Invincible Investment Corporation announced its financial results for the 46th fiscal period. The actual distribution was ¥1,930 per unit, while the period-end portfolio comprised 156 properties, total assets based on acquisition price amounted to ¥684.1 billion, and the interest-bearing debt ratio was 49.2%.
Invincible Investment Corporation announced its financial results for the 46th fiscal period (fiscal year ending June 2026). The distribution for the period was ¥1,930 per unit, and RevPAR, based on the average for 101 domestic hotels, increased 1.6% year on year. Full operation of properties acquired in the previous period, the reopening following renovations of hotels on Grand Cayman, and dividends from SPCs contributed to results. However, rents from domestic hotels declined due to the反動減 following the special demand generated by the Osaka-Kansai Expo, a decrease in Chinese tourists amid Japan-China relations, and seasonal factors, resulting in an overall 11.7% decrease in profit from the previous period. A portion of internal reserves was drawn down, resulting in a distribution of ¥1,930 per unit.
The period-end portfolio comprised 156 properties, with an asset scale based on total acquisition price of ¥684.1 billion. The interest-bearing debt ratio was 49.2%.
For the outlook for the 47th fiscal period (fiscal year ending December 2026), RevPER for 101 domestic hotels is projected to increase 1.3% year on year to ¥13,706. Although operating revenue from the hotels on Grand Cayman is expected to decline due to seasonal factors and lower demand, profit is projected to increase 1.8% from the previous period as rents from domestic hotels rise. A total of ¥1,726 million will be drawn down from internal reserves, and the distribution is expected to remain at ¥2,186 per unit, the same as in the year-earlier period.
For the 48th fiscal period (fiscal year ending June 2027), RevPER for 101 domestic hotels is projected to increase 4.7% year on year to ¥12,272. Although the反動減 in demand following the Osaka-Kansai Expo is expected to dissipate, rents from domestic hotels are expected to decline due to seasonal factors, while higher interest expenses are projected to result in a 0.8% decrease in profit from the previous period. A total of ¥29 million will be drawn down from internal reserves, and the distribution is expected to increase 1% from the year-earlier period to ¥1,949 per unit.
The company has newly established a distribution growth target through 2029. It aims for average annual growth of 3%, primarily through internal growth, property replacement and the use of internal reserves.