6th Fiscal Period - IR Webcasting · 6/17/2016 · 6th Fiscal Period (ended April 2016)...
Transcript of 6th Fiscal Period - IR Webcasting · 6/17/2016 · 6th Fiscal Period (ended April 2016)...
Asset Management Company Hoshino Resort Asset Management Co., Ltd.
Security Code: 3287 http://www.hoshinoresorts-reit.net/
6th Fiscal Period(ended April 2016)
Presentation MaterialsJune 17, 2016
IV. Appendix
Portfolio overview (assets under management) (1) – (8) 34
Operational results for each property (1) – (7) 42
Balance sheet for the fiscal period ended April 2016 49
Statement of income for the fiscal period ended April 2016 50
Real estate appraisal value for continuously owned properties as of the end of the fiscal period ended April 2016 (1) – (3)
51
Information on unitholders as of the end of the fiscal period ended April 2016
54
Overview of HRR 55
Overview of Asset Management Company 56
II. Operational Results for Each Property
Operational results for each property (1) – (6) 15
Forecasts for 7th fiscal period ending October 2016 and 8th fiscal period ending April 2017 (1) – (2)
21
Rent type (1) – (2) 23
I. Management Results of the Fiscal Period Ended April 2016
Highlights 3
Overview of capital increase through public offering 4
Improvement in unitholder value by expansion of asset size via conducting capital increase through public offering for three fiscal periods in a row
5
Promoting external growth by utilizing support from the Hoshino Resorts Group in maximum
7
Status of portfolio after new acquisition of properties 8
Internal growth (management results highlights) (1) – (2) 9
Finances (1) – (2) 11
Impact of the 2016 Kumamoto Earthquakes 13
III. Future Management Policy
Management policy for the time being 26
Realization of stable distribution 27
Market trend and strategy for differentiation 28
External growth 29
Hotels and ryokans operated by the Hoshino Resorts Group 30
Internal growth 31
Initiatives for stable maintenance and improvement of the portfolio management results
32
Table of contents
1
I. Management Results of the Fiscal Period Ended April 2016
20,056 yen
20,520 yen
+386 yen+68 yen
+6 yen -17 yen
19,600
19,800
20,000
20,200
20,400
20,600
Highlights
Overview of financial results for the 6th fiscal period(Ended April 2016)
(Amounts are rounded down and ratios are rounded off.)
Results of the 5th
fiscal period
Forecast for the 6th fiscal period(as of December 15, 2015) (A)
Results of the 6th fiscal
period (B)
Comparison with
forecast (B)-(A)
Operational status (millions of yen)
Operating revenue 1,926 3,528 3,559 31
Operating income 1,034 1,876 1,914 37
Ordinary income 909 1,565 1,601 36
Net income 908 1,564 1,600 36
Distribution per unit (yen)
Distribution per unit 18,289 20,056 20,520 464
Others
NOI (millions of yen) 1,708 2,953 2,992 38
NOI yield 8.0% 6.9% 6.4% -
LTV 18.6% 25.3% 27.8% -
Overview of financial results forthe fiscal period ended April 2016
Distribution per unit was ¥20,520
Comparison with forecast was +¥464 (+2.3%)
Main Breakdown of ¥3,559 million of operating revenue: Fixed rent ¥2,841 million, floating rent ¥707 million
Main differences in net income from the forecast
+31M Increase in revenue related to rent business
Fixed rent of Asahikawa Grand Hotel 31M
+5M Decrease in expenses related to rent business
Decrease in maintenance/repair expenses 5M
-2M Increase in non-operating expenses
Increase in interest 2M
Non-operating income and loss
+Corporate tax, etc.
Decreasein expenses related to
rent business
Decreasein
operating expenses
Forecast
(As of Dec. 15)
Increasein revenue related to
rent business
3
Actual
0
20,000
40,000
60,000
80,000
100,000
120,000
50.0
100.0
150.0
200.0
250.0
300.0
'13/07 '13/10 '14/01 '14/04 '14/07 '14/10 '15/01 '15/04 '15/07 '15/10 '16/01 '16/04
時価総額(単位:百万円) (右軸) 投資口価格(左軸) REIT指数(左軸)
Investment highlights
公募増資の概要
Offering form Domestic offering
Number of units offered
Domestic primary offering: 3,570 units
Third-party allotment: 179 units
Total: 3,749 units
Total amount paid in ¥4,684 million
Issue price per unit ¥1,294,745
Resolution date of the issuance
April 8, 2016
Pricing date April 19, 2016
Lead manager Nomura Securities Co., Ltd. SMBC Nikko Securities Inc.
Portfolio status after the offering
(Note) Among the 47 properties owned as of June 17, 2016, figures for the 46 properties owned as of March 31, 2016 are based on figures in the real estate appraisal reports as of April 30, 2016, whereas figure for KAI Kaga, the property acquired on May 2, 2016, is based on figure in the real estate appraisal report as of February 29, 2016.
Properties owned as of November 2, 2015
Properties acquired on March 31 and
May 2, 2016
Properties owned as of June 17, 2016
No. of properties owned 45 properties 2 properties 47 properties
Total acquisition price ¥85.4 billion ¥7.7 billion ¥93.1 billion
Ratio of acquisition price toappraisal value
¥96.9 billion ¥8.0 billion ¥107.7 billion(Note)
Appraisal NOI yield 6.9% 6.8% 7.0%
Number of guest rooms 5,127 rooms 285 rooms 5,412 rooms
1. Improvement in unitholder value by expansion of asset size via conducting capital increase through public offering for three fiscal periods in a row
2. Promoting external growth by utilizing support from the Hoshino Resorts Group in maximum
3. Initiatives for stable maintenance and improvement of the portfolio management results
Overview of offering
Resolution date of the issuance for the offering
Overview of capital increase through public offering
4
Market Value(millions of yen)(right axis)
Investment unit price(left axis)
REIT index(left axis)
Jul. 2013
Oct. 2013
Jan. 2014
Apr. 2014
Jul. 2014
Oct. 2014
Jan. 2015
Apr. 2015
Jul. 2015
Oct. 2015
Jan. 2016
Apr. 2016
Property name
Asahikawa Grand Hotel KAI Kaga
Acquisition date March 31, 2016 May 2, 2016
Acquisition approach Collaborative investment structureUtilization of revitalization know-how
of the Hoshino Resorts Group
Lessee’s attribute Hoshino Resorts Group Hoshino Resorts Group
Rent typeFixed rent + floating rent
(profit-linked)Fixed rent + floating rent
(profit-linked)
Operator’s attributeBy March 2017: Abilitas Hospitality Co., Ltd.
From April 2017: Hoshino Resorts GroupHoshino Resorts Group
Total acquisition price ¥4.6 billion ¥3.1 billion
Total real estate appraisal value ¥4.7 billion ¥3.3 billion
Lease period 20.0 years 20.0 years
Appraisal NOI yield 7.3% 6.1%
Improvement in unitholder value by expansion of asset size via conducting capital increase through public offering for three fiscal periods in a row
5
0
20
40
60
80
100
0
200
400
600
800
1000
As of listing As of the end of
3rd FP
As of the end of
5th FP
November 2,
2015
As of June 17,
2016
(billions of yen)
(No. of properties owned)
¥15 billion
¥33.3 billion
¥42.5 billion
Realized external growth of
¥59.8 billion in about a year
by conducting capital increase through public offering for three
fiscal periods in a row and utilizing acquisition capacity
¥85.4 billion
1st PO 24 properties
¥18.3 billion
2nd PO 8 properties
¥7.2 billion
3rd PO 6 properties
¥42.8 billion
6properties
30properties
39properties
47properties
Acquisition during
the 5th FP 1 property
¥1.9 billion
Since listing in 2013, the promotion of diversification of the characteristics of operators, locations and
cash flows has achieved steady expansion of the asset size to strengthen earnings stability.
4th PO
2 properties
¥7.7 billion
45properties
¥93.1 billion
No. of properties owned (right axis)Properties leased by the Hoshino Resorts Group (Total acquisition price) (left axis)
Properties leased by those other than the Hoshino Resorts Group (Total acquisition price) (left axis)
6
100
80
60
40
20
0
Improvement in unitholder value by expansion of asset size via conducting capital increase through public offering for three fiscal periods in a row
Collaborative investment structure of Asahikawa Grand Hotel
Promoting external growth by utilizing support from the Hoshino Resorts Group in maximum
On March 31, 2016, at the same time with the Hoshino Resorts REIT’s acquisition of Asahikawa Grand Hotel, Hoshino Resort acquired shares of Asahikawa Grand Hotel Co., Ltd., the managing company of the Asahikawa Grand Hotel, and made it a 100% owned subsidiary.
Collaborativeinvestment
Making itits 100% owned
subsidiary
Leases of real estate
Asahikawa Grand
Hotel Co., Ltd.
(Managing company)
Acquisition of shares of
managing company
Acquisition of real estate
Hoshino Resorts Inc.
Hoshino Resorts REIT, Inc.
Seller
The structure will be proactively utilized continuously into the future
as a method for acquisition through collaboration with the Hoshino Resorts Group.
Upon acquisition of the Asahikawa Grand Hotel by the Hoshino Resorts REIT, Asahikawa Grand Hotel Co., Ltd. is scheduled to terminate the operation entrustment agreement concluded with Abilitas Hospitality Co., Ltd., the operator, in March 2017 and start operation by itself from April 2017. Through this, Hoshino Resorts Group will be implementing the operation in addition to the participation in management of the Asahikawa Grand Hotel.
7
新規取得資産取得後のポートフォリオの状況
Diversification by operator/lessee(based on fixed rent)
Diversification by region (based on fixed rent)
(as of June 17, 2016)
Inside pie: OperatorOutside pie: Lessee
Status of portfolio after new acquisition of properties
(as of June 17, 2016)Hokkaido-Tohoku region
9.6%
Kanto region
12.2%
Chubu region
32.9%
Kinki region
3.7%
Chugoku-Shikoku region
15.0%
Kyushu-Okinawa region
9.8%
Hokuriku region
16.7%
3.3%
40.4%
Solare
5.3%
27.1%
73.3%
Hoshino Resorts Group
IHG ANA Hotels Group Japan LLC.
18.0%
Greens Candeo
18.0%
5.3%3.3%
HOSHINOYA
RISONARE
KAI
Others
O-28
O-27
O-18
O-10
O-11
O-4O-26
H-2
O-9
O-22
O-20
O-16O-29
K-2
O-21
O-24
O-17
O-5
O-12
O-7K-5
K-6
O-13
O-14
O-6
O-25
O-2
H-1K-1
O-1
O-3
O-15
O-23R-1
O-8
O-34O-33
O-31
O-32
O-30
K-7
R-2K-4
K-3
O-19
O-35
K-8
Others 5.9%
8
(Note) The Solare Group (Solare Hotels and Resorts Co., Ltd. and its subsidiaries) are referred to asSolare, the Candeo Hospitality Management, Inc. as Candeo, the Greens Co., Ltd. as Greens, IHGANA Hotels Group Japan LLC as IHG ANA Hotels Group Japan and Abilitas Hospitality Co., Ltd. asothers, respectively.
(Note 1) Sales are rounded off to the nearest million.(Note 2) Figure for Change is not indicated for Hoshinoya Kyoto due to its operational results from December 7, 2015 to March 16, 2016 not existing as operations were suspended to
conduct renovation work.(Note 3) Operational results of KAI Kawaji from April 2014 to May 2014 do not exist as operations were suspended to conduct renovation work.
Internal growth (management results highlights) (1)
From April 2014 to March 2015 (Note 1)
From April 2015 to March 2016 (Note 1)
Change (comparison to previous year)
HOSHINOYA Karuizawa
Sales (Note 1) ¥2,895 million ¥3,172 million ¥277 million
HOSHINOYA Kyoto
Sales (Note 1) ¥956 million ¥841 million (Note 2) — (Note 2)
RISONARE Yatsugatake
Sales (Note 1) ¥4,129 million ¥4,290 million ¥160 million
6 KAI properties Sales (Note 1) ¥3,341 million (Note 3) ¥3,595 million ¥254 million
As for the operational results (Note) of properties
from November 2015 to April 2016, sales
increased approximately 169 million yen year-on-
year.
Improved recognition rate and showcasing their
attractiveness have contributed to the sales
increase.
(Source) Survey by the Hoshino Resorts Group
(Note) Year-on-year operational results are calculated for HOSHINOYA Karuizawa, RISONARE Yatsugatake, KAI Matsumoto, KAI Izumo, KAI Ito, KAI Hakone, KAI Aso and KAI Kawaji.
26.8 29.5 35.7
50.8
62.1 72.3
2010 2011 2012 2013 2014 2015
Changes in recognition rate
Sales comparison of properties operated by the Hoshino Resorts Group
1st Tokyu Hotels
2nd Hotel Okura
9
15th15th
13th
7th
7th
3rd
Internal growth (management results highlights) (2)
From May 2014 to April 2015
From May 2015 to April 2016 (Note 1)
Change (comparison to previous year)
22 Solare properties Sales (Note) ¥3,276 million ¥3,719 million ¥442 million
4 ANA Crowne Plaza propertiesFrom May 2014 to April 2015
From May 2015 to April 2016
Change (comparison to previous year)
ANA Crowne Plaza Hiroshima
Guest room occupancy rate 80.2% 82.7% 2.6 pt.ADR ¥10,329 ¥12,037 ¥1,708RevPAR ¥8,280 ¥9,957 ¥1,677Sales (Note) ¥4,630 million ¥4,992 million ¥361 million
ANA Crowne Plaza Fukuoka
Guest room occupancy rate 88.4% 88.8% 0.4 pt.ADR ¥11,240 ¥13,003 ¥1,763RevPAR ¥9,935 ¥11,551 ¥1,616Sales (Note) ¥2,908 million ¥3,172 million ¥264 million
ANA Crowne Plaza Kanazawa
Guest room occupancy rate 79.5% 84.6% 5.1 pt.
ADR ¥11,753 ¥15,852 ¥4,099
RevPAR ¥9,339 ¥13,411 ¥4,072Sales (Note) ¥3,067 million ¥3,633 million ¥566 million
ANA Crowne Plaza Toyama
Guest room occupancy rate 77.8% 75.6% -2.2 pt.ADR ¥8,545 ¥10,274 ¥1,729RevPAR ¥6,652 ¥7,771 ¥1,119Sales (Note) ¥2,542 million ¥2,657 million ¥114 million
22 Solare properties
(Note) Sales are rounded off to the nearest million.
10
1.78%
1.84% 1.71% 1.82%
1.66%
1.10% 1.14%
4.1
3.8 3.5 3.3
2.5
3.6 4.0
0.0
1.0
2.0
3.0
4.0
5.0
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2.0%
平成25年
10月期
平成26年
4月期
平成26年
10月期
平成27年
4月期
平成27年
10月期
平成28年
4月期
平成28年
6月17日現在
Average interest rate (left axis) Average remaining period of loans (right axis)
37.7%35.5%
22.8%20.6% 18.6%
27.8%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
平成25年
10月期
平成26年
4月期
平成26年
10月期
平成27年
4月期
平成27年
10月期
平成28年
4月期
Finances (1)
As of June 17, 2016
Generating acquisition capacity by controlling LTV
Diversification of final repayment dates
(LTV)
Aim to build a more stable financial base by making long-term fixed loans and controlling LTV.
11
Realizing significant reduction of interest costs
(years)
(Unit: millions of yen)
3,085
125 825
3,525
2,381
92
3,792
2,492
1,201 872
3,558 3,058
1,258
437 30 30 30
1,141
8 437 0
1,000
2,000
3,000
4,000
平成28年
10月期
平成29年
4月期
平成29年
10月期
平成30年
4月期
平成30年
10月期
平成31年
4月期
平成31年
10月期
平成32年
4月期
平成32年
10月期
平成33年
4月期
平成33年
10月期
平成34年
4月期
平成34年
10月期
平成35年
4月期
平成35年
10月期
平成36年
4月期
平成36年
10月期
平成37年
4月期
平成37年
10月期
平成38年
4月期
FP ending Oct. 2016
FP ending Apr. 2017
FP ending Oct. 2017
FP ending Apr. 2018
FP ending Oct. 2018
FP ending Apr. 2019
FP ending Oct. 2019
FP ending Apr. 2020
FP ending Oct. 2020
FP ending Apr. 2021
FP ending Oct. 2021
FP ending Apr. 2022
FP ending Oct. 2022
FP ending Apr. 2023
FP ending Oct. 2023
FP ending Apr. 2024
FP ending Oct. 2024
FP ending Apr. 2025
FP ending Oct. 2025
FP ending Apr. 2026
FP ended Oct. 2013
FP ended Apr. 2014
FP ended Oct. 2014
FP ended Apr. 2015
FP ended Oct. 2015
FP ended Apr. 2016
FP ended Oct. 2013
FP ended Apr. 2014
FP ended Oct. 2014
FP ended Apr. 2015
FP ended Oct. 2015
FP ended Apr. 2016
As of Jun. 17, 2016
Finances (2)
12
35.8%
28.9%
25.4%
2.8%
2.8%
1.4%1.1%
1.1%
0.7%
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
The Ashikaga Bank, Ltd.
The Shizuoka Bank, Ltd.
The Hokuriku Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Bank of Kyoto, Ltd.
The Yamaguchi Bank, Ltd.
Bank formation
Credit Rating Agency
Japan Credit Rating Agency, Ltd.
(JCR)
Subject of Rating
Long-term issuer rating
Rating A-
Outlook Stable
As of June 17, 2016
Newly acquired rating
Impact of the 2016 Kumamoto Earthquakes
Properties owned in the Kyushu region
KAI Aso
Since April 14, 2016, series of earthquakes have occurred with epicenter in the Kumamoto and Oita prefectures.Although damages such as partial damage of the water tank at Chisun Inn Kumamoto Miyukifueda located in Kumamoto Prefecture and partial damage of the interior at KAI Aso located in Oita Prefecture were confirmed and the both properties were temporarily closed, neither of them had major impact on the Hoshino Resorts REIT’s operation status. Furthermore, there were no damages in the Hoshino Resorts REIT’s other owned properties located in the Kyushu region.
13
ANA Crowne Plaza Fukuoka
Chisun Inn Kagoshima Taniyama
Chisun Inn Tosu Chisun Inn MunakataChisun Inn Kumamoto Miyukifueda
II. Operational Results for Each Property
Operational results
2015 2016Accumulated total (Note 3)
(Reference)May 2014 –Apr. 2015
Accumulated total
ChangeMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Guest roomoccupancy rate
89.6% 89.1% 97.4% 99.1% 92.7% 84.1% 83.3% 77.0% 71.8% 72.2% 68.4% 72.0% 83.4% 81.1% 2.3 pt.
ADR (yen) 69,166 59,899 72,431 96,157 80,110 76,015 68,508 70,605 64,821 61,362 61,884 69,800 71,872 65,852 6,020
RevPAR (yen) 61,979 53,390 70,520 95,271 74,249 63,914 57,095 54,337 46,520 44,325 42,336 50,250 59,907 53,394 6,513
Sales(millions of yen)
304 248 321 441 326 295 255 237 164 187 195 221 3,193 2,915 278
HOSHINOYA Karuizawa
Address: Karuizawa-machi, Kitasaku-gun, Nagano
Number of guest rooms: 77 rooms
(Note 1) The monthly major indices are based on figures provided by the lessee, Hoshino Resorts Inc. (Note 2) Figures for guest room occupancy rates are rounded to one decimal place, and figures for ADR, RevPAR and Sales are rounded to the nearest specified unit.(Note 3) Accumulated total indicates average values from May 2015 to April 2016 for Guest room occupancy rate, ADR and RevPAR, and total value over the period from May 2015 to April 2016 for Sales.
Operational results for each property (1)
15
0
20,000
40,000
60,000
80,000
100,000
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
11月 12月 1月 2月 3月 4月ADR(円) 平成26年11月~平成27年4月 ADR(円) 平成27年11月~平成28年4月
客室稼働率 平成26年11月~平成27年4月 客室稼働率 平成27年11月~平成28年4月
(yen)
ADR (yen) Nov. 2014 – Apr. 2015
Guest room occupancy rate Nov. 2014 – Apr. 2015
ADR (yen) Nov. 2015 – Apr. 2016
Guest room occupancy rate Nov. 2015 – Apr. 2016
Nov. Dec. Jan. Feb. Mar. Apr.
0
20,000
40,000
60,000
80,000
100,000
120,000
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
11月 12月 1月 2月 3月 4月ADR(円) 平成26年11月~平成27年4月 ADR(円) 平成27年11月~平成28年4月
客室稼働率 平成26年11月~平成27年4月 客室稼働率 平成27年11月~平成28年4月
HOSHINOYA Kyoto
Address: Kyoto-shi, Kyoto
Number of guest rooms: 25 rooms
(Note 1) The monthly major indices are based on figures provided by the lessee, K.K. Arashiyama Onsen Rankyokan.(Note 2) Figures for guest room occupancy rates are rounded to one decimal place, and figures for ADR, RevPAR and sales are rounded to the nearest specified unit.(Note 3) Figure for Change is not indicated due to its operational results from December 7, 2015 to March 16, 2016 not existing as operations were suspended to conduct renovation work.(Note 4) Accumulated total indicates average values from May 2015 to April 2016 for Guest room occupancy rate, ADR and RevPAR, and total value over the period from May 2015 to April 2016 for Sales.
Operational results
2015 2016Accumulated total (Note 4)
(Reference)May 2014 –Apr. 2015
Accumulated total
ChangeMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Guest roomoccupancy rate
93.9% 87.6% 85.7% 84.5% 87.6% 96.9% 97.7% 96.7% - - 79.2% 78.7% 88.7% 84.7% 4.0 pt.
ADR (yen) 75,905 70,571 76,855 86,180 84,847 90,787 101,884 108,554 - - 108,005 106,155 88,251 76,942 11,309
RevPAR (yen) 71,302 61,820 65,830 72,836 74,326 87,976 99,575 104,936 - - 85,540 83,508 78,305 65,191 13,114
Sales(millions of yen)
93 80 78 93 92 113 116 25 - - 50 96 836 962 - (Note 3)
Operational results for each property (2)
16
(yen)
Nov. Dec. Jan. Feb. Mar. Apr.
ADR (yen) Nov. 2014 – Apr. 2015
Guest room occupancy rate Nov. 2014 – Apr. 2015
ADR (yen) Nov. 2015 – Apr. 2016
Guest room occupancy rate Nov. 2015 – Apr. 2016
0
10,000
20,000
30,000
40,000
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
11月 12月 1月 2月 3月 4月ADR(円) 平成26年11月~平成27年4月 ADR(円) 平成27年11月~平成28年4月
客室稼働率 平成26年11月~平成27年4月 客室稼働率 平成27年11月~平成28年4月
Operational results
2015 2016Accumulated total (Note 3)
(Reference)May 2014 –Apr. 2015
Accumulated total
ChangeMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Guest roomoccupancy rate
74.5% 67.1% 91.1% 97.6% 89.5% 86.4% 83.4% 70.3% 70.1% 63.9% 63.8% 54.3% 76.3% 78.5% -2.2 pt.
ADR (yen) 27,093 22,501 35,098 52,065 32,666 27,817 24,091 34,811 35,861 28,100 32,510 29,743 32,450 27,337 5,113
RevPAR (yen) 20,182 15,092 31,991 50,835 29,228 24,024 20,082 24,489 25,123 17,954 20,749 16,157 24,746 21,449 3,297
Sales(millions of yen)
422 304 480 659 439 415 336 308 200 217 275 226 4,281 4,124 157
RISONARE Yatsugatake
Address: Hokuto-shi, Yamanashi
Number of guest rooms: 172 rooms
(Note 1) The monthly major indices are based on figures provided by the lessee, K.K. Horizon Hotels.(Note 2) Figures for guest room occupancy rates are rounded to one decimal place, and figures for ADR, RevPAR and Sales are rounded to the nearest specified unit.(Note 3) Accumulated total indicates average values from May 2015 to April 2016 for Guest room occupancy rate, ADR and RevPAR, and total value over the period from May 2015 to April 2016 for Sales.
Operational results for each property (3)
17
(yen)
Nov. Dec. Jan. Feb. Mar. Apr.
ADR (yen) Nov. 2014 – Apr. 2015
Guest room occupancy rate Nov. 2014 – Apr. 2015
ADR (yen) Nov. 2015 – Apr. 2016
Guest room occupancy rate Nov. 2015 – Apr. 2016
6 KAI properties
Total number of guest rooms: 181 rooms
Operational results
2015 2016Accumulated total (Note 4)
(Reference)May 2014 –Apr. 2015
Accumulated total
ChangeMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Guest roomoccupancy rate
74.6% 65.7% 69.2% 86.0% 75.2% 73.4% 74.1% 72.3% 66.0% 73.4% 75.9% 69.2% 73.0% 73.3% -0.3 pt.
ADR (yen) 38,325 29,220 34,924 49,778 38,460 38,896 39,277 40,510 38,650 32,407 35,757 38,925 38,233 34,792 3,441
RevPAR (yen) 28,599 19,194 24,176 42,805 28,915 28,546 29,122 29,296 25,494 23,773 27,134 26,934 27,923 25,515 2,408
Sales(millions of yen)
315 229 275 430 307 312 313 310 263 265 318 259 3,597 3,407 191
(Note 1) 6 KAI properties refer to KAI Matsumoto, KAI Izumo, KAI Ito, KAI Hakone, KAI Aso and KAI Kawaji.(Note 2) The monthly major indices are based on figures provided by the lessee, Hoshino Resort Management Co., Ltd. (Note 3) Figures for guest room occupancy rates are rounded to one decimal place, and figures for ADR, RevPAR and Sales are rounded to the nearest specified unit.(Note 4) Accumulated total indicates average values from May 2015 to April 2016 for Guest room occupancy rate, ADR and RevPAR, and total value over the period from May 2015 to April 2016 for Sales.
0
10,000
20,000
30,000
40,000
50,000
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
11月 12月 1月 2月 3月 4月ADR(円) 平成26年11月~平成27年4月 ADR(円) 平成27年11月~平成28年4月
客室稼働率 平成26年11月~平成27年4月 客室稼働率 平成27年11月~平成28年4月
Operational results for each property (4)
18
(yen)
Nov. Dec. Jan. Feb. Mar. Apr.
ADR (yen) Nov. 2014 – Apr. 2015
Guest room occupancy rate Nov. 2014 – Apr. 2015
ADR (yen) Nov. 2015 – Apr. 2016
Guest room occupancy rate Nov. 2015 – Apr. 2016
Total number of guest rooms: 2,205 rooms
0
2,000
4,000
6,000
8,000
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
11月 12月 1月 2月 3月 4月ADR(円) 平成26年11月~平成27年4月 ADR(円) 平成27年11月~平成28年4月
客室稼働率 平成26年11月~平成27年4月 客室稼働率 平成27年11月~平成28年4月
Operational results for each property (5)
22 Solare properties
Operational results
2015 2016Accumulated total (Note 3)
(Reference)May 2014 –Apr. 2015
Accumulated total
ChangeMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Guest roomoccupancy rate
78.6% 76.0% 79.9% 83.8% 80.3% 83.3% 80.4% 76.7% 71.3% 77.9% 79.7% 77.6% 78.8% 79.1% -0.3 pt.
ADR (yen) 5,895 5,299 5,650 6,717 5,754 5,483 5,409 5,383 5,334 5,310 5,622 5,662 5,638 5,386 252
RevPAR (yen) 4,635 4,028 4,514 5,626 4,623 4,568 4,350 4,126 3,801 4,135 4,481 4,394 4,443 4,262 181
Sales(millions of yen)
301 256 296 408 325 331 307 301 277 281 327 309 3,719 3,276 442
(Note 1) The monthly major indices are based on figures provided by the lessee, SHR Roadside Inn Co., Ltd. (Note 2) Figures for guest room occupancy rates are rounded to one decimal place, and figures for ADR, RevPAR and Sales are rounded to the nearest specified unit.(Note 3) Accumulated total indicates average values from May 2015 to April 2016 for Guest room occupancy rate, ADR and RevPAR, and total value over the period from May 2015 to April 2016 for Sales.
19
(yen)
Nov. Dec. Jan. Feb. Mar. Apr.
ADR (yen) Nov. 2014 – Apr. 2015
Guest room occupancy rate Nov. 2014 – Apr. 2015
ADR (yen) Nov. 2015 – Apr. 2016
Guest room occupancy rate Nov. 2015 – Apr. 2016
Total number of guest rooms: 1,229 rooms
Operational results for each property (6)
4 ANA Crowne Plaza properties
Operational results
2015 2016Accumulated total (Note 3)
(Reference)May 2014 –Apr. 2015
Accumulated total
ChangeMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Guest roomoccupancy rate
86.4% 84.4% 84.2% 89.0% 86.5% 88.9% 88.9% 75.6% 66.0% 81.3% 83.1% 85.0% 83.3% 81.7% 1.6 pt.
ADR (yen) 13,269 11,117 11,867 13,919 13,487 13,393 13,369 12,161 11,637 11,834 12,354 14,217 12,764 10,519 2,245
RevPAR (yen) 11,459 9,382 9,997 12,393 11,661 11,902 11,887 9,189 7,680 9,626 10,265 12,083 10,626 8,593 2,033
Sales(millions of yen)
1,295 1,205 1,216 1,142 1,192 1,394 1,374 1,255 982 1,029 1,200 1,170 14,453 13,148 1,305
(Note 1) The monthly major indices are based on figures provided by the lessee, K.K. Horizon Hotels.(Note 2) Figures for guest room occupancy rates are rounded to one decimal place, and figures for ADR, RevPAR and Sales are rounded to the nearest specified unit.(Note 3) Accumulated total indicates average values from May 2015 to April 2016 for Guest room occupancy rate, ADR and RevPAR, and total value over the period from May 2015 to April 2016 for Sales.
20
0
4,000
8,000
12,000
16,000
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
11月 12月 1月 2月 3月 4月ADR(円) 平成26年11月~平成27年4月 ADR(円) 平成27年11月~平成28年4月
客室稼働率 平成26年11月~平成27年4月 客室稼働率 平成27年11月~平成28年4月
(yen)
ADR (yen) Nov. 2014 – Apr. 2015
Guest room occupancy rate Nov. 2014 – Apr. 2015
ADR (yen) Nov. 2015 – Apr. 2016
Guest room occupancy rate Nov. 2015 – Apr. 2016
Nov. Dec. Jan. Feb. Mar. Apr.
Forecasts for 7th fiscal period ending October 2016 and 8th fiscal period ending April 2017 (1)
FP ending October 2016 Assumption FP ending April 2017 Assumption
Operating revenue(millions of yen)
3,981
[Operating revenue]Fixed rent ¥3,100 millionFloating rent ¥870 million
[Operating expenses]Fixed assets tax, city planning tax, etc.
¥286 millionDepreciation ¥839 millionMaintenance/repair expenses
¥114 millionAsset management fees
¥343 million
[Non-operating expenses]Public-offering-related expenses
¥35 millionDebt-financing-related expenses
¥250 million
[Expected LTV at the end of FP]25.6%
Operating revenue(millions of yen)
4,042
[Operating revenue]Fixed rent ¥3,105 millionFloating rent ¥926 million
[Operating expenses]Fixed assets tax, city planning tax, etc.
¥303 millionDepreciation ¥853 millionMaintenance/repair expenses
¥142 millionAsset management fees ¥345 million
[Non-operating expenses]Debt-financing-related expenses
¥205 million
[Expected LTV at the end of FP]25.2%
Operating income(millions of yen)
2,091Operating income(millions of yen)
2,066
Ordinary income(millions of yen) 1,808 Ordinary income
(millions of yen) 1,862
Net income(millions of yen) 1,807 Net income
(millions of yen) 1,861
Distribution per unit (yen) 22,104 Distribution
per unit (yen) 22,764
(Amounts are rounded down. Ratios are rounded off.)
21
Forecasts for 7th fiscal period ending October 2016 and 8th fiscal period ending April 2017 (2)
Expected rent for the 7th fiscal period ending October 2016 Expected rent for the 8th fiscal period ending April 2017(million yen) (million yen)
22
Rent type Name of facility, etc. Fixed rent
Floating rent
(announced on June 15)
Otherrent
Total
Fixed rent +
floating rent
(sales-linked) (Note 2)
HOSHINOYA Karuizawa
HOSHINOYA Kyoto393 107 - 501
RISONARE Yatsugatake 262 59 - 321
KAI MatsumotoKAI Izumo
KAI ItoKAI Hakone
KAI AsoKAI Kawaji
233 54 - 287
22 Solare properties558
(Note 4)128 10 697
Fixed rent 5 Candeo properties3 Greens properties
269 - - 269
Fixed rent +
floating rent
(profit-linked) (Note 2)
RISONARE Atami
KAI Kinugawa
KAI Kaga
Asahikawa Grand Hotel
543(Note 5) - - 543
4 ANA Crowne Plaza
properties 840 520 - 1,360
Total 3,100 870 10 3,981
(Note 1) Floating rent is calculated based on actual figures of past sales and profits of each facility, reflecting seasonal factors and other fluctuating factors, using calculation methods prescribed in the lease agreement of each facility. For 5 Candeo properties and 3 Greens properties, as well as Chisun Inn Kagoshima Taniyama, RISONARE Atami, KAI Kinugawa, KAI Kaga and Asahikawa Grand Hotel which will have premium fixed rent from the fiscal period ending October 2016, floating rent will not apply.
(Note 2) Sales-linked floating rent is calculated deeming sales of the 12 months from April 2015 to March 2016 as the base sales. Profit-linked floating rent is calculated deeming profits of the 12 months from December 2014 to November 2015 as the base profits.
(Note 3) Among the properties owned by HRR, the 22 hotels operated by SHR Roadside Inn Co., Ltd. are referred to as 22 Solare properties, the 5 properties operated by Candeo Hospitality Management, Inc. as 5 Candeo properties, the 3 properties operated by Greens Co., Ltd. as 3 Greens properties and the 4 properties operated by IHG ANA Hotels Group Japan LLC as 4 ANA Crowne Plaza properties.
(Note 4) Out of 22 Solare properties, since Chisun Inn Kagoshima Taniyama has premium fixed rent during the fiscal period ending October 2016, the figure is calculated based on the premium fixed rent for Chisun Inn Kagoshima Taniyama.
(Note 5) Since RISONARE Atami, KAI Kinugawa, KAI Kaga and Asahikawa Grand Hotel have premium fixed rents during the fiscal period ending October 2016, the premium fixed rents are indicated.
Rent type Name of facility, etc. Fixed rent
Floating rent
(announced on June 15)
Otherrent
Total
Fixed rent +
floating rent
(sales-linked) (Note 2)
HOSHINOYA Karuizawa
HOSHINOYA Kyoto408 96 - 505
RISONARE Yatsugatake 262 57 - 319
KAI MatsumotoKAI Izumo
KAI ItoKAI Hakone
KAI AsoKAI Kawaji
233 52 - 285
22 Solare properties 547 145 10 703
Fixed rent 5 Candeo properties3 Greens properties
269 - - 269
Fixed rent +
floating rent
(profit-linked) (Note 2)
RISONARE Atami
KAI Kinugawa
KAI Kaga
Asahikawa Grand Hotel
544(Note 3)
- - 544
4 ANA Crowne Plaza
properties 840 574 - 1,414
Total 3,105 926 10 4,042
(Note 1) Floating rent is calculated based on actual figures of past sales and profits of each facility, reflecting seasonal factors and other fluctuating factors, using calculation methods prescribed in the lease agreement of each facility. For 5 Candeo properties and 3 Greens properties, as well as RISONARE Atami, KAI Kinugawa, KAI Kaga and Asahikawa Grand Hotel which will have premium fixed rent during the fiscal period ending April 2017, floating rent will not apply.
(Note 2) Sales-linked floating rent is calculated deeming sales of the 12 months from October 2015 to September 2016 as the base sales. Profit-linked floating rent is calculated deeming profits of the 12 months from June 2015 to May 2016 as the base profits.
(Note 3) Since RISONARE Atami, KAI Kinugawa, KAI Kaga and Asahikawa Grand Hotel have premium fixed rents during the fiscal period ending April 2017, the premium fixed rents are indicated.
Rent type (1)
Floating rent (sales-linked) Floating rent (profit-linked)
Rent type Fixed rent + floating rent Fixed rent + floating rent Fixed rent
Index for floating rent Sales Profits -
Number of properties 31 properties 8 properties 8 properties
Acquisition price
Price ¥35.3 billion ¥506 billion ¥7.2 billion
Ratio 37.9% 54.3% 7.7%
Name of facility
HOSHINOYA Karuizawa, HOSHINOYA Kyoto, RISONARE Yatsugatake, KAI Matsumoto,
KAI Izumo, KAI Ito, KAI Hakone, KAI Aso, KAI Kawaji, 22 Solare properties
RISONARE Atami, KAI Kinugawa,KAI Kaga,
4 ANA Crowne Plaza properties,Asahikawa Grand Hotel
5 Candeo properties, 3 Greens properties
Base sales
Base sales x floating rate
Floating
Fixed
Floating
Fixed
Base profits x 95%Base profits
[floating rate]
HOSHINOYA 25.0%
RISONARE 15.0%
KAI 16.0%
21 Solare properties
36.5%
23
(example) 4 ANA Crowne Plaza properties
6th FP base sales 8th FP base sales 10th FP base sales
Rent type (2)
Period used for base sales for monthly floating rent (Note)
(1) For May to October every year, deem sales for the 12 months from April of the previous year to March of the relevant year as base sales; (2) For November to the following April every year, deem sales for the 12 months from October of the previous year to September of the relevant year as
base sales.
2014 2015 2016 2017May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP
6th FP base sales 8th FP base sales
Sales-linked type
Profit-linked type Period used for base sales for monthly floating rent (Note)
(1) For May to October every year, deem sales for the 12 months from December two years prior to November of the previous year as base profits; (2) For November to the following April every year, deem sales for the 12 months from June of the previous year to May of the relevant year as base profits.
2014 2015 2016 2017May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP
(Note) The timing of floating rents arising and the specific calculation methods vary depending on the acquisition timing and such of each property. In the lease agreements with each lessee, the starting dates of floating rent are stated as November 1, 2016 (8th FP) for Chisun Inn Kagoshima Taniyama, November 1, 2018 (12th FP) for RISONARE Atami and KAI Kinugawa, November 1, 2019 (14th FP) for Asahikawa Grand Hotel and May 1, 2019 (13th FP) for KAI Kaga. Therefore, floating rent will not arise prior to those said dates regardless of the amounts of sales or profits of the hotels, ryokans and ancillary facilities.
10th FP base sales
7th FP base sales 9th FP base sales
7th FP base sales 9th FP base sales 11th FP base sales
24
III. Future Management Policy
Management policy for the time being
Maintenance of growth and stability of distribution
Continuous improvement in unitholder value
Utilization of Sponsor Support Agreement
Utilization of revitalization know-how of the Hoshino Resorts Group
Utilization of the Asset Management Company’s unique information on properties operated by those other than the Hoshino Resorts Group
External growth strategy
Internal growth by operators and the Asset Management Company
Introduction of floating rent linked to sales or profits
Maintenance/Enhancement of asset value and competitiveness of the portfolio through establishment/execution of capital expenditures and repair plans from a medium-to long-term perspective
Internal growth strategy
1
2
1
2
33
26
13,081
16,649 17,075 18,289
20,520
22,104 22,764
35.5%
22.8%20.6%
18.6%
27.8%25.6% 25.2%
0
0.2
0.4
0.6
0.8
1
0
5,000
10,000
15,000
20,000
25,000 Distribution per unit (yen) LTV(%)
Actual resultFP ended April 2014(2nd fiscal period)
Actual resultFP ended October 2014
(3rd fiscal period)
Actual resultFP ended April 2015(4th fiscal period)
Actual resultFP ended October 2015
(5th fiscal period)
Actual resultFP ended April 2016(6th fiscal period)
ForecastFP ending October 2016
(7th fiscal period)
ForecastFP ending April 2017
(8th fiscal period)
Distribution up by
3,568 yen
Distribution up by
1,214 yen
安定した分配金の実現
Aim for stable improvement in distribution through realization of external growth utilizing public offering and acquisition capacity and internal growth by executing capital expenditures and repair plans from a medium- to long-
term perspective.
2ndPO
Distribution up by
2,231 yen
3rdPO
1stPO
Acquisition during the 5th FP
Realization of stable distribution
Distribution up by
1,584 yen(forecast)
4thPO
27
Distribution up by
660 yen(forecast)
Market trend and strategy for differentiation
The annual accumulated total number of foreign visitors to Japan in 2015 has reached 19.73 million, exceeding the number of outbound Japanese travelers for the first time in 45 years. The government has set “40 million foreign tourists in 2020” as the new goal. Domestic movement for launching new hotels is also active. The hotel transaction market has been very active and competition for acquisitions is intensifying mainly in the cities. The decline in cap rate is expected to deepen further.
Even in the rather over-heated hotel transaction market, HRR will basically target properties that are
competitive but with fewer acquisition competitors on a negotiation basis.
Trends in the hotel property investment market
HRR’s strategy for differentiation
Superior know-how and experience
Whether it has a business model, brand power, etc. that can differentiate itself from competitors, and whether it is operated by an operator with extensive expertise
Superior equipment and facilities
Whether the facility itself possesses superiority as to its location, rarity of the building, etc.
Criteria for selecting investment properties
28
Utilization of the Asset Management Company’s unique information on properties operated by those other than the Hoshino Resorts Group
HRR is collecting information on property acquisitions by establishing networks not only with the Hoshino Resorts Group but also with the owners and operators of hotels, ryokans and ancillary facilities across the nation. HRR will strive to acquire competitive properties by utilizing the Asset Management Company’s unique information gathering ability.
III
Aim for asset size of 200 billion yen
External growth strategy
While focusing on stable growth and the speed of external growth, HRR will aim to make continuous property acquisitions from the Hoshino Resorts Group and also to acquire properties operated by those other than the
Hoshino Resorts Group from which long-term and stable cash flow can be expected.
External growth
[Measures for realization of external growth]
I Utilization of Sponsor Support Agreement
HRR will utilize the comprehensive sponsor support, such as information on properties owned by the Hoshino Resorts Group, the provision of human/material resources, knowledge, experience and know-how in the tourism industry and the resort sector, etc.
II Utilization of revitalization know-how of the Hoshino Resorts Group
HRR will be provided with information on properties that have regained attractiveness through revitalization know-how of the Hoshino Resorts Group.
29
Hotels and ryokans operated by the Hoshino Resorts Group
KAINikko
HOSHINOYAKaruizawa
HotelBleston Court
KAI Aso
HOSHINOYA Kyoto
KAIEnshu
KAI Hakone
KAI Atami
RISONARE Atami
UTOCOAuberge & Spa
KAI Izumo
RISONARETomamu
TomamuTomamu SKI Resort
Alts Bandai Ski Resort
Ura Bandai NekomaSki Resort Ura Bandai Hotel
BandaisanOnsen Hotel
KAI Ito
HOSHINOYA Fuji
HOSHINOYA Tokyo(scheduled to open in July 2016)
KAI Kaga KAI Kawaji
KAI Alps(scheduled to open in 2017)
RISONARE YatsugatakeKAI
Matsumoto
Aomoriya
KAITsugaru
Oirase Keiryu Hotel
(Excluding the above properties)
HRR’s portfolio
Hoshino Resorts Group’s portfolio
L'Hotel de Hiei
KAI Kinugawa
VietnamThailand
Myanmar
Philippines
HOSHINOYA Bali(scheduled to open in 2016)
Indonesia
Malaysia
China
RISONAREKohamajima
IriomoteIsland
IshigakiIsland
HOSHINOYATaketomijimaTaketomi
Island
Kuro IslandAragusukuIsland
Okinawa PrefectureYaeyama Islands
Tahiti
Kiaora Rangiroa(Source) Prepared by the Asset Management Company based on materials provided by Hoshino Resorts Inc.(Note 1) Based on information as of June 17, 2016.(Note 2) The map shows facilities operated by the Hoshino Resorts Group and includes properties that are not acquired by HRR. There are
no specific plans or guarantee that HRR will acquire these properties in the future, as of June 17, 2016.(Note 3) The scheduled openings are subject to change.
30
HRR will aim to realize both stable distribution and growth of distribution through the expansion of sales or profits that are indices for floating rent as well as maintenance/improvement of the competitiveness of facilities.
Internal growth strategy
Internal growth
[Measures for realization of internal growth]
I Internal growth by operators and the Asset Management Company HRR intends to maintain/enhance the competitiveness of facilities by selecting property management operators who
have a deep understanding of HRR’s property features and possess business models and know-how that are deemed to be optimum based on characteristics of the relevant properties.
The Asset Management Company will aim to reinforce the profitability of the portfolio by conducting operation, management and renewals for maintaining/enhancing the competitiveness of facilities.
II Introduction of floating rent linked to sales or profits HRR will discuss introduction of floating rent linked to sales or profits in accordance with calculation method for
floating rents set with consideration given to the facility’s brand and operating features, in addition to the fixed rent system, in the lease agreement. HRR believes this is a system that will enable HRR to enjoy the enhanced business results of hotels, ryokans and ancillary facilities operated with the know-how of operators and lessees.
III Maintenance/Enhancement of asset value and competitiveness of the portfolio through establishment/execution of capital expenditures and repair plans from a medium- to long-term perspective HRR will aim for stable earnings from operations by reducing the future excessive risks of major repairs, and of
decreased sales resulting from deterioration of facility attractiveness through careful and sufficient capital expenditures, while at the same time making efforts to maintain/enhance the asset value and competitiveness of the portfolio from a medium-term perspective.
31
Future initiatives (scheduled)
Initiatives for stable maintenance and improvement of the portfolio management results
Hoshino Resorts REIT is executing capital expenditures and repairs for maintaining and improving operational results by cooperating with lessees and operators and utilizing their know-how on facility operation in addition to ours.
Examples of initiatives during 6th FP
HOSHINOYA KyotoRenovation of guest rooms and common use areas involving suspension of operationsFrom December 2015 to March 2016, efforts such as renovation work on guest rooms and common use areas that involve suspension of operations were conducted in cooperation with the operator. Through this initiative, Hoshino Resorts REIT aims to secure stable profit in the future by maintaining the quality of HOSHINOYA Kyoto to what appropriate for the accommodation facility realizing high ADR as well as achieving creation of new appeal through the improvement of value.
ANA Crowne Plaza HiroshimaIncreasing number of and renovation of club rooms
From January to February 2016, the number of club rooms, which is differentiated from ordinary guest rooms by providing services and environment of higher class, were increased while renovation work on existing club rooms were conducted.
Aim for improving ADR of the facilities and further increase in
profits.
32
RISONAREYatsugatake
Renovation of a restaurant (YY grill) and guest rooms
RISONARE Atami Renovation of lounge (Books & Café) and guest rooms
KAI Hakone Renovation of guest rooms and large common bath
IV. Appendix
KAI Matsumoto
Address Matsumoto-shi, Nagano
Acquisition Price ¥600 million
Real estate appraisal value
¥745 million
Appraisal NOI yield 10.2%
Name of tenantHoshino Resort
Management Co., Ltd.
Number of guest rooms
26
HOSHINOYA Karuizawa
AddressKaruizawa-machi,
Kitasaku-gun, Nagano
Acquisition Price ¥7,600 million
Real estate appraisal value
¥10,900 million
Appraisal NOI yield 7.7%
Name of tenant Hoshino Resorts Inc.
Number of guest rooms
77
RISONARE Atami
Address Atami-shi, Shizuoka
Acquisition Price ¥3,750 million
Real estate appraisal value
¥4,000 million
Appraisal NOI yield 7.3%
Name of tenant K.K. Horizon Hotels
Number of guest rooms
76
HOSHINOYA
KAI
KAI Izumo
Address Matsue-shi, Shimane
Acquisition Price ¥680 million
Real estate appraisal value
¥822 million
Appraisal NOI yield 9.0%
Name of tenantHoshino Resort
Management Co., Ltd.
Number of guest rooms
24
(Note) Figures are based on real estate appraisal reports which evaluated values as of April 30, 2016. Appraisal NOI (Net Operating Income) is defined as operating revenues less operating expenses contained in the relevant real estate appraisal report, which is before depreciation. This is different from NCF (Net Cash Flow) calculated by subtracting gain on investment of leasehold deposit, etc., and capital expenditures from NOI. Appraisal NOI yield is the figure calculated by the Asset Management Company by dividing appraisal NOI by the acquisition price.
Portfolio overview (assets under management) (1)
HOSHINOYA Kyoto
Address Kyoto-shi, Kyoto
Acquisition Price ¥2,785 million
Real estate appraisal value
¥3,550 million
Appraisal NOI yield 7.7%
Name of tenantK.K. Arashiyama Onsen
Rankyokan
Number of guest rooms
25
RISONARE Yatsugatake
Address Hokuto-shi, Yamanashi
Acquisition Price ¥4,500 million
Real estate appraisal value
¥5,920 million
Appraisal NOI yield 9.9%
Name of tenant K.K. Horizon Hotels
Number of guest rooms
172
RISONARE
34
Portfolio overview (assets under management) (2)
KAI
KAI Kawaji
Address Nikko-shi, Tochigi
Acquisition Price ¥1,000 million
Real estate appraisal value
¥1,130 million
Appraisal NOI yield 8.5%
Name of tenantHoshino Resort
Management Co., Ltd.
Number of guest rooms
54
KAI Hakone
AddressHakone-machi,
Ashigarashimo-gun, Kanagawa
Acquisition Price ¥950 million
Real estate appraisal value
¥1,220 million
Appraisal NOI yield 9.1%
Name of tenantHoshino Resort
Management Co., Ltd.
Number of guest rooms
31
KAI Aso
AddressKokonoe-machi, Kusu-gun,
Oita
Acquisition Price ¥575 million
Real estate appraisal value
¥674 million
Appraisal NOI yield 8.0%
Name of tenantHoshino Resort
Management Co., Ltd.
Number of guest rooms
12
(Note) Figures for the 5 properties except for KAI Kaga are based on real estate appraisal reports which evaluated values as of April 30, 2016, and figures for KAI Kaga is based on that as of February 29, 2016. Appraisal NOI (Net Operating Income) is defined as operating revenues less operating expenses contained in the relevant real estate appraisal report, which is before depreciation. This is different from NCF (Net Cash Flow) calculated by subtracting gain on investment of leasehold deposit, etc., and capital expenditures from NOI. Appraisal NOI yield is the figure calculated by the Asset Management Company by dividing appraisal NOI by the acquisition price.
KAI Ito
Address Ito-shi, Shizuoka
Acquisition Price ¥670 million
Real estate appraisal value
¥881 million
Appraisal NOI yield 10.4%
Name of tenantHoshino Resort
Management Co., Ltd.
Number of guest rooms
34
KAI Kinugawa
Address Nikko-shi, Tochigi
Acquisition Price ¥3,080 million
Real estate appraisal value
¥3,280 million
Appraisal NOI yield 6.2%
Name of tenant Hoshino Resorts Inc.
Number of guest rooms
48
KAI Kaga
Address Kaga-shi, Ishikawa
Acquisition Price ¥3,160 million
Real estate appraisal value
¥3,300 million
Appraisal NOI yield 6.1%
Name of tenantK.K. Arashiyama Onsen
Rankyokan
Number of guest rooms
48
35
Portfolio overview (assets under management) (3)
Others
Chisun Inn Toyokawa IC
Address Toyokawa-shi, Aichi
Acquisition Price ¥602 million
Real estate appraisal value
¥720 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
94
Chisun Inn Tosu
Address Tosu-shi, Saga
Acquisition Price ¥504 million
Real estate appraisal value
¥600 million
Appraisal NOI yield 7.6%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
Chisun Inn Chiba Hamano R16
Address Chiba-shi, Chiba
Acquisition Price ¥798 million
Real estate appraisal value
¥1,010 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
94
Chisun Inn Shiojiri Kita IC
Address Shiojiri-shi, Nagano
Acquisition Price ¥672 million
Real estate appraisal value
¥799 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
Chisun Inn Sano Fujioka IC
Address Sano-shi, Tochigi
Acquisition Price ¥742 million
Real estate appraisal value
¥894 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
Chisun Inn Suwa IC
Address Suwa-shi, Nagano
Acquisition Price ¥658 million
Real estate appraisal value
¥788 million
Appraisal NOI yield 7.5%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
36
(Note) Figures are based on real estate appraisal reports which evaluated values as of April 30, 2016. Appraisal NOI (Net Operating Income) is defined as operating revenues less operating expenses contained in the relevant real estate appraisal report, which is before depreciation. This is different from NCF (Net Cash Flow) calculated by subtracting gain on investment of leasehold deposit, etc., and capital expenditures from NOI. Appraisal NOI yield is the figure calculated by the Asset Management Company by dividing appraisal NOI by the acquisition price.
Portfolio overview (assets under management) (4)
Others
Chisun Inn Fukushima Nishi IC
AddressFukushima-shi,
Fukushima
Acquisition Price ¥672 million
Real estate appraisal value
¥765 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
Chisun Inn Niigata Chuo IC
Address Niigata-shi, Niigata
Acquisition Price ¥630 million
Real estate appraisal value
¥736 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
Chisun Inn Nagasaki Airport
Address Omura-shi, Nagasaki
Acquisition Price ¥630 million
Real estate appraisal value
¥746 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
(Note) Figures are based on real estate appraisal reports which evaluated values as of April 30, 2016. Appraisal NOI (Net Operating Income) is defined as operating revenues less operating expenses contained in the relevant real estate appraisal report, which is before depreciation. This is different from NCF (Net Cash Flow) calculated by subtracting gain on investment of leasehold deposit, etc., and capital expenditures from NOI. Appraisal NOI yield is the figure calculated by the Asset Management Company by dividing appraisal NOI by the acquisition price.
Chisun Inn Kumamoto Miyukifueda
AddressKumamoto-shi,
Kumamoto
Acquisition Price ¥616 million
Real estate appraisal value
¥708 million
Appraisal NOI yield 7.6%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
Chisun Inn Utsunomiya Kanuma
Address Utsunomiya-shi, Tochigi
Acquisition Price ¥714 million
Real estate appraisal value
¥823 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
Chisun Inn Fukui
Address Fukui-shi, Fukui
Acquisition Price ¥644 million
Real estate appraisal value
¥752 million
Appraisal NOI yield 7.7%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
37
Portfolio overview (assets under management) (5)
Others
Chisun Inn Marugame Zentsuji
Address Marugame-shi, Kagawa
Acquisition Price ¥588 million
Real estate appraisal value
¥679 million
Appraisal NOI yield 7.6%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
Chisun Inn Munakata
Address Munakata-shi, Fukuoka
Acquisition Price ¥504 million
Real estate appraisal value
¥613 million
Appraisal NOI yield 7.9%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
Chisun Inn Iwate Ichinoseki IC
Address Ichinoseki-shi, Iwate
Acquisition Price ¥700 million
Real estate appraisal value
¥763 million
Appraisal NOI yield 7.1%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
Chisun Inn Hitachinaka
Address Hitachinaka-shi, Ibaraki
Acquisition Price ¥742 million
Real estate appraisal value
¥900 million
Appraisal NOI yield 7.5%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
Chisun Inn Tsuchiura Ami
AddressAmi-machi, Inashiki-gun,
Ibaraki
Acquisition Price ¥770 million
Real estate appraisal value
¥918 million
Appraisal NOI yield 7.3%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
Chisun Inn Kofu Isawa
Address Fuefuki-shi, Yamanashi
Acquisition Price ¥658 million
Real estate appraisal value
¥777 million
Appraisal NOI yield 7.6%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
92
38
(Note) Figures are based on real estate appraisal reports which evaluated values as of April 30, 2016. Appraisal NOI (Net Operating Income) is defined as operating revenues less operating expenses contained in the relevant real estate appraisal report, which is before depreciation. This is different from NCF (Net Cash Flow) calculated by subtracting gain on investment of leasehold deposit, etc., and capital expenditures from NOI. Appraisal NOI yield is the figure calculated by the Asset Management Company by dividing appraisal NOI by the acquisition price.
Portfolio overview (assets under management) (6)
Others
Candeo Hotels Handa
Address Handa-shi, Aichi
Acquisition Price ¥620 million
Real estate appraisal value
¥684 million
Appraisal NOI yield 6.5%
Name of tenant Candeo Hospitality Management, Inc.
Number of guest rooms
126
Candeo Hotels Chino
Address Chino-shi, Nagano
Acquisition Price ¥793 million
Real estate appraisal value
¥903 million
Appraisal NOI yield 6.7%
Name of tenant Candeo Hospitality Management, Inc.
Number of guest rooms
119
Chisun Inn Karuizawa
AddressKaruizawa-machi,
Kitasaku-gun, Nagano
Acquisition Price ¥812 million
Real estate appraisal value
¥1,040 million
Appraisal NOI yield 7.9%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
90
Chisun Inn Himeji Yumesakibashi
Address Himeji-shi, Hyogo
Acquisition Price ¥616 million
Real estate appraisal value
¥724 million
Appraisal NOI yield 7.7%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
Chisun Inn Kurashiki Mizushima
Address Kurashiki-shi, Okayama
Acquisition Price ¥728 million
Real estate appraisal value
¥845 million
Appraisal NOI yield 7.4%
Name of tenantSHR Roadside Inn Co.,
Ltd.
Number of guest rooms
98
Candeo Hotels Fukuyama
Address Fukuyama-shi, Hiroshima
Acquisition Price ¥1,075 million
Real estate appraisal value
¥1,220 million
Appraisal NOI yield 6.5%
Name of tenant Candeo Hospitality Management, Inc.
Number of guest rooms
164
39
(Note) Figures are based on real estate appraisal reports which evaluated values as of April 30, 2016. Appraisal NOI (Net Operating Income) is defined as operating revenues less operating expenses contained in the relevant real estate appraisal report, which is before depreciation. This is different from NCF (Net Cash Flow) calculated by subtracting gain on investment of leasehold deposit, etc., and capital expenditures from NOI. Appraisal NOI yield is the figure calculated by the Asset Management Company by dividing appraisal NOI by the acquisition price.
Portfolio overview (assets under management) (7)
Others
Comfort Hotel Tomakomai
Address Tomakomai-shi, Hokkaido
Acquisition Price ¥963 million
Real estate appraisal value
¥1,060 million
Appraisal NOI yield 6.3%
Name of tenant Greens Co., Ltd.
Number of guest rooms
123
Comfort Hotel Hakodate
Address Hakodate-shi, Hokkaido
Acquisition Price ¥937 million
Real estate appraisal value
¥1,030 million
Appraisal NOI yield 6.2%
Name of tenant Greens Co., Ltd.
Number of guest rooms
139
Candeo Hotels Sano
Address Sano-shi, Tochigi
Acquisition Price ¥1,260 million
Real estate appraisal value
¥1,440 million
Appraisal NOI yield 6.5%
Name of tenant Candeo Hospitality Management, Inc.
Number of guest rooms
124
Candeo Hotels Kameyama
Address Kameyama-shi, Mie
Acquisition Price ¥470 million
Real estate appraisal value
¥524 million
Appraisal NOI yield 7.1%
Name of tenant Candeo Hospitality Management, Inc.
Number of guest rooms
170
Chisun Inn Kagoshima Taniyama
Address Kagoshima-shi, Kagoshima
Acquisition Price ¥1,995 million
Real estate appraisal value
¥2,210 million
Appraisal NOI yield 6.6%
Name of tenant SHR Roadside Inn Co., Ltd.
Number of guest rooms
217
Comfort Hotel Kure
Address Kure-shi, Hiroshima
Acquisition Price ¥1,100 million
Real estate appraisal value
¥1,210 million
Appraisal NOI yield 6.1%
Name of tenant Greens Co., Ltd.
Number of guest rooms
149
40
(Note) Figures are based on real estate appraisal reports which evaluated values as of April 30, 2016. Appraisal NOI (Net Operating Income) is defined as operating revenues less operating expenses contained in the relevant real estate appraisal report, which is before depreciation. This is different from NCF (Net Cash Flow) calculated by subtracting gain on investment of leasehold deposit, etc., and capital expenditures from NOI. Appraisal NOI yield is the figure calculated by the Asset Management Company by dividing appraisal NOI by the acquisition price.
Portfolio overview (assets under management) (8)
Others
ANA Crowne Plaza Toyama
Address Toyama-shi, Toyama
Acquisition Price ¥4,008 million
Real estate appraisal value
¥4,420 million
Appraisal NOI yield 7.6%
Name of tenant K.K. Horizon Hotels
Number of guest rooms
251
ANA Crowne Plaza Kanazawa
Address Kanazawa-shi, Ishikawa
Acquisition Price ¥6,609 million
Real estate appraisal value
¥7,150 million
Appraisal NOI yield 6.4%
Name of tenant K.K. Horizon Hotels
Number of guest rooms
249
ANA Crowne Plaza Hiroshima
Address Hiroshima-shi, Hiroshima
Acquisition Price ¥17,784 million
Real estate appraisal value
¥19,700 million
Appraisal NOI yield 5.8%
Name of tenant K.K. Horizon Hotels
Number of guest rooms
409
ANA Crowne Plaza Fukuoka
Address Fukuoka-shi, Fukuoka
Acquisition Price ¥7,599 million
Real estate appraisal value
¥8,440 million
Appraisal NOI yield 6.2%
Name of tenant K.K. Horizon Hotels
Number of guest rooms
320
Asahikawa Grand Hotel
Address Asahikawa-shi, Hokkaido
Acquisition Price ¥4,619 million
Real estate appraisal value
¥4,770 million
Appraisal NOI yield 7.3%
Name of tenant Asahikawa Grand Hotel Co., Ltd.
Number of guest rooms
237
41
(Note) Figures are based on real estate appraisal reports which evaluated values as of April 30, 2016. Appraisal NOI (Net Operating Income) is defined as operating revenues less operating expenses contained in the relevant real estate appraisal report, which is before depreciation. This is different from NCF (Net Cash Flow) calculated by subtracting gain on investment of leasehold deposit, etc., and capital expenditures from NOI. Appraisal NOI yield is the figure calculated by the Asset Management Company by dividing appraisal NOI by the acquisition price.
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 69.9% 77.5% 79.6% 92.0% 81.0% 75.0% 82.8% 84.7% 86.0% 83.1% 90.0% 75.0% 81.3%
ADR (yen) 41,826 31,781 45,615 66,930 41,397 43,255 39,400 47,914 45,300 37,036 42,599 45,732 44,635
RevPAR (yen) 29,222 24,623 36,302 61,590 33,536 32,460 32,626 40,566 38,976 30,780 38,332 34,279 36,273
Sales (millions of yen) 109 85 134 208 119 118 122 135 97 97 142 118 1,486
RISONARE Atami
Operational results for each property (1)
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 90.2% 75.7% 85.6% 95.9% 89.6% 85.1% 73.8% 69.1% 66.5% 63.0% 67.2% 63.8% 77.6%
ADR (yen) 39,078 31,260 37,406 57,507 42,310 40,331 38,116 40,631 36,587 28,159 31,447 39,114 39,356
RevPAR (yen) 35,248 23,660 32,023 55,152 37,916 34,326 28,147 28,077 24,324 17,740 21,147 24,973 30,527
Sales (millions of yen) 56 37 51 75 55 53 44 41 27 31 37 38 543
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 94.5% 89.2% 87.6% 99.3% 99.2% 99.2% 98.8% 92.6% 79.7% 86.3% 93.3% 80.8% 91.8%
ADR (yen) 37,439 30,931 34,747 46,154 37,427 36,585 41,399 38,157 37,572 35,878 40,925 49,487 38,935
RevPAR (yen) 35,375 27,580 30,454 45,844 37,115 36,290 40,882 35,336 29,946 30,950 38,175 40,002 35,735
Sales (millions of yen) 52 44 44 65 54 55 59 56 48 44 57 53 632
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 66.5% 60.5% 72.9% 92.6% 75.6% 70.8% 75.0% 75.6% 72.4% 84.1% 80.8% 64.9% 74.4%
ADR (yen) 38,509 27,347 32,555 51,316 37,098 31,255 30,556 39,767 35,923 31,497 38,752 33,802 36,230
RevPAR (yen) 25,612 16,542 23,721 47,518 28,042 22,126 22,917 30,047 26,005 26,482 31,326 21,943 26,945
Sales (millions of yen) 58 44 57 96 61 52 59 63 61 61 73 49 734
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 67.3% 54.8% 53.6% 68.8% 67.0% 64.7% 73.3% 78.6% 77.1% 78.4% 81.0% 80.1% 70.4%
ADR (yen) 43,640 32,877 37,436 52,820 41,888 42,626 45,385 47,187 42,173 37,599 37,938 43,270 42,328
RevPAR (yen) 29,375 18,029 20,062 36,331 28,050 27,590 33,282 37,109 32,509 29,486 30,714 34,654 29,783
Sales (millions of yen) 53 35 40 63 51 53 58 62 59 56 62 59 649
KAI Matsumoto
KAI Izumo
KAI Ito
KAI Hakone
42
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate - - - - - - - 56.4% 53.4% 51.7% 54.8% 52.8% 53.8%
ADR (yen) - - - - - - - 32,883 32,081 28,908 30,719 36,319 32,240
RevPAR (yen) - - - - - - - 18,541 17,119 14,949 16,832 19,168 17,360
Sales (millions of yen) - - - - - - - 57 54 45 53 55 264
KAI Kinugawa
Operational results for each property (2)
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 65.1% 59.4% 58.8% 80.6% 59.8% 58.2% 59.1% 56.5% 46.1% 61.6% 63.6% 61.6% 61.0%
ADR (yen) 28,616 21,810 26,967 38,679 27,999 34,536 33,173 30,754 31,845 22,429 23,495 27,509 29,218
RevPAR (yen) 18,616 12,965 15,851 31,169 16,731 20,094 19,617 17,380 14,680 13,811 14,933 16,954 17,816
Sales (millions of yen) 63 49 55 93 54 62 60 57 43 48 56 46 686
KAI Kawaji
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 78.1% 70.0% 75.6% 84.8% 82.0% 83.0% 76.6% 68.7% 61.1% 71.2% 75.0% 79.4% 75.5%
ADR (yen) 6,162 5,463 5,829 6,891 6,104 5,677 5,457 5,030 5,014 5,014 5,208 5,558 5,657
RevPAR (yen) 4,811 3,822 4,406 5,840 5,005 4,711 4,178 3,455 3,062 3,570 3,908 4,412 4,268
Sales (millions of yen) 15 12 14 18 15 15 13 11 10 11 12 13 156
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 87.0% 91.6% 84.7% 91.7% 89.9% 89.8% 86.8% 87.7% 79.0% 81.6% 85.9% 85.9% 86.8%
ADR (yen) 5,810 5,368 5,484 6,118 5,557 5,473 5,692 5,885 5,767 5,512 5,855 5,721 5,689
RevPAR (yen) 5,056 4,917 4,643 5,611 4,997 4,916 4,943 5,160 4,558 4,498 5,030 4,917 4,940
Sales (millions of yen) 15 15 14 17 15 15 15 16 14 13 15 14 176
Chisun Inn Shiojiri Kita IC
Chisun Inn Sano Fujioka IC
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 85.5% 67.5% 76.3% 87.9% 84.7% 94.1% 92.8% 85.8% 74.1% 79.8% 88.2% 70.6% 82.9%
ADR (yen) 60,941 47,639 58,694 74,740 61,934 61,700 61,777 61,254 61,831 56,507 58,759 61,797 60,981
RevPAR (yen) 52,095 32,170 44,810 65,699 52,472 58,051 57,315 52,527 45,821 45,071 51,809 43,622 50,540
Sales (millions of yen) 33 21 28 39 31 37 34 32 25 26 33 15 353
KAI Aso
43
Operational results for each property (3)
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 65.0% 56.2% 73.1% 79.6% 71.8% 82.0% 77.2% 76.3% 69.9% 67.2% 73.8% 83.2% 73.0%
ADR (yen) 5,542 4,832 5,068 5,800 5,283 4,988 5,049 5,181 5,073 4,985 5,298 5,267 5,207
RevPAR (yen) 3,604 2,717 3,703 4,614 3,791 4,088 3,899 3,953 3,547 3,350 3,912 4,384 3,801
Sales (millions of yen) 11 8 11 14 11 12 12 12 11 10 12 13 136
Chisun Inn Tosu
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 94.1% 82.1% 85.9% 90.5% 83.8% 87.1% 87.9% 86.2% 80.5% 84.9% 85.2% 87.3% 86.3%
ADR (yen) 5,763 5,817 5,768 6,707 6,085 5,704 5,794 6,146 5,807 5,899 6,251 6,035 5,985
RevPAR (yen) 5,425 4,773 4,952 6,071 5,100 4,969 5,095 5,298 4,675 5,008 5,326 5,267 5,166
Sales (millions of yen) 17 14 15 19 15 15 15 16 14 14 16 16 187
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 72.9% 73.3% 75.5% 73.4% 77.1% 82.4% 80.6% 78.2% 70.4% 75.4% 77.4% 76.1% 76.1%
ADR (yen) 5,166 4,444 4,827 5,523 5,042 4,806 4,815 4,636 4,868 4,948 5,404 5,700 5,013
RevPAR (yen) 3,766 3,258 3,646 4,053 3,886 3,961 3,881 3,626 3,429 3,733 4,180 4,339 3,814
Sales (millions of yen) 12 10 12 13 12 13 12 12 11 11 13 14 146
Chisun Inn Chiba Hamano R16
Chisun Inn Kumamoto Miyukifueda
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 79.6% 74.0% 84.2% 88.2% 83.8% 86.4% 81.5% 79.6% 79.5% 85.0% 80.8% 79.5% 81.8%
ADR (yen) 6,180 5,498 5,815 7,202 6,346 5,713 5,550 5,227 5,333 5,263 5,638 6,693 5,884
RevPAR (yen) 4,918 4,065 4,895 6,351 5,318 4,938 4,522 4,158 4,239 4,474 4,553 5,323 4,815
Sales (millions of yen) 15 12 15 19 15 15 13 13 13 13 14 15 170
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 79.0% 77.3% 78.0% 84.8% 79.4% 83.1% 77.5% 81.8% 78.3% 76.2% 80.1% 80.3% 79.7%
ADR (yen) 5,351 4,804 5,115 5,847 5,344 4,962 5,022 4,886 5,052 4,875 5,237 5,130 5,142
RevPAR (yen) 4,228 3,714 3,991 4,958 4,240 4,124 3,893 3,999 3,954 3,714 4,194 4,119 4,098
Sales (millions of yen) 13 11 13 16 13 13 12 13 12 11 13 13 153
Chisun Inn Suwa IC
Chisun Inn Toyokawa IC
44
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 84.7% 86.2% 88.5% 85.4% 87.6% 88.5% 86.4% 76.8% 71.6% 85.7% 85.5% 85.9% 84.4%
ADR (yen) 5,503 5,489 5,532 6,324 5,816 5,447 5,456 5,465 5,355 5,403 5,631 5,770 5,604
RevPAR (yen) 4,660 4,731 4,896 5,397 5,095 4,819 4,713 4,199 3,832 4,633 4,812 4,954 4,728
Sales (millions of yen) 15 15 16 17 16 16 15 14 12 14 15 15 180
Chisun Inn Fukushima Nishi IC
Operational results for each property (4)
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 77.1% 70.7% 77.5% 86.9% 80.9% 81.4% 79.3% 61.8% 56.8% 63.7% 86.1% 74.6% 74.8%
ADR (yen) 6,116 5,575 5,504 7,281 5,550 5,073 4,918 4,895 4,896 4,890 5,185 5,572 5,502
RevPAR (yen) 4,713 3,938 4,264 6,329 4,490 4,130 3,899 3,027 2,783 3,114 4,463 4,154 4,114
Sales (millions of yen) 15 13 14 21 14 13 12 10 9 9 14 13 158
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 82.9% 80.7% 81.1% 85.7% 86.7% 89.7% 89.2% 83.5% 79.6% 89.5% 85.1% 75.1% 84.1%
ADR (yen) 5,864 5,544 5,754 6,448 5,750 5,581 5,626 5,470 5,558 5,797 5,791 5,482 5,727
RevPAR (yen) 4,858 4,475 4,666 5,523 4,985 5,005 5,021 4,565 4,426 5,191 4,930 4,120 4,814
Sales (millions of yen) 15 13 14 17 14 15 14 14 13 14 15 12 170
Chisun Inn Niigata Chuo IC
Chisun Inn Nagasaki Airport
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 77.1% 77.5% 77.1% 80.9% 81.5% 85.1% 79.6% 79.1% 73.7% 84.4% 84.1% 79.5% 79.9%
ADR (yen) 6,030 5,340 5,551 6,432 5,831 5,737 5,617 5,794 5,454 5,534 5,775 5,757 5,743
RevPAR (yen) 4,648 4,135 4,279 5,201 4,754 4,881 4,469 4,583 4,022 4,670 4,857 4,576 4,591
Sales (millions of yen) 15 13 14 17 15 15 14 15 13 14 16 14 173
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 73.5% 74.3% 76.9% 89.4% 83.3% 80.7% 84.0% 76.0% 70.4% 77.6% 81.6% 79.2% 78.9%
ADR (yen) 5,733 5,234 5,763 6,668 5,780 5,598 5,519 5,340 5,323 5,474 5,670 5,869 5,683
RevPAR (yen) 4,214 3,890 4,429 5,959 4,816 4,514 4,635 4,060 3,748 4,247 4,629 4,649 4,484
Sales (millions of yen) 13 12 14 19 15 15 14 13 12 13 15 14 169
Chisun Inn Utsunomiya Kanuma
Chisun Inn Fukui
45
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 81.1% 77.8% 85.0% 90.3% 82.5% 80.7% 79.9% 79.2% 69.2% 79.7% 80.5% 74.5% 80.0%
ADR (yen) 5,784 5,133 5,645 7,524 5,951 5,522 5,318 5,338 5,107 5,052 5,670 5,588 5,670
RevPAR (yen) 4,689 3,994 4,795 6,793 4,909 4,452 4,247 4,228 3,534 4,028 4,565 4,163 4,538
Sales (millions of yen) 14 12 15 21 14 14 12 13 11 11 14 12 162
Chisun Inn Kofu Isawa
Operational results for each property (5)
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 73.1% 60.7% 76.8% 85.0% 79.1% 79.6% 74.3% 76.7% 68.8% 77.7% 75.1% 68.6% 74.6%
ADR (yen) 5,763 4,883 5,037 6,427 5,234 5,109 4,990 4,947 5,240 5,322 5,909 5,952 5,415
RevPAR (yen) 4,213 2,963 3,869 5,461 4,137 4,064 3,708 3,796 3,605 4,133 4,437 4,083 4,042
Sales (millions of yen) 13 9 13 17 13 13 11 12 11 12 14 13 153
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 72.3% 65.5% 71.7% 74.9% 70.9% 72.4% 74.3% 66.9% 60.6% 66.0% 72.0% 71.6% 69.9%
ADR (yen) 5,552 4,843 4,983 5,552 5,170 4,843 4,687 5,116 5,011 4,901 5,169 5,101 5,084
RevPAR (yen) 4,013 3,172 3,572 4,157 3,662 3,507 3,482 3,422 3,038 3,234 3,720 3,650 3,555
Sales (millions of yen) 13 10 12 14 11 11 11 11 10 10 12 11 136
Chisun Inn Marugame Zentsuji
Chisun Inn Munakata
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 83.6% 82.9% 81.8% 89.1% 70.4% 82.3% 81.2% 76.0% 79.9% 83.8% 90.5% 82.0% 82.0%
ADR (yen) 5,800 5,195 5,773 6,551 5,585 5,341 5,428 5,550 5,283 5,188 5,462 5,631 5,575
RevPAR (yen) 4,848 4,306 4,720 5,834 3,931 4,396 4,407 4,219 4,220 4,346 4,945 4,617 4,570
Sales (millions of yen) 14 12 14 19 11 13 13 13 13 12 16 13 165
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 84.8% 86.2% 82.6% 86.6% 90.1% 86.8% 86.4% 84.9% 77.6% 81.9% 87.0% 88.8% 85.3%
ADR (yen) 5,834 5,331 5,570 5,850 5,353 5,622 5,471 5,737 5,542 5,389 5,642 5,736 5,592
RevPAR (yen) 4,943 4,593 4,603 5,068 4,825 4,880 4,729 4,868 4,298 4,414 4,910 5,096 4,771
Sales (millions of yen) 15 13 14 15 14 15 14 15 13 12 15 15 169
Chisun Inn Hitachinaka
Chisun Inn Tsuchiura Ami
46
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate - - - 70.6% 72.8% 76.7% 71.0% 71.0% 70.5% 79.5% 73.5% 61.0% 71.8%
ADR (yen) - - - 5,140 5,173 5,211 5,470 5,187 5,354 5,386 5,466 5,010 5,272
RevPAR (yen) - - - 3,627 3,764 3,998 3,880 3,680 3,775 4,284 4,016 3,056 3,787
Sales (millions of yen) - - - 25 27 29 28 28 28 30 29 23 248
Chisun Inn Kagoshima Taniyama
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 76.7% 69.7% 73.4% 80.2% 69.9% 75.3% 81.3% 79.7% 68.4% 72.1% 76.8% 84.9% 75.7%
ADR (yen) 6,003 5,457 5,668 6,764 5,747 5,448 5,557 5,406 5,435 5,086 5,619 5,395 5,642
RevPAR (yen) 4,603 3,805 4,162 5,423 4,014 4,101 4,519 4,310 3,717 3,669 4,317 4,578 4,272
Sales (millions of yen) 15 12 13 17 12 13 14 14 12 11 14 14 161
Chisun Inn Himeji Yumesakibashi
Operational results for each property (6)
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 71.9% 87.1% 82.6% 79.5% 80.2% 90.2% 82.4% 77.6% 72.2% 81.1% 89.6% 85.9% 81.7%
ADR (yen) 5,720 5,271 5,438 5,886 5,747 5,804 5,430 5,251 5,011 5,298 5,836 5,653 5,537
RevPAR (yen) 4,111 4,593 4,491 4,679 4,607 5,234 4,473 4,078 3,619 4,297 5,227 4,855 4,522
Sales (millions of yen) 13 14 15 15 14 17 14 13 12 13 17 15 171
Chisun Inn Kurashiki Mizushima
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 73.6% 72.2% 78.3% 90.7% 85.5% 85.8% 80.6% 73.9% 73.0% 77.4% 77.5% 73.3% 78.5%
ADR (yen) 5,860 5,047 5,466 6,557 5,424 5,299 5,226 5,099 4,977 4,899 5,257 5,483 5,405
RevPAR (yen) 4,314 3,642 4,277 5,945 4,638 4,544 4,211 3,771 3,633 3,794 4,076 4,021 4,243
Sales (millions of yen) 13 11 13 18 14 14 13 12 11 11 13 12 153
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 84.8% 81.5% 88.9% 92.2% 89.8% 94.2% 84.1% 73.3% 58.6% 69.9% 57.6% 72.4% 79.0%
ADR (yen) 8,146 6,389 8,768 14,896 9,030 7,667 6,702 6,905 6,951 6,372 7,254 7,107 8,202
RevPAR (yen) 6,910 5,206 7,796 13,731 8,109 7,224 5,635 5,061 4,076 4,453 4,176 5,143 6,476
Sales (millions of yen) 20 15 23 40 23 21 16 15 12 13 12 15 226
Chisun Inn Iwate Ichinoseki IC
Chisun Inn Karuizawa
47
Operational results for each property (7)
48
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 89.5% 84.9% 82.9% 91.0% 85.2% 90.3% 89.1% 71.4% 60.5% 77.6% 86.5% 83.7% 82.7%
ADR (yen) 11,503 9,177 10,981 14,295 12,667 13,025 12,934 11,646 10,608 10,517 11,955 14,240 12,037
RevPAR (yen) 10,299 7,794 9,103 13,007 10,798 11,767 11,528 8,316 6,422 8,163 10,336 11,913 9,957
Sales (millions of yen) 441 384 400 398 409 465 483 464 328 360 426 434 4,992
ANA Crowne Plaza Hiroshima
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 84.8% 89.0% 86.9% 91.0% 91.3% 91.4% 92.0% 77.6% 61.1% 82.7% 81.5% 86.4% 84.6%
ADR (yen) 17,860 14,816 14,565 18,073 16,992 16,877 16,993 13,731 13,213 13,709 14,559 17,399 15,852
RevPAR (yen) 15,139 13,188 12,663 16,444 15,513 15,434 15,639 10,650 8,075 11,336 11,865 15,039 13,411
Sales (millions of yen) 329 319 336 301 312 373 341 306 218 236 285 276 3,633
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 80.6% 75.5% 76.7% 83.3% 78.3% 82.8% 80.4% 61.5% 60.4% 75.6% 69.7% 83.4% 75.6%
ADR (yen) 11,777 10,201 9,936 10,922 11,644 11,147 10,133 9,106 8,497 8,774 8,718 11,321 10,274
RevPAR (yen) 9,488 7,704 7,625 9,100 9,114 9,227 8,143 5,597 5,136 6,632 6,080 9,443 7,771
Sales (millions of yen) 252 249 224 220 214 273 258 209 179 150 209 218 2,657
ANA Crowne Plaza Kanazawa
ANA Crowne Plaza Toyama
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 76.3% 92.5% 97.2% 93.6% 96.6% 87.9% 64.6% 58.6% 67.4% 83.7% 61.0% 54.4% 77.8%
ADR (yen) 9,239 10,153 15,392 15,691 11,279 8,151 6,299 6,801 6,944 7,829 6,405 6,224 9,735
RevPAR (yen) 7,054 9,396 14,959 14,687 10,892 7,164 4,068 3,985 4,679 6,555 3,906 3,385 7,573
Sales (millions of yen) 201 255 308 278 254 239 180 240 200 193 198 150 2,696
Asahikawa Grand Hotel
Operational results2015 2016 Accumulated
totalMay Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.Guest room occupancy rate 88.1% 87.1% 89.8% 89.5% 90.7% 89.8% 92.9% 90.4% 81.1% 89.6% 90.5% 86.8% 88.8%
ADR (yen) 13,196 11,218 12,175 12,333 12,975 12,728 13,304 13,260 13,528 13,972 13,495 13,906 13,003
RevPAR (yen) 11,622 9,767 10,928 11,039 11,765 11,424 12,363 11,988 10,977 12,514 12,211 12,072 11,551
Sales (millions of yen) 273 253 256 223 256 283 292 276 255 283 279 242 3,172
ANA Crowne Plaza Fukuoka
48
Previous fiscal period(ended Oct. 31, 2015)
Current fiscal period(ended Apr. 30, 2016)
Liabilities
Current liabilities
Operating accounts payable 20,202 104,560
Short-term loans payable 1,400,000 1,100,000
Current portion of long-term loans payable
2,018,781 4,565,213
Accounts payable 331,635 563,476
Income taxes payable 786 789
Accrued expenses 413 2,715
Advance received 331,335 658,034
Other 3 -
Total current liabilities 4,103,157 6,994,789
Non-current liabilities
Long-term loans payable 5,582,487 22,720,410
Tenant leasehold and security deposits
1,704,501 2,718,309
Total non-current liabilities 7,286,988 25,438,719
Total liabilities 11,390,145 32,433,509
Net assets
Unitholders’ equity
Unitholders’ capital 36,113,352 67,906,895
Surplus
Unappropriated retained earnings (undisposed loss) (−)
908,788 1,600,757
Total surplus 908,788 1,600,757
Total unitholders’ equity 37,022,141 69,507,653
Total net assets 37,022,141 69,507,653
Total liabilities and net assets 48,412,286 101,941,162
Balance sheet for the fiscal period ended April 2016
(Unit: thousands of yen)
49
Previous fiscal period(ended Oct. 31, 2015)
Current fiscal period(ended Apr. 30, 2016)
AssetsCurrent assets
Cash and deposits 4,320,744 8,243,199Operating accounts receivable 31,347 40,416Prepaid expenses 69,612 129,450Consumption tax receivable 563,748 1,205,689Deferred tax asset 13 13Other 178 -Total current assets 4,985,644 9,618,770
Non-current assets
Tangible assets
Buildings 34,615,473 51,692,917Accumulated depreciation -1,321,880 -1,984,232Buildings, net 33,293,593 49,708,684
Structures 933,257 1,311,237Accumulated depreciation -39,679 -58,106Structures, net 893,577 1,253,131
Machinery and equipment 83,801 83,801Accumulated depreciation -16,880 -20,498
Machinery and equipment, net 66,920 63,303
Tools, furniture and fixtures - 458,598
Accumulated depreciation - -50,718Tools, furniture and fixtures, net - 407,879
Land 8,548,067 39,116,980Construction in progress 258,812 70,114Total tangible assets 43,060,971 90,620,094
Intangible assets
Leasehold rights 213,359 1,002,287Software 3,293 11,786Total intangible assets 216,653 1,014,073
Investment and other assets
Long-term prepaid expenses 136,127 375,334Guarantee deposits 10,000 10,000Other 2,890 302,890Total investment and other assets 149,017 688,224
Total non-current assets 43,426,642 92,322,392Total assets 48,412,286 101,941,162
Statement of income for the fiscal period ended April 2016
(Unit: thousands of yen)
50
Previous fiscal period(From May 1, 2015 to Oct. 31, 2015)
Current fiscal period(From Nov. 1, 2015 to Apr. 30, 2016)
Operating revenue
Rent revenue – real estate 1,926,493 3,559,947
Total operating revenue 1,926,493 3,559,947
Operating expenses
Expenses related to rent business 628,413 1,303,096
Asset management fee 186,833 249,568
Asset custody fee 1,747 2,139
Administrative service fees 8,806 10,407
Directors’ compensations 2,640 2,640
Accounting auditors’ compensations 6,000 6,500
Other operating expenses 57,603 71,426
Total operating expenses 892,044 1,645,777
Operating income 1,034,448 1,914,169
Non-operating income
Interest income 493 702
Insurance received 422 -
Interest on refunds - 602
Miscellaneous income 165 17
Total non-operating income 1,081 1,322
Non-operating expenses
Interest expenses 73,254 144,948
Borrowing related expenses 14,575 100,279
Investment unit issuance expenses 38,060 68,634
Total non-operating expenses 125,891 313,863
Ordinary income 909,639 1,601,628
Income before income taxes 909,639 1,601,628
Income taxes –current 886 897
Income taxes –deferred 1 0
Total income taxes 887 897
Net income 908,751 1,600,731
Retained earnings brought forward 37 26
Unappropriated retained earnings (undisposed loss) (−) 908,788 1,600,757
Real estate appraisal value for continuously owned properties as of the end of the fiscal period ended April 2016 (1)
Appraisal value for continuously owned properties
104,483 million yen Unrealized gain 13,338 million yen Net asset per unit 891,032 yen
Total book value 91,144 million yen Unrealized gain per unit 170,990 yen NAV per unit 1,062,022 yen
(Unit: millions of yen)
51
Property No.
Property nameAcquisition
Price
Real estate appraisal value, etc.
Valuation date
2013 2014 2015 2016
Oct. 31 Jan. 31 Apr. 30 Oct. 31 Apr. 30 Jul. 31 Aug. 31 Oct. 31 Apr. 30
H-1HOSHINOYAKaruizawa
7,600 9,160 - 9,240 9,470 9,800 - - 10,400 10,900
H-2HOSHINOYAKyoto
2,785 - 2,930 - 3,000 3,270 - - 3,480 3,550
R-1RISONAREYatsugatake
4,500 5,190 - 5,220 5,350 5,540 - - 5,830 5,920
R-2RISONAREAtami
3,750 - - - - - 3,920 - - 4,000
K-1 KAI Matsumoto 600 687 - 688 685 697 - - 728 745
K-2 KAI Izumo 680 737 - 738 747 758 - - 803 822
K-3 KAI Ito 670 717 - 723 761 778 - - 862 881
K-4 KAI Hakone 950 1,090 - 1,100 1,140 1,160 - - 1,190 1,220
K-5 KAI Aso 575 - 639 - 645 657 - - 674 674
K-6 KAI Kawaji 1,000 - 1,100 - 1,100 1,110 - - 1,110 1,130
K-7 KAI Kinugawa 3,080 - - - - - - 3,220 - 3,280
Real estate appraisal value for continuously owned properties as of the end of the fiscal period ended April 2016 (2)
(Unit: millions of yen)
52
Property No.
Property nameAcquisition
Price
Real estate appraisal value, etc.
Valuation date
2014 2015 2016
Jan. 31 Oct. 31 Apr. 30 Oct. 31 Apr. 30
O-1 Chisun Inn Shiojiri Kita IC 672 743 757 768 786 799
O-2 Chisun Inn Sano Fujioka IC 742 845 845 861 876 894
O-3 Chisun Inn Suwa IC 658 728 746 757 775 788
O-4 Chisun Inn Toyokawa IC 602 665 678 691 708 720
O-5 Chisun Inn Tosu 504 558 568 579 588 600
O-6 Chisun Inn Chiba Hamano R16 798 947 947 971 988 1,010
O-7 Chisun Inn Kumamoto Miyukifueda 616 675 686 697 708 708
O-8 Chisun Inn Utsunomiya Kanuma 714 769 770 795 808 823
O-9 Chisun Inn Fukui 644 702 715 724 738 752
O-10 Chisun Inn Fukushima Nishi IC 672 714 718 739 751 765
O-11 Chisun Inn Niigata Chuo IC 630 686 699 709 725 736
O-12 Chisun Inn Nagasaki Airport 630 688 702 713 730 746
O-13 Chisun Inn Hitachinaka 742 851 852 879 894 900
O-14 Chisun Inn Tsuchiura Ami 770 886 886 896 901 918
O-15 Chisun Inn Kofu Isawa 658 723 738 751 764 777
O-16 Chisun Inn Marugame Zentsuji 588 631 647 656 668 679
O-17 Chisun Inn Munakata 504 536 552 582 606 613
O-18 Chisun Inn Iwate Ichinoseki IC 700 738 739 749 749 763
O-19 Chisun Inn Karuizawa 812 898 918 933 984 1,040
O-20 Chisun Inn Himeji Yumesakibashi 616 672 686 698 712 724
O-21 Chisun Inn Kurashiki Mizushima 728 789 805 814 830 845
Real estate appraisal value for continuously owned properties as of the end of the fiscal period ended April 2016 (3)
(Unit: millions of yen)
53
Property No.
Property nameAcquisition
Price
Real estate appraisal value, etc.
Valuation date
2014 2015 2016
Dec. 15 Feb. 28 May 31 Aug. 15 Oct. 31 Feb. 29 Apr. 30
O-22 Candeo Hotels Handa 620 654 - - - 670 - 684
O-23 Candeo Hotels Chino 793 868 - - - 886 - 903
O-24 Candeo Hotels Fukuyama 1,075 1,170 - - - 1,200 - 1,220
O-25 Candeo Hotels Sano 1,260 1,390 - - - 1,410 - 1,440
O-26 Candeo Hotels Kameyama 470 501 - - - 513 - 524
O-27 Comfort Hotel Hakodate 937 - 993 - - 1,010 - 1,030
O-28 Comfort Hotel Tomakomai 963 - 1,020 - - 1,040 - 1,060
O-29 Comfort Hotel Kure 1,100 - 1,170 - - 1,190 - 1,210
O-30 Chisun Inn Kagoshima Taniyama 1,995 - - 2,140 - 2,160 - 2,210
O-31 ANA Crowne Plaza Hiroshima 17,784 - - - 19,000 - - 19,700
O-32 ANA Crowne Plaza Fukuoka 7,599 - - - 8,100 - - 8,440
O-33 ANA Crowne Plaza Kanazawa 6,609 - - - 6,990 - - 7,150
O-34 ANA Crowne Plaza Toyama 4,008 - - - 4,280 - - 4,420
O-35 Asahikawa Grand Hotel 4,619 - - - - - 4,770 4,770
Major unitholdersNumber of investment
units held(units)
Ratio(%)
Japan Trustee Services Bank, Ltd. (Trust account) 12,776 16.37
Trust & Custody Services Bank, Ltd. (Securities investment trust account) 10,238 13.12
The Master Trust Bank of Japan, Ltd. (Trust account) 6,484 8.31
Nomura Trust and Banking Co., Ltd. (Investment trust account) 3,231 4.14
Hoshino Resorts Inc. 3,070 3.93
JP MORGAN CHASE BANK 385632 2,463 3.15
THE BANK OF NEW YORK, NON-TREATY JASDEC ACCOUNT 1,705 2.18
Nomura Bank (Luxembourg) S.A. 1,238 1.58
STATE STREET BANK AND TRUST COMPANY 505223 892 1.14
SIX SIS LTD. 886 1.13
Total 42,983 55.10
Information on unitholders as of the end of the fiscal period ended April 2016
Individual
Financial institutions (including financial trading operators)
Other domestic corporations
Foreign corporations, etc.
(Note) Ratio indicates the ratio of the number of investment units held to the total investment units issued and outstanding, rounded down to two decimal places
Composition of unitholders
Number of units held by type of unitholder
Total: 78,008 units
Number of investors by type of unitholder
Total: 10,001
17,629 units(22.6%) 38,168 units(48.9%)5,003 units(6.4%)
17,208 units(22.1%)
9,560(95.6%)
81(0.8%) 222
(2.22%) 138(1.38%)
54
Overview of HRR
February 28, 2013Application for registration of HRR was filed by the organizer (Hoshino Resort Asset Management Co., Ltd.) under Article 69-1 of the Act on Investment Trusts and Investment Corporations (Investment Trusts Act)March 6, 2013HRR was registered and established under Article 166 of the Investment Trusts ActMarch 25, 2013Application for registration of HRR was filed under Article 188 of the Investment Trusts ActApril 10, 2013HRR was registered by the Prime Minister under Article 187 of the Investment Trusts Act (registration number 84, filed with the Director of the Kanto Local Financial Bureau)July 12, 2013HRR was listed on the Real Estate Investment Trust Section of the Tokyo Stock Exchange (securities code: 3287)July 16, 2013Asset management started
Structure of HRR
History
HRR
General Meeting of Unitholders
Board of Directors
Executive Officer: Kenji Akimoto
Supervisory Director: Hiroshi Shinagawa
Supervisory Director: Yukiko Fujikawa
Independent AuditorGrant Thornton Taiyo LLC
Sponsor Support
Agreement
Sponsor
Hoshino Resorts Inc.
Asset Management Company
Hoshino Resort Asset Management Co., Ltd.
Asset Management Agreement
Asset Custodian
Mitsubishi UFJ Trust and Banking Corporation
Asset Custody
Agreement
Administrative Agent for Unitholders’ Registry
Mitsubishi UFJ Trust and Banking Corporation
Transfer Agency
Agreement
Administrative Agent for Operation of Institutions
Mitsubishi UFJ Trust and Banking Corporation
General Service
Agreement
55
Overview of Asset Management Company
Name Hoshino Resort Asset Management Co., Ltd.Address 6-18, Kyobashi 3-chome, Chuo-ku, TokyoDate of Establishment May 14, 2010Paid-in Capital ¥100 millionShareholder Hoshino Resorts Inc. 100%Registration and Licenses Registration as a Financial Instruments Business: Director of Kanto Local Finance Bureau (Kin-sho) No. 2405
Discretionary Real Estate Transaction License: The Minister of Land, Infrastructure, Transportation and Tourism No.74Building Lots and Buildings Transaction Business License: The Governor of Tokyo No. (1) 94316
Structure of Asset Management Company
Overview
General Meeting of Shareholders
Board of Directors
President & CEO Compliance Officer
Compliance Department
Corporate Planning Department
Investment Management Department
Auditor
Investment Management Committee
Compliance Committee
Finance & Administration Department
56
Contact
TEL:+81-3-5159-6338
Disclaimer
This document is provided for information purposes only and is not a solicitation for investment, nor recommendation or invitation to make specific transactions. We caution readers to undertake investment decisions at their own discretion and responsibility.
This document is not a disclosure document or report based upon the Financial Instruments and Exchange Act, the Act on Investment Trusts and Investment Corporations, public listing regulations of the Tokyo Stock Exchange or other related laws and regulations.
This document includes charts, data and other materials prepared by Hoshino Resort Asset Management Co., Ltd. (the “Asset Management Company”) based on data, indices, etc. disclosed by third parties, in addition to statements related to Hoshino Resorts REIT, Inc. (“HRR”). Statements on analysis, judgments and other opinions of the Asset Management Company as of the date of the document are also included.
The contents of this document have not been audited and their accuracy and completeness are not guaranteed. Analysis, judgments and other opinions of the Asset Management Company that are not actual instance are only reflecting the views of the Asset Management Company as of the date of the document. Therefore, other views and opinions exist and the Asset Management Company may change its views in the future.
The figures under the same item of other disclosed materials may differ from figures presented in this document due to differentrounding of fractions and such.
While HRR has taken due care in the preparation of this document, the possibility of errors exists. Readers are also cautioned that the contents of this document are subject to correction or change without prior notice.
HRR or the Asset Management Company will not be responsible for any inaccuracy in data, indices and such disclosed by third parties.
Although this documents include statements regarding HRR’s future policies, etc., these statements do not guarantee such future policies, etc.
For the convenience of preparing graphs, the dates indicated may differ from actual business dates.
Registration as a Financial Instruments Business: Director of Kanto Local Finance Bureau (Kin-sho) No. 2405Member of the Investment Trusts Association, Japan
57