Global One Real Estate Investment Corporation TSE:8958

Global One Real Estate Investment : Financial Results for the Six-Month Period Ended September 2025 (the 44th Period) (Explanatory Material)

Published

Source: MarketScreener



Fukuoka K Square

(8958)

Financial Results for the Six-Month Period Ended September 2025 (the 44th Period) (Explanatory Material)

19 November 2025





Overview of Global One Real Estate Investment Corporation (as of 30 September 2025)



Selective Investment in High-quality Office Buildings

Solid Financial Base Supported by Financial Sponsors

LTV

(Interest-bearing debt / total assets)

Book value basis 44.4 %

Appraisal value basis 36.5 %

Ratio of long-term / fixed interest-bearing liabilities

84.1 %

Average financing term

6.5 years

Average interest rate

0.82 %

Rating

AA-Stable（JCR）

focuse on the unique competitiveness of properties

Government-designated cities other than major 3 metropolitan areas

9.3％

Sapporo Hirakawacho

Midosuji

Major 3 metropolitan areas

5.0%

9.3%

9.9%

other than Tokyo Metropolitan Area

Shin-Daibiru 1.9%

Tosabori 2.4%

Umeda 3.3%

Tokyo Central

Minami-aoyama 5 Wards

22.0％

Tokyo suburban areas 19.7%

Nagoya 9.4%

Saitama 12.4%

Yokohama 7.3%

15.2%

Sengokuyama 4.6%

Ueno 5.4%

Kinshicho Toyosu 2.5%

11.4%

29.7%

Tokyo 23 Wards other than the central 5 Wards

19.3%

Expertise in

Finance

Real estate investment/ management



Japan Credit Rating Agency, Ltd. (JCR)

Long-term Issuer Rating

AA-

(Stable)

[Asset Manager]



real estate investment and management

Finance Real estate brokerage



Expertise in

the financial and trust businesses

Total acquisition price

14 properties,

183.7 billion yen

Real estate development/operation



Expertise in

real estate investment

and management

Table of Contents



Ⅰ Preface

１．Recent Results...................................................................................................... 5

Ⅱ Financial Results

２．Progress in Medium-term Growth Strategy（April 2025 to March 2028）................................................................................................................... 7

１．Financial Highlights............................................................................................. 8

２．Overview of Financial Results.......................................................................... 9

３．Performance Forecast. 11

Ⅲ Portfolio Management

４．Result and Forecast of DPU 13

１．Internal Growth 15

２．External Growth................................................................................................... 21

３．Financial Management 24

Ⅳ Reference Material

４．Promotion of ESG 28

１．Medium-term Growth Strategy（April 2025 to March 2028） 38

２．Portfolio Data. 40

３．Financial Data. 51

４．Overview of Asset Manager. 57

The following abbreviations will be used for the following pages:

"GOR" = Global One Real Estate Investment Corporation "GAR" = Global Alliance Realty Co., Ltd.

"Otemachi" = Otemachi First Square "Hirakawacho" = Hirakawacho Mori Tower

"Minami-Aoyama" = Rakuten Crimson House Aoyama "Sengokuyama" = ARK Hills Sengokuyama Mori Tower "Ueno" = Global One Ueno

"Kinshicho" = Arca Central "Toyosu" = Toyosu Prime Square

"Shinagawa"= Shinagawa Seaside West Tower "Yokohama" = Yokohama Plaza Building

"Saitama" = Meiji Yasuda Life Insurance Saitama-Shintoshin Building "Nagoya" = Global One Nagoya Fushimi

"Tosabori" = Tosabori Daibiru Building

"Umeda" = Meiji Yasuda Life Insurance Osaka Umeda Building "Shin-Daibiru" = Shin-Daibiru Building

"Midosuji" = Meiji Yasuda Life Insurance Osaka Midosuji Building "Sapporo" = THE PEAK SAPPORO

"Fukuoka" = FUKUOKA K-SQUARE

Unless otherwise indicated, amounts are rounded down and percentages, number of years, walking time to the station and areas are rounded.

The impacts of the following splits of investment units are taken into consideration for "After split(s)" or "Adjusted after split(s)" in the material.

･2-for-1 split of investment units with 1 April 2014 as the effective date

･4-for-1 split of investment units with 1 April 2018 as the effective date



Ⅰ Preface

複合的な取組みにより、GORは指 数をアウトパフォーム



1. Recent Results: Steady Internal and External Growth

Executed property acquisitions toward recovery of the asset scale while aiming for an average annual NOI growth rate of 3% through internal and external growth

KPI

  • NOI was 3,785 million yen (+49 million yen from the previous period(*1))

  • Secured DPU of 4,271 yen (＋3.5％ from the initial forecast)

  • Stabilized EPU(*2) was 1,913 yen（+5 yen from the previous period(*3)）

Internal growth

  • Portfolio occupancy rate was 98.3% (-0.6 points from the previous period)

  • Achieved rent increase for six consecutive periods as rent revisions proceeded smoothly

  • Monthly rent increased by 4.9 million yen

(The largest ever since the 36th fiscal period (September 2021))

External growth

  • Added 1 property to the pipeline

  • Announced and completed acquisition of Fukuoka

  • Completed the second settlement of the reciprocal transaction with a sponsor (Yokohama⇔Umeda)

  • Completed the transfer of Kinshicho in segments over 3 periods

Finance

  • Controlled costs by shortening the terms of refinancing loans (average 4.7 years → 4.0 years, +2 yen/unit)

  • Reduced costs using interest rate swaps (+1 yen/units)

  • Completed acquisition of largest-ever amount of own investment units

ESG

  • Received "5 Stars" in the GRESB Real Estate Assessment for FY2025 and "A Level" for the GRESB Public Disclosure, receiving the highest ratings for the sixth consecutive year

  • Participated in CDP for the first time

Results and forecasts of rent increase through rent revision

(average rate of increase)



6.3% 7.0%

4.5%

43rd Period (Mar. '25)

(Result)

44th Period (Sep. '25)

(Result)

45th Period (Mar. '26)

(Forecast)

46th Period (Sep. '26)

or after (Assumption)

Cases of successful rent increase

(*1) Compared to the figure excluding NOI for Kinshicho and Shinagawa from the results for the 43rd Period and the 44th Period

(*2) Net income per unit excluding profits and losses resulting from extraordinary factors such as gain on sale; the same applies hereafter.

(*3) Compared to the figure calculated by subtracting the contribution of Kinshicho and Shinagawa to property-related profits and losses from the results for the 43rd Period and the 44th Period

Property Name

Name of Tenant

Type of lease agreement

Rate of rent increase

Impact on

distribution

（*4）

（yen/unit）

Ueno

Company A

Standard lease

6%

7

Shin-Daibiru

Company B

Fixed term lease

22%

5

Saitama

Company C

Fixed term lease

13%

4

（*4) Indicates the amount of impact when the rent increase contributes for the full fiscal period.

（*5) Cases are chosen from those with rent increases scheduled to be implemented from the 44th Period, 45th Period, or thereafter

5