November 16, 2021
To All Concerned Parties
Real Estate Investment Trust Securities Issuer
1-1-21 Toranomon, Minato-ku, Tokyo
marimo Regional Revitalization REIT, Inc.
Representative: Takashi Kitagata, Executive Director(Securities Code: 3470)
Asset Manager
Marimo Asset Management Co., Ltd.
Representative: Takashi Kitagata, CEOContact:
Katsuhiro Shimada, Financial Management Officer
TEL: +81-3-6205-4755
Notice Concerning Revision of Operating and Dividend Forecasts
for the Fiscal Period Ending December 2021 and the Fiscal Period Ending June 2022
marimo Regional Revitalization REIT, Inc. (“marimo REIT”) announces the following revision of the operating anddividend forecasts for the fiscal period ending December 2021 (11th fiscal period) (from July 1, 2021, to December 31,2021) and the fiscal period ending June 2022 (12th fiscal period) (from January 1, 2022, to June 30, 2022) announced in“(REIT) Financial Report for the Fiscal Period Ended June 2021” dated August 18, 2021.
1. Detail of the Revision(1) Revision of Operating and Dividend Forecasts for the Fiscal Period Ending December 2021
(from July 1, 2021, to December 31, 2021)

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

Net income

Dividends
per unit

Dividends
per unit(including
dividends inexcess ofearnings)(excluding
dividends inexcess ofearnings)

445
million yen

444
million yen

3,401
yen

2,913
yen

488
yen

638
million yen

534
million yen

533
million yen

3,850
yen

3,495
yen

355
yen

114
million yen

80
million yen

88million yen

88million yen

449
yen

582
yen

(133)
yen

8.9%

14.5%

19.9%

20.0%

13.2%

20.0%

(27.3)%

Operatingrevenue

OperatingincomeOrdinary
income1,281
million yen

557
million yen

1,395
million yen(Reference) Fiscal period ending December 2021
Forecast number of investment units issued and outstanding at end of period: 152,680 units

Dividends inexcess ofearnings
per unit

(2) Revision of Operating and Dividend Forecasts for the Fiscal Period Ending June 2022
(from January 1, 2022, to June 30, 2022)

Previous
forecasts(A)
Revisedforecasts(B)
Amount ofincrease(decrease)(B−A)
Rate ofincrease(decrease)

Net income

Dividendsper unit

Dividends
per unit(including
dividends inexcess ofearnings)(excluding
dividends inexcess ofearnings)

447
million yen

446
million yen

3,417
yen

2,925
yen

492
yen

634
million yen

522
million yen

521
million yen

3,806
yen

3,416
yen

390
yen

94
million yen

74
million yen

74
million yen

74
million yen

389
yen

491
yen

(102)
yen

7.3
%

13.4
%

16.7%

16.8%

11.4%

16.8
%

(20.7)%

Operatingrevenue

OperatingincomeOrdinary
income1,293
million yen

559
million yen

1,387
million yenDividends inexcess ofearnings
per unit(Reference) Fiscal period ending June 2022
Forecast number of investment units issued and outstanding at end of period: 152,680 units(Note 1) The revision of the operating and dividend forecasts for the fiscal period ending December 2021 and the fiscal period ending June 2022 is therevision at this point in time. Accordingly, the actual operating revenue, operating income, ordinary income, net income, dividends per unit anddividends in excess of earnings per unit may vary. The forecasts above are not a guarantee of the amount of dividends per unit and dividends inexcess of earnings per unit.
(Note 2) The forecasts above may be revised in the event a discrepancy above a certain level from the forecasts above is expected.
(Note 3) Monetary figures are rounded down to the nearest specified unit. Percentage figures are rounded to the first decimal place.

2. Reason for Revision and Announcement
marimo REIT is revising the operating and dividend forecasts for the fiscal period ending December 2021 (11th fiscalperiod) and the fiscal period ending June 2022 (12th fiscal period) announced in “(REIT) Financial Report for theFiscal Period Ended June 2021” dated August 18, 2021, because those figures will change by 5% or more due to theposting of gain on disposition in line with the decision to dispose domestic real estate trust beneficiary right (ArtizAHakataeki-Minami) as announced in “Notice Concerning Disposition of Domestic Real Estate Trust Beneficiary Right”
dated today.

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

Assumptions Underlying the Operating Forecasts for the Fiscal Period Ending December 2021 and Fiscal Period Ending
June 2022
ItemAssumptions

・ Fiscal period ending December 2021 (11th fiscal period)(from July 1, 2021, to December 31, 2021) (184 days)
Accounting period・ Fiscal period ending June 2022 (12th fiscal period)(from January 1, 2022, to June 30, 2022) (181 days)
・ The assumption is that marimo REIT will dispose each of the 50% quasi co-ownership interestin ArtizA Hakataeki-Minami (the “Asset to be Disposed”) on December 22, 2021, and January
26, 2022, and thereafter, continue to hold the real estate trust beneficiary rights to 31
Assets underproperties (after excluding the Asset to be Disposed from the real estate trust beneficiaryrights to 32 properties held as of today (the “portfolio assets”)) through to the end of themanagementfiscal period ending June 2022.
・ In actual practice, change may arise due to acquisition of new properties, disposition ofportfolio properties other than the Asset to be Disposed, etc.
・ Operating revenue from leasing of the portfolio assets is calculated on the basis of rent, etc.
stated in lease contracts in effect as of today, historical data, etc.
・ Gain on disposition of the Asset to be Disposed is expected to be 120 million yen for thefiscal period ending December 2021 (11th fiscal period) and 120 million yen for the fiscal
Operating revenue
period ending June 2022 (12th fiscal period).
・ The assumption is that there will be no delinquent or unpaid rent by tenants.
・ Some degree of decrease in operating revenue from leasing, etc. due to the impact of COVID19 is taken into account when calculation is made.
・ Of operating expenses from leasing, which are the main operating expenses, the expenses
other than depreciation are calculated on the basis of historical data, etc. and by reflecting
the factors causing fluctuation in expenses.
・ Operating income from leasing after operating expenses from leasing (includingdepreciation) are deducted (excluding gain on sales of real estate properties) is expected tobe 743 million yen for the fiscal period ending December 2021 and 725 million yen for thefiscal period ending June 2022.
・ The total amount of fixed asset tax, city planning tax, etc. to be expensed is expected to be
98 million yen for the fiscal period ending December 2021 and 99 million yen for the fiscal
period ending June 2022.
・ In general, fixed asset tax, city planning tax, etc. are calculated on a pro rata basis andreimbursed at the time of acquisition with the previous beneficiary, etc. upon transactionsof real estate, etc. However, the amount equivalent to the reimbursement is included in the
Operating expenses
cost of acquisition.
・ Repair expenses for buildings based on medium- to long-term repair plans formulated byMarimo Asset Management Co., Ltd. (hereinafter, the “Asset Manager”) are expected to be
40 million yen for the fiscal period ending December 2021 and 40 million yen for the fiscal
period ending June 2022. Furthermore, emergency repair expenses possibly arising fromunforeseeable factors causing building damage, etc., the amount generally varying
materially from fiscal year to fiscal year and not being an amount that arises periodically,etc. may result in repair expenses for each accounting period differing materially from theforecast amount.
・ Depreciation is calculated by the straight-line method inclusive of incidental expenses andother future additional capital expenditures, and expected to be 250 million yen for the fiscal
period ending December 2021 and 253 million yen for the fiscal period ending June 2022.
・ Interest expenses and other borrowing related expenses are expected to be 105 million yen
for the fiscal period ending December 2021 and 107 million yen for the fiscal period ending
Non-operating
June 2022.
expenses・ Amortization of investment unit issuance expenses is expected to be 4 million yen for thefiscal period ending December 2021 and 4 million yen for the fiscal period ending June 2022.
・ The assumption is that internal reserves from a portion of depreciation will be used as thesource of funds to repay principal of 15 million yen every fiscal period.
・ The assumption is that total interest-bearing liabilities will be 16,152 million yen at the end
Loansof the fiscal period ending December 2021 and 16,137 million yen at the end of the fiscal
period ending June 2022.
・ The assumption is the total number of investment units issued and outstanding as oftoday of 152,680 units.
・ The assumption is that there will be no change in the number of investment units due toInvestment units
issuance of new investment units, etc. through to the end of the fiscal period ending June
2022.

Item
Dividends per unit
(excludingdividends in excessof earnings)

Dividends inexcess of earnings
per unit

Assumptions
・ Dividends per unit (excluding dividends in excess of earnings) is calculated based on theassumption that distribution will be in accordance with the policy on distribution of cash
provided in marimo REIT’s Articles of Incorporation.
・ Dividends per unit (excluding dividends in excess of earnings) may vary due to various
factors, such as fluctuation in rent revenue accompanying change in assets undermanagement, change in tenants or other event, or incurrence of unexpected repairs.
・ Dividends in excess of earnings per unit is calculated in accordance with the policy
provided in marimo REIT’s Articles of Incorporation and the management guidelines thatare the internal rules of the Asset Manager.
・ Distribution in excess of earnings is calculated based on the assumption that the sum total
amount of taxation and accounting discrepancies are distributed as allowance fortemporary difference adjustments for the purpose of tax reduction.
・ As of today, marimo REIT deems there to be no specific concerns of substantial
deterioration in the external economic environment, real estate market conditions andfinancial status of marimo REIT.
・ For the fiscal period ending December 2021 and fiscal period ending June 2022, there arehigh needs to retain certain funds to respond in the event that opportunities for acquiring
new properties as investment that would serve to enhance the income-producing
potential of the portfolio or such arise, but in light of marimo REIT’s financial status,
projected likelihood of refinancing borrowings, etc., the view is that marimo REIT is not ina state that calls for prioritized allocation of funds to reduce interest-bearing liabilities,etc. in both concerned accounting periods. As of today, execution of distribution in excessof earnings is deemed to be reasonable for the fiscal period ending December 2021 andfiscal period ending June 2022. As such, for the fiscal period ending December 2021, total
dividends in excess of earnings is expected to be 54 million yen, of which total dividendsof allowance for temporary difference adjustments is 1 million yen and total otherdividends in excess of earnings is 53 million yen, and for the fiscal period ending June
2022, total dividends in excess of earnings is expected to be 59 million yen, of which total
dividends of allowance for temporary difference adjustments is 1 million yen and other
distribution in excess of earnings is 58 million yen (Note 1).
(Note 1) Distribution in excess of earnings shall be executed only when total appraisal valueof real estate, etc. held as at the end of the accounting period (refers to theappraisal value in the real estate appraisal report obtained with the end of theaccounting period as the date of value for real estate, etc. held by marimo REIT)
exceeds total book value of real estate, etc. for the concerned accounting period
plus total planned capital expenditures (refers to the total amount of reserve forcapital expenditures) for the concerned accounting period’s next period, but afteralso considering other options, such as utilization for repair expenses and capital
expenditures and allocation to funds for repayment of borrowings or acquisition ofnew properties. To that end, distribution in excess of earnings is not executed evenin the 11th fiscal period (fiscal period ending December 2021) and 12th fiscal period(fiscal period ending June 2022) regardless of the forecast above in the event thatsuch conditions are not met.
In addition, concerning the fiscal period ending December 2021 and fiscal period
ending June 2022, as today, marimo REIT adopts the policy of distributing as cash
in excess of earnings an amount decided by marimo REIT each accounting periodthat is not to exceed the amount provided in the rules of The Investment Trusts
Association, Japan (hereinafter, “JITA”), no more than the amount equivalent to
30% of depreciation for the concerned accounting period and within the scope notto exceed payout ratio (Note 2) of 75%. Accordingly, the distribution in excess ofearnings may not take place or the amount of dividends in excess of earnings may
decrease in the event of conflict with these limits.
Moreover, in the event that substantial deterioration in the external economicenvironment, real estate market conditions, financial status of marimo REIT, etc. orsuch newly arise in the future, the policy as of today to execute distribution inexcess of earnings as part of cash management in the fiscal period ending
December 2021 and fiscal period ending June 2022 may be changed and there may
also be cases where the distribution in excess of earnings may not take place or theamount of dividends in excess of earnings may decrease even in the fiscal period

ItemOtherAssumptions
ending December 2021 and fiscal period ending June 2022. For instance, eachaccounting period’s limits on the amount of dividends in excess of earnings likethose above may be revised in the case that large-scale additional incorporation of
new assets or other factors lead to large fluctuation in the revenue and expense
structure of the portfolio or such newly arising, in the case of material change inthe financial environment, real estate investment trust market conditions, etc. orin other cases in the period up to when the distribution in excess of earnings forthe concerned accounting period is ultimately executed.
(Note 2) “Payout ratio” refers to the ratio of total dividends including distribution in excessof earnings to the amount of net income plus depreciation.
・ The assumption is that there will be no amendment of laws and regulations, tax systems,
accounting standards, listing regulations, JITA rules, etc. that will impact the forecast
figures above.
・ The assumption is that there will be no unforeseen material change in general economic
trends, real estate market conditions, etc.