November 26, 2021

To All Concerned Parties

Issuer of Real Estate Investment Trust Securities:
Nippon Accommodations Fund Inc.
Takashi Ikeda, Executive Director(TSE Code: 3226)
Investment Trust Management Company:
Mitsui Fudosan Accommodations FundManagement Co., Ltd.
Tateyuki Ikura, President and CEO
Inquiries: Tetsuji Kawakami, CFO and Director(TEL: +81-3-3246-3677)

Notification of Borrowing Funds (Refinancing with Green Loans and others）
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided to borrow funds as shown below.
Of the loans, the loans from the NIPPON LIFE INSURANCE COMPANY. and Mizuho Bank, Ltd. are loans that will be
executed based on the Green Finance Framework established by NAF (“Green Loans”).
The Green Loans are the first green loans financing conducted by NAF. NAF aims to strengthen the funding base throughGreen Finance by expanding the group of investors interested in ESG investment and financing, along with our promotionsof sustainability initiatives.
1. Details of Loans
LenderLoan AmountInterest Rate

Sumitomo Mitsui
Trust Bank, Limited

2.0 billion yen

0.10227%

Sumitomo Mitsui
Banking Corporation

2.0 billion yen

0.300%

1.0 billion yen

0.530%

1.0 billion yen

0.530%

1.0 billion yen

0.530%NIPPON LIFE
INSURANCECOMPANY.

（Green Loan）
Mizuho Bank, Ltd.

（Green Loan）

The 77 Bank, Ltd.

(Note 1)

Loan Type&
Repayment Method
Unsecured &unguaranteed,
Bullet repayment
Unsecured &unguaranteed,
Bullet repayment

Date of Loan

Date of Maturity

November 30, 2021

February 28, 2022

November 30, 2021

November 30, 2027

Unsecured &unguaranteed,
Bullet repayment

November 30, 2021

November 28, 2031

November 30, 2021

November 28, 2031

November 30, 2021

November 28, 2031

Unsecured &unguaranteed,
Bullet repayment
Unsecured &unguaranteed,
Bullet repayment

For details of NAF’s Green Loans, please refer to “2. Use of Funds”.
For details of NAF’s Green Finance (including Green Loans), please refer to “Green Finance” section on NAF’s
website: https://www.naf-r.jp/english/esg/2-7.html.

2. Use of Funds
To apply the funds toward the repayment of short-term loans ¥1.0 billion concluded on November 30, 2020, short-termloans ¥2.0 billion concluded on August 31, 2021, long-term loans ¥2.0 billion concluded on November 29, 2013 and longterm loans total ¥3.0 billion concluded on November 28, 2014.
NAF plans to use all the procured funds as funds for the repayment for the loans that were required for acquisition of Park
Axis Toyosu, an eligible green asset under the green finance framework. Specifically, it plans to apply such funds for
repayment of 2 billion yen of long-term debt with the Mizuho Bank, Ltd. as the lender due for repayment on November 30,2021.
3. Status of Interest-bearing Debt After this Event(Unit: billion yen)

Before this Event

After the Issuance(as of September 30, 2021)

ChangeShort-term debt

3.0

2.0(1.0)

Long-term debt

160.5

160.5

－

Total debt

163.5

162.5

(1.0)

Investment corporation bonds

8.0

8.0

－

Total interest-bearing debt

171.5

170.5

(1.0)

Interest-bearing debt ratio

54.1%

54.0%

(0.1)

Long-term interest-bearing debt ratio

98.3%

98.8%

0.6

(*1) The following formula was used to calculate the interest-bearing debt ratio.
(interest bearing debt ratio) = (interest bearing debt) ÷ (interest bearing debt + unitholders’ capital) X 100
The unitholders’ capital as of today (145,449,910 thousand yen) was used.
(*2) (long term interest bearing debt ratio) = (long term debt + investment corporation bonds) ÷ (interest bearing debt) X 100(*3) All calculations of ratios were rounded to one decimal place.
(*4) The issuance of investment corporation bonds of 4 billion yen which was announced in the “Notification Concerning Issuance of Investment CorporationBonds” on September 9, 2021 and the repayment of 1 billion yen of short-term debt due on September 30, 2021 has been reflected on “After theIssuance” in the table above.

4. Others
Regarding the loan repayment risk, there is no important change to the “Investment risks” description in the latest
securities report submitted on May 31, 2021.
NAF website: https://www.naf-r.jp/english/
Please note that this English translation of the Japanese original document is provided solely for information purposes.
In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shallprevail.