NEWS RELEASE
December 20, 2023
For Immediate Release

Investment Corporation
Japan Real Estate Investment Corporation
Jo Kato, Executive Director(TSE code: 8952)
Asset Management Company
Japan Real Estate Asset Management Co., Ltd.
Shojiro Kojima , President & CEO
Contact: Masaru Motooka
Executive Officer & General Manager
Strategic Planning Department
Phone: +81-3-3211-7951

Announcement of Loan Prepayment andDebt Financing (Sustainability-Linked Loan)
Japan Real Estate Investment Corporation hereby announces its decision today to repay the existing
loan before the due date and to procure funds as follows:

1. Prepayment of Short-Term Loans(I) Prepayment date:
December 29, 2023
(II) Overview of loan to be repaid before the due date:(1) Amount of loan to be
JPY 1,500 million
prepaid(2) Amount of loan
JPY 6,500 million (Note)(3) Amount of loan
outstanding
JPY 5,000 million
after the prepayment(4) Lender
Mizuho Bank, Ltd.
(5) Interest rate
0.0881% (from November 30, 2023 through December 28, 2023)(6) Borrowing dateAugust 31, 2023
(7) Method of borrowing Loan based on overdraft agreement
Unsecured/unguaranteed loan(8) Interest payment date The principal repayment date and the last day of every month in theperiod until the principal repayment date(9) Method of principal
Lump-sum repayment on the principal repayment daterepayment(10) Principal repayment
August 30, 2024
date(11) Disclosure dateAugust 29, 2023
*There will be no early repayment fee due to this loan prepayment.

(Note) The number stated in the “(2) Amount of loan” refers to the loan amount outstanding after the loan prepayment as1

described in the press release titled “Announcement of Loan Prepayment and Debt Financing (Sustainability-LinkedLoan)” dated November 28, 2023.

2. Debt Financing(I) Reason for the borrowing
To apply the following loan to the prepayment of the above-mentioned loan(II) Overview of the borrowing(1) Amount of loan
JPY 1,500 million (Note1)(2) Lender
The Bank of Fukuoka, Ltd.
(3) Interest rate
Base rate (3-month JPY TIBOR published by Japanese Bankers Association(hereinafter “JBA”)) + 0.110% (Note2) (Note3)(4) Borrowing date
December 22, 2023
(5) Method ofLoan agreement dated December 20, 2023
borrowingUnsecured/unguaranteed loan(6) Interest payment The principal repayment date and the 22nd day of every March, June,
date
September, and December in the period until the principal repayment date(7)
(8)

Method ofprincipal
repayment
Principal
repayment date

(Note4)Lump-sum repayment on the principal repayment date
December 22, 2033

(Note1) This loan will be applied to prepayment of the above-mentioned loan from Mizuho Bank, Ltd., and the funds will
be deposited with financial institutions until the time of the prepayment.
(Note2) This borrowing will be procured through a sustainability-linked loan (“SLL”), whose loan terms are aligned with
JRE’s achievement status of the following sustainability performance target (“SPT”) set beforehand.
・SPT : Reduce CO₂ emissions by 80% by fiscal 2030 (Base year: Fiscal 2019 / Absolute basis)
The applicable interest rate will be lower by 0.01% on the condition that the above target set as SPT is achieved forthe respective performance levels set for June 2024, June 2027, June 2030, and June 2032, for the period until theperformance level is next confirmed (for the time of final confirmation, the repayment date). Please refer to“Loans and Bonds” under Financial Summary of JRE’s website https://www.j-re.co.jp/en_cms/finance/debt.html
for the interest rate applicable after the performance level is confirmed.
Moreover, in concluding the agreement for the SLL, JRE has established “Sustainability-Linked Loan Framework”
and obtained a second‐party opinion from Japan Credit Rating Agency, Ltd. (JCR) with regard to conformity with
the Sustainability Linked Loan Principles and the rationality of the established SPT.
(Note3) The base rate to calculate the interest to be paid on interest payment dates is JBA 3-month JPY TIBOR as of two
business days before the borrowing date for the first interest payment date and as of two business days before
the most recent interest payment date for the subsequent interest payment dates. (JBA 3-month JPY TIBOR as ofDecember 20, 2023 is 0.08%.)
For the JBA Japanese Yen TIBOR, please refer to JBA TIBOR administration’s website(https://www.jbatibor.or.jp/english/rate/).
(Note4) When an interest payment date is not a business day, the interest shall be paid on the following business day or
the immediately preceding business day if the following business day is in the following month.

23. Balance of interest-bearing debt after the debt financing
BeforeShort-term loans payable(Units: millions of JPY)
After

Increase/Decrease

35,00033,500-1,50020,50022,000+1,500363,700

363,700±0

Total loans

419,200

419,200±0

Investment corporation bonds

32,99332,993±0

Total
investment corporation bonds

32,99332,993±0Total interest-bearing debt

452,193452,193±0Long-term loans payable(Variable interest rate)Long-term loans payable(Fixed interest rate)

4. Others
Regarding risks pertaining to this loan repayment, there is no material change to the descriptionsof “Investment risks” in the latest securities report submitted on June 26, 2023.

This is the English translation of the announcement in Japanese dated December 20, 2023.
No assurance or warranties are given for the completeness or accuracy of this English translation.

3