Hoshino Resorts REIT, Inc.

Hoshino Resorts REIT, Inc. (HRR) invests in hotels, ryokans (Japanese-style inns), and ancillary facilities. It positions itself at the core of the tourism industry, where stable use is expected over the medium to long term. HRR was established on March 6, 2013 under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended) with Hoshino Resort Asset Management Co., Ltd. as the organizer and capital investments of 150 million yen (300 units). A public offering of 19,000 new investment units was implemented with July 11, 2013 as the payment due date, and the investment securities were listed on the Real Estate Investment Trust Securities Market of Tokyo Stock Exchange, Inc. (securities code: 3287) on July 12, 2013. HRR has steadily expanded its asset size since, and as of the end of the fiscal period under review it held 69 properties with a total acquisition price of 226,650 million yen.