Hoshino Resorts Reit, Inc. · TSE:3287
Hoshino Resorts Reit — FP ended April 2026 Earnings Presentation
46 slides from Hoshino Resorts Reit's earnings presentation, Jun 16, 2026
Slide 1: Presentation Material, Fiscal Period Ended April 2026
KAI Enshu Ch. Security Code: 3287 Presentation https://www.hoshinoresorts-reit.com/en/ Asset Management Company: Fiscal Period Ended Hoshino Resort Asset Management Co., Ltd. April 2026/26th FP Material June 15, 2026 Hoshino Resorts REIT, Inc. Presentation Materials
Slide 2: HRR is creating schemes to benefit from the growth of Japan's tourism industry
Ch. HRR is creating schemes to benefit from the growth of Japan’s tourism industry BANTA CAFE
Slide 3: Tourism-oriented REIT vision for Japan's revitalization
Ch. We believe that the tourism industry is crucial for Japan’s KAI Kaga revitalization in an aging society with a declining birthrate. KAI Kinugawa Our goal is to become a truly tourism-oriented REIT by creating schemes to benefit from the growth in Japan’s RISONARE Atami KAI Hakone tourism industr
Slide 4: Contents
Ch. Contents Chapter 1. Financial summary 05 Chapter 2. Highlights of operations 10 Chapter 3. Future operation strategy 22 Chapter 4. Sustainability initiatives 29 Chapter 5. Appendix (1): About Sponsor Hoshino Resorts 34 Chapter 6. Appendix (2): About Hoshino Resorts REIT and the portfolio 38 For
Slide 5: Financial summary
Ch. CHAPTER 1 HOSHINOYA Kyoto Financial summary
Slide 6: Financial results for the fiscal period ended April 2026 (26th fiscal period)
Ch. 1-01 Financial results for the fiscal period ended April 2026 (26th fiscal period) Results of the Forecast for the Results of the Comparison 25th FP 26th FP 26th FP with Forecast Breakdown of operating revenue （Financial results as of (B) (B)-(A) December 16, 2025) ◼ Fixed rent 5,423 million yen
Slide 7: Actual and forecast distribution per unit and changes in LTV
Ch. 1-02 Actual and forecast distribution per unit and changes in LTV Actual and forecast distribution per unit Previous forecast This announcement (released Dec. 16, 2025) (released Jun. 15, 2026) ◼ Primary variable-rent calculation period: November 2024 – October 2025 Actual results ◼ Compared wit
Slide 8: Correlation between rent and hotel performance
Ch. 1-03 Correlation between rent and hotel performance Rate of change in RevPAR compared with 2023 (Note 1) Total of the properties operated by Hoshino Resorts Properties operated by Total of the properties by outside third-party operators operators 80.0% 60.0% Hoshino Resorts - Capacity Restrictio
Slide 9: Operating results summary by brand
Operating results summary Ch. 1-04 Operating results summary by brand (changes over the last three years and forecast for the next year) Total of properties operated by Hoshino Resorts (Note 1) Total of major properties operated by third-party operators (Note 1) RevPAR (Yen) ADR (Yen) Guest room occ
Slide 10: Highlights of operations
Ch. CHAPTER 2 BEB5 Karuizawa Highlights of operations
Slide 11: Management strategy in response to changes in operating environment
Ch. 2-01 Overview of the Management strategy in Response to Changes in Operating Environment ◼ In light of the external environment and market expectations, HRR will pursue initiatives to improve the profitability of its existing as sets and to achieve future external growth—from both short-term and
Slide 12: Initiatives to drive distribution growth
Ch. 2-02 Initiatives to drive distribution growth Growth target for distribution per unit (yen) After reaching 7,000 yen, 8,000 aim for a distribution of 8,000 yen ML agreements for Sale of over the medium term the 3 CF properties Sol Vita Hotel Naha External properties Target +205 yen 1,166 yen 7,0
Slide 13: Lodging-focused properties: initiatives contributing to rent increases
Ch. 2-03 Lodging-focused properties: initiatives contributing to rent increases 3 Comfort properties: Signing new lease agreements aimed at increasing rent Following discussions with the lessee, Greens, new lease agreements will be signed. While the current agreements are on a fix ed-rent basis, the
Slide 14: Virtuous cycle of operations centered on customer satisfaction
Ch. 2-04 Aiming for improved business performance through a virtuous cycle of operations centered on customer satisfaction Unique customer attraction cycle that leads to sustainable revenue growth Background of HOSHINOYA Okinawa’s strong performance Through operating capabilities that embody our fac
Slide 15: Track Record of Creating Appeal
Ch. 2-05 CAPEX that Maximizes Hoshino Resorts' "Appeal-Creation Capabilities" Through ongoing CAPEX investments that embody our facility concept, we are steadily improving customer satisfaction and profi tability. We will roll out the results achieved at individual properties to increase the probabi
Slide 16: Inbound tourism ratio
Ch. 2-06 Inbound tourism ratio Hoshino Resorts maintains an exceptionally high direct booking ratio of over 60% for both domestic and inbound guests—an industry-leading level. The Asset Management Company believes this reflects Hoshino Resorts’ strong customer attraction capabilities both in Japan a
Slide 17: Building an operating framework to strengthen long-term competitiveness
Ch. 2-07 Building an operating framework to strengthen Hoshino Resorts’ long-term competitiveness. Trends in the inbound market(Note) Raising awareness of properties located in regional areas ◼ The number of inbound visitors to Japan reached approximately 43 million in 2025. While the growth rate ap
Slide 18: Summary of real estate appraisal values
Ch. 2-08 Summary of real estate appraisal values, etc. Real estate appraisal values, etc. Key factors End of 26th FP VS. previous FP (Unit: million yen) (Unit: million yen) Total of 71 properties 275,674 +7,941 +3.0% Total for properties operated 137,120 +290 +0.2% by Hoshino Resorts 5 HOSHINOYA Pro
Slide 19: Enhancing risk management and financing strategies in a rising interest rate environment
Ch. 2-09 Financial strategy Enhancing risk management and financing strategies in a rising interest rate environment Financial management strategy ◼ Trends in fixed-rate ratio and long-term ratio (Note 1) ◼ Change in procurement conditions (Note 2) Average remaining maturity Average financing period
Slide 20: Initiatives to strengthen the financial base against rising interest rates
Financial strategy Ch. 2-10 Track record of initiatives to strengthen the financial base that can mitigate the impact of rising interest rates Even before concerns over rising interest rates materialized, the Investment Corporation has worked to build a solid financia l base, taking into account tha
Slide 21: Financial highlights
Ch. 2-11 Financial highlights Strong financial base and financial stability Lender formation (as of April 30, 2026) LTV trends (Note) ✓ By maintaining a low LTV level, we ensure both financial soundness and flexibility in property acquisitions. For the time being, we consider operating within an LTV
Slide 22: Future operation strategy
Ch. CHAPTER 3 HOSHINOYA Okinawa Future operation strategy
Slide 23: Vision: a tourism-oriented REIT reaping long-term growth of Japan's tourism
Operating strategy ① Ch. 3-01 The vision for Hoshino Resorts REIT, Inc. A tourism-oriented REIT that reaps the benefits of the long-term growth of Japan’s tourism industry to maximize investor value Quality-focused scale expansion ◼ Risk diversification Asset size ◼ Increased liquidity ◼ Public offe
Slide 24: Steady growth in asset size
Operating strategy ② Ch. 3-02 Steady growth in asset size 10th 233.9 No. of properties Asset size Public billion yen offering 229.7 227.9 billion yen billion yen 9th 226.6 Public billion yen offering 8th Public 198.6 198.6 billion yen 7th offering 191.1 billion yen Public 189.0 billion yen offering
Slide 25: Portfolio structure (based on acquisition price)
Operating strategy ➂ Ch. 3-03 Portfolio structure (based on acquisition price) As of Apr. 30, 2026 Inner circle: Breakdown by lessee A Outer circle: Breakdown by hotel brand Hotel operator Owner (in parentheses: operator name) ⑪ ⑫⑬ Lease agreement ⑩ ⑨ HOSHINOYA Hoshino Resorts HRR 14% Rent ⑧ C Comfo
Slide 26: Acquisition opportunities through DBJ joint fund
Operating strategy ④ Ch. 3-04 Abundant acquisition opportunities through DBJ joint fund, a fund jointly managed by Hoshino Resorts and the Development Bank of Japan A strong partnership has been built between HRR (ownership), Hoshino Resorts (operation) and the joint fund (development) based on the
Slide 27: List of the property pipeline
Ch. 3-05 List of the property pipeline Hoshino Resorts × DBJ joint fund owned properties (partial) RISONARE Nasu HOSHINOYA Okinawa KAI Unzen RISONARE Shimonoseki KAI Kusatsu HOSHINOYA Asuka Start of operation: 2019 Start of operation: 2020 Start of operation: 2022 Start of operation: 2025 Start of o
Slide 28: Future development and openings
Ch. 3-06 Hoshino Resorts' initiatives Future development and openings List of facilities to be opened from June 2026 and onward (partial) * The location shown in this map is approximate and does not indicate the exact location. ② HOSHINOYA Lodge Niseko (tentative name) To be opened in 2029 ① ② ⑥ HOS
Slide 29: Sustainability initiatives
Ch. CHAPTER 4 In light of growing global challenges such as climate change and natural disasters, HRR believes that it is important not only to generate profits but also to contribute to society and the environment through strong management leadership , while promoting Creating Shared Value (CSV), a
Slide 30: Maximization of real estate value
Ch. 4-01 Aiming to create sustainable value by recognizing changes in social structures, including climate change We aim to create a sustainable business model that maintains a sustainable competitive advantage while addressing environment al and social issues by linking “real estate and facility ma
Slide 31: Environmental architecture based on vernacular wisdom
Ch. 4-02 Environmental architecture based on vernacular wisdom Unique accommodations that understand the local environment — its conditions, resources, history, and ecology — and create designs that harmonize with it HOSHINOYA Karuizawa－An energy system that harnesses the valley’s terrain, river, ho
Slide 32: Environmental performance, external evaluation, and GHG emissions reduction
Ch. 4-03 Environmental performance, external evaluation, and GHG emissions reduction initiatives across the supply chain Environmental performance (Note 1) Initiatives we support We regularly review a scenario analysis of transition and physical risks in line Energy consumption Water consumption wit
Slide 33: Initiatives for local society and economy, and employee well-being
Ch. 4-04 Initiatives for local society and economy, and employee well-being Enhancing asset value by leveraging relationships with the local community <Conceptual Diagram> The role of accommodation facilities in the region and the <OMO7 Kochi> Examples of rebranding that contribute to the local econ
Slide 34: Appendix (1): About Sponsor Hoshino Resorts
Ch. CHAPTER 5 Hoshino Onsen Ryokan (at the time of its opening) 星のや沖縄 Appendix (1): About Sponsor Hoshino Resorts
Slide 35: The history of Hoshino Resorts
Ch. 5-01 The history of Hoshino Resorts The travel industry has become the world’s most important peace-keeping industry. History Introduction of the We will work toward our next hundred years of business History of Hoshino Resorts (in Japanese) from the perspective of connecting people around the w
Slide 36: About Hoshino Resorts Brand
Ch. 5-02 About Hoshino Resorts Brand HOSHINOYA RISONARE KAI OMO An Seven overwhelmingly Spheres extraordinary of Delight experience Resorts filled with experiences beyond High-quality hot spring ryokan focused on a Exciting urban hotels guided by original themes imagination pleasant Japanese atmosph
Slide 37: Basic strategy for maintaining long-term competitiveness
Ch. 5-03 Basic strategy for maintaining long-term competitiveness “Management based on the textbook” At Hoshino Resorts, we believe that in a changing market environment, we should rely on the tried -and-tested principles of management rather than intuition. While making management decisions in acco
Slide 38: Appendix (2): About Hoshino Resorts REIT and the portfolio
Ch. CHAPTER 6 HOSHINOYA Okinawa Appendix (2): About Hoshino Resorts REIT and the portfolio
Slide 39: Overview of property portfolio by brand ①
Ch. 6-01 Overview of property portfolio by brand ① HRR owns a wide range of brands developed by Hoshino Resorts. As of April 30, 2026 Operator Brand Other unique Genre Luxury hotels Resort hotels Luxury hot spring ryokan City tourist hotels Casual hotels accommodation facilities High-quality hot spr
Slide 40: Overview of property portfolio by brand ②
Ch. 6-02 Overview of property portfolio by brand ② HRR also invests in properties other than those operated by Hoshino Resorts that are likely to secure steady cash flows over a long-term period. As of April 30, 2026 Operator IHG ANA Hotels Hyatt International Seibu Prince Hotels Ishin Hotels Group
Slide 41: Rent type
Ch. 6-03 Rent type As of April 30, 2026 Fixed rent + variable rent Fixed rent + variable rent Rent type Fixed rent Variable rent (Facility profit) (Facility sales) (Facility profit) No. of properties 8 6 56 1 Amount 7.2 billion yen 22.2 billion yen 188.5 billion yen 16.0 billion yen Acquisition pric
Slide 42: Changes in market value and investment unit price / investor information
Ch. 6-04 Changes in market value and investment unit price/ Information on investors as of the end of the fiscal period ended April 2026 Changes in market value and investment unit price (Note 1) (100 millions Market value (right axis) Investment unit price Index (left axis) TSE REIT Index (left axi
Slide 43: Notes ①
Notes 01 Notes ① p. 8 Note 1: The "Total of the properties operated by Hoshino Resorts” and "Total of the properties operated by third-party operators” do not include properties acquired on or after January 2023. Note 2: This indicates the period during which Hoshino Resorts implemented capacity res
Slide 44: Notes ②
Notes 02 Notes ② p. 26 Note: The "Conceptual image of risk level from hotel development to stable operation” is only a conceptual image of the generally expected risk profile from hotel development through stable operation and the roles of related parties. It does not guarantee or promise that the a
Slide 45: Notes ③
Notes 03 Notes ③ p. 39 Note : Annual ADR is a reference value calculated based on the period from May 2025 to April 2026. p. 40 Note : Annual ADR is a reference value calculated based on the period from May 2025 to April 2026 (After November 2025 for AQUAIGNIS/Yunoyama Sosuikyo). However, for proper
Slide 46: Disclaimer
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 disclos
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