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Hotel Performance

Hotels Total
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
# of Properties
(Note2)
(actual) - 39(48)   39(48)   39(48)   39(48)   40(49)   40(49)   40(49)  
Occupancy Rate (actual) (%) 83.4   89.3   90.9   92.6   89.2   88.9   89.0  
ADR (actual) (JPY) 8,128   8,654   9,760   10,446   9,728   8,377   9,209  
RevPAR (actual) (JPY) 6,778   7,730   8,873   9,672   8,679   7,451   8,199  
Gross Revenue (actual) (JPY mn) 1,577   1,601   2,092   2,144   2,011   1,783   11,210  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
# of Properties
(Note2)
(actual) - 40(49)   40(49)   40(49)   44(53)           44(53)  
Occupancy Rate (actual) (%) 91.1   92.7   89.9   91.5           91.3  
ADR (actual) (JPY) 9,781   11,266   9,294   10,011           10,099  
RevPAR (actual) (JPY) 8,907   10,441   8,357   9,158           9,221  
Gross Revenue (actual) (JPY mn) 2,131   2,443   1,973   2,505           9,054  
(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.
D01 Hotel MyStays Kanda
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 90.2   96.0   93.6   96.0   94.8   94.2   94.1  
(year-on-year) (points) -2.5   2.9   -1.0   3.9   27.2   34.6   10.8  
ADR (actual) (JPY) 7,762   9,388   9,154   11,837   9,001   7,953   9,190  
(year-on-year) (%) 4.1   7.2   -6.3   15.8   11.0   0.8   4.6  
RevPAR (actual) (JPY) 7,001   9,015   8,570   11,358   8,531   7,495   8,647  
(year-on-year) (%) 1.2   10.5   -7.3   20.7   55.8   59.2   18.3  
Gross Revenue (actual) (JPY mn) 27   32   33   43   33   28   199  
(year-on-year) (%) 1.4   7.6   -6.8   21.5   56.6   60.4   18.3  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 94.1   95.9   89.3   97.1           94.1  
(year-on-year) (points) 31.4   27.2   -2.8   0.2           17.7  
ADR (actual) (JPY) 8,909   8,665   8,006   9,240           8,724  
(year-on-year) (%) 6.4   6.3   -1.1   0.3           2.6  
RevPAR (actual) (JPY) 8,386   8,306   7,148   8,968           8,211  
(year-on-year) (%) 59.7   48.5   -4.1   0.5           20.7  
Gross Revenue (actual) (JPY mn) 32   32   27   35           128  
(year-on-year) (%) 60.3   49.1   -3.6   1.0           21.2  
(Note1) This property was acquired on May 23, 2014.
(Note2) This property underwent a full renovation from May 20, 2016 to August 22, 2016. 
D02 Hotel MyStays Asakusa
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 93.7   93.3   94.1   96.1   94.8   95.0   94.5  
(year-on-year) (points) -0.5   -0.2   2.0   2.4   1.9   1.6   1.2  
ADR (actual) (JPY) 6,535   7,266   7,809   9,683   7,492   6,418   7,539  
(year-on-year) (%) -5.1   -7.2   -15.3   -2.6   -2.2   -8.9   -6.8  
RevPAR (actual) (JPY) 6,125   6,781   7,345   9,301   7,101   6,095   7,124  
(year-on-year) (%) -5.5   -7.4   -13.5   -0.0   -0.2   -7.3   -5.6  
Gross Revenue (actual) (JPY mn) 31   31   37   45   36   30   212  
(year-on-year) (%) -4.4   -10.3   -12.9   0.9   0.1   -6.3   -5.4  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 96.8   95.3   93.8   93.8           94.9  
(year-on-year) (points) 3.4   2.3   2.2   2.0           2.5  
ADR (actual) (JPY) 6,961   6,639   6,442   7,248           6,826  
(year-on-year) (%) -10.2   -9.9   -8.1   -7.2           -8.9  
RevPAR (actual) (JPY) 6,741   6,326   6,042   6,795           6,480  
(year-on-year) (%) -6.9   -7.6   -5.8   -5.2           -6.4  
Gross Revenue (actual) (JPY mn) 34   32   30   34           132  
(year-on-year) (%) -6.2   -6.8   -4.8   -4.4           -5.6  
(Note) This property was acquired on May 23, 2014.
D03 Hotel MyStays Kyoto-Shijo
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 81.2   83.1   91.8   89.7   88.8   79.6   85.8  
(year-on-year) (points) -11.7   -8.4   -3.2   0.4   -3.3   -14.1   -6.7  
ADR (actual) (JPY) 10,340   10,462   15,851   24,671   14,756   10,402   14,646  
(year-on-year) (%) 14.6   -8.8   -13.9   2.6   -2.2   -11.7   -1.9  
RevPAR (actual) (JPY) 8,398   8,691   14,548   22,134   13,100   8,282   12,559  
(year-on-year) (%) 0.1   -17.1   -16.7   3.1   -5.7   -24.9   -9.0  
Gross Revenue (actual) (JPY mn) 60   56   105   153   93   57   525  
(year-on-year) (%) 0.9   -19.9   -15.4   4.6   -5.7   -23.9   -8.6  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 79.9   93.6   93.1   92.2           89.7  
(year-on-year) (points) -10.0   -0.9   1.8   1.7           -1.9  
ADR (actual) (JPY) 13,047   11,482   10,681   14,001           12,284  
(year-on-year) (%) -5.7   -8.7   -16.9   -17.3           -12.5  
RevPAR (actual) (JPY) 10,430   10,743   9,941   12,915           11,016  
(year-on-year) (%) -16.2   -9.5   -15.2   -15.7           -14.3  
Gross Revenue (actual) (JPY mn) 75   78   68   93           315  
(year-on-year) (%) -14.9   -8.2   -15.7   -14.6           -13.4  
(Note) This property was acquired on July 17, 2014.
D04 MyStays Shin-Urayasu Conference Center
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 89.6   93.8   88.0   92.2   92.8   90.6   91.1  
(year-on-year) (points) -5.6   0.4   -6.0   -4.3   -2.5   -5.0   -3.9  
ADR (actual) (JPY) 9,015   9,117   12,466   10,368   10,333   7,979   9,888  
(year-on-year) (%) 18.2   4.0   -8.4   5.4   9.7   -5.6   2.7  
RevPAR (actual) (JPY) 8,079   8,549   10,966   9,564   9,590   7,226   9,010  
(year-on-year) (%) 11.3   4.4   -14.2   0.7   6.8   -10.5   -1.5  
Gross Revenue (actual) (JPY mn) 47   53   66   59   59   46   332  
(year-on-year) (%) 13.1   4.1   -12.5   -11.5   8.3   -9.3   -2.9  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 86.9   91.6   94.3   94.2           91.7  
(year-on-year) (points) -7.0   -1.5   0.8   0.8           -1.7  
ADR (actual) (JPY) 9,939   12,449   9,161   9,962           10,382  
(year-on-year) (%) -7.2   -6.3   -16.2   -13.6           -10.6  
RevPAR (actual) (JPY) 8,634   11,407   8,642   9,384           9,524  
(year-on-year) (%) -14.1   -7.8   -15.4   -12.9           -12.3  
Gross Revenue (actual) (JPY mn) 53   66   50   63           233  
(year-on-year) (%) -16.9   -3.7   -15.2   -3.5           -9.6  
(Note) This property was acquired on July 17, 2014.
D05 Hotel MyStays Maihama
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 92.3   92.1   84.7   90.9   88.9   94.4   90.5  
(year-on-year) (points) -2.8   -2.4   -8.5   -4.8   -7.7   -1.8   -4.7  
ADR (actual) (JPY) 14,264   14,758   20,504   16,785   17,013   12,352   15,894  
(year-on-year) (%) 7.8   -1.1   -5.6   -4.2   9.0   -11.4   -1.6  
RevPAR (actual) (JPY) 13,160   13,593   17,373   15,262   15,122   11,661   14,385  
(year-on-year) (%) 4.6   -3.6   -14.2   -9.1   0.3   -13.0   -6.5  
Gross Revenue (actual) (JPY mn) 38   35   50   43   44   32   244  
(year-on-year) (%) 5.3   -6.7   -13.6   -8.0   1.1   -13.2   -6.4  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 89.5   97.1   96.2   95.3           94.5  
(year-on-year) (points) -5.9   0.8   1.7   5.9           0.6  
ADR (actual) (JPY) 15,537   20,626   13,887   15,947           16,550  
(year-on-year) (%) -13.1   -5.2   -21.0   -15.6           -13.1  
RevPAR (actual) (JPY) 13,905   20,034   13,363   15,193           15,642  
(year-on-year) (%) -18.5   -4.5   -19.6   -10.0           -12.6  
Gross Revenue (actual) (JPY mn) 40   59   36   44           181  
(year-on-year) (%) -17.8   -3.1   -19.8   -8.9           -11.7  
(Note) This property was acquired on July 17, 2014.
D06 Hotel MyStays Dojima
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 84.6   92.7   93.9   94.1   90.9   90.2   91.1  
(year-on-year) (points) 0.5   2.6   -0.7   0.9   5.9   4.8   2.3  
ADR (actual) (JPY) 11,819   11,847   12,319   13,179   11,935   11,419   12,099  
(year-on-year) (%) -0.7   -1.8   3.6   -3.2   -7.1   -5.4   -2.5  
RevPAR (actual) (JPY) 10,005   10,983   11,573   12,406   10,849   10,301   11,016  
(year-on-year) (%) -0.1   1.0   2.8   -2.3   -0.6   -0.1   0.1  
Gross Revenue (actual) (JPY mn) 57   56   63   65   60   56   360  
(year-on-year) (%) 0.1   -1.8   1.5   -1.8   -0.6   -0.0   -0.4  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 89.3   95.2   94.1   95.7           93.6  
(year-on-year) (points) -1.7   6.5   5.7   2.8           3.3  
ADR (actual) (JPY) 12,369   11,471   10,529   12,396           11,695  
(year-on-year) (%) -3.9   -9.8   -13.8   1.1           -6.6  
RevPAR (actual) (JPY) 11,051   10,917   9,904   11,868           10,943  
(year-on-year) (%) -5.7   -3.2   -8.3   4.1           -3.2  
Gross Revenue (actual) (JPY mn) 61   60   54   64           241  
(year-on-year) (%) -4.7   -3.3   -7.6   2.6           -3.2  
(Note1) This property was acquired on July 17, 2014.
(Note2) The name of this property was changed from "Hotel Vista Premio Dojima" as of August 1, 2017.
D07 Hotel MyStays Nagoya-Sakae
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 94.7   95.7   96.3   96.0   91.6   93.8   94.7  
(year-on-year) (points) -2.5   -0.7   -1.0   -2.2   -5.4   -4.1   -2.7  
ADR (actual) (JPY) 6,184   7,402   7,990   6,987   8,153   7,149   7,309  
(year-on-year) (%) 7.1   5.2   -7.3   -7.4   13.5   7.0   2.3  
RevPAR (actual) (JPY) 5,858   7,081   7,697   6,708   7,470   6,703   6,919  
(year-on-year) (%) 4.4   4.5   -8.2   -9.5   7.2   2.6   -0.4  
Gross Revenue (actual) (JPY mn) 50   56   69   59   64   58   358  
(year-on-year) (%) 6.4   0.9   -7.2   -7.7   6.6   3.9   -0.2  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 97.4   97.3   93.0   93.5           95.3  
(year-on-year) (points) -0.5   -0.3   -2.4   -4.2           -1.9  
ADR (actual) (JPY) 7,795   8,570   7,457   8,410           8,066  
(year-on-year) (%) 2.0   21.6   6.8   7.4           9.3  
RevPAR (actual) (JPY) 7,589   8,340   6,939   7,862           7,688  
(year-on-year) (%) 1.5   21.2   4.1   2.7           7.2  
Gross Revenue (actual) (JPY mn) 67   74   57   69           268  
(year-on-year) (%) 2.0   20.4   1.6   2.6           6.6  
(Note) This property was acquired on July 17, 2014.
D08  Hotel MyStays Sakaisuji-Honmachi 
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 89.2   92.3   89.4   91.9   85.2   89.0   89.4  
(year-on-year) (points) -0.6   -0.4   -3.3   0.5   -6.2   -3.7   -2.3  
ADR (actual) (JPY) 7,871   8,900   10,333   11,472   9,493   7,935   9,345  
(year-on-year) (%) -6.0   -7.2   -14.8   -7.7   -1.1   -11.9   -8.3  
RevPAR (actual) (JPY) 7,022   8,212   9,237   10,545   8,084   7,061   8,358  
(year-on-year) (%) -6.6   -7.6   -17.8   -7.2   -7.8   -15.4   -10.7  
Gross Revenue (actual) (JPY mn) 42   44   55   61   48   40   293  
(year-on-year) (%) -6.2   -10.4   -18.0   -5.4   -7.1   -16.2   -10.8  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 90.6   93.7   87.7   92.0           91.0  
(year-on-year) (points) -4.6   -1.6   -1.4   0.7           -1.7  
ADR (actual) (JPY) 9,227   10,020   9,033   9,935           9,567  
(year-on-year) (%) -13.2   -4.0   -4.6   -13.4           -9.0  
RevPAR (actual) (JPY) 8,364   9,390   7,924   9,137           8,710  
(year-on-year) (%) -17.3   -5.5   -6.2   -12.8           -10.7  
Gross Revenue (actual) (JPY mn) 50   57   45   55           208  
(year-on-year) (%) -16.8   -4.4   -5.7   -12.3           -10.1  
(Note) This property was acquired on July 17, 2014.
D09 Hotel MyStays Yokohama
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 84.1   85.9   87.7   86.3   78.9   82.6   84.2  
(year-on-year) (points) -5.2   -3.3   -1.9   -6.0   -8.8   -5.9   -5.2  
ADR (actual) (JPY) 6,167   7,028   8,527   8,618   8,725   7,141   7,709  
(year-on-year) (%) -4.6   2.5   0.9   6.3   7.6   5.6   3.2  
RevPAR (actual) (JPY) 5,184   6,037   7,476   7,440   6,888   5,896   6,492  
(year-on-year) (%) -10.2   -1.2   -1.2   -0.7   -3.2   -1.4   -2.8  
Gross Revenue (actual) (JPY mn) 32   33   47   44   41   35   234  
(year-on-year) (%) -10.2   -4.0   0.2   -0.4   -5.2   -0.4   -3.1  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 84.3   90.3   82.1   85.4           85.5  
(year-on-year) (points) -5.6   0.3   -6.8   -3.1           -3.8  
ADR (actual) (JPY) 8,358   8,821   7,766   8,657           8,418  
(year-on-year) (%) 2.7   3.6   9.7   14.8           7.5  
RevPAR (actual) (JPY) 7,044   7,963   6,374   7,396           7,201  
(year-on-year) (%) -3.7   4.0   1.3   10.8           3.0  
Gross Revenue (actual) (JPY mn) 43   49   37   45           175  
(year-on-year) (%) -2.0   4.2   4.0   8.5           3.6  
(Note) This property was acquired on July 17, 2014.
D10 Hotel MyStays Nippori
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 84.6   84.1   88.0   94.4   89.3   90.8   88.6  
(year-on-year) (points) -10.5   -9.3   -3.9   1.3   -4.4   -3.6   -5.0  
ADR (actual) (JPY) 6,367   7,623   7,880   8,464   7,433   6,496   7,386  
(year-on-year) (%) -7.4   -4.9   -13.9   -15.1   -5.9   -6.7   -9.2  
RevPAR (actual) (JPY) 5,385   6,414   6,937   7,993   6,639   5,900   6,542  
(year-on-year) (%) -17.6   -14.4   -17.5   -13.8   -10.4   -10.2   -14.1  
Gross Revenue (actual) (JPY mn) 15   16   20   22   19   16   111  
(year-on-year) (%) -16.9   -17.0   -16.7   -13.6   -9.0   -9.1   -13.8  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 93.6   91.9   91.7   94.1           92.8  
(year-on-year) (points) 1.2   0.1   -0.9   0.7           0.3  
ADR (actual) (JPY) 7,141   6,847   6,471   7,187           6,918  
(year-on-year) (%) -7.0   -7.7   -8.5   -11.7           -8.8  
RevPAR (actual) (JPY) 6,685   6,294   5,933   6,764           6,423  
(year-on-year) (%) -5.8   -7.7   -9.4   -11.0           -8.5  
Gross Revenue (actual) (JPY mn) 19   18   16   19           74  
(year-on-year) (%) -5.2   -7.5   -8.8   -10.1           -7.9  
(Note) This property was acquired on July 17, 2014.
D11 Hotel MyStays Fukuoka-Tenjin-Minami
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 92.6   95.8   96.2   96.4   95.8   96.3   95.5  
(year-on-year) (points) -0.7   1.6   1.7   3.1   3.6   3.7   2.2  
ADR (actual) (JPY) 7,736   9,255   8,619   7,756   8,688   7,689   8,283  
(year-on-year) (%) 23.7   13.6   11.1   9.3   10.7   2.7   11.5  
RevPAR (actual) (JPY) 7,161   8,863   8,295   7,477   8,324   7,400   7,910  
(year-on-year) (%) 22.7   15.6   13.1   13.0   15.0   6.8   14.1  
Gross Revenue (actual) (JPY mn) 40   44   46   40   46   39   258  
(year-on-year) (%) 24.6   12.0   14.7   13.3   15.4   6.4   14.2  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 96.3   96.7   96.6   96.5           96.5  
(year-on-year) (points) 2.7   2.1   4.7   3.2           3.2  
ADR (actual) (JPY) 9,130   8,713   9,134   10,022           9,251  
(year-on-year) (%) 12.2   4.7   18.3   19.1           13.5  
RevPAR (actual) (JPY) 8,791   8,422   8,828   9,674           8,929  
(year-on-year) (%) 15.4   7.1   24.4   23.2           17.3  
Gross Revenue (actual) (JPY mn) 48   46   46   54           196  
(year-on-year) (%) 15.4   5.8   22.9   24.2           16.9  
(Note) This property was acquired on July 17, 2014.
D12 Flexstay Inn Iidabashi 
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 84.5   89.3   93.6   96.1   95.8   87.2   91.1  
(year-on-year) (points) -9.2   -1.3   1.6   4.2   5.9   -1.4   -0.0  
ADR (actual) (JPY) 8,396   9,875   10,062   11,205   9,149   8,514   9,559  
(year-on-year) (%) 0.2   -2.5   1.0   -3.7   -5.3   -3.5   -2.0  
RevPAR (actual) (JPY) 7,097   8,817   9,419   10,768   8,763   7,427   8,709  
(year-on-year) (%) -9.6   -3.9   2.8   0.7   1.0   -5.0   -2.0  
Gross Revenue (actual) (JPY mn) 14   15   18   20   17   14   100  
(year-on-year) (%) -8.3   -6.0   3.2   1.4   1.8   -3.8   -1.7  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 92.2   91.9   89.2   93.2           91.6  
(year-on-year) (points) 1.1   5.1   1.8   1.9           2.5  
ADR (actual) (JPY) 9,701   9,533   9,184   9,460           9,474  
(year-on-year) (%) 0.9   -1.1   -1.8   -4.6           -1.7  
RevPAR (actual) (JPY) 8,943   8,756   8,188   8,818           8,680  
(year-on-year) (%) 2.2   4.8   0.2   -2.6           1.1  
Gross Revenue (actual) (JPY mn) 17   17   15   17           68  
(year-on-year) (%) 2.7   6.2   0.2   -2.2           1.7  
(Note) This property was acquired on July 17, 2014.
D13 Hotel MyStays Ueno Inaricho
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 84.6   92.8   94.8   96.5   92.7   91.2   92.1  
(year-on-year) (points) -8.9   2.3   4.8   5.7   -1.9   -3.2   -0.2  
ADR (actual) (JPY) 7,019   7,860   8,075   10,120   8,011   6,957   8,036  
(year-on-year) (%) -6.0   -7.5   -14.8   -1.8   1.1   -7.4   -5.6  
RevPAR (actual) (JPY) 5,938   7,294   7,659   9,764   7,422   6,345   7,398  
(year-on-year) (%) -14.9   -5.1   -10.3   4.4   -0.9   -10.6   -5.8  
Gross Revenue (actual) (JPY mn) 13   14   17   21   16   13   98  
(year-on-year) (%) -13.5   -7.4   -9.5   5.4   0.6   -9.4   -5.2  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 90.9   92.7   91.5   94.7           92.5  
(year-on-year) (points) -1.2   0.1   0.0   -0.4           -0.4  
ADR (actual) (JPY) 7,506   7,467   6,824   7,623           7,362  
(year-on-year) (%) -6.5   -2.8   -7.3   -6.6           -5.8  
RevPAR (actual) (JPY) 6,827   6,918   6,246   7,217           6,806  
(year-on-year) (%) -7.6   -2.7   -7.2   -7.0           -6.1  
Gross Revenue (actual) (JPY mn) 15   15   13   16           61  
(year-on-year) (%) -6.4   -2.2   -6.8   -6.7           -5.5  
(Note) This property was acquired on July 17, 2014.
D14 Flexstay Inn Shinagawa
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 87.8   96.4   96.1   97.2   92.4   95.9   94.2  
(year-on-year) (points) -6.3   0.6   2.7   3.5   2.6   0.5   0.6  
ADR (actual) (JPY) 8,260   9,667   9,303   11,612   8,922   8,147   9,330  
(year-on-year) (%) -0.4   5.5   -11.7   3.8   -1.4   -5.3   -1.5  
RevPAR (actual) (JPY) 7,252   9,315   8,943   11,281   8,242   7,811   8,791  
(year-on-year) (%) -7.1   6.2   -9.2   7.7   1.5   -4.8   -0.9  
Gross Revenue (actual) (JPY mn) 12   14   15   18   14   13   88  
(year-on-year) (%) -6.6   2.9   -8.0   8.2   2.1   -4.0   -0.7  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 97.0   95.2   92.6   97.2           95.5  
(year-on-year) (points) 1.8   -2.5   -5.2   -1.5           -1.8  
ADR (actual) (JPY) 8,153   7,983   8,050   9,680           8,478  
(year-on-year) (%) -7.8   -5.9   -4.6   -0.7           -4.6  
RevPAR (actual) (JPY) 7,909   7,604   7,455   9,408           8,099  
(year-on-year) (%) -6.1   -8.3   -9.6   -2.3           -6.4  
Gross Revenue (actual) (JPY mn) 13   13   12   16           55  
(year-on-year) (%) -5.7   -8.2   -9.4   -1.8           -6.1  
(Note) This property was acquired on July 17, 2014.
D15 Flexstay Inn Tokiwadai 
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 64.5   80.3   76.8   89.5   78.4   79.8   78.1  
(year-on-year) (points) -8.0   -1.8   -6.9   1.6   -6.3   2.2   -3.3  
ADR (actual) (JPY) 5,096   5,342   5,454   5,809   5,293   4,687   5,295  
(year-on-year) (%) -2.7   -3.2   -1.5   9.9   4.3   -5.0   0.5  
RevPAR (actual) (JPY) 3,285   4,289   4,189   5,199   4,148   3,741   4,136  
(year-on-year) (%) -13.4   -5.4   -9.6   12.0   -3.5   -2.3   -3.5  
Gross Revenue (actual) (JPY mn) 14   16   17   21   17   15   102  
(year-on-year) (%) -14.0   -9.2   -9.7   10.1   -5.2   -3.0   -5.0  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 82.6   73.3   71.1   64.9           73.0  
(year-on-year) (points) 5.0   -6.3   -0.0   -13.7           -3.8  
ADR (actual) (JPY) 5,085   5,311   5,211   5,439           5,251  
(year-on-year) (%) -3.7   2.5   0.4   -3.3           -1.3  
RevPAR (actual) (JPY) 4,198   3,891   3,706   3,530           3,832  
(year-on-year) (%) 2.4   -5.5   0.3   -20.1           -6.2  
Gross Revenue (actual) (JPY mn) 17   16   15   14           65  
(year-on-year) (%) 2.2   -6.5   1.9   -19.0           -5.8  
(Note) This property was acquired on July 17, 2014.
D16 Flexstay Inn Sugamo
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 59.7   83.0   76.8   93.5   78.6   68.3   76.5  
(year-on-year) (points) -10.6   4.1   1.2   9.0   7.0   -7.2   0.5  
ADR (actual) (JPY) 5,704   6,152   6,349   6,883   6,469   5,462   6,228  
(year-on-year) (%) -3.5   -3.4   2.5   -0.7   1.0   -5.4   -0.8  
RevPAR (actual) (JPY) 3,406   5,104   4,878   6,436   5,087   3,732   4,765  
(year-on-year) (%) -18.0   1.6   4.2   9.8   10.9   -14.5   -0.2  
Gross Revenue (actual) (JPY mn) 11   15   16   21   17   12   95  
(year-on-year) (%) -16.6   -1.4   4.5   10.7   10.8   -15.7   -0.4  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 73.3   79.7   75.8   83.1           78.0  
(year-on-year) (points) -2.7   2.3   0.4   -1.0           -0.3  
ADR (actual) (JPY) 5,569   5,690   5,584   6,105           5,748  
(year-on-year) (%) -2.5   1.2   1.9   1.3           0.5  
RevPAR (actual) (JPY) 4,083   4,536   4,235   5,071           4,483  
(year-on-year) (%) -5.9   4.1   2.4   0.1           0.1  
Gross Revenue (actual) (JPY mn) 13   15   14   17           60  
(year-on-year) (%) -7.3   3.1   1.4   0.2           -0.7  
(Note) This property was acquired on July 17, 2014.
D17 Hotel MyStays Otemae 
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 89.8   94.9   94.3   96.3   90.4   91.5   92.8  
(year-on-year) (points) -3.4   1.4   -0.9   0.5   -5.3   -3.9   -2.0  
ADR (actual) (JPY) 9,947   10,781   12,768   13,353   11,462   9,841   11,391  
(year-on-year) (%) -6.8   -5.4   -6.6   -1.3   5.2   -6.0   -3.3  
RevPAR (actual) (JPY) 8,932   10,231   12,038   12,863   10,356   9,006   10,573  
(year-on-year) (%) -10.2   -4.0   -7.5   -0.7   -0.7   -9.8   -5.3  
Gross Revenue (actual) (JPY mn) 30   32   41   43   35   30   213  
(year-on-year) (%) -9.8   -6.6   -7.2   -0.4   0.1   -9.3   -5.3  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 91.6   94.3   92.2   94.1           93.1  
(year-on-year) (points) -4.3   -1.4   -2.5   -2.4           -2.7  
ADR (actual) (JPY) 11,999   13,199   11,013   11,230           11,871  
(year-on-year) (%) -7.0   2.8   4.4   -3.7           -1.1  
RevPAR (actual) (JPY) 10,996   12,452   10,152   10,565           11,048  
(year-on-year) (%) -11.1   1.3   1.6   -6.1           -3.8  
Gross Revenue (actual) (JPY mn) 38   42   34   36           151  
(year-on-year) (%) -10.7   1.3   2.2   -5.5           -3.4  
(Note) This property was acquired on July 17, 2014.
D18 Flexstay Inn Kiyosumi Shirakawa
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 87.0   92.0   88.4   93.3   91.3   88.9   90.1  
(year-on-year) (points) -0.6   2.6   -0.3   6.5   1.9   2.1   2.0  
ADR (actual) (JPY) 6,574   7,162   7,637   9,269   7,507   6,448   7,449  
(year-on-year) (%) 5.2   -1.7   -5.7   -5.5   -0.5   -6.6   -2.5  
RevPAR (actual) (JPY) 5,722   6,590   6,750   8,646   6,855   5,733   6,713  
(year-on-year) (%) 4.5   1.2   -6.0   1.6   1.7   -4.4   -0.3  
Gross Revenue (actual) (JPY mn) 10   11   12   15   12   10   73  
(year-on-year) (%) 3.9   -1.5   -4.7   2.2   1.7   -2.5   -0.1  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 93.0   93.4   88.1   91.3           91.5  
(year-on-year) (points) 9.4   7.8   1.4   2.8           5.4  
ADR (actual) (JPY) 6,873   6,986   6,669   7,279           6,956  
(year-on-year) (%) -7.9   -6.4   -6.2   -7.5           -7.0  
RevPAR (actual) (JPY) 6,393   6,523   5,873   6,647           6,363  
(year-on-year) (%) 2.4   2.1   -4.7   -4.6           -1.2  
Gross Revenue (actual) (JPY mn) 11   12   10   12           47  
(year-on-year) (%) 2.0   1.6   -5.2   -3.6           -1.3  
(Note) This property was acquired on July 17, 2014.
D19 Flexstay Inn Nakanobu P1 
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 76.3   89.8   92.3   92.2   86.5   89.5   87.7  
(year-on-year) (points) -3.3   3.5   12.2   0.9   -2.7   -1.5   1.5  
ADR (actual) (JPY) 5,624   6,097   6,068   6,783   5,864   5,563   6,011  
(year-on-year) (%) -5.4   -6.7   -18.4   -8.1   -5.9   -6.3   -8.6  
RevPAR (actual) (JPY) 4,289   5,477   5,601   6,256   5,073   4,978   5,272  
(year-on-year) (%) -9.3   -2.9   -5.9   -7.3   -8.8   -7.8   -7.0  
Gross Revenue (actual) (JPY mn) 5   6   6   7   6   6   38  
(year-on-year) (%) -7.8   -4.9   -4.8   -5.3   -8.9   -6.0   -6.2  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 94.8   91.2   87.9   89.7           90.9  
(year-on-year) (points) 7.0   6.9   -0.9   -1.1           3.0  
ADR (actual) (JPY) 5,792   5,336   5,325   5,401           5,469  
(year-on-year) (%) -7.7   -13.1   -11.9   -14.7           -11.8  
RevPAR (actual) (JPY) 5,490   4,868   4,678   4,847           4,973  
(year-on-year) (%) -0.3   -6.1   -12.9   -15.7           -8.8  
Gross Revenue (actual) (JPY mn) 6   6   5   6           24  
(year-on-year) (%) 0.5   -4.0   -10.8   -14.3           -7.2  
(Note) This property was acquired on July 17, 2014.
D20 Flexstay Inn Nakanobu P2
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 85.2   89.9   95.5   90.8   82.3   82.6   87.7  
(year-on-year) (points) 0.0   2.2   7.9   -2.1   -5.9   -8.9   -1.1  
ADR (actual) (JPY) 5,040   5,906   5,649   6,513   5,493   5,470   5,684  
(year-on-year) (%) -5.0   -4.2   -16.8   -2.0   -7.9   -0.7   -6.3  
RevPAR (actual) (JPY) 4,294   5,312   5,392   5,911   4,518   4,517   4,983  
(year-on-year) (%) -5.0   -1.8   -9.2   -4.3   -14.0   -10.4   -7.5  
Gross Revenue (actual) (JPY mn) 3   3   3   4   3   3   20  
(year-on-year) (%) -3.1   -4.7   -6.5   -2.4   -14.5   -9.5   -6.7  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 95.9   90.6   90.2   90.5           91.8  
(year-on-year) (points) 8.1   4.5   -5.5   -3.8           0.9  
ADR (actual) (JPY) 5,707   5,085   5,211   5,312           5,335  
(year-on-year) (%) -1.4   -3.8   1.6   -4.4           -1.9  
RevPAR (actual) (JPY) 5,472   4,607   4,698   4,806           4,897  
(year-on-year) (%) 7.7   1.2   -4.2   -8.2           -0.9  
Gross Revenue (actual) (JPY mn) 3   3   3   3           13  
(year-on-year) (%) 9.5   1.5   -4.1   -9.4           -0.7  
(Note) This property was acquired on July 17, 2014.
D21 APA Hotel Yokohama-Kannai
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 88.4   96.4   96.5   94.4   89.1   88.9   92.2  
(year-on-year) (points) 0.5   -2.5   -0.1   1.9   -0.7   -4.3   -0.9  
ADR (actual) (JPY) 5,914   6,947   7,370   7,559   7,555   6,818   7,037  
(year-on-year) (%) -0.2   5.9   -3.3   -4.3   -1.6   6.2   0.2  
RevPAR (actual) (JPY) 5,228   6,697   7,112   7,136   6,732   6,061   6,490  
(year-on-year) (%) 0.3   3.2   -3.4   -2.4   -2.3   1.3   -0.8  
Gross Revenue (actual) (JPY mn) 73   87   103   100   97   85   548  
(year-on-year) (%) -4.9   -1.2   -3.7   1.0   -2.3   1.0   -1.6  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 88.8   94.1   84.2   82.8           87.5  
(year-on-year) (points) -8.7   -0.2   -9.5   -11.1           -7.4  
ADR (actual) (JPY) 6,939   7,356   7,111   7,923           7,327  
(year-on-year) (%) -8.0   -8.3   -8.6   1.3           -5.9  
RevPAR (actual) (JPY) 6,162   6,922   5,987   6,560           6,411  
(year-on-year) (%) -16.2   -8.5   -17.9   -10.6           -13.2  
Gross Revenue (actual) (JPY mn) 90   100   84   95           370  
(year-on-year) (%) -15.7   -8.2   -17.3   -10.7           -12.9  
(Note) This property was acquired on Februay 6, 2015.
D22 Hotel Nets Hakodate
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 60.5   76.1   68.0   69.1   84.1   87.6   74.2  
(year-on-year) (points) -3.5   -3.6   -11.1   -4.4   -4.9   -5.0   -5.5  
ADR (actual) (JPY) 6,969   6,864   7,511   7,702   9,464   8,771   7,988  
(year-on-year) (%) 18.2   19.5   15.7   -1.8   13.0   7.8   11.4  
RevPAR (actual) (JPY) 4,218   5,223   5,108   5,323   7,963   7,687   5,925  
(year-on-year) (%) 11.8   14.1   -0.6   -7.7   6.8   2.0   3.8  
Gross Revenue (actual) (JPY mn) 29   33   35   35   54   50   240  
(year-on-year) (%) 9.4   8.7   -1.8   -7.3   7.7   1.2   2.7  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 91.6   93.6   89.7   83.0           89.5  
(year-on-year) (points) 0.1   -0.7   -4.3   -6.6           -2.8  
ADR (actual) (JPY) 9,450   10,692   9,235   8,664           9,541  
(year-on-year) (%) -1.9   1.1   -0.9   0.4           -0.1  
RevPAR (actual) (JPY) 8,656   10,007   8,281   7,195           8,537  
(year-on-year) (%) -1.7   0.3   -5.4   -6.9           -3.2  
Gross Revenue (actual) (JPY mn) 58   67   54   49           230  
(year-on-year) (%) -2.6   0.9   -5.0   -7.3           -3.2  
(Note) This property was acquired on Februay 6, 2015.
D23 Flexstay Inn Shirogane
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 78.6   88.6   86.1   93.6   92.1   87.6   87.7  
(year-on-year) (points) 4.8   7.3   7.8   -0.2   1.4   2.4   3.9  
ADR (actual) (JPY) 6,188   7,090   7,279   8,295   6,923   6,546   7,076  
(year-on-year) (%) -3.9   -7.4   -7.2   5.2   -3.5   -1.8   -2.9  
RevPAR (actual) (JPY) 4,864   6,279   6,267   7,762   6,375   5,733   6,206  
(year-on-year) (%) 2.4   0.9   2.0   4.9   -2.0   0.9   1.6  
Gross Revenue (actual) (JPY mn) 13   15   16   20   17   15   98  
(year-on-year) (%) 3.0   -1.6   2.9   5.2   -0.1   3.1   2.2  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 84.9   77.0   71.8   89.3           80.8  
(year-on-year) (points) -4.7   -5.6   -10.8   1.9           -4.7  
ADR (actual) (JPY) 6,824   6,732   6,557   7,235           6,858  
(year-on-year) (%) -1.8   -3.8   -2.9   2.8           -1.1  
RevPAR (actual) (JPY) 5,794   5,183   4,709   6,460           5,543  
(year-on-year) (%) -6.9   -10.3   -15.5   5.0           -6.6  
Gross Revenue (actual) (JPY mn) 15   14   12   17           59  
(year-on-year) (%) -6.1   -9.8   -14.7   4.5           -6.2  
(Note) This property was acquired on Februay 6, 2015.
D24 Hotel MyStays Haneda
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 94.6   96.5   96.2   97.3   95.3   96.3   96.0  
(year-on-year) (points) -0.6   1.3   0.9   5.2   1.0   1.9   1.6  
ADR (actual) (JPY) 9,798   11,109   11,426   13,571   11,246   10,060   11,205  
(year-on-year) (%) 1.1   -2.6   -8.2   3.1   6.1   -1.7   -0.3  
RevPAR (actual) (JPY) 9,266   10,722   10,990   13,210   10,719   9,692   10,759  
(year-on-year) (%) 0.5   -1.2   -7.4   8.8   7.2   0.2   1.3  
Gross Revenue (actual) (JPY mn) 51   53   61   72   57   52   349  
(year-on-year) (%) 0.8   -3.9   -7.4   12.8   5.7   0.4   1.4  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 95.1   94.9   92.0   95.6           94.4  
(year-on-year) (points) -0.9   -1.7   -4.6   -2.1           -2.3  
ADR (actual) (JPY) 11,140   11,462   10,955   11,996           11,396  
(year-on-year) (%) 3.4   7.9   5.3   6.1           5.7  
RevPAR (actual) (JPY) 10,597   10,874   10,077   11,469           10,760  
(year-on-year) (%) 2.5   6.0   0.3   3.8           3.2  
Gross Revenue (actual) (JPY mn) 59   61   53   64           238  
(year-on-year) (%) 5.1   7.9   0.0   4.3           4.4  
(Note) This property was acquired on July 16, 2015.
D25 Hotel MyStays Kameido P1
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 72.9   84.6   89.5   95.6   85.0   87.7   85.8  
(year-on-year) (points) 0.4   -4.8   4.7   7.6   -0.2   -4.7   0.6  
ADR (actual) (JPY) 5,881   6,155   6,281   7,163   6,177   5,655   6,243  
(year-on-year) (%) -1.2   2.5   -7.6   -1.7   -5.4   -3.6   -2.7  
RevPAR (actual) (JPY) 4,287   5,207   5,624   6,847   5,247   4,962   5,359  
(year-on-year) (%) -0.6   -3.0   -2.5   6.7   -5.6   -8.5   -2.0  
Gross Revenue (actual) (JPY mn) 37   41   49   57   46   42   275  
(year-on-year) (%) -0.7   -6.8   -1.5   7.0   -4.8   -7.6   -2.2  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 91.2   89.0   89.5   94.0           91.0  
(year-on-year) (points) -0.8   -2.4   0.1   5.4           0.6  
ADR (actual) (JPY) 5,866   5,891   5,707   6,084           5,891  
(year-on-year) (%) -2.5   -2.1   -5.7   -7.0           -4.3  
RevPAR (actual) (JPY) 5,353   5,245   5,107   5,720           5,358  
(year-on-year) (%) -3.3   -4.7   -5.6   -1.4           -3.7  
Gross Revenue (actual) (JPY mn) 47   46   43   50           188  
(year-on-year) (%) -2.0   -4.2   -4.6   -0.2           -2.7  
(Note 1) This property was acquired on July 16, 2015.
D26 Hotel MyStays Ueno Iriyaguchi
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 87.8   93.6   96.5   96.6   94.8   95.6   94.1  
(year-on-year) (points) -7.6   1.2   4.3   3.0   -0.5   -0.5   -0.0  
ADR (actual) (JPY) 8,999   10,124   10,443   13,070   10,238   8,767   10,293  
(year-on-year) (%) -8.0   -7.9   -13.4   0.9   3.4   -4.6   -4.6  
RevPAR (actual) (JPY) 7,898   9,479   10,078   12,625   9,710   8,381   9,690  
(year-on-year) (%) -15.4   -6.6   -9.3   4.2   2.8   -5.1   -4.6  
Gross Revenue (actual) (JPY mn) 24   26   30   37   29   24   173  
(year-on-year) (%) -15.4   -9.2   -9.0   3.9   2.9   -5.0   -5.1  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 93.7   92.9   94.4   94.8           94.0  
(year-on-year) (points) -0.8   -1.7   -1.6   -2.0           -1.6  
ADR (actual) (JPY) 9,636   9,354   8,775   10,107           9,474  
(year-on-year) (%) -2.7   0.6   -0.7   -1.7           -1.2  
RevPAR (actual) (JPY) 9,030   8,691   8,286   9,579           8,902  
(year-on-year) (%) -3.6   -1.2   -2.4   -3.7           -2.8  
Gross Revenue (actual) (JPY mn) 27   26   24   29           107  
(year-on-year) (%) -3.0   -1.8   -2.4   -4.1           -2.9  
(Note) This property was acquired on July 16, 2015.
D27 Hotel MyStays Kameido P2
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 81.3   88.8   89.2   95.7   87.9   93.4   89.3  
(year-on-year) (points) 0.4   -4.2   -1.2   4.9   -0.1   1.6   0.2  
ADR (actual) (JPY) 5,907   6,362   6,869   7,434   6,055   5,502   6,367  
(year-on-year) (%) 0.9   2.4   -2.1   1.0   -4.3   -7.1   -1.4  
RevPAR (actual) (JPY) 4,800   5,649   6,125   7,116   5,320   5,139   5,687  
(year-on-year) (%) 1.4   -2.3   -3.4   6.4   -4.4   -5.6   -1.2  
Gross Revenue (actual) (JPY mn) 27   29   34   39   30   29   190  
(year-on-year) (%) 0.2   -5.1   -3.3   6.3   -3.8   -4.4   -1.5  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 95.8   91.5   91.7   95.1           93.5  
(year-on-year) (points) 1.9   -1.0   -0.6   1.6           0.5  
ADR (actual) (JPY) 5,599   5,910   5,849   6,501           5,966  
(year-on-year) (%) -5.6   -5.8   -9.8   -3.4           -6.1  
RevPAR (actual) (JPY) 5,363   5,407   5,364   6,181           5,580  
(year-on-year) (%) -3.7   -6.8   -10.3   -1.8           -5.6  
Gross Revenue (actual) (JPY mn) 31   31   29   35           127  
(year-on-year) (%) -2.0   -5.2   -9.2   -0.6           -4.2  
(Note) This property was acquired on July 16, 2015.
D28 Hotel Vista Shimizu
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 74.5   86.3   89.7   80.0   83.9   76.0   81.7  
(year-on-year) (points) 6.4   5.3   2.0   2.0   8.3   -3.2   3.5  
ADR (actual) (JPY) 6,202   6,426   7,403   6,552   7,320   6,029   6,691  
(year-on-year) (%) -0.9   3.6   4.3   2.1   5.6   1.2   3.0  
RevPAR (actual) (JPY) 4,621   5,543   6,639   5,243   6,140   4,580   5,466  
(year-on-year) (%) 8.4   10.3   6.7   4.6   17.2   -3.0   7.5  
Gross Revenue (actual) (JPY mn) 23   25   33   26   31   22   161  
(year-on-year) (%) 4.2   5.7   6.8   4.2   17.1   -4.7   5.8  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 82.7   92.9   85.1   79.5           85.0  
(year-on-year) (points) -5.8   -2.4   2.1   -1.6           -2.0  
ADR (actual) (JPY) 6,796   7,966   6,505   6,575           6,995  
(year-on-year) (%) 3.1   5.9   2.5   -3.9           2.1  
RevPAR (actual) (JPY) 5,618   7,398   5,535   5,224           5,947  
(year-on-year) (%) -3.7   3.1   5.1   -5.7           -0.2  
Gross Revenue (actual) (JPY mn) 28   38   26   26           120  
(year-on-year) (%) -5.0   4.0   5.1   -5.9           -0.3  
(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
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 82.2   89.9   91.0   92.1   86.5   85.8   87.9  
(year-on-year) (points) 0.3   4.5   3.9   10.5   2.2   1.6   3.8  
ADR (actual) (JPY) 5,145   5,706   5,905   7,027   5,584   5,105   5,763  
(year-on-year) (%) 1.3   -1.0   -5.1   -4.1   -0.4   -8.2   -2.7  
RevPAR (actual) (JPY) 4,229   5,132   5,374   6,473   4,831   4,378   5,065  
(year-on-year) (%) 1.7   4.2   -0.9   8.2   2.2   -6.5   1.7  
Gross Revenue (actual) (JPY mn) 11   12   14   17   13   11   82  
(year-on-year) (%) 2.4   1.2   -0.2   8.6   4.2   -4.4   2.2  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 87.2   90.0   89.9   95.7           90.7  
(year-on-year) (points) -3.4   3.3   4.7   3.3           1.9  
ADR (actual) (JPY) 5,405   5,556   4,954   5,091           5,250  
(year-on-year) (%) -7.9   -1.6   -7.4   -12.0           -7.4  
RevPAR (actual) (JPY) 4,715   5,000   4,453   4,873           4,763  
(year-on-year) (%) -11.4   2.1   -2.2   -8.9           -5.4  
Gross Revenue (actual) (JPY mn) 13   14   12   13           53  
(year-on-year) (%) -9.5   4.2   -0.6   -5.8           -3.2  
(Note) This property was acquired on July 16, 2015.
D31 Hotel MyStays Utsunomiya
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 94.6   98.1   98.1   98.6   96.9   96.9   97.2  
(year-on-year) (points) 2.4   4.8   3.2   5.6   6.6   3.2   4.3  
ADR (actual) (JPY) 6,698   6,855   7,273   6,863   8,312   6,838   7,148  
(year-on-year) (%) 9.6   4.5   1.9   -0.3   16.3   3.5   6.0  
RevPAR (actual) (JPY) 6,339   6,724   7,135   6,766   8,056   6,626   6,947  
(year-on-year) (%) 12.5   9.9   5.3   5.7   24.8   7.0   10.9  
Gross Revenue (actual) (JPY mn) 39   34   57   42   36   47   257  
(year-on-year) (%) 9.1   -11.9   22.3   26.5   -6.2   2.4   6.9  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 96.9   99.2   97.6   95.6           97.3  
(year-on-year) (points) 3.8   4.7   4.9   -2.6           2.7  
ADR (actual) (JPY) 7,105   8,018   8,073   10,020           8,298  
(year-on-year) (%) 5.1   15.4   16.3   24.9           15.6  
RevPAR (actual) (JPY) 6,888   7,953   7,876   9,574           8,074  
(year-on-year) (%) 9.3   21.1   22.5   21.6           18.8  
Gross Revenue (actual) (JPY mn) 37   38   46   55           177  
(year-on-year) (%) 16.7   22.2   32.9   2.6           16.6  
(Note) This property was acquired on July 16, 2015.
D32  Flexstay Inn Kawasaki-Kaizuka
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 73.7   81.8   85.7   95.1   90.1   93.1   86.6  
(year-on-year) (points) 11.6   -1.1   0.9   7.0   2.1   15.6   6.0  
ADR (actual) (JPY) 4,925   5,386   5,373   5,993   5,528   5,125   5,406  
(year-on-year) (%) -9.8   -5.3   -4.7   2.1   -1.2   -4.3   -3.7  
RevPAR (actual) (JPY) 3,632   4,403   4,604   5,697   4,979   4,773   4,680  
(year-on-year) (%) 7.0   -6.6   -3.7   10.2   1.1   14.9   3.6  
Gross Revenue (actual) (JPY mn) 7   8   9   11   10   9   57  
(year-on-year) (%) 6.7   -10.5   -3.5   10.4   1.2   15.2   3.0  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 93.3   93.5   90.3   87.9           91.3  
(year-on-year) (points) 8.7   6.3   19.8   -1.8           8.2  
ADR (actual) (JPY) 5,144   5,302   5,225   5,482           5,286  
(year-on-year) (%) -7.3   -5.2   -7.1   1.6           -4.5  
RevPAR (actual) (JPY) 4,802   4,960   4,718   4,819           4,826  
(year-on-year) (%) 2.3   1.7   19.0   -0.4           4.9  
Gross Revenue (actual) (JPY mn) 10   10   9   10           40  
(year-on-year) (%) 3.7   1.5   20.1   -1.3           5.2  
(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
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 60.1   83.3   89.5   97.4   77.1   82.0   81.4  
(year-on-year) (points) 2.9   -3.5   4.2   3.7   -14.2   3.2   -0.6  
ADR (actual) (JPY) 4,547   4,924   4,914   5,338   5,231   4,786   4,983  
(year-on-year) (%) -11.0   -1.5   -5.1   1.3   3.8   -3.1   -2.2  
RevPAR (actual) (JPY) 2,733   4,102   4,398   5,198   4,033   3,927   4,059  
(year-on-year) (%) -6.5   -5.5   -0.4   5.3   -12.3   0.9   -2.9  
Gross Revenue (actual) (JPY mn) 5   7   8   10   8   7   48  
(year-on-year) (%) -7.3   -9.7   -0.1   4.9   -13.9   0.7   -4.1  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 91.5   88.4   93.6   93.5           91.7  
(year-on-year) (points) 9.2   1.2   5.9   -2.7           3.4  
ADR (actual) (JPY) 4,989   4,785   4,801   5,153           4,935  
(year-on-year) (%) -1.4   -2.5   3.9   8.7           2.2  
RevPAR (actual) (JPY) 4,564   4,233   4,494   4,817           4,527  
(year-on-year) (%) 9.5   -1.1   10.9   5.7           6.1  
Gross Revenue (actual) (JPY mn) 9   8   8   9           37  
(year-on-year) (%) 10.6   -0.4   10.5   3.8           6.0  
(Note) This property was acquired on July 16, 2015.
D35 Flexstay Inn Ekoda
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 68.3   87.0   87.8   94.7   91.1   85.1   85.6  
(year-on-year) (points) -9.0   0.1   7.5   -0.2   -1.1   1.0   -0.3  
ADR (actual) (JPY) 5,182   5,447   5,277   5,693   5,352   4,830   5,307  
(year-on-year) (%) 3.6   0.8   -1.7   3.2   2.8   -3.1   1.0  
RevPAR (actual) (JPY) 3,538   4,742   4,635   5,393   4,875   4,112   4,544  
(year-on-year) (%) -8.4   0.9   7.5   3.0   1.6   -1.9   0.7  
Gross Revenue (actual) (JPY mn) 24   29   32   36   33   28   184  
(year-on-year) (%) -7.2   -1.3   9.3   3.3   1.7   -0.2   1.1  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 85.5   82.4   70.7   80.8           79.9  
(year-on-year) (points) -5.1   0.6   -4.0   -4.3           -3.2  
ADR (actual) (JPY) 5,159   5,071   5,262   5,333           5,203  
(year-on-year) (%) 5.0   -1.2   1.5   -3.6           0.3  
RevPAR (actual) (JPY) 4,410   4,181   3,720   4,310           4,159  
(year-on-year) (%) -0.9   -0.5   -3.9   -8.5           -3.5  
Gross Revenue (actual) (JPY mn) 30   29   24   29           114  
(year-on-year) (%) -1.8   -0.1   -3.8   -9.8           -4.0  
(Note) This property was acquired on August 28, 2015.
D36 Super Hotel Tokyo-JR Tachikawa Kitaguchi
(Note 1) This property was acquired on August 28, 2015.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D37 Super Hotel JR Ueno-iriyaguchi
(Note 1) This property was acquired on August 28, 2015.
(Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding
              Occupancy, ADR, RevPAR and Gross Revenue.
D38 Hotel MyStays Shinsaibashi
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 95.1   96.8   97.7   96.7   95.8   96.8   96.5  
(year-on-year) (points) -   5.3   8.9   11.2   -0.2   0.8   -  
ADR (actual) (JPY) 12,733   12,960   14,755   17,115   13,673   11,762   13,845  
(year-on-year) (%) -   -14.0   -18.2   -5.0   0.8   -14.5   -  
RevPAR (actual) (JPY) 12,109   12,549   14,411   16,545   13,102   11,385   13,357  
(year-on-year) (%) -   -9.0   -10.0   7.4   0.5   -13.8   -  
Gross Revenue (actual) (JPY mn) 21   20   25   27   22   19   136  
(year-on-year) (%) -   -11.4   -9.5   7.7   0.6   -13.1   -  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 97.1   96.8   95.9   98.0           96.9  
(year-on-year) (points) 0.7   -2.5   1.1   2.6           0.5  
ADR (actual) (JPY) 13,523   13,968   12,691   14,787           13,756  
(year-on-year) (%) -16.2   -6.0   -3.9   -4.5           -7.9  
RevPAR (actual) (JPY) 13,127   13,517   12,166   14,495           13,336  
(year-on-year) (%) -15.6   -8.4   -2.8   -1.8           -7.5  
Gross Revenue (actual) (JPY mn) 22   23   20   25           92  
(year-on-year) (%) -14.8   -7.7   -2.8   -1.7           -7.0  
(Note 1) This property was acquired on January 22, 2016.
(Note 2) Comparison for year-on-year is not made if the days of operation for the same period in the previous year are less than one
              month. 
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
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 93.1   96.1   94.5   97.4   95.0   96.2   95.3  
(year-on-year) (points) -   -   -   1.2   -0.4   0.7   -  
ADR (actual) (JPY) 9,271   11,128   10,966   12,490   10,301   9,470   10,603  
(year-on-year) (%) -   -   -   3.5   1.1   1.5   -  
RevPAR (actual) (JPY) 8,629   10,692   10,358   12,170   9,785   9,108   10,109  
(year-on-year) (%) -   -   -   4.8   0.6   2.2   -  
Gross Revenue (actual) (JPY mn) 99   110   120   133   110   101   676  
(year-on-year) (%) -   -   -   11.6   -5.5   3.1   -  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 95.2   93.1   95.2   97.0           95.1  
(year-on-year) (points) 0.9   -2.6   -0.8   1.2           -0.3  
ADR (actual) (JPY) 10,029   9,977   9,903   10,625           10,139  
(year-on-year) (%) -3.5   2.3   -0.6   0.2           -0.4  
RevPAR (actual) (JPY) 9,548   9,290   9,424   10,309           9,646  
(year-on-year) (%) -2.5   -0.5   -1.5   1.5           -0.7  
Gross Revenue (actual) (JPY mn) 110   105   104   118           439  
(year-on-year) (%) -0.3   0.6   -1.9   2.4           0.2  
(Note 1) 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. The figures for October 2017 include one day of
            performance (October 31, 2017) for the additional 50 rooms. 
(Note 2) Comparison for year-on-year is not made if the days of operation for the same period in the previous year are less than one
              month. 
D44  Hotel Epinard Nasu 
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 66.0   63.5   88.3   85.2   76.9   77.6   76.5  
(year-on-year) (points) -   -   -   1.0   -8.8   -1.1   -  
ADR (actual) (JPY) 21,584   16,737   20,176   19,590   24,296   18,572   20,262  
(year-on-year) (%) -   -   -   5.0   13.6   5.5   -  
RevPAR (actual) (JPY) 14,254   10,625   17,818   16,685   18,684   14,410   15,504  
(year-on-year) (%) -   -   -   6.2   1.9   4.0   -  
Gross Revenue (actual) (JPY mn) 387   323   515   476   514   464   2,681  
(year-on-year) (%) -   -   -   4.6   1.7   6.0   -  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 94.8   100.0   99.3   93.8           97.0  
(year-on-year) (points) 1.2   0.0   1.9   -2.2           0.2  
ADR (actual) (JPY) 27,653   46,160   22,515   22,500           29,924  
(year-on-year) (%) 6.4   9.3   7.6   5.9           7.7  
RevPAR (actual) (JPY) 26,217   46,160   22,357   21,106           29,014  
(year-on-year) (%) 7.8   9.3   9.7   3.5           7.9  
Gross Revenue (actual) (JPY mn) 616   837   577   615           2,646  
(year-on-year) (%) 5.1   6.8   5.8   1.8           5.0  
(Note 1) This property was acquired on March 31, 2016.
(Note 2) Comparison for year-on-year is not made if the days of operation for the same period in the previous year are less than one
              month. 
D45 Hotel MyStays Fukuoka Tenjin
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 94.7   97.9   96.9   96.6   97.2   96.3   96.6  
(year-on-year) (points) -   -   -   1.1   1.6   1.2   -  
ADR (actual) (JPY) 7,705   8,877   8,942   8,008   8,879   7,999   8,403  
(year-on-year) (%) -   -   -   8.1   14.2   4.3   -  
RevPAR (actual) (JPY) 7,296   8,691   8,665   7,734   8,630   7,699   8,114  
(year-on-year) (%) -   -   -   9.3   16.1   5.6   -  
Gross Revenue (actual) (JPY mn) 50   53   60   52   59   51   327  
(year-on-year) (%) -   -   -   -0.3   16.8   3.0   -  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 97.0   95.5   94.4   96.1           95.8  
(year-on-year) (points) 1.3   -0.7   -0.7   1.0           0.3  
ADR (actual) (JPY) 9,373   8,785   9,365   10,386           9,479  
(year-on-year) (%) 15.1   7.1   21.6   27.4           17.7  
RevPAR (actual) (JPY) 9,093   8,391   8,844   9,976           9,078  
(year-on-year) (%) 16.7   6.3   20.7   28.8           18.0  
Gross Revenue (actual) (JPY mn) 62   58   58   69           249  
(year-on-year) (%) 18.2   8.6   19.5   29.3           18.9  
(Note 1) This property was acquired on March 31, 2016.
(Note 2) Comparison for year-on-year is not made if the days of operation for the same period in the previous year are less than one
              month. 
D46 Hotel MyStays Hamamatsucho
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 89.3   95.7   96.1   96.8   95.7   92.6   94.3  
(year-on-year) (points) -   -   -   0.9   3.6   0.4   -  
ADR (actual) (JPY) 9,581   10,853   11,328   13,798   10,908   10,224   11,138  
(year-on-year) (%) -   -   -   -0.6   -6.3   -4.3   -  
RevPAR (actual) (JPY) 8,554   10,392   10,883   13,355   10,443   9,468   10,508  
(year-on-year) (%) -   -   -   0.4   -2.6   -3.9   -  
Gross Revenue (actual) (JPY mn) 28   30   35   42   34   30   201  
(year-on-year) (%) -   -   -   0.5   -2.2   -3.7   -  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 96.3   96.3   94.1   96.9           95.9  
(year-on-year) (points) 4.7   0.9   -2.7   1.1           1.0  
ADR (actual) (JPY) 10,947   10,119   10,343   11,503           10,735  
(year-on-year) (%) -3.2   -3.8   -0.8   -0.2           -1.9  
RevPAR (actual) (JPY) 10,537   9,743   9,732   11,146           10,294  
(year-on-year) (%) 1.8   -2.9   -3.5   1.0           -0.8  
Gross Revenue (actual) (JPY mn) 34   31   30   36           133  
(year-on-year) (%) 2.0   -2.6   -3.3   1.4           -0.6  
(Note 1) This property was acquired on March 31, 2016.
(Note 2) Comparison for year-on-year is not made if the days of operation for the same period in the previous year are less than one
              month. 
D47 Hotel MyStays Premier Kanazawa
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/16
Occupancy Rate (actual) (%) 86.5   86.4   91.3   89.2   91.2   89.2   89.0  
(year-on-year) (points) -   -   -   -   -   -   -  
ADR (actual) (JPY) 7,918   9,173   12,097   12,307   13,744   9,748   10,896  
(year-on-year) (%) -   -   -   -   -   -   -  
RevPAR (actual) (JPY) 6,848   7,925   11,045   10,972   12,541   8,692   9,697  
(year-on-year) (%) -   -   -   -   -   -   -  
Gross Revenue (actual) (JPY mn) 61   64   98   92   107   73   497  
(year-on-year) (%) -   -   -   -   -   -   -  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 90.4   92.9   92.3   93.6           92.3  
(year-on-year) (points) -5.4   -1.6   -2.9   -0.8           -2.7  
ADR (actual) (JPY) 11,420   14,233   12,592   13,224           12,881  
(year-on-year) (%) 7.7   18.3   6.3   0.9           8.3  
RevPAR (actual) (JPY) 10,322   13,228   11,628   12,383           11,893  
(year-on-year) (%) 1.6   16.3   3.0   0.1           5.3  
Gross Revenue (actual) (JPY mn) 90   114   95   107           407  
(year-on-year) (%) -2.6   16.3   3.1   0.5           4.4  
(Note 1) This property was acquired on June 15, 2016.
(Note 2) Comparison for year-on-year is not made if the days of operation for the same period in the previous year are less than one
              month. 
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
      2017/1 2017/2 2017/3 2017/4 2017/5 2017/6 2017/56
Occupancy Rate (actual) (%) -   -   -   -   83.6   86.3   85.7  
(year-on-year) (points) -   -   -   -   -   -   -  
ADR (actual) (JPY) -   -   -   -   14,150   15,819   15,641  
(year-on-year) (%) -   -   -   -   -   -   -  
RevPAR (actual) (JPY) -   -   -   -   11,831   13,657   13,409  
(year-on-year) (%) -   -   -   -   -   -   -  
Gross Revenue (actual) (JPY mn) -   -   -   -   4   53   58  
(year-on-year) (%) -   -   -   -   -   -   -  
      2017/7 2017/8 2017/9 2017/10 2017/11 2017/12 2017/710
Occupancy Rate (actual) (%) 90.3   91.0   89.4   92.7           90.9  
(year-on-year) (points) -   -   -   -           -  
ADR