One REIT : Notice concerning Change of Property Management Company

Translation Purposes Only

October 29, 2021

To All Concerned Parties

Name of REIT Issuer

One REIT, Inc.

2-1-3 Nihonbashi, Chuo-ku, Tokyo, Japan

Hirofumi Nabeyama, Executive Director

(TSE Code: 3290)

Contact:

Asset Management Company

Mizuho REIT Management Co., Ltd.

Hirofumi Nabeyama, Chief Executive Officer

Contact Person: Takeshi Akimoto,

Managing Director Finance & Administration Division

TEL: [phone]

Notice concerning Change of Property Management Company

One REIT, Inc. (hereafter referred to as "One REIT") announced that there will be a change (hereafter referred to as

the "Change") in the property management company (hereafter referred to as the "PM Company") of ten properties owned by One REIT as described below.

1. Overview of the Change

Concerning the ten properties owned by One REIT, the PM Company is scheduled to be changed as of November 1, 2021, as follows.

Property	Property Name	Former PM Company	New PM Company
No.
OT-7	ONEST Nakano Building
OT-9	Minami-Shinagawa JN
Building
OT-10	Minami-Shinagawa N
Building
OT-11	Minami-Shinagawa J
Building
OT-16	Daido Life Omiya
Building	XYMAX ALPHA Corporation	XYMAX Corporation
OT-18	Crescendo Building
OT-24	Kuramochi Building
Daiichi
OT-26	Shinkawa 1-chome
Building
OT-27	Hakozaki 314 Building
OT-28	Aperto Higashi-Nakano
Building

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1. Reason for the Change
   The Change will be made because the former PM Company will be absorbed by the new PM Company (through an absorption-type merger) on November 1, 2021, and the status under contract and such of the former PM Company will be succeeded by the new PM Company on the same date.
2. Overview of the New PM Company

Name	XYMAX Corporation
Headquarters	1-1-1 Akasaka, Minato-ku, Tokyo
Position / Name of	Kenji Yoshimoto, Representative Director
Representative
Major business	1. Owning, sales, purchase, leasing, management, brokerage, agent, intermediary,
		consulting and appraisal of real estate
		2. Commissioned operations of real estate including office buildings,
		commercial/logistics facilities and hotels
		3. Total management and maintenance of buildings and related facilities
		4. Owning, leasing and management of hotels
		5. Sales of goods associated with management and operation of buildings, and its
		agent and brokerage
Capital	JPY 2,892,865,000.-
Relationship with One REIT and the Asset Management Company
	Capital relationship	There is no capital relationship to note between the concerned company and One
		REIT or the Asset Management Company.
	Personnel	There is no personnel relationship to note between the concerned company and One
	relationship	REIT or the Asset Management Company.
	Business	There is no business relationship to note between the concerned company and the
	relationship	Asset Management Company.
	Related party or not	The concerned company does not fall within the scope of the related parties of One
		REIT or the Asset Management Company.

4. Outlook of the Financial Results

The impact of the change in PM Company on the financial results for the fiscal period ending February 2022 (17th fiscal period; September 1, 2021, to February 28, 2022) and the fiscal period ending August 2022 (18th fiscal period; March 1, 2022, to August 31, 2022) will be minimal, and thus One REIT will not make any revisions to its forecast of financial results for the period.

One REIT corporate website: https://one-reit.com/en/

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