[For Information Purpose Only
The Japanese language press release should be referred to as the original.]
August 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 July 2024
Invincible Investment Corporation (“INV”) hereby announces its monthly performance.
1. Overall Performance of the Entire Portfolio
As for the hotel portfolio performance in July 2024, RevPAR for domestic hotels increased
year-over-year due to steady demand while RevPAR for overseas hotels decreased due toa major hurricane, Hurricane Beryl, which crossed the Caribbean Sea in the beginning ofthe month. The overall portfolio NOI1,2 for July 2024 increased by 3.7% year-over-year to
JPY 3.3 billion.
The following are the details by segment.
2. Hotel Assets Overview(1) Domestic Hotels
As for the domestic hotel portfolio3 performance in July 2024, the occupancy rate increasedby 2.3pt, ADR increased by 5.3%, and RevPAR increased by 8.1% year-over-year. TheNOI in July 2024 increased by 11.3% year-over-year.
During the month of July 2024, strong inbound demand had a positive impact on hotels
located in the Tokyo 23 Wards, where RevPAR was 22.8% higher than it was in July 2023.
The Kansai area also saw a significant RevPAR increase of 26.2% compared to the samemonth in 2023.
The total number of visitor arrivals to Japan (estimated) announced by the Japan National
Tourism Organization (JNTO) for July 2024 reached 3.29 million, which was 41.9% higher
This English language notice is a translation of the Japanese-language notice released on August 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.

1than July 2023 figure, marking a record high for a single month for two consecutive months.
We are forecasting that the August 2024 RevPAR will be approximately 12.7% higher than
the same month in 2023 as of today.
Table below shows the KPIs for each area of the 81 domestic hotels portfolio3.
Area

Occupancy Rate4

ADR (JPY)5

RevPAR (JPY)6Tokyo 23 Wards

87.9%

11,68010,262

Greater Tokyo (ex. Tokyo 23 Wards)

85.7%

14,084

12,071

Chubu

84.8%

12,231

10,373Kansai

83.9%

9,778

8,208

Kyushu84.8%

24,51020,779

Hokkaido

87.7%

18,004

15,799Other domestic

83.5%

15,926

13,303

Total

86.0%

14,861

12,774(2) Cayman Hotels
The performance of the Cayman Hotels (Westin Grand Cayman Seven Mile Beach Resort& Spa and Sunshine Suites Resort) in July 2024 due to the impact of Hurricane Beryl, whichcrossed the Caribbean region in the beginning of the month as mentioned above. Theoccupancy rate was 51.1%, ADR was USD 386, and RevPAR was USD 197, or a decreaseof 20.2pt, 1.2%, and 29.2% from July 2023, respectively. The NOI1 in July 2024 decreasedby 63.5% year-over-year to JPY 109 million.
We are forecasting that the occupancy rate for the Cayman Hotels in August 2024 will be
49.8%, or 10.9pt lower than the August 2023 figure, ADR will be USD 356, or 4.0% higher
than the August 2023 figure, and RevPAR will be USD 177, or 14.7% lower than the August2023 figure as of today, due to the partial closure of rooms in connection with the large-scalerenovation at Sunshine Suites Resort, and an opening campaign by a large hotel in the area.
As for the large-scale renovation, the renovation period of the guestrooms and facilities issplit into two periods from August to November 2024, and from May to August 2025.
3. Residential Assets Overview
The residential portfolio7 in-place occupancy rate as of the end of July 2024 decreased by
0.2pt to 96.7% compared to the end of the previous month, and increased by 0.8pt yearover-year.
The average in-place rent per tsubo increased by 0.8% year-over-year. The NOI8 for theresidential portfolio in July 2024 increased by 1.7% year-over-year.
Rents, compared with those based on the immediately preceding leases, increased by 3.0%
for new leases, increased by 2.0% for renewal leases, and increased by 2.4% for new andThis English language notice is a translation of the Japanese-language notice released on August 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.

2renewal leases combined for July 2024. INV achieved a rent increase on 57.1% of lease
contract renewals, and the retention rate for existing tenants was 81.4% for July 2024.
4. Performance(1) 81 Domestic Hotel Properties3
Jul.
2024

Jul.
2023

86.0%

83.7%

2.3pt

14,861

14,115+5.3%

12,774

11,814

+8.1%

8,507

7,918

+7.4%

Difference

Occupancy
Rate4
ADR(JPY)5
RevPAR(JPY)6Gross Revenue(JPY million)9(2) Cayman Hotels
Jul.
2024

Jul.
2023

51.1%

71.2%

-20.2pt

386

391

-1.2%

197

279

-29.2%

5,371

7,813

-31.3%End ofJul. 2024

End ofJul. 2023

Difference

Occupancy Rate

96.7%

95.9%+0.8pt

Rent per Tsubo (JPY)

9,304

9,227

+0.8%

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

This English language notice is a translation of the Japanese-language notice released on August 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 NOI1,2,8Jul.
2024(JPY Million)

Jul.
2023

DifferenceTokyo 23 Wards

607

472

+28.6%

Greater Tokyo

335

216

+55.0%

942

688+36.9%

Chubu

325

277

+17.1%

Kansai157

106+47.5%

Kyushu744754-1.4%

Hokkaido

613

629-2.6%

Other domestic

238

256-7.1%

Domestic Hotel- Subtotal

3,021

2,715

+11.3%

Residential

191

188+1.7%

Commercial

1212+0.0%

Domestic Asset-Subtotal

3,226

2,916

+10.6%

Overseas109299-63.5%

Total

3,335

3,215

+3.7%

(ex. Tokyo 23 Wards)

Greater Tokyo
Subtotal-(Note 1) Based on all properties held as of the beginning of the December 2024 fiscal period, excluding nine hotels with fixed-rentlease agreements. 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 & RESORTS 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 tobe treated as a hotel with fixed-rent lease agreement for the time being, and will remain excluded. NOI includes asimulated amount of dividend income from Kingdom TMK (the “TMK”) that owns Sheraton Grande Tokyo Bay Hotel as anunderlying 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 the TMK for each month is a simulated figure, which is calculated by deducting (i) simulated expenses suchas operating expense of the TMK and the interest of debt (calculated dividing the budget of the TMK for the fiscal periodthat includes the relevant month by the number of months in such fiscal period) from (ii) NOI based on the performance ofSheraton Grande Tokyo Bay Hotel in the month which is three months before the target month for this performance
disclosure and multiplied by INV’s ownership ratio of the preferred equity interest in the TMK (49.0%). The revenue fromthe Cayman Hotels is calculated at the exchange rate of US$1 to ¥110. Furthermore, NOI is provisional figure and subject
to change when it is determined at financial closing; hereinafter the same.
(Note 2) NOI figures before acquisition by INV is based on the data obtained from third-parties including previous owners, and 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 December 2024 fiscal period,nine hotels with fixed-rent lease agreements are excluded. As for Sheraton Grande Tokyo Bay hotel, NOI is based on
the figure for the month which is three months prior to the target month for this performance disclosure as INV will receive
the dividend 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 August 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.

4

(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 December 2024 fiscal period; hereinafter the same.
(Note 8) NOI excludes one-off insurance-related revenues and expenses; hereinafter the same.
(Note 9) Gross Revenue of Sheraton Grande Tokyo Bay Hotel used in the table is the whole gross revenue of such hotel, regardlessof INV’s ownership ratio of the preferred equity interest in the TMK (49.0%).
(Note 10) Percentages are rounded to one decimal place. ADR, RevPAR and Rent per Tsubo are rounded to the nearest yen andGross Revenue is rounded down to the nearest million yen.
(Note 11) For the details of performance for each hotel asset, please visit INV’s website:
https://www.invincible-inv.co.jp/en/portfolio/hotel.html

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

This English language notice is a translation of the Japanese-language notice released on August 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.

5