7th Fiscal Period (Ended December 31, 2019)

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

marimo Regional Revitalization REIT, Inc.
marimo Regional Revitalization
REIT,MarimoInc. 7thAssetFP Presentation(Asset Manager)
ManagementMaterialCo., Ltd.l 1

Table of Contents
Overview of Second Public Offering● Overview of Second Public Offering and Change
in Investment Unit Price● Overview of Newly Acquired Assets● Portfolio Changes● Portfolio PML Value

Summary of Financial Results for
7th Fiscal Period

3

Appendix8

 7th Fiscal Period Financial Highlights
 7th Fiscal Period Forecasts and Results
 8th Fiscal Period and 9th Fiscal Period Earnings Forecasts
 Changes in Distribution per Unit and NAVManagement Results for 7th
Fiscal Period

13

Newly Acquired Properties and Asset Size

19

● Pursuing Increase of Asset Value (1)● Pursuing Increase of Asset Value (2)● Maintaining Stable Average Occupancy Rate
● Financial Status (7th Fiscal Period)● IR Activities● ArtizA Tsurumai● ArtizA Awajieki-higashi● (Tentative name) ArtizA Matsumoto● (Tentative name) MRR Akita II● (Tentative name) MRR Ichihara (land ownership interests)● (Tentative name) MRR Kitamoto (land ownership interests)● Steady Expansion of Asset Size
● Sponsor Pipeline● Portfolio List (1)● Portfolio List (2)Copyright © Marimo Asset Management Co., Ltd.

30

● Property Introduction Office● Basic Principle of marimo REIT
● Overview of the Sponsor, Marimo● Sponsor: Marimo 50th anniversary● System of Sponsor and Supporting Companies● ESG Initiatives● B-to-C EC Market Size in Japan● Residential Properties and Retail Facilities Market
Data● Offices Vacancy Rate and Contracted Rents
Hotels Number of Lodging Foreign● Travelers/Occupancy Rate
● Dividends in Excess of Earnings● 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)● Balance Sheet and Statement of Income for the
7th Fiscal Period● Status of Investment Unitholders● Disclaimer

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 2

01

Overview ofSecond Public Offering

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 3

Overview of Second Public Offering and Change in
Investment Unit Price
Steadily increased the investment unit price and conducted the second public offering(%)

Type of offering

Primary offering andthird-party allotment

160.0

Total amount ofoffering

Number of newly
issued investment
units

2,549 million yen(includes third-party allotment)

20,340 units

Launch date
January 6, 2020

170.0

As of end of 6th FP
NAV per unit: 125,547 yen (Note 1)

129,300 yen
Pricing date
January 14, 2020

128,800 yen

150.0Comparison withthe price at listing＋58.0％

140.0

Exceeds
TSE REIT Index by(includes third-party allotment)

130.0

Property acquisition
price

Issue price

4,950 million yen
125,580 yen

39.3％
At listing(July 29, 2016)

120.0

81,500 yen

110.0

100.0

Property acquisitionand delivery date

January 21, 2020
90.0

Same-boat
investment ratio

10.5％

~
~

January 31, 2020
TSE REIT Index

July 29, 2016
TSE REIT Index

2,215.67 pt（+18.5％）

1,869.32 pt

80.0(before 2nd public offering 10.5%)
marimo Regional Revitalization REIT

Underwriter(Lead managing underwriter)
SMBC Nikko Securities Inc.
Nomura Securities Co., Ltd.
Mizuho Securities Co., Ltd.
Daiwa Securities Co., Ltd.

Copyright © Marimo Asset Management Co., Ltd.

End ofDec. 2016

End ofJun. 2017

End ofDec. 2017

End ofJun. 2018

TSE REIT Index (Note 2)
End ofDec. 2018

End ofJun. 2019

End of
End ofDec. 2019 Jan. 2020

(Note 1) NAV per unit is calculated with the following formula: (Net assets – Total dividends + Unrealized gain) / Number of investment units issued and outstanding.
(Note 2) The graph shows change over time and is based on the closing price of the TSE REIT Index on the Tokyo Stock Exchange on July 29, 2016, where theclosing price is adjusted so that it becomes the same as marimo REIT’s investment unit price at the time of listing of 81,500 yen .

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 4

Overview of Newly Acquired Assets
Secured profitability and stability through regional investment centering on properties developed and owned by the sponsors
Total acquisition price (Note 1)

Total appraisal value (Note 2)

Ratio of unrealized gain (Note 3)

4,950 million yen

5,727 million yen

15.7%

Average building age (Note 4)

Average appraisal NOI yield (Note 5)

Average appraisal NOI yield after depreciation (Note 6)

9.2 years

5.6%

4.7%

Asset type
Residential
property
Residential
property
Residential
property
Retailfacility
Retailfacility
Retailfacility

Assets scheduled to beacquired

Location

ArtizA Tsurumai

Nagoya City, Aichi

430

468

5.0

Feb. 2019 Developed by sponsor

ArtizA Awajieki-higashi

Osaka City, Osaka

1,180

1,290

5.0

Oct. 2019 Developed by sponsor(Tentative name)
ArtizA Matsumoto(Note 9)

Matsumoto City, Nagano

640

665

7.0

Mar. 1998

Warehousing(Tentative name)
MRR Akita II(Note 9)

Akita City, Akita

970

994

7.1

①Mar. 2004
②Apr. 1985

Warehousing

Ichihara City, Chiba

700

1,190

5.0

-

Warehousing

Kitamoto City, Saitama

1,030

1,120

4.9

-

Asset manager’s independentacquisition channel

-

4,950

5,727

5.6

-

-

(Tentative name)
MRR Ichihara(land ownership interests)(Note 9)(Tentative name)
MRR Kitamoto(land ownership interests)(Note 9)

Total

Acquisition price Appraisal value(million yen)(million yen)Appraisal NOI
yield (%)

Constructed

Acquisition channel(Note 7)(Note 8)(Note 1) Acquisition price is the sales price recorded in each sale and purchase agreement for trust beneficiary interest in the assets owned or acquired, rounded down to the nearest million yen. The same applies hereafter.
(Note 2) Appraisal value is the appraisal value indicated in each of the real estate appraisal reports dated December 31, 2019, for owned assets and November 30, 2019, for acquired assets. The same applies hereafter.
(Note 3) Ratio of unrealized gain is the ratio of unrealized gain as of the relevant date divided by the total book value amount. Moreover, unrealized gain is the amount obtained when subtracting the total acquisition price from the total real estate appraisal value as recorded in the real estateappraisal reports dated November 30, 2019, for each property acquired. Please note that there is no guarantee that this unrealized gain will arise.
(Note 4) Average building age is the weighted average of the building ages as of November 30, 2019, by acquisition price. If multiple buildings exist on a single property, the age of the building with the largest gross floor area is used to calculate the age of the property.
(Note 5) (Average) appraisal NOI yield refers to the ratio of (total) net operating income based on the direct capitalization method indicated in the real estate appraisal report (appraisal NOI) against the (total) acquisition price.
(Note 6) Average appraisal NOI yield after depreciation refers to the ratio of the total amount calculated when appraisal NOI is subtracted by the amount of actual or expected depreciation of all assets, against acquisition price at each point in time.
(Note 7) As there are two buildings on the property of (Tentative name) MRR Akita II, two dates are listed for construction completion.
(Note 8) Properties developed by the sponsor are described as “Developed by sponsor,” properties owned at one point by the sponsor (properties utilizing the sponsor’s warehousing function) are described as “Warehousing,” and properties scheduled to be acquired through the asset
manager’s own channel are described as “Asset manager’s independent acquisition channel.”(Note 9) (Tentative name) ArtizA Matsumoto, (Tentative name) MRR Akita II, (Tentative name) MRR Ichihara (land ownership interests), and (Tentative name) MRR Kitamoto (land ownership interests) are the tentative names of the properties as of the date of this document, and the names ofthe properties are scheduled to be confirmed in the future. The same applies hereafter.

Copyright © Marimo Asset Management Co., Ltd.

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

Portfolio Changes
 Changes in Portfolio Indicators
Newly acquired
assetsAfter second
public offering

25

6

31

25,005

4,950

29,955End of
7th FP
Number ofproperties
Total acquisition
price (million yen)

Investment Ratio by Type29,4795,727

35,206

Average appraisal
NOI yield

6.7%

5.6%

6.5%

Average appraisal
NOI yield after
depreciation

4.9%

Average buildingage

14.2 years

9.2 years

13.6 years

Averageoccupancy rate

98.8%

98.1%

98.8%

4.7%

4.9%

(Note 1) (Note 2)

LTV to total assets

49.3％

－

Offices
8.0%(Note 1)

Total appraisal
value (million yen)

49.1％

After acquisition of assets

As of the end of 7th FP

Hotels3.0%

Retail43.9%

Offices
6.7%

Retail45.6%

Hotels2.5%

Residential
RetailResidential
Retail

89.1%

90.8%

Focusing
on stability

Focusing on
profitability

Residential
45.2%

Residential
45.2%

Investment Ratio by Region
After acquisition of assets

As of the end of 7th FP
Tokyo
metropolitan
area 14.3%

Kinki 2.0%

Kyushu/Okinawa
39.9%

Koshinetsu/Hokuriku/Kanto(excluding Tokyo
metropolitan area)
2.1%

Tokyo
metropolitan area
17.7%

Kyushu/Okinawa
33.3%
Chugoku/Shikoku
15.6%

Kinki 5.6%

Chugoku/Shikoku
13.0%
Tokai 13.9%

Hokkaido/Tohoku
14.3%

Tokai 13.1%

Hokkaido/Tohoku
15.2%

Tokyo metropolitan area
Regional areas (areas other than Tokyo metropolitan area)(Note 1) Each figure is calculated under certain assumptions, where the existing portfolio is based on figures as of the end of the 7th fiscal period, and the newly acquired assets are based on
certain figures. These figures may not necessarily align with the actual figures.
(Note 2) Average occupancy rate is the occupancy rate as of November 30, 2019, for newly acquired assets, and as of January 31, 2020, for after second public offering.
(Note 3) Of the acquired assets, ArtizA Awajieki-higashi was completed in October 2019 and is currently being leased up (76.0% occupancy rate as of the end of January 2020). In terms of ArtizA
Awajieki-higashi, for the period between January 21, 2020, and the end of June 2020, the trustee of the property and Marimo Co., Ltd. have concluded a fixed-rent master lease agreement
which details that Marimo Co., Ltd. shall pay the trustee the equivalent of 95% of rent of the expected rental income during full occupancy regardless of the amount of rent that Marimo Co.,
Ltd. collects from the end tenant, and for the purposes of calculating the average occupancy rate of newly acquired assets and the average occupancy rate of after second public offering,occupancy rate for AritzA Awajieki-higashi is assumed to be 95%. Hereinafter, the same shall apply to the average occupancy rate including ArtizA Awajieki-higashi.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 6

Portfolio PML Value (Note 1)
Build a diversified portfolio nationwide to reduce risk from disasters
Portfolio PML value after second public offering

Hokkaido and Tohoku area

1.3%

Rp-01 ArtizA Sendai Kakyoin 4.4％

(simple average across all J-REITs (Note 2): 2.8%)

Cp-12 (Tentative name) MRR Akita II ①7.5％②9.5%

Cp-10 MRR Akita

Portfolio PML Value（%）

10.0％

Kinki area
All J-REITs
Simple average: 2.8%

Cp-02 Tarumiekimae Gold Building 13.7％
Rp-10 ArtizA Awajieki-higashi 7.0％

Tokyo metropolitan area
Rt-01 ArtizA Ikejiri

Chugoku and Shikoku area

8.2％

Rt-02 ArtizA Tsuzuki Chuo Koen

6.7％

Rp-08 ArtizA Higashi-Shimada 3.1％

Rt-03 ArtizA Kawasaki EAST 8.6％

Cp-04 Yamada Denki Tecc Land Mihara Store 1.9％

Rt-04 ArtizA Sobudai 8.6％
Ct-01 (Tentative name) MRR Ichihara(land ownership interests) Ct-02 (Tentative name) MRR Kitamoto(land ownership interests) -Op-01 MRR Delta Building 5.3％

Kyushu area
Rp-03 ArtizA Hakata PREMIER 5.1％

Tokai area

Rp-04 ArtizA Hakataeki-Minami 3.9％

Rp-02 ArtizA Kamimaezu 6.6％

Cp-01 MRR Omuta 9.4％

Rp-05 ArtizA Higashi-Betsuin 7.9％

marimo REIT

Rp-06 ArtizA Kamimaezu II 6.9％

1.3%

Cp-03 Foodaly Aoba store

4.9％

Cp-05 Yamada Denki Tecc Land Togitsu Store 13.6％

Rp-07 ArtizA Chiyoda 6.3％

Cp-07 MRR Kumamoto 8.9％

Rp-09 ArtizA Tsurumai 7.3％

Cp-08 MRR Sasebo 0.5％

Hp-01 ROUTE INN Ichinomiya Ekimae 4.0％

Cp-09 MRR Itoshima 5.9％
Cp-11 Supercenter TRIAL Togitsu Store(land ownership interests) －Op-02 PLEAST Hakata Gion Building 3.5％

Koushinetsu, Hokuriku and Kita-Kanto area
Rp-11 (Tentative name) ArtizA Matsumoto 13.7％

0.00

2.00

4.00

6.00

8.00

10.00

Source: Prepared by the asset manager based on published materials(Note 1) PML value refers to the rate of expected maximum loss due to an earthquake. The lower the PML value, the lower the building damage caused by earthquakes would be.
(Note 2) Simple average across all J-REITs is calculated based on the most recent material published by each listed REIT as of December 23, 2019, excluding marimo REIT. REITs that have not indicated their portfolio PML
value in published materials are excluded from the calculation. The same applies to individual PML values for each REIT, excluding marimo REIT.

Copyright © Marimo Asset Management Co., Ltd.

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

02

Summary of Financial Resultsfor 7th Fiscal Period

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 8

7th Fiscal Period

Financial Highlights (period ended December 2019)
 Highest dividends per unit, average occupancy rate, and ratio of unrealized gain since listing NAV per unit increased for six consecutive periods since listing Transferred Seven-Eleven Kofu Aioi 1-chome Store (land ownership interests) (date of transfer:
December 27, 2019)

Dividends per unit
Results of the 7th FP

Highestsince
listing→3,504

Average occupancy rate

End of 7th FP
End of 6th FP
yen
Highestsince
listing

125,547yen→128,027
End of 7th FP

End of 6th FP

End of 6th FP

98.6%

117,000 yen→99.1%

Ratio of unrealized gain

Highestsince
listingend of 7th FP
End of 6th FP

→20.0

18.1％

％

yen

Investment unit priceEnd of 7th FP(Note 2)

(Note 3)

（注2）

Forecasts for the 7th FP (Note 1)

3,400 yen

NAV per unit

Increase for
six
consecutive
periods→129,700 yen

Transfer of Seven-Eleven Kofu Aioi 1-chome Store (land ownership interests)
Most recent appraisal value
212 million yen

Book value

223 million yen

Transfer price→229

million yen(Note 1) The forecast for the 7th Fiscal Period is the forecast announced on August 19, 2019 (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.
(Note 3) “NAV per unit” is calculated with the following formula: (Net assets – Total dividends + Unrealized gain) / Number of investment units issued and outstanding. The same applies hereafter.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 9

7th Fiscal Period

Forecasts and Results (period ended December 2019)
7th FP

7th FP

Forecasts (Note 1)（A）

Results（B）

Factors

Variation(million yen)(million yen)

Operating revenue (Note 2)

Operating income (Note 2)

1,129

1,105

482

468

（B）ｰ（A）+23+14

Operating revenue
Increase in rent
(ArtizA Sendai, ArtizA Sobudai, ArtizA
Hakataeki-Minami, etc.)

Gain on sale of real estate(Seven-Eleven Kofu Aioi 1-chome Store(land ownership interests))

+23
+13
+4
+3

Increase in other income
Ordinary income(Note 2)

398

385

+13

(Income from key money, restoration costs, etc.)

Increase in parking income+2(MRR Kumamoto, etc.)

398

Increase in income otherthan those listed above

+1

(yen)

Operating expenses-9

Dividends per unit

Increase in repair costs-8

Net income(Note 2)384

+13

EPU UP 3.6％

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

3,008

2,903

496

497

(Note 3)

3,504

3,400

(Note 1) Announced on August 19, 2019
(Note 2) Rounded down to the nearest specified unit

Copyright © Marimo Asset Management Co., Ltd.

DPU UP 3.1％

+105
-1
+104

(repairs of elevators, etc., at ArtizA
Sobudai)

Implementation of
institutional management at
asset manager
Reduction in insurance fees
Increase in expenses otherthan those listed above(Note 3)
Payout ratio before adjustment
75.0%
Payout ratio after adjustment
75.0%
Dividend ratio (against ratio of depreciation) 29.8%

+2
+2
-5

(Note) + indicates net income increasing factor- indicates net income decreasing factor

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 10

8th Fiscal Period (ending June 2020) and 9th Fiscal Period (ending December 2020)

Earnings Forecasts (Note 1)
7th FP

8th FP

Variation

9th FP

Variation(million yen)

Results（A）

Forecasts（B）（ B ） ｰ （ A）

Forecasts （C）（C）ｰ（B）

Operating revenue (Note 2)

1,129

1,257

+128

1,275

+17

Assumptions for the forecasts for the 8th FP
and 9th FP

Forecasts for 8th FP

Operating revenue
Increase in rent
Increase in rental income

Operating income(Note 2)

Ordinary income (Note 2)
Net income (Note 2)

482

563

398

461

398

460

+80
+62
+62

(million yen)

+128

＋92
(portion of six properties
acquired through public offering) ＋35

Increase in income other than the above＋1

574 +10

Operating expenses

-47

470

Increase in depreciation
Increase in outsourcing expenses
Increase in asset management fee
Increase in expenses other than those above

-24
-15
-6
-2

Non-operating expenses

-17

469

+9
+9

-7
-6
-4

Increase in borrowing related expenses
Increase in interest expenses
Increase in investment unit issuance expenses

Forecasts for 9th FP(yen)

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

3,008

3,014

+6

(including dividends in excess ofearnings)

Operating revenue+17

Increase in rent

+16
+5
-8

Increase in rental income(portion of six properties
acquired through public offering)

Decrease in other income

498

449

-49

3,504

(Note 1) The forecasts for the 8th Fiscal Period and 9th Fiscal Period do
not guarantee actual results.
(Note 2) Rounded down to the nearest specified unit

3,463

433

-16

3,507

+44

(Note 4)(Note 3)

Dividends per unit (1) + (2)

3,074

+60

-41

(Note 3)
Payout ratio before adjustment
75.6%
Payout ratio after adjustment
75.0%
Dividend ratio (against ratio of depreciation) 28.1%(Note 4)
Payout ratio before adjustment
76.0%
Payout ratio after adjustment
75.0%
Dividend ratio (against ratio of depreciation) 27.1%(Income from key money, restoration costs, etc.)

Increase in income other than the above＋4

Operating expenses-7

Decrease in outsourcing expenses
Increase in asset management fee
Increase in repair costs

＋13
-12
-3
-5

Increase in expenses other than those above

Non-operating expenses-1

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 11

Changes in Dividends per Unit and NAV
Steady growth of dividends

 Changes in Dividends per Unit
3,231

3,462 3,394

576

432

451
125

545

Forecasts
予想

Results
実績

2,711

Forecasts
予想

3,431 3,425 3,441 3,426 3,445 3,455

3,494

521

544

544

485

459

473

460

502

499

497

496

449

433

2,941

2,850

2,887

2,940

2,982

2,953

2,985

2,953

2,995

2,903

3,008

3,014

3,074

Results
実績

Forecasts
予想

Results
実績

Forecasts
予想

Results
実績

Forecasts
予想

Results
実績

Forecasts
予想

Results
実績

Forecasts
予想

Results
実績

Forecasts
予想

Forecasts
予想

520

977

(yen)

3,504 3,463 3,507
3,400

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

 NAV per Unit

NAV increased for sixth consecutive period since listing(yen)
130,000

128,027
125,547

125,000
120,000
115,0000

129,632

119,105

120,709

121,786

122,535

4th FP
Jun. 2018

5th FP
Dec. 2018

113,679

1st FP
Dec. 2016

2nd FP
Jun. 2017

3rd FP
Dec. 2017

6th FP
Jun. 2019

7th FP
Dec. 2019

After second
public offering(Note) We do not guarantee the achievement of forecasts for 8th FP and 9th FP.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 12

03Management Resultsfor 7th Fiscal Period

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 13

Pursuing Increase of Asset Value (1)Efforts for increasing income and reducing costs■Efforts for Increasing Income
 MRR Delta Building Office rent increases (3.3% increase) ArtizA Sendai Kakyoin Increased income due to installation of rental bikes

 MRR Kumamoto Increased income due to change in parking sublease provider

 ArtizA Kawasaki EAST Increased income due to installation of rooftop mobile phone base stations

 ArtizA Ikejiri Installation of rooftop mobile phone base stations

Anticipating an increase in income by approximately 2.9 million yen (per period)■Efforts for Reducing Costs
 Reduced expenditures through reconsidering fire insurance (applicable properties: allproperties)
 Reduced expenditures through reconsidering neighborhood association fees (applicableproperty: ArtizA Sendai)
Copyright © Marimo Asset Management Co., Ltd.

Anticipating cost reduction by approximately 2 million yen (per period)

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 14

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

Efforts for Improving Customer Satisfaction●Installation of delivery box… ArtizA Hakataeki-Minami
Before

(％)

100

After

80

58.4

60

48.9

59.7
43.6

31.7

40

55.2

58.5

20
0
●Increased surveillance cameras… MRR Kumamoto

1st
FP
第1期

2nd
FP
第2期

3rd
FP
第3期

4th
FP
第4期

5th
FP
第5期

6th
FP
第6期

7th
FP
第7期

Increase/Decrease in Residential Rent
6th Fiscal Period

7th Fiscal Period

(%)
100.0

15.1%
8 cases

13.4%
18 cases
9.0%
9.0% 12 cases
12 cases
4.5%
6 cases

3.8%
11.3% 2 cases 17.0%
9 cases
6 cases

Increase
21.6%
29 cases
87/13421.6%
29 cases cases
Increase of more than 5%

28.3%
28.3% 15 cases
15 cases

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

Copyright © Marimo Asset Management Co., Ltd.

30/53
cases

13.0
80.0
60.0

Increase
Increase

56.0%
75 cases
64.9%
87 cases

Change from the 1st FP to 7th FP

39.6%
21 cases

15.6

14.3
6.1

13.4

14.5

13.4

29.3

23.6

21.6

57.3

61.8

64.9

4th FP

5th FP

6th FP

15.1
28.3

22.0

40.0
20.0

56.6%
30 cases

26.8

71.4

79.6

51.2

56.6

0.0
1st FP 2nd FP 3rd FP

Increase

No Change

7th FP

Decrease

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 15

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

2nd FP
98.6％

98.6％

3rd FP
98.7％

4th FP
98.4％

5th FP
98.4％

6th FP
98.6％

7th FP
99.1％

100.0%
100 %

95.0%

Increase in average occupancy rate
Highest ever at 99.1%

90.0%

〜
〜
85.0%
0%

2016年
Aug.
8月
2016

2016年
10月

2016年
Dec.
12月
2016

2017年
2月

2017年
4月

2017年
Jun.
6月
2017

2017年
8月

2017年
10月

Residential

レジデンス
properties

2017年
Dec.
12月
2017

Retail
商業施設
Facilities

2018年
2月

2018年
4月

2018年
Jun.
6月
2018

Hotels/Offices
ホテル/オフィス

2018年
8月

2018年
10月

2018年
Dec.
12月
2018

2019年
2月

2019年
4月

2019年
Jun.
6月
2019

2019年
8月

2019年
10月

2019年
Dec.
12月
2019

Entire portfolio
ポートフォリオ全体（注2）

1st FP

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP(Dec. 2016)(June 2017)(Dec. 2017)(June 2018)(Dec. 2018)(June 2019)(Dec. 2019)

End ofDecember

End ofJune

End ofDecember

End ofJune

End ofDecember

End ofJune

End ofJuly

End ofAug.

End ofSep.

End ofOct.

End ofNov.

End ofDec.

Residential
properties

96.9

96.6

97.2

94.9

93.9

98.8

98.5

98.3

97.7

98.0

98.0

97.2

RetailFacilities

100

100

100

99.7

100

98.8

98.8

100

100

99.7

99.5

99.5

Hotels/Offices

100

100

100

100

100

100

100

100

100

100

100

100

Entire portfolio

98.6

98.4

98.7

98.3

98.1

98.9

98.8

99.4

99.3

99.2

99.1

98.8

Occupancy rate(%) (Note)(Note) For 1st to 6th FPs, occupancy rates at the end of the fiscal period are indicated; and for 7th FP, those at the end of the month are indicated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 16

Financial Status (period ended December 2019)(million yen, rounded down to nearest specified unit)
Balance ofborrowings at
end of 6th FP

LenderSyndicate of lenders arranged

Amountrepaid in
7th FP

New
Balance of
Floating or
borrowings in borrowings at
fixed
end
of
7th
FP
7th FP

3,330

3,330

－

－

3,500

－

－

3,500

Interest rate

Borrowing date

3M TIBOR＋0.6％

Floating

Maturity date

Remarks

Aug. 1, 2019by Sumitomo Mitsui Banking
・Sumitomo Mitsui Banking
・The Hiroshima Bank

0.86669%

Aug. 1, 2016

Aug. 2, 2021

Fixed

・Sumitomo Mitsui Trust Bank

1,417

15

－

1,402

4,840

－

－

4,840

Floating

3M TIBOR＋0.6%

Jan. 23, 2018

Feb. 1, 2021

2,015

2,015

Floating

3M TIBOR＋0.6%

Aug. 1, 2019

Aug. 1, 2022

・The Chugoku Bank

Refinancing
1)－ (August －3,330 (3 years)
2,015 (3 years)
700 (7 months)
2,015 (5 years)

・Aozora Bank

－

－

2,015

2,015

Floating

3M TIBOR＋0.8%

Aug. 1, 2019

Aug. 1, 2024

700

700

－

－

Floating

1M TIBOR＋0.2%

Jan. 4, 2019

Aug. 1, 201913,787

4,045

4,030

13,772

・The Bank of Fukuoka
・The Mie Bank・Shinsei Bank・Resona Bank・The Higo Bank・Sumitomo Mitsui Banking
Total

LTV to Total Assets
50.5%
50.0%

50.0%

Average Interest Rate

49.5%

49.1%

49.3%

Aug. 1, 2023

Diversification Status of Lenders
Sumitomo Mitsui Banking

23.9%

48.5%

47.8%

47.7%

Long-term Debt Ratio

The Hiroshima Bank
Sumotomo Mitsui Trust Bank

49.5%
49.0%

Unsecured &unguaranteed※

3.6% 3.6%
4.1%
5.0%

0.78％

49.8%

1.09908%

The Bank of Fukuoka

8.6%

The Mie Bank
Shinsei Bank

48.0%
47.5%

100.0％

47.0%
46.5%
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

Copyright © Marimo Asset Management Co., Ltd.

9.9%

Resona Bank

20.3%

The Higo BankThe Chugoku Bank

10.1%
10.8%

Aozora Bank

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 17

IR Activities
IR Activities in the 7th Fiscal Period (July to Dec. 2019)
IR for Japanese institutional investors

IR seminar for individual investors①6th Fiscal Period Financial Results Briefing (Tokyo) Aug. 19(Mon)②Visitation to Japanese institutional investors
Aug. to Oct.
(Nationwide)③Presentation targeting branch offices of SMBC
Oct. 25(Fri)
Nikko Securities (Kanazawa)IR for foreign institutional investors①Teleconference for foreign institutional investors (Hong Kong, Singapore)②Improvement of English materials and English website

Daiwa J-REIT Caravan 2019 Osaka①Daiwa J-REIT Caravan 2019 Osaka (Osaka)

Aug. 30 (Fri)②Operational status reporting meeting (Tokyo)

Sep. 27 (Fri)English materials

Copyright © Marimo Asset Management Co., Ltd.

English website

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 18

04

Newly Acquired
Properties and Asset Size

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 19

ArtizA Tsurumai

Developed by sponsor

Property characteristics and highlights


•

•
•

The property is located approximately a 4-minute walk from Tsurumai Station on the JR Chuo MainLine and approximately a 5-minute walk from Tsurumai Station on the Nagoya City Subway Tsurumai
Line, and thus has two stations on two lines available for use. The area offers excellent convenience
Sanno-doriwith several retail facilities within walking distanceThe building is new and was completed in February 2019. It has sufficient facility specifications as acondominium for singles, and as the area has high demand from singles, stable occupancy is expected.
The Chiyoda area where the property is located is an area that is expected to have relatively stable Population and Number of Households in All of Nagoya City
Change in Occupancy Rate
residential demand, given its proximity to the city center and its high convenience.
(thousandsof people)（千人）

Location (Japanese addressing system) 5-17-23 Chiyoda, Naka Ward, Nagoya City, Aichi Prefecture
430 million yen
Acquisition price468 million yen
Appraisal value
Appraisal NOI yield

5.0%

Occupancy rate (as of January 31, 2020)
Site area

100.0％
213.21 m2

Completion dateFebruary 2019

Structure

Reinforced concrete structure, flat roof, 11 floors

Copyright © Marimo Asset Management Co., Ltd.

Population(left axis)
人口（左軸）

2,350

2,300

(thousands of households)
Number of households 1,118 （千世帯）(right axis)
世帯数（右軸）1,103
1, 120 （%）
1,088
1, 1001,073
100.0
1, 080
1,058

1,046

1, 060

1,034

2,250

1,023
2,277

2,200

2,314 2,320 2,328
2,296 2,305

2,271
2,267

2,150
0
0

60.0

1, 02040.0

1, 00020.0

2012 2013 2014 2015 2016 2017 2018 2019

Source: Nagoya City “Population Estimate” (October 1 of each year)

100.0 100.0 100.0

98.7

96.7

100.0

76.7

80.0

1, 040

0
980

96.7
86.7

50.0

0.0
2019
2019年

3月 Apr.
4月 May5月 Jun.
6月 7月
8月 Sep.
9月 10月Mar.
Jul. Aug.
Oct. 11月
Nov. 12月
Dec.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 20

ArtizA Awajieki-higashi

Developed by sponsor

a


•

•
•

•

Property characteristics and highlights

The property is located approximately a 6-minute walk from JR-Awaji Station on the JR Osaka Higashi Line, whichstarted service in March 2019. It is also within walking distance from Awaji Station on two other lines: the Hankyu
Kyoto Line and Hankyu Senri Line. The building has excellent access to the city center.
The building is new and was completed in October 2019. It has sufficient facility specifications as a condominium forsingles, and as the area has high demand from singles, stable occupancy is expected.
As redevelopments such as the elevation of Awaji Station on the Hankyu Line, the connection of Awaji Station on the
Hankyu Line and JR Line, opening of a major road connecting Shin-Osaka Station from east to west and opening of
the Utashima Toyosato Line are scheduled, there is potential that development in the area will increasingly continue.
Stable income is expected during the period from January 21, 2020, to June 30, 2020, due to rent guarantee from thesponsor (equivalent to 95% of expected rental income during full occupancy).

Population and number of households in all of Osaka City
Population(left axis)

人口（左軸）(thousands of（千人）
people)Location (Japanese addressing system) 7-1-29 Sugahara, Higashiyodogawa Ward, Osaka City, Osaka Prefecture 2,800

Acquisition price

1,180 million yen

2,750

Appraisal value

1,290 million yen

2,700

Appraisal NOI yield

5.0%

2,650

Occupancy rate (as of January 31, 2020)

2,600

Site area

95.0％(actual occupancy rate of 76.0%)
856.49 m2

Completion date

October 2019

Structure

Reinforced concrete structure, flat roof, 14 floors

2,550
2,500
0

1,332

Number of households(right axis)

世帯数（右軸）1,374 1,393
1,339 1,345 1,355

2,674

2,679

2,680

2,691

2012

2013

2014

2015

(thousands of

1,416

1,438

（千世帯）
households)
1,500

1,400

2,702

2,713

2,727

2,740

2016

2017

2018

2019

1,300
1,200
0
1,100

Source: Osaka City “Population Estimate” (October 1 of each year)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 21

(Tentative name) ArtizA Matsumoto

Warehousing

Property characteristics and highlights••

The property is located approximately a 6-minute walk from Matsumoto Station on both the JR Shinonoi Line and Oito Line.
As there is a bus terminal in front of the Matsumoto Station, people can take the bus around Matsumoto City, in addition to
the express bus going towards Shinjuku and Nagoya.
Matsumoto City, where the property is located, is a highly popular area, having ranked 2nd in the “2019 Places to Live in the
Hokuriku/Koshinetsu Area.” The area also has a rich history as a castle town, and the Kaichi Elementary School, which is in
the school district that the property belongs to, is a popular school in the city known for its history.
Stable demand is expected as convenience facilities such as convenience stores, clinics, and post offices are within walking
distance.
As a result of implementation of an ordinance that includes height restrictions after the construction the property,
construction of buildings of the same scale as the property will not be allowed in the future. This has given the property adistinct advantage in the area.

•••

Location (Japanese addressing system) 1-1-28 Oote, Matsumoto City, Nagano Prefecture
640 million yen
Acquisition priceAppraisal value

665 million yen

Appraisal NOI yield

7.0%

Occupancy rate (as of January 31, 2020)
Site area

80.6％
1,528.65 m2 (Note)

Completion date

March 1998

Structure

Reinforced concrete structure, flat roof, 10 floors(Note) The actual measured area of the land is 1,668.51 m2 and includes the setback portion (50.65 m2).

Copyright © Marimo Asset Management Co., Ltd.

(Note) Regarding each of marimo’s for-sale condominiums, marimo REIT has no specificplans for acquisitions, nor is there any guarantee that it can be acquired in the future
as of the date of this document.

Population and Number of Households in Matsumoto City
2019 Places to Live in the(thousands ofNumber of households(thousands ofPopulation
（千世帯）
（千人）
105.8 households)
Hokuriku/Koshinetsu Area Rankings people)(rightaxis)(left axis)
人口（左軸）
世帯数（右軸）
105.2
1st
2nd
3rd
4th
5th

Kanazawa City,
Ishikawa Prefecture
Matsumoto City,
Nagano Prefecture
Niigata City,
Niigata Prefecture
Hokuto City,
Yamanashi Prefecture
Joetsu City,
Niigata Prefecture

250

106. 0

104.5
103.7

230

104. 0

103.0
102.5
101.9

210
101.3
190

102. 0

243.7

243.3

2012

2013

242.4

241.9 241.4

240.6

239.7 238.9
100. 0

170
150
0

2014

2015

2016

2017

2018

2019

98.0
0

Source: seikatsu-guide.com “Ranking Places that People Want to Live by Region”Source: Matsumoto City “Matsumoto City Statistics” (October 1 for each year)

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 22

(Tentative name) MRR Akita II

Warehousing
It takes approximately 15 minutes to get from Akita Station to MRR by vehicle© OpenStreetMap contributors

Property characteristics and highlights


•

•

•

National Route 13, which faces the property, is a main arterial road, and Prefectural Road 56 that crosses
the national road nearby is also a main arterial road with high vehicle traffic. With these two main arterial
roads nearby, the property is easily approachable from various directions of the trading area.
In addition to MRR Akita, a property owned by marimo REIT, there are many complex facilities and retailstores in the area, and the high vehicle traffic from National Route 13 also makes the location highly
sought after for commercial needs in Akita City.
The property is comprised of two tenants (a sporting goods store and a men’s wear shop), and as bothtenants have high credit ratings as major players in their respective industries, stable revenues can be
expected because they have been continuously open for a long period.

Location (Japanese addressing system) 1-4-63 Barajima, Akita City, Akita Prefecture
970 million yen
Acquisition priceAppraisal value

994 million yen

Appraisal NOI yield

7.1%

Occupancy rate (as of January 31, 2020)

100%
2

Site area

14,902.48 m

Completion date

March 2004/April 1985

Structure

Steel framed structure, alloy plated steel sheet roof, 1 floor
Steel framed structure, galvanized steel sheet roof, 2 floors

Number of parking spaces

254

Copyright © Marimo Asset Management Co., Ltd.

The Barajima commercial area has many large retailstores (shops with an area of 1,000 m2 or greater)
with 14 facilities located within a radius of 1 km. As
for business type, there are many large specialty
stores such as furniture and home appliance stores,
and roadside retail facilities concentrate in the area.

National Road 13 is the largest main arterial road withthe most vehicle traffic within a 7-km radius(Congestion benchmark: 1.64)
Prefectural Road 56 is also a main arterial road withmuch vehicle traffic (Congestion benchmark: 1.37)

Traffic Volume in the Surrounding Areas of (Tentative name) MRR Akita II
24-hour traffic volume of Congestion
motor vehicles
benchmark

Neighboring
areas
Prefectural
average

43,692

1.64

4,695

0.49

Source: Road Traffic Census FY2015

Explanation on congestion benchmark〜1.00

No congestion and traffic is smooth.

Not only during peak hours. Congestion is
likely to occur at an accelerated pace duringother hours around the peak time also.
Chronic congestion, with around 70% of the
2.00〜
12-hour daytime period seeing congestion.
1.25〜
1.75

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 23

(Tentative name) MRR Ichihara (land ownership interests) Warehousing
Land for lifestyle-oriented retail stores in a detached residential area

■Property characteristics and highlights•••

This property is located approximately 5.8 km from JR Goi Station in the center of downtown Ichihara City.
There are schools and parks, etc., in the neighboring area which serves as land for the community-based
roadside stores in a residential district.
An urban planned road is set to operate in the area and will likely open in the next two to three years. Oncecompleted, the property will be easily accessible from the urban planned road connecting the southern part of
the JR Uchibo Line's Anegasaki Station to the southern part of the Goi Station, which is expected to attract
customers from the southern part of the JR Uchibo Line. The future prospects of the property are high.
Nishimatsuya
Tenants are primarily stores used on a daily basis, including Shimamura (clothing), KOMERI (home center), (children's goods)
40 parking spots
Nishimatsuya (children's goods), Sendo (grocery store), and Yac's (drugstore).

Location (Japanese addressing system)

6-7 Chigusa, Ichihara City, Chiba Prefecture

Acquisition price

700 million yen

Appraisal value

1,190 million yen

Appraisal NOI yield

5.0%

Number of parking spaces

295 (total)

Copyright © Marimo Asset Management Co., Ltd.

KOMERI(home center)35 parking spots

An urban planned road is scheduled
to open in the next two to three years

Sendo(grocery store)
80 parking spots
Shimamura(clothing)
70 parking spots
Yac's(drugstore)
70 parking spots

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 24

(Tentative name) MRR Kitamoto (land ownership interests)

Asset manager’s
independent acquisition
channelLand for retail facility along Route 17 that opened in January 2020
Sponsor has developed 22 Polestar Series apartments in Saitama Prefecture■Property characteristics and highlights
•

•
•
•
•

There is a well-developed transportation network stretching from the southeast to the northwest, with railways such as JR
Takasaki Line and the JR Joetsu Shinkansen Line, and roads such as National Route 17 and bypass roads, as well as theformer Kyu-nakasendo Road (Prefectural Route 164).
The location enjoys strong commercial demand since it is easily approachable by car from the trade area that stretches widelyfrom the southeast to northwest along National Route 17, a main arterial road.
While there are no shopping malls that attract large numbers of customers in the commercial zone, a commercial zone has
been formed by roadside stores along National Route 17.
In recent years, the development of the surrounding roads (Ageo Bypass) has progressed and the property is expected tocontinue attracting solid demand for commercial land.
Stable occupancy is expected as long-term fixed leasehold agreements for business-use have been concluded with tenants.

(Note) Regarding each of marimo’s for-sale condominiums, marimo REIT has no specificplans for acquisitions, nor is there any guarantee that it can be acquired in the
future as of the date of this document.
It has a larger warehouse space than usual and can be used as a distribution center for existing stores in the neighboring area
and as an EC distribution center. With the dominance of multiple stores including these existing stores, it is expected thatcompetition will accelerate within the commercial zone.

Business Results of K’s Holdings Corporation
Location (Japanese addressing system)

4-46 Fukai, Kitamoto City, Saitama Prefecture(million
yen)
（百万円）

Operating income
営業利益（右軸）(right axis)

売上高（左軸）Sales(left axis)

800,000

Acquisition price

1,030 million yen

Appraisal value

1,120 million yen

Appraisal NOI yield

4.9%

Number of parking spaces

136

（百万円）
(millionyen)

600,000
400,000
200,000
0
FY2010FY2012FY2011FY2014FY2013

FY2016FY201550,00040,00030,00020,00010,0000FY2018FY2017FY2019Source: Compiled by the asset manager based on K’s Holdings Corporation’s website

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 25

Steady Expansion of Asset Size
A total of six assets were acquired for 4,950 million yen, and the asset size after the second public
offering expanded to 29,955 million yen(million yen)

Sold 1 property

50,000Seven-Eleven
Kofu Aioi 1-chome Store(land ownership interests)

Aiming tofurther expand
asset size

Acquired 1
property

50,000Acquired 7
properties

29,95530,000ArtizA Higashi-Shimada

Floor expansion
at 1 property

MRR Kumamoto, etc.

24,52525,00024,525Acquired 1
property
MRR Omuta floor expansion

20,00025,22525,005700-220

6 properties
acquiredthroughsecondpublic offering

4,950

7 properties
acquiredthroughfirst public
offering

7,700

ArtizA Higashi-Betsuin

16,17016,17016,810640

16,82515

At listing

End of 1st FP
Dec. 2016

End of 2nd FP
Jun. 2017

End of 3rd FP
Dec. 2017

15,0000

End of 4th FP
Jun. 2018

End of 5th FP
Dec. 2018

End of 6th FP
Jun. 2019

End of 7th FP Assets acquired
After
Dec. 2019
through second second public
public offering(Note)
offering

5 years
from listing(Note) marimo REIT disposed of its owned asset Seven-Eleven Kofu Aioi 1-chome Store (land ownership interests) as of December 27, 2019.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 26

Sponsor Pipeline
Properties developed by sponsors
Location: Minoo City, Osaka
Main type: Retail
Constructed: Jan. 2019

Acquired in the second public offering

Properties developed bysponsors
Location: Osaka City, Osaka
Main type: Residential
Units:
91 (1K)
Constructed: Oct. 2019

The sponsors aredeveloping rental
apartments, hotels,
and retail facilities,
etc., all around Japan.

Properties developed by sponsors
Location: Takasaki City, Gunma
Main type: Residential
Units:
54 (1LDK)
Constructed: Jun. 2020
(Scheduled)

Property under sponsor’s urban
redevelopment projects

ミラキタシティ姫路

MIRAKITA CITY HIMEJI
所在地︓
兵庫県姫路市
Location: Himeji City, Hyogo
主たる⽤途︓
商業施設（区分）
Main type: Retail(sectional)
竣⼯︓2019年1月
Constructed: Jan. 2019

Properties developed by sponsors
Location: Takayama City, Gifu
Main type: Hotel
Units:
139
Constructed: Nov. 2020
(Scheduled)

Properties developed by sponsors
Location: Hiroshima City, Hiroshima
Main type: Hotel
Units:
Undetermined
Constructed: Jun. 2022
(Scheduled)

Properties developed by sponsors
Location: Kumamoto City, Kumamoto
Main type: Residential
Units:
48
Constructed: Mar. 2021
(Scheduled)

Properties developed by sponsors
Location: Nagano City, Nagano
Main type: Hotel
Units:
112
Constructed: Sep. 2020
(Scheduled)

Properties developed by sponsors
Location: Nagoya City, Aichi
Main type: Residential
Units:
40 (1K)
Constructed: Feb. 2020
(Scheduled)

Acquired in the second public offering

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

(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 them in the future.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 27

Portfolio List (1)(After second public offering)(million yen)

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

2,620

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)

(Note 3)

3,790

5.3%

7.5%

Jan. 2009

97.7%

387

547

5.0%

6.9%

Mar. 2014

97.7%

1,060

1,001

1,260

5.2%

6.8%

Feb. 2006

95.7%

Fukuoka City,
Fukuoka

500

477

564

5.1%

6.4%

Jun. 2006

98.6%

Rp-05 ArtizA Higashi-Betsuin

Nagoya City,
Aichi

640

630

677

4.9%

5.1%

Feb. 2016

98.1%

Rp-06 ArtizA Kamimaezu II

Nagoya City,
Aichi

720

722

770

5.0%

5.3%

Feb. 2016

93.6%

Rp-07 ArtizA Chiyoda

Nagoya City,
Aichi

980

979

1,110

4.7%

5.2%

Sep. 2017

98.7%

Rp-08 ArtizA Higashi-Shimada

Okayama City,
Okayama

700

711

730

5.2％

5.4%

Dec. 2016

94.2%

Rt-01 ArtizA Ikejiri

Setagaya Ward,
Tokyo

610

606

735

4.0%

4.8%

Mar. 2014

89.9%

Rt-02 ArtizA Tsuzuki Chuo Koen

Yokohama City,
Kanagawa

1,050

1,079

1,150

5.0%

6.0%

Apr. 1989

94.8%

Rt-03 ArtizA Kawasaki East

Kawasaki City,
Kanagawa

780

768

933

5.2%

6.8%

Mar. 1998

100.0%

Rt-04 ArtizA Sobudai

Zama City,
Kanagawa

1,130

1,167

1,350

5.2%

6.9%

Feb. 1993

98.7%

Rp-09 ArtizA Tsurumai

Nagoya City,
Aichi

430

430

468

4.6%

5.0%

Feb. 2019

96.7%

Rp-10 ArtizA Awajieki-higashi

Osaka City,
Osaka

1,180

1,180

1,290

4.6%

5.0%

Oct. 2019

95.0%

640

640

665

5.9%

7.0%

Mar. 1998

78.9%

Residential Properties

Property No.

Rp-11

Property name(Tentative name)
ArtizA Matsumoto

Matsumoto City,
NaganoOccupancy rate

(Note 1): “Book value at end of fiscal period” refers to the book value as of December 31, 2019. As for acquired assets, the acquisition price is listed. 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 occupancy rate as of December 31, 2019, for owned assets, and for acquired assets, it 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 November 30, 2019, 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. 7th FP Presentation Material l 28

Portfolio List (2) (After second public offering）(million yen)

Retail Properties

Property No.

Property nameLocation

Appraisal
TerminalAppraisal NOI
value
capitalization rateyield
(million yen)

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

1,265

1,211

1,170

6.3%

ConstructedOccupancy rate

6.2%

Mar. 2005（Note 1）

100.0%

Cp-01 MRR Omuta

Omuta City,
Fukuoka

Cp-02 Tarumiekimae Gold Building

Kobe City, Hyogo

500

476

551

6.1%

6.6%

Jun. 2008

100.0%

Cp-03 Foodaly Aoba StoreMiyazaki City,
Miyazaki

250

228

394

6.3%

10.0%

Apr. 2009100.0%

2,000

1,893

2,730

6.3%

8.7%

Sep. 2008

100.0%

Cp-04

Yamada Denki Tecc Land
Mihara Store

Mihara City,
Hiroshima

Cp-05

Yamada Denki Tecc Land
Togitsu Store

Nishi-Sonogi
County, Nagasaki

950

919

1,120

6.4%

7.9%

May 1981

100.0%

Cp-07 MRR Kumamoto

Kumamoto City,
Kumamoto

2,120

2,146

2,400

5.9%

6.9%

①Oct. 2008
②Jan. 1986（Note 2）

98.7%

Cp-08 MRR Sasebo

Sasebo City,
Nagasaki

990

990

1,270

5.8%

7.5%

Apr. 2008

96.1%

Cp-09 MRR Itoshima

Itoshima City,
Fukuoka

900

911

976

5.4%

5.9%

Jul. 2008

100.0%

Cp-10 MRR Akita

Akita City, Akita

840

853

879

6.8%

6.7%

Apr. 1994

100.0%

Supercenter TRIAL Togitsu Store(land ownership interests)

Nishi-Sonogi
County, Nagasaki

1,150

1,170

1,210

5.0%

5.0%

-

100.0%

Cp-12 (Tentative name) MRR Akita Ⅱ

Akita City, Akita

970

970

994

6.8%

7.1%

①Mar. 2004
②Apr. 1985（Note 2）

100.0%

Cp-11

Ct-01

(Tentative name) MRR Ichihara(land ownership interests)

Ichihara City,
Chiba

700

700

1,190

-

5.0%

-

100.0%

Ct-02(Tentative name) MRR Kitamoto(land ownership interests)

Kitamoto City,
Saitama

1,030

1,030

1,120

4.5%

4.9%

-

100.0%

Hotels Hp-01 Route-Inn Ichinomiya Ekimae

Ichinomiya City,
Aichi

740

682

853

6.0%

6.9%

May 2008

100.0%

Op-01 MRR Delta Building

Hiroshima City,
Hiroshima

1,200

1,156

1,290

5.7%

6.4%

Nov. 2002

100.0%

Op-02 PLEAST Hakata Gion Bldg.

Fukuoka City,
Fukuoka

800

763

1,020

5.0%

6.2%

Aug. 2008

100.0%

29,95529,50935,206----

OfficesTotal

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 29

05

Appendix

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 30

Property Introduction (Office)
PLEAST Hakata Gion Building (from subleasing the entire building to individual leases)
Office market in Fukuoka City remains favorable(Note 1)

Unit (yen)16,000Assumed Contracted Rents
15,850(unit price per tsubo)
14,48014,00012,00010,920Vacancy Rate

7

5.8

12,94010,280(Note 1)

Unit (%)

11,6405

10,000

4

3.2

8,000

Location

Fukuoka City, Fukuoka

6,000

Appraisal NOI yield

6.2％

4,000

Occupancy rate

100％

Acquisition price

800 million yen

Appraisal value

1,000 million yen

Completion dateAug. 2008

3

Increase byapproximately 54% overthe five years of 2014 to2019■After April 27, 2020
・Scheduled to switch to individual leases
・Current tenants are scheduled to continue to lease the 1st through 7th floors
・Tenants have been decided for the 9th floor
・The 8th and the 10th floors are scheduled to be vacant (asking rent: 15,000 yen per tsubo)
Copyright © Marimo Asset Management Co., Ltd.

0.6 0.5 0.6

1

2,000

0
2014

2015

2016

2017

2018

2019

2014

2015

2016

2017

2018

2019

(Note 1) Source: Prepared by the asset manager based on CBRE’s “Japan Office Market Review”◆Subleasing the entire building(until April 26, 2020)・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 on foot, accessing thecity 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 office buildings, etc.

■Current situation
・Subleasing the entire building
・Unit rent: 8,450 yen per tsubo
・Expiration of fixed-term lease agreement: April 26, 2020

2.1

2

0

■ Property descriptions

Vacancy rates also
declined over the five
years of 2014 to 20196

Potentialforincrease

1st to 10th
floors(approximately 585
tsubo)
Total rent

5 million yen permonth(8,540 yen pertsubo)◆individual leases(April 27, 2020 and thereafter)
10th floor(approximately 60 tsubo)

Expected vacancy (asking rent 15,000 yen
per tsubo)

9th floor(approximately 60 tsubo)

Tenants decided

8th floor(approximately 60 tsubo)

Expected vacancy (asking rent 15,000 yen
per tsubo)

7th Floor Tenant(succession)
6th Floor Tenant(succession)
5th Floor Tenant(succession)
4th Floor Tenant(succession)
3rd Floor Tenant(succession)
2nd Floor Tenant(succession)
1st Floor Tenant(succession)

1st to 7th floors(approximately 405
tsubo)
Total rent
Approximately

5.05

million yen per month(12,467 yen pertsubo)
Unit rent increase byapproximately

46%

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 31

Basic Principle of marimo REIT
Basic principle = “Strengthen Japan from regional areas”
Regional revitalization
marimo REIT’s idea on regional revitalization is to create regional societies where nationwide
people can live their unique lifestyle pleasantly while having hope for their region’s future by
reducing the “monocentric concentration in Tokyo.”Creation of employment

Revitalization of regional economy

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

Expertise inreal estate development
and urban redevelopment

Provide property information (Note)

The Mie Bank

Marimo Co., Ltd.

Kansai Mirai BankYour family bank
The Minchinoku Bank

The Hiroshima BankThe Tokyo Star Bank

The Ashikaga BankThe Chugoku BankReBITA Inc.

(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. 7th FP Presentation Material l 32

Overview of the Sponsor, Marimo
Company nameHistory of Marimo

Marimo Co., Ltd.

Headquarters
address

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

Established

September 1, 1970

Global operation
Net sales(Non-consolidated)
Business
description(Including businessdescription ofsubsidiaries)

Japan, China, Malaysia, etc.

41.5 billion yen (as of July 31, 2019)
Planning, development, designing, supervising and sales
business of for-sale residential properties, real estate
securitization business and sales of overseas for-salecondominiums

Track record of for-sale condominium development(as of January 31, 2020)
405 structures with 26,474 units inover 44 prefectures nationwide

Copyright © Marimo Asset Management Co., Ltd.

Sep. 1970

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

Oct. 1990

Completed construction of “Grandeur Tosu,” the firstfor-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 the first urban redevelopment
project

Jan. 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.

Oct. 2015

Established Marimo Consulting Co., Ltd.
Made Yurick Home Co., Ltd. a subsidiary through M&A

Jul. 2016

Listing of marimo Regional Revitalization REIT, Inc.

Nov. 2016

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

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 inthe same month)

Jan. 2018

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

Jan. 2020

marimo Regional Revitalization REIT, Inc. concluded
2nd public offeringmarimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 33

Marimo Co., Ltd. will mark its 50th anniversary in 2020
Marimo established as a design office becomes a comprehensive real estate developer
Current major business development by Marimo group Domestic for-salecondominium businessWe supply residences required in each land by
carefully examining the necessary specification andquality for each region.
Hiroshima City,
Hiroshima

Miyazaki City, Miyazaki■Polestar Miyazaki The Residence Urban redevelopment
business

Contributed to the revitalization of city center by utilizing
the know-how gained in for-sale condominium businessand accumulating track records in many regional cities

・Kumamoto City’s Sakuramachi District Class 1
Urban Area Redevelopment Project

 REIT business

Shibuya Ward, Tokyo■Polestar Ujina Kaigan Harbor View

■Polestar Sakae Tower Residence■Polestar Tokiwa Tower Residence

・ Sakae/Tokiwa District Category 1 Urban
Redevelopment Project “Suncle”

Improved not only real estate value throughthe renovation of retail stores, residences andoffices but also profitability and sustainability
by implementing own leasing■Ebisu-Nishi
Itchome Building

Hiroshima City,
Hiroshima Overseas business■Hotel Vista
Hiroshima
・Selected Vista HotelManagement Co., Ltd. as
the managementcompany・Developed a limitedservice hotel that can
respond also to tourism,
events, etc. whiletargeting mainly
business users

・Also acquired a narrow
land which is difficult to be
developed at a single site
after negotiating with theowner of the adjacent land
・Constructed a retailbuilding on the site andinvited DAIICHIKOSHO,the leading company in the
karaoke industry, as a new
tenantSasebo City, Nagasaki

Kumamoto City,
Kumamoto■The Kumamoto Gardens

 Income property
direction businessConducted sales of residences with interior design inoverseas market. Developed “Polestar Garden” series with a
total of 12 for-sale condominiums and 853 units in China
China■Polestar Garden

・First project developed in Suzhou Industrial Park（853 units）

China■Shangya Yuan

・ Second project currently in progress inWujiang District (1,260 units)

Provided support including the supply of properties as a sponsor of marimo Regional Revitalization REIT, Inc.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 34

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

Provision of property information

CM support
PM operations

Financialadvisory andassistance

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

Licensing of trademark
SponsorSupporting companies

The Mie Bank

Marimo Co., Ltd.

Your family bank
The Michinoku Bank

Copyright © Marimo Asset Management Co., Ltd.

The Tokyo Star BankReBITA Inc.

The Chugoku Bank

Kansai Mirai Banking

The Hiroshima Bank

The Ashikaga Bank

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 35

ESG Initiatives
Marimo Group’s Initiatives

Environment

Conducted bymarimo REIT

■Initiatives to reduce environmental burden

SocialConducted bySponsor■Support for School Construction in Emerging Nations (construction costs, backpacks, stationary, etc.)**

In addition to promoting the efficient use of energy in our owned assets by adopting
LED lighting, using thermal insulation paint, and exchanging air conditioners, theGroup is endeavoring to reduce CO2 emissions through energy conservation.

* Au Ampil Elementary School, Cambodia* Bour Secondary School Cambodia■Nonprofit Organization (NPO) Hiroshima Hirogaru Deai-no-Hiroba JUNOALLMRR Itoshima(adopted LED lighting)

MRR Delta Building(exchanged air conditioners)

Governance

JUNOALL is an organization that supports partners who are looking for marriage,
with a proven track record across Japan. As the “low birthrate issue” has now
become a reality, solutions to the low birthrate issue is a pressing concern,
especially when thinking of improving the vitality of communities. JUNOALL’s desire
is to create a better future for our society. Marimo Co., Ltd. agrees with this objective,
and supports the establishment and the activities of the NPO Hiroshima Hirogaru
Deai-no-Hiroba JUNOALL in Hiroshima.

■Human resources development training
In addition to the regular governance structure, monthly training sessions are held for all full-time employees on topics such as“fiduciary duties,” “system risk management,” “ESG investment,” and “dealing with anti-social forces,” etc., depending on thecircumstances.

■Sponsors’ same-boat investments
Same-boat investments are conducted in order to share the profits of marimo REIT’s unitholders and Marimo Group.
Marimo Co., Ltd. holds 16,031 investment units of marimo REIT (ratio: 10.5%). (as of January 2020)
Copyright © Marimo Asset Management Co., Ltd.

Photo for reference

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 36

B-to-C EC Market Size in Japan
Scale of B-to-C EC Market and Composition Ratio of Each Business Sector

A. Retail sector

2017

2018

8,600.8 billion yen

9,299.2 billion yen(EC ratio

5.79%)(EC ratio

6.22%)(billion yen)

8.12%

18,000（%）

20,0006.22
5.79

6,647.1 billion yen

11.6%

C. Digital-related sector

1,947.8 billion yen

2,038.2 billion yen

4.6%

17,984.5 billion yen

9.0%

14,0004.37

10,0004.75

517,985 4

3.85

12,000

2.84

3.17

3.40

3

8,000

A. Retail sector

6,000

(1)

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

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

Cosmetics, pharmaceutical products(5)

Sundries, furniture, interior(6)

Clothing, accessories, etc.

(7)

Automobiles, motorcycles, auto parts, etc.

(8)

Office products/stationery(9)

Others7
6

5.43

16,0005,956.8 billion yen

16,505.4 billion yen*EC ratio is for the retail sector

Growthrate

B. Service-related sector

Total

Changes in Scale of B-to-C EC Market and EC Ratio (Note 2)

12,797

9,513

7,788

4,000

8,459

15,1362
16,505

13,775

11,166

1

2,000
0

0
2010

2011

2012

2013

2014

Scale of EC market (billion yen)

2015

2016

2017

2018

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: “FY2018 Survey of Infrastructure Development Status for Data-driven Society in Japan (ECommerce Market Survey)” by Information Economy Division, Commerce and Information
Policy Bureau, Ministry of Economy, Trade and Industry

B. Service-related sector

C. Digital-related sector(1)

Travel Service(1)

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

Food service(2)

Fee-based music streaming(3)

Ticket sale(3)

Fee-based video streaming(4)

Financial service(4)

Online games(5)

Beauty service(5)

Others(6)

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

The scale of the B-to-C EC market is on an expanding trend,
but the EC ratio for the retail sector is 6.22%(Note 1) Business to consumer e-commerce is abbreviated as “B-to-C EC.”
Source: “FY2018 Survey of Infrastructure Development Status for Data-driven Society in Japan (E-CommerceMarket Survey)” by Information Economy Division, Commerce and Information Policy Bureau, Ministryof Economy, Trade and Industry

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 37

Residential Properties and Retail Facilities

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

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

（%）

3

105

2.5

100

2
95
1.5
90
1
85

〜
〜

0.5

80

0
Residential
Properties

Retailfacilities

Hotels

Offices
Offices

Source: Prepared by the asset manager based on the Bank of Japan’s Corporate Service Index and theStatistic Bureau’s (Ministry of Internal Affairs and Communications) Consumer Price Index(from 2000 to 2019).

Change in Annual Sales of Various Retailers

HotelsResidential

Change in Sales in the Retail Industry Overall and in Daily Necessities

（%）
150

Retail facilities

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

Convenience
Stores(trillion yen)50

(trillion yen)
146

45

144

40

142

140

35
130

Drug stores

140

30

138

25
120

136

20

134

15
110
Hardware stores
100

〜
〜

132

5

130

0
Department stores

90

128
2007

2008

2009

2010

Retail industry total (right axis)

2010
2011
2012
2013
2014
2015
2016
2017
2018
Source: Prepared by the asset manager based on data from the Ministry of Economy, Trade andIndustry’s Current Survey of Commerce, Japan DIY Industry Association and Japan Associationof Chain Drug Stores’ FY2017 Japan Drug Store Survey (2010 = 100).

Copyright © Marimo Asset Management Co., Ltd.

10

2011

2012

2013

2014

2015

2016

Textiles, apparel and personal effects

2017

2018

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. 7th FP Presentation Material l 38

Offices

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

Hiroshima City

Assumed contracted rents％

Vacancy rate
％

(yen)

6

15,00014,540

6

13,68013,9705
4

14,0003.7(yen)
12,0005.1
3.9

12,5904

3.2 3.3 3.0

12,0903
2

10,890 11,520
11,08011,000 10,650

3

10,0001

12,0002.3
1.1

1

0.7 0.5

2.8 3.0 2.8

0

9,000
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
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

9,000

〜
〜

0
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
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

Vacancy rate

8,500
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
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

％

3
2
1

6

15,19014,48015,0005
13,59012,94012,27011,640
11,25012,00010,92011,000 10,550

3.2

413,000

2.4

2.1
1.0

0.6 0.4 0.5

0.2

0.6

0
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
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

Assumed contracted rents％

15,85014,0004

Vacancy rate(yen)
16,0004.7

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
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

Nagoya City

Assumed contracted rents

6

10,00010,440
10,25010,060
9,920
9,740

9,500

Fukuoka City

5

10,500

2.1

2

〜
〜

10,89010,670
10,54011,0003.2

0.9 0.8 0.9
0.3

11,60011,42011,5005

13,36013,000

3.3

Assumed contracted rents(yen)
14,000

5.2
4.4 4.2

13,5004.1 3.93

1.2 1.0 1.0

1

9,000

〜
〜
8,000

11,50011,000〜〜0
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
2015 2015 2016 2016 2017 2017 2018 2018 2019 201912,10012,30012,05011,95012,000 11,850

1.8
213,25012,45012,90012,70013,0003.4

12,50010,00013,70010,500Q1 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
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

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
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

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. 7th FP Presentation Material l 39

Hotels

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

Steady performance of occupancy
rate of business hotels

Total Number of Lodgers by Year(2016 to 2018; thousand people)

Occupancy Rate by Facility Type

80.0%

(Thousand people)

UP 31.5％

75.7%
72.5%

79.2%

78.7%

79.5%

79.9%

74.2%

74.4%

75.3%

75.3%

60.3%

59.7%

60.5%

61.1%

56.0%

56.9%

37.0%

37.1%

37.5%

2015

2016

2017

77.3%
72.1%

69.5%

70,000
70.0%

67.3%

60,00050,000UP 20.3％

40,00030,000

60.0%

57.4%
54.8%

45,65452,96555.2%

60,042
52.3%

50.0%

20,00023,731

10,00025,037

54.0%

40.0%

Regional
地方areas2016年
2016Tokyo metropolitan
area
東京圏
2017年
2017

2018年
2018

35.5%
33.4%

〜
〜

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.

35.2%

39.0%

30.0%
2012

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

58.3%

48.0%

28,547

0

57.5%

2013

2014
Total

RyokanResort hotels

Business hotels

2018年

City hotels

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 40

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

 marimo REIT decides whether it will execute dividends in excess of earnings and theamount for the respective fiscal period after verifying the following (1) and (2)Verification (2) Amount of dividends in excess of earnings

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

30% of depreciation or less and 75% of payout ratio* or less
(The figure is the actual amount of the 7th FP)*Total amount of dividends (including dividends in excess of earnings) 7th FP results＝75.0%Net income + depreciation(million yen)

Retained earnings(million yen)

Real estateappraisal value atthe end of FP
29,479Total planned
amount of capital
expenditure for the
next FP
151
Total book valueof real estate,etc.
24,559Depreciation
220
30% or less

Net income
398

107

55.5％

Capital expenditure 32

14.7％

Dividends in excess of earnings

65
Dividends ofearnings
398

29.8％
Distribution(Note) The above figures are as of the end of the 7th 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. 7th FP Presentation Material l 41

Portfolio Map (as of December 31, 2019)
Investment Ratio by Type(based on acquisition price)

Investment Ratio by Region(based on acquisition price)

Focusing on
stability

Tokyo
metropolitan
area 14.3%

Office8.0%
Residential
45.2%

Hotel 3.0%

Kyushu/Okinawa
39.9%

Ratio ofRegional areas

Residential
Retail

85.7%

89.1%

Focusingonprofitability

Aim to create a diversified
portfolio nationwide to
reduce risk from disasters

Kinki 2.0%

Chugoku/
Shikoku 15.6%
Hokkaido/Tohoku
14.3%

Tokai 13.9%

Retail 43.9%

Average Remaining Lease Period(based on rent) ( * ) （※）
20 years or
15 years to moreless than 20 7.0%
years
8.5%

Less than 5
years
25.4%

Composition Ratio of Types ofLease Agreements (based on rent)

Normal lease
20.9%

Fixed-term
land lease
11.9%

Average
Remaining
Lease period

Ratio offixed-termbuilding/landlease

9.1 years

79.1%
5 years toless than 10
years
59.1%

* “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.

Fixed-termbuilding lease
67.2%*”Property No.” on the map of Japan indicates a number given to each property in marimo REIT’s portfolio, which is acombination of categories for “investment target” and “investment ratio by region.” As to “investment target,” R refers
to residential properties, C to retail facilities, H to hotels and O to offices, while p refers to regional areas and t to
Tokyo metropolitan area. For property names, please refer to “Portfolio List” on page 28/29.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 42

Photos of Properties (fiscal period ended December 2019)
Residential properties (12 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 KamimaezuⅡ

Retail facilities (11 properties)

Hotels (1 property)

MRR Omuta

Tarumiekimae Gold Building

Foodaly Aoba Store

Yamada Denki Tecc Land
Togitsu Store

Yamada Denki Tecc Land
Mihara StoreMRR Kumamoto

MRR Sasebo

Route-Inn Ichinomiya Ekimae

Offices (2properties)
MRR Delta Building

MRR Itoshima

MRR Akita

Copyright © Marimo Asset Management Co., Ltd.

Supercenter TRIAL Togitsu Store(land ownership interests)

PLEAST Hakata Gion Bldg.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 43

Balance of Individual Properties (1) (Ended December 31, 2019)
Investment area

Regional area

Property no.

Rp-01

Rp-02

Rp-03

Property name

ArtizA Sendai
Kakyoin

ArtizA
Kamimaezu

ArtizA Hakata
Premium

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Acquisition price

Price
Investment ratio
information

Rp-08

ArtizA HigashiArtizA
ArtizA Hakataeki- ArtizA HigashiKamimaezu II ArtizA Chiyoda
MinamiBetsuin
ShimadaAug. 1, 2016

Jun. 1, 2017

Jan. 23, 2018

Jan. 23, 2018

Jan. 4, 2019

400

1,060

500

640

720

980

700

(%)

10.9

1.6

4.2

2.0

2.6

2.9

3.9

2.8

387
1,096.48
1,071.56

1,001
3,804.39
3,642.12477
1,691.50
1,667.00

630
1,336.50
1,311.75

722
1,557.90
1,457.43979
2,062.06
2,035.94

711
1,809.60
1,705.20

97.7

95.7

98.6

98.1

93.6

98.7

94.2

(m2)

Leasing Leased area
information(Note 1)

(m2)

2,620
9,810.37
9,587.13(Note 1)

(%)

97.7

(million yen)

(1) Number of operating days
(2) Total lease business revenue (thousand yen)
Lease businessrevenue
Other lease businessrevenue(3) Total lease business expenses (thousand yen)

Balance(Note 2)

Rp-07

Rp-06

2,730

(Note 1)

Occupancy rate

Rp-05

(million yen)

Leasable area

Period-end book value (Note 1)

Rp-04

184

184

184

184

184

184

184

184

132,918

17,812

49,20323,01022,37324,73035,24525,528

128,959

17,37547,52322,44022,01023,81834,68524,380

3,958

436

1,680

569

362

912

559

1,148

19,802

4,021

10,940

4,983

4,827

5,840

6,645

3,724

Management fees

8,204

1,450

3,414

1,576

1,595

2,393

2,182

2,436

Taxes and public dues

7,684

1,341

3,260

1,561

1,619

1,751

2,573

－

Utility costs

908

152

427

312

192

181

181

167

Repair costs

2,274

732

3,257

1,155

234

575

217

281

Insurance fees

321

47

127

52

66

64

86

56

Trust fees
Other lease business
expenses(4) NOI ( = (2) – (3) )

220

225

220

220

225

225

225

225

190

72

231

105

893

647

1,179

557

(thousand yen)

113,115

13,791

38,26318,027

17,546

18,89028,60021,804(thousand yen)

30,066

4,490

17,132

7,279

6,569

6,238

9,170

7,622

(thousand yen)

83,0499,300

21,131

10,747

10,976

12,652

19,42914,181(5) Depreciation(6) Lease business income( = (4) – (5) )(7) Capital expenditures(thousand yen)

108

－

565

1,103

－

－

－

－

(8) NCF ( = (4) – (7) )(thousand yen)

113,007

13,791

37,697

16,923

17,546

18,89028,60021,804(Note 1) Figures are as of the end of the 7th Fiscal Period.
(Note 2) The balance is for the 7th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 44

Balance of Individual Properties (2) (Ended December 31, 2019)
Investment area
Property no.

Regional area
Cp-01

Cp-02

Cp-03

Cp-04

Property name

MRR
Omuta

TarumiekimaeGold Building

Foodaly Aoba
Store

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Acquisition price(million yen)Price
information Investment ratio

(%)

Cp-05

Cp-06

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

Aug. 1, 2016

Aug. 1, 2016

1,265

500

250

2,000

950

－

5.1

2.0

1.0

8.0

3.8

－

476
678.57678.57228
1,729.30
1,729.30

1,893
11,579.19
11,579.19

919
5,998.15
5,998.15

－
－
－

100.0

100.0

100.0

100.0

－

Leasable area

(Note 1)

(m2)

Leasing Leased area
information(Note 1)

(m2)

1,211
6,485.11
6,485.11(Note 1)

(%)

100.0
184

184

184

184

184

179

(thousand yen)

50,693

21,10016,308

*

*

7,590

Lease business revenue

50,647

19,432

16,308

*

*

7,590

Other lease business revenue

46

1,667

－

－

－

－

Period-end book value (Note 1)

Occupancy rate

(million yen)

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

10,662

3,526

3,580

*

*

799

Management fees

2,902

1,176

489

*

*

273

Taxes and public dues

(3) Total lease business expenses

Balance(Note 2)(thousand yen)

4,780

718

1,110

8,678

3,032

294

Utility costs

81

1,332

－

－

－

－

Repair costs

290

25

－

－

－

－

Insurance fees

185

20

55

292

185

－

Trust fees
Other lease business expenses

225

220

220

220

225

216

2,197

31

1,706

16

3,853

14

(4) NOI ( = (2) – (3) )(thousand yen)

40,031

17,574

12,727

*

*

6,790

(5) Depreciation(thousand yen)

14,649

4,981

3,922

18,6956,303－(6) Lease business income ( = (4) – (5) )(thousand yen)

25,381

12,592

8,804

*

*

6,790

(7) Capital expenditures(thousand yen)

4,525

－

－

－

－

－

(8) NCF ( = (4) – (7) )(thousand yen)**
35,505
17,574
12,727
6,790* 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 7th Fiscal Period. Furthermore, the leasable area and leased area of Yamada Denki Tecc Land Mihara Store and Yamada Denki Tecc Land Togitsu
Store include the areas of the 1F automobile garage (piloti-type parking lot section under the building) and the warehouse building.
(Note 2) The balance is for the 7th Fiscal Period.
(Note 3) Seven-Eleven Kofu Aioi 1-chome Store (land ownership interests) was disposed as of December 27, 2019.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 45

Balance of Individual Properties (3) (Ended December 31, 2019)
Investment area
Property no.

Price
information

Cp-09

Cp-10

Cp-11

Property name

MRR
Kumamoto

MRR
SaseboMRR
Itoshima

MRR
Akita

Acquisition dateJan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

Jan 23, 2018

Jan. 23, 2018

Acquisition price(million yen)

Investment ratio

(%)

2,120

990

900

840

1,150

8.5

4.0

3.6

3.4

4.6

990
5,070.01
4,871.10

911
2,842.78
2,842.78853
8,416.10
8,416.10

1,170
13,719.74
13,719.74

96.1

100.0

100.0

100.0

Leasable area

(Note 1)

(m2)

Leased area

(Note 1)

(m2)

2,146
11,157.71
11,018.04

Occupancy rate

(Note 1)

(%)

98.7

(million yen)

184

184

184

184

184

121,327

56,24041,007

32,106*

Lease business revenue

104,982

48,64632,855

32,106*

Other lease business revenue

16,344

7,593

8,151

－

－

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

51,388

16,596

13,906

4,064*

Management fees

15,709

5,828

3,452

963

*

Taxes and public dues

10,773

4,490

2,144

1,568

3,073

Utility costs

18,722

5,794

6,705

－

－

Repair costs

5,328

50

1,180

83

－

Insurance fees

521

208

120

25

－

Trust fees

250

225

250

225

225

Other lease business expenses

83

－

53

1,200

－

(3) Total lease business expenses

Balance(Note 2)

Cp-08

Supercenter
TRIAL TogitsuStore(land ownershipinterests)

Period-end book value (Note 1)

Leasing
information

Regional area
Cp-07

(thousand yen)

(4) NOI ( = (2) – (3) )(thousand yen)

69,93839,644

27,101

28,041*(5) Depreciation(thousand yen)

20,240

6,565

3,411

994

－

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

49,69733,07823,69027,047*(7) Capital expenditures(thousand yen)

18,915

148

－

－

－

(8) NCF ( = (4) – (7) )(thousand yen)

51,02339,49627,101

28,041** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) Figures are as of the end of the 7th Fiscal Period.
(Note 2) The balance is for the 7th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 46

Balance of Individual Properties (4) (Ended December 31, 2019)
Investment area
Property no.

Regional area

Tokyo metropolitan area
Rt-02
Rt-03

Op-01

Op-02

Rt-01

Property name

Route-Inn
Ichinomiya
EkimaeMRR Delta
Building

PLEAST
Hakata Gion
Bldg.

ArtizA Ikejiri

ArtizA Tsuzuki
Chuo Koen

ArtizA Kawasaki
East

ArtizA
SobudaiAcquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

1,200

800

610

Acquisition price

Hp-01(million yen)Price
information Investment ratio

(%)

740

1,050

Rt-04

780

1,130

3.0

4.8

3.2

2.4

4.2

3.1

4.5

1,156
3,053.57
3,053.57

763
1,931.47
1,931.47

606
641.16576.67

1,079
3,731.75
3,537.81768
3,055.80
3,055.80

1,167
5,703.73
5,630.57

Leasable area

(Note 1)

(m2)

Leasing Leased area
information(Note 1)(m2)

682
3,860.81
3,860.01(Note 1)

(%)

100.0

100.0

100.0

89.9

94.8

100.0

98.7

184

184

184

184

184

184

184

*

56,04830,00017,94842,28630,16654,527*

51,19930,00017,17540,801

30,00053,325

－

4,849

－

773

1,484

166

1,202

*

16,067

5,428

4,006

10,1303,933

22,214

Period-end book value (Note 1)

Occupancy rate

(million yen)

(1) Number of operating days
(2) Total lease business revenue
Lease business revenue
Other lease businessrevenue(3) Total lease business expenses(thousand yen)(thousand yen)Management fees
Taxes and public dues

Balance(Note 2)

*

3,751

2,319

1,594

3,044

1,154

4,213

3,950

5,058

2,443

774

2,875

2,313

3,720

Utility costs

－

5,546

－

200

270

－

457

Repair costs

－

1,090

232

1,180

3,559

154

12,877

Insurance fees

137

170

94

31

129

86

216

225

220

220

225

225

225

225

－

230

119

－

26

－

504

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

39,98024,571

13,941

32,15526,23232,312(5) Depreciation(thousand yen)

10,824

14,843

6,802

2,469

3,534

5,055

8,006

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

25,137

17,768

11,472

28,621

21,17724,306(7) Capital expenditures(thousand yen)

－

340

－

291

2,585

－

3,734

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

39,64024,571

13,65029,57026,232

28,578* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) Figures are as of the end of the 7th Fiscal Period.
(Note 2) The balance is for the 7th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 47

Balance Sheet and Statement of Income
for the 7th Fiscal Period
Statement of Income
for the 7th fiscal period

Balance Sheet for the 7th Fiscal Period (December 31, 2019)
Current assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings in trust

1,359,172
1,878,767
7,614
53,837－4,654
3,304,045

11,675,924

Accumulated depreciation(1,259,445)

Buildings in trust, net
Structures in trust
Accumulated depreciation

10,416,478
270,705(37,493)

Structures in trust, net
Machinery and equipment in trust

233,212
118,437

Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust(18,835)
99,602
29,976

Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land 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(4,909)25,067
13,780,877
24,555,237
3,839
1,769
5,609
60,97914
10,000

Lease and guarantee deposits in trust

13,500Total investments and other assets

84,493

Total non-current assets
Deferred assets
Investment unit issuance expenses
Total deferred assets
Total assets

24,645,340
11,258
11,25827,960,644

Copyright © Marimo Asset Management Co., Ltd.

Liabilities
Current liabilities
Operating accounts payable
Short-term loans
Current portion of long-term loans
payableAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Current portion of tenant leasehold
and security 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’capitalAllowance for temporary
difference adjustments
Other deduction fromunitholders’ capital
Total deduction fromunitholders’ capital
Unitholders’ capital, net
Surplus
Unappropriated retained
earnings (undisposed loss)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets

73,160－30,000140,493892
28,206
173,414
48,121
5,614
499,90213,742,500
1,212,964
18,28054
14,973,800
15,473,703

12,412,622(6,533)(317,303)(323,837)
12,088,785
398,155
398,155
12,486,940
12,486,940
27,960,644

From July 1, 2019 to
December 31, 2019

Operating revenue
Lease business revenue
Other lease business revenue
Gain on sale of real estate, etc.
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Asset custody fee
Administrative service fees
Directors’ compensations
Taxes and dues
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Interest on refund
Insurance income
Total non-operating income
Non-operating expenses
Interest expenses
Borrow ing related expenses
Amortization of investment unit issuance
expenses
Total non-operating expenses
Ordinary income
Net income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forw ard
Unappropriated retained earnings(undisposed loss)

1,073,574
51,9083,818
1,129,301
479,297
101,589
1,397
12,1902,400
13,75535,957646,588482,713
14
24
846
885
54,397
24,586
5,629
84,613398,984
398,984894
0
894
398,08966
398,155

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 48

Status of Investment Unitholders (as of end of December 2019)
Ratio of Unitholders by Number(8,445 unitholders in total)

Name of unitholder

Rank

Financial
institutions（0.5％ → 0.5％）
ForeignCompanies, etc.

Number of
Ownership
investment
ratio
units

1

Marimo Co., Ltd.

13,950

10.5%

2

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

10,547

8.0％

3Japan Trustee Services Bank, Ltd.
(trust account)

7,866

5.9％

4

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

6,817

5.2％

5

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

4,437

3.4％

6

SMBC Nikko Securities Inc.

2,139

1.6％

7

Credit Suisse Securities Japan Ltd.

1,722

1.3％

8

SBI SECURITIES Co., Ltd.

1,654

1.2％

9

JPMorgan Securities Japan Co., Ltd

1,565

1.2％

10

Yonezawa Shinkin Bank

1,450

1.1％

52,14739.4%（0.6％ → 0.7％）
Otherdomestic

Individuals,

entities

others

（1.5％ → 1.5％）（97.4％ → 97.3％）

Ratio of Investment Units by Number(132,340 units in total)
ForeignCompanies,etc.
（3.5％ → 5.0％）
Otherdomestic
entities（15.7％ → 15.5％）

Individuals,
others（50.2％ → 46.4％）

Financial (Note 1)
institutions（30.6％ → 33.1％）(Note 1) The ratio for financial institutions includes the ownership of securities companies.

Copyright © Marimo Asset Management Co., Ltd.

Total

(Note 2)

(Note 2) Calculated by dividing the 52,147 investment units owned by the top 10 unitholders by the 132,340 investment
units issued and outstanding and rounding to the first decimal place.

marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 49

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marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 51

Regional areas have hidden potential

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marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 52