May 29, 2023
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 Loan and others）
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided to borrow funds as shown below.
1. Details of LoansLenderLoan AmountInterest Rate

Date of Loan

Date of Maturity

Sumitomo Mitsui Trust
Bank, Limited

2.0 billion yen

0.11955%

May 31,2023

August 31, 2023

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

Sumitomo Mitsui
Banking Corporation
2.0 billion yen
0.452%
May 31,2023
May 31,2027（Green Loan）(Note) For details of NAF’s Green Loan, please refer to “2. Use of Funds”.
For details of NAF’s Green Finance (including Green Loan), please refer to “Green Finance” section on NAF’s
website: https://www.naf-r.jp/english/esg/finance/sustainability-finance.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

February 28, 2023

May 31, 2023

Sumitomo Mitsui Banking Corporation

2.0 billion yen

May 31,2019

May 31,2023

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 Sumitomo Mitsui Banking Corporation as the lender due for repayment on
May 31, 2023.

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

After this Event

ChangeShort-term debt

2.0

2.0－

Long-term debt

158.5

157.5

(1.0)＊

Total debt

160.5

159.5

(1.0)

Investment corporation bonds

8.0

8.0－

Total interest-bearing debt

168.5

167.5

(1.0)

Interest-bearing debt ratio

53.7%

53.5%

(0.1)

Long-term interest-bearing debt ratio
98.8%
98.8%
－*We plan to repay the 1.0 billion yen long-term loan from Mizuho Bank, Ltd. on the repayment date of May 31, 2023.
(*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 November 30, 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.