Financial Results Material

February 24, 2026

Securities Code: 8987 https://www.excellent-reit.co.jp/en/

Japan Excellent Asset Management Co., Ltd. (Asset Management Company)

〉 Table of Contents

1. Operating Policy for Future Growth 2

2. Financial Results 8

3. Performance Forecasts 12

4. Management Status 16

5. ESG Initiatives 28

Reference Materials

Features of Japan Excellent Inc. 32

Appendix 40

AKASAKA INTERCITY AIR

1. Operating Policy for Future Growth

   〉 1. Future Operating Policy

   • Increase the forecast distribution to 3,050 yen for the 40th Period and 3,100 yen for the 41st Period due to an increase in EPU, gain on transfer and abundant internal reserves

   • Strengthen profitability and growth potential through property replacement conscious of the cost of capital,

   aiming for annual EPU growth of 2% or higher on average

   (Unit: yen)

   DPU

   3,000

   DPU

   3,036

   3,000

   Comparison with forecast +1.9%

   3,050

   Annual growth rate of

   Temporary

   revenue

   208

3.3%

Annual growth rate of

2.5%

2,679

90

2,713

(Target: 2.0% or higher)

3,100

Equivalent to gain on transfer and reversal of internal reserve

Temporary revenue

(Temporary revenue equivalent to transfer timing differences in property replacement, cancellation penalty revenue, etc.)

2,630

Adjusted EPU

2,664

Temporary revenue

95

Adjusted EPU

2,769

39th Period (2025/12)

Initial Forecast

39th Period (2025/12)

Results

40th Period (2026/6)

Initial Forecast

40th Period (2026/6)

Forecast

41st Period (2026/12)

Forecast

*1 EPU states net income per unit (excluding gains on transfer).

*2 Adjusted EPU is calculated by subtracting temporary revenue from EPU.

〉 2. Efforts to Increase Investment Unit Price

P

=

D

Distributions

Unit price

Rf

Risk-free rate

Risk premium

Expected

growth rate

(Distributions)

(Risk premium)

(Expected growth rate)

• Internal growth

  Continuous rent increases Reduction of management costs

• External growth

  Acquisition of highly profitable and

  high-growth properties

  Effectively utilize leverage with an LTV of 47% as the upper limit in principle

• Utilization of gain on transfer of property and internal reserve

• Continued consideration of buyback/cancellation of investment units

• Qualitative improvement of portfolio Transfer of properties with potential risks

  Rejuvenating building age

• Solid financial foundation

  Maintaining rating (AA-)

  Average remaining period of interest-bearing debt: Over 3 years

• Ample internal reserve and unrealized gain

  • Setting target of EPU average annual growth of 2%

  • Transfer of 10% of portfolio

    Transfer of low-growth properties and replacement with properties offering rental upside

  • Pipeline support by general developer

  • The rental gap is widening due to the portfolio being centered on the Tokyo metropolitan area

Setting targets for rent increases

〉 3. Initiatives for Growth

Results

Future Initiatives

〉 4. Implementation of Strategic Property Replacement

Implemented strategic property replacements to enhance portfolio growth potential and improve yields

Property replacement

Property replacement

*1 The total amount of property acquisition is the sum of the (planned) acquisition prices for each property, including the acquisition price of BIZCORE JIMBOCHO, for which an additional acquisition was made on September 29, 2025.

*2 The total amount of property transfer is the sum of book values as of the most recent fiscal period prior to the transfer decision.

*3 The NOI yield after depreciation for the assets (planned) to be acquired is the annual average of projected figures for the initial five-year period, excluding special factors in the acquisition year, and the NOI yield after depreciation for the asset (planned) to be transferred is the actual value from the most recent fiscal period prior to the transfer decision.

*4 The occupancy rate of Urawa SH Building is the actual figure as of the end of the 39th Period and the occupancy rate of the Senshin Building is the actual figure as of the end of the 38th Period.

*5 The appraisal value and unrealized gain/loss are based on the actual figures from the most recent fiscal period prior to the transfer decision.

*6 The differences with book value is a reference figure calculated as the difference between the (planned) transfer value and the book value as of the most recent fiscal period prior to the transfer decision and differs from the gain or loss on transfer for accounting purposes.

Memo

AKASAKA INTERCITY

1. Financial Results

   (million yen)

   • Comparison of the Results for the 38th Period (Ended Jun. 2025) (C-A)

   〉 1. Overview of Financial Results of the 39th Period (Ended December 2025)

   				38th Period (Jun. 2025) Results (A)	39th Period (Dec. 2025) Initial Forecast (B)	39th Period (Dec. 2025) Results (C)	39th Period Results Compared with previous period (C)-(A)	39th Period Results Comparison with initial forecast (C)-(B)
   Operating revenue				11,447	11,510	11,672	+224	+161
   	Rental revenue			9,679	10,032	10,096	+416	+64
   	Other rental revenue			786	918	1,018	+232	+100
   	Gain on sales of real estate, etc.			768	560	557	-211	-2
   	Distribution to anonymous association			212	-	-	-212	-
   Operating expenses				6,216	6,548	6,515	+298	-33
   	Expenses for rental operations			5,557	5,900	5,799	+242	-100
   		Depreciation		1,761	1,796	1,789	+27	-7
   	Loss on sales of real estate, etc.			-	-	49	+49	+49
   	Sales and administrative expenses			659	648	665	+6	+17
   Operating income				5,231	4,962	5,157	-73	+195
   Non-operating income				10	0	37	+26	+36
   Non-operating expenses				789	840	842	+53	+2
   Ordinary income				4,452	4,122	4,351	-100	+229
   Net income				4,451	4,121	4,350	-100	+229

   (million yen)

   Rental revenue +416

   1. Acquired and transferred properties

      Acquisition: Urawa SH and addition of

      BIZCORE JIMBOCHO

      Full-year contribution of ARK Hills FRONT TOWER

      Transfer: Hamamatsucho (45%) and

      +240

      Senshin
      (2) Existing properties	+176
      Expenses for rental operations	+242
      (1) Acquired and transferred properties	+109
      (2) Existing properties	+132
      Utilities expenses	+81
      Property management expenses	+42
      Repairs and maintenance fees	-20
      Taxes	+19
      Depreciation	+4
      Profit (loss) from operations	+406
      (1) Acquired and transferred properties	+148
      (2) Existing properties	+257

      • Comparison with Previous Forecast (C-B)

   (million yen)

   Rental revenue +64

   Reserve for Reduction Entry (Provision (-) and reversal (+) of reserve)	-443	-250	-433	+10	-182
   Total distributions	4,008	3,871	3,917	-90	+46
   DPU (yen)	3,106	3,000	3,036	-70	+36

   1. Acquired and transferred properties

      (Determined after previous financial results announcement)

      Acquisition: Urawa SH and addition of

      BIZCORE JIMBOCHO

      Transfer: Senshin

      +24

      NOI	6,670	6,846	7,104	+433	+257
      Profit (loss) from operations	4,909	5,050	5,315	+406	+265

   2. Other +39

   Expenses for rental operations -100

   1. Acquired and transferred properties

      Internal reserve balance	1,949	2,200	2,382	+433	+182
      DPU conversion (yen) 1,510		1,704	1,846	+336	+142

      (Determined after previous financial results announcement)

      +13

   2. Other -113

   〉 2. Highlights of the 39th Period (Ended December 2025)

   Internal Growth External Growth Financial Strategy External Assessment

   Period-end occupancy rate		Asset Size		Interest-bearing debt Average remaining period		Ratings (JCR)
   98.3 % (change from FP38: -0.6pt, Vs. plan: -0.4pt)		290.5 billion yen (change from FP38: -2.9 billion yen)		4.2 years (change from FP38: -0.1 years)		AA- (stable)
   Percentage of increased rent / upward revision rate at time of rent revision		Unrealized gain/ percentage of unrealized gain		Ratio of fixed interest rate		GRESB Real Estate Assessment*1
   46.9 % / 5.1 % (change from FP38: +14.4pt / -1.7pt)		79.5 billion yen / 29.2 % (change from FP38: +5.1 billion yen / +2.1pt)		77.3 % (change from FP38: +3.2pt)		4Star Green star (eleventh consecutive year)
   Percentage of rent increases when replacing tenants		NAV per unit		LTV (total assets basis) / LTV (market value basis)		Percentage of properties with Green Building Certification*2
   15.2 % (change from FP38: +2.5pt)		174,945 yen (change from FP38: +4,223 yen)		43.8 % / 34.4 % (change from FP38: -1.3pt / -1.6pt)		87.5 % (change from FP38: -0.2pt)

   *1 Assessment in the 2025 GRESB Real Estate Assessment.

   *2 Figures based on leasable area as of December 31, 2025.

   Memo

   Omori Bellport D

2. Performance Forecasts

   (million yen)

   • Comparison of the Results for the 39th Period and Forecasts for the 40th Period (B-A)

     〉 1. Performance Forecasts

     				39th Period (Dec. 2025) Results (A)	40th Period (Jun. 2026) Forecast (B)	Compared with previous period (B)-(A)	41st Period (Dec. 2026) Forecast (C)	Compared with previous period (C)-(B)
     Operating revenue				11,672	11,553	-118	11,434	-118
     	Rental revenue			10,096	10,100	+4	10,207	+107
     	Other rental revenue			1,018	757	-261	842	+85
     	Gain on sales of real estate, etc.			557	695	+138	384	-311
     Operating expenses				6,515	6,425	-89	6,551	+126
     	Expenses for rental operations			5,799	5,758	-41	5,914	+156
     		Depreciation		1,789	1,843	+54	1,877	+34
     	Loss on sales of real estate, etc.			49	-	-49	-	-
     	Sales and administrative expenses			665	667	+1	636	-30
     Operating income				5,157	5,128	-28	4,883	-245
     Non-operating income				37	74	+36	17	-57
     Non-operating expenses				842	930	+87	1,013	+82
     Ordinary income				4,351	4,272	-79	3,887	-384
     Net income				4,350	4,271	-79	3,886	-384

     (million yen)

     Rental revenue +4

     1. Acquired and transferred properties -1

        Acquisition: Naya-bashi and addition of

        AKASAKA INTERCITY AIR

        Full-year contribution of Urawa SH and addition of BIZCORE JIMBOCHO

        Transfer: Hamamatsucho (55%)

        Full-year contribution of Hamamatsucho (45%) and Senshin

     2. Existing properties +5

        Expenses for rental operations -41

        	(1) Acquired and transferred properties	-50
        	(2) Existing properties	+9
        	Utilities expenses	-113
        	Property management expenses	+28
        	Repairs and maintenance fees	-26
        	Taxes	+30
        	Depreciation	+64

   • Comparison of Forecasts for the 40th Period and Forecasts for the 41st Period (C-B)

     (million yen)

     Rental revenue +107

     1. Acquired and transferred properties

   Reserve for Reduction Entry (Provision (-) and reversal (+) of reserve)	-433	-335	+97	+114	+449
   Total distributions	3,917	3,935	+18	4,000	+64
   DPU (yen)	3,036	3,050	+14	3,100	+50

   Acquisition: Full-year contribution of Naya-bashi and addition of AKASAKA INTERCITY AIR

   Transfer: BIZCORE AKASAKA-MITSUKE

   NOI	7,104	6,943	-161	7,013	+70
   Profit (loss) from operations	5,315	5,099	-215	5,135	+35

   Internal reserve balance	2,382	2,717	+335	2,603	-114
   DPU conversion (yen) 1,846		2,106	+260	2,017	-89

   (2) Existing properties	+141
   Expenses for rental operations	+156
   (1) Acquired and transferred properties	-33
   (2) Existing properties	+190
   Utilities expenses	+137
   Property management expenses	-7
   Repairs and maintenance fees	-6
   Taxes	+39

   Full-year contribution of Hamamatsucho (55%)

   -33

   〉 2. DPU and EPU Outlook

   EPU is expected to decrease due to increased financial costs and the absence of temporary revenues from the

   39th Period (such as cancellation penalties)

   DPU is expected to increase through gain on transfer generated by property replacement and the utilization of ample internal reserve

   (Unit: yen)

   DPU 3,036

   Gain on transfer 58

   +36

   -81

   -62

   -100

   3,050

   Gain on transfer 279

   • Increase factors ■ Decrease factors

     3,100

     Internal reserve 88

     Gain on

     • Depreciation -50

     • Taxes -23

     • Acquisition +120

     • Cancellation penalties

       / restoration work revenue -122

       +0 +27

       • Rental revenue +109

         -77

         transfer 297

         -7

         Addition of BIZCORE JIMBOCHO Urawa SH Building

         Aqua Town Naya-bashi

         Addition of AKASAKA INTERCITY AIR

       • Transfer -83

   Senshin Building

   JEI Hamamatsucho Building

   • Refunds of real estate tax and city planning tax +29

     • Acquisition +61

   • Utilities revenue/expenses

     -38

   • Depreciation -29

     • Refunds of real estate tax and city planning tax -39

     • Sales and administrative expenses +30

   2,977

   2,770

   Aqua Town Naya-bashi

   Addition of AKASAKA INTERCITY AIR

   • Transfer -61

     JEI Hamamatsucho Building BIZCORE AKASAKA-MITSUKE

     2,713

     39th Period	External	Internal	Finance	Other	40th Period	External	Internal	Finance	Other	41st Period
     2025.12	Growth	Growth			2026.6	Growth	Growth			2026.12
     					(Forecast)					(Forecast)

     Memo

     BIZCORE SHIBUYA

3. Management Status

   〉 1. Internal Growth (1) Status of Rent 1) (Move-in/out)

   There were no move-outs of major tenants, and the occupancy rate for the 39th Period was 98.3%. A high occupancy rate is expected to be maintained from the 40th Period onward

   For tenant replacement in the 39th Period, we achieved a rent increase rate of 15.2% (change from FP38: +2.5pt, Vs. plan: +6pt). While some move-outs by tenants with a positive rent gap in the 40th Period and 41st Period may have an impact, other

   replacements are expected to yield an average rent increase of 10% or more.

   • Period-end Occupancy Rate and Area of Move-in/Move-out*1 ■ Increase/Decrease in Monthly Rent at Time of Tenant Replacement*2

     (million yen)

     (tsubo)

     4,000

     Move-in area Move-out area Period-end occupancy rate 98.4% 99.0% 98.9% 98.5% 98.5%

     100% 80

     95%

     60

     Move-out Move-in

     98.3%

     3,000

     2,000

     833

1,000

0

1,000

2,000

90%

59.5 58.6

33.9 38.2

29.2

31.0

21.8 19.8

11.8 13.6

17.6 18.8

40

20

3,000

36th Period (Jun. 2024)

37th Period (Dec. 2024)

38th Period (Jun. 2025)

39th Period (Dec. 2025)

40th Period (Jun. 2026)

(Forecast)

41st Period (Dec. 2026)

(Forecast)

0

36th Period (Jun. 2024)

37th Period (Dec. 2024)

38th Period (Jun. 2025)

39th Period (Dec. 2025)

40th Period (Jun. 2026)

(Forecast)

41st Period (Dec. 2026)

(Forecast)

*1 “Move-out Rate” is calculated for the entire JEI portfolio as move-out area by tenants over the period as a percentage of total leased area as of the end of the previous period. In the case of additional acquisition during the period, move-out rate is calculated as move-out area by tenants over the period as a percentage of the sum of total leased area as of the end of the previous period and leased area of the additionally acquired property. In the case of a transfer of a property during the period, leased area of the transferred property is not subtracted from the total leased area as of the end of the previous period and thus the original formula (move-out area by tenants over the period as a percentage of total leased area as of the end of the previous period) applies. Figures other than period-end occupancy rate do not include data for GRAND FRONT OSAKA and residences.

*2 Figures do not include data for AKASAKA INTERCITY AIR, OSAKI BRIGHT TOWER/OSAKI BRIGHT PLAZA, GRAND FRONT OSAKA and residences.

*3 Calculated excluding tenant replacement associated with vacancies at certain tenants with a positive rent gap.

〉 1. Internal Growth (1) Status of Rent 2) (Rent Revision)

The area subject to upward revision in the 39th Period was 6,995 tsubo (change from FP38: +1,002 tsubo, Vs. plan: +344 tsubo), with

a ratio of rent revised upward of 46.9% (change from FP38: +14.4pt, Vs. plan: +5.4 pt)

We will continue to negotiate increases based on the view of exceeding market levels regardless of the renewal period, aiming for a percentage of increased rent of 40% or more and an upward revision rate of 7% or more

• Change in Area Subject to Revision ■ Increase/Decrease in Monthly Rent Due to Rent Revision

(tsubo)

25,000

(million yen)

Increase Unchanged Decrease

22,958

782

21,824

18,462 18,447

198 184

16,813

14,912

12,758

5,552

19,854

12,270

15,214

7,917

11,261

5,993

6,995

9,066

2,322

3,050

10.3

10.1

5.6

5.9

3.7%

2.7%

2.4%

2.4

2.1%

1.4

-1.0

-0.5

-0.4

0.2%

0.8%

12

Increase Decrease Rate

6.0%

20,000

15,000

10 5.0%

8 4.0%

6 3.0%

10,000

4

2.0%

5,000

0

36th Period (Jun. 2024)

37th Period (Dec. 2024)

38th Period (Jun. 2025)

39th Period (Dec. 2025)

40th Period (Jun. 2026)

(Forecast)

41st Period (Dec. 2026)

(Forecast)

2

0

-2

36th Period (Jun. 2024)

37th Period (Dec. 2024)

38th Period (Jun. 2025)

39th Period (Dec. 2025)

40th Period (Jun. 2026)

(Forecast)

41st Period (Dec. 2026)

(Forecast)

1.0%

0.0%

-1.0%

(Leased area basis)

*1 Figures do not include data for AKASAKA INTERCITY AIR, GRAND FRONT OSAKA and residences.

*2 The percentage of increased rent and the upward revision rate for the 40th and 41st periods are calculated using the area including the area with upward revision that has not been agreed upon.

*3 Area with downward revision shows only figures for subdivisions that have been agreed upon as of the end of December 31, 2025.

*4 Rent reductions for a limited period are excluded.

*5 Rent revision rate is the average rent revision rate including contract renewal at the same rent and downward revision.

*6 Subdivisions where the rent revision period differs from the renewal period are included in the scope of the period in which the rent revision was implemented, and subdivisions where a rent freeze was confirmed after the renewal period are included in the scope of the period in which the freeze was confirmed.

〉 1. Internal Growth (2) Status of Rent Gap

The negative gap in market rents widened from -0.2% at the end of June 2025 to -4.6%, driven by rising market rents.

In light of future market growth, we are currently negotiating rent increases even for properties with a positive rent gap

• Status of Rent Gap

  (as of the End of the 39th Period/ Monthly Rent Basis)

  100%

• Monthly Rent by Renewal Period (as of the End of the 39th Period)

(million yen)

+10% or more discrepancy

+10% or less discrepancy

-10% or less discrepancy

-10% or more discrepancy

66

89

20

85

85

141

23

105

106

70.7%

111

66.1%

121

48.0%

95

86

63

235

53.6%

55

600

90%

80%

70%

60%

50%

40%

13.1%

26.0%

30.9%

Gap Over +10%

Gap Within +10%

Gap Within -10%

500

400

300

200

100

0

40th Period

(Jun. 2026)

41st Period

(Dec. 2026)

42nd Period

(Jun. 2027)

43rd Period and after

(After Dec. 2027)

30%

20%

10%

0%

30.1%

Gap Over -10%

Approximately 61.0% overall

are below market rent

• Average Historical Rent Levels

  Properties held for the long term

  Overall portfolio

  108.0

  104.8

  105.2

  106.3

  101.7

  100.0

  103.1

  103.8

  100.0

  100.5

  101.5

  102.2

  110.0

  108.0

  106.0

  104.0

  102.0

  100.0

  98.0

  96.0

  94.0

  *1 The rent gap is calculated based on new rent level assessed by CBRE.

  *2 Each graph is calculated by excluding GRAND FRONT OSAKA and residences.

  36th Period (Jun. 2024)

  37th Period (Dec. 2024)

  38th Period (Jun. 2025)

  39th Period (Dec. 2025)

  40th Period (Jun. 2026)

  (Forecast)

  41st Period (Dec. 2026)

  (Forecast)

  *3 The average unit rent is indexed with the weighted average unit rent based on the leased area as of the end of the 36th Period set as 100. Properties held for the long term are those expected to be held continuously from the end of the 36th Period through the end of the 41st Period.

  〉 1. Internal Growth (3) Construction Results

  Amid rising construction costs due to inflation, we will comprehensively consider the operational status and competitiveness of each property, as well as our future holding policy, from short-, medium-, and long-term perspectives, and carry out repairs in a planned manner

  • History of Depreciation, Capital Expenditures, and Repairs and Maintenance Fees

    (million yen)

    Depreciation

    Capital expenditures

    Repairs and maintenance fees

    1,780

    1,850

    1,865

    1,843 129

    1,877

    122

    194

    1,761

    1,789

    165

    115

    387

    169

    1,686

    1,747

    1,418

    1,513

    1,559

    1,317

    1,436

    2,500

    2,000

    1,500

    1,000

    500

    0

    35th Period (Dec. 2023)

    36th Period (Jun. 2024)

    37th Period (Dec. 2024)

    38th Period (Jun. 2025)

    39th Period (Dec. 2025)

    40th Period (Jun. 2026)

    (Forecast)

    41st Period (Dec. 2026)

    (Forecast)

    〉 2. External Growth (1) External Growth Policy, Strategy, and Trajectory

    [Policy] We will pursue the qualitative improvement of our portfolio by promoting the transfer of low-yield properties and the acquisition of properties with high yield and growth potential, aiming for sustained growth of DPU and NAV

    [Strategy] In addition to further strengthening collaboration with the sponsor, we will drive external growth by expanding and deepening sourcing routes, diversifying acquisition methods, and other measures

• Trajectory in External Growth

2023 (FP34/FP35)

2024 (FP36/FP37)

2025 (FP38/FP39)

2026 (FP40/FP41) -

Acquisitions

Shin-Yokohama Arena-dori Building

BIZCORE TSUKIJI

OSAKI BRIGHT TOWER

/OSAKI BRIGHT PLAZA

ARK Hills FRONT TOWER

BIZCORE JIMBOCHO

(Addition)

Urawa SH Building

Aqua Town Naya-bashi

AKASAKA INTERCITY AIR

(Addition)

Considering new acquisitions through the utilization of sponsor support and independent exploration channels

Kowa Kawasaki Nishiguchi Building

JEI Kyobashi Building (FP34/FP36)

Kowa Kawasaki Higashiguchi Building

JEI Hongo Building (FP37/FP38)

Senshin Building

JEI Hamamatsucho Building (FP39/FP40)

BIZCORE AKASAKA-MITSUKE

Transfer

Shintomicho Building (FP33/FP34)

Pacific Square Sengoku

Osaka Kogin Building

(Land with Leasehold Interest)

Considering the transfer of low-yield/ low-growth properties

* The blue boxes indicate properties involving transactions with sponsor and related parties

Commercial Building Business

〉 2. External Growth (2) Overview of Sponsor (Nippon Steel Kowa Real Estate)

The company is a general developer engaged in diversified business operations, including office building development and leasing business primarily in prime locations in central Tokyo, as well as residential projects represented by the Livio series, logistics operations, hotel businesses, and others.

Focusing on prime areas in central Tokyo, the company develops the INTERCITY series of large-scale urban projects, the Bizcore series of mid-size upscale office buildings and WAW membership-based shared office business.

AKASAKA INTERCITY AIR

SHINAGAWA INTERCITY

TORANOMON ALCEA TOWER

Okura Prestige Tower

The company operates the cutting-edge LOGIFRONT series of logistics facilities designed to meet the evolving demands of supply chains and the ecommerce market

Logistics Facilities Business

Completed 2017 Completed 1998 Completed 2025 Completed 2019

Residential Property Business

The company operates the Livio Series and other condominium development projects for sale and rent, the Homat series which is a pioneer in upscale rental housing for foreign residents, developing high-end urban luxury rental condominiums targeting the high-end and upper-middle-class customers

Nittetsu Nihonbashi Building BIZCORE JIMBOCHO BIZCORE IIDABASHI

7-2 Akasaka Type I urban redevelopment project

Completed 2019 Completed 2017 Completed 2025 Scheduled for

completion in FY2028

LIVIO Tower Shinagawa Homat Sharon

MFLP-LOGIFRONT

The company is developing the &Here residential hotel business to meet the needs of long-term stays for large groups of tourists and inbound visitors

Hotel Business

Tokyo Itabashi &Here TOKYO UENO

Scheduled for

completion in 2026

Completed 2021 Completed 2024 Launched in 2024

22

〉 2. External Growth (3)

Transfer and Acquisition Implemented in the 39th Period (Fiscal Period Ended December 2025)

The transfer of the JEI Hamamatsucho Building, decided in the previous period, has been completed. Centralized

management of BIZCORE JIMBOCHO was eliminated through the additional acquisition, improving revenue and expenses

Transferred the Senshin Building, which had been carrying unrealized losses due to declining yields, at its book value, and acquired the Urawa SH Building, which is expected to deliver stable, high yields

• Overview of Transferred and Acquired Properties

  	Transfer	Additional acquisition	Transfer ReplacementAcquisition
  Property name	JEI Hamamatsucho Building	BIZCORE JIMBOCHO	Senshin Building Urawa SH Building
  Photo of property
  Location	Hamamatsucho, Minato Ward, Tokyo	Kanda-ogawamachi, Chiyoda Ward, Tokyo	Aoba Ward, Sendai City, Miyagi	Urawa Ward, Saitama City, Saitama
  Access	JR Hamamatsucho Station, and others	Tokyo Metro Jimbocho Station, and others.	JR Sendai Station, and others	Urawa Station on the JR Keihin-Tohoku Line, Ueno-Tokyo Line and Shonan-Shinjuku Line
  Total floor area	8,327.53 m2	8,217.64 m2	2,766.22 m2	4,401.93 m2
  Completed	December 1991 (34 years)	November 2017 (8 years)	October 1984 (41 years)	December 1983 (42 years)
  Transfer/Acquisition price	Transfer price 9,310 million yen	Acquisition price 660 million yen	Transfer price 1,711 million yen	Acquisition price 1,760 million yen
  Appraisal value	8,780 million yen (As of December 31, 2024)	617 million yen (As of September 1, 2025)	1,570 million yen (As of June 30, 2025)	1,800 million yen (As of October 1, 2025)
  Difference between transfer price and book value	1,410 million yen	-	-0 million yen	-
  NOI yield after depreciation	2.6%	2.7%	2.4%	4.0%
  Transfer date/ Acquisition date		September 29, 2025	December 19, 2025	October 31, 2025

  1. November 28, 2025 (45%)

  2. January 16, 2026 (55%)

  *1 The transfer price does not include fees related to the transfer, the JEI share of the real estate tax and city planning tax, the consumption tax or the local consumption tax.

  *2 The difference between transfer price and book value is a reference figure calculated as the difference between transfer value and the book value and differs from the gain or loss on sale for accounting purposes.

  *3 The NOI yield after depreciation for the acquired assets is the annual average of projected figures for the initial five-year period, excluding special factors in the acquisition year, and the NOI yield after depreciation for the transferred assets is the actual value from the most recent fiscal period prior to the transfer decision. Furthermore, the improvement in the income and expenditure of the already owned portion resulting from the elimination of centralized management due to the additional acquisition of BIZCORE JIMBOCHO is not included in the calculation.

  〉 2. External Growth (4)

  Transfer and Acquisition Decided in the 40th Period (Fiscal Period Ending June 2026)

  Will make additional acquisition of high-growth AKASAKA INTERCITY AIR and transfer BIZCORE AKASAKA-MITSUKE,

  which has been carrying unrealized losses

  In addition, will acquire Aqua Town Naya-bashi facing Hirokoji-dori, the main street of Nagoya

• Overview of Transferred and Acquired Properties

  	Transfer ReplacementAdditional acquisition		Acquisition
  Property name	BIZCORE AKASAKA-MITSUKE AKASAKA INTERCITY AIR		Aqua Town Naya-bashi
  Photo of property
  Location	Akasaka, Minato Ward, Tokyo	Akasaka, Minato Ward, Tokyo	Meieki, Nakamura Ward, Nagoya City, Aichi
  Access	Tokyo Metro Akasaka-Mitsuke Station, and others	Tokyo Metro Tameike-Sanno Station, and others	JR Nagoya Station, and others
  Total floor area	3,515.63 m2	176,536.75 m2	7,299.57 m2 (business facility building) / 35,056.22 m2 (residential building)
  Completed	March 2019 (6 years)	August 2017 (8 years)	November 2006 (19 years)
  Transfer/Acquisition price	Planned transfer price 6,450 million yen	Planned acquisition price 5,545 million yen	Planned acquisition price 6,000 million yen
  Appraisal value	5,910 million yen (As of December 31, 2025)	5,940 million yen (As of February 1, 2026)	6,200 million yen (As of February 1, 2026)
  Difference between transfer price and book value	384 million yen	-	-
  NOI yield after depreciation	2.4%	2.8%	3.5%
  Transfer date/ Acquisition date	July 3, 2026	March 19, 2026	February 27,2026

  *1 The planned transfer price does not include fees related to the transfer, the JEI share of the real estate tax and city planning tax, the consumption tax or the local consumption tax.

  *2 The difference between transfer price and book value is a reference figure calculated as the difference between the planned transfer value and the book value and differs from the gain or loss on sale for accounting purposes.

  *3 The NOI yield after depreciation for the assets planned to be acquired is the annual average of projected figures for the initial five-year period, excluding special factors in the acquisition year, and the NOI yield after depreciation for the asset planned to be transferred is the actual value for the fiscal period ended December 2025.

  *4 The scope of this acquisition of Aqua Town Naya-bashi is part of the retail section and office section within the business facility building, and the parking area within the residential building.

  〉 3. Increases in Rental Revenue Through External Growth and Internal Growth

  Although there was a temporary decline in the 38th period due to the transfer of a property with issues (Kowa Kawasaki Higashiguchi Building), steady external and internal growth drove an upward trend

  • Rental Revenue

    (million yen)

    Base revenue Internal growth External growth

    30

    130

    110

    240

    310

    176

    109

    302

    10,069

    10,077

    9,901

    9,570

    9,679

    9,300

    9,300

    10,500

    10,000

    9,500

    9,000

    8,500

    8,000

    35th Period

    (2023/12)

    36th Period

    (2024/6)

    37th Period

    (2024/12)

    38th Period

    (2025/6)

    39th Period

    (2025/12)

    40th Period

    (2026/6)

    Forecast

    41st Period

    (2026/12)

    Forecast

    * Negative factors for internal growth and external growth are included in base revenue.

    〉 4. Financial Strategy

    Continue operations based on fixed-rate borrowing as a general rule, while curbing the increase in costs and operating with attention to financial stability

    Utilize the stability of long-term funds (average remaining period of 4.2 years) to curb increases in interest expenses through the balanced inclusion of medium-term financing

• Repayment and Financing Results for the 39th Period (Ended December 2025),

Excluding Short-term Items (figures in parentheses include short-term items)

* Refinancing portion related to borrowings whose repayment dates fell due and investment corporation bonds whose maturity dates fell due during the 39th Period

• Green Finance

  	Balance	Percentage
  Green Bonds	19.6 billion yen	15.4%
  Green Loans	21.3 billion yen	16.8%
  Total	40.9 billion yen	32.1%

  • Status of Interest-Bearing Debt (As of December 31, 2025)

    		End of 35th Period (Dec. 2023)	End of 36th Period (Jun. 2024)	End of 37th Period (Dec. 2024)	End of 38th Period (Jun. 2025)	End of 39th Period (Dec. 2025)	Compared with previous period
    Balance of interest-bearing debt		128.6 billion yen	138.6 billion yen	129.6 billion yen	133.4 billion yen	127.6 billion yen	-5.8 billion yen
    Average remaining period of interest-bearing debt		4.1 years	4.0 years	4.6 years	4.3 years	4.2 years	-0.1 years
    Average interest rate of interes- bearing debt		0.70%	0.74%	0.93%	1.00%	1.13%	+0.13pt
    Ratio of fixed interest rate		74.3%	67.8%	78.4%	74.1%	77.3%	+3.2pt
    LTV	(total asset basis)	43.6%	45.6%	43.9%	45.1%	43.8%	-1.3pt
    	(market value basis)	35.0%	36.9%	35.2%	36.0%	34.4%	-1.6pt

  • Repayment Amount in Each Period and Average Interest Rate of Interest-Bearing Debt (As of December 31, 2025)

(100 million yen)

200

150

Long-term loans (fixed) Long-term loans (floating) Short-term loans Investment corporation bonds Average interest rate

2.00%

1.50%

100

50

20

50 70

20

40 10

93.9

57.5

39

76.8

20 20

1.00%

0.50%

101.5

43 30 12.5 7

0 15.9 13.9

66

47.7

37.5

41 19.8 35

14.5 20

30

0.00%

40th Period 41st Period 42nd Period 43rd Period 44th Period 45th Period 46th Period 47th Period 48th Period 49th Period 50th Period 51st Period 52nd Period 53rd Period 54th Period 55th Period 56th Period 57th Period 58th Period 59th Period

(Jun. 2026) (Dec. 2026) (Jun. 2027) (Dec. 2027) (Jun. 2028) (Dec. 2028) (Jun. 2029) (Dec. 2029) (Jun. 2030) (Dec. 2030) (Jun. 2031) (Dec. 2031) (Jun. 2032) (Dec. 2032) (Jun. 2033) (Dec. 2033) (Jun. 2034) (Dec. 2034) (Jun. 2035) (Dec. 2035)

67th Period

(Dec. 2039)

Memo

GRAND FRONT OSAKA

1. ESG Initiatives

〉 ESG Related (1) ESG initiatives(External Assessment, Certification and Initiatives)

Environmental Certification

• Status of Acquisition of Certification (As of End of Dec. 2025)

* The number of properties that acquired environmental certification is calculated by removing

overlapping properties that have maintained multiple forms of certification.

S Rank

A Rank

18

11

★★★★

★★★

★★

1

2

1

External Assessment

GRESB Real Estate

Assessment

MSCI ESG Rating

Initiatives

PRI TCFD

(Principles for Responsible Investment) (Task Force on Climate-related Financial Disclosures)

Principles for Financial

Action for the 21st Century