Japan Hotel REIT

Hotels & hospitality · 8985

The Japan read

From the company's own filing for H1 (Jan–Jun 2026) · reported 2026-08-26 · the filing

JapanAcross the 29 hotels whose rent tracks their performance, January–June occupancy was 83.5% (up 1.3 points), the average room rate ¥19,890 (+3.3%) and revenue per available room (RevPAR) ¥16,599 (+4.9%). Their gross operating profit rose 5.6% to ¥14.42bn.
InboundRevPAR at its four Osaka hotels fell 14.2%, with room rates down 12.6%; the REIT cites China's advisory against travel to Japan and the comparison with last year's Expo. The other 25 hotels grew RevPAR 8.9%. Overseas guests made up 46% of the 29 hotels' room sales in 2025.
JapanIn August the 29 hotels' RevPAR fell 8.9% to ¥19,616 as the average rate dropped 8.8%; the REIT cites a soft Osaka market and repeated typhoons hitting Okinawa, and expects September onward to beat last year. January–August RevPAR was ¥17,178 (+2.7%).

Other callouts in the filing

One-offOperating revenue in the first half of 2025 included a ¥2.35bn property-sale gain; this half had none. Operating profit rose 1.6% and net income fell 7.6%. Property revenue rose 17.9%, with fixed rent up 15.5% and variable rent up 21.5%. It bought Hyatt Regency Tokyo in March for ¥126.0bn.
OutlookFor the year to December it forecasts operating revenue of ¥75.12bn (+64.9%), operating profit of ¥58.37bn (+88.0%) and net income of ¥52.10bn (+91.9%), including a ¥24.07bn gain on selling The Beach Tower Okinawa on 31 July, and a distribution of ¥5,811 per unit.
BasisThe REIT closes its books once a year, in December, and pays no interim distribution. Variable rent of ¥7.52bn booked in the half from hotels leased to HMJ, a group company of its asset manager, is based on first-half results and is settled on full-year figures.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

Show figures in

H1 (Jan–Jun 2026) · Year-to-Date

Reported 2026-08-26

Operating revenue¥22.6bn+5.1%

Operating profit¥14.7bn+1.6%

Net income¥11.8bn−7.6%

Japan Hotel REIT owns 52 hotels, including Hyatt Regency Tokyo, Hilton Tokyo Odaiba, Hilton Tokyo Bay, Oriental Hotel Tokyo Bay and Hilton Fukuoka Sea Hawk. In January–June 2026 operating revenue rose 5.1% to ¥22.6bn and operating profit 1.6% to ¥14.7bn, while net income fell 7.6% to ¥11.8bn; the year-earlier half included a ¥2.3bn property-sale gain.