Borrowings

As of April 30, 2026

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• Interest rates for borrowings with floating rates have been fixed through interest rate swap agreements. The interest rate shown is the all-in fixed rate after the interest rate swap.
• Sustainability loans are executed based on the sustainability finance framework formulated by HRR. Green loans are executed based on the Green Finance Framework formulated by HRR.
  For details, please refer to the "Sustainability Finance" page.
  https://www.hoshinoresorts-reit.com/en/sustainability/finance.html
• Interest rates for borrowings with floating rates have been fixed through interest rate swap agreements. This interest rate swap is a yield curve swap agreement, under which the interest rate is revised at each scheduled period. The interest rate shown is the rate effectively fixed as of the update date.
• The borrowing through this Blue Loan will serve as restoration funds for the reduction in available funds due to the acquisition of the desalination equipment forHOSHINOYA Taketomi Island.
• This is a borrowing conducted using the Mizuho Positive Impact Finance scheme.
  For further details, please refer to the URL below: 'Notice Regarding Borrowing (Refinancing through Positive Impact Finance and Green Loans, etc.) and Interest Rate Swap Transactions.'
  https://ssl4.eir-parts.net/doc/3287/tdnet/2513912/00.pdf
• Approximately 95% of the principal of the relevant loan has been fixed through an interest rate swap, and the interest rate shown is the rate effectively fixed under this interest rate swap agreement. The remaining approximately 5% bears a floating rate equal to the base interest rate (Note 9) plus the spread specified for each loan. For the average interest rate combining these portions, please refer to the Schedule of Borrowings in the supplementary schedules of the Securities Report (Yukashoken Hokokusho) for each fiscal period.
• This is a borrowing conducted using the Sustainability Linked Loan scheme.
  For further details, please refer to the URL below: 'Notice Concerning Borrowing of Funds (Refinancing and New Borrowing with Sustainability-Linked Loan, etc.), Interest Rate Swap Transactions and Establishment of Sustainability-Linked Derivatives '
  https://ssl4.eir-parts.net/doc/3287/ir_material15/263055/00.pdf
• The base interest rate shall be the loan rate stipulated such as in the Principal Terms and Conditions of the Funds-Supplying Operations to Support Financing for Climate Change Responses provided by the Bank of Japan (hereinafter “BOJ Base Interest Rate”) for each interest calculation period as of the date two business days prior to the start date of such interest calculation period (hereinafter “Interest Rate Determination Date”; however, for the first interest calculation period, the loan drawdown date), if the underlying asset of the Borrowings meets requirements such as obtaining and maintaining certain Green Building Certifications (hereinafter “Conformance Requirements”).
• The base interest rate shall be the 1-month Japanese Yen TIBOR announced by the JBA TIBOR Administration at a prescribed time two
  business days prior to the immediately preceding interest payment date (or the borrowing date for the first interest payment) for each
  interest payment date.