One Reit. Inc. · TSE:3290
One Reit — FP Feb. 2026 Earnings Presentation
71 slides from One Reit's earnings presentation, Jun 5, 2026
Slide 1: Presentation Materials for the 25th Fiscal Period Ended Feb. 2026
https://one-reit.com/en/ Securities Code: 3290 (Asset Management Company) Presentation Materials for the 25th Fiscal Period (FP) Ended Feb. 2026 April 14, 2026
Slide 2: Table of Contents
Table of Contents Message from the New Executive Director of One REIT, Inc. 2 5 Sustainability Initiatives 1 Executive Summary General Matters 37 Management Highlights 4 Environment 38 Summary of Overview of Financial Results and Earnings Forecasts 5 Social 39 Notes (1) 6 Governance 40 2 Overview of
Slide 3: Message from the New Executive Director of One REIT, Inc.
Message from the New Executive Director of One REIT, Inc. I am Katsuya Kume, who was appointed as an executive director of One REIT, Inc. (hereinafter referred to as “One REIT”) on February 27, 2026. I intend to contribute to the further growth of One REIT by utilizing the experience I have cultivat
Slide 4: Executive Summary
1 Executive Summary 3
Slide 5: Management Highlights
Management Highlights Executive Summary • Promoting the replacement of office building assets to < Office Building> External ・The rent increase in FP Feb. 2026 amounted to 5,479 improve the quality of the portfolio Growth • Focus on acquiring hotels, which are growth assets thousand yen per month, r
Slide 6: Summary of Overview of Financial Results and Earnings Forecasts
Summary of Overview of Financial Results and Earnings Forecasts Executive Summary Distribution per unit in FP Feb. 2026 landed at 2,386 yen, +166 yen (+7.5%) compared to the forecast announced on October 15, 2025, as a result of decrease in rent revenue due to the transfer of ONEST Minami-Otsuka B
Slide 7: Notes (1)
Notes (1) 1 Notes in the Executive Summary Note 1: The "Appraisal Value" describes the appraisal value listed in the real estate appraisal report as of October 31, 2025. Note 2: “Average interest rate” is calculated as the weighted average of applicable interest rates at each point in time according
Slide 8: Overview of Financial Results and Earnings Forecasts
2 Overview of Financial Results and Earnings Forecasts Overview of financial results: 25th FP Ended Feb. 2026 Earnings forecasts: 26th FP Ending Aug. 2026 27th FP Ending Feb. 2027 7
Slide 9: Overview of Financial Results: 25th FP Ended Feb. 2026
Overview of Financial Results Overview of Financial Results: 25th FP Ended Feb. 2026 and Earnings Forecasts ┃Comparison with the previous FP and earnings forecasts ┃Comparison of Aug. 2025 FP(24th) and Feb. 2026 A: FP Aug. B: FP Feb. C: FP Feb. ┃FP(25th) Actuals Change in profit 2026 (25th FP) Compa
Slide 10: Factors for Change in DPU: 25th FP Ended Feb. 2026
Overview of Financial Results Factors for Change in DPU: 25th FP Ended Feb. 2026 and Earnings Forecasts ┃Comparison with the previous FP Aug. 2025 After the 3-for-1 unit split Increase in NOI after depreciation 2,776 yen -815 yen +62 yen +29 yen -37 yen 2,386 yen +281 yen -7 yen +97 yen Increase in
Slide 11: Earnings Forecasts: 26th FP Ending Aug. 2026 and 27th FP Ending Feb. 2027
Overview of Financial Results Earnings Forecasts: 26th FP Ending Aug. 2026 and 27th FP Ending Feb. 2027 and Earnings Forecasts ┃Comparison of Feb. 2026 Actuals(26th) and Aug. 2026 FP Feb. FP Aug. FP Feb. Forecast(27th) 2026 2026 2027 Change in profit Comparison Comparison (25th FP) (26th FP) (27th F
Slide 12: Factors for Change in DPU: 26th FP and 27th FP
Overview of Financial Results Factors for Change in DPU: 26th FP Ending Aug. 2026 and 27th FP Ending Feb. 2027 and Earnings Forecasts ┃Comparison of FP Feb. 2026 (Actual) and FP Aug. 2026 (Forecast) Increase in NOI after depreciation 2,386 yen -412 yen +255 yen -62 yen -10 yen -144 yen +308 yen -84
Slide 13: Notes (2)
Notes (2) 2 Notes on “Overview of Financial Results and Earnings Forecasts” Note 1: The amount of "NAV per unit(after the 3-for-1 unit split)" is calculated by dividing the sum of the period-end unitholders’ capital and unrealized gain by the outstanding number of investment units after the 3-for-1
Slide 14: Overview of Properties Acquired in March 2026
3 Overview of Properties Acquired in March 2026 13
Slide 15: Asset Size Trends
Asset Size Trends Overview of Properties Acquired in March 2026 With the acquisition of the property in March 2026, the asset size (Note 1) reached 150 billion yen Set medium-term asset size target of 200 billion yen December 2025 January 2026 March 2026 March 2026 Intended portfolio composition
Slide 16: Hotel Portfolio
Hotel Portfolio Overview of Properties Acquired in March 2026 The acquisition in March 2026 has enhanced diversification across regions, inbound exposure, and lease A portfolio that eliminates seasonal fluctuations in revenue structures within the hotel portfolio. Six hotels with variable rent: se
Slide 17: Property Acquired in March 2026 (Hotel) (1)
Property Acquired in March 2026 (Hotel) (1) Overview of Properties Acquired in March 2026 DoubleTree by Hilton Upside-focused Naha Shuri Castle GOP-linked investments Features of the hotel Large, full-service hotel located in Naha, a city with strong tourism demand ▶ Acquired via sponsor bridge.
Slide 18: Property Acquired in March 2026 (Hotel) (2)
Property Acquired in March 2026 (Hotel) (2) Overview of Properties Acquired in March 2026 THE HEDISTAR HOTEL NARITA GOP linkage + fixed Quintessa Hotel Sapporo Susukino 63 Relax&Spa GOP linkage Airport hotels near Narita Airport Upside-focused investments A hotel specializing in lodging located
Slide 19: Property Acquired in March 2026 (Hotel) (3)
Property Acquired in March 2026 (Hotel) (3) Overview of Properties Acquired in March 2026 Quintessa Hotel Fukuoka Hakata Relax&Sleep GOP linkage Quintessa Hotel Kagoshima Tenmonkan Relax&Sleep GOP linkage A hotel specializing in lodging within walking distance of Hakata Station, which A hotel sp
Slide 20: Hotel Operator
Hotel Operator Overview of Properties Acquired in March 2026 About Core Global Management Co., Ltd. Core Global Management Co., Ltd. (“CGM”) is a hotel operator that manages many Commercials for Quintessa Hotels and Hewitt Resorts have been airing on TV and hotels nationwide. online since Novemb
Slide 21: Property Acquired in March 2026 (Office Building)
Property Acquired in March 2026 (Office Building) Overview of Properties Acquired in March 2026 Kagurazaka Plaza Building Office Buildings Tokyo Metropolitan Area (Note 7) Features of the property A well-shaped pillarless office building with good access to Tokyo Station and ▶ Acquired an office
Slide 22: Summary of Properties Acquired in March 2026
Summary of Properties Acquired in March 2026 Overview of Properties Acquired in March 2026 Acquired 5 hotels and 1 office building at a total acquisition price of 29.9 billion yen and an average appraisal yield of 6.16% For hotel assets, we aim to achieve stabilized operating performance at an e
Slide 23: Notes (3)
Notes (3) Overview of Properties Acquired in March 2026 3 Overview of Properties Acquired in March 2026 Note 1: “Asset size" is calculated based on the (planned) acquisition price at each point in time. The same applies below. The portfolio composition to be targeted at the time of achieving the med
Slide 24: Operating Results and Outlook
4 Operating Results and Outlook 23
Slide 25: Portfolio Status (Results for FP ended February 2026)
Portfolio Status (Results for FP ended February 2026 (25th FP)) Operating Results and Outlook Portfolio yields rose due to asset replacement and internal growth. Unrealized gains reached 20 billion yen as of the end of FP Feb. 2026, reflecting higher appraisal values driven by rent growth and as
Slide 26: Office Portfolio Operating Status | New leases and terminations
Office Portfolio Operating Status | New leases and terminations Operating Results and Outlook In FP Feb. 2026, leasing activities focused on rent levels resulted in an occupancy rate of 97.1% at period-end, which was below the earnings forecast. Earnings forecasts for FP Aug. 2026 and FP Feb. 20
Slide 27: Office Portfolio Operating Status | Leasing Status
Office Portfolio Operating Status | Leasing Status Operating Results and Outlook Leasing of multiple large floors initially expected after FP Aug. 2026 has progressed ahead of schedule. We continue leasing efforts with the aim of achieving further upside. ┃Monthly leased / vacated area (including
Slide 28: Office Portfolio Operating Status | Rent Status (1)
Office Portfolio Operating Status | Rent Status (1) Operating Results and Outlook Driven by rent increase revisions under existing lease contracts, steady rent growth was achieved both within and outside the Tokyo metropolitan area. Amid rising market rents, the rent gap widened, expanding rent-
Slide 29: Office Portfolio Management Status | Rent Status (2)
Office Portfolio Management Status | Rent Status (2) Operating Results and Outlook In FP Feb. 2026, rent increases on existing lease contracts declined compared with FP Aug. 2025; however, new lease contracts increased year on year. As a result, total rent increases reached a record high of +5,479
Slide 30: Office Portfolio Operating Status | Tenant Diversification
Office Portfolio Operating Status | Tenant Diversification Operating Results and Outlook Maintained high diversification of tenants ┃Status of Top Tenants (End of FP Feb. 2026) ┃Tenant distribution by leased area (Note 16) (As of the end of FP Feb. 2026) Leased area % of office Number of Average l
Slide 31: Hotel Portfolio Management Status
Hotel Portfolio Management Status Operating Results and Outlook Although inbound demand was negatively affected by concerns over a potential major earthquake and deterioration in Japan–China relations triggered by comments on Taiwan, Comfort Inn Nagoya Sakae delivered results in FP Feb. 2026 that
Slide 32: Portfolio Management | Construction Actuals and Budgets
Portfolio Management | Construction Actuals and Budgets Operating Results and Outlook In principle, capital expenditures are planned within the scope of depreciation for each FP, and an in-house specialized organization scrutinizes construction specifications and assesses amounts to pursue optimal
Slide 33: External Growth | Property Pipeline Status, etc.
External Growth | Property Pipeline Status, etc. Operating Results and Outlook Aim to enhance both the quality and scale of the portfolio through strategic asset replacement and the acquisition of high-quality assets that contribute to EPU growth. With sponsorship support and unique sourcing act
Slide 34: Financial Status (1)
Financial Status (1) Operating Results and Outlook The short-term borrowings (15.0 billion yen) associated with the property acquisition on March 19, 2026, was executed in a single transaction under flexible and competitive terms, leveraging the strengths of our financial sector sponsor. The borro
Slide 35: Financial Status (2)
Financial Status (2) Operating Results and Outlook ┃Interest-bearing liabilities (million yen) ┃Breakdown of interest-bearing debt End of FP End of FP Mar. 19, 2026 after Aug. 2025 Feb. 2026 the public offering Mar. 19, 2026 after End of FP Feb. 2026 the public offering Short-term borrowings - - 15,
Slide 36: Notes (4)
Notes (4) Operating Results and Outlook 4 Notes on "Operating Results and Outlook" Note 1: Each yield is based on the acquisition price, and calculated at an annualized rate according to the number of business days in each business period, and rounded to the second decimal place. The calculation met
Slide 37: Sustainability Initiatives
5 Sustainability Initiatives 36
Slide 38: General Matters
General Matters Sustainability Initiatives ┃External Evaluation and International Initiatives ┃Materiality & KPIs ■GRESB ・Revised in February 2026. For details, please refer to the following URL ≪ GRESB Real Estate Assessment ≫ ・Acquired “4 stars” (2 consecutive years) https://one-reit.com/en/sustai
Slide 39: Environment
Environment Sustainability Initiatives ┃Greenhouse gas (GHG(CO2)) emissions ┃Water consumption Indicator (vs. FY2014) Target (FY2030) Indicator (vs. FY2014) Target (FY2030) GHG emissions (intensity) reduction rate 44% Water consumption (intensity) reduction rate 10% reduction (Scope 1,2,3 Category 1
Slide 40: Social
Social Sustainability Initiatives Initiatives related to owned properties Initiatives of the MONE Group ┃Providing peace of mind, comfort, and health to tenants ┃Development and capacity development of human resources responsible for sustainable growth ■Installation of information terminals in eleva
Slide 41: Governance
Governance Sustainability Initiatives ┃Efforts for compliance ┃Development of conflict-of-interest prevention system Compliance training • When a proposal pertains to a transaction with an interested party (Note 6), prior consent from One REIT’s Board of Directors must be • The Asset Management Co
Slide 42: Notes (5)
Notes (5) 5 Notes on "Sustainability Initiatives" Note 1: The Task Force on Climate-related Financial Disclosures (TCFD) is a framework for disclosing climate-related information and financial information related to the impact on climate change. In April 2022, MONE, on behalf of the MONE Group (to w
Slide 43: Appendix
6 Appendix 42
Slide 44: Portfolio Status
Portfolio Status | As of the end of 25th FP (ended February 2026) Appendix Acquisition Appraisal Unrealized Period-end Total floor Investment Building Use Property name Location price value gain or loss occupancy area share age (years) (million yen) (million yen) (million yen) rate (%) （㎡） ONEST Kan
Slide 45: Occupancy rate trends
Occupancy rate trends Appendix 21st FP 22nd FP 23rd FP 24th FP 25th FP Use Property name End of Feb. End of Aug. End of Feb. End of Aug. End of Sep. End of Oct. End of Nov. End of Dec. End of Jan. End of Feb. 2024 2024 2025 2025 2025 2025 2025 2025 2026 2026 ONEST Kanda Square 100.0% 100.0% 100.0% 1
Slide 46: List of Appraisal Values
List of Appraisal Values | As of the end of 25th FP (ended February 2026) Appendix End of 25th FP End of 24th FP Acquisition (ended Feb. 2026) (ended Aug. 2025) Use Property name price Appraisal value (million yen) Direct cap rate Unrealized Appraisal Direct Book value (million yen) Change from Chan
Slide 47: Overview of Individual Properties (1)
Overview of Individual Properties (1) Appendix (As of February 28, 2026) OT-5 ONEST OT-2 ONEST OT-3 Tachikawa Nishiki- OT-7 ONEST Nakano OT-13 Hachioji SIA OT-14 ONEST Yokohama Nishiguchi Kanda Square cho Building Building Building Motoyoyogi Square Building Yokohama City, Location Chiyoda Ward, Tok
Slide 48: Overview of Individual Properties (2)
Overview of Individual Properties (2) Appendix (As of February 28, 2026) OT-15 ONEST OT-16 ONEST OT-17 ONEST OT-18 Crescendo OT-19 Tokyo OT-20 ONEST Ueno Okachimachi Omiya Kishiki-cho Ikebukuro East Building Building Parkside Building Nishi-Gotanda Square Building Building Saitama City, Saitama Yoko
Slide 49: Overview of Individual Properties (3)
Overview of Individual Properties (3) Appendix (As of February 28, 2026) OT-23 ONEST OT-21 ONEST OT-24 ONEST OT-25 REID-C OT-27 ONEST OT-28 ONEST Kanda-Nishifukuda-cho Hongo Square Kinshicho Square Chiba Ekimae Building Hakozaki Building Higashi-Nakano Building Building Location Bunkyo Ward, Tokyo C
Slide 50: Overview of Individual Properties (4)
Overview of Individual Properties (4) Appendix (As of February 28, 2026) OT-29 FIELD OO-1 ONEST OO-2 ONEST OO-3 ONEST OO-5 Nagoya Fushimi OO-6 Daihakata Kita-Sando Shin-Osaka Square Kyoto Karasuma Square Nagoya Nishiki Square Square Building Building Fukuoka City, Fukuoka Location Shibuya Ward, Toky
Slide 51: Overview of Individual Properties (5)
Overview of Individual Properties (5) Appendix (As of February 28, 2026) H-2 CANDEO HOTELS OO-7 Higobashi OO-8 Daido Life Mito H-1 Comfort Inn KYOTO KARASUMA Center Building Building Nagoya Sakae ROKKAKU Location Osaka City, Osaka Pref. Mito City, Ibaraki Pref. Nagoya City, Aichi Pref. Kyoto City, K
Slide 52: Balance Sheet
Balance Sheet Appendix (1,000 yen) 25th FP 25th FP 24th FP 24th FP (ended February (ended February Assets (ended August 2025) Liabilities (ended August 2025) 2026) 2026) Cash and deposits 3,933,521 4,987,250 Operating accounts payable 331,397 221,558 Cash and deposits in trust 7,524,171 7,181,667 Cu
Slide 53: Income Statement
Income Statement Appendix (1,000 yen) 24th FP 25th FP (ended August 2025) (ended February 2026) Lease business revenue 4,059,171 4,128,931 Other leasing business revenue 444,977 389,914 Dividend income 338 275 Gain on sale of real estate, etc. 828,268 171,323 Total operating revenue 5,332,756 4,690,
Slide 54: Lease Business Revenue and Expenses by Property (1)
Lease Business Revenue and Expenses by Property (1) Appendix Property Number OT-2 OT-3 OT-5 OT-7 OT-13 OT-14 OT-15 OT-16 OT-17 OT-18 ONEST ONEST Tachikawa ONEST ONEST ONEST Ueno ONEST ONEST Yokohama Hachioji Crescendo Property name Kanda Nishiki-cho Nakano Motoyoyogi Okachimachi Omiya Kishiki- Ikebu
Slide 55: Lease Business Revenue and Expenses by Property (2)
Lease Business Revenue and Expenses by Property (2) Appendix Property Number OT-19 OT-20 OT-21 OT-22 OT-23 OT-24 OT-25 OT-26 OT-27 OT-28 ONEST ONEST ONEST Tokyo ONEST ONEST REID-C Chiba Shinkawa 1- ONEST ONEST Minami- Kanda Higashi- Property name Parkside Nishi-Gotanda Kinshicho Ekimae chome Hakozak
Slide 56: Lease Business Revenue and Expenses by Property (3)
Lease Business Revenue and Expenses by Property (3) Appendix Property Number OT-29 OO-1 OO-2 OO-3 OO-5 OO-6 OO-7 OO-8 H-1 H-2 CANDEO ONEST ONEST Nagoya Comfort Higobashi HOTELS FIELD ONEST Shin- Kyoto Nagoya Fushimi Daihakata Daido Life Inn Property name Center KYOTO Kita-Sando Osaka Square Karasuma
Slide 57: Approach for Internal Reserves / Asset Management Fee Scheme
Approach for Internal Reserves / Asset Management Fee Scheme Appendix ┃Internal Reserves ┃Asset Management Fee Scheme Deliberation policy Purpose of use Calculation method Deliberation of Deliberation of Total assets × 0.3% Temporary income reversal of 1 accumulation of (gain on sale, etc.) × (Numbe
Slide 58: Unitholder Status
Unitholder Status|As of the end of 25th FP (ended February 2026) Appendix ┃Number of Unitholders and Investment Units by Unitholder Type ┃Major unitholders End of 25th FP (ended February 2026) Number of Number of Investor Name Investment Percentage (Note) Number of Percentage Percentage (Note) Inves
Slide 59: Trends in investment unit prices
Trends in investment unit prices Appendix (yen) (Millions of yen) 140,000 7,000 120,000 5,600 End of Feb. 2026 TSE REIT Index 100,000 Equivalent JPY 102,194 4,200 80,000 End of Feb. 2026 Investment unit price JPY 90,000 60,000 2,800 40,000 1,400 20,000 0 0 Trading value (right axis) One REIT Tokyo S
Slide 60: About the Sponsor | Sponsor Overview
About the Sponsor | Sponsor Overview Appendix Mizuho Trust & Banking provides diverse solutions for real estate businesses such as real estate brokerage, real estate asset management, and financial advisory, and is one of the leading players in the Japanese real estate market ┃Overview of Mizuho T
Slide 61: About the Sponsor | Sponsor Support System and Overview of MONE Group
About the Sponsor | Sponsor Support System and Overview of MONE Group Appendix Aim to achieve sustainable and stable growth by utilizing sponsor support from Mizuho Trust & Banking ┃Sponsor Support System ┃Overview of MONE Group Mizuho Realty One Co., Ltd. (MONE) Mizuho Trust & Banking Co., Ltd. L
Slide 62: About the MONE Group | History
About the MONE Group | History Appendix Boasts real estate investment and fund management track record with an asset size of approximately 1,193.1 billion yen (Note 1) ┃History 2002 June Nikko Cordial Securities Inc. (at the time) and Simplex Holdings Inc. established Simplex Investment Advisors I
Slide 63: Features of One REIT
Features of One REIT Appendix Investment Management Track Record and Extensive Utilization of Abundant and High-Quality Property Information 1 Knowledge of Small and Medium-Sized Office Buildings 2 Obtained by Utilizing the Strength of Sponsors Small and medium-sized office buildings, which are th
Slide 64: Portfolio Building Policy
Portfolio Building Policy Appendix We invest in office buildings, hotels, residential properties, retail facilities, and other real estate with no restriction on the main use and aim to build a portfolio that pursues both stable earnings and growth over the medium to long term. ┃Investment Ratio b
Slide 65: Enhancing Returns and the Growth Cycle by Focusing on Upside Potential
Enhancing Returns and the Growth Cycle by Focusing on Upside Potential Appendix Through investment management focused on realizing upside potential, we aim to improve our portfolio’s profitability and value, increase dividends over the medium to long term, and foster a virtuous growth cycle. Prici
Slide 66: Portfolio
Portfolio Appendix A hotel portfolio focused on attractive tourist An office building portfolio that focuses on investments in the Tokyo destinations where inbound visitors are expected to metropolitan area while also diversifying into the five major metropolitan areas increase and regions with stro
Slide 67: Basic Stance of One REIT
Basic Stance of One REIT Appendix ┃Basic Stance What is the “Idea of Manufacturing?” Deciding and realizing policies based on accumulated experience and teamwork by viewing and considering things from the viewpoint of external appearance, functionality, interior, facilities, usage, cost, and many
Slide 68: Creation of Buildings Chosen by Tenants
Creation of Buildings Chosen by Tenants Appendix Aims to form and promote brand strategies and realize the creation of optimum added value for tenants and unitholders ┃Brand Name (“ONE” (uniqueness, oneness) + “BEST” (greatest)) × “HONEST” One REIT intends to contribute to the improvement and deve
Slide 69: Overview of One REIT
Overview of One REIT Appendix ┃Profile ┃History Name of Notification of incorporation of SIA REIT by the organizer (Simplex REIT Partners Inc.; currently Mizuho Investment One REIT, Inc. June 20, 2013 REIT Management Co., Ltd.) pursuant to Article 69 of the Investment Trusts Act Corporation June 25,
Slide 70: Overview of the Asset Management Company
Overview of the Asset Management Company Appendix ┃Profile ┃Organization Name Mizuho REIT Management Co., Ltd. Established July 1, 2005 Shareholders’ Meeting Capital ¥50 million Corporate Auditor Representative Toshiaki Nakayama, Chief Executive Officer Board of Directors Address of head Otemachi To
Slide 71: Disclaimer
Disclaimer The contents of this document are provided solely for informational purposes and are not intended for the purpose of soliciting investment in, or as a recommendation to purchase or sell, any specific products. Please contact securities companies for purchase of investment securities of On