NTT UD REIT Investment : Notice Concerning Debt Finance

November 25, 2022

For Immediate Release

REIT Issuer

NTT UD REIT Investment Corporation

1-5-1 Otemachi, Chiyoda Ward, Tokyo

Executive DirectorTakeshi Oodera

(Securities Code 8956)

Asset Management Company

NTT Urban Development Asset Management Corporation

President & CEO	Yutaka Torigoe
[Contact]
Director & CFO, Finance	Takeshi Iwata
Department
	TEL: [phone]

Notice Concerning Debt Finance

NTT UD REIT Investment Corporation ("NUD") announces the decision made at its board of directors' meeting held today to borrow funds (hereinafter, the "Debt Finance") as described below.

1. Reason for the Debt Finance
   To fund repayment of loan of 11,000 million yen (Note) in a long-term loan maturing on November 30, 2022.
   (Note)Reference: "Notice Concerning Debt Finance" dated December 3, 2015
2. Details of the Debt Finance
   The Debt Finance involves the borrowing of four term loans (long-term loans with a total borrowing amount of 11,000 million yen). The details are provided in the following tables.

Contract Number				Term loan 121
Expected	Drawdown	Date	and		November 30, 2022
Expected Disbursement Date
Lenders and				Aozora Bank, Ltd. :	1,500 million yen
Amount of Debt Finance			NTT TC Leasing Co.,Ltd. :	1,500 million yen
					Resona Bank, Ltd. :	1,500 million yen
					total :	4,500 million yen
Borrowing Method				The loan agreement dated November 28, 2022 with the lender indicated above
Repayment Date				November 28, 2031
Repayment Method				Lump-sum repayment upon maturity
Interest Rate				Fixed rate: not yet fixed (Note)
Collateral / Guarantee				Unsecured and non-guaranteed
Special Notes				NTT TC Leasing Co.,Ltd. falls under the category of an interested party, etc. of NTT
					Urban Development Asset Management Corporation ("UDAM"), the asset
					management company for NUD, as defined in the Act on Investment Trusts and
					Investment Corporations. As such, Debt Finance from NTT TC Leasing Co.,Ltd.
					have been resolved by the Compliance Committee, which includes outside
					experts, in accordance with the UDAM's "Policy on Transactions with Interest
					Parties."
Contract Number				Term loan 122
Expected	Drawdown	Date	and		November 30, 2022
Expected Disbursement Date
Lenders and				Sumitomo Mitsui Trust Bank, Limited :	500 million yen
Amount of Debt Finance
Borrowing Method				The loan agreement dated November 28, 2022 with the lender indicated above
Repayment Date				November 28, 2031
Repayment Method				Lump-sum repayment upon maturity
Interest Rate				Fixed rate: not yet fixed (Note)
Collateral / Guarantee				Unsecured and non-guaranteed
Contract Number				Term loan 123
Expected	Drawdown	Date	and		November 30, 2022
Expected Disbursement Date
Lenders and				Aozora Bank, Ltd. :	1,500 million yen
Amount of Debt Finance			NTT TC Leasing Co.,Ltd. :	1,500 million yen
					Resona Bank, Ltd. :	1,500 million yen
					Sumitomo Mitsui Trust Bank, Limited :	1,000 million yen
					total :	5,500 million yen
Borrowing Method				The loan agreement dated November 28, 2022 with the lender indicated above
Repayment Date				November 30, 2032

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Repayment Method	Lump-sum repayment upon maturity
Interest Rate	Fixed rate: not yet fixed (Note)
Collateral / Guarantee	Unsecured and non-guaranteed
Special Notes	NTT TC Leasing Co.,Ltd. falls under the category of an interested party, etc. of
	UDAM, the asset management company for NUD, as defined in the Act on
	Investment Trusts and Investment Corporations. As such, Debt Finance from NTT
	TC Leasing Co.,Ltd. have been resolved by the Compliance Committee, which
	includes outside experts, in accordance with the UDAM's "Policy on Transactions
	with Interest Parties."
Contract Number	Term loan 124
Expected Drawdown Date and	November 30, 2022
Expected Disbursement Date
Lenders and	Mizuho Bank, Ltd. :	500 million yen
Amount of Debt Finance
Borrowing Method	The loan agreement dated November 28, 2022 with the lender indicated above
Repayment Date	November 30, 2032
Repayment Method	Lump-sum repayment upon maturity
Interest Rate	Fixed rate: not yet fixed (Note)
Collateral / Guarantee	Unsecured and non-guaranteed

(Note) The first interest payment date shall be February 28, 2023, and subsequent interest payment dates shall be the end of February, May, August and November each year and on the principal repayment date (or the preceding business day if the said date is not a business day).

And there will be an announcement regarding the interest rate, once such details have been determined (to be determined on November 28, 2022).

3. Outstanding Interest-Bearing Liabilities after the Debt Finance

					(million yen)
			Prior to the Debt	After the Debt	Variation
			Finance	Finance
		Short-term loans	-	-	-
		Long-term loans	114,750	114,750	-
	Total loans	114,750	114,750	-
	Corporate bonds	11,200	11,200	-
Total interest-bearing liabilities	125,950	125,950	-

4. Other Matters Required for Investors to Appropriately Understand and Evaluate the Above Information

There will be no change to the content of "Investment Risk / (2) Risk Related to Product Design and Related Parties / (iv) Risk Related to Loans and Investment Corporation Bonds" described in NUD's Securities Report filed on July 28, 2022, due to the Debt Finance.

• NUD's website is http://www.nud-reit.co.jp/en/
• Neither NUD nor UDAM makes any assurance or warranty with respect to the completeness or accuracy of this English translation. For more complete and accurate information, please refer to the original announcement in Japanese.

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