Japan Hotel REIT Investment : Notice Concerning New Loan (Refinancing)

This English translation is provided for information purposes only. If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail.

October 12, 2023

REIT Issuer:

Japan Hotel REIT Investment Corporation (TSE code: 8985)

Kaname Masuda, Executive Director

Asset Management Company:

Japan Hotel REIT Advisors Co., Ltd.

Hisashi Furukawa, President and CEO

Contact:

Makoto Hanamura

Director of the Board, Managing Director

Head of Finance and Planning Division

TEL: [phone]

Notice Concerning New Loan (Refinancing)

Japan Hotel REIT Investment Corporation (hereinafter called "JHR") informs you that JHR resolved as below today on new borrowing (hereinafter called the "New Loan") for the purpose of refinancing the existing loans.

1. Summary of the New Loan

(1) Content of the New Loan

JHR plans to refinance the existing loans due on October 20, 2023 (hereinafter called the "Loans Scheduled for Repayment").

(2) Details of the New Loan

		Amount of	Interest			Collateral/
Name of		Date of	Maturity	Method of
Lender	New Loan	Rate
Loan	Borrowing	Date	Principal
	(JPY MM)	(*)
				Repayment
						Unsecured/
Term Loan			Base			Unguaranteed
Sumitomo Mitsui Banking Corporation	900	interest	October	March 31,	Lump-sum
90			rate +	20, 2023	2027	payment on
			0.50%			the maturity
						date
						Unsecured/
Term Loan			Base		September	Unguaranteed
Mizuho Bank, Ltd.	2,900	interest	October	Lump-sum
91	The Minato Bank, Ltd.	rate +	20, 2023	28, 2029	payment on
			0.65%			the maturity
						date

1. The first interest payment will be due on the last day of November 2023, and subsequent interest payments will be due on the last day of each month thereafter (or the immediately preceding business day if that day is not a business day) and the principal repayment date.
   The base interest rate to be applied to the calculation period for the interest to be paid at interest payment dates will be JBA Japanese Yen TIBOR for one month at two business days prior to the preceding interest payment date (The first interest calculation period is two business days prior to the date of borrowing).
   However, the JBA 3-month Japanese Yen TIBOR will be applied only for the first interest calculation period. Please refer to the website of JBA TIBOR Administration for the JBA Japanese Yen TIBOR (https://www.jbatibor.or.jp/english/rate/).

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2. Summary of the Loans Scheduled for Repayment

1. Summary of the repayment
   JHR plans to repay the loans using the New Loan.
2. Total amount of the repayment JPY3,800MM
3. Scheduled date of the repayment October 20, 2023
4. Details of the subject individual loans

Name of		Loan Balance
Lenders	before Repayment	Date of Borrowing	Maturity Date
Loan
	(JPY MM)
	Sumitomo Mitsui Banking Corporation
	Mizuho Bank, Ltd.
Term Loan	Sumitomo Mitsui Trust Bank, Limited	3,800	October 20, 2022	October 20, 2023
Development Bank of Japan Inc.
78
Resona Bank, Limited
	The Shizuoka Bank, Ltd.
	The Minato Bank, Ltd.

3. Status of the Interest-bearing Debt after the New Loan (scheduled)

					(Unit: JPY MM)
		Category	Before	After	Variance
		Short-term loans	19,368	15,568	(3,800)
		Long-term loans (*2)	114,963	118,763	3,800
Total Loans	134,331	134,331	-
Total investment corporation bonds	36,900	36,900	-
	Total interest-bearing debt	171,231	171,231	-
(*1)	Amounts are rounded down to the nearest millions of yen.
(*2)	Long-term loans payable within one year are included in the long-term loans.

The fixed interest rate ratio to the total interest-bearing debt after the New Loan is forecasted to be around 68%.

4. Other

There are no material changes to the risks related to the New Loan from those described under "Investment Risks" in the securities report filed on March 23, 2023 and in the semi-annual securities report filed on September 22, 2023.

• Website of Japan Hotel REIT Investment Corporation:https://www.jhrth.co.jp/en/
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