9th Fiscal Period (Ended December 31, 2020)

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

marimo Regional Revitalization REIT, Inc.
marimo Regional Revitalization REIT, Inc.
9th FP Manager)(Ended December
31, 2020)
Presentation
Material Co.,l 1
(AssetMarimoAssetManagement

Table of Contents
Summary of Financial Results for
9th Fiscal Period

3● 9th Fiscal Period Financial Highlights● Impact of COVID-19● Impact of COVID-19 (2)● 9th Fiscal Period Forecasts and Results● 10th Fiscal Period and 11th Fiscal Period Earnings
Forecasts● Changes in Dividends per Unit and NAV per UnitManagement Results for 9th Fiscal Period

10● Pursuing Increase of Asset Value (1)● Pursuing Increase of Asset Value (2)● PLEAST Hakata Gion Bldg. (Internal Growth)● Maintaining Stable Average Occupancy Rate
● Financial Status (period ended December 2020)● IR Activities

Assets to Be Acquired and Expansion ofAsset Size
● Asset to Be Acquired (ArtizA Sengen-cho)● Sponsor Pipeline● Steady Expansion of Asset Size
● Portfolio List (1)● Portfolio List (2)Copyright © Marimo Asset Management Co., Ltd.

17

Appendix23● Basic Principle of marimo REIT
● System of Sponsor and Supporting Companies● Overview of marimo REIT
● Investment Strategies for Post-COVID-19● Overview of the Sponsor, Marimo● ESG Initiatives (1)● ESG Initiatives (2)● B-to-C EC Market Size in Japan● Residential Properties and Retail Facilities Market
Data● Offices Vacancy Rate and Contracted Rents● Hotel Occupancy Rate by Facility Type● Dividends in Excess of Earnings● Portfolio Map● Photos of Properties● Balance of Individual Properties (1)● Balance of Individual Properties (2)● Balance of Individual Properties (3)● Balance of Individual Properties (4)● 9th Fiscal Period Balance Sheet and Statement of
Income● Status of Investment Unitholders● Disclaimer

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l2

01

Summary of Financial
Results for 9th Fiscal Period

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l3

9th Fiscal Period

Financial Highlights (period ended December 2020) The impact of the COVID-19 is minor, and dividends per unit reached a new record high since listing.
 Ratio of unrealized gain and NAV per unit also marked the highest since listing.
 Investment unit price is on a recovery trend.
85% UP fromthe time oflisting

Asset size

Highestsince
listing

NAV per unit

(Note 2)End of 9th FP
End of 8th FP

29.955 billion yen

End of 9th FP→ 29.955

End of 8th FP
billion yen
Highestsince
listing

Dividends per unit

→ 3,546

Forecasts for the 9th FP

3,507yen

Results of the 9th FP(Note 1)

End of 8th FP

20.7%

End of 9th FP→ 22.4%Highestsince
listing→ 136,800

yen

Investment unit price● 4.2% UP
End of 9th FP
End of 8th FP

106,600 yenyen

Ratio of unrealized gain (Note 2)

134,365 yen→ 111,100

LTV to total assets
End of 8th FP

48.5%

yen

Remainedflat

End of 9th FP→ 48.6%(Note 1) The forecast for the 9th Fiscal Period is the forecast announced on August 19, 2020 (includes dividends in excess of earnings).
(Note 2) “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 is rounded to the first decimal
place. The figure does not guarantee the amount of profit calculated with the ratio.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l4Impact of COVID-19
Established a good relationship between PM companies and tenants. Diversification ofareas/tenants has been effective.

Tenants that requested
for rent reduction/exemption:

Previous FP (8th) 27.1%

Current FP (9th) 0%

Tenant marimo REIT dealt with: Previous FP (8th) 3.6%

Current FP (9th) 0%(Payment deferral, free rent, etc.)

Breakdown by Type

Tenant Diversification

Area Diversification
Tokyo metropolitan area
12.0%

Offices
6.7%

Clothing 6.8%

Sports clubs
9.2%
Home electricalappliances 32.2%

Kinki 3.5%
Tokai 5.1%

Ratio ofregional
areas

Retail +HotelsHokkaido/Tohoku
12.6%

Residential
45.2%

Retail + Hotels

Chugoku/Shikoku

48.1%

13.9%

88.0%

Kyushu/Okinawa
52.9%

Amusement
6.1%
Restaurants 2.6%

Services 4.3%

All
fixed rent

Medical 5.0%
Supermarkets
6.1%

Other retail 17.0%

Discount stores 10.7%

Characteristics of regional retail facilities◆ Small impact of inbound tourism ◆ Mainly lifestyle-oriented tenants ◆ Many car users(Note) The pie charts for breakdown by type and area diversification on this page are created based on the acquisition price and that by tenant diversification is created based on rent.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l5Impact of COVID-19 (2)Although there have been few cancellations attributable to COVID-19, will pay
close attention to future tenant movements.
 Number of cancellations attributable to COVID-19 ⇒ Only one
 A state of emergency was declared for the second time centering on large
metropolitan areas in January 2021 ⇒ Pay close attention to tenant movements
Number ofproperties
Residential
15 properties
properties

Retailfacilities

Status in 9th FP

 Impact of COVID-19: No apparent impact

 Impact of COVID-19: Few cancellations by tenants
 Number of cancellations: 3/55 tenants (Number of
13 properties

cancellations in the 8th FP: 0/55 tenants)

 Number of cancellations attributable to COVID-19: 1/3(Property name, number ofcancellations, size of canceled area)-

 MRR Omuta (Omuta City, Fukuoka) 2 cancellations
300 tsubo in total
 MRR Kumamoto(Kumamoto City, Kumamoto)
1 cancellation 102 tsubo

properties (Restaurants in MRR Omuta (100 tsubo))

Hotels

Offices

1 property

2 properties Route-Inn Ichinomiya Ekimae (Ichinomiya City, Aichi) Impact of COVID-19: No apparent impact
 Strong performance (accommodation for local sports
events and construction-related workers)

 Impact of COVID-19: No apparent impact
 Number of cancellations: 2/25 tenants (Number of cancellations in the 8th FP: 0/25 tenants)

Copyright © Marimo Asset Management Co., Ltd.

 PLEAST Hakata Gion Bldg. (Fukuoka City, Fukuoka)
1 cancellation 60 tsubo⇒ New contract concluded MRR Delta Building (Hiroshima City, Hiroshima)
1 cancellation 43 tsubo⇒ New application received

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l69th Fiscal Period

Forecasts and Results (period ended December 2020)
9th FP

Forecasts (Note 1)

Results(B)(million yen)

Operating revenue (Note 2)(A)

Operating revenue-1

Decrease in rent

-3

(Increase)
PLEAST Hakata Gion Bldg.,
A Awajieki-higashi, etc.:(Decrease)
A Sendai Kakyoin, A Sobudai, etc.:+4-7Increase in other income+8(Income from key money, restoration costs, etc.)(MRR Delta Building, A Awajieki-higashi, A HakataekiMinami, etc.)

Decrease in utilities revenue

478

470

Net income (Note 2)

+6

479

471

Ordinary income (Note 2)

-1

581

575

Operating income (Note 2)(million yen)(B) - (A)

1,281

1,283

Factors

Variation

9th FP+8 Operating expenses

Reduction in repair costs

3,082

3,136

+54

425

410

-15

Dividends in excess ofearnings per unit (2)Dividends per unit (1) + (2)(including dividends in excessof earnings)(Note 3)(Note 1) Announced on August 19, 2020
(Note 2) Rounded down to the nearest specified unit

3,546

Increase in outsourcing expenses

Copyright © Marimo Asset Management Co., Ltd.

+39 Non-operating expenses
Receipt of non-life insurance money

DPU 1.1%UP+6(Note 3)
Payout ratio before adjustment
Payout ratio after adjustment
Dividend ratio (against ratio ofdepreciation)+5(Decrease)
MRR Kumamoto, A Sendai Kakyoin, etc.: +13(Increase)
MRR Delta,
Yamada Denki Tecc Land Togitsu Store, etc.: -8(A Kamimaezu, etc.)

3,507

+7

(MRR Kumamoto, MRR Itoshima, etc.)

EPU 1.8%UP(yen)

Dividends per unit

-5

(MRR Kumamoto and MRR Itoshima)

Reduction in utilities expenses(excluding dividends in excessof earnings) (1)

+7

-4

+2
+2

(Yamada Denki Tecc Land Togitsu Store)
76.4%
75.0%
25.7%

(Note 4) + indicates net income increasing factor and- indicates net income decreasing factor(Note 5) A refers to “ArtizA.” The same applies hereafter.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l7

10th Fiscal Period (ending June 2021) and 11th Fiscal Period (ending December 2021)

Earnings Forecasts(million yen)

(Note 1)

9th FP

10th FP

Variation

11th FP

Variation

Results (A)Forecasts (B)( B ) - ( A)

Forecasts (C)(C) - (B)

Assumptions for the forecasts for the 10th FP and 11th FP

Forecasts for 10th FP
Operating revenue+27

Increase in rent, etc.

Operating revenue (Note 2)

1,283

1,308

+27

1,290

-18

(Increase) A Sengen-cho,
PLEAST Hakata Gion Bldg., etc.:(Decrease) MRR Omuta, etc.:

+7
+21
-14

Increase in other rent income+19

MRR Omuta (Contract cancellation penalty), etc.

Operating income (Note 2)

Ordinary income (Note 2)

Net income (Note 2)

581
479
478

564

-17

472

-7

471

-7

549
439
438

-14
-32
-32

(yen)

Operating expenses-32

Increase in fixed asset tax (for acquisitions
through previous PO)
Increase in repair costs(A Matsumoto, A Sendai, etc.)
Decrease in expenses other than those above

-15

+10

Non-operating expenses, etc.

-12

Reacquisition of ERs for properties acquired
upon IPO (every 5 years)
Borrowing-related expenses (statement of
opinion, etc.), etc.

-10Non-operating income

Dividends per unit
(excluding dividends in excess ofearnings) (1)

-27

-2

+10

Non-life insurance money (MRR Omuta), etc.

3,136

3,086

-50

2,871

-215

Forecasts for 11th FP
Operating revenue-18

Increase in rent A Sengen-cho (on a daily basis in

Dividends in excess ofearnings per unit (2)+5the beginning of 10th FP)

410

443

+33

486

+43

Contract cancellation penalty (absence), etc.

-23

Operating expenses-10

Increase in repair costs (A Sendai)

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

3,546

The forecasts for the 10th Fiscal Period and 11th Fiscal Period do notguarantee actual results.
Rounded down to the nearest specified unit

3,529

-17

(Note 3)(Note 3)
Payout ratio before adjustment
Payout ratio after adjustment
Dividend ratio (against ratio of depreciation)

3,357

-172

(Note 4)

75.9%
75.0%
27.4%

(Note 4)
Payout ratio before adjustment
74.6%
Payout ratio after adjustment
74.6%
Dividend ratio (against ratio of depreciation) 29.9%

Non-operating expenses, etc.
ER, borrowing related expenses (absence), etc.

+14
+16

Expenses related to General Meeting ofUnitholders-2

Non-operating income-18

Non-life insurance money (absence)-13

Borrowing related expenses-5

Refinancing of Tranche C (IPO)(Note) + indicates net income increasing factor indicates net income decreasing factor

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l8Changes in Dividends per Unit and NAV per Unit
 Changes in Dividends per Unit

Stable dividends and steady growth of EPU

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

3,462

(yen)

+39 yen (+1.1%)
3,441

3,431

3,445

3,494

3,504

3,494

3,507

3,546

3,529

496

431

425

410

443

3,008

3,063

3,082

3,136

3,086

2,871

Forecasts

Forecasts

521

544

459

460

499

2,941

2,887

2,982

2,985

2,995

EPU
(Dividends of earnings per unit)

977
432

3,357
486

+54 yen (+1.8%)

545

Results

Results

Results

Results

Results

Results

Results

Results

Forecasts

Results

1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP

9th FP

10th FP

11th FP

Dec. 2016

Dec. 2020

Jun. 2021

Dec. 2021

Jun. 2017

Dec. 2017

Jun. 2018

Dec. 2018

Jun. 2019

Dec. 2019

 NAV per Unit
160,000

NAV increased for eighth consecutive period since listing(yen)

113,679

136,800

119,105

121,786

122,535

125,547

128,027

134,365

120,709

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

Dec. 2018

Jun. 2019

Dec. 2019

Jun. 2020

Dec. 2020

140,000
120,000

Jun. 2020

100,000
80,00060,00040,00020,00000

1st FP

Dec. 2016
Jun. 2017
Dec. 2017
Jun. 2018(Note) The forecasts for the 9th Fiscal Period and 10th Fiscal Period do not guarantee actual results.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l

9

02Management Resultsfor 9th Fiscal Period

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 10

Pursuing Increase of Asset Value (1)Efforts for increasing income and reducing costs■Efforts for Increasing Income Increase in rent by applying solid wood flooring(ArtizA Hakataeki-Minami) Increase in rent associated withrenewal of contracts (MRR Delta Building) 1 section (60 tsubo) Rent increase rate:
8.7 % 1 section (50 tsubo) Rent increase rate:
15.5 %■Efforts for Reducing Costs
 Introduction of electronic breaker (ArtizA Matsumoto, ArtizA Chiyoda)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 11

Pursuing Increase of Asset Value (2)Change in Target Downtime (within 60 days)
Achievement Ratio

Efforts for Improving Customer Satisfaction●OA-compatible floors, air-conditioning, new installation ofducts (capital expenditures) ・・・MRR Kumamoto

(%)

100
80

59.7

58.4
48.9

60

55.2

58.5

67.0

53.8

43.6

31.7

40
20
0

1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP

Increase/Decrease in Residential Rent
8th Fiscal Period

9th Fiscal Period

Change from the 1st FP to 9th FP

9.9%
9 cases
15.1%
16 cases
8.5%
9 cases 13.2%
14 cases
6.6%
7 cases

(%)
100.0

5.5%
5 cases 14.3%
4.4%
13 cases
4 cases80.0
60.0

Increase
37.7%
40 cases
37.7%
40 cases

50/106
cases

47.2%
50
cases

34.0%
36 cases

36.3%
33 cases
Increase
Increase of more than 5%
Increase of 5% or less
No change
Decrease
Decrease of more than 5%
Decrease of 5% or less

Copyright © Marimo Asset Management Co., Ltd.

36.3%
33 cases

Increase 39.6%
49/91

22.0

40.0

36 cases

20.0
53.8%
49 cases

26.8

13.0 14.3 13.4 14.5 13.4 15.1 15.1 9.9
6.1
15.6
21.6
29.3 23.6
36.3
28.3
37.7

71.4

79.6
64.9
57.3 61.8
56.6

51.2

47.2 53.8

0.0
1st
FP

2nd
FP

3rd
FP

Increase

4th
FP

5th
FP

No change

6th
FP

7th
FP

8th
FP

9th
FP

Decrease

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 12

PLEAST Hakata Gion Bldg. (Internal Growth)Subleasing the entire building ⇒Increase in rent of 2.82 million yen/monthEffect of switching to individual leases:(Increase rate of around 56%)

Office market in Fukuoka City remains favorable(Note 1)
(Unit: yen)

Assumed Contracted Rents(unit price per tsubo)

16,45015,19016,00012,000LocationHakata Ward, Fukuoka City, Fukuoka

11,2503.5
310,000Appraisal NOI yield

Period-end book value

7.6%⇒ 8.0%

8,000

750 million yen

6,000(ratio of unrealized profit: 72 %)4,000

Acquisition price

800 million yen

Appraisal value

1,230 million yen ⇒ 1,290 million yen

2Completion date

◆ Subleasing theentire building(April 26, 2020)

9th floor Continued occupancy

1st to 10th
floors

8th floor Vacant
7th floor Sublease succession

2018

2019

0.4

1
0.5
2020

0.2

0.4

0
2015

2016

2017

2018

2019

2020

Prepared by the asset manager based on CBRE’s “Japan Office Market Review”■ Property descriptions◆ Individual leases(End of January 2021)
Subleasing
company
occupying
only the 9th
floor

10th floor From Sep. 1

Cancellation
notice in July
Scheduled tomove out at
the end of
December

7th floor Leasing

9th floor Leasing

Rent increase
TenantDiversification
100% occupancy
Rent gap

8th floor From Jan. 7(approximately
584 tsubo)

6th floor Sublease succession

Total rent

5th floor Sublease succession

5 million yen

4th floor Sublease succession

4th floor Leasing

per month(8,540 yen

3rd floor Sublease succession

3rd floor Leasing

per tsubo)

2nd floor Sublease succession

2nd floor Leasing

1st floor Sublease succession

1st floor Leasing

Copyright © Marimo Asset Management Co., Ltd.

2017

Aug. 2008◆ After switching toindividual leases(April 27, 2020)
10th floor vacant

2016

1.0

1.5

0
2015

2.4

2.5

Increase byapproximately 56%
over the five years of2015 to 2020

2,000

(Note 1)

Vacancy rates also
declined over thefive years of 2015
to 2020

4

12,27010,550

4.7

5
4.5

13,59014,000Vacancy Rate

(Note 1)
(Unit: %)6th floor From Jan. 1

1st to 10th floors(approximately 584
tsubo)
Total rent

5th floor Leasing

Approximately 7.82
million yen per month(13,390 yen per tsubo)

Unit rent
increase byapproximately

56%

・ The property is located approximately 130 meters southwest of Gion Station on the
Fukuoka City Subway Kuko Line (approximately a 1-minute walk).
・ As Gion Station is only one stop from Hakata Station or around 6 to 7 minutes onfoot, accessing the city center is extremely easy.
・ There are many retail stores and restaurants around the neighboring area.
・ The neighboring area belongs to a commercial district with many medium-rise officebuildings, etc.

7th FP
8th FP
9th FP
End of Jan.
End of Dec. End of Jun. End of Dec.
2021
2019
2020
2020
Occupancy rate

100%

79.4%

89.7%

100%

Monthly rent
(10,000 yen)

500

595

688

782

Appraisal value(million yen)

1,020

1,230

1,290

－

Appraisal NOI
yield

6.2%

7.6%

8.0%

－

Number oftenants

1/1

10/12

11/12

12/12

Type

Sublease

Switched to individual leases
from April 27, 2020

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 13

Maintaining Stable Average Occupancy Rate
Average occupancy rate for entire portfolio during fiscal periods
1st FP
98.6%

2nd FP
98.6%

3rd FP
98.7%

4th FP
98.4%

5th FP
98.4%

6th FP
98.6%

7th FP
99.1%

8th FP
98.5%

9th FP
97.7%

100.0%

95.0%

Sep. 2020 PLEAST Hakata Gion Building (Occupancy rate increased from 79.4% to 89.7%)

90.0%

～
～
0%
85.0%

Nov. 2020 MRR Delta Building (Occupancy rate dropped from 100% to 95.3%)
2016年
Aug.
8月
2016

2016年
10月

2016年
Dec. 2017年
12月
2月

2016

2017年
4月

2017年
Jun.
6月
2017

2017年
8月

2017年
10月

2017年
Dec.
12月
2017

2018年
2月

2018年
4月

Residential
レジデンス

Retail商業施設

properties

Facilities

2018年
Jun.
6月
2018

2018年
8月

2018年
10月

Hotelsホテル

2018年
Dec. 2019年
12月
2月

2018
Offices
オフィス

2019年
4月

2019年
Jun.
6月

2019年
2019年
2019年
Dec.
8月
10月
12月
2019
2019
Entire portfolio
ポートフォリオ全体

2020年
2月

2020年
4月

2020年
Jun.
6月

2020

2020年
8月

2020年
2020年
Dec.
10月
12月

2020

1st FP

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP(Dec. 2016)(Jun. 2017)(Dec. 2017)(Jun. 2018)(Dec. 2018)(Jun. 2019)(Dec. 2019)(Jun. 2020)(Dec. 2020)

End ofDecember

End ofJune

End ofDecember

End ofJune

End ofDecember

End ofJune

End ofDecember

End ofJun.

End of End of End of End of End of End of
Jul.
Aug. Sep.
Oct.
Nov. Dec.

Residential
properties

96.9

96.6

97.2

94.9

93.9

98.8

97.2

94.5

94.4

94.7

95.2

94.6

93.8

92.8

Retailfacilities

100

100

100

99.7

100

98.8

99.5

99.9

99.5

99.2

99.2

99.2

99.2

98.6

Hotels

100

100

100

100

100

100

100

100

100

100

100

100

100

100

Offices

100

100

100

100

100

100

100

92.0

92.0

92.0

96.0

96.0

93.1

93.1

Entireportfolio

98.6

98.4

98.7

98.3

98.1

98.9

98.8

98.1

97.9

97.8

98.0

97.9

97.6

96.9

Occupancy
rate (Note)(%)(Note) For 1st to 8th FPs, occupancy rates at the end of the fiscal period are indicated; and for 9th FP, those at the end of the month are indicated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 14

Financial Status (period ended December 2020)
LenderSyndicate of lenders arranged
by Sumitomo Mitsui Banking
・Sumitomo Mitsui Banking
・The Hiroshima Bank・Sumitomo Mitsui Trust Bank

Balance ofNewborrowings
borrowings
at end ofin 9th FP
8th FP

3,500

－

1,387

－

15

4,840

－

－

2,015

－

－

2,015

－

－

2,140

－

－

15,897－・Shinsei Bank・Aozora Bank－

Balance ofborrowings Floating
Borrowing
Interest rate
at end of or fixeddate
9th FP

3,500

0.86669%
Aug. 1,
2016

Fixed

・The Bank of Fukuoka
・The Mie Bank

Amountrepaidin 9th FP

1,372

1.09908%

4,840

Floating

3M TIBOR+ 0.6%

Floating

3M TIBOR+ 0.6%

2,015

Floating

3M TIBOR+ 0.8%

2,140

Floating

3M TIBOR+ 0.6%

2,015

Jan. 23,2018

Aug. 1,2019

Maturitydate(million yen, rounded down to nearest specified unit)

LTV to Total Assets

Remarks

50.5% 50.0%
Aug. 2,
2021

49.8%

Aug. 1,
2023

48.5%

46.5%
Unsecured &unguaranteed

Aug. 1,
2024

・Resona Bank・The Higo Bank

Jan. 21,2020

Jan. 21,2023

15

15,882

Diversification Status of Lenders
3.6%

48.6%

End of End of End of End of End of End of End of End of End of
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP

Average Interest Rate

0.78%

*

23.3%

Sumitomo Mitsui Banking
The Hiroshima Bank

5.7%

Sumitomo Mitsui Trust Bank
The Mie Bank

8.7%

Shinsei Bank

Long-term loans
4,840 million yen(Borrowing period:
3 years)

The Bank of Fukuoka

9.3%

20.5%
10.9%

100.0%

Refinancing Scheduled in 10th FP (Feb. 1) and New Borrowings (Feb. 26)

3.1%

5.0%

9.8%

47.8%
47.7%

Long-term Debt Ratio

・The Chugoku Bank

Total

49.3%
49.1%
48.5%

47.5%

Feb. 1,2021
Aug. 1,
2022

49.5%

49.5%

2,420 million yen(Borrowing period:
3 years)
2,420 million yen(Borrowing period:
4 years)

Borrowing date:
Floating or fixed:
Interest rate:
Security, etc.:

February 1, 2021
Floating
3M TIBOR + 0.6%
Unsecured &unguaranteed

Borrowing date:
Floating or fixed:
Interest rate:
Security, etc.:

February 1, 2021
Floating
3M TIBOR + 0.7%
Unsecured &unguaranteed

Borrowing date:
Floating or fixed:
Interest rate:
Security, etc.:

February 26, 2021
Floating
1M TIBOR + 0.2%
Unsecured &unguaranteedAozora Bank
Resona Bank
The Higo BankThe Chugoku Bank

(Note) The above graph shows the diversification status at the end of
the 9th period (December 31, 2020).

Copyright © Marimo Asset Management Co., Ltd.

Borrowings for theacquisition of ArtizA
Sengen-cho

300 million yen(Borrowing period:
1 year)marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 15

IR Activities
IR Activities in the 9th Fiscal Period (Jul. to Dec. 2020)
 Focused on IR activities for foreign institutional investors.
 Instead of holding information meetings for individual investors like before,
appeared on radio programs to approach them more widely.
IR for individual investors

IR for foreign institutional investors
Foreign institutional investors turned
attention to regional real estate as well.

Explained the appeal of marimo REIT to many
and unspecified individual investors.

(1) Responding to foreign institutional investors
individually (mainly conference calls)
8th FP(1) Appeared on "Karuizawa Radio
University" on FM Karuizawa

9th FP

Hong Kong

4

2

Singapore

3

1

Australia

1

TaiwanTotal

September 28

4

New

7

http://www.karuizawaradio.university/

8

IR for Japanese institutional investors(2) Appeared on ”The Asazai morningmarket report” on Radio Nikkei

December 24

Conducted domestic IR activities mostly in a noncontact manner.
(1) 8th Fiscal Period Financial Results Briefing August 20(Video distribution)(2) 1-on-1 responses for institutional investors after August

http://www.radionikkei.jp/asazai/(conference calls)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 16

03

Assets to Be Acquiredand Expansion of Asset Size

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 17

Asset to Be Acquired (ArtizA Sengen-cho)
Acquisition of a residential property developed by a sponsor (scheduled acquisition date: February 26, 2021)
For-sale condominium
developed by a sponsor in Nagoya city (Track record ofdeveloping ten other condominiums) (Note 1)
Nagoya City Subway
Tsurumai Line

Nagoya Expressway
Route 6 Kiyosu RouteArtizA
Sengen-cho

Meijo Park

Nagoya Castle

Sengen-cho Sta.

Noritake Mori Project(provisional name)(AEON Mall)(Scheduled to open
in fall 2021)

Hori River

Nagoya Sta.

TV Tower

Kokusai Center(International
Center) Sta.

Sakae Sta. Nishikidori St.

5.1 %Nagoya City, Aichi
Planned acquisition
price

Hisaya-odori St.

Otsu-dori St.

FushimiSta.

Appraisal NOI yield

Aichi
Prefectural
Government
OfficeMarunouchi
SakuraSta. Hisaya-odori Sta. dori St.

Wakamiyaodori St.

Location

NagoyaCity Office

Nagoya High
Court/District
Court

Dai Nagoya
Building
Meitetsu
NagoyaSta.

National
Hospital
Organization
NagoyaMedical Center

Occupancy rate

100 %(Note 2)

(Note 2)

Appraisal value

Completion date

495 million yen

517 million yen

February 2020

Asset typeExclusive area(per unit)

Number of units

1K

27.3 m2

40(Note 2)

Continuing to maintain a high occupancy rate

■ Property descriptions(%)

・ The property is located approximately 240 meters (approximately a 3- minute walk) to the west of Sengen-cho
Station on the Nagoya City Subway Tsurumai Line.
・ From Sengen-cho Station, it takes approximately 2 minutes to Marunouchi Station and its office and government
district. From the nearby bus stop, it takes approximately 10 minutes to Nagoya Station.
・ AEON Mall’s Noritake-no Mori Project (provisional name) located about 800 meters to the southwest is scheduled toopen in the fall of 2021.

(Note 1)
(Note 2)

Regarding each of marimo’s for-sale condominiums, marimo REIT has no specific plans for acquisitions, nor is there any guarantee that it can beacquired in the future as of the date of this document.
“Appraisal NOI yield”, “Occupancy rate” and “Appraisal value” are the figures as of the end of December 2020. The same applies hereafter.

Copyright © Marimo Asset Management Co., Ltd.

100.0
80.0
60.0
40.0
20.0
0.0

100.0

97.6

100.0

Apr.

May

Jun.

100.0

95.1

97.6

Jul.

Aug. Sep.

100.0 100.0

100.0

77.6

Mar.

Oct.

Nov. Dec.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 18

Sponsor Pipeline
Property developed by the sponsor
Location: Minoo City, Osaka
Main type: Retail
Sections: 6
Completion: Jan. 2020

Development by Marimo, the sponsor
Sequential development of residential properties, student dormitories,
retail facilities, hotels, etc. all around Japan

Property developed by the sponsor
Location: Kobe City, Hyogo (Nada)
Main type: Residential (student dormitory)
Units: 177
Completion: Jan. 2023 (Scheduled)

Property developed by the sponsor
Location: Kobe City, Hyogo (Tarumi)
MIRAKITA CITY HIMEJI
Main type: Residential (student dormitory)
Location:
Himeji City, Hyogo
Units:
108
Completion:
Jan.Retail2022 (Scheduled)
Main type:(sectional)

Completion: Jan. 2019
Property under sponsor’s urban
redevelopment projects
MIRAKITA CITY HIMEJI
Location: Himeji City, Hyogo
Main type: Retail (sectional)
Sections: 9Completion: Jan. 2019

Property developed by the sponsor
Location: Kumamoto City, Kumamoto
Main type: Residential
Units: 48 (1LDK)
Completion: Oct. 2021(Scheduled)

Property developed by the sponsor
Location: Takayama City, Gifu
Main type: Hotel
Rooms: 139
Completion: Dec. 2020

Property developed by the sponsor
Location: Takasaki City, Gunma
Main type: Residential
Units: 54 (1LDK)
Completion: Jun. 2020

Property developed by the sponsor
Location: Kofu City, Yamanashi
Main type: Residential
Units: 67 (1R, etc.)
Completion: Mar. 2022 (Scheduled)

Scheduled to be acquired on
February 26, 2021
Property developed by the sponsor
Location: Nagoya City, Aichi
Main type: Residential
Units: 40 (1K)
Completion: Feb. 2020

NEW
Property developed by the sponsor
Location: Osaka City, Osaka
Main type: Residential
Units: 81 (1K/1DK)
Completion: Sep. 2022 (Scheduled)(Note) 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. 9th FP (Ended December 31, 2020) Presentation Material l 19

Steady Expansion of Asset Size
Asset size steadily grew to approximately 30 billion yen through selective investment in prime properties
Acquired 1
property

Growth strategy of marimo REIT
 Efforts to replace assets aiming to improve portfolio quality andreduce the risk of earnings fluctuations
 Expansion of property purchases through independent channels
while having the sponsor support as the base
 Raising the investment ratio for residential properties, which arestable assets, in light of the COVID-19 crisis

Acquired 6
properties

Acquired 1
property

Floor
expansion at
1 property
Acquired 1
property
MRROmuta floor
expansion

ArtizA Sengen-cho
ArtizA Tsurumai, etc.

29,95529,955Seven-Eleven
Kofu Aioi
1-chome Store(land ownershipinterests)
ArtizA Higashi-Shimada

MRR Kumamoto, etc.

24,52550,000Sold 1 property

Acquired 7
properties

24,52525,22525,005700-220(million yen)

30,450Aiming tofurther expand
asset size495

6 properties
Acquired throughsecond public
offering

4,950

7 properties
acquiredthroughfirst public
offering

7,700

ArtizA HigashiBetsuin

16,17016,810640

16,82515

End of 1st FP
Dec. 2016

End of 2nd FP
Jun. 2017

End of 3rd FP
Dec. 2017

Copyright © Marimo Asset Management Co., Ltd.

End of 4th FP
Jun. 2018

End of 5th FP
Dec. 2018

End of 6th FP
Jun. 2019

End of 7th FP
Dec. 2019

End of 8th FP
Jun. 2020

End of 9th FP
Dec. 2020

End of Feb. 28,
2021(planned)

Medium- tolong-term target

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 20

Portfolio List (1) (9th Fiscal Period)
Location

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

Appraisalvalue(million yen)

Rp-01 ArtizA Sendai Kakyoin

Sendai City,
Miyagi

2,730

2,562

Rp-02 ArtizA Kamimaezu

Nagoya City,
Aichi

400

Rp-03 ArtizA Hakata Premium

Fukuoka City,
Fukuoka

Rp-04 ArtizA Hakataeki-Minami

Terminal
capitalization
rate

Appraisal NOI
yield

Constructed(Note 2)

Occupancy
rate (Note 3)

3,790

5.3%

7.5%

Jan. 2009

91.4%

380

546

5.0%

6.9%

Mar. 2014

97.7%

1,060

970

1,260

5.2%

6.8%

Feb. 2006

99.1%

Fukuoka City,
Fukuoka

500

465

564

5.1%

6.4%

Jun. 2006

91.3%

Rp-05 ArtizA Higashi-Betsuin

Nagoya City,
Aichi

640

617

675

4.9%

5.1%

Feb. 2016

96.3%

Rp-06 ArtizA Kamimaezu II

Nagoya City,
Aichi

720

710

770

5.0%

5.3%

Feb. 2016

94.1%

Rp-07 ArtizA Chiyoda

Nagoya City,
Aichi

980

961

1,120

4.6%

5.2%

Sep. 2017

92.4%

Rp-08 ArtizA Higashi-Shimada

Okayama City,
Okayama

700

696

731

5.2%

5.4%

Dec. 2016

92.3%

Residential properties

Property no.

Property name

Rt-01

ArtizA Ikejiri

Setagaya Ward,
Tokyo

610

601

735

4.0%

4.8%

Mar. 2014

95.6%

Rt-02

ArtizA Tsuzuki Chuo Koen

Yokohama City,
Kanagawa

1,050

1,073

1,150

5.0%

6.1%

Apr. 1989

88.5%

Rt-03

ArtizA Kawasaki East

Kawasaki City,
Kanagawa

780

759

956

5.2%

6.9%

Mar. 1998

100.0%

Rt-04

ArtizA Sobudai

Zama City,
Kanagawa

1,130

1,159

1,350

5.2%

6.9%

Feb. 1993

91.7%

Rp-09 ArtizA Tsurumai

Nagoya City,
Aichi

430

440

468

4.5%

4.9%

Feb. 2019

90.0%

Rp-10 ArtizA Awajieki-higashi

Osaka City,
Osaka

1,180

1,202

1,300

4.6%

5.0%

Oct. 2019

98.9%

Rp-11 ArtizA Matsumoto

Matsumoto City,
Nagano

640

656

668

5.9%

7.0%

Mar. 1998

82.7%(Note 1): “Book value at end of fiscal period” refers to the book value as of December 31, 2020. The same applies hereafter.
(Note 2): “Constructed” refers to the date of new construction of the main building as recorded on the registry. The same applies hereafter.
(Note 3): “Occupancy rate” refers to the figure obtained by dividing the total leased area indicated on each lease agreement concluded with the tenants of each asset as of December 31, 2020, by the building’s(or in the case of land ownership interests, the land’s) leasable area determined by marimo REIT, which is then rounded to the first decimal place. The same applies hereafter.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 21

Portfolio List (2) (9th Fiscal Period)

Retail facilities

Book value at
end of fiscal
period(million yen)Appraisal NOI
yield

ConstructedOccupancy
rate

1,080

6.3%

5.8%

Mar. 2005 (Note 1)

84.7%

466

552

6.1%

6.7%

Jun. 2008

100.0%

250

221

405

6.3%

10.3%

Apr. 2009100.0%

2,000

1,855

2,800

6.3%

8.9%

Sep. 2008

100.0%

950

907

1,150

6.4%

8.2%

May 1981

100.0%

2,120

2,141

2,500

5.9%

7.2%

(1) Oct. 2008
(2) Jan. 1986 (Note 2)

95.7%

Acquisition price(million yen)

Cp-01 MRROmuta

Omuta City,
Fukuoka

1,265

1,182

Cp-02 Tarumiekimae Gold Building

Kobe City,
Hyogo

500

Cp-03 Foodaly Aoba StoreMiyazaki City,
Miyazaki

Property name

Cp-04

Yamada Denki Tecc Land
Mihara Store

Cp-05

Yamada Denki Tecc Land
Togitsu Store

Cp-07 MRR Kumamoto

Mihara City,
Hiroshima
Nishi-Sonogi
County,Nagasaki
Kumamoto City,
Kumamoto

Appraisalvalue(million yen)

Terminal
capitalization
rate

Location

Property no.

Cp-08 MRR Sasebo

Sasebo City,
Nagasaki

990

977

1,290

5.8%

7.6%

Apr. 2008

100.0%

Cp-09 MRR Itoshima

Itoshima City,
Fukuoka

900

904

976

5.4%

5.9%

Jul. 2008

100.0%

Cp-10 MRR Akita

Akita City, Akita

840

851

891

6.9%

6.8%

Apr. 1994

100.0%

Nishi-Sonogi
County,Nagasaki

1,150

1,170

1,230

5.0%

5.2%

-

100.0%

Akita City, Akita

970

980

1,030

6.8%

7.3%

(1) Mar. 2004
(2) Apr. 1985 (Note 2)

100.0%

Supercenter TRIAL Togitsu
Cp-11 Store(land ownership interests)
Cp-12 MRR Akita II
Ct-01

MRR Ichihara (land ownershipinterests)

Ichihara City,
Chiba

700

717

1,220

-

5.0%

-

100.0%

Ct-02

K’s Denki Kitamoto Store (landownership interests)

Kitamoto City,
Saitama

1,030

1,047

1,130

4.5%

4.9%

-

100.0%

Hotels Hp-01 Route-Inn Ichinomiya Ekimae

Ichinomiya City,
Aichi

740

661

840

6.1%

7.0%

May 2008

100.0%

Op-01 MRR Delta Building

Hiroshima City,
Hiroshima

1,200

1,127

1,290

5.7%

6.4%

Nov. 2002

95.3%

Op-02 PLEAST Hakata Gion Bldg.

Fukuoka City,
Fukuoka

800

750

1,290

5.0%

8.0%

Aug. 200889.7%

31 properties

29,95529,22335,757

-

6.6%

-

96.9%

Offices

Total(Note 1): As multiple buildings exist on the property, the date of construction of the building with the largest gross floor area is recorded.
(Note 2): As two buildings exist on the property, the date of construction of each building is recorded.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 22

04

Appendix

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 23

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

Expertise inreal estate development
and urban redevelopment(Note) The Michinoku Bank, The Chugoku Bank, The Hiroshima Bank and The Ashikaga Bank are to provide property information voluntarily at their own discretion.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 24

System of Sponsor and Supporting Companies
marimo Regional Revitalization REIT, Inc.
Preferential provision of property
information

Granting of preferential
negotiation rights for sales

Provide property information

Warehousing function
CM support

Financialadvisory andassistance

PM operations
Leasing support
Support for regeneration of
owned assets
Fixed rent-type ML
Same-boat investment
Support for securing personnel

Licensing of trademark
SponsorSupporting companies

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 25

Overview of marimo REIT – Portfolio Building Policy –Type
Investment
ratio

Investment area classification【Regional cities】

70% or more

Regional
areas

Retailfacilities

Hotels

Offices

Parking
properties

●

●

●

●

●

●

●

(Note)[Other regions]Tokyo
metropolitan
area

Cities with, inprinciple,
populations of
200,000 people ormore other thanthose in the Tokyo
metropolitan area

Residential
properties

Nationwide regions
other than regional
cities and Tokyo
metropolitan area

Tokyo, Kanagawa, Chiba and Saitama
prefectures

●

●

●

Minimum investment amount(based on acquisition price per property)

300 million
yen or more

200 million
yen or more

Maximum investment amount(based on acquisition price per property)

Up to 25% of asset size after property acquisition

Ratio of land ownership interests

Up to 15% of asset size after property acquisition

30% or less

300 million
yen or more

500 million
yen or more

200 million
yen or more

(Note) Even if a city has a population of less than 200,000 people, a city with a population slightly less than this may be treated as a regional city in consideration of the industrial situation,
demographics and other various circumstances.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 26

Investment Strategies for Post-COVID-19
Strategically invest by taking advantage of the characteristics of the diversified REIT
while based on properties developed by the sponsor
Pre-COVID-19(Investment criteria)

Post-COVID-19•

Invest in properties that are expected to have relatively
stable leasing demand and rent level and also canmaintain competitiveness in comparison withneighboring competitive properties

Proactively consider those developed by sponsor
and those acquired from external parties as stableassets•Invest in properties in locations rated highly based on
trade area analysis, properties with promising
management stability and asset value, and properties
that have major tenants closely related to daily living in
the region and expected to have stable purchasedemand, by considering the location conditions, visibility,competition status in the surroundings and other factors

While the number of players investing in retailfacilities is declining nationwide, pay attention totenants with flexible price and stable sales, andconsider aggressive acquisitions

Invest in properties in locations where accommodation
demand can be expected, such as in front of stations,airports, tourist destinations, business districts,
downtown areas, and near transportation hubs such as
terminal stations

Adopt a negative attitude in considering hotels while
paying close attention to the operating status andsupply/demand trends in the area

Invest in properties located within a 5-minute walk fromthe nearest station or located in business districts
Invest in properties with a certain degree of liquidity andhave a high degree of corporate concentration andstrong demand from tenants

Select areas with high office needs and makeinvestment by carefully selecting properties whileconsidering the impacts of working from home, etc.

Residential
properties

Retailfacilities•
Hotels•
Offices•

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 27

Overview of the Sponsor, Marimo
History of 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)

Sep. 1970

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

Oct. 1990

Completed construction of “Grandeur Tosu,” thefirst for-sale condominium

Jan. 2009

Started the Condominium Restoration Project(purchase and resale)Aug. 2009

Established a local entity in Shanghai, China

Apr. 2010

Joined “Keyaki Avenue First-class Urban
Redevelopment Project” (Wakayama City) as thefirst urban redevelopment projectJan. 2014

Launched income property direction business on afull scale

Mar. 2014

Launched domestic for-rent condominium business

Jun. 2015

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

Aug. 2015

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

Oct. 2015

Established Marimo Consulting Co., Ltd.
Made Yurick Home Co., Ltd. a subsidiary

Jul. 2016

Listing of marimo Regional Revitalization REIT, Inc.

●Ebisu-Nishi
Itchome Building

Nov. 2016

Reorganized into a group with Marimo Holdings
Co., Ltd. as the holding company

Improved sustainabilityof profit by conducting
leasing in addition torenovation of retailstores, residences andoffices

May 2017

Began sales of 532 units out of 1,260 units in 18
buildings at “Shangya Yuan” in the 1st FP in China(All units were sold out in the same month)

Jan. 2018

marimo Regional Revitalization REIT, Inc.
conducted 1st public offering

Jan. 2020

marimo Regional Revitalization REIT, Inc.
concluded 2nd public offering

Japan, China
54.4 billion yen (as of July 31, 2020)

Planning, development, designing, supervising andBusiness description sales business of for-sale residential properties, real
(Including business description
estate securitization business, environmental hygieneof subsidiaries)
business, and sales of overseas for-sale condominiums■Domestic for-salecondominium businessMiyazaki City, Miyazaki●Polestar Miyazaki The
Residence
By continuing to enter eveninto regional cities whereother companies do notadvance into and providing
high-quality residences,contribute to realization ofliving in downtown andcompact city.

■Urban redevelopment
business
Kumamoto City,
Kumamoto■Overseas business
China●The Kumamoto Gardens●Polestar Garden

Contribute to revitalization of
downtown areas in regional
cities by utilizing theenthusiasm for "energizing
the regional areas" and theknow-how cultivated in thefor- sale condominium
business.

Conducted sales ofresidences with interior
design in overseas market.
Developed “Polestar Garden”
series and sold all of 2,113
units in a joint venture with alocal, state-owned enterprisein Suzhou City, Jiangsu
Province China.

・ Kumamoto City’s Sakuramachi
District Class 1 Urban Area
Redevelopment Project・ First project developed in Suzhou
Industrial Park (853 units)■Income property
direction business
Shibuya Ward, Tokyo

Track record of for-sale condominium development (as of July 31, 2020)
410 structures with 26,789 units in over 44 prefectures nationwide
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 28

ESG Initiatives (1)Marimo Group’s Initiatives
Environment

Conducted bymarimo REIT

■ Initiatives to reduce environmental burden
In addition to promoting the efficient use of energy in
our owned assets by adopting LED lighting,
reducing energy consumption through replacementof air-conditioners and installing electronic breaker,
the Group is endeavoring to reduce CO2 emissions
through energy conservation.

Air conditioner replacement
Installation of(ArtizA Hakataeki-Minami) emergency LED lighting(MRR Akita II)

SocialConducted
by Sponsor■ Support for School Construction in
Emerging Nations■ Marimo Group’s SDGs
Declaration(construction costs, backpacks, stationary, etc.)* Bour Secondary School, Cambodia* Au Ampil Elementary School,
Cambodia* Muan Mue Secondary School, Laos

Governance■Decision-making flow for transactions with interested persons, etc.
marimo REIT adopts a prudent decision-making flow in cases where the acquisition and disposition of assets would be a transaction with an interested
person, etc.
・ Pursuant to the rules on transactions with interested persons, etc. and the rules on administrative authority, deliberation and unanimous approval ofCompliance Committee and Investment Management Committee are required in advance. In addition, we have appointed persons who are qualified as
lawyers, certified accountants, real estate appraisers, etc. and have sufficient abilities, as outside experts.

■Sponsors’ same-boat investments

Same-boat investments are conducted in order to share the profits between marimo REIT’s unitholders and Marimo Group.
・ Marimo Co., Ltd. holds 16,031 investment units of marimo REIT (ratio: 10.5%). (as of Dec. 31, 2020)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 29

ESG Initiatives (2)Initiatives of Marimo Asset Management Co., Ltd.
■ Infection prevention measures■ Education and training of human resources

Marimo Asset Management Co., Ltd. has implemented the following
measures to prevent the COVID-19 infection.
•
•
•
•
•
•

Implementation of remote work and staggered work hours
according to the details of the state of emergency
Having interviews and meetings online (Introduction of Office 365)
Mask-wearing in offices and constant ventilation
Measuring body temperature and placing hand sanitizers
Limiting business trips and business dining, etc.
Prohibiting employees with fevers, etc. from reporting to the office■ Welfare system
Marimo Asset Management Co., Ltd. has established the following
welfare programs in an effort to improve employee satisfaction.
•
•
•
•
•
•
•
•
•

Childbirth, childcare, nursing care leave system
Congratulatory or condolence payment system
Reemployment system for the elderly
Refresh leave system
Special leave system
Shortened working hours system for childcare and nursing careChild-rearing allowance system
Health examination cost subsidy system
Qualification acquisition support program

Copyright © Marimo Asset Management Co., Ltd.

■ Qualification acquisition support program
The Marimo Group has established a qualification acquisition support
program and is working to improve the skills of employees andmaintain and improve their expertise.
● Target qualifications
Real estate transaction agent, first-class architect, first-classbuilding construction management engineer, ARES certified
master, certified real estate appraiser, etc.
● Support content
Cost burden and adjustment of work attendance for test dates● Qualification holders(15 members of Marimo Asset Management Co., Ltd.)• Real estate transaction agent: 9 people• ARES certified master: 4 people• Real estate consulting master: 3 people• Licensed representative of condominium management company:
3 people■ Human resources development training
The following training is implemented for full-time officers andemployees.
・ Monthly:"Report of cases of leakage of personal information,""harassment training",etc.
・ As needed: "Training by attorney (twice a year)," “Training onprotection of personal information by outside experts," etc.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 30

B-to-C EC Market Size in Japan
Scale of B-to-C EC (Note 1) Market
and Composition Ratio of Each Business Sector
2018

2019

Changes in Scale of B-to-C EC Market and EC Ratio (Note 2)
Growthrate*EC ratio is for the retail sector

6.76 (%)(billion yen)

20,000

A. Retail sector
B. Service-related sector

9,299.2 billion yen

10,051.5 billion yen(EC ratio 6.22% )(EC ratio 6.76% )6,647.1 billion yen

7,167.2 billion yen

8.09%

14,0004.37

2,038.2 billion yen

2,142.2 billion yen

5.11%

Total

17,984.5 billion yen

19,360.9 billion yen

7.65%

10,00052.84 3.17

4

3.40

3

8,000
6,000

12,797.0

9,513.0

7,788.0

4,000

A. Product sale-related sector

19,360.9

4.75

3.85

12,000C. Digital-related sector

6

5.43

16,000

7.82%

7

6.22
5.79

18,00011,166.0

8,459.0

15,135.8

13,774.6

17,984.5
16,505.4

2
1

2,000

(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)

Other

0

0
2010

2011

2012

2013

2014

2015

Scale of EC market (billion yen)

2016

2017

2018

2019

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: Information Economy Division, Commerce and Information Policy Bureau, Ministry of
Economy, Trade and Industry"FY2019 Global Economy Survey for Formulating an Integrated Domestic and External
Economic Growth Strategy (E-Commerce Market Survey)”

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)

Other

(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 in 2019 for the retail sector is 6.76%(Note 1) Business to consumer e-commerce is abbreviated as “B-to-C EC.”
Source: Information Economy Division, Commerce and Information Policy Bureau, Ministry of Economy, Trade and Industry "FY2019 Global Economy Survey
for Formulating an Integrated Domestic and External Economic Growth Strategy (E-Commerce Market Survey)"

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 31

Residential Properties and Retail Facilities

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

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

（%）

（%）

5

100

4.5

95

4

90

3.5

85

3

80

2.5
2

75

1.5

70

1

～

65

0.5

60

0

Residential properties

Retail facilities

Offices

Hotels
Offices

Source: Prepared by the asset manager based on the Bank of Japan’s Corporate Service
Index and the Statistic Bureau’s (Ministry of Internal Affairs and Communications)
Consumer Price Index (from 2000 to 2020)

Retail facilities

HotelsResidential properties

Source: Prepared by the asset manager based on the Bank of Japan’s Corporate Service Index and
the Statistic 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（%）(trillion yen)
Convenience
stores150
140

Drug stores(trillion yen)

50

146

45

144

40

142

35

140

30

130

138

25
136

20

120

134

15

110
Hardware stores
Supermarkets

100

～
～

Department stores

10

132

5

130

0

128

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

90
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: Prepared by the asset manager based on data from the Ministry of Economy, Trade and Industry’s
Current Survey of Commerce, Japan DIY Industry Association and Japan Association of Chain DrugStores’ FY2019 Japan Drug Store Survey (2010 = 100)

Copyright © Marimo Asset Management Co., Ltd.

Retail industry total (right axis)

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. 9th FP (Ended December 31, 2020) Presentation Material l 32

Offices

Vacancy Rate and Contracted Rents
Rent continues to rise in major cities and vacancy rates are increasing
Sapporo City
Vacancy rate
(Unit: yen)
16,0005

15,0003.7

15,17015,16014,54013,68013,97014,00013,3603.3

12,59012,09010,890 11,520

13,0003

2.3

12,0001.1

10.70.5

0.9
0.3

0.8

0.4

0.7

～
9,000

Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 offiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

5

12,0005.1

4

3.23.33.0

0０ Q1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 of

11,0002.83.02.8 3.2
2.1

～
～

0
Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 offiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

(Unit: yen)6

17,0005

16,46016,45015,85015,19014,48016,00015,0004
32
1

13,59014,000

3.2

1.2
1.0
0.6 0.5 0.60.4
0.4 0.20
Q1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 offiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

13,00012,000

11,250 12,270
10,920 11,640(Unit: %)(Unit: yen)6

16,000

54

5.2
4.44.2

14,0004.1

2
1

11,85010,0003.4

8,000

1.2 1.0
1.0

1.4
0.6

6,000
4,000
2,000

～
～0

9,000
0
Q1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 offiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

13,700 14,250
12,90014,15012,100 12,450
13,25012,70012,050 12,300

11,95012,0003.9

1.8

10,000～0～fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

Assumed contracted rents

3

11,000 10,550

8,000
０

0

Vacancy rate

12,940

2.4
2.1

6,000
０ Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of

Nagoya City

Assumed contracted rents(Unit: %)

9,000

7,000

Fukuoka City

4.7

1.81.98,000

fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

Vacancy rate

11,92011,60011,87010,89011,42010,670
10,2509,920
10,440 10,540
10,06010,000 9,740

3.9

1

10,0000(Unit: yen)
13,0002

11,000 10,650

0.9Assumed contracted rents(Unit: %)6

3

11,0802

Vacancy rate

Assumed contracted rents(Unit: %)6

4

Hiroshima City

Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 of Q1 of Q3 offiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

Q1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 ofQ1 ofQ3 offiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal fiscal
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

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. 9th FP (Ended December 31, 2020) Presentation Material l 33

Hotels

Occupancy Rate by Facility Type
Business hotels achieved an early recovery in occupancy rate
Declaration of stateof emergency

90.0%

80.0%

70.0%
54.8%
60.0%

50.6%

50.0%

47.1%

40.0%

46.1%

30.0%

39.1%

20.0%

10.0%

0.0%
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov.
2018 2018 2018 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020

Total

RyokanResort hotels

Business hotels

City hotels

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 34

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 andfunds for acquiring new properties■ marimo REIT decides whether it will execute dividends in excess of earnings and the amount for the respective fiscal
period after verifying the following (1) and (2)Verification (1): Execute or not

Verification (2):Amount of dividends in excess of earnings(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 9th FP)*Total amount of dividends (including dividends in excess of earnings)
Net income + depreciation

Results of the 9th FP＝75.0%(million yen)(million yen)

Real estateappraisal value atthe end of FP
35,757

Total planned
amount of capital
expenditure for the
next FP
205
Total book valueof real estate,etc.
29,222

Depreciation
243
30% or less

Net income
478

Retained earnings 156

64.2%

Capital expenditures 24

10.0 %

Dividends in excess of

62

25.7 %

Dividends ofearnings
478

Distribution

earnings(Note) The above figures are as of the end of the 9th 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. 9th FP (Ended December 31, 2020) Presentation Material l 35

Portfolio Map (as of December 31, 2020)
Investment Ratio by Type(based on acquisition price)

Investment Ratio by Region(based on acquisition price)
Tokyo metropolitan area
17.7%

Offices
6.7%

Residential
Koshinetsu/Hokuriku/
45.2%

Hotels2.5%

Kanto (excluding Tokyo

Kyushu/Okinawa
33.3%

metropolitan area)

2.1%

Residential
RetailKinki 5.6%

90.8%

Ratio ofregional areas

82.3%

Aim to create a diversified
portfolio nationwide to reducerisk from disasters
Portfolio PML Value: 1.3%
(Simple average across all
J-REITs: 2.8%)

Chugoku/Shikoku
13.0%

Retail
45.6%

Hokkaido/Tohoku
15.2%

Tokai 13.1%

All retail facilities and hotels have fixed-rent lease agreements
Average Remaining Lease
Period (based on rent) (*)

20 years or more
5.6%
Less than
5 years
33.7%

15 years to lessthan 20 years
17.2%

Composition Ratio of Typesof Lease Agreements(based on rent)
Normallease
29.9%

Fixed-term
land lease
17.8%: Residential properties: Retail facilities: Offices: Hotels

Averageremaininglease period

Ratio offixed-termbuilding lease/land lease

8.9 years

70.1%
5 years toless than
10 years
43.4%

Fixed-termbuilding
lease
52.3%

* “Average remaining lease period” is the average (weighted average) obtained by:(Monthly rent (yen) x Remaining (years)/Monthly rent (yen).

Copyright © Marimo Asset Management Co., Ltd.

* “Property No.” on the map of Japan 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. For property names, please refer to “Portfolio List” on page 29/30. ”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.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 36

Photos of Properties(Fiscal period ended December 2020)
Residential properties (15 properties)
ArtizA Sendai Kakyoin

ArtizA Kamimaezu

ArtizA Hakata Premium

ArtizA Hakataeki-Minami

ArtizA Higashi-Betsuin

ArtizA Chiyoda

ArtizA Higashi-Shimada

ArtizA Ikejiri

ArtizA Tsuzuki Chuo
Koen

ArtizA Kawasaki EAST

ArtizA Sobudai

ArtizA Kamimaezu II

ArtizA Tsurumai

ArtizA Awajieki-higashi

ArtizA Matsumoto

MRR Sasebo

MRR Ichihara (landownership interests)

Hotels (1 property)
Route-Inn Ichinomiya
EkimaeRetail facilities (13 properties)
MRR Omuta

Tarumiekimae Gold
Building

Foodaly Aoba Store

Yamada Denki Tecc
Land Togitsu Store

Yamada Denki Tecc Land
Mihara StoreMRR Kumamoto

Offices (2 properties)
MRR Delta Building
MRR Itoshima

MRR Akita

Supercenter TRIAL
Togitsu Store (landownership interests)

MRR Akita II

K’s Denki Kitamoto Store(land ownershipinterests)
PLEAST Hakata Gion
Bldg.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 37

Balance of Individual Properties (1)(Period ended December 31, 2020)
Investment area
Property no.

Regional area

Property nameAcquisition date
Acquisition price(million yen)

Price
Investment ratio
information

Period-end book value (Note 1)
Leasable area (Note 1)
Leasing
Leased area (Note 1)
information
Occupancy rate (Note 1)(%)(million yen)
(m2)
(m2)

(%)

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

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

Balance(Note 2)(thousand yen)

Rp-01

Rp-02

Rp-03

ArtizA Sendai
Kakyoin

ArtizA
Kamimaezu

ArtizA Hakata
Premium

Aug. 1,
2016
2,730
9.1
2,562
9,810.37
8,968.44
91.4

Aug. 1,
2016
400
1.3
380
1,096.48
1,071.56
97.7

Aug. 1,
2016
1,060
3.5
970
3,804.39
3,771.99
99.1

Rp-04
Rp-05
Rp-07
Rp-08
Rp-06
ArtizA
ArtizA
ArtizA HigashiArtizA HigashiArtizA Chiyoda
HakataekiKamimaezu II
ShimadaBetsuinMinamiJun. 1,
Aug. 1,
Jan. 23,
Jan. 23,
Jan. 4,
2017
2016
2018
2018
2019
500
640
720
980
700
1.7
2.1
2.4
3.3
2.3
465
617
710
961
696
1,691.50
1,336.50
1,557.90
2,062.06
1,809.60
1,544.38
1,287.00
1,466.35
1,904.39
1,670.40
91.3
96.3
94.1
92.4
92.3

184 days

184 days

184 days

184 days

184 days

184 days

184 days

184 days

126,497

18,56349,63323,50322,04624,97335,041

24,779123,064

17,47447,957

21,83521,721

24,094

34,232

24,260

3,433

1,089

1,675

1,668

324

878

809

519

20,455

5,433

10,505

5,621

4,922

5,427

7,172

5,370

Management fees

8,908

3,214

3,539

1,851

1,519

1,983

2,355

2,306

Taxes and public dues

7,706

1,346

3,312

1,583

1,620

1,753

2,577

1,799

Utility costs

822

118

422

327

184

172

173

158

Repair costs

2,341

300

2,670

1,490

420

661

637

252

Insurance fees

306

44

118

49

59

59

78

60

Trust fees

220

225

220

220

225

225

225

225

Other lease business expenses

150

183

221

100

893

571

1,125

567

(4) NOI ( = (2) – (3) )(thousand yen)

106,042

13,13039,127

17,881

17,124

19,54527,86919,409(5) Depreciation(thousand yen)

30,205

4,544

16,383

7,028

6,569

6,238

9,171

7,622

(thousand yen)

75,837

8,586

22,744

10,852

10,554

13,307

18,697

11,786(7) Capital expenditures(thousand yen)

1,136

-

915

2,957

-

-

272

-

(8) NCF ( = (4) – (7) )(thousand yen)

104,906

13,13038,212

14,923

17,124

19,54527,596

19,409(6) Lease business income( = (4) – (5) )(Note 1) Figures are as of the end of the 9th Fiscal Period.
(Note 2) The balance is for the 9th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 38

Balance of Individual Properties (2)(Period ended December 31, 2020)
Investment area
Property no.

Rp-09

Rp-10

Rp-11

Property name

ArtizA Tsurumai

ArtizA Awajiekihigashi

ArtizA
MatsumotoJan. 21,
2020
430
1.4

Jan. 21,
2020
1,180
3.9

Jan. 21,
2020
640
2.1

Aug. 1,
2016
1,265
4.2

440
841.501,202
2,180.10656
3,012.53

757.3590.0

2,156.61
98.9

2,490.11
82.7

Acquisition date
Acquisition price(million yen)

Price
Investment ratio
information

Period-end book value (Note 1)
Leasable area (Note 1)
Leasing
Leased area (Note 1)
information
Occupancy rate (Note 1)(%)(million yen)
(m2)
(m2)
(%)

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

184 days(thousand yen)

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

Regional area
Cp-01

500
1.7

250
0.8

Cp-04
Yamada Denki
Tecc Land
Mihara Store
Aug. 1,
2016
2,000
6.7

1,182
6,485.11

466
678.57221
1,729.30

1,855
11,579.19

5,493.74
84.7

678.57100.0

1,729.30
100.0

11,579.19
100.0

MRROmuta

184 days

184 days

Cp-02

Cp-03

TarumiekimaeGold Building

Foodaly Aoba
Store

Aug. 1,
2016

Aug. 1,
2016

184 days

184 days

184 days

14,07738,85027,616

47,77521,001

16,308*13,89637,57326,65347,725

19,432

16,308

*

180

1,277

963

50

1,569

-

-

1,922

4,231

4,912

10,020

3,456

3,574

*

986

3,098

2,833

2,612

1,176

489

*

-

-

-

4,692

714

1,109

8,564

Utility costs

118

318

450

77

1,295

-

-

Repair costs

93

284

775

-

-

-

-

Insurance fees

32

72

89

103

17

50

234

Trust fees

225

225

225

225

220

220

220
16

Other lease business expenses

466

232

538

2,310

31

1,706

(4) NOI ( = (2) – (3) )(thousand yen)

12,15534,61922,70337,755

17,545

12,733*(5) Depreciation(thousand yen)

3,386

7,687

5,676

14,576

4,981

3,922

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

8,769

26,931

17,027

23,17812,5638,810*(7) Capital expenditures(thousand yen)

-

-

2,412

-

-

-

-

(8) NCF ( = (4) – (7) )(thousand yen)

12,15534,61920,29037,755

17,545

12,733**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 the contract 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 9th Fiscal Period. Furthermore, the leasable area and leased area of Yamada Denki Tecc Land Mihara 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 9th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 39

Balance of Individual Properties (3)(Period ended December 31, 2020)
Investment area
Property no.

Regional area
Cp-05

Cp-09

Cp-10

Cp-11

Cp-12
MRR Akita Ⅱ

Jan. 21,2020

Property nameYamada Denki
Tecc Land
Togitsu Store

MRR
Kumamoto

MRR Sasebo

MRR Itoshima

MRR Akita

Acquisition dateAug. 1,
2016

Jan. 23,2018

Jan. 23,2018

Jan. 23,2018

Jan. 23,2018

Jan. 23,2018

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

950

2,120

990

900

840

1,150

(%)

3.2

7.1

3.3

3.0

2.8

3.8

3.2

(million yen)

907

2,141

977

904

851

1,170

980

(m2)

5,998.15

11,157.71

5,070.01

2,842.78

8,416.10

13,719.74

5,587.25

2(m )5,998.15

10,680.64

5,070.01

2,842.78

8,416.10

13,719.74

5,587.25

(%)

100.0

95.7

100.0

100.0

100.0

100.0

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

184 days(thousand yen)

184 days

184 days

184 days

184 days

184 days

970

100.0
184 days*

114,995

57,23839,795

32,106*

43,075

Lease business revenue*

103,400

49,64632,86032,106*

43,075

Other lease business revenue-

11,595

7,592

6,935

-

-

-

*

40,756

16,683

11,671

3,993

*

2,679

*

14,660

5,950

3,381

951

*

1,245

3,032

10,761

4,462

2,136

1,565

3,073

4

-

13,393

5,894

5,734

-

-

-

Repair costs

-

1,175

-

59

30

-

1,103

Insurance fees

148

393

150

56

21

-

101

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

Cp-08

Supercenter
TRIAL TogitsuStore(land ownershipinterests)

Price
Investment ratio
information

Balance

Cp-07

Trust fees
Other lease business expenses

225

250

225

250

225

225

225

3,853

121

-

53

1,200

-

-

(4) NOI ( = (2) – (3) )(thousand yen)*

74,23940,55528,124

28,112*40,395(5) Depreciation(thousand yen)

6,303

21,274

6,568

3,411

917

-

6,207

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

52,96533,986

24,712

27,195*34,188(7) Capital expenditures(thousand yen)-

11,779

-

-

-

-

1,785

(8) NCF ( = (4) – (7) )(thousand yen)*

62,46040,55528,124

28,112*

38,610* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) Figures are as of the end of the 9th Fiscal Period. Furthermore, the leasable area and leased area of Yamada Denki Tecc Land Mihara 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 9th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 40

Balance of Individual Properties (4)(Period ended December 31, 2020)
Investment area
Property no.

Route-Inn
Ichinomiya
EkimaeProperty nameAcquisition date
Acquisition price

Price
Investment ratio
information

Period-end book value (Note 1)
Leasable area (Note 1)
Leasing
Leased area (Note 1)
information
Occupancy rate (Note 1)(1) Number of operating days
(2) Total lease business revenue(million yen)(%)(million yen)
(m2)
(m2)
(%)

(thousand yen)

Rt-01

Tokyo metropolitan area
Rt-03
Rt-04

Rt-02

PLEAST
ArtizAMRR Delta
Hakata Gion ArtizA Ikejiri
TsuzukiBuilding
Bldg.
Chuo Koen

Ct-01

Ct-02

ArtizA
Kawasaki
East

ArtizA
Sobudai

MRR
Ichihara(landownership
interests)

K’s Denki
Kitamoto
Store
(land
ownership
interests)

Aug. 1,
2016
740
2.5
661
3,860.81

Aug. 1,
2016
1,200
4.0
1,127
3,053.57

Aug. 1,
2016
800
2.7
750
1,931.47

Aug. 1,
2016
610
2.0
601
641.16

Aug. 1,
2016
1,050
3.5
1,073
3,731.75

Aug. 1,
2016
780
2.6
759
3,055.80

Aug. 1,
2016
1,130
3.8
1,159
5,703.73

Jan. 21,
2020
700
2.3
717
18,326.76

Jan. 21,
2020
1,030
3.4
1,047
11,451.00

3,860.81

2,908.91
95.3

1,732.61
89.7

613.01
95.6

3,304.24
88.5

3,055.80

11,451.00

100.0

5,230.43
91.7

18,326.76

100.0

100.0

100.0

184 days

184 days

184 days

184 days

184 days

184 days

184 days

184 days

184 days*

57,27840,312

17,517

41,23530,21051,553

21,230**50,90338,053

15,867

39,16829,96050,05021,230*

Other lease business revenue

-

6,374

2,258

1,649

2,066

250

1,503

-

-

*

21,38914,178

5,030

8,392

4,044

12,871

349

*

*

3,688

7,029

2,273

3,481

1,254

4,026

124

*

3,929

5,050

2,497

873

2,872

2,310

3,729

-

-

-

5,134

3,509

214

263

-

391

-

-

Repair costs

-

6,868

723

1,403

1,428

173

2,860

-

-

Insurance fees

112

152

71

26

120

81

202

-

-

Trust fees

225

220

220

225

225

225

225

225

225

-

274

127

14

1

-

1,435

-

-

(thousand yen)Management fees
Taxes and public dues
Utility costs(Note 2)

Op-02

Lease business revenue(3) Total lease business expenses

Balance

Regional area
Op-01

Hp-01

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

26,85935,88826,133

12,48632,842

26,166

38,682

20,880*(5) Depreciation(thousand yen)

10,824

14,852

6,819

2,476

3,593

4,855

7,783

-

-

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

21,035

19,31410,00929,24921,31030,89920,880*(7) Capital expenditures(thousand yen)

-

440

534

-

-

1,572

576

-

-

(8) NCF ( = (4) – (7) )(thousand yen)*

35,44825,59912,48632,842

24,594

38,106

20,880** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) Figures are as of the end of the 9th Fiscal Period.
(Note 2) The balance is for the 9th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 41

9th Fiscal Period

Balance Sheet and Statement of Income
Balance Sheet for the 9th Fiscal Period

列1
AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
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(unit: thousand yen)

Statement of Income for the From July 1, 2020 to
To December 31, 2020
9th Fiscal Period(December 31, 2020)

列2

1,153,912
2,116,755
9,634
52,166－
3,332,468

12,958,988(1,719,706)
11,239,282
324,513(51,384)
273,128
118,437(24,683)
93,75438,751(10,247)
28,503
17,584,254
1,286
29,220,208
3,585
588
4,174
53,61817
10,00013,57877,21329,301,596

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
Allowance 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

60,2228,370,000
161,601957
42,465200,775
48,121
4,057
8,888,200
7,512,500
1,340,044
18,320588,870,922
17,759,123

14,869,979(8,793)(446,489)(455,282)
14,414,696

478,907478,907
14,893,604
14,893,604
32,652,728

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 public dues
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Reversal of distributions payable
Interest on refund
Insurance income
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Amortization of investment unit issuance
expenses
Total non-operating expenses
Ordinary income
Net income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings(undisposed loss)

1,226,591
54,664
1,281,256
513,336
120,532
1,630
13,8842,400
14,23433,783699,801
581,454
14
475
144
2,700
3,335
62,59932,102
10,295
104,996479,793479,793960(0)
959
478,83473
478,907

18,663
18,66332,652,728

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 42

Status of Investment Unitholders(Fiscal Period Ended December 31, 2020)
Ratio of Unitholders by Number(10,385 unitholders in total)
Record number of unitholders(previously a total of 9,600 unitholders)

Rank

Name of unitholder

Number of
Ownership
investment
ratio
units

1

Marimo Co., Ltd.

16,031

10.5%

2

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

11,7477.7%(0.5% → 0.5%)

3

Custody Bank of Japan, Ltd. (trust account)

8,799

5.8%

Other domestic
entities

4

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

5,419

3.5%

5

Custody Bank of Japan, Ltd.
(securities investment trust account)

2,543

1.7%

6

Morgan Stanley MUFG Securities Co., Ltd.

2,176

1.4%

7

Yonezawa Shinkin Bank

2,000

1.3%

7

Ueda Yagi Tanshi Co., Ltd.

2,000

1.3%

9

MAGONOTE CLUB, K.K.

1,880

1.2%

10

Nomura Securities Co., Ltd.

1,157

0.8%

53,752

35.2%

Financial institutions(Note 1)

(0.5% → 0.4%)
Foreigncompanies, etc.

(1.6% → 1.6%)

Individuals, others(97.4% → 97.5%)

Ratio of Investment Units by Number(152,680 units in total)
Foreign companies, etc.
(4.8% → 3.4%)
Other domestic
entities(16.9% → 17.4%)

Financial
institutions(29.2% → 27.2%)

Individuals,
others(49.1% → 52.1%)(Note 1) The ratio for financial institutions includes the ownership ofsecurities companies.

Copyright © Marimo Asset Management Co., Ltd.

Total

(Note 2)

(Note 2) Calculated by dividing the 53,752 investment units owned by the top 10 unitholders by the 152,680
investment units issued and outstanding and rounding to the first decimal place.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 43

▼Disclaimer
This material is solely intended to provide information and is not intended to seek or solicit investments or to serve as a recommendation
to buy or to sell.
For those interested in the investment units of marimo Regional Revitalization REIT, Inc., please direct requests to securities companies.
The final decision on investment should be made based on your own judgements and responsibility.

▼ This material is not a disclosure document or a management report based on the Financial Instruments and Exchange Act, the Act on
Investment Trusts and Investment Corporations, listing regulations of the Tokyo Stock Exchange or regulations of the Investment Trusts
Association nor is it based on other related laws, regulations or rules.
▼ Numerical numbers in this material are rounded down to the nearest units stated and ratios are rounded to the first decimal place when
they are indicated without any other specification.
▼ Data, analyses, etc., in this material are based on performance in a specific period in the past, and are not guarantees of actual future
investment results, changes, etc. In addition, the forward-looking statements contained in this material do not guarantee future
performance.
Furthermore, analyses, judgments and other opinions of marimo Regional Revitalization REIT, Inc. and Marimo Asset Management Co.,
Ltd. contained in this material merely represent opinions as of the preparation date. Different views may exist, and the opinions may bechanged in the future.
Also, the real estate investment trust may interpose the investment principal due to changes in the price and profitability of real estate
operated.
It should also be noted that with real estate investment trusts there is a risk that, owing to fluctuations in the prices and profitability of thereal estate under management, the actual value may decrease to a value below that of the principal sum invested.
▼ The information provided in this material is not audited and there are no warranties regarding the accuracy and completeness of theinformation.
▼ Neither marimo Regional Revitalization REIT, Inc. nor Marimo Asset Management Co., Ltd. accept any responsibility of any kind for theconsequences 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)
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. 9th FP (Ended December 31, 2020) Presentation Material l 44

Regional areas have hidden potential.

Regional areas
havehidden potential.
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 9th FP (Ended December 31, 2020) Presentation Material l 45