July 2, 2024
For Immediate Release
Real Estate Investment Trust:
MIRAI Corporation
Michio Suganuma, Executive Director(Securities Code: 3476)
Asset Management Company:
Mitsui Bussan & IDERA Partners Co., Ltd.
Michio Suganuma, Representative Director, President
Contact: Kunihiro Ueda, Director, CFO
TEL: +81-3-6632-5960

Notice Concerning Performance of Variable Rent Assets (Hotels) (May 2024)
MIRAI Corporation (hereinafter “MIRAI”) announces its monthly performance of hotels with variable rent for May 2024 asbelow.
MIRAI will continue to disclose monthly performance of assets from which it receives variable rent or income and whoselessees have agreed to such disclosures.
(Note) Hotels with variable rent refers to those assets whose variable rent contribution was more than 20% of total rent revenue during the most recent fiscal
period. Classification is based on the actual rent revenue prior to the acquisition for the period corresponding to the most recent fiscal period for newly
acquired assets, and the assumptions made at the time the agreement was signed for assets that have undergone changes in lease agreements (includingtenant changes).

1. Performance

Property/Item

Occupancy rate (Note 3)

May 2024(Reference)

Comparedwith last year

Comparedwith 2019

Total/Averagefor the fiscal

Comparedperiod ending

with last year

October 2024

(Reference)
Comparedwith 2019

67%

--67%

--

5 SmileADR (Note 4)

7,897 yen--

7,897 yen--

Hotels

RevPAR (Note 5)

5,255 yen--

5,255 yen--

Sales (Note 6)

125 M yen--

125 M yen--(reference)

Occupancy rate

67%

77%

82%

67%

77%

82%

3 SmileADR

8,236 yen

127%

107%

8,236 yen

127%

107%

Hotels

RevPAR

5,504 yen

98%

88%

5,504 yen98%88%(Note 2)

Sales

89 M yen

104%

81%

89 M yen

104%

81%

(Note 1) MIRAI does not guarantee the accuracy and completeness of the figures above as it has not taken due process such as audit. Further, the figures
above may differ from the figures disclosed in the materials such as securities report to be filed in the future.
(Note 2) Of the five properties, "Smile Hotel Osaka Tennoji" and "Smile Hotel Kyoto Karasumagojo" started operation as variable rent assets on March20, 2024, and there are no operation results for the same month of the previous year or the same period last year. Therefore, the results of only
three properties excluding these two properties are shown for reference.
(Note 3) Occupancy rate: The number of guest rooms sold during the period is divided by the number of guest rooms available during the same period.
It is rounded down to the first decimal place.
(Note 4) ADR (Average Daily Rate): Total revenue from guest room sales of certain period (excluding service charges) is divided by the total number1

of guest rooms sold during the same period. It is rounded down to the first decimal place.
(Note 5) RevPAR (Revenue Per Available Room): Total revenue from guest room sales of certain period (excluding service charges) is divided by the
total number of available guest rooms during the period. It is rounded down to the first decimal place.
(Note 6) Sales are rounded down to millions of yen.

2. Performance by asset

Property/Item

May 2024(Reference)

Comparedwith last year

Comparedwith 2019

Total/Averagefor the fiscal

Comparedperiod ending

with last year

October 2024

(Reference)
Comparedwith 201952%--52%--

Smile Hotel

ADR

6,850 yen--

6,850 yen--

Osaka Tennoji

RevPAR

3,566 yen--

3,566 yen

-

-

Sales

14 M yen--

14 M yen--Occupancy rate

Smile Hotel
Kyoto
Karasumagojo

82%

-

-

82%

-

-

ADR

7,414 yen--

7,414 yen--

RevPAR

6,074 yen--

6,074 yen

-

-

Sales

21 M yen--

21 M yen

-

-

44%

44%

60%

44%

44%

60%

Occupancy rate

Occupancy rate
Smile Hotel

ADR

7,243 yen

131%

93%

7,243 yen

131%

93%

Naha City Resort

RevPAR

3,157 yen

57%

56%

3,157 yen

57%

56%

Sales

27 M yen69%

51%

27 M yen

69%

51%

96%

125%

109%

96%

125%

109%

Smile Hotel

ADR

10,264 yen

124%

111%

10,264 yen

124%

111%

Hakataeki-Mae

RevPAR

9,879 yen

154%

121%

9,879 yen

154%

121%

Sales

37 M yen

152%

120%

37 M yen

152%

120%

Occupancy rate

80%

110%

88%

80%

110%

88%

Smile Hotel

ADR

7,067 yen

102%

113%

7,067 yen

102%

113%

Nagoya-Sakae

RevPAR

5,619 yen

113%

99%

5,619 yen

113%

99%

Sales

25 M yen

112%

97%

25 M yen

112%

97%

Occupancy rate

(Note) MIRAI owns other assets with variable rent in addition to those listed above, however, the performances of such assets are not disclosed as thecontributions of variable rent are less than 20% of the asset’s total rent revenue.

3. Special Comment
Smile Hotel Osaka Tennoji, which is facing the issue of improving recognition after the operator change, and Smile Hotel
Naha City Resort, which is lagging behind in capturing inbound demand, continue to struggle, but other hotels areperforming well, such as Smile Hotel Hakataeki-mae, which recorded operating results well above the 2019 level before
COVID-19.
(End)* URL: https://3476.jp/en
This press release is the English translation of the announcement in Japanese on MIRAI’s website. However, noassurance or warranties are given for the completeness or accuracy of this English translation.

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