NEWS RELEASE

Japan Real Estate Investment CorporationDecember 21, 2016
To whom it may concern:<Investment Corporation>
Japan Real Estate Investment Corporation
Hiroshi Nakajima, Executive Director(TSE code: 8952)<Asset Management Company>
Japan Real Estate Asset Management Co., Ltd.
Naoki Umeda, President & CEO
Contact: Ryuta Yoshida,
Executive Officer, General Manager, Planning Department
Phone: +81-3-3211-7951

Notice concerning New Loans

Japan Real Estate Investment Corporation hereby announces its decision on December 21, 2016 toprocure funds as follows:

1. Reason for drawing down of loans
To allocate a part of the funds for repayment of the existing short-term loans of ¥20 billion executed onJune 23, 2016.
2. Details of the loans<Long-term loan ①>(1) Amount of loan:(2) Lender:(3) Interest rate:(4) Start of loan period:(5) Borrowing method:(6) Interest payment date:(7) Repayment of principal:(8) Principal repayment date:¥5,000 million
Mizuho Bank, Ltd.
0.3625% (fixed interest)
December 26, 2016
Loan agreement concluded on December 21, 2016
Unsecured/unguaranteed loan
26th of every June and December until the principal repayment
date (Note 1)
Payment in full on the principal repayment date
December 26, 2025 (pre-payment possible)1

<Long-term loan ②>(1) Amount of loan:(2) Lender:(3) Interest rate:(4) Start of loan period:(5) Borrowing method:(6) Interest payment date:¥3,700 million
Sumitomo Mitsui Trust Bank, Limited
0.1913% (fixed interest)
December 26, 2016
Loan agreement concluded on December 21, 2016
Unsecured/unguaranteed loan(7) Repayment of principal:

26th of every June and December until the principal repayment
date (Note 1)
Payment in full on the principal repayment date

(8) Principal repayment date:June 28, 2021 (pre-payment possible)(Note1) In the event that the interest payment date does not fall on a business day, the interest shall be paid on thefollowing business day. If the following business day, however, falls in the following month, the payment
shall be made on the preceding business day of the interest payment date.
(Note2) Please refer to “Notice concerning New Loans” released on December 19, 2016 regarding the funds for
repayment of the other portion of the existing short-term loans of ¥20 billion executed on June 23, 2016(¥11.3 billion).

3. Balance of interest-bearing debt after the new loans(Units: millions of yen)
Before new loans

After new loans

Increase/Decrease

42,70034,000−8,70036,85036,850±0

255,800

264,500+8,700335,350

335,350

±0

0

0

±0

20,00020,000±020,00020,000±0355,350

355,350±0(Note 3)

Short-term loans
Current portion of
long-term loans
Long-term loans(except for current portion)
Total loans
Current portion of
investment corporation bonds
Investment corporation bonds(except for current portion)
Total
investment corporation bonds
Total interest-bearing debts(Note 3) This is the balance after the loans announced in the release “Notice concerning New Loans” dated
December 19, 2016.

4. Others
Regarding loan repayment related risks, there is no important change to the “Investment risks”
description in the latest securities report submitted on June 24, 2016.
This notice is the English translation of the announcement in Japanese dated December 21, 2016.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.
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