April 20, 2006

FINANCIAL RESULTS
FOR THE TERM ENDED FEBRUARY 2006
(September 1, 2005 to February 28, 2006)
Name of real estate
investment trust

Fukuoka REIT Corporation

Listed stock
exchanges

Code number

8968(URL: http://www.fukuoka-reit.jp/eng/)(Asset manager) Fukuoka Realty Co., Ltd.
Person in charge Hisashi Okita,
Senior Managing Director,
General Manager ofFinance Division,
Phone: +81-92-272-3900
April 20, 2006

Headquarters

Contact

Date of board of directors
meeting for approval of
financial results
Commencement date of
cash distribution

Tokyo Stock
Exchange, Fukuoka
Stock Exchange
Fukuoka Prefecture

May 25, 2006 (planned)

1. PERFORMANCE AND SITUATION OF ASSETS FOR THE TERM ENDED FEBRUARY 2006
(September 1, 2005 to February 28, 2006)(1) Performance(Figures are rounded off to the nearest million yen.)

Term ended February 2006
Term ended August 2005

Net income
per unit

Operatingrevenues
Millions of
%
yen
4,050
—
5,857
—

Return on
net assets

Operating income

Ordinary income

Millions of
yen
1,751
2,685

Millions of
yen
1,698
1,859

<Reference>(Annualized
figures)%——

Ratio of ordinary
income to total
liabilities and net
worth
%
1.9

%
—
—

<Reference>(Annualized
figures)

Net income
Millions of
yen
1,697
1,761

%
—
—

Ratio of ordinary
income tooperatingrevenues
%
41.9

Yen
%
%
%
Term ended
18,438
3.3
(6.7)
(3.8)
February 2006
Term ended
20,713
3.8
(4.7)
2.9
(3.6)
31.8
August 2005
(Notes) (i) The calculation period for the term ended August 2005 commenced on September 1, 2004 and ended
on August 31, 2005, but the actual asset management period was 296 days, from November 9, 2004 to
August 31, 2005.
(ii) Net income per unit for the term ended February 2006 is calculated by dividing the net income by theweighted average number of investment units outstanding for the period (92,050 units).
Net income per unit for the term ended August 2005 is calculated by dividing the net income by theweighted average number of investment units outstanding for the above real asset management period(85,060 units). In the meantime, net income per unit for the term ended August 2005 calculated by
dividing the net income by the number of investment units outstanding at the end of the term (92,050
units as of August 31, 2005) is 19,140 yen.
(iii) Changes in accounting policies: Yes(iv) Percentage changes of operating revenues, operating income, ordinary income and net income fromthe previous term are omitted for the following reasons. For the term ended August 2005, no comparison
figures are available since the actual asset management started this fiscal term. For the term ended
February 2006, the calculation period of the corresponding fiscal term exceeds the ordinary calculation
period (six months).
(v) Concerning the return on net assets and ratio of ordinary income to total liabilities and net worth, the1average of net assets and total liabilities and net worth at the beginning and end of the term are used fortheir calculations.
For the term ended August 2005, November 9, 2004 is referred to as the commencement date of the termsince the actual asset management of Fukuoka REIT Corporation (hereinafter, “FRC”) started on this day.

(2) Cash distributions(Total cash distributions are rounded off to the nearest million yen.)Cashdistribution perunit (excl. cash
distributions inexcess of
earnings)

Total cash
distributions

Cash
distribution inexcess of
earnings per
unit

Total cash
distributions
in excess ofearnings

Payout ratio

Term ended
1,697
February
18,438 yen
0 yen–million yen
99.9%
million yen
2006
Term ended
1,750
19,014 yen
0 yen–million yen
99.3%
August 2005
million yen(Note) Concerning the payout ratio, all numbers after the first decimal place are disregarded.

Ratio of cash
distribution toterm-end net
assets3.3%
3.4%(3) Financial condition
Total assets(Total assets and net assets are rounded off to the nearest million yen.)
Ratio of net assets to
Net assets
Net assets per unit
total assets

Term ended
94,593 million yen
50,865 million yen
53.8%
552,580 yen
February 2006
Term ended August
87,461 million yen
50,918 million yen
58.2%
553,156 yen
2005(Notes) The number of investment units issued and outstanding at end of term: 92,050 units as of February 2006
92,050 units as of August 2005

2. FORECAST OF PERFORMANCE FOR THE TERM ENDING AUGUST 2006
(Mar. 1, 2006 to Aug. 31, 2006)
Cash distribution
Cashper unit (excl. cash
distribution in
Net income
distribution inexcess ofexcess of earnings)
earnings per unit
Term ending
Millions of yen Millions of yen Millions of yen
Yen
Yen
August 2006
4,454
1,677
1,675
18,2000(Reference) Forecast net income per unit (Term ending August 2006): 18,200 yen(Notes) Forecast figures are calculated based on the attached reference material, “Preconditions for the performance
forecast for the term ending August 2006.” The forecast should not be construed as a guarantee of actual
performance since actual operating revenues, ordinary income, net income, cash distribution per unit andcash distribution in excess of earnings per unit may differ due to changes in the business environment.
Operatingrevenue

Ordinary
income3. Management situation(i) Summary of the current fiscal term(a) Brief history of the investment corporation
FRC was established on July 2, 2004 based on the “Investment Trust and Investment Corporation
Law of Japan” and listed on the Tokyo Stock Exchange and Fukuoka Stock Exchange on June 21,2005 as the nation’s first real estate investment trust specializing in regional properties (code : 8968).
FRC invests in real estates throughout the Kyushu region (including Okinawa Prefecture), with acentral focus on Fukuoka City, and in Yamaguchi Prefecture by turning regional characteristics inthe real estate industry into strengths.
FRC began its asset management activities on November 9, 2004 after acquiring four properties,
such as commercial facilities in Canal City Hakata (excluding some parts of specialty shops, hotels,2

offices and common space), a commercial complex where specialty shops, cinema complex, theaters,amusement facilities, hotels and offices are integrally developed (hereinafter, “Canal City Hakata”).
In the current fiscal term, FRC acquired one “A”-class office building (a blue-chip property that met
its original acquisition criteria such as location, size, specifications and age; the same hereinafter),purchased one community-type commercial facility (a community mall with good road accessibility
indispensable for life in a car-oriented society; the same hereinafter) and made capital contributions
to one silent partnership. As a result, FRC has seven properties (excluding silent partnershipinterests), four commercial facilities, and three office buildings in its portfolio as of the end of thecurrent fiscal term (February 28, 2006).
(b) Investment environment and portfolio performance
In the current fiscal term, the Japanese economy has steadily recovered thanks to an increase incapital expenditures supported by a recovery in corporate earnings and solid consumer spending on
the back of improved employment and wages.
In the real estate secondary market, a rise in land prices at the center of three largest cities has
become apparent. With a decline in land prices narrowing nationwide due to economic recovery,
there have been clear signs of recovery in land prices, leading to increased competition for
high-grade properties has been intensifying.
In such a business environment, FRC acquired the Sanix Hakata Building, one of many blue-chipproperties in the JR Hakata Station area, for 4,400 million yen on September 30, 2005. FRC alsopurchased the Kominedai Community Mall, a community-type commercial facility on which
management places emphasis as one of its strategic investment targets, for 740 million yen on
December 20, 2005. Furthermore, FRC acquired preferred interests in a silent partnership to an SPC(CCH Bridge LLC), which owns and manages Canal City Hakata, excluding the section FRC
already held (hereinafter, “Canal City Hakata SPC holding section”) for 3,400 million yen andsigned a preliminary purchase contract for Canal City Hakata SPC holding section with the SPC on
February 27, 2006. Management believes that these will allow FRC to provide seamless
management and effective operation of all the facilities in Canal City Hakata with a long-term
perspective, leading to improved maintenance and attractiveness.
When analyzing FRC’s portfolio by geographic location, properties in the Fukuoka urban area
occupy 72.9% of its portfolio, while analyzing by property type, commercial facilities and officebuilding account for 64.6% and 35.4%, respectively. The occupancy rate of seven properties FRC
owns stands at 99.0% as of the end of the current fiscal term.
(c) Summary of fundraising
FRC raised 3,700 million yen for acquisition of the Sanix Hakata Building and 3,400 million yen for
acquisition of preferred interests in silent partnership through short-term borrowings. As a result,outstanding interest-bearing liabilities amounted to 33,700 million yen and the loan-to-value ratio
stood at 35.6% at the end of the current fiscal term. To implement cash management efficiently andflexibly, FRC established a commitment line of credit totaling 3,000 million yen.
(d) Summary of performance and cash distribution
As a result of these management efforts, operating revenues totaled 4,050 million yen and operating
income after excluding operating expenses such as rental business expenses and asset management
fees amounted to 1,751 million yen. Ordinary income and net income reached 1,698 million yen and
1,697 million yen, respectively.
Management decided to make a cash distribution of 18,438 yen per investment unit to meet therequirements of special tax measures for an investment corporation (as stipulated under Article
67-15 of the Special Taxation Measures Law of Japan). Under this Law, an investment corporation isallowed to deduct distributions paid to investors from its taxable income if most of theunappropriated earnings as of the end of the current fiscal term are distributed.

3

(ii) Forecast for the next fiscal term(a) Portfolio management policy
FRC will invest based on the basic policy stipulated in its Articles of Incorporation and its basic
philosophy: focusing on “high growth potential markets in which FRC can demonstrate its
competitive edge.” In addition to the large-scale properties such as commercial facilities and“A”-class office buildings that FRC holds, management plans to actively acquire properties fromwhich FRC will receive sufficient investment merits from community-oriented viewpoints.
By geographic location, FRC decides to invest 60% to 90% of its assets in the Fukuoka urban area.
Especially Fukuoka City, a core city in the Fukuoka urban area, sees its population increasing
steadily (a 4.4% increase according to the preliminary report of the 2005 census) and is expected tohave greater potential for population growth. By property-type, FRC decides to invest 60% to 80%
of its assets in commercial facilities and 20% to 40% in office buildings, but management plans toactively invest in residential properties to enhance diversification of its portfolio.
Meanwhile, concerning fundraising, FRC plans to increase the ratio of fixed-rate borrowings byrefinancing, since borrowing rates are expected to increase gradually reflecting the Bank of Japan’s
termination of its quantitative easing monetary policy in March 2006.
Management expects that recovery in land prices will become more apparent with intensifying
competition for acquisition of properties in major regional cities, including Fukuoka. FRC will
acquire high quality properties to further expand its portfolio by avoiding competition as much as
possible and using its advantages wisely, such as its information gathering abilities in the Fukuoka
and Kyushu areas, its thorough knowledge of regional properties, and its close relations with local
business communities and governments, so that investors can continue to invest in FRC withconfidence.
(b) Performance forecast for the next fiscal term
FRC aims to achieve the following performance goals for the term ending August 2006 (March 1,
2006 to August 31, 2006). Concerning the preconditions for the forecast, please refer to“Preconditions for the performance forecast for the term ending August 2006 (March 1, 2006 to
August 31, 2006)” described on page 4.
Operating revenues
Ordinary income
Net income
Cash distribution per unit
Cash distribution in excess of earnings per unit

4,454 million yen
1,677 million yen
1,675 million yen
18,200 yen
0 yen(Notes) The above forecast figures are calculated based on certain assumptions. The forecast should not be
construed as a guarantee of actual performance since actual operating revenues, ordinary income, net
income, cash distribution per unit, and cash distribution in excess of earnings per unit may differ due tochanges in the business environment.

44. Financial statements(1) Financial statements(i) Balance sheet(Thousands of yen)
Fiscal term

Account
AssetsI. Current assets
Cash and deposits
Cash and deposits in trust
Accounts receivable
Deferred tax assets
Consumption tax
receivables
Other current assets
Total current assets
II. Fixed assets
1. Tangible assets
Buildings
Land
Buildings in trust
Structures in trust
Machinery and equipmentin trust
Tools, furniture andfixtures in trust
Land in trust
Construction in progressin trust
Total tangible assets
2. Investments and otherassetsInvestment securities
Guarantee deposits
Long-term prepaid
expenses
Total investments and otherassetsTotal fixed assets
III. Deferred assets
Start-up expenses
Total deferred assets
Total assets

Current term(as of Feb. 28, 2006)
Component
Amountratio%

Previous term(as of Aug. 31, 2005)
Component
Amountratio%

1,424,770
2,585,615
132,64118

817,313
2,781,981
181,95843

607,457-196,365-49,316-24—

1,595,230-1,595,230

75,851
4,218,898

4.5

154,614
5,531,140

6.3

ChangeAmount-78,762-1,312,242

144,085
641,782
34,315,688
210,008——
32,765,851
215,138

144,085
641,782
1,549,836-5,130213,028

151,866

61,161

183,628

152,855

30,77251,069,002

48,485,810

2,583,192

38,889—38,88986,816,115

91.8

81,771,523

93.5

5,044,591

3,421,633
10,000—10,0003,421,633—

93,443109,956-16,512

Term-onTerm
%

-23.7

6.2

3,525,077

3.7

119,956

0.2

3,405,120—

90,341,192

95.5

81,891,479

93.7

8,449,712

10.3

33,57233,5720.0

39,167
39,1670.0-5,595-5,595-14.3

94,593,663

100.0

87,461,788

100.0

7,131,875

8.2

5

(Thousands of yen)
Fiscal term

Account
Liabilities
I. Current liabilities
Accounts payable
Short-term borrowings
Accrued liabilities
Accrued expenses payable
Accrued corporate income
taxes
Advances received
Deposits received
Total current liabilities

Current term(as of Feb. 28, 2006)
Component
Amountratio%

Previous term(as of Aug. 31, 2005)
Component
Amountratio%

313,223
15,100,000
41,889228,055

262,3118,000,000
133,520
228,704

50,911
7,100,000-91,631
-649

1,036

2,200

-1,164

481,088473,399
16,638,691

465,483
741,982
9,834,202

15,605-268,582
6,804,489

17.6

11.2

ChangeAmountTerm-onTerm%

69.2

II. Fixed liabilities
Long-term borrowings
Security deposits andguarantee money
Security deposits andguarantee money in trust
Total fixed liabilities
Total liabilities

27,089,916
43,728,608

28.6
46.2

26,709,515
36,543,717

30.6
41.8

380,401
7,184,890

1.4
19.7

Unitholders’ equity
I. Unitholders’ capital
Unitholders’ capital

49,167,800

52.0

49,167,800

56.2

—

—

II. Retained earnings
Unappropriated retained
earnings
Total retained earnings
Total unitholders’ equity
Total liabilities andunitholders’ equity

18,600,000

18,600,000—

107,661—

107,661

8,382,254

8,109,515

272,739

1,697,255

1,750,270-53,015

1,697,255
50,865,055

1.8
53.8

1,750,270
50,918,070

2.0
58.2

-53,015-53,015-3.0-0.1

94,593,663

100.0

87,461,788

100.0

7,131,875

8.2

6

(ii) Income statement(Thousands of yen)
Fiscal term

Account
Income before extraordinary
items
I. Results of operating
activities
1. Operating revenues
Real estate rental revenues
Other real estate rental
revenues
2. Operating expenses
Real estate rental
expenses
Asset management fees
Asset custodian fees
Outsourcing fees foradministrative works
Directors’ remunerations
Other operating expenses
Operating income
II. Non-operating items
1. Non-operating revenues
Interest received
Real guarantees
Tax-exempt enterprises’
consumption taxes
Other non-operating
revenues
2. Non-operating expenses
Interest paid
Expenses for issuance of
new investment units
Expenses related to public
offering of investment
units
Amortization of start-up
expenses
Loan-related expenses
Other non-operating
expenses
Ordinary income
Extraordinary items
1. Extraordinary losses
Earthquake losses
Income before income taxes
Corporate income taxes andother taxes
Income taxes deferred
Net income
Retained earnings brought
forward from previous term
Unappropriated retained
earnings

Current term (Sept. 1,
2005 to Feb. 28, 2006)

Previous term (Sept. 1,
2004 to Aug. 31, 2005)

AmountAmountPercentage%

4,050,927
3,879,589

100.0

171,338
2,299,570

ChangePercentage%

5,857,858
5,632,258

100.0

225,599
56.8

Amount3,172,562%-1,806,930-1,752,668

54.2-872,992

2,765,829-806,707

249,046
7,590

319,184
6,006-70,137
1,583

29,572

26,167

3,405

9,600
44,6391,751,357

19,20036,1752,685,295-9,6008,464-933,937

131,171
20—

3.2

19,64725
18,80145.8
0.3

111,524-4-18,801

128,104—

128,104

3,046

820

2,225

184,240
133,3284.5

845,061
273,862-30.8-54,261

1,959,121

43.2

Term-onTerm

14.3-660,820-140,533—

36,714-36,714—220,912-220,912

5,595

5,595

—

39,334

261,188-221,853

5,981

46,788-40,806

-27.5

-34.8
567.6

-78.2

1,698,288

41.9

1,859,880

31.8-161,592-8.7——
1,698,288—

95,813
95,813
1,764,067

1.6-95,813-95,813-65,778

—

41.9

1,040
24
1,697,223

30.1

2,205
0.0
41.9

-43
1,761,905-3.7-1,1650.0
30.1

68-64,681

-50.7
-3.7

31

-11,634

11,666-100.3

1,697,255

1,750,270-53,015-3.0

7

(iii) Cash distribution statement
Account
I. Unappropriated retained earnings
II. Total cash distributions(Cash distribution per unit)
III. Retained earnings carried forward
Method for calculating cash
distributions

Current term
(Sept. 1, 2005 to Feb. 28, 2006)
1,697,255,419 yen
1,697,217,900 yen(18,438 yen)
37,519 yen
FRC shall decide the amount of cash
distributions, which must exceed
90% of FRC’s distributable income
as stipulated in Article 67-15 of theSpecial Taxation Measures Law ofJapan (Article 38-1-1 of FRC’s
Articles of Incorporation). For thecurrent fiscal term, cash distribution
as income distributions totaled
1,697,217,900 yen, which is almost
the entire amount of unappropriatedearnings. Moreover, cash
distribution in excess of earnings as
stipulated in Article 38-2 of FRC’s
Articles of Incorporation will not beprovided.

8

Previous term
(Sept. 1, 2004 to Aug. 31, 2005)
1,750,270,636 yen
1,750,238,700 yen(19,014 yen)
31,936 yen

FRC shall decide the amount of cash
distributions, which must exceed
90% of FRC’s distributable income
as stipulated in Article 67-15 of theSpecial Taxation Measures Law ofJapan (Article 38-1-1 of FRC’s
Articles of Incorporation). For thecurrent fiscal term, cash distribution
as income distributions totaled
1,750,238,700 yen, which is almost
the entire amount of unappropriatedearnings. Moreover, cash
distribution in excess of earnings as
stipulated in Article 38-2 of FRC’s
Articles of Incorporation will not beprovided.

4.

Cash flow statement
Fiscal term

Current term (Sept. 1,
2005 to Feb. 28, 2006)

Account
I. Cash flows from operating activities
Net income before income taxes
Depreciation and amortization expenses
Amortization of start-up expenses
Interest received
Interest paid
Increase or decrease in accounts receivable
Increase or decrease in accrued consumption taxes
Increase or decrease in accounts payable
Increase or decrease in accrued liabilities
Increase or decrease in accrued expenses
Increase or decrease in advances received
Increase or decrease in deposits received
Increase or decrease in prepaid expenses
Increase or decrease in long-term prepaid expenses
OthersSubtotal
Receipt of interest
Payment of interest
Payment of Corporate income taxes
Cash flows from operating activities(Thousands of yen)Previous term (Sept. 1,
2004 to Aug. 31, 2005)

1,698,288
562,577
5,595-20
133,328
49,316
1,595,230
35,576-99,281-33,046
15,605-268,582
40,161
16,51233,146
3,784,407
20-99,974-2,204
3,682,249

1,764,067
764,4185,595-25273,862-181,958-1,595,230
262,31156,509184,808
465,483
741,566-111,718-109,956-87,741
2,431,993
25-230,224-31
2,201,762-786,459-4,822,962—-82,466,585

109,928—-2,266
393,015—
8,212,079-120,276-102,564-3,401,421——
9,572,339—-8,630,441-9,572,339-74,357,070

8,100,000-1,000,000——-1,740,716
5,359,283
411,091

33,000,000-25,000,000
18,600,000
49,042,800—
75,642,800
3,487,491

V. Balance of cash and cash equivalents at beginning of
term

3,599,294

111,802

VI. Balance of cash and cash equivalents at end of term

4,010,386

3,599,294

II. Cash flows from investing activities
Payment for acquisition of tangible fixed assets
Payment for acquisition of tangible fixed assets intrust
Proceeds from security deposits and guarantee
money
Payment for security deposits and guarantee money
Proceeds from security deposits and guaranteemoney in trust
Payment for security deposits and guarantee moneyin trust
Payment for acquisition of investment securities
Proceeds from withdrawal of restricted deposits anddeposits in trust
Payment for restricted deposits and deposits in trust
Cash flows from investing activities
III. Cash flows from financing activities
Proceeds from short-term borrowings
Repayment of short-term borrowings
Proceeds from long-term borrowings
Proceeds from issuance of investment units
Payment of cash distributions
Cash flows from financing activities
IV. Increase or decrease in cash and cash equivalents

95. Reference information(1) Investment situation

Type of asset

PurposeLocation(Note 1)

Current term(as of Feb. 28, 2006)
Total value ofPercentage
properties held
to total(Millions ofassets valueyen)(%)(Note 2)Previous term(as of Aug. 31, 2005)
Total value ofPercentage
properties held
to total(Millions ofassets valueyen)(%)(Note 2)

Fukuoka————urban area
Other Kyushu
785
0.8
—
—
areas
Real estates
Fukuoka————
Officeurban areabuilding
Other Kyushu
—
—
—
—
areas
Subtotal
785
0.8
—
—
Fukuoka
32,33734.2
32,47037.1
Commercial
urban area
facility
Other Kyushu
23,105
24.4
23,236
26.6
areas
Real estates
Fukuokain trust
30,54832.3
26,064
29.8
Officeurban areabuilding
Other Kyushu
—
—
—
—
areas
Subtotal
85,991
90.9
81,771
93.5
Interests in silent partnerships
3,421
3.6
—
—
Deposits and other assets
4,394
4.7
5,690
6.5
Total assets
94,593100.0
87,461100.0
Note 1: “Fukuoka urban area” refers to cities, towns and villages where 10% or more of the population commute to
Fukuoka City for schooling and work, according to the 2000 census, which states “the number of workers
and students aged 15 years or older commuting between their homes and places of their work or schooling,”
conducted by Fukuoka City and the Statistics Bureau of the then Ministry of Public Management, Home
Affairs, Posts and Telecommunications (now the Ministry of Internal Affairs and Communications).
“Other Kyushu areas” refers to all other parts of Kyushu (excluding the Fukuoka urban area) andYamaguchi Prefecture.
Note 2: The amount of construction in progress is not included in the value of real estates.
Note 3: Concerning the percentage to total assets value, all numbers after the second decimal place are disregarded.
Note 4: “The total value of properties held” is based on figures on the balance sheet (the value of real estates andreal estates in trust are book values after depreciation).
Commercial
facility10(2) Real estate investment portfolio
Values and investment ratios at end of term are as follows.
Name of property

Acquisition value(Note 1)
(Millions of yen)
32,00015,700
6,633

Value on balance
sheet(Millions of yen)
32,337
16,407
6,698

Term-end appraisal
value (Note 2)(Millions of yen)
32,60017,1006,770

Investment ratio(Note 3)
(%)
37.5
18.4
7.8

Canal City Hakata
Park Place Oita
SunLive City Kokura
Kominedai Community
740
785
750
0.9
Mall
Canal City Business Center
14,60014,692
15,000
17.1
Building
Gofukumachi Business
11,200
11,204
11,900
13.1
Center Building
Sanix Hakata Building
4,400
4,650
4,550
5.2
Total
85,27386,77788,670100.0
Note 1: “Acquisition value” refers to the purchasing price shown on the purchasing contract, which does notinclude expenses for acquisition of the relevant property (agency fees, taxes and other public charges).
Note 2: The term-end appraisal values shown refer to evaluated values based on appraisals by FRC or a real estateappraiser that conforms with the method and standard for asset evaluation stipulated in FRC’s Articles ofIncorporation and rules stipulated by the Investment Trusts Association, Japan (according to real estateappraisal reports prepared by TANIZAWA SOGO APPRAISAL CO., LTD., Japan Real Estate Institute, or
All Real Estate Appraisers Network Co., Ltd.).
Note 3: “Investment ratio” refers to the percentage of the acquisition value of each property to total acquisition
values.

Summary of real estate rental business at end of term is as follows.
Name of property

Numberof tenants(Note 1)

Occupancy
rate (%)(Note 2)

Total
leasable
space (m2)

Total leased
space (m2)

Total rental
revenues(Millions of yen)
(Note 3)
1,446
901

Percentage tototal rental
revenues
(%)
35.7
22.3

Canal City Hakata
24
98.7
47,909.65
47,300.24
Park Place Oita
80
99.8 100,664.83
100,418.98
SunLive City
1
100.0
61,450.22
61,450.22
262
6.5
KokuraKominedai
4
100.0
3,743.12
3,743.12
13
0.3
Community Mall
Canal City
Business Center
41
93.5
23,011.91
21,514.89
701
17.3
Building
Gofukumachi
Business Center
18
99.2
19,906.21
19,749.78
555
13.7
Building
Sanix Hakata
13
100.0
6,293.67
6,293.67
170
4.2
Building
Total
181
99.0 262,979.61
260,470.90
4,050
100.0
Note 1: The number of tenants shown is based on the total number of sections stipulated in the tenancy agreements
for commercial and office buildings among the relevant properties. As for the number of tenants inpass-through master leasing properties, the number of sections stipulated in the tenancy agreements withend tenants is shown.
Note 2: “Occupancy rate” refers to the percentage of total leased space to total leasable space as of February 28,
2006.
Note 3: The total rental revenues shown are the results of the real estate rental business in the current fiscal term.
During this time, FRC acquired the Sanix Hakata Building on September 30, 2005 and the Kominedai
Community Mall on December 20, 2005.

11

Occupancy rates of properties for the past five years are as follows.
Name of property

Feb. 28, 2002
(%)
100.0
—
—

Feb. 28, 2003
(%)
100.0
100.0
—

Feb. 28, 2004
(%)
100.0
100.0
—

Feb. 28, 2005
(%)
100.0
99.8
—

Feb. 28, 2006
(%)
98.7
99.8
100.0

Canal City Hakata
Park Place Oita (Note 2)
SunLive City Kokura (Note 3)
Kominedai Community Mall————
(Note 4)
Canal City Business Center
96.2
94.8
92.9
95.1
Building
Gofukumachi Business Center
—
—
100.0
100.0
Building (Note 5)
Sanix Hakata Building————(Note 6)Note 1: “Occupancy rate” is the percentage of total leased space to total leasable space as of the base date.
Note 2: Park Place Oita (main building) was completed on April 17, 2002.
Note 3: SunLive City Kokura was completed on March 17, 2005.
Note 4: Kominedai Community Mall was completed on June 3, 1972, and after.
Note 5: Gofukumachi Business Center Building was completed on October 16, 2003.
Note 6: Sanix Hakata Building was completed on March 31, 2001.
Note 7: The occupancy rates shown are actual figures after FRC took over management.

12

100.0
93.5
99.2
100.0