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Hotel Performance

Hotels Total
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
# of Properties
(Note2)
(actual) - 44(53)   48(57)   48(57)   48(57)   48(57)   50(59)   50(59)  
Occupancy Rate (actual) (%) 84.4   89.9   89.8   90.8   86.5   88.5   88.3  
ADR (actual) (JPY) 8,104   9,289   9,633   10,457   9,537   8,633   9,302  
RevPAR (actual) (JPY) 6,838   8,350   8,647   9,492   8,252   7,644   8,216  
Gross Revenue (actual) (JPY mn) 2,036   2,388   2,857   2,956   2,724   2,526   15,490  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/712
# of Properties
(Note2)
(actual) - 50(59)   54(63)   -   -   -   -   54(63)  
Occupancy Rate (actual) (%) 90.7   93.6   -   -   -   -   92.3  
ADR (actual) (JPY) 9,662   11,395   -   -   -   -   10,591  
RevPAR (actual) (JPY) 8,768   10,670   -   -   -   -   9,773  
Gross Revenue (actual) (JPY mn) 2,954   3,880   -   -   -   -   6,835  
(Note 1) ADR and RevPAR are rounded to the nearest yen and Gross Revenue is rounded down to the indicated unit.
              Percentages are rounded to one decimal place.This applies hereinafter.
(Note 2) # of properties shows the number of the hotels that are subject to the calculation for each month, and does not include the
              number of hotels under fixed rent contract.  The number in the parenthesis shows the total number of hotels held by INV
              as of the end of the subject month, including the hotels under fixed rent contract.  Please see the footnote of the individual
              hotels listed below to identify the hotels under fixed rent contract.
(Note 3) Sheraton Grande Tokyo Bay Hotel, the underlying asset of the preferred equity interest acquired on October 13, 2017 is
              excluded from the performance calculation.
(Note 4) “Gross Revenue” for 2018 shows the total revenue of the hotel, while “Gross Revenue” prior to 2018 showed
             the gross operating income of the hotel. Year-on-year change in 2018 shows the total revenue in 2018 vs.
             the total revenue in 2017. There is no significant difference between total revenue and gross operating income
             for the limited service hotels that account for the vast majority of INV's hotel portfolio.
D01 Hotel MyStays Kanda
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 96.5   98.5   96.8   98.3   95.6   97.1   97.1  
(year-on-year) (points) 6.3   2.5   3.2   2.3   0.8   2.9   3.0  
ADR (actual) (JPY) 7,335   8,847   8,748   10,965   8,700   8,373   8,825  
(year-on-year) (%) -5.5   -5.8   -4.4   -7.4   -3.4   5.3   -4.0  
RevPAR (actual) (JPY) 7,076   8,714   8,470   10,776   8,314   8,134   8,569  
(year-on-year) (%) 1.1   -3.3   -1.2   -5.1   -2.5   8.5   -0.9  
Gross Revenue (actual) (JPY mn) 27   31   33   41   32   31   197  
(year-on-year) (%) 1.2   -3.3   -1.3   -5.5   -2.5   8.8   -0.9  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 95.5   96.0   -   -   -   -   95.8  
(year-on-year) (points) 1.4   0.2   -   -   -   -   0.8  
ADR (actual) (JPY) 9,263   8,910   -   -   -   -   9,086  
(year-on-year) (%) 4.0   2.8   -   -   -   -   3.4  
RevPAR (actual) (JPY) 8,850   8,556   -   -   -   -   8,703  
(year-on-year) (%) 5.5   3.0   -   -   -   -   4.3  
Gross Revenue (actual) (JPY mn) 34   33   -   -   -   -   68  
(year-on-year) (%) 5.5   3.0   -   -   -   -   4.3  
(Note1) This property was acquired on May 23, 2014.
(Note2) Renovation Period :  May 20, 2016 - August 22, 2016 
D02 Hotel MyStays Asakusa
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 90.3   93.5   91.0   94.3   93.9   96.8   93.3  
(year-on-year) (points) -3.4   0.2   -3.1   -1.7   -0.9   1.9   -1.2  
ADR (actual) (JPY) 5,634   6,462   6,727   8,614   6,529   6,277   6,710  
(year-on-year) (%) -13.8   -11.1   -13.9   -11.0   -12.9   -2.2   -11.0  
RevPAR (actual) (JPY) 5,088   6,043   6,121   8,126   6,128   6,077   6,258  
(year-on-year) (%) -16.9   -10.9   -16.7   -12.6   -13.7   -0.3   -12.2  
Gross Revenue (actual) (JPY mn) 26   28   31   40   31   30   189  
(year-on-year) (%) -16.3   -9.2   -15.5   -11.9   -12.1   0.7   -11.0  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 97.2   97.2   -   -   -   -   97.2  
(year-on-year) (points) 0.4   1.9   -   -   -   -   1.1  
ADR (actual) (JPY) 6,913   6,576   -   -   -   -   6,745  
(year-on-year) (%) -0.7   -0.9   -   -   -   -   -0.8  
RevPAR (actual) (JPY) 6,719   6,391   -   -   -   -   6,555  
(year-on-year) (%) -0.3   1.0   -   -   -   -   0.3  
Gross Revenue (actual) (JPY mn) 34   33   -   -   -   -   68  
(year-on-year) (%) 1.5   2.6   -   -   -   -   2.0  
(Note) This property was acquired on May 23, 2014.
D03 Hotel MyStays Kyoto-Shijo
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 87.1   91.8   87.7   75.0   59.6   43.7   74.0  
(year-on-year) (points) 5.9   8.7   -4.1   -14.7   -29.2   -35.9   -11.7  
ADR (actual) (JPY) 7,713   8,618   12,186   20,979   12,431   8,705   11,771  
(year-on-year) (%) -25.4   -17.6   -23.1   -15.0   -15.8   -16.3   -19.6  
RevPAR (actual) (JPY) 6,716   7,908   10,683   15,743   7,406   3,806   8,712  
(year-on-year) (%) -20.0   -9.0   -26.6   -28.9   -43.5   -54.0   -30.6  
Gross Revenue (actual) (JPY mn) 51   54   80   113   58   29   389  
(year-on-year) (%) -17.8   -6.8   -25.2   -28.0   -40.6   -52.0   -29.0  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 51.7   90.9   -   -   -   -   71.3  
(year-on-year) (points) -28.3   -2.6   -   -   -   -   -15.4  
ADR (actual) (JPY) 10,140   9,157   -   -   -   -   9,514  
(year-on-year) (%) -22.3   -20.2   -   -   -   -   -22.0  
RevPAR (actual) (JPY) 5,241   8,326   -   -   -   -   6,784  
(year-on-year) (%) -49.7   -22.5   -   -   -   -   -35.9  
Gross Revenue (actual) (JPY mn) 41   65   -   -   -   -   107  
(year-on-year) (%) -47.6   -20.3   -   -   -   -   -33.7  
(Note1) This property was acquired on July 17, 2014.
(Note2) Renovation Period :  May 7, 2018 - July 12, 2018 
D04 MyStays Shin-Urayasu Conference Center
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 81.8   89.0   86.8   94.2   80.9   95.6   88.0  
(year-on-year) (points) -7.8   -4.8   -1.2   2.0   -11.9   5.0   -3.1  
ADR (actual) (JPY) 8,506   9,418   12,031   10,437   10,446   8,141   9,827  
(year-on-year) (%) -5.6   3.3   -3.5   0.7   1.1   2.0   -0.6  
RevPAR (actual) (JPY) 6,961   8,384   10,443   9,837   8,451   7,784   8,646  
(year-on-year) (%) -13.8   -1.9   -4.8   2.9   -11.9   7.7   -4.0  
Gross Revenue (actual) (JPY mn) 44   52   69   69   57   54   348  
(year-on-year) (%) -11.1   -4.8   -2.8   8.4   -11.8   4.5   -2.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 92.6   92.4   -   -   -   -   92.5  
(year-on-year) (points) 5.7   0.8   -   -   -   -   3.2  
ADR (actual) (JPY) 9,723   12,596   -   -   -   -   11,158  
(year-on-year) (%) -2.2   1.2   -   -   -   -   -0.6  
RevPAR (actual) (JPY) 9,003   11,640   -   -   -   -   10,321  
(year-on-year) (%) 4.3   2.0   -   -   -   -   3.0  
Gross Revenue (actual) (JPY mn) 62   75   -   -   -   -   137  
(year-on-year) (%) 5.9   4.6   -   -   -   -   5.2  
(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
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 78.0   78.1   87.6   86.1   75.2   75.3   80.1  
(year-on-year) (points) -14.2   -14.0   2.8   -4.8   -13.7   -19.1   -10.4  
ADR (actual) (JPY) 12,839   14,388   19,259   16,260   16,502   13,329   15,551  
(year-on-year) (%) -10.0   -2.5   -6.1   -3.1   -3.0   7.9   -2.2  
RevPAR (actual) (JPY) 10,018   11,231   16,864   14,007   12,403   10,031   12,450  
(year-on-year) (%) -23.9   -17.4   -2.9   -8.2   -18.0   -14.0   -13.4  
Gross Revenue (actual) (JPY mn) 31   30   50   41   37   30   222  
(year-on-year) (%) -22.5   -17.6   -2.9   -8.1   -18.3   -13.2   -13.2  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 89.0   92.6   -   -   -   -   90.8  
(year-on-year) (points) -0.5   -4.5   -   -   -   -   -2.5  
ADR (actual) (JPY) 16,860   21,490   -   -   -   -   19,221  
(year-on-year) (%) 8.5   4.2   -   -   -   -   5.7  
RevPAR (actual) (JPY) 15,011   19,903   -   -   -   -   17,457  
(year-on-year) (%) 7.9   -0.7   -   -   -   -   2.9  
Gross Revenue (actual) (JPY mn) 45   60   -   -   -   -   106  
(year-on-year) (%) 8.2   -0.6   -   -   -   -   3.0  
(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
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 87.8   65.9   90.1   94.7   72.5   72.8   80.8  
(year-on-year) (points) 3.1   -26.8   -3.8   0.5   -18.4   -17.4   -10.2  
ADR (actual) (JPY) 9,233   11,451   12,392   13,733   11,843   10,901   11,639  
(year-on-year) (%) -21.9   -3.3   0.6   4.2   -0.8   -4.5   -3.8  
RevPAR (actual) (JPY) 8,105   7,541   11,170   12,999   8,589   7,935   9,409  
(year-on-year) (%) -19.0   -31.3   -3.5   4.8   -20.8   -23.0   -14.6  
Gross Revenue (actual) (JPY mn) 47   41   61   67   50   46   315  
(year-on-year) (%) -16.8   -26.8   -4.9   2.2   -17.7   -19.6   -13.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 97.6   97.7   -   -   -   -   97.6  
(year-on-year) (points) 8.2   2.5   -   -   -   -   5.4  
ADR (actual) (JPY) 11,202   11,747   -   -   -   -   11,474  
(year-on-year) (%) -9.4   2.4   -   -   -   -   -3.6  
RevPAR (actual) (JPY) 10,928   11,478   -   -   -   -   11,203  
(year-on-year) (%) -1.1   5.1   -   -   -   -   2.0  
Gross Revenue (actual) (JPY mn) 60   62   -   -   -   -   123  
(year-on-year) (%) -2.9   4.0   -   -   -   -   0.5  
(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
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 90.1   91.1   92.3   94.5   90.4   89.2   91.3  
(year-on-year) (points) -4.6   -4.6   -4.0   -1.5   -1.2   -4.5   -3.4  
ADR (actual) (JPY) 6,537   8,059   8,019   7,434   7,972   7,605   7,599  
(year-on-year) (%) 5.7   8.9   0.4   6.4   -2.2   6.4   4.0  
RevPAR (actual) (JPY) 5,890   7,343   7,402   7,024   7,209   6,787   6,936  
(year-on-year) (%) 0.5   3.7   -3.8   4.7   -3.5   1.3   0.2  
Gross Revenue (actual) (JPY mn) 57   63   71   66   69   63   390  
(year-on-year) (%) 0.7   3.5   -3.3   2.4   -3.6   -0.8   -0.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 92.1   96.4   -   -   -   -   94.3  
(year-on-year) (points) -5.3   -0.9   -   -   -   -   -3.1  
ADR (actual) (JPY) 7,908   8,076   -   -   -   -   7,994  
(year-on-year) (%) 1.4   -5.8   -   -   -   -   -2.3  
RevPAR (actual) (JPY) 7,284   7,788   -   -   -   -   7,536  
(year-on-year) (%) -4.0   -6.6   -   -   -   -   -5.4  
Gross Revenue (actual) (JPY mn) 69   75   -   -   -   -   145  
(year-on-year) (%) -6.0   -6.4   -   -   -   -   -6.2  
(Note) This property was acquired on July 17, 2014.
D08  Hotel MyStays Sakaisuji-Honmachi 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 81.6   93.7   89.6   90.3   78.8   87.1   86.7  
(year-on-year) (points) -7.6   1.4   0.2   -1.6   -6.3   -1.9   -2.7  
ADR (actual) (JPY) 7,047   8,933   8,829   9,697   7,812   6,863   8,223  
(year-on-year) (%) -10.5   0.4   -14.6   -15.5   -17.7   -13.5   -12.0  
RevPAR (actual) (JPY) 5,752   8,372   7,907   8,760   6,160   5,977   7,132  
(year-on-year) (%) -18.1   2.0   -14.4   -16.9   -23.8   -15.4   -14.7  
Gross Revenue (actual) (JPY mn) 36   47   49   52   38   36   260  
(year-on-year) (%) -17.6   1.8   -13.8   -16.6   -23.6   -14.6   -14.3  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 93.7   91.3   -   -   -   -   92.5  
(year-on-year) (points) 3.1   -2.4   -   -   -   -   0.3  
ADR (actual) (JPY) 7,846   7,987   -   -   -   -   7,916  
(year-on-year) (%) -15.0   -20.3   -   -   -   -   -17.8  
RevPAR (actual) (JPY) 7,355   7,294   -   -   -   -   7,324  
(year-on-year) (%) -12.1   -22.3   -   -   -   -   -17.5  
Gross Revenue (actual) (JPY mn) 46   46   -   -   -   -   92  
(year-on-year) (%) -10.4   -21.9   -   -   -   -   -16.5  
(Note) This property was acquired on July 17, 2014.
D09 Hotel MyStays Yokohama
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 91.2   90.6   92.0   90.5   86.1   90.4   90.1  
(year-on-year) (points) 7.1   4.7   4.3   4.2   7.2   7.8   5.9  
ADR (actual) (JPY) 6,203   7,693   8,140   8,135   8,182   6,997   7,551  
(year-on-year) (%) 0.6   9.5   -4.5   -5.6   -6.2   -2.0   -2.1  
RevPAR (actual) (JPY) 5,655   6,967   7,489   7,365   7,047   6,325   6,805  
(year-on-year) (%) 9.1   15.4   0.2   -1.0   2.3   7.3   4.8  
Gross Revenue (actual) (JPY mn) 38   42   50   48   47   41   267  
(year-on-year) (%) 9.1   15.8   -0.4   -1.9   2.3   6.6   4.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 92.2   93.2   -   -   -   -   92.7  
(year-on-year) (points) 8.0   3.0   -   -   -   -   5.5  
ADR (actual) (JPY) 7,485   8,469   -   -   -   -   7,979  
(year-on-year) (%) -10.4   -4.0   -   -   -   -   -7.2  
RevPAR (actual) (JPY) 6,904   7,895   -   -   -   -   7,400  
(year-on-year) (%) -2.0   -0.9   -   -   -   -   -1.4  
Gross Revenue (actual) (JPY mn) 45   52   -   -   -   -   98  
(year-on-year) (%) -3.6   -1.5   -   -   -   -   -2.5  
(Note) This property was acquired on July 17, 2014.
D10 Hotel MyStays Nippori
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 86.4   93.8   91.1   93.0   90.9   91.9   91.1  
(year-on-year) (points) 1.9   9.7   3.0   -1.5   1.6   1.1   2.5  
ADR (actual) (JPY) 6,099   7,138   7,419   8,774   7,113   6,773   7,229  
(year-on-year) (%) -4.2   -6.4   -5.8   3.7   -4.3   4.3   -2.1  
RevPAR (actual) (JPY) 5,272   6,697   6,755   8,157   6,466   6,227   6,588  
(year-on-year) (%) -2.1   4.4   -2.6   2.1   -2.6   5.5   0.7  
Gross Revenue (actual) (JPY mn) 15   17   19   23   18   17   113  
(year-on-year) (%) -1.0   6.3   -2.1   2.1   -3.0   5.7   1.2  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 93.6   94.4   -   -   -   -   94.0  
(year-on-year) (points) 0.0   2.5   -   -   -   -   1.2  
ADR (actual) (JPY) 7,216   7,008   -   -   -   -   7,112  
(year-on-year) (%) 1.1   2.4   -   -   -   -   1.7  
RevPAR (actual) (JPY) 6,753   6,617   -   -   -   -   6,685  
(year-on-year) (%) 1.0   5.1   -   -   -   -   3.0  
Gross Revenue (actual) (JPY mn) 19   19   -   -   -   -   39  
(year-on-year) (%) 1.2   5.8   -   -   -   -   3.4  
(Note) This property was acquired on July 17, 2014.
D11 Hotel MyStays Fukuoka-Tenjin-Minami
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 93.1   96.1   97.2   95.4   95.1   94.5   95.2  
(year-on-year) (points) 0.6   0.3   0.9   -1.0   -0.7   -1.7   -0.3  
ADR (actual) (JPY) 7,027   10,399   9,069   8,572   9,045   8,768   8,798  
(year-on-year) (%) -9.2   12.4   5.2   10.5   4.1   14.0   6.2  
RevPAR (actual) (JPY) 6,546   9,991   8,813   8,180   8,604   8,289   8,379  
(year-on-year) (%) -8.6   12.7   6.2   9.4   3.4   12.0   5.9  
Gross Revenue (actual) (JPY mn) 37   51   50   45   48   45   279  
(year-on-year) (%) -7.2   11.3   6.1   9.1   3.1   12.0   5.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 93.9   95.8   -   -   -   -   94.9  
(year-on-year) (points) -2.3   -0.9   -   -   -   -   -1.6  
ADR (actual) (JPY) 9,062   8,214   -   -   -   -   8,634  
(year-on-year) (%) -0.7   -5.7   -   -   -   -   -3.2  
RevPAR (actual) (JPY) 8,514   7,865   -   -   -   -   8,189  
(year-on-year) (%) -3.2   -6.6   -   -   -   -   -4.8  
Gross Revenue (actual) (JPY mn) 48   44   -   -   -   -   93  
(year-on-year) (%) -2.5   -4.7   -   -   -   -   -3.6  
(Note) This property was acquired on July 17, 2014.
D12 Flexstay Inn Iidabashi 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 88.7   93.9   94.2   96.7   95.4   93.4   93.7  
(year-on-year) (points) 4.2   4.6   0.6   0.6   -0.4   6.2   2.6  
ADR (actual) (JPY) 7,992   10,317   9,745   11,207   9,162   8,805   9,543  
(year-on-year) (%) -4.8   4.5   -3.1   0.0   0.2   3.4   -0.2  
RevPAR (actual) (JPY) 7,087   9,686   9,181   10,840   8,737   8,223   8,940  
(year-on-year) (%) -0.1   9.9   -2.5   0.7   -0.3   10.7   2.7  
Gross Revenue (actual) (JPY mn) 14   17   18   20   17   15   104  
(year-on-year) (%) 1.6   9.4   -0.8   0.9   0.7   10.8   3.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 96.1   94.1   -   -   -   -   95.1  
(year-on-year) (points) 3.9   2.2   -   -   -   -   3.1  
ADR (actual) (JPY) 9,509   9,704   -   -   -   -   9,606  
(year-on-year) (%) -2.0   1.8   -   -   -   -   -0.1  
RevPAR (actual) (JPY) 9,140   9,131   -   -   -   -   9,136  
(year-on-year) (%) 2.2   4.3   -   -   -   -   3.2  
Gross Revenue (actual) (JPY mn) 18   18   -   -   -   -   36  
(year-on-year) (%) 2.5   3.3   -   -   -   -   2.9  
(Note) This property was acquired on July 17, 2014.
D13 Hotel MyStays Ueno Inaricho
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 87.1   95.7   96.3   96.7   95.7   95.9   94.5  
(year-on-year) (points) 2.5   2.9   1.4   0.2   3.0   4.7   2.5  
ADR (actual) (JPY) 6,210   7,094   7,370   8,533   7,141   6,888   7,220  
(year-on-year) (%) -11.5   -9.7   -8.7   -15.7   -10.9   -1.0   -10.2  
RevPAR (actual) (JPY) 5,408   6,791   7,096   8,252   6,830   6,607   6,825  
(year-on-year) (%) -8.9   -6.9   -7.4   -15.5   -8.0   4.1   -7.7  
Gross Revenue (actual) (JPY mn) 12   13   16   18   15   14   90  
(year-on-year) (%) -9.9   -6.9   -7.3   -15.3   -8.1   3.2   -8.0  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 94.5   94.1   -   -   -   -   94.3  
(year-on-year) (points) 3.5   1.5   -   -   -   -   2.5  
ADR (actual) (JPY) 7,295   7,049   -   -   -   -   7,173  
(year-on-year) (%) -2.8   -5.6   -   -   -   -   -4.2  
RevPAR (actual) (JPY) 6,893   6,636   -   -   -   -   6,765  
(year-on-year) (%) 1.0   -4.1   -   -   -   -   -1.6  
Gross Revenue (actual) (JPY mn) 15   15   -   -   -   -   30  
(year-on-year) (%) 0.2   -3.8   -   -   -   -   -1.8  
(Note) This property was acquired on July 17, 2014.
D14 Flexstay Inn Shinagawa
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 86.8   97.2   97.4   94.5   94.6   96.4   94.4  
(year-on-year) (points) -1.0   0.8   1.2   -2.7   2.2   0.5   0.2  
ADR (actual) (JPY) 7,685   9,148   8,554   9,986   8,584   8,302   8,712  
(year-on-year) (%) -7.0   -5.4   -8.1   -14.0   -3.8   1.9   -6.6  
RevPAR (actual) (JPY) 6,671   8,892   8,328   9,436   8,121   8,006   8,226  
(year-on-year) (%) -8.0   -4.5   -6.9   -16.4   -1.5   2.5   -6.4  
Gross Revenue (actual) (JPY mn) 11   13   14   15   13   13   82  
(year-on-year) (%) -8.0   -4.8   -7.2   -16.5   -1.7   2.5   -6.6  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 97.0   97.7   -   -   -   -   97.3  
(year-on-year) (points) -0.1   2.5   -   -   -   -   1.2  
ADR (actual) (JPY) 8,524   8,376   -   -   -   -   8,449  
(year-on-year) (%) 4.6   4.9   -   -   -   -   4.7  
RevPAR (actual) (JPY) 8,264   8,184   -   -   -   -   8,224  
(year-on-year) (%) 4.5   7.6   -   -   -   -   6.0  
Gross Revenue (actual) (JPY mn) 14   14   -   -   -   -   28  
(year-on-year) (%) 4.7   8.2   -   -   -   -   6.4  
(Note) This property was acquired on July 17, 2014.
D15 Flexstay Inn Tokiwadai 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 56.9   79.9   67.3   88.5   79.0   80.0   75.1  
(year-on-year) (points) -7.6   -0.4   -9.5   -1.0   0.6   0.2   -3.0  
ADR (actual) (JPY) 5,138   5,019   5,402   5,529   5,123   5,071   5,221  
(year-on-year) (%) 0.8   -6.0   -1.0   -4.8   -3.2   8.2   -1.4  
RevPAR (actual) (JPY) 2,923   4,009   3,635   4,893   4,047   4,058   3,920  
(year-on-year) (%) -11.0   -6.5   -13.2   -5.9   -2.4   8.5   -5.2  
Gross Revenue (actual) (JPY mn) 12   15   15   20   17   17   98  
(year-on-year) (%) -11.4   -5.6   -13.2   -4.4   -1.5   10.0   -4.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 83.1   76.3   -   -   -   -   79.7  
(year-on-year) (points) 0.5   3.1   -   -   -   -   1.8  
ADR (actual) (JPY) 5,297   5,498   -   -   -   -   5,393  
(year-on-year) (%) 4.2   3.5   -   -   -   -   3.9  
RevPAR (actual) (JPY) 4,401   4,198   -   -   -   -   4,299  
(year-on-year) (%) 4.8   7.9   -   -   -   -   6.3  
Gross Revenue (actual) (JPY mn) 18   17   -   -   -   -   36  
(year-on-year) (%) 4.7   8.2   -   -   -   -   6.4  
(Note) This property was acquired on July 17, 2014.
D16 Flexstay Inn Sugamo
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 59.6   81.3   76.6   89.0   84.0   82.7   78.7  
(year-on-year) (points) -0.1   -1.7   -0.2   -4.5   5.4   14.4   2.2  
ADR (actual) (JPY) 5,615   6,433   6,075   6,623   6,059   5,479   6,069  
(year-on-year) (%) -1.6   4.6   -4.3   -3.8   -6.3   0.3   -2.6  
RevPAR (actual) (JPY) 3,349   5,227   4,654   5,893   5,089   4,531   4,779  
(year-on-year) (%) -1.7   2.4   -4.6   -8.4   0.1   21.4   0.3  
Gross Revenue (actual) (JPY mn) 11   16   15   19   17   14   95  
(year-on-year) (%) -2.4   2.0   -3.9   -8.4   0.3   20.7   0.2  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 82.5   83.2   -   -   -   -   82.9  
(year-on-year) (points) 9.2   3.5   -   -   -   -   6.4  
ADR (actual) (JPY) 5,593   5,896   -   -   -   -   5,745  
(year-on-year) (%) 0.4   3.6   -   -   -   -   2.0  
RevPAR (actual) (JPY) 4,617   4,906   -   -   -   -   4,761  
(year-on-year) (%) 13.1   8.2   -   -   -   -   10.5  
Gross Revenue (actual) (JPY mn) 15   16   -   -   -   -   32  
(year-on-year) (%) 13.7   6.8   -   -   -   -   10.1  
(Note) This property was acquired on July 17, 2014.
D17 Hotel MyStays Otemae 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 89.8   94.9   94.3   90.7   78.6   84.6   88.7  
(year-on-year) (points) 0.0   0.0   0.0   -5.6   -11.7   -6.9   -4.1  
ADR (actual) (JPY) 9,207   11,157   11,630   11,657   9,869   8,772   10,417  
(year-on-year) (%) -7.4   3.5   -8.9   -12.7   -13.9   -10.9   -8.5  
RevPAR (actual) (JPY) 8,267   10,592   10,968   10,573   7,759   7,425   9,245  
(year-on-year) (%) -7.4   3.5   -8.9   -17.8   -25.1   -17.6   -12.6  
Gross Revenue (actual) (JPY mn) 28   33   37   35   26   24   187  
(year-on-year) (%) -7.2   3.4   -8.8   -17.7   -25.0   -17.7   -12.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 86.9   90.8   -   -   -   -   88.9  
(year-on-year) (points) -4.7   -3.5   -   -   -   -   -4.1  
ADR (actual) (JPY) 9,883   11,004   -   -   -   -   10,456  
(year-on-year) (%) -17.6   -16.6   -   -   -   -   -17.1  
RevPAR (actual) (JPY) 8,590   9,994   -   -   -   -   9,292  
(year-on-year) (%) -21.9   -19.7   -   -   -   -   -20.7  
Gross Revenue (actual) (JPY mn) 29   34   -   -   -   -   64  
(year-on-year) (%) -21.7   -19.3   -   -   -   -   -20.4  
(Note) This property was acquired on July 17, 2014.
D18 Flexstay Inn Kiyosumi Shirakawa
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 85.8   92.9   91.7   93.3   85.6   96.7   90.9  
(year-on-year) (points) -1.2   0.8   3.3   0.1   -5.7   7.8   0.8  
ADR (actual) (JPY) 6,220   6,758   7,152   8,445   6,827   6,217   6,942  
(year-on-year) (%) -5.4   -5.6   -6.3   -8.9   -9.1   -3.6   -6.8  
RevPAR (actual) (JPY) 5,337   6,275   6,557   7,882   5,846   6,010   6,312  
(year-on-year) (%) -6.7   -4.8   -2.9   -8.8   -14.7   4.8   -6.0  
Gross Revenue (actual) (JPY mn) 10   10   12   14   11   11   70  
(year-on-year) (%) -4.3   -2.5   -2.1   -7.0   -11.4   4.9   -4.1  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 96.0   96.8   -   -   -   -   96.4  
(year-on-year) (points) 2.9   3.5   -   -   -   -   3.2  
ADR (actual) (JPY) 6,622   6,951   -   -   -   -   6,787  
(year-on-year) (%) -3.7   -0.5   -   -   -   -   -2.1  
RevPAR (actual) (JPY) 6,354   6,731   -   -   -   -   6,543  
(year-on-year) (%) -0.6   3.2   -   -   -   -   1.3  
Gross Revenue (actual) (JPY mn) 12   12   -   -   -   -   24  
(year-on-year) (%) 1.4   4.7   -   -   -   -   3.1  
(Note) This property was acquired on July 17, 2014.
D19 Flexstay Inn Nakanobu P1 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 75.6   95.1   94.5   99.1   97.0   96.8   93.0  
(year-on-year) (points) -0.7   5.3   2.2   6.9   10.5   7.4   5.3  
ADR (actual) (JPY) 5,600   5,844   5,721   6,215   5,886   5,860   5,864  
(year-on-year) (%) -0.4   -4.2   -5.7   -8.4   0.4   5.3   -2.4  
RevPAR (actual) (JPY) 4,233   5,560   5,409   6,162   5,711   5,675   5,452  
(year-on-year) (%) -1.3   1.5   -3.4   -1.5   12.6   14.0   3.4  
Gross Revenue (actual) (JPY mn) 5   6   6   7   7   7   40  
(year-on-year) (%) 0.1   2.7   0.3   -0.2   16.7   15.8   5.7  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 97.7   94.5   -   -   -   -   96.1  
(year-on-year) (points) 2.9   3.3   -   -   -   -   3.1  
ADR (actual) (JPY) 5,713   5,597   -   -   -   -   5,656  
(year-on-year) (%) -1.4   4.9   -   -   -   -   1.6  
RevPAR (actual) (JPY) 5,580   5,291   -   -   -   -   5,436  
(year-on-year) (%) 1.6   8.7   -   -   -   -   5.0  
Gross Revenue (actual) (JPY mn) 7   6   -   -   -   -   13  
(year-on-year) (%) 4.1   9.4   -   -   -   -   6.6  
(Note) This property was acquired on July 17, 2014.
D20 Flexstay Inn Nakanobu P2
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 85.9   92.0   95.9   96.5   91.9   97.4   93.3  
(year-on-year) (points) 0.7   2.1   0.4   5.8   9.7   14.8   5.6  
ADR (actual) (JPY) 5,200   5,358   5,248   6,179   5,588   5,987   5,602  
(year-on-year) (%) 3.2   -9.3   -7.1   -5.1   1.7   9.5   -1.4  
RevPAR (actual) (JPY) 4,468   4,931   5,033   5,964   5,138   5,833   5,225  
(year-on-year) (%) 4.1   -7.2   -6.7   0.9   13.7   29.1   4.9  
Gross Revenue (actual) (JPY mn) 3   3   3   4   3   4   21  
(year-on-year) (%) 3.4   -5.9   -7.2   1.0   16.2   31.6   5.6  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 96.0   94.0   -   -   -   -   95.0  
(year-on-year) (points) 0.1   3.4   -   -   -   -   1.8  
ADR (actual) (JPY) 5,544   5,357   -   -   -   -   5,451  
(year-on-year) (%) -2.9   5.4   -   -   -   -   0.9  
RevPAR (actual) (JPY) 5,324   5,035   -   -   -   -   5,180  
(year-on-year) (%) -2.7   9.3   -   -   -   -   2.8  
Gross Revenue (actual) (JPY mn) 3   3   -   -   -   -   7  
(year-on-year) (%) -3.8   8.9   -   -   -   -   2.0  
(Note) This property was acquired on July 17, 2014.
D21 APA Hotel Yokohama-Kannai
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 81.4   96.7   97.3   93.5   88.5   95.7   92.1  
(year-on-year) (points) -7.0   0.3   0.8   -0.9   -0.6   6.8   -0.1  
ADR (actual) (JPY) 5,988   7,076   6,843   7,688   7,726   7,372   7,130  
(year-on-year) (%) 1.3   1.9   -7.2   1.7   2.3   8.1   1.3  
RevPAR (actual) (JPY) 4,874   6,845   6,659   7,190   6,834   7,054   6,566  
(year-on-year) (%) -6.8   2.2   -6.4   0.8   1.5   16.4   1.2  
Gross Revenue (actual) (JPY mn) 71   90   97   101   99   99   559  
(year-on-year) (%) -1.8   2.8   -5.9   0.6   1.5   15.9   2.0  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 91.7   96.5   -   -   -   -   94.1  
(year-on-year) (points) 2.9   2.4   -   -   -   -   2.6  
ADR (actual) (JPY) 6,925   7,744   -   -   -   -   7,345  
(year-on-year) (%) -0.2   5.3   -   -   -   -   2.7  
RevPAR (actual) (JPY) 6,348   7,474   -   -   -   -   6,911  
(year-on-year) (%) 3.0   8.0   -   -   -   -   5.6  
Gross Revenue (actual) (JPY mn) 92   108   -   -   -   -   201  
(year-on-year) (%) 3.0   7.7   -   -   -   -   5.5  
(Note) This property was acquired on February 6, 2015.
D22 Hotel MyStays Hakodate-Goryokaku
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 54.7   61.2   52.3   63.3   61.2   76.2   61.5  
(year-on-year) (points) -5.8   -14.9   -15.7   -5.9   -22.9   -11.4   -12.7  
ADR (actual) (JPY) 6,647   6,626   6,864   7,989   9,313   8,695   7,794  
(year-on-year) (%) -4.6   -3.5   -8.6   3.7   -1.6   -0.9   -2.4  
RevPAR (actual) (JPY) 3,639   4,055   3,592   5,053   5,704   6,627   4,792  
(year-on-year) (%) -13.7   -22.4   -29.7   -5.1   -28.4   -13.8   -19.1  
Gross Revenue (actual) (JPY mn) 27   28   27   36   43   48   211  
(year-on-year) (%) -13.2   -21.3   -27.8   -4.8   -24.0   -9.1   -16.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 89.0   93.3   -   -   -   -   91.2  
(year-on-year) (points) -2.6   -0.3   -   -   -   -   -1.4  
ADR (actual) (JPY) 9,871   11,033   -   -   -   -   10,465  
(year-on-year) (%) 4.5   3.2   -   -   -   -   3.8  
RevPAR (actual) (JPY) 8,787   10,293   -   -   -   -   9,540  
(year-on-year) (%) 1.5   2.9   -   -   -   -   2.2  
Gross Revenue (actual) (JPY mn) 64   74   -   -   -   -   139  
(year-on-year) (%) 5.6   6.3   -   -   -   -   6.0  
(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
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 63.2   86.6   82.2   92.2   89.1   88.0   83.4  
(year-on-year) (points) -15.4   -2.0   -3.9   -1.3   -3.0   0.4   -4.3  
ADR (actual) (JPY) 6,719   7,206   6,914   8,497   7,066   6,864   7,245  
(year-on-year) (%) 8.6   1.6   -5.0   2.4   2.1   4.9   2.4  
RevPAR (actual) (JPY) 4,244   6,238   5,685   7,836   6,298   6,041   6,044  
(year-on-year) (%) -12.7   -0.7   -9.3   1.0   -1.2   5.4   -2.6  
Gross Revenue (actual) (JPY mn) 11   15   15   20   17   16   95  
(year-on-year) (%) -14.6   -0.4   -9.4   1.6   -1.3   4.6   -2.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 86.1   86.4   -   -   -   -   86.3  
(year-on-year) (points) 1.2   9.4   -   -   -   -   5.3  
ADR (actual) (JPY) 7,237   6,777   -   -   -   -   7,007  
(year-on-year) (%) 6.0   0.7   -   -   -   -   3.3  
RevPAR (actual) (JPY) 6,231   5,858   -   -   -   -   6,045  
(year-on-year) (%) 7.5   13.0   -   -   -   -   10.1  
Gross Revenue (actual) (JPY mn) 16   15   -   -   -   -   32  
(year-on-year) (%) 6.8   13.8   -   -   -   -   10.1  
(Note) This property was acquired on February 6, 2015.
D24 Hotel MyStays Haneda
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 94.7   95.9   94.4   95.0   93.1   95.8   94.8  
(year-on-year) (points) 0.1   -0.6   -1.8   -2.4   -2.2   -0.5   -1.2  
ADR (actual) (JPY) 9,284   11,758   10,976   13,031   10,700   10,691   11,056  
(year-on-year) (%) -5.2   5.8   -3.9   -4.0   -4.9   6.3   -1.3  
RevPAR (actual) (JPY) 8,790   11,280   10,360   12,377   9,958   10,242   10,479  
(year-on-year) (%) -5.1   5.2   -5.7   -6.3   -7.1   5.7   -2.6  
Gross Revenue (actual) (JPY mn) 53   61   62   72   60   60   370  
(year-on-year) (%) -1.3   7.2   -3.6   -6.1   -4.8   8.0   -0.6  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 96.2   95.8   -   -   -   -   96.0  
(year-on-year) (points) 1.1   0.9   -   -   -   -   1.0  
ADR (actual) (JPY) 11,064   11,019   -   -   -   -   11,042  
(year-on-year) (%) -0.7   -3.9   -   -   -   -   -2.3  
RevPAR (actual) (JPY) 10,648   10,556   -   -   -   -   10,602  
(year-on-year) (%) 0.5   -2.9   -   -   -   -   -1.2  
Gross Revenue (actual) (JPY mn) 64   64   -   -   -   -   128  
(year-on-year) (%) 1.3   -1.8   -   -   -   -   -0.3  
(Note) This property was acquired on July 16, 2015.
D25 Hotel MyStays Kameido P1
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 86.5   88.8   88.7   94.1   91.1   94.7   90.6  
(year-on-year) (points) 13.6   4.2   -0.8   -1.5   6.2   7.0   4.8  
ADR (actual) (JPY) 5,634   6,215   6,119   7,046   6,097   5,863   6,165  
(year-on-year) (%) -4.2   1.0   -2.6   -1.6   -1.3   3.7   -1.2  
RevPAR (actual) (JPY) 4,872   5,521   5,428   6,627   5,555   5,554   5,588  
(year-on-year) (%) 13.6   6.0   -3.5   -3.2   5.9   11.9   4.3  
Gross Revenue (actual) (JPY mn) 43   44   48   56   49   47   288  
(year-on-year) (%) 14.1   6.1   -2.3   -2.9   6.2   11.2   4.6  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 95.4   93.2   -   -   -   -   94.3  
(year-on-year) (points) 4.2   4.2   -   -   -   -   4.2  
ADR (actual) (JPY) 6,073   6,170   -   -   -   -   6,121  
(year-on-year) (%) 3.5   4.7   -   -   -   -   4.1  
RevPAR (actual) (JPY) 5,795   5,754   -   -   -   -   5,774  
(year-on-year) (%) 8.3   9.7   -   -   -   -   9.0  
Gross Revenue (actual) (JPY mn) 51   50   -   -   -   -   101  
(year-on-year) (%) 7.8   8.5   -   -   -   -   8.1  
(Note 1) This property was acquired on July 16, 2015.
D26 Hotel MyStays Ueno Iriyaguchi
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 91.5   95.2   96.2   96.3   93.8   96.5   94.9  
(year-on-year) (points) 3.7   1.5   -0.3   -0.3   -1.0   0.9   0.7  
ADR (actual) (JPY) 8,235   9,783   10,225   12,483   9,696   8,846   9,886  
(year-on-year) (%) -8.5   -3.4   -2.1   -4.5   -5.3   0.9   -4.0  
RevPAR (actual) (JPY) 7,534   9,311   9,834   12,024   9,097   8,536   9,381  
(year-on-year) (%) -4.6   -1.8   -2.4   -4.8   -6.3   1.9   -3.2  
Gross Revenue (actual) (JPY mn) 23   25   29   35   27   25   166  
(year-on-year) (%) -4.6   -2.1   -3.1   -5.2   -6.8   1.9   -3.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 95.1   95.6   -   -   -   -   95.3  
(year-on-year) (points) 1.4   2.7   -   -   -   -   2.0  
ADR (actual) (JPY) 9,847   9,363   -   -   -   -   9,605  
(year-on-year) (%) 2.2   0.1   -   -   -   -   1.1  
RevPAR (actual) (JPY) 9,363   8,949   -   -   -   -   9,156  
(year-on-year) (%) 3.7   3.0   -   -   -   -   3.3  
Gross Revenue (actual) (JPY mn) 28   27   -   -   -   -   56  
(year-on-year) (%) 3.3   3.2   -   -   -   -   3.2  
(Note) This property was acquired on July 16, 2015.
D27 Hotel MyStays Kameido P2
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 91.4   92.0   91.7   95.2   94.8   97.1   93.7  
(year-on-year) (points) 10.1   3.2   2.5   -0.5   7.0   3.7   4.4  
ADR (actual) (JPY) 5,631   6,494   6,569   6,808   5,697   5,505   6,107  
(year-on-year) (%) -4.7   2.1   -4.4   -8.4   -5.9   0.1   -4.1  
RevPAR (actual) (JPY) 5,147   5,977   6,024   6,484   5,402   5,346   5,724  
(year-on-year) (%) 7.2   5.8   -1.7   -8.9   1.5   4.0   0.6  
Gross Revenue (actual) (JPY mn) 29   30   34   36   31   30   192  
(year-on-year) (%) 8.4   5.4   -0.6   -7.6   2.4   4.0   1.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 97.2   96.0   -   -   -   -   96.6  
(year-on-year) (points) 1.4   4.5   -   -   -   -   3.0  
ADR (actual) (JPY) 5,641   5,887   -   -   -   -   5,763  
(year-on-year) (%) 0.7   -0.4   -   -   -   -   0.2  
RevPAR (actual) (JPY) 5,484   5,651   -   -   -   -   5,567  
(year-on-year) (%) 2.3   4.5   -   -   -   -   3.4  
Gross Revenue (actual) (JPY mn) 32   32   -   -   -   -   64  
(year-on-year) (%) 2.1   3.9   -   -   -   -   3.0  
(Note) This property was acquired on July 16, 2015.
D28 Hotel Vista Shimizu
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 72.5   85.1   86.7   82.2   74.6   72.6   78.9  
(year-on-year) (points) -2.1   -1.2   -3.0   2.2   -9.3   -3.3   -2.8  
ADR (actual) (JPY) 6,631   6,769   7,239   6,670   7,129   6,142   6,781  
(year-on-year) (%) 6.9   5.3   -2.2   1.8   -2.6   1.9   1.3  
RevPAR (actual) (JPY) 4,805   5,761   6,274   5,483   5,316   4,461   5,347  
(year-on-year) (%) 4.0   3.9   -5.5   4.6   -13.4   -2.6   -2.2  
Gross Revenue (actual) (JPY mn) 24   26   32   27   27   22   160  
(year-on-year) (%) 3.7   3.4   -6.0   2.3   -14.4   -2.0   -2.8  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 78.2   89.9   -   -   -   -   84.1  
(year-on-year) (points) -4.4   -3.0   -   -   -   -   -3.7  
ADR (actual) (JPY) 7,009   7,844   -   -   -   -   7,455  
(year-on-year) (%) 3.1   -1.5   -   -   -   -   0.5  
RevPAR (actual) (JPY) 5,484   7,051   -   -   -   -   6,268  
(year-on-year) (%) -2.4   -4.7   -   -   -   -   -3.7  
Gross Revenue (actual) (JPY mn) 28   36   -   -   -   -   64  
(year-on-year) (%) -3.0   -6.5   -   -   -   -   -5.0  
(Note) This property was acquired on July 16, 2015.
D29 Super Hotel Shinbashi/ Karasumoriguchi
(Note 1) This property was acquired on July 16, 2015.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D30 Flexstay Inn Higashi-Jujo
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 78.2   88.6   90.9   93.8   90.7   89.5   88.6  
(year-on-year) (points) -4.0   -1.3   -0.1   1.6   4.2   3.7   0.7  
ADR (actual) (JPY) 4,809   5,425   5,562   6,252   4,990   4,864   5,331  
(year-on-year) (%) -6.5   -4.9   -5.8   -11.0   -10.6   -4.7   -7.5  
RevPAR (actual) (JPY) 3,762   4,808   5,058   5,861   4,527   4,351   4,723  
(year-on-year) (%) -11.0   -6.3   -5.9   -9.5   -6.3   -0.6   -6.8  
Gross Revenue (actual) (JPY mn) 10   12   14   16   13   12   79  
(year-on-year) (%) -8.6   -3.1   -3.6   -4.4   -3.6   2.6   -3.5  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 90.8   92.4   -   -   -   -   91.6  
(year-on-year) (points) 3.6   2.5   -   -   -   -   3.0  
ADR (actual) (JPY) 5,030   5,208   -   -   -   -   5,120  
(year-on-year) (%) -6.9   -6.3   -   -   -   -   -6.6  
RevPAR (actual) (JPY) 4,569   4,815   -   -   -   -   4,692  
(year-on-year) (%) -3.1   -3.7   -   -   -   -   -3.4  
Gross Revenue (actual) (JPY mn) 13   13   -   -   -   -   26  
(year-on-year) (%) -0.6   -1.3   -   -   -   -   -1.0  
(Note) This property was acquired on July 16, 2015.
D31 Hotel MyStays Utsunomiya
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 94.1   97.8   98.6   98.0   96.1   97.0   96.9  
(year-on-year) (points) -0.5   -0.3   0.5   -0.6   -0.8   0.1   -0.3  
ADR (actual) (JPY) 6,781   7,311   7,407   7,780   8,624   7,687   7,604  
(year-on-year) (%) 1.2   6.7   1.8   13.4   3.7   12.4   6.4  
RevPAR (actual) (JPY) 6,382   7,151   7,302   7,626   8,291   7,458   7,370  
(year-on-year) (%) 0.7   6.3   2.3   12.7   2.9   12.6   6.1  
Gross Revenue (actual) (JPY mn) 52   52   64   54   56   60   341  
(year-on-year) (%) -0.8   14.9   0.1   -6.0   8.6   10.2   4.0  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 97.6   99.0   -   -   -   -   98.3  
(year-on-year) (points) 0.7   -0.2   -   -   -   -   0.2  
ADR (actual) (JPY) 7,441   8,541   -   -   -   -   7,995  
(year-on-year) (%) 4.7   6.5   -   -   -   -   5.7  
RevPAR (actual) (JPY) 7,263   8,454   -   -   -   -   7,858  
(year-on-year) (%) 5.4   6.3   -   -   -   -   5.9  
Gross Revenue (actual) (JPY mn) 54   48   -   -   -   -   102  
(year-on-year) (%) 5.4   3.2   -   -   -   -   4.4  
(Note) This property was acquired on July 16, 2015.
D32  Flexstay Inn Kawasaki-Kaizuka
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 67.1   87.0   88.9   94.9   90.4   94.7   87.1  
(year-on-year) (points) -6.7   5.2   3.2   -0.1   0.4   1.6   0.5  
ADR (actual) (JPY) 5,261   5,704   5,308   6,117   5,422   5,067   5,486  
(year-on-year) (%) 6.8   5.9   -1.2   2.1   -1.9   -1.1   1.5  
RevPAR (actual) (JPY) 3,529   4,963   4,717   5,808   4,903   4,798   4,778  
(year-on-year) (%) -2.8   12.7   2.5   1.9   -1.5   0.5   2.1  
Gross Revenue (actual) (JPY mn) 7   9   9   11   10   9   58  
(year-on-year) (%) -3.8   12.7   3.3   2.1   -2.0   0.5   2.0  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 93.3   94.1   -   -   -   -   93.7  
(year-on-year) (points) -0.1   0.6   -   -   -   -   0.3  
ADR (actual) (JPY) 5,207   5,266   -   -   -   -   5,237  
(year-on-year) (%) 1.2   -0.7   -   -   -   -   0.3  
RevPAR (actual) (JPY) 4,858   4,956   -   -   -   -   4,907  
(year-on-year) (%) 1.2   -0.1   -   -   -   -   0.5  
Gross Revenue (actual) (JPY mn) 10   10   -   -   -   -   20  
(year-on-year) (%) 0.5   -0.5   -   -   -   -   0.0  
(Note) This property was acquired on July 16, 2015.
D33 Comfort Hotel Toyama
(Note 1) This property was acquired on July 16, 2015.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D34 Flexstay Inn Kawasaki-Ogawacho
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 64.8   84.2   80.1   96.7   95.6   93.4   85.7  
(year-on-year) (points) 4.7   0.9   -9.4   -0.7   18.5   11.4   4.3  
ADR (actual) (JPY) 4,514   5,002   4,907   5,310   5,006   4,557   4,902  
(year-on-year) (%) -0.7   1.6   -0.2   -0.5   -4.3   -4.8   -1.6  
RevPAR (actual) (JPY) 2,926   4,209   3,932   5,133   4,788   4,258   4,202  
(year-on-year) (%) 7.1   2.6   -10.6   -1.2   18.7   8.5   3.5  
Gross Revenue (actual) (JPY mn) 6   7   7   10   9   8   50  
(year-on-year) (%) 7.2   3.0   -11.1   -1.8   22.0   11.3   4.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 87.5   88.6   -   -   -   -   88.0  
(year-on-year) (points) -4.0   0.1   -   -   -   -   -2.0  
ADR (actual) (JPY) 4,558   4,651   -   -   -   -   4,604  
(year-on-year) (%) -8.7   -2.8   -   -   -   -   -5.8  
RevPAR (actual) (JPY) 3,986   4,118   -   -   -   -   4,052  
(year-on-year) (%) -12.7   -2.7   -   -   -   -   -7.9  
Gross Revenue (actual) (JPY mn) 8   8   -   -   -   -   16  
(year-on-year) (%) -11.8   -2.0   -   -   -   -   -7.1  
(Note) This property was acquired on July 16, 2015.
D35 Flexstay Inn Ekoda
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 72.9   89.4   82.1   94.4   89.2   85.1   85.4  
(year-on-year) (points) 4.6   2.3   -5.7   -0.3   -1.9   0.0   -0.2  
ADR (actual) (JPY) 4,997   5,641   5,311   5,932   5,307   5,071   5,392  
(year-on-year) (%) -3.6   3.5   0.6   4.2   -0.8   5.0   1.6  
RevPAR (actual) (JPY) 3,642   5,042   4,362   5,602   4,735   4,315   4,606  
(year-on-year) (%) 2.9   6.3   -5.9   3.9   -2.9   4.9   1.4  
Gross Revenue (actual) (JPY mn) 25   31   30   37   33   29   187  
(year-on-year) (%) 3.0   5.8   -6.9   4.5   -1.7   4.0   1.3  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 90.6   88.3   -   -   -   -   89.4  
(year-on-year) (points) 5.1   5.9   -   -   -   -   5.5  
ADR (actual) (JPY) 5,093   5,040   -   -   -   -   5,067  
(year-on-year) (%) -1.3   -0.6   -   -   -   -   -1.0  
RevPAR (actual) (JPY) 4,613   4,450   -   -   -   -   4,532  
(year-on-year) (%) 4.6   6.4   -   -   -   -   5.5  
Gross Revenue (actual) (JPY mn) 32   31   -   -   -   -   63  
(year-on-year) (%) 5.1   7.6   -   -   -   -   6.3  
(Note) This property was acquired on August 28, 2015.
D36 Super Hotel Tokyo-JR Tachikawa Kitaguchi
(Note 1) This property was acquired on August 28, 2015.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D37 Super Hotel JR Ueno-iriyaguchi
(Note 1) This property was acquired on August 28, 2015.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D38 Hotel MyStays Shinsaibashi
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 86.6   97.9   97.7   95.5   96.2   95.5   94.8  
(year-on-year) (points) -8.5   1.1   0.0   -1.2   0.4   -1.3   -1.6  
ADR (actual) (JPY) 10,900   12,825   13,135   14,305   11,785   11,023   12,344  
(year-on-year) (%) -14.4   -1.0   -11.0   -16.4   -13.8   -6.3   -10.8  
RevPAR (actual) (JPY) 9,441   12,553   12,829   13,660   11,335   10,526   11,706  
(year-on-year) (%) -22.0   0.0   -11.0   -17.4   -13.5   -7.5   -12.4  
Gross Revenue (actual) (JPY mn) 16   19   22   22   19   18   118  
(year-on-year) (%) -23.1   -2.4   -12.5   -18.9   -15.2   -6.4   -13.6  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 94.9   96.2   -   -   -   -   95.6  
(year-on-year) (points) -2.2   -0.5   -   -   -   -   -1.3  
ADR (actual) (JPY) 11,443   12,049   -   -   -   -   11,748  
(year-on-year) (%) -15.4   -13.7   -   -   -   -   -14.5  
RevPAR (actual) (JPY) 10,862   11,595   -   -   -   -   11,228  
(year-on-year) (%) -17.3   -14.2   -   -   -   -   -15.7  
Gross Revenue (actual) (JPY mn) 19   20   -   -   -   -   40  
(year-on-year) (%) -16.0   -12.6   -   -   -   -   -14.3  
(Note) This property was acquired on January 22, 2016. 
D39 Comfort Hotel Kurosaki
(Note 1) This property was acquired on January 22, 2016.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D40 Comfort Hotel Maebashi
(Note 1) This property was acquired on January 22, 2016.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D41 Comfort Hotel Tsubame-Sanjo
(Note 1) This property was acquired on January 22, 2016.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D42 Comfort Hotel Kitami
(Note 1) This property was acquired on January 22, 2016.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D43 Hotel MyStays Gotanda Station
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 91.8   94.7   94.4   94.8   91.8   94.7   93.7  
(year-on-year) (points) -1.3   -1.3   -0.1   -2.6   -3.2   -1.5   -1.7  
ADR (actual) (JPY) 9,880   11,487   10,800   12,701   10,860   10,003   10,949  
(year-on-year) (%) 6.6   3.2   -1.5   1.7   5.4   5.6   3.3  
RevPAR (actual) (JPY) 9,067   10,883   10,195   12,042   9,968   9,472   10,256  
(year-on-year) (%) 5.1   1.8   -1.6   -1.1   1.9   4.0   1.5  
Gross Revenue (actual) (JPY mn) 122   132   137   155   133   124   805  
(year-on-year) (%) 17.9   16.5   11.3   12.9   16.2   19.0   15.4  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 95.8   91.6   -   -   -   -   93.7  
(year-on-year) (points) 0.6   -1.5   -   -   -   -   -0.5  
ADR (actual) (JPY) 10,649   10,443   -   -   -   -   10,548  
(year-on-year) (%) 6.2   4.7   -   -   -   -   5.4  
RevPAR (actual) (JPY) 10,200   9,565   -   -   -   -   9,882  
(year-on-year) (%) 6.8   3.0   -   -   -   -   4.9  
Gross Revenue (actual) (JPY mn) 136   128   -   -   -   -   265  
(year-on-year) (%) 20.3   18.3   -   -   -   -   19.3  
(Note) This property was acquired on March 31, 2016. The number of rooms increased due to conversion from a locker room
            (1 room) and the additional acquisition (49 rooms) on October 31, 2017. 
D44  Hotel Epinard Nasu 
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 62.1   71.2   91.4   87.6   80.5   81.0   79.1  
(year-on-year) (points) -3.9   7.8   3.0   2.5   3.6   3.4   2.6  
ADR (actual) (JPY) 22,556   17,764   21,347   20,191   24,477   19,837   21,089  
(year-on-year) (%) 4.5   6.1   5.8   3.1   0.7   6.8   4.1  
RevPAR (actual) (JPY) 14,005   12,654   19,501   17,694   19,707   16,059   16,681  
(year-on-year) (%) -1.7   19.1   9.4   6.0   5.5   11.4   7.6  
Gross Revenue (actual) (JPY mn) 387   365   515   471   524   487   2,752  
(year-on-year) (%) 0.0   12.9   -0.1   -0.9   2.0   5.0   2.6  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 94.5   100.0   -   -   -   -   97.2  
(year-on-year) (points) -0.3   0.0   -   -   -   -   -0.2  
ADR (actual) (JPY) 27,924   47,008   -   -   -   -   37,737  
(year-on-year) (%) 1.0   1.8   -   -   -   -   1.6  
RevPAR (actual) (JPY) 26,384   47,008   -   -   -   -   36,696  
(year-on-year) (%) 0.6   1.8   -   -   -   -   1.4  
Gross Revenue (actual) (JPY mn) 604   852   -   -   -   -   1,457  
(year-on-year) (%) -1.8   1.8   -   -   -   -   0.3  
(Note) This property was acquired on March 31, 2016.
D45 Hotel MyStays Fukuoka Tenjin
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 93.4   95.5   95.7   93.8   95.8   94.3   94.8  
(year-on-year) (points) -1.3   -2.4   -1.2   -2.7   -1.4   -2.0   -1.8  
ADR (actual) (JPY) 7,610   10,975   10,389   9,397   9,653   9,639   9,597  
(year-on-year) (%) -1.2   23.6   16.2   17.3   8.7   20.5   14.2  
RevPAR (actual) (JPY) 7,110   10,484   9,941   8,817   9,244   9,090   9,093  
(year-on-year) (%) -2.5   20.6   14.7   14.0   7.1   18.1   12.1  
Gross Revenue (actual) (JPY mn) 53   68   72   62   67   63   387  
(year-on-year) (%) -1.3   20.9   15.9   13.2   6.5   17.4   12.1  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 90.8   92.6   -   -   -   -   91.7  
(year-on-year) (points) -6.2   -2.9   -   -   -   -   -4.6  
ADR (actual) (JPY) 9,843   8,979   -   -   -   -   9,407  
(year-on-year) (%) 5.0   2.2   -   -   -   -   3.6  
RevPAR (actual) (JPY) 8,937   8,312   -   -   -   -   8,624  
(year-on-year) (%) -1.7   -0.9   -   -   -   -   -1.3  
Gross Revenue (actual) (JPY mn) 65   61   -   -   -   -   126  
(year-on-year) (%) -1.2   -0.7   -   -   -   -   -1.0  
(Note) This property was acquired on March 31, 2016.
D46 Hotel MyStays Hamamatsucho
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 95.2   97.4   95.2   95.6   98.0   98.3   96.6  
(year-on-year) (points) 5.9   1.6   -0.8   -1.2   2.3   5.7   2.2  
ADR (actual) (JPY) 9,057   10,776   10,780   13,072   10,668   10,217   10,750  
(year-on-year) (%) -5.5   -0.7   -4.8   -5.3   -2.2   -0.1   -3.5  
RevPAR (actual) (JPY) 8,620   10,494   10,267   12,491   10,455   10,039   10,383  
(year-on-year) (%) 0.8   1.0   -5.7   -6.5   0.1   6.0   -1.2  
Gross Revenue (actual) (JPY mn) 28   31   33   39   34   31   198  
(year-on-year) (%) 0.9   1.1   -6.0   -6.1   0.1   5.9   -1.2  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 98.5   98.0   -   -   -   -   98.2  
(year-on-year) (points) 2.2   1.8   -   -   -   -   2.0  
ADR (actual) (JPY) 10,875   10,553   -   -   -   -   10,714  
(year-on-year) (%) -0.7   4.3   -   -   -   -   1.7  
RevPAR (actual) (JPY) 10,708   10,345   -   -   -   -   10,527  
(year-on-year) (%) 1.6   6.2   -   -   -   -   3.8  
Gross Revenue (actual) (JPY mn) 35   33   -   -   -   -   69  
(year-on-year) (%) 1.9   6.2   -   -   -   -   4.0  
(Note) This property was acquired on March 31, 2016.
D47 Hotel MyStays Premier Kanazawa
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 90.9   93.5   91.2   90.3   90.0   87.5   90.5  
(year-on-year) (points) 4.4   7.1   -0.1   1.2   -1.3   -1.7   1.5  
ADR (actual) (JPY) 8,136   10,244   12,292   13,656   13,556   9,852   11,300  
(year-on-year) (%) 2.8   11.7   1.6   11.0   -1.4   1.1   3.7  
RevPAR (actual) (JPY) 7,392   9,573   11,216   12,335   12,196   8,622   10,230  
(year-on-year) (%) 7.9   20.8   1.6   12.4   -2.8   -0.8   5.5  
Gross Revenue (actual) (JPY mn) 74   84   106   113   114   84   578  
(year-on-year) (%) 8.3   18.9   2.5   12.1   -1.3   1.8   6.2  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%) 89.8   96.6   -   -   -   -   93.2  
(year-on-year) (points) -0.6   3.7   -   -   -   -   1.6  
ADR (actual) (JPY) 10,853   14,637   -   -   -   -   12,814  
(year-on-year) (%) -5.0   2.8   -   -   -   -   -0.2  
RevPAR (actual) (JPY) 9,747   14,145   -   -   -   -   11,946  
(year-on-year) (%) -5.6   6.9   -   -   -   -   1.5  
Gross Revenue (actual) (JPY mn) 94   130   -   -   -   -   225  
(year-on-year) (%) -4.1   6.6   -   -   -   -   1.8  
(Note) This property was acquired on June 15, 2016. 
D48 Takamatsu Tokyu REI Hotel
(Note 1) This property was acquired on June 15, 2016.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D49 Hotel MyStays Premier Hamamatsucho
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 89.9   93.9   92.4   94.2   92.9   95.4   93.1  
(year-on-year) (points) -   -   -   -   -   9.5   -  
ADR (actual) (JPY) 15,029   16,913   17,800   21,977   17,252   16,190   17,537  
(year-on-year) (%) -   -   -   -   -   2.6   -  
RevPAR (actual) (JPY) 13,506   15,886   16,451   20,707   16,032   15,452   16,327  
(year-on-year) (%) -   -   -   -   -   13.9   -  
Gross Revenue (actual) (JPY mn) 55   58   66   80   65   61   389  
(year-on-year) (%) -   -   -   -   -   15.0   -  
      2018/7 2018/8 2018/9 2018/10 2018/11 2018/12 2018/7~12
Occupancy Rate (actual) (%)  92.7    94.0   -   -   -   -   93.3  
(year-on-year) (points)  2.4    3.0   -   -   -   -   2.7  
ADR (actual) (JPY)  19,183    19,447   -   -   -   -   19,316  
(year-on-year) (%)  8.0    4.5   -   -   -   -   6.2  
RevPAR (actual) (JPY)  17,781    18,276   -   -   -   -   18,028  
(year-on-year) (%)  10.8    7.9   -   -   -   -   9.3  
Gross Revenue (actual) (JPY mn)  72    74   -   -   -   -   146  
(year-on-year) (%)  9.8    8.5   -   -   -   -   9.1  
(Note )  This property was acquired on May 29, 2017. 
D50 Hotel MyStays Shin Osaka Conference Center
      2018/1 2018/2 2018/3 2018/4 2018/5 2018/6 2018/1~6
Occupancy Rate (actual) (%) 86.3   96.9   91.7   93.0   86.1   93.1   91.0  
(year-on-year) (points) -   -   -   -   -   -   -  
ADR (actual) (JPY) 7,002   8,376   9,291   9,424   7,998   6,965   8,188  
(year-on-year) (%) -   -   -   -   -   -   -  
RevPAR (actual) (JPY) 6,043   8,113   8,519   8,760   6,884   6,483   7,455  
(year-on-year) (%) -   -   -   -   -   -   -  
Gross Revenue (actual) (JPY mn) 110   132   150   147   122   118   781