6
    (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 (%) 83.7 - - - - - 83.7
year-on-year (points) 2.2 - - - - - 2.2
ADR actual (JPY) 9,884 - - - - - 9,884
year-on-year (%) 7.2 - - - - - 7.2
RevPAR actual (JPY) 8,272 - - - - - 8,272
year-on-year (%) 10.1 - - - - - 10.1
Gross Revenue actual (JPY mn) 20 - - - - - 20
year-on-year (%) 14.5 - - - - - 14.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.7 - - - - - 77.7
year-on-year (points) 7.0 - - - - - 7.0
ADR actual (JPY) 9,518 - - - - - 9,518
year-on-year (%) -2.5 - - - - - -2.5
RevPAR actual (JPY) 7,393 - - - - - 7,393
year-on-year (%) 7.1 - - - - - 7.1
Gross Revenue actual (JPY mn) 236 - - - - - 236
year-on-year (%) 8.2 - - - - - 8.2
    (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 - - - - - 80.0
year-on-year (points) 2.1 - - - - - 2.1
ADR actual (JPY) 7,944 - - - - - 7,944
year-on-year (%) 0.3 - - - - - 0.3
RevPAR actual (JPY) 6,356 - - - - - 6,356
year-on-year (%) 3.1 - - - - - 3.1
Gross Revenue actual (JPY mn) 94 - - - - - 94
year-on-year (%) 2.0 - - - - - 2.0
    (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 - - - - - 59.6
year-on-year (points) 7.8 - - - - - 7.8
ADR actual (JPY) 24,765 - - - - - 24,765
year-on-year (%) -9.5 - - - - - -9.5
RevPAR actual (JPY) 14,765 - - - - - 14,765
year-on-year (%) 4.1 - - - - - 4.1
Gross Revenue actual (JPY mn) 308 - - - - - 308
year-on-year (%) 6.0 - - - - - 6.0
    (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 (%) 74.2 - - - - - 74.2
year-on-year (points) 3.9 - - - - - 3.9
ADR actual (JPY) 22,475 - - - - - 22,475
year-on-year (%) -14.8 - - - - - -14.8
RevPAR actual (JPY) 16,670 - - - - - 16,670
year-on-year (%) -10.1 - - - - - -10.1
Gross Revenue actual (JPY mn) 180 - - - - - 180
year-on-year (%) 0.8 - - - - - 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 - - - - - 79.6
year-on-year (points) 0.1 - - - - - 0.1
ADR actual (JPY) 7,263 - - - - - 7,263
year-on-year (%) 8.2 - - - - - 8.2
RevPAR actual (JPY) 5,780 - - - - - 5,780
year-on-year (%) 8.2 - - - - - 8.2
Gross Revenue actual (JPY mn) 31 - - - - - 31
year-on-year (%) 7.9 - - - - - 7.9
    (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 - - - - - 79.0
year-on-year (points) 1.1 - - - - - 1.1
ADR actual (JPY) 7,030 - - - - - 7,030
year-on-year (%) -9.4 - - - - - -9.4
RevPAR actual (JPY) 5,556 - - - - - 5,556
year-on-year (%) -8.1 - - - - - -8.1
Gross Revenue actual (JPY mn) 26 - - - - - 26
year-on-year (%) -7.6 - - - - - -7.6
    (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 - - - - - 89.5
year-on-year (points) 3.7 - - - - - 3.7
ADR actual (JPY) 8,828 - - - - - 8,828
year-on-year (%) 8.9 - - - - - 8.9
RevPAR actual (JPY) 7,897 - - - - - 7,897
year-on-year (%) 13.6 - - - - - 13.6
Gross Revenue actual (JPY mn) 36 - - - - - 36
year-on-year (%) 16.1 - - - - - 16.1
    (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 (%) 80.2 - - - - - 80.2
year-on-year (points) 6.3 - - - - - 6.3
ADR actual (JPY) 12,772 - - - - - 12,772
year-on-year (%) 2.3 - - - - - 2.3
RevPAR actual (JPY) 10,238 - - - - - 10,238
year-on-year (%) 11.1 - - - - - 11.1
Gross Revenue actual (JPY mn) 56 - - - - - 56
year-on-year (%) 3.8 - - - - - 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 - - - - - 66.1
year-on-year (points) -13.6 - - - - - -13.6
ADR actual (JPY) 16,495 - - - - - 16,495
year-on-year (%) 4.0 - - - - - 4.0
RevPAR actual (JPY) 10,904 - - - - - 10,904
year-on-year (%) -13.8 - - - - - -13.8
Gross Revenue actual (JPY mn) 506 - - - - - 506
year-on-year (%) -2.0 - - - - - -2.0
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 60.9 - - - - - 60.9
year-on-year (points) -14.9 - - - - - -14.9
ADR actual (JPY) 12,994 - - - - - 12,994
year-on-year (%) -0.5 - - - - - -0.5
RevPAR actual (JPY) 7,918 - - - - - 7,918
year-on-year (%) -20.1 - - - - - -20.1
Gross Revenue actual (JPY mn) 235 - - - - - 235
year-on-year (%) -7.9 - - - - - -7.9
    (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 - - - - - 91.9
year-on-year (points) -1.1 - - - - - -1.1
ADR actual (JPY) 19,025 - - - - - 19,025
year-on-year (%) -2.8 - - - - - -2.8
RevPAR actual (JPY) 17,477 - - - - - 17,477
year-on-year (%) -4.0 - - - - - -4.0
Gross Revenue actual (JPY mn) 193 - - - - - 193
year-on-year (%) 2.0 - - - - - 2.0
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.1 - - - - - 85.1
year-on-year (points) -1.8 - - - - - -1.8
ADR actual (JPY) 8,767 - - - - - 8,767
year-on-year (%) -1.2 - - - - - -1.2
RevPAR actual (JPY) 7,460 - - - - - 7,460
year-on-year (%) -3.2 - - - - - -3.2
Gross Revenue actual (JPY mn) 53 - - - - - 53
year-on-year (%) 1.1 - - - - - 1.1
    (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 (%) 57.5 - - - - - 57.5
year-on-year (points) 2.4 - - - - - 2.4
ADR actual (JPY) 7,830 - - - - - 7,830
year-on-year (%) 1.0 - - - - - 1.0
RevPAR actual (JPY) 4,506 - - - - - 4,506
year-on-year (%) 5.5 - - - - - 5.5
Gross Revenue actual (JPY mn) 46 - - - - - 46
year-on-year (%) 4.6 - - - - - 4.6
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.6 - - - - - 83.6
year-on-year (points) 7.3 - - - - - 7.3
ADR actual (JPY) 36,397 - - - - - 36,397
year-on-year (%) -6.9 - - - - - -6.9
RevPAR actual (JPY) 30,420 - - - - - 30,420
year-on-year (%) 1.9 - - - - - 1.9
Gross Revenue actual (JPY mn) 101 - - - - - 101
year-on-year (%) 7.7 - - - - - 7.7
    (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 - - - - - 84.6
year-on-year (points) -2.1 - - - - - -2.1
ADR actual (JPY) 7,186 - - - - - 7,186
year-on-year (%) -3.5 - - - - - -3.5
RevPAR actual (JPY) 6,078 - - - - - 6,078
year-on-year (%) -5.8 - - - - - -5.8
Gross Revenue actual (JPY mn) 73 - - - - - 73
year-on-year (%) -1.3 - - - - - -1.3
    (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 - - - - - 91.3
year-on-year (points) -0.5 - - - - - -0.5
ADR actual (JPY) 10,109 - - - - - 10,109
year-on-year (%) -3.8 - - - - - -3.8
RevPAR actual (JPY) 9,233 - - - - - 9,233
year-on-year (%) -4.3 - - - - - -4.3
Gross Revenue actual (JPY mn) 104 - - - - - 104
year-on-year (%) 12.8 - - - - - 12.8
    (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 - - - - - 87.4
year-on-year (points) 0.6 - - - - - 0.6
ADR actual (JPY) 10,091 - - - - - 10,091
year-on-year (%) -5.4 - - - - - -5.4
RevPAR actual (JPY) 8,818 - - - - - 8,818
year-on-year (%) -4.7 - - - - - -4.7
Gross Revenue actual (JPY mn) 68 - - - - - 68
year-on-year (%) -0.8 - - - - - -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 (%) 79.3 - - - - - 79.3
year-on-year (points) 2.9 - - - - - 2.9
ADR actual (JPY) 8,687 - - - - - 8,687
year-on-year (%) -3.4 - - - - - -3.4
RevPAR actual (JPY) 6,886 - - - - - 6,886
year-on-year (%) 0.3 - - - - - 0.3
Gross Revenue actual (JPY mn) 75 - - - - - 75
year-on-year (%) 3.3 - - - - - 3.3
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.8 - - - - - 77.8
year-on-year (points) -0.8 - - - - - -0.8
ADR actual (JPY) 17,643 - - - - - 17,643
year-on-year (%) -2.3 - - - - - -2.3
RevPAR actual (JPY) 13,730 - - - - - 13,730
year-on-year (%) -3.3 - - - - - -3.3
Gross Revenue actual (JPY mn) 50 - - - - - 50
year-on-year (%) 1.2 - - - - - 1.2
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.7 - - - - - 83.7
year-on-year (points) 3.2 - - - - - 3.2
ADR actual (JPY) 19,691 - - - - - 19,691
year-on-year (%) 2.9 - - - - - 2.9
RevPAR actual (JPY) 16,485 - - - - - 16,485
year-on-year (%) 7.0 - - - - - 7.0
Gross Revenue actual (JPY mn) 55 - - - - - 55
year-on-year (%) 7.0 - - - - - 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 - - - - - 76.1
year-on-year (points) 3.9 - - - - - 3.9
ADR actual (JPY) 17,594 - - - - - 17,594
year-on-year (%) 5.9 - - - - - 5.9
RevPAR actual (JPY) 13,393 - - - - - 13,393
year-on-year (%) 11.6 - - - - - 11.6
Gross Revenue actual (JPY mn) 166 - - - - - 166
year-on-year (%) 17.4 - - - - - 17.4
    (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 (%) 84.8 - - - - - 84.8
year-on-year (points) 2.0 - - - - - 2.0
ADR actual (JPY) 22,005 - - - - - 22,005
year-on-year (%) 10.2 - - - - - 10.2
RevPAR actual (JPY) 18,656 - - - - - 18,656
year-on-year (%) 12.8 - - - - - 12.8
Gross Revenue actual (JPY mn) 214 - - - - - 214
year-on-year (%) 6.2 - - - - - 6.2
    (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 - - - - - 94.5
year-on-year (points) 14.7 - - - - - 14.7
ADR actual (JPY) 23,511 - - - - - 23,511
year-on-year (%) -1.6 - - - - - -1.6
RevPAR actual (JPY) 22,217 - - - - - 22,217
year-on-year (%) 16.5 - - - - - 16.5
Gross Revenue actual (JPY mn) 98 - - - - - 98
year-on-year (%) 22.0 - - - - - 22.0
    (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 (%) 92.7 - - - - - 92.7
year-on-year (points) -1.1 - - - - - -1.1
ADR actual (JPY) 26,157 - - - - - 26,157
year-on-year (%) 10.4 - - - - - 10.4
RevPAR actual (JPY) 24,259 - - - - - 24,259
year-on-year (%) 9.1 - - - - - 9.1
Gross Revenue actual (JPY mn) 109 - - - - - 109
year-on-year (%) 6.6 - - - - - 6.6
    (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 (%) 61.2 - - - - - 61.2
year-on-year (points) -13.5 - - - - - -13.5
ADR actual (JPY) 23,918 - - - - - 23,918
year-on-year (%) 7.5 - - - - - 7.5
RevPAR actual (JPY) 14,629 - - - - - 14,629
year-on-year (%) -11.9 - - - - - -11.9
Gross Revenue actual (JPY mn) 69 - - - - - 69
year-on-year (%) -9.8 - - - - - -9.8
    (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 (%) 83.0 - - - - - 83.0
year-on-year (points) 10.3 - - - - - 10.3
ADR actual (JPY) 6,364 - - - - - 6,364
year-on-year (%) -3.9 - - - - - -3.9
RevPAR actual (JPY) 5,281 - - - - - 5,281
year-on-year (%) 9.6 - - - - - 9.6
Gross Revenue actual (JPY mn) 33 - - - - - 33
year-on-year (%) 11.1 - - - - - 11.1
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.6 - - - - - 81.6
year-on-year (points) -12.3 - - - - - -12.3
ADR actual (JPY) 26,158 - - - - - 26,158
year-on-year (%) 20.7 - - - - - 20.7
RevPAR actual (JPY) 21,358 - - - - - 21,358
year-on-year (%) 4.9 - - - - - 4.9
Gross Revenue actual (JPY mn) 76 - - - - - 76
year-on-year (%) 2.2 - - - - - 2.2
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 65.0 - - - - - 65.0
year-on-year (points) 8.1 - - - - - 8.1
ADR actual (JPY) 13,490 - - - - - 13,490
year-on-year (%) 8.6 - - - - - 8.6
RevPAR actual (JPY) 8,770 - - - - - 8,770
year-on-year (%) 24.1 - - - - - 24.1
Gross Revenue actual (JPY mn) 37 - - - - - 37
year-on-year (%) 23.1 - - - - - 23.1
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.1 - - - - - 94.1
year-on-year (points) 4.5 - - - - - 4.5
ADR actual (JPY) 15,465 - - - - - 15,465
year-on-year (%) 0.8 - - - - - 0.8
RevPAR actual (JPY) 14,556 - - - - - 14,556
year-on-year (%) 5.9 - - - - - 5.9
Gross Revenue actual (JPY mn) 49 - - - - - 49
year-on-year (%) 7.6 - - - - - 7.6
    (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 (%) 89.7 - - - - - 89.7
year-on-year (points) 2.4 - - - - - 2.4
ADR actual (JPY) 14,692 - - - - - 14,692
year-on-year (%) -2.6 - - - - - -2.6
RevPAR actual (JPY) 13,175 - - - - - 13,175
year-on-year (%) 0.1 - - - - - 0.1
Gross Revenue actual (JPY mn) 46 - - - - - 46
year-on-year (%) 3.6 - - - - - 3.6
    (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 (%) 76.7 - - - - - 76.7
year-on-year (points) -7.4 - - - - - -7.4
ADR actual (USD) 814 - - - - - 814
year-on-year (%) 6.4 - - - - - 6.4
RevPAR actual (USD) 624 - - - - - 624
year-on-year (%) -3.0 - - - - - -3.0
Gross Revenue actual (USD'000) 10,931 - - - - - 10,931
year-on-year (%) -7.0 - - - - - -7.0
    (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 - - - - - 57.9
year-on-year (points) 20.1 - - - - - 20.1
ADR actual (USD) 397 - - - - - 397
year-on-year (%) 5.3 - - - - - 5.3
RevPAR actual (USD) 230 - - - - - 230
year-on-year (%) 61.2 - - - - - 61.2
Gross Revenue actual (USD'000) 1,009 - - - - - 1,009
year-on-year (%) 13.9 - - - - - 13.9
    (Note 1) This property was acquired on Septemer 28, 2018.

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