Hankyu Hanshin REIT : Notice Concerning Debt Financing

( Translation of Japanese Original )

January 21, 2022

For Immediate Release

REIT Issuer

Hankyu Hanshin REIT, Inc. (Securities Code: 8977)

19-19Chaya-machi,Kita-ku, Osaka

Yoshiaki Shiraki, Executive Director

Asset Management Company

Hankyu Hanshin REIT Asset Management, Inc.

Yoshiaki Shiraki, President & Representative Director

Contact:

Kiyotaka Okano

General Manager, Financial and IR Department

Email: [e-mail]

Notice Concerning Debt Financing

Hankyu Hanshin REIT, Inc. (hereafter "HHR") announces its decision made today to undertake debt financing (hereafter the "Debt Financing") as described below.

1. Reason for Debt Financing
   This fund will be allocated for the repayment of 2,000 million yen in borrowing executed on January 23, 2015.
2. Details of Debt Financing (Scheduled)

Category	Lender	Amount of debt	Interest rate	Drawdown	Lending and	Maturity
financing
(Note)	date	Repayment methods	date
		(millions of yen)
			Not		Unsecured/
Long-term		2,000	determined	January 31,	Non-guaranteed	January 30,
MUFG Bank, Ltd.
borrowing	Fixed	2022	Lump-sum	2032
			interest rate		repayment
	Total	2,000

Note: • The interest payment dates are the last day of every January and July with the first payment date being July 29, 2022 (or the previous business day if the applicable date is a non-business day of the bank).

• The interest rate is scheduled to be determined on January 27, 2022. It will be announced once it is determined.

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3. Use for Funds

Capital for repayment of borrowing below:

Category	Lender	Amount of debt	Drawdown	Lending and	Maturity date
financing
date	Repayment methods
		(millions of yen)
				Unsecured/
Long-term	MUFG Bank, Ltd.	2,000	January 23,	Non-guaranteed	January 31,
borrowing	2015	Lump-sum	2022
				repayment
	Total	2,000

4. Balance of Interest-bearing Debt after Execution of Debt Financing

		Before execution of		After execution of		Change
		the debt financing		the debt financing
				(millions of yen)
		(millions of yen)		(millions of yen)
Short-term borrowings		－		－	±0
Long-term borrowings (Note)	69,400	69,400	±0
Total debt financing		69,400		69,400		±0
Investment corporation bonds	6,000	6,000	±0
Total interest-bearing liabilities		75,400		75,400		±0

Note: Long-term borrowings are loans with a repayment term (from the drawdown date until the maturity date) exceeding one year.

5. Others

The risks associated with the Debt Financing, such as risks of repayment, have not changed in any material way from the "risks associated with the fund procurement through additional issuance of new investment units, debt financing and issuance of investment corporation bonds" in the "Investment Risks" stated in the Securities Report for the 32nd fiscal period submitted on August 23, 2021.

• HHR website: https://www.hankyuhanshinreit.co.jp/eng/

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