[For Information Purpose Only]
May 25, 2017
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of representative:
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Performance Update for April 2017
Invincible Investment Corporation (“INV”) hereby announces its monthly and fiscal period todate performance for the hotel and residential assets.
1. Hotel Assets Overview
The hotel portfolio1 performance for the month of April 2017 (year-on-year) has shown growthin occupancy, ADR and RevPAR by 1.3pt, 0.3% and 1.7% respectively, as a result of a shift intourism demand from late March to early April due to factors such as (i) unseasonal weather
that pushed the cherry blossom season back later than last year and (ii) the timing of Easter
holidays was in April this year compared to March 2016. Foreign arrivals continue to hit record
levels, as April inbound figures reached an all-time high of 2.57 million (+23.9% year-on-year)2.
The preceding factors more than offset the unfavorable calendar effect in which there was athree-day weekend in April 2016 but not in April 2017.
The cumulative performance for the June 2017 fiscal period (January to April 2017) is asfollows: occupancy, ADR and RevPAR decreased by 0.7pt, 0.1% and 0.8% respectively
compared to the same period of the previous year.
(Note 1)

Based on 38 hotel properties stated in “4. Performance (1) 38 Hotel Properties” below.

(Note 2)

Source: Japan National Tourism Organization

This English language notice is a translation of the Japanese-language notice released on May 25, 2017 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

12. Residential Assets Overview
The residential portfolio1 occupancy rate as of the end of April 2017 was 95.0% (-0.3ptyear-on-year). The rent increase program continues to maintain progress as average rent per
tsubo as of the end of April 2017 increased by 0.8% year-on-year.
Rents, compared with immediately preceding leases, increased by 2.7% across all new leases,
1.9% across all renewal leases and 2.3% across all combined new and renewal leases for theJune 2017 fiscal period (cumulative).
INV achieved a rent increase for 49.0% of contract renewals, which is an increase of 9.9pt
compared to 39.1% for the previous calendar year. The retention rate for existing tenantsremained high at 81.9% for the June 2017 fiscal period. While the rent increase program
increased rental revenues by 0.5% in April 2017 year-on-year, NOI2 decreased by 1.8% as
expenses related to leasing activities have increased due to an increase in new lease contracts.
However, NOI increased by a solid 0.6% for the June 2017 fiscal period compared to the same
period of the previous year.
(Note 1) Based on 66 residential properties stated in “4. Performance (2) 66 Residential Properties” below; provided, however,that the rent increase and retention rate are based on 70 residential properties held by INV at the end of April 2017.
(Note 2) NOI excludes one-off insurance-related revenues and expenses. NOI is provisional figure and subject to change when
it is determined at financial closing; hereinafter the same.

3. Hotel and Residential Assets Overview
The combined NOI for the hotel and residential portfolio1 increased by 1.0% for the June 2017
fiscal period to date.
(Note 1) Based on 38 hotel properties and 66 residential properties stated in “4. Performance (1) 38 Hotel Properties” and “(2)66 Residential Properties” below.

This English language notice is a translation of the Japanese-language notice released on May 25, 2017 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

24. Performance(1) 38 Hotel Properties192.5%
10,414
9,635

Same month ofthe previous year(B)91.2%
10,385
9,472

2,100
38

April 2017
(A)
Occupancy Rate2
ADR (JPY)3
RevPAR (JPY)4
Gross Revenue(JPY million)# of Properties

Occupancy Rate2
ADR (JPY)3
RevPAR (JPY)4
Gross Revenue(JPY million)# of Properties

Fiscal period
ending June 2017
Cumulative5(C)
88.9%
9,279
8,251

Difference(A－B)

YoY Change+1.3pt+30+163

+1.4%
+0.3%
+1.7%

2,052

+48

+2.4%

38――

Same period ofthe previous year6(D)Difference(C－D)

YoY Change

89.6%
9,2848,320-0.7pt
-5-70

-0.8%
-0.1%
-0.8%

7,278

7,263+15+0.2%

38

38

―

―

95.0%

Same month ofthe previous year(B)95.3%

10,10266(2) 66 Residential Properties7
April 2017(A)Occupancy Rate
Rent per Tsubo(JPY)# of Properties

Occupancy Rate
Rent per Tsubo(JPY)# of Properties

Fiscal period
ending June 2017
Cumulative5(C)94.6%

Difference(A－B)

YoY Change-0.3pt-0.3%

10,023

+79

+0.8%

66

―

―

Same period of
the previous year6(D)Difference(C－D)

YoY Change

95.9%-1.3pt-1.4%

10,003

9,913

+90

+0.9%

66

66

――(Note 1) Based on 38 hotel properties; of the 48 hotel properties in our portfolio as of the end of April 2017, 9 hotels with fixed-rentlease agreements as well as one hotel, D01 Hotel MyStays Kanda, which was renovated from May 20, 2016 to August 22,
2016 is excluded. 9 hotels with fixed-rent lease agreements are D29 Super Hotel Shinbashi/ Karasumoriguchi, D33
Comfort Hotel Toyama, D36 Super Hotel Tokyo-JR Tachikawa Kitaguchi, D37 Super Hotel JR Ueno-iriyaguchi, D39
Comfort Hotel Kurosaki, D40 Comfort Hotel Maebashi, D41 Comfort Hotel Tsubame-Sanjo, D42 Comfort Hotel Kitami,
and D48 Takamatsu Tokyu REI Hotel. Furthermore, the 2016 performance includes the pre-acquisition data for theThis English language notice is a translation of the Japanese-language notice released on May 25, 2017 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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properties acquired in 2016, which was obtained from third-parties including previous owners.
(Note 2) “Occupancy Rate” for hotel portfolio is calculated using the following formula:room occupancy rate = total number of rooms occupied during the relevant period ÷ (aggregate number of rooms during
the relevant period x number of business days during target period)(Note 3) “ADR,” or Average Daily Rate, is the value of the total room sales for a certain period (excluding service fees) divided by
the total number of sold rooms for the same period.
(Note 4) “RevPAR,” or Revenues Per Available Room, is calculated by dividing the total sales for a certain period by the aggregate
number of rooms for the same period (rooms x number of days), and is the same as product of room occupancy rate andADR.
(Note 5) Cumulative figures from January 2017 to April 2017 are stated.
(Note 6) Cumulative figures from January 2016 to April 2016 are stated.
(Note 7) Based on 66 residential properties owned as of the beginning of January 2016. Portfolio consists of 70 residential
properties, and the occupancy rate for the entire residential portfolio is 95.6%, as of the end of April 2017.
(Note 8) Percentages are rounded to one decimal place. ADR and RevPAR are rounded to the nearest yen and Gross Revenue isrounded down to the nearest million yen.
(Note 9) For the details of performance for each asset, please visit INV’s website:
http://www.invincible-inv.co.jp/eng/cms/review.html(Note 10) Cumulative occupancy rate for residential portfolio is calculated by dividing the sum of total leased area by the sum oftotal leasable area at the end of each month and the percentages are rounded to one decimal place. Cumulative rent per
tsubo is calculated by dividing the total rental revenue including common area charges for each month by the sum of total
leasable area at the end of each month.

Website of INV: http://www.invincible-inv.co.jp/eng

This English language notice is a translation of the Japanese-language notice released on May 25, 2017 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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