5th Fiscal Period (Ended December 31, 2018)

Presentation Material
Securities Code: 3470
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc.
Manager)
MarimoAssetManagement
Co., Ltd.
marimo Regional(Asset
Revitalization
REIT,
Inc. 5th
FP Presentation
Materiall 1

Table of Contents
Summary of Financial Results for
5th Fiscal Period3 5th Fiscal Period Financial Highlights
 5th Fiscal Period Forecasts and Results
 6th Fiscal Period and 7th Fiscal Period Earnings Forecasts
 Dividends per Unit Forecasts and Results

Management Results for 5th Fiscal
Period8

 Pursuing Increase of Asset Value (1) Pursuing Increase of Asset Value (2) Pursuing Increase of Asset Value (3) Maintaining Stable Average Occupancy Rate 5th Fiscal Period Financial Status
 5th Fiscal Period IR Activities

Future Initiatives
 Property Acquisition ArtizA Higashi-Shimada External Growth Sponsor Pipeline
 External Growth Expand Size of Portfolio

Copyright © Marimo Asset Management Co., Ltd.

15

Appendix19

 Property Introduction (1) Property Introduction (2) Portfolio Map
 Portfolio List (1) Portfolio List (2) Photos of Properties Basic Principle of marimo REIT Overview of the Sponsor, Marimo
 System of Sponsor and Supporting Companies Points in Selecting Roadside Retail Facilities
 B-to-C EC Market Size in Japan
 Residential Properties and Retail Facilities Market Data Offices Vacancy Rate and Contracted Rents
 Hotels Number of Lodging Foreign Travelers/Occupancy Rate Dividends in Excess of Earnings
 Change in Investment Unit Price and Dividend Yield
 Balance Sheet and Statement of Income for the 5th
Fiscal Period
 Balance of Individual Properties (1) Balance of Individual Properties (2) Balance of Individual Properties (3) Balance of Individual Properties (4) Status of Investment Unitholders
 Disclaimer

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 2

01

Summary of Financial Resultsfor 5th Fiscal Period

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 3

5th Fiscal Period

Financial Highlights (period ended December 2018)

Financial outcome
LTV to total assets
end of 4th FP(Note 1)end of 5th FP

→

第3期末）

Ratio of unrealized gain
end of 4th FP(Note 3)15.9 %→16.6 %end of 4th FP

Results of the 5th FP

3,426 yen→3,445 yen

end of 5th FP

NAV per unit

Dividends per unit
Forecasts for the 5th FP (Note 2)

47.8%→47.7%（第1期末Management status(Note 4)end of 5th FP

121,786 yen→122,535 yen

Average occupancy rate
end of 4th FP

end of 5th FP

98.4 %→98.4 %Upward rent revision ratio
end of 4th FP(Note 5)end of 5th FP

57.3 %→61.8 %(Note 1) “LTV to total assets” is calculated with the following formula: Period-end interest-bearing liabilities / Period-end total assets x 100. The same applies hereafter.
(Note 2) The forecast for the 5th Fiscal Period is the forecast announced on August 17, 2018 (includes dividends in excess of earnings).
(Note 3) “Ratio of unrealized gain” is calculated by dividing the difference between the total appraisal value and total book value by the total book value, and rounded to the first decimal place.
The figure does not guarantee the amount of profit calculated with the ratio.
(Note 4) “NAV per unit” is calculated with the following formula: (Unitholders’ capital – Total dividends + Unrealized gain) / Number of investment units issued and outstanding. The same applies
hereafter.
(Note 5) “Upward rent revision ratio” is calculated by dividing the number of rents revised upward/downward upon rent revision concerning new contracts of residential properties (11 properties)
for each fiscal period, by the total number of new contracts for each fiscal period. The same applies hereafter.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 4

5th Fiscal Period

Forecasts and Results (period ended December 2018)
Forecasts for the
5th FP (Note 1)(a)(million yen)

Operating revenue (Note 2)

Operating income (Note 2)

Ordinary income(Note 2)

Net income (Note 2)

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

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

1,086
467

Results of
the 5th FP
(b)

1,093
471

Factors (unit: million yen)
Variation(b)-(a)

＋7
＋4

391

395

＋4

390

395

＋4

2,953

2,985

＋32

473

460

-13

3,426

3,445

＋19

Operating revenue+7

Increase in utilities
expenses
Increase in other income+4(Income from key money,
restoration costs, etc.)+3

Operating expenses-3

Increase in utilities
expenses
Increase in outsourcing
expenses
Decrease in expenses
other than those above

-2
-2
+1

(Note) + indicates net income increasing factor- indicates net income decreasing factor(Note 1) Announced on August 17, 2018
(Note 2) Rounded down to the nearest specified unit

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 5

6th Fiscal Period (ending June 2019) and 7th Fiscal Period (ending December 2019)

Earnings Forecasts (Note 1)
5th Fiscal Period
ended December
2018

6th Fiscal Period
ending June
2019

Variation

7th Fiscal Period
ending December
2019

Variation

Results (A)Forecast (B)(B)-(A)

Forecast (C)(C)-(B)

Assumptions for the forecasts
for the 6th FP and 7th FP (unit: million yen)

Forecast for the 6th FP(million yen)

Operating revenue(Note 2)

1,093

1,111

+17

1,105

-5

Operating revenue＋17

Increase in rent＋24

(Acquisition of ArtizA Higashi-Shimada on January 4+22)

Decrease in utilities revenue
Decrease in other income-4-3(Income from key money, restoration costs, etc.)

Operating income(Note 2)

471

467

-3

468

+1

Operating expenses-20

Decrease in repair costs

＋19
-26

Increase in fixed asset tax and city planning tax
for 7 properties acquired in 4th FP

Ordinary income (Note 2)

395

391

-4

385

-6

Net income (Note 2)

395

390

-4

384

-6

Increase in depreciation
Increase in expenses other than those above

Forecast for the 7th FP
Operating revenue-5

Increase in utilities revenue
Decrease in other income

＋3
-7
-1

Operating expenses＋6

Decrease in repair costs
Increase in utilities expenses

＋7
-3
-2
＋4

Cancellation notice from 1 tenant (MRR Omuta)

Dividends per unit (yen)(excluding dividends in excess ofearnings) (1)Dividends in excess of earnings
per unit (yen) (2)

2,985
460

2,953
502

-32
+42

2,903
497

-50
-5

Dividends per unit (yen)…
(1)＋(2)(including dividends in excess ofearnings)

3,445

3,455

+10

(Note 1) The forecasts for the 6th Fiscal Period and 7th Fiscal Period do not guarantee actual results.
(Note 2) Rounded down to the nearest specified unit

Copyright © Marimo Asset Management Co., Ltd.

3,400

-55

-10
-3

Increase in expenses for general meeting of unitholders
Decrease in expenses other than those above

Non-operating expenses-7

Increase in interest expenses
Increase in borrowing related
expenses-1-6(Note) + indicates net income increasing factor- indicates net income decreasing factor

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 6

Dividends per Unit

Forecasts and Results
Dividends per unit (including dividends in excess of earnings)

3,462
3,231

3,394

3,431 3,425

3,441 3,426

3,445
3,455

3,400

544

544

485

459

473

460

502

497

2,941

2,850

2,887

2,940

2,982

2,953

2,985

2,953

2,903

2nd
FP
実績
results

3rd
FP
予想
forecasts

3rd
FP
実績
results

4th
FP
予想
forecasts

4th
FP
実績
results

5th予想
FP
forecasts

5th実績
FP
results

6th予想
FP
forecasts

7th
FP
予想
forecasts

June 2019

Dec. 2019

521
520

977
576

2,711

432

451

545

125
1st
FP
予想
forecasts

1st
FP
実績
results

Dec. 2016

2nd
FP
予想
forecasts

June 2017

Dec. 2017

June 2018

Dec. 2018(Note 1) We do not guarantee the achievement of forecasts for 6h FP and 7th FP.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 7

02Management Resultsfor 5th Fiscal Period

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 8

5th Fiscal Period

Pursuing Increase of Asset Value (1)Major repair workat ArtizA Sobudai

Carried out a major repair work to improve customer satisfaction (Total cost: 49 million yen)

写真変更予定Exterior (repair of tiles, etc.)

Outside corridors (repair of ceiling over corridors)

Veranda (repair of walls, repair of waterproof urethane floor*For repairing walls, dirt-proof coating was applied.

Elevators (repair of exterior)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 9

5th Fiscal Period

Pursuing Increase of Asset Value (2)Efforts for increasing parking income, reducing cost and leasing promptly■Car sharing, coin-operated parking■Leasing activities

Secure lease revenue by leasing part of parking lots to parking operators

Although there was tenant cancellation at MRR Sasebo, the next tenantsigned a contract soon after as a result of implementing leasing
activities to find succeeding tenant capitalizing on the network of
Marimo (PM company), the sponsor, in regional cities.

Car sharing(ArtizA Kamimaezu II/ ArtizA Hakataeki-Minami)

Coin-operated parking(ArtizA Tsuzuki Chuo Koen)■Efforts for reducing cost
●Replacement of air-conditioning system
・・・・・・ MRR Delta Building●Installation of LED
・・・・・・ MRR Itoshima●Switching the electric power distributors
・・・・・・ ArtizA Kamimaezu II
ArtizA Chiyoda
MRR Kumamoto
MRR Sasebo
MRR Itoshima

Points for prompt leasing

Replacement of
air-conditioning system(MRR Delta Building)Realized cost reduction of approximately
3.8 million yen in total by installing LED
and switching electric power distributors

Copyright © Marimo Asset Management Co., Ltd.

Relationshipmarimo REIT, upon tenant leasing, conducts unique analysis
based on actual management experiences, etc. while also
retaining excellent relationship with real estate agents in various
places through utilization of real estate information network inregional cities which Marimo has built with its seven bases acrossthe nation.

Property’s
appealThe property faces National Route 35 connecting the center of
Sasebo city and southeastern area of the city. The road has
heavy traffic and the property stands on flat land which is hard tofind in the area. The property has been repaired, etc. regularly andmaintains a certain level of competitiveness.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 10

5th Fiscal Period

Pursuing Increase of Asset Value (3)Change in Target Downtime (within 60 days)
Achievement Ratio

Efforts for Improving Customer Satisfaction●Installation of delivery box ArtizA Kamimaezu /ArtizA Kamimaezu II●Installation of free internet (Wi-Fi)
ArtizA Kamimaezu II●Installation of AED
MRR Kumamoto

(％)

100
80

58.4

48.9

60
40

59.7
43.6

31.7

20
0
第1期
1st
FP
Installation of delivery box

第2期
2nd
FP

第3期
3rd
FP

第4期
4th
FP

第5期
5th
FP

Installation of free internet (Wi-Fi) Installation of AED

Increase/Decrease in Residential Rent
4th Fiscal Period

5th Fiscal Period

13.4%
3.7%
11 cases
7.3% 3 cases
6.1% 6 cases
5 cases

14.5%
8 cases
9.1% 12.7%
5.5% 5 cases 7 cases
3 cases

Increase
29.3%
47/82 53.7%
24 cases
44 cases
29.3% cases
24 cases

Increase
Increase of more than 5%

57.3%
47 cases

Increase
34/55
cases
23.6%

23.6%
13 cases

Increase of 5% or less
No change
Decrease
Decrease of more than 5%
Decrease of 5% or less

Copyright © Marimo Asset Management Co., Ltd.

Change from the 1st FP to 5th FP
(%)
100.0
80.0
60.0

26.8

15.6

14.3
6.1

71.4

79.6

第2期
2nd
FP

第3期
3rd FP

13.4

14.5

29.3

23.6

57.3

61.8

第4期
4th
FP

第5期
5th
FP

22.0

40.0
20.0

13.0

51.2

13 cases
49.1%
27 cases
61.8%
34 cases

0.0
第1期
1st
FP

Increase
増額No措置changeDecrease
減額

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 11

Maintaining Stable Average Occupancy Rate
Average occupancy rate for entire portfolio during fiscal periods
1st FP

2nd FP

3rd FP

4th FP

5th FP

98.6％

98.6％

98.7％

98.4％

98.4％

100.0%
100 %
95.0%

90.0%

85.0%

～
～

80.0%
Aug. 2016年
Sep. 2016年
Oct. 2016年
Nov. 2016年
Dec. 2017年
Jan. 2017年
Feb. 2017年
Mar. 2017年
Apr. 2017年
May 2017年
Jun. 2017年
Jul. 2017年
Aug. 2017年
Sep. 2017年
Oct. 2017年
Nov. 2017年
Dec. 2018年
Jan. 2018年
Feb. 2018年
Mar. 2018年
Apr. 2018年
May 2018年
Jun. 2018年
Jul. 2018年
Aug. 2018年
Sep. 2018年
Oct. 2018年
Nov. 2018年
Dec.
2016年
2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 2018 20188月
9月
10月 11月 12月
1月
2月
3月
4月
5月
6月
7月
8月
9月
10月 11月 12月
1月
2月
3月
4月
5月
6月
7月
8月
9月
10月 11月 12月

RetailResidential

レジデンス
properties

商業施設
（注2）
2)
Facilities(Note

ホテル/オフィス
Hotels/Offices

Entire portfolio
ポートフォリオ全体

1st FP(Dec. 2016)

2nd FP(June 2017)

3rd FP(Dec. 2017)

4th FP(June 2018)

End ofDecember

End of June

End ofDecember

End of June

End ofJul.

End ofAug.

End of
Sept.

End ofOct.

End ofNov.

End ofDec.

Residential
properties

96.9

96.6

97.2

94.9

95.1

95.2

95.6

94.6

94.1

93.9

Retail Facilities

100

100

100

99.7

100

100

100

100

100

100

Hotels/Offices

100

100

100

100

100

100

100

100

100

100

Entire portfolio

98.6

98.4

98.7

98.3

98.5

98.5

98.6

98.3

98.2

98.1

Occupancy rate(%) (Note 1)

5th FP(Dec. 2018)(Note 1) For 1st to 4th FPs, occupancy rates at the end of the fiscal period are indicated; and for 5th FP, those at the end of the month are indicated.
(Note 2) Average occupancy rate for retail facilities was 100.0% at any time between August 2016 and February 2018.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 12

5th Fiscal Period

Financial Status (period ended December 2018)
Amountrepaid in
5th FPNew
borrowings
in 5th FP

Balance ofborrowings at
end of 5th FP

3,330

０

０

3,330

3,500

0

０

3,500

Balance ofborrowings at
end of 4th FP

LenderSyndicate of lenders arranged

Floating orInterest rate Borrowing date
fixedFloating

by Sumitomo Mitsui Banking
・Sumitomo Mitsui Banking
・The Hiroshima Bank・The Bank of Fukuoka

0.86669%

1,447

15

０

1,432

1.09908%

4,840

0

０

4,840

3M
TIBOR
＋0.6%

・The Mie Bank・Shinsei Bank・Resona Bank

Floating

・The Higo Bank

Total

145

145

０

0

13,262160

０13,102

3.8%

Sumitomo
Mitsui Banking
三井住友銀行

24.5%

50.5%

50.0%

50.0%

Shinsei
Bank
新生銀行

49.5%

9.0%

49.0%

The
Hiroshima
広島銀行
Bank

20.6%

The Bank of
福岡銀行
Fukuoka

10.7%

Aug. 2 2021

Aug. 1 2023

Unsecured &unguaranteed

Feb. 1 2021※

Average interest rate

0.76％

49.8%
49.5%

Long-term debt ratio

48.5%

10.5%

Aug. 1, 2016

The
Chugoku Bank
中国銀行

5.3%

The
Mie Bank
三重銀行

Aug. 1 2019

Jan. 23, 2018

LTV to total assets

Diversification status of lenders
4.4%

Remarks

3M
TIBOR
＋0.2%

・The Chugoku Bank

Resona
Bank
りそな銀行

3M
TIBOR
＋0.6％

Maturity date

Fixed・Sumitomo Mitsui Trust Bank

The肥後銀行
Higo Bank(unit: million yen, rounded down to nearest specified unit)

47.8%

48.0%

47.7%

47.5%

100％

47.0%
46.5%

Sumitomo
Mitsui Trust Bank
三井住友信託銀行

11.4%

Copyright © Marimo Asset Management Co., Ltd.

1st FP
第1期末
Ended
Dec.
2016

2nd FP
3rd FP
第2期末
第3期末
Ended Jun. Ended
Dec.
2017
2017

4th FP
5th FP
第4期末
第5期末
Ended Jun. Ended
Dec.
2018
2018

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 13

5th Fiscal Period

IR Activities
Focused on presentation for individual investors in an effort to spread awarenessIR Activities in the 5th Fiscal Period (Jul. to Dec. 2018)
1. SMBC Nikko Securities
IR for individual investors (Nagasaki)

Sep. 6

2. ARES J-REIT Fair (Tokyo)

Sep. 21-22 Fri. & Sat.

3. Nomura Securities
IR for individual investors (Tokyo)

Sep. 25

Tue.

4. ARES Nation-Wide J-REIT Promotion
Caravan (Tenjin)Sep. 28

Fri.

5. Radio Nikkei “The Money”

Oct. 9Tue.

6. SMBC Nikko Securities J-REIT Fair
(Tokyo)Oct. 20

Sat.

7. Daiwa J-REIT Caravan (Fukuoka)

Nov. 22Thu.

8. Tokyo Stock Exchange, Nikkei Radio and Pronexus
J-REIT Fan 2018 Autumn (Tokyo)

Nov. 24

Sat.

9. SMBC NIKKO “Property ConferenceTokyo 2018” (for institutional investors) (Tokyo)

Dec. 6Thu.

Copyright © Marimo Asset Management Co., Ltd.

Thu.

8.

2.

4.

6.

7.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 14

03

Future Initiatives

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 15

Property Acquisition- External Growth: ArtizA Higashi-Shimada (Acquired on January 4, 2019) Acquisition of property developed by the sponsor by exercising preferential negotiation rights for sales transactions
Track record of developing 12 Polestar-series forsale condominiums in Okayama City (Note 1)

Okayama Prefectural Museum
Okayama Prefectural Museum of Art
Okayama Korakuen

Okayama Station

Bic Camera
ICONTNICOT

Okayama Orient Museum

Momotaro-dori Street

Okayama Castle

Takashimaya
Shiyakushosuji Street

AEONMALL OKAYAMA

Hayashibara Museum of Art

Kencho-dori Street

Akura-dori Street

Kita Ward Office
Okayama City Office

Okayama Prefectural Government

Yanagawa-suji Street

ArtizA Higashi-Shimada

Okayama Prefectural LibraryTenmayaProperty Location

Appraisal NOI yield

Occupancy rate

Okayama City, Okayama

5.3％ (Note 2)

100％

Acquisition priceAppraisal value

Completion date

700 million yen

730 million yen (Note 2)

Dec. 2016

Property typeExclusive area (for a unit)

No. of Units

1K, 1LDK

34.8㎡

52

Continuing to maintain a high occupancy rate（％）

■Property description

 The property is located approximately 900 meters southwest of Okayama Station on the JR Sanyo MainLine/Sanyo Shinkansen (approximately

a 12-minute walk).
 The central-Okayama office district and “AEON MALL Okayama” (one of the largest shopping mall in West Japan) are within walking distance.

Change in the occupancy rate

100.0

99.0

 Completed two years ago, the property possesses due quality in its interior, facilities and such, and expects persistent residential demandmainly for rental housing provided by companies, etc.

98.0

(Note 1) Regarding each of marimo’s for-sale condominiums, marimo REIT has no specific plans for acquisitions, nor is there any guarantee that it may be acquired in the
future as of the date of this document.
(Note 2) “Appraisal NOI yield” and “Appraisal value” indicate figures as of October 31, 2018.

Copyright © Marimo Asset Management Co., Ltd.

2018年
End of
May
2018
5月末

2018年
End of
Jun.
2018
6月末

2018年
2018年
End
of
End
of
Jul.
2018 Aug.
2018
7月末
8月末

2018年
End of
Sep.
2018
9月末

2018年
End of
Oct.
2018
10月末

2018年
End of
Nov.
2018
11月末

2018年
End of
Dec.
2018
12月末

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 16

External GrowthSponsor Pipeline
Property under sponsor’s urban
redevelopment projects

Preferential negotiation rights forsales transactions

Properties developed by sponsors

Properties developed by sponsors

MIRAKITA CITY HIMEJI
Location：Himeji City, Hyogo
Main type： Retail(sectional)
Constructed：Jan. 2019

Location：Takasaki City, Gunma
Main type： Residential
Units：
54 (1LDK)
Constructed ：Feb. 2020
(Scheduled)

Hotel Resol Kyoto Kawaramachi Sanjo
Location： Kyoto City Kyoto
Main type：Hotel
Units：
144
Constructed：Mar. 2018

Properties developed by sponsors
Location：Nagoya City, Aichi
Main type： Residential
Units：
30 (1K)
Constructed ：Feb. 2019
(Scheduled)

Properties developed by sponsors
Location：Hiroshima City, Hiroshima
Main type： Hotel
Units：
228
Constructed：Jun. 2018

Properties developed by sponsors

Location：Minoo City, Osaka
Main type： Retail
Constructed：Dec. 2019
(Scheduled)

Properties developed by sponsors

Properties developed by sponsors
Location：Osaka City, Osaka
Main type： Residential
Units：
91 (1K)
Constructed ：Jan. 2020
(Scheduled)

Location：Nagoya City, Aichi
Main type： Residential
Units：
40 (1K)
Constructed ：Feb. 2020
(Scheduled)(Note 1) As to properties developed by sponsors, there are no plans for marimo REIT to acquire the properties as of the date of this document and there is no guarantee it can acquire themin the future.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 17

External Growth

Expand Size of Portfolio
Aim for medium- to long-term external growth and securement of stable revenues

50.0 (target) 【unit: billion yen】

1) Collaborate with marimo which has 7 bases nationwide, and share property information that comesfrom all over Japan
2) Acquire properties by utilizing the sponsors’ warehousing function and preferential negotiation rights
for sales transactions
3) Gain property information by utilizing supporting companies (regional financial institutions, etc.)

24.53
16.83

16.81
1 new property

25.48

24.53

7 new properties

Floor expansion
at 1 property
0.02

7.7

16.81

16.83

0.64

16.17

16.17

24.53

24.53

～
～

1st FP

2nd FP

3rd FP

4th FP

5th FP(Dec. 2016)(June 2017)(Dec. 2017)(June 2018)(Dec. 2018)

5 years
from listing(Note 1) The figure for 5 years from listing indicates our target and does not guarantee actual change in asset size.

Aiming for enhancing unitholder value with the expansion of asset size.

4,000
3,000
2,000
1,000
0

Comparison with end of 1st FP +7.7％

Dividend per unit (yen)

(円)

3,462

3,431

3,441

3,445

(円)

3,455

3,400

NAV per unit (yen)125,000
119,105

120,000
977

115,000

120,709

121,786

End of
第3期末

End of
第4期末

122,535

113,679

110,000
End of
第1期末
1st FP
Result
実績

End of
第2期末
2nd FP
Result
実績

End of
第3期末
3rd FP
Result
実績

End of
第4期末
4th FP
Result
実績

End of
第5期末
5th FP
Result
実績

End of
第6期

6th FP
Forecast
予想

End of
第7期

7th FP
Forecast
予想

End of
第1期末
1st FP
実績
ResultEnd of
第2期末
2nd FP
実績
Result

3rd FP
実績
Result

4th FP
実績
ResultEnd of
第5期末
5th FP
実績
Result(Note 2) We do not guarantee the achievement of forecasts for the 6th FP and 7th FP.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 18

04

Appendix

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 19

Property Introduction (1)Tarumiekimae Gold Building
Area determined to be redeveloped
The property

Area under Redevelopment Preparatory
Association

Area already redeveloped

Area already redeveloped

Tarumi Station

Source: Aerial photo from the Geospatial Information Authority of Japan processed by the asset manager

The property stands adjacent to the Tarumi Station-front redevelopmentarea. With the Tarumi Ward office, a food supermarket, super-high-riseapartment, etc. developed in the Tarumi Station-front redevelopmentarea, the property can expect to attract people capitalizing on the
superior location going forward.
Location

Appraisal NOI yield

Occupancy rate

Kobe City Hyogo

6.5％ (Note 1)(Note 2)

100％

Acquisition priceAppraisal value

Completion date

500 million yen

542 million yen (Note 2)

Jun. 2008■Property descriptions(Note 2) The property is located approximately 350 meters northeast of Tarumi Statin on the JR Sanyo Main Lineand Sanyo-Tarumi Station on the Sanyo Electric Railway (approximately a 5-minute walk).

Tenants

 With many medium-rise shop/office buildings, etc., the neighboring area has much pedestrian traffic.
 There are also financial institutions offering convenience, and efficient foot traffic from the station is laidout to create an excellent commercial district environment.
 The property is a medical mall building having clinics and other medical service providers as tenants.
 The property is occupied by stable tenants which are unlikely to be affected by economic fluctuations.
 Population of approximately 1.52 million (Kobe City, as of January 1, 2019)(Note 1) “Appraisal NOI yield” is calculated as: Appraisal NOI at the end of 5th FP/Acquisition price.
(Note 2) “Appraisal NOI yield,” “Occupancy rate” and “Appraisal value” indicate figures as of December 31, 2018.

Copyright © Marimo Asset Management Co., Ltd.

3rd
floor

Clinic(Ophthalmology)

2nd
floor

Clinic (Gastroenterology)

Clinic(Psychosomatic medicine)

1st
floor

Pharmacy

Clinic (Orthopedics)

Contact lens shop

Pharmacy back officemarimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 20

Property Introduction (2)Foodaly Aoba StoreMiyazaki Kita Police Station

Foodaly Aoba Store
Hyuga Gakuin Junior high school/High school

Prefectural gymnasium
Miyazaki Central Post OfficeMiyazaki Station
Miyazaki Science Center
General gymnasium

Miyazaki City Healthcare Center

Miyazaki Government Office Complex
Miyazaki Tax Office

LocationMiyazaki City Miyazaki■ Property descriptions

Miyazaki Central Park

Appraisal NOI yield

Occupancy rate

10.0％

100％

(Note 1)(Note 2)(Note 2)Acquisition priceAppraisal value

Completion date

250 million yen

395 million yen (Note 2)

Apr. 2009

Stability

Food supermarket visited daily

Profitability

Appraisal NOI yield at 10.0%

 The property is located approximately 650 meters northeast of Miyazaki Station on the JR Nippo MainLine (approximately a 7-minute walk).
 The west exit area of Miyazaki Station where large stores such as department stores stand is withinwalking distance.
 The property is a store building section in Polestar Aoba City Plaza developed by Marimo.
 marimo REIT owns the store areas on the first and second floors, which are leased in its entirety to asupermarket.
(Note 1) “Appraisal NOI yield” is calculated as: Appraisal NOI at the end of 5th FP/Acquisition price.
(Note 2) “Appraisal NOI yield,” “Occupancy rate” and “Appraisal value” indicate figures as of December 31, 2018.

Copyright © Marimo Asset Management Co., Ltd.

Environment of Miyazaki City and its surroundings
Miyazaki City has population of 403,238 with 195,232
households (as of January 1, 2019). The city enjoys mild
winter, with the annual average temperature of around 18
degrees, attracting training camps of professional baseballand J-League soccer teams, etc.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 21

Portfolio Map (as of December 31, 2018)
Investment ratio by type(based on acquisition price)

Koushinetsu/Hokuriku/
Tokyo metropolitan
Kanto
area 14.6%(excluding Tokyo
metropolitan area)
Residential
0.9%
Kyushu/43.2%
Ratio of
Okinawa
Kinki
Regional areas
40.7%
2.0%

Office
8.2%
Hotel
3.0%

85.4%

Chugoku/
Shikoku
13.0%

Retail
45.6%

Tokai
14.2%

Composition ratio of averageremaining lease period(based on rent) (*)
20
years or more
20年以上
15 years to
15年以上

Investment ratio by region(based on acquisition price)

8.4%

less thanComposition ratio of types of leaseagreements (based on rent)
Normal
lease
普通借家

Less
than 5 years
5年未満

Hokkaido/
Tohoku
14.6%

20.1%

Fixed-term

定期借地
land lease
13.1%

30.5%

20年未満
20 years
8.2%
Averageremaininglease period

9.2
years
10 years to
10年以上
less than

15年未満
15 years
0.0%

55年以上
years toless than

10年未満
10 years
52.9%

Fixed-term
定期借家
building
lease

66.8%

* “Composition ratio of average remaining lease period” (weighted average) is calculatedusing the following formula: (Monthly rent (yen) x Remaining years)/Monthly rent (yen).

*”Property No.” on the map of Japan indicates a number given to each property in marimo REIT’s portfolio, which is acombination of categories for “investment target” and “investment ratio by region.” As to “investment target,” R refers
to residential properties, C to retail facilities, H to hotels and O to offices, while p refers to regional areas and t to
Tokyo metropolitan area. For property names, please refer to “Portfolio List” on page 23/24.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 22

Portfolio List (1) (fiscal period ended December 2018)
Terminal
Book value at Appraisal value Appraisal value
capitalization
the end of 5th at the end of 4th at the end of 5thrate at the end
FPFPFP
of 4th FP(unit: million yen)
TerminalAppraisal
capitalization
NOI Yield
rate at the endof 5th FP

Location

Category

AcquisitionPrice

Rp-01 ArtizA Sendai Kakyoin

Sendai City, Miyagi

Residential
Properties

2,730

2,676

3,640

3,640

5.5%

5.5%

7.5%

Rp-02 ArtizA Kamimaezu

Nagoya City, Aichi

Residential
Properties

400

395

525

525

5.2%

5.2%

6.9%

Rp-03 ArtizA Hakata PREMIER

Fukuoka City, Fukuoka

Residential
Properties

1,060

1,025

1,240

1,250

5.2%

5.2%

6.7%

Rp-04 ArtizA Hakataeki-Minami

Fukuoka City, Fukuoka

Residential
Properties

500

487

564

564

5.1%

5.1%

6.4%

Rp-05 ArtizA Higashi-Betsuin

Nagoya City, Aichi

Residential
Properties

640

644

667

668

4.9%

4.9%

5.1%

Rp-06 ArtizA Kamimaezu II

Nagoya City, Aichi

Residential
Properties

720

735

770

770

5.0%

5.0%

5.3%

Rp-07 ArtizA Chiyoda

Nagoya City, Aichi

Residential
Properties

980

997

1,080

1,090

4.9%

4.8%

5.2%

Rt-01 ArtizA Ikejiri

Setagaya Ward, Tokyo

Residential
Properties

610

611

681

682

4.2%

4.2%

4.6%

Rt-02 ArtizA Tsuzuki Chuo Koen

Yokohama City, Kanagawa

Residential
Properties

1,050

1,082

1,100

1,100

5.2%

5.2%

6.0%

Rt-03 ArtizA Kawasaki EAST

Kawasaki City, Kanagawa

Residential
Properties

780

778

886

886

5.4%

5.4%

6.7%

Rt-04 ArtizA Sobudai

Zama City, Kanagawa

Residential
Properties

1,130

1,176

1,290

1,290

5.4%

5.4%

6.8%

Property
No.

Property name(Note 1) *”Property No.” indicates a number given to each property in marimo REIT’s portfolio, which is a combination of categories for “investment target” and “investment ratio by region.”
As to “investment target,” R refers to residential properties, C to retail facilities, H to hotels and O to offices, while p refers to regional areas and t to Tokyo metropolitan area. For
multiple-use facilities, a use type accounting for the largest rent income ratio when full occupancy is assumed is indicated as the investment target. The same applies hereafter.
(Note 2) “Appraisal NOI yield” is calculated as: Appraisal NOI at the end of 5th FP/Acquisition price.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 23

Portfolio List (2) (fiscal period ended December 2018)
PropertyNo.

Location

Property nameCategory

Acquisition
Price

Terminal
Book value at Appraisal value Appraisal value
capitalization
the end of 5th at the end of 4th at the end of 5thrate at the end
FPFPFP
of 4th FP(unit: million yen)
Terminal
capitalization
Appraised
rate at the endof 5th FP

Cp-01

MRR Omuta

Omuta City, Fukuoka

Retailfacilities

1,265

1,236

1,280

1,280

6.6%

6.6%

7.0%

Cp-02

Tarumiekimae Gold Building

Kobe City, Hyogo

Retailfacilities

500

483

538

542

6.1%

6.1%

6.5%

Cp-03

Foodaly Aoba StoreMiyazaki City, Miyazaki

Retailfacilities

250

236

405

395

6.3%

6.3%

10.0%

Cp-04

Yamada Denki Tecc Land Mihara
Mihara City, Hiroshima
Store

Retailfacilities

2,000

1,930

2,730

2,730

6.3%

6.3%

8.7%

Cp-05

Yamada Denki Tecc Land
Togitsu Store

Nishi-Sonogi County,
Nagasaki

Retailfacilities

950

932

1,120

1,120

6.4%

6.4%

7.9%

Cp-06

Seven-Eleven Kofu Aioi 1-chome
Kofu City, YamanashiStore(land ownership interests)

Retailfacilities

220

223

220

220

7.1%

7.1%

6.6%

Cp-07

MRR Kumamoto

Kumamoto City, Kumamoto

Retailfacilities

2,120

2,162

2,300

2,300

5.9%

5.9%

6.7%

Cp-08

MRR Sasebo

Sasebo City, Nagasaki

Retailfacilities

990

1,003

1,270

1,270

5.8%

5.8%

7.4%

Cp-09

MRR Itoshima

Itoshima City, Fukuoka

Retailfacilities

900

915

982

955

5.4%

5.4%

5.8%

Cp-10

MRR Akita

Akita City, Akita

Retailfacilities

840

855

879

879

6.8%

6.8%

6.7%

Cp-11

Supercenter TRIAL Togitsu Store Nishi-Sonogi County,(land ownership interests)
Nagasaki

Retailfacilities

1,150

1,170

1,200

1,200

5.0%

5.0%

5.0%

Hp-01

ROUTE INN Ichinomiya Ekimae

Ichinomiya City, Aichi

Hotels

740

698

838

841

6.1%

6.1%

6.9%

Hiroshima City, Hiroshima

Offices

1,200

1,178

1,280

1,280

5.7%

5.7%

6.4%

Fukuoka City, Fukuoka

Offices

800

776

975

1,000

5.1%

5.0%

6.1%

24,52524,41528,471

28,477--

6.7%

Op-01 MRR Delta Building

Op-02

PLEAST Hakata Gion Building

Total / Average

Copyright © Marimo Asset Management Co., Ltd.

25
properties

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 24

Photos of Properties (fiscal period ended December 2018)
Residential properties (11 properties)
ArtizA Sendai Kakyoin

ArtizA Kamimaezu

ArtizA Hakata PREMIER

ArtizA Hakataeki-Minami

ArtizA Higashi-Betsuin

ArtizA Ikejiri

ArtizA Tsuzuki Chuo Koen

ArtizA Kawasaki EAST

ArtizA Sobudai

ArtizA KamimaezuⅡ

ArtizA Chiyoda

Hotels (1 property)

Retail facilities (11 properties)
MRR Omuta

Tarumiekimae Gold Building

Foodaly Aoba Store

Yamada Denki Tecc Land
Togitsu Store

Yamada Denki Tecc Land
Mihara StoreMRR Kumamoto

Seven-Eleven Kofu Aioi 1-chome
Store (land ownership interests)

MRR Sasebo

ROUTE INN Ichinomiya
EkimaeOffices (2 properties)
MRR Delta Building

MRR Itoshima

MRR Akita

Copyright © Marimo Asset Management Co., Ltd.

Supercenter TRIAL Togitsu Store(land ownership interests)

PLEAST Hakata Gion
Building

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 25

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 lifestyle pleasantly while having hope for their region’s future by
reducing the “monocentric concentration in Tokyo.”Creation of employment

Revitalization of regional economy

Revitalization of “towns” through investing in regional real estate
marimo Regional Revitalization REIT, Inc.

Expertise inreal estate development
and urban redevelopment

Provide property information (Note)

Marimo Co., Ltd.
(Note) The Michinoku Bank, The Chugoku Bank, The Hiroshima Bank and The Ashikaga Bank are to provide property information voluntarily at their own discretion.
Furthermore, Kansai Urban Banking Corporation is scheduled to merge with The Kinki Osaka Bank, Ltd. on April 1, 2019 to become Kansai Mirai Bank, Ltd. The same applies hereafter.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 26

Overview of the Sponsor, Marimo
Company name

Marimo Co., Ltd.

Headquarters
address

1-17-23, Kougokita, Nishi Ward, Hiroshima

Established

September 1, 1970

Global operation
Net sales(Non-consolidated)
Business description(Including business descriptionof subsidiaries)

Since foundation in 1970,

Achieved surplus for 48
consecutive fiscal periods

Japan, China, Malaysia, etc.
Track record of for-sale condominium
development(as of December 31, 2018)387 structures with 24,922 units inover 43 prefectures nationwide

43.0 billion yen (as of July 31, 2018)
Planning, development, designing, supervising and sales
business of for-sale residential properties, real estate
securitization business and sales of overseas for-salecondominiums

Urban
redevelopment business (Note)

The Kumamoto Gardens

Domestic for-rentcondominium business

ArtizA Higashi-Ginza

Income property
direction business

ArtizA Ikejiri

M Building Ebisu I Hotel Resol Kyoto Kawaramachi Sanjo(Note) The graphic for the urban redevelopment business is a rendering of the completed The Kumamoto Gardens, which is scheduled to be constructed based on the urban redevelopment
project as of December 31, 2018 in which Marimo is involved.
There are no plans for marimo REIT to acquire the properties as of the date of this document and there is no guarantee it can acquire them in the future.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 27

System of Sponsor and Supporting Companies
marimo Regional Revitalization REIT, Inc.
Preferential provision of property
information
Granting of preferential negotiationrights for sales
Warehousing function

Provision of property information

CM support
PM operations

Financialadvisory andassistance

Leasing support
Support for regeneration of owned
assetsFixed rent-type ML
Same-boat investment
Support for securing personnel

Ratio of investment in the asset
manager

Marimo HD: 96.0%
The Mie Bank: 2.5%
The Michinoku Bank: 1.5%

Licensing of trademark
SponsorSupporting companies

Marimo Co., Ltd.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 28

Points in Selecting Roadside Retail Facilities
Points to consider upon selection(1) Number of parking spaces(2) Location along arterial roads/traffic volume(3) Resistance to e-commerce

Stability of cash flows

Since regional areas are largely dependent on automobiles, we assume that people go shopping by
car after work and go to resorts or go shopping on weekends with families by car.
Number of cars owned per household
As of end of Mar. 2018
Tokyo metropolitan area

Regional areas

0.696

1.214

Source: Statistics by Automobile Inspection & Registration
Information Association (announced on August 15, 2018)(Example) Traffic volume in the surrounding areas of
MRR Sasebo
24-hour traffic volume
of motor vehicles

Congestion
benchmark

Closest point

50,742

1.71

Prefectural average

9,876

0.73

Attributes of existing tenants
Discount store
12.4%

E-commerce resistance
52.4% of existing tenants

Home appliances
31.7%
Sports club
10.4%

(Example) Number of parking spaces of existing facilities
Facility name

No. ofparking
spacesMRR Kumamoto

259

MRR Sasebo131

MRR Itoshima

136

MRR Akita

149

Supercenter TRIAL Togitsu Store(land ownership interests)

224

1.00 or lower

No congestion and traffic is smooth.

1.25～1.75

Not only during the peak hours butcongestion is also likely to occur at anaccelerated pace during other hours
around the peak time.

2.00 or higher

Chronic congestion, with around 70% of
the 12-hour daytime period seeing
congestion

Source: Road Traffic Census FY2015

Source: Prepared based on in-house documents

Closely check the number of parking spaces

Copyright © Marimo Asset Management Co., Ltd.

Amusement 7.2%

Explanation on congestion benchmark

Closely check the traffic volume and congestion benchmark

Supermarket
6.1%
Other retail
10.0%

Services
5.2%

MedicalDrinking and 5.2%
eatingDrug store
2.6%
1.6%
Convenience store
1.7%*Part of “Other retail” and “Supermarket” have been reclassified into
“Discount store” from September 14, 2018 to subdivide the attribute ofexisting tenants.
Apparel
6.0%

Closely check e-commerce resistancemarimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 29

B-to-C EC Market Size in Japan
Scale of B-to-C EC market and composition ratio of each business sector
2016

A. Retail sector

20178,004.3 billion yen(EC ratio

Growthrate

8,600.8 billion yen

5.43% )

(EC ratio

7.5%

5.79% )

Changes in scale of B-to-C EC market and EC ratio (Note 2)*EC ratio is for the retail sector
20,0005.43

18,0004.75

16,000

B. Service-related sector

5,353.2 billion yen

5,956.8 billion yen

11.3%

C. Digital-related sector

1,778.2 billion yen

1,947.8 billion yen

9.5%

12,000Total

15,135.8 billion yen

16,505.4 billion yen

9.1%

10,000

5.79% 6
5

4.37
3.85

14,000

2.84

3.17

4

3.40

16,505 3

8,000

A. Retail sector

6,000

(1)

Food products, beverages, liquor(2)Home electrical appliances, AV equipment, PC/peripheral equipment, etc. (not including online games)(3)

Books, video/music software (not including e-publishing in books)(4)

Cosmetics, pharmaceutical products(5)

Sundries, furniture, interior(6)

Clothing, accessories, etc.

(7)

Automobiles, motorcycles, auto parts, etc.

(8)

Office products/stationery(9)

Others

7,788

8,459

9,513

11,166

12,797

13,7752

15,136

4,000

1

2,000
0

0
2010

2011

2012

2013

2014

Scale of EC market (billion yen)

2015

2016

2017

EC Ratio (%)(Note 2) EC ratio indicates the ratio of e-commerce market size against the transaction amount of all
types of commerce (commerce market size)
Source: “FY2017 Survey of Infrastructure Development Status for Data-driven Society in Japan (ECommerce Market Survey)” by Information Economy Division, Commerce and Information
Policy Bureau, Ministry of Economy, Trade and Industry

B. Service-related sector

C. Digital-related sector(1)

Travel Service(1)

E-publishing (e-books, e-magazines)(2)

Food service(2)

Fee-based music streaming(3)

Ticket sale(3)

Fee-based video streaming(4)

Financial service(4)

Online games(5)

Beauty service(5)

Others(6)

Others (medical, insurance, housing-related,education, etc.)

The scale of the B-to-C EC market is on an expanding trend,
but the EC ratio for the retail sector is 5.79%(Note 1) Business to consumer e-commerce is abbreviated as “B-to-C EC.”
Source: “FY2017 Survey of Infrastructure Development Status for Data-driven Society in Japan (E-CommerceMarket Survey)” by Information Economy Division, Commerce and Information Policy Bureau, Ministryof Economy, Trade and Industry

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 30

Residential Properties and Retail Facilities

Market Data
Corporate Service Index and Consumer Price Index (2000 = 100)

Standard Deviation of Rate of Change of Rent Level by Real Estate Type
(%)

(%)
3

105

2.5

100

2
95
1.5
90
1
85

0.5

80

0

Residential
properties

Retail facilities

Hotels2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Offices

Offices

Source: Prepared by the asset manager based on the Bank of Japan’s Corporate Service Index and theStatistic Bureau’s (Ministry of Internal Affairs and Communications) Consumer Price Index(from 2000 to 2017).

HotelsResidential
properties

Source: Prepared by the asset manager based on the Bank of Japan’s Corporate Service Index and theStatistic Bureau’s (Ministry of Internal Affairs and Communications) Consumer Price Index

Change in Annual Sales of Various Retailers

Change in Sales in the Retail Industry Overall and in Daily Necessities(%)
150
Convenience
Stores140

Retail facilities(trillion yen)144

(trillion yen)
50
45

142

40

130
Drug stores

120

110

35

140

30

138

25
20

136

15

134

10
Hardware stores
Supermarkets

100

～
～

Department stores

0
90
2010

2011

2012

2013

2014

2015

2016

0

130
2007

2008

2009

2010

2011

Retail industry total (right axis)

2017

Source: Prepared by the asset manager based on data from the Ministry of Economy, Trade andIndustry’s Current Survey of Commerce, Japan DIY Industry Association and Japan Associationof Chain Drug Stores’ FY2017 Japan Drug Store Survey (2010 = 100).

Copyright © Marimo Asset Management Co., Ltd.

132

5
2012

2013

2014

2015

2016

2017

Textiles, apparel and personal effects

Food and 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. 5th FP Presentation Material l 31

Offices

Vacancy Rate and Contracted Rents
Rent continue to increase in major cities and vacancy rates also continue to decline
Sapporo City
Vacancy rate

Hiroshima City

Assumed contracted rents

Vacancy rate

Assumed contracted rents

％

(yen)

％

(yen)

6

15,0006

12,0005

14,000

4

3.5

12,94013,000

3.3

1.5

2

11,000

0.8
1

1.1
0.5

0.4

Q4 of
fiscal2015

Q2 offiscal2016

Q4 offiscal2016

Q2 offiscal2017

Q4 offiscal2017

11,5003.9

11,830

3.0

3

2.8

2.3

Q4 of
fiscal2018

Vacancy rate
6

16,0005Q4 of
fiscal2015

Q2 offiscal2016

Q4 offiscal2016

Q2 offiscal2017

Q4 offiscal2017

Q2 offiscal
2018

1

9,500

Q4 of
fiscal
2018

9,000
Q2 of
fiscal2015

Q4 offiscal2015

Q2 offiscal2016

Q4 offiscal2016

Q2 offiscal2017

Q4 offiscal2017

14,8000.4

Q2 of
fiscal2017

Q4 offiscal2017

Q2 offiscal2018

Q4 offiscal
2018

0
Q2 of
fiscal2015

Q4 offiscal2015

Q2 offiscal2016

Q4 offiscal
2016

3.0
2.0

11,50011,0200.5

11,00010,000Q4 of
fiscal2016

Q2 offiscal2017

Q4 offiscal2017

Q2 offiscal2018

Q4 offiscal2018

Assumed contracted rents

13,05013,00012,55012,500

3.4
2.5

Q2 of
fiscal2016

Q4 offiscal2016

Q2 offiscal2017

Q4 offiscal2017

Q2 offiscal2018

Q4 offiscal2018

12,35012,05012,050 12,150
11,85012,00011,5001.4
0.9

11,0000.0
Q4 of
fiscal2015

12,7504.1

1.0

10,710Q2 offiscal2015

Q2 offiscal2016

13,5004.3 4.1

12,56012,0000.5

Q4 of
fiscal
2015

(yen)

5.0
4.0

11,9400.6

Q2 of
fiscal2015

5.0

13,27013,0001.5

Q4 of
fiscal2018

Vacancy rate

14,0002.2

Q2 of
fiscal2018％
6.0

13,980

3.6

1

9,850

Nagoya City

15,0002

10,20010,01010,000Assumed contracted rents
(yen)

2.5

10,50020
Q2 of
fiscal2015％

3

10,370

1.1

Fukuoka City

4

10,670

10,5402.8

11,34010,850 11,000

11,23010,89011,0003.3
2.8

10,000Q2 offiscal
2018

4.9

4

9,000
Q2 of
fiscal2015

512,32012,0003

013,83013,53010,500Q2 of Q4 of Q2 of Q4 of Q2 of Q4 of Q2 of Q4 of
fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018

Q2 offiscal2015

Q4 offiscal2015

Q2 offiscal2016

Q4 offiscal2016

Q2 offiscal2017

Q4 offiscal2017

Q2 offiscal2018

Q4 offiscal2018

Source: Prepared by the asset manager based on “Japan Office Market View” 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. 5th FP Presentation Material l 32

Hotels

Number of Lodging Foreign Travelers/Occupancy Rate
Number of lodging foreign travelers in Japan
Comparison between regional areas and Tokyo
metropolitan area

Steady performance of occupancy
rate of business hotels

Total Number of Lodgers by Year(2016 to 2017; unit: thousand people)

Occupancy Rate by Facility Type(Thousand people)

60,00080.0%

Up 16.0％

75.7%
72.5%

79.2%

78.7%

79.5%

74.2%

74.4%

75.3%

60.3%

59.7%

60.5%

56.0%

56.9%

37.0%

37.1%

37.5%

2015

2016

2017

77.3%
72.1%

69.5%

50,000

70.0%

67.3%

40,00060.0%

Up 5.5％30,00020,000

57.4%
54.8%

48.0%

52,96523,731

10,00025,037
40.0%
35.5%

33.4%

0

Regional areas

2016

57.5%

54.0%

52.3%

50.0%
45,654

55.2%

35.2%

Tokyo metropolitan area

2017

Regional areas: All areas other than the Tokyo metropolitan area
Tokyo metropolitan area: Tokyo, Chiba, Kanagawa and Saitama prefectures
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.

30.0%
2012

2013

2014

Total

RyokanResort hotels

Business hotels

City hotels

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 33

Dividends in Excess of Earnings
Policy on dividends in excess of earnings
Verify the most appropriate cash management from various aspects including capital expenditures, economic
environment, real estate market conditions, financial status, repayment of borrowings and funds for acquiring
new properties

 marimo REIT decides whether or not it will execute dividends in excess of earnings
and the amount for the respective fiscal period after verifying the following (1) and (2)Verification (2) Amount of dividends in excess of earnings

Verification (1) Execute or not(Execute when the following conditions are met)

30% of depreciation or less and 75% of payout ratio* or less
(The figure is the actual amount of the 5th FP)

5th FP
results*Total amount of dividends (including dividends in excess of earnings)＝75.0%Net income + depreciation
Retained earnings
93 million yen(Of which, retained earnings
for repair 2 million yen)

Real estateappraisal value atthe end of FP
28,477 million yen

Total planned
amount of capital
expenditure for the
next FP
117 million yen

Total book valueof real estate, etc.
25,415 million yen

Depreciation
212 million
yen

Capital expenditure
58 million yen

30% or less

Net income
395 million
yen

Dividends inexcess of earnings
60 million yen

Dividends ofearnings
395 million
yen

Distribution(Note) The above figures are as of the end of the 5th FP and do not indicate the ratio of distribution to net income or depreciation, or the ratio of dividends in excess of earnings.
Dividends in excess of earnings may change in amount or may not be implemented due to economic conditions, trends in the real estate market, and the state of finances and the portfolio.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 34

Change in Investment Unit Price and Dividend Yield
Change in investment unit price*Indexed with the closing price on July 29, 2016 set as 100.

150.0
140.0
130.0

At listing
81,500

120.0
110.0

End of 2nd FP
93,400 yen

Highestprice
Dec. 5, 2017
120,100 yen

End of 4th FP
114,300 yen

End of 3rd FP
111,700 yen

End of 5th FP
104,100 yen

End of 1st FP
80,900 yen

100.0
90.0

At listing
1,869.32

80.0

～
～

End of 1st FP
1,855.83

End of 2nd FP
1,694.36
marimo Regional

マリモ地方創生リート
Revitalization REIT

0
End of Dec. 2016

1st FP

End of Jun. 2017

2nd FP

End of 5th FP
1,774.06

End of 4th FP
1,764.64

End of 3rd FP
1,662.92
TSE REIT index
東証REIT指数

End of Dec. 2017

3rd FP

End of Jun. 2018

4th FP

End of Dec. 2018

5th FP

Change in dividend yield
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%

8.52%

7.38%
6.15%

6.02%

8.46%

3.41%

Dividend yield of marimo
マリモ地方創生リート
分配金利回りRegional Revitalization
REIT
End of Dec. 2016

End of Jun. 2017

4.04%

4.17%

3.87%

3.52%

6.63% (Note)

4.16%

Average dividend yield of J-REITs
Jリート平均分配金利回り
End of Dec. 2017

End of Jun. 2018

End of Dec. 2018

(Note) Calculated by dividing the sum of final dividend of 3,445 yen for the 5th FP and forecast dividend of 3,455 yen for the 6th FP by the closing price on December 28, 2018.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 35

Balance Sheet and Statement of Income
for the 5th Fiscal Period
Statement of Income
for the 5th fiscal period

Balance Sheet for the 5th Fiscal Period (December 31, 2018)
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Deferred tax assets
Guarantee deposits
Lease and guarantee deposits in trust
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Total deferred assets
Total assets

1,018,870
1,923,690
8,474
39,27293
2,990,402

11,110,758(839,726)
10,271,031
265,363(25,391)
239,971
114,331(13,158)
101,173
10,129(1,749)8,379
13,790,968
112
24,411,637
4,094
2,951
7,045
37,31513
10,00013,50060,82824,479,511

Liabilities
Current liabilities
Operating accounts payable
Current portion of long-term loans payable
Accrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Current portion of tenant leasehold andsecurity deposits in trust
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Tenant leasehold and security deposits in
trust
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Allow ance for temporary
difference adjustments
Other deduction from unitholders’capital
Total deduction from unitholders’capitalUnitholders’ capital, net
Surplus
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets

97,5853,360,000
135,768875
30,006
168,61251,817
3,622
3,848,288
9,742,500
1,272,545
18,241
78
11,033,366
14,881,654

12,412,622(4,151)(192,771)(196,923)
12,215,699

395,076
395,076
12,610,776
12,610,776
27,492,430

From July 1, 2018 to
December 31, 2018

Operating revenue
Lease business revenue
Other lease business revenue
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
Interest on refund
Insurance income
Total non-operating income
Non-operating expenses
Interest expenses
Borrow ing related expenses
Amortization of investment unit issuance
expenses
Other
Total non-operating expenses
Ordinary income
Net income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forw ard
Unappropriated retained earnings(undisposed loss)

1,040,211
53,7281,093,940
462,255
98,854
1,378
14,5182,400
9,746
33,585
622,739471,201
13
114
52
180
50,951
18,902
5,629－
75,483395,898
395,898877
3
881
395,01659
395,076

22,516
22,51627,492,430

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 36

Balance of Individual Properties (1) (Ended December 31, 2018)
Investment area

Regional area

Property no.

Rp-01

Rp-02

Rp-03

Property name

ArtizA Sendai
Kakyoin

ArtizA
Kamimaezu

ArtizA Hakata
PREMIER

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Acquisition price(million yen)

Price
Investment ratio
information

ArtizA Hakataeki- ArtizA HigashiMinami
Betsuin

ArtizA
Kamimaezu II

ArtizA Chiyoda

Jun. 1, 2017

Jan. 23, 2018

Jan. 23, 2018

720

980

Aug. 1, 2016

500

640

1.6

4.3

2.0

2.6

2.9

4.0

(m2)

1,025
3,804.39
3,641.87

487
1,691.50
1,544.38

644
1,336.50
1,262.25

735
1,557.90
1,356.06997
2,062.06
2,062.06

(%)

92.2

97.7

95.7

91.3

94.4

87.0

100

Leasable area

(Note 1)

(m2)

(Note 1)
(Note 1)

(1) Number of operating days

184 days(thousand yen)

Lease business revenue
Other lease business revenue

184 days

184 days

184 days

184 days

184 days

184 days

126,498

17,722

47,775

21,66622,232

23,20335,281

121,900

17,631

46,473

20,882

21,431

22,93834,656

4,597

91

1,302

783

800

265

625

22,337

3,145

15,233

6,478

5,084

2,530

4,233

Management fees

8,864

1,269

3,239

1,622

1,682

1,733

2,651

Taxes and public dues

7,693

1,338

3,268

1,559

1,619

－

－

Utility costs

963

151

523

378

167

187

198

Repair costs

4,047

11

7,617

2,540

412

176

172

Insurance fees

284

44

127

49

78

66

93

Trust fees

220

225

220

220

225

225

225

(3) Total lease business expenses

Balance(Note 2)

Rp-07

395
1,096.48
1,071.56(million yen)

(2) Total lease business revenue

1,060

Rp-06

11.1

(Note 1)

Occupancy rate

400

Rp-05

2,676
9,810.37
9,043.79(%)

Period-end book value

Leasing Leased area
information

2,730

Rp-04

(thousand yen)

Other lease business expenses

264

106

237

108

899

141

893

(4) NOI ( = (2) – (3) )(thousand yen)

104,160

14,57732,542

15,187

17,147

20,67331,048(5) Depreciation(6) Lease business income(thousand yen)

29,904

4,407

16,310

7,021

6,569

6,188

9,170

(thousand yen)

74,255

10,16916,232

8,166

10,57814,484

21,878(7) Capital expenditures(thousand yen)

－

344

248

248

－

1,695

－

(8) NCF ( = (4) – (7) )(thousand yen)

104,160

14,23232,294

14,93917,147

18,97731,048( = (4) – (5) )(Note 1) Figures are as of the end of the 5th Fiscal Period.
(Note 2) The balance is for the 5th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 37

Balance of Individual Properties (2) (Ended December 31, 2018)
Investment area

Regional area

Property no.

Cp-01
MRR
Omuta

Acquisition dateAug. 1, 2016

Acquisition price(million yen)

Cp-05

Aug. 1, 2016

Aug. 1, 2016

500

Aug. 1, 2016

250

2,000

Cp-06

Seven-Eleven Kofu
Yamada Denki
Aioi 1-chome Store
Tecc Land Togitsu(land ownershipStoreinterests)
Aug. 1, 2016
Aug. 1, 2016

950

220

5.2

2.0

1.0

8.2

3.9

0.9

(m2)

483
678.57678.57236
1,729.30
1,729.30

1,930
11,579.19
11,579.19

932
5,998.15
5,998.15

223
904.27904.27

(%)

100

100

100

100

100

100

(million yen)

Leasable area

(Note 1)

(m2)

(Note 1)
(Note 1)

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

Cp-04

1,236
6,485.11
6,485.11(Note 1)

Occupancy rate

1,265

(%)

Period-end book value

Leasing Leased area
information

Cp-03

Yamada Denki
Tarumiekimae Gold
Foodaly Aoba Store Tecc Land Mihara
Building
Store

Property namePrice
Investment ratio
information

184 days(thousand yen)

Lease business revenue

184 days

184 days

184 days

184 days

184 days

56,177

21,15916,308

*

*

7,800

56,12819,432

16,308

*

*

7,800

48

1,726

－

－

－

－

10,588

3,728

3,421

*

*

767

Management fees

2,333

1,154

489

*

*

234

Taxes and public dues

4,890

722

1,111

8,726

3,032

296

Utility costs

76

1,365

－

－

－

－

Repair costs

384

202

－

1,350

－

－

Insurance fees

481

31

52

451

288

－

Trust fees

225

220

220

220

225

220

Other lease business revenue(3) Total lease business expenses

Balance(Note 2)

Cp-02

(thousand yen)

Other lease business expenses

2,198

31

1,548

17

3,853

16

(4) NOI ( = (2) – (3) )(thousand yen)

45,58917,431

12,886

*

*

7,032

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

14,768

4,943

3,929

18,695

6,303－(thousand yen)

30,821

12,487

8,957

*

*

7,032

(thousand yen)

93

－

－

－

－

－

(8) NCF ( = (4) – (7) )(thousand yen)

45,495

17,431

12,886

*

*

7,032

* Figures are undisclosed as the consent of the tenant could not be obtained. Furthermore, while the tenant of Yamada Denki Tecc Land Mihara Store is Marimo Co., Ltd., there is an item of concern in thecontract with the end tenant and so the figures are undisclosed as consent of the end tenant could not be obtained.
(Note 1) Figures are as of the end of the 5th Fiscal Period. Furthermore, the leasable area and leased area of 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 the warehouse building.
(Note 2) The balance is for the 5th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 38

Balance of Individual Properties (3) (Ended December 31, 2018)
Investment area

Regional area

Property no.

Cp-07

Cp-09

Cp-10

Cp-11

Property name

MRR
Kumamoto

MRR
SaseboMRR
Itoshima

MRR
Akita

Acquisition dateJan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

Jan 23, 2018

Acquisition price(million yen)

Price
Investment ratio
information

990

900

840

1,150

8.6

4.0

3.7

3.4

4.7

1,003
5,070.01
5,070.01915
2,842.78
2,842.78855
8,416.10
8,416.10

1,170
13,719.74
13,719.74

100

100

100

100

(Note 1)(million yen)

Leasable area

(Note 1)

(m2)

(Note 1)

(m2)

2,162
11,157.71
11,157.71(Note 1)(%)

100

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

Supercenter TRIAL
Togitsu Store(land ownershipinterests)
Jan. 23, 2018

2,120

(%)

Period-end book value

Leasing Leased area
information

184 days

184 days

184 days

184 days

184 days

120,890

56,864

42,16832,104

Lease business revenue

104,670

49,30833,455

32,104*

Other lease business revenue

16,219

7,556

8,712

－

－

40,107

15,515

13,395

4,064*

14,808

6,125

3,342

963

*

(3) Total lease business expenses(thousand yen)(thousand yen)Management fees

*

－

－

－

－

－

Utility costs

18,148

5,713

7,454

－

－

Repair costs

5,881

3,109

1,933

1,643

－

Insurance fees

915

340

360

33

－

Trust fees

250

225

250

225

225

Other lease business expenses

103

－

53

1,200

－

Taxes and public dues

Balance(Note 2)

Cp-08

(4) NOI ( = (2) – (3) )(thousand yen)

80,783

41,34828,772

28,039*(5) Depreciation(6) Lease business income( = (4) – (5) )(7) Capital expenditures(thousand yen)

19,855

6,533

3,201

952

－

(thousand yen)

60,92834,81525,571

27,087*(thousand yen)

－

628

3,750

4,156

－

(8) NCF ( = (4) – (7) )(thousand yen)

80,78340,72025,022

23,882** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) Figures are as of the end of the 5th Fiscal Period.
(Note 2) The balance is for the 5th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 39

Balance of Individual Properties (4) (Ended December 31, 2018)
Investment area

Regional area

Property no.

Hp-01

Property nameAcquisition date

ROUTE INN
Ichinomiya
EkimaeAug. 1, 2016

Tokyo metropolitan area

Op-01

Op-02

Rt-01

Rt-02

Rt-03

Rt-04

MRR Delta
Building

PLEAST Hakata
Gion Bldg.

ArtizA Ikejiri

ArtizA Tsuzuki
Chuo Koen

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

ArtizA Kawasaki
ArtizA Sobudai
East

Acquisition price(million yen)

Price
Investment ratio
information

740

1,200

800

610

1,050

780

1,130

(%)

3.0

4.9

3.3

2.5

4.3

3.2

4.6

1,178
3,053.57
3,053.57

776
1,931.47
1,931.47

611
641.16576.67

1,082
3,731.75
3,555.65

778
3,055.80
3,055.80

1,176
5,703.73
5,230.43

100

100

89.9

95.3

100

91.7

Period-end book value(Note 1)(million yen)

Leasable area

(Note 1)

(m2)

(Note 1)(m2)

698
3,860.81
3,860.81(Note 1)(%)

100

Leasing Leased area
information
Occupancy rate(1) Number of operating days
(2) Total lease business revenue

184 days(thousand yen)

184 days

184 days

184 days

184 days

30,00017,976

42,66930,00051,798*51,06830,00017,04739,251

30,00050,413

5,266

－

928

3,418

－

1,384

*

16,882

5,200

3,438

11,623

3,886

27,325

*

3,705

2,319

1,973

4,255

1,260

4,614

3,974

5,066

2,391

767

2,867

2,318

3,739

－

5,989

－

150

268

－

543

Repair costs

－

1,446

5

277

3,867

－

17,605

Insurance fees

200

190

164

45

123

82

209

Trust fees

225

220

220

225

225

225

225

－

264

100

－

14

－

387

Other lease business revenue(3) Total lease business expenses(thousand yen)Management fees
Taxes and public dues
Utility costs(Note 2)184 days

56,335－

Lease business revenue

Balance

184 days*

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

39,453

24,79914,53731,046

26,11324,472(5) Depreciation(6) Lease business income( = (4) – (5) )(7) Capital expenditures(thousand yen)

10,77914,467

6,802

2,462

3,455

5,324

10,212(thousand yen)*

24,985

17,997

12,07527,59020,78914,260(thousand yen)

－

5,452

－

－

3,460

－

38,233(8) NCF ( = (4) – (7) )(thousand yen)*

34,001

24,79914,537

27,586

26,113(13,760)* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) Figures are as of the end of the 5th Fiscal Period.
(Note 2) The balance is for the 5th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 40

Status of Investment Unitholders (as of end of December 2018)
Ratio of Unitholders by Number(8,676 unitholders in total)
Other domestic
その他国内法人
entities
1.6％

Name of unitholder

Rank

Foreign
外国人 etc.
Companies,
0.6％

金融機関
Financial
institutions

Securities
証券会社
companies
0.3％

0.2％

Individuals,
others
個人・その他

Number of
Ownership
investment
ratio
units

1

Marimo Co., Ltd.

13,950

10.5%

2

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

9,980

7.5％

3

Trust & Custody Services Bank, Ltd.
(securities investment trust account)

9,057

6.8％

4

Japan Trustee Services Bank, Ltd.
(trust account)

7,298

5.5％

5

The Nomura Trust and Banking Co., Ltd.
(investment trust account)

4,338

3.3％

6

The ICHII SHINKIN BANK

1,091

0.8％

7

Ueda Yagi Tanshi Co., Ltd.

1,049

0.8％

8

DFA INTERNATIONALREAL ESTATE SECURITIES PORTFOLIO

988

0.7％

9

JPMorgan Securities Japan Co., Ltd

803

0.6％

10

An individual

717

0.5％

49,271

37.2%

97.4%

Ratio of Investment Units by Number(132,340 units in total)
その他
Other domestic
entities
国内法人

Foreign
外国人 etc.
Companies,
2.9％

証券会社companies
Securities
3.0％

16.1％

Financial
金融機関
institutions

Individuals,
others
個人・その他

26.0％

52.0%

Copyright © Marimo Asset Management Co., Ltd.

Total

(Note)(Note) Calculated by dividing the 49,271 investment units owned by the top 10 unitholders by the 132,340 investment
units issued and outstanding, and rounded to the first decimal place.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 41

Disclaimer► This material is solely intended to provide information and is not intended to seek or solicit investments or to serve as arecommendation 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 or a management report based on the Financial Instruments and Exchange Act, theAct on Investment Trusts and Investment Corporations, listing regulations of the Tokyo Stock Exchange or regulations of theInvestment 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 AssetManagement Co., Ltd. contained in this material merely represent opinions as of the preparation date. Different views may exist
and the opinions may be changed 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 andprofitability of the real 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 completenessof the information.
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 the consequences of investment activities or any 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 DirectorGeneral of the Kanto Finance Bureau (Kinsho)) and a member of The Investment Trusts Association, Japan)
For inquiries concerning the materials: IR Department, Marimo Asset Management Co., Ltd.
Mail: info@marimo-am.co.jp
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 42MEMO

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 43

Regional areas have hidden potential

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 5th FP Presentation Material l 44