NEWS RELEASE

Japan Real Estate Investment CorporationDecember 19, 2016
To whom it may concern:<Investment Corporation>
Japan Real Estate Investment Corporation
Hiroshi Nakajima, Executive Director(TSE code: 8952)<Asset Management Company>
Japan Real Estate Asset Management Co., Ltd.
Naoki Umeda, President & CEO
Contact: Ryuta Yoshida,
Executive Officer, General Manager, Planning Department
Phone: +81-3-3211-7951

Notice concerning New Loans

Japan Real Estate Investment Corporation hereby announces its decision on December 19, 2016 toprocure funds as follows:<<Loan executed on December 21, 2016>>
1. Reason for drawing down of loan
To allocate the funds for repayment of the existing long-term loan of ¥5 billion executed on December
21, 2010.
2. Details of the loan
(1) Amount of loan:(2) Lender:(3) Interest rate:(4) Start of loan period:(5) Borrowing method:(6) Interest payment date:(7) Repayment of principal:(8) Principal repayment date:¥5,000 million
Mizuho Bank, Ltd.
0.415% (fixed interest)
December 21, 2016
Loan agreement concluded on December 19, 2016
Unsecured/unguaranteed loan
21st of every June and December until the principal repayment
date (Note 1)
Payment in full on the principal repayment date
December 21, 2026 (pre-payment possible)(Note1) In the event that the interest payment date does not fall on a business day, the interest shall be paid on thefollowing business day. If the following business day, however, falls in the following month, the payment
shall be made on the preceding business day of the interest payment date.

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<<Loans executed on December 26, 2016>>
1. Reason for drawing down of loans
To allocate a part of the funds for repayment of the existing short-term loans of ¥20 billion executed onJune 23, 2016.
2. Details of the loans(1) Start of loan period:
December 26, 2016
(2) Amount of loan:¥11,300 million(3) Lender, amount of loan, and principal repayment date:LenderAmount of loan

Mitsubishi UFJ Trust and Banking Corporation¥5,000 million

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

¥5,000 million

Principal repayment date(pre-payment possible)
December 26, 2017

Sumitomo Mitsui Trust Bank, Limited¥1,300 million
Base rate (1-month JPY TIBOR by “JBA” (Japanese Bankers(4) Interest rate:
Association ) ) + 0.04% (Note 1)
Loan
based on overdraft agreements concluded with each lender(5) Borrowing method:
Unsecured/unguaranteed loan(6) Interest payment date:
26th of every month until the principal repayment date (Note 2)
Payment in full on the principal repayment date(7) Repayment of principal:(pre-payment possible)(Note1) ･ Base rate to calculate the interest to pay on an interest payment day is 1-month JPY TIBOR released byJBA two business days before the interest payment date. (1-month JPY TIBOR by JBA on December 19,
2016 is 0.03%)･ Please refer to JBA TIBOR administration’s website (http://www.jbatibor.or.jp/english/rate/) for more
information regarding Japanese Yen TIBOR of JBA.
(Note2) In the event that the interest payment date does not fall on a business day, the interest shall be paid on thefollowing business day. If the following business day, however, falls in the following month, the payment
shall be made on the preceding business day of the interest payment date.
(Note3) Funds for repayment of the other portion of the existing short-term loans of ¥20 billion executed on June 23,
2016 (¥8.7billion) will be informed as soon as it is decided.

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3. Balance of interest-bearing debt after the new loans(Units: millions of yen)
Before new loans
Short-term loans
Current portion of
long-term loans
Long-term loans(except for current portion)
Total loans
Current portion of
investment corporation bonds
Investment corporation bonds(except for current portion)
Total
investment corporation bonds
Total interest-bearing debts

After new loans

Increase/Decrease

42,70042,700±041,850

36,850−5,000250,800

255,800+5,000335,350

335,350±000±020,000

20,000±020,000

20,000±0355,350

355,350±04. Others
Regarding loan repayment related risks, there is no important change to the “Investment risks”
description in the latest securities report submitted on June 24, 2016.

This notice is the English translation of the announcement in Japanese dated December 19, 2016.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

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