March 29, 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 Revision of Operating and Dividend Forecasts
for the Fiscal Period Ending June 2024 and the Fiscal Period Ending December 2024
marimo Regional Revitalization REIT, Inc. (“marimo REIT”) announces the following revision of the operating anddividend forecasts for the fiscal period ending June 2024 (16th fiscal period) (from January 1, 2024, to June 30, 2024)
and the fiscal period ending December 2024 (17th fiscal period) (from July 1, 2024, to December 31, 2024) announcedin “(REIT) Financial Report for the Fiscal Period Ended December 2023” dated February 19, 2024.
1. Detail of the Revision(1) Revision of Operating and Dividend Forecasts for the Fiscal Period Ending June 2024
(from January 1, 2024, to June 30, 2024)

Previousforecasts(A)
Revisedforecasts(B)
Amount ofincrease(decrease)(B A)
Rate ofincrease(decrease)

Net income

Dividends
per unit

Dividends
per unit(including
dividends inexcess ofearnings)(excluding
dividends inexcess ofearnings)

658
million yen

657
million yen

3,255
yen

2,771
yen

484
yen

961
million yen

762
million yen

761
million yen

3,604
yen

3,208
yen

396
yen

110
million yen

103
million yen

103
million yen

103
million yen

349
yen

437
yen

(88)
yen

5.3%

12.1%

15.8%

15.8%

10.7%

15.8%

(18.2)%

Operatingrevenue

OperatingincomeOrdinary
income2,093
million yen

857
million yen

2,203
million yen(Reference) Fiscal period ending June 2024
Forecast number of investment units issued and outstanding at end of period: 237,225 units

Dividends inexcess ofearnings
per unit

(2) Revision of Operating and Dividend Forecasts for the Fiscal Period Ending December 2024
(from July 1, 2024, to December 31, 2024)

Previous
forecasts(A)
Revisedforecasts(B)
Amount ofincrease(decrease)(B A)
Rate ofincrease(decrease)

Net income

Dividends
per unit

Dividends
per unit(including
dividends inexcess ofearnings)(excluding
dividends inexcess ofearnings)

663
million yen

662
million yen

3,276
yen

2,791
yen

485
yen

1,000
million yen

800
million yen

799
million yen

3,605
yen

3,369
yen

236
yen

139
million yen

137
million yen

137
million yen

137
million yen

329
yen

578
yen

(249)
yen

6.7
%

15.9%

20.7%

20.7%

10.0%

20.7%

(51.3)%

Operatingrevenue

OperatingincomeOrdinary
income2,096
million yen

863
million yen

2,235
million yenDividends inexcess ofearnings
per unit(Reference) Fiscal period ending December 2024
Forecast number of investment units issued and outstanding at end of period: 237,225 units(Note 1) The revision of the operating and dividend forecasts for the fiscal period ending June 2024 and the fiscal period ending December 2024 is therevision at this point in time. Accordingly, the actual operating revenue, operating income, ordinary income, net income, dividends per unit anddividends in excess of earnings per unit may vary. The forecasts above are not a guarantee of the amount of dividends per unit and dividends inexcess of earnings per unit.
(Note 2) The forecasts above may be revised in the event a discrepancy above a certain level from the forecasts above is expected.
(Note 3) Monetary figures are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal place.

2. Reason for Revision and Announcement
marimo REIT is revising the operating and dividend forecasts for the fiscal period ending June 2024 (16th fiscalperiod) and the fiscal period ending December 2024 (17th fiscal period) announced in “(REIT) Financial Report for
the Fiscal Period Ended December 2023” dated February 19, 2024, because the operating forecasts and dividends
per unit forecasts will change by 5% or more due to the posting of gain on disposition in line with the decision todispose of domestic real estate trust beneficiary right (ArtizA Chiyoda) as announced in “Notice Concerning
Disposition of Domestic Real Estate Trust Beneficiary Right” dated today.

* Website of marimo REIT: https://www.marimo-reit.co.jp/en/

Assumptions Underlying the Operating Forecasts for the Fiscal Period Ending June 2024 and Fiscal Period Ending
December 2024
ItemAssumptions

・ Fiscal period ending June 2024 (16th fiscal period)(from January 1, 2024, to June 30, 2024) (182 days)
Accounting period・ Fiscal period ending December 2024 (17th fiscal period)(from July 1, 2024, to December 31, 2024) (184 days)
・ The assumption is that marimo REIT will dispose of the 40% quasi co-ownership interest in
ArtizA Chiyoda (the “Asset to be Disposed”) on June 28, 2024, and the remaining 60% on
August 30, 2024, and thereafter continue to hold the real estate trust beneficiary rights toAssets under
51 properties (after excluding the Asset to be Disposed from the real estate trust beneficiaryrights to 52 properties held as of today (the “portfolio assets”)) through to the end of themanagementfiscal period ending December 2024.
・ In actual practice, change may arise due to acquisition of new properties, disposition ofportfolio properties other than the Asset to be Disposed, etc.
・ Operating revenue from leasing of marimo REIT’s portfolio assets is calculated on the basisof rent, etc. stated in lease contracts in effect as of today, historical data, etc.
・ Gain on disposition of the Asset to be Disposed is expected to be 117 million yen for theOperating revenue
fiscal period ending June 2024 (16th fiscal period) and 175 million yen for the fiscal period
ending December 2024 (17th fiscal period).
・ The assumption is that there will be no delinquent or unpaid rent by tenants.
・ Of operating expenses from leasing, which are the main operating expenses, the expenses
other than depreciation are calculated on the basis of historical data, etc. and by reflecting
the factors causing fluctuation in expenses.
・ Operating income from leasing after operating expenses from leasing (includingdepreciation) are deducted (excluding gain on sales of real estate properties) is expected tobe 1,155 million yen for the fiscal period ending June 2024 and 1,140 million yen for thefiscal period ending December 2024.
・ In general, fixed asset tax, city planning tax, etc. are calculated on a pro rata basis andreimbursed at the time of acquisition with the previous beneficiary, etc. upontransactions of real estate, etc., and the amount equivalent to the reimbursement isincluded in the cost of acquisition and thus not expensed at the time of acquisition. The
fixed asset tax, city planning tax, etc. will be expensed starting in the next fiscal year
following the acquisition. The total amount of fixed asset tax, city planning tax, etc. to beOperating expenses
expensed is expected to be 175 million yen for the fiscal period ending June 2024 and173 million yen for the fiscal period ending December 2024.
・ Repair expenses for buildings based on medium- to long-term repair plans formulated by
Marimo Asset Management Co., Ltd. (hereinafter, the “Asset Manager”) are expected to be
48 million yen for the fiscal period ending June 2024 and 36 million yen for the fiscal period
ending December 2024. Furthermore, emergency repair expenses possibly arising fromunforeseeable factors causing building damage, etc., the amount generally varying
materially from fiscal year to fiscal year and not being an amount that arises periodically,
etc. may result in repair expenses for each accounting period differing materially from theforecast amount.
・ Depreciation is calculated by the straight-line method inclusive of incidental expenses andother future additional capital expenditures, and expected to be 378 million yen for the fiscal
period ending June 2024 and 379 million yen for the fiscal period ending December 2024.
・ Interest expenses and other borrowing related expenses are expected to be 184 million yen
for the fiscal period ending June 2024 and 186 million yen for the fiscal period ending
Non-operating
December 2024.
・ Amortization of investment unit issuance expenses is expected to be 14 million yen for theexpenses
fiscal period ending June 2024 and 14 million yen for the fiscal period ending December
2024.
・ The assumption is that total interest-bearing liabilities will be 26,820 million yen at the endof the fiscal period ending June 2024 and 26,820 million yen at the end of the fiscal periodLoans
ending December 2024.
・ The assumption is the total number of investment units issued and outstanding as oftoday of 237,225 units.
・ The assumption is that there will be no change in the number of investment units due toInvestment units
issuance of new investment units, etc. through to the end of the fiscal period ending
December 2024.
Dividends per unit ・ Dividends per unit (excluding dividends in excess of earnings) is calculated based on the(excluding
assumption that distribution will be in accordance with the policy on distribution of cash
provided in marimo REIT’s Articles of Incorporation.
dividends in excess

Item

Assumptionsof earnings)

・ Dividends per unit (excluding dividends in excess of earnings) may vary due to variousDividends inexcess of earnings
per unit

factors, such as fluctuation in rent revenue accompanying change in assets undermanagement, change in tenants or other event, or incurrence of unexpected repairs.
・ Dividends in excess of earnings per unit is calculated in accordance with the policy
provided in marimo REIT’s Articles of Incorporation and the management guidelines thatare the internal rules of the Asset Manager.
・ Distribution in excess of earnings is calculated based on the assumption that the sum total
amount of taxation and accounting discrepancies are distributed as allowance fortemporary difference adjustments for the purpose of tax reduction.
・ As of today, marimo REIT deems there to be no specific concerns of substantial
deterioration in the external economic environment, real estate market conditions andfinancial status of marimo REIT.
・ For the fiscal period ending June 2024 and fiscal period ending December 2024, there arehigh needs to retain certain funds to respond in the event that opportunities for acquiring
new properties as investment that would serve to enhance the income-producing
potential of the portfolio or such arise, but in light of marimo REIT’s financial status,
projected likelihood of refinancing borrowings, etc., the view is that marimo REIT is not ina state that calls for prioritized allocation of funds to reduce interest-bearing liabilities,etc. in both concerned accounting periods. As of today, execution of distribution in excessof earnings is deemed to be reasonable for the fiscal period ending June 2024 and fiscalperiod ending December 2024. As such, for the fiscal period ending June 2024, total
dividends in excess of earnings is expected to be 93 million yen, of which total dividendsof allowance for temporary difference adjustments is 1 million yen and total otherdividends in excess of earnings is 92 million yen, and for the fiscal period ending December
2024, total dividends in excess of earnings is expected to be 55 million yen, of which total
dividends of allowance for temporary difference adjustments is 1 million yen and other
distribution in excess of earnings is 54 million yen (Note 1).
(Note 1) Distribution in excess of earnings shall be executed only when total appraisal valueof real estate, etc. held as at the end of the accounting period (refers to theappraisal value in the real estate appraisal report obtained with the end of theaccounting period as the date of value for real estate, etc. held by marimo REIT)
exceeds total book value of real estate, etc. for the concerned accounting period
plus total planned capital expenditures (refers to the total amount of reserve forcapital expenditures) for the concerned accounting period’s next period, but afteralso considering other options, such as utilization for repair expenses and capital
expenditures and allocation to funds for repayment of borrowings or acquisition of
new properties. To that end, distribution in excess of earnings is not executed evenin the 16th fiscal period (fiscal period ending June 2024) and 17th fiscal period(fiscal period ending December 2024) regardless of the forecast above in the eventthat such conditions are not met.
In addition, concerning the fiscal period ending June 2024 and fiscal period
ending December 2024, as of today, marimo REIT adopts the policy of distributing
as cash in excess of earnings an amount decided by marimo REIT each accounting
period that is not to exceed the amount provided in the rules of The Investment
Trusts Association, Japan (hereinafter, “JITA”), no more than the amount equivalent
to 30% of depreciation for the concerned accounting period and within the scope
not to exceed payout ratio (Note 2) of 75%. Accordingly, the distribution in excessof earnings may not take place or the amount of dividends in excess of earnings
may decrease in the event of conflict with these limits.
Moreover, in the event that substantial deterioration in the external economic
environment, real estate market conditions, financial status of marimo REIT, etc. orsuch newly arise in the future, the policy as of today to execute distribution inexcess of earnings as part of cash management in the fiscal period ending June
2024 and fiscal period ending December 2024 may be changed and there may also
be cases where the distribution in excess of earnings may not take place or theamount of dividends in excess of earnings may decrease even in the fiscal period
ending June 2024 and fiscal period ending December 2024. For instance, eachaccounting period’s limits on the amount of dividends in excess of earnings likethose above may be revised in the case that large-scale additional incorporation ofItem

OtherAssumptions
new assets or other factors lead to large fluctuation in the revenue and expense
structure of the portfolio or such newly arising, in the case of material change inthe financial environment, real estate investment trust market conditions, etc. orin other cases in the period up to when the distribution in excess of earnings forthe concerned accounting period is ultimately executed.
(Note 2) “Payout ratio” refers to the ratio of total dividends including distribution in excessof earnings to the amount of net income plus depreciation.
・ The assumption is that there will be no amendment of laws and regulations, tax systems,
accounting standards, listing regulations, JITA rules, etc. that will impact the forecast
figures above.
・ The assumption is that there will be no unforeseen material change in general economic
trends, real estate market conditions, etc.