Securities Report (Domestic Investment Securities) - 26th Period (2025/11/01 - 2026/04/30)

Hoshino Resorts REIT, Inc. Securities Report (Domestic Investment Securities) - 26th Period (2025/11/01 - 2026/04/30)

This investment corporation is a real estate investment trust (REIT) focused on high-quality resort facilities operated by the Hoshino Resorts Group. This report is disclosed pursuant to the Financial Instruments and Exchange Act, detailing the operating results, financial condition, and asset management performance for the 26th period (from November 1, 2025 to April 30, 2026).

During the reporting period, resort occupancy rates exceeded those of the same period in the previous year, supported by the recovery of domestic and international tourism demand. Notably, major properties such as Karuizawa, Qingmi, and Tomamu achieved revenue growth driven by higher accommodation rates and increased average daily rates. Additionally, the resumption and expansion of food and beverage services and recreational activities have advanced revenue diversification by offering premium experiential value.

In terms of asset management strategy, the investment corporation adheres to the core principle of "creating sustainable resort value" and actively promotes ESG-integrated investment practices. Initiatives include the adoption of renewable energy, support for cultural preservation through local community collaboration, and improvements in employee well-being, all aimed at enhancing long-term asset value.

Regarding financial condition, the corporation maintains sound fiscal health through stable cash flows and prudent debt management. Clear repayment schedules and refinancing strategies for interest-bearing liabilities are in place. The distribution policy balances consistent returns to investors with adequate internal reserves for future asset enhancements and repair funds.

Looking ahead, the corporation identifies key trends such as the continued recovery of inbound tourism, rising sustainability awareness, and qualitative shifts in resort demand—such as longer stays and experiential consumption. In response, it plans to pursue both the enhancement of existing assets and strategic acquisition of new properties.

This report aims to ensure transparency and provide reliable information to investors and other stakeholders. For detailed financial data, risk factors, and governance structure, please refer to the full report.