marimo Regional
Revitalization REIT, Inc.

Securities code: 3470

August 17, 2023

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

Table of Contents
1. Summary of Financial Results● 14th Fiscal Period Financial Highlights

4● Asset Replacement Initiatives● Map of Assets Acquired Through Fourth Public Offering● Conclusion of Support Agreement with Alpha Court● Change in Portfolio● Portfolio Map (14th Fiscal Period)● PML Value of J-REIT Portfolio● Management Status by Segment● 14th Fiscal Periods Forecasts and Results

5
6
7
8
9
10
11
12

● 15th/16th Fiscal Period Earnings Forecasts● Change in Dividends Per Unit and NAV

1314(period ended June 2023)(period ended June 2023)

2. Growth Strategy● Pursuing Increase of Asset Value● Portfolio Management Results● Financial Status (1)● Financial Status (2)● IR Activities● Sponsor Pipeline● Change in Asset Size
● Investment Strategy

16
17
18
19
20
21
22
23

3. Sustainability Initiatives● Sustainability Initiatives ➀● Sustainability Initiatives ②● Sustainability Initiatives ③

Copyright © Marimo Asset Management Co., Ltd.

25
26
27

4. Properties Acquired Through Fourth
Public Offering● Starship Ishibashi Handaimae● ArtizA Mito Shiraume● Grand E’terna Hokudaimae II● Alpha Square Minami 4jo Higashi● 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

29
30
31
32
33
34
35
36
37
38
39

5. Appendix● Basic Principle of marimo REIT
● Support System● Overview of the Sponsor, Marimo● Portfolio Building Policy● Population Growth Rate in the Surrounding Areas ofPortfolio● 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 Type● Balance of Individual Properties (1)-(7)● 14th Fiscal Period Balance Sheet and Statement of
Income● Status of Unitholders(Fiscal Period Ended June 30, 2023)● Explanatory Notes (1)-(4)● Disclaimer

41
42
43
44
45
46
48
50
51
52
53
54
61
62
63
67

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

214th FP

1. Summary of Financial Results

14th Fiscal Period

Financial Highlights (period ended June 2023)■Disposed 50% quasi co-ownership interest in ArtizA Tsuzuki Chuo Koen
(across two fiscal periods)
Returned 132 million yen of gain on sale to unitholders in the 14th FP■Acquired 13 properties in the fourth public offering(Residential: 4 properties, retail facilities: 7 properties, hotel: 1 property, logistics facilities: 1 property)■Acquisition of CASBEE Real Estate Certification
Disposition of ArtizA Tsuzuki Chuo Koen

Acquisition of
CASBEE Real Estate Certification

Gain on sale in 13th FP
Book value

1,066
million yen

132

Disposition price

1,330

million yen

Gain on sale in 14th FP

132

million yen

million yen

ArtizA Sendai Kakyoin

A Rank: ★★★★
February 20, 2023

Change in Asset Size
End of 13th FP

NAV per Unit
26.8％
UP

End of 14th FP→50.140

39.545 billion yen

Firstacquisition

billion yen

End of 13th FP

End of 14th FP→142,772

141,760 yen

0.7％
UP

yen

*Note 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. 14th FP (Ended June 30, 2023) Presentation Material

4

Asset Replacement Initiatives
Assets acquired through third public offering

Property acquisition(February 26, 2021)(January 19, 2022; April 1, 2022)(July 5, 2022)

Acquisition

Property acquisition

Assets acquired through fourth public offering(January 19, 2023)(January 19, 2023; March 31, 2023)+ 6 other
properties
ArtizA Sengen-cho(building age: 1.0 year)

ArtizA
Kitadorimachi

ArtizA Kumamotoshinmachi(building age: 0.9 years)

Ikeshita ES
Building

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

12th FP

Property disposition

Property disposition(December 22, 2021; January 26, 2022)(September 30, 2022; January 11, 2023)

MrMax
Isesakiten

13th FP

Disposition

10th FP+ 10 otherproperties
Hotel Wing International
Hida-Takayama

14th FP

Strategic asset replacement inconsideration of the future profitability ofproperties and the terms and conditions
offered by buyers
ArtizA Tsuzuki Chuo Koen
(building age: 33.3 years)

ArtizA Hakataeki-Minami(building age: 15.4 years)

 Total disposition price:
700 million yen- 11th FP: 50% quasi co-ownership interest (December 22, 2021)- 12th FP: 50% quasi co-ownership interest (January 26, 2022)

 Total disposition price: 1,330 million yen- 13th FP: 50% quasi co-ownership interest (September 30,2022)- 14th FP: 50% quasi co-ownership interest (January 11, 2023)

 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: ➀ Capital expenditures (CAPEX) are projected to increase② Gain on sale is expected

Seeking both improvement of
the portfolio quality and returnof gain on sale to unitholders
through continual asset
replacement

 Disposition highlights: Realizing dividend stability and improvement through disposition over two
fiscal periods*Note Each property’s “building age” and “gain on sale” are not the figures as of the date of this document, but the figures at the time ofmarimo REIT’s press release announcement of the acquisition or disposition.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material5Map of Assets Acquired ThroughFourth Public Offering
Building a further diversified nationwide portfolio through our first investment in the Hokkaido area
Number of properties

Total acquisition priceTotal appraisal value

Ratio of unrealized gain

13 properties

11,120 million yen

12,513 million yen

12.5 %

Averageappraisal NOI yield

Average appraisal NOI
yield after depreciation

6.0 ％

4.8 %

Rp-21

Cp-16

Warehousing

Asset manager’s
original channel

Grand E’terna
Hokudaimae II

MRR Iwamizawa

572 million yen 5.7%570 million yen 5.0%

Cp-18

Rp-20

Asset manager’s
original channel

Warehousing

ArtizA Mito
Shiraume

MRR Ebetsu

649 million yen 5.6%707 million yen 5.6%

Cp-14

Cp-19

Asset manager’s
original channel

Cp-10

Asset manager’s
original channel

Cp-12

MrMax Isesakiten

Rp-01

1,461 million yen 7.3%

Coop Sapporo
Megumino

870 million yen 6.2%

Hp-02

Cp-15
Rp-15

Asset manager’s
original channel

Rp-11
Ct-02
Rt-01

Hotel Wing International
Hida-Takayama

Rt-03

Rt-04

Hp-01

Ct-01

Rp-09
Rp-08
Op-01

1,750 million yen 6.3%

Rp-14

Rp-10

Op-02

471 million yen 5.6%

Rp-05

Rp-12

Rp-17
Cp-13
Rp-16

MRR Chitose

Rt-02

Op-04
Rp-02

Cp-04
Cp-02

Cp-09

Cp-20

Op-03

Rp-13

Sponsordevelopment

11

Rp-07

Rp-22

Rp-06
Cp-08

Sponsordevelopment

MIRAKITA CITYHANAKITA

570 million yen 7.4%
Rp-19
Sponsordevelopment

Starship Ishibashi
Handaimae

Rp-03

Asset manager’s
original channel

Cp-01
Cp-11

Cp-07
Rp-●

Alpha Square Minami
4jo Higashi

Cp-03
Cp-05

Lp-01
Asset manager’s
original channel

Nippon Express
Komagane Logistics
Center

840 million yen 5.1%
Cp-17
Asset manager’s
original channel

MRR Hakodate

390 million yen 5.6%
1,100 million yen 4.8%
1,170 million yen 6.2%
*Note The acquisition price and appraisal NOI yield are indicated in red under the property name. The information on this page is as of the acquisition date of the assets acquired through the fourth public offering,and differs from the information as of the end of the 14th FP.
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

6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

Company name

Alpha Court Co., Ltd.

Representative

Yuji Kawamura

EstablishedMarch 22, 2004

Headquarters
address

Chuo-ku, Sapporo-shi

Total assets 47,716 million yen

Net assets

10,397 million yen

Examples of Owned Properties
OfficeOfficeOfficeResidential

100 million yen

CapitalGroup consolidated total: 52

Employees(as of May 1, 2023)
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

Business
description

・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)

Notes



Alpha Court Group Consolidated Financial Data (as of May 2023)

Net Sales (consolidated)(million yen)

Net Income (consolidated)(million yen)
13,462

14,000

3,000

2,611

2,534

2022

2023

Alpha Minami 1jo
Building

Alpha Sapporo-eki
Kitaguchi Building(Shuei-Yobiko Building)RetailTRIAL Teine Store

Hotel

Sotetsu Fresa Inn
Sapporo-Susukino

Alpha Asahikawa
Building

Alpha Square
Minami 6jo

RetailTsuruha Drug
Kitago Shop

RetailSapporo Drug Store
Chitose Suehiro

Hotel

Residential

11,311

2,000

10,000
7,672

7,747

6,340

975

1,316

1,000

6,000
2,000

1,129

0
2019

2020

2021

2022

2023

2019

2020

2021

JR INN Chitose

Alpha Square Suehiro* 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, project planning and project promotion.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

7Change in Portfolio
End of13th FP (Note)

13th FP/14th FP
Disposed Assets(ArtizA Tsuzuki Chuo Koen)

14th FP
Acquired Assets

End of 14th FP

Number ofproperties

40

-1

13

52

Total acquisition price

39,545 million yen-1,050 million yen

11,120 million yen

50,140 million yen

Total
appraisal value

47,170 million yen-1,150 million yen

12,513 million yen

59,194 million yen

Averageappraisal NOI yield

6.4%

5.6%

6.0%

6.3%

Averageappraisal NOI yield
after depreciation

4.8%

4.9%

4.8%

4.8%

Average building age

16.1 years

33.5 years

9.1 years

14.8 years

Occupancy rate

98.0 %

95.3%

99.5%

98.9%

LTV tototal assets

49.3%

0.7％
Down

48.6%

NAV per unit

141,760 yen

1,012 yenUP142,772 yen(Note) For ArtizA Tsuzuki Chuo Koen, the figure is calculated based on the amount and ratio equivalent to the quasi co-ownership interest (interest ratio: 50%)
held by marimo REIT as of the end of the 13th FP.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

8Portfolio Map (14th Fiscal Period)
Investment Ratio by Type(based on acquisition price)
Logistics
facilities

Offices

9.5%
HotelsInvestment Ratio by Region(based on acquisition price)(12.0%)

2.3%

Residential(0.0%)

42.0%

5.0%

Nationwide Map

Tokyo metropolitan area
東京圏,8.5%
Kyushu / Okinawa
8.5% (12.1%)
Hokkaido
23.6%

8.7%
北…

(46.4%)(30.0%)

九州・沖縄,
23.6%(0.0%)(1.9%)

中国・四国,
Chugoku / Shikoku
Ratio of
9.0%
9.0%

Residential/
retail Ratio(11.4%)

Tohoku東北, 9.1%
9.1%

83.2%

regional
areas

Tokai

91.5%

14.3%
東海,
(13.7%)
14.3%(11.5%)

Retailfacilities

Kinki
12.7%
近畿,
(11.9%)
12.7%

41.3%
(39.7%)

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

Koshinetsu 甲信越・北/ Hokuriku / Kanto(excluding Tokyo
metropolitan area)
陸・関東,

14.2%

14.2%

(9.6%)

Composition Ratio of Types ofLease Agreements (based on rent)
定…

Fixed-term land lease

6.6%(12.8%)

Fixed-termbuilding lease
Land lease
ratio

Average Remaining Lease Period(based on rent)
15 years toless than 20 years

7.0%

50.5%
(42.7%)
普通…

6.9% (4.1%)
Less than 5 years(7.5%)

40.9%

10 years toless than 15 years

9.1%(6.2%)(50.6%)
Average
Remaining
Lease Period

7.3 years

49.5%
Normal lease

20 years or more

Fixed-term
5 years tobuilding lease less than 10 years

43.0%(44.5%)

定期…
36.2%(31.7%)* “Average remaining lease period” is a weighted average obtained by dividing “rent (yen/month) x
remaining period (years)” by “rent (yen/month)”.
* “Composition ratio of types of lease agreements” and “Average remaining lease period” exclude theaggregation for residential.
* Figures in parentheses are those as of the end of the 13th FP.

Copyright © Marimo Asset Management Co., Ltd.

Residential
Retail facilities
Hotels
Offices
Logistics facilities* 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 48 and 49.
Regarding the “investment target,” “R” stands for residence, “C” stands for commercial facility (retail facility), “H”
stands for hotel, “O” stands for office, “L” stands for logistics facility, “p” stands for region, and “t” stands for Tokyo
metropolitan area.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

9PML Value of J-REIT Portfolio
Reducing the risk of building damage caused by earthquakes
through nationwide diversification

Risk of building damage caused by earthquakes

High

Simple average
across all J-REITs: 2.9%

marimo REIT (As of the end of 14th FP)

1.3%

Low

0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0 （%）*Note “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 July 14, 2023.
As there is no unified definition of PML, the definition of PML value announced by each listed real estate investment corporation as of July 14, 2023, may not necessarily be the same andmaking a simple comparison may thus not be possible.
10
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. 14th FP (Ended June 30, 2023) Presentation Material

10Management Status by Segment
Building a stable portfolio not susceptible to economic conditions
Numberof
Properties

Residential

24

Changes in Occupancy Rates andFactors

Status in 14th Fiscal Period New acquisition of 4 residential properties (January 19, 2023)

21(MIRAKITA CITY HANAKITA: 2, Komyoike Act, MRR Itoshima, MRR
Omuta: 1 each) New acquisition of 7 retail facilities (January 19 and March 31,
2023)

Hotels2

 New acquisition of 1 hotel (acquired on January 19, 2023)
Hotel Wing International Hida-Takayama (long-term leaseagreement)

Offices

Logistics
facilities

41

 Conclusion of contract (MRR Delta Building: 1)
 Requests for rent reduction (PLEAST Hakata Gion Bldg.: 1)
 Move-out notice (MRR Utsunomiya: 1)
 New acquisition of 1 logistics facility (March 31, 2023)
Nippon Express Komagane Logistics Center (long-term leaseagreement)

Copyright © Marimo Asset Management Co., Ltd.

End of 14th FP

94.7%

96.6% (+1.9%)

 Increased due to the backfilling of
vacancies Conclusion of contract (Komyoike Act: 1)
 Cancellation notice
Retailfacilities

End of 13th FP

99.8%

100% (＋0.2%)

 Increased due to backfilling of vacatedspaces with new leases(May have an impact from the 15th FP)
100%

100% (±0%)

 No change
96.3％

96.2% (-0.1%)

 Almost flatー100% (ー)ーmarimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

1114th Fiscal Period

Forecasts and Results (period ended June 2023)
14th FP(Note 1)

Initial forecasts(A)(Unit: million yen)

Operating revenue(Note 2)

Variation(Note 4)

14th FP
Results(B)ｰ(A)

(B)

2,141

2,140

Factors for variation frominitial forecast (Note 4)(Unit: million yen)

+1

Operating revenue+1

Increase in rental income (Note 5)+6(Komyoike Act, A Mito Shiraume, AS
Minami 4jo Higashi)

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

981
790

985

+4

800

+10

Decrease in utilities income-6(MRR Sasebo, etc.)

Increase in other income+1

Operating expenses-2

Decrease in utility costs (MRR

+6

Kumamoto, etc.)

Net income(Note 2)

799

789

+10

EPU 1.3％UP

Increase in outsourcing fees (A-6Chiyoda, A Kokura)

Decrease in insurance fees+2

Non-operating income,expenses, etc.

+7

Insurance money (MRR Kumamoto, etc.)
Decrease in interest expenses, etc.

+3+4(Unit: yen)

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

Dividends in excess of earnings
per unit②

Dividends per unit (DPU)(including dividends in excess of earnings)

①＋②

3,326

3,370

+44

358

343

-15

3,684

3,713

+29

(Note 3)(Note 1) Announced on August 18, 2022.
(Note 2) Rounded down to the nearest unit.

DPU 0.8％ UP

Copyright © Marimo Asset Management Co., Ltd.

(Note 4) + indicates net income increasing factor- indicates net income decreasing factor(Note 5) A refers to “ArtizA” and AS to “Alpha Square.”
The same applies hereinafter.

(Note 3) Payout ratio before adjustment
77.6%
Payout ratio after adjustment
75.0%
Dividend ratio (against ratio of depreciation) Approx. 22%

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

1215th Fiscal Period (ending December 2023) and 16th Fiscal Period (ending June 2024)

Earnings Forecasts (Note 1)(million yen)

Operating revenue(Note 2)

14th FP

15th FP

Results

Forecasts

(A)

(B)

2,141

Variation(Note 5)(B) ｰ (A)

16th FP

Forecasts(C)

Variation(Note 5)(C)ｰ (B)

Assumptions for the forecasts
for the 15th FP and 16th FP (Note 5)
Forecasts for 15th FP
Operating revenue-45

Increase in rent, etc. (Daily rent for 13 properties+37

acquired upon the fourth public offering)

2,096

-45

2,097

+1

Increase in utilities income (seasonal factors)
Decrease in other income (restoration costs,
etc.)

Absence of gain on sale (ArtizA Tsuzuki Chuo
(Note 2)

Operating income

985

874

-111

835

Koen)

-39

+33
-20
-96

Operating expenses-65

Increase in utility costs
Increase in real estate appraisal costs-31-5(acquisition through the fourth public offering)(Note 2)

Ordinary income

Net income(Note 2)

800

685

799

686

-115
-113

646
645

-39
-41

(yen)

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

Dividends in excess ofearnings per unit②

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

①＋②

3,370
343
3,713

(Note 1) The forecasts for the 15th Fiscal Period and 16th
Fiscal Period do not guarantee actual results.
(Note 2) Rounded down to the nearest unit.

Copyright © Marimo Asset Management Co., Ltd.

2,893
481

-477
+138

2,722
483

-171

+2

Increase in expenses for general meetingof unitholders
Increase in expenses other than those
above

-3
-26

Non-operating income,expenses, etc.

-4Absence of insurance money
Increase in expenses other than those
above

-3
-1

Forecasts for 16th FP
Operating revenue+1

Increase in rent, etc. (backfilling of vacancies+9(MRR Itoshima))

Decrease in utilities income
Increase in other income-16+8Operating expenses-39

Decrease in utility costs
Increase in repair costs
Increases in taxes and public dues, etc.

+12
-13
-44

(13 properties acquired through the fourth public
offering, etc.)

3,374

-339

(Note 3)(Note 3)
Payout ratio before adjustment 75.0%
Payout ratio after adjustment
75.0%
Dividend ratio(against ratio of depreciation)
Approx. 29%

3,205

-169

(Note 4)(Note 4)
Payout ratio before adjustment 73.9%
Payout ratio after adjustment
73.9%
Dividend ratio(against ratio of depreciation)
Approx. 29%

Decrease in asset management fee
Absence of expenses for general meetingof unitholders
Increase in expenses other than those
above

+7
+3
-4

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

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

13Change in Dividends Per Unit and NAV
 Change in Dividends Per UnitDPU (Dividends of earnings per unit)

Dividends in excess of earnings per unit
(Unit: yen)

+29 yen (+0.8%)

Dividends per unit (excluding dividends in excess of earnings)

4,500
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

460

499

496

410

431

3,924 3,817
320

216

426

3,689

3,684

3,713

222

358

343

481

500

483

+44 yen (+1.3%)

2,000

1,000

3,205

EPU (Dividends of earnings per unit)

2,500

1,500

3,374

3,604

977

2,941

2,887

2,982

2,985

2,995

3,008

3,063

3,136

3,146

3,601

3,467

3,326

3,370

2,893

2,722

Initial forecast

Results
Results

Forecasts

Forecasts

14th FP

15th FP

16th FP

Jun. 2023

Dec. 2023

Jun. 2024

432
545

0
Results Results Results Results Results Results Results Results Results Results Results Results Results
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP 11th FP 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 15th Fiscal Period and 16th Fiscal Period do notguarantee actual results.

 NAV Per Unit
(Unit: yen)

160,000

120,000

136,800

139,212138,267

139,806

141,760

142,772

121,786

122,535

125,547

128,027

134,365

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 14th FP

Dec. 2016

Dec. 2018

Jun. 2019

Dec. 2019

Jun. 2020

Dec. 2020

140,000
113,679

119,105

120,709

100,000
80,00060,00040,00020,00000
Jun. 2017

Dec. 2017

Jun. 2018

Copyright © Marimo Asset Management Co., Ltd.

Jun. 2021

Dec. 2021

Jun. 2022

Dec. 2022

Jun. 2023

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

1414th FP

2. Growth Strategy

Pursuing Increase of Asset Value【Residential】 Measures to improve revenue■ Renovation (ArtizA Sobudai)
Implemented value enhancement work for a 30-year-old property
Introduction of solid wood flooring, change in color of doors, etc.

Change in Target Downtime (within 60 days)
Achievement Ratio
100%
80%
60%

67.0%

59.7%

58.4%

58.5%

53.8%

48.9%

40%

65.2%

60.8%

55.2%

51.4%
43.8%

43.6%

31.7%

59.3%

20%
0%
1st
FP

■ Renovation (ArtizA Kamimaezu II)

2nd
FP

3rd
FP

4th
FP

5th
FP

6th
FP

7th
FP

8th
FP

9th 10th 11th 12th 13th 14th
FP FP FP FP FP FP

Measures to improve customer satisfaction

Renewal of kitchen of an 8-year-old property
Changed from a mini kitchen to a new system kitchen■ Introduction of free internet
Adoption rate:85%* Out of 20 residential properties(excluding those leased in their entirety)■ Introduction of automatic faucet(MRR Kumamoto)

Introduction of environmentally-friendly
self-generating automatic faucet■Smart unattended delivery(Tokai area: 6 properties)

Intend to differentiate the properties
from others as the convenience oftenants is expected to improve byinstalling delivery boxes as well as
introducing unattended delivery services
In addition, “reduction of CO2
emissions” can also be expected by
reducing redeliveries■Leasing of entire parking lot (Alpha Square Minami 4jo Higashi)

Expect an increase in revenue by leasing the vacant section (10 vehicles)of the mechanical multi-story parking lot to corporations in its entirety(Note) marimo Regional Revitalization REIT, Inc. and Marimo Asset Management Co., Ltd. support sustainable
development goals (SDGs).

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

16

Portfolio Management Results
Increase/Decrease in Residential Rent (at the time of replacement)
Increase
Increase of more than 5%
Increase of 5% or less
No change
Decrease
Decrease of more than 5%
Decrease of 5% or less13th FP

9.4% 12.5%
16
12

28.9%
37
19.5%
25

Increase
51/128cases

14th FP

Changes from the 1st FP to the 14th FP
120.0
(%)

100.0
13.0

34.3%
74

39.8%
27.3% 51

20.4%
44

13.9%
30

35

31.3%
40

11.1%
24

Increase

26.8

31.0%
67

14.5

13.4

15.1

15.1

9.8

17.0

21.5

21.6

6.1
23.6

21.6

28.9

34.3

37

28.3

37.7

22.0

39.8

39.2

40.5

31.3
34.7

40.0

67/216
cases

20.0

71.4

79.6
57.3

51.2

61.8

64.9

56.6

47.2

53.3
43.2

39.2

38.0

39.8

31.0

0.0
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP

34.7%
75



15.6

13.4

29.3

60.0

19.9%
43

34.7%
75

31.3%
40

80.0

14.3

Increase

No change

Decrease

Changes in Average Occupancy Rate of Portfolio During Fiscal Periods
AverageduringperiodResidential 96.3%
1st FP
98.6%

2nd FP
98.6%

2016
Dec. 2016(1st FP)

Jun. 2017(2nd FP)

AverageduringperiodAverageduringperiodRetail facilities 99.9%

3rd FP
98.7%

4th FP
98.4%

Dec. 2017(3rd FP)

Jun. 2018(4th FP)

Hotel 100%

AverageduringperiodOffices 96.8%

5th FP
98.4%

6th FP
98.6%

7th FP
99.1%

8th FP
98.5%

Dec. 2018(5th FP)2019
Jun. 2019
Dec. 2019(6th FP)(7th FP)

Jun. 2020(8th FP)

AverageduringperiodLogistics 100%

9th FP
97.7%

10th FP
97.5%

Dec. 2020(9th FP)

Jun. 2021(10th FP)

11th FP
97.7%

AverageduringperiodEntire portfolio 98.7%
12th FP
97.7%

13th FP
97.7%

14th FP
98.7%

100%

95%

90%

085%

2017

2018

Copyright © Marimo Asset Management Co., Ltd.

2020

2021

2022
Dec. 2021(11th FP)

Jun. 2022(12th FP)

2023
Dec. 2022(13th FP)

Jun. 2023(14th FP)

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

17

Financial Status (1)Further progress in diversification of lenders andacquisition of a credit rating from Japan Credit Rating Agency
 Rating Acquisition (December 13, 2022)

 Change in LTV to Total Assets
51% 50.0%

Japan Credit Rating Agency
Long-Term Issuer Rating

49.8%
49.5%

50%

49.3%

49.2%

49.1%

50%

49.3%
48.9% 49.0%

48.5% 48.6%

49%

48.6%

47.8%

49%

47.7%

48%

A- (Stable)

48%
47%
47%
0%
Jun. 2017(2nd FP) Diversification Status of Lenders (as of August 1, 2023)
⑬
⑫
⑪
⑩
⑨

① Sumitomo Mitsui Banking⑭ ⑮⑯ ⑰

⑧
⑦

②
⑥
④

20.6%
17.2%
③ Sumitomo Mitsui Trust Bank 9.6%
6.2%
④ The Bank of Fukuoka
8.4%⑤ San ju San Bank
8.1%
⑥ SBI Shinsei Bank
5.6%
⑦ Aozora Bank
4.8%
⑧ Resona Bank
3.4%
⑨ The Higo Bank
3.7%
⑩ The Chugoku Bank
⑪ The Nishi-Nippon City Bank 2.4%
2.4%
⑫ The Yamaguchi Bank
1.9%
⑬ The Gunma Bank
0.4%
⑭ The Ashikaga Bank
3.0%
⑮ Mizuho Bank
1.1%
⑯ Chiba Bank
1.1%
⑰ The 77 Bank
② The Hiroshima Bank①⑤

Dec. 2016(1st FP)③

Copyright © Marimo Asset Management Co., Ltd.

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)

Jun. 2023(14h FP)
Dec. 2022(13th FP) Distribution of Repayment Dates (as of August 1, 2023)
Long-term borrowings(Unit: million yen)

4,500
3,800

4,000

3,770

3,950

3,500
2,790

3,000

2,420

2,500

2,440

2,420
2,015

2,015

2,000
1,200

1,500
1,000
500
0

0
Dec.
2023 Jun.
2024 Dec.
2024 Jun.
2025 Dec.
2025 Jun.
2025 Dec.
2026 Jun.
2027 Dec.
2027 Jun.
2028 Dec.
2028
第15期
第16期
第17期
第18期
第19期
第20期
第21期
第22期
第23期
第24期
第25期
(15th FP) (16th FP) (17th FP) (18th FP) (19th FP) (20th FP) (21st FP) (22nd FP) (23rd FP) (24th FP) (25th FP)

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

18

Financial Status (2)(million yen, rounded down to nearest specified unit)

LenderSyndicate of lenders
arranged by
Sumitomo Mitsui
Banking・ Sumitomo Mitsui
Banking・ The Hiroshima Bank・ Sumitomo Mitsui
Trust Bank・ San ju San Bank・ SBI Shinsei Bank・ The Bank ofFukuoka・ Resona Bank・ Aozora Bank・ The Chugoku Bank・ The Higo Bank・ The Nishi-Nippon
City Bank・ The Yamaguchi
Bank・ The Gunma Bank・ Mizuho Bank・ Chiba Bank・ The 77 Bank・ The Ashikaga Bank

End of13th FP

14th FP
14th FP
borrowing repayment
amountamountFloating/
Fixed

Interest
rate

Borrowingdate

Maturity
date

Refinancing in 15th
Fiscal Period

1,312

⁻

⁻

1,297

Fixed

1.099%

Aug. 1,
2016

Aug. 1,
2023

2,015

⁻

⁻

2,015

Floating

3M TIBOR+0.8%

Aug. 1,2019

Aug. 1,
2024

2,140

⁻

2,140

0

Floating

3M TIBOR+0.6%

Jan. 21,2020

Jan. 23,
2023

2,420

⁻

⁻

2,420

Floating

3M TIBOR+0.6%

Feb. 1,2021

Feb. 1,
2024

2,420

⁻

⁻

2,420

Floating

3M TIBOR+0.7%

Feb. 1,2021

Feb. 1,
2025

3,800

⁻

⁻

3,800

Fixed

+0.86186%

Aug. 2,2021

Aug. 3,
2026

1,200

⁻

⁻

1,200

Floating

3M TIBOR+0.8%

Jan. 19,2022

Jan. 19,
2027

3,770

⁻

⁻

3,770

Floating

3M TIBOR+0.9%

Jan. 19,2022

Jan. 19,
2028

300

⁻

0

Floating

3M TIBOR+0.2%

Jul. 5,2022

Jan. 23,
2023

Long-Term Debt Ratio

2,015

⁻

⁻

2,015

Floating

3M TIBOR+0.6%

Aug. 1,
2022

Aug. 1,
2025

100%

1,500

⁻

1,500

Floating

3M TIBOR+0.7%

Jan. 19,2023

Jul. 19,
2027

3,950

⁻

3,950

Floating

3M TIBOR+0.8%

Jan. 19,2023

Jul. 19,2028

0

Floating

3M TIBOR+0.2%

Jan. 19,2023

Jan. 19,2024

3M TIBOR+0.6%

Jan. 23,
2023

Jan. 23,
2026

Borrowings
with fourth
publicoffering

300

260

Total

End of14th FP

21,392

260

2,440

⁻

8,150

2,700

2,440

Floating

26,827*Note 1 The borrowing was prepaid on June 19, 2023.
*Note 2 The financial institutions that comprise the syndicate of lenders differ in each borrowing.

Copyright © Marimo Asset Management Co., Ltd.

(August 1, 2023)

Long-term loans
1,290 million yen(Borrowing period: 4 years)
Borrowing date: August 1, 2023
Floating or fixed: Floating
Interest rate: 3M TIBOR＋0.65%
Collateral:
Unsecured/
unguaranteed Financial Indicators(as of August 1, 2023)

Balance of Interest-Bearing
Liabilities

26.8 billion yen(Note 1)

Average Interest Rate

0.825%

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

19

IR Activities
IR Activities in the 14th Fiscal Period (Jan. to Jun. 2023)▶ Focused on IR activities for foreign institutional investors.
▶ IR activities for individual investors were mainly conducted using video streaming services.
IR for Foreign Institutional Investors

IR for Japanese Institutional Investors

Responding to foreign institutional investors individually
8th FP

9th FP

10th FP

11th FP

12th FP

13th FP

14th FP

1 company 0 companies

4 companies

1 company 0 companies 0 companies 0 companies

1 company

Hong Kong

4 companies 2 companies 4 companies 0 companies

Singapore

3 companies

1 company

Australia

0 companies

1 company 0 companies

1 company 0 companies 0 companies

0 companies

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

5 companies

South Korea 0 companies 0 companies 0 companies 0 companies 0 companies 5 companies

1 company

7 companies 8 companies 8 companies 4 companies 4 companies 8 companies 11 companies

Total

Conducted domestic IR activities mostly online(1) 13th Fiscal Period
Financial Results Briefing (video stream)(2) Responding to institutional
investors individually (conference calls, etc.)

February 17
After February

IR for Individual Investors(1) Participation in events for individual investors held bysecurities companies (Video posted on website after event)

Change in Overseas Investors’ Investment Unit Ownership Ratio
7%

6.1%

6%

5.0%

5.3%

4.8%

5.3%

5.8%
4.1%

5%

3.6%

4%
3%

2.1%

2.0% 1.5%

Held by SBI Securities
Online company briefing for individual
investors

3.4%

3.5%
2.9%

2%
1%

0.4% 0.5%

0.6% 0.6%

0.6% 0.6%

0.7%

0.5% 0.5%

0.7% 0.8% 0.8%

0.8%

0.7%

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 14th FP

Ratio of unitholders by number

Ratio of investment units by number

Copyright © Marimo Asset Management Co., Ltd.

* The above screen was created for investors by
the company in the past and posted on the
online company briefing/IR seminar page on
the website of SBI Securities.

Held by Okasan Securities
Online IR (company introduction video)* Excerpt from the website of Okasan
Securities Co., Ltd.

(2) Appeared on Radio NIKKEI Asaichi Market Square “Asazai”(broadcast on May 31, 2023)

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

20

Sponsor Pipeline
No.

Development

Location

Type

Number of Units/
Sections

3

Residential(student dormitory)
Residential
Sponsor development Ibaraki City, Osaka(student dormitory)
Residential
Sponsor development Ibaraki City, Osaka(student apartment)

4Sponsor development Osaka City, Osaka

Residential

88 units (1K)

5

Sponsor development Osaka City, Osaka

Residential

52 units (1LDK, etc.)

6

Sponsor development Osaka City, Osaka

Residential

92 units (1R)

7

Sponsor development Osaka City, Osaka

Residential

140 units (1R)

8

Sponsor development

Suita City, Osaka

Residential

60 units (1K)

9Sponsor development

Kobe City, Hyogo

Residential(student dormitory)

177 units

10 Sponsor development

Himeji City, Hyogo

Residential

126 units (1K)

11 Sponsor development Onojo City, Fukuoka

Residential

26 units (1LDK)

12 Sponsor development Onojo City, Fukuoka

Residential

31 units (1LDK)Residential

48 units (1LDK)Residential

31 units (1K)

Residential

23 units (1LDK, etc.)

1
2

Sponsor development Hirosaki City, Aomori

13 Sponsor development
14 Sponsor development
15 Sponsor development
16 Sponsor development
17

Urban redevelopmentby sponsor

18 Sponsor development

Fukuoka City,
Fukuoka
Fukuoka City,
Fukuoka
Fukuoka City,
Fukuoka
Kofu City,
Yamanashi
Nagahama City,
Shiga
Nagano City,
NaganoResidential(student dormitory)
Retail facility(sectional ownership)

100 units
142 units
48 units

120 units
8 sections

Hotel

117 rooms

19 Sponsor development Naha City, Okinawa

Office7 sections

20 Sponsor development Naha City, Okinawa

Office13 sections

Completion
Completed in
February 2023
Completed in
March 2023
September 2023
(Scheduled)
April 2024
(Scheduled)
June 2024(Scheduled)
November 2024
(Scheduled)February 2025
(Scheduled)
August 2024
(Scheduled)
September 2023
(Scheduled)
October 2024
(Scheduled)
March 2024
(Scheduled)
March 2024
(Scheduled)Completed in
March 2023
June 2024(Scheduled)
June 2024(Scheduled)
January 2025
(Scheduled)Completed in
March 2021
Completed inAugust 2020
March 2024
(Scheduled)
June 2025(Scheduled)

Diversified Nationwide Pipeline
Abundant Residence Properties
Residential

16

Retail facilities

１

Hotels１

Offices２

Newly acquired property

Residential
Retail facilities
Hotels
Offices* As to properties, there are no plans for marimo REIT to acquire them as of the date of this document and there is no guarantee that marimo REIT can acquire them in the future
In addition, properties whose scheduled completion dates are indicated are at the development stage, and completion and number of units, which are based on the plans as of the date of thisdocument, may differ from those indicated here.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

21

Change in Asset Size
Through steady external growth and asset replacement,
we surpassed the target asset size of 50billion yen
New medium- to long-term target

100 billion yen

Fourthpublicoffering
Acquisition of
ArtizA
Kumamotoshinmachi

Thirdpublicoffering
SecondpublicofferingFirst
publicoffering

Acquisition of
ArtizA HigashiBetsuin

16,170+640

Acquisition of
ArtizA
Higashi-Shimada+9,600Acquisition of
ArtizA
Sengen-cho

39,550 +520
-250

11,120〜〜39,545-525-525

29,955+4,950+495

30,450

Disposition of
ArtizA Tsuzuki Chuo
Koen

30,200-250

24,525+7,70014th FP
50,140+700-220Disposition of
ArtizA Hakataeki-Minami

+15

3.1

x

in approx. 6.5 years
since listing

1st FPDec.
2016

2nd FPJun.
2017

3rd FPDec.
2017

4th FPJun.
2018

5th FPDec.
2018

6th FPJun.
2019

7th FPDec.
2019

8th FPJun.
2020

9th FP
Dec.
2020

10th FP
Jun.
2021

11th FP
Dec.
2021

12th FP
Jun.
2022

13th FP
Dec.
2022

14th FP
Jun.
2023

Medium- tolong-term target*(Unit: million yen)

* 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. 14th FP (Ended June 30, 2023) Presentation Material

22

Investment Strategy
 Growth Strategy
TargetResults ofEfforts

Efforts to Achieve the Target

Efforts to replace assets aiming to improve portfolio quality andreduce the risk of earnings fluctuations••

Dispose ArtizA Tsuzuki Chuo Koen in parts in the 13th Fiscal Period and14th Fiscal Period
Acquire 13 properties in the 14th Fiscal Period

Expansion of property purchases through the Asset Manager’s
original channel while having sponsor support as the base••

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

Acquisition of residential properties, which are stable assets,
as well as the acquisition of retail facilities with high profitability••

New acquisition of 4 residential properties
New acquisition of 7 retail facilities•

New acquisition of CASBEE Real Estate Certification(ArtizA Sendai Kakyoin: A Rank ★★★★)
Preparation for acquisition of GRESB Real Estate Assessment, etc.

Enhancing ESG-related responses•

Improvementof stability
andprofitability Acquisition Policy
Investment Target

Residential

Retail facilities

Hotel

OfficeLogistics
facilities

Future Acquisition Policy

Investment Ratio by Type
(Management Guidelines)

Proactively consider sponsor development projects and asset manager’s
original channel projects as stable assets
While taking into consideration the trade area analysis and community-based
characteristics, pay attention to replaceability and tenants with stable sales,and proactively consider themMake flexible consideration in light of the trend of supply and demand in eacharea while paying attention to the status of recovery of domestic demand anddemand of inbound tourists
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
the location for logistics facilities, building specification and retention oftenants

Copyright © Marimo Asset Management Co., Ltd.

70% or more in total

Investment Rate

Logistics facilities

16.8%
OfficeHotel

Investment
Rate

30% or less in total

Residential

Retail facilities

83.2%

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

23

14th FP

3. Sustainability Initiatives

Sustainability Initiatives (1)Assessment on Sustainability
Acquisition of CASBEE Real Estate Certification
A Rank ★★★★

Initiatives by marimo REIT
E

Environment■Examples of initiatives for owned properties
We implement initiatives to promote efficient energy use at owned assets aswell as reduce CO2 emissions through energy saving.
Switching to LED lighting fixturesin common areas

Introductionof electronic
breakerIntroduction ofself-generating
automatic faucet■Evaluated points

Ceiling lighting(Installed at
16 properties)

Human sensor
Signboard lighting
Staircase lighting(Installed at(Ikeshita ES
2 properties)
Building)

Electronic breakerinstallation(Installed at
12 properties)

・ Meeting the new seismic standards.
・ Not subject to natural disaster risks.
・ Offering high convenience as it is locatedwithin a two-minute walk from a public
transportation (bus stop).

Automatic faucet
installation(MRR Kumamoto)
Building name
AccessAbout a 7-minute walk from Sendai
Station on the JR Tohoku Main Line

Site area

2,213.78 m2

Gross floor area

11,345.53 m2

Number of units

208 units

Period-end bookvalue

2,663 million yen

Appraisal value

4,000 million yen

Ratio ofunrealized gain
Appraisal NOI
yield

50.2%

Constructed

January 26, 2009 (14 years old)

■Smart unattended delivery (Tokai area: 6 properties)
ArtizA Sendai Kakyoin

Since CO2 emissions are expected to be reduced withthe decrease in redeliveries, the effect of ESG initiatives
can also be expected

Hirosedori Station

Start of introduction of green lease agreements
An initiative in which building owners and tenants
voluntarily decide efforts to reduce environmental
impact, such as energy saving of real estate, throughcontracts and memorandums, etc. by cooperatingwith each other and realize a win-win relationship in
which both building owners and tenants benefit fromthe reduction of utility costs, etc.
* Excerpt from the Green Lease Guide (Ministry ofLand, Infrastructure, Transport and Tourism)■Examples of other initiatives

In printed materials such as asset
management reports for unitholders,environmentally-friendly FSC certified
papers and vegetable inks are used.

Copyright © Marimo Asset Management Co., Ltd.

Sendai
StationAobadori Station

Conclusion of green
lease agreement

Sendai Station

Introduction of green leaseagreements *Only for offices(to be proposed each time upon
contract renewal in the future)

ArtizA Sendai Kakyoin(93 single units, 50 compact units, 65 family units)

7.5%

Changes in Occupancy Rates
100%
90%
80%
70%
60%
50%

96.3%

93.4%

98.8%

92.1%

94.7%

95.3%

95.4%

Rate of rent
increase (*)

1.3%* Comparison between thetime of acquisition and theend of the 14th FP (total
amount including common
service fees)
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP11th FP12th FP13th FP14th FP

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

25

Sustainability Initiatives (2)S

GSocial■Initiatives for social contribution activities

Governance■Sponsor’s same-boat investments

We implement social contribution activities through the improvement of conveniencein terms of social life, securement of security and safety of tenants and the supportof life-saving activities with the provision of medical equipment.

Number of marimo REIT investment units held by sponsor Marimo Co., Ltd.
at end of 14th Fiscal Period: 16,866 units (ownership ratio at end of 14th
Fiscal Period: 7.1%)■Decision-making flow for transactions with interested persons, etc.
marimo REIT adopts a prudent decision-making flow in cases where theacquisition 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 sufficient abilities, as outside
experts
Security camera installation

AED installation(ArtizA Awajieki-higashi, etc.)(MRR Delta Building, etc.)

Social contribution
type/disaster support type
Vending machine installation

Discussion by Investment Department and Asset Management Department(Komyoike Act)

Drafting by Investment Department

Examination of whether or not there are violations of laws, regulations,rules, etc. or other compliance issues and approval by Compliance Officer

Instruction to amend
and put back on
agenda or abandon

Installation of base stationsof mobile phones, etc.
(ArtizA Kawasaki East)

Car sharing
installation

Bicycle sharing
installation(ArtizA Kamimaezu II)(MRR Delta Building, etc.)

Instruction to amend
and resubmit

Deliberation and resolution by Compliance Committee in terms of mainly
risk and compliance(Compliance Officer has authority to order suspension of deliberation byCompliance Committee if issues are found in the course of deliberation)

Deliberation and resolution by Investment Management Committee(Compliance Officer has authority to order suspension of deliberation by
Investment Management Committee if issues are found in the course ofdeliberation)

ReturnDeliberation and resolution by Board of Directors
ReturnApproval by marimo REIT's Board of Directors

Delivery BOX installation

ReturnReport to Board of Directors(ArtizA Higashi-Betsuin, etc.)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

26

Sustainability Initiatives (3)Initiatives by the Asset Manager
Promotion of regional revitalization through investments in regional income properties (marimo Regional Revitalization REIT, Inc.), business continuity andsecurement of employment opportunities
 Welfare system Education and training of human resources~ Established welfare programs in an effort to improve employee~ Worked to improve the skills of employees and maintain andsatisfaction ~improve their expertise~Childbirth, childcare, nursing care leave system/refresh leave system/shortened working hours

Decide a theme every month and hold compliance trainings for all officers andemployees.
Conduct post-training questionnaire surveys and share them within the company.
(7 times in the 14th FP: Protection of personal information, prevention of insider
trading, etc.)
Other trainings
Compliance training conducted twice a year by lawyers
Real estate market review conducted twice a year
by real estate appraiserssystem for childcare and nursing care/remote work system/health examination cost subsidy
system/qualification acquisition support program/hourly paid system■ Qualification acquisition system~ Marimo Group supports employees in acquiring various qualifications
for career advancement ~Marimo Asset Management Co., Ltd. (19 members)■ Real estate transaction agent 15 people■ ARES certified master7 people■ Real estate consulting master4 people

Initiatives by Marimo Group“In order to realize a human society where we enjoy benefiting others (customers, employees, society, family, nature, etc.) and gratitude begets gratitude, we have set altruism
and spirit of gratitude as our management philosophy.” Marimo Group had set such “altruism and gratitude” as its management philosophy, and aimed to contribute to thesociety through its business activities. Currently, through the challenge of becoming a “social business company,” it is creating various new businesses while responding to therequests of the society. Acting with a spirit of altruism and sincerely facing the issues of the society. We will introduce Marimo Group's initiatives for contributing to the realizationof a sustainable society through its business.

Initiatives for regional revitalization
Regeneration of idle
real estate“LEMON FARM GLAMPING
Shimanami”

Initiatives on SDGs

CSR
Support for school constructionin emerging countries

Regeneration of facilities
in regional cities

SAUNA & FISHING HOTEL“Setonoutsutsu”

Copyright © Marimo Asset Management Co., Ltd.

Introduce talented foreigners
who can speak Japanese tofarmers and solve labor
shortages

Aim to spread organic
farming and create
employment at farmlands
in satoyama

To solve garbage issues atfishing spots, while interactingwith the government,
companies and anglers

The new school building of Prey Tralach
Junior High School in Cambodia whose
construction is supported by MarimoGroup was completed, and the opening
ceremony of the school was held.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material27

14th FP

4. Properties Acquired ThroughFourth Public OfferingStarship Ishibashi Handaimae

Sponsordevelopment

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

Ikeda
Cultural Hall
(Azalea Hall)

Restaurant
DistrictTeshimanoPark

Ishibashi
Shopping Street

Osaka University
Toyonaka Campus
6-min walk

Ishibashi
handai-mae
StationOsaka 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
 Concluded an operator contract with J.S.B. Co., Ltd. from April 2023

Location
Acquisition priceAppraisal value

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

2-12-7 Ishibashi,
Ikeda-shi, Osaka

Number of leasable
units

1

1,100 million yen

Site area

1,049.78 m2(Hundred units)

2

850

1,190 million yen

Appraisal NOI
yield

4.8%

Occupancy rate

100.0%

No. of managed units

Gross floor area

1,838.20 m

Completion date

January 2022

Acquisition date

January 19, 2023

Structure
Operator* Figures as of the end of June 2023

Copyright © Marimo Asset Management Co., Ltd.

Steel-frame
structure
4F
J.S.B. Co., Ltd.

Approx. 17 min. toHankyu Railway
Osaka-umeda Station

Access to Various Locations from
Ishibashi handai-mae Station

Occupancy rate

99.9% 99.9% 99.8% 99.9% 99.9%

OsakaShinsaibashi
Umeda
StationStationIshibashi
handai-mae
Station

750
650
550
450

622

661

725

759

806

2022
2018
2019
2020
2021
Source: J.S.B. Co., Ltd.
“Quarterly Report: Third Quarter of 33rd Fiscal
Period (Fiscal Year Ended October 2022)”

Approx.
6
minutes

Approx.
17
minutes

Approx. 17 minutes from Osaka-Umeda Stationand 23 minutes from Shinsaibashi Station
Source: Created by the Asset Manager based on Hankyu
Railway route map and Osaka Metro route map

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

29ArtizA Mito Shiraume

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

The Museum ofModern Art, Ibaraki
Mito City Hall 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 specifications required for an apartment building
for single-person households
Location

Acquisition priceAppraisal value

1-5-12 Shiraume,
Mito-shi,
Ibaraki
707 million yen
800 million yen

Appraisal NOI
yield

5.8%

Occupancy rate

100.0%

Number of leasable
units

63
(Mainly compact
type)

Site area

706.87 m²

Gross floor area

2,167.50 m²

Completion dateFebruary 2022

Acquisition date

January 19, 2023

Structure

Reinforced concrete
structure
13F* Figures as of the end of June 2023
* Compact type indicates units with an exclusive area of at least 30 m² and less than 50 m²

Copyright © Marimo Asset Management Co., Ltd.

Suijo High School

ArtizA
Mito Shiraume

Mito Minami High School

Population and Number of
Number of Passengers Per Day(thousand (Ibaraki Prefecture, Fiscal 2021)
Households
in
Mito
City
(thousandpeople)households)

Population

280
121

122

Number of households

123

124

125

270

120

260
250
240
00

271

270

270

270

2018

2019 2020 2021 2022
* As of November 1, each year269

Source: Mito City, “Population and Number ofHouseholds”

Rank

Station name

1

Mito

130

110
0
100

Number ofpeople22,843

2

Toride21,0583

Moriya19,192

4

Tsukuba

12,654

5

Tsuchiura

11,720Source: Prepared by the Asset Manager based on
East Japan Railway Company,“Station Passenger Figures,” andTsukuba Express, “Passenger Figures”

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

30

Grand E’terna Hokudaimae II

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

Gingko Avenue

Kita-Juni-Jo
Station

Sapporo Beer
Museum
Sapporo Station
Chitose Line

 A rental residential property for students operated by J.S.B. Co., Ltd. andfeaturing 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 demand from students at Hokkaido University andsurrounding areas is expected

Location

4-2-8 KitajuhachijoNishi, Kita-ku,
Sapporo-shi,
Hokkaido

Acquisition price

570 million yen

Number of leasable
units

1

Site area

400.8 m²

Gross floor area

2,021.39 m²

Completion date

March 2007

Sapporo Station

Ratio of New In-Prefecture andOut-of-Prefecture Students at
Hokkaido University
その他
Other
2%

Odori
Station
In-Prefecture
道内

32%

Appraisal value

588 million yen

Acquisition date

January 19, 2023

Appraisal NOI
yield

5.0%

Structure

Steel-frame
structure
10F

Out-of道外
Prefecture

Occupancy rate

100.0%

Operator

J.S.B. Co., Ltd.

Source: Prepared by the Asset Manager based on
Hokkaido University, “Factbook (Extramural
Edition)” (2021 Academic Year)* Figures as of the end of June 2023

Copyright © Marimo Asset Management Co., Ltd.

Sapporo Municipal Subway
Namboku Line

66%

Sapporo Kitajuhachijo
StationStationApprox.
2
minutes

Approx.
4
minutes

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

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material31manager’s
Alpha Square Minami 4jo Higashi Assetoriginal channel

A designer apartment building with spacious units located in central Sapporo
Hokkaido University

Sapporo Station
Chitose Line

SapporoStationBotanic Garden,
Hokkaido University

The Sapporo Factory

SapporoClock Tower

Hokkaido
Government Office

Bus Center-mae Station
Sapporo TV Tower

Alpha Square
Minami 4jo Higashi

Odori Station

 Designer rental apartment building with 1-, 2-, and 4-bedroom units
accommodating needs of both 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 priceAppraisal value

4-7-1 MinamiyonjoHigashi, Chuo-ku,
Sapporo-shi,
Hokkaido

Number of leasableunits

43 (Stores on 1F)

Site area

524.97 m²

840 million yen

Gross floor area

2,822.06 m²

891 million yen

Appraisal NOI
yield

5.1%

Occupancy rate

97.8%

Susukino Station
Hosui-Susukino Station

Population and Number ofHouseholds in Sapporo City
Population

Completion date

September 2008

Acquisition date

January 19, 2023

Structure

Reinforced concrete
structure
B1F/13F* Figures as of the end of June 2023

Copyright © Marimo Asset Management Co., Ltd.

Number of households(thousandpeople)

1,965

1,079

1,087 1,097

1,069
1,955
1,945
0
1,935

1,058

(thousandhouseholds)

1,100

SapporoStation

Odori
Station

HosuiSusukino
Station

1,080
1,060

1,955 1,959 1,962 1,961 1,961

2018

Sapporo Municipal Subway
Toho Line

1,040
1,020
1,0000

2019
2020
2021
2022
* Each figure as of November 1

Source: Prepared by the Asset Manager basedon Sapporo City, “Population Statistics”

Approx.
2
minutes

Approx.
2
minutes

About 2 minutes from Odori Station and
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. 14th FP (Ended June 30, 2023) Presentation Material

32manager’s
MRR Chitose / MRR Iwamizawa Assetoriginal channel

A retail facility expected to attract steady demand

A conveniently located retail facility facing a major street
MRR Iwamizawa

Salmon Hometown
Chitose Aquarium
Sumiyoshi
No. 2 Park

Chitose
Cultural Center

MRR Chitose

Hokkaido ChitoseHigh School

Chitose Station

Tetto Plaza

Iwamizawa Elementary
School
Iwamizawa Tax Office
Iwamizawa
Summary Court

Chitose
Police Station

Yamashichi
Park

Iwamizawa Station

Ankareji Park
Golf Course

Chitose City Hall
Sorachi Subprefectural
Office Complex

Iwamizawa
Police Station

Manamiru

Chitose City Library(Iwamizawa Civic Center/Cultural Center)

Iwamizawa City HallNew 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 Station

Location

Acquisition priceAppraisal value

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

Number of leasable
units

2

Site area

3,855.48 m2

Gross floor area

1,521.93 m2

Completion dateAugust 2019

Location

471 million yen
508 million yen

 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 wholesalesupermarket offering large-volume, low-price products
6-3-9 Gojo-Higashi,
Iwamizawa-shi,
Hokkaido

Acquisition price572 million yen

Appraisal value

628 million yen

Appraisal NOI
yield

5.6%

Acquisition date

January 19, 2023

Appraisal NOI
yield

5.8%

Occupancy rate

100.0%

Structure

Single-story steel
structure

Occupancy rate

100.0%

Number of leasable
units

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

Single-story,
reinforced concrete
structure: 2 buildings*1 Figures as of the end of June 2023
*2 * Population as of December 31, 2022
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. 14th FP (Ended June 30, 2023) Presentation Material33manager’s
MRR Hakodate / MRR Ebetsu Assetoriginal channel

A retail facility in a location with excellent visibility

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
Ebetsu-Nishi
Interchange

Hakodate
AirportRakuno Gakuen University

 Located in Hakodate, Hokkaido’s third-largest city, with a population ofaround 240,000
 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

Acquisition priceAppraisal value
Appraisal NOI
yield
Occupancy rate

4-16-31 Hiyoshicho,
Hakodate-shi,
Hokkaido

Number of leasableunits

439 million yen
5.7%
100.0%

 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 20-minute train ride from the closest
station, JR Nopporo, to JR Sapporo Station
 Steady demand expected due to Tsuruha Drug along with Prono, a wellknown hardware store with 51 locations mainly in Hokkaido

1
2

Site area

5,655.32 m

Gross floor area

1,484.31 m2

Completion date

September 2018

390 million yen

NopporoStationEbetsu Oasaizumi
Elementary School

Hakodate City Hall

Location

Ebetsu City
Information
Library

Yunokawa
Bus Stop

Hakodate
Racecourse

Hakodate
StationEbetsu City
Gymnasium

YurinokiPark

Acquisition date

January 19, 2023

Structure

Single-story steel
structure

Location

37-2
Nopporosumiyoshic
ho, Ebetsu-shi,
Hokkaido

Acquisition price

649 million yen

Appraisal value

696 million yen

Appraisal NOI
yield

5.6%

Number of leasable
units

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

Occupancy rate
100.0%*1 Figures as of the end of June 2023
*2 Population as of December 31, 2022
Source: Ministry of Internal Affairs and Communications, “Counts of Population, Vital Events, and Households Survey Derived from Basic Resident Registration”*3 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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

34manager’s
Coop Sapporo Megumino Assetoriginal 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
Station A highly visible location facing three roads in an area with high residential
density due to promotion of a compact city around three JR stations
namely Eniwa, Shimamatsu and Megumino
 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
Location

Acquisition priceAppraisal value
Appraisal NOI
yield
Occupancy rate

5-3-1 MeguminoNishi, Eniwa-shi,
Hokkaido
870 million yen
1,030 million yen
6.3%
100.0%

Megumino
Elementary School

Overview of Coop Sapporo

Number of leasable
units

1

Number ofstoresSite area

8,354.24 m2

Sales

Gross floor area

3,927.97 m2

Completion date

March 2010

Acquisition date

March 31, 2023

Structure

Steel structure
2F* Figures as of the end of June 2023

Copyright © Marimo Asset Management Co., Ltd.

106
(in 28 cities and 19 towns)(thousandpeople)Changes in Number ofCoop Sapporo Members

2,000

294.0 billion yen(of which 176.9 billion yen
is from store business)

1,800

1,709

1,763

1,811

1,869

1,921

1,968

1,600

Number ofmembers

1,968,441

1,400

Regular employees:
Number of
employees

2,464
Contract employees:
Part-time:

2,179
10,016* As of March 20, 2022
Source: Coop Sapporo Cooperative website

1,200
1,000
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

Number of members
組合員数

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

35

MrMax Isesakiten

Asset manager’s
original channel

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

Acquisition price3556-1 Miyakomachi,
Isesaki-shi, Gunma

Number ofleasable units
Site area

1,461 million yen
Gross floor area

Appraisal value
Appraisal NOI
yield
Occupancy rate

1,990 million yen

7.5%

100.0%

Completion date
Acquisition date
Structure

1
35,832.49 m²(1) 11,083.31 m²(2) 4,735.04 m²(3) 999.60 m²(4) 499.93 m²(5) 1,996.87 m²
December 1997
January 19, 2023
Steel structure, 2F:
2 buildings
Single-story steel
structure: 3 buildings*1 Indicated based on the ML agreement that was already concluded at the time of acquisitionby marimo REIT and the lease agreement with the tenant.
*2 “Pass through” indicates a scheme whereby Marimo receives rent from the tenant and pays
the same amount to marimo REIT.

Copyright © Marimo Asset Management Co., Ltd.

Hachiko Line

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

Kyozuka-kofun
Tumulus★indicates location of Marimo Polestar series property.
These are no assets that marimo REIT owns or has plans toacquire.

MrMax
Isesakiten
Miyago JuniorHigh School

MiyagoPublic Hall
MiyagoElementary School

Overview of Mr Max Holdings
Number ofstores57(as of February 2023)

Number of
employees

2,411(including part-time)

Consolidated
sales

126.9 billion yen(fiscal year ended
February 2023)

Mr Max Holdings

Listedmarkets

TSE Prime Market
Fukuoka Stock
Exchange

100-yen stores, restaurants,
clinics, etc.

marimo REIT
Pass-throughMarimoFixed rent

Source: Mr Max Holdings Ltd. website*3 Figures as of the end of June 2023

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

36

MIRAKITA CITY HANAKITA

Sponsordevelopment

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
Himeji
Racecourse
Mt. Shibasaki

Mt. Hachijo-ganzan

Aeon
Himeji Store Nozato
Station
Himeji City
Hanakita
Gymnasium

MIRAKITA CITY HANAKITA

Hananokita
Citizens’ Plaza

University of Hyogo

Himeji Castle

Kyoguchi Station

Sanyo Electric Railway
Main Line
Sanyo Himeji
Station Sectional ownership of the neighborhood’s newest retail complex*3
combined with a 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 convenienttransportation access

570 million yen

Appraisal value

712 million yen

Appraisal NOI
yield

7.4%

Occupancy rate

100.0%

Population and Number ofHouseholds in Himeji City

9

Number of households

Population

4,353.46 m²(thousandhouseholds)(thousandpeople)600
Gross floor area(acquired section)

1,363.97 m²

400
Completion date

January 2019

Acquisition date

January 19, 2023

Structure(acquired section)*1 Figures as of the end of June 2023
*2 Aeon Himeji is not an asset that marimo REIT plans to acquire.
*3 The indicated information is as of October 31, 2022.

Copyright © Marimo Asset Management Co., Ltd.

Floor Map

238
537

240

242

243

246

240
536

534

531

529

200

230

Steel structure
2F

0
2018

Tenants

250
2F

Acquisition price

Site area

Himeji Station

2019

2020

2021

2022

220
0

* As of November 1 each year.

1F

Location

1-24
Masuishinmachi,
Himeji-shi, Hyogo

Number of leasable
units

Bantan Line

Hyogo Prefectural
Museum of History

Cram school

Office(1 section)(1 section)

Showroom(2 sections)

Beauty salon

Library

ClinicPharmacy(1 section)(4 sections)

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

Source: Himeji City, “Population Statistics”

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

37

Hotel Wing International
Hida-Takayama

Sponsordevelopment

A hotel in a convenient location near a station whose profitability is expected to improve withthe 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

Change in Takayama City Tourist Numbers by Year(thousandpeople) Along with travel demand, future business demand is expected, as all
rooms are designed to accommodate 2 or more guests
 Located about a 7-minute walk from JR Takayama Station and withinwalking distance of the city’s sightseeing spots, the hotel has a highly
convenient location
Location

Acquisition price2-51 Hatsudamachi,
Takayama-shi,
Gifu

5,000
4,000

95

151

観光客数（外国人観光客除く）
513
364 461
280
225

552

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

3,000
3,618 3,720 3,745
2,000 3,386

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

3
2,192 1,945 2,531

Number of leasable
units

1

1,000

Site area

1,021.09 m2

Gross floor area

3,188.55 m2

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

1,750 million yen

2011

Appraisal value

1,940 million yen

Completion date

December 2020

Appraisal NOI
yield

6.4%

Acquisition date

January 19, 2023

Occupancy rate

100.0%

Structure

Steel structure
6F* Figures as of the end of June 2023

Copyright © Marimo Asset Management Co., Ltd.

2012

Takayama Spring
Festival

2013

2014

2015

2016

Takayama
Autumn Festival

2017

2018

2019

Traditional building
preservation district

2020

2021

2022

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. 14th FP (Ended June 30, 2023) Presentation Material

38

Nippon Express Komagane
Logistics Center

Asset manager’s
original channel

A logistics facility located midway between the Tokyo and Nagoya metropolitan areas

NaganoGunma
Prefecture

ToyamaPrefecture
Ichikawa
Prefecture

MrMax
Isesakiten

Hotel Wing
International HidaTakayama

Matsumoto
NaganoMatsumotoPrefectureInterchange

Nippon Express
Komagane
Logistics Center

Fukui
Prefecture

SaitamaPrefecture

Okaya
Junction
Yamanashi
Prefecture

Komagane Interchange

Gifu
Prefecture

Kofu

Nagano-ken Station
Iida-Yamamoto
Interchange

Tokyo
Prefecture

Chuo Shinkansen
maglev line

Chuo
Expressway

Kanagawa
Prefecture

Nagoya Conveniently located about a 10-minute drive (5 km) from Komagane
Interchange in the middle of the Chuo Expressway
 Expected to ensure steady cash flow due to a long-term fixed-rent
contract with Nippon Express Company Limited, a subsidiary of Nippon
Express Holdings Inc.
Location

4495-31 Shimodaira,
Komagane-shi,
NaganoPlannedacquisition price

1,170 million yen

Appraisal value

1,230 million yen

Appraisal NOI
yield
Occupancy rate

Number of leasable
units

1

Site area

24,386.47 m2

Gross floor area

6.2%
100.0%

9,968.95 m

2Completion dateJune 2007

Acquisition date

March 31, 2023

Structure

Single-story steel
structure* Figures as of the end of June 2023

Copyright © Marimo Asset Management Co., Ltd.

ShizuokaPrefecture

Aichi
Prefecture

Overview of
Nippon Express Holdings Co.,
Ltd.

Nippon Express
Komagane Logistics
CenterConsolidated
sales

2619.746 billion
yen

Number of
employees

73,482(Group-wide)

Odagiri Station
KomaganeInterchange
Komagane Station

Overseas sites

49 countries(730 cities)

Listed markets

TSE Prime Market

OtawaraIndustrial Park

Odagiri River

IizakaIndustrial Park

Komagane
Police Station
Komagane City Hall
Komachiya Station* Fiscal period ended December 2022
Source: Nippon Express Holdings, Inc. website

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

39

14th FP

5. Appendix

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 lifestylepleasantly 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, the support 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. 14th FP (Ended June 30, 2023) Presentation Material41

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 for sales
transactions

Provision of property information

Warehousing function
Construction management
supportSupport for regeneration of
portfolio assets
Fixed-rent-type master leaseSame-boat investment

Financial advisory
andassistance

Master lease services
Brokerage services
Continued holding ofinvestment units
Leasing support
Support in securing human resources (Note)
Property management services
Grant of license to use trademark

SponsorSupporting
companies(Note) This is a support for the Asset Manager.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

42

Overview of the Sponsor, Marimo
History of Marimo

Marimo Co., Ltd.

Company name
Headquarters address

Global operation

Japan, China, Philippines

Sales(non-consolidated)

52.4 billion yen (as of July 31, 2022)

Business description(Including business descriptionof subsidiaries)■Domestic for-salecondominium businessMiyazaki City,
MiyazakiFor-sale condominium business, income property
business, etc.

■Urban redevelopment
business■Income property
direction business■Overseas business

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

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

Oct. 1990

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

Jan. 2009

Started the Condominium Restoration Project (purchase andresale)Aug. 2009

Established a local entity in Shanghai, China

Apr. 2010

Joined “Keyaki Avenue First-class Urban Redevelopment Project”(Wakayama City) as the first urban redevelopment 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

marimo Regional Revitalization REIT Inc., which serves as thesponsor, was listed

Nov. 2016

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

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

EstablishedSep. 1970

China

Shibuya Ward,Tokyo● Polestar Garden

Kumamoto City’s
Sakuramachi District Class 1
Urban Area Redevelopment
Project * Residential building

By continuing to enter even
Contribute to revitalization of
into regional cities where other downtown areas in regional
companies do not advancecities by utilizing theinto and providing high-quality enthusiasm for “energizing theregional areas” and the knowresidences, contribute torealization of living in
how cultivated in the for- sale
downtown and compact city.
condominium business.

First project developed in
Suzhou Industrial Park(853 units)

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

● Ebisu-Nishi
Itchome Building
Improvedsustainability of profit
by conducting leasing
in addition torenovation of retailstores, residences
and offices.

Track record of for-sale condominium development (as of July 31, 2023)

463 structures with 29,980 units in 44 prefectures nationwide
Copyright © Marimo Asset Management Co., Ltd.

As part of the Group's growth strategy, Marimo Holdings
reorganized the businesses in its group into three businesses
namely “Domestic Real Estate Business”, “Overseas Real EstateBusiness” and “Non-Real Estate Business”.
Mar. 2023

Made Marimo Asset Management, GM Associe, Marimo House
and Marimo Real Estate Services, which are engaged in domestic
real estate business, its subsidiaries
Formed a capital and business alliance with AEON MALL Co., Ltd.
as a growth strategy to strengthen the domestic real estatebusinessmarimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

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

70%
or moreInvestment area classification

Regional area

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

70% or more
Residential
properties

Retailfacilities

Hotels

Offices

Logistics
facilities

Parking
properties

●

●

●

●

●

●

●

●

●

●

Nationwide regions other[Other regions] than regional cities andTokyo metropolitan area

30% orlessTokyo
metropolitan
areaTokyo, Kanagawa, Chiba andSaitama prefectures

30% or less

●

●

●

300 million 200 million 300 million 500 million 300 million 200 million
Minimum investment amount (based on acquisition price per property)(Note 3) yen or more yen or more yen or more yen or more yen or more yen or more
Maximum 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. 14th FP (Ended June 30, 2023) Presentation Material

44

Population growth rate in the surrounding
areas of portfolio■Residential: Population is generally increasing since 2010

2015

2020

250%

217%

200%
120% 131%

150%
100%
50%
0%

(Note) The population change rate within a 1 km radius from each property is calculated with fiscal 2010 as the reference value.

■Retail facilities: Population generally remained flat since 2010

2015

2020

150%
101%

102%

107%

100%
50%
0%

(Note) The population change rate within a 5 km radius from each property is calculated with fiscal 2010 as the reference value.

Copyright © Marimo Asset Management Co., Ltd.

Source: Portal Site of Official Statistics of Japan (e-Stat) (https://www.e-stat.go.jp/)

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

45

Photos of Properties (1) (14th Fiscal Period)
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 Kumamotoshinmachi

Starship Ishibashi Handaimae

ArtizA Mito ShiraumeGrand E’terna HokudaimaeⅡ

Alpha Square Minami 4jo Higashi

ArtizA Ikejiri

ArtizA Kawasaki EAST

ArtizA Sobudai

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material46

Photos of Properties (2) (14th Fiscal Period)
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)

Coop Sapporo Megumino

MRR Chitose

MRR Iwamizawa

MRR Hakodate

MRR Ebetsu

MrMax Isesakiten

MIRAKITA CITY HANAKITA

Route-Inn Ichinomiya Ekimae

Hotel Wing International
Hida-Takayama

Nippon Express
Komagane Logistics Center

MRR Delta Building

PLEAST Hakata Gion Bldg.

MRR Utsunomiya

Ikeshita ES Building

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

47

Portfolio List (1) (As of June 30, 2023)
Property
No.

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

Residential

Appraisalvalue(million yen)
(Note 2)

Terminal
capitalization
rate

Appraisal NOI
yield

ConstructedOccupancy rate

(Note 3)(Note 4)

Rp-01 ArtizA Sendai Kakyoin

Sendai City, Miyagi

2,730

2,663

4,000

5.0%

7.5%

Jan. 2009

95.8%

Rp-02 ArtizA Kamimaezu

Nagoya City, Aichi

400

358

539

4.8%

6.8%

Mar. 2014

93.2%

Rp-03 ArtizA Hakata PREMIER

Fukuoka City, Fukuoka

1,060

969

1,360

4.6%

6.5%

Feb. 2006

93.1%

Rp-05 ArtizA Higashi-Betsuin

Nagoya City, Aichi

640

588

703

4.3%

4.8%

Feb. 2016

98.1%

Rp-06 ArtizA Kamimaezu II

Nagoya City, Aichi

720

680

830

4.4%

5.1%

Feb. 2016

94.1%

Rp-07 ArtizA Chiyoda

Nagoya City, Aichi

980

915

1,200

4.2%

5.1%

Sep. 2017

97.5%

Rp-08 ArtizA Higashi-Shimada

Okayama City, Okayama

700

658

732

5.1%

5.3%

Dec. 2016

86.5%

Rp-09 ArtizA Tsurumai

Nagoya City, Aichi

430

423

494

4.1%

4.7%

Feb. 2019

96.7%

Rp-10 ArtizA Awajieki-higashi

Osaka City, Osaka

1,180

1,165

1,350

4.4%

5.0%

Oct. 2019100.0%

Rp-11 ArtizA Matsumoto

Matsumoto City, Nagano

640

659

652

5.9%

6.7%

Mar. 1998

91.2%

Rp-12 ArtizA Sengen-cho

Nagoya City, Aichi

495

514

546

4.5%

4.9%

Feb. 2020

100.0%

Rp-13 ArtizA Kitadorimachi

Takasaki City, Gunma

780

824

859

5.2%

5.7%

Jun. 2020

100.0%

Rp-14 Starship Kobe Gakuentoshi

Kobe City, Hyogo

982

1,026

1,220

4.8%

5.8%

(1) Feb. 2022
(2) Feb. 2022

100.0%(Note 5)

Rp-15 ArtizA Mito Izumicho

Mito City, Ibaraki

609

642

707

5.0%

5.7%

Mar. 2019100.0%

Rp-16 ArtizA Kokura

Kitakyushu City, Fukuoka

1,849

1,926

1,940

4.9%

5.2%

Jun. 2015

97.1%

Rp-17 ArtizA Kurashiki

Kurashiki City, Okayama

590

627

613

5.1%

5.7%

Nov. 2007

93.8%

Rp-18 ArtizA Kumamotoshinmachi

Kumamoto City,
Kumamoto

520

557

533

5.0%

5.2%

Aug. 2021

97.8%

Rp-19 Starship Ishibashi Handaimae

Ikeda City, Osaka

1,100

1,152

1,190

4.6%

4.8%

Jan. 2022

100.0%

Rp-20 ArtizA Mito Shiraume

Mito City, Ibaraki

707

771

800

5.2%

5.8%

Feb. 2022

100.0%

Rp-21 Grand E’terna HokudaimaeⅡ

Sapporo City, Hokkaido

570

600

588

4.5%

5.0%

Mar. 2007

100.0%

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

840

887

891

4.5%

5.1%

Sep. 2008

97.7%

Rt-01 ArtizA Ikejiri

Setagaya-ku, Tokyo

610

590

762

3.8%

4.7%

Mar. 2014

100.0%

Rt-03 ArtizA Kawasaki East

Kawasaki City, Kanagawa

780

741

1,050

5.0%

7.1%

Mar. 1998

100.0%

Rt-04 ArtizA Sobudai

Zama City, Kanagawa

1,130

1,132

1,320

5.1%

6.3%

Feb. 1993

95.3%(Note 1): “Book value at end of fiscal period” refers to the book value as of June 30, 2023. The same applies hereinafter.
(Note 2): “Appraisal value” indicates the real estate appraisal value indicated in each of the real estate appraisal reports dated June 30, 2023, for owned assets.
(Note 3): “Constructed” refers to the date of new construction of the main building as recorded on the registry. The same applies hereinafter.
(Note 4): “Occupancy rate” refers to the figure obtained by dividing the total leased area indicated on each lease agreement concluded with the tenants of each asset as of June 30, 2023, by the building’s (or in the case of land ownershipinterests, 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. 14th FP (Ended June 30, 2023) Presentation Material48

Portfolio List (2) (As of June 30, 2023)
Property
No.

Property name

Cp-01 MRR Omuta

Location
Omuta City, Fukuoka

Kobe City, Hyogo
Cp-02 Tarumiekimae Gold Building
Miyazaki City, Miyazaki
Cp-03 Foodaly Aoba Store
Yamada Denki Tecc Land Mihara Mihara City, Hiroshima
Cp-04 Store
Yamada Denki Tecc Land Togitsu Nishi-Sonogi County,
Cp-05 Store
NagasakiCp-07 MRR Kumamoto

Retailfacilities

Kumamoto City,
Kumamoto

Cp-08 MRR Sasebo
Cp-09 MRR Itoshima
Cp-10 MRR Akita
Supercenter TRIAL Togitsu Store
Cp-11 (land ownership interests)

Sasebo City, Nagasaki
Itoshima City, Fukuoka
Akita City, Akita
Nishi-Sonogi County,
NagasakiCp-12 MRR Akita II

Akita City, Akita

Book value at end
Acquisition priceof fiscal period(million yen)(million yen)Appraisalvalue(million yen)

Terminal
capitalization
rate

Appraisal NOI
yield

ConstructedOccupancy rate
100.0%

1,265

1,120

941

6.2%

5.0%

Mar. 2005

500
250

443
201

547
426

5.9%
6.3%

6.6%
10.5%

Jun. 2008
Apr. 2009100.0%
100.0%

2,000

1,762

2,930

6.3%

9.1%

Sep. 2008

100.0%

950

875

1,170

6.4%

8.2%

100.0%

2,120

2,069

2,480

5.9%

7.3%

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

(Note 1)100.0%(Note 2)

990
900
840

947
888
858

1,300
966
893

5.8%
5.2%
7.0%

7.8%
5.7%
6.9%

Apr. 2008
Jul. 2008
Apr. 1994

100.0%
100.0%
100.0%

1,150

1,170

1,240

5.0%

5.2%

100.0%

970

993

1,030

6.8%

7.3%

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

100.0%(Note 2)

Cp-13 Komyoike Act
Cp-14 Coop Sapporo Megumino
Cp-15 MRR Chitose

Sakai City, Osaka
Eniwa City, Hokkaido
Chitose City, Hokkaido

Cp-16 MRR Iwamizawa

Iwamizawa City, Hokkaido

2,040
870
471

2,105
915
495

2,300
1,030
508

4.8%
5.3%
5.3%

6.0%
6.3%
5.6%

572

582

628

5.3%

5.8%

Apr. 1988
Mar. 2010
Aug. 2019(1) Oct. 2018(2) Sep. 2019

99.1%
100.0%
100.0%
100.0%(Note 2)

Cp-17 MRR Hakodate

Hakodate City, Hokkaido

390

399

439

5.1%

5.7%

Cp-18 MRR Ebetsu

Ebetsu City, Hokkaido

649

681

696

5.3%

5.6%

Sep. 2018(1) Jun. 2018
(2) Jul. 2018

100.0%
100.0%(Note 2)

Hotels

Offices
Logistics
facility

Cp-19 MrMax Isesakiten
Cp-20 MIRAKITA CITY HANAKITAMRR Ichihara
Ct-01 (land ownership interests)
K’s Denki Kitamoto Store
Ct-02 (land ownership interests)
Hp-01 Route-Inn Ichinomiya Ekimae
Hotel Wing International HidaHp-02 Takayama
Op-01 MRR Delta Building
Op-02 PLEAST Hakata Gion Bldg.
Op-03 MMR Utsunomiya
Op-04 Ikeshita ES Building
Nippon Express
Lp-01 Komagane Logistics Center

Isesaki City, Gunma
Himeji City, Hyogo

1,461
570

1,565
573

1,990
712

5.5%
6.1%

7.5%
7.4%

Dec. 1997
Jan. 2019100.0%
100.0%

Ichihara City, Chiba

700

717

1,240

⁻

5.3%

-

100.0%

Kitamoto City, Saitama

1,030

1,047

1,120

4.5%

4.9%

-

100.0%

Ichinomiya City, Aichi

740

608

769

5.8%

6.9%

May 2008

100.0%

Takayama City, Gifu

1,750

1,753

1,940

5.8%

6.4%

Dec. 2020

100.0%

Hiroshima City, Hiroshima
Fukuoka City, Fukuoka
Utsunomiya City, Tochigi
Nagoya City, Aichi

1,200
800
1,750
1,000

1,058
722
1,861
1,024

1,300
1,400
1,940
1,150

5.1%
4.4%
5.1%
4.8%

6.4%
8.1%
6.3%
6.1%

Nov. 2002
Aug. 2008
Feb. 2001
Oct. 1997

100.0%
89.7%
94.8%
100.0%

Komagane City, Nagano

1,170

1,224

1,230

5.6%

6.2%

Jun. 2007

100.0%

52 Properties

50,140-59,194

-

6.3%

-

98.9%

Total/ average(Note 1): As multiple buildings exist on the property, the age of the building with the largest gross floor area is recorded.
(Note 2): As two buildings exist on the property, the date of construction of each building is stated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

49

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, realestate market 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 eachfiscal period after verifying the following (1) and (2)Verification (1): Execute or not

Verification (2): Amount of dividends in excess of earnings(Execute when the following conditions are met)
(The figure is the actual amount of the 14th FP)

30% of depreciation or less and 75% of payout ratio* or less
(The figure is the actual amount of the 14th FP)* Formula of payout ratio
Total amount of dividends(including dividends in excess of earnings)
Net income + depreciation(Unit: million yen)

Real estateappraisal value at
end of FP
59,194〜〜

Depreciation
375

Total planned
amount of capital
expenditures forthe next term
90〜〜

Total book valueof real estate, etc.
49,742

Payout ratio before adjustment
Payout ratio after adjustment
Ratio (of dividends in excess of earnings against depreciation)(Unit: million yen)

Dividends in excessof earnings 81

30% or less

Net income
799
〜
〜

77.6%
75.0%
Approx. 22%〜〜

Dividends ofearnings799

Approx. 22%

Distribution(Note) The above figures are as of the end of the 14th 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. 14th FP (Ended June 30, 2023) Presentation Material

50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)
（%）

（%）

105

6

100
5

95
90

4

85
3

80

2

75

1

〜
〜
0
65
2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

Hotels2005

Retail facilities

2004

Offices

2003

Residential
properties

2002

0

2001

2000

70

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 2023).”

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

Change in Sales in the Retail Industry Overall andin Daily Necessities

（%）
160

(trillion yen)
Drug stores

150

Convenience
stores140130Supermarket

120
110

Hardwarestores100
90

Department
stores80
70(trillion yen)

50
45
40
35
30
25
20
15
10
5
0

160
155
150
145
140
135
130
125
120
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

60

〜
〜
50
0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Source: Prepared by the Asset Manager based on data from the Ministry of Economy, Trade and Industry’s“Current Survey of Commerce” and Japan DIY Industry Association and Japan Association of Chain
Drug Stores’ “FY2022 Japan Drug Store Survey (2010 = 100).”

Copyright © Marimo Asset Management Co., Ltd.

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. 14th FP (Ended June 30, 2023) Presentation Material

51

Offices

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

Sapporo City
Vacancy rate

Assumed contracted rents(Unit: yen)

(Unit: %)15,17016,0004

11,0002.1

11,0002.5
10,5001.8 1.92

9,000

10,000〜〜

1

Fukuoka City
Vacancy rate

Assumed contracted rents
16,45017,00016,26016,18016,0306

5.1 5.1

15,19052023 Q1

2022 Q3

2022 Q1

2021 Q3

12,000〜〜11,5002023 Q1

2023 Q1

2022 Q3

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

2023 Q1

2022 Q3

2022 Q1

2021 Q3

2021 Q1

2020 Q302020 Q1

2023 Q1

2022 Q3

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

12,5000.6

102018 Q1

1.4
1.0 1.0

9,000

〜
〜
8,000

12,7002022 Q3

0.4

2019 Q3

0.2

1.2

10,0002019 Q1

0.4 0.5

2

2018 Q3

1

0.6

13,0001.9

1.8

11,0001.2

14,30013,25013,5003
12,0002018 Q1

2

4

13,0002.5

2.2

14,3502022 Q1

3

14,0003.2

14,3003.8

13,5903.0

14,15014,00015,0004

14,5004.82021 Q3

16,0002021 Q1(Unit: yen)2021 Q1

4.6

5

Assumed contracted rents(Unit: %)(Unit: yen)

62023 Q1

Nagoya City

2020 Q3

Vacancy rate2022 Q3

2022 Q1

2021 Q3

2021 Q1

2020 Q3

2020 Q1

2019 Q3

2019 Q1

2018 Q3

2018 Q1

02020 Q3

9,5002020 Q1〜

8,000(Unit: %)10,5402019 Q3

0.7

0.5

0

3.2 3.1

2020 Q1

0.7 0.8

3.0 2.8 3.2

3

10,00011,79011,5002019 Q3

0.4

1.0

11,890 11,820

11,4202019 Q1

0.3

1.6

11,87012,0002019 Q1

0.9

5.9

2018 Q3

0.90.81

6.2

512,0002

12,5007
6

13,36013,0003(Unit: yen)2018 Q1

14,00015,33013,97015,0004

15,19015,6002018 Q3

5

Assumed contracted rents

2018 Q1(Unit: %)6

Vacancy rate

Source: Prepared by the Asset Manager based on “MARKET VIEW Japan Office, Q1 2023” 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. 14th FP (Ended June 30, 2023) Presentation Material52

Hotels

Occupancy Rate by Facility Type
Business hotels achieved an early recovery in occupancy rate
90.0%

During the COVID-19 pandemic

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

Total

RyokanBusiness hotels

May. 2023

Apr. 2023

Mar. 2023

Feb. 2023

Jan. 2023

Dec. 2022

Oct. 2022

Nov. 2022

Sep. 2022

Jul. 2022

Aug. 2022

Jun. 2022

Apr. 2022

May. 2022

Mar. 2022

Jan. 2022

Feb. 2022

Dec. 2021

Oct. 2021

Nov. 2021

Sep. 2021

Jul. 2021

Aug. 2021

Jun. 2021

Apr. 2021

May. 2021

Mar. 2021

Jan. 2021

Resort hotels

Feb. 2021

Dec. 2020

Oct. 2020

Nov. 2020

Sep. 2020

Aug. 2020

Jul. 2020

Jun. 2020

May. 2020

Apr. 2020

Mar. 2020Feb. 2020

Jan. 2020

Dec. 2019Nov. 2019

Oct. 2019

Sep. 2019

Jul. 2019

Aug. 2019

Jun. 2019

Apr. 2019

May. 2019

Mar. 2019

Jan. 2019Feb. 2019

Dec. 2018

0.0%

Nov. 2018

10.0%

City hotels

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

53Balance of Individual Properties (1)(14th Fiscal Period)
Regional area

Investment area
Property No.

Rp-01

Rp-02

Property name

ArtizA
Sendai Kakyoin

ArtizA
Kamimaezu

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

(million yen)

2,730

400

(%)

5.4

(million yen)

2,663

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

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

Rp-06

Rp-07

Rp-08

Rp-09

ArtizA
Kamimaezu II

ArtizA
ChiyodaArtizA
Higashi-Shimada

ArtizA
TsurumaiJun. 1, 2017

Jan. 23, 2018

Jan. 23, 2018

Jan. 4, 2019

Jan. 21, 2020

1,060

640

720

980

700

430

0.8

2.1

1.3

1.4

2

1.4

0.9

358

969

588

680

915

658

423

ArtizA
ArtizA
Hakata PREMIER Higashi-Betsuin(m²)

9,810.37

1,096.48

3,804.39

1,336.50

1,557.90

2,062.06

1,809.60

841.509,400.69

1,021.72

3,543.58

1,311.75

1,466.35

2,009.82

1,566.00

813.45

(%)

95.8

93.2

93.1

98.1

94.1

97.5

86.5

96.7

181 days

181 days

181 days

181 days

181 days

181 days

181 days

181 days

130,480

17,01949,657

21,741

24,47332,81823,88813,423

124,110

16,30048,01921,337

23,27931,433

22,62012,769(thousand yen)

Lease business revenue
Other lease business revenue

6,370

718

1,638

404

1,194

1,385

1,268

654

32,648

5,613

11,032

6,218

6,274

11,252

7,821

4,561

Management fees

13,219

2,237

3,397

1,999

2,609

5,480

4,153

1,926

Taxes and public dues

7,745

1,353

3,282

1,600

1,721

2,409

1,757

1,230

Utility costs

1,464

143

619

199

174

174

208

131

Repair costs

9,650

1,418

3,341

1,005

1,001

1,683

839

530

Insurance fees

309

45

120

59

60

79

60

39

Trust fees

220

225

220

225

225

225

225

225

Other lease business expenses

38

190

51

1,129

482

1,201

576

478

(3) Total lease business expenses

Balance(Note 2)

Rp-05

(m²)

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

Rp-03(thousand yen)

(4) NOI ( = (2) – (3))(thousand yen)

97,832

11,406

38,625

15,522

18,19921,565

16,0678,862(5) Depreciation(thousand yen)

33,757

4,561

17,505

6,763

6,292

9,203

7,622

3,386

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

64,075

6,844

21,1198,759

11,907

12,362

8,444

5,476

(7) Capital expenditures(thousand yen)

4,057

560

860

738

495

*

*

*

(8) NCF (= (4) – (7))(thousand yen)

93,774

10,84537,764

14,784

17,704

21,565

16,067

8,862(Note 1) The figures are as of the end of the 14th Fiscal Period.
(Note 2) The balance is for the 14th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

54

Balance of Individual Properties (2)(14th Fiscal Period)
Regional area

Investment area
Property No.

Rp-10

Rp-11

Rp-12

Rp-13

Rp-14

Rp-15

Rp-16

Rp-17

Property name

ArtizA
Awajieki-higashi

ArtizA
Matsumoto

ArtizA
Sengen-cho

ArtizA
Kitadorimachi

Starship Kobe
Gakuentoshi

ArtizA
Mito Izumicho

ArtizA
KokuraArtizA
Kurashiki

Acquisition dateJan. 21, 2020

Jan. 21, 2020Feb. 26, 2021

Jan. 19, 2022

Apr. 1, 2022

Jan. 19, 2022

Jan. 19, 2022

Jan. 19, 2022

(million yen)

1,180

640

495

780

982

609

1,849

590

(%)

2.4

1.3

1

1.6

2

1.2

3.7

1.2

(million yen)

1,165

659

514

824

1,026

642

1,926

627

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

Leasable area
Leasing
Leased area(Note 1)
information
Occupancy rate(Note 1)(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(m²)

2,180.10

2,747.67

1,079.20

1,915.65

2,801.77

1,843.68

5,155.31

2,133.60

(%)

100

91.2

100

100

100

100

97.1

93.8

181 days

181 days

181 days

181 days

181 days

181 days

181 days

181 days

38,69427,892

17,14830,434*

26,04360,33322,09737,97725,805

16,71628,337*

23,11958,577

20,973(1) Number of operating days
(2) Total lease business revenue(thousand yen)

Lease business revenue
Other lease business revenue

717

2,087

432

2,097

*

2,924

1,756

1,123

7,983

11,115

4,961

5,930

*

6,037

16,866

6,132

Management fees

3,146

4,729

2,030

3,126

*

3,353

7,461

2,491

Taxes and public dues

3,467

2,065

1,724

1,720

2,929

1,556

5,746

1,731

Utility costs

258

559

175

260

*

234

457

663

Repair costs

274

291

38

438

1,865

918

(3) Total lease business expenses

Balance(Note 2)(thousand yen)

567

3,016

Insurance fees

86

107

8

8

6

7

180

9

Trust fees

225

225

225

225

225

225

225

225

Other lease business expenses

232

411

523

298

1

221

929

92

(4) NOI ( = (2) – (3))(thousand yen)

30,711

16,777

12,18724,503*20,006

43,467

15,964(5) Depreciation(thousand yen)

7,738

5,873

3,701

6,665

7,266

4,789

12,892

4,334(6) Lease business income (= (4) – (5)) (thousand yen)

22,973

10,903

8,485

17,837*

15,21730,574

11,629(7) Capital expenditures(thousand yen)

827

5,874

*

200

957

*

416

1,898

(8) NCF (= (4) – (7))(thousand yen)

29,884

10,902

12,18724,303*20,00643,05014,065* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 14th Fiscal Period.
(Note 2) The balance is for the 14th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

55

Balance of Individual Properties (3)(14th Fiscal Period)
Investment area

Regional area

Property No.

Rp-18

Rp-19

Rp-20

Rp-21

Rp-22

Rt-01

Rt-02

Rt-03

Rt-04

Property name

ArtizA
Kumamotoshinmachi

StarshipIshibashi
Handaimae

ArtizA Mito
Shiraume

Grand E’terna
HokudaimaeⅡ

Alpha Square
Minami 4jo
HigashiArtizA
Ikejiri

ArtizA
Tsuzuki Chuo
Koen

ArtizA
Kawasaki
EAST

ArtizA
SobudaiAcquisition dateJul. 5, 2022

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

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

Jan. 19, 2023 Jan. 19, 2023 Jan. 19, 2023 Jan. 19, 2023

(million yen)

520

1,100

707

570

840

610

525

780

1,130

(%)

1

2.2

1.4

1.1

1.7

1.2

ー

1.6

2.3

(million yen)

557

1,152

771

600

887

590

ー

741

1,132

(m²)

1,598.52

1,838.24

2,095.00

2,036.19

2,276.83

641.16

1,865.88

3,055.80

5,703.73(m²)

1,562.88

1,838.24

2,095.00

2,036.19

2,225.36

641.16ー

3,055.80

5,436.97

(%)

97.8

100

100

100

97.7

100

ー

100

95.3

181 days

163 days

163 days

163 days

163 days

181 days

11 days

181 days

181 days

18,231*

25,628*26,267

17,9086,638

31,03353,52518,008*24,607*26,264

17,207

6,508

30,78351,567(1) Number of operating days
(thousand yen)

Lease business revenue
Other lease business revenue

223

*

1,021

*

2

700

129

250

1,958

4,679

*

3,983

*

4,203

3,911

1,437

3,207

14,637

Management fees

1,813

*

3,037

*

2,371

1,949

825

549

4,854

Taxes and public dues

2,126

0

*

*

*

898

79

2,320

3,728

Utility costs

155

*

248

*

663

339

102

*

465

Repair costs

127

*

215

640

713

378

382

*

4,784

(3) Total lease business expenses

Balance(Note 2)

Tokyo metropolitan area

(thousand yen)

Insurance fees

3

10

11

10

14

27

37

82

203

Trust fees

250

423

223

223

223

225

8

225

225

Other lease business expenses

204

0

247

*

217

91

0

30

376

(4) NOI ( = (2) – (3))(thousand yen)

13,552*

21,644*22,063

13,997

5,200

27,82638,888(5) Depreciation(thousand yen)

4,761

6,338

6,605

3,964

6,230

2,520

341

4,893

7,359

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

15,039*15,833

11,476

4,859

22,932

31,5288,790*(7) Capital expenditures(thousand yen)

437

*

274

236

*

*

*

*

4,343

(8) NCF (= (4) – (7))(thousand yen)

13,114*

21,370*22,063

13,997

5,200

27,82634,545* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 14th Fiscal Period.
(Note 2) The balance is for the 14th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

56

Balance of Individual Properties (4)(14th Fiscal Period)
Investment area

Regional area

Property No.

Cp-01

Cp-02

Property name

MRR Omuta

TarumiekimaeGold Building

Acquisition dateAug. 1, 2016

Aug. 1, 2016

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

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

Yamada Denki
Foodaly Aoba Store Tecc Land MiharaStore
Aug. 1, 2016

Aug. 1, 2016

Cp-05

Cp-07

Cp-08

Yamada Denki
Tecc Land TogitsuStore

MRR Kumamoto

MRR Sasebo

Aug. 1, 2016

Jan. 23, 2018

Jan. 23, 2018

1,265

500

250

2,000

950

2,120

990

(%)

2.5

1

0.5

4

1.9

4.2

2

(million yen)

1,120

443

201

1,762

875

2,069

947

(m²)

6,485.11

678.57

1,729.30

11,579.19

5,998.15

11,157.71

5,070.01(m²)

6,485.11

678.57

1,729.30

11,579.19

5,998.15

11,157.71

5,070.01

(%)

100

100

100

100

100

100

100

181 days

181 days

181 days

181 days

181 days

181 days

181 days

43,002

20,677

16,308**

124,589

56,70142,967

19,432

16,308**106,093

49,591(thousand yen)

Lease business revenue
Other lease business revenue

34

1,244

*

*

*

18,495

7,110

10,270

3,640

3,239

*

*

49,63318,036

Management fees

2,775

1,176

163

*

*

13,6685,290

Taxes and public dues

4,409

702

1,101

8,344

2,916

11,188

4,369

Utility costs

80

1,477

*

*

*

20,650

7,955

11

*

*

*

3,177

35

(3) Total lease business expenses

Balance(Note 2)

Cp-04

(million yen)

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

Cp-03(thousand yen)Repair costs

322

Insurance fees

105

17

50

236

149

399

160

Trust fees

225

220

220

220

225

250

225

2,352

35

1,704

17

3,853

299

*

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

32,731

17,037

13,069**74,956

38,665(5) Depreciation(thousand yen)

14,931

4,791

3,922

18,6956,303

21,8056,510(6) Lease business income (= (4) – (5)) (thousand yen)

17,80012,245

9,146

*

*

53,15032,154(7) Capital expenditures(thousand yen)

*

*

*

*

*

7,236

320

(8) NCF (= (4) – (7))(thousand yen)

32,731

17,037

13,069**67,71938,345* Figures are undisclosed as the consent of the tenant could not be obtained. Furthermore, while the tenant of Yamada Denki TeccL and Mihara Store is Marimo Co., Ltd., there is an item of concern in thecontract 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 14th Fiscal Period. The leasable area and leased area for Yamada Denki Tecc Land Mihara Store and Yamada Denki Tecc Land Togitsu Store include the areasof the 1F automobile garage (piloti-type parking lot section under the building) and warehouse building.
(Note 2) The figures are as of the end of the 14th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

57

Balance of Individual Properties (5)(14th Fiscal Period)
Investment area

Regional area

Property No.

Cp-09

Cp-11

Cp-12

Cp-13

Cp-14

Cp-15

MRR Akita II

Komyoike Act

Coop Sapporo
Megumino

MRR Chitose

Jan. 21, 2020

Jan. 19, 2022

Mar. 31, 2023

Jan. 19, 2023

Property name

MRR Itoshima

MRR Akita

Supercenter TRIAL
Togitsu Store(land ownershipinterests)

Acquisition dateJan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

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

900

840

1,150

970

2,040

870

471

(%)

1.8

1.7

2.3

1.9

4.1

1.7

0.9

(million yen)

888

858

1,170

993

2,105

915

495

(m²)

2,842.78

8,416.10

13,719.74

5,587.25

6,379.29

3,933.31

1,521.93(m²)

2,842.78

8,416.10

13,719.74

5,587.25

6,321.01

3,933.31

1,521.93

(%)

100

100

100

100

99.1

100

100

181 days

181 days

181 days

181 days

181 days

92 days

163 days

40,35332,100*43,078132,076**

32,855

32,100*43,078106,198**(1) Number of operating days
(2) Total lease business revenue(thousand yen)

Lease business revenue
Other lease business revenue

7,498

*

*

*

25,878**14,240

3,556

*

6,138

81,049**Management fees

3,046

321

*

1,338

21,012**

Taxes and public dues

2,172

1,551

3,074

4,385

8,519

9

*

Utility costs

8,205

*

*

*

43,505**

Repair costs

490

236

*

68

6,033

*

*

(3) Total lease business expenses

Balance(Note 2)

Cp-10

(thousand yen)

Insurance fees

58

22

*

121

355

12

4

Trust fees

250

225

225

225

250

126

223

Other lease business expenses

17

1,200

*

*

1,373

0

*

(4) NOI ( = (2) – (3))(thousand yen)

26,11328,543*36,93951,027**(5) Depreciation(thousand yen)

3,192

1,009

*

7,630

12,743

1,463

1,695

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

22,921

27,533*29,30838,284**(7) Capital expenditures(thousand yen)

*

8,990

*

*

2,666

*

*

(8) NCF (= (4) – (7))(thousand yen)

26,113

19,553*36,93948,361*** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 14th Fiscal Period.
(Note 2) The balance is for the 14th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

58Balance of Individual Properties (6)(14th Fiscal Period)
Investment area

Regional area

Property No.

Cp-16

Cp-18

Cp-19

Cp-20

Ct-01

Ct-02

MRR Ichihara(land ownershipinterests)

K’s Denki KitamotoStore(land ownershipinterests)

Jan. 21, 2020

Jan. 21, 2020

Property name

MRR Iwamizawa

MRR Hakodate

MRR Ebetsu

MrMax Isesakiten

MIRAKITA CITYHANAKITA

Acquisition dateJan. 19, 2023

Jan. 19, 2023

Jan. 19, 2023

Jan. 19, 2023

Jan. 19, 2023

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(Note 1)

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

572

390

649

1,461

570

700

1,030

(%)

1.1

0.8

1.3

2.9

1.1

1.4

2.1

(million yen)

582

399

681

1,565

573

717

1,047

(m²)

2,165.67

1,485.84

2,320.43

16,829.44

1,441.77

18,326.76

11,451.00(m²)

2,165.67

1,485.84

2,320.43

16,829.44

1,441.77

18,326.76

11,451.00

(%)

100

100

100

100

100

100

100

163 days

163 days

163 days

163 days

163 days

181 days

181 days

17,480*18,832*

27,073

21,226*

17,480*18,832*

25,175

21,226*(1) Number of operating days
(2) Total lease business revenue(thousand yen)

Lease business revenue
Other lease business revenue

*

*

*

*

1,898

*

*

851

*

453

*

2,946

3,986

*

621

*

223

*

882

171

*

Taxes and public dues

*

*

*

*

*

3,590

1,403

Utility costs

*

*

*

*

*

*

*

Repair costs

*

*

*

*

*

*

*

(3) Total lease business expenses(thousand yen)Management fees

Balance(Note 2)

Cp-17

Tokyo metropolitan area

Insurance fees
Trust fees
Other lease business expenses

6

4

7

383

4

*

*

223

223

223

223

223

225

225

*

*

*

*

1,836

0

*

(4) NOI ( = (2) – (3))(thousand yen)

16,629*18,378*24,126

17,239*(5) Depreciation(thousand yen)

3,207

1,481

2,295

6,434

3,664

*

*

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

13,421*

16,082*

20,461

17,239*(7) Capital expenditures(thousand yen)

*

*

*

*

*

*

*

(8) NCF (= (4) – (7))(thousand yen)

16,629*18,378*24,126

17,239** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 14th Fiscal Period.
(Note 2) The balance is for the 14th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

59Balance of Individual Properties (7)(14th Fiscal Period)
Investment area

Regional area

Property No.

Hp-01

Hp-02

Op-01

Op-02

Op-03

Op-04

Lp-01

Property name

Route-Inn
Ichinomiya Ekimae

Hotel Wing
International
Hida-Takayama

MRR
Delta Building

PLEAST Hakata
Gion Building

MRR
Utsunomiya

Ikeshita
ES Building

Nippon Express
Komagane Logistics
CenterAcquisition dateAug. 1, 2016

Jan. 19, 2023

Aug. 1, 2016

Aug. 1, 2016

Jan. 19, 2022

Jan. 19, 2022

Mar. 31, 2023

(Note 1)

Acquisition price
Price
Investment ratio(Note 1)
Information
Period-end book value(Note 1)(million yen)

740

1,750

1,200

800

1,750

1,000

1,170

(%)

1.5

3.5

2.4

1.6

3.5

2

2.3

(million yen)

608

1,753

1,058

722

1,861

1,024

1,224

(m²)

3,860.81

3,385.68

3,053.57

1,931.47

5,106.48

2,066.02

10,047.69(m²)

3,860.81

3,385.68

3,053.57

1,732.61

4,840.16

2,066.02

10,047.69

(%)

100

100

100

89.7

94.8

100

100

181 days

163 days

181 days

181 days

181 days

181 days

92 days**

56,56044,87988,24351,462***

51,46741,65080,22644,367

*

*

*

5,092

3,229

8,017

7,095

*

*

*

17,583

10,36529,937

17,755

*

*

*

3,900

2,860

10,857

3,463

*

3,799

*

5,234

2,671

6,270

3,497

5

Utility costs

*

*

7,289

4,442

9,467

9,708

*

Repair costs

*

*

459

*

1,650

529

361

Insurance fees

114

19

153

71

261

141

138

Trust fees

225

223

220

220

225

225

126

*

*

327

99

1,205

191

*

(Note 1)

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

Lease business revenue
Other lease business revenue(3) Total lease business expenses(thousand yen)Management fees
Taxes and public dues
Balance(Note 2)Other lease business expenses(4) NOI ( = (2) – (3))(thousand yen)**

38,976

34,51458,30633,706*(5) Depreciation(thousand yen)

9,951

16,937

14,856

7,095

12,455

2,885

4,019

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

24,12027,41845,85030,821*(7) Capital expenditures(thousand yen)

*

*

2,850

1,190

8,391

10,351*(8) NCF (= (4) – (7))(thousand yen)**

36,12633,32449,91423,355** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 14th Fiscal Period.
(Note 2) The balance is for the 14th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

60

14th Fiscal Period

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

Balance Sheet for the 14th Fiscal Period (June 30, 2023)

Copyright © Marimo Asset Management Co., Ltd.

Statement of Income for the 14th Fiscal Period
From January 1, 2023 to June 30, 2023

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

61

Status of Unitholders (Fiscal Period Ended June 30, 2023)
Ratio of Unitholders by Number(16,543 unitholders in total)

Rank

Other domestic entities Foreign companies, etc.
1.6% (1.5%)
0.7% (0.8%)
1.6% 0.7%
0.1%
Securities companies
Financial 0.1%
institutions
0.1% (0.1%)
0.1% (0.3%)

Individuals, others
97.5% (97.4%) 97.5%

Ratio of Investment Units by Number(237,225 units in total)
Foreign companies, etc.
4.1% (5.8%)4.1%

Securities companies
2.6% (4.0%)
2.6%

Other domestic
13.5%
entities
13.5% (14.4%)

Financial institutions
27.9% (24.9%)

27.9%

Individuals, others
51.9%
51.9% (50.8%)

Name of unitholder

No. ofOwnership
investment
ratio
units

1

Custody Bank of Japan, Ltd.
(trust account)

27,183 units

11.5%

2

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

21,756 units

9.2%

3

Marimo Co., Ltd.

16,866 units

7.1%

4

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

9,527 units

4.0%

5

Morgan Stanley MUFG Securities Co., Ltd.

2,947 units

1.2%

6

DFA INTERNATIONALREAL ESTATE SECURITIES PORTFOLIO

2,244 units

0.9%

7

Yonezawa Shinkin Bank

2,000 units

0.8%

8

TKC Corporation

1,725 units

0.7%

9

Individuals

1,700 units

0.7%

10

BNYM SA/NV FOR BNYM FOR
BNY GCM CLIENT ACCOUNTS M LSCB RD

1,568 units

0.7%

Total

87,516 units

36.9%(Note)* Figures in parentheses are those as of the end of the 13th FP.

Copyright © Marimo Asset Management Co., Ltd.

(Note) Calculated by dividing the 87,516 investment units owned by the top 10 unitholders by the 237,225
investment units issued and outstanding and rounding to the first decimal place.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

62

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 less than 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 4Note 1: Comprehensive Assessment System for Built Environment Efficiency (CASBEE) is a method for assessing and rating the environmental performance of buildings. The rating is not a
rating of marimo REIT’s investment units. Furthermore, with regard to marimo REIT’s investment units, there is no credit rating provided by or made available for inspection by a credit
rating agency nor any planned credit rating to be provided by or made available for inspection by a credit rating agency at the request of marimo REIT. The same applies hereinafter.
Note 2: “Asset size” refers to the total of the acquisition prices of each asset pertaining to ownership by marimo REIT at a given point in time, unless otherwise noted. The same applies
hereinafter.
Note 3: “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 4: “Gain on sale” of ArtizA Tsuzuki Chuo Koen on this page is the expected amount as of the date of the press release of marimo REIT. For details, please refer to “(REIT) Financial Reportfor the Fiscal Period Ended June 2023.” The same applies hereinafter.
Page 5Note 1: “Gain on sale” of ArtizA Hakataeki-Minami on this page is the expected amount as of the date of the press release of marimo REIT. For details, please refer to “(REIT) Financial Reportfor the Fiscal Period Ended June 2022.”
Page 6Note 1: “Appraisal value” is the appraisal value indicated in each of the real estate appraisal reports dated August 1, 2022, and December 1, 2022, for those indicated on the map of the assets
acquired through the fourth public offering.
Note 2: “Ratio of unrealized gain” for the acquired assets refers to the ratio obtained by dividing unrealized gains by the total acquisition price, while the “unrealized gain” on the acquired assets
refers to the figure obtained by deducting the total acquisition price from the total real estate appraisal price indicated in real estate appraisal reports on August 1, 2022, and December 1,
2022, for the various acquired assets. Please note that it is not necessarily guaranteed that the unrealized gains will be realized.
Note 3: The “(Average) appraisal NOI yield after depreciation” refers to the ratio of the (total) amount obtained by deducting the actual or expected depreciation for each asset from the appraisal
NOI to the (total) 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
expected amount of depreciation which is assumed when calculating the (average) appraisal NOI yield after depreciation is also calculated by the Asset Manager. The same applies
hereinafter.
Note 4: “Asset Manager’s independent channel” refers to a method of acquiring properties using methods other than the “sponsor support” described below.
Note 5: “Sponsor support” refers to the method of acquiring properties developed by sponsors and properties 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. and acquiring properties to own on a temporary basis.
Note 6: 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 marimo 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” indicates regionaland “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 theuse for that building. The same applies hereinafter.
Note 7: 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
were used *8) are indicated as “Warehousing,” and properties acquired using the Asset Manager’s independent channel are indicated as “Asset Manager’s independent channel.” Thesame applies hereinafter.
Note 8: “Warehousing function” refers to a function whereby, for the purpose of future acquisition of a property 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 to marimo REIT.
Note 9: The appraisal NOI used on this page is the appraisal NOI indicated in each of the real estate appraisal reports dated August 1, 2022, and December 1, 2022.
Page 7
Source: Ministry of Economy, Trade, and Industry, “Companies Driving Regional Growth: List of Selected Companies– Search Result– Alpha Court Co., Ltd.”, Urban Renewal Association ofJapan, “Recipients of 2022 Merit Award for Urban Redevelopment, Etc.,” and Alpha Court financial statements
Note:
The properties indicated in the “Examples of owned properties” are those owned by Alpha Court as of the date of this document. As of this date, marimo REIT has no plans to acquirethem nor does it guarantee that they may be acquired in the future.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

63

Explanatory Notes (2)Page 8Note 1: marimo REIT disposed of a 50% quasi co-ownership interest in ArtizA Tsuzuki Chuo Koen’s real estate trust beneficiary right on September 30, 2022, and of the remaining 50% quasi
co-ownership interest on January 11, 2023.
Note 2: “Average building age” is the weighted average, based on the acquisition price, of each property’s age as of October 31, 2022. For the end of the 14th fiscal period, it is the weighted
average, based on the acquisition price, of each property’s age as of June 30, 2023. In cases where there are multiple buildings on each property that marimo REIT owns or plans toacquire, the average building age is calculated by using the age of the building with the largest gross floor area as the age for that property.
Note 3: The “Occupancy rate” at the end of the 13th fiscal period is as of December 31, 2022. For the 13th/14th Fiscal Period Disposed Assets, the occupancy rate (ratio of total leased area tototal leasable area) as of October 31, 2022, is indicated. For the 14th Fiscal Period Acquired Assets, the occupancy rate as of October 31, 2022, is indicated. The occupancy rate at theend of the 14th fiscal period is as of June 30, 2023.
Note 4: For the figures indicated in “Total acquisition price,” “Total appraisal value,” “Average appraisal NOI yield,” “Average appraisal NOI yield after depreciation,” “Average building age,” and“Occupancy rate,” the figures indicated in the “13th/14th Fiscal Period Disposed Assets (ArtizA Tsuzuki Chuo Koen)” column are the figures pertaining to ArtizA Tsuzuki Chuo Koen.
Note 5: “LTV to total assets” refers to the figure obtained using the following formula. The same applies hereinafter.
Balance of interest-bearing liabilities at the end of each period ÷ total assets at the end of each period × 100
Page 9Note:“Tohoku” refers to Aomori, Iwate, Akita, Miyagi, Fukushima, and Yamagata prefectures.
“Tokyo metropolitan area” refers to Tokyo, Kanagawa, Chiba, and Saitama prefectures.
“Koushinetsu” refers to Yamanashi, Nagano, and Niigata prefectures.
“Hokuriku” refers to Toyama, Ishikawa, and Fukui prefectures.
“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, and Okinawa prefectures.
Page 10Note 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 for marimo 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 typical buildings). 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 for the 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 ownership interests), MRR Ichihara (land ownership interests), and K’s Denki Kitamoto Store (land ownership interests) are land ownershipinterests 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 by each J-REIT before July 14, 2023, 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 before July 14, 2023, is not necessarily the same as the PML value definition used bymarimo 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.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

64Explanatory Notes (3)Page 17
Note 1: “Changes in Average Occupancy Rate of Portfolio During Fiscal Periods” is the simple average of the occupancy rates of the entire portfolio as of the end of each month, from August 31,
2016, to December 31, 2016, for the 1st fiscal period and from the end of the first month to the end of the last month for the 2nd to 14th fiscal periods.
Page 18
Note 1: Abbreviated names are used for the lender financial institutions.
Note 2: “Distribution of repayment dates” is indicated based on the assumed balance of interest-bearing liabilities after the Asset Replacement and the Borrowing loan amount.
Page 19
Note 1: “Balance of interest-bearing liabilities” and “Long-term debt ratio” are figures obtained based on the following formulas:
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 amountto be paid in the Third-Party Allotment as funds [upper limit]
Long-term debt ratio = (balance of long-term debts* among the various loans as of the date of this document) ÷ (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])* “Long-term debts” refers to borrowing for which the period from the loan issue date to the principal repayment date is more than one year, including debts for which the remaining term
is within one year.
Note 2: Abbreviated names are used for the lender financial institutions.
Page 21Note 1: “Number of Units / Sections” indicates the number of units or sections determined by Marimo based on drawings (including properties in the planning stage) and differs from the “numberof leasable units” indicated on p.31 and after.
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 most common configuration will be indicated. Development of each property is not finished,
and the configurations, which are based on the plans as of the date of this document, may differ from those indicated here.
Page 23
Note 1: “Investment Ratio by Type” and “Investment Ratio” are based on 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 of this document, and there is no guarantee that they will be implemented. The results if “Efforts to achieve the target” were implemented are shown in the “Result ofeffort” column.
Page 25
Note:marimo REIT invests in a wide range of residences from single type to family type described below. The same applies hereinafter.
“Single” refers to residences targeting a single-person household as the main tenant, having an exclusive area per unit of less than 35 m2, and located within a 10-minute walk from thenearest station. (The same applies hereinafter.) (Major bus stops refer to bus stops where buses run regularly throughout the day and those that are used for commuting on a daily basis.
(The same applies hereinafter.)) However, not limited to this in the case of locations that are expected to be able to secure stable occupancy being within commuting distance of auniversity or other educational facility, etc. (within a 10-minute bicycle ride (the time required by bicycle is calculated by the time when traveling at a speed of 250 m per minute (rounded
up to the specified unit.)).
“Compact” refers to residences targeting a household of about two people as the main tenant, having an exclusive area per unit of 35 m2 or more but less than 50 m2, and located within
a 15-minute walk from the nearest station (including major bus stops) as a guide. However, not limited to this in the case of locations that are expected to be regions with good living
environment and high convenience in terms of daily living, such as there being supermarkets or other retail properties with potential for regional contribution in the neighborhood.
“Family” refers to residences targeting a household of three people or more as the main tenant, having an exclusive area per unit of 50 m2 or more, and located within a 15-minute walkfrom the nearest station (including major bus stops) as a guide. However, not limited to this in the case of locations that are expected to be regions with good living environment and highconvenience in terms of daily living, such as there being supermarkets or other retail properties with potential for regional contribution in the neighborhood.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 14th FP (Ended June 30, 2023) Presentation Material

65Explanatory Notes (4)Page 29
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 ofmultiple addresses) is indicated. The same applies hereinafter.
Note 2: “Occupancy rate” indicates the figure obtained by dividing the total leased floor area in the agreements to be concluded or already concluded with tenants at each property or in thedrawings for the relevant property as of June 30, 2023, by the floor area deemed to be leasable by marimo REIT of the buildings on each property (or the land in the case of landownership 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 or sections owned in the fiscal period ended June 2023 whose use isresidential, the number of units (number of sections) that may be leased by marimo REIT.
Note 4: “Site area” is based on what is indicated in the register (including the leased land area if there is leased 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 the floor area of attached buildings. The same applies hereinafter.
Note 6: The building “completion date” indicates the year and month that the primary building was completed, according to the register. The same applies hereinafter.
Note 7: “Acquisition date” indicates the 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 register for the primary building. The same applies hereinafter.
Page 36
Note:
Since the parking building is not registered, “gross floor area (5)” is indicated based on the details of the notice of verification, which is based on the stipulations of the Building Standards
Act, and this building is not indicated in “Structure.”
Page 37
Note:
With regard to the site area, a right of site for building purposes has been established, and the site area corresponding to the building interest ratio acquired by marimo REIT is around765.76 m2 (approx. 17.6%).
Page 42
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 Community Integrated Regional Revitalization” in the securities report published on
March 24, 2023.
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, andAshikaga 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 to third parties.
Note 3: “CM” refers to construction management, “ML” to master lease, and “PM” to property management.

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Disclaimer▼ 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 to sell.
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 bechanged 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 thereal 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 theinformation.
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.
▼ 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 theInvestment Trusts Association)
Contact: Marimo Asset Management Co., Ltd.
TEL: 03-6205-4755 mail: info@marimo-am.co.jp IR Dept.

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