[For Information Purpose Only
The Japanese language press release should be referred to as the original.]
July 25, 2024
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities Code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Performance Update for June 2024
Invincible Investment Corporation (“INV”) hereby announces its monthly performance.
1. Overall Performance of the Entire Portfolio
As for the hotel portfolio performance in June 2024, RevPAR for domestic hotels increased
year-over-year due to steady demand while RevPAR for overseas hotels decreased due toa decline in a customer numbers stemming from heavy rain. The overall portfolio NOI1,2 forJune 2024 increased by 18.9% year-over-year to JPY 2.6 billion, and increased by 18.9%
on a cumulative basis from January to June 2024 compared to the same period in 2023.
The following are the details by segment.
2. Hotel Assets Overview(1) Domestic Hotels
As for the domestic hotel portfolio3 performance in June 2024, the occupancy rate increased
by 0.9pt, ADR increased by 8.8%, and RevPAR increased by 9.9% year-over-year. TheNOI in June 2024 increased by 24.9% year-over-year, and increased by 24.3% on a
cumulative basis from January to June 2024 compared to the same period in 2023.
During the month of June 2024, strong inbound demand had a positive impact on hotels
located in the Tokyo 23 Wards, where RevPAR was 24.4% higher than it was in June 2023.
The total number of visitor arrivals to Japan (estimated) announced by the Japan National
Tourism Organization (JNTO) for June 2024 reached a record high of 3.13 million, which
was 51.2% higher than June 2023 figure, exceeding 3.00 million for four consecutive months.
This English language notice is a translation of the Japanese-language notice released on July 25, 2024 and was prepared solely for the convenience of, and reference by,non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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We are forecasting that the July 2024 RevPAR will be approximately 9.4% higher than thesame month in 2023 as of today.
Table below shows the KPIs for each area of the 81 domestic hotels portfolio3.
Area

Occupancy Rate4ADR (JPY)5

RevPAR (JPY)6Tokyo 23 Wards

87.2%

11,438

9,973

Greater Tokyo (ex. Tokyo 23 Wards)

83.6%

13,79911,535

Chubu

79.4%

10,5408,364

Kansai

80.4%

8,645

6,946

Kyushu80.5%

15,515

12,488

Hokkaido

81.7%

13,835

11,301Other domestic

79.1%

12,522

9,904

Total

82.6%

12,455

10,290(2) Cayman Hotels
The performance of the Cayman Hotels (Westin Grand Cayman Seven Mile Beach & Spa
and Sunshine Suites Resort) in June 2024 was impacted by heavy rain. The occupancy
rate was 67.5%, ADR was USD 419, and RevPAR was USD 283, or a decrease of 0.8pt,2.5%, and 3.7% from June 2023, respectively. The NOI1 in June 2024 decreased by 6.9%
year-over-year to JPY 255 million and increased by 7.2% on a cumulative basis from January
to June 2024 compared to the same period in 2023.
We are forecasting that the occupancy rate for the Cayman Hotels in July 2024 will be 49.2%,
or 22.0pt lower than the July 2023 figure, ADR will be USD 367, or 6.2% lower than the July
2023 figure, and RevPAR will be USD 181, or 35.2% lower than the July 2023 figure as oftoday, due to a major hurricane, Hurricane Beryl, which crossed the Caribbean Sea in thebeginning of the month.
3. Residential Assets Overview
The residential portfolio7 in-place occupancy rate as of the end of June 2024 decreased by
0.3pt to 96.9% compared to the end of the previous month, and increased by 1.0pt yearover-year.
The average in-place rent per tsubo increased by 0.7% year-over-year. The NOI8 for theresidential portfolio in June 2024 increased by 2.1% year-over-year and increased by 1.2%
on a cumulative basis from January to June 2024 compared to the same period in 2023.
Rents, compared with those based on the immediately preceding leases, increased by 0.1%
for new leases, increased by 1.1% for renewal leases, and increased by 0.7% for new andrenewal leases combined for June 2024. INV achieved a rent increase on 38.7% of lease
contract renewals, and the retention rate for existing tenants was 76.8% for June 2024.
This English language notice is a translation of the Japanese-language notice released on July 25, 2024 and was prepared solely for the convenience of, and reference by,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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4. Performance(1) 81 Domestic Hotel Properties3

Occupancy
Rate4
ADR(JPY)5
RevPAR(JPY)6

Jun.
2024

Jun.
2023

Difference

Jan.- Jun.
2024

Jan.- Jun.
2023

Difference

82.6%

81.8%

0.9pt

80.7%

80.5%

0.2pt

12,455

11,4488.8%

12,787

11,545

10.8%

10,290

9,361

9.9%

10,314

9,295

11.0%

7,038

6,406

9.9%

41,95837,534

11.8%

Difference

Jan.- Jun.
2024

Jan.- Jun.
2023

Difference

Gross Revenue(JPY million)9(2) Cayman Hotels
Jun.
2024Jun.
2023

67.5%

68.3%

-0.8pt79.0%

77.3%+1.7pt

419

430

-2.5%

564

537

+5.1%

283

293

-3.7%

446

415

+7.4%

7,530

7,694

-2.1%

68,53862,403+9.8%

End ofJun. 2024

End ofJun. 2023

Difference

Jan.- Jun.
2024

Jan.- Jun.
2023

Difference

Occupancy Rate

96.9%

95.9%

+1.0pt

96.7%

96.5%

+0.2ptRent per Tsubo (JPY)

9,287

9,220

+0.7%

9,235

9,190

+0.5%

Occupancy
Rate4
ADR(USD)5
RevPAR(USD)6Gross Revenue(USD thousand)(3) 41 Residential Properties7

This English language notice is a translation of the Japanese-language notice released on July 25, 2024 and was prepared solely for the convenience of, and reference by,non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their owninvestigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

35. Portfolio NOI1,2,8Jun.
2024(JPY Million)

Jun.
2023

Difference

Jan.- Jun.
2024

Jan.- Jun.
2023

DifferenceTokyo 23 Wards

584

454

+28.5%

3,858

2,835

+36.1%

Greater Tokyo

391

185

+111.3%

2,488

1,308

+90.3%

976

640+52.5%

6,347

4,143

+53.2%

Chubu

216

140+53.5%

1,645

1,123+46.4%

Kansai115

84+36.5%

905

784+15.4%

Kyushu292341-14.4%

1,691

2,090

-19.1%

Hokkaido

415

375+10.7%

1,315

1,248

+5.3%

Other domestic

157

157

+0.3%

1,146

1,105

+3.7%

Domestic Hotel- Subtotal

2,174

1,740

+24.9%

13,052

10,497+24.3%

Residential

191

187

+2.1%

1,139

1,126

+1.2%

Commercial

1212+0.7%

77

77

+0.1%

Domestic Asset-Subtotal

2,379

1,941

+22.6%

14,26911,701+21.9%

Overseas

255

274

-6.9%

3,259

3,041

+7.2%

Total

2,634

2,215

+18.9%

17,52914,742+18.9%(ex. Tokyo 23 Wards)

Greater TokyoSubtotal-(Note 1) Based on all properties held as of the beginning of the June 2024 fiscal period, excluding nine hotels with fixed-rent leaseagreements. Nine 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. Of nine hotels that are excluded, “D48 Takamatsu Tokyu REI Hotel” has changed
its lease agreement with its major tenant, TOKYU HOTELS CO., LTD., to “fixed rent plus variable rent” effective April 25,2023, but in consideration of the continuity of disclosed data and other factors, the hotel will continue to be treated as a
hotel with fixed-rent lease agreement for the time being, and will remain excluded. NOI includes a simulated amount ofdividend income from Kingdom TMK (the “TMK”) that owns Sheraton Grande Tokyo Bay Hotel as an underlying asset.
The fiscal periods of the TMK are semi-annual periods from April 1 to September 30 and from October 1 to March 31 every
year, and INV will receive the dividend within three months from the end of each semi-annual fiscal period of the TMK.
Since INV does not receive a dividend from the TMK on a monthly basis, the amount of dividend INV receives from theTMK for each month is a simulated figure, which is calculated by deducting (i) simulated expenses such as operating
expense of the TMK and the interest of debt (calculated dividing the budget of the TMK for the fiscal period that includes
the relevant month by the number of months in such fiscal period) from (ii) NOI based on the performance of Sheraton
Grande Tokyo Bay Hotel in the month which is three months before the target month for this performance disclosure andmultiplied by INV’s ownership ratio of the preferred equity interest in the TMK (49.0%). The revenue from the Cayman
Hotels is calculated at the exchange rate of US$1 to ¥110. Furthermore, NOI is provisional figure and subject to change
when it is determined at financial closing; hereinafter the same.
(Note 2) NOI figures before acquisition by INV is based on the data obtained from third-parties including previous owners, and aresubject to change caused by the adjustments based on differences in accounting treatments, since it is difficult to adjust
them due to the timing even if the figures are based on actual performance; hereinafter the same.
(Note 3) Based on 81 hotel properties; of the 90 domestic hotel properties (including Sheraton Grande Tokyo Bay Hotel, theunderlying asset of preferred equity interest held by INV) held as of the beginning of the June 2024 fiscal period, ninehotels with fixed-rent lease agreements are excluded. As for Sheraton Grande Tokyo Bay hotel, NOI is based on thefigure for the month which is three months prior to the target month for this performance disclosure as INV will receive thedividend from the TMK within three months of each fiscal period end for the TMK as described above. However, inconsideration of seasonality, figures other than NOI in the table above are based on the figures for the target month forthis disclosure; hereinafter the same.
(Note 4) “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)
This English language notice is a translation of the Japanese-language notice released on July 25, 2024 and was prepared solely for the convenience of, and reference by,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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(Note 5) “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 6) “RevPAR,” or Revenues Per Available Room, is calculated by dividing the total room sales for a certain period by theaggregate number of rooms for the same period (rooms x number of days), and is the same as product of room occupancy
rate and ADR.
(Note 7) Based on 41 properties held by INV as of the beginning of the June 2024 fiscal period; hereinafter the same.
(Note 8) NOI excludes one-off insurance-related revenues and expenses; hereinafter the same.
(Note 9) Gross Revenue of Sheraton Grande Tokyo Bay Hotel used in the table is the whole gross revenue of such hotel, regardlessof INV’s ownership ratio of the preferred equity interest in the TMK (49.0%).
(Note 10) Percentages are rounded to one decimal place. ADR, RevPAR and Rent per Tsubo are rounded to the nearest yen andGross Revenue is rounded down to the nearest million yen.
(Note 11) For the details of performance for each hotel asset, please visit INV’s website:
https://www.invincible-inv.co.jp/en/portfolio/hotel.html

Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on July 25, 2024 and was prepared solely for the convenience of, and reference by,non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their owninvestigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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