[For Information Purpose Only
The Japanese language press release should be referred to as the original.]
May 25, 2022
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 April 2022
Invincible Investment Corporation (“INV”) hereby announces its monthly performance.
1. Overall Performance of the Entire Portfolio
Both the domestic and overseas hotel portfolios for April 2022 are gradually recovering fromthe coronavirus (COVID-19) shock. The occupancy rate of the domestic hotels for April
2022 was 68.3%, which increased by 28.3pt year-over-year. The residential occupancy
rate for the end of April 2022 was 96.5%, which decreased by 0.1pt compared to the end of
the previous month.
As for the 73 hotels that are operated by INV's main tenant, MyStays Hotel Management
Co., Ltd. and its affiliates (the “MHM Group”), the amount of the employment adjustment
subsidies for April 2022 has not been determined as of today. As a result, GOP1 and NOI2,3for April 2022 have not been determined yet.
The following are the details by segment.
2. Hotel Assets Overview(1) Domestic Hotels
As for the domestic hotel portfolio4 performance for the month of April 2022, the occupancy
rate increased by 28.3pt, ADR increased by 7.9%, and RevPAR increased by 84.2%
compared to April 2021 while the occupancy rate decreased by 19.5pt, ADR decreased by
33.7%, and RevPAR decreased by 48.4% compared to April 2019 prior to the COVID-19pandemic.

This English language notice is a translation of the Japanese-language notice released on May 25, 2022 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.

1Following the full lifting of quasi-State of Emergency declarations in late March 2022, travel
and leisure demand gradually recovered in April 2022. The occupancy rate increased
overall with an increase in business trips and training demand in the new fiscal year, andabout half of INV’s hotels recorded occupancy rates of 70% or higher.
We are forecasting that May 2022 RevPAR will be approximately 115% higher than the May
2021 figure, or approximately 40% lower than the May 2019 figure as of today. An increasein leisure demand was observed during Golden Week, which had no behavioral restrictions
for the first time in three years. Hotel demand is expected to remain on a recovery track.
Table below shows the KPIs for each area of the 75 domestic hotels portfolio4.
Area

Occupancy Rate5

ADR (JPY)6

RevPAR (JPY)7Tokyo 23 Wards

70.9%

5,449

3,866

Greater Tokyo (ex. Tokyo 23 Wards)

74.9%

9,897

7,414

Chubu

64.7%

7,070

4,573Kansai69.4%

5,080

3,523

Kyushu

73.7%

7,612

5,611

Hokkaido

50.3%

6,610

3,326

Other domestic

76.1%

14,81911,282

Total

68.3%

7,644

5,222(2) Cayman Hotels
The occupancy rate for the Cayman Hotels (Westin Grand Cayman Seven Mile Beach &Spa (“Westin”) and Sunshine Suites Resort ("Sunshine")) in April 2022 was 51.1%, anincrease of 43.7pt compared to the same month of the previous year when only Sunshine
was open. The NOI for April 2022 was JPY 247 million, a significant increase from JPY 80 million for April 2021.
In April 2022, the performance of both Westin and Sunshine improved due to an increase intourists from the United States. The occupancy rate for the Cayman Hotels increased from
40.2% in March to 51.1% in April, or 39.1pt lower than the April 2019 figure, and RevPAR
significantly increased from USD 171 to USD 212, or 45.3% lower than the April 2019 figure.
ADR was about the same level as the April 2019 figure.
We are forecasting that the occupancy rate for the Cayman Hotels in May 2022 will bearound 42.4%, or 43.0pt lower than the May 2019 figure and that RevPAR will be around
USD 153, or 41.9% lower than the May 2019 figure as of today. Although the peak season
has passed, we have been able to receive group reservations, and we see a trend toward arecovery.
A part of Sunshine was used as self-quarantine facilities for immigrants under a contract withThis English language notice is a translation of the Japanese-language notice released on May 25, 2022 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.

2the Cayman Islands government until the end of April, but the entire property has been used
as a hotel since May 2022.
3. Residential Assets Overview
The residential portfolio8 in-place occupancy rate as of the end of April 2022 was 96.5%,
which decreased by 0.1pt compared to the end of the previous month and increased by 0.2pt
year-over-year.
The average in-place rent per tsubo increased by 0.1% year-over-year. The NOI9 for theresidential portfolio in April 2022 increased by 1.8% year-over-year and decreased by 0.7%
year-over-year on a cumulative basis for the June 2022 fiscal period.
Rents, compared with those based on the immediately preceding leases, decreased by 3.7%
for new leases, increased by 1.2% for renewal leases, and decreased by 0.6% for new andrenewal leases combined for the June 2022 fiscal period. INV achieved a rent increase on
34.6% of lease contract renewals and the retention rate for the existing tenants was 79.0%
for the June 2022 fiscal period.
4. Performance* The “Difference” in the table below indicates the increase / decrease in value for the monthof April 2022 or cumulative figures from January to June 2022 compared to thecorresponding value in 2021 or 2019. Hereinafter the same.
(1) 75 Domestic Hotel Properties4

Occupancy
Rate5
ADR(JPY)6
RevPAR(JPY)7Gross Revenue(JPY million)10

Apr.

Apr.
2022

Apr.
2021

Difference

68.3%

40.0%

+28.3pt

87.8%-19.5pt

57.8%

35.3%

+22.5pt

86.5%-28.6pt

7,644

7,085

+7.9%

11,530-33.7%

7,223

6,949

+3.9%

10,118-28.6%

5,222

2,836 +84.2%

10,122-48.4%

4,175

2,453 +70.2%

8,747-52.3%

3,450

2,277 +51.5%

6,246-44.8%

11,267

8,066 +39.7%

22,255-49.4%

Apr.
2022

Apr.
2021

Difference

2019

51.1%

7.4%

+43.7pt

90.2%-39.1pt

35.3%

415

134 +209.8%

430

-3.5%

212

10 +2,049.8%

388-45.3%

2019

Difference

Jan.-Jun. Jan.-Jun.
Jan.-Jun.
Difference
Difference
2022
2021
2019

(2) Cayman Hotels

Occupancy
Rate5
ADR(USD)6
RevPAR(USD)7

Apr.

Difference

Jan.-Jun. Jan.-Jun.
Jan.-Jun.
Difference
Difference
2022
2021
2019
8.1%

+27.1pt

91.3%-56.0pt

384

159 +141.0%

468-18.0%

135

13 +945.0%

427-68.3%

This English language notice is a translation of the Japanese-language notice released on May 25, 2022 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 owninvestigation 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Gross Revenue(USD thousand)

5,930-38.8%

15,2772,424 +530.1%

40,810580 +921.4%

9,688

End ofApr. 2022

End ofApr. 2021

Difference

Jan.-Jun.
2022

Jan.-Jun.
2021

Difference

96.5%

96.3%

+0.2pt

96.0%

95.9%

+0.1pt

9,130

9,122

+0.1%

9,105

9,121

-0.2%

-62.6%(3) 41 Residential Properties8

Occupancy Rate
Rent per Tsubo(JPY)

5. Portfolio NOI2,3,9(JPY million)
Tokyo 23 Wards
Greater Tokyo

Apr.
2022

Apr.
2021

Difference

Apr.
2019

Difference

Jan.-Jun. Jan.-Jun.
Jan.-Jun.
Difference
Difference
2022
2021
2019

-

30-

710

-

-

103-

2,100-

-

35-

347

-

-

153

-

1,425

-

-

66

-

1,058

-

-

256

-

3,525

-

-

15-

339

-

-

19-

811

-

Kansai

-

10-

261

-

-

31-

690

-

Kyushu

-

11-

216-

-

41-

764

-

Hokkaido

-

2-

125-

-

39-

824

-

Other domestic-

5-

206-

-

-18-

538

-

Domestic Hotel- Subtotal

-

112-

2,208--

369-

7,154-

Residential

187

183+1.8%

186

∔0.2%

734

739

-0.7%

727

∔0.9%

Commercial

1212+0.1%

12-0.1%51

51+0.1%51-0.1%

Domestic Asset-Subtotal

-

308-

2,408--

1,160-

7,934-

Overseas247-80-477-48.2%

471

-290

-

2,136

-77.9%

Total

-

228-

2,886--

869-

10,070-(ex. Tokyo 23 Wards)

Greater Tokyo Subtotal
Chubu(Note 1) GOP means the gross operating profit, and is the amount remaining after deducting costs of hotel operations (thepersonnel, utility and advertising expenses and other expenses) and the management services fee to operators (if any)
from the hotel’s revenues.
(Note 2) Based on all properties held as of the end of April 2022, 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 toSeptember 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 inthe TMK (49.0%). However, as announced in “Notice concerning Revision of Forecast of Financial Results andDistribution for the 37th Fiscal Period Ending December 2021” dated December 8, 2021, 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 does not carry out its
settlement of accounts in INV’s fiscal period ending December 2021 in order to curb the costs of such settlement and has
temporarily extended its six-month accounting period to a 12-month accounting period. The TMK plans to restore to theoriginal six-month settlement once the cumulative loss is resolved and TMK is expected to be able to resume payment ofdividends. 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.
This English language notice is a translation of the Japanese-language notice released on May 25, 2022 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.

4

(Note 3) 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 4) 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 April 2022, 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 April 2022; hereinafter the same.
(Note 5) “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 6) “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 7) “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
rate and ADR.
(Note 8) Based on 41 properties held by INV as of the end of April 2022; hereinafter the same.
(Note 9) NOI excludes one-off insurance-related revenues and expenses; hereinafter the same.
(Note 10) Gross Revenue includes the amount of employment adjustment subsidies to be received by the hotel operators, which
require a certain period of time to confirm. Therefore, the amount of Gross Revenue is subject to change retroactively inthe future when the amount of employment adjustment subsidies is confirmed. Gross Revenue of Sheraton GrandeTokyo Bay Hotel used in the table is the whole gross revenue of such hotel, regardless of INV’s ownership ratio of thepreferred equity interest in the TMK (49.0%).
(Note 11) 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 12) Cumulative occupancy rate for residential portfolio is calculated by dividing the sum of total leased area by the sum of total
leasable area at the end of each month and the percentages are rounded to one decimal place. Cumulative rent pertsubo is calculated by dividing the sum of the total rental revenue including common area charges for each month by thesum of total leased area (tsubo) at the end of each month.
(Note 13) 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 May 25, 2022 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.

5