marimo Regional Revitalization REIT, Inc.
15th Fiscal Period (Ended December 31, 2023)

Presentation
Material
February 19, 2024

(Asset Manager) Marimo Asset Management Co., Ltd.

Table ofContents

Copyright © Marimo Asset Management Co., Ltd.

▌Summary of Financial Results… P03▌Operational Results… P09▌Sustainability Initiatives… P22▌Appendix… P29

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material215th FP

Summary of Financial Results

15th Fiscal Period Executive Summary (period ended December 2023)
External growth

Sustainability■ Acquisition of CASBEE
Real Estate Certification■ Acquired additional land adjacent toStarship Kobe Gakuentoshi

ArtizA Kokura (December 25, 2023)

Acquired part of the adjacent land (including
structures) from the sponsor, Marimo Co., Ltd.
To enhance the convenience of commuting toand from school

Acquisition priceAppraisal value

0 yen

1.9 million yen

S Rank ★★★★★

■ Disclosure of sustainability policy
 Establishment of Sustainability Policy(December 26, 2023)(Asset management company)
 Website renewal

Internal growth

Dividends per unit

■ Rent increase due to value increase and new contracts
Portfolio yield(as of end of 15th Fiscal Period)
Averageappraisal NOI
yield

Average appraisal
yield after
depreciation

6.2%

4.7%

Portfolio averageoccupancy rate

■ 3,452 yen (2.3% above forecast)
Dividends per unit (yen)3,374

LTV to total assets

48.7%
Average remaining
borrowing period

2.6 years

Upon IPO

8 banks ® 17 banks
Average interest rate

0.813%*Including dividends in excess of earnings

3,255

3,205

3,276

(as of end of 15th Fiscal
Period)
+2.3%

98.5%

Forecasts+1.6%

Results

15th FP
Dec. 2023

Financial indicators
Underwriting
syndicate banks

3,452

Current
forecasts
16th FP
Jun. 2024

Previous
forecasts

New
forecasts
17th FP
Dec. 2024

Other
Rating (JCR)

A- Stable
Fixed interest rate:
Floating interest rate

14.2%: 85.8%■ Filing of lawsuit for rent reduction at Yamada Denki Tecc Land
Miharamarimo Regional Revitalization REIT, Inc. intends to respond and advocate throughthe master lessee (Marimo Co., Ltd.) in the future.
Date of filing

October 2023

Primary claim of lawsuit

Demand for reduction of approximately 30% of thecurrent rent for August 2022 and thereafter(Note) Please refer to the end of this document for details. The same applies hereinafter.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

415th Fiscal Period Financial Highlights (period ended December 2023)
15th Fiscal Period Summary of Financial Results (period ended December 2023)
Results

Relative change
from forecast(million yen)

Operating revenue(Note 1)

2,081

-15

99.3

-60

97.2

Operating income(Note 1)

899

+25

102.9

-86

91.3

Ordinary income(Note 1)

711

+26

103.8

-89

88.9

Net income(Note 1)

712

+26

103.8

-87

89.1

3,003

+110

103.8

-367

89.1

449

-32

93.3

+106

130.9

+78

102.3

-261

93.0

(Unit: million yen)

Relative change
Relative change
Relative change
from previous
from previous
from forecast (%) period (million yen)period (%)(Unit: yen)

Dividends per unit (EPU)(excluding dividends in excess of earnings)①

Dividends in excess of earnings
per unit②

Dividends per unit (DPU)(including dividends in excess of earnings)
①＋②

3,452
(Note 2)

(Note 1) Rounded down to the nearest unit.
(Note 2) Payout ratio before adjustment
75.6%
Payout ratio after adjustment
75.0%
Dividend ratio (against ratio of depreciation) 28.0%

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

515th Fiscal Period Financial Highlights (period ended December 2023)
Details compared with forecast for the 15th Fiscal Period (period ended December 31, 2023)(Unit: million yen)

A (Note 1) (Note 2)
Forecasts for
15th FP

Operating revenue
Lease business income
Rental and common service fee revenue
Parking revenue
Other lease business revenue
Utility revenue
Other revenue
Gain on sale of real estate, etc.
Operating expenses
Lease business expenses
Management fees
Utility costs

2,096
2,096
1,782
68
116
114
14
ー
1,222
918
163

Taxes and public dues
Repair costs
Depreciation
Other lease business expenses
Total other business expenses
Asset management fee
Other operating expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Net income
Dividends per unit (EPU) (unit: yen)
Dividends in excess of earnings per unit (DPU)

130
40
381
48
301
187
114
874
0
188
685
686
2,893

(unit: yen)

Dividend amount per unit (unit: yen)
(Note 1) Announced on August 17, 2023.
(Note 2) Rounded down to the nearest unit.

Copyright © Marimo Asset Management Co., Ltd.

155

B (Note 2)
15th Fiscal Variation (Note 3)
Main reasons for variation
Period(B–A)
Results
2,081
-15
2,081
-15
1,793
11 ArtizA Sendai Kakyoin +2, ArtizA Kokura +3, Komyoike Act +5
68
0
117
1
71
-43
29
15 Increase in key money and restoration costs +13
ー
ー
1,181
-41
879
-39
165
2 Outsourcing fees +3, property/building management fees -1
Change in electric power company -32, LED lighting in common
105-50
areas -3, review of unit price of electricity -3
130047
7 ArtizA Sendai Kakyoin +4, MRR Kumamoto +2
379
-2
50
2
299
-2
193
6
106
-8
899
25
0
0
189
1
711
26
712
26
3,003
110

481

449

-32

3,374

3,452

78
(Note 3) + is the increasing factor; - is the decreasing factor. The same applies hereinafter.
(Note 4) A refers to “ArtizA.” The same applies hereinafter.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

615th Fiscal Period Financial Highlights (period ended December 2023)
16th Fiscal Period and 17th Fiscal Periods Earnings Forecasts(Unit: million yen)

15th FP
Results (A)16th FP
Forecast (B)Variation(B–A)

17th FP
Forecast (C)Variation
(C–B)

2,081
2,081
1,793
68
117
71
29

2,093
2,093
1,806
67
116
67
35

12
12
13
-1
-1
-4
6

2,096
2,096
1,801
70
116
91
16

3
3
-5
3
0
24
-19

ー
1,181
879
165
105
130
47
379
50
302
193
106
899
0
189
711
712
3,003
449
3,452

ー
1,235
941
176
107
175
48
383
49
293
181
112
857
0
198
658
657
2,771
484
3,255

ー
54
62
11
2
45
1
4
-1
-9
-12
6
-42
0
9
-53
-55
-232
35
-197

ー
1,232
939
164
127
175
37
384
49
292
183
109
863
0
200
663
662
2,791
485
3,276

ー
-3
-2
-12
20
0
-11
1
0
-1
2
-3
6
0
2
5
5
20
1
21

Operating revenue
Lease business income
Rental and common service fee revenue
Parking revenue
Other lease business revenue
Utility revenue
Other revenue

Gain on sale of real estate, etc.
Operating expenses
Lease business expenses
Management fees
Utility costs
Taxes and public dues
Repair costs
Depreciation
Other lease business expenses

Total other business expenses
Asset management fee
Other operating expenses

Operating income
Non-operating income
Non-operating expenses
Ordinary income
Net income
Dividends per unit (EPU) (unit: yen)
Dividends in excess of earnings per unit (DPU) (unit: yen)

Dividend amount per unit (unit: yen)

(Note 1) The forecasts for the 16th Fiscal Period and 17th Fiscal Period do not guarantee actual results.
(Note 2) Rounded down to the nearest unit.

Copyright © Marimo Asset Management Co., Ltd.

Main reasons for variation
16th Fiscal Period Forecast(compared to 15th Fiscal Period results)

Lease business income
Rent increase +13
Mirakita City Hanakita +6, PLEAST Hakata Gion Bldg. +3
Residential properties overall +3
Other revenue +6
Increase in key money, etc. arising from tenant replacement at
residential properties, etc.
(Temporary increase due to peak season)

Expenses related to rent business
Management fees +11
Increase in advertising and other expenses owing to peakseason for leasing
Taxes and public dues +45
Increase through fourth public offering (13 properties)

17th Fiscal Period Forecast(compared to 16th Fiscal Period forecast)

Lease business income
Increase in utility revenue +24
Increase in income due to narrowing the range of measures fordrastic fluctuation of electricity and gas rates* by thegovernment
Other revenue -19
Absence of key money, etc. arising from tenant replacement at
residential properties, etc.
(Temporary decrease due to off-season)

Expenses related to rent business
Management fees -12
Decrease in advertising and other expenses due to off-season
for leasing
Increase in utility costs +20
Increase in expenditures due to narrowing the range ofrelaxation measure for drastic fluctuation* by the government
Repair costs -11
Decrease in repair costs owing to decrease in move-ins andmove-outs at residential properties* The range of the Agency for Natural Resources and Energy’s
measures to relax drastic fluctuation of electricity and gas rates
is scheduled to be narrowed from May 2024.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

715th Fiscal Period Financial Highlights (period ended December 2023)
Change in Dividends Per Unit
Dividends in excess of earnings per unit
Dividends per unit (excluding dividends in excess of earnings)(Unit: yen)
4,500
4,000

3,462 3,431 3,441 3,445 3,494 3,504 3,494 3,546 3,572

3,500

521

3,000

459

544

460

496

499

431

410

3,924 3,817
320

216

426

DPU (Dividends of earnings per unit)＋78 yen (＋2.3%)
4,500

3,689 3,713
222

343

4,000
3,500

4,500

3,374

3,452

481

449

3,500

3,000

3,000

2,500

2,500

EPU (Dividends of earnings per unit)

2,000

2,000

＋110 yen (＋3.8%)

1,500
1,000
500
0

977

2,941

2,982

2,887

2,985

3,008

2,995

3,063

3,136

3,146

3,604

3,601

3,467

3,370

Increase due togain on sale4320Dec. 2017

Jun. 2018

Dec. 2018

Jun. 2019

Dec. 2019

Jun. 2020

Dec. 2020

Jun. 2021

Dec. 2021

Jun. 2022

Dec. 2022

484

485

2,771

2,791

1,000

500

0

Initial forecast

1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP 11th FP 12th FP 13th FP 14th FP
Jun. 2017

3,003

500

Results Results Results Results Results Results Results Results Results Results Results Results Results Results

3,276

2,500

1,500

2,893

3,255

2,000

1,500
1,000

545

Dec. 2016

4,000

Jun. 2023

Results

Forecasts Forecasts

15th FP

16th FP

17th FP

Dec. 2023

Jun. 2024

Dec. 2024(Note) The forecasts for the 16th Fiscal Period and 17th Fiscal Period do
not guarantee actual results.

NAV Per Unit
150,000
120,000

113,679

119,105

120,709

121,786

122,535

125,547

128,027

134,365

136,800

139,212138,267

139,806

141,760

142,772

142,483

90,00060,00030,0000(Unit: yen)

1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP
Dec. 2016

Jun. 2017

Dec. 2017

Jun. 2018

Copyright © Marimo Asset Management Co., Ltd.

Dec. 2018

Jun. 2019

Dec. 2019

Jun. 2020

Dec. 2020

Jun. 2021

Dec. 2021

Jun. 2022

Dec. 2022

Jun. 2023

Dec. 2023

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

815th FP

Operational Results

Management Status by Segment 15th Fiscal Period (period ended December 2023)
15th Fiscal Period (period ended December 2023)
Asset

Residential

Changes in Occupancy Rates
and Factors

Number of
Properties

24

StatusEnd ofprevious
periodCurrent period ArtizA Matsumoto; 29.4 tsubo shop opened on 1F (food and beverage

96.6%

97.4% (+0.8%)

 ArtizA Awajieki-higashi; 1.5% per room increase on rent basis

 Increase in occupancy rate due
to backfilling of vacancies

business) Mirakita City Hanakita; 2 lots on 1F, 70.6 tsubos total 1 contract (clinic)
 MRR Itoshima; 1F 427.5 tsubo contract cancellation/ 1 contract (discount
Retailfacilities

100%

99.6% (-0.4%)

store)® (21 days of downtime)21 MRR Itoshima; 1 lot on 2F, 173 tsubo contract cancellation (internet cafe) MRR Kumamoto; 1 lot on 1F, 23 tsubo cancellation/ 1 contract (esthetic
salon)® (no downtime) Essentially unchanged

 Komyoike Act; 1 98.4 tsubo cancellation on B1F (food and beveragebusiness)2

 Hotel Wing International Hida-Takayama: Transitioned from operating asa facility for treatment of COVID-19 to normal operation(from July 1, 2023)

Offices4

 MRR Utsunomiya; 1 lot on 4F, 26.3 tsubos 1 contract
 PLEAST Hakata Gion Building; 60.2 tsubos on 7F 1 contract
 PLEAST Hakata Gion Building; 6F, 60.2 tsubo cancellation notice

Logistics
facilities

1 No particular changes

HotelsCopyright © Marimo Asset Management Co., Ltd.

100%

100% (±0%)

 Operation stable
96.2%

99.5% (+3.3%)

 Increase in occupancy rate
owing to backfilling of
vacancies
100%

100% (±0%)

 Operation stable
marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

1015th Fiscal Period External Growth (period ended December 2023)
Acquired additional land from sponsor (Starship Kobe Gakuentoshi)
Additional acquisition locations (within)

Building name

Kobe Design
University

University of ★
Hyogo

AccessLand area
New route

Starship Kobe
Gakuentoshi

Kozokadai
Park

Hirokoba
Hill

Acquisition price0 yen (Note 2)

Appraisal value

1.9 million yen (Note 3)

Acquisition date

October 27, 2023

(Note 1)

Staircase extension(Note 2)Junshin Kobe
Hospital
Nitori
TarumiOld route

Building overall

Copyright © Marimo Asset Management Co., Ltd.

Wide area

Starship Kobe Gakuentoshi
About a 23-minute walk from Gakuentoshi
Station on the Kobe Municipal Subway
Seishin-Yamate Line
59 m2 (Note 1)(Note 3)The site area of the property at the time of acquisition was 3,385.52 m2,
and the description above indicates the additionally acquired portion(land site area).
After acquisition, the total site area is 3,444.52 m2.
The land was acquired from the transferor for no consideration, and nomoney has been paid by marimo REIT to the transferor as consideration
for the land; therefore, the amount is stated as 0 yen.
The appraisal value of additional land acquired.

Near University of Hyogo (to ★ mark near Gakuen Line)
About an 11-minute walk via old route (prior to
installation of stairs)
About a six-minute walk via new route (following
installation of stairs)*(Calculation based on walking speed of 80m/minute)Acquired a 59 m2 strip of land (including structures) adjacent to theproperty from the sponsor, Marimo Co., Ltd., for no consideration.
This land serves as a route for residents (students) to commute to andfrom school, thereby enhancing the property’s convenience.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

1115th Fiscal Period Internal Growth (period ended December 2023)
Measures to improve profit
ArtizA Hakata PREMIER

PLEAST Hakata Gion Bldg.

Measures to improveresident/tenant satisfaction
ArtizA Sobudai

Ikeshita ES Building

Installation of stands fordisaster prevention
stockpiling

Installation of disasterprevention equipment inelevators

Prior to value-enhancing construction

Sublease motorcycle space as a government-led
measure to relieve traffic congestion
Specialized port for electric vehicle (EV) scooter
sharing

MRR Itoshima
Construction location■Vanity wash basin■Bathroom
thermostatic faucet■Shower head
■Built-in gas stove■Kitchen sink lever■Hot-water heater
remote control■Room airconditioning■Downlight
replacement

Other measures
ArtizA Kawasaki East
Increased revenue through installation of rooftop
antennas
ArtizA Awajieki-higashi
Increased revenue through bulk sublease of vacantparking lot for use as motorcycle parking lot
Alpha Square Minami 4jo Higashi
Basic fee reduced through installation of electronic
breakers
Due to profit enhancement measures (including
other measures)

One room on a rentbasis
Fee up approx.
Installation of cameras inUp approx.
/fiscal period
14%/monthopen spaces
marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material 12

650,000 yen

Copyright © Marimo Asset Management Co., Ltd.

15th Fiscal Period Owned Property Topics (1) (period ended December 2023)
 Changes in Average Occupancy Rate of Portfolio During Fiscal Periods
Residential

AverageduringperiodRetail facilities

Averageduringperiod96.5%(%)

1st FP
98.6%

2nd FP
98.6%

3rd FP
98.7%

Averageduringperiod

Hotel

99.3%
4th FP
98.4%

5th FP
98.4%

Offices

Averageduringperiod100%

6th FP
98.6%

7th FP
99.1%

Logistics

97.5%

8th FP
98.5%

9th FP
97.7%

AverageduringperiodEntire portfloio

Averageduringperiod100%

10th FP
97.5%

11th FP
97.7%

98.5%

12th FP
97.7%

13th FP
97.7%

14th FP
98.7%

15th FP
98.5%

100.0%

90.0%

0%
80.0%

2016

Dec. 2016(1st FP)2017
Jun. 2017(2nd FP)2018
Dec. 2017(3rd FP)

Residential

Jun. 2018(4th FP)2019
Dec. 2018(5th FP)

Jun. 2019(6th FP)

2020
Dec. 2019(7th FP)

Jun. 2020(8th FP)

2021
Dec. 2020(9th FP)

Jun. 2021(10th FP)

2023

2022
Dec. 2021(11th FP)

Jun. 2022(12th FP)

Dec. 2022(13th FP)

Jun. 2023(14th FP)

Dec. 2023(15th FP)

Number of properties

Total acquisition priceInvestment ratio

Occupancy rate*

2421.04 billion yen

42.0%

97.4%
*As of December 2023

Increase/Decrease in Residential Rent (1st FP to 15th FP)
Increase

(%)

100.0

26.8

80.0
60.0

13.0
15.6

14.3
6.1

22.0

13.4
29.3

14.5

13.4

23.6

21.6

15.1
28.3

15.1
37.7

9.8
37.0

17.0

21.6

21.5

39.8

39.2

40.5

No change
28.9

34.3

31.3

34.7

Decrease
22.8
41.6

40.0
20.0
0.0
Total numberof units
No. ofoccupancies
andcancellations
Average no.
of downtime
days

51.2

71.4

79.6

57.3

61.8

64.9

56.6

47.2

53.3

43.2

39.2

38.0

39.8

31.0

35.6

1st FP

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

10th FP

11th FP

12th FP

13th FP

14th FP

15th FP

600

654

654

782

782

834

834

1,012

1,012

1,052

1,114

1,327

1,437

1,481

1,481

41/46

77/72

49/48

82/93

55/74

134/9753/62

106/130

91/112

176/146

74/93

155/173

128/147

216/196

149/136

88

67

77

69

78

85

61

51

69

72

82

63日

99

79

83

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

1315th Fiscal Period Owned Property Topics (2) (period ended December 2023)
Retailfacilities

Number of properties

Total acquisition priceInvestment ratio

Occupancy rate*

2120.68 billion yen

41.3%

99.6%
*As of December 2023

MRR Itoshima (Itoshima City, Fukuoka Prefecture)
Location

5-23-6 Takada,
Itoshima City,
FukuokaAcquisition price

900 million yen

Appraisal value

926 million yen

Appraisal NOI yield

5.5%

Leasable area

2,842.78 m2

Occupancy rate(compared with theend of the previous
fiscal period)

100% (±0)

Contract date ofsucceeding tenant

Period from expiration
to conclusion of newagreement

Jul. 2023

Aug. 2023

21 days

Key points for rapid leasing

After the expiration of the lease term, by leveraging our connections in regional cities andengaging in leasing activity, we quickly concluded a contract with a successor tenant.

HotelExpiration date ofprevious tenant’s
contract

Relations

Identified potential tenants in the Kyushu area proactively seeking toopen new stores.
Met directly with person in charge of prospective tenant’s store opening
without an intermediary.
Reduced brokerage costs, responded to requests for additional facilities,
etc., leading to swift closing of contracts

Site

The property offers good accessibility by car since it is in proximity to
National Route 202, a main arterial road running east to west. The
current population within a five-kilometer radius is 129,000. As the
population tends to remain in the area, it is considered a suitablecommercial location for lifestyle-oriented tenants.

Number of properties

Total acquisition priceInvestment ratio

Occupancy rate*

22.49 billion yen

5.0%

100%

Hotel Wing International Hida-Takayama(Takayama City, Gifu Prefecture)

Copyright © Marimo Asset Management Co., Ltd.

Location

2-51
Hatsudamachi,
Takayama City,
Gifu Prefecture

Acquisition price

1,750 million yen

Appraisal value

1,940 million yen*As of December 2023

Resumed normal operations in July 2023, following a bulk sublease from the tenant
to the government.
The property has fixed and some variable rents, and as tourism demand in
Takayama is recovering, expectations are high going forward.
2021
2022
2023
Year on year
Takayama Spring Festival
Two days (April 14–April 15)

19,000 people

53,000 people 168,000 people

316.98%Golden Week
Seven days (April 29–May 5)

114,000 people 192,600 people 212,600 people

110.38%58,700 people 108,600 people

96,100 people

88.49％

Canceled 102,000 people 112,000 people

109.80%Appraisal NOI yield

6.4%

Leasable area

3,385.68 m2

Occupancy rate(compared with theend of the previous
fiscal period)

Obon
Six days (August 11–August
16)

100% (±0)

Takayama Autumn Festival
Two days (October 9–
October 10)

Tourism statistics* excerpted from Takayama City website

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

1415th Fiscal Period Owned Property Topics (3) (period ended December 2023)
OfficeNumber of properties

Total acquisition priceInvestment ratio

Occupancy rate*

44.75 billion yen

9.5%

99.5%
*As of December 2023

MRR Utsunomiya (Utsunomiya City, Tochigi Prefecture)

Mixed-use facility comprising office area
(floors 1-5) and
residential area (floors 6-10)

MRR Utsunomiya

On August 26, 2023, theHaga-Utsunomiya LRT, thefirst tram in 75 years andJapan’s first all-new LRT,
opened.

Haga/Utsunomiya LRT

East Exit of
Opposite
Utsunomiya
Ekihigashi
Station Higashishukugo Park

Four minutes
from two
stations

After the opening, residents have access to the Eki Higashi Koen-Mae stop on the
Haga-Utsunomiya LRT in only two minutes on foot, where previously the nearest
form of transportation to the property was JR Utsunomiya Station, a 12-minute walk.
Moreover, the LRT is scheduled to be extended across the east and west sides of
JR Utsunomiya Station around 2030.

A multi-use facility has opened at the east exit of Utsunomiya Station!
Utsunomiya Terrace, a multi-use facility in front of the station, opened as aplace for visitors to Utsunomiya Station to relax.

○ Accommodation (floors 5–14)○ Commercial (floors 1–6)
・ Main tenant composition
6F: Office
5F: Wedding, restaurants, services
4F: Merchandise
3F: Food and beverage, merchandise, services
2F: Food and beverage, merchandise, services
1F: Supermarket, food and beverage, services○ Multi-story parking garage(separate 5-story building)

Copyright © Marimo Asset Management Co., Ltd.

Location

6-1-7 and 6-3-9
Higashishukugo, Utsunomiya
City, Tochigi Prefecture

Acquisition price

1,750 million yen

Appraisal value

1,930 million yen

Appraisal NOI yield

6.3%

Leasable area

5,106.48 m2

Occupancy rate(compared with the end of 98.7% (+3.9%)
the previous fiscal period)●Enhanced convenience with the opening of the LRT●Cancellation of office block (26.3 tsubos, end of June 2023) ® 100％ contracted
during the 15th Fiscal Period●Achieved 100% month-end occupancy for the first time since acquisition during
the peak fall residential season●Changed lighting in common areas from fluorescent to LED Reductions inelectricity costs are expected to begin in 2024
End of 13th FP

Upon acquisition
Jan. 2022

Dec. 2022

End of 12th FP

End of 14th FP
Jun. 2023

Jun. 2022
100.0%

Dec. 2023

100%
96.1%

96.2%

End of 15th FP

94.8%

95.0%
90.0%

98.7%
94.8%

85.0%
80.0%

〜

75.0%

Jan. Mar. May Jul. Sep. Nov. Jan. Mar. May Jul. Sep. Nov.
2022 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2023

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

1515th Fiscal Period Owned Property Topics (4) (period ended December 2023)
Logistics
facilities

Number of properties

Total acquisition priceInvestment ratio

Occupancy rate*

11.17 billion yen

2.3%

100%
*As of December 2023

Nippon Express Komagane Logistics Center(Komagane City, Nagano Prefecture)

Chuo
Expressway

Location
Acquisition priceAppraisal value
Appraisal NOI yield
Leasable area

4495-31 Shimodaira,
Komagane City,
Nagano Prefecture
1,170 million yen
1,220 million yen
6.2%
2
10,047.69 m

Occupancy rate(compared with the end of 100% (±0)
the previous fiscal period)

Copyright © Marimo Asset Management Co., Ltd.

 It is conveniently located about a 10-minute drive(about 5 km) from the Komagane Interchange,
midway down the Chuo Expressway.
 Expected to ensure steady cash flow due to along-term fixed-rent contract with Nippon
Expressway Company Limited, a subsidiary of
Nippon Express Holdings Inc.
 Linear Chuo Shinkansen New Station (Nagano
Prefecture Station (tentative name)) is alsoscheduled to open within a 30 km radius.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

16

Financial Status 15th Fiscal Period (period ended December 2023)
Implementation of Refinancing

Change in LTV to Total Assets(as of February 1, 2024)

Borrowing date:August 1, 2023
Amount borrowed: 1,290 million yen
Borrowing period: Four years
Floating or fixed: Floating
Interest rate:
3M TIBOR＋0.65%
Collateral:
Unsecured/
unguaranteed

Borrowing date:February 1, 2024
Amount borrowed: 2,420 million yen
Borrowing period: Three years
Floating or fixed: Floating
Interest rate:
3M TIBOR＋0.55%
Collateral:
Unsecured/
unguaranteed

60%

55%

50%

Japan Credit Rating
Agency Long-TermIssuer Rating

Balance of InterestBearing Liabilities

40%

Fixed: Floating

Dec.
Jun.
Dec.
Jun.
Dec.
Jun.
Dec.
Jun.
Dec.
Jun.
Dec.
Jun.
Dec.
Jun.
Dec.
2016
2017
2017
2018
2018
2019 2019 2020 2020
2021
2021
2022
2022
2023
2023
(1st FP) (2nd FP) (3rd FP) (4th FP) (5th FP) (6th FP) (7th FP)(8th FP)(9th FP)(10th FP)(11th FP)(12th FP)(13th FP)(14th FP)(15th FP)

A- (Stable)

26.82 billion yen

14.2%: 85.8%

Distribution of Repayment Dates(as of February 1, 2024)
4,500

0.45

3,500

3M TIBOR

Fixed

Floating

3,000

0.35

2,500

0.3

Selected
fixedinterest
rate

0.25
0.2
0.15

2,000
1,500
Selected
fixedinterest
rate

1,000

3,800

3,770

2,420

3,950

1,290
2,440

2,420
2,015

2,015
1,500
1,200

500
0

Selected
floating
interest
rate

August 1,
2013(Unit: million yen)

4,000

0.4

0

47.7%

45%

Decisions are made based on consideration of factors such as the
固定・変動の金利差、マーケットのトレンド等を検討し判断
difference
between fixed and floating interest rates as well as market trends.
0.5

0.05

48.7%
49.3%
49.1% 49.3% 48.5% 48.6%49.2% 48.9% 49.0%
48.6%

Financial Indicators (as of February 1, 2024)

Interest Rate Selection

0.1

50.0% 49.8% 49.5%
47.8%

第16期
第17期
第18期
第19期
第20期
第21期
第22期
第23期
第24期
第25期
Jun.
2024 Dec.
2024 Jun.
2025 Dec.
2025 Jun.
2026 Dec.
2026 Jun.
2027 Dec.
2027 Jun.
2028 Dec.
2028(16th FP) (17th FP) (18th FP) (19th FP) (20th FP) (21st FP) (22nd FP) (23rd FP) (24th FP) (25th FP)

August 1, August 1, August 1, August 1, August 1, August 1, August 1, August 1, August 1, August 1,
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

17

IR Activities 15th Fiscal Period (period ended December 2023)
15th Fiscal Period Results (July–December 2023)
IR for Individual Investors

IR for Foreign Institutional Investors

Participation in events for individual investors

Responding to foreign institutional investors individually
9th FP
Hong Kong
Singapore
Taiwan10th FP

11th FP

12th FP

2 companies 4 companies 0 companies

13th FP

Total

15th FP

1 company

1 company 0 companies 4 companies
1 company

1 company

4 companies 3 companies 3 companies 3 companies 3 companies 5 companies

3 companies

1 company

1 company 0 companies 0 companies 0 companies

1 company

0 companies

1 company 0 companies 0 companies 0 companies

1 company

8 companies 8 companies 4 companies 4 companies 8 companies 11 companies

6 companies

South Korea 0 companies 0 companies 0 companies 0 companies 5 companies
Other

14th FP

1 company 0 companies(Video posted on website after event)■Other■ SMBC Nikko Securities Inc.
* Published in the Jutaku-Shinpo 2023/9/19
Corporate IR Seminar for Individual
issue
Investors* Mie Terebi “Okasan Investment Navi”■ Presented by the Nihon Securities Journal Appeared in Insight Monthly November issue
J-REIT Online IR Seminar
Photo left: Executive Director Takashi Kitagata■ Presented by the Association for Real
Photo center: Marimo Co., Ltd. President Makoto
Fukagawa
Estate Securitization (ARES) and Nihon
Photo right: Announcer Miyuki Kamai
Securities Journal
Ms. Mariko Mabuchi’s J-REIT Club

Mariko Mabuchi’s J-REIT Club

Okasan Investment Navi

Change in Overseas Investors’ Investment Unit Ownership Ratio
7%

6.1%

6%

5.0%

5.3%

4.8%

5.3%

5.8%
4.1%

5%

3.6%

4%
3%
2%
1%

2.1% 2.0%
1.5%

3.8%

3.4%

3.5%
2.9%

0.4% 0.5% 0.6% 0.6% 0.6% 0.6%

0.7%

0.5% 0.5%

0.7% 0.8% 0.8%

0.8%

0.7%

0.8%

0%
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP

Ratio of unitholders by number

Ratio of investment units by number

5th General Meeting of Unitholders
5th General Meeting of Unitholders held on September 28, 2023
Proposals 1 through 5 were approved and passed as proposed.
Although the following changes to the upper limits for executive remuneration weremade at the General Unitholders Meeting, marimo REIT does not currently plan tomake any changes to each of these remuneration levels.

IR for Japanese Institutional Investors(1) 14th Fiscal Period
Financial Results Briefing (Held at the venue)(2) Responding to institutional
investors individually (conference calls, etc.)
Copyright © Marimo Asset Management Co., Ltd.

Before the change inthe upper limit ofexecutive remuneration(per person per month)

After the change in theupper limit of executive
remuneration(per person per month)

Current executive
remuneration(per person per month)August 17

Executive
Director

250,000 yen

800,000 yen

0 yen

After September

Supervisory
Directors

250,000 yen

500,000 yen

250,000 yen

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

18

Sponsor Pipeline 15th Fiscal Period (period ended December 2023)
Diversified Nationwide Pipeline
No.

Development

Location

Type

Number ofUnits/ Sections

Completion

2

Residential
Completed inSponsor development Hirosaki City, Aomori
100 units
February 2023
(student dormitory)
Sponsor development Onojo City, Fukuoka
Residential
26 units (1LDK） March 2024 (Scheduled)

3

Sponsor development Onojo City, Fukuoka

Residential

31 units (1LDK） March 2024 (Scheduled)

4

Sponsor development

Osaka City, Osaka

Residential

88 units (1K）

5

Sponsor development

Residential

6

Sponsor development

Osaka City, Osaka
Fukuoka City,
Fukuoka
Fukuoka City,
Fukuoka1

Residential
Residential

52 units (1K, etc.) June 2024 (Scheduled)
31 units (1K）
23 units(1LDK, etc.)
60 units (1K)

June 2024 (Scheduled)

Sponsor development

8

Sponsor development

Suita City, Osaka

Residential

9Sponsor development

Suita City, Osaka

Residential

10 Sponsor development

Fukuoka City,
FukuokaResidential

11 Sponsor development

Osaka City, Osaka

Residential

12 Sponsor development

Sakai City, Osaka

Residential

13 Sponsor development

Sakai City, Osaka

Residential

70 units (1K)

April 2025 (Scheduled)

14 Sponsor development

Suita City, Osaka

Residential

43 units (1K)

April 2025 (Scheduled)

Residential

45 units (1K)

April 2025 (Scheduled)

17 Sponsor development

Residential
Residential(student dormitory)

126 units (1K)

Kofu City,
Yamanashi

18 Sponsor development

Osaka City, Osaka

Residential

June 2025 (Scheduled)
September 2025
(Scheduled)
September 2025
(Scheduled)

Urban redevelopmentby sponsor

Nagahama City,
Shiga

20 Sponsor development

Suita City, Osaka

15 Sponsor development
16 Sponsor development

18

Retail facilities

2

Hotels１

Offices2

June 2024 (Scheduled)
August 2024 (Scheduled)

注

Newly acquired property

October 2025
(Scheduled)
December 2025
56 units (1LDK)(Scheduled)February 2025
51 units (1R, etc.)(Scheduled)
March 2025 (Scheduled)
63 units (1K)
38 units (1R)

120 Units
56 units(1LDK, etc.)

Retail facility(sectional
ownership)
Retail facility

4 sections

21 Sponsor development Nagano City, NaganoHotel

117 rooms

22 Sponsor development Naha City, Okinawa

Office7 sections

23 Sponsor development Naha City, Okinawa

Office13 sections

19

Residential

April 2024 (Scheduled)

7

Amagasaki City,
Hyogo Prefecture
Himeji City, Hyogo

Abundant Residence Properties

8 sections

Completed in
March 2021
March 2025 (Scheduled)Completed inAugust 2020
November 2024
(Scheduled)
January 2026
(Scheduled)* As to properties, there are no plans for marimo REIT to acquire them as of the date of this document and there is no guarantee that marimo REIT can acquire them in the future.
In addition, properties whose scheduled completion dates are indicated are at the development stage, and completion and number of units, which are based on the plans as ofthe date of this document, may differ from those indicated here.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

19Change in Asset Size 15th Fiscal Period (period ended December 2023)
Steady external growth and asset replacement to reach the medium- to long-term target of 100 billion yen
New medium- to long-term target

100 billion yen
Fourthpublicoffering
Acquisition of
ArtizA
Kumamotoshin
machi

Third
publicoffering
SecondpublicofferingFirst
publicoffering

Acquisition of
ArtizA HigashiBetsuin

16,170

1st FP
Dec.
2016

+640

+15

2nd FPJun.
2017

3rd FP
Dec.
2017

Acquisition of
ArtizA
Higashi-Shimada

Acquisition of
ArtizA
Sengen-cho

29,955+4,950+495+9,60039,550 +520

39,545-525-250

30,45030,200+700+7,700-220-525

Disposition of
ArtizA Tsuzuki Chuo
Koen

-250

24,525

11,12015th FP
50,140〜〜

Disposition of
ArtizA Hakataeki-Minami

Transfer of SevenEleven Kofu Aioi
1-chome (land withleasehold interest)

4th FPJun.
2018

5th FPDec.
2018

6th FPJun.
2019

7th FPDec.
2019

8th FPJun.
2020

9th FP
Dec.
2020

10th FP
Jun.
2021

11th FP
Dec.
2021

12th FP
Jun.
2022* The medium- to long-term targets for asset size are current goals, do not guarantee their realization, and do not imply when they will be realized.

Copyright © Marimo Asset Management Co., Ltd.

13th FP
Dec.
2022

14th FPJun.
2023

15th FP Medium- tolong-termDec.
target*2023(Unit: million yen)marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

20

Investment Strategy 15th Fiscal Period (period ended December 2023)
Growth Strategy
TargetEfforts to replace assets aiming to improve
portfolio quality and reduce the risk of earnings
fluctuations
Expansion of property acquisitions byleveraging sponsor support and proprietarychannels of the asset management company•

Selection of replacement properties prior to potential risks becoming apparent,
while balancing the overall portfolio and continuously analyzing the situation.

••

Further strengthening relationships with sponsors
Continue to obtain property information from support companies and collectinformation from regional real estate brokers
Continue to approach companies through referrals from financial institutions
Seeking a support company to succeed Alpha Court Co., Ltd.

Spread of The Regional Alliance Initiative*••

Contemplation of flexible rent structure toaccommodate inflation•(including some variable rents)•
Enhancing ESG-related responses

Results ofEfforts

Efforts to Achieve the Target•

Improvementof stability
andprofitability

Negotiation concerning the introduction of variable rents when acquiring newproperties (commercial facilities, hotels, etc.)
Newly acquired CASBEE Real Estate Certification (Acquired: ArtizA Sendai Kakyoin,

ArtizA Kokura)

Asset management company learns and applies know-how from consulting
companies in order to obtain GRESB real estate evaluation, etc.

*The Regional Alliance Initiative is the Asset Manager’s own name for this concept. The concept is to create a system of mutual cooperation with developers and general real estate companies active mainly in regional areas while sharing the basic philosophyof “strengthening Japan from regional areas” by communicating the appeal of the regions and reducing monocentric concentration in Tokyo, thereby enhancing the vitality of Japan as a whole.

Acquisition Policy
Investment
TargetResidential
Retail facilities

Hotel

Future Acquisition Policy

Investment Ratio by Type
(Management Guidelines)

Proactively consider sponsor development projects and asset manager’s
original channel projects as stable assets
While taking into consideration the trade area analysis and community-based
characteristics, pay attention to replaceability and tenants with stable sales,and proactively consider themMake flexible consideration in light of the trend of supply and demand in eacharea while paying attention to the status of recovery of domestic demand anddemand of inbound tourists

OfficeSelect areas with high office needs and make investment by carefully selecting
properties while considering the impacts of working from home, etc.

Logistics
facilities

Make proactive consideration while comprehensively taking into consideration
the location for logistics facilities, building specification and retention of tenants

Copyright © Marimo Asset Management Co., Ltd.

Investment Rate
Logistics facilities

16.8%

70% or more in total

2.3％
Office

Hotel

9.5％

5.0％

Investment
Rate

30% or less in total

42.0％
Residential

41.3％
Retail facilities

83.2%

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

21

15th FP

Sustainability Initiatives

Sustainability Initiatives (1) 15th Fiscal Period (period ended December 2023)
Partial renewal of the website
1. Establishment of a dedicated page on sustainability

3. Development of Sustainability Policy at the AssetManagement Company (both in Japanese and English)

2. Established a dedicated page for “To Individual Investors”

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

23

Sustainability Initiatives (2) 15th Fiscal Period (period ended December 2023)
Assessment on Sustainability

Initiatives by marimo REIT

〜CASBEE Real Estate Certification〜

S Rank★★★★★

A Rank ★★★★

ArtizA Kokura

ArtizA Sendai Kakyoin(acquired December 25, 2023)(acquired February 20, 2023)

E

Environment■Examples of initiatives for owned properties
Promote efficient energy use at owned assets and set up new SDGs POPs for users aspart of efforts to reduce CO2 emissions through energy conservation
Introduction of selfgenerating automaticfaucetSwitching to LED lighting
fixtures in common areas

Introduction ofelectronic breaker

Low-carbon modesof transportation

Ceiling lighting Human sensor(Installed at
Staircase lighting
16 properties)(Ikeshita ES
Building)

Electronic breakerinstallation(Installed at
13 properties)

Electric scooter
sharing service(PLEAST Hakata
Gion Bldg.)

Automatic faucet
installation(MRR Kumamoto)■Smart unattended delivery (Tokai area: 6 properties)
Since CO2 emissions are expected to be reduced withthe decrease in redeliveries, the effect of ESG
initiatives can also be expectedStart of introduction of green lease agreements

Building name
AccessArtizA Kokura
About a six-minute walk from
Kawaraguchi-Mihagino Station on
the Kitakyushu Monorail

Building name ArtizA Sendai Kakyoin
AccessAbout a 7-minute walk from Sendai
Station on the JR Tohoku Main Line

Site area
1,671.92 m2
Gross floor area 5,730.84 m2
Number of units 140 units

2,213.78 m2
Site area
Gross floor area 11,345.53 m2
Number of units 208 units

Appraisal value 1,930 million yen
Appraisal NOI
5.2%
yield
Constructed
June 6, 2015 (9 years old)

Appraisal value 4,000 million yen
Appraisal NOI
7.4%
yield
Constructed January 26, 2009 (15 years old)

(56 single units, 56 compact units, 28 family units)(93 single units, 50 compact units, 65 family units)

Copyright © Marimo Asset Management Co., Ltd.

An initiative in which building owners and tenants voluntarily
decide efforts to reduce environmental impact, such as energy
saving of real estate, through contracts and memorandums, etc.
by cooperating with each other and realize a win-win
relationship in which both building owners and tenants benefit
from the reduction of utility costs, etc.

* Excerpt from the Green Lease Guide (Ministry of Land, Infrastructure,
Transport and Tourism)■Examples of other initiatives

Conclusion of green
lease agreement

Introduction of green leaseagreements *Only for offices(to be proposed each time upon
contract renewal in the future)

In printed materials such as asset management reports for unitholders,environmentally-friendly FSC certified papers and vegetable inks are used.

Starting with the 15th Fiscal Period, thevinyl portion of window envelopes was
replaced with glassine paper. It can
now be recycled as a paper resource
as is, without sorting.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

24Sustainability Initiatives (3) 15th Fiscal Period (period ended December 2023)
Initiatives by marimo REIT
S

Social■ Initiatives for social contribution activities
We implement social contribution activities through the improvement of convenience in terms of social life, securementof security and safety of tenants and the support of life-saving activities with the provision of medical equipment.

Security camera installation

AED installation(ArtizA Awajieki-higashi, etc.)(MRR Delta Building, etc.)

Social contribution
type/disaster support type
Vending machine installation

Installation of disasterstockpile stands

Installation of disaster prevention
equipment in elevators(ArtizA Sobudai)(Ikeshita ES Building)(Komyoike Act)■ Initiatives for regional contribution activities
Establishment of a low-carbon transportation network, diversification of modesof transportation, and enhancement of convenience

Car sharing installation(ArtizA Kamimaezu II)

Delivery BOX installation(ArtizA Higashi-Betsuin, etc.)

Copyright © Marimo Asset Management Co., Ltd.

Installation of basestations of mobile
phones, etc.

Bicycle sharing
installation(ArtizA Kawasaki East)(MRR Delta Building, etc.)

Electric scooter sharing
service(PLEAST Hakata Gion Bldg.)

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

25

Sustainability Initiatives (4) 15th Fiscal Period (period ended December 2023)
Initiatives by the Asset Manager
Promotion of regional revitalization through investments in regional income properties (marimo Regional Revitalization REIT, Inc.),business continuity and securement of employment opportunities

 Welfare system~ Established welfare programs in an effort to improve employee
satisfaction ~Childbirth, childcare, nursing care leave system/refresh leave system/shortened working
hours system for childcare and nursing care/remote work system/health examination costsubsidy system/qualification acquisition support program/hourly paid system

・ Paid leave acquisition rate: 59% (FY2022 results)* Number of days of paid leave used by employees during the period ÷ Numberof days of paid leave granted during the period・ Health checkup rate: 100% (FY2022)■ Qualification acquisition system (As of December 31, 2023)~ Marimo Group supports employees in acquiring various qualifications
for career advancement ~Marimo Asset Management Co., Ltd. (21 executives and employees)■ Real estate transaction agent
16 people■ ARES certified master7 people■ Real estate consulting master4 people■ Initiatives for social
contribution activities■ Initiatives for regional
contribution activities

Establishing a comfortable work environment

・ Female ratio: 33%
・ Holding health committee meetings: Appointment of industrial
physicians and implementing of executive and employee interviews
・ Implementation of stress checks for executives and employees: 100%
consultation rate (FY2022 results)
・ Establishment of internal remote work rules
・ Promote use of satellite offices

 Education and training of human resources~ Worked to improve the skills of employees and maintain andimprove their expertise ~Decide a theme every month and hold compliance trainings for all
officers and employees.
Conduct post-training questionnaire surveys and share them within thecompany.
(Seven times this fiscal period: Information security, personal
information protection, etc.)
Other trainings
Compliance training conducted twice a year by lawyers
Real estate market review conducted twice a year by real estateappraisers■ Self-declared SECURITY ACTION “2 Stars”

Since September 2023, we have beencollecting plastic bottle caps andparticipating in the Eco Cap Movement of
the Eco Cap Promotion Network, a nonprofit organization.

Participated in the Shiba Area Clean Campaign
organized by Minato Ward, Tokyo, and performed
cleanup activities. These activities contributed to thebeautification of the city and its transformation into aplace for communication among local residents andemployees.

Copyright © Marimo Asset Management Co., Ltd.

SECURITY ACTION is a self-declaration system by the Informationtechnology Promotion Agency, Japan (IPA), in which business operatorsthemselves declare their commitment to information security measures.
The asset management company declares its commitment to the following
five articles of information security and pledges to continue implementing
safe information security measures.
The Five Articles of Information Security
1. Update operating systems and software
2. Install anti-virus software
3. Use strong passwords
4. Review data/file sharing settings
5. Understand possible threats and attacks
Information Security Policy: https://marimo-am.co.jp/security/

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

26

Sustainability Initiatives (5) 15th Fiscal Period (period ended December 2023)
Initiatives by marimo REIT
G

Governance■ Sponsor’s same-boat investments

Discussion by Investment Department and Asset Management
Department

Number of marimo REIT investment units held by sponsor Marimo Co., Ltd.
at end of 15th Fiscal Period: 16,866 units (ownership ratio at end of 15th
Fiscal Period: 7.1%)

Drafting by Investment Department■ Decision-making flow for transactions with interested persons, etc.
marimo REIT adopts a prudent decision-making flow in cases where theacquisition and disposition of assets would be a transaction with an interested
person, etc.
Pursuant to the rules on transactions with interested persons, etc. and the rules
on administrative authority, deliberation and unanimous approval of Compliance
Committee and Investment Management Committee are required in advance. In
addition, we have appointed persons who are qualified as lawyers, certified
accountants, real estate appraisers, etc. and have sufficient abilities, as outside
experts■ Introduction of an asset management fee structure linked toearnings per unit

Examination of whether or not there are violations of laws,
regulations, rules, etc. or other compliance issues and approval
by Compliance Officer

Deliberation and resolution by Compliance Committee in terms of

Instruction to amend
mainly risk and complianceand put back on(Compliance Officer has authority to order suspension of deliberation
agenda or abandon

by Compliance Committee if issues are found in the course ofdeliberation)

In addition to the total asset-linked fee system, marimo REIT has introduced an
asset management fee system linked to earnings per unit, which the asset
management company believes will provide an incentive for achieving higher
earnings through the sharing of profits with unitholders.
Management Fees I

Total assets as shown on marimo REIT’s balance sheet as of theimmediately preceding fiscal year x 0.4% (upper limit)

Management Fees II

NOI× Management Fees II earnings per unit before(Note 2)
deduction
× 0.0015% (upper limit)

Acquisition fees

Acquisition price x 1.0% (upper limit)

Transfer fees

Transfer price x 1.0% (upper limit)

Merger fees

The total of the appraisal value as of the merger’s effective date of
the items inherited or owned by the corporation established throughthe merger or the corporation surviving the absorption-type merger(Note 5)× 1.0% (upper limit)

Instruction to amend
and resubmit

Deliberation and resolution by Investment Management Committee(Compliance Officer has authority to order suspension of deliberation
by Investment Management Committee if issues are found in thecourse of deliberation)

Return(Note 1)

(Note 3)

Deliberation and resolution by Board of Directors
Return(Note 4)

Approval by marimo REIT’s Board of Directors
ReturnReport to Board of Directors(Note 1) NOI = Total remaining after deducting real estate rental expenses from total real estate rental revenues for each operating period (excluding depreciation and loss on retirement of fixed assets).
(Note 2) EPU before Management Fees II deduction = Net income before tax for each fiscal period (before Management Fees II deduction and non-deductible consumption tax) / the number of investment units issued andoutstanding as of the fiscal period relating to the relevant business period.
(Note 3) If acquired from an interested party, etc. as defined in the transaction regulations concerning interested parties defined by the asset management company (however, this excludes cases where the interested party, etc.
has acquired and held it from warehousing for a third party), the upper limit is 0.5%.
(Note 4) If transferred to an interested party, etc. as defined in the transaction regulations concerning interested parties determined by the asset management company, the upper limit is 0.5%.
(Note 5) If marimo REIT or interested parties, etc. as defined in the stakeholder transaction regulations determined by the asset management company merges with an investment corporation that has been entrusted with the
management of that asset, the upper limit is 0.5%.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material27

Sustainability Initiatives (6) 15th Fiscal Period (period ended December 2023)
Initiatives by Marimo Group“In order to realize a human society where we enjoy benefiting others (customers, employees, society, family, nature, etc.) and gratitude begets gratitude, we have set altruism
and spirit of gratitude as our management philosophy.” Marimo Group had set such “altruism and gratitude” as its management philosophy and aimed to contribute to the society
through its business activities. Currently, through the challenge of becoming a “social business company,” it is creating various new businesses while responding to the requestsof the society. Acting with a spirit of altruism and sincerely facing the issues of the society. We will introduce Marimo Group’s initiatives for contributing to the realization of asustainable society through its business.

Initiatives on SDGs

Initiatives for regional revitalization
Regional revitalization
through the use of parks“LEMON FARM GLAMPING
Shimanami” Setomosu Co., Ltd.

Creating a thriving tourist
destination through businesssuccession

SAUNA & FISHING HOTEL “Setonoutsutsu”
Marimo Holdings Co., Ltd.

Introducing talented, Japanesespeaking foreigners to farmers
toward solving the labor shortage

Aim to spread organic
farming and create
employment at farmlands
in satoyama

To solve garbage issues atfishing spots, while interactingwith the government,
companies and anglers

Marimo Holdings Co., Ltd.

Marimo Farm Co., Ltd.

Fish Friends Co., Ltd.

CSR 〜 Support for school construction in emerging countries 〜
Cambodia

Cambodia

Cambodia

Laos

Prey Tralach Junior High School

Au Ampil Elementary School

Bour Secondary School

Mueang Muay Lower Secondary School

School building
construction costs

Copyright © Marimo Asset Management Co., Ltd.

Toilet construction costs

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material28

15th FPAppendixBasic Principle of marimo REIT
Basic principle = “Strengthen Japan from regional areas”
Regional revitalization
marimo REIT’s idea on regional revitalization is to create regional societies where nationwide people can live their unique lifestylepleasantly while having hope for their region’s future by reducing “monocentric concentration in Tokyo.”Creation of
employment

Revitalization of regional
economyRevitalization of “towns” through investing in regional real estate

marimo Regional Revitalization REIT, Inc.

Real estate development
Urban redevelopment
Know-how

Provide property information (Note)(Note) The Michinoku Bank, The Chugoku Bank, The Hiroshima Bank, and The Ashikaga Bank provide property information voluntarily, at their own discretion. In addition, the support agreements with
San ju San Bank, Kansai Mirai Bank, ReBITA, and Alpha Court do not stipulate that information will be provided to marimo REIT either before or at the same time as it is provided to third parties.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material30Support System
Stable external growth expected with support from leading companies in regional areas
marimo Regional Revitalization REIT, Inc.
Preferential provision ofproperty information
Grant of preferential
negotiation rights for sales
transactions

Provision of property information

Warehousing function
Construction management
supportSupport for regeneration of
portfolio assets
Fixed-rent-type master leaseSame-boat investment

Financial advisory
andassistance

Master lease services
Brokerage services
Continued holding ofinvestment units
Leasing support
Support in securing human resources (Note)
Property management services
Grant of license to use trademark

SponsorSupporting
companies(Note) This is a support for the Asset Manager.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

31Overview of the Sponsor, Marimo
History of Marimo

Marimo Co., Ltd.

Company name
Headquarters address

Established AI Architectural Design Co., Ltd. (currently MarimoCo., Ltd) in Hiroshima City

Oct. 1990

Completed construction of “Grandeur Tosu,” the first for-salecondominium

Jan. 2009

Started the Condominium Restoration Project (purchase andresale)Aug. 2009

Established a local entity in Shanghai, China

Apr. 2010

Joined “Keyaki Avenue First-class Urban Redevelopment Project”(Wakayama City) as the first urban redevelopment project

1-17-23 Kogokita, Nishi-ku, Hiroshima-shi, Hiroshima
September 1, 1970

EstablishedSep. 1970

Global operation

Japan, China, Philippines

Sales(non-consolidated)

58.8 billion yen (as of July 31, 2023)

Jan. 2014

Launched income property direction business on a full scale

Mar. 2014

Launched domestic for-rent condominium businessBusiness descriptionFor-sale condominium business, income property
business, etc.

Jun. 2015

Established Marimo Asset Management Co., Ltd.
Established GM Associe Co., Ltd.

Aug. 2015

Made Prec Co., Ltd. (currently Marimo House Co., Ltd.) a
subsidiary

Oct. 2015

Established Marimo Consulting Co., Ltd.
(Note: Merged with Marimo Co. Ltd. in August 2022)
Made Yurick Home Co., Ltd. a subsidiary(Note: Merged with Marimo House Co., Ltd. in August 2022)

Jul. 2016

marimo Regional Revitalization REIT Inc., which serves as thesponsor, was listed

Nov. 2016

Reorganized into a group with Marimo Holdings Co., Ltd. as theholding company(Including business descriptionof subsidiaries)■Domestic for-salecondominium businessMiyazaki City,
Miyazaki■Urban redevelopment
business
Kumamoto City,
Kumamoto● The Kumamoto
Gardens● Polestar Miyazaki The
Residence
By continuing to enter eveninto regional cities where othercompanies do not advanceinto and providing high-quality
residences, contribute torealization of living in
downtown and compact city.

■Overseas business
China■Income property
direction business
Shibuya Ward,Tokyo● Polestar Garden

Kumamoto City’s
Sakuramachi District Class 1
Urban Area Redevelopment
Project * Residential building

Contribute to revitalization of
downtown areas in regional
cities by utilizing theenthusiasm for “energizing theregional areas” and the knowhow cultivated in the for- salecondominium business.

First project developed in
Suzhou Industrial Park(853 units) in Suzhou City,
Jiangsu Province, China.

Conducted sales ofresidences with interior
design in overseas market.
Developed “Polestar Garden”
series and sold all of 2,113
units in China.

● Ebisu-Nishi
Itchome Building
Improvedsustainability of profit
by conducting leasing
in addition torenovation of retailstores, residences
and offices.

Track record of for-sale condominium development (as of July 31, 2023)

463 structures with 29,980 units in 44 prefectures nationwide
Copyright © Marimo Asset Management Co., Ltd.

As part of the Group’s growth strategy, Marimo Holdings
reorganized the businesses in its group into three businesses
namely “Domestic Real Estate Business”, “Overseas Real EstateBusiness” and “Non-Real Estate Business”.
Mar. 2023

Made Marimo Asset Management, GM Associe, Marimo House
and Marimo Real Estate Services, which are engaged in domestic
real estate business, its subsidiaries
Formed a capital and business alliance with AEON MALL Co., Ltd.
as a growth strategy to strengthen the domestic real estatebusinessmarimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

32

Portfolio Building Policy
Target assets for investment mainly comprised ofresidential properties and retail facilities
Type(Note 2)
Investment
ratio

70%
or moreInvestment area classification

Regional
area

Cities with, in principle,
populations of 200,000[Regional cities] people or more other thanthose in the Tokyo
metropolitan area(Note 1)

70% or more
Residential
properties

Retailfacilities

Hotels

Offices

Logistics
facilities

Parking
properties

●

●

●

●

●

●

●

●

●

●

Nationwide regions other[Other regions] than regional cities andTokyo metropolitan area30%
or lessTokyo
metropolitan
areaTokyo, Kanagawa, Chiba andSaitama prefectures

30% or less

●

●

●

Minimum investment amount (based on acquisition price perproperty)(Note 3)

300 million
yen or more

200 million
yen or more

Maximum investment amount (based on acquisition price per property)

Up to 25% of asset size after property acquisition

Ratio of land ownership interests

Up to 15% of asset size after property acquisition

300 million
yen or more

500 million
yen or more

300 million
yen or more

200 million
yen or more

(Note 1) Even if a city has a population of less than 200,000 people, a city with a population slightly less than this may be treated as a regional city in consideration of the industrial situation,
demographics and other various circumstances.
(Note 2) In cases of there being several uses (asset types) in one building, the asset type that accounts for the largest percentage of the floor area is set as the asset type of the building.
(Note 3) These standards will not be applied in the case of additional acquisition of ownership interest and additional purchase of adjacent land.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

33

Sustainability Policy
Asset management company establishes Sustainability Policy
Marimo Asset Management Co., Ltd. (the “asset management company”), marimo REIT’s asset management company, has adopted the spirit of “altruism andappreciation” of the Marimo Group as its basic business philosophy. We will proactively work toward the realization of a sustainable society by acting from themindset of benefitting others and, through our business activities, by sincerely addressing the issues society faces.
As a member of the Marimo Group, whose wish is for the eternal happiness of our customers, employees, society, family, nature, and all other things, andwhich continues to work to create affluent lifestyles for people, and through the asset management of real estate related to marimo Regional Revitalization
REIT and private funds whose basic philosophy is to “strengthen Japan from regional areas”, which the asset management company has been entrusted with,
we will place emphasis on the following efforts toward the realization of a sustainable society, which in turn will enhance medium- to long-term investor value.
1. Harmony with the natural environment
We will pursue harmony with the natural environment through the asset management company’s business activities in real estate investment management by
seeking to maintain and enhance biodiversity, as well as reduce the energy, greenhouse gas, water, waste and other environmental footprint of the properties undermanagement.
2. Addressing climate change
We will aim to mitigate climate change by monitoring the impact of our business activities on climate change, and through adoption of renewable energy, promotionof energy efficiency and conservation, and other decarbonization initiatives at the properties under management. In addition, placing importance on also climatechange adaptation, we will appropriately consider acute and chronic physical risks, such as floods and rising sea levels, and the risks of transitioning to a
decarbonized society, and enhance the resilience of the properties under management.
3. Communication with stakeholders
We will aim for the realization of sustainable business activities and a sustainable society by building relationships of trust through two-way communication with not
only tenants and suppliers including property management companies of the properties under management but also local communities and other relevant external
parties and by possessing the capacity to cooperate with society.
4. Human resources development
Based on our thinking that shaping people into useful members of society is the ultimate contribution to society, we will proactively work on capacity development
for executives and employees to further refine their personal and social skills.
In addition, so that each and every individual can shine as a lead role, we will break out of our own shell, placing importance on diversity, health and well-being, andrespecting the work-life balance of each individual in order to create an environment in which best performance can be delivered.
5. Strengthening compliance and the governance structure
We will conduct business activities with integrity to society in compliance with laws and business ethics as a real estate investment management business operator.
In addition, we will work to further strengthen the governance structure in an effort to thoroughly prevent corruption and prevent conflicts of interest for the protectionof the interests of investors.
6. Proactive information disclosure
Our company name comes from marimo, a species of green algae that can only live in clean water. Likewise, we will conduct business activities with transparency
by making timely and appropriate disclosure of information on ESG, along with disclosing this policy to all stakeholders, and thereby strive to establish trust.
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

34

Portfolio Map (15th Fiscal Period)
Investment Ratio by Type(based on acquisition price)
Logistics
facilities

Offices

2.3%

9.5%

Investment Ratio by Region(based on acquisition price)

Residential

42.0%

Hotels5.0%
Residential/
retail Ratio

83.2%

Tokyo metropolitan area
東京圏,
Kyushu / Okinawa
8.5%
8.5%
23.6%
Hokkaido
北…
九州・沖縄,
8.7%
23.6%
中国・四国,
Chugoku /Ratio of
9.0%
Shikoku

9.0%

regional
areas

Tohoku東北, 9.1%

91.5%

9.1%

Retailfacilities
41.3%

Kinki
,
近畿12.7%
12.7%

Composition Ratio of Types ofLease Agreements (based on rent)
定…

15 years toless than 20 years

6.6%

Tokai

14.3%
東海,
14.3%

甲信越・北
Koshinetsu / Hokuriku/ Kanto(excluding Tokyo metropolitan
陸・関東,area)

14.2%

14.2%

20 years or more

6.9%

7.0%
10 years toless than 15 years

9.1%

Less than
5 years

40.9%
Average
Remaining
Lease Period

7.3 years

49.5%
5 years toNormal lease

50.5%

普通…

Aim to build a diversified
nationwide portfolio to
reduce risk from disasters

Average Remaining Lease Period(based on rent)

Fixed-term land lease

Fixed-termbuilding lease
Land leaseratio

Nationwide Map

less than 10 years
Fixed-termbuilding lease 定期…36.2%

43.0%* “Average remaining lease period” is a weighted average obtained by dividing “rent (yen/month)x remaining period (years)” by “rent (yen/month)”.
* “Composition ratio of types of lease agreements” and “Average remaining lease period”
exclude the aggregation for residential.

Copyright © Marimo Asset Management Co., Ltd.

Residential
Retail facilities
Hotels
Offices
Logistics facilities* The “property number” on the Japanese map is a number for each property by combining the classifications of“investment target” and “investment ratio by region” for the assets held by marimo REIT. For the name ofproperties, please refer to the “Portfolio List” on pages 42 and 43.
Regarding the “investment target,” “R” stands for residence, “C” stands for commercial facility (retail facility),“H” stands for hotel, “O” stands for office, “L” stands for logistics facility, “p” stands for region, and “t” stands forTokyo metropolitan area.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

35

PML Value of J-REIT Portfolio
Reducing the risk of building damage caused by earthquakes
through nationwide diversification

Risk of building damage caused by earthquakes

High

Simple average
across all J-REITs: 2.9%

marimo REIT (As of the end of 15th FP)

1.3%

Low

0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

*Note “PML value” refers to probable maximum loss caused by earthquakes.
As there is no unified definition of PML, the definition of PML value announced by each listed real estate investment corporation as of January 31, 2024, may not necessarilybe the same and making a simple comparison may thus not be possible.
For the definition of PML value at marimo REIT and other details, please refer to the notes presented later in this document.

Copyright © Marimo Asset Management Co., Ltd.

（%）

36

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

36

Residential Properties and Retail Facilities

Market Data
Standard Deviation of Rate of Change ofRent Level by Real Estate Type

Corporate Service Index and Consumer Price Index(2010＝100)

（%）

（%）

8

115

7

110

6

105

5

100

4

95

3

90

2

85

〜

1

Residential

Retail
商業施設
facilities

Offices
オフィス

Hotels
ホテル

Change in Sales in the Retail Industry Overall andin Daily Necessities(trillion yen)

2010

2012

2014

2016

2018

2020

2022

Source: Prepared by the Asset Manager based on data from the Ministry of Economy, Trade and Industry’s“Current Survey of Commerce” and Japan DIY Industry Association and Japan Association of Chain
Drug Stores’ “FY2022 Japan Drug Store Survey (2010 = 100).”

Copyright © Marimo Asset Management Co., Ltd.

Retail industry total
小 売axis)業 計(右軸)(rightTextiles, apparel and

織物･衣服･身の回り品
personal effects

2021

2020

2019

〜
50

2018

60

2017

70

125
2016

80

130

2015

Department
stores

135

2014

90

140

2013

Hardwarestores

100

145

2012

110

150

2011

Supermarket

120

155

2010

130

160

2009

140

(trillion yen)

2008

Convenience
stores

50
45
40
35
30
25
20
15
10
5
0

2007

Drug stores

150

2023

2022

2021

2020

2019

2018

2017

2016

物流施設
facilities

Source: Prepared by the Asset Manager based on the Bank of Japan’s “Corporate Service Index” andthe Statistics Bureau, Ministry of Internal Affairs and Communications’ “Consumer Price Index.”

Change in Annual Sales of Various Retailers（%）
160

Logistics

レジデンス
properties

Source: Prepared by the Asset Manager based on the Bank of Japan’s “Corporate Service Index” andthe Statistics Bureau, Ministry of Internal Affairs and Communications’ “Consumer Price Index(from 2010 to 2021).”2015

Hotels
ホテル

facilities

2014

Retail
商業施設

2013

Offices
オフィス

2022

facilities

2012

Logistics
物流施設

properties

2010

Residential
レジデンス

2011

80

0

120

Food and飲食料品
beverage

Source: Prepared by the Asset Manager based on the Ministry of Economy, Trade and Industry’s“Current Survey of Commerce” and “Commercial Sales Value by Type of Business andComparison with Previous Year (fiscal year, period and month).”marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

37

Offices

Vacancy Rate and Contracted Rents
The level of the assumed contracted rent continues to plateau,
and the vacancy rate is trending upward in some areas
Sapporo City
Vacancy rate

Hiroshima City

Assumed contracted rents
15,16016,000

2.8

2.1

3.1

1.9

1.8

10,5005.1 5.1

5

14,4802023 Q3
2023年Q3

2022 Q3
2022年Q3

2022 Q1
2022年Q1

2021 Q3
2021年Q3

2021 Q1
2021年Q1

2020 Q3
2020年Q3

2020 Q1
2020年Q1

2019年Q3
2019 Q3

2019年Q1
2019 Q1

2018年Q3
2018 Q3

2023 Q3

2023 Q1
2023年Q1

14,35013,70013,0001.4
0.6

12,0002023年Q3
2023 Q3

2023 Q1
2023年Q1

2022 Q3
2022年Q3

2021 Q3
2021年Q3

2020 Q3
2020年Q3

2023 Q3

2023 Q1

2022 Q3

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1
2020年Q1〜〜

11,5002019 Q3

2023年Q3
2023 Q3

2023年Q1
2023 Q1

2022 Q3
2022年Q3

2022 Q1
2022年Q1

2021 Q3
2021年Q3

2021 Q1
2021年Q1

2020 Q3
2020年Q3

2020 Q1
2020年Q1

2019 Q3
2019年Q3

2019 Q1
2019年Q1

012,5002019年Q3
2019 Q3

1.0 1.0

1.9

2019 Q1
2019年Q1

1.2

12018 Q3
2018年Q3

2023 Q3

2023 Q1

2022 Q3

2022 Q1

2021 Q3

2021 Q1

14,30013,5002020 Q1

2

9,0002020 Q3

14,30012,90010,000〜〜8,000

14,0003

11,0000.4

2020 Q1

0.6

2019 Q3

0.2
2019 Q1

2018 Q3

0.5

4.8

14,25014,5003.8

412,0001.2

5.3

2022 Q1
2022年Q1

16,00062021 Q1
2021年Q1

16,0502019 Q1

2.2

2

0

16,08013,0002.5

Assumed contracted rents(Unit: yen)2018 Q3

3

1

16,460 16,200
15,85014,000

3.2

3.0

9,500

Vacancy rate

15,00042023 Q1

2022 Q3

2022 Q1

2021 Q3

2021 Q1

2020 Q3〜〜0(Unit: %)17,0004.8

10,89010,000Assumed contracted rents

4.6

11,800

Nagoya City

(Unit: yen)

5

11,83011,89011,6002018年Q3
2018 Q3

Vacancy rate

6

11,92012,00011,0002.52020 Q1

2023年Q3
2023 Q3

1

〜
〜
9,000

2023年Q1
2023 Q1

10,0002022年Q3
2022 Q3

2

2022年Q1
2022 Q1

11,0002021年Q3
2021 Q3

3

2021年Q1
2021 Q1

12,000

3.2

3.2

Fukuoka City
(Unit: %)5.6

11,50042020 Q3
2020年Q3

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2023 Q3

0.5

0.4

0.7

2023 Q1

0.7 0.82022 Q3

1

0.8

0.9

2022 Q10.9

1.012,5005.9

5

2019年Q3
2019 Q3

1.6

2

6

13,6802018年Q3
2018 Q3

2.0

6.2

2019 Q3

3

13,0007

2019 Q1

14,00015,70015,510(Unit: yen)2018 Q3

4

15,22014,54015,0002019年Q1
2019 Q1

5

Assumed contracted rents(Unit: %)600Vacancy rate

(Unit: yen)

2020年Q1
2020 Q1(Unit: %)Source: Prepared by the Asset Manager based on “MARKET VIEW Japan Office, Q3 2023” of CBRE, K.K. (Cited grade B data for assumed contracted rents for Nagoya City)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material38

Hotels

Occupancy Rate by Facility Type
Business hotels achieved an early recovery in occupancy rate
90.0%

During the COVID-19 pandemic

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

Total

RyokanResort hotels

Business hotels

Nov. 2023

Sep. 2023

Jul. 2023

May.
May 2023

Mar. 2023

Jan. 2023

Nov. 2022

Sep. 2022

Jul. 2022

May.
May 2022

Mar. 2022

Jan. 2022

Nov. 2021

Sep. 2021

Jul. 2021

May.
May 2021

Mar. 2021

Jan. 2021

Nov. 2020

Sep. 2020

Jul. 2020

May 2020
May.

Mar. 2020

Jan. 2020

Nov. 2019

Sep. 2019

Jul. 2019

Mar. 2019

Jan. 2019Nov. 2018

0.0%

May 2019
May.

10.0%

City hotels

Source: Prepared by the Asset Manager based on “Overnight Travel Statistics Survey” by the Japan Tourism Agency, Ministry of Land, Infrastructure, Transport and Tourism

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

39

Photos of Properties (1) 15th Fiscal Period (period ended December 2023)
ArtizA Sendai Kakyoin

ArtizA Kamimaezu

ArtizA Hakata PREMIER

ArtizA Higashi-Betsuin

ArtizA Kamimaezu II

ArtizA Chiyoda

ArtizA Higashi-Shimada

ArtizA Tsurumai

ArtizA Awajieki-higashi

ArtizA Matsumoto

ArtizA Sengen-cho

ArtizA Kitadorimachi

Starship Kobe Gakuentoshi

ArtizA Mito Izumicho

ArtizA Kokura

ArtizA Kurashiki

ArtizA Kumamotoshinmachi

Starship Ishibashi Handaimae

ArtizA Mito ShiraumeGrand E’terna HokudaimaeⅡ

Alpha Square Minami 4jo Higashi

ArtizA Ikejiri

ArtizA Kawasaki EAST

ArtizA Sobudai

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

40

Photos of Properties (2) 15th Fiscal Period (period ended December 2023)
MRR Omuta

Tarumiekimae Gold Building

Foodaly Aoba Store

Yamada Denki Tecc Land
Togitsu Store

Yamada Denki Tecc Land
Mihara StoreMRR Kumamoto

MRR Sasebo

MRR Itoshima

MRR Akita

Supercenter TRIAL Togitsu
Store (land ownership interests)

MRR Akita II

Komyoike Act

MRR Ichihara(land ownership interests)

K’s Denki Kitamoto Store(land ownership interests)

Coop Sapporo Megumino

MRR Chitose

MRR Iwamizawa

MRR Hakodate

MRR Ebetsu

MrMax Isesakiten

MIRAKITA CITY HANAKITA

Route-Inn Ichinomiya Ekimae

Hotel Wing International
Hida-Takayama

Nippon Express
Komagane Logistics Center

MRR Delta Building

PLEAST Hakata Gion Bldg.

MRR Utsunomiya

Ikeshita ES Building

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

41

Portfolio List (1) 15th Fiscal Period (as of December 31, 2023)
Property
No.

Property nameLocation

Acquisition
price(million yen)Book value at
end of fiscal
period(million yen)
(Note 1)

Residential

Appraisal
Terminal
value(million yen) capitalization
rate(Note 2)

Appraisal
NOI
yield

2,730
400
1,060
640
720
980
700
430
1,180
640
495
780

2,634
353
960
581
674
908
650
420
1,157
667
511
817

4,000
545
1,360
703
830
1,200
732
490
1,340
652
546
860

4.9%
4.7%
4.6%
4.3%
4.4%
4.1%
5.1%
4.0%
4.4%
5.9%
4.5%
5.2%

7.4%
6.7%
6.5%
4.8%
5.1%
5.1%
5.3%
4.5%
4.9%
6.7%
4.9%
5.7%

Kobe City, Hyogo

982

1,022

1,210

4.8%

5.8%

Rp-15 ArtizA Mito Izumicho

Mito City, Ibaraki

Rp-16 ArtizA Kokura

Kitakyushu City, Fukuoka

Rp-17 ArtizA Kurashiki

Kurashiki City, Okayama

Rp-18 ArtizA Kumamotoshinmachi

Kumamoto City, Kumamoto

Rp-19 Starship Ishibashi Handaimae

Ikeda City, Osaka

Rp-20 ArtizA Mito Shiraume

Mito City, Ibaraki

Rp-21 Grand E’terna HokudaimaeⅡ

Sapporo City, Hokkaido

Rp-22 Alpha Square Minami 4jo Higashi

Sapporo City, Hokkaido

Rt-01 ArtizA Ikejiri

Setagaya-ku, Tokyo

Rt-03 ArtizA Kawasaki East

Kawasaki City, Kanagawa

Rt-04 ArtizA Sobudai

Zama City, Kanagawa

609
1,849
590
520
1,100
707
570
840
610
780
1,130

637
1,913
623
552
1,145
765
597
882
587
743
1,127

707
1,930
603
521
1,190
801
586
890
762
1,060
1,330

4.9%
4.9%
5.1%
5.0%
4.6%
5.2%
4.5%
4.5%
3.8%
5.0%
5.1%

5.6%
5.2%
5.6%
5.1%
4.8%
5.8%
5.0%
5.1%
4.7%
7.1%
6.3%

Rp-01 ArtizA Sendai Kakyoin

Sendai City, Miyagi

Rp-02 ArtizA Kamimaezu

Nagoya City, Aichi

Rp-03 ArtizA Hakata PREMIER

Fukuoka City, Fukuoka

Rp-05 ArtizA Higashi-Betsuin

Nagoya City, Aichi

Rp-06 ArtizA Kamimaezu II

Nagoya City, Aichi

Rp-07 ArtizA Chiyoda

Nagoya City, Aichi

Rp-08 ArtizA Higashi-Shimada

Okayama City, Okayama

Rp-09 ArtizA Tsurumai

Nagoya City, Aichi

Rp-10 ArtizA Awajieki-higashi

Osaka City, Osaka

Rp-11 ArtizA Matsumoto

Matsumoto City, Nagano

Rp-12 ArtizA Sengen-cho

Nagoya City, Aichi

Rp-13 ArtizA Kitadorimachi

Takasaki City, Gunma

Rp-14 Starship Kobe Gakuentoshi

Constructed(Note 3)Jan. 2009
Mar. 2014
Feb. 2006
Feb. 2016
Feb. 2016
Sep. 2017
Dec. 2016
Feb. 2019
Oct. 2019
Mar. 1998
Feb. 2020
Jun. 2020(1) Feb. 2022
(2) Feb. 2022
Mar. 2019
Jun. 2015
Nov. 2007
Aug. 2021
Jan. 2022
Feb. 2022
Mar. 2007
Sep. 2008
Mar. 2014
Mar. 1998
Feb. 1993

Occupancy
rate(Note 4)

97.9%
95.5%
96.6%
100.0%
100.0%
94.8%
92.3%
100.0%
98.9%
96.1%
97.5%
100.0%
100.0%
96.2%
95.2%
96.1%
95.9%
100.0%
96.8%
100.0%
98.0%
100.0%
100.0%
96.5%(Note 1)
(Note 2)
(Note 3)(Note 4)

“Book value at end of fiscal period” refers to the book value as of December 31, 2023. The same applies hereinafter.
“Appraisal value” indicates the real estate appraisal value indicated in each of the real estate appraisal reports dated December 31, 2023, for owned assets.
“Constructed” refers to the date of new construction of the main building as recorded on the registry. The same applies hereinafter.
“Occupancy rate” refers to the figure obtained by dividing the total leased area indicated on each lease agreement concluded with the tenants of each asset as of December 31, 2023, by the building’s (or in the case of land ownershipinterests, the land’s) leasable area determined by marimo REIT, which is then rounded to the first decimal place. The same applies hereinafter.
(Note 5) Since two buildings exist on the site, the respective construction dates are indicated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

42

Portfolio List (2) 15th Fiscal Period (as of December 31, 2023)
Acquisition
price(million yen)Book value at
end of fiscal
period(million yen)

Cp-05 Yamada Denki Tecc Land Togitsu Store Nishi-Sonogi County, Nagasaki

1,265
500
250
2,000
950

1,105
438
197
1,743
869

935
547
423
2,920
1,160

6.2%
5.9%
6.3%
6.3%
6.4%

5.0%
6.6%
10.4%
9.0%
8.2%

Cp-07 MRR Kumamoto

Kumamoto City, Kumamoto

2,120

2,055

2,440

5.9%

7.2%

Cp-08 MRR Sasebo

Sasebo City, Nagasaki

Cp-09 MRR Itoshima

Itoshima City, Fukuoka

Cp-10 MRR Akita
Supercenter TRIAL Togitsu Store
Cp-11 (land ownership interests)

Akita City, Akita

990
900
840
1,150

959
905
857
1,170

1,290
926
897
1,250

5.8%
5.2%
6.9%
5.0%

7.7%
5.5%
6.9%
5.2%

Cp-12 MRR Akita II

Akita City, Akita

970

986

1,020

6.8%

7.3%

Cp-13 Komyoike Act

Sakai City, OsakaCp-14 Coop Sapporo Megumino

Eniwa City, Hokkaido

Cp-15 MRR Chitose

Chitose City, Hokkaido

2,040
870
471

2,096
913
493

2,300
1,020
507

4.8%
5.3%
5.3%

6.0%
6.2%
5.6%

Cp-16 MRR Iwamizawa

Iwamizawa City, Hokkaido

572

578

627

5.3%

5.7%

Cp-17 MRR Hakodate

Hakodate City, Hokkaido

390

397

438

5.1%

5.6%

Cp-18 MRR Ebetsu

Ebetsu City, Hokkaido

649

678

694

5.3%

5.6%

Cp-19 MrMax Isesakiten

Isesaki City, Gunma

Cp-20 MIRAKITA CITY HANAKITAMRR Ichihara
Ct-01 (land ownership interests)
K’s Denki Kitamoto Store
Ct-02 (land ownership interests)
Hp-01 Route-Inn Ichinomiya Ekimae

Himeji City, Hyogo

1,461
570
700

1,558
570
717

1,970
707
1,240

5.5%
6.1%
-

7.4%
7.4%
5.3%

1,047
598
1,736
1,043
717
1,849
1,026

1,120
770
1,940
1,290
1,400
1,930
1,130

4.5%
5.7%
5.8%
5.1%
4.4%
5.1%
4.8%

4.9%
6.9%
6.4%
6.3%
8.1%
6.3%
6.0%

May 2008
Dec. 2020
Nov. 2002
Aug. 2008
Feb. 2001
Oct. 1997

100.0%
100.0%
100.0%
100.0%
100.0%
98.7%
100.0%

Property
No.

Retailfacilities

Hotels

Offices

Logistics
facility

Property nameLocation

Cp-01 MRR Omuta

Omuta City, Fukuoka

Cp-02 Tarumiekimae Gold Building

Kobe City, Hyogo

Cp-03 Foodaly Aoba StoreMiyazaki City, Miyazaki

Cp-04 Yamada Denki Tecc Land Mihara Store

Mihara City, Hiroshima

Nishi-Sonogi County, Nagasaki

Ichihara City, Chiba

TerminalAppraisalvalue
capitalization(million yen)rate

Appraisal
NOI
yield

Occupancy
rate

Constructed

Mar. 2005
Jun. 2008
Apr. 2009
Sep. 2008
May 1981(1) Oct. 2008
(2) Jan. 1986
Apr. 2008
Jul. 2008
Apr. 1994(1) Mar. 2004
(2) Apr. 1985
Apr. 1988
Mar. 2010
Aug. 2019(1) Oct. 2018(2) Sep. 2019
Sep. 2018(1) Jun. 2018
(2) Jul. 2018
Dec.1997
Jan. 2019-100.0%
100.0%
100.0%
100.0%
100.0%
99.1%
100.0%
100.0%
100.0%
100.0%
100.0%
91.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

Op-01 MRR Delta Building

Hiroshima City, Hiroshima

Op-02 PLEAST Hakata Gion Bldg.

Fukuoka City, Fukuoka

Op-03 MMR Utsunomiya

Utsunomiya City, Tochigi

Op-04 Ikeshita ES Building

Nagoya City, Aichi

1,030
740
1,750
1,200
800
1,750
1,000

Nippon Express
Lp-01 Komagane Logistics Center

Komagane City, Nagano

1,170

1,218

1,220

5.6%

6.2%

Jun. 2007

100.0%

52 Properties

50,14049,46858,959

-

6.2%

-

99.0%

Kitamoto City, Saitama
Ichinomiya City, Aichi

Hp-02 Hotel Wing International Hida-Takayama Takayama City, Gifu

Total/ average-(Note 1) As Property No. Cp-1 has multiple buildings on the site, the age of the building with the largest gross floor area is recorded.
(Note 2) As two buildings exist on Property No. Cp-7, Cp-12, Cp-16, and Cp-18, the date of construction of each building is stated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

43Balance of Individual Properties (1)15th Fiscal Period (period ended December 2023)
Investment area

Regional area

Property No.

Rp-01

Rp-02

Property name

ArtizA
Sendai Kakyoin

ArtizA
Kamimaezu

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

(million yen)

2,730

400

(%)

5.4

(million yen)

2,634

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

Leasable area
Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)

Rp-06

Rp-07

Rp-08

Rp-09

ArtizA
Kamimaezu II

ArtizA
ChiyodaArtizA
Higashi-Shimada

ArtizA
TsurumaiJun. 1, 2017

Jan. 23, 2018

Jan. 23, 2018

Jan. 4, 2019

Jan. 21, 2020

1,060

640

720

980

700

430

0.8

2.1

1.3

1.4

2.0

1.4

0.9

353

960

581

674

908

650

420

ArtizA
ArtizA
Hakata PREMIER Higashi-Betsuin(m²)

9,810.37

1,096.48

3,804.39

1,336.50

1,557.90

2,062.06

1,809.60

841.509,604.69

1,046.64

3,674.56

1,336.50

1,557.90

1,954.73

1,670.40

841.50

(%)

97.9

95.5

96.6

100

100

94.8

92.3

100

184 days

184 days

184 days

184 days

184 days

184 days

184 days

184 days

129,440

17,263

48,90922,15424,32733,23822,003

13,818125,087

16,76147,43821,65523,79332,114

21,22913,499(thousand yen)

Lease business revenue
Other lease business revenue

4,353

502

1,470

499

533

1,123

774

319

29,002

3,881

11,784

5,668

5,346

7,875

7,218

3,389

Management fees

10,423

1,794

4,028

1,949

2,280

2,959

3,576

1,176

Taxes and public dues

7,745

1,353

3,282

1,600

1,721

2,409

1,756

1,230

Utility costs

1,410

128

437

173

148

146

173

114

Repair costs

8,173

165

3,487

656

509

964

817

114

Insurance fees

770

103

284

130

131

174

132

82

Trust fees

220

225

220

225

225

225

225

225

Other lease business expenses

261

111

43

934

329

996

537

446

(3) Total lease business expenses

Balance(Note 2)

Rp-05

(m²)

(1) Number of operating days
(2) Total lease business revenue

Rp-03(thousand yen)

(4) NOI ( = (2) – (3))(thousand yen)

100,437

13,382

37,125

16,48518,98025,363

14,785

10,429(5) Depreciation(thousand yen)

33,115

4,523

17,628

6,775

6,313

9,217

7,622

3,386

(6) Lease business income (= (4) – (5)) (thousand yen)

67,322

8,858

19,496

9,710

12,667

16,146

7,162

7,043

(7) Capital expenditures(thousand yen)

4,073

-

9,211

-

122

1,639

-

-

(8) NCF (= (4) – (7))(thousand yen)

96,364

13,382

27,913

16,48518,85823,724

14,785

10,429(Note 1) The figures are as of the end of the 15th Fiscal Period.
(Note 2) The balance is for the 15th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

44Balance of Individual Properties (2)15th Fiscal Period (period ended December 2023)
Investment area

Regional area

Property No.

Rp-10

Rp-11

Rp-12

Rp-13

Rp-14

Rp-15

Rp-16

Rp-17

Property name

ArtizA
Awajieki-higashi

ArtizA
Matsumoto

ArtizA
Sengen-cho

ArtizA
Kitadorimachi

Starship Kobe
Gakuentoshi

ArtizA
Mito Izumicho

ArtizA
KokuraArtizA
Kurashiki

Acquisition dateJan. 21, 2020

Jan. 21, 2020Feb. 26, 2021

Jan. 19, 2022

Apr. 1, 2022

Jan. 19, 2022

Jan. 19, 2022

Jan. 19, 2022

(million yen)

1,180

640

495

780

982

609

1,849

590

(%)

2.4

1.3

1.0

1.6

2.0

1.2

3.7

1.2

(million yen)

1,157

667

511

817

1,022

637

1,913

623

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

Leasable area
Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)(m²)

2,180.10

3,012.53

1,079.20

1,915.65

2,801.77

1,843.68

5,307.82

2,275.84(m²)

2,156.61

2,894.21

1,052.22

1,915.65

2,801.77

1,772.84

5,050.82

2,188.16

(%)

98.9

96.1

97.5

100

100

96.2

95.2

96.1

184 days

184 days

184 days

184 days

184 days

184 days

184 days

184 days

38,68029,00917,26829,958

Undisclosed*

23,85860,62322,506

37,844

26,876

16,97728,435

Undisclosed*

23,027

58,957

20,904

835

2,132

291

1,522

Undisclosed*

831

1,665

1,602

(1) Number of operating days
(2) Total lease business revenue(thousand yen)

Lease business revenue
Other lease business revenue(3) Total lease business expenses

Balance(Note 2)(thousand yen)

8,177

9,102

4,149

6,149

Undisclosed*

5,696

16,7506,314Management fees

3,169

3,808

1,379

3,064

Undisclosed*

3,126

6,182

2,224

Taxes and public dues

3,467

2,062

1,724

1,720

2,928

1,556

5,745

1,731

Utility costs

261

312

144

264

Undisclosed*

225

457

752

Repair costs

629

1,747

114

600

6

235

3,033

984

Insurance fees

192

240

104

138

201

128

435

169

Trust fees

225

225

225

225

225

225

225

225

Other lease business expenses

232

706

456

135

1

200

672

227

(4) NOI ( = (2) – (3))(thousand yen)

30,502

19,907

13,11923,809

Undisclosed*

18,16143,872

16,191(5) Depreciation(thousand yen)

7,758

6,155

3,714

6,675

7,266

4,827

12,895

4,367(6) Lease business income (= (4) – (5)) (thousand yen)

9,405

17,133

Undisclosed*

13,33430,976

11,82422,744

13,751(7) Capital expenditures(thousand yen)118

13,930

288

-

-

550

-

359

(8) NCF (= (4) – (7))(thousand yen)

30,383

5,976

12,831

23,809

Undisclosed*

17,61143,872

15,831(Note 1) The figures are as of the end of the 15th Fiscal Period.
(Note 2) The balance is for the 15th Fiscal Period.
(Note 3) Figures are undisclosed* as the consent of the tenant could not be obtained.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

45

Balance of Individual Properties (3)15th Fiscal Period (period ended December 2023)
Investment area

Regional area
Rp-18

Property No.

Acquisition date
Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

Leasable area
Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)

Jul. 5, 2022

Rp-22

Rt-01

Rt-03

Rt-04

ArtizA Mito
Shiraume

Grand E’terna
HokudaimaeⅡ

Alpha Square
Minami 4jo
HigashiArtizA
Ikejiri

ArtizA
Kawasaki EAST

ArtizA
SobudaiJan. 19, 2023

Jan. 19, 2023

Jan. 19, 2023

Jan. 19, 2023

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

520

1,100

707

570

840

610

780

1,130

(%)

1.0

2.2

1.4

1.1

1.7

1.2

1.6

2.3

(million yen)

552

1,145

765

597

882

587

743

1,127

(m²)

1,598.52

1,838.24

2,095.00

2,036.19

2,276.83

641.16

3,055.80

5,703.73(m²)

1,532.19

1,838.24

2,028.49

2,036.19

2,232.25

641.16

3,055.80

5,503.66

(%)

95.9

100

96.8

100

98.0

100

100

96.5

184 days

184 days

184 days

184 days

184 days

184 days

184 days

184 days

18,865

Undisclosed*

27,894

Undisclosed*

29,751

18,17531,31054,355

18,204

Undisclosed*

27,051

Undisclosed*

29,262

17,43731,06052,548661(thousand yen)

Lease business revenue
Other lease business revenue

Undisclosed*

843

Undisclosed*

488

738

250

1,806

5,233

Undisclosed*

4,135

Undisclosed*

5,256

3,502

3,824

13,546

Management fees

2,136

Undisclosed*

2,949

Undisclosed*

2,950

1,679

691

4,490

Taxes and public dues

2,125

-

-

-

-

898

2,320

3,728

Utility costs

182

Undisclosed*

280

Undisclosed*

740

361

-

417

Repair costs

205

37

255

283

925

212

349

3,823

Insurance fees

128

136

142

134

205

60

208

486

Trust fees

250

250

250

250

250

225

225

225

Other lease business expenses

204

1

257

-

185

64

30

376

(3) Total lease business expenses

Balance(Note 2)

Rp-21

(million yen)

(1) Number of operating days
(2) Total lease business revenue

Rp-20

Starship Ishibashi
ArtizA
Kumamotoshinmachi Handaimae

Property name(Note 1)

Rp-19

Tokyo metropolitan area

(thousand yen)

(4) NOI ( = (2) – (3))(thousand yen)

13,632

Undisclosed*

23,758

Undisclosed*

24,494

14,67327,48540,808(5) Depreciation(thousand yen)

4,769

6,338

6,611

3,983

6,320

2,495

5,124

7,371

(6) Lease business income (= (4) – (5)) (thousand yen)

8,862

Undisclosed*

17,147

Undisclosed*

18,174

12,17822,36033,437(7) Capital expenditures(thousand yen)

286

-

-

473

1,661

-

7,700

2,501

(8) NCF (= (4) – (7))(thousand yen)

13,346

Undisclosed*

23,758

Undisclosed*

22,833

14,673

19,78538,307(Note 1) The figures are as of the end of the 15th Fiscal Period.
(Note 2) The balance is for the 15th Fiscal Period.
(Note 3) Figures are undisclosed* as the consent of the tenant could not be obtained.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

46

Balance of Individual Properties (4)15th Fiscal Period (period ended December 2023)
Investment area

Regional area

Property No.

Cp-01

Cp-02

Property name

MRR Omuta

TarumiekimaeGold Building

Acquisition dateAug. 1, 2016

Aug. 1, 2016

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

Leasable area
Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)

Yamada Denki
Foodaly Aoba Store Tecc Land MiharaStore
Aug. 1, 2016

Aug. 1, 2016

Cp-05

Cp-07

Cp-08

Yamada Denki
Tecc Land TogitsuStore

MRR Kumamoto

MRR Sasebo

Aug. 1, 2016

Jan. 23, 2018

Jan. 23, 2018

1,265

500

250

2,000

950

2,120

990

(%)

2.5

1.0

0.5

4.0

1.9

4.2

2.0

(million yen)

1,105

438

197

1,743

869

2,055

959

(m²)

6,485.11

678.57

1,729.30

11,579.19

5,998.15

11,157.71

5,070.01(m²)

6,485.11

678.57

1,729.30

11,579.19

5,998.15

11,060.11

5,070.01

(%)

100

100

100

100

100

99.1

100

184 days

184 days

184 days

184 days

184 days

184 days

184 days

43,084

20,676

16,308

Undisclosed*

Undisclosed*

119,61156,45343,053

19,43516,308

Undisclosed*

Undisclosed*

105,716

49,605(thousand yen)

Lease business revenue
Other lease business revenue

31

1,241

-

Undisclosed*

Undisclosed*

13,894

6,848

9,229

3,493

3,309

Undisclosed*

Undisclosed*

46,90718,180Management fees

1,923

1,176

163

Undisclosed*

Undisclosed*

15,700

6,699

Taxes and public dues

4,409

701

1,100

11,188

4,366

Utility costs

68

1,269

-

14,566

6,366

Repair costs

249

53

-

4,024

230

(3) Total lease business expenses

Balance(Note 2)

Cp-04

(million yen)

(1) Number of operating days
(2) Total lease business revenue

Cp-03(thousand yen)

8,342
Undisclosed*-

2,916
Undisclosed*-

Insurance fees

253

40

122

510

349

878

293

Trust fees

225

220

220

220

225

250

225

2,100

31

1,704

4,117

3,853

299

-

72,704

38,27322,247

6,642

Other lease business expenses(4) NOI ( = (2) – (3))(thousand yen)

33,855

17,183

12,998

Undisclosed*(5) Depreciation(thousand yen)

14,931

4,791

3,659

18,695(6) Lease business income (= (4) – (5)) (thousand yen)

Undisclosed*

18,924

12,391

9,338(7) Capital expenditures(thousand yen)

-

-

-

(8) NCF (= (4) – (7))(thousand yen)

33,855

17,183

12,998

Undisclosed*

Undisclosed*
6,303
Undisclosed*
Undisclosed*

50,456

31,6308,457

18,25064,24720,022(Note 1) The figures are as of the end of the 15th Fiscal Period. The leasable area and leased area for Yamada Denki Tecc Land Mihara Store and Yamada Denki Tecc Land Togitsu Store
include the areas of the 1F automobile garage (piloti-type parking lot section under the building) and warehouse building.
(Note 2) The balance is for the 15th Fiscal Period.
(Note 3) Figures are undisclosed* as the consent of the tenant could not be obtained.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

47

Balance of Individual Properties (5)15th Fiscal Period (period ended December 2023)
Investment area

Regional area

Property No.

Cp-09

Cp-11

Cp-12

Cp-13

Cp-14

Cp-15

MRR Akita II

Komyoike Act

Coop Sapporo
Megumino

MRR Chitose

Jan. 21, 2020

Jan. 19, 2022

Mar. 31, 2023

Jan. 19, 2023

Property name

MRR Itoshima

MRR Akita

Supercenter TRIAL
Togitsu Store(land ownershipinterests)

Acquisition dateJan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

Leasable area
Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)(million yen)

900

840

1,150

970

2,040

870

471

(%)

1.8

1.7

2.3

1.9

4.1

1.7

0.9

(million yen)

905

857

1,170

986

2,096

913

493

(m²)

2,842.78

8,416.10

13,719.74

5,587.25

6,379.29

3,933.31

1,521.93(m²)

2,842.78

8,416.10

13,719.74

5,587.25

5,864.35

3,933.31

1,521.93

(%)

100

100

100

100

91.9

100

100

184 days

184 days

184 days

184 days

184 days

184 days

184 days

19,08332,106

Undisclosed*

43,075

126,500

Undisclosed*

Undisclosed*

14,73932,106

Undisclosed*

43,075

100,798

Undisclosed*

Undisclosed*(1) Number of operating days
(2) Total lease business revenue(thousand yen)

Lease business revenue
Other lease business revenue

4,344

-

Undisclosed*-

25,701

Undisclosed*

Undisclosed*

14,660

3,639

Undisclosed*

8,323

76,580

Undisclosed*

Undisclosed*

Management fees

6,774

321

Undisclosed*

1,505

19,790

Undisclosed*

Undisclosed*

Taxes and public dues

2,172

1,546

3,073

4,385

8,516

1

-

Utility costs

4,636

-

Undisclosed*-

40,698

Undisclosed*

Undisclosed*

Repair costs

683

306

-

1,930

5,228

140

-

(3) Total lease business expenses

Balance(Note 2)

Cp-10

(thousand yen)

Insurance fees

116

41

-

277

848

144

52

Trust fees

250

225

225

225

250

250

250

Other lease business expenses

28

1,200

-

-

1,248

0

-

(4) NOI ( = (2) – (3))(thousand yen)

4,422

28,466

Undisclosed*

34,752

49,920

Undisclosed*

Undisclosed*(5) Depreciation(thousand yen)

3,419

1,273

-

7,661

12,825

2,204

1,695

(6) Lease business income (= (4) – (5)) (thousand yen)

1,002

27,192

Undisclosed*

27,09037,095

Undisclosed*

Undisclosed*(7) Capital expenditures(thousand yen)

20,000

458

-

908

3,554

450

-

(8) NCF (= (4) – (7))(thousand yen)

-15,577

28,008

Undisclosed*

33,84446,366

Undisclosed*

Undisclosed*(Note 1) The figures are as of the end of the 15th Fiscal Period.
(Note 2) The balance is for the 15th Fiscal Period.
(Note 3) Figures are undisclosed* as the consent of the tenant could not be obtained.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

48

Balance of Individual Properties (6)15th Fiscal Period (period ended December 2023)
Investment area

Regional area

Property No.

Cp-16

Cp-18

Cp-19

Cp-20

Ct-01

Ct-02

Property name

MRR Iwamizawa

MRR Hakodate

MRR Ebetsu

MrMax Isesakiten

MIRAKITA CITYHANAKITAMRR Ichihara(land ownershipinterests)

K’s Denki KitamotoStore(land ownershipinterests)

Acquisition dateJan. 19, 2023

Jan. 19, 2023

Jan. 19, 2023

Jan. 19, 2023

Jan. 19, 2023

Jan. 21, 2020

Jan. 21, 2020

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

Leasable area
Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)(million yen)

572

390

649

1,461

570

700

1,030

(%)

1.1

0.8

1.3

2.9

1.1

1.4

2.1

(million yen)

578

397

678

1,558

570

717

1,047

2,165.67

1,485.84

2,320.43

16,829.44

1,441.77

18,326.76

11,451.00
11,451.00

(m²)
(m²)

2,165.67

1,485.84

2,320.43

16,829.44

1,441.77

18,326.76

(%)

100

100

100

100

100

100

100

184 days

184 days

184 days

184 days

184 days

184 days

184 days

19,350

Undisclosed*

20,850

Undisclosed*

26,775

21,243

Undisclosed*

19,350

Undisclosed*

20,850

Undisclosed*

24,734

21,243

Undisclosed*(1) Number of operating days
(2) Total lease business revenue(thousand yen)

Lease business revenue
Other lease business revenue(3) Total lease business expenses(thousand yen)Management fees

Balance(Note 2)

Cp-17

Tokyo metropolitan area-

Undisclosed*-

Undisclosed*

2,041

-

Undisclosed*

907

Undisclosed*

540

Undisclosed*

5,532

3,982

Undisclosed*

580

Undisclosed*

208

Undisclosed*

1,579

166

Undisclosed*

-

3,590

-

-

850

-

Taxes and public dues-

Utility costs-

Repair costs-

Undisclosed*--

Undisclosed*-

1,402
Undisclosed*-

Insurance fees

76

52

82

877

97

-

-

Trust fees

250

250

250

250

250

225

225

-

-

-

-

2,754

0

-

21,243

17,2603,664-

17,57817,260--21,243

17,260

Other lease business expenses(4) NOI ( = (2) – (3))(thousand yen)

18,442(5) Depreciation(thousand yen)

3,207

(6) Lease business income (= (4) – (5)) (thousand yen)

15,235(7) Capital expenditures(thousand yen)-(8) NCF (= (4) – (7))(thousand yen)

18,442

Undisclosed*
1,481
Undisclosed*
Undisclosed*

20,3092,295
18,013
20,309

Undisclosed*
6,434
Undisclosed*
Undisclosed*

Undisclosed*
Undisclosed*
Undisclosed*(Note 1) The figures are as of the end of the 15th Fiscal Period.
(Note 2) The balance is for the 15th Fiscal Period.
(Note 3) Figures are undisclosed* as the consent of the tenant could not be obtained.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

49

Balance of Individual Properties (7)15th Fiscal Period (period ended December 2023)
Investment area

Regional area

Property No.

Hp-01

Hp-02

Op-01

Op-02

Op-03

Op-04

Lp-01

Property name

Route-Inn
Ichinomiya Ekimae

Hotel Wing
International
Hida-Takayama

MRR
Delta Building

PLEAST Hakata
Gion Building

MRR
Utsunomiya

Ikeshita
ES Building

Nippon Express
Komagane Logistics
CenterAcquisition dateAug. 1, 2016

Jan. 19, 2023

Aug. 1, 2016

Aug. 1, 2016

Jan. 19, 2022

Jan. 19, 2022

Mar. 31, 2023

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

Leasable area
Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)(million yen)

740

1,750

1,200

800

1,750

1,000

1,170

(%)

1.5

3.5

2.4

1.6

3.5

2.0

2.3

(million yen)

598

1,736

1,043

717

1,849

1,026

1,218

(m²)

3,860.81

3,385.68

3,053.57

1,931.47

5,106.48

2,066.02

10,047.69(m²)

3,860.81

3,385.68

3,053.57

1,931.47

5,039.90

2,066.02

10,047.69

(%)

100

100

100

100

98.7

100

100

184 days

184 days

184 days

184 days

184 days

184 days

184 days

Undisclosed*

Undisclosed*

57,30544,28786,02551,668

Undisclosed*

Undisclosed*

Undisclosed*

52,222

41,67978,34444,367

Undisclosed*

Undisclosed*

Undisclosed*

5,082

2,608

7,680

7,300

Undisclosed*

Undisclosed*

Undisclosed*

17,64010,49528,883

18,733

Undisclosed*

Undisclosed*

Undisclosed*

3,721

3,462

11,285

3,697

Undisclosed*

5,234

2,671

6,269

3,497

6,518

3,684

7,522

9,203

(1) Number of operating days
(2) Total lease business revenue(thousand yen)

Lease business revenue
Other lease business revenue(3) Total lease business expenses(thousand yen)Management fees
Taxes and public dues

3,799

Utility costs
Balance(Note 2)

Undisclosed*

0
Undisclosed*

Undisclosed*

Repair costs

-

-

1,204

147

1,537

1,608

729

Insurance fees

270

244

363

170

639

341

425

Trust fees

225

250

220

220

225

225

250

-

-

377

138

1,403

159

-

Undisclosed*

39,66533,792

57,14232,934

16,937

14,853

7,159

12,673

3,430

Undisclosed*

24,811

26,632

44,46829,504

200

2,320

1,077

5,164

39,46531,47256,064

27,770

Other lease business expenses(4) NOI ( = (2) – (3))(thousand yen)

(5) Depreciation(thousand yen)

(6) Lease business income (= (4) – (5)) (thousand yen)
(7) Capital expenditures(thousand yen)(8) NCF (= (4) – (7))(thousand yen)

Undisclosed*
9,951
Undisclosed*
Undisclosed*

Undisclosed*

Undisclosed*
6,028
Undisclosed*
Undisclosed*(Note 1) The figures are as of the end of the 15th Fiscal Period.
(Note 2) The balance is for the 15th Fiscal Period.
(Note 3) Figures are undisclosed* as the consent of the tenant could not be obtained.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material50

15th FP

Balance Sheet and Statement of Income

15th Fiscal Period (period ended December 2023)

Balance Sheet for the 15th Fiscal Period (December 31, 2023)
Assets(Unit: thousand yen)

Statement of Income for the 15th Fiscal Period(As of Dec. 31, 2023)

From July 1, 2023 to December 31, 2023

Liabilities

Current assets

Current liabilities

Cash and deposits

1,681,570

Operating accounts payable

Cash and deposits in trust

3,472,446

Current portion of long-term loans payable

Operating accounts receivable

16,180Accrued expenses

Prepaid expenses

137,464

Income taxes payable

Consumption taxes refund receivable
Total current assets−
5,307,661

Non-current assets
Property, plant and equipment
Buildings in trust

23,277,188

Accumulated depreciation(3,381,878)

Buildings in trust, net

19,895,310

Structures in trust

507,248

Accumulated depreciation(100,861)

Structures in trust, net

406,387

Machinery and equipment in trust

123,822

Accumulated depreciation(42,517)

Machinery and equipment in trust, net

81,305Tools, furniture and fixtures in trust

69,029

Accumulated depreciation(29,707)

Tools, furniture and fixtures in trust, net

39,321

Construction in progress in trust
Total property, plant and equipment

29,043,817

Advances received

321,351

Current portion of tenant leasehold and security deposits in trust

64,962

Other

6,969

Total current liabilities

2,823

Total intangible assets

2,823

Investments and other assets

Guarantee deposits

Long-term loans payable

22,385,000

Tenant leasehold and security deposits in trust

2,232,609

Asset retirement obligations
Other

18,43744

Total non-current liabilities
Total liabilities

24,636,091
29,936,624

Net assets
Unitholders’ equity
25,214,309

Deduction from unitholders’ capital
Allowance for temporary difference adjustments(15,645)

Other deduction from unitholders’ capital(781,698)

Total deduction from unitholders’ capital(797,344)

223,17012
10,000Unitholders’ capital, net

1,980,257
101,571−
2,081,828
879,764
193,062
2,748
24,8973,000
21,86656,6391,181,978899,849
24
465
−
104
594
109,982
65,012
14,198189,193711,2501,900
1,900
713,150858
3
861
712,289185
712,474

24,416,964

Surplus
Unappropriated retained earnings (undisposed loss)

712,474

Total surplus

712,474

Total unitholders’ equity
Total net assets
Total liabilities and net assets

Copyright © Marimo Asset Management Co., Ltd.

5,300,532

Non-current liabilities

49,466,197

Leasehold rights in trust

Deferred tax assets

854
69,12555

Intangible assets

Long-term prepaid expenses

273,728

Accrued consumption taxes

Unitholders’ capitalLand in trust

128,5424,435,000

Operating revenue
Lease business revenue
Other lease business revenue
Gain on sale of real estate
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Asset custody fee
Administrative service fees
Directors’ compensations
Taxes and dues
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Reversal of distributions payable
Interest on tax refund
Insurance income
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Amortization of investment unit issuance expenses
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on receipt of donated non-current assets
Total extraordinary income
Net income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

25,129,439
25,129,439
55,066,063

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

51

Status of Unitholders 15th Fiscal Period (period ended December 2023)
Breakdown by number of unitholders andby number of units
14th Fiscal Period(period ended June 2023)
No. of unitholders

Major unitholders
15th Fiscal Period(period ended December 2023)

No. of investment units

No. of unitholders

Fiscal period ended
December 2023

No. of investment units

Name

Type of unitholder
No. ofunitholders
Individuals,
othersIndividuals
OthersGovernment andlocal publicauthorities
Financial
institutions
Banks/trust banks
City banks
Regional banks
Trust banks
Life insurancecompanies
Nonlife insurancecompanies
Other financial
institutions
Shinkin banks
OthersOther domestic
entities
General entities
Other entities
Foreigncompanies, etc.
Foreignindividuals
Foreign entities
Securities
companies
Total

No. ofinvestment
units

Share

No. ofunitholders

Share

No. ofinvestment
units

Share

Share

No. ofOwnership
investment
ratio
units

16,12897.49%

123,12751.90%

16,43197.26%

127,458

53.73%

Custody Bank of Japan, Ltd.
(trust account)

16,05276

97.03%
0.46%

122,847280

51.79%
0.12%

16,36368

96.86%
0.40%

127,178280

53.61%
0.12%

The Master Trust Bank of Japan, Ltd.
(trust account)

20,902 units

8.8%

-

-

-

-

-

-

-

-

Marimo Co., Ltd.

16,866 units

7.1%

18

0.11%

66,18127.90%

17

0.10%

60,47025.49%

7
2
5

0.04%
0.01%
0.03%

59,742
1,170
58,57225.18%
0.49%
24.69%

6
1
5

0.04%
0.01%
0.03%

54,060436
53,62422.79%
0.18%
22.60%The Nomura Trust and Banking Co., Ltd.
(investment trust account)

9,913 units

4.2%

Morgan Stanley MUFG Securities Co., Ltd.

2,524 units

1.1%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Yonezawa Shinkin Bank

2,000 units

0.8%

11

0.07%

6,439

2.71%

11

0.07%

6,410

2.70%

Individuals

1,889 units

0.8%

4
7

0.02%
0.04%

4,003
2,436

1.69%
1.03%

4
7

0.02%
0.04%

4,003
2,407

1.69%
1.01%

259

1.57%

32,01413.50%

272

1.61%

32,54313.72%TKC Corporation

1,870 units

0.8%

238
21

1.44%
0.13%

30,9271,087

13.04%
0.46%

252
20

1.49%
0.12%

31,502
1,041

13.28%
0.44%

DFA INTERNATIONAL REAL ESTATESECURITIES PORTFOLIO

1,649 units

0.7%

118

0.71%

9,822

4.14%

150

0.89%

8,908

3.76%

69

0.42%

480

0.20%

90

0.53%

647

0.27%

Ueda Yagi Tanshi Co., Ltd.

1,634 units

0.7%

49

0.30%

9,342

3.94%

60

0.36%

8,261

3.48%

20

0.12%

6,081

2.56%

24

0.14%

7,846

3.31%

81,950 units

34.5%

16,543

100%

237,225100%

16,894100%

237,225100%* Each ratio is rounded to the second decimal place.

Copyright © Marimo Asset Management Co., Ltd.

22,703 units

9.6%(Note)

Total(Note) Calculated by dividing the 81,950 investment units owned by the top 10
unitholders by the 237,225 investment units issued and outstanding androunding to the first decimal place.

marimo Regional Revitalization REIT, Inc. 15th FP (Ended December 31, 2023) Presentation Material

52

Explanatory Notes (1)Note:

Unless indicated otherwise, the figures indicated in this document are rounded down to the nearest unit (however, in cases where the result after rounding down to the nearest
unit is 0, a figure of less than a unit will be indicated). Percentages are shown by rounding them down to the first decimal place. The sum of each separate amount orpercentage may therefore not match the overall total.

Page 4Note 1: With regard to the additional acquisition of land at Starship Kobe Gakuentoshi, Marimo Co., Ltd., the master lease company of the property, has installed a stairway on the land
which it owns at a request from the property’s end tenant, etc. Marimo offered to transfer the land to marimo REIT for free in light of the fact that the stairway has been installed
for the use of the property and land is only used for the stairway and is not expected to serve any other application in the future. marimo REIT agreed to acquire the land as it
believes the unconditional and continuous use of the stairway by users of the property will contribute to the improvement of the property’s asset value.
Note 2: Comprehensive Assessment System for Built Environment Efficiency (CASBEE) is a method for assessing and rating the environmental performance of buildings. The rating is
not a rating of marimo REIT’s investment units. Furthermore, with regard to marimo REIT’s investment units, there is no credit rating provided by or made available forinspection by a credit rating agency nor any planned credit rating to be provided by or made available for inspection by a credit rating agency at the request of marimo REIT.
The same applies hereinafter.
Note 3: “Average NOI yield” is the ratio of the total appraisal NOI to the total acquisition price at a given point in time. The relevant figures are calculated by the Asset Manager and are
not the figures indicated in real estate appraisal reports. The same applies hereinafter.
Note 4: The “Average appraisal yield after depreciation” refers to the ratio of the total amount obtained by deducting the actual or expected depreciation for each asset from theappraisal NOI to the total acquisition price at a given point in time. The relevant figures are calculated by the Asset Manager and are not the figures indicated in real estateappraisal reports. The expected amount of depreciation which is assumed when calculating the average appraisal yield after depreciation is also calculated by the AssetManager. The same applies hereinafter.
Note 5: “Occupancy rate” refers to the ratio of total leased area to total leasable area. The same applies hereinafter.
Note 6: “LTV to total assets” refers to the figure obtained using the following formula: The same applies hereinafter.
Balance of interest-bearing liabilities at the end of each period ÷ total assets at the end of each period
Note 7: “Rating (JCR)” and “Japan Credit Rating Agency Long-Term Issuer Rating” indicate the long-term issuer rating for marimo REIT provided by Japan Credit Rating Agency (JCR)
and is not a rating of marimo REIT’s investment units. The same applies hereinafter.
Note 8: “Average remaining lease period” and “Average interest rate” are shown as weighted average based on the balance of the borrowings. “Fixed interest rate: floating interest rate”
describes the ratio of the balance of fixed interest rate borrowing and floating interest rate borrowings, respectively, to total borrowings. The same applies hereinafter.
Note 9: Earnings forecasts for the 16th Fiscal Period and 17th Fiscal Period do not guarantee actual results.
Note 10: “NAV per unit” at the end of each period is calculated based on the following formula. The same applies hereinafter.
NAV per unit at the end of each period = (total net assets on balance sheet at end of period + total appraisal value of portfolio assets at end of period– total period-end bookvalue of portfolio assets at end of period– total dividends at end of period) ÷ total number of marimo REIT investment units issued and outstanding at end of period
Page 13
Note 1: Regarding “Increase/Decrease in Residential Rent (at the time of replacement)” which indicates the increase or decrease in rent of the residences owned by marimo REIT foreach calculation period (including properties disposed during the period), for each tenant that moved in during each calculation period, the rent is categorized as increased,unchanged, or decreased compared with the previous tenant, and the ratio of each number of tenants to the total number of tenants in each calculation period is indicated.
Note 2: “Changes in Average Occupancy Rate of Portfolio During Fiscal Periods” is the simple average of the occupancy rates of the entire portfolio as of the end of each month, from
August 31, 2016, to December 31, 2016, for the 1st Fiscal Period and from the end of the first month to the end of the last month for the 2nd to 15th Fiscal Periods.
Page 17
Note:
Interest rates are defined as follows.
Floating: 3M TIBOR + Spread
Fixed: The minimum fixed interest rate for the same term as the loan to be refinanced at a given point in time, with indications obtained from specific banks (multiple banks).

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Explanatory Notes (2)Page 18
Note 1: “Number of Units / Sections” indicates the number of units or sections determined by Marimo based on drawings (including properties in the planning stage) and differsfrom the “number of leasable units” indicated on p. 31 and after.
Note 2: The room configuration for each unit is indicated in the number of units field for residential properties (excluding student dormitories and student apartments). If there is
only one type of configuration, that configuration will be indicated, and if there are multiple configurations, the most common configuration will be indicated.
Development of each property is not finished, and the configurations, which are based on the plans as of the date of this document, may differ from those indicated here.
Page 19
Note: “Asset size” refers to the total of the acquisition prices of each asset pertaining to ownership by marimo REIT at a given point in time, unless otherwise noted.
Page 20
Note 1: “Investment Ratio by Type” and “Investment Ratio” are based on acquisition price.
Note 2: The details indicated in the “Objective” column under Growth Strategy and the “Future Acquisition Policy” column under Acquisition Policy are the targets and policies
for the meanwhile, based on the current status, and are subject to change when necessary. In addition, the details indicated in the “Efforts to achieve the target” column
include items in the preparation stage as of the date of this document, and there is no guarantee that they will be implemented. The results if “Efforts to achieve thetarget” were implemented are shown in the “Result of effort” column.
Note 3: The Regional Alliance Initiative is Asset Manager’s own name for this concept.
The concept is to create a system of mutual cooperation with developers and general real estate companies active mainly in regional areas, while sharing the basic
philosophy of “strengthening Japan from regional areas” by communicating the appeal of the regions and reducing monocentric concentration in Tokyo, thereby
enhancing the vitality of Japan as a whole.
Page 36
Note 1: “PML value” refers to probable maximum loss caused by earthquakes. There is PML for individual buildings and for portfolios. While there is no consistent definition ofPML, the PML value for marimo REIT refers to the ratio (%) of the forecast restoration expenses to the replacement costs for the damage that would be caused by theestimated largest earthquake (large earthquake occurring once every 475 years = large earthquake with a 10% probability of occurrence in 50 years) during theestimated planned usage period (50 years = expected useful life of typical buildings). PML value and earthquake PML value are synonymous. The same applies
hereinafter. The figure indicated in “marimo REIT” indicates the PML value for the entire portfolio, based on the earthquake risk assessment report (portfolio version)
produced in November 2022 by Tokio Marine dR Co., Ltd. Supercenter TRIAL Togitsu Store (land ownership interests), MRR Ichihara (land ownership interests), andK’s Denki Kitamoto Store (land ownership interests) are land ownership interests only with no buildings owned, so they are not included in the PML calculation for theentire portfolio.
Note 2: “Simple average across all J-REITs” is calculated based on the most recent material disclosed by each J-REIT as of January 31, 2024. Please note that simple
comparison may not be possible since the definition of the PML value disclosed by each J-REIT before January 31, 2024, is not necessarily the same as the PML value
definition used by marimo REIT (refer to Note 1 above for details). The figures are calculated by excluding J-REITs whose portfolio PML values are not indicated in thedisclosed materials. The same applies hereinafter for the PML value of each investment corporation other than marimo REIT.
Page 41
Note 1: “Location” indicates the displayed address as a general rule. For properties with no displayed address, the building address in the register (or one of the addresses in
the case of multiple addresses) is indicated. The same applies hereinafter.
Note 2: “Terminal capitalization rate” is the figure indicated in each of the real estate appraisal reports dated December 31, 2023. The same applies hereinafter.
Note 3: “Appraisal NOI Yield” is the ratio of the NOI indicated in each of the real estate appraisal reports dated December 31, 2023, to the acquisition price. The same applies
hereinafter.

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Disclaimer▼ This material is solely intended to provide information and is not intended to seek or solicit investments or to serve as a recommendation
to buy or to sell.
For those interested in the investment units of marimo Regional Revitalization REIT, Inc., please direct requests to securities companies.
The final decision on investment should be made based on your own judgements and responsibility.
▼ This material is not a disclosure document nor is it a management report based on the Financial Instruments and Exchange Act, the Act
on Investment Trusts and Investment Corporations, listing regulations of the Tokyo Stock Exchange or regulations of the Investment
Trusts Association nor is it based on other related laws, regulations or rules.
▼ Numerical numbers in this material are rounded down to the nearest units stated and ratios are rounded to the first decimal place when
they are indicated without any other specification.
▼ Data, analyses, etc., in this material are based on performance in a specific period in the past, and are not guarantees of actual future
investment results, changes, etc.
In addition, the forward-looking statements contained in this material do not guarantee future performance.
Furthermore, analyses, judgments and other opinions of marimo Regional Revitalization REIT, Inc. and Marimo Asset Management Co.,
Ltd. contained in this material merely represent opinions as of the preparation date. Different views may exist, and the opinions may bechanged in the future.
It should also be noted that with real estate investment trusts there is a risk that, owing to fluctuations in the prices and profitability of thereal estate under management, the actual value may decrease to a value below that of the principal sum invested.
▼ The information provided in this material is not audited and there are no warranties regarding the accuracy and completeness of theinformation.
Furthermore, please note in advance that the contents are subject to change or deletion without prior notice.
▼ Neither marimo Regional Revitalization REIT, Inc. nor Marimo Asset Management Co., Ltd. accept any responsibility of any kind for theconsequences of investment activities or acts carried out on the basis of this material.
▼ Any reproduction or alternative use of the content indicated in this material without prior permission is prohibited.
Asset Manager: Marimo Asset Management Co., Ltd.
(Financial Instruments Business Operator (No. 2885 issued by the Director General of the Kanto Finance Bureau (Kinsho)) and a member of theInvestment Trusts Association)
Contact: Marimo Asset Management Co., Ltd.
TEL: 03-6205-4755 mail: info@marimo-am.co.jp Financial Management Department

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