[For Information Purpose Only
The Japanese language press release should be referred to as the original.]
February 26, 2024
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities Code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Performance Update for January 2024
Invincible Investment Corporation (“INV”) hereby announces its monthly performance.
As the classification of COVID-19 under the Infectious Disease Control Law was lowered toClass 5 in May 2023, the same category as seasonal influenza, the COVID-19 pandemic isthought to have already ended. As such, from this monthly performance update on, we will
discontinue the comparison of hotel performance with the same month in 2019 and provide only
a year-over-year comparison.
1. Overall Performance of the Entire Portfolio
As for the hotel portfolio, the occupancy rate and ADR for both domestic and overseas hotels
were driven by steady demand, both exceeding the January 2023 figures, when the hotel
performance was still affected by the COVID-19 pandemic. The overall portfolio NOI1,2 forJanuary 2024 increased by 38.8% year-over-year to JPY 2.1 billion.
The following are the details by segment.
2. Hotel Assets Overview(1) Domestic Hotels
As for the domestic hotel portfolio3 performance for January 2024, the occupancy rateincreased by 3.6pt, ADR increased by 10.9%, and RevPAR increased by 16.4% year-overyear. The NOI in January 2024 increased by 63.7% year-over-year.
During the month of January 2024, strong inbound demand had a positive impact in theTokyo 23 Wards and the Hokkaido area, where RevPAR for the hotels was approximately
30% higher than January 2023.
This English language notice is a translation of the Japanese-language notice released on February 26, 2024 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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The total number of visitor arrivals to Japan (estimated) announced by the Japan National
Tourism Organization (JNTO) for January 2024 reached 2.68 million, which was 79.5%
higher than the January 2023 figure.
We are forecasting that the February 2024 RevPAR will be approximately 17.6% higher than
the same month in 2023 as of today.
As for the impact of the Noto Peninsula earthquake in Ishikawa Prefecture which occurred
on January 1, 2024, while some reservations were cancelled in some of our hotels, somereservations were generated from disaster recovery work demand. As a result, there was
no overall negative impact on hotel performance in January, and we expect almost nonegative impact in the future as well.
Table below shows the KPIs for each area of the 81 domestic hotels portfolio3.
AreaOccupancy Rate4

ADR (JPY)5

RevPAR (JPY)6Tokyo 23 Wards

81.6%

9,599

7,833Greater Tokyo (ex. Tokyo 23 Wards)

77.7%

12,688

9,862

Chubu

72.5%

10,413

7,550

Kansai

58.2%

8,291

4,824

Kyushu71.6%

12,847

9,196

Hokkaido

72.7%

9,854

7,167

Other domestic

72.4%

11,912

8,629

Total

74.4%

10,836

8,067(2) Cayman Hotels
The performance of Cayman Hotels (Westin Grand Cayman Seven Mile Beach & Spa andSunshine Suites Resort) in January 2024 was driven by robust demand. The occupancy
rate was 80.8%, ADR was USD 621, and RevPAR was USD 501, or increase of 5.1pt, 8.5%,
and 15.8% from January 2023, respectively. The NOI1 for January 2024 increased by
17.1% year-over-year to JPY 637 million.
We are forecasting that the occupancy rate for the Cayman Hotels in February 2024 will be
85.4%, or 0.5pt higher than the February 2023 figure, ADR will be USD 603, or 0.1% higher
than the February 2023 figure, and RevPAR will be USD 515, or 0.7% higher than theFebruary 2023 figure as of today, supported by steady demand.
3. Residential Assets Overview
The residential portfolio7 in-place occupancy rate as of the end of January 2024 decreased
by 0.3pt to 95.6% compared to the end of the previous month, and decreased by 0.7pt yearover-year.
This English language notice is a translation of the Japanese-language notice released on February 26, 2024 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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The average in-place rent per tsubo increased by 0.7% year-over-year. The NOI8 for theresidential portfolio in January 2024 increased by 1.6% year-over-year.
Rents, compared with those based on the immediately preceding leases, increased by 1.8%
for new leases, increased by 1.4% for renewal leases, and increased by 1.6% for new andrenewal leases combined for January 2024. INV achieved a rent increase on 44.1% oflease contract renewals, and the retention rate for existing tenants was 82.9% for January
2024.
4. Performance* The “Difference” in the table below indicates the increase / decrease in value for the monthof January 2024 compared to the corresponding value in 2023. Hereinafter the same.
(1) 81 Domestic Hotel Properties3Jan.
2024

Jan.
2023

Difference

74.4%

70,9%

+3.6pt10,8369,774+10.9%

8,067

6,929

+16.4%

5,750

4,856

+18.4%

Jan.
2024

Jan.
2023

Difference

80.8%

75.7%

+5.1pt

621

572

+8.5%

501

433

+15.8%

12,81910,519+21.9%

Occupancy
Rate4
ADR(JPY)5
RevPAR(JPY)6
Gross Revenue(JPY million)9Cayman Hotels

Occupancy
Rate4
ADR(USD)5
RevPAR(USD)6
Gross Revenue(USD thousand)(2) 41 Residential Properties7

Occupancy Rate
Rent per Tsubo(JPY)End ofJan. 2024

End ofJan. 2023

Difference

95.6%

96.3%

-0.7pt

9,245

9,182

+0.7%

This English language notice is a translation of the Japanese-language notice released on February 26, 2024 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

35. Portfolio NOI1,2,8(JPY Million)
Tokyo 23 Wards
Greater Tokyo

Jan.
2024

Jan.
2023

Difference

418

271

356

137 +159.2%

Greater Tokyo Subtotal
Chubu

774

409

137

51 +166.2%

Kansai56

78-28.6%

Kyushu144

103+40.0%

Hokkaido

137

113+21.4%

Other domestic

1416-15.9%

Domestic Hotel- Subtotal

1,264

772

+63.7%

Residential

188

185

+1.6%

Commercial

1212-0.0%

Domestic Asset-Subtotal

1,466971+50.9%

Overseas637

544+17.1%

Total

2,104

1,516

+38.8%(ex. Tokyo 23 Wards)+54.0%+89.3%(Note 1) Based on all properties held as of the beginning of the June 2024 fiscal period, excluding nine hotels with fixed-rent leaseagreements. Nine hotels with fixed-rent lease agreements are D29 Super Hotel Shinbashi/ Karasumoriguchi, D33
Comfort Hotel Toyama, D36 Super Hotel Tokyo-JR Tachikawa Kitaguchi, D37 Super Hotel JR Ueno-iriyaguchi, D39
Comfort Hotel Kurosaki, D40 Comfort Hotel Maebashi, D41 Comfort Hotel Tsubame-Sanjo, D42 Comfort Hotel Kitami,
and D48 Takamatsu Tokyu REI Hotel. Of nine hotels that are excluded, “D48 Takamatsu Tokyu REI Hotel” has changed
its lease agreement with its major tenant, TOKYU HOTELS CO., LTD., to “fixed rent plus variable rent” effective April 25,2023, but in consideration of the continuity of disclosed data and other factors, the hotel will continue to be treated as ahotel with fixed-rent lease agreement for the time being, and will remain excluded. NOI includes a simulated amount ofdividend income from Kingdom TMK (the “TMK”) that owns Sheraton Grande Tokyo Bay Hotel as an underlying asset.
The fiscal periods of the TMK are semi-annual periods from April 1 to September 30 and from October 1 to March 31 every
year, and INV will receive the dividend within three months from the end of each semi-annual fiscal period of the TMK.
Since INV does not receive a dividend from the TMK on a monthly basis, the amount of dividend INV receives from theTMK for each month is a simulated figure, which is calculated by deducting (i) simulated expenses such as operating
expense of the TMK and the interest of debt (calculated dividing the budget of the TMK for the fiscal period that includes
the relevant month by the number of months in such fiscal period) from (ii) NOI based on the performance of Sheraton
Grande Tokyo Bay Hotel in the month which is three months before the target month for this performance disclosure andmultiplied by INV’s ownership ratio of the preferred equity interest in the TMK (49.0%). However, the TMK has acumulative loss due to the decline in profits and has been in a situation where it cannot pay dividends. Since dividend
income from the TMK is not recorded unless the cumulative loss is eliminated, a discrepancy may arise between thesimulated amount of dividend income and the dividend income from the TMK in the process of eliminating theabovementioned cumulative loss. The revenue from the Cayman Hotels is calculated at the exchange rate of US$1 to¥110. Furthermore, NOI is provisional figure and subject to change when it is determined at financial closing; hereinafterthe same.
(Note 2) NOI figures before acquisition by INV is based on the data obtained from third-parties including previous owners, and are
subject to change caused by the adjustments based on differences in accounting treatments, since it is difficult to adjust
them due to the timing even if the figures are based on actual performance; hereinafter the same.
(Note 3) Based on 81 hotel properties; of the 90 domestic hotel properties (including Sheraton Grande Tokyo Bay Hotel, theunderlying asset of preferred equity interest held by INV) held as of the beginning of the June 2024 fiscal period, nine
hotels with fixed-rent lease agreements are excluded. As for Sheraton Grande Tokyo Bay hotel, NOI is based on thefigure for the month which is three months prior to the target month for this performance disclosure as INV will receive thedividend from the TMK within three months of each fiscal period end for the TMK as described above. However, inconsideration of seasonality, figures other than NOI in the table above are based on the figures for the target month forthis disclosure; hereinafter the same.
(Note 4) “Occupancy Rate” for hotel portfolio is calculated using the following formula:room occupancy rate = total number of rooms occupied during the relevant period ÷ (aggregate number of rooms during
the relevant period x number of business days during target period)
This English language notice is a translation of the Japanese-language notice released on February 26, 2024 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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(Note 5) “ADR,” or Average Daily Rate, is the value of the total room sales for a certain period (excluding service fees) divided by
the total number of sold rooms for the same period.
(Note 6) “RevPAR,” or Revenues Per Available Room, is calculated by dividing the total room sales for a certain period by theaggregate number of rooms for the same period (rooms x number of days), and is the same as product of room occupancy
rate and ADR.
(Note 7) Based on 41 properties held by INV as of the beginning of the June 2024 fiscal period; hereinafter the same.
(Note 8) NOI excludes one-off insurance-related revenues and expenses; hereinafter the same.
(Note 9) Gross Revenue of Sheraton Grande Tokyo Bay Hotel used in the table is the whole gross revenue of such hotel, regardlessof INV’s ownership ratio of the preferred equity interest in the TMK (49.0%).
(Note 10) Percentages are rounded to one decimal place. ADR, RevPAR and Rent per Tsubo are rounded to the nearest yen and
Gross Revenue is rounded down to the nearest million yen.
(Note 11) For the details of performance for each hotel asset, please visit INV’s website:
https://www.invincible-inv.co.jp/en/portfolio/hotel.html

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

This English language notice is a translation of the Japanese-language notice released on February 26, 2024 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail in all respects.

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