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Hotel Performance

Hotels Total
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
# of Properties
(Note2)
(actual) - 44(53)   48(57)   -   -   -   -   48(57)  
Occupancy Rate (actual) (%) 84.4   90.4   -   -   -   -   87.2  
ADR (actual) (JPY) 8,104   9,374   -   -   -   -   8,728  
RevPAR (actual) (JPY) 6,838   8,470   -   -   -   -   7,612  
Gross Revenue (actual) (JPY mn) 2,036   2,229   -   -   -   -   4,265  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
# of Properties
(Note2)
(actual) - 0   -   -   -   -   -   0.0  
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(Note 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.
(Note 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.
(Note 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.
(Note 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.
D01 Hotel MyStays Kanda
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 96.5   98.5   -   -   -   -   97.4  
(year-on-year) (points) 6.3   2.5   -   -   -   -   4.5  
ADR (actual) (JPY) 7,335   8,847   -   -   -   -   8,061  
(year-on-year) (%) -5.5   -5.8   -   -   -   -   -5.8  
RevPAR (actual) (JPY) 7,076   8,714   -   -   -   -   7,853  
(year-on-year) (%) 1.1   -3.3   -   -   -   -   -1.3  
Gross Revenue (actual) (JPY mn) 27   31   -   -   -   -   59  
(year-on-year) (%) 1.2   -3.3   -   -   -   -   -1.2  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note1) This property was acquired on May 23, 2014.
(Note2) This property underwent a full renovation from May 20, 2016 to August 22, 2016. 
D02 Hotel MyStays Asakusa
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/12
Occupancy Rate (actual) (%) 90.3   93.5   -   -   -   -   91.8  
(year-on-year) (points) -3.4   0.2   -   -   -   -   -1.7  
ADR (actual) (JPY) 5,634   6,462   -   -   -   -   6,034  
(year-on-year) (%) -13.8   -11.1   -   -   -   -   -12.3  
RevPAR (actual) (JPY) 5,088   6,043   -   -   -   -   5,541  
(year-on-year) (%) -16.9   -10.9   -   -   -   -   -13.9  
Gross Revenue (actual) (JPY mn) 26   28   -   -   -   -   54  
(year-on-year) (%) -16.3   -9.2   -   -   -   -   -12.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on May 23, 2014.
D03 Hotel MyStays Kyoto-Shijo
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/12
Occupancy Rate (actual) (%) 87.1   91.8   -   -   -   -   89.3  
(year-on-year) (points) 5.9   8.7   -   -   -   -   7.2  
ADR (actual) (JPY) 7,713   8,618   -   -   -   -   8,154  
(year-on-year) (%) -25.4   -17.6   -   -   -   -   -21.6  
RevPAR (actual) (JPY) 6,716   7,908   -   -   -   -   7,282  
(year-on-year) (%) -20.0   -9.0   -   -   -   -   -14.7  
Gross Revenue (actual) (JPY mn) 51   54   -   -   -   -   106  
(year-on-year) (%) -17.8   -6.8   -   -   -   -   -12.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D04 MyStays Shin-Urayasu Conference Center
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 81.8   89.0   -   -   -   -   85.2  
(year-on-year) (points) -7.8   -4.8   -   -   -   -   -6.3  
ADR (actual) (JPY) 8,506   9,418   -   -   -   -   8,958  
(year-on-year) (%) -5.6   3.3   -   -   -   -   -1.2  
RevPAR (actual) (JPY) 6,961   8,384   -   -   -   -   7,636  
(year-on-year) (%) -13.8   -1.9   -   -   -   -   -8.0  
Gross Revenue (actual) (JPY mn) 44   52   -   -   -   -   97  
(year-on-year) (%) -11.1   -4.8   -   -   -   -   -7.7  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D05 Hotel MyStays Maihama
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 78.0   78.1   -   -   -   -   78.0  
(year-on-year) (points) -14.2   -14.0   -   -   -   -   -14.1  
ADR (actual) (JPY) 12,839   14,388   -   -   -   -   13,574  
(year-on-year) (%) -10.0   -2.5   -   -   -   -   -6.4  
RevPAR (actual) (JPY) 10,018   11,231   -   -   -   -   10,594  
(year-on-year) (%) -23.9   -17.4   -   -   -   -   -20.7  
Gross Revenue (actual) (JPY mn) 31   30   -   -   -   -   61  
(year-on-year) (%) -22.5   -17.6   -   -   -   -   -20.1  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note1) This property was acquired on July 17, 2014.
(Note2) Renovation work for this property has started from January 12, 2018. 
D06 Hotel MyStays Dojima
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 87.8   65.9   -   -   -   -   77.4  
(year-on-year) (points) 3.1   -26.8   -   -   -   -   -11.1  
ADR (actual) (JPY) 9,233   11,451   -   -   -   -   10,129  
(year-on-year) (%) -21.9   -3.3   -   -   -   -   -14.4  
RevPAR (actual) (JPY) 8,105   7,541   -   -   -   -   7,837  
(year-on-year) (%) -19.0   -31.3   -   -   -   -   -25.1  
Gross Revenue (actual) (JPY mn) 47   41   -   -   -   -   89  
(year-on-year) (%) -16.8   -26.8   -   -   -   -   -21.7  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note1) This property was acquired on July 17, 2014.
(Note2) The name of this property was changed from "Hotel Vista Premio Dojima" as of August 1, 2017.
(Note3) Renovation work for this property has started from January 17, 2018. 
D07 Hotel MyStays Nagoya-Sakae
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 90.1   91.1   -   -   -   -   90.6  
(year-on-year) (points) -4.6   -4.6   -   -   -   -   -4.6  
ADR (actual) (JPY) 6,537   8,059   -   -   -   -   7,263  
(year-on-year) (%) 5.7   8.9   -   -   -   -   7.4  
RevPAR (actual) (JPY) 5,890   7,343   -   -   -   -   6,579  
(year-on-year) (%) 0.5   3.7   -   -   -   -   2.2  
Gross Revenue (actual) (JPY mn) 57   63   -   -   -   -   120  
(year-on-year) (%) 0.7   3.5   -   -   -   -   2.1  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D08  Hotel MyStays Sakaisuji-Honmachi 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 81.6   93.7   -   -   -   -   87.4  
(year-on-year) (points) -7.6   1.4   -   -   -   -   -3.3  
ADR (actual) (JPY) 7,047   8,933   -   -   -   -   8,007  
(year-on-year) (%) -10.5   0.4   -   -   -   -   -4.3  
RevPAR (actual) (JPY) 5,752   8,372   -   -   -   -   6,996  
(year-on-year) (%) -18.1   2.0   -   -   -   -   -7.8  
Gross Revenue (actual) (JPY mn) 36   47   -   -   -   -   83  
(year-on-year) (%) -17.6   1.8   -   -   -   -   -7.7  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D09 Hotel MyStays Yokohama
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 91.2   90.6   -   -   -   -   90.9  
(year-on-year) (points) 7.1   4.7   -   -   -   -   6.0  
ADR (actual) (JPY) 6,203   7,693   -   -   -   -   6,908  
(year-on-year) (%) 0.6   9.5   -   -   -   -   5.0  
RevPAR (actual) (JPY) 5,655   6,967   -   -   -   -   6,278  
(year-on-year) (%) 9.1   15.4   -   -   -   -   12.3  
Gross Revenue (actual) (JPY mn) 38   42   -   -   -   -   80  
(year-on-year) (%) 9.1   15.8   -   -   -   -   12.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D10 Hotel MyStays Nippori
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 86.4   93.8   -   -   -   -   89.9  
(year-on-year) (points) 1.9   9.7   -   -   -   -   5.6  
ADR (actual) (JPY) 6,099   7,138   -   -   -   -   6,613  
(year-on-year) (%) -4.2   -6.4   -   -   -   -   -5.0  
RevPAR (actual) (JPY) 5,272   6,697   -   -   -   -   5,948  
(year-on-year) (%) -2.1   4.4   -   -   -   -   1.3  
Gross Revenue (actual) (JPY mn) 15   17   -   -   -   -   33  
(year-on-year) (%) -1.0   6.3   -   -   -   -   2.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D11 Hotel MyStays Fukuoka-Tenjin-Minami
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 93.1   96.1   -   -   -   -   94.5  
(year-on-year) (points) 0.6   0.3   -   -   -   -   0.5  
ADR (actual) (JPY) 7,027   10,399   -   -   -   -   8,653  
(year-on-year) (%) -9.2   12.4   -   -   -   -   2.2  
RevPAR (actual) (JPY) 6,546   9,991   -   -   -   -   8,181  
(year-on-year) (%) -8.6   12.7   -   -   -   -   2.7  
Gross Revenue (actual) (JPY mn) 37   51   -   -   -   -   89  
(year-on-year) (%) -7.2   11.3   -   -   -   -   2.6  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D12 Flexstay Inn Iidabashi 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 88.7   93.9   -   -   -   -   91.2  
(year-on-year) (points) 4.2   4.6   -   -   -   -   4.4  
ADR (actual) (JPY) 7,992   10,317   -   -   -   -   9,128  
(year-on-year) (%) -4.8   4.5   -   -   -   -   0.1  
RevPAR (actual) (JPY) 7,087   9,686   -   -   -   -   8,321  
(year-on-year) (%) -0.1   9.9   -   -   -   -   5.1  
Gross Revenue (actual) (JPY mn) 14   17   -   -   -   -   31  
(year-on-year) (%) 1.6   9.4   -   -   -   -   5.7  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D13 Hotel MyStays Ueno Inaricho
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 87.1   95.7   -   -   -   -   91.2  
(year-on-year) (points) 2.5   2.9   -   -   -   -   2.7  
ADR (actual) (JPY) 6,210   7,094   -   -   -   -   6,650  
(year-on-year) (%) -11.5   -9.7   -   -   -   -   -10.6  
RevPAR (actual) (JPY) 5,408   6,791   -   -   -   -   6,065  
(year-on-year) (%) -8.9   -6.9   -   -   -   -   -7.9  
Gross Revenue (actual) (JPY mn) 12   13   -   -   -   -   26  
(year-on-year) (%) -9.9   -6.9   -   -   -   -   -8.3  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D14 Flexstay Inn Shinagawa
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 86.8   97.2   -   -   -   -   91.7  
(year-on-year) (points) -1.0   0.8   -   -   -   -   -0.1  
ADR (actual) (JPY) 7,685   9,148   -   -   -   -   8,421  
(year-on-year) (%) -7.0   -5.4   -   -   -   -   -6.0  
RevPAR (actual) (JPY) 6,671   8,892   -   -   -   -   7,725  
(year-on-year) (%) -8.0   -4.5   -   -   -   -   -6.1  
Gross Revenue (actual) (JPY mn) 11   13   -   -   -   -   25  
(year-on-year) (%) -8.0   -4.8   -   -   -   -   -6.3  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D15 Flexstay Inn Tokiwadai 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 56.9   79.9   -   -   -   -   67.8  
(year-on-year) (points) -7.6   -0.4   -   -   -   -   -4.2  
ADR (actual) (JPY) 5,138   5,019   -   -   -   -   5,072  
(year-on-year) (%) 0.8   -6.0   -   -   -   -   -3.0  
RevPAR (actual) (JPY) 2,923   4,009   -   -   -   -   3,438  
(year-on-year) (%) -11.0   -6.5   -   -   -   -   -8.6  
Gross Revenue (actual) (JPY mn) 12   15   -   -   -   -   27  
(year-on-year) (%) -11.4   -5.6   -   -   -   -   -8.2  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D16 Flexstay Inn Sugamo
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 59.6   81.3   -   -   -   -   69.9  
(year-on-year) (points) -0.1   -1.7   -   -   -   -   -0.8  
ADR (actual) (JPY) 5,615   6,433   -   -   -   -   6,066  
(year-on-year) (%) -1.6   4.6   -   -   -   -   1.9  
RevPAR (actual) (JPY) 3,349   5,227   -   -   -   -   4,240  
(year-on-year) (%) -1.7   2.4   -   -   -   -   0.7  
Gross Revenue (actual) (JPY mn) 11   16   -   -   -   -   27  
(year-on-year) (%) -2.4   2.0   -   -   -   -   0.1  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D17 Hotel MyStays Otemae 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 89.8   94.9   -   -   -   -   92.2  
(year-on-year) (points) 0.0   0.0   -   -   -   -   0.0  
ADR (actual) (JPY) 9,207   11,157   -   -   -   -   10,159  
(year-on-year) (%) -7.4   3.5   -   -   -   -   -1.9  
RevPAR (actual) (JPY) 8,267   10,592   -   -   -   -   9,370  
(year-on-year) (%) -7.4   3.5   -   -   -   -   -1.9  
Gross Revenue (actual) (JPY mn) 28   33   -   -   -   -   61  
(year-on-year) (%) -7.2   3.4   -   -   -   -   -1.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D18 Flexstay Inn Kiyosumi Shirakawa
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 85.8   92.9   -   -   -   -   89.2  
(year-on-year) (points) -1.2   0.8   -   -   -   -   -0.2  
ADR (actual) (JPY) 6,220   6,758   -   -   -   -   6,486  
(year-on-year) (%) -5.4   -5.6   -   -   -   -   -5.5  
RevPAR (actual) (JPY) 5,337   6,275   -   -   -   -   5,782  
(year-on-year) (%) -6.7   -4.8   -   -   -   -   -5.7  
Gross Revenue (actual) (JPY mn) 10   10   -   -   -   -   21  
(year-on-year) (%) -4.3   -2.5   -   -   -   -   -3.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D19 Flexstay Inn Nakanobu P1 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 75.6   95.1   -   -   -   -   84.9  
(year-on-year) (points) -0.7   5.3   -   -   -   -   2.2  
ADR (actual) (JPY) 5,600   5,844   -   -   -   -   5,730  
(year-on-year) (%) -0.4   -4.2   -   -   -   -   -2.4  
RevPAR (actual) (JPY) 4,233   5,560   -   -   -   -   4,863  
(year-on-year) (%) -1.3   1.5   -   -   -   -   0.2  
Gross Revenue (actual) (JPY mn) 5   6   -   -   -   -   11  
(year-on-year) (%) 0.1   2.7   -   -   -   -   1.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D20 Flexstay Inn Nakanobu P2
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 85.9   92.0   -   -   -   -   88.8  
(year-on-year) (points) 0.7   2.1   -   -   -   -   1.4  
ADR (actual) (JPY) 5,200   5,358   -   -   -   -   5,277  
(year-on-year) (%) 3.2   -9.3   -   -   -   -   -3.4  
RevPAR (actual) (JPY) 4,468   4,931   -   -   -   -   4,688  
(year-on-year) (%) 4.1   -7.2   -   -   -   -   -1.9  
Gross Revenue (actual) (JPY mn) 3   3   -   -   -   -   6  
(year-on-year) (%) 3.4   -5.9   -   -   -   -   -1.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 17, 2014.
D21 APA Hotel Yokohama-Kannai
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 81.4   96.7   -   -   -   -   88.7  
(year-on-year) (points) -7.0   0.3   -   -   -   -   -3.5  
ADR (actual) (JPY) 5,988   7,076   -   -   -   -   6,551  
(year-on-year) (%) 1.3   1.9   -   -   -   -   1.9  
RevPAR (actual) (JPY) 4,874   6,845   -   -   -   -   5,810  
(year-on-year) (%) -6.8   2.2   -   -   -   -   -1.9  
Gross Revenue (actual) (JPY mn) 71   90   -   -   -   -   162  
(year-on-year) (%) -1.8   2.8   -   -   -   -   0.7  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on Februay 6, 2015.
D22 Hotel Nets Hakodate
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 54.7   61.2   -   -   -   -   57.8  
(year-on-year) (points) -5.8   -14.9   -   -   -   -   -10.1  
ADR (actual) (JPY) 6,647   6,626   -   -   -   -   6,636  
(year-on-year) (%) -4.6   -3.5   -   -   -   -   -4.0  
RevPAR (actual) (JPY) 3,639   4,055   -   -   -   -   3,837  
(year-on-year) (%) -13.7   -22.4   -   -   -   -   -18.3  
Gross Revenue (actual) (JPY mn) 27   28   -   -   -   -   55  
(year-on-year) (%) -13.2   -21.3   -   -   -   -   -17.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on Februay 6, 2015.
D23 Flexstay Inn Shirogane
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 63.2   86.6   -   -   -   -   74.3  
(year-on-year) (points) -15.4   -2.0   -   -   -   -   -9.1  
ADR (actual) (JPY) 6,719   7,206   -   -   -   -   6,988  
(year-on-year) (%) 8.6   1.6   -   -   -   -   5.2  
RevPAR (actual) (JPY) 4,244   6,238   -   -   -   -   5,190  
(year-on-year) (%) -12.7   -0.7   -   -   -   -   -6.2  
Gross Revenue (actual) (JPY mn) 11   15   -   -   -   -   26  
(year-on-year) (%) -14.6   -0.4   -   -   -   -   -7.0  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on Februay 6, 2015.
D24 Hotel MyStays Haneda
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 94.7   95.9   -   -   -   -   95.3  
(year-on-year) (points) 0.1   -0.6   -   -   -   -   -0.2  
ADR (actual) (JPY) 9,284   11,758   -   -   -   -   10,466  
(year-on-year) (%) -5.2   5.8   -   -   -   -   0.4  
RevPAR (actual) (JPY) 8,790   11,280   -   -   -   -   9,972  
(year-on-year) (%) -5.1   5.2   -   -   -   -   0.2  
Gross Revenue (actual) (JPY mn) 53   61   -   -   -   -   115  
(year-on-year) (%) -1.3   7.2   -   -   -   -   3.1  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D25 Hotel MyStays Kameido P1
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 86.5   88.8   -   -   -   -   87.6  
(year-on-year) (points) 13.6   4.2   -   -   -   -   9.1  
ADR (actual) (JPY) 5,634   6,215   -   -   -   -   5,913  
(year-on-year) (%) -4.2   1.0   -   -   -   -   -1.8  
RevPAR (actual) (JPY) 4,872   5,521   -   -   -   -   5,180  
(year-on-year) (%) 13.6   6.0   -   -   -   -   9.7  
Gross Revenue (actual) (JPY mn) 43   44   -   -   -   -   87  
(year-on-year) (%) 14.1   6.1   -   -   -   -   9.9  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note 1) This property was acquired on July 16, 2015.
D26 Hotel MyStays Ueno Iriyaguchi
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 91.5   95.2   -   -   -   -   93.2  
(year-on-year) (points) 3.7   1.5   -   -   -   -   2.7  
ADR (actual) (JPY) 8,235   9,783   -   -   -   -   8,985  
(year-on-year) (%) -8.5   -3.4   -   -   -   -   -5.9  
RevPAR (actual) (JPY) 7,534   9,311   -   -   -   -   8,377  
(year-on-year) (%) -4.6   -1.8   -   -   -   -   -3.1  
Gross Revenue (actual) (JPY mn) 23   25   -   -   -   -   48  
(year-on-year) (%) -4.6   -2.1   -   -   -   -   -3.3  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D27 Hotel MyStays Kameido P2
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 91.4   92.0   -   -   -   -   91.7  
(year-on-year) (points) 10.1   3.2   -   -   -   -   6.9  
ADR (actual) (JPY) 5,631   6,494   -   -   -   -   6,042  
(year-on-year) (%) -4.7   2.1   -   -   -   -   -1.5  
RevPAR (actual) (JPY) 5,147   5,977   -   -   -   -   5,541  
(year-on-year) (%) 7.2   5.8   -   -   -   -   6.5  
Gross Revenue (actual) (JPY mn) 29   30   -   -   -   -   60  
(year-on-year) (%) 8.4   5.4   -   -   -   -   6.9  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D28 Hotel Vista Shimizu
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 72.5   85.1   -   -   -   -   78.5  
(year-on-year) (points) -2.1   -1.2   -   -   -   -   -1.6  
ADR (actual) (JPY) 6,631   6,769   -   -   -   -   6,702  
(year-on-year) (%) 6.9   5.3   -   -   -   -   6.1  
RevPAR (actual) (JPY) 4,805   5,761   -   -   -   -   5,258  
(year-on-year) (%) 4.0   3.9   -   -   -   -   3.9  
Gross Revenue (actual) (JPY mn) 24   26   -   -   -   -   51  
(year-on-year) (%) 3.7   3.4   -   -   -   -   3.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D29 Super Hotel Shinbashi/ Karasumoriguchi
(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.
D30 Flexstay Inn Higashi-Jujo
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 78.2   88.6   -   -   -   -   83.2  
(year-on-year) (points) -4.0   -1.3   -   -   -   -   -2.7  
ADR (actual) (JPY) 4,809   5,425   -   -   -   -   5,121  
(year-on-year) (%) -6.5   -4.9   -   -   -   -   -5.6  
RevPAR (actual) (JPY) 3,762   4,808   -   -   -   -   4,259  
(year-on-year) (%) -11.0   -6.3   -   -   -   -   -8.6  
Gross Revenue (actual) (JPY mn) 10   12   -   -   -   -   23  
(year-on-year) (%) -8.6   -3.1   -   -   -   -   -5.7  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D31 Hotel MyStays Utsunomiya
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 94.1   97.8   -   -   -   -   95.9  
(year-on-year) (points) -0.5   -0.3   -   -   -   -   -0.4  
ADR (actual) (JPY) 6,781   7,311   -   -   -   -   7,038  
(year-on-year) (%) 1.2   6.7   -   -   -   -   3.9  
RevPAR (actual) (JPY) 6,382   7,151   -   -   -   -   6,747  
(year-on-year) (%) 0.7   6.3   -   -   -   -   3.5  
Gross Revenue (actual) (JPY mn) 52   52   -   -   -   -   105  
(year-on-year) (%) -0.8   14.9   -   -   -   -   6.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D32  Flexstay Inn Kawasaki-Kaizuka
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 67.1   87.0   -   -   -   -   76.5  
(year-on-year) (points) -6.7   5.2   -   -   -   -   -1.0  
ADR (actual) (JPY) 5,261   5,704   -   -   -   -   5,500  
(year-on-year) (%) 6.8   5.9   -   -   -   -   6.7  
RevPAR (actual) (JPY) 3,529   4,963   -   -   -   -   4,210  
(year-on-year) (%) -2.8   12.7   -   -   -   -   5.3  
Gross Revenue (actual) (JPY mn) 7   9   -   -   -   -   16  
(year-on-year) (%) -3.8   12.7   -   -   -   -   4.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D33 Comfort Hotel Toyama
(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.
D34 Flexstay Inn Kawasaki-Ogawacho
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 64.8   84.2   -   -   -   -   74.0  
(year-on-year) (points) 4.7   0.9   -   -   -   -   2.9  
ADR (actual) (JPY) 4,514   5,002   -   -   -   -   4,777  
(year-on-year) (%) -0.7   1.6   -   -   -   -   0.4  
RevPAR (actual) (JPY) 2,926   4,209   -   -   -   -   3,535  
(year-on-year) (%) 7.1   2.6   -   -   -   -   4.5  
Gross Revenue (actual) (JPY mn) 6   7   -   -   -   -   13  
(year-on-year) (%) 7.2   3.0   -   -   -   -   4.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D35 Flexstay Inn Ekoda
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 72.9   89.4   -   -   -   -   80.7  
(year-on-year) (points) 4.6   2.3   -   -   -   -   3.5  
ADR (actual) (JPY) 4,997   5,641   -   -   -   -   5,335  
(year-on-year) (%) -3.6   3.5   -   -   -   -   0.2  
RevPAR (actual) (JPY) 3,642   5,042   -   -   -   -   4,306  
(year-on-year) (%) 2.9   6.3   -   -   -   -   4.8  
Gross Revenue (actual) (JPY mn) 25   31   -   -   -   -   56  
(year-on-year) (%) 3.0   5.8   -   -   -   -   4.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on August 28, 2015.
D36 Super Hotel Tokyo-JR Tachikawa Kitaguchi
(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.
D37 Super Hotel JR Ueno-iriyaguchi
(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.
D38 Hotel MyStays Shinsaibashi
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 86.6   97.9   -   -   -   -   92.0  
(year-on-year) (points) -8.5   1.1   -   -   -   -   -4.0  
ADR (actual) (JPY) 10,900   12,825   -   -   -   -   11,872  
(year-on-year) (%) -14.4   -1.0   -   -   -   -   -7.6  
RevPAR (actual) (JPY) 9,441   12,553   -   -   -   -   10,918  
(year-on-year) (%) -22.0   0.0   -   -   -   -   -11.4  
Gross Revenue (actual) (JPY mn) 16   19   -   -   -   -   35  
(year-on-year) (%) -23.1   -2.4   -   -   -   -   -13.1  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on January 22, 2016. 
D39 Comfort Hotel Kurosaki
(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.
D40 Comfort Hotel Maebashi
(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.
D41 Comfort Hotel Tsubame-Sanjo
(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.
D42 Comfort Hotel Kitami
(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.
D43 Hotel MyStays Gotanda Station
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 91.8   94.7   -   -   -   -   93.2  
(year-on-year) (points) -1.3   -1.3   -   -   -   -   -1.3  
ADR (actual) (JPY) 9,880   11,487   -   -   -   -   10,656  
(year-on-year) (%) 6.6   3.2   -   -   -   -   4.8  
RevPAR (actual) (JPY) 9,067   10,883   -   -   -   -   9,929  
(year-on-year) (%) 5.1   1.8   -   -   -   -   3.3  
Gross Revenue (actual) (JPY mn) 122   132   -   -   -   -   254  
(year-on-year) (%) 17.9   16.5   -   -   -   -   17.2  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on March 31, 2016. The number of rooms increased due to conversion from a locker room
            (1 room) and the additional acquisition (49 rooms) on October 31, 2017. 
D44  Hotel Epinard Nasu 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 62.1   71.2   -   -   -   -   66.4  
(year-on-year) (points) -3.9   7.8   -   -   -   -   1.6  
ADR (actual) (JPY) 22,556   17,764   -   -   -   -   20,117  
(year-on-year) (%) 4.5   6.1   -   -   -   -   4.5  
RevPAR (actual) (JPY) 14,005   12,654   -   -   -   -   13,364  
(year-on-year) (%) -1.7   19.1   -   -   -   -   7.2  
Gross Revenue (actual) (JPY mn) 387   365   -   -   -   -   752  
(year-on-year) (%) 0.0   12.9   -   -   -   -   5.9  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on March 31, 2016.
D45 Hotel MyStays Fukuoka Tenjin
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 93.4   95.5   -   -   -   -   94.4  
(year-on-year) (points) -1.3   -2.4   -   -   -   -   -1.8  
ADR (actual) (JPY) 7,610   10,975   -   -   -   -   9,226  
(year-on-year) (%) -1.2   23.6   -   -   -   -   11.5  
RevPAR (actual) (JPY) 7,110   10,484   -   -   -   -   8,711  
(year-on-year) (%) -2.5   20.6   -   -   -   -   9.5  
Gross Revenue (actual) (JPY mn) 53   68   -   -   -   -   121  
(year-on-year) (%) -1.3   20.9   -   -   -   -   10.1  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on March 31, 2016.
D46 Hotel MyStays Hamamatsucho
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 95.2   97.4   -   -   -   -   96.2  
(year-on-year) (points) 5.9   1.6   -   -   -   -   3.9  
ADR (actual) (JPY) 9,057   10,776   -   -   -   -   9,882  
(year-on-year) (%) -5.5   -0.7   -   -   -   -   -3.2  
RevPAR (actual) (JPY) 8,620   10,494   -   -   -   -   9,509  
(year-on-year) (%) 0.8   1.0   -   -   -   -   0.9  
Gross Revenue (actual) (JPY mn) 28   31   -   -   -   -   58  
(year-on-year) (%) 0.9   1.1   -   -   -   -   1.0  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on March 31, 2016.
D47 Hotel MyStays Premier Kanazawa
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 90.9   93.5   -   -   -   -   92.1  
(year-on-year) (points) 4.4   7.1   -   -   -   -   5.6  
ADR (actual) (JPY) 8,136   10,244   -   -   -   -   9,151  
(year-on-year) (%) 2.8   11.7   -   -   -   -   7.5  
RevPAR (actual) (JPY) 7,392   9,573   -   -   -   -   8,427  
(year-on-year) (%) 7.9   20.8   -   -   -   -   14.5  
Gross Revenue (actual) (JPY mn) 74   84   -   -   -   -   158  
(year-on-year) (%) 8.3   18.9   -   -   -   -   13.6  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
(Note) This property was acquired on June 15, 2016. 
D48 Takamatsu Tokyu REI Hotel
(Note 1) This property was acquired on June 15, 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.
D49 Hotel MyStays Premier Hamamatsucho
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 89.9   93.9   -   -   -   -   91.8  
(year-on-year) (points) -   -   -   -   -   -   -  
ADR (actual) (JPY) 15,029   16,913   -   -   -   -   15,944  
(year-on-year) (%) -   -   -   -   -   -   -  
RevPAR (actual) (JPY) 13,506   15,886   -   -   -   -   14,636  
(year-on-year) (%) -   -   -   -   -   -   -  
Gross Revenue (actual) (JPY mn) 55   58   -   -   -   -   114  
(year-on-year) (%) -   -   -   -   -   -   -  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) -   -   -   -   -   -   0.0  
(year-on-year) (points) -   -   -   -   -   -   0.0  
ADR (actual) (JPY) -   -   -   -   -   -   0  
(year-on-year) (%) -   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) -   -   -   -   -   -   0  
(year-on-year) (%) -   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) -   -   -   -   -   -   0  
(year-on-year) (%) -   -   -   -   -   -   0.0  
(Note 1)  This property was acquired on May 29, 2017. 
(Note 2) Comparison for year-on-year is not made if the days of operation for the same period in the previous year are less than one
              month. 
D50 Hotel MyStays Shin Osaka Conference Center
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 86.3   96.9   -   -   -   -   91.3  
(year-on-year) (points) -   -   -   -   -   -   -  
ADR (actual) (JPY) 7,002   8,376   -   -   -   -   7,694  
(year-on-year) (%) -   -   -   -   -   -   -  
RevPAR (actual) (JPY) 6,043   8,113   -   -   -   -   7,025  
(year-on-year) (%) -   -   -   -   -   -   -  
Gross Revenue (actual) (JPY mn) 110   132   -   -   -   -   242  
(year-on-year) (%) -   -   -   -   -   -   -  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7
Occupancy Rate (actual) (%) 0.0   -   -   -   -   -   0.0  
(year-on-year) (points) -   -   -   -   -   -   -  
ADR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) -   -   -   -   -   -   -  
RevPAR (actual) (JPY) 0   -   -   -   -   -   0  
(year-on-year) (%) -   -   -   -   -   -   -  
Gross Revenue (actual) (JPY mn) 0   -   -   -   -   -   0  
(year-on-year) (%) -   -   -   -   -   -   -  
(Note 1)  This property was acquired on Ocotober 13, 2017.
(Note 2) Comparison for year-on-year is not made if the days of operation for the same period in the previous year are less than one
              month. 
D51 Hotel MyStays Premier Omori 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~2
Occupancy Rate (actual) (%) 88.8   93.8   -   -   -   -   91.1  
(year-on-year) (points) -   -   -   -   -   -   -  
ADR (actual) (JPY