Fukuoka REIT Corporation in Numbers

Contents

Who We Are

Sustainability

01 Fukuoka REIT Corporation in Numbers

29 Sustainability

02 Overview of Fukuoka REIT Corporation

32 Environmental Issues

04 Relationship with Fukuoka Realty Co., Ltd.

36 Social Issues

06 Value-Creation Story

38 Organizational Issues

08 Value-Creation Activities

40 External Environmental Data

14 Financial/Non-Financial Highlights (5-Year Graph)

42 Overview of Properties Owned

Growth Strategy

99.4%

22 Risks and Opportunities
25 Management Strategy

based onacquisition price)

Office buildings

Retail53.0%

26 Financial Strategy

Financial
Information
・Earnings report
・Securities report・Asset management
report・Operating systems report

Non-Financial
Information

Integrated
Report・Financial briefing materials
・Online disclosure ofsustainability information
・Corporate profile
・PR information disclosure)(stable)22.9%

R&I:(stable)
A+
LTV

★

3,523

yen

Dividend yield

4.1%

Unrealized
gain

41.7% 43,026

Fukuoka
metropolitan area*

million yen

Securities code

77.1%

8968

Accounting periods

February
AugustSustainability(

Positioning of This Reportbased onacquisition price

JCR: AA

33.0%

Investment
Other
areas
Kyushu areas

Editorial Policy

million yen

Growth Strategy(

24 Investment Strategy

206,339

Credit ratings★

OthersInvestment
14.0%
type

20 External Environment (Initiatives of Fukuoka City)

Asset size

Dividend
per unit

44 Financial/Non-Financial Highlights(11-Year/22-Period Summary)

16 CEOʼs Message* The Fukuoka metropolitan area includes 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.

Glossary

Credit rating
A grade that reflects the safety and creditworthiness of a company and its
ability to pay the principal and interest of bonds issued by the company
based on an analysis of the companyʼs performance and financial condition.
LTV
An abbreviation for Loan to Value, and an indicator of a companyʼs borrowing
ratio as well as a measure of stability in borrowing. The lower the value, thegreater the degree of safety against redemption of debt.
[Calculation method] LTV (%): Interest-bearing debt / Total assets multiplied by 100

International Initiatives We Focus On

These materials might contain future performance projections, plans, managementtargets, and strategies. These forward-looking descriptions are based on present
assumptions on future events and trends in the business environment, butsuch assumptions might not necessarily be accurate. Actual results could differ
materially due to various factors. Neither Fukuoka REIT Corporation nor Fukuoka
Realty Co., Ltd., shall be liable for the accuracy, rationality, and completeness of

Data Section

We have issued our Integrated Report since fiscal
2019 with the aim of imparting knowledge concerning
the value creation process of the investment
corporation and the asset management company.
The Report has been positioned as an important toolfor engaging with our unitholders, investors, and otherstakeholders. The International Reporting Framework
recommended by the IFRS Foundation and theMinistry of Economy, Trade and Industryʼs Guidance for Collaborative Value
Creation have been referenced in the preparation of this Report to ensureease of understanding.
Through this Report, we aim to increase understanding of our efforts toenhance corporate value based on the basic philosophies of the investment
corporation and the asset management company as well as the value wecreate in working to realize a sustainable society. We will continue striving to
make the Report an effective tool for facilitating constructive dialogue.

33

Data Section

12 History of Asset Portfolio Expansion

Occupancy rate

Who We Are

10 Materiality

Properties owned

information contained in these materials, whether they were prepared by Fukuoka
REIT Corporation or Fukuoka Realty Co., Ltd., or provided by a third party.

Sustainable Development Goals (SDGs)

Principles for Responsible Investment (PRI)

Task Force on Climate-related Financial Disclosures (TCFD)

The SDGs refer to the international goals
set forth in the 2030 Agenda for Sustainable
Development adopted at the United Nations
Summit in September 2015 as the successor to theMillennium Development Goals (MDGs) establishedin 2001. Given the medium- to long-term expectations stakeholders havefor the resolution of these challenges, our priority issues (materiality) were
established in September 2019 with reference to the SDGs.

PRI comprises an international network offinancial institutions working to realize six
principles for the finance industry with the aim ofencouraging the incorporation of environmental,social, and governance (“ESG”) issues into investment decision-making
processes. Fukuoka Realty Co., Ltd., endorsed and became a signatory of
PRI in September 2018 to promote the consideration of ESG issues in realestate investment management operations and practices that conform tointernational standards.

Cognizant of the fact that climate change is amajor issue facing the international community,
in September 2022 we became a signatory of
the Task Force on Climate-related Financial Disclosures (TCFD) establishedby the Financial Stability Board (FSB), having endorsed the recommendationsof the TCFD that were announced in June 2017. We will strive to disclose
the impact of climate change and implement specific measures basedon the recommendations of the TCFD in addition to continuing to reduce
environmental impact and contribute to the local community.

Note that all information in this document is current at the time of preparationand is subject to change without prior notice.
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.
Any unauthorized reprinting, use, reproduction, distribution, or modification of
all or part of the content contained in this Report is expressly prohibited.

Note: Regarding amount, percentage, and ratio rounding: 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 place.

Fukuoka REIT Corporation 202201

Overview of Fukuoka REIT Corporation

Fukuoka REIT Corporation

Representative

Zenji Koike, Executive Director

Security code

8968

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

Fiscal period

February and August

FRC’s Characteristics

Asset manager

Fukuoka Realty Co., Ltd.

Sponsors(Shareholders of theasset managementcompany)

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.

History of Fukuoka REIT Corporation

SAIBU GAS HOLDINGS CO., LTD.
Kyudenko Corporation
Kyushu Railway Company
Development Bank of Japan Inc.

Fukuoka Kyushu Actions● New Kitakyushu Airport opens

2007● Property acquisitions: Hanahata SC, City House Keyaki Dori● Tenjin LOFT opens

2008● Canal City Hakata South Building renovation (2nd floor)● Property acquisitions: Kurume Higashi Kushiwara SC, Kʼs Denki Kagoshima● Kurume City, Fukuoka Prefecture, becomes a core city

2009

● Property acquisition: Higashi Hie Business Center● Kyushu University Ropponmatsu Campus closes(redevelopment project zone)

2010● Canal City Hakata common space and Park Place Oita common space, tenant floor renovations● Fukuoka Parco opens

2011●2nd public offering (Offer price: 115,217 yen*)● IR Kyushu Workshop launch● Selected as a AAA website All Japanese Listed Companiesʼ Website Ranking for fiscal 2011
● Property acquisition: Canal City Hakata・B● Kyushu Shinkansen Kagoshima route fully opens

2012● Opened LAOX/XEBIO in the Canal City Hakata South Building● Selected as a AAA website All Japanese Listed Companiesʼ Website Ranking for fiscal 2012
● Property acquisition: Aqualia Chihaya● Fukuoka Urban Expressway fully opens and Kanjo Line opens

2013●3rd public offering (Offer price: 142,116 yen*)●1st investment corporation bond issuance● Selected as a AAA website All Japanese Listed Companies' Website Ranking for fiscal 2013
● Property acquisitions: Tenjin Nishi-Dori Business Center Building, D-Wing Tower, Hotel FORZA Oita, Tenjin North Front Building● Fukuoka City population tops 1.5 million● JR Kyushu Cruise Train “Seven Stars in Kyushu”
begins operations

2014●5:1 investment unit split implemented● Received the IR Excellent Company Encouragement Award (organized by Japan Investor Relations Association)● Property acquisitions: Tosu Logistics Center, Granfore Yakuin Minami● Fukuoka City designated a National Strategic Special Zone
● Number of cruise ship port calls: 115

2015●4th public offering (Offer price: 212,257 yen*)● Fukuoka REIT Corporation 10th anniversary● Property acquisitions: LOGICITY Minato Kashii, Marinoa City Fukuoka (Marina Side Building)● Tenjin Big Bang begins● Number of cruise ship port calls: 259 (shopping sprees)● JR Oita City opens

2016● Canal City Hakata 20th anniversary● Japanʼs largest 3D projection mapping and new Aqua Panorama fountain installed at Canal City Hakata● Higashi-Kyushu Expressway fully opens● Number of cruise ship port calls: 328● Vegefru stadium (new fresh produce market) begins at Island City2017

●2nd investment corporation bond issuance● Park Place Oita 15th anniversary renovation● Canal City Hakata inbound sets new visitor record (17.02 million in fiscal 2017)● Property acquisition: LOGICITY Hisayama(Asset management company)● Formulated Policies for Customer-Oriented Business Operations● Fukuoka City Science Museum opens● World Cultural Heritage registers heritage sites related toKami-yadoru shima Munakata and Okinoshima

2018●5th public offering (Offer price: 164,414 yen*/3rd investment corporation bond issuance)● Property acquisitions: Konoha Mall Hashimoto, Higashi Hie Business Center II, Tissage Hotel Naha
(Asset management company)● Formulated the Sustainability Policy/Endorsed the Principles for Responsible Investment (PRI) and the Principles for
Financial Action for the 21st Century (PFA21)/Certified as a “Fukuoka ʻWork Style Reformʼ Promotion Company”● Fukuoka Jisho Co., Ltd., becomes a premium partner ofAvispa Fukuoka

2019● Received the rating of “4 stars” and “Green Star” in the GRESB Real Estate Assessment● Became the first company in Kyushu to conduct borrowing via green loans● Private-sector outsourcing of Fukuoka Airport
operations begins

2020● Became the first J-REIT to publish an integrated report● Received the rating of “3 stars” and “Green Star” in the GRESB Real Estate Assessment● Property acquisitions: Higashi Hie Business Center III, LOGICITY Wakamiya● COVID-19 outbreak● TEAM FUKUOKA launched to attract international financial
functions to Fukuoka

2021● Canal City Hakata opening 25th anniversary/Nitori Canal City Hakata opens● Received the rating of “4 stars” and “Green Star” in the GRESB Real Estate Assessment● Selected as a AAA website All Japanese Listed Companiesʼ Website Ranking for fiscal 2021
● Property acquisition: Tenjin Nishi-Dori Business Center (Land with leasehold interest)● Tenjin Big Bang, Tenjin Business Center completed2022● Partial revision to management guidelines/Set targets for materiality KPIs/Conducted borrowing via asustainability-linked loan /Endorsed the TCFD recommendations● Received the rating of “4 stars” and “Green Star” in the GRESB Real Estate Assessment/Top “A” in
the GRESB Public Disclosure● Renewal opening of Park Place Oita's 3-floor, Shangri-la Zone
● Property acquisitions: Hakata Chikushi-Dori Center Building, Island City Minato Bay related site (landwith leasehold interest; conclusion of agreement; tentative name)(Asset management company)● Registration with Fukuoka City Well-Being & SDGs Registration System “Master”● Dontaku parade held for the first time in three years● Oiyama event of Hakata Gion Yamakasa Festival held forthe first time in three years

Asset management
leveraging our in-depth
knowledge of the realestate environmentof the Fukuoka andKyushu areas

2

Excellent portfolio
centered on the Fukuoka
metropolitan area

A portfolio of carefully
selected investments in thehigh growth area of Fukuoka
City, which is gaining attention
in Japan and abroad

3

Solid support from asponsor company involvedin property development

Asset portfolio expansion andhigh occupancy rates facilitatedthrough coordination with oursponsors

4

Establishmentof a stablefinancial baseConservative controlof the interest-bearing
debt ratio and longterm diversification of
repayment deadlines

5

Stable dividends
and steady NAV
growth since listing

Appropriate management ofreal estate investments■ Before completion

Canal City Hakata〜 Redevelopment project that took approximately 20 years to complete 〜

Kanebo Factory in 1957. The Japan National
Railways tracks and a service line are visible
in the foreground.

■ Completion
Canal City Hakata is a multipurpose retail facility that opened in 1996 as anurban redevelopment project based on the concept of “urban theater.”
Canal City Hakata is located between the Tenjin district̶which forms thecommercial center of Fukuoka City̶and the business district centering on
JR Hakata Station, and is close to the famous entertainment area Nakasu andKushida Shrine, which once flourished as a community of Hakata merchants
and is famous throughout Japan for the Hakata Yamakasa Festival. Canal City
Hakata was designed by American architect Jon Jerde. The project site was
the former location of the Hakata Silk Cotton Spinning Company (later the
Hakata Factory of Kanegafuchi Spinning, hereafter the “Kanebo Factory”). It had
become a forgotten plot of land at the heart of Fukuoka City that had lost theurban functions that once helped develop modern society.
In 1977, Fukuoka Jisho acquired a portion of the former Kanebo Factory site,which is an area of approximately 3,000 tsubo. At the time, the area was being
planned as a redevelopment for condominiums, but the concept was reworked
many times in the hope of “reviving Hakata as a commercial city.” In 1982, abasic development concept was formulated and a master plan was announced
the following year, but the redevelopment was temporarily postponed due to thepoor earnings for key tenants. In 1988, a major step toward realization was finallytaken, and Canal City Hakata opened on April 20, 1996, as a catalyst to revitalize
the central part of the downtown area, which had become stagnant, and topromote the balanced development of the entire city center. Traffic congestion on
surrounding roads that had been a concern before the opening was addressed
through road maintenance in cooperation with the local government, and apedestrian bridge was constructed to connect to the Kamikawabata Shopping
Arcade. Accordingly, the opening of Canal City Hakata has led to the revitalizationof the Kamikawabata Shopping Arcade and surrounding areas.

Fulfilling new urban functions, enhances
circulation to Tenjin and Hakata whileconnecting the surrounding areas of
Kawabata and Sumiyoshi.

■ After Completion
Five million people visited Canal City Hakata
in the first two months after its opening. The“urban theater” was born, creating a variety
of ripple effects in the surrounding area.

Data Section

2006●1st public offering (Offer price: 153,272 yen*)●10th anniversary of the opening of Canal City Hakata● Property acquisitions: Taihaku Street Business Center, Amex Akasakamon Tower, Square Mall
Kagoshima Usuki, Kumamoto Intercommunity SC

region-specific
REIT

Sustainability● Nanakuma subway line opens● Kyushu National Museum opens

1 Japanʼs first

Growth Strategy

2005● Listed on the Tokyo Stock Exchange and Fukuoka Stock Exchange● Property acquisitions: SunLive City Kokura, Sanix Hakata Building

FRC has the following ﬁve main strengths.

Who We Are

Name

Source: Prepared by Fukuoka Realty Co., Ltd., based on the Canal City Hakata Concept Book

* The investment corporation undertook a five-for-one investment unit split effective March 1, 2014. Accordingly, offer prices for the first to third public offerings have been divided by five.
Glossary

02

Sustainability-linked loan
Sustainability-linked loans are loans that encourage borrowers to meet
ambitious sustainability performance targets (SPTs).

Investment corporation bondBonds issued by investment corporations in accordance with the Act on Investment Trusts andInvestment Corporations and are equivalent to corporate bonds of stock companies. Bonds
are issued as a means of fund procurement, and are used mainly for acquisition of real estate,
repair, and maintenance of existing properties, and repayment and redemption of borrowings.

Glossary

NAV
NAV is an abbreviation for Net Asset Value at an investment trust. Net assets are defined as total
investment trust balance sheet assets minus liabilities, with the base price based on the numberof units. For REITs, the term net assets refers to net assets plus unrealized gains or losses
reflecting the difference between the book value of the property owned and the appraised value.

[Calculation method] NAV: Net assets + Unrealized gains or losses – Dividends
Market net assets value per unit: NAV / Total number of units issued
Fukuoka REIT Corporation 2022

03

Relationship with Fukuoka Realty Co., Ltd.

Fukuoka REIT Corporation (“FRC”) comprises one Executive Director and two Supervisory Directors, and actual investment
management is contracted to our asset manager, Fukuoka Realty (“Fukuoka Realty”). As such, FRC and Fukuoka Realty aretreated as one entity in this document in reporting on the value created for stakeholders.

by utilizing its speed and depth of information based on knowledgeof local land and a broad network centering on local governments
and the business world.
【Think Global】
We will proactively engage in IR activities to fulﬁll our accountability
to global capital markets. In conjunction, we will take heed of
Fukuoka Realtyʼs corporate governance and compliance.
Regarding real estate and ﬁnancial markets, FRC will keep
closely tracking movements occurring across the whole of Japanand the entire world, taking into consideration the logic of capital
markets with global ideas, and appropriately reﬂecting such in ourasset management.
We will also keep diligently pursuing dialogue with investors,
focusing on fulﬁlling our accountability, and utilizing Fukuoka
Realtyʼs fund management skills for investors under a strict
compliance policy.

Located in Fukuoka City and comprising 41 employees witha variety of experience in real estate, ﬁnance, and other ﬁelds,
Fukuoka Realty possesses a high level of expertise and makes
full use of information unique to the local area in managing FRCʼs
assets.

Real Estate Investment Trust

Real Estate

Investors

Fukuoka REIT Corporation
Holdings［ Securities code: 8968 ］

Rents

Growth Strategy【Our Mission】
Taking advantage of our strength in knowing the local
characteristics of real estate, which is a region-speciﬁc business,
we invest in real estate for rent in the Fukuoka and Kyushu areas.
By appropriately managing the invested real estate, we will achieve
stable earnings over the medium to long term while making efforts
to keep providing stable dividends for the future.
【Act Local】
We̶FRC and Fukuoka Realty̶are currently the only listed realestate investment corporation and asset management company
registered outside the Tokyo metropolitan and Kansai areas under
the provisions of the Act on Investment Trusts and Investment
Corporations as well as the Financial Instruments and ExchangeAct.
As a region-speciﬁc REIT, FRC seeks differentiation in theselection of investment target properties and the managementof owned assets through the enhancement of its information
gathering ability and ability to discern the proﬁtability of properties

Listed on the real estate investment trust sections of the Tokyoand Fukuoka stock exchanges, Fukuoka Realty Co., Ltd., is FRCʼs
asset management company.
Based on an asset management agreement concluded with FRC,
Fukuoka Realty is entrusted with the key operations of “acquiringand selling assets,” “asset rental management,” and “ﬁnancing.”

Who We Are

FRC’s Basic Policy

Corporate Profile of Fukuoka Realty Co., Ltd.

Investments

Dividends

Company entrustedwith asset
management
Asset management company

Fukuoka Realty Co., Ltd.

FRC and Fukuoka Realty believe that attracting domestic andforeign excellent investment funds to regional real estate ﬁnancial
markets will stimulate community development in the Fukuoka andKyushu areas. Although we are not directly involvedin community development or real estate development, we expect
our acquisition of properties to lead to new funds passing to sellers
and part of those funds being directed to new development, etc.
With funds injected into FRC from Japan and abroad, newinvestment funds will ﬂow to the Fukuoka and Kyushu areas

Our Mission

Real estate is a local business

Region-Specific REIT

Distinctive capability for gathering
qualitative information on the real estatemarket (speed, in-depth information)
Specialization in local properties
Solid network among local
governments and the business world

Aim to achieve the bestinterests of unitholders byleveraging our expertisein the local real estatemarkets of Fukuoka
and Kyushu

Investment Policy

Think Global
Capital market theory
Accountability and transparent
dialogue with investors
Decent policy to comply
Fund management skills

Investment target areas

Investment typeFukuoka
metropolitan area

Retail

60％–90％

Leading companies in Fukuoka and the Kyushu areas that are
in agreement with FRCʼs concept participate as shareholders(sponsors) of Fukuoka Realty. FRC aims to achieve sustainablegrowth as a REIT through the expanded scale of its assets throughthe contribution of excellent properties from among our sponsors
and by actively leveraging their support, including the provision of
relevant information.
With regard to the properties owned and developed by thesponsor companies, Fukuoka Jisho Co., Ltd., FRC, and Fukuoka
Realty have concluded a pipeline support memorandum of
understanding (MOU) to seek stable and continuous acquisition
opportunities.

5%

5%

5%

THE BANK OFFUKUOKA, LTD.

THE NISHI-NIPPONCITY BANK, LTD.

Development Bankof Japan Inc.

55%

Directors

Fukuoka Jisho
Co., Ltd.*

Fukuoka Realty
Co., Ltd.
(Asset manager)

Outsidedirectors

10%
Kyushu ElectricPower Co., Inc.

Data Section

Act Local

as a whole. Based on this perspective, we believe that we cancontribute to regional revitalization and community development in
the Fukuoka and Kyushu areas.
Funds will be returned to unitholders by distributing the earnings
from owned assets.
Through the promotion of community development and therevitalization of regional economies in the Fukuoka and Kyushu
areas, we will aim for FRC earnings stability.

Sustainability

Contribution to Regional Revitalization and Development of Attractive Communities

40％–70％

Other Kyushu areas

Office buildings(including Okinawa andYamaguchi prefectures)

20％–50％10％–30％
OthersOthers0％–10％(Logistics, Residence,
Hotel, etc.)

5%

5%

5%

5%

SAIBU GASHOLDINGS CO., LTD.

Kyudenko
Corporation

Nishi-Nippon
Railroad Co., Ltd.

Kyushu Railway
Company* Concluded MOU with FRC and Fukuoka Realty Co., Ltd., concerning pipeline support.

0％–30％
Glossary04

Pipeline support agreement
Pipeline support agreements refer to contracts that provide the opportunity to acquire a property from a sponsor in advance of and in priority to a third party

Fukuoka REIT Corporation 202205

Value-Creation Story

Our
MissionAct Local, Think Global

VisionTotal 33 properties

Business activities

OutcomeValue creation with stakeholders

See p.42• TSR for past 10 years Annual rate 8.1%
• Dividend per unit /3,523 yen
Average interest rate paid 4.1%
• Credit ratings JCR: AA- (stable), R&I: A+ (stable)

Building of a solid financial base throughconservative control of LTV• LTV …………………………………… 41.7%• Fixed rate……………………………… 93.4%

Acquisition

stable cash flow over the long term

Research

Act Local,
Think Global

Intellectual
capitalSocialrelationshipcapital• A varied skill set formed through humanresource training• Experience and knowledge of IR
activities based on long years of practicalimplementation• Gathering of information deeply rooted in local
communities• Co-creative and trusting relationships withtenants• Cooperative framework with property
management (PM) companies• Coordination with local society, local communities• Maintenance of good relationships of trustwith sponsors

na g

M a t e a lit yriOffice buildings 11 propertiesndement, valuation, as al es / R e pl a c e m e nt

External Environment

See p.20

Social Issues• Energy, water, air, and other natural resources
used in the operation of properties owned• Natural environment and biodiversity in theareas around properties owned

See p.29
See p.36• Number of IR interviews during the year
In Japan 184, Abroad 22 (including
telephone conferences)• Track record of winning awards
IR Excellent Company Encouragement Award(2014) / Nikko Excellent IR Website Award (2021)

Social relationship capital

Logistics 4 properties

Response to ESG issues
Sustainability• Number of qualification holders:
Real estate brokers 56.1%
out of 41 full-time officers and employees /ARES Certified Masters 43.9%
out of 41 full-time officers and employees

Intellectual capital

Residences 5 properties• Human resource exchanges with sponsors(e.g., 3 people accepted from sponsors, 8
people dispatched to sponsors)• Improvement of office environments(introduction of meeting booths, plants
and other greenery)• Implementation of COVID-19 tenant support
measures (assistance with vaccinations asrequested and other support)

Natural capital

Environmental Issues See p.32
Organizational Issues See p.38
Hotels 2 properties

Risks and Opportunities See p.22

• Green building certification rate (total floor
space basis) 77.8％• Reduction of electricity usage andwater consumption at properties owned
Electricity usage reduced by 8.84%
compared with 2019
Water consumption reduced by 31.14%
compared with 2019

Total tenants in all properties: 1,021• Customer satisfaction surveys at retail facilities• Tenant satisfaction surveys

06

Sustainability See p.29

Employees

Employee Initiatives See p.36

・Improve experiences through human resource exchanges and rotation
・Increase motivation through participation in urban development, etc.
・Enhance personal connections and capabilities based on various experiences
through connection with society
・Boost employeesʼ job and personal satisfaction through a focused humanresource strategy
・Enhance systems that enrich peopleʼs lives and encourage them to remain inservice for longer

Unitholders/
Financial Institutions

Investment Strategy See p.24
Redevelopment Project inFukuoka City See p.21
・Create investment opportunities in realestate in the Fukuoka and Kyushu areas
・Convey the appeal of the Fukuoka and Kyushu areas by enhancing information disclosure
・Ensure the stable return of profits and secure opportunities for growth throughappropriate investment and management in response to unitholder feedback
・Maintain good relationships with financial institutions and ensure theappropriate return of profits

Sponsors

Investment Strategy See p.24
Redevelopment Project inFukuoka City See p.21

・Provide funding for new property development
・Support developments over the medium to long term that lead to local advancement
・Engage in collaborative projects to enable efficient and productive property
management
・Strengthen development and operational capabilities through ongoing
information exchange
・Bolster human capital through human resource exchanges

Environment/
NatureEnvironmental Initiatives See p.32

・Promote environmental conservation through investment in properties withhigh environmental performance・Contribute to sustainability in the Fukuoka and Kyushu areas over the medium
to long term through active participation
・Co-create in harmony with nature through proactive environmental initiatives in
the real estate market
・Engage in real estate development that takes advantage of the nature found in Kyushu

As of August 31, 2022

Related Stakeholders
Clients/TenantsCommunity-Based
Initiatives See p.37

＜Commercial and Hotel＞
・Provide new discoveries for users and enhance satisfaction (e.g., first store in Kyushu)
・Revitalize interaction with surrounding regions through community-based initiatives
・Make it fun to go out and invigorate regional interaction＜Logistics＞
・Increase convenience for the general public by upgrading local distribution networks

Data Section

NaturalcapitalMa

5.2％
43,026 million yen
178,348 yen

Sustainability*Fukuoka Realty Co., Ltd.

• NOI yield• Unrealized gain
• NAV per unit

Management Strategy See p.25

Region and Society

Human capitalManagement• Excellent human resources with specialized skills• Support framework for flexible working styles• Support system for career development• Number of full-time officers
and employees*: ………………………… 41• Number of qualification holders*:
Real estate appraisers 1 / Attorney 1 /First-class registered architects 1 / MBA 2

Manufacturing capital

Initiatives at Facilities See p.34

＜Office Buildings＞
・Create business opportunities, attract companies from other countries andother regions in Japan, and establish a place for start-ups to flourish＜Commercial＞
・Increase users, create employment, and generate synergies between tenants(differentiate from shopping centers)

Growth Strategy

ss strate
gy
sine
u
B

Manufacturing
capitalFinding excellent properties that can generate

HumancapitalRetail 11 properties

Management Strategy See p.25

Clients/Tenants

Financial capital

Financial
capitalWho We Are

Main management resources (Inputs)

Promote Attractive Urban Development in the
Fukuoka and Kyushu Areas

Region and Society

Population of the 6 prefectures
we have properties in: Approx. 11,774,000• Organizing community and other events utilizing facility common areas• Active participation in the Hakata Town Planning Promotion Councilʼsactivities• Announcement of financial results by the Fukuoka Stock Exchange

Employees

Number of full-time officers
and employees: 41• Various employee education systems• Employee satisfaction surveys• Career interviews with employees

Unitholders/Financial Institutions
No. of unitholders: 13,554
No. of financial institutions we deal with: 22• General Meeting of Unitholders• Results briefings for investors• 1-on-1 meetings (Japan and overseas)

Sponsors
Sponsors: 9• Contribution of excellent
properties• Ongoing information exchange• Human resource exchanges

Environment/Nature
Property location/Six prefectures(Fukuoka/Saga/Kumamoto/
Oita/Kagoshima/Okinawa)• Environmental preservation (Electricity
and water conservation)• Green Building certification

Glossary

TSR
An abbreviation for Total Shareholder Return.
This can also be called total shareholder(investor) yield and reflects combined capitalgains and dividends, reflecting the overall
investment yield for investors.
[Calculation method] TSR (%): (Dividend perunit + Increase in investment unit price) / Initialinvestment unit price multiplied by 100
Fukuoka REIT Corporation 2022

07

Value-Creation Activities
Acquisition

ss strate
gy
sine
Bu
Management

Research

Act Local,
Think Globalna gFinancial Strategy

Management Strategy See p.25
Fund procurement (financing)

Information communication (IR/SR)

Research

Acquisition

Management

Human resources who are familiar
with the area and have built trusting
relationships collect high-quality
information on properties fromsponsors and the community

Acquisition of excellent real estatein the Fukuoka and Kyushu areas
through sponsor companies andlocal communities

Constant forward-looking
management with an attention
to detail unique to a regionspecific REIT

See p.26

Who We Are

Ma

Investment Strategy See p.24

M a t e a lit y
ri

nd
eme
nt, valuation, as al es / R e pl a c e m e nt

External Environment
Response to ESG issues
Sustainability

Environmental Issues

Social Issues

Organizational Issues

Strengths andcharacteristics of thevalue creation process• Property appraisal skills unique to a
local person• Robust network• Discovery and acquisition ofproperties that can generate stable
cash flow• Market research and analysis• Improvement of property value• Asset portfolio expansion andrealization of high occupancy rates

Related capital(know-how)• Social relationship capital(relationships of trust, cooperationand collaboration)(natural environment)• Diversification in fund procurement• Discovery of excellent properties
using networks we created

See p.24• Human capital• Natural capital(discerning eye, expertise)• Employment of exceptional humanresources required for suitablebusiness execution(management know-how/performance)• Management focused on longterm fixed interest rate entities andfinancial stability• Maintenance of NOI in existing
properties• Management that emphasizes thebest interests of unitholders• Essential environmental initiatives

See p.24

Data Section

Challenges and initiatives
to further strengthen
value creation• Human capital(relationships of trust,cooperation and collaboration)• Financial capital(relationships of trust, cooperationand collaboration)(excellent properties)• Social relationship capital• Realization of stable distributions
and dividends• Social relationship capital• Manufacturing capital(know-how)• Derive maximum value from our realestate portfolio over the long term(know-how)(financing ability)• Human capital• Sound financial position• Human capital• Financial capital(information-gathering
ability)• Stable cash flow

Sustainability• Intellectual capital

Portfolio management from a medium- to long-term
perspective and appropriate financial strategies

Growth Strategy

Risks and Opportunities

Management,
Valuation, and Sales/
Replacement

See p.25

See p.26

Related Stakeholders
Clients/Tenants
Total tenants in all properties: 1,021• Customer satisfaction surveys at retail facilities• Tenant satisfaction surveys

08

Region and Society

Population of the 6 prefectures
we have properties in: Approx. 11,774,000• Organizing community and other events utilizing facility common areas• Active participation in the Hakata Town Planning Promotion Councilʼsactivities• Announcement of financial results by the Fukuoka Stock Exchange

Employees

Number of full-time officers
and employees: 41• Various employee education systems• Employee satisfaction surveys• Career interviews with employees

Unitholders/Financial Institutions
No. of unitholders: 13,554
No. of financial institutions we deal with: 22• General Meeting of Unitholders• Results briefings for investors• 1-on-1 meetings (Japan and overseas)

Sponsors
Sponsors: 9• Contribution of excellent
properties• Ongoing information exchange• Human resource exchanges

Environment/Nature
Property location/Six prefectures(Fukuoka/Saga/Kumamoto/
Oita/Kagoshima/Okinawa)• Environmental preservation (Electricity
and water conservation)• Green Building certification

Fukuoka REIT Corporation 2022

09

Materiality

Fukuoka REIT Corporation and Fukuoka Realty Co., Ltd., consider it essential to take into account environmental, social,

Materiality

and governance (ESG) factors in addition to pursuing proﬁtability to achieve the best interests of unitholders over the
medium to long term. Accordingly, we strive to respond to various ESG-related issues within our real estate investment andmanagement processes.

Materiality

KPIs and targets

Related SDGs

・Carry out performance and function evaluation of properties
on a regular basis and ameliorate any deterioration in
performance
・Maintain and improve competitiveness by acquiring
green building certifications and through visual
representation of building performanceSee p.35

・(by 2030) 85% Green Building
Certification rate or higher

Creation of pleasant
workplaces (asset
managementcompany)・Improve quality of operations by enhancing and expanding
employee education systems and promoting acquisition ofqualifications
・Continue to improve office environments and work on
providing pleasant working environments
・Give consideration to a work-life balance and boost employee
satisfaction

・Training per employee (numberof times)
・Improve office environment(number of cases)

Creation of pleasant
workplaces (tenants)

・Promote improvement of employee
satisfaction and work toward increasing job
satisfaction of tenant employees

・Conduct regular tenantsatisfaction surveys (allproperties)

We have identified eight material issues through the process below from environmental, social, and governance perspectives that are of highimportance to society and stakeholders and to business continuity.

Contributions
toward boosting
the attractivenessand revitalization of
Fukuoka and Kyushu

・Enhance dissemination of information regarding strengths andcharms of Fukuoka and Kyushu
・Support research and studies on the local economy and industries
and promote attractive urban development in
See p.37
collaboration with local business circles

・Join and participate in local
economic organizations
・Host local community events(number of times)

Historical Background to Identification of Materiality

Co-creation with thelocal community

・Deepen dialogue and collaboration with local communities
through participation in community activities and various
initiatives using properties under our management to grow anddevelop together with the local community

・Join and participate in area
management organizations
・Continued participation in
activities that contribute to thecommunity (number of times)

Information disclosureand dialogue withstakeholders

・Disclose financial and non-financial information to stakeholders
in an appropriate and timely manner
・Build relationships of trust through proactive dialogue
with stakeholders and reflect stakeholder feedback in the
management strategy

・Dialogue with investors (numberof times)
・Sustainability training for
employees
See p.38(number of times)

Compliance/Riskmanagement

・Ensure thorough compliance including compliance with laws
and ordinances and elimination of conflicts of interest withinterested parties, and develop and operate an appropriate
internal risk management system to maintain and improve
corporate value・Compliance training(number of times)

Environment

High

Environment

Mapping of Issues

Importance to society and stakeholders● Reduction of environmental load
● Maintenance and enhancement of environmental andImportant
items

construction performance

Society● Creation of pleasant workplaces (asset managementcompany)● Creation of pleasant workplaces (tenants)● Contributions toward boosting the attractiveness andrevitalization of Fukuoka and Kyushu

Importance to business continuity● Compliance/Risk management

January 2018

June 2018

August 2018

September 2018

September 2019

August 2022

Formulated sustainability
policyAcquired DBJ Green
Building Certification for
2 properties (9 in total)

Certified as a “Fukuoka
ʻWork-Style ReformʼPromotion Company”

Announced results of GRESBReal Estate evaluations(participation for first time)

Identified
materiality

Created “Climate Change
and Resilience Policy”

FY2017–Began initiatives regarding
participation in GRESB
2018● Information disclosure and dialogue with stakeholders

High

September 2017
Established Policies That
Include Those Regarding
Customer-Oriented
Business Conduct

July 2018
Acquired BELS
Certification for 4
properties (reissued)

September 2018

September 2018

Became a signatoryof the Principles for
Responsible Investment(PRI)

Became a signatoryof the Principles for
Financial Action for the
21st Century (PFA21)

April 2022
Set key performanceindicators (KPIs) for
materiality

September 2022
Endorsed the TCFD (Task Forceon Climate-related Financial
Disclosures) and participated in
the TCFD Consortium

Process for Identifying Materiality
STEP 1Governance

GovernanceSociety● Co-creation with the local community

See p.36

See p.39

Data Section

Maintenance andenhancement ofenvironmental
and construction
performance

Fukuoka Realty, the asset management company, has identified materiality (important issues to address) in its sustainability initiatives basedon the demands and expectations of stakeholders and the expected impact on and importance to FRCʼs business.

Sustainability

・(by 2030) 35% reduction in CO2emissions (compared with 2019,
basic unit), 75% waste recycling
rate

Growth Strategy

・Coordinate with Property Management and Building
Management on promotion of management and reductionof energy consumption, greenhouse gas emissions, water
consumption, and waste output
See p.30

Who We Are

Reduction ofenvironmental load

Identifying Materiality

10

Policies and targets

Process for Revising Materiality
STEP 2

Identify social issues

Narrow and prioritize issues

Based on the needs of society andthe expectations of stakeholders
within and outside of the Company,
prepare a list of social issues taking into
account conditions at other companies
in the same industry, items used atassessment agencies, ESG disclosure
standards, and SDGs.

Narrow and prioritize identified
issues based on their importanceto stakeholders and the importanceto and degree of impact on FRCʼsbusiness based on potential risks andopportunities. Prepare draft proposals
regarding materiality.

STEP 3

Deliberate at the management level, confirm
appropriateness
Ensure that the Sustainability Promotion Committee, establishedby the asset management company, deliberates on all draft
proposals regarding materiality. Materiality is identified afterinvestigating appropriateness based on the opinions and adviceof experts acting on behalf of stakeholders. Reports are ultimately
delivered to the Board of Directors of the asset managementcompany and the Board of Directors of FRC.

STEP 1

STEP 2

STEP 3

Identify items to be revised

Exchange opinions with third parties

Identify items in materiality to be revised
based on an examination of changes
in the social environment and anassessment of the current situation.

Create proposed revisions to materiality
based on dialogue with stakeholders andan assessment from FRCʼs perspective,
and request third parties to provide theiropinions on the proposed revisions.

Deliberate at the management level, seek resolution
by the Board of Directors
Ensure that the Sustainability Promotion Committee,
established by the asset management company, deliberates
on all proposed revisions in consideration of the opinions
provided by the third parties before any changes are maderegarding materiality. Ultimately, reports are to be delivered
to the directors of the asset management company and theBoard of Directors of FRC.

Fukuoka REIT Corporation 2022

11

History of Asset Portfolio Expansion

Based on our intention to draw funds to the region by introducing excellent properties in Fukuoka and Kyushu to investors
locally and around the world, FRC carefully selects and invests in properties that can generate stable cash ﬂow over many
years, and we are working to continuously expand the scale of our assets. In addition to retail and ofﬁce buildings, we arediversifying our portfolio by expanding the scope of investment into such properties as logistics facilities, residences, and hotels.

■ Retail ■ Office buildings ■ Logistics ■ Residences ■ Hotels

Tosu Logistics Center 1,250(Acquired properties)
Canal City Hakata
Canal City Business Center Building
Park Place Oita
Gofukumachi Business Center

32,00014,60015,700
11,200Tenjin Nishi-Dori Business Center 7,700(land with leasehold interest）
Canal City Hakata・B(7,640)(Note)
Grand Building (sold)

LOGICITY Minato Kashii
8,150
Marinoa City Fukuoka
5,250(Marina Side Building)Park Place Oita (adjacent land) 590

D-Wing Tower
2,800
Hotel FORZA Oita
1,530
Tenjin North Front Building 2,800

Sanix Hakata Building
4,400
Kominedai Community Mall 740

Park Place Oita (Sports Club NAS)
Aeon Hara Shopping Center (sold)
Aqualia Kego (sold)

Aqualia Kego 2,800
Aqualia Chihaya 1,280

1,470(5,410)(2,800)（Number ofproperties）

Tissage Hotel Naha 2,835

Taihaku Street Business Center 7,000
LOGICITY 5,050
Hisayama

200,000

Amex Akasakamon Tower
Square Mall Kagoshima Usuki
Kumamoto Intercommunity SC

Canal City Hakata・B 28,700

2,060
5,300
2,400

40

Aeon Hara Shopping Center
5,410
Kominedai Community Mall (Sold) （740）33
32Hanahata SC
1,130City House Keyaki Dori
1,111
Kurume Higashi Kushiwara SC 2,500

150,000

Growth Strategy

Higashi Hie
3,290
Business Center III
LOGICITY Wakamiya 1,700
Park Place Oita
990
(Home Plaza Nafco)Tenjin Nishi-Dori Center Building 2,600

SunLive City Kokura 6,633

Acquisition Price(Millions of yen)

Hakata Chikushi-Dori 4,320
Center Building

Granfore Yakuin Minami 1,100

Number of properties

Who We Are

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

31

32

31

30

Kʼs Denki Kagoshima 3,550

27

Higashi Hie Business Center 5,900

27

27

29

Sustainability

29

29

28

25

26

26

25

24
23

23

20

100,000

20

19
17

17
16
15

14

16

16

16

15

50,00010
87Data Section

11

11

5
4

0

Listed

2nd

3rd

4th

5th

6th

7th

8th

9th

10th

11th

12th

13th

14th

15th

16th

17th

18th

19th

20th

21st

22nd

23rd

24th

25th

26th

27th

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Jun.2005

Aug.2005

Feb.2006

Aug.2006

Feb.2007

Aug.2007

Feb.2008

Aug.2008

Feb.2009

Aug.2009

Feb.2010

Aug.2010

Feb.2011

Aug.2011

Feb.2012

Aug.2012

Feb.2013

Aug.2013

Feb.2014

Aug.2014

Feb.2015

Aug.2015

Feb.2016

Aug.2016

Feb.2017

Aug.2017

Feb.2018

Aug.2018

Feb.2019

Aug.2019

Feb.2020

Aug.2020

Feb.2021

Aug.2021

Feb.2022

Aug.20220* Amounts indicate acquisition price.
Note: FRC has co-ownership interest in the amount of 88.28%, and the amount indicates the appraisal value at the time of transfer.

12

Fukuoka REIT Corporation 2022

13

Financial/Non-Financial Highlights (5-Year Graph)

Financial Highlights

Non-Financial Highlights

Total Operating Revenues(Millions of yen)

(Millions of yen)
9,178

9,242

9,231

9,162
8,518

8,194

8,904

8,867

8,830

8,658

2,860

3,000

2,934

2,939

2,899

2,623

2,586

2,675

2,816

2,814

2,804

（People）

（%）

５0

100

38

４０

8,000

Asset Management Company Full-Time Officers and Employees:
Percentage of male and female employees*3

39

41

41

42

44
41

41

40

Male

Female

44.7

46.2

46.3

46.3

47.6

55.3

53.8

53.7

53.7

52.4

51.2

51.2

50.0

48.8

48.8

50.0

56.1

52.3

Who We Are

10,000Asset Management Company:
Number of full-time officers and employees*2

Profit

41

8０

2,000
30

6,000

4,000

60

20

40

10

20

47.7

43.9

1,000
2,000

0

27th

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Feb. 2018

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

0

27th

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Feb. 2018

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

5,493

5,591

5,633

5,596
5,307

5,079

5,347

5,336

5,334

5,370

4,000

3,512

3,593

3,687

3,693

3,642
3,250

4,500

29th

30th

31st

32nd

33rd

34th

35th

36th

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

0

3,361

3,539

3,536

3,523

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022(Meetings)

10
8.6
7.7
7か月

8

3,000

8.10

9.1

8.10

9.6

9.6

200

9.4

169

10か月
7.11
7.10
10か月

149

148

160

133

129

6
3,000

27th
Feb. 2018

Number of IR Meetings in Japan and Abroad*5(Years/Months)

(Yen)

6,000

28th
Aug. 2018

Asset Management Company:
Average number of years of full-time employment*4

Dividend per Unit

(Millions of yen)

27th
Feb. 2018

Growth Strategy

NOI

0

114

120

105

101

90

2,000
80

4

54

1,000

0

27th

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Feb. 2018

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

0

27th

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

Historical Appraisal Values (Unrealized Gains)
250,000
29,46731,80434,08736,92337,64837,92740,761

25,54142,81243,026

183,532

182,336

187,891

186,972

186,088

185,177

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

Water Consumption*6（Data coverage）
70.1％

（MWh）
90,000 81,339

38.9

39.1

39.7

39.7

39.8

41.4

41.3

41.2

41.5

41.7

70.1％

（Data coverage）
70.2％

70.2％

79,474
71,192

184

40

168,138

27th
Feb. 2018

Power Consumption*6（%）
60

190,1630（MWh/m²）
190

60,000

70.1％

70.1％

607,352

596,007

175

175

1.35

405,366

418,232

0.91

0.94

1.00

400,000

20

160

30,000

160

167

160
200,000

0.50

10

27th

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Feb. 2018

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

Glossary

14（MWhｚ/m²）
2.00

1.50
1.37

100,000

0

70.2％

600,000

30

50,00070.2％

74,150180

150,000（m3）
800,000

Data Section

182,352

184,71527th
Feb. 2018

50

0000

200,000

0

LTV

Unrealized gains =（latest appraisal value –book value at the end of the period*1）

Book value at theend of the period*1(Millions of yen)

40

2Feb. 2018

Sustainability

1,500

0

27th

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

Feb. 2018

Aug. 2018

Feb. 2019

Aug. 2019Feb. 2020

Aug. 2020Feb. 2021

Aug. 2021

Feb. 2022

Aug. 2022

NOI
An abbreviation for Net Operating Income. This reflects net income stemming from the real estate leasing and
REIT business, deducting expenses such as administrative costs and property taxes from rents in a given
fiscal period. Costs not related to cash expenditures, including depreciation, interest paid on borrowings, ortaxes are not deducted.
This is used to assess real estate and REIT asset value and is similar to EBITDA, which focuses on operating
cash flow in assessing corporate value.
When determining the theoretical real estate property price, it is a common practice to divide NOI by thecapitalization yield (cap rate).

LTV
An abbreviation for Loan to Value, and an indicator of
a companyʼs borrowing ratio as well as a measure ofstability in borrowing. The lower the value, the greater
the degree of safety against redemption of debt.
[Calculation method] LTV (%):
Interest-bearing Debt / Total assets multiplied by 100

145
028th・29th

March 2018–
February 2019

30th・31st

March 2019–
February 2020

32nd・33rd

March 2020–
February 2021

34th・35th

March 2021–
February 2022

145

028th・29th

March 2018–
February 2019

30th・31st

March 2019–
February 2020

32nd・33rd

March 2020–
February 2021

34th・35th

0.00

March 2021–
February 2022

*1. Book value at the end of period does not include construction in progress.
*2. The number of full-time officers and employees indicates the total number of directors and auditors, permanent employees, contract employees, temporary employees, secondees, etc., who are employed on a full-timebasis at Fukuoka Realty Co., Ltd.
*3. The gender ratio is calculated as the ratio of males and females to the number of full-time personnel.
*4. Average number of years of employment is calculated as the average service years of permanent and contract employees of Fukuoka Realty Co., Ltd.
*5. The number of IR meetings in Japan and abroad shows the total number of IR meetings, based on the dates on which they were held, with institutional investors and analysts through interviews and telephone conferences
generally regarding the results for the previous period. There were fewer face-to-face interviews in the 32nd fiscal period due to the impact of the COVID-19 pandemic.
*6. Total value for 11 properties, including four retail facilities and seven office buildings. Per unit is calculated by adjusting the total floor area (m2) by the occupancy rate. Data coverage is the area ratio of properties subject todata aggregation as compared to all properties, and is calculated at the end of the fiscal period. The figure for Canal City Hakata, Canal City Hakata・B, and Canal City Business Center Building reflects total electricity andwater consumption for all buildings, including electricity and water consumption by some theater areas not owned by the investment corporation. The figure for Park Place Oita covers only the main building section andexcludes the section for independently run stores. Data covers a period of four years.

Fukuoka REIT Corporation 202215