13th Fiscal Period (Ended December 31, 2022)

Presentation Material

February 17, 2023

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

1
(Asset Manager) Marimo Asset Management Co., Ltd.

Table of Contents
Overview of Fourth Public Offering3

 Overview of Fourth Public Offering andChange in Investment Unit Price Investment Highlights
 Assets (to Be) Acquired Change in Portfolio Overview of Portfolio
 PML Value of J-REIT Portfolio
 Asset Replacement Initiatives
 Support System Conclusion of Support Agreement with Alpha Court Multiple Property Acquisition Channels
 Sponsor Pipeline Change in Asset Size

Summary of Financial Results for13th Fiscal Period
14th/15th Fiscal Periods
Earnings Forecasts

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16

13th Fiscal Period Financial Highlights
Management Status by Segment
13th Fiscal Period Forecasts and Results
14th/15th Fiscal Periods Earnings Forecasts
Changes in Dividends per Unit and NAVManagement Results for13th Fiscal Period
Pursuing Increase of Asset Value (1)-(2)Portfolio Management Results
Financial Status
IR Activities
Investment Strategy
NOI Yield and Total Return

Copyright © Marimo Asset Management Co., Ltd.

Newly Acquired Properties

22

Map of Assets (to Be) AcquiredStarship Ishibashi Handaimae
ArtizA Mito ShiraumeGrand E’terna Hokudaimae II
Alpha Square Minami 4jo Higashi
Assets (to Be) Acquired in Sapporo City Area
MRR Chitose / MRR Iwamizawa
MRR Hakodate / MRR Ebetsu
Coop Sapporo Megumino
MrMax Isesakiten
MIRAKITA CITY HANAKITA
Hotel Wing International Hida-Takayama
Nippon Express Komagane Logistics Center

Appendix
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

30

44

ESG Initiatives
Portfolio Map
Basic Principle of marimo REIT
Overview of the Sponsor, Marimo
Portfolio Building Policy
Photos of Properties (1)-(2)Portfolio List (1)-(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)-(5)13th Fiscal Period Balance Sheet and Statement of Income
Status of Unitholders
Notes (1) to (5)Disclaimer

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 2

01

Overview of
Fourth Public Offering

3Overview of Fourth Public Offering andChange in Investment Unit Price
Following the third public offering last year, we conducted a fourth public offering
Offering form

Primary offering andthird-party allotment

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

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

Fourth PO
January 12, 2023
Issue price: 126,652 yen

(%)

170.0

Total offering amount

5,488 million yen

160.0First PO
January 15, 2018
Issue price: 109,005 yen

Second PO
January 14, 2020
Issue price: 125,580 yen(including third-party allotment)

150.0

Number of new
investment units issued
and outstanding(Planned)
Property Acquisition
AmountNo. of investment units
issued and outstanding
after PO

140.0

44,999 units(including third-party allotment)

130.0(January 31, 2023)

At listing
July 29, 2016
81,500 yen

Investment
unit price is

55.5％

120.0

11,120 million yen

higher than
the TSR REIT index

110.0

100.0

237,225 units

90.0
 Investment Unit Price Percentage Change from
Issuance Resolution Date to Pricing Date

80.0

Issue price

126,652 yen
70.0

Underwriter(Administrative lead manager and solebook runner)
SMBC Nikko Securities Inc.
(Joint lead manager)
Mizuho Securities Co., Ltd.
(Manager)Okasan Securities Co., Ltd.
(Underwriting syndicate)
Nomura Securities Co., Ltd.
Daiwa Securities Co. Ltd.
SBI Securities Co., Ltd.

Copyright © Marimo Asset Management Co., Ltd.

60.0

~
~
At listingThirdpublic offering

Fourthpublic offering

Percentage change

-1.6％

+0.1％

Percentage change(*After index adjustment)

+1.7％

+1.5％

marimo Regional Revitalization REIT
TSE REIT Index(*Adjusted using TSE REIT Index.)
End of
End of
End of
End of
End of
End of
End of
End of
End of
End of
End of
End of
End of End of
Jan. 2023
Dec. 2016
Jun. 2017
Dec. 2017
Jun. 2018
Dec. 2018
Jun. 2019
Dec. 2019
Jun. 2020
Dec. 2020
Jun. 2021
Dec. 2021
Jun. 2022
Dec. 2021(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 of 10th FP) (End of 11th FP) (End of 12th FP) (End of 13th 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.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 4

Investment Highlights
1. Securement of further “stability” of the portfolio by making progress indiversification by region and by asset type
 Progress in diversification by region and by asset type with marimo REIT’s first incorporation ofproperties located in Hokkaido and Gifu prefectures and a logistics facility into the portfolio and such Building of portfolio centering on carefully selected regional properties with stable occupancy rates

 Acquisition of long-term issuer rating of A- (Stable) from JCR

2. Securement of “profitability” through focused investments in properties withrelatively high yields mainly in regional areas
 Continuing to conduct regional investments from which a yield higher than that in the Tokyo
metropolitan area (average appraisal NOI yield: 6.3%) can be gained
 Like in the previous year, intending to continue to implement asset disposition at a disposition priceexceeding the appraisal value and thereby return gain on sale to investors

3. Realization of “steady external growth” utilizing sponsor support and the asset
manager’s original acquisition channels
 Expansion of asset size to exceed 50 billion yen by conducting public offering for thesecond consecutive year and property replacement
 Asset manager’s greater original sourcing ability and abundant pipeline
 Conclusion of new support agreement with Alpha Court Co., Ltd.
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 5

Assets (to Be) Acquired
Securing “stability” and “profitability” through investment in regional areas
centering on residential properties and retail facilities
Number ofproperties

Total
planned acquisition priceTotal
appraisal value

Ratio ofunrealized gain

Averageappraisal NOI yield

Averageappraisal NOI yield after depreciation

13 properties

11,120 million yen

12,513 million yen

12.5 %

6.0 %

4.8 %

Residential

RetailStarship Ishibashi Handaimae

ArtizA Mito Shiraume

Coop Sapporo Megumino (Note)

MRR Chitose

MRR Iwamizawa

Grand E’terna Hokudaimae II

Alpha Square Minami 4jo Higashi

MRR Hakodate

MRR Ebetsu

MrMax Isesakiten

Logistics

Hotel

Nippon Express
Komagane Logistics Center (Note)

Hotel Wing International Hida-Takayama

MIRAKITA CITY HANAKITA** AEON Himeji is not an asset to be acquired.

(Note) Property to be acquired on March 31, 2023.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 6

Change in Portfolio
End of12th FP

13th FP
Acquired Assets

13th FP/14th FP
Disposed Assets

Assets (to Be)
Acquired

After theAsset Replacement(Planned)(ArtizA Kumamotoshinmachi
Acquired)(ArtizA Tsuzuki Chuo Koen)

39

1

-1

13

52

39,550520
million yen-1,050
million yen

11,120
million yen

50,140

million yen

524
million yen-1,150
million yen

12,513
million yen

million yen

Averageappraisal NOI yield

6.4%

5.3%

5.6%

6.0%

6.3%

Averageappraisal NOI yield
after depreciation

4.8%

3.5%

4.9%

4.8%

4.8%

Average buildingage

16.0 years

1.2 years

33.5 years

9.1 years

14.0 years

Occupancy rate

98.0 %

93.6 %

95.3 %

99.5 %

98.4 %

LTV tototal assets

49.0 %

0.5％

NAV per unit

139,806 yen

9,915 yen

Number ofproperties
Total (planned)
acquisition priceTotal
appraisal value

million yen

46,896

Down

million yen

59,10848.5%
149,721 yen

Up

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 7

Overview of Portfolio (Planned by March 31, 2023)
Pursuing nationwide diversification and building aportfolio highly diversified by type and region Portfolio Investment Ratio

Hokkaido

 Investment Ratio by Type
Logistics facilities

8.7%

2.3%

Offices
12.0%

Tohoku9.5%

Hotels

9.1%

0.0%

5.0%
Residential

1.9%

46.4%

Koshinetsu / Hokuriku / Kanto

Residential/retail
Ratio(excluding Tokyo metropolitan area)

83.2%

14.2%
Kyushu / Okinawa

Tokai

23.6%

14.3%

Retail facilities

41.3%
39.7%

Tokyo metropolitan area
Kinki
Chugoku /Shikoku

42.0%

8.5%

 Investment Ratio by Region
Tokyo metropolitan area

12.7%

13.4%

Hokkaido

9.0%

8.5%

Kyushu / Okinawa

8.7%

28.7%

0.0%

23.6%

Chugoku / Shikoku
11.4%

9.0%
Residential
Retail facilities
Hotels
Offices
Logistics facilities

Region Ratio

Tokai

91.5%

Tohoku

14.3%

11.5%

13.7%

9.1%
Kinki

12.7%

Koshinetsu / Hokuriku / Kanto(excluding Tokyo metropolitan area)

11.9%

14.2%
9.6%

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 8

PML Value of J-REIT Portfolio
Reducing the risk of building damage caused by earthquakes throughstrict risk management

Risk of building damage caused by earthquakes

High

Simple average
across all J-REITs: 2.8%
marimo REIT
(After the Asset Replacement*)

1.3%*The “Asset Replacement” is defined in Note 3 of Explanatory Notes (1) on page 65.

Low
0

1.0

2.0

3.0

4.0

5.0

6.0

7.0
8.0

8.0
9.0 (%)* PML value” refers to probable maximum loss caused by earthquakes. The figures for those other than marimo REIT are as of their most recent fiscal period end on or before November 30, 2022.
As there is no unified definition of PML, the definition of PML value announced by each listed real estate investment corporation as of November 30, 2022, may not necessarily be the same andmaking a simple comparison may thus not be possible.
For the definition of PML value at marimo REIT and other details, please refer to the notes presented later in this document.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 9

Asset Replacement Initiatives
Assets acquired through third public offering(January 19, 2022; April 1, 2022)

Acquisition

Property acquisition(February 26, 2021)

Property acquisition(July 5, 2022)

Assets (to be) acquired through fourth public offering(January 19, 2023; March 31, 2023)(January 19, 2023)+ 6 other
properties

ArtizA Sengen-cho(building age: 1.0 year)

ArtizA Kumamotoshinmachi(building age: 0.9 years)

Ikeshita ES
Building

11th FPStarship Ishibashi Handaimae(building age: 0.6 years)

12th FP

13th FP

Property disposition(December 22, 2021; January 26, 2022)

Property disposition(September 30, 2022; January 11, 2023)

ArtizA Hakataeki-Minami(building age: 15.4 years)

ArtizA Tsuzuki Chuo Koen
(building age: 33.3 years)

Disposition

10th FP

ArtizA
Kitadorimachi+ 10 otherproperties

 Total disposition price:

700 million yen Total disposition price:

Hotel Wing International
Hida-Takayama

14th FPContinuing strategic replacement
in consideration of
the future profitability ofproperties and the terms andconditions offered by buyers

1,330 million yen- 11th FP: 50% quasi co-ownership interest- 13th FP: 50% quasi co-ownership interest- 12th FP: 50% quasi co-ownership interest- 14th FP: 50% quasi co-ownership interest

 Book value:

459 million yen

Book value:

1,066 million yen

 Appraisal value:

589 million yenAppraisal value:

1,150 million yen

 Gain on sale:

240 million yen

 Gain on sale:

264 million yen

 Disposition reason: While capital expenditures (CAPEX) are projected to increase in the future with the aging of
the buildings, as disposition at a price significantly exceeding the appraisal value can be expected, returning thegain on sale to unitholders was deemed to contribute to maximization of the interests of unitholders
 Disposition highlights: Realizing
disposition over two fiscal periods

MrMax
Isesakiten

dividend stability and improvement through Seeking both
improvement of
the portfolio quality
and return of gain onsale to unitholders
through continual
asset replacement* Each property’s “building age” is not the figure as of the date of this document, but the figure at the time of marimo REIT’s press release announcement of the acquisition or disposition.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 10

Support System
Stable external growth expected with support from leading companies in regional areas
marimo Regional Revitalization REIT, Inc.
Preferential provision ofproperty information
Grant of preferential negotiation rights forsales transactions

Provision of property information

Warehousing function
Construction management support
Support for regeneration of portfolio assets
Fixed-rent-type master leaseSame-boat investment
Master lease services
Brokerage services

Financial advisory
andassistanceContinued holding of investment units
Leasing support

Support in securing human resources
Property management services
Grant of license to use trademark
SponsorSupporting
companies

Newly concluded support agreement to keep exploring multifaceted growth opportunities
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 11

Conclusion of Support Agreement with
Alpha Court
Newly concluded a support agreement with Alpha Court,
owner of quality properties in regional areas Overview of Alpha Court Alpha Court Group Consolidated Financial Data(as of May 2022)

Company name

Alpha Court Co., Ltd.

Representative

Yuji Kawamura

EstablishedMarch 22, 2004

Headquarters
address

Chuo-ku, Sapporo-shi

Capital

100 million yen

Employees

Group consolidated total: 50(as of September 1, 2022)

Business
description

Comprehensive real estate businesses (real estate rental; developer)
Engages in redevelopment projects, public-private partnership projects
and development of office, hotel, condominium and retail properties
throughout Hokkaido

Notes

・Certified as Company Driving Regional Growth by the Ministry of
Economy, Trade and Industry (December 25, 2018)
・Won Award for Contributors in Urban Redevelopment, Etc.
(fiscal 2022)
・Owns approximately 125,000 m2 of land, 87 buildings andapproximately 136,000 m2 of building floor area in Sapporo City
(as of September 2022)

Total assets

OfficeAlpha Minami 1jo
Building

 Net Income (consolidated)(million yen)

3,000

8,000

7,747

2,000

6,340

975
4,000

0

8,085
million yen

Alpha Sapporo-eki
Kitaguchi Building(Shuei-Yobiko Building)
Hotel

OfficeAlpha Asahikawa
Building

Residential

Alpha Square
Minami 6jo

RetailRetail

2,611
TRIAL Teine Store

7,672

OfficeRetail Net Sales (consolidated)
12,000Net assets

 Examples of Owned Properties(million yen)

11,311

38,275
million yen

1,129

Sotetsu Fresa Inn
Sapporo-Susukino

Tsuruha Drug
Kitago Shop

Sapporo Drug Store
Chitose Suehiro

1,316
Hotel

Residential

1,000

May

May

May

May

2019.52020.52021.52022.5
2020
2021
2022
2019

0

May

May

May

May

2019.52020.52021.52022.5
2020
2021
2022
2019

* The recipient of the Award for Contributors in Urban Redevelopment, Etc. is Alpha Court Obihiro
Nishi 3-9 Chiku Kaihatsu K.K. Alpha Court Co., Ltd. is in charge of the basic planning, projectplanning and project promotion.

Copyright © Marimo Asset Management Co., Ltd.

JR INN Chitose

Alpha Square Suehiro

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 12

Multiple Property Acquisition Channels
Enabling further growth opportunities byimproving the Asset Manager’s original sourcing capability
Asset Manager’s Original Channel

Acquisition Ratios for Entire Portfolio Following the Asset Replacement• • • Asset Replacement(1) Acquisition from new support company

Asset
Replacement
5,217
million yen• Acquisition from Alpha Court Group, with which a new support
agreement has been signed
Asset Manager’s
original channel

29.3%
Alpha Square
Minami 4jo Higashi

Coop Sapporo
Megumino

MRR Chitose

MRR Iwamizawa

MRR Hakodate

MRR Ebetsu

Asset
Replacement
6,423
million yen

Total (planned)
acquisition price• • • Previous Asset Replacement• • • Other

Sponsor support
70.7%

50,140
million yen

Sponsor Support(2) Acquisition through the transfer of status• For sale agreements in which the seller is athird party whose information was obtained
independently by the Asset Manager, marimo
REIT acquires the asset by receiving thetransfer of the buyer’s status from the sponsor(1) Acquisition of sponsor
development properties
MrMax Isesakiten• Acquisition of high-quality properties
developed by Marimo(1) Utilization of warehousing functions• Acquisition with flexible timing, etc. ispossible through temporary holding ofproperties by Marimo(3) Direct acquisition from a third party• marimo REIT directly acquires the asset byconcluding a sale agreement
Nippon Express
Komagane Logistics Center

Copyright © Marimo Asset Management Co., Ltd.

Starship Ishibashi
Handaimae

MIRAKITA CITYHANAKITA

Hotel Wing International
Hida-Takayama

ArtizA
Mito ShiraumeGrand E’terna
Hokudaimae Ⅱ

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 13

Sponsor Pipeline
No.

Development

Location

Type

Number of Units/
Sections

1

Urban redevelopment bysponsor

Himeji City, Hyogo

Retail facility(sectional ownership)

9 sections

Sponsor development

Nagano City, NaganoHotel

117 rooms

2

Abundant Residence Properties

Completion
January 2019

Acquired asset

August 2020

3

Sponsor development

Takayama City, Gifu

Hotel

139 rooms

December 2020

4

Urban redevelopment bysponsorNagahama City, Shiga

Retail facility(sectional ownership)

8 sections

March 2021

5

Sponsor development

Ikeda City, Osaka

Residential(student dormitory)

77 units

January 2022

6

Sponsor development

Hirosaki City, Aomori

Residential(student dormitory)

100 units

February 2023 (Scheduled)

7

Sponsor development

Ibaraki City, Osaka

Residential(student dormitory)

144 units

March 2023 (Scheduled)

8

Sponsor development

Fukuoka City, Fukuoka

Residential

48 units (1LDK)March 2023 (Scheduled)

9

Sponsor development

Sendai City, Miyagi

Office17 sections

July 2023 (Scheduled)

48 units

September 2023 (Scheduled)

Residential
Retailfacilities

3(including assets acquired through fourth public offering)

Acquired asset
HotelsAcquired asset2(including assets acquired through fourth public offering)

Offices

2

Diversified Nationwide Pipeline

Newly acquired property(Property announced by marimo REIT on
January 4, 2023, and after)

10

Sponsor development

Ibaraki City, Osaka

Residential(student apartment)

11

Sponsor development

Kobe City, Hyogo

Residential(student dormitory)

177 units

September 2023 (Scheduled)

12

Sponsor development

Fukuoka City, Fukuoka

Residential

31 units (1K)

February 2024 (Scheduled)

Residential

13

Sponsor development

Onojo City, Fukuoka

Residential

27 units (1LDK)

February 2024 (Scheduled)

Retail facilities

14

Sponsor development

Onojo City, Fukuoka

Residential

31 units (1LDK)March 2024 (Scheduled)

Hotels15

Sponsor development

Fukuoka City, Fukuoka

Residential

16

Sponsor development

Naha City, Okinawa

Office7 sections

March 2024 (Scheduled)

17

Sponsor development

Osaka City, Osaka

Residential

88 units (1K)

April 2024 (Scheduled)

18

Sponsor development

Fukuoka City, Fukuoka

Retail facility

9 sections

June 2024 (Scheduled)

19

Sponsor development

Osaka City, Osaka

Residential

52 units (1K, etc.)

June 2024 (Scheduled)

20

Sponsor development

Suita City, Osaka

Residential

60 units (1K)

September 2024 (Scheduled)

21

Sponsor development

Himeji City, Hyogo

Residential

126 units (1K)

October 2024 (Scheduled)

22

Sponsor development

Osaka City, Osaka

Residential

92 units (1R)

November 2024 (Scheduled)

23

Sponsor development

Osaka City, Osaka

Residential

140 units (1R)

February 2025 (Scheduled)

Copyright © Marimo Asset Management Co., Ltd.

16
(including assets acquired through fourth public offering)

Offices
23 units (1LDK, etc.) March 2024 (Scheduled)• As to properties, there are no plans for marimo REIT to acquire them as of the dateof this document other than those indicated as assets to be acquired and there is no
guarantee that marimo REIT can acquire them in the future.
• As of the date of this document, development of properties no. 6 to no. 23 has notbeen completed. The scheduled completion date and scheduled number of units are
based on the plans as of the date of this document, and the actual figures may
differ.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 14

Change in Asset Size
Through steady external growth and asset replacement,
we surpassed the target asset size of 50+ billion yen
New medium- to long-term target
100 billion yen(Unit: million yen)

Fourthpublicoffering

After theAsset Replacement

50,140Acquisition of
ArtizA
Kumamotoshinmachi

Thirdpublicoffering
SecondpublicofferingFirst
publicoffering

Acquisition of
ArtizA HigashiBetsuin

16,170+640

Acquisition of
ArtizA
Higashi-Shimada

39,550 +520
-250

～
～

39,545-525-525

29,955+4,950+495 30,450

Disposition of
ArtizA Tsuzuki Chuo Koen
(planned)

30,200-250

24,525+7,700+9,600Acquisition of
ArtizA
Sengen-cho

11,120+700-220Disposition of
ArtizA Hakataeki-Minami

+15

x

3.1

in approx. 6.5 years
since listing
1st FP
2nd FP
3rd FP
4th FP
5th FP
6th FP
7th FP
8th FP
9th FP
Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 Jun. 2019 Dec. 2019 Jun. 2020 Dec. 2020

10th FP
Jun. 2021

11th FP
Dec. 2021

12th FP
Jun. 2022

13th FP
Dec. 2022

After theMedium- to long-term
Asset Replacementtarget** 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. 13th FP (Ended December 31, 2022) Presentation Material l 15

02

Summary of Financial Results for13th Fiscal Period

14th/15th Fiscal Periods Earnings Forecasts

16

13th Fiscal Period

Financial Highlights (period ended December 2022)
 Disposed 50% quasi co-ownership interest in ArtizA Tsuzuki Chuo Koen
(across two fiscal periods)
Due to disposition at a price appraised above 1.15 billion yen, we returned gain on sale of 264 million yen toinvestors

 Implemented large-scale repair work at ArtizA Hakata Premier
Total work cost, including anti-stripping agent coating and new installation of long sheets: 74 million yen

 Acquired long-term issuer rating of A- (stable) from JCR

Disposition of ArtizA Tsuzuki Chuo Koen
Book value

Disposition
price

1,066

1,330

million yen

Gain on sale in 13th FP

132

million yen

Gain on sale in 14th FP

132

million yen

Ratio of unrealized gain

million yen

1.2％
UP

Acquisition of
long-term issuer rating

A- (Stable)
Acquired from Japan Credit Rating Agency (JCR)
December 13, 2022

NAV per Unit●

→21.2

20.0％

End of 12th FP

％

1.4％
UP

End of 13th FP

End of 13th FP
End of 12th FP

First
acquisition

139,806 yen→141,760 yen* The book value for ArtizA Tsuzuki Chuo Koen is the figure as of June 30, 2022. Gain on sale is the estimated amount and may differ from the actual figure.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 17

Management Status by Segment
Building a stable portfolio not susceptible to economic conditions
Changes in Occupancy Rates and Factors

Number of
Properties

Residential

Retailfacilities

Hotels

Offices

Status in 13th Fiscal Period21 No clear impact

14

 Move-ins: 4 (MRR Omuta: 1, Komyoike Act: 3)⇒ Move-in in August, September, November, andDecember 2022
 Move-outs: 2 (Komyoike Act)⇒ Move-out in July and August 2022
 Requests for rent reduction: 4 (4 of 83 tenants)
 Move-out notice: 1 (Komyoike Act)⇒ Move-out scheduled for June 2023

1

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

 Move-out: 1 (MRR Delta Building)⇒ Moved out in August 2022

Copyright © Marimo Asset Management Co., Ltd.

End of 12th FP

End of 13th FP

95.2%

94.7％ (-0.5%)

 Occupancy rate decrease slightly due
to temporary factors
99.5%

99.8％ (+0.3%)

 Rent reduction requests: 4
Lower rent: 1
Free-rent period: 1
Under negotiation: 2

100%

100％ (±0%)

 No particular change in conditions, etc.
96.2%

96.3％ (+0.1%)

 Occupancy rate trending upwardmarimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 18

13th Fiscal Period

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

Operating revenue

13th FP

13th FP

Variation

Initial forecasts(Note 1)(A)

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

1,841

1,806

+34

Factors for variation frominitial forecast(Unit: million yen)

Operating revenue+34

Increase in utilities income+24(MRR Kumamoto, Komyoike Act, etc.)

Increase in other income

Operating income(Note 2)

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

815

789

667

638

666

637

+25
+29
+29

+17

(income from key money, restoration to originalstate, etc.)(Komyoike Act, A Kitadorimachi, etc.)

Decrease in income other than those
above

-7

Operating expenses-9

Increase in utility costs-21(MRR Kumamoto, Komyoike Act, etc.)

Decrease in repair costs+11

Decrease in expenses other thanthose above+1

Non-operating expenses+3

Insurance income+3

EPU 4.6% UP(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 August 18, 2022.
(Note 2) Rounded down to the nearest unit.

3,467

3,316

+151

327

222

-105

3,643

3,689

+46

(Note 4) + indicates net income increasing factor- indicates net income decreasing factor(Note 3)

DPU 1.3% UP(Note 3) Payout ratio before adjustment
Payout ratio after adjustment
Dividend ratio (against ratio of depreciation)

Copyright © Marimo Asset Management Co., Ltd.

(Note 5) A refers to “ArtizA.” The same applies hereinafter.

77.6%
72.4%
13.6%

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 19

14th Fiscal Period (ending June 2023) and 15th Fiscal Period (ending December 2023)

Earnings Forecasts (Note 1)(million yen)

Operating revenue(Note 2)

13th FP

14th FP

Results

Forecasts

(A)

(B)

1,841

2,140

Variation(B )-(A )+298

15th FP
Forecasts
(C)

2,100

Variation(C )-(B )-39

Assumptions for the forecasts forthe 14th FP and 15th FP

Forecasts for 14th FP
Operating revenue+298

Increase in rent, etc.

+305

(Rent on 13 properties acquired upon the fourth PO)

Decrease in other income-6(income from key money / restoration to original state)

Operating income(Note 2)

815

981

+166

929

Decrease in income other than those above

-52

-1

Operating expenses-132

Increase in expenses, etc.

-88

(13 properties acquired upon the fourth PO, etc.)

Ordinary income(Note 2)

Net income(Note 2)

667
666

790
789

+122
+122

737
736

-52
-52

Increases in taxes and public dues, etc.

-33

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

Increase in expenses other than those above-11

Non-operating income, expenses, etc.

-36

Increase in interest expense-22

Increase in expenses other than those above-14

Forecasts for 15th FP(yen)

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

3,467

3,326

-141

3,106

-220

①

Dividends in excess ofearnings per unit
②

①＋②

-39

Absence of gain on sale of real estate-104

Increase in rent, etc.

+72

(Daily rent for 13 properties acquired upon the fourth PO)

Decrease in income other than those above

222

358

+136

411

+53

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

Operating revenue

3,689(Note 3)(Note 1) The forecasts for the 14th Fiscal Period and 15th Fiscal
Period do not guarantee actual results.
(Note 2) Rounded down to the nearest unit.

Copyright © Marimo Asset Management Co., Ltd.

3,684

-5

3,517

-167

(Note 4)

Operating expenses

-7

-12

Increase in asset management fee-25

Decrease in repair costs+11

Decrease in expenses other than those above+2(Note 5) + indicates net income increasing factor- indicates net income decreasing factor(Note 3)(Note 4)
Payout ratio before adjustment 77.4% Payout ratio before adjustment 76.3%
Payout ratio after adjustment 75.0% Payout ratio after adjustment 75.0%
Dividend ratio
Dividend ratio(against ratio of depreciation) 22.6% (against ratio of depreciation) 26.0%

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 20

Change in Dividends Per Unit and NAV
 Change in Dividends Per Unit
(Unit: yen)

+46 yen (+1.3%)

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

4,500

3,924

4,000

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

3,500

521

3,000

544

459

499

460

496

431

410

320

3,817
216

3,643

3,689

3,684

327

222

358

3,316

3,467

426

3,517
411

2,500
2,000
1,500
1,000
500
0

977

2,941 2,887 2,982 2,985 2,995 3,008 3,063 3,136 3,146

3,604 3,601

3,326

3,106

Forecasts
14th
FP
予想
Jun. 2023

Forecasts
15th FP
予想
Dec. 2023

EPU (Dividends of earnings per unit)

432+151 yen (+4.6%)

545
Results

Results

Results

Results

Results

Results

Results

Results

Results

Results

Results

Results

1st FP
2nd FP 実績
3rd FP
4th FP
5th FP
6th FP
7th FP
8th FP
9th FP
10th FP 実績
11th FP 実績
12th FP
実績
実績
実績
実績
実績
実績
実績
実績
実績

Initial forecast

予想

Dec. 2016 Jun. 2017 Dec. 2017 Jun.2018 Dec. 2018 Jun. 2019 Dec. 2019 Jun. 2020 Dec. 2020 Jun. 2021 Dec. 2021 Jun. 2022

Results

13th FP

実績

Dec. 2022

 NAV Per Unit
(Unit: yen)

160,000
140,000
120,000

113,679

119,105

120,709

121,786

122,535

125,547

128,027

134,365

136,800

139,212138,267

139,806

141,760

100,000
80,00060,00040,00020,0000

1st FP

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

10th FP

11th FP

12th FP

13th FP

Dec. 2016

Jun. 2017

Dec. 2017

Jun.2018

Dec. 2018

Jun. 2019

Dec. 2019

Jun. 2020

Dec. 2020

Jun. 2021

Dec. 2021

Jun. 2022

Dec. 2022(Note) The forecasts for the 14th Fiscal Period and 15th Fiscal Period do not guarantee actual results.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 21

03Management Resultsfor 13th Fiscal Period

22

Pursuing Increase of Asset Value (1)Efforts to Increase NOI Efforts for Increasing Revenue and Reducing Costs
Revenue increase

Adding rooftop antennas(ArtizA Kawasaki East)

Cost reduction

Switching to LED lighting in common areas(ArtizA Kurashiki)

Cost reduction

Installing electric breakers(ArtizA Higashi-Betsuin)

Cost reduction

Changing security camera contracts(ArtizA Chiyoda)

Increased revenue and cost reduction assumed to result in a total NOI increase of about

1,053,000 yen.

(estimate per fiscal period)

Efforts for Improving Customer Satisfaction
 Implementing Large-Scale Repair Work (Property: ArtizA Hakata Premier)
Total construction costs

Anti-stripping agent coating work

New installation work for long sheets• Location• Acquisition price• Appraisal value• Appraisal NOI yield• Occupancy rate
• Total number of units• Exclusive area
• Completion date74 million yen

Fukuoka City, Fukuoka
1,060 million yen
1,350 million yen
6.6%
97.4%
117 units32.11 m²―32.97 m²
February 22, 2006

(Note) The appraisal value, appraisal NOI yield, and occupancy rate are as of the end of December 2022.

* NOI is the net operating income, obtained by subtracting operating expenses from operating income.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 23

Pursuing Increase of Asset Value (2)Efforts to Improve Customer Satisfaction
 Newly installing security cameras ・・・・・・・・・・・・・・・・ ArtizA Matsumoto Performing work to make intercoms wireless ・・ ArtizA Kawasaki EAST

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

100
80
60

58.4

67.0
55.2 58.5 53.8 60.8

59.7
48.9

43.6

31.7

65.2
51.4

43.8

40
20
0
Newly installing security cameras

Switching to wireless intercoms

1stFP

2nd 3rd
FP FP

4th
FP

5th
FP

6th
FP

7th
FP

8th
FP

9th 10th 11th 12th 13th
FP FP FP FP FP

Increase/Decrease in Residential Rent (at the time of replacement)
12th FP

Changes from the 1st FP to the 13th FP

13th FP

(%)
21.5%
34
12.7%1.3%
2
20
8.9%
14
Increase

60/158
cases
40.5%
64
40.5%
64

28.9%
37

9.4% 12.5%
12
16

19.5%
25

36.7%
38.0%
58
60

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

Increase
51/128cases

13.0 14.3 13.4 14.5 13.4 15.1 15.1
26.8

80.0
39.8%
27.3%
51
35

60.0

31.3%
40

21.6
29.3 23.6
28.3

22.0

40.0
20.0

31.3%
40

15.6

71.4
51.2

9.9

17.0 21.6 21.5

6.1

28.9

36.3
37.7

39.8

39.2 40.5

31.3

79.6
64.9
57.3 61.8
56.6

47.2

53.8
43.2 39.2 38.0 39.8

0.0

Increase

No change

Decrease

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 24

Portfolio Management Results Changes in Average Occupancy Rate of Portfolio During Fiscal Periods
1st FP 2nd FP
98.6％

3rd FP
98.7％

98.6％

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 11th FP 12th FP 13th FP
97.5％
97.7％
97.7％
97.7％
Hotel
: 100.0%
Retail facilities : 99.8%
Entire portfolio: 98.0%
Offices: 96.3%
Residential: 94.7%

100%

90%

80%

0%
70%
2016
Dec. 2016(1st FP)2017
Jun. 2017(2nd FP)2018
Dec. 2017(3rd FP)

Jun. 2018(4th FP)2019
Dec. 2018(5th FP)

Jun. 2019(6th FP)

2020
Dec. 2019(7th FP) Changing to Individual Rents at PLEAST
Hakata Gion Building

Jun. 2020(8th FP)(until April 26, 2020)

1F―10F(as of Apr. 27, 2020)

 Current status(as of Oct. 31, 2022)

10F: Vacancy

10F: Leased started September 1, 2020

9F: Continuous leasing

9F: Continuous leasing

8F: Vacancy

8F: Leased started January 7, 2021

7F: Continuous leasing

7F: Vacancy

6F: Continuous leasing

6F: Continuous leasing

5F: Continuous leasing

5F: Continuous leasing

4F: Continuous leasing

4F: Continuous leasing

3F: Continuous leasing

3F: Continuous leasing

2F: Continuous leasing

2F: Continuous leasing

1F: Continuous leasing

1F: Continuous leasing

Copyright © Marimo Asset Management Co., Ltd.

Jun. 2021(10th FP)

2022
Dec. 2021(11th FP)

Jun. 2022(12th FP)

Dec. 2021(13th FP) Occupancy Rate Breakdown for MRR Utsunomiya(Classification: Office)The occupancy rate decreased temporarily after terminating thesublease agreement, but due to subsequent leasing activities, rent perunit increased by 54.6% compared with during the sublease agreement.
 During sublease agreement  Change to individual leasing

2021
Dec. 2020(9th FP)MRR Utsunomiya is classified as an office, but it is actually a mixed-use
facility with offices and residences, and since acquisition, the officesection’s occupancy rate has remained at 100%.
Office section
MRR Utsunomiya
overall(Category: office)

100%

90%

: 96.1%

Residential section : 91.3%

80%
85.9%

70%
0%

: 100%

Residential section occupancy rate
is recovering

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 25

Financial Status
Further progress in diversification of lenders and acquisition of a credit rating from JCR
 Rating Acquisition (December 13, 2022)

 Change in LTV to Total Assets
50.5%

JCR Long-Term Issuer Rating

50.0%

50.0%

49.8%
49.5%

49.3%

49.5%

A- (Stable)

27.1 billion yen

99.0%

47.0%
46.5%
0%

⑤

④

① Sumitomo Mitsui Banking（22.5％）
22.5％② The Hiroshima Bank

（17.0％）
17.0％③ Sumitomo Mitsui Trust Bank （9.5％）
9.5％

⑥
③

47.7%

47.5%

 Diversification Status of Lenders (as of February 17, 2023)

②

47.8%

48.0%

Long-Term Debt Ratio

⑦

48.9%

48.5%

49.3%
49.0%
48.5%

48.6%

48.5%

Balance ofInterest-Bearing Liabilities

①

49.2%

49.0%

 Financial Indicators (as of February 17, 2023)⑭ ⑮ ⑯ ⑰
⑬
⑪⑫
⑩
⑨
⑧

49.1%

④ San ju San Bank

（8.3％）
8.3％⑤ SBI Shinsei Bank

（8.0％）
8.0％⑥ The Bank of Fukuoka（6.1％）
6.1％⑦ Resona Bank

（5.9％）
5.9％⑧ Aozora Bank

（4.5％）
4.5％⑨ The Chugoku Bank

3.7％
（3.7％）⑩ The Higo Bank

3.4％
（3.4％）⑪ The Nishi-Nippon City Bank

2.4％
（2.4％）⑫ The Yamaguchi Bank

2.4％
（2.4％）⑬ The Gunma Bank

1.8％
（1.8％）NewNew⑭ Mizuho Bank

1.8％
（1.8％）⑮ Chiba Bank

1.1％
（1.1％）

New⑯ The 77 Bank

1.1％
（1.1％）⑰ The Ashikaga Bank

0.4％
（0.4％）

Jun. 2017(2nd FP)
Dec. 2016(1st FP)

Jun. 2018(4th FP)

Dec. 2017(3rd FP)

Jun. 2019(6th FP)

Dec. 2018(5th FP)

Jun. 2020(8th FP)

Dec. 2019(7th FP)

Jun. 2021(10th FP)

Dec. 2020(9th FP)

Jun. 2022(12th FP)
Dec. 2021(11th FP)

After theAsset Replacement
March 31, 2023,
Dec. 2022 estimate(13th FP) Distribution of Repayment Dates (as of February 17, 2023)(Unit: million yen)

4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

Long-term borrowings
Short-term borrowings

2,680

2,420
2,015

3,800

3,770

3,950

2,440
2,015

1,297

1,200

1,500

7
Jun. 2023
14期
(14th
FP)

Jun. 2024

Jun. 2025

Jun. 2026

Jun. 2027

Jun. 2028

15期 (16th
16期
18期
20期
22期
24期
FP) 17期 (18thFP) 19期 (20thFP) 21期 (22ndFP) 23期 (24thFP) 25期
Dec. 2023(15th FP)

Dec. 2024(17th FP)

Dec. 2025(19th FP)

Dec. 2026(21st FP)

Dec. 2027(23rd FP)

Dec. 2028(25 FP)(Note) The various figures after the Asset Replacement were calculated based on estimates of borrowings, repayments, etc. for the end of the 13th fiscal period and the implementation of the
fourth public offering under certain assumptions and will not necessarily correspond to the actual figures.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 26

IR Activities
IR Activities in the 13th Fiscal Period (Jul. to Dec. 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
Responding to foreign institutional investors individually(mainly conference calls)

8th
FP

9th
FP

10th
FP

11th
FP

12th
FP

13th
FP

Hong Kong

4 companies 2 companies 4 companies 0 companies 1 companies 0 companies

Singapore

3 companies 1 company

1 company

Australia

0 companies 1 company

0 companies 1 company

Taiwan0 companies 4 companies 3 companies 3 companies 3 companies 3 companies

South Korea

New(1) 12th Fiscal Period
Financial Results Briefing (video stream)(2) Responding to institutional
investors individually (conference calls, etc.)

August 18
After August

0 companies 0 companies 0 companies
0 companies 0 companies

0 companies 0 companies 0 companies 0 companies 0 companies 5 companies
7 companies 8 companies 8 companies 4 companies 4 companies 8 companies

Total

Conducted domestic IR activities mostly online

IR for Individual Investors
Participation in events for individual investors held bysecurities companies(Video posted on website after event)

Change in Overseas Investors’ Investment Unit Ownership Ratio
7.0%

3.6%

5.0%
4.0% 2.1% 2.0%
3.0%

2.9%

3.5%

0.4%

0.5%

6.1%

1.5%

0.6%

5.8%

3.4%

0.8%

2.0%
1.0%

5.3% 5.3%

5.0% 4.8%

6.0%

0.6%

0.6%

0.6%

0.7%

0.5%

0.5%

0.7%

0.8%

0.8%

0.0%
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP 11th FP 12th FP 13th FP

Ratio of unitholders by number

Ratio of investment units by number

Copyright © Marimo Asset Management Co., Ltd.

SMBC Nikko Securities J-REIT Fair 2022
(held on October 29, 2022)

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 27

Investment Strategy
 Growth Strategy
TargetEfforts to Achieve the Target

Efforts to replace assets aiming to improve portfolio
quality and reduce the risk of earnings fluctuations
Expansion of property purchases through the AssetManager’s original channel while having sponsor
support as the baseAcquisition of residential properties, which are stableassets, as well as the acquisition of retail facilities withhigh profitability

Enhancing ESG-related responses

Results of Efforts•

Dispose ArtizA Tsuzuki Chuo Koen in parts in the 13th Fiscal Period
and 14th Fiscal Period•

Acquire 13 properties in the 14th Fiscal Period (planned)•

Of the acquired assets, 5 properties were acquired through sponsor
support•Of the assets to be acquired, 8 properties were acquired through theAsset Manager’s original channel•

New acquisition of 4 residential properties•

New acquisition of 7 retail facilities(average appraisal NOI yield: 6.4%)•

Preparation for acquisition of CASBEE Real Estate Certification,
GRESB Real Estate Assessment, etc.

Improvement ofstability andprofitability(occupancy rate: 97.0%)

 Acquisition Policy
Investment
TargetFuture Acquisition Policy

Residential

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

Retailfacilities

While taking into consideration the trade area analysis and community-based
characteristics, pay attention to replaceability and tenants with stable sales, andproactively 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 inboundtourists

OfficeLogistics
facilities

Select areas with high office needs and make investment by carefully selecting
properties while considering the impacts of working from home, etc.
Make proactive consideration while comprehensively taking into consideration thelocation for logistics facilities, building specification and retention of tenants

Copyright © Marimo Asset Management Co., Ltd.

Investment Ratio by Type(New Management Guidelines)

70％
or more in total

30％
or less in total

Investment Rate after
the Asset Replacement
Logistics facilities

16.8%
Hotel

OfficeInvestment
Rate after
the Asset
Replacement

Residential

Retail facilities

83.2%

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 28

NOI Yield and Total Return
marimo REIT’s investment returns are positioned among the top rank of J-REITs
 NOI Yield (as of October 31, 2022)
7.0%

6.3%

The portfolio’s profitability is also
in the top class among J-REITs

6.0%

Overall J-REIT
Simple average: 4.8%

5.0%

4.0%
3.0%
2.0%
0%

1.0%

marimo REIT

 Total Return (July 29, 2016―December 12, 2022)
140.0%

135.2%
Due to investment unit price increases and highly stable dividends,
marimo REIT’s investment return greatly exceeds the J-REIT average

120.0%

100.0%
80.0%

Overall J-REIT
Simple average: 47.8％

60.0%
40.0%

20.0%
0.0%

89
66JTEquity

34
70JTEquity

34
55JTEquity

34
87JTEquity

34
71JTEquity

34
66JTEquity

32
78JTEquity

34
59JTEquity

34
81JTEquity

89
57JTEquity

32
96JTEquity

89
79JTEquity

34
68JTEquity

89
86JTEquity

34
51JTEquity

89
67JTEquity

32
90JTEquity

34
93JTEquity

32
26JTEquity

32
83JTEquity

32
92JTEquity

34
76JTEquity

32
82JTEquity

32
81JTEquity

29
79JTEquity

89
75JTEquity

32
69JTEquity

34
88JTEquity

29
71JTEquity

34
92JTEquity

32
87JTEquity

33
09JTEquity

89
77JTEquity

89
58JTEquity

89
76JTEquity

89
56JTEquity

32
49JTEquity

89
84JTEquity

89
72JTEquity

34
53JTEquity

89
54JTEquity

34
62JTEquity

89
64JTEquity

32
34JTEquity

32
95JTEquity

29
89JTEquity

89
52JTEquity

89
87JTEquity

89
51JTEquity

34
78JTEquity

89
85JTEquity

89
53JTEquity

29
72JTEquity

89
68JTEquity

89
55JTEquity

34
72JTEquity

89
61JTEquity

89
60JTEquity

32
79JTEquity

34
63JTEquity

89
63JTEquity

marimo REIT
* The total return is calculated using marimo REIT’s listing date (July 29, 2016) as the reference date. For J-REITs listed after July 29, 2016 (shown with diagonal lines), the total return iscalculated using the respective investment corporation’s listing date as the reference date.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 29

04

Newly Acquired Properties

30

Map of Assets (to Be) Acquired
Building a further diversified nationwide portfolio through our first investment in the Hokkaido area
Rp-21
Warehousing

Averageappraisal NOI yield

Averageappraisal NOI yield after depreciation

6.0%

4.8%

Grand E’terna Hokudaimae II

Cp-16
Asset manager’s original channel

MRR Iwamizawa

570 million yen
5.0%

572 million yen
5.7%
Cp-18

Rp-20

Asset manager’s original channel

Warehousing

ArtizA Mito Shiraume

MRR Ebetsu

707 million yen
5.6%

649 million yen
5.6%
Cp-14

Cp-19
Cp-10

Asset manager’s original channel

Asset manager’s original channel
Cp-12

MrMax Isesakiten

Coop Sapporo Megumino

1,461 million yen
7.3%

Rp-01

Hp-02

Cp-15
Rp-13

Op-03
Rp-15

Sponsor development

Asset manager’s original channel

Rp-11
Ct-02

Hotel Wing International Hida-Takayama

Rt-01

Ct-01

Rp-09
Rp-08
Op-01

Rp-14

Rp-10

Op-04

Cp-13

Rp-07

Rp-02

Cp-04
Cp-02

Cp-09

Rp-16

471 million yen
5.6%

Rt-02
Rp-05

Rp-12

Rp-17

Op-02

MRR Chitose

Rt-03

Rt-04

Hp-01

1,750 million yen
6.3%
Cp-20

870 million yen
6.2%

Rp-06
Cp-08

Rp-22

Rp-03
Cp-01

Sponsor development

MIRAKITA CITY HANAKITA

Cp-11

Asset manager’s original channel

Cp-07
Rp-●

Alpha Square Minami 4jo Higashi

Cp-03
Cp-05

570 million yen
7.4%

Lp-01

Rp-19

Asset manager’s original channel

Sponsor development

840 million yen
5.1%
Cp-17

Nippon Express Komagane
Logistics Center

Asset manager’s original channelStarship Ishibashi Handaimae

1,100 million yen
4.8%

1,170 million yen
6.2%

390 million yen
5.6%

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 31

Starship Ishibashi Handaimae

Sponsordevelopment

Residential

Relatively new student housing located within a 6-minute walk of Osaka University
Starship Ishibashi
Handaimae

Ikeda
Cultural Hall
(Azalea Hall)

Restaurant
DistrictTeshimano
Park

Osaka University
Toyonaka Campus
6-min walk

Ishibashi
handai-mae
StationIshibashi
Shopping Street

Osaka University
Toyonaka Campus
Ikeda City
Ishibashi Library

Ishibashi
Ekimae Park Relatively new student housing located a 6-minute walk from Osaka University’s
Toyonaka Campus
 Expected to secure stable revenue, with an operator agreement with J.S.B. Co., Ltd.
scheduled to be signed in April 2023
Location

Acquisition price

2-12-7 Ishibashi,
Ikeda-shi,
Osaka
1,100 million yen

Appraisal value

1,170 million yen

Appraisal NOI yield

4.8%

Appraisal NOI yield
after depreciation
Occupancy rate

Number ofleasable sections

1

Site area

1,049.78 m²

管理戸数
入居率

管理戸数

Gross floor area

1,838.20 m²

Completion date

January 2022

Acquisition date

January 19, 2023

Structure

Steel-frame
structure
4F

Operator

J.S.B. Co., Ltd.
(Planned)

3.8%
100.0%

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

Copyright © Marimo Asset Management Co., Ltd.

Access to Various Locations from
Ishibashi handai-mae Station

入居率

Occupancy
No.
managedunits99. 9%
99.of
9%
8%
99. 9%
99. 9%
99.rate
9%
99.
8%

管理戸数
入居率
99.9% 99.9% 99.8% 99.9% 99.9%(Hundred units)
850
80 0

99. 9%

80 0

75 0

75 0

70 0

70 0

65 0

65 0

60 0

60 0

55 0

Approx. 17 min. toHankyu Railway
Osaka-umeda Station

725

597

622
55 0

661
597

622

201 7

500
0
201 8

201 7
9
201

202 8
0
201

500
0

759

725

759

661

202 9
1
201

202 0

Shinsaibashi Osaka-Umeda
StationStationIshibashi
handai-mae
Station

202 1

750
Approx. 6 minutes

650
550
450

622
2018

661
2019

725

759

Approx. 17 minutes

806

Approx. 17 minutes from Osaka-Umeda Stationand 23 minutes from Shinsaibashi Station
2020

2021

2022

Source: Source: J.S.B. Co., Ltd.
“Quarterly Report: Third Quarter of 33rd Fiscal Period(Fiscal Year Ended October 2022)”

Source: Created by the Asset Manager based on Hankyu Railway route
map and Osaka Metro route map

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 32

ArtizA Mito Shiraume

Residential

Warehousing

A newly built residential property located near a station in central Mito which ishighly popular with commuters
Art Tower Mito

ArtizA
Mito Izumicho

New Civic Hall
Keisei
Department store

Kodokan Park

MYM Building
Mito Red Cross
Hospital

Mito Station
Mito OPAEXCEL Minami

Lake Senba

Senba Park

 A newly built compact residence in high demand for single-person households
 Conveniently located about a 10-minute walk from JR Mito Station, a terminal station
 Sufficiently competitive with ample specifications required for an apartment building forsingle-person households
Location

1-5-12 Shiraume,
Mito-shi,
IbarakiNumber ofleasable sections

63(Mainly compact type)

Acquisition price

707 million yen

Site area

706.87 m²

Appraisal value

781 million yen

Gross floor area

2,167.50 m²

Completion date
Appraisal NOI yield

5.6%

Appraisal NOI yield
after depreciation

3.6%

Occupancy rate

100.0%

Acquisition dateFebruary 2022
January 19, 2023

Mito City Hall

Structure

13F

Suijo High School

ArtizA
Mito Shiraume

Population and Number ofHouseholds in Mito City
280

750

750

122

121

700

270

550
600

622

597

270

661

125

202 1

269

110

500
0

201 7
2018

2019

201 8

201 9

2020

202 0
2021

Station name

Numberof people

1

Mito

22,843

2

Toride21,0583

Moriya19,192

4

Tsukuba

12,654

5

Tsuchiura

11,720

759

725
202 0

Rank

130
120

759

271661 270

0
622
550
270
597
201
7 201 8 201 9
500

240
0

124
725

600
650

260

123

700
650

Mito Minami High School

Number of Passengers Per Day(Ibaraki Prefecture, Fiscal 2021)

管理戸数
入居率入居率
管理戸数
Population
Number of households
人口世帯数
800 99.9% 99.9% 99.9% 99.8% 99.9% (thousand households)(thousand people)
800
99.9% 99.9% 99.9% 99.8% 99.9%

250
Reinforced concrete
structure

The Museum ofModern Art, Ibaraki

202 1
2022

* As of November 1, each year
Source: Mito City, “Population and Number of Households”

100

Source: Prepared by the Asset Manager based on East Japan Railway Company,“Station Passenger Figures,” and Tsukuba Express, “Passenger Figures”* Compact type indicates units with an exclusive area of at least 30 m² and less than 50 m²

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 33

Grand E’terna Hokudaimae II

Residential

Warehousing

A residential property located near a station and Hokkaido University with convenient
access to the city center
Grand E’terna
Hokudaimae II

Post OfficeKita-Juhachi-Jo
StationHigashi Police
Fuji Women’s
Station
University

Hokkaido University(Gate 18)
Approx. 7-min walk

Hokkaido University

Ginkgo Avenue

Sapporo Beer
Museum A rental residential property for students operated by J.S.B. Co., Ltd. and featuring
studio units with lofts, underfloor storage, and all-electric facilities
 Located about a 2-minute walk from Kitajuhachijo Station on the Namboku Subway
Line, where student demand is expected due to the return to in-person classes at
Hokkaido University
Location

4-2-8 Kitajuhachijo-Nishi,
Kita-ku, Sapporo-shi,
Hokkaido

Acquisition price

570 million yen

Appraisal value

587 million yen

Appraisal NOI yield

Number ofleasable sections

1

Site area

400.8 m²

Gross floor area

2,021.39 m²

Completion date

March 2007

Acquisition date

January 19, 2023

Structure

Steel-frame
structure
10F

Operator

J.S.B. Co., Ltd.

5.0%

Appraisal NOI yield
after depreciation

3.9%

Occupancy rate

100.0%

Copyright © Marimo Asset Management Co., Ltd.

Kita-Juni-Jo
Station

Sapporo Station
Chitose Line
Sapporo Station

Ratio of New In-Prefecture and Out-ofPrefecture Students at Hokkaido University

Sapporo Municipal Subway
Namboku Line
Odori
StationOther
2%
Out-of-Prefecture
32%

In-Prefecture66%

Source: Hokkaido University,“Factbook (Extramural Edition)” (2021 Academic Year)

Approx.
2 minutes

SapporoStationKitajuhachijo
StationApprox.
4 minutes

About 4 minutes from Sapporo Station and
6 minutes from Odori Station via throughservice on the Namboku Line
Source: Prepared by the Asset Manager based on Sapporo City
Transportation Bureau route map

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 34

Alpha Square Minami 4jo Higashi

Asset manager’s
original channel

Residential

An apartment building with spacious units located in central Sapporo
Hokkaido University

Sapporo Station
Chitose Line

SapporoStationHokkaido
Government Office

The Sapporo Factory

SapporoClock Tower

Botanic Garden,
Hokkaido University

Bus Center-mae Station
Sapporo TV Tower

Alpha Square
Minami 4jo Higashi

Odori Station

 Rental apartment building with 1-, 2-, and 4-bedroom units accommodating needs ofboth DINK couples and families
 Favorably located at about an 8-minute walk from Hosui Susukino Station on the Toho
Subway Line, with commuter demand expected due to excellent access to office district
Location

Acquisition price4-7-1 MinamiyonjoHigashi, Chuo-ku,
Sapporo-shi, Hokkaido

Number ofleasable sections

43 (Stores on 1F)

840 million yen

Site area

524.97 m²

Susukino Station
Hosui-Susukino Station

Population and Number ofHouseholds in Sapporo City
管理戸数
入居率入居率
管理戸数
Population
Number of households
人口世帯数
800 99.9% 99.9% 99.9% 99.8% 99.9%(thousand households)(thousand people)
800
99.9% 99.9% 99.9% 99.8% 99.9%

1,965

750

750
700

Appraisal value

889 million yen

Appraisal NOI yield

5.1%

Gross floor area

Acquisition date
Appraisal NOI yield
after depreciation

3.8%
Structure

Occupancy rate

700
650

2,822.06 m²

1,955
Completion date

89.0%

Copyright © Marimo Asset Management Co., Ltd.

September 2008
January 19, 2023
Reinforced concrete
structure
B1F/13F

Sapporo Municipal Subway
Toho Line

1,058

0
1,935

1,079

1,100

661
759
725
661
1,962
1,961
1,961
622
1,959
1,955
550
597
201
7 201 8 201 9 202 0 202 1

1,060

500
0

1,020

622

597

500
0

201 7
2018

201 8

2019

201 9

2020

* Each figure as of November 1
Source: Sapporo City, “Population Statistics”

202 0
2021

SapporoStation

Odori
Station

Hosui- Susukino
Station

1,080

759

725

650
600

550
600

1,945

1,069

1,087 1,097

202 1
2022

Approx.
2 minutes

Approx.
2 minutes

1,040
1,000
0

About 2 minutes from Odori Stationand 4 minutes from Sapporo Station
via through service on the Toho Line
Source: Prepared by the Asset Manager based on Sapporo City
Transportation Bureau route map

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 35

Assets (to Be) Acquired in Sapporo City Area
Environment Around Sapporo City
Iwamizawa Station

MRR Iwamizawa

Iwamizawa City

Grand E’terna
Hokudaimae II

Overview of Tsuruha Holdings
Company name

Tsuruha Holdings Inc.

Headquarters address

20-1-21 Kitanijuyonjo-Higashi, Higashi-ku,
Sapporo-shi, Hokkaido

Established

June 1963

Sales (consolidated)

915.7 billion yen (fiscal year ended May 2022)

Number of stores(Group-wide)

2,522 (fiscal year ended May 2022)

Business description

Drugstore business, pharmacy business, nursing carebusiness, e-commerce, group support business

Ebetsu City

Sapporo Station

SapporoJunction

Nopporo Station

MRR Ebetsu

Priority Strategies
Alpha Square
Minami 4jo Higashi

Kitahiroshima City

 Opening stores based on market dominance strategy

 Pursuing specialization and convenience Expanding development/product appeal of private brand Strengthening the Group’s organizational capacity and profitability
Coop Sapporo
Megumino Store

Megumino Station

 Improving “business productivity” and “customer appeal” via digital strategy

Eniwa City

Number of Group Stores

Sales (Consolidated)
Chitose Station(100 million yen)

(Stores)

10,000Property to be occupied by
Tsuruha Drug

MRR Chitose

8,000

7,824

8,410

9,193 9,157

6,732
2,000

6,000

 Sapporo, the prefectural capital of Hokkaido, is the region with the highest
concentration of population in the prefecture Since JR trains run from Sapporo Station toward Otaru, Chitose, and Iwamizawa andthere is also an extensive highway network serving the city, access to this area ishighly convenient

3,000

4,000

2,420 2,522
1,931

2,082 2,150

1,000

2,000
0

2022
2018
2019
2020
2021
2018年2019年2020年2021年2022年

0

2022
2018
2019
2020
2021
2018年2019年2020年2021年2022年* Sales and number of stores are as of the end of each fiscal year (ending May). Priority strategies are as of November 30, 2022
Source: Tsuruha Holdings Inc. website

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 36

MRR Chitose / MRR Iwamizawa
A retail facility expected to attract steady demand

Retail facility

A conveniently located retail facility facing a major street

Salmon Hometown
Chitose Aquarium
Chitose
Cultural Center

Asset manager’s
original channel

MRR Iwamizawa
Sumiyoshi
No. 2 ParkMRR Chitose

Tetto Plaza

Iwamizawa Elementary
School
Iwamizawa Tax Office

Hokkaido Chitose
Chitose Station
High School

Iwamizawa
Summary Court
Chitose
Police Station

Yamashichi
Park

Iwamizawa Station

Ankareji Park
Golf Course

Chitose City Hall
Sorachi Subprefectural
Office Complex
Chitose City Library

Manamiru(Iwamizawa Civic Center/Cultural Center)

New Chitose Airport

 Expected to steadily attract customers due to Tsuruha Drug’s brand power With a population of around 100,000, Chitose City is popular due to its convenient
location in terms of transportation access to both New Chitose Airport and Sapporo
StationLocation

2-7-8 Sumiyoshi,
Chitose-shi,
Hokkaido

Acquisition price471 million yen

Appraisal value

505 million yen

Appraisal NOI yield

5.6%

Appraisal NOI yield
after depreciation
Occupancy rate

Iwamizawa
Police Station

 Has parking for 63 vehicles and faces a street with good connectivity to the busiest
road in the area
 Steady demand expected due to Tsuruha Drug along with a wholesale supermarket
offering large-volume, low-price products
Location

6-3-9 Gojo-Higashi,
Iwamizawa-shi,
Hokkaido

Acquisition price572 million yen

Appraisal value

625 million yen

August 2019

Appraisal NOI yield

5.7%

Acquisition date

January 19, 2023

Appraisal NOI yield
after depreciation

4.5%

Structure

Single-story steel
structure

Occupancy rate

100.0%

Number ofleasable sections

2

Site area

3,855.48 m²

Gross floor area

1,521.93 m²

Completion date

4.8%
100.0%

Iwamizawa City Hall

Number ofleasable sections

4

Site area

5,003.74 m²

Gross floor area

(1) 1,484.53 m²(2) 681.48 m²

Completion date(1) October 2018(2) September 2019

Acquisition date

January 19, 2023

Structure

Reinforced concrete
structure: 2 buildings* Population as of December 31, 2021
Source: Ministry of Internal Affairs and Communications,“Counts of Population, Vital Events, and Households Survey Derived from Basic Resident Registration”

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 37

MRR Hakodate / MRR Ebetsu
A retail facility in a location with excellent visibility

Asset manager’s
original channel

Retail facility

A retail facility located in the center of a commuter town

Akagawa Interchange

MRR Hakodate
Hokkaido Fire Academy
Yukawa Park

MRR Ebetsu

Nishikiyama Tenmangu
ShrineHiyoshi Interchange
Goryokaku
StationGoryokaku

Hakodate
StationEbetsu-Nishi
Interchange

Acquisition price390 million yen

Appraisal value

436 million yen

Appraisal NOI yield

5.6%

Appraisal NOI yield
after depreciation
Occupancy rate

Hakodate
AirportRakuno Gakuen University

 With a population of around 120,000, Ebetsu is a popular commuter town for people
working in Sapporo with good access to central Sapporo, since it is only about a 20minute train ride from the closest station, JR Nopporo, to JR Sapporo Station
 Steady demand expected due to Tsuruha Drug along with Prono, a well-known
hardware store with 51 locations mainly in Hokkaido
Location

37-2
Nopporosumiyoshicho,
Ebetsu-shi, Hokkaido

Acquisition price

649 million yen

Appraisal value

692 million yen

September 2018

Appraisal NOI yield

5.6%

Acquisition date

January 19, 2023

Appraisal NOI yield
after depreciation

4.8%

Structure

Single-story steel
structure

Number ofleasable sections

1

Site area

5,655.32 m²

Gross floor area

1,484.31 m²

Completion date

4.8%
100.0%* Population as of December 31, 2021
Source: Ministry of Internal Affairs and Communications,“Counts of Population, Vital Events, and Households Survey Derived from Basic Resident Registration”

Copyright © Marimo Asset Management Co., Ltd.

NopporoStationEbetsu Oasaizumi
Elementary School Located in Hakodate, Hokkaido’s third-largest city, with a population of around 250,000
 Steady demand expected as part of a welfare community area being promoted by
Hakodate City, which plays a role in improving the area’s livability and convenience
4-16-31 Hiyoshicho,
Hakodate-shi,
Hokkaido

Ebetsu City
Information
Library

Yunokawa
Bus Stop

Hakodate
Racecourse

Hakodate City Hall

Location

Ebetsu City
Gymnasium

YurinokiPark

Occupancy rate

100.0%

Number ofleasable sections

2

Site area

6,779.89 m²

Gross floor area

(1) 1,483.43 m²(2) 837.00 m²

Completion date(1) June 2018
(2) July 2018

Acquisition date

January 19, 2023

Structure

Single-story steel
structure
2 buildings*1 Population as of December 31, 2021
*2 Number of Prono locations as of October 19, 2022
Source: Ministry of Internal Affairs and Communications,“Counts of Population, Vital Events, and Households Survey Derived from Basic Resident Registration,” and Hamure Co., Ltd. website

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 38

Coop Sapporo Megumino

Retail facility

Asset manager’s
original channel

A retail facility located in a dense residential area expected to attract stable demand
from local residents
Eniwa-Kita High School
Coop Sapporo
Megumino

Eniwa City
Historical Museum

Eniwa City
Megumino Hall
Megumino
Chuo Park

Megumino JuniorHigh School
Megumino
StationLocation
Plannedacquisition priceAppraisal value
Appraisal NOI yield

5-3-1 MeguminoNishi, Eniwa-shi,
Hokkaido

Number ofleasable sections

870 million yen

Site area

8,354.24 m²

Gross floor area

3,927.97 m²

Completion date

March 2010

Plannedacquisition date

March 31, 2023

1,020 million yen
6.2%

Appraisal NOI yield
after depreciation

5.7%

Occupancy rate

100.0%

Structure

Copyright © Marimo Asset Management Co., Ltd.

1

Steel structure
2F

Overview of Coop Sapporo
Number ofstores106(in 28 cities and 19 towns)

Sales309.7 billion yen(of which 191.2 billion yen isfrom store business)

Number ofmembers

1,921,098

Number of
employees

Regular employees: 2,464
Contract employees: 2,179
Part-time: 15,024

Changes in Number ofCoop Sapporo Members(thousand people)

千 A highly visible location facing three roads in the center of an area with high residential
density due to promotion of a compact city around a JR station
 High customer attraction can be expected as a mixed-use retail complex centered on
Coop Sapporo, a well-known chain with over 100 locations in Hokkaido

Megumino
Elementary School

2,000
1,800

1,709

1,763

1,811

1,869

1,921

1,600
1,400
1,200

1,000
FY2018FY2019FY2020

FY2021

FY2022

Number of members
組合員数* As of March 20, 2022
Source: Coop Sapporo Cooperative website

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 39

MrMax Isesakiten

Asset manager’s
original channel

Retail facility

A large-scale retail facility with strong customer attraction centering on a discount store
MrMax
Isesakiten

Shin-Maebashi
StationKomagata
StationIsesakiStationTakasaki
StationMiyakonishi
Park

ArtizA
Kitadorimachi

Location

3556-1 Miyakomachi,
Isesaki-shi,
Gunma

Acquisition price

1,461 million yen

Appraisal value

Number ofleasable sections

1

Site area

35,832.49 m²

1,950 million yen

Gross floor area

(1)
(2)
(3)
(4)
(5)

Appraisal NOI yield

7.3%

Completion date

December 1997

Appraisal NOI yield
after depreciation

Acquisition date

January 19, 2023

6.5%

Occupancy rate

100.0%

Structure

Copyright © Marimo Asset Management Co., Ltd.

11,083.31 m²
4,735.04 m²
999.60 m²
499.93 m²
1,996.87 m²

Steel structure, 2F:
2 buildings
Single-story steel structure:
2 buildings

Hachiko Line

 A large-scale mixed-use complex facing an arterial road with a lot of traffic connectedto the major city of Maebashi
 Steady revenue expected due to a planned long-term fixed-rent contract with Mr Max
Holdings Ltd.

Kyozuka-kofun
Tumulus★ indicates location of Marimo Polestar series property.
These are not assets that marimo REIT owns or has plans to acquire.

Overview of Mr Max Holdings
Number ofstores57 (as of May 2022)

Number of
employees

2,464 (including part-time)

Consolidated
sales

119.9 billion yen(fiscal year ended February 2022)

Listedmarkets

TSE Prime Market
Fukuoka Stock Exchange

MrMax
Isesakiten

Miyago JuniorHigh School
MiyagoPublic Hall
MiyagoElementary School

marimo REIT
Pass-throughMarimoFixed rent

Mr Max Holdings
100-yen stores, restaurants, clinics,
etc.

*1 Indicated based on the ML agreement that was already concluded at the time of acquisition by marimo REIT and the lease agreement with thetenant.
*2 “Pass through” indicates a scheme whereby Marimo receives rent from the tenant and pays the same amount to marimo REIT.
Source: Mr Max Holdings Ltd. website

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 40

MIRAKITA CITY HANAKITA

Sponsordevelopment

Retail facility

A retail facility located in the center of northern Himeji City expected to have strong
customer attraction by leveraging its convenient location
Japan Ground Self-Defense Force

Mt. Hachijo-ganzan

Himeji
Racecourse
Mt. Shibasaki

Aeon
Himeji Store Nozata
StationHanakita
Gymnasium

MIRAKITA CITY HANAKITA
Hananokita
Citizens’ Plaza

University of Hyogo

Himeji Castle

large for-sale condominium Only about a 4-minute walk from JR Nozato Station, which is two stops from JR Himeji
Station in the city center, it offers highly convenient transportation access
Number ofleasable sections

9

Acquisition price

570 million yen

Site area

4,353.46 m²

Appraisal value

708 million yen

Gross floor area(acquired section)

1,363.97 m²

Himeji Station

Population and Number ofHouseholds in Himeji City
(thousand 管理戸数
people)
800

800

600

700
650

Appraisal NOI yield

January 2019

Acquisition date

January 19, 2023

7.4%

Appraisal NOI yield
after depreciation

6.1%

Occupancy rate

100.0%

700

Structure(acquired section)*1 Aeon Himeji is not an asset that marimo REIT plans to acquire.
*2 The indicated information is as of October 31, 2022.

Copyright © Marimo Asset Management Co., Ltd.

Steel structure
2F

400

238

入居率

550

600

500
537
0

725

200
597

622

201 7

201 8

622

597

759

759

531

201 8

202 0

201 9

Tenants

250
Cram school

Office(1 section)(1 section)

Library

240

661

536725 534

661
201 7

246

242

240

600

650

550

世帯数
(thousand households)

管理戸数
Population

入居率of99.9%households
99.9% Number
99.9%
99.8% 99.9%

99.9% 99.9%75099.9% 99.8% 99.9% 243

750

Completion date

人口

Floor Map

2F

Location

1-24
Masuishinmachi,
Himeji-shi, Hyogo

529
202 1

230

1F



Kyoguchi Station

Sanyo Electric Railway
Main Line
Sanyo Himeji
StationSectional ownership of the neighborhood’s newest retail complex*2 combined with a

Bantan Line

Hyogo Prefectural
Museum of History

Showroom(2 sections)

Beauty salon

ClinicPharmacy(1 section)(4 sections)

500
0

0

2018

201 9

202 0

2019

202 1
2020

* As of November 1 each year.
Source: Himeji City, “Population Statistics”

2021

2022

220

Sectional ownership acquisition area
Information in parentheses is the number of sections

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 41

Hotel Wing International Hida-Takayama

Sponsordevelopment

Hotel

A hotel in a convenient location near a station whose profitability is expected to
improve with the recovery of travel demand
Takayama Traditional
Culture and Crafts Square
Hotel Wing
International
Hida-Takayama

Takayama Betsuin
Shorenji Temple
Miyagawa
Morning Markets

Hida Kokubunji
TempleTakayama
StationTakayama Museum
Kokubunji-dori St.
of History and Art
Traditional Building
Preservation District
Takayama
Post Office

Shiroyama Park
Takayama Jinya Along with travel demand, future business demand is expected, as all rooms aredesigned to accommodate 2 or more guests
 Located about a 7-minute walk from JR Takayama Station and within walking distanceof the city’s sightseeing spots, the hotel has a highly convenient location
Number ofleasable sections

1

Acquisition price

1,750 million yen

Site area

1,021.09 m²

Appraisal value

1,930 million yen

Gross floor area

3,188.55 m²

Completion date

December 2020

Appraisal NOI yield

6.3%
Acquisition date

January 19, 2023

Structure

Steel structure
6F

Appraisal NOI yield
after depreciation
Occupancy rate

Change in Takayama City Tourist Numbers by Year

5,000
4,000

95

151

観光客数（外国人観光客除く）
513
364 461
225 280552

外国人観光客数
Number of tourists (excluding overseas tourists)612
Number of overseas tourists* 2022 includes overseas tourists(as of October 31).

3,000

2,000

2-51 Hatsudamachi,
Takayama-shi,
Gifu

Location(thousand people)

1,000

3,386 3,618 3,720 3,745

3,977 4,050 4,110 3,890 4,121 109

2011

2015

2012

2013

2014

3
2,192 1,945 2,531

2016

2017

2018

2019

2020

2021

2022

 The Takayama festivals, registered as intangible cultural heritage by UNESCO, are held in
August and October, in areas where merchant houses and temples symbolic of the Edo
period stand. Ornate floats are displayed during the festival period.

4.6%
100.0%

Copyright © Marimo Asset Management Co., Ltd.

Takayama Spring Festival

Takayama Autumn Festival Traditional building preservation district

Shirakawago* The buildings, etc. shown in the photos of Hida Takayama tourism activities are not assets that marimo REIT plans to acquire.
Source: Hida-Takayama Tourism official website, Takayama City, and Gifu Prefecture Shirakawa Village Officemarimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 42

Nippon Express
Komagane Logistics Center

Asset manager’s
original channel

Logistics
facility

A logistics facility located midway between the Tokyo andNagoya metropolitan areas

NaganoGunma
Prefecture

ToyamaPrefecture
Ichikawa
Prefecture

PrefectureInterchange

Nippon Express
Komagane
Logistics Center

Fukui
Prefecture
Gifu
Prefecture

SaitamaPrefecture

Okaya
Junction
Yamanashi
Prefecture
Kofu

Komagane Interchange
Nagano-ken Station

Chuo Shinkansen
Iida-Yamamoto
maglev line
Interchange Conveniently located about a 10-minute drive (5 km) from Komagane Interchange inthe middle of the Chuo Expressway
 Expected to ensure steady cash flow due to a long-term fixed-rent contract with Nippon
Expressway Company Limited, a subsidiary of Nippon Express Holdings Inc.
Location
Plannedacquisition priceAppraisal value4495-31 Shimodaira,
Komagane-shi,
Nagano1,170 million yen
1,220 million yen

Number ofleasable sections

1

Site area
Gross floor area

Number of
employees

73,350 (Group-wide)

Overseassites

49 countries (730 cities)

Listedmarkets

TSE Prime Market

Appraisal NOI yield
after depreciation

4.8%

Plannedacquisition date

March 31, 2023

Occupancy rate

100.0%

Structure

Single-story steel
structure

ShizuokaPrefecture

Nippon Express
Komagane Logistics Center

9,968.95 m²
June 2007

Kanagawa
Prefecture

Overview of
Nippon Express Holdings Co., Ltd.
1,763.3 billion yen

Completion date

Copyright © Marimo Asset Management Co., Ltd.

Aichi
Prefecture

24,399.79 m²

6.2%

Chuo
Expressway

Tokyo
Prefecture

NagoyaConsolidated
sales

Appraisal NOI yield

MrMax
Isesakiten

Hotel Wing
MatsumotoInternational HidaNagano
Takayama Matsumoto

OtawaraIndustrial Park

Odagiri River
Odagiri Station
KomaganeInterchange
Komagane Station

IizakaIndustrial Park

Komagane
Police Station
Komagane City Hall
Komachiya Station* As of the fiscal year ended December 2021. Due to a change in the accounting period, the figures from April 2021 to December 2021 are used for the fiscal
year ended December 2021.
In addition, due to changes to the organizational structure on January 4, 2022, the figures for Nippon Express Co., Ltd. are used for consolidated sales.
Source: Nippon Express Holdings, Inc. website

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 43

05

Appendix

44

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 13 properties)

Bicycle sharing installation(ArtizA Sendai Kakyoin, etc.)

Electronic breaker installation(Installed at 12 properties)

Use of LED signboards(introduced at 2 properties)

Car sharing installation(ArtizA KamimaezuⅡ)

AED installation(MRR Kumamoto, etc.)

G overnance Sponsor’s same-boat investments
Number of marimo REIT investment units held by sponsor Marimo Co., Ltd. at end of 13th Fiscal Period: 16,866 units(ownership ratio at end of 13th Fiscal Period: 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 remote work and staggered working hours/having interviews and meetings online (introduction of Microsoft 365)/measuring body temperatures 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. 13th FP (Ended December 31, 2022) Presentation Material l 45

Portfolio Map (13th 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
30.0%

Tokyo metropolitan area
12.1%

Ratio ofregional
areas

86.1%

87.9%
Chugoku / Shikoku
11.4%

Retail facilities
39.7%

Composition Ratio of Typesof Lease Agreements(based on rent)

20 years or more
4.1%

Fixed-term land lease
12.8%

Normal lease
42.7%

Average
Remaining
Lease Period

Fixed-termbuilding lease
Land lease
ratio

5.7
years
5 years toless than 10 years
31.7%

Tokai
13.7%
Kinki
11.9%

Hokkaido / Tohoku
11.5%

Average Remaining（※）
Lease Period(based on rent) *15 years toless than 20 years
7.5%
10 years toless than 15 years
6.2%

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

57.3%

Less than 5 years
50.6%

Fixed-term building lease
44.5%* ”Average remaining lease period” is a weighted average obtained by dividing “rent(yen/month) x remaining period (years)” by “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 52
and 53. Regarding the "investment target," “R” stands for residence,“C” stands for commercial facility (retail facility), “H” stands for hotel, “O”
stands for office, “p” stands for region, and “t” stands for Tokyo
metropolitan area.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 46

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

Provide property information (Note)(Note) The Michinoku Bank, The Chugoku Bank, The Hiroshima Bank, and The Ashikaga Bank provide property information voluntarily, at their own discretion. In addition, thesupport agreements with San ju San Bank, Kansai Mirai Bank, ReBITA, and Alpha Court do not stipulate that information will be provided to marimo REIT either before or at
the same time as it is provided to third parties.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 47

Overview of the Sponsor, Marimo
History of Marimo

Marimo Co., Ltd.

Company name
Headquarters address

1-17-23 Kogokita, Nishi-ku,
Hiroshima-shi, Hiroshima
September 1, 1970

EstablishedJapan, China, Philippines

Global operation
Sales(non-consolidated)

52.4 billion yen (as of July 31, 2022)

Business descriptionFor-sale condominium business,
income property business(Including business description of subsidiaries)■ Domestic for-sale condominium
business
Miyazaki City,
Miyazaki■ Urban redevelopment business
Kumamoto City,
Kumamoto●The Kumamoto Gardens● Polestar Miyazaki The
Residence
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.

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

■Income property
direction business■ Overseas business
China

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.

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 first phase 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

Jan. 2023

marimo Regional Revitalization REIT, Inc. concluded fourth public
offering

Shibuya Ward,
Tokyo●Polestar GardenFirst project developed in
Suzhou Industrial Park (853units)

Sep. 1970

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 48

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. 13th FP (Ended December 31, 2022) Presentation Material l 49

Photos of Properties (1) (13th Fiscal Period)
Residential properties (21 properties)
ArtizA Sendai Kakyoin

ArtizA Kamimaezu

ArtizA Hakata PREMIER

ArtizA Higashi-Betsuin

ArtizA Kamimaezu II

ArtizA Chiyoda

ArtizA Higashi-Shimada

ArtizA Tsurumai

ArtizA Awajieki-higashi

ArtizA Matsumoto

ArtizA Sengen-cho

ArtizA Kitadorimachi

Starship Kobe Gakuentoshi

ArtizA Mito Izumicho

ArtizA Kokura

ArtizA Kurashiki

ArtizA Ikejiri

ArtizA Tsuzuki Chuo Koen

ArtizA Kawasaki EAST

ArtizA Sobudai

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 50

Photos of Properties (2) (13th 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

Komyoike Act

MRR Ichihara(land ownership interests)

K’s Denki Kitamoto Store(land ownership interests)

ArtizA Kumamotoshinmachi

Hotel (1 property)

Offices (4 properties)

Route-Inn Ichinomiya Ekimae

MRR Delta Building

PLEAST Hakata Gion Bldg.

MRR Utsunomiya

Ikeshita ES Building

Residential

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 51

Portfolio List (1) (Schedule for March 31, 2023)
Property
No.

Residential

Property nameAcquisition price(million yen)

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

(Note 1)

(Note 2)

Terminal
capitalization rate

Appraisal NOI
yield

ConstructedOccupancy rate

(Note 3)(Note 4)

Rp-01 ArtizA Sendai Kakyoin

Sendai City, Miyagi

2,730

2,693

4,000

5.0%

7.5%

Jan. 2009

95.2%

Rp-02 ArtizA Kamimaezu

Nagoya City, Aichi

400

362

539

4.8%

6.8%

Mar. 2014

90.9%

Rp-03 ArtizA Hakata PREMIER

Fukuoka City, Fukuoka

1,060

985

1,350

4.7%

6.6%

Feb. 2006

97.4%

Rp-05 ArtizA Higashi-Betsuin

Nagoya City, Aichi

640

594

703

4.3%

4.8%

Feb. 2016

96.3%

Rp-06 ArtizA Kamimaezu II

Nagoya City, Aichi

720

686

830

4.4%

5.1%

Feb. 2016

94.1%

Rp-07 ArtizA Chiyoda

Nagoya City, Aichi

980

924

1,180

4.3%

5.2%

Sep. 2017

88.5%

Rp-08 ArtizA Higashi-Shimada

Okayama City, Okayama

700

666

732

5.2%

5.4%

Dec. 2016

90.4%

Rp-09 ArtizA Tsurumai

Nagoya City, Aichi

430

427

486

4.2%

4.7%

Feb. 2019

86.7%

Rp-10 ArtizA Awajieki-higashi

Osaka City, Osaka

1,180

1,172

1,340

4.4%

4.9%

Oct. 2019100.0%

Rp-11 ArtizA Matsumoto

Matsumoto City, Nagano

640

659

645

5.9%

6.7%

Mar. 1998

82.9%

Rp-12 ArtizA Sengen-cho

Nagoya City, Aichi

495

518

546

4.5%

4.9%

Feb. 2020

95.0%

Rp-13 ArtizA Kitadorimachi

Takasaki City, Gunma

780

830

859

5.2%

5.7%

98.3%

Rp-14 Starship Kobe Gakuentoshi

Kobe City, Hyogo

982

1,033

1,230

4.8%

5.8%

Jun. 2020(1) Feb. 2022
(2) Feb. 2022

100.0%

Rp-15 ArtizA Mito Izumicho

Mito City, Ibaraki

609

647

707

5.1%

5.9%

Mar. 2019 (Note 5)

100.0%

Rp-16 ArtizA Kokura

Kitakyushu City, Fukuoka

1,849

1,938

1,940

5.0%

5.3%

Jun. 2015

92.6%

Rp-17 ArtizA Kurashiki

Kurashiki City, Okayama

590

629

612

5.1%

5.7%

Nov. 2007

94.2%

Rt-01 ArtizA Ikejiri

Setagaya-ku, Tokyo

610

592

762

3.8%

4.7%

Mar. 2014

100.0%

Rt-03 ArtizA Kawasaki East

Kawasaki City, Kanagawa

Rt-04 ArtizA Sobudai

Zama City, Kanagawa

Rp-18 ArtizA Kumamotoshinmachi

Kumamoto City, Kumamoto

Rp-19 Starship Ishibashi Handaimae

Ikeda City, Osaka

Rp-20 ArtizA Mito Shiraume

Mito City, Ibaraki

Rp-21 Grand E’terna HokudaimaeⅡ

780

746

1,050

5.0%

7.1%

Mar. 1998

100.0%

1,130

1,135

1,320

5.0%

6.2%

Feb. 1993

95.2%

520

561

533

5.0%

5.2%

Aug. 2021

93.9%

1,100

-

1,170

4.6%

4.8%

Jan. 2022

100.0%

707

-

781

5.2%

5.6%

Feb. 2022

100.0%

Sapporo City, Hokkaido

570

-

587

4.5%

5.0%

Mar. 2007

100.0%

Rp-22 Alpha Square Minami 4jo Higashi Sapporo City, Hokkaido

840

-

889

4.5%

5.1%

Sep. 2008

89.0%(Note 1): “Book value at end of fiscal period” refers to the book value as of December 31, 2022. The same applies hereinafter.
(Note 2): “Appraisal value” indicates the real estate appraisal value indicated in each of the real estate appraisal reports dated December 31, 2022, for owned assets and dated August 1, 2022,
or December 1, 2022, for assets to be acquired.
(Note 3): “Constructed” refers to the date of new construction of the main building as recorded on the registry. The same applies hereinafter.
(Note 4): “Occupancy rate” refers to the figure obtained by dividing the total leased area indicated on each lease agreement concluded with the tenants of each asset as of December 31, 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.
(Note 5): Since two buildings exist on the site, the respective construction dates are indicated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 52

Portfolio List (2) (Schedule for March 31, 2023)
Property
No.

Retailfacilities

Property nameLocation

Offices

Logistics
facilityBook value at endof fiscal period(million yen)Appraisalvalue(million yen)

Terminal
capitalization rate

Appraisal NOI
yield

ConstructedOccupancy rate

Cp-01 MRR Omuta

Omuta City, Fukuoka

1,265

1,135

940

6.2%

5.0%

Mar. 2005(Note 1)

100.0%

Cp-02 Tarumiekimae Gold Building

Kobe City, Hyogo

500

447

550

5.9%

6.7%

Jun. 2008

100.0%

Cp-03 Foodaly Aoba StoreMiyazaki City, Miyazaki

250

205

425

6.3%

10.4%

Apr. 2009100.0%

Cp-04 Yamada Denki Tecc Land Mihara Store Mihara City, Hiroshima
Nishi-Sonogi County,
Cp-05 Yamada Denki Tecc Land Togitsu Store Nagasaki
Kumamoto City,
Cp-07 MRR Kumamoto
Kumamoto

2,000

1,781

2,920

6.3%

9.0%

Sep. 2008

100.0%

950

881

1,170

6.4%

8.2%

May 1981(1) Oct. 2008
(2) Jan. 1986(Note 2)
Apr. 2008

100.0%

2,120

2,083

2,490

5.9%

7.3%

Cp-08 MRR Sasebo

Sasebo City, Nagasaki

990

953

1,300

5.8%

7.8%

Cp-09 MRR Itoshima

Itoshima City, Fukuoka

900

891

985

5.3%

5.9%

Jul. 2008

100.0%

Cp-10 MRR Akita
Supercenter TRIAL Togitsu Store
Cp-11 (land ownership interests)
Cp-12 MRR Akita II

Akita City, Akita
Nishi-Sonogi County,
NagasakiAkita City, Akita

840

850

892

6.9%

6.9%

Apr. 1994

100.0%

1,150

1,170

1,240

5.0%

5.2%

1,000

1,020

6.8%

7.3%

Cp-13 Komyoike Act

Sakai City, Osaka

2,040

2,116

2,340

4.9%

6.2%

(1) Mar. 2004
(2) Apr. 1985(Note 2)
Apr. 1988

100.0%

970

Ct-01 MRR Ichihara (land ownership interests) Ichihara City, Chiba
K’s Denki Kitamoto Store
Kitamoto City, Saitama
Ct-02 (land ownership interests)
Eniwa City, Hokkaido
Cp-14 Coop Sapporo Megumino

HotelsAcquisition price(million yen)

99.3%
100.0%

100.0%
97.1%

700

717

1,260

-

5.0%

-

100.0%

1,030

1,047

1,120

4.5%

4.9%

-

100.0%

870

-

1,020

5.3%

6.2%

Mar. 2010

100.0%
100.0%

Cp-15 MRR Chitose

Chitose City, Hokkaido

471

-

505

5.3%

5.6%

Cp-16 MRR Iwamizawa

Iwamizawa City, Hokkaido

572

-

625

5.3%

5.7%

Cp-17 MRR Hakodate

Hakodate City, Hokkaido

390

-

436

5.1%

5.6%

Cp-18 MRR Ebetsu

Ebetsu City, Hokkaido

649

-

692

5.3%

5.6%

Cp-19 MrMax Isesakiten

Isesaki City, Gunma

1,461

-

1,950

5.5%

7.3%

Aug. 2019(1) Oct. 2018(2) Sep.2019(Note 2)
Sep. 2018(1) Jun. 2018
(2) Jul. 2018
Dec. 1997

Cp-20 MIRAKITA CITY HANAKITA

Himeji City, Hyogo

570

-

708

6.1%

7.4%

Jan. 2019100.0%

Hp-01 Route-Inn Ichinomiya Ekimae

Ichinomiya City, Aichi

740

618

769

5.9%

7.0%

May 2008

100.0%

Hp-02 Hotel Wing International Hida-Takayama Takayama City, Gifu

1,750

-

1,930

5.8%

6.3%

Dec. 2020

100.0%

Op-01 MRR Delta Building

Hiroshima City, Hiroshima

1,200

1,070

1,310

5.2%

6.5%

Nov. 2002

98.3%

Op-02 PLEAST Hakata Gion Bldg.

Fukuoka City, Fukuoka

800

728

1,360

4.5%

8.0%

Aug. 2008

89.7%

100.0%
100.0%
100.0%
100.0%

Op-03 MMR Utsunomiya

Utsunomiya City, Tochigi

1,750

1,865

1,990

5.2%

6.6%

Feb. 2001

96.1%
Office:100.0%
Residential: 91.3%

Op-04 Ikeshita ES Building

Nagoya City, Aichi

1,000

1,017

1,150

4.8%

6.0%

Oct. 1997

100.0%

Nippon Express
Lp-01 Komagane Logistics Center

Komagane City, Nagano

1,170

-

1,220

5.6%

6.2%

Jun. 2007

100.0%

Total/ average

52 Properties

50,140-59,108

-

6.3%

-

98.4%

(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. 13th FP (Ended December 31, 2022) Presentation Material l 53

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 13th FP)

of earnings
30% of depreciation or less and 75% of payout ratio* or less
(The figure is the actual amount of the 13th 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

313

Total book valueof real estate, etc.

38,928(Unit: million yen)

Dividends in excess

30% or less

76

47,170

Payout ratio before adjustment 77.6%
Payout ratio after adjustment 72.4%
Ratio (of dividends in excess ofearnings against depreciation) 13.6%～～of earnings 42

Net income

Dividends of earnings

666

666

～
～

13.6％
Distribution(Note) The above figures are as of the end of the 13th 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. 13th FP (Ended December 31, 2022) Presentation Material l 54

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. 13th FP (Ended December 31, 2022) Presentation Material l 55

Offices

Vacancy Rate and Contracted Rents
The assumed contracted rent level continues to plateau, and the vacancy rate is trending upward in some areas
Sapporo City
Vacancy rate

Hiroshima City

(Unit: yen)

15,16016,00014,54015,00014,0002

10,000

1

7,000

9,000

0

6,000

8,000

Fukuoka City
Vacancy rate
(Unit: yen)
15,85017,0004.7

16,000
3.2
3.2

3.0

2.4 2.13

1.0

0.4 0.2

2
0.6
112,000

4.4

5

5.1

5.1

10,920

1.9

3

1.0

1.2

14,30011,950

9,000

1.4

8,000

1.0

7,000

1

～
～

6,000

2022 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

5,000

2015 Q1

02015 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
2022 Q3

2022 Q3

2022 Q1

2021 Q3

2021 Q1

14,30010,000

1.8

0.6

～
～

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

2017 Q3

2017 Q1

2016 Q3

2016 Q1

2015 Q3

12,10014,25012,90013,70012,45012,000

3.4

4

2

8,000

2015 Q1

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
2022 Q3
13,000

3.8

9,000
0

15,00014,0004.2 4.1
3.9

10,0000.42022 Q3(Unit: yen)

6 5.2

11,00011,64011,0001.2

0.5 0.6

16,08012,94013,0002.2

Assumed contracted rents(Unit: %)16,20015,00014,0002.6

16,46014,4805
4

Vacancy rate

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
2022 Q3

62022 Q1

Nagoya City

Assumed contracted rents(Unit: %)2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1～～

2022 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

2022 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

9,000

1.9
1.8

11,000～～011,80010,000

3.1

2.1

3

10,89010,67011,89010,890

9,920

2.5

3.2

3.2
2.8

2018 Q3

0.5

0.7
0.4

0.3

12,0003.0

2.8

2018 Q1

0.9
0.8

0.7

1

1.0

0.8

2015 Q3

0.9

0.5

2015 Q1

1.1

3.3

2017 Q3

1.6

2

3.2

4

11,520

10,25011,0003.0

2017 Q1

2.3

11,92011,60013,00012,0003.9

512,59013,0003

6 5.1

13,680

3.3(Unit: yen)
6.2

72016 Q3

3.7

15,5102016 Q1

5

Assumed contracted rents(Unit: %)15,2202015 Q3

62015 Q1(Unit: %)4

Vacancy rate

Assumed contracted rents

Source: Prepared by the Asset Manager based on “MARKET VIEW Japan Office, Q3 2022” 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. 13th FP (Ended December 31, 2022) Presentation Material l 56

Hotels

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

90.0%

Spread of COVID-19
80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

Total

RyokanResort hotels

Business hotels

City hotels

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 57

Balance of Individual Properties (1)(13th Fiscal Period)
Investment area

Regional area

Property No.

Rp-01

Rp-02

Rp-03

Rp-05

Rp-06

Rp-07

Rp-08

Rp-09

Property name

ArtizA
Sendai Kakyoin

ArtizA
Kamimaezu

ArtizA
Hakata PREMIER

ArtizA
Higashi-Betsuin

ArtizA
Kamimaezu II

ArtizA
ChiyodaArtizA
Higashi-Shimada

ArtizA
TsurumaiAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Jun. 1, 2017

Jan. 23, 2018

Jan. 23, 2018

Jan. 4, 2019

Jan. 21, 2020

Acquisition date
Acquisition price(Note 1)

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

Leasing
Leased area(Note 1)
information(Note 1)

Occupancy rate

(million yen)

2,730

720

980

700

430

6.9

1.0

2.7

1.6

1.8

2.5

1.8

1.1

2,693

362

985

594

686

924

666

427

(m²)

9,810.37

1,096.48

3,804.39

1,336.50

1,557.90

2,062.06

1,809.60

841.50(m²)

9,337.52

996.803,706.47

1,287.00

1,466.35

1,824.13

1,635.60

729.30

(%)

95.2

90.9

97.4

96.3

94.1

88.5

90.4

86.7

184 days(thousand yen)

Other lease business revenue

184 days

184 days

184 days

184 days

184 days

184 days

184 days

128,223

17,23048,80920,85524,33533,12024,243

13,836

123,354

16,77247,45920,16323,88531,65323,741

13,527

4,868

457

1,349

692

450

1,466

501

309

23,9094,212

12,373

6,356

5,010

8,430

5,134

3,260

Management fees

9,293

1,739

3,438

2,144

1,668

3,035

1,859

978

Taxes and public dues

7,717

1,351

3,281

1,593

1,716

2,400

1,754

1,227

Utility costs

1,422

155

420

242

178

183

234

143

Repair costs

4,684

558

4,841

1,110

751

1,414

387

196

Insurance fees

308

44

119

59

60

78

60

38

Trust fees

220

225

220

225

225

225

225

225

Other lease business expenses

262

137

51

981

410

1,092

613

450

(3) Total lease business expenses(Note 2)640(%)

Lease business revenue

Balance

1,060(million yen)

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

400(thousand yen)

(4) NOI ( = (2) – (3))(thousand yen)

104,313

13,01736,435

14,49819,325

24,69019,108

10,576(5) Depreciation(thousand yen)

33,558

4,553

16,750

6,732

6,286

9,187

7,622

3,386

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

70,755

8,464

19,684

7,766

13,03815,503

11,4857,190(7) Capital expenditures(thousand yen)

3,556

110

75,904

941

-

285

-

-

(8) NCF (= (4) – (7))(thousand yen)

100,757

12,907-39,469

13,557

19,32524,404

19,108

10,576(Note 1) The figures are as of the end of the 13th Fiscal Period.
(Note 2) The balance is for the 13th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 58

Balance of Individual Properties (2)(13th Fiscal Period)
Investment area

Regional area

Property No.

Rp-10

Rp-11

Rp-12

Rp-13

Rp-14

Rp-15

Rp-16

Rp-17

Rp-18

Property name

ArtizA
Awajieki-higashi

ArtizA
Matsumoto

ArtizA
Sengen-cho

ArtizA
Kitadorimachi

Starship Kobe
Gakuentoshi

ArtizA
Mito Izumicho

ArtizA
KokuraArtizA
Kurashiki

Kumamotoshinmachi

Jan. 21, 2020

Jan. 21, 2020Feb. 26, 2021

Jan. 19, 2022

Apr. 1, 2022

Jan. 19, 2022

Jan. 19, 2022

Jan. 19, 2022

Jul. 5, 2022

1,180

640

495

780

982

609

1,849

590

Acquisition date
Acquisition price(Note 1)

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

Leasing
Leased area(Note 1)
information(Note 1)

Occupancy rate

(million yen)
(%)

3.0

1.6

1.3

2.0

2.5

1.5

4.7

1.5

1.3

1,172

659

518

830

1,033

647

1,938

629

561

(m²)

2,180.10

3,012.53

1,079.20

1,915.65

2,801.77

1,843.68

5,307.82

2,275.84

1,598.52(m²)

2,180.10

2,497.91

1,025.24

1,882.67

2,801.77

1,843.68

4,915.67

2,144.32

1,500.95

(%)

100

82.9

95.0

98.3

100

100

92.6

94.2

93.9

184 days(thousand yen)

Lease business revenue
Other lease business revenue(Note 2)184 days

184 days

184 days

184 days

184 days

184 days

184 days

180 days

38,821

26,871

17,34031,791*

23,742

57,231

22,322

17,874

38,24925,337

16,81027,809*22,62056,183

21,401

17,662

571

1,534

529

3,981

*

1,122

1,047

921

212

8,023

11,221

4,502

5,458

*

4,232

9,604

3,345

2,259

Management fees

3,331

3,071

1,672

4,066

*

3,145

6,354

1,847

1,388

Taxes and public dues

(3) Total lease business expenses

Balance520(million yen)

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

ArtizA(thousand yen)

3,472

2,062

1,725

-

-

-

-

-

117

Utility costs

333

418

178

307

*

301

586

766

189

Repair costs

343

4,677

242

687

-

288

1,584

424

138

Insurance fees

85

106

8

9

8

8

181

10

8

Trust fees

225

225

225

225

225

225

225

225

245

Other lease business expenses

232

661

451

162

1

263

672

71

171

(4) NOI ( = (2) – (3))(thousand yen)

30,79815,64912,837

26,332*

19,51047,626

18,977

15,615(5) Depreciation(thousand yen)

7,696

6,438

3,701

6,655

7,229

4,783

12,876

4,251

4,746

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

23,101

9,211

9,135

19,677*

14,72734,75014,725

10,868(7) Capital expenditures(thousand yen)

-

9,939

-

-

-

275

275

1,676

-

(8) NCF (= (4) – (7))(thousand yen)

30,798

5,709

12,837

26,332*

19,23547,351

17,301

15,615* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 13th Fiscal Period.
(Note 2) The balance is for the 13th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 59

Balance of Individual Properties (3)(13th Fiscal Period)
Investment area

Regional area

Property No.

Cp-01

Property nameAcquisition date
Acquisition price(Note 1)

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

Leasing
Leased area(Note 1)
information(Note 1)

Occupancy rate

(million yen)

MRR Omuta

TarumiekimaeGold Building

Foodaly Aoba
Store

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

1,265

500

Cp-05

Aug. 1, 2016

250

Cp-07

Yamada Denki
Yamada Denki
Tecc Land Mihara Tecc Land Togitsu MRR Kumamoto
Store
Store
Aug. 1, 2016

2,000

Jan. 23, 2018

950

Cp-08

Cp-09

MRR Sasebo

MRR Itoshima

Jan. 23, 2018

Jan. 23, 2018

2,120

990

900

3.2

1.3

0.6

5.1

2.4

5.4

2.5

2.3

1,135

447

205

1,781

881

2,083

953

891

(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)

6,485.11

678.57

1,729.30

11,579.19

5,998.15

11,084.51

5,070.01

2,842.78

(%)

100

100

100

100

100

99.3

100

100

184 days(thousand yen)

Other lease business revenue

184 days

184 days

184 days

184 days

184 days

184 days

184 days

39,25821,19016,308**129,185

59,65742,322

39,225

19,432

16,308**106,164

49,61532,855

32

1,757

-

-

-

23,021

10,041

9,466

12,108

3,888

3,237

*

*

54,53823,955

17,143

Management fees

2,653

1,176

163

*

*

14,515

5,462

3,484

Taxes and public dues

(3) Total lease business expenses(Note 2)

Cp-04

(%)

Lease business revenue

Balance

Cp-03(million yen)

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

Cp-02(thousand yen)

4,482

703

1,100

8,444

2,916

11,209

4,390

2,172

Utility costs

73

1,739

-

-

-

25,916

10,6349,950

Repair costs

2,469

-

-

-

-

1,948

3,090

1,175

Insurance fees

104

17

50

236

148

398

154

58

Trust fees

Other lease business expenses

225

220

220

220

225

250

225

250

2,100

31

1,704

16

3,853

299

-

53

(4) NOI ( = (2) – (3))(thousand yen)

27,14917,301

13,070**74,64735,701

25,178(5) Depreciation(thousand yen)

14,838

4,808

3,922

18,6956,303

22,333

6,698

3,441

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

12,311

12,493

9,147

*

*

52,31429,003

21,737(7) Capital expenditures(thousand yen)

8,422

-

-

-

-

10,920680

110(8) NCF (= (4) – (7))(thousand yen)

18,727

17,301

13,070**63,72735,021

25,068* 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 13th 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 13th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 60

Balance of Individual Properties (4)(13th Fiscal Period)
Investment area

Regional area

Property No.
Property nameAcquisition date
Acquisition price(Note 1)

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

Leasing
Leased area(Note 1)
information(Note 1)

Occupancy rate

Cp-11

Cp-12

Cp-13

MRR Akita

Supercenter TRIAL
Togitsu StoreMRR Akita II

Komyoike Act

Jan. 23, 2018

Jan. 21, 2020

Jan. 19, 2022

(land ownership interests)

Jan. 23, 2018
(million yen)

840

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

2,040

Aug. 1, 2016

740

PLEAST Hakata
Gion Building

Aug. 1, 2016

1,200

800

2.1

2.9

2.5

5.2

1.9

3.0

2.0

1,170

1,000

2,116

618

1,070

728

(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

6,195.12

3,860.81

3,002.57

1,732.61

(%)

100

100

100

97.1

100

98.3

89.7

184 days(thousand yen)(thousand yen)Management fees
Taxes and public dues

(Note 2)

Op-02

850

184 days

184 days

184 days

184 days

184 days

184 days

32,106*

43,075130,521*57,152

46,041

32,106*

43,075100,214*51,406

41,650---30,306

-

5,745

4,391

3,741

*

8,256

67,543*

17,467

12,376

321

*

1,495

22,598

*

3,690

2,860

Other lease business revenue

Balance

970

Op-01

(%)

Lease business revenue(3) Total lease business expenses

1,150

Hp-01

(million yen)

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

Cp-10

1,548

3,073

4,411

-

3,813

5,103

2,557

Utility costs

-

-

-

41,770

-

6,932

5,652

Repair costs

425

-

2,003

1,413

-

1,049

854

Insurance fees

22

-

120

358

113

153

71

Trust fees

225

225

225

250

225

220

220

Other lease business expenses

1,200

-

-

1,151

-

318

159

28,364*34,81862,978*39,68533,665-

7,888

12,685

10,013

14,8497,068*

26,93050,293*24,835

26,596(4) NOI ( = (2) – (3))(thousand yen)

(5) Depreciation(thousand yen)

957

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

27,406(7) Capital expenditures(thousand yen)

-

-

-

2,290

-

95

-

(8) NCF (= (4) – (7))(thousand yen)

28,364*34,81860,688*39,59033,665* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 13th Fiscal Period.
(Note 2) The balance is for the 13th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 61

Balance of Individual Properties (5)(13th Fiscal Period)
Investment area

Regional area

Property No.

Cp-03

Rt-02

Rt-03

Rt-04

Ct-01

Ct-02

MRR Ichihara

K’s Denki
Kitamoto StoreMRR Utsunomiya

Ikeshita ES
Building

ArtizA
Ikejiri

ArtizA
Tsuzuki Chuo Koen

ArtizA
Kawasaki EAST

ArtizA
Sobudai(land ownership interests)

Acquisition dateJan. 19, 2022

Jan. 19, 2022

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Jan. 21, 2020

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

Leasing
Leased area(Note 1)
information(Note 1)

Occupancy rate

(million yen)

(2) Total lease business revenue

1,750

1,000

610

525

780

1,130

(land ownership interests)

Jan. 21, 2020

700

1,030

(%)

4.4

2.5

1.5

1.3

2.0

2.9

1.8

2.6

(million yen)

1,865

1,017

592

542

746

1,135

717

1,047

(m²)

5,106.48

2,066.02

641.16

1,865.88

3,055.80

5,703.73

18,326.76

11,451.00(m²)

4,906.74

2,066.02

641.16

1,745.30

3,055.80

5,430.50

18,326.76

11,451.00

(%)

98.1

100

100

93.5

100

95.2

100

100

(1) Number of operating days

184 days(thousand yen)

184 days

184 days

184 days

184 days

184 days

184 days

184 days

87,111

52,42718,04327,42930,33551,622

21,226*

Lease business revenue

79,36944,367

17,261

26,15130,08550,14021,226*

Other lease business revenue

7,742

8,059

782

1,277

250

1,482

-

-

22,662

14,835

3,587

8,116

3,303

13,801

3,939*

10,465

3,513

1,596

2,755

655

4,665

124

*

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

(Note 2)

Rt-01

Property nameAcquisition price(Note 1)

BalanceTokyo metropolitan area

Cp-04

-

-

885

2,274

2,322

3,729

3,589

1,406

Utility costs

8,785

10,734

302

250

-

540

-

-

Repair costs

1,786

60

486

2,526

-

4,061

-

-

Insurance fees

262

142

27

120

81

202

-

-

Trust fees

225

225

225

188

225

225

225

225

1,137

159

64

-

19

376

-

-

(4) NOI ( = (2) – (3))

Other lease business expenses(thousand yen)

64,44937,591

14,456

19,312

27,03137,821

17,287*(5) Depreciation(thousand yen)

12,289

2,484

2,520

2,828

4,838

7,336

-

-

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

52,15935,107

11,935

16,48422,19230,485

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

1,384

291

-

11,115

3,707

3,389

-

-

(8) NCF (= (4) – (7))(thousand yen)

63,06437,29914,456

8,196

23,32334,432

17,287** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 13th Fiscal Period.
(Note 2) The balance is for the 13th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 62

13th Fiscal Period

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

Statement of Income for the 13th Fiscal Period

Balance Sheet for the 13th Fiscal Period (December 31, 2022)
AssetsFrom July 1, 2022, to December 31, 2022

Liabilities

Current assets
Cash and deposits

1,692,246

Cash and deposits in trust

2,451,434

Operating accounts receivable

21,119Prepaid expenses

90,352

Total current assets

4,255,153

Short-term loans

300,000

Gain on sale of real estate, etc.

Current portion of long-term loans payable
Accrued expenses

3,452,500
268,624955

164,371

Advances received

264,886

Asset custody fee

2,159-2,684,323

Current portion of tenant leasehold andsecurity deposits in trust

45,021

Administrative service fees

19,639Other

23,681-79,319
309,412

Total current liabilities

4,538,841

Non-current liabilities

123,822Long-term loans

17,640,000

Accumulated depreciation-36,475

Tenant leasehold and security deposits in trust

1,468,455

Machinery and equipment in trust, net

87,346

Tools, furniture and fixtures in trust

57,564

Construction in progress in trust
Total property, plant and equipment-22,198
35,36622,855,945
1,566
38,928,193

Total intangible assets

3,077
3,077

Investments and other assets
Long-term prepaid expenses

16

Guarantee deposits

10,000

Lease and guarantee deposits in trust

13,766

Total investments and other assets

169,398
39,100,668

Deferred assets
Investment unit issuance expenses

28,723

Total deferred assets

28,723

Total assets

Other

43,384,546

Copyright © Marimo Asset Management Co., Ltd.

18,39822

Total non-current liabilities
Total liabilities

19,126,876
23,665,717

Net assets
Unitholders’ equity
19,725,556

Deduction from unitholders’ capital
Allowance for temporary difference adjustments
Other deduction from unitholders’ capital

145,615

Deferred tax assets

Total non-current assets

Asset retirement obligations

Unitholders’ capital

Intangible assets
Leasehold rights in trust

Operating expenses

18,322,879

Machinery and equipment in trust

Land in trust

105,233
1,841,354
763,119

388,731

Tools, furniture and fixtures in trust, net

125,871

Asset management fee

Structures in trust

Accumulated depreciation

Total operating revenue

1,610,249

Expenses related to rent business

15,638,556

Structures in trust, net

Other lease business revenue

62,067

Buildings in trust, net
Accumulated depreciation

121,106

Consumption taxes payable

Property, plant and equipment
Accumulated depreciation

Lease business revenue

Operating accounts payable

Income taxes payableNon-current assets
Buildings in trust

Operating revenue

Current liabilities

Total deduction from unitholders’ capital
Unitholders’ capital, net-13,305-659,995-673,301
19,052,254

Surplus

Directors’ compensations

3,000

Taxes and public dues

27,314

Other operating expenses

46,403

Total operating expenses

1,026,008

Operating income
Interest income

17

Reversal of distributions payable

147

Interest on refund

83

Insurance income

3,692

Total non-operating income

3,940

Non-operating expenses
Interest expenses

87,734

Borrowing related expenses

52,228

Amortization of investment unit issuance expenses

11,846

Total non-operating expenses

151,809

Ordinary income

667,476

Net income before income taxes

667,476

Income taxes – current

Unappropriated retained earnings(undisposed loss)

666,574

Income taxes – deferred

Total surplus

666,574

Total income taxes

Total unitholders’ equity
Total net assets
Total liabilities and net assets

815,346

Non-operating income

19,718,828

Net income

19,718,828

Retained earnings brought forward

43,384,546

Unappropriated retained earnings (undisposed loss)

957
-2
955
666,52053
666,574

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 63

Status of Unitholders(Fiscal Period Ended December 31, 2022)
Ratio of Unitholders by Number(14,029 unitholders in total)

Rank

Record number of unitholders(previously a total of 13,983 unitholders)1

Custody Bank of Japan, Ltd.
(trust account)

17,302 units

9.0％

2

Marimo Co., Ltd.

16,866 units

8.8%

3

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

16,156 units

8.4％

4

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

7,734 units

4.0％

5

Morgan Stanley MUFG Securities Co., Ltd.

2,789 units

1.5％

6

DFA INTERNATIONAL REAL ESTATESECURITIES PORTFOLIO

2,195 units

1.1％

7

Yonezawa Shinkin Bank

2,000 units

1.0％

Foreign companies, etc.
(6.1% → 5.8%)

8

J.P. Morgan Securities LLC

1,901 units

1.0％

Other domestic entities(14.5% → 14.4%)

9

Individuals

1,700 units

0.9％

10

JP JPMSE LUX RE BARCLAYS CAPITALSEC LTD EQ CO

1,660 units

0.9％

Total

70,303 units

36.6%

Foreign companies, etc.
(0.8% → 0.8%)

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

Other domestic entities(1.5% → 1.5%)

Individuals, others(97.4% → 97.4%)

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

Financial institutions(Note1)(27.4% → 29.0%)

Individuals, others(52.0% → 50.8%)(Note 1) The ratio for financial institutions includes the ownership of securities
companies.

Copyright © Marimo Asset Management Co., Ltd.

Name of unitholder

No. ofOwnership
investment units
ratio(Note 2)

(Note 2) Calculated by dividing the 70,303 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. 13th FP (Ended December 31, 2022) Presentation Material l 64

Explanatory Notes (1)Note:

Unless indicated otherwise, the figures indicated in this document are rounded down to the nearest
unit (however, in cases where the result after rounding down to the nearest unit is 0, a figure of lessthan a unit will be indicated). Percentages are shown by rounding them down to the first decimal
place. The sum of each separate amount or percentage may therefore not match the overall total.

Page 5Note 1: “Rating” indicates the long-term issuer rating for marimo REIT provided by Japan Credit Rating
Agency (JCR) and is not a rating of marimo REIT’s investment units. Furthermore, with regard tomarimo REIT’s investment units, there is no credit rating provided by or made available forinspection by a credit rating agency nor any planned credit rating to be provided by or madeavailable for inspection by a credit rating agency at the request of marimo REIT. The same applies
hereinafter.
Note 2: The “(average) appraisal NOI yield” refers to the ratio of the (total) appraisal NOI—this is the NOI
based on the direct capitalization method, which refers to the net operating income (NOI) obtainedby deducting operating expenses from the operating income indicated in real estate appraisal
reports, before deducting depreciation; it differs from net cash flow (NCF), which is obtained bydeducting management gains such as deposits and capital expenditures from NOI—to the (total)(planned) acquisition price. The “(planned) acquisition price” is the trading value of each property orreal estate trust beneficiary right indicated in the respective real estate sale contract or trust
beneficiary right sale contract for the owned assets or assets to be acquired (not including
expenses such as consumption taxes, local consumption taxes, commissions on sale, or status
assignment compensation to be paid to the party assigning status if acquisition is made based on
the assignment of status of the buyer in the trust beneficiary right sales contract), rounded down to
the nearest million yen.
The same applies hereinafter. The relevant figures were calculated by the Asset Manager and are
not the figures indicated in the real estate appraisal reports. The average appraisal NOI yield on
this page indicates the average appraisal NOI yield following the Asset Replacement.
Note 3: The primary offering (hereinafter referred to as the “Primary Offering”) and the issuance of new
investment units via a third-party allotment of 2,143 marimo REIT investment units with SMBC
Nikko Securities Inc. as the allotment recipient resolved as the marimo REIT Board of Directors
meeting held on Wednesday, January 4, 2023 (hereinafter referred to as the “Third-Party Allotment”
and together with the Primary Offering as “the Offering”), as well as the acquisition of the assets tobe acquired and the planned new borrowing to be carried out in association with them (hereinafterreferred to as the “Borrowing”) and the acquisition of ArtizA Kumamotoshinmachi and disposition of
ArtizA Tsuzuki Chuo Koen, are together referred to as “the Asset Replacement.” The same applies
hereinafter.
Note 4: “Asset size” refers to the total of the (planned) acquisition prices of each asset pertaining toownership by marimo REIT at a given point in time, unless otherwise noted. The same applies
hereinafter.

Copyright © Marimo Asset Management Co., Ltd.

Page 6Note 1: “Appraisal value” is the appraisal value indicated in each of the real estate appraisal reports dated
December 31, 2022, for owned assets and dated August 1, 2022, and December 1, 2022, for theassets to be acquired. The same applies hereinafter.
Note 2: “Ratio of unrealized gain” for the assets to be acquired refers to the ratio obtained by dividing
unrealized gains by the total (planned) acquisition price, while the “unrealized gain” on the assets tobe acquired refers to the figure obtained by deducting the total (planned) acquisition price from thetotal real estate appraisal price indicated in real estate appraisal reports on August 1, 2022, andDecember 1, 2022, for the various assets to be acquired. Please note that it is not necessarily
guaranteed that the unrealized gains will be realized. The same applies hereinafter.
Note 3: The “(Average) appraisal NOI yield after depreciation” refers to the ratio of the (total) amountobtained by deducting the actual or expected depreciation for each asset from the appraisal NOI tothe (total) (planned) acquisition price at a given point in time. The relevant figures are calculated by
the Asset Manager and are not the figures indicated in real estate appraisal reports. The expectedamount of depreciation which is assumed when calculating the (average) appraisal NOI yield after
depreciation is also calculated by the Asset Manager. The same applies hereinafter.
Note 4: The property names indicate the new (planned) name to be used after acquisition by marimo REIT.
The same applies hereinafter.

Page 7Note 1: The various figures after the Asset Replacement were calculated under certain assumptions basedon figures as of the end of the 12th fiscal period or at the end of October 2022 for the existing
portfolio and figures relating to the assets to be acquired and the disposed assets, and they may
differ from the actual figures. The same applies hereinafter.
Note 2: marimo REIT disposed of a 50% quasi co-ownership interest in ArtizA Tsuzuki Chuo Koen’s realestate trust beneficiary right on September 30, 2022, and of the remaining 50% quasi co-ownershipinterest on January 11, 2023.
Note 3: “Average age” is the weighted average, based on the (planned) acquisition price, of each property’s
age as of October 31, 2022. In cases where there are multiple buildings on one property thatmarimo REIT owns or plans to acquire, the calculation is performed by using the age of the building
with the largest gross floor area as the age for that property.
Note 4: The “Occupancy rate” at the end of the fiscal period ended June 2022 indicates the occupancy rate
as of June 30, 2022, and the occupancy rate for acquired assets, disposed assets, and assets tobe acquired in the 13th fiscal period indicates the occupancy rate as of October 31, 2022 (ratio of
total leased floor area to total leasable floor area). Following the (planned) Activities, the occupancy
rate indicates the rate as of December 31, 2022, for assets owned at the end of the 13th fiscal
period and the rate as of October 31, 2022, for assets to be acquired.
(continued on next page)

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 65

Explanatory Notes (2)Page 7 (cont’d)Page 8Note 5: For the figures indicated in “Total (planned) acquisition price,” “Total appraisal price,” “Averageappraisal NOI yield,” “Average appraisal NOI yield after depreciation,” “Average age,” and“Occupancy rate,” the figures indicated in the “13th Fiscal Period Acquired Assets (ArtizA
Kumamotoshinmachi)” and “13th/14th Fiscal Period Disposed Assets (ArtizA Tsuzuki Chuo Koen)”columns are the figures pertaining to ArtizA Kumamotoshinmachi and ArtizA Tsuzuki Chuo Koen,
respectively.

Note 1: The “Portfolio Investment Ratio” map indicates the ratios by region after the Asset Replacement,
based on (planned) acquisition price. The “Investment Ratio by Type” and “Investment Ratio by
Region” pie chart indicates the ratios by region and asset type after the Asset Replacement, basedon (planned) acquisition price, along with the ratios prior to the Asset Replacement. The same
applies hereinafter.
Note 2: “Tohoku” refers to Aomori, Iwate, Akita, Miyagi, Fukushima, and Yamagata prefectures.

Note 6: “LTV to total assets” after the Asset Replacement refers to the figure obtained using the following
formula:LTV to total assets = (balance of interest-bearing liabilities as of the date of this document +planned loan amount of the Borrowing to be carried out along with the Offering – planned loan
amount of the Borrowing loan amount scheduled to be repaid using the amount to be paid in the“Third-Party Allotment” as funds [upper limit] ÷ (total assets at end of 13th fiscal period [fiscal
period ended December 2022] + gain on disposition of the asset to be disposed + short-term loan
amount borrowed on July 5, 2022 + long-term loan amount borrowed on August 1, 2022 – amountof loan repayment made on the same date + planned loan amount of the Borrowing – planned loan
amount of the Borrowing loan amount scheduled to be repaid using the amount to be paid in the
Third-Party Allotment as funds [upper limit] + amount to be paid in the Offering – deposits for
assets disposed as of the end of the 12th fiscal period [fiscal period ended June 2022] + deposits
for assets acquired in the fiscal period ended December 2022 + deposits, construction assistancefunds, and security deposits for the assets to be acquired*)* With regard to deposits, construction assistance funds, and security deposits, there is planned
collateral that has been set for after the acquisition of the assets to be acquired.
Note 7: “NAV per unit” at the end of each period is calculated based on the following formula. The same
applies hereinafter.
NAV per unit at the end of each period = (total net assets on balance sheet at end of period ÷ total
appraisal value of portfolio assets at end of period – total period-end book value of portfolio assets
at end of period – total dividends at end of period) ÷ total number of marimo REIT investment units
issued and outstanding at end of period

Note 8: “NAV per unit” after the Asset Replacement is obtained based on the following formula. The same
applies hereinafter.
NAV per unit after the Asset Replacement = (total net assets on balance sheet at end of 13th fiscal
period [ended December 2022] + issue amount of the Offering + total appraisal value of portfolio
assets at end of 13th fiscal period [ended December 2022] excluding the disposed assets +appraisal value of assets acquired in fiscal period ended December 2022 – total period-end bookvalue of portfolio assets at end of 13th fiscal period [ended December 2022] excluding the disposed
assets – acquisition price of assets acquired in the fiscal period ended December 2022 + total
appraisal value of the assets to be acquired – total (planned) acquisition price of the assets to beacquired – total dividend amount at end of 13th fiscal period [ended December 2022]) ÷ total
number of marimo REIT investment units issued and outstanding after the Offering

Copyright © Marimo Asset Management Co., Ltd.

“Tokyo metropolitan area” refers to Tokyo, Kanagawa, Chiba, and Saitama prefectures.
“Koushinetsu” refers to Yamanashi, Nagano, and Niigata prefectures.
“Hokuriku” refers to Toyama, Ishikawa, and Fukui prefectures.
“Kanto (excluding Tokyo metropolitan area)” refers to Ibaraki, Tochigi, and Gunma prefectures.
“Tokai” refers to Shizuoka, Aichi, Gifu, and Mie prefectures.
“Kinki” refers to Shiga, Kyoto, Osaka, Nara, Wakayama, and Hyogo prefectures.
“Chugoku” refers to Okayama, Hiroshima, Yamaguchi, Tottori, and Shimane prefectures.
“Shikoku” refers to Kagawa, Kochi, Tokushima, and Ehime prefectures.
“Kyushu/Okinawa” refers to Fukuoka, Oita, Miyazaki, Kagoshima, Kumamoto, Nagasaki, Saga, andOkinawa prefectures.

Page 9Note 1: “PML value” refers to probable maximum loss caused by earthquakes. There is PML for individual
buildings and for portfolios. While there is no consistent definition of PML, the PML value formarimo REIT refers to the ratio (%) of the forecast restoration expenses to the replacement costs
for the damage that would be caused by the estimated largest earthquake (large earthquake
occurring once every 475 years = large earthquake with a 10% probability of occurrence in 50
years) during the estimated planned usage period (50 years = expected useful life of typicalbuildings). PML value and earthquake PML value are synonymous. The same applies hereinafter.
The figure indicated in “marimo REIT (after the Asset Replacement)” indicates the PML value forthe entire portfolio, based on the earthquake risk assessment report (portfolio version) produced in
November 2022 by Tokio Marine dR Co., Ltd. Supercenter TRIAL Togitsu Store (land ownershipinterests), MRR Ichihara (land ownership interests), and K’s Denki Kitamoto Store (land ownershipinterests) are land ownership interests only with no buildings owned, so they are not included in the
PML calculation for the entire portfolio.
Note 2: “Simple average across all J-REITs” is calculated based on the most recent material disclosed byeach J-REIT as of November 30, 2022, other than marimo REIT. Please note that simple
comparison may not be possible since the definition of the PML value disclosed by each J-REIT asof November 30, 2022, is not necessarily the same as the PML value definition used by marimo
REIT (refer to Note 1 above for details). The figures are calculated by excluding J-REITs whose
portfolio PML values are not indicated in the disclosed materials. The same applies hereinafter for
the PML value of each investment corporation other than marimo REIT.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 66

Explanatory Notes (3)Page 11

Page 14

Note 1: For details of marimo REIT’s support system, excluding the support agreement for Alpha Court Co.,
Ltd. (“Alpha Court”), refer to “Section 1: Fund Information, Subsection 1: Fund Conditions, 2.
Investment Policy, (1) Investment Policy 4: Establishing a Support System to Enable CommunityIntegrated Regional Revitalization” in the securities report published on September 29, 2022.

Note 1: “Number of Units / Sections” indicates the number of units or sections determined by Marimo basedon drawings (including properties in the planning stage) and differs from the “number of leasable
units” indicated on p. 32 and after.

Note 2: “Provide property information” does not mean that property information is provided to marimo REIT
by 33 Bank, Michinoku Bank, Tokyo Star Bank, Chugoku Bank, Kansai Mirai Bank, Hiroshima Bank,
Ashikaga Bank, ReBITA Inc. (“ReBITA”), and Alpha Court on a priority basis. Under the support
agreements with Michinoku Bank, Chugoku Bank, Hiroshima Bank, and Ashikaga Bank in particular,
these banks provide property information voluntarily, at their own discretion. In addition, the support
agreements with 33 Bank, Kansai Mirai Bank, ReBITA, and Alpha Court do not stipulate that
information will be provided to marimo REIT either before or at the same time as it is provided tothird parties.
Note 3: “CM” refers to construction management, “ML” to master lease, and “PM” to property management.

Note 2: The room configuration for each unit is indicated in the number of units field for residential
properties (excluding student dormitories and student apartments). If there is only one type ofconfiguration, that configuration will be indicated, and if there are multiple configurations, the mostcommon configuration will be indicated. Development of each property is not finished, and theconfigurations, which are based on the plans as of the date of this document, may differ from thoseindicated here.
Page 15
Note:“Asset size increase rate” refers to the figure obtained using the following formula, which is rounded
down to the nearest whole number.
Total (planned) acquisition price after the Asset Replacement ÷ total acquisition price of portfolio
assets at end of 1st FP – 1

Page 12Source: Ministry of Economy, Trade, and Industry, “Companies Driving Regional Growth: List of SelectedCompanies – Search Result – Alpha Court Co., Ltd.”, Urban Renewal Association of Japan,“Recipients of 2022 Merit Award for Urban Redevelopment, Etc.,” and Alpha Court financial
statements

Page 26
Note 1: “Balance of interest-bearing liabilities” and “Long-term debt ratio” after the Asset Replacement are
figures obtained based on the following formulas:

The properties indicated in the “Examples of owned properties” are those owned by Alpha Court asof the date of this document. As of this date, marimo REIT has no plans to acquire them nor does it
guarantee that they may be acquired in the future.

Balance of interest-bearing liabilities = borrowing balance as of the date of this document – planned
loan amount of the Borrowing loan amount scheduled to be repaid using the amount to be paid in
the Third-Party Allotment as funds [upper limit]

Note 1: “Asset Manager’s independent channel” refers to a method of acquiring properties using methods
other than the “sponsor support” described below.

Long-term debt ratio = (balance of long-term debts* among the various loans as of the date of thisdocument) ÷ (borrowing balance as of the date of this document – planned loan amount of the
Borrowing loan amount scheduled to be repaid using the amount to be paid in the Third-Party
Allotment as funds [upper limit])

Note:

Page 13

Note 2: “Sponsor support” refers to the method of acquiring properties developed by sponsors andproperties owned by third parties after Marimo Co., Ltd. (“Marimo”) or a special purpose company
invested in by Marimo by bearing the acquisition costs using warehousing functions, etc. andacquiring properties to own on a temporary basis.
Note 3: “Acquisition from new support company” refers to acquisition of properties from Alpha Court, withwhich a new support agreement was concluded, or its Group companies Alpha Holdings Co., Ltd.
and Alpha Project LLC.

* ”Long-term debts” refers to borrowing for which the period from the loan issue date to theprincipal repayment date is more than one year, including debts for which the remaining term iswithin one year.
Note 2: Abbreviated names are used for the lender financial institutions.
Note 3: “Distribution of repayment dates” is indicated based on the assumed balance of interest-bearing
liabilities after the Asset Replacement and the Borrowing loan amount.

Note 4: “Previous activities” refers to acquisition of properties by means of previous public offerings.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 67

Explanatory Notes (4)Page 28* For J-REITs listed before Friday, July 29, 2016, calculation is made using the closing price inregular trading for the investment units on the Tokyo Stock Exchange on Friday, July 29, 2016,
while for J-REITs listed after that date, calculation is made using the closing price in regular
trading for the investment units on the Tokyo Stock Exchange on the date the J-REIT was listed.
J-REITs listed on or after Friday, July 29, 2016, are shown with diagonal lines.

Note 1: “Investment Ratio by Type” is based on acquisition price, and “Investment Ratio after the Asset
Replacement” is based on (planned) acquisition price.
Note 2: The details indicated in the “Target” column under Growth Strategy and the “Future Acquisition
Policy” column under Acquisition Policy are the targets and policies for the meanwhile, based on
the current status, and are subject to change when necessary. In addition, the details indicated in
the “Efforts to achieve the target” column include items in the preparation stage as of the date ofthis document, and there is no guarantee that they will be implemented. The results if “Efforts toachieve the target” were implemented are shown in the “Result of effort” column.
Note 3: The occupancy rate indicated in the “Effort to achieve the target” column indicates the occupancy
rate as of October 31, 2022, for four residential property assets to be acquired (ratio of total leased
floor area to total leasable floor area) and the average appraisal NOI yield indicates the averageappraisal NOI yield for seven commercial facility assets to be acquired (ratio of total appraisal NOI
to total planned acquisition price).
Page 29
Note 1: The “NOI” yield for each J-REIT refers to the ratio of the appraisal NOI to the total acquired assets
at the end of the most recent fiscal period, based on the disclosure materials of each J-REIT as ofDecember 12, 2022. The “NOI yield” for marimo REIT indicates the figure after the Asset
Replacement.
Note 2: “Total return” in this document is an indicator showing profitability for investors, which is calculatedusing the formula shown below based on the return if investment units acquired on July 29, 2016,
were owned continuously until December 12, 2022 (return on initial investment), and the returns if
dividends received during the period from July 29, 2016, to December 12, 2022, were added to theinvestment principal and reinvested based on the closing price in regular trading for thoseinvestment units on the ex-rights date for the applicable received dividends (return on reinvestment).
The same applies hereinafter.

Page 31
Note 1: The “property number” is a number assigned to each property by combining the “investment target”
and “investment ratio by region” categories for assets owned by and assets to be acquired bymarimo REIT. For “investment target,” “R” means residential properties, “C” means commercial
facilities, “H” means hotels, “O” means offices, and “L” means logistics facilities, while “p” indicatesregional and “t” the Tokyo metropolitan area. In the case of a building for which there are multiple
uses, the investment target is indicated by using the use with the largest floor area ratio as the use
for that building. The same applies hereinafter.
Note 2: Properties developed by the sponsor are indicated as “Developed by sponsor,” properties
temporarily owned by the sponsor (properties for which the sponsor’s warehousing functions wereused*3) are indicated as “Warehousing,” and properties scheduled to be acquired using the AssetManager’s independent channel are indicated as “Asset Manager’s independent channel.” Thesame applies hereinafter.
Note 3: “Warehousing function” refers to a function whereby, for the purpose of future acquisition of aproperty by marimo REIT, Marimo or a special purpose company invested in by Marimo acquires
an owned property from a third party and holds it on a temporary basis, then disposes of it tomarimo REIT.

Total return (%) =[return on initial investment + reinvestment return] -1) x 100

Return on initial investment =closing price in regular trading for the investment units on the Tokyo Stock Exchange on Monday,
December 12, 2022 ÷ closing price in regular trading for the investment units on the Tokyo Stock
Exchange on Friday, July 29, 2016*
Reinvestment return =[{infinite product of [1 + dividend received for the nth FP ÷ closing price in regular trading for theinvestment units on the ex-rights date for dividends received for the nth FP} - 1] x (closing price inregular trading for the investment units on the Tokyo Stock Exchange on Monday, December 12,2022 ÷ closing price in regular trading for the investment units on the Tokyo Stock Exchange on
Friday, July 29, 2016*)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 68

Explanatory Notes (5)Page 32

Page 36

Note 1: “Location” indicates the displayed address as a general rule. For properties with no displayed
address, the building address in the register (or one of the addresses in the case of multiple
addresses) is indicated. The same applies hereinafter.

Note:

Note 2: “Occupancy rate” indicates the figure obtained by dividing the total leased floor area in theagreements to be concluded or already concluded with tenants at each property or in the drawings
for the relevant property as of October 31, 2022, by the floor area deemed to be leasable bymarimo REIT of the buildings on each property (or the land in the case of land ownership interests),
rounded down to one decimal place. The same applies hereinafter.
Note 3: “Number of leasable units” indicates the number of sections considered leasable by marimo REIT
or, for assets acquired in the fiscal period ended December 2022 or assets or sections to beacquired whose use is residential, the number of units (number of sections) that may be leased bymarimo REIT.

“Market-dominance strategy” refers to a strategy in which a company aims to rapidly expand its
share through concentrating the opening of stores in a particular region.

Page 40
Note:

Since the parking building is not registered, “gross floor area” is indicated based on the details of
the notice of verification, which is based on the stipulations of the Building Standards Act, and thisbuilding is not indicated in “Structure.”

Page 41
Note:

With regard to the site area, a right of site for building purposes has been established, and the sitearea corresponding to the building interest ratio acquired by marimo REIT is around 765.76 m2(approx. 17.6%).

Note 4: “Site area” is based on what is indicated in the register (including the leased land area if there isleased land) and in some cases may not match the current situation. The same applies hereinafter.
Note 5: “Gross floor area” is based on what is indicated in the register, and the indicated figure includes thefloor area of attached buildings. The same applies hereinafter.
Note 6: The building “completion date” indicates the year and month that the primary building wascompleted, according to the register. The same applies hereinafter.
Note 7: “(Planned) acquisition date” indicates the (planned) acquisition date of an asset to be acquired, as
indicated in the sale agreement for the relevant asset. The same applies hereinafter.
Note 8: “Structure” indicates the structure and number of floors based on what is indicated in the registerfor the primary building. The same applies hereinafter.
Note 9: In addition to the above, the property overviews are based on appraisal reports obtained from
Daiwa Real Estate Appraisal Co., Ltd. and Japan Valuers Co., Ltd. as part of the due diligence
carried out by the Asset Manager when deciding whether to acquire an asset to be acquired,documents and information that include commercial research reports obtained from JLL MallManagement Co., Ltd., TMAX Co., Ltd., and Japan Hotel Appraisal Co., Ltd., and analysis by the
Asset Manager.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 69

▼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. 13th FP (Ended December 31, 2022) Presentation Material l 70

MEMO

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 13th FP (Ended December 31, 2022) Presentation Material l 71

Regional areas have hidden potential

72