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Hotel Performance

Domestic Hotels Total
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/1~6
# of Properties
(Note2)
(actual) - 54(63)   54(63)   54(63)   54(63)   54(63)   54(63)   54(63)  
Occupancy Rate (actual) (%) 84.5   89.6   90.8   90.5   88.1   88.5   88.6  
ADR (actual) (JPY) 8,287   9,437   9,686   11,250   10,033   8,788   9,594  
RevPAR (actual) (JPY) 6,999   8,460   8,793   10,180   8,838   7,778   8,503  
Gross Revenue (actual) (JPY mn) 2,638   2,803   3,306   3,583   3,321   2,922   18,575  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
# of Properties
(Note2)
(actual) - 72 (81)   -   -   -   -   -   72 (81)  
Occupancy Rate (actual) (%) 90.8   -   -   -   -   -   90.8  
ADR (actual) (JPY) 10,167   -   -   -   -   -   10,167  
RevPAR (actual) (JPY) 9,229   -   -   -   -   -   9,229  
Gross Revenue (actual) (JPY mn) 3,948   -   -   -   -   -   3,948  
(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 2019/1~6
Occupancy Rate (actual) (%) 92.3   97.7   97.1   97.3   95.8   97.3   96.2  
(year-on-year) (points) -4.1   -0.8   0.3   -1.0   0.2   0.2   -0.9  
ADR (actual) (JPY) 7,794   8,409   9,483   11,064   8,631   7,807   8,875  
(year-on-year) (%) 6.2   -5.0   8.4   0.9   -0.8   -6.8   0.6  
RevPAR (actual) (JPY) 7,195   8,216   9,206   10,766   8,268   7,598   8,540  
(year-on-year) (%) 1.7   -5.7   8.7   -0.1   -0.6   -6.6   -0.3  
Gross Revenue (actual) (JPY mn) 28   29   36   40   32   29   196  
(year-on-year) (%) 1.4   -6.2   8.9   -0.2   -0.4   -6.4   -0.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 97.3   -   -   -   -   -   97.3  
(year-on-year) (points) 1.7   -   -   -   -   -   1.7  
ADR (actual) (JPY) 7,916   -   -   -   -   -   7,916  
(year-on-year) (%) -14.5   -   -   -   -   -   -14.5  
RevPAR (actual) (JPY) 7,699   -   -   -   -   -   7,699  
(year-on-year) (%) -13.0   -   -   -   -   -   -13.0  
Gross Revenue (actual) (JPY mn) 30   -   -   -   -   -   30  
(year-on-year) (%) -12.2   -   -   -   -   -   -12.2  
(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 2019/1~6
Occupancy Rate (actual) (%) 91.4   94.0   95.3   96.3   92.8   94.3   94.0  
(year-on-year) (points) 1.1   0.5   4.3   2.0   -1.1   -2.5   0.7  
ADR (actual) (JPY) 5,853   6,572   7,227   8,561   6,717   5,922   6,820  
(year-on-year) (%) 3.9   1.7   7.4   -0.6   2.9   -5.7   1.6  
RevPAR (actual) (JPY) 5,351   6,177   6,886   8,244   6,232   5,584   6,411  
(year-on-year) (%) 5.2   2.2   12.5   1.5   1.7   -8.1   2.4  
Gross Revenue (actual) (JPY mn) 27   28   35   41   32   28   193  
(year-on-year) (%) 5.1   0.7   12.1   2.8   1.4   -8.2   2.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 97.4   -   -   -   -   -   97.4  
(year-on-year) (points) 0.2   -   -   -   -   -   0.2  
ADR (actual) (JPY) 6,283   -   -   -   -   -   6,283  
(year-on-year) (%) -9.1   -   -   -   -   -   -9.1  
RevPAR (actual) (JPY) 6,119   -   -   -   -   -   6,119  
(year-on-year) (%) -8.9   -   -   -   -   -   -8.9  
Gross Revenue (actual) (JPY mn) 31   -   -   -   -   -   31  
(year-on-year) (%) -9.6   -   -   -   -   -   -9.6  
(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 2019/1~6
Occupancy Rate (actual) (%) 91.3   89.5   94.8   90.8   90.7   89.9   91.2  
(year-on-year) (points) 4.2   -2.2   7.1   15.7   31.1   46.2   17.2  
ADR (actual) (JPY) 7,185   7,626   11,996   17,354   11,659   8,303   10,731  
(year-on-year) (%) -6.8   -11.5   -1.6   -17.3   -6.2   -4.6   -8.8  
RevPAR (actual) (JPY) 6,557   6,827   11,367   15,753   10,576   7,465   9,786  
(year-on-year) (%) -2.4   -13.7   6.4   0.1   42.8   96.1   12.3  
Gross Revenue (actual) (JPY mn) 51   48   86   115   82   57   441  
(year-on-year) (%) -0.6   -12.0   7.5   1.6   40.5   92.4   13.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 86.0   -   -   -   -   -   86.0  
(year-on-year) (points) 34.3   -   -   -   -   -   34.3  
ADR (actual) (JPY) 9,396   -   -   -   -   -   9,396  
(year-on-year) (%) -7.3   -   -   -   -   -   -7.3  
RevPAR (actual) (JPY) 8,080   -   -   -   -   -   8,080  
(year-on-year) (%) 54.2   -   -   -   -   -   54.2  
Gross Revenue (actual) (JPY mn) 63   -   -   -   -   -   63  
(year-on-year) (%) 52.3   -   -   -   -   -   52.3  
(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 2019/1~6
Occupancy Rate (actual) (%) 85.4   92.3   95.0   90.7   90.9   86.6   90.1  
(year-on-year) (points) 3.6   3.3   8.2   -3.6   10.0   -9.0   2.1  
ADR (actual) (JPY) 9,169   9,027   12,138   11,524   10,110   8,492   10,130  
(year-on-year) (%) 7.8   -4.1   0.9   10.4   -3.2   4.3   3.1  
RevPAR (actual) (JPY) 7,830   8,331   11,534   10,449   9,187   7,357   9,130  
(year-on-year) (%) 12.5   -0.6   10.4   6.2   8.7   -5.5   5.6  
Gross Revenue (actual) (JPY mn) 51   51   73   75   64   53   369  
(year-on-year) (%) 15.4   -2.8   5.1   9.3   11.3   -1.5   6.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 90.1   -   -   -   -   -   90.1  
(year-on-year) (points) -2.5   -   -   -   -   -   -2.5  
ADR (actual) (JPY) 9,477   -   -   -   -   -   9,477  
(year-on-year) (%) -2.5   -   -   -   -   -   -2.5  
RevPAR (actual) (JPY) 8,541   -   -   -   -   -   8,541  
(year-on-year) (%) -5.1   -   -   -   -   -   -5.1  
Gross Revenue (actual) (JPY mn) 60   -   -   -   -   -   60  
(year-on-year) (%) -2.4   -   -   -   -   -   -2.4  
(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 2019/1~6
Occupancy Rate (actual) (%) 96.2   97.4   98.3   97.3   97.1   97.6   97.3  
(year-on-year) (points) 18.2   19.3   10.7   11.1   21.9   22.3   17.2  
ADR (actual) (JPY) 13,959   14,802   20,482   18,300   15,570   12,535   15,975  
(year-on-year) (%) 8.7   2.9   6.3   12.5   -5.7   -6.0   2.7  
RevPAR (actual) (JPY) 13,434   14,414   20,129   17,798   15,112   12,233   15,544  
(year-on-year) (%) 34.1   28.3   19.4   27.1   21.8   21.9   24.9  
Gross Revenue (actual) (JPY mn) 41   40   60   52   46   36   278  
(year-on-year) (%) 33.3   30.1   20.1   26.4   23.3   22.3   25.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 97.6   -   -   -   -   -   97.6  
(year-on-year) (points) 8.6   -   -   -   -   -   8.6  
ADR (actual) (JPY) 15,416   -   -   -   -   -   15,416  
(year-on-year) (%) -8.6   -   -   -   -   -   -8.6  
RevPAR (actual) (JPY) 15,052   -   -   -   -   -   15,052  
(year-on-year) (%) 0.3   -   -   -   -   -   0.3  
Gross Revenue (actual) (JPY mn) 46   -   -   -   -   -   46  
(year-on-year) (%) 1.0   -   -   -   -   -   1.0  
(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 2019/1~6
Occupancy Rate (actual) (%) 94.4   98.4   95.7   93.4   91.0   92.0   94.1  
(year-on-year) (points) 6.6   32.5   5.5   -1.3   18.5   19.2   13.3  
ADR (actual) (JPY) 9,357   10,512   12,351   14,059   11,898   11,187   11,556  
(year-on-year) (%) 1.3   -8.2   -0.3   2.4   0.5   2.6   -0.7  
RevPAR (actual) (JPY) 8,834   10,342   11,817   13,128   10,829   10,293   10,874  
(year-on-year) (%) 9.0   37.1   5.8   1.0   26.1   29.7   15.6  
Gross Revenue (actual) (JPY mn) 51   53   64   68   56   52   347  
(year-on-year) (%) 7.3   28.2   5.5   0.8   12.1   14.5   10.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 94.7   -   -   -   -   -   94.7  
(year-on-year) (points) -2.9   -   -   -   -   -   -2.9  
ADR (actual) (JPY) 11,199   -   -   -   -   -   11,199  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
RevPAR (actual) (JPY) 10,604   -   -   -   -   -   10,604  
(year-on-year) (%) -3.0   -   -   -   -   -   -3.0  
Gross Revenue (actual) (JPY mn) 55   -   -   -   -   -   55  
(year-on-year) (%) -8.3   -   -   -   -   -   -8.3  
(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 2019/1~6
Occupancy Rate (actual) (%) 85.3   91.2   89.7   93.1   88.4   90.1   89.6  
(year-on-year) (points) -4.8   0.1   -2.6   -1.4   -2.0   0.9   -1.7  
ADR (actual) (JPY) 6,227   6,931   7,095   8,443   7,428   6,667   7,145  
(year-on-year) (%) -4.7   -14.0   -11.5   13.6   -6.8   -12.3   -6.0  
RevPAR (actual) (JPY) 5,314   6,324   6,364   7,861   6,567   6,010   6,402  
(year-on-year) (%) -9.8   -13.9   -14.0   11.9   -8.9   -11.5   -7.7  
Gross Revenue (actual) (JPY mn) 52   55   61   71   63   57   361  
(year-on-year) (%) -8.7   -12.1   -13.7   8.1   -8.1   -10.0   -7.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 88.4   -   -   -   -   -   88.4  
(year-on-year) (points) -3.7   -   -   -   -   -   -3.7  
ADR (actual) (JPY) 7,115   -   -   -   -   -   7,115  
(year-on-year) (%) -10.0   -   -   -   -   -   -10.0  
RevPAR (actual) (JPY) 6,291   -   -   -   -   -   6,291  
(year-on-year) (%) -13.6   -   -   -   -   -   -13.6  
Gross Revenue (actual) (JPY mn) 62   -   -   -   -   -   62  
(year-on-year) (%) -10.6   -   -   -   -   -   -10.6  
(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 2019/1~6
Occupancy Rate (actual) (%) 74.0   89.5   92.4   92.9   85.5   82.2   86.0  
(year-on-year) (points) -7.6   -4.2   2.9   2.6   6.7   -4.8   -0.7  
ADR (actual) (JPY) 6,134   6,595   6,495   8,114   7,007   6,585   6,849  
(year-on-year) (%) -13.0   -26.2   -26.4   -16.3   -10.3   -4.0   -16.7  
RevPAR (actual) (JPY) 4,540   5,906   6,002   7,540   5,993   5,416   5,893  
(year-on-year) (%) -21.1   -29.5   -24.1   -13.9   -2.7   -9.4   -17.4  
Gross Revenue (actual) (JPY mn) 28   33   37   45   38   33   218  
(year-on-year) (%) -19.9   -28.4   -23.9   -13.9   -0.7   -7.4   -16.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 83.0   -   -   -   -   -   83.0  
(year-on-year) (points) -10.7   -   -   -   -   -   -10.7  
ADR (actual) (JPY) 6,303   -   -   -   -   -   6,303  
(year-on-year) (%) -19.7   -   -   -   -   -   -19.7  
RevPAR (actual) (JPY) 5,231   -   -   -   -   -   5,231  
(year-on-year) (%) -28.9   -   -   -   -   -   -28.9  
Gross Revenue (actual) (JPY mn) 33   -   -   -   -   -   33  
(year-on-year) (%) -27.9   -   -   -   -   -   -27.9  
(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 2019/1~6
Occupancy Rate (actual) (%) 91.6   95.0   95.8   94.0   63.3   52.6   82.0  
(year-on-year) (points) 0.4   4.5   3.8   3.5   -22.8   -37.8   -8.2  
ADR (actual) (JPY) 6,113   7,075   8,079   9,042   9,226   7,244   7,769  
(year-on-year) (%) -1.4   -8.0   -0.7   11.1   12.8   3.5   2.9  
RevPAR (actual) (JPY) 5,599   6,724   7,743   8,503   5,844   3,810   6,367  
(year-on-year) (%) -1.0   -3.5   3.4   15.5   -17.1   -39.8   -6.4  
Gross Revenue (actual) (JPY mn) 38   40   52   55   39   25   251  
(year-on-year) (%) 0.7   -3.5   4.7   14.7   -16.6   -39.6   -6.0  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 75.0   -   -   -   -   -   75.0  
(year-on-year) (points) -17.2   -   -   -   -   -   -17.2  
ADR (actual) (JPY) 7,829   -   -   -   -   -   7,829  
(year-on-year) (%) 4.6   -   -   -   -   -   4.6  
RevPAR (actual) (JPY) 5,875   -   -   -   -   -   5,875  
(year-on-year) (%) -14.9   -   -   -   -   -   -14.9  
Gross Revenue (actual) (JPY mn) 39   -   -   -   -   -   39  
(year-on-year) (%) -13.7   -   -   -   -   -   -13.7  
(Note1) This property was acquired on July 17, 2014.
(Note 2) Renovation Period: May 6, 2019 - July 19, 2019.
D10 Hotel MyStays Nippori
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/1~6
Occupancy Rate (actual) (%) 86.7   92.4   94.0   92.3   90.3   94.4   91.7  
(year-on-year) (points) 0.3   -1.4   2.9   -0.7   -0.6   2.5   0.5  
ADR (actual) (JPY) 6,413   7,097   7,751   9,075   6,936   6,092   7,233  
(year-on-year) (%) 5.2   -0.6   4.5   3.4   -2.5   -10.0   0.1  
RevPAR (actual) (JPY) 5,561   6,560   7,286   8,376   6,265   5,752   6,630  
(year-on-year) (%) 5.5   -2.0   7.8   2.7   -3.1   -7.6   0.6  
Gross Revenue (actual) (JPY mn) 16   17   21   23   18   16   113  
(year-on-year) (%) 4.4   -3.6   8.5   2.8   -3.2   -7.6   0.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 94.4   -   -   -   -   -   94.4  
(year-on-year) (points) 0.8   -   -   -   -   -   0.8  
ADR (actual) (JPY) 6,234   -   -   -   -   -   6,234  
(year-on-year) (%) -13.6   -   -   -   -   -   -13.6  
RevPAR (actual) (JPY) 5,886   -   -   -   -   -   5,886  
(year-on-year) (%) -12.8   -   -   -   -   -   -12.8  
Gross Revenue (actual) (JPY mn) 17   -   -   -   -   -   17  
(year-on-year) (%) -12.7   -   -   -   -   -   -12.7  
(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 2019/1~6
Occupancy Rate (actual) (%) 90.1   90.7   95.3   89.0   93.9   94.0   92.2  
(year-on-year) (points) -3.0   -5.4   -1.8   -6.4   -1.2   -0.5   -3.0  
ADR (actual) (JPY) 7,580   10,030   8,583   9,402   9,386   8,068   8,819  
(year-on-year) (%) 7.9   -3.5   -5.4   9.7   3.8   -8.0   0.2  
RevPAR (actual) (JPY) 6,833   9,095   8,183   8,366   8,811   7,587   8,132  
(year-on-year) (%) 4.4   -9.0   -7.1   2.3   2.4   -8.5   -3.0  
Gross Revenue (actual) (JPY mn) 39   46   46   46   50   42   270  
(year-on-year) (%) 3.4   -8.6   -6.8   2.2   2.3   -8.2   -2.9  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 92.8   -   -   -   -   -   92.8  
(year-on-year) (points) -1.2   -   -   -   -   -   -1.2  
ADR (actual) (JPY) 7,700   -   -   -   -   -   7,700  
(year-on-year) (%) -15.0   -   -   -   -   -   -15.0  
RevPAR (actual) (JPY) 7,144   -   -   -   -   -   7,144  
(year-on-year) (%) -16.1   -   -   -   -   -   -16.1  
Gross Revenue (actual) (JPY mn) 41   -   -   -   -   -   41  
(year-on-year) (%) -14.1   -   -   -   -   -   -14.1  
(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 2019/1~6
Occupancy Rate (actual) (%) 87.0   89.0   91.3   96.0   90.5   93.9   91.3  
(year-on-year) (points) -1.7   -4.9   -2.9   -0.7   -4.9   0.5   -2.4  
ADR (actual) (JPY) 8,188   9,846   10,406   11,360   8,990   8,282   9,523  
(year-on-year) (%) 2.5   -4.6   6.8   1.4   -1.9   -5.9   -0.2  
RevPAR (actual) (JPY) 7,122   8,761   9,502   10,911   8,135   7,776   8,693  
(year-on-year) (%) 0.5   -9.6   3.5   0.7   -6.9   -5.4   -2.8  
Gross Revenue (actual) (JPY mn) 14   15   19   20   16   15   102  
(year-on-year) (%) 0.7   -7.8   4.7   1.3   -5.4   -3.3   -1.5  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 94.9   -   -   -   -   -   94.9  
(year-on-year) (points) -1.3   -   -   -   -   -   -1.3  
ADR (actual) (JPY) 8,651   -   -   -   -   -   8,651  
(year-on-year) (%) -9.0   -   -   -   -   -   -9.0  
RevPAR (actual) (JPY) 8,206   -   -   -   -   -   8,206  
(year-on-year) (%) -10.2   -   -   -   -   -   -10.2  
Gross Revenue (actual) (JPY mn) 16   -   -   -   -   -   16  
(year-on-year) (%) -8.3   -   -   -   -   -   -8.3  
(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 2019/1~6
Occupancy Rate (actual) (%) 87.8   93.2   91.8   90.6   88.9   95.0   91.2  
(year-on-year) (points) 0.7   -2.5   -4.5   -6.2   -6.8   -0.9   -3.4  
ADR (actual) (JPY) 6,671   7,243   8,540   9,531   7,208   6,340   7,587  
(year-on-year) (%) 7.4   2.1   15.9   11.7   0.9   -8.0   5.1  
RevPAR (actual) (JPY) 5,858   6,750   7,836   8,631   6,407   6,023   6,916  
(year-on-year) (%) 8.3   -0.6   10.4   4.6   -6.2   -8.8   1.3  
Gross Revenue (actual) (JPY mn) 13   13   17   18   14   13   91  
(year-on-year) (%) 8.2   -0.9   10.0   4.5   -6.3   -8.6   1.2  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 94.7   -   -   -   -   -   94.7  
(year-on-year) (points) 0.2   -   -   -   -   -   0.2  
ADR (actual) (JPY) 6,457   -   -   -   -   -   6,457  
(year-on-year) (%) -11.5   -   -   -   -   -   -11.5  
RevPAR (actual) (JPY) 6,113   -   -   -   -   -   6,113  
(year-on-year) (%) -11.3   -   -   -   -   -   -11.3  
Gross Revenue (actual) (JPY mn) 13   -   -   -   -   -   13  
(year-on-year) (%) -11.5   -   -   -   -   -   -11.5  
(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 2019/1~6
Occupancy Rate (actual) (%) 95.1   97.5   99.1   98.5   97.2   96.6   97.3  
(year-on-year) (points) 8.3   0.3   1.7   4.0   2.6   0.2   2.9  
ADR (actual) (JPY) 7,541   8,690   9,182   10,682   8,513   7,640   8,715  
(year-on-year) (%) -1.9   -5.0   7.3   7.0   -0.8   -8.0   0.0  
RevPAR (actual) (JPY) 7,169   8,476   9,096   10,520   8,273   7,381   8,481  
(year-on-year) (%) 7.5   -4.7   9.2   11.5   1.9   -7.8   3.1  
Gross Revenue (actual) (JPY mn) 12   13   15   17   14   12   85  
(year-on-year) (%) 7.4   -4.6   9.0   11.3   2.5   -7.7   3.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 96.4   -   -   -   -   -   96.4  
(year-on-year) (points) -0.5   -   -   -   -   -   -0.5  
ADR (actual) (JPY) 7,908   -   -   -   -   -   7,908  
(year-on-year) (%) -7.2   -   -   -   -   -   -7.2  
RevPAR (actual) (JPY) 7,625   -   -   -   -   -   7,625  
(year-on-year) (%) -7.7   -   -   -   -   -   -7.7  
Gross Revenue (actual) (JPY mn) 13   -   -   -   -   -   13  
(year-on-year) (%) -7.3   -   -   -   -   -   -7.3  
(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 2019/1~6
Occupancy Rate (actual) (%) 65.7   74.7   78.4   91.1   85.1   76.6   78.6  
(year-on-year) (points) 8.8   -5.2   11.1   2.6   6.2   -3.5   3.5  
ADR (actual) (JPY) 5,325   5,532   5,767   5,969   5,148   4,869   5,448  
(year-on-year) (%) 3.6   10.2   6.8   8.0   0.5   -4.0   4.4  
RevPAR (actual) (JPY) 3,499   4,131   4,523   5,437   4,383   3,728   4,283  
(year-on-year) (%) 19.7   3.0   24.4   11.1   8.3   -8.2   9.2  
Gross Revenue (actual) (JPY mn) 14   15   19   22   18   15   106  
(year-on-year) (%) 18.9   1.6   23.9   10.4   8.7   -8.8   8.6  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 76.7   -   -   -   -   -   76.7  
(year-on-year) (points) -6.4   -   -   -   -   -   -6.4  
ADR (actual) (JPY) 5,025   -   -   -   -   -   5,025  
(year-on-year) (%) -5.1   -   -   -   -   -   -5.1  
RevPAR (actual) (JPY) 3,855   -   -   -   -   -   3,855  
(year-on-year) (%) -12.4   -   -   -   -   -   -12.4  
Gross Revenue (actual) (JPY mn) 16   -   -   -   -   -   16  
(year-on-year) (%) -12.5   -   -   -   -   -   -12.5  
(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 2019/1~6
Occupancy Rate (actual) (%) 67.6   80.7   85.5   92.7   86.1   74.6   81.2  
(year-on-year) (points) 8.0   -0.5   8.9   3.8   2.1   -8.1   2.4  
ADR (actual) (JPY) 5,641   6,506   6,223   6,997   6,249   5,537   6,230  
(year-on-year) (%) 0.5   1.1   2.4   5.6   3.1   1.0   2.7  
RevPAR (actual) (JPY) 3,814   5,253   5,320   6,488   5,378   4,128   5,058  
(year-on-year) (%) 13.9   0.5   14.3   10.1   5.7   -8.9   5.8  
Gross Revenue (actual) (JPY mn) 12   16   17   21   18   13   100  
(year-on-year) (%) 13.1   0.0   13.4   9.6   5.8   -7.5   5.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 83.0   -   -   -   -   -   83.0  
(year-on-year) (points) 0.5   -   -   -   -   -   0.5  
ADR (actual) (JPY) 5,362   -   -   -   -   -   5,362  
(year-on-year) (%) -4.1   -   -   -   -   -   -4.1  
RevPAR (actual) (JPY) 4,451   -   -   -   -   -   4,451  
(year-on-year) (%) -3.6   -   -   -   -   -   -3.6  
Gross Revenue (actual) (JPY mn) 15   -   -   -   -   -   15  
(year-on-year) (%) -2.7   -   -   -   -   -   -2.7  
(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 2019/1~6
Occupancy Rate (actual) (%) 83.3   84.4   86.3   91.2   83.8   85.3   85.7  
(year-on-year) (points) -6.5   -10.5   -8.0   0.5   5.2   0.6   -3.0  
ADR (actual) (JPY) 8,052   9,132   9,487   10,503   9,355   9,842   9,410  
(year-on-year) (%) -12.5   -18.2   -18.4   -9.9   -5.2   12.2   -9.7  
RevPAR (actual) (JPY) 6,706   7,712   8,185   9,583   7,841   8,393   8,066  
(year-on-year) (%) -18.9   -27.2   -25.4   -9.4   1.1   13.0   -12.8  
Gross Revenue (actual) (JPY mn) 23   24   28   32   27   28   163  
(year-on-year) (%) -18.9   -27.0   -25.3   -9.3   0.8   13.6   -12.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 78.2   -   -   -   -   -   78.2  
(year-on-year) (points) -8.8   -   -   -   -   -   -8.8  
ADR (actual) (JPY) 8,517   -   -   -   -   -   8,517  
(year-on-year) (%) -13.8   -   -   -   -   -   -13.8  
RevPAR (actual) (JPY) 6,656   -   -   -   -   -   6,656  
(year-on-year) (%) -22.5   -   -   -   -   -   -22.5  
Gross Revenue (actual) (JPY mn) 23   -   -   -   -   -   23  
(year-on-year) (%) -22.1   -   -   -   -   -   -22.1  
(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 2019/1~6
Occupancy Rate (actual) (%) 87.9   85.2   87.0   92.4   92.3   75.2   86.7  
(year-on-year) (points) 2.1   -7.7   -4.6   -0.9   6.7   -21.5   -4.2  
ADR (actual) (JPY) 6,300   6,916   7,277   8,502   6,861   6,303   7,053  
(year-on-year) (%) 1.3   2.3   1.7   0.7   0.5   1.4   1.6  
RevPAR (actual) (JPY) 5,539   5,892   6,334   7,858   6,334   4,737   6,117  
(year-on-year) (%) 3.8   -6.1   -3.4   -0.3   8.4   -21.2   -3.1  
Gross Revenue (actual) (JPY mn) 10   10   12   14   12   8   68  
(year-on-year) (%) 2.4   -7.0   -2.9   -0.5   7.4   -19.4   -3.2  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 19.4   -   -   -   -   -   19.4  
(year-on-year) (points) -76.5   -   -   -   -   -   -76.5  
ADR (actual) (JPY) 7,066   -   -   -   -   -   7,066  
(year-on-year) (%) 6.7   -   -   -   -   -   6.7  
RevPAR (actual) (JPY) 1,372   -   -   -   -   -   1,372  
(year-on-year) (%) -78.4   -   -   -   -   -   -78.4  
Gross Revenue (actual) (JPY mn) 3   -   -   -   -   -   3  
(year-on-year) (%) -71.7   -   -   -   -   -   -71.7  
(Note1) This property was acquired on July 17, 2014.
(Note 2) Renovation Period: June 23, 2019 - September 8, 2019. (In progress)
D19 Flexstay Inn Nakanobu P1 
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/1~6
Occupancy Rate (actual) (%) 87.4   85.2   93.4   93.9   80.4   97.9   89.7  
(year-on-year) (points) 11.8   -10.0   -1.2   -5.2   -16.6   1.1   -3.2  
ADR (actual) (JPY) 5,754   5,993   6,046   6,516   5,928   5,878   6,023  
(year-on-year) (%) 2.7   2.6   5.7   4.8   0.7   0.3   2.7  
RevPAR (actual) (JPY) 5,030   5,104   5,646   6,121   4,766   5,757   5,403  
(year-on-year) (%) 18.8   -8.2   4.4   -0.7   -16.5   1.5   -0.9  
Gross Revenue (actual) (JPY mn) 6   5   7   7   5   7   39  
(year-on-year) (%) 19.8   -7.8   3.1   -2.6   -19.4   1.5   -1.9  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 92.8   -   -   -   -   -   92.8  
(year-on-year) (points) -4.9   -   -   -   -   -   -4.9  
ADR (actual) (JPY) 5,308   -   -   -   -   -   5,308  
(year-on-year) (%) -7.1   -   -   -   -   -   -7.1  
RevPAR (actual) (JPY) 4,926   -   -   -   -   -   4,926  
(year-on-year) (%) -11.7   -   -   -   -   -   -11.7  
Gross Revenue (actual) (JPY mn) 6   -   -   -   -   -   6  
(year-on-year) (%) -12.4   -   -   -   -   -   -12.4  
(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 2019/1~6
Occupancy Rate (actual) (%) 87.7   87.7   91.1   95.8   90.2   95.9   91.4  
(year-on-year) (points) 1.8   -4.4   -4.8   -0.8   -1.8   -1.5   -1.9  
ADR (actual) (JPY) 5,087   5,469   5,749   6,343   5,300   5,839   5,642  
(year-on-year) (%) -2.2   2.1   9.5   2.6   -5.2   -2.5   0.7  
RevPAR (actual) (JPY) 4,461   4,794   5,235   6,074   4,780   5,601   5,156  
(year-on-year) (%) -0.2   -2.8   4.0   1.8   -7.0   -4.0   -1.3  
Gross Revenue (actual) (JPY mn) 3   3   3   4   3   3   21  
(year-on-year) (%) 0.2   -3.1   3.2   0.7   -8.1   -3.5   -1.8  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 92.2   -   -   -   -   -   92.2  
(year-on-year) (points) -3.8   -   -   -   -   -   -3.8  
ADR (actual) (JPY) 5,540   -   -   -   -   -   5,540  
(year-on-year) (%) -0.1   -   -   -   -   -   -0.1  
RevPAR (actual) (JPY) 5,110   -   -   -   -   -   5,110  
(year-on-year) (%) -4.0   -   -   -   -   -   -4.0  
Gross Revenue (actual) (JPY mn) 3   -   -   -   -   -   3  
(year-on-year) (%) -2.6   -   -   -   -   -   -2.6  
(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 2019/1~6
Occupancy Rate (actual) (%) 92.8   93.7   95.6   94.0   92.7   91.7   93.4  
(year-on-year) (points) 11.4   -3.1   -1.7   0.5   4.2   -3.9   1.3  
ADR (actual) (JPY) 5,751   7,009   7,607   9,226   8,089   7,287   7,498  
(year-on-year) (%) -4.0   -0.9   11.2   20.0   4.7   -1.2   5.2  
RevPAR (actual) (JPY) 5,334   6,565   7,272   8,672   7,499   6,685   7,004  
(year-on-year) (%) 9.4   -4.1   9.2   20.6   9.7   -5.2   6.7  
Gross Revenue (actual) (JPY mn) 78   86   105   122   108   94   596  
(year-on-year) (%) 9.5   -4.0   8.7   21.1   9.4   -5.0   6.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 96.3   -   -   -   -   -   96.3  
(year-on-year) (points) 4.7   -   -   -   -   -   4.7  
ADR (actual) (JPY) 6,998   -   -   -   -   -   6,998  
(year-on-year) (%) 1.0   -   -   -   -   -   1.0  
RevPAR (actual) (JPY) 6,741   -   -   -   -   -   6,741  
(year-on-year) (%) 6.2   -   -   -   -   -   6.2  
Gross Revenue (actual) (JPY mn) 98   -   -   -   -   -   98  
(year-on-year) (%) 6.0   -   -   -   -   -   6.0  
(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 2019/1~6
Occupancy Rate (actual) (%) 58.3   72.1   62.6   71.7   77.8   84.3   71.1  
(year-on-year) (points) 3.6   10.9   10.3   8.5   16.5   8.0   9.6  
ADR (actual) (JPY) 6,778   7,009   6,877   9,728   10,445   8,504   8,350  
(year-on-year) (%) 2.0   5.8   0.2   21.8   12.2   -2.2   7.1  
RevPAR (actual) (JPY) 3,953   5,057   4,308   6,978   8,122   7,166   5,932  
(year-on-year) (%) 8.6   24.7   19.9   38.1   42.4   8.1   23.8  
Gross Revenue (actual) (JPY mn) 31   35   34   50   60   52   264  
(year-on-year) (%) 13.2   27.2   25.5   40.5   39.3   7.5   25.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 91.5   -   -   -   -   -   91.5  
(year-on-year) (points) 2.5   -   -   -   -   -   2.5  
ADR (actual) (JPY) 9,980   -   -   -   -   -   9,980  
(year-on-year) (%) 1.1   -   -   -   -   -   1.1  
RevPAR (actual) (JPY) 9,129   -   -   -   -   -   9,129  
(year-on-year) (%) 3.9   -   -   -   -   -   3.9  
Gross Revenue (actual) (JPY mn) 66   -   -   -   -   -   66  
(year-on-year) (%) 3.8   -   -   -   -   -   3.8  
(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 2019/1~6
Occupancy Rate (actual) (%) 72.2   82.4   84.9   91.6   90.1   85.6   84.5  
(year-on-year) (points) 9.1   -4.1   2.7   -0.6   1.0   -2.4   1.1  
ADR (actual) (JPY) 6,360   7,035   7,594   8,208   7,315   6,688   7,236  
(year-on-year) (%) -5.3   -2.4   9.8   -3.4   3.5   -2.6   -0.1  
RevPAR (actual) (JPY) 4,594   5,799   6,450   7,520   6,590   5,727   6,113  
(year-on-year) (%) 8.2   -7.0   13.5   -4.0   4.6   -5.2   1.1  
Gross Revenue (actual) (JPY mn) 12   14   17   19   17   15   96  
(year-on-year) (%) 10.2   -7.5   13.4   -4.4   3.8   -5.1   1.0  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 75.4   -   -   -   -   -   75.4  
(year-on-year) (points) -10.7   -   -   -   -   -   -10.7  
ADR (actual) (JPY) 6,427   -   -   -   -   -   6,427  
(year-on-year) (%) -11.2   -   -   -   -   -   -11.2  
RevPAR (actual) (JPY) 4,845   -   -   -   -   -   4,845  
(year-on-year) (%) -22.2   -   -   -   -   -   -22.2  
Gross Revenue (actual) (JPY mn) 13   -   -   -   -   -   13  
(year-on-year) (%) -22.2   -   -   -   -   -   -22.2  
(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 2019/1~6
Occupancy Rate (actual) (%) 94.2   95.0   97.2   97.8   93.3   95.9   95.6  
(year-on-year) (points) -0.4   -1.0   2.8   2.8   0.3   0.1   0.8  
ADR (actual) (JPY) 9,917   11,175   11,547   12,970   10,943   10,368   11,159  
(year-on-year) (%) 6.8   -5.0   5.2   -0.5   2.3   -3.0   0.9  
RevPAR (actual) (JPY) 9,345   10,611   11,219   12,687   10,215   9,947   10,664  
(year-on-year) (%) 6.3   -5.9   8.3   2.5   2.6   -2.9   1.8  
Gross Revenue (actual) (JPY mn) 56   57   67   73   62   58   377  
(year-on-year) (%) 5.3   -5.4   8.3   2.0   3.0   -2.8   1.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 96.2   -   -   -   -   -   96.2  
(year-on-year) (points) 0.0   -   -   -   -   -   0.0  
ADR (actual) (JPY) 11,046   -   -   -   -   -   11,046  
(year-on-year) (%) -0.2   -   -   -   -   -   -0.2  
RevPAR (actual) (JPY) 10,626   -   -   -   -   -   10,626  
(year-on-year) (%) -0.2   -   -   -   -   -   -0.2  
Gross Revenue (actual) (JPY mn) 64   -   -   -   -   -   64  
(year-on-year) (%) 0.1   -   -   -   -   -   0.1  
(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 2019/1~6
Occupancy Rate (actual) (%) 89.9   89.1   91.4   95.4   91.9   91.5   91.6  
(year-on-year) (points) 3.4   0.3   2.7   1.3   0.8   -3.2   0.9  
ADR (actual) (JPY) 5,660   5,936   6,150   7,010   5,928   5,565   6,049  
(year-on-year) (%) 0.5   -4.5   0.5   -0.5   -2.8   -5.1   -1.9  
RevPAR (actual) (JPY) 5,088   5,289   5,622   6,687   5,447   5,093   5,538  
(year-on-year) (%) 4.4   -4.2   3.6   0.9   -1.9   -8.3   -0.9  
Gross Revenue (actual) (JPY mn) 45   42   49   56   48   44   286  
(year-on-year) (%) 4.3   -4.0   2.7   1.4   -1.2   -6.9   -0.6  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 91.0   -   -   -   -   -   91.0  
(year-on-year) (points) -4.5   -   -   -   -   -   -4.5  
ADR (actual) (JPY) 5,596   -   -   -   -   -   5,596  
(year-on-year) (%) -7.9   -   -   -   -   -   -7.9  
RevPAR (actual) (JPY) 5,090   -   -   -   -   -   5,090  
(year-on-year) (%) -12.2   -   -   -   -   -   -12.2  
Gross Revenue (actual) (JPY mn) 45   -   -   -   -   -   45  
(year-on-year) (%) -10.7   -   -   -   -   -   -10.7  
(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 2019/1~6
Occupancy Rate (actual) (%) 91.6   95.8   95.3   95.0   90.4   96.6   94.1  
(year-on-year) (points) 0.1   0.7   -0.9   -1.3   -3.4   0.1   -0.8  
ADR (actual) (JPY) 8,760   9,513   10,770   12,640   9,615   8,436   9,963  
(year-on-year) (%) 6.4   -2.8   5.3   1.3   -0.8   -4.6   0.8  
RevPAR (actual) (JPY) 8,026   9,117   10,265   12,011   8,694   8,149   9,374  
(year-on-year) (%) 6.5   -2.1   4.4   -0.1   -4.4   -4.5   -0.1  
Gross Revenue (actual) (JPY mn) 24   25   31   35   26   24   166  
(year-on-year) (%) 6.2   -2.1   4.3   -0.5   -4.4   -4.8   -0.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 96.4   -   -   -   -   -   96.4  
(year-on-year) (points) 1.3   -   -   -   -   -   1.3  
ADR (actual) (JPY) 8,755   -   -   -   -   -   8,755  
(year-on-year) (%) -11.1   -   -   -   -   -   -11.1  
RevPAR (actual) (JPY) 8,440   -   -   -   -   -   8,440  
(year-on-year) (%) -9.9   -   -   -   -   -   -9.9  
Gross Revenue (actual) (JPY mn) 25   -   -   -   -   -   25  
(year-on-year) (%) -10.2   -   -   -   -   -   -10.2  
(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 2019/1~6
Occupancy Rate (actual) (%) 91.0   94.2   96.5   96.4   93.0   94.0   94.2  
(year-on-year) (points) -0.4   2.1   4.8   1.2   -1.9   -3.1   0.4  
ADR (actual) (JPY) 5,604   6,046   6,591   7,362   5,972   5,489   6,187  
(year-on-year) (%) -0.5   -6.9   0.3   8.1   4.8   -0.3   1.3  
RevPAR (actual) (JPY) 5,098   5,694   6,360   7,099   5,552   5,161   5,826  
(year-on-year) (%) -0.9   -4.7   5.6   9.5   2.8   -3.5   1.8  
Gross Revenue (actual) (JPY mn) 29   29   36   39   32   29   195  
(year-on-year) (%) -1.5   -3.9   5.1   9.3   2.2   -3.5   1.6  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 96.4   -   -   -   -   -   96.4  
(year-on-year) (points) -0.8   -   -   -   -   -   -0.8  
ADR (actual) (JPY) 5,512   -   -   -   -   -   5,512  
(year-on-year) (%) -2.3   -   -   -   -   -   -2.3  
RevPAR (actual) (JPY) 5,313   -   -   -   -   -   5,313  
(year-on-year) (%) -3.1   -   -   -   -   -   -3.1  
Gross Revenue (actual) (JPY mn) 31   -   -   -   -   -   31  
(year-on-year) (%) -3.4   -   -   -   -   -   -3.4  
(Note) This property was acquired on July 16, 2015.
D28 Hotel MyStays Shimizu
      2019/1 2019/2 2019/3 2019/4 2019/5 2019/6 2019/1~6
Occupancy Rate (actual) (%) 70.9   80.2   63.2   80.9   87.5   76.5   76.5  
(year-on-year) (points) -1.5   -4.9   -23.4   -1.3   12.9   3.9   -2.4  
ADR (actual) (JPY) 6,266   6,771   6,695   6,931   6,754   5,747   6,535  
(year-on-year) (%) -5.5   0.0   -7.5   3.9   -5.3   -6.4   -3.6  
RevPAR (actual) (JPY) 4,444   5,433   4,234   5,607   5,908   4,397   4,997  
(year-on-year) (%) -7.5   -5.7   -32.5   2.3   11.1   -1.4   -6.6  
Gross Revenue (actual) (JPY mn) 22   24   21   28   30   22   151  
(year-on-year) (%) -7.4   -6.6   -31.9   4.1   14.1   2.1   -5.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 84.6   -   -   -   -   -   84.6  
(year-on-year) (points) 6.4   -   -   -   -   -   6.4  
ADR (actual) (JPY) 7,042   -   -   -   -   -   7,042  
(year-on-year) (%) 0.5   -   -   -   -   -   0.5  
RevPAR (actual) (JPY) 5,960   -   -   -   -   -   5,960  
(year-on-year) (%) 8.7   -   -   -   -   -   8.7  
Gross Revenue (actual) (JPY mn) 31   -   -   -   -   -   31  
(year-on-year) (%) 10.8   -   -   -   -   -   10.8  
(Note1) This property was acquired on July 16, 2015.
(Note 2) Renovation Period: February 16, 2019 - March 31, 2019.
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 2019/1~6
Occupancy Rate (actual) (%) 81.5   82.3   88.6   94.8   91.2   86.5   87.5  
(year-on-year) (points) 3.2   -6.3   -2.3   1.1   0.5   -3.0   -1.0  
ADR (actual) (JPY) 5,076   5,439   5,651   6,227   5,128   4,828   5,404  
(year-on-year) (%) 5.6   0.3   1.6   -0.4   2.8   -0.7   1.4  
RevPAR (actual) (JPY) 4,135   4,476   5,009   5,904   4,679   4,177   4,731  
(year-on-year) (%) 9.9   -6.9   -1.0   0.7   3.4   -4.0   0.2  
Gross Revenue (actual) (JPY mn) 11   11   14   16   13   11   79  
(year-on-year) (%) 9.5   -7.0   -0.8   0.0   2.2   -4.3   -0.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 88.7   -   -   -   -   -   88.7  
(year-on-year) (points) -2.1   -   -   -   -   -   -2.1  
ADR (actual) (JPY) 5,150   -   -   -   -   -   5,150  
(year-on-year) (%) 2.4   -   -   -   -   -   2.4  
RevPAR (actual) (JPY) 4,569   -   -   -   -   -   4,569  
(year-on-year) (%) 0.0   -   -   -   -   -   0.0  
Gross Revenue (actual) (JPY mn) 13   -   -   -   -   -   13  
(year-on-year) (%) 0.3   -   -   -   -   -   0.3  
(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 2019/1~6
Occupancy Rate (actual) (%) 93.0   94.9   97.0   97.9   92.8   90.9   94.4  
(year-on-year) (points) -1.1   -2.9   -1.6   -0.1   -3.3   -6.1   -2.5  
ADR (actual) (JPY) 7,039   7,407   7,429   8,897   8,665   7,313   7,802  
(year-on-year) (%) 3.8   1.3   0.3   14.4   0.5   -4.9   2.6  
RevPAR (actual) (JPY) 6,544   7,031   7,208   8,711   8,041   6,649   7,366  
(year-on-year) (%) 2.5   -1.7   -1.3   14.2   -3.0   -10.8   -0.1  
Gross Revenue (actual) (JPY mn) 48   49   59   53   54   46   313  
(year-on-year) (%) -8.1   -4.3   -7.5   -1.6   -2.8   -23.7   -8.3  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 98.7   -   -   -   -   -   98.7  
(year-on-year) (points) 1.1   -   -   -   -   -   1.1  
ADR (actual) (JPY) 7,526   -   -   -   -   -   7,526  
(year-on-year) (%) 1.1   -   -   -   -   -   1.1  
RevPAR (actual) (JPY) 7,428   -   -   -   -   -   7,428  
(year-on-year) (%) 2.3   -   -   -   -   -   2.3  
Gross Revenue (actual) (JPY mn) 46   -   -   -   -   -   46  
(year-on-year) (%) -13.2   -   -   -   -   -   -13.2  
(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 2019/1~6
Occupancy Rate (actual) (%) 72.1   88.1   88.5   94.3   88.4   91.6   87.1  
(year-on-year) (points) 5.0   1.1   -0.4   -0.6   -2.1   -3.1   0.0  
ADR (actual) (JPY) 5,247   5,408   5,445   6,310   5,571   5,197   5,545  
(year-on-year) (%) -0.3   -5.2   2.6   3.2   2.7   2.6   1.1  
RevPAR (actual) (JPY) 3,782   4,762   4,819   5,952   4,922   4,761   4,829  
(year-on-year) (%) 7.2   -4.0   2.2   2.5   0.4   -0.8   1.1  
Gross Revenue (actual) (JPY mn) 8   9   10   12   10   9   59  
(year-on-year) (%) 9.2   -2.8   3.0   2.4   0.3   -1.6   1.5  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 93.6   -   -   -   -   -   93.6  
(year-on-year) (points) 0.4   -   -   -   -   -   0.4  
ADR (actual) (JPY) 5,135   -   -   -   -   -   5,135  
(year-on-year) (%) -1.4   -   -   -   -   -   -1.4  
RevPAR (actual) (JPY) 4,809   -   -   -   -   -   4,809  
(year-on-year) (%) -1.0   -   -   -   -   -   -1.0  
Gross Revenue (actual) (JPY mn) 10   -   -   -   -   -   10  
(year-on-year) (%) -1.7   -   -   -   -   -   -1.7  
(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 2019/1~6
Occupancy Rate (actual) (%) 80.2   90.0   91.8   97.9   93.4   95.5   91.4  
(year-on-year) (points) 15.4   5.9   11.7   1.2   -2.2   2.0   5.7  
ADR (actual) (JPY) 4,142   4,497   4,539   5,574   4,781   4,792   4,743  
(year-on-year) (%) -8.2   -10.1   -7.5   5.0   -4.5   5.1   -3.2  
RevPAR (actual) (JPY) 3,323   4,049   4,168   5,457   4,465   4,576   4,337  
(year-on-year) (%) 13.6   -3.8   6.0   6.3   -6.7   7.4   3.2  
Gross Revenue (actual) (JPY mn) 6   7   8   10   9   9   52  
(year-on-year) (%) 13.5   -3.0   7.5   6.9   -7.5   6.7   3.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 90.5   -   -   -   -   -   90.5  
(year-on-year) (points) 3.0   -   -   -   -   -   3.0  
ADR (actual) (JPY) 4,636   -   -   -   -   -   4,636  
(year-on-year) (%) 1.7   -   -   -   -   -   1.7  
RevPAR (actual) (JPY) 4,195   -   -   -   -   -   4,195  
(year-on-year) (%) 5.2   -   -   -   -   -   5.2  
Gross Revenue (actual) (JPY mn) 8   -   -   -   -   -   8  
(year-on-year) (%) 4.3   -   -   -   -   -   4.3  
(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 2019/1~6
Occupancy Rate (actual) (%) 70.9   93.0   82.4   94.1   93.3   89.8   87.1  
(year-on-year) (points) -2.0   3.6   0.3   -0.3   4.1   4.7   1.7  
ADR (actual) (JPY) 4,999   5,067   5,328   5,945   5,360   5,014   5,302  
(year-on-year) (%) 0.0   -10.2   0.3   0.2   1.0   -1.1   -1.7  
RevPAR (actual) (JPY) 3,542   4,712   4,389   5,595   5,000   4,503   4,617  
(year-on-year) (%) -2.7   -6.5   0.6   -0.1   5.6   4.4   0.3  
Gross Revenue (actual) (JPY mn) 24   29   30   37   34   30   188  
(year-on-year) (%) -2.6   -5.0   1.4   -0.2   4.9   3.8   0.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 94.5   -   -   -   -   -   94.5  
(year-on-year) (points) 3.9   -   -   -   -   -   3.9  
ADR (actual) (JPY) 5,006   -   -   -   -   -   5,006  
(year-on-year) (%) -1.7   -   -   -   -   -   -1.7  
RevPAR (actual) (JPY) 4,730   -   -   -   -   -   4,730  
(year-on-year) (%) 2.5   -   -   -   -   -   2.5  
Gross Revenue (actual) (JPY mn) 33   -   -   -   -   -   33  
(year-on-year) (%) 2.7   -   -   -   -   -   2.7  
(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 2019/1~6
Occupancy Rate (actual) (%) 95.4   95.6   95.3   97.5   96.1   93.5   95.6  
(year-on-year) (points) 8.8   -2.2   -2.4   2.0   -0.1   -2.0   0.7  
ADR (actual) (JPY) 10,273   11,331   10,960   13,356   11,388   10,726   11,341  
(year-on-year) (%) -5.7   -11.6   -16.6   -6.6   -3.4   -2.7   -8.1  
RevPAR (actual) (JPY) 9,800   10,837   10,443   13,026   10,946   10,031   10,840  
(year-on-year) (%) 3.8   -13.7   -18.6   -4.6   -3.4   -4.7   -7.4  
Gross Revenue (actual) (JPY mn) 17   17   18   22   19   17   113  
(year-on-year) (%) 7.8   -10.1   -14.9   -0.8   0.5   -4.2   -4.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 91.2   -   -   -   -   -   91.2  
(year-on-year) (points) -3.8   -   -   -   -   -   -3.8  
ADR (actual) (JPY) 10,298   -   -   -   -   -   10,298  
(year-on-year) (%) -10.0   -   -   -   -   -   -10.0  
RevPAR (actual) (JPY) 9,388   -   -   -   -   -   9,388  
(year-on-year) (%) -13.6   -   -   -   -   -   -13.6  
Gross Revenue (actual) (JPY mn) 17   -   -   -   -   -   17  
(year-on-year) (%) -11.6   -   -   -   -   -   -11.6  
(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 2019/1~6
Occupancy Rate (actual) (%) 86.0   93.2   94.3   95.1   90.9   95.1   92.4  
(year-on-year) (points) -5.8   -1.5   -0.1   0.3   -0.9   0.4   -1.3  
ADR (actual) (JPY) 10,050   11,156   11,316   12,593   10,403   9,368   10,821  
(year-on-year) (%) 1.7   -2.9   4.8   -0.9   -4.2   -6.3   -1.2  
RevPAR (actual) (JPY) 8,640   10,399   10,670   11,975   9,454   8,910   9,997  
(year-on-year) (%) -4.7   -4.5   4.7   -0.6   -5.2   -5.9   -2.5  
Gross Revenue (actual) (JPY mn) 117   125   143   155   127   119   788  
(year-on-year) (%) -4.2   -5.0   4.2   -0.1   -4.2   -4.0   -2.1  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 96.6   -   -   -   -   -   96.6  
(year-on-year) (points) 0.8   -   -   -   -   -   0.8  
ADR (actual) (JPY) 9,941   -   -   -   -   -   9,941  
(year-on-year) (%) -6.6   -   -   -   -   -   -6.6  
RevPAR (actual) (JPY) 9,604   -   -   -   -   -   9,604  
(year-on-year) (%) -5.8   -   -   -   -   -   -5.8  
Gross Revenue (actual) (JPY mn) 130   -   -   -   -   -   130  
(year-on-year) (%) -4.7   -   -   -   -   -   -4.7  

(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 2019/1~6
Occupancy Rate (actual) (%) 64.1   73.3   94.1   87.8   82.2   80.9   80.5  
(year-on-year) (points) 2.0   2.0   2.7   -0.2   1.7   0.0   1.4  
ADR (actual) (JPY) 22,486   17,356   21,225   22,516   24,694   19,911   21,474  
(year-on-year) (%) -0.3   -2.3   -0.6   11.4   0.9   0.4   1.8  
RevPAR (actual) (JPY) 14,416   12,715   19,973   19,777   20,303   16,111   17,282  
(year-on-year) (%) 2.9   0.5   2.4   11.2   3.0   0.3   3.6  
Gross Revenue (actual) (JPY mn) 379   344   517   510   529   482   2,764  
(year-on-year) (%) -2.0   -5.6   0.5   8.2   0.8   -1.0   0.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 92.0   -   -   -   -   -   92.0  
(year-on-year) (points) -2.4   -   -   -   -   -   -2.4  
ADR (actual) (JPY) 29,389   -   -   -   -   -   29,389  
(year-on-year) (%) 5.2   -   -   -   -   -   5.2  
RevPAR (actual) (JPY) 27,053   -   -   -   -   -   27,053  
(year-on-year) (%) 2.5   -   -   -   -   -   2.5  
Gross Revenue (actual) (JPY mn) 614   -   -   -   -   -   614  
(year-on-year) (%) 1.6   -   -   -   -   -   1.6  
(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 2019/1~6
Occupancy Rate (actual) (%) 91.1   91.1   94.2   91.7   93.4   94.1   92.6  
(year-on-year) (points) -2.3   -4.4   -1.5   -2.1   -2.3   -0.2   -2.1  
ADR (actual) (JPY) 8,082   11,178   9,445   9,790   10,116   8,540   9,499  
(year-on-year) (%) 6.2   1.9   -9.1   4.2   4.8   -11.4   -1.0  
RevPAR (actual) (JPY) 7,363   10,188   8,899   8,976   9,452   8,039   8,800  
(year-on-year) (%) 3.6   -2.8   -10.5   1.8   2.2   -11.6   -3.2  
Gross Revenue (actual) (JPY mn) 55   67   65   63   69   57   378  
(year-on-year) (%) 3.7   -2.3   -9.2   2.3   3.5   -10.9   -2.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 93.1   -   -   -   -   -   93.1  
(year-on-year) (points) 2.3   -   -   -   -   -   2.3  
ADR (actual) (JPY) 8,409   -   -   -   -   -   8,409  
(year-on-year) (%) -14.6   -   -   -   -   -   -14.6  
RevPAR (actual) (JPY) 7,826   -   -   -   -   -   7,826  
(year-on-year) (%) -12.4   -   -   -   -   -   -12.4  
Gross Revenue (actual) (JPY mn) 57   -   -   -   -   -   57  
(year-on-year) (%) -11.0   -   -   -   -   -   -11.0  
(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 2019/1~6
Occupancy Rate (actual) (%) 97.1   97.4   97.7   96.7   92.1   98.8   96.6  
(year-on-year) (points) 1.9   0.1   2.4   1.1   -5.9   0.5   0.0  
ADR (actual) (JPY) 9,533   10,624   11,243   12,793   10,155   9,158   10,578  
(year-on-year) (%) 5.3   -1.4   4.3   -2.1   -4.8   -10.4   -1.6  
RevPAR (actual) (JPY) 9,254   10,353   10,980   12,371   9,353   9,044   10,219  
(year-on-year) (%) 7.4   -1.3   6.9   -1.0   -10.5   -9.9   -1.6  
Gross Revenue (actual) (JPY mn) 30   30   36   39   30   28   196  
(year-on-year) (%) 7.3   -1.4   7.1   -0.7   -10.3   -9.1   -1.4  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 98.3   -   -   -   -   -   98.3  
(year-on-year) (points) -0.1   -   -   -   -   -   -0.1  
ADR (actual) (JPY) 9,608   -   -   -   -   -   9,608  
(year-on-year) (%) -11.6   -   -   -   -   -   -11.6  
RevPAR (actual) (JPY) 9,449   -   -   -   -   -   9,449  
(year-on-year) (%) -11.8   -   -   -   -   -   -11.8  
Gross Revenue (actual) (JPY mn) 31   -   -   -   -   -   31  
(year-on-year) (%) -11.6   -   -   -   -   -   -11.6  
(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 2019/1~6
Occupancy Rate (actual) (%) 83.2   89.8   90.2   87.4   86.8   81.7   86.5  
(year-on-year) (points) -7.7   -3.7   -1.1   -2.9   -3.1   -5.8   -4.1  
ADR (actual) (JPY) 8,577   9,942   10,034   15,116   14,253   9,211   11,228  
(year-on-year) (%) 5.4   -2.9   -18.4   10.7   5.1   -6.5   -0.6  
RevPAR (actual) (JPY) 7,133   8,926   9,050   13,218   12,374   7,523   9,710  
(year-on-year) (%) -3.5   -6.8   -19.3   7.2   1.5   -12.8   -5.1  
Gross Revenue (actual) (JPY mn) 72   79   90   119   114   74   550  
(year-on-year) (%) -2.6   -5.4   -15.2   5.4   -0.3   -12.4   -4.7  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%) 89.6   -   -   -   -   -   89.6  
(year-on-year) (points) -0.2   -   -   -   -   -   -0.2  
ADR (actual) (JPY) 9,252   -   -   -   -   -   9,252  
(year-on-year) (%) -14.8   -   -   -   -   -   -14.8  
RevPAR (actual) (JPY) 8,287   -   -   -   -   -   8,287  
(year-on-year) (%) -15.0   -   -   -   -   -   -15.0  
Gross Revenue (actual) (JPY mn) 82   -   -   -   -   -   82  
(year-on-year) (%) -11.9   -   -   -   -   -   -11.9  
(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 2019/1~6
Occupancy Rate (actual) (%) 95.1   96.5   95.1   95.1   93.3   96.8   95.3  
(year-on-year) (points) 5.3   2.5   2.7   0.9   0.4   1.3   2.2  
ADR (actual) (JPY) 16,170   17,149   18,604   23,468   17,103   15,284   17,954  
(year-on-year) (%) 7.6   1.4   4.5   6.8   -0.9   -5.6   2.4  
RevPAR (actual) (JPY) 15,383   16,542   17,689   22,320   15,958   14,792   17,108  
(year-on-year) (%) 13.9   4.1   7.5   7.8   -0.5   -4.3   4.8  
Gross Revenue (actual) (JPY mn) 63   61   71   86   66   59   408  
(year-on-year) (%) 14.6   4.1   7.0   7.6   0.2   -3.8   4.9  
      2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2019/7
Occupancy Rate (actual) (%)  96.3   -   -   -   -   -   96.3  
(year-on-year) (points)  3.6   -   -   -   -   -   3.6  
ADR (actual) (JPY)  17,641   -   -   -   -   -   17,641  
(year-on-year) (%) -8.0   -   -   -   -   -   -8.0  
RevPAR (actual) (JPY)  16,992   -   -   -   -   -   16,992  
(year-on-year) (%) -4.4   -   -   -   -   -   -4.4  
Gross Revenue (actual) (JPY mn)  69   -   -   -   -   -   69  
(year-on-year) (%) -3.8   -   -   -   -   -   -3.8  
(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