Dear unitholders,

We would like to take this opportunity to thank you for your continued support of Global One Real Estate Investment Corporation (“GOR” or “the Investment Corporation” in this Message) and Global Alliance Realty, Inc. (“GAR” or the “Asset Management Company” in this document).

For the 45th Period, GOR declared a dividend per unit of 3,681 yen.

In the 45th Period, the Japanese economy recovered at a moderate pace, but it is necessary to pay attention to the effects of the situation of the Middle East, which has a huge impact on crude oil and other energy resource prices.

Tokyo’s office building rental market has seen tenant demand continue to grow strongly since bottoming out in 2020. Demand for relocations to buildings with a good location and high grade and relocations for expansion and bigger areas in current buildings has far exceeded supply. According to CBRE’s market review for the first quarter of 2026, the vacancy rate for Tokyo’s 23 Wards as a whole declined to as low as 1.5%, underscoring a tighter supply demand balance. Rents have also been rising further, and similar trends have been seen in areas around Tokyo and provincial cities, backed by solid demand.

In the office building transaction market, domestic and international investors’ appetite for acquisition of properties remained robust even amid rising interest rates in Japan, and demand from overseas institutional investors in particular was firm, supported by large amounts of cash on hand and the firm office building rental market. While information on Class A office buildings for sale was limited, competition for acquisition intensified and transaction prices remained high. The environment has thus remained tough for gaining opportunities to invest in properties that can ensure sufficient yields.

In the 45th Period, GOR announced its sixth capital increase through a public offering. Using the funds procured through the capital increase and borrowing, we acquired two properties—GRAND CENTRAL CHIBA and ICON PLACE SHIBAKOEN—for a total acquisition price of 26.7 billion yen, and this increased our asset scale to a record high of 232.2 billion yen. In addition, for existing properties, internal growth progressed steadily by conducting aggressive rent increase against the backdrop of the strong office building rental market, and the earning capability of our portfolio as a whole continued to be strengthened due to both internal and external growth.

Going forward, we will further accelerate internal growth through rent increase and other means, leveraging the expanded asset scale. At the same time, we will work on acquiring promising properties that contribute to future growth while carefully assessing the investment environment, and strive to implement our medium-term growth strategy.

As described above, GOR will seek the steady growth of assets under management and advance the building of a portfolio that withstands inflation and interest rate increases. As for ESG initiatives, we will enhance our information disclosure, thereby aiming to improve medium- to long-term corporate value. We ask for your continued support and encouragement.