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Hotel Performance

Domestic Hotels Total
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
# of Properties
(Note2)
(actual) - 54(63)   54(63)   54(63)   -   -   -   54(63)  
Occupancy Rate (actual) (%) 84.5   89.6   90.8   -   -   -   88.2  
ADR (actual) (JPY) 8,287   9,437   9,686   -   -   -   9,146  
RevPAR (actual) (JPY) 6,999   8,460   8,793   -   -   -   8,071  
Gross Revenue (actual) (JPY mn) 2,638   2,803   3,306   -   -   -   8,748  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
# of Properties
(Note2)
(actual) - -   -   -   -   -   -   0.0  
Occupancy Rate (actual) (%) -   -   -   -   -   -   0.0  
ADR (actual) (JPY) -   -   -   -   -   -   0  
RevPAR (actual) (JPY) -   -   -   -   -   -   0  
Gross Revenue (actual) (JPY mn) -   -   -   -   -   -   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.
(Note 5) Overseas assets are excluded from the performance calculation. Regarding overseas assets, please refer to
              to “D200” and “D201” below.
(Note 6) 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.
              
D01 Hotel MyStays Kanda
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 92.3   97.7   97.1   -   -   -   95.6  
(year-on-year) (points) -4.1   -0.8   0.3   -   -   -   -1.6  
ADR (actual) (JPY) 7,794   8,409   9,483   -   -   -   8,580  
(year-on-year) (%) 6.2   -5.0   8.4   -   -   -   3.4  
RevPAR (actual) (JPY) 7,195   8,216   9,206   -   -   -   8,205  
(year-on-year) (%) 1.7   -5.7   8.7   -   -   -   1.7  
Gross Revenue (actual) (JPY mn) 28   29   36   -   -   -   93  
(year-on-year) (%) 1.4   -6.2   8.9   -   -   -   1.6  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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  
(Note1) This property was acquired on May 23, 2014.
(Note2) Renovation Period :  May 20, 2016 - August 22, 2016 
D02 Hotel MyStays Asakusa
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 91.4   94.0   95.3   -   -   -   93.5  
(year-on-year) (points) 1.1   0.5   4.3   -   -   -   2.0  
ADR (actual) (JPY) 5,853   6,572   7,227   -   -   -   6,560  
(year-on-year) (%) 3.9   1.7   7.4   -   -   -   4.6  
RevPAR (actual) (JPY) 5,351   6,177   6,886   -   -   -   6,136  
(year-on-year) (%) 5.2   2.2   12.5   -   -   -   6.9  
Gross Revenue (actual) (JPY mn) 27   28   35   -   -   -   91  
(year-on-year) (%) 5.1   0.7   12.1   -   -   -   6.2  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on May 23, 2014.
D03 Hotel MyStays Kyoto-Shijo
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 91.3   89.5   94.8   -   -   -   91.9  
(year-on-year) (points) 4.2   -2.2   7.1   -   -   -   3.2  
ADR (actual) (JPY) 7,185   7,626   11,996   -   -   -   9,027  
(year-on-year) (%) -6.8   -11.5   -1.6   -   -   -   -5.2  
RevPAR (actual) (JPY) 6,557   6,827   11,367   -   -   -   8,298  
(year-on-year) (%) -2.4   -13.7   6.4   -   -   -   -1.8  
Gross Revenue (actual) (JPY mn) 51   48   86   -   -   -   186  
(year-on-year) (%) -0.6   -12.0   7.5   -   -   -   -0.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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  
(Note1) This property was acquired on July 17, 2014.
(Note2) Renovation Period :  May 7, 2018 - July 12, 2018 
D04 MyStays Shin-Urayasu Conference Center
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 85.4   92.3   95.0   -   -   -   90.9  
(year-on-year) (points) 3.6   3.3   8.2   -   -   -   5.1  
ADR (actual) (JPY) 9,169   9,027   12,138   -   -   -   10,194  
(year-on-year) (%) 7.8   -4.1   0.9   -   -   -   1.6  
RevPAR (actual) (JPY) 7,830   8,331   11,534   -   -   -   9,262  
(year-on-year) (%) 12.5   -0.6   10.4   -   -   -   7.7  
Gross Revenue (actual) (JPY mn) 51   51   73   -   -   -   175  
(year-on-year) (%) 15.4   -2.8   5.1   -   -   -   5.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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  
(Note1) This property was acquired on July 17, 2014.
(Note2) Renovation Period :  February 18, 2018 - March 13, 2018/ May 7, 2018 - May 30, 2018
D05 Hotel MyStays Maihama
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 96.2   97.4   98.3   -   -   -   97.3  
(year-on-year) (points) 18.2   19.3   10.7   -   -   -   16.0  
ADR (actual) (JPY) 13,959   14,802   20,482   -   -   -   16,491  
(year-on-year) (%) 8.7   2.9   6.3   -   -   -   5.2  
RevPAR (actual) (JPY) 13,434   14,414   20,129   -   -   -   16,045  
(year-on-year) (%) 34.1   28.3   19.4   -   -   -   25.8  
Gross Revenue (actual) (JPY mn) 41   40   60   -   -   -   142  
(year-on-year) (%) 33.3   30.1   20.1   -   -   -   26.5  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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  
(Note1) This property was acquired on July 17, 2014.
(Note2) Renovation Period :  January 12, 2018 - March 16, 2018 / April 9, 2018 - April 26, 2018 / May 7, 2018 - June 29, 2018
D06 Hotel MyStays Premier Dojima
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 94.4   98.4   95.7   -   -   -   96.1  
(year-on-year) (points) 6.6   32.5   5.5   -   -   -   14.3  
ADR (actual) (JPY) 9,357   10,512   12,351   -   -   -   10,752  
(year-on-year) (%) 1.3   -8.2   -0.3   -   -   -   -2.1  
RevPAR (actual) (JPY) 8,834   10,342   11,817   -   -   -   10,331  
(year-on-year) (%) 9.0   37.1   5.8   -   -   -   15.0  
Gross Revenue (actual) (JPY mn) 51   53   64   -   -   -   169  
(year-on-year) (%) 7.3   28.2   5.5   -   -   -   12.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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  
(Note1) This property was acquired on July 17, 2014.
(Note2) The name of this property was changed from "Hotel MyStays Dojima" as of March 10, 2018.
(Note3) Renovation Period :  January 17, 2018 - March 9, 2018 / May 6, 2018 - July 9, 2018 
D07 Hotel MyStays Nagoya-Sakae
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 85.3   91.2   89.7   -   -   -   88.7  
(year-on-year) (points) -4.8   0.1   -2.6   -   -   -   -2.5  
ADR (actual) (JPY) 6,227   6,931   7,095   -   -   -   6,755  
(year-on-year) (%) -4.7   -14.0   -11.5   -   -   -   -10.3  
RevPAR (actual) (JPY) 5,314   6,324   6,364   -   -   -   5,990  
(year-on-year) (%) -9.8   -13.9   -14.0   -   -   -   -12.7  
Gross Revenue (actual) (JPY mn) 52   55   61   -   -   -   169  
(year-on-year) (%) -8.7   -12.1   -13.7   -   -   -   -11.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D08  Hotel MyStays Sakaisuji-Honmachi 
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 74.0   89.5   92.4   -   -   -   85.2  
(year-on-year) (points) -7.6   -4.2   2.9   -   -   -   -2.9  
ADR (actual) (JPY) 6,134   6,595   6,495   -   -   -   6,420  
(year-on-year) (%) -13.0   -26.2   -26.4   -   -   -   -22.6  
RevPAR (actual) (JPY) 4,540   5,906   6,002   -   -   -   5,468  
(year-on-year) (%) -21.1   -29.5   -24.1   -   -   -   -25.2  
Gross Revenue (actual) (JPY mn) 28   33   37   -   -   -   100  
(year-on-year) (%) -19.9   -28.4   -23.9   -   -   -   -24.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D09 Hotel MyStays Yokohama
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 91.6   95.0   95.8   -   -   -   94.1  
(year-on-year) (points) 0.4   4.5   3.8   -   -   -   2.9  
ADR (actual) (JPY) 6,113   7,075   8,079   -   -   -   7,105  
(year-on-year) (%) -1.4   -8.0   -0.7   -   -   -   -3.1  
RevPAR (actual) (JPY) 5,599   6,724   7,743   -   -   -   6,688  
(year-on-year) (%) -1.0   -3.5   3.4   -   -   -   -0.1  
Gross Revenue (actual) (JPY mn) 38   40   52   -   -   -   132  
(year-on-year) (%) 0.7   -3.5   4.7   -   -   -   0.9  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D10 Hotel MyStays Nippori
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 86.7   92.4   94.0   -   -   -   91.0  
(year-on-year) (points) 0.3   -1.4   2.9   -   -   -   0.7  
ADR (actual) (JPY) 6,413   7,097   7,751   -   -   -   7,105  
(year-on-year) (%) 5.2   -0.6   4.5   -   -   -   3.1  
RevPAR (actual) (JPY) 5,561   6,560   7,286   -   -   -   6,466  
(year-on-year) (%) 5.5   -2.0   7.8   -   -   -   3.9  
Gross Revenue (actual) (JPY mn) 16   17   21   -   -   -   55  
(year-on-year) (%) 4.4   -3.6   8.5   -   -   -   3.2  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D11 Hotel MyStays Fukuoka-Tenjin-Minami
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 90.1   90.7   95.3   -   -   -   92.1  
(year-on-year) (points) -3.0   -5.4   -1.8   -   -   -   -3.4  
ADR (actual) (JPY) 7,580   10,030   8,583   -   -   -   8,688  
(year-on-year) (%) 7.9   -3.5   -5.4   -   -   -   -1.3  
RevPAR (actual) (JPY) 6,833   9,095   8,183   -   -   -   8,002  
(year-on-year) (%) 4.4   -9.0   -7.1   -   -   -   -4.7  
Gross Revenue (actual) (JPY mn) 39   46   46   -   -   -   132  
(year-on-year) (%) 3.4   -8.6   -6.8   -   -   -   -4.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D12 Flexstay Inn Iidabashi 
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 87.0   89.0   91.3   -   -   -   89.1  
(year-on-year) (points) -1.7   -4.9   -2.9   -   -   -   -3.1  
ADR (actual) (JPY) 8,188   9,846   10,406   -   -   -   9,486  
(year-on-year) (%) 2.5   -4.6   6.8   -   -   -   1.5  
RevPAR (actual) (JPY) 7,122   8,761   9,502   -   -   -   8,452  
(year-on-year) (%) 0.5   -9.6   3.5   -   -   -   -1.9  
Gross Revenue (actual) (JPY mn) 14   15   19   -   -   -   49  
(year-on-year) (%) 0.7   -7.8   4.7   -   -   -   -0.8  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D13 Hotel MyStays Ueno Inaricho
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 87.8   93.2   91.8   -   -   -   90.8  
(year-on-year) (points) 0.7   -2.5   -4.5   -   -   -   -2.1  
ADR (actual) (JPY) 6,671   7,243   8,540   -   -   -   7,504  
(year-on-year) (%) 7.4   2.1   15.9   -   -   -   8.6  
RevPAR (actual) (JPY) 5,858   6,750   7,836   -   -   -   6,817  
(year-on-year) (%) 8.3   -0.6   10.4   -   -   -   6.2  
Gross Revenue (actual) (JPY mn) 13   13   17   -   -   -   44  
(year-on-year) (%) 8.2   -0.9   10.0   -   -   -   5.9  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D14 Flexstay Inn Shinagawa
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 95.1   97.5   99.1   -   -   -   97.2  
(year-on-year) (points) 8.3   0.3   1.7   -   -   -   3.5  
ADR (actual) (JPY) 7,541   8,690   9,182   -   -   -   8,476  
(year-on-year) (%) -1.9   -5.0   7.3   -   -   -   0.1  
RevPAR (actual) (JPY) 7,169   8,476   9,096   -   -   -   8,239  
(year-on-year) (%) 7.5   -4.7   9.2   -   -   -   3.9  
Gross Revenue (actual) (JPY mn) 12   13   15   -   -   -   41  
(year-on-year) (%) 7.4   -4.6   9.0   -   -   -   3.8  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D15 Flexstay Inn Tokiwadai 
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 65.7   74.7   78.4   -   -   -   72.9  
(year-on-year) (points) 8.8   -5.2   11.1   -   -   -   5.3  
ADR (actual) (JPY) 5,325   5,532   5,767   -   -   -   5,555  
(year-on-year) (%) 3.6   10.2   6.8   -   -   -   7.1  
RevPAR (actual) (JPY) 3,499   4,131   4,523   -   -   -   4,048  
(year-on-year) (%) 19.7   3.0   24.4   -   -   -   15.5  
Gross Revenue (actual) (JPY mn) 14   15   19   -   -   -   49  
(year-on-year) (%) 18.9   1.6   23.9   -   -   -   14.5  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D16 Flexstay Inn Sugamo
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 67.6   80.7   85.5   -   -   -   77.9  
(year-on-year) (points) 8.0   -0.5   8.9   -   -   -   5.6  
ADR (actual) (JPY) 5,641   6,506   6,223   -   -   -   6,140  
(year-on-year) (%) 0.5   1.1   2.4   -   -   -   1.2  
RevPAR (actual) (JPY) 3,814   5,253   5,320   -   -   -   4,780  
(year-on-year) (%) 13.9   0.5   14.3   -   -   -   9.1  
Gross Revenue (actual) (JPY mn) 12   16   17   -   -   -   46  
(year-on-year) (%) 13.1   0.0   13.4   -   -   -   8.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D17 Hotel MyStays Otemae 
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 83.3   84.4   86.3   -   -   -   84.7  
(year-on-year) (points) -6.5   -10.5   -8.0   -   -   -   -8.3  
ADR (actual) (JPY) 8,052   9,132   9,487   -   -   -   8,890  
(year-on-year) (%) -12.5   -18.2   -18.4   -   -   -   -16.7  
RevPAR (actual) (JPY) 6,706   7,712   8,185   -   -   -   7,528  
(year-on-year) (%) -18.9   -27.2   -25.4   -   -   -   -24.1  
Gross Revenue (actual) (JPY mn) 23   24   28   -   -   -   75  
(year-on-year) (%) -18.9   -27.0   -25.3   -   -   -   -24.0  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D18 Flexstay Inn Kiyosumi Shirakawa
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 87.9   85.2   87.0   -   -   -   86.8  
(year-on-year) (points) 2.1   -7.7   -4.6   -   -   -   -3.3  
ADR (actual) (JPY) 6,300   6,916   7,277   -   -   -   6,826  
(year-on-year) (%) 1.3   2.3   1.7   -   -   -   1.6  
RevPAR (actual) (JPY) 5,539   5,892   6,334   -   -   -   5,923  
(year-on-year) (%) 3.8   -6.1   -3.4   -   -   -   -2.1  
Gross Revenue (actual) (JPY mn) 10   10   12   -   -   -   32  
(year-on-year) (%) 2.4   -7.0   -2.9   -   -   -   -2.6  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D19 Flexstay Inn Nakanobu P1 
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 87.4   85.2   93.4   -   -   -   88.8  
(year-on-year) (points) 11.8   -10.0   -1.2   -   -   -   0.6  
ADR (actual) (JPY) 5,754   5,993   6,046   -   -   -   5,931  
(year-on-year) (%) 2.7   2.6   5.7   -   -   -   3.6  
RevPAR (actual) (JPY) 5,030   5,104   5,646   -   -   -   5,265  
(year-on-year) (%) 18.8   -8.2   4.4   -   -   -   4.2  
Gross Revenue (actual) (JPY mn) 6   5   7   -   -   -   19  
(year-on-year) (%) 19.8   -7.8   3.1   -   -   -   4.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D20 Flexstay Inn Nakanobu P2
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 87.7   87.7   91.1   -   -   -   88.8  
(year-on-year) (points) 1.8   -4.4   -4.8   -   -   -   -2.4  
ADR (actual) (JPY) 5,087   5,469   5,749   -   -   -   5,438  
(year-on-year) (%) -2.2   2.1   9.5   -   -   -   3.3  
RevPAR (actual) (JPY) 4,461   4,794   5,235   -   -   -   4,831  
(year-on-year) (%) -0.2   -2.8   4.0   -   -   -   0.5  
Gross Revenue (actual) (JPY mn) 3   3   3   -   -   -   9  
(year-on-year) (%) 0.2   -3.1   3.2   -   -   -   0.2  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 17, 2014.
D21 APA Hotel Yokohama-Kannai
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 92.8   93.7   95.6   -   -   -   94.0  
(year-on-year) (points) 11.4   -3.1   -1.7   -   -   -   2.4  
ADR (actual) (JPY) 5,751   7,009   7,607   -   -   -   6,791  
(year-on-year) (%) -4.0   -0.9   11.2   -   -   -   2.0  
RevPAR (actual) (JPY) 5,334   6,565   7,272   -   -   -   6,385  
(year-on-year) (%) 9.4   -4.1   9.2   -   -   -   4.6  
Gross Revenue (actual) (JPY mn) 78   86   105   -   -   -   270  
(year-on-year) (%) 9.5   -4.0   8.7   -   -   -   4.5  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on February 6, 2015.
D22 Hotel MyStays Hakodate-Goryokaku
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 58.3   72.1   62.6   -   -   -   64.1  
(year-on-year) (points) 3.6   10.9   10.3   -   -   -   8.2  
ADR (actual) (JPY) 6,778   7,009   6,877   -   -   -   6,892  
(year-on-year) (%) 2.0   5.8   0.2   -   -   -   2.7  
RevPAR (actual) (JPY) 3,953   5,057   4,308   -   -   -   4,419  
(year-on-year) (%) 8.6   24.7   19.9   -   -   -   17.8  
Gross Revenue (actual) (JPY mn) 31   35   34   -   -   -   101  
(year-on-year) (%) 13.2   27.2   25.5   -   -   -   22.0  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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  
(Note1) This property was acquired on February 6, 2015.
(Note2) Renovation Period :  February 14, 2018 - April 30, 2018
(Note3) The name of this property was changed from "Hotel Nets Hakodate" as of May 1, 2018.
D23 Flexstay Inn Shirogane
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 72.2   82.4   84.9   -   -   -   79.8  
(year-on-year) (points) 9.1   -4.1   2.7   -   -   -   2.8  
ADR (actual) (JPY) 6,360   7,035   7,594   -   -   -   7,029  
(year-on-year) (%) -5.3   -2.4   9.8   -   -   -   1.0  
RevPAR (actual) (JPY) 4,594   5,799   6,450   -   -   -   5,608  
(year-on-year) (%) 8.2   -7.0   13.5   -   -   -   4.6  
Gross Revenue (actual) (JPY mn) 12   14   17   -   -   -   44  
(year-on-year) (%) 10.2   -7.5   13.4   -   -   -   4.9  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on February 6, 2015.
D24 Hotel MyStays Haneda
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 94.2   95.0   97.2   -   -   -   95.5  
(year-on-year) (points) -0.4   -1.0   2.8   -   -   -   0.5  
ADR (actual) (JPY) 9,917   11,175   11,547   -   -   -   10,878  
(year-on-year) (%) 6.8   -5.0   5.2   -   -   -   2.2  
RevPAR (actual) (JPY) 9,345   10,611   11,219   -   -   -   10,384  
(year-on-year) (%) 6.3   -5.9   8.3   -   -   -   2.8  
Gross Revenue (actual) (JPY mn) 56   57   67   -   -   -   182  
(year-on-year) (%) 5.3   -5.4   8.3   -   -   -   2.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 16, 2015.
D25 Hotel MyStays Kameido P1
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 89.9   89.1   91.4   -   -   -   90.2  
(year-on-year) (points) 3.4   0.3   2.7   -   -   -   2.2  
ADR (actual) (JPY) 5,660   5,936   6,150   -   -   -   5,916  
(year-on-year) (%) 0.5   -4.5   0.5   -   -   -   -1.1  
RevPAR (actual) (JPY) 5,088   5,289   5,622   -   -   -   5,335  
(year-on-year) (%) 4.4   -4.2   3.6   -   -   -   1.3  
Gross Revenue (actual) (JPY mn) 45   42   49   -   -   -   136  
(year-on-year) (%) 4.3   -4.0   2.7   -   -   -   1.0  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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 July 16, 2015.
D26 Hotel MyStays Ueno Iriyaguchi
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 91.6   95.8   95.3   -   -   -   94.2  
(year-on-year) (points) 0.1   0.7   -0.9   -   -   -   0.0  
ADR (actual) (JPY) 8,760   9,513   10,770   -   -   -   9,699  
(year-on-year) (%) 6.4   -2.8   5.3   -   -   -   3.0  
RevPAR (actual) (JPY) 8,026   9,117   10,265   -   -   -   9,137  
(year-on-year) (%) 6.5   -2.1   4.4   -   -   -   2.9  
Gross Revenue (actual) (JPY mn) 24   25   31   -   -   -   80  
(year-on-year) (%) 6.2   -2.1   4.3   -   -   -   2.8  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 16, 2015.
D27 Hotel MyStays Kameido P2
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 91.0   94.2   96.5   -   -   -   93.9  
(year-on-year) (points) -0.4   2.1   4.8   -   -   -   2.2  
ADR (actual) (JPY) 5,604   6,046   6,591   -   -   -   6,092  
(year-on-year) (%) -0.5   -6.9   0.3   -   -   -   -2.1  
RevPAR (actual) (JPY) 5,098   5,694   6,360   -   -   -   5,718  
(year-on-year) (%) -0.9   -4.7   5.6   -   -   -   0.2  
Gross Revenue (actual) (JPY mn) 29   29   36   -   -   -   95  
(year-on-year) (%) -1.5   -3.9   5.1   -   -   -   0.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 16, 2015.
D28 Hotel Vista Shimizu
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 70.9   80.2   63.2   -   -   -   71.2  
(year-on-year) (points) -1.5   -4.9   -23.4   -   -   -   -10.1  
ADR (actual) (JPY) 6,266   6,771   6,695   -   -   -   6,574  
(year-on-year) (%) -5.5   0.0   -7.5   -   -   -   -4.7  
RevPAR (actual) (JPY) 4,444   5,433   4,234   -   -   -   4,679  
(year-on-year) (%) -7.5   -5.7   -32.5   -   -   -   -16.6  
Gross Revenue (actual) (JPY mn) 22   24   21   -   -   -   69  
(year-on-year) (%) -7.4   -6.6   -31.9   -   -   -   -16.6  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) 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
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 81.5   82.3   88.6   -   -   -   84.2  
(year-on-year) (points) 3.2   -6.3   -2.3   -   -   -   -1.7  
ADR (actual) (JPY) 5,076   5,439   5,651   -   -   -   5,395  
(year-on-year) (%) 5.6   0.3   1.6   -   -   -   2.1  
RevPAR (actual) (JPY) 4,135   4,476   5,009   -   -   -   4,542  
(year-on-year) (%) 9.9   -6.9   -1.0   -   -   -   0.2  
Gross Revenue (actual) (JPY mn) 11   11   14   -   -   -   37  
(year-on-year) (%) 9.5   -7.0   -0.8   -   -   -   0.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 16, 2015.
D31 Hotel MyStays Utsunomiya
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 93.0   94.9   97.0   -   -   -   95.0  
(year-on-year) (points) -1.1   -2.9   -1.6   -   -   -   -1.8  
ADR (actual) (JPY) 7,039   7,407   7,429   -   -   -   7,291  
(year-on-year) (%) 3.8   1.3   0.3   -   -   -   1.7  
RevPAR (actual) (JPY) 6,544   7,031   7,208   -   -   -   6,924  
(year-on-year) (%) 2.5   -1.7   -1.3   -   -   -   -0.2  
Gross Revenue (actual) (JPY mn) 48   49   59   -   -   -   157  
(year-on-year) (%) -8.1   -4.3   -7.5   -   -   -   -6.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 16, 2015.
D32  Flexstay Inn Kawasaki-Kaizuka
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 72.1   88.1   88.5   -   -   -   82.7  
(year-on-year) (points) 5.0   1.1   -0.4   -   -   -   1.9  
ADR (actual) (JPY) 5,247   5,408   5,445   -   -   -   5,373  
(year-on-year) (%) -0.3   -5.2   2.6   -   -   -   -1.0  
RevPAR (actual) (JPY) 3,782   4,762   4,819   -   -   -   4,444  
(year-on-year) (%) 7.2   -4.0   2.2   -   -   -   1.4  
Gross Revenue (actual) (JPY mn) 8   9   10   -   -   -   27  
(year-on-year) (%) 9.2   -2.8   3.0   -   -   -   2.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) 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
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 80.2   90.0   91.8   -   -   -   87.3  
(year-on-year) (points) 15.4   5.9   11.7   -   -   -   11.2  
ADR (actual) (JPY) 4,142   4,497   4,539   -   -   -   4,400  
(year-on-year) (%) -8.2   -10.1   -7.5   -   -   -   -8.8  
RevPAR (actual) (JPY) 3,323   4,049   4,168   -   -   -   3,840  
(year-on-year) (%) 13.6   -3.8   6.0   -   -   -   4.6  
Gross Revenue (actual) (JPY mn) 6   7   8   -   -   -   22  
(year-on-year) (%) 13.5   -3.0   7.5   -   -   -   5.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on July 16, 2015.
D35 Flexstay Inn Ekoda
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 70.9   93.0   82.4   -   -   -   81.7  
(year-on-year) (points) -2.0   3.6   0.3   -   -   -   0.5  
ADR (actual) (JPY) 4,999   5,067   5,328   -   -   -   5,137  
(year-on-year) (%) 0.0   -10.2   0.3   -   -   -   -3.6  
RevPAR (actual) (JPY) 3,542   4,712   4,389   -   -   -   4,198  
(year-on-year) (%) -2.7   -6.5   0.6   -   -   -   -3.0  
Gross Revenue (actual) (JPY mn) 24   29   30   -   -   -   85  
(year-on-year) (%) -2.6   -5.0   1.4   -   -   -   -2.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) 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
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 95.4   95.6   95.3   -   -   -   95.4  
(year-on-year) (points) 8.8   -2.2   -2.4   -   -   -   1.5  
ADR (actual) (JPY) 10,273   11,331   10,960   -   -   -   10,839  
(year-on-year) (%) -5.7   -11.6   -16.6   -   -   -   -12.1  
RevPAR (actual) (JPY) 9,800   10,837   10,443   -   -   -   10,344  
(year-on-year) (%) 3.8   -13.7   -18.6   -   -   -   -10.6  
Gross Revenue (actual) (JPY mn) 17   17   18   -   -   -   53  
(year-on-year) (%) 7.8   -10.1   -14.9   -   -   -   -6.9  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) 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
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 86.0   93.2   94.3   -   -   -   91.1  
(year-on-year) (points) -5.8   -1.5   -0.1   -   -   -   -2.5  
ADR (actual) (JPY) 10,050   11,156   11,316   -   -   -   10,854  
(year-on-year) (%) 1.7   -2.9   4.8   -   -   -   1.4  
RevPAR (actual) (JPY) 8,640   10,399   10,670   -   -   -   9,886  
(year-on-year) (%) -4.7   -4.5   4.7   -   -   -   -1.3  
Gross Revenue (actual) (JPY mn) 117   125   143   -   -   -   386  
(year-on-year) (%) -4.2   -5.0   4.2   -   -   -   -1.5  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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)  INV acquired the entire portion of the Main Building and a portion of the Annex Building on March 31, 2016, and additionally
      acquired additional floors of the Annex Building after conversion from office space on October 31, 2017
(Note 2) The number of rooms in this property has increased due to conversion from a locker room in Main Building (1 room) as well as
              conversion from an office space in Annex Building (49 rooms)  on October 16, 2017
D44  Hotel Epinard Nasu 
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 64.1   73.3   94.1   -   -   -   77.3  
(year-on-year) (points) 2.0   2.0   2.7   -   -   -   2.3  
ADR (actual) (JPY) 22,486   17,356   21,225   -   -   -   20,444  
(year-on-year) (%) -0.3   -2.3   -0.6   -   -   -   -0.9  
RevPAR (actual) (JPY) 14,416   12,715   19,973   -   -   -   15,801  
(year-on-year) (%) 2.9   0.5   2.4   -   -   -   2.1  
Gross Revenue (actual) (JPY mn) 379   344   517   -   -   -   1,242  
(year-on-year) (%) -2.0   -5.6   0.5   -   -   -   -2.0  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on March 31, 2016.
D45 Hotel MyStays Fukuoka Tenjin
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 91.1   91.1   94.2   -   -   -   92.2  
(year-on-year) (points) -2.3   -4.4   -1.5   -   -   -   -2.7  
ADR (actual) (JPY) 8,082   11,178   9,445   -   -   -   9,514  
(year-on-year) (%) 6.2   1.9   -9.1   -   -   -   -1.2  
RevPAR (actual) (JPY) 7,363   10,188   8,899   -   -   -   8,771  
(year-on-year) (%) 3.6   -2.8   -10.5   -   -   -   -4.0  
Gross Revenue (actual) (JPY mn) 55   67   65   -   -   -   188  
(year-on-year) (%) 3.7   -2.3   -9.2   -   -   -   -3.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on March 31, 2016.
D46 Hotel MyStays Hamamatsucho
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 97.1   97.4   97.7   -   -   -   97.4  
(year-on-year) (points) 1.9   0.1   2.4   -   -   -   1.5  
ADR (actual) (JPY) 9,533   10,624   11,243   -   -   -   10,463  
(year-on-year) (%) 5.3   -1.4   4.3   -   -   -   2.7  
RevPAR (actual) (JPY) 9,254   10,353   10,980   -   -   -   10,191  
(year-on-year) (%) 7.4   -1.3   6.9   -   -   -   4.3  
Gross Revenue (actual) (JPY mn) 30   30   36   -   -   -   97  
(year-on-year) (%) 7.3   -1.4   7.1   -   -   -   4.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) This property was acquired on March 31, 2016.
D47 Hotel MyStays Premier Kanazawa
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 83.2   89.8   90.2   -   -   -   87.6  
(year-on-year) (points) -7.7   -3.7   -1.1   -   -   -   -4.2  
ADR (actual) (JPY) 8,577   9,942   10,034   -   -   -   9,529  
(year-on-year) (%) 5.4   -2.9   -18.4   -   -   -   -6.8  
RevPAR (actual) (JPY) 7,133   8,926   9,050   -   -   -   8,351  
(year-on-year) (%) -3.5   -6.8   -19.3   -   -   -   -11.0  
Gross Revenue (actual) (JPY mn) 72   79   90   -   -   -   242  
(year-on-year) (%) -2.6   -5.4   -15.2   -   -   -   -8.5  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) 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
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 95.1   96.5   95.1   -   -   -   95.5  
(year-on-year) (points) 5.3   2.5   2.7   -   -   -   3.5  
ADR (actual) (JPY) 16,170   17,149   18,604   -   -   -   17,312  
(year-on-year) (%) 7.6   1.4   4.5   -   -   -   4.4  
RevPAR (actual) (JPY) 15,383   16,542   17,689   -   -   -   16,538  
(year-on-year) (%) 13.9   4.1   7.5   -   -   -   8.4  
Gross Revenue (actual) (JPY mn) 63   61   71   -   -   -   196  
(year-on-year) (%) 14.6   4.1   7.0   -   -   -   8.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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 )  This property was acquired on May 29, 2017. 
D50 Hotel MyStays Shin Osaka Conference Center
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/13
Occupancy Rate (actual) (%) 71.0   87.1   89.0   -   -   -   82.2  
(year-on-year) (points) -15.3   -9.7   -2.7   -   -   -   -9.2  
ADR (actual) (JPY) 6,541   7,283   7,825   -   -   -   7,265  
(year-on-year) (%) -6.6   -13.0   -15.8   -   -   -   -11.9  
RevPAR (actual) (JPY) 4,643   6,346   6,963   -   -   -   5,972  
(year-on-year) (%) -23.2   -21.8   -18.3   -   -   -   -20.8  
Gross Revenue (actual) (JPY mn) 94   113   130   -   -   -   338  
(year-on-year) (%) -14.6   -14.1   -13.2   -   -   -   -13.9  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/712
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) (%) -   -   -   -   -