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 43rd Period, GOR declared a dividend per unit of 3,835 yen.

In the 43rd Period, the Japanese economy recovered at a moderate pace although there were still some signs of being at a standstill. In Tokyo’s office building rental market, due to simultaneous increase in labor participation and office attendance rates, demand has been created not only for relocations to buildings with a better location or higher grade, but also for relocations aimed at larger areas, such as expansion relocations and bigger areas in current buildings. On the other hand, the supply of newly-built buildings has decreased, due in part to review of construction plans associated with rising construction costs and delays in completion of works caused by labor shortages. As a result, the supply-demand balance has become tight, and upward trends in rent continue. Rents are increasing in areas surrounding Tokyo and also provincial cities against a backdrop of solid demand. In the office building transaction market, investors’ appetite for acquisition of properties remained robust even amid rising interest rates in Japan, and with information on Class A office buildings for sale still limited, transaction prices remained high.

In the 43rd Period, GOR announced the sale in full of Shinagawa Seaside West Tower in January, where profit decrease was anticipated due to the move-out of a major tenant, and settlement was completed in March. In addition, we announced a mutual trading with Meiji Yasuda Life Insurance Company, a sponsor, in February. The trading, aimed at enhancing profitability, will be conducted in segments on six dates, involving the sale of Yokohama Plaza Building and the acquisition of 70% quasi co-ownership in Meiji Yasuda Life Insurance Osaka Umeda Building. The gain on sale will be returned to unitholders over six periods starting from the 44th Period. On the same day as the mutual trading announcement, GOR also announced a plan to conduct its fourth acquisition of our own investment units with the largest-ever amount of 5 billion yen, and retired all of the 4,522 units acquired in the 43rd Period on 28 March 2025. We plan to continue the acquisition of our own investment units in the 44th Period and to cancel all the units acquired during the 44th Period by 30 September 2025. Going forward, we will strive for rent increase that exceeds inflation and interest rate hikes and focus on the early acquisition of bridge transactions and building up of the pipeline in order to maintain our stabilized EPU—net income per unit excluding profits and losses resulting from extraordinary factors such as gain on sale—at 2,400 yen or more.

Regarding the Environment (E) part of ESG, GOR acquired environmental certifications for an additional two properties and started full-scale quantitative assessment of climate change risk in accordance with the TCFD Recommendations. With regard to the Governance (G) part, in February, we announced the additional acquisition of GOR investment units (up to 4,000 units) by GAR in an effort to clearly present again GAR’s commitment to GOR’s medium- to long-term growth and further strengthen the alignment of interests between GAR and investors.

On this occasion, GOR has formulated a medium-term growth strategy toward maximizing unitholder value. Together with GAR, we will continue to conduct management aimed at securing the steady growth of assets under management and stable profits, as well as ESG initiatives. We ask for your continued support and encouragement.