NEWS RELEASE
November 28, 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 existingloans before the due date and to procure funds as follows:

1. Prepayment of Short-Term Loans(I) Prepayment date:November 30, 2023
(II) Overview of loans to be repaid before the due date:(1) Amount of loan to be
JPY 7,000 million
JPY 2,000 million
prepaid(2) Amount of loan
JPY 8,000 million (Note1)
JPY 8,500 million(3) Amount of loan
outstanding
JPY 1,000 million
JPY 6,500 million
after the prepayment(4) Lender
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
(5) Interest rate
0.09636% (from October 31, 2023
0.0963% (from October 31, 2023
through November 29, 2023)
through November 29, 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.
1(Note1) The number stated in the “(2) Amount of loan” refers to the loan amount outstanding after the loan prepayment
as described in the press release titled “Announcement of Loan Prepayment and Debt Financing” dated October27, 2023.

2. Debt Financing(I) Reason for the borrowing
To apply the following loans to the prepayment of the above mentioned loans(II) Overview of the borrowing
Loan 1
Loan 2
Loan 3(1) Amount of loan
JPY 5,000 million
JPY 2,000 million
JPY 2,000 million(2) Lender
Saitama Resona Bank,The Chugoku Bank, Ltd.
North Pacific Bank, Ltd.
Limited(3) Interest rate
Base rate (3-month JPY
TIBOR published by
0.935% (fixed)
1.0875% (fixed)
Japanese Bankers(Note2)(Note2)
Association (hereinafter“JBA”)) + 0.080%
(4)
(5)
(6)

(7)
(8)

Borrowing date
Method ofborrowing
Interest payment
date

Method ofprincipal
repayment
Principal
repayment dateNovember 30, 2023
Loan agreement dated November 28, 2023
Unsecured/unguaranteed loan
The principal repayment date and the last day of
every May and November in the period until theprincipal repayment date (Note4)(Note2) (Note3)

The principal repayment
date and the last day of
every February, May,August, and Novemberin the period until theprincipal repayment
date (Note4)

Lump-sum repayment on the principal repayment dateNovember 30, 2033

November 28, 2031

November 29, 2030

(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 SPTs is achieved
for the respective performance levels set for May 2024, May 2027, May 2030, and May 2032, the last one of which
is only for Loan 1, for the period until the performance 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 isconfirmed.
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. For more details, please refer tothe press release by JCR.
https://www.jcr.co.jp/greenfinance/ (in Japanese)(Note3) The base rate to calculate the interest to be paid on interest payment dates is JBA 3-month JPY TIBOR as of twobusiness 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 ofNovember 28, 2023 is 0.07000%.)
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.

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

Increase/Decrease

52,00043,000-9,00018,50020,500+2,000346,700

353,700+7,000Total loans

417,200

417,200±0

Investment corporation bonds

32,99332,993±0

Total
investment corporation bonds

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

450,193450,193±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 November 28, 2023.
No assurance or warranties are given for the completeness or accuracy of this English translation.
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