Asset Management Company
Mizuho REIT Management Co., Ltd.
Sponsor
Mizuho Trust & Banking

japanese

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Securities Code: 3290

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  2. About One REIT
  3. Message from Executive Director

Message from Executive Director

Hirofumi Nabeyama,
Executive Director

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 20th fiscal period ended August 2023.

In the office building leasing market during the fiscal period under review, the spread of new working styles such as telecommuting in addition to continued high vacancy rates attributable to new supply made it more apparent that companies are reviewing their office strategies, and projects requiring time to select relocation destinations were seen due to increasing options.

In such an environment, One REIT conducted leasing activities focused on maintenance and improvement of occupancy rates, such as flexible setting of new asking rents based on market trends as well as the realization of optimum property management costs that takes into account tenant needs and the characteristics of each property. As such, One REIT endeavored to enhance its leasing business revenue.

As a result, One REIT’s assets as of the end of the fiscal period under review comprised a portfolio totaling 32 properties (total acquisition price: 123,677 million yen; silent partnership equity interest is not included), a total leasable area of 173,544.96 m², and an end-of-period occupancy rate of 98.9%.

Concerning distributions, One REIT attempts to include the maximum amount of cash distribution of earnings in deductible expense. In the 20th 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 6,821 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.

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