Tokyu REIT : Notice Concerning Short-Term Debt Financing

March 17, 2022

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 Short-Term Debt Financing

Based on the commitment line agreement concluded with three banks, TOKYU REIT, Inc. ("TOKYU REIT") today announced its decision to undertake short-term debt financing. Brief details are as follows.

1. Debt Financing （1）Rationale

TOKYU REIT will undertake debt financing for the procurement of part of funds for acquisition of domestic real estate (Meguro Higashiyama Building) (Note 1) and incidental expenses.

(Note 1) For details of the acquisition, please refer to the press release titled, "Notice Concerning Acquisition (Meguro Higashiyama Building) of Domestic Real Estate" separately announced today.

（2）Details of Debt Financing

Classification	Short-Term Debt (Commitment Line)
Lender	MUFG Bank, Ltd.	Sumitomo Mitsui Trust	Mizuho Bank, Ltd.
Bank, Limited.
Debt	¥400 million	¥1,400 million		¥200 million
Financing Amount
Interest Rate		Yet to be determined (Note 2)
Borrowing Method	Lump-sum repayment on maturity
Drawdown Date		March 24, 2022
Maturity Date		April 1, 2022
Collateral		Unsecured, unguaranteed
Financing Fee		None

(Note 2) The applicable interest rates will be announced as soon as they are determined.

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2. Total Debt After Additional Debt Financing

	Debt Balance Prior to	Debt Balance after
	Additional Debt	Additional Debt	Change
	Financing	Financing	(¥ millions)
	(¥ millions)	(¥ millions)
Short-Term Debt Financing	0	2,000	+2,000
Long-Term Debt Financing	85,000	85,000	-
Total Debt Financing	85,000	87,000	+2,000
Investment Corporation	8,000	8,000	-
Bonds
Interest-Bearing Debt	93,000	95,000	+2,000

3. Others

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

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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