Translation
This is an English language translation of the original Japanese announcement on our Website released on February 25, 2016.
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 December 31, 2015
February 25, 2016
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
Masayuki Inagaki, General Manager,
Planning Department

Scheduled Date of Filing of
Securities Report:

Supplementary Materials for
Financial Results:
Presentation Meeting:March 31, 2016

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

TEL. +81-3-5411-2731

Scheduled Date ofCommencement for Distribution
March 29, 2016
Payments:

Yes
Yes (for analysts and investors)

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period1.

(values are rounded down to the nearest million yen)
Financial Results for the Fiscal Period ended December 31, 2015 (from July 1, 2015 to December 31, 2015)(1)

Operating Results

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

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

Millions of yen%

Millions of yen

6,863

38.0

4,369

55.4

2,953

4,974

7.9

2,810

1.5

2,295

Net Income per Unit%

Millions of yen%

Millions of yen

%

28.6

2,952

28.6

17.2

2,295

17.2

Ordinary Income/
Total Assets

Net Income/Unitholders’ Equity

Ordinary Income/Operating Revenues

Fiscal period ended
December 31, 2015

yen

%

%

%

937

3.8

1.8

43.0

Fiscal period ended
June 30, 2015

860

3.7

1.7

46.2

(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, 2015 (3,193,686 units) and rounded down to yen is JPY 924.

Distributions
Distribution Distribution
Distribution Distribution
per Unit
Amountper Unit
AmountExcessExcess(Excluding (Excluding(Including(Including
ProfitProfitexcessexcessexcessDistribution Distribution
excessprofitprofitprofitper Unit
Amountprofitdistribution distribution
distribution
distribution)
per unit)
per unit)
per unit)
yen Millions of yen

yen Millions of yen

yen Millions of yen

Fiscal period ended
December 31, 2015

948

3,027

239

763

1,187

Fiscal period ended
June 30, 2015

860

2,295

0

0

860

Dividend
PayoutRatio

Distribut
ion/ Net
Assets

%

%

3,790

102.5

3.7

2,295

100.0

3.7

(Note 1) The amount of “Distribution per Unit (Excluding excess profit distribution per unit),” i.e., 948 yen, is the amount calculated by adding theamount of reversal of surplus per unit, i.e., 23.6 yen, to the amount of Net Income Per Unit, i.e., 924.4 yen (the amount calculated based on thenumber of investment units issued and outstanding at the end of the fiscal period ended December 31, 2015).
(Note 2) Since new investment units were issued during the period, the “Dividend Payout Ratio” for the Fiscal Period ended December 31, 2015 iscalculated in accordance with the following formula:
Dividend Payout Ratio = Distribution Amount (Excluding excess profit distribution per unit) ÷ Net Income × 100“Dividend Payout Ratio” is rounded to the nearest one decimal place.
(Note 3) “Dividend Payout Ratio” and “Distribution/ Net Assets” are calculated based on the figures excluding excess profit distribution.
(Note 4) The ratio of decrease in surplus, etc. caused by excess profit distribution (refund of investment) conducted during the fiscal period ended
December 31, 2015 is 0.008. The ratio of decrease in surplus, etc. is calculated in accordance with Article 23, Paragraph 1, Item 3 of the Orderfor Enforcement of the Corporation Tax Act.

(3)

Financial Position
Total Assets
Fiscal period ended
December 31, 2015

Fiscal period ended June30, 2015

Net Assets

Net Assets/Total Assets

Net Assets per Unit

Millions of yen

Millions of yen%

yen

185,918

91,75849.4

28,731

136,299

61,731

45.3

23,132(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.

2

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(4)

Cash Flows
Cash Flows fromOperating Activities

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

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

4,312(43,092)

45,084

13,8184,545(13,202)

3,006

7,514

2.
Forecast for the Fiscal Period ending June 30, 2016 (from January 1, 2016 to June 30, 2016) and Forecast for the Fiscal
Period ending December 31, 2016 (from July 1, 2016 to December 31, 2016)

Operating
IncomeOperating
Revenues

FiscalPeriodendingJune 30,
2016
FiscalPeriodendingDecember31, 2016(Reference)※

Millionsof yen(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
per unit)%

Millionsof yen%Millionsof yen%Millionsof yen

%

yen

yen

Yen

7,021

2.3

4,124

(5.6)

3,673

24.4

3,672

24.4

1,150

5

1,155

7,773

10.7

4,847

17.4

4,408

19.9

4,408

19.9

1,380

5

1,385

Estimated net income per unit for the fiscal period ending June 30, 2016 is JPY 1,150.
Estimated net income per unit for the fiscal period ending December 31, 2016 is JPY 1,380.

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)

December 31, 2015(b) Number of Treasury Units as of the End of the Fiscal Period December 31, 2015

3,193,686 June 30, 2015
02,668,686

June 30, 2015

(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.

(3)
Handling of Fractions in Amounts and Ratios
Unless otherwise specified herein, amounts less than one yen are rounded down, and ratios are rounded to the nearest one
decimal place.

30Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

ͤ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 Forecast for the Fiscal Period ending June 30, 2016 (from January 1, 2016 to June 30, 2016)
and Forecast for the Fiscal Period ending December 31, 2016 (from July 1, 2016 to December 31, 2016)”, on page 17 forassumptions used in the forecasts and precautions regarding the use of such forecasts.

4

Invincible Investment Corporation (8963)
Financial Summary for the 25th 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 September 28, 2015).

2. Management Policy and Operating Conditions(1)

Management Policy
Disclosure o f “Investment Policies,” “Investment Targets,” “Distribution Policies” and the “Investment

Restriction” is omitted because there have been no material changes from the relevant sections of the latest securities
report (filed on September 28, 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 andTrust 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 its efforts on improving
the earning power of its portfolio and establishing a revenue base in order to implement stable distributions, and has
strengthened the lender formation through new borrowings and the refinancing of existing bank borrowings, and thereby
has established a financial base for future growth.
With this platform as a base, in June 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 core asset class alongside residential properties with a view towards expanding investments in the hotel sector inwhich demand is forecast to rise going forward. INV's portfolio as at the end of the previous period ended June 2015
comprised 94 properties (23 hotels, 63 residential properties and eight others) with a total acquisition price of JPY
131,188 million, and market capitalization as at such date was JPY 174,265 million.
In the fiscal period ended December 2015 (the "Reporting Period"), INV conducted a global public offering for thesecond consecutive year (the "Capital Increase"), and with the funds raised through the Capital Increase and new loans,acquired 11 hotels and three residential properties (the "Acquisition") and refinanced all existing loans (the "Refinancing";
collectively with the Capital Increase and the Acquisition, the "Measures"). In addition, on June 25, 2015, INV entered intoa Memorandum of Understanding (the " MOU") with affiliates of sponsor Fortress Group, 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 achieved further DPU growth and an increase in scale for both theportfolio and market capitalization. Furthermore, INV converted all loans into unsecured debt, further strengthening its
financial soundness and stability.
In addition, INV acquired three hotels as of August 28, 2015 which increased the portfolio size to 111 properties (an increase of 17
properties from the previous period end) with a total acquisition price of JPY 173,815 million (an increase of JPY 42,627 million

5Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

from the previous period end) and a market capitalization of JPY 224,835 million (an increase of JPY 50,570 million from theprevious year end) as of the end of the Reporting Period. INV was included in the FTSE EPRA / NAREIT Global Real Estate
Index Series regarded as a prominent benchmark by many global property funds from September 21, 2015, due to expansion ofmarket capitalization and enhancement of liquidity through our initiatives.

(b)

Operational Environment and Performance
In the Reporting Period, certain segments of the Japanese economy such as exports were influenced by weakness inemerging economies. However, there were many bright spots to highlight due to strong corporate earnings which helped
spur real annualized GDP growth of 1.0% for the period from July to September 2015 year-on-year. The employment
and wage environment showed further improvement as the unemployment rate for December 2015 fell to 3.3%, thejobs-to-applicants ratio was 1.27x, and the number of unemployed declined for the 67th consecutive month. Goingforward, while it is necessary to take note of risks such as the growing concerns over the slowdown in overseas
economies primarily in emerging countries, the decline in worldwide stock values and the low price of crude oil, themoderate domestic economic upswing is expected to continue due to the recovery in consumer spending on the back of
the improved employment and wage environment. Furthermore, there is underlying economic support from the impactof the government’s financial policy, the Bank of Japan’s large-scale monetary easing policy, and the strengthening ofcorporate profits in connection with the decline in raw material costs associated 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 (October 2015) conducted by the Japan Real Estate Institute, investors expect capitalization
rates for offices, residences, retail facilities, and hotels to continue to decline. 87% of the survey respondents said thatthey would make new investments over the next year, showing that investment demand remains high. In particular,
investors expect hotel capitalization rates to decrease by 0.4 points in both Tokyo and Osaka compared with theprevious survey, as investment demand continues to grow.
Regarding the property rental market, Tokyo office building vacancy rates continue to decline while vacancy rates
are bottoming out in parts of other major cities such as Osaka and Nagoya. Rents increased mainly for newly
constructed buildings and premium properties in the Tokyo area as corporations consolidate their floor space as well as
expand leasing space in the same building.
In the hotel segment, 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, coupled with macro structural changes such as a sharp increase in the number of cross-border travelers due tothe global rise of the middle-income bracket, has led to a significant increase in the number of international visitors toJapan from China and Southeast Asian countries such as Thailand, Malaysia, the Philippines, Indonesia and Vietnam.
This robust combination helped Japan log a record high of 19.737 million visitors in 2015 (47.1% increase from the13.413 million visitors of the previous year), and the number of foreigners entering Japan exceeded the number ofJapanese departing for the first time in 45 years. The influx of inbound visitors has dramatically increased the demandfor hotel accommodation, in some cases causing a shortage in some regions..
With respect to the residential sector, market rent trends for small-type city-center properties continue to improve.
Under the positive circumstances in the macro environment, INV implemented a rent increase program for both newleases and renewals as well as an initiative to reduce residential leasing costs based on a market analysis of each unit
and property. As a result, in the Reporting Period, INV realized a rent increase for 42.8% of the new residential lease
contracts or a rent increase of 0.2% compared to the previous rent, and a rent increase for 39.1% of contract renewals ora rent increase of 1.3% compared to the previous rent. while maintaining a high contract renewal rate of 85.5% in 2015.
The average occupancy rate increased from 93.7% (January to June 2015) to 95.6% (July to December 2015) while
maintaining a high renewal rate in contract renewals (85.5% per year in 2015). Furthermore, INV acquired three

6

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

residential properties from the sponsor group on July 16, 2015 at a total price of JPY 5,099 million, adding further
stability to the portfolio.
In the hotel segment, INV acquired 12 properties in total from the sponsor group on July 16 and on August 28,
2015, INV acquired two hotels from a third party, for a total price of JPY 37,528 million. In terms of internal growth, in
addition to the abovementioned external factors, the hotel operators adeptly captured inbound demand through strong
revenue management techniques. 33 of the INV’s hotels (Note 1) recorded significant growth metrics in the Reporting
Period led by an occupancy rate (Note 2) of 91.4% (+1.7 points year-on-year for 32 properties (Note 3)), ADR (Note 4)of JPY 8,784 (+18.5% year-on-year), and RevPAR (Note 5) of JPY8,026 (+20.7% year-on-year). The ratio of overseas
sales (Note 7) at 31 of the hotels (Note 6) increased to 31.8% (+ 12.2 points year-on-year).
As a result, INV maintained a high average occupancy rate of 98.0% across the entire portfolio, and the NOI
increased by 44.4% from the previous period to JPY 5,961 million.
At the end of the Reporting Period, the number of properties held by INV totaled 111, including 37 hotels, 66
residential properties, seven office buildings and retail facilities, as well as one parking lot, at a total acquisition price of
JPY 173,815 million and total leasable area of 296,546.92m2.
As a result of the internal growth performance, trends in the real estate investment and rental market, as well as thestrong performance of the hotels, the total appraisal value at the end of the Reporting Period was JPY 214,952 million,
an increase of JPY 25,024 million (+13.2%) year-on-year (Note 8). The increase came primarily from the hotels, as theappraisal value of the 37 hotels increased JPY 23,753 million (+21.7%) year-on-year (Note 8), significantly enhancing
the overall portfolio asset value. The portfolio has an unrealized gain of JPY 45,700 million (Note 9) and an unrealized
gain ratio of 27.0% (Note 9).

(Note 1) Of the 37 acquired hotels, the following hotels on fixed rents are excluded: Super Hotel ShinbashiKarasumoriguchi, Comfort Hotel Toyama, Super Hotel Tokyo-JR Tachikawa Kitaguchi and Super Hotel JR
Ueno-Iriyaguchi.
(Note 2) “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 3) Hotel Mystays Haneda for which there are no performance figures for the same period in the previous year is
excluded, in addition to the properties excluded per Note 1.
(Note 4) “ADR” means average daily rate, and is calculated by dividing total room sales (excluding service fees) for acertain period by the total number of days per room for which each room was occupied during the same period.
(Note 5) “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 6) Of the 37 acquired hotels, the following hotels are excluded as the tenant does not disclose the ratio of overseas
sales: APA Hotel Yokohama-Kannai, Hotel Nets Hakodate, Super Hotel Shinbashi-Karasumoriguchi, Comfort
Hotel Toyama, Super Hotel Tokyo JR-Tachikawa Kitaguchi and Super Hotel JR Ueno-Iriyaguchi.
(Note 7) “Overseas sales ratio” is the ratio of sales amount through overseas web agents to revenues.
(Note 8) The comparison was made after the following were added to the total appraisal value of the portfolio assets as ofthe end of the previous period: (i) of the 66 residential properties, the appraisal value as of May 1, 2015 of the threeproperties acquired as of July 16, 2015, of the 37 hotels, (ii) the appraisal value as of May 1, 2015 of the 11
properties acquired as of July 16, 2015, (iii) the appraisal value as of August 10, 2015 of Flexstay Inn Ekoda,
which is one of three hotels acquired as of August 28, 2015, and (iv) the appraisal value as of July 31, 2015 of theremaining two properties(Note 9) The unrealized gain is calculated using the following formula: the appraisal value as of the end of the Reporting
Period - book value as of the end of the Reporting Period
The unrealized gain ratio is calculated using the following formula: the unrealized gain ÷ book value as of the endof the Reporting Period

7

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(c)Overview of Fund Raising(i) Equity Finance
INV executed (i) a global public offering of investment units that closed on July 15, 2015 (number of new
investment units issued: 500,000; total issue value: JPY 27,970 million) and (ii) a third-party allotment in conjunction
with the global offering that closed on August 12, 2015 (number of new investment units issued: 25,000; total issue
value: JPY 1,398 million), in order to procure part of the funds for the acquisition of 11 new hotels and threeresidential properties.
(ii) Debt Finance
INV implemented the borrowing of New Syndicate Loan (E) (amount borrowed: JPY 88,338 million; interest
rate: variable interest rate of one-month JPY TIBOR plus 0.40%, 0.50%, 0.60% and 0.20%) on July 16, 2015, with
Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank, Ltd. as arrangers, inorder to refinance New Syndicate Loan (C), New Syndicate Loan (D) and Prudential LPS Loan B, along with using a
portion of the funds to acquire 11 new hotels and three residential properties.
Through the Refinancing, INV converted the entire debt to unsecured debt, lengthened and diversified the debt
maturity and further reduced borrowing costs.
In addition, INV implemented the borrowing of Term Loan (A) (amount borrowed: JPY 3,682 million; interest
rate: one-month JPY TIBOR plus 0.5%) from Mizuho Bank, Ltd. on August 28, 2015 for use as a portion of the fundand related expenses to acquire three hotels.
Furthermore, INV repaid the portion of the New Syndicate Loan (E) on November 30, 2015 in the amount of JPY
321 million that corresponds to the borrowings equivalent to the expected consumption tax refund (Note 1) using theconsumption tax refunds from to the three hotels acquired on February 6, 2015.
As a result of the above measures, INV’s interest-bearing debt outstanding balance was JPY 90,619 million andthe Loan-to-Value ratio was 48.7% (Note 2) as of the end of the Reporting Period and, the average interest rate was
0.63% (Note 3), a significant reduction from 1.06% as of the end of the previous period.

(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 and local tax, which were paid in relation to theacquisition of the trust beneficiary interests acquired by the borrowings executed at the same time, in the casewhere the above-mentioned 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 1,080 million borrowings corresponding
to the expected consumption tax refund) ÷ amount of total assets at end of the Reporting Period x 100(Note 3) The average borrowing interest rate (annual rate) is calculated by the weighted average based on the outstandingbalance of borrowings, excluding borrowings corresponding to the expected consumption tax refund. In addition,
the said rate is rounded to two decimal places.

(d)

Overview of Results of Operations and Distributions
As results of the operations mentioned above, operating revenues for the reporting period increased by JPY 1,889

million from the previous period (+38.0%) to JPY 6,863 million, and net income increased by JPY 657 million fromthe previous period (+28.6%) to JPY 2,952 million. DPU was JPY 1,187, an increase of JPY 327 (+38.0%) year-onyear.

b

Outlook for the Fiscal Period Ending June 30, 20168

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(a)Future operational policy and issues to be addressed
Since July 2011, INV has enhanced unitholder value by significantly increasing DPU with the Fortress Group as

its sponsor. 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 invest corporation bonds

Details of the future growth strategy are as follows.
(i)

External growth strategy
New Property Acquisitions
As its basic strategy, INV will move forward with the acquisition of new properties focusing on hotels, wherecontinued growth in 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 portfolio with 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 addition, INV will consider acquiring family-type properties in the case where it is determined by
INV to be beneficial to portfolio diversification regarding residential properties.
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
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
January 2016

Total

Acquired 11 hotels and three residential
properties
Acquired one hotel
Acquired five hotels and one residential
property

JPY 35,258 million
JPY 5,069 million
JPY 10,207 million

67 properties

JPY 114,861 million(of which 28 are residential and 39 are(of which residential: JPY 22,052

hotels)million; hotels: JPY 92,809 million)

9

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

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
an updated MOU with the Fortress Group that provides preferential negotiation rights with respect to the acquisition of
25 hotels and nine residential properties as of January 20, 2016 (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.

Asset Type (Note 8)

Location

No. of Rooms

1 Hotel MyStays Gotanda Station

Limited Service Hotel

Shinagawa-ku, Tokyo333

2 Hotel MyStays Akasaka (Note 2)

Limited Service Hotel

Minato-ku,Tokyo327

3 Hotel MyStays Kanazawa

Limited Service Hotel

Kanazawa-shi, Ishikawa

244

4 Hotel MyStays Fukuoka-Tenjin

Limited Service Hotel

Fukuoka-shi, Fukuoka

217

Limited Service Hotel

Yokohama-shi, Kanagawa

166

6 Hotel MyStays Hamamatsucho

Limited Service Hotel

Minato-ku, Tokyo105

7 Rihga Royal Hotel Kyoto (Note 4)

Full Service Hotel

Kyoto-shi, Kyoto

489

8 Narita Excel Hotel Tokyu

Full Service Hotel

Narita-shi, Chiba

706

5

Asset Name

Hotel MyStays Yokohama-Kannai(Note 3)Full Service Hotel

Sapporo-shi, Hokkaido

418

10 Best Western Hotel Fino Sapporo

9 Art Hotels Sapporo

Limited Service Hotel

Sapporo-shi, Hokkaido

242

11 Best Western Hotel Fino Oita

Limited Service Hotel

Oita-shi, Oita

145

12 Takamatsu Tokyu REI Hotel

Limited Service Hotel

Takamatsu-shi, Kagawa

191

13 Hotel Naqua City Hirosaki

Full Service Hotel

Hirosaki-shi, Aomori

134

14 Beppu Kamenoi Hotel

Resort Hotel

Beppu-shi, Oita

322

15 Fusaki Resort Village

Resort Hotel

Ishigaki-shi, Okinawa

195

Full Service Hotel

Urayasu-shi, Chiba

1,016

Limited Service Hotel

Osaka-shi, Osaka

397

Full Service Hotel

Asahikawa-shi, Hokkaido

265

Limited Service Hotel

Kanazawa-shi, Ishikawa

206

Full Service Hotel

Matsuyama-shi, Ehime

161

Limited Service Hotel

Taito-ku, Tokyo

150

Limited Service Hotel

Osaka-shi, Osaka

120

Limited Service Hotel

Sapporo-shi, Hokkaido

86

Limited Service Hotel

Yokohama-shi, Kanagawa

70

Limited Service Hotel

Taito-ku, Tokyo

64

16
17

Sheraton Grande Tokyo Bay Hotel(Note 5)
Hotel Shin-Osaka ConferenceCenter18 Art Hotels Asahikawa
19 Hotel MyStays Kanazawa Castle
20 Hotel JAL City Matsuyama
21 Hotel Ueno East
(Provisional Name) Hotel MyStays
22 Hommachi 3-chome (Osaka) (Note6)
23Hotel MyStays Sapporo Nakajima
Park

24 Flexstay Inn Sakuragicho
25

MyCUBE by MYSTAYS Asakusa
Kuramae (Note 7)

6,769

Hotel Subtotal
26 Gran Charm Hiroo

Residential/Small TypeShibuya-ku, Tokyo

121

27 Plestay Win Kinshicho

Residential/Small Type

Sumida-ku, Tokyo92

28 Gran Charm Kichijoji

Residential/Small TypeMusashino-shi, Tokyo28

29 Green Patio Noda

Residential/Small Type

Noda-shi, Chiba

240

10

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

No.

Asset Name

Asset Type (Note 8)

Location

No. of Rooms

30 Dainichi F-45

Residential/Small Type

Urayasu-shi, Chiba

54

31 Gran Charm Urayasu

Residential/Small Type

Urayasu-shi, Chiba

54

32 Gran Charm Urayasu 5

Residential/Small Type

Urayasu-shi, Chiba

54

33 Gran Charm Minami Gyotoku I

Residential/Small Type

Ichikawa-shi, Chiba

52

34 Gran Charm Minami Gyotoku II

Residential/Small Type

Ichikawa-shi, Chiba

48

Residential Property Subtotal

743(Note 1)

The term of validity of the MOU is from January 20, 2016, the date of execution of the new MOU, to January
19, 2017. Properties highlighted in the above table show the new properties added to the subject properties ofthe MOU. Regarding the 34 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.

(Note 2)

Hotel MyStays Akasaka is scheduled to be completed in June 2016, and is scheduled to open in August 2016.

(Note 3)

Hotel MyStays Yokohama –Kannai is scheduled to be completed in September 2016, and is scheduled to open
in October 2016.

(Note 4)

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

(Note 5)Extension work regarding the Annex site of Sheraton Grande Tokyo Bay Hotel is now underway and isscheduled to be completed in February 2017.

(Note 6)

(Provisional Name) Hotel MyStays Hommachi 3-chome (Osaka) is scheduled to be completed in October
2017, and is scheduled to open in December 2017.

(Note 7)

MyCUBE by MYSTAYS Asakusa Kuramae is scheduled to be completed in April 2016, and is scheduled toopen in June 2016.

(Note 8)Each “Asset Type” above is as follows:“Limited Service Hotel” refers to a hotel focusing on revenues from room stay and offer limited service
regarding foods and beverages, banquet, spa or gymnasium facilities.
“Full Service Hotel” refers to a hotel having sections of stay, foods and beverages, and banquet.
“Resort Hotel” refers to a hotel located at tourist destinations or recreational lots, having sections of stay,foods and beverages, and incidental facilities.
“Small Type” refers to 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 owned by INV as at the end of the fiscal period ended December 2015, 32 hotels use a variable

rent scheme. In the variable rent scheme, in principle, INV receives gross operating 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 thehotel 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 and analyze operating conditions

11

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Periodof its hotels, the conditions of nearby hotels, market trends and other factors through operation meetings and othercontact 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 on-season in the residential rental market that occurs during the fiscal period ending June
2016, INV will focus on increasing an occupancy rate, rent for new lease contracts as well as for lease renewals for eachof 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
INV will, in continuation of the strengthening of its financial base via the refinancing implemented in July 2015
resulting in its debt becoming unsecured borrowing and the new borrowings implemented in August 2015 and January
2016, promote a financial strategy that envisages obtaining a future credit rating and diversifying financing measures,
including issuing investment corporation bonds. Also, INV seeks to maximize unitholders’ value by way of lengthening
and diversification of borrowing terms, further reduction of borrowing costs, fixing interest rates taking into
consideration the interest rate trends, solicitation of new financial institutions and strengthening of its lender formation.
(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 acquired five hotels and one residential property in the fiscal period ending June 30, 2016 (26th fiscal period)by utilizing excess cash-on-hand and new borrowings, without issuing new equity.
As a result, the total number of properties held by INV as of the date of this document increased to 117 properties(comprising 67 residential properties, 42 hotels, and eight others) with a total acquisition price of JPY 184,022 million.

12

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(a) Acquisition of Assets
On January 22, 2016, INV acquired five hotels and one residential property as described in the following table.

Use

Property
Number

Property
Name

D38

Hotel
Mystays
Shinsaibashi

Osaka-shi,
Osaka

D39

ComfortHotel
Kurosaki

Kitakyushushi, Fukuoka

D40

ComfortHotel
Maebashi

Maebashi-shi,
Gunma

D41

ComfortHotel
Tsubamesanjo

Sanjo-shi,
NigataD42

ComfortHotel Kitami

Kitami-shi,
Hokkaido

Hotel

Location

AcquisitionPrice(mn JPY)(Note 1)

Residential

A103

Royal Parks
Momozaka

Category ofSpecified
Assets

3,190

Trust
Beneficial
Interest

1,160

NavaroTokuteiMokuteki
KaishaTrust
Beneficial
Interest

1,140

NavaroTokuteiMokuteki
KaishaTrust
Beneficial
Interest

1,020

NavaroTokuteiMokuteki
KaishaTrust
Beneficial
Interest

851

860

NavaroTokuteiMokuteki
KaishaTrust
Beneficial
Interest

7,297

7,370
Momo
TokuteiMokuteki
KaishaTrust
Beneficial
Interest

1,148

1,128

1,010

Osaka-shi,
Osaka

SellerAki
TokuteiMokuteki
Kaisha3,160

Subtotal

Appraisal Value(mn JPY)(Note 2)

2,910

2,940

Subtotal

2,910

2,940

Total

10,207

10,310(Note 1)

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

(Note 2)

The appraisal value of Hotel Mystays Shinsaibashi is based on that as of November 20, 2015 by a report of
the Japan Real Estate Institute. The appraisal value of Comfort Hotel Kurosaki, Comfort Hotel Maebashi,
Comfort Hotel Tsubamesanjo and Comfort Hotel Kitami are based on that as of November 20, 2015 byreports of Daiwa Real Estate Appraisal Co., Ltd. Royal Parks Momozaka is based on the appraisal value as ofNovember 20, 2015 by a report of Morii Appraisal & Investment Consulting, Inc.

13

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(b) Borrowing of Funds
INV implemented the new borrowings described in the following table on January 22, 2016 for use as a portion of
the fund and related expenses to acquire properties described in “(a) Acquisition of Assets”.
Term Loan (B)Borrowing
Date

BorrowingAmount(mn JPY)

January 22,
2016

4,250

Corporation

January 22,
2016

4,250

Sumitomo Mitsui Trust Bank, Limited

January 22,
2016

498

LenderSumitomo Mitsui Trust Bank, Limited
Mitsubishi UFJ Trust and Banking

Total

Interest Rate(per annum)(Note 1)
0.55% (Note 1)
Variable interest rate
(Note 2) (Note 5)
0.75% (Note 1)
Variable interest rate
(Note 3) (Note 5)
0.35% (Note 1)
Variable interest rate
(Note 4) (Note 5)

Principal
Maturity
Date

Borrowing
MethodJanuary 22,
2019

Unsecured /non guarantee

January 22,
2021

Unsecured /non guarantee

January 22,
2017

Unsecured /non guarantee

8,998(Note 1)

Interest rate applicable for the period from January 22, 2016 to February 28, 2016

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

With respect only to the first interest calculation period, the two-month JPY TIBOR will be applied as thebase rate, instead of the one-month JPY TIBOR.

14

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal PerioddOperational Outlook
The following forecast is made for the fiscal period ending June 30, 2016 and the fiscal period ending December

31, 2016.

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

JPY 7,021 million

Operating Income

JPY 4,124 million

Ordinary Income

JPY 3,673 million

Net Income

JPY 3,672 million

Earnings per Unit

JPY 1,150

Reversal of Surplus per Unit-

Distribution per Unit (Excluding excess profit distribution per unit)

JPY 1,150

Excess Profit Distribution per Unit

JPY 5Distribution per Unit (Including excess profit distribution per unit)

JPY 1,155

INV will make distributions in excess of profits for the fiscal period ending June 2016, in order to cope with thediscrepancy between tax and accounting treatment, recording a difference between tax and accounting treatment as
distribution of the reserve for temporary difference adjustments.
Excess profit distribution per unit: JPY 5
Fiscal Period ending December 31, 2016 (from July 1, 2016 to December 31, 2016)
Operating Revenues

JPY 7,773 million

Operating Income

JPY 4,847 million

Ordinary Income

JPY 4,408 million

Net Income

JPY 4,408 million

Earnings per Unit

JPY 1,380

Reversal of Surplus per Unit-

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

JPY 1,380
JPY 5

Distribution per Unit (Including excess profit distribution per unit)

JPY 1,385

INV will make distributions in excess of profits for the fiscal period ending December 2016, in order to cope withthe discrepancy between tax and accounting treatment, recording a difference between tax and accounting treatment as
distribution of the reserve for temporary difference adjustments.
Excess profit distribution per unit: JPY 5

15

Invincible Investment Corporation (8963)
Financial Summary for the 25th 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) 2016 Annual (total of the fiscal periods ending June 30, 2016 and December 31, 2016)
Operating Revenues

JPY 14,795 million

Operating Income

JPY 8,972 million

Ordinary Income

JPY 8,082 million

Net Income

JPY 8,081 million

Earnings per Unit

JPY 2,530

Reversal of Surplus per Unit-

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

JPY 2,530
JPY 10Distribution per Unit (Including excess profit distribution per unit)

JPY 2,540

For the assumptions underlying the operational outlook for 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 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) ”.
(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.

16

Also, this forecast is not a guarantee ofInvincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period<Assumptions Underlying the Forecast of Financial Results and Distribution for the Fiscal Period ending June 30, 2016 (fromJanuary 1, 2016 to June 30, 2016) and the Fiscal Period ending December 31, 2016 (from July 1, 2016 to December 31,2016)>

Item
Fiscal period

Assumptions
The 26th Fiscal Period: from January 1, 2016 to June 30, 2016 (182 days)
The 27th Fiscal Period: from July 1, 2016 to December 31, 2016 (184 days)
Properties held as of the end of the 26th Fiscal Period: 117 properties
Properties held as of the end of the 27th Fiscal Period: 117 properties

Assets under management

The assets under management are based on the 117 properties held by INV as of today and INV
assumes that there will be no change through the end of the fiscal period ending December 2016.

As of the end of the 26th Fiscal Period: 3,193,686 units
Units outstanding

As of the end of the 27th Fiscal Period: 3,193,686 units
INV assumes that there will be no additional issuance of units through the end of the fiscal period
ending December 2016.

Balance as of the end of the 26th Fiscal Period: JPY 99,617 mn (Note)
Balance as of the end of the 27th Fiscal Period: JPY 99,617 mn (Note)
Interest-bearing liabilities(Note) JPY 1,080 million of consumption tax loan is assumed to be repaid during the 26th fiscal
period, on May 16, 2016.
INV assumes that there will be no other borrowings or prepayments.

INV expects to record rental revenues for each fiscal period as follows:

Operating revenues

The 26th Fiscal Period

The 27th Fiscal Period

・Rental revenues

JPY 7,021 mn

JPY 7,773 mn(of these, hotel rents)(JPY 4,142 mn)(JPY 4,811 mn)(of these, hotel variable
rents)(JPY 1,778 mn)(JPY 1,921 mn)(of these, hotel fixed
rents)(JPY 2,364 mn)(JPY 2,890 mn)

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.

17

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Item

Assumptions

INV expects to incur property related expenses for each fiscal period as follows:
The 26th Fiscal Period

The 27th Fiscal Period

JPY 524 mn

JPY 552 mn(JPY 34 mn)(JPY 44 mn)

JPY 297 mn

JPY 349 mn

・Insurance expenses

JPY 9 mn

JPY 9 mn・
Depreciation
expenses

JPY 1,439 mn

JPY 1,441 mn

・Other expenses

JPY 192 mn

JPY 153 mn

Total property related
expenses

JPY 2,463 mn

JPY 2,506 mn

・Facility managementfees(of these, repair costs)
・ Taxes andpublic charges

Operating expenses

other

INV expects to incur other operating expenses than the property related expenses for each fiscal
period as follows:・ Other
expenses

operating(ofthese,
asset
management fees)

The 26th Fiscal Period

The 27th Fiscal Period

JPY 433 mn

JPY 419 mn(JPY 250 mn)(JPY 250 mn)

INV expects to record net operating income for each fiscal period as follows:

Net Operating Income

The 26th Fiscal Period

The 27th Fiscal Period・NOI

JPY 5,997 mn

JPY 6,708 mn(of these, hotel NOI)(JPY 3,953 mn)(JPY 4,580 mn)

NOI is calculated based on the formula as follows.
NOI = rental revenues - property related expenses + depreciation expenses

INV expects to incur non-operating expenses for each fiscal period as follows:

Non-operating expenses

Distribution per unit

The 26th Fiscal Period

The 27th Fiscal Period・Interest expense

JPY 309 mn

JPY 315 mn

・Finance related costs

JPY 141 mn

JPY 122 mn

Total
Non-operating
expenses

JPY 451 mn

JPY 438 mn

The distribution per unit is calculated in accordance with the cash distribution policy as set forthin INV’s Articles of Incorporation.

18

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Item

Assumptions
With respect to the distribution for the fiscal period ending June 30, 2016, INV expects todistribute an aggregate amount of JPY 3,688 million (distribution per unit: JPY 1,155) based on
the assumption that the earnings for the fiscal period ending June 2016 (JPY 3,672 million) will
be used as funds and excess profit distribution (JPY 15 million) will be made.
With respect to the distribution for the fiscal period ending December 31, 2016, INV expects todistribute an aggregate amount of JPY 4,423 million (distribution per unit: JPY 1,385) based on
the assumption that the earnings for the fiscal period ending December 2016 (JPY 4,408 million)
will be used as funds and excess profit distribution (JPY 15 million) will be made.
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 significant expenses are to be recorded in connection with, among otherthings, the acquisition of assets or the raising of capital, leading to a significant decrease inearnings, INV has decided to make distributions in excess of profits in order to stabilize
distributions
and
be
more
reflectiveof
INV’s
simulated
earnings.

Excess profit distribution perunit
INV will record a difference between tax and accounting treatment as distribution of the reserve
for temporary difference adjustments and make distributions of the equivalent amount inaccordance with the tax revision in 2016 for the fiscal period ending June 2016 and fiscal period
ending December 2016.
Excess profit distribution per unit (26th Fiscal Period) JPY 5
Excess profit distribution per unit (27th Fiscal Period) JPY 5

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.

19

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

3. Financial Statements(1)

Balance Sheets(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015(as of December 31, 2015)

Fiscal Period ended
June 30, 2015(as of June 30, 2015)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Accrued revenue
Accounts receivables
Prepaid expenses
Consumption tax receivable
OthersAllowance for doubtful accounts※1 2,691,921

190
637,813260,394
316,4130(2,436)

7,885,398
5,933,582
124
1,069,352
241,931928,02535(2,494)

8,726,919

16,055,955※1 85,914(8,866)85,914(9,407)77,04876,507※1 38,862(19,774)

38,862(20,593)

19,117

18,268※1 2,779(1,270)2,779(1,335)

1,509

1,443

※1 711,834(3,726,114)

711,834
65,882,282(4,510,729)

45,931,690

61,371,553※1 12,748,349(2,551,810)

15,364,500(3,006,062)

Equipment in trust, net

10,196,539

12,358,438

Building improvements in trust
Accumulated depreciation※1 323,594(128,347)

327,632(138,040)

195,246

189,591※1 302,397(124,376)

401,404(150,073)

178,020

251,331※1 4,822,622

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※1 49,657,804

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
Land leasehold rights in trust※1 69,963,823

88,435,785

127,274,829

163,414,753-

5,836,789

Others45

15

Total intangible assets

45

5,836,804

10,035
251,697
36,21839,518533,40938,429297,951

611,357

Total investment and other assets
Guarantee deposits
Long-term prepaid expenses
OthersTotal investments and other assets
20

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Fiscal Period ended
June 30, 2015(as of June 30, 2015)
Total non-current assets
Total assets

21(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015(as of December 31, 2015)

127,572,826

169,862,915

136,299,746

185,918,871

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015(as of December, 2015)

Fiscal Period ended
June 30, 2015(as of June 30, 2015)
Liabilities
Current liabilities
Accounts payable
Short-term debts
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

168,742

43,752
174,711542
420,660
10,108

136,766
1,080,000
47,597
134,010564
473,164
23,043

73,119,517

1,895,146

1,420,014
28,66390,619,000
1,617,867
28,663

1,448,677

92,265,530

74,568,195

94,160,677

53,096,413

82,465,438

6,264,432
2,370,704

6,264,432
3,028,323※1 62,341,000※1 9,960,000

Total current liabilities
Non-current liabilities
Long-term debts
Tenant leasehold and security deposits in trust
Tenant leasehold and security deposits
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

22

8,635,136

9,292,755

61,731,550

91,758,194※2 61,731,550※2 91,758,194

136,299,746

185,918,871

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(2)Statement of Income

Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)
Operating revenues
Rental revenues(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015
(from July 1, 2015 to
December 31, 2015)※1 4,974,760※1 6,863,775

4,974,760

6,863,775※1 1,834,039※1 2,178,165

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

180,000
4,800
6,794
25,17058
99,6772,494,667
4,369,108Interest revenues
Interest on refund
Miscellaneous income

1,242
3,098
307

814
936
454

Total non-operating revenues

4,648

2,205

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

379,341
140,328-

296,892
982,261
138,866

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

519,670

1,418,020

Ordinary income

Total non-operating expenses

2,295,909

2,953,293

Net income before taxes

2,295,909

2,953,293

605

605

Corporate tax, etc.
Total corporate tax, etc.
Net income
Retained earnings at the beginning of the period
Unappropriated retained earnings/Loss at the end of theperiod

23

605

605

2,295,304

2,952,688

75,39975,6342,370,704

3,028,323

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(3)Statement of Unitholders’ Equity

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

Balance at the beginningof the period

53,096,413

Total Unitholders’EquityTotal Net Assets

Capital Surplus

UnappropriatedRetained
Earnings/Loss

6,264,432

2,031,546

8,295,97861,392,392

61,392,392

ሺ1,956,146)(1,956,146)(1,956,146)(1,956,146)

2,295,304

2,295,304

2,295,304

2,295,304

Unitholders’ Capital

Total Surplus

Change during the period
Distributions fromsurplus
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

Fiscal Period ended December 31, 2015 (from July 1, 2015 to December 31, 2015)(Unit: thousands of yen)
Unitholders’ Equity
SurplusCapital Surplus

UnappropriatedRetained
Earnings/Loss

6,264,432

2,370,704

Unitholders’ Capital

Balance at the beginningof the period

53,096,413

Total Surplus

8,635,136

Total Unitholders’EquityTotal Net Assets

61,731,550

61,731,550

29,369,025

29,369,025

Change during the period
Issuance of new
investment units
Distributions fromsurplus29,369,025(2,295,069)(2,295,069)(2,295,069)(2,295,069)

2,952,688

2,952,688

2,952,688

2,952,688

Net income
Total change during theperiodBalance at the end of theperiod29,369,025－

657,618

657,618

30,026,643

30,026,643

82,465,438

6,264,432

3,028,323

9,292,755

91,758,194

91,758,194

24

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(4)Statement of Cash Distribution

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

Unappropriated retained earnings

2,370,704,364 yen

3,028,323,270 yen

IIDistribution in excess of profits-

763,290,954 yen

2,295,069,960 yen

3,790,905,282 yen(860 yen)(1,187 yen)

2,295,069,960 yen

3,027,614,328 yen(860 yen)(948 yen）

Excess profit distribution-

763,290,954 yen(Excess profit distribution per
unit)

(-)

(239 yen)-

708,942 yen

75,634,404 yen-Inaccordancewith
thedistribution policy set forth in Article
17, Paragraph 1 of the Articles ofIncorporation of INV, the distribution
amount shall be the amount which
does not exceed the amount of profits
but exceeds 90% of the distributableprofit as defined in Article 67-15 of theSpecial Taxation Measures Act.
However, in the event that any tax
losses arise, or if no profits have beenrecorded for tax purposes due to tax
losses carried forward, the distribution
amount may be as reasonably
determined by INV. Pursuant to thispolicy,INVdeterminedthedistribution
amounttobe2,295,069,960 yen out of the net
income of 2,295,304,665 yen. INV did
not distribute any amounts in excess 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 theamount 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 purposes due
to tax losses carried forward, thedistribution amount may be as reasonably
determined by INV. Pursuant to thispolicy, INV determined the distribution
amount to be 3,027,614,328 yen out of
the unappropriated retained earnings of
3,028,323,270 yen. Moreover, INV
make exess profit distribution (refund ofinvestment), based on policy on the
distribution of funds as set forth in
Article 17, Paragraph 4 of the Articles ofIncorporation. Based on such policy,
INV declared a distribution (refund ofinvestment) of 763,290,954 yen, whichistheamountequivalent
toapproximately 60% of the depreciation
expense of 1,275,714,057 yen.

Deduction from unitholders’capital
III Distribution amount(Distribution per unit)
Profit distribution(Profit distribution per unit)

IV Voluntary reserve
Reserve for temporary difference
adjustments
V

Retained earnings carried forward

Calculation method of distribution
amount(Note) INV is permitted to distribute the amount determined by INV as excess profit distribution if the amount of the profit is lessthan 90% of the distributable profit, or if INV determines that such distribution is appropriate, to the extent that such distribution
amount does not exceed the amount prescribed in the relevant laws and regulations, etc. (including the rules of The Investment
Trusts Association, Japan, etc.). Moreover, if the distribution amount does not satisfy certain requirements provided in the special
taxation measures for investment corporations, INV is permitted to distribute cash in any amount determined by INV for the purposeof satisfying such requirements. Please note that the amount of distribution in excess of the profit for the relevant fiscal period shallbe subtracted from the balance of the unitholders’ (total) capital upon payment of the distribution amount.
25

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(4)Statement of Cash Distribution

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

Unappropriated retained earnings

2,370,704,364 yen

3,028,323,270 yen

IIDistribution in excess of profits-

763,290,954 yen

2,295,069,960 yen

3,790,905,282 yen(860 yen)(1,187 yen)

2,295,069,960 yen

3,027,614,328 yen(860 yen)(948 yen）

Excess profit distribution-

763,290,954 yen(Excess profit distribution per
unit)

(-)

(239 yen)-

708,942 yen

75,634,404 yen-Inaccordancewith
thedistribution policy set forth in Article
17, Paragraph 1 of the Articles ofIncorporation of INV, the distribution
amount shall be the amount which
does not exceed the amount of profits
but exceeds 90% of the distributableprofit as defined in Article 67-15 of theSpecial Taxation Measures Act.
However, in the event that any tax
losses arise, or if no profits have beenrecorded for tax purposes due to tax
losses carried forward, the distribution
amount may be as reasonably
determined by INV. Pursuant to thispolicy,INVdeterminedthedistribution
amounttobe2,295,069,960 yen out of the net
income of 2,295,304,665 yen. INV did
not distribute any amounts in excess 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 theamount 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 purposes due
to tax losses carried forward, thedistribution amount may be as reasonably
determined by INV. Pursuant to thispolicy, INV determined the distribution
amount to be 3,027,614,328 yen out of
the unappropriated retained earnings of
3,028,323,270 yen. Moreover, INV
make exess profit distribution (refund ofinvestment), based on policy on the
distribution of funds as set forth in
Article 17, Paragraph 4 of the Articles ofIncorporation. Based on such policy,
INV declared a distribution (refund ofinvestment) of 763,290,954 yen, whichistheamountequivalent
toapproximately 60% of the depreciation
expense of 1,275,714,057 yen.

Deduction from unitholders’capital
III Distribution amount(Distribution per unit)
Profit distribution(Profit distribution per unit)

IV Voluntary reserve
Reserve for temporary difference
adjustments
V

Retained earnings carried forward

Calculation method of distribution
amount(Note) INV is permitted to distribute the amount determined by INV as excess profit distribution if the amount of the profit is lessthan 90% of the distributable profit, or if INV determines that such distribution is appropriate, to the extent that such distribution
amount does not exceed the amount prescribed in the relevant laws and regulations, etc. (including the rules of The Investment
Trusts Association, Japan, etc.). Moreover, if the distribution amount does not satisfy certain requirements provided in the special
taxation measures for investment corporations, INV is permitted to distribute cash in any amount determined by INV for the purposeof satisfying such requirements. Please note that the amount of distribution in excess of the profit for the relevant fiscal period shallbe subtracted from the balance of the capital surplus upon payment of the distribution amount.
26

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(5)Statement of Cash Flows(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015
(from July 1, 2015 to
December 31, 2015)

Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)
Cash flows from operating activities
Net income before taxes
Depreciation expenses
Investment unit issuance expenses
Finance related costs
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 accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in deposits received
Others2,295,909
986,795
140,328(1,242)
379,341467
6,739
1,002,839
21,53917,86549,39649,576(13,787)(9,953)

2,953,293
1,275,744
138,866
982,261(814)
296,89258(431,538)(611,612)(25,114)
1,989(9,097)52,504
12,935
4,131

Subtotal

4,925,816

4,640,500

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

1,242
(381,197)
(640)

814
(328,496)(583)

Cash flows from operating activities

4,545,220

4,312,234(13,512,228)-(37,422,498)(5,836,789)(95,186)(40,738)

406,054

239,098

Cash flows from investing activities
Payment for acquisition of tangible assets in trust
Payment for acquisition of intangible assets in trust
Repayment of tenant leasehold and security deposits intrust
Proceeds of tenant leasehold and security deposits intrust
OthersCash flows from investing activities(1,487)(31,694)(13,202,847)(43,092,621)-

Cash flows from financing activities
Proceeds from short-term debt
Repayment of short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Repayment of long-term debt in trust
Finance related costs
Payment of distributions
Proceeds from issuance of investment units

6,241,000(1,200,000)(81,398)(1,952,824)-

1,401,000(321,000)
90,619,000(62,341,000)(9,960,000)(1,250,432)(2,292,901)
29,230,158

Cash flows from financing activities

3,006,776

45,084,824

Increase (decrease) in cash and cash equivalents(5,650,850)

6,304,437

Beginning balance of cash and cash equivalents

13,165,393

7,514,543※1 7,514,543※1 13,818,981

Closing balance of cash and cash equivalents

27

Invincible Investment Corporation (8963)
Financial Summary for the 25th 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 59,232 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.

28

Invincible Investment Corporation (8963)
Financial Summary for the 25th 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) Land leasehold rights in trust(d) Tenant leasehold and security deposits in trust(e) Current portion of 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
June 30, 2015(as of June 30, 2015)
312,245

Cash and deposits
Cash and deposits in trust(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015(as of December 31, 2015)-

4,822,622-

Buildings

77,048-Equipment

19,117

-

1,509

-

711,834-

Building improvements
Land
Buildings in trust

45,931,690-

Equipment in trust

10,196,539-

Building improvements in trust

195,246-

Tools, furniture and fixtures in trust

178,020-

69,963,823-

Land in trust
Total

132,409,697

29

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Liabilities with collateral are as follows.
Fiscal Period ended
June 30, 2015(as of June 30, 2015)
62,341,000

Current portion of long-term debts
Current portion of long-term debts in trust
Total(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015(as of December 31, 2015)-

9,960,000-

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
June 30, 2015(as of June 30, 2015)
50,000(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015(as of December 31, 2015)
50,000(Notes to Statement of Income)※1.

Rental revenues and property related expenses
Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)

A.

(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015
(from July 1, 2015 to
December 31, 2015)

Real property rental revenues

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

4,738,713

6,652,619

236,047

211,156

4,974,760

6,863,775

Real property related expenses

Property related expenses
Maintenance costs

468,393472,597

Taxes and public dues

201,860

250,268

Insurance expenses

7,061

9,934

Depreciation expenses

986,765

1,275,714

Other expenses

169,957

169,651

Total

1,834,039

2,178,165

C.

3,140,721

4,685,610

Operating income from rental revenues (A-B)

30

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(Notes to Statement of Unitholders’ Equity)
Number of investment units authorized and number of investment units issued and outstanding
Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)
Number of investment units authorized
10,000,000 units
Number of investment units issued and outstanding

Fiscal Period ended
December 31, 2015
(from July 1, 2015 to
December 31, 2015)
10,000,000 units

2,668,686 units

3,193,686 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
June 30, 2015
December 31, 2015
(from January 1, 2015 to(from July 1, 2015 toJune 30, 2015)
December 31, 2015)
Cash and deposits
2,691,921
7,885,398
Cash and deposits in trust

4,822,622

5,933,582

Cash and cash equivalents

7,514,543

13,818,981

Fiscal Period ended
June 30, 2015(as of June 30, 2015)
112,249(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015(as of December 31, 2015)
112,249(Notes Related to Lease Contracts)
Operating lease transactions (as lessee)
Remaining lease payments

Due within one year
Due after one year

2,168,039

2,111,914

Total

2,280,288

2,224,164

Fiscal Period ended
June 30, 2015(as of June 30, 2015)
2,413,667(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015(as of December 31, 2015)
3,657,829

Operating lease transactions (as lessor)
Remaining lease payments

Due within one year
Due after one year

21,199,677

31,055,536

Total

23,613,345

34,713,366(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.

31Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(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 determined through a reasonable estimate. Since certain assumptions are used in estimating the fairvalue, different assumptions may result in the variance of such value.

32

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

2.

Estimated fair value of financial instruments

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

-

-

-

-

(6) Current portion of long-term debts in trust

9,960,000

9,960,000-

Total liabilities

72,301,000

72,301,000-(3) Short-term debts(4) Current portion of long-term debts(5) Long-term debts

Book value, fair value and the difference between values as of December 31, 2015 are as follows.
(Unit: thousands of yen)Book Value

Fair Value

Difference(1) Cash and deposits

7,885,398

7,885,398-(2) Cash and deposits in trust

5,933,582

5,933,582-

Total assets

13,818,981

13,818,981-

1,080,000

1,080,000

-

-

-

-

90,619,000

90,619,000

-

-

-

-

91,699,000

91,699,000-(3) Short-term debts(4) Current portion of long-term debts(5) Long-term debts(6) Current portion of 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(3) Short-term debts (4) Current portion of long-term debts(6) Current portion of long-term debts 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.
(5) Long-term debts
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
December 31, 2015(as of December 31, 2015)

Fiscal Period ended
June 30, 2015(as of June 30, 2015)

Tenant leasehold and28,663
28,663security deposits
Tenant leasehold and1,420,014
1,617,867
security deposits in trust
Tenant leasehold and security deposits and tenant leasehold and security deposits in trust have no observable market
price, and it is impracticable to reasonably estimate their future cash flows because the repayment dates of those deposits andthe timing of the lessee’s exit from the property are not certain. Thus, their fair value is not disclosed.

33

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(Note 3) Remaining schedule of monetary claims after the closing date of the fiscal period
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
As of December 31, 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

7,885,398

-

-

-

-

-

Cash and deposits in trust

5,933,582

-

-

-

-

-

13,818,981

-

-

-

-

-

Total

(Note 4) Redemption schedule of long-term debts and other interest-bearing indebtedness after the closing date of the fiscal period
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
Current portion of long-term
debts in trust
Total

62,341,000

-

-

-

-

-

9,960,000

-

-

-

-

-

72,301,000

-

-

-

-

-

As of December 31, 2015
Due within
One YearLong-term debts
Total(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
28,979,000
32,661,000
28,979,000
-

-

34

28,979,000

32,661,000

28,979,000-

Invincible Investment Corporation (8963)
Financial Summary for the 25th 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 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
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

Related segment
Real Estate Investment

Fiscal Period ended December 31, 2015 (from July 1, 2015 to December 31, 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
Disclosure is omitted because net sales to external customers in Japan accounted for over 90% of the operating

35

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

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.

3,125,985

36

Related segment
Real Estate Investment

Invincible Investment Corporation (8963)
Financial Summary for the 25th 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.

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

Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)(Unit: thousands of yen)
Fiscal Period ended
December 31, 2015
(from July 1, 2015 to
December 31, 2015)

55,569,758

55,269,403(300,354)

5,036,303

55,269,403

60,305,706

62,209,000

68,592,000

8,551,609

8,514,702(36,906)(26,826)

8,514,702

8,487,876

7,181,000

7,206,000

5,225,394

5,178,288(47,106)(44,205)

5,178,288

5,134,083

5,820,000

5,830,000

100,823

100,822(1)(1)

100,822

100,821

109,000

112,000

45,296,007

58,211,612

12,915,605

37,011,441

58,211,612

95,223,054

71,555,000

133,212,000

114,743,593

127,274,829

12,531,236

41,976,712

127,274,829

169,251,542

146,874,000

214,952,000(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, 2015 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, 2015 was acquisition of new residential properties and 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. and37

Invincible Investment Corporation (8963)
Financial Summary for the 25th 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.”(Notes Related to Tax Accounting)1.

Significant components of deferred tax assets and liabilities(Unit: thousands of yen)
Fiscal Period ended
June 30, 2015

Fiscal Period ended
December 31, 2015

(Deferred tax assets - current assets)
Enterprise tax payable

489

489

Accounts receivable (merger)

186

186

Allowance for doubtful accounts

787

806

Subtotal

1,463

1,482

Valuation allowance

1,463

1,482

Total

-

-

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

746,394735,158

Land (merger)

2,129,657

2,129,657

Long-term accrued expenses

7,329,595

7,329,595

Subtotal

10,205,647

10,194,411

Valuation allowance

10,205,647

10,194,411

Total

-

-

(Net deferred tax assets - non-current)

-

-

2.

Significant difference between statutory tax rate and the effective tax rate
(Unit: %)Fiscal Period ended
June 30, 2015

Fiscal Period ended
December 31, 2015

Statutory tax rate

34.15

32.31

Deductible cash distributions(33.80)(31.93)

Provision of reserve for reduction entry

0.63(0.38)

Others

(0.95)

0.02

Effective tax rate

0.03

0.02

(Notes Related to Equity-Method Income)
None

38

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(Notes Related to Transactions with Related Parties)
1.

Transactions with Parent Company and Major Unitholders
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)
(Note 5)
estateLesseeandRentaloperator
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.

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

Total

Purchase Price (Thousands of yen)

4,911,000

39

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Fiscal Period ended December 31, 2015 (from July 1, 2015 to December 31, 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)Skye 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--

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

Investment
managementbusiness--

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

Investment
managementbusiness--

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

Investment
managementbusiness--

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

Investment
managementbusiness--

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

Investment
managementbusiness

-

-

Name

Common Business
Board RelationMember
ship

Godo Kaisha
Baretta(Note 3)

Minato-ku,
Tokyo

3

Investment
managementbusiness--

MyStays HotelManagement
Co., Ltd.
(Note 3)

Minato-ku,
Tokyo

100

Hotel
business--

Type ofTransaction

Transaction
Amount(Thousandsof yen)(Note 1)

Account

Seller of Purchase of
trust
trust
benefibeneficiary
ciary
7,801,000
interests ininterests
real estate
in real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 14,405,000
interests
estatein real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary
5,707,000
interests ininterests
real estate
in real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 2,198,000
interests
estatein real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
2,603,000
ciaryinterests ininterests
real estate
in real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 1,277,000
interests
estatein real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary
1,237,000
interests ininterests
real estate
in real(Note 2)
estate(Note 5)Seller of Purchase of
trust
trust
benefibeneficiary
ciary interests in real 5,099,000
interests
estatein real(Note 2)
estate(Note 5)LesseeandRental
Accounts
3,125,985
operator
revenues
receivablesof hotels

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

-

-

-

-

-

-

-

-

920,391

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.
Skye Tokutei Mokuteki Kaisha, Nishi Tokutei Mokuteki Kaisha, Rannoch Tokutei Mokuteki Kaisha, Wakusei Tokutei Mokuteki Kaisha,
Suisei Tokutei Mokuteki Kaisha, Aki Tokutei Mokuteki Kaisha, Zephyrus Tokutei Mokuteki Kaisha, Godo Kaisha Baretta and MyStays HotelManagement Co., Ltd. have no capital relationship with the Asset Manager to be disclosed. The Tokutei Mokuteki Kaisha or the lessee andoperator have received an anonymous partnership investment or investment through funds that are managed by FIG, an affiliate of Calliope.
Accordingly, INV treats Skye Tokutei Mokuteki Kaisha, Nishi Tokutei Mokuteki Kaisha, Rannoch Tokutei Mokuteki Kaisha, Wakusei
Tokutei Mokuteki Kaisha, Suisei Tokutei Mokuteki Kaisha, Aki Tokutei Mokuteki Kaisha, Zephyrus Tokutei Mokuteki Kaisha, Godo Kaisha
Baretta and MyStays Hotel Management Co., Ltd. as the equivalent of interested party.
Calliope holds 609,942 units (holding ratio: 19.09%) 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.

40

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
NumberName of Property

Counterparty

A100

City Court Kitaichijo

Godo Kaisha Baretta

1,782,000

A101

Lieto Court Mukojima

Godo Kaisha Baretta

1,683,000

A102

Lieto Court Nishi-Ojima

Godo Kaisha Baretta

1,634,000

D24

Hotel MyStays Haneda

Skye Tokutei Mokuteki Kaisha

7,801,000

D25

Hotel MyStays Kameido P1

Nishi Tokutei Mokuteki Kaisha

5,594,000

D26

Hotel MyStays Ueno Iriyaguchi

Rannoch Tokutei Mokuteki Kaisha

3,821,000

D27

Hotel MyStays Kameido P2

Nishi Tokutei Mokuteki Kaisha

3,742,000

D28

Hotel Vista Shimizu

Wakusei Tokutei Mokuteki Kaisha

2,198,000

D29Super Hotel Shinbashi/
Karasumoriguchi

Suisei Tokutei Mokuteki Kaisha

1,624,000

D30

Flexstay Inn Higashi-Jujo

Aki Tokutei Mokuteki Kaisha

1,277,000

D31

Hotel MyStays Utsunomiya

Zephyrus Tokutei Mokuteki Kaisha

1,237,000

D32

Flexstay Inn Kawasaki-Kaizuka

Rannoch Tokutei Mokuteki Kaisha

980,000

D33

Comfort Hotel Toyama

Suisei Tokutei Mokuteki Kaisha

979,000

D34

Flexstay Inn Kawasaki-Ogawacho

Rannoch Tokutei Mokuteki Kaisha

906,000

D35

Flexstay Inn Ekoda

Nishi Tokutei Mokuteki Kaisha

5,069,000

Purchase Price (Thousands of yen)

Total

2.

40,327,000

Transactions with Affiliates
None for both the fiscal period ended June 30, 2015 and the fiscal period ended December 31, 2015

3.

Transactions with Companies under Common Control
None for both the fiscal period ended June 30, 2015 and the fiscal period ended December 31, 2015

4.

Transactions with Directors and Major Unitholders
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(Note 1)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

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 the41

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(Note 2)
(Note 3)

Investment 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 December 31, 2015 (from July 1, 2015 to December 31, 2015)

Classification

Directors andclose
relatives

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

Business or occupation

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

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)

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.

(Notes Related to Per Unit Information)

Net assets per unit

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

Fiscal Period ended
December 31, 2015
(from July 1, 2015 to
December 31, 2015)
28,731 yen

Net income per unit

860 yen

937 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.
Fiscal Period ended
June 30, 2015
(from January 1, 2015 toJune 30, 2015)
Net income for the fiscal period (thousands of yen)
2,295,304
Amounts not attributable to common unit holders(thousands of yen)
Net income attributable to common unit holders
2,295,304(thousands of yen)
Average number of investment units during the period
2,668,686(units)42

Fiscal Period ended
December 31, 2015
(from July 1, 2015 to
December 31, 2015)
2,952,688
2,952,688
3,149,936

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(Significant Subsequent Events)
1. Borrowing of Fund
In order to raise a part of the funds to be used for the acquisition of trust beneficiary interests for the 5 hotel properties and
1 residential property acquired on January 22, 2016 (see “2. Acquisition of Assets” below), INV implemented the following
borrowing on January 22, 2016.

Term Loan (B)LenderBorrowing amountInterest rate, etc.
Interest payment datePrincipal repayment method
Borrowing method
Borrowing date
Maturity date

: Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation: JPY8,998 million: Base Rate (One-month JPY TIBOR; however, two-month JPY TIBOR for the firstinterest calculation period only) + 0.20%, 0.40%, 0.60%: On (i) the last Japanese business day of each month before the principal maturity date,
beginning with February 29, 2015, and (ii) the principal maturity date
: Lump-sum repayment: Unsecured / with no guarantee: January 22, 2016
: Jamuary 22, 2017, Jamuary 22, 2019, Jamuary 22, 2021

2. Acquisition of Assets
INV decided to acquire the following 6 properties (total acquisition price of JPY 10,207 million) on January 20, 2016, andcompleted the acquisition of all of the 6 properties on January 22, 2016.
Property number: D38 Name of property: Hotel MyStays Shinsaibashi
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

January 22, 2016
JPY3,160 million
Osaka-shi, Osaka
September 1984
Trust Beneficiary Interest
Aki Tokutei Mokuteki Kaisha
1,942.01m2
1,942.01m2

Property number: D39 Name of property: Comfort Hotel Kurosaki
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

January 22, 2016
JPY1,148 million
Kitakyushu-shi, Fukuoka
February 2009
Trust Beneficiary Interest
Navaro Tokutei Mokuteki Kaisha
3,207.60m2
3,207.60m2

Property number: D40 Name of property: Comfort Hotel Maebashi
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

January 22, 2016
JPY1,128 million
Maebashi-shi, Gunma
March 2009
Trust Beneficiary Interest
Navaro Tokutei Mokuteki Kaisha
3,660.96m2
3,660.96m2

43Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property number: D41 Name of property: Comfort Hotel Tsubame-Sanjyo
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

January 22, 2016
JPY1,010 million
Sanjyo-shi, Niigata
June 2007
Trust Beneficiary Interest
Navaro Tokutei Mokuteki Kaisha
3,099.90m2
3,099.90m2

Property number: D42 Name of property: Comfort Hotel Kitami
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area

January 22, 2016
JPY851 million
Kitami-shi, Hokkaido
March 2008
Trust Beneficiary Interest
Navaro Tokutei Mokuteki Kaisha
3,009.50m2
3,009.50m2

Property number: A103 Name of property: Royal Parks Momozaka
Acquisition Date
Acquisition Price (Note )Location
Construction Date
Category of Assets
SellerTotal Floor Area
Total Leasable Area
(Note)

January 22, 2016
JPY2,910 million
Osaka-shi, Osaka
June 2007
Trust Beneficiary Interest
Momo Tokutei Mokuteki Kaisha
10,541.69m2
8,776.26m2

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 Total 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

Total Number of Investment
Units Issued and Outstanding
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, 2004

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

MergerThird-party
allotment

367,200

636,695-

19,134,417,100(Note 7)

711,597

1,348,292

6,999,979,689

26,134,396,789(Note 8)January 18, 2002

July 29, 201144

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

December 20, 2013

Third-party
allotment

224,887

1,573,179

2,999,992,580

29,134,389,369(Note 9)July 16, 2014

Public offering

1,040,000

2,613,179

22,747,920,000

51,882,309,369(Note 10)

August 13, 2014

Third-party
allotment

55,5072,668,686

1,214,104,611

53,096,413,980(Note 11)

July 15, 2015

Public offering

500,000

3,168,686

27,970,500,000

81,066,913,980(Note 12)

August 12, 2015

Third-party
allotment

25,0003,193,686

1,398,525,000

82,465,438,980(Note 13)

(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.
(Note 12) New investment units were issued in a public offering at a price of 57,817 yen per unit (55,941 yen after deducting the underwriters’
discount) to raise a part of the funds for the acquisition of new properties.
(Note 13) New investment units were issued in a third party allotment at a price of 55,941 yen per unit for the purpose of allocation to cash reserves
to be used as part of the funds for future acquisition of properties.

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

45

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

5. Reference Information(1)

Composition of INV’s Assets

Type of
Purpose

Geographic area

Ratio of total
assets(%)

Amount held(millions of yen)

－

－

－

－

－

－

－

－

－

－

－

－

708

0.5

707

0.4

－

－

－

－

708

0.5

707

0.4

100

0.1

100

0.1

－

－

－

－

100

0.1

100

0.1

－

－

－

－

－

－

－

－

－
809

－
0.6

－
808

－
0.4

43,52531.9

45,941

24.7

11,743

8.6

13,505

7.3

55,26940.5

59,446

32.0

7,056

5.2

7,037

3.8

5,928

4.3

5,877

3.2

12,984

9.5

12,914

6.9

－

－

－

－

－

－

－

－

－

－

－

－

37,55327.6

67,20736.1

20,65815.2

23,037

12.4

58,211

42.7

90,245

48.5

Total real estate in trust

126,465

92.8

162,606

87.5

Deposits and other assets

9,024

6.6

22,50412.1

136,299

100.0

185,918100.0(127,274)(93.4)(163,414)(87.9)

asset(Note 1)

Amount held(millions of yen)
(Note 2)Real
estateGreater Tokyo
area
Major regional
Residential
citiesSubtotal
Greater Tokyo
area
Major
regional
Office/RetailcitiesSubtotal
Greater Tokyo
area
Major
regional
Hourly parking, etc
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)(Note 1)
(Note 2)
(Note 3)Current Period(as of December 31, 2015)

Previous Period(as of June 30, 2015)(Note 2)

Ratio of total
assets(%)

Greater Tokyo area refers to Tokyo, Kanagawa, Chiba and Saitama.
“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.

46

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Current Period(as of December 31, 2015)

Previous Period(as of June 30, 2015)

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

74,56854.7

94,16050.6

Total Net Assets
Total Liabilities and Net
Assets61,731

45.3

91,75849.4

136,299

100.0

185,918100.0

47Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(2)Real Estate Properties
The following summarizes the real estate and real estate held in trust that INV held as of December 31, 2015.

aProperty
number(Note 1)Price and investment ratio

Name of property

Balancesheet
Acquisition
Investment Appraisal value as
carrying
price
ratio (%) of December 31,
Type ofvalue(millions of2015
ownership(millionsyen)(millions of yen)
(Note 4)of yen)(Note 3)(Note 5)

Location (Note 2)

Trust
A26

Nisshin Palacestage Daitabashi

1-31-2 Izumi, Suginami-ku, Tokyo

beneficiary

1,251

1,133

0.7

1,140

(Note 6)

1,229

1,101

0.7

1,260

(Note 6)

888

833

0.5

983

(Note 6)

1,070

995

0.6

1,100

(Note 6)

1,505

1,391

0.9

1,310

(Note 6)

1,428

1,362

0.8

1,320

(Note 6)

1,088

1,078

0.6

1,070

(Note 6)

1,059

977

0.6

1,180

(Note 6)

1,023

967

0.6

1,020

(Note 6)

906

840

0.5

969

(Note 6)

825

762

0.5

868

(Note 6)

795

755

0.5

702

(Note 6)

676

644

0.4

634

(Note 6)

interests
Trust
A27

Nisshin
Palacestage
NagasakiHigashi-

5-4-1 Nagasaki, Toshima-ku, Tokyo

beneficiaryinterests
Trust

A28

Growth Maison Gotanda

2-26-6
Tokyo

Nishi-Gotanda,

Shinagawa-ku,

beneficiaryinterests
Trust

A29

Growth Maison Kameido

6-58-16 Kameido, Koto-ku, Tokyo

beneficiaryinterests
Trust

A30

Emerald House

3-27-18 Itabashi, Itabashi-ku, Tokyo

beneficiaryinterests
Trust

A31

Harmonie Ochanomizu

2-5-5 Yushima, Bunkyo-ku, Tokyo

beneficiaryinterests
Trust

A32

Suncrest Shakujii-Koen

3-15-35 Takanodai, Nerima-ku, Tokyo

beneficiaryinterests
Trust

A33

Growth Maison Shin-Yokohama

3-16-2 Shin-Yokohama, Kohoku-ku,
Yokohama-shi, Kanagawa

beneficiaryinterests
Trust

A34

Belle Face Ueno-Okachimachi

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

beneficiaryinterests
Trust

A35

Grand Rire Kameido

3-39-12 Kameido, Koto-ku, Tokyo

beneficiaryinterests
Trust

A36

Growth Maison Ikebukuro3-31-14
Tokyo

Nishi-Ikebukuro,

Toshima-ku,

beneficiaryinterests
Trust

A37

Growth Maison Yoga

1-15-15 Okamoto, Setagaya-ku, Tokyo

A38

Route Tachikawa

3-7-6 Nishikicho, Tachikawa-shi, Tokyo

48

beneficiaryinterests
TrustInvincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
number(Note 1)Name of property

Balancesheet
Acquisition
Investment Appraisal value as
carrying
price
ratio (%) of December 31,
Type ofvalue(millions of2015
ownership(millionsyen)(millions of yen)
(Note
4)
of
yen)
(Note 3)(Note 5)

Location (Note 2)

beneficiaryinterests
Trust
A39

Shibuya-Honmachi Mansion

2-35-2 Honmachi, Shibuya-ku, Tokyo

beneficiary

651

656

0.4

615

(Note 6)

646

647

0.4

486

(Note 6)

620

556

0.4

709

(Note 6)

604

617

0.3

562

(Note 6)

589

565

0.3

530

(Note 6)

589

565

0.3

596

(Note 6)

572

539

0.3

512

(Note 6)

566

526

0.3

564

(Note 6)

557

525

0.3

444

(Note 6)

510

467

0.3

530

(Note 6)

2,520

2,367

1.4

3,060

(Note 7)

3,260

3,085

1.9

3,810

(Note 8)

1,880

1,879

1.1

2,380

(Note 8)

1,450

1,354

0.8

1,740

(Note 9)interests
Trust
A40

City Heights Kinuta

4-13-15 Kinuta, Setagaya-ku, Tokyo

beneficiaryinterests
Trust

A41

Acseeds Tower KawaguchiNamiki

2-5-13 Namiki, Kawaguchi-shi, Saitama

beneficiaryinterests
Trust

A42

Capital Heights Kagurazaka

71-1 Enokicho, Shinjuku-ku, Tokyo

beneficiaryinterests
Trust

A43

College Square Machida

3-4-4 Nakamachi, Machida-shi, Tokyo

beneficiaryinterests
Trust

A44

Belair Meguro

1-2-15 Meguro, Meguro-ku, Tokyo

beneficiaryinterests
Trust

2-7-47 Tarumachi, Kohoku-ku, YokohamaA45

Wacore Tsunashima I

beneficiaryshi, Kanagawa

interests
Trust
A46

Foros Nakamurabashi

1-6-6 Koyama, Nerima-ku, Tokyo

beneficiaryinterests
Trust

A47

Growth Maison Kaijin

5-29-51 Kaijin, Funabashi-shi, Chiba

beneficiaryinterests
Trust

A48

College Square Machiya

7-3-1 Arakawa, Arakawa-ku, Tokyo

beneficiaryinterests
Trust

A51

City House Tokyo Shinbashi

6-19-1 Shinbashi, Minato-ku, Tokyo

beneficiaryinterests
Trust

A52

Winbell Kagurazaka

6-15 Shin-Ogawacho, Shinjuku-ku, Tokyo beneficiaryinterests
Trust

A53

A54

Nishiwaseda Cresent Mansion

Lexington Square Akebonobashi

3-18-9 Nishi-Waseda, Shinjuku-ku, Tokyo beneficiary

3-8 Yochomachi, Shinjuku-ku, Tokyo

49

interests
TrustInvincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
number(Note 1)Name of property

Balancesheet
Acquisition
Investment Appraisal value as
carrying
price
ratio (%) of December 31,
Type ofvalue(millions of2015
ownership(millionsyen)(millions of yen)
(Note
4)
of
yen)
(Note 3)(Note 5)

Location (Note 2)

beneficiaryinterests
Trust
A56

Casa Eremitaggio

1-14-15 Nakane, Meguro-ku, Tokyo

beneficiary

1,070

975

0.6

1,050

(Note 7)

866

827

0.5

1,040

(Note 7)

577

555

0.3

695

(Note 8)

970

877

0.6

1,140

(Note 9)

1,110

1,027

0.6

1,350

(Note 7)

415

394

0.2

545

(Note 7)

330

296

0.2

450

(Note 7)

255

235

0.1

257

(Note 9)

977

882

0.6

1,110

(Note 9)

511

454

0.3

581

(Note 9)interests
Trust
A59

Towa City Coop Shinotsuka II

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

A61

Bichsel Musashiseki

1-22-7 Sekimachi-Kita, Nerima-ku, Tokyo beneficiaryinterests
Trust

A62

Lexel Mansion Ueno Matsugaya

3-10-2 Matsugaya, Taito-ku, Tokyo

beneficiaryinterests
Trust

A63

Towa City Coop Sengencho

4-338-2 Sengencho, Nishi-ku, Yokohamashi, Kanagawa

beneficiaryinterests
Trust

A64

Royal Park Omachi

2-11-10 Omachi, Aoba-ku, Sendai-shi,
beneficiary
Miyagiinterests
Trust

A65

Lexington Square Haginomachi

1-15-16 Haginomachi, Miyagino-ku,
Sendai-shi, Miyagi

beneficiaryinterests
Trust

A66

Visconti Kakuozan

2-44 Otanacho, Chikusa-ku, Nagoya-shi,
beneficiary
Aichiinterests
Trust

A71

Lexington Square Daitabashi

1-33-18 Izumi, Suginami-ku, Tokyo

beneficiaryinterests
Trust

A72

Lexington Square Honjo
Azumabashi

4-20-6
Tokyo

Higashikomagata,

Sumida-ku,

beneficiaryinterests

50

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

Balancesheet
Acquisiti
Investment Appraisal value as
on price carrying ratio (%)
of December 31,
value(millions(Note 4) 2015 (millions of(millionsof yen)yen) (Note 5)(Note 3) of yen)

Trust
A73

AMS TOWER Minami 6-Jo

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

beneficiary

1,180

1,015

0.7

1,180

(Note 9)

7,010

6,599

4.0

7,780

(Note 7)

1,660

1,635

1.0

1,860

(Note 7)

1,260

1,217

0.7

1,410

(Note 7)

973

936

0.6

1,070

(Note 7)

674

649

0.4

784

(Note 7)

657

636

0.4

770

(Note 7)

625

605

0.4

701

(Note 7)

608

586

0.3

712

(Note 7)

597

577

0.3

723

(Note 7)

595

574

0.3

666

(Note 7)

581

556

0.3

684

(Note 7)

544

526

0.3

623

(Note 7)

543

529

0.3

613

(Note 7)

interests
Trust
A75

Spacia Ebisu

3-6-22 Higashi, Shibuya-ku, Tokyo

beneficiaryinterests
Trust

A76

Neo Prominence

3-21-5 Shimo, Kita-ku, Tokyo

beneficiaryinterests
Trust

A77

Invoice Shin-Kobe Residence

3-3-8 Ikutacho Chuo-ku, Kobe-shi, Hyogo

beneficiaryinterests
Trust

A78

Cosmo Court Motomachi

3-12-20 Motomachi Dori Chuo-ku, Kobeshi, Hyogo

beneficiaryinterests
Trust

A79

Revest Honjin

2-13 Torii Dori Nakamura-ku, Nagoya-shi,
Aichi

beneficiaryinterests
Trust

A80

Revest Matsubara

3-13-12 Matsubara Naka-ku ,Nagoya-shi,
Aichi

beneficiaryinterests
Trust

A81

Sun Terrace Minami Ikebukuro

2-22-6 Minami Ikebukuro, Toshima-ku,
Tokyobeneficiaryinterests
Trust

A82

Alba Noritake Shinmachi

3-6-8 Noritake Shinmachi, Nishi-ku,
Nagoya-shi, Aichi

beneficiaryinterests
Trust

A83

Revest Meieki Minami

2-13-33 Meiekiminami, Nakamura-ku,
Nagoya-shi, Aichi

beneficiaryinterests
Trust

A84

Revest Heian

2-13-17 Heian, Kita-ku, Nagoya-shi, Aichi

beneficiaryinterests
Trust

A85

Vendir Hamaotsu Ekimae

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

beneficiaryinterests
Trust

A86

Salvo Sala

2-6-21 Shimanouchi Chuo-ku, Osakashi,Osaka

beneficiaryinterests
Trust

A87

Excellente Kagurazaka

128-1 Yamabukicho Shinjuku-ku, Tokyo,
and other one parcel

beneficiaryinterests

51

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

Balancesheet
Acquisiti
Investment Appraisal value as
on price carrying ratio (%)
of December 31,
value(millions(Note 4) 2015 (millions of(millionsof yen)yen) (Note 5)(Note 3) of yen)

Trust
A88

Luna Court Edobori

3-4-11 Edobori, Nishi-ku, Osaka-shi,Osakabeneficiary

525

506

0.3

568 (Note 7)

512

491

0.3

594 (Note 7)

456

444

0.3

564 (Note 7)

446

433

0.3

500 (Note 7)

412

403

0.2

487 (Note 7)

374

363

0.2

428 (Note 7)

373

361

0.2

432 (Note 7)

355

346

0.2

418 (Note 7)

335

327

0.2

418 (Note 7)

331

320

0.2

327 (Note 7)

310

304

0.2

381 (Note 7)

297

287

0.2

337 (Note 7)

1,782

1,880

1.0

1,860 (Note 7)

1,683

1,761

1.0

1,700 (Note 7)

interests
Trust
A89

Winntage Kobe Motomachi

7-2-2 Motomachi Dori, Chuo-ku, Kobe-shi,
Hyogo

beneficiaryinterests
Trust

A90

Queen's Court Fukuzumi

1-3-10 Fukuzumi, Koto-ku, Tokyo

beneficiaryinterests
Trust

A91

Corp Higashinotoin

380-1 Kawaranomachi, Higashinotoin
Dori Nijo Kudaru, Chukyo-ku, Kyoto-shi,
Kyoto, and other two parcels

beneficiaryinterests
Trust

A92

Belair Oimachi

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

beneficiaryinterests
Trust

A93

Siete Minami-Tsukaguchi

3-18 Minami Tsukaguchimachi,
Amagasaki-shi, Hyogo

beneficiaryinterests
Trust

A94

Prime Life Sannomiya Isogami
Koen

A95

HERMITAGE NANBA WEST

4-3-23 Isogamidori ,Chuo-ku, Kobe-shi,
Hyogo

beneficiaryinterests
Trust

4-10-3 Sakuragawa Naniwa-ku, Osaka-shi,Osakabeneficiaryinterests
Trust

A96

Century Park Shinkawa 1-bankan

4-1-2 Shinkawamachi Minato-ku, Nagoyashi, Aichi

beneficiaryinterests
Trust

A97

West Avenue

1-5-17 Nishi, Kunitachi-shi, Tokyo

beneficiaryinterests
Trust

A98

Little River Honmachibashi

1-34 Honmachibashi Chuo-ku, Osaka-shi,Osakabeneficiaryinterests
Trust

A99

Prime Life Mikage

2-25-11 Mikage Tsukamachi Higashi
Nada-ku, Kobe-shi, Hyogo

beneficiaryinterests
Trust

A100

City Court Kitaichijo

1-6-3, Kitaichijohigashi, Chuo-ku,
Sapporo-shi, Hokkaido

beneficiaryinterests
Trust

A101

Lieto Court Mukojima

5-45-10, Mukojima, Sumida-ku, Tokyo

52

beneficiaryInvincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

Balancesheet
Acquisiti
Investment Appraisal value as
on price carrying ratio (%)
of December 31,
value(millions(Note 4) 2015 (millions of(millionsof yen)yen) (Note 5)(Note 3) of yen)interests
Trust
A102 Lieto Court Nishi-Ojima

2-41-14, Oshima, Koto-ku, Tokyo

beneficiary

1,634

1,697

0.9

1,690 (Note 7)

63,18260,30536.4

68,592

1,301

1,224

0.7

1,030 (Note 6)

715

707

0.4

524 (Note 8)

4,880

4,730

2.8

4,030 (Note 7)

1,060

1,082

0.6

945 (Note 7)

816

742

0.5

677 (Note 9)

3,280

3,131

1.9

3,500 (Note 8)

2,320

2,002

1.3

2,330 (Note 8)

14,372

13,621

8.3

13,036

97

100

0.1

112 (Note 6)

97

100

0.1

112

2,851

2,864

1.6

5,000 (Note 7)

2,584

2,581

1.5

5,330 (Note 7)

6,024

5,904

3.5

13,400 (Note 7)

4,930

4,829

2.8

6,200 (Note 7)

4,870

4,783

2.8

5,640 (Note 7)

interests
Subtotal (66 properties)

-

Trust
B8

Kindai Kagakusha Building

2-7-15, Ichigaya Tamachi, Shinjuku-ku,
Tokyobeneficiary

B9

Shinjuku Island

6-5-1 Nishi-Shinjuku, Shinjuku-ku,
TokyoReal estateinterests
Trust
B14

Lexington Plaza Nishigotanda

5-2-4 Nishigotanda, Shinagawa-ku, Tokyo

beneficiaryinterests
Trust

B15

Cross Square NAKANO

5-24-18 Nakano, Nakano-ku, Tokyo

beneficiaryinterests
Trust

B16

Ohki Aoba Building

9-7 Futsukacho, Aoba-ku, Sendai-shi,
Miyagibeneficiaryinterests
Trust

B17

Lexington Plaza Hachiman

3-1-50 Hachiman, Aoba-ku, Sendai-shi,
Miyagibeneficiaryinterests
Trust

B18

AEON TOWN Sukagawa

105 Furukawa, Sukagawa-shi, Fukushima

beneficiaryinterests

Subtotal (7 properties)
C01

Times Kanda-Sudacho 4th

1-22-7, 1-22-15 Kanda sudacho, Chiyodaku, Tokyo

Real estate

Subtotal (1 properties)

-

-

Trust
D01

Hotel MyStays Kanda

1-2-2 Iwamotocho, Chiyoda-ku, Tokyo

beneficiaryinterests
Trust

D02

Hotel MyStays Asakusa

1-21-11 Honjyo, Sumida-ku, Tokyo

beneficiaryinterests
Trust

D03

Hotel MyStays Kyoto-shijo

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

beneficiaryinterests
Trust

D04

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

D05

Hotel MyStays Maihama

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

beneficiaryinterests

53

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

Balancesheet
Acquisiti
Investment Appraisal value as
on price carrying ratio (%)
of December 31,
value(millions(Note 4) 2015 (millions of(millionsof yen)yen) (Note 5)(Note 3) of yen)

Trust
D06

Hotel Vista Premio Dojima

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

beneficiary

3,845

3,760

2.2

5,560 (Note 7)

2,958

2,857

1.7

4,920 (Note 7)

2,514

2,471

1.4

7,010 (Note 7)

2,119

2,068

1.2

3,310 (Note 7)

1,898

1,867

1.1

3,760 (Note 7)

1,570

1,545

0.9

3,330 (Note 7)

1,381

1,365

0.8

1,760 (Note 7)

1,331

1,303

0.8

2,680 (Note 7)

1,242

1,231

0.7

1,670 (Note 7)

1,242

1,237

0.7

1,840 (Note 7)

1,192

1,173

0.7

2,120 (Note 7)

1,192

1,180

0.7

2,960 (Note 7)

749

745

0.4

999 (Note 7)

589

585

0.3

709 (Note 7)

interests
Trust
D07

Hotel MyStays Nagoya-Sakae

2-23-22, Higashisakura, Naka-ku, Nagoyashi, Aichi

beneficiaryinterests
Trust

D08

Hotel MyStays SakaisujiHonmachi

1-4-8, Awaji-machi, Chuo-ku, Osaka-shi,Osakabeneficiaryinterests
Trust

D09

Hotel MyStays Yokohama

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

beneficiaryinterests
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

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

54

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

Balancesheet
Acquisiti
Investment Appraisal value as
on price carrying ratio (%)
of December 31,
value(millions(Note 4) 2015 (millions of(millionsof yen)yen) (Note 5)(Note 3) of yen)

Trust
D20

Flexstay Inn Nakanobu P2

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

beneficiary

283

284

0.2

341 (Note 7)

8,350

8,266

4.8

8,870 (Note 7)

2,792

2,762

1.6

2,890 (Note 7)

2,119

2,117

1.2

2,180 (Note 7)

7,801

7,759

4.5

8,150 (Note 7)

5,594

5,576

3.2

6,680 (Note 7)

3,821

3,808

2.2

4,290 (Note 7)

3,742

3,726

2.2

4,480 (Note 7)

2,198

2,186

1.3

2,260 (Note 7)

1,624

1,627

0.9

1,720 (Note 7)

1,277

1,279

0.7

1,330 (Note 7)

1,237

1,242

0.7

1,250 (Note 7)

interests
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,
Hokkaido

beneficiaryinterests
Trust

D23

Flexstay Inn Shirogane

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

beneficiaryinterests
Trust

D24

Hotel MyStays Haneda

beneficiary

5-1-13, Haneda, Ota-ku, Tokyo

interests
Trust
D25

Hotel MyStays Kameido P1

6-32-1, Kameido, Koto-ku, Tokyo

beneficiaryinterests
Trust

D26

Hotel MyStays Ueno Iriyaguchi

5-5-13, HigashiUeno, Taito-ku, Tokyo

beneficiaryinterests
Trust

D27

Hotel MyStays Kameido P2

6-7-8, Kameido, Koto-ku, Tokyo

beneficiaryinterests
Trust

D28

Hotel Vista Shimizu

1-23, Masagomachi, Shimizu-ku,
Shizuoka-shi, Sizuoka

beneficiaryinterests
Trust

D29

Super Hotel Shinbashi/
Karasumoriguchi

5-16-4, Shinbashi, Minato-ku, Tokyo

beneficiaryinterests
Trust

D30

Flexstay Inn Higashi-Jujo

2-10-2, Nakajujo, Kita-ku, Tokyo

beneficiaryinterests
Trust

D31

Hotel MyStays Utsunomiya

2-4-1, Higashishukugo, Utsunomiya-shi,
Tochigi

beneficiaryinterests

55

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Property
number(Note 1)Name of property

Type ofownership

Location (Note 2)

Balancesheet
Acquisiti
Investment Appraisal value as
on price carrying ratio (%)
of December 31,
value(millions(Note 4) 2015 (millions of(millionsof yen)yen) (Note 5)(Note 3) of yen)

Trust
D32

1-13-2, Kaizuka, Kawasaki-ku, Kawasakishi, Kanagawa

Flexstay Inn Kawasaki-Kaizuka

beneficiary

980

977

0.6

1,010 (Note 7)

979

979

0.6

1,030 (Note 7)

906

906

0.5

933 (Note 7)

5,069

5,055

2.9

5,220 (Note 7)

1,170

1,173

0.7

1,210 (Note 10)

1,130

1,134

0.7

1,170 (Note 10)

Subtotal (37 properties)

96,162

95,22355.3

133,212-

Total (111 properties)

173,815

169,251100.0

214,952-

interests
Trust
D33

Comfort Hotel Toyama

1-3-2, Takara-machi, Toyama-shi, Toyama

beneficiaryinterests
Trust

D34

Flexstay Inn Kawasaki-Ogawacho

beneficiary

15-9, Ogawa-cho, Kawasaki-ku,
Kawasaki-shi, Kanagawa

interests
Trust
D35

Flexstay Inn Ekoda

8-6, Sakaecho, Nerima-ku, Tokyo

beneficiaryinterests
Trust

D36

Super Hotel Tokyo-JR Tachikawa
Kitaguchi

2-21-9, Akebonocho, Tachikawa-shi,Tokyo

beneficiaryinterests
Trust

D37

Super Hotel JR Ueno-iriyaguchi

beneficiary

7-9-14, Ueno, Taito-ku, Tokyo

interests

56

Invincible Investment Corporation (8963)
Financial Summary for the 25th 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.
(Note 10) Daiwa Real Estate 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
Period

D1

A53
A62

B14

B17

Hotel

MyStays

Chiyoda-ku,

Renovation work on
guest

rooms,theFrom January 2016

Kanda

Tokyo

Nishiwaseda

Shinjuku-ku,

Outer wall repair From January 2016

Cresent Mansion

Tokyo

work

Lexel

Taito-ku,

Outer wall repair From January 2016

Ueno Matsugaya

Tokyo

work

Lexington

Shinagawa-ku,

MansionPlaza

Nishigotanda
Lexington

Tokyo
Plaza

HachimanSendai-shi,
Miyagifront desk, etc.

to June 2016
to June 2016

Electricalequipment

repairwork
Asphalt renewal
work

to June 2016onrooftopparking lots

From January 2016
to June 2016
From January 2016
to June 2016

Advance
Payments

125,000――

47,000――37,000――25,000――15,500――(b) Capital expenditures for the fiscal period ended December 31, 2015
The principal construction constituting capital expenditures for the real estate assets for the fiscal period ended
December 31, 2015 is as follows. Capital expenditures for the fiscal period was 213,834 thousand yen, and together with
21,022 thousand yen of repair cost included in this fiscal period’s expenses, construction work totaling 234,857 thousand yen
was implemented.

57

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Name of Property
Nisshin
A26

Palacestage
Daitabashi

A32
A32
D6

PurposeSuginami-ku,

Nerima-ku,

Koen

Tokyo

Suncrest Shakujii-

Nerima-ku,

Replacing

Koen

Tokyo

generator installations

Hotel Vista Premio

Osaka-shi,

DojimaOsaka
MyStays

Yokohama

Implementation

yen)
5,586

From July 2015 to

15,912

December 2015

emergency power From July 2015 to

8,486

December 2015
From July 2015 toBathroom work

2,950

December 2015

Replacing a storage battery for the
direct-current

shi, Kanagawa

Payment (Thousands ofDecember 2015

Rooftop waterproofing work

Yokohama-

Time of

From July 2015 to

Replacing intercom equipment

Tokyo

Suncrest Shakujii-

Hotel

D9

Location

power

supplyFrom July 2015 tosystem4,190

December 2015

176,709

Other construction

213,834

Total(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

21st Fiscal

22nd Fiscal

23rd Fiscal

24th Fiscal

25th Fiscal

PeriodPeriodPeriodPeriodPeriodFrom July 1, 2013 From January 1, From July 1, 2014 From January 1, From July 1, 2015
to December 31, 2014 to June 30, to December 31, 2015 to June 30, to December 31,
2013

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

c

2014

2015

2015

571,543524,730

579,682

738,365

852,699

thousand yen

thousand yen

thousand yen

thousand yen

thousand yen

165,271

199,177

268,495

283,147

352,490

thousand yen

thousand yen

thousand yen

thousand yen

thousand yen

212,084

144,225

109,812

168,813

222,439thousand yen

thousand yen

thousand yen

thousand yen

thousand yen

524,730

579,682

738,365

852,699

982,750thousand yen

thousand yen

thousand yen

thousand yen

thousand yen

Amount carried over for next
fiscal period

2014

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 July 1, 2015 to December 31, 2015)(Unit: Thousands of yen)
Total ofrental-Total ofrentalrevenue
Property
Property Name

(i)

No.

related
Rent,
commonarea fees

Other
incomeexpenses(ii)

Facility
management
fee

Tax andotherpubliccharges

Depreciation
Insurance
expenses

expensesProfitand Loss
Other
expenses((i)-(ii))NOI((i)-(ii)+(iii))(iii)

A26

Nisshin Palacestage Daitabashi

39,112

36,020

3,092

20,182

7,153

1,616

72

8,299

3,039

18,92927,229

A27

Nisshin Palacestage HigashiNagasaki

44,13139,784

4,347

25,970

6,991

2,714

110

12,744

3,409

18,16130,90558

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Total ofrental-Total ofrentalrevenue
Property(i)

Property NameNo.

related
Rent,
commonarea fees

expenses

Other
income(ii)

Facility
management
fee

Tax andotherpubliccharges

Depreciation
Insurance
expenses

expensesProfitand Loss
Other
expenses((i)-(ii))NOI((i)-(ii)+(iii))(iii)

A28

Growth Maison Gotanda

27,351

26,772

579

8,918

2,668

1,330

43

4,351

525

18,432

22,783A29

Growth Maison Kameido

33,29331,1682,124

15,747

4,805

1,687

61

5,925

3,267

17,54523,471

A30

Emerald House

42,20439,6152,589

18,461

5,366

2,566

117

9,672

738

23,74333,416

A31

Harmonie Ochanomizu

37,83735,1682,669

15,376

4,088

1,874

65

7,090

2,257

22,461

29,552

A32

Suncrest Shakujii-Koen

36,34133,183

3,158

17,864

5,054

3,135

105

7,496

2,071

18,47725,973A33

Growth Maison Shin-Yokohama

35,88733,323

2,563

13,959

3,417

2,408

79

6,129

1,924

21,92728,057

A34

Belle Face Ueno-Okachimachi

30,62230,475146

12,633

4,944

1,665

56

5,355

610

17,98823,344

A35

Grand Rire Kameido

26,61926,619

-

7,880

98

1,720

64

5,496

500

18,73924,236A36

Growth Maison Ikebukuro

25,30523,323

1,982

12,075

2,962

1,054

43

5,264

2,750

13,23018,495A37

Growth Maison Yoga

22,16420,996

1,168

9,047

2,421

1,370

43

4,028

1,183

13,11617,145

A38

Route Tachikawa

21,787

19,095

2,691

8,202

2,020

1,070

46

4,142

922

13,585

17,728

A39

Shibuya-Honmachi Mansion

20,262

19,000

1,262

6,857

2,555

927

38

2,218

1,117

13,405

15,623

A40

City Heights Kinuta

17,163

15,887

1,276

5,635

2,007

983

34

1,673

935

11,528

13,202

A41

Acseeds Tower Kawaguchi-Namiki

24,60923,558

1,051

9,708

2,792

1,126

47

5,038

703

14,90019,938A42

Capital Heights Kagurazaka

18,605

18,417

187

7,834

3,108

1,091

41

2,323

1,269

10,77013,093

A43

College Square Machida

17,484

17,484

-

4,096

149

1,517

40

1,889

500

13,387

15,276

A44

Belair Meguro

16,591

15,265

1,325

7,055

2,345

872

28

2,324

1,484

9,535

11,860A45

Wacore Tsunashima I

18,18917,774

414

8,469

2,675

891

38

3,952

911

9,719

13,671

A46

Foros Nakamurabashi

17,872

16,087

1,784

9,883

2,341

989

36

4,673

1,842

7,988

12,661A47

Growth Maison Kaijin

22,357

19,861

2,495

15,680

4,741

2,135

89

6,564

2,149

6,676

13,240

A48

College Square Machiya

14,706

14,706

-

5,018

-

937

30

3,549

500

9,687

13,237

A51

City House Tokyo Shinbashi

91,32687,1404,185

37,32014,0534,949

130

13,177

5,008

54,00567,183

A52

Winbell Kagurazaka

102,344

94,570

7,773

41,93911,652

6,320

169

16,004

7,791

60,40576,410

A53

Nishiwaseda Cresent Mansion

70,527

67,206

3,320

25,611

10,153

3,596

121

7,727

4,013

44,91552,643

A54

Lexington Square Akebonobashi

49,35847,064

2,293

19,749

5,072

2,204

68

8,657

3,746

29,60838,266

A56

Casa Eremitaggio

30,48828,4192,069

16,166

3,307

1,675

53

9,145

1,984

14,321

23,467

A59

Towa City Coop Shinotsuka II

33,69732,382

1,315

15,280

5,971

1,384

59

4,991

2,872

18,417

23,409A61

Bichsel Musashiseki

24,12923,359

769

8,911

3,523

1,174

54

2,739

1,419

15,217

17,957

A62

Lexel Mansion Ueno Matsugaya

34,35331,395

2,958

20,101

6,586

1,880

66

8,343

3,224

14,252

22,596

A63

Towa City Coop Sengencho

54,34850,4473,900

30,765

15,246

3,004

122

7,475

4,916

23,582

31,057

A64

Royal Park Omachi

25,90422,934

2,969

13,396

5,986

1,583

70

4,248

1,506

12,507

16,756

A65

Lexington Square Haginomachi

17,373

15,749

1,624

8,138

2,188

1,148

44

3,550

1,207

9,234

12,785

A66

Visconti Kakuozan

9,620

8,575

1,045

7,416

2,888

903

25

1,778

1,821

2,204

3,982

A71

Lexington Square Daitabashi

31,704

30,118

1,585

14,964

2,954

1,546

48

8,002

2,410

16,74024,742

A72

Lexington
Azumabashi

17,67916,902

777

9,990

2,171

812

35

4,935

2,037

7,688

12,623

A73

AMS TOWER Minami 6-Jo

46,12544,427

1,698

33,104

6,336

6,442

138

14,123

6,063

13,02027,143

A75

Spacia Ebisu

203,351

180,32123,02973,715

13,704

8,786

277

37,256

13,691

129,636

166,892

A76

Neo Prominence

63,002

54,2018,800

28,648

11,964

3,554

140

10,2352,753

34,35344,588

A77

Invoice Shin-Kobe Residence

46,81444,087

2,727

24,252

4,392

2,731

81

11,4585,589

22,56134,019

A78

Cosmo Court Motomachi

37,09835,885

1,213

18,326

3,622

2,307

79

9,972

2,344

18,772

28,744

A79

Revest Honjin

31,94529,988

1,957

13,292

3,033

1,799

70

7,435

952

18,65326,088

A80

Revest Matsubara

28,75626,485

2,271

15,136

3,718

1,867

64

7,038

2,448

13,62020,658

A81

Sun Terrace Minami Ikebukuro

22,63020,823

1,807

10,383

3,040

909

33

4,857

1,541

12,246

17,104

A82

Alba Noritake Shinmachi

25,99924,4991,500

13,283

3,252

1,737

64

6,924

1,304

12,715

19,640

A83

Revest Meieki Minami

26,28225,268

1,013

12,635

2,960

1,660

68

6,948

998

13,646

20,594

A84

Revest Heian

23,297

21,877

1,419

13,682

3,596

1,404

46

6,399

2,235

9,614

16,014

A85

Vendir Hamaotsu Ekimae

30,24728,3581,889

16,047

5,307

1,952

75

6,997

1,715

14,19921,196

A86

Salvo Sala

24,73523,057

1,678

14,999

4,887

1,565

52

5,444

3,048

9,736

15,181

A87

Excellente Kagurazaka

18,265

17,610

655

8,137

1,876

775

31

4,194

1,259

10,127

14,322

A88

Luna Court Edobori

20,341

19,430910

10,814

3,277

1,180

40

5,064

1,252

9,526

14,590A89

Winntage Kobe Motomachi

22,271

21,382888

13,809

3,785

1,588

50

5,805

2,580

8,461

14,267

A90

Queen's Court Fukuzumi

17,033

15,944

1,089

7,339

2,195

752

28

3,195

1,167

9,694

12,889

A91

Corp Higashinotoin

17,945

17,217

727

7,622

2,105

912

35

3,799

769

10,323

14,122

SquareHonjo

59

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Total ofrental-Total ofrentalrevenue
Property
Property Name

(i)

No.

related
Rent,
commonarea fees

Other
incomeexpenses(ii)

Facility
management
fee

Tax andotherpubliccharges

Depreciation
Insurance
expenses

expensesProfitand Loss
Other
expenses((i)-(ii))NOI((i)-(ii)+(iii))(iii)

A92

Belair Oimachi

14,857

14,224

633

6,263

1,871

670

24

2,675

1,023

8,593

A93

Siete Minami-Tsukaguchi

16,431

15,427

1,004

8,604

3,209

983

34

3,240

1,137

7,826

11,066

A94

Prime Life Sannomiya Isogami Koen

14,94314,060

882

7,837

1,780

848

26

3,426

1,756

7,106

10,532

60

11,268

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Rentalrevenue

PropertyNo.

Leasingrelated

Rent,

Property Name(i)commonarea fees

Other
incomeFacility

Tax andDepreciation
expenses(iii)

Insurance
expensesmanagement other public expenses(ii)
fee
charges

Profitand Loss

Other
expensesNOI((i)-(ii)+(iii))((i)-(ii))

A95

HERMITAGE NANBA WEST

15,79014,817

973

7,757

2,139

1,015

31

3,446

1,124

8,032

11,479

A96

Century Park Shinkawa 1-bankan

16,411

13,819

2,592

7,748

1,923

873

46

3,901

1,003

8,662

12,564

A97

West Avenue

10,366

10,021

344

7,045

2,374

561

25

2,963

1,120

3,320

6,284

A98

Little River Honmachibashi

13,332

13,181

151

6,933

1,993

946

28

2,874

1,090

6,398

9,272

A99

Prime Life Mikage

12,003

11,675

327

6,558

1,259

762

22

2,960

1,553

5,445

8,405

A100

City Court Kitaichijo (Note 2)

59,41054,921

4,488

28,279

6,203

-

211

20,4601,404

31,13051,590

A101

Lieto Court Mukojima(Note 2)

47,395

46,115

1,279

22,412

5,678

-

99

13,717

2,917

24,982

38,700

A102

Lieto Court Nishi-Ojima(Note 2)

44,69444,503

191

16,322

4,195

-

78

11,025

1,022

28,37139,397

B08

Kindai Kagakusha Building

38,43333,981

4,452

23,111

7,073

4,557

85

10,588806

15,322

25,910

B09

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

B14

Lexington Plaza Nishigotanda

150,219

133,537

16,682

67,27227,013

12,462

228

26,477

1,089

82,947

109,425

B15

Cross Square NAKANO

36,311

29,992

6,319

17,365

7,011

3,857

98

4,090

2,307

18,94623,036

B16

Ohki Aoba Building

39,49432,1597,335

21,840

9,264

4,086

121

7,462

905

17,65325,115

B17

Lexington Plaza Hachiman

166,052

131,345

34,707

81,15247,712

11,345

188

21,031

873

84,900105,932

B18

AEON TOWN Sukagawa

142,027

142,027-

94,98056,1247,560

234

29,4381,622

47,04676,485

C01

Times Kanda-Sudacho 4th

2,700

2,700

-

257

-

256

-

1

-

2,442

2,444

D01

Hotel MyStays Kanda

117,428

117,428-

20,703

-

4,420

98

15,680504

96,725

112,406

D02

Hotel MyStays Asakusa

142,768

142,768-

21,454

-

3,925

121

16,882

525

121,313138,195

D03

Hotel MyStays Kyoto-Shijo

370,894

370,894-

59,383-

10,518263

48,086515

311,511359,597

D04

MyStays Shin-Urayasu ConferenceCenter

217,548

217,548-

49,845

-

8,159

222

40,958505

167,702

208,660

D05

Hotel MyStays Maihama

188,788

188,788-

38,936

-

3,192

112

35,124505

149,852

184,977

D06

Hotel Vista Premio Dojima

216,812

216,803962,396

8,208

11,855306

41,518507

154,416

195,935

D07

Hotel MyStays Nagoya-Sakae

201,397

201,397-

67,965

17,1634,627

264

45,402508

133,431

178,833

D08

Hotel MyStays Sakaisuji-Honmachi

240,538

240,538-

26,251

-

6,420

131

19,193504

214,287

233,481

D09

Hotel MyStays Yokohama

134,323

134,323-

31,353

-

4,476

216

26,153507

102,969

129,123

D10

Hotel MyStays Nippori

83,977

83,977-

17,209

-

1,746

69

14,887505

66,76781,655

D11

Hotel MyStays
Minami

125,043

125,043-

19,238

-

5,092

109

13,531

505

105,805

119,336

D12

Flexstay Inn Iidabashi

59,15359,153-

15,182

-

4,503

100

10,074504

43,97054,045

D13

Hotel MyStays Ueno Inaricho

61,48861,488-15,439

-

1,482

50

13,400505

46,04959,449

D14

Flexstay Inn Shinagawa

56,95656,956

-

8,974

-

1,678

41

6,749

505

47,981

54,731

D15

Flexstay Inn Tokiwadai

69,464

69,464-

11,319

-

3,433

90

7,289

505

58,14565,434

D16

Flexstay Inn Sugamo

57,40557,405-

14,076

-

2,894

74

10,602505

43,32853,930D17

Hotel MyStays Otemae

121,301

121,301-

13,895

-

3,608

126

9,655

505

107,406

117,061

D18

Flexstay Inn Kiyosumi Shirakawa

43,26943,269-11,392

-

3,383

86

7,415

507

31,87739,292

D19

Flexstay Inn Nakanobu P1

24,491

24,491

-

5,607

-

945

27

4,129

504

18,88323,012

D20

Flexstay Inn Nakanobu P2

13,10013,100

-

2,667

-

524

16

1,622

504

10,432

12,054D21

APA Hotel Yokohama Kannai

236,234

236,234-

76,738--285

75,948503

159,495

235,444

D22

Hotel Nets Hakodate

124,347

124,347-

31,559

-

(359)

205

31,207506

92,787

123,995

D23

Flexstay Inn Shirogane

57,114

57,114

-

7,774

-

37

61

7,168

505

49,34056,508D24

Hotel MyStays Haneda (Note 2)

204,721204,721-54,885--

177

54,337

370

149,835

204,173

D25

Hotel MyStays Kameido P1 (Note 2)

182,201

182,201-

31,132--

173

30,586373

151,068

181,655

D26

Hotel MyStays Ueno Iriyaguchi(Note 2)

121,374

121,374-

20,932

2,257

-

85

18,215374

100,442

118,657

D27

Hotel MyStays Kameido P2 (Note 2)

125,072

125,072-

24,771--

107

24,290372

100,300

124,591

D28

Hotel Vista Shimizu (Note 2)

81,76081,7581

20,285441-

96

19,375372

61,47480,850

D29

Super
Hotel
Shinbashi/
Karasumoriguchi (Note 2)

36,30336,303

-

5,388

702

-

40

4,273

372

30,91535,188D30

Flexstay Inn Higashi-Jujo (Note 2)

45,31745,317

-

5,365

-

-

50

4,941

372

39,95144,893

D31

Hotel MyStays Utsunomiya (Note 2)

110,292

110,292-

15,074--347

14,354372

95,217

109,571

D32

Flexstay(Note 2)35,76435,764

-

9,759

818

-

40

8,526

374

26,00534,531

D33

Comfort Hotel Toyama (Note 2)

33,03033,030

-

8,403

-

-

85

7,944

372

24,62732,572

D34

Flexstay Inn Kawasaki-Ogawacho(Note 2)

31,266

31,266

-

5,565

-

-

27

5,165

372

25,70130,866

D35

Flexstay Inn Ekoda (Note 3)

84,916

84,916-22,002--

88

21,635278

62,91484,54921,70421,704

-

6,899

949

-

40

5,628

280

14,804

20,433

18,623

18,623

-

5,421

731

-

27

4,381

281

13,201

17,583

6,863,775

6,652,619

211,156

2,178,165

472,597

250,268

9,934

1,275,714

169,651

4,685,610

5,961,324

D36
D37

Inn

Fukuoka-Tenjin-

Kawasaki-Kaizuka

Super Hotel Tokyo-JR Tachikawa
Kitaguchi (Note 3)
Super Hotel JR Ueno-iriyaguchi(Note 3)Total

61

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(Note 1)
(Note 2)
(Note 3)Not disclosed because the consent of the tenant was not obtained.
These properties were acquired as of July 16, 2015, the operation period of which is from July 16, 2015 to December 31, 2015.
These properties were acquired as of August 28, 2015, the operation period of which is from August 28, 2015 to December 31, 2015.

62

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(3)

Tenant SummaryaSummary of lease conditions by property(As of December 31, 2015)
RentalLeasable Area

Leased Area

2

2

LeasableUnits(units)(Note 3)

Revenue

LeasedNumber ofUnitstenants(units)(Note 5)(Note 4)

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

Type of
Lease(Note 8)Property
No.

Property Name

A26

Nisshin Palacestage Daitabashi

1,771.13

1,702.73

98

94

1 Best Property Corporation

39,112

0.6

Pass throughmaster lease

A27

Nisshin Palacestage HigashiNagasaki

2,681.94

2,597.37

60

58

1 Best Property Corporation

44,131

0.6

Pass throughmaster lease

27,351

0.4

Pass throughmaster lease(m )(Note 1)(m )(Note 2)Tenants (Note 6)(Note7)

Pacific Development &A28

Growth Maison Gotanda

1,051.50

1,051.50

48

48

1 Management

A29

Growth Maison Kameido

1,367.96

1,326.50

66

64

1 Mitsui Home Estate Co., Ltd.

33,293

0.5

Pass throughmaster lease

A30

Emerald House

2,152.31

2,107.61

96

94

1 Tokyo Gakusei Life Co., Ltd.

42,204

0.6

Pass throughmaster lease

37,837

0.6

Pass throughmaster lease

36,341

0.5

Pass throughmaster lease

35,887

0.5

Pass throughmaster lease

Co., Ltd

Pacific Development &A31

Harmonie Ochanomizu

1,748.24

1,587.56

65

61

1 Management

A32

Suncrest Shakujii-Koen

3,029.16

2,938.63

29

28

1 Mitsui Home Estate Co., Ltd.

Co., Ltd.

Pacific Development &A33

Growth Maison Shin-Yokohama

1,858.44

1,805.48

68

66

1 Management

A34

Belle Face Ueno-Okachimachi

1,351.11

1,351.11

64

64

1 Mainichicomnet Co., Ltd.

30,622

0.4

Pass throughmaster lease

A35

Grand Rire Kameido

1,562.26

1,562.26

72

72

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

26,6190.4

Guaranteed
rent

A36

Growth Maison Ikebukuro

952.89930.494241

125,305

0.4

Pass throughmaster lease

A37

Growth Maison Yoga

1,015.34

962.8439

37

1 Mitsui Home Estate Co., Ltd.

22,164

0.3

Pass throughmaster lease

21,787

0.3

Pass throughmaster lease

20,262

0.3

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

1,125.90

25

24

1 Management

A40

City Heights Kinuta

1,235.93

1,102.73

19

17

1 Mitsui Home Estate Co., Ltd.

17,163

0.3

Pass throughmaster lease

A41

Acseeds Tower KawaguchiNamiki

1,210.74

1,040.66

57

49

1 Access Group, Inc.

24,6090.4

Pass throughmaster lease

A42

Capital Heights Kagurazaka

1,126.65

1,095.15

26

25

1 Mitsui Home Estate Co., Ltd.

18,605

0.3

Pass throughmaster lease

A43

College Square Machida

1,047.75

1,047.75

62

62

1 Mainichicomnet Co., Ltd.

17,484

0.3

Guaranteed
rent

A44

Belair Meguro

557.05534.5725

24

1

16,591

0.2

Pass throughmaster lease

18,1890.3

Pass throughmaster lease

Co., Ltd

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

A45

Wacore Tsunashima I

907.46834.1350

46

1Co., Ltd

A46

Foros Nakamurabashi

815.77815.7737

37

1 Mitsui Home Estate Co., Ltd.

17,872

0.3

Pass throughmaster lease

A47

Growth Maison Kaijin

2,040.27

1,973.84

34

33

1 Mitsui Home Estate Co., Ltd.

22,357

0.3

Pass throughmaster lease

A48

College Square Machiya

871.35871.3543

43

1 Mainichicomnet Co., Ltd.

14,706

0.2

Guaranteed
rent

A51

City House Tokyo Shinbashi

3,364.00

3,318.55

86

85

1 Mitsui Home Estate Co., Ltd.

91,326

1.3

Pass throughmaster lease

63

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

RentalLeasable Area
Property
No.

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

Revenue

LeasedNumber ofUnitstenants(units)(Note 5)(Note 4)

Tenants (Note 6)

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

Type of
Lease(Note 8)(Note7)
A52

Winbell Kagurazaka

4,032.70

3,962.98

118

116

1 Mitsui Home Estate Co., Ltd.

A53

Nishiwaseda Cresent Mansion

4,310.77

4,202.64

69

67

1

102,344

1.5

Pass throughmaster lease

70,527

1.0

Pass throughmaster lease

49,358

0.7

Pass throughmaster lease

30,488

0.4

Pass throughmaster lease

Pacific Development & Management
Co., Ltd
A54

Lexington Square Akebonobashi

1,987.88

1,964.92

88

87

1 Mitsui Home Estate Co., Ltd.

A56

Casa Eremitaggio

1,197.19

1,197.19

17

17

1

Pacific Development & Management
Co., Ltd
A59

Towa City Coop Shinotsuka II

1,627.13

1,568.99

58

55

1 Mitsui Home Estate Co., Ltd.

33,697

0.5

Pass throughmaster lease

A61

Bichsel Musashiseki

1,220.24

1,185.31

70

68

1 Mitsui Home Estate Co., Ltd.

24,1290.4

Pass throughmaster lease

A62

Lexel Mansion Ueno Matsugaya

1,969.45

1,969.45

29

29

1

34,353

0.5

Pass throughmaster lease54,348

0.8

Pass throughmaster lease

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

Towa City Coop Sengencho

3,426.36

3,189.89

154

144

1

A64

Royal Park Omachi

1,929.59

1,897.47

51

50

1 One-Eyed Capital Advisers

25,904

0.4

Pass throughmaster lease

A65

Lexington Square Haginomachi

1,528.58

1,415.81

39

36

1 One-Eyed Capital Advisers

17,373

0.3

Pass throughmaster lease

A66

Visconti Kakuozan

705.75609.178

7

1 Mitsui Home Estate Co., Ltd.

9,620

0.1

Pass throughmaster lease

Co., Ltd64

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

RentalLeasable Area
Property
No.

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

Revenue

LeasedNumber ofUnitstenants(units)(Note 5)(Note 4)

Tenants (Note 6)

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

Type of
Lease (Note8)(Note 7)
A71

Lexington Square Daitabashi

1,430.64

1,289.22

43

39

1 Nisshin Jyutaku Support K.K.

31,704

0.5

Pass throughmaster lease784.74761.3433

32

1 Nisshin Jyutaku Support K.K.

17,6790.3

Pass throughmaster lease46,125

0.7

Pass throughmaster lease

203,351

3.0

Pass throughmaster lease

Lexington Square Honjo
A72
Azumabashi
A73

AMS TOWER Minami 6-Jo

4,460.56

4,207.42

120

114

1 Big Service Co., Ltd.

A75

Spacia Ebisu

7,794.91

7,454.27

109

104

1

Pacific Development & Management
Co., LtdA76

Neo Prominence

3,574.70

3,452.00

52

50

1 Goodworks Co., Ltd.

63,002

0.9

Pass throughmaster lease

A77

Invoice Shin-Kobe Residence

2,773.71

2,632.01

81

77

1 Sohgoh Real Estate

46,814

0.7

Pass throughmaster lease

A78

Cosmo Court Motomachi

2,310.49

2,223.12

82

79

1 Global Community Co., Ltd

37,098

0.5

Pass throughmaster lease

A79

Revest Honjin

1,933.80

1,909.71

80

79

1 Mininet, Inc

31,945

0.5

Pass throughmaster lease

A80

Revest Matsubara

1,955.40

1,819.94

70

65

1 Mininet, Inc

28,756

0.4

Pass throughmaster lease

A81

Sun Terrace Minami Ikebukuro

898.70875.0538

37

1 Goodworks Co., Ltd.

22,630

0.3

Pass throughmaster lease

A82

Alba Noritake Shinmachi

1,731.68

1,575.26

64

59

1 Mininet, Inc.

25,9990.4

Pass throughmaster lease

A83

Revest Meieki Minami

1,634.60

1,634.60

61

61

1 Mininet, Inc.

26,282

0.4

Pass throughmaster lease

A84

Revest Heian

1,554.03

1,554.0340

40

1 Mininet, Inc.

23,297

0.3

Pass throughmaster lease

A85

Vendir Hamaotsu Ekimae

2,670.66

2,361.93

8171

1 Mininet, Inc.

30,247

0.4

Pass throughmaster lease

A86

Salvo Sala

1,428.12

1,400.19

54

53

1 Daygran, Inc.

24,735

0.4

Pass throughmaster lease

A87

Excellente Kagurazaka

701.92640.0633

30

1 Goodworks Co., Ltd.

18,265

0.3

Pass throughmaster lease

A88

Luna Court Edobori

1,185.50

1,137.66

50

48

1 Nihon Housing Co., Ltd.

20,341

0.3

Pass throughmaster lease

A89

Winntage Kobe Motomachi

1,433.35

1,231.02

57

49

1 Global Community Co., Ltd.

22,271

0.3

Pass throughmaster lease

A90

Queen's Court Fukuzumi

765.18734.0625

24

1 Goodworks Co., Ltd.

17,033

0.2

Pass throughmaster lease

A91

Corp Higashinotoin

1,029.05

1,007.11

42

41

1 Global Community Co., Ltd.

17,945

0.3

Pass throughmaster lease

A92

Belair Oimachi

530.60511.7026

25

1 Goodworks Co., Ltd.

14,857

0.2

Pass throughmaster lease

A93

Siete Minami-Tsukaguchi

1,020.86

969.8640

38

1 Goodworks Co., Ltd.

16,431

0.2

Pass throughmaster lease

A94

Prime Life Sannomiya Isogami
Koen

789.12789.1232

32

1 Global Community Co., Ltd.

14,943

0.2

Pass throughmaster lease

A95

HERMITAGE NANBA WEST

992.76905.3121

20

1 Daygran, Inc.

15,790

0.2

Pass throughmaster lease

A96

Centurybankan1,477.62

1,345.08

44

40

1 Goodworks Co., Ltd.

16,411

0.2

Pass throughmaster lease

A97

West Avenue

794.80635.8440

32

1 Joint Property Co., Ltd.

10,366

0.2

Pass throughmaster lease

A98

Little River Honmachibashi

974.81974.8131

31

1 Goodworks Co., Ltd.

13,332

0.2

Pass throughmaster lease

A99

Prime Life Mikage

761.18761.1828

28

1 Global Community Co., Ltd.

12,003

0.2

Pass throughmaster lease

A100

City Court Kitaichijo

5,230.18

5,052.33

127

123

1 Big Service Co., Ltd.

59,410

0.9

Pass throughmaster lease

A101

Lieto Court Mukojima

2,940.20

2,869.07

82

80

1 Taisei Housy Property

47,395

0.7

Pass throughmaster lease

A102

Lieto Court Nishi-Ojima

2,048.28

2,048.28

91

91

1 Taisei Housy Property

44,694

0.7

Pass throughmaster lease

B8

Kindai Kagakusha Building

1,451.54

1,451.54

13

13

1 Sohgoh Real Estate

38,433

0.6

Pass throughmaster lease

B9

Shinjuku Island

526.43526.431

11(Note 9)(Note 9)－B14

Lexington Plaza Nishigotanda

6,033.58

6,033.58

11

11

7 Community One Co., Ltd.

150,219

2.2－

36,311

Pass through0.5
master lease

39,494

0.6

ParkShinkawa

1-(Note 9)

B15

Cross Square NAKANO

2,145.00

1,696.66

45

32

Shin-ei Real Estate Business Co.,
1
Ltd.

B16

Ohki Aoba Building

2,178.41

2,178.41

13

13

1 Tozai Asset Management Co., Ltd.

65－

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

RentalLeasable Area
Property
No.

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

LeasedNumber ofUnitstenants(units)(Note 5)(Note 4)

Revenue

Tenants (Note 6)

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

Type of
Lease (Note8)(Note 7)
B17

Lexington Plaza Hachiman

8,419.15

8,419.15

18

18

1 Tokyo Biso Kogyo Corporation

166,052

2.4

Pass throughmaster lease

B18

AEON TOWN Sukagawa

18,440.58

18,440.58

1

1

1 Aeon Town Co., Ltd.

142,027

2.1

－

C1

Times Kanda-Sudacho 4th

81.04

81.04

1

1

1 Times24. Co., Ltd.

2,700

0.0

－

66

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

RentalLeasable Area
Property
No.

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

LeasedNumber ofUnits
Tenants(units)(Note 5)(Note 4)

Revenue

Tenants (Note 6)

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

Type of
Lease(Note 8)(Note 7)

D1

D2

Hotel MyStays Kanda

Hotel MyStays Asakusa

2,585.72

3,327.38

2,585.72

3,327.38

126

160

126

MyStays Hotel Management Co.,
1
Ltd.

160

MyStays Hotel Management Co.,1
Ltd.

370,894

117,428

142,768

Fixed rent
plus variable
1.7 rent type
operation
Fixed rent
plus variable
2.1 rent type
operation
Fixed rent
plus variable
5.4
rent type
operation

D3

Hotel MyStays Kyoto-Shijo

7,241.51

7,241.51

224

224

MyStays Hotel Management Co.,
1
Ltd.

D4

MyStays Shin-Urayasu
Conference Center

6,232.30

6,232.30

175

175

1

MyStays Hotel Management Co.,Ltd.

217,548

3.2

D5

Hotel MyStays Maihama

2,456.36

2,456.36

90

90

1

MyStays Hotel Management Co.,Ltd.

188,788

2.8

141

MGH Master Lease Kabushiki
1
KaishaD6

Hotel Vista Premio Dojima

9,445.32

9,445.32

141

216,812

Fixed rent
plus variable
2.9
rent type
operation

D7

Hotel MyStays Nagoya-Sakae

9,064.71

9,064.71

270

270

D8

Hotel MyStays SakaisujiHonmachi

4,188.83

4,188.83

190

190

1

MyStays Hotel Management Co.,Ltd.

240,538

3.5

D9Hotel MyStays Yokohama

7,379.43

7,379.43

190

190

1

MyStays Hotel Management Co.,Ltd.

134,323

2.0

93

MyStays Hotel Management Co.,1
Ltd.

125,043

Hotel MyStays Nippori

D11

Hotel MyStays Fukuoka-TenjinMinami

3,412.71

3,412.71

177

177

MyStays Hotel Management Co.,
1
Ltd.

D12

Flexstay Inn Iidabashi

2,953.38

2,953.38

59

59

1

MyStays Hotel Management Co.,Ltd.

59,1530.9

D13

Hotel MyStays Ueno Inaricho

1,150.76

1,150.76

72

72

1

MyStays Hotel Management Co.,Ltd.

61,4880.9

55

MyStays Hotel Management Co.,
1
Ltd.

69,464Flexstay Inn Shinagawa

1,134.52

1,719.29

1,134.52

93

55

83,97756,9562,539.75

2,539.75

129

129

D16

Flexstay Inn Sugamo

2,089.86

2,089.86

104

104

1

MyStays Hotel Management Co.,Ltd.

57,4050.8

D17Hotel MyStays Otemae

4,956.66

4,956.66

110

110

1

MyStays Hotel Management Co.,Ltd.

121,301

1.8

D18

Flexstay Inn Kiyosumi
Shirakawa

43,269D19

Flexstay Inn Nakanobu P1MyStays Hotel Management Co.,Ltd.

24,4915555770.56770.56

39

39

1

67

Fixed rent
plus variable
rent type
operation

Fixed rent
plus variable
1.0
rent type
operation

Flexstay Inn Tokiwadai

2,673.64

Fixed rent
plus variable
rent type
operation

Fixed rent
plus variable
0.8
rent type
operation

D15

2,673.64

Fixed rent
plus variable
rent type
operation

Fixed rent
plus variable
1.8
rent type
operation

MyStays Hotel Management Co.,
1
Ltd.

MyStays Hotel Management Co.,
1
Ltd.

Fixed rent
plus variable
rent type
operation

Fixed rent
plus variable
1.2
rent type
operation

D10

D14

1,719.29

Fixed rent
plus variable
rent type
operation

Fixed rent
plus variable
3.2
rent type
operation

Yugen Kaisha Nagoya Hotel
1
Management

201,397

Fixed rent
plus variable
rent type
operation

Fixed rent
plus variable
rent type
operation
Fixed rent
plus variable
rent type
operation

Fixed rent
plus variable
0.6
rent type
operation

0.4

Fixed rent
plus variable
rent type
operation

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

RentalLeasable Area
Property
No.

Property Name

2(m )(Note 1)

Leased Area
2(m )(Note 2)

LeasableUnits(units)(Note 3)

LeasedNumber ofUnits
Tenants(units)(Note 5)(Note 4)

Revenue

Tenants (Note 6)

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

Type of
Lease(Note 8)(Note 7)

D20

Flexstay Inn Nakanobu P2

391.49391.4922

22

MyStays Hotel Management Co.,
1
Ltd.

13,100

Fixed rent
plus variable
0.2
rent type
operation
Fixed rent
plus variable
3.4
rent type
operation

D21

APA Hotel Yokohama Kannai

6,568.51

6,568.51

451

451

1 APA Hotel Kabushiki Kaisya

236,234

D22

Hotel Nets Hakodate

7,961.26

7,961.26

202

202

1 Hakodate Hospitality Godo Kaisya

124,347

1.8

D23

Flexstay Inn Shirogane

1,754.06

1,754.06

84

84

1

MyStays Hotel Management Co.,Ltd.

57,1140.8

D24

Hotel MyStays Haneda

5,400.16

5,400.16

174

174

1

MyStays Hotel Management Co.,Ltd.

204,721

3.0

D25

Hotel MyStays Kameido P1

4,349.67

4,349.67

265

265

1

MyStays Hotel Management Co.,Ltd.

182,201

2.7

D26

Hotel MyStays Ueno Iriyaguchi

2,247.92

2,247.92

97

97

1

MyStays Hotel Management Co.,Ltd.

121,374

1.8

D27

Hotel MyStays Kameido P2

2,793.99

2,793.99

175

175

1

MyStays Hotel Management Co.,Ltd.

125,072

1.8

D28

Hotel Vista Shimizu

3,559.81

3,559.81

152

152

1 Vista Hotel Management Co., Ltd.

81,760

1.2

D29Super Hotel Shinbashi/
Karasumoriguchi

1,403.89

1,403.89

74

74

1 Super Hotel Co., Ltd.

36,3030.5

D30

Flexstay Inn Higashi-Jujo

1,714.53

1,714.53

88

88

1

MyStays Hotel Management Co.,Ltd.

45,3170.7

D31

Hotel MyStays Utsunomiya

11,733.23

11,733.23

116

116

1

MyStays Hotel Management Co.,Ltd.

110,292

D32

Flexstay Inn Kawasaki-Kaizuka

1,190.57

1,190.57

64

64

1

MyStays Hotel Management Co.,Ltd.

35,764

D33

Comfort Hotel Toyama

3,305.64

3,305.64

150

150

1 Greens Co., Ltd.

D34

Flexstay Inn KawasakiOgawacho

725.60725.60

62

62

1

D35

Flexstay Inn Ekoda

3,932.93

3,932.93

210

210

1

D36

Super Hotel Tokyo-JR Tachikawa
Kitaguchi

1,832.97

1,832.97

96

96

1 Super Hotel Co., Ltd.

21,704

0.3

Fixed rent

D37Super Hotel JR Ueno-iriyaguchi

1,279.16

1,279.16

69

69

1 Super Hotel Co., Ltd.

18,623

0.3

Fixed rent

296,546.92

291,228.48

8,826

8,663

6,863,775

100.0

－

Total

117

Fixed rent
plus variable
rent type
operation
Fixed rent
plus variable
rent type
operation
Fixed rent
plus variable
rent type
operation
Fixed rent
plus variable
rent type
operation
Fixed rent
plus variable
rent type
operation
Fixed rent
plus variable
rent type
operation
Fixed rent

Fixed rent
plus variable
rent type
operation
Fixed rent
plus variable
1.6
rent type
operation
Fixed rent
plus variable
0.5
rent type
operation

33,0300.5

MyStays Hotel Management Co.,Ltd.

31,266

0.5

MyStays Hotel Management Co.,Ltd.

84,916－

Fixed rent
plus variable
rent type
operation

Fixed rent

Fixed rent
plus variable
rent type
operation
Fixed rent
plus variable
1.2
rent type
operation(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)

“Number of Tenants” is calculated by counting a lessee who has entered into a direct lease agreement with INV or the trustee as one tenant,and in cases where a tenant rents multiple rental rooms in the same property, such tenant is also counted as one tenant.

68

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period(Note 6)

“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 7)

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

(Note 8)With respect to the properties concerning which a master lease agreement has been entered into, the type of lease (either a pass-throughmaster lease or a guaranteed rent) is indicated. The “pass-through master lease” is defined as a lease under which, pursuant to the passthrough master lease agreement entered into between the master lease company and INV or the trustee, the amount equal to the rent under
the sublease agreement between the master lease company and the end tenant shall be paid to INV or the trustee. The “Guaranteed rent” isdefined as a lease under which a specified rent shall be paid to INV or the trustee, regardless of the rent under the sublease agreement
between the master lease company and the end tenant. Moreover, with respect to hotel properties, the type of rent received from therelevant operator (either a fixed-rent or a fixed rent plus variable rent type operation) is indicated. The “fixed-rent” is defined as anagreement under which INV or the trustee shall receive a specified rent, regardless of the conditions of the operation of the relevant hotel.
The ”fixed rent plus variable rent type operation” is defined as an agreement under which INV or the trustee shall receive rent to thatvaries based on the GOP (Gross Operating Profit), in addition to the fixed rent.

(Note 9)Not disclosed because the consent of the tenant was not obtained.

69

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Periodb

Occupancy trendth

20 Fiscal
PeriodProperty
No.

Property Name

As of theend ofJun. 2013

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
A71
A72
A73

Nisshin
Palacestage
Daitabashi
Nisshin
Palacestage
Higashi-Nagasaki
Growth
MaisonGotandaGrowth
MaisonKameido
Emerald House

st

21 Fiscal
Period22nd Fiscal
PeriodAs ofthe endof

As of
the endofDec. 2013

Jun. 2014

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

24 Fiscal
PeriodAs ofthe end
of

As of
the
end ofAs ofthe endof

As of
the endof

As of
the endof

As of
the endof

As of
the end
of

Jun.
2015

Jul.
2015

Aug.
2015

Sep.
2015

Oct.
2015

Nov.
2015

Dec.
2015

th

25 Fiscal Period

98.0

95.0

94.1

90.0

96.9

99.1

98.0

97.0

99.1

97.0

96.1

98.4

97.4

97.7

96.3

94.9

96.5

98.8

95.0

96.6

95.3

96.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

94.0

89.3

89.3

86.2

95.4

92.3

94.0

100.0

95.5

95.5

97.0

100.0

98.9

100.0

98.0

100.0

100.0

98.9

100.0

99.0

99.0

97.9

88.2

97.5

91.2

93.5

88.3

90.8

90.8

90.8

89.4

89.4

90.8

95.6

Harmonie
Ochanomizu
Suncrest ShakujiiKoen
Growth
MaisonShin-Yokohama
Belle Face UenoOkachimachi
Grand
Rire
KameidoGrowth
MaisonIkebukuro
Growth
Maison
Yoga

95.3

97.0

97.0

97.4

95.4

92.6

95.2

100.0

97.0

97.0

97.1

94.1

86.9

95.6

97.0

98.5

98.5

98.5

94.1

95.7

97.2

100.0

100.0

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

100.0

100.0

100.0

88.2

97.6

90.4

90.5

88.1

88.2

88.2

95.3

97.6

97.6

97.6

97.3

100.0

97.3

94.9

94.9

94.9

97.4

97.4

97.4

97.4

94.8

Route Tachikawa

76.7

83.5

96.6

96.6

96.6

96.6

100.0

96.6

96.6

96.6

96.6

80.8

96.4

100.0

91.3

89.9

91.8

96.4

96.4

96.4

96.4

96.4

94.6

94.6

100.0

100.0

94.6

94.6

94.6

94.6

89.2

89.2

89.2

93.0

96.5

93.0

86.0

100.0

100.0

98.3

98.3

94.7

87.7

86.0

97.2

91.0

90.5

91.6

94.4

97.2

100.0

100.0

100.0

100.0

97.2

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

96.0

92.1

100.0

88.1

100.0

96.0

100.0

87.9

100.0

100.0

96.0

90.0

82.1

94.1

89.9

98.0

98.0

96.0

96.0

98.0

93.9

91.9

92.0

94.5

100.0

88.8

90.5

93.0

93.0

97.5

97.5

97.5

100.0

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

94.4

100.0

90.0

89.0

87.3

90.6

91.5

96.7

96.7

96.7

96.7

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

94.5

95.6

97.1

95.2

97.1

98.2

99.3

100.0

98.6

96.9

96.5

98.6

100.0

95.4

97.2

96.6

94.9

99.0

97.3

98.3

98.5

94.8

92.5

90.5

92.1

93.7

95.2

95.6

98.8

97.5

97.5

94.4

89.7

93.3

88.8

93.5

96.7

93.2

97.7

97.7

97.7

98.8

90.0

90.0

97.0

91.2

84.2

87.2

90.0

90.0

100.0

100.0

100.0

94.9

89.9

92.8

91.3

96.3

91.5

92.4

93.7

94.7

100.0

96.4

95.7

92.9

94.3

85.8

98.5

97.1

98.5

98.5

97.1

97.1

97.1

86.8

100.0

96.3

96.8

100.0

96.8

96.8

96.8

96.8

100.0

100.0

94.9

90.5

89.1

80.2

83.0

84.3

84.9

87.4

92.5

93.7

93.1

100.0

95.0

90.6

88.1

98.3

96.4

100.0

98.3

98.3

98.3

98.3

100.0

97.4

97.4

100.0

92.4

92.4

95.0

95.0

97.6

92.6

92.6

100.0

100.0

100.0

89.7

78.3

78.3

88.6

88.6

75.0

86.3

86.3

95.1

93.7

90.9

85.1

93.0

95.1

95.8

97.9

95.8

93.0

90.1

93.9

100.0

96.9

97.0

91.1

88.1

97.0

97.0

97.0

100.0

97.0

88.2

97.1

91.8

83.7

83.3

85.4

87.2

89.7

92.2

94.3

94.3

A75

Spacia Ebisu

90.2

89.2

90.0

93.6

93.6

96.0

96.4

97.7

95.1

93.0

95.6

A76

Neo Prominence

96.6

96.6

88.9

93.9

94.9

93.2

93.2

98.3

94.7

94.7

96.6

98.6

95.4

94.4

94.0

88.4

88.4

90.7

94.4

98.6

95.4

94.9

92.7

98.7

90.4

86.6

96.2

95.0

95.0

95.1

95.1

97.5

96.2

A77
A78

Invoice Shin-Kobe
Residence
Cosmo
Court
Motomachi

70Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

20 Fiscal
Period21 Fiscal
Period22nd Fiscal
Period23rd Fiscal
PeriodAs of theend ofAs ofthe endof

As of
the endof

As of theend ofDec. 2013

Jun. 2014th

Property
No.

Property Name

Jun. 2013stDec. 2014th

24 Fiscal
PeriodAs ofthe end
of

As of
the
end ofAs ofthe endof

As of
the endof

As of
the endof

As of
the endof

As of
the end
of

Jun.
2015

Jul.
2015

Aug.
2015

Sep.
2015

Oct.
2015

Nov.
2015

Dec.
2015

th

25 Fiscal Period

A79

Revest Honjin

98.8

93.7

95.0

92.5

100.0

100.0

97.5

98.8

96.3

98.8

98.8

A80

Revest Matsubara

95.7

98.8

91.2

93.7

89.5

90.0

93.1

93.7

97.5

94.3

93.1

97.4

97.4

89.5

92.1

97.4

100.0

94.7

97.4

97.4

97.4

97.4

93.8

96.5

91.7

94.4

98.6

98.6

97.9

100.0

95.8

92.3

91.0

A81
A82
A83

Sun
Terrace
Minami Ikebukuro
Alba
Noritake
Shinmachi
RevestMeiekiMinami

100.0

98.5

93.6

95.4

100.0

98.5

98.2

100.0

100.0

100.0

100.0

A84

Revest Heian

100.0

98.4

98.4

100.0

92.0

87.1

88.7

95.2

96.8

98.4

100.0

A85

Vendir Hamaotsu
Ekimae

95.4

100.0

94.2

87.3

88.4

89.7

92.2

92.4

89.8

89.8

88.4

A86

Salvo Sala

98.0

96.7

91.5

93.5

94.4

95.0

98.3

96.7

98.5

98.0

98.0

97.1

91.2

97.1

88.3

97.1

97.1

94.1

97.1

97.1

97.1

91.2

98.0

98.0

88.1

88.1

94.0

92.0

92.0

92.0

92.0

92.0

96.0

94.9

86.0

91.1

94.8

94.7

94.7

92.9

91.2

93.0

87.7

85.9

100.0

100.0

100.0

92.5

100.0

95.9

100.0

96.6

96.6

92.5

95.9

97.7

95.1

90.3

92.9

95.7

97.9

97.9

97.9

97.9

97.9

97.9

A87
A88
A89
A90
A91

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

A92

Belair Oimachi

100.0

96.4

96.1

92.9

96.1

96.4

96.4

96.4

96.4

96.4

96.4

A93

Siete
MinamiTsukaguchi

100.0

97.5

92.5

97.5

92.6

87.6

92.6

95.0

100.0

97.5

95.0

71

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Ptoprty
Property Name
No.

As of
the end of

A97 West Avenue
A98
A99
A100
A101
A102
B8
B9
B14
B15
B16
B17
B18
C1
C21
C22
C23
C24
C25
C26
C27
D1
D2
D3
D4
D5
D6
D7
D8
D9
D10
D11
D12
D13
D14
D15
D16
D17
D18

LittleRiver
Honmachibashi
Prime
Life
MikageCity
Court
Kitaichijo
Lieto
Court
Mukojima
Lieto
Court
Nishi-Ojima
Kindai
Kagakusha
Building
Shinjuku Island
Lexington Plaza
Nishigotanda
Cross
SquareNAKANO
Ohki
Aoba
Building
Lexington Plaza
Hachiman
AEON TOWN
Sukagawa
Times
KandaSudacho 4th
Bon
SejourChitoseFunabashiBon
SejourYotsugi
Bon Sejour HinoBon
SejourMusashi Shinjo
BonSejourKomakiBon
SejourHadanoShibusawa
Bon Sejour Itami
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

22nd Fiscal
Period23rd Fiscal
Period24 Fiscal
Period

As of

As of

As of

As of

As of

As of

As of

As of

As of

As of

the endofthe endofthe end of

the endofthe endof Jul2015

the endof Aug2015

the endof Sep2015

the endof Oct2015

the endof Nov2015

the endof Dec2015

Dec. 2013

Jun. 2014th

Dec. 2014

Jun. 2013
Prime
Life
A94 Sannomiya
Isogami Koen
HERMITAGE
A95
NANBA WEST
CenturyPark
A96 Shinkawa
1bankan

21 Fiscal
Periodst

st

20 Fiscal Periodth

25 Fiscal Period

Jun. 2015

100.0

93.8

100.0

96.9

93.8

90.6

100.0

100.0

100.0

100.0

100.0

86.9

96.0

92.0

100.0

95.7

91.8

96.0

96.0

96.0

100.0

91.2

90.9

97.7

100.0

95.5

91.0

91.0

91.0

86.4

84.2

91.0

91.0

82.5

90.0

85.0

85.0

75.0

75.0

77.5

75.0

80.0

82.5

80.0

93.8

96.9

93.9

93.8

96.9

96.9

93.8

90.7

96.9

100.0

100.0

100.0

96.6

93.4

93.3

86.8

90.1

88.7

96.6

96.6

100.0

100.0

－

－

－

－

－

97.4

96.9

97.5

97.9

98.8

96.6

－

－

－

－

－

97.4

99.0

99.0

98.5

97.6

97.6

－

－

－

－

－

97.7

100.0

100.0

100.0

100.0

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

100.0

57.6

67.6

64.3

64.3

70.8

69.3

72.6

75.8

77.4

77.4

79.1

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

－

－

－

－

－

－

－

－

－

100.0

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

－

－

－

100.0

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

100.0

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

72

Invincible Investment Corporation (8963)
Financial Summary for the 25th Fiscal Period

Ptoprty
Property NameNo.

21 Fiscal
Period22nd Fiscal
Period23rd Fiscal
Period24 Fiscal
Period

As of

As of

As of

As of

As of

As of

As of

As of

As of

As of

the endofthe endofthe end of

the endofthe endof Jul2015

the endof Aug2015

the endof Sep2015

the endof Oct2015

the endof Nov2015

the endof Dec2015

Dec. 2013

Jun. 2014st

st

20 Fiscal Period
As ofthe end ofthDec. 2014

Jun. 2013th

25 Fiscal Period

Jun. 2015

Shirakawa
D19
D20
D21
D22
D23
D24
D25
D26
D27
D28
D29
D30
D31
D32
D33
D34
D35
D36
D37

Flexstay
Inn
Nakanobu P1
Flexstay
Inn
Nakanobu P2
APA
Hotel
Yokohama
Kannai
Hotel
Nets
Hakodate
Flexstay
Inn
Shirogane
Hotel MyStays
HanedaHotel MyStays
Kameido P1
Hotel MyStays
Ueno Iriyaguchi
Hotel MyStays
Kameido P2
Hotel
Vista
ShimizuSuper
Hotel
Shinbashi/
Karasumoriguchi
Flexstay
Inn
Higashi-Jujo
Hotel MyStays
Utsunomiya
Flexstay
Inn
KawasakiKaizuka
Comfort Hotel
ToyamaFlexstay
Inn
KawasakiOgawacho
Flexstay
Inn
Ekoda
Super
Hotel
Tokyo-JRTachikawa
Kitaguchi
Super Hotel JR
Ueno-iriyaguchi
Total(Note)

－

－

－

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

100.0

－

－

－

－

－

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

－

－

－

－

－

－

100.0

100.0

100.0

100.0

100.0

－

－

－

－

－

－

100.0

100.0

100.0

100.0

100.0

95.9

96.3

95.1

96.1

96.9

97.4

97.8

98.1

98.3

98.3

98.2

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

73