January 22, 2016
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
4-1, Nihonbashi 1-chome, Chuo-Ku,
Tokyo 103-0027
Nippon Accommodations Fund Inc.
Executive Director
Nobumi Tobari(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Tateyuki Ikura
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification of Early Repayment of Borrowing Funds
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided to make an early repayment of its existing
borrowing as shown below.
1. Details of Loans for Early Repayment
LenderLoanAmountInterest Rate

The Chugoku Bank, Limited

2 billion yen

1.02375%

Loan Type&Repayment Method
Unsecured &unguaranteed,
Bullet repayment

Date of Loan

Date of Maturity

April 1, 2011

April 1, 2016

2. Outline of Early Repayment
Lender

Early Repayment Amount

Balance after Early
Repayment

Repayment Date

Source of Funds

The Chugoku Bank, Limited

2 billion yen－January 29, 2016

Own Funds

3. Status of Interest-bearing Debt After this Event (as of January 29, 2016)(Unit: billion yen)

Before this Event

After this Event

ChangeShort-term debt

5.0

5.0－

Long-term debt

137.5

135.5

(2.0)

Investment corporation bonds

7.0

7.0

－

Total interest-bearing debt

149.5

147.5

(2.0)

Interest-bearing debt ratio

52.4%

52.1%

(0.3)

Long term interest-bearing debt ratio

96.7%

96.6%

(0.0)

(*1) It is assumed that the entire amount of the short-term debt of ¥5 billion with a date of maturity on January 29, 2016, as disclosed in the press
release “Notification of Borrowing Funds” dated December 28, 2015, will be refinanced.
(*2) 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 (135,603,623 thousand yen) was used.
(*3) (long term interest bearing debt ratio) = (long term debt + investment corporation bonds) ÷ (interest bearing debt) X 100(*4) 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 27, 2015.

5. Outlook
Though break-funding costs will be incurred upon early repayment, the impact of this early repayment on NAF’s financial
results for the period ending February 29, 2016 (20th Period: September 1, 2015 to February 29, 2016) will be minimal, andthere will be no change to the financial results forecast for the period.

Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club)and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to the press club forconstruction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF website: http://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.