Global One Real Estate Investment : Financial Results for the Six-Month Period Ended September 2022 (the 38th Period)(Explanatory Material)

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Financial Results for the Six-Month Period Ended September 2022 (the 38th Period)

(Explanatory Material)

9 December 2022

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Overview of Global One Real Estate Investment Corporation (as of 30 September 2022)

Selective Investment in High-quality Office Buildings		Solid Financial Base Supported by Financial Sponsors

		GOR		Average of
			other office REITs (*)
CLOSER	Walking distance:	100.0	％		78.9	％
0 - 5 min.
NEWER	Average building age	18.5	years		25.1	years
Portfolio PML	1.9	%		2.8	%
	Average	17.3	billion yen	9.1	billion yen
LARGER	acquisition price
Average	11,986	sqm		8,278	sqm
	total leasable area
	Major 3 metropolitan areas			Total acquisition
	other than Tokyo
	Metropolitan Area				price

LTV	Book value basis	47.4%
(Interest-bearing debt / total assets)	Appraisal value basis 39.8%
Ratio of long-term /	89.9	%
fixed interest-bearing liabilities
Average financing term	7.0	years
Average interest rate	0.64	%
Rating	AA-Stable（JCR）

				8.9％	Yodoyabashi		11 properties,
					4.1%	Otemachi	191.1 billion yen
					Midosuji	12.3%
				Saitama	4.8%
Tokyo suburban areas			Hirakawacho
11.9%
		9.5%
	21.3%			Yokohama
				9.4%			Minami-
				Shinagawa		aoyama		Tokyo Central
					18.3%
				6.3%
					Toyosu		Sengokuyama		5 Wards
	Tokyo 23 Wards other than	11.0%	Kinshicho	44.5%
		8.1%	4.4%

the central 5 Wards

25.3%

							Provides expertise in
							real estate investment
	Real estate investment/	Finance	and management
	management
							Provides expertise in
							the financial and trust
							businesses
	Finance		Real estate brokerage
							Provides expertise in
							real estate investment
	Real estate development/operation		and management

Japan Credit Rating

Agency, Ltd. (JCR)

Long-term Issuer Rating

AA-

（Stable）

[Asset Manager]

(*) "Other office REITs" refers to J-REITs (excluding GOR) which have an investment policy where 70% or a higher percentage (based on acquisition prices) of funds are allocated to commercial real	3
estate of which main use is office. Average figures are calculated based on figures indicated in the most recent disclosure materials of each REIT that could be confirmed as of 30 September 2022.

Table of Contents

Ⅰ Preface
１．Efforts to Increase Unitholder Value	6
２．Financial Highlights	7
３．Future Portfolio Strategy	8
４．Near-term Initiatives	9
Ⅱ Financial Results
１．Overview of Financial Results	11
２．Performance Forecast	13
３．Result and Forecast of DPU	15

• Portfolio Management

１．Internal Growth	17
２．External Growth	24
３．Financial Management	31
４．Promotion of ESG	35
Ⅳ Reference Material
１．Portfolio Data	45
２．Financial Data	56
３．Overview of Asset Manager	62

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 "Kinshicho" = Arca Central

"Toyosu" = Toyosu Prime Square "Shinagawa"= Shinagawa Seaside West Tower "Yokohama" = Yokohama Plaza Building

"Saitama" = Meiji Yasuda Life Insurance Saitama-Shintoshin Building "Midosuji" = Meiji Yasuda Life Insurance Osaka Midosuji Building "Yodoyabashi" = Yodoyabashi Flex Tower

"Sapporo" = THE PEAK SAPPORO

"Nagoya" = Tomatsu Building (NEC Chubu Building)

For some terms used in this document, please refer to the notes attached at the end of this document.

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-1split of investment units with 1 April 2014 as the effective date
• 4-for-1split of investment units with 1 April 2018 as the effective date

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• Preface

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