Japan Hotel Reit Investment Corporation

Japan Hotel REIT Investment Corporation (JHR) was established on November 10, 2005 under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended) and listed on the REIT section of the Tokyo Stock Exchange on June 14, 2006. JHR entrusts asset management to Japan Hotel REIT Advisors Co., Ltd. It primarily invests in real estate used wholly or partially as hotels, or equivalent assets backed by such real estate. Formerly Nippon Hotel Fund Investment Corporation, it merged with Japan Hotel and Resort, Inc. effective April 1, 2012 and changed its name to Japan Hotel REIT Investment Corporation. Since the merger through the end of the fiscal year under review, JHR conducted eleven public offerings for capital increase and acquired 36 properties for a total of 364,727 million yen (acquisition price basis). As a result, at the end of the fiscal year under review, JHR had a portfolio of 51 properties with a combined acquisition price of 453,171 million yen, and 5,097,006 investment units issued and outstanding.