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 24th fiscal period ended August 2025.

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 by taking advantage of the favorable selling environment, One REIT transferred three properties namely Minami-Shinagawa JN Building, Minami-Shinagawa N Building and Minami-Shinagawa J Building (total transfer price: 6,700 million yen) on March 11, 2025, as well as 55% quasi-co-ownership interest in MY Kumamoto Building (transfer price: 1,028 million yen) on March 19, 2025, and acquired Comfort Inn Nagoya Sakae Ekimae (acquisition price: 7,740 million yen) on March 21, 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 fiscal period under review, One REIT received a “Rank A” (Very Good) in Certification for CASBEE for Real Estate for ONEST Yokohama Nishiguchi Building, ONEST Ueno Okachimachi Building and FIELD Kita-Sando.

As a result, One REIT’s assets as of the end of the fiscal period under review comprised a portfolio totaling 29 properties (total acquisition price: 123,788 million yen; silent partnership equity interest is not included), a total leasable area of 159,275.53m², and an end-of-period occupancy rate of 98.3%.

Concerning distributions, One REIT attempts to include the maximum amount of cash distribution of earnings in deductible expense. In the 24th 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 8,329 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.