Japan Hotel REIT Investment Corporation (JHR) was established under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended; hereinafter referred to as the "Investment Trusts Act") on November 10, 2005, and was listed on the Real Estate Investment Trust (REIT) section of the Tokyo Stock Exchange (Securities code: 8985) on June 14, 2006. JHR entrusts asset management to Japan Hotel REIT Advisors Co., Ltd. (hereinafter referred to as the "Asset Management Company"). Focusing on importance as social infrastructure and profitability as investment real estate of hotels, JHR primarily invests in real estate which are wholly or partially used as hotels or real estate equivalents of such real estate or related assets that are backed by such real estate or real estate equivalents (hereinafter referred to as "Real Estate for Hotels, etc."). JHR, the former Nippon Hotel Fund Investment Corporation, merged with Japan Hotel and Resort, Inc. with an effective date of April 1, 2012 (hereinafter referred to as the "Merger"), and changed its name to Japan Hotel REIT Investment Corporation. Since the Merger through the end of the fiscal year under review, JHR has carried out eleven public offerings for capital increase and continuously acquired "highly competitive hotels" in mainly "strategic investment areas" where domestic and inbound leisure demand can be expected over the medium to long term. By implementing the aforementioned growth strategy, JHR has expanded its asset size while improving the quality of its portfolio through new property acquisitions of 36 properties amounting to ¥364,727 million (acquisition price basis) in total since the Merger through the end of the fiscal year under review. As a result, JHR had a portfolio of 51 properties with a combined acquisition price of ¥453,171 million, and the total number of investment units issued and outstanding stood at 5,097,006 units at the end of the fiscal year under review.