Frontier Real Estate Investment : Notice Concerning Execution and Repayment of Short-term Borrowings

Translation Purpose Only

October 17, 2019

To All Concerned Parties

6-8-7 Ginza, Chuo-ku, Tokyo

Frontier Real Estate Investment Corporation

Takao Iwadou, Executive Director

(Securities Code: 8964)

Asset Management Company:

Mitsui Fudosan Frontier REIT Management Inc.

Goro Toyama

Chief Executive Officer and Representative Director

Inquiries:

Mitsui Fudosan Frontier REIT Management Inc.

Takashi Iwamoto

Chief Finance Officer and Director

Tel: [phone]

Notice Concerning Execution and Repayment of Short-term Borrowings

Frontier Real Estate Investment Corporation (the "Investment Corporation") hereby announces that it has decided to execute short-term borrowings. The Investment Corporation, additionally, announces it would repay short-term borrowings on October 21, 2019. Details are provided below.

1. Execution of Short-term Borrowings

(1)	Purpose
		To appropriate for the repayment of short-term borrowings as of July 19, 2019 and September 20, 2019.
(2)	Details
①	Drawdown Date	: October 21, 2019
②	Repayment of Principal	: Payment in full on the maturity date
③	Loan Type	: Unsecured, Unguaranteed

• Lender, Amount, Maturity Date and Interest Rate:

Lender	Amount	Maturity Date	Interest Rate
	￥6,000 Million	November 21,	0.10727%
	2019	(Interest Rate is fixed until the maturity date.)
Mizuho Bank, Ltd.
￥1,000 Million	January 20,	0.09727%
	2020	(Interest Rate is fixed until the maturity date.)
The 77 Bank, Ltd.	￥1,000 Million	January 20,	0.09727%
2020	(Interest Rate is fixed until the maturity date.)

2. Repayment of Short-term Borrowings

Details of the repayment of short-term borrowings on October 21, 2019 are as follows.

	Lender		Borrowing	Drawdown	Maturity	Repayment		Loan Type
		Amount	Date	Date	of Principal
			￥6,500 Million	September 20,
			2019
	Mizuho Bank, Ltd.			Payment in full
			October 21,
	￥1,000 Million
				on the maturity		Unsecured
			July 19,	2019
				date		Unguaranteed
	The 77 Bank, Ltd.	￥1,000 Million	2019

(*) Short-term Borrowings from Mizuho Bank, Ltd. (¥500 million) will be covered with cash on hand.

3. Change in the Balance of Borrowings etc.

			(Unit	: ￥Million)
	Before	After		Variance
	This refinance	This refinance
Short-term Borrowings	8,500	8,000		－500
Long-term Borrowings	99,900	99,900		－
Investment Corporation	5,000	5,000		－
Bonds
Total	113,400	112,900		－500

1. Long-termBorrowings include the balance of borrowings due within one year.

4. Others

Regarding the loan repayment risk, there is no important change to the "Investment risks" description in the latest securities report submitted on September 26, 2019.

This document is released to media organizations through the "Kabuto Club"(the press club of the Tokyo Stock Exchange), the Ministry of Land, Infrastructure and Transport Press Club, and the Press Club for the Ministry of Land, Infrastructure and Transport Construction Paper.

Frontier Real Estate Investment Corporation website: https://www.frontier-reit.co.jp/eng/

Disclaimer

This information was originally publicized in the original Japanese language and has been translated for reference purposes only. Frontier Real Estate Investment Corporation guarantees neither the completeness nor the accuracy of this English translation. For complete and accurate information, please refer to the press release in Japanese. In addition, this press release is not prepared as an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in the Investment Corporation. Investment decisions are made at the investor's sole discretion and responsibility and are made at their own risk. The Investment Corporation and its affiliates disclaim any responsibility or liability for the consequence of investment in the Investment Corporation.