Presentation Material - 7th Fiscal Period (Ended December 31, 2019)
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7th Fiscal Period (Ended December 31, 2019)
Presentation Material
Securities Code: 3470 marimo Regional Revitalization REIT, Inc.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT,Marimo
(Asset Manager) Inc. 7thAsset
FP Presentation
ManagementMaterial
Co., Ltd.l 1Table of Contents
Overview of Second Public Offering 3 Appendix 30
● Overview of Second Public Offering and Change
in Investment Unit Price ● Property Introduction Office
● Overview of Newly Acquired Assets ● Basic Principle of marimo REIT
● Portfolio Changes ● Overview of the Sponsor, Marimo
● Portfolio PML Value ● Sponsor: Marimo 50th anniversary
Summary of Financial Results for 8 ● System of Sponsor and Supporting Companies
7th Fiscal Period ● ESG Initiatives
7th Fiscal Period Financial Highlights ● B-to-C EC Market Size in Japan
7th Fiscal Period Forecasts and Results ● Residential Properties and Retail Facilities Market
8th Fiscal Period and 9th Fiscal Period Earnings Forecasts Data
Changes in Distribution per Unit and NAV
● Offices Vacancy Rate and Contracted Rents
Management Results for 7th 13 Hotels Number of Lodging Foreign
Fiscal Period ● Travelers/Occupancy Rate
● Pursuing Increase of Asset Value (1) ● Dividends in Excess of Earnings
● Pursuing Increase of Asset Value (2) ● Portfolio Map
● Maintaining Stable Average Occupancy Rate ● Photos of Properties
● Financial Status (7th Fiscal Period)
● Balance of Individual Properties (1)
● IR Activities
● Balance of Individual Properties (2)
Newly Acquired Properties and Asset Size 19 ● Balance of Individual Properties (3)
● Balance of Individual Properties (4)
● ArtizA Tsurumai ● Balance Sheet and Statement of Income for the
● ArtizA Awajieki-higashi 7th Fiscal Period
● (Tentative name) ArtizA Matsumoto ● Status of Investment Unitholders
● (Tentative name) MRR Akita II
● Disclaimer
● (Tentative name) MRR Ichihara (land ownership interests)
● (Tentative name) MRR Kitamoto (land ownership interests)
● Steady Expansion of Asset Size
● Sponsor Pipeline
● Portfolio List (1)
● Portfolio List (2)
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 201
Overview of
Second Public Offering
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 3Overview of Second Public Offering and Change in
Investment Unit Price
Steadily increased the investment unit price and conducted the second public offering
(%)
Primary offering and Launch date
Type of offering 170.0 January 6, 2020
third-party allotment 129,300 yen
As of end of 6th FP
160.0
NAV per unit: 125,547 yen (Note 1) Pricing date
Total amount of
offering
2,549 million yen January 14, 2020
(includes third-party allotment) 128,800 yen
150.0 Comparison with
the price at listing
＋58.0％
Number of newly
issued investment 20,340 units 140.0
Exceeds
units (includes third-party allotment)
TSE REIT Index by
130.0
39.3％
Property acquisition At listing
price 4,950 million yen 120.0
(July 29, 2016)
81,500 yen
Issue price 125,580 yen 110.0
100.0
Property acquisition
and delivery date January 21, 2020
January 31, 2020
90.0 July 29, 2016 TSE REIT Index
TSE REIT Index
~
~ 1,869.32 pt
2,215.67 pt（+18.5％）
Same-boat
investment ratio
10.5％ 80.0
(before 2nd public offering 10.5%)
marimo Regional Revitalization REIT TSE REIT Index (Note 2)
(Lead managing underwriter) End of End of End of End of End of End of End of End of
SMBC Nikko Securities Inc. Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 Jun. 2019 Dec. 2019 Jan. 2020
Underwriter Nomura Securities Co., Ltd. (Note 1) NAV per unit is calculated with the following formula: (Net assets – Total dividends + Unrealized gain) / Number of investment units issued and outstanding.
Mizuho Securities Co., Ltd. (Note 2) 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 .
Daiwa Securities Co., Ltd.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 4Overview of Newly Acquired Assets
Secured profitability and stability through regional investment centering on properties developed and owned by the sponsors
Total acquisition price (Note 1) Total appraisal value (Note 2) Ratio of unrealized gain (Note 3)
4,950 million yen 5,727 million yen 15.7%
Average building age (Note 4) Average appraisal NOI yield (Note 5) Average appraisal NOI yield after depreciation (Note 6)
9.2 years 5.6% 4.7%
Assets scheduled to be Acquisition price Appraisal value Appraisal NOI Constructed Acquisition channel
Asset type Location (Note 7) (Note 8)
acquired (million yen) (million yen) yield (%)
Residential
property
ArtizA Tsurumai Nagoya City, Aichi 430 468 5.0 Feb. 2019 Developed by sponsor
Residential
property
ArtizA Awajieki-higashi Osaka City, Osaka 1,180 1,290 5.0 Oct. 2019 Developed by sponsor
Residential (Tentative name)
property ArtizA Matsumoto(Note 9)
Matsumoto City, Nagano 640 665 7.0 Mar. 1998 Warehousing
Retail (Tentative name) ①Mar. 2004
facility MRR Akita II(Note 9)
Akita City, Akita 970 994 7.1 ②Apr. 1985
Warehousing
(Tentative name)
Retail
facility
MRR Ichihara Ichihara City, Chiba 700 1,190 5.0 - Warehousing
(land ownership interests)(Note 9)
(Tentative name)
Retail Asset manager’s independent
facility
MRR Kitamoto Kitamoto City, Saitama 1,030 1,120 4.9 - acquisition channel
(land ownership interests)(Note 9)
Total - 4,950 5,727 5.6 - -
(Note 1) Acquisition price is the sales price recorded in each sale and purchase agreement for trust beneficiary interest in the assets owned or acquired, rounded down to the nearest million yen. The same applies hereafter.
(Note 2) Appraisal value is the appraisal value indicated in each of the real estate appraisal reports dated December 31, 2019, for owned assets and November 30, 2019, for acquired assets. The same applies hereafter.
(Note 3) Ratio of unrealized gain is the ratio of unrealized gain as of the relevant date divided by the total book value amount. Moreover, unrealized gain is the amount obtained when subtracting the total acquisition price from the total real estate appraisal value as recorded in the real estate
appraisal reports dated November 30, 2019, for each property acquired. Please note that there is no guarantee that this unrealized gain will arise.
(Note 4) Average building age is the weighted average of the building ages as of November 30, 2019, by acquisition price. If multiple buildings exist on a single property, the age of the building with the largest gross floor area is used to calculate the age of the property.
(Note 5) (Average) appraisal NOI yield refers to the ratio of (total) net operating income based on the direct capitalization method indicated in the real estate appraisal report (appraisal NOI) against the (total) acquisition price.
(Note 6) Average appraisal NOI yield after depreciation refers to the ratio of the total amount calculated when appraisal NOI is subtracted by the amount of actual or expected depreciation of all assets, against acquisition price at each point in time.
(Note 7) As there are two buildings on the property of (Tentative name) MRR Akita II, two dates are listed for construction completion.
(Note 8) Properties developed by the sponsor are described as “Developed by sponsor,” properties owned at one point by the sponsor (properties utilizing the sponsor’s warehousing function) are described as “Warehousing,” and properties scheduled to be acquired through the asset
manager’s own channel are described as “Asset manager’s independent acquisition channel.”
(Note 9) (Tentative name) ArtizA Matsumoto, (Tentative name) MRR Akita II, (Tentative name) MRR Ichihara (land ownership interests), and (Tentative name) MRR Kitamoto (land ownership interests) are the tentative names of the properties as of the date of this document, and the names of
the properties are scheduled to be confirmed in the future. The same applies hereafter.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 5Portfolio Changes
Changes in Portfolio Indicators Investment Ratio by Type
As of the end of 7th FP After acquisition of assets
End of Newly acquired After second
7th FP assets public offering Offices
(Note 1) Offices Retail
Retail
8.0% 6.7% 45.6%
43.9%
Number of Hotels
25 6 31 Hotels
2.5%
properties 3.0%
Residential Residential
Retail Retail
Total acquisition 89.1% 90.8%
25,005 4,950 29,955 Focusing
on stability Focusing on
price (million yen) profitability
Residential Residential
Total appraisal 45.2%
29,479 5,727 35,206 45.2%
value (million yen)
Average appraisal Investment Ratio by Region
6.7% 5.6% 6.5%
NOI yield After acquisition of assets
As of the end of 7th FP
Average appraisal Tokyo
metropolitan Tokyo
NOI yield after 4.9% 4.7% 4.9% area 14.3%
Koshinetsu/Hokuriku/Kanto
metropolitan area
17.7%
Kinki 2.0% (excluding Tokyo
depreciation Kyushu/Okinawa
39.9%
metropolitan area)
2.1%
Kyushu/Okinawa
Average building
14.2 years 9.2 years 13.6 years
33.3%
age Chugoku/Shikoku
15.6%
Kinki 5.6%
Average
Chugoku/Shikoku
occupancy rate 98.8% 98.1% 98.8% Tokai 13.9%
13.0%
Hokkaido/Tohoku Hokkaido/Tohoku
(Note 1) (Note 2) 14.3% Tokai 13.1%
15.2%
LTV to total assets 49.3％ － 49.1％ Tokyo metropolitan area
Regional areas (areas other than Tokyo metropolitan area)
(Note 1) Each figure is calculated under certain assumptions, where the existing portfolio is based on figures as of the end of the 7th fiscal period, and the newly acquired assets are based on
certain figures. These figures may not necessarily align with the actual figures.
(Note 2) Average occupancy rate is the occupancy rate as of November 30, 2019, for newly acquired assets, and as of January 31, 2020, for after second public offering.
(Note 3) Of the acquired assets, ArtizA Awajieki-higashi was completed in October 2019 and is currently being leased up (76.0% occupancy rate as of the end of January 2020). In terms of ArtizA
Awajieki-higashi, for the period between January 21, 2020, and the end of June 2020, the trustee of the property and Marimo Co., Ltd. have concluded a fixed-rent master lease agreement
which details that Marimo Co., Ltd. shall pay the trustee the equivalent of 95% of rent of the expected rental income during full occupancy regardless of the amount of rent that Marimo Co.,
Ltd. collects from the end tenant, and for the purposes of calculating the average occupancy rate of newly acquired assets and the average occupancy rate of after second public offering,
occupancy rate for AritzA Awajieki-higashi is assumed to be 95%. Hereinafter, the same shall apply to the average occupancy rate including ArtizA Awajieki-higashi.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 6Portfolio PML Value (Note 1)
Build a diversified portfolio nationwide to reduce risk from disasters
Portfolio PML value after second public offering Hokkaido and Tohoku area Portfolio PML Value（%）
Rp-01 ArtizA Sendai Kakyoin 4.4％
1.3% Cp-10 MRR Akita 10.0％
(simple average across all J-REITs (Note 2): 2.8%) Cp-12 (Tentative name) MRR Akita II ①7.5％
②9.5%
Kinki area
All J-REITs
Cp-02 Tarumiekimae Gold Building 13.7％
Simple average: 2.8%
Rp-10 ArtizA Awajieki-higashi 7.0％
Tokyo metropolitan area
Rt-01 ArtizA Ikejiri 8.2％
Chugoku and Shikoku area Rt-02 ArtizA Tsuzuki Chuo Koen 6.7％
Rp-08 ArtizA Higashi-Shimada 3.1％ Rt-03 ArtizA Kawasaki EAST 8.6％
Cp-04 Yamada Denki Tecc Land Mihara Store 1.9％ Rt-04 ArtizA Sobudai 8.6％
Ct-01 (Tentative name) MRR Ichihara
Op-01 MRR Delta Building 5.3％
(land ownership interests) -
Ct-02 (Tentative name) MRR Kitamoto
(land ownership interests) -
Kyushu area
Rp-03 ArtizA Hakata PREMIER 5.1％ Tokai area
Rp-04 ArtizA Hakataeki-Minami 3.9％ Rp-02 ArtizA Kamimaezu 6.6％
Cp-01 MRR Omuta 9.4％ Rp-05 ArtizA Higashi-Betsuin 7.9％ marimo REIT
Cp-03 Foodaly Aoba store 4.9％ Rp-06 ArtizA Kamimaezu II 6.9％
1.3%
Cp-05 Yamada Denki Tecc Land Togitsu Store 13.6％ Rp-07 ArtizA Chiyoda 6.3％
Cp-07 MRR Kumamoto 8.9％ Rp-09 ArtizA Tsurumai 7.3％
Cp-08 MRR Sasebo 0.5％ Hp-01 ROUTE INN Ichinomiya Ekimae 4.0％
Cp-09 MRR Itoshima 5.9％
Cp-11 Supercenter TRIAL Togitsu Store
Koushinetsu, Hokuriku and Kita-Kanto area
(land ownership interests) －
Op-02 PLEAST Hakata Gion Building 3.5％ Rp-11 (Tentative name) ArtizA Matsumoto 13.7％
0.00 2.00 4.00 6.00 8.00 10.00
Source: Prepared by the asset manager based on published materials
(Note 1) PML value refers to the rate of expected maximum loss due to an earthquake. The lower the PML value, the lower the building damage caused by earthquakes would be.
(Note 2) Simple average across all J-REITs is calculated based on the most recent material published by each listed REIT as of December 23, 2019, excluding marimo REIT. REITs that have not indicated their portfolio PML
value in published materials are excluded from the calculation. The same applies to individual PML values for each REIT, excluding marimo REIT.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 702
Summary of Financial Results
for 7th Fiscal Period
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 87th Fiscal Period
Financial Highlights (period ended December 2019)
Highest dividends per unit, average occupancy rate, and ratio of unrealized gain since listing
NAV per unit increased for six consecutive periods since listing
Transferred Seven-Eleven Kofu Aioi 1-chome Store (land ownership interests) (date of transfer:
December 27, 2019)
Highest Increase for
Dividends per unit since
listing NAV per unit (Note 3)
six
consecutive
periods
（注2）
Results of the 7th FP
End of 7th FP
Forecasts for the 7th FP (Note 1)
End of 6th FP
3,400 yen →3,504 yen 125,547yen →128,027 yen
Highest
Average occupancy rate since
listing Investment unit price
End of 7th FP End of 7th FP
End of 6th FP End of 6th FP
98.6% →99.1% 117,000 yen →129,700 yen
Highest
Ratio of unrealized gain (Note 2)
since
listing
Transfer of Seven-Eleven Kofu Aioi 1-chome Store (land ownership interests)
Most recent appraisal value
end of 7th FP 212 million yen Transfer price
End of 6th FP Book value
18.1％ →20.0 ％ 223 million yen →229 million yen
(Note 1) The forecast for the 7th Fiscal Period is the forecast announced on August 19, 2019 (includes 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.
(Note 3) “NAV per unit” is calculated with the following formula: (Net assets – Total dividends + Unrealized gain) / Number of investment units issued and outstanding. The same applies hereafter.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 97th Fiscal Period
Forecasts and Results (period ended December 2019)
7th FP 7th FP Variation Factors
(million yen)
Forecasts (Note 1) Results
（B）ｰ（A）
（A） （B） +23
(million yen)
Operating revenue
Operating revenue (Note 2) Increase in rent +13
1,105 1,129 +23 (ArtizA Sendai, ArtizA Sobudai, ArtizA
Hakataeki-Minami, etc.)
+4
Gain on sale of real estate
Operating income (Note 2) 468 482 +14 (Seven-Eleven Kofu Aioi 1-chome Store
(land ownership interests)) +3
Increase in other income
Ordinary income (Note 2)
385 398 +13 (Income from key money, restoration costs, etc.)
Increase in parking income +2
(MRR Kumamoto, etc.)
Net income (Note 2)
384 398 +13 Increase in income other
than those listed above
+1
EPU UP 3.6％
(yen) Operating expenses -9
Dividends per unit Increase in repair costs -8
(excluding dividends in excess of
earnings) (1)
2,903 3,008 +105 (repairs of elevators, etc., at ArtizA
Sobudai)
Dividends in excess of earnings Implementation of
per unit (2) 497 496 (Note 3)
-1 institutional management at
asset manager
+2
Reduction in insurance fees +2
Dividends per unit (1) + (2)
(including dividends in excess of
earnings)
3,400 3,504 +104 Increase in expenses other
than those listed above
-5
(Note 1) Announced on August 19, 2019 (Note 3)
(Note 2) Rounded down to the nearest specified unit DPU UP 3.1％ Payout ratio before adjustment 75.0% (Note) + indicates net income increasing factor
Payout ratio after adjustment 75.0% - indicates net income decreasing factor
Dividend ratio (against ratio of depreciation) 29.8%
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 108th Fiscal Period (ending June 2020) and 9th Fiscal Period (ending December 2020)
Earnings Forecasts (Note 1)
Assumptions for the forecasts for the 8th FP
7th FP 8th FP Variation 9th FP Variation and 9th FP
(million yen)
(million yen) Results（A） Forecasts（B） （ B ） ｰ （ A） Forecasts （C） （C）ｰ（B） Forecasts for 8th FP
Operating revenue +128
Operating revenue (Note 2)
1,129 1,257 +128 1,275 +17 Increase in rent (portion of six properties ＋92
acquired through public offering) ＋35
Increase in rental income
Increase in income other than the above ＋1
Operating income (Note 2)
482 563 +80 574 +10 Operating expenses -47
Increase in depreciation -24
Increase in outsourcing expenses -15
Ordinary income (Note 2) 398 461 +62 470 +9 Increase in asset management fee -6
Increase in expenses other than those above -2
Non-operating expenses -17
Net income (Note 2) 398 460 +62 469 +9 Increase in borrowing related expenses -7
Increase in interest expenses -6
Increase in investment unit issuance expenses -4
(yen) Forecasts for 9th FP
Dividends per unit Operating revenue +17
(excluding dividends in excess of
earnings) (1)
3,008 3,014 +6 3,074 +60 Increase in rent (portion of six properties
+16
Increase in rental income acquired through public offering) +5
Dividends in excess of Decrease in other income -8
earnings per unit (2) 498 449 -49 433
(Note 4)
-16 (Income from key money, restoration costs, etc.)
Increase in income other than the above ＋4
(Note 3)
Dividends per unit (1) + (2) Operating expenses -7
(including dividends in excess of
earnings)
3,504 3,463 -41 3,507 +44 Decrease in outsourcing expenses ＋13
Increase in asset management fee -12
Increase in repair costs -3
(Note 1) The forecasts for the 8th Fiscal Period and 9th Fiscal Period do (Note 3) (Note 4)
not guarantee actual results. Payout ratio before adjustment 75.6% Payout ratio before adjustment 76.0%
Increase in expenses other than those above -5
(Note 2) Rounded down to the nearest specified unit Payout ratio after adjustment 75.0% Payout ratio after adjustment 75.0%
Dividend ratio (against ratio of depreciation) 28.1% Dividend ratio (against ratio of depreciation) 27.1%
Non-operating expenses -1
Increase in interest expenses -1
(Note) + indicates net income increasing factor
- indicates net income decreasing factor
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 11Changes in Dividends per Unit and NAV
Changes in Dividends per Unit Steady growth of dividends
(yen)
3,494 3,504 3,463 3,507
3,462 3,394 3,431 3,425 3,441 3,426 3,445 3,455 3,400
3,231 499 496 449 433
521 544 544 485 459 473 460 502 497
520
2,941 2,887 2,940 2,982 2,953 2,985 2,953 2,995 2,903 3,008 3,014 3,074
2,711 2,850
977
576 432
451 545
125
予想
Forecasts 実績
Results 予想
Forecasts 実績
Results 予想
Forecasts 実績
Results 予想
Forecasts 実績
Results 予想
Forecasts 実績
Results 予想
Forecasts 実績
Results 予想
Forecasts 実績
Results 予想
Forecasts 予想
Forecasts
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP
Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 Jun. 2019 Dec. 2019 Jun. 2020 Dec. 2020
NAV per Unit NAV increased for sixth consecutive period since listing
(yen)
129,632
130,000 128,027
125,547
125,000
121,786 122,535
120,709
120,000 119,105
115,000 113,679
0
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP After second
Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 Jun. 2019 Dec. 2019 public offering
(Note) We do not guarantee the achievement of forecasts for 8th FP and 9th FP.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 1203
Management Results
for 7th Fiscal Period
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 13Pursuing Increase of Asset Value (1)
Efforts for increasing income and reducing costs
■Efforts for Increasing Income
MRR Delta Building Office rent increases (3.3% increase) ArtizA Sendai Kakyoin Increased income due to installation of rental bikes
MRR Kumamoto Increased income due to change in parking sublease provider ArtizA Kawasaki EAST Increased income due to installation of rooftop mobile phone base stations
ArtizA Ikejiri Installation of rooftop mobile phone base stations Anticipating an increase in income by approximately 2.9 million yen (per period)
■Efforts for Reducing Costs
Reduced expenditures through reconsidering fire insurance (applicable properties: all
properties)
Reduced expenditures through reconsidering neighborhood association fees (applicable Anticipating cost reduction by approximately 2 million yen (per period)
property: ArtizA Sendai)
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 14Pursuing Increase of Asset Value (2)
Change in Target Downtime (within 60 days)
Efforts for Improving Customer Satisfaction Achievement Ratio
●Installation of delivery box… ArtizA Hakataeki-Minami (％)
100
Before After
80
59.7
58.5
58.4 48.9 55.2
60 43.6
31.7
40
20
0
1st
第1期FP 2nd
第2期FP 3rd
第3期FP 4th
第4期FP 5th
第5期FP 6th
第6期FP 7th
第7期FP
●Increased surveillance cameras… MRR Kumamoto
Increase/Decrease in Residential Rent
6th Fiscal Period 7th Fiscal Period Change from the 1st FP to 7th FP
15.1% (%)
8 cases 100.0
13.4%
13.0 14.3 13.4 14.5 13.4 15.1
18 cases 9.0% 3.8% 26.8
9.0% 12 cases 11.3% 2 cases 17.0% 80.0 15.6 6.1
12 cases 6 cases 9 cases 23.6 21.6
4.5% 29.3 28.3
6 cases
60.0 22.0
21.6% Increase Increase
29 cases 87/134
21.6% 30/53 40.0
28.3% 39.6% 79.6
29 cases cases cases 71.4 64.9
Increase 28.3% 15 cases 21 cases 57.3 61.8 56.6
56.0% 15 cases 51.2
Increase of more than 5% 20.0
75 cases
Increase of 5% or less
64.9% 56.6%
No change
87 cases 30 cases 0.0
Decrease 1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP
Decrease of more than 5%
Increase No Change Decrease
Decrease of 5% or less
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 15Maintaining Stable Average Occupancy Rate
Average occupancy rate for entire portfolio during fiscal periods
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP
98.6％ 98.6％ 98.7％ 98.4％ 98.4％ 98.6％ 99.1％
100.0%
100 %
95.0%
90.0% Increase in average occupancy rate
〜 Highest ever at 99.1%
〜
85.0%
0% 2016年
Aug. 2016年 2016年
Dec. 2017年 2017年 2017年
Jun. 2017年 2017年 2017年
Dec. 2018年 2018年 2018年
Jun. 2018年 2018年 2018年
Dec. 2019年 2019年 2019年
Jun. 2019年 2019年 2019年
Dec.
8月
2016 10月 12月
2016 2月 4月 6月
2017 8月 10月 12月
2017 2月 4月 6月
2018 8月 10月 12月
2018 2月 4月 6月
2019 8月 10月 12月
2019
Residential Retail
レジデンス
properties 商業施設
Facilities
ホテル/オフィス
Hotels/Offices ポートフォリオ全体
Entire portfolio
（注2）
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP
Occupancy rate (Dec. 2016) (June 2017) (Dec. 2017) (June 2018) (Dec. 2018) (June 2019) (Dec. 2019)
(%) (Note)
End of End of End of End of End of End of End of End of End of End of End of End of
December June December June December June July Aug. Sep. Oct. Nov. Dec.
Residential
96.9 96.6 97.2 94.9 93.9 98.8 98.5 98.3 97.7 98.0 98.0 97.2
properties
Retail
100 100 100 99.7 100 98.8 98.8 100 100 99.7 99.5 99.5
Facilities
Hotels/Offices 100 100 100 100 100 100 100 100 100 100 100 100
Entire portfolio 98.6 98.4 98.7 98.3 98.1 98.9 98.8 99.4 99.3 99.2 99.1 98.8
(Note) For 1st to 6th FPs, occupancy rates at the end of the fiscal period are indicated; and for 7th FP, those at the end of the month are indicated.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 16Financial Status (period ended December 2019) (million yen, rounded down to nearest specified unit)
Balance of Amount New Balance of
Floating or
Lender borrowings at repaid in borrowings in borrowings at Interest rate Borrowing date Maturity date Remarks
end of 6th FP 7th FP 7th FP end of 7th FP fixed
3M TIBOR
Syndicate of lenders arranged 3,330 3,330 － － Floating
＋0.6％
Aug. 1, 2019
by Sumitomo Mitsui Banking
・Sumitomo Mitsui Banking 3,500 － － 3,500 0.86669% Aug. 1, 2016 Aug. 2, 2021
・The Hiroshima Bank Fixed
・Sumitomo Mitsui Trust Bank 1,417 15 － 1,402 1.09908% Aug. 1, 2023
・The Bank of Fukuoka
・The Mie Bank 3M TIBOR Unsecured &
4,840 － － 4,840 Floating
＋0.6%
Jan. 23, 2018 Feb. 1, 2021 unguaranteed
・Shinsei Bank
・Resona Bank
3M TIBOR
・The Higo Bank
Refinancing－ (August － 1) 2,015 2,015 Floating
＋0.6%
Aug. 1, 2019 Aug. 1, 2022
3,330 (3 years) 2,015 (3 years)
・The Chugoku Bank 700 (7 months) 2,015 (5 years)
3M TIBOR
・Aozora Bank － － 2,015 2,015 Floating
＋0.8%
Aug. 1, 2019 Aug. 1, 2024
1M TIBOR
・Sumitomo Mitsui Banking 700 700 － － Floating
＋0.2%
Jan. 4, 2019 Aug. 1, 2019
Total 13,787 4,045 4,030 13,772 ※
LTV to Total Assets Average Interest Rate Diversification Status of Lenders
50.5% 3.6% 3.6% Sumitomo Mitsui Banking
50.0% 4.1% 23.9%
50.0%
49.8%
49.5% 49.1% 49.3% 0.78％ 5.0%
The Hiroshima Bank
49.5% Sumotomo Mitsui Trust Bank
49.0% 8.6% The Bank of Fukuoka
48.5% 47.8%
47.7% Long-term Debt Ratio The Mie Bank
48.0% Shinsei Bank
47.5% 9.9% Resona Bank
47.0%
100.0％ 20.3% The Higo Bank
46.5% 10.1% The Chugoku Bank
End of End of End of End of End of End of End of
1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 10.8% Aozora Bank
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 17IR Activities
IR Activities in the 7th Fiscal Period (July to Dec. 2019)
IR seminar for individual investors IR for Japanese institutional investors
①6th Fiscal Period Financial Results Briefing (Tokyo) Aug. 19 (Mon)
②Visitation to Japanese institutional investors
Aug. to Oct.
(Nationwide)
③Presentation targeting branch offices of SMBC
Oct. 25 (Fri)
Nikko Securities (Kanazawa)
IR for foreign institutional investors
①Teleconference for foreign institutional investors (Hong Kong, Singapore)
②Improvement of English materials and English website
Daiwa J-REIT Caravan 2019 Osaka
①Daiwa J-REIT Caravan 2019 Osaka (Osaka) Aug. 30 (Fri)
②Operational status reporting meeting (Tokyo) Sep. 27 (Fri)
English materials English website
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 1804
Newly Acquired
Properties and Asset Size
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 19ArtizA Tsurumai Developed by sponsor
Property characteristics and highlights
• The property is located approximately a 4-minute walk from Tsurumai Station on the JR Chuo Main
Line and approximately a 5-minute walk from Tsurumai Station on the Nagoya City Subway Tsurumai
Line, and thus has two stations on two lines available for use. The area offers excellent convenience
with several retail facilities within walking distance Sanno-dori
• The building is new and was completed in February 2019. It has sufficient facility specifications as a
condominium for singles, and as the area has high demand from singles, stable occupancy is expected.
• The Chiyoda area where the property is located is an area that is expected to have relatively stable Population and Number of Households in All of Nagoya City Change in Occupancy Rate
residential demand, given its proximity to the city center and its high convenience.
（千人）
(thousands of people) Population Number of households 1,118 （千世帯）
(thousands of households)
2,350 人口（左軸）
(left axis) 世帯数（右軸）
(right axis) 1,103 1, 120 （%）
Location (Japanese addressing system) 5-17-23 Chiyoda, Naka Ward, Nagoya City, Aichi Prefecture 1,088 96.7
100.0 100.0 100.0
98.7
100.0
1, 100 96.7
1,073 100.0 86.7
Acquisition price 430 million yen 2,300
1, 080
1,058 76.7
Appraisal value 468 million yen 1,046 1, 060
80.0
2,250 1,034 50.0
Appraisal NOI yield 5.0% 1,023 2,314 2,320 2,328 1, 040 60.0
2,296 2,305
Occupancy rate (as of January 31, 2020) 100.0％ 2,200
2,277 1, 020 40.0
2,271
Site area 213.21 m2 2,267 1, 000 20.0
0
Completion date February 2019 0
0
2,150
2012 2013 2014 2015 2016 2017 2018 2019
980
0.0
3月 Apr.
Mar. 4月 May
5月 Jun.
6月 7月 8月 Sep.
Jul. Aug. 9月 10月
Oct. 11月
Nov. 12月
Dec.
2019
2019年
Structure Reinforced concrete structure, flat roof, 11 floors Source: Nagoya City “Population Estimate” (October 1 of each year)
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 20ArtizA Awajieki-higashi Developed by sponsor
a
Property characteristics and highlights
• The property is located approximately a 6-minute walk from JR-Awaji Station on the JR Osaka Higashi Line, which
started service in March 2019. It is also within walking distance from Awaji Station on two other lines: the Hankyu
Kyoto Line and Hankyu Senri Line. The building has excellent access to the city center.
• The building is new and was completed in October 2019. It has sufficient facility specifications as a condominium for
singles, and as the area has high demand from singles, stable occupancy is expected.
• As redevelopments such as the elevation of Awaji Station on the Hankyu Line, the connection of Awaji Station on the
Hankyu Line and JR Line, opening of a major road connecting Shin-Osaka Station from east to west and opening of
the Utashima Toyosato Line are scheduled, there is potential that development in the area will increasingly continue.
• Stable income is expected during the period from January 21, 2020, to June 30, 2020, due to rent guarantee from the Population and number of households in all of Osaka City
sponsor (equivalent to 95% of expected rental income during full occupancy). Population Number of households
（千人）
people)
(thousands of
人口（左軸） 世帯数（右軸） (thousands of
（千世帯）
(left axis) (right axis) households)
Location (Japanese addressing system) 7-1-29 Sugahara, Higashiyodogawa Ward, Osaka City, Osaka Prefecture 2,800 1,438 1,500
1,416
Acquisition price 1,180 million yen 2,750 1,374 1,393
1,339 1,345 1,355 1,400
Appraisal value 1,290 million yen 2,700 1,332
Appraisal NOI yield 5.0% 2,650 1,300
2,727 2,740
Occupancy rate (as of January 31, 2020) 95.0％(actual occupancy rate of 76.0%) 2,600 2,674 2,679 2,680 2,691 2,702 2,713
1,200
Site area 856.49 m2 2,550
Completion date October 2019 2,500
0 1,100
0
2012 2013 2014 2015 2016 2017 2018 2019
Structure Reinforced concrete structure, flat roof, 14 floors
Source: Osaka City “Population Estimate” (October 1 of each year)
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 21(Tentative name) ArtizA Matsumoto Warehousing
Property characteristics and highlights
• The property is located approximately a 6-minute walk from Matsumoto Station on both the JR Shinonoi Line and Oito Line.
• As there is a bus terminal in front of the Matsumoto Station, people can take the bus around Matsumoto City, in addition to
the express bus going towards Shinjuku and Nagoya.
• Matsumoto City, where the property is located, is a highly popular area, having ranked 2nd in the “2019 Places to Live in the
Hokuriku/Koshinetsu Area.” The area also has a rich history as a castle town, and the Kaichi Elementary School, which is in
the school district that the property belongs to, is a popular school in the city known for its history.
• Stable demand is expected as convenience facilities such as convenience stores, clinics, and post offices are within walking
distance. (Note) Regarding each of marimo’s for-sale condominiums, marimo REIT has no specific
• As a result of implementation of an ordinance that includes height restrictions after the construction the property, plans for acquisitions, nor is there any guarantee that it can be acquired in the future
construction of buildings of the same scale as the property will not be allowed in the future. This has given the property a as of the date of this document.
distinct advantage in the area.
Population and Number of Households in Matsumoto City
2019 Places to Live in the (thousands of
(thousands of
（千人） Population Number of households （千世帯）
Hokuriku/Koshinetsu Area Rankings people) 人口（左軸）
(left axis) (right
世帯数（右軸）axis) 105.2
105.8 households)
Location (Japanese addressing system) 1-1-28 Oote, Matsumoto City, Nagano Prefecture Kanazawa City,
250 106. 0
1st Ishikawa Prefecture
104.5
Acquisition price 640 million yen 230 103.7
Matsumoto City, 103.0 104. 0
Appraisal value 665 million yen 2nd Nagano Prefecture 102.5
210 101.9
Appraisal NOI yield 7.0% Niigata City,
3rd
101.3 102. 0
Niigata Prefecture
Occupancy rate (as of January 31, 2020) 80.6％ 190
243.7 243.3 242.4 241.9 241.4 240.6 239.7 238.9
Hokuto City,
Site area 1,528.65 m2 (Note) 4th Yamanashi Prefecture 170
100. 0
Completion date Joetsu City,
March 1998 5th Niigata Prefecture 150 98.0
0 0
Structure Reinforced concrete structure, flat roof, 10 floors 2012 2013 2014 2015 2016 2017 2018 2019
Source: seikatsu-guide.com “Ranking Places that People Want to Live by Region”Source: Matsumoto City “Matsumoto City Statistics” (October 1 for each year)
(Note) The actual measured area of the land is 1,668.51 m2 and includes the setback portion (50.65 m2).
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 22(Tentative name) MRR Akita II Warehousing
It takes approximately 15 minutes to get from Akita Station to MRR by vehicle
© OpenStreetMap contributors
Property characteristics and highlights
• National Route 13, which faces the property, is a main arterial road, and Prefectural Road 56 that crosses
the national road nearby is also a main arterial road with high vehicle traffic. With these two main arterial
roads nearby, the property is easily approachable from various directions of the trading area.
• In addition to MRR Akita, a property owned by marimo REIT, there are many complex facilities and retail
stores in the area, and the high vehicle traffic from National Route 13 also makes the location highly The Barajima commercial area has many large retail
sought after for commercial needs in Akita City. National Road 13 is the largest main arterial road with
stores (shops with an area of 1,000 m2 or greater)
the most vehicle traffic within a 7-km radius
• The property is comprised of two tenants (a sporting goods store and a men’s wear shop), and as both with 14 facilities located within a radius of 1 km. As
(Congestion benchmark: 1.64)
tenants have high credit ratings as major players in their respective industries, stable revenues can be for business type, there are many large specialty
Prefectural Road 56 is also a main arterial road with
expected because they have been continuously open for a long period. stores such as furniture and home appliance stores,
much vehicle traffic (Congestion benchmark: 1.37)
and roadside retail facilities concentrate in the area.
Location (Japanese addressing system) 1-4-63 Barajima, Akita City, Akita Prefecture
Traffic Volume in the Surrounding Areas of (Tentative name) MRR Akita II
Acquisition price 970 million yen
Appraisal value 994 million yen 24-hour traffic volume of Congestion
Explanation on congestion benchmark
motor vehicles benchmark
Appraisal NOI yield 7.1%
Neighboring
100% 43,692 1.64 〜1.00 No congestion and traffic is smooth.
Occupancy rate (as of January 31, 2020) areas
2 Prefectural
Site area 14,902.48 m 4,695 0.49 Not only during peak hours. Congestion is
average 1.25〜
Completion date March 2004/April 1985 1.75
likely to occur at an accelerated pace during
Source: Road Traffic Census FY2015 other hours around the peak time also.
Steel framed structure, alloy plated steel sheet roof, 1 floor
Structure Steel framed structure, galvanized steel sheet roof, 2 floors Chronic congestion, with around 70% of the
2.00〜
Number of parking spaces 254 12-hour daytime period seeing congestion.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 23(Tentative name) MRR Ichihara (land ownership interests) Warehousing
Land for lifestyle-oriented retail stores in a detached residential area
■Property characteristics and highlights
• This property is located approximately 5.8 km from JR Goi Station in the center of downtown Ichihara City.
There are schools and parks, etc., in the neighboring area which serves as land for the community-based
roadside stores in a residential district.
• An urban planned road is set to operate in the area and will likely open in the next two to three years. Once
completed, the property will be easily accessible from the urban planned road connecting the southern part of
the JR Uchibo Line's Anegasaki Station to the southern part of the Goi Station, which is expected to attract
customers from the southern part of the JR Uchibo Line. The future prospects of the property are high. Nishimatsuya KOMERI
• Tenants are primarily stores used on a daily basis, including Shimamura (clothing), KOMERI (home center), (children's goods) (home center) An urban planned road is scheduled
Nishimatsuya (children's goods), Sendo (grocery store), and Yac's (drugstore). 40 parking spots 35 parking spots to open in the next two to three years
Sendo
(grocery store)
Location (Japanese addressing system) 6-7 Chigusa, Ichihara City, Chiba Prefecture 80 parking spots
Acquisition price 700 million yen Shimamura
(clothing)
Appraisal value 1,190 million yen 70 parking spots
Appraisal NOI yield 5.0%
Yac's
(drugstore)
Number of parking spaces 295 (total) 70 parking spots
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 24Asset manager’s
(Tentative name) MRR Kitamoto (land ownership interests) independent acquisition
channel
Land for retail facility along Route 17 that opened in January 2020
Sponsor has developed 22 Polestar Series apartments in Saitama Prefecture
■Property characteristics and highlights
• There is a well-developed transportation network stretching from the southeast to the northwest, with railways such as JR
Takasaki Line and the JR Joetsu Shinkansen Line, and roads such as National Route 17 and bypass roads, as well as the
former Kyu-nakasendo Road (Prefectural Route 164).
• The location enjoys strong commercial demand since it is easily approachable by car from the trade area that stretches widely
from the southeast to northwest along National Route 17, a main arterial road. (Note) Regarding each of marimo’s for-sale condominiums, marimo REIT has no specific
• While there are no shopping malls that attract large numbers of customers in the commercial zone, a commercial zone has plans for acquisitions, nor is there any guarantee that it can be acquired in the
been formed by roadside stores along National Route 17. future as of the date of this document.
• In recent years, the development of the surrounding roads (Ageo Bypass) has progressed and the property is expected to
It has a larger warehouse space than usual and can be used as a distribution center for existing stores in the neighboring area
continue attracting solid demand for commercial land. and as an EC distribution center. With the dominance of multiple stores including these existing stores, it is expected that
• Stable occupancy is expected as long-term fixed leasehold agreements for business-use have been concluded with tenants. competition will accelerate within the commercial zone.
Business Results of K’s Holdings Corporation
Location (Japanese addressing system) 4-46 Fukai, Kitamoto City, Saitama Prefecture （百万円）
(million yen) 売上高（左軸）
Sales (left axis)
Operating income
営業利益（右軸） （百万円）
(million yen)
(right axis)
800,000 50,000
Acquisition price 1,030 million yen 600,000 40,000
30,000
400,000
20,000
Appraisal value 1,120 million yen 200,000 10,000
0 0
Appraisal NOI yield 4.9% FY2010 FY2012 FY2014 FY2016 FY2018
FY2011 FY2013 FY2015 FY2017 FY2019
Number of parking spaces 136
Source: Compiled by the asset manager based on K’s Holdings Corporation’s website
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 25Steady Expansion of Asset Size
A total of six assets were acquired for 4,950 million yen, and the asset size after the second public
offering expanded to 29,955 million yen
Sold 1 property 50,000
(million yen)
Acquired 1
50,000 property
Seven-Eleven
Aiming to
Kofu Aioi 1-chome Store further expand
(land ownership interests)
asset size
Acquired 7
properties
29,955
30,000
ArtizA Higashi-Shimada 6 properties
acquired
through
MRR Kumamoto, etc. second
Floor expansion
public offering
at 1 property 25,225 25,005
24,525 24,525
25,000 Acquired 1 700
property
-220 4,950
MRR Omuta floor expansion
7 properties
acquired
through
first public
20,000 offering
ArtizA Higashi-Betsuin 7,700
16,810 16,825
16,170 16,170 640 15
15,000
0
At listing End of 1st FP End of 2nd FP End of 3rd FP End of 4th FP End of 5th FP End of 6th FP End of 7th FP Assets acquired After
Dec. 2016 Jun. 2017 Dec. 2017 Jun. 2018 Dec. 2018 Jun. 2019 Dec. 2019 through second second public 5 years
(Note) public offering offering from listing
(Note) marimo REIT disposed of its owned asset Seven-Eleven Kofu Aioi 1-chome Store (land ownership interests) as of December 27, 2019.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 26Sponsor Pipeline
Properties developed by sponsors The sponsors are
Location: Minoo City, Osaka
Main type: Retail
developing rental
Constructed: Jan. 2019 apartments, hotels,
and retail facilities,
Acquired in the second public offering
Properties developed by etc., all around Japan. Properties developed by sponsors
Location: Nagano City, Nagano
sponsors Main type: Hotel
Location: Osaka City, Osaka Units: 112
Main type: Residential Constructed: Sep. 2020
Units: 91 (1K) (Scheduled)
Constructed: Oct. 2019
Properties developed by sponsors
Property under sponsor’s urban
redevelopment projects
Location: Takasaki City, Gunma
Main type: Residential
ミラキタシティ姫路
MIRAKITA CITY HIMEJI
所在地︓ 兵庫県姫路市 Units: 54 (1LDK)
Location: Himeji City, Hyogo
主たる⽤途︓ 商業施設（区分） Constructed: Jun. 2020
Main type: Retail(sectional)
竣⼯︓ 2019年1月 (Scheduled)
Constructed: Jan. 2019
Properties developed by sponsors
Properties developed by sponsors Location: Takayama City, Gifu
Location: Hiroshima City, Hiroshima Main type: Hotel
Main type: Hotel Units: 139
Units: Undetermined
Constructed: Nov. 2020
Constructed: Jun. 2022
(Scheduled)
(Scheduled)
Acquired in the second public offering
Properties developed by sponsors Properties developed by sponsors Properties developed by sponsors
Location: Kumamoto City, Kumamoto Location: Nagoya City, Aichi Location: Nagoya City, Aichi
Main type: Residential Main type: Residential
Units: 48 Main type: Residential
Units: 40 (1K) Units: 30 (1K)
Constructed: Mar. 2021 Constructed: Feb. 2020
(Scheduled) Constructed: Feb. 2019
(Scheduled)
(Note) As to properties developed by sponsors, there are no plans for marimo REIT to acquire the properties as of the date of this document and there is no guarantee it can acquire them in the future.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 27Portfolio List (1) (After second public offering)
(million yen)
Book value at end of Appraisal Terminal
Acquisition price Appraisal NOI Constructed Occupancy rate
Property No. Property name Location fiscal period value capitalization (Note 2) (Note 3)
(million yen) yield
(million yen) (Note 1) (million yen) rate
Sendai City,
Rp-01 ArtizA Sendai Kakyoin 2,730 2,620 3,790 5.3% 7.5% Jan. 2009 97.7%
Miyagi
Nagoya City,
Rp-02 ArtizA Kamimaezu 400 387 547 5.0% 6.9% Mar. 2014 97.7%
Aichi
Fukuoka City,
Rp-03 ArtizA Hakata Premium 1,060 1,001 1,260 5.2% 6.8% Feb. 2006 95.7%
Fukuoka
Fukuoka City,
Rp-04 ArtizA Hakataeki-Minami 500 477 564 5.1% 6.4% Jun. 2006 98.6%
Fukuoka
Nagoya City,
Rp-05 ArtizA Higashi-Betsuin 640 630 677 4.9% 5.1% Feb. 2016 98.1%
Aichi
Nagoya City,
Rp-06 ArtizA Kamimaezu II 720 722 770 5.0% 5.3% Feb. 2016 93.6%
Aichi
Residential Properties
Nagoya City,
Rp-07 ArtizA Chiyoda 980 979 1,110 4.7% 5.2% Sep. 2017 98.7%
Aichi
Okayama City,
Rp-08 ArtizA Higashi-Shimada 700 711 730 5.2％ 5.4% Dec. 2016 94.2%
Okayama
Setagaya Ward,
Rt-01 ArtizA Ikejiri 610 606 735 4.0% 4.8% Mar. 2014 89.9%
Tokyo
Yokohama City,
Rt-02 ArtizA Tsuzuki Chuo Koen 1,050 1,079 1,150 5.0% 6.0% Apr. 1989 94.8%
Kanagawa
Kawasaki City,
Rt-03 ArtizA Kawasaki East 780 768 933 5.2% 6.8% Mar. 1998 100.0%
Kanagawa
Zama City,
Rt-04 ArtizA Sobudai 1,130 1,167 1,350 5.2% 6.9% Feb. 1993 98.7%
Kanagawa
Nagoya City,
Rp-09 ArtizA Tsurumai 430 430 468 4.6% 5.0% Feb. 2019 96.7%
Aichi
Osaka City,
Rp-10 ArtizA Awajieki-higashi 1,180 1,180 1,290 4.6% 5.0% Oct. 2019 95.0%
Osaka
(Tentative name) Matsumoto City,
Rp-11 640 640 665 5.9% 7.0% Mar. 1998 78.9%
ArtizA Matsumoto Nagano
(Note 1): “Book value at end of fiscal period” refers to the book value as of December 31, 2019. As for acquired assets, the acquisition price is listed. 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 occupancy rate as of December 31, 2019, for owned assets, and for acquired assets, it 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 November 30, 2019, by the building’s (or in the case of land ownership interests, the land’s) leasable area determined by marimo REIT, which is then rounded to the first decimal place. The same applies hereafter.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 28Portfolio List (2) (After second public offering）
(million yen)
Book value at end of Appraisal
Acquisition price Terminal Appraisal NOI
Property No. Property name Location fiscal period value Constructed Occupancy rate
(million yen) capitalization rate yield
(million yen) (Note 1) (million yen)
Omuta City,
Cp-01 MRR Omuta 1,265 1,211 1,170 6.3% 6.2% Mar. 2005（Note 1） 100.0%
Fukuoka
Cp-02 Tarumiekimae Gold Building Kobe City, Hyogo 500 476 551 6.1% 6.6% Jun. 2008 100.0%
Miyazaki City,
Cp-03 Foodaly Aoba Store 250 228 394 6.3% 10.0% Apr. 2009 100.0%
Miyazaki
Yamada Denki Tecc Land Mihara City,
Cp-04 2,000 1,893 2,730 6.3% 8.7% Sep. 2008 100.0%
Mihara Store Hiroshima
Yamada Denki Tecc Land Nishi-Sonogi
Cp-05 950 919 1,120 6.4% 7.9% May 1981 100.0%
Togitsu Store County, Nagasaki
Kumamoto City, ①Oct. 2008
Retail Properties
Cp-07 MRR Kumamoto 2,120 2,146 2,400 5.9% 6.9% 98.7%
Kumamoto ②Jan. 1986（Note 2）
Sasebo City,
Cp-08 MRR Sasebo 990 990 1,270 5.8% 7.5% Apr. 2008 96.1%
Nagasaki
Itoshima City,
Cp-09 MRR Itoshima 900 911 976 5.4% 5.9% Jul. 2008 100.0%
Fukuoka
Cp-10 MRR Akita Akita City, Akita 840 853 879 6.8% 6.7% Apr. 1994 100.0%
Supercenter TRIAL Togitsu Store Nishi-Sonogi
Cp-11 1,150 1,170 1,210 5.0% 5.0% - 100.0%
(land ownership interests) County, Nagasaki
①Mar. 2004
Cp-12 (Tentative name) MRR Akita Ⅱ Akita City, Akita 970 970 994 6.8% 7.1% 100.0%
②Apr. 1985（Note 2）
(Tentative name) MRR Ichihara Ichihara City,
Ct-01 700 700 1,190 - 5.0% - 100.0%
(land ownership interests) Chiba
(Tentative name) MRR Kitamoto Kitamoto City,
Ct-02 1,030 1,030 1,120 4.5% 4.9% - 100.0%
(land ownership interests) Saitama
Ichinomiya City,
Hotels Hp-01 Route-Inn Ichinomiya Ekimae 740 682 853 6.0% 6.9% May 2008 100.0%
Aichi
Hiroshima City,
Op-01 MRR Delta Building 1,200 1,156 1,290 5.7% 6.4% Nov. 2002 100.0%
Hiroshima
Offices
Fukuoka City,
Op-02 PLEAST Hakata Gion Bldg. 800 763 1,020 5.0% 6.2% Aug. 2008 100.0%
Fukuoka
Total 31 properties 29,955 29,509 35,206 - - - -
(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 age of each building is recorded.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 2905
Appendix
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 30Property Introduction (Office)
PLEAST Hakata Gion Building (from subleasing the entire building to individual leases)
Office market in Fukuoka City remains favorable
(Note 1) (Note 1)
Unit (yen) Assumed Contracted Rents Unit (%)
(unit price per tsubo) 15,850 Vacancy Rate
16,000 7
14,480
5.8 Vacancy rates also
14,000 12,940 6 declined over the five
11,640 years of 2014 to 2019
12,000 10,920
10,280 5
10,000
4 3.2
8,000
3
Location Fukuoka City, Fukuoka 6,000
Increase by 2.1
approximately 54% over
2
4,000 the five years of 2014 to
Appraisal NOI yield 6.2％ 2019
1
0.6 0.5 0.6
2,000
Occupancy rate 100％
0 0
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
Acquisition price 800 million yen
(Note 1) Source: Prepared by the asset manager based on CBRE’s “Japan Office Market Review”
Appraisal value 1,000 million yen
Completion date Aug. 2008 ◆Subleasing the entire building ◆individual leases
(until April 26, 2020) (April 27, 2020 and thereafter)
■ Property descriptions 10th floor Expected vacancy (asking rent 15,000 yen
・The property is located approximately 130 meters southwest of Gion Station on the Fukuoka City (approximately 60 tsubo) per tsubo)
Subway Kuko Line(approximately a 1-minute walk). Potential
9th floor
・As Gion Station is only one stop from Hakata Station or around 6 to 7 minutes on foot, accessing the for (approximately 60 tsubo) Tenants decided
city center is extremely easy. increase 8th floor Expected vacancy (asking rent 15,000 yen
・There are many retail stores and restaurants around the neighboring area (approximately 60 tsubo) per tsubo)
・The neighboring area belongs to a commercial district with many medium-rise office buildings, etc.
1st to 10th 7th Floor Tenant
(succession)
■Current situation floors
6th Floor Tenant
1st to 7th floors
(approximately 405
・Subleasing the entire building (approximately 585 (succession)
tsubo)
tsubo)
・Unit rent: 8,450 yen per tsubo 5th Floor Tenant
(succession)
・Expiration of fixed-term lease agreement: April 26, 2020 Total rent 4th Floor Tenant
Total rent
5 million yen per (succession) Approximately 5.05
■After April 27, 2020 3rd Floor Tenant million yen per month
month
(succession)
(12,467 yen per
・Scheduled to switch to individual leases (8,540 yen per 2nd Floor Tenant
tsubo)
・Current tenants are scheduled to continue to lease the 1st through 7th floors tsubo) (succession)
1st Floor Tenant Unit rent increase by
・Tenants have been decided for the 9th floor (succession)
・The 8th and the 10th floors are scheduled to be vacant (asking rent: 15,000 yen per tsubo) approximately 46%
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 31Basic 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 economy
Revitalization of “towns” through investing in regional real estate
marimo Regional Revitalization REIT, Inc.
Expertise in
real estate development
Provide property information (Note)
and urban redevelopment
Your family bank The Chugoku Bank
The Mie Bank The Tokyo Star Bank
The Minchinoku Bank
Marimo Co., Ltd. Kansai Mirai Bank The Hiroshima Bank The Ashikaga Bank ReBITA Inc.
(Note) The Michinoku Bank, The Chugoku Bank, The Hiroshima Bank and The Ashikaga Bank are to provide property information voluntarily at their own discretion.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 32Overview of the Sponsor, Marimo
History of Marimo
Company name Marimo Co., Ltd.
Established AI Architectural Design Co., Ltd.
Sep. 1970
(currently Marimo Co., Ltd) in Hiroshima City
Completed construction of “Grandeur Tosu,” the first
Headquarters Oct. 1990
for-sale condominium
1-17-23, Kougokita, Nishi Ward, Hiroshima
address Started the Condominium Restoration Project
Jan. 2009
(purchase and resale)
Aug. 2009 Established a local entity in Shanghai, China
Established September 1, 1970
Joined “Keyaki Avenue First-class Urban Redevelopment
Apr. 2010 Project” (Wakayama City) as the first urban redevelopment
project
Global operation Japan, China, Malaysia, etc. Jan. 2014
Launched income property direction business on a
full scale
Mar. 2014 Launched domestic for-rent condominium business
Net sales Established Marimo Asset Management Co., Ltd.
41.5 billion yen (as of July 31, 2019) Jun. 2015
Established GM Associe Co., Ltd.
(Non-consolidated)
Established Marimo Consulting Co., Ltd.
Oct. 2015
Business Planning, development, designing, supervising and sales
Made Yurick Home Co., Ltd. a subsidiary through M&A
description business of for-sale residential properties, real estate Jul. 2016 Listing of marimo Regional Revitalization REIT, Inc.
(Including business securitization business and sales of overseas for-sale
description of Reorganized into a group with Marimo Holdings Co.,
condominiums Nov. 2016
subsidiaries) Ltd. as the holding company
Began sales of 532 units out of 1,260 units in 18 buildings at
May 2017 “Shangya Yuan” in the 1st FP in China (All units were sold out in
Track record of for-sale condominium development the same month)
(as of January 31, 2020) Jan. 2018
marimo Regional Revitalization REIT, Inc. conducted
1st public offering
405 structures with 26,474 units in
marimo Regional Revitalization REIT, Inc. concluded
over 44 prefectures nationwide Jan. 2020
2nd public offering
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 33Marimo Co., Ltd. will mark its 50th anniversary in 2020
Marimo established as a design office becomes a comprehensive real estate developer
Current major business development by Marimo group
Improved not only real estate value through
We supply residences required in each land by
Domestic for-sale Income property the renovation of retail stores, residences and
carefully examining the necessary specification and
condominium business direction business offices but also profitability and sustainability
quality for each region.
by implementing own leasing
Miyazaki City, Miyazaki Hiroshima City, Shibuya Ward, Tokyo Hiroshima City,
Hiroshima ■Ebisu-Nishi Hiroshima ■Hotel Vista
Itchome Building Hiroshima
・Also acquired a narrow ・Selected Vista Hotel
land which is difficult to be Management Co., Ltd. as
developed at a single site the management
after negotiating with the company
owner of the adjacent land ・Developed a limited-
・Constructed a retail service hotel that can
building on the site and respond also to tourism,
invited DAIICHIKOSHO, events, etc. while
the leading company in the targeting mainly
karaoke industry, as a new business users
tenant
■Polestar Miyazaki The Residence ■Polestar Ujina Kaigan Harbor View
Contributed to the revitalization of city center by utilizing Conducted sales of residences with interior design in
Urban redevelopment
the know-how gained in for-sale condominium business Overseas business overseas market. Developed “Polestar Garden” series with a
business and accumulating track records in many regional cities total of 12 for-sale condominiums and 853 units in China
Kumamoto City, Sasebo City, Nagasaki China China
Kumamoto
■The Kumamoto Gardens ■Polestar Sakae Tower Residence ■Polestar Garden ■Shangya Yuan
・Kumamoto City’s Sakuramachi District Class 1 ■Polestar Tokiwa Tower Residence ・First project developed in Suzhou Industrial Park ・ Second project currently in progress in
Urban Area Redevelopment Project ・ Sakae/Tokiwa District Category 1 Urban （853 units） Wujiang District (1,260 units)
Redevelopment Project “Suncle”
REIT business Provided support including the supply of properties as a sponsor of marimo Regional Revitalization REIT, Inc.
Copyright © Marimo Asset Management Co., Ltd. marimo Regional Revitalization REIT, Inc. 7th FP Presentation Material l 34You can also read
