January 4, 2022
To All Concerned Parties
Real Estate Investment Trust Securities Issuer
1-1-21 Toranomon, Minato-ku, Tokyo
marimo Regional Revitalization REIT, Inc.
Representative: Takashi Kitagata, Executive Director(Securities Code: 3470)
Asset Manager
Marimo Asset Management Co., Ltd.
Representative: Takashi Kitagata, CEOContact:
Katsuhiro Shimada, Financial Management Officer
TEL: +81-3-6205-4755
Notice Concerning Revision of Operating and Dividend Forecasts for the Fiscal Period Ending June 2022,
and Operating and Dividend Forecasts for the Fiscal Period Ending December 2022
marimo Regional Revitalization REIT, Inc. (“marimo REIT”) announces the following revision of the operating anddividend forecasts for the fiscal period ending June 2022 (from January 1, 2022 to June 30, 2022) announced in“Notice Concerning Revision of Operating and Dividend Forecasts for the Fiscal Period Ending December 2021 and theFiscal Period Ending June 2022” dated November 16, 2021. In addition, marimo REIT announces the following outlook
for operating and dividend forecasts for the fiscal period ending December 2022 (from July 1, 2022 to December 31,2022).
The operating and dividend forecasts for the fiscal period ended December 2021 (from July 1, 2021 to December 31,2021) remain unchanged.
1. Revision of Operating and Dividend Forecasts for the Fiscal Period Ending June 2022
(from January 1, 2022 to June 30, 2022)

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

Dividends
per unit

Dividends
per unit(including
dividends in excessof earnings)(excluding
dividends inexcess of earnings)

Dividends
in excess ofearnings
per unit

5213,806

3,416390

million yen

million yen

yen

yen

yen

825

675

674

3,815

3,499

316

million yen

million yen

million yen

million yen

yen

yen

yen

377

191

152

152

983(74)

million yen

million yen

million yen

million yen

yen

yen

yen

27.2%

30.1%

29.3%

29.3%

0.2%

2.4%

(19.0)%

Operatingrevenue

OperatingincomeOrdinary
income

1,387

634

522

million yen

million yen

1,765

Net
income(Reference) Fiscal period ending June 2022
Forecast number of investment units issued and outstanding at end of period: 192,746 units; Forecast net income per unit: 3,499 yen(Note 1) The revision of the operating and dividend forecasts for the fiscal period ending June 2022 is the revision at this point in time. Accordingly, theactual operating revenue, operating income, ordinary income, net income, dividends per unit and dividends in excess of earnings per unit mayvary. The forecasts above are not a guarantee of the amount of dividends per unit and dividends in excess of earnings per unit.
(Note 2) The forecasts above may be revised in the event a discrepancy above a certain level from the forecasts above is expected.
(Note 3) Monetary figures are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal place.

Disclaimer: This press release is a document for making a public announcement concerning revision of operating and dividend forecasts forthe fiscal period ending June 2022, and operating and dividend forecasts for the fiscal period ending December 2022 of marimo
REIT, and has not been prepared for the purpose of soliciting investment. Investors should ensure that they have read theprospectus for the issuance of new investment units and secondary offering of investment units, as well as any amendments
thereto, prepared by marimo REIT before investing and make investment decisions at their own discretion.

12. Operating and Dividend Forecasts for the Fiscal Period Ending December 2022
(from July 1, 2022 to December 31, 2022)

Fiscal periodending Dec.
2022

Operatingrevenue

OperatingincomeOrdinary
income1,700750597

million yen

million yen

million yen

Dividends perunit

Dividends
per unit(including
dividends in excessof earnings)(excluding
dividends in excessof earnings)

Dividends
in excess ofearnings
per unit

596

3,529

3,095434

million yenyenyenyenNetincome(Reference) Fiscal period ending December 2022
Forecast number of investment units issued and outstanding at end of period: 192,746 units; Forecast net income per unit: 3,095 yen(Note 1) The operating and dividend forecasts for the fiscal period ending December 2022 are the forecasts at this point in time. Accordingly, the actual
operating revenue, operating income, ordinary income, net income, dividends per unit and dividends in excess of earnings per unit may vary.
The forecasts above are not a guarantee of the amount of dividends per unit and dividends in excess of earnings per unit.
(Note 2) The forecasts above may be revised in the event a discrepancy above a certain level from the forecasts above is expected.
(Note 3) Monetary figures are rounded down to the nearest specified unit.

3. Reason for Revision and Announcement
marimo REIT is revising the operating and dividend forecasts for the fiscal period ending June 2022 (12th fiscalperiod) announced in “Notice Concerning Revision of Operating and Dividend Forecasts for the Fiscal PeriodEnding December 2021 and the Fiscal Period Ending June 2022” dated November 16, 2021, because the decisions
on issuance of new investment units, acquisition of domestic real estate trust beneficiary rights and borrowing offunds announced in “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment
Units” “Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Rights and Accompanying
Commencement of Leasing” and “Notice Concerning Borrowing of Funds” dated today changed the assumptions
underlying the calculation of the operating and dividend forecasts and thereby result in an increase of 10% ormore being expected in the operating revenue forecast and an increase of 30% or more being expected in theoperating income forecast. At the same time, marimo REIT is newly announcing the operating and dividend
forecasts for the fiscal period ending December 2022 (13th fiscal period).
As of today, the operating and dividend forecasts for the fiscal period ended December 2021 (11th fiscal period)
announced in “Notice Concerning Revision of Operating and Dividend Forecasts for the Fiscal Period Ending
December 2021 and the Fiscal Period Ending June 2022” dated November 16, 2021 remain unchanged.

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

Disclaimer: This press release is a document for making a public announcement concerning revision of operating and dividend forecasts forthe fiscal period ending June 2022, and operating and dividend forecasts for the fiscal period ending December 2022 of marimo
REIT, and has not been prepared for the purpose of soliciting investment. Investors should ensure that they have read theprospectus for the issuance of new investment units and secondary offering of investment units, as well as any amendments
thereto, prepared by marimo REIT before investing and make investment decisions at their own discretion.

2

Assumptions Underlying the Operating Forecasts for the Fiscal Period Ending June 2022 and Fiscal Period Ending
December 2022
Item

Assumptions
・ Fiscal period ending June 2022 (12th fiscal period)(from January 1, 2022 to June 30, 2022) (181 days)
Accounting period・ Fiscal period ending December 2022 (13th fiscal period)(from July 1, 2022 to December 31, 2022) (184 days)
・ The assumption is that, among the real estate trust beneficiary rights to 32 properties held
as of today (the “portfolio assets”), marimo REIT will dispose ArtizA Hakataeki-Minami(50% quasi co-ownership interest) (the “Asset to be Disposed”) on January 26, 2022 andcontinue to hold other properties through to the end of the fiscal period ending December
2022, and that marimo REIT will acquire real estate trust beneficiary rights to 7 properties
on January 19, 2022 and real estate trust beneficiary rights to 1 property on April 1, 2022,
totaling 8 properties (the “Assets to be Acquired”) and continue to hold such through toAssets underthe end of the fiscal period ending December 2022. For details of the Asset to be Disposed,management
please refer to “Notice Concerning Disposition of Domestic Real Estate Trust Beneficiary
Right” dated November 16, 2021. For details of the Assets to be Acquired, please refer to“Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Rights andAccompanying Commencement of Leasing” dated today.
・ In actual practice, change may arise due to acquisition of new properties other than theAssets to be Acquired, disposition of portfolio properties other than the Asset to beDisposed, etc.
・ Operating revenue from leasing of the portfolio assets is calculated on the basis of rent,etc. stated in lease contracts in effect as of today, historical data, etc. Operating revenue
from leasing of the Assets to be Acquired is calculated on the basis of the content of leaseagreements provided by the current beneficiary, etc. and past tenants, market trends, etc.,
as well as the content of lease agreements scheduled to be in effect on the planned
acquisition date, and by taking into account various factors, such as the assumed
Operating revenue
occupancy rate and rent fluctuation projections based on post-acquisition tenant
move-in/move-out and rent level projections.
・ Gain on disposition of the Asset to be Disposed is expected to be 120 million yen for thefiscal period ending June 2022 (12th fiscal period).
・ The assumption is that there will be no delinquent or unpaid rent by tenants.
・ Some degree of decrease in operating revenue from leasing, etc. due to the impact of
COVID-19 is taken into account when calculation is made.
・ Of operating expenses from leasing, which are the main operating expenses, the expenses
other than depreciation are calculated on the basis of historical data, etc. (for the Assets tobe Acquired, using historical data, etc. provided by the current beneficiary, etc.) and byreflecting the factors causing fluctuation in expenses.
・ Operating income from leasing after operating expenses from leasing (includingdepreciation) are deducted (excluding gain on sales of real estate properties) is expected tobe 941 million yen for the fiscal period ending June 2022 and 988 million yen for the fiscalperiod ending December 2022.
・ In general, fixed asset tax, city planning tax, etc. are calculated on a pro rata basis andreimbursed at the time of acquisition to the previous beneficiary, etc. upon transactions ofreal estate, etc. However, the amount equivalent to the reimbursement is included in thecost of acquisition and thus not expensed at the time of acquisition. The amountOperating expenses
equivalent to fixed asset tax, city planning tax, etc. to be included in the cost of acquisitionis expected to be 34 million yen for the fiscal period ending June 2022.
・ Repair expenses for buildings based on medium- to long-term repair plans formulated by
the Asset Manager are expected to be 55 million yen for the fiscal period ending June 2022
and 44 million yen for the fiscal period ending December 2022. Furthermore, emergency
repair expenses possibly arising from unforeseeable factors causing building damage, etc.,
the amount generally varying materially from fiscal year to fiscal year and not being anamount that arises periodically, etc. may result in repair expenses for each accounting
period differing materially from the forecast amount.
・ Depreciation is calculated by the straight-line method inclusive of incidental expenses andother future additional capital expenditures, and expected to be 306 million yen for thefiscal period ending June 2022 and 310 million yen for the fiscal period ending December
2022.
Disclaimer: This press release is a document for making a public announcement concerning revision of operating and dividend forecasts forthe fiscal period ending June 2022, and operating and dividend forecasts for the fiscal period ending December 2022 of marimo
REIT, and has not been prepared for the purpose of soliciting investment. Investors should ensure that they have read theprospectus for the issuance of new investment units and secondary offering of investment units, as well as any amendments
thereto, prepared by marimo REIT before investing and make investment decisions at their own discretion.

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Item

Assumptions
・ Interest expenses and other borrowing related expenses are expected to be 138 million
yen for the fiscal period ending June 2022 and 142 million yen for the fiscal period ending
December 2022. In addition, expenses associated with the issuance of new investment
units and the issuance of new investment units through third-party allotment for which
Non-operating
resolution was passed at the meeting of the Board of Directors of marimo REIT held on
expenses
January 4, 2022 are expected to be 38 million yen and amortized by the straight-line
method over a period of 3 years.
Investment unit issuance expenses inclusive of the above are expected to be 11 million yen
for the fiscal period ending June 2022 and 11 million yen for the fiscal period ending
December 2022.
・ The assumption is that, with the acquisition of assets, 5,200 million yen will be borrowedon January 19, 2022. Furthermore, it is assumed that 230 million yen of such borrowing
will be repaid before maturity by the end of the fiscal period ending June 2022.
・ The assumption is that total interest-bearing liabilities will be 21,100 million yen at the end
Loansof the fiscal period ending June 2022 and 21,085 million yen at the end of the fiscal period
ending December 2022.
・ In addition to the above, the assumption is that internal reserves from a portion ofdepreciation will be used as the source of funds to repay principal of 15 million yen every
fiscal period.
・ The assumption is that, in addition to the number of investment units issued andoutstanding as of today of 152,680 units, the number of investment units planned to be
newly issued in the issuance of new investment units (38,158 units) and the issuance of
new investment units through third-party allotment (upper limit of 1,908 units) for which
Investment units
resolution was passed at the meeting of the Board of Directors of marimo REIT held on
January 4, 2022 to total an upper limit of 40,066 units will all be issued.
・ The assumption is that there will be no change in the number of investment units due toissuance of new investment units, etc. other than the above through to the end of thefiscal period ending December 2022.
・ Dividends per unit (excluding dividends in excess of earnings) is calculated based on theassumption that distribution will be in accordance with the policy on distribution of cash
Dividends per unit
provided in marimo REIT’s Articles of Incorporation.
(excluding dividends
・ Dividends per unit (excluding dividends in excess of earnings) may vary due to various
in excess of earnings)
factors, such as fluctuation in rent revenue accompanying change in assets undermanagement, change in tenants or other event, or incurrence of unexpected repairs.
・ Dividends in excess of earnings per unit is calculated in accordance with the policy
provided in marimo REIT’s Articles of Incorporation and the management guidelines thatare the internal rules of the Asset Manager.
・ Distribution in excess of earnings is calculated based on the assumption that the sum total
amount of taxation and accounting discrepancies are distributed as allowance fortemporary difference adjustments for the purpose of tax reduction.
・ As of today, marimo REIT deems there to be no specific concerns of substantial
deterioration in the external economic environment, real estate market conditions andfinancial status of marimo REIT.
・ For the fiscal period ending June 2022 and fiscal period ending December 2022, there arehigh needs to retain certain funds to respond in the event that opportunities to acquire
Dividends in excess of
new properties as investment that would serve to enhance the income-producing potential
earnings per unitof the portfolio or such arise, but in light of marimo REIT’s financial status, projected
likelihood of refinancing borrowings, etc., the view is that it is not in a state that calls forprioritized allocation of funds to reducing interest-bearing liabilities, etc. in both concerned
accounting periods. As of today, execution of distribution in excess of earnings is deemed
to be reasonable for the fiscal period ending June 2022 and fiscal period ending December
2022. As such, for the fiscal period ending June 2022, total dividends in excess of earnings
is expected to be 60 million yen of which total dividends of allowance for temporary
difference adjustments is 1 million yen and total other dividends in excess of earnings is 59
million yen, and for the fiscal period ending December 2022, total dividends in excess ofearnings is expected to be 83 million yen of which total dividends of allowance fortemporary difference adjustments is 1 million yen and other distribution in excess ofearnings is 82 million yen (Note).
Disclaimer: This press release is a document for making a public announcement concerning revision of operating and dividend forecasts forthe fiscal period ending June 2022, and operating and dividend forecasts for the fiscal period ending December 2022 of marimo
REIT, and has not been prepared for the purpose of soliciting investment. Investors should ensure that they have read theprospectus for the issuance of new investment units and secondary offering of investment units, as well as any amendments
thereto, prepared by marimo REIT before investing and make investment decisions at their own discretion.

4

Item

OtherAssumptions(Note) Distribution in excess of earnings shall be executed only when total appraisal valueof real estate, etc. held as at the end of the accounting period (refers to theappraisal value in the real estate appraisal report with the end of the accounting
period as the date of value that was obtained for real estate, etc. held by marimoREIT) exceeds total book value of real estate, etc. for the concerned accounting
period plus total planned capital expenditures (refers to the total amount ofreserve for capital expenditures) for the concerned accounting period’s next
period, but after also considering other options, such as utilization for repair
expenses and capital expenditures and allocation to funds for repayment ofborrowings or acquisition of new properties. To that end, distribution in excess ofearnings is not executed, regardless of the forecast above, in the event that suchconditions are not met.
In addition, as of today, marimo REIT adopts the policy of distributing as cash inexcess of earnings an amount decided by marimo REIT each accounting period thatis not to exceed the amount provided in the rules of The Investment Trusts
Association, Japan (“JITA”), no more than the amount equivalent to 30% ofdepreciation for the concerned accounting period and within the scope not toexceed payout ratio (refers to the ratio of total dividends including distribution inexcess of earnings to the amount of net income plus depreciation) of 75%.
Accordingly, the distribution in excess of earnings may not take place or theamount of dividends in excess of earnings may decrease in the event of conflictwith these limits.
Moreover, in the event that substantial deterioration in the external economicenvironment, real estate market conditions, financial status of marimo REIT, etc. orsuch newly arise in the future, the policy as of today to execute distribution inexcess of earnings as part of cash management may be changed and there may
also be cases where the distribution in excess of earnings may not take place or theamount of dividends in excess of earnings may decrease. For instance, eachaccounting period’s limits on the amount of dividends in excess of earnings likethose above may be revised in the case that large-scale additional incorporation of
new assets or other factors lead to large fluctuation in the revenue and expense
structure of the portfolio or such newly arising, in the case of material change inthe financial environment, real estate investment trust market conditions, etc. or inother cases in the period up to when the distribution in excess of earnings for theconcerned accounting period is ultimately executed.
・ The assumption is that there will be no amendment of laws and regulations, tax systems,
accounting standards, listing regulations, JITA rules, etc. that will impact the forecast
figures above.
・ The assumption is that there will be no unforeseen material change in general economictrends, real estate market conditions, etc.

Disclaimer: This press release is a document for making a public announcement concerning revision of operating and dividend forecasts forthe fiscal period ending June 2022, and operating and dividend forecasts for the fiscal period ending December 2022 of marimo
REIT, and has not been prepared for the purpose of soliciting investment. Investors should ensure that they have read theprospectus for the issuance of new investment units and secondary offering of investment units, as well as any amendments
thereto, prepared by marimo REIT before investing and make investment decisions at their own discretion.

5