Nippon Hotel & Residential Investment Corporation is a real estate investment trust (with capital investment of 200 million yen and 2,000 units issued). Under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended) (the Investment Trust Act), and completed its registration with the Kanto Local Finance Bureau on May 13, 2016 (Registration Number: Kanto Local Finance Bureau Director-General No. 119). Subsequently, the Investment Corporation issued new investment units (174,200 units) through a public offering with a payment deadline of August 30, 2016, and was listed on the Real Estate Investment Trust Securities Market of the Tokyo Stock Exchange, Inc. on August 31, 2016 (Stock Code: 3472). In the 15th fiscal period (ending November 2023), we acquired four properties, including rental housing, etc. (Note 1) (with a total acquisition price (Note 2) of 4,898 million yen), and in the 18th fiscal period (ending May 2025), we issued new investment units (75,676 units in total) through a public offering with payment due on December 2, 2024, and through a third-party allotment with payment due on December 30, 2024, and acquired a total of eight properties, including two hotels, etc. (Note 3) and six rental housing, etc. (with a total acquisition price of 13,108 million yen). During the fiscal period under review, the Investment Corporation transferred two properties, including hotels (total transfer price: 1,897 million yen), and acquired one property, including hotels, and one property, including rental housing, (total acquisition price: 2,020 million yen). As of the end of the fiscal period under review, the Investment Corporation held a total of 23 properties under management (total acquisition price: 49,251 million yen), and the total number of investment units issued and outstanding as of the end of the fiscal period under review was 311,023. Nippon Hotel & Residential Investment Corporation was established on March 29, 2016.