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  • TSE Code : 8963

    InvincibleInvestmentCorporationPortfolioRebalance

    February5,2018

  • Totalof6ResidentialAssets&3Offices

    Totalof4Hotels

    PortfolioRebalance

    1

    Acquisition

    Disposition SalesPrice 9,746million

    BookValue3,4 7,697millionGainonSales4 1,871millionNOI2(NOIYield)

    411million4.2%

    NOIAfterDepreciation2(NOIYield)

    307million3.2%

    AnticipatedAcquisitionPrice 12,425million

    AppraisalValue 12,550million

    AppraisalNOI1(NOIYield)

    767million6.2%

    AppraisalNOIAfterDepreciation1(NOIYield)

    497million4.0%

    HotelMyStaysYokohamaKannai

    HotelMyStaysOita

    ArtHotelJoetsu

    ArtHotelHirosaki City

    (AnticipatedAcquisitiondate:February7,2018)

    1 2 3 4 5 6

    1 2 3 (6ResidentialAssets)1. HarmonieOchanomizu2. GrowthMaison Ikebukuro3. CapitalHeightsKagurazaka4. CasaEremitaggio5. Lexel MansionUenoMatsugaya6. SunTerraceMinamiIkebukuro

    (3Offices)1. ShinjukuIsland2. CrossSquareNAKANO3. OhkiAobaBuilding

    EstimatedIncreasedNOI5(AfterDepreciation)

    forfullyear: +190million(+ 38perunit6)

    AfterAcquisition

    andDisposition

    (Note1)AppraisalNOIofthepropertiesanticipatedtobeacquiredisbasedonthetotalNOIderivedfromthedirectcapitalizationmethodstatedintheappraisalreportsonthevaluationdateofJanuary1,2018.TheappraisalNOIafterdepreciationiscalculatedbydeductingthedepreciationamountfromtheAppraisalNOI.ThedepreciationamountisbasedontheestimatebyCIM.AppraisalNOIYieldiscalculatedbydividingtheNOIbythetotalofAnticipatedAcquisitionPrice

    (Note2)NOI(afterdepreciation)ofthesoldpropertiesisbasedonactualNOIfromJuly1,2016toJune30,2017.NOI(afterdepreciation)iscalculatedbydeductingthedepreciationamountfromNOI.NOIyieldiscalculatedbydividingtheNOIbythesalesprice(Note3)BasedonbookvalueasofJune30,2017.Thedifferencebetweenthesalespriceandbookvalueindicatesestimateforreferencepurposeandarenotcoincidentwithagainonsale(Note4)PlannedorEstimatedasoftoday,whichissubjecttochange(Note5) ThedifferenceoftotalappraisalNOIafterdepreciationoftheFourHotelPropertiesandtotalactualNOIafterdepreciationfortheNineSoldAssets(Note6)Calculatedbydividingthedifferenceabovebythetotalnumberofinvestmentunitsissuedandoutstandingasoftoday(4,793,181units).Thisfiguredoesnotshowtheactualimpactondistributionperunit,andINVdoesnotguaranteethatsuchamountwillincreasein thedistributionamountperunit.

    Portfoliorebalance,acquiringfourHotelsfromtheSponsorata6.2%1 appraisalNOIcaprate,usingtheproceedsfromthesaleofnineassets(sixResidentialandthreeOfficeproperties)ata4.2%2 NOIcaprate

    Theninepropertiessoldwereata2,048millionor26.6%premiumtobookvalue3 anda1,275millionor15.1%premiumtoappraisalvalue3

    ThisisafurtherstepbyInvincibleinrecyclingitscapitalintohigheryieldingassetsonanaccretivebasisforitsunitholderswithoutissuingnewequityordebt

  • PreRebalance PostRebalanceNo.ofproperties1 130 properties 125 properties

    PortfolioCompositionbyPropertyType1

    PortfolioCompositionbyGeography1,3

    PortfolioGrowth

    2

    (Note1) Basedon(anticipated)acquisitionprice.PreferredequityinterestintheJVTMKwhichholdsSheratonGrandeTokyoBayHotel(SGTB)iscountedasonehotelpropertyinGreaterTokyobasedonthepropertytypeandlocationofSGTBforInvincibles portfolio.CalculatedbyapplyingtheanticipatedamountofpreferredequitycontributionbyInvincibletotheJVTMKforthe acquisitionpriceofSGTBinInvincibles portfolio

    (Note2) OthersincludesOffices,CommercialfacilitiesandParkinglots(Note3)Definedasfollows:GreaterTokyoisTokyo,Kanagawa,ChibaandSaitama.GreaterTokyo(ex,Tokyo23wards)isTokyo(ex.Tokyo23Wards),Kanagawa,ChibaandSaitama.KansaiareaisOsaka,Hyogo,Kyoto,Shiga,WakayamaandNara.

    ChubuareaisAichi,Gifu,Mie,Shizuoka,Nagano,Yamanashi,Niigata,Toyama,IshikawaandFukui.

    GreaterTokyo :63.4%

    Chubuarea6.9%

    Kansaiarea11.0%

    Others9.1%

    GreaterTokyo(ex.Tokyo23wards)

    13.1%

    Tokyo23wards50.3%

    Hotel69.5%

    Residential26.8%

    Others23.7%

    Chubuarea7.6%

    Kansaiarea10.9%

    Others9.6%

    GreaterTokyo(ex.Tokyo23wards)

    14.4%

    Tokyo23wards47.7%

    Hotel72.2%

    Residential24.9%

    Others22.9%

    GreaterTokyo :62.1%

    TheanticipatedacquisitionoffourhotelsisconsistentwithrecentlyacquiredhotelsinthatallfouraremanagedbyMyStaysandfurtherdiversifiesthegeographicfootprint

    Kyushuarea5.5%

    Hokkaidoarea4.1%

    Kyushuarea5.9%

    Hokkaidoarea4.0%

  • HotelMyStays YokohamaKannai

    3

    Characteristics NewlyopenedinOctober2016,thestylishhotelisaone

    minutewalktoKannai StationandfiveminutesbytraintoYokohamaStation

    YokohamaStadiumandwellknownChinatownarewithinwalkingdistance,andarepopularattractionsforbothlocalandoverseasguests

    Kannai istheheartofthegovernmentandcommercialareaofYokohama,encompassingtheolddistrictsofBashamichi andYamashitaPark

    Address 5671Onoecho,Nakaku,Yokohamashi,Kanagawa

    Access

    1minutewalkfromKannai Station(YokohamaMunicipalSubwayBlueLine)

    4minutewalkfromKannai Station(JRKeihinTohokuLine)

    5minutewalkfromBashamichi Station(Minatomirai Line)

    Completion Date August2016

    No.ofRooms 165rooms

    Rentable Space 4,501.18m2

    Land Area 519.32m2

    MapHotelKPI(2017Actual)

    Occupancy ADR RevPAR NOI

    93.6% 9,069 8,485 251 mn

  • ArtHotelJoetsu

    4

    Characteristics This198roomhoteloffersavarietyofservicestofitthe

    needsofbusinessorleisuretravelersalike,withconferencespace,aweddingchapel,beergarden,tworestaurants,conciergeandmassageservices

    CulturalattractionsincludeavisittoTakadaCastleandtheRinsenji Temple,orenjoyadayatJoetsu MunicipalAquarium

    Address 5111Honcho,Joetsushi,Niigata

    Access

    4minutewalkfromTakadaStation(MyokoHaneumaLine)

    15minutesbycarfromJoetsu TakadaI.C.(Joshinetsu Expressway)

    Completion Date November 1993

    No.ofRooms 198rooms

    Rentable Space 7,563.60m2

    Land Area1 3,321.81m2

    Map

    HotelKPI(2017Actual)

    Occupancy ADR RevPAR NOI

    74.8% 7,552 5,646 217 mn

    Note1Inaddition,rightsofLeaseholdwillbeacquiredforparkinglot(6landlots,sumof591.7)Further,therentfortheleasehold(approximatelyJPY6millionperannum)willbepaidbytheoperatorofthisproperty,and theGOPofthehoteloperationwillbereducedinthecorrespondingamount.

  • ArtHotelHirosaki City

    5

    Characteristics LocatedinnorthernJapansbeautifulHirosaki City,thehotel

    offersawidevarietyofroomtypes,withamplespacefortravellingfamilies

    ThehotelissituateddirectlyoppositeJRHirosaki Station,providingeasyaccessfrombothAomoriStationandShinAomoriStationwhichconnectstoTokyoStationbybullettrain

    GuestscanenjoythecherryblossomsatHirosaki Park,theHirosaki Neputa Festival,Hirosaki Castle,LakeTowada aswellastheUNESCOWorldNaturalHeritageSightShirakamiSanchi

    Address 112Omachi,Hirosakishi,Aomori

    Access

    1minutewalkfromJRHirosaki Station(JROuMainLineandKonanRailwayKonanLine)

    15minutesbycarfromOwani/Hirosaki I.C.(TohokuExpressway)

    Completion Date August 1989RenovationDate March 2008No.ofRooms 134roomsRentable Space 14,826.30m2

    Land Area1 3,195.86m2

    Map HotelKPI(2017Actual)

    Occupancy ADR RevPAR NOI

    77.6% 8,993 6,980 196 mn

    (Note1)Indicatesthetotallandarea.INVwillacquirecoownershipinterestatoneofthelots

  • HotelMyStays Oita

    6

    Characteristics Convenientlylocatedan10minutewalkfromOita

    Station,onthecoastofKyushuIsland Thehotelfeatureshighceilingsandlargewindows

    providingspatialcomfort Ashort11minutetrainridetothefamousBeppu Onsen

    (hotsprings)area,wherevisitorscanrelaxandenjoyasmanyaseightdifferentsprings

    PopulartouristattractionssuchasTakasakiyama NaturalZooandtheOitaMarinePalaceAquariumUmitamagooffersover90typesofmarinelifeandisgreatforallages

    Address 132Niagemachi,Oitashi,Oita

    Access

    10minutewalkfromOitaStation(JRNippo Line,Kyudai MainLineand

    Hohi MainLine)15minutebycarfromOitaI.C.

    (OitaExpresway)Completion Date July2007

    No.ofRooms 145rooms

    Rentable Space1 3,254.69m2

    Land Area 537.96m2

    Map HotelKPI(2017Actual)

    Occupancy ADR RevPAR NOI

    86.4% 5,898 5,097 108 mn

    (Note1)ThePropertyhasparkingfacilitiesof38.68squaremetersbesidesthemainhotelbuilding.

  • SponsorPipeline

    7

    Robustpipelineof26assetsprovidesopportunityforgrowthandstability,evenaftertheanticipatedacquisition

    PropertiesCoveredbytheMOU1,2

    No. Property name Location Type3 No.ofRooms StatusRenovationCompletion

    * HotelMyStays Yokohama Kannai Yokohama,Kanagawa Limited 165 InOperation

    * ArtHotelJoetsu Joetsu,Niigata Full 198 InOperation

    * ArtHotelHirosaki City Hirosaki,Aomori Full 134 InOperation

    * HotelMyStays Oita Oita,Oita Limited 145 InOperation

    1 HotelMyStays PremierAkasaka Minatoku,Tokyo Limited 327 InOperation

    2 RihgaRoyalHotelKyoto Kyoto,Kyoto Full 489 InOperation

    3 HotelMyStays PremierNarita Narita,Chiba Full 706 InOperation Jan 2018

    4 HotelMyStays PremierSapporoPark Sapporo,Hokkaido Full 418 InOperation

    5 FusakiResortVillage Ishigaki,Okinawa Resort 195 InOperation

    6 ArtHotelAsahikawa Asahikawa,Hokkaido Full 265 InOperation

    7 HotelMyStaysKanazawaCastle Kanazawa,Ishikawa Limited 206 InOperation

    8 HotelMyStays Matsuyama Matsuyama,Ehime Full 161 InOperation Nov 2017

    9 HotelMyStaysUenoEast Taitoku,Tokyo Limited 150 InOperation

    10 HotelMyStays Midosuji Honmachi Osaka,Osaka Limited 120 InOperation Nov 2017

    11 HotelMystaysSapporoNakajimaPark Sapporo,Hokkaido Limited 86 InOperation

    12 FlexstayInnSakuragicho Yokohama,Kanagawa Limited 70 InOperation

    13 MyCUBE byMYSTAYSAsakusaKuramae Taitoku,Tokyo Limited 161 InOperation

    14 HotelMyStays Fuji Fujiyoshida, Yamanashi Resort 159 InOperat

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