June 20, 2024
To All Concerned Parties
Real Estate Investment Trust Securities Issuer
1-1-21 Toranomon, Minato-ku, Tokyo
marimo Regional Revitalization REIT, Inc.
Representative: Takashi Kitagata, Executive Director(Securities Code: 3470)
Asset Manager
Marimo Asset Management Co., Ltd.
Representative: Takashi Kitagata, CEOContact:
Katsuhiro Shimada, Financial Management Officer
TEL: +81-3-6205-4755
Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Rights
marimo Regional Revitalization REIT, Inc. (“marimo REIT”) announces that Marimo Asset Management Co., Ltd. (the“Asset Manager”), to which marimo REIT entrusts management of its assets, decided today on the acquisition (the“Acquisition”) of domestic real estate trust beneficiary rights (the “Assets to Be Acquired”) as described below.
1. Outline of the Acquisition
Property
number

Property name (Note 2)

Plannedacquisition
price(million yen)

Location(Note 1)

Appraisal value Appraised NOIInterme(million yen)cap rate (%)
diation(Note 3)(Note 4)(Note 1)

Hp-03

(tentative name) Hotel SUI
Hamamatsu by Abest

Cp-21

MRR Asabu Clinic Building

Cp-22

Resora Obu Clinic Mall

(Note 1)For definitions of “Property number” and “Planned acquisition price,” please refer to “3. (1) Details of the Asset to Be Acquired” later inthis document. The same applies hereinafter.
The property names “(tentative name) Hotel SUI Hamamatsu by Abest” and “MRR Asabu Clinic Building” are different than those as oftoday, and those stated in this document are the names planned to be used after acquisition by marimo REIT. For details, please referto the notes on each property in “3. (1) Details of the Asset to Be Acquired” later in this document.
“Appraisal value” indicates the appraisal value as of the dates of value of March 1, 2024 and April 1, 2024 stated in the real estateappraisal reports of each property.
“Appraisal NOI cap rate” indicates the rate of the net operating income (NOI) based on the direct capitalization method stated in thereal estate appraisal report of each property to their planned acquisition prices rounded to the first decimal place.

(Note 2)

(Note 3)(Note 4)

Hamamatsu-shi,
Shizuoka
Sapporo-shi,
HokkaidoObu-shi,Aichi(1) Acquisition decision date:(2) Sale and purchase agreement date (Note 1):(3) Planned payment date and planned acquisition date:(4) Planned seller:

1,650

1,750

5.1

Yes

415

453

5.7

N/A

618

647

5.1

N/A

June 20, 2024
June 20, 2024
July 2, 2024
Please refer to “4. Overview of Planned Seller” later inthis document.
Cash on hand and borrowings (Note 2)
Lump sum payment on the planned acquisition date(5) Acquisition financing:(6) Settlement method:1

(Note 1) For “(tentative name) Hotel SUI Hamamatsu by Abest,” the date of conclusion of the status transfer agreement between
the current owner and Marimo Co., Ltd., which transfers the status as a buyer of the trust beneficiary right sale andpurchase agreement dated March 19, 2024, and the rights and obligations based on such to marimo REIT (the “Status
Transfer Agreement”).
(Note 2) For details on these borrowings, please refer to “Notice Concerning Borrowing of Funds” separately announced today bymarimo REIT.

2. Reason for the Acquisition
In pursuit of securing “stability” and “profitability” and steady growth of the portfolio while aiming to continuallyenhance unitholder value over the medium to long term through acquisition of new real estate trust beneficiary rights,
marimo REIT decided to acquire the Assets to Be Acquired (total of 3 properties) after consideration in light of market
trends, the level of dividends per unit, etc. The features of each property are as shown in the following table.
Property
number

Property nameHp-03

(tentative name) Hotel SUI Hamamatsu
by Abest

Cp-21

MRR Asabu Clinic Building

Cp-22

Resora Obu Clinic Mall

Overview
・ With eight guestroom types suited for various purposes, theproperty is expected to see business and future leisure demand.
・ About an 11-minute walk away from Hamamatsu Station on the
JR Central, Tokaido Shinkansen, and JR Tokaido Main Line andwithin walking distance of the city’s sightseeing spots andbusiness districts. It has a highly convenient location that is also
highly accessible to industrial estates in the vicinity.
・ About a 1-minute walk away from the nearest station, Asabu
Station on the Namboku Subway Line (five stops and about 9
minutes from Sapporo Station on the Sapporo Municipal
Subway’s Namboku and Toho lines).
・ Located in an area with a high population density of more than
40,000 within a 1-km trade area, the area around the station has
a concentration of daily necessities retail facilities and storesincluding supermarkets, drug stores and eateries.
・ Located in Obu City, which is a commuter town adjacent to
Nagoya City. Together with neighboring Kariya City, which has
many head offices of the major companies of the Toyota Group,
Obu City is an industrial city centered on the automobile industry
in a region where the population is growing.
・ Located in a highly populated area with more than 18,000 people
within a 1-km trade zone, the property is adjacent to the city’s
largest retail facility, which was developed together with theproperty. It is also in a residential area composed of a sprawl of
mainly for-sale condominiums and single-family homes.

23. Details of the Assets to Be Acquired(1) Overview of the Assets to Be Acquired
The following presents an individual overview of the real estate of the trust beneficiary rights that are
the Assets to Be Acquired.
· “Property number” is the number assigned property by property by combining the asset type classificationsof “investment targets” and “investment ratio by region” for the Assets to Be Acquired of marimo REIT.
“Investment targets” are represented by R for residential, C for retail, H for hotel, O for office, and L for
logistics, while p is for regional and t is for Tokyo metropolitan area. The same shall apply hereinafter. In casesof mixed-use properties of there being several uses (asset types) in the one building, the asset type that
accounts for the largest percentage of the floor area in each building is set as the asset type of the building in
the investment target classification.
· “Asset type” indicates one of marimo REIT’s investment target properties (residential, retail, hotel, office,logistics and parking).
· “Planned acquisition date” indicates the date marimo REIT plans to acquire each real estate trust beneficiaryright.
· “Type of specified asset” indicates the type of real estate and other assets as a specified asset.
· “Planned acquisition price” indicates the purchase price of each real estate trust beneficiary right stated ineach trust beneficiary right sale and purchase agreement (excluding consumption tax, local consumption tax
and other miscellaneous expenses such as broker’s commissions) for the Assets to Be Acquired, rounded down
to the nearest million yen.
· “Appraisal value” indicates the appraisal value stated in the real estate appraisal report for each Asset to Be
Acquired obtained from Japan Valuers Co., Ltd.
· “Location (indication of residential address)” indicates, in principle, the indication of residential address. In
cases of properties that have no indication of residential address, the location of the building (if there areseveral, one of the locations) stated in the register.
· “Transportation” indicates the time it takes to walk the distance from the nearest railway station at a speedof 80 meters per minute as calculated by the Asset Manager (rounded up to the nearest specified unit) or thetime or distance stated in the real estate appraisal report or engineering report, etc.
· “Lot number” for land indicates the location of the building (if there are several, one of the locations) statedin the register.
· “Building coverage ratio” for land indicates, in principle, the maximum value (designated building coverage
ratio) (in cases of multiple values, all of them) determined by City Planning in accordance with the land use
district, etc. for the ratio of the construction area of the structure to the site area, as set forth in Article 53 of
the Building Standards Act (Act No. 201 of 1950; as amended; the “Building Standards Act”). Designatedbuilding coverage ratio may be mitigated, increased or decreased due to reasons such as being a fire-resistantbuilding in a fire prevention district, and may differ from the actual building coverage ratio applied.
· “Floor-area ratio” for land indicates the maximum value (designated floor-area ratio) (in cases of multiple
values, all of them) determined by City Planning in accordance with the land use district, etc. for the ratio of
the gross floor area of the building to the site area, as set forth in Article 52 of the Building Standards Act.
Designated floor-area ratio may be mitigated, increased or decreased due to reasons such as the width ofroads connecting to the site, and may differ from the actual floor-area ratio applied.
· “Use district” for land indicates the type of land use district (if there are several, all of them) listed in Article
8, Paragraph 1, Item 1 of the City Planning Act (Act No. 100 of 1968; as amended).
· “Site area” for land is based on the description (if there is a leasehold, including the area under leasehold) in
the register and may differ from the present state.
· “Form of ownership” for land and building indicates the type of right planned to be held by marimo REIT.

3

· “Construction completion date” for building indicates the date of new construction of the principal building
stated in the register.
· “Structure / Number of floors” is based on the description in the register regarding the principal building.
· “Gross floor area” for building indicates the floor area including those of ancillary buildings based on thedescription in the register.
· “Designer” and “Builder” for building indicate company names at the time of designing and construction of
the principal building.
· “Whether security is established” indicate whether there is security that continues to exist after theacquisition by marimo REIT.
· “Annual lease revenue” indicates an amount obtained by multiplying the monthly fixed rent (includingcommon area fee) specified in the lease agreements (however, concerning lease agreements for the building,warehouse and land (including flat parking lot) are excluded) concluded with the lessees of each Asset to Be
Acquired as of the end of March 2024 by 12, rounded down to the nearest million yen (however, concerning
those for which agreement has been made by a memorandum, etc. as of the end of March 2024 that the rent
will fluctuate before the acquisition by marimo REIT, reflecting such fluctuation). Furthermore, for the Assets
to Be Acquired, when a master lease agreement is concluded, “Annual lease revenue” indicates the amountof annual rent, or monthly rent multiplied by 12, that are specified in the lease agreements planned to be or
already concluded with end tenants, if the amount of rent is equal to the sum of rents specified in the leaseagreements planned to be or already concluded with end tenants, rounded down to the nearest million yen(however, concerning those for which agreement has been made by a memorandum, etc. as of the end of
March 2024 that the rent will fluctuate before the acquisition by marimo REIT, reflecting such fluctuation). In
addition, if the master lease type (either pass-through type or fixed-rent type; the same applies hereinafter)is planned to be changed to a fixed-rent master lease agreement upon the acquisition by marimo REIT,“Annual lease revenue” indicates the sum amount of monthly rent (including common area fee, but excluding
usage fee for parking lot, trunk room and other attached facilities) specified in the lease agreements, etc.
concluded between marimo REIT or the trustee and the master lease company. Consumption tax, etc. are
excluded.
· “Security deposit and guarantee money” indicates the sum amount of security deposit and guarantee money(rounded down to the nearest million yen) required at the time of moving in, for tenants who have already
moved in. However, if a portion of such has been returned, the abovementioned sum amount of security
deposit and guarantee money differs from the sum amount of security deposit and guarantee money held by
the lessor as of the end of March 2024. Furthermore, for the Assets to Be Acquired, when a master leaseagreement is concluded, the sum amount of security deposit, guarantee money, etc. specified in the leaseagreements concluded with end tenants is indicated, if the amount of security deposit is equal to said sum
amount, rounded down to the nearest million.
· “Leasable area” indicates an area marimo REIT considers leasable in the building (however, for a leased site,that of the land) of each Asset to Be Acquired as of the end of March 2024. Furthermore, the leasable area
may exceed the aggregate gross floor area in the register.
· “Lease area” indicates, out of the area that can be leased as of the end of March 2024, the area equivalent to
the equity portion acquired by marimo REIT that is in lease agreements planned to be concluded between
marimo REIT and the tenants or shown in the structural drawing of the property. In the case where a passthrough master lease agreement is planned to be concluded, the area in the lease agreement alreadyconcluded with the end tenant or that shown in the structural drawing of the property is indicated. In the casewhere pass-through and fixed-rent sections are both present in the master lease agreement to be concluded,
for pass-through sections, the area in the lease agreement already concluded with the tenant or shown in the
structural drawing of the property is indicated, and for fixed-rent sections, the area shown in the master leaseagreement is indicated. The same applies hereinafter.

4

· “Occupancy rate” indicates a figure obtained by dividing the total of leased areas of each owned asset as ofthe end of March 2024 by the area marimo REIT considers leasable in the building of each owned asset(however, for a leased site, that of the land) rounded to the first decimal place.
· “Master lease company,” “Property management company,” and “trustee” refer to the companies that are to
be the master lease company and property management company, and the party to be the trustee after theacquisition for each Asset to Be Acquired. “Master lease type” indicates the type of the master lease planned
after the acquisition.
・“Number of tenants” indicates the number of tenants that have a direct lease agreement with the master
lease company or trustee as of the end of March 2024.
・“Main tenant” indicates a tenant which has the largest leased area among tenants that lease the property
from marimo REIT or the trustee based on a lease agreement valid as of the end of March 2024. However, for
the Assets to Be Acquired, when a master lease agreement is planned to be or already concluded, the end
tenant is indicated for a property under a pass-through master lease agreement. Furthermore, when a fixedrent master lease agreement is planned to be or already concluded with marimo REIT or the trustee, themaster lease company under the agreement is indicated. In addition, for retail facilities, hotels, offices,logistics facilities and parking spaces, if consent has not been obtained from the tenant, either individual or
corporation is indicated.
· “Number of leasable units” indicates the number of sections marimo REIT considers leasable or the numberof units (number of sections) marimo REIT is able to lease in the Assets to Be Acquired or sections that are forresidential units.
· “PML value (Probable Maximum Loss)” is indicated based on the seismic risk assessment reports dated March2024 and April 2024 prepared by Tokio Marine dR Co., Ltd. based on entrustment by marimo REIT and theAsset Manager. As of today, there are no plans to seek or purchase earthquake insurance for each asset ownedor Asset to Be Acquired by marimo REIT.
· “Notes” indicates matters considered material in light of their impact on the valuation amount, profitability,and disposability of each Asset to Be Acquired, as well as matters considered material in relation to the right
relations and use, etc. of each Asset to Be Acquired as of today.

5Property number Hp-03

Property name(tentative name)
Hotel SUI Hamamatsu by Abest

Asset type

Hotel

Outline of specified asset
Planned acquisition
July 2, 2024
Type of specified asset
Real estate trust beneficiary rightdate
Planned acquisition
Appraisal value
1,750 million yen
1,650 million yen
price(Date of value)(March 1, 2024)
Location (indication of
314-47 Renjakucho, Chuo-ku, Hamamatsu-shi, Shizuoka
residential address)
An approximate 11-minute walk from Hamamatsu Station on the JR Central, Tokaido Shinkansen, JR
Transportation
Tokaido Main Line
314-47 Renjaku-cho, Chuo-ku,
Construction
Lot number
Hamamatsu-shi, Shizuoka, andJune 18, 2021
completion date
three other parcels
Building
Structure /Steel-frame structure with flat roof /coverage
90%
Number of floors 9F
ratio
Land Floor-area
Building Gross floor area 2,323.26 m2
600%
ratio
Use district

Commercial district

Designer

Urban.Architectural.Laboratory

Site area

418.92 m2

Builder

Asahi House Industry Co., Ltd.

Proprietorship

Form ofownership

Proprietorship

Form ofownership
Whether security isestablished

None

Annual lease revenue

Not disclosed (Note 1)

Security deposit andguarantee money

Not disclosed (Note 1)

Leasable area
(Note 2)

2,355.21 m2

Occupancy rate

100.0%

Lease area

2,355.21 m2

Number of tenants

1

Master lease company
Marimo Co., Ltd.
(Note 3)
Property management
Marimo Co., Ltd.
company
Planned trust
July 2, 2024
establishment date

Master lease typePass-throughTrustee

SMBC Trust Bank Ltd.

Planned trust term expirationdate

End of July 2034

Main tenant

Abest Hotels (Note 4)

Number of leasable units

1

Japan Valuers Co., Ltd.

PML value(Probable maximum loss)

11.1%

Appraisal agency

Notes:· Part of a structure from adjacent land is crossing the boundary on the east side and there is no memorandum concluded regarding
this crossing. The decision to set the property as an investment target was made in light of the investment criteria and after
confirming the content and counterparties of the crossing of boundary and considering the impact on profitability of investment
target assets and stability of rights.
· Parking space outside of the site has been secured to satisfy the obligation of attaching parking space stipulated in the
Hamamatsu City government ordinance on attachment of parking facilities for buildings.
(Note 1) Not disclosed, because consent has not been obtained from the tenant.
(Note 2)

The figure indicated is the sum of the building area stated in the register and the area of the parking space under theroof overhang.

(Note 3)The master lease agreement is for a lease term of 10 years with a planned lease commencement date of July 2, 2024.

(Note 4)As of today, the property is operated by a group company of the seller. Operation by the main tenant is planned to(Note 5)

Property name is indicated as “(tentative name)” because a trademark registration application is underway.

commence from July 2, 2024.

6

Property number Cp-21

Property name MRR Asabu Clinic Building

Asset type

Retail facility

Outline of specified asset
Planned acquisition
July 2, 2024
Type of specified asset
date
Planned acquisition
Appraisal value
415 million yen
price(Date of value)
Location (indication of
5-1-15 Kita 39-jo Nishi, Kita-ku, Sapporo-shi, Hokkaido
residential address)
Transportation
Lot number

Land

Building
coverage
ratio
Floor-area
ratioReal estate trust beneficiary right453 million yen(April 1, 2024)

An approximate one-minute walk from Asabu Station on the Namboku Subway Line
5-328-69 and 5-328-118, Kita 39-jo
Nishi, Kita-ku, Sapporo-shi,
Hokkaido

Construction
completion date80%

Structure /Reinforced concrete structure with
Number of floors flat roof / 4F

400%

Building

February 9, 2001

Gross floor area

1,239.30 m2

Use district

Commercial district

Designer

Class-1 Architects Office, Miyakawa
Construction Co., Ltd.

Site area

400.00 m2

Builder

Miyakawa Construction Co., Ltd.

Proprietorship

Form ofownership

Proprietorship

Form ofownership
Whether security isestablished

None

Annual lease revenue

29 million yen

Security deposit andguarantee money

15 million yen

Leasable area

1,106.44 m2

Occupancy rate

100.0%

Lease area

1,106.44 m2

Number of tenants

5

Master lease typePass-throughTrustee

Mitsubishi UFJ Trust and Banking
Corporation

Planned trust term expirationdate

End of July 2034

Master lease company
Alpha Court Co., Ltd.
(Note 1)
Property management
Alpha Community Co., Ltd.
company
Planned trust
July 2, 2024
establishment date
Main tenant

Corporation

Number of leasable units

5

Appraisal agency

Japan Valuers Co., Ltd.

PML value(Probable maximum loss)

8.1%

Note:
· The boundaries with some adjacent land have not been decided. The decision to set the property as an investment target wasmade in light of the investment criteria and after verifying the impact on operations arising from the fact of undecided boundaries
and such degree of risk.
· The legal inspection pointed out issues in the building’s fire extinguishing equipment. marimo REIT and the seller have agreed
that the seller will bear responsibility and the expenses necessary to resolve the issues before the execution date of thetransaction.
· The lease agreements with some of the tenants of the building state that if the lessor wishes to transfer the property to a third
party, the lessor shall make an offer to the tenant to transfer the property in priority to the third part. The seller has obtained
consent from the tenants to transfer the property to a third party.
(Note 1) The master lease agreement is for a lease term of 10 years with a lease commencement date of July 2, 2024.
(Note 2)

“Property name” stated is the name planned to be used after acquisition by the Asset Manager. The same applies
hereinafter.

7

Property number Cp-22

Property name Resora Obu Clinic Mall

Asset type

Retail facility

Outline of specified asset
Planned acquisition
July 2, 2024
Type of specified asset
date
Planned acquisition
Appraisal value
618 million yen
price(Date of value)
Location (indication of
1-175-1 Hiiragiyamacho, Obu-shi, Aichi
residential address)
Transportation

Land

Real estate trust beneficiary right
647 million yen(April 1, 2024)

An approximate 14-minute walk northwest from Obu Station on the JR Tokaido Main Line, Taketoyo Line
① September 24, 2009
Construction
completion date ② September 25, 2009
① Steel-frame structure with
galvanized alloy roof / 2F
Structure /Number of floors ② Light steel-frame structure with
galvanized alloy roof / 2F
① 1,230.07 m2
Gross floor area
② 164.85 m2

Lot number

1-175-1 and 1-175-2
Hiiragiyamacho, Obu-shi, Aichi

Building
coverage
ratio

60%

Floor-area
ratio

200%

Use district

Industrial district

Designer

Yahagi Construction Co., Ltd.

Site area

1,852.99 m2

Builder

Yahagi Construction Co., Ltd.

Proprietorship

Form ofownership

Proprietorship

Form ofownership
Whether security isestablished

Building

None

Annual lease revenue

37 million yen

Security deposit andguarantee money

24 million yen

Leasable area

1,114.51 m2

Occupancy rate

86.1%

Lease area

960.61 m2

Number of tenants

6

Master lease typePass-throughTrustee

Mitsubishi UFJ Trust and Banking
Corporation

Planned trust term expirationdate

End of July 2034

Master lease company
Marimo Co., Ltd.
(Note)
Property management
Marimo Co., Ltd.
company
Planned trust
July 2, 2024
establishment date
Main tenant

Corporations

Number of leasable units

7

Appraisal agency

Japan Valuers Co., Ltd.

PML value(Probable maximum loss)

5.9%

Notes:· The engineering report, etc. pointed out issues in the building. marimo REIT and the seller have agreed that the seller will bear
responsibility and the expenses necessary to resolve the issues by July 2024.
(Note) The master lease agreement is for a lease term of 10 years with a lease commencement date of July 2, 2024.

8

4. Overview of Planned Seller(1) (tentative name) Hotel SUI Hamamatsu by Abest
(1)

Name

Artplan Co., Ltd.

(2)

Location

2-11-1 Nagatacho, Chiyoda-ku, Tokyo(3)

Name and title ofrepresentative

Osamu Matsumoto, President(4)

Business description

Real estate business(5)

Capital

100 million yen(6)Date established

June 19, 1998

(7)

Net assets

Not disclosed (Note)(8)

Total assets

Not disclosed (Note)(9)

Major shareholders andshareholding ratio

Not disclosed (Note)

There are no relationships required to be stated between marimo REIT/AssetManager and the company. In addition, there are no noteworthy relationships(10)
between related parties and affiliated companies of marimo REIT/Asset Manager
and those of the company.
(Note) Not disclosed, because consent has not been obtained from the planned seller.
Relationship between marimo
REIT / Asset Manager and thecompany(2) MRR Asabu Clinic Building, Resora Obu Clinic Mall
The planned seller, which is a domestic corporation, is not disclosed, because consent for disclosure has not beenobtained from the planned seller. As of today, the planned seller does not fall under the category of interested
persons, etc. defined in Article 201-2 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of1951, as amended) (the “Investment Trusts Act”), nor of interested persons, etc. defined in the rules on transactions
with interested persons, etc., which are the internal rules set by the Asset Manager. Furthermore, the planned seller
has no noteworthy capital ties, personnel ties, or business ties with marimo REIT and the Asset Manager, and theplanned seller does not fall under the category of related parties of marimo REIT.
5. Transactions with Interested Persons, Etc.
For “(tentative name) Hotel SUI Hamamatsu by Abest,” a status transfer agreement which transfers the status as abuyer of the trust beneficiary right sale and purchase agreement dated March 19, 2024, and the rights and obligations
based on such to marimo REIT (the “Status Transfer Agreement”) has been concluded between the seller Artplan Co.,
Ltd. and Marimo Co., Ltd. The seller, Artplan Co., Ltd., does not fall under the category of interested persons, etc.
defined in Article 201-2 of the Investment Trusts Act, but the buyer, Marimo Co., Ltd., with which the Status Transfer
Agreement has been concluded, is the parent company of the Asset Manager and thus falls under the category ofinterested persons, etc. defined in Article 201, Paragraph 1 of the Investment Trusts Act. Therefore, the Asset Manager
has followed the procedure specified in the rules on transactions with interested persons, etc. (including consent
based on approval of the Board of Directors of marimo REIT at a meeting held on June 20, 2024).

96. Information on Property Acquirers, Etc.
Status of property acquisition, etc. from interested persons, etc. of marimo REIT, special purpose companies(subsidiaries) of which decision-making bodies are controlled by the interested persons, etc. and other persons withspecial relationship (the “Persons of Special Interest”) is as follows (①: Name of the company or name of the person,②: Relationship with Persons of Special Interest, ③: Acquisition particulars and reason).
Property name(tentative name) Hotel SUI
Hamamatsu by Abest
MRR Asabu Clinic Building

Resora Obu Clinic Mall

Previous owner or trust beneficiary①, ②, ③Acquisition (transfer) price
Acquisition (transfer) timing
Other than Persons of Special Interest
Other than Persons of Special Interest
Other than Persons of Special Interest-

Second previous owner①, ②, ③Acquisition (transfer) price
Acquisition (transfer) timing-

7. Outline of Intermediation
There was an intermediary appointed on the side of marimo REIT pertaining to the above transaction for the following
property only.
(tentative name) Hotel SUI Hamamatsu by Abest
(1)

Name

SBI Tozai Realty Advisors Co., Ltd.

(2)

Location

4-3-20 Toranomon, Minato-ku, Tokyo(3)

Name and title of representative

Jun Hirasawa, Representative Director and President(4)

Business description

Investment management business, investment advisory and agency business,
type II financial instruments business, real estate brokerage, etc.

(5)

Capital55 million yen(6)Date establishedMay 18, 1998

(7)

Net assets

1,737 million yen (as of December 31, 2023)(8)

Total assets

2,095 million yen (as of December 31, 2023)(9)

Major shareholders andshareholding ratio

SBI Group 100%

As of today, the intermediary has no capital ties, personnel ties or businessties to be stated with marimo REIT and the Asset Manager. The intermediary(10)
also does not fall under the category of related parties of marimo REIT or the
Asset Manager.
(Note) The breakdown and amounts of intermediation fee, etc. are not disclosed because consent has not been obtained from theRelationship between marimo
REIT / Asset Manager and thecompany

intermediary.

8. Settlement Method, Etc.
The entire amount is scheduled to be paid on July 2, 2024, the planned acquisition date.
9. Future Outlook
The impact of the Acquisition on the operating forecasts of marimo REIT is minimal. Thus, there is no change to theoperating forecasts announced in “Notice Concerning Revision of Operating and Dividend Forecasts for the Fiscal
Period Ending June 2024 and the Fiscal Period Ending December 2024” dated March 29, 2024.

10

10. Summary of Appraisal Statements
Summary of Appraisal Statements(tentative name) Hotel SUI Hamamatsu by Abest
1,750 million yen
Japan Valuers Co., Ltd.
March 1, 2024
Details (Unit: thousand yen)
Summary, etc.
In light of the characteristics of each method and the degreeof equilibrium between the two values based on income
Value based on income approach
1,750,000
approach, estimated by correlation of the value based on the
direct capitalization method with the value based on the DCF
methodAssessed as the standardized net income recognized as being
Value based on direct capitalization
1,770,000
stable over the medium to long term, discounted by themethodcapitalization rate
Property nameAppraisal value
Name of appraisal agency
Date of value
Items(1) Operating revenue
Potential gross income
Vacancy loss, etc.

－－

(2) Operating expenses
a. Maintenance andmanagement expenses
b. Water and utility feesc. Repair costs andrestoration costs for
exclusive area portions
d. Property management feee. Tenant solicitation
expenses, etc.
f. Taxes and other publicchargesg. Non-life insurance
premiums
h. Other expenses(3) Net operating income (NOI)(4) Revenue from investment oflump sum payments(5) Capital expenditures－－
Not disclosed (Note)

－
－
－
－
－
－

83,769Not disclosed (Note)－

Not disclosed (Note)－

Net income (NCF)

83,029

Capitalization rate

4.7%

Value based on DCF method

1,730,000

Discount rate

4.5%

Terminal capitalization rate

4.9%

Cost method value

735,000

Land ratio

32.5%

Building ratio

67.5%

Assessed referring to the transaction yield for similar use, etc.
taking into consideration the locality and individuality of thesubject real property
Assessed referring to the transaction yield for similar use, etc.
taking into consideration the locality and individuality of thesubject real property
Assessed by identifying the risks of comparison withcapitalization rate from the characteristics of the real estatemarket, potential of the subject real property, etc.

Other matters taken into consideration No applicable matters.
by the appraisal agency when
performing the appraisal(Note) The item is not disclosed, because it contains information for which consent for disclosure has not been obtained from thetenant or information from which the concerned information can be derived, meaning that any disclosure of such could
undermine the relationship of trust with the tenant, etc. and thereby lead to marimo REIT being sued for damages forbreach of the duty of confidentiality or other disadvantages, ultimately undermining the interests of unitholders.

11Summary of Appraisal Statements
MRR Asabu Clinic Building
453 million yen
Japan Valuers Co., Ltd.
April 1, 2024
Details (Unit: thousand yen)
Summary, etc.
In light of the characteristics of each method and the degreeof equilibrium between the two values based on income
Value based on income approach
453,000
approach, estimated by correlation of the value based on the
direct capitalization method with the value based on the DCF
methodAssessed as the standardized net income recognized as being
Value based on direct capitalization
455,000
stable over the medium to long term, discounted by themethodcapitalization rate(1) Operating revenue
43,713
Potential gross income
Recorded after taking into account the medium- to long-termcompetitiveness of the subject real property, based on the
45,041current rent levels, the new rent levels for similar real
property within the same supply and demand area and theirtrendsVacancy loss, etc.
Assessed taking into consideration the occupancy status of
1,328
the subject real property and the future supply and demand
trends(2) Operating expenses
20,105a. Maintenance andAssessed referring to the projected amounts and the levels
2,061
management expenses
for similar real property
Assessed referring to the actual amounts and the levels forb. Water and utility fees
11,053similar real property
c. Repair costs andAssessed referring to repair and renewal expenses in therestoration costs for834
engineering report and the levels for similar real property
exclusive area portions
d. Property management fee
655
Assessed at 2.0% of effective gross income
e. Tenant solicitation
Assessed referring to the agreement details, the actual results
253
expenses, etc.
and the levels for similar real property
f. Taxes and other public
Assessed based on the materials related to taxes and other3,511
chargespublic charges
g. Non-life insurance
Assessed based on the standard premium rate assumed from127
premiums
insurance premiums for similar real property, etc.
Assessed referring to the actual results in past fiscal years andh. Other expenses
1,607
the levels for similar real property(3) Net operating income (NOI)
23,607(4) Revenue from investment ofAssessed investment income using an investment
161
lump sum payments
yield of 1.0%
Assessed referring to repair and renewal expenses in the(5) Capital expenditures
1,947
engineering report and the levels for similar real property
Net income (NCF)
21,821
Assessed referring to the transaction yield for similar use, etc.
Capitalization rate
4.8%
taking into consideration the locality and individuality of thesubject real property
Value based on DCF method
450,000
Assessed referring to the transaction yield for similar use, etc.
Discount rate
4.5%
taking into consideration the locality and individuality of thesubject real property
Assessed by identifying the risks of comparison withTerminal capitalization rate
4.9%
capitalization rate from the characteristics of the real estatemarket, potential of the subject real property, etc.
Cost method value
302,000
Land ratio
81.8%
Building ratio
18.2%
Other matters taken into consideration No applicable matters.
by the appraisal agency when
performing the appraisal
Property nameAppraisal value
Name of appraisal agency
Date of value
Items

12

Summary of Appraisal Statements
Resora Obu Clinic Mall
647 million yen
Japan Valuers Co., Ltd.
April 1, 2024
Details (Unit: thousand yen)
Summary, etc.
In light of the characteristics of each method and thedegree of equilibrium between the two values based on
Value based on income approach
647,000
income approach, estimated by correlation of the value
based on the direct capitalization method with the value
based on the DCF method
Assessed as the standardized net income recognized as
Value based on direct capitalization
654,000
being stable over the medium to long term, discounted bymethodthe capitalization rate
Property nameAppraisal value
Name of appraisal agency
Date of value
Items(1) Operating revenue

46,384

Potential gross income

Recorded after taking into account the medium- to longterm competitiveness of the subject real property, based on
the current rent levels, the new rent levels for similar real
property within the same supply and demand area andtheir trends
Assessed taking into consideration the occupancy status of
the subject real property and the future supply anddemand trends

47,985
Vacancy loss, etc.
(2) Operating expenses

1,600
14,836a. Maintenance andmanagement expenses

2,706

b. Water and utility fees

6,075

c. Repair costs andrestoration costs for
exclusive area portions
d. Property management feee. Tenant solicitation
expenses, etc.
f. Taxes and other publicchargesg. Non-life insurance
premiums
h. Other expenses

Assessed referring to repair and renewal expenses in theengineering report and the levels for similar real property

728
842

Assessed at 2.0% of effective gross income
Assessed referring to the agreement details, the actual
results and the levels for similar real property
Assessed based on the materials related to taxes and otherpublic charges
Assessed based on the standard premium rate assumed
from insurance premiums for similar real property, etc.
Assessed referring to the actual results in past fiscal years
and the levels for similar real property

633
3,230
158
463

(3) Net operating income (NOI)

31,547(4) Revenue from investment oflump sum payments

254(5) Capital expenditures

1,699

Net income (NCF)

30,102

Capitalization rate

4.6%

Value based on DCF method

640,000

Discount rate

4.4%

Terminal capitalization rate

4.8%

Cost method value

603,000

Land ratio

83.1%

Building ratio

16.9%

Other matters taken into considerationby the appraisal agency when
performing the appraisal

Assessed referring to the projected amounts and the levels
for similar real property
Assessed referring to the actual amounts and the levels for
similar real property

Assessed investment income using an investment
yield of 1.0%
Assessed referring to repair and renewal expenses in theengineering report and the levels for similar real property
Assessed referring to the transaction yield for similar use,etc. taking into consideration the locality and individualityof the subject real property
Assessed referring to the transaction yield for similar use,etc. taking into consideration the locality and individualityof the subject real property
Assessed by identifying the risks of comparison withcapitalization rate from the characteristics of the real estatemarket, potential of the subject real property, etc.

No applicable matters.

13

*Website of marimo REIT: https://www.marimo-reit.co.jp/en/<Attached Materials> Reference Material 1

Property Photo（1）(tentative name) Hotel SUI Hamamatsu by Abest（２）MRR Asabu Clinic Building（３）Resora Obu Clinic Mall

(Note)The photo of the Asset to Be Acquired, which represents the condition of the asset, was taken at a specific point in time.
Thus, the present state may differ due to changes, etc. over time.

14