Tokyu REIT : Notice Concerning Long-Term Debt Financing and Repayment of Long-Term Borrowing

December 23, 2021

Real Estate Investment Trust Unit Issuer:

TOKYU REIT, Inc.

1-12-1, Dogenzaka,

Shibuya-ku, Tokyo, 150-0043, Japan

Kazuyoshi Kashiwazaki

Executive Director

(Securities Code: 8957)

Investment Management Company:

Tokyu Real Estate Investment Management Inc.

Representative:

Kazuyoshi Kashiwazaki

Representative Director & President, Chief Executive Officer

Inquiries:

Yuji Shimizu

General Manager, Finance and IR

TEL: [phone]

Notice Concerning Long-Term Debt Financing

and Repayment of Long-Term Borrowing

TOKYU REIT, Inc. ("TOKYU REIT") today announced its decision to undertake debt financing and repayment. Brief details are as follows.

1. Debt Financing

（1）Rationale

TOKYU REIT will undertake debt financing for procurement of funds to repay long-term debt maturing on December 27, 2021. In an effort to ensure stability in connection with the procurement of funds, TOKYU REIT has adopted strategies to convert its debt financing to fixed interest rate borrowings and to diversify repayment dates.

（2）Details of Debt Financing

Classification	Long-Term Debt
Lender	Sumitomo Mitsui Trust Bank, Limited.
Debt Financing Amount	¥3,500 million
Interest Rate	0.51005%
(Fixed interest rate)
Repayment Method	Lump-sum repayment on maturity
Drawdown Date	December 27, 2021
Maturity Date (Note)	December 27, 2025
Period	4 years
Collateral	Unsecured, unguaranteed
Financing Fee	None

(Note) In case the repayment date is not a business day, such date will be the following business day or the preceding business day (if the immediately following business day falls into the following month).

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2. Repayment of Debt

Debt borrowed on December 27, 2016.

Classification	Long-Term Debt
Lender	Sumitomo Mitsui Trust Bank, Limited.
Debt Financing Amount	¥3,500 million
Interest Rate	0.56000% (Fixed interest rate)
Repayment Method	Lump-sum repayment on maturity
Drawdown Date	December 27, 2016
Repayment Date	December 27, 2021
Maturity Date (Note)	December 27, 2021
Repayment Source	Debt finance mentioned above 1. Debt Financing
Period	5 years
Collateral	Unsecured, unguaranteed
Financing Fee	None

(Note) In case the repayment date is not a business day, such date will be the following business day or the preceding business day (if the immediately following business day falls into the following month).

3. Total Debt After Additional Debt Financing and Repayment
		Debt Balance Prior to	Debt Balance after
		Additional Debt	Additional Debt	Change
		Financing and	Financing and
		(¥ millions)
		Repayment	Repayment
		(¥ millions)	(¥ millions)
	Short-Term Debt Financing	0	0	-
	Long-Term Debt Financing	86,400	86,400	-
	Total Debt Financing	86,400	86,400	-
	Investment Corporation	8,000	8,000	-
	Bonds
	Interest-Bearing Debt	94,400	94,400	-

4. Others

Regarding the loan repayment risk, there is no change to the "Investment risks" of the latest securities report submitted on October 29, 2021.

[Reference]

Timely Disclosure Relating to the Debt Financings to be Repaid (Except concerning decision of Interest Rate)

December 22, 2016 Notice Concerning Debt Financing and Repayment

This notice may contain forward-looking statements, such as current plans, strategies, and future performance. These forward-looking statements are based on judgments obtained from currently available information. Please be advised that, for a variety of reasons, actual results may differ materially from those discussed in the forward-looking statements. Events that might affect actual results include, but are not limited to, fluctuations of the real estate market in Japan, general conditions of the Japanese economy, competitive pressures and relevant regulations.

This notice is a translation of the original document in Japanese and is prepared solely for the convenience of non-Japanese speakers. There is no assurance as to the accuracy of the English translation. The original Japanese notice shall prevail in the event of any discrepancies between the translation and the Japanese original.

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