To Our Unitholders

We would like to express our sincere gratitude for your continued excellent support.

We are pleased to report on the management status of One REIT for the 25th fiscal period ended February 2026.

In the office building leasing market during the fiscal period under review, demand from tenants remained solid thanks to the review of office area associated with hiring of new employees, floor expansion within the same buildings for business expansion, and relocation for locational improvement. Due to such, rent is expected to continue increasing.

In such an environment, as part of asset replacement strategies aimed at improving portfolio quality, One REIT transferred ONEST Minami-Otsuka Building and Shinkawa 1-chome Building (total transfer price: 6,230 million yen) on January 30, 2026, and acquired CANDEO HOTELS KYOTO KARASUMA ROKKAKU (acquisition price: 4,800 million yen) on December 18, 2025.

In addition, One REIT will continue to make efforts aimed at reducing environmental load and realizing a sustainable society as its corporate social responsibility by recognizing the importance of consideration for environment, social, and governance issues in real estate investment management. In the 2025 GRESB Real Estate Assessment, One REIT acquired “4 Stars” on the GRESB Rating, a 5-star scale under a relative evaluation based on overall score. It also acquired “Green Star,” which is given to companies demonstrating excellent ESG management and performance, for the eighth consecutive year.

As a result, One REIT’s assets as of the end of the fiscal period under review comprised a portfolio totaling 28 properties (total acquisition price: 122,588 million yen; silent partnership equity interest is not included), a total leasable area of 157,059.07m², and an end-of-period occupancy rate of 97.3%.

Concerning distributions, One REIT attempts to include the maximum amount of cash distribution of earnings in deductible expense. In the 25th fiscal period, One REIT decided to distribute roughly the entire amount of unappropriated retained earnings after deducting the unappropriated earnings internally reserved in or before the previous fiscal period with accrual of gain on sale of real estate, etc. As a result, One REIT declared distribution per investment unit of 2,386 yen.

We will aim to maximize unitholder value through continued full utilization of sponsor support and pursuit of “continuous growth of distributions” and “disciplined external growth while considering the portfolio and financial structure.”

We appreciate your continued support and patronage.