Global One Real Estate Investment : Supplementary Material on Acquisition of Trust Beneficiary Interest in Domestic Real Estate

28 November 2025

Supplementary Material on Acquisition of Trust Beneficiary Interest in Domestic Real Estate

"GOR Announces Acquisition of Trust Beneficiary Interest in Domestic Real Estate (LUCID SQUARE SHIN-OSAKA)"

REIT Issuer

1-5-1, Otemachi, Chiyoda-ku, Tokyo

Global One Real Estate Investment Corporation Representative: Akio Uchida, Executive Director

LUCID SQUARE SHIN-OSAKA

Asset Manager

Global Alliance Realty Co., Ltd.

Representative: Kazunori Yamauchi, President Contact: Gen Yamazaki, General Manager

Tel: +81-3-4346-0658

Acquiring a Property Pursuing Rent Upside to Restore Asset Scale and Improving NOI Yield after Depreciation

Acquisition of LUCID SQUARE SHIN-OSAKA

Acquired

Transferred

Shin-Osaka Shinagawa

Asset

Replacement

(*1) The acquisition and 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. (The same applies hereinafter.)

(*2) "NOI yield" and "NOI yield after depreciation" are calculated based on the following formulas. Unless otherwise noted, the same applies hereinafter.

Shin-Osaka : "NOI yield" = "Appraisal NOI" / "Acquisition price"

"NOI yield after depreciation" = ("Appraisal NOI" - "Annual amount of depreciation calculated using the straight-line method corresponding to the useful life of the Asset Acquired") / "Acquisition price" Shinagawa :"NOI yield" = "NOI forecast for the period ending September 2025 (adjusted for the impact of the major tenant move-out*)" × 2 ÷ "Acquisition price"

(*) It is assumed that half of the vacancies will be filled at market rent levels at the time.

"NOI yield after depreciation" = ("NOI forecast for the period ending September 2025 (adjusted for the impact of the major tenant move-out*)" - "Depreciation forecast for the period ending September 2025") ×

2 ÷ "Acquisition price"

(*3) As of 5 December 2025. The same applies hereinafter. 2

Steady Progress Toward Achieving an Average Annual NOI Growth Rate of 3% or Higher and a Cruising EPU of 2,400 yen

Progress in Medium-term Growth Strategy (April 2025 to March 2028)-Updated

Image of DPU and stabilized EPU

Returns using gain on sale Stabilized EPU

2,344

yen

1,621

yen

(+) Acquisition of 1 bridged property (Minato-ku)

1,205

yen

DPU of 3,200

yen or more

Yokoha ma #4

to #6

Kinshich

o

#2

Yokoha ma #1

(+) Acquisition of Shin-Osaka

Kinshicho

#3

Yokohama

#2

(+) Additional property acquisition

(-) Interest costs due to use of leverage

Yokohama

#3

Stabilized

EPU of 2,400 yen or more

1,913

yen

44th Period (Sep. '25)

Result

(-) Interest costs due to use of leverage

（＋）福岡の取得 （11/７）

(+) Acquisition of Fukuoka (Nov. 7)

(+) Increase in income due to aggressive negotiations on rent increase

(-) Increase in costs due to inflation/rising interest rates

1,911

yen

45th Period (Mar. '26)

Forecast

Average annual NOI growth rate of

３％ or higher

(+) Increase in income due to aggressive negotiations on rent increase

(-) Increase in costs due to inflation/rising interest rates

1,964

yen

46th Period

（Sep. '26) Forecast

47th Period (Mar. '26) to 49th Period

(Mar. '28)

(*) The bar is not intended as a guarantee of the future dividend amount.

(*) Image 3

LUCID SQUARE SHIN-OSAKA

• Shin-Osaka is a major terminal served by the Tokaido and Sanyo Shinkansen lines, the JR Tokaido Main Line connecting Kyoto and Kobe, and the Osaka Metro Midosuji Line

• Directly connected to Kansai International Airport via the JR Haruka limited express train, and approximately 30 minutes to Osaka International Airport (Itami Airport) by subway, monorail, or bus

  ２ Rare Location Just a 1-minute Walk from the Shinkansen Exit

  
  
  

• A 1-minute walk from JR "Shin-Osaka Station," a stop on both the Tokaido and Sanyo Shinkansen lines, and a 7-minute walk to Osaka Metro Midosuji Line "Shin-Osaka Station."

• Highly compatible not only with customer-facing tenants, but also with tenants conducting wide-area sales activities using JR "Shin-Osaka Station" as their operational base

  Location	1-19-4, Higashinakajima, Higashiyodogawa-ku, Osaka City, Osaka
  Nearby stations	1-minute walk from Shin-Osaka Station on the JR Line and 7-minute walk from Shin-Osaka Station on the Osaka Metro Midosuji Line
  Year built	November 1990
  Structure (entire building)	12-story reinforced concrete steel-framed building with a flat roof
  Estimated acquisition price	9,720	million yen	（Ratio to the appraisal value: -1.5％）
  Appraisal value	9,870	million yen
  NOI yield	3.9 %
  NOI yield after depreciation	3.6 %
  Occupancy rate	100.0 %
  Total floor area (entire building)	9,383.85	Sqm
  Total leasable area	7,099.42	Sqm
  Building age	35.2 Years
  Number of tenant（*）	21

• Leveraging its outstanding accessibility, the area hosts numerous Kansai/Osaka regional headquarters for wholesale and manufacturing companies that value wide-area operational reach, as well as regional bases of companies headquartered in Tokyo. A broad range of information and communications-related companies-from major firms to small and mid-sized enterprises-are also located in the area, creating stable tenant demand

  3 Future Growth Potential Driven by Redevelopment

• In October 2022, the area surrounding Shin-Osaka Station (Shin-Osaka, Juso, Awaji) was designated as an Urban Regeneration Emergency Development Area, and Osaka City is advancing plans to develop the district into one of the world's leading wide-area transportation hubs

• If the Naniwasuji Line, Linear Chuo Shinkansen, and Hokuriku Shinkansen open as planned, travel times to Kansai International Airport as well as to Tokyo and the Hokuriku region are expected to be further reduced

  
  
  

  Specifications

  • Rentable floor area: 608.26 sqm with an efficient, effective structure; supports small-scale division with a minimum rentable floor area of 79.34 sqm

    
    
    

  • Parking: 75 spaces

(*) "Total number of tenants" represents the estimated number as of the scheduled acquisition date. 4

(Reference) Overview of the Series of Asset Replacement

Executing Agile Asset Replacements to Achieve the Target of an Average Annual NOI Growth Rate of 3%

Fukuoka

Acquired

Shin- Acquired

Osaka

Shinagawa Transferred

Kinshicho Transferred

Asset Replacement

Location

Walking time to the station

1-3, Nakasunakashimamachi, Hakata-ku, Fukuoka City, Fukuoka Prefecuture

3-minute walk from Nakasu-Kawabata Station on the Fukuoka City Subway Airport Line

1-19-4, Higashinakajima, Higashiyodogawa-ku, Osaka City, Osaka

1-minute walk from Shin-Osaka Station on the JR Line

4-12-2, Higashi-Shinagawa, Shinagawa-ku, Tokyo

1-minute walk from Shinagawa Seaside Station on the Rinkai Line

1-2-1, Kinshicho, Sumida-ku, Tokyo

3-minute walk from Kinshicho Station on the JR Line

Year built

June 2023

November 1990

August 2004 March 1997

Acquisition and transfer date

7 November 2025

5 December 2025

11 October 2024 (40%)

24 March 2025 11 April 2025 (30%)

10 October 2025 (30%)

(*1) "NOI yield" and "NOI yield after depreciation" are calculated based on the following formulas. Unless otherwise noted, the same applies hereinafter.

Fukuoka : "NOI yield" = "Appraisal NOI" / "Acquisition price"

"NOI yield after depreciation" = ("Appraisal NOI" - "Annual amount of depreciation calculated using the straight-line method corresponding to the useful life of the Asset Acquired") / "Acquisition price"

Kinshicho : "NOI yield" = "NOI forecast for the period ending September 2025" × 2 ÷ "Acquisition price"

"NOI yield after depreciation" = ("NOI forecast for the period ending September 2025" - "Depreciation forecast for the period ending September 2025") × 2 ÷ "Acquisition price" 5