Financial Results Briefing for the Fiscal Year Ended December 31, 2025 (January 1, 2025 - December 31, 2025)

Japan Hotel REIT Investment Corporation (TSE: 8985)

Financial Results

FY12/2025 (26th Period)

Japan Hotel REIT Investment Corporation Japan Hotel REIT Advisors Co., Ltd. https://www.jhrth.co.jp/en/

March 24, 2026

Table of Contents

1. Settlement of Accounts — Highlights

   1. FY12/2025 Highlights 3

2. Summary of Settlement of Accounts

   1. Results for FY12/2025 6

   2. Operating Forecasts for FY12/2026 7

3. External Growth

   1. Trend of Asset Size 9

   2. Changes in Portfolio 10

   3. Overview of 2026 Acquisition –HYATT REGENCY TOKYO– 11

   4. Renovation Schedule and KPI Forecast/Simulation

      for HYATT REGENCY TOKYO 13

   5. Hotel Demand/Supply in Tokyo 14

   6. Improvement in Profitability and

      Asset Value After Acquisition 15

4. Internal Growth

   1. Hotel Performance (FY2025 Result and FY2026 Forecast) 17

   2. Impact of China 18

   3. RevPAR by Area 19

   4. Examples of Strategic CAPEX 21

   5. Rebranding Case Studies 22

   6. Capital Expenditure (CAPEX) and Depreciation 23

   7. Large-scale Renovation Plan 24

   8. Strategic CAPEX –Future Candidate Properties– 25

   9. Rent Revision since 2024 26

5. Financial Conditions

   1. Financial Conditions 28

6. ESG

   1. ESG Initiatives 31

7. Market Environment

   1. Status of Domestic Accommodation Demand 33

   2. Status of Inbound Visitors 34

   3. Status of New Supply of Hotels 35

1. JHR's Investment Targets 41

2. Simultaneous Pursuit of Stability and Upside Potential 42

3. External Growth Strategy 43

4. Internal Growth Strategy 44

5. Financial Strategy 45

6. Internal Growth through Active Asset Management 46

1. Portfolio Map 48

2. List of Portfolio 49

3. Portfolio Diversification 50

4. Rent Structure 51

5. Property List 52

6. Summary of Lease Contracts 54

7. Balance Sheet 57

1. Major Unitholders and Classifications of Unitholders 59

2. Changes in Investment Unit Price and Market Capitalization 60

1. Summary of the Asset Management Company 62

2. Features and Governance of the Asset Management Company 63

3. Our Sponsor 65

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   1. Settlement of Accounts — Highlights

1. FY12/2025 Highlights (1)

• FY2025 DPU increased significantly, driven by acquisition and internal growth; FY2026 DPU to grow by +6.1%, with DPU of JPY5,177 maintained as dilution from public offering is offset by negative goodwill

  Changes in DPU (Result/Forecast)

  Hotel Performance (29 Hotels with Variable Rent, etc.(*2))

  (JPY)

  6,000

  +28.5%

  +2.3%

  Acquisition from Public Offering

+6.1%

5,061 4,879 5,177 5,177

5,000

4,000

3,000

③→

②→

182

314

628

➃→ 298

⑤→ 365

⑥→ 151

0

FY12/2024

Result

(excl. temporary factors)

FY12/2025

Result

Initial Forecast Post Offering FY12/2026

Forecast(*1)

① Internal growth of existing properties, etc.

② Contribution of Acquired Property in 2025

(Hilton Fukuoka Sea Hawk)

③ Temporary factors

(gain on sale of property and trademark right)

➃ Internal growth of existing properties, etc.

⑤ Planned application of negative goodwill for the suspended sale of the Hilton Tokyo Odaiba due to large-scale renovations

⑥ Use of negative goodwill

• Dilution: JPY81

• Depreciation from 2026 acquisition: JPY70

(*1) "Initial Forecast" figures are forecasts estimated as of January 22, 2026 based on assumptions in the "Notice Concerning Revision of Operating and Dividend Forecasts for Fiscal Year Ended December 2025 (26th Period) and Operating and Dividend Forecasts for the Fiscal Year Ending December 2026 (27th Period) dated January 22, 2026, while "Post-offering" figures are forecasts estimated as of February 25, 2026 based on the "Assumptions for the operating forecasts for the midterm of the fiscal year ending December 2026 (27th Period) and the full fiscal year ending December 2026 (27th Period)" in the "Notice Concerning Revision of Operating Forecast for the Fiscal Year Ending December 2026 (27th Period)" dated February 25, 2026.

(*2) For the definition of the 29 Hotels with Variable Rent, etc., please refer to (*4) on P.17.

(*3) Hilton Fukuoka Sea Hawk, included in FY12/2025 Result, was acquired in February 2025. Figures for the period prior to acquisition were calculated using figures provided by the seller.

(*4) Forecast figures of hotel performance in FY12/2026 are forecasts estimated based on the "Assumptions for the operating forecasts for the midterm of the fiscal year ending December 2026 (27th Period) and the full fiscal year ending December 2026 (27th Period)" in the "Notice Concerning Revision of Operating Forecast for the Fiscal Year Ending December 2026 (27th Period)" dated February 25, 2026.

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1. FY12/2025 Highlights (2)

• Acquired HYATT REGENCY TOKYO in March 2026 through public offering

Property Overview

Sources & Uses (Anticipated)

(*1) of HYATT REGENCY TOKYO>

• The property has completed major renovations, with Additional Renovations(*2) planned after acquisition

• Estimated impact: JPY53/unit (Simulation for Pre-Additional Renovation (Renovation Year)(*1)) and JPY210/unit (Simulation for Post-Additional Renovation(*1))

FY12/2026

Forecast (Annualized)

Simulation for Pre-Additional Renovation (Renovation Year)

(*1)

Simulation for Post-Additional Renovation

(*1)

(JPY MM)

(*1) With respect to Simulation for (pre- and post-) Additional Renovation, the "Simulation for Pre-Additional Renovation (Renovation Year)" refers to figures calculated by JHRA based on assumptions for the period prior to the implementation of the Additional Renovations described in (*2), by estimating the expected effects of Active Asset Management (Please see P.13 for details on Active Asset Management for HYATT REGENCY TOKYO) and market environment outlook for such period. The “Simulation for Post-Additional Renovation” refers to figures calculated by JHRA based on assumptions for the period after the implementation of the Additional Renovations described in (*2), by estimating the expected effects of Active Asset Management, including the Additional Renovations, and market environment outlook for such period. Both sets of figures are estimated on a full fiscal-year basis. See "Assumptions for Simulated Figures" in Annex for details.

(*2) "Additional Renovation" refers to the planned CAPEX expenditure amounting to approximately JPY1.5Bn for an expansion project involving the construction of additional rooms and merging pairs of rooms into larger individual rooms (construction expected to commence during 2027). Please see P.13 for details.

(*3) JHR plans to allocate an equivalent amount of negative goodwill towards the amount equivalent to depreciation for facilities (2026: JPY416MM, 2027: JPY500MM and 2028: JPY500MM) excluding building structure for a period of 3 years from 2026 to 2028. NOI after Depreciation Yield (Adjusted) is calculated by deducting depreciation, loss on disposal of fixed assets, and asset retirement obligations, and adding the assumed depreciation for facilities of HYATT REGENCY TOKYO that is expected to be covered by the reversal of negative goodwill, from the forecasted or Simulated NOI, as applicable, and the amount is divided by the acquisition price for both "FY12/2026 Forecast (Annualized)" and "Simulation for Pre-Additional Renovation (Renovation Year)," and by the sum of the acquisition price and the estimated approx. JPY1.5Bn increase in book value associated with the Additional Renovation scheduled for 2027 for the "Simulation for Post-Additional Renovation."

(*4) Simulated accretion of NOI per-unit means the difference between (the sum of Simulated net income (estimated from Simulated NOI), negative goodwill as described in (*3) and forecast distributable amount based on existing properties in FY12/2026 divided by the number of units outstanding after the offering (assuming that all over allotment options are fully exercised) based on the assumption on the FY12/2026 revenue forecast released on February 25, 2026 and the net income forecast in FY12/2026 based only on existing properties without the offering.

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