10th Fiscal Period (Ended June 30, 2021)

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

marimo Regional Revitalization REIT, Inc.
1
marimo Regional Revitalization REIT,
Inc. 10thFP (EndedMarimo
June 30,Asset2021) Presentation
Material(AssetManager)Management
Co., lLtd.

Table of Contents
Summary of Financial Results for10th Fiscal Period

3●10th Fiscal Period Financial Highlights●Changes in Investment Unit Price●Asset Acquired in the 10th Fiscal Period(ArtizA Sengen-cho)●Impact of COVID-19 (1)●Impact of COVID-19 (2)●10th Fiscal Period Forecasts and Results●11th/12th Fiscal Periods Earnings Forecasts●Changes in Dividends per Unit and NAV●Changes in Unrealized Gains

Management Results for10th Fiscal Period

13●Pursuing Increase of Asset Value (1)●Pursuing Increase of Asset Value (2)●Maintaining Stable Average Occupancy Rate
●Financial Status (period ended June 2021)●IR Activities

Expansion of Asset Size

Appendix

26●ESG Initiatives (1)●ESG Initiatives (2)●Basic Principle of marimo REIT
●Overview of the Sponsor, Marimo●System of Sponsor and Supporting Companies●Investment Strategies for Post-COVID-19●Change of Investment Policy (addition of logistics facilities)●Overview of marimo REIT
●Dividends in Excess of Earnings● B-to-C EC Market Size in Japan●Residential Properties and Retail Facilities Market Data
●Offices Vacancy Rate and Contracted Rents●Hotels Occupancy Rate by Facility Type●Balance of Individual Properties (1)●Balance of Individual Properties (2)●Balance of Individual Properties (3)●Balance of Individual Properties (4)●10th Fiscal Period Balance Sheet and Statement of Income●Status of Investment Unitholders●Disclaimer

19●Sponsor Pipeline●Steady Expansion of Asset Size
●Portfolio Map●Photos of Properties●Portfolio List (1)●Portfolio List (2)Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 2

01

Summary of Financial
Results for 10th Fiscal Period

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 3

10th Fiscal Period

Financial Highlights (period ended June 2021)
 Acquired ArtizA Sengen-cho on February 26, 2021, expanding the asset size to 30.450 billion yen
 Dividends per unit, NAV per unit, and ratio of unrealized gain marked the highest since listing The occupancy rate at the end of the 10th FP recovered to 98%

88%
up from thetime of listing

Asset size
End of 9th FP

29.955 billion yen→ 30.450

Investment unit priceEnd of 9th FP

111,100 yen

billion yen
20.2％ (up)End of 10th FP→ 133,600

Term-end occupancy rate
End of 9th FP

96.9%

End of 10th FP→ 98.0%

Dividends per unit
Forecasts for the
10th FP (Note 1)

End of 10th FP

3,529 yen

98% level
recoveredResults of the 10th FP→ 3,572

136,800 yen

End of 10th FP→ 139,212

Ratio of unrealized gain
End of 9th FP

22.4%

yen
Highestsince
listing

NAV per unit●
End of 9th FP

yen

Highestsince
listingyenHighestsince listing

End of 10th FP (Note 2)→ 23.6%(Note 1) “The forecast for the 10th Fiscal Period” is the forecast announced on February 18, 2021 (including dividends in excess of earnings).
(Note 2) “Ratio of unrealized gain” is calculated by dividing the difference between the total appraisal value and total book value by the total book value and is rounded to the first decimal
place. The figure does not guarantee the amount of profit calculated with the ratio.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 4

Change in Investment Unit Price(compared with the listing date)

Investment unit price is 48.9% higher than the TSE REIT index(%)

First PO
January 23, 2018
Issue price: 109,005 yen(＋33.7% compared withthe time of listing)

170.0
160.0
150.0

140.0

At listing
July 29, 2016
Closing price: 81,500
yen

End of 10th FP
June 30, 2021
Closing price: 133,600 yen(＋63.9% compared with thetime of listing)

Second PO
January 21, 2020
Issue price: 125,580 yen(+54.1% compared withthe time of listing)

130.0

Outperformed
TSE REIT
Index

120.0

by
48.9%

110.0
100.0
90.0
80.0
70.0

At listing
July 29, 2016
TSE REIT Index
1,869.32pt

60.0

marimo Regional Revitalization REIT~~

TSE REIT Index

June 30, 2021 (Note)
TSE REIT Index (Note)
2,150.73pt(＋15.1% comparedwith the time of listing)(Note)March 19, 2020 (Note)
TSE REIT Index
1,145.53pt(-38.7% compared withthe time of listing)

50.0
0.0

1st FP

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

Dec.2016

Jun.2017

Dec. 2017

Dec.2018

Jun.2019

Dec.2019

Jun.2021

Executed IPO

Floor expansion
at 1 propertyーAcquired 1
property

Jun.2020
Executed PO
Acquired 6
properties

Dec.2020

Acquired 1
property

Jun.2018
Executed PO
Acquired 7
properties

ーAcquired 1
property

Sold 1 property

10th FP(Note) The graph shows change over time and is based on the closing price of the TSE REIT Index on the Tokyo Stock Exchange on July 29, 2016, where the closing price is adjusted so that it
becomes the same as marimo REIT’s investment unit price at the time of listing of 81,500 yen.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 5

Asset Acquired in the 10th FP (ArtizA Sengen-cho)
Acquisition of a residential property developed by the sponsor (acquisition date: February 26, 2021)
Nagoya City Subway
Tsurumai Line・ Thanks to the location near government
offices and office areas, corporate
demand is strong

ArtizA
Sengen-cho
Sengen-cho Sta.

・ As "AEON MALL Nagoya Noritake
Garden” is due to open in the fall of2021, the convenience of life will
improve

National
Hospital
Organization
NagoyaMedical Center

Meijo Park

Nagoya Castle

AEON MALL Nagoya
Noritake Garden

Nagoya City Office
Aichi Prefectural
Government Office

Nagoya High
Court/District
Court

Government officearea

Marunouchi Sta.
Hisaya-odori Sta.
Dai Nagoya
Building

・ Linear Chuo Shinkansen is scheduled toopen in 2027

FushimiSta.

Fushimi-dori
St.

100

100.0
90.0
80.0
70.0
～
60.0

97.6

100

100
95.1 97.6

100

100

100

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

■Population and Number of Households in All of Nagoya City
2,350
2,300
2,250
2,200

～

1,023

Population (left axis)
1,128
1,118
Number of households (right axis) 1,103
1,088
1,073
1,058
1,045
2,328 2,328
1,034
2,305 2,314 2,320

2,267 2,271

97.5 97.5 97.5

2021
Jan.

100

100

(Note 3)

1,120
1,100

2013

2014

2015

1,060
1,020

2016

2017

2018

2019

2020

Copyright © Marimo Asset Management Co., Ltd.

Mar.

Apr.

May

Jun.

For-sale condominium
developed by a sponsor in
Nagoya city (Track recordof developing ten othercondominiums) (Note 1)

Tsurumai Park

ArtizA
ChiyodaHigashi-Betsuin Station

ArtizA Kamimaezu

ArtizA Kamimaezu II

Location

Appraisal NOI yield

Occupancy rate

Asset type

Number of units

Nagoya City, Aichi

5.0% (Note 2)

100% (Note 2)

Acquisition priceAppraisal value

Completion date

1K
Exclusive area (perunit)

40 units
Proximity to thenearest station

495 million yen

518 million yen (Note 2)

Feb. 202027.3 m2

3-minute walk from
Sengen-cho Sta.

1,080

1,000
2012

Feb.

ArtizA
Higashi-Betsuin

100

NagoyaUniversity
Hospital

1,140～

2,277 2,296

ArtizA
Tsurumai
Tsurumai Station

1,040

2,150

Office area

Kamimaezu Station

77.6

2020

Shirakawa Park
Wakamiyaodori St.

Area where theprevious properties
were acquired

Occupancy Rate(%)

Nishiki-dori St.

Hirokoji-dori St.

Hisaya-odori St.

Meitetsu
NagoyaSta.

Hori River

Leads to stable occupancy rates

Nagoya Sta.

TV Tower
Sakaemachi
Station

Sakae
Sta.

(Note 1) Regarding each of marimo’s condominiums, marimo REIT has no specific plans for acquisitions, nor is there any guarantee that it can be acquired in the
future as of the date of this document.
(Note 2) “Appraisal NOI yield,” “Occupancy rate,” and “Appraisal value” are the figures as of the end of June 2021. The same applies hereafter.
(Note 3) Source: Nagoya City "Changes in the population of Nagoya City" (October 1 each year)

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 6

Impact of COVID-19 (1)The impact of COVID-19 is minor, but an eye will be kept on future tenant trends
Number ofproperties

Residential

Changes in occupancy rates and factors

Status in 10th FP

16
 No clear impact
properties

End of 9th FP

End of 10th FP

92.8%

96.1% (＋3.3%)

 Besides seasonal factors, as the COVID-19
crisis temporarily subsided, the number ofresidents increased
98.6%

Retailfacilities

13
properties

 2 requests for rent reduction(1 of which is handled by payment deferral) 1 cancellation ➡ New tenant found (see below)

 Rent reduction requests were mainly
handled by payment deferral Though 1 property was cancelled, a new
tenant was found100%
Hotels1 property  No clear impact (Route-Inn Ichinomiya Ekimae: Fixed rent type)2
 No clear impact
properties  Contracts signed for 3 blocks (see below)

Contracted tenants
・MRR Omuta (1 commercial tenant)・MRR Delta Bldg. (1 office block)
・PLEAST Hakata Gion Bldg. (2 office blocks)

Copyright © Marimo Asset Management Co., Ltd.

250.00 tsubo
43.76 tsubo
120.30 tsubo Total 414.06 tsubo

100% (±0%)

 The hotel was managed smoothly
93.1%

Offices

98.6% (±0%)

100% (+6.9%)

 Achieved occupancy rate of 100% at theend of the period after backfilling the threevacant blocks
Cancelled tenant

Contracted tenants –Canceled tenant

MRR Omuta 250.00 tsubo

164.06 tsubo

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 7

Impact of COVID-19 (2)Built a portfolio that is less susceptible to the impact of COVID-19
Asset Type DiversificationTokyo
metropolitan
area 17.4%

Hotels2.4%

Residential
46.1%

Tenant Diversification

Area Diversification

Koshinetsu/Hokuriku/
Kanto(excluding Tokyo
metropolitan area)(commercial tenants only)

Kyushu /Okinawa
32.8%

Homeelectricalappliances
32.5%

24.1％

2.1%

Residential
Office ratio
52.7%

Retail facilities
44.9%

Kinki 5.5%

Retail +HotelsRatio ofregional
areas

82.6%
Chugoku /Shikoku
12.8%

Offices 6.6%
Tokai 14.5%

All
fixed rent

Services
4.3%
Medical 5.1%

Hokkaido /Tohoku 14.9%

Supermarkets
6.1%

Other retail
17.2%

Discount stores 10.8%

Portfolio Features
 Less susceptible to the impact of COVID-19 thanks to asset type, area, and tenant
diversification.
 Regarding commercial facilities, many of them are lifestyle-oriented retailfacilities centered on roadside stores.
 Users’ main means of access to retail facilities are private vehicles.
 Mostly used by local residents; the impact of inbound tourists is small.
(Note) The pie charts for breakdown by type and area diversification on this page are created based on the acquisition price and that for tenant diversification is created based on rent.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 8

10th Fiscal Period

Forecasts and Results (period ended June 2021)
10th FP

10th FP

Variation

Forecasts (Note 1)(A)

Results(B)(B)-(A)

Operating revenue (Note 2)

1,308

1,313

+5

Operating income (Note 2)

564

570

+6

Ordinary income (Note 2)

472

481

+8

(million yen)

(Unit: million yen)

480

471

Net income (Note 2)+8

EPU 1.9% UP(Unit: yen)

Dividends per unit (EPU)(excluding dividends in excessof earnings) ①(including dividends in excessof earnings)①＋②

Operating revenue+5

Increase in other income+8(Income from key money, restoration costs, etc.)(A Chiyoda, A Tsurumai, etc.)

Decrease in rent
(A Sendai Kakyoin, etc.)

Increase in utilities revenue-5+1(MRR Kumamoto, etc.)

Increase in income other than those +1
listed above

Operating expenses-1

Decrease in repair costs+8(MRR Delta Bldg., MRR Sasebo, MRR Kumamoto etc.)

3,086

3,146

+60

Increase in outsourcing expenses

443

426

-17

Decrease in utilities expenses

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

Factors(Note 3)

3,572

3,529

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

Copyright © Marimo Asset Management Co., Ltd.

DPU 1.2% UP+43(Note 3)
Payout ratio before adjustment
Payout ratio after adjustment
Dividend ratio(against ratio of depreciation)

76.1%
75.0%
26.3%

(Increase in leasing costs, etc.)（A Sendai Kakyoin,A Matsumoto, A Awaji Eki Higashi
etc.)

-8
+3

(MRR Kumamoto, etc.)

Increase in expenses other thanthose listed above-4

Non-operating expenses+2

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

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 9

11th Fiscal Period (ending December 2021) and 12th Fiscal Period (ending June 2022)

Earnings Forecasts(Unit: million yen)

Operating revenue (Note 2)

Operating income (Note 2)(Note 1)

10th FP

11th FP

Variation

Results (A)Forecasts (B)(B)-(A)

1,313
570

1,281
557

-32
-13

12th FP

Variation

Forecasts (C) (C) - (B)

1,293
559

+11

Assumptions for the forecasts for the
11th FP and 12th FP

Forecasts for 11th FP
Operating revenue
Decrease in other income

-32
-35

(MRR Omuta: Absence of contract cancellation penalty, etc. )Increase in income other than the above+2+3

Operating expenses+19

Reduction of leasing costs+15(seasonal fluctuations)-8

Increase in repair costs(A Sendasi Kakyoin: Large-scale repair work, etc.)

Ordinary income (Note 2)

Net income (Note 2)

481
480

445
444

-35
-35

447
446

+1
+1

(Unit: yen)

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

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

Absence of reacquisition of ERs for properties
acquired upon IPO+8Decrease in expenses other than those
above

+3

Non-operating income,expenses, etc.

-21

Absence of premium income-13-8Increase in expenses other than those
above

3,146

2,913

-233

2,925

+12

Forecasts for 12th FP+11

Operating revenue

426
3,572

488
3,401

+62
-171

(Note 3)

492
3,417

+4
+16

(Note 4)

Increase in rent
Increase in other income(A Sendai Kakyoin, A Higashi Betsuin: Increase in key
money, etc.)

Decrease in income other than those above-4

Operating expenses-9

Increase in leasing costs (seasonal fluctuations) -13
Decrease in repair costs(Note 1) The forecasts for the 11th Fiscal Period and 12th Fiscal
Period do not guarantee actual results.
(Note 2) Rounded down to the nearest unit

(Note 3)
Payout ratio before adjustment
74.8%
Payout ratio after adjustment
74.8%
Dividend ratio(against ratio of depreciation)
29.9%(Note 4)
Payout ratio before adjustment
74.7%
Payout ratio after adjustment
74.7%
Dividend ratio(against ratio of depreciation)
29.9%

+5
+10

(A Sendasi Kakyoin: Large-scale repair work, etc.)

Increase in taxes and public dues

+2-2

(A Sengen-cho: Property and urban planning tax to be
incurred)

Decrease in expenses other than those
above

+4

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 10

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

Continued stable dividends and the highest dividends since listing

Dividends in excess ofearnings per unit

(Unit: yen)

+43 yen (+1.2%)

Dividends per unit
(excluding dividends inexcess of earnings)

3,462

3,431

3,441

3,445

3,494

3,504

3,494

3,546

3,529

3,572

443

426

3,086

3,146

521

544

459

460

499

496

431

410

2,941

2,887

2,982

2,985

2,995

3,008

3,063

3,136

977

3,401

3,417

488

492

2,913

2,925

Forecasts

Forecasts

10th FP

11th FP

12th FP

Jun.2021

Dec. 2021

Jun. 2022

EPU (Dividends of earnings per unit)

432+60 yen (+1.9%)

545

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
Dec.2016

Jun.2017

Dec. 2017

Jun.2018

Dec.2018

Jun.2019

Dec.2019

Jun.2020

 NAV per Unit

Results
Results

Forecasts

Dec.2020

NAV increased for the ninth consecutive period since listing(Unit: yen)

160,000

119,105

128,027

139,212122,535

125,547

136,800

121,786

134,365

120,709

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

10th FP

Dec.2018

Jun.2019

Dec.2019

Jun.2020

Dec.2020

Jun.2021

140,000
120,000

113,679

100,000
80,00060,00040,00020,00000

1st FP

Dec.2016
Jun.2017
Dec. 2017
Jun.2018(Note) The forecasts for the 11th Fiscal Period and 12th Fiscal Period do not guarantee actual results.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 11

Change in Unrealized Gain
Unrealized gain on owned assets is on the steady increase(Unit: million yen)

8,000

Appraisal value: 36,506 million yen (+749 million yen compared with the previous FP）
Book value: 29,538 million yen

50.0%(+316 million yen compared with the previous FP）

6,968

Unrealized gain: 6,968 million yen (+433 million yen compared with the previous FP)
7,000

Unrealized gain ratio: 23.6%

45.0%

6,534

(+1.2% compared with the previous FP)

40.0%

6,100
6,000

35.0%
含み益
Unrealized
gain

5,000

4,920
4,526

3,901

4,000

2,847

3,000

2,306
2,000

含み益率
Ratio of unrealized gain

30.0%

4,061
25.0%

3,043

22.4%
20.0%

20.0%

20.7%

18.1%

18.1%
16.8%

23.6%

15.9%

15.0%

16.6%

14.1%

10.0%
1,000

5.0%

0

0.0%

1st
FP
第1期

2nd
FP
第2期

3rd
FP
第3期

4th
FP
第4期

5th
FP
第5期

6th
FP
第6期

7th
FP
第7期

8th
FP
第8期

9th
FP
第9期

10th
FP
第10期

Dec.2016

Jun.2017

Dec. 2017

Jun.2018

Dec.2018

Jun.2019

Dec.2019

Jun.2020

Dec.2020

Jun.2021

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 12

02Management Resultsfor 10th Fiscal Period

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 13

Pursuing Increase of Asset Value (1)Efforts for increasing NOI■ Efforts to increase income and reduce costs
 Income increase Rooftop antenna added
 Cost reduction Property management contract reviewed
 Cost reduction Building maintenance contract reviewed
 Cost reduction Basic electricity charges lowered Cost reduction Toilets replaced with water-saving toilets
 Cost reduction Electric power company reviewed
 Cost reduction Electronic breaker installed Cost reduction Signboards replaced with LED-based ones

(ArtizA Hakata PREMIER)(7 properties Mainly commercial facilities)(MRR Sasebo)(MRR Delta Building)(MRR Delta Building)(ArtizA Sengen-cho)(ArtizA Awajieki-higashi)(Tarumiekimae Gold Building)

Increased income and cost reduction resulted in a total NOI increase of approx.7.36 million yen(boosting dividends per unit by 48 yen) (Estimate per period)

Rooftop antenna

Water-saving toilet

Copyright © Marimo Asset Management Co., Ltd.

Electronic breakerUse of LED signboards

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 14

Pursuing Increase of Asset Value (2)Change in Target Downtime (within 60 days)
Achievement Ratio

Efforts for Improving Customer Satisfaction●Restroom flooring replaced・・・・・・・・・・・・・・・ MRR Delta Building●Introduction of free Wi-Fi for indoor use ・・・ArtizA Higashi-Betsuin

(%)

100
80

59.7

58.4
48.9

60
40

55.2 58.5

67.0
53.8

60.8

43.6

31.7

20
0
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP
Restroom flooring replaced

Introduction of free Wi-Fi for indoor use

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

9.9%
9 cases
5.5%
14.3%
4.4% 5 cases
13 cases
4 cases
36.3%
33 cases

Changes from the 1st FP
to the 10th FP

10th FP

9th FP

(%)
100.0

17.0%
30 cases
5.1%
11.4%
20 cases 9 cases
5.7%
10 cases

53.8%

49 cases
Increase
36.3% 49/91
39.6%
33 cases
cases 36 cases

80.0
43.2%
76 cases

60.0

26.8

22.0

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

Increase
76/176
cases

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

Copyright © Marimo Asset Management Co., Ltd.

39.8%
70 cases
39.8%
70 cases

40.0
38.1%
67 cases

20.0

71.4

79.6

51.2

57.3 61.8

64.9

4th
FP

6th
FP

56.6

47.2 53.8 43.2

7th
FP

8th
FP

0.0
1st
FP

2nd
FP

3rd
FP

Increase

5thFP

No change

9th 10th
FP FP

Decrease

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 15

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

2nd FP
98.6%

3rd FP
98.7%

4th FP
98.4%

5th FP
98.4%

6th FP
98.6%

7th FP
99.1%

8th FP
98.5%

9th FP
97.7%

10th FP
97.5%
Hotel: 100%
Office: 100%
Retail facilities:
98.6%
Entire portfolio:
98.0%
Residential
properties :
96.1%

100%

95%

90%

～
～
085%
%

Jun. 2019年 2019年 2019年
Jun.
Aug. 2016年 2016年
Dec. 2018年 2018年 2018年
Dec. 2019年 2019年 2019年
Dec. 2020年 2020年 2020年
Jun. 2020年 2020年 2020年
Jun. 2018年 2018年 2018年
Dec. 2017年 2017年 2017年
Dec. 2021年 2021年 2021年
Jun. 2017年 2017年 2017年
2016年
2019
2016
2020
2018
8月
10月 12月
4月 20176月
8月
10月 2017
12月
2月
4月
6月
8月
10月 2018
12月
2月
4月
6月
8月
10月 2019
12月
2月
4月
6月
8月
10月 2020
12月
2月
4月 20216月
2016 2月

1st FP
Occupancy
rate (Note)(%)

2nd FP2016

3rd FP

4th FP2017

5th FP

6th FP

2018

7th FP

8th FP

2019

9th FP

10th FP

2020

2021

End of
End of Dec. End of Jun. End of Dec. End of Jun. End of Dec. End of Jun. End of Dec. End of Jun. End of Dec.
Jan.

End ofFeb.

End ofMar.

End ofApr.

End ofMay

End ofJun.

Residential
properties

96.9

96.6

97.2

94.9

93.9

98.8

97.2

94.5

92.8

93.7

94.6

97.1

96.3

94.6

96.1

Retailfacilities

100

100

100

99.7

100

98.8

99.5

99.9

98.6

98.6

98.6

97.8

97.8

97.8

98.6

Hotels

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

Offices

100

100

100

100

100

100

100

92.0

93.1

97.1

97.1

97.1

100

100

10

Entire portfolio

98.6

98.4

98.7

98.3

98.1

98.9

98.8

98.1

96.9

97.2

97.5

97.6

97.5

97.0

98.0

(Note) For 1st to 9th FPs, occupancy rates at the end of the fiscal period are indicated; and for 10th FP, those at the end of the month are indicated.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 16

Financial Status (period ended June 2021)(million yen, rounded down to nearest specified unit)
Balance ofborrowings at
end of 9th FP

Lender

10th FP
BorrowingamountBalance of
10th FP
borrowings Floating
RepaymentInterest rate
at end of ・ Fixedamount10th FP

Syndicate of lenders
arranged by Sumitomo
Mitsui Banking

3,500

・Sumitomo Mitsui Banking

1,372

－

15

・The Hiroshima Bank

4,840

－

4,840

0 Floating

3M TIBOR+ 0.6%

・ Sumitomo Mitsui Trust
Bank

2,015

－

－

2,015 Floating

3M TIBOR+ 0.6%

2,015

－

－

2,015 Floating

3M TIBOR+ 0.8%

2,140

－

－

2,140 Floating

3M TIBOR+ 0.6%

－

2,420

－

2,420 Floating

－

2,420

－

2,420 Floating

・The Bank of Fukuoka
・San ju San Bank (Note)・Shinsei Bank

－

－

3,500

Borrowingdate

0.86669%
Fixed

・Aozora Bank・Resona Bank・The Higo Bank

1,357

Aug. 1,2016

3M TIBOR+ 0.6%

Jan. 21,2020
Feb. 1,2021

3M TIBOR+ 0.7%

Feb. 1,2021

Feb. 3,2025

Feb. 26,2021

Feb. 28,2022

Jan. 23,2018
Aug. 1,
2019

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

Aug. 2,2021

Aug. 1,2023
Feb. 1,2021
Aug. 1,
2022
Aug. 1,2024
Jan. 21,2023
Feb. 1,2024

1.09908%

47.5%

46.5%
End End End End End End End End End Endof of of of of of of of of of
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
FP FP FP FP FP FP FP FP FP FP
Unsecured
Unguaranteed

・The Chugoku Bank－300

15,882

5,140

・Sumitomo Mitsui Banking

Total

－

300 Floating

4,855 16,167

1M TIBOR+ 0.2%

LTV to Total Assets

Maturity date Remarks*

Average Interest Rate

0.78%
Long-term Debt Ratio

100.0%(Note) San ju San Bank, Ltd. conducted an absorption-type merger on May 1, 2021, with The Daisan Bank, Ltd. as the surviving company and The Mie Bank, Ltd. as the extinguished company,
and the trade name was changed to San ju San Bank, Ltd. as of the same date. The same applies hereafter.

Diversification Status of Lenders
5.0%

3.5%

3.1%

Refinancing Conducted in the 11th FP (conducted on August 2, 2021)

Sumitomo Mitsui Banking

1.9%

The Hiroshima Bank

22.8%

Sumitomo Mitsui TrustBankSan ju San Bank

5.6%

Shinsei Bank

8.5%

Long-term loans
3,500 million yen(Borrowing period: 5 years)

Long-term
loans
3,800 millionyenLong-term loans
300 million yen(Borrowing
period: 5 years)

The Bank of Fukuoka
Aozora Bank

9.2%

Resona Bank

20.2%
9.7%

The Higo BankThe Chugoku Bank

10.7%

New

(Borrowing period: 1 year)

Borrowing date: August 2, 2021
Floating or fixed: Fixed
Interest rate：0.86186%
Collateral: Unsecured/Unguaranteed

The Nishi-Nippon City Bank
participated
Enhancement of the lenderformation

The Nishi-Nippon City
Bank

(Note) The above graph shows the distribution status on August 2, 2021.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 17

IR Activities
IR Activities in the 10th Fiscal Period (Jan. to Jun. 2021)
 Focused on IR activities for foreign institutional investors.
 Due to the influence of COVID-19 pandemic, we refrained from holding briefing sessions forindividual investors.

IR for foreign institutional investors

Inflow of funds from overseas institutional investors

Foreign institutional investors turned attention to regional real estate as
well.

Inflow of funds into J-REITs from foreign institutional investors continued(1) Responding to foreign institutional investors individually(mainly conference calls)(Unit: 100 million yen)

200,000
150,000

8th FP

9th FP

10th FP

100,000

Hong Kong

4 companies

2 companies

4 companies

50,000Singapore

3 companies

1 company

1 company

Australia

0

1 company

0

Taiwan0

4 companies

3 companies

7 companies

8 companies

8 companies

Total

2001/1/1
2002/1/1
2003/1/1
2004/1/1
2005/1/1
2006/1/1
2007/1/1
2008/1/1
2009/1/1
2010/1/1
2011/1/1
2012/1/1
2013/1/1
2014/1/1
2015/1/1
2016/1/1
2017/1/1
2018/1/1
2019/1/1
2020/1/1
2021/1/1-

Individual

Domestic financial institutions

Other

Foreign companies, etc.

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

IR for Japanese institutional investors

Overseas institutional investors’ investment unit ownership ratio increased
7.0%

Conducted domestic IR activities mostly online.
(1) 9th Fiscal Period Financial Results
Briefing (video distribution)

3.6%

5.0%
4.0%

5.3%

5.0% 4.8%

6.0%

2.1% 2.0% 1.5%

2.9%

3.5%

3.4%

3.0%

February 18

2.0%
1.0%

0.4%

0.5%

0.6%

1st FP

2nd FP

3rd FP

0.6%

0.6%

0.6%

0.7%

0.5%

0.5%

0.7%

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

10th FP

0.0%(2) Responding to institutional investors
individually (conference calls, etc.)

After February

Ratio of unitholders by number
Ratio of investment units by number

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 18

03

Expansion ofAsset Size

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 19

Sponsor Pipeline
Property developed by theProperty developed by the sponsor
sponsor
Location: Kobe City, Hyogo
Location:
Osaka (student
City, Osaka
Main
type: Residential
dormitory)
Numberof units:
177 units
Main type:
Residential
Completion:
undecided
Number ofunits: 81 units(1K/1DK)
Completion: Sep. 2022
(Scheduled)

Property developed by the sponsor
Location: Kobe City, Hyogo
Main type: Residential (student dormitory)
Number of units: 106 units
Completion: Jan. 2022 (Scheduled)

Development by Marimo, the sponsor
Sequentially developed residences (student
dormitories), commercial facilities, nationwide
hotels, offices, etc. nationwide and added 10 properties

Addition
Property developed by the sponsor
Location: Sendai City, Miyagi
Main type: OfficeSections: 17
Completion: Dec. 2022 (Scheduled)

Addition

Addition

Addition

Property developed by the sponsor
Location: Ikeda City, Osaka
Main type: Residential (student dormitory)
Number of units: 77 units
Completion: Feb. 2022 (Scheduled)

Property developed by the sponsor
Location: Hirosaki City, Aomori
Main type: Residential (student dormitory)
Number of units: 100 units
Completion: Jan. 2023 (Scheduled)

Property developed by the sponsor
Location: Sendai City, Miyagi
Main type: Residential (student dormitory)
Number of units: 74 units
Completion: Jan. 2023 (Scheduled)

Property under sponsor’s urban
redevelopment projects
Location: Himeji City, Hyogo
Main type: Retail (sectional)
Sections: 9Completion: Jan. 2019

Property developed by the sponsor
Location: Takasaki City, Gunma
Main type: Residential
Number of units: 54 units (1LDK)
Completion: Jun. 2020

Addition

Addition

Property developed by the sponsor
Location: Fukuoka City, Fukuoka
Main type: Residential
Number of units: 48 units (1LDK)
Completion: Feb. 2023 (Scheduled)

Property developed by the sponsor
Location: Nagano City, Nagano
Main type: Hotel
Number of rooms: 117
Completion: Aug. 2020

Addition

Property developed by the sponsor
Location: Takayama City, Gifu
Main type: Hotel
Number of rooms: 139
Completion: Dec. 2020

Property developed by the sponsor
Location: Fukuoka City, Fukuoka
Main type: Residential
Number of units: 70 units (1LDK)
Completion: Mar. 2023 (Scheduled)

Property developed by the sponsor
Location: Kumamoto City, Kumamoto
Main type: Residential
Number of units: 48 units (1LDK)
Completion: Aug. 2021 (Scheduled)

Addition

Addition

Property developed by the sponsor
Location: Osaka City, Osaka
Main type: Residential
Number of units: 112 units (1R)
Completion: Feb. 2025 (Scheduled)

Property developed by the sponsor
Location: Ibaraki City, Osaka
Main type: Residential (student dormitory)
Number of units: 144 units
Completion: Jan. 2023 (Scheduled)

Addition

Property under sponsor’s urban
redevelopment projects
Location: Nagahama City, Shiga
Main type: Retail (sectional)
Sections: 8Completion: Mar. 2021

(Note) As to the properties developed by the sponsor, there are no plans for marimo REIT to acquire them as of the date of this document and there is no guarantee that it can acquirethem in the future.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 20

Steady Expansion of Asset Size
Acquired ArtizA Sengen-cho, expanding the asset size steadily to 30.45 billion yen
Growth strategy of marimo REIT

(Unit: million yen)

 Efforts to replace assets aiming to improve portfolio quality and reduce
the risk of earnings fluctuations
 Expansion of property purchases through original channels while having
the sponsor support as the base
 Raising the investment ratio for residential properties, which are stable
Acquired 1
property
assets, in light of the COVID-19 crisis

Acquired 1
property
Acquired 6
properties

50,000Sold 1 property

Acquired 7
properties

ArtizA Sengen-cho

ArtizA
Tsurumai, etc.

29,95529,955495

Seven-Eleven Six properties
Kofu Aioi
acquired through1-chome Storesecond(land ownershipinterests)
public offering

Floor expansion MRR Kumamoto, etc.
at 1 property

24,52530,450Aiming tofurther
expand theasset size

ArtizA Higashi-Shimada

24,525Acquired 1
property

25,22525,005

700

-220

4,950

Seven propertiesMRR Omuta acquired through
floor
first
expansion

public offering

7,700

ArtizA Higashi-Betsuin

16,17016,810640

16,82515

1st FP

2nd FP

3rd FP

4th FP

5th FP

6th FP

7th FP

8th FP

9th FP

10th FP

Dec.2016

Jun.2017

Dec. 2017

Jun.2018

Dec.2018

Jun.2019

Dec.2019

Jun.2020

Dec.2020

Jun.2021

Copyright © Marimo Asset Management Co., Ltd.

Medium- tolong-term
targetmarimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 21

Portfolio Map (10th Fiscal Period)
Investment Ratio by Type(based on acquisition price)
Offices
6.6%
Hotels2.4%

Residential
46.1%

Investment Ratio by Region(based on acquisition price)
Tokyo metropolitan
area 17.4%
Koshinetsu /Hokuriku/Kanto(excluding Tokyo
metropolitan area)

2.1%

Residential
properties
Retail facilities

Kinki
5.5%

91.0%

Portfolio PML Value: 1.2%

Ratio ofregional
areas(Simple average across all J-REITs: 2.9%)

82.6%

Chugoku /Shikoku
12.8%

Retailfacilities
44.9%

Kyushu /Okinawa
32.8%

Aim to create a diversified
nationwide portfolio to reducerisk from disasters

Hokkaido /Tohoku 14.9%

Tokai 14.5%

All retail facilities and hotels have fixed-rent leaseagreements
Composition Ratio of Typesof Lease Agreements(based on rent)

Average Remaining
Lease Period(based on rent) (*)
20 years or
more
5.7%
15 years toless than 20
years
17.5%

Less than
5 years
33.0%

Fixed-term
land lease
18.1%

Normal lease
30.4%

Average
Remaining
Lease Period

Fixed-termbuilding lease
Land lease ratio

8.5
years

Rp-12

:Residential:Retail facilities:Offices:Hotels

69.6%
5 years toless than
10 years
43.8%

Fixed-termbuilding
lease
51.6%

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

Copyright © Marimo Asset Management Co., Ltd.

* The "property number" on the Japanese map is a number for each property by combining theclassifications 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 26 and27. Regarding the "investment target," R stands for residence, C stands for commercial facility,
H stands for hotel, O stands for office, p stands for region, and t stands for Tokyo area.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 22

Photos of Properties (10th Fiscal Period)
Residential properties (16 properties)
ArtizA Sendai Kakyoin

ArtizA Kamimaezu

ArtizA Hakata PREMIER

ArtizA Hakataeki-Minami

ArtizA Higashi-Betsuin

ArtizA Chiyoda

ArtizA Higashi-Shimada

ArtizA Ikejiri

ArtizA Tsuzuki Chuo Koen

ArtizA Kawasaki EAST

ArtizA Sobudai

ArtizA Kamimaezu II

ArtizA Tsurumai

ArtizA Awajieki-higashi

ArtizA Matsumoto

ArtizA Sengen-cho

Retail facilities (13 properties)
MRR Omuta

Tarumiekimae Gold Building

Hotels (1 property)
Foodaly Aoba Store

Yamada Denki Tecc Land
Togitsu Store

Yamada Denki Tecc Land
Mihara StoreMRR Kumamoto

MRR Akita II

Route-Inn Ichinomiya Ekimae

Offices (2 properties)

MRR Sasebo

MRR Itoshima

Copyright © Marimo Asset Management Co., Ltd.

MRR Akita

MRR Ichihara (land ownershipinterests)

MRR Delta Building

K’s Denki Kitamoto Store (landownership interests)

PLEAST Hakata Gion Bldg.

Supercenter TRIAL Togitsu Store(land ownership interests)

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 23

Portfolio List (1) (10th Fiscal Period)
Terminal
capitalization
rate

Appraisal
NOI
yield

3,790

5.1%

375

538

1,060

955

Fukuoka City, Fukuoka

500

ArtizA Higashi-Betsuin

Nagoya City, Aichi

Rp-06

ArtizA Kamimaezu II

Rp-07

Property No.

Acquisition Book value at end
Appraisal value
price
of fiscal period(million yen)(million yen) (million yen)(Note 1)

Property nameLocation

Rp-01

ArtizA Sendai Kakyoin

Sendai City, Miyagi

2,730

2,536

Rp-02

ArtizA Kamimaezu

Nagoya City, Aichi

400

Rp-03

ArtizA Hakata PREMIER

Fukuoka City, Fukuoka

Rp-04

ArtizA Hakataeki-Minami

Rp-05

Constructed Occupancy rate
(Note 2)

(Note 3)

7.5%

Jan. 2009

94.7%

4.9%

6.9%

Mar. 2014

97.7%

1,270

5.1%

6.7%

Feb. 2006

98.3%

459

580

5.0%

6.4%

Jun. 2006

100%

640

612

688

4.8%

5.1%

Feb. 2016

100%

Nagoya City, Aichi

720

704

786

4.9%

5.3%

Feb. 2016

94.1%

ArtizA Chiyoda

Nagoya City, Aichi

980

952

1,130

4.6%

5.3%

Sep. 2017

94.9%

Rp-08

ArtizA Higashi-Shimada

Okayama City, Okayama

700

688

731

5.2%

5.4%

Dec. 2016

98.1%

Rp-09

ArtizA Tsurumai

Nagoya City, Aichi

430

437

470

4.5%

4.9%

Feb. 2019

96.7%

Rp-10

ArtizA Awajieki-higashi

Osaka City, Osaka

1,180

1,195

1,300

4.6%

5.0%

Oct. 2019

100%

Rp-11

ArtizA Matsumoto

Matsumoto City, Nagano

640

656

649

5.9%

6.8%

Mar. 1998

86.6%

Rp-12

ArtizA Sengen-cho

Nagoya City, Aichi

495

529

518

4.9%

5.0%

Feb. 2020

100%

Rt-01

ArtizA Ikejiri

Setagaya-ku, Tokyo

610

599

744

3.9%

4.7%

Mar. 2014

100%

Rt-02

ArtizA Tsuzuki Chuo Koen

Yokohama City, Kanagawa

1,050

1,070

1,240

4.9%

6.0%

Apr. 1989

93.6%

Rt-03

ArtizA Kawasaki East

Kawasaki City, Kanagawa

780

754

1,000

5.1%

6.9%

Mar. 1998

100.0%

Rt-04

ArtizA Sobudai

Zama City, Kanagawa

1,130

1,151

1,420

5.1%

6.8%

Feb. 1993

96.5%

Residential(Note 1): “Book value at end of fiscal period” refers to the book value as of June 30, 2021. The same applies hereafter.
(Note 2): “Constructed” refers to the date of new construction of the main building as recorded on the registry. The same applies hereafter.
(Note 3): “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, 2021, by the building’s (or in the case of land ownership interests, theland’s) leasable area determined by marimo REIT, which is then rounded to the first decimal place. The same applies hereafter.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 24

Portfolio List (2) (10th Fiscal Period)
Property No.

Retailfacilities

HotelsProperty nameLocation

Cp-01

MRR Omuta

Omuta City,
Fukuoka

Cp-02

Tarumiekimae Gold Building

Cp-03

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

Terminal
capitalization
rate

Appraisal NOI
yield

ConstructedOccupancy
rate

1,265

1,167

963

6.3%

5.2%

Mar. 2005 (Note 1)

84.7%

Kobe City, Hyogo

500

462

552

5.9%

6.7%

Jun. 2008

100%

Foodaly Aoba StoreMiyazaki City,
Miyazaki

250

217

425

6.3%

10.5%

Apr. 2009

100%

Cp-04

Yamada Denki Tecc Land MiharaStore

Mihara City,
Hiroshima

2,000

1,837

2,920

6.3%

9.0%

Sep. 2008

100%

Cp-05

Yamada Denki Tecc Land Togitsu Nishi-Sonogi
Store
County, Nagasaki

950

900

1,170

6.4%

8.2%

May 1981

100%

Cp-07

MRR Kumamoto

Kumamoto City,
Kumamoto

2,120

2,126

2,500

5.9%

7.2%

①Oct. 2008
(Note 2)
②Jan. 1986

95.7%

Cp-08

MRR Sasebo

Sasebo City,
Nagasaki

990

972

1,300

5.8%

7.7%

Apr. 2008

100%

Cp-09

MRR Itoshima

Itoshima City,
Fukuoka

900

902

976

5.4%

5.9%

Jul. 2008

100%

Cp-10

MRR Akita

Akita City, Akita

840

852

891

7.0%

6.8%

Apr. 1994

100%

Cp-11

Supercenter TRIAL Togitsu Store(land ownership interests)

Nishi-Sonogi
County, Nagasaki

1,150

1,170

1,230

5.0%

5.2%

-

100%

Cp-12

MRR Akita II

Akita City, Akita

970

974

1,020

6.8%

7.3%

①Mar. 2004
② Apr. 1985 (Note 2)

100%

Ct-01

MRR Ichihara (land ownershipinterests)

Ichihara City,
Chiba

700

717

1,220

-

5.0%

-

100%

Ct-02

K’s Denki Kitamoto Store (landownership interests)

Kitamoto City,
Saitama

1,030

1,047

1,130

4.5%

4.9%

-

100%

Hp-01

Route-Inn Ichinomiya Ekimae

Ichinomiya City,
Aichi

740

650

765

6.1%

7.0%

May 2008

100%

Op-01

MRR Delta Building

Hiroshima City,
Hiroshima

1,200

1,114

1,290

5.4%

6.7%

Nov. 2002

100%

Op-02

PLEAST Hakata Gion Bldg.

Fukuoka City,
Fukuoka

800

744

1,300

4.7%

8.0%

Aug. 2008

100%

30,45029,53836,506

-

6.6%

-

98.0%

OfficesTotal

32 properties(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. 10th FP (Ended June 30, 2021) Presentation Material l 25

04

Appendix

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 26

ESG Initiatives (1)Carrying out social contribution activities through property management

Environment

Social■Initiatives to reduce environmental burden■ Initiatives for social contribution activities

In addition to promoting the efficient use of energy in ourowned assets by adopting LED lighting, reducing energy
consumption through replacement of air-conditioners andinstalling electronic breakers, the Group is endeavoring to
reduce CO2 emissions through energy conservation.

LED lighting installation(Installed at 11 properties)

Installed electronic breaker(Installed at 7 properties)

We are striving to contribute to society by improving the convenience of social life byintroducing bicycle- or car-sharing schemes, and by installing AEDs and supporting
life-saving activities through providing medical equipment.

Bicycle sharing installation(MRR Delta, etc.)

Car sharing installation(ArtizA Hakataeki-Minami)

AED installation(MRR Kumamoto, etc.)

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

■Sponsors’ same-boat investments
Same-boat investments are conducted in order to share the profits between marimo REIT’s unitholders and Marimo Group.
・ Marimo Co., Ltd. holds 16,031 investment units of marimo REIT (ratio: 10.5%). (as of June 30, 2021)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 27

ESG Initiatives (2)Initiatives of Marimo Asset Management Co., Ltd.
■ Infection prevention measures■Education and training of human resources

Marimo Asset Management Co., Ltd. has implemented the following
measures to prevent the COVID-19 infection.

■Qualification acquisition support program

•
•
•
•
•
•
•
•

Implementation of telework and staggered work hours according to
the details of the state of emergency
Having interviews and meetings online (Introduction of Office 365)
Mask wearing in offices and frequent ventilation
Measuring body temperatures and placing hand sanitizers
Limiting business trips and business dining, etc.
Prohibiting employees with fevers, etc. from reporting to the officeInstallation of acrylic boards in the conference rooms
Workplace vaccinations (COVID-19 vaccine)■ Welfare system
Marimo Asset Management Co., Ltd. has established the following
welfare programs in an effort to improve employee satisfaction.
•
•
•
•
•
•
•
•
•

Childbirth, childcare, nursing care leave system
Congratulatory of condolence payment system
Reemployment system for the elderly
Refresh leave system
Special leave system
Shortened working hours system for childcare and nursing careChild-rearing allowance system
Health examination cost subsidy system
Qualification acquisition support program

Copyright © Marimo Asset Management Co., Ltd.

The Marimo Group has established a qualification acquisition support
program and is working to improve the skills of employees and maintain andimprove their expertise.
● Target qualifications
Real estate transaction agent, ARES certified master, real estate consulting
master, first-class architect, first-class construction management engineer,etc.

● Support content
Cost burden and adjustment of work attendance for test dates●Qualification holders (16 members of Marimo Asset Management Co., Ltd.)• Real estate transaction agent: 10 people• ARES certified master: 6 people• Real estate consulting master: 3 people• Licensed representative of condominium management company: 3
people■Human resources development training
The following training is implemented for full-time officers andemployees.
・ Monthly: Report cases of leakage of personal information,
Investment Trust Act, etc.
・ As needed: Training by lawyer (twice a year), personal information
protection training by outside experts, etc.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 28

Basic Principle of marimo REIT
Basic principle = “Strengthen Japan from regional areas”
Regional revitalization
marimo REIT’s idea on regional revitalization is to create regional societies where nationwide people can live their unique
lifestyle pleasantly while having hope for their region’s future by reducing the “monocentric concentration in Tokyo.”Creation of employment

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

Real estate development
Urban redevelopment
Know-how(Note 2)

(Note 1) The Michinoku Bank, The Chugoku Bank, The Hiroshima Bank and The Ashikaga Bank are to provide property information voluntarily at their own discretion.
(Note 2) The Mie Bank, Ltd. merged with The Daisan Bank, Ltd. on May 1, 2021 and changed its trade name to San ju San Bank, Ltd.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 29

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

Company name
Headquarters
address
Established

History of Marimo

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

September
1970
October 1990

Japan, China

Global operation

January 2009

Sales (nonconsolidated)
Business
description(Including businessdescription of subsidiaries)■ Domestic for-sale condominium
business
Miyazaki City,
Miyazaki54.4 billion yen (as of July 31, 2020)

August 2009

Planning, development, designing, supervising andsales business of for-sale residential properties, realestate securitization business, environmental hygiene
business, and sales of overseas for-salecondominiums

April 2010

■ Urban redevelopment business
Kumamoto City,
Kumamoto●The Kumamoto Gardens● Polestar Miyazaki The
Residence
By continuing to enter even into
regional cities where othercompanies do not advance intoand providing high-quality
residences, contribute torealization of living in downtown
and compact city.

China

First project developed in
Suzhou Industrial Park (853units)

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

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

Joined “Keyaki Avenue First-class Urban
Redevelopment Project” (Wakayama City) as thefirst urban redevelopment project
Launched income property direction business on afull scale
Launched domestic for-rent condominium
business

August 2015

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

October 2015

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

July 2016

Listing of marimo Regional Revitalization REIT,
Inc.

● Ebisu-Nishi Itchome
Building

November
2016

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

Improved sustainability ofprofit by conducting
leasing in addition torenovation of retailstores, residences andoffices.

May 2017

Began sales of 532 units out of 1,260 units in 18
buildings at “Shangya Yuan” in the 1st FP in China(All units were sold out in the same month)January 2018

marimo Regional Revitalization REIT, Inc.
conducted 1st public offering

January 2020

marimo Regional Revitalization REIT, Inc.
concluded 2nd public offering

Shibuya-ku,
Tokyo

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

Established a local entity in Shanghai, China

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

●Polestar Garden

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

March 2014

Completed construction of “Grandeur Tosu,” thefirst for-sale condominium
Started the Condominium Restoration Project(purchase and resale)

June 2015■Income property
direction business■ Overseas business

January 2014

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

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 30

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

Provide property information

Warehousing function

CM support
PM operations

Financialadvisory andassistance

Leasing support
Support for regeneration of owned
assetsFixed rent-type ML
Same-boat investment
Support for securing personnel

Licensing of trademark
SponsorSupporting companies

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 31

Investment Strategies for Post-COVID-19
Strategically invest by taking advantage of the characteristics of the diversified REIT while based on
properties developed by the sponsor
Pre-COVID-19(Investment criteria)•
Residential
properties•
Retailfacilities

Offices

Invest in properties that are expected to have relatively
stable leasing demand and rent level and also canmaintain competitiveness in comparison with neighboring
competitive properties

Proactively consider those developed by sponsor andthose acquired from external parties as stable assets

Invest in properties in locations rated highly based on tradearea analysis, properties with promising management
stability and asset value, and properties that have major
tenants closely related to daily living in the region and
expected to have stable purchase demand, by considering
the location conditions, visibility, competition status in thesurroundings and other factors

While the number of players investing in retail facilities
is declining nationwide, pay attention to tenants withflexible price and stable sales, and aggressively
consider them•

Invest in properties in locations where accommodation
demand can be expected, such as in front of stations,airports, tourist destinations, business districts, downtown
areas, and near transportation hubs such as terminal
stations•

Invest in properties located within a 5-minute walk from thenearest station or located in business districts
Invest in properties with a certain degree of liquidity andhave a high degree of corporate concentration and strong
demand from tenantsHotels•Post-COVID-19

Copyright © Marimo Asset Management Co., Ltd.

Adopt a negative attitude in considering hotels while
paying close attention to the operating status andsupply/demand trends in the area

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

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 32

Change of Investment Policy(addition of logistics facilities)

Add logistics facilities to the target assets for investment(Due to be submitted to the 4th General Meeting of Unitholders
scheduled for September 28, 2021)

Contributing to portfolio stability by investing in logistics facilities
Affinity for regional areas

There are many logistics facilities in locations that have been evaluated as logistics bases even inregional areas where the sponsor has developed many properties.

Expansion of opportunities
for acquisition

Expansion of property acquisition opportunities as the target for investment expands

Operational stability

Investment Ratio
by Type

Point

Properties that are evaluated as logistics locations are evaluated as stable assets that are expected toretain tenants.

Residential properties and retail facilities

Hotels, offices, logistics facilities, parking lots

70% or more

30% or less

Location

Building

Tenants

Type

Invest in properties in locations
evaluated as distribution bases(proximity and accessibility toconsumption and production areas,
commuting convenience, etc.)

Invest in a building with standard
specifications (floor load, ceilingheight, column spacing, airconditioning and lighting equipment,etc.) that can be expected to haveoperational stability and asset
properties by taking into
consideration location conditions,surrounding competition, etc.

For major tenants, invest inproperties that are expected togenerate stable profits and retain
tenants by taking into consideration
the leasing situation, rent levels,
contract type, etc.

Invest in BTS type (built-to-suit type),
multi-tenant type, last one mile typeproperties(Note) This page describes the investment ratio, etc. when the proposal for partial amendment of the rules is approved at the general meeting of unitholders scheduled for September
28, 2021. If the bill is not approved, logistics facilities will not be added to the target assets for investment.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 33

Overview of marimo REIT

- Portfolio Building Policy Type

Investment
ratio

70% ormore

Investment area classification

Regional
area

Cities with, inprinciple, populationsof 200,000 people or【Regional
more other than thosecities】
in the Tokyo
metropolitan area

Retailfacilities

Hotels

●

●

●

●

●

Offices

Logistics(Note 2)●

Parking
properties

●

●

●

●

(Note 1)[Otherregions]Tokyo
30% or less metropolitan
area

Residential
properties

Nationwide regions
other than regional
cities and Tokyo
metropolitan area

Tokyo, Kanagawa, Chiba andSaitama prefectures

●

●

●

Minimum investment amount(based on acquisition price per property)

300 million 200 million 300 million 500 million 300 million 200 million
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) This page describes the portfolio building policy when the proposal for partial amendment of the rules is approved at the general meeting of unitholders scheduled for September
28, 2021. If the bill is not approved, logistics facilities will not be added to the target assets for investment.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 34

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

■marimo REIT decides whether it will execute dividends in excess of earnings and the amount for therespective fiscal period after verifying the following (1) and (2)Verification (2): Amount of dividends in excess of earnings
30% of depreciation or less and 75% of payout ratio* or less

Verification (1): Whether execute or not(Execute when the following conditions are met)
(The figure is the actual amount of the 10th FP)(The figure is the actual amount of the 10th FP)
Results of the 10th FP* Total amount of dividends(including dividends in excess of earnings)＝75.0%Net income + depreciation(Unit: million yen)

(Unit: million yen)

Real estate appraisal
value at end of FP
36,506

Total planned
amount of capital
expenditure for the
next term
262

Total book valueof real estate, etc.
29,538Depreciation247
30% or less

Net income
480

Retained earnings 152

61.6%

Capital expenditures 29

12.1%

Dividends in excessof earnings 65

Dividends ofearnings
480

26.3%
Distribution(Note) The above figures are as of the end of the 10th FP and do not indicate the ratio of distribution to net income or depreciation, or the ratio of dividends in excess of earnings. Dividends inexcess 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. 10th FP (Ended June 30, 2021) Presentation Material l 35

B-to-C EC Market Size in Japan
Scale of B-to-C EC (Note 1) Market and Composition Ratio of
Each Business Sector
2018
A. Retail sector
B. Service-related sector
C. Digital-related sector

20199,299.2 billion yen(EC ratio 6.22% )6,647.1 billion yen
2,038.2 billion yen

10,051.5 billion yen(EC ratio 6.76% )7,167.2 billion yen
2,142.2 billion yen

Growthrate

Changes in Scale of B-to-C EC Market and EC Ratio(Note 2)
*EC ratio is for the retail sector
200,000

8.09%
7.82%
5.11%

17,984.5 billion yen

19,360.9 billion yen

7.65%

(1)

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

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

Cosmetics, pharmaceutical products(5)

Sundries, furniture, interior(6)

Clothing, accessories, etc.

(7)

Automobiles, motorcycles, auto parts, etc.

(8)

Office products/stationery

(9)

Other

(1)

Travel service(2)

Food service(3)

Ticket sale

(4)

Financial service(5)

Beauty service

(6)

6

5.43

160,000
140,000

4.37

193,609

4.75

5

3.85

120,000

2.84 3.17

4

3.40

3

80,00060,000 77,880
127,970
151,358
179,845
95,130165,054
137,746
111,660
40,00084,590

A. Retail sector

B. Service-related sector

7

6.22
5.79

180,000

100,000

Total

6.76 (%)(100 million yen)2
1

20,000
0

0
2010

2011

2012

2013

2014

2015

Scale of EC market(100 million yen)

2016

2017

2018

2019

EC Ratio (%)(Note 2) EC ratio indicates the ratio of e-commerce market size against the transaction amount of
all types of commerce (commerce market size).
Source: Information Economy Division, Commerce and Information Policy Bureau, Ministry of
Economy, Trade and Industry "FY2019 Global Economy Survey for Formulating an
Integrated Domestic and External Economic Growth Strategy (E-Commerce Market
Survey)”C. Digital-related sector

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

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

Fee-based music streaming(3)

Fee-based video streaming(4)

Online games

(5)

Other

The scale of the B-to-C EC market is on an expanding trend,
but the EC ratio in 2019 for the retail sector is 6.76%(Note 1) Business to consumer e-commerce is abbreviated as “B-to-C EC.”
Source: Information Economy Division, Commerce and Information Policy Bureau, Ministry of Economy, Trade and Industry "FY2019 Global Economy Survey
for Formulating an Integrated Domestic and External Economic Growth Strategy (E-Commerce Market Survey)"

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 36

Residential Properties and Retail Facilities

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

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

(%)

(%)

5

100

4.5

95

4

90

3.5

85

3

80

2.5
2

75

1.5

70

1

～

65

0.5

60

0

Residential properties

Retail facilities

Offices

Hotels
Offices

Source: Prepared by the asset manager based on the Bank of Japan’s ”Corporate Service
Index" and the Statistics Bureau, Ministry of Internal Affairs and Communications’"Consumer Price Index (from 2000 to 2020)."

Retail facilities

HotelsResidential properties

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

Change in Sales in the Retail Industry Overall and in Daily Necessities

Change in Annual Sales of Various Retailers(trillion yen)(%)(trillion yen)

50

148

45

146

40

144

35

142

30

140

Supermarket

25

138

Hardwarestores

20

136

15

134

100

10

132

90

5

130

Convenience
storesDrug stores

150
140
130
120
110

0

80

128
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

70

Department
stores60～
50

Retail industry total (right axis)
Textiles, apparel and personal effects

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Source: Prepared by the asset manager based on data from the Ministry of Economy, Trade and Industry’s "Current
Survey of Commerce" and Japan DIY Industry Association and Japan Association of Chain Drug Stores’"FY2019 Japan Drug Store Survey (2010 = 100)."

Copyright © Marimo Asset Management Co., Ltd.

Food and beverage
Source: Prepared by the asset manager based on the Ministry of Economy, Trade and Industry’s"Current Survey of Commerce" and "Commercial Sales Value by Type of Business andComparison with Previous Year (fiscal year, period and month)."marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 37

Offices

Vacancy Rate and Contracted Rents
Rents peaked in major cities with vacancy rates on the rise
Sapporo City
Vacancy rate
(Unit: yen)6

16,00014,54013,97013,68013,36014,0003.3
2.3

2

12,0001.1

10.70.50.90.80.9

0.3

0.4

0.70.812,09011,520(Unit: yen)
13,0005.1

10,89011,0803.9
411,0003.23.33.0

2.83.02.8

3.2

3.2
10,000

2.1

7,000

～
～
6,000

0

Fukuoka City
Vacancy rate
(Unit: yen)6

17,0005

Nagoya City

4.7

16,46016,450 16,260
15,85016,00015,19014,48015,0004

Vacancy rate

Assumed contracted rents(Unit: %)3.2

13,59014,000

2.4
2.1

2
1
0

1.2
1.0
0.6 0.4 0.5 0.6 0.4
0.2

2.2

13,00012,000

11,250 12,270
10,920 11,640

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

15,0005
4

4.44.2

14,25013,70014,30014,15012,90014,00012,45013,25011,950 12,100
12,70013,00012,30012,05011,8504.13.912,000

3.4

11,00010,000

1.8
2
1

9,000

～
～

5.2

3

10,0008,000

Assumed contracted rents(Unit: %)12,9403

11,420

8,000

1

～
～
9,000

10,670
10,250
10,5409,920
10,44010,0609,740

11,92011,60011,870 11,890

9,000

1.81.92

11,000 10,650

10,89012,000

5

3

10,0000

6

12,59013,0003

Assumed contracted rents(Unit: %)15,19015,17015,16015,0005

3.7

Vacancy rate

Assumed contracted rents(Unit: %)4

Hiroshima City

1.9
1.21.01.0

1.4
0.6

9,000
8,000
7,000
6,000

0

～
～

5,000

Source: Prepared by the asset manager based on “Japan Office Market View” of CBRE, K.K. (Cited grade B data for assumed contracted rents for Nagoya City)

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 38

Hotels

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

90.0%

Spread of COVID-19
80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May.
2018 2018 2018 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2010 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021

Total

RyokanResort hotels

Business hotels

City hotels

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

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 39

Balance of Individual Properties (1) (10th Fiscal Period)
Investment area

Regional area

Property No.

Rp-01

Rp-02

Rp-03

Rp-04

Rp-05

Rp-06

Rp-07

Rp-08

Property name

ArtizA Sendai
Kakyoin

ArtizA Kamimaezu

ArtizA Hakata
PREMIER

ArtizA HakataekiMinami

ArtizA HigashiBetsuin

ArtizA Kamimaezu
II

ArtizA Chiyoda

ArtizA HigashiShimada

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Jun. 1, 2017

Jan. 23, 2018

Jan. 23, 2018

Jan. 4, 2019

Acquisition price

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

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

1,060

500

640

720

980

700

(%)

9.0

1.3

3.5

1.6

2.1

2.4

3.2

2.3

2,536

375

955

459

612

704

952

688

(m2)

9,810.37

1,096.48

3,804.39

1,691.50

1,336.50

1,557.90

2,062.06

1,809.60(m2)

9,292.44

1,071.56

3,739.11

1,691.50

1,336.50

1,466.35

1,956.63

1,774.80

(%)

94.7

97.7

98.3

100

100

94.1

94.9

98.1

181 days(thousand yen)

Lease business revenue
Other lease business revenue

181 days

181 days

181 days

181 days

181 days

181 days

181 days

128,830

18,18250,77923,90923,381

24,90435,15026,284

120,991

17,59948,271

22,46921,61823,80432,852

24,920

7,839

583

2,508

1,440

1,763

1,100

2,297

1,364

30,727

4,087

11,196

5,958

8,206

6,885

9,384

7,347

Management fees

14,376

1,403

3,708

2,121

3,247

2,220

3,430

3,902

Taxes and public dues

7,674

1,351

3,288

1,582

1,575

1,706

2,394

1,753

(3) Total lease business expenses

Balance(Note 2)400

(million yen)

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

2,730(thousand yen)

Utility costs

903

116

406

313

177

168

128

153

Repair costs

6,380

763

3,240

1,549

1,892

1,954

1,992

686

Insurance fees

300

43

116

48

58

58

76

58

Trust fees

220

225

220

220

225

225

225

225

Other lease business expenses

871

183

215

122

1,031

551

1,137

567

(4) NOI ( = (2) – (3))(thousand yen)

98,10314,09539,583

17,95015,17418,01825,76518,936(5) Depreciation(thousand yen)

30,528

4,544

16,240

7,005

6,635

6,238

9,179

7,622

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

67,575

9,551

23,342

10,945

8,539

11,78016,586

11,314(7) Capital expenditures(thousand yen)

5,167

-

886

343

1,791

-

-

-

(8) NCF (= (4) – (7))(thousand yen)

92,936

14,09538,696

17,606

13,38218,01825,76518,936(Note 1) The figures are as of the end of the 10th Fiscal Period.
(Note 2) The balance is for the 10th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 40

Balance of Individual Properties (2) (10th Fiscal Period)
Investment area

Regional area

Property No.

Rp-09

Rp-12

Cp-01

Cp-02

Cp-03

Cp-04

Property name

ArtizA Tsurumai

ArtizA AwajiekiArtizA SengenArtizA Matsumoto
higashicho

MRR Omuta

TarumiekimaeGold Building

Acquisition dateJan. 21, 2020

Jan. 21, 2020

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Acquisition price

Period-end book value (Note 1)
Leasable area (Note 1)

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

Jan. 21, 2020Feb. 26, 2021

Aug. 1, 2016

(million yen)

430

1,180

640

495

1,265

500

250

(%)

1.4

3.9

2.1

1.6

4.2

1.6

0.8

6.6

(million yen)

437

1,195

656

529

1,167

462

217

1,837

(m2)

841.502,180.10

3,012.53

1,079.20

6,485.11

678.57

1,729.30

11,579.19(m2)

813.452,180.10

2,608.43

1,079.20

5,493.74

678.57

1,729.30

11,579.19

(%)

96.7

100

86.6

100

84.7

100

100

100

(1) Number of operating days

181 days(thousand yen)

181 days

181 days

125 days

181 days

181 days

181 days

2,000

181 days

14,344

39,14428,705

12,11158,931

21,10016,308*

Lease business revenue

13,01537,774

26,712

11,75635,97919,43416,308*Other lease business revenue

1,328

1,370

1,993

354

22,951

1,665

-

-

(3) Total lease business expenses(Note 2)

Rp-11

Yamada Denki
Foodaly Aoba
Tecc Land Mihara
Store
Store

Price
Investment ratio
information

Balance

Rp-10(thousand yen)

4,935

8,987

9,947

1,889

11,858

3,474

3,249

*

Management fees

2,253

4,124

4,209

1,144

4,043

1,176

163

*

Taxes and public dues

1,225

3,475

2,059

10

4,562

708

1,112

8,493

Utility costs

106

298

429

116

81

1,262

-

-

Repair costs

618

547

2,437

79

647

55

-

-

Insurance fees

37

83

104

7

101

16

49

229

Trust fees

225

225

225

154

225

220

220

220

Other lease business expenses

469

232

482

377

2,197

35

1,705

16

(4) NOI (= (2) – (3))(thousand yen)

9,408

30,15718,758

10,22147,073

17,625

13,058*(5) Depreciation(thousand yen)

3,386

7,689

5,820

3,084

14,559

4,999

3,922

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

6,022

22,467

12,9387,136

32,513

12,6269,135*(7) Capital expenditures(thousand yen)

-

272

6,103

-

-

1,105

-

-

(8) NCF (= (4) – (7))(thousand yen)

9,408

29,884

12,655

10,22147,073

16,52013,058** Figures are undisclosed as the consent of the tenant could not be obtained. Furthermore, while the tenant of Yamada Denki Tecc Land Mihara Store is Marimo Co., Ltd., there is an item of concern in the contract withthe 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 10th Fiscal Period. Furthermore, the leasable area and leased area of Yamada Denki Tecc Land Mihara Store include the areas of the 1F automobile garage (piloti-type
parking lot section under the building) and the warehouse building.
(Note 2) The balance is for the 10th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 41

Balance of Individual Properties (3) (10th Fiscal Period)
Investment area

Regional area

Property No.

Cp-05

Property nameYamada Denki
Tecc Land
Togitsu StoreMRR Kumamoto

MRR Sasebo

Acquisition dateAug. 1, 2016

Jan. 23, 2018

(million yen)

950

(%)

3.1

(million yen)

Acquisition price

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

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

Cp-10

Cp-11

Cp-12

MRR Itoshima

MRR Akita

Supercenter TRIAL
Togitsu Store (landownership interests)

MRR Akita II

Jan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

Jan. 23, 2018

Jan. 21, 2020

2,120

990

900

840

1,150

970

7.0

3.3

3.0

2.8

3.8

3.2

900

2,126

972

902

852

1,170

974

(m2)

5,998.15

11,157.71

5,070.01

2,842.78

8,416.10

13,719.74

5,587.25

2(m )5,998.15

10,680.64

5,070.01

2,842.78

8,416.10

13,719.74

5,587.25

(%)

100

95.7

100

100

100

100

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

181 days(thousand yen)

Lease business revenue
Other lease business revenue(3) Total lease business expenses(thousand yen)Management fees

(Note 2)

Cp-08

181 daysCp-09

181 days

181 days

181 days

181 days

100
181 days*

113,593

55,924

38,63832,100*43,078*102,277

49,62532,855

32,100*43,078-

11,316

6,299

5,783

-

-

-

*

41,195

15,99810,701

3,341

*

6,302

*

12,674

5,565

3,162

332

*

1,518

2,928

11,173

4,408

2,125

1,562

3,086

4,440

Utility costs-

13,177

5,215

5,083

-

-

-

Repair costs

-

3,399

435

-

-

-

-

Insurance fees

145

386

148

55

21

-

118

Trust fees

225

250

225

250

225

225

225

Taxes and public dues

Balance

Cp-07

Other lease business expenses

3,853

133

-

24

1,200

-

-

(4) NOI (= (2) – (3))(thousand yen)*

72,39739,92627,93628,758*36,775(5) Depreciation(thousand yen)

6,303

21,565

6,656

3,420

923

-

6,232

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

50,83233,26924,516

27,834*30,543(7) Capital expenditures(thousand yen)

-

6,480

1,660

640

2,040

-

210

(8) NCF (= (4) – (7))(thousand yen)*

65,91638,26627,296

26,718*36,565* Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 10th Fiscal Period. Furthermore, the leasable area and leased area of Yamada Denki Tecc Land Togitsu Store include the areas of the 1F automobile garage (piloti-type
parking lot section under the building) and the warehouse building.
(Note 2) The balance is for the 10th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 42

Balance of Individual Properties (4) (10th Fiscal Period)
Investment area

Regional area

Property No.

Hp-01

Rt-01

Rt-02

Rt-03

Rt-04

Ct-01

Ct-02

Property name

Route-Inn
Ichinomiya
EkimaeMRR Delta
Building

PLEAST
Hakata Gion
Building

ArtizA Ikejiri

Acquisition dateAug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Aug. 1, 2016

Jan. 21, 2020

Jan. 21, 2020

740

1,200

800

610

1,050

780

1,130

700

1,030

Acquisition price

Period-end book value (Note 1)

Leasable area (Note 1)

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

2.4

3.9

2.6

2.0

3.4

2.6

3.7

2.3

3.4

(million yen)

650

1,114

744

599

1,070

754

1,151

717

1,047

(m2)

3,860.81

3,053.57

1,931.47

641.16

3,731.75

3,055.80

5,703.73

18,326.76

11,451.00(m2)

3,860.81

3,053.57

1,931.47

641.16

3,493.25

3,055.80

5,503.66

18,326.76

11,451.00

(%)

100

100

100

100

93.6

100

96.5

100

100

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

181 days(thousand yen)

Lease business revenue
Other lease business revenue(3) Total lease business expenses(thousand yen)Management fees

181 days

181 days

181 days

181 days

181 days

181 days

181 days

181 days*

53,74546,88718,016

41,53130,28352,703

21,276**48,92544,282

17,25338,72830,03351,024

21,276

*

-

4,820

2,604

762

2,803

250

1,678

-

-

*

14,825

10,461

3,577

12,0593,025

12,878

3,941

*

*

4,026

2,952

1,742

4,956

401

4,896

125

*

3,838

5,041

2,495

872

2,870

2,319

3,723

3,591

1,472

Utility costs

-

4,700

3,748

215

265

-

372

-

-

Repair costs

-

456

585

468

3,624

-

3,073

-

-

Insurance fees

110

149

69

26

118

79

197

-

-

Trust fees

225

220

220

225

225

225

225

225

225

Taxes and public dues

(Note 2)

Tokyo metropolitan area
Op-02

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

Price
Investment ratio
Information

Balance

Op-01

Other lease business expenses

-

230

410

27

-

-

390

-

-

(4) NOI (= (2) – (3))(thousand yen)*

38,92036,405

14,43829,472

27,25839,824

17,335*(5) Depreciation(thousand yen)

10,824

14,883

6,847

2,476

3,599

4,846

7,792

-

-

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

24,03629,558

11,96225,873

22,411

32,032

17,335*(7) Capital expenditures(thousand yen)

-

1,600

839

-

412

-

277

-

-

(8) NCF (= (4) – (7))(thousand yen)*

37,32035,566

14,43829,05927,25839,547

17,335** Figures are undisclosed as the consent of the tenant could not be obtained.
(Note 1) The figures are as of the end of the 10th Fiscal Period.
(Note 2) The balance is for the 10th Fiscal Period.

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 43

10th Fiscal Period

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

Statement of Income for the From January 1, 2021
To June 30, 2021
10th Fiscal Period

Balance Sheet for the 10th Fiscal Period (June 30, 2021)
Liabilities

AssetsOperating revenue

Current liabilities

Current assets
Cash and deposits

1,018,905

Operating accounts payable

Cash and deposits in trust

2,089,469

Current portion of long-term loans payable

Operating accounts receivable

13,943

Accrued expenses

Prepaid expenses

69,291

Income taxes payable

Consumption taxes receivable
Total current assets

3,191,610

Non-current assets
Property, plant and equipment
Buildings in trust

3,830,000
173,895
896

542,030
120,164

Advances received

203,531

Asset custody fee

1,635

Current portion of tenant leasehold and security deposits in trust

45,021

Administrative service fees

14,056

4,160

Directors’ compensations

2,400

Taxes and public dues

17,634

Total current liabilities

4,367,075

Non-current liabilities

11,350,335

Long-term loans

12,337,500
1,296,279

328,015

Tenant leasehold and security deposits in trust

Accumulated depreciation(58,389)

Asset retirement obligations

Structures in trust, net

269,625

Other

Machinery and equipment in trust

118,437

Total non-current liabilities

Accumulated depreciation(27,607)

Machinery and equipment in trust, net

90,83047,834(13,639)

Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment

Allowance for temporary difference adjustments

SoftwareTotal intangible assets

15
193

18,019,273

Interest on refund－

Insurance income

13,607

Total non-operating income

13,816

14,869,979(9,862)Non-operating expenses
Interest expenses

62,344

Borrowing related expenses

36,328(508,019)

Amortization of investment unit issuance expenses

29,536,044

Total deduction from unitholders’ capital(517,881)

Total non-operating expenses

Unitholders’ capital, net
3,458

3,458

83,007

Guarantee deposits

10,000

Lease and guarantee deposits in trust

13,578

Total investments and other assets

106,599

481,137

Net income before income taxes

481,137

480,339

Income taxes – current

Total surplus

480,339

Income taxes – deferred

Total net assets
Total liabilities and net assets

4,665
103,338

Ordinary income

Unappropriated retained earnings (undisposed loss)

Total unitholders’ equity

14

14,352,097

Surplus－570,660

Non-operating income

Other deduction from unitholders’ capital

Deferred tax assets

Total non-current assets

Operating income

1,286

Investments and other assets
Long-term prepaid expenses

743,256

Reversal of distributions payable

Deduction from unitholders’ capital

34,19545,335

Total operating expenses

Interest income

Unitholders’ equity
Unitholders’ capital

Other operating expenses

13,652,197

78

Total liabilities

Intangible assets
Leasehold rights in trust

18,339Net assets

17,789,771

Operating expenses

Asset management fee(1,952,765)

Accumulated depreciation

84,881
1,313,916

Expenses related to rent business

Buildings in trust, net

Tools, furniture and fixtures in trust

Total operating revenue

1,229,035

10,980

Accumulated depreciation

Structures in trust

Other lease business revenue

Accrued consumption taxes

Other
13,303,100

Lease business revenue

98,591

14,832,437

Total income taxes

14,832,437

Net income

32,851,710

Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)

898
2
901
480,236103
480,339

29,646,103

Deferred assets
Investment unit issuance expenses
Total deferred assets
Total assets

13,997
13,99732,851,710

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 44

Status of Investment Unitholders(Fiscal Period Ended June 30, 2021)
Ratio of Unitholders by Number(11,157 unitholders in total)
Record number of unitholders (previously a total of
10,385 unitholders)

Rank

Name of unitholder

Number ofinvestment
units

Ownershipratio

1Marimo Co., Ltd.

16,031

10.5%

2

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

11,350

7.4%

3

Custody Bank of Japan, Ltd. (trust account)

9,340

6.1%

4

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

4,935

3.2%

5

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

2,624

1.7%

6

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

2,068

1.4%

7

Yonezawa Shinkin Bank

2,000

1.3%

8

Morgan Stanley MUFG Securities Co., Ltd.

1,958

1.3%

9

DFA INTERNATIONAL REAL ESTATE SECURITIESPORTFOLIO

1,893

1.2%

10

Individual

1,600

1.0%

53,79935.2%(Note 1)

Financial
institutions(0.4%→ 0.4%)
Foreign companies,etc.
(0.5% → 0.7%)

Other domestic
entities(1.6% → 1.5%)

Individuals,
others(97.5% → 97.4%)

Ratio of Investment Units by Number(152,680 unit in total)
Foreigncompanies, etc.
(3.4% → 5.3%)
Other domestic
entities(17.4% → 17.0%)(Note 1)

Financial
institutions(27.2% → 25.8%)

Individuals,
others(52.1% → 51.8%)(Note 1) The ratio for financial institutions includes the ownership of securities companies.

Copyright © Marimo Asset Management Co., Ltd.

Total

(Note
(Note 2)2)(Note 2) Calculated by dividing the 53,799 investment units owned by the top 10 unitholders by the 152,680 investment units issued
and outstanding and rounding to the first decimal place.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 45

▼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 be changed in
the future.
It should also be noted that with real estate investment trusts there is a risk that, owing to fluctuations in the prices and profitability of the realestate 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.

▼

Disclaimer

Any reproduction or alternative use of the content indicated in this material without prior permission is prohibited.
Asset Manager: Marimo Asset Management Co., Ltd. (Financial Instruments Business Operator (No. 2885 issued by the Director General of
the Kanto Finance Bureau (Kinsho)) and a member of the Investment Trusts Association)

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

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 46

MEMO

Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 47

Regional areas have hidden potential

Regional areas have hidden potential
Copyright © Marimo Asset Management Co., Ltd.

marimo Regional Revitalization REIT, Inc. 10th FP (Ended June 30, 2021) Presentation Material l 48