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 44th Period, GOR declared a dividend per unit of 4,271 yen.

In the 44th Period, the Japanese economy recovered at a moderate pace although impacts from U.S. trade policy were observed, mainly in the automobile industry.
In Tokyo's office building rental market, tenant demand has still shown strong growth after bottoming out in 2020. Vacancies have decreased due to demand for relocations to buildings with a better location or higher grade, as well as relocations for expansion and bigger areas in current buildings, and upward trends in rents have continued. Rents have been increasing in areas around Tokyo and also provincial cities against a backdrop of solid demand.
In the office building transaction market, domestic and overseas 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, property prices continued to remain high overall.

In the 44th Period, GOR implemented the first transaction of a mutual trade with a sponsor that stretches over six fiscal periods, following the sale of a property executed in the previous fiscal period in light of anticipated decrease in profit. We also acquired and retired the largest-ever amount of our own investment units and worked to improve capital efficiency and strengthen the profit base through the Asset Management Company’s additional acquisition of GOR investment units. This series of efforts was viewed positively by the market, and our investment unit price, which had been stagnant for a long time, turned upward with the price to NAV (the investment unit price divided by NAV per unit) recovering by 1.0x, significantly outperforming the TSE REIT Index. Going forward, taking advantage of the strong office building rental market, we will focus on internal growth measures, including rent increase, and the acquisition of properties that replace those sold in advance, and aim to achieve an average annual NOI growth rate of 3％ or higher—a target set out in our medium-term growth strategy.

Regarding ESG, we received the highest rating of “5 Stars” in the GRESB Real Estate Assessment for FY2025　and the highest “A Level” for the GRESB Public Disclosure, both for the sixth consecutive year. With regard to the Governance (G) part, following the additional acquisition of 4,000 GOR investment units, the total number of GOR units held by the Asset Manager increased to 10,000 units. With this acquisition, the Asset Management Company’s holding ratio increased from 0.60% to 1.02%, further strengthening its commitment to GOR’s medium- to long-term growth.

GOR will continue to advance the steady growth of assets under management, the building of a portfolio resilient to inflation and interest rate increases, and ESG initiatives. We ask for your continued support and encouragement.