[For Information Purpose Only
The Japanese language press release should be referred to as the original.]
February 22, 2023
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities Code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Performance Update for January 2023
Invincible Investment Corporation (“INV”) hereby announces its monthly performance.
1. Overall Performance of the Entire Portfolio
The domestic hotel portfolio performance steadily recovered as inbound demand reached55.7% of the January 2019 level. All KPIs except for occupancy rate at the overseas hotelportfolio exceeded the level before the COVID-19 pandemic. The residential portfolio has
remained stable. The overall portfolio NOI1,2 for January 2023 increased by 1,134.8% yearover-year to JPY 1.5 billion, or 16.2% below the same portfolio’s NOI in January 2019 prior
to the COVID-19 pandemic.
The following are the details by segment.
2. Hotel Assets Overview(1) Domestic Hotels
As for the domestic hotel portfolio3 performance for the month of January 2023, theoccupancy rate increased by 23.1pt, ADR increased by 29.5%, and RevPAR increased by91.1% compared to January 2022, while the occupancy rate decreased by 10.4pt, ADR
increased by 5.2%, and RevPAR decreased by 8.1% compared to January 2019. The NOIfor January 2023 significantly increased from JPY -58 million for January 2022, or 31.5%
below the same portfolio’s NOI in January 2019.
For the month of January 2023, the government's travel subsidy program “National TravelDiscount Campaign” resumed on January 10, and inbound demand has increased as
described above. However, the total number of visitor arrivals to Japan (estimated)
This English language notice is a translation of the Japanese-language notice released on February 22, 2023 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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announced by the Japan National Tourism Organization (JNTO) for January 2023 was 1.49
million, still a significant decline compared to the January 2019 figure, which kept RevPAR
below the January 2019 level.
We are forecasting that the February 2023 RevPAR will be approximately 140% higher thanthe February 2022 figure, approximately 8% lower than the February 2019 figure as of today.
The occupancy rate is expected to be around 80%, indicating sold demand, even without
any three consecutive holidays in February 2023 compared to February 2019 and theabsence of Chinese tourists.
Table below shows the KPIs for each area of the 75 domestic hotels portfolio3.
Area

Occupancy Rate4

ADR (JPY)5

RevPAR (JPY)6Tokyo 23 Wards

76.7%

7,636

5,860

Greater Tokyo (ex. Tokyo 23 Wards)

77.9%

11,919

9,288

Chubu

64.8%

7,656

4,958

Kansai

68.3%

7,533

5,141

Kyushu

75.5%

9,659

7,290

Hokkaido

61.6%

8,827

5,433

Other domestic

66.7%

13,550

9,041

Total

71.6%

9,286

6,646

(2) Cayman Hotels
The occupancy rate for the Cayman Hotels (Westin Grand Cayman Seven Mile Beach &Spa and Sunshine Suites Resort) in January 2023 was 75.7%, an increase of 53.4pt
compared to the same month of the previous year, or 12.8pt lower than the January 2019
figure. ADR was USD 572, or 27.9% higher than the January 2019 figure. RevPAR was
USD 433, or 9.4% higher than the January 2019 figure. Both ADR and RevPAR for January2022 continuously exceeded 2019 levels. The NOI1 for January 2023 was JPY 544 million,or 13.4% above the NOI in January 2019, a significant increase from JPY -14 million forJanuary 2022.
We are forecasting that the occupancy rate for the Cayman Hotels in February 2023 will bearound 83.7%, or 9.2pt lower than the February 2019 figure, ADR will be around USD 620,
or 19.4% higher than the February 2019 figure, and RevPAR will be around USD 519, or
7.6% higher than the February 2019 figure as of today. Both ADR and RevPAR are
expected to continue to exceed the levels of the same month in 2019.
3. Residential Assets Overview
The residential portfolio7 in-place occupancy rate as of the end of January 2023 was 96.3%,
which decreased by 0.1pt compared to the end of the previous month and increased by 1.0pt
year-over-year.
This English language notice is a translation of the Japanese-language notice released on February 22, 2023 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

2The average in-place rent per tsubo increased by 0.3% year-over-year. The NOI8 for theresidential portfolio in January 2023 increased by 0.4% year-over-year.
Rents, compared with those based on the immediately preceding leases, increased by 0.6%
for new leases, increased by 1.6% for renewal leases, and increased by 1.3% for new andrenewal leases combined for January 2023. INV achieved a rent increase on 51.3% oflease contract renewals and the retention rate for the existing tenants was 84.8% for January
2023.
4. Performance* The “Difference” in the table below indicates the increase / decrease in value for the monthof January 2023 compared to the corresponding value in 2022 or 2019. Hereinafter thesame.
(1) 75 Domestic Hotel Properties3
Jan. 2023

Jan. 2022

Difference

Jan. 2019

Difference

Occupancy Rate4

71.6%

48.5%

+23.1pt

82.0%-10.4pt

ADR (JPY)5

9,286

7,168

+29.5%

8,825

+5.2%

RevPAR (JPY)6

6,646

3,477

+91.1%

7,233

-8.1%

Gross Revenue (JPY million)9

4,304

2,474

+74.0%

4,837-11.0%(2) Cayman Hotels
Jan. 2023

Jan. 2022

Difference

Jan. 2019Difference

Occupancy Rate4

75.7%

22.3%+53.4pt

88.5%-12.8pt

ADR (USD)5572

230+148.2%

447+27.9%

RevPAR (USD)6433

51+741.4%

396

+9.4%

Gross Revenue (USD thousand)

10,5191,699+518.9%9,488+10.9%(3) 41 Residential Properties7
End ofJan. 2023

End ofJan. 2022

Difference

Occupancy Rate

96.3%

95.3%

+1.0ptRent per Tsubo (JPY)

9,182

9,155+0.3%

This English language notice is a translation of the Japanese-language notice released on February 22, 2023 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

35. Portfolio NOI1,2,8(JPY Million)
Tokyo 23 Wards
Greater Tokyo

Jan. 2023

Jan. 2022

Difference

Difference

Jan. 2019271-28-378-28.1%

13025+406.2%

320-59.3%

Greater Tokyo Subtotal

402-2-

698-42.4%

Chubu

78-13-

93-15.6%

Kansai

79-7-

99-19.7%

Kyushu108-6-

135-20.0%

Hokkaido113-11-

159-28.9%

Other domestic

13-17--23-

Domestic Hotel- Subtotal

796

-58-

1,163-31.5%

Residential

185

184+0.4%

180+2.7%

Commercial

1212-0.0%

12-0.2%Domestic Asset- Subtotal

995139+615.5%

1,357-26.7%

Overseas544-14-480+13.4%

Total

1,539124+1,134.8%

1,837-16.2%(ex. Tokyo 23 Wards)(Note 1) Based on all properties held as of the end of January 2023, excluding 9 hotels with fixed-rent lease agreements. 9 hotels
with fixed-rent lease agreements are D29 Super Hotel Shinbashi/ Karasumoriguchi, D33 Comfort Hotel Toyama, D36
Super Hotel Tokyo-JR Tachikawa Kitaguchi, D37 Super Hotel JR Ueno-iriyaguchi, D39 Comfort Hotel Kurosaki,
D40 Comfort Hotel Maebashi, D41 Comfort Hotel Tsubame-Sanjo, D42 Comfort Hotel Kitami, and D48 Takamatsu Tokyu
REI Hotel. NOI includes a simulated amount of dividend income from Kingdom TMK (the “TMK”) that owns Sheraton
Grande Tokyo Bay Hotel as an underlying asset. The fiscal periods of the TMK are semi-annual periods from April 1 to
September 30 and from October 1 to March 31 every year, and INV will receive the dividend within three months from theend of each semi-annual fiscal period of the TMK. Since INV does not receive a dividend from the TMK on a monthly
basis, the amount of dividend INV receives from the TMK for each month is a simulated figure, which is calculated bydeducting (i) simulated expenses such as operating expense of the TMK and the interest of debt (calculated dividing thebudget of the TMK for the fiscal period that includes the relevant month by the number of months in such fiscal period)
from (ii) NOI based on the performance of Sheraton Grande Tokyo Bay Hotel in the month which is three months before
the target month for this performance disclosure and multiplied by INV’s ownership ratio of the preferred equity interest in
the TMK (49.0%). However, the TMK has a cumulative loss due to the decline in profits and has been in a situation
where it cannot pay dividends. The TMK has temporarily been extending its six-month accounting period to a 12-monthaccounting period in order to curb the costs of settlement of accounts and did not carry out the six-month settlement inINV’s fiscal period ended December 2022. The TMK plans to restore to the original six-month settlement once thecumulative loss is resolved and the TMK is expected to be able to resume payment of dividends. Since dividend income
from the TMK is not recorded unless the cumulative loss is eliminated, a discrepancy may arise between the simulated
amount of dividend income and the dividend income from the TMK in the process of eliminating the abovementioned
cumulative loss. The revenue from the Cayman Hotels is calculated at the exchange rate of US$1 to ¥110. Furthermore,
NOI is provisional figure and subject to change when it is determined at financial closing; hereinafter the same.
(Note 2) NOI figures before acquisition by INV is based on the data obtained from third-parties including previous owners, and are
subject to change caused by the adjustments based on differences in accounting treatments, since it is difficult to adjust
them due to the timing even if the figures are based on actual performance; hereinafter the same.
(Note 3) Based on 75 hotel properties; of the 84 domestic hotel properties (including Sheraton Grande Tokyo Bay Hotel, theunderlying asset of preferred equity interest held by INV) held as of the end of January 2023, 9 hotels with fixed-rent leaseagreements are excluded. As for Sheraton Grande Tokyo Bay hotel, NOI is based on the figure for the month which isthree months prior to the target month for this performance disclosure as INV will receive the dividend from the TMK within
three months of each fiscal period end for the TMK as described above. However, in consideration of seasonality, figuresother than NOI in the table above are based on the figures for January 2023; hereinafter the same.
(Note 4) “Occupancy Rate” for hotel portfolio is calculated using the following formula:room occupancy rate = total number of rooms occupied during the relevant period ÷ (aggregate number of rooms during
the relevant period x number of business days during target period)(Note 5) “ADR,” or Average Daily Rate, is the value of the total room sales for a certain period (excluding service fees) divided by
the total number of sold rooms for the same period.
(Note 6) “RevPAR,” or Revenues Per Available Room, is calculated by dividing the total room sales for a certain period by theaggregate number of rooms for the same period (rooms x number of days), and is the same as product of room occupancy
This English language notice is a translation of the Japanese-language notice released on February 22, 2023 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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rate and ADR.
(Note 7) Based on 41 properties held by INV as of the end of January 2023; hereinafter the same.
(Note 8) NOI excludes one-off insurance-related revenues and expenses; hereinafter the same.
(Note 9) Gross Revenue of Sheraton Grande Tokyo Bay Hotel used in the table is the whole gross revenue of such hotel, regardlessof INV’s ownership ratio of the preferred equity interest in the TMK (49.0%).
(Note 10) Percentages are rounded to one decimal place. ADR, RevPAR and Rent per Tsubo are rounded to the nearest yen and
Gross Revenue is rounded down to the nearest million yen.
(Note 11) For the details of performance for each hotel asset, please visit INV’s website:
https://www.invincible-inv.co.jp/en/portfolio/hotel.html

Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on February 22, 2023 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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