Security code

Overview of the 36th fiscal period performance［8968 ］March 1st,2022〜August 31st,2022

Security code

Overview of the 36th fiscal period performance［8968 ］ March 1st,2022〜August 31st,2022
Executive summary

1

Financial strategy

18

Financial statements and business forecasts

2

Appraisal value

20

External growth strategy and new acquisition of property

7

Sustainability

21

Portfolio overview

9

Appendix

23＊Regarding rounding of amounts, percentage, and ratios : unless otherwise noted, in these materials, monetary amounts are rounded down to the nearest whole unit,
and percentages and ratios are rounded off to one decimal places.
＊The figure in tsubo is obtained by converting the square-meter figure to tsubo, rounded down to the nearest whole number.

These materials may contain future performance, plans, management targets and strategies. These forward-looking descriptions are based on present assumptions on future eventsand trends in the business environment, but such assumptions may not necessarily be accurate.
Actual results may differ materially due to various factors. Neither Fukuoka REIT Corporation nor Fukuoka Realty shall be liable for the accuracy, rationality and completeness of information contained in these materials, whether they were prepared by Fukuoka REIT Corporation or Fukuoka Realty or provided by a third party.
These materials have not been prepared to entice investment. When applying to purchase investment units issued by Fukuoka REIT Corporation, do so based on your own judgment
and responsibility.
Fukuoka REIT Corporation prohibits the reproduction, use, duplication, distribution, alteration, etc., of all or a part of the contents of this document without its prior consent.

Executive summary
Distribution for the 36th Fiscal Period is ＋23 yen compared to the forecast
New acquisition of property （acquired on March 1, 2022 ）Property nameHakata Chikushi-Dori Center Building

LocationHakata Ward, Fukuoka City

Acquisition priceAppraisal value
NOI yield （＊1）

Financial Management

4,320 mm yen
4,540 mm yen
5.3％

Total debt

Committed line

Average remaining
duration to maturity

Fixed rate

LTV （＊2）（＊1）The indicated figure is based on the NOI described in the appraisal report.

Owned properties■Retail properties

83,900 13,000

・ Overall, sales are recovering, and events were held to attract customers alongside
implementation of measures to prevent infection

mm yen： Commenced activities towards the start of the future-oriented project toevolve the property
Initiatives： Renovations aimed at enhancing attractiveness to families and making theby each ・Park Place Oita
facility more dynamic
facility
・Konoha Mall Hashimoto： Food court renovations to address shortage of seats and improve the atmosphere

mm yen

93.4％ 5.4 years

J-REITs' average：4.3 years（＊3）

・ Canal City Hakata■Officebuildings■Others

Sus t ainabilit y■Endorsement of TCFD （Task Force on Climate-Related Financial Disclosures） （Sept. 2022）■ Assessment of financial impacts based on scenario analysis■External certification – GRESB Real Estate Assessment: “4 Stars”, Disclosure Assessment: “A Level”

・Logistics： Occupancy rate is 100%・ Residence ： End-of-period occupancy rate for residence is 96.0%, and rent increase due
to tenant replacements has continued
・ Hotel： FRC owns only hotels specialized for accommodation which have limited risks
compared to full-service hotels

（yen）

3,500

calculated by Fukuoka Realty based on their disclosure materials.

＋4.2 mm yen– Green Building certification obtained for 77.8%

Dividend per unit

4,000

3,250

3,361

3,539

3,536

3,523

130 （Gain on sale）

2,000

3,520

3,540

compared with the

543 （Gain on sale）

Recover

Toward growth phase【Dividend per unit】

144 （Gain on sale）

3,000
2,500

（＊3）

（＊2）LTV is calculated as total interest-bearing debt divided by total assets.
（＊3）Indicates the average value of the latest account settlement figures of all investment corporations as of August 2022,

・ the period-end occupancy rate：99.7%
・ Promoted rent increase in line with tenant replacement and contract renewal
Increase in monthly rent
（upon rent revision and tenant replacement）

41.7％

J-REITs' average：44.5％

36th Actual 3,523 yen （ forecast ＋23yen ）compared with theat 35
37th Forecast 3,520 yen forecast
yen

＋ 20

th

compared with theat 3738th Forecast 3,540 yen forecast
yen

＋ 20

32nd
Aug. 2020

33rd
Feb. 2021

34 th
Aug. 2021

35 th
Feb. 2022

36 thAug. 2022

th

37 th
38 th
Feb. 2023[forecast] Aug. 2023[forecast]

Executive summary1Dividend per unit

36th Actual was 3,523 yen, 37th Forecast projects a decrease to 3,520 yen and 38th Forecast projects an increase to 3,540 yen
36th Actual （compared with the previous FP）

36th Actual （compared with the forecast）

（yen）

（yen）

3,800

3,800

59

3,700

3,700

106

（11）

1

3,600

（74）

3,536
3,500

3,600

（9）

3,523

Of which, revenues from utilities 80

（85）

3,500

（4）

Of which, depreciation and amortization expenses （15）selling general and administrative expenses （14）outsourcing expenses（14）
other expenses, etc.
（42）

3,300
3,200
35
Actualth

HakataChikushi-Dori
Other
Center Building
contribution revenues
to revenues

Activeretail

3,300
3,200

（Leasing businessrevenues）

expensesrepair &Borrowingfrommaintenancecosts
utilities
expenses

Others36 th
Forecast

36
Actualth

Activeretail（Leasing businessrevenues）

1

3,523
（22）

（43）

Of which, revenues
from utilities 50

3,400

3,400

58

33

3,500

Other
revenues

Of which, depreciation and amortization expenses 6
selling general and administrative expenses 11
7
outsourcing expenses
increase in other expenses（46）
expensesfromutilities

repair &maintenanceexpenses

Borrowing
costs

Others36 th
Actual（NOI afterdepreciation）

37th Forecast

38th Forecast（yen）

Of which, depreciation and amortization expenses 11
selling general and administrative expenses 5
outsourcing expenses（8）
other expenses, etc.
31

3,800
3,700
3,600

3,500
3,400

（90）

3,300

Covered by disposition of property

3,200
36
Actualth

3,300

Of which, revenues
from utilities 57

Kurume Higashi Hie
expenses
Canal City repair &Borrowing
Higashi Business Other
from
OthersHakata maintenance Kushiwara SC Center revenues
costs（Leasing business expenses
utilities（
Leasingbusiness
revenues）
gain on salerevenues）

89
（279）

3,520

（60）

（93）

399

3,700

3,520

5

（83）

3,400

39

144

3,500

3,900

3,600

135

3,523

（yen）

3,200
37 th
Forecast（120）
Covered bydisposition of property

46
（105）

32

（7）

3,540
（35）

Of which, revenues from utilities 82
Of which, depreciation and amortization expenses （36）outsourcing expenses（5）decrease in other expenses
6

KurumeCanal City Higashi Hie
expenses repair &maintenanceBorrowing Others
Higashi Canal City Hakata Business Other
38 th
37 th
Hakata（repair &Center revenues fromexpenses costs
Forecast Kushiwara SC（Leasing business maintenance
Forecast
utilities（
Leasingbusiness
（
excl.
Canal
gain on sale revenues）
expenses）
revenues）
City Hakata）

Financial statements and business forecasts

2

Statements of Income （compared with the previous fiscal period）
Absorbed increased costs through newly acquired property’s contribution to revenue- unit : mm yen

Account

36〜Feb. 28, 2022

th

A

B-A

B

8,658

8,830

Operating revenues excluding gain on sale

8,658

8,830

171
①

171

-

-

-

Total operating expenses

5,472

5,648

175

Expenses related to leasing business

4,810

4,974

526

534

8

Asset custody fees

7

7

0

Administrative service fees

57

60

2

Director’s compensations

9

6

（3）

Other operating expenses

61

65

3

Operating income

3,185

3,181

（3）

Total non-operating revenues

0

1

0

Total non-operating expenses

370

377

7

Interest expenses（incl. investment corporation bonds）

271

278

7

Financing related expenses

96

97

1

Others

2

1

（0）

2,816

2,805

（11）

2,816

2,805

（11）

1

1

0

Profit

2,814

2,804

（10）

Total dividends

2,814

2,804

（10）

Dividend per unit（yen）

3,536

3,523

（13）

Ordinary profit and loss

Operating profit and loss

Asset management fees

Non-Operating
profit and loss

Ordinary income
Profit before income taxes
Total income taxes②

Sign indicates impact on profit （unit : mm yen）

■Operating profit and loss

Difference〜Aug. 31, 2022

Total operating revenues

Gain on sale

Dividend

35

th

163

①New acquisition of Hakata Chikushi-Dori Center Building ＋133
Active retail（9）-of which, Canal City Hakata／Canal City Hakata・B ＋14
Park Place Oita

（30）

Konoha Mall Hashimoto（1 ）SunLive City Kokura＋8

Office buildings（excl. Hakata Chikushi-Dori Center Building） ＋28
Others＋19
Total : ＋171
（of which, revenues from utilities ＋63）
②Increase in outsourcing expenses（29）
Increase in expenses from utilities（68）＋1
Decrease in repair & maintenance expenses
Increase in taxes and other public charges（7）
Increase in depreciation and amortization expenses （28）
Increase in other expenses（32）
Total : （163）

Financial statements and business forecasts

3

Statements of Income （compared with the forecast）
Due to factors such as increased office building and residential rent and an improvement in utility income and expenditures, the forecast was surpassed by 23 yen- unit : mm yen

36
Forecast at 35th

36
Actualth

Account
Total operating revenues

th

A

8,807

8,830

①

22

669

Other leasing revenues - real estate

Ordinary profit and loss

Operating profit and loss

5,640

Expenses related to leasing business

5,648

②

8

534

Asset custody fees

7

Administrative service fees

60

Director’s compensations

6

Other operating expenses

65

Non-Operating
profit and loss

Operating income

3,167

3,181

13

Total non-operating revenues

0

1

0

Total non-operating expenses

381

377

（3）

Interest expenses（incl. investment corporation bonds）

278

Financing related expenses

97

Others

1
2,787

2,805

17

2,787

2,805

17

1

1

（0）

Profit

2,786

2,804

17

Total dividends

2,786

2,804

18

Dividend per unit（yen）

3,500

3,523

23

Profit before income taxes
Total income taxes①Active retail（3）-of which, Canal City Hakata／Canal City Hakata・B ＋9
Konoha Mall Hashimoto＋6

SunLive City Kokura（20）

Office buildings
Others＋13＋12
Total : ＋22（of which, revenues from utilities ＋40）

4,974

Asset management fees

Ordinary income

Dividend

B-A

8,160

Leasing revenues - real estate

Total operating expenses■Operating profit and loss

Difference

B

Sign indicates impact on profit （unit : mm yen）

＋6
②Decrease in outsourcing expenses
Increase in expenses from utilities（34）
Decrease in repair & maintenance expenses ＋46
Increase in taxes and other public charges（4）
Decrease in depreciation and amortization expenses ＋5
Decrease in selling general and administrative expenses ＋9
Increase in other expenses（36）
Total : （8）Financial statements and business forecasts

4

Business forecast （the 37th fiscal period, Feb. 2023）
Canal City Hakata mostly absorbed the negative impact of repair expenses through gain on sale
Forecast in the 37th fiscal period
Account

36
ActualA

37th
Forecast
at 36thB

36th
ActualdifferenceC

C-A

Operating revenues

8,830

8,749

8,915

Operating revenues
excluding gain on sales

8,830

8,749

8,800

-

-

115

Gain on sales

Operating expenses

5,648

Sign indicates impact on profit （unit : mm yen）

- unit : mm yen

37th
Forecast
at 35th

th

5,589

5,737

37th
Forecast
difference■Difference between the 36 th FP actualand the 37th FP forecast

C-B

84

166

①

（30）

51

②

115

115

③

88

148

① Active retail＋54

Konoha Mall Hashimoto＋28

SunLive City Kokura＋24

Higashi Hie Business Center
Hakata Chikushi-Dori Center Building
Office buildings（excl. Higashi Hie Business Center andOthers

3,181

3,159

3,177

（3）

17

Non-operating
revenues

1

0

0

（0）

-

Non-operating
expenses

377

372

375

（2）

2

Ordinary income

2,805

2,787

2,803

（2）

15

Profit

2,804

2,786

2,801

（2）

15

Total dividends

2,804

2,786

2,801

（2）

15

Dividend per unit （yen）

3,523

3,500

3,520

（3）

20

（66）

Park Place Oita

Hakata Chikushi-Dori Center Building）

Operating income＋41-of which, Canal City Hakata／Canal City Hakata・B

（71）
（7 ）
＋21
（14）
Total : （30）（of which, revenues from utilities ＋45）
②Kurume Higashi Kushiwara SC gain on sale（15% co-ownership interest）＋115
Total : ＋115

③Increase in outsourcing expenses
Increase in expenses from utilities
Increase in repair & maintenance expenses
Decrease in depreciation and amortization expenses
Decrease in selling general and administrative expenses
Decrease in other expenses
Total :

（7）
（48）
（74）
＋9
＋4
＋28
（88）

Financial statements and business forecasts

5

Business forecast （the 38th fiscal period, Aug. 2023）

Due to factors such as favorable leasing and rent increase in office buildings, the dividend increased by 20 yen
Forecast in the 38 th fiscal period
Account

38th
Forecast at 36th

A

37th
Forecast difference

B■Difference between the 37th FP forecast
and the 38th FP forecast

B-A

Operating revenues

8,915

9,119

Operating revenues
excluding gain on sales

8,800

8,686

①

（113）

115

433

②

317

Gain on sales

Operating expenses

5,737

5,920

Operating income

3,177

3,199

Non-operating
revenues

Sign indicates impact on profit （unit : mm yen）

- unit : mm yen

37th
Forecast at 36th

204

③

182

① Active retail-of which, Canal City Hakata／Canal City Hakata・B

Park Place Oita

＋40

Konoha Mall Hashimoto＋3

SunLive City Kokura（14）

Higashi Hie Business Center
Office buildings（excl. Higashi Hie Business Center）
Others0-

Non-operating
expenses

375

381

5

Ordinary income

2,803

2,819

15

Profit

2,801

2,817

15

Total dividends

2,801

2,817

15

Dividend per unit （yen）

3,520

3,540

20

＋37
＋34
＋9
Total : （113）（of which, revenues from utilities ＋65）

21

②Kurume Higashi Kushiwara SC gain on sale

0

（193）

（222）

（55％ co- ownership interest）＋317
Total : ＋317

（4）
③Increase in outsourcing expenses
Increase in expenses from utilities（83）
Increase in repair & maintenance expenses（70）
Increase in taxes and other public charges
（35）
（29）
Increase in depreciation and amortization expenses
Increase in selling general and administrative expenses（2 ）Decrease in other expenses＋41
Total : （182）

Financial statements and business forecasts

6External Growth Initiatives
Aiming for an asset size of 250 billion yen by diversifying risks by investment type as a comprehensive REIT
Community-based sourcing strategy

Sponsor pipelines●Several redevelopment projects are under-

way in the Tenjin and Hakata areas

16/33

Acquired from sponsor （＊1）
Sponsorproperties

Outside party● Completed development of logistics facilities

in September 2020. Scheduled to continue
development of logistics facilities●Fukuoka Jisho owns 9.18% of FRC’s invest-

10th FP, August 31, 2009, was acquired from both the outside party
and the sponsor, the purchase price has been added to thepurchase prices from outside parties and the purchase prices fromthe sponsor after calculation on a per capita basis. Furthermore,with regard to the number of properties, one property has been
added to the number of properties acquired from the sponsor.

Major income-generating properties
Office buildings

Tenjin Business Center（＊2）

Office buildings

Naha Business Center（＊2）

Logistics

LOGICITY Minato Kashii North（＊2）

of the Asset Manager which is well versed in individual conditions in the Fukuoka andKyushu area

●Propose wide-ranging CRE strategies by grasping customers’ needs as early as possible（ex. leaseback, base consolidation, putting land with leasehold interest off the balance sheet, etc.）

36 .7％ 206,339 63.3％
mm yenas ofAugust 31,
2022

ment units through same-boat investment（as of August 31, 2022）（＊1）Because the Higashi Hie Business Center that was acquired in the● Acquire properties from external sources by utilizing the information ability and know-how

75,649130,690mm yenmm yenMajor development properties
Office buildings

Sumitomo Life Fukuoka Building/Tenjin Nishi-dori Business Center
Reconstruction Project (provisional name)（＊3）

Office buildings

Hakata Tsunaba project（provisional name）（＊3）● Powerful companies leading the Kyushu businessworld provide backup as sponsors of the AssetManager● Following acquisition, community-based operation

in a meticulous and stable manner is possible

ACT LOCAL, THINK GLOBAL

Open bid

Solution proposal

Office buildings

Project for Effective Utilization of
the Fukuoka Prefecture
East General Office Site （＊3）

Logistics

LOGICITY Koga Aoyagi（provisional name） （＊2）＊For details of the sponsor pipeline, please see page 63.
（＊2）The above properties are owned by Fukuoka Jisho, and FRC has no plan to acquire them at present.
（＊3）Property to be developed by Fukuoka Jisho and its business partners. At present, FRC has no plans to acquire it.

Fukuoka Realty
Co., Ltd.

Internal Growth
Logistics

Limitedopportunitiesforacquisition

Propose solutions to win
trust and “achievetransactions,” and “enhance property value”
by pursuing internal
growthRecover occupancy rate byfocusing on leasing activities
after the decision to acquire

LOGICITY Wakamiya
Office buildings

Hakata Chikushi-Dori Center Building

External growth strategy and new acquisition of property

7

Acquisition of property （March, 2029）

Joint project with our sponsor Fukuoka Jisho

Island City Minato Bay related site

（Land with leasehold interest）（tentative）

Acquisition CAP rate （＊1）

3.4％Land leasehold

Fukuoka Jisho Co., Ltd. (plannled)504

3

MiyazakiNajimaKagoshima

Hakata Bay

HakozakiFukuoka IC

TanotsuKasuya35

21

uE

Tenjin-kita

607

Chiyo

NakasuKawabata
Sta.

Atago

an ineUrb jo L
oka anMeinohama Fuku ay K
ss w
pre
x
E

n
ba
Ur ay
552 k asw eoku res Lin
Fu Exp por t Kukodori
ir
A Yutaka JCT

68

HakataTenjin560

607

Fukuoka-kuko （Airport）
Su
bw
Sta.
602
ay Gion Sta. Hakataekihigashi
Ku
Fukuoka
OhorikoenkoTenjin Sta. Fukuoka
EnokidaTower
Lin（Ohori Park） Sta.
City Halle Hakata Sta.
Higashi-Hie
Tojinmachi Sta.
551Sta.
553
Sta.
JR Hakata City
Akasaka Sta. Nishitetsu Tenjin-minami
Fukuoka Airport
Ohorifukuoka385
557
e
Ruins ofPark
（Tenjin）
o Lin
Fukuoka 202
Kuk
Hanmichibashi
Sta.
Watanabe-dori Sta.
w ayCastleSub
Nishijin Sta.
Yakuin Sta.
Yakuin-odori
112
3
SubwaySta.
Nanakuma Line
575
Ropponmatsu Sta.
553
Sakurazaka Sta.
FUKUOKA
Momochi PayPay DOME

JR Chikuhi Line

550

ay

Gofukumachi

Area map

Island City Minato
Bay related site

607

sw

Seaside Momochi
Beach ParkEx

21

Chikkon
rba inea U jo L
uok KanNishikouen
Fuk sway
Nishi Park
s
pre

3

es

Hakata Bay

JR Sasaguri Line

68

x pr

Chidoribashi JCT

Marine Messe
Hakata FukuokaPortK y ush24
545

Canal City Hakata

Nishitetsu Tenjin
Omuta Line

Outlook of land to be acquired, etc.

KyushuUniversity
HakozakiCampus Site

Fuku 504
21
oka U
rban
Kasuy Expressa Lineway

Matsushima

550

517

Points valued in deciding on the property
tsubo in the Hakata port area

Kaizuka Sta.
3

Higashihama

・ The property is in an area that will continue to develop as a logistics hub, driving growth in Fukuoka.
・ This acquisition will further enhance our portfolio and ensure stable future earnings as a

・ 24-hour operation available as an area dedicated to logistics
・ Good accessibility, such as being close to Hakata Port, Fukuoka Airport, Fukuoka IC, and the entrance/exitof Fukuoka City Expressway No. 6 （Island City Line）, which was newly established in March 2021

546

549

Line

Significance of acquisition

・High scarcity of large-scale logistics facilities （Land with leasehold interest） of over 10,000

3Kaizuka JCT
Kaizuka（＊1） "Acquisition CAP rate" is calculated by the direct capitalization method NCF in the appraisal report ÷ estimated acquisition price × 100 (%).

comprehensive REIT.

24

Ka Nishizu iteka tsuLineApproximately 39,142 ㎡ (Total area planned for subdivision: Approximately 41,181 ㎡ )

ine
ii L
sh

Area （land）

Kashiihama

Ka

Part of 32-1, Minato Kashii 3-chome, Higashi-ku, Fukuoka City

LOGICITY Minato Kashii

59

Nagasaki Kumamoto

35

KashiiAEON MALL
Kashiihama
JR

Address

Fukuoka City area

JR Kagoshima

8,210 mm yen （as of August 31, 2022）

Kashii-higashi

Island City Chuo
Park

Sh
ink
an
se
n

Acquisition price （planned） 8,082 mm yen
Appraisal value

Island City

Oita

Saga

o

Fukuoka

Scheduled acquisition date March 31, 2029

3

Kyushu Sangyo
UniversitySany

Island City Minato Bay related site （Land with leasehold interest）（tentative）

Fukuo
Exp ka UrbreaKash ssway nii Line

Fukuoka Cityi Lineamich
inonakJR UmSellerName of property

Location of the land to be acquired

Ha Su
ko bw
za ay
ki
Lin
e

Summary of property to be acquired

Port Area

Sue Smart ICBEST DENKI
Stadium

500m

45

Town Area

LOGICITY
Minato Kashii North（Land withleasehold interest）（tentative）

Vegefru stadium(Fresh produce market)

LOGICITY Minato Kashii

General Gymnasium
development area

Terihakita
Elementary
School

金印公園

Teriha Elementary andJunior High School

International
Container Terminal

Island City Ramp
Land to be sold （＊2）（＊2） This shows the appearance of the entire plan land including land to be sold. This property to be acquired by FRC is scheduled to become aland portion after subdivision equivalent to 95.05% of the total planned land for subdivision, but its location has not yet been determined.

Land to be sold （＊2）
Subdivision completed （Incl. prospective buyers’）

Fukuoka Island City Chuo
Park
Children’s
Hospital

Fukuoka Urban Expressway
Route 6 （Island city Line）

External growth strategy and new acquisition of property

8Leasing progress for Higashi Hie Business Center
Aiming to quickly improve NOI with favorable leasing and rent increase

Leasing progress

Overview of Higashi Hie Business Center
Acquisition price5,900 mm yen

Built timing

February 2009

Area of lease cancellation： 1,447 tsubo
Recession date
： September 30,2022

13,614.59 ㎡ （4,118 tsubo）

Total leasable floor space

37th （forecast）

37th （forecast）

38th （forecast）

100.0％

82.4％

87.5％

87.5％

Backfilled
ratio

ー

50.0％

62.3％

62.3％

Backfilled area
（assumed）

ー

723 tsubo

902 tsuboー357 mm yen

253 mm yen

285 mm yen

322 mm yen

36th
Property occupancy
rate at the end of
the period （overall）

Total revenues fromreal estate leasing（at 35th）（at 36th）【Contract status】
New
tenants
Company A
Company B
Company C
Company D
FLEX
21博多2

市営ニュー堅粕住宅
第9棟

〒

堅粕1

豊JCT

Company E

福岡空港

豊1

堅粕

アンピール
空港通り2

total

空港北

福岡空港

心寺

豊2

429 tsubo
115 tsuboJR
Kagoshima
Line

an in
rb jo La U anok K
ku ay
Fu sswepr

Ex

Higashi Hie Business Center

Hakataeki higashi

榎田2

Higashi Hie Business Center Ⅱ

Higashi Hie Business Center Ⅲ
Subway Kuko Line
Higashi Hie Sta.

マナベインテリアハーツ【Industry】

190 tsubo
130 tsubo
80 tsubo
80 tsubo
approx.
500 tsubo

Company H
Company I

total【New/Relocation】【Business Development】

16.4％
72.0％

日本通運福岡（支）博多中央（支）

46.9％

83.6％

53.1％

JR
Hakataminami
Line

S

ub
wa
y

3 months〜
4 months

28.0％

下臼井

榎田2

Hakatafloor area

Company F

福岡管区気象台
福岡空港測候所e

Higashi Hie Business Center Ⅱprospective
tenants
Company G

Market rent
231 tsubo
unit price42 tsubo 15,000 yen〜
16,000 yan
84 tsubo（＊1）
902 tsubo

空港南

3

rents

Overview of new tenants （incl. prospective tenants）

卍Nakahie
Park

Ku

Higashi HieC

k o Line

通りHigashi Hie Business Center Ⅲ

3
HigashiHie Business Center

橋

半道橋2

アンピール
空港通り2

半道橋出口
堅粕

Other

New

Relocation

Domestic development
Overseas development （＊2）（＊2）Tenants with overseas offices

Portfolio overview

青木

福岡空港

豊1

〒

Internet-related

上臼井

200m

国際線北口

百
年
市営ニュー堅粕住宅
第9棟

堅粕1

floor area

August 2022, presented in a range.

45

FLEX
21博多2

【prospective tenants】
Downtime term andFree rent term（＊1）“Market rent unit price” indicates the assumed newly closed rent unit price (with common charges) per tsubo assessed by CBRE as of

551

榎田1

Location map（at 36th）

福岡空港国際線
空港北9Trends in the Fukuoka office market
The market vacancy rate increased to the 5% range, but occupancy rates of large-scale buildings and large-sized buildings remain steadyFukuoka business district / Vacancy rates and supply and demand of office buildings◎The vacancy rate has increased mainly due to supply factors（tsubo）

50,000Completed floor space（total floor space）（Includes non-office use area）
Net absorption（absorption demand）

16

Fukuoka 5.08％

14.72

10.86

12

Central Tokyo（5 wards）

Office buildings owned by FRC

8.0

Average rent as of Sept. 2022 （yen ／ tsubo）

7.0

Central Tokyo（5 wards） 20,156 （ YoY （3.4）％）
11,408 （ YoY ＋2.3％）
Fukuoka

6.0

＋2.4％

（1.4）
％

3.0
2.0

Hakata East Terrace

10.99

Fukuoka

4.0

4.70 ％
2.22％

Sendai
Sapporo

（％）

9.0

5.0

Existing buildings 4.23％
New buildings
35.53％

13.23 11.98

30,00020

As of Sept. 2022
Central Tokyo（5 wards）6.49 ％Nagoya5.77 ％
Osaka
5.08 ％

40,000
15.38◎The vacancy rates of office buildings owned by FRC have remained at low levels（％）

Completed floor space（total floor space）is different from totalleased floor space as the former includes common areas, etc.

Vacancy rate（Fukuoka）
Vacancy rate（Office buildings owned by FRC）

Fukuoka business district / Average vacancy rate

1.0
7.70

20,0008
6.30

10,000

3.79

4.53

2.04

4

2019

0

Office and hotel building（25F）

10.0

5-16 F

Large-sized building

Medium-sized building

Fukuoka Daimyo
Garden City

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 （year）＊Statistics from 2008 to 2021 are based on the figures at the end of December. The vacancy rate for 2022 is based on the figures at the end of September. （scheduled）＊Office building-related data for each city are data for areas and buildings included in surveys conducted by Miki Shoji Co., Ltd.
＊Net absorption（absorption demand）shows the change in the occupied floor space during a specific period. It is calculated by subtracting the occupied floor spaceon December 31 of the previous year from the occupied floor space on December 31 of the applicable year. Completed floor space（total floor space）
figures for 2022 have not been finalized, and the floor space and expected completion dates are subject to change.
Source: Prepared by Fukuoka Realty based on data from “Office Market Data” Miki Shoji Co., Ltd.
（＊）Prepared by Fukuoka Realty based on the press releases of Fukuoka City Government and relevant enterprising bodies.

Office buildings owned by FRC

14.0

Building overview（＊）

Leasable area: approx. 9,100 tsubo

Large-scale building

16.0

12.0

Community building （11F）
Event hall
（1F）
（20,000）

2018

2020

202１

2022

（year）◎Vacancy rates are relatively low in large-scale and large-sized buildings

2.09

0.00

Office2017

Trend of office building vacancy rate in Fukuoka City by size（％）

（10,000）

2016

5.08

3.07

0

2015

Source: Prepared by Fukuoka Realty based on data from “Office Market Data” Miki Shoji Co., Ltd.

4.26

3.78

0.0

Large-scale building ： 8 properties
Large-sized building ： 2 properties

Small-sized building
Definition

Area per floor

Large-scale building 200 tsubo or more
Large-sized building 100 tsubo or more and less than 200 tsubo
Medium-sized building 50 tsubo or more and less than 100 tsubo
Small-sized building 20 tsubo or more and less than 50 tsubo

8.0
6.0
4.0

3.1％

2.0

2.8％

0.0

2015

2016

2017

2018

2019

2020

202１

Source: Prepared by Fukuoka Realty based on data “Office Market Monthly Survey（Time Series）” from Sanko Estate Co., Ltd.

Portfolio overview

2022（year）

10

Historical and projected office buildings’ occupancy rates
Aiming to reduce rent gap and complete leasing at an early stage despite some move-outs
（％）

1
2
3
4
5
6
7
8
9
10

Canal City Business Center Building
Total leasable floor space：23,031.14㎡

Gofukumachi Business Center
Total leasable floor space：19,905.34㎡

Sanix Hakata Building
Total leasable floor space：6,293.75㎡

Taihaku Street Business Center （＊1）
Total leasable floor space：11,249.97㎡

Higashi Hie Business Center
Total leasable floor space：13,614.59㎡

Tenjin Nishi-Dori Center Building
Total leasable floor space：3,339.32㎡

Tenjin North Front Building
Total leasable floor space：5,252.41㎡

Higashi Hie Business Center Ⅱ
Total leasable floor space：6,214.77㎡

Higashi Hie Business Center Ⅲ
Total leasable floor space：2,981.14㎡

Tenjin Nishi-Dori Business Center（Land with leasehold interest）

Total leasable floor space：1,343.51㎡

11 Hakata Chikushi-Dori Center Building（＊2）
Total leasable floor space：5,994.41㎡

100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0
100.0
90.0
80.0

Total leasable floor space：97,876.84㎡

100.0
90.0
80.0

Move-in/move-out floor space

Move inAverage occupancy rates（＊3）（historical and projected）（tsubo）

Move out

99.7

99.7

100.0

100.0

100.0

100.0

99.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Overview of Office Buildings〈Average occupancy rates（actual）： 36th ：99.6％ 〉◎Acquired Hakata Chikushi-Dori Center Building in Mar. 2022
◎Keeping high occupancy rate from the 35th FP〈Average occupancy rates（projected）： 37th：97.4％ 38th：98.2％ 〉◎Continue with rent increase through rent revision upon contract renewal and tenant replacement◎Almost all tenants for the 37th period have already made informal determination◎ Aiming for early leasing completion of Higashi Hie Business Center and Hakata
Chikushi-Dori Center Building

Major indicators of owned properties（＊4）
89.1

87.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Total amount of acquisition
Investment ratio
Average age （＊5）
Tenants （＊6）
Total leasing revenues-real estate in the 36th FP
Positive rent gap （＊5）

68,040 mm yen
33.0％
19 years 7 months
190
2,924 mm yen＋17.7％（＊7）（＊4）The figures are indicated as of August 31, 2022（＊5）The average building age and the positive rent gap are calculated excluding Tenjin Nishi-Dori Business Center（Land with leasehold interest）.
（＊6）The number of tenants is indicated excluding the residential portion of the Taihaku Street Business Center.
（＊7）Positive rent gap indicated the gap between current rent: contract rent with common charges and market rent, and is
calculated as “market rent – current rent / current rent”. Moreover, market rent indicated average of assumed

newly closed rent assessed by CBRE as of Aug. 2022.

Trend in rent unit price index of owned properties （＊8）◎Although the overall rent unit price index declined, the unit rent ofexisting properties steadily increased

95.2

100.0
86.7

99.9

99.6

97.4

274

445

962

274

35th

445

36th

98.2

845
1,774

37th

＊Occupancy rates are calculated as a weighted average during period.
〜Feb. 28, 2022
〜Aug. 31, 2022
〜Feb. 28, 2023
＊Total leasable floor space is figured as of the end of period.
（forecast）（＊1）Residential floor spaces are removed from the total leasable floor space of Taihaku Street Business Center.
（＊2）Since Hakata Chikushi-Dori Center Building was acquired on March 1, 2022, the occupancy rate is shown from the 36th fiscal period.
（＊3）Average occupancy rates（historical and projected）are calculated excluding Tenjin Nishi-Dori Business Center （Land with leasehold interest）.

0

38th

〜Aug. 31, 2023
（forecast）（index）

109.0
108.0
107.0
106.0
105.0
104.0
103.0
102.0
101.0
100.0

24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 36th（＊8）The rent unit price index is based on the average rent per unit area at the end of each fiscal period comparedwith the rent per unit area at the end of the 24th fiscal period（August 2016）, which is set as 100. And the figures
are calculated excluding Tenjin Nishi-Dori Business Center （Land with leasehold interest）.

Portfolio overview

11Situation of active retail
Overall sales are recovering●Canal City Hakata●Canal City Hakata・B

Sales（annual total（＊1））
Sept. 2021 - Aug. 2022

17.3 bn yen

Sales（annual total（＊2））
Sept. 2021 - Aug. 2022

YoY ＋5.8%（vs. 2 years ago （13.3）%）

A highly entertaining urban multi-purpose retail facility.
Events are held to attract customers, etc. alongsidemeasure implemented to prevent COVID-19, and sales
are recovering.

●Konoha Mall Hashimoto●Park Place Oita

24.5 bn yen

YoY ＋1.6%（vs. 2 years ago ＋8.8%）

A suburban mall anchored by stores handling consumer
staples （GMS, etc.）. In spring 2022, renovations to makethe facility more dynamic and appealing to families werecompleted.

Sales（annual total）
Sept. 2021 - Aug. 2022

●SunLive City Kokura

14.5 bn yen

YoY ＋5.5%（vs. 2 years ago ＋6.6%）

A daily-life-oriented mall anchored by a supermarket andtenants involved in daily necessities. In spring 2022,
convenience, particularly for families, was improved byrenovating the food court seating, with the aim of addressing the lack of seats and improving the atmosphere.

Sales（annual total（＊3））
Sept. 2021 - Aug. 2022

ー
YoY ＋16.4%（vs. 2 years ago ＋9.9%）

A daily-life-oriented mall anchored by a supermarket andtenants involved in daily necessities.
Sales have increased as a result of the renovation conductedin June to September 2021.

（＊1）Combined sales of Canal City Hakata and Canal City Hakata・B, properties owned by Fukuoka REIT. Sales of the portion to be disposed （88.28% co-ownership interest） of Canal City Hakata·B Grand Building, which is part of Canal City Hakata·B, are excluded from June 1, 2021, the disposition date.
（＊2） Sales at the newly acquired Home Plaza NAFCO at Park Place Oita in July 2020 are added. From March 2021, six stores that had not previously received sales disclosure have been added to the list because sales are now disclosed by tenants.
（＊3）Sales figures are omitted because SunLive did not consent to their disclosure.

Change in sales from a year earlier
Property name

Mar.

…Effective period of the state of emergency in Fukuoka

Apr.

6/21〜7/11
5/12〜6/20
May
Jun.
Jul.

34 th
Aug. 2021

2021
8/2〜8/19
8/20〜9/30
Aug.
Sept.

…Effective period of the priority measures to prevent the spread of disease in Fukuoka

2022

1/27〜3/6
Oct.

Nov.

Dec.

35 th
Feb. 2022

Jan.

Feb.

Mar.

Apr.

（year）

May

Jun.

36 th
Aug. 2022

Canal City Hakata ／ Canal City Hakata・B （＊1）＋41.0％（4.0） ％

＋16.8％

Park Place Oita （＊2）

＋15.1％

＋1.3％

＋2.0％

Konoha Mall Hashimoto＋13.4％

＋2.8％

＋8.3％

SunLive City Kokura＋0.3％＋14.7％＋18.2％

Other retail properties（＊4）

＋2.7％

＋0.5％

＋2.4％

Jul.

Aug.

Square Mall Kagoshima Usuki, Kumamoto Intercommunity SC, Hanahata SC, Kurume Higashi Kushiwara SC, K's Denki Kagoshima, Marinoa City Fukuoka（Marina Side Building）are listed as other retail properties.
（＊4）

Portfolio overview

12Future vision of Canal City Hakata①
Plan to differentiate of positioning
The Future of Canal City Hakata

Positioning transition of Canal City Hakata
The value of experiences

future

1st Step
Creating
Uniquenessas a facilities

Responding to
Demand as aLarge-Scale Retailer
current

The value of mass purchasing
and consumption

at first

2nd Step

Canal City Hakata to Date
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022〜

Canal City Hakata

Entertainment× uniqueness

Actively attractingsome of Japan’s
biggest flagship stores

Demonstr ating
differentiation anduniqueness throughthe launch of Kyushu’s
first entertainment-oriented retail property

Differentiation through the development of new measures, including
expanding OPA, upgrading theSouth Building, and attracting someof Japan's biggest flagship storeswith the opening of the East Building

While a succession of rival
properties opened, performance
figures remained healthy due toleasing focused on the inboundtourist market （Laox, OPA tenants）●Remodeling of South Building(Ramen Stadium, etc.)●Opening of Laox/XEBIO●Opening of ZARA

Launch afuture-oriented project

We will start a future-oriented project to evolve the property.
The renovations in 2023 that are the project’ s first phasewill embody our vision for the property’ s exciting evolution,building expectation for the major transformation processthat is now beginning.

Increase in
inbound tourists●Opening of East Building(H&M, Uniqlo, etc.)

A venue combining
business andpleasure thatenriches people’s
daily lives while
mixing Fukuoka
and Asian culture●Canal City Theater
Renovation●Introduction of Aqua Panorama

Develop the area throughchanges involving with thesurrounding environment of facility

3rd Step
Constantly evolve

4th Step●Renovation of South Building 2nd floor ●Opening of Nitori●Renovation of common-area environment
Competitive Environment●Opening of Iwataya Shinkan/
Fukuoka Mitsukoshi

Macro
Environment●Emergence of large-scale retail properties ●Emergence of major spas in Japan and abroad ●Decrease in demand due to COVID-19
based on the Act on the Adjustment of Business Activities of Retail Business at Large-scale Retail Stores●Opening of Fukuoka PARCO ●Opening of MARK IS FukuokamomochiCountdown tocompletion●Opening of JR Hakata City

●Opening of Torius Hisayama /●Opening of IKEA Fukuoka
Marina Town / Hawks Town Mall / YouMe Town

●Opening of LaLaport Fukuoka●Opening of Tosu Premium Outlets / ●Opening of KITTE Hakata
Aeon Mall Fukuoka●Emergence of large-scale suburban malls based on ●Growth in inbound tourist demand
the Act on Measures by Large-scale Retail Stores for Preservation of Living Environment

Final Step
CANAL
Re-BORN FINISH

With dynamic sites starting to appear in Haruyoshi, as
typified by the Riverfront Next project undertaken by
Fukuok a Cit y, an incr ease in tr a f fic f r om Tenjin is
expected.Facilities will be upgraded to make Canal City
Hakata a thriving site attracting a flow of people.
We will also seek to secure tenants in industries aligned withcurrent key concepts like digital technology and sustainability,of which implementation is a medium- to long-term objective.
We will continue the advancement of our goal to form our
future vision. To embody this, proposal functions for food,clothing and shelter aiming to enhance the wellbeing of
consumers will be strengthened.
With the upgrading of Seiryu Park to be completed at thesame time as the opening of park facilities, the excitement
offered by the property will become an increasingly integral
part of the nearby area.
The entir e pr oper t y will be tr ans f or med int o anext-generation facility with the evolution of offices andenvironment to provide new value, in addition to renovations
centering on retail properties implemented until now.
We will also splendidly pr omo t e the c ount do wn t ocompletion.
The project, started in 2023, will be complete.
A strong base of circulation in Seiryu Park, Canal Main
Building, and the East Building will be made, increasing thepotential for visitors to spend more time roaming in central
Fukuoka between Tenjin and Hakata, and the property is
expected to expand the entire Fukuoka-Hakata area andcreate an atmosphere with greater bustle.

Portfolio overview

13

Future vision of Canal City Hakata②
A venue combining business and pleasure that enriches people’ s daily lives while mixing Fukuoka and Asian culture
Value Provision
CONNECT

FACILITATEEMPOWER

つなぐつくる

そ だ てる

Building a community by connecting a variety of people

Encouraging new interests and offering people creative activities

Developing a stimulating environment that will make activities more dynamic

By creating a space combining business, residential, and leisure activities
where people can interact casually, we will build a local community thatbrings together a variety of people

By creating opportunities to experience various cultural activities, we willencourage people to take an interest in new things and take part in
activities

W e w ill supp or t c on t inue d mo t i v a t ion and gr o w t h b y c r e a t ing
opportunities for awareness/ discovery and venues for learning, such as
co-creation programs

Integrating the uniqueness of Asia and Fukuoka andcreating opportunities for shared creation

Establishing an infrastructure and system that will createa unique culture

Supporting proactive communication and promoting
the spread of a unique culture

We will create a unique culture that actively incorporates Asian culture
and mix es it with the distinc tiv e char ac t er o f Fukuok a and also
generates opportunities for shared creation

We will provide an activity hub/laboratory for people who want to try
new challenges and create a new culture through initiatives specific to
Canal City Hakata

We will promote culture by leveraging Canal City Hakata’ s assets andannouncing/communicating activities in collaboration with the local
community

What We Aim to Achievewith Canal City Hakata

Creating and communicating a unique culture

CREATIVE◎Becoming a hub where artists, creators, and open-minded people fromJapan and elsewhere in Asia gather by serving as an activity base andcreating opportunities to present artistic works

FOOD

SPORTS & HEALTHCARE◎Becoming a showcase for a new food culture that combines Fukuoka
specialties with the cuisines of various Asian countries by actively
attracting handpicked restaurants◎Becoming the center of a community that enables people to enjoy newexperiences and try out activities that interest them, in order to create
broader awareness of sports culture

Portfolio overview

14

Disposition of property （Kurume Higashi Kushiwara SC）
Aim to stabilize dividend level
Overview of disposition property （planned）

Reasons for Disposition

Location

370-3 Higashi-Kushihara-cho, Kurume City, Fukuoka Prefecture

Scheduled date ofagreement

October 26, 2022 （planned）

Buyer

Non-disclosure （＊）

Disposition Date

1st （15% co-ownership interest） / February 28, 2023
2nd （55% co-ownership interest） / August 31, 2023
3rd （30% co-ownership interest） / November 30, 2023

（scheduled）① Achieving unrealized gains and stabilizing dividend level（total amount: 773 million yen）
・ We achieved unrealized gains with which the planned disposition price signifi-

Appraisal value

2,740 million yen （as of Aug. 2022）

Book Value

1,966 million yen （as of Aug. 2022）

Disposition Price（planned）

2,740 million yen① 411 million yen ②1,507 million yen ③822 million yen

Acquisition Date

February 1, 2008

Acquisition Price

2,500 million yen

Land area

7,182.44 ㎡

Total floor area

6,467.80 ㎡

cantly exceeded the book value.

・ By transferring the asset in stages across three fiscal periods, we balanced

large-scale renovation of owned properties with stable dividends.

② Decreasing the commercial property investment ratio
・ Based on the management guidelines （revised March 2019） , we will disperse risk

for the time being by targeting a reduction of the commercial property investment
ratio to less than 50%.

・This will create oppor tunities for more leeway when considering acquisition ofproperties belonging to investment types other than commercial properties.

③ Use of disposition capital・ Disposition c apit al will be used f or c apit al inves tment f or the pur po se o finternal grow th.

Miyanojin Sta.
e
Lin
uta

HigashikushiharaKu
rume
By higas
-Pa
hi
ss

Te
n

jin

Om

Kurume Higashi
Kushiwara SC

Ku

Ch
iku
go
Riv
Riv
e
er
r
Hig
ash Side P
ikus ark
hih
ara

rum
eB
rid
ge

（＊） Not stated because the consent of the buyer cannot be obtained.

Kushihara Sta.
200m

ite

210

sh
Ni

Kurumeshiritsukushihara 3
Junior High Schooltsu

KurumePolice Station

KurumeKurume Sports
Hyakunen Park
CenterAthletic Stadium
Kurume City
Central Park Baseball Field

We aim to provide revenue that is stable over the
medium to long term to investors and accommodate
the best interests of investors
Portfolio overview

15

Situation of other assets （Logistics）
Continued rent increases due to robust demand
Overview of Logistics

Supply and demand of logistic facilities and vacancy rates◎Demand is strong despite large supply in 2022 and 2023
（tsubo）

New supply

120,000

12

forecast

100,000

10

80,000860,000

6

40,0004

Acquisition price

1,250 mm yen

8,150 mm yen

5,050 mm yen

1,700 mm yen

Total leasable floor space

4,173.29 ㎡

43,233.72 ㎡

24,505.65 ㎡

17,556.32 ㎡

Occupancy rate

100.0％

100.0％

100.0％

100.0％

Major logistics area

LOGICITY Minato Kashii

LOGICITY Minato Kashii

North

10km

3

Urban
u s huK it ak y re s s w ay
E xp

Munakata

LOGICITY Hisayama

Port
Hakata NEW10
Bay

2019

2020

2021

2022

2023 （year）

Fukutsu
Koga

3,800

JR Chikuhi Line

3,440

3,400

Fukuoka I.C. 201
Fukuoka IC
area

Hakata Port area

forecast

3,600（provisional name）

Itoshima（yen／tsubo）

Fukuoka

Dazaifu I.C.

385

4Q

2Q
2021

4Q

2Q
2022

4Q

2Q
4Q
2023 （year）

＊
＊

崎
方
面

17

Kurume山浦PA

Tosu JCT area

is owned by Fukuoka REIT Corporation
is owned by Fukuoka Jisho Group

Kurume I.C.
Ogori
Hirokawa I.C.

弥生が丘edai Main Lin

JR Ku

500
Tosu IC

205

Tashiro Sta.
3

31

200m

車道

大分自動

496

sw
Oita Expres

Tosu JCT

日田 I.C.

17

鳥栖市役所

ki
asa y
Nagresswa
p
x
E

ay

小板井

500

Tosu Logistics Center

大分県
Tosu JCT area

14

道路

線

新幹

九州

＊The figures are medium- to large-scale rental logistics facilities that have a total floor space of at least 5,000 m2 in Fukuoka and Saga Prefectures.
Source: Prepared by Fukuoka Realty based on data of CBRE.

g

Na

至
長

2Q
2020

JR

E

34

88

131

Nishitetsu Tenjin
Omuta Line

4Q

I.C

e

Lin

Ukiha

Oita

Sue Smart IC

Hakata Port・Fukuoka IC・Inland area

329

至長崎

xpres
Amagi
sway
I.C. Asakura I.C.
Haki
I.C.
34
久留米基山筑紫野

2Q
2019

Sagayamato
I.C.

ki
asa

Tosu

1km

Kyushu Expressway

N

ss
xpre

i E Higashiseburi

ak
agas

386

AsakuraChikugoogori
I.C.

Tosu I.C.

way

2,600

17

Within aradius of
30 km from
Fukuoka IC

Fukuoka

Saga Pref.

shu
Kyu ssway
re
Exp

323

2,800

Chikushino I.C.

hu
Kyusansen
k
Shin

3,000

322

Tenjin Hakata Sta. Fukuoka Airport
Fu
Ni
E kuo 東九州shxp k
O iteta道r e 自動車
m su
ss Ur
ut
T
a
w ba
Li enjay n
ne in

Tagawa211

Inland area

3,200

IizukaFukuoka Pref. Kama

Fukuok a U
E xpre ss wrban
ay

3,300

4Q

322

Island City Minato Bay Fukuoka IC
related site （Land withleaseholdinterest）
3
行橋市（tentative）
Mar. 31, 2029
（scheduled）
201

西公園

LOGICITY Koga Aoyagi 200◎Rent is trending upward in general as demand is strong around Fukuoka City

2Q
2018

Wakamiya
I.C. Miyawaka

Koga I.C.

Trend in rent unit price

2,400

o n
ny se
Sa kanni
NogataSh

3

Fuku
E x p ok a U
r e s r b an
swa
y

2018

＊The figures are medium- to large-scale rental logistics facilities that have a total floor space of at least 5,000 m2 in Fukuoka andSaga Prefectures.
Source: Prepared by Fukuoka Realty based on data of CBRE.

Kag JRosh
Line ima

2017

線

2016

LOGICITY Wakamiya

Kyushu Expresway

JR Linehii

Hakata下関市

Kas

0

LOGICITY Wakamiya

本

0

LOGICITY Hisayama

豊

2

LOGICITY Minato Kashii

日

20,000Tosu Logistics Center

Property
namevacancy rate （％）

New demand

Portfolio overview

16

Situation of other assets （Residence, Hotel）
Operation of residential properties are steady, for hotels, FRC owns only those specialized for accommodation
Residential properties

Overview of Hotel◎Residential properties have continued to operate at a high occupancy rate
Occupancy rates

32
33
34
35
36
（Aug.2020） （Feb. 2021） （Aug.2021） （Feb. 2022） （Aug.2022）
nd

rd

th

th

th

Amex Akasakamon Tower

89.8%

96.2%

96.7%

96.9%

96.3%

City House Keyaki Dori

97.2%

97.6%

94.5%

98.6%

97.2%

Aqualia Chihaya

96.9%

98.6%

98.0%

99.3%

98.3%

D-Wing Tower （＊1）

97.9%

95.3%

94.3%

93.4%

95.7%

Granfore Yakuin Minami

98.0%

96.9%

97.7%

98.0%

97.2%

The weighted average of
5 properties

95.9%

96.7%

96.1%

96.7%

96.8%

◎Rents continue to increase due to tenant replacements
（％）

423

205

132

Fixed＋Variable rents

Fixed rents

Fixed＋Variable rents

Fukuoka City

Oita City

Naha City

WHG Nishinihon

FJ Hotels

Nest Hotel Japan Corporationaccommodation

Rooms
Leasing Form
Area
Operator

ADR（Fukuoka Jisho Group）（Fujita Kanko Group）（＊3）

RevPAR

80

（＊4）

35th
（Feb. 2022）

36th（Aug.2022）

76.2％

81.1％

3,773 yen

4,533 yen

2,873 yen

3,678 yen

＊ Not disclosed for Fukuoka Washington Hotel as no consent
for disclosure has been obtained from the operator.
（＊3）Average Daily Rate = Total accommodation -category sales
over a certain period of time divided by the total number ofguest rooms sold over the same period.
（＊4）Revenue Per Available Room = Total accommodation-category
sales over a certain period of time divided by the total numberof guest rooms available for sale for the same period.

◎Trends in lodging occupancy index （monthly average）

60

Tokyo

70.5％

20

32nd

（index）

53.7％

33rd

64.9％
45.5％

34th

35th

47.7％

36th

Aug. 31, 2020Feb. 28, 2021

Aug. 31, 2021

Feb. 28, 2022

Aug. 31, 2022

44

41

57

44

44

31

22

37

20

21

0.9％

0.4％

2.0％

（＊2）
（＊2） Rate of increase/decrease calculated based on previous rent at tenant replacement.

1.0％

1.4％

80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0

Fukuoka

Oita

Okinawa

the state of
the state of
emergency
emergency
the state of Applicable period for the ②
the state of④
emergency “Go To Travel” campaign
emergency

①

③

16

Aug.
Jul.
Jun.
May
Apr.
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
Jul.
Jun.
May
Apr.
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
Jul.
Jun.
May
Apr.
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
Jul.
Jun.
May
Apr.
Mar.
Feb.
Jan.

No. of tenant
replacement
Of which, numberof rent increases
Rent’s rate ofincrease/decrease

Tissage Hotel Naha

Hotel
（ Specialized for ）Room occupancy
rates

100

0

Hotel FORZA Oita

◎Tissage Hotel Naha

＊The occupancy rate is calculated as a weighted average over the period.
（＊1）The figure for D-Wing Tower includes the retail portion.

40

Fukuoka Washington Hotel[Canal City Hakata]

2019
2020
2021
＊The period of the declaration of a state of emergency indicates the period when it was issued to Tokyo.
Source: Prepared by Fukuoka Realty based on the data of "DATA SALAD", Kyushu Economic Research Center.

2022

Portfolio overview（year）

17

Key financing events in the 36th fiscal period
First syndicated sustainability-linked loan for a J-REIT
New borrowings and refinanceCommitment Line Period Maintained （3 Years）◎New borrowings （1.0 billion yen）
◎Refinancing through green loans （1.6 billion yen）
◎ Refinancing through Sustainability Link Loan （4.9 billion yen）
Date

LenderMarch 31, 2022

Mizuho Trust& BankingAmount（mm yen）◎Secured flexible and stable financing means

Term

Interest rate

10-year3-month
TIBOR＋0.30%

Committed line ofcredit 1

The Bank of Fukuoka,
Resona Bank

6,000

Committed line ofcredit 2

The Nishi-Nippon City Bank,
Resona Bank,The Oita Bank,
The Bank of Nagasaki,
The Bank of Saga

7,000

Total

13,000NEW

Sustainable financeGreen Loan

June 30, 2022
Sustainable financesustainability-linked loan

August 31, 2022

1,000

Credit Limit（mm yen）

LenderSumitomo Mitsui
Banking Corporation

1,600

7-year

0.72625％（Fixed）

Development Bank of JapanThe Nishi-Nippon City Bank
The Bank of Fukuoka

4,900

10-year0.91875％（Fixed）（＊）

PeriodEnd
NEW

July 31,2025

February 28,
2025（＊） If CO2 savings target is met, the preferential rate from the initial borrowing rate will be applied between August 2031 and the repayment date.

Diversification of debt maturities（As of August 31, 2022）

Floating（mm yen）

14,00013,00012,000

Fixed

Investment corporation bonds

Committed line of credit 13,000 mm yen

10,000
8,000
2,000

6,000

2,000

4,000
2,000
0

5,600
0
37th

5,900

38th

2023

2,500

4,200

2,000

700

39th

40th

2024

2,000

1,900

41st

42nd

2025

300
43rd

6,600

4,400

7,000

7,000

5,400

1,200

48th

700
49th

1,500
44th

2026

45th

46th

2027

47th

2028

4,300

4,200

50th

51st

2029

4,900

6,300

4,900

52nd

54th

1,000
56th

1,000
68th

2030

2031

2032

2038

Financial strategy

18

Financing condition
Establishment of stable financial base
Average interest rate （＊1） and duration
Average interest rate（％）

（％）

1.3

（years）

Duration （years）

8

1.2

7

1.1

6

1. 0

5.9

0.9

5.2

5.4

3

0.7

2

0.5

6.6％

100％

Floating

0.69

0.69

0.69

0.67

0.66

32nd
Aug. 31, 2020

33rd
Feb. 28, 2021

34th
Aug. 31, 2021

35th
Feb. 28, 2022

36th
Aug. 31, 2022

1
0

Sustainable finance rateLong-termat the end of
the 36 th FP

4

0.8

0.6

Long-term rate

5

5.7

5.4

Fixed and floating
rate

Sustainablefinance11.6％

at the end of
the 36 th FP

at the end of
the 36 th FP

Fixed
93.4％

Other thansustainable finance

88.4％

Credit ratings （＊2）

JCR

AA-（Stable）

A＋（Stable）

R&I（＊2）JCR: long-term issuer rating obtained from Japan Credit Rating Agency, Ltd.

（＊1）Interest rates are rounded off to the second decimal place.

R &I: issuer rating obtained from Rating and Investment Information, Inc.

LTV
（％）

50

45

44.6％

46.0％

46.5％
42.4％

42.4％

42.4％

42.3％
39.9％

40

39.9％

40.1％
38.1％

39.3％

38.9％

39.1％

39.7％

39.7％

39.8％

26th

27th

28th

29th

30th

31st

41.4％

41.3％

41.2％

41.5％

41.7％

32nd

33rd

34th

35th

36th

35

30

15th
Feb.
2012

16th
Aug.
2012

17th
Feb.
2013

18th
Aug.
2013

19th
Feb.
2014

20th
Aug.
2014

21st
Feb.
2015

22nd
Aug.
2015

23rd
Feb.
2016

24th
Aug.
2016

25th
Feb.
2017

Aug.
2017

Feb.
2018

Aug.
2018

Feb.
2019

Aug.
2019

Feb.
2020

Aug.
2020

Feb.
2021

Aug.
2021

Feb.
2022

Financial strategy

Aug.
2022

19

Appraisal value
The unrealized gains（＊1） totaled 43,026 million yen at the end of 36th fiscal period （increase of 214 million yen compared with previous fiscal period）- unit : mm yen

At the end of the 36th FP（Aug. 31, 2022）
Property nameAcquisition
price

Acquisition
cap rate（＊2）

RetailOffice buildings
OthersCanal City Hakata
Canal City Hakata・B
Park Place Oita
SunLive City Kokura
Konoha Mall Hashimoto
Square Mall Kagoshima Usuki
Kumamoto Intercommunity SC
Hanahata SC
Kurume Higashi Kushiwara SC
K’s Denki Kagoshima
Marinoa City Fukuoka （Marina Side Building)
Total of retail
Canal City Business Center Building
Gofukumachi Business Center
Sanix Hakata Building
Taihaku Street Business Center
Higashi Hie Business Center
Tenjin Nishi-Dori Center Building
Tenjin North Front Building
Higashi Hie Business Center Ⅱ
Higashi Hie Business Center Ⅲ
Tenjin Nishi-Dori Business Center（Land with leasehold interest）
Hakata Chikshi-Dori Center Building （＊3）
Total of office buildings
Tosu Logistics Center（Logistics）
LOGICITY Minato Kashii （Logistics）
LOGICITY Hisayama（Logistics）
LOGICITY Wakamiya（Logistics）
Amex Akasakamon Tower （Residence）
City House Keyaki Dori （Residence）
Aqualia Chihaya（Residence）
D-Wing Tower（Residence）
Granfore Yakuin Minami （Residence）
Hotel FORZA Oita
（Hotel）
Tissage Hotel Naha
（Hotel）
Total of others
Total properties

32,00021,06019,610
6,633
10,000
5,300
2,400
1,130
2,500
3,550
5,250
109,433
14,600
11,200
4,400
7,000
5,900
2,600
2,800
4,230
3,290
7,700
4,320
68,040
1,250
8,150
5,050
1,700
2,060
1,111
1,280
2,800
1,100
1,530
2,835
28,866206,339

6.0%
5.4%
6.0%
6.6%
5.3%
6.3%
6.5%
6.4%
6.1%
5.7%
5.5%
6.3%
6.3%
5.9%
6.0%
6.0%
5.4%
6.1%
4.9%
4.4％
3.5％
4.7％
5.9%
5.2%
5.1%
6.4％
5.4%
5.5%
6.8%
5.9%
5.6%
6.6%
5.3%
-

Appraisalvalue①

30,60021,40020,5008,520
10,000
4,650
2,740
1,200
2,740
3,660
5,890
111,900
17,40015,600
6,890
9,770
8,230
3,360
4,880
4,660
3,380
8,250
4,540
86,960
1,420
9,670
5,650
2,490
1,950
1,090
2,040
3,880
1,370
1,890
2,880
34,330233,190

Book value②

29,757
20,701
20,555
5,548
10,018
4,234
1,921
950
1,966
2,863
5,352
103,869
12,706
8,679
3,731
5,524
4,288
2,650
2,350
3,901
3,218
7,754
4,499
59,306
1,134
7,680
4,688
2,128
1,599
866
1,129
2,605
1,064
1,329
2,762
26,987
190,163

Difference
①-②

842
698
（55）
2,971
（18）
415
818
249
773
796
537
8,030
4,693
6,920
3,158
4,245
3,941
709
2,529
758
161
495
40
27,653
285
1,989
961
361
350
223
910
1,274
305
560
117
7,342
43,026At the end of the 35th FP（Feb. 28, 2022）

Cap Rateby direct
capitalization
method

③

4.5%
4.6%
5.4%
5.8%
5.1%
5.5%
5.6%
5.4%
5.5%
5.4%
4.8%
4.3%
4.2%
3.9%
4.3%
4.4%
3.7%
3.8%
4.4%
4.2%
3.4%
4.3％
4.8%
4.0%
4.2%
5.3%
4.2%
4.2%
4.4%
4.2%
4.1%
5.1%
4.9%
-

Appraisalvalue④

30,60021,40020,6008,510
10,500
4,970
2,740
1,200
2,740
3,660
5,890
112,810
17,40015,500
6,720
9,540
8,270
3,270
4,640
4,700
3,380
8,020
4,540
85,980
1,390
9,440
5,560
2,450
1,920
1,070
2,040
3,740
1,360
1,890
2,880
33,740232,530

Difference
①-④

0
0
（100）
10
（500）
（320）
0
0
0
0
0
（910）
0
100
170
230
（40）
90
240
（40）
0
230
0
980
30
230
90
40
30
20
0
140
10
0
0
590
660

Cap Rateby direct
capitalization
method

⑤

4.5%
4.6%
5.4%
5.8%
5.1%
5.7%
5.6%
5.4%
5.5%
5.4%
4.8%
4.3%
4.2%
4.0%
4.3%
4.4%
3.8%
4.0%
4.4%
4.2%
3.5%
4.3％
4.9%
4.1%
4.3%
5.4%
4.3%
4.3%
4.4%
4.3%
4.1%
5.1%
4.9%
-

Appraiser

Difference
③-⑤

0.0%
0.0%
0.0%
0.0%
0.0%
（0.2）%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
（0.1）%
0.0%
0.0%（0.1）%（0.2）%
0.0%
0.0%（0.1）%
0.0％（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%
0.0%（0.1）%
0.0%
0.0%
0.0%
-

Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Japan Real Estate InstituteJapan Real Estate InstituteTanizawa Sogo Appraisal
Japan Real Estate InstituteJapan Real Estate InstituteTanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Japan Real Estate InstituteJapan Real Estate InstituteTanizawa Sogo Appraisal
Japan Real Estate InstituteJapan Real Estate InstituteTanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Japan Real Estate InstituteTanizawa Sogo Appraisal
Japan Real Estate InstituteTanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Daiwa Real Estate Appraisal
Daiwa Real Estate Appraisal
Japan Real Estate InstituteTanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Japan Real Estate InstituteTanizawa Sogo Appraisal（＊1） Unrealized gain is calculated by subtracting period-end book value （excluding construction in progress in trust） from the latest appraisal value.
（＊2） “Acquisition price” indicates the amount excluding such expenses as fees and taxes and other public charges. （＊3） The figures of appraisal value and cap rate by direct capitalization method are the appraisal values as of acquisition.

Appraisal value

20

Sustainability
Materially significant issues
Materially significant issues

Environment

Reduction ofenvironmental load

Policies and targets● Coordinate with Property Management and Building Managementon pr omotion of management and r educ tion of ener gy
consumption, greenhouse gas emissions, water consumption,
and waste output● Carry out performance and function evaluation of properties on a
Maintenance andregular basis and ameliorate any deterioration in performance, etc.
enhancement of● Maintain and improve competitiveness by acquiring green building
environmental andcer tifications and through visual representation of building
construction performance
performance

Creation ofpleasant workplaces（Asset manager）

Society

Creation ofpleasant workplaces（Tenant）
Contribution to boosting
attractiveness andvitalization of Fukuoka
and Kyushu
Involvement inlocal community

Governance

Information disclosureand dialogue
with stakeholders

Compliance /Risk management● Improve quality of operations by enhancing and expanding employee

education system and promoting acquisition of qualifications● Continue to improve office environments and work on providing

pleasant working environments● Give consideration to work-life balance and boost employee satisfaction

KPIs and targets● （by 2030）

35% reduction in CO2 emissions（compared with 2019, basic unit）●（by 2030）

85% Green Building Certification
rate or higher● Training per employee （number of times）● Improve office environment（number of cases）● Enhance dissemination of information regarding strengths and● Join and participate in local economic

charms of Fukuoka and Kyushu● Support research and studies on local economy and industries andpromote attractive urban development in collaboration with local
business circles

organizations● Host local community events（number of times）● Deepen dialogue and collaboration with local community through● Join and participate in area management● Disclose financial and non-financial information to stakeholders in an

appropriate and timely manner● Build relationships of trust through proactive dialogue with stakeholders
and reflect stakeholder feedback in management strategy● Ensure thorough compliance including compliance with laws andordinances and elimination of conflict of interest with interested
parties, and develop and operate an appropriate internal risk
management system to maintain and improve corporate value● Promotion of LED conversion（exterior lighting）
NEW
Reduced energy consumption by converting exterior
office lights to LED （Gofukumachi Business Center）

Society ➡ P31● Registration with● Conduct regular tenant satisfaction
surveys （all properties）

participation in community activities and various initiatives using
properties under our management to grow and develop together
with the local community● Endorsement of TCFD （Task Force on
Climate-Related Financial Disclosures）（Sept. 2022）
NEW

75% waste recycling rate

● Promote improvement of employee satisfaction and work towards

increasing job satisfaction of tenant employees

Environment ➡ P30

organizations● Continued participation in activities that
contribute to the community （number of times）

Fukuoka City Well-Being& SDGs Registration
System （Jul. 2022） NEW

Society ➡ P32● Environmental awareness-raising activity

with local high school

NEW

Implementation of Blue Earth Project （eco-friendly water
station campaign）（Canal City Hakata）
With the participation of restaurants in the facility, customers
who brought their own bottles were offered free drinking water● Dialogue with investors（number of times）● Sustainability training for employees（number of times）● Compliance training（number of times）

Sustainability

21

Assessment of Financial Impacts Based on Scenario Analysis
Creation of Climate Change and Resilience Policy (August 2022)
Climate Change Scenario Analysis

We conducted an analysis to be used for the purpose of assessing the validity of current climate change measures and developing future strategies.
We assessed risks, opportunities, and financial impacts as shown in the table below.

Risk/Opportunity Factors

Policy andlaw

Transition risks

Technology

MarketPhysical risks

Acute
Chronic

Opportunities

Energysources
Products andservices
Markets

Financial Impacts

4℃ Scenario

1.5℃ Scenario

Shortterm

Mediumterm

Longterm

Shortterm

Mediumterm

Longterm

axation of CO2 emissions due to introduction of carbon tax, etc.

Increased taxation on CO2 emissions for owned properties

S

S

S

S

M

M

Stricter energy-saving standards for existing real estate andintroduction of carbon emission-related restrictions, etc.

Increased renovation costs for purpose of compliance
Increased environmental certification acquisition costs

S

S

S

S

M

L

Stricter mandatory emissions reporting requirements in Energy
Efficiency Act

Increased payments, etc. to external companies for purpose ofhandling reporting

S

S

S

S

S

S

Evolution/spread of renewable energy and energy-saving technology

Increased costs of introducing new technology to prevent
facilities in owned properties becoming technologically obsolete

S

S

S

S

M

L

Changing social values relating to environmental performance

Increased financing costs for proper ties with poor
environmental performance

S

S

S

S

S

S

Decrease in asset value due to delayed envir onment alcompliance at owned properties

Relative decrease in institutional investors’ investment appetite
due to delayed environmental compliance

S

S

S

S

S

S

Increased importance of transition risks

Increased financing costs due to properties being assessed
as having high transition risks

S

S

S

S

S

S

Increased value related to environmental performance

Reduced property value and average rents due to environmental
certifications such as DBJ Green Building Certification not being acquired

S

S

S

S

M

L

Tenant needs relating to environmental performance

Decreased revenue due to owned properties’ environmental
performance becoming relatively low, creating stranded assets

S

S

S

S

M

L

Damage to owned properties due to typhoons/heavy rain

Increased repair costs and insurance premiums: loss of sales opportunities
due to flooding, decreased asset value of owned properties with high flooding
risks, increased countermeasure costs

S

S

M

S

S

S

Flooding at owned properties in low-elevation areas due tosea level rise

Increased flooding countermeasure costs

S

S

M

S

S

S

Increased need for A/C due to rising temperatures

Increased A/C operation, maintenance, and repair costs

S

S

M

S

S

S

Introduction of renewable energy at sites

Reduction in externally procured utility costs

S

S

S

S

S

S

Attracting tenants, occupants, and users by of fering
low-emission facilities and services

Increased revenue by attracting tenants and occupants

S

S

S

S

M

L

Expanding the client base by continuing to provide rental
properties aligned with changing tenant and occupant tastes

Increased revenue from higher rents and improved tenantacquisition and retention

S

S

S

S

M

L

Expanding the investor baseUse of green bonds: increased financing by adapting/appealing toinvestors who prioritize environmental issues, decreased financing costs

S

S

S

S

S

S

Sustainability

22

サステナビリティへの取り組み

Appendix23

Profile
Special features of Fukuoka REIT Corporation

1
2
3
4
5

Japan’s first region-specific REIT
Asset management leveraging our in-depth knowledge of the real estate environmentof Fukuoka and Kyushu region, one of our greatest strengths

Excellent portfolio centered on Fukuoka metropolitan area
A portfolio of carefully selected investments in the high growth area of Fukuoka City
attention from around Japan and overseas◎Investment type
Portfolio summary （＊1）
Number of properties /Asset size （＊2）
Of which,acquisition from sponsors （＊3）

16 / 130,690 mm yen

Unrealized gains

43,026 mm yen

Total leasable floor space

578,255.35 ㎡

Occupancy rate

99.4％

（based on acquisition price）

Others33 / 206,339 mm yen

14.0％
Office buildings

Retail

53.0％

33.0％

Solid support from a sponsor company involved in property development
Asset portfolio expansion and high occupancy rates facilitated through coordination
with our sponsors

Financial highlight （＊1）
Total debt

83,900 mm yen

Establishment of stable financial base

LTV

41.7％

Conservative control of interest-bearing debt ratio, long-term diversificationof repayment deadlines

Fixed rate

93.4％

Average interest rate

0.66％

Stable dividends and steady NAV growth since listing

Credit ratings

Appropriate management of real estate invested in

Overview of Fukuoka REIT Corporation

JCR AA−（Stable）
R &I A＋ （Stable）◎Investment area（based on acquisition price）

Other
Kyushu areas

22.9％

Fukuoka
metropolitan area

77.1％

Investment unit price （＊1）
Unit price170,300 yen
796,000 unit
135,558 mm yen （unit price ＊ outstanding units）
127,818 yen
178,348 yen
3,523 yen per unit （Days in fiscal period 184days） at the 36th FP
4.1％ { （Dividend / days in fiscal period ＊ 365） / Unit price}

Name

Fukuoka REIT Corporation

Security code

8968

Market capitalization

Listed dateJune 21, 2005 （Tokyo Stock Exchange, Fukuoka Stock Exchange）

Net assets value per unit

Fiscal period

February ・ AugustMarket net assets value per unit （＊4）

Asset manager

Fukuoka Realty Co., Ltd.

Dividend （actual）

Sponsors

Fukuoka Jisho Co., Ltd., Kyushu Electric Power Co., Inc.,
THE BANK OF FUKUOKA, LTD., THE NISHI-NIPPON CITY BANK, LTD.,
Nishi-Nippon Railroad Co., Ltd.,SAIBUGAS HOLDINGS CO., LTD. Kyudenko Corporation,
Kyushu Railway Company, Development Bank of Japan Inc.

（＊1） The figures are as of August 31, 2022 (excl. average interest rate)（＊2）The figures are total of acquisition price.
（＊3） Because the Higashi Hie Business Center that was acquired in the 10th fiscal period （period ended August 31, 2009） was acquired from both outside parties andOutstanding units

Dividend yieldsponsors, the purchase price has been added to the purchase prices from outside parties and the purchase prices from sponsors after calculation on a percapita basis. Furthermore, with regard to the number of properties, one property has been added to the number of properties acquired from sponsors.

（＊4） Market net asset value per unit=（Total net assets + Unrealized gains - Total amount of dividends）/ Total number of investment units outstanding

Appendix24

A real estate investment trust specializing in regional properties
Investment policy

Sponsors◎Investment area

5％

5％

5％

THE BANK OFFUKUOKA, LTD.

THE NISHI-NIPPONCITY BANK, LTD.

Development
Bank of Japan Inc.

55％
Fukuoka Jisho
Co., Ltd （＊）

社外
Outsidedirector

Director

Fukuoka Realty Co., Ltd.

10％60-90％

10-30％
0-10％

Other Kyushu areas（Including Okinawa and Yamaguchi prefectures）

Others◎Investment type

Kyushu ElectricPower Co., Inc.

Others（Logistics, Residence, Hotel and Other facilities）(Asset Manager)

Office buildings

5％

5％

5％

5％

SAIBUGAS HOLDINGS
CO., LTD.

Kyudenko
Corporation

Nishi-Nippon
Railroad Co., Ltd.

Kyushu Railway
Company（＊） Concluded MOU with Fukuoka REIT and Fukuoka Realty concerning pipeline support.

Fukuoka metropolitan area

Retail0-30％

20-50％

40-70％
Appendix25Current situation of Fukuoka City ①
Trends in number of population growth in Fukuoka City
Ranked 1st among government
ordinance-designated cities◎Cities with high population growth rate
（Rate of increase from October, 2015 to July, 2020）

4.8％

thousand4.3％

Rank4 Osaka

approx.
4 times

2.4％

Rank5 Nagoya

1.6％
1.2％
1

2

3

4

5 （％）

Source: Prepared by Fukuoka Realty based on Ministry of Internal Affairs
and Communications “Population Census of Japan in 2020”

Surpassed
1.5 million
people

1,500

1,555

1,571

1,585

1,600

1,612

1,619

1,631

1,538

1,450

1,494

Yokohama

15,000Saitama
Sapporo10,000Fukuoka
Kawasaki

Chiba

NagoyaSagamihara
NiigataNatural decrease
Kobe

Shizuoka

5,000

Sendai

Hamamatsu

Kitakyushu

OkayamaNatural increase0

Hiroshima Kumamoto
Sakai

Kyoto

（10,000）

1,400

20,000（5,000）Social decrease

1,524
1,509

Osaka

Social increase/decrease

1,550

25,000Social increase（ people ） Rank2 Saitama
1,600 Rank3 Kawasaki

Average ofgovernment
ordinance-designated 0
citiesSurpassed
1.6 million
people

4.9％

Distribution Chart of Net Increase/Decrease in Population（comparison of ordinance-designated cities）（2020）（ Net increase in in-migrants: number of in-migrants / number of out-migrants）

Rank1 Fukuoka

Number of
population in
Fukuoka City

（8,000）（6,000）（4,000）（2,000）0（10,000）（15,000）

2,000

4,000

Natural increase/decrease
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

（year）＊The number of population is the figure as of October 1.
Source: Prepared by Fukuoka Realty based on data from “Estimated Population”（Fukuoka City General Affairs and Planning Bureau）
and “Population,
Demographics and Number of Households Based on the Basic Resident Register”（Local Administration Bureau, Ministry of Internal Affairs and Communications）（Net increase in the number of births: Number of births － Number of deaths）
Source: Prepared by Fukuoka Realty based on data from “Population, Demographics and Number of Households Based on the Basic Resident
Register （2021） ” （Local Administration Bureau, Ministry of Internal Affairs and Communications） .

Appendix26

Current situation of Fukuoka City②
Youth and working-age population ratios of nationwide and major cities（2020）
（％）

16.5

Tokyo metropolitan area
Osaka

Kumamoto

15.0

NagoyaHiroshima

Chiba
Sakai

14.0
13.5
Kobe

Kitakyushu

12.5
53.0

55.0

Sapporo【Nationwide】
Youth population: 13.9%
Working-age population: 57.8%

1,426

57.0

59.0

61.0

63.0

Working-age population （Percentage of city population aged 15 to 64）

Students from
Students
outsideprefecture from within
prefecture［11,422］［14,541］44.0%

Enrolled in universities in Saga

3,455
1,150

Enrolled in universities in Nagasaki

56.0%

Saga
Oita

Nagasaki
Kumamoto

5,434
1,297

Enrolled in universities in Kumamoto

7,075

Fukuoka
metropolitan area

130

National Institute of Populationand Social Security Research’s
medium-variant estimates
based on 2015 population data

Tokyo metropolitan area
Nagoya metropolitan area

100

Osaka
metropolitan area

90
80

Niigata65.0 （％）

Interregional migration of university students in Kyushu

25,963

Census data

Hamamatsu

Shizuoka

Source: Prepared by Fukuoka Realty based on Ministry of Internal Affairs and Communications “Population Census of Japan”.

University students
in Fukuoka

Future projection

110

Yokohama

Nationwide

Actual figures

120

Saitama

Sagamihara

14.5

150
140

Sendai

Okayama

15.5

KawasakiFukuoka

Kyoto

16.0

Youth population（ Percentage of city population aged 15 to 29）【Fukuoka City】
Youth population:16.8%（ranked 1st）
Working-age population:61.4% （ranked 4th）

17.0

13.0

Population trends of major metropolitan areas（％）

MiyazakiKagoshima（people）

4,672
Outside of Kyushu

980

1985

842

2,500

827

1,500

4,180

1,000

1,070

500

Source: Prepared by Fukuoka Realty. based on data from FY2021 School Basic Survey （Preliminary Results）（Statistic Bureau, Ministry of Internal Affairs and Communications） .

Fukuoka Airport

3,000

2,000

6,126

2000

2005

2010

Port of Hakata

3,500

4,091

Enrolled in universities in Kagoshima

1995

2015

2020

2025

2030

2035

2040

2045

（year）

Change in number of overseas visitors
thousand（ people ）Enrolled in universities in Oita

Enrolled in universities in Miyazaki

1990＊The graph was plotted taking the 1985 population of each urban area as 100.
＊“Fukuoka metropolitan area” refers to Fukuoka City, Chikushino City, Kasuga City, Onojo City, Munakata City, Dazaifu City, Koga City, Fukutsu City,
Itoshima City, Nakagawa City, Umi Town, Sasaguri Town, Shime Town, Sue Town, Shingu Town, Hisayama Town, and Kasuya Town. “Greater Tokyo area”
refers to Tokyo Metropolis, Kanagawa Prefecture, Saitama Prefecture, and Chiba Prefecture. “Nagoya urban area” refers to Aichi Prefecture, Gifu Prefecture,
and Mie Prefecture. “Osaka urban area” refers to Osaka Prefecture, Kyoto Prefecture, Hyogo Prefecture, Nara Prefecture and Wakayama Prefecture.
Source: Prepared by Fukuoka Realty Co., Ltd., based on data from the Ministry of Internal Affairs and Communications, Statistics Bureau “Population Census
of Japan（2020）” and National Institute of Population and Social Security Research “Population Projection for Japan by Prefecture”.

0

847

167

Number of persons landing on ships on overseas
irregular service routes

800
143

671
89

161
2,205

2,414

COVID-19 border restrictions
were eased from October 11.
・No test or quarantine upon entry
・More international flights
・No limit on entrants
・Non-group travelers allowed

2,141
45
7（Port of Hakata）

1,631

267
2016

2017

2018

2019

2020

6

11

（Fukuoka Airport）（Fukuoka Airport）

2021

2022 （year）＊The number of overseas visitors in 2022 is based on the figures as of the end of August.
Source: Prepared by Fukuoka Realty based on data from “Statistics on Legal Migrants”（Ministry of Justice）and “Number of Passengers on Overseas Routes”（Port and Airport Bureau, Fukuoka City）.

Appendix27

Earthquake risk in Fukuoka, etc.
All properties owned by Fukuoka REIT are covered by earthquake insurance
Basic Rate of Earthquake Insurance

Probabilistic earthquake prediction map
Probability of occurrence of an earthquake with a magnitude of nearly 6 or higher within
the next 30 years ［Average case / all earthquakes］ ［Reference date: January 1, 2020］◎Earthquake insurance with coverage starting on October 1, 2022 and thereafter●In Fukuoka Prefecture, earthquake insurance can be bought at a relatively smaller cost than inother areas

27,500Tokyo

probability
more than 26％
high
6％〜26％
3％〜6％
slightly higher
0.1％〜3％less than 0.1%

North American Plate

11,800Aichi

11,800

Osaka

7,400

Fukuoka0

Sapporo
2.2％

5,000

10,00015,00020,00025,000（yen）

30,000＊The basic rate is per 10 million yen of insurance amount mainly for steel-frame and concrete structure buildings over the insurance period of one year.

Source: Created by Fukuoka Realty based on data from specially created earthquake insurance site (General Insurance Association of Japan).

Sendai
7.6％

Eurasian Plate

Example of measures taken by the Fukuoka City government against
other natural disasters [Fukuoka City flooding countermeasures]◎Storm water storage facilities●Capacity of storm water storage facilities

FY2022 128,300 ㎥

FY1999 No storm water storage facilities

Fukuoka
6.2％

Tokyo
47.2％
Nagoya45.8％

Pacific Plate

Osaka
30.1％
Philippine Sea Plat
Source: Prepared by Fukuoka Realty based on data from the Office of the Headquarters for Earthquake Research Promotion (Earthquake
and Disaster-Reduction Research Division, Research and Development Bureau, Ministry of Education, Culture, Sports, Science andTechnology); J-SHIS (Japan Seismic Hazard Information Station, National Research Institute for Earth Science and Disaster
Resilience); and the website of the Japan Meteorological Agency, Ministry of Land, Infrastructure, Transport and Tourism.

Storm water management capacity increased from 59.1mm/h to 79.5 mm/h （city center）◎Instances of building inundation in Fukuoka Cityof
（Numberbuilding ）Instances of building inundation
steadily declining

3,000
2,000

0
Maximum hourly
precipitation（mm/h）

Storm water drainage
capacity has
increased significantly

3,173

1,000

1,721

Between
FY2000 and FY2022

1,122

3

June 29,
1999

July 19,
2003

July 24,2009

August 30,
2013

79.5

104

116

72.5

Since the launch of
the project in FY2000

Instances of inundation
have steadily declined

Source: Prepared by Fukuoka Realty based on data from the “Storm Water Management Action Plan
2026” pamphlet about the Fukuoka City Storm Water Emergency Control Plan.

Appendix28

Certification from external organizations and information disclosure
Endorsement of TCFD （Task Force on Climate-Related Financial Disclosures） （Sept. 2022）
Endorsement of TCFD
（Task Force on Climate-Related
Financial Disclosures）（September 2022）

In Sep t ember 2022, w e endor sed the r ec ommenda tions o f the T CFD （ Task For c e on
Climate-Related Financial Disclosures） , which was established by the Financial Stability Board（FSB） to examine climate-related disclosures and how financial institutions should respond. At
the same time, we joined the TCFD Consor tium, an organization of endorsing Japanesecompanies.

Principles for Responsible
Investment （PRI）（September 2018）

Refer s to the six basic principles advocated in 2006 by K ofi Annan, the United Nations
Secr et ar y -Gener al at the time, f or the purpose o f r eflec ting envir onment al, social andgovernance （ESG） factors to the investment process, as well as the international network offinancial institutions that affirm the principles.
The Asset Manager became a signatory to the Principles for Responsible Investment （PRI） in
September 2018 in order to implement practices at an international level when it promotes ESG
awareness in real estate investment and management operations.

（Principles for Financial Action
for the 21st Century）

Principles for Financial Action towards a Sustainable Society （Principles for Financial Action for the
21st Centur y ） refers to the principles prepared in Oc tober 2011, with the Ministr y of theEnvironment serving as the secretariat, as action guidelines for financial institutions that want tofulfill the responsibilities and roles necessary for forming a sustainable society.
The Asset Management Company became a signatory in September 2018, affirming the ideas of
the Principles.

GRESB

GRESB is a benchmark evaluation system that annually assesses the environmental, social andgovernance （ESG） awareness of real estate companies and funds, as well as the name of theorganization that operates it. GRESB was established in 2009 mainly by major European
pension funds that led the Principles for Responsible Investment （PRI） .
FRC has been a participant since 2018.

DBJ Green Building
Certification

The DBJ Green Building Certification is a certification system established in 2011 as an initiative
to support real estate featuring "environmental and social considerations" and entities that own
and operate such estate. The system evaluates real estate sustainability from five ESG-based
perspectives.

BELS

BELS is a system in which third parties evaluate and indicate the energy conservation performanceof non-residential buildings based on the Evaluation Guidelines for the Building Energy-efficiency
Labeling System for Non-Residential Buildings（2013）.
FRC has acquired the certification for 4 properties.

Principles for Financial Action
towards a Sustainable Society（September 2018）

Appendix29

ESG Initiatives （Environment）
Reduction of environmental load

Enhancing energy efficiency Fukuoka REIT・Replacement of air-conditioning equipment （Sanix Hakata Building, etc.）
・Promotion of replacement of lighting with LED lamps
NEW(exterior lighting) （Gofukumachi Business Center）
・Utilization of renewable energy（solar power generation panels installed at Konoha Mall Hashimoto
LOGICITY Minato Kashii and LOGICITY Hisayama）
・Attachment of heat-shielding sheets for the top light section on the rooftop（Park Place Oita）
・Greening of common spaces ・ Arrangement of water areas ・ Creation ofshaded spaces
・Installation of charging station for electric vehicles
・Installation of electronic circuit breaker (Aqualia Chihaya)

Maintenance and enhancement of environmental and construction performance
BeforeAfter

GRESB2022●GRESB Real Estate Asssessment:
Received the rating of “ 4 stars” and“Green Star” in the GRESB survey 2022
●Disclosure Assessment:
Received the highest “A Level”

Green Building certification
Green Building certification obtained for 77.8%
of entire portfolio■Ratio of environmental certification acquisition
DBJ Green
Building
Certification

BELS Evaluation
Certification

14.1％

77.8％

Certificatedproperties

77.8％

Waste reduction / resource recycling Fukuoka REIT
・ Separate collection of garbage
・ Conversion of raw garbage into animal feed （Canal City Hakata, Park Place Oita）
・ Collection of secondhand clothing （Canal City Hakata, Konoha Mall Hashimoto）●Installation of canal water filtration system, greywater plant and water-saving toilets(Canal City Hakata)●DBJ Green Building Certification
12 properties owned by the Fukuoka REIT corporation were certified
Reacquired certification for 6 properties （March 2022）＊As of August 31, 2022（based on total floor space）

Canal City Hakata / Canal City Hakata ・ B

Park Place Oita

Properties with the best class environmental& social awareness

Properties with exceptionally high environmental& social awareness

Canal City Hakata has worked to reduce water consumption through a canal water filtration system(rainwater reuse system), a greywater plant (kitchen drainage reuse system), water-saving toilets, etc.

・ Canal water filtration system(rainwater reuse system)

・ Greywater plant(kitchen drainage reuse system)

・ Water-saving toilets●BELS Evaluation
Four properties owned by the Fukuoka REIT corporation were certified

Appendix30

ESG Initiatives （Society①）

Creation of pleasant workplaces

Initiatives for employees
Certified as a
“Fukuoka‘ Work-Style Reform’
Promotion Company ”（ August 28, 2018 ）《Fukuoka Realty: Numbers of credentialed personnel》（As of August 31, 2022）■The average number of years of continuous serviceof permanent employees: 9 years and 4 months■Full-time personnel: 41 [Male:18 Female:23] * Gender ratio●●

Employees seconded from sponsors：3
Employees seconded to a sponsor：8

●

●

●

●

●

Real estate brokers : 23

ARES Certified Masters : 18

Certified Building Administrators : 3

First-class registered architect : 1
Real estate appraisers : 1

●

●

●

●

●

《Support for flexible working styles》
●

●
●
●

Male : 43.9％
Female : 56.1％●■Number of credentialed personnel●

Fukuoka Realty

NEW

Attorney : 1

Registration with
Fukuoka City
Well-Being & SDGs
Registration System（July 2022）

MBA : 2Administrative Scrivener : 1

SME management consultant : 1

CMA : 2

《Training for employees》
Regular lectures by Kyushu Economic Research Center
Compliance training● Sustainability training● Nursing care training● In-house recreation, etc.
●●

《Career development support》
●
●
●
●

●

Licensed Representative of Condominium Management Company : 1

Child-rearing support（maternity leave,
childcare leave system）
Nursing care leave
Leave for voluntary work
Employee welfare（401K, cumulative
investment system, etc.）
Encouraging use of paid holidays, etc.

Employee satisfaction survey
Self-assessment system
Career interview
Secondment system（dispatching of employees
to sponsor companies）
Promotion from contract employee topermanent employee status, etc.

Offering of training programs tailored to eachmanagement level
System for supporting acquisition of qualifications（Real Estate Transaction Agent,
ARES Certified Masters, etc.）
Support for language learning, etc.

●

●

●

Other Initiatives《health management ・Improvement of office environment》
Initiatives to prevent infectious diseases such as influenza（Implementation of influenza vaccination and full coverage of vaccination costs）●

Initiatives for preventing spread of COVID-19（such as installation of thermographic monitors to measure temperature at office entrances; installation of anti-splash
panels and ozone sterilization equipment; distribution of masks, thermometers and antiseptic solution;
periodical disinfection of tables, chairs and door knobs, etc.）
●

●

●

●

●
●

●
●

Application system to restrict excessive overtime work
Assistance for use of sports clubs
COVID-19 vaccination at workplaces
Special leave for illness after COVID-19 vaccination
Installation of personal booths, meeting booths, plants, etc.
Installation of personal lockers

Improvement ofoffice environment

Mandatory health checkups and comprehensive
medical examinations
Health counseling by public health nursesNEW

meeting booths

Create an attractive workplace （tenants） Fukuoka REIT
Training for tenants’ employees
Emergency drills to improve safety and security of tenants
Distribution of sustainability guidelines
Support for tenants’ employees and part-time job recruitment（posted on property websites）
●

●

●
●

●

●

●

Improvement of employee lounge
Improved the lounge environment at Konoha Mall Hashimoto with a focus on the health and comfort of tenants’ employees.
Similar arrangement is under study for other facilities.
Support of COVID-19 vaccination for applicants（provision of venues for vaccination, etc.）
Implementation of tenant satisfaction surveys

Appendix31

ESG Initiatives （Society②）

Contribute to increased attractiveness and vitalization of Fukuoka and Kyushu area
●Provision of regional information

Provision of regional information Fukuoka Realty
Information provision using website, social media, financial results briefing materials, etc.
Exchange of information and opinions with the governments, major companies and research institutes in the region

Linking with and provision of venues
for various regional events and festivals

Fukuoka Realty

・ Information provision using website and social media●Participation in local event

・ Employees participated in the Oiyama event of Hakata Gion
Yamakasa Festival, held for the first time in three years. President
Zenji Koike served as the leader of the No. 8 Yamakasa float.

Fukuoka REIT

Support for Yamakasa Festival, Hakata Dontaku, Nakasu Jazz, Funa Norikomi （boat boarding;
Kabuki stars unveiling their arrival） and locally based professional sports, etc.

＊Excluding cases where the event was cancelled due to COVID-19.

Implementation of Corporate Version of Hometown Tax System （2022） Fukuoka Realty
Provided support to five prefectures （Kyushu） in total by utilizing the Corporate Version of Hometown Tax System

Involvement in local community

Initiatives for local communicaties, etc.
●

●

●

●

●

●

Fukuoka Realty

Environmental awareness-raising activity NEW
with local high school
Period: September 17 （Sat） – 25 （Sun）
Participates in Hakata Town Planning Promotion Council（Clean Day, etc.）
Participates in Fukuoka Directive Council
Hosts the Kyushu IR Workshop
Hosted the Real Estate, Finance and Economic Networking
Participates in the Kyushu SDGs Forum

OthersFukuoka Realty

NEW

Environmental awareness-raising
activity with local high school
Blue Earth Project “eco-friendly water station campaign”

Child-rearing support

Children's Plaza inHashimoto, Nishi Ward
Tenant moved in

Parking lot
Installed adedicated to pregnant
wash-basin forhands and feet women and stroller users

Participation in Clean Day

Real Estate, Finance,
and the Economy Gathering

Gofukumachi Business Center, others

Park Place Oita

Canal City Hakata, others

Canal City Hakata, others

Canal City Hakata, others

Preventing the spread of
new coronavirus infections（antibacterial ・ deodorant ・ antiviral treatment）

Crime prevention patrol（Jointly conducted with
communities and schools)）

AED installationbike share service

EV charging station

Fukuoka REIT

Child-rearing support
Preventing the spread of new coronavirus infections
Individual facility initiatives- Safety and security activities (anti-crime patrol, AED installation)- Local contribution (bike share service, EV charging station), etc.

●

●

●

Appendix32

ESG Initiatives （Governance）
Compliance / Risk management

Governance System

Fukuoka Realty

Fukuoka REIT

Fukuoka Realty has established a Basic Policy on Compliance, as well ascompliance regulations and other internal rules to prevent conflicts of interest.
We conduct with stakeholders in an appropriate manner based on theabovementioned rules and regulations with preliminary assessment carriedout by the Compliance Depar tment general manager and deliberations
conducted by the Compliance Assessment Committee（consisting of theCompliance Department general manager and three outside experts）.

◎Decision-making process （＊1）
Proposals by responsible department

Inspection by Compliance Department general manager

Conjunction with investors' and sponsors' profit
Fukuoka Realty

Fukuoka REIT・Same-boat investment by sponsor
Fukuoka Jisho Co., Ltd., the main sponsor, has 9.18% of FRC’s investment units
・Cumulative investment system for investment units（38.1% of the officers and employees perticipated in the system）
A cumulative investment system for investment units was introduced for the
Asset Manager officers and employees in April 2015 in order to enhancetheir mindset for FRC’s investment unit price and better performance aswell as promote their assets formation.

Management Fee Structure Fukuoka Realty
Unitholder interest-linked asset management fees
Management Fee 1 （＊2）

Deliberations by the Investment Management Committee

Deliberations/resolution by the Compliance Assessment Committee

Management Fee 2

Management Fee 3 （＊2）
Management Fee 4
Management Fee 5

Based on total assets
Based on operating revenues
Based on distributable profit
Acquisition fee
Transfer fee（＊2） We reduced the ratio of Management Fee 1 and increased the ratio of Management

Resolution/decision-making report by Board of Directors

Fukuoka REIT Corporation Board of Executive Officers◎Third-party assessment by external experts［Real estate appraisals］■ Japan Real Estate Institute■ The Tanizawa Sogo Appraisal Co., Ltd.
■ Daiwa Real Estate Appraisal Co., Ltd.
［Market reports］■ Analysis on trade areas and competition situation■ Adequate rent levels, etc.
［Engineering reports］■ Law abidance and earthquake resistance■ Check of soil contamination, toxic substance and use status■ Replacement market price, expenses for long-term maintenance and repairs, etc.
（＊1）The prior consent of the investment corporation’s Board of Directors is obtained in cases fallingunder the provisions of Article 201-2（1）of the Act on Investment Trusts and Investment Corporations.

Fee 3 as of the fiscal period ended February 2021.

Appointment of Outside Directors（other than interested persons）

Fukuoka Realty

Information Security

Fukuoka Realty

・Established information management regulations（for protection and handlingof information assets and prevention of information loss, leakage, etc.）
・Thorough management of information assets（limit access, maintain
information systems and ensure safety）

Customer-oriented Business Operations
Fukuoka Realty
・Adopted the Principles for Customer-Oriented
Business Conduct published by the Financial Services Agency on
March 30, 2017, and established Policies for Customer-Oriented
Business Operations（September 20, 2017）
・Disclosed the status of initiatives regarding customer- oriented
business operations on our website

Regular Compliance Training

Fukuoka Realty

We regularly carried out training for all officers and employees toenhance their awareness.
Oct. 2019– Sept. 2020

Oct. 2020– Sept. 2021

Oct. 2021– Sept. 2022

6 times

6 times

6 times（including e-learning）

Secure transparency and fairness of the Board of Directors
Title
President and CEO

Name

Zenji Koike
Vice President Board of Directors（Non-Executive）
Hiroshi Shimuta
Vice President Board of Directors（Non-Executive） Noboru Hashimoto
Vice President Board of Directors（Non-Executive）
Yukitaka Ohara
Vice President Board of Directors（Non-Executive） Masanori Tasaka

Attendance at board meetings at 36th

100％ attendance
100％ attendance
100％ attendance
100％ attendance
100％ attendance

Information on attendance at board meetings Fukuoka REIT
Title
Exective director
Supervisory director
Supervisory director

Name

Attendance at board meetings at 36th

Zenji Koike
Takashi Tanabe
Yasuo Kawasho

100％ attendance

100％ attendance
100％ attendance

Information disclosure anddialogue with stakeholders

Publication of Fukuoka REIT
Integrated Report（only J-REIT to do so）

・Published annually since 2019
Fourth Integrated Report scheduled
to be published in December 2022
（will expand non-financial information）

2021 Report（published in December 2021）

Appendix33

IR initiatives
Major IR activities implemented

Major achievements in public relations activities◎IR for domestic institutional investors◎Interview article◎Advertising

・ Financial results briefing for analysts and institutional investors

Zenji Koike, President and CEO of Fukuoka Realty, was interviewed by REIT information portal “Japan-REIT.com” for a series interviewing key people at REITs（posted July 2022）

Posted an ad for Fukuoka Realty
in Star Flyer’ s in-flight magazine“Mother Comet”（August 2022 issue）（Following on-line live streaming） Post the video on the website the next day
・ Roadshows on financial results （conference calls）◎IR for overseas institutional investors
・ Roadshows on financial results （Asia）
・ Timely information disclosure in English （held simultaneously as thedelivery of Japanese press releases）◎IR for individual investors
・ Fukusho IR Fair Online（August 2022）
・ Information distribution on YouTube（August 2022）
・ Responding to individual calls

Fukusho IR Fair Online（ August 2022）

Information distribution on YouTube （August 2022）

Status of integration into indexes （as of August 31, 2022）◎Global indexes, etc

FTSE EPRA/NAREIT
Global Real Estate Index

FTSE Developed
Small CapS&P Global REIT
Index

MSCI Japan
Small Cap Index

Other Activities
The Kyushu IR Workshop, which started in collaboration with the Japan Investor Relations Association, is entering its
twelve year in 2022. It is utilized as a venue to study the latest IR trends with IR staff of companies from Fukuoka andKyushu and to build networks among such companies. This year, the workshop was held both in-person and by utilizing
online functions as a measure to prevent the spread of COVID-19.

Date
1st
workshop
July 2022

Theme & lecturer“The Future of Information Disclosure and Investor Dialogue:
Focus on ESG, Post-COVID and Human Capital”

Professor Shoichi Tsumuraya,

Graduate School of Business Administration, Hitotsubashi University（ Visiting researcher, Japan Investor Relations Association）＊Information on the lecturers is that for the workshops held by the IR Kyushu Subcommittee.

Appendix34

Unitholders’ data
No. of unitholders and investment units held by unitholder category

Distribution by investor category [breakdown of investment units]（units）

800,000

796,000
13.68%［108,922]

796,000

796,000

796,000

796,000

12.80%

12.11%

12.02%

11.81%［101,953]［96,448]［95,695]［94,055]

700,000
13.65%［108,709]

600,000
13.41%

500,000

400,000

15.13%［120,464]

13.16%

15.15%［120,601]13.12%

15.68%［124,837]

13.37%［106,781]［104,754]［104,456]［106,471]

4.22%

2.79%

3.68%

2.20%

［33,625]55.02%［437,963]

14.90%［118,671]

13.44%［107,056]［22,242]［29,338]［17,569]

56.10%

55.92%

56.71%

56.84%［446,587]［451,428]［452,525]

300,000

200,000

41.34%［329,071]

42.60%［339,112]42.84%［341,024]

42.77%［340,526]

43.50%［346,314]

100,000

0

32nd
36th
34th
33rd
35th
August 31, 2020 February 28, 2021 August 31, 2021 February 28, 2022 August 31, 2022

Financial institutions

Of which held by trust banks＊Percentages and ratio are rounded off to two decimal places.

Stock brokers

Other corporations

Foreign corporations

Individual（As of August 31, 2022）

No. of unitholders

Percentage

Investment
units held

Individual・other

12,97395.71％

94,05511.81％

Foreign individuals

231

1.70％

118,671

14.90％

Other domestic
corporations

245

1.80％

107,056

13.44％

Stock brokers

24

0.17％

23,693

2.97％

Financial institutions

81

0.59％

452,52556.84％（Of which held by trust banks）

7

0.05％

346,31443.50％

13,554100.00％796,000

100.00％

Total

2.97%

［23,693]［445,157][at the end of the 36 th FP]

Major investors [at the end of the 36th FP]

Percentage（As of August 31, 2022）

Investment
units held

Rank

Name

1

Custody Bank of Japan, Ltd.（Trust account）

211,859

26.61％

2

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

94,25411.84％

3

Fukuoka Jisho Co., Ltd.

73,136

9.18％

4The Nomura Trust and Banking Co., Ltd.
（Investment trust account）

33,813

4.24％

5

The Shinkumi Federation Bank

14,760

1.85％

6STATE STREET BANK WEST CLIENT - TREATY 505234

12,804

1.60％

7

MetLife, Inc.

10,2271.28％

8SSBTC CLIENT OMNIBUS ACCOUNT

9,329

1.17％

9

Shikoku Railway Company

9,130

1.14％

10

JP MORGAN CHASE BANK 385771

8,886

1.11％

Percentage

Appendix35

Unit price chart
Investment unit price （＊1）

Turnover （＊2）：135,558 mm yen■Market capitalization（as of Aug. 31, 2022）（units）（yen）

300,000

36

120,000thApril 27, 2015
4th PO

250,000

100,000

June 21, 2005
ListedMarch 1, 2018
5th PO

March 1, 2013
3rd PO

200,000

80,000March 1, 2011
2nd PO

60,000150,000

September 7, 2006
1st PO

100,000

40,00050,00020,0000Aug. 31,2005

Aug. 31,2006

Aug. 31,2007

Aug. 31,2008

Aug. 31,2009

Aug. 31,2010

Aug. 31,2011

Aug. 31,2012

Aug. 31,2013

Aug. 31,2014

Aug. 31,2015

Aug. 31,2016

Aug. 31,2017

Aug. 31,2018

Aug. 31,2019

Aug. 31,
2020

Aug. 31,2021

0Aug. 31,2022（＊1） A 5-for-1 split of Fukuoka REIT investment units was effectuated on March 1, 2014. Accordingly, investment unit prices and issuance prices until February 25, 2014 have been divided by 5.
（＊2） Turnover by February 25, 2014 was multiplied by 5.

Appendix36

Financial highlights

Dividend per unit was 3,523 yen- unit : mm yen

Category

32

33

nd

34

rd

〜 Feb. 28, 2021

〜 Aug. 31, 2020

35th

th

〜 Aug. 31, 2021

36th

〜 Feb. 28, 2022
A

37th

Difference〜 Aug. 31, 2022
B

B−A

38th

〜 Feb. 28, 2023
（forecast）〜 Aug. 31, 2023
（forecast）

8,518

8,904

8,867

8,658

8,830

171

8,915

9,119

-

-

104

-

-

-

115

433

5,307

5,347

5,336

5,334

5,370

35

5,238

4,973

1,686

1,623

1,552

1,486

1,514

28

1,505

1,534

Operating income

2,966

3,061

3,204

3,185

3,181

（3）

3,177

3,199

Ordinary income

2,587

2,677

2,817

2,816

2,805

（11）

2,803

2,819

Profit

2,586

2,675

2,816

2,814

2,804

（10）

2,801

2,817

Dividend per unit （yen） （①）
Latest dividend forecast
per unit （yen）②

3,250

3,361

3,539

3,536

3,523

3,150

3,300

3,500

3,500

3,500

3,520

3,540

Difference from forecast （yen） ① - ②
Total number of investment units（units）
outstanding（at period-end）

＋100

＋61

＋39

＋36

＋23

-

-

796,000

796,000

796,000

796,000

796,000

796,000

796,000

Total assets（at period-end）

199,004

199,559

199,804

198,745

201,223

Total liabilities（at period-end）

97,47897,944

98,04996,991

99,480Total net assets（at period-end）

101,525

101,614

101,755

101,753

101,743

Days in fiscal period（days）

Operating revenues
Gain on sales
Leasing NOI
Depreciation and amortization
expenses

184

181

184

181

184

Number of investment properties

31

31

32

32

33

（＊1）
Number of tenants（at period-end）

1,016

1,011

1,010

1,016

1,021

（at period-end）

Total leasable floor space（at period-end）（㎡）

591,021.51㎡ 608,557.70㎡

572,215.71㎡ 572,288.25㎡ 578,255.35㎡

（＊2）
（％）
Occupancy rate（at period-end）

99.7％

99.5％

99.5％

99.4％

99.4％

（＊3）
FFO （Funds from Operation）（mm yen）

4,273

4,299

4,265

4,301

4,318

FFO per unit（yen）

5,368

5,401

5,358

5,403

5,425

（＊1） The number of tenants shown is based on the total for properties Fukuoka
REIT owns. As for the number of tenants in pass-through master leasing
properties, the total number of sections stipulated in the tenancy
agreements with end tenants is shown.
（＊2） “Occupancy rate”=“Total leased floor space at period-end” ／ “Total
leasable floor space at period-end”（＊3） The FFO is calculated by the following method.
"FFO" = Profit + Loss on sale of real estate - Gain on sale of real estate +Depreciation

Appendix37

Balance sheets（compared with the previous fiscal period）- unit : mm yen

Account

35th
Feb. 28, 2022
A

36th
Aug. 31, 2022
B

Total current assets

11,736

9,690

Cash and deposits

6,860

4,203

Cash and deposits in trust

3,775

4,335

560

Current maturities of long-term debt

Operating accounts receivable

612

788

176

Account payable-otherPrepaid expenses

254

227

（26）

Accrued expenses

Consumption taxes receivable

217

124

（92）

Income taxes payable

Others

15

10

（5）

Accrued consumption taxes

186,980

191,506

4,525（2,046）

Total current liabilities

8,639

36th
Aug. 31, 2022B
9,111

（2,657）

Operating accounts payable

495

661

165

6,000

5,900

（100）

22

16

（6）

414

421

7

1

0

（0）

-

-

-

1,007

1,084

77

697

1,026

329

88,35290,3682,016

Difference
B－A

Liabilities

Total non-current assets

Account

35th
Feb. 28, 2022
A

Advances received
Deposits received

Difference
B－A
472

180,121

184,617

4,495

Buildings

1,132

1,118

（14）

Total non-current liabilities

Structures

20

19

（0）

Investment corporation bonds

5,000

5,000

-

Tools and fixtures

1

1

（0）

Long-term debt

71,40073,0001,600

Total property, plant and equipment989-

Tenant leasehold and security deposits

450

741

290

65,074

66,726

1,652

Structures in trust

1,054

1,068

14

Tenant leasehold and security deposits
received in trust

11,501

11,627

126

Machinery and equipment in trust

754

738

（16）

Total liabilities

96,991

99,4802,488

Tools and fixtures in trust

220

232

11

110,373

113,715

3,341

Total unitholders’ equity

101,753

101,743

（10）

500

7

（492）

Unitholders’ capital

98,93898,938-

Total intangible assets

5,557

5,554

（2）

Surplus

2,814

2,804

（10）

Leasehold right in trust

5,545

5,545

-

101,753

101,743（10）

Other intangible assets in trust

11

8

（2）

Total investment and other assets

1,302

1,335

32

0

0

（0）

198,745

201,223

2,478

Lands
AssetsLands in trust
Construction in progress in trust

Deferred tax assets
Lease and guarantee deposits

10

10

-

Lease and guarantee deposits in trust

327

327

-

Long-term prepaid expenses

964

997

32

27

26

（1）

198,745

201,223

2,478

Total deferred assets
Total assets

Net assets

989

Buildings in trust

Total net assets

Total liabilities and net assets

Appendix38

Cash flow statements（compared with the previous fiscal period）- unit : mm yen

Category
Net cash provided by （used in） operating activities
Profit before income taxes
Depreciation and amortization expenses
Amortization of investment corporation bond issuance expenses
Interest received
Interest expenses
Gain on sales of real estate property
Decrease （increase） in operating accounts receivables
Decrease （increase） in consumption taxes refund receivable
Increase （decrease） in accrued consumption taxes
Increase （decrease） in operating accounts payable
Increase （decrease） in accounts payable-other
Increase （decrease） in accrued expenses
Increase （decrease） in advances received
Increase （decrease） in deposits expenses
Decrease （increase） in prepaid expenses
Decrease （increase） in long-term prepaid expenses
Others, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by （used in） investment activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment in trust
Purchase of property, plant and equipment in trust
Purchase of intangible assets in trust
Proceeds from tenant leasehold and security deposits
Repayments of tenant leasehold and security deposits
Proceeds from tenant leasehold and security deposits in trust
Repayments of tenant leasehold and security deposits in trust
Proceeds from restricted trust deposits
Payments for restricted trust deposits
Net cash provided by （used in） financial activities
Proceeds from short-term debt
Repayments of short-term debt
Proceeds from long-term debt
Repayments of long-term debt
Dividends paid
Net increase （decrease） in cash and cash equivalents
Balance of cash and cash equivalents at beginning of period
Balance of cash and cash equivalents at end of period

35th A

36th B〜Feb. 28, 2022

Difference〜Aug. 31, 2022

3,146
2,816
1,486
2
（0）
271
（19）
（217）
（705）
（29）
5
（3）
（50）
（215）
18
71
（9）
3,420
0
（273）
（0）
（658）
（5）
（522）
0
（0）
109
（239）
4
（6）
（2,816）（2,816）（329）
10,917
10,588

4,712
2,805
1,514
1
（0）
278
（176）
92
73
（6）
4
77
329
26
（32）
1
4,990
0
（275）
（1）
（5,498）（0）（5,911）
290
（0）
309
（183）
3
（6）
（1,314）4,000（4,000）7,500（6,000）（2,814）（2,100）
10,588
8,488

B－A

1,566
（11）
28
（0）
0
7
（156）
310
705
103
（11）
7
127
544
8
（104）
10
1,569
（0）
（1）
（0）
（4,839）4（5,389）
289
（0）
200
56
（1）
0
1,501
4,000
（4,000）7,500（6,000）1（1,770）（329）（2,100）Appendix39Income and expenditure by properties （Retail）- unit : mm yen

Category

Canal City Hakata

Canal City Hakata・B

Active retail

Category

Konoha Mall
Hashimoto

SunLive City Kokura

1,016
984
31
474
291
10
82
5
25
60
541
227
314
3.4％
660
Square Mall
Kagoshima
Usuki

184 days
1,164
976
187
582
281
5
99
5
166
24
581
209
371
5.9％
763

929
899
29
559
375
16
100
8
32
26
369
189
179
3.5％
41
Kumamoto
Intercommunity
SC

Hanahata SC

Kurume Higashi
Kushiwara SC

270
270
47
8
2
34
1
1
222
52
170
6.7％
9

816
646
170
549
300
20
41
2
105
78
267
96
171
5.3％
265

K’s Denki
Kagoshima

Marinoa City
Fukuoka（Marina Side Building）

4,196
3,777
419
2,214
1,256
55
359
23
328
190
1,982
774
1,207
4.4％
1,739
36th
Total
A

184 days︵ Others︶
RetailDifference
A－B

181 days
4,206
3,805
400
2,174
1,245
72
375
23
293
164
2,031
748
1,282
4.5％
509

3 days
（9）
（28）
18
39
10
（16）
（15）
0
34
26
（49）
26
（75）
（0.1）％
1,230

35th
Total
B

Difference
A－B

181日
760
730
30
144
48
7
56
2
22
6
616
117
499
6.1％
34

3日

Forecast Difference
A－C
C （＊）

4,200

（3）

2,174

39

2,025

（43）

Forecast Difference
A－C
C （＊）

36th FP（Mar. 1, 2022 〜Aug. 31, 2022）（Length）①Total leasing business revenues
Leasing revenue-real estate
Other leasing revenue-real estate②Total leasing business expenses
Outsourcing fees
Repair and maintenance expenses
Expenses for restoration to former state
Tax and other public charges
Insurance premiums and trust compensation
Utilities expenses
Other expenses③NOI（=①-②）④Depreciation and amortization expenses⑤Leasing business profit（=③-④）
NOI yield （acquisition price）
Capital expenditures

35th
Total
B

36th FP（Mar. 1, 2022 〜Aug. 31, 2022）（Length）①Total leasing business revenues
Leasing revenue-real estate
Other leasing revenue-real estate②Total leasing business expenses
Outsourcing fees
Repair and maintenance expenses
Expenses for restoration to former state
Tax and other public charges
Insurance premiums and trust compensation
Utilities expenses
Other expenses③NOI（=①-②）④Depreciation and amortization expenses⑤Leasing business profit（=③-④）
NOI yield （acquisition price）
Capital expenditures

Park Place Oita

36th
Total
A

255
223
32
87
38
5
16
0
25
0
167
38
129
6.3％
20

89
89
0
11
2
1
5
0
0
78
12
66
6.6％
2

40
40
0
8
1
2
3
0
1
32
5
27
5.8％
-

88
88
12
2
1
5
0
2
76
16
59
6.1％
0

111
111
0
10
1
0
7
0
0
100
22
78
5.7％
-

177
177
0
32
1
10
18
0
0
144
22
121
5.5％
1

762
730
32
162
48
22
57
2
25
6
600
117
482
6.0％
24

1
（0）
2
18
（0）
15
0
0
2
（0）
（16）
0
（16）
（0.2）％
（10）

757

4

161

1

596

3

（＊）Forecast at the financial results of the 35th fiscal period.

Appendix40Income and expenditure by properties （Office buildings・Others）- unit : mm yen

Category

Canal City
Gofukumachi
Taihaku Street
Sanix Hakata
Business
Business
Business
Building
Center Building
CenterCenterTenjin Nishi-Dori
HakataBusiness Center Chikushi-Dori（Land withCenterBuilding
leasehold interest）

Office buildings①Total leasing business revenues
Leasing revenue-real estate
Other leasing revenue-real estate②Total leasing business expenses
Outsourcing fees
Repair and maintenance expenses
Expenses for restoration to former state
Tax and other public charges
Insurance premiums and trust compensation
Utilities expenses
Other expenses③NOI（=①-②）④Depreciation and amortization expenses⑤Leasing business profit（=③-④）
NOI yield （acquisition price）
Capital expenditures

649
646
2
215
153
2
48
1
7
2
433
81
351
5.9％
10

590
522
67
192
74
9
37
2
60
7
397
73
324
7.1％
41

Category

Tosu
Logistics
CenterLOGICITY
MinatoKashii

211
196
14
60
19
1
23
0
14
1
150
28
122
6.9％
40

325
325
0
94
55
5
27
1
3
231
60
170
6.6％
29

357
328
28
136
41
6
16
1
27
42
221
41
179
7.5％
2

184 days
148
86
123
86
24
44
19
10
1
2
1
9
15
0
0
21
0
0
103
67
32
10
71
56
7.4％
5.2％
0
15

Amex
LOGICITY LOGICITY Akasakamon City House
Hisayama Wakamiya
Keyaki Dori
Tower

Higashi Hie
Business
Center �

164
149
14
53
18
0
9
0
12
10
111
40
70
5.3%
0

98
94
4
20
7
0
7
0
5
0
78
19
59
4.8％
0

159
159
18
18
0
140
140
3.6％
-

133
124
8
32
18
0
9
4
100
15
84
4.7％
3

D-WingTower

Granfore
YakuinMinami

Hotel
FORZA
Oita

Tissage
Hotel Naha

112
107
4
26
7
2
3
7
0
2
2
85
18
67
6.1％
3

39
37
1
10
2
0
2
2
0
0
1
28
10
18
5.2％
4

63
63
9
0
0
7
0
0
53
22
30
6.9％
12

43
43
0
8
0
1
5
0
0
34
24
10
2.4％
-

36th
Total
A

35th
Total
B

Difference
A－B

181 days
2,762
2,620
141
810
382
25
191
9
132
68
1,951
403
1,548
6.1％
40

3 days
161
138
23
78
18
3
22
0
26
6
83
1
82
（0.1）％
104

35th
Total
B

Difference
A－B

181 days
929
884
45
194
33
16
7
88
5
27
14
734
216
518
5.1％
15

3 days
17
9
7
（1）
0
（4）
1
0
0
4
（3）
18
0
17
0.1％
22

Forecast Difference
A－C
C （＊1）

Aqualia
Chihaya

2,924
2,759
165
889
401
29
214
10
158
74
2,035
404
1,630
6.0％
144
36th
Total
A

2,910

13

902

（13）

2,007

27

Forecast Difference
A－C
C （＊1）

36th FP（Mar. 1, 2022 〜Aug. 31, 2022）（Length）

OthersHigashi Hie
Business
Center Ⅱ

36th FP（Mar. 1, 2022 〜Aug. 31, 2022）（Length）①Total leasing business revenues
Leasing revenue-real estate
Other leasing revenue-real estate②Total leasing business expenses
Outsourcing fees
Repair and maintenance expenses
Expenses for restoration to former state
Tax and other public charges
Insurance premiums and trust compensation
Utilities expenses
Other expenses③NOI（=①-②）④Depreciation and amortization expenses⑤Leasing business profit（=③-④）
NOI yield （acquisition price）
Capital expenditures

Higashi Hie
TenjinTenjin North
Business
Nishi-Dori
Front
CenterCenter Building
Building

Nondisclosure

Nondisclosure

Nondisclosure

Nondisclosure

（＊2）

（＊2）

（＊2）

（＊2）

125
38
87
5.0％
1

71
15
56
8.4％
-

38
9
28
6.1％
-

187
38
149
4.6％
2

66
64
1
16
5
1
1
5
0
0
1
49
19
29
4.8％
1

184 days
39
39
0
7
2
0
3
0
0
1
31
10
21
5.7％
4

60
58
1
13
3
1
2
4
0
0
1
46
12
34
7.3％
6

946
893
52
193
34
11
9
88
5
32
11
753
217
535
5.2％
37

939

7

194

（0）

744

8

（＊1）Forecast at the financial results of the 35th fiscal period. （＊2）Information is not disclosed because the permission of tenants has not been obtained.

Appendix41

Income and expenditure by properties （Total） /Repair and maintenance expenses, capital expenditures, and depreciation- unit : mm yen

36th
Total
A
Mar. 1, 2022
~Aug. 31, 2022
184 days
8,830
8,160
669
3,459
1,740
119
9
719
42
544
282
5,370
1,514
3,856
5.2％
1,946

Category（Length）

Total①Total leasing business revenues
Leasing revenue-real estate
Other leasing revenue-real estate②Total leasing business expenses
Outsourcing fees
Repair and maintenance expenses
Expenses for restoration to former state
Tax and other public charges
Insurance premiums and trust compensation
Utilities expenses
Other expenses③NOI（=①-②）④Depreciation and amortization expenses⑤Leasing business profit（=③-④）
NOI yield （acquisition price）
Capital expenditures

35th
Total
B
Sept. 1, 2021
〜Feb. 28, 2022

Difference
A－B

181 days

3 days
171
119
51
135
29
（1）
1
7
0
68
28
35
28
7
（0.1）％
1,346

8,658
8,040
618
3,323
1,711
121
7
711
41
476
254
5,334
1,486
3,848
5.3％
600

of which,
Canal City Hakata ／ Canal City Hakata・B

2,000Park Place Oita

1,500

Konoha Mall Hashimoto

702

597）

1,946

32nd

121

119

33 rd

34th

35 th

36th

（0）

919
578）

313

179

Park Place Oita

147）

（A/C equipment replacement

1,686 1,623
1,552 1,486 1,514 1,505 1,534

266

790
153

5,371

209）

（Switching to LED, renovation of food court

1,000

0

2,229

（Renovation of common spaces, tenant floor section creation, and A/C equipment replacement 743）

92

23

Gofukumachi Business Center

817

211

3,436

（Central monitoring equipment replacement and disaster104）
prevention equipment replacement（Replacement of piping

500

22

（Facilities replacement and floor section creation, andemergency power generator replacement

Repair and maintenance expenses, capital expenditures, and depreciation
2,500

8,807

of which,
Canal City Hakata ／ Canal City Hakata・B（＊）Forecast at the financial results of the 35th fiscal period.

（mm yen）

Difference
A－C

Forecast
C （＊）

194

264

37 th

38th

（forecast）（forecast）

Repair and maintenance expenses

32nd

687

33 rd

445

34th

822

600

35 th

36th

Capital expenditures

37 th

38th

（forecast）（forecast）

32nd

33 rd

34th

35 th

36th

37 th

38th

（forecast）（forecast）

Depreciation
Appendix42

Portfolio table①（As of August 31, 2022）

Age （＊1）

Canal City Hakata
Canal City Hakata・B
Park Place Oita
SunLive City Kokura
Konoha Mall Hashimoto
Square Mall Kagoshima Usuki
Kumamoto Intercommunity SC
Hanahata SC
Kurume Higashi Kushiwara SC
K’s Denki Kagoshima
Marinoa City Fukuoka （Marina Side Building）
Total or the weighted average of retail
Canal City Business Center Building
Gofukumachi Business Center
Sanix Hakata Building
Taihaku Street Business Center
Higashi Hie Business Center
Tenjin Nishi-Dori Center Building
Tenjin North Front Building
Higashi Hie Business Center Ⅱ
Higashi Hie Business Center Ⅲ
Tenjin Nishi-Dori Business Center（Land with leasehold interest）
Hakata Chikushi-Dori Center Building
Total or the weighted average of office buildings
Tosu Logistics Center
LOGICITY Minato Kashii
LOGICITY Hisayama
LOGICITY Wakamiya
Amex Akasakamon Tower
City House Keyaki Dori
Aqualia Chihaya
D-Wing Tower
Granfore Yakuin Minami
Hotel FORZA Oita
Tissage Hotel Naha
Total or the weighted average of others
Total or the weighted average of all properties

26yr 4m
26yr 4m
20yr 5m
17yr 5m
11yr 5m
15yr 11m
15yr 9m
15yr 1m
14yr 8m
14yr 9m
21yr 10m－
6yr 4m18yr 10m
21yr 5m
20yr 5m
13yr 6m
25yr 11m
12yr 7m
6yr 6m2yr 5m－30yr 7m－
14yr 3m
8yr 4m7yr 7m17yr 6m
17yr 1m
14yr 9m
14yr 8m
16yr 6m
14yr 8m
14yr 0m
4yr 6m－19yr 6m

32,00021,06019,610
6,633
10,000
5,300
2,400
1,130
2,500
3,550
5,250
109,433
14,600
11,200
4,400
7,000
5,900
2,600
2,800
4,230
3,290
7,700
4,320
68,040
1,250
8,150
5,050
1,700
2,060
1,111
1,280
2,800
1,100
1,530
2,835
28,866206,339

RetailReal estate property nameAcquisition
price（mm yen）（＊2）

Investment
ratio

Office buildings

Others

15.5%
10.2%
9.5%
3.2%
4.8%
2.6%
1.2%
0.5%
1.2%
1.7%
2.5%
53.0%
7.1%
5.4%
2.1%
3.4%
2.9%
1.3%
1.4%
2.1%
1.6%
3.7%
2.1%
33.0%
0.6%
3.9%
2.4%
0.8%
1.0%
0.5%
0.6%
1.4%
0.5%
0.7%
1.4%
14.0%
－100.0%Acquisition
timingSource （＊3）

SponsorNov. 9, 2004
Outside party
Mar. 2, 2011
SponsorNov. 9, 2004
Outside party
Jul. 1, 2005
SponsorMar. 1, 2018
SponsorSept.28, 2006
SponsorNov.30, 2006
SponsorSept. 3, 2007
SponsorFeb. 1, 2008
Outside party
Mar.27, 2008
SponsorMay 1, 2015－－－
SponsorNov. 9, 2004
SponsorNov. 9, 2004
Outside party
Sept.30, 2005
SponsorMar.16, 2006
Mar.13, 2009 Outside party＋Sponsor
Feb. 1, 2013
Outside party
Mar.28, 2013
Outside party
Mar. 1, 2018
SponsorMay 29, 2020
Sponsor
Jun. 1, 2021
SponsorMar. 1, 2022 －Outside party－－
Mar.28, 2014
Outside party
Mar.27, 2015
Outside party
Jun. 1, 2017
Outside party
Jun. 30, 2020
Outside party
Sept. 1, 2006
Outside party
Dec.20, 2007
Outside party
Mar. 1, 2012
Outside party
Mar. 1, 2013
Outside party
Nov. 4, 2014
Outside party
Mar. 1, 2013
Sponsor
Dec. 7, 2018
Outside party－－－－

Total leasable
floor space

Occupancy
rate

Tenants

46,585.57
31,141.44
121,184.09
61,450.22
22,191.19
14,602.88
6,968.66
2,801.15
6,467.80
7,296.17
33,069.82
353,758.99
23,031.14
19,905.34
6,293.75
14,677.35
13,614.59
3,339.32
5,252.41
6,214.77
2,981.14
1,343.51
5,994.41
102,647.73
4,173.29
43,233.72
24,505.65
17,556.32
4,821.25
2,710.86
5,619.69
7,187.59
2,496.06
5,785.44
3,758.76
121,848.63
578,255.35

97.7%
96.0%
99.8%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
99.3%
100.0%
100.0%
100.0%
99.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.7%
99.7%
100.0%
100.0%
100.0%
100.0%
94.1%
100.0%
98.9%
93.2%
97.0%
100.0%
100.0%
99.3%
99.4%

43
42
103
1
124
13
2
2
1
1
1
333
64
36
16

（㎡） （＊4）

Primary tenants（＊5）

71 （＊6）
27
1
11
2
6
1
13
248
1
2
1
1
64
42
104
127
96
1
1
440
1,021

Washington Hotel and United Cinema
OPA and MUJI Canal City Hakata
AEON and K’s Denki
SunLive
SunLive and The Super Sports XEBIOSports Depo / Golf5 and Edion
Sports Depo / Golf5 and Starbucks Coffee
BON REPAS and Matsumoto Kiyoshi
Sports Depo / Golf5
K’s Denki
FJ. Entertainment Works Ltd.
－Bell System24 and TOTOSMBC CONSUMER FINANCE and Sumitomo Mitsui Banking Corporation
SANIX and The Nishi-Nippon City BankNTT COMWARE and Tokio Marine & Nichido Outsourcing Management
Forest Holdings and Fujitsu
The Nishi-Nippon City Bank
Rakuten Card and The Prudential Life Insurance Company, Ltd.
Fujitsu Limited and Seven-Eleven Japan Co.,LTD
Mitsui Home Co.,LTD and NIPPON ENGINEERING CONSULTANTS CO.,LTD
Fukuoka Jisho Co., Ltd
Fujitsu Japan Solutions Kyushu Limited、 YAMAEHISANO Co.,Ltd－
non-disclosure
Fukuoka Logistic System and F-LINE CORPORATIONKASEI.inc Co., Ltd.
Tsukasa Kigyou
－
－
－
－
－
－
FJ Hotels
Nest Hotel Japan Corporation－－（＊1） The age of the building is listed with the end of the period as the starting date. For the property for which FRC owns the land only, “-” is indicated. The total or average figures for all properties are the weighted average.
（＊2） Acquisition price does not include fees, public charge and expenses.
（＊3） Properties acquired through arrangement by a sponsor company are indicate with “sponsor” in the column of seller.
（＊４） For the property for which FRC owns the land only, the leasable space of the land is indicated.
（＊5） Parking contracts, etc., are excluded from “Number of tenants”.
（＊6） The Taihaku Street Business Center is an office building combined with a residential tower. There are 13 office tenants and 58 residential tenants.

Appendix43

Portfolio table②
Retail 11 properties

Canal City Hakata

Canal City Hakata ・ B

Park Place Oita

SunLive City Kokura

Konoha Mall Hashimoto

Square Mall Kagoshima Usuki

Kumamoto Intercommunity SC

Hanahata SC

Kurume Higashi Kushiwara SC

Sanix Hakata Building

Taihaku Street Business Center

Higashi Hie Business Center

Tenjin Nishi-Dori Center Building

Tenjin North Front Building

Office buildings 11 properties

K’ s Denki Kagoshima

Marinoa City Fukuoka（Marina Side Building）

Canal City Business Center Building Gofukumachi Business Center

Others 11 properties
NEW

Higashi Hie Business Center Ⅱ Higashi Hie Business Center Ⅲ

Residence

Residence

Tenjin Nishi-Dori Business Center（Land with leasehold interest）

Residence

Logistics

Hakata Chikushi-Dori Center Building

Residence

Tosu Logistics Center

Hotel

Logistics

Logistics

Residence

LOGICITY Hisayama

LOGICITY Wakamiya

Amex Akasakamon Tower

Logistics

LOGICITY Minato Kashii

Hotel

NEW

Logistics

Total acquisition price（＊） Scheduled to be acquired

206.3bn yen（As of August 31, 2022）

on March 31, 2029

City House Keyaki Dori

Aqualia Chihaya

D-Wing Tower

Granfore Yakuin Minami

Hotel FORZA Oita

Tissage Hotel Naha

Island City Minato Bay related site
（Land with leasehold interest）（tentative）（＊）

Appendix44Portfolio map

in

Um

24

A

FUKUOKA
PayPay DOME
Nishijin Sta.

Ur

Ha Subw
koz ayaki
LineNakasu- 13
Kawabata
15
Sta.
Gion Sta.
Higashi-Hie
18
27 30 21
Hakata 19 Sta.
1
Tenjin 12
16
17
14
Akasaka Sta.
2
22 20

Subwayne
Airport Li

202

28

Yakuin-odori
Sta.

Ropponmatsu Sakurazaka
Sta.
Sta.

1km
500m

263

JR

1 Canal City Hakata■Address ： 1-chome, Sumiyoshi,
Hakata Ward, Fukuoka City

2 Canal City Hakata・B■Address ： 1-chome, Sumiyoshi,
Hakata Ward, Fukuoka City

3 Park Place Oita

■Address ： 2-chome, Koen Dori Nishi,
Oita City

4 SunLive City Kokura■Address ： 2-chome, Kami Kuzuhara,
Kokura Minami Ward, Kitakyushu City

Ten Nishjin- itet
Om su
uta
Lin

Ka

Fukuoka
University

8

5 Konoha Mall Hashimoto■Address：2-chome, Hashimoto,
Nishi Ward, Fukuoka City

6 Square Mall Kagoshima Usuki■Address：2-chome, Usuki,

Kagoshima City

7 Kumamoto Intercommunity SC■Address ： 1-chome, Kozono,
Higashi Ward, Kumamoto City

8 Hanahata SC■Address： 4-chome, Hanahata,
Minami Ward, Fukuoka City

BEST DENKI
Stadium

JR LineExpressway

Ur

go

sh

im

e

Urban Expressw
Kanjo Line ay

Kyushu Shinkansen

Yakuin Sta.

Kyu
/Hak shu Shinata M kans
inam eni LineSu
Nana bway
kuma
Line

Miyazaki

6
10

Kagoshima

Okinawa
33

31

202

5 Hashimoto Sta.

Fukuoka
AirportTenjin-minami Sta.
Watanabe-dori Sta.

32
3

Kumamoto

Fukuoka IC

Fukuoka-kuko（Airport）
Sta.

Ohorikoen（Ohori Park）Sta.

Tojinmachi Sta.

ssway

Marina-TOWN

Urban
Ex
Kasuy pressway
a Line
sen
kan
hin
S
nyo
Sa
JR Sasaguri Line

Kaizuka Sta.

Oita

7

Nagasaki

e

11

Saga

Lin

Sea-Side
MOMOCHI

Najima Sta. 3ywa
ss
pre inexL
n E rtba po
Ur AirChuo
Port

Fukuoka23
9hii

Hakata Bays
Ka

HakozakiPort

Urban Expressway
Kanjo Line

Chihaya Sta.

29

JR

ba
n
Ka Expsh resii L sw
ine ayUrban Expressway
Route 6 Island City Line

4
26

25

u ExpreJR

Island City

Kyush

Uminonakamichi
Seaside Park

Fukuoka Cityu
ets e
hit LinNis ukaiz
Ka

Fukuoka City

ine

hi L

mic

ka
oNa

aL

ine

ba
Da n E
za xp
ifu reLi sswne ay

17 Tenjin Nishi-Dori Center Building■Address ： 2-chome, Tenjin,
Chuo Ward, Fukuoka City

18 Tenjin North Front Building■Address ： 4-chome, Tenjin,
Chuo Ward, Fukuoka City

19 Higashi Hie Business Center Ⅱ■Address ： 1-chome, Higashi-hie,
Hakata Ward, Fukuoka City

9 Kurume Higashi Kushiwara SC■Address ： Higashi kushiwara,
Kurume City

10 K’s Denki Kagoshima■Address ： Tokai-cho, Kagoshima City

13 Gofukumachi Business Center

12 Canal City Business Center Building■Address ： 1-chome, Sumiyoshi,
Hakata Ward, Fukuoka City

25 LOGICITY Hisayama■Address：Hisayama-machi, Kasuya-gun,
Fukuoka Pref.

26 LOGICITY Wakamiya
27 Amex Akasakamon Tower

14 Sanix Hakata Building■Address ： Gokushomachi,
Hakata Ward, Fukuoka City

16 Higashi Hie Business Center■Address ： 3-chome, Higashi-hie,
Hakata Ward, Fukuoka CityNEW

22 Hakata Chikushi-Dori Center Building■Address ： 2-chome, Hakataekiminami,
Hakata Ward, Fukuoka City

23 Tosu Logistics Center■Address ： Himekata-cho,Tosu City, Saga Pref.

33 Tissage Hotel NahaA（Land with leasehold interest（）tentative）

Tenjin Nishi-Dori Business Center 28
21 （Land with leasehold interest）
City House Keyaki Dori

■Address ： 2-chome, Tenjin,
Chuo Ward, Fukuoka City

32 Hotel FORZA Oita

■Address ： 1-chome, Chuo-machi,
Oita City■Address：2-chome, Nishi, Naha City

■Address ： 4-chome, Higashi-hie,
Hakata Ward, Fukuoka City

■Address ： 2-chome, Hakataekihigashi,
Hakata Ward, Fukuoka City

31 Granfore Yakuin Minami■Address ： 1-chome, Hirao, Chuo Ward,
Fukuoka City

■Address： Shimoaruki, Miyawaka City

■Address ： Kami Gofukumachi,
Hakata Ward, Fukuoka City

11 Marinoa City Fukuoka（Marina Side Building） 15 Taihaku Street Business Center■Address：2-chome, Odo, Nishi Ward,
Fukuoka City

20 Higashi Hie Business Center Ⅲ

24 LOGICITY Minato Kashii■Address：2-chome, Minatokashii,
Higashi Ward, Fukuoka City

■Address ： 2-chome, Maizuru,
Chuo Ward, Fukuoka CityNEW （＊）
Island City Minato Bay related site

■Address：3-chome, Minatokashii,

Higashi Ward, Fukuoka City

■Address ： 2-chome, Kego,
Chuo Ward, Fukuoka City

29 Aqualia Chihaya■Address ： 4-chome, Chihaya,
Higashi Ward, Fukuoka City30 D-Wing Tower■Address：2-chome, Daimyo,
Chuo Ward, Fukuoka City

RetailOffice buildings

Others（＊） Scheduled to be acquired

on March 31, 2029

Appendix45

Dividend and NAV per unit
Dividend per unit

■25th
■22nd
・LOGICITY Minato Kashii
・Park Place Oita（Sports Club NAS）
8,150
1,470
■20th
・Marinoa City Fukuoka（Marina Side Building） ・AEON Hara Shopping Center（Sold）
・Tosu Logistics Center
5,250（5,410）1,250（adjacent land）
・Park Place Oita
・ Aqualia Kego（Sold）
（yen）
st
■21
590
（2,800）5,000・Granfore Yakuin Minami
■26th
1,100
Cruise ship passenger
Kumamoto
・LOGICITY Hisayama
shopping sprees
earthquake
5,050

4,000

3,278

3,435

3,563

3,574

3,479

3,398

3,422

3,512

■28th
・Konoha Mall Hashimoto
10,000・Higashi Hie Business Center Ⅱ
4,230（adjacent land）
・Park Place Oita
860
■29th
・Tissage Hotel Naha
2,835

3,593

3,687

3,693

■32nd
■36th
・ Hakata
・Higashi Hie Business Center Ⅲ ■34th
3,290
・Tenjin Nishi-Dori Business Center Chikushi-Dori
Center Building
・LOGICITY Wakamiya（Land with leasehold interest）
4,320
1,700
7,700
・ Park Place Oita（Home Plaza NAFCO） ・CANAL CITY Hakata・B Grand Building
990（88.28% co-ownership）（Sold）（7,640）（＊1）

3,642

COVID-19

3,250

3,361

3,539

3,536

3,523

3,000
2,000
1,000
0

20th

Aug. 2014

21stFeb. 2015

22nd

Aug. 2015＊The price of properties are listed in millions of yen.
（＊1） The amount is the appraisal value at the time of transfer.

23rdFeb. 2016

24th

Aug. 2016

25th

Feb. 2017

26th

Aug. 201727th

Feb. 2018

28th

Aug. 201829th

Feb. 201930th

Aug. 2019

31st

32nd

33rd

Feb. 2020

Aug. 2020Feb. 2021

170,680

171,592

171,943

34th

Aug. 2021

35th

36th

Feb. 2022

Aug. 2022

178,079

178,348

NAV per unit （＊2）（yen）

200,000
180,000
160,000

144,472
140,000

131,215

148,558

152,259

150,328

152,639

156,204

161,315

164,250

167,118

175,502

136,051

120,000
100,000

20th

Aug. 2014

21stFeb. 2015

22nd

Aug. 2015

23rd

Feb. 2016

24th

Aug. 2016

25th

Feb. 2017

26th

Aug. 201727th

Feb. 2018（＊2）Market net asset value per unit=（Total net assets + Unrealized gains - Total amount of dividends）/ Total number of investment units outstanding

28th

Aug. 201829th

Feb. 201930th

Aug. 201931st

Feb. 2020

32nd

Aug. 2020

33rd

Feb. 2021

34th

Aug. 2021

35th

Feb. 2022

36th

Aug. 2022

Appendix46

Historical trends of asset’s size by investment type （based on acquisition）
Aiming for an asset size of 250 billion yen
RetailResidence

PO（Apr. '15）

（mm yen）

200,000

Logistics

LTV

Hotel

Ratio of retail properties

2.1％

PO（Mar. '18）

4.1％

（%）

80

7.8％

180,000

160,000

Office buildings

PO（Mar. '11）

PO（Sept. '06）

PO（Mar. '13）

Ratio of retail properties

67.8

70

140,000

33.0％

Change in investment policy（March 2019）60

120,000

100,000

53.0

80,00050

Capacity up to 50% approx. 33,400 mm yen

LTV

53.0％

60,00045

Capacity up to 45% approx. 12,000 mm yen

40,00041.7 40

20,000

35
30.4

0

2nd

4th

6th

8th

10th

12th

14th

16th

18th

20th

22nd

24th

26th

28th

30th

32nd

34th

36th

30

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
＊As the senior equity interest in an anonymous partnership managed by CCH Bridge Y.K. was redeemed in the 14 th FP, it is excluded from total acquired assets from the 14 th FP onward. Since interest in the anonymous partnership managed by Limited Liability Company
FRC1 was redeemed on in the 26 th FP, it is excluded from total acquired assets from the 26 th FP onward.
＊Properties are classified in accordance with their main use. Fukuoka Washington Hotel, which is a tenant of Canal City Hakata, is included in the Retail category.

Appendix47

Historical appraisal values （unrealized gains）
Unrealized gains: 43,026 million yen, ratio of unrealized gains: 22.6％（＊1）

Historical appraisal values
Book value at the end of period( * 2)（mm yen）

250,000

Unrealized gains = (latest appraisal value – book value at the end of period( * 2))

29,467200,000

16,777 19,830

8,243 9,138
6,498 5,543

11,09731,804 34,087

36,92337,648 37,927 40,761

42,81243,02622,878 25,541

24,255
21,152

14,434

6,066 6,522

150,000
20,79921,07012,465 9,300 8,953

18,742

9,394

6,989

13,955
7,894

100,000
-411

1,893

172,406 171,555 168,902 164,527 169,031 168,138 182,352

50,000103,025
81,771

0

184,715 183,532 182,336 187,891 186,972 186,088 185,177 190,163

2nd

Aug.
2005

86,777

107,338

112,001

115,560

115,195

120,299 119,486 118,686 118,411 146,621

146,246 150,603 152,422 158,851 158,007 159,128 159,246

93,556

4th

Aug.
2006

6th

Aug.
2007

8th

Aug.
2008

10th

Aug.
2009

12th
Aug.
2010

14th
Aug.
2011

16th
Aug.
2012

18th
Aug.
2013

20th
Aug.
2014

22nd
Aug.
2015

24th
Aug.
2016

26th
Aug.
2017

28th
Aug.
2018

30th
Aug.
2019

32nd
Aug.
2020

34th
Aug.
2021

36th
Aug.
2022

( * 1)Ratio of unrealized gains = （latest appraisal value – book value at the end of period( * 2)）／book value at the end of period（＊2）.
( * 2)Book value at the end of period does not include construction in progress.

Appendix48

Portfolio properties' occupancy rates
Maintained a higher occupancy rate than the J-REIT average
Historical occupancy rates [the weighted average during the period]
（％）

100.0
99.0
98.0

99.8 99.0

99.4 99.2

98.4 98.4 98.4 98.5

99.7

99.2 99.3 99.1

99.0 99.0 99.1 99.0

99.3

Fukuoka REIT Corporation（＊1）

99.3

99.1

98.9

98.1
98.3

98.1

97.9

97.0

97.6

97.2 97.2

97.0 97.1

10th

12th

97.4

97.6 97.6

97.9

98.1

98.7

99.1

J-REIT average（＊2）

99.5 99.5 99.6 99.6 99.4

98.5 98.5 98.6

99.8 99.7

99.6 99.7 99.6 99.6 99.7

99.0

99.2 99.2 99.2 99.2 99.1

98.7 98.6 98.7 98.7 98.8

99.3
98.9

99.5 99.4

99.1

98.7 98.6 98.6
（＊3）

（＊3）

96.0
95.0

2nd

Aug.
2005

4th

Aug.
2006

6th

Aug.
2007

8th

Aug.
2008

Aug.
2009

Aug.
2010

14th
Aug.
2011

16th
Aug.
2012

18th
Aug.
2013

20th
Aug.
2014

22nd
Aug.
2015

24th
Aug.
2016

26th
Aug.
2017

28th

30th

Aug.
2018

Aug.
2019

32nd
Aug.
2020

34th

36th

Aug.
2021

Aug.
2022

（＊1） The investment corporation’ s occupancy rates in the 2nd fiscal period through the 4th fiscal period were the occupancy rates at the end of each fiscal period. For the 5 th fiscal period through the 36th fiscal period, the occupancy rates are the weighted average occupancy rates during the fiscal periods.
The ratio of total leased floor area to leasable floor area is shown.
（＊2） The overall J-REIT occupancy rate is the occupancy rate at the end of each fiscal period based on the Association for Real Estate Securitization’ s AJPI-J-REIT Databook.
（＊3） The overall J-REIT occupancy rates for the 35th and 36th fiscal periods are preliminary figures. The figures for the 36th fiscal period are the figures for May 2022.

Occupancy rates [the weighted average during the period]
Category

Investment ratio（based on acquisition price）

32nd〜 Aug. 31, 2020

33 rd

〜 Feb. 28, 2021

34 th

〜 Aug. 31, 2021

35 th

〜 Feb. 28, 2022

36 th

〜 Aug. 31, 2022

Retail

53.0％

99.8％

99.2％

99.5％

99.3％

98.8％

Office buildings

33.0％

99.5％

99.5％

99.8％

99.8％

99.4％

Others

14.0％

99.1％

99.4％

99.3％

99.4％

99.4％

Total

100.0％

99.7％

99.3％

99.5％

99.4％

99.1％
Appendix49Top tenants by leased floor area
Ordinary lease

LesseeTenantShare of totalleased space
（＊1）

37th

〜Feb. 28, 2023

38th

〜Aug. 31, 2023

Fixed-term lease

39th〜Feb. 29, 2024

（As of August 31, 2022）

Remaininglease term

(years) （＊2）●SunLive City Kokura

19●Konoha Mall Hashimoto

8

1

SunLive Co., Ltd.

2AEON Kyushu Co., Ltd.

AEON

10.2％

●Park Place Oita

03

FJ. Entertainment Works Ltd.

ー

6.2％（＊3）●Marinoa City Fukuoka（Marina Side Building）

12●Canal City Hakata

1●Canal City Hakata・B

2

SunLive

11.3％

4

Canal City OPA Co., Ltd.

5KASEI inc Co., Ltd.

ー

4.3％

●LOGICITY Hisayama

2

6

Fukuoka Logistic System Corporation

ー

4.0％

●LOGICITY Minato Kashii

27

F−LINE CORPORATION

ー

3.5％

●LOGICITY Minato Kashii

nondisclosure

8

Alpen Co., Ltd.

OPASports Depo,
Golf 5

4.5％

3.2％

（＊4）

●Square Mall Kagoshima Usuki

4●Kumamoto Intercommunity SC

4●Kurume Higashi Kushiwara SC

59Tsukasa Kigyou

ー

3.1％

●LOGICITY Wakamiya

8

10

K'S HOLDINGS CORPORATION

K’s Denki

2.4％●Park Place Oita

2（＊1）
Share of total leased space is calculated using the formula “Leased floor area by tenant / Total leased floor space,” with residential space excluded from leased floor space by tenant.
（＊2）
Remaining lease periods shown are the remaining periods of lease contracts as of August 31, 2022 with periods shorter than one year rounded down to the nearest whole year.
（＊3）
The 6.2% includes a 0.4% office portion.（6 ordinary leases have been concluded for Canal City Business Center Building and Canal City Hakata・B, Park Place Oita.）（＊4）
Information is not disclosed because the permission of tenants has not been obtained.

Appendix50Office building rent revisions and tenant replacement situation
Continue to realize rent increase
Change in monthly rent due to rent revisions and tenant replacements （＊1）（thousand yen）

Newly occupied floor space and number of new occupants
Newly occupied floor space（tsubo）（％）

30,00080

Change due to tenant replacements（thousand yen）

Newly occupied floor space（＊2）

737

Change due to rent revisions（thousand yen）

60

Cumulative amount of change

25,000
5,231

5,344

20
0

20,000

202

225

274

29th

30th

31st

32nd

33rd

34th

35th

36th

0

6

7

0

4

4

3

4

Feb. 28, 2019 Aug. 31, 2019 Feb. 29, 2020 Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022

4,164
3,612

Number of
new occupants
Average freerent period（＊3）-

0.3 months 0.2 months-

1.3 months 1.9 months 0.3 months-（＊2） Based on calculation of the rate of change in rent with respect to the contract rent with the previous tenant at the time of tenant replacement.
（＊3） Based on calculation of the average over the free rent period of new contract.

15,000Floor space subject to rent increase and number of properties subject to rent increases

2,840

Floor space subject to rent increase（tsubo）

（％）

10

10,000

3,474

3,433

3,189

6

1,631

4
1,019

Rent’s rate of increase/decrease （＊4）

4,619

8
1,496

5,000

445

367

40

2,313
1,398

1,205

2
0

297

29th

30th

31st

32nd

33rd

34th

35th

36th

Number ofcontruct changes
Of which, number ofrevisions to increase

29

34

30

36

20

31

35

37

6

16

10

14

8

6

6

12

Ratio of increaseor decrease

20.7％

47.1％

33.3％

38.9％

40.0％

19.4％

17.1％

32.4％

Feb. 28, 2019 Aug. 31, 2019 Feb. 29, 2020 Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022

0

29

th

30

th

31

st

32

nd

33

rd

34

th

35

th

36

th

Feb. 28, 2019 Aug. 31, 2019 Feb. 29, 2020 Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022
＊Covers all office buildings owned at the end of each fiscal period（However, for Canal City Business Center Building, only the spaces from the 2nd
floor and above are covered）.
（＊1）There were no revisions to the rent reductions.

（＊4） Rate of increase/decrease calculated based on previous rent at rent revision.

Appendix51

Breakdown of variable rents
Breakdown of active retail rents by property
Fixed rents（＊1）

Variable rent s（＊2）

Breakdown of active retail rents

Rents of transferred portion（＊3）（mm yen）（mm yen）

3,000

3,000

2,000

245 2,094
320

（＊4）

241
312

265
375

1,000

2,038

1,782

1,884

1,851

（＊4）

（＊4）

1,476

33 rd

〜Feb.28,
2021

34 th

〜Aug.31,
2021

35 th

〜Feb.28,
2022◎The 35th FP

Variable rents

Variable rents（829 mm yen）

（778 mm yen）

9.7％

2,000
280

451

（＊4）

1,000

1,432

1,037
197
839

0

◎The 36th FP

22.0％

2,358

Portfolio overall

0

36 th

〜Aug.31,
2022

33 rd

〜Feb.28,
2021

Canal City Hakata／Canal City Hakata・B

1,017
176
840

34 th

〜Aug.31,
2021

1,027
201
826

35 th

〜Feb.28,
2022

976
175

Fixed rents

Fixed rents

800（2,947 mm yen）

（7,262 mm yen）

90.3％

78.0％

36 th

〜Aug.31,2022

Park Place Oita
（mm yen）（mm yen）

3,000

3,000

Breakdown of Tissage Hotel Naha
（mm yen）

2,000

2,000

◎The 36th FP
Variable rents

100

10.2％

（829 mm yen）
1,000

1,000

0

262

262

262

270

262

262

262

262

33 rd

34 th

35 th

36 th

〜Feb.28,2021〜Aug.31,2021〜Feb.28,
2022

SunLive City Kokura〜Aug.31,
2022

7
0

643

631

663

646

191

178

201

194

452

453

461

452

33 rd

34 th

35 th

36 th

〜Feb.28,2021〜Aug.31,2021〜Feb.28,
2022〜Aug.31,2022

Konoha Mall Hashimoto

43

50
28

0

37

43

28

43

37

43

33 rd

34 th

35 th

36 th

〜Feb.28,2021〜Aug.31,2021〜Feb.28,
2022〜Aug.31,2022

Fixed rents

89.8％（7,331 mm yen）

Tissage Hotel Naha

＊Variable rents are included Canal City Hakata, Canal City Hakata・B, Park Place Oita, SunLive City Kokura, Konoha Mall Hashimoto, and Tissage Hotel Naha.
（＊1） "Fixed rent" is indicated the amount of "leasing revenues-real estate" - "variable rent". （＊2）Variable rents are the sum of the portion of rents collected from tenants with variable and GOP rents that varies as a function of the tenants’ sales.
（＊3） Rents of the portion to be disposed (88.28% co-ownership interest) of Canal City Hakata・B Grand Building, which is part of Canal City Hakata・B, and is not received after June 1, 2021, the date of disposition.
（＊4） The figures are included parking fee in variable rents of Canal City Hakata / Canal City Hakata・B.

Appendix52

Initiatives by Fukuoka City Government and status of office workers
Driving up future office demand
Initiatives Aimed at Attracting Companies to Fukuoka City
◎Global financial city vision （“TEAM FUKUOKA”; launched September 2020）
With the aim of attracting international
financial functions to Fukuoka, TEAMFUKUOK A was launched to conduc t
promotional ac tivities and create anenvironment that will generate momentum
for the city as a whole by leveraging thecharacteristics of industrial, academic, andgovernment partners.

Change in the number of companies with headquarters functions/in growth area established in Fukuoka City
◎Strong demand for creative-related industries and call centers

No. ofemployees

M-DAQ, a globally expanding Singapore
FinTech c ompany o f f ering financial
services using foreign exchange, andE.SUN B ank , a le a ding f inanc ial
ins titution in Tai w an tha t holds thelargest share in financing for SMEs,
have decided to open offices in Fukuoka
City.

Photo provided by Fukuoka City

◎Focusing on attracting head office functions of companies with a strong job

creation effect and major development centers in creative-related industries willlead to further job creation by businesses with high added value.
（Key Companies Establishing Fukuoka Locations in FY2021）• Japanet Holdings Co., Ltd. （some head office functions）• MCP Holdings Limited （international finance / Hong Kong）• SmartHR （creative-related industries）• Howden （foreign or foreign-owned / England）
Source: Created by Fukuoka Realty based on Fukuoka City press releases.

57

57

53

1,334

1,041

（of which,main fields and functions）
Photo provided by Fukuoka City

58
2,989

No. ofcompanies
established

50

1,058

64
2,600

665

2016FY

2017FY

2018FY

2019FY

2020FY

2021FYcreative-relatedindustries
foreign/
foreign-affiliated

28

40

38

38

30

41

18

13

14

15

12

15

Call center

12

9

7

2

8

8

headquartersfunctions, etc.
international
finance

3

1

7

6

0

7

ー

ー

ー

ー

ー

6

Source:Prepared by Fukuoka Realty based on data from “Headquarters functions/in growth area” by the Fukuoka City Economy, Tourism & Culture Bureau.

Fukuoka City tops list of
business opening rate in Japanfor three consecutive years
Business
Opening Rate
［2020FY］

7.2％

1st
21 major urban
areas

Fukuoka City Special Zone for
Global Startups & Job Creation（National Strategic Special Zone）
Initiatives to support startups●Tax Reduction for Startups（municipal tax, national tax）

●Startup Visa
●Startup Café
●Fukuoka Growth Next
●Global Startup Center

Source: Prepared by Fukuoka Realty based on data from“Thegeneral condition of the Fukuoka City Economy, March 2022” Source: Prepared by Fukuoka Realty based on the section of Fukuoka City’ s official site
by the Fukuoka City Economy, Tourism & Culture Bureau.
featuring “National Strategic Special Zone for Global Startups & Job Creation.”

Appendix53

Impact of COVID-19 infection

Daily shopping-oriented mall sales recovered to around the pre-pandemic level
Sales trends （compared with period between January 2019 and December 2019）●Daily-life-oriented retail facilities have remained strong●Canal City Hakata, a commercial facility in the city center, will be affected by the decline in inbound tourism
（%）

140
120

Park Place Oita（＊2）

Konoha Mall Hashimoto

SunLive City Kokura

SC Sales Statistic （nationwide）

SC Sales Statistic （large cities）…No. of people who tested positive for COVID-19 in Fukuoka Pref.

…Effective period of the state of emergency in Fukuoka…Effective period of the priority measures to prevent the spread of disease in Fukuoka

6/21〜7/11 8/20〜9/30
5/12〜6/20
8/2〜8/19

1/14〜2/28

4/7〜5/14

Canal City Hakata/Canal City Hakata ・B（total）（＊1）（people）

20,000

1/27〜3/6

15,000100
80

10,000

60
40

5,000

20
0

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug.
2020

2021

32 nd・ 33 rd

2022

34 th・ 35 th

0（year）

36 th

Source: Prepared by Fukuoka Realty based on data from Sales Statistics on the Japan Council of Shopping Centers website, the Government CIO Portal, and the Fukuoka Prefecture website.

（＊1） Sales of the portion to be disposed （88.28% co-ownership interest） of Canal City Hakata·B Grand Building, which is part of Canal City Hakata·B, are excluded from June 1, 2021, the disposition date.
（＊2） Sales at the newly acquired Home Plaza NAFCO at Park Place Oita in July 2020 are added. From March 2021, six stores that had not previously received sales disclosure have been added to the list because sales are now disclosed by tenants.

Status of Rent Reduction and Deferment of Rent Payment due to COVID-19
32nd
Apr. , May
2020

Rent
Reduction
Numberof tenants（＊3）

Deferment ofRent Payment
（＊3）

Jun.
〜Aug.

33

rd

259 mm yen 84 mm yen

49 cases

288

cases

285

cases

ー

●Already fullycollected for all
285 cases●No newarrangement
conducted（＊3）The number of tenant cases is a cumulative figure.

34

th

35

th

36

th

37th
（forecast）

27 mm yen

13 mm yen

12 mm yen

5 mm yen

19 cases

13 cases

7 cases

3 cases

ー

ー

ー

ー

38 th
（forecast）ーーー

Occupancy rates●Remained stable

Period-end occupancy rates
Property name

35 th

36 th

（Feb. 2022）（Aug. 2022）

Canal City Hakata

97.8％

97.7％

Canal City Hakata・B

9 7.9％

96.0％

Park Place Oita

99.5％

99.8％

Konoha Mall Hashimoto

97.0％

100.0％

SunLive City Kokura

100.0％

100.0％

Other retail properties （＊4）

100.0％

100.0％（＊4）Square Mall Kagoshima Usuki, Kumamoto Intercommunity SC, Hanahata SC, Kurume Higashi Kushiwara SC,
K's Denki Kagoshima, Marinoa City Fukuoka （Marina Side Building） are listed as other retail properties.

Appendix54

Strategies to strengthen active retail
Boosted customer visits from nearby trade areas with renovations and events
Canal City Hakata●Special event “Canal Birthday Party” ●Opening of Bandai Namco Cross Storefor 26th anniversary

●

●

●

Stage performances by 32 groups
Booked young singers, celebrities,
comedians, etc. to attract young people

A hands-on facility where customers
can see, feel and experience Bandai
Namco Group characters, products,
events, food and beverages, etc.

●“Canal! Fun! Fun! Fantasy!” Disney promotion●●

To be held for approximately one year from July 22, 2022 (Friday)
Features a Disney character photo spot and special Disney interior decorations

Park Place Oita
●Shangri-la Zone renovation●●

Opened on April 22, 2022, as a 20th anniversary projectIncreased appeal of children’s playground, attracting more families

Konoha Mall Hashimoto●Food court renovation●●●

Renovated the food court to fix seat shortage during busy weekend times and improve environment
Increased seating capacity
Added highchairs for young families and terrace seating

Kids box seats

Baby food seats

Garden court seats
Appendix55

List of Interest-bearing debt
■List of borrowings（As of August 31, 2022）

Category

LenderCurrent
maturity oflong-term debt

Development Bank of Japan

Sumitomo Mitsui Trust Bank
The Nishi-Nippon City Bank
Development Bank of JapanThe Bank of Fukuoka
The Nishi-Nippon City Bank
Mizuho Bank
Shinsei Bank
Sumitomo Mitsui Trust Bank
Syndicated loan （＊2）

The Bank of Fukuoka
Resona Bank
The Higo BankMUFG Bank
Syndicated loan （＊3）

Development Bank of JapanThe Bank of Fukuoka
The Nishi-Nippon City Bank
Syndicated loan （＊4）

Long-term
debt

Resona Bank
The Bank of Fukuoka
Development Bank of JapanThe Nishi-Nippon City Bank
Sumitomo Mitsui Trust BankMUFG Bank
Resona Bank
Development Bank of Japan
MUFG Bank
The Nishi-Nippon City Bank
The Bank of Fukuoka
Mizuho Bank
Sumitomo Mitsui Banking Corporation
MUFG Bank
Sumitomo Mitsui Trust BankThe Oita Bank
The Hiroshima Bank
Shinsei Bank
Sumitomo Mitsui Banking Corporation
MUFG Bank
The Nishi-Nippon City Bank

Balance（mm yen）

1,500
4,000
400
2,000
2,000
2,000
500
700
300
2,100
1,500
600
300
800
6,000
1,800
2,000
2,000
1,500
2,000
1,500
500
1,900
1,100
1,500
600
2,500
600
600
500
500
500
500
400
400
400
300
500
500
400

Drawdown
Date

Repayment
Date

Jul.31, 2015

Jul.31, 2023

Aug.31, 2015

Aug.31, 2023

Aug.31, 2015

Aug.31, 2023

Feb.29, 2016

Feb.28, 2025

Feb.29, 2016

Feb.29, 2024

Feb.29, 2016

Feb.29, 2024

Feb.29, 2016

Feb.29, 2024

Jul.29, 2016

Jul.31, 2024

Sept.30, 2016

Sept.30, 2025

Dec.30, 2016

Dec.30, 2025

Dec.30, 2016

Dec.30, 2026

Mar.31, 2017

Mar.31, 2027

Mar.31, 2017

Mar.31, 2025

Mar.31, 2017

Mar.31, 2025

Jun.30, 2017

Jun.30, 2026

Jun.30, 2017

Dec.31, 2026

Jul.31, 2017

Jul.31, 2027

Jul.31, 2017

Jul.31, 2027

Aug.31, 2017

Aug.31, 2027

Sept.29, 2017

Sept.30, 2027

Dec.29, 2017

Dec.30, 2027

Dec.29, 2017

Dec.30, 2027

Feb.28, 2018

Feb.29, 2028

Feb.28, 2018

Feb.26, 2027

Feb.28, 2018

Feb.27, 2026

Feb.28, 2018

Feb.29, 2028

Mar. 1, 2018

Mar. 1, 2028

Mar.30, 2018

Mar.31, 2026

Mar.30, 2018

Mar.31, 2028

Mar.30, 2018

Mar.31, 2028

Mar.30, 2018

Mar.31, 2028

Mar.30, 2018

Mar.31, 2025

Mar.30, 2018

Mar.31, 2027

Mar.30, 2018

Mar.31, 2027

Mar.30, 2018

Mar.31, 2028

Mar.30, 2018

Mar.31, 2028

Mar.30, 2018

Mar.31, 2025

Jan.31, 2019

Jan.31, 2029

Jan.31, 2019

Jan.31, 2028

Jan.31, 2019

Jan.31, 2029

Term

Fixed/

8.0
8.0
8.0
9.0
8.0
8.0
8.0
8.0
9.0
9.0
10.0
10.0
8.0
8.0
9.0
9.5
10.0
10.0
10.0
10.0
10.0
10.0
10.0
9.0
8.0
10.0
10.0
8.0
10.0
10.0
10.0
7.0
9.0
9.0
10.0
10.0
7.0
10.0
9.0
10.0

Fixed 0.56400% （＊1）
Fixed 0.88000%
Fixed 0.87000% （＊1）
Fixed 0.62000%
Floating 0.41364%
Fixed 0.44000% （＊1）
Fixed 0.44000% （＊1）
Fixed 0.40000%
Floating 0.41127%
Fixed 0.71750%
Floating 0.41727%
Fixed 0.65846%
Fixed 0.48130%
Fixed 0.48130%
Fixed 0.77677%
Fixed 0.65000%
Fixed 0.79195%
Fixed 0.89195%
Fixed 0.84952%
Fixed 0.49350% （＊1）
Fixed 0.81209%
Fixed 0.68000%
Fixed 0.75000% （＊1）
Fixed 0.60000% （＊1）
Fixed 0.50000%
Fixed 0.56700% （＊1）
Fixed 0.72000%
Fixed 0.48000%
Fixed 0.80219%
Fixed 0.80219%
Fixed 0.63000%
Fixed 0.50400% （＊1）
Fixed 0.49000%
Fixed 0.57600% （＊1）
Fixed 0.64630%
Fixed 0.64630%
Fixed 0.40000%
Fixed 0.65528%
Fixed 0.59000%
Floating 0.41727%（year） Floating

Average Interest
Rate

Category

Balance

Lender（mm yen）

Sumitomo Mitsui Banking Corporation（Green loan）

300
200
200
200
200
2,200
1,500
500
2,500
1,700
1,000
700
500
500
1,500
1,000
500
200
1,000
5,300
1,000
1,600

Syndicated loan（sustainability-linked loan）（＊7）

4,900

The Bank of Fukuoka
The Oita Bank
The Kagoshima Bank
The Higo Bank
Resona Bank
Syndicated loan （Green loan）（＊5）
The Norinchukin BankMUFG Bank
The Nishi-Nippon City Bank
Mizuho Bank

Long-term
debt

Aozora Bank
Resona BankMUFG Bank
The Kagoshima Bank
Development Bank of Japan
Mizuho Bank
The Kitakyushu BankThe Iyo BankThe Juhachi-Shinwa Bank （donation-type loan）
Syndicated loan （＊6）

Mizuho Trust & Banking

Total

Drawdown
Date

Repayment Term Fixed/（year） Floating
Date

Average Interest
Rate

Jul.30, 2021

Jul.31, 2031

Mar.31, 2022

Mar.31, 2032

Jun. 30, 2022

Jun. 29, 2029

10.0 Floating 0.41727%
7.0 Fixed 0.33380%
7.0 Fixed 0.33380%
7.0 Fixed 0.33380%
10.0 Fixed 0.48845% （＊1）
10.0 Fixed 0.52100% （＊1）
Fixed 0.30300%
7.5
9.0 Fixed 0.48000%
10.0 Fixed 0.48000% （＊1）
10.0 Fixed 0.42000%
10.0 Fixed 0.56922%
10.0 Fixed 0.56922%
9.0 Fixed 0.60000%
8.0 Fixed 0.46500%
10.0 Fixed 0.53000%
10.0 Fixed 0.47000%
10.0 Fixed 0.52630%
10.0 Fixed 0.52630%
10.0 Fixed 0.59000%
10.0 Fixed 0.49000% （＊1）
10.0 Floating 0.36727%
7.0 Fixed 0.72625%

Aug.31, 2022

Aug.31, 2032

10.0

Issue date

Maturity
Date（year）

Term

Coupon （year）

Dec.30,2013

Dec.29, 2023

Jul.31, 2017

Jul.30, 2032

Jul.31, 2018

Jul.30, 2038

10.0
15.0
20.0

1.32000％
1.00000％
1.20000％

Jan.31, 2019

Jan.31, 2029

Feb.28, 2019Feb.27, 2026

Feb.28, 2019Feb.27, 2026

Feb.28, 2019Feb.27, 2026

Feb.28, 2019Feb.28, 2029

Jul.31, 2019

Jul.31, 2029

Jul.31, 2019

Jan.29, 2027

Sept. 25, 2019

Sept.29, 2028

Feb. 28, 2020Feb. 28, 2030

Feb. 28, 2020Feb. 28, 2030

Jun. 30, 2020

Jun. 28, 2030

Jun. 30, 2020

Jun. 28, 2030

Jun. 30, 2020

Jun. 29, 2029

Jun. 30, 2020

Jun. 30, 2028

Jul.31, 2020

Jul.31, 2030

Jul.31, 2020

Jul.31, 2030

Jul.31, 2020

Jul.31, 2030

Jul.31, 2020

Jul.31, 2030

Mar.31, 2021

Mar.31, 2031

Fixed

0.91875% （＊8）

78,900■Investment corporation bonds
Category

Issue

Investment The first series of unsecured bonds
corporation The second series of unsecured bonds
bonds
The third series of unsecured bonds
Total

Balance（mm yen）

2,000
2,000
1,000
5,000

■Committed line of credit
Category
Committed line

LenderCommitted line 1 （＊9）
Committed line 2 （＊10）
Total

Credit Limit（mm yen）

6,000
7,000
13,000PeriodStart

EndAug. 1, 2018

Jul.31, 2025

Mar. 2, 2020Feb.28, 2025

＊ For floating-rate debts, the interest rates applicable as of August 31, 2022 are indicated. ＊All debts have been borrowed with no collateral and no guarantee, to be repaid in lump-sum upon maturity.
（＊1）FRC has concluded a swap agreement to practically fix interest rate on debt. The indicated interest rate reflects the effect of the swap agreement. （＊2）The lenders are Development Bank of Japan・The Oita Bank・The Kagoshima Bank・The Kitakyushu Bank・The Juhachi-Shinwa Bank・The Hiroshima Bank（＊3）The lenders are The Bank of Fukuoka・The Nishi-Nippon City Bank・The Oita Bank・The Kitakyushu Bank・The Miyazaki Bank・The Juhachi-Shinwa Bank・The Iyo Bank （＊4）The lenders are The Nishi-Nippon City Bank ・ The Bank of Fukuoka ・The Oita Bank・The Kitakyushu Bank・The Juhachi-Shinwa Bank・The Hiroshima Bank（＊5）The lenders are Mizuho Bank・The Bank of Saga ・The Higo Bank （＊6）The lenders are Mizuho Bank・The Hiroshima Bank・The Kitakyushu Bank・The Iyo Bank・The Higo Bank （＊7）The lenders are Development Bank of Japan・The Nishi-Nippon City Bank・ The Bank of Fukuoka（＊8）If the CO2 reduction target is achieved, a preferential interest rate is applied from August 2031 until the repayment date from the interest rate of the initial loan. （＊9）The lenders are The Bank of Fukuoka・Resona Bank （＊10）The lenders are The Nishi-Nippon City Bank・ Resona Bank・ The Oita Bank・The Bank of Nagasaki・The Bank of Saga

Appendix56

Lenders
A stable network of sponsor banks and other lenders
Breakdown of debt by lenders

A regional bank transaction network◎Sharing of information networks unique to regional banks to utilize
for our investment strategy in the area
Borrowings:（mm yen）

OthersInvestment
corporation bonds 6.0％
Aozora Bank

1.2％

Shinsei Bank

1.2％

The Norinchukin
Bank

1.8％

Resona Bank

4.9％

Investment corporation bonds

Sponsor banks

The Bank of Saga
Borrowing
Committed line of credit

Development
Bank of Japan

21.2％

Regional banks

The Bank of Fukuoka
The Nishi-Nippon City Bank The Kitakyushu Bank
10,000 Borrowing
11,800 Borrowing
2,200
Borrowing
5,000 Committed line of credit 5,000
Committed line of credit

Regional banks（excl. sponsor banks）

15.1％

83,900mm yenat the end of
the 36 th FP

The
Nishi-Nippon
City Bank

14.1％

The Juhachi-Shinwa Bank
2,500
Borrowing
The Bank of Nagasaki
Committed line of credit

The Higo Bank
Borrowing
The Kagoshima Bank
BorrowingNEW

MizuhoTrust & Banking

11.9％

500

Committed line of credit

1,500
500

The Miyazaki Bank
Borrowing

700

The Hiroshima Bank
2,000
Borrowing

1,300

The Iyo Bank
Borrowing

800

1,200

Sustainable finance

The Bankof Fukuoka

Megabanks, Trust banks

The Oita Bank
Borrowing

500
300

Category

LenderBalance（mm yen）

Average
Interest
Rate

Date

Long-term debt
（Green Loan）

Mizuho Bank
The Bank of Saga
The Higo Bank

％ July 31,
2,200 0.52100（＊1）

Long-term debt
（donation-type loan）

The Juhachi-Shinwa
Bank

1,000

long-term debt
（Green Loan）

Sumitomo Mitsui
Banking Corporation

1,600 0.72625％ June 30,

1.2％
Sumitomo Mitsui
Banking Corporation 3.1％

NEW

Sumitomo Mitsui
Trust Bank

3.9％

NEW long-term debt

MUFG Bank

5.8％

Mizuho Bank

8.6％

2019

Development Bank of JapanThe Nishi-Nippon City Bank 4,900（sustainability-linked loan） The Bank of Fukuoka

0.59000％ March 31,
2021

2022

Term

Description

10

Green loan rating:years Green 1（＊2）

Part of the interest is donated to
10 Nagasaki University to fund COVID-19
years vaccine development research, etc.

70.91875％ August 31, 10
（＊3）

2022

Green loan rating:years Green 1（＊2）

Third-party opinion on

years sustainability-linked loan（＊4）（＊1） FRC has concluded a swap agreement to practically fix interest rate on debt. The indicated interest rate reflects the effect of the swap agreement.
（＊2） FRC was assigned the comprehensive assessment of Green 1, the highest rank, regarding the compatibility to the Green Loan Principles from Japan Credit Rating Agency, Ltd. （JCR）.
（＊3） If the CO2 reduction target is achieved, a preferential interest rate is applied from August 2031 until the repayment date from the interest rate of the initial loan.
（＊4） A third-party opinion has been obtained from the Japan Credit Rating Agency, Ltd. （JCR）.

Appendix57

Asset management company’s organization
Corporate Profile

Shareholders General Meeting

Established : December 26, 2003
Paid-in capital ： 200 million yen

Corporate Auditor

Certifications, etc. :◎Obtained license for real estatetransaction services

February 27, 2004／License No.（4）15052 issued
by the Governor of Fukuoka（updated on February 28,2019）

Board of Directors◎Certified as discretionary real estatetransaction agent under the Building Lots
and Buildings Transaction Business Act

Compliance Assesment Committee

April 27, 2004／Certification No. 21 issued by the Ministerof Land,
Infrastructure, Transportation and Tourism

・General manager of compliance department［Attorneys］◎Obtained certification to conduct businesses
related to investment trust management

・Outside compliance committee members［Attorneys］［Certified Public Accountant and tax accountant］［Real estate appraisers］

June 25, 2004／Certification No. 31 issued by
the Prime Minister of Japan◎Registered for a financial instruments business（investment management business）→ Consults on compliance-related matters

Investment Committee

Executive Committee→ Decision-making on investments andmanagement of Fukuoka REIT’s assets→ Decision-making on management mattersin general

President and CEO

September 30, 2007／Registered No.
（Kinsho）10 registered by
the Director of Fukuoka Local Finance Branch Bureau

Sustainability Promotion Committee→Decision-making on sustainability promotion

Risk Management Committee

Compliance Department→ Consults on risk management

Real Estate Management Department

Investment Department

Finance Department

Planning Department
Appendix

58

The condition of suburb area in Fukuoka
A

B

C

19th FINA World Championships 2022 Fukuoka

D

E

F

1km

Koga IC

500m

19th FINA World Masters Championships 2022 Kyushu

ress

IKEA

Exp

1

way

Event Period（after change）：July 14（Fri）- July 30（Sun） , 2023 for 17 days

Event Period（after change）：August 2（Wed） - August 11（Fri）, 2023 for 10 days

Kyu

shu

＊★indicates the venue for each event.

LOGICITY Minato Kashii
AEON MALL Kashiihama

Aqualia Chihaya
ito

oI

on
e
〜 M
nd
ino
ma

ha
Mt. Bishamonyama

Hakata Bay

NokonoshimaIsland Park

sla

3

Sa

Chuo youme Town Hakata
PortFu
Fe Mun kuok
Marinoa City Fukuoka
rry ic a
Se ipal （Marina Side Building）
rvice

Kyushu University
Ito Campus

11

★
★

Marine Messe
Fukuoka Urban
Fukuoka Hall
Expressway Kanjo Line
（A・B）

Seaside Momochi
FUKUOKA
Beach Park
PayPay DOME★

AEON Marina Town
Atago Shrine

Ikinomatsubara

MARK ISFukuokamomochi

uko Line

Ohori
Park

4

legendJR （Kagoshima Line/Sasaguri Line/Kashii Line/Chikuhi Line/Uminonakamichi Line）
Shinkansen（Kyushu Shinkansen/Sanyo Shinkansen）
Nishi-Nippon Railroad （Tenjin-Omuta Line/Kaizuka Line）
Fukuoka Municipal Subway （Kuko Line/Hakozaki Line/Nanakuma Line）
Fukuoka Urban Expressway（Kanjo/Dazaifu/Kuko/Kasuya/Kashii）
Kyushu Expressway
Nishi Kyushu Expressway〈Redevelopment Project in Fukuoka City〉
Tenjin Big Bang

Hakata Connected＊Please refer to P45 regarding the number of properties.＊

Nishi-kyushu
Expressway

27

Ruins of
Fukuoka 28
Castle18
30 21 Tenjin
17

Tenjin LOFT
Fukuoka City Zoologicaland Botanical Gardens

Konoha Mall Hashimoto★
Fukuoka Nishi Civic Pool

Mt. Konosusan

5

Waterfront Next

is owned by Fukuoka REIT Corporation（ As of August 31, 2022）.

S
Nanakubway
uma L

ine

Fukuoka
University

Fukuoka Urban Expressway
Kanjo Line
Mt. Aburayama

2 1 12

Hakata Sta.
14

19

sen
kan
hin
S
nyo JR Sasaguri Line
Sa

16
20

Hanahata SC

AEON MALL Fukuoka

Fukuoka Airport

BEST DENKI
Stadium★

Canal City Hakata

Prefectural Swimming PoolNishOmitets
uta u TeLin njineNanakuma subway line
extention project（scheduled to be opened
on March 27, 2023）

88

Fukuoka IC

n
ba
Ur y
ka wa
uo resst Linek
FuExp por
Air

22
31

JR Chikuhi Lineka Urban
Kasuy Expressway
a LineKyushu University
Hakozaki Campus Site

13 15

Subway K

Sasaguri
Forestof Kyushu
University

Fukuo

HakozakiPortki

NokonoshimaIslandImazu Sports Park

Nagatare Seaside Parkza

TORIUS HisayamaFuku

Mitsui Shopping Park
LaLaport Fukuoka

n

←

hink
anse

d

29

shu
S

an

Kyu

Isl

Or

Fukuokashi
Umizuri Park

25

ine

n

a

24
A

ii L

im

LOGICITY Hisayama

sh

sh

sa

←

Futamigaura

BunoKyushu Sangyo
University

Ka

←

ika

Uminonakamichi
Seaside Park

Vegefru stadium(Fresh produce market)

JR

2

Sh

Island City Minato Bay related site
（Land with leasehold interest）（tentative）（Schedule to be acquired
on March 31, 2029）

Ha Su
ko bw
za ay
ki
Lin
e

Kinin Park

in

Um

Fu
k
Ex uokap
Ka ress Urbashi wa ni Li yne

ShikanoshimaIsland ←tsu
hite ine
Nis uka L
iz
Ka

JR

ine

hi L

mic

ka
ona

JR

Ka

ok

aU
Da rbaza n E
ifu x
Li pre
ne ss
w

ay

go

sh

im

aL

ine

AEON ONOJOSHOPPING Mall

Appendix

59

The condition of Fukuoka city center
Nanakuma subway line extension project will be opened on March 27, 2023
B

天神北出入口C

Shiminkaikan-mae

Tsunaba Project（provisional name） （under development）

ve

ri A

-do

tsu

nu
Na

Amex
Akasakamon
Tower

Tenjin North
Front Building

Maizuru
1chomeMaizuru.
ri Ave-doTenjin
MitsuiaShow

Building

Tenjin-nishi

30

Homukyoku-mae

Ave.
-doriNishitetsu Tenjin

Meiji

Grand
Hotel

G Building

Denki
Building Shinkan
Denki
Building

.

Sta

a

Av
e.
do
ri

Hotel New Otani
Watanabe-dori
1chomeYakuin-ekimae

Yakuin Sta.

Watanabe-dori
Nishi

ori

or

i

Hakata Chikushi-Dori
Center Buildingus
Sannoh Park Exithi
Chikushi◎Station-front square at Hakata Station
-d
o
ri

ri

Kiyokawa2chome

Inukai
ShrineHakataeki-minami
Minoshima553

Fukuokakobayashi
Post Office

575

602

Kiyokawa

Harusumi
ES

Shirogane

Granfore
Yakuin Minami
Hirao 1chome31＊ Please refer to P45 regarding the number of properties.
is owned by Fukuoka REIT Corporation（As of August 31 2022）＊.
is owned by Fukuoka Jisho Group（As of August 31 2022）＊.
（＊） The property is co-owned by the Fukuoka Jisho Group with the other company.

Sanno 1chome

555

Minoshima-kita

Hirao

do

Hakataeki
minami

22

ri

a-

16

20

do Fukuoka Eartheonri
Building

ik

385

Location of entrance/exit

Takasago

Takasago1chome

iy

19

n-

Higashi Hie
Business Center �

o
-d

m

Higashihie

HakataekihigashioeChSumiyoshi

Platform progress

ShiroganekindergardenekNakahie
Park

ita
sh
ke

ka

ui-d

i-d

hi

Yanagibashi
Kiyokawa

Takasago1chome

Jos

sh

Higashisumiyoshi
JHS

Sumiyoshi Shogakko Mae

Denki
Building 602
Kyosokaniku

SUNLIFE No.3
Building

Hakata 500m radius

Watanabe-dori Sta.

◎Progress Status of Extension Work for the CityESSubway Nanakuma Line ［Kushida Shrine Sta.］

Tsuyukiri-hashi

31Ta

300m

Sanix Hakata
Building

Ch

Miyajima

Yakinkoban-mae

Fukuoka zoo-mae

.
ve
ri A
do
Crawn Plaza
hiosiy
ANA Fukuoka
m
Su

Otowa

ka

Canal City Hakata 500m radius

Takasagoa

N

JRJP Kamiyo
Hakata Hakata
Building Chuo
Building
Hakata-ekimae
Hakata3chomeFukamiPark Building

Na

14

FBS Fukuoka
Broadcasting

ne

bw

Su

JR Hakata Sta.

The Basics
Fukuoka

Godochosha-mae

Sta.

Higashi Hie
Business Center Ⅱ

Ta

ay

k
na

Haruyoshi
ES

i
or
i-d
ek .
ss ve
Ni A

Jotobashi
Nishi

ne

Li

Ya

Jotobashi

Watanabe-dori Kita

Denki
Building North

Hakata-ekimae
4chomeHotel Clio
Court Hakata

HakataKITTE Hakata Hankyu

Higashi-Hie

Higashihie

Hakataeki(Chikushiguchi)

Hakata Sta.
JR Hakata City

Hakata East Terrace

Takeshita-doriaBivi Tenjin

Minami-yakuin

um

100m

m

Yakuin-odori-nishioadSumiyoshi Shrine

ku

dori

-o
kuin

Hakata Ekimae
Business Center（＊）

Higashi Hie
Business Center

385

Oriental Hotel Fukuoka
Hakata Station

AmuPlaza
HakataFukuoka
Center Building

Smile Hotel
Hakata-ekimaenaural R

YakuinChikushijogakuendaigakufuzoku
Kindergarden

Canal City BusinessCenter Building

Hakataeki higashi

Building
Hakata Bus
Terminal

The Nishi-nippon
City Bank

12NarefectNishitetsu Yakuin Sta.

shi P

Haruyoshi

Hakatakuyakusho
Minamiguchi

Canal City Hakata

1

553

Hakata-ekimae-dori Ave. Hakata-ekimae
2chomeSumiyoshi-jinja
Mae

Line

Chiku

Yakuin-Mutsukado

Li

Canal City Hakata／
Canal City Hakata・B

Canal City Hakata
East Building

2

3

Hakata-ekimae 1chome
FukuokaAsahi Building（＊）
NOF Hakata-ekimae

Hotel NIKKO
Fukuoka

Hakatakeisatsusho
Iriguchiaymuta
Nishitetsu Tenjin-O

City House
Keyaki Dori

Kogarasu
Shrine202

Toko JHS
Katakasu ES

Hotel FORZA
Hakata Sta.
Hakata exitbw

Imaizumi
Park

Kego

uoka

Hakata Ward
OfficeHakata Police Office

Haruyoshibashi
Higashi

The Nishi-Nippon bank
Administrative
Hakata-ekimae
Head Office
SquareBuilding

HakataKuyakusho
IriguchiSu

UrbanBLD
TenjinTenjin intersection 500m radius

31 Fuk4

ri

Akasakar

YutakaToko-kitaPark

The Nishi-Nippon bank
Head Office Annex

Gion-machi

Watanabe-dori

Shinkawa-bashi

Tenjin MENT
Building

ori

Kego ES

28

do
eab .
an AveKego KOBAN

Kego 2chome

i-d
ash
ninb
Sho

.

Ave

Tenjin LUCE

ve.

Imaizumi

JPR Hakata
Building

Canal City Hakata
East Buildingve

Sankoubashi

Shokokaigisho
IriguchiNakasu1chomee.

Av

Toko 2chome

Mangyo-ji

Max
Value

Ku

ri

do

ko

er

Hakataekimae

at

ve.

-dori A

dori

aki-

Key

Tenjin Chuo
Park

New Fukuoka Building

Kego-jinja Mae

A
doro

i-

202

Fukuoka City Hall

Ri

Nishinakasu

Tenjin121 Building（provisional name）
Tenjin122
Plaza
Nishitetsu
Building
Daimaru
Main StoreResora Fukuoka (Tenjin) Sta.
Tenjin-minami Sta.
TenjinFukuoka
Kego Park Mitsukoshi Watanabe-dori 4chomeTenjinNishi-dori
Square

uta
Kok

Kego

ka

Riv

Gion Sta.

Hakata Gion
M-SQUARE

Tenjin MMT Building（during dismantling） Haruyoshi

TENJIN216

Dimyo 1chome

Shimin Center
Taiikukan（provisional
name）Tenjin1-7 plan-dorimeki SOLARIAKiraIwataya

Na

asa

Gionmachi

Kushida Shrine Sta.
Kamikawabata-machi

Mik

Joten-ji

W

TaishoDaimyoReisen-machi

ReisenPark

Gionmachi
Nishi

Tenjin Nishi-DoriTenjinNishi-dori Tenjinkirameki-dori building（＊）
Center Building
102

Class
Keyaki Dori

Fukuoka Shiyakusho-mae

Iwataya
Shinkan

17

202

NakasuFormer North
Best Denki
Annex Site
Fukuoka Main Store
Reuse Project

Katakasu
Yutaka JCT

Su 15
Ta bwaiha yku Kuk-dor o Li Tocho-ji
i A neve.

KushidaShrineAcros
Fukuoka

Katakasu
1chomeGokusho-machi

Taihaku Street
Tenya-machiBusiness Center

gate’sF
552

43

Nishi-ohashi

Tenjin Business
アクロス福岡前Center

PARCO Fukuoka
Shinkan PARCO

n-dori VIORO

TenjinShinnippon Building

Fukuoka Daimyo Garden City

Nishitetsu Inn Fukuoka

Chuoyubinkyoku-mae

Hinode Tenjin
Building

Saza

Prime

dori

Chuo Ward
OfficeFukuoka Kogin Building（＊）

Tenjinbashi-guchi

FukuokaSecurities
21 Building

ishi-

Subw

Akasaka Sta.

NakasuBank ofJapan

The Bank of Tenjin
Tenjin 1chome
Fukuoka Fukuoka Building
Tenjin Head Office Tenjin Sta.
Center Building

jin N

uko
ay K

Line

Ten

Chuo-kuyakusho

Akasakanishi

AEON
Shoppers Fukuoka

Gofukumachi
Business Center

Gofukumachi Sta.

Nakasu-Kawabata Sta.

inkawanshkuiYa

Maizuru
2chome

2

18

13

E

Yutaka 1chome

Kamigofuku-machi

Shofuku-ji

Hakata-za
Hotel
Theater
Okura Fukuoka
HakataRiverainTenjin Reverfront Business Center（Land with leasehold interest）

27

Gofuku machi

Higashinakajimabashi

Tenjin Nishi-DoriBusiness Center

D-WingTower

Maizuru JHS

Shimokawabata-machi

Suzakikoen-mae

Fukuoka Chuo
Post Office

Maizuru ES

Nagahama

SuzakiPark

KBC
Kyushu Asahi Nanotsu-guchi
Broadcasting

Fukuoka Central wholesalemarket fish market

3

Suzaki-machi

KBC
Cinema 1・2

Tsunaba-machiShow
Av a-de. oriFukuoka Prefectural
Museum of Art

1

D

Naraya-machi

M
ei
ji-

A

Kiyokawa3chome

Oomiya31

Photo by Fukuoka City Transportation Bureau＞

555

Sidewalk expansion and5chomeroundabout enhancement wereconducted for a safer and more accessible station square
Hakata-ekiminami

Photo by Fukuoka City＞

Hirao-kita

Appendix60Redevelopment in Tenjin area （Tenjin Big Bang）
Until the end of Tenjin Big Bang project in the end of Year 2026 （＊1）

Image of the area subject toTenjin Big Bang（Source:Fukuoka City）

Sumitomo Life Fukuoka Building/
Nishi-dori Business Center
Reconstruction Project(provisional name)ka
Na iverR

No. of applications for building
confirmation: 52 buildings（43 buildings completed）（＊2）

Tenjin Business Center

Tenjin Riverfront
Business Center■ Completed before 1978●

（14th Block）●

Bank of Japan●
Mina Tenjin ●Fukuoka Chuo Post Office（To be completed in Dec. 2024）ve.
dori A （Land with leasehold interest）
Meiji-

8
Iwataya Main Store●

Tenjin 2-chome south block （along Meiji-dori Ave.）

5●

FukuokaPARCO

e t suNishituok a
k
u
F
jin）
（Ten .
St a

image（Press release, Apr, 2022）

8

100m

＊
＊
＊

3
●

●

Fukuoka
City Hall

6

TenjinTwin Building●

Mitsukoshi
Kego Park

is owned by Fukuoka REIT Corporation
owned by Fukuoka Jisho Group.
Represents projects for which the Fukuoka Jisho Group participates in the development.

kKoTenjin Chuo Park

Tenjin MMT Building（during dismantling）

Nishi-Nippon

●

oro
i- d
a
t
u

3

●

Tenjin 1-chome district north area Watanabe
Building●●
FukuokaTenjin Kirameki-DoriBusiness Center （＊3）

image（Press release, Jul. 1, 2021）

Shin-Fukuoka Bldg.
Tenjin 1-chome North 14th
（provisional name）
Block Bldg. （provisional name）（To be completed in Mar. 2025） （To be completed in Dec. 2024）

Acros
Fukuoka2ve.

（To be completed in Dec. 2022）

7

TenjinNishi-Dori 1
Business
Center

t a.

d
roun
derg
ri un
e
ō-do
ach passag
InabFukuoka Daimyo Garden Cityalunicipka M k o Line
o
u
k
u
Fu
ay K
Subw

S
Ten jiniA
dor

7

Fukuoka Kogin（＊3）
Building

Tenjin Building

2

Tenjin 1-chome south block

abe
tan
Wa

image

●

Fukuoka Tenjin
Center Building●

i imagea-dor （Press release, Jun. 30, 2022） 1
Show
.
e
v
A
（Press release, Oct. 1, 2021）

4

ictri distreiji-doMnjiTen

Hulic Fukuoka Bldg.
Rebuilding Project（provisional name）

Former North Annex Site
Reuse Project（To be completed in Nov. 2025）

Tenjin 1-chome north block

AEON
Shoppers Fukuoka（To be completed in May 2025）（Completed in Sept. 2021）

Av

e.

m
ina
in-mt a.
j
n
Te S

i

image

（Press release, Dec. 13, 2021）

4

e
Lin
ay t
w
b
u
ec
a S roj
um sion pkan
Na ex ten

image

（Press release, Nov. 12, 2020） 5（provisional name）

Tenjin1-7 plan

（To be completed in Mar. 2026）

Tenjin 1-chome district
image（Press release, Aug 30, 2022） 6（＊1） The deadline of phased or successive re-construction projects spreading multiple blocks will be determined individually. （Limited to projects that submit plan summaries to the city government by the end of 2022）（＊2） February 2015 to February 2021 after the start of Tenjin Big Bang. Number of completed buildings as of Sept. 30, 2021. （announced by Fukuoka City） . （＊3） The property is co-owned by the Fukuoka Jisho Group with the other company.

Source: Prepared by Fukuoka Realty based on press releases of Fukuoka City and the content of the Tenjin Big Bang introduction website (https://www.city.fukuoka.lg.jp/jutaku-toshi/kaihatsu/shisei/20150226.html).

◎Main deregulation in the Tenjin Big Bang area （National Strategic Special Zone）◎Initiatives for becoming an infection-controlling city

① Special permission to relax Civil Aeronautics Act-related●Urban central areasbuilding height regulations●Tenjin Meiji-dori district （West of the center of Watanabe-dori）●Around Fukuoka
City Hall
approx.67m（15 floors）

approx.115m（26 floors）●Tenjin Meiji-dori district （East of the center of Watanabe-dori）
approx.76m （17 floors） 〜 approx.100m（22 floors）●Tenjin 1-chome district
approx. 80m （18 floors） ～ approx. 96m （21 floors）② Deregulation of floor space ratios （Fukuoka City original）●Tenjin 1-chome south block
800％→1,400％（maximum）●Tenjin 2-chome south block（along Meiji-dori Ave.）
700％→1,300％（maximum）●Tenjin 1-chome north block（14th Block）600％→1,250％（maximum）●Tenjin 1-chome district north area
800％→1,400％（maximum）

Anti-infection measures incentral urban areas wereadded as a new item offloor area ratio assessment to the measuresfacilitate renewal of city
center functions.

Relaxation of floorarea ratio by up to50％

Tenjin Big Bang Area

Completion deadline of buildings that takeanti-infection measures is extended to
December 31, 2026

Appendix61

Redevelopment in Hakata area（Hakata Connected）
Initiative to expand the vitality and bustle of Hakata Station area out further to the surroundings（approx. 500m radius from the station, covering about 80 hectares）
Hakata Connected target area

Ta

iha

Image of the area subject to Hakata Connected

ku

-d

or

（Source:Fukuoka City）

The Nishi-Nippon
City Bank Administrative
Head Office Building

iA

⑤

ve

.

⑤

The Nishi-Nippon
City Bank
Head Office Annex

Canal City Hakata
Kushida Shrine Sta.

Fukuoka Asahi Building（＊2）

Hakata River

Canal City Hakata
East Building（Scheduled to be completed
in the end of FY2028）

Naka River

South zone●
Sumiyoshi Shrine
is owned by Fukuoka REIT Corporation ＊4Su（To be completed in Feb. 2025）（photo taken on Sept. 16, 2022）（Press release, Dec. 19, 2019）1
Hakata East Terrace（Completed in Aug. 2022）

3

Miyako Hotel
HakataSu
bw

ay

Sanix Hakata Building

Ku
ko

image

（Press release, Nov. 26, 2021） 2

Lin
e

sh

i-d

Hakata Chikushi-Dori
Center Building（Press release, Aug. 5, 2022）

3

Hakata Fukami Park Building（Completed in Feb. 2021）

SUNLIFE
No.3 Building

iku

v

A
ori

owned by Fukuoka Jisho Group. ＊

2

Ch

e.

d
hi-

s

yo
mi

●
Hakata Sta.
Aerial City Project

The Nishi-Nippon City Bank Head Office Main Building
Construction site

Fukuoka Higashi General Prefectural
Office Building Site Utilization Project（To be completed in Mar. 2024）

1

North zone

Crown Plaza
ANA Fukuoka.Mve ikas
A
a
ri
Ri
do
ve
ok
u
r
K

Completed renovation of
station-front square at
Hakata Station Chikushi Exit●

Nanakuma Subway Lineextension project JR Hakata Sta.
Hakata-ekimae-dori Ave.
Hakata Ekimae
Business Center （＊2）＊

Kyukan Jotenjidori
Building

No. of applications for building
confirmation: 15 buildings（7 buildings completed） （＊1）

The Nishi-Nippon
City Bank
Head Office Anne,
Administrative
Head Office Building（Demolition workoriA

to start in 2025,
To be completed
in Sept. 2028）

ve

.

100m

Represents projects for which the Fukuoka Jisho Group participates in the development.

（Press release, Feb. 3, 2021）

4（Press release, Dec. 19, 2019）5（＊1） January 2019 to February 2021 after the start of Hakata Connected （announced by Fukuoka City） . （＊2） The property is co-owned by the Fukuoka Jisho Group with the other company.

Hakata Connected Bonus◎Expand the system to relax the floor area ratio requirement（measure to facilitate renewal of city center functions）
Increase the floor area ratio （up to 50%） for buildings
contributing to expand the bustle, such as creation of open
spaces that generate connections and expanse.

Existing system
to relax floorarea ratio◎New project （decided on February 28, 2022）

New incentive
Floor area
ratio of up to●High-quality, high-value-added buildings●Provide floors for tenant relocation

50“District Project for Hakata-Ekimae 3-Chome District”％＊Solving problems specific to the area around Hakata Station （limited to the period of Hakata Connected）●Creation of bustle by securing spaces to wander and open spaces●Creation of a place for relaxation through greening

City’s own mitigation of floor space ratio restriction●North zone 800%→1,350％ (maximum)●South zone 600％→1,000％ (maximum)

Appendix62

Sponsor pipeline （Fukuoka Jisho Group）
Major properties owned by Fukuoka Jisho Group

Overview of Fukuoka Jisho Co., Ltd. （period ended May 31, 2022）
Name

Fukuoka Jisho Co., Ltd.

Net sales23.5 billion yen

Ordinary income

6.6 billion yen

Established

July 1961

Industries

Real estate（comprehensive developer）

Total assets

224.6 billion yen

Representative

Ichiro Enomoto, President and C.E.O

Borrowings

Employees

183

Equity ratio■Tenjin Business Center
Office buildings■Hakata Ekimae Business Center
Office buildings

Use

No.

Office buildings■LOGICITY Minato Kashii North
Logistics

1970

15,160㎡

117.8 billion yen

2

Fukuoka Asahi Building

1970

44,762㎡

34.9％

3

Sun Life No. 3 Building

1978

8,262㎡

4

Sumitomo Life Fukuoka Building/
Nishi-dori Business Center
Reconstruction Project (provisional name) （＊）

5

Tenjin Riverfront Business Center

1999

4,106㎡

6

Hakata Ekimae Business Center

1999

23,542㎡

7

Naha Business Center

2018

8,994㎡

8

Tenjin Business Center

2021

61,100㎡

Tenjin MMT Buildingーー2023（scheduled）

ー

Office buildings

Officebuildings

Hakata Tsunaba Project (provisional name)11

Marinoa City Fukuoka（Outlet Building） 2004（Building Ⅱ）/ 2007（Building Ⅲ） 46,663㎡

12

Tenjin Kirameki Dori Building

2003

24,525㎡

13

Canal City Hakata East Building

2011

18,534㎡

Residence

14

Class Keyaki Dori2008

6,500㎡

Hotel

15

Hotel FORZA Sapporo Ekimae

2020

11,344㎡

16

LOGICITY Minato Kashii North

2020

47,150㎡

17

LOGICITY Koga Aoyagi■LOGICITY Koga Aoyagi（provisional name）（during dismantling）

May 2025（scheduled） 42,000㎡

10RetailLogistics＊Prepared by Fukuoka Realty based on data from Fukuoka Jisho Co., Ltd.

Total floor
space

Fukuoka Kogin Building■Tenjin Riverfront Business Center

Logistics

Year of completion

1

9■Naha Business Center

Name

2000
（Building Ⅰ）/(provisional name)March 2023（scheduled） 49,461㎡＊Includes properties owned by the Fukuoka Jisho Group and properties co-owned with other companies.
（＊）Fukuoka REIT Corporation acquired the land with leasehold interest from the owner of the office building Fukuoka Jisho Co., Ltd. on June 1, 2021.

Appendix63