11th Fiscal Period (Ended December 31, 2021)

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

(Asset Manager) Marimo Asset Management Co., Ltd.

Table of Contents
Overview of Third Public Offering3

 Overview of Third Public Offering andChange in Investment Unit Price Investment Highlight Assets (to be) Acquired Change in Portfolio Overview of Portfolio (schedule for April 1, 2022)
 Map of Assets (to be) Acquired Overview of Asset Replacement
 Multiple Property Acquisition Channels

Summary of Financial Results for11th Fiscal Period
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12

11th Fiscal Period Financial Highlights
Impact of COVID-19
11th Fiscal Period Forecasts and Results
12th/13th Fiscal Periods Earnings Forecasts
Increase in Dividends per Unit
Changes in Dividends per Unit and NAVManagement Results for11th Fiscal Period

19

Pursuing Increase of Asset Value (1)Pursuing Increase of Asset Value (2)Maintaining Stable Average Occupancy Rate
Financial Status (period ended December 2021)
IR Activities
Change in Asset Size
Sponsor Pipeline
Investment Strategy
Portfolio Building Policy

Copyright © Marimo Asset Management Co., Ltd.

Newly Acquired Properties
ArtizA Kitadorimachi
Starship Kobe Gakuentoshi
ArtizA Mito Izumicho
ArtizA Kokura
ArtizA Kurashiki
Komyoike Act
Big B Higashishukugo
Ikeshita ES Building

Appendix
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29

38

ESG Initiatives
Basic Principle of marimo REIT
Overview of the Sponsor, Marimo
System of Sponsor and Supporting Companies
Portfolio Map
Photos of Properties
Portfolio List (1)Portfolio List (2)Dividends in Excess of Earnings
B-to-C EC Market Size in Japan
Residential Properties and Retail Facilities Market Data
Offices Vacancy Rate and Contracted Rents
Hotels Occupancy Rate by Facility TypeBalance of Individual Properties (1)Balance of Individual Properties (2)Balance of Individual Properties (3)Balance of Individual Properties (4)11th Fiscal Period Balance Sheet and Statement of Income
Status of Investment Unitholders
Notes (1)Notes (2)Disclaimer

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 2

01

Overview ofThird Public OfferingOverview of Third Public Offering andChange in Investment Unit Price
Steadily increased investment unit price, and conducted the third public offering
Offering form

Total offering amount

Number of new
investment units issued
and outstanding

Primary offering andthird-party allotment

4,855 million yen(including third-party allotment)

Change in investment unit price(compared with the listing date)

Third PO
January 12, 2022
Issue price: 127,627 yen

(%)

170.0
160.0
150.0

Second PO
January 14, 2020
Issue price: 125,580 yen

First PO
January 15, 2018
Issue price: 109,005 yen(January 31, 2022)

140.0

39,546 units(including third-party allotment)(Planned)
property acquisition
price9,600 million yen

Issue price

127,627 yen

130.0

Investment
unit price is

At listing
July 29, 2016
81,500 yen

51.4％
higher than
the TSR REIT index

120.0
110.0

100.0
90.0

Ratio of same-boat
investment by sponsor

8.8%

80.0
marimo Regional Revitalization REIT
70.0

~
~

(Lead manager)

Underwriter

SMBC Nikko Securities Inc.
Nomura Securities Co., Ltd.
Okasan Securities Co., Ltd.
Mizuho Securities Co., Ltd.
Daiwa Securities Co. Ltd.
SBI Securities Co., Ltd.

TSE REIT Index

60.0
At listing

End ofDec. 2016(End of 1st FP)

End ofJun. 2017(End of 2nd FP)

End ofDec. 2017(End of 3rd FP)

End ofJun. 2018(End of 4th FP)

End ofDec. 2018(End of 5th FP)

End ofJun. 2019(End of 6th FP)

End ofDec. 2019(End of 7th FP)

End ofJun. 2020(End of 8th FP)

End ofDec. 2020(End of 9th FP)

End ofJun. 2021(End of 10th FP)

End of
End ofDec. 2021 Jan. 2022
(End of 11th FP)(Note) 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 the closing 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.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 4

Investment Highlight
1. Securement of “stability” through the building of a relatively solid diversified
portfolio even under the COVID-19 pandemic
 Decrease in the ratio of retail facilities (44.9%→39.7%) and increase in the ratio of residences(46.1%→46.4%)
 Building of portfolio centering on carefully selected regional properties with stable occupancy rates

2. Securement of “profitability” through focused investments in properties withrelatively high yields mainly in regional areas
 Continue to conduct regional investments from which a yield higher than that in the Tokyo metropolitan
area (average appraisal NOI yield: 6.4%) can be gained Intend to implement asset disposition at a price exceeding the appraisal value, and return the gain onsale

3. Realization of “steady external growth” utilizing sponsor support and theasset manager’s original acquisition channel
 Eyeing an asset size of 40 billion yen by utilizing the asset manager’s original acquisition
channel in addition to sponsor support
 Diversification of acquisition channels and abundant pipelines
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 5

Assets (to be) Acquired
Realization of “steady external growth” securing “stability” and “profitability”
Number of properties

8

Total (planned)
acquisition price9,600 million yen

Total appraisal value

10,855 million yen

Residential

ArtizA Kitadorimachi

Averageappraisal NOI yield

Average appraisal NOI yield
after depreciation

6.0 ％

4.8 %
OfficeStarship Kobe Gakuentoshi

Big B Higashishukugo

Ikeshita ES Building

Retail facilities

ArtizA Mito Izumicho

ArtizA Kokura

Copyright © Marimo Asset Management Co., Ltd.

ArtizA Kurashiki

Komyoike Act

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 6

Change in Portfolio

Number of properties
Total(planned)acquisition priceTotal
appraisal value

End of 10th FP

11th FP and 12th FP
Disposed assets(ArtizA Hakataeki-Minami)

Assets (to be)acquired

Schedule forApril 1, 2022

32

-1

8

39

30,450

-500

9,600

39,550

million yen

million yen

million yen

million yen

36,506
million yen-580
million yen(as of end of 10th FP)

10,85546,822

million yen

million yen

Averageappraisal NOI yield

6.6%

6.5%

6.0%

6.4%

Averageappraisal NOI yield
after depreciation

5.0%

3.7%

4.8%

4.9%

LTV to total assets

49.2%

Copyright © Marimo Asset Management Co., Ltd.

48.9%

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 7

Overview of Portfolio (schedule for April 1, 2022)
 Portfolio Investment Ratio

 Investment Ratio by Type and Investment Ratio
by Region
Increasing residential ratio and further progress in nationwide diversification

A highly diversified portfolio
built by type and region
through progress innationwide diversification

Koshinetsu / Hokuriku / Kanto

Hotels

Offices

2.4%

12.0%

1.9%

6.6%

Retail facilities

By type

Chugoku / Shikoku

Residential
46.4%
46.1%

Kyushu / Okinawa(excluding Tokyo
metropolitan area)

28.7%

9.6%

Kyushu /Okinawa

32.8％

11.4%

28.7%

Hokkaido / Tohoku

By region
Tokai

11.5%

39.7%

14.5％
Kinki

11.9% Tokyo metropolitan 13.7%
area 17.4％

Hokkaido /Tohoku

11.5%

9.6%

2.1％

14.9％

44.9%

Koshinetsu /Hokuriku /
Kanto

12.8％

(excluding Tokyo metropolitan area)

5.5％

13.4%

 Portfolio PML Value(as of the end of October 2021 for J-REITs other than marimo REIT)

Built a diversified nationwide portfolio with low PML value enabling risk
management

Chugoku / Shikoku

11.4%
Simple average
across all J-REITs: 2.8%

Tokyo
metropolitan area

13.4%
Tokai

marimo REIT (schedule for April 1, 2022)

13.7%

1.4%

Kinki

11.9%

Residential
Retail facilities
Hotels
Offices

0

2.0

4.0

6.0

8.0

(%)

10.0

* PML value” refers to probable maximum loss caused by earthquakes.
There is no unified definition of PML, and simple comparison may not be appropriate as the definitionof PML value announced by each listed real estate investment corporation as of October 31, 2021,
are not necessarily the same.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 8

Map of Assets (to be) Acquired
Built a portfolio with high stability and profitability by realizing nationwide diversification
Kinki
Asset manager’s
original channel

Averageappraisal NOI yield

Averageappraisal NOI yield
after depreciation

6.0%

4.8%

Komyoike Act
2,040 million yen
6.2% / 5.1%

Koshinetsu / Hokuriku / Kanto (excluding Tokyo metropolitan area)
Sponsor development

ArtizA
Kitadorimachi
780 million yen
5.6% / 4.2%
Koshinetsu / Hokuriku / Kanto (excluding Tokyo metropolitan area)

Kinki

Asset manager’s
original channel

Sponsor development

Starship Kobe
Gakuen City
982 million yen
5.9% / 4.5%

Big B
Higashishukugo
1,750 million yen
6.6% / 5.4%

Cp-10
Cp-12

Chugoku / Shikoku

Rp-01

Koshinetsu / Hokuriku / Kanto (excluding Tokyo metropolitan area)
Warehousing

Asset manager’s
original channel

ArtizA Kurashiki
590 million yen
5.7% / 4.5%

Rp-11

Ct-02
Rt-01

Rt-03
Ct-01

Hp-01
Rp-09

Op-01

Rp-08

Rp-10

Cp-04
Cp-02

Op-02

Rp-02

Rt-04

Rt-02

Rp-05

Rp-12
Rp-07

Cp-09

ArtizA Mito
Izumicho
609 million yen
5.9% / 4.5%

Rp-06

Cp-08
Rp-03

Kyushu / Okinasa

Cp-01
Cp-11
Cp-07

Residential

Cp-03

Asset manager’s
original channel

ArtizA Kokura
1,849 million yen
5.4% / 4.1%

Cp-05

Retail facilities
Hotels
Offices

Tokai
Asset manager’s
original channel

Ikeshita ES
Building
1,000 million yen
6.0% / 5.6%

* The (planned) acquisition price and appraisal NOI yield/appraisal NOI yield after depreciation are indicated in red under the property name.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 9

Overview of Asset Replacement
Asset Disposition in Parts in
the 11th Fiscal Period and 12th Fiscal Period
First disposition(50% quasi co-ownership interest)
Disposition price:
350 million yen
Gain on sale:
120 million yen
Disposition date:
Dec. 22, 2021
(Delivery and settlement date)

Acquire 8 properties in 12th FP(schedule)

Second disposition(50% quasi co-ownership interest)
Disposition price:
350 million yen
Gain on sale:
120 million yen
Disposition date:Jan. 26, 2022
(Delivery and settlement date)
ArtizA
Kitadorimachi

Total gain on sale: 240 million ten

ArtizA Hakataeki-MinamiBook value: 460 million yen
Acquisition price: 500 million yen
Appraisal value (as of November 1, 2021) : 589 million yen
Total disposition price: 700 million yen

 Reduce the risk of earnings fluctuations resulting from the expected
increase in costs such as repair costs and capital expenditure Profitability improved due to the implementation of valueenhancement work, and assets were disposed after increasing the
NOI yield from that at the time of acquisition
 Intend to post 240 million yen of gain on sale with the disposition ata price significantly exceeding the book value and the most recent
real estate appraisal value, and return them to unitholders

Copyright © Marimo Asset Management Co., Ltd.

ArtizA
KokuraArtizA
Mito Izumicho
Other 5 properties

Acquisition price: 9,600 million yen
Appraisal value: 10,855 million yen

Assetreplacement
 Eye an asset size of 40 billion yen
with the acquisition of 8 properties
worth 9.6 billion yen
 Realize further progress innationwide diversification in theportfolio Improve stability and maintainprofitability by increasing the ratioof residential to 46.4% and building
a portfolio with an averageappraisal NOI yield of 6.4%

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 10

Multiple Property Acquisition Channels
Realization of flexible growth utilizing multiple property acquisition channels
Asset manager’s original channel

Sponsor support

 Three patterns of acquisition of the assets to beacquired Two patters of acquisition of the assets to beacquired(1) Acquisition through the transfer ofstatus(1) Acquisition of properties developed by
the sponsor• Acquisition by marimo REIT after the transfer ofthe buyer’s status by the sponsor• Acquisition of high-quality properties developedby Marimo
Asset manager’s
original channel

20.9%
ArtizA
Kurashiki

Big B
Higashishukugo

Komyoike Act(2) Acquisition via leasing company• Acquisition by marimo REIT
after bridge acquisition atleasing company

Total(planned)acquisition priceafter April 1, 2022

39,550
million yen

Sponsor support

ArtizA
Kitadorimachi

Starship Kobe Gakuentoshi(2) Utilization of warehousing function

79.1%• Acquisition at a flexible
timing, etc. will become
possible with thetemporary holding ofproperties by Marimo

ArtizA Kokura(3) Direct acquisition by marimo REIT froma third party• Direct acquisition through theconclusion of sale andpurchase contract by marimo
REIT
Ikeshita ES Building

Copyright © Marimo Asset Management Co., Ltd.

ArtizA
Mito Izumicho

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 11

02

Summary of
Financial Results for11th Fiscal Period

11th Fiscal Period

Financial Highlights (period ended December 2021)
 Disposition of 50% quasi co-ownership interest in ArtizA Hakataeki-Minami (over two fiscal
periods)
Dispose at a price significantly exceeding the appraisal value of 589 million yen, andreturn 120 million yen of gain on sale to unitholders

 Implemented large-scale repair work at ArtizA Sendai Kakyoin
Total construction cost including exterior wall tile repair work, rooftop waterproofing workand long sheet renewal work was 230 million yen
 Dividends per unit marked the highest level since listing at 3,924 yen

Disposition of ArtizA Hakataeki-MinamiBook value

460 million yen

Disposition price700

million yen

11th FP

350
12th FP350

LTV to total assets
End of 10th FP

49.2％

since
Dividends per unit (DPU)●● Highest
listing

End of 11th FP→ 48.9％million yen

million yen

0.3%(DOWN)

Forecasts forthe 11th FP (Note 1)

(UP)
15.4%

Results of
the 11th FP→3,9243,401 yen

yen
(UP)
0.51%

Dividend yieldEnd of 10th FP

5.39％

End of 11th FP→ 5.90％(Note) “The forecast for the 11th Fiscal Period” is the forecast in (REIT) Financial Report for the Fiscal Period Ended June 2021 announced on August 18, 2021 (including dividends in excess ofearnings).

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 13

Impact of COVID-19
Built a portfolio that is less susceptible to the impact of COVID-19

Changes in occupancy rates and factors

Number ofproperties

Residential

16

Status in 11th FP

 No clear impact

End of 10th FP

End of 11th FP

96.1%

95.9％ (-0.2%)

 Occupancy rate decreased slightly
due to temporary factors
98.6%

Retailfacilities

Hotels131

 3 requests for rent reduction (3 of the 55 tenants)
 Contracts signed for two new tenants(MRR Omuta, MRR Kumamoto) No clear impact(Route-Inn Ichinomiya Ekimae: Fixed rent type)

98.3％ (-0.3%)

 1 rent reduction request:
Finalized with no rent decrease 2 rent reduction requests:
Under negotiation
100%

100％ (±0%)

 No particular change in conditions, etc.

Offices2

 No clear impact
 Received a notice of move-out(PLEAST Hakata Gion Bldg.) (1 of the 31 tenants))⇒Move-out scheduled for April 2022

Copyright © Marimo Asset Management Co., Ltd.

100%

100％ (±0%)

 Continued full occupancy in the 11thFPmarimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 14

11th Fiscal Period

Forecasts and Results (period ended December 2021)(Unit: million yen)

Operating revenue(Note 2)

11th FP

Disclosed on
November 16, 2021

11th FP

Forecasts (Note 1)

Revised forecast

Results

(A)

(B)

(C)

1,281
557

Operating income (Note 2)

1,395
638

Variation(compared withinitial forecast)

Factors for variation frominitial forecast(Unit: million yen)(C) - (A)

1,402

+120

Operating revenue+120

Increase in gain on sale of realestate+111(A Hakataeki-Minami (Note 5)
Disposition in parts)

654

+96

Increase in rent

+6

(A Sendai Kakyoin, M Omuta, etc.)

445

Ordinary income (Note 2)444

Net income (Note 2)

534
533

551
550

+105
+105

Increase in income other thanthose listed above+3

Operating expenses-24

Increase in asset management
fee

-12

(amount of increase in profits, etc.)

EPU 23.7％ UP(Unit: yen)

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

①

2,913

Dividends in excess ofearnings per unit
Dividends per unit (DPU)
①＋②

3,604

+691

488

355

320

-168

3,401

3,850

3,924

+523

②

(including dividends in excess of earnings)

3,495(Note 1) Announced on August 18, 2021
(Note 2) Rounded down to the nearest unit

Copyright © Marimo Asset Management Co., Ltd.

(Note 3)

-5

Increase in expenses other thanthose above-7

Non-operating income+6

Incurrence of premium income+6

Non-operating expenses+2

Decrease in interest expense+2(Note 4) + indicates net income increasing factor- indicates net income decreasing factor

DPU 15.4％ UP(Note 3) Payout ratio before adjustment
Payout ratio after adjustment
Dividend ratio (against ratio of depreciation)

Increase in commission fee

78.1%
75.0%
19.6%

(Note 5) A and M refer to “ArtizA” and “MRR”,
respectively.
The same applies hereinafter.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 1512th Fiscal Period (ending June 2022) and 13th Fiscal Period (ending December 2022)

Earnings Forecasts (Note 1)(million yen)

Operating revenue (Note 2)

11th FP

12th FP

Results

Forecasts

(A)

(B)

1,402

1,765

Variation(B )-(A )+363

13th FP
Forecasts
(C)

1,700

Variation(C )-(B )-65

Assumptions for the forecasts forthe 12th FP and 13th FP

Forecasts for 12th FP
Operating revenue+363

Increase in rent, etc.

+377

(8 properties acquired upon the third PO, etc.）

Decrease in rent, etc.

-20

(A Hakataeki-Minami Disposition in parts)

Operating income (Note 2)
Ordinary income (Note 2)

Net income (Note 2)

654
551
550

825
675
674

+171

+124
+124

750
597
596

-74

-77
-77

Dividends per unit (EPU)

②

3,604

3,499

-105

3,095

-404

①＋②

-191

Increase in expenses, etc.

-164

Increase in asset management fee-20

Increase in expenses other than those
above

-7

Non-operating income, expenses, etc.

-33

Increase in interest expense-22

Increase in expenses other than those
above

-11

Operating revenue-65

Absence of gain on sale of real estate-111

Increase in rent, etc.

+59

(8 properties acquired upon the third PO Daily rent, etc.)

320

316

-4

434 +118

Dividends per unit (DPU)(including dividends in excess ofearnings)

Operating expenses

Forecasts for 13th FP①

Dividends in excess ofearnings per unit

+6

(8 properties acquired upon the third PO, etc.)(million yen)(excluding dividends in excess ofearnings)

Increase in income other than the above

3,924(Note 3)(Note 1) The forecasts for the 12th Fiscal Period and 13th Fiscal
Period do not guarantee actual results.
(Note 2) Rounded down to the nearest unit

Copyright © Marimo Asset Management Co., Ltd.

3,815

-109

3,529

-286

(Note 4)(Note 3)(Note 4)
Payout ratio before adjustment 78.1% Payout ratio before adjustment 76.0%
Payout ratio after adjustment 75.0% Payout ratio after adjustment 75.0%
Dividend ratio
Dividend ratio(against ratio of depreciation) 19.9% (against ratio of depreciation) 26.9%

Decrease in income other than those above-13

Operating expenses-8

Increase in expenses, etc.

-15

(8 properties acquired upon the third PO, etc.）

Decrease in expenses other than those
above

+7

Non-operating income, expenses, etc.

-3

Increase in interest expense-2

Increase in expenses other than those
above

-1

(Note 5) + indicates net income increasing factor- indicates net income decreasing factor

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 16

Increase in Dividends per Unit
Dividends per unit for the 12 FP is expected to increase,
while returning profits to unitholders
 Change in Dividends per Unit
Disposition (1)Disposition (2)ArtizA Hakataeki-Minami
Disposition of 50% quasi
co-ownership interest

ArtizA Hakataeki-Minami
Disposition of 50% quasi
co-ownership interest(Disposed in the 11th FP)(Disposed in the 12th FP)

Gain on sale: 120 million yen

Gain on sale: 120 million yen

4,000

51

3,572

426

3,401

45

732

168

3,924
320

-431
431

Dividends in excess of earnings

608
1,130

Increase in expenses,
etc.

+1,130 -608

-94

-176

94

176

577

3,815
316

3,529

434

492

488 譲渡①

3,000

+577
3,417

9,600 million yen
6.0%+11.6%
Decrease in income due toproperty disposition-137 -168
137

Properties
acquired upon PO

Increase in expenses, etc.

Dividends in excess of earnings+45

Disposition (2)+732 +51

Non-operating income, etc.

5,000

Increase in rent, etc.

Disposition (1)(yen)

Planned acquisition price:

Average appraisal NOI yield:+15.4%

Dividends in excess ofearnings per unit (yen)ArtizA Kitadorimachi and7 other properties

Increase ininvestment unit

Dividends of earnings
per unit (yen)Asset acquisition

+449
2,000

3,604
3,146

3,499

2,925

2,913
Dividends per unit
+23.7%

1,000

0
Results
10th FP
Jun.2021

Announced on
August 18, 2021
Forecast

Copyright © Marimo Asset Management Co., Ltd.

Results

11th FP
Dec.2021

3,095

Dividends per unit
+19.6%

Announced on
August 18, 2021
Forecast

Announced on
January 4, 2022
Forecast
12th FP
Jun.2022

Announced on
January 4, 2022
Forecast
13th FP
Dec.2022

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 17

Change in Dividends per Unit and NAV
 Change in dividends per unit

+523 yen (+15.4%)

3,924
Dividends in excess ofearnings per unit

3,462

3,431

3,441

3,445

3,494

3,504

3,494

3,546

3,572
426

3,146

521

544

459

460

499

496

431

410

2,941

2,887

2,982

2,985

2,995

3,008

3,063

3,136

Dividends per unit
(excluding dividends
in excess of earnings)

977

3,401

320

(Unit: yen)

3,815
316

3,529
434

488

3,604

3,499

2,913

3,095

EPU (Dividends of earnings per unit)

432+691 yen (+23.7%)

545

Results

Results Results Results Results Results Results Results Results Results

1st FP 2nd FP 3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP 10th FP

Dec. 2016

Jun.2018

Dec. 2018

Jun. 2019

Dec. 2019

Jun. 2020

Dec. 2021

Jun. 2017

Dec. 2017

Initial予想
forecast

Results
実績

11th FP

Jun. 2021

Dec. 2021

Forecasts

Forecasts

12th FP

13th FP

Jun. 2022

Dec. 2022

 NAV per Unit
(Unit: yen)

160,000
140,000
120,000

122,535

125,547

128,027

134,365

136,800

139,212138,267

120,709

121,786

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

10th FP

11th FP

Jun. 2017

Dec. 2017

Jun.2018

Dec. 2018

Jun. 2019

Dec. 2019

Jun. 2020

Dec. 2021

Jun. 2021

Dec. 2021

113,679

119,105

1st FP
Dec. 2016

100,000
80,00060,00040,00020,00000(Note) The forecasts for the 12th Fiscal Period and 13th Fiscal Period do not guarantee actual results.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 18

03Management Resultsfor 11th Fiscal Period

Pursuing Increase of Asset Value (1)Efforts for increasing NOI■Efforts to reduce costs
 Cost reduction
 Cost reduction
 Cost reduction
 Cost reduction

Building maintenance contract reviewed (ArtizA Higashi-Betsuin, ArtizA Kamimaezu II)
Electronic breaker installed(ArtizA Kamimaezu II)
Electric power company reviewed(ArtizA Matsumoto)Use of LED lighting at common area
(ArtizA Matsumoto)

Cost reduction assumed to result in an increase in NOI by approximately 352 thousand yen in total(estimate per period)

Efforts for Improving Customer Satisfaction■Implementation of large-scale repair work (flagship property: ArtizA Sendai Kakyoin)
Total construction cost: 230 million yen
・ Location

Sendai City, Miyagi

・ Acquisition price

2,730 million yen

・ Appraisal value

3,930 million yen

・ Appraisal NOI yield

7.5%

・ Occupancy rate

96.1%

・ Total number of units
Exterior wall tile
repair work

Rooftopwaterproofing work

Long sheet
renewal work

New establishment offlooring for stairs

208 units

・ Exclusive area

30m²–76.92m²

・ Completion date

January 26, 2009

(Note) Appraisal value, appraisal NOI yield and occupancy rate are as of the end of December 2021

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 20

Pursuing Increase of Asset Value (2)Efforts for Improving Customer Satisfaction
 Changed from coin parking to monthly parking lot
・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ MRR Kumamoto
 Introduction of free Wi-Fi for indoor use・・・・・・ ArtizA Ikejiri

Change in Target Downtime (within 60 days)
Achievement Ratio
(%)

100
80

59.7

58.4
48.9

60
40

55.2 58.5

67.0
53.8

60.8

43.6

51.4

31.7

20
Changed tomonthly parking lot

Introduction offree Wi-Fi for indoor use

0

1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP 11th FP

Increase/Decrease in Residential Rent (at the time of replacement)
10th FP
17.0%
30 cases
11.4%
20 cases
5.7%
10 cases

Changes from the 1st FP to the 11th FP

11th FP
5.1%
9 cases

5.4%
9.5%
7 cases 4 cases

43.2%
76 cases

80.0

12.2%
9 cases

Increase
76/176
cases 6738.1%
cases

39.2%
Increase 2533.8%
cases

29/74
cases

39.8%
70 cases
39.8%
70 cases

(%)
100.0

21.6%
16 cases

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

Copyright © Marimo Asset Management Co., Ltd.

39.2%
29 cases

39.2%
29 cases

60.0

13.0 14.3 13.4 14.5 13.4 15.1 15.1 9.9 17.0
21.6
6.1
15.6
21.6
29.3 23.6
36.3
28.3
37.7
39.8
22.0
39.2
26.8

29 cases

40.0
20.0

71.4

79.6
57.3 61.8

51.2

64.9

56.6

47.2 53.8 43.2

39.2

0.0
1st
FP

2nd
FP

3rd
FP

Increase

4th
FP

5th
FP

6th
FP

No change

7th
FP

8th
FP

9th
FP

10th 11th
FP
FP

Decrease

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 21

Maintaining Stable Average Occupancy Rate
Average Occupancy Rate for Entire Portfolio During Fiscal Periods
1st FP
98.6％

2nd FP
98.6％

3rd FP
98.7％

4th FP
98.4％

5th FP
98.4％

6th FP
98.6％

7th FP
99.1％

8th FP
98.5％

9th FP
97.7％

10th FP
97.5％

11th FP
97.7％
Hotel: 100%
Office: 100%
Retail facilities: 98.3%
Entire portfolio: 97.7%

100%

Residential properties:
95.9%

95%

90%

～
～
0%

85%

Aug. 2016年 2016年
Dec. 2017年 2017年 2017年
Jun. 2017年 2017年 2017年
Dec. 2018年 2018年 2018年
Jun. 2018年 2018年 2018年
Dec. 2019年 2019年 2019年
Jun. 2019年 2019年 2019年
Dec. 2020年 2020年 2020年
Jun. 2020年 2020年 2020年
Dec. 2021年 2021年 2021年
Jun. 2021年 2021年 2021年
Dec.
2016年
2016
8月 10月 201612月 2月
4月 20176月
8月 10月 201712月 2月
4月 2018
6月
8月 10月 201812月 2月
4月 20196月
8月 10月 201912月 2月
4月 2020
6月
8月 10月 202012月 2月
4月 20216月
8月 10月 2021
12月

1st FP
Occupancy
rate(Note)

2nd FP2016

3rd FP

4th FP2017

5th FP

6th FP

2018

7th FP

8th FP

2019

9th FP

10th FP

11th FP

2020

2021

(%)
End ofDec.

End ofJun.

End ofDec.

End ofJun.

End ofDec.

End ofJun.

End ofDec.

End ofJun.

End ofDec.

End ofJun.

End ofJul.

End ofAug.

End ofSep.

End ofOct.

End ofNov.

End ofDec.

Residential
properties

96.9

96.6

97.2

94.9

93.9

98.8

97.2

94.5

92.8

96.1

95.7

95.7

96.3

96.5

95.8

95.9

Retailfacilities

100

100

100

99.7

100

98.8

99.5

99.9

98.6

98.6

98.3

98.3

97.5

98.3

98.3

98.3

Hotels

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

Offices

100

100

100

100

100

100

100

92.0

93.1

100

100

100

100

100

100

100

Entireportfolio

98.6

98.4

98.7

98.3

98.1

98.9

98.8

98.1

96.9

98.0

97.7

97.7

97.3

97.9

97.7

97.7

(Note) For 1st to 10th FPs, occupancy rates at the end of the fiscal period are indicated; and for 11th FP, those at the end of the month are indicated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 22

Financial Status (period ended December 2021)(million yen, rounded to nearest specified unit )Balance ofborrowings at
end of 10th FP

Lender

11th FP
Borrowingamount11th FP
Repayment
amountBalance of
Floatingborrowings at
end of 11th FP / Fixed

Interest rate

０0.86669%

Borrowing date

Maturity date

LTV to Total Assets

Remarks

50.0%

Syndicate of lenders arranged
by Sumitomo Mitsui Banking
・ Sumitomo Mitsui Banking

－

3,500

3,500

Aug. 1,
2016

Fixed

50.5%

Aug. 2,
2021

49.5%

1,357

－

15

1,342

1.09908%

Aug. 1,
2023

2,015

－

－

2,015 Floating

3M TIBOR+0.6%

Aug. 1,
2022

・ The Bank of Fukuoka

2,015

－

－

2,015 Floating

3M TIBOR
+0.8%

2,140

－

－

2,140 Floating

3M TIBOR+0.6%

Jan. 21,2020

Jan. 21,
2023

2,420

－

－

2,420 Floating

3M TIBOR+0.6%

Feb. 1,2021

Feb. 1,
2024

2,420

－

－

2,420 Floating

3M TIBOR+0.7%

Feb. 1,2021

Feb. 3,
2025

3,800

－

3,800

Fixed

0.86186%

Aug. 2,2021

Aug. 3,
2026

300

－

300

0 Floating

1M TIBOR+0.2%

Feb. 26,2021

Feb. 28,2022

16,167

3,800

3,815

・ San ju San Bank・ Shinsei Bank・ Aozora Bank・ Resona Bank・ The Higo Bank・ The Chugoku Bank・ The Nishi-Nippon City Bank・ Sumitomo Mitsui Banking

Total

16,152

1.2%

The Hiroshima Bank
Sumitomo Mitsui Trust BankSan ju San Bank

47.5%
46.5%

Aug. 1,
2024
Unsecured
Unguaranteed

1,200 million yen(Borrowing period: 5 years)

Floating or fixed: Floating
Interest rate:
3M TIBOR＋0.8%
Collateral:
Unsecured/Unguaranteed

Shinsei Bank

5.6%

Aozora Bank
The Higo Bank

8.8%

The Chugoku Bank

10.4%

3,770 million yen(Borrowing period: 6 years)

Floating or fixed: Floating
Interest rate:
3M TIBOR＋0.9%
Collateral:
Unsecured/Unguaranteed

Resona Bank

18.5%

9.2%

End of End of End of End of End of End of End of End of End of End of End of
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP 11th FP

Average Interest Rate

0.78％
Long-term Debt Ratio

100.0％New Borrowings with Third PO

The Bank of Fukuoka

4.3%

7.8%

48.9%

48.5%

Sumitomo Mitsui Banking

0.5%
21.9%

4.0%

48.6%

※

Diversification Status of Lenders
2.3% 1.6%
3.7%

Aug. 1,
2019

49.2%

49.3%
49.1%

47.8%
47.7%

48.5%

・ The Hiroshima Bank・ Sumitomo Mitsui Trust Bank

49.8%
49.5%

The Nishi-Nippon City BankNewThe Yamaguchi BankNewThe Gunma BankNewThe Ashikaga Bank

230 million yen(Borrowing period: 1 year)

Floating or fixed: Floating
Interest rate:
1M TIBOR＋0.2%
Collateral:
Unsecured/Unguaranteed

Borrowing date: January 19, 2021

•The Yamaguchi Bank•The Gunma Bank•The Ashikaga Bank
Lender formation enhanced withthe participation of the above
three banks(Note) The above graph shows the distribution status on January 19, 2022.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 23

IR Activities
IR Activities in the 11th Fiscal Period (Jul. to Dec. 2021)
 Focused on IR activities for foreign institutional investors.
 Due to the influence of COVID-19 pandemic, we refrained from holding briefing sessions forindividual investors.

IR for Foreign Institutional Investors

Inflow of Funds from Overseas Institutional Investors

Foreign institutional investors turned attention toregional real estate as well.

Inflow of funds into J-REITs from foreign institutional
investors continued

Responding to foreign institutional investors individually(Unit: 100 million yen)(mainly conference calls)

200,000

8th FP

9th FP

10th FP

11th FP

150,000

Hong Kong

4 companies

2 companies

4 companies

0 companies

100,000

Singapore

3 companies

1 company

1 company

0 companies

50,000Australia

0 companies

1 company

0 companies

1 company

0-

Taiwan0 companies

4 companies

3 companies

3 companies

Total

7 companies

8 companies

8 companies

4 companies

IR for Japanese Institutional Investors
Conducted domestic IR activities mostly online.
(1) 10th Fiscal Period
Financial Results Briefing (video stream)

Individual

Domestic financial institutions(2) Responding to institutional
investors individually (conference calls, etc.)

4.0%

3.6%
2.1% 2.0%

3.0%

2.9%

3.4%

1.5%

1.0%

0.6%

0.6%

0.6%

1st FP 2nd FP 3rd FP 4th FP

5th FP

6th FP

0.4%

0.5%

0.6%

0.7%

0.8%

0.7%

0.5%

0.5%

7th FP

8th FP

9th FP 10th FP 11th FP

0.0%

Ratio of unitholders by number

Copyright © Marimo Asset Management Co., Ltd.

3.5%

2.0%

After August

Foreign companies, etc.

Overseas investors’ investment unit ownership ratio
increased
7.0%
5.3% 5.3%
5.0% 4.8%
6.0%
5.0%

August 18

Other

Source: Prepared by the asset manager with reference to various materials

Ratio of investment units by number

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 24

Change in Asset Size
Eye an asset size of 40 billion yen due to steady external growth
Aiming to further expand
asset size and obtain
external rating

50,000(Unit: million yen)

39,80039,55039,550-250+9,60029,95529,955+495

Second24,52524,525+700Firstpublic offering
16,17016,81016,825+640+1525,22530,45025,005 public offering-220

30,200-250+4,950+7,700

Improvement of portfolio
quality through asset
replacement

1st FP
Dec. 2016

2nd FP
Jun. 2017

3rd FP
Dec. 2017

4th FP
Jun.2018

Acquired
17 properties

Acquired
1 property

Floor
expansion at
1 property

Acquired
7 properties

5th FP
Dec. 2018

6th FP
Jun. 2019

7th FP
Dec. 2019

8th FP
Jun. 2020

Acquired
1 property

Sold
1 property

ArtizA
Higashi-Betsuin

12th FP

10th FP
Jun. 2021

11th FP
Dec. 2021

Acquired
6 properties

Acquired
1 property

50% quasi
co-ownership interest

Sold

Acquire8 properties(schedule)

ArtizA
Tsurumai,other

ArtizA
Sengen-cho

ArtizA
Hakataeki-Mnami

ArtizA
Kitadorimachi,
other(Planned)
Transferredacquired assets
assetsMedium- to
Afterlong-term target*
April 1, 2022

Sold

50% quasi
co-ownership interest

Seven-Eleven Kofu
Aioi 1-chome StoreMRR Omuta MRR Kumamoto,Floor expansion
other
ArtizA
Sendai Kakyoin,other

9th FP
Dec. 2021(land ownership interests)

ArtizA
Higashi-Shimada

ArtizA
Hakataeki-Mnami* The medium- to long-term goals for asset size are current goals, do not guarantee their realization, and do not imply when they will be realized.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 25

Sponsor Pipeline
No.

Development

Location

Type

Number ofunits/ Sections

1

Urban redevelopmentby sponsor

Himeji City,
Hyogo

Retail facility(sectional ownership)

9 sections

January 2019

2

Sponsordevelopment

Takasaki City,
Gunma

Residential

54 units(1LDK)

June 2020

3

Sponsordevelopment

Nagano City,
NaganoHotel

117 rooms

August 2020

4Sponsordevelopment

Takayama City,
Gifu

Hotel

139 rooms

December 2020

5Urban redevelopmentby sponsor

Nagahama City,
Shiga

Retail facility(sectional ownership)

8 sections

March 2021

6

Sponsordevelopment

Kumamoto City,
Kumamoto

Residential

48 units(1LDK)

August 2021

7

Sponsordevelopment

Ikeda City,
Osaka

Residential(student dormitory)

77 units

January 2022

8

Sponsordevelopment

Kobe City, Hyogo

Residential(student dormitory)

106 units

March 2022 (Scheduled)

10

Sponsordevelopment

Hirosaki City,
Aomori

Residential(student dormitory)

100 units

January 2023 (Scheduled)

11

Sponsordevelopment

Sendai City,
Miyagi

Residential(student dormitory)

74 units

February 2023 (Scheduled)

12

Sponsordevelopment

Ibaraki City,
Osaka

Residential(student dormitory)

142 units

February 2023 (Scheduled)

13

Sponsordevelopment

Osaka City,
Osaka

Residential

88 units(1K)

February 2023 (Scheduled)

13

Sponsordevelopment

Fukuoka City,
FukuokaResidential

48 units(1LDK)March 2023 (Scheduled)

14

Sponsordevelopment

Ibaraki City,
Osaka

Residential(student apartment)

48 units

March 2023 (Scheduled)

15

Sponsordevelopment

Osaka City,
Osaka

Residential

92 units(1K)

August 2023 (Scheduled)

16

Sponsordevelopment

Sendai City,
Miyagi

Office25 sections

July 2024 (Scheduled)

17

Sponsordevelopment

Kobe City,
Hyogo

Residential(student dormitory)

177 units

October 2024 (Scheduled)

18

Sponsordevelopment

Osaka City,
Osaka

Residential

112 units(1R)

May 2025 (Scheduled)Completion

Acquired assets

 Diversified nationwide pipeline Abundant residential properties– 13 properties / 18 properties(including assets (to be) acquired)

Assets to be acquired

Residential
Retail facilities
Hotels
Offices* As to properties, excluding those described as assets to be acquired, there are no plans for marimo REIT to acquire them as of the date of this document and there is no guarantee that marimo REIT can acquire them inthe future. As of the date of this document, developments of properties No.8 through No.18 have not been completed. The scheduled completion date and scheduled number of units are based on the plan as of the dateof this document and may differ from the actual figures.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 26

Investment Strategy
 Growth Strategy
TargetEfforts to achieve the target(described in the 10th Fiscal Period Presentation Material)
Efforts to replace assets aiming to improve portfolio
quality and reduce the risk of earnings fluctuations

Expansion of property purchases through original
channels while having the sponsor support as the baseRaising the investment ratio for residential properties,
which are stable assets, even amid the COVID-19
pandemic•

Dispose ArtizA Hakataeki-Minami in parts in the 11th Fiscal Period
and 12th Fiscal Period•

Scheduled to acquire 8 properties in the 12th Fiscal Period•

Of the assets to be acquired, 3 properties will be acquired throughsponsor support•

Of the acquired assets, 5 properties were acquired through theasset manager’s original channel•

Investment ratio for residential properties increased(46.1% → 46.4%)

Results of effort

Improvement ofstability andprofitability Acquisition Policy
Investment
targetFuture acquisition policy(policy for the meanwhile)

Residential

Proactively consider sponsor development projects and asset manager’s original channel projects
as stable assets

Retail facility

While taking into consideration the trade area analysis and community-based characteristics, pay
attention to flexible pricing and tenants with stable sales, and proactively consider them

Hotel

Make flexible consideration in light of the trend of supply and demand in each area while paying
attention to the status of recovery of domestic demand and demand of inbound tourists

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

Logistics facility

Investment Ratio
by Type70％
or more in total

30％
or less in total

Make proactive consideration while comprehensively taking into consideration the location forlogistics facilities, building specification and retention of tenants

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 27

Portfolio Building Policy
Add logistics facilities to the target assets for investment
Type (Note 3)
Investment
ratio

70%
or moreInvestment area classification

Cities with, in principle,
populations of 200,000【Regional cities】 people or more other thanthose in the Tokyo
metropolitan area (Note 1)

Retailfacilities

Hotels

●

●

●

●

●

Offices

Logistics
facilities(Note 2)●

Parking
properties

●

●

●

●

Regional area
[Other regions]30%or less

Residential
properties

Tokyo
metropolitan
area

Nationwide regions otherthan regional cities andTokyo metropolitan area

Tokyo, Kanagawa, Chiba andSaitama prefectures

●

●

●

Minimum investment amount (based on acquisition price per property) (Note 4)

300 million yen 200 million yen 300 million yen 500 million yen 300 million yen 200 million yen
or moreor moreor moreor moreor moreor moreMaximum investment amount (based on acquisition price per property)

Up to 25% of asset size after property acquisition

Ratio of land ownership interests

Up to 15% of asset size after property acquisition(Note 1) Even if a city has a population of less than 200,000 people, a city with a population slightly less than this may be treated as a regional city in consideration of the industrial situation,
demographics and other various circumstances.
(Note 2) The proposal for partial amendment of the articles of incorporation was approved at the general meeting of unitholders held on September 28, 2021, and logistics facilities was added
to the target assets for investment.
(Note 3) In cases of there being several uses (asset types) in one building, the asset type that accounts for the largest percentage of the floor area is set as the asset type of the building.
(Note 4) These standards will not be applied in the case of additional acquisition of ownership interest and additional purchase of adjacent land.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 28

04

Newly
Acquired Properties

ArtizA Kitadorimachi

Sponsordevelopment

Residential

Relatively new residential property developed by the sponsor located near Takasaki
Station and boasting a high ratio of corporate contracts
ArtizA
Kitadorimachi
Higashi-Sanjo-doriTakasaki City
Central Library

TakasakiTakashimaya
Suzuran
Takasaki Montres
Gunma
Department StoreMusic Center
Polestar Takasaki
Takasaki Opa
Takasaki General
Gradiose
Takasaki
Medical Center
StationMotenashi Square

Takasaki Joshi
Park

Location

Acquisition priceAppraisal value
Appraisal NOI yield

1 Kitadorimachi,
Takasaki-shi,
Gunma

Number of units

780 million yen

Site area

496.20 m²

Gross floor area

2,535.52 m²

856 million yen

Total number of units: 54(Single: 27 units)(Compact: 27 units)

4.2%

Occupancy rate

98.1%

Population and Number of Households
in Takasaki City
(thousand people)

380
370

161

166

168

June 2020

360

Acquisition date

January 19, 2022

350
340
0

Structure

Reinforced concrete
structure
10F

Source: Ministry of Internal Affairs and Communications“Survey on Population, Demographics and Number ofHouseholds Based on Basic Resident Register”

375

375

374

373

372

170

Rank

Station name

Numberof people

166

1

Takasaki

20,207162

2

Maebashi

7,304

3

Shin-Maebashi

4,441

4

Isezaki4,418

5

Takasaki Tonyamachi

2,973

158
154
150
0

201 6

Number of passengers per day(Gunma Prefecture, fiscal 2020)(thousand households)
Population (left axis)
人口（左軸）
Number of households
世帯数（右軸）(right axis)
165
163

Completion date

Copyright © Marimo Asset Management Co., Ltd.

Polestar Station City
Takasaki

Polestar Takasaki
Residence

5.6%

Appraisal NOI yield
after depreciation

Joshin Dentetsu

Takasaki Park Relatively new residential property offering 1LDK type rental residential units targeting
single households
 Located approximately an 8-minute walk from JR Takasaki Station, a terminal station,in an area where there is excellent convenience in terms of daily living and highhousing scarcity
 Meeting also commuter needs, boasts a high ratio of corporate contracts (83.2%)

201 7

201 8

201 9

202 0

Source: East Japan Railway Company “Station Passenger
Figures”

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 30

Starship Kobe
Gakuentoshi

Sponsordevelopment

Residential

Newly built student housing developed by the sponsor, located at a place
where there are five universities within a 2-km range, and from which stable demand can be expected
University ofMarketing and Distribution Sciences

Kobe City College ofNursingCampus square(shopping mall)

University of
Hyogo

Gakuentoshi
Station

Kobe City University ofForeign Studies

Kobe Design University
Hirokoba Hill

Mt. Takatsuka

Starship Kobe
Gakuentoshi

 Located in an area where there are five universities within a 2-km range and student
housing is in low supply
 Can expect stable operation by J.S.B. Co., Ltd., which specializes in the student
apartment business

Location(Planned)acquisition priceAppraisal value
Appraisal NOI yield
Appraisal NOI yield
after depreciation
Occupancy rate

868-1416
Kozukadaihigashi,
Tarumi-ku, Kobe-shi,
Hyogo
982 million yen
1,230 million yen
5.9%

Number of sections

1 section

Site area

3,384.00 m²

Gakuen-Minami IC

Number of Students and Neighboring
Universities(people)Gross floor area

2,801.77 m²

15,000

Scheduled to becompleted in March 2022

14,800Completion date
Planned acquisition
date

4.5%
Structure**Occupancy rate is not shown as the property is not completed.

Copyright © Marimo Asset Management Co., Ltd.

April 1, 2022

Operational Results by
J.S.B. Co., Ltd.

管理戸数
入居率
管理戸数
Number of managed units 入居率(hundred units)

14,863

14,946

14,926800
750

14,664

14,60014,400

Steel-frame
structure

14,0000500
03F (scheduled)

Source: Prepared by the asset manager based on the websites of the
University of Hyogo, Kobe City College of Nursing, University ofMarketing and Distribution Sciences, Kobe City University ofForeign Studies and Kobe Design University.

FY 2020

FY 2021

700

650

650

600

550
FY 2019

750

700

650

600

FY 2018750

700

14,2002018年度 2019年度 2020年度 2021年度

管理戸数

入居率
Occupancy rate

800 99.9%
99.9%
800 99.9%
99.9%
99.9%
99.9%
99.9%
99.8%
99.9%
99.9%99.8%
99.9%99.9%
99.9%
99.8%

550

600

597550 622
597

661
622

725
661

759
725

725

759

759

500
661
0
201
8 7 201
9 8 2020 9 202
10
201
201
201
202
597 201 7622

500
0

201 7

201 8

201 9

202 0

202 1

202 1

Source: J.S.B. Co., Ltd. “Quarterly Report Third Quarter of 33rd
Fiscal Year (Fiscal Period Ended October 2021)”

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 31

ArtizA Mito Izumicho

Residential

Warehousing

A relatively new residential property located at the center of Mito City and forwhich stable demand from corporations and individuals can be expectedNaka River

Goken Elementary School

ArtizA
Mito Izumicho
Art Tower Mito
Izumicho 1-Chome North District
Urban Redevelopment(Start operation of the new civic hall in
July 2023 (scheduled))
Keisei
Department StoreKairakuen Park Located at the center of Mito where Keisei Department Store, Art Tower Mito and a
new civic hall (slated to open in July 2023) are concentrated
 Situated behind Mito City’s central commercial district lined with department stores,
hotels, restaurants, etc., as well as the regional branches of major companies. Stabledemand, whether corporate or individual, can be expected
Location

3-3-26 Izumicho,
Mito-shi, Ibaraki

Acquisition price

609 million yen

Appraisal value

707 million yen

Number of units

Compact: 47 units

Site area

964.09 m²

Appraisal NOI yield
Appraisal NOI yield
after depreciation

Population and Number of Households
in Mito City
(thousand people)

270

March 2019

Acquisition date

January 19, 2022

5.9%

123

(thousand households)
Population (left axis)
人口（左軸）
Number of households (right axis)
世帯数（右軸）
126
125
124

128

130

128
125

260

123
273

273

272

250

272

271

120
118

4.5%
Structure

Occupancy rate

Lake Senba

1,896.92 m²

Completion date

Ibaraki Prefectural Library
Mito Central Post OfficeSenba Park

280

Gross floor area

100.0%

Copyright © Marimo Asset Management Co., Ltd.

Reinforced concrete
structure
12F

Kodokan Park

240
0

115
0
201 6

201 7

201 8

201 9

202 0

Source: Ministry of Internal Affairs and Communications“Survey on Population, Demographics and Number ofHouseholds Based on Basic Resident Register”

Izumicho 1-Chome North District Urban
Redevelopment• A redevelopment project aiming to create an
exchange base in the city by creating an
exchange base for citizens through thedevelopment of a new civic hall utilizing thelocational characteristics of being situatednext to Art Tower Mito, Keisei Department
Store and the civic hall.
Aerial view of the new civic hall in
Mito City and the surrounding area
Source: “Izumicho 1-Chome North District Urban Redevelopment
Project” of Izumicho 1-Chome North District Urban
Redevelopment Union, and “Overview of the New Civic Hall
Development Project & Izumicho 1-Chome North District
Urban Redevelopment Project” on Mito City’s website

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 32

ArtizA Kokura

Asset manager’s
original channel

Residential

A large, high-grade residential property capable of meeting a wide range ofneeds from 1R to 2LDK
Kokura Station

Nishi-Kokura
StationRiverwalk
Kitakyushu
Kokura Castle

Kitakyushu City Hall

KokuraIzutsuya
Heiwa-dori Station

Katsuyama Park

Tanga Market

Polestar Broad City
Otemon Offering an abundant variety of floor plans capable of meeting demand from a wide
customer base Located approximately a 6-minute walk from Kitakyushu Monorail Kawaraguchi
Mihagino Station, which is three stations from JR Kokura Station. Many retail facilities
can also be found in the surrounding area, making the location one boasting highconvenience in terms of daily living
 Expecting high corporate demand as the presence of branches of major companies
makes it an area where there are many transferees
Location

11-10 Yoshinomachi,
Kokurakita-ku,
Kitakyushu-shi, Fukuoka

Number of units

Total number of units: 140(Single: 56 units)(Compact: 56 units)(Family: 28 units)

Acquisition price

1,849 million yen

Site area

1,671.92 m²

Appraisal value

1,970 million yen

Gross floor area

5,730.84 m²

Appraisal NOI yield

5.4%

Completion dateJune 2015

Acquisition date
Structure

Polestar Tower
Otemon Leamo

4.1%

Occupancy rate

96.4%

Copyright © Marimo Asset Management Co., Ltd.

Kawaraguchi Mihagino
StationKitakyushu Chuo Hospital

Kitakyushu
Media DomeArtizA Kokura
Polestar Mega City
Kokura West Garden

Minami-Kokura
StationKitakyushu Citizens
Baseball Stadium

Population and Number of Households
in Kokurakita-ku(thousand people)

185

104

105

Rank

Station name

Numberof people

103

1

Hakata87,6742

Kokura25,0143

Kagoshima-Chuo

14,013

4

Oita

13,250

5

Yoshizuka

12,524

101

165

100

January 19, 2022

155

181

Reinforced concrete
structure

145
0

15F

Source: Ministry of Internal Affairs and Communications“Survey on Population, Demographics and Number ofHouseholds Based on Basic Resident Register”

182
181

182

101

181
99
97
0

201 6

Number of Passengers per Day(Kyushu region, fiscal 2020)(thousand households)
Population (left axis)
人口（左軸）
Number of households (right axis)
世帯数（右軸）
103
102

175

Appraisal NOI yield
after depreciation

Tanga Station

Kitakyushu Municipal
Medical Center

201 7

201 8

201 9

202 0

Source: Kyushu Railway Company “Station Passenger Figures(Fiscal 2020)”

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 33

ArtizA Kurashiki

Asset manager’s
original channel

Residential

A residential property located in an area offering a favorable environment as aresidential district and having a very rare 2LDK layout
Mitsui Outlet
Park Kurashiki

Polestar Kurashiki Ekimae
Premium Residence

Ario Kurashiki
Kurashiki Mirai Park

Tenmaya
Kurashiki Store
Polestar Kurashiki
Central Residence
Polestar
Kurashikieki Nishi

Kurashiki
Central Hospital
GrandeurKurashiki Miwa

Kurashiki City Achi 3-Chome
East District Redevelopment(Achi Terrace Kurashiki)
Kurashiki Museum of
Natural History

 Located approximately a 12-minute walk from JR Kurashiki Station. The presence ofsupermarkets, drugstores, etc. in the surrounding area are among the factors thatmake the location an area boasting high convenience in terms of daily living
 Being an area offering a favorable environment as a residential district, there are also
numerous for-sale condominiums, including condominiums of Marimo’s “Polestar”
brand of newly constructed for-sale condominiums, in the surrounding area
Location

5-13 Inarimachi,
Kurashiki-shi, Okayama

Acquisition price

590 million yen

Appraisal value

612 million yen

Appraisal NOI yield

5.7%

Appraisal NOI yield
after depreciation

4.5%

Occupancy rate

94.2%

Number of units
Site area

Total number of units: 48(Compact: 32 units)(Family: 16 units)
883.14 m²

Kurashiki City
Art Museum

Polestar Broad City
Kurashiki
Kurashiki Geibunkan

Population and Number of Households
in Kurashiki City
(thousand people)

490
480

Completion dateNovember 2007

470

Acquisition date

January 19, 2022

Number of households (right axis)

206

Copyright © Marimo Asset Management Co., Ltd.

209

210

215

213

215
212
209

484

9F

(thousand households)
Population (left axis)

2,404.42 m²

Reinforced concrete
structure

Kurashiki Bikan
Historical Quarter

ArtizA Kurashiki

Gross floor area

Structure

YurinsoOhara Museum of Art

Polestar Broad City
Kurashiki Nibankan

484

483

460

482

206
482
203
0
115

0
240
2016

2017

2018

2019

Overview of Kurashiki City Achi 3-Chome
East District Redevelopment Project• Aiming to construct a mixed-use facility
consisting of retail, residential, public andmedical sections by utilizing the locational
advantage of being situated near JR Kurashiki
Station, and contribute to the revitalization of
the city center in the surrounding area
Appearance of “Achi Terrace
Kurashiki” whose grandopening took place in
October 2021

2020

Source: Ministry of Internal Affairs and Communications“Survey on Population, Demographics and Number ofHouseholds Based on Basic Resident Register”

Source: Kurashiki City Achi 3-Chome East District Urban
Redevelopment Union, website of Kurashiki City Tourist
Information Transmission Council

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 34

Komyoike Act

Retail facilities

Asset manager’s
original channel

Retail facility located near Komyoike Station
where redevelopments are expected to be implemented
Izumigaoka Station

Nankai Namba Station
Approx. 30 minutes
Shinhinoo Park

Toga-Mikita Station

Komyoike Act

Komyoike Station
Kamotani Park
Shiroyama Park

Osaka Women's andChildren's Hospital Boasts highly convenient access being located approximately a 2-minute walk from
Semboku Rapid Railway Komyoike Station, a terminal station, in Semboku New Town
 Sakai City is implementing initiatives for revitalization of the Komyoike Station vicinity
as part of a project for reorganization and development of the areas around stations in
Semboku New Town

Location

2-1-3 Kamotanidai,
Minami-ku, Sakai-shi,
Osaka

Acquisition price

2,040 million yen

Appraisal value

2,340 million yen

Appraisal NOI yield

6.2%

Appraisal NOI yield
after depreciation

5.1%

Occupancy rate

97.0%

Number of sections

32 sections

Site area

2,081.39 m²

Gross floor area

12,013.67 m²

Completion date

April 1988

Acquisition date

January 19, 2022

Structure

Steel reinforced
concrete structure

Copyright © Marimo Asset Management Co., Ltd.

B2F/7F

Komyoike Station
SunpiaShopping Center

Komyoike Pond

Izumi-Chuo Station

Momoyama Gakuin University

Overview of Komyoike Ekimae
Reorganization and Development Project• Approximately 60% of the respondents chose“going to retail facilities in front of Komyoike
Station” as the way to spend holidays in aquestionnaire survey targeting the residents ofthe surrounding district of Komyoike conductedby Sakai City
(target of survey: approximately 40,000 people, numberof respondents: 329 people, multiple answers)

Source: “Results of the questionnaire survey for future regional
revitalization in front of Komyoike Station” on Sakai City’s
websiteKomyoikeAct

Daiei
Komyoike Store

Number of Passengers per Day(Senboku Rapid Railway, fiscal 2020)
Rank

Station name

Numberof people

1

Izumigaoka

31,3092

Nakamozu

30,1193

Komyoike

24,1194

Izumi-Chuo

23,793

5

Fukai

20,907

Source: Nankai Electric Railway “Handbook Nankai”

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 35

Big B Higashishukugo

Asset manager’s
original channel

OfficeA mixed-use property situated in a favorable location at the east exit of Utsunomiya Station andfor which stable demand can be expected at both the office and residential portions

Utsunomiya Eki
Higashiguchi Station
Yodobashi Camera
Multimedia
Utsunomiya

Utsunomiya Hakuyo
High School

Utsunomiya Station
East Park

Higashishukugo
StationPolestar Eki Higashi Koen
The Tower

Utsunomiya
StationEki Higashi Koen-mae
Station Located approximately a 12-minute walk from JR Utsunomiya Station and equippedwith a parking lot (parking capacity: 113 spaces), making it a mixed-use property
boasting a high percentage of corporate contracts for both the office and residential
portions
 Expecting further demand as convenience increases with the opening of Haga
Utsunomiya LRT in the urban center of Utsunomiya City slated for March 2023, thenearest station from the property being Eki Higashi Koen-mae Station, which will be a
1-minute to 2-minute walk
Location

6-1-7 and 6-3-9
Higashishukugo,
Utsunomiya-shi, Tochigi

Acquisition price

1,750 million yen

Appraisal value

1,990 million yen

Appraisal NOI yield

6.6%

Appraisal NOI yield
after depreciation

5.4%

Occupancy rate

95.0%
(Office:100.0%)(Residential: 88.8%)

Number ofunits/ sections

Single: 70 units
Office: 27 sections

Utsunomiya Station East Exit
Exchange Base Facility(scheduled to open in November 2022)

Polestar Broad City Joto

(thousand people)

Site area

1,905.14 m²

525

Gross floor area

7,197.22 m²

520(thousand households)

238
236

Completion dateFebruary 2001

Big B Higashishukugo
Utsunomiya Higashi Post Office

Overview ofHaga Utsunomiya LRT• Develop a public transport network that canbe used by a wide range of age groups
including the elderly with the introduction of anext-generation tram using the latest
technology

232

515
523

523

522

521

Acquisition date

January 19, 2022

510

Steel reinforced
concrete structure

5050Structure

10F

Source: Ministry of Internal Affairs and Communications“Survey on Population, Demographics and Number ofHouseholds Based on Basic Resident Register”

Copyright © Marimo Asset Management Co., Ltd.

240

236

229

Mine Station

Utsunomiya University

Population and Number of Households
in Utsunomiya City
Population (left axis)
人口（左軸）
Number of households
世帯数（右軸）(right axis)
234
232

Utsunomiya City
Gymnasium

522

Eki Higashi
Koen-mae

224
220
0

201 6

Utsunomiya
Station East Exit

228

201 7

201 8

201 9

202 0

Next-generation tram
“Light Line”

2 stations

Source: “Haga Utsunomiya LRT” on Utsunomiya City’s website

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 36

Ikeshita ES Building

Asset manager’s
original channel

OfficeAn office building located near Ikeshita Station andboasting stable operation
Nagoya Castle
Ruins

Aichi Prefectural
Government

Aeon Mall
Nagoya Noritake Garden

Sakura-dori

Nagoya Station

ArtizA Higashibetsuin

Location

Acquisition price

1,000 million yen

Appraisal value

1,150 million yen

Appraisal NOI yield

5 sections(sectional ownership)

Site area

8,641.41 m²

Gross floor area

2,373.13 m²

Completion date

October 1997

Ikeshita Station
Chikusa
Police Station

ArtizA KamimaezuⅡ

Ikeshita ES Building

Kanayama
StationChikusa Ward Office• Decided to conduct renovation work due to theaging of facility• The city judged that the implementation ofrenovation work at the site is the best choice as
the ward office is located near Ikeshita Station andoffers excellent transport convenience within theward

Nagoya Municipal Subway
Higashiyama Line
NagoyaSakae

Ikeshita

6.0%

UR Rental
Housing

2 stations
Approx. 4 minutes

4 stations
Approx. 7 minutes

12F

5.6%
Structure

Occupancy rate

ArtizA
Chiyoda20F

Acquisition date
Appraisal NOI yield
after depreciation

Ikeshita ES Building

ArtizA
Tsurumai

ArtizA Kamimaezu

Renovation of Chikusa Ward Office
Number of sections

Ikeshita
Station

Sakae
StationWakamiya-odori

8-70-1 Kakuozantori,
Chikusa-ku, Nagoya-shi,
Aichi

Chikusa
StationTV Tower
FushimiStation Located approximately a 1-minute walk from Ikeshita Station on the Nagoya City
Subway Higashiyama Line Located near Ikeshita Station are several retail facilities, as well as Chikusa Ward
Office, which is due to be renovated Development of for-sale condominiums continues in the surrounding area, including ahigh-rise condominium directly connected to Ikeshita Station

Chuo Main Line

ArtizA
Sengen-cho

80.3%

Copyright © Marimo Asset Management Co., Ltd.

11F
10F
9F

January 19, 2022
Reinforced concrete
structure
5F

Plumbing space

UR Rental
Housing
Ward office and othergovernment office buildings

4F
3F
1F

Ward office and othergovernment office buildings

1F
B1

4 stations to Sakae Station and 6 stations
to Nagoya Station on the Higashiyama Line

Seismic isolation layer

B3

Source: “Overview of Renovation of Chikusa Ward Office” on Nagoya
City’s website

Source: Transportation Bureau City of Nagoya

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 37

05

Appendix

ESG Initiatives
Implement initiatives for improving sustainability through management of owned assets
 Initiatives by marimo REIT
E nvironment

S ocial Initiatives to reduce environmental burden

 Initiatives for social contribution activities

Initiatives to promote efficient energy use at owned assets as well as reduce CO2 throughenergy saving

Social contribution activities implemented through the improvement of convenience in termsof social life and the support of life-saving activities with the provision of medical equipment

LED lighting installation(Installed at 10 properties)

Bicycle sharing installation(MRR Delta, etc.)

Installed electronic breaker(Installed at 6 properties)

Use of LED signboards(introduced at 1 property)

Car sharing installation(ArtizA KamimaezuⅡ)

AED installation(MRR Kumamoto, etc.)

G overnance Sponsors’ same-boat investments ‒ Same-boat investments are conducted in order to share profits between marimo REIT’s unitholders and Marimo Group
Number of marimo REIT’s investment units held by Marimo Co., Ltd., the sponsor, as of January 4, 2022: 16,031 units⇒ After primary offering and third-party allotment: 16,866 units (ownership ratio: 8.8%)

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

 Initiatives by the Asset Manager
Infection prevention measures ‒ Implemented measures to prevent COVID-19 infection
Implementation of telework and staggered working hours according to the details of the state of emergency/having interviews and meetings online (introduction of Microsoft 365)/measuring bodytemperatures and placing hand sanitizers

 Welfare system - Established welfare programs in an effort to improve employee satisfaction
Childbirth, childcare, nursing care leave system/refresh leave system/shortened working hours system for childcare and nursing care/health examination cost subsidy system/qualificationacquisition support program Education and training of human resources - Worked to improve the skills of employees and maintain and improve their expertise
Implementation of training once a month (theme: protection of person information, prevention of harassment, etc.)/implementation of compliance training by lawyer twice a year

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 39

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 “monocentric concentration in Tokyo.”Creation of employment

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

Real estate development
Urban redevelopment
Know-how(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. 11th FP (Ended December 31, 2021) Presentation Material l 40

Overview of the Sponsor, Marimo
Marimo Co., Ltd.

Company name
Headquarters
address
Established1-17-23 Kogokita, Nishi-ku, Hiroshima-shi, Hiroshima
September 1, 1970

Sales
(non-consolidated)
Business
description(Including businessdescription of subsidiaries)

Miyazaki City,
Miyazaki47.1 billion yen (as of July 31, 2021)
Planning, development, designing, supervising andsales business of for-sale residential properties, realestate securitization business, and sales of overseas
for-sale condominiums■ Urban redevelopment business

By continuing to enter even into
regional cities where othercompanies do not advance intoand providing high-quality
residences, contribute torealization of living in downtown
and compact city.

■Income property
direction business■ Overseas business

Kumamoto City,
Kumamoto●The Kumamoto Gardens● Polestar Miyazaki The
Residence

Sep. 1970

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

Oct. 1990

Completed construction of “Grandeur Tosu,” the first for-salecondominium

Jan. 2009

Started the Condominium Restoration Project (purchase andresale)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 a full scale

Mar. 2014

Launched domestic for-rent condominium business

Jun. 2015

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

Aug. 2015

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

Oct. 2015

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

Jul. 2016

Listing of marimo Regional Revitalization REIT, Inc.

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 soldout in the same month)

Jan. 2018

marimo Regional Revitalization REIT, Inc. conducted firstpublic offering

Jan. 2020

marimo Regional Revitalization REIT, Inc. concluded second
public offering

Jan. 2022

marimo Regional Revitalization REIT, Inc. concluded third
public offering

Japan, China

Global operation■ Domestic for-sale condominium
business

History of Marimo

China

Shibuya-ku,
Tokyo●Polestar Garden

・Kumamoto City’s Sakuramachi
District Class 1 Urban Area
Redevelopment ProjectFirst project developed in
Suzhou Industrial Park (853units)

Contribute to revitalization of
downtown areas in regional
cities by utilizing the enthusiasm
for "energizing the regional
areas" and the know-how
cultivated in the for- salecondominium business.

Conducted sales of residenceswith interior design in overseas
market. Developed “Polestar
Garden” series and sold all of
2,113 units in China.

● Ebisu-Nishi Itchome
Building
Improved sustainability ofprofit by conducting
leasing in addition torenovation of retailstores, residences andoffices.

Track record of for-sale condominium development (as of July 31, 2021)
423 structures with 27,597 units in 44 prefectures nationwide
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 41

System of Sponsor and Supporting Companies
marimo Regional Revitalization REIT, Inc.
Preferential provision ofproperty information
Granting of preferential
negotiation rights for sales

Provide property information

Warehousing function

CM support
PM operations
Financial advisory andassistance

Leasing support
Support for regeneration of
owned assets
Fixed rent-type ML
Same-boat investment
Support for
securing personnel
Licensing of trademark
SponsorSupporting companies

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 42

Portfolio Map (11th Fiscal Period)
Investment Ratio by Type(based on acquisition price)
Offices
6.6%

Residential
45.7%

Hotels2.5%

Investment Ratio by Region(based on acquisition price)
Tokyo metropolitan area
Koshinetsu /17.5%
Hokuriku / Kanto(excluding Tokyo
metropolitan area)

Kyushu / Okinawa
32.2%

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

2.1%
Residential
properties
Retail facilities

Ratio ofregional
areas

Kinki 5.6%

90.9%

82.5%

Retailfacilities
45.2%

Chugoku / Shikoku
12.9%
Tokai 14.6%

Hokkaido / Tohoku
15.0%

All retail facilities and hotels have fixed-rent lease agreements

Composition Ratio of Typesof Lease Agreements(based on rent)

Average Remaining
Lease Period(based on rent) *20 years or more
5.7%

15 years to lessthan 20 years
14.7%

Less than
5 years
34.6%

Average
Remaining
Lease Period● Residential● Retail facilities● Hotels● Offices

Fixed-termbuilding lease
Land lease ratio

8.1
years
10 years to lessthan 15 years
2.8%

Fixed-term
land lease
18.1%

Normal lease
30.4%

69.7%

5 years to lessthan 10 years
42.1%

Fixed-termbuilding lease
51.6%* “Average Remaining Lease Period" is a weighted average obtained by dividing the rent
(yen/month) x a remaining period (year) by the rent (yen/month).

Copyright © Marimo Asset Management Co., Ltd.

* The "property number" on the Japanese map is a number for each
property by combining the classifications of "investment target" and"investment ratio by region" for the assets held by marimo REIT. For
the name of properties, please refer to the "Portfolio List" on pages 45
and 46. Regarding the "investment target," R stands for residence, C
stands for commercial facility, H stands for hotel, O stands for office, pstands for region, and t stands for Tokyo area.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 43

Photos of Properties (11th Fiscal Period)
Residential properties (16 properties)
ArtizA Sendai Kakyoin

ArtizA Kamimaezu

ArtizA Hakata PREMIER

ArtizA Hakataeki-Minami

ArtizA Higashi-Betsuin

ArtizA Chiyoda

ArtizA Higashi-Shimada

ArtizA Ikejiri

ArtizA Tsuzuki Chuo Koen

ArtizA Kawasaki EAST

ArtizA Sobudai

ArtizA Kamimaezu II

ArtizA Tsurumai

ArtizA Awajieki-higashi

ArtizA Matsumoto

ArtizA Sengen-cho

Retail facilities (13 properties)
MRR Omuta

Tarumiekimae Gold Building

Hotels (1 property)
Foodaly Aoba Store

Yamada Denki Tecc Land
Togitsu Store

Yamada Denki Tecc Land
Mihara StoreMRR Kumamoto

MRR Akita II

Route-Inn Ichinomiya Ekimae

Offices (2 properties)

MRR Sasebo

MRR Itoshima

Copyright © Marimo Asset Management Co., Ltd.

MRR Akita

MRR Ichihara (land ownershipinterests)

MRR Delta Building

K’s Denki Kitamoto Store (landownership interests)

PLEAST Hakata Gion Bldg.

Supercenter TRIAL Togitsu Store(land ownership interests)

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 44

Portfolio List (1) (schedule for April 1, 2022)
Property
No.

Property name(Planned)acquisition price(million yen)

LocationBook value at endof fiscal period(million yen)Appraisalvalue(million yen)

(Note 1)

(Note 2)

Terminal
capitalization rate

Appraisal NOI
yield

ConstructedOccupancy rate

(Note 3)(Note 4)

Rp-01 ArtizA Sendai Kakyoin

Sendai City, Miyagi

2,730

2,753

3,930

5.1%

7.5%

Jan. 2009

96.1 %

Rp-02 ArtizA Kamimaezu

Nagoya City, Aichi

400

371

538

4.9%

6.9%

Mar. 2014

84.1%

Rp-03 ArtizA Hakata PREMIER

Fukuoka City, Fukuoka

1,060

939

1,270

5.1%

6.7%

Feb. 2006

97.4%

Rp-05 ArtizA Higashi-Betsuin

Nagoya City, Aichi

640

606

688

4.8%

5.1%

Feb. 2016

98.1%

Rp-06 ArtizA Kamimaezu II

Nagoya City, Aichi

720

698

786

4.9%

5.3%

Feb. 2016

91.8%

Rp-07 ArtizA Chiyoda

Nagoya City, Aichi

980

943

1,140

4.5%

5.2%

Sep. 2017

97.4%

Rp-08 ArtizA Higashi-Shimada

Okayama City, Okayama

700

681

732

5.2%

5.4%

Dec. 2016

98.1%

Rp-09 ArtizA Tsurumai

Nagoya City, Aichi

430

433

473

4.4%

4.8%

Feb. 2019100.0%

Rp-10 ArtizA Awajieki-higashi

Osaka City, Osaka

1,180

1,187

1,300

4.6%

5.0%

Oct. 2019100.0%

Rp-11 ArtizA Matsumoto

Matsumoto City, Nagano

640

656

649

5.9%

6.8%

Mar. 1998

90.5%

Rp-12 ArtizA Sengen-cho

Nagoya City, Aichi

495

525

518

4.9%

5.0%

Feb. 2020

100.0%

Rt-01 ArtizA Ikejiri

Setagaya-ku, Tokyo

610

597

740

3.9%

4.7%

Mar. 2014

95.4%

Rt-02 ArtizA Tsuzuki Chuo Koen

Yokohama City, Kanagawa

1,050

1,067

1,180

4.9%

5.7%

Apr. 1989

92.1%

Rt-03 ArtizA Kawasaki East

Kawasaki City, Kanagawa

780

752

1,000

5.1%

6.9%

Mar. 1998

100.0%

Rt-04 ArtizA Sobudai

Zama City, Kanagawa

1,130

1,146

1,350

5.1%

6.4%

Feb. 1993

96.5%

Rp-13 ArtizA Kitadorimachi

Takasaki City, Gunma

780

-

856

5.2%

5.6%

Jun. 2020

98.1%-

Residential

Rp-14 Starship Kobe Gakuentoshi Kobe City, Hyogo

982

-

1,230

4.8%

5.9%

Schedule forMar. 2022

Rp-15 ArtizA Mito Izumicho

Mito City, Ibaraki

609

-

707

5.1%

5.9%

Mar. 2019100.0%

Rp-16 ArtizA Kokura

Kitakyushu City, Fukuoka

1,849

-

1,970

5.0%

5.4%

Jun. 2015

96.4%

Rp-17 ArtizA Kurashiki

Kurashiki City, Okayama

590

-

612

5.1%

5.7%

Nov. 2007

94.2%(Note 1): “Book value at end of fiscal period” refers to the book value as of December 31, 2021. The same applies hereinafter.
(Note 2): “Appraisal value” is the real estate appraisal value indicated in each of the real estate appraisal reports dated December 31, 2021, for the owned assets and dated August 31, 2021,
September 30, 2021, November 1, 2021, or December 1, 2021, for the assets (to be) acquired.
(Note 3): “Constructed” refers to the date of new construction of the main building as recorded on the registry. The same applies hereinafter.
(Note 4): “Occupancy rate” refers to the figure obtained by dividing the total leased area indicated on each lease agreement concluded with the tenants of each asset as of December 31, 2021,
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
hereinafter.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 45

Portfolio List (2) (schedule for April 1, 2022)
Property
No.

Retailfacilities

Location

Cp-01 MRR Omuta

Omuta City, Fukuoka

Cp-02 Tarumiekimae Gold Building
Cp-03 Foodaly Aoba Store(Planned)
Book value at end
acquisition price of fiscal period(million yen)(million yen)Appraisalvalue(million yen)

Terminal
capitalization rate

Appraisal NOI
yield

ConstructedOccupancy rate

1,265

1,155

962

6.3%

5.2%

Mar. 2005 (Note 1)

84.7%

Kobe City, Hyogo

500

457

552

5.9%

6.7%

Jun. 2008

100.0%

Miyazaki City,
Miyazaki

250

213

425

6.3%

10.5%

Apr. 2009100.0%

2,000

1,818

2,920

6.3%

9.0%

Sep. 2008

100.0%

950

894

1,170

6.4%

8.2%

May 1981

100.0%
93.1%

Cp-04

Yamada Denki Tecc Land
Mihara Store

Mihara City,
Hiroshima

Cp-05

Yamada Denki Tecc Land
Togitsu Store

Nishi-Sonogi County,
NagasakiCp-07 MRR Kumamoto

Kumamoto City,
Kumamoto

2,120

2,113

2,500

5.9%

7.2%

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

Cp-08 MRR Sasebo

Sasebo City,
Nagasaki

990

966

1,300

5.8%

7.7%

Apr. 2008

100.0%

Cp-09 MRR Itoshima

Itoshima City,
Fukuoka

900

898

976

5.4%

5.9%

Jul. 2008

100.0%

Cp-10 MRR Akita

Akita City, Akita

840

852

891

6.9%

6.8%

Apr. 1994

100.0%

1,150

1,170

1,240

5.0%

5.2%

-

100.0%

Cp-11

Supercenter TRIAL Togitsu Store Nishi-Sonogi County,(land ownership interests)
NagasakiCp-12 MRR Akita II

Akita City, Akita

970

1,016

1,020

6.8%

7.3%

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

100.0%MRR Ichihara
Ct-01(land ownership interests)

Ichihara City, Chiba

700

717

1,230

-

5.0%

-

100.0%

Kitamoto City,
Saitama

1,030

1,047

1,130

4.5%

4.9%

-

100.0%

Cp-13 Komyoike Act

Sakai City, Osaka

2,040

-

2,340

4.9%

6.2%

Apr. 1988

97.0%

Hp-01 Route-Inn Ichinomiya Ekimae

Ichinomiya City,
Aichi

740

639

767

6.0%

7.0%

May 2008

100.0%

Op-01 MRR Delta Building

Hiroshima City,
Hiroshima

1,200

1,099

1,290

5.4%

6.7%

Nov. 2002

100.0%

Op-02 PLEAST Hakata Gion Bldg.

Fukuoka City,
Fukuoka

800

741

1,300

4.7%

8.0%

Aug. 2008

100.0%

Op-03 Big B Higashishukugo

Utsunomiya City,
Tochigi

1,750

-

1,990

5.2%

6.6%

Feb. 2001

95.0%
Office:100.0%
Residential: 88.8%

Op-04 Ikeshita ES Building

Nagoya City, Aichi

1,000

-

1,150

4.8%

6.0%

Oct. 1997

80.3%

39 Properties

39,550-46,822

-

6.4%

-

97.4%

Ct-02

HotelsProperty name

K’s Denki Kitamoto Store(land ownership interests)

Offices

Total/ average(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 date of construction of each building is stated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 46

Dividends in Excess of Earnings
Policy on dividends in excess of earnings
Verify optimal cash management from various angles such as capital expenditures, economic environment, real estatemarket conditions, financial situation, repayment of borrowings, funds for new property acquisition, etc.

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

Verification (2): Amount of dividends in excess(Execute when the following conditions are met)
(The figure is the actual amount of the 11th FP)

of earnings
30% of depreciation or less and 75% of payout ratio* or less
(The figure is the actual amount of the 11th FP)* Formula of payout ratio
Total amount of dividends(including dividends in excess of earnings)
Net income + depreciation(Unit: million yen)

Real estate appraisal
value at end of FP

Total planned
amount of capital
expenditure for the
next term

Depreciation

248

Total book valueof real estate, etc.

29,389(Unit: million yen)

Dividends in excess

30% or less

190

36,261

Payout ratio before adjustment 78.1%
Payout ratio after adjustment 75.0%
Dividend ratio(against ratio of depreciation) 19.6%～～

of earnings 48

Net income

Dividends of earnings

550

550

～
～

19.6％
Distribution(Note) The above figures are as of the end of the 11th 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. 11th FP (Ended December 31, 2021) Presentation Material l 47

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

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

Growth rate

*EC ratio is for the retail sector

2019

2020

A. Retail sector

10,051.5 billion yen(EC ratio 6.76%)

12,233.3 billion yen(EC ratio 8.08%)

21.71%

B. Service-related sector

7,167.2 billion yen

4,583.2 billion yen-36.05%

C. Digital-related sector

2,142.2 billion yen

2,461.4 billion yen

14.90%

140,000

Total

19,360.9 billion yen

19,277.9 billion yen-0.43%

120,000(%)(100 million yen)

80,000Food products, beverages, liquor(2)Home electrical appliances, AV equipment, PC/peripheral equipment, etc. (not including online games)(3)

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

Cosmetics, pharmaceutical products(5)

Sundries, furniture, interior(6)

Clothing, accessories, etc.

(7)

Automobiles, motorcycles, auto parts, etc.

(8)

Office products/stationery

(9)

Other

Travel service(2)

Food service(3)

Ticket sale

(4)

Financial service(5)

Beauty service

(6)

5.79

6.22

5.43
4.37
2.84 3.17

3.40

9
8

6.76

160,000

100,000

(1)

(1)

8.08

180,000

A. Retail sector

B. Service-related sector

200,000

7
6

192,779

4.75

5

3.85

4
3

60,000 77,880
127,970
151,358
179,845
95,130
193,609
165,054
137,746
111,660
40,00084,5902
1

20,000
0

0
2010

2011

2012

2013

2014

Scale of EC market

2015

2016

2017

2018

2019

2020

EC Ratio (%)(Note 1) EC ratio indicates the ratio of e-commerce market size against the transaction amount of all
types of commerce (commerce market size).

C. Digital-related sector

Others (medical, insurance, housing-related,education, etc.)(1)

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

Fee-based music streaming(3)

Fee-based video streaming(4)

Online games

(5)

Other

Source: Information Economy Division, Commerce and Information Policy Bureau, Ministry of
Economy, Trade and Industry "FY2020 Global Economy Survey for Formulating an Integrated
Domestic and External Economic Growth Strategy (E-Commerce Market Survey)”

The scale of the B-to-C EC market is on an expanding trend,
but the EC ratio in 2020 for the retail sector is 8.08%(Note 1) Business to consumer e-commerce is abbreviated as “B-to-C EC.”
Source: Information Economy Division, Commerce and Information Policy Bureau, Ministry of Economy, Tradeand Industry "FY2020 Global Economy Survey for Formulating an Integrated Domestic and External
Economic Growth Strategy (E-Commerce Market Survey)"

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 48

Residential Properties and Retail Facilities

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

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

(%)

(%)
100

5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0

95
90
85
80
75
70

～
60
65

Residential properties

Offices

Retail facilities

Hotels

Offices

Source: Prepared by the Asset Manager based on the Bank of Japan’s ”Corporate Service Index" andthe Statistics Bureau, Ministry of Internal Affairs and Communications’ "Consumer Price Index(from 2000 to 2021)."

Retail facilities

Change in Sales in the Retail Industry Overall andin Daily Necessities(trillion yen)
Convenience stores
Drug stores

140
130
120

Supermarket
Hardware stores

110
100
90
80
70

Residential properties

Source: Prepared by the Asset Manager based on the Bank of Japan’s ”Corporate Service Index" andthe Statistics Bureau, Ministry of Internal Affairs and Communications’ "Consumer Price Index.”

Change in Annual Sales of Various Retailers(%)
150

HotelsDepartment stores(trillion yen)

50
45
40
35
30
25
20
15
10
5
0

148
146
144
142
140
138
136
134
132
130
128

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

60

～
50
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Source: Prepared by the Asset Manager based on data from the Ministry of Economy, Trade andIndustry’s "Current Survey of Commerce" and Japan DIY Industry Association and Japan
Association of Chain Drug Stores’ "FY2020 Japan Drug Store Survey (2010 = 100)."

Copyright © Marimo Asset Management Co., Ltd.

Retail industry total (right axis)
Food and beverage

Textiles, apparel and personal effects

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. 11th FP (Ended December 31, 2021) Presentation Material l 49

Offices

Vacancy Rate and Contracted Rents
Vacancy rates turn to an upward trend in major cities
Sapporo City
Vacancy rate
(Unit: yen)6

16,0005

15,0004

15,160 15,220
15,170 15,190
14,54013970
13,68013,36012,59012,09014,0003.3

13,000

2.3

3
2

1.1

1

1.6
0.7 0.5

0.3

0.9 0.8 0.9

Vacancy rate

Assumed contracted rents(Unit: %)3.7

Hiroshima City

0.4

0.7 0.8

11,08011,52010,89011,000 10,650(Unit: %)(Unit: yen)6

13,0005.1

5

3.9
3.2 3.3 3.0

4

2.8 3.0 2.8

3

3.2

3.2 3.1
2.1

1.8 1.9

1

7,000

0

6,000

～
～

(Unit: yen)

6
5

Nagoya City
16,460 16,200
16,450 16,260
15,85015,19014,48017,0004.7

16,00015,000

4
3
2
1
0

3.2

3.0

2.4
2.1
1.2
1.0
0.6 0.4 0.5 0.6 0.4
0.2

Vacancy rate

Assumed contracted rents(Unit: %)2.2

13,59014,00013,00012,00012,940
11,250 12,270
10,920 11,640

11,000 10,550(Unit: yen)6

15,000

54

5.2
4.4 4.2

4.1 3.9

3.8

3.4

14,250 14,300
13,70014,30014,15012,90014,00012,45013,25011,950 12,100
12,70013,00012,050 12,300
11,85012,00011,000

3
2
1

9,000

～
～

Assumed contracted rents(Unit: %)10,000

8,000

9,000
8,000

Fukuoka City
Vacancy rate

10,670
10,2509,920
10,440 10,540
10,06010,000 9,740
11,000

2

～
～
9,000

11,600 11,920 11,890
11,870 11,890
10,89011,42012,00012,00010,0000Assumed contracted rents

10,0001.8
1.2 1.0 1.0

1.4
0.6

1.9

9,000
8,000
7,000

～
～

6,000
0

5,000

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. 11th FP (Ended December 31, 2021) Presentation Material l 50

Hotels

Occupancy Rate by Facility Type
Business hotels achieved an early recovery in occupancy rate

90.0%

Spread of COVID-19
80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

Total

RyokanResort hotels

Business hotels

City hotels

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 51

Balance of Individual Properties (1)(11th Fiscal Period)
Investment area

Regional area

Property No.

Rp-01

Rp-02

Rp-03

Rp-04

Rp-05

Rp-06

Rp-07

Rp-08

Property name

ArtizA Sendai
Kakyoin

ArtizA Kamimaezu

ArtizA Hakata
PREMIER

ArtizA HakataekiMinami

ArtizA HigashiBetsuin

ArtizA Kamimaezu
II

ArtizA Chiyoda

ArtizA HigashiShimada

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Jun. 1, 2017

Jan. 23, 2018

Jan. 23, 2018

Jan. 4, 2019

720

980

Acquisition price

Price
Investment ratio
Information
Period-end book value (Note 1)
Leasable area (Note 1)

Leasing
Leased area (Note 1)
information
Occupancy rate (Note 1)(million yen)

2,730

400

1,060

250

640

(%)

9.0

1.3

3.5

0.8

2.1

2.4

3.2

2.3

(million yen)

2,753

371

939

227

606

698

943

681

(m²)

9,810.37

1,096.48

3,804.39

845.75

1,336.50

1,557.90

2,062.06

1,809.60(m²)

9,430.69

922.04

3,706.63

808.881,311.75

1,429.42

2,008.87

1,774.80

(%)

96.1

84.1

97.4

95.6

98.1

91.8

97.4

98.1

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

184 days(thousand yen)

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

Balance(Note 2)(thousand yen)

184 days

184 days

184 days

184 days

184 days

184 days

700

184 days

127,857

16,86350,561

22,52522,30824,54534,34125,642

124,925

16,35948,961

21,79622,03923,44733,241

25,236

2,931

504

1,599

728

268

1,098

1,099

406

28,909

4,193

9,880

4,725

5,020

6,105

8,008

5,027

Management fees

9,136

1,296

3,183

1,568

1,595

2,284

3,273

2,009

Taxes and public dues

7,734

1,351

3,288

1,582

1,575

1,706

2,394

1,752

Utility costs

1,000

111

383

312

178

131

129

161

Repair costs

9,958

982

2,487

799

329

1,166

713

238

Insurance fees

303

43

117

48

58

58

76

58

Trust fees

220

225

220

208

225

225

225

225

Other lease business expenses

557

183

200

206

1,058

532

1,195

581

(4) NOI ( = (2) – (3))(thousand yen)

98,947

12,67040,68017,80017,28818,44026,332

20,615(5) Depreciation(thousand yen)

31,127

4,544

16,293

7,065

6,653

6,273

9,179

7,622

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

67,8208,126

24,386

122,520

10,634

12,166

17,153

12,992(7) Capital expenditures(thousand yen)

247,226

‒

343

2,371

326

737

‒

‒

(8) NCF (= (4) – (7))(thousand yen)-148,278

12,67040,337

15,428

16,961

17,702

26,332

20,615(Note 1) The figures are as of the end of the 11th Fiscal Period.
(Note 2) The balance is for the 11th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 52

Balance of Individual Properties (2)(11th Fiscal Period)
Investment area

Regional area

Property No.

Rp-09

Rp-11

Rp-12

Cp-01

Cp-02

Cp-03

Cp-04

MRR Omuta

TarumiekimaeGold Building

Foodaly Aoba
Store

Yamada Denki
Tecc Land MiharaStore

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Property name

ArtizA Tsurumai

ArtizA Awajiekihigashi

Acquisition dateJan. 21, 2020

Jan. 21, 2020

Jan. 21, 2020Feb. 26, 2021

(million yen)

430

1,180

640

495

1,265

500

250

2,000

(%)

1.4

3.9

2.1

1.6

4.2

1.7

0.8

6.6

Acquisition price

Price
Investment ratio
Information
Period-end book value (Note 1)
Leasable area (Note 1)

Leasing
Leased area (Note 1)
information
Occupancy rate (Note 1)(2) Total lease business revenue

433

1,187

656

525

1,155

457

213

1,818

(m²)

841.502,180.10

3,012.53

1,079.20

6,485.11

678.57

1,729.30

11,579.19(m²)

841.502,180.10

2,725.87

1,079.20

5,493.74

678.57

1,729.30

11,579.19

(%)

100

100

90.5

100

84.7

100

100

100

184 days(thousand yen)

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

ArtizA Matsumoto ArtizA Sengen-cho(million yen)

(1) Number of operating days

Balance(Note 2)

Rp-10

(thousand yen)

184 days

184 days

184 days

184 days

184 days

184 days

184 days

14,21338,794

28,341

17,43431,93821,06916,308*13,66838,31427,48016,687

31,911

19,432

16,308

*

545

479

860

746

26

1,636

‒

‒

3,841

7,715

8,228

2,978

12,598

3,547

3,485

*

Management fees

1,521

3,144

2,861

1,891

3,951

1,177

163

*

Taxes and public dues

1,225

3,475

2,056

‒

4,562

705

1,098

8,480

Utility costs

97

284

284

117

80

1,388

‒

‒

Repair costs

249

271

2,285

308

1,477

7

250

186

Insurance fees

37

83

104

7

101

16

49

232

Trust fees

225

225

225

225

225

220

220

220

Other lease business expenses

485

232

411

428

2,200

31

1,704

16

(4) NOI ( = (2) – (3))(thousand yen)

10,372

31,07920,113

14,455

19,33917,521

12,822*(5) Depreciation(thousand yen)

3,386

7,696

5,984

3,701

14,645

5,023

3,922

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

6,986

23,382

14,12910,753

4,694

12,4978,899*(7) Capital expenditures(thousand yen)

‒

‒

6,426

‒

2,850

‒

‒

‒

(8) NCF (= (4) – (7))(thousand yen)

10,372

31,07913,686

14,455

16,48917,521

12,822** 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 ofconcern 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) The figures are as of the end of the 11th Fiscal Period. Furthermore, the leasable area and leased area of Yamada Denki Tecc Land Mihara Store include the areas of the 1F
automobile garage (piloti-type parking lot section under the building) and the warehouse building.
(Note 2) The balance is for the 11th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 53

Balance of Individual Properties (3)(11th Fiscal Period)
Investment area

Regional area

Property No.

Cp-05

Cp-08

Cp-09

Cp-10

Cp-11

Cp-12
MRR Akita II

Jan. 21, 2020

Property nameYamada Denki Tecc
Land Togitsu StoreMRR Kumamoto

MRR Sasebo

MRR Itoshima

MRR Akita

Supercenter TRIAL
Togitsu Store

Acquisition dateAug. 1, 2016

Jan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

Acquisition price

Price
Investment ratio
Information
Period-end book value (Note 1)
Leasable area (Note 1)

Leasing
Leased area (Note 1)
information
Occupancy rate (Note 1)(2) Total lease business revenue(land ownership interests)(million yen)

950

2,120

990

900

840

1,150

970

(%)

3.1

7.0

3.3

3

2.8

3.8

3.2

(million yen)

894

2,113

966

898

852

1,170

1,016

(m²)

5,998.15

11,157.71

5,070.01

2,842.78

8,416.10

13,719.74

5,587.25(m²)

5,998.15

10,386.64

5,070.01

2,842.78

8,416.10

13,719.74

5,587.25

(%)

100

93.1

100

100

100

100

100

(1) Number of operating days

184 days(thousand yen)

184 days

184 days

184 days

184 days

184 days*

113,175

57,87039,665

32,106

Lease business revenue*

99,45149,64532,855

Other lease business revenue‒

13,723

8,225

6,809

*

45,59817,457*

14,937

5,462(3) Total lease business expenses(thousand yen)Management fees
Taxes and public dues

Balance(Note 2)

Cp-07

184 days*

43,075

32,106*

43,075‒‒‒

12,558

3,335

*

6,028

3,349

321

*

1,245

2,916

11,172

4,408

2,122

1,550

3,073

4,439

Utility costs‒

15,145

6,505

6,026

‒

‒

‒

Repair costs

1,010

3,353

708

700

17

‒

‒

Insurance fees

145

390

149

56

21

‒

118

Trust fees
Other lease business expenses

225

250

225

250

225

225

225

3,853

348

‒

53

1,200

‒

‒
37,046(4) NOI ( = (2) – (3))(thousand yen)*

67,576

40,412

27,107

28,770*(5) Depreciation(thousand yen)

6,303

21,779

6,675

3,437

957

‒

6,512

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

45,79733,737

23,66927,812*30,534(7) Capital expenditures(thousand yen)

‒

8,738

‒

‒

‒

‒

48,680(8) NCF (= (4) – (7))(thousand yen)*

58,83740,412

27,107

28,770*-11,633* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 11th Fiscal Period. Furthermore, the leasable area and leased area of 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 11th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 54

Balance of Individual Properties (4)(11th Fiscal Period)
Regional area

Investment area
Hp-01

Property name

Route-Inn
Ichinomiya
EkimaeMRR Delta
Building

PLEAST Hakata
Gion Building

ArtizA Ikejiri

K’s Denki
ArtizA Tsuzuki ArtizA Kawasaki
MRR Ichihara Kitamoto Store
ArtizA Sobudai (landownership interests)
Chuo Koen
EAST(land ownership interests)

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Jan. 21, 2020

Jan. 21, 2020

(million yen)

740

1,200

800

610

1,050

780

1,130

700

1,030

(%)

2.5

4

2.6

2

3.5

2.6

3.7

2.3

3.4

Acquisition price

Price
Investment ratio
Information
Period-end book value (Note 1)
Leasable area (Note 1)

Leasing
Leased area (Note 1)
information
Occupancy rate (Note 1)(million yen)

(2) Total lease business revenue

Op-01

Op-02

Rt-01

Rt-02

Rt-03

Rt-04

Ct-01

Ct-02

639

1,099

741

597

1,067

752

1,146

717

1,047

(m²)

3,860.81

3,053.57

1,931.47

641.16

3,731.75

3,055.80

5,703.73

18,326.76

11,451.00(m²)

3,860.81

3,053.57

1,931.47

611.883,437.42

3,055.80

5,503.66

18,326.76

11,451.00

(%)

100

100

100

95.4

92.1

100

96.5

100

100

(1) Number of operating days

184 days(thousand yen)

184 days

184 days

184 days

184 days

184 days

184 days

184 days

184 days*

55,91350,024

17,90740,41030,21052,472

21,226

Lease business revenue*

51,12947,063

17,232

39,34829,96050,82921,226*

Other lease business revenue

‒

4,783

2,960

675

1,062

250

1,643

‒

‒

*

15,508

10,668

3,273

8,457

4,371

16,012

3,939

*

*

3,719

3,022

1,374

2,666

747

4,790

124

*

3,826

5,041

2,495

872

2,870

2,307

3,723

3,589

1,421

‒

4,903

4,015

195

271

‒

409

‒

‒

Repair costs

‒

1,187

712

558

2,006

1,012

5,996

‒

‒

Insurance fees

110

150

70

26

118

79

197

‒

‒

Trust fees

225

220

220

225

225

225

225

225

225

‒

285

133

21

300

‒

668

‒

‒

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

Balance(Note 2)

Tokyo metropolitan area

Property No.

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

40,40439,355

14,633

31,952

25,83836,46017,287*(5) Depreciation(thousand yen)

10,824

14,911

6,946

2,488

3,464

4,869

7,845

‒

‒

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

25,49332,40812,14528,48820,96828,614

17,287*(7) Capital expenditures(thousand yen)

‒

322

4,039

500

266

2,001

2,274

‒

‒

(8) NCF (= (4) – (7))(thousand yen)*

40,08235,316

14,13331,686

23,83734,186

17,287** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 11th Fiscal Period.
(Note 2) The balance is for the 11th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 55

11th Fiscal Period

Balance Sheet and Statement of Income
Statement of Income for the 11th Fiscal Period

Balance Sheet for the 11th Fiscal Period (December 31, 2021)
AssetsFrom July 1, 2021
To December 31, 2021

Liabilities

Current assets

Operating revenue

Current liabilities

Cash and deposits

1,322,727

Operating accounts payable

Cash and deposits in trust

2,039,931

Current portion of long-term loans payable

Operating accounts receivable

23,638

Accrued expenses

Prepaid expenses

81,060

Income taxes payable

Total current assets

3,467,357

Buildings in trust, net
Structures in trust

53,0672,045,000

Gain on sale of real estate, etc.

111,784

178,708916
18,847

Expenses related to rent business

540,495

Asset management fee

128,190

45,021

Asset custody fee

1,633

Administrative service fees

15,684-2,150,658
11,290,151

Total current liabilities

13,440,809

326,486

5,399
2,769,843

Non-current liabilities
Long-term loans

14,107,500

Structures in trust, net

1,268,427

261,604

Tenant leasehold and security deposits in trust

Machinery and equipment in trust

118,437

Asset retirement obligations

Accumulated depreciation-30,531

Other

Machinery and equipment in trust, net

87,906

Tools, furniture and fixtures in trust

50,671

Accumulated depreciation-16,716

Tools, furniture and fixtures in trust, net

33,954
17,712,249
1,286

Construction in progress in trust

29,387,152

Intangible assets
Leasehold rights in trust

3,331

Total intangible assets

3,331

Investments and other assets
Long-term prepaid expenses

110,841

Deferred tax assets

15

Guarantee deposits

10,000

Lease and guarantee deposits in trust

13,500Total investments and other assets

134,356

Total non-current assets

29,524,840

18,35910

Total non-current liabilities

15,394,297
18,164,140

Total liabilities

Net assets
Unitholders’ equity
Unitholders’ capital

14,869,979

Deduction from unitholders’ capital
Allowance for temporary difference adjustments-10,931

Other deduction from unitholders’ capital-571,992

Total deduction from unitholders’ capital-582,923

Unitholders’ capital, net
Surplus
Unappropriated retained earnings(undisposed loss)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets

Directors’ compensations

2,400

Taxes and public dues

18,293

Bad debt loss

-64,882

Total property, plant and equipment

1,402,627

203,251

Accumulated depreciation

Land in trust

Total operating revenue
Operating expenses

Advances received
Current portion of tenant leasehold andsecurity deposits in trust
Other

Property, plant and equipment
Accumulated depreciation

1,237,775

Other lease business revenue

Accrued consumption taxes

Non-current assets
Buildings in trust

Lease business revenue
272,698

14,287,056

607

Other operating expenses

41,279Total operating expenses

748,585

Operating income

654,041

Non-operating income
Interest income

14

Reversal of distributions payable

374

Insurance income

6,634

Total non-operating income

7,022

Non-operating expenses
Interest expenses

63,705

Borrowing related expenses

41,450

Amortization of investment unit issuance expenses
Total non-operating expenses

4,665
109,821

Ordinary income

551,242

Net income before income taxes

551,242

550,333

Income taxes – current

550,333

Income taxes – deferred

14,837,389

Total income taxes

14,837,389

Net income

33,001,530

Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

918
-0
917
550,3248
550,333

Deferred assets
9,331

Investment unit issuance expenses

9,331

Total deferred assets
Total assets

33,001,530

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 56

Status of Investment Unitholders(Fiscal Period Ended December 31, 2021)
Ratio of Unitholders by Number(11,272 unitholders in total)

Rank

Record number of unitholders(previously a total of 11,157 unitholders)1Marimo Co., Ltd.

16,031 units

10.5%

2

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

11,272 units

7.4％

3

Custody Bank of Japan, Ltd.
(trust account)

9,008 units

5.9％

4

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

4,812 units

3.2％

5

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

2,647 units

1.7％

6

SMBC Nikko Securities Inc.

2,439 units

1.6％

7

BNYM SA / NV FOR BNYM FOR BNYGCM CLIENT ACCOUNTS M LSCB RD

2,154 units

1.4％

Foreign companies, etc.
(5.3% → 5.3%)

8

Morgan Stanley MUFG Securities Co., Ltd.

2,113 units

1.4％

Other domestic entities(17.0% → 16.0%)

9

Yonezawa Shinkin Bank

2,000 units

1.3％

10

DFA INTERNATIONAL REAL ESTATESECURITIES PORTFOLIO

1,858 units

1.2％

54,334 units

35.6%

Foreign companies, etc.
(0.7% → 0.8%)

Financial institutions (Note1)(0.4% → 0.4%)

Other domestic entities(1.5% → 1.5%)

Individuals, others(97.4% → 97.3%)

Ratio of Investment Units by Number(152,680 units in total)

Financial institutions (Note1)(25.8% → 27.2%)

Individuals, others(51.8% → 51.6%)(Note 1) The ratio for financial institutions includes the ownership of securities
companies.

Copyright © Marimo Asset Management Co., Ltd.

Name of unitholder

Total

Number of
Ownership
investment units
ratio(Note 2)

(Note 2) Calculated by dividing the 54,334 investment units owned by the top 10 unitholders by the
152,680 investment units issued and outstanding and rounding to the first decimal place.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 57

Notes (1)Page 5

Page 7Note 1: “Retail ratio” and “Residential ratio” are calculated based on the (planned)
acquisition price (please refer to Note 1 on page 6 for the “(planned) acquisition
price”. The same applies hereinafter), the left side of the arrow indicates the ratio
before the (planned) acquisition, and the right side of the arrow indicates the ratio
after the (planned) acquisition.

Note 1: marimo REIT already disposed 50% quasi co-ownership interest in the real estate
trust beneficiary right of ArtizA Hakataeki-Minami on December 22, 2021, anddisposed the remaining 50% quasi co-ownership interest in the real estate trust
beneficiary right of the property on January 26, 2022

Note 2: “Tokyo metropolitan area” refers to Tokyo, Kanagawa, Chiba and Saitama
prefectures. The same applies hereinafter.
Note 3: “Average appraisal NOI yield of 6.4%” indicates the average appraisal NOI yield
after the (planned) acquisition. “(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) to the (total) (planned) acquisition
price. Such figures are calculated by the Asset Manager and are not indicated in thereal estate appraisal report. The same applies hereinafter.

Note 4: “Asset size” refers to the total (planned) acquisition price of each asset pertaining tothe ownership by marimo REIT at each point in time unless otherwise noted.

Page 6Note 1: “(Planned) acquisition price” refers to the purchase price of each real estate or realestate trust beneficiary right stated in each real estate sale and purchase contract ortrust beneficiary right sale and purchase contract (excluding consumption tax, local
consumption tax and other miscellaneous expenses such as broker’s commissions)for the owned assets or assets (to be) acquired, rounded down to the nearest million
yen. The same applies hereinafter.
Note 2: “Appraisal value” is the appraisal value indicated in each of the real estate appraisal
reports dated August 31, 2021, September 30, 2021, November 1, 2021, orDecember 1, 2021, for the assets to be acquired. The same applies hereinafter.
Note 3: “(Average) appraisal NOI yield after depreciation” refers to the ratio of the (total)
amount, which is calculated by deducting the actual or expected depreciation foreach asset from the appraisal NOI, to the (total) (planned) acquisition price at eachpoint in time. Such figures are calculated by the Asset Manager and are notindicated in the real estate appraisal report. The expected amount of depreciation
which is assumed when calculating the (average) appraisal NOI yield after
depreciation is also calculated by the Asset Manager. The same applies hereinafter.
Note 4: Of the assets to be acquired, “Starship Kobe Gakuentoshi” is not completed as ofDecember 18, 2022. marimo REIT plans to acquire “Starship Kobe Gakuentoshi” onApril 1, 2022, on condition that the building will be completed, but may not be able
to acquire it as scheduled due to the delay, change or cancellation of development.

Note 2: As the scheduled figures for April 1, 2022, are calculated under certain assumptions
based on the figures as of the end of the 10th Fiscal Period or October 31, 2021, forthe existing portfolio and the figures for the assets to be acquired and the disposed
assets, they may differ from the actual figures. The same applies hereinafter.
Note 3: “Appraisal value” of the assets (to be) acquired is the appraisal value as of the endof the fiscal period ended June 2021 (end of the 10th Fiscal Period). Moreover, theappraisal of the assets (to be) acquired is entrusted to Japan Valuers Co., Ltd., andthe appraisal value indicated in the real estate appraisal report dated November 1,
2021, is 589 million yen.

Page 8Note 1: The map of “Portfolio Investment Ratio” and the pie chart of “Investment Ratio by
Region” indicate the scheduled ratio by region on April 1, 2022, based on the(planned) acquisition price. The pie chart of “Investment Ratio by Type” indicatesthe ratio by type based on the (planned) acquisition price.
Note 2: “Tohoku” refers to Aomori, Iwate, Akita, Miyagi, Fukushima and Yamagata
prefectures.
“Kanto (excluding the Tokyo metropolitan area)” refers to Ibaraki, Tochigi andGunma prefectures.
“Tokyo metropolitan area” refers to Tokyo, Kanagawa, Chiba and Saitama
prefectures.
“Koushinetsu” refers to Yamanashi, Nagano and Niigata prefectures.
“Hokuriku” refers to Toyama, Ishikawa and Fukui prefectures.
“Tokai” refers to Shizuoka, Aichi, Gifu and Mie prefectures.
“Kinki” refers to Shiga, Kyoto, Osaka, Nara, Wakayama and Hyogo prefectures.
“Chugoku” refers to Okayama, Hiroshima, Yamaguchi, Tottori and Shimane
prefectures.
“Shikoku” refers to Kagawa, Kochi, Tokushima and Ehime prefectures.
“Kyushu” refers to Fukuoka, Oita, Miyazaki, Kagoshima, Kumamoto, Nagasaki andSaga prefectures.

Note 5: Of the assets to be acquired, “Starship Kobe Gakuentoshi” is not completed as ofthe date of this document. Therefore, the exterior view is the rendering based on theplan as of the date of this document and may differ from the actual appearance. The
same applies hereinafter for the photo of Starship Kobe Gakuentoshi.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 58

Notes (2)Page 10Note 3: In cases there being several uses (asset types) in one building, the asset type that
accounts for the largest ratio of the floor area is set as the asset type of the building.
Note 4: “PML value” refers to probable maximum loss caused by earthquakes. As to PML,
there are those regarding individual buildings and those regarding portfolios. Thereis no unified definition of PML, but the “PML value” of marimo REIT refers to theratio (%) of the forecasted restoration expenses to the replacement costs, regarding
the degree of damage caused by the estimated largest earthquake (large
earthquake which occurs once every 475 years = large earthquake with a 10%
probability of occurrence in 50 years) during the estimated scheduled use period (50years = durable year of general buildings).
Note 5: “Simple average across all J-REITs” is calculated based on the most recent material
disclosed by each J-REIT as of October 31, 2021, other than marimo REIT. Please
note that simple comparison may not be made as the definition of PML value
disclosed by each J-REIT as of October 31, 2021, is not necessarily the same as
the definition of PML value at marimo REIT (please refer to Note 4 above for details).
The figures are calculated by excluding J-REITs whose portfolio PML value are notindicated in the disclosed materials. The same applies hereinafter for the PML valueof each investment corporation other than marimo REIT.

Note 1: “(Planned) disposition price” refers to the sale price stated in the sale agreement of
the real estate trust beneficiary right stated in the trust beneficiary right sale andpurchase contract (excluding consumption tax, local consumption tax and othermiscellaneous expenses such as broker’s commissions) for the disposed assets,rounded down to the nearest million yen. The same applies hereinafter.
Note 2: “Gain on sale” is the estimated value based on the expected book value as of said
disposition date. The same applies hereinafter.
Note 3: “NOI yield” of the disposed assets is calculated by the Asset Manager by dividing
the actual NOI for each fiscal period annualized according to the number ofoperating days in said fiscal period by the acquisition price.

Page 11
Note 1: “Asset manager’s original channel” refers to the method of acquiring properties byusing methods other than the “sponsor support” described below.
Note 2: “Sponsor support” refers to the method of acquiring properties developed bysponsors and properties owned by third parties after Marimo or a special purpose
company invested in by Marimo bears the acquisition costs for such properties byusing warehousing function, etc. and acquiring temporary owned properties.

Page 9Note 1: The “property number” is a number for each property by combining theclassifications of “investment target” and “investment ratio by region” for the assets
owned by marimo REIT and the assets to be acquired. Regarding the “investment
target,” “R” stands for residence, “C” stands for commercial facility, “H” stands forhotel, “O” stands for office, “p” stands for region, and “t” stands for Tokyo area. In
cases of there being several uses (asset types) in the one building, the asset typethat accounts for the largest percentage of the floor area is set as the asset type ofthe building. The same applies hereinafter.
Note 2: 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 tobe acquired through the asset manager’s original channel are described as “Assetmanager’s independent acquisition channel.” The same applies hereinafter.

Copyright © Marimo Asset Management Co., Ltd.

Page 27Note:

The strategy and policy stated in the “Target” column in growth strategy and the“Future Acquisition Policy” and “Investment Ratio by Type (policy for the
meanwhile)” columns in acquisition policy are the policies for the meanwhile in lightof the current status and may be changed from time to time.

Page 37
Note 1: For the land, a right of site to the building has been established. The site area
corresponding to the building ownership interest to be acquired by marimo REIT isapproximately 658.26 m2 (approximately 7.6%).
Note 2: The building is constructed as a single housing complex under the comprehensive
design system and there is thus public open space established on part of the site.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 59

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

▼

This material is not a disclosure document nor is it a management report based on the Financial Instruments and Exchange Act, the Act on
Investment Trusts and Investment Corporations, listing regulations of the Tokyo Stock Exchange or regulations of the Investment Trusts Association
nor is it based on other related laws, regulations or rules.

▼

Numerical numbers in this material are rounded down to the nearest units stated and ratios are rounded to the first decimal place when they are
indicated without any other specification.

▼

Data, analyses, etc., in this material are based on performance in a specific period in the past, and are not guarantees of actual future investment
results, changes, etc.
In addition, the forward-looking statements contained in this material do not guarantee future performance.
Furthermore, analyses, judgments and other opinions of marimo Regional Revitalization REIT, Inc. and Marimo Asset Management Co., Ltd.
contained in this material merely represent opinions as of the preparation date. Different views may exist, and the opinions may be changed in the
future.
It should also be noted that with real estate investment trusts there is a risk that, owing to fluctuations in the prices and profitability of the real estate
under management, the actual value may decrease to a value below that of the principal sum invested.

▼

The information provided in this material is not audited and there are no warranties regarding the accuracy and completeness of the information.
Furthermore, please note in advance that the contents are subject to change or deletion without prior notice.

▼

Neither marimo Regional Revitalization REIT, Inc. nor Marimo Asset Management Co., Ltd. accept any responsibility of any kind for theconsequences of investment activities or acts carried out on the basis of this material.

▼

Disclaimer

Any reproduction or alternative use of the content indicated in this material without prior permission is prohibited.

Asset Manager: Marimo Asset Management Co., Ltd.
(Financial Instruments Business Operator (No. 2885 issued by the Director General of the Kanto Finance Bureau (Kinsho)) and a member of the Investment Trusts Association)

Contact: Marimo Asset Management Co., Ltd.
TEL: 03-6205-4755 mail: info@marimo-am.co.jp IR Dept.
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 60

MEMO

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 61

MEMO

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 62

MEMO

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 11th FP (Ended December 31, 2021) Presentation Material l 63

Regional areas have hidden potential

地方は、
可能性を
秘めている。