Translation
This is an English language translation of the original Japanese announcement on our Website released on August 26, 2015.
However, no assurance or warranties are given with respect to the accuracy or completeness of this English language translation. The
Japanese original shall prevail in the case of any discrepancies between this translation and the Japanese original.

Summary of Financial Results (REIT)
for the Fiscal Period Ended June 30, 2015
August 26, 2015
Name of Issuer:

Invincible Investment Corporation

Stock Exchange Listing:Tokyo Stock Exchange

Securities Code:

8963

URL

Representative:
Name of Asset Manager:
Representative:
Contact:

Naoki Fukuda, Executive Director
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Akiko Watanabe, Manager, Planning Department

Scheduled Date of Filing of
Securities Report:

Supplementary Materials for
Financial Results:
Presentation Meeting:

September 28, 2015

http://www.invincible-inv.co.jp/

TEL. +81-3-5411-2731

Scheduled Date ofCommencement for Distribution
September 29, 2015
Payments:

Yes
Yes (for analysts and investors)

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period1.

(values are rounded down to the nearest million yen)
Financial Results for the Fiscal Period ended June 30, 2015 (from January 1, 2015 to June 30, 2015)(1)

Operating Results

Fiscal period ended
June 30, 2015
Fiscal period ended
December 31, 2014

Operating Revenues(Percentages indicate percentage change from the preceding period)
Operating Income
Ordinary Income
Net Income

Millions of yen%

Millions of yen

4,974

7.9

2,810

1.5

2,295

4,610

22.1

2,769

24.0

1,958

Net Income per Unit%

Millions of yen%

Millions of yen

%

17.2

2,295

17.2

117.0

1,958

117.1

Ordinary Income/
TotalAssets

Net Income/Unitholders’ Equity

Ordinary Income/OperatingRevenues

Fiscal period ended
June 30, 2015

yen

%

%

%

860

3.7

1.7

46.2

Fiscal period ended
December 31, 2014

762

4.0

1.9

42.5

(Note)(2)“Net Income per Unit” is calculated based on the average number of investment units during the period and is rounded to the nearest yen.
Net income per unit calculated based on the number of investment units issued and outstanding at the end of the fiscal period ended
December 31, 2014 (2,668,686 units) and rounded down to yen is JPY 860.

Distributions
Distribution
Distribution per
AmountUnit (Excluding
Excess Profit(Excludingexcess profit
Distribution per
excess profit
distribution per
Unit
distribution per
unit)
unit)

Excess Profit
Distribution
AmountDividend Payout
Ratio

Distribution/
Net AssetsyenMillions of yen

yen

Millions of yen%%

Fiscal period ended
June 30, 2015

860

2,295

0

0

100.0

3.7

Fiscal period ended
December 31, 2014

733

1,956

0

0

99.9

3.2

(Note)(3)

Dividend payout ratio is calculated by dividing “Distribution Amount” by “Net Income”.

Financial Position
Total Assets
Fiscal period ended
June 30, 2015

Fiscal period ended
December 31, 2014

Net Assets

Net Assets/Total Assets

Net Assets per Unit

Millions of yen

Millions of yen%

yen

136,299

61,731

45.3

23,132

130,477

61,39247.1

23,005(Note)“Net Assets per Unit” is calculated based on the number of investment units issued and outstanding at the end of each period, and is rounded
to the nearest yen.

(4)

Cash Flows
Cash Flows fromOperating Activities

Fiscal period ended
June 30, 2015
Fiscal period ended
December 31, 2014

Cash Flows from
Investment Activities

Cash Flows from
Financing Activities

Closing Balance of Cashand Cash Equivalents

Millions of yen

Millions of yen

Millions of yen

Millions of yen

4,545(13,202)

3,006

7,514

1,209

(40,119)

48,551

13,1652

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period2.

Forecast for the Fiscal Period ending December 31, 2015 (from July 1, 2015 to December 31, 2015)(Percentages in brackets represent change from preceding period)
Distribution
Distributionper
per
Excess Profit Unit (including
Unit
Ordinary
Distribution excess profit(excluding
Net Income
Incomeper Unit
excess profit
distribution per
unit)
distribution(Note)
per unit)

Operating
IncomeOperating
Revenues

FiscalPeriodendingDecember31, 2015

Millionsof yen(Reference)(Note)

Estimated net income per unit for the fiscal period ending December 31, 2015 is JPY 791.5
INV will appropriate all of the remainder of the JPY 75 million surplus after the distribution for the fiscal period ended June 2015 to the
distribution for the fiscal period ending December 31, 2015, in addition to excess profit distribution.
Distribution per unit (including excess profit distribution per unit) for the fiscal period ending December, 2015 (forecasted) is estimatedas follows:
Distribution per unit (including excess profit distribution per unit) for the fiscal period ending December, 2015 (forecasted): JPY 1,064= earnings per unit (forecasted): JPY 791.5 + reversal of surplus per unit: JPY 23.6 + excess profit distribution per unit: JPY 248.8

6,601

%

32.7

Millionsof yen3,986%Millionsof yen41.8 2,528

Millionsof yen

%

yen

yen

Yen

10.1 2,527

10.1

815

248

1,064

%

Others※(1)
Changes in Accounting Policies, Accounting Estimates or Restatements(a) Changes in Accounting Policies due to Revisions to
Accounting Standards and Other Regulations
None(b) Changes in Accounting Policies due to Other Reasons
None(c) Changes in Accounting Estimates
None(d) Restatements
None(2)
Number of Investment Units Issued and Outstanding(a) Number of Units Issued and Outstanding as of the
End of the Fiscal Period (Including Treasury Units)

June 30, 2015(b) Number of Treasury Units as of the End of Fiscal Period

June 30, 2015

2,668,686 December 31, 2014
02,668,686

December 31, 2014

(Note) Please refer to “Note concerning Information per Unit” regarding the number of investment units which is the basis for the calculation of net
income per unit.

ͤThe Implementation Status of Statutory Audit
At the time of this financial report, the audit procedures for the financial statements pursuant to the Financial Instruments
and Exchange Act are yet to be completed.
ͤExplanation on the Appropriate Use of the Forecast of Results and Other Matters of Special Consideration(Explanation on the Appropriate Use of the Forecast of Results)
The forward-looking statements in this financial report are based on the information currently available to us and certain
assumptions which we believe are reasonable. Actual operating performance may differ significantly due to factors wecannot predict as of this date, including gains or losses from the disposition of properties, repayment of borrowings,
decreases in rents and changes in operating conditions. Further, there is no guarantee of the payment of the forecast
distribution amount.
Please refer to “Assumptions for the Forecasts for the Fiscal Period ending December 31, 2015 (from July 1, 2015 to December
31, 2015), the Fiscal Period ending June 30, 2016 (from January 1, 2016 to June 30, 2016) and the Fiscal Period ending
December 31, 2016 (from July 1, 2016 to December 31, 2016)”, on page 19 for assumptions used in the forecasts andprecautions regarding the use of such forecasts.

30Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

1. Related Companies of the Investment Corporation
Disclosure is omitted because there have been no material changes in the “Structure of the Investment
Corporation” section of the latest securities report (filed on March 27, 2015).

2. Management Policy and Operating Conditions(1)

Management Policy
Disclosure of “Investment Policies” and the “Investment Targets” is omitted because there have been nomaterial changes from the relevant sections of the latest securities report (filed on March 27, 2015)(2)

Operating Conditionsa

Overview of the Reporting Period(a)Main Trends in the Investment Corporation
INV was established in January 2002 in accordance with the Investment Trust and Investment Corporation Act (ActNo. 198 of 1951, as amended; the “Investment Trust Act”). In May 2004, INV was listed on the Osaka Securities Exchange(application for delisting was made in August 2007), and in August 2006 was listed on the Real Estate Investment and Trust
Securities Section of the Tokyo Stock Exchange (Ticker Code: 8963).
After the merger with LCP Investment Corporation (“LCP”) was implemented on February 1, 2010, INV issued newinvestment units through a third-party allotment on July 29, 2011 and refinanced its debt. Calliope Godo Kaisha(“Calliope”), an affiliate of the Fortress Investment Group LLC (“FIG” and together with Calliope and other affiliates of
FIG, collectively the “Fortress Group”) was the main allottee, and the sponsor changed to the Fortress Group.
Ever since the commencement of sponsorship from the Fortress Group, INV has been focused on the improvement ofoccupancy rates as well as the reduction of expenditures related to its properties and investment corporations bystrengthening its asset management capabilities. Furthermore, in September 2012, INV newly acquired 24 residential
properties without issuing new equity, thereby improving the earning power of its portfolio and establishing a revenue basein order to implement stable distributions.
Following such measures, INV refinanced existing bank borrowings with new borrowings through syndicate loans
arranged by Sumitomo Mitsui Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ, Ltd. together with funds
raised via a third-party allotment mainly to the Fortress Group on December 20, 2013. Through such refinancing, INV
reduced its interest-bearing debt ratio, improved its earning power due to the significant reduction in interest expenses, andstrengthened its lender formation, thereby improving its financial stability and establishing a financial base for future
growth.
With this platform as a base for future growth, INV acquired its first two limited-service hotel properties on May 23,
2014. On June 23, 2014, Consonant Investment Management Co., Ltd., the asset manager to which INV entrusts the
management of its assets (the “Asset Manager”) revised the Investment Guidelines for INV, and added hotels as a coreasset class alongside residential properties with a view towards expanding investments in the hotel sector in which demandis forecast to rise going forward. In July 2014, INV acquired 18 limited-service hotels from the sponsor group using funds
raised from a global public offering and the refinancing of existing loans. In the fiscal period ended June 2015 (the"Reporting Period"), INV acquired two hotels from the sponsor group and one hotel from a third-party on February 6, 2015
using the excess cash-on-hand and new loans, without issuing new equity.
INV’s distributions per unit ("DPU") from July 1, 2014 to June 30, 2015 reached JPY 1,593, an increase of
approximately 1.96 times year-on-year. INV's end-of-term market capitalization was JPY 174,265 million, approximately
4.56 times larger than the final day of June of the previous year.
At the board meetings of INV and the Asset Manager held on June 25, 2015, resolutions were passed to pursue a4

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

global public offering and new share issuance (collectively, the "Capital Increase"), with the funds raised through theCapital Increase and new loans to acquire 11 hotels and three residential properties (the "Acquisition"), and to refinance all
existing loans (the "Refinancing"; collectively with the Capital Increase and the Acquisition, the "Measures"). In addition,
on June 25, 2015, INV entered into a Memorandum of Understanding (the " MOU") with affiliates of sponsor FortressGroup, thereby acquiring preferential negotiating rights regarding the acquisition of 21 hotels and nine residential properties,
securing a pipeline for external growth.
Through implementation of the Measures, INV will achieve further growth in DPU and an increase in scale for boththe portfolio and market capitalization. Furthermore, the conversion of all existing loans into unsecured debt has further
strengthened INV’s financial soundness and stability.
The Measures are described in greater detail below in “c. Significant Subsequent Events”.
(b)

Operational Environment and Performance
In the Reporting Period, real GDP growth rate for the period from April to June 2015 showed a decline of 1.6%

year-on-year compared to 4.5% increase year-on-year from January to March. However, the Japanese economy saw
strong corporate activity in the first half of the year, as corporate profits for the January-March 2015 quarter reachedpre-Lehman bankruptcy level of 2007 and capital investment increased. As a result, the employment and wage
environment showed further improvement, as the unemployment rate for June 2015 fell to 3.4%, the jobs-to-applicantsratio was 1.19x, and the number of unemployed declined for the 61st consecutive month. Going forward, it is necessary
to take notice of the risk such as slowdown in overseas economies including China, but the domestic economic upswing
is expected to continue due to the recovery in consumer spending on the back of the improved employment and wage
environment, the impact of the government’s financial policy and the Bank of Japan’s large-scale monetary easing
policy, and the increase in corporate profits in connection with the decline in the price of crude oil.
Regarding the real estate investment market, real estate transaction prices continued to rise in Tokyo and otherlarge cities as a result of Japan’s economic recovery and expectations of an end to deflation. According to the JapaneseReal Estate Investor Survey (April 2015) conducted by the Japan Real Estate Institute, investors expect capitalization
rates for offices, residences, retail facilities, and hotels to continue to decline. Although investors who responded thatthey will make new investments over the next year dropped by 4 points to 90% from the previous survey (October 2014),
investment demand remains high and maintains a positive stance.
Regarding the property rental market, Tokyo office building vacancy rates continue to decline while rates arebottoming out in parts of other major cities such as Osaka and Nagoya. Large corporations are consolidating their floor
space as well as expanding leasing space in the same buildings. Rents increased mainly for newly constructed buildings
and premium properties in the Tokyo area. With respect to the residential sector, market rent trends for small-type citycenter properties are continuingly improving. In the hotel sector, the Japanese government’s promotion of tourism
initiatives such as airport capacity expansion, the entry of LCC’s into the Japanese market, and the relaxation of visa
requirements for some Asian countries, etc., coupled with macro structural changes such as a sharp increase in thenumber of cross-border travelers due to the global rise of the middle-income bracket, has led to a significant increase in
the number of international visitors to Japan from China and Southeast Asian countries such as Thailand, Malaysia, thePhilippines, Indonesia and Vietnam. This robust combination helped Japan log a record high of 13.41 million visitors in
2014, providing firm demand for accommodations. In the current reporting period, this trend further accelerated and thenumber of international visitors to Japan from January to July 2015 increased to 11.05 million visitors (+47% year-onyear), leading to a significant increase in foreigner lodging demand.
INV implemented a rent increase program for new residential leases and renewals as well as a program to reduceleasing costs for residential properties based on a market analysis of each unit and property. As a result, in the Reporting
Period, INV realized a rent increase for 68.0% of the new residential lease contracts or a rent increase of 1.9% comparedto the previous rent, and a rent increase for 39.2% of contract renewals or a rent increase of 1.2% compared to the5Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Periodprevious rent. Net leasing costs (advertising expenses + free rent – key money) were reduced to an average of 0.90
months per new lease, a reduction of 0.28 months year-on-year.
Regarding hotels, INV acquired two hotels from the sponsor group and one hotel from a third party at a total priceof JPY 13,261 million on February 6, 2015. In terms of internal growth, in addition to the abovementioned external
environmental factors, the hotel operators adeptly captured inbound demand through strong revenue management
techniques. INV’s 23 acquired hotels recorded a significant growth in the Reporting Period led by an occupancy rate
(Note 1) of 91.9% (+3.4 points year-on-year), ADR (Note 2) of JPY 8,130 (+20.9% year-on-year), and RevPAR (Note3) of JPY 7,470 (+25.4% year-on-year). The ratio of overseas sales (Note 4) at the acquired 23 hotels increased to33.7% (+25.1 points year-on-year) (Note 5) for the Reporting Period.
As a result, INV’s average occupancy rate across the entire portfolio for the Reporting Period maintained a highlevel of 96.8%, and the NOI increased by 6.9% year-on-year to JPY 4,127 million.
At the end of the Reporting Period, the number of properties held by INV totaled 94 properties including 23 hotels,
63 residential properties, seven office buildings and retail facilities as well as one parking lot at a total acquisition priceof JPY 131,188 million and total leasable area of 240,858.19 m2.
As a result of the internal growth performance and trends in the real estate investment and rental market, as well as
the strong performance of the hotels, the total appraisal value at the end of the Reporting Period was JPY 146,874
million, an increase of JPY 6,856 million (+4.9%) year-on-year (Note 6). In particular, the appraisal value of the 23
hotels increased to JPY 5,336 million (+8.1%) year-on-year (Note 6) and achieved an unrealized gain ratio of 15.4%(Note 7), significantly helping to continually enhance the overall portfolio asset value.
(Note 1) “Occupancy rates” are calculated in accordance with the following formula:
Occupancy rates = total number of occupied rooms during a certain period ÷ total number of rooms available during
the same period (number of rooms x number of days)(Note 2) “ADR” means average daily rate, and is calculated by dividing total room sales (except for service fee) for a certain
period by the total number of days per room for which each room was occupied during the same period.
(Note 3) “RevPar” means revenue per available room per day, and is calculated by dividing total room sales for a certain
period by total number of rooms available (number of rooms x number of days) during the same period, and is thesame as the figure obtained by multiplying occupancy rates by ADR.
(Note 4) “Overseas sales ratio” is the ratio of sales amount through overseas web agents to revenues. Overseas sales ratio isbased on the data of 20 hotels of the existing 23 hotels, excluding Hotel Vista Premio Dojima, APA Hotel
Yokohama-Kannai and Hotel Nets Hakodate, because the hotel operator is not K.K. Mystays Hotel Management(“MHM”).
(Note 5) The performance of the same period in the previous year (from January to June 2014) is based on the operational
performance data provided by the seller of the 23 hotels before INV acquired the 23 hotels. Likewise, theperformance of the period from January 1, 2015 to February 5, 2015 of the three hotels INV acquired on February 6,2015 is based on the operational performance data provided by the seller of those hotels.
(Note 6) Of the 23 hotels, the comparison was made after the appraisal value as of December 1, 2014 of the three properties
acquired as of February 6, 2015 was added to the total appraisal value of the portfolio assets of the end of theprevious period.
(Note 7) The unrealized gain ratio is calculated using the following formula: (the appraisal value as of the end of theReporting Period - book value as of the end of the Reporting Period) ÷ book value as of the end of the Reporting
PeriodRegarding the 11 hotels and three residential properties acquired by funds procured through a global offering anddecided upon by INV’s Board of Directors on June 25, 2015, refer to “c. Significant Subsequent Events” below.

6Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(c)Overview of Fund Raising
In the Reporting Period, INV raised funds through a new syndicate loan (total borrowings: JPY 6,241 million;interest at time of borrowing: 0.93%) on February 6, 2015, with Sumitomo Mitsui Banking Corporation, The Bank ofTokyo-Mitsubishi UFJ and Mizuho Bank, Ltd. as arrangers, to acquire three new hotels and pay related expenses.
Using consumption tax refunds from two hotels acquired on May 23, 2014, INV repaid, on April 30, 2015, the portionof Syndicate Loan (C) that corresponds to the borrowings corresponding to the expected consumption tax refund (Note1), of JPY 1,200 million.
As a result of the above measures, the outstanding balance of interest-bearing debt for INV was JPY 72,301
million, and the Loan-to-Value ratio was 52.8% (Note 2) as of the end of the Reporting Period.
As described below in “C Subsequent material events”, INV decided on June 25, 2015 to procure a new
unsecured syndicate loan (total amount borrowed: JPY 88,338 million; interest at time of borrowing: 0.63%) dated
July 1, 2015 and executed on July 16, 2015 for use as a portion of the funds to acquire 11 hotels and three residential
properties on July 16, 2015 and repayment of all existing loans (Syndicate Loan (C), Syndicate Loan (D) and
Prudential LPS Loan B).
Through the Refinancing, INV converted all debt to unsecured debt, lengthened the debt maturity duration andfurther reduced loan costs. Henceforth, INV moved forward with a financial strategy that takes into consideration
obtaining a credit rating and the issuing investment corporation bonds.

(Note 1) Borrowings corresponding to the expected consumption tax refund mean the borrowings which will be prepaid
in the amount equivalent to the refund of consumption tax, which were paid in relation to the acquisition of thetrust beneficiary interests acquired by the borrowings executed at the same time, in the case where the abovementioned consumption tax refunds are received. The same shall apply hereinafter.
(Note 2) The calculation for the Loan-to-Value ratio uses the calculation formula below:
Loan-to-Value ratio = amount of interest-bearing debt (excluding JPY 321 million borrowings corresponding to
the expected consumption tax refund) ÷ amount of total assets at end of the Reporting Period x 100(d)

Overview of Results of Operations and Distributions
As results of the operations mentioned above, operating revenues for the reporting period increased by JPY 364

million from the previous period (+7.9%) to JPY 4,974 million, and net income increased by JPY 337 million from theprevious period (+17.2%) to JPY 2,295 million. Distribution per unit was JPY 860 yen, an increase of JPY 127(+17.3%) year-on-year.

b

Outlook for the Fiscal Period Ending June 30, 2015(a)

Future operational policy and issues to be addressed
Since July 2011, when the Fortress Group became sponsor, as mentioned above, INV has enhanced unitholder

value.
Going forward, INV will implement various strategies to maintain further growth, including the following
measures.
•

Continuous acquisition of properties from sponsor and third parties•

Further internal growth at hotel properties•

Obtain credit rating•

Diversification of financing measures, including the issuance of REIT bonds

Details of the future growth strategy are as follows.
7

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(i)External growth strategy
New Property Acquisitions
As its basic strategy, INV will move forward with acquisition of new properties focusing on hotels, where growthin portfolio revenues is anticipated. INV will also acquire a certain proportion of residential properties and hotels using
fixed rent schemes, which contribute to stable revenue. This acquisition strategy will enable INV to build a portfoliowith a good balance between growth and stability.
In regards to hotels, INV will take into consideration the trends in foreign visitors, demands of business and leisurecustomers, the competitive hotel environment, and leasing contract types when making investment decisions, with theaim of acquiring properties where growth and stability of gross operating profit (GOP) and rental revenue are forecasted
to increase.
In regards to residential properties, INV will analyze occupancy rates, rental market trends, the presence ofcompeting properties and other factors, and consider acquiring mainly small-type properties in large cities with strong
competitiveness.
In recent years, the property acquisition environment has become increasingly severe, however, INV, as shown
below, has continued to achieve steady external growth from the pipeline of the sponsor, the Fortress Group.
Properties Acquired from affiliates of the Fortress Group (including anticipated acquisitions)
Date

Details

Total acquisition price

September 2012

Acquired 24 residential properties

JPY 14,043 million

May 2014

Acquired two hotels

JPY 5,435 million

July 2014

Acquired 18 hotels

JPY 39,938 million

February 2015

Acquired two hotels

JPY 4,911 million

July 2015
August 2015
(anticipated)
Total

Acquired 11 hotels and three residential

JPY 35,258 million

properties
Acquired one hotel

JPY 5,069 million

61 properties

JPY 104,654 million(of which 27 are residential and 34 are(of which residential: JPY 19,142 million;

hotels)hotels: JPY 85,512 million)

The Fortress Group manages four dedicated Japanese real estate funds, including the Fortress Japan Opportunity
Funds I and II. The Fortress Group’s committed equity is over JPY 300 billion and the number of properties that the
Fortress Group is invested in exceeds 1,400. In order to ensure future growth options for the portfolio, INV entered into
the MOU with the Fortress Group that provides preferential negotiation rights with respect to the acquisition of 21
hotels and nine residential properties as of June 25, 2015 (see the table below) (Note 1).
In addition, by utilizing the property transaction information available through the Fortress Group and INV’s own
network, INV will continuously consider and implement the acquisition of properties from third parties that willcontribute to stability and growth in revenue and cash flow and an increase in DPU.

No.

1Asset Name

Hotel MyStays Gotanda-Ekimae(Note 2)2 Hotel MyStays Akasaka (Note 3)

Asset Type

Location

No. ofRooms

Top 10 InboundTourist Destinations

Limited Service Hotel

Shinagawa-ku, Tokyo

333✔

Limited Service Hotel

Minato-ku,Tokyo

327

✔

8

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

No.

Asset Name

Asset Type

Location

No. ofRooms

Top 10 InboundTourist Destinations

3 Hotel MyStays Kanazawa

Limited Service Hotel Kanazawa-shi, Ishikawa

244

4 Hotel MyStays Fukuoka-Tenjin

Limited Service Hotel

217

✔

166

✔

5

Hotel MyStays Yokohama -Kannai(Note 4)

Limited Service Hotel

Fukuoka-shi, Fukuoka
Yokohama-shi,
Kanagawa

6 Hotel MyStays Hamamatsucho

Limited Service Hotel

Minato-ku, Tokyo105✔

7 Hotel MyStays Shinsaibashi

Limited Service Hotel

Osaka-shi, Osaka

54✔

8 Flexstay Inn Ekoda (Note 5)

Limited Service Hotel

Nerima-ku, Tokyo210✔

9 Rihga Royal Hotel Kyoto (Note 6)

Full Service Hotel

Kyoto-shi, Kyoto

475✔

10 Narita Excel Hotel Tokyu

Full Service Hotel

Narita-shi, Chiba

706✔

11 Art Hotels Sapporo

Full Service Hotel

Sapporo-shi, Hokkaido

412✔

12 Best Western Hotel Fino Sapporo

Limited Service Hotel

Sapporo-shi, Hokkaido

242✔

13 Best Western Hotel Fino Oita

Limited Service Hotel

Oita-shi, Oita

145

14 Takamatsu Tokyu REI Hotel

Limited Service Hotel Takamatsu-shi, Kagawa

191

15 Comfort Hotel Maebashi

Limited Service Hotel

Maebashi-shi, Gunma

153

16 Comfort Hotel Kurosaki

Limited Service Hotel Kitakyushu-shi, Fukuoka

151

17 Comfort Hotel Tsubame-Sanjo

Limited Service Hotel

Sanjo-shi, Niigata

132

18 Comfort Hotel Kitami

Limited Service Hotel

Kitami-shi, Hokkaido

127

Full Service Hotel

Hirosaki-shi, Aomori

134

19 Hotel Naqua City Hirosaki
20 Beppu Kamenoi Hotel

Resort Hotel

Beppu-shi, Oita

322

21 Fusaki Resort Village

Resort Hotel

Ishigaki-shi, Okinawa

195

Residential/Small Type
(Note 7)
Residential/Small Type

23 Plestay Win Kinshicho(Note 7)
Residential/Small Type

24 Gran Charm Kichijoji(Note 7)
Residential/Small Type

25 Green Patio Noda

(Note 7)
Residential/Small Type

26 Dainichi F-45

(Note 7)
Residential/Small Type

27 Gran Charm Urayasu(Note 7)
Residential/Small Type

28 Gran Charm Urayasu 5(Note 7)29 Gran Charm Minami Gyotoku I
30 Gran Charm Minami Gyotoku II

Residential/Small Type
(Note 7)
Residential/Small Type
(Note 7)

Residential Property Subtotal(Note 1)

✔

✔

5,041

Hotel Subtotal
22 Gran Charm Hiroo✔

Shibuya-ku, Tokyo

121

Sumida-ku, Tokyo

92

Musashino-shi, Tokyo28

Noda-shi, Chiba

240

Urayasu-shi, Chiba

54

Urayasu-shi, Chiba

54

Ichikawa-shi, Chiba

54

Ichikawa-shi, Chiba

52
48
743

Regarding the 29 properties, excluding “Flexstay Inn Ekoda” (Note 5), from the 30 properties listed above,
there is no guarantee that INV will be granted an opportunity for considering acquisition of the properties or
be able to acquire the properties.
9

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Note 2)

Hotel Gotanda-Ekimae partially reopened on August 24, 2015 after renewal and is scheduled to fully reopenon November 25, 2015.

(Note 3)

Hotel MyStays Akasaka is scheduled to be completed in August 2016.

(Note 4)

Hotel MyStays Yokohama Kannai is scheduled to be completed in August 2016.

(Note 5)Flexstay Inn Ekoda is schedule to be acquired by INV on August 28, 2015.

(Note 6)

Rihga Royal Hotel Kyoto is scheduled to partially reopen on September 1, 2016 after renewal and fully
reopen on November 1, 2016.

(Note 7)

“Small Type” means a residential property in which the majority of dwelling units are less than 30 m2.

Property Sales
While INV places priority on increasing unitholders’ value through external growth by taking into account theincreased level of activity in the real estate trading market, it also plans to consider the possibility of property sale upon
consideration of the portfolio sector composition, geographic distribution and competitiveness of each property, as
appropriate.
(ii)

Strategy for internal growth(Hotels)
Of the 37 hotels that INV owns or anticipates to acquire (including the three properties that it anticipates to acquireon August 28, 2015), 32 hotels use a variable rent scheme. In the variable rent scheme, in principle, INV receives grossoperating profit (GOP) after deducting management fees for the hotel operator, and INV’s variable rent scheme is set up
so that INV can directly enjoy the hotel revenue upside. For 29 hotels, MHM, a hotel operator in the sponsor group, has
implemented strict revenue management seeking to maximize revenue. INV will continue to accurately ascertain andanalyze operating conditions of its hotels, the conditions of nearby hotels, market trends and other factors throughoperating conferences and other contact with hotel operators and will focus on operations that maximize rent income.
(Residential properties and others)
INV will continue to strengthen its collaborative ties with Property Management (PM) companies and brokers tofurther boost occupancy rates and earning capabilities of its properties. With respect to INV’s residential properties,
while keeping in mind the off-season in the residential rental market that occurs during the December 2015 period, INV
will focus on increasing rent for new lease contracts as well as for lease renewals for each of its properties as well as
formulating net leasing management policies in order to continue maximizing profits.
Further, the implementation of appropriate maintenance and repair plans is of the utmost importance in maintaining
and enhancing the competitiveness and market value of the properties as well as ensuring stable operations and hightenant satisfaction. Therefore, INV will continue to monitor current strategic plans with flexible implementation as itsees fit.
(iii) Financial strategy
In continuation of the strengthening of the financial base via the new borrowings implemented in February 2015
and the refinancing resulting in its debt becoming unsecured borrowing implemented in July 2015, INV will promote a
financial strategy which envisages to obtain a future credit rating and to issue investment corporate bonds. Also, INV
seeks to maximize unitholders’ value by way of lengthening and diversification of borrowing terms, further reduction ofborrowing costs, adjustment of appropriate fixed/variable interest rate ratio taking into consideration the interest rate
trends and strengthening of its lender formation, in order to maximize unitholders’ value and increase distributions per
unit.
10

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(iv) Compliance risk management
While the executive officer of INV concurrently serves as the representative director at the Asset Manager, two
supervisory directors (an attorney and a certified public account) oversee the execution of the executive officer’s duties via
the Board of Directors of INV. In addition, the compliance officer of the Asset Manager attends each meeting of the Boardof Directors in the capacity of an observer.
The Asset Manager has a compliance officer who is responsible for compliance with laws, regulations and otherrelevant matters as well as overall management of transactions with sponsor related parties. Moreover, it has in place acompliance committee which, chaired by such compliance officer, is in charge of deliberating on compliance with laws,
regulations and other relevant matters as well as transactions with sponsor related parties. Compliance committee meetings
are attended by an outside expert (an attorney) who, sitting in as a compliance committee member, conducts rigorous
deliberations on the existence of conflicts of interest in transactions with sponsor related parties as well as strict
examinations with respect to INV’s compliance with laws and regulations.
INV intends to continually take steps to strengthen its compliance structure.

c

Significant Subsequent Events
INV issued the new investment units through a global public offering and the third-party allotment (collectively,
the “Capital Increase”) conducted in connection with the overallotment secondary offering for the global public offeringin the fiscal period ending December 31, 2015 (25th fiscal period). INV acquired the 11 hotels and the three residential
properties on July 16, 2015, from the funds procured through the Capital Increase along with the refinancing of theexisting borrowings.
Furthermore, the acquisition of three hotels by utilizing cash-on-hand and new loans was decided and the sale andpurchase agreement was executed on August 21, 2015.

(a)Issuance of New Investment Units
INV resolved at its meeting of the Board of Directors held on June 25, 2015 and July 8, 2015 respectively to

conduct the issuance of new investment units and secondary distribution of investment units. Payment for the newinvestment units issued through the public offering was completed on July 15, 2015, in accordance with the following
terms and conditions. In addition, with respect to the issuance of new investment units through the third-party allotment
in connection with the overallotment secondary offering, the payment was completed on August 12, 2015. As a result,the unitholders’ equity of INV is JPY 82,465 million and the number of investment units issued and outstanding of INV
increased to 3,193,686.
(i)Issuance of new investment units through public offering: 500,000 units
Domestic public offering: 211,250 units
Overseas offering: 288,750 units: JPY 57,817 per unit
: JPY 55,941 per unit
: JPY 27,970,500,000: July 15, 2015

Number of New Investment Units Issued
Issue Price (Offer Price)Amount Paid In (Issue Value)
Total Amount Paid In (Total Issue Value)
Payment Date

11

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(ii) Secondary offering of investment units (overallotment secondary offering)Number of Investment Units Offered in the Secondary
Offering
Offer Price
Total Offer Value: 25,000 units: JPY 57,817 per unit
: JPY 1,445,425,000: July 16, 2015

Delivery Date(iii) Issuance of new investment units through third-party allotment
Number of New Investment Units Issued: 25,000 units

Amount Paid In (Issue Value): JPY 55,941 per unit
: JPY 1,398,525,000

Total Amount Paid In (Total Issue Value)
Payment Date
Allotee(b): August 12, 2015
: Mizuho Securities Co., Ltd.

Refinancing and New Borrowing
In order to implement refinancing via unsecured lower-interest borrowings for part of the funds for the acquisitionof 11 hotel properties and 3 residential properties acquired on July 16, 2015 and all of the existing secured loans (New
Syndicate Loan (C), New Syndicate Loan (D) and Prudential LPS Loan B), INV entered into a loan agreement for a new
syndicate loan (New Syndicate Loan (E)) at a variable interest rate of 0.40%, 0.50%, 0.60% and 0.20% plus one-month
JPY TIBOR as of July 1, 2015, and implemented the borrowing on July 16, 2015.
Furthermore, in order to procure a part of funds for the acquisition of 3 hotel properties, INV resolved at its
meeting of the Board of Directors held on August 21, 2015, to enter into a loan agreement (“New Borrowing”) for a
new term loan (New Term Loan A) at a variable interest rate of one-month JPY TIBOR (Base Rate) + spread (0.5%)(Note) on August 26, 2015 and to implement the New Borrowing on August 28, 2015.
As a result, INV’s outstanding balance of the interest-bearing debt is to be JPY 92,020 million, INV’s interestbearing debt ratio is to be 47.7%, and INV’s average interest rate is to be 0.63% after the implementation of the
Refinancing and the New Borrowing.
(Note)(i)

The interest rate applicable for the first interest calculation period only will be two-month JPY TIBOR (BaseRate) + spread (0.5%).
Overview of the Refinancing
Overview of the Refinancing implemented as of July 16, 2015 is as follows.
I. Overview of the New Borrowing
New Syndicate Loan (E)LenderSumitomo Mitsui Banking
Corporation
The Bank of Tokyo-Mitsubishi
UFJ, Ltd.
Mizuho Bank, Ltd.
Shinsei Bank, Limited
Citibank Japan Ltd.
Sumitomo Mitsui Trust Bank,Limited

Borrowing
Date

BorrowingAmount(mn JPY)

July 16,
2015

28,979July 16,
2015

28,97912

Interest Rate(per annum)(Note 1)
0.53%
Variableinterest rate
(Note 2)
0.63%
Variableinterest rate
(Note 3)

Principal
Maturity
Date

Borrowing
MethodJuly 16,2018

Unsecured /nonguarantee

July 16,2019

Unsecured /nonguarantee

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Borrowing
Date

BorrowingAmount(mn JPY)

Resona Bank, Limited
Mitsubishi UFJ Trust and Banking
Corporation

July 16,
2015

28,979Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.

July 16,
2015

1,401

Lender

Total

Interest Rate(per annum)(Note 1)
0.73%
Variableinterest rate
(Note 4)
0.33%
Variableinterest rate
(Note 5)

Principal
Maturity
Date

Borrowing
MethodJuly 16,
2020

Unsecured /nonguarantee

May 16,2016

Unsecured /nonguarantee

88,338(Note 1)

Interest rate applicable for the period from July 31, 2015 to August 30, 2015

(Note 2)One-month JPY TIBOR + spread (0.4%)(Note 3)One-month JPY TIBOR + spread (0.5%)(Note 4)One-month JPY TIBOR + spread (0.6%)(Note 5)One-month JPY TIBOR + spread (0.2%)

II. Overview of the Prepayment of the Existing Borrowing
New Syndicate Loan (C)LenderSumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
Citibank Japan Ltd.
Shinsei Bank, Limited
Sumitomo Mitsui Trust Bank, Limited
Resona Bank, Limited

Borrowing
Date

July 17,2014

Prepayment
Amount(mn JPY)

Interest Rate(per annum)(Note 1)

Principal
Maturity
Date

Borrowing
Method56,1000.93%
Variableinterest rate
(Note 2)

July 14,2017

Secured /nonguarantee(Note 1)

Interest rate applicable for the period from June 30, 2015 to July 30, 2015

(Note 2)One-month JPY TIBOR + spread (0.8%)

New Syndicate Loan (D)LenderSumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
Citibank Japan Ltd.
Shinsei Bank, Limited
Sumitomo Mitsui Trust Bank, Limited
Resona Bank, Limited

Borrowing
Date

February 6,
2015

Prepayment
Amount(mn JPY)

Interest Rate(per annum)(Note 1)

Principal
Maturity
Date

Borrowing
Method

6,241

0.93%
Variableinterest rate
(Note 2)February 6,
2018Secured / nonguarantee(Note 1)

Interest rate applicable for the period from June 30, 2015 to July 30, 2015

(Note 2)One-month JPY TIBOR + spread (0.8%)

13Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Prudential LPS Loan B
Borrowing
Date

LenderPrepayment
AmountInterest Rate(per annum)

Principal
Maturity
Date

1.90%
Fixed
interest rateMarch
31, 2018

1.90%
Fixed
interest rateMarch
31, 2019

1.90%
Fixed
interest rateMarch
31, 2020

1.90%
Fixed
interest rateMarch
31, 2019(mn JPY)

Prudential Mortgage
Asset Holdings 1 Japan
Investment Limited
PartnershipFirst lending

September
28, 2012

2,700

Second lending

September
28, 2012

2,860

Third lending

September
28, 2012

1,830

Fourth lending

September
28, 2012

2,570

Total

(ii)

Borrowing
MethodSecured / nonguarantee
Secured / nonguarantee
Secured / nonguarantee
Secured / nonguarantee

9,960

Overview of the New Borrowing
Overview of the New Borrowing to be implemented as of August 28, 2015 is as follows.
Term Loan (A)LenderMizuho Bank, Ltd.

(Note)(a)Borrowing
Date

Prepayment
Amount(mn JPY)

Interest Rate(per annum)

Principal
Maturity
Date

Borrowing
MethodAugust 28,
2015

3,682

Variableinterest rate
(Note)

August 28,
2019

Unsecured / nonguarantee

One-month JPY TIBOR + spread (0.5%)

Acquisition of Assets
INV completed the Acquisition on July 16, 2015. In addition, INV decided on August 21, 2015 to acquire one

hotel from properties listed in the MOU and two hotels from a third-party (collectively “Additional Acquisition”), by
utilizing cash-on-hand and New Borrowing.
As a result, the total number of properties held by INV after the implementation of the Acquisition and Additional
Acquisition will increase to 111 properties (66 residential properties, 37 hotels, 7 retail and office buildings as well as
one parking lot) with a total acquisition price of JPY 173,815 million and total leasable area of 296,526.92 m2.

14

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

The overview of 11 hotels and three residential properties acquired in the Acquisition as of July 16, 2015 is asfollows.

Use

Hotel

Property
Number

Property
Name

Location

AcquisitionPrice(mn JPY)(Note 1)

D24

Hotel
Mystays
HanedaOta-ku, Tokyo

7,801

D25

Hotel
Mystays
Kameido P1

Koto-ku,
Tokyo

5,594

D26

Hotel
Mystays
Ueno
Iriyaguchi

Taito-ku,
Tokyo

D27

Hotel
Mystays
Kameido P2

Koto-ku,
Tokyo

D28

Hotel Vista
Shimizu

Shizuoka-shi,
Shizuoka

D29

Super Hotel
Shinbashi/
Karasumorigu
chiMinato-ku,
Tokyo

D30

Flexstay Inn
Higashi-Jujo

Kita-ku,
Tokyo

D31

Hotel
MyStays
Utsunomiya

Utsunomiya, shi Tochigi

D32

Flexstay Inn
KawasakiKaizuka

Kawasaki-shi,
Kanagawa

D33

ComfortHotel Toyama

Toyama-shi,ToyamaD34

Flexstay Inn
KawasakiOgawacho

Kawasaki-shi,
Kanagawa

Category ofSpecified
Assets

7,880

Trust
Beneficial
Interest

5,650

Nishi
TokuteiMokuteki
KaishaTrust
Beneficial
Interest

3,860

RannochTokuteiMokuteki
KaishaTrust
Beneficial
Interest

3,760

Nishi
TokuteiMokuteki
KaishaTrust
Beneficial
Interest

2,220

WakuseiTokuteiMokuteki
KaishaTrust
Beneficial
Interest

1,640

SuiseiTokuteiMokuteki
KaishaTrust
Beneficial
Interest

1,290

Aki
TokuteiMokuteki
KaishaTrust
Beneficial
Interest

1,250

Zephyrus
TokuteiMokuteki
KaishaTrust
Beneficial
Interest

990

RannochTokuteiMokuteki
KaishaTrust
Beneficial
Interest

989

SuiseiTokuteiMokuteki
KaishaTrust
Beneficial
Interest

906

915

RannochTokuteiMokuteki
KaishaTrust
Beneficial
Interest

30,15930,464

3,742

2,198

1,624

1,277

1,237

980

979

15

SellerSkye
TokuteiMokuteki
Kaisha3,821

Subtotal

Appraisal Value(mn JPY)(Note 2)

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Use

Property
Number

Property
Name

Location

A100

City Court
Kitaichijo

A101

A102

Residential

AcquisitionPrice(mn JPY)(Note 1)

Appraisal Value(mn JPY)(Note 2)

SellerCategory ofSpecified
Assets

Sapporo-shi,
Hokkaido

1,782

1,800

Godo
KaishaBaretta

Trust
Beneficial
Interest

Lieto Court
Mukojima

Sumida-ku,
Tokyo

1,683

1,700

Godo
KaishaBaretta

Trust
Beneficial
Interest

Lieto Court
Nishi-Ojima

Koto-ku,
Tokyo

1,634

1,650

Godo
KaishaBaretta

Trust
Beneficial
Interest

Subtotal

5,099

5,150

Total

35,25835,614(Note 1)

Acquisition prices do not include adjustments for property taxes, city planning taxes, national or local
consumption taxes; hereinafter the same.

(Note 2)

Based on the appraisal value as of May 1, 2015 by a report of Japan Real Estate Institute.

The overview of three hotels to be acquired in the Additional Acquisition to be completed on August 28, 2015 is asfollows.

Use

Property
Number

Property
Name

Location

D35

Flexstay Inn
Ekoda

Nerima-ku,
Tokyo

5,069

D36

Super HotelTokyo-JRTachikawa
Kitaguchi

Tachikawashi, Tokyo

D37

Super Hotel
JR UenoIriyaguchi

Taito-ku,
Tokyo

Hotel

AnticipatedAcquisitionPrice(mn JPY)(Note 1)

Total

(Note 3)

Appraisal Value(mn JPY)(Note 3)SellerCategory ofSpecified
Assets

5,120

Nishi
Tokutei
Mokuteki
KaishaTrust
Beneficial
Interest

1,170

1,180

Tsukiji One
Godo
KaishaTrust
Beneficial
Interest

1,130

1,140

Tsukiji One
Godo
KaishaTrust
Beneficial
Interest

7,369

7,440

Flexstay Inn Ekoda is based on the appraisal value as of August 10, 2015 by a report of Japan Real Estate
Institute. Super Hotel Tokyo-JR Tachikawa Kitaguchi and Super Hotel JR Ueno-Iriyaguchi are based on theappraisal value as of July 31, 2015 by a report of Daiwa Real Estate Appraisal Co., Ltd.

16

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal PerioddOperational Outlook
The following forecast is made for the fiscal period ending December 31, 2015, the fiscal period ending June 30,

2016 and the fiscal period ending December 31, 2016.

Fiscal Period ending December 31, 2015 (from July 1, 2015 to December 31, 2015)
Operating Revenues

JPY 6,601 million

Operating Income

JPY 3,986 million

Ordinary Income

JPY 2,528 million

Net Income

JPY 2,527 million

Earnings per Unit

JPY 791

Reversal of Surplus per Unit

JPY 23Distribution per Unit (Excluding excess profit distribution per unit)

JPY 815

Excess Profit Distribution per Unit

JPY 248

Distribution per Unit (Including excess profit distribution per unit)

JPY 1,064

Fiscal Period ending June 30, 2016 (from January 1, 2016 to June 30, 2016)
Operating Revenues

JPY 6,500 million

Operating Income

JPY 3,631 million

Ordinary Income

JPY 3,225 million

Net Income

JPY 3,224 million

Earnings per Unit

JPY 1,009

Reversal of Surplus per Unit-

Distribution per Unit (Excluding excess profit distribution per unit)

JPY 1,009

Excess Profit Distribution per Unit-

Fiscal Period ending December 31, 2016 (from July 1, 2016 to December 31, 2016)
Operating Revenues

JPY 7,008 million

Operating Income

JPY 4,117 million

Ordinary Income

JPY 3,717 million

Net Income

JPY 3,716 million

Earnings per Unit

JPY 1,163

Reversal of Surplus per Unit-

Distribution per Unit (Excluding excess profit distribution per unit)
Excess Profit Distribution per Unit

JPY 1,163-

17

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

INV presents full year figures for financial results and distribution for information purpose only because rental
revenues of hotel properties tend to fluctuate by season.
(Reference) 2015 Annual (total of the fiscal periods ending June 30, 2015 and December 31, 2015)
Operating Revenues

JPY 11,576 million

Operating Income

JPY 6,797 million

Ordinary Income

JPY 4,824 million

Net Income

JPY 4,823 million

Earnings per Unit

JPY 1,651

Reversal of Surplus per Unit

JPY 23Distribution per Unit (Excluding excess profit distribution per unit)
Excess Profit Distribution per Unit

JPY 1,675
JPY 248

Distribution per Unit (Including excess profit distribution per unit)

JPY 1,924(Reference) 2016 Annual (total of the fiscal periods ending June 30, 2016 and December 31, 2016)
Operating Revenues

JPY 13,508 million

Operating Income

JPY 7,748 million

Ordinary Income

JPY 6,942 million

Net Income

JPY 6,941 million

Earnings per Unit

JPY 2,172

Reversal of Surplus per Unit-

Distribution per Unit (Excluding excess profit distribution per unit)
Excess Profit Distribution per Unit

JPY 2,172-

For the assumptions underlying the operational outlook for the fiscal periods ending December 31, 2015, the fiscal
period ending June 30, 2016 and the fiscal period ending December 31, 2016, please see “Assumptions for the Forecasts
for the Fiscal Period ending December 31, 2015 (from July 1, 2015 to December 31, 2015), the Fiscal Period ending June30, 2016 (from January 1, 2016 to June 30, 2016) and the Fiscal Period ending December 31, 2016 (from July 1, 2016 to
December 31, 2016) ”.
(Cautionary Note regarding Forward Looking Statements)
Forward looking statements such as the forecasts set forth herein are based on information currently available andcertain assumptions that are deemed reasonable. Actual operating performance may vary significantly due to factors notforeseen at the time of this present notice, such as the occurrence of gains and losses associated with the sale ofproperties, repayment of borrowings and a decrease in rent received.
distribution amounts.

18

Also, this forecast is not a guarantee ofInvincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period<Assumptions Underlying the Forecast of Financial Results and Distribution for the Fiscal Period ending December 31, 2015
(from July 1, 2015 to December 31, 2015), the Fiscal Period ending June 30, 2016 (from January 1, 2016 to June 30, 2016)
and the Fiscal Period ending December 31, 2016 (from July 1, 2016 to December 31, 2016)>

Item

Assumptions
The fiscal period ending December 31, 2015: from July 1, 2015 to December 31, 2015 (184 days)

Fiscal period

The fiscal period ending June 30, 2016: January 1, 2016 to June 30, 2016 (182 days)
The fiscal period ending December 31, 2016: from July 1, 2016 to December 31, 2016 (184 days)
Properties held as of the end of the fiscal period ending December 31, 2015: 111 properties
Properties held as of the end of the fiscal period ending June 30, 2016: 111 properties
Properties held as of the end of the fiscal period ending December 31, 2016: 111 properties

Assets under management
INV assumes that INV will newly acquire 3 hotel properties (Note) as of August 28, 2015 inaddition to existing 108 properties, and there will be no new acquisitions or disposals of existing
properties thereafter through the end of the fiscal period ending December 31, 2016.
As of the end of the fiscal period ending December 31, 2015: 3,193,686 units
As of the end of the fiscal period ending June 30, 2016: 3,193,686 units
Units outstanding

As of the end of the fiscal period ending December 31, 2016: 3,193,686 units
INV assumes that there will be no additional issuance of units thereafter through the end of the
fiscal period ending December 31, 2016.
Balance as of the end of the fiscal period ending December 31, 2015: JPY 91,699 mn (Note)
Balance as of the end of the fiscal period ending June 30, 2016: JPY 90,619 mn (Note)
Balance as of the end of the fiscal period ending December 31, 2016: JPY 90,619 mn (Note)

Interest-bearing liabilities(Note) JPY 321 million of the consumption tax loan of JPY 1,401 million implemented on July16, 2015 is assumed to be repaid on October 30, 2015 during the 25th fiscal period and JPY 1,080
million of consumption tax loan of JPY 1,401 million is assumed to be repaid on May 16, 2016
during the 26th fiscal period.
INV assumes that, as of August 28, 2015, it will draw down the New Term Loan A, and that there
will be no other borrowings or prepayments.

19

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Item

Assumptions
INV expects to record rental revenues for each fiscal period as follows:The
fiscalperiodending December 31,
2015
・Rental revenues

JPY 6,601 mn(of these, hotel rents)(JPY 3,804 mn)(fixed hotel rents)(JPY1,645 mn)(variable hotel rents)(JPY2,159 mn)
Thefiscalperiodending June 30, 2016

The
fiscalperiodending December 31,
2016

・Rental revenues

JPY 6,500 mn

JPY 7,008 mn(of these, hotel rents)(JPY 3,745 mn)(JPY 4,186 mn)(fixed hotel rents)(JPY 1,614 mn)(JPY 1,726 mn)(variable hotel rents)(JPY 2,130 mn)(JPY 2,460 mn)

Operating revenues

Rental revenues in the fiscal period ending December 2015 are calculated based on estimates asof today from July 2015 to December 2015. In addition, INV assumes there will be nodelinquencies or non-payment of rent by tenants.
Rental revenues in the fiscal period ending June 2016 and the fiscal period ending December
2016 are calculated based on estimates as of today from January 2016 to December 2016. In
addition, INV assumes there will be no delinquencies or non-payment of rent by tenants.

20

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Item

Assumptions
INV expects to incur property related expenses for each fiscal period as follows:The
fiscalperiodending December 31,
2015

Operating expenses

・Facility management fees

JPY 503 mn(of these, repair costs)(JPY 42 mn)

・Taxes and other public charges

JPY 256 mn

・Insurance expenses

JPY 8 mn・Depreciation expenses

JPY 1,329 mn

・ Other expenses

JPY 150 mn

Total property related expenses

JPY 2,249 mn
Thefiscalperiodending June 30, 2016

The
fiscalperiodending December 31,
2016

・Facility management fees

JPY 482 mn

JPY 505 mn(of these, repair costs)(JPY 33 mn)(JPY 43 mn)

・Taxes and other public charges

JPY 295 mn

JPY 346 mn

・Insurance expenses

JPY 8 mn

JPY 8 mn・Depreciation expenses

JPY 1,365 mn

JPY 1,356 mn

・Other expenses

JPY 191 mn

JPY 151 mn

Total property related expenses

JPY 2,344 mn

JPY 2,369 mn

INV expects to incur other operating expenses than the property related expenses for each fiscal
period as follows:The
fiscalperiodending December 31,
2015
・Other operating expenses

JPY 365 mn(of these, asset management fees)(JPY 180 mn)
Thefiscalperiodending June 30, 2016

The
fiscalperiodending December 31,
2016

・Other operating expenses

JPY 524 mn

JPY 521 mn(of these, asset management fees)(JPY 358 mn)(JPY 359 mn)

INV expects to record net operating income for each fiscal period as follows:The
fiscalperiodending December 31,
2015
Net Operating Income

・NOI

JPY 5,681 mn(of these, hotel NOI)(JPY 3,659 mn)
Thefiscalperiodending June 30, 2016

The
fiscalperiodending December 31,
2016

・NOI

JPY 5,521 mn

JPY 5,995 mn(of these, hotel NOI)(JPY 3,558 mn)(JPY3,959 mn)

21

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Item

Assumptions

INV expects to incur non-operating expenses for each fiscal period as follows:
The fiscal period ending
December 31, 2015
・Interest expense

JPY 307 mn

・Finance related costs

JPY 1,008 mn(Prepayment premiums (Note1))(JPY 273 mn)

・Other non-operating expenses

Non-operating expenses(Expenses relating to the issuanceof new units for theOffering(Note 2))

JPY 142 mn

Total Non-operating expenses

JPY 1,458 mn(JPY 142 mn)

The fiscal period ending
June 30, 2016

The fiscal period
ending December 31,
2016

JPY 286 mn

JPY 287 mn

・Finance related costs

JPY 119 mn

JPY 112 mn

・Other non-operating expenses

JPY － mn

JPY － mn

Total Non-operating expenses

JPY 405 mn

JPY 400 mn

・Interest expense(Note1) Prepayment penalty of Prudential LPS Loan
(Note2) Expenses incurred relating to the public offering implemented in July 2015

The distribution per unit is calculated in accordance with the cash distribution policy as set forthin INV’s Articles of Incorporation.
With respect to the distribution for the fiscal period ending December 31, 2015, INV expects todistribute an aggregate amount of JPY 3,398 million (distribution per unit: JPY 1,064) based on
the assumption that the earnings for the fiscal period ending December 2015 (JPY 2,527 million)
and all of the surplus based on the gain on negative goodwill resulting from the merger (JPY 75
million) will be used as funds.
Distribution per unit

With respect to the distribution for the fiscal period ending June 30, 2016, INV expects todistribute an aggregate amount of JPY 3,222 million (distribution per unit: JPY 1,009) based on
the assumption that the earnings for the fiscal period ending June 2016 (JPY 3,224 million) will
be used as funds.
With respect to the distribution for the fiscal period ending December 31, 2016, INV expects todistribute an aggregate amount of JPY 3,714 million (distribution per unit: JPY 1,163) based on
the assumption that the earnings for the fiscal period ending December 2016 (JPY 3,716 million)
will be used as funds.

INV believes maintaining the stability of cash distributions over the medium term is one of themost important factors in determining the amount of distribution for a given fiscal period, andtherefore, in cases where dilution of units is to be occurred or significant expenses are to berecorded in connection with, among other things, the acquisition of assets or the raising of
capital, leading to a one-time decrease in distribution per unit, INV has decided to make
distributions in excess of profits in order to stabilize distributions using, as a benchmark,
Excess profit distribution per distribution per unit assuming that the acquisition of assets, the raising of capital or other things
unit
contributed to financial results through the whole period.
With respect to the distribution per unit for the fiscal period ending December 2015,
distributions per unit are expected to decrease due to various one-time expenses that are
expected to be recorded in connection with the transactions in connection with the Measure,including the Capital Increase. In addition, the Additional Acquisition and the New Borrowing(collectively, “Additional Measures”) are implemented by utilizing the excess cash-on-hand22

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Item

Assumptions
obtained from the Capital Increase. Therefore, from the perspective of maintaining stable
distributions, INV expects to pay distributions in excess of profits within the scope of the
expected shortfall between actual earnings per unit and of the simulated earnings per unit after
the Measure and the Additional Measures.
Excess profit distribution per unit for the fiscal period ending December 31, 2015: JPY 248(Reference) Simulated earnings per unit: JPY 1,084
INV does not intend to make no distributions in excess of profits (Excess profit distribution perunit) for the fiscal period ending June 30, 2016 and the fiscal period ending December 31, 2016as at the time of this report.

Other

INV assumes there will be no amendments to applicable laws and regulations, the taxation
system, accounting standards and other regulations that would affect the foregoing forecasts.
In addition, INV assumes there will be no unforeseen material changes in general economic
trends, real estate market conditions and other trends and conditions.

23

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

3. Financial Statements(1)

Balance Sheets

Fiscal Period ended
December 31, 2014(as of December 31, 2014)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Accrued revenue
Accounts receivables
Prepaid expenses
Consumption tax receivable
OthersAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Equipment
Accumulated depreciation
Equipment, net
Building improvements
Accumulated depreciation
Building improvements, net
Land
Buildings in trust
Accumulated depreciation(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)※1 9,153,872※1 2,691,921※1 4,011,521※1 4,822,622

82
644,552
233,324
1,319,253
0(1,968)190
637,813260,394
316,4130(2,436)

15,360,637

8,726,919※1 85,914※1 85,914(8,324)(8,866)

77,58977,048※1 38,862※1 38,862(18,548)(19,774)

20,314

19,117※1 2,779※1 2,779(1,204)(1,270)

1,574

1,509

※1 711,834※1 711,834※1 45,227,883※1 49,657,804(3,136,903)(3,726,114)

42,090,979

45,931,690※1 10,400,867※1 12,748,349(2,186,062)(2,551,810)

Equipment in trust, net

8,214,804

10,196,539

Building improvements in trust
Accumulated depreciation※1 321,799※1 323,594(118,744)(128,347)

Buildings in trust, net
Equipment in trust
Accumulated depreciation

Building improvements in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment
Intangible assets
OthersTotal intangible assets
Total investment and other assets
Guarantee deposits
Long-term prepaid expenses
Others24

203,054

195,246※1 268,476※1 302,397(103,974)(124,376)

164,502

178,020※1 63,258,940※1 69,963,823

114,743,593

127,274,829

76

45

76

45

10,000328,159
34,765

10,035
251,697
36,218

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Total investments and other assets

Fiscal Period ended
December 31, 2014(as of December 31, 2014)
372,924

Total non-current assets
Total assets

25(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)
297,951

115,116,594

127,572,826

130,477,232

136,299,746

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Fiscal Period ended
December 31, 2014(as of December 31, 2014)
Liabilities
Current liabilities
Accounts payable
Current portion of long-term debts
Current portion of long-term debts in trust
Accrued liabilities
Accrued expenses
Accrued income taxes
Advances received
Deposits received
Total current liabilities
Non-current liabilities
Long-term debts
Long-term debts in trust
Tenant leasehold and security deposits in trust
Tenant leasehold and security deposits

141,428

168,742※1 1,200,000※1 62,341,000※118,167※1 9,960,000

22,872
127,170578
371,084
23,89643,752
174,711542
420,660
10,108

1,905,197

73,119,517※156,100,000

1,109,146
28,663

1,420,014
28,66367,179,642

1,448,677

69,084,839

74,568,195

53,096,413

53,096,413

6,264,432
2,031,546

6,264,432
2,370,704※1 9,941,832

Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
SurplusCapital surplus
Unappropriated retained earnings/loss
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets

26(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)

8,295,9788,635,136

61,392,392

61,731,550※2 61,392,392※2 61,731,550

130,477,232

136,299,746

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(2)Statement of Income(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)

Fiscal Period ended
December 31, 2014
(from July 1, 2014 toDecember 31, 2014)
Operating revenues
Rental revenues
Total operating revenues
Operating expenses
Property related expenses
Asset management fees
Directors’ remuneration
Asset custodian fees
Administrative service fees
Provision of allowance for doubtful accounts
Other operating expenses
Total operating expenses
Operating income
Non-operating revenues
Interest revenues
Interest on refund
Miscellaneous income※1 4,610,717※1 4,974,760

4,610,717

4,974,760※1 1,586,854※1 1,834,039

125,000
4,800
3,976
26,672
1,527
91,966
1,840,796
2,769,920

180,000
4,800
6,342
22,055467
116,123
2,163,828
2,810,931

537
483

1,242
3,098
307

Total non-operating revenues

1,021

4,648

Non-operating expenses
Interest expenses
Finance related costs
Investment unit issuance expenses
Miscellaneous losses

365,480
294,738
152,101
14

379,341
140,328-

Total non-operating expenses

812,334

519,670

Ordinary income

1,958,607

2,295,909

Net income before taxes

1,958,607

2,295,909

Corporate tax, etc.

605

605

Total corporate tax, etc.

605

605

1,958,002

2,295,304

73,54375,3992,031,546

2,370,704

Net income
Retained earnings at the beginning of the period
Unappropriated retained earnings/Loss at the end of theperiod27

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(3)Statement of Unitholders’ Equity

Fiscal Period ended December 31, 2014 (from July 1, 2014 to December 31, 2014)(Unit: thousands of yen)
Unitholders’ Equity
SurplusCapital Surplus

UnappropriatedRetained
Earnings/Loss

6,264,432

974,975

Unitholders’ Capital

Balance at the beginningof the period

29,134,389

Total Surplus

7,239,407

Total Unitholders’EquityTotal Net Assets

36,373,796

36,373,796

23,962,024

23,962,024

Change during the period
Issuance of new
investment units
Distributions fromsurplus23,962,024

Net income
Total change during theperiodBalance at the end of theperiod(901,431)(901,431)(901,431)(901,431)

1,958,002

1,958,002

1,958,002

1,958,002

23,962,024-

1,056,571

1,056,571

25,018,595

25,018,595

53,096,413

6,264,432

2,031,546

8,295,97861,392,392

61,392,392

Fiscal Period ended June 30, 2015 (from January 1, 2015 to June 30, 2015)(Unit: thousands of yen)
Unitholders’ Equity
SurplusCapital Surplus

UnappropriatedRetained
Earnings/Loss

6,264,432

2,031,546

Unitholders’ Capital

Balance at the beginningof the period

53,096,413

Total Surplus
8,295,978Total Unitholders’EquityTotal Net Assets

61,392,392

61,392,392--

Change during the period
Issuance of new
investment units
Distributions fromsurplusሺ1,956,146)(1,956,146)(1,956,146)(1,956,146)

2,295,304

2,295,304

2,295,304

2,295,304

Net income
Total change during theperiodBalance at the end of theperiod--339,157

339,157

339,157

339,157

53,096,413

6,264,432

2,370,704

8,635,136

61,731,550

61,731,550

28

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(4)Statement of Cash Distribution

Fiscal Period ended December 31, 2014
Fiscal Period ended June 30, 2015
(from July 1, 2014 to December 31, 2014) (from January 1, 2015 to June 30, 2015)
I

Unappropriated retained earnings

2,031,546,537 yen

2,370,704,364 yen

IIDistribution amount

1,956,146,838 yen

2,295,069,960 yen(733 yen)(860 yen)

75,399,699 yen

75,634,404 yen

In accordance with the distribution
policy set forth in Article 17, Paragraph
1 of the Articles of Incorporation of
INV, the distribution amount shall be
the amount which does not exceed theamount of profits but exceeds 90% of
the distributable profit as defined in
Article 67-15 of the Special Taxation
Measures Act. However, in the eventthat any tax losses arise, or if no profits
have been recorded for tax purposesdue to tax losses carried forward, thedistribution amount may be as reasonably
determined by INV. Pursuant to thispolicy, INV determined the distribution
amount to be 1,956,146,838 yen out of
the net income of 1,958,002,616 yen.
INV did not distribute any amounts inexcess of profit, as set forth in Article
17, Paragraph 4 of the Articles ofIncorporation.

In accordance with the distribution
policy set forth in Article 17, Paragraph
1 of the Articles of Incorporation of
INV, the distribution amount shall be
the amount which does not exceed theamount of profits but exceeds 90% of
the distributable profit as defined in
Article 67-15 of the Special Taxation
Measures Act. However, in the eventthat any tax losses arise, or if no profits
have been recorded for tax purposesdue to tax losses carried forward, thedistribution amount may be as reasonably
determined by INV. Pursuant to thispolicy, INV determined the distribution
amount to be 2,295,069,960 yen out of
the net income of 2,295,304,665 yen.
INV did not distribute any amounts inexcess of profit, as set forth in Article
17, Paragraph 4 of the Articles ofIncorporation.

(Distribution per unit)
III Retained earnings carried forward
Calculation method of distribution
amount29

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(5)Statement of Cash Flows(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)

Fiscal Period ended
December 31, 2014
(from July 1, 2014 toDecember 31, 2014)
Cash flows from operating activities
Net income before taxes
Depreciation expenses
Investment unit issuance expenses
Finance related costs
Amortization of tenant leasehold and security deposits
in trust
Interest received
Interest paid
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in accounts receivable
Decrease (increase) in consumption tax receivable
Increase (decrease) in accrued consumption tax payable
Increase (decrease) in accounts payable

1,958,607
837,289
152,101
294,738

2,295,909
986,795
140,328

(378)

-

(537)
365,480577(573,359)(1,319,253)(143,637)(673)

ሺ1,242)
379,341467
6,739
1,002,839
21,539

Increase (decrease) in accrued liabilities
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in deposits received
Others(10,409)
2,933
13,561(9,776)
5,533

17,86549,39649,576
ሺ13,787)
ሺ9,953)

Subtotal

1,572,798

4,925,816

Proceeds of interest
Payment of interest
Payment of corporate taxes, etc.

537
(363,177)
(547)

1,242
ሺ381,197)
ሺ640)

Cash flows from operating activities

1,209,610

4,545,220(40,203,087)

ሺ13,512,228)(47,787)

ሺ95,186)

131,585

406,054

Cash flows from investing activities
Payment for acquisition of tangible assets in trust
Repayment of tenant leasehold and security deposits intrust
Proceeds of tenant leasehold and security deposits intrust
OthersCash flows from investing activities
Cash flows from financing activities
Repayment of short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Finance related costs
Payment of distributions
Proceeds from issuance of investment units
Payment of investment unit issuance expenses
Cash flows from financing activities
Increase (decrease) in cash and cash equivalents
Beginning balance of cash and cash equivalents
Closing balance of cash and cash equivalents

30

(694)

(1,487)(40,119,985)

ሺ13,202,847)(13,488,750)-

57,300,000(17,552,100)(618,099)(900,512)
23,962,024(151,356)
48,551,206

6,241,000
ሺ1,200,000)(81,398)
ሺ1,952,824)
3,006,776

9,640,831
3,524,562※1 13,165,393

ሺ5,650,850)
13,165,393※1 7,514,543

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(6)Notes Concerning Going Concerns Assumption

None
(7)

Notes Concerning Significant Accounting Policies

1. Method of depreciation of non-current assets(a) Property, plant and equipment (including assets in trust)The straight-line method is used.
The useful lives of major property, plant and equipment are as follows.
Buildings

77 years

Equipment

8-24 years

Building improvements

7-18 years

Buildings in trust

2-67 years

Equipment in trust

2-32 years

Building improvements in trust

4-55 years

Tools, furniture and fixtures in trust

2-15 years(b) Intangible assets
The straight-line method is used.
(c) Long-term prepaid expenses
The straight-line method is used.
2. Method of calculating allowances
Allowance for doubtful accounts
To reserve for losses on doubtful accounts, allowances are provided for normal receivables using a rate determined basedon past bad debt experiences, and specific allowances are provided for accounts with a possibility of default based on theestimated amounts considered to be uncollectible by considering the collectability of accounts on an individual basis.
3. Revenue and expense recognition
Accounting treatment of property taxes and other taxes
With respect to property taxes, city planning taxes and depreciable asset taxes, of the tax amount assessed anddetermined, the amount corresponding to the relevant fiscal period is accounted for as property related expenses.

Of the amounts paid to the seller for acquisitions of real estate, the amount equivalent to property taxes is capitalized aspart of the acquisition cost of the real estate or trust beneficiary interests in real estate instead of being charged as expense.
The amount equivalent to property taxes that was included as part of the acquisition of real estate during this fiscal period is
JPY 42,497 thousand.

4. Cash and cash equivalents as stated in Statement of Cash Flows
Cash and cash equivalents as stated in the Statement of Cash Flows consist of cash on hand and cash in trust, floating
deposits, deposits in trust and short-term investments that are very liquid and realizable with a maturity of three months orless when purchased and that are subject to insignificant risks of changes in value.

31

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

5. Other significant matters which constitute the basis for preparation of financial statements(i) Accounting treatment of trust beneficiary interests in real estate
As to trust beneficiary interests in real estate, all accounts of assets and liabilities within assets in trust, as well as all
income generated and expenses incurred from assets in trust, are recorded in the relevant balance sheets and income
statement accounts. Of such items, the following significant trust assets and liabilities are shown separately on the balance
sheet.
(a) Cash and deposits in trust(b) Buildings in trust
Equipment in trust
Building improvements in trust
Tools, furniture and fixtures in trust
Land in trust(c) Tenant leasehold and security deposits in trust(d) Current portion of long-term debts in trust
Long-term debts in trust(ii) Accounting treatment of deferred charges
Investment unit issuance expenses
The full amount is recorded as expense at the time of expenditure.
(iii) Accounting treatment of consumption taxes
Transactions subject to consumption taxes are recorded at amounts exclusive of consumption taxes.
(8)Notes to the Financial Statements(Notes to the Balance Sheets)※1.

Assets pledged as collateral and liabilities with collateral

Assets pledged as collateral are as follows.
Fiscal Period ended
December 31, 2014(as of December 31, 2014)
4,262,187(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)
312,245

4,011,521

4,822,622

Buildings

77,58977,048Equipment

20,314

19,117

Cash and deposits
Cash and deposits in trust

Building improvements

1,574

1,509

711,834

711,834

Buildings in trust

42,090,979

45,931,690

Equipment in trust

8,214,804

10,196,539

203,054

195,246

Land

Building improvements in trust
Tools, furniture and fixtures in trust
Land in trust
Total

164,502

178,020

63,258,940

69,963,823

123,017,302

132,409,697

Liabilities with collateral are as follows.
Fiscal Period ended
December 31, 2014(as of December 31, 2014)32(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Current portion of long-term debts
Current portion of long-term debts in trust
Long-term debts
Long-term debts in trust
Total

1,200,000

62,341,000

18,1679,960,000

56,100,000-

9,941,832-

67,260,000

72,301,000※2. Minimum net assets as required by Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
Fiscal Period ended
December 31, 2014(as of December 31, 2014)
50,000(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)
50,00033

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Notes to Statement of Income)※1.

Rental revenues and property related expenses(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)

Fiscal Period ended
December 31, 2014
(from July 1, 2014 toDecember 31, 2014)
A.

Real property rental revenues

Rental revenues
Rent/common area charges
Other revenues
Total
B.

4,408,874

4,738,713

201,843

236,047

4,610,717

4,974,760

Real property related expenses

Property related expenses
Maintenance costs

460,196468,393

Taxes and public dues

163,789

201,860

Insurance expenses

6,084

7,061

Depreciation expenses

837,259

986,765

Other expenses

119,524

169,957

Total

1,586,854

1,834,039

C.

3,023,863

3,140,721

Operating income from rental revenues (A-B)

34

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Notes to Statement of Unitholders’ Equity)
Number of investment units authorized and number of investment units issued and outstanding
Fiscal Period ended
December 31, 2014
(from July 1, 2014 toJune 30 December 31, 2014)
Number of investment units authorized
10,000,000 units
Number of investment units issued and outstanding

2,668,686 units

Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)
10,000,000 units
2,668,686 units(Notes to Statement of Cash Flow)※1.

Relationship between cash and cash equivalents in statement of cash flows and amounts in accompanying balance sheet(Unit: thousands of yen)
Fiscal Period ended
Fiscal Period ended
December 31, 2014
June 30, 2015
(from July 1, 2014 to(from January 1, 2015 to
December 31, 2014)
June 30, 2015)
Cash and deposits
9,153,872
2,691,921
Cash and deposits in trust

4,011,521

4,822,622

Cash and cash equivalents

13,165,393

7,514,543

35

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Notes Related to Lease Contracts)
Operating lease transactions (as lessee)
Remaining lease payments
Fiscal Period ended
December 31, 2014(as of December 31, 2014)
112,249(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)
112,249

Due after one year

2,224,164

2,168,039

Total

2,336,413

2,280,288

Fiscal Period ended
December 31, 2014(as of December 31, 2014)
1,843,409(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)
2,413,667

Due after one year

15,485,197

21,199,677

Total

17,328,607

23,613,345

Due within one year

Operating lease transactions (as lessor)
Remaining lease payments

Due within one year

(Notes Related to Financial Instruments)
1.

Status of financial instruments(1) Policy for financial instruments
INV principally conducts its operations through investments in real estate and other specified assets to seek to ensurestable income in the medium to long term.
The policy for raising funds is principally through issuing new investment units or entering into debt.
Derivative transactions are to be entered into for the purpose of hedging against the rate of future interest rate increases,
etc. and not for speculation. There are currently no derivative transactions that have been entered into.
Surplus funds are managed carefully after carefully taking into account safety, liquidity, the interest rate environment
and financing.

(2) Nature and extent of risks arising from financial instruments and risk management
The funds raised through borrowings are mainly used to acquire real estate properties or properties in trust (including
related acquisition costs) and for the repayment of existing debt. Liquidity risks relating to debt are managed by the financedepartment of the Asset Manager by preparing and updating plans for funds, and monitoring the covenants set forth in loan
agreements.

(3) Supplemental information regarding market value, etc. for financial instruments
The fair value of financial instruments is based on quoted market prices if available. When quoted market prices are notavailable, fair value is estimated using valuation techniques which contain various assumptions. If other valuation models orassumptions were used, the estimated value may differ.

36

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

2.

Estimated fair value of financial instruments

Book value, fair value and the difference between values as of December 31, 2014 are as follows.
(Unit: thousands of yen)Book Value

Fair Value

Difference(1) Cash and deposits

9,153,872

9,153,872-(2) Cash and deposits in trust

4,011,521

4,011,521-

Total assets

13,165,393

13,165,393-(3) Current portion of long-term debts

1,200,000

1,200,000-(4) Long-term debts

56,100,000

56,100,000-

18,167

18,251

84

9,941,832

10,156,234

214,401

67,260,000

67,474,486

214,486(5) Current portion of long-term debts in trust(6) Long-term debts in trust
Total liabilities

Book value, fair value and the difference between values as of June 30, 2015 are as follows.
(Unit: thousands of yen)Book Value

Fair Value

Difference(1) Cash and deposits

2,691,921

2,691,921-(2) Cash and deposits in trust

4,822,622

4,822,622-

Total assets

7,514,543

7,514,543-

62,341,000

62,341,000

-

-

-

-

9,960,000

9,960,000

-

-

-

-

72,301,000

72,301,000-(3) Current portion of long-term debts(4) Long-term debts(5) Current portion of long-term debts in trust(6) Long-term debts in trust
Total liabilities(Note 1) Methods to calculate fair values of financial instruments(1) Cash and deposits(2) Cash and deposits in trust

Due to the short maturities, the book value of these instruments is deemed a reasonable approximation of the fair value,
and therefore, the book value is used as the fair value.
(3) Current portion of long-term debts(4) Long-term debts(5) Current portion of long-term debts in trust(6) Long-term debts in trust
The fair values of long-term debt with fixed interest rates are determined based on the present value of contractual cash
flows discounted at current market interest rates which would be applicable to new debt with the same amount.
Long-term debt with floating interest rates reflecting changes in market rates within a short term period are stated at theirbook value as their book values approximate their fair values.
(Note 2) Financial instruments for which fair value is extremely difficult to value(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015(as of June 30, 2015)

Fiscal Period ended
December 31, 2014(as of December 31, 2014)

Tenant leasehold and28,663
28,663security deposits
Tenant leasehold and1,109,146
1,420,014
security deposits in trust
Tenant leasehold and security deposits and tenant leasehold and security deposits and tenant leasehold in trust have noobservable market price, and it is impracticable to reasonably estimate their future cash flows because the repayment dates of
those deposits and the timing of the lessee’s exit from the property are not certain. Thus, their fair value is not disclosed.

37

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Note 3) Remaining schedule of monetary claims after the closing date of the fiscal period
As of December 31, 2014
(Unit: thousands of yen)
Due after One Due after Two Due after Three Due after Four Due after Five
to Two Years to Three Years to Four Years to Five Years
Years

Due within
One Year
Cash and deposits

9,153,872

-

-

-

-

-

Cash and deposits in trust

4,011,521

-

-

-

-

-

13,165,393

-

-

-

-

-

Total
As of June 30, 2015

(Unit: thousands of yen)
Due after One Due after Two Due after Three Due after Four Due after Five
to Two Years to Three Years to Four Years to Five Years
Years

Due within
One Year
Cash and deposits

2,691,921

-

-

-

-

-

Cash and deposits in trust

4,822,622

-

-

-

-

-

7,514,543

-

-

-

-

-

Total

(Note 4) Redemption schedule of long-term debts and other interest-bearing indebtedness after the closing date of the fiscal period
As of December 31, 2014
(Unit: thousands of yen)
Due after One Due after Two Due after Three Due after Four Due after Five
to Two Years to Three Years to Four Years to Five Years
Years

Due within
One Year
Current portion of long-term
debts
Long-term debts
Current portion of long-term
debts in trust
Long-term debts in trust
Total

1,200,000

-

-

-

-

-

-

-

56,100,000

-

-

-

18,167

-

-

-

-

-

-

73,807104,256

2,894,530

5,143,274

1,725,963

1,218,167

73,80756,204,256

2,894,530

5,143,274

1,725,963

As of June 30, 2015
(Unit: thousands of yen)
Due after One Due after Two Due after Three Due after Four Due after Five
to Two Years to Three Years to Four Years to Five Years
Years

Due within
One Year
Current portion of long-term
debts
Long-term debts
Current portion of long-term
debts in trust
Long-term debts in trust
Total

62,341,000

-

-

-

-

-

-

-

-

-

-

-

9,960,000

-

-

-

-

-

-

-

-

-

-

-

72,301,000

-

-

-

-

-

38

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Notes Related to Investment Securities)
None(Notes Related to Derivative Transactions)
None(Notes Related to Retirements Payments)
None(Notes Related to Asset Retirement Obligations)
None(Notes Related to Segment and Related Information)
I. Segment Information
Disclosure is omitted because the real estate investment business is the INV’s sole business and it has no reportablesegments.
II. Related Information
Fiscal Period ended December 31, 2014 (from July 1, 2014 to December 31, 2014)
1. Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category accounted for over
90% of the operating revenue on the statement of income.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan accounted for over 90% of the operating
revenue on the statement of income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounted for over 90%of the amount of property, plant and equipment on the balance sheet.
3.

Information about eachmajor customer(Unit: thousands of yen)
Name of Customer

Operating revenues

MyStays Hotel Management Co., Ltd.

1,722,789

Related segment
Real Estate Investment

Fiscal Period ended June 30, 2015 (from January 1, 2015 to June 30, 2015)
1. Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category accounted for over
90% of the operating revenue on the statement of income.
2. Information about each geographic area
(1) Net sales

39

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Disclosure is omitted because net sales to external customers in Japan accounted for over 90% of the operating
revenue on the statement of income.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounted for over
90% of the amount of property, plant and equipment on the balance sheet.
3. Information about each major customer(Unit: thousands of yen)
Name of Customer

Operating revenues

MyStays Hotel Management Co., Ltd.

1,760,999

40

Related segment
Real Estate Investment

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Notes Related to Rental Properties)
INV owns residential properties and hotels as core assets and owns other various properties including offices and retails
principally in the Tokyo area and major regional cities in order to aim for the establishment of the portfolio which focuses onboth improvement of stability and growth potential. The book value, amount changed during the period and balance at the endof the period are as follows.
Fiscal Period ended
December 31, 2014
(from July 1, 2014 toDecember 31, 2014)

Book value
Residential

Balance at the
beginning of the period
Change during theperiodBalance at the end of
the period

Fair value at the end of the period

Book value
OfficeBalance at the
beginning of the period
Change during theperiodBalance at the end of
the period

Fair value at the end of the period

Book value
RetailBalance at the
beginning of the period
Change during theperiodBalance at the end of
the period

Fair value at the end of the period

Book value
Parking

Balance at the
beginning of the period
Change during theperiodBalance at the end of
the period

Fair value at the end of the period

Book value
Hotel

Balance at the
beginning of the period
Change during theperiodBalance at the end of
the period

Fair value at the end of the period

Book value
Total

Balance at the
beginning of the period
Change during theperiodBalance at the end of
the period

Fair value at the end of the period(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)

55,874,464

55,569,758(304,706)(300,354)

55,569,758

55,269,403

60,775,000

62,209,000

8,579,951

8,551,609(28,342)

ሺ36,906)

8,551,609

8,514,702

7,227,000

7,181,000

5,275,638

5,225,394(50,243)

ሺ47,106)

5,225,394

5,178,288

5,690,000

5,820,000

100,825

100,823(1)(1)

100,823

100,822

107,000

109,000

5,532,341

45,296,007

39,763,665

12,915,605

45,296,007

58,211,612

52,759,000

71,555,000

75,363,220

114,743,593

39,380,372

12,531,236

114,743,593

127,274,829

126,558,000

146,874,000(Note 1) Book value is the figure calculated by decreasing the amount of depreciation from acquisition price (including
acquisition-related costs).
(Note 2) The major factor of the increase for the fiscal period ended June 30, 2014 was acquisition of new hotels and capital
expenditures related to construction work, and the major factor of the decrease was depreciation. The major factor of
the increase for the fiscal period ended December 31, 2014 was acquisition of new hotels and capital expenditures
related to construction work, and the major factor of the decrease was depreciation.
(Note 3) The fair value as of the end of the reporting period is determined based on the appraisal value provided by Asset
Research and Development Inc., Japan Real Estate Institute, Morii Appraisal & Investment Consulting Inc. and41

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Tanizawa Sogo Appraisal Co., Ltd.
For information related to profits and losses from rental properties, please refer to “Notes to Statement of Income.”

42

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Notes Related to Tax Accounting)1.

Significant components of deferred tax assets and liabilities(Unit: thousands of yen)
Fiscal Period ended
December 31, 2014

Fiscal Period ended
June 30, 2015

(Deferred tax assets - current assets)
Enterprise tax payable-

489

Accounts receivable (merger)

197

186

Allowance for doubtful accounts

672

787

Subtotal

870

1,463

Valuation allowance

870

1,463

Total

-

-

(Net deferred tax assets - current)--(Deferred tax assets - non-current assets)
Buildings and other (merger)
Land (merger)

801,025

746,3942,251,597

2,129,657

Long-term accrued expenses

7,749,271

7,329,595

Subtotal

10,801,895

10,205,647

Valuation allowance

10,801,895

10,205,647

Total

-

-

(Net deferred tax assets - non-current)

-

-

2.

Significant difference between statutory tax rate and the effective tax rate
(Unit: %)Fiscal Period ended
December 31, 2014

Fiscal Period ended
June 30, 2015

Statutory tax rate

34.16

34.15

Deductible cash distributions(33.54)

ሺ33.80)

Provision of reserve for reduction entry(0.46)

0.63

Others(0.13)(0.95)

Effective tax rate

0.03

0.03

3.

Revision of the amounts of deferred tax assets and liabilities due to changes in rate of any Corporation Tax, etc.
As a result of the promulgation of the “Act on Partial Revision of the Income Tax Act, etc.” (Act No. 9 of 2015) on March 31,

2015, the statutory tax rate used to calculate deferred tax assets and liabilities will be changed to 32.31% for temporary
differences, etc. which are expected to be eliminated in the fiscal period starting after July 1, 2015. This change in tax rate has
no effect on the amounts of deferred tax assets and liabilities, and deferred income taxes.
(Notes Related to Equity-Method Income)
None

43

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Notes Related to Transactions with Related Parties)
1.

Transactions with Parent Company and Major Unitholders

Fiscal Period ended December 31, 2014 (from July 1, 2014 to December 31, 2014)

Classification(Note 3)(Note 4)(Note 5)

Relationship

Address

Zephyrus Tokutei
Minato-ku,
Mokuteki Kaisha
Tokyo(Note 3)

Investment
manage0.1
ment
business--

Nishi Tokutei
Minato-ku,
Mokuteki Kaisha
Tokyo(Note 3)0.1

Investment
managementbusiness--

Shijodori Holding
Tokutei Mokuteki Minato-ku,
KaishaTokyo(Note 3)279

Investment
managementbusiness

-

-

0.1

Investment
managementbusiness--

Nagahoribashi
Holding Tokutei Minato-ku,
Mokuteki Kaisha
Tokyo(Note 3)82

Investment
managementbusiness--

Aki Tokutei
Minato-ku,
Mokuteki Kaisha
Tokyo(Note 3)0.1

Investment
managementbusiness--

MyStays HotelManagement
Co., Ltd.
(Note 3)

100

Hotel
business

-

-

Name

Interested partyof the Asset
Danube Tokutei
Manager
Minato-ku,
Mokuteki Kaisha
Tokyo(Note 3)(Note 1)
(Note 2)

Ratio of
VotingRightsOwned(%)

StatedCapital Business or(Millions Occupationof yen)Minato-ku,
TokyoCommon Business
Board RelationMember
shipType ofTransaction

Transaction
Amount(Thousandsof yen)(Note 1)

Account

Seller of Purchase of
trust
trust
benefibeneficiary
ciary
14,878,412
interests ininterests
real estate
in real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 4,473,000
interests
estatein real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 7,594,980
interests
estatein real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 3,845,400
interests
estatein real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 2,514,820
interests
estatein real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 6,631,968
interests
estatein real(Note 2)
estate(Note 5)LesseeandRental
Accounts
1,722,789
operator
revenues
receivablesof hotels

Balance atthe End of
the Period(Thousandsof yen)(Note 1)

-

-

-

-

-

-

540,064

Consumption taxes are not included in transaction amounts, but are included in the balance at the end of the period.
The terms and conditions have been determined based on the Asset Manager’s internal rules and manual regarding transactions with thesponsor company.
Zephyrus Tokutei Mokuteki Kaisha, Nishi Tokutei Mokuteki Kaisha, Shijodori Holding Tokutei Mokuteki Kaisha, Danube Tokutei Mokuteki
Kaisha, Nagahoribashi Holding Tokutei Mokuteki Kaisha, Aki Tokutei Mokuteki Kaisha and MyStays Hotel Management Co., Ltd. have nocapital relationship with the Asset Manager to be disclosed. The Tokutei Mokuteki Kaisha or the lessee and operator have received ananonymous partnership investment or investment through funds that are managed by FIG, an affiliate of Calliope. Accordingly, INV treats
Zephyrus Tokutei Mokuteki Kaisha, Nishi Tokutei Mokuteki Kaisha, Shijodori Holding Tokutei Mokuteki Kaisha, Danube Tokutei Mokuteki
Kaisha, Nagahoribashi Holding Tokutei Mokuteki Kaisha, Aki Tokutei Mokuteki Kaisha and MyStays Hotel Management Co., Ltd. as theequivalent of interested party.
Calliope holds 609,942 units (holding ratio: 22.85%) of the issued investment units of INV.
The purchase of trust beneficiary interests pertains to following properties. The transaction amount is the purchase price stated in the trust
beneficiary purchase agreement, in which other expenses on acquisition, property taxes, city planning taxes and consumption taxes are notincluded.

Property
NumberName of Property

Counterparty

D3

Hotel MyStays Kyoto-Shijo

Shijodori Holding Tokutei Mokuteki
Kaisha44

Purchase Price (Thousands of yen)
6,024,460

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

D4

MyStays Shin-Urayasu ConferenceCenterZephyrus Tokutei Mokuteki Kaisha

4,930,200

D5Hotel MyStays Maihama

Zephyrus Tokutei Mokuteki Kaisha

4,870,312

D6

Hotel Vista Premio Dojima

Danube Tokutei Mokuteki Kaisha

3,845,400

D7

Hotel MyStays Nagoya-Sakae

Zephyrus Tokutei Mokuteki Kaisha

2,958,000

Nagahoribashi Holding Tokutei
Mokuteki Kaisha

2,514,820

D8

Hotel MyStays Sakaisuji-Honmachi

D9

Hotel MyStays Yokohama

Zephyrus Tokutei Mokuteki Kaisha

2,119,900

D10

Hotel MyStays Nippori

Nishi Tokutei Mokuteki Kaisha

1,898,540

D11

Hotel MyStays Fukuoka-TenjinMinami

Shijodori Holding Tokutei Mokuteki
Kaisha1,570,520

D12

Flexstay Inn Iidabashi

Aki Tokutei Mokuteki Kaisha

1,381,660

D13

Hotel MyStays Ueno Inaricho

Nishi Tokutei Mokuteki Kaisha

1,331,960

D14

Flexstay Inn Shinagawa

Nishi Tokutei Mokuteki Kaisha

1,242,500

D15

Flexstay Inn Tokiwadai

Aki Tokutei Mokuteki Kaisha

1,242,500

D16

Flexstay Inn Sugamo

Aki Tokutei Mokuteki Kaisha

1,192,800

D17

Hotel MyStays Otemae

Aki Tokutei Mokuteki Kaisha

1,192,800

D18

Flexstay Inn Kiyosumi-Shirakawa

Aki Tokutei Mokuteki Kaisha

749,476

D19

Flexstay Inn Nakanobu P1

Aki Tokutei Mokuteki Kaisha

589,442

D20

Flexstay Inn Nakanobu P2

Aki Tokutei Mokuteki Kaisha

283,290

Total

39,938,580

Fiscal Period ended June 30, 2015 (from January 1, 2015 to June 30, 2015)

Classification

Interested partyof the AssetManager(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)

Ratio of
VotingRightsOwned(%)

Relationship

Address

StatedCapital Business or(Millions Occupationof yen)Zephyrus Tokutei
Minato-ku,
Mokuteki Kaisha
Tokyo(Note 3)

Investment
manage0.1
ment
business--

Nishi Tokutei
Minato-ku,
Mokuteki Kaisha
Tokyo(Note 3)0.1

Investment
managementbusiness--

MyStays HotelManagement
Co., Ltd.
(Note 3)

100

Hotel
business

-

-

Name

Minato-ku,
TokyoCommon Business
Board RelationMember
shipType ofTransaction

Seller of Purchase of
trust
trust
benefibeneficiary
ciaryinterests ininterests
real estate
in real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in realinterests
estatein real(Note 2)
estate(Note 5)LesseeandRentaloperator
revenuesof hotels

Balance atthe End of
the Period(Thousandsof yen)(Note 1)

Transaction
Amount(Thousandsof yen)(Note 1)

Account

2,792,000--

2,119,000--

1,760,999

Accounts
receivables

501,272

Consumption taxes are not included in transaction amounts, but are included in the balance at the end of the period.
The terms and conditions have been determined based on the Asset Manager’s internal rules and manual regarding transactions with thesponsor company.
Zephyrus Tokutei Mokuteki Kaisha, Nishi Tokutei Mokuteki Kaisha and MyStays Hotel Management Co., Ltd. have no capital relationshipwith the Asset Manager to be disclosed. The Tokutei Mokuteki Kaisha or the lessee and operator have received an anonymous partnershipinvestment or investment through funds that are managed by FIG, an affiliate of Calliope. Accordingly, INV treats Zephyrus Tokutei
Mokuteki Kaisha, Nishi Tokutei Mokuteki Kaisha and MyStays Hotel Management Co., Ltd. as the equivalent of interested party.
Calliope holds 609,942 units (holding ratio: 22.85%) of the issued investment units of INV.
The purchase of trust beneficiary interests pertains to following properties. The transaction amount is the purchase price stated in the trust
beneficiary purchase agreement, in which other expenses on acquisition, property taxes, city planning taxes and consumption taxes are notincluded.

45

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property
NumberName of Property

Counterparty

D22

Hotel Nets Hakodate

Zephyrus Tokutei Mokuteki Kaisha

2,792,000

D23

Flexstay Inn Shirogane

Nishi Tokutei Mokuteki Kaisha

2,119,000

Purchase Price (Thousands of yen)

Total

2.

4,911,000

Transactions with Affiliates
None for both the fiscal period ended June 30, 2014 and the fiscal period ended December 31, 2014

3.

Transactions with Companies under Common Control
None for both the fiscal period ended June 30, 2014 and the fiscal period ended December 31, 2014

4.

Transactions with Directors and Major Unitholders
Fiscal period ended December 31, 2014 (from July 1, 2014 to December 31, 2014)

Classification

Name

Business or occupation

Directors andclose
relatives

Naoki
FukudaExecutive Director of theInvestment Corporation
and President & CEO of
Consonant Investment
Management Co., Ltd.

Same asabove(Note 1)
(Note 2)
(Note 3)Same asabove

Same as above

Account

Balance atthe End of
the Period(thousandsof yen)(Note 3)

Ratio ofvoting rights

Details of transaction

Transaction
amount(thousands ofyen)(Note 3)-

Payment of asset
management fees toConsonant Investment
Management Co., Ltd.
(Note 1)

128,993Tradeand otherpayables

67,500-

Payment of generaladministration fees fororganizational
management toConsonant Investment
Management Co., Ltd.
(Note 2)

1,100

Trade
and otherpayables864

Naoki Fukuda served as a representative of the third party (the Asset Manager), and the fee is as set forth in the Articles of Incorporation of theInvestment Corporation.
Naoki Fukuda served as a representative of the third party (the Asset Manager), and the fee is as set forth in the agreement, “General
Administrative Agreement relating to Organizational Management, between the Investment Corporation and the Asset Manager.
Consumption taxes are not included in transaction amounts, but are included in the balance of the end of the period.

Fiscal Period ended June 30, 2015 (from January 1, 2015 to June 30, 2015)

Classification

Name

Business or occupation

Directors andclose
relatives

Naoki
FukudaExecutive Director of theInvestment Corporation
and President & CEO of
Consonant Investment
Management Co., Ltd.

Same asabove

Same asabove

Same as above

Account

Balance atthe End of
the Period(thousandsof yen)(Note 3)

Ratio ofvoting rights

Details of transaction

Transaction
amount(thousands ofyen)(Note 3)-

Payment of asset
management fees toConsonant Investment
Management Co., Ltd.
(Note 1)

180,000

Trade
and otherpayables97,200-

Payment of generaladministration fees fororganizational
management toConsonant Investment
Management Co., Ltd.
(Note 2)

600

Trade
and otherpayables864

46

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Note 1)
(Note 2)
(Note 3)

Naoki Fukuda served as a representative of the third party (the Asset Manager), and the fee is as set forth in the Articles of Incorporation of theInvestment Corporation.
Naoki Fukuda served as a representative of the third party (the Asset Manager), and the fee is as set forth in the agreement, “General
Administrative Agreement relating to Organizational Management, between the Investment Corporation and the Asset Manager.
Consumption taxes are not included in transaction amounts, but are included in the balance of the end of the period.

47

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Notes Related to Per Unit Information)

Net assets per unit

Fiscal Period ended
December 31, 2014
(from July 1, 2014 toDecember 31, 2014)
23,005 yen

Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)
23,132 yen

Net income per unit

762 yen

860 yen

Net income per unit is calculated by dividing net income for the period by the daily weighted average number of investment
units issued and outstanding. Diluted net income per unit is not stated as there are no diluted units.
(Note)The basis for calculating net income per unit is as follows.

Net income for the fiscal period (thousands of yen)Amounts not attributable to common unit holders(thousands of yen)
Net income attributable to common unit holders(thousands of yen)
Average number of investment units during the period(units)Fiscal Period ended
December 31, 2014
(from July 1, 2014 toDecember 31, 2014)
1,958,002

Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)
2,295,304--

1,958,002

2,295,304

2,570,932

2,668,686(Significant Subsequent Events)
1. Issuance of New Investment Units

INV resolved at its meetings of the Board of Directors held on June 25, 2015 and July 8, 2015 respectively to conduct theissuance of new investment units and secondary distribution of investment units. Payment for the new investment units issued
through the public offering was completed on July 15, 2015, in accordance with the following terms and conditions. In
addition, with respect to the issuance of new investment units through the third-party allotment in connection with theoverallotment secondary offering, the payment was completed on August 12, 2015. As a result, the unitholders’ equity of INV
is JPY 82,465 million and the number of investment units issued and outstanding of INV increased to 3,193,686.
(i)Issuance of new investment units through public offering: 500,000 units
Domestic public offering: 211,250 units
Overseas offering: 288,750 units: JPY 57,817 per unit
: JPY 28,908,500,000: JPY 55,941 per unit
: JPY 27,970,500,000: Wednesday, July 15, 2015

Number of New Investment Units Issued
Issue Price (Offer Price)
Total Issue Price (Offer Price)Amount Paid In (Issue Value)
Total Amount Paid In (Total Issue Value)
Payment Date(ii) Secondary offering of investment units (overallotment secondary offering)Number of Investment Units Offered in the Secondary Offering
Offer Price
Total Offer Value
Delivery Date

: 25,000 units: JPY 57,817 per unit
: JPY 1,445,425,000: Wednesday, July 16, 2015(iii) Issuance of new investment units through third-party allotment
Number of New Investment Units Issued: 25,000 units

Amount Paid In (Issue Value)
Total Amount Paid In (Total Issue Value): JPY 55,941 per unit
: JPY 1,398,525,000

48Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Payment Date
Allotee: Wednesday, August 12, 2015
: Mizuho Securities Co., Ltd.

2. Borrowing of Funds

In order to implement refinancing via unsecured lower-interest borrowings for part of the funds to be used for theacquisition of trust beneficiary interests for 11 hotel properties and 3 residential properties acquired on July 16, 2015 (see “4.
Acquisition of Assets” below) and all of the existing syndicate loans (New Syndicate Loan (C), New Syndicate Loan (D)) and
Prudential LPS Loan B, INV implemented the following borrowing on July 16, 2015.

New Syndicate Loan (E)LenderBorrowing amountInterest rate, etc.
Interest payment datePrincipal repayment method
Borrowing method
Borrowing date
Maturity date

: Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Mizuho Bank, Ltd., Shinsei Bank, Limited, Citibank Japan Ltd., Sumitomo Mitsui Trust
Bank, Limited, Resona Bank, Limited and Mitsubishi UFJ Trust and Banking
Corporation: JPY88,3381 million: Base Rate (One-month JPY TIBOR) + 0.20%, 0.40%, 0.50%, 0.60%: On (1) the last Japanese business day of each month before the principal maturity date,
beginning with July 31, 2015, and (2) the principal maturity date
: Lump-sum repayment for each individual loan
: Unsecured / with no guarantee: July 16, 2015
: May 16, 2016, July 16, 2018, July 16, 2019 and July 16, 2020

INV also intends to acquire trust beneficiary interests in real estate for 3 hotel properties on August 28, 2015 (see “4.
Acquisition of Assets” below), and resolved at its meeting of the Board of Directors held on August 21, 2015 to implement
the following borrowing in order to procure part of the funds for the acquisition of the trust beneficiary interests.

Term Loan (A)LenderBorrowing amountInterest rate, etc.
Interest payment datePrincipal repayment method
Borrowing method
Borrowing date
Maturity date: Mizuho Bank, Ltd.
: JPY3,682 million: Base Rate (One-month JPY TIBOR; however, two-month JPY TIBOR for the firstinterest calculation period only) + 0.50%: On (i) the last Japanese business day of each month before the principal maturity date,
beginning with September 30, 2015, and (ii) the principal maturity date
: Lump-sum repayment: Unsecured / with no guarantee: August 28, 2015
: August 28, 2019

3. Prepayment of Borrowing
INV implemented refinancing in order to procure the funds for acquisition of 11 hotel properties and 3 residential
properties on July 16, 2015 and to reduce loan costs, and prepaid the borrowings as follows.
New Syndicate Loan (C)LenderBalance of borrowing
Interest rate, etc.
Borrowing method
Borrowing date
Maturity datePrepayment date
Repayment amount: Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Mizuho Bank, Ltd., Citibank Japan Ltd., Shinsei Bank, Limited, Sumitomo Mitsui Trust
Bank, Limited and Resona Bank, Limited: JPY56,100 million: Base Rate (One-month JPY TIBOR) + 0.80%: Secured / with no guarantee: July 17, 2014
: July 14, 2017
: July 16, 2015
: JPY56,100 million
49

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Balance after repayment: JPY 0

New Syndicate Loan (D)LenderBalance of borrowing
Interest rate, etc.
Borrowing method
Borrowing date
Maturity datePrepayment date
Repayment amount
Balance after repayment: Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Mizuho Bank, Ltd., Citibank Japan Ltd., Shinsei Bank, Limited, Sumitomo Mitsui Trust
Bank, Limited and Resona Bank, Limited: JPY6,241 million: Base Rate (One-month JPY TIBOR) + 0.80%: Secured / with no guarantee: February 6, 2015
: February 6, 2018
: July 16, 2015
: JPY6,241 million: JPY 0Prudential LPS Loan B
LenderBalance of borrowing
Interest rate, etc.
Borrowing method
Borrowing date
Maturity dates
Prepayment date
Repayment amount
Balance after repayment: Prudential Mortgage Asset Holdings 1 Japan Investment Limited Partnership: JPY9,960 million: 1.90%: Secured / with no guarantee: September 28, 2012
: March 31, 2018, March 31, 2019 and March 31, 2020
: July 16, 2015
: JPY9,960 million: JPY 04. Acquisition of Assets
INV decided to acquire the following 14 properties (total acquisition price of JPY 35,258 million) on June 25, 2015, andcompleted the acquisition of all of the 14 properties on July 16, 2015.
Property number: D24 Name of property: Hotel MyStays Haneda
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY7,801 million
5-1-1, Haneda, Ota-Ku, Tokyo
April 2001
Trust Beneficiary Interest
Skye Tokutei Mokuteki Kaisha
5,400.16m2
5,400.16m2

Property number: D25 Name of property: Hotel MyStays Kameido P1
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY5,594 million
6-32-8, Kameido, Koto-Ku, Tokyo
March 1991
Trust Beneficiary Interest
Nishi Tokutei Mokuteki Kaisha
4,349.67m2
4,349.67m2

Property number: D26 Name of property: Hotel MyStays Ueno Iriyaguchi
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY3,821 million
5-61, Ueno, Taito-Ku, Tokyo
November 1985
Trust Beneficiary Interest
Rannoch Tokutei Mokuteki Kaisha
2,247.92m2
2,247.92m2
50Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property number: D27 Name of property: Hotel MyStays Kameido P2
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY3,742 million
6-7-2, Kameido, Koto-Ku, Tokyo
March 1991
Trust Beneficiary Interest
Nishi Tokutei Mokuteki Kaisha
2,793.99m2
2,793.99m2

Property number: D28 Name of property: Hotel Vista Shimizu
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY2,198 million
101-2, Masago-Cho, Shimizu-Ku, Shizuoka city, Shizuoka
January 2007
Trust Beneficiary Interest
Wakusei Tokutei Mokuteki Kaisha
3,559.81m2
3,559.81m2

Property number: D29 Name of property: Super Hotel Shinbashi/Karasumoriguchi
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY1,624 million
5-112-7, Shinbashi, Minato-Ku, Tokyo
February 2008
Trust Beneficiary Interest
Suisei Tokutei Mokuteki Kaisha
1,403.89m2
1,403.89m2

Property number: D30 Name of property: Flexstay Inn Higashi-Jujo
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY1,277 million
2-25-6, Nakajujo, Kita-Ku, Tokyo
June 1986
Trust Beneficiary Interest
Aki Tokutei Mokuteki Kaisha
1,714.53m2
1,714.53m2

Property number: D31 Name of property: Hotel MyStays Utsunomiya
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY1,237 million
2-4-1, Higashishukugo, Utsunomiya, Tochigi
January 1990
Trust Beneficiary Interest
Zephyrus Tokutei Mokuteki Kaisha
11,733.23m2
11,733.23m2

Property number: D32 Name of property: Flexstay Inn Kawasaki-Kaizuka
Acquisition Date
Acquisition Price (Note )Location
Construction Date

July 16, 2015
JPY980 million
1-13-2, Kaizuka, Kawasaki-Ku, Kawasaki, Kanagawa
April 1990

51

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Category of Assets
SellerTotal Floor Area
Total Leasable Area

Trust Beneficiary Interest
Rannoch Tokutei Mokuteki Kaisha
1,190.57m2
1,190.57m2

Property number: D33 Name of property: Comfort Hotel Toyama
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY979 million
1-3-13, Takara-Machi, Toyama city, Toyama
March 2007
Trust Beneficiary Interest
Suisei Tokutei Mokuteki Kaisha
3,305.64m2
3,305.64m2

Property number: D34 Name of property: Flexstay Inn Kawasaki-Ogawacho
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area
Property number: A100
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area
Property number: A101
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area
Property number: A102
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

July 16, 2015
JPY906 million
15-9, Ogawa-cho, Kawasaki-Ku, Kawasaki, Kanagawa
April 1989
Trust Beneficiary Interest
Rannoch Tokutei Mokuteki Kaisha
725.6m2
725.6m2
Name of property: City Court Kitaichijo
July 16, 2015
JPY1,782 million
1-6-3, Kitaichijohigashi, Chuo-Ku, Sapporo, Hokkaido
November 2007
Trust Beneficiary Interest
Valletta Godo Kaisha
7,577.24m2
5,230.18m2
Name of property: Lieto Court Mukojima
July 16, 2015
JPY1,683 million
5-45-2, Mukojima, Sumida-Ku, Tokyo
February 2008
Trust Beneficiary Interest
Valletta Godo Kaisha
3,170.99m2
2,940.20m2
Name of property: Lieto Court Nishi-Ojima
July 16, 2015
JPY1,634 million
2-500-5, Ojima, Koto-Ku, Tokyo
February 2008
Trust Beneficiary Interest
Valletta Godo Kaisha
2,210.45m2
2,048.28m2

INV resolved at its meeting of the Board of Directors held on August 21, 2015 to acquire the following three hotel properties(total acquisition price: JPY7,369 million) as of April 28, 2015, by utilizing the excess cash-on-hand and new loans.

52

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property number: D35 Name of property: Flexstay Inn Ekoda
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

August 28, 2015
JPY5,069 million
8-6, Sakaecho, Nerima-Ku, Tokyo
January 27, 1989
Trust Beneficiary Interest
Tsukiji One Godo Kaisha
3,932.93m2
3,932.93m2

Property number: D36 Name of property: Super Hotel Tokyo-JR Tachikawa Kitaguchi
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

August 28, 2015
JPY1,170 million
2-21-9, Akebonocho, Tachikawa, Tokyo
November 2007
Trust Beneficiary Interest
Tsukiji One Godo Kaisha
1,832.97m2
1,832.97m2

Property number: D37 Name of property: Flexstay Inn Shirogane
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area
(Note)

August 28, 2015
JPY1,130 million
7-9-14, Ueno, Taito-Ku, Tokyo
March 2006
Trust Beneficiary Interest
Tsukiji One Godo Kaisha
1,279.16m2
1,279.16m2

Acquisition price is based on the purchase price indicated in the relevant purchase agreement and does not include acquisition costs,
property taxes, city planning taxes and consumption taxes, etc.

(9)Changes in Number of Investment Units Issued and Outstanding

Changes in the number of investment units issued and outstanding and unitholders’ equity from the date of establishment to
the end of the reporting period are as follows.
Date

Type of Issue

Number of Investment Units
Issued and Outstanding (units)
Increase
Total

Unitholders’ Equity (yen)Increase

Total

Reference

400

400

200,000,000

200,000,000(Note 1)

December 26, 2003

Private placement
for incorporation
Private placement

2,700

3,100

1,012,500,000

1,212,500,000(Note 2)January 9, 2004

Private Placement

1,350

4,450

506,250,000

1,718,750,000(Note 2)January 21, 2003

Private placement

1,333

5,783

499,875,000

2,218,625,000(Note 2)January 27, 2004

Private placement

267

6,050

100,125,000

2,318,750,000(Note 2)January 28, 2004

Private placement

800

6,850

300,000,000

2,618,750,000(Note 2)January 31, 2004

Private placement

266

7,116

99,750,000

2,718,500,000(Note 2)February 5, 2004

Private placement

800

7,916

300,000,000

3,018,500,000(Note 2)February 7, 2004

Private placement

1,333

9,249

499,875,000

3,518,375,000(Note 2)

May 17, 2004

Public offering

9,000

18,2493,377,250,000

6,895,625,000(Note 3)February 7, 2005

Public offering

10,65028,8993,937,667,100

10,833,292,100(Note 4)

July 31, 2006

Public offering

25,00053,8998,301,125,000

19,134,417,100(Note 5)February 1, 2010

Unit split

215,596

269,495-

19,134,417,100(Note 6)

February 1, 2010

Merger367,200

636,695-

19,134,417,100(Note 7)January 18, 2002

53

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

July 29, 2011
December 20, 2013
July 16, 2014
August 13, 2014

Third-party
allotment
Third-party
allotment
Public offering
Third-party
allotment

711,597

1,348,292

6,999,979,689

26,134,396,789(Note 8)224,887

1,573,179

2,999,992,580

29,134,389,369(Note 9)1,040,000

2,613,179

22,747,920,000

51,882,309,369(Note 10)55,5072,668,686

1,214,104,611

53,096,413,980(Note 11)

(Note 1)

INV was incorporated through a private placement at a price of 500,000 yen per unit.

(Note 2)

New investment units were issued in a private placement at a price of 375,000 yen per unit to raise funds for the acquisition of new(Note 3)New investment units were issued in a public offering at a price of 395,000 per unit (375,250 yen after deducting the underwriters’(Note 4)

discount) to raise funds for the acquisition of new properties.
New investment units were issued in a public offering at a price of 385,140 yen per unit (369,734 yen after deducting the underwriters’(Note 5)

discount) to raise funds for the acquisition of new properties.
New investment units were issued in a public offering at a price of 348,740 yen per unit (332,045 yen after deducting the underwriters’(Note 6)

An investment unit slit of 5 units per 1 unit was conducted.

(Note 7)A merger by absorption pursuant to Article 147 of the Act on Investment Trusts and Investment Corporations was conducted with LCP,

properties.

discount) to raise funds for the acquisition of new properties.

with INV as the surviving entity. As a result of the merger by absorption, 4 investment units of INV (after the investment unit split)
were allotted for each LCP investment unit. The number of LCP investment units issued as of the time of the merger by absorption was
91,800 units.
(Note 8)New investment units were issued in a third party allotment at a price of 9,837 yen per unit to make repayment of existing debt, etc.

(Note 9)New investment units were issued in a third party allotment at a price of 13,340 yen per unit to make repayment of existing debt, etc.

(Note 10) New investment units were issued in a public offering at a price of 22,688 yen per unit (21,873 yen after deducting the underwriters’
discount) to raise funds for the acquisition of new properties.
(Note 11) New investment units were issued in a third party allotment at a price of 21,873 yen per unit for the purpose of cash reserve to appropriate
to repayment in future borrowings.

4. Change in Directors
Changes in directors are disclosed in a timely manner upon the determination of such changes.

54

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

5. Reference Information(1)

Composition of INV’s Assets

Type of
Purpose

Geographic area

asset

(Note 1)

Previous Period(as of December 31, 2014)
Ratio of total
Amount held
assets(millions of yen)
(Note 2)Current Period(as of June 30, 2015)
Ratio of total
Amount held
assets(millions of yen)
(Note 2)(%)(%)

Greater Tokyo
－

－

－

－

－

－

－

－

－

－

－

－

710

0.5

708

0.5

－

－

－

－

710

0.5

708

0.5

100

0.1

100

0.1

－

－

－

－

100

0.1

100

0.1

－

－

－

－

－

－

－

－

－
811

－
0.6

－
809

－
0.6

43,71533.5

43,52531.9

11,853

9.1

11,743

8.6

55,56942.6

55,269

40.5

7,083

5.4

7,056

5.2

5,982

4.6

5,928

4.3

13,06610.0

12,984

9.5

－

－

－

－

－

－

－

－

－

－

－

－

27,266

20.9

37,55327.6

18,02913.8

20,65815.2

45,296

34.7

58,211

42.7

Total real estate in trust

113,932

87.3

126,465

92.8

Deposits and other assets

15,733

12.1

9,024

6.6

130,477

100.0

136,299

100.0(114,743)(87.9)(127,274)(93.4)

Residential

Office/RetailRealestatearea
Major regional
citiesSubtotal
Greater Tokyo
area
Major regional
citiesSubtotal
Greater Tokyo
area

Hourly parking, etc Major regional
citiesSubtotal
Greater Tokyo
area
Major regionalHotelcitiesSubtotal
Total real estate
Greater Tokyo
area
Major regional
Residential
citiesSubtotal
Greater Tokyo
area
Major regional
Office/RetailcitiesSubtotal
RealGreater Tokyo
estate in
area
trust
Major regional
Hourly parking, etc cities
Subtotal

HotelGreater Tokyo
area
Major regional
citiesSubtotal

Total assets (Note 3)55

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Note 1)

(Note 2)
(Note 3)

Greater Tokyo area refers to Tokyo, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture.
“Amount held” is from the balance sheet as of the end of the reporting period and is calculated by deducting accumulated depreciationfrom the acquisition price (including acquisition related costs).
The figure indicated in“()” in “Total assets” shows the amount related to actual owned real estate.

Previous Period(as of December 31, 2014)

Current Period(as of June 30, 2015)

Amount (millions of yen) Ratio to total assets (%) Amount (millions of yen) Ratio to total assets (%)
Total Liabilities

69,08452.9

74,568

54.7

Total Net Assets
Total Liabilities and Net

61,39247.1

61,73145.3

130,477

100.0

136,299

100.0

Assets56

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(2)Real Estate Properties
The following summarizes the real estate and real estate held in trust that INV held as of June 30, 2015.

aProperty
number(Note 1)Price and investment ratio

Name of property

Balancesheet
Acquisition
Investment Appraisal value as
carrying
price
ratio (%)
of June 30, 2015
value
(millionsofType of(millions of yen)(millionsyen)ownership(Note 5)(Note 4)of yen)(Note 3)

Location (Note 2)

Trust
A26

Nisshin Palacestage Daitabashi

1-31-2 Izumi, Suginami Ward, Tokyo

beneficiary

1,251

1,135

1.0

1,160 (Note 6)

1,229

1,112

0.9

1,260 (Note 6)

888

837

0.7

968 (Note 6)

1,070

1,001

0.8

1,100 (Note 6)

1,505

1,401

1.1

1,280 (Note 6)

1,428

1,368

1.1

1,320 (Note 6)

1,088

1,058

0.8

1,050 (Note 6)

1,059

983

0.8

1,160 (Note 6)

1,023

972

0.8

999 (Note 6)

906

844

0.7

949 (Note 6)

825

767

0.6

868 (Note 6)

795

758

0.6

697 (Note 6)

interests
Trust
A27

Nisshin
Palacestage
NagasakiHigashi-

5-4-1 Nagasaki, Toshima Ward, Tokyo

beneficiaryinterests
Trust

A28

Growth Maison Gotanda

2-26-6 Nishi-Gotanda, Shinagawa Ward,beneficiaryTokyo
interests
Trust

A29

Growth Maison Kameido

6-58-16 Kameido, Koto Ward, Tokyo

beneficiaryinterests
Trust

A30

Emerald House

3-27-18 Itabashi, Itabashi Ward, Tokyo

beneficiaryinterests
Trust

A31

Harmonie Ochanomizu

2-5-5 Yushima, Bunkyo Ward, Tokyo

beneficiaryinterests
Trust

A32

Suncrest Shakujii-Koen

3-15-35 Takanodai, Nerima Ward, Tokyo

beneficiaryinterests
Trust

A33

Growth Maison Shin-Yokohama

3-16-2 Shin-Yokohama, Kohoku-ku,
Yokohama City, Kanagawa Prefecture

beneficiaryinterests
Trust

A34

Belle Face Ueno-Okachimachi

1-27-5 Higashi-Ueno, Taito Ward, Tokyo

beneficiaryinterests
Trust

A35

Grand Rire Kameido

3-39-12 Kameido, Koto Ward, Tokyo

beneficiaryinterests
Trust

A36

Growth Maison Ikebukuro3-31-14 Nishi-Ikebukuro, Toshima Ward,beneficiaryTokyo
interests
Trust

A37

Growth Maison Yoga

1-15-15 Okamoto, Setagaya Ward, Tokyo

beneficiaryinterests

57

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property
number(Note 1)Name of property

Balancesheet
Acquisition
Investment Appraisal value as
carrying
price
ratio (%)
of June 30, 2015
value
Type of (millions of(millions of yen)(millionsyen)ownership(Note 5)(Note 4)of yen)(Note 3)

Location (Note 2)

Trust
A38

Route Tachikawa

3-7-6 Nishikicho, Tachikawa City, Tokyo

beneficiary

676

646

0.5

616 (Note 6)

651

656

0.5

609 (Note 6)

646

647

0.5

479 (Note 6)

620

561

0.5

707 (Note 6)

604

616

0.5

556 (Note 6)

589

567

0.4

520 (Note 6)

589

568

0.4

592 (Note 6)

572

541

0.4

511 (Note 6)

566

529

0.4

572 (Note 6)

557

528

0.4

458 (Note 6)

510

470

0.4

519 (Note 6)

2,520

2,380

1.9

2,950 (Note 7)

3,260

3,099

2.5

3,730 (Note 8)

1,880

1,879

1.4

2,310 (Note 8)interests
Trust
A39

Shibuya-Honmachi Mansion

2-35-2 Honmachi, Shibuya Ward, Tokyo

beneficiaryinterests
Trust

A40

City Heights Kinuta

4-13-15 Kinuta, Setagaya Ward, Tokyo

beneficiaryinterests
Trust

A41

A42

Acseeds Tower KawaguchiNamiki

Capital Heights Kagurazaka

2-5-13 Namiki, Kawaguchi City, Saitama
Prefecture

beneficiaryinterests
Trust

71-1 Enokicho, Shinjuku Ward, Tokyo

beneficiaryinterests
Trust

A43

College Square Machida

3-4-4 Nakamachi, Machida City, Tokyo

beneficiaryinterests
Trust

A44

Belair Meguro

1-2-15 Meguro, Meguro Ward, Tokyo

beneficiaryinterests
Trust

A45

Wacore Tsunashima I

2-7-47 Tarumachi, Kohoku-ku, Yokohama
City, Kanagawa Prefecture

A46

Foros Nakamurabashi

beneficiaryinterests
Trust

1-6-6 Koyama, Nerima Ward, Tokyo

beneficiaryinterests
Trust

A47

Growth Maison Kaijin

5-29-51 Kaijin, Funabashi City, Chiba
Prefecture

A48

College Square Machiya

beneficiaryinterests
Trust

7-3-1 Arakawa, Arakawa Ward, Tokyo

beneficiaryinterests
Trust

A51

City House Tokyo Shinbashi

6-19-1 Shinbashi, Minato Ward, Tokyo

beneficiaryinterests
Trust

A52

Winbell Kagurazaka

6-15 Shin-Ogawacho, Shinjuku Ward,beneficiaryTokyo
interests
Trust

A53

Nishiwaseda Cresent Mansion

3-18-9 Nishi-Waseda, Shinjuku Ward,beneficiaryTokyo
interests

58

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property
number(Note 1)Name of property

Balancesheet
Acquisition
Investment Appraisal value as
carrying
price
ratio (%)
of June 30, 2015
value
Type of (millions of(millions of yen)(millionsyen)ownership(Note 5)(Note 4)of yen)(Note 3)

Location (Note 2)

Trust
A54

Lexington Square Akebonobashi

3-8 Yochomachi, Shinjuku Ward, Tokyo

beneficiary

1,450

1,360

1.1

1,680 (Note 9)

1,070

982

0.8

1,040 (Note 7)

866

825

0.7

1,020 (Note 7)

577

557

0.4

681 (Note 8)

970

885

0.7

1,120 (Note 9)

1,110

1,033

0.8

1,320 (Note 7)

415

394

0.3

520 (Note 7)

330

299

0.3

448 (Note 7)

255

237

0.2

258 (Note 9)

977

890

0.7

1,090 (Note 9)

511

459

0.4

576 (Note 9)interests
Trust
A56

Casa Eremitaggio

1-14-15 Nakane, Meguro Ward, Tokyo

beneficiaryinterests
Trust

A59

Towa City Coop Shinotsuka II

5-49-7 Higashi-Ikebukuro, Toshima Ward,beneficiaryTokyo
interests
Trust

A61

Bichsel Musashiseki

1-22-7 Sekimachi-Kita, Nerima Ward,beneficiaryTokyo
interests
Trust

A62

Lexel Mansion Ueno Matsugaya

3-10-2 Matsugaya, Taito Ward, Tokyo

beneficiaryinterests
Trust

A63

Towa City Coop Sengencho

4-338-2 Sengencho, Nishi-ku, Yokohama
City, Kanagawa Prefecture

beneficiaryinterests
Trust

A64

Royal Park Omachi

2-11-10 Omachi, Aoba-ku, Sendai City,
beneficiary
Miyagi Prefectureinterests
Trust

A65

Lexington Square Haginomachi

1-15-16 Haginomachi, Miyagino-ku,
Sendai City, Miyagi Prefecture

beneficiaryinterests
Trust

A66

Visconti Kakuozan

2-44 Otanacho, Chikusa-ku, Nagoya City,
beneficiary
Aichi Prefectureinterests
Trust

A71

Lexington Square Daitabashi

1-33-8 Izumi, Suginami Ward, Tokyo

beneficiaryinterests
Trust

A72

Lexington Square Honjo
Azumabashi

4-20-6 Higashikomagata, Sumida Ward,beneficiaryTokyo
interests

59

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

BalanceAcquisiti
Investment Appraisal value as
on priceof
sheet
ratio (%)
June 30, 2015
(millions carryingof yen)(millions of yen)
value
(Note 3) (millions of (Note 4)(Note 5)
yen)

Trust
A73

AMS TOWER Minami 6-Jo

2-5-15 Minami 6-Jo Nishi, Chuo-ku,
Sapporo City, Hokkaido

beneficiary

1,180

1,029

0.9

1,150 (Note 9)

7,010

6,631

5.3

7,560 (Note 7)

1,660

1,642

1.3

1,820 (Note 7)

1,260

1,228

1.0

1,410 (Note 7)

973

946

0.7

1,050 (Note 7)

674

656

0.5

761 (Note 7)

657

642

0.5

761 (Note 7)

625

610

0.5

695 (Note 7)

608

593

0.5

698 (Note 7)

597

583

0.5

695 (Note 7)

595

580

0.5

650 (Note 7)

581

563

0.4

684 (Note 7)

544

532

0.4

619 (Note 7)

543

533

0.4

598 (Note 7)

interests
Trust
A75

Spacia Ebisu

3-6-22 Higashi, Shibuya Ward, Tokyo

beneficiaryinterests
Trust

A76

Neo Prominence

3-21-5 Shimo, Kita Ward, Tokyo

beneficiaryinterests
Trust

A77

Invoice Shin-Kobe Residence

3-3-8 Ikutacho Chuo Ward, Kobe City,
Hyogo Prefecture

beneficiaryinterests
Trust

A78

Cosmo Court Motomachi

3-12-20 Motomachi Dori Chuo Ward,
Kobe City, Hyogo Prefecture

beneficiaryinterests
Trust

A79

Revest Honjin

2-13 Torii Dori Nakamura Ward, Nagoya
City, Aichi Prefecture

A80

Revest Matsubarainterests
Trust

3-13-12 Matsubara Naka Ward ,Nagoya
City, Aichi Prefecture

A81

Sun Terrace Minami Ikebukuro

beneficiary

beneficiaryinterests
Trust

2-22-6 Minami Ikebukuro, Toshima Ward,Tokyo

beneficiaryinterests
Trust

A82

Alba Noritake Shinmachi

3-6-8 Noritake Shinmachi, Nishi Ward,
Nagoya City, Aichi Prefecture

beneficiaryinterests
Trust

A83

Revest Meieki Minami

2-13-33 Meiekiminami, Nakamura Ward,
Nagoya City, Aichi Prefecture

beneficiaryinterests
Trust

A84

Revest Heian

2-13-17 Heian, Kita Ward, Nagoya City,
Aichi Prefecture

beneficiaryinterests
Trust

A85

Vendir Hamaotsu Ekimae

1-2-15 Hama Otsu, Otsu City, Shiga

beneficiary

Prefecture

A86

Salvo Sala

interests
Trust

2-6-21 Shimanouchi Chuo Ward, Osaka
City, Osaka Prefecture

A87

Excellente Kagurazaka

beneficiaryinterests
Trust128-1 Yamabukicho Shinjuku
Tokyo, and other one parcel

Ward,

beneficiaryinterests

60

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

BalanceAcquisiti
Investment Appraisal value as
on priceof
sheet
ratio (%)
June 30, 2015
(millions carryingof yen)(millions of yen)
value
(Note 3) (millions of (Note 4)(Note 5)
yen)

Trust
A88

3-4-11 Edobori, Nishi Ward, Osaka City,
Osaka Prefecture

Luna Court Edobori

beneficiary

525

511

0.4

567 (Note 7)

512

497

0.4

585 (Note 7)

456

448

0.3

538 (Note 7)

446

437

0.3

493 (Note 7)

412

406

0.3

477 (Note 7)

374

367

0.3

418 (Note 7)

373

364

0.3

429 (Note 7)

355

349

0.3

409 (Note 7)

335

330

0.3

411 (Note 7)

331

323

0.3

331 (Note 7)

310

306

0.2

374 (Note 7)

297

290

0.2

333 (Note 7)

58,08355,26944.3

62,209

1,301

1,232

1.0

1,040 (Note 6)

715

708

0.5

512 (Note 8)interests
Trust
A89

7-2-2 Motomachi Dori, Chuo Ward, Kobe

Winntage Kobe Motomachi

City, Hyogo Prefecture

A90

Queen's Court Fukuzumi

beneficiaryinterests
Trust

1-3-10 Fukuzumi, Koto Ward, Tokyo

beneficiaryinterests

380-1 Kawaranomachi, Higashinotoin
A91

Dori Nijo Kudaru, Chukyo Ward, Kyoto

Corp Higashinotoin

City, Kyoto Prefecture, and other twoparcels

Trustbeneficiaryinterests
Trust

A92

5-14-17 Higashi Oi, Shinagawa Ward,Tokyo

Belair Oimachi

beneficiaryinterests
Trust

A93

3-18 Minami Tsukaguchimachi,
Amagasaki City, Hyogo Prefecture

Siete Minami-Tsukaguchi

beneficiaryinterests
Trust

A94

A95

Prime Life Sannomiya Isogami

4-3-23 Isogamidori ,Chuo Ward, Kobe

Koen

City Hyogo Prefectureinterests
Trust

4-10-3 Sakuragawa Naniwa Ward, Osaka

HERMITAGE NANBA WEST

City, Osaka Prefecture

A96

Century Park Shinkawa 1-bankan

beneficiary

beneficiaryinterests
Trust

4-1-2 Shinkawamachi Minato Ward,
Nagoya City, Aichi Prefecture

beneficiaryinterests
Trust

A97

West Avenue

1-5-17 Nishi, Kunitachi City, Tokyo

beneficiaryinterests
Trust

A98

Little River Honmachibashi

1-34 Honmachibashi Chuo Ward, Osaka
City, Osaka Prefecture

A99

Prime Life Mikage

beneficiaryinterests
Trust

2-25-11 Mikage Tsukamachi Higashi
Nada Ward, Kobe City, Hyogo Prefecture

beneficiaryinterests

Subtotal (63 properties)

-

Trust
B8

Kindai Kagakusha Building

2-7-15, Ichigaya Tamachi, Shinjuku Ward,Tokyo

beneficiaryinterests

6-5-1 Nishi-Shinjuku, Shinjuku Ward,
B9

Shinjuku Island

Real estate
Tokyo

61

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

BalanceAcquisiti
Investment Appraisal value as
on priceof
sheet
ratio (%)
June 30, 2015
(millions carryingof yen)(millions of yen)
value
(Note 3) (millions of (Note 4)(Note 5)
yen)

Trust
B14

Lexington Plaza Nishigotanda

5-2-4 Nishigotanda, Shinagawa Ward,Tokyo

beneficiary

4,880

4,753

3.7

4,020 (Note 7)

1,060

1,069

0.8

944 (Note 7)

816

749

0.6

665 (Note 9)

3,280

3,145

2.5

3,500 (Note 8)

2,320

2,032

1.8

2,320 (Note 8)

14,372

13,69211.0

13,001

97

100

0.1

109 (Note 6)

97

100

0.1

109

2,851

2,878

2.2

3,560 (Note 7)

2,584

2,593

2.0

3,480 (Note 7)

6,024

5,949

4.6

9,200 (Note 7)

4,930

4,865

3.8

5,670 (Note 7)

4,870

4,814

3.7

5,220 (Note 7)

3,845

3,792

2.9

5,200 (Note 7)

2,958

2,891

2.3

3,210 (Note 7)

2,514

2,488

1.9

3,870 (Note 7)

interests
Trust
B15

Cross Square NAKANO

5-24-18 Nakano, Nakano Ward, Tokyo

beneficiaryinterests
Trust

B16

Ohki Aoba Building

9-7 Futsukacho, Aoba-ku, Sendai City,
Miyagi Prefecture

beneficiaryinterests
Trust

B17

Lexington Plaza Hachiman

3-1-50 Hachiman, Aoba-ku, Sendai City,
Miyagi Prefecture

beneficiaryinterests
Trust

B18

AEON TOWN Sukagawa

105 Furukawa, Sukagawa City, Fukushima
Prefecture

beneficiaryinterests

Subtotal (7 properties)-

1-22-7, 1-22-15 Kanda sudacho, Chiyoda
C1Times Kanda-Sudacho 4thReal estate
Ward, Tokyo
Subtotal (1 properties)

-

Trust
D1

Hotel MyStays Kanda

1-2-2 Iwamotocho, Chiyoda Ward, Tokyo

beneficiaryinterests
Trust

D2

Hotel MyStays Asakusa

1-21-11 Honjyo, Sumida Ward, Tokyo

beneficiaryinterests
Trust

D3

Hotel MyStays Kyoto-shijo

52, Kasaboko-cho, Higashiiru,
Aburanokoji, Shijyo-dori, Shimogyo,
Kyoto-shi, Kyoto Prefecture

beneficiaryinterests
Trust

D4

MyStays Shin-Urayasu Conference 2-1-4, Akemi, Urayasu-shi, Chiba
CenterPrefecture

beneficiaryinterests
Trust

D5

Hotel MyStays Maihama

3-5-1, Tekko-dori, Urayasu-shi, Chiba
Prefecture

beneficiaryinterests
Trust

D6

Hotel Vista Premio Dojima

2-4-1, Sonezakishinchi, Kita-ku, Osaka
Prefecture

beneficiaryinterests
Trust

D7

Hotel MyStays Nagoya-Sakae

2-23-22, Higashisakura, Naka-ku, Nagoya,
Aichi Prefecture

beneficiaryinterests
Trust

D8

Hotel MyStays SakaisujiHonmachi

1-4-8, Awaji-machi, Chuo-ku, Osaka-shi,
Osaka Prefecture

beneficiaryinterests

62

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

BalanceAcquisiti
Investment Appraisal value as
on priceof
sheet
ratio (%)
June 30, 2015
(millions carryingof yen)(millions of yen)
value
(Note 3) (millions of (Note 4)(Note 5)
yen)

Trust
D9

Hotel MyStays Yokohama

4-81, Sueyoshi-cho, Naka-ku, Yokohamashi, Kanagawa

beneficiary

2,119

2,082

1.6

2,680 (Note 7)

1,898

1,879

1.4

2,430 (Note 7)

1,570

1,555

1.2

2,100 (Note 7)

1,381

1,375

1.1

1,600 (Note 7)

1,331

1,315

1.0

1,780 (Note 7)

1,242

1,236

0.9

1,540 (Note 7)

1,242

1,241

0.9

1,440 (Note 7)

1,192

1,181

0.9

1,410 (Note 7)

1,192

1,187

0.9

1,730 (Note 7)

749

748

0.6

848 (Note 7)

589

588

0.4

659 (Note 7)

283

285

0.2

318 (Note 7)

8,350

8,341

6.4

8,600 (Note 7)

2,792

2,792

2.1

2,870 (Note 7)

interests
Trust
D10

Hotel MyStays Nippori

5-43-7, Higashi-Nippori, Arakawa-ku,
Tokyobeneficiaryinterests
Trust

D11

Hotel MyStays Fukuoka-TenjinMinami

3-14-20, Haruyoshi, Chuo-ku, Fukuokashi, Fukuoka Prefecture

beneficiaryinterests
Trust

D12

Flexstay Inn Iidabashi

3-26, Shin-Ogawa-cho, Shinjuku-ku,
Tokyobeneficiaryinterests
Trust

D13

Hotel MyStays Ueno Inaricho

1-5-7, Matsugaya, Taito-ku, Tokyo

beneficiaryinterests
Trust

D14

Flexstay Inn Shinagawa

1-22-19, Kitashinagawa, Shinagawa-ku,
Tokyobeneficiaryinterests
Trust

D15

Flexstay Inn Tokiwadai

1-52-5, Tokiwadai, Itabashi-ku, Tokyo

beneficiaryinterests
Trust

D16

Flexstay Inn Sugamo

3-6-16, Sugamo, Toshima-ku, Tokyo

beneficiaryinterests
Trust

D17

Hotel MyStays Otemae

1-3-2, Tokui-cho, Chuo-ku, Osaka-shi,Osakabeneficiaryinterests
Trust

D18

Flexstay Inn Kiyosumi Shirakawa 1-12-16, Tokiwa, Koto-ku, Tokyo

beneficiaryinterests
Trust

D19

Flexstay Inn Nakanobu P1

4-27-12, Futaba, Shinagawa-ku, Tokyo

beneficiaryinterests
Trust

D20

Flexstay Inn Nakanobu P2

4-27-8, Futaba, Shinagawa-ku, Tokyo

beneficiaryinterests
Trust

D21

APA Hotel Yokohama Kannai

3-37-2, Sumiyoshi-cho, Naka-ku,
Yokohama-shi, Kanagawa

beneficiaryinterests
Trust

D22

Hotel Nets Hakodate

26-17, Motomachi, Hakodate-shi,
Hokkaido63

beneficiaryInvincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

BalanceAcquisiti
Investment Appraisal value as
on priceof
sheet
ratio (%)
June 30, 2015
(millions carryingof yen)(millions of yen)
value
(Note 3) (millions of (Note 4)(Note 5)yen)interests
Trust
D23

Flexstay Inn Shirogane

5-10-15, Shirogane, Minato-ku, Tokyo

beneficiary

2,119

2,122

1.6

2,140 (Note 7)

interests
Subtotal (23 properties)

58,634

58,211

44.7

71,555-

Total (94 properties)

131,188

127,274

100.0

146,874-

64

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(Note 1)

(Note 2)
(Note 3)(Note 4)(Note 5)

“Property number” indicates the categorization of properties acquired by INV according to use, with “A” for residential, “B” for office and retail,“C” for parking lots and “D” for hotel, and a number assigned for each property. The number following “A”, “B”, “C” and “D” is assigned
based on how early the acquisition was made, except that for acquisitions made at the same time the number is assigned based on how large theacquisition price was.
“Location” is in principle based on the indicated address (jyukyohyoji), except that if the jyukyohyoji system has not been implemented for suchproperty, the location is based on the land number (banchi).
“Acquisition price” is the purchase price indicated in the real estate or trust beneficiary purchase agreement. Such price excludes consumption
taxes and has been rounded down to the nearest hundred million yen.
“Investment ratio” is the ratio of the acquisition price to the aggregate acquisition price of INV’s portfolio, and has been rounded to one decimal
place.
“Appraisal value as of June 30, 2015” is the value appraised or researched by the real estate appraiser as of the end of the fiscal period in
accordance with the Articles of Incorporation of INV and the regulations of the Investment Trust Association, Japan. The real estate appraisers
are as follows.
Real estate appraiser(Note 6)

Asset Research and Development Inc.

(Note 7) Japan Real Estate Institute(Note 8) Morii Appraisal & Investment Consulting Inc(Note 9) Tanizawa Sogo Appraisal Co., Ltd.

b

Capital expenditures for assets under management(a) Schedule for capital expenditures
The schedule for the principal capital expenditures for property maintenance construction, etc., as of the end of the fiscal
period for the real estate assets is as follows.
Estimated Cost (Thousands of yen)
Name of Property

Location

Scheduled Time of

Purpose

Implementation

Payment for
Total

the Fiscal
PeriodA32

B17

Suncrest Shakujii-

Nerima Ward,

Koen

Tokyo

Lexington

Plaza

HachimanSendaiRenewal work on

From November

waterproofing2015 to December

rooftops
City,

B15

SquareNAKANOthe

From November

Miyagisurface of asphalt of2015 to December

Prefecture

rooftop parking lots

2015

for

the

Nakano Ward,renovation work on

Tokyo

the rental rooms (3rooms)

D06

Hotel Vista Premio

Osaka-shi,

Replacing

DojimaOsaka

storage equipment

Suginami

Replacing intercom

Ward, Tokyo

equipment

Nisshin
A26

Palacestage
Daitabashi

16,450

Payments

―

―

8,100

―

―

7,695

―

―

5,400

―

―

2015

Replacing

Expenses
CrossofAdvanceenergy15,775

From September
2015 to December
2015
From September
2015 to October
2015
From November
2015 to December
2015(b) Capital expenditures for the fiscal period ended June 30, 2015
The principal construction constituting capital expenditures for the real estate assets for the fiscal period ended June 30,
2015 is as follows. Capital expenditures for the fiscal period was 171,320 thousand yen, and together with 24,408 thousand
yen of repair cost included in this fiscal period’s expenses, construction work totaling 195,729 thousand yen was
65

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

implemented.
Name of Property
Cross

B15
D07

Location

Squareyen)

NAKANO

Ward, Tokyoon the rental rooms (2 rooms)

Hotel

Nagoya, Aichi

Replacing

Prefecture

equipment

Itabashi-ku,

ReplacingTokyosystemOsaka-shi,

Installation of a wireless local From April 2015 toOsaka

area network for guest rooms

Koto-ku,

ReplacingTokyosystem

MyStays
Inn

Tokiwadai
Hotel

MyStays

OtemaeFlexstay

D18

Payment (Thousands ofExpenses for the renovation work From May 2015 toFlexstay

D17

Time of
Implementation

NakanoNagoya-Sakae

D15

PurposeInn

Kiyosumi
Shirakawaenergy5,019

June 2015

storage From June 2015 to

4,500

June 2015
hot

water

supply From May 2015 to

4,950

May 2015

hot

water

3,900

April 2015

supply From June 2015 to

4,950

June 2015

Other construction

148,001
Total

171,320(c) Reserved funds for long-term maintenance plan (repair reserves)
INV has reserved funds, as below, from the cash flow of the relevant fiscal period towards large-scale maintenancerepairs in the medium to long term future in accordance with the long-term maintenance plan for each property.

Fiscal period

20th Fiscal

21st Fiscal

22nd Fiscal

23rd Fiscal

24th Fiscal

PeriodPeriodPeriodPeriodPeriodFrom January
1, 2013 to June30, 2013

Reserved funds at beginning of
periodAmount reserved (Note)
Amount reversed (Note)(Note)c

From January 1, From July 1, 20142013 to2014 to June 30, to December 31,

December 31,

2014

2013

2014

From January 1,
2015 to June 30,
2015541,609571,543524,730

579,682

738,365

thousand yen

thousand yen

thousand yen

thousand yen

thousand yen

165,233

165,271

199,177

268,495

283,147thousand yen

thousand yen

thousand yen

thousand yen

thousand yen

135,298

212,084

144,225

109,812

168,813thousand yen

thousand yen

thousand yen

thousand yen

thousand yen

571,543524,730

579,682

738,365

852,699

thousand yen

thousand yen

thousand yen

thousand yen

thousand yen

Amount carried over for next
fiscal period

From July 1,

The amount reserved for the relevant fiscal period includes the reserves for acquired properties, and the amount reversed includes thereserves for disposed properties.

Condition of income, etc. (From January 1, 2015 to June 30, 2015)(Unit: Thousands of yen)
Total ofrental-Total ofrentalrevenue
Property
Property Name
No.

(i)

related
Rent,
commonarea fees

Facility
Other
incomeexpenses(ii)

66

Depreciation

Tax andInsurance
management other public expenses
feechargesOtherexpensesProfitandexpenses

Loss

(iii)

((i)-(ii))NOI((i)-(ii)+(iii))

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Total ofrental-Total ofrentalrevenue
Property(i)

Property NameNo.

related
Rent,
commonarea fees

Facility
Other
incomeexpenses(ii)

Depreciation

Tax andInsurance
management other public expenses
feechargesOtherexpensesProfitandexpenses

Loss

(iii)

((i)-(ii))NOI((i)-(ii)+(iii))

A26

Nisshin Palacestage Daitabashi

36,84433,722

3,122

20,836

7,496

1,608

66

3,482

8,181

16,00824,189

A27

Nisshin Palacestage HigashiNagasaki

44,72938,5796,149

27,999

9,557

2,696

93

3,121

12,52916,72929,259A28

Growth Maison Gotanda

27,343

26,772

571

8,388

2,164

1,327

33

512

4,350

18,95423,305A29

Growth Maison Kameido

32,30430,551

1,752

16,861

5,212

1,687

46

3,990

5,925

15,44321,368A30

Emerald House

49,10438,933

10,171

24,398

7,502

2,566

97

4,507

9,724

24,70634,430

A31

Harmonie Ochanomizu

39,12635,432

3,693

18,500

6,006

1,863

64

3,465

7,100

20,62527,725

A32

Suncrest Shakujii-Koen

37,73033,733

3,996

17,042

4,651

3,137

95

1,792

7,364

20,68828,052A33

Growth Maison Shin-Yokohama

35,451

32,7072,744

14,559

3,723

2,406

68

2,254

6,107

20,892

26,999A34

Belle Face Ueno-Okachimachi

32,60729,8562,751

13,868

4,898

1,666

44

1,903

5,355

18,73824,094

A35

Grand Rire Kameido

26,61926,619

-

8,197

448

1,714

47

500

5,487

18,422

23,909A36

Growth Maison Ikebukuro

22,67021,037

1,633

13,419

4,864

1,055

39

2,197

5,262

9,251

14,513A37

Growth Maison Yoga

21,633

20,451

1,182

10,417

3,187

1,366

39

1,845

3,978

11,215

15,194

A38

Route Tachikawa

21,39919,407

1,992

8,707

2,437

1,069

40

1,071

4,089

12,691

16,781

A39

Shibuya-Honmachi Mansion

19,356

18,608

747

6,824

2,228

923

34

1,470

2,168

12,532

14,700A40

City Heights Kinuta

17,773

16,740

1,032

5,328

1,893

980

33

810

1,610

12,445

14,055

A41

Acseeds Tower Kawaguchi-Namiki

25,00822,763

2,245

12,026

2,660

1,127

38

3,162

5,038

12,982

18,020A42

Capital Heights Kagurazaka

18,625

17,468

1,157

7,364

2,678

1,085

37

1,285

2,277

11,26013,538

A43

College Square Machida

17,876

17,876

-

3,056

128

505

30

500

1,892

14,81916,711

A44

Belair Meguro

15,914

15,115

799

6,526

1,893

866

22

1,423

2,320

9,387

11,708A45

Wacore Tsunashima I

18,004

17,199

805

9,751

3,084

893

31

1,847

3,895

8,253

12,148

A46

Foros Nakamurabashi

17,217

15,054

2,163

11,405

3,691

988

34

2,188

4,503

5,811

10,314A47

Growth Maison Kaijin

21,007

18,5572,450

15,241

5,319

2,106

81

1,308

6,425

5,766

12,192

A48

College Square Machiya

14,706

14,706

-

5,016

-

939

27

500

3,549

9,689

13,238

A51

City House Tokyo Shinbashi

90,344

84,4105,934

40,443

15,271

4,926

110

7,009

13,12549,90063,026

A52

Winbell Kagurazaka

104,468

95,3389,129

40,17911,707

6,299

143

6,126

15,90264,28880,191

A53

Nishiwaseda Cresent Mansion

70,977

66,251

4,725

21,611

6,906

3,568

102

3,537

7,496

49,36556,862

A54

Lexington Square Akebonobashi

48,58145,194

3,387

21,802

6,051

2,194

57

4,864

8,634

26,77935,413

A56

Casa Eremitaggio

29,901

27,5902,310

16,025

3,766

1,682

45

1,449

9,081

13,875

22,957

A59

Towa City Coop Shinotsuka II

34,19432,748

1,446

13,429

4,699

1,381

50

2,517

4,780

20,76525,545

A61

Bichsel Musashiseki

24,50522,357

2,147

10,275

3,630

1,173

46

2,786

2,638

14,23016,868

A62

Lexel Mansion Ueno Matsugaya

35,73731,7503,987

14,134

2,581

1,886

56

1,265

8,343

21,60329,947

A63

Towa City Coop Sengencho

52,94448,004

4,939

30,39016,151

3,003

103

3,642

7,489

22,55330,043

A64

Royal Park Omachi

24,471

21,847

2,624

13,646

5,723

1,583

59

2,007

4,272

10,82515,097

A65

Lexington Square Haginomachi

18,432

16,475

1,957

8,403

2,714

1,148

37

952

3,550

10,028

13,579A66

Visconti Kakuozan

9,818

9,178

640

6,513

2,940

921

21

853

1,776

3,304

5,081

A71

Lexington Square Daitabashi

30,511

28,003

2,508

16,997

3,157

1,546

41

4,248

8,002

13,514

21,516

A72

Lexington
Azumabashi

18,066

16,754

1,312

9,660

2,359

811

30

1,524

4,935

8,405

13,340A73

AMS TOWER Minami 6-Jo

44,97342,7672,205

28,005

6,833

2,147

116

4,784

14,123

16,96831,091

A75

Spacia Ebisu

197,748

173,808

23,93973,307

15,8308,743

233

11,41037,089124,440

161,529

A76

Neo Prominence

62,98054,012

8,968

26,366

10,754

3,537

118

1,827

10,12836,613

46,742

A77

Invoice Shin-Kobe Residence

46,33942,215

4,124

24,848

6,008

2,737

69

4,581

11,451

21,491

32,942

A78

Cosmo Court Motomachi

34,75133,395

1,356

20,557

3,898

2,306

67

4,311

9,972

14,194

24,167

A79

Revest Honjin

31,672

29,191

2,481

15,298

3,718

1,793

59

2,316

7,409

16,37423,784

A80

Revest Matsubara

28,54026,131

2,408

16,004

4,882

1,862

54

2,219

6,985

12,535

19,521A81

Sun Terrace Minami Ikebukuro

22,455

20,6901,764

10,721

3,376

907

28

1,551

4,857

11,733

16,591

A82

Alba Noritake Shinmachi

26,10724,3191,788

13,710

3,377

1,734

54

1,644

6,898

12,396

19,295

A83

Revest Meieki Minami

26,20524,321

1,884

14,469

3,798

1,656

57

2,066

6,889

11,736

18,625

A84

Revest Heian

23,84323,037805

10,991

2,485

1,406

40

686

6,372

12,852

19,224

A85

Vendir Hamaotsu Ekimae

30,14827,931

2,216

16,376

5,096

1,952

64

2,278

6,983

13,772

20,755

A86

Salvo Sala

23,373

21,888

1,485

13,543

4,443

1,569

44

2,041

5,444

9,829

15,273

A87

Excellente Kagurazaka

17,033

16,125908

11,496

3,265

776

27

3,232

4,194

5,536

9,731

A88

Luna Court Edobori

20,055

19,074981

12,180

3,886

1,177

35

2,017

5,064

7,875

12,939A89

Winntage Kobe Motomachi

22,70622,232473

11,988

2,847

1,587

42

1,705

5,805

10,717

16,522

SquareHonjo

67

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Total ofrental-Total ofrentalrevenue
Property
Property Name

(i)

No.

related
Rent,
commonarea fees

Facility
Other
incomeexpenses(ii)

Depreciation

Tax andInsurance
management other public expenses
feechargesOtherexpensesProfitandexpenses

Loss

(iii)

((i)-(ii))NOI((i)-(ii)+(iii))

A90

Queen's Court Fukuzumi

16,72015,650

1,069

7,035

1,692

756

24

1,366

3,195

9,684

A91

Corp Higashinotoin

17,19915,873

1,326

9,327

3,070

909

30

1,517

3,799

7,872

11,671

A92

Belair Oimachi

15,641

14,199

1,442

7,090

2,200

666

20

1,528

2,675

8,550

11,226

A93

Siete Minami-Tsukaguchi

16,097

15,320

777

8,904

3,396

983

29

1,254

3,240

7,193

10,433

A94

Prime Life Sannomiya Isogami Koen

14,106

13,374

731

7,737

1,948

847

22

1,492

3,426

6,369

9,795

68

12,879Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

Rentalrevenue

Property
No.

Property Name
(i)

Rent,
commonarea fees

ProfitandLeasingrelated

Facility
Tax andInsurance
expenses management other public expenses(ii)
fee
charges

Other
incomeOther
expenses

Depreciation
expenses
(iii)

Loss

NOI
((i)-(ii)+(iii))((i)-(ii))

A95

HERMITAGE NANBA WEST

15,596

14,437

1,159

8,603

2,529

1,017

26

1,584

3,445

6,993

10,438

A96

Century Park Shinkawa 1-bankan

17,322

14,468

2,853

7,512

1,981

880

39

733

3,878

9,810

13,688

A97

West Avenue

11,025

10,114

911

8,203

3,423

563

21

1,249

2,944

2,822

5,766

A98

Little River Honmachibashi

13,69813,363

335

7,281

2,189

944

24

1,251

2,871

6,417

9,288

A99

Prime Life Mikage

11,367

10,937

429

7,144

1,930

761

19

1,472

2,960

4,222

7,182

B8

Kindai Kagakusha Building

38,60733,3595,248

22,613

6,741

4,480

72

836

10,482

15,994

26,477

B9

Shinjuku Island(Note1)(Note1)(Note1)(Note1)(Note1)(Note1)(Note1)(Note1)(Note1)(Note1)(Note1)

B14

Lexington Plaza Nishigotanda

141,089

125,122

15,96670,36927,48912,597

192

3,649

26,44070,72097,160

B15

Cross Square NAKANO

32,032

26,106

5,925

16,455

7,178

3,854

82

1,491

3,848

15,576

19,424

B16

Ohki Aoba Building

40,16832,1598,009

22,753

10,319

4,086

101

795

7,450

17,41524,865

B17

Lexington Plaza Hachiman

165,200

131,345

33,85481,50947,942

11,345161

1,203

20,857

83,690104,547

B18

AEON TOWN Sukagawa

141,739

141,739-

94,10656,124

7,719

199

624

29,43847,632

77,070C1

Times Kanda-Sudacho 4th

2,700

2,700

-

258

-

257

-

-

1

2,441

2,442

D1

Hotel MyStays Kanda

111,428

111,428-

18,409

-

2,210

76

504

15,61893,019108,638

D2

Hotel MyStays Asakusa

126,298

126,298-

19,286

-

1,962

49

518

16,755

107,012

123,767

D3

Hotel MyStays Kyoto-Shijo

282,858

282,858-

54,000

-

5,261

240

513

47,985

228,858

276,843

D4

MyStays Shin-Urayasu ConferenceCenter

164,208

164,208-

45,728

-

4,080

213

504

40,930118,479

159,409

D5

Hotel MyStays Maihama

142,571

142,571-

37,200

-

1,596

105

503

34,995

105,370

140,366

D6

Hotel Vista Premio Dojima

187,248

187,248-

61,220

8,208

5,927

294

508

46,281126,027

172,309

D7

Hotel MyStays Nagoya-Sakae

155,746

155,746-

65,087

17,163

2,313

254

504

44,85090,659135,510

D8

Hotel MyStays Sakaisuji-Honmachi

163,179

163,179-

22,985

-

3,210

116

502

19,155140,194

159,349
104,161

D9

Hotel MyStays Yokohama

107,111

107,111-

31,625

-

2,238

208

503

28,67575,486

D10

Hotel MyStays Nippori

81,08081,080-

16,230

-

873

64

504

14,78864,84979,638

D11

Hotel MyStays
Minami95,816

95,816-

16,594

-

2,546

102

503

13,443

79,221

92,664

D12

Flexstay Inn Iidabashi

54,09654,096-

13,949

-

2,251

96

504

11,09640,14751,243

D13

Hotel MyStays Ueno Inaricho

57,55257,552-

14,623

-

741

47

504

13,33042,92856,259

D14

Flexstay Inn Shinagawa

52,21352,213

-

8,088

-

839

38

504

6,706

44,12550,831

D15

Flexstay Inn Tokiwadai

62,141

62,141

-

9,892

-

1,717

87

504

7,583

52,24959,833

D16

Flexstay Inn Sugamo

57,33957,339-12,543

-

1,447

70

504

10,52044,79655,316

D17

Hotel MyStays Otemae

79,292

79,292-

11,940

-

1,804

119

503

9,513

67,351

76,865

D18

Flexstay Inn Kiyosumi Shirakawa

36,131

36,131

-

9,416

-

1,691

84

503

7,137

26,71533,852

D19

Flexstay Inn Nakanobu P1

23,09423,094

-

5,091

-

472

26

504

4,087

18,00222,090

D20

Flexstay Inn Nakanobu P2

11,98911,989

-

2,381

-

262

15

504

1,598

9,608

11,207D21

APA Hotel Yokohama Kannai (Note2)

189,256

189,256-

59,920

-

-

217

398

59,304

129,336

188,640

D22

Hotel Nets Hakodate (Note 2)

89,04689,046-25,482

0

-

157

399

24,92463,56388,488

D23

Flexstay Inn Shirogane (Note 2)

52,591

52,591

-

6,328

-

-

46

398

5,883

46,262

52,145

4,974,760

4,738,713

236,047

1,834,039

468,393

201,860

7,061

169,957

986,765

3,140,721

4,127,486

Total(Note 1)
(Note 2)

Fukuoka-Tenjin-

Not disclosed because the consent of the tenant was not obtained.
These three properties were acquired as of February 6, 2015, the operation period of which is from February 6, 2015 to June 30, 2015.

69

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period(3)

Tenant SummaryaSummary of lease conditions by property(As of June 30, 2015)
RentalLeasable Area

Leased Area

2

2

LeasableUnits(units)(Note 3)

Revenue

LeasedUnits Number of(units)tenants(Note 4)

Ratio of
Rental(Thousands of Revenue
(%)
yen)

Type of
Lease (Note7)

Property
No

Property Name

A26

Nisshin Palacestage Daitabashi

1,771.13

1,715.56

98

95

1 Best Property Corporation

36,844

0.7

Pass throughmaster lease

A27

Nisshin Palacestage HigashiNagasaki

2,681.94

2,546.14

60

57

1 Best Property Corporation

44,7290.9

Pass throughmaster lease

27,343

0.5

Pass throughmaster lease(m )(Note 1)(m )(Note 2)Tenants (Note 5)(Note 6)

Pacific Development &A28

Growth Maison Gotanda

1,051.50

1,051.50

48

48

1 Management

A29

Growth Maison Kameido

1,367.96

1,304.98

66

63

1 Mitsui Home Estate Co., Ltd.

32,304

0.6

Pass throughmaster lease

A30

Emerald House

2,152.31

2,152.31

96

96

1 Tokyo Gakusei Life Co., Ltd.

49,104

1.0

Pass throughmaster lease

39,126

0.8

Pass throughmaster lease

37,730

0.8

Pass throughmaster lease

35,451

0.7

Pass throughmaster lease

Co., Ltd

Pacific Development &A31

Harmonie Ochanomizu

1,748.24

1,543.60

65

59

1 Management

A32

Suncrest Shakujii-Koen

3,029.16

2,951.61

29

28

1 Mitsui Home Estate Co., Ltd.

Co., Ltd.

Pacific Development &A33

Growth Maison Shin-Yokohama

1,858.44

1,802.86

68

66

1 Management

A34

Belle Face Ueno-Okachimachi

1,351.11

1,351.11

64

64

1 Mainichicomnet Co., Ltd.

32,607

0.7

Pass throughmaster lease

A35

Grand Rire Kameido

1,562.26

1,562.26

72

72

1 J.S.B. Co., Ltd.

26,6190.5

Fixed rentmaster lease

A36

Growth Maison Ikebukuro

952.89839.774237

122,670

0.5

Pass throughmaster lease

A37

Growth Maison Yoga

1,015.34

963.3339

37

1 Mitsui Home Estate Co., Ltd.

21,633

0.4

Pass throughmaster lease

21,3990.4

Pass throughmaster lease

19,356

0.4

Pass throughmaster lease

Co., Ltd

Pacific Development & Management
Co., Ltd

Pacific Development &A38

Route Tachikawa

1,368.57

1,322.13

24

23

1 Management
Co., Ltd
Pacific Development &A39

Shibuya-Honmachi Mansion

1,167.50

1,049.14

25

22

1 Management

A40

City Heights Kinuta

1,235.93

1,169.33

19

18

1 Mitsui Home Estate Co., Ltd.

17,773

0.4

Pass throughmaster lease

A41

Acseeds Tower KawaguchiNamiki

1,210.74

1,210.74

57

57

1 Access Group, Inc.

25,008

0.5

Pass throughmaster lease

A42

Capital Heights Kagurazaka

1,126.65

1,063.65

26

24

1 Mitsui Home Estate Co., Ltd.

18,625

0.4

Pass throughmaster lease

A43

College Square Machida

1,047.75

1,047.75

62

62

1 Mainichicomnet Co., Ltd.

17,876

0.4

Fixed rentmaster lease

A44

Belair Meguro

557.05557.0525

25

1

15,914

0.3

Pass throughmaster lease

18,004

0.4

Pass throughmaster lease

Co., Ltd

Pacific Development & Management
Co., Ltd
Pacific Development & Management

A45

Wacore Tsunashima I

907.46889.5150

49

1Co., Ltd

A46

Foros Nakamurabashi

815.77738.5337

34

1 Mitsui Home Estate Co., Ltd.

17,217

0.3

Pass throughmaster lease

A47

Growth Maison Kaijin

2,040.27

1,781.85

3430

1 Mitsui Home Estate Co., Ltd.

21,007

0.4

Pass throughmaster lease

A48

College Square Machiya

871.35871.3543

43

1 Mainichicomnet Co., Ltd.

14,706

0.3

Fixed rentmaster lease

A51

City House Tokyo Shinbashi

3,364.00

3,265.43

86

83

1 Mitsui Home Estate Co., Ltd.

90,344

1.8

Pass throughmaster lease70

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

RentalLeasable Area
Property
No

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

Revenue

LeasedUnits Number of(units)tenants(Note 4)

Tenants (Note 5)

Ratio of
Rental(Thousands of Revenue
(%)
yen)

Type of
Lease (Note
7)(Note 6)
A52

Winbell Kagurazaka

4,032.70

3,846.54

118

112

1 Mitsui Home Estate Co., Ltd.

A53

Nishiwaseda Cresent Mansion

4,310.77

3,970.79

69

64

1

104,468

2.1

Pass throughmaster lease

70,977

1.4

Pass throughmaster lease48,581

1.0

Pass throughmaster lease

29,901

0.6

Pass throughmaster lease

Pacific Development & Management
Co., Ltd
A54

Lexington Square Akebonobashi

1,987.88

1,858.26

88

82

1 Mitsui Home Estate Co., Ltd.

A56

Casa Eremitaggio

1,197.19

1,007.85

17

13

1

Pacific Development & Management
Co., Ltd
A59

Towa City Coop Shinotsuka II

1,627.13

1,567.61

58

55

1 Mitsui Home Estate Co., Ltd.

34,194

0.7

Pass throughmaster lease

A61

Bichsel Musashiseki

1,220.24

1,202.39

70

69

1 Mitsui Home Estate Co., Ltd.

24,505

0.5

Pass throughmaster lease

A62

Lexel Mansion Ueno Matsugaya

1,969.45

1,969.45

29

29

1

35,737

0.7

Pass throughmaster lease

52,944

1.1

Pass throughmaster lease

Pacific Development & Management
Co., Ltd
Pacific Development & Management
A63

Towa City Coop Sengencho

3,426.36

2,843.81

154

128

1

A64

Royal Park Omachi

1,929.59

1,897.47

51

50

1 One-Eyed Capital Advisers

24,471

0.5

Pass throughmaster lease

A65

Lexington Square Haginomachi

1,528.58

1,412.44

39

36

1 One-Eyed Capital Advisers

18,432

0.4

Pass throughmaster lease

A66

Visconti Kakuozan

705.75552.798

6

1 Mitsui Home Estate Co., Ltd.

9,818

0.2

Pass throughmaster lease

Co., Ltd71

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

RentalLeasable Area
Property
No

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

Revenue

LeasedUnits Number of(units)tenants(Note 4)

Tenants (Note 5)

Ratio of
Rental(Thousands of Revenue
(%)
yen)

Type of
Lease (Note
7)(Note 6)
A71

Lexington Square Daitabashi

1,430.64

1,330.08

43

40

1 Nisshin Jyutaku Support K.K.

30,511

0.6

Pass throughmaster lease784.74714.8633

30

1 Nisshin Jyutaku Support K.K.

18,066

0.4

Pass throughmaster lease

44,973

0.9

Pass throughmaster lease

197,748

4.0

Pass throughmaster lease

Lexington Square Honjo
A72
Azumabashi
A73

AMS TOWER Minami 6-Jo

4,460.56

3,714.50

120

99

1 Big Service Co., Ltd.

A75

Spacia Ebisu

7,794.91

7,296.96

109

101

1

Pacific Development & Management
Co., LtdA76

Neo Prominence

3,574.70

3,393.58

52

49

1 Goodworks Co., Ltd.

62,980

1.3

Pass throughmaster lease

A77

Invoice Shin-Kobe Residence

2,773.71

2,451.34

81

72

1 Sohgoh Real Estate

46,3390.9

Pass throughmaster lease

A78

Cosmo Court Motomachi

2,310.49

2,223.53

82

79

1 Global Community Co., Ltd

34,751

0.7

Pass throughmaster lease

A79

Revest Honjin

1,933.80

1,933.808080

1 Mininet, Inc

31,672

0.6

Pass throughmaster lease

A80

Revest Matsubara

1,955.40

1,749.46

70

64

1 Mininet, Inc

28,540

0.6

Pass throughmaster lease

A81

Sun Terrace Minami Ikebukuro

898.70875.0538

37

1 Goodworks Co., Ltd.

22,455

0.5

Pass throughmaster lease

A82

Alba Noritake Shinmachi

1,731.68

1,707.84

64

63

1 Mininet, Inc

26,107

0.5

Pass throughmaster lease

A83

Revest Meieki Minami

1,634.60

1,634.60

61

61

1 Mininet, Inc

26,205

0.5

Pass throughmaster lease

A84

Revest Heian

1,554.03

1,429.03

40

35

1 Mininet, Inc

23,843

0.5

Pass throughmaster lease

A85

Vendir Hamaotsu Ekimae

2,670.66

2,360.56

81

71

1 Mininet, Inc

30,148

0.6

Pass throughmaster lease

A86

Salvo Sala

1,428.12

1,348.61

54

51

1 Daygran, Inc.

23,373

0.5

Pass throughmaster lease

A87

Excellente Kagurazaka

701.92681.2533

32

1 Goodworks Co., Ltd.

17,033

0.3

Pass throughmaster lease

A88

Luna Court Edobori

1,185.50

1,114.79

50

47

1 Nihon Housing Co., Ltd.

20,055

0.4

Pass throughmaster lease

A89

Winntage Kobe Motomachi

1,433.35

1,356.87

57

54

1 Global Community Co., Ltd.

22,706

0.5

Pass throughmaster lease

A90

Queen's Court Fukuzumi

765.18765.1825

25

1 Goodworks Co., Ltd.

16,720

0.3

Pass throughmaster lease

A91

Corp Higashinotoin

1,029.05

985.1742

40

1 Global Community Co., Ltd.

17,1990.3

Pass throughmaster lease

A92

Belair Oimachi

530.60510.1026

25

1 Goodworks Co., Ltd.

15,641

0.3

Pass throughmaster lease

A93

Siete Minami-Tsukaguchi

1,020.86

945.0240

37

1 Goodworks Co., Ltd.

16,097

0.3

Pass throughmaster lease

A94

Prime Life Sannomiya Isogami
Koen

789.12739.8032

30

1 Global Community Co., Ltd.

14,106

0.3

Pass throughmaster lease

A95

HERMITAGE NANBA WEST

992.76950.4321

20

1 Daygran, Inc.

15,596

0.3

Pass throughmaster lease

A96

Centurybankan1,477.62

1,344.66

44

40

1 Goodworks Co., Ltd.

17,322

0.3

Pass throughmaster lease

A97

West Avenue

794.80596.0840

30

1 Joint Property Co., Ltd.

11,025

0.2

Pass throughmaster lease

A98

Little River Honmachibashi

974.81

944.4031

30

1 Goodworks Co., Ltd.

13,6980.3

Pass throughmaster lease

A99

Prime Life Mikage

761.18660.6828

24

1 Global Community Co., Ltd.

11,367

0.2

Pass throughmaster lease

B8

Kindai Kagakusha Building

1,451.54

1,451.54

13

13

1 Sohgoh Real Estate

38,6070.8

B9

Shinjuku Island

526.43526.431

11(Note 8)(Note 8)Park

Shinkawa

1-(Note 8)Pass throughmaster lease
Directvariable rent
lease
(Note 9)Variable rent

B14

Lexington Plaza Nishigotanda

6,033.58

6,033.58

11

11

8 Community One Co., Ltd.

B15

Cross Square NAKANO

2,145.00

1,518.68

45

27

1

B16

Ohki Aoba Building

2,178.41

2,178.41

13

13

1 Tozai Asset Management Co., Ltd.

72

Shin-ei Real Estate Business Co.,Ltd.

141,089

2.8

32,0320.6

40,1680.8

lease(Note 10)
Pass throughmaster lease
Fixed rentmaster leaseInvincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

RentalLeasable Area
Property
No

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

LeasedUnits Number of(units)tenants(Note 4)

Revenue

Tenants (Note 5)

Ratio of
Rental(Thousands of Revenue
(%)
yen)

Type of
Lease (Note
7)(Note 6)
B17

Lexington Plaza Hachiman

8,419.15

8,419.15

18

18

1 Tokyo Biso Kogyo Corporation

165,200

3.3

Pass throughmaster lease

B18

AEON TOWN Sukagawa

18,440.58

18,440.58

1

1

1 Aeon Town Co., Ltd.

141,739

2.8

Fixed rentmaster lease

C1

Times Kanda-Sudacho 4-th

81.04

81.04

1

1

1 Times24. Co., Ltd.

2,700

0.1

Direct fixed
rent lease(Note 11)73

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

RentalLeasable Area
Property
No

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

LeasedUnits Number of(units)Tenants(Note 4)

Revenue

Tenants (Note 5)

Ratio of
Rental(Thousands of Revenue
(%)
yen)

Type of
Lease(Note 7)(Note 6)
D1

Hotel MyStays Kanda

2,585.72

2,585.72

126

126

MyStays Hotel Management Co.,
1
Ltd.

D2

Hotel MyStays Asakusa

3,327.38

3,327.38

160

160

1

MyStays Hotel Management Co.,Ltd.

126,298

D3

Hotel MyStays Kyoto-Shijo

7,241.51

7,241.51

224

224

1

MyStays Hotel Management Co.,Ltd.

282,858

D4

MyStaysShin-Urayasu
Conference Center

6,232.30

6,232.30

175

175

1

MyStays Hotel Management Co.,Ltd.

164,208

D5

Hotel MyStays Maihama

2,456.36

2,456.36

90

90

1

MyStays Hotel Management Co.,Ltd.

142,571

D6

Hotel Vista Premio Dojima

9,445.32

9,445.32

141

141

1

MGH Master Lease Kabushiki
Kaisha187,248

D7

Hotel MyStays Nagoya-Sakae

9,064.71

9,064.71

270

270

1

Yugen Kaisha Nagoya HotelManagement

155,746

D8

Hotel
MyStays
Honmachi

4,188.83

4,188.83

190

190

1

MyStays Hotel Management Co.,Ltd.

163,179

D9

Hotel MyStays Yokohama

7,379.43

7,379.43

190

190

1

MyStays Hotel Management Co.,Ltd.

107,111

D10

Hotel MyStays Nippori

1,719.29

1,719.29

93

93

1

MyStays Hotel Management Co.,Ltd.

81,080

D11

Hotel MyStays Fukuoka-TenjinMinami

3,412.71

3,412.71

177

177

1

MyStays Hotel Management Co.,Ltd.

95,816

D12

Flexstay Inn Iidabashi

2,953.38

2,953.38

59

59

1

MyStays Hotel Management Co.,Ltd.

54,096

D13

Hotel MyStays Ueno Inaricho

1,150.76

1,150.76

72

72

1

MyStays Hotel Management Co.,Ltd.

57,552

D14

Flexstay Inn Shinagawa

1,134.52

1,134.52

55

55

1

MyStays Hotel Management Co.,Ltd.

52,213

D15

Flexstay Inn Tokiwadai

2,539.75

2,539.75

129

129

1

MyStays Hotel Management Co.,Ltd.

62,141

D16

Flexstay Inn Sugamo

2,089.86

2,089.86

104

104

1

MyStays Hotel Management Co.,Ltd.

57,339D17

Hotel MyStays Otemae

4,956.66

4,956.66

110

110

1

MyStays Hotel Management Co.,Ltd.

79,292

D18

Flexstay
Shirakawa

2,673.64

2,673.64

55

55

1

MyStays Hotel Management Co.,Ltd.

36,131Inn

Sakaisuji-

Kiyosumi

74

111,428

Fixed rent
plus variable
2.2 rent type
operation(Note 12)
Fixed rent
plus variable
2.5 rent type
operation(Note 12)
Fixed rent
plus variable
5.7 rent type
operation(Note 12)
Fixed rent
plus variable
3.3 rent type
operation(Note 12)
Fixed rent
plus variable
2.9 rent type
operation(Note 12)
Fixed rent,
variable rent
plus pass
3.8
throughmaster lease(Note 13)
Fixed rent
plus variable
3.1 rent type
operation(Note 12)
Fixed rent
plus variable
3.3 rent type
operation(Note 12)
Fixed rent
plus variable
2.2 rent type
operation(Note 12)
Fixed rent
plus variable
1.6 rent type
operation(Note 12)
Fixed rent
plus variable
1.9 rent type
operation(Note 12)
Fixed rent
plus variable
1.1 rent type
operation(Note 12)
Fixed rent
plus variable
1.2 rent type
operation(Note 12)
Fixed rent
plus variable
1.0 rent type
operation(Note 12)
Fixed rent
plus variable
1.2 rent type
operation(Note 12)
Fixed rent
plus variable
1.2 rent type
operation(Note 12)
Fixed rent
plus variable
1.6 rent type
operation(Note 12)
Fixed rent
plus variable
0.7 rent type
operation(Note 12)

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

RentalLeasable Area
Property
No

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

LeasedUnits Number of(units)Tenants(Note 4)

Revenue

Tenants (Note 5)

Ratio of
Rental(Thousands of Revenue
(%)
yen)

Type of
Lease(Note 7)(Note 6)
D19

Flexstay Inn Nakanobu P1

770.56770.5639

39

MyStays Hotel Management Co.,
1
Ltd.

D20

Flexstay Inn Nakanobu P2

391.49391.49

22

22

1

D21

APA Hotel Yokohama Kannai

6,568.51

6,568.51

451

451

1 APA Hotel Kabushiki Kaisya

189,256

D22

Hotel Nets Hakodate

7,961.26

7,961.26

202

202

1 Hakodate Hospitality Godo Kaisya

89,046

D23

Flexstay Inn Shirogane

1,754.06

1,754.06

84

84

1

MyStays Hotel Management Co.,Ltd.

52,591

Total

240,858.19

233,286.54

6,734

6,505

101

－

4,974,760

23,094

MyStays Hotel Management Co.,Ltd.

11,989Fixed rent
plus variable
0.5 rent type
operation(Note 12)
Fixed rent
plus variable
0.2 rent type
operation(Note 12)
Fixed rent
plus variable
3.8 rent type
operation(Note 12)
Fixed rent
plus variable
1.8 rent type
operation(Note 12)
Fixed rent
plus variable
1.1 rent type
operation(Note 12)100.0－(Note 1)

“Leasable Area” is based on the portion of each property or property in trust owned by INV and leasable as residential, office, retail etc.

(Note 2)

“Leased Area” is the portion of leasable area for which there is actually a lease agreement and is based on the area indicated in the leaseagreements.

(Note 3)

“Leasable Units” is the number of units possible to lease for each property or property in trust.

(Note 4)

“Leased Units” is the number of units actually leased to tenants and end-tenants based on lease agreements.

(Note 5)“Tenant” is the master lessee where there is a master lease agreement between INV or the trustee and a master lease company, and theprincipal lessee where there are direct lease agreements with end-tenants.

(Note 6)

“Rental Revenue” is the aggregate rent revenue for each property for the fiscal period, rounded down to the nearest thousand yen.

(Note 7)

Pursuant to pass through master lease agreements between the master lease company and the trustee, the master lease company pays theamount paid by end-tenants pursuant to subleases. Pursuant to fixed rent master lease agreements, the master lease company pays fixed
rent.

(Note 8)Not disclosed because the consent of the tenant was not obtained.

(Note 9)A direct lease agreement has been entered into between INV and the tenant (without using a master lease company), and rent is received
from the end tenant pursuant thereto.

(Note 10) A direct lease agreement has been entered into between the trustee and the tenant (without using a master lease company), and rent isreceived from the end tenant pursuant thereto.
(Note 11) A direct lease agreement has been entered into between INV and the tenant (without using a master lease company).The lease is fixed rent
regardless of use or occupancy conditions.
(Note 12) A direct lease agreement has been entered into between INV and the tenant. The lease is a fixed rent plus variable rent type operation
where, in addition to the fixed rent, a variable rent is established that allows the total rent to be varied based on the GOP (Gross Operating
Profit) attained under the hotel operations of the tenant.
(Note 13) The lease is fixed rent, variable rent plus pass-through master lease type operation where the pass-through rent the tenant receives from the
sub-tenant is added to the fixed rent and the variable rent based on the GOP attained under the operations of the tenant.

75

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Periodb

Occupancy trendth

19 Fiscal
PeriodProperty
No.

Property Nameth

20 Fiscal
PeriodAs of theend of

As of theend ofDec. 2012

Jun. 2013st

21 Fiscal
Period22nd Fiscal
PeriodAs ofthe endof

As of
the endofDec. 2013

Jun. 2014(Unit: %)23rd Fiscal
PeriodAs of theend ofDec. 2014th

24 Fiscal Period
As
of
the
end
of
Jan. 2015

A26
A27
A28
A29
A30
A31
A32
A33
A34
A35
A36
A37
A38
A39
A40
A41
A42
A43
A44
A45
A46
A47
A48
A51
A52
A53
A54
A56
A59
A61
A62
A63
A64
A65
A66

Nisshin
Palacestage
Daitabashi
Nisshin
Palacestage
Higashi-Nagasaki
Growth
MaisonGotandaGrowth
MaisonKameido
Emerald House
Harmonie
Ochanomizu
Suncrest ShakujiiKoen
Growth
MaisonShin-Yokohama
Belle Face UenoOkachimachi
Grand
Rire
KameidoGrowth
MaisonIkebukuro
Growth
Maison
Yoga
Route Tachikawa
ShibuyaHonmachi
MansionCity
Heights
KinutaAcseeds
Tower
KawaguchiNamiki
CapitalHeights
Kagurazaka
College
SquareMachidaBelair Meguro
WacoreTsunashima I
ForosNakamurabashi
Growth
MaisonKaijinCollege
SquareMachiyaCity House Tokyo
Shinbashi
WinbellKagurazaka
Nishiwaseda
Cresent Mansion
Lexington Square
Akebonobashi
Casa Eremitaggio
Towa City Coop
Shinotsuka II
BichselMusashiseki
Lexel
MansionUeno Matsugaya
Towa City Coop
Sengencho
Royal
Park
Omachi
Lexington Square
Haginomachi
Visconti Kakuozan

As of
the
end
of

As of
the
end
of

Feb. 2015 Mar. 2015

As of
the
end ofAs of
the
end ofApr. 2015 May. 2015

As ofthe end
of
Jun.
2015

96.9

98.0

95.0

94.1

90.0

89.9

88.9

89.8

89.9

88.8

96.9

90.3

98.4

97.4

97.7

96.3

96.3

93.5

91.6

90.2

88.6

94.9

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

94.0

94.0

89.3

89.3

86.2

89.3

97.0

97.0

94.0

93.9

95.4

99.0

100.0

98.9

100.0

98.0

98.0

97.0

99.0

100.0

100.0

100.0

100.0

88.2

97.5

91.2

93.5

93.7

95.0

93.6

91.1

89.8

88.3

94.7

95.6

95.3

97.0

97.0

100.0

100.0

100.0

97.4

97.4

97.4

98.5

97.1

94.1

86.9

95.6

95.5

94.1

95.6

97.1

95.5

97.0

98.4

100.0

100.0

98.3

98.3

98.3

98.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

90.6

88.2

97.6

90.4

90.5

83.4

90.6

88.2

83.5

83.4

88.1

92.2

97.3

100.0

97.3

94.9

97.5

97.4

97.4

97.4

92.4

94.9

100.0

76.7

83.5

96.6

96.6

96.6

100.0

100.0

100.0

100.0

96.6

100.0

80.8

96.4

100.0

91.3

98.1

98.1

98.1

93.8

93.8

89.9

89.2

94.6

94.6

100.0

100.0

100.0

100.0

100.0

100.0

94.6

94.6

100.0

93.0

96.5

93.0

86.0

84.2

94.7

93.0

98.3

100.0

100.0

92.5

97.2

91.0

90.5

91.6

91.6

91.6

94.4

94.4

91.6

94.4

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

92.1

96.0

92.1

100.0

88.1

84.1

96.0

100.0

100.0

100.0

100.0

96.1

90.0

82.1

94.1

89.9

89.8

96.0

96.0

93.9

96.0

98.0

100.0

92.0

94.5

100.0

88.8

85.8

83.3

92.6

93.7

88.1

90.5

97.1

94.4

100.0

90.0

89.0

89.0

89.0

91.6

85.7

84.8

87.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

90.8

100.0

100.0

94.5

95.6

96.7

98.9

100.0

91.0

91.1

97.1

96.4

96.9

96.5

98.6

100.0

100.0

100.0

98.0

95.9

92.0

95.4

100.0

98.5

94.8

92.5

90.5

94.1

95.7

98.5

95.3

95.3

92.1

93.1

94.4

89.7

93.3

88.8

90.0

88.8

98.9

94.4

92.3

93.5

92.9

90.0

90.0

97.0

91.2

94.1

94.1

88.0

88.0

88.0

84.2

97.3

94.9

89.9

92.8

91.3

90.1

94.0

97.6

96.3

98.8

96.3

97.1

95.7

92.9

94.3

85.8

85.8

98.5

100.0

98.5

98.5

98.5

93.2

86.8

100.0

96.3

96.8

96.8

96.8

100.0

100.0

100.0

100.0

94.3

94.9

90.5

89.1

80.2

78.3

82.1

83.2

83.8

84.3

83.0

96.4

100.0

95.0

90.6

88.1

89.8

89.8

91.4

97.3

93.9

98.3

100.0

100.0

97.4

97.4

100.0

100.0

100.0

97.4

100.0

97.4

92.4

88.6

100.0

100.0

100.0

89.7

89.7

89.7

89.7

78.3

78.3

78.3

Lexington Square
Daitabashi
Lexington Square
Honjo Azumabashi
AMS
TOWER
Minami 6-Jo

95.1

95.1

93.7

90.9

85.1

82.3

85.1

95.1

88.7

90.9

93.0

100.0

93.9

100.0

96.9

97.0

100.0

100.0

100.0

87.8

87.9

91.1

90.0

88.2

97.1

91.8

83.7

83.6

86.5

89.0

87.6

84.0

83.3

A75

Spacia Ebisu

92.2

90.2

89.2

90.0

93.6

92.1

96.6

95.6

95.6

92.3

93.6

A76

Neo Prominence

94.8

96.6

96.6

88.9

93.9

93.8

93.8

98.3

96.6

96.6

94.9

A77

Invoice Shin-Kobe
Residence

99.1

98.6

95.4

94.4

94.0

94.0

91.2

85.6

85.2

82.9

88.4

A78

Cosmo

97.5

92.7

98.7

90.4

86.6

83.9

86.3

86.5

90.1

96.4

96.2

A71
A72
A73

Court

76

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Period

20 Fiscal
Period21 Fiscal
Period22nd Fiscal
PeriodAs of theend of

As of theend ofAs ofthe endof

As of
the endofDec. 2012

Jun. 2013

Dec. 2013

Jun. 2014th

Property
No.

Property Namest

19 Fiscal
Periodth

23rd Fiscal
PeriodAs of theend ofDec. 2014th

24 Fiscal Period
As
of
the
end
of
Jan. 2015

As of
the
end
of

As of
the
end
of

Feb. 2015 Mar. 2015

As of
the
end ofAs of
the
end ofApr. 2015 May. 2015

As ofthe end
of
Jun.
2015

Motomachi
A79

Revest Honjin

93.8

98.8

93.7

95.0

92.5

91.3

93.8

96.3

100.0

100.0

100.0

A80

Revest Matsubara

91.9

95.7

98.8

91.2

93.7

95.0

94.4

93.2

89.5

87.6

89.5

100.0

97.4

97.4

89.5

92.1

97.4

100.0

97.4

97.4

100.0

97.4

98.6

93.8

96.5

91.7

94.4

94.5

94.5

97.2

97.2

98.6

98.6

A81
A82
A83

Sun
Terrace
Minami Ikebukuro
Alba
Noritake
Shinmachi
RevestMeiekiMinami

A84

Revest Heian

A85

Vendir Hamaotsu
Ekimae

A86

Salvo Sala

A87
A88
A89
A90
A91

ExcellenteKagurazaka
Luna
Court
Edobori
Winntage
Kobe
Motomachi
Queen's
Court
Fukuzumi
Corp
Higashinotoin

97.0

100.0

98.5

93.6

95.4

95.4

93.6

98.5

98.2

98.2

100.0

95.2

100.0

98.4

98.4

100.0

100.0

100.0

100.0

96.8

96.8

92.0

93.3

95.4

100.0

94.2

87.3

89.7

91.9

93.1

90.4

85.4

88.4

89.9

98.0

96.7

91.5

93.5

89.4

92.6

92.3

90.6

92.6

94.4

100.0

97.1

91.2

97.1

88.3

85.4

82.4

100.0

94.1

91.2

97.1

96.0

98.0

98.0

88.1

88.1

88.1

90.1

98.0

92.0

92.0

94.0

98.2

94.9

86.0

91.1

94.8

96.6

92.7

92.6

98.2

93.2

94.7

100.0

100.0

100.0

100.0

92.5

92.5

96.6

100.0

95.9

100.0

100.0

100.0

97.7

95.1

90.3

92.9

88.6

81.9

95.7

95.7

95.7

95.7

A92

Belair Oimachi

92.6

100.0

96.4

96.1

92.9

92.9

96.4

100.0

100.0

100.0

96.1

A93

Siete
MinamiTsukaguchi

94.9

100.0

97.5

92.5

97.5

92.5

92.5

97.5

95.0

92.6

92.6

77

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Periodth

Ptoprty
Property Name
No.

st

st

19 Fiscal
Period20 Fiscal
Period21 Fiscal
Period

As of

As of

As of

the endofthe endofthe endofDec. 2012

Jun. 2013

Dec. 2013

22nd Fiscal
Period23rd Fiscal
Period

As of

As of

the end of

the endofth

24 Fiscal Period

Jun. 2014
Dec.
2014

As
of

As
of

As
of

the
end
of

the
end
of

the
end
of

Jan. 2015 Feb. 2015 Mar. 2015
Prime
Life
A94 Sannomiya
Isogami Koen
HERMITAGE
A95
NANBA WEST
CenturyPark
A96 Shinkawa
1bankan
A97 West Avenue
LittleRiver
A98
Honmachibashi
Prime
Life
A99
MikageKindai
B8 Kagakusha
Building
B9
B14
B15
B16
B17
B18
C1
C21
C22

Shinjuku Island
Lexington Plaza
Nishigotanda
Cross
SquareNAKANO
Ohki
Aoba
Building
Lexington Plaza
Hachiman
AEON TOWN
Sukagawa
Times KandaSudacho 4th
Bon
SejourChitoseFunabashiBon
SejourYotsugi

C23 Bon Sejour Hino
C24
C25
C26
C27
D1
D2
D3
D4
D5
D6
D7
D8
D9
D10
D11
D12
D13
D14
D15
D16
D17
D18
D19

Bon
SejourMusashi Shinjo
BonSejourKomakiBon
SejourHadanoShibusawa
Bon
SejourItami
Hotel MyStays
Kanda
Hotel MyStays
Asakusa
Hotel MyStays
Kyoto-Shijo
MyStays ShinUrayasu
ConferenceCenterHotel MyStays
Maihama
Hotel
Vista
Premio Dojima
Hotel MyStays
Nagoya-Sakae
Hotel MyStays
SakaisujiHonmachi
Hotel MyStays
Yokohama
Hotel MyStays
Nippori
Hotel MyStays
Fukuoka-TenjinMinami
Flexstay
Inn
Iidabashi
Hotel MyStays
Ueno InarichoFlexstay
Inn
ShinagawaFlexstay
Inn
Tokiwadai
Flexstay
Inn
SugamoHotel MyStays
OtemaeFlexstayInn
Kiyosumi
ShirakawaFlexstay
Inn
Nakanobu P1

As of

As of

As of

the
end
of

the
end
of

the
end
of

Apr. 2015 May. 2015 Jun. 2015

100.0

100.0

93.8

100.0

96.9

96.9

96.9

96.9

93.8

87.5

93.8

91.2

86.9

96.0

92.0

100.0

100.0

96.0

96.0

86.9

95.7

95.7

100.0

90.9

97.7

100.0

95.5

93.2

93.2

91.0

93.3

91.0

91.0

90.0

82.5

90.0

85.0

85.0

82.5

82.5

82.5

72.5

72.5

75.0

96.9

93.8

96.9

93.9

93.8

90.7

100.0

100.0

100.0

100.0

96.9

85.5

100.0

96.6

93.4

93.3

93.4

93.4

96.7

90.2

76.8

86.8

100.0

100.0

100.0

95.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

90.1

90.1

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

54.2

57.6

67.6

64.3

64.3

62.6

62.6

62.6

62.6

64.2

70.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

94.6

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

100.0

－

－

－

－

－

－

－

－

100.0

100.0

100.0

－

－

－

－

－

－

－

－

－

－

－

100.0

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

100.0

100.

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

78

Invincible Investment Corporation (8963)
Financial Summary for the 24th Fiscal Periodth

Ptoprty
Property Name
No.

st

st

19 Fiscal
Period20 Fiscal
Period21 Fiscal
Period

As of

As of

As of

the endofthe endofthe endofDec. 2012

Jun. 2013

Dec. 2013

22nd Fiscal
Period23rd Fiscal
Period

As of

As of

the end of

the endofth

24 Fiscal Period

Jun. 2014
Dec.
2014

As
of

As
of

As
of

the
end
of

the
end
of

the
end
of

Jan. 2015 Feb. 2015 Mar. 2015
Flexstay
Inn
Nakanobu P2
APA
Hotel
D21 Yokohama
Kannai
Hotel
Nets
D22
Hakodate
FlexstayInn
D23
Shirogane
D20

Total

(Note)

As of

As of

As of

the
end
of

the
end
of

the
end
of

Apr. 2015 May. 2015 Jun. 2015

－

－

－

－

100.

100.0

100.0

100.0

100.0

100.0

100.0

－

－

－

－

－

－

100.0

100.0

100.0

100.0

100.0

－

－

－

－

－

－

100.0

100.0

100.0

100.0

100.0

－

－

－

－

－

－

100.0

100.0

100.0

100.0

100.0

96.2

95.9

96.3

95.1

96.1

96.1

96.9

97.5

96.8

96.4

96.9

“Occupancy Rate” is computed by dividing the leased area by leasable area, and rounded to one decimal place.

79