May 27, 2024

To all parties concerned
Real Estate Investment Trust Securities Issuer:
Nippon Hotel & Residential Investment Corporation
Representative:
Takeshi Kirihara,
Executive Director(Securities Code: 3472)
Asset Manager:
APA Investment Management Co., Ltd.
Representative:
Takeshi Kirihara,
Chief Executive Officer
Inquiries:
Tomohiro Honda,
Director,
Chief Financial Officer,
Chief Planning &Coordination Officer(TEL:+81-3-6262-5456)
Notice of a Guarantee of Borrowings of Nippon Hotel & Residential Investment Corporation
by APA Holdings
Nippon Hotel & Residential Investment Corporation (hereinafter “the Investment Corporation”) announcesthat on May 27, 2024, it has agreed with APA Holdings Co., Ltd. on a guarantee of borrowings of theInvestment Corporation (hereinafter “the Debt Guarantee”). Details are as follows.
1. Details of the Debt Guarantee
DebtorGuarantor
Commencement date of the guarantee
Debts guaranteed::::Lenders
End of the guarantee::

Guarantee fee:

Investment Corporation
APA Holdings Co., Ltd.
May 31, 2024
All debts that the Investment Corporation currently owes or may
owe in the future to the individual lenders mentioned in section 3below (hereinafter “the Guaranteed Debts”) under the individualloan agreements (including any revisions) stated in section 3 belowthat have been signed under a basic agreement (including anyrevisions) that the Investment Corporation signed with the primaryagent, Sumitomo Mitsui Banking Corporation, and other lenders,which are financial institutions, on August 30, 2016. The principalof the borrowings, the Guaranteed Debts, as of the commencement
date of the guarantee is 12,736 million yen (based on theassumption that 4,971 million yen will be borrowed on thecommencement date as planned, and that borrowings of 4,971
million yen will be repaid on the same date, which is also therepayment date. Please refer to section 3 below).
Individual lenders mentioned in section 3 below
The Debt Guarantee will end if the Guaranteed Debts are paid off or
if all the lenders related to the Guaranteed Debts accept the end ofthe Debt Guarantee.
No fees will be paid to APA Holdings for providing the Debt
Guarantee.

12. Reasons for requesting APA Holdings to provide the Debt Guarantee
The Investment Corporation’s top management priorities are to enhance the financial foundation and achieve
external growth. The Investment Corporation believes that the Debt Guarantee provided by APA Holdings, itssponsor, which has built good relationships with major financial institutions, will enhance its creditworthiness intransactions with financial institutions, which in turn will result in the following: (1) better financing conditions,(2) the removal of security interests on the Investment Corporation’s assets, and (3) the expanded formation oflenders, leading to an increase in funding.
The Investment Corporation will leverage the Debt Guarantee to speed up portfolio expansion anddiversification, achieve stable growth in distributions per unit, and enhance unitholder value stability.
For more information about this initiative, please refer to the Notice of Borrowings, Notice of the Removal ofSecurity Interests, Notice of Revisions to Investment Status and Distribution Forecasts for Fiscal Periods Ending
May and November 2024, as well as Supplementary Explanation Materials on Today’s Press Releases, all ofwhich were issued on May 27, 2024.
3. Loan agreements that will become guaranteed debts on the commencement date of the guarantee(Unit: million yen)
Outstanding
LenderDrawdown date
Repayment date
Remarksborrowings
Sumitomo Mitsui Banking Corporation May 31, 2023
May 31, 2024
4,240 (Note 1)
Sumitomo Mitsui Trust Bank, Limited
The Tokyo Star Bank, Limited
San ju San Bank, Ltd.
Sumitomo Mitsui Banking Corporation September 28,
September 28, 2026
3,400
The Tokyo Star Bank, Limited
2023
Kiraboshi Bank, Ltd.
The Ogaki Kyoritsu Bank, Ltd.
February 29, 2024 May 31, 2024
730 (Note 1)
Fukoku Mutual Life Insurance
Company
Sumitomo Mitsui Banking Corporation February 29, 2024 February 26, 2027
4,170San ju San Bank, Ltd.
Sumitomo Mitsui Banking Corporation February 29, 2024 February 28, 2025
195
Sumitomo Mitsui Banking Corporation May 31, 2024
May 31, 2026
4,221 (Note 2)
The Tokyo Star Bank, Limited(Plan)
Aozora Bank, Ltd.
Resona Bank, Limited
The Ogaki Kyoritsu Bank, Ltd.
San ju San Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited May 31, 2024
May 30, 2025
750 (Note 2)(Plan)(Note 1) The repayment date is the same as the date of commencement of the guarantee.
(Note 2) If these amounts are borrowed on May 31, 2024, as planned, the borrowings will be included in the guaranteed
debts. Please refer to the Notice of Borrowings issued on May 27, 2024.

4. Impact on financial results
Please refer to the Notice of Revisions to Investment Status and Distribution Forecasts for Fiscal Periods
Ending May and November 2024 issued on May 27, 2024.
5. Other matters necessary for investors’ appropriate understanding and judgment of the subject information
There is no change to the content of “Part I. Fund Information, I Status of Fund, 3. Investment Risks” of theSecurities Report for the fiscal period ended November 30, 2023 (15th fiscal period) submitted on February 26,
2024 due to the Debt Guarantee.
End* The Investment Corporation's website:https://oom-reit.com/

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