Global One Real Estate Investment : 44th Period(Ended September 2025) Semiannual Report

For the 44th Period

From 1 April 2025 to 30 September 2025

https://www.go-reit.co.jp/en/

About GOR

Global One Real Estate Investment Corporation (“GOR”) is a Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (TSE: 8958) with the ultimate goal of pursuing maximum returns for unitholders. GOR cautiously selects prime properties at prime locations with an eye to “strong and sustainable competitiveness in the marketplace.” The three key watchwords in selecting properties are: (1) Convenience; (2) Year built; and (3) Property size.

https://www.go-reit.co.jp/en/

Address: 1-5-1, Otemachi, Chiyoda-ku Tokyo, Japan 100-0004

Phone: +81-3-4346-0658

Table of Contents

Corporate Profile / Milestones --------------------------------------------2

Financial Highlights8

Investment Unit Price Performance / Business Structure ----------9

Property Map10

Portfolio List11

Property Overview13

Portfolio Highlights18

Financial Summary

Balance Sheet20

Statement of Income and Retained Earnings---------------------22

Statement of Changes in Net Assets--------------------------------23

Statement of Cash Distributions ------------------------------------25

Statement of Cash Flows26

Notes to Financial Statements ---------------------------------------27

Independent Auditor’s Report--------------------------------------------46

Disclaimer / Contact49

Corporate Profile / Milestones

GOR was established in April 2003 under the Act on Investment Trusts and Investment Corporations of Japan (“the Investment Trusts Act”). In September 2003, GOR achieved an IPO on the Real Estate Investment Trust Section of the Tokyo Stock Exchange (Securities Code:8958) where an additional 48,000 units were issued and 23,623 million yen in funds were raised.

The investment theme of GOR is to acquire superior office buildings that have a competitive edge

GOR primarily invests in real estate (comprising office buildings and parcels of land on which those buildings are situated), securities backed by that real estate, trust beneficial interests in that real estate, and other types of assets. GOR recognizes the importance on investing in properties that have medium- to longterm competitiveness, and the factors of convenience, year built and property size are taken into consideration accordingly. However, GOR does not strongly adhere to these factors and conducts investments focusing on the unique competitiveness of properties, taking into account area, location and building.

GOR Portfolio includes 14 office buildings with the following features (as of 30 September 2025).

Portfolio occupancy rate 98.3 %

Average building age Approx. 19.5 years

Total acquisition price 183.7 billion yen Average acquisition price 13.1 billion yen Total leasable area 133,185 sqm

Average leasable area 9,513 sqm

Sale of the property

GOR sold the part of Arca Central (30% of co-ownership in trust beneficial interests in real estate, transfer price: 5,550 million yen) on 11 April 2025 and the part of Yokohama Plaza Building (25% of co-ownership in trust beneficial interests in real estate, transfer price: 6,067.50 million yen) on 25 April 2025, as outlined below.

(*1) “Land area” and “floor area” are shown based on the registration, unless otherwise stated.

(*2) The transfer price represents the prices described in the purchase agreement, excluding related expenses, settlement amount of property tax and city planning tax, consumption tax and local consumption tax.

(*3) In addition to Arca Central, the registered building also includes the Tobu Hotel, Triphony Hall and Arca West

buildings.

(*4) The ownership interest in the Subject Property to be transferred is equivalent to approximately 20.4% of the entire co-ownership interest owned by Third Block in accordance with the Management Rules of these management associations, and approximately 57.8% of the co-ownership interest owned by Arca Central.

(*1) “Land area” and “floor area” are shown based on the registration, unless otherwise stated.

(*2) The transfer price represents the prices described in the purchase agreement, excluding related expenses, settlement amount of property tax and city planning tax, consumption tax and local consumption tax.

Acquisition of the property

GOR acquired the part of Meiji Yasuda Life Insurance Osaka Umeda Building (25% of 70% quasi co-ownership in trust beneficial interests in real estate, acquisition price: 6,032.25 million yen) on 25 April 2025, as outlined below.

(*1)“Area,” “use,” “floor area,” “year built,” and “structure” are shown based on the registration, unless otherwise stated. (*2) The acquisition price represents the prices described in the purchase agreement, excluding related expenses,

settlement amount of property tax and city planning tax, consumption tax and local consumption tax.

GOR’s financing activities

In order to procure funds, GOR may borrow funds and issue investment corporation bonds, as well as issue investment units. With regard to interest-bearing liabilities, GOR makes it a principle to borrow long-term loans payable with fixed interest rates from the perspective of managing assets over the long term and reducing the risk of fluctuating interest rates in the future.

During the period under review, GOR borrowed 6,000 million yen on 30 September 2025 to execute repayment of existing loans of 6,000 million yen due for repayment on 30 September 2025.

Using the proceeds from the transfer of the property, 2,600 million yen borrowed on 31 March 2023 and 200 million yen borrowed on 28 April 2023 was early repaid on April 2025.

With the aim of increasing capital efficiency and the return of profits to unitholders, GOR decided to acquire its own investment units over the period from 3 March 2025 to 12 September 2025, comprehensively considering the level of investment unit price, the status of cash on hand, the financial status, the market conditions and other factors. The acquisition was conducted through market purchase at the Tokyo Stock Exchange based on a discretionary transaction contract concluded with a securities company (total number of investment units acquired: 30,800 units, total acquisition price: 3,869 million yen). GOR also cancelled all its own investment units held as of 30 September 2025 (26,278 units).

As of 30 September 2025, unitholders’ capital (net amount) was 94,147 million yen, the total number of units issued and outstanding was 972,337, the unpaid loan balance was 72,200 million yen, and the total balance of investment corporation bonds issued and outstanding was 15,700 million yen.

GOR’s credit rating status as of 30 September 2025:

Rating agencies Rating descriptions

Japan Credit Rating Agency, Ltd. Long-term Issuer Rating: AA-

Outlook: Stable Bonds: AA-

Financial results and dividend distributions

GOR recorded operating revenue of 8,088 million yen, operating profit of 5,059 million yen, ordinary profit of 4,614 million yen, and net income of 4,613 million yen for the 44th Period.

Regarding dividends, while anticipating the application of tax exemption (under Article 67-15 of the Act on Special Measures Concerning Taxation) that will allow profit distributions to become tax deductible, GOR decided to distribute 4,152 million yen, which is the amount of unappropriated retained earnings after adding 13 million yen of reversal of reserve for reduction entry and deducting the provision of reserve for reduction entry (474 million yen representing a portion of gains on sale of Arca Central and Yokohama Plaza Building). As a result, dividend per unit is 4,271 yen. In addition, leading

dividend per unit to increase by 108 yen through the acquisition and cancellation of own investment units.

Significant Subsequent Events

1. Sale of the properties

   GOR sold the part of Arca Central (30% of co-ownership in trust beneficial interests in real estate, transfer price: 5,550 million yen) on 10 October 2025 and the part of Yokohama Plaza Building (15% of co-ownership in trust beneficial interests in real estate, transfer price: 3,640.50 million yen) on 24 October 2025, as outlined below.

   Name of building	Arca Central
   Location (Residence indication)	1-2-1, Kinshi, Sumida-ku, Tokyo
   Land area (*1)	Total land area:18,100.41 sqm (entire Third Block)
   Floor area (*1)	Total floor area of 4 buildings (*3) 163,834.24 sqm Total floor area of Arca Central 49,753.92 sqm (completion drawing) Of which, the footprint to be transferred (*4) 15,595.38 sqm
   Transferred asset	Trust beneficial interests 1st transfer 40 % 2nd transfer 30 % 3rd transfer 30 %
   Contract date	27 September 2024
   Dates of transfer	1st transfer 11 October 2024 2nd transfer 11 April 2025 3rd transfer 10 October 2025
   Transfer price (*2)	Total 18,500 million yen 1st transfer 7,400 million yen 2nd transfer 5,550 million yen 3rd transfer 5,550 million yen
   Material impact on earnings	925 million yen of gain on sales of real estate was recorded as operating revenue from 1 October 2024 to 31 March 2025. 717 million yen of gain on sales of real estate was recorded as operating revenue from 1 April 2025 to 30 September 2025. 736 million yen of gain on sales of real estate will be recorded as operating revenue from 1 October 2025 to 31 March 2026.
   Transferee	Keisei Electric Railway Co., Ltd.

   (*1) “Land area” and “floor area” are shown based on the registration, unless otherwise stated.

   (*2) The transfer price represents the prices described in the purchase agreement, excluding related expenses, settlement amount of property tax and city planning tax, consumption tax and local consumption tax.

   (*3) In addition to Arca Central, the registered building also includes the Tobu Hotel, Triphony Hall and Arca West buildings.

   (*4) The ownership interest in the Subject Property to be transferred is equivalent to approximately 20.4% of the entire co-ownership interest owned by Third Block in accordance with the Management Rules of these management associations, and approximately 57.8% of the co-ownership interest owned by Arca Central.

   Name of building	Yokohama Plaza Building
   Location (Residence indication)	2-6, Kinkocho, Kanagawa-ku, Yokohama City, Kanagawa
   Land area (*1)	2,720.30 sqm
   Floor area (*1)	19,968.20 sqm
   Transferred asset	Trust beneficial interests 1st transfer 25 % 2nd transfer 15 % 3rd transfer 15 % 4th transfer 15 % 5th transfer 15 % 6th transfer 15 %
   Contract date	28 February 2025
   Dates of transfer	1st transfer 25 April 2025

   	2nd transfer 24 October 2025 3rd transfer 24 April 2026 (scheduled) 4th transfer 23 October 2026 (scheduled) 5th transfer 23 April 2027 (scheduled) 6th transfer 25 October 2027 (scheduled)
   Transfer price (*2)	Total 24,270 million yen 1st transfer 6,067.50 million yen 2nd transfer 3,640.50 million yen 3rd transfer 3,640.50 million yen (scheduled) 4th transfer 3,640.50 million yen (scheduled) 5th transfer 3,640.50 million yen (scheduled) 6th transfer 3,640.50 million yen (scheduled)
   Material impact on earnings	2,036 million yen of gain on sales of real estate was recorded as operating revenue from 1 April 2025 to 30 September 2025. 1,236 million yen of gain on sales of real estate will be recorded as operating revenue from 1 October 2025 to 31 March 2026. 1,248 million yen of gain on sales of real estate will be recorded as operating revenue from 1 April 2026 to 30 September 2026.
   Transferee	Meiji Yasuda Life Insurance Company

   (*1) “Land area” and “floor area” are shown based on the registration, unless otherwise stated.

   (*2) The transfer price represents the prices described in the purchase agreement, excluding related expenses, settlement amount of property tax and city planning tax, consumption tax and local consumption tax.

2. Acquisition of the property

   GOR acquired the part of Meiji Yasuda Life Insurance Osaka Umeda Building (15% of 70% quasi co-ownership interest in trust beneficial interests in real estate, acquisition price: 3,619.35 million yen) on 24 October 2025, FUKUOKA K-SQUARE (83% of quasi co-ownership in trust beneficial interests in real estate, acquisition price: 14,865.3 million yen) on 7 November 2025, and LUCID SQUARE SHIN-OSAKA (ownership in trust beneficial interests in real estate, acquisition price: 9,720 million yen) on 5 December 2025 as outlined below.

   Name of building	Meiji Yasuda Life Insurance Osaka Umeda Building
   Type of specified assets	Trust beneficial interests in real estate(70% quasi co-ownership) 1st transfer 25 % 2nd transfer 15 % 3rd transfer 15 % 4th transfer 15 % 5th transfer 15 % 6th transfer 15 %
   Location (Residence indication)	Address: 3-3-20, Umeda, Kita-ku, Osaka City, Osaka
   Land (*1)	Ownership	Ownership (70% quasi co-ownership)
   	Land area	5,999.33 sqm (Total site area)
   Building (*1)	Ownership	Ownership (70% quasi co-ownership)
   	Use	Office and parking
   	Floor area	52,982.94 sqm (total floor area of the entire building)
   	Year built	June 2000
   	Structure	31-story plus 2 basement level S, SRC with a flat roof
   Contract date	28 February 2025
   Dates of acquisition	1st transfer 25 April 2025 2nd transfer 24 October 2025 3rd transfer 24 April 2026 (scheduled) 4th transfer 23 October 2026 (scheduled) 5th transfer 23 April 2027 (scheduled) 6th transfer 25 October 2027 (scheduled)

   Acquisition price (*2)	Total 24,129 million yen 1st transfer 6,032.25 million yen 2nd transfer 3,619.35 million yen 3rd transfer 3,619.35 million yen (scheduled) 4th transfer 3,619.35 million yen (scheduled) 5th transfer 3,619.35 million yen (scheduled) 6th transfer 3,619.35 million yen (scheduled)
   Seller	Meiji Yasuda Life Insurance Company

   (*1)“Area,” “use,” “floor area,” “year built,” and “structure” are shown based on the registration, unless otherwise stated. (*2) The acquisition price represents the prices described in the purchase agreement, excluding related expenses,

   settlement amount of property tax and city planning tax, consumption tax and local consumption tax.

   Name of building	FUKUOKA K-SQUARE
   Type of specified assets	Trust beneficial interests in real estate (83% quasi co-ownership)
   Location (Residence indication)	Address: 1-3, Nakasu Nakajima-machi, Hakata-ku, Fukuoka City, Fukuoka
   Land (*1)	Ownership	Ownership (83% quasi co-ownership)
   	Land area	2,064.27 sqm (Total site area)
   Building (*1)	Ownership	Ownership (83% quasi co-ownership)
   	Use	Office and parking
   	Floor area	15,647.62 sqm (total floor area of the entire building)
   	Year built	June 2023
   	Structure	14-story steel-framed building with a flat roof
   Contract date	30 October 2025
   Dates of acquisition	7 November 2025
   Acquisition price (*2)	14,865.3 million yen
   Seller	N2 Godo Kaisha

   (*1)“Area,” “use,” “floor area,” “year built,” and “structure” are shown based on the registration, unless otherwise stated. (*2) The acquisition price represents the prices described in the purchase agreement, excluding related expenses,

   settlement amount of property tax and city planning tax, consumption tax and local consumption tax.

   Name of building	LUCID SQUARE SHIN-OSAKA
   Type of specified assets	Trust beneficial interests in real estate
   Location (Residence indication)	1-19-4, Higashinakajima, Higashiyodogawa-ku, Osaka City, Osaka
   Land (*1)	Ownership	Ownership
   	Land area	2,034.62 sqm (Total site area)
   Building (*1)	Ownership	Ownership
   	Use	Office and parking
   	Floor area	9,383.85 sqm (total floor area of the entire building)
   	Year built	November 1990
   	Structure	12-story reinforced concrete steel-framed building with a flat roof
   Contract date	28 November 2025
   Dates of acquisition	5 December 2025
   Acquisition price (*2)	9,720 million yen
   Seller	Special Purpose Company Bryan

   (*1)“Area,” “use,” “floor area,” “year built,” and “structure” are shown based on the registration, unless otherwise stated. (*2) The acquisition price represents the prices described in the purchase agreement, excluding related expenses,

   settlement amount of property tax and city planning tax, consumption tax and local consumption tax.

   Financial Highlights

   (Yen in millions)

   	40th Period (From 1 April 2023 to 30 September 2023)	41st Period (From 1 October 2023 to 31 March 2024)	42nd Period (From 1 April 2024 to 30 September 2024)	43rd Period (From 1 October 2024 to 31 March 2025)	44th Period (From 1 April 2025 to 30 September 2025)
   Operating Revenues	7,239	7,161	6,486	7,477	8,088
   Property-related Revenues	6,139	6,076	6,125	5,776	5,334
   Property-related Expenses	2,794	2,664	2,613	2,575	2,305
   Operating Profit	3,775	3,776	3,243	4,202	5,059
   Ordinary Profit	3,354	3,361	2,817	3,813	4,614
   Net Income	3,353	3,360	2,816	3,812	4,613
   Total Assets	220,925	213,712	205,756	204,347	197,805
   Net Assets	103,878	104,131	101,921	102,685	100,112
   Unitholders’ Capital (net amount)	100,016	100,016	98,016	97,503	94,147
   Depreciation and Amortization	961	949	916	860	756
   NOI (Net Operating Income)1	4,308	4,367	4,428	4,068	3,785

   	40th Period (From 1 April 2023 to 30 September 2023)		41st Period (From 1 October 2023 to 31 March 2024)		42nd Period (From 1 April 2024 to 30 September 2024)		43rd Period (From 1 October 2024 to 31 March 2025)		44th Period (From 1 April 2025 to 30 September 2025)
   Number of Units issued	1,022,826	units	1,022,826	units	1,003,137	units	998,615	units	972,337	units
   Cash Distributions per Unit	3,038	yen	2,959	yen	2,528	yen	3,835	yen	4,271	yen
   Net Assets per Unit	101,560	yen	101,807	yen	101,602	yen	102,827	yen	102,960	yen
   FFO (Funds from Operation) per Unit2	3,145	yen	3,158	yen	3,361	yen	2,982	yen	2,691	yen

   1 (Property-related Revenues－Property-related Expenses)＋Depreciation and Amortization＋Loss on Retirement of Non-current Assets

   2 (Net Income＋Depreciation and Amortization＋Loss on Retirement of Non-current Assets＋Other Real Estate-related Amortization＋Loss on Sales of Real Estate Properties－Gain on Sales of Real Estate Properties) / Number of Units issued

   Investment Unit Price Performance

   Market Price on the Tokyo Stock Exchange:

   (Unit) (Yen)

   52,000

   48,000

   44,000

   40,000

   36,000

   32,000

   28,000

   24,000

   20,000

   16,000

   12,000

   8,000

   4,000

   0

   Trading Volume Investment Unit Price

   210,000

   180,000

   150,000

   120,000

   90,000

   60,000

   30,000

   0

   (Note)Prices used for this chart are based on the closing price. GOR implemented a two-for-one split of investment units with 31 March 2014 as the record date and 1 April 2014 as the effective date, and implemented a four-for-one split of investment units with 31 March 2018 as the record date and 1 April 2018 as the effective date. In the above chart, investment unit prices and trading volumes before the ex-rights date are calculated based on the assumption that the splits of investment units were implemented.

   Business Structure

   Dividend

   Distributions

   Asset Management

   Issue of Units

   Investment

   Loans / Bonds

   Property Management

   Instruction

   Interest Payment

   Rent Payments

   Asset Custody

   Investment Administration Services

   Real Estate

   Financial Institutions and

   Bond Holders

Office Buildings

Property Map

❶ Hirakawacho Mori Tower

❷ Rakuten Crimson House Aoyama

❷ ARK Hills

Sengokuyama Mori Tower

➍ Global One Ueno

❺ Arca Central

➏ Toyosu Prime ❼

Square

⓫ Shin-Daibiru ⓬

Building

Yokohama Plaza ❽

Bldg.

Meiji Yasuda Life ⓭ Insurance Osaka Umeda Building

Meiji Yasuda Life Insurance Saitama-Shintoshin Bldg.

Meiji Yasuda Life Insurance Osaka Midosuji Bldg.

➏ Global One Nagoya Fushimi

⓮ THE PEAK SAPPORO

Ⓓ Tosabori Daibiru Building

Portfolio List

3 Miscellaneous costs/taxes are not included. Concerning Arca Central, the acquisition price is computed as the total trade value of 16,400 million yen described in the purchase agreement less total maintenance charges on the management association of 1,008 million yen succeeded from the sellers.

4 “Investment ratio” means a percentage of the property’s acquisition price to the total acquisition price, which is rounded to the first decimal place.

5 Appraisals were rendered as of 30 September 2025 by external appraisers including Japan Real Estate Institute; Daiwa Real Estate Appraisal Co., Ltd.; Chuo Real Estate Appraisal Co., Ltd.; The Tanizawa Sogo Appraisal Co., Ltd; and JLL Morii Valuation & Advisory K.K..

6 Building: Sectional ownership, Land: Right of site (co-ownership)

7 The properties are placed in trust, of which the beneficial interests are owned by GOR. Trust agreements are entered into with trustees (Mitsubishi UFJ Trust and Banking Corporation; Mizuho Trust & Banking Co., Ltd.).

Portfolio List

8 Floor space of the entire building regardless of type and/or percentage of ownership.

9 The total leasable area owned by GOR.

10 Rounded to the first decimal place.

Hirakawacho Mori Tower

Property Overview

• Location: 2-16-1, Hirakawacho, Chiyoda-ku, Tokyo

• Acquisition date: 1 March 2011

• Completion: December 2009

  (Note) Master lease with Mori Building Co., Ltd. was shifted from fixed rent to pass-through on 1 April 2014.

  Rakuten Crimson House Aoyama

  Property Overview

• Location: 2-6-21, Minami-Aoyama, Minato-ku, Tokyo

• Acquisition date: 21 October 2005

• Completion: May 2003

  ARK Hills Sengokuyama Mori Tower

  Property Overview

• Location: 1-9-10, Roppongi, Minato-ku, Tokyo

• Acquisition date: 20 November 2012

• Completion: August 2012

  (Note) Master lease with Mori Building Co., Ltd. was shifted from fixed rent to pass-through on 1 December 2015. The 16 floors from floors 32 to 47 are converted into the jointly-managed sections and the revenues and expenses from these sections are distributed to the sectional owners of floors 32 to 47 according to a business ratio based on area.

  Global One Ueno

  Property Overview

• Location: 4-24-11, Higashiueno, Taito-ku, Tokyo

• Acquisition date: 30 November 2023

• Completion: January 2010

  Arca Central

  Property Overview

• Location: 1-2-1, Kinshi, Sumida-ku, Tokyo

• Acquisition date: 28 March 2014, 30 May 2014

• Completion: March 1997

  Toyosu Prime Square

  Property Overview

• Location: 5-6-36, Toyosu, Koto-ku, Tokyo

• Acquisition date: 18 April 2019

• Completion: August 2010

  Yokohama Plaza Building

  Property Overview

• Location: 2-6, Kinkoucho, Kanagawa-ku, Yokohama City, Kanagawa

  Prefecture

• Acquisition date: 1 August 2014

• Completion: February 2010

  Meiji Yasuda Life Insurance Saitama-Shintoshin Building

  Property Overview

• Location: 11-2, Shintoshin, Chuo-ku, Saitama City, Saitama Prefecture

• Acquisition date: 25 April 2007

• Completion: March 2002

  1-17-1, Nishiki, Naka-ku, Nagoya City, Aichi Prefecture

  28 April 2023

  March 1995

  Property Overview

  • Location:

  • Acquisition date:

  • Completion:

  Global One Nagoya Fushimi
  Tosabori Daibiru Building

  Property Overview

• Location: 2-2-4, Tosabori, Nishi-ku, Osaka city, Osaka Prefecture

• Acquisition date: 28 March 2024

• Completion: July 2009

  Shin-Daibiru Building

  Property Overview

• Location: 1-2-1, Dojimahama, Kita-ku, Osaka city, Osaka Prefecture

• Acquisition date: 28 March 2024

• Completion: March 2015

  Meiji Yasuda Life Insurance Osaka Umeda Building

  Property Overview

• Location: 3-3-20, Umeda, Kita-ku, Osaka City, Osaka Prefecture

• Acquisition date: 25 April 2025

• Completion: June 2000

  Meiji Yasuda Life Insurance Osaka Midosuji Building

  Property Overview

• Location: 4-1-1, Fushimi-machi, Chuo-ku, Osaka City, Osaka

  Prefecture

• Acquisition date: 24 March 2017

• Completion: July 2001

  THE PEAK SAPPORO

  Property Overview

• Location: 3-23-1, Kita-Jujo-Nishi, Kita-ku, Sapporo City,

• Hokkaido

• Acquisition date: 7 December 2022

• Completion: June 2021

Portfolio Highlights

Average Building Age: 19.5 years

(Year)

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

28.6

30.6

22.4

23.6

25.3 24.3

19.5

15.8

15.8

16.3

13.2

15.2 15.7

10.6

4.3

Portfolio PML:（*）

(％)

9.9

7.0

2.9 2.8

2.8

1.8 1.9

（*）

0.3

0.8

—

—

0.5 0.5

0.3

10.0

5.0

0.0

The term PML or probable maximum loss is used as an index to estimate the earthquake resistance of properties. The above PML valuations were provided by Engineering and Risk Services Corporation as a third-party opinion with the following assumptions:

PMLs for individual properties: an estimate of the largest loss that the property is likely to suffer in the event of a major earthquake, expressed as a loss rate (the amount of loss divided by the replacement cost). The amounts of loss relating to equipment, furniture or stock goods, damage due to water or fire, disaster indemnities, or loss due to business interruption, etc., are not taken into consideration.

Portfolio PML: the percentage represents a loss rate, which is arrived at by dividing the total loss amount by the total cost of replacing the all buildings.

(*) Portfolio PML of a total of 12 properties after excluding Arca Central and Yokohama Plaza Building is 1.6%.

(Billion yen)

Average Acquisition Price: 13.1 billion yen

28.0

18.2

21.0

22.7

17.3

17.0

13.4 13.1

8.4

9.9

4.6

4.4

3.4

6.0

9.2

50.0

40.0

30.0

20.0

10.0

0.0

Average Total Leasable Area: 9,513 sqm

(sqm)

21,716

16,141

15,042

11,210

10,440

9,814

10,471

8,504

8,877

9,513

3,945

5,144

4,724

2,109

5,050

25,000

20,000

15,000

10,000

5,000

0

Balance Sheet

(Yen in thousands)

43rd Period

(As of 31 March 2025)

44th Period

(As of 30 September 2025)

Assets

Current Assets

Non-current Assets

Property, plant and equipment

Deferred Assets

Investment corporation bond issuance costs 46,984 38,682

(Yen in thousands)

43rd Period

(As of 31 March 2025)

44th Period

(As of 30 September2025)

Liabilities

Current Liabilities

Net Assets Unitholders’ Equity

Surplus

Voluntary reserve

Statement of Income and Retained Earnings

Statement of Changes in Net Assets

From 1 October 2024 to 31 March 2025

(Yen in thousands)

period

Unitholders’ equity

Own

investment units

Total

unitholders’ equity

Total net

assets

the period

Balance at the beginning of the period － 101,921,406 101,921,406 Changes of items during the period

Provision of reserve for tax purpose － －

From 1 April 2025 to 30 Sptember 2025

(Yen in thousands)

period

Unitholders’ equity

Own

investment units

Total

unitholders’ equity

Total net

assets

the period

Balance at the beginning of the period － 102,685,137 102,685,137 Changes of items during the period

Provision of reserve for tax purpose － －

Statement of Cash Distributions

(Yen)

43rd Period

(For six months ended 31 March 2025)

44th Period

(For six months ended 30 September 2025)

1. Retained earnings at the end of the period 3,812,515,465 4,614,079,964

2. Voluntary reserve

   Reversal of reserve for reduction entry 17,850,776 13,388,082

   Provision of reserve for reduction entry － 474,230,638

3. Total cash distribution 3,829,688,525 4,152,851,327

   (Cash distribution per unit) (3,835) (4,271)

4. Retained earnings carried forward 677,716 386,081

   Calculation of the total cash distribution amount

   According to the distribution policy stipulated in Article 26-1 of the Articles of Incorporation, the total cash distribution for the Period should not exceed the retained earnings at the end of the Period; and also distribution should exceed 90% of the distributable income for the Period as stipulated by Article 67-15 of the Act on Special Measures Concerning Taxation of Japan. Therefore, the amount of the total cash distribution was determined to be 3,829,688,525 yen, the maximum integral multiple of the total number of units issued at the end of the Period (998,615 units), and not in excess of the amount obtained by adding the reversal of reserve for reduction entry to unappropriated retained earnings at the end of the Period. GOR will not make cash distributions in excess of accounting profit, as prescribed in Article 26-1-3 of the Articles of Incorporation.

   According to the distribution policy stipulated in Article 26-1 of the Articles of Incorporation, the total cash distribution for the Period should not exceed the retained earnings at the end of the Period; and also distribution should exceed 90% of the distributable income for the Period as stipulated by Article 67-15 of the Act on Special Measures Concerning Taxation of Japan. Therefore, the amount of the total cash distribution was determined to be 4,152,851,327 yen, the maximum integral multiple of the total number of units issued at the end of the Period (972,327 units), and not in excess of the amount obtained by adding the reversal of reserve for reduction entry to, and deducting the provision of reserve for reduction entry from, unappropriated retained earnings at the end of the Period. GOR will not make cash distributions in excess of accounting profit, as prescribed in Article 26-1-3 of the Articles of Incorporation.

   Statement of Cash Flows

   (Yen in thousands)

   43rd Period

   (From 1 October 2024

   to 31 March 2025)

   44th Period

   (From 1 April 2025

   to 30 September 2025)

   Cash flows from operating activities
   Income before income taxes		3,813,713	4,614,151
   Depreciation and amortization		860,339	756,612
   Loss on retirement of non-current assets		6,483	350
   Amortization of investment corporation bond issuance costs		8,301	8,301
   Interest income		(10,316)	(35,816)
   Gain on investments in management association		(29,007)	—
   Interest expenses		339,845	374,116
   Decrease (increase) in tenant receivables		(15,284)	11,816
   Decrease (increase) in deposits paid		(486,274)	486,299
   Increase in consumption tax receivable		—	(170,304)
   Increase (decrease) in operating accounts payable		85,551	(40,832)
   Increase (decrease) in accrued expenses		58,295	46,236
   Increase (decrease) in accrued consumption taxes		542,711	(656,861)
   Increase (decrease) in advances received		(182,953)	55,799
   Increase (decrease) in deposits received		(19,113)	71
   Decrease (increase) in prepaid expenses		161,937	(15,447)
   Decrease (increase) in long-term prepaid expenses		14,899	28,577
   Decrease (increase) in long-term prepaid consumption taxes		(1,464)	(92)
   Decrease in property, plant and equipment in trust due to sale		19,185,367	8,759,441
   Decrease in intangible assets in trust due to sale		4	—
   Others, net		83,854	(46,112)
   Subtotal		24,416,892	14,176,306
   Interest income received		9,453	35,649
   Interest expenses paid		(339,776)	(374,184)
   Income taxes paid		(2,104)	(5,358)
   Net cash provided by (used in) operating activities		24,084,464	13,832,412
   Cash flows from investing activities Purchases of property, plant and equipment		(16,604)	(307,602)
   Purchases of property, plant and equipment in trust		(341,985)	(6,736,403)
   Proceeds from tenant security deposits (including accounts)	trust	353,811	513,305
   Repayments for tenant security deposits (including accounts)	trust	(1,127,577)	(683,257)
   Proceeds from bank deposits corresponding to tenant security deposits (including trust accounts)		1,127,577	683,257
   Repayments for bank deposits corresponding to tenant security deposits (including trust accounts)		(553,811)	(513,305)
   Net cash provided by (used in) investing activities		(558,589)	(7,044,005)
   Cash flows from financing activities
   Proceeds from long-term loans payable		6,500,000	6,000,000
   Repayments of long-term loans payable		(8,700,000)	(8,800,000)
   Payment of own investment units acquisition		(513,623)	(3,361,275)
   Dividends paid		(2,535,517)	(3,827,782)
   Net cash provided by (used in) financing activities		(5,249,141)	(9,989,058)
   Net increase (decrease) in cash and cash equivalents		18,276,732	(3,200,651)
   Cash and cash equivalents at the beginning of the period		5,346,968	23,623,701
   Cash and cash equivalents at the end of the period		23,623,701	20,423,049

   Note 1 - Summary of Significant Accounting Policies

   Basis of presentation

   Property, plant and equipment

   1. Depreciation of property, plant and equipment is calculated by the straight-line basis over the estimated useful lives of the assets, which range as follows:

      Buildings, Buildings in trust ……………………………… 2-73 years Structures, Structures in trust …………………………… 2-58 years Machinery and equipment,

      Machinery and equipment in trust ……………………… 6-17 years Tools, furniture and fixtures,

      Tools, furniture and fixtures in trust …………………… 2-15 years

   2. Depreciation of Intangible assets

      Intangible assets is calculated by the straight-line basis.

   3. Amortization of Long-term prepaid expenses

Long-term prepaid expenses is calculated by the straight-line basis.

Deferred assets

Deferred assets include investment corporation bond issuance costs. The investment corporation bond issuance costs are amortized using the straight-line method over the respective terms of the bonds.

Accounting standards for revenue

The contents of major performance obligations concerning revenue arising from contracts with customers of GOR and the ordinary time to satisfy such performance obligations (ordinary time to recognize the revenue) are as follows.

1. Sale of real estate, etc.

   With regard to sale of real estate, etc., revenue will be recorded when the buyer (customer) obtains control of the real estate, etc. as a result of GOR fulfilling the delivery obligation set forth in the contract pertaining to the sale of real estate.

2. Utilities charges

With regard to utilities charges, revenue will be recorded in accordance with the supply of electricity, water, etc. to the lessee (customer) based on the lease agreement of the real estate, etc. and the accompanying agreement. As to utilities charges in cases where GOR is acting as an agent, the net amount derived by deducting the amount to be paid to other parties supplying the electricity, gas, etc. from the amount received by GOR as utilities charges for the electricity, gas, etc. supplied by those other parties is recognized as revenue.

Taxes on property, plant and equipment

Property and equipment is subject to Japanese property taxes and city planning taxes on a calendar-year basis. These taxes are generally charged to expenses during the period. The sellers of the properties are liable for property taxes for the calendar year including the period from the date of purchase by GOR through to the end of the year since the taxes are imposed on the owner registered in the record as of 1 January based on the assessment made by the local government. GOR pays the amount equivalent to the property taxes and the city planning taxes to the sellers applicable to the period since acquisition, which is included in the acquisition cost of each property. The amounts of property taxes etc. included in the acquisition cost was none for the 43rd period and 31,144 thousand yen for the 44th period, respectively.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, cash in trust, deposits and deposits in trust that can be withdrawn on demand and short-term investments, which can easily be converted to cash, with little risk of change in value and with original maturity of three months or less from the date of acquisition.

Accounting treatment of trust beneficial interests in real estate

For trust beneficial interests in real estate, all accounts of assets and liabilities with respect to assets in trust, as well as all income generated and expenses incurred with respect to assets in trust, are recorded in the relevant balance sheet and statement of income and retained earnings accounts of GOR in proportion to the percentage interest of the trust that the trust beneficial interests represent.

The following accounts with respect to significant assets in trust are individually presented on the balance sheet:

1. Cash and deposits in trust.

2. Buildings in trust; Structures in trust; Machinery and equipment in trust; Tools, furniture and fixtures in trust; Land in trust; Construction in progress in trust.

3. Tenant security deposits in trust.

Non-deductible consumption taxes

Non-deductible consumption taxes related to non-current assets are recorded as long-term prepaid consumption taxes and are amortized using the straight-line method over 5 years.

Note 2 - Accounting Standards Issued but Not Yet Effective

・“Accounting Standard for Leases”(ASBJ Statement No. 34, 13 September 2024)

・“Implementation Guidance on Accounting Standard for Leases”(ASBJ Guidance No. 33, 13 September 2024)

1. Overview

   In light of the publication of International Financial Reporting Standard (IFRS) No. 16 “Leases” by the International Accounting Standards Board (IASB) in January 2016 and Topic 842“Leases” by the Financial Accounting Standards Board (FASB) in February of the same year, the Accounting Standards Board of Japan (ASBJ) developed an accounting standard for recording assets and liabilities for all leases of borrowers and published it along with its application guidance.

   As a basic policy in the development of accounting standards for leases by the ASBJ, the right-of-use assets are recorded on the balance sheet, treating all leases as acquisitions of the right to use, with a view to improving the comparability of financial statements between domestic and foreign companies by using a uniform calculation method. As for the method of allocating the cost on the borrower's lease, regardless of whether the lease is a finance lease or an operating lease, an accounting model that records the depreciation expenses relating to the right-of-use assets and the amount equivalent to the interest relating to the lease liabilities will be adopted, and alternative treatments will be specified to the extent that they do not significantly impair international comparability.

2. Schedule date of adoption

   The accounting standard and implementation guidance will be applied from the beginning of the fiscal period ending September 2027.

3. The impact of applying the accounting standard and implementation guidance

The amount of impact of applying the “Accounting Standard for Leases” and the “Implementation Guidance on Accounting Standard for Leases” on the financial statements is being evaluated at present.

Note 3 - Cancellation of Own Investment Units

Status of cancellation of own investment units as of 31 March 2025 and 30 September 2025 were as follows.

As of 31 March 2025 As of 30 September 2025

Note 4 - Net Assets

GOR is required to maintain net assets of at least 50 million yen, pursuant to the Act on Investment Trusts and Investment Corporations.

Note 5 - Breakdown of Property-Related Revenues and Expenses

From 1 October 2024 to 31 March 2025 and From 1 April 2025 to 30 September 2025

(Yen in thousands)

Note 6 - Gain on Sales of Real Estate Properties

Gain on sales of real estate properties from 1 October 2024 to 31 March 2025 and from 1 April 2025 to 30 September 2025 were as follows.

(Yen in thousands)

Otemachi First Square (5% of co-ownership)

Yokohama Plaza Building

(25% of co-ownership)

Shinagawa Seaside West －

Tower