Security code

Overview of the 39th fiscal period performance［8968 ］September 1st,2023〜February 29th,2024

Security code

Overview of the 39th fiscal period performance［8968 ］September 1st,2023〜February 29th,2024
Executive summary

1

Appraisal value

13

Dividend per unit

2

Sustainability

14

External growth strategy and new acquisition of property

4

Financial statements and Business forecasts

15

Portfolio overview

5

Appendix

19

Financial strategy

11＊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 arerounded off to one decimal places.
＊Figures in tsubos are based on area converted to tsubo and rounded down to the nearest tsubo.

These materials may contain future performance, plans, management targets and strategies. These forward-looking descriptions are based on present assumptions on future
events and 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 completenessof information contained in these materials, whether they were prepared by Fukuoka REIT Corporation or Fukuoka Realty or provided by a third party.
The cover is based on the image of the Fukuoka Metropolitan Area, and the properties are not planned to be acquired by FRC.
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
Fiscal period ending February 2024（39th period） Dividend is +52 yen compared to forecast. A dividend of 3,807 yen is an all-time highInternal Growth

Financial Management■Retail・ At Canal City Hakata, the effect of the opening of a new store was more than

Initiatives
by eachfacility

・ Canal City Hakata ：Sales up 25.4% year on year due to Alpen FUKUOK A

properties

Total debt

expected, and inbound tourism demand is recovering

・Konoha Mall

Hashimoto

Average remaining
duration to maturity

LTV （＊2）Grand Opening, etc.
etc.

90.9％ 5.2 years

96,350 13,000
mm yen・Logistics ：100% occupancy rate.
・Residence ：Rent increase continued due to tenant replacement
・HotelFixed rate

：Strong sales due to store renovations and special events,■Office buildings ・The period-end occupancy rate：96.8%. High occupancy rate maintained■Others

Committed line

Axion Befu-Ekimae Premium achieved a 100% occupancy rate in
April 2024
： ADR on a recover y trend by capturing demand from within
Japan and abroad

J-REITs' average：
4.1 years （＊3）

mm yen44.9％

J-REITs' average：

44.9％ （＊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 February 2024,

calculated by Fukuoka Realty based on their disclosure materials.

External Growth

Sus t ainabilit yName of property

Hakata FD Business Center

Acquisition price

14,100 mm yen

Address

Hakata Ward, Fukuoka CityNOI yield （＊1）

4.1%

Acquisition date

September 1, 2023

・ Green Building certification obtained for 84.6%（As of Feb. 29, 2024）
certification ・ DBJ Green Building Certification Hakata FD Business Center （3 stars)
・ CASBEE Certification
Taihaku Street Business Center （Rank S/ office, Rank A/ Residence）
Hakata Chikushi-Dori Center Building （Rank S）■External（＊1） The indicated figure is based on the NOI described in the appraisal report.

Dividend per unit
（yen）

4,000
3,000

3,250

3,361

3,539

3,536

3,523

130

2,000

3,580

3,807

3,600

3,600
【Dividend per unit】

145（Gain on sale）

3,753
543

299

（Gain on sale） （Gain on sale） （Gain on sale）

1,000
0

39th Actual 3,807 yencompared with theforecast ＋ 52 yen

40th Forecast 3,600 yen

compared with theforecast at 38th＋0 yen

41st Forecast 3,600 yen
32ndAug. 2020

33rd

Feb. 2021

34 th

Aug. 2021

35 th

Feb. 2022

36 thAug. 2022

37 thFeb. 2023

38 thAug. 2023

39 thFeb. 2024

40 thAug. 2024[forecast]

41st

Feb. 2025[forecast]

Executive summary1Dividend per unit
Dividend forecast for the 41st fiscal period remains at 3,600 yen even after the disposition of Marinoa City Fukuoka （Marina Side Building）
39th （Feb. 2024） Actual （compared with the previous FP）

39th （Feb. 2024） Actual （compared with the forecast）

（yen）

4,000

103

3,900
3,800

26

122

3,753

3,600
3,500

KurumeCanal
Canal Hakata FD Kurume
Repair &Expenses maintenance
38
HigashiCity
City
Business Higashi
Other
Borrowing OthersfromKushiwaraSC
expensesCenterActual Kushiwara SC Hakata Hakata
revenues
costs
utilities （Excl. Canal（NOI after NOI absence
Gain on sale （Leasing business （Repair & depreciation）（NOI afterCity Hakata）

Of which, revenues from utilities （54）

3,300
39 th
Forecast

39
ActualCanal City Canal City Hakata FD
OtherHakataHakataBusiness（Leasing business（Repair &revenues
Centerrevenues）
maintenanceexpenses）

depreciation）（Leasing businessrevenues）

Expenses Repair &maintenancefrom
expensesutilities（Excl. Canal

Others

39 th
Actual34

3,600City Hakata）

41st （Feb. 2025） Forecast

（yen）

4,000

4,000
Of which, revenues from utilities 86

3,900

3,900

3,807

3,800

96

3,700

56

160

3,600

（8）

3,600
（83）

Of which, depreciation and amortization expenses（12）
selling general and administrative expenses （10）other expenses, etc.
（61）

（49）

Kurume（11）（87）

Canal Hakata FD Kurume
Repair &Expenses maintenance
City
Business Higashi
40 th
Other
from
Hakataexpenses Borrowing Others
Center Kushiwara SC revenues
Forecast
costs（Repair &NOIabsence
（
Excl.
Canal
utilities
Gain on sale （Leasing business maintenance （NOI after
Canal

39 th
HigashiCity
Actual Kushiwara SC Hakata
revenues）

expenses）

depreciation）（NOI after
depreciation）

City Hakata）

Of which, revenues from utilities （33）

3,700

18

（299）

3,400
3,300

（19）

Of which, depreciation and amortization expenses（9）
selling general and administrative expenses （1）other expenses, etc.
（9）th

40th （Aug. 2024） Forecast

3,500

（30）

（66）

3,500

（yen）

3,800

3,807

（112）

3,755

3,400

th

maintenanceexpenses）

3,800

3,600

Of which, revenues from utilities （95）revenues）

74

3,700

Of which, depreciation and amortization expenses（19）
selling general and administrative expenses （21）other expenses, etc.
（26）

（244）

3,400
3,300

（66）

（102）

3,700

10

195

3,900

3,807

（58）

（58）

287

（yen）

4,000

44

3,600

3,600

47

20
（2）

32

20

5
（9）

3,500

（147）

3,400

Of which, depreciation and amortization expenses（29）
selling general and administrative expenses ＋11
other expenses, etc.
＋52

3,300

Canal

City
40 th
HakataForecast （Leasing

business
revenues）

Canal
City
Hakata（Repair &maintenanceexpenses）

Hakata FD Marinoa City
Business Fukuoka （Marina OtherSide Building）
Center
NOI absence revenues（NOI after
depreciation）（NOI after
depreciation）

Repair &Expenses maintenance
Borrowingfromexpenses
costs（Excl. Canalutilities
City Hakata）

Others

41st
Forecast

Dividend per unit

2

Dividend in normal operation

Absence of NOI yield after depreciationaccompanying disposition ofMarinoa City Fukuoka （Marina Side Building）

Continued to target a dividend of 3,800 yen in normal operation
Dividend （excluding gain on sale）

（yen）

3,900

Gain on sale

3,753

3,700

3,580

3,500

145

3,300

3,807
299

Difference between rent
before the disposition and thatafter the development （＊2）

approx. 60
approx. 140

3,600

543

3,800

3,600

3,508

3,435

3,100

Difference between the reduced rent
before the disposition and that during
the development period （＊1）

All-time high

3,210

2,900

Implementation of
specific measures

2,700
2,500

37 th
Feb. 2023

38 thAug. 2023

39 thFeb. 2024

Actual40 thAug. 2024[forecast]

41st
Feb. 2025[forecast]

Forecast

2027

Normal operation（＊1） Rent of 65 million yen will be received per year for a period of 26 months (up to 30 months) from the scheduled commencement date of lease (September 2, 2024) which represents the development period.
（＊2）Rent of 195 million yen will be received per year after 26 months (up to 30 months) from the scheduled commencement date of lease (September 2, 2024).

Specific measures
Internal Growth・Execution of the future vision at Canal City Hakata
properties ・ Capturing inbound demand （China, etc.）■Retail■Officebuildings■Logistics

・New property Hakata FD Business Center in normal operation
・ Contract renewal and leasing by leveraging positive gaps in existing

office buildings

・Rent renewal targeting market rent levels at existing logistics facilities■Residence ・ Continuation of rent increases due to replacement■Hotel・Performance-based rental income from the Tissage Hotel Naha generated

by the recovery of inbound demand in Okinawa

External Growth■ Asset size as of February 29, 2024
： 220.9 billion yen■ Target asset size ： 300 billion yen
・ Continue to expand the portfolio with a

Utilization of gains on saleand retained earnings■ Unrealized gains for the period ended

February 29, 2024: 51.8 billion yen
Replacement of properties
based on portfolio strategy

target asset size of 300 billion yen.

■ LTV borrowing capacity up to 50%： 21.6 billion yen

Utilization of gain on sale・Underpinning of distributions
・ Consideration of internal reserve

Dividend per unit3

External Growth Initiatives Policy
Aiming for an asset size of 250 bn yen by diversifying risks by investment type as a comprehensive REIT（300 bn yen in future）
Community-based sourcing strategy

Sponsor pipelines●Several redevelopment projects are underway in the Tenjin and Hakata areas● Acquire properties from external sources by utilizing the information-collecting ability and know-how of
the Asset Manager which is well versed in individual conditions in the Fukuoka and Kyushu areas●Several development of logistics facilities are underway●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.）●Considering redevelopment of Canal City Hakata East Building● Powerful companies leading the Kyushu business world provide backup as sponsors of the Asset Manager●Fukuoka Jisho owns 9.81% of FRC’s investment units through same-boat● After acquisition, property management that is closely tied to the community and assumes long-term ownershipinvestment（as of February 29, 2024）

New acquisition properties（％）

Office buildings

Newly built

Occupancy ratio trends of Hakata FD Business Center◎Faster leasing progress than expected

39th

90.0

80.2

80.0
70.0

60.6

60.0
50.0
40.0
30.0

86.5

86.5

78,624mm yen

35.6％ 220,914

September 1, 2023
SourceSponsor
Acquisition price
14,100 mm yen〜300,000

142,290mm yen

64.4％
Oct.

Nov.

Dec.
39th

Jan.

Feb.

Averageoccupancy rates

40th

Contracted（＊2）Because the Higashi Hie Business Center that was acquired in the 10th FP,

August 31, 2009, was acquired from both the outside party and the sponsor, the purchase price has been added to the purchaseprices from outside parties and the purchase prices from the 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.

AppliedInvestment type◎Occupancy rate 88.4% （contracted + applied）（＊1）

Acquisition date［future］
asset size

mm yen40.8

Leasing Status
Hakata FD Business Center

as ofFebruary 29,
2024
mm yenSept.

Outside party

90.0

Forecast

61.5

Sponsor

Acquired from sponsor（＊2）

12F
Financial institution（Foreign-affiliated）
11F
Vacant10F
9F
Consulting business（Foreign-affiliated）
8F
IT
Telecommunications business（Foreign-affiliated）
7F business Vacant
Telecommunications business
6F Industrial systems business
Manufacturer
Energy businessTrading company
5F
Office equipment/OA-related business
4F
Independent administrative institution
3F
Business process outsourcing business
2F
Entrance hall
Restaurant
1F（based on acquisition price）

OthersOthers13.8％

Insurer（Foreignaffiliated）

Office buildings

37.8％【Aiming for the optimal portfolio】

RetailRetail48.4％
Office buildings（＊1） The leasing status is as of March 31, 2024.

External growth strategy and new acquisition of property

4Trends in the Fukuoka office market

The vacancy rates of existing buildings remain at low levels. The average rent continues to increase with the rent-raising trend
Fukuoka business district / Vacancy rates and supply and demand of office buildings◎Rents continued increasing◎Tenant demand is strong, surpassing that of the previous year
（tsubo）（％）

40,00020

New supply（Total floor space）

As of Mar. 2024
Central Tokyo（5 wards） 5.47 ％The vacancy absorption（demand area）

Vacancy rate（Fukuoka）

35,000Vacancy rate（Office buildings owned by FRC）

15.38

14.72

11.98

15

20,000

10

7.70

4.26

3.79

3.07

Average rent as of Mar. 2024 （yen ／ tsubo）

Central Tokyo（5 wards） 19,820（YoY（0.9）％）
11,621（YoY＋ 1.1％）
Fukuoka

110

90

4.53 4.37

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024（year）

5.19 5.39

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

5

Trend of office building vacancy rate in Fukuoka City by size

2.04 2.09

5,000

0

Fukuoka80

6.30

10,000

Tokyo

100

10.86

15,000

（％）

130

120

5.69 ％
6.69 ％
4.77％
3.00％

NagoyaSendaiOsaka
Sapporo13.23
25,000
10.99

Fukuoka 5.39％
Existing buildings 4.48％
New buildings 47.83％

Vacancy rate（Existing buildings）

30,000Fukuoka Business district / Average rents [Y2005=100］◎Vacancy rates are relatively low in large-scale and large-sized buildings02008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 （year）（scheduled）（5,000）

New buildings completed in 2024（more than 100 tsubo per floor area）
Completed

Jan.
Mar.
Jun.
Oct.
Dec.
Dec.

Property name

Address

Daimyo-machi Building
Daimyo, Chuo Ward
CONNECT SQUARE HAKATA
Hakata Ekihigashi, Hakata Ward
Iyo Bank Fukuoka Building （provisional name）
Hakata Ekimae, Hakata Ward
Komondo Office Project （provisional name）
Komondomachi, Hakata Ward
New Fukuoka Building （provisional name）
Tenjin, Chuo Ward
Hulic Fukuoka Building Rebuilding Project （provisional name） Tenjin, Chuo Ward
Total
Total of year 2025
Total of year 2026

Total floor space（tsubo）

1,653
4,197
982
1,777
14,0001,260
23,869approx.16,000
approx.31,000※Statistics from 2008 to 2023 are based on the figures at the end of December. The vacancy rate for 2024 is based on the figures at the end of March.
※Office building-related data for each city are data for areas and buildings included in surveys conducted by Miki Shoji Co., Ltd.
※The vacancy absorption （demand area） indicates the sum of vacant area as of the end of December in the previous year and the new supply（leased area） for each year, then subtracts the vacant area as of December of each year.The new supply （leased area） for the years 2024 to2026 has not been finalized, and both area and completion dates are subject to change.

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

（％）

Large-scale building

Large-sized building

16.0
Office buildings owned by FRC

14.0

Large-scale building ： 9 properties
Large-sized building ： 2 properties

12.0
10.0

Medium-sized building

Small-sized building

vacancy rate （Mar. 2024）
3.5％
Large-sized building 100 tsubo or more and less than 200 tsubo
3.7％
Medium-sized building 50 tsubo or more and less than 100 tsubo
6.9％
Small-sized building 20 tsubo or more and less than 50 tsubo
7.2％
Definition

Area per floor

Large-scale building 200 tsubo or more

8.0
6.0
4.0
2.0
0.0

2016

2017

2018

2019

2020

202１

2022

2023

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

Portfolio overview（year）

2024

5

Historical and projected office buildings’ occupancy rates
The occupancy rate is expected to be stabilized by early leasing despite the temporary impact of acquisitions of new properties（%）

1

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

2

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

3

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

45

Taihaku Street Business Center （＊1）
Total leasable floor space：11,249.97㎡
Higashi Hie Business Center
Total leasable floor space：13,482.02㎡

6

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

7Tenjin North Front Building
Total leasable floor space：5,261.64㎡

8

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

9

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

10

Tenjin Nishi-Dori Business Center

11

Hakata Chikushi-Dori Center Building
Total leasable floor space：5,994.41㎡

12
13（Land with leasehold interest）

Leased area（land）：1,343.51㎡

Kumamoto East Front Building
Total leasable floor space：3,114.07㎡
Hakata FD Business Center
Total leasable floor space：12,102.05㎡
Average occupancy rates（＊2）（historical and projected）

Total leasable floor space：112,969.62㎡

100.0
90.0

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

99.1

99.0

97.9

98.4

98.7

99.0

◎Acquired Hakata FD Business Center in September, 2023

100.0

100.0

100.0

100.0

〈Average occupancy rates（projected）： 40th：97.5％ 41st：99.5％ 〉

100.0

100.0

100.0

100.0

and Kumamoto East Front Building

99.8

99.4

99.5

100.0

Major indicators of owned properties （＊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

80.0
100.0
85.0
70.0
100.0

93.3

90.6

83.8

73.6

98.6

Move out

239
377

38

94.9
1,828
226

39

Total amount of acquisition
Investment ratio
Average age （＊4）
Tenants （＊5）
Total leasing revenues-real estate in the 39th FP
Rent gap （＊4）

83.6（＊3）The figures are indicated as of the end of period.
（＊4）The average building age and the positive rent gap are calculated excluding Tenjin Nishi-Dori Business Center（Land with leasehold interest）.
（＊5）The number of tenants is indicated excluding the residential portion of the Taihaku Street Business Center.
（＊6）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 Feb. 2024.

Trend in rent unit price index of owned properties （＊7）

98.6

114.0

112.0
110.0
108.0
106.0

97.5

99.5

1,060

915

102.0

0

100.0

946

40

th
th
th
＊Occupancy rates are calculated as a weighted average during period.
〜Aug. 31, 2023
〜Feb. 29, 2024
〜Aug. 31, 2024
＊Total leasable floor space is figured as of the end of period.
（＊1）Residential floor spaces are removed from the total leasable floor space of Taihaku Street Business Center.
（forecast）（＊2）Average occupancy rates（historical and projected）are calculated excluding Tenjin Nishi-Dori Business Center （Land with leasehold interest）.

83,590 mm yen
37.8％
17 years 11 months
204
3,145 mm yen
11.1％（＊6）（index）

69.4（86.5% as of end of period）

80.0

Move in

90.4

90.0

60.0
90.0

100.0
100.0

80.0
100.0

〈Average occupancy rates（actual）： 39th：94.9％（96.8% as of end of period）〉◎ Aiming to complete early leasing at Hakata FD Business Center

80.0
100.0
90.0

Overview of Office Buildings

99.0

80.0
100.0

（tsubo）

Move-in/move-out floor space

99.7

41st

〜Feb. 28, 2025
（forecast）

104.0

24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 36th 37th 38th 39th（＊7）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

6Initiatives at Canal City Hakata
The initial stage of renewal has been completed. Opening of Alpen FUKUOKA drives up the inbound demand
Canal City Hakata Sales Trends and Number of Foreign Nationals Entering Kyushu
Canal City Hakata sales （＊）（mm yen）

16,000thousand（ people ）Number of foreign nationals entering Kyushu

3,000

14,0002,500

12,0002,000（No. of cases）

25,000

8,000

1,000

6,000

500
28th
Aug.
2018

29th
Feb.
2019

30th

31st

Aug.
2019

32nd 33rd

Feb.
2020

Aug.
2020

Feb.
2021

34th

35th

Aug.
2021

Feb.
2022

36th
Aug.
2022

37th

38th

Feb.
2023

Aug.
2023

40th

41st

（forecast）（forecast）

39th
Feb.
2024

Sept. 2022 〜 Feb.2023

20,00015,0001,500

10,0004,000

Use of duty-free goods counters （after the opening of Alpen FUKUOK A）

110.3％

Sept. 2023 〜 Feb.2024

121.7％

119.5％

comparison with 2018123.7％

135.2％

Aug. 2024 Feb. 2025

140.0

100.0

79.9％

80.0
60.0
40.0

5,000
0

160.0

120.0

10,000

0

（％）

20.0
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

0

（＊） Calculated by subtracting the sales of the Canal City Hakata ・B Grand Building disposition portion （88.28% co-ownership interest） disposed on June 1, 2021.

Planning renovating the Grand Building B1F dining zone

Situation of inbound

B1F◎Number of foreign nationals entering Kyushu
2018

2023

2024

Neo-bistro and bar zone

Country /Regionmonthly average

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Total numberof immigrants

426,357

277,730

317,407338,833

358,231339,650

341,619

Korea

200,805

158,127

182,072

189,745

212,854

ー

ー

China

142,328

18,38921,26021,69928,846ーー

40,96041,83743,24141,306ーーTaiwan34,460Hong Kong

23,792

23,83026,006

31,421

34,616ーー

Others24,971

36,424

46,232

52,72740,609ーー

Gastronomy zone

＊The number of foreign visitors including cruise ship tourists. Figures for January and February 2024 are preliminary figures.

Source: Prepared by Fukuoka Realty based on the data of the Kyushu District Transport Bureau of the Ministry of Land, Infrastructure, Transport and Tourism.

◎Cruise Ship Calls to Hakata Port
year

2018

2019

2020

2021

2022

2023

Number of
port calls

279

229

14

0

2

75

2024
Jan.

Feb.

Mar.〜 Dec.（scheduled）

7

10

171

Source: Prepared by Fukuoka Realty based on data as of April 1, 2024 from the Fukuoka City Port & Airport Bureau＊This is an image perspective and is subject to change.

Portfolio overview

7

Disposition of property （Marinoa City Fukuoka （Marina Side Building）（Building））
Expectations are placed on creating substantial value in the future
Overview of disposition property （planned）

Reasons for Disposition

Property nameMarinoa City Fukuoka （Marina Side Building） （Building）

Location （Address）

12-30, 2-chome, Odo, Nishi Ward, Fukuoka City

① Aiming to sell for a price higher than book values

Date of agreement

February 29, 2024

・ Despite the risks of future declines in profitability and property value due to

Buyer （＊1）

Fukuoka Jisho Co., Ltd. and not disclosed company

Disposition date （scheduled）

September 2, 2024

Appraisal value

754 mm yen

Book value

771 mm yen as of August 31, 2024 （estimated）
795 mm yen as of February 29, 2024

② Expectation for creating substantial value in the future

Disposition price （planned）

783 mm yen

・ When the complete rebuild of Marinoa City Fukuoka is undertaken, its

factors such as aging or changes in the surrounding competitive environment, it may be possible to achieve a sale price exceeding the book value
by transferring ownership to Fukuoka Jisho Co., Ltd., which is consideringrebuilding Marinoa City Fukuoka entirely.

Difference between
11 mm yen （difference from the estimated book value as of August 31, 2024）
the disposition price （planned）（
12） mm yen （difference from the book value as of February 29, 2024）
and the book value （＊2）

Acquisition datecompetitiveness as a commercial facility will improve, resulting in thegeneration of significant value in the future for the land with leaseholdinterest owned by FRC.

May 1, 2015

③ Securing a long-term stable cash flow

Summary of the asset after disposition （planned）
Property nameMarinoa City Fukuoka （Marina Side Building） （Land）

Book value

4,494 mm yen

Land area

26,917.74 ㎡

・ Continued ownership of land with leasehold interest allows for thecollection of fixed rent not susceptible to fluctuations in end-tenant sales or
occupancy rates. This ensures a more stable cash flow over the long term.

（＊1） Not stated because the consent of the buyer cannot be obtained.
（＊2） The figures calculated as the difference between the disposition price (planned) and each book value (as of the end of Aug. and Feb. 2024,

however the book value as of Aug. 2024 is estimated.), and is different from the gain or loss on sale.

Area map
Marinoa City Fukuoka（Marina Side Building）

Hakata Bay

560

JR Chikuhi Linepr Fuk
es uo
sw ka
ay U
K a r ba
nj n
o
Lin
e

Seaside Momochi
Beach Parkw ay
Atago Sub Line
Kuko

Meinohama
Meinohama Muromi Fujisaki
Ex

500m

MomochiFukuoka
tower

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

8Situation of other assets （Logistics）
Continued rise in unit rents
Overview of Logistics

Supply and demand of logistic facilities and vacancy rates◎Although the vacancy rate rose temporarily in 2023, it is expected to decline
from 2024 onwards
New supply（tsubo）

120,000

New demandvacancy rate

12

forecast
10

100,000
80,000860,000

6

40,0004

20,0002

00

Tosu Logistics Center

LOGICITY Minato Kashii

LOGICITY Hisayama

LOGICITY Wakamiya

Property
name（％）

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

3

2019

2020

2021

2022

2023

2024

2025 （year）

Wakamiya nyo sen
Sa kan Miyawaka
I.C.
n

Trend in rent unit price

Fukuoka IC
area

Fukuoka I.C.

Itoshima Hakata Port area

3,800

JR Chikuhi Line

forecast

3,600

Fukuoka
Dazaifu I.C.
★

Logistic plan in Sonobe,
Kiyama Town

N

2020

2021

2022

2023

2024

2025

2026 （year）

aki

gas

Na

L

Logistic plan in Tosu

Kurume山浦PA

Tosu JCT area

Kurume I.C.

34

205

in LineTashiro Sta.

JR Kyudai Ma

3

Ogori17
Tosu
Hirokawa I.C.

31

鳥栖市役所

200m

Tosu Logistics Center

山浦PA

大分県
Tosu JCT area

246

至熊本

Portfolio overview

長崎本線

88

9

線

線
サガハイマット

31

14

新幹

道路

新幹

鳥栖

産業技術総合研究所九州センター

新鳥栖

小板井

九州

is owned by Fukuoka REIT Corporation （incl. acquisition plan）
is owned by Fukuoka Jisho Group （incl. acquisition plan）

車道

大分自動

496

sway
ki
Oita Expr es
asa y
Nag esswa
r
500
p
x
E
Tosu IC
500
Tosu JCT

日田 I.C.

Haki
I.C.
34

17

九州

＊
＊

HigashiseburiJR
I.C

ine

久留米基山筑紫野2019＊Large multi-tenant logistics facilities with a total floor space of 5,000 tsubo or more in the Fukuoka metropolitan area are targeted.
Source: Prepared by Fukuoka Realty based on data of CBRE.

Sagayamato
I.C.

s

xpre

ki E

sa
aga

弥生が丘

至長崎

88

131

Nishitetsu Tenjin
Omuta LineLOGICITY LOGICITY
Minato Kashii Hisayama

2,800

y
swa

386

Hakata Port・Fukuoka IC・Inland area

329

Kyushu Expressway

Saga Pref.

322

AsakuraOitaUkiha
Chikugoogori
Expre
sswa
Tosu I.C. I.C. AmagiyAsakura
I.C.
I.C.

385

崎
方
面

Rent gap of 10% or more

至
長

3,000

323

1km

Within aradius of
30 km from
Fukuoka IC

Chikushino I.C.

hu
us senKy kaninSh

Contract renewal

Tenjin Hakata Sta. Fukuoka Airport
Fu
Sue Smart ICNish
E kuo 東九州
xp k
O itet
自動車
道
re a
m su
ss Ur
ut
a Te
w ba
Li nj
ay n
ne in

17

Kama

201

Fukuokashu
Kyu sswayreExp

Inland area

3,200

Tagawa211

Fukuoka Pref.

Fukuok a U
E xpre ss wrban
ay

3,400

IizukaLogistic plan in Ueki,
Sue Town （section A・B）

（yen／tsubo）

2018

322

i

Sh

西公園

◎Large supply, but rents expected to increase

Fukuoka IC

leasehold interest）（tentative）
3Mar. 31, 2029
行橋市
（scheduled）

Nogata

Koga

Koga I.C.

2,600

Island City Minato Bay
related site （Land with

Fukutsu
3

Kyushu Expressway

崎
方
面

2018

＊Medium and large logistics facilities with a total floor space of 5,000 m2 or more in the Fukuoka metropolitan area are targeted.
Source: Prepared by Fukuoka Realty based on data of CBRE.

Kag JRosh
Line ima

2017

10

Fu
E x U kupr r b ok
e s an a
sw
ay

2016

LOGICITY Wakamiya

線

本

豊

日

LOGICITY Hisayama
JR hii
Kasne
Li

Urban
u s huHakataK it ak ypre s s w ay
BayxE
Hakata
下関市
Port

Munakata

至
長

10km

サガハイマット
県道鳥栖・朝倉線
新鳥栖

Situation of other assets （Residence, Hotel）
Residential assets are strong, hotel assets are recovering
Residential properties

Overview of Hotel◎ADR at Fukuoka Washington Hotel recovered to Y2019 level◎Residential properties have continued to operate at a high occupancy rate
Occupancy rates

35th（Feb. 2022）

36th（Aug.2022）

37th（Feb. 2023）

38th（Aug.2023）

39th（Feb. 2024）

Amex Akasakamon Tower

96.9%

96.3%

94.2%

98.6%

98.2%

City House Keyaki Dori

98.6%

97.2%

98.8%

97.0%

97.4%

Aqualia Chihaya

99.3%

98.3%

98.9%

97.8%

98.6%

D-Wing Tower （＊1）

93.4%

95.7%

97.3%

97.6%

98.2%

Granfore Yakuin Minami

98.0%

97.2%

98.0%

95.3%

95.3%

The weighted average of
5 properties

96.7%

96.8%

97.3%

97.5％

97.9％

50.7%

62.7%

94.5％

95.1％

1）
Axion Befu-Ekimae Premium （＊（＊2）

The weighted average of 6 properties＊The occupancy rate is calculated as a weighted average over the period.
（＊1）The figure includes the retail portion.
（＊2）Since Axion Befu-Ekimae Premium was acquired as of April 27, 2023, occupancy rates are shown for the period from April to August 2023.

◎Occupancy ratio trends of Axion Befu-Ekimae Premium

96.3%

（％）

59.6%

63.3%

59.6%

59.6%

59.6%

100.0%

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

Sept.
2023

Oct.
2023

Nov.
2023

Dec.
2023

Jan.
2024

Feb.
2024

Mar.
2024

Apr.
2024

（Fukuoka Jisho Group）（Fujita Kanko Group）◎Tissage Hotel Naha
38th
（Aug. 2023）

39th（Feb. 2024）

71.0%

75.8%

ADR （＊4）

7,369 yen

7,098 yen

RevPAR（＊5）

5,231 yen

5,384 yen

Room occupancy
rates＊ Not disclosed for Fukuoka Washington Hotel as no consent
for disclosure has been obtained from the operator.
（＊4）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.
（＊5）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）（％）

Number of
replacements
Of which, numberof rent increases
Ratio of increase/decrease in rent

Tissage Hotel Naha

Hotel
（ Specialized for ）74.3%◎Rents continue to increase due to replacement
100
80
60
40
20
0

Hotel FORZA Oita

（index）

60.5％

68.0％
39th
Feb. 2024

45.5％

47.7％

47.6％

35th
Feb. 2022

36th
Aug.2022

37th
Feb. 2023

38th
Aug.2023

44

44

42

38

50

20

21

20

23

34

1.0％

1.4％

1.2％

2.0％

2.0％

（＊3）
（＊3） Ratio of increase/decrease in rent relative to the rent of the previous contract at the time of replacement

80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0

The state of
emergency

Applicable
period for the“Go To Travel”
campaign①

Tokyo

Fukuoka

Oita

Okinawa

The state of
emergency

The state of
emergency③ The state of
emergency

②

④

Au
g.
O
ct
.
De
c.
Fe
b.
Ap
r.
Ju
n.
Au
g.
O
ct
.
De
c.
Fe
b.
Ap
r.
Ju
n.
Au
g.
O
ct
.
De
c.
Fe
b.
Ap
r.
Ju
n.
Au
g.
O
ct
.
De
c.
Fe
b.
Ap
r.
Ju
n.
Au
g.
O
ct
.
De
c.
Fe
b.

100
80
60
40
20
0

Fukuoka Washington Hotel[Canal City Hakata]

2019

2020

2021

2022

2023

＊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.

Portfolio overview（year）

10

Financing condition①
Establishment of stable financial baseFinancial Policy （Basic Policy）

Enhance financial soundness by realizing low financing costs while reducing the impactof future changes in the financial environment under good relationships with financial
institutions to realize stable financing◎Current financing policy

Total amount of borrowings at the end of period 96,350 mm yen
Average interest rate （＊1） and duration
1.1□ Adjust financing periods（used to be 7-10 years） □ Adjust ratio of fixed/floating interest

0.9□ Lower spread Aim to control financing costs through the above

0.8◎Borrowings （long-term） in the 39th period （fiscal period ended February 2024）●New Borrowings

Sustainable financeGreen Loan

September 29,
2023

Sustainable financeGreen Loan

October 31,
2023

LenderAmount（mm yen）
2,000
The Nishi-Nippon
1,900City Bank
1,000
SBI Shinsei Bank
600
The Higo Bank
600
The Iyo Bank
500
The Kagoshima Bank
300

Term
7.0-year
8.0-year
10.0-year
5.0-year
5.0-year
5.0-year
5.0-yearInterest rate
0.91900%
1.01500%
1.18900%
0.76700%
0.76700%
0.76700%
0.76700%
3-month TIBOR

The Bank of Fukuoka

2,500

8.0-year

MUFG Bank

1,000
1,000
1,000

7.0-year
7.0-year
8.0-year＋0.25%
1.20250%
1.20250%
1.24900%

Amount（mm yen）
1,000
1,000

Term
7.0-year
9.0-yearInterest rate
0.88900%
1.07000%

1,000

7.0-year

Sumitomo Mitsui Banking Corporation

Mizuho Bank

●Refinancing
Date
Sustainable finance

Lender
The Nishi-Nippon
City BankGreen Loan

February 29,
2024

The Bank of Fukuoka

Lenders, etc.
The first series of unsecured bonds

Mizuho Bank

6

Forecast

1,000

9.0-yearAmount（mm yen）
2,000
500

Term
10.0-year
8.0-year

5

5.2

4.9

5.2

4.8

4.4

0.6
0.5

4

2

0.67

0.66

0.66

0.66

0.67

35th
Feb. 28, 2022

36th
Aug. 31, 2022

37thFeb. 28, 2023

38th
Aug. 31, 2023

39th
Feb. 29, 2024

0.69

0.70

40th
Aug. 31, 2024

41stFeb. 28, 2025

10（＊1）Interest rates are rounded off to the second decimal place.

Fixed andfloating rateLong-term rate

Floating

Long-term

9.1％

100％

at the end of
the 39 th FP（Feb. 2024）

at the end of
the 39 th FP（Feb. 2024）

Sustainable financerate
Sustainablefinanceat the end of
the 39 th FP（Feb. 2024）

32.8％

Non-sustainable finance

Fixed
90.9％

＋0.23%

Interest rate
1.32000%
0.44000%

4.9

0.7

3-month TIBOR＋0.27%

5.4

3

3-month TIBOR●Repayment
Repayment dateFebruary 29,
2024（year）

Duration（years）

1. 0

While diversifying debt maturities

Date

Average interest rate（％）

（％）

67.2％

Credit ratings （＊2）

JCR

AA-（Stable）

R&I

A＋（Stable）（＊2）JCR: long-term issuer rating obtained from Japan Credit Rating Agency, Ltd. R &I: issuer rating obtained from Rating and Investment Information, Inc.

Financial strategy

11

Financing condition②
LTV rose, but controlled within the upper limit of 50%
Diversification of debt maturities（As of February 29, 2024）

Floating

Fixed

Investment corporation bonds（mm yen）

14,00013,00012,000Committed line of credit 13,000 mm yen

10,000
8,000
6,000
4,000

2,000
2,000
2,500

2,000
0

4,200

700

2,000

1,900

40th

41st

42nd

2024

6,600

4,400

7,000

7,000

7,000

43rd

44th

45th

5,900

700
46th

2026

2025

6,200

3,200
1,500

300

6,800

47th

2027

48th

49th

2028

5,000

6,900

2,500

1,000
50th

51st

2029

52nd

53rd

2,900

54th

55th

2031

2030

4,900

1,000
56th

1,000
1,000
57th

2032

750

1,000

58th

59th

1,000
68th
2038

2033

（year）

Forecast at the 38 FP （Aug. 2023）
th

LTV

45.6％

（％）

50

Forecast

45
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％

41.6％

32nd

33rd

34th

35th

36th

37th

44.9％

44.9％

44.9％

39th

40th

41st

42.4％

35

30

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

Aug.
2022

Feb.
2023

38th
Aug.
2023

Feb.
2024

Aug.
2024

Financial strategy

Feb.
2025

12

Appraisal value
The unrealized gains （＊1） totaled 51,855 million yen at the end of 39th fiscal period （increase of 3,377 million yen compared with previous fiscal period）- unit : mm yen

At the end of the 39th FP（Feb. 29, 2024）
Property nameAcquisition
price

Acquisition
cap rate

Appraisal
value

（＊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
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 Chikushi-Dori Center Building
Kumamoto East Front Building
Hakata FD Business Center （＊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）
Axion Befu-Ekimae Premium（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
3,550
5,250
106,933
14,600
11,200
4,400
7,000
5,900
2,600
2,800
4,230
3,290
7,700
4,320
1,450
14,10083,590
1,250
8,150
5,050
1,700
2,060
1,111
1,280
2,800
1,100
1,525
1,530
2,835
30,391
220,914

6.0%
5.4%
6.0%
6.6%
5.3%
6.3%
6.5%
6.4%
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%
5.0%
4.1%
5.9%
5.2%
5.1%
6.4%
5.4%
5.5%
6.8%
5.9%
5.6%
3.4%
6.6%
5.3%
-

29,00021,70020,2008,530
10,100
4,660
2,840
1,220
3,490
5,264
107,004
19,100
16,100
7,210
10,400
9,220
3,400
5,180
4,880
3,520
8,770
4,560
1,500
16,100109,940
1,640
11,400
5,930
2,590
2,100
1,170
2,060
4,030
1,430
1,570
1,870
2,940
38,730255,674

Book value②
29,73020,38920,316
5,483
9,799
4,158
1,892
939
2,797
5,289
100,796
12,601
8,586
3,674
5,669
4,279
2,622
2,266
3,785
3,160
7,754
4,476
1,510
14,09374,481
1,108
7,579
4,575
2,093
1,583
842
1,133
2,687
1,118
1,643
1,484
2,691
28,541
203,818

Difference
①-②
（730）
1,310
（116）
3,046
300
501
947
280
692
（25）
6,207
6,498
7,513
3,535
4,730
4,940
777
2,913
1,094
359
1,015
83
（10）
2,006
35,458
531
3,820
1,354
496
516
327
926
1,342
311
（73）
385
248
10,18851,855

Cap Rateby direct
capitalization
method

③

4.2%
4.3%
5.4%
5.6%
5.0%
5.5%
5.4%
5.3%
5.4%
3.8%
4.0%
3.6%
4.0%
4.2%
3.5%
3.5%
4.2%
4.0%
3.0%
4.1%
4.6%
3.5%
4.5%
3.8%
4.0%
5.1%
3.9%
3.9%
4.2%
4.0%
3.9%
3.5%
5.2%
4.8%
-

At the end of the 38th FP（Aug. 31, 2023）
Appraisalvalue④
29,30021,70020,2008,540
10,100
4,700
2,840
1,200
3,490
5,860
107,930
19,30016,0007,010
10,100
9,240
3,400
5,050
4,900
3,530
8,770
4,580
1,510
15,000108,390
1,640
10,000
5,950
2,590
2,050
1,150
2,060
4,020
1,430
1,560
1,860
2,940
37,250253,570

Difference
①-④
（300）
0
0
（10）
0
（40）
0
20
0
（596）
（926）
（200）
100
200
300
（20）
0
130
（20）
（10）
0
（20）
（10）
1,100
1,550
0
1,400
（20）
0
50
20
0
10
0
10
10
0
1,480
2,104

Cap Rateby direct
capitalization
method

⑤

4.2%
4.3%
5.4%
5.6%
5.1%
5.5%
5.4%
5.4%
5.4%
4.8%
3.8%
4.0%
3.7%
4.1%
4.2%
3.5%
3.6%
4.2%
4.0%
3.0%
4.1%
4.6%
3.8%
4.5%
3.8%
4.0%
5.1%
4.0%
4.0%
4.2%
4.0%
3.9%
3.5%
5.2%
4.9%
-

Appraiser

Difference
③-⑤
0.0%
0.0%
0.0%
0.0%
（0.1）%
0.0%
0.0%（0.1）%
0.0%
0.0%
0.0%
（0.1）%（0.1）%
0.0%
0.0%（0.1）%
0.0%
0.0%
0.0%
0.0%
0.0%
（0.3）%
0.0%
0.0%
0.0%
0.0%
（0.1）%（0.1）%
0.0%
0.0%
0.0%
0.0%
0.0%
（0.1）%-

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
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
Tanizawa Sogo Appraisal
Japan Real Estate InstituteJapan 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
Daiwa Real Estate 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 appraisal value at the end of the 38th fiscal period and the most recent cap rate are figures based on the appraisal at the time of property acquisition.

Appraisal value

13

Sustainability
Green Building certification obtained for 84.6% （As of Feb. 29, 2024）
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

KPIs and targets● （by 2030）● Ratio of green buildings certified

35% reduction in CO2 emissions（compared with 2019, basic unit）
75% waste recycling rate●（by 2030）

85% Green Building Certification
rate or higher

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● Training per employee （number of times）● Improve office environment（number of cases）● Promote improvement of employee satisfaction and work towards● Conduct regular tenant satisfaction
surveys （all properties）

increasing job satisfaction of tenant employees

Environment ➡ P29

84.6％
80.0％
Feb. 2023

Feb. 2024● CASBEE Certification for Real Estate（Rank S ・ Rank A）

2 properties have been acquired NEW

・ Taihaku Street Business Center

Rank S （office building）● 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● 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● Dialogue with investors（number of times）● Susteinability training for employees（number of times）

participation in community activities and various initiatives using
properties under our management to grow and develop together
with the local community

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

Rank A （residence）

・ Hakata Chikushi-Dori Center Building

Rank S● Compliance training（number of times）

Sustainability

14

Statements of Income （compared with the previous fiscal period）
Dividend increases ＋54 yen compared with the previous fiscal period due to the opening of Alpen FUKUOKA at Canal City Hakata, etc.
- unit : mm yen

Account

39〜Aug. 31, 2023

th

A

B-A

B

41

9,284

9,326

Operating revenues excluding gain on sales

8,852

9,088

①

236

432

237

②

（194）

Total operating expenses

5,912

5,864

③

（47）

Expenses related to leasing business

5,231

5,166

（65）

544

557

13

Asset custody fees

7

7

（0）

Administrative service fees

58

58

0

Director’s compensations

3

3

-

Other operating expenses

66

69

3

Operating income

3,372

3,462

89

Total non-operating revenues

10

0

0

Total non-operating expenses

385

431

46

Interest expenses（incl. investment corporation bonds）

284

328

43

Financing related expenses

98

101

3

Others

2

1

（0）

2,988

3,031

43

2,988

3,031

43

0

1

0

Profit

2,987

3,030

43

Total dividends

2,987

3,030

42

Dividend per unit（yen）

3,753

3,807

54

Ordinary profit and loss

Operating profit and loss

Asset management fees

Non-Operating
profit and loss

Ordinary income
Profit before income taxes
Total income taxes

Sign indicates impact on profit （unit : mm yen）

■Operating profit and loss

Difference〜Feb. 29, 2024

Total operating revenues

Gain on sales

Dividend

38th① Active retail＋188-of which, Canal City Hakata／Canal City Hakata・B ＋228
Park Place Oita

（37）

Konoha Mall Hashimoto（16）

SunLive City Kokura＋14

Hakata FD Business Center＋151
Absence of revenue accompanying disposition of （61）Kurume Higashi Kushiwara SC（20）
Office buildings（excl. Hakata FD Business Center）（12）
Tissage Hotel Naha
Others（10）
Total : ＋236
（of which, revenues from utilities （76））②Decrease in gain on sale from disposition of （194）
Total : （194）Kurume Higashi Kushiwara SC（12）③Increase in outsourcing expenses
Decrease in expenses from utilities＋85
Decrease in repair & maintenance expenses ＋116
Decrease in taxes and other public charges ＋2
Increase in depreciation and amortization expenses （77）
Increase in selling general and administrative expenses （17）Increase in other expenses（50）
Total : ＋47

Financial statements and business forecasts

15

Statements of Income （compared with the forecast）
Dividend is +52 yen vs. forecast due to the better-than-expected increase in sales of Canal City Hakata- unit : mm yen

39
Forecast at 38th

39
Actualth

Account
Total operating revenues
Operating revenues excluding gain on sales
Gain on sales

Ordinary profit and loss

Operating profit and loss

Total operating expenses

th

A

9,326

9,075

9,088

238

237

5,888

5,864

①

13
13
（0）

②

（24）

5,166

Asset management fees

557

Asset custody fees

7

Administrative service fees

58

Director’s compensations

3

Other operating expenses

69

Non-Operating
profit and loss

3,424

3,462

37

Total non-operating revenues

0

0

（0）

Total non-operating expenses

435

431

（4）

Interest expenses（incl. investment corporation bonds）

328

Financing related expenses

101① Active retail＋120-of which, Canal City Hakata／Canal City Hakata・B ＋155
Park Place Oita

（24）

Konoha Mall Hashimoto（9 ）SunLive City Kokura（1 ）Hakata FD Business Center
Office buildings（excl. Hakata FD Business Center）
Tissage Hotel Naha
Others

（89）
（3）
（6）
（9）
Total : ＋13（of which, revenues from utilities （43））

Operating income②Decrease in outsourcing expenses＋４＋59
Decrease in expenses from utilities
Increase in repair & maintenance expenses （15）
Increase in depreciation and amortization expenses（7）
Increase in other expenses（17）
Total : ＋24

1

Others

2,990

3,031

41

2,990

3,031

41

1

1

0

Profit

2,988

3,030

41

Total dividends

2,988

3,030

41

Dividend per unit（yen）

3,755

3,807

52

Ordinary income
Profit before income taxes
Total income taxes

Dividend

B-A

9,313

Expenses related to leasing business■Operating profit and loss

Difference

B

Sign indicates impact on profit （unit : mm yen）

Financial statements and business forecasts

16

Business forecast （the 40th fiscal period, Aug. 2024）
3,600 yen in dividend is secured after the absence of a gain on saleSign indicates impact on profit （unit : mm yen）

- unit : mm yen

Account

39
ActualOperating revenues

A

B

9,326

C

9,322

40th
Forecast
difference

39th
Actualdifference

40th
Forecast
at 39th

40th
Forecast
at 38th

th

C-A

9,305

■Difference between the 39th FP actualand the 40th FP forecast

C-B

（21）

（16）

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

Park Place Oita

Operating revenues
excluding gain on sales

9,088

9,322

9,305

①

Gain on sales

237

-

-

Operating expenses

5,864

6,002

5,999

Operating income

3,462

3,319

Non-operating
revenues

0

Non-operating
expenses

216

（16）

②

（237）

-

③

135

（2）

3,305

（156）

（14）

0

0

0

-

431

453

439

8

（14）

Ordinary income

3,031

2,866

2,866

（164）

-

Profit

3,030

2,865

2,865

（164）

-

④

3,030

2,865

2,865

（164）

-

Dividend per unit （yen）

3,807

3,600

3,600

（207）

-

＋31

Konoha Mall Hashimoto＋5

SunLive City Kokura（14）

Hakata FD Business Center＋192
Absence of revenue accompanying disposition of（13）
Kurume Higashi Kushiwara SC＋16
Office buildings（excl. Hakata FD Business Center）
LOGICITY Minato Kashii＋14
Tissage Hotel Naha
＋11
Axion Befu-Ekimae Premium＋9
Others＋3
Total : ＋216
（of which, revenues from utilities ＋79）

②Decrease in gain on sale from disposition of
Kurume Higashi Kushiwara SC（237）
Total : （237）（33）③Increase in outsourcing expenses
Increase in expenses from utilities（88）
Decrease in repair & maintenance expenses＋58
Increase in taxes and other public charges
（81）
（7 ）
Increase in depreciation and amortization expenses
Increase in selling general and administrative expenses（8 ）Decrease in other expenses＋24
Total : （135）④Increase in borrowing costs

Total dividends

（16）

（39）

（8）
Total : （8）Financial statements and business forecasts

17

Business forecast （the 41st fiscal period, Feb. 2025）
3,600 yen in dividend is secured after the disposition of Marinoa City Fukuoka （Marina Side Building）（building）
Sign indicates impact on profit （unit : mm yen）

- unit : mm yen

Account

Operating revenues

41st
Forecast at 39th

40th
Forecast at 39th
A

40th
Forecast difference

B

9,305

■Difference between the 40th FP forecast
and the 41st FP forecast

B-A

9,242

①

（62）

① Active retail＋21-of which, Canal City Hakata／Canal City Hakata・B

Park Place Oita

Operating revenues
excluding gain on sales

9,305

9,242

（62）

-

0

0

Operating expenses

5,999

5,941

Operating income

3,305

3,301

（4）

Non-operating
revenues

00-

Non-operating
expenses439

435

Ordinary income

2,866

2,866

-

Profit

2,865

2,865

-

Total dividends

2,865

2,865

-

Dividend per unit （yen）

3,600

3,600

-

Gain on sales

②

③

（58）

（4）

＋16
（16）

Konoha Mall Hashimoto＋8

SunLive City Kokura＋13

Marinoa City Fukuoka（Marina Side Building）
Hakata FD Business Center
Office buildings（excl. Hakata FD Business Center）
LOGICITY Minato Kashi
Others

（139）
＋34
（2）
＋23
＋1
Total : （62）（of which, revenues from utilities （25））②Decrease in outsourcing expenses
Decrease in expenses from utilities
Increase in repair & maintenance expenses

＋15
＋13
（9）
（4 ）
Increase in depreciation and amortization expenses
Decrease in selling general and administrative expenses ＋8
Decrease in other expenses＋35
Total : ＋58③Decrease in borrowing costs（Ups and downs factors （±3 days））＋4
Total : ＋4

Financial statements and business forecasts

18

サステナビリティへの取り組み

Appendix19

Financial highlights
Dividend per unit was 3,807 yen- unit : mm yen

Category

36

35th

th

38th

37th

39th

〜 Feb. 29, 2024
B

〜 Feb. 28, 2022

〜 Aug. 31, 2022

〜 Feb. 28, 2023

〜 Aug. 31, 2023
A

8,658

8,830

9,037

9,284

9,326

-

-

115

432

5,334

5,370

5,274

1,486

1,514

Operating income

3,185

Ordinary income

Difference

40th

41st

〜 Aug. 31, 2024
（forecast）〜 Feb. 28, 2025
（forecast）

41

9,305

9,242

237

（194）

-

0

5,152

5,531

379

5,628

5,620

1,499

1,531

1,609

77

1,617

1,621

3,181

3,223

3,372

3,462

89

3,305

3,301

2,816

2,805

2,851

2,988

3,031

43

2,866

2,866

Profit

2,814

2,804

2,849

2,987

3,030

43

2,865

2,865

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

3,536

3,523

3,580

3,753

3,807

3,500

3,500

3,520

3,600

3,755

3,600

3,600

Operating revenues
Gain on sales
Leasing NOI
Depreciation and amortization
expenses

B−A

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

＋36

＋23

＋60

＋153

＋52

-

-

796,000

796,000

796,000

796,000

796,000

796,000

796,000

Total assets（at period-end）

198,745

201,223

201,442

203,868

214,390

Total liabilities（at period-end）

96,991

99,48099,653

101,941

112,421

Total net assets（at period-end）

101,753

101,743

101,788

101,926

101,969

Days in fiscal period（days）

181

184

181

184

182

Number of investment properties

32

33

33

35

35

（＊1）
Number of tenants（at period-end）

1,016

1,021

1,007

1,018

1,031

572,288.25

578,255.35

577,161.81

580,272.77

590,409.24

99.4

99.4

97.9

99.1

98.8

FFO （Funds from Operation）（＊3）

4,301

4,318

4,234

4,086

4,401

FFO per unit（yen）

5,403

5,425

5,319

5,133

5,529

（at period-end）

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

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

Appendix20

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

Portfolio summary （＊1）
Number of properties /Asset size （＊2）
Of which,acquisition from sponsors （＊3）

16 / 142,290 mm yen

Unrealized gains

51,855 mm yen

Total leasable floor space

590,409.24 ㎡

Occupancy rate

98.8％

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）

96,350 mm yen

Establishment of stable financial base

LTV

44.9％

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

Fixed rate

90.9％

Average interest rate

0.67％

Appropriate management of real estate invested in

Credit ratings（based on acquisition price）

35 / 220,914 mm yen

Total debt

Stable dividends and steady NAV growth since listing◎Investment type

Others

13.8％

Office buildings

Retail

48.4％

37.8％

◎Investment area（based on acquisition price）

Other
Kyushu areas

20.9％

JCR AA −（Stable）

Fukuoka
metropolitan area

R&I A＋（Stable）

79.1％

Investment unit price （＊1）

Overview of Fukuoka REIT Corporation

Unit price

165,700 yen

Name

Fukuoka REIT Corporation

Outstanding units

796,000 units

Security code

8968

Market capitalization

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

Net assets value per unit

131,897 mm yen （unit price ＊ outstanding units）
128,102 yen

Fiscal period

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

Asset manager

Fukuoka Realty Co., Ltd.

Dividend （actual）

189,440 yen
3,807 yen per unit （Days in fiscal period 182days） at the 39th FP

Dividend yield

4.6％ { （Dividend / days in fiscal period ＊ 365） / Unit price}

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 February 29, 2024 (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 andsponsors, 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

Appendix21

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％
Appendix22Current situation of Fukuoka City
Distribution Chart of Net Increase/Decrease in Population

Youth and working-age population ratios of nationwide and major cities（2020）

20000
15,000Saitama

Chiba Sagamihara
KawasakiSendaiKyoto
Kobe

Shizuoka
Kitakyushu

Natural decrease

10,000（18,000） （16,000） （14,000） （12,000） （10,000） （8,000）

Sakai

5,000

Kumamoto
Hamamatsu

Niigata Hiroshima（6,000） （4,000）

0

Okayama（2,000）（5,000）2,000

0Trends in number of population growth in Fukuoka City
thousand（ people ）

1,650
1,600

1,550
1,500

1,400

Ranked 1st among government
ordinance-designated cities◎Cities with high population growth rate
（Rate of increase from 2015 to 2020）

4.27％
2.28％

1.59％
Average of government 1.10％
ordinance-designated01
citiesapprox.
4 times

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

2012

2013

1,555
1,524 1,538

2014

2015

2016

1,571

1,585

2018

Osaka

Kumamoto

15.0

NagoyaSaitama

Sagamihara

14.5

Chiba
Sakai

14.0

Kitakyushu

55.0

Shizuoka

Yokohama

SapporoHamamatsu
Niigata

57.0

59.0

61.0

1,619

1,631

1,642 1,645

63.0

65.0 （％）

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

Population trends of major metropolitan areas
（％）

150

Actual figures

Future projection
Fukuoka
metropolitan area National Institute of Populationand Social Security Research’s
medium-variant estimates
based on 2015 population data

120

1,612

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

Nationwide

13.5
Kobe

Hiroshima

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

Tokyo metropolitan area

110

Nagoya metropolitan area

100

Osaka
metropolitan area

90
80

2017

Tokyo metropolitan area

130

Surpassed
1.6 million
people1,600

Sendai

Okayama

15.5

13.0

KawasakiFukuoka

Kyoto

16.0

140

4.79％
4.75％

Rank1 Fukuoka
Rank2 Saitama
Rank3 Kawasaki
Rank4 Osaka
Rank5 Nagoya

1,450 1,494 1,509

Number of
population in
Fukuoka City

16.5

12.5
53.0

Natural increase/decrease（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 （2023） ” （Local Administration Bureau, Ministry of Internal Affairs and Communications） .

【Fukuoka City】
Youth population:16.8%（ranked 1st）
Working-age population:61.4% （ranked 4th）

17.0

Youth population

Fukuoka

25,000（ Percentage of city population aged 15 to 29）

Social increase

Yokohama Net increase/decrease
zero line Nagoya
Sapporo（％）

30,000Osaka

Social increase/decrease（ Net increase in in-migrants: number of in-migrants / number of out-migrants）（comparison of ordinance-designated cities）（2022）

2019

2020

2021

2022

2023

＊The number of population is the figure as of October 1. The figure of year 2024 is indicated as of March 1, 2024.
Source: Prepared by Fukuoka Realty based on data from “Estimated Population”（Fukuoka City General Affairs and Planning Bureau）.

2024（year）

1985

1990

1995

2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

（year）＊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. “Tokyo metropolitan area” refers to Tokyo
Metropolis, Kanagawa Prefecture, Saitama Prefecture, and Chiba Prefecture. “Nagoya metropolitan area” refers to Aichi Prefecture, Gifu Prefecture, and Mie
Prefecture. “Osaka metropolitan area” refers to Osaka Prefecture, Kyoto Prefecture, Hyogo Prefecture, Nara Prefecture and Wakayama Prefecture.
Source: Prepared by Fukuoka Realty 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”.

Appendix23

Condition of Inbound Tourists
The number of foreign nationals entering Kyushu has almost recovered except for China
number of overseas visitors

Change in Number of Foreign Nationals Entering Kyushu（people）

China lifted restrictions
on group travel

Decrease in number of Korean tourists

500,000

450,000

Easing of bordercontrol measures

COVID-19 pandemic

400,000

Monthly comparison with 2018

63.2
55.7 55.2 58.7
55.755.2
65.9
60.5
45.8 46.1
55.6
41.6

・End of March 2025 Second runway at Fukuoka Airport
to be put into service

250,000
200,000

120

100
83.9 84.4 78.1
（＊1）
74.5
80

350,000
300,000（％）

150,000

75.7
（＊1）

40

30.6

100,000

20

11.5

50,000

Ja
n
Fe .
b
M .
ar
Ap .
r
M .
ay
Ju
n
Ju .
l
Au .
Se g.
p
O t.
ct
No .
v
De .
c
Ja .
n.
Fe
b
M .
ar
Ap .
r
M .
ay
Ju
n
Ju .
l
Au .
Se g.
p
O t.
ct
No .
v
De .
c
Ja .
n
Fe .
b
M .
ar
Ap .
r
M .
ay
Ju
n
Ju .
l
Au .
Se g.
p
O t.
ct
No .
v
De .
c
Ja .
n.
Fe
b
M .
ar
Ap .
r
M .
ay
Ju
n
Ju .
l
Au .
Se g.
p
O t.
ct
No .
v
De .
c
Ja .
n.
Fe
b
M .
ar
Ap .
r
M .
ay
Ju
n
Ju .
l
Au .
Se g.
p
O t.
ct
No .
v
De .
c
Ja .
n
Fe .
b
M .
ar
Ap .
r
M .
ay
Ju
n
Ju .
l
Au .
Se g.
p
O t.
ct
No .
v
De .
Ja c.
n
Fe .
b.

0
2018

2019

2020

2021

2023

2022

60

0

2024

（＊1） The number of foreign visitors for January and February 2024 is a preliminary figure.
Source: Prepared by Fukuoka Realty based on the data of “Change in Number of Foreign Nationals Entering Kyushu” of the Kyushu District Transport Bureau of the Ministry of Land, Infrastructure, Transport and Tourism

Number of Foreign Nationals Entering Kyushu from Major Countries

Trend of International Flights （Passenger Flights） at Fukuoka Airport （＊2）

（Regions） （December 2023）

number of flights（flights/week）

400
372

399

300

316

100

2018

Mar. 31, 2019～
Oct. 26, 20192019

Dec. 2019

Dec. 2023

Korea

227,548

74,557

212,854

93.5%

China

114,271

103,299

28,846

25.2%

Other Asia

72,04088,641

104,645145.3%

Total of Kyushu
Region（＊3）

424,325

278,363358,231

84.4%

294
203

Oct. 28, 2018～
Mar. 30, 2019

Dec. 2018（Comparison with 2018）

392

200

0

Dec. 2023

Country / Region

Oct. 27, 2019～
Mar. 28, 2020

5.5

9Oct. 25, 2020～
Mar. 27, 2021

Oct. 31, 2021～
Mar. 26, 2022

2020

2021

Oct. 30, 2022～
Mar. 25, 2023

2022

Mar. 26, 2023～
Oct. 28, 2023
2023

Oct. 29, 2023～
Mar. 30, 2024
2024（＊2）The number of flights in airlines’ operating plans applied for each period and approved by the Ministry of Land, Infrastructure, Transport and Tourism is indicated.
Source: Prepared by Fukuoka Realty based on the data of “Overview of Regular International Flights” of the Ministry of Land, Infrastructure, Transport and Tourism（＊3） The total number for Kyushu includes the number of foreign visitors from regions other than Asia.
Source: Prepared by Fukuoka Realty based on the data of “Change in Number of Foreign Nationals Entering Kyushu” of the Kyushu District Transport
Bureau of the Ministry of Land, Infrastructure, Transport and Tourism

Appendix24

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］◎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％
6％〜26％
3％〜6％
slightly higher
0.1％〜3％less than 0.1%

North American Platehigh

11,600Aichi

11,600

Osaka

7,300

Fukuoka0

Sapporo
2.3％

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
7.5％

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

FY2024 128,300 ㎥ （planned）

FY1999 No storm water storage facilities

Fukuoka
6.2％

Tokyo
43.5％
Nagoya45.1％

Pacific Plate

Osaka
58.8％
Philippine Sea Plate＊According to the calculation model, meshes with zero probability are colored in white. Figures for each city are based on the baselines in 2023.
Source: Prepared by Fukuoka Realty based on data from the Office of the Headquarters for Earthquake Research Promotion （Earthquake andDisaster-Reduction Research Division, Research and Development Bureau, Ministry of Education, Culture, Sports, Science and Technology） ;J-SHIS (Japan Seismic Hazard Information Station, National Research Institute for Earth Science and Disaster Resilience）; and the websiteof 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 FY2023

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.

Appendix25

Certification from external organizations and information disclosure
Principles for Responsible
Investment （PRI）（September 2018）

Refers to the six basic principles advocated in 2006 by Kofi Annan, the United Nations Secretary-General at thetime, for the purpose of reflecting environmental, social and governance （ESG） factors to the investment process,as well as the international network of financial institutions that affirm the principles.
The Asset Manager became a signatory to the Principles for Responsible Investment （PRI） in September 2018 inorder to implement practices at an international level when it promotes ESG awareness in real estate investment
and management operations.

Endorsement of TCFD
（Task Force on Climate-related
Financial Disclosures）（September 2022）

In September 2022, we endorsed the recommendations of the TCFD （Task Force 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 Consortium, an organization of endorsing Japanese companies.

Principles for Financial Action
towards a Sustainable Society（Principles for Financial Action
for the 21st Century） （September 2018）

Principles for Financial Action towards a Sustainable Society （Principles for Financial Action for the 21st Century）
refers to the principles prepared in October 2011, with the Ministry of the Environment serving as the secretariat,
as action guidelines for financial institutions that want to fulfill the responsibilities and roles necessary for forming asustainable society.
The Asset Management Company became a signatory in September 2018, affirming the ideas of the Principles.
GRESB is a benchmark evaluation system that annually assesses the environmental, social and governance

GRESB（ESG） awareness of real estate companies and funds, as well as the name of the organization 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.
GRESB Real Estate Assessment: “4 stars” and “Green Star”. Disclosure Assessment: the highest “A Level”

DBJ Green Building
Certification

The DBJ Green Building Certification is a certification system established in 2011 as an initiative tosupport real estate featuring "environmental and social considerations" and entities that own andoper at e such est at e. The sy st em evaluat es r eal est at e sust ainabilit y fr om five ESG-based
perspectives.
FRC has acquired the certification for 13 properties.

CASBEE（Comprehensive Assessment System
for Built Environment Efficiency）

CASBEE （Comprehensive Assessment System for Built Environment Efficiency ） is a method forevaluating and rating the environmental performance of buildings. It is a system that comprehensively
evaluates the quality of buildings including not only environmental consideration such as using materials
and equipment that save energy or achieve smaller environmental loads but also features like interior
comfort and scenic aesthetics. 4 properties owned by FRC were certified.

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 5 properties.

Appendix26

Assessment of Financial Impacts Based on Climate Change Scenario Analysis （qualitative analysis）
Updating qualitative analysis of risks and opportunities and financial impacts in line with the recommendations of the TCFD （Task Force on Climate-related Disclosures）
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 and Financial Impacts

Transition risks

Policy andlaw

Carbon tax burden increases with the introduction of carbon pricing

Technology

Severity
2030
2050

Response to Risks and Opportunities
Promotion of CO2 reduction targets
Energy-saving retrofits/introduction of renewable energy
Operation to boost energy efficiency
Develop long-term renovation plans, eyeing the useful life of buildings
Utilize subsidies, etc.
Improved portfolio in terms of environmental performance through acquiring properties, including ZEB and ZEHSM（energy-saving, power storage, ZEB/ZEH conversion, photovoltaics, etc.）

L

L

Market preferences cause vacancy rates to rise/rents to fall for
non-decarbonization-compatible properties

S

S

Delayed response to decarbonization causes unit prices to fall, missing
external growth opportunities--

Delayed response to decarbonization leads to shorter borrowing periods andhigher interest rates

S

S

More frequent disasters increase costs of damages/recovery

L

L

More frequent disasters increase disaster preparedness costs

S

M

Increased air conditioning usage due to rising temperatures increases utility
cost burden

S

SCountermeasure costs increase due to sea level riseS

S

Higher resource
Energy procurement costs associated with energy conservation decrease
efficiency

S

S

S

S

-

-

S

M

Promote environmental certification acquisition
Identify tenant needs through satisfaction surveys, etc.

Successful decarbonization response expands borrowers and financing
opportunities

S

S

Utilization of green finance

Successful decarbonization response helps tap new investor base--Appeal to investors who value environmental issues

Successful disaster preparedness measures reduce costs of damages
caused by disasters/disaster recovery

M

M

Risk monitoring of property location
Implementation of disaster countermeasures （installation of watertight panels, waterproofing for central monitoring, effectiveness of power receiving and transforming facilities, etc.）
Risk transfer through property insuranceMarketReputation

Physical risks

Acute

Chronic

Energysources

Increased costs for energy conservation/energy creation in existing properties

Progress in transition to clean energy leads to reduced carbon tax burden

Opportunities

Products and Increased supply of ZEB properties in the market boosts opportunities toacquire ZEB properties
services
Market preferences increase occupancy/rents for decarbonized properties

Markets

Resilience

Promote environmental certification acquisition
Identify tenant needs through satisfaction surveys, etc.
Promotion of green lease agreements
Promotion of greening
Appeal to investors who value environmental issues
Improved portfolio in terms of environmental performance through property replacement
Risk monitoring of property location
Implementation of disaster countermeasures （installation of watertight panels, waterproofing
for central monitoring, effectiveness of power receiving and transforming facilities, etc.）
Conduct BCP training
Provide property insurance
Hazard risk surveys at the time of property acquisition
Implementation of renovation to improve air conditioning efficiency
Operation to boost energy efficiency

Energy-saving retrofits/introduction of renewable energy
Improved portfolio in terms of environmental performance through acquiring ZEB/ZEH properties, etc.
Lower prices for high-efficiency equipment＊Items that are difficult to evaluate or calculate are indicated by "-".

Appendix27

Assessment of Financial Impacts Based on Climate Change Scenario Analysis （quantitative analysis）
Performing quantitative analysis of financial impacts based on scenario analysis in line with the recommendations of the TCFD （October 2023）
Financial Impacts
Scenario- unit : mm yen

Financial Impact

Carbon tax burden increases

Transition risks/
Opportunities

Increased costs for retrofitting existing proper ties
to make them energy conservation-/energycreation（on-site） -compatible
Energy procurement costs decrease with retrofits
Vacancy rates for non-decarbonization-compatible
properties increase/rents for compatible properties
increase

Damage from flooding/disaster recover y costs
increase

Physical risks/
Opportunities

Flood control costs increase

Increased utility cost burden due to increased air
conditioning usage

Countermeasure costs increase due to sea level rise

4℃ Scenario

1.5℃ Scenario

Risk

-

（352）

Countermeasureeffects

-

188

Risk

-

（783）

Opportunity

Reflected in carbon tax measure
ef fects and energy procurement
costs/rental business opportunities

Supplement
Increased carbon tax burden
Reduction due to retrofits for energy conser vation/energycreation （on-site） -compatible
Increased CAPEX
Increased maintenance and management costs forrenewable energy facilities

Countermeasureeffects/opportunity-

119

Reduction due to retrofits for energy conser vation/energycreation （on-site） -compatible

Risk

-

（91）

Decrease in leasing business revenues if nomeasures are taken

Opportunity-

329

Increase in leasing business revenues when energysaving/energy- （on-site） retrofit measures are taken

（169）

（56）

38

13

Risk

（103）

（65）

Increased non-life insurance premiums
Increased CAPEX due to flood control construction

Risk

（14）

（3）

Increased utility costs due to more frequent use of
air conditioning

Countermeasureeffects-2

Reduction due to retrofits for energy
conser vation/energy-creation （on-site）

Risk

-

-

No events were identified at this time that could have a significant
impact on properties located in inundation zones, such as a decline inproperty values due to sea level rise or countermeasure costs incurred.

Risk
Countermeasureeffects

Increased probability of torrential rains, resulting in direct
damage from flooding and indirect damage from business
shutdowns, etc.
Risk transfer of direct/indirect losses due to flooding throughproperty insurance
Diminishing risk effect thanks to flooding countermeasures＊For figures less than a unit, the amount is rounded to the nearest round. ＊Unarticulated items are "-".
＊This estimate reflects only the portion that is judged to be calculable at this time, and does not evaluate all climate-related risks posed by FRC. In the future, we will try to develop our analysis in response to trends in global and Japan climate-related risks.
＊This estimate was made by taking into account the existing financial information of FRC and the information indicated by climate-related scenarios and literature. The unit is based on the impact amount on a cash basis （million yen） per year, and the time axis is assumed to be as of 2050.

The accuracy cannot be guaranteed at this time. In addition, the countermeasures assumed are based on trial calculations and are not planned or decided to be implemented.

Appendix28

ESG Initiatives （Environment）
Reduction of environmental load

Maintenance and enhancement of environmental and construction performance

Enhancing energy efficiency Fukuoka REIT
・Installation of electromagnetic water meter NEW
・Utilization of renewable energy（common areas, etc.）
・ Reduction in Air Conditioning Load (applied
coating film containing a shading agent)・ Greening of common spaces / Arrangement ofwater areas / Creation of shaded spaces
・Installation of electronic circuit breaker

Green Building certification

BeforeGreen Building certification obtained for 84.6％
of entire portfolio

After■Ratio of environmental certification acquisition【Newly acquired in Sept. 2023】【Re-certified in Dec. 2023】

Certification

14.2％

5.6％

0.5％

Hakata FD Business Center LOGICITY Minato Kashii＜Upgrading of emergency power generator＞ NEW・DC power supply device （Canal City Hakata）
Power supply for starting emergency power generator in the event of emergencies.

Upgrade work

13 properties owned by FRC were certified（One property has been newly acquired, andtwo properties have been recertified.）

CASBEE

BELS Evaluation
Certification
Park Place Oita

・ DBJ Green Building Certification

Certificatedproperties

84.6％

After upgrade【Re-certified in Dec. 2023】

DBJ Green
Building
Certification

78.5％

LOGICITY Hisayama＊As of February 29, 2024 （based on total floor space）

・ CASBEE Certification for Real Estate
4 properties owned by FRC were certified （ 2 properties have been newly acquired （February 2024））.

Waste reduction / resource recycling /water resources, etc.
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）

Taihaku Street
Business Center

Rank A（residence）

Hakata Chikushi-Dori
Center Building

Rank S・ BELS Evaluation
5 properties owned by FRC were certified●Addition of plants （Konoha Mall Hashimoto） NEW
Before●Canal City Hakata has worked to reduce water consumption througha canal water filtration system (rainwater reuse system), a greywater
plant (kitchen drainage reuse system), water-saving toilets, etc.

Rank S（office building）

After

Higashi Hie
Higashi Hie
Business Center Business CenterⅡ

LOGICITY
Minato Kashii

LOGICITY
Hisayama

Tissage Hotel
Naha

Appendix29

ESG Initiatives （Society①）

Creation of pleasant workplaces

Initiatives for employees《Fukuoka Realty: Numbers of credentialed personnel》（As of February 29, 2024）《Support for flexible working styles》 《Training for employees》●■The average number of years of continuous serviceof permanent employees: 8 years and 0 months■Full-time personnel: 48 [Male:24 Female:24] * Gender ratio●●

Employees seconded from sponsors：3
Employees seconded to a sponsor：8■Number of credentialed personnel
●

●

●

●

●

Real estate brokers : 23

ARES Certified Masters : 21

Certified Building Administrators : 5

●

●

●

●

First-class registered architect : 3
Real estate appraisers : 3●

Male : 50.0％
Female : 50.0％

Attorney : 1

MBA : 2

CMA : 2

Licensed Representative of Condominium
Management Company : 1
Information Technology Passport Examination : 3＊The total number of permanent employees, contract employees and employees seconded

from other companies.

Fukuoka Realty

●

●
●

●

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

Regular lectures by Kyushu Economic
Research Center● Compliance training●●

ESG training

●

●

●

●

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

●

●

●

Initiatives to prevent infectious diseases such as influenza（Implementation of influenza vaccination and full coverage of vaccination costs）●●

Mandatory health checkups and comprehensive medical examinations●

Application system to restrict excessive overtime work●

Integrated Report training●

Assistance for use of sports clubs●

In-house recreation, etc.

●

Installation of personal booths, meeting booths, plants, etc.

●

Installation of personal lockers《Career development support》●

Other Initiatives《health management・Improvement of office environment》

Offering of training programs tailoredto each management level
System for supporting acquisition ofqualifications（Real estate brokers,
ARES Certified Masters, etc.）
Support for language learning, etc.

《Certification and registration, etc.》

Certified as a “Fukuoka ‘Work-Style Reform’ Promotion Company”（August 2018）●●

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

SDGs in Fukuoka Prefecture Entry into registration system（February 2023）●

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）

Training aimed at improving skills（inbound customer service training ＊Korea, China） NEW●

Thank-you party for tenant staff（Canal City Hakata, Park Place Oita）NEW●

Improvement of employee lounge●

Implementation of tenant satisfaction surveys●

Park Place Oita and Konoha Mall Hashimoto introduced "Flexible Business Hours System （＊）"
for tenants on a trial basis.

＊System in which opening and closing hours are set at the discretion of the store

Inbound customer service training

Thank-you party for staff

Appendix30

ESG Initiatives （Society②）

Contribute to increased attractiveness and vitalization of Fukuoka and Kyushu area
●O-Vision Ice Arena Fukuoka

Provision of regional information Fukuoka Realty●Support for locally based professional sports

Information provision using website, social media, financial results briefing materials, etc.
Announcement of financial results at the Fukuoka Stock Exchange
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

Fukuoka REIT

Support for Yamakasa Festival, Hakata Dontaku, Nakasu Jazz, Funa Norikomi （boat boarding; Kabukistars unveiling their arrival） and locally based professional sports, etc.
Local companies and regional supporters supported “O-Vision Ice Arena Fukuoka” and “the sponsors of Avispa Fukuoka”

Implementation of Corporate Version of Hometown Tax System Fukuoka Realty
Continue to implement the corporate version of the hometown tax payment system（Kumamoto City and Nagasaki City）

NEW

Held an ice skating class for adults and children
as part of the welfare programNEW
for all officers and employees

Endorsed urban development through sports throughthe “season seat sponsor” of Avispa Fukuoka

Involvement in local community

Initiatives for
local communicaties, etc. Fukuoka Realty●●

Initiatives at each facility in collaboration with local communities（Canal City Hakata and Konoha Mall Hashimoto） NEW
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

●

●

●

Others●Fukuoka Realty

Canal City Hakata

Konoha Mall Hashimoto

Gospel illumination event held Tie-up with a local elementary school“Seiryo Marche”
by a local high school
NEW
NEW

Konoha Mall Hashimoto
SDGs plastic bottle cap art
NEWParticipation in Clean Day

Hosted the Real Estate,
Finance and Economic Networking

Fukuoka REIT

Child-rearing support

Individual facility initiatives- Safety and security activities（crime prevention patrol, AED installation）- Local contribution （bike share service, EV charging station） , etc.

●

Child-rearing support

Park Place Oita

Canal City Hakata, others

Canal City Hakata, others

Canal City Hakata, others

Parking lot dedicated to pregnant
women and stroller users

Crime prevention patrol（Jointly conducted with
communities and schools）

AED installationbike share service

EV charging station

Appendix31

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

Conjunction with investors' and sponsors' profit
Fukuoka REIT

Fukuoka Realty・Same-boat investment by sponsor
Fukuoka Jisho Co., Ltd., the main sponsor, has 9.81% of FRC’s investment units
・Cumulative investment system for investment units（About 1/3 of officers and employees participate in this 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
Inspection by Compliance Department general manager

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

Deliberations by the Investment Management Committee

Deliberations/resolution by the Compliance Assessment Committee

Based on total assets
Based on operating revenues
Based on distributable profit
Acquisition fee
Transfer fee

Management Fee 2

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

Secure transparency and fairness of the Board of Directors
Title
President and CEO
Vice President Board of Directors（Non-Executive）
Vice President Board of Directors（Non-Executive）
Vice President Board of Directors（Non-Executive）
Vice President Board of Directors（Non-Executive）

Name
Zenji Koike
Hiroshi Shimuta
Yukitaka Ohara
Masanori Kozuma
Kazuomi Kamikawa

Attendance at board meetings at 39th

Information on attendanceat board meetings at 39th, etc.
Title

Name

Executive director

Zenji Koike

Supervisory director

Yasuo Kawasho

Supervisory director

Takashi Tanabe

100％ attendance
100％ attendance
100％ attendance
100％ attendance
100％ attendance
Fukuoka REIT

Total fees（thousand yen） Attendance at board meetings

3,600

100％ attendance
100％ attendance
100％ attendance

Information Security

Fukuoka Realty

・ Established information management regulations（for protection and handlingof information assets and prevention of information loss, leakage, etc.）（June 10, 2014）

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.
Apr. 2021– Mar. 2022

Apr. 2022– Mar. 2023

6 times

6 times

Apr. 2023– Mar. 2024

7 times（including e-learning）

Information disclosure and dialogue with stakeholders

Publication ofIntegrated Report
Fukuoka REIT・Published f if th integrated
report in December 2023
(aim t o ex pand non - f inanc ial
information)

Integrated Report 2023
(published in December 2023)

・ESG interview

Conducted 8 times（February 2024）

Appendix32

IR initiatives
Major IR activities implemented

Major achievements in public relations activities◎IR for domestic institutional investors◎Website recognition NEW◎Advertising （Local economic magazine）

・ Financial results briefing for analysts and institutional investors

FRC’s website was selected as a AAA website in the
Fiscal 2023 All Japanese Listed Companies' Website
Ranking （overall and sector rankings） announced by
Nikko Investor Relations Co., Ltd. （Targets of the survey:
All listed companies in Japan （3,970 companies））
FRC has won the award in the ranking （overall ranking）
for 14 consecutive years since 2010. （12 times as a
AAA site and 2 times as a AA site）
In addition, FRC won first place in the “REIT/Infrastructure Investment Corporation” sector of the sector ranking comprised of 34 sectors.

Posted interviews with President and CEO Zenji Koike in Fukuoka
Keizai (November 2023 issue) and Zaikai Kyushu (January 2024
issue）（Following on-line live streaming） Post the video on the website the next day

・ Roadshows on financial results （face to face and conference calls）

・ Holding of property tours◎IR for overseas institutional investors
・Roadshows on financial results （Asia, etc.）
・ Timely information disclosure in English （held simultaneously as thedelivery of Japanese press releases）◎IR for individual investors
・ Kyushu IR Fair 2023（November 2023）

NEW・ In-person financial results presentation for individual unitholders（Tokyo）（December 2023）

For the first time in 4 years since the COVID-19 pandemic, an in-person presentation for individual unitholders was held in Tokyo.
・ J-REIT Fan in Fukuoka 2023 （December 2023）
・ J-REIT Online IR seminar（December 2023）
・ Fukusho IR Fair Online（January 2024）
・ Responding to individual calls,etc.

Zaikai Kyushu（January 2024 issue）

Status of integration into
indexes （as of February 29, 2024）◎Global indexes, etc

FTSE EPRA/NAREIT
Global Real Estate Index

Kyushu IR Fair 2023

In-person financial results
J-REIT Fan in Fukuoka 2023
presentation for individual unitholders

FTSE Developed
Small CapS&P Global REIT
Index

J-REIT Online IR seminar

Fukusho IR Fair Online

Property tour for institutional investors

MSCI Japan
Small Cap Index

Fukuoka Keizai （November 2023 issue）

Other Activities
The Kyushu IR Workshop, which started in collaboration with the Japan Investor Relations Association, is entering its 14 year in 2024. It is utilized as avenue to study the latest IR trends with IR staff of companies from Fukuoka
and Kyushu and to build networks among such companies.

Date

Theme & lecturer

1stworkshop“IR Leading to Continuous Evaluation:
Trends in IR and Disclosure in FY2023"

July 2023

Executive Managing Director, Japan Investor Relations Association Yoshiko Sato

2ndworkshop“IR Activities of YASKAWA Electric Corporation（Expansion of Information Disclosure and Opportunity for Dialogue）"

3rdworkshop“How Should We Face Human Capital Management?"

November 2023

February 2024

Head of IR Promotion Section, Corporate Communications Division/IR Division,
Corporate Branding Division, YASKAWA Electric Corporation Daisuke Nakahara

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

Appendix33

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

800,000

796,000

796,000

796,000

796,000

No. of unitholders and investment units held by unitholder category
796,000

Percentage

12.41%

12.14％（95,695）（94,055）（93,281）（98,807）（96,703）

Individual・other

13,35695.69％

96,70312.14％

Foreigncorporations
Other domestic
corporations

244

1.74％

128,979

16.20％

251

1.79％

107,697

13.52％

Stock brokers

21

0.15％

12,080

1.51％

Financial institutions

85

0.60％

450,541

56.60％（107,697）（Of which held by trust banks）

9

0.06％

345,52843.40％

1.51％

Total

13,957100.00％796,000

100.00％15.68%

14.90%

15.88%

15.16%

16.20％（124,837）（118,671）（126,447）（120,675）（128,979）

13.44%（107,056）

13.41%

13.54%（106,789）（107,841）

2.97%

1.81%

（106,471）

2.20%（17,569）（23,693）56.71%

56.84%（451,428）（452,525）（14,439）

57.16%（455,044）

3.17%（25,256）

13.52％（12,080）

Major investors [at the end of the 39th FP]
55.70%

56.60％（443,421）（450,541）

300,000

42.77%

43.50%

44.44%

42.35%

43.40％（340,526）（346,314）（353,812）（337,161）（345,528）

100,000

0

Investment
units held

11.71%

13.37%

200,000

Percentage

11.81%

600,000

400,000（As of February 29, 2024）

No. of unitholders

12.02%
700,000

500,000[at the end of the 39 th FP]

36th
38th
35th
37th
39th
February 28, 2022 August 31, 2022 February 28, 2023 August 31, 2023 February 29, 2024

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・other

Rank

Name

（As of February 29, 2024）

Investment
units held

Percentage

1

Custody Bank of Japan, Ltd.（Trust account）

214,864

26.99％

2

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

85,92510.79％

3

Fukuoka Jisho Co., Ltd.

78,136

9.81％

4

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

37,279

4.68％

5The Shinkumi Federation Bank

14,760

1.85％

6STATE STREET BANK WEST CLIENT - TREATY 505234

13,294

1.67％

7

JP MORGAN CHASE BANK 385771

11,833

1.48％

8

MetLife, Inc.

10,227

1.28％

9

Shikoku Railway Company

9,130

1.14％

10

The Joyo Bank,Ltd.

7,670

0.96％

Appendix34

Unit price chart
Investment unit price （＊1）

Turnover （＊2）：131,897 mm yen■Market capitalization（as of Feb. 29, 2024）（units）（yen）

300,000

120,000
39 th

April 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

100,000

September 7, 2006
1st PO

40,00020,00050,0000Feb. 28,
2006

Feb. 28,
2007

Feb. 29,2008

Feb. 28,2009

Feb. 28,
2010

Feb. 28,2011

Feb. 29,2012

Feb. 28,2013

Feb. 28,
2014

Feb. 28,
2015

Feb. 29,2016

Feb. 28,2017

Feb. 28,2018

Feb. 28,2019

Feb. 29,2020

Feb. 28,2021

Feb. 28,2022

Feb. 28,2023

0Feb. 29,2024（＊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.

Appendix35

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

Account

38th
Aug. 31, 2023
A

39th
Feb. 29, 2024
B

Total current assets

11,591

9,138

Difference
B－A

Account（2,453）

Total current liabilities
Operating accounts payable

6,193（4,431）

771

871

100

-

（2,000）162

Current maturities of long-term debt

5,200

2,700

（2,500）28

Account payable-other

16

19

2

Accrued expenses

3,304（2,962）

4,243

4,206

（36）

Operating accounts receivable

791

954

Prepaid expenses

259

288

-

371

371

29

12

（17）

192,254205,231

12,977

Liabilities

Total non-current assets

10,625Difference
B－A

2,000

6,267

Consumption taxes refund receivable

39th
Feb. 29, 2024
B

Investment corporation bonds scheduled
to be redeemed within one year

Cash and deposits
Cash and deposits in trust

Others

38th
Aug. 31, 2023
A

433

463

29

Income taxes payable

0

3

2

Accrued consumption taxes

（11）

11

-

Advances received

185,374

198,286

12,912

1,065

1,058

（7）

Buildings

1,918

1,893

（25）

Deposits received

1,125

1,078

（47）

Structures

23

23

（0 ）

Total non-current liabilities

91,316106,227

14,911Tools and fixtures

0

2

1

Investment corporation bonds

3,000

3,000

-

Long-term debt

76,25090,65014,400

837

835

（1）

Total property, plant and equipment

Assets

1,684

1,684

-

66,14071,643

5,503

Tenant leasehold and security deposits
Tenant leasehold and security deposits
received in trust

11,22911,742

513

Total liabilities

101,941

112,421

10,479Total unitholders’ equity

101,926

101,969

42

Unitholders’ capital

98,93898,938

-

1,033

1,018

（14）

Machinery and equipment in trust

703

748

45

Tools and fixtures in trust

238

238

0

113,622

121,016

7,394

9

15

6

Total intangible assets

5,548

5,547

（0）

Leasehold right in trust

5,545

5,545

-

2

1

（0）

1,331

1,397

66

0

1

1

Structures in trust

Lands in trust
Construction in progress in trust

Other intangible assets in trust
Total investment and other assets
Deferred tax assets
Lease and guarantee deposits

10

10

-

Lease and guarantee deposits in trust

327

335

8

Long-term prepaid expenses

994

1,050

56

22

21

（1）

203,868

214,390

10,522

Total deferred assets
Total assets

Net assets

Lands
Buildings in trust

Surplus
Total net assets

Total liabilities and net assets

2,987

3,030

42

101,926

101,96942

203,868

214,390

10,522

Appendix36

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
Payments of leasehold and guarantee 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
Redemption of investment corporation bonds
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

38th A

39th B

Difference〜Feb. 29, 2024

〜Aug. 31, 2023

3,939
2,988
1,531
1
（0）
284
（432）
（52）
（355）
31
（4）
5
（2）
201
10
（0）
12
4,219
0
（278）
（1 ）
（3,436）（1,539）1,495（3,172）
94
（16）
195
（494）
1
（2）
（298）
3,000
（3,000）8,450（5,900）（2,848）204
10,255
10,459

3,724
3,031
1,609
1
（0）
328
（237）
（162）
（371）
（11）
（62）
2
6
（7）
（47）
（28）
（56）
36
4,030
0
（305）
（0）
（13,636）（0）815（14,953）
（1）
5
（7）
637
（124）
（8）
2
（2）
6,912
21,900（21,900）
16,400（4,500）（2,000）（2,987）（2,999）10,459
7,460

B－A

（214）
43
77
（0）
0
43
194
（110）
（371）
344
（94）
7
1
（4）
（248）
（39）
（56）
23
（188）
（0）
（26）
0
（10,200）
1,539
（680）
（11,781）
（1）
（89）
8
441
369
（8）
0
（0）
7,211
18,900（18,900）
7,950
1,400
（2,000）（138）（3,203）204（2,999）Appendix37

Income and expenditure by properties （Retail）- unit : mm yen

Category

Canal City Hakata

Canal City Hakata・B（Length）

Active retail

Category（Length）︵ Others︶
Retail①Total 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

951
915
36
550
374
23
104
7
36
3
401
190
210
3.8%
82

1,070
1,052
17
473
290
16
85
5
25
50
596
239
357
3.7%
69

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
Square Mall
Kagoshima
Usuki

Kumamoto
Intercommunity
SC

Park Place Oita

39th FP（Sept. 1, 2023 〜Feb. 29, 2024）
182 days
1,160
999
160
583
280
38
99
5
134
24
577
206
370
5.9%
153

292
292
49
8
3
34
1
0
242
53
189
7.3%
86

Kurume Higashi
Kushiwara SC （＊1）

K’s Denki
Kagoshima

Hanahata SC

39th FP（Sept. 1, 2023 〜Feb. 29, 2024）
182 days
248
222
26
81
38
2
16
0
20
2
166
31
135
6.3%
2

89
89
0
10
2
0
5
0
1
79
9
69
6.6%
0

Konoha Mall
Hashimoto

SunLive City Kokura

39th FP（Sept. 1, 2023 〜Nov. 29, 2023）

90 days
40
40
5
1
0
3
0
0
35
4
31
6.2%
1

13
13
0
3
0
2
0
1
9
2
7
5.1%
-

39th
Total
A

4,314
3,943
371
2,189
1,258
99
366
21
284
157
2,125
791
1,334
4.8%
399

840
683
156
532
304
16
42
2
87
78
308
101
206
6.2%
6
Marinoa City
Fukuoka（Marina Side Building）

39th FP（Sept. 1, 2023 〜Feb. 29, 2024）
182 days
177
105
177
105
23
13
11
1
1
3
18
7
0
0
0
1
153
92
22
22
130
69
5.8%
5.2%
0
0

39th
Total
A

675
648
26
139
46
8
54
2
20
7
536
91
444
5.9%
6

38th
Total
B

Difference
A－B

184 days
4,126
3,693
432
2,347
1,266
195
366
21
356
141
1,778
782
995
4.0%
923

（2） days
188
249
（60）
（158）
（7）
（96）
（0）
（0）
（71）
16
347
8
338
0.8%
（524）

38th
Total
B

Difference
A－B

184 days
742
711
31
145
48
11
56
2
24
3
596
105
491
6.0%
4

（2） days
（66）
（62）
（4）
（ 6）
（ 1）
（ 2）
（2）
（ 0）
（ 3）
4
（60）
（13）
（47）
（0.1）%
2

Forecast Difference
C （＊2）
A－C

4,194

120

2,235

（45）

1,959

166

Forecast Difference
C （＊2）
A－C

679

（3）

146

（6）

533

2

（＊1）Disposed on November 30, 2023. （＊2）Forecast at the financial results of the 38 th fiscal period.

Appendix38Income and expenditure by properties （Office buildings・Others）- unit : mm yen

Category

Canal City Gofukumachi
Business
Business
CenterCenterBuilding

Sanix
HakataBuilding

Taihaku
StreetBusiness
CenterHigashi Hie
Business
CenterTenjin Tenjin North Higashi Hie Higashi Hie Tenjin Nishi-Dori
HakataKumamoto Hakata FD
Nishi-Dori
Front
Business
Business Business Center Chikushi-Dori East Front BusinessCenter（Land with
Building
CenterCenter Ⅱ Center � leasehold interest） Center Building Building
Building（Length）

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

652
650
1
225
155
9
50
1
7
1
427
81
345
5.9%
37

Category

Tosu
Logistics
Center

586
525
61
177
74
5
40
2
50
3
409
73
335
7.3%
26

207
197
10
69
19
10
25
0
11
1
138
28
110
6.3%
7

333
333
0
102
56
13
29
1
1
230
67
163
6.6%
228

368
343
25
143
42
13
16
1
26
43
225
45
179
7.6%
4

LOGICITY
Amex
LOGICITY LOGICITY Akasakamon City House
MinatoHisayama Wakamiya
Keyaki Dori
KashiiTower（Length）

Others①Total 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

39th FP（Sept. 1, 2023 〜Feb. 29, 2024）
182 days
97
86
150
161
94
86
123
149
3
27
12
19
19
50
57
7
1
10
18
0
0
6
5
7
16
9
9
0
0
0
0
4
21
11
0
0
1
11
78
67
100
104
19
10
30
41
59
56
70
63
4.8%
5.2%
7.2%
4.9%
2
0
5

Nondisclosure

Nondisclosure

Nondisclosure

Nondisclosure

（＊2）

（＊2）

（＊2）

（＊2）

41
9
31
6.6%
-

186
38
148
4.6%
10

119
38
80
4.7%
-

69
15
54
8.2%
-

67
66
1
15
5
0
1
5
0
0
1
52
15
36
5.1%
1

Aqualia
Chihaya

D-WingTower

39th FP（Sept. 1, 2023 〜Feb. 29, 2024）
182 days
39
60
117
39
58
112
1
5
8
13
26
2
3
7
1
1
3
2
3
3
4
8
0
0
0
0
0
2
1
1
1
30
46
91
9
12
17
21
33
73
5.6%
7.2%
6.5%
1
9
126

159
159
21
21
0
137
137
3.6%
-

140
132
8
42
18
1
12
0
8
0
98
16
82
4.6%
14

Axion
Granfore
Yakuin Befu-Ekimae
Minami
Premium

39
37
2
14
2
3
3
2
0
0
2
25
11
14
4.6%
3

21
19
1
4
1
0
0
0
0
2
16
7
8
2.2%
0

47
43
4
17
8
1
0
4
1
30
10
19
4.2%
2

151
139
11
56
23
0
1
11
18
94
73
21
1.3%
1

Hotel
Tissage
FORZA
Hotel Naha
Oita

61
61
38
0
7
0
30
22
27
（5）
3.0%
78

33
33
9
0
2
5
0
0
24
24
0
1.7%
0

39th
Total
A

3,145
2,977
167
1,001
437
68
238
13
158
85
2,143
498
1,644
5.1%
332
39th
Total
A

953
910
42
226
35
15
9
90
5
26
43
726
227
498
4.8%
232

38th
Total
B

Difference
A－B

184 days
3,014
2,836
178
984
416
85
238
12
164
67
2,030
419
1,610
5.9%
355

（2） days
130
141
（11）
17
21
（17）
（0）
1
（6）
17
113
78
34
（0.7）%
（23）

38th
Total
B

Difference
A－B

184 days
969
913
55
221
35
16
10
90
5
30
33
747
224
523
5.0%
318

（2） days
（15）
（2）
（12）
5
0
（0）
（0）
（0）
0
（4）
10
（20）
3
（24）
（0.2）%（85）

Forecast Difference
A－C
C （＊1）

3,238

（93）

995

6

2,243

（100）

Forecast Difference
A－C
C （＊1）

963

（9）

224

2

738

（12）

（＊1）Forecast at the financial results of the 38th fiscal period. （＊2）Information is not disclosed because the permission of tenants has not been obtained.

Appendix39Income and expenditure by properties （Total） /Repair and maintenance expenses, capital expenditures, and depreciation- unit : mm yen

38th
Total
B

39th
Total
A

Category

Sept. 1, 2023
〜Feb. 29, 2024

（Length）

182 days

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

9,088
8,480
608
3,557
1,777
191
9
749
43
489
294
5,531
1,609
3,922
5.0%
970

Forecast
C （＊）

Difference
A－B

Mar. 1, 2023
~Aug. 31, 2023
184 days
8,852
8,154
697
3,700
1,765
308
10
752
42
575
245
5,152
1,531
3,620
4.9%
1,602

（2） days

236
325
（89）
（142）
12
（116）
（0）
（ 2）
1
（85）
49
379
77
301
0.1%
（631）

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

2,000
1,500

of which,
Taihaku Street Business Center（exterior wall repair work 214） 228
Park Place Oita（Renewal of water tank equipment 99）
153
Canal City Hakata ／ Canal City Hakata ・ B
151（Grand Building exterior wall repair work 83）
D-Wing Tower（exterior wall repair work 128）

0

13

3,590

（32）

5,484

46

570
466

of which,
Office Building
886
Canal City Hakata ／ Canal City Hakata ・ B 489

1,946

1,686

1,602

1,338

129

1,609 1,617
1,486 1,514 1,499 1,531

1,621

970

1,000
500

9,075

of which,
Canal City Hakata ／ Canal City Hakata・B
Office Building（＊）Forecast at the financial results of the 38th fiscal period.

（mm yen）

Difference
A－C

600
121

119

35 th

36th

266

308

37 th

38th

191
39th

133

142

40th

41st

（forecast） （forecast）

Repair and maintenance expenses

35 th

385
36th

37 th

38th

39th

Capital expenditures

40th

41st

（forecast） （forecast）

35 th

36th

37 th

38th

39th

40th

41st

（forecast） （forecast）

Depreciation
Appendix

40

Portfolio table①（As of February 29, 2024）

Real estate property nameRetailCanal City Hakata
Canal City Hakata ・ B
Park Place Oita
SunLive City Kokura
Konoha Mall Hashimoto
Square Mall Kagoshima Usuki
Kumamoto Intercommunity SC
Hanahata 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
Kumamoto East Front Building
Hakata FD Business Center
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
Axion Befu-Ekimae Premium
Hotel FORZA Oita
Tissage Hotel Naha
Total or the weighted average of others
Total or the weighted average of all properties

Age （＊1）

Office buildings

Others27yr 10m
27yr 10m
21yr 11m
18yr 11m
12yr 11m
17yr 5m
17yr 3m
16yr 7m
16yr 3m
23yr 4m－
27yr 10m
20yr 4m
22yr 11m
21yr 11m
15yr 0m
27yr 5m
14yr 1m
8yr 0m3yr 11m－
32yr 1m
30yr 2m
1yr 0m－15yr 9m
9yr 10m
9yr 1m19yr 0m
18yr 7m
16yr 3m
16yr 2m
18yr 0m
16yr 2m
0yr 11m
15yr 6m
6yr 0m－19yr 8m

Acquisition
Investment
price（mm yen）（＊2）
ratio

32,00021,06019,610
6,633
10,000
5,300
2,400
1,130
3,550
5,250
106,933
14,600
11,200
4,400
7,000
5,900
2,600
2,800
4,230
3,290
7,700
4,320
1,450
14,10083,590
1,250
8,150
5,050
1,700
2,060
1,111
1,280
2,800
1,100
1,525
1,530
2,835
30,391
220,914

14.5%
9.5%
8.9%
3.0%
4.5%
2.4%
1.1%
0.5%
1.6%
2.4%
48.4%
6.6%
5.1%
2.0%
3.2%
2.7%
1.2%
1.3%
1.9%
1.5%
3.5%
2.0%
0.7%
6.4%
37.8%
0.6%
3.7%
2.3%
0.8%
0.9%
0.5%
0.6%
1.3%
0.5%
0.7%
0.7%
1.3%
13.8%
100.0%

Acquisition
timingSource （＊3）

Nov. 9, 2004
Mar. 2, 2011
Nov. 9, 2004
Jul. 1, 2005
Mar. 1, 2018
Sept.28, 2006
Nov.30, 2006
Sept. 3, 2007
Mar.27, 2008
May 1, 2015－
Nov. 9, 2004
Nov. 9, 2004
Sept.30, 2005
Mar.16, 2006
Mar.13, 2009
Feb. 1, 2013
Mar.28, 2013
Mar. 1, 2018
May 29, 2020
Jun. 1, 2021
Mar. 1, 2022
Mar.28, 2023
Sept.1, 2023－
Mar.28, 2014
Mar.27, 2015
Jun. 1, 2017
Jun. 30, 2020
Sept. 1, 2006
Dec.20, 2007
Mar. 1, 2012
Mar. 1, 2013
Nov. 4, 2014
Apr.27, 2023
Mar. 1, 2013
Dec. 7, 2018－－

SponsorOutside party
SponsorOutside party
SponsorSponsorSponsorSponsorOutside party
Sponso－SponsorSponsorOutside party
SponsorOutside party＋Sponsor
Outside party
Outside party
SponsorSponsorSponsorOutside party
Outside party
Sponsor－Outside party
Outside party
Outside party
Outside party
Outside party
Outside party
Outside party
Outside party
Outside party
Outside party
SponsorOutside party－－

Total leasable
floor space（㎡） （＊4）

48,176.33
31,141.44
121,184.16
61,450.22
22,191.52
14,602.88
6,968.66
2,801.15
7,296.17
33,069.82
348,882.35
23,031.14
19,905.34
6,293.75
14,677.35
13,482.02
3,339.32
5,261.64
6,214.77
2,981.14
1,343.51
5,994.41
3,114.07
12,102.05
117,740.51
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
1,937.75
5,785.44
3,758.76
123,786.38
590,409.24

Occupancy
rate

99.5%
93.8%
99.8%
100.0%
99.2%
99.1%
100.0%
100.0%
100.0%
100.0%
99.2%
98.6%
99.1%
100.0%
99.3%
99.4%
100.0%
100.0%
100.0%
100.0%
100.0%
89.6%
75.4%
86.5%
96.8%
100.0%
100.0%
100.0%
100.0%
97.0%
97.8%
98.9%
98.9%
99.0%
74.3%
100.0%
100.0%
99.3%
98.8%

Tenants （＊5）

24
37
99
1
121
12
2
2
1
1
300
62
35
16
（＊6） 70
24
1
12
2
6
1
13
6
13
261
1
2
1
1
65
41
104
135
98
20
1
1
470
1,031

Primary tenants

Alpen FUKUOKA and Washington Hotel
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
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 Dia Nippon Engineering Consultants Co., Ltd.
Fukuoka Jisho Co., Ltd
YAMAEHISANO Co.,Ltd and WESCO Inc.
Mitsui Sumitomo Insurance Company, Limited, NICHINOKEN
Accenture Japan Ltd and Ricoh Japan 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 57 residential tenants.

Appendix41

Portfolio table②

Retail10 properties

Canal City Hakata

Canal City Hakata ・ B

Park Place Oita

SunLive City Kokura

Konoha Mall Hashimoto

Square Mall
Kagoshima Usuki

Canal City
Business Center Building

Gofukumachi
Business Center

Higashi Hie
Business Center Ⅱ

Higashi Hie
Business Center Ⅲ

Office buildings
13 properties

Kumamoto
Intercommunity SC

Hanahata SC

K’ s Denki Kagoshima

Marinoa City Fukuoka

Sanix Hakata Building

Taihaku Street
Business Center

Higashi Hie
Business Center

Tenjin Nishi-Dori
Center Building（Marina Side Building）

Tenjin North Front Building

Appendix42

Portfolio table③
Logistics

Logistics

Others12 properties

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

Logistics

LOGICITY Hisayama

Residence

Hakata Chikushi-Dori
Center Building

Logistics

LOGICITY Wakamiya

Hotel

Kumamoto
East Front Building

ResidenceAmex Akasakamon Tower

Hakata FD
Business Center

Tosu Logistics Center

Residence

City House Keyaki DoriResidence

Aqualia Chihaya

Residence

D-Wing Tower

LOGICITY Minato Kashii

Residence

Granfore Yakuin Minami

Logistics

Hotel

Total acquisition
price

1 property
to be acquired

220.9 bn yen（As of February 29, 2024）（＊） Scheduled to be acquired

on March 31, 2029

Axion Befu-Ekimae
Premium

Hotel FORZA Oita

Tissage Hotel Naha

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

Appendix43

Portfolio map

in

Um

25

A

FUKUOKA
PayPay DOME
Nishijin Sta.

Subwayne
Airport LiUr

Ha Subw
koz ayaki
LineNakasu12
Kawabata23
14
Sta.
Higashi-Hie
Kushida Gion Sta.
17
Sta.
Shrine Sta. Hakata
28 31 20
18 15
Tenjin 2 11
16
13
Akasaka Sta.
21 19
Tenjin-minami Sta. 1
Watanabe-dori Sta.
29

202

Yakuin-odori
Sta.
Ropponmatsu Sakurazaka
Sta.
Sta.

1km
500m

263

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

2 Canal City Hakata・B

34
3

7

Kumamoto
MiyazakiOkinawa

Fukuoka-kuko（Airport）
Sta.

Fukuoka
AirportOita

Kyushu Shinkansen

BEST DENKI
Stadium

JR LineExpressway

6
9

Kagoshima

JR

Ten Nishjin- itet
Om su
uta
Lin

Ka

Ur

go

sh

im

e

Fukuoka
University

Urban Expressw
Kanjo Line ay

8

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

6 Square Mall Kagoshima Usuki

aL

9 K’s Denki Kagoshima■Address ： Tokai-cho, Kagoshima Cityineba
Da n E
za xp
ifu reLi sswne ay

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

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

19 Higashi Hie Business Center Ⅲ■Address ： 4-chome, Higashi-hie,
Hakata Ward, Fukuoka City

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

10 Marinoa City Fukuoka（Marina Side Building） 14 Taihaku Street Business Center

Tenjin Nishi-Dori Business Center
20（Land with leasehold interest）■Address ： 2-chome, Tenjin,
Chuo Ward, Fukuoka City

21 Hakata Chikushi-Dori Center Building

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

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

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

27 LOGICITY Wakamiya■Address： Shimoaruki, Miyawaka City

28 Amex Akasakamon Tower■Address ： 1-chome, Sumiyoshi,
Hakata Ward, Fukuoka City

■Address：2-chome, Usuki,■Address：2-chome, Odo, Nishi Ward,
Fukuoka City

■Address ： Gokushomachi,
Hakata Ward, Fukuoka City

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

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

3 Park Place Oita

7 Kumamoto Intercommunity SC

11 Canal City Business Center Building

15 Higashi Hie Business Center

22 Kumamoto East Front Building

29 City House Keyaki Dori

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

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

35

32

33

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

NagasakiFukuoka IC

Yakuin Sta.

202

5 Hashimoto Sta.

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

Kaizuka Sta.

Ohorikoen（Ohori Park）Sta.

Tojinmachi Sta.

ssway

Marina-TOWN

22

e

10

Saga

Lin

Sea-Side
MOMOCHI

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

Fukuoka24

hii

Hakata Bays
Ka

HakozakiPort

Urban Expressway
Kanjo Line

Chihaya Sta.

30

JR

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

4
27

26

u ExpreJR

Island City

Kyush

Uminonakamichi
Seaside Park

Fukuoka Cityu
ets e
hit LinNis ukaiz
Ka

Fukuoka City

ine

hi L

mic

ka
oNa

Kagoshima City

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

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

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

12 Gofukumachi Business Center■Address ： Kami Gofukumachi,
Hakata Ward, Fukuoka City

■Address ： 3-chome, Higashi-hie,
Hakata Ward, Fukuoka City

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

■Address ： 1-chome, Shinyashiki, Chuo Ward,

Kumamoto City

23 Hakata FD Business Center■Address ： Tsunabamachi,

Hakata Ward, Fukuoka City

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

30 Aqualia Chihaya■Address ： 4-chome, Chihaya,
Higashi Ward, Fukuoka City

31 D-Wing Tower■Address：2-chome, Daimyo,
Chuo Ward, Fukuoka City

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

33 Axion Befu-Ekimae Premium■Address ： 3-chome, Befu, Jonan Ward,

Fukuoka City

34 Hotel FORZA Oita

■Address ： 1-chome, Chuo-machi,
Oita City

35 Tissage Hotel Naha

■Address：2-chome, Nishi, Naha City

Scheduled to be acquired on March 31, 2029
Island City Minato Bay related site

A（Land with leasehold interest（）tentative）■Address：3-chome, Minatokashii,

Higashi Ward, Fukuoka City

RetailOffice buildings

Appendix

Others44

Dividend and NAV per unit
Dividend per unit

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

4,000

3,278

3,435

3,563

3,574

3,479

3,398

3,422

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

3,512

■29th
・Tissage Hotel Naha
2,835

3,687

3,593

3,693

■36th
■39th
■34th
■32nd
・ Hakata Chikushi-Dori ・ Hakata FD Business Center 14,100
・Higashi Hie Business Center Ⅲ ・Tenjin Nishi-Dori Business Center
・ Kurume Higashi Kushiwara SC（Land with leasehold interest） Center Building
3,290
4,320
（30% of quasi co-ownership interest）（Sold） （750）7,700・LOGICITY Wakamiya■38th・CANAL CITY Hakata・B Grand Building
1,700
・ Kumamoto East Front Building 1,450（Sold）（88.28% co-ownership）
・ Park Place Oita
・ Axion Befu-Ekimae Premium 1,525（7,640）（＊1）（Home Plaza NAFCO）
・ Kurume Higashi Kushiwara SC（55% of quasi co-ownership interest）（Sold） （1,375）
th
■
37
990
・ Kurume Higashi Kushiwara SC（15% of quasi co-ownership interest）（Sold） （375）3,642

COVID-19

3,250

3,361

3,539

3,536

3,523

3,580

3,807

3,753

3,000
2,000
1,000
0

21st

23rd

Feb. 2015

Feb. 2016

25th

Feb. 201727th

Feb. 201829th

Feb. 201931st

Feb. 2020

33rd

Feb. 2021

35th

Feb. 2022

37th

39th

Feb. 2023

Feb. 2024＊The price of properties are listed in millions of yen.
（＊1） The amount is the appraisal value at the time of transfer.

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

167,118
161,315 164,250

170,680 171,592 171,943

175,502 178,079 178,348

182,750 185,197

189,440

136,051

120,000
100,000

21st

Feb. 2015

23rd

Feb. 2016

25th

Feb. 201727th

Feb. 201829th

Feb. 2019（＊2）Market net asset value per unit=（Total net assets + Unrealized gains - Total amount of dividends）/ Total number of investment units outstanding

31st

Feb. 2020

33rd

Feb. 2021

35th

Feb. 2022

37thFeb. 2023

39th

Feb. 2024

Appendix45

Disposition of property （Marinoa City Fukuoka （Marina Side Building）（Building）②）
Securing a long-term stable cash flow
40th
Aug. 31, 2024
Assumed operating revenues ：177 mm yen：131 mm yen

Assumed NOI yield after
depreciation■Current
Mitsubishi UFJ Trust andBanking Corporation

41st
Feb. 28, 2025〜

46th
Aug. 31, 2027〜（＊）

Assumed operating revenues： 32 mm yen

Assumed operating revenues

Assumed NOI yield after depreciation ： 21 mm yen

Assumed NOI yield after depreciation ： 86 mm yen

Impact on dividend per unit
（compared with the 40th FP）

Impact on dividend per unit
（compared with the 40th FP）■At the timeof disposition

approx.

： （140） yen

approx.

： （60） yen

Mitsubishi UFJ Trust andBanking Corporationbuilding③ Termination of trust agreements（property acquisition）

Trust agreement

Land and building①Division of trust

Trust agreement： 97 mm yen

beneficiaryinterest

othersMitsubishi UFJ Trust andBanking Corporation②Disposition of trust

beneficiary interest

Land⑤Start of fixed-termlease for business

Trust④Start of land leaseagreement

Owning of land/buildings

Owning of land（＊） This figure is after deducting expenses and other costs related to the disposition.

Appendix46

Disposition of property （Kurume Higashi Kushiwara SC）
Completion of disposition （November 30, 2023）
Overview of disposition property

Reasons for Disposition

Location

Higashi Kushihara Machi, Kurume City, Fukuoka Prefecture

Date of agreement

October 26, 2022

Buyer

Non-disclosure （＊）

Disposition date1st （15% quasi co-ownership interest） / February 28, 2023 （Completed）
2nd （55% quasi co-ownership interest） / August 31, 2023 （Completed）
3rd （30% quasi co-ownership interest） / November 30, 2023 （Completed）

Appraisal value

2,740 mm yen （as of Aug. 31, 2022）

Book value

1,966 mm yen （as of Aug. 31, 2022）

Disposition price

2,740 mm yen① 411 mm yen ② 1,507 mm yen ③ 822 mm yen

Acquisition dateFebruary 1, 2008

Acquisition price2,500 mm yen

Land area

7,182.44 ㎡

Total floor area

6,467.80 ㎡① Achieving unrealized gains （total amount: 773 mm yen）
and stabilizing dividend level・ We achieved unrealized gains with which the planned disposition price signifi-

cantly exceeded the book value.

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

large-scale renovation of other 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.

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

rum
eB
rid
ge

Miyanojin Sta.
e
Lin
uta

HigashikushiharaKu
rume
By higas
-Pa
hi
ss

Te
n

jin

Om

Kurume Higashi
Kushiwara SC

Area map

Ku

Ch
iku
go
Riv
Riv
e
er
r
Hig
ash Side P
ikus arkhihara

Kushiwara 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
Appendix47

Historical trends of asset’s size by investment type （based on acquisition）
Ratio of retail properties in the portfolio fell below 50%
RetailOffice buildings

Logistics（mm yen）

Residence

LTV（book basis）

Hotel

Ratio of retail properties

PO（Mar. '18）

PO（Apr. '15）

220,000

LTV（appraisal basis）

2.0％ （%）

85

2.1％ 4.5％

200,000

4.8％ 7.3％ 80
PO（Mar. '11）

PO（Sept. '06）

PO（Mar. '13）

7.8％

180,000

75

Ratio of retail properties
160,000 67.8

70
37.8％

140,000

33.5％

Change in investment policy（March 2019）65

120,000

60

100,000

55

51.9

80,00050

Capacity up to 50% approx. 21,600 mm yen

LTV（book basis）

48.4

60,00044.9

40,00045

40
LTV（appraisal basis）

20,00036.2 35
30.4

0

3rd

Feb.
2006

5th

Feb.
2007

7th

Feb.
2008

9th

Feb.
2009

11th

Feb.
2010

13th
Feb.
2011

15th
Feb.
2012

17th
Feb.
2013

19th
Feb.
2014

21st

Feb.
2015

23rd
Feb.
2016

25th
Feb.
2017

27th
Feb.
2018

29th
Feb.
2019

31st

Feb.
2020

33rd
Feb.
2021

35th
Feb.
2022

37th
Feb.
2023

39th

30

Feb.
2024

＊As the senior equity interest in an anonymous partnership managed by CCH Bridge Y.K. was redeemed in the 14th FP, it is excluded from total acquired assets from the 14th 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.

Appendix48

Historical appraisal values （unrealized gains）
Unrealized gains: 51,855 million yen, ratio of unrealized gains: 25.4％( * 1)

Historical appraisal values（mm yen）

250,000

Book value at the end of period( * 2)

51,855

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

36,92331,804 34,087

29,467200,000

16,777 19,830

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

150,000
20,79918,742

11,097

24,255
21,15237,648 37,927 40,761

42,81243,026 46,530

48,47822,878 25,541

14,434

6,066 6,522

21,07012,465 9,300 8,953 9,394 6,989

13,955

184,715
185,177
188,746
203,818
182,336
186,972
187,891
190,163
190,913
183,532
186,088

171,555
164,527
168,138
159,246
168,902
169,031
182,352
152,422
158,007
172,406
1,893
158,851
159,128
150,603-411
146,246
118,686
146,621120,299
115,560
118,411
119,486
112,001
115,195
107,338
103,025
50,00081,771
93,556
86,777
7,894

100,000

0

3rd

Feb.
2006

5th

Feb.
2007

7th

Feb.
2008

9th

Feb.
2009

11th

Feb.
2010

13th
Feb.
2011

15th
Feb.
2012

17th
Feb.
2013

19th
Feb.
2014

21st

Feb.
2015

23rd
Feb.
2016

25th
Feb.
2017

27th
Feb.
2018

29th
Feb.
2019

31st

Feb.
2020

33rd
Feb.
2021

35th
Feb.
2022

37th
Feb.
2023

39th
Feb.
2024

( * 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.

Appendix49

Portfolio properties' occupancy rates

Average occupancy rate at the end of the period was 98.8%.
Historical occupancy rates
（％）

100.0
99.0
98.0

99.8 99.0

99.4 99.2

99.7

98.4 98.4 98.4 98.5 98.3

Fukuoka REIT Corporation（＊1）

99.2 99.3 99.1

99.0 99.0 99.1

99.0

99.3

J-REIT average（＊2）

99.3

99.1

98.9

98.1
98.1

97.0

97.9

97.6

97.2 97.2

97.0 97.1

11th

13th

97.4

97.6 97.6

97.9

98.1

98.7

99.1

99.5 99.5 99.6 99.6 99.4

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

98.5 98.5

98.8
98.6 98.7 98.6 98.7 98.7

19th

21st

99.3
98.9

99.5 99.4

99.1 99.0

98.7
（＊3）

98.7 98.6 98.6 98.7 98.6

98.4
（＊3）

98.3

96.0
95.0

3rd

Feb.
2006

5th

Feb.
2007

7th

Feb.
2008

9th

Feb.
2009

Feb.
2010

Feb.
2011

15th
Feb.
2012

17th
Feb.
2013

Feb.
2014

Feb.
2015

23rd
Feb.
2016

25th
Feb.
2017

27th
Feb.
2018

29th
Feb.
2019

31st

Feb.
2020

33rd
Feb.
2021

35th
Feb.
2022

37th

39th

Feb.
2023

Feb.
2024

（＊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 39th 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 38th and 39th fiscal periods are preliminary figures. The figures for the 39th fiscal period are the figures for November 2023.

Occupancy rates [the weighted average during the period]
Category

Investment ratio（based on acquisition price）

35 th〜 Feb. 28, 2022

36 th

〜 Aug. 31, 2022

37 th

〜 Feb. 28, 2023

38 th

〜 Aug. 31, 2023

39 th

〜 Feb. 29, 2024

Retail

48.4％

99.3％

98.8％

98.9％

98.6％

99.1％

Office buildings

37.8％

99.8％

99.4％

98.6％

98.4％

95.1％

Others

13.8％

99.4％

99.4％

99.5％

98.9％

99.0％

Total

100.0％

99.4％

99.1％

99.0％

98.6％

98.3％
Appendix50

Top tenants by leased floor area
Ordinary lease

LesseeTenantShare of totalleased space（＊1）

1

SunLive Co., Ltd.

SunLive

11.1％

2

AEON Kyushu Co., Ltd.

AEON

10.0％

3

FJ. Entertainment Works Ltd.

ー6.1％（＊3）

40th〜Aug. 31, 2024

41st〜Feb. 28, 2025

Fixed-term lease

42nd〜Aug. 31, 2025

（As of February 29, 2024）

Remaininglease term

(years) （＊2）●SunLive City Kokura

17●Konoha Mall Hashimoto

7●Park Place Oita

0

●Marinoa City Fukuoka（Marina Side Building）

11●Canal City Hakata

1●Canal City Hakata・B

1

4Canal City OPA Co., Ltd.

5KASEI inc Co., Ltd.

ー

4.2％

●LOGICITY Hisayama

0

６

Fukuoka Logistic System Corporation

ー

4.0％

●LOGICITY Minato Kashii

0●Canal City Hakata

9●Square Mall Kagoshima Usuki

2●Kumamoto Intercommunity SC

2

7

Alpen Co., Ltd.

OPA

4.4％

Alpen FUKUOKASports Depo,
Golf 58

F−LINE CORPORATIONー

9Tsukasa Kigyou

ー10

K'S HOLDINGS CORPORATION

K’s Denki

3.7％

nondisclosure

3.5％●LOGICITY Minato Kashii

3.0％●LOGICITY Wakamiya

6

2.4％

●Park Place Oita

1

（＊4）

（＊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 February 29, 2024 with periods shorter than one year rounded down to the nearest whole year.
（＊3）
The 6.1% includes a 0.4% office portion.（6 ordinary leases have been concluded for Canal City Business Center Building and Park Place Oita.）（＊4）
Information is not disclosed because the permission of tenants has not been obtained.

Appendix51Office building rent revisions and tenant replacement situation
70% of tenants renewing contracts have increased base rents or revised rents in the past
Change in monthly rent due to rent revisions and tenant replacements （＊1）（thousand yen）

30,000

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

（％）

80

Change due to tenant replacements

Rate of rent increase（＊2）

70Change due to rent revisions

1,828

1,592

60

Cumulative amount of change（left axis）

50
40

25,000

30

5,344

20
0

20,000

274

202

10

225

239

445

32

33

34th

35th

36th

37th

38th

39th

0

4

4

3

4

12

2

7

nd

rd

Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022 Feb. 28, 2023 Aug. 31, 2023 Feb. 29, 2024

4,164

Number of
new occupants
Average freerent period（＊3）

3,900

-

1.3 months 1.9 months 0.3 months-

1.9 months 0.4 months 2.3 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.

15,0002,840

Floor space subject to rent increase and number of properties subject to rent increases
Floor space subject to rent increase（tsubo）（％）

10,000

12

1,496

10

1,631

4,619
3,189

8

1,356

6

5,000

2,313

4

0

0

1,422

1,205

2
（383）

Rate of rent increase（＊4）

916

297

32nd

33rd

34th

35th

36th

37th

38th

39th

Number ofcontruct changes
Of which, number ofrevisions to increase

36

20

31

35

37

28

38

37

19

8

6

6

12

7

7

0

Ratio of revisions
to increase

52.8％

40.0％

19.4％

17.1％

32.4％

25.0％

18.4％

0％

Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022 Feb. 28, 2023 Aug. 31, 2023 Feb. 29, 2024

32nd

33rd

34th

35th

36th

37th

38th

39th

Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022 Feb. 28, 2023 Aug. 31, 2023 Feb. 29, 2024
＊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 rent increase calculated based on the previous rent at rent revision.

Appendix52

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

Breakdown of active retail rents◎The 39th FP

Variable rent s（＊2）（mm yen）（mm yen）

3,000◎The 38th FP
Variable rents

Variable rents

3,000

11.4％

29.1％

（931 mm yen）

（1,147 mm yen）
1,901

1,884

2,000

280
451
1,000

（＊3）

1,432

284
491

1,967

1,734

472
1,262

1,410

（＊3）

2,000
247

254

（＊3）

653
1,313

（＊3）

1,000

976
175
800

0

36 th

37th

〜Aug.31,2022〜Feb.28,
2023

38 th

0

39 th

〜Aug.31,2023

Portfolio overall〜Feb.29,
2024

36 th

〜Aug.31,2022

Canal City Hakata／Canal City Hakata・B

1,008
217
790

37th

〜Feb.28,
2023

997
211
786

38 th

〜Aug.31,
2023

999
216

Fixed rents

Fixed rents

782（2,795 mm yen）

（7,223 mm yen）

88.6％

70.9％

39 th

〜Feb.29,2024

Park Place Oita
（mm yen）（mm yen）

3,000

3,000

Breakdown of Tissage Hotel Naha
（mm yen）

2,000

2,000

◎The 39th FP
Variable rents

100

13.5％

（1,147 mm yen）

1,000

1,000
270
0

262

36 th

〜Aug.31,
2022

7

293
262

37th

〜Feb.28,
2023

30

278
262

15

38 th

〜Aug.31,
2023

SunLive City Kokura

292
262

39 th

〜Feb.29,
2024

29
0

646
194

679
227

682
229

683
246

452

452

453

436

36 th

37th

38 th

39 th

〜Aug.31,2022〜Feb.28,
2023〜Aug.31,2023〜Feb.29,
2024

0

45

43

40

43

37

43

33

36 th

37th

38 th

39 th

50

〜Aug.31,2022

Konoha Mall Hashimoto〜Feb.28,
2023

3

2

〜Aug.31,2023〜Feb.29,2024

Fixed rents

86.5％（7,332 mm yen）

Tissage Hotel Naha

＊Variable rents are included 6 properties such as 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）The figures are included parking fee in variable rents of Canal City Hakata / Canal City Hakata・B.

Appendix53

Initiatives by Fukuoka City Government and status of office workers

players including asset managementbusiness and fintech

環境
パフォーマンス

40

Initiatives Aimed at Attracting Companies to Fukuoka City
◎Global financial city vision （“TEAM FUKUOKA”; launched September 2020）
Aiming for an “international city where global human resources play an active role and continuously
create innovation with the concentration of international financial functions unique to Fukuoka”

Effects of concentrated priority attraction areas

FinTechBCP
response
operations

市民生活・福祉

財政□Creating innovations and providing advanced financial services□ Active participation of engineers and science/engineering personnel□ Diversification of international financial centers in Japan（Correction of excess concentration of population and industry in Tokyo）

研究集積

安全・安心

Indicator group

Rank

Economy andbusiness

Business
environment

1 st

Transport/access

Ease of travel

2nd

Transport/access

Access to areas
outside the city

3rd

Research anddevelopment

Results of researchand development

4th

研究開発成果
ハード資源

ソフト資源

受入環境

Source:Prepared by Fukuoka Realty based on data from “Japan Power
Cities DATABOOK 2023” by the Mori Memorial Foundation’s
Institute for Urban Strategies.

交通実績
発信実績

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. ofcompanies
established
No. ofemployees

57

58

57
1,334

1,041

（of which,main fields and functions）

creative-relatedindustries
foreign/
foreign-affiliatedCall center
headquartersfunctions, etc.
international
finance53

2,989□ Providing growth capital from outside sources to startups
and local companies□ Promoting attraction and corporate growth through fundfunction initiatives

Category

ビジネス環境

20
0

育児・教育
健康・医療

Photo provided by Fukuoka City

Asset
managementbusiness

居住環境

Strengths of Fukuoka City

ビジネスの活力

文化

the resolution of social issues

ビジ

生活の余裕度
生活利便施設・ Establishment of markets contributing to

経済
・

100
80
60

自然環境

雇用・人材
人材の多様性研究 ・開発・ Concentration of various finance-related

通
交

クセス
・ア

境

startups and growth industries

都市内交通
快適性

経済活動

ス
ネ

・ Promotion of nurturing and growth of

移動の容易性
都市外アクセス

環

Main contents

in which people and companies gather

居・住by accelerating the attraction of international financial functions◎Progress of town development due to redevelopments generating a cycle

生活◎ Aiming for the expansion of fund supply to growth areas

Business environment of Fukuoka City ranked top in Japan for two
consecutive years in “Japan Power Cities: Profiling Urban Attractiveness”

流・交Submission of a proposal for the Financial Services Agency’s “Special Zones
for Finance and Asset Management” jointly by Fukuoka Prefecture and Fukuoka City

50

1,058

64
2,600

65
2,157

665

FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

28

40

38

38

30

41

47

18

13

14

15

12

15

12

12

9

7

2

8

8

6

3

1

7

6

0

7

5

ー

ー

ー

ー

ー

6

7

Source:Prepared by Fukuoka Realty based on data from "The actual number of established companies in Headquarters functions/in growth area"by the Fukuoka City Economy, Tourism & Culture Bureau.
＊ Breakdown of companies is partially duplicated.

Appendix54

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

Sales（annual total（＊1））
Mar. 2023 - Feb. 2024

23.9 bn yen

Sales（annual total）
Mar. 2023 - Feb. 2024

YoY ＋22.0%（vs. 2 years ago ＋49.6%）

A highly entertaining urban multi-purpose retailfacility.Strong sales due to the grand opening of
Alpen FUKUOKA in September 2023 and therecovery of inbound demand.

●Konoha Mall Hashimoto●Park Place Oita

25.9 bn yen
YoY ＋2.2%（vs. 2 years ago ＋6.6%）

A suburban mall anchored by a GMS and tenants
involved in daily necessities. Store replacement was
conducted. Stronger efforts continued to draw customers through implementation of participatory events, etc.

Sales（annual total）
Mar. 2023 - Feb. 2024

●SunLive City Kokura

16.3 bn yen
YoY ＋6.2%（vs. 2 years ago ＋16.2%）

A daily-life-oriented mall anchored by a supermarket and tenants involved in daily necessities.Store renovations and special events, etc.
led to strong sales.

Sales（annual total（＊2））
Mar. 2023 - Feb. 2024ー
YoY ＋0.9%（vs. 2 years ago ＋9.3%）

A daily-life-oriented mall anchored by a supermarket and tenants involved in daily necessities. Restaurants, etc. are performing well.

（＊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 figures are omitted because SunLive did not consent to their disclosure.

Change in sales from a year earlier
2022

Property name

Sept.

Oct.

2023

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

2024
Jul.

Aug.

Sept.

Oct.

Nov.

Dec.

37th
Feb. 2023

38 thAug. 2023

39 thFeb. 2024

Canal City Hakata ／ Canal City Hakata・B （＊1）＋27.8％＋18.0％＋25.4％

Park Place Oita

＋6.4％

＋5.9％

（1.2） ％

Konoha Mall Hashimoto＋10.5％＋11.1％＋1.8％

SunLive City Kokura

＋0.4％

＋2.1％

（0.2） ％

Other retail properties （＊3）

＋1.5％

＋2.6％

（0.8） ％

Jan.

Feb.

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. The sales of Kurume Higashi Kushiwara SC are subtracted after November 30, 2023, the date of disposition.
（＊3）

Appendix55

List of Interest-bearing debt
■List of borrowings（As of February 29, 2024）

Category

LenderCurrent maturityof long-term debt

SBI Shinsei Bank
Development Bank of Japan
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）
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 BankSBI Shinsei Bank
Sumitomo Mitsui Banking Corporation
MUFG Bank
The Nishi-Nippon City Bank
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
Aozora Bank
Resona BankMUFG Bank
The Kagoshima Bank

Long-term
debt

Balance（mm yen）

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

Drawdown Repayment Term Fixed/ Average Interest（year） Floating
Date
Date
Rate
Jul.29, 2016 Jul.31, 2024
8.0 Fixed 0.40000%
9.0 Fixed 0.62000%
Feb.29, 2016 Feb.28, 2025
9.0 Floating 0.42400%
Sept.30, 2016 Sept.30, 2025
9.0 Fixed 0.71750%
Dec.30, 2016 Dec.30, 2025
Dec.30, 2016 Dec.30, 2026 10.0 Floating 0.43000%
Mar.31, 2017 Mar.31, 2027 10.0 Fixed 0.65846%
8.0 Fixed 0.48130%
Mar.31, 2017 Mar.31, 2025
8.0 Fixed 0.48130%
Mar.31, 2017 Mar.31, 2025
9.0 Fixed 0.77677%
Jun.30, 2017 Jun.30, 2026
9.5 Fixed 0.65000%
Jun.30, 2017 Dec.31, 2026
Jul.31, 2017 Jul.31, 2027 10.0 Fixed 0.79195%
Jul.31, 2017 Jul.31, 2027 10.0 Fixed 0.89195%
Aug.31, 2017 Aug.31, 2027 10.0 Fixed 0.84952%
Sept.29, 2017 Sept.30, 2027 10.0 Fixed 0.49350% （＊1）
Dec.29, 2017 Dec.30, 2027 10.0 Fixed 0.81209%
Dec.29, 2017 Dec.30, 2027 10.0 Fixed 0.68000%
Feb.28, 2018 Feb.29, 2028 10.0 Fixed 0.75000% （＊1）
9.0 Fixed 0.60000% （＊1）
Feb.28, 2018 Feb.26, 2027
8.0 Fixed 0.50000%
Feb.28, 2018 Feb.27, 2026
Feb.28, 2018 Feb.29, 2028 10.0 Fixed 0.56700% （＊1）
Mar.1, 2018 Mar.1, 2028 10.0 Fixed 0.72000%
8.0 Fixed 0.48000%
Mar.30, 2018 Mar.31, 2026
Mar.30, 2018 Mar.31, 2028 10.0 Fixed 0.80219%
Mar.30, 2018 Mar.31, 2028 10.0 Fixed 0.80219%
Mar.30, 2018 Mar.31, 2028 10.0 Fixed 0.63000%
7.0 Fixed 0.50400% （＊1）
Mar.30, 2018 Mar.31, 2025
9.0 Fixed 0.49000%
Mar.30, 2018 Mar.31, 2027
9.0 Fixed 0.57600% （＊1）
Mar.30, 2018 Mar.31, 2027
Mar.30, 2018 Mar.31, 2028 10.0 Fixed 0.64630%
Mar.30, 2018 Mar.31, 2028 10.0 Fixed 0.64630%
7.0 Fixed 0.40000%
Mar.30, 2018 Mar.31, 2025
Jan.31, 2019 Jan.31, 2029 10.0 Fixed 0.65528%
9.0 Fixed 0.59000%
Jan.31, 2019 Jan.31, 2028
Jan.31, 2019 Jan.31, 2029 10.0 Floating 0.43091%
Jan.31, 2019 Jan.31, 2029 10.0 Floating 0.43091%
7.0 Fixed 0.33380%
Feb.28, 2019 Feb.27, 2026
7.0 Fixed 0.33380%
Feb.28, 2019 Feb.27, 2026
7.0 Fixed 0.33380%
Feb.28, 2019 Feb.27, 2026
Feb.28, 2019 Feb.28, 2029 10.0 Fixed 0.48845% （＊1）
Jul.31, 2019 Jul.31, 2029 10.0 Fixed 0.52100% （＊1）
7.5 Fixed 0.30300%
Jul.31, 2019 Jan.29, 2027
9.0 Fixed 0.48000%
Sept.25, 2019 Sept.29, 2028
Feb.28, 2020 Feb.28, 2030 10.0 Fixed 0.48000% （＊1）
Feb.28, 2020 Feb.28, 2030 10.0 Fixed 0.42000%
Jun.30, 2020 Jun.28, 2030 10.0 Fixed 0.56922%
Jun.30, 2020 Jun.28, 2030 10.0 Fixed 0.56922%
9.0 Fixed 0.60000%
Jun.30, 2020 Jun.29, 2029
8.0 Fixed 0.46500%
Jun.30, 2020 Jun.30, 2028

Category

Long-term
debt

LenderDevelopment Bank of Japan
Mizuho Bank
The Kitakyushu BankThe Iyo BankThe Juhachi-Shinwa Bank （donation-type loan）
Syndicated loan （＊6）
Mizuho Trust & Banking
Sumitomo Mitsui Banking Corporationk（Green loan）
Syndicated loan（sustainability-linked loan） （＊7）
The Higo Bank
The Higo Bank
The Hiroshima Bank
The Hiroshima Bank
Sumitomo Mitsui Trust Bank （Green loan）
Sumitomo Mitsui Trust Bank （Green loan）
Development Bank of Japan （Green loan）
Development Bank of Japan （Green loan）
The Nishi-Nippon City Bank（Green loan）
The Nishi-Nippon City Bank（Green loan）
The Nishi-Nippon City Bank（Green loan）
SBI Shinsei Bank（Green loan）
The Higo Bank（Green loan）
The Iyo Bank（Green loan）
The Kagoshima Bank（Green loan）
The Bank of Fukuoka（Green loan）
MUFG Bank（Green loan）
Sumitomo Mitsui Banking Corporationk（Green loan）
Mizuho Bank（Green loan）
The Nishi-Nippon City Bank（Green loan）
The Nishi-Nippon City Bank（Green loan）
The Bank of Fukuoka（Green loan）
The Bank of Fukuoka（Green loan）
Total

Balance（mm yen）

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

Drawdown Repayment Term Fixed/ Average Interest（year） Floating
Date
Date
Rate
Jul.31, 2020 Jul.31, 2030 10.0 Fixed 0.53000%
Jul.31, 2020 Jul.31, 2030 10.0 Fixed 0.47000%
Jul.31, 2020 Jul.31, 2030 10.0 Fixed 0.52630%
Jul.31, 2020 Jul.31, 2030 10.0 Fixed 0.52630%
Mar.31, 2021 Mar.31, 2031 10.0 Fixed 0.59000%
Jul.31, 2021 Jul.31, 2031 10.0 Fixed 0.49000% （＊1）
Mar.31, 2022 Mar.31, 2032 10.0 Floating 0.38000%
7.0 Fixed 0.72625%
Jun.30, 2022 Jun.29, 2029

4,900 Aug.31, 2022 Aug.31, 2032

10.0 Fixed

700
750
500
1,000
900
600
2,000
2,000
2,000
1,900
1,000
600
600
500
300
2,500
1,000
1,000
1,000
1,000
1,000
1,000
1,000
93,3505.0 Fixed 0.61500%
10.0 Floating 0.38000%
6.0 Fixed 0.54125%
7.0 Fixed 0.63500%
5.0 Fixed 0.50100%
8.0 Fixed 0.82900%
6.0 Fixed 0.83750%
6.5 Fixed 0.90689%
7.0 Fixed 0.91900%
8.0 Fixed 1.01500%
10.0 Fixed 1.18900%
5.0 Fixed 0.76700%
5.0 Fixed 0.76700%
5.0 Fixed 0.76700%
5.0 Fixed 0.76700%
8.0 Floating 0.33091%
7.0 Fixed 1.20250%
7.0 Fixed 1.20250%
8.0 Fixed 1.24900%
7.0 Fixed 0.88900%
9.0 Fixed 1.07000%
7.0 Floating 0.33091%
9.0 Floating 0.37091%

Mar.31, 2023 Mar.31, 2028
Mar.31, 2023 Mar.31, 2033
Jun.30, 2023 Jun.29, 2029
Jun.30, 2023 Jun.28, 2030
Jul.31, 2023 Jul.31, 2028
Jul.31, 2023 Jul.31, 2031
Aug.31, 2023 Aug.31, 2029
Aug.31, 2023 Feb.28, 2030
Sept.29, 2023 Sept.30, 2030
Sept.29, 2023 Sept.30, 2031
Sept.29, 2023 Sept.30, 2033
Sept.29, 2023 Sept.29, 2028
Sept.29, 2023 Sept.29, 2028
Sept.29, 2023 Sept.29, 2028
Sept.29, 2023 Sept.29, 2028
Oct.31, 2023 Oct.31, 2031
Oct.31, 2023 Oct.31, 2030
Oct.31, 2023 Oct.31, 2030
Oct.31, 2023 Oct.31, 2031
Feb.29, 2024 Feb.28, 2031
Feb.29, 2024 Feb.28, 2033
Feb.29, 2024 Feb.28, 2031
Feb.29, 2024 Feb.28, 2033

0.91875% （＊8）■Investment corporation bonds
Category

Issue

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

Total（mm yen）

Issue date

Maturity
Date（year）

Term

Coupon （year）

2,000
1,000
3,000

Jul.31, 2017
Jul.31, 2018

Jul.30, 2032
Jul.30, 2038

15.0
20.0

1.00000%
1.20000%

Balance■Committed line of credit
Category

LenderCredit Limit

Start

PeriodEnd
6,000 Aug. 1, 2018 Jul.31, 2026
Committed line 1 （＊9）
Committed line 2 （＊10）
7,000 Mar. 2, 2020 Feb.28, 2027
Total
13,000合 計
Oita Bank・The Kagoshima Bank・The Kitakyushu Bank・The Juhachi-Shinwa Bank・The Hiroshima Bank（＊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（mm yen）

Committed line（＊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
OthersInvestment
corporation bonds

3.1 ％Aozora Bank

1.0％

The Norinchukin
Bank

1.6％

SBI Shinsei Bank

1.7％

Resona Bank

Investment corporation bonds

Sponsor banks

Development
Bank of Japan

4.3％◎Sharing of information networks unique to regional banks to utilize
for our investment strategy in the area

（excl. sponsor banks）

17.7％

The Bank of Saga
Borrowing

96,350mm yenat the end of
the 39 th FP（Feb. 2024）

The
Nishi-Nippon
City Bank

16.9％

The Bankof Fukuoka

MizuhoTrust & Banking

1.0％

Sumitomo Mitsui
Trust Bank

3.4％

Sumitomo Mitsui
Banking Corporation

3.7％

MUFG Bank

6.1％

Mizuho Bank

8.0％

500
300

Committed line of credit

The Oita Bank
Borrowing
Committed line of credit

1,500
500

The Miyazaki Bank
Borrowing

700

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

Megabanks, Trust banks- unit : mm yen

The Bank of Fukuoka
The Nishi-Nippon City Bank The Kitakyushu Bank
12,500 Borrowing
16,300 Borrowing
2,200
Borrowing
5,000 Committed line of credit 5,000
Committed line of credit

18.5％
Regional banks

Regional banks

A regional bank transaction network

13.0％

The Higo Bank
Borrowing

500

3,350

The Kagoshima Bank
1,100
Borrowing

The Hiroshima Bank
3,500
Borrowing
The Iyo Bank
Borrowing

Appendix

1,700

57

Asset management company’s organization
Corporate Profile

Shareholders General Meeting

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

Corporate Auditor

February 27, 2004／License No.（5）15052 issued
by the Governor of Fukuoka（updated on February 28,2024）

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

Executive Committee

Investment Committee→ Decision-making on investments andmanagement of Fukuoka REIT’s assets

Certifications, etc. :◎Obtained license for real estatetransaction services→ Decision-making on management matters in general

President and CEO

September 30, 2007／Registered No.
（Kinsho）10 registered by
the Director of Fukuoka Local Finance Branch Bureau◎Registration of change related to investment
advisory and agency business
January 23, 2023

Sustainability Promotion Committee→ Decision-making on sustainability promotion

Compliance Department

Risk Management Committee→ Consults on risk management

Real Estate Management Department

Investment Department

Finance Department

Planning Department
Private Fund Management Office
Appendix

58

The condition of suburb area in Fukuoka
B

C

E

F

1km

Fukuoka Airport Runway Expansion Project

Koga IC

Addition of a new 2,500 m x 60 m runway
New runway due to be placed in service at the end of
March 2025

way

500m

IKEA

Exp

1

D

ress

A

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

AEON MALL KashiihamaaIslAqualia Chihaya

an

←

d

ito

MARK ISFukuokamomochi

Ikinomatsubara

Axion Befu-Ekimae Premium

JR Chikuhi Line4legendJR （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 P44 regarding the number of properties.＊

Nishi-kyushu
Expressway

Fukuoka Nishi Civic Pool

PayPay DOMEAEON Marina Town
Atago Shrine

Nagatare Seaside Park

Fukuoka IC

Subway K

uko Line

Ohori
Park

31 20 Tenjin
16

2 1 11

Hakata Sta.
13

18

21

15
19

Canal City Hakata

Mt. Konosusan

S
Nanakubway
uma L

ine

Fukuoka
University

Fukuoka Urban
Expressway
福岡都市高速5 号線（環状線）
Kanjo Line
Mt. Aburayama

Nanakuma subway line
extention project（Opened on
March 27, 2023）
Hanahata SC
88

Fukuoka Airport

AEON MALL Fukuoka

BEST DENKI
Stadium

Prefectural Swimming Pool

32
Fukuoka City Zoologicaland Botanical Gardens

5

is owned by Fukuoka REIT Corporation（ As of February 29, 2024）.

Ruins of
Fukuoka 29
Castle17

33

Konoha Mall Hashimoto

Waterfront Next

28

Fu

ku

Mitsui Shopping Park

n

F
M uk
er uni uoka
ry cip
Se al
rvi
ce
10

ka Urban
Kasuy Expressway
a Linehink
anse

Marinoa City Fukuoka（Marina Side Building）

Kyushu University
Ito Campus

Hakozaki
Port

ki

shu
S

Mt. Bishamonyama
Imazu Sports Parkza

Sasaguri
Forestof Kyushu
University

Redevelopment centering on
the former site of Kyushu
University’s Hakozaki Campus
Chuo youme Town HakatasenPortan JR Sasaguri Line
ink
Sh
Hakata FD Business Centerony
Sa banKyushu University
Marine Messer
Hakozaki Campus Site
Fukuoka Urban
a UswayeFukuoka Hallko
Expressway Kanjo Lineku presrt Lin（A ・ B）
uF
xo
Seaside Momochi
E irp
FUKUOKA
12 14
ABeach Park
23

NokonoshimaIsland F

a

am
oh
ein
〜 M
d
an

Isl

3

Hakata Bay

NokonoshimaIsland ParkTORIUS Hisayama

Fukuo

Kyu

o

on

Or

Fukuokashi
Umizuri Park

Sa

30

Ha Su
ko bw
za ay
ki
Lin
e

im

n

LOGICITY Minato Kashii

ine

←

sa

26

ii L

Bu

sh

25

sh

←

no

LOGICITY Hisayama

Ka

ika

Kyushu Sangyo
University

A

Uminonakamichi
Seaside ParkFuk
Ex uokap
Ka ress Urbashi wa ni Li yne

Sh

Vegefru stadium(Fresh produce market)

JR

2

←

tsu
hite ine
Nis uka Liz
Ka

Kinin Park

Futamigaura

ine

hi L

mic

ka
ona

ShikanoshimaIslandKyu

shu

Purpose and EffectImproved runway throughput （number of departures and arrivals）（+14.6%）【Current status】
164,000 times/year【After runway expansion】 188,000 times/year（~211,000 times/year）

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 centerFirst anniversary of the extension opening of the subway Nanakuma LineB

天神北出入口C

Amex
Akasakamon
Tower

Tenjin North
Front Building

TenjinTenjin 1chome
The Bank of Building
Fukuoka Fukuoka
Tenjin Head Office Tenjin Sta.
CenterTenjin Mitsui Building
PARCO Fukuoka
Building
Shinkan PARCO

31

Homukyoku-mae

Saza

Iwataya
Shinkanori
eki-d SOLARIA

Tenjindori

Fukuoka Daimyo Garden City

Kiram

ResoraTenjinFu

Kego ES

kuo

ka

Kego

iku

shi

Pre

fec

tur

UrbanBLD
TenjinImaizumi

Imaizumi
Park

Tenjin intersection 500m radius

al R

oa31
d

Yakuin-Mutsukado

Bivi
TenjinHigashi Hie
Business Center

385

AmuPlaza
HakataFukuoka
Center Building

The Nishi-nippon
City BankHa S
ko ubw
za a
ki y
Li
ne

Av
e.

Av
e.

do
ri

11
Canal City BusinessCenter Building

M
ei
ji-

Canal City Hakata 500m radius

Station-front square at
Hakata Station
Chikushi Exit

Hakata Ekimae
Business Center（＊）

Hakata Sta.
JR Hakata CityJR Hakata Sta.

Hakata Fukami

Park Building
e.
Av
ori
Crawn Plaza
i-d
sh
o
iy
ANA Fukuoka
Hakata Sum
Center Building

Fukuoka GOA Building

Na

ka

13

SUNLIFE No.3
Building

Otowa

Sanix Hakata
Building

Ch

iku

sh

i-d

The Basics
FukuokahiekNakahie
Park

oe

n-

Higashi Hie
Business Center Ⅱ

Hakataekihigashi

do

18

Sta.

Higashihie

15

19

ri Fukuoka Eartheon
Building

Higashi Hie
Business Center �

or

i

112

Hakataeki
minami22

Hakata Sta. 500m radius

Hakata Chikushi-Dori
Center Building

Yanagibashi
Kiyokawa

Sanno Park
山王1丁目

【Topics】 Celebrating the first anniversary of the extension of subway Nanakuma Line – Initiatives at various facilities in collaboration
ユトリア博多 with local communities
高砂
three-minute walk from
◎Konoha Mall Hashimoto 〈Approx.
犬飼大神宮〈
Approx.
three-minute
walk
from
KushidaShrineStation〉◎Canal City Hakata
Hashimoto Station, the starting station of the Nanakuma Line〉
りYakuin Sta.

渡辺通西Higashi-Hie

Higashi-Hie

Godochosha-mae

HakataKITTE Hakata Hankyu

JRJP
Hakata Building
Kamiyo Hakata
Chuo Building

Hakata East Terrace

Hakataeki(Chikushiguchi)

通Yakuin-ekimae

555

385

美野島北

宮島

り
通
島
野
美

高砂

山王

清川2丁目東

博多駅南

高砂1丁目

美野島

Tsuyukiri-hashi

553

福岡小林郵便局

山王2丁目

575

602

春住小学校

美野島

ori
ui-d
Jos

Granfore平尾Yakuin
Minami
1丁目

31＊ Please refer to P44 regarding the number of properties.
is owned by Fukuoka REIT Corporation（As of February 29, 2024）＊.
is owned by Fukuoka Jisho Group（As of February 29, 2024）＊.
（＊） The property is co-owned by the Fukuoka Jisho Group with the other company.

32

Actual photo

Period: March 23 （Saturday） to April 7 （Sunday）
Content: Present campaign celebrating the first anniversary of
the extension opening of subway Nanakuma Line
り

300m

清川

通

Fukuoka zoo-mae

下高砂1丁目南

Hirao

竹

N

100m

Hakataeki higashi

赤4

Yakuinkoban-mae

Canal City Hakata

福岡放送
本社

ri
-do

ay Li
bw a
Su kumaan

Hakata-ekimae 1chome

Hakata Bus
Terminal

Hotel NIKKO
Fukuoka

Canal City Hakata
East Building
Hakata-ekimae-dori Ave. Hakata-ekimae
2chome21Haruyoshi
ES

Denki
Building North
Denki Watanabe-dori Sta.
Building Shinkan
Denki Building
Hotel
Denki
New Otani
Building 602
KyosokaniyaneHakata Ward
Office3

FukuokaAsahi Building（＊）

Hakata Police Office

Sumiyoshi Shrine

kamYakuin-odori-nishi
Minami-yakuin

Max
Value

HakataKuyakusho
IriguchiSumiyoshi-jinja
Mae

Watanabe-dori Kita

Toko JHS
Katakasu ES

The Nishi-Nippon bank
Head Office Annex

祇園町
Mangyo-ji

Watanabe-doriTa

Kogarasu
Shrine

ri S

odo

uin-

ta.

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

JPR Hakata

日Jotobashi
Jotobashi
Nishi

YakuinYak

Canal City Hakata／
Canal City Hakata・B

YutakaToko-kita
Park

Gion Sta. Building

Hakata-ekimae
3chomeShinkawa-bashi

Tenjin MENT
Building

Nishitetsu Yakuin Sta.

City House
Keyaki Dori

Shokokaigisho
Iriguchi

Hakatakeisatsusho
Iriguchi

553

e.

Av

Hakataekimae

Smile Hotel
Hakata-ekimae

Line

Ch

.

Ku

ri

do

ko

Takeshita-dori

Kego 2chomeTenjin LUCE

Ave

muta
Nishitetsu Tenjin-O.
Ave Kego KOBAN

Kego-jinja Maeer

Joten-jiTocho-ji

博多祇園
M-SQUARE

Haruyoshibashi
Higashieay Linbw a
Su kum
a
an
N

202

202

Riv

Toko 2chomescheduled）（reconstruction
East Building

Hotel WBF
Fukuoka tenjin-minami

Watanabe-dori 4chome

ori

i-d
ash
ninb
Sho

Kego

r

asa

Gionmachi

中洲1丁目
East Building
City Hakata
HakataCanal
Canal Cityve

Sankoubashi

Haruyoshiri

K

Building

.

do
eab .
an Avedoro

taiokuRiveatTenjinNishi-dori
Squareve.

-dori A

Daimyo29
Akasaka（provisional name）

Nishitetsu
Daimaru
Fukuoka (Tenjin) Sta.
Tenjin-minami Sta.
Kego Park Fukuoka

TENJIN216

Class
Keyaki Dori

dori

aki-

Key

New Fukuoka Building Tenjin121

Plaza

16

iA

KushidaShrineNishinakasu

Tenjin Chuo
Fukuoka City Hall Parkor

ReisenPark

Tenjin Business Center 2nd Phase Project
Haruyoshi （provisional name）

Tenjinkirameki-dori building（＊） Mitsukoshi

Daimyo 1chome

Shimin Center
Taiikukan

Fukuoka Shiyakusho-mae-dW

TaishoTenjin Nishi-Dori
Center Building（provisional
name）Tenjin1-7 plann-dori
VIORO

Tenjin
Prime

ishi-

Chuo Ward
OfficeShinnippon Building

Nishitetsu
Grand
Hotel

jin N

Su

Chuo-kuyakusho

Ave.

Ten

Akasaka Sta.

Ku
bway

20

Tenjin-nishi

-dori

Meiji

e
ko Linka

新川

Maizuru

Na

Best Denki
Fukuoka Main Store

ku

Mik

202

Taihaku Street
Business Center

14

Reisen-machi

gate’s

薬院

Show

iha

Gionmachi
Nishi

Acros
Fukuokave.

Katakasu
Yutaka JCT

Gokusho-machi

Tenya-machi

Tenjin Business CenterAa-dori

Maizuru
2chome43

Ta

アクロス福岡前

Maizuru
1chome福岡市消防局

Akasakanishi

Nishitetsu Inn Fukuoka

Hinode Tenjin
Building

552

Katakasu
1chomeShofuku-ji

Subway Kuko Line

NakasuNishi-ohashi

Gofukumachi
Business Center-machiKamikawabata-machi

Bank ofJapan

Chuoyubinkyoku-mae
Tenjinbashi-guchi

Nakasu12

23

Nakasu-Kawabata Sta.

Fukuoka Kogin Building（＊）

AEON
Shoppers Fukuoka（Land with leasehold interest）

28

2

Higashinakajimabashi

17

Tenjin Nishi-DoriBusiness Center

D-WingTower

Maizuru JHS

Hakata-za
Hotel
Theater
Okura Fukuoka
HakataRiverain

Suzakikoen-mae

Fukuoka Chuo
Post Office

Maizuru ES

Nagahama

ori

u-d

nuts

Na

Ave

Sh
ow
ado
ri

KBC
Kyushu Asahi Nanotsu-guchi
Broadcasting

Fukuoka Central wholesalemarket fish market

Shimokawabata-machi

Suzaki
Park

F

線
2号
港
空
速
高
市
都

KBC
Cinema 1・2

1

3

Suzaki-machi

Gofuku machi

Gofukumachi Sta. Kamigofuku

Tsunaba-machi

Fukuoka Prefectural
Museum of Art

空港通

E

福岡高校

Yutaka 1chome

奈良屋町
FD Business Center
HakataShiminkaikan-mae

D

中呉服町

博多小学校

吉塚1丁目

550

蔵本

A

Period: March 23 （Saturday） to April 7 （Sunday）
Content:
Spring Fes
大宮
白金

清川3丁目

Actual photo555

博多駅南5丁目

Aiming for increasing
opportunities to stop by using the subway line by conducting various events and initiatives at various facilities during the campaign period.
高宮小学校

Appendix60Redevelopment in Tenjin area （Tenjin Big Bang）（To be completed in May 2025）

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

ka r
Na iveR

Phased and successive
reconstruction project of
Fukuoka Chuo Post Office and
AEON Shoppers Fukuoka

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

No. of applications for building
confirmation: 63 buildings（52 buildings completed）（＊1）

Tenjin Business Center

River front
Bussiness Center■Completed before 1978●
Bank of Japan●
Fukuoka Chuo Post Office
Hulic Fukuoka Bldg.
Rebuilding Project（provisional name）（To be completed in Dec. 2024）

7（Completed in Mar. 2023）

8

Tenjin1
Nishi-DoriBusiness.
evdori A
CenterMeiji-（Land with leasehold interest）

8●
FukuokaPARCO

5e t suNishituok a
k
u
F
jin）
（Ten .
St a

2
Tenjin 1-chome south block
Acros
Fukuoka●2

ve.

Fukuoka Daimyo Garden City

al
nicip
a Mu o Linekou
Fuk ay Kuk
Subw

1

7

S t a.

iA
dor

image

（Press release, Oct. 1, 2021）

image（Press release, Jun. 30, 2022）

Ten jin

abe
tan
Wa

i
a-dor
Show ve.
A

Tenjin Building

Tenjin 1-chome 15th and16th Block Project（provisional name）

4

istrict
dori dMeijiTenjin
Fukuoka Kogin （＊2）
Building●i-dor eachō ssag
Inabound pa
rgr
unde

Fukuoka Tenjin
Center Building●

Tenjin Business Center 2nd
Phase Project（provisional name）（To be completed in Jun. 2026）

Tenjin 1-chome north block（14th Block）●
AEON
Shoppers Fukuoka●Mina Tenjin（Completed in Sept. 2021）

6

image

（Press release, Jun. 7, 2023）

3

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）

3

TenjinTwin Building●●●
Fukuoka Tenjin Chuo Park
City Hall

Tenjin MMT Building（during dismantling）

Nishi-Nippon Tenjin 1-chome district
Iwataya Main Store
WatanabeTenjin 1-chome district north area Building
●
.
St a
●
mi
●
a
n
Tenjin 2-chome south block （along Meiji-dori Ave.）
Tenjin Kirameki-Dori
Fukuokami
Business Center （＊2）
Kego Park Mitsukoshi
jinn
●
Te
e.
v
A
is owned by Fukuoka REIT Corporation＊rodo＊ owned by Fukuoka Jisho Group.
100m
taiu
k
＊ Represents projects for which the Fukuoka Jisho Group participates in the development.
Ko

image

a
um e
nak y Lin
a
N wa
Sub

（Press release, Dec. 13, 2021）

4

image

（Press release, May 13, 2021）

5（provisional name）

Tenjin1-7 plan

（To be completed in Mar. 2026）

image（Press release, Aug 30, 2022） 6（＊1） February 2015 to March 31, 2023 after the start of Tenjin Big Bang. Number of completed buildings as of March 31, 2023. （announced by Fukuoka City） . （＊2） 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
Image of the area subject to Hakata Connected（Fukuoka City）

Ta

iha

ku

-d

or

The Nishi-Nippon
City Bank Administrative
Head Office Building

iA

⑤

ve

.

⑤

The Nishi-Nippon
City Bank
Head Office Annex

Canal City Hakata（注）Hakata River

Kushida Shrine Sta.

Kyukan Jotenjidori
Building.Mve ikas
A
a
ri
Ri
do
ve
ok
u
r
K

Fukuoka Asahi Building（＊2）

Nanakuma
SubwayLine

JR Hakata Sta.

●
Hakata Sta.
Aerial City ProjectNorth zone

Naka River●
Sumiyoshi Shrine
is owned by Fukuoka REIT Corporation ＊

y

mi

Su

os

owned by Fukuoka Jisho Group. ＊

Su
bw

4

.
ve

A

ay

Sanix Hakata Building

6
ori

3

Miyako Hotel
Hakata（Scheduled to be completed
in the end of FY2028）

South zone

d
hi-

2

1

Hakata Ekimae
Business Center （＊2）

Crown Plaza
ANA Fukuoka

Ch

iku

sh

i-d

or

iA

ve

.

◎Expand the system to relax the floor area ratio requirement（measure to facilitate renewal of city center functions）

Hakata Fukami Park Building（Completed in Feb. 2021）

The Nishi-Nippon
City Bank
Head Office Annex,
Administrative
Head Office Building
to start in 2025,
To be completed
in Sept. 2028）（Press release, Dec. 19, 2019）●High-quality, high-value-added buildings●Provide floors for tenant relocation

50（Press release, Feb. 3, 2021）

4

Hakata Ekimae 3-chome Project（tentative name）（Completion slated for June 2025）

5

image

（Press release, Aug. 1, 2023）

6◎New project （decided on February 28, 2022）

New incentive
Floor area
ratio of up to3（Demolition work

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

Existing system
to relax floorarea ratio

2

Hakata East Terrace（Press release, Aug. 5, 2022）

Hakata Chikushi-Dori
Center Building

image（Press release, Mar. 15, 2024）（Completed in Aug. 2022）

Lin
e

SUNLIFE
No.3 Building（＊1） January 2019 to March 31, 2023 after the start of Hakata Connected. Number of completed buildings as of March 31, 2023. （announced by Fukuoka City） .
（＊2） The property is co-owned by the Fukuoka Jisho Group with the other company.

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.

Ku
ko

100m

Hakata Connected Bonus

Reconstruction project of head office CONNECT SQUARE HAKATA
of The Nishi-Nippon City Bank
（To be completed in Feb. 2025） （To be completed in Mar. 2024）

Northeast side （image）（Press release, Mar. 30, 2023） 1

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

Canal City Hakat East
Building（dismantling scheduled）

Hakata-ekimae-dori Ave.

＊

No. of applications for building
confirmation: 25 buildings（18 buildings completed）（＊1）

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, 2023）
Name

Fukuoka Jisho Co., Ltd.

Net sales

20.2 billion yen

Ordinary income

5.8 billion yen

Established

July 1961

Industries

Real estate（comprehensive developer）

Net income

10.4 billion yen

Representative

Ichiro Enomoto, President and C.E.O

Total assets

239.6 billion yen

Employees

176

Equity ratio

37.1％

Use

Officebuildings■Tenjin Business Center
Office buildings■Tenjin Business Center 2nd Phase Project（provisional name）

Office buildings

Residence

Logistics■Class Keyaki Dori

Hotel

Residence

15,160㎡

2 Fukuoka Asahi Building

1970

44,762㎡

3

1999

23,542㎡

4 Naha Business Center

2018

8,994㎡

5

Tenjin Business Center

2021

61,100㎡

6Sumitomo Life Fukuoka Building/
Nishi-dori Business Center
Reconstruction Project (provisional name) （＊）

May 2025 （scheduled）

42,000㎡

Tenjin Business Center 2nd Phase Project

June 2026 （scheduled）

62,932㎡（Building Ⅰ）/
2000（Building Ⅲ）
2004（Building Ⅱ）/ 2007

46,663㎡

2003

24,525㎡

2008

6,500㎡

July 2024 （scheduled）

2,648㎡

12 Hotel FORZA Sapporo Ekimae

2020

11,344㎡

13 LOGICITY Minato Kashii North

2020

47,150㎡

August 2026 （scheduled）

36,288㎡

15 Logistic plan in Ueki, Sue Town （section A・B）

Not announcedー

16 Logistic plan in Sonobe, Kiyama Town

Not announcedー

17 Island city Logistic Plan

2030 （scheduled）

ー

Hakata Ekimae Business Center(provisional name)8

Marinoa City Fukuoka （Outlet Building）

9

Tenjin Kirameki Dori Building

10 Class Keyaki DoriImagawa 1-chome rental apartment(provisional name)

14 Logistic plan in Tosu
Logistics＊Prepared by Fukuoka Realty based on data from Fukuoka Jisho Co., Ltd.

Total floor
space

1970

11
■LOGICITY Minato Kashii North

Year of completion

1 Fukuoka Kogin Building

7
RetailName

No.

＊Includes properties owned by the Fukuoka Jisho Group and properties co-owned with other companies.
（＊）FRC acquired land with leasehold interest on June 1, 2021.

Appendix63