Japan Real Estate Investment Corporation announced its decision to procure funds as follows: Reason for the borrowing: repayments of the existing long-term loan of JPY 1 billion executed on January 15, 2016 and the existing long-term loan of JPY 1 billion executed on the same day. Overview of the borrowing: First amount of loan is JPY 1,000 million, Lender is The Iyo Bank Ltd. Interest rate: Base rate (3-month JPY TIBOR published by Japanese Bankers Association (hereinafter "JBA")) + 0.100%. Borrowing date: January 16, 2023.

Method of borrowing: Loan agreement dated January 12, 2023, Unsecured/unguaranteed loan. Interest payment date: The principal repayment date and the 16th of every January, April, July and October in the period until the principal repayment date. Method of principal repayment: Lump-sum repayment on the principal repayment date.

Principal repayment date: January 17, 2033. First amount of loan is JPY 1,000 million, Lender is The Hachijuni Bank Ltd. Interest rate: 1.00625% (Fixed). Borrowing date: January 16, 2023.

Method of borrowing: Loan agreement dated January 12, 2023, Unsecured/unguaranteed loan. Interest payment date: The principal repayment date and the 16th of every January and July in the period until the principal repayment date. Method of principal repayment: Lump-sum repayment on the principal repayment date.

Principal repayment date: January 17, 2033.