[Translation for reference purposes only]
March 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 February 2024

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

February2024(A)

February
2023(B)

Change(A-B)

Change72.972.5＋0.4＋0.6%

68.9

71.3-2.4-3.4%

ADR (yen)

32,643

27,469＋5,174＋18.8%

35,381

31,059＋4,322＋13.9%

RevPAR (yen)23,796

19,915＋3,881＋19.5%

24,377

22,145＋2,232＋10.1%

Sales (mn yen)911

751＋159＋21.2%

2,911

2,647＋264＋10.0%

Data

Room occupancy rate (%)

Properties
February2024(A)

February
2023
(B)

64.3
34,621

61.5
27,814

＋2.8

＋4.6%

ADR (yen)＋6,807

RevPAR (yen)22,261

17,105＋5,156

Sales (mn yen)192

142＋49ADR (yen)

86.2
40,40685.3
31,317

RevPAR (yen)34,82926,713

Sales (mn yen)96

72

ADR (yen)

86.6
36,01284.9
30,913

RevPAR (yen)31,186

26,245

Sales (mn yen)

107

89

Property

Data

Ooedo-Onsen
Monogatari
Reoma Resort(Hotel Reomano Mori)

Room occupancy rate (%)

Room occupancy rate (%)

Ooedo-Onsen
MonogatariIse-shima

Room occupancy rate (%)

Ito Hotel New
Okabe

Change(A-B)

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

Change64.4
33,421

＋1.7

＋2.6%

＋24.5%

66.1
37,265＋3,844＋11.5%＋30.1%

24,632

21,523＋3,109 ＋14.4%＋34.7%

648

555＋93 ＋16.9%

＋0.9

＋1.1%

＋9,089＋29.0%

84.6
40,541

85.1
33,578-0.5-0.6%＋6,963 ＋20.7%＋8,116＋30.4%

34,29728,574＋5,723 ＋20.0%＋24＋34.3%

295

247＋47 ＋19.4%

＋1.7

＋2.0%

80.6
34,309＋2.1%＋16.5%

82.3
37,124＋1.7＋5,099＋2,815＋8.2%＋4,941＋18.8%

30,55327,653＋2,900 ＋10.5%＋17＋20.0%

328

297

＋30 ＋10.3%

1Property

Data

90.1

＋0.6

＋0.7%

77.5

86.6

31,594＋5,757＋18.2%

39,997

34,056

RevPAR (yen)33,877
81

28,466
69＋5,411＋19.0%＋12＋17.5%

30,997234

29,492
229

＋2.0%

83.7

＋4.5

＋5.4%

77.0

76.6

＋0.4

＋0.5%

＋3,934＋14.9%

32,85729,506＋3,351＋11.4%

RevPAR (yen)26,831
54

22,16944＋4,662＋21.0%

22,601143＋11.9%＋22.5%

25,299159＋2,698＋9＋15＋11.1%

64.0
-6.5
23,219 ＋10,185
14,860 ＋4,347-10.2%＋43.9%

59.1

66.3

34,603

26,224-7.2＋8,379-10.9%＋32.0%

20,450197

17,386168＋3,064＋17.6%＋29＋17.5%
-5.0%
＋1.9%

Sales (mn yen)

57.5

ADR (yen)

33,404

RevPAR (yen)19,20759＋29.3%

45＋14＋32.4%

78.9

85.6

82.4

30,564

29,413

-7.8%
＋3.9%

78.3

ADR (yen)-6.7＋1,151

33,95333,328-4.1＋625

RevPAR (yen)24,11430

25,17731-1,063-1-4.2%-3.8%

26,58510627,462
111-877-4-3.2%
-4.3%

86.5

88.2

87.3

29,72527,728

-1.9%
＋7.2%

83.8

ADR (yen)-1.7＋1,997

32,34929,824-3.5＋2,525

-4.0%
＋8.5%

RevPAR (yen)25,71239

24,45638＋1,256

＋5.1%

＋4.1%

＋4.2%

26,036126＋1,072＋1

27,108128＋2＋2.1%

Room occupancy rate (%)

Sales (mn yen)

58.3

58.8

-0.5

-0.9%

59.5

62.1

ADR (yen)

24,87725,035

-158

-0.6%

28,28527,263-2.6＋1,022

-4.2%
＋3.7%

RevPAR (yen)14,50353

14,72054-217-1-1.5%-1.6%

16,829195

16,930
198

-101
-3

-0.6%
-1.6%

-10.4
＋6,707-14.7%＋25.9%

55.3

66.5

37,30330,607-11.2＋6,696-16.8%＋21.9%＋1,360＋7.4%

20,353
359

＋1.4%

＋8.2%

20,628364＋275＋8＋5＋1.4%

Sales (mn yen)

60.4

70.8

ADR (yen)

32,58325,876

RevPAR (yen)19,680109

18,320101

Room occupancy rate (%)

Sales (mn yen)
Ooedo-Onsen
Monogatari
Higashiyama
Grand Hotel

＋5.1%

＋4

26,487

Room occupancy rate (%)

Kinugawa
Kanko Hotel＋1,505

88.2

Sales (mn yen)

Ooedo-Onsen
Monogatari
Kounkaku-10.5%＋17.4%

30,421Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Kimitsu-nomori-9.1＋5,941

ADR (yen)

Room occupancy rate (%)

Sales (mn yen)
Ooedo-Onsen
Monogatari
Ikaho

Change90.7

Room occupancy rate (%)

Ooedo-Onsen
Monogatari
Awara

Change(A-B)

37,351

Sales (mn yen)
Ooedo-Onsen
Monogatari
Toi Marine
HotelFebruary2023(B)

ADR (yen)

Room occupancy rate (%)

Ooedo-OnsenMonogatari
Atami

February
2024(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)

86.4

70.0

＋16.4

＋23.4%

70.0

65.7

＋4.3

＋6.5%

ADR (yen)

25,864

23,641＋2,223＋9.4%

29,951

26,700＋3,251＋12.2%

RevPAR (yen)22,34685

16,54862＋5,798＋35.0%

20,965
253

17,541
211＋3,424＋19.5%

Room occupancy rate (%)

Sales (mn yen)
＋22＋35.9%＋42 ＋19.9%Notes:
1. The Fifteenth Period is from December 1, 2023 to May 31, 2024. This press release presents cumulative data through February
29, 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
February
2024
(A)

Data

Number of guests

Sales (mn yen)

23,960104

February
2023(B)

Change(A-B)

27,43594

Change-3,475＋10-12.7%＋11.2%

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)

103,204446

121,594
447

Change-18,390-1-15.1%-0.4%

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・・As there were more consecutive holidays this month than last year, subsidies and coupons were issued in some areas, and dynamic
pricing also had an effect, occupancy rates and average room rates increased. As a result, all items increased compared to the samemonth last year.
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

Occupancy rate (%)
Price/tsubo CAM inclusive (yen)February
2024
(A)

97.0
6,795

February
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)

Change--96.5
6,794-Change-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/

3-