ORIX JREIT Inc. : ORIX JREIT Announces New Debt Financing

For Immediate Release

REIT Issuer:

ORIX JREIT Inc. (TSE: 8954) Yutaka Okazoe

President and Executive Director

Asset Management Company:

ORIX Asset Management Corporation

Yoshitaka Kamemoto President and CEO Inquiries:

Hajime Nakamura

General Manager

Corporate Planning Department

TEL：[phone]

ORIX JREITAnnounces New Debt Financing

TOKYO, January 24, 2014 - We, ORIX JREIT Inc. "OJR", announces the following decision on new debt financing.

1. New debt financing summary Short-term loan

a. Lenders	Aozora Bank, Ltd.
b. Loan amount	JPY 1,500,000,000
c. Applicable interest rate	To be determined(Note 1) (Floating rate)
d. Draw down date	January 31, 2014
e. Loan terms	Based on the commitment line dated December 27, 2013
f. Maturity	February 14, 2014
g. Principal payment	Bullet payment at maturity
h. Collateral	Un-secured, Non-guaranteed
Reason for new debt i. financing	To procure funds to allocate them as part of funds for the specified assets acquisition "J-ONE SQUARE" (Note 2) scheduled on January 31, 2014.

Note:
1. The interest rate shall be announced at a later date, as soon as it is determined.
2. For details, please refer to the press release "ORIX JREIT Announces Asset Acquisitions (Clio Fujisawaekimae, J-ONE SQUARE, Cross
Mall Shimonoseki-Chofu)" announced December 17, 2013.

2. Total amount to be borrowed, specific use of funds and scheduled repayment dates 1) Total amount

JPY 1,500,000,000

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2) Specific use of funds and scheduled repayment dates

Specific use	Amount (JPY million)	Repayment date
To procure funds to allocate them as part of funds for the specified assets acquisition "J-ONE SQUARE" (Note ) scheduled on January 31, 2014.	1,500	January 31, 2014

Note: For details, please refer to the press release "ORIX JREIT Announces Asset Acquisitions (Clio Fujisawaekimae, J-ONE
SQUARE, Cross Mall Shimonoseki-Chofu)" announced December 17, 2013

3. Change in LTV from the above new debt financing (millions of yen)

	Before (As of January 24, 2014)	After (As of January 31, 2014)	Change
Short-term loans	―	1,500	+1,500
Long-term loans Long-term debt due within one year	175,633 3,937	175,633 3,937	― ―
Total of loans	175,633	177,133	+1,500
Investment corporation bonds(Note 1)	27,500	22,500	-5,000
Sum of loans and investment corporation bonds	203,133	199,633	-3,500
Other interest-bearing debt	―	―	―
Total interest-bearing debt	203,133	199,633	-3,500
LTV (based on total assets) (Note 2)	49.5％	49.1％	-0.4％
LTV (based on unitholders' capital) (Note 3)	52.7％	52.3％	-0.4％

Note:
1. The JPY 5 billion in investment corporation bonds will be redeemed on January 27, 2014.
2. "LTV (based on total assets)" (%) = Interest-bearing debt ÷ Total expected assets × 100
Total expected assets is the net increase of interest-bearing debt since the end of the previous period and the net increase of unitholders' capital added to the total assets as of the end of the previous fiscal period
3. "LTV (based on unitholders' capital)" (%) = Interest-bearing debt ÷ (Interest-bearing debt + Unitholders' capital) × 100
4. Both LTVs are rounded to the nearest first decimal place. Therefore, change in the LTVs may not be consistent with the corresponding figures as a result of rounding.

4. Additional information for investors

There is no change to the content of OJR's Securities Report (Yukashoken Hokokusho) for the 23rd fiscal period ended August 31, 2013 with respect to the risks involved in repayment etc. due to the new debt financing.

Note: 1. This is the English translation of original Japanese documents and is provided solely for information purposes. If there are any discrepancies between the translation and the Japanese original, the latter shall prevail.
2. The original Japanese version of this announcement was distributed today to the Kabuto Club, the Ministry of Land, Infrastructure, Transport and Tourism Press Club, and the Ministry of Land, Infrastructure, Transport and Tourism Construction Specialty Publication Press Club.

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