[Translation for reference purposes only]
April 25, 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(TEL: +81-3-6262-5456)
Notice Concerning Monthly Disclosure for March 2024

Nippon Hotel & Residential Investment Corporation (the “Investment Corporation”) has announcedportfolio operating results for March 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
March
2024
(A)

Data

March
2023
(B)

Change(A-B)

ChangePeriod Ending May 31, 2024
(December 1, 2023 to May 31, 2024)
Previous
Current Period
Corresponding
Total
ChangePeriod Total
Change(Cumulative)(C-D)(Cumulative)(C)(D)

81.987.8-5.9-6.7%

73.0

77.3

-4.3

-5.6%

ADR (yen)

36,63532,882＋3,753＋11.4%

35,67831,596＋4,082＋12.9%

RevPAR (yen)30,00428,870＋1,134＋3.9%

26,044

24,423＋1,621

＋6.6%

3,835

3,832＋3＋0.1%

Room occupancy rate (%)

Sales (mn yen)924
1,185-260-22.0%*The difference in sales is due to the impact of two facilities closed for renovation work.
(Ooedo-Onsen Monogatari Ise-shima , Kinugawa Kanko Hotel)

Properties

Property

Data

Ooedo-Onsen
MonogatariReoma Resort(Hotel Reomano Mori)

Room occupancy rate (%)

Ooedo-Onsen
MonogatariIse-shima

March2023(B)

Change(A-B)

Change＋1.0%＋7.6%

72.2

70.7

Change83.8

83.0

ADR (yen)

40,32837,478＋0.8＋2,850

38,18734,657＋1.5 ＋2.1%＋3,530 ＋10.2%

RevPAR (yen)33,794

31,106＋2,688＋8.6%

27,571

24,502＋3,069 ＋12.5%

Sales (mn yen)294

280＋13＋5.0%

943

835＋107 ＋12.9%

Room occupancy rate (%)-94.0--

85.0---ADR (yen)-

40,065--40,541---

RevPAR (yen)-37,661--34,459---

Sales (mn yen)

-111-

-

295-

-

-

85.1

92.1
34,525-7.6%＋21.7%

85.7

42,011-7.0＋7,486

83.3

ADR (yen)

38,39734,369-2.4＋4,028-2.8%＋11.7%

RevPAR (yen)35,751

31,797＋3,954＋12.4%

31,98429,454＋2,530＋8.6%

Sales (mn yen)

129

115

＋13＋12.2%

457

413

Room occupancy rate (%)

Ito Hotel New
OkabeMarch2024(A)

Period Ending May 31, 2024
(December 1, 2023 to May 31, 2024)
Previous
Current Period
Corresponding
Total
ChangePeriod Total(Cumulative)(C-D)(Cumulative)(C)(D)

1＋44 ＋10.7%

Property

Data

Ooedo-Onsen
Monogatari
Toi Marine
Hotel

97.2

-4.2
＋5,461-4.3%＋16.0%

82.2

91.5

34,141

39,882

34,079-9.3＋5,803-10.2%＋17.0%

RevPAR (yen)36,82933,185＋3,644＋11.0%

32,78331,182＋1,601＋5.1%

Sales (mn yen)93

88＋5＋5.7%

328

318

＋10＋3.1%

90.5

97.8
29,675-7.5%＋14.5%

86.7

33,979-7.3＋4,30480.5

ADR (yen)

33,17629,558-6.2＋3,618-7.2%＋12.2%

RevPAR (yen)30,75029,022＋1,728＋6.0%

26,70625,626＋1,080＋4.2%

Sales (mn yen)

6463＋1＋1.6%

224

206

＋17＋8.7%

Room occupancy rate (%)

72.6

84.4
29,407-14.0%＋32.9%

71.3

39,069-11.8＋9,66264.0

ADR (yen)

35,914

27,188-7.3＋8,726-10.2%＋32.1%

RevPAR (yen)28,364

24,819＋3,545＋14.3%

22,984

19,385＋3,599＋18.6%

9181＋9＋12.3%

288249＋39＋15.7%

90.794.586.7

37,17934,660

-4.0%
＋7.3%

81.6

ADR (yen)-3.8＋2,519

34,86233,704-5.1＋1,158

-5.9%
＋3.4%

RevPAR (yen)33,72132,753

＋968

＋3.0%

28,44729,221-774-2.6%

Room occupancy rate (%)

4445-0-2.2%

151

156-5-3.2%

88.9

93.2

88.9

32,68730,206

-4.6%
＋8.2%

85.4

ADR (yen)-4.3＋2,481

32,43829,927-3.5＋2,511

-3.9%
＋8.4%

RevPAR (yen)29,05828,151

＋907

＋3.2%

27,702

26,605＋1,097＋4.1%

Sales (mn yen)

45

48-2-6.3%

173

174-0-0.6%

Sales (mn yen)
Ooedo-Onsen
Monogatari
Kimitsu-nomori

Room occupancy rate (%)

75.0

77.1
26,902

-2.7%
＋1.6%

69.8

27,324-2.1＋422

65.0

ADR (yen)

28,007

27,160-4.8＋847-6.9%＋3.1%

RevPAR (yen)20,493

20,741-248-1.2%

18,204

18,957-753-4.0%

Sales (mn yen)

7679-3-3.8%

271

277-6-2.2%

Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Kounkaku

Kinugawa
Kanko Hotel

Ooedo-Onsen
MonogatariHigashiyama
Grand Hotel

Change93.0

Sales (mn yen)
Ooedo-Onsen
Monogatari
Ikaho

Change(A-B)

39,602

Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Awara

March2023(B)

ADR (yen)

Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Atami

March2024(A)

Period Ending May 31, 2024
(December 1, 2023 to May 31, 2024)
Previous
Current Period
Corresponding
Total
ChangePeriod Total
Change(Cumulative)(C-D)(Cumulative)(C)(D)

Room occupancy rate (%)-89.6--

59.5---

ADR (yen)-

33,517--37,303---

RevPAR (yen)-30,031--

22,195---

Sales (mn yen)

-

180-

-

364

-

-

-

71.9

84.3
25,150-14.7%＋18.7%

70.7

29,861-12.4＋4,71170.5

ADR (yen)

29,92826,225-0.2＋3,703-0.3%＋14.1%

RevPAR (yen)21,47021,201＋269＋1.3%

21,09918,541＋2,558＋13.8%

Room occupancy rate (%)

Sales (mn yen)
＋35 ＋12.0%
8490-6-6.7%
337
301
Notes:
1. The Fifteenth Period is from December 1, 2023 to May 31, 2024. This press release presents cumulative data through March31, 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 roomsavailable, 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
March2024
(A)

Data

Number of guests

Sales (mn yen)March2023(B)

33,358157

Change(A-B)

42,329186

Change-8,971-29-21.2%-15.6%

Period Ending May 31, 2024
(December 1, 2023 to May 31, 2024)
Previous
Current Period
Corresponding
Total
ChangePeriod Total(Cumulative)(C-D)(Cumulative)(C)(D)

136,562
603

163,923
634

Change-27,361-31-16.7%-4.9%

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・Oedo Onsen Monogatari Ise-Shima is be closed from March 1st to June 23rd, 2024 due to facility renovation work.
・Kinugawa Kanko Hotel is closed from March 1st to July 21st, 2024 due to facility renovation work.
・At Oedo Onsen Monogatari Hotel Reoma No Mori, all categories increased compared to the same month last year due to the recoveryof inbound tours from Taiwan and Korea.
・At Ooedo Onsen Monogatari Awara, room rates and sales increased compared to the same month last year due to the Hokuriku Support
Discount.
・At other facilities, revenue management has led to increased room rates.
・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 15th
Fiscal Period" published on January 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

March
2024
(A)

March
2023
(B)

Change(A-B)

Period Ending May 31, 2024
(December 1, 2023 to May 31, 2024)
Previous
Current Period
Corresponding
Period Total
ChangePeriod Total(Cumulative)(C-D)(Cumulative)(C)(D)

ChangeChange

Occupancy rate (%)

97.4---

96.7---

Price/tsubo CAM inclusive (yen)

6,786

---

6,792

---

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://oom-reit.com/en/4