12th Fiscal Period (Ended June 30, 2022)

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

1
(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 Change in Portfolio Overview of Portfolio
 Map of Acquired Assets
 ArtizA Kitadorimachi
 Starship Kobe Gakuentoshi ArtizA Mito Izumicho ArtizA Kokura ArtizA Kurashiki Komyoike Act
 MRR Utsunomiya
 Ikeshita ES Building

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12th Fiscal Period Financial Highlights
Impact of COVID-19
12th Fiscal Period Forecasts and Results
13th/14th Fiscal Periods Earnings Forecasts
Acquired Assets
Assets to Be Disposed
Changes in Dividends per Unit and NAV

Copyright © Marimo Asset Management Co., Ltd.

16

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24

Pursuing Increase of Asset Value
Maintaining Stable Average Occupancy Rate
Leasing Results
Financial Status (period ended June 2022)
IR Activities
Sponsor Pipeline
Change in Asset Size
Investment Strategy

Appendix

Summary of Financial Results for12th Fiscal Period
13th/14th Fiscal Periods
Earnings Forecasts

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Management Results for12th Fiscal Period

33

ESG Initiatives
Basic Principle of marimo REIT
Overview of the Sponsor, Marimo
System of Sponsor and Supporting Companies
Portfolio Building Policy
Portfolio Map
Photos of Properties (1)Photos of Properties (2)Portfolio List (1)Portfolio List (2)Dividends in Excess of Earnings
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)Balance of Individual Properties (5)12th Fiscal Period Balance Sheet and Statement of Income
Status of Unitholders
Disclaimer

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 2

01

Overview ofThird Public Offering

3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 amountPrimary offering andthird-party allotment

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

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

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

170.0
160.0

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

June 30, 2022
Investment unit price:
134,800 yen

First PO
January 15, 2018
Issue price: 109,005 yen

150.0(June 30, 2022)

Number of new
investment units issued
and outstanding

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

Issue price

127,627 yen

140.0

Investment
unit price is60.2％

At listing
July 29, 2016
81,500 yen

130.0

higher than
the TSR REIT index

120.0
110.0
100.0
June 30, 2022
TSR REIT Index:
1,966.90

90.0

Ratio of same-boat
investment by sponsor

8.8%

80.0

July 29, 2016
TSR REIT Index:
1,869.32

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.

marimo Regional Revitalization REIT
60.0
0

~
~
At listing

TSE REIT Index
End of
End of
End of
End of
End of
End of
End of
End of
End ofDec. 2016
Jun. 2017
Dec. 2017
Jun. 2018
Dec. 2018
Jun. 2019
Dec. 2019
Jun. 2020
Dec. 2020(End of 1st FP) (End of 2nd FP) (End of 3rd FP) (End of 4th FP) (End of 5th FP) (End of 6th FP) (End of 7th FP) (End of 8th FP) (End of 9th FP)

End ofJun. 2021(End of 10th FP)

End ofDec. 2021(End of 11th FP)

End ofJun. 2022(End of 12th 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. 12th FP (Ended June 30, 2022) Presentation Material l 4

Change in Portfolio

Number ofproperties
Total
acquisition priceTotal
appraisal value

End of 10th FP

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

Assets acquired

End of 12th FP

32

-1

8

39

30,450

-500

9,600

39,550

million yen

million yen

million yen

million yen

10,85546,896

million yen

million yen

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

Averageappraisal NOI yield

6.6%

6.5%

6.0%

6.4%

Averageappraisal NOI yield
after depreciation

5.0%

3.7%

4.8%

4.8%

LTV to total assets

49.2%

49.0%

(Note 1) marimo REIT disposed of a 50% quasi co-ownership interest in the real estate trust beneficiary right of ArtizA Hakataeki-Minami on December 22, 2021, and disposed theremaining 50% quasi co-ownership interest in the real estate trust beneficiary right of the property on January 26, 2022.
(Note 2) The “appraisal value” of disposed assets indicates the appraisal value as of the end of the fiscal period ended June 2022 (end of the 12th Fiscal Period). The appraisal value ofdisposed assets is entrusted to Japan Valuers Co., Ltd., and the appraisal value indicated in the real estate appraisal report dated November 1, 2021, is 589 million yen.
(Note 3) The total appraisal amount on June 30, 2022, average appraisal NOI yield, and average appraisal NOI yield after depreciation indicate the figures calculated based on theappraisal report at the end of June 2022 (end of the 12th Fiscal Period).

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 5

Overview of Portfolio (as of June 30, 2022)
 Portfolio Investment Ratio

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

A portfolio built by type andby region through further
progress in nationwide
diversification

Kyushu / Okinawa(excluding Tokyo
metropolitan area)

28.7%

Offices

2.4%

12.0%

1.9%

Koshinetsu /Hokuriku /
Kanto

9.6%

Hokkaido /TohokuKoshinetsu / Hokuriku / Kanto

Hotels6.6%

Retail facilities

By type

Chugoku / Shikoku

Residential
46.4%
46.1%

12.8％

Kyushu /Okinawa

32.8％

11.4%

28.7%

Hokkaido / Tohoku

By region
Tokai

11.5%

11.5%

9.6%

2.1％

14.9％

44.9%

(excluding Tokyo metropolitan area)

39.7%

14.5％
Kinki

11.9% Tokyo metropolitan 13.7%
area 17.4％

5.5％

Chugoku / Shikoku

13.4%

 Portfolio PML Value

11.4%
Tokyo
metropolitan area

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

13.4%

Simple average
across all J-REITs: 2.9%

Tokai

13.7%
Kinki

11.9%

Residential
Retail facilities
Hotels
Officesmarimo REIT

1.4%
(%)

0.0

2.0

4.0

6.0

8.0

10.0

(Note 1) The “Portfolio Investment Ratio” map and “Investment Ratio by Region” pie chart indicate the ratio by region as of June 30, 2022, based on the acquisition price. The “Investment
Ratio by Type” pie chart indicates the ratio by type based on the acquisition price.
(Note 2) 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 3) “PML value” refers to the probable maximum loss caused by earthquakes. As to PML, there are those regarding individual buildings and those regarding portfolios. There is no
unified definition of PML, but the “PML value” of marimo REIT refers to the ratio (%) of the forecast restoration expenses to the replacement costs, regarding the degree ofdamage 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 (50 years = durable year of general buildings).

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 6

Map of Acquired Assets
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

Residential
Sponsor development

Asset manager’s
original channel

Retail facilities

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

MRR
Utsunomiya(Note)
1,750 million yen
6.6% / 5.4%

Hotels
Offices
Cp-10
Cp-12

Chugoku / Shikoku

Rp-01

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

Asset manager’s
original channel
Rp-11

ArtizA Kurashiki
590 million yen
5.7% / 4.5%

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

Tokai

Cp-07
Cp-03
Cp-05

Asset manager’s
original channel

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

* The acquisition price and the appraisal NOI yield/appraisal NOI yield after depreciation are
indicated in red under the property name.
(Note) Big B Higashishukugo changed its name to MRR Utsunomiya on July 1, 2022.

Copyright © Marimo Asset Management Co., Ltd.

Asset manager’s
original channel

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

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 7

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
Occupancy rate

1 Kitadorimachi,
Takasaki-shi,
Gunma

Number of units

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

Site area

496.20 m²

Gross floor area

2,535.52 m²

780 million yen
859 million yen
5.7%
96.2%

Joshin Dentetsu

Takasaki Park Relatively new residential property offering 1LDK 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 (81.2%)

Polestar Takasaki
Residence

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

201 7

201 8

201 9

202 0

Source: East Japan Railway Company “Station Passenger
Figures”

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 8

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 from J.S.B. Co., Ltd., which specializes in the student
apartment business

Location

Planned acquisition
priceAppraisal value
Appraisal NOI yield

868-1416
Kozukadaihigashi,
Tarumi-ku, Kobe-shi,
Hyogo

Number of sections

1 section

Site area

3,384.00 m²

Gross floor area

2,801.77 m²

982 million yen

Completion dateFebruary 2022

1,230 million yen

Planned acquisition
date

5.8%
100%*

April 1, 2022

(people)

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

15,00014,863

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 2019

FY 2020

FY 2021

750

700

700

650

650

600

550
FY 2018

750

650

600

2018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%

700

14,200* This is a fixed rent-type sublease property, and the occupancy rate is shown as 100%.

Copyright © Marimo Asset Management Co., Ltd.

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

Number of Students at
Neighboring Universities

14,800

Structure
Occupancy rate

Gakuen-Minami IC

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 Period (Fiscal Year Ended October 2021)”

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 9

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

Number of units

Compact: 47 units

Site area

964.09 m²

609 million yen

Gross floor area

Lake Senba

Population and Number ofHouseholds in Mito City
(thousand people)

1,896.92 m²
270

Appraisal value
Appraisal NOI yield
Occupancy rate

707 million yen

Completion date

March 2019

Acquisition date

January 19, 2022

5.9%
93.9%

Ibaraki Prefectural Library
Mito Central Post OfficeSenba Park280

Acquisition price

123

Izumicho 1-Chome North District
Urban Redevelopment(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

Structure

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”• 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. 12th FP (Ended June 30, 2022) Presentation Material l 10

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

Acquisition priceAppraisal value
Appraisal NOI yield
Occupancy rate

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)

Site area

1,671.92 m²

Gross floor area

5,730.84 m²

Completion dateJune 2015

Acquisition date
Structure

1,849 million yen
1,960 million yen
5.3%
88.8%

Polestar Tower
Otemon Leamo

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

Copyright © Marimo Asset Management Co., Ltd.

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. 12th FP (Ended June 30, 2022) Presentation Material l 11

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

Number of units
Site area

Acquisition priceAppraisal value

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

Gross floor area

2,404.42 m²

480

Completion dateNovember 2007

470

Acquisition date

January 19, 2022

5.7%
Structure

Occupancy rate

(thousand households)
Population (left axis)
Number of households (right axis)

206

94.2%

Copyright © Marimo Asset Management Co., Ltd.

Reinforced concrete
structure
9F

209

210

215

213

215
212
209

484

Appraisal NOI yield

Kurashiki Bikan
Historical Quarter

ArtizA Kurashiki

590 million yen
612 million yen

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. 12th FP (Ended June 30, 2022) Presentation Material l 12

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

2,350 million yen

Appraisal NOI yield

6.3%

Occupancy rate

96.3%

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(Semboku 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. 12th FP (Ended June 30, 2022) Presentation Material l 13

MRR Utsunomiya(Note)

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

 Located approximately a 12-minute walk from JR Utsunomiya Station and equipped with aparking lot (parking capacity: 113 spaces), making it a mixed-use property boasting a highpercentage 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, the nearest station fromthe 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

2,000 million yen

Number ofunits/ sections

Single: 70 units
Office: 12 sections

Site area

1,905.14 m²

Gross floor area

7,197.22 m²

Completion dateFebruary 2001

Polestar Broad City Joto

(thousand people)

525(thousand households)

520

238
236

240

236

229

Mine Station

MRR Utsunomiya
Utsunomiya Higashi Post Office

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

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

Appraisal NOI yield

Occupancy rate

6.6%
94.8%
(Office:100.0%)(Residential: 88.6%)

Acquisition date
Structure

January 19, 2022
Steel reinforced
concrete structure
10F(Note) Big B Higashishukugo changed its name to MRR Utsunomiya on July 1, 2022.

Copyright © Marimo Asset Management Co., Ltd.

523

510

523

522

521

522

Eki Higashi
Koen-mae

224

505
0

220
0
201 6

Utsunomiya
Station East Exit

228

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”

Next-generation tram
“Light Line”

2 stations

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

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 14

Ikeshita ES Building

Asset manager’s
original channel

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

Aichi Prefectural
Government Office

Aeon Mall
Nagoya Noritake Garden

Sakura-dori

Nagoya Station

ArtizA Higashibetsuin

Location

Acquisition price5 sections(sectional ownership)

Site area

8,641.41 m²

1,000 million yen

Gross floor area

2,373.13 m²

Completion date

October 1997

Ikeshita ES Building

ArtizA
Tsurumai

ArtizA
ChiyodaIkeshita Station

ArtizA Kamimaezu

Chikusa
Police Station

ArtizA KamimaezuⅡ

Ikeshita ES Building

Kanayama
StationChikusa Ward Office

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• Decided to conduct renovation work due to the aging
of facility• The city judged that the implementation of renovation
work at the site is the best choice as the ward office islocated near Ikeshita Station and offers excellent
transport convenience within the ward

Nagoya Municipal Subway
Higashiyama Line
NagoyaSakae

Ikeshita

20F

Appraisal value

1,150 million yen

Acquisition date
Appraisal NOI yield
Occupancy rate

6.1%
100%

UR Rental
Housing

2 stations
Approx. 4 minutes

4 stations
Approx. 7 minutes

12F

Structure

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

Four stations to Sakae Station and six 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. 12th FP (Ended June 30, 2022) Presentation Material l 15

02

Summary of Financial Results for12th Fiscal Period

13th/14th Fiscal Periods Earnings Forecasts

16

12th Fiscal Period

Financial Highlights (period ended June 2022)
 Acquired 8 properties worth 9.6 billion yen upon the third PO, achieving improved stability andprofitability Completed disposition with the disposition of 50% quasi co-ownership interest in ArtizA
Hakataeki-Minami on January 26, 2022

 NAV per unit reached the highest level since listing at 139,806 yen (increase of 23% vs. time oflisting) Acquired ArtizA Kumamotoshinmachi on July 5, 2022, increasing asset size to 40.07 billion yen
UP 145%
since listing

Asset Size
End of 11th FP

End of 12th FP→39.5530.2 billion yen

Forecasts for the 12th FP(Note)billion yen
2.1%
(UP)

Investment Unit Price
End of 12th FP

End of 11th FP→134,800

132,000 yen

Number of Managed Properties
End of 11th FP

End of 12th FP→39

32 properties→3,817propertiesyen

NAV per Unit●
138,267 yen

21.9%
(UP)

Results of the 12th FP

3,815 yen

End of 11th FP
yen

2 yen
(UP)

Dividends per Unit

Highest sincelisting

End of 12th FP→139,806

Change in Target Downtime (within 60 days)
Achievement Ratio
End of 11th FP

yen
26.8%
(UP)

End of 12th FP

→65.2

51.4％

％

(Note) The “forecast for the 12th Fiscal Period” indicates the forecast announced on February 18, 2022 (including dividends in excess of earnings).

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 17

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

Retailfacilities

Hotels

Offices

Status in 12th FP

20

 No clear impact14

 Three requests for rent reduction (3 of the 84 tenants)
 Two move-out notices received (Komyoike Act)⇒ Move-out scheduled for July 2022 and August 2022
 Contracts signed for three new tenants(MRR Omuta, MRR Kumamoto)1

 No clear impact(Route-Inn Ichinomiya Ekimae: Fixed rent type)4

 Received a notice of move-out (MRR Delta Building)⇒ Move-out scheduled for August 2022
 One move-out (PLEAST Hakata Gion Bldg. )⇒ Moved out in April 2022

Copyright © Marimo Asset Management Co., Ltd.

End of 11th FP

End of 12th FP

95.9%

95.2％ (-0.7%)

 Occupancy rate decreased slightly
due to temporary factors
98.3%

99.5％ (+1.2%)

 Breakdown of three rent reduction
requests(3-month rent holiday, no decrease,
under negotiation)
100%

100％ (±0%)

 No particular change in conditions, etc.
100%96.2％ (-3.8%)

 Occupancy rate decreased slightly
due to temporary factors

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 18

12th Fiscal Period

Forecasts and Results (period ended June 2022)(Unit: million yen)

Operating revenue

12th FP

12th FP

Variation

Initial forecasts(Note 1)(A)

Results(B)(B) - (A)(Note 2)

Operating income(Note 2)

Factors for variation frominitial forecast(Unit: million yen)

1,765

1,779

+13

825

841

+15

Operating revenue+13

Increase in other income+10(income from key money, restoration to originalstate, etc.)(A Chiyoda, A Tsurumai)

Increases in utilities income+6(MRR Kumamoto, MRR Sasebo, etc.)

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

675

693

674

692

+17
+17

Increase in income other than thoselisted above-3

Operating expenses+2

Decrease in repair costs+13

Increase in utility costs-11

EPU 2.9% UP(Komyoike Act, MRR Kumamoto, etc.)(Unit: yen)

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

Dividends in excess ofearnings per unit②

Dividends per unit (DPU)(including dividends in excess of earnings)①＋②(Note 1) Announced on February 18, 2022.
(Note 2) Rounded down to the nearest unit.

Copyright © Marimo Asset Management Co., Ltd.

3,499

3,601

+102

316

216

-100

3,815

3,817

+2

Non-operating expenses+2

Decrease in interest expense+2(Note 4) + indicates net income increasing factor- indicates net income decreasing factor(Note 5) A refers to “ArtizA.” The same applies hereinafter.

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

78.5%
73.5%
13.6%

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 19

13th Fiscal Period (ending December 2022) and 14th Fiscal Period (ending June 2023)

Earnings Forecasts(Note 1)(million yen)

Operating revenue(Note 2)

12th FP

13th FP

Results

Forecasts

(A)

(B)

1,779

1,806

Variation(B )-(A )+27

14th FP
Forecasts
(C)

1,792

Variation(C )-(B )-14

Assumptions for the forecasts forthe 13th FP and 14th FP

Forecasts for 13th FP
Operating revenue+27

Increase in rent, etc.

+53

(Daily rent for 8 properties acquired upon the third PO,
ArtizA Kumamotoshinmachi)

Decrease in other income-21(income from key money / restoration to original state)

Operating income(Note 2)

Ordinary income(Note 2)

841
693

789
638

-51

-54

768
622

-21

-15

Decrease in income other than the above-5(absence of gain on sale of 50% interest in ArtizA
Hakataeki-Minami)(gain on sale of 50% interest in ArtizA Tsuzuki Chuo Koen)

Operating expenses-78

Increase in utility costs-19(Komyoike Act, Ikeshita ES Building, etc.)

Increase in repair costs-15(ArtizA Hakata PREMIER, MRR Kumamoto, etc.)

Net income(Note 2)

692

637

-54

621

-15

(yen)

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

3,601

3,316

-285

3,235

-81

①

Dividends in excess ofearnings per unit
②

①＋②

-14

Increase in expenses other than those above-30

Non-operating income, expenses, etc.

-2

Increase in interest expense-1

Increase in expenses other than those above-1

Forecasts for 14th FP
Operating revenue-14

Decrease in rent, etc.

-18

(disposal of ArtizA Tsuzuki Chuo Koen, etc.)

216

327

+111

411

+84

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

Increase in asset management fee

Increase in income other than those above+4

Operating expenses-6

Increases in taxes and public dues, etc.

-35

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

3,817(Note 1) The forecasts for the 13th Fiscal Period and 14th Fiscal
Period do not guarantee actual results.
(Note 2) Rounded down to the nearest unit.

Copyright © Marimo Asset Management Co., Ltd.

3,643
(Note 3)

-174

3,646
(Note 4)

+3

Decrease in repair costs+10

Decrease in expenses other than those above+19

Non-operating income, expenses, etc.

+5(Note 3)(Note 4)
Decrease in investment unit issuance expenses+4
Payout ratio before adjustment 76.8% Payout ratio before adjustment 76.6%
Decrease in expenses other than those above+1
Payout ratio after adjustment 73.5% Payout ratio after adjustment 75.0%
Dividend ratio
Dividend ratio(Note 5) + indicates net income increasing factor(against ratio of depreciation) 19.9% (against ratio of depreciation) 25.3%- indicates net income decreasing factor

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 20

Acquired Assets (ArtizA Kumamotoshinmachi)
Acquisition of residential property developed by the sponsor (Acquisition date: July 5, 2022)
For-sale condominiums developed by the sponsor in
Kumamoto City
Three previous buildings(Note 1)
Kumamoto City
MuseumKumamoto Prefectural
Museum of Art
Lib Work
Fujisakidai Stadium
Kumamoto Castle
Urusanmachi
Tram Stop
Poleater
Kumamoto Shinmachi
Residence

National Hospital Organization
Kumamoto Medical Center
Kumamoto Prefectural
Kumamoto City Hall
Daiichi High School
SAKURAMACHI Kumamoto
The Kumamoto Gardens

ArtizA
Kumamotoshinmachi

Kumamoto
University Hospital

KitaokaNature Park

Shirakawa River
Kumamoto
StationKumamoto Station

Location

Appraisal NOI yield

Occupancy rate

Kumamoto City, Kumamoto

5.3%(Note 2)

100%

Acquisition priceAppraisal value

Completion date

520 million yen

524 million yen(Note 2)

August 2021

Property typeExclusive area (units)

Number of units

1LDK

30.69 ̶ 35.64 m²

48

 Property characteristics• Located approximately a 4-minute walk from the Urusanmachi stop on the Kumamoto City
Transportation Bureau’s Kumamoto City Kami-Kumamoto Line• Location with favorable access to urban areas—e.g., within walking distance of the center ofKumamoto City
• There is a mixed-use commercial facility, SAKURA MACHI Kumamoto, to the southeast,
which offers lifestyle convenience

MRR Kumamoto

Achieved 100% occupancy 7 months after completion
xxxxxxxxxxxxx
(%)

100.0
80.0
60.0
40.0
20.0 0.0
0.0

87.4
（％）

Aug.

43.3

56.1

68.5

74.6

Nov.

Dec.

Jan.

100.0

100.0

100.0

100.0

Mar.

Apr.

May

Jun.

22.8

Sep.

Oct.

Feb.

(Note 1) marimo REIT has no specific plans to acquire marimo for-sale condominiums as of the date of this document, and there is no guarantee that it can acquire them in the future.
(Note 2) The “appraisal NOI yield” and “appraisal value” are the figures as of the end of May 31, 2022. The same applies hereinafter.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 21

Assets to Be Disposed (ArtizA Tsuzuki Chuo Koen)
Disposing a property (in two parts) and planning to return the gains to unitholders
Partial asset disposition in 13th and 14th Fiscal Periods (planned)

 Disposition highlights

 First disposition(50% quasi co-ownership interest) Second disposition(50% quasi co-ownership interest)

Disposition price (planned)

665 million yen

Disposition price (planned)

Gain on sale (projected)

132 million yen

Gain on sale (projected)

132 million yen

Planned disposition date

September 30, 2022

Planned disposition date

January 11, 2023

665 million yen

Total gain on sale (projected):

ArtizA Tsukushi Chuo Koen
Completed in 1989

Book value:

1,066 million yen

Acquisition price:

1,050 million yen

Appraisal value (as of June 30, 2022):

1,150 million yen

Total (planned):

1,330 million yen

Changes in Dividend per Unit

3,529

264 million yen

3,643• Realizing the improvement of portfolio
quality through asset replacement in themedium to long term as part of growthstrategy• Aiming to realize dividend stability andimprovement by disposing the asset
over two fiscal periods (fiscal period
ending December 2022 and fiscal period
ending June 2023)

Assumed Portfolio (at the end of January 2023)(Unit: yen)

3,646

Investment Ratio by Type

Investment Ratio by Region(based on acquisition price)(based on acquisition price)

Offices
12.2%+114 yen (+3.2%)
Hotels1.9%
Residential
Properties andRetail Facilities

Announced on
February 18, 2022

Announced on
August 18, 2022

13th FP

14th FPEnding June 2023

(Note) Changes in dividend per unit are based solely on estimates and do not guarantee theirrealization.

Copyright © Marimo Asset Management Co., Ltd.

Chugoku / Shikoku
11.5%

85.9%

Announced on
August 18, 2022

Ending December 2022

Tokyo metropolitan area
10.9%
Koshinetsu / Hokuriku / Kanto(excluding Tokyo
metropolitan area)
9.6%

Retailfacilities
40.2%

Residential
45.7%

Kyushu /Okinawa
30.4%

Ratio ofregional areas

89.1%

Hokkaido / Tohoku
11.6%

Tokai
13.9%
Kinki
12.1%

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 22

Change in Dividends per Unit and NAV
 Change in dividends per unit
(Unit: yen)

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

977

3,462 3,431 3,441 3,445 3,494 3,504 3,494 3,546 3,572

521

544

459

460

499

496

431

410

426

2,941

2,887

2,982

2,985

2,995

3,008

3,063

3,136

3,146

3,924

3,815

3,817

320

316

216

3,499

3,601

3,604

3,646

327

411

3,316

3,235

Forecasts
13th
FP
予想
Dec. 2022

Forecasts
14th FP
予想
Jun. 2023

EPU (Dividends of earnings per unit)

432+102 yen (+2.9%)

545
Results

3,643

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
11th FP
実績
実績
実績
実績
実績
実績
実績
実績
実績
実績
実績

Dec. 2016 Jun. 2017 Dec. 2017 Jun.2018 Dec. 2018 Jun. 2019 Dec. 2019 Jun. 2020 Dec. 2020 Jun. 2021 Dec. 2021

Initial forecast
予想

Results
実績

12th FP
Jun. 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

139,806

120,709

121,786

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

10th FP

11th FP

12th FP

Jun. 2017

Dec. 2017

Jun.2018

Dec. 2018

Jun. 2019

Dec. 2019

Jun. 2020

Dec. 2020

Jun. 2021

Dec. 2021

Jun. 2022

113,679

119,105

1st FP
Dec. 2016

100,000
80,00060,00040,00020,0000(Note) The forecasts for the 13th Fiscal Period and 14th Fiscal Period do not guarantee actual results.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 23

03

Management Resultsfor 12th Fiscal Period

24

Pursuing Increase of Asset Value
Efforts to increase NOI Interior renovations ・・・・・・・・・・・・・・・・・・・ ArtizA Matsumoto

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

100
80

58.4
60
Before change

After change• Change of material from tatami mats to flooring (elimination of Japanesestyle rooms)

40

59.7
48.9

55.2 58.5

67.0
53.8

60.8

43.6

65.2
51.4

31.7

20
0

• Change of layout (from 2LDK to 1LDK)

1stFP→ Increasing contracted rent based on above changes

2nd
FP

3rd
FP

4th
FP

5th
FP

6th
FP

7th
FP

8th
FP

9th
FP

10th 11th 12th
FP FP FP

Increase/Decrease in Residential Rent (at the time of replacement)
11th FP

12.2%
9 cases

5.4%
4 cases

Increase
29/74
cases

39.2%
29 cases
39.2%
29cases(%)

21.5%
34 cases

21.6%
16 cases
9.5%
7 cases

Changes from the 1st FP to the 12th FP

12th FP
12.7%
20 cases

39.2%
29 cases

8.9%
14 cases

33.8%
25 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.

100.0
80.0

36.7%
58 cases

Increase
60/158cases

40.5%
64 cases
40.5%
64 cases

1.3%
2 cases

60.0
38.0%
60 cases

26.8

15.6

14.3

13.4

14.5

13.4

29.3

23.6

21.6

6.1

15.1
28.3

22.0

40.0

20.0

13.0

71.4

15.1

37.7

9.9

17.0

21.6

21.5

39.2

40.5

39.2

38.0

36.3
39.8

79.6

51.2

57.3

1st 2nd 3rd
FP FP FP

4th
FP

61.8

64.9

56.6

47.2

53.8

8th
FP

9th 10th 11th 12th
FP FP FP FP

43.2

0.0

Increase

5th
FP

6th
FP

7th
FP

No change

Decrease

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 25

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％

12th FP
97.7％
Hotels: 100%
Retail facilities: 99.5%

100%

Entire portfolio: 98.0%
Offices: 96.2%
Residential properties:
95.2%

95%

90%

～
～
0%
85%

Aug.
Dec. 2017 2017 2017
Jun. 2017 2017 Dec.
Jun. 2018 2018 Dec.
Jun. 2019 2019 Dec.
Jun. 2020 2020 Dec.
2016 2016 20162017 2018 2018 20182018 2019 2019 20192019 2020 2020 2020
2020 2021 2021 Jun.
2021 2021 2021 Dec.
2021 2022 2022 Jun.
2022
2016
年
年 2016年
年
年 2017年
年
年 2017年
年
年 2018年
年
年 2018年
年
年 2019年
年
年 2019年
年
年 2020年
年
年 2020年
年
年 2021
年
年
年 2021
年
年
年 2022
年
8月

10月 12月

1st FP
Occupancy
rate(Note)

(%)

2月

4月

6月

2nd FP20168月

10月 12月

3rd FP

2月

4月

4th FP20176月

5th FP

8月

10月 12月

2月

6th FP

7th FP

2018

4月

6月

8月

10月 12月

8th FP

9th FP

2019

2月

4月

6月

10th FP

2020

8月

10月 12月

2月

4月

6月

8月

10月 12月

11th FP

2月

4月

6月

12th FP

2021

2022

End ofDec.

End ofJun.

End ofDec.

End ofJun.

End ofDec.

End ofJun.

End ofDec.

End ofJun.

End ofDec.

End ofJun.

End ofDec.

End ofJan.

End ofFeb.

End ofMar.

End ofApr.

End ofMay

End ofJun.

Residential
properties

96.9

96.6

97.2

94.9

93.9

98.8

97.2

94.5

92.8

96.1

95.9

95.5

95.6

96.6

95.8

94.8

95.2

Retailfacilities

100

100

100

99.7

100

98.8

99.5

99.9

98.6

98.6

98.3

98.2

98.3

98.9

98.9

98.9

99.5

Hotels

100

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

98.4

96.8

96.7

95.6

95.7

96.2

Entireportfolio

98.6

98.4

98.7

98.3

98.1

98.9

98.8

98.1

96.9

98.0

97.7

97.4

97.4

98.1

97.7

97.4

98.0

(Note) For 1st to 11th FPs, occupancy rates at the end of the fiscal period are indicated; and for 12th FP, those at the end of the month are indicated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 26

Leasing Result (MRR Omuta)
Expecting to reach full occupancy in August through ongoing leasing activities
Amagi Park

 Leasing highlights

Higashi-Amagi Station

Ariake Sea

Omuta-kita
Interchange

MRR Omuta
Nishitetsu-Ginsui Station• Occupancy rate has increased to 94.9% through leasing activities.

Ginsui
Station• An application has already been received for the remaining section.
Full occupancy is expected in August.

KenroInterchange
Shinsakaemachi
Station• With a series of tenants having moved out since August 2020, we have enhanced our leasing activities.
Omuta Omuta Station
Interchange Suwa Park Image of building locations

Layout
No.

(9)

(8)

(1)

(7)
(6)

(2)

(5)

(4)

(3)

Amusement facility• Employment support service for people with disabilities run
by JSH Co., Ltd. that uses regional farms(2)

Apparel chain store• 100 or more user companies, jobs provided for 900 or more
people(3)

Hydroponic facility (facility employing people withdisabilities)(4)

Supermarket

(5)
(6)

100.0%

100.0%

94.9%

94.9%

Omuta City, Fukuoka

80.0%

Acquisition price

1,265 million yen

60.0%

Site area

20,040.49 m²

Leasable area

6,485.11 m²

Parking lot

241 spaces (flat lot)

Jul.

Aug.
(8)
Move-out

Copyright © Marimo Asset Management Co., Ltd.

Sep.

Oct.

Location

1-1-5 Chuo-ku, Tokyo

Coin-operated laundry

Capital

1,910.15 million yen

Business details

Employment support services forpeople with disabilities, etc.

Contributing to social support activities by providing buildings
for facilities that employ people with disabilities

94.9%
84.7%

2020

JSH Co., Ltd.

Auto parts store

94.9%

Overview of MRR Omuta
Location

Overview of Hydroponic Facility Management Company
Company name

Hydroponic facility (facility employing people withdisabilities)
Vacant (application received: lease expected to startin August)

(9)

94.9%

• 13 farms in the Kyushu region

Beauty parlor(8)(July 2020 ̶ June 2022)

 Hydroponic facilities (Cordiale Farm)

Type of Business

(1)

(7)

Created by Marimo Asset Management Co., Ltd. based on an aerial photo by the Geospatial
Information Authority of Japan Changes in occupancy rate

• By understanding the market conditions and responding in a flexible manner, we have attracted new tenants suchas hydroponic facilities (facilities employing people with disabilities).

Omuta City Hall

Nov.

84.7%

Dec.

Jan.

84.7%

Feb.

84.7%
72.0%

72.0%

72.0%

Mar.

Apr.

May

84.7%

84.7%

84.7% 84.7%

84.7%

Oct.

Dec.

84.7%

84.7%

84.7%

84.7%

Jan.

Feb.

Mar.

Apr.

May

71.9%

Jun.

Jul.

Aug.

Sep.

2021
(3)
Move-out

84.7%

Nov.

Jun.

2022
(1)
Move-out(1)Move-in(7)(7)
Move-out Move-in(3)
Move-inmarimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 27

Financial Status (period ended June 2022)(million yen, rounded to nearest specified unit )Balance ofborrowings at
end of 11th FP

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

12th FP
Borrowingamount・ The Higo Bank・ The Chugoku Bank・ Resona Bank・ The Nishi-Nippon City Bank

Aug. 1,2023

1.09908%

2,015

－

－

2,015 Floating

3M TIBOR
+0.6%

2,015

－

－

2,015 Floating

3M TIBOR
+0.8%

2,140

－

－

2,140 Floating

3M TIBOR
+0.6%

2,420

－

－

2,420 Floating

2,420

－

－

3,800

－

－

3,800

Borrowings withthird PO・ Sumitomo Mitsui Banking

16,152

Aug. 1,
2019

47.5%

Jan. 21,2020

Jan. 21,
2023

46.5%

3M TIBOR+0.6%

Feb. 1,2021

Feb. 1,2024

2,420 Floating

3M TIBOR+0.7%

Feb. 1,2021

Feb. 1,
2025

Fixed

0.86186%

Aug. 2,2021

Aug. 3,2026

Jan. 19,2022

Jan. 19,2027－

1,200 Floating

3,770

－

3,770 Floating

3M TIBOR+0.9%

Jan. 19,2022

Jan. 19,
2028

0 Floating

1M TIBOR+0.2%

Jan. 19,2022

Jan. 19,
2023

230

5,200

245

50.5%50.0% 49.8%
49.2%
49.3%
49.0%
49.5%
49.1%
48.6%
48.9%
49.5%
48.5%
47.8%
47.7%
48.5%

Aug. 1,
2024

1,200

230

LTV to Total Assets

Remarks

Aug. 1,2022

3M TIBOR+0.8%

Unsecured
Unguaranteed

End of 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 12th FP

Average Interest Rate

0.82％
Long-term Debt Ratio

100.0％

21,107

New Borrowing (July 5) and Refinancing (August 1) in 13th Fiscal Period

Diversification Status of Lenders
2.4%1.7% 1.2% 0.5%
3.8%
4.0%

Aug. 1,
2016

Fixed

・ The Gunma Bank

Total

Maturity date

1,327

・ The Yamaguchi Bank・ The Ashikaga Bank

Borrowing date

15

・ The Bank of Fukuoka
・ Aozora BankInterest rate－

・ San ju San Bank・ Shinsei Bank

Balance of
Floatingborrowings at
end of 12th FP / Fixed

1,342

・ The Hiroshima Bank・ Sumitomo Mitsui Trust Bank

12th FP
Repayment
amountSumitomo Mitsui Banking
The Hiroshima Bank
Sumitomo Mitsui Trust Bank

21.1%

San ju San Bank
Shinsei Bank

4.4%

The Bank of Fukuoka

Borrowing date:

Borrowing amount for
acquisition of ArtizA
Kumamotoshinmachi

300 million yen(Borrowing period: 6 months)

Long-term loans
2,015 million yen(Borrowing period: 3 years)

Long-term loans
2,015 million yen(Borrowing period: 3 years)

Interest rate:
Collateral:

Aozora Bank

5.7%

Floating or fixed:

July 5, 2022
Floating
3M TIBOR＋0.2％

Unsecured/unguaranteed

The Higo BankThe Chugoku Bank

7.9%
18.8%
8.9%
9.3%

10.6%

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

Borrowing date:
Floating or fixed:
Interest rate:
Collateral:

Aug 1, 2022
Floating
3M TIBOR＋0.6％

Unsecured/unguaranteed(Note) The above graph shows the distribution status on June 30, 2022.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 28

IR Activities
IR Activities in the 12th Fiscal Period (Jan. to Jun. 2022)
 Focused on IR activities for foreign institutional investors.
 Due to the impact of the COVID-19 pandemic, IR activities for individual investors were mainly
conducted using video streaming services.

IR for Japanese Institutional Investors

IR for Foreign Institutional Investors
Foreign institutional investors turned attention to regional
real estate as well.
Responding to foreign institutional investors individually(mainly conference calls)

8th FP

9th FP

10th FP

11th FP

12th FP

Hong Kong

4 companies

2 companies

4 companies

0 companies

1 company

Singapore

3 companies

1 company

1 company

0 companies

0 companies

Australia

0 companies

1 company

0 companies

1 company

0 companies

Taiwan0 companies

4 companies

3 companies

3 companies

3 companies

Total

7 companies

8 companies

8 companies

4 companies

4 companies

Conducted domestic IR activities mostly online.
(1) 11th Fiscal Period
Financial Results Briefing (video stream)

February 18(2) Responding to institutional
investors individually (conference calls, etc.) After February

IR for Individual Investors
Conducted using video streaming services forindividuals at securities companies

Overseas investors’ investment unit ownership ratio increased
7.0%

5.0%

6.0%

3.6%

5.0%
4.0% 2.1%

2.0%

3.0%

2.9%

3.5%

1.5%

0.4%

0.5%

0.6%

1st FP

2nd FP

3rd FP

6.1%

3.4%

0.8%

2.0%
1.0%

5.3% 5.3%

4.8%

0.8%

0.6%

0.6%

0.6%

0.7%

0.5%

0.5%

0.7%

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

10th FP 11th FP 12th FP

0.0%

Ratio of unitholders by number

SBI Securities(March 16, 2022)

Okasan Online Securities(March 29, 2022)

Ratio of investment units by number

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 29

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

Nagano City,
NaganoHotel

117 rooms

August 2020

3

Sponsordevelopment

Takayama City,
Gifu

Hotel

139 rooms

December 2020

4

Urban redevelopmentby sponsor

Nagahama City,
Shiga

Retail facility(sectional ownership)

8 sections

March 2021

5

Sponsordevelopment

Ikeda City,
Osaka

Residential(student dormitory)

77 units

January 2022

6

Sponsordevelopment

Hirosaki City,
Aomori

Residential(student dormitory)

100 units

January 2023 (Scheduled)

7

Sponsordevelopment

Osaka City,
Osaka

Residential

88 units(1K)

February 2023 (Scheduled)

8

Sponsordevelopment

Ibaraki City,
Osaka

Residential(student dormitory)

142 units

March 2023 (Scheduled)

9

Sponsordevelopment

Fukuoka City,
FukuokaResidential

48 units(1LDK)March 2023 (Scheduled)

10

Sponsordevelopment

Ibaraki City,
Osaka

Residential(student apartment)

48 units

June 2023 (Scheduled)

11

Sponsordevelopment

Sendai City,
Miyagi

Office17 sections

July 2023 (Scheduled)

12

Sponsordevelopment

Kobe City,
Hyogo

Residential(student dormitory)

177 units

September 2023
(Scheduled)

13

Sponsordevelopment

Onojo City,
FukuokaResidential

31 units(1LDK)

December 2023 (Scheduled)

14

Sponsordevelopment

Osaka City,
Osaka

Residential

86 units(1K)

January 2024 (Scheduled)

15

Sponsordevelopment

Fukuoka City,
FukuokaResidential

31 units(1K)

February 2024 (Scheduled)

16

Sponsordevelopment

Osaka City,
Osaka

Residential

112 units(1R)

May 2025 (Scheduled)Completion

 Diversified nationwide pipeline Abundant residential properties– 11 properties / 16 properties

Newly acquired property

Residential
Retail facilities
Hotels
Offices* As to properties, 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 in the future. As of the date of this document,
developments of properties No.6 through No.16 have not been completed. The scheduled completion date and scheduled number of units are based on the plan as of the date of this document and may differ from theactual figures.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 30

Change in Asset Size
Three public offerings were conducted since listing, realizing steady external growth
Aiming to further expand
asset size and obtain
external rating

50,000(Unit: million yen)

39,80039,550 40,070

Thirdpublic offering
29,95524,52525,22524,525+700Firstpublic offering
16,17016,81016,825

Second25,005 public offering+4,950-220

30,450+495

30,200+15

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 propertiesMRR Omuta MRR Kumamoto,Floor expansion
other

+520

39,54539,020-525-525+9,600-250

Improvement of
portfolio quality
through asset
replacement+7,700+640

ArtizA
ArtizA
Sendai Kakyoin, Higashi-Betsuin
other29,955-250

5th FP
Dec. 2018

6th FP
Jun. 2019

7th FP
Dec. 2019

8th FP
Jun. 2020

Acquired
1 property

Sold
1 property

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

9th FP
Dec. 2021

10th FP
Jun. 2021

11th FP
Dec. 2021

Acquired
6 properties

Acquired
1 property

50% quasi
co-ownership interest

Sold

Acquired
8 properties

ArtizA
Tsurumai,other

ArtizA
Sengen-cho

ArtizA
Hakataeki-Mnami

ArtizA
Kitadorimachi,
other12th FP
Jun. 2022
Sold

50% quasi
co-ownership interest

ArtizA
Hakataeki-Minami

13th FP
Dec. 2022
Acquired
1 property

14th FP
Medium- to
Jun. 2023 long-term target*

Sell 50% quasi
Sell 50% quasi
co-ownershipco-ownershipinterest (schedule) interest (schedule)

ArtizA
ArtizA
ArtizA
Kumamotoshinmachi Tsuzuki Chuo Koen Tsuzuki Chuo Koen

* 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. 12th FP (Ended June 30, 2022) Presentation Material l 31

Investment Strategy
 Growth Strategy
TargetEfforts to achieve the target•

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

Acquired 8 properties in the 12th Fiscal Period•

Of the acquired assets, 3 properties were acquired through sponsor
support•Of the acquired assets, 5 properties were acquired through the asset
manager’s original channel

Acquisition of residential properties, which are stableassets even during the COVID-19 pandemic as well as
the acquisition of retail facilities with high profitability•

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

Acquired new retail facility (appraisal NOI yield: 6.2%)

Acquisition of external rating•

Preparing to obtain external rating from 13th Fiscal Period

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 base

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. 12th FP (Ended June 30, 2022) Presentation Material l 32

04

Appendix33

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 11 properties)

Bicycle sharing installation(MRR Delta, etc.)

Electronic breaker installation(Installed at 9 properties)

Use of LED signboards(introduced at 2 properties)

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 Groupmarimo REIT investment units held by Marimo Co, Ltd., the sponsor: 16,866 (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. 12th FP (Ended June 30, 2022) Presentation Material l 34

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. 12th FP (Ended June 30, 2022) Presentation Material l 35

Overview of the Sponsor, Marimo
History of Marimo

Marimo Co., Ltd.

Company name
Headquarters address

1-17-23 Kogokita, Nishi-ku,
Hiroshima-shi, Hiroshima

Global operation

Japan, China, Philippines

Sales(non-consolidated)

47.1 billion yen (as of July 31, 2021)

Business descriptionFor-sale condominium business,
income property business(Including business description of subsidiaries)

Miyazaki City,
Miyazaki■ 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

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 and resale)Aug. 2009

Established a local entity in Shanghai, China

Apr. 2010

Joined “Keyaki Avenue First-class Urban Redevelopment Project”(Wakayama City) as the first urban redevelopment projectJan. 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.
(Note: Merged with Marimo Co. Ltd. in August 2022)
Made Yurick Home Co., Ltd. a subsidiary(Note: Merged with Marimo House Co., Ltd. in August 2022)

Jul. 2016

Listing of marimo Regional Revitalization REIT, Inc.

Nov. 2016

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

May 2017

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

Jan. 2018

marimo Regional Revitalization REIT, Inc. conducted first public
offering

Jan. 2020

marimo Regional Revitalization REIT, Inc. concluded second public
offering

Jan. 2022

marimo Regional Revitalization REIT, Inc. concluded third public
offering

September 1, 1970

Established■ Domestic for-sale condominium
business

Sep. 1970

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, 2022)
440 structures with 28,637 units in 44 prefectures nationwide
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 36

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. 12th FP (Ended June 30, 2022) Presentation Material l 37

Portfolio Building Policy
Target assets for investment mainly comprised ofresidential properties and retail facilities
Type(Note 2)
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

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 3)

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) 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 3) 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. 12th FP (Ended June 30, 2022) Presentation Material l 38

Portfolio Map (12th Fiscal Period)
Investment Ratio by Type(based on acquisition price)

Hotels
1.9%

Offices
12.0%

Investment Ratio by Region(based on acquisition price)

Residential
46.4%

Koshinetsu /Hokuriku / Kanto(excluding Tokyo
metropolitan area)
9.4%

Residential
properties
Retail facilities

Kyushu / Okinawa
28.7%

Tokyo metropolitan area
13.4%

86.1%

Ratio ofregional
areas

86.6%
Chugoku / Shikoku
11.4%

Retail facilities
39.7%

Newly acquired property

Composition Ratio of Typesof Lease Agreements(based on rent)
Fixed-term land lease
12.9%

20 years or more
4.1%

Rp-12

Normal lease
43.1%

Average
Remaining
Lease Period

Fixed-termbuilding lease
Land lease
ratio

6.5
years
5 years toless than 10 years
36.0%

Tokai
13.7%
Kinki
11.9%

Hokkaido / Tohoku
11.5%

Average Remaining
Lease Period(based on rent) *15 years toless than 20 years
7.6%
10 years toless than 15 years
5.9%

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

56.9%

Less than 5 years
46.4%

Fixed-term building lease
44.0%* “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.

Residential
Retail facilities
Hotels
Offices* 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 42
and 43. Regarding the "investment target," “R” stands for residence,“C” stands for commercial facility, “H” stands for hotel, “O” stands foroffice, “p” stands for region, and “t” stands for Tokyo metropolitan area.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 39

Photos of Properties (1) (12th Fiscal Period)
Residential properties (20 properties)
ArtizA Sendai Kakyoin

ArtizA Kamimaezu

ArtizA Hakata PREMIER

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

ArtizA Kitadorimachi

Starship Kobe Gakuentoshi

ArtizA Mito Izumicho

ArtizA Kokura

ArtizA Kurashiki

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 40

Photos of Properties (2) (12th Fiscal Period)
Retail facilities (14 properties)
MRR Omuta

Tarumiekimae Gold Building

Foodaly Aoba Store

Yamada Denki Tecc Land Togitsu Store

Yamada Denki Tecc Land Mihara StoreMRR Kumamoto

MRR Sasebo

MRR Itoshima

MRR Akita

Supercenter TRIAL Togitsu Store(land ownership interests)

MRR Akita II

MRR Ichihara(land ownership interests)

K’s Denki Kitamoto Store(land ownership interests)

Komyoike Act

Hotel (1 property)

Offices (4 properties)

Route-Inn Ichinomiya Ekimae

MRR Delta Building

PLEAST Hakata Gion Bldg.

MRR Utsunomiya

Copyright © Marimo Asset Management Co., Ltd.

Ikeshita ES Building

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 41

Portfolio List (1) (12th Fiscal Period)
Property
No.

Residential

Property nameLocation

Acquisition price(million yen)Book value at endof fiscal period(million yen)Appraisalvalue(million yen)

(Note 1)

(Note 2)

Terminal
capitalization rate

Appraisal NOI
yield

Constructed(Note 3)

Period-end
occupancy rate
(Note 4)

Rp-01 ArtizA Sendai Kakyoin

Sendai City, Miyagi

2,730

2,723

3,930

5.1%

7.5%

Jan. 2009

95.3%

Rp-02 ArtizA Kamimaezu

Nagoya City, Aichi

400

366

539

4.9%

6.9%

Mar. 2014

97.7%

Rp-03 ArtizA Hakata PREMIER

Fukuoka City, Fukuoka

1,060

926

1,310

4.9%

6.7%

Feb. 2006

95.7%

Rp-05 ArtizA Higashi-Betsuin

Nagoya City, Aichi

640

599

688

4.5%

4.9%

Feb. 2016

92.6%

Rp-06 ArtizA Kamimaezu II

Nagoya City, Aichi

720

692

794

4.7%

5.1%

Feb. 2016

100.0%

Rp-07 ArtizA Chiyoda

Nagoya City, Aichi

980

933

1,170

4.4%

5.2%

Sep. 2017100.0%

Rp-08 ArtizA Higashi-Shimada

Okayama City, Okayama

700

673

732

5.2%

5.4%

Dec. 2016

96.2%

Rp-09 ArtizA Tsurumai

Nagoya City, Aichi

430

430

477

4.3%

4.7%

Feb. 2019

96.7%

Rp-10 ArtizA Awajieki-higashi

Osaka City, Osaka

1,180

1,179

1,310

4.5%

4.9%

Oct. 2019100.0%

Rp-11 ArtizA Matsumoto

Matsumoto City, Nagano

640

655

647

5.9%

6.7%

Mar. 1998

87.2%

Rp-12 ArtizA Sengen-cho

Nagoya City, Aichi

495

521

535

4.7%

5.0%

Feb. 2020

97.5%

Rp-13 ArtizA Kitadorimachi

Takasaki City, Gunma

780

837

859

5.2%

5.7%

Jun. 2020

96.2%

Rp-14 Starship Kobe Gakuentoshi Kobe City, Hyogo

982

1,040

1,230

4.8%

5.8%

Mar. 2022

100.0%

Rp-15 ArtizA Mito Izumicho

Mito City, Ibaraki

609

651

707

5.1%

5.9%

Mar. 2019

93.9%

Rp-16 ArtizA Kokura

Kitakyushu City, Fukuoka

1,849

1,951

1,960

5.0%

5.3%

Jun. 2015

88.8%

Rp-17 ArtizA Kurashiki

Kurashiki City, Okayama

590

632

612

5.1%

5.7%

Nov. 2007

94.2%

Rt-01 ArtizA Ikejiri

Setagaya-ku, Tokyo

610

595

740

3.9%

4.7%

Mar. 2014

100.0%

Rt-02 ArtizA Tsuzuki Chuo Koen

Yokohama City, Kanagawa

1,050

1,066

1,150

4.9%

5.6%

Apr. 1989

93.6%

Rt-03 ArtizA Kawasaki East

Kawasaki City, Kanagawa

780

747

1,000

5.1%

6.9%

Mar. 1998

100.0%

Rt-04 ArtizA Sobudai

Zama City, Kanagawa

1,130

1,139

1,320

5.1%

6.3%

Feb. 1993

95.3%(Note 1): “Book value at end of fiscal period” refers to the book value as of June 30, 2022. The same applies hereinafter.
(Note 2): “Appraisal value” is the real estate appraisal value indicated in each of the real estate appraisal reports dated June 30, 2022, for the owned assets.
(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): “Period-end 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 June 30,
2022, 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. 12th FP (Ended June 30, 2022) Presentation Material l 42

Portfolio List (2) (12th Fiscal Period)
Property
No.

Retailfacilities

Location

Acquisition price(million yen)Book value at endof fiscal period(million yen)

1,265

1,141

Appraisalvalue(million yen)

Terminal
capitalization rate

Appraisal NOI
yield

Constructed

Period-end
occupancy rate

923

6.3%

5.0%

Mar. 2005(Note 1)

94.9%

Cp-01 MRR Omuta

Omuta City, Fukuoka

Cp-02 Tarumiekimae Gold Building

Kobe City, Hyogo

500

452

552

5.9%

6.7%

Jun. 2008

100.0%

Cp-03 Foodaly Aoba StoreMiyazaki City,
Miyazaki

250

209

425

6.3%

10.5%

Apr. 2009100.0%

2,000

1,799

2,920

6.3%

9.0%

Sep. 2008

100.0%

950

888

1,170

6.4%

8.2%

May 1981

100.0%
100.0%

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

2,095

2,500

5.9%

7.2%

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

Cp-08 MRR Sasebo

Sasebo City,
Nagasaki

990

959

1,300

5.8%

7.7%

Apr. 2008

100.0%

Cp-09 MRR Itoshima

Itoshima City,
Fukuoka

900

895

976

5.4%

5.9%

Jul. 2008

100.0%

Cp-10 MRR Akita

Akita City, Akita

840

851

892

7.0%

6.8%

Apr. 1994

100.0%

1,150

1,170

1,240

5.0%

5.2%

-

100.0%

Cp-11

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

Akita City, Akita

970

1,008

1,020

6.8%

7.3%

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

100.0%

Cp-13 Komyoike Act

Sakai City, Osaka

2,040

2,126

2,350

4.9%

6.3%

Apr. 1988

96.3%

700

717

1,240

-

5.0%

-

100.0%Ct-01

MRR Ichihara(land ownership interests)

Ichihara City, Chiba

Ct-02

K’s Denki Kitamoto Store(land ownership interests)

Kitamoto City,
Saitama

1,030

1,047

1,120

4.5%

4.9%

-

100.0%

Hp-01 Route-Inn Ichinomiya Ekimae

Ichinomiya City,
Aichi

740

628

768

5.9%

7.0%

May 2008

100.0%

Op-01 MRR Delta Building

Hiroshima City,
Hiroshima

1,200

1,084

1,310

5.3%

6.7%

Nov. 2002

100.0%

Op-02 PLEAST Hakata Gion Bldg.

Fukuoka City,
Fukuoka

800

735

1,330

4.6%

8.0%

Aug. 2008

89.7%

Op-03 MMR Utsunomiya

Utsunomiya City,
Tochigi

1,750

1,876

2,000

5.2%

6.6%

Feb. 2001

94.8%
Office:100.0%
Residential: 88.6%

Op-04 Ikeshita ES Building

Nagoya City, Aichi

1,000

1,019

1,150

4.8%

6.1%

Oct. 1997

100.0%

39 Properties

39,55039,07346,896

-

6.4%

-

98.0%

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. 12th FP (Ended June 30, 2022) Presentation Material l 43

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 12th FP)

of earnings
30% of depreciation or less and 75% of payout ratio* or less
(The figure is the actual amount of the 12th 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
expenditures for the
next term

Depreciation

306

Total book valueof real estate, etc.

39,073(Unit: million yen)

Dividends in excess

30% or less

206

46,896

Payout ratio before adjustment 78.5%
Payout ratio after adjustment 73.5%
Dividend ratio(against ratio of depreciation) 13.6%～～of earnings 41

Net income

Dividends of earnings

692

692

～
～

13.6％
Distribution(Note) The above figures are as of the end of the 12th 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. 12th FP (Ended June 30, 2022) Presentation Material l 44

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)(%)
160
Drug stores
Convenience stores

140
130
120

Supermarket

110

Hardware stores

100
90
80
Department stores

70

～
50
0
60

(trillion yen)

50
45
40
35
30
25
20
15
10
5
0

155
150
145
140
135
130
125

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Retail industry total (right axis)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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’ "FY2021 Japan Drug Store Survey (2010 = 100)."

Copyright © Marimo Asset Management Co., Ltd.

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

HotelsTextiles, apparel and personal effects

Food and beverage

Source: Prepared by the Asset Manager based on the Ministry of Economy, Trade and Industry’s"Current Survey of Commerce" and "Commercial Sales Value by Type of Business andComparison with Previous Year (fiscal year, period and month)."marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 45

Offices

Vacancy Rate and Contracted Rents
The assumed contracted rent level continues to approach a ceiling
Sapporo City

4

7,000

0

6,000

Fukuoka City
Vacancy rate

16,260 16,180

16,0003.2

3.0

2.4 2.1

3

13,00012,0001.0

0.4 0.2

2
0.6
1

0.5 0.6

1.9

10,550

1.0

1.2

2

0.6

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

7,000
6,000

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

2017 Q3

2017 Q1

2016 Q3

2016 Q1

2015 Q3

2015 Q1

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

2017 Q3

2017 Q1

2016 Q3

2016 Q1

02015 Q3

8,000

2015 Q1

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

2017 Q3

2017 Q1

2016 Q3

2016 Q1

2015 Q3

2019 Q1

8,000

1.0

1

～
～

2015 Q1

12,700

9,000

1.4

9,000
0

12,30010,0001.8

10,0000.4

12,05014,150 14,300 14,350

12,0003.4

311,0001.2

13,000 11,850

3.8

3.9

13,25011,000

11,250

2.2

4.1

4

12,27015,00014,0004.2

13,59014,000
2.6

5.1
4.4

5
15,000(Unit: yen)

6 5.2

15,19054Assumed contracted rents(Unit: %)16,45017,0004.72022 Q1

Vacancy rate

(Unit: yen)

62021 Q3

Nagoya City

Assumed contracted rents(Unit: %)2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

2017 Q3～～

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

2017 Q3

2017 Q1

2016 Q3

2016 Q1

2015 Q3

2015 Q1

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

2017 Q3

2017 Q1

2016 Q3

2016 Q1

9,000

2015 Q302015 Q1

8,000

12017 Q1

0.3～～
10,0002016 Q3

0.5

10,0009,000

11,0000.7
0.4

2016 Q1

0.9
0.8

1.9

2015 Q3

0.9

0.5
0.7

1

0.8

2.5
1.8

2

2015 Q1

1.1

10,65011,820

9,740

3.1

2.1

3

11,08012,0002

3.2
2.8

11,890

10,5402018 Q3

2.3

3.0

3.3
2.8

12,09010,060 10,440

11,0003.2

2018 Q1

13,0003.0

3.2

11,87011,42012,000

3.9

5

3.3

1.6

13,00013,36014,0003(Unit: yen)

6 5.1

2017 Q3

3.7(Unit: %)2017 Q1

13,97015,0005

15,190 15,330

2016 Q3

15,1702016 Q1

16,0002015 Q3(Unit: yen)

6

Assumed contracted rents

～
～

5,000

2015 Q1
2015 Q3
2016 Q1
2016 Q3
2017 Q1
2017 Q3
2018 Q1
2018 Q3
2019 Q1
2019 Q3
2020 Q1
2020 Q3
2021 Q1
2021 Q3
2022 Q1(Unit: %)4

Vacancy rate

Assumed contracted rents

2015 Q1

Vacancy rate

Hiroshima City

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. 12th FP (Ended June 30, 2022) Presentation Material l 46

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%

Total

RyokanResort hotels

Business hotels

May. 2022

Apr. 2022

Mar. 2022

Feb. 2022

Jan. 2022

Dec. 2021

Oct. 2021

Nov. 2021

Sep. 2021

Aug. 2021

Jul. 2021

Jun. 2021

Apr. 2021

May. 2021

Mar. 2021

Jan. 2021

Feb. 2021

Dec. 2020

Nov. 2020

Oct. 2020

Sep. 2020

Jul. 2020

Aug. 2020

Jun. 2020

May. 2020

Apr. 2020

Mar. 2020Feb. 2020

Jan. 2020

Dec. 2019

Oct. 2019Nov. 2010

Sep. 2019

Aug. 2019

Jul. 2019

Jun. 2019

Apr. 2019

May. 2019

Mar. 2019

Jan. 2019Feb. 2019

Dec. 2018

Nov. 2018

Oct. 2018

0.0%

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. 12th FP (Ended June 30, 2022) Presentation Material l 47

Balance of Individual Properties (1)(12th Fiscal Period)
Investment area

Regional area

Property No.

Rp-01

Rp-02

Property name

ArtizA
Sendai Kakyoin

ArtizA
Kamimaezu

Acquisition dateAug. 1, 2016

Aug. 1, 2016

(Note 1)

Acquisition price

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

Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)(Note 2)

Aug. 1, 2016

Aug. 1, 2016

Rp-06

Rp-07

Rp-08

ArtizA
Higashi-Betsuin

ArtizA
Kamimaezu II

ArtizA
ChiyodaArtizA
Higashi-ShimadaJun. 1, 2017

Jan. 23, 2018

Jan. 23, 2018

Jan. 4, 2019

2,730

400

1,060

-

640

6.9

1.0

2.7

-

1.6

1.8

2.5

1.8

(million yen)

2,723

366

926

-

599

692

933

673

(m²)

9,810.37

1,096.48

3,804.39-

1,336.50

1,557.90

2,062.06

1,809.60(m²)

9,352.52

1,071.56

3,641.83-

1,237.50

1,557.90

2,062.06

1,740.00

(%)

95.3

97.7

95.7

-

92.6

100

100

96.2

181 days(thousand yen)

Other lease business revenue

Balance

ArtizA
ArtizA
Hakata PREMIER Hakataeki-Minami

Rp-05

(%)

Lease business revenue(3) Total lease business expenses

Rp-04(million yen)

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

Rp-03(thousand yen)

181 days

181 days

26 days

181 days

720

181 days980

181 days

700

181 days

130,269

17,34449,8791,561

22,30924,24735,313

24,779123,281

16,56947,8791,509

21,47623,531

34,31323,757

6,987

774

2,000

51

833

716

999

1,021

27,468

6,581

11,416

556

6,441

5,853

8,198

6,689

Management fees

12,153

3,115

3,606

82

2,004

2,689

2,948

3,299

Taxes and public dues

7,717

1,351

3,281

1

1,593

1,716

2,401

1,755

Utility costs

1,086

137

461

32

202

151

165

200

Repair costs

5,949

1,465

3,307

136

1,183

454

1,082

539

Insurance fees

304

43

117

132

58

58

76

58

Trust fees

220

225

220

221

225

225

225

225

Other lease business expenses

37

243

421

-49

1,175

558

1,298

611
18,089(4) NOI ( = (2) – (3))(thousand yen)

102,800

10,762

38,463

1,004

15,86818,393

27,114(5) Depreciation(thousand yen)

33,274

4,544

16,369

592

6,662

6,286

9,179

7,622

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

69,526

6,218

22,094411

9,205

12,106

17,935

10,467(7) Capital expenditures(thousand yen)

3,833

-

3,802

-

-

-

-

-

(8) NCF (= (4) – (7))(thousand yen)

98,967

10,762

34,6601,004

15,86818,393

27,11418,089(Note 1) The figures are as of the end of the 12th Fiscal Period.
(Note 2) The balance is for the 12th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 48

Balance of Individual Properties (2)(12th Fiscal Period)
Investment area

Regional area

Property No.

Rp-09

Rp-10

Rp-11

Rp-12

Rp-13

Rp-14

Rp-15

Rp-16

Rp-17

Property name

ArtizA
Tsurumai

ArtizA
Awajieki-higashi

ArtizA
Matsumoto

ArtizA
Sengen-cho

ArtizA
Kitadorimachi

Starship Kobe
Gakuentoshi

ArtizA
Mito Izumicho

ArtizA
KokuraArtizA
Kurashiki

Acquisition dateJan. 21, 2020

Jan. 21, 2020

Jan. 21, 2020Feb. 26, 2021

Jan. 19, 2022

Apr. 1, 2022

Jan. 19, 2022

Jan. 19, 2022

Jan. 19, 2022

430

1,180

640

495

780

982

609

1,849

590

1.6

1.3

2.0

2.5

1.5

4.7

1.5

(Note 1)

Acquisition price(million yen)

Price
Investment ratio(Note 1)
Information(%)(Note 1)

1.1

Period-end book value(million yen)

430

1,179

655

521

837

1,040

651

1,951

632

Leasable area(Note 1)(m²)

841.502,180.10

3,012.53

1,079.20

1,915.65

2,801.77

1,843.68

5,307.82

2,275.84(m²)

813.452,180.10

2,265.83

1,052.22

1,843.37

2,801.77

1,730.52

4,714.50

2,144.32

(%)

96.7

100

87.2

97.5

96.2

100

93.9

88.8

94.2

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

181 days(thousand yen)

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

Balance(Note 2)

3.0

(thousand yen)

181 days

181 days

181 days

163 days

91 days

163 days

163 days

163 days

14,571

38,93028,673

17,48027,161

19,931

21,42355,432

23,04913,95838,001

27,097

17,21725,33019,447

19,93552,973

19,128

613

928

1,576

263

1,830

484

1,488

2,458

3,921

4,258

8,181

10,369

4,125

4,633

4,776

3,831

9,000

3,634

Management fees

1,566

3,136

2,554

1,416

3,300

2,978

2,820

5,004

1,886

Taxes and public dues

1,227

3,472

2,064

1,725

-

11

-

-

-

Utility costs

128

322

518

156

265

1,665

184

528

662

Repair costs

584

708

4,241

99

544

-

405

2,471

802

Insurance fees

37

83

104

6

12

8

10

188

13

Trust fees

225

225

225

225

201

112

201

201

201

Other lease business expenses

89

232

661

495

309

-

209

606

67
19,415(4) NOI ( = (2) – (3))(thousand yen)

10,31330,74918,303

13,35522,52815,155

17,592

46,432(5) Depreciation(thousand yen)

3,386

7,696

6,159

3,701

6,651

3,614

4,779

12,8684,226(6) Lease business income (= (4) – (5)) (thousand yen)

6,926

23,052

12,144

9,653

15,877

11,54012,81233,563

15,189(7) Capital expenditures(thousand yen)

-

-

5,228

-

273

-

-

-

655

(8) NCF (= (4) – (7))(thousand yen)

10,31330,74913,074

13,35522,25515,155

17,592

46,432

18,760(Note 1) The figures are as of the end of the 12th Fiscal Period.
(Note 2) The balance is for the 12th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 49

Balance of Individual Properties (3)(12th Fiscal Period)
Investment area

Regional area

Property No.

Cp-01

Cp-04

MRR Omuta

TarumiekimaeGold Building

Foodaly Aoba
Store

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Acquisition price

Price
Investment ratio(Note 1)
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

Cp-07

Aug. 1, 2016

Aug. 1, 2016

Jan. 23, 2018

Cp-08

Cp-09

MRR Sasebo

MRR Itoshima

Jan. 23, 2018

Jan. 23, 2018

1,265

500

250

2,000

950

(%)

3.2

1.3

0.6

5.1

2.4

5.4

2.5

2.3

(million yen)

1,141

452

209

1,799

888

2,095

959

895

(m²)

6,485.11

678.57

1,729.30

11,579.19

5,998.15

11,157.71

5,070.01

2,842.78(m²)

6,154.53

678.57

1,729.30

11,579.19

5,998.15

11,157.71

5,070.01

2,842.78

(%)

94.9

100

100

100

100

100

100

100

181 days(thousand yen)

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

Cp-05

Yamada Denki
Yamada Denki
Tecc Land Mihara Tecc Land Togitsu MRR Kumamoto
Store
Store

(million yen)

(1) Number of operating days

(Note 2)

Cp-03

Property name(Note 1)

BalanceCp-02(thousand yen)

181 days

181 days

181 days

181 days

2,120

181 days

37,48621,153

16,308**37,443

19,43416,308

*

*

43

1,718

-

-

-

990

181 days

900

181 days

116,093

57,657

39,681

101,847

49,63532,855

14,246

8,022

6,825

9,717

3,784

3,239

*

*

46,337

16,872

12,869Management fees

1,730

1,186

163

*

*

15,764

5,484

3,839

Taxes and public dues

4,482

705

1,101

8,446

2,916

11,210

4,392

2,175

Utility costs

97

1,399

-

-

-

16,015

6,579

6,433

Repair costs

736

220

-

-

-

2,322

22

98

Insurance fees

101

16

49

232

145

391

148

56

Trust fees
Other lease business expenses

225

220

220

220

225

250

225

250

2,343

35

1,704

17

3,853

383

21

17

(4) NOI ( = (2) – (3))(thousand yen)

27,76917,36813,069**69,75540,785

26,811(5) Depreciation(thousand yen)

14,669

5,023

3,922

18,695

6,303

22,117

6,682

3,437

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

13,09912,345

9,146

*

*

47,63834,102

23,373(7) Capital expenditures(thousand yen)

550

-

-

-

-

4,110

275

-

(8) NCF (= (4) – (7))(thousand yen)

27,21917,36813,069**65,64540,51026,811* 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 12th Fiscal Period. The leasable area and leased area for Yamada Denki Tecc Land Mihara Store and Yamada Denki Tecc Land Togitsu Store
include the areas of the 1F automobile garage (piloti-type parking lot section under the building) and warehouse building.
(Note 2) The balance is for the 12th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 50

Balance of Individual Properties (4)(12th Fiscal Period)
Investment area

Regional area

Property No.

Cp-10

Cp-11

Cp-12

Cp-13

Property name

MRR Akita

Supercenter TRIAL
Togitsu StoreMRR Akita II

Komyoike Act

Acquisition dateJan. 23, 2018

Jan. 23, 2018

Jan. 21, 2020

Jan. 19, 2022

(Note 1)

Acquisition price(million yen)

Price
Investment ratio(Note 1)
Information

840

(%)
(Note 1)(land ownership interests)

2.1

2.9

Op-02

Route-Inn Ichinomiya
MRR Delta Building
EkimaeAug. 1, 2016

Aug. 1, 2016

PLEAST Hakata
Gion Building

Aug. 1, 2016

2,040

740

1,200

800

5.2

1.9

3.0

2.0

2.5

(million yen)

851

1,170

1,008

2,126

628

1,084

735

Leasable area(Note 1)(m²)

8,416.10

13,719.74

5,587.25

6,379.29

3,860.81

3,053.57

1,931.47(m²)

8,416.10

13,719.74

5,587.25

6,140.34

3,860.81

3,053.57

1,732.61

(%)

100

100

100

96.3

100

100

89.7

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

181 days(thousand yen)

181 days

181 days

163 days

181 days

181 days

181 days

32,100*43,078112,927*

57,17050,19032,100*43,07892,503*51,90344,898---20,424

-

5,267

5,292

3,315

*

6,638

48,362*

16,207

12,627

321

*

1,598

18,123

*

3,835

2,930

1,548

3,074

4,412

-

3,074

5,103

2,557

-

-

-

28,446

-

6,248

4,016

Repair costs

-

-

284

220

-

391

2,752

Insurance fees

21

-

118

374

-

150

70

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

970

Op-01

Period-end book value

Leasing
Leased area(Note 1)
information

Balance

1,150

Hp-01

Trust fees
Other lease business expenses

225

225

225

223

225

220

220

1,200

-

-

973

-

259

79
37,563(4) NOI ( = (2) – (3))(thousand yen)

28,784*36,44064,565*40,962(5) Depreciation(thousand yen)

957

-

7,891

12,571-

14,924

7,037(6) Lease business income (= (4) – (5)) (thousand yen)

27,826*28,54851,993*

26,03830,525(7) Capital expenditures(thousand yen)

-

-

-

105

-

-

1,289

(8) NCF (= (4) – (7))(thousand yen)

28,784*36,44064,460*40,962

36,274* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 12th Fiscal Period.
(Note 2) The balance is for the 12th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 51

Balance of Individual Properties (5)(12th Fiscal Period)
Investment area

Regional area

Property No.

Cp-03

Property name

MRR Utsunomiya

Acquisition dateJan. 19, 2022

(Note 1)

Acquisition price

Price
Investment ratio(Note 1)
Information(Note 1)

Rt-02

Rt-03

Rt-04

Ct-01

Ct-02

MRR Ichihara

K’s Denki
Kitamoto Store

Ikeshita ES
Building

ArtizA
Ikejiri

ArtizA
Tsuzuki Chuo Koen

ArtizA
Kawasaki EAST

ArtizA
Sobudai(land ownership interests)

Jan. 19, 2022

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Jan. 21, 2020

(land ownership interests)

Jan. 21, 2020

(million yen)

1,750

1,000

610

1,050

780

1,130

700

1,030

(%)

4.4

2.5

1.5

2.7

2.0

2.9

1.8

2.6

(million yen)

1,876

1,019

595

1,066

747

1,139

717

1,047

Leasable area(Note 1)(m²)

5,106.48

2,066.02

641.16

3,731.75

3,055.80

5,703.73

18,326.76

11,451.00(m²)

4,842.37

2,066.02

641.163,492.23

3,055.80

5,436.97

18,326.76

11,451.00

(%)

94.8

100

100

95.3

100

94.9

100

100

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

163 days(thousand yen)

163 days

181 days

181 days

181 days

181 days

181 days

181 days

78,124

46,154

17,72040,20730,28352,71021,226*

Lease business revenue

70,42340,073

16,90938,68830,033

51,274

21,226*

Other lease business revenue

7,700

6,080

810

1,519

250

1,435

-

-

20,453

12,0694,461

10,262

3,176

14,9793,941*

12,044

3,229

2,136

3,793

549

4,081

125

*

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

(Note 2)

Rt-01

Period-end book value

Leasing
Leased area(Note 1)
information

BalanceTokyo metropolitan area

Cp-04

-

-

885

2,918

2,322

3,730

3,591

1,407

Utility costs

5,609

8,123

260

365

-

486

-

-

Repair costs

1,201

224

836

2,843

-

5,874

-

-

Insurance fees

271

147

26

118

79

197

-

-

Trust fees
Other lease business expenses

201

201

225

225

225

225

225

225

1,125

144

91

-

-

384

-

*

(4) NOI ( = (2) – (3))(thousand yen)

57,67034,084

13,25929,945

27,10737,73017,285(5) Depreciation(thousand yen)

12,249

2,478

2,495

3,465

4,914

7,914

-

-

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

45,421

31,605

10,763

26,47922,19229,816

17,285*(7) Capital expenditures(thousand yen)

-

-

601

2,633

-

1,340

-

-

(8) NCF (= (4) – (7))(thousand yen)

57,67034,084

12,65727,311

27,10736,39017,285** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 12th Fiscal Period.
(Note 2) The balance is for the 12th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 52

12th Fiscal Period

Balance Sheet and Statement of Income(Unit: thousand yen)

Statement of Income for the 12th Fiscal Period

Balance Sheet for the 12th Fiscal Period (June 30, 2022)
AssetsFrom January 1, 2022 To June 30, 2022
Operating revenue

Liabilities

Current assets
Cash and deposits

1,038,601

Cash and deposits in trust

25,281,669

Operating accounts receivable
Prepaid expenses
Consumption taxes refund receivable
Total current assets
Non-current assets
Property, plant and equipment
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
Total intangible assets
Investments and other assets
Long-term prepaid expenses
Deferred tax assets
Guarantee deposits
Lease and guarantee deposits in trust
Total investments and other assets
Total non-current assets
Deferred assets
Investment unit issuance expenses
Total deferred assets
Total assets

Lease business revenue

Current liabilities

20,377
89,219116,940
3,793,308

17,846,178-2,404,457
15,441,721
390,594-72,357
318,236
118,437-33,454
84,982
52,046-19,674
32,371
23,193,368
1,286
39,071,966

Operating accounts payable
Current portion of long-term loans payable
Accrued expenses
Income taxes payable
Advances received

156,041

Other lease business revenue

4,185,000

Gain on sale of real estate, etc.

208,766
907
262,679

Current portion of tenant leasehold andsecurity deposits in trust

45,021

Other
Total current liabilities

162,968
14
10,00013,766
186,748
39,261,920
40,57040,57043,095,798

Copyright © Marimo Asset Management Co., Ltd.

106,586
112,903

1,779,585

Operating expenses
Expenses related to rent business

710,463

Asset management fee

143,526

Asset custody fee

2,075

10,484

Administrative service fees

17,363

4,868,901

Directors’ compensations

2,700

Taxes and public dues

21,314Non-current liabilities
Long-term loans

16,922,500

Other operating expenses

40,884

Tenant leasehold and security deposits in trust

1,499,973

Total operating expenses

938,327

Asset retirement obligations
Other

18,378
10

Total non-current liabilities
Total liabilities

Interest income

17

Reversal of distributions payable

164

Insurance income

681

Total non-operating income

864

Unitholders’ equity

Allowance for temporary difference adjustments
Other deduction from unitholders’ capital
Total deduction from unitholders’ capital
Unitholders’ capital, net

19,725,556

84,378-12,152

Borrowing related expenses

52,801-619,628

Amortization of investment unit issuance expenses

11,846

Total non-operating expenses

149,026-631,781
19,093,775

692,259

Total surplus

292,259

Total liabilities and net assets

Ordinary income

693,095

Net income before income taxes

693,095

Income taxes – current

Unappropriated retained earnings(undisposed loss)
Total unitholders’ equity

Non-operating expenses
Interest expenses

Surplus

Total net assets

841,257

Non-operating income

23,309,764

Net assets
Unitholders’ capital

Operating income

18,440,863

Deduction from unitholders’ capital
3,204
3,204

Total operating revenue

15,660,094

Income taxes – deferred
Total income taxes

19,786,034

Net income

19,786,034

Retained earnings brought forward

43,095,798

Unappropriated retained earnings (undisposed loss)

910
0
910
692,18474692,259

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 53

Status of Unitholders(Fiscal Period Ended June 30, 2022)
Ratio of Unitholders by Number(13,983 unitholders in total)

Rank

Record number of unitholders(previously a total of 11,272 unitholders)1Marimo Co., Ltd.

16,866 units

8.8%

2

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

15,166 units

7.9％

3

Custody Bank of Japan, Ltd.
(trust account)

14,832 units

7.7％

4

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

7,228 units

3.8％

5

Morgan Stanley MUFG Securities Co., Ltd.

3,491 units

1.8％

6

Yonezawa Shinkin Bank

2,000 units

1.0％

7

J.P. Morgan Securities LLC

1,982 units

1.0％

Foreign companies, etc.
(5.3% → 6.1%)

8

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

1,961 units

1.0％

Other domestic entities(16.0% → 14.5%)

9

BNYM SA/NV FOR BNYM FOR BNYM
GCM CLIENT ACCTS M ILM FE

1,918 units

1.0％

10

DFA INTERNATIONAL REAL ESTATESECURITIES PORTFOLIO

1,845 units

1.0％

67,289 units

35.0%

Foreign companies, etc.
(0.8% → 0.8%)

Financial institutions (Note1)(0.4% → 0.3%)

Other domestic entities(1.5% → 1.5%)

Individuals, others(97.3% → 97.4%)

Ratio of Investment Units by Number(192,226 units in total)

Financial institutions(Note1)(27.2% → 27.4%)

Individuals, others(51.6% → 52.0%)(Note 1) The ratio for financial institutions includes the ownership of securities
companies.

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Name of unitholder

Total

Number of
Ownership
investment units
ratio(Note 2)

(Note 2) Calculated by dividing the 67,289 investment units owned by the top 10 unitholders by the
192,226 investment units issued and outstanding and rounding to the first decimal place.

marimo Regional Revitalization REIT, Inc. 12th FP (Ended June 30, 2022) Presentation Material l 54

▼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. 12th FP (Ended June 30, 2022) Presentation Material l 55

Regional areas have hidden potential

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