Acquisition of 6 New Properties
and DPU Forecast Update
January 20, 2016

Invincible

Investment
Corporation

TSE Code: 8963

http://www.invincible‐inv.co.jp/eng/Table of Contents
 Continued Robust DPU GrowthP. 3

 Strong Performance of Hotel Assets

P. 4

 Overview of Portfolio to be Acquired

P. 5

 Overview of Portfolio after New Acquisition

P. 6

 Extensive Sponsor Pipeline to Drive Further External Growth

P. 7

 Stable Residential Portfolio

P. 8

 Continuous Improvement of Financial Conditions

P. 9

 Solid Fundamentals for Hospitality Sector

P. 10

 Overview of New Properties

P. 12

 Disclaimer

P. 19(Note) Figures are rounded down and ratios are rounded in this document, unless otherwise stated.

Investment
Invincible Corporation

2

Continued Robust DPU Growth Updated 2015 DPU forecast of ¥2,023 due to stronger internal growth than previously forecasted
 Updated DPU forecast of ¥2,540 due to strong internal growth and acquisition of an additional of six properties
 NAV per unit has grown by 64.8% （1） since last year and leverage is down to 44.0%
 Increased asset values facilitated acquisition of additional assets without need for equity issuance■ DPU Growth（2）■ 2015 DPU Forecast Change （2） (¥)

(¥)

+5.1%

3,000

ActualForecast

2,540

2,500

+25.6%
2,023

2,000
1,385

+54.9%
1,500

1,306

1,000

500

Upper:
December
PeriodPrevious Forecast(Aug. 26, 2015)■ 2016 DPU Forecast Change （2） (¥)

1,163

733

+13.3%

501

1,155
860

237

Current Forecast(Jan. 20, 2016)

Lower:
June
Period

573

264
0
2013

2014

2015

2016

Previous Forecast(Nov. 18, 2015)

Current Forecast(Jan. 20, 2016)(Note1) Comparison of NAV per unit as of December 31, 2014 (¥26,671) and December 31, 2015 (¥43,976), based on December 2015 unaudited figures
NAV＝ End‐of‐period Amount of Net Assets – Undistributed Profit + End‐of‐period Appraisal Value ‐ Tangible property(Note2) Based on the forecasts announced on January 20, 2016

Investment
Invincible Corporation

3

Strong Performance of Hotel Assets
 Hotel ADR and NOI Y‐o‐Y growth has accelerated from 2013 to 2015
 Actual results have beaten initial forecast 2016 budgeted growth is modest compared to 2015 growth Japan saw a record 19.7 mn foreign visitors in 2015, up 47.1%. Volatility in Chinese equity market has not impacted dramatic increases in
Asian tourists

ADR Growth (Annual)1

NOI Growth (Annual) 1,2

Y‐o‐Y Growth Rate

Y‐o‐Y Growth Rate

2013

2014

2015(E)

2016(E)

2013

2014

2015(E)

2016(E)+8.4%+11.9%+19.1%+10.8%+11.7%+18.2%+27.3%+14.4%¥¥ mn

2012（A）

2013（A）

2014（A）

2015（E）

2016（E）

Occ. 83.9%

85.1%

88.4%

90.9%

91.9%

2012（A）

ADR Monthly Trend1¥(Note 1)

Jan. – Nov., 2015(A) + 19.5% (YoY)

2014（A）

2015（E）

2016（E）

NOI Monthly Trend1,2¥ mn

Jan. – Nov., 2015(A) + 27.7% (YoY)

Based on 33 hotels in our portfolio, as of Today, which include all hotels with variable rent structures except for Hotel MyStays Haneda, which opened in September 2014. Super Hotel Shinbashi/Karasumoriguchi, Super Hotel Tokyo‐JR
Tachikawa Kitaguchi, Super Hotel JR Uenoiriyaguchi and Comfort Hotel Toyama are also excluded because their leases have only fixed rent. Year on year figures for 2016 are based on 33 hotels and year on year figures before 2015 are basedon 32 hotels excluding Hotel MyStays Haneda.
Pre‐acquisition GOP and NOI are based on the actual results provided by sellers and adjusted to reflect for trust fees and insurance premiums assuming the properties had been held by Invincible. Rent income of APA Yokohama‐Kannai isregarded as GOP.

Investment
Invincible Corporation(Note 2)

2013（A）

4

Overview of Portfolio to be Acquired Acquisition of 5 hotels and 1 residential asset at a 6.1% NOI cap rate
 Accretive acquisition without issuing equity
 Since July, 2015 secondary offering, 9 additional properties for ¥17.5 bn will have been acquired without issuing additional equity■ Overview of the Portfolio to be Acquired
Number of Properties

 6

Total Acquisition Price ¥10,207 mn

Total Appraisal Value ¥10,310 mn

Average of
5 Hotels

Hotel NOI Yield 6.1%

Hotel Occupancy (1) (3) 84.7 %Hotel ADR (1) (3) ¥6,766

Hotel RevPAR (1) (3) ¥5,727

Hotel MyStays
Shinsaibashi

Comfort Hotel
Kurosaki

Total
Leasable Area(m2)

Scheduled
Acquisition Price(¥ mn)

AppraisalValue(¥ mn)NOI Yield

1,942.01

3,160

3,190

3,207.60

1,148

3,360.96

Comfort Hotel
MaebashiComfort Hotel
Tsubame‐sanjo

Comfort Hotel
KitamiRoyal Parks
Momozaka■ Acquisition Summary
Property Name
Hotel MyStays
Shinsaibashi
Comfort Hotel
KurosakiComfort Hotel
MaebashiComfort Hotel
Tsubamesanjo
Comfort Hotel
KitamiRoyal Parks
Momozaka
Total

Location

No. ofRooms/
Units

Osaka, Osaka

54

Kitakyushu, Fukuoka

151

Maebashi, Gunma

153

Sanjo, Nigata

132

Kitami, Hokkaido

127

Osaka, Osaka

147

‐

764

Completion Year
(Renovation Year)
1985(2015)
2009
(‐)
2009
(‐)
2007
(‐)
2008
(‐)
2007
(‐)
‐

Occupancy
Rate

ADR
(¥)

RevPAR(¥)(1) (3)(1) (3)(1) (3)

6.3%

95.0%

17,80016,910

1,160

5.7%

80.0%

5,300

4,240

1,128

1,140

6.0%

85.0%

6,000

5,100

3,099.90

1,010

1,020

6.0%

85.0%

5,500

4,675

3,009.50

851

860

6.0%

85.0%

5,400

4,590

8,776.26

2,910

2,940

6.3%

100.0%‐‐

23,396.23

10,207

10,310

6.1%

‐

‐

‐

（1）（2）(Note 1) NOI yield has been calculated by dividing the NOI in the appraisal report by scheduled acquisition price.
(Note 2) Occupancy, ADR and RevPAR are based on the figures of direct cap method in appraisal reports.
(Note 3) Occupancy for the hotel shows the room occupancy rate. Room occupancy rate is calculated by dividing the total number of rooms sold for a certain period by the aggregate number of rooms available forthe same period (rooms multiplied by number of days)
ADR, or Average Daily Rate, is the total room sales for a certain period (excluding service fees) divided by the total number of rooms sold for the same period
RevPAR, or Revenues Per Available Room, is calculated by dividing the total sales for a certain period by the aggregate number of rooms available for the same period (rooms x number of days), and is thesame figure as that of a product of room occupancy rate multiplied by ADR.

Investment
Invincible Corporation

5Overview of Portfolio after New Acquisition
Existing Portfolio(as of Jan. 20, 2016)

After Acquisition(as of Jan. 22, 2016)

Properties to be Acquired

111
(37)

+

6
(5)

=

117
(42)

Acquisition Price (¥ mn)

173,815+

10,207=

184,022

Appraisal Value(1) (¥ mn)

214,952+

10,310=225,262

Loan Amount(2) (¥ mn)

90,619

+

8,500

=

99,119LTV Ratio(2)

42.2%

+

82.4%

=

44.0%

NOI Yield(3)

7.1%

+

6.1%

=

7.0%

# of Properties(# of Hotels)

Portfolio Composition
by Property Type(4)Residential
Hotel
55.3%

36.4%

Hotel
71.5%

Residential
28.5%

Residential
Hotel

35.9%

56.2%

8.3%
Others7.9%
Others(Note 1) For properties held as of January 20, 2016, appraisal value as of December 31, 2015; for properties to be acquired, appraisal value on the appraisal report obtained at the time of acquisition.
(Note 2) C‐tax loan isn’t included in the “Loan Amount”. LTV is calculated based on such loan amount.
(Note 3) “NOI Yield” is based on NOI in the appraisal report divided by (scheduled) acquisition price.
(Note 4) Based on (scheduled) acquisition price.

Investment
Invincible Corporation

6

Extensive Sponsor Pipeline to Drive Further External Growth Added ten hotels, including the Sheraton Grande Tokyo Bay Hotel, to the Sponsor Pipeline which now comprises 6,769 hotel
rooms and 743 apartment units■ 25 Hotels Covered by the MOU（2）Asset Type

Location

No. ofRooms

Top 10 InboundTouristDestinations（3）Hotel MyStays Gotanda Station

Limited Service Hotel

Shinagawa‐ku, Tokyo

333

✔

2

Hotel MyStays Akasaka

Limited Service Hotel

Minato‐ku,Tokyo

327

✔

3

Hotel MyStays Kanazawa

Limited Service Hotel

Kanazawa,Ishikawa

244

4Hotel MyStays Fukuoka‐Tenjin

Limited Service Hotel

Fukuoka, Fukuoka

217

✔

5

Hotel MyStays Yokohama ‐Kannai

Limited Service Hotel

Yokohama, Kanagawa

166✔

Hotel Name
1

6

Hotel MyStays Hamamatsucho

Limited Service Hotel

Minato‐ku, Tokyo

105

✔

7

Rihga Royal Hotel Kyoto

Full Service Hotel

Kyoto, Kyoto

489

✔

8

Narita Excel Hotel Tokyu

Full Service Hotel

Narita, Chiba

706

✔

9

Art Hotels Sapporo

Full Service Hotel

Sapporo, Hokkaido

418

✔

10

Best Western Hotel Fino Sapporo

Limited Service Hotel

Sapporo, Hokkaido

242

✔

11

Best Western Hotel Fino Oita

Limited Service HotelOita, Oita

145

12

Takamatsu Tokyu REI Hotel

Limited Service Hotel

Takamatsu, Kagawa

191

13

Hotel Naqua City Hirosaki

Full Service Hotel

Hirosaki, Aomori

134

14

Beppu Kamenoi Hotel

Resort Hotel

Beppu, Oita

322

15

Fusaki Resort Village

Resort Hotel

Ishigaki, Okinawa

195

✔

16

Sheraton Grande Tokyo Bay Hotel

Full Service Hotel

Urayasu, Chiba

1,016

✔

17

Hotel Shin‐Osaka Conference Center

Limited Service Hotel

Osaka, Osaka

397

✔

18

Art Hotels Asahikawa

Full Service Hotel

Asahikawa, Hokkaido

265

✔

19

Castle Inn Kanazawa

Limited Service Hotel

Kanazawa, Ishikawa

206

20

Hotel JAL City Matsuyama

Full Service Hotel

Matsuyama, Ehime

161

21

Hotel Ueno East

Limited Service Hotel

Taito‐ku, Tokyo

150

✔

22

(tentative) Hotel Mystays Honmachi
3‐chome (Osaka)

Limited Service Hotel

Osaka, Osaka

120

✔

23

KITA HOTEL

Limited Service Hotel

Sapporo, Hokkaido

86

✔

24

Flexstay Inn Sakuragicho

Limited Service Hotel

Yokohama, Kanagawa

70

✔

25

(tentative) Hotel MyStays Kuramae

Limited Service Hotel

Taito‐ku, Tokyo

64

✔

Total

Sheraton Grande Tokyo Bay Hotel(Annex Under Construction)

Hotel MyStays Akasaka(Redevelopment)

Rihga Royal Hotel Kyoto(Renovation)

Hotel MyStays Kanazawa(Development)

Hotel MyStays Hamamatsucho

Hotel MyStays Gotanda Station(Renovation/Rebranding)

6,769(Note 1) MOU providing preferential negotiation rights. Properties highlighted in blue are newly added into MOU.
(Note 2) Properties covered by MOU. Invincible may elect to acquire only selected assets covered by the MOU or none at all and there is no assurance that Invincible will be able to acquire these assets(Note 3) Properties located in prefectures that falls into the Top 10 Inbound Tourist Destinations are shown.

Investment
Invincible Corporation

7

Stable Residential Portfolio Residential portfolio forecasted to provide 2.2% NOI growth in 2016
 Average residential occupancy is forecasted to increase by 1.5% and average rent per tsubo by 1.4%
 Continued strong performance on lease renewals with 85% renewal rate and 1.3% increasing rent
Net Operating Income

Occupancy Rate of Residential Properties
100.0%+2.2%¥ 3,050

Average Rent per Tsubo+ 1.5 points¥10,200

96.0%¥10,100+1.4%

3,021MM¥10,100¥ 3,000

94.5%
90.0%

2,956MM¥10,000¥9,960¥ 2,950¥9,90080.0%
0%¥ 2,900
0
2015
Actual2015
Actual2016
Estimate¥9,800¥0

2016
Estimate

2015
Actual2016
Estimate

Steady Rental Growth from New Leases and Renewals
New Contracts

Increase

Net Rent
Change1 100%

‐0.3%

80%

35.8%

+1.9%
20.5%

As is
+1.1%

Decrease

Contract Renewals
Net Rent
Change1100%

Decrease

‐0.0%

+1.3%

+1.3%

0.6%

0.1%

0.0%

61.8%

60.9%

38.1%

39.1%

80%

22.3%

19.7%
60%

27.8%

99.3%

40%

40%

57.2%

56.8%
20%

36.4%

0%

No. of New
Contracts
Net Leasing
Costs2

As is

23.4%

60%

20%

Increase

0%

2013

2014

2015

827

649

943

1.51

1.01

1.23

No. ofrenewalRenewalrate 3

0.1%

2013

2014

2015

818

872

1,209

81.2%

84.7%

85.4%

(Note 1) Monthly rent increase (%) of new or renewed contracts compared with previous contracts of existing properties(Note 2) Net Leasing Cost (Multiple Investmentof Monthly Rental) = Advertising Expenses (Multiple of Monthly Rental) + Free Rent (Multiple of Monthly Rental) – Key Money (Multiple of Monthly Rental)
Corporation(Note 3) Renewal rate is calculated by“Number of Renewals during the Period” ÷”Number of Cases Targeted for Renewal during the Period”

Invincible

8

Continuous Improvement of Financial Conditions
 Leverage down to 44% of appraisal value Proactively working to further increase banking group

LTV2 and Average Interest Rate3

Borrowings
Loans
New Syndicate Loan (E)1
Term Loan (A) 1
Term Loan (B) 1
Total / Average Interest Rate
(Note 1)

Term
3yrs.
4yrs.
5yrs.
10mo.
4yrs
3yrs.
5yrs.
1yrs.
4yrs

Balance (¥ mn)
28,97928,97928,979
1,080
3,682
4,250
4,250
498
100,697

Interest Rate
1MT+0.4%
1MT+0.5%
1MT+0.6%
1MT+0.2%
1MT+0.5%
1MT+0.4%
1MT+0.6%
1MT+0.2%
0.63%1

60%

59.0%

55%

3.66%

53.1%

53.1%

3.0%

49.0%

2.0%

1.95%
45%

44.0%

1.0%

0.63%

0.63%

0.0%

2015/12

As of
Jan. 22

1.48%

42.2%

1.07%

1.06%

40%
2013/6

2013/12

2014/6

2014/12LTV (Appraisal Basis)

Bank Formation

2015/6

Average Interest RateDSCR4 / DSCR Excluding Hotel Variable Rent Portion5

As of January 22, 2016

25x

DSCR based on Portfolio
19.9x

DSCR (excluding Hotel Variable Rent)

20x

Mizuho
21.9%

17.2x

9.9x

10.0x

10.2x

10x
5x
SMBC
18.2%

SMTB
15.2%

LTV is calculated using the following formula: Interest‐bearing Debts (excluding c‐tax loan) / Total Appraisal Value
The average interest rate is calculated using the following formula:(Total of loan amount outstanding at the end of each fiscal period multiplied by applicable interest rate at the end of eachfiscal period for each of loans) / The loan amount outstanding at the end of each fiscal period

1.9x

2.2x

2013/6

2013/12

6.1x

6.2x

2014/122015/67.7x

8.2x

2016/6(E)

2016/12(E)

3.6x 3.5x

0x

BTMU
18.2%

Investment
Invincible Corporation

18.0x

15x

ShinseiBank
9.9%(Note 2)
(Note 3)

54.8%

50%

C‐tax loan isn’t included in calculation of average loan term. Average Interest Rate of Loans; based onassumption 1 month TIBOR as of today, meanwhile interest rate of the first payment period for Term Loan (B)apply 2 month TIBOR.

Resona
MUTB
Bank
3.7%
Citibank 4.0%
Japan
8.9%

4.0%

(Note 4)(Note 5)

2014/6

2015/12(E)

DSCR is calculated by dividing operating income, as adjusted for depreciation expenses from property rental
business and any loss (gain) on sales of property by scheduled prepayments of loans payable and interest
expense for the relevant period
Excluding hotel variable rental income portion from operating income in calculating DSCR

9

Solid Fundamentals for Hospitality Sector
 Inbound visitors represent 10.6% of the Japanese population, which is still low compared to other major countries. Government
initiatives to boost tourism and structural economic changes are likely to contribute to an increase in inbound visitors to Japan Low new hotel supply and relatively high barriers to entry provide less concern about the supply‐demand balance
Inbound Growth up 47.1% (full year 2015)

Inbound Visitors to Japan(Unit: mn)

Government seeking amore ambitious target

40

30.0

30
19.7

8.4

6.2

Korea, Taiwan,
18.6%
20.3%

2012

Singapore,
1.6%
Malaysia,
1.5%
Asia Other,
3.9%

13.4

10.4

China,
25.3%

Other, 9.9%

2013

2014

2015

2020E

Source： JNTO

Top 5 Countries
by Growth Rate
#1 China+107.3%#2 Hong Kong
+64.6%#3 Vietnam+49.2%#4 Philippines+45.7%#5 South Korea+45.3%

USA, 5.2%
Non‐Asia, Australia,
1.9%
17.1%

0
2011

Thai, 4.0%

20.0

20
10

Hong Kong,
7.7%

Asia, 82.9%

2030E
Note: JNTO

Global Comparison of ADR(3)Inbound Visitors Per Population (1),(2)Hotel New Construction Starts

Inbound Visitors Per Population (%)
10.6

130.4

23.4

# of Inbound Visitors(mn)

100

50.6

36.9

90.9

28.7

(USD)

Inbound Visitors Per Population

150%

80

ADR Average: USD232

90%

40

60%

20

30%

0
France
フランス

USA
米国

# of Inbound Visitors

UK Thailand
イギリス
タイ

Malaysia
マレーシア

hotel
Floor
space
floor
space

4,000

3,500

3,500

3,000

3,000

2,500

2,500

2,000

2,000

1,500

1,500

1,000

1,000

500

500
0
1994

1998

2002

2006

2010

2014

South
韓国
Korea

Inbound Visitors Per Population

Source: IHS Global Insight, United Nation and Japan National Tourism Organization(Note 1) Inbound visitors divided by population of each country(Note 2) Comparison of G7countries + South Korea; based on 2014 statistics

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Invincible Corporation

4,500
number of new hotel building starts
Numberofnew
newhotelhotelbuildingbuildingstarts
startsnumber of

0

0%
Japan
日本

4,500
4,000

120%

60

Floor space (thousand m2)
floor space(thousand ㎡)

Number of hotel Starts
number of hotel starts

Source: STR GLOBAL (Asia Pacific Hotel Industry Performancefor the Month of December 2014)(Note 3) 2014 Full year basis

Source : Ministry of Land, Infrastructure Transport and Tourism (MLIT)

10

Solid Fundamentals for Hospitality Sector (Continued)
 Government and tourism initiatives have lead to an increase in the capacity for foreigners to visit Japan, including the expansionof airport capacity, increase of low cost carriers, relaxation of visa requirements, and more rail capacity
Government Efforts to Boost Inbound Demand
1. Expansion of airport capacity at Narita and Haneda Airport— The landing slots have increased to 747,000 by the end of March
2015; plan to add 79,000 landing slots in the two airports by 2020
— Construction of additional runways at Narita and Haneda Airports
are under consideration
2. Dedicated LCC terminals in Narita Airport and Kansai International
Airport— One LCC terminal was opened in April 2015 in Narita Airport andthe other will be opened in 2H 2016 in Kansai International Airport
3. Opening of Hokuriku and Hokkaido Shinkansen in 2015 and 2016,
respectively
4. A new railway to link directly Haneda Airport to Tokyo CBD,
planned to be completed around 2025
5. New railway planned to connect Narita and Haneda Airports viaTokyo Station

Relaxation of Visa Requirements
Subject Country
2015 China

MeasuresSignificant relaxation of visa requirements
Exemption of visas(Based on prior registration)

Indonesia

2014 Indonesia, Philippines and Vietnam Significant relaxation of visa requirements
India

Issuance of multiple visa for short stay

MyanmarIssuance of multiple visa for short stayCambodia, Laos

Issuance of multiple visa for short stay2013 Indonesia, Philippines and Vietnam Issuance of multiple visa for short stayThailand, Malaysia

Exemption of visas
Issuance of multiple visa for short stay
(Tohoku and Okinawa region)

2012 China
Source: Ministry of Foreign Affairs of JapanLCC Market Share in Major Airports1

New Railway to and Potential 5th Runway in Haneda Airport•••

Potential further increase in demand in Haneda expected with new railway
planned to directly link the airport to city center of Tokyo
MLIT and related parties are considering adding a new runway at Haneda
Airport to meet fast growing needs
If the plan is realized, Haneda capacity is expected to increase by appx. 130,000
flights p.a. after 20252
1
3
4Int’l Terminal Terminal 2

5

Terminal 1

Existing Runways

2

Source: Narita International Airport, Kansai International Airport and Chubu Centrair International Airport(Note 1) Based on the number of flights of summer schedule per week in each year

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Invincible Corporation

Position of the 5th Runway under Consideration
Source: Ministry of Land Infrastructure and Transportation(Note 2)Specific timing of the operation of new runway has not been announced by MLIT. Construction period is
estimated to be 10 – 15 years.

11Overview of New Properties

Investment
Invincible Corporation

12

Hotel MyStays Shinsaibashi
Property Name
LocationTransport Access■ Overview of the Renovation (January‐March 2015)

Investment
Invincible Corporation

Date of Construction
Renovation Timing
Number of guest rooms
Total Floor Area
Land Area
Daily / Weekly/ Monthly %(2015 Apr.‐Nov.)
ADR (2016)
Occupancy Rate (2016)
RevPAR (2016)
Gross Revenue (2016)
GOP / GOP % (2016)
NOI (2016)
Overseas Sales Share(2015 Apr.‐Nov.)
Leasing Contract

Hotel MyStays Shinsaibashi
1‐9‐30 Shinsaibashi, Chuo‐ku, Osaka, Osaka
Prefecture
2‐minute walk from Shinsaibashi Station
on subway Midosuji Line
September 1984
March 2015
54
1,942.01m2
413.96m2
99.9% / 0.1% / 0.0%
¥14,904
91.4%¥13,626¥281mn¥156 mn /55.7%¥150 mn
58.3%
Fixed plus variable rent

13

Comfort Hotel Kurosaki
Property Name
LocationTransport Access
Date of Construction
Renovation Timing
Number of guest rooms
Total Floor Area
Land Area
Daily / Weekly/ Monthly %ADR (2016)
Occupancy Rate (2016)
RevPAR (2016)
Gross Revenue (2016)
GOP / GOP % (2016)
NOI (2016)
Overseas Sales Share
Leasing Contract

Comfort Hotel Kurosaki
3‐13‐13 Kurosaki, Yahatanishi‐ku, Kitakyushu City,
Fukuoka Prefecture
3‐minute walk from Kurosaki Station
on JR Kagoshima Main Line
February 2009‐
151
3,207.6m2
826.45m2
‐
‐
‐
‐
‐
‐
‐
‐
Fixed Rent

■ADR /RevPAR/ Occ（1）(¥)

10,000
8,000
6,000
4,000

67.2%
5,519

72.6%

86.5%

75.6%

86.5%

79.8%

100%
80%

4,874
4,814
3,712
3,683
3,496

4,923
4,257

5,178
5,070
4,385
4,129

60%
40%

2,000

20%

0

0%
2010

2011
ADR

2012

2013
RevPAR

2014
Occ

2015

(Note 1) ADR, RevPAR and Occupancy for 2015 is the actual number for the twelve month from
December 2014 to November 2015.

Investment
Invincible Corporation

14

Comfort Hotel Maebashi
Property Name
LocationTransport Access
Date of Construction
Renovation Timing
Number of guest rooms
Total Floor Area
Land Area
Daily / Weekly/ Monthly %ADR (2016)
Occupancy Rate (2016)
RevPAR (2016)
Gross Revenue (2016)
GOP / GOP % (2016)
NOI (2016)
Overseas Sales Share
Leasing Contract

Comfort Hotel Maebashi
2‐18‐14 Omotemachi, Maebashi City, Gunma Prefecture
3‐minute walk from Maebashi Station on JR Ryomo Line
March 2009‐
153
3,660.96m2
874.39m2
‐
‐
‐
‐
‐
‐
‐
‐
Fixed Rent

■ADR/RevPAR/Occ（1）(¥)

10,000
8,000
6,000

76.5%
5,859
4,481

74.7%

81.2%

78.2%

5,924
5,935
4,427
4,639

5,771
4,689

84.0%

81.5%
5,978
5,952
4,874
5,000

100%
80%
60%

4,000

40%

2,000

20%

0

0%
2010

2011
ADR

2012

2013
RevPAR

2014
Occ

2015

(Note 1) ADR, RevPAR and Occupancy for 2015 is the actual number for the twelve month from
December 2014 to November 2015.

Investment
Invincible Corporation

15

Comfort Hotel Tsubamesanjo
Property Name
LocationTransport Access
Date of Construction
Renovation Timing
Number of guest rooms
Total Floor Area
Land Area
Daily / Weekly/ Monthly %ADR (2016)
Occupancy Rate (2016)
RevPAR (2016)
Gross Revenue (2016)
GOP / GOP % (2016)
NOI (2016)
Overseas Sales Share
Leasing Contract

Comfort Hotel Tsubamesanjo
2‐115 Sugoro, Sanjo City, Nigata Prefecture
3‐minute walk from Tsubame‐Sanjo Station
on JR Joetsu‐Shinkansen Line
June 2007‐
132
3,099.90m2
1,936.96m2
‐
‐
‐
‐
‐
‐
‐
‐
Fixed Rent

■ADR/RevPAR/Occ（1）(¥)

10,000

82.4%

83.9%

87.8%

87.4%

88.7%

87.5%

8,000
6,000

100%
80%

5,099
4,891
4,924
4,273
4,204
4,129

4,980
4,375

5,287
5,058
4,628
4,485

60%

4,000

40%

2,000

20%

0

0%
2010

2011
ADR

2012

2013
RevPAR

2014
Occ

2015

(Note 1) ADR, RevPAR and Occupancy for 2015 is the actual number for the twelve month from
December 2014 to November 2015.

Investment
Invincible Corporation

16

Comfort Hotel Kitami
Property Name
LocationTransport Access
Date of Construction
Renovation Timing
Number of guest rooms
Total Floor Area
Land Area
Daily / Weekly/ Monthly %ADR (2016)
Occupancy Rate (2016)
RevPAR (2016)
Gross Revenue (2016)
GOP / GOP % (2016)
NOI (2016)
Overseas Sales Share
Leasing Contract

Comfort Hotel Kitami
3‐4 Odori‐nishi, Kitami City, Hokkaido
3‐minute walk from Kitami Station
on JR Sekihoku Main Line
March 2008‐
127
3,009.50m2
926.30m2
‐
‐
‐
‐
‐
‐
‐
‐
Fixed Rent

■ADR/RevPAR/Occ（1）(¥)

10,000
8,000
6,000

78.3%

84.4%

87.0%

85.5%

5,318
5,086
4,939
4,548
4,291
3,867

5,318
4,626

84.6%

81.9%

5,656
5,393
4,632
4,562

100%
80%
60%

4,000

40%

2,000

20%

0

0%
2010

2011
ADR

2012
2013
RevPAR

2014
Occ

2015

(Note 1) ADR, RevPAR and Occupancy for 2015 is the actual number for the twelve month from
December 2014 to November 2015.

Investment
Invincible Corporation17

Royal Parks Momozaka
Royal Parks Momozaka

Location

5‐38 Minegasakicho, Tennoji‐ku, Osaka City, Osaka Prefecture

Transport Access

6‐minute walk from Osaka‐Uehonmachi station on Kintetsu Nara/Osaka Lines

Date of Construction

June 2007

Total Leasable Units

147 （including 3 retail units）

Total Leasable Area

10,257.72m2

Land Area

3,043.89m2

Occupancy Rate (September 2015)

100%

Monthly Rent per Tsubo (2015)¥8,129

Leasing Contract

Fixed Rent (Retail units are under pass‐through)Investment
Invincible Corporation

18

Disclaimer◆ This material is for informational purposes only and not for solicitation to invest in, or recommendation to buy, certain
products of INV. You should consult with securities firms if you intend to purchase investment units of INV.
◆ This material does not constitute or form a part of any disclosure document or an asset management report requiredby the Financial Instruments and Exchange Act of Japan or regulations thereunder, the Investment Trust and Investment
Corporation Act of Japan or regulations thereunder, or the listing rules of the Financial Instruments Exchanges or otherrelated rules and regulations.
◆ This material contains forward‐looking statements and these statements are based on certain assumptions andpremises in consideration of the available information as of the date of this material; therefore there may be currently
unknown risks and uncertainties in such statements. The contents of forward‐looking statements are subject to such risks,
uncertainties, assumptions and other factors. Accordingly, there is no assurance as to actual business performance, resultsof operations or financial conditions.
◆ INV has given its attention that the information provided herein does not contain mistakes or omissions. However,there is no assurance given as to the accuracy, certainty or completeness, validity or fairness of any such information andsuch information is subject to revision or retraction without prior notice.

INQUIRIES:
Consonant Investment Management Co., Ltd. (Asset Manager of INV)
Tel. +81‐3‐5411‐2731

Investment
Invincible Corporation

19