Japan Real Estate Investment Corporation announced Reason for the borrowing to apply the following loans to the prepayment: Amount of loan 1: JPY 5,000 million; Lender: Saitama Resona Bank,Limited; Interest rate: 1.0875% (fixed); Principal repayment date: November 30, 2033. Amount of loan 2: JPY 2,000 million; Lender: The Chugoku Bank Ltd.; Interest rate: 0.935% (fixed); Principal repayment date: November 28, 2031. Amount of loan 3: JPY 2,000 million; Lender: North Pacific Bank Ltd.; Interest rate: Base rate (3-month JPY TIBOR published by Japanese Bankers Association (hereinafter"JBA")) + 0.080%; Principal repayment date: November 29, 3030.

Borrowing date: November 30, 2023. Method of borrowing: Loan agreement dated November 28, 2023, Unsecured/unguaranteed loan. Interest payment date: The principal repayment date and the last day of every May and November in the period until the principal repayment date.

The principal repayment date and the last day of every February, May, August, and November in the period until the principal repayment date. Method of principal repayment: Lump-sum repayment on the principal repayment date.