XYMAX REIT Investment : Notice of Revision of Investment Forecast and Distribution Forecast for the fiscal periods ending February and August

		Translation Purposes Only
		January 27, 2022
For Immediate Release
Real Estate Investment Trust Securities Issuer
1-1-1 Akasaka, Minato-ku, Tokyo
XYMAX REIT Investment Corporation
Representa	Executive Director	Kanemitsu
tive		Shotaro

(Securities Code: 3488）

Asset Management Company

XYMAX REAL ESTATE INVESTMENT ADVISORS Corporation

Representa	Representative Director	Kanemitsu
tive		Shotaro
Contact	Head of Business Planning Division	Tatsuya
		Nakayama

TEL: [phone]

Notice of Revision of Investment Forecast and Distribution Forecast for the fiscal periods ending February

28, 2022 (8th Fiscal Period) and August 31, 2022 (9th Fiscal Period)

XYMAX REIT Investment Corporation (hereinafter, "XYMAX REIT") announces today the following revision of its operating forecasts and distribution forecasts for the fiscal periods ending February 2022 (the 8th fiscal period from September 1, 2021 to February 28, 2022) and the Fiscal Period Ending August 2022 (the 9th Fiscal Period from March 1, 2022 to August 31, 2022), announced in "(REIT) Financial Report for the Fiscal Period Ended August 2021" dated October 13, 2021.

1. Details of Revision

(1) The Fiscal Period Ending February 2022 (the 8th Fiscal Period)

					Distribution per unit	Distribution in
	Operating	Operating	Ordinary		(excluding	excess of earnings
	Net income	distribution in	per unit
	revenues	income	income
		excess of earnings)
Previous Forecast	1,383	740	665	664	2,977	-
(A)	Million yen	Million yen	Million yen	Million yen	Yen	Yen
Revised forecast	1,610	943	867	866	3,877	-
(B)	Million yen	Million yen	Million yen	Million yen	Yen	Yen
Amount of change	226	203	201	201	900	-
(B-A)	Million yen	Million yen	Million yen	Million yen	Yen	Yen
Rate of change	16.4	27.5	30.2	30.3	30.2	-
((B-A))/ (A)	%	%	%	%	%

(2) The Fiscal Period Ending August 2022 (the 9th Fiscal Period)

					Distribution per unit	Distribution in
	Operating	Operating	Ordinary		(excluding	excess of earnings
	Net income	distribution in	per unit
	revenues	income	income
		excess of earnings)
Previous Forecast	1,387	732	674	673	3,013	-
(A)	Million yen	Million yen	Million yen	Million yen	Yen	Yen
Revised forecast	1,582	918	857	856	3,835	-
(B)	Million yen	Million yen	Million yen	Million yen	Yen	Yen
Amount of change	195	186	183	183	822	-
(B-A)	Million yen	Million yen	Million yen	Million yen	Yen	Yen
Rate of change	14.1	25.4	27.2	27.2	27.3	-
((B-A))/ (A)	%	%	%	%	%

(Reference)

February 28, 2022 (8th fiscal period): Assumed number of investment units outstanding at the end of the period is 223,400 units

August 31, 2022 (9th fiscal period): Assumed number of investment units outstanding at the end of the period is 223,400 units

(Note 1) Forecast figures are calculated based on the assumptions set forth in the Attachment as of the date of this release. Therefore, actual operating revenues, operating income, ordinary income, net income, distributions per unit, and distributions in excess of earnings per unit may differ from the forecasts due to a variety of reasons including the future acquisition or sale of real estate and changes in XYMAX REIT's operating environment including the real estate market. Accordingly, XYMAX REIT does not guarantee payments of the forecast distributions per unit.

(Note 2) If XYMAX REIT expects changes to the aforementioned forecast greater than a certain extent, it may further revise its forecast.

(Note 3) Figures below the unit are rounded down, while percentages are rounded to the nearest second decimal place.

2. Reason for revision

As announced today in "Notice Concerning Acquisition of Domestic Trust Beneficiary Right in Real Estate (Valor Kachigawa Store (Leasehold land) (50% quasi-co-ownership interest)) and Sale of Domestic Real Estate Trust Beneficiary Right (Renaissance 21 Chihaya)", XYMAX REIT decided to acquire Valor Kachigawa Store (Leasehold land) (50% quasi-co-ownership interest) and sell 50% quasi-co-ownership interest of Renaissance 21 Chihaya on January 31, 2022, and to sell 50% quasi-co-ownership interest of Renaissance 21 Chihaya on March 31, 2022. Along with this, changes occurred in the assumptions of the forecasts for the fiscal periods ending February 2022 (the8th Fiscal Period) and August 2022 (the 9th Fiscal Period), which were announced in the "(REIT) Financial Report for the Fiscal Period Ended August 2021" dated October 13, 2021. Accordingly, XYMAX REIT is revising its operating forecasts and distribution forecasts as indicated in the above tables.

* XYMAX REIT website address: https://xymaxreit.co.jp/

[Attachment]

Assumptions for the underlying the operating forecast and distribution forecast for the fiscal period ending February 2022 (the 8th Fiscal Period: September 1, 2021 to February 28, 2022) and the fiscal period ending August 2022 (the 9th Fiscal Period: March 1, 2022 to August 31, 2022)

Item				Assumptions
	 February 28, 2022 (the 8th Fiscal Period) (September 1, 2021 to February 28, 2022) (181
Accounting period		days)
	 August 31, 2022 (the 9th Fiscal Period) (March 1, 2022 to August 31, 2022) (184 days)
	 The assumption is that the actual real estate and real estate trust beneficiary rights held by
		XYMAX REIT as of today (total of 15 properties) (hereinafter, the "current portofolio
		assets"), as stated in the "Notice Concerning Acquisition of Domestic Trust Beneficiary
		Right in Real Estate (Valor Kachigawa Store (Leasehold land) (50% quasi-co-ownership
		interest)) and Sale of Domestic Real Estate Trust Beneficiary Right (Renaissance 21
		Chihaya)" announced today, the acquisition of one property (Valor Kachigawa Store
Assets under		(Leasehold land) (50% quasi-co-ownership interest))	(hereinafter the "Asset to Be
management		Acquired") and the sale of one property (50% of Domestic Real Estate Trust Beneficiary
		Right (Renaissance 21 Chihaya))(hereinafter the "Asset to Be sold" ) are scheduled on
		January 31, 2022 and March 31, 2022, respectively.
	 In addition to	the above, it is assumed that there will be no change in assets under
		management (sales of assets and acquisition of new properties, etc.) by the end of the 9th
		fiscal period.
	 Change may arise due to the acquisition and/or disposition of the portfolio assets.
	 Calculated based on the effective lease agreements entered into as of the end of December,
		2021 and past tenant and market trends for the current portfolio assets , and as for the Asset
		to Be Acquired, revenues are estimated using the information on the existing lease
		agreements and lease agreements to be effective as of the Scheduled Acquisition Date and
		by taking into account various factors, such as the assumed occupancy rate and rent
		fluctuation projections based on tenant move-in/move-out and rent level projections.
	 Variable rent is based on a conservative review by XYMAX REIT based on the operational
		forecasts submitted by the operator, assuming that recovery from the effects of the COVID-
		19 will take more than 12 months, and the variable rent for the fiscal years ended February
		28, 2022 (the 8th fiscal year) and August 31, 2022 (the 9th fiscal year) will not be incurred.
Operating revenues		[Hotel Vista Sendai]
	Fixed rent: 20 million yen per month
		Variable rent: Monthly variable rent is calculated by subtracting 21 million JPY from the
		current month's GOP (Note 1) and multiplied by a certain rate (Note2)
		(Note 1)If the amount obtained by subtracting 21 million yen from the GOP for the current
		month becomes negative, the variable rent for the current month will be 0 yen.
		(Note 2) "a certain rate" shall not be disclosed because the consent of the operator has not
		been obtained.
	●	The amount of gain on sale (excluding expenses the asset to be sold) ending February 2022
		(the 8th fiscal period) and August 2022 (the 9th fiscal period) are assumed.
	 The assumption is that there will be no delinquent or unpaid rent by tenants and no gain
		(loss) on sales of real estate properties.
	 Of operating expenses, the main components are as follows: (Figures less than the unit are
		rounded down. The same applies hereafter.)
				Fiscal period ending	Fiscal period ending
				February 28, 2022	August 31, 2022
				(the 8th Fiscal Period)	(the 9th Fiscal Period)
		Total rent expenses	494 million yen	488 million yen
Operating expenses		Management fees	91 million yen	85 million yen
	Repair expenses	29 million yen	51 million yen
		Property taxes	137 million yen	133 million yen
		Depreciation	141 million yen	132 million yen
		Other than	expenses	172 million yen	175 million yen
		related to leasing business
		Asset management fees	80 million yen	83 million yen
	 Expenses related to leasing business, which are the main operating expenses, are calculated

	on the basis of historical data at XYMAX REIT (historical data disclosed by the previous
	owner, etc. in the case of periods for which there is no historical data at XYMAX REIT)
	and by taking into consideration factors causing fluctuation in expenses.
	 Depreciation is calculated using the straight-line method inclusive of incidental expenses,
	etc.
	 In general, property taxes and city planning taxes are settled when real estate is purchased
	or sold by calculating them on a pro rata basis between the current owners and the periods
	in which they are acquired. However, XYMAX REIT does not record expenses in the
	period of acquisition because the portion equivalent to the settlement amount is included
	in the acquisition cost. Therefore, the property tax and city planning tax, etc. will not be
	recorded as expenses in the February 2022 (the 8th Fiscal Period) to the February 2023 (the
	10th Fiscal Period) , but the amount of property tax, etc. will be recorded as expenses from
	the August 2023 (the 11th Fiscal Period). The total amount of fixed asset tax and city
	planning tax, etc. included in the acquisition cost for the Asset to Be Acquired is assumed
	to be 5 million yen.
	 Repair expenses are the amount necessary in each fiscal period as assumed on a property-
	by-property basis by the Asset Management Company. However, repair expenses possibly
	increasing in amount or additionally arising from unforeseeable factors, the amount
	generally tending to vary materially from fiscal year to fiscal year and not being an amount
	that arises periodically, etc. may result in repair expenses for each fiscal period differing
	materially from the forecast amount.
	 For the fiscal period ending February 28 2022 (the 8th Fiscal Period), interest expenses and
Non-operating	other borrowing related expenses are assumed to be 76million yen.
expenses	 For the fiscal period ending August 31 2022 (the 9th Fiscal Period), interest expenses and
	other borrowing related expenses are assumed to be 61million yen.

• As stated in the "Notice Concerning Borrowings of Funds" announced today, on January 31, 2022, XYMAX REIT scheduled to borrow short-term loans of 1,100 million yen, long- term loans of 5,408 million yen, and repay short-term loans of 1,770 million yen, and long- term loans of 3,088 million yen.
• As a result, it is assumed that the total loan balance as of January 31, 2022 is 15,700 million
  Interest-bearing yen.

liabilities	 Of the above, 1,100 million yen of short-term loan due in the August 2022 (the 9th Fiscal
	Period) is assumed to be repaid upon completion of the sale of Renaissance 21 Chihaya.
	 LTV ratio is expected to be 36.8% at the end of the February 2022 (the 8th Fiscal Period)
	and 36.5% at the end of the August 2022 (the 9th Fiscal Period). In addition, the following
	formula is used to calculate LTV ratio:
	LTV = Total interest-bearing liabilities ÷ Total assets × 100
	 The assumption is the total number of investment units issued and outstanding is based on
	the number of units issued and outstanding as of the date of this report: 223,400 units.
Investment unit	 It is assumed that there will be no change in the number of investment units due to the
	issuance of new investment units, etc. until the end of the August 2022 (the 9th Fiscal
	Priod).
	 Distribution per unit (excluding distribution in excess of earnings) is calculated based on
Distribution per unit	the assumption that distribution will be in accordance with the cash distribution policy
provided in XYMAX REIT's Articles of Incorporation.
(Excluding distributions
 Distribution per unit (excluding distribution in excess of earnings) may vary due to various
in excess of earnings)
	factors, such as fluctuation in rent revenue accompanying change in assets under
	management, change in tenants, etc. or incurrence of unexpected repairs.
Per unit	 No cash distribution in excess of earnings (distribution in excess of earnings per unit) is
Distribution in excess	scheduled to be made at this point in time.
of earnings per unit

• The assumption is that there will be no revision of laws and regulations, tax systems,

accounting standards, listing regulations provided by Tokyo Stock Exchange, rules

Otherprovided by The Investment Trusts Association, Japan, etc. that will impact the forecast figures above.

• The assumption is that there will be no unforeseen material change in general economic trends, real estate market conditions, etc.