Notice Concerning Acquisition of Trust Beneficiary Right in Real Estate in Japan (JMF-Bldg. Tsukuba 01)（PDF：1.9MB）

To all concerned parties

I nvestm ent Corporation

February 25, 2026

Japan Metropolitan Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953) Representative: Masahiko Nishida, Executive Director

URL: https://www.jmf-reit.com/english/ Asset Managem ent Company

OR Management Representative: Keita Araki,

President & Representative Director

Inquiries:

Takuya Machida, Executive Officer & Head of Metropolitan Division

TEL: +81-3-5293-7081

Notice Concerning Acquisition of Trust Beneficiary Right in Real Estate in Japan (JMF-Bldg. Tsukuba 01)

Japan Metropolitan Fund Investment Corporation ("JMF") announces today that KJR Management, JMF's asset manager (the "Asset Manager"), decided to acquire the trust beneficiary right in real estate in Japan (the "Property") as outlined below.

1. Reason for the Acquisition

   Highlights

   • A value-add project that significantly improved profitability and asset value in a short period through internal growth during the bridge vehicle's holding period

     JMF aims to improve totalreturn (DPU and NAV) and expand its growth cycle driven by "internal growth" and "return of gains of asset sales."

     JMF has decided to acquire an office building located very close to Tsukuba Station on the Tsukuba Express line, which is one of the largest in the area and has high competitiveness.

     The Property was acquired by a bridge vehicle in September 2024, based on the intention of the Asset Manager. Subsequently, during the holding period, efforts toward contract renewal were strengthened, and rent increases were achieved with more than half of the tenants, including those whose ordinary lease agreements had not yet expired, resulting in a 6.7% increase in the average rent unit price. Furthermore, the recent highest contracted rent reached 19,000 yen/tsubo, which is 32.9% higher than the average rent unit price, and further increases in rent levels can be expected in the future.

     In addition, initiatives have been undertaken to enhance ancillary revenue and reduce costs through a review of building management (BM) fees and utility costs, and the NOI after acquisition is expected to be 24.8% higher than at the time of acquisition by the bridge vehicle. Furthermore, JMF expects a further increase in NOI through continued rent increases.

     Against the backdrop of the progress of these measures, the appraisal value reached 13,400 million yen (unrealized gain ratio of +24.9%), significantly improving profitability and asset value in a short period of approximately one and a half years. Since the appraisal value is calculated based on an average rent unit price roughly at the same level as the current status, further increases in the appraisal value are expected as rents rise in the future.

     JMF will strive to improve profitability through further progress in the internal growth of the Property, while also considering the pursuit of capital returns in the future.

     Rent unit price *" • "

     
     
     19,000

     @ NOI (Note Z)- NOI yield *^°'• '*

     
     
     

     543

     
     
     

     906

     
     
     
     
     

     At Acquisition After by Bridge Acquisition vehicle by JM*

     (Note l) Each rent unit price is as follows.

     Narket Rent

     
     
     

     at Acouisition After by Bridge Acquisition vehicie by JuF

     (forecast)

     Upon AcWevng

     
     
     

     (Assumed)

     "At Acquisition by Bridge Vehicle" refers to the average monthly rent per tsubo (rounded down to the nearest hundred yen) of the Property as of the end of September 2024, when the bridge vehicle acquired the Property. "After Acquisition by JMF" refers to the average monthly rent per tsubo (rounded down to the nearest hundred yen) calculated based on the lease agreements effective or concluded as of the date of this document. "Market Rent Per Unit" refers to the maximum contract rent per tsubo for units newly occupied within the past year.

     (Note 2) Each NOI is as follows:

     The figure for "At Acquisition by Bridge Vehicle" refers to the NOI of the Property calculated by JMF under certain assumptions as of the end of September 2024, when the bridge vehicle acquired the Property. The figure for "After Acquisition by JMF (Forecast)" refers to the assumed NOI after acquisition by JMF. The figure for "Upon Achieving Market Rent (Assumed)" refers to the NOI based on future forecasts calculated by JMF as of the date of this document, considering certain assumptions based on the market rent per unit. None of these figures are a guarantee of actual NOI.

     (Note 3) For the NOI yield, each NOI calculated in Note 2 is divided by the acquisition price and rounded to the first decimal place.

2. Property Summary (Acquisition)

JMF made the decision to acquire the Property based on the following evaluation points. Location

• Tsukuba City, where the Property is located, was designated as an "International Strategic Zone" in 2011 and has developed into Japan's leading science and technology research city. The area is a hub for public research institutions as well as many private research institutes and companies equipped with world-class research facilities.

• The Property is located within approximately a five-minute walk from Tsukuba Station on the Tsukuba Express line, in a highly visible location on a corner lot along amain street. Tsukuba Station offers high transportation convenience to central Tokyo, with access to Akihabara Station in approximately 45 minutes via rapid service.

• In addition, since the highway ICs of the Joban Expressway and the Ken-O Expressway are located nearby, access by car to central Tokyo, the Saitama area, and the Tohoku area is good, and many companies occupy the building as a base for branches and sales offices in the northern Kanto area.

  Building Spec

• The Property is alandmark building with 19 floors above ground and 2 floors below ground, atotal floor area of approximately 7,945 tsubo, and a standard floor area of approximately 295 tsubo, making it the largest in scale and grade in the Tsukuba area.

• It has sufficient specifications, including a ceiling height of 2,550 mm, OA floor (50 mm), individual air conditioning, and floor load of 300 kg/㎡. Furthermore, although it is over 30 years old, renewal work such as air conditioning renovation and elevator updates has already been implemented by the previous owner.

• The standard floor of the Property is approximately 295 tsubo, but it can be divided into units of about 30 tsubo, making it suitable for use as abranch office, for which there is high demand in the Tsukuba area.

  Tenant Composition and Occupancy Rate

• The tenant base comprises major companies across a diverse range of industries, including IT and telecommunications, finance/insurance, manufacturing, and HR/staffing services, resulting in a well-diversified composition.

• The Property has maintained an occupancy rate of over 95% even during the COVID-19 pandemic, which remains relatively high compared with the average occupancy rate of Grade A- offices in Tokyo's 23 wards, demonstrating stable performance.

Tenant Industry Breakdown '^°" "

Occupancy rate

other ''

Real Escate &

Telecommunications

24.Z9b

Finance•

HR / Bluffing

14.398

100.0%

95.0%

Property

Tokyo 23W Office (Grade A-)

Nanufactuñng

85.0X

Dei?02 De 1021 Dec 2023 Dez 20?4 Dei2015 AlUMF

(Note l) Prepared by the Asset Manager based on monthly rent with reference to information available on the websites and other public sources of the tenants.

(Note 2) Prepared based on the vacancy rate of Grade A-minus office buildings in the Tokyo 23 wards office market, as published by CBRE K.K.

• Property Photo / Property Location Map

Enlarged Map (Image)

*Please refer to the QR code for the detailed map

- "Tsukuba Central:Park

© OpenStreetMap Contributors

https://maps.app.goo.gl/yNxQgVREupu2CpD4A

・Figures ofless than one million yen are rounded down, and percentages are rounded to the nearest second decimal place.

• A pass-through rype master lease agreement is scheduled to be concluded for the Property.

• "Location" represents the address ofthe Property or the registered address of the building.

• "Land area", "Total door area" are based on descriptions inregistry books.

• "Zoning" represents the classification oflandby its use, stipulated in Section 1-1, Article 8 of the Ciry Planning Act.

• "Number of tenant(s)" represents the total number of lease contracts (including the lease agreements, etc. concluded between the master lease company and end tenants; the same applies hereinafter) as of the above.

• nual rent" is calculated by multiplying the total of monthly rent and monthly common area charges indicated in the lease agreements, etc. for the assets to be acquired that are effective as of the above date by 12, and is rounded down to the nearest million yen. The amount clearly stated in the lease agreement as rent for parking, bicycle parking, etc. is not included.

• "Tenant leasehold / security deposit," "Total leased area," "Total leasable area," and "Occupancy rate (based on area)" are the totals of the figures based on lease agreements, etc. that are effective as of the above date.