[Translation for reference purposes only]
August 23, 2024

To all parties concerned:

Real Estate Investment Trust Securities Issuer:
Nippon Hotel & Residential Investment Corporation
Representative:
Takeshi Kirihara,
Executive Director(Securities Code: 3472)
Asset Manager:
APA Investment Management Co., Ltd.
Representative: Takeshi Kirihara,
Chief Executive Officer
Inquiries:
Tomohiro Honda,
Director,
Chief Financial Officer
Chief Planning &Coordination Officer(TEL: +81-3-6262-5456)
Notice Concerning Monthly Disclosure for July 2024

Nippon Hotel & Residential Investment Corporation (the “Investment Corporation”) has announced
portfolio operating results for July 2024.
1. Operational status and KPI of owned facilities(1) Utilizing-leisure-time facilities: ryokan, hotels, or other facilities available for or possibly available for lodging,and for baths, resort facilities, amusement parks, or other facilities.
Entire Portfolio
July
2024
(A)

Data

July
2023
(B)

Change(A-B)

ChangePeriod Ending November 30, 2024
(June 1, 2024 to November 30, 2024)
Previous
Current Period
Corresponding
Total
ChangePeriod Total
Change(Cumulative)(C-D)(Cumulative)
(C)
(D)

74.5

73.8

＋0.7

＋0.9%

72.8

73.8

ADR (yen)

36,15135,399

＋752

＋2.1%

32,13130,892-1.0＋1,239

-1.4%
＋4.0%

RevPAR (yen)26,932

26,124

＋808

＋3.1%

23,391

22,798

＋593

＋2.6%

1,703

-292

-17.1%

Room occupancy rate (%)

896
983
-87
-8.9%
1,411
*The difference in sales is due to the impact of two facilities closed for renovation work.
(Ooedo-Onsen Monogatari Premium Kinugawa Kanko Hotel, Ooedo-Onsen Monogatari Premium Atami)
Sales (mn yen)

Properties

Property

Data

Ooedo-Onsen
Monogatari
Reoma Resort(Hotel Reomano Mori)

Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Premium
Ise-shima

July
2024
(A)

July
2023
(B)

Change(A-B)

ChangePeriod Ending November 30, 2024
(June 1, 2024 to November 30, 2024)
Previous
Current Period
Corresponding
Total
ChangePeriod Total(Cumulative)(C-D)(Cumulative)(C)(D)

Change

74.7

75.5

-0.8

-1.1%

69.3

70.0

-0.7

-1.0%

ADR (yen)

42,28640,334＋1,952＋4.8%

35,26933,296＋1,973＋5.9%

RevPAR (yen)31,58730,452＋3.7%＋8.3%

24,441

23,307＋4.9%
＋4.2%
＋1.4%

Sales (mn yen)274

253＋1,135＋21425

408＋1,134＋17

Room occupancy rate (%)

81.3

78.8＋2.5

＋3.2%

82.0

80.9

＋1.1

ADR (yen)

42,91337,971＋4,942＋13.0%

41,57733,650＋7,927 ＋23.6%

RevPAR (yen)34,88829,921

27,222＋6,871 ＋25.2%

9580＋16.6%＋18.8%

34,093

Sales (mn yen)

＋4,967＋15115

146

1-31-21.2%

Property

Data

Ooedo-Onsen
Monogatari
Toi MarineHotel

79.5

-1.5

-1.9%

76.4

80.5

-4.1

35,224-2,689-7.6%

30,09332,175-2,082-6.5%

RevPAR (yen)25,37728,003-2,626-9.4%

22,991

25,900-2,909-11.2%

Ooedo-Onsen
Monogatari
Kimitsu-nomori

9094-4-4.3%155

165-10-6.1%

83.2

＋12.7

＋15.3%

95.9

82.6

＋13.3

＋16.1%ADR (yen)

43,95538,782＋5,173＋13.3%

43,95536,188＋7,767＋21.5%

RevPAR (yen)42,15232,266＋9,886＋30.6%

42,15229,891 ＋12,261＋41.0%

Sales (mn yen)3378-45-57.7%

33

Ooedo-Onsen
Monogatari
Premium
Kinugawa
Kanko Hotel
Ooedo-Onsen
Monogatari
Higashiyama
Grand Hotel

119

-86

-72.3%

77.8

74.2

＋3.6

＋4.9%

68.2

70.2

-2.0

-2.8%

ADR (yen)

36,27838,836-2,558-6.6%

31,42432,080

-656

-2.0%

RevPAR (yen)28,224

28,816-1,089-4.8%

57-2.1%＋3.5%

22,52059-592＋221,431

Sales (mn yen)87

89

-2-2.2%

-2.0%
＋9.6%

71.0

69.7

＋1.3

＋1.9%

34,67329,850＋4,823＋16.2%

Room occupancy rate (%)

73.3

74.8

ADR (yen)

39,60636,130-1.5＋3,476

RevPAR (yen)29,031

27,025＋2,006＋7.4%

24,61720,805＋3,812＋18.3%

Sales (mn yen)91

82

＋9＋11.0%145

130＋15＋11.5%

93.2

90.5

＋2.7＋3.0%

96.2

89.7＋6.5＋7.2%

ADR (yen)

31,991

34,898-2,907-8.3%

30,15732,594-2,437-7.5%

RevPAR (yen)29,81531,582-1,767-5.6%

29,011

29,236

Sales (mn yen)38

40-2-5.0%

7473-225＋1-0.8%
＋1.4%

88.0

78.0

＋10.0＋12.8%

85.3

79.8

＋5.5

＋6.9%

ADR (yen)

29,21932,187
25,105

-9.2%
＋2.4%

29,511

25,712-2,968＋607

28,246

RevPAR (yen)24,09323,549-1,265＋544

-4.3%
＋2.3%

Room occupancy rate (%)

41

37＋4＋10.8%

73

69＋4＋5.8%

49.0

49.2

-0.2

-0.4%

53.9

56.0-2.1-3.8%

ADR (yen)

24,69926,884-2,185-8.1%

24,38324,603

-220

-0.9%

RevPAR (yen)12,102

13,226

13,777-635-4.6%

4646-8.5%＋0.0%

13,142

Sales (mn yen)

-1,124＋09293-1-1.1%

Sales (mn yen)
Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Kounkaku

-5.1%

95.9

Room occupancy rate (%)

Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Ikaho

Change78.0

Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Awara

Change(A-B)

32,535

Sales (mn yen)
Ooedo-Onsen
Monogatari
Premium
Atami

July
2023
(B)

ADR (yen)

Room occupancy rate (%)

Ito Hotel New
Okabe

July
2024
(A)

Period Ending November 30, 2024
(June 1, 2024 to November 30, 2024)
PreviousCurrent Period
Corresponding
Total
ChangePeriod Total
Change(Cumulative)(C-D)(Cumulative)
(C)
(D)

95.7

76.9

＋18.8

＋24.4%

95.7

77.8

＋17.9

＋23.0%ADR (yen)

35,49632,033＋3,463＋10.8%

35,49628,716＋6,780＋23.6%

RevPAR (yen)33,96924,633＋9,336＋37.9%

33,96922,341 ＋11,628＋52.0%

Sales (mn yen)59

135-76-56.3%

59

Room occupancy rate (%)

245-186-75.9%

63.8

65.8-2.0-3.0%

73.6

74.2

-0.6

-0.8%

ADR (yen)

27,55229,805-2,253-7.6%

26,52927,572-1,043-3.8%

RevPAR (yen)17,578

19,611-2,033-10.4%

19,525

20,458

-933

-4.6%

Sales (mn yen)64

76

-12-15.8%

148

161

-13-8.1%

Room occupancy rate (%)

Notes:
1. The Fifteenth Period is from June 1, 2024 to November 30, 2024. This press release presents cumulative data through July 31,2024.
2. The above data is generally tenant information. However, some data are calculated by APA Investment Management Co., Ltd.
based on tenant information. The above data have been compiled using accounting and other standards that differ from those theInvestment Corporation applies. It is unaudited, and its accuracy and completeness are not guaranteed. In addition, the above data
do not match data presented in materials such as the annual securities report.
3. Room occupancy rate is calculated using the following formula and is rounded to the nearest tenth:
Room occupancy rate = total rooms sold during the period ÷ total rooms available during the period × 100 (%)
However, total rooms available during the period include rooms of which sales are suspended due to renovation work, etc.
4. Average daily rate (ADR) is calculated for a given time period by dividing total room revenue by total rooms sold and is rounded
down to the nearest specified unit.
5. Revenue per available room (RevPAR) is calculated for a given time period by dividing total room revenue by total rooms
available, and is rounded down to the nearest specified unit. RevPAR can also be calculated by multiplying ADR by the room
occupancy rate.
6. Sales is income from guests from the operation of lodging and related businesses, and is rounded down to the nearest million yen.
7. Operating results for Ito Hotel New Okabe include Surugatei, which the Investment Corporation does not own.
8. Operating results for Ooedo-Onsen Monogatari Kounkaku include the annex, which the Investment Corporation does not own.

2

Ooedo-Onsen Monogatari Reoma Resort (New Reoma World): Number of Guests and Sales
July
2024
(A)

Data

Number of guests

Sales (mn yen)

July
2023
(B)

39,361
190

Change(A-B)

47,679217

Change-8,318-27-17.4%-12.4%

Period Ending November 30, 2024
(June 1, 2024 to November 30, 2024)
Previous
Current Period
Corresponding
Total
ChangePeriod Total(Cumulative)(C-D)(Cumulative)(C)(D)

65,107292

78,776333

Change-13,669-41-17.4%-12.3%

Reference: Year-on-Year Comparison of Number of Guests and Sales for Ooedo-Onsen Monogatari Reoma Resort(New Reoma World)

Notes:
1. Number of guests is the total number of people using New Reoma World during the period.
2. The above data is generally tenant information. However, some data are calculated by APA Investment Management Co., Ltd.
based on tenant information. The above data have been compiled using accounting and other standards that differ from those theInvestment Corporation applies. It is unaudited, and its accuracy and completeness are not guaranteed. In addition, the above data
do not match data presented in materials such as the annual securities report.

Additional Notes
・Kinugawa Kanko Hotel was closed from March 1 to July 21, 2024, and Ooedo-Onsen Monogatari Atami was closed from April 8 toJuly 21, 2024, for facility renovation work, and will reopen on July 22 as Ooedo-Onsen Monogatari Premium Kinugawa Kanko Hoteland Ooedo-Onsen Monogatari Premium Atami, respectively. As a result, ADR and occupancy rates have improved compared to thesame month of the previous year, but sales have decreased due to the difference in the number of business days.
・Ooedo-Onsen Monogatari Toi Marine Hotel and Ooedo-Onsen Monogatari Kounkaku saw a decrease in RevPAR compared to theprevious year, but sales increased or remained the same due to differences in the number of business days.
・Ooedo-Onsen Monogatari Higashiyama Grand Hotel has seen a decline in sales due to a three-day closure caused by a water outage.
・Due to the heavy rainfall, the number of visitors to Ooedo-Onsen Monogatari Reoma Resort (New Reoma World) has decreased.
・In monthly disclosures up until February 2024, even rooms that were unavailable for sale due to various construction work or otherreasons were included in the number of rooms available for sale during the target period. However, from this disclosure onwards, thenumber of rooms that are unavailable for sale due to various construction work or other reasons will not be included in the number ofrooms available for sale during the target period.
・For the financial results forecasts of the Investment Corporation, please refer to the "Summary of REIT Financial Report for the 16thFiscal Period" published on July 22, 2024.

(2) Accommodation facilities: rental houses, student apartments, company dormitories, serviced apartments,
shared houses and senior citizen facilities and residences, etc. and other facilities used or capable of being used
for residential purposes.

Data

July
2024
(A)

July
2023
(B)

Change(A-B)

Period Ending November 30, 2024
(June 1, 2024 to November 30, 2024)
Previous
Current Period
Corresponding
Period Total
ChangePeriod Total
Change(Cumulative)(C-D)(Cumulative)(C)(D)

ChangeOccupancy rate (%)

97.9

---

97.7

---

Price/tsubo CAM inclusive (yen)

6,756

-

-

-

6,760

-

--

3

Notes:1. Accommodation facilities are L-Place Miyazakidai, JMR Residence Shin-Osaka, K. Ryokuchi, and Fiel Hakusankoen Niigata
Hakusankoen.
2. Each occupancy rate is calculated using the following formula and is rounded to the nearest tenth:
Monthly occupancy rate = leased area as of the end of the month ÷ total leasable area as of the end of the month × 100 (%)
Period cumulative occupancy rate = period cumulative of leased area as of the end of each month ÷ period cumulative of total
leasable area as of the end of each month × 100 (%)* The Investment Corporation’s website: https://nhr-reit.com/en/4