NIPPON REIT Investment : Notice Concerning the Change of Rating

July 14, 2021

For Immediate Release

Real Estate Investment Trust Securities Issuer:

NIPPON REIT Investment Corporation

1-18-1 Shimbashi, Minato-ku, Tokyo

Toshio Sugita

Executive Officer

(Securities Code: 3296)

Asset Management Company:

Sojitz REIT Advisors K.K.

Toshio Sugita

President, Director & CEO

Contact:Takahiro Ishii

General Manager

Corporate Planning Department

Finance & Planning Division

(TEL: [phone])

Notice Concerning the Change of Rating

NIPPON REIT Investment Corporation ("NIPPON REIT") announces today that Japan Credit Rating Agency, Ltd. ("JCR") has changed the long-term issuer rating and the bond rating of NIPPON REIT as follows.

1.	Content of the Change
		Credit Rating Agency		Type of Credit Rating	Before the Change	After the Change
				Long-Term Issuer	A	A+
				Rating
		JCR		Outlook	Positive	Stable
				Bond Rating	A	A+
2.	Reasons for the Change of Rating

Please refer to JCR's website for the details concerning the reasons for the change.

JCR's website :http://www.jcr.co.jp/english/

* NIPPON REIT website：http://www.nippon-reit.com/en

This notice is the English translation of the original Japanese document and is provided solely for information purposes. There is no assurance as to the accuracy of the English translation. In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail.