November 28, 2022

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.
Hiroshi Kojima, 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.
1. Details of LoansLender

Loan AmountInterest Rate

Sumitomo Mitsui
Trust Bank, Limited

2.0 billion yen

0.0986%NIPPON LIFE
INSURANCECOMPANY（Green Loan）

2.0 billion yen

0.800%(Note 1)

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

Date of Loan

Date of Maturity

November 30,
2022

February 28,
2023

November 30,
2022

November 30,
2032

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
Funds are to be allocated to the repayment of borrowings as detailed below.
LenderLoan Amount

Date of Loan

Date of Maturity

Sumitomo Mitsui Trust Bank, Limited

2.0 billion yen

August 31, 2022

November 30, 2022

NIPPON LIFE INSURANCE COMPANY

2.0 billion yen

November 30, 2013

November 30, 2022

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 NIPPON LIFE INSURANCE COMPANY as the lender due forrepayment on November 30, 2022.

3. Status of Interest-bearing Debt After this Event（Unit: billion yen)
Before this Event

After this Event

ChangeShort-term debt

3.0

3.0

－

Long-term debt

158.5

158.5

－

Total debt

161.5

161.5

－

Investment corporation bonds

8.0

8.0

－

Total interest-bearing debt

169.5

169.5

－

Interest-bearing debt ratio

53.8%53.8%－Long-term interest-bearing debt ratio

98.2%

98.2%

－(*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. 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, 2022.
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.