Security code

Overview of the 37th fiscal period performance［8968 ］September 1st,2022〜February 28th,2023

Security code

Overview of the 37th fiscal period performance［8968 ］September 1st,2022〜February 28th,2023
Executive summary

1

Appraisal value

15

Dividend per unit

2

Sustainability

16

External growth strategy and new acquisition of property

3

Financial statements and Business forecasts

18

Portfolio overview

6

Appendix

22

Financial strategy

13＊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.

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

Executive summary
Dividend for the 37th Fiscal Period, Feb. 2023 is ＋60 yen compared to the forecast
Internal Growth

External Growth

Portfolio■ Asset size increased to 223 billion yen （based on acquisition price）■ The percentage of retailwith the new acquisition of three properties （planned）
Office buildings

Residence

will decline to 48.9%
36th

Office buildings■Retail・ Real estate leasing revenue increased by 105 million yen compared with previous fiscal period

properties ・ Sales are on a recovery trend overall. Demand of inbound tourists from South Korea（Active retail） recovered especially at Canal City Hakata： Sales up 27.8% year on year
： Opened new stores, including a first for Kyushu, to attract customersof all ages
・Konoha Mall Hashimoto ： Conducted store replacement, events, etc. to increase visitors
・Canal City Hakata
・Park Place Oita

（As of Aug. 2022）

Others14.0％
Office Buildings

33.0％

September 1, 2023

Acquisition price （planned）
1,450 mm yen

1,525 mm yen

14,100 mm yen

NOI yield （＊1）
6.0％

・ The period-end occupancy rate：98.8%
・ Vacancies were refilled at a speed exceeding the assumed pace at Higashi Hie Business Center・ Rent will increase in line with tenant replacement and contract renewal（23 mm yen ／ fiscal period）■Others

・Logistics ： Occupancy rate is 100%・ Residence ： Rent increase due to tenant replacements has continued
・ Hotel： Domestic/overseas demand improved rapidly.Variable rent occurred at
Tissage Hotel Naha first time in five fiscal periods

buildings（As of Sept. 2023）

Financial Management

OthersAcquisition date （planned）
April 27, 2023

53.0％

■Office

After acquisition of
3 new properties

Kumamoto
Axion
HakataEast Front Building Befu-Ekimae Premium FD Business Center

March 28, 2023

Retail3.5％

Committed line

Fixed rate

Average remaining
duration to maturity

83,900 mm yen 13,000 mm yen

93.4％

J-REITs' average：4.2 years

13.6％
OfficeBuildings

37.5％

Total debt
Retail

48.9％

41.6％

J-REITs' average：44.5％（＊3）

calculated by Fukuoka Realty based on their disclosure materials.

4.1％■External certification – GRESB Real Estate Assessment: “4 Stars”, Disclosure Assessment: “A Level”– Green Building certification obtained for 80.0%

Dividend per unit

3,250

3,361

3,539

3,536

3,523

130

2,000

32nd

Aug. 2020

33rd

Feb. 2021

34 th

Aug. 2021

3,580
145

（Gain on sale）

1,000
0

（＊3）

Sus t ainabilit y

（yen）

3,000

4.9 years（＊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 2023,（＊1）The indicated figure is based on the NOI described in the appraisal report.

4,000

LTV （＊2）

35 thFeb. 2022

36 thAug. 2022

3,600

3,600

543

299

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

37 th

38 th

39 th

Feb. 2023

Aug. 2023[forecast] Feb. 2024[forecast]【Dividend per unit】

37th Actual 3,580 yen

compared with theforecast ＋ 60 yen

38th Forecast 3,600 yen

compared with theforecast at 36th ＋60yen

39th Forecast 3,600 yen

Executive summary1Dividend per unit

Actual was 3,580 yen, Forecast projects an increase to 3,600 yen
37th （Feb. 2023） Actual （compared with the previous FP）

37th （Feb. 2023） Actual （compared with the forecast）

（yen）

（yen）

4,000
3,900

4,000
Of which, downtime due to renovations（26）
increase in leasing business revenues and such due to increase in visitors and such 55

3,800

3,800

9
145

3,700
3,600

29

（54）

3,700

（43）

（30）

25

Of which, revenues from utilities 14

3,523

3,580

（154）

3,500

Kurume Canal
Active Higashi Hie
Canal
Expenses Repair &
36
City
City
Higashiretail Business Other
maintenance Others（
Leasingbusiness
Center revenues from
Actual Kushiwara SC Hakata Hakata
revenues ／ （Leasing business
utilities expenses（Leasing business （Repair &（Excl. Canal
Gain on sale revenues） maintenance excl. Canalrevenues）
City Hakata）
th

expenses）

37th
Forecast

37
ActualCity Hakata）（Leasing businessrevenues）

Canal
City
Hakata（Repair &maintenanceexpenses）

Higashi Hie
Business
Center（Leasing businessrevenues）

Other
revenues

Repair &Expensesmaintenancefrom
expensesutilities（Excl. Canal

Others37th
ActualCity Hakata）

39th （Feb. 2024） Forecast

4,000

3,800

3,800

3,700

39

73

（360）

27

3,500
（133）

3,400
3,300

Canal
City
Hakata

（yen）

3,900

3,580

（17）

7
Of which, depreciation and amortization expenses
selling general and administrative expenses 4other operating expenses
（28）

3,300

3,900

3,600

（73）

Of which, revenues from utilities （42）

th

398

4,000

3,580

（17）

3,520

3,400

38th （Aug. 2023） Forecast

（yen）

3,600

16

3

35

113

3,500

Of which, depreciation and amortization expenses 18
selling general and administrative expenses 9other operating expenses
（2）

3,400
3,300

3,900

130

（17）

3,600
（42）

Of which, depreciation and amortization expenses（26）
selling general and administrative expenses （11）other operating expenses
（5）

Canal
New Higashi Hie Kurume
Kurume Canal
Expenses Repair &City property Business Higashi
38 th
City
Other
maintenance Borrowing
37 thHigashi Hakata
fromHakata acquisition Center Kushiwara SC
costs Others Forecast
Actual Kushiwara SC （Leasing （Repair & （NOI after （Leasing business NOI absence revenues utilities （expenses
Excl. Canal
Gain on sale business maintenance depreciation） revenues） （NOI afterCity Hakata）
revenues）

expenses）

depreciation）

12

3,700

105

（9）
（61）
Of which, revenues from utilities 85

131

3,600

142

30
（31）

（58）

Of which, revenues from utilities
（53）

3,600

3,600

（87）

（49）

153
3,500

Of which, depreciation and amortization expenses（35）
selling general and administrative expenses （22）other operating expenses
8

3,400
3,300

（243）
KurumeCanal

City
Higashi
38 th
Kushiwara SC Hakata
Forecast Gainon sale （Leasing

business
revenues）

KurumeCanal
New
Repair &Expenses maintenanceCity
property Higashi
Borrowing
Hakata acquisition Kushiwara SC Other
from
expenses
NOI
absencecosts
revenues（Repair &（NOI after
utilities （Excl. Canal
maintenance depreciation）（NOI after
expenses）

depreciation）

City Hakata）

Others

39 th
Forecast

Dividend per unit2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

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●Started redevelopment of Canal City Hakata East Building（ex. leaseback, base consolidation, putting land with leasehold interest off the balance sheet, etc.）●Fukuoka Jisho owns 9.18% of FRC’s investment units through same-boat
investment（as of February 28, 2023）
Acquired from sponsor（＊1）
SponsorOutside party

75,649mm yen

36.7％

16/33

● Acquire properties from external sources by utilizing the information-collecting ability and know-how of● Powerful companies leading the Kyushu business world provide backup as sponsors of the Asset Manager● Following acquisition, community-based operation in a meticulous and stable manner is possible

properties

78,624mm yen205,964mm yenafter
acquisition of
3 new properties

35.3％

as of
February 28,
2023

（＊2）

223,039

130,315mm yenmm yen63.3％［future］
asset size

144,415mm yen〜300,000
mm yen64.7％（＊1）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 purchase prices 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.

（＊2）Calculated from the end of the 37th FP by adding the acquisition prices （incl. plans） of Kumamoto East Front Building, Axion Befu-Ekimae Premium, and Hakata FD Business Center.

In addition, A 55% quasi co-ownership interest in Kurume Higashi Kushiwara SC, which is scheduled to be sold on August 31, 2023 is not deducted.

Investment type（based on acquisition price）

Others14.0％

Office buildings
33.0％

Others13.6％

Retail53.0％

Office buildings
37.5％【Aiming for the optimal portfolio】

OthersRetailRetail48.9％
Office buildings

External growth strategy and new acquisition of property3

Acquisition of property ①

Acquire properties from outside party by utilizing the information-collecting ability and know-how of the Asset Manager
Summary of acquired property

Summary of property to be acquired

Name of property

Kumamoto East Front Building

Name of property

Acquisition date

March 28, 2023

Acquisition date （scheduled） April 27, 2023

Acquisition price

1,450 mm yen

Acquisition price （planned）

1,525 mm yen

Appraisal value

1,460 mm yen

Appraisal value

1,530 mm yen

Address

1-chome, Shinyashiki, Chuo Ward, Kumamoto City

Address

3-chome, Befu, Jonan Ward, Fukuoka City

Area （land）

1,053.70 ㎡

Area （land）

494.74 ㎡

Built timing

December 1993

Built timing

March 2023

Total floor space

4,251.06 ㎡

Total floor space

2,010.53 ㎡

Acquisition CAP rate

5.0％

Acquisition CAP rate

3.4％

Significance of acquisition

Axion Befu-Ekimae Premium

Significance of acquisition・ First office investment outside of Fukuoka Prefecture, seeking to diversify the portfolio
・ Investment in an area where business markets are expected to become vitalized withthe concentration of TSMC-affiliated companies and such

Points valued in deciding on the property
・ Using the Kumamoto City Tram, access is easy from also the center of the office dis-・ Approximately a two-minute walk from Befu Station on the Fukuoka City Subway

Nanakuma Line, the convenience of which has increased with the opening of an extension on March 27, 2023
・ Investment in an area that can expect further increase in popularity as a residential
area going forward

Points valued in deciding on the property

trict where there is a concentration of government offices, financial institutions, etc.

・ Excellent proximity to the city center being approximately 10 minutes to Tenjin-minami

2022. Typical floor plate of approximately 128 tsubo in leasable floor space. Floors canbe divided into spaces of around 20 tsubo, meeting the needs of sources of demand・ Equipped with specifications of for-sale condominiums of a high grade, exhibits high・ Completed in December 1993, but common areas and other spaces were renovated in

Kumamoto Prefectural
Museum of Art, Chibajo Branch

Area map

Kumamoto
Hotel Castle

Ts

Tsuruya Department
Store

r
Ri
ve
aw

a
Bri
dg

Sh
ira
k

e

Kumamoto
Orthopaedic Hospital

it y
C
n
ai
A

NTT West
Kumamoto

Tr

Nakamura Gakuen
University-mae

2 minute walkNakamura Gakuen
University

rae
To A

AEON
KUMAMOTOCYUO

Kuhonji Kosaten

100m

Befu
Elementary
Schoolku
Unive oka
rsity

ne
Li

Kumamoto
East Front Building

Befu Station

Shirakawa
Elementary School

Japan Finance Corporation
Kumamoto

Anseimachi

100m

iko

ri
i-do
ash
fub
Be

ay
bw a
Su akumn
Na LineBefukita Park
Josei-danchi

Jhonan-gakuen-dori To
FuTokio Marine-Nichido
Fire Insurance Building

202r

MIELPARQUE
Kumamoto

Shinyashiki Park
Suidocho
4 minute walk
Suidocho
Kumamoto Shiritsu
StationTa

28

Lafcadio
Hearn's
FormerResidence

Axion Befu-Ekimae Premiume
Riv

Torichosuji Station

COCOSASHIMOTORI

Fukuoka City
Jonan Ward Oﬃce

wa

Sumitomo Life
Kumamoto
Building

Toyoko-inn
Kumamoto Castle
Torimachisuji

Toono Obstetrics
and Gynecologyeridg atsu
fu B mBe ppon
Ro
To

Josei
Junior High Schoolka
Hii

Shirakawa
Park

Hotel Nikko
Kumamoto

Kumamoto
City Hall

Area map
Nakamura Gakuen
Girls' Junior &Senior High School3

Japan Post Group
Kumamoto Building

Kumamoto Castle/
City Hall Stationcompetitiveness with regard to nearby competing properties

Kumamoto
Central Police Station

r

oi
Ri
ve

TakahashiParkub

Kumamoto
CastleStation and approximately 14 minutes to Hakata Station by subway

2 minute walk

Befunishi Park

Befu 2-chome
Park

Chiku
shi N
ew

Befu-danchi
Befu Shrine

Way

External growth strategy and new acquisition of property

Nakamura
GakuenTajimaground4

Acquisition of property ②

Acquisition using the pipeline with our sponsor
Summary of property to be acquired
Name of property

An office building with excellent design that serves as a landmark of Gofukumachi

Hakata FD Business Center

Acquisition date （scheduled） September 1, 2023
Acquisition price (planned) 14,100 mm yen
Appraisal value

15,000 mm yen

Address

Tsunabamachi, Hakata Ward, Fukuoka City

Area （land）

2,202.31㎡

Built timing

February 2023

Total floor space

20,603.46 ㎡ （77％ co-ownership interest）

Acquisition CAP rate

4.1％

（注 1） 「取得 CAP」 は、 鑑定評価書における直接還元法 NCF÷取得予定価格×100 （％） で算出しています。

＊Of the building, FRC plans to acquire 77% co-ownership interest owned by the seller and trust beneficiary interest in the land（a part of the building’ s leasehold land, so-called “partial ownership”） held by the seller.

Significance of acquisition
・Investment in a highly rare office building in the Gofukumachi area, a major businessarea following Tenjin and Hakata

・ Investment in a newly built high-spec building

Points valued in deciding on the property
・ An office building with large sections, a rarity, fully equipped with specifications

among the top in Fukuoka City・ Subway access via two stations (Gofukumachi Station and Nakasu Kawabata Station on the

Fukuoka City Subway), making access to Tenjin, Hakata and Fukuoka Airport also excellent
Ta
iha
ku

do
ri
Av
e

Urban Expressway
Kanjo Line

M
eij
i-d
or
iA
ve

HakataElementary School

Kuramoto
Intersection

Hakata FD Business Center

Ha
ko
za
ki
Lin
e

do
ri A
ve

Hakataza
Theater

Shofukuji
Temple2 minute walk
SubwayAirport Line
Taihaku Street
Business Center

Tochoji
TempleNakasu Kawabata Station

Hakata Riverain
mall

To

Te
nji
n

100m
To

wall in a ripple shape as if to incorporate various aspects of the city

・ Placing plants and tall trees that change every season, and widely providing public

spaces along Meiji-dori Street

Summary of 3 new properties （planned）
Acquisition
price1,450 mm yen

Gofukumachi
Business Center

Su
bw
ay

Sh
ow
a

4 minute walk

MikaRive sar

GenjuanGofukumachi
Station7-Eleven

Hotel Okura
Fukuoka

Area map

Gofukumachi Lamp

・ A symbolic design based on the image of a crystal and arranging the glass curtain

Reisen Park

Gion
StationHakata

Kumamoto East Front Building
Axion Befu-Ekimae Premium
1,525 mm yen
Hakata FD Business Center
14,100 mm yen

Acquisition
CAP rate

the weighted average

5.0％
3.4％
4.1％
4.1％

NOI yield（＊）

6.0％
3.5％
4.1％
4.2％

Cap rate after
depreciation

4.4％
2.5％
3.1％
3.2％

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

External growth strategy and new acquisition of property

5Trends in the Fukuoka office market
The increase in vacancy rate due to the completion of new buildings is expected to be absorbed over time due to strong demand
Fukuoka business district / Vacancy rates and supply and demand of office buildings（tsubo）

50,000Vacancy rate（Fukuoka）
Vacancy rate（Office buildings owned by FRC）

45,00015.38

40,000Existing buildings 4.31％
New buildings 30.14％

11.98
10.86

20

18

Fukuoka 5.89％

16

Existing buildings 4.28％
New buildings 45.90％

NagoyaSendaiOsaka
Sapporo

5.41％
5.37％
5.11％
2.34％

14
12

7.70
5.89
4.26
3.78

3.79

6

4.53 4.37
4

3.07
2.04 2.09

2

5,000
0.00

0
（5,000）（10,000）（20,000）

30,000

Building overview（＊）
5-16 F

Community building （11F）
Event hall
（1F）

6＋0.00％＋0.15％

5

25,00020,000①①Tenjin Business Center ④Hakata FD Business Center②Fukuoka Maizuru Square ⑤Fukuoka Daimyo Garden City
③Hakata East Terrace

10,000＋1.39％（0.86）％
Higashi Hie Business Center

4
3

③

2

④

②

1

5,000
0

7

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

202１

Jul.

Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.

2022

0

2023 （year）

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

Trend of office building vacancy rate in Fukuoka City by size
◎Vacancy rates are relatively low in large-scale and large-sized buildings（％）

Large-scale building

Large-sized building

Medium-sized building

Small-sized building

16.0

Office buildings owned by FRC

14.0

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

Definition

Area per floor

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

10.0

Office and hotel building（25F）
Office⑤

Vacancy rate（Office buildings owned by FRC）

12.0

Leasable area: approx. 9,100 tsubo（15,000）

0（％）

New supply in Fukuoka（Total floor space）
Vacancy rate（Fukuoka）

8
6.30

15,00035,00015,00010

20,000FRC have remained at low levels（tsubo）＋0.13％

10.99

25,00010,000Fukuoka 5.10％

14.72

（％）

As of Mar. 2023
Central Tokyo（5 wards） 6.41％

As of Feb. 2023

13.23

35,00030,000Completed floor space（total floor space）isdifferent from total leased floor space as
the former includes common areas, etc.

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

Average rent as of Mar. 2023 （yen ／ tsubo）

Central Tokyo（5 wards）19,991yen（YoY（1.8）％）
11,489yen（YoY＋1.8％）
Fukuoka◎The vacancy rates of office buildings owned by◎The vacancy rate has increased mainly due to supply factors
55,000Fukuoka business district / Average vacancy rate

Fukuoka Daimyo
Garden City

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023（year）（scheduled）＊Statistics from 2008 to 2022 are based on the figures at the end of December. The vacancy rate for 2023 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.
＊Net absorption（absorption demand）shows the change in the occupied floor space during a specific period. It is calculated by subtracting the occupied floor spaceon December 31 of the previous year from the occupied floor space on December 31 of the applicable year. Completed floor space（total floor space）
figures for 2023 have not been finalized, and the floor space and expected completion dates are subject to change.
Source: Prepared by Fukuoka Realty based on data from “Office Market Data” Miki Shoji Co., Ltd.
（＊）Prepared by Fukuoka Realty based on the press releases of Fukuoka City Government and relevant enterprising bodies.

8.0
6.0
4.0

3.6％

2.0

3.4％

0.0

2015

2016

2017

2018

2019

2020

202１

2022 （year）

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

Portfolio overview

6

Leasing progress for Higashi Hie Business Center
Completed leasing at an early stage, realizing internal growth and tenant diversification
Internal Growth and Tenant Diversification

Overview of Higashi Hie Business Center
福岡空港
空港北

Before leasing

February 2009福岡空港

tenants
Location map

551

1

JR Kagoshima

Built timing

堅粕◎Realized internal growth by refilling vacancies at market rent （15,000 – 16,000 yen（＊1））

5,900 mm yen （Investment ratio ： 2.9％）

Acquisition price

Line

45

空港南

榎田2
福岡管区気象台
福岡空港測候所

n ine
ba L
Ur jo
a Kan
k
o
ku ay
Fu sswerp
Ex
3

Higashi Hie Business Center
Hakataeki higashi

下臼井Higashi Hie Business Center Ⅱi
JR Hakataminam

ay

Ku
k

Nakahie
Park

or
sh
id

1
200m

Hy

際線北口

半道橋2

半道橋2

floor space

Company B

429 tsubo

Company C

231 tsubo

Company D

192 tsubo

Company E

139 tsubo

Company F

115 tsubo

Company G

86 tsubo

Company H

86 tsubo

Company I

84 tsubo

Company J

42 tsubo

9

1,407 tsubo（＊2）

1,447 tsubo（＊1）“Market rent unit price” indicates the assumed newly closed rent unit price (with common charges) per tsubo assessed by CBRE as ofFebruary 2023, presented in a range.

福岡空港国際線

Leasing progress

Overview of new tenants

Area of lease cancellation： 1,447 tsubo
Recession date
： September 30,2022
3

半道橋1

tenants（＊2）Due to the split of tenants, leasable floor space decreased by 40 tsubo before and after leasing.

青木

半道橋出口

半道橋

1,447 tsubo

Higashi Hie Business Center Ⅲ
un
en
ba

上臼井
3

Company A
andGroup of5 companieso L i n e Higashi Hie

Line

C

Su
bw

floor spacei

Hakata

日本通運福岡（支）博多中央（支）ak

ベインテリアハーツ

After leasing【Industry】

雀居【New/Relocation】【Business Development】

東平尾◎Completed leasing for all sections at the end of November 2022

Property occupancy rate at
the end of the period （overall）
Backfilled ratio
Backfilled area （assumed）
Total revenues fromreal estate leasing

Aug. 2022（Actual）（Initial forecast）

Feb. 2023

Feb. 2023（Actual）

100.0％

87.5％

100.0％

ー

62.3％

100.0％

ー902 tsubo

1,407 tsubo

Normaloperations

357 mm yen

285 mm yen

313 mm yen

370 mm yen

16.4％

28.0％

46.9％
72.0％

Internet-related

Others

53.1％

83.6％

New

Relocation

Domestic development
Overseas development （＊3）（＊3）Tenants with overseas offices

Portfolio overview

7Historical and projected office buildings’ occupancy rates

Higashi Hie Business Center occupancy rate: 89.1%（37th fiscal period initial forecast）→ 97.9%（actual）
1
2
3
4
5
6
7
8
9
10
11

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

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

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

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

Higashi Hie Business Center
Total leasable floor space：13,482.02㎡

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

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

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

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

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

Leased area（land）：1,343.51㎡

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

Average occupancy rates（＊2）（historical and projected）

Total leasable floor space：97,753.50㎡

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

100.0

100.0

100.0

100.0

99.1

98.4

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

97.9

99.7

99.6

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

〈Average occupancy rates（actual）： 37th ：98.7％ 〉◎Leasing of Higashi Hie Business Center was completed in November 2022
◎Keeping high occupancy rate from the 36th FP〈Average occupancy rates（projected）： 38th：99.3％ 39th：99.7％ 〉◎Continue with rent increase through rent revision upon contract

100.0

100.0

100.0

100.0

95.3

96.3

99.3

99.7

327

191
0

Major indicators of owned properties（＊3）
Total amount of acquisition
Investment ratio
Average age （＊4）
Tenants （＊5）
Total leasing revenues-real estate in the 37th FP
Rent gap （＊4）

68,040 mm yen
33.0％
20 years 1 month
188
2,894 mm yen
13.3％（＊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. 2023.

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

95.2

99.6

Move in

445

Move out

100.0

Overview of Office Buildings

renewal and tenant replacement

100.0
90.0
80.0

（tsubo）

Move-in/move-out floor space

99.7

86.7
98.7

1,592
1,774

445

36th

37th

352

38th

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

39th〜Feb. 29, 2024
（forecast）（index）

110.0
109.0
108.0
107.0
106.0
105.0
104.0
103.0
102.0
101.0
100.0

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

8Initiatives at Canal City Hakata①
In addition to the sales recovery from fall of 2022, the subway Nanakuma Line extension was completed in March 2023
trend of attraction of customers
Sales Trends at Canal City Hakata Recovery
from a wide range of areas(month-on-month comparison from January 2018
through to December 2018)

Recovery trend of inbound

（％）

90

Nanakuma subway line extention project◎New station’s entrances/exits adjacent to Canal City Hakata
Nakasu-Kawabata Sta.

80
70

Tenjin Sta.

Recovery trendof sale

ro
-do

40
Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

2022

ta.

Jan.

Feb.

2023

100m

closed for renovation.

Hakata Sta.

Hakata Sta.
Entrances and exits②

Canal City Hakata
Watanabe-dori Sta.

Entrances and exits①

Situation of inboundEntrances and exits②
Entrances and exitof North Building◎Number of foreign nationals entering Kyushu
2018

Kushida Shrine Sta.

e.

Fukuoka Urban
Expressway Kanjo Line

（year）＊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.
＊The figures for January and February of 2023 are calculated by excluding the impact of decrease in sales of Canal City Hakata South Building partiallyCountry /Region

Av

ai
k ut
Ko
ine
yL
wa
Tenjin-minami Sta.
b
u
aS
kum
a
n
Na

50

30

ine
uko L
ayK
w
b
u
S

u S
e t s n）
hit njiNis （Te
a
ok
ku
Fu

60

Gion Sta.

Entrances and exits①

2022

2023

monthly
average

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Total numberof immigrants

426,357

13,823

49,116

123,538

176,560

205,476

201,759

Korea

200,805

5,364

31,591

86,692

126,260

-

-

China

142,328

352

452

403

646

-

-

Taiwan34,460

521

2,345

8,101

13,734--

Hong Kong

23,792

282

3,238

6,907

9,617

-

-

Others24,971

7,304

11,49021,43526,303--＊The number of foreign visitors including cruise ship tourists. Figures for January and February 2023 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.

Entrances and exit of East Building

Effect of new subway station （Kushida Shrine Station）◎Increase in number of visitors to Canal City Hakata with the new station opening（people）

1 week before
opening①

1 week after
opening②（②／① ー1）

2023

318,000

341,000＋7.5%

2022（year on year）

246,000

249,000＋1.4%

ChangeEffect of
new station＋6.1％

Portfolio overview

9Initiatives at Canal City Hakata②
Western Japan’ s first Alpen Group flagship store “Alpen FUKUOKA” to open in the fall of 2023
Future vision of Canal City Hakata
1st Step

Launch a future-oriented project

the area through changes involving
2nd Step Develop
with the surrounding environment of facility

SPORTS & HEALTHCARE

FOOD◎Becoming the center of a community that enables people to enjoy newexperiences and try out activities that interest them, in order to create
broader awareness of sports culture◎Becoming a showcase for a new food culture that combines Fukuoka
specialties with the cuisines of various Asian countries by actively
attracting handpicked restaurants◎Considering renovating the Grand Building B1F dining zone
◎Alpen FUKUOKA
・ Western Japan’ s first Alpen Group flagship store, following on from thehigh-profile “Alpen TOKYO” opening in Tokyo’ s Shinjuku in April last year

・ Opening of a general sports shop, a specialty shop for outdoors and a
specialty shop for golf

Store nameAlpen FUKUOKA

Location

South Building 1F （partial） through 3F

Opening date

Scheduled to be opened in fall 2023

Type of business

General sports shop, specialty shop for outdoors and specialty shop for golf

B1F

Area with no walls in place so as
to make it easy to enter foreasily enjoying delicious food,etc.
Area with a concentration ofreservation-required restaurants
for special occasions or as a
travel destination

Neo-bistro and bar zone

Gastronomy zone

Moves for redevelopment of East Building◎East Building will close in May 2023, and the development of a multi-purpose facility consistingof retail facilities, high-class rental residences, serviced apartments, etc. is later planned◎ Open space for bustle and relaxation to open for a limited time until the start of construction

Conceptual drawing of limited-time open space＊Photos are image of “Alpen TOKYO”.

＊The East Building sections are not owned by FRC.

Conceptual drawing of after the redevelopment＊All conceptual drawings are of those at the planning stage and may change in the future.

Portfolio overview

10Situation of other assets （Logistics）
Rents continued to increase due to strong demand
Overview of Logistics

Supply and demand of logistic facilities and vacancy rates◎There will be large supply in 2023 and 2024
New supply（tsubo）

120,000

New demandvacancy rate

forecast

12

100,000

10

80,000860,000

6

40,0004

20,0002

LOGICITY Minato Kashii

LOGICITY Hisayama

LOGICITY Wakamiya

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

3

10km

LOGICITY Hisayama

2021

2022

2023

0
2024 （year）

LOGICITY Wakamiya
Fukutsu
3

Koga

LOGICITY Koga

Trend in rent unit price

Fukuoka IC
area

福岡 I.C.

Itoshima Hakata Port area

JR Chikuhi Line

forecast

3,600

3,450

3,360

3,400

FukuokaKama

Dazaifu I.C.

Logistic plan in Sonobe,
Kiyama Town
385

Na
2Q
4Q
2021

2Q
4Q
2022

2Q
4Q
2023

2Q
4Q
2024

2Q
4Q
2025
（year）＊＊

Kurume山浦PA

Tosu JCT areaE

17

Kurume I.C.

34

205

日田 I.C.
3

31

鳥栖市役所

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

Ogori17
Tosu
Hirokawa I.C.

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

88

131

弥生が丘

Tashiro Sta.

in Line

JR Kudai Ma

200m

小板井

Tosu Logistics Center

大分県
Tosu JCT area

14

道路

線

新幹

九州

＊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.

I.C

e

Tosu I.C.

i Lin

sak

aga

N
HigashiseburiJR

Ukiha

Oita

xpre
Amagi
sswa
y
I.C.Asakura I.C.
Haki
I.C.
34

久留米基山筑紫野

2Q
4Q
2020

Sagayamato
I.C.

s

pres

i Ex

ak
gas

AsakuraHakata Port・Fukuoka IC・Inland area

329

Nishitetsu Tenjin
Omuta Line

2,600

386

至長崎

Chikugoogori
I.C.

1km

Kyushu Expressway

Saga Pref. y
wa

崎
方
面

2,800

323

hu n
us se
Ky nkaniSh

LOGICITY LOGICITY
Minato Kashii Hisayama

至長Rent gap of 10% or more

3,000

Chikushino I.C.

17

Within aradius of
30 km from
Fukuoka IC

FukuokaContract renewalshu
Kyu ssway
re
Exp

3,200

322

201

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

Tagawa211

Fukuoka Pref.

Fukuok a U
E xpre ss wrban
ayInland area

2Q
4Q
2019

322

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

（yen／tsubo）

3,800

IizukaFukuoka IC

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

Wakamiya
Miyawaka
I.C.

Koga I.C.

Kyushu Expresway

Island City Minato Bay
related site （Land with

西公園

◎Large supply, but rents expected to increase

2Q
4Q
2018

10

o n
ny se
Sa kaninhS
NogataKag JRosh
Line ima

2020

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

2019

線

2018

本

2017

JR hii
Kasne
Li

Urban Hakata
u s huK it ak ypre s s w ay
BayEx
Hakata
下関市
Port

Munakata

豊

2016＊For actual results, medium and large logistics facilities with a total floor space of 5,000 m2 or more and large multi-tenant logistics facilities with a
total floor space of 5,000 tsubo or more in the Fukuoka metropolitan area are targeted.
＊For the forecast, 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.

2,400

LOGICITY Minato Kashii

North

日

0

Tosu Logistics Center

Property
name（％）

Portfolio overview

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

Overview of Hotel◎Residential properties have continued to operate at a high occupancy rate
33
34
35
36
37
（Feb. 2021） （Aug.2021） （Feb. 2022） （Aug.2022） （Feb. 2023）
th

th

th

Amex Akasakamon Tower

96.2%

96.7%

96.9%

96.3%

94.2%

City House Keyaki Dori

97.6%

94.5%

98.6%

97.2%

98.8%

Aqualia Chihaya

98.6%

98.0%

99.3%

98.3%

98.9%

D-Wing Tower （＊1）

95.3%

94.3%

93.4%

95.7%

97.3%

Granfore Yakuin Minami

96.9%

97.7%

98.0%

97.2%

98.0%

The weighted average of
5 properties

96.7%

96.1%

96.7%

96.8%

97.3%

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

Fukuoka City

Number of households

Number of in-migrants
Number of out-migrants（people）

10,000

5,000

377

842

0

641

ChangeHigashi
Ward

Chuo
Ward

（10,000）

Nishi Ward

Befu Sta.

HakataTenjin Sta.

Hakata
Ward

773
360

（5,000）
2018

2019

2020

2021

2022 （year）

132

Fixed＋Variable rents

Fixed rents

Fixed＋Variable rents

Fukuoka City

Oita City

Naha City

WHG Nishinihon

FJ Hotels

Nest Hotel Japan Corporation

Rooms
Leasing Form
Area
Operator（Fukuoka Jisho Group）（Fujita Kanko Group）◎Tissage Hotel Naha
＊ Not disclosed for Fukuoka Washington Hotel as no consent
for disclosure has been obtained from the operator.

37th（Feb. 2023）

81.1％

80.6％

ADR （＊2）

4,533 yen

6,257 yen

RevPAR（＊3）

3,678 yen

5,045 yen（＊2）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.
（＊3）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）
Tokyo

Fukuoka

Sawara Ward

Source: Prepared by Fukuoka Realty based on “Population, Demographics and Number of Households Based on the Basic Resident Register” （Ministry of Internal Affairs and Communications） .

Oita

Okinawa

The state of
emergency

80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0

①

Applicable
period for the“Go To Travel”
campaign

The state of
emergency
The state of
emergency③ The state of
emergency

②

④

n.
Ja

2019

2017

205

accommodation（index）

Jonan Ward Minami
Ward
483

423

Hotel
（ Specialized for ）2km

Source: Prepared by Fukuoka Realty based on Fukuoka City Basic Resident
Register （end of September of each year） .

◎In-migrants/Out-migrants （Jonan Ward）

Tissage Hotel Naha

Room occupancy
rates◎Population and number of households
Number of population（Jonan Ward）

140,000 124,007 124,898 125,333 125,842 126,244 126,148
120,000
61,802 62,585 63,400 64,065 64,531
100,000 60,743
80,00060,00040,00020,000
0
2017
2018
2019
2020
2021
2022 （year）

Hotel FORZA Oita

36th
（Aug.2022）

Residential Market in Fukuoka City’s Jonan Ward（people）

Fukuoka Washington Hotel[Canal City Hakata]

2020

2021

Fe
b.

Occupancy rates

th

Fe
b
M .
a
Apr.
r
M .
a
Ju y
n
Ju .
Aul.
g
Se .
p
O t.
c
No t.
v
De .
Ja c.
n
Fe .
b
M .
a
Apr.
r
M .
a
Ju y
n
Ju .
Aul.
g
Se .
p
O t.
c
No t.
v
De .
Ja c.
n
Fe .
b
M .
a
Apr.
r
M .
a
Ju y
n
Ju .
Aul.
g
Se .
p
O t.
c
No t.
v
De .
Ja c.
n
Fe .
b
M .
a
Apr.
r
M .
a
Ju y
n
Ju .
Aul.
g
Se .
p
O t.
c
No t.
v
De .
c.

rd

2022

＊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）

12

Financing condition①
Establishment of stable financial baseFinancial Policy （Basic Policy）
Enhance financial soundness by realizing low financing costs while reducing the impact of future changes in the financial environment under good relationships
with financial institutions to realize stable financing◎Current financing policy◎Future refinancing （assumption）●Before refinancing （current situation）

While diversifying debt maturities

AmountInterest rate

Refinancing
term

Fixed rate

Interest rate

Refinancing
term

Fixed ratearound0.73%

Flexible

Flexibleーーー（mm yen）□ Adjust financing periods（used to be 7-10 years）

Aug. 2023

5,900

0.80％

8.0-year93％□ Adjust ratio of fixed/floating interest

Feb. 2024

6,500

0.70％

8.6-year69％

Aug. 2024

700

0.40％

8.0-year

100％

Feb. 2025

2,000

0.62％

9.0-year

100％

Total／Average

15,1000.71％

8.4-year84％□ Lower spread

Aim to control financing costs through the above

Average interest rate （＊1） and duration

Floating
（年）

（％）

1.3

Average interest rate（％）

Duration （years）

8

Forecast

1.2

7

1.1

6

1. 0

5

0.9
0.8

5.4

5.7

4

5.2

5.4

4.9

4.9

0.7
0.6
0.5

●After refinancing （planned）

0.69

0.69

33rd
Feb. 28, 2021

34th
Aug. 31, 2021

5.2

0.71

0.67

0.66

0.66

0.66

35th
Feb. 28, 2022

36th
Aug. 31, 2022

37thFeb. 28, 2023

38th
Aug. 31, 2023（＊1）Interest rates are rounded off to the second decimal place.

39th
Feb. 29, 2024

9.3％

Fixed andfloating
rate

at the end of
the 39 th FP（Feb. 2024）
forecast

Floating

6.6％

at the end of
the 37 th FP（Feb. 2023）

3

Long-term rate

Fixed
90.7％

Long-term

100％

at the end of
the 37 th FP（Feb. 2023）

Fixed
93.4％

2
1

Credit ratings （＊2）

0JCR

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

13

Financing condition②
Although LTV rises, it is expected to be remained normal operations
Diversification of debt maturities（As of February 28, 2023）

Floating

Fixed

Investment corporation bonds（mm yen）

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

10,000
8,000
2,000

6,000

2,000

4,000
5,900
2,000
0

38th

2,500

4,200

2,000

700

39th

40th

2023

2,000

1,900

300

41st

42nd

43rd

2024

6,600

4,400

7,000

7,000

5,400

1,500
44th

45th

2026

2025

1,200

4,300

4,200

50th

51st

4,900

6,300

700
46th

47th

48th

2027

49th

2028

2029

4,900

1,000

1,000

52nd

54th

56th

68th

2030

2031

2032

2038
（year）

LTV
（％）

50

Forecast
45.7％

45

42.4％

LTV control（Normal operations）35％〜45％
42.4％

42.4％

42.3％
39.9％

40

39.9％

40.1％
38.1％

39.3％

38.9％

39.1％

39.7％

39.7％

39.8％

26th

27th

28th

29th

30th

31st

41.4％

41.3％

41.2％

41.5％

41.7％

41.6％

32nd

33rd

34th

35th

36th

37th

Expect tobecomecontained
at 45% or
below

42.6％

35

30

18th
Aug.
2013

19th
Feb.
2014

20th
Aug.
2014

21st
Feb.
2015

22nd
Aug.
2015

23rd
Feb.
2016

24th
Aug.
2016

25th
Feb.
2017

Aug.
2017

Feb.
2018

Aug.
2018

Feb.
2019

Aug.
2019

Feb.
2020

Aug.
2020

Feb.
2021

Aug.
2021

Feb.
2022

Aug.
2022

Feb.
2023

38th
Aug.
2023

Financial strategy

39th
Feb.
2024

14

Appraisal value
The unrealized gains（＊1） totaled 46,530 million yen at the end of 37th fiscal period （increase of 3,504 million yen compared with previous fiscal period）- unit : mm yen

At the end of the 37th FP（Feb. 28, 2023）
Property nameAcquisition
price

Acquisition
cap rate（＊2）

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

32,00021,06019,610
6,633
10,000
5,300
2,400
1,130
2,125
3,550
5,250
109,058
14,600
11,200
4,400
7,000
5,900
2,600
2,800
4,230
3,290
7,700
4,320
68,040
1,250
8,150
5,050
1,700
2,060
1,111
1,280
2,800
1,100
1,530
2,835
28,866205,964

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

Appraisalvalue①
29,50021,80020,5008,530
10,100
4,710
2,790
1,200
2,337
3,490
5,860
110,81718,80015,600
6,850
9,830
8,990
3,310
4,930
4,790
3,450
8,500
4,550
89,600
1,440
9,760
5,790
2,550
2,000
1,120
2,060
3,940
1,390
1,900
2,910
34,860235,277

Book value②
29,624
20,535
20,398
5,497
9,934
4,217
1,910
945
1,657
2,840
5,332
102,895
12,630
8,615
3,716
5,466
4,314
2,640
2,329
3,861
3,198
7,754
4,491
59,021
1,125
7,645
4,651
2,122
1,588
860
1,142
2,591
1,055
1,306
2,739
26,830188,746

Difference
①-②
（124）
1,264
101
3,032
165
492
879
254
679
649
527
7,921
6,169
6,984
3,133
4,363
4,675
669
2,600
928
251
745
58
30,578
314
2,114
1,138
427
411
259
917
1,348
334
593
170
8,029
46,530Cap Rateby direct
capitalization
method

③

4.2%
4.3%
5.4%
5.8%
5.1%
5.5%
5.5%
5.4%
5.5%
5.4%
4.8%
3.9%
4.1%
3.8%
4.2%
4.3%
3.6%
3.7%
4.3%
4.1%
3.1%
4.2%
4.7%
3.9%
4.1%
5.2%
4.1%
4.1%
4.2%
4.1%
4.0%
5.1%
4.9%
-

At the end of the 36th FP（Aug. 31, 2022）
Appraisalvalue④
30,60021,40020,5008,520
10,000
4,650
2,740
1,200
2,329
3,660
5,890
111,489
17,40015,600
6,890
9,770
8,230
3,360
4,880
4,660
3,380
8,250
4,540
86,960
1,420
9,670
5,650
2,490
1,950
1,090
2,040
3,880
1,370
1,890
2,880
34,330232,779

Difference①-④（1,100）
400
0
10
100
60
50
0
8
（170）
（30）
（672）
1,400
0
（40）
60
760
（50）
50
130
70
250
10
2,640
20
90
140
60
50
30
20
60
20
10
30
530
2,498

Cap Rateby direct
capitalization
method

⑤

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

Appraiser

Difference③-⑤（0.3）%（0.3）%
0.0%
0.0%
0.0%
0.0%
（0.1）%
0.0%
0.0%
0.0%
0.0%
（0.4）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.3）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.2）%（0.1）%（0.1）%
0.0%
0.0%-

Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Japan Real Estate InstituteJapan Real Estate InstituteTanizawa Sogo Appraisal
Japan Real Estate InstituteJapan Real Estate InstituteTanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Japan Real Estate InstituteJapan Real Estate InstituteTanizawa Sogo Appraisal
Japan Real Estate InstituteJapan Real Estate InstituteTanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Japan Real Estate InstituteTanizawa Sogo Appraisal
Japan Real Estate InstituteTanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Daiwa Real Estate Appraisal
Daiwa Real Estate Appraisal
Japan Real Estate InstituteTanizawa Sogo Appraisal
Tanizawa Sogo Appraisal
Japan Real Estate InstituteTanizawa Sogo Appraisal（＊1） Unrealized gain is calculated by subtracting period-end book value （excluding construction in progress in trust） from the latest appraisal value.
（＊2） “Acquisition price” indicates the amount excluding such expenses as fees and taxes and other public charges.
（＊3） For Kurume Higashi Kushiwara SC, having completed the disposition of 15% quasi co-ownership interest in the trust beneficiary interest on February 28, 2023, acquisition price and appraisal value are the figures after subtracting the 15% portion.

Appraisal value

15

Sustainability
Endorsement of TCFD （Task Force on Climate-Related Financial Disclosures） （Sept. 2022）
Materially significant issues
Materially significant issues

Environment

Reduction ofenvironmental load

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

Creation ofpleasant workplaces（Asset manager）

Society

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

Governance

Information disclosureand dialogue
with stakeholders

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

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

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

KPIs and targets● （by 2030）

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

75% waste recycling rate

85% Green Building Certification
rate or higher● Training per employee （number of times）● Improve office environment（number of cases）● Conduct regular tenant satisfaction
surveys （all properties）● 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

participation in community activities and various initiatives using
properties under our management to grow and develop together
with the local community● Disclose financial and non-financial information to stakeholders in an

appropriate and timely manner● Build relationships of trust through proactive dialogue with stakeholders
and reflect stakeholder feedback in management strategy● Ensure thorough compliance including compliance with laws andordinances and elimination of conflict of interest with interested
parties, and develop and operate an appropriate internal risk
management system to maintain and improve corporate value● Ratio of Green Building certification
77.8％

80.0％

Aug. 2022

Feb. 2023●（by 2030）● Promote improvement of employee satisfaction and work towards

increasing job satisfaction of tenant employees

Environment ➡ P29● CASBEE （Rank A） NEW

Certified 2 owned properties
・ Sanix Hakata Building

・ Granfore Yakuin Minamiorganizationsorganizations● Continued participation in activities that
contribute to the community （number of times）● Dialogue with investors（number of times）● Sustainability training for employees（number of times）

Society ➡ P30● Registration with Fukuoka City SDGs
Registration System （Feb. 2023） NEW● Compliance training（number of times）

Sustainability

16

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

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

Risk/Opportunity Factors

Policy andlaw

Transition risks

Technology

MarketPhysical risks

Acute
Chronic

Opportunities

Energysources
Products andservices
Markets

Financial Impacts

4℃ Scenario

1.5℃ Scenario

Shortterm

Mediumterm

Longterm

Shortterm

Mediumterm

Longterm

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

Increased taxation on CO2 emissions for owned properties

S

S

S

S

M

M

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

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

S

S

S

S

M

L

Stricter mandatory emissions reporting requirements in Energy
Efficiency Act

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

S

S

S

S

S

S

Evolution/spread of renewable energy and energy-saving technology

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

S

S

S

S

M

L

Changing social values relating to environmental performance

Increased financing costs for proper ties with poor
environmental performance

S

S

S

S

S

S

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

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

S

S

S

S

S

S

Increased importance of transition risks

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

S

S

S

S

S

S

Increased value related to environmental performance

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

S

S

S

S

M

L

Tenant needs relating to environmental performance

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

S

S

S

S

M

L

Damage to owned properties due to typhoons/heavy rain

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

S

S

M

S

S

S

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

Increased flooding countermeasure costs

S

S

M

S

S

S

Increased need for A/C due to rising temperatures

Increased A/C operation, maintenance, and repair costs

S

S

M

S

S

S

Introduction of renewable energy at sites

Reduction in externally procured utility costs

S

S

S

S

S

S

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

Increased revenue by attracting tenants and occupants

S

S

S

S

M

L

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

Increased revenue from higher rents and improved tenantacquisition and retention

S

S

S

S

M

L

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

S

S

S

S

S

S

Sustainability

17

Statements of Income （compared with the previous fiscal period）
Active retail: recovered as expected; Dividend: +57 yen compared with the previous fiscal period- unit : mm yen

Account

37〜Aug. 31, 2022

th

A

B-A

B

8,830

9,037

Operating revenues excluding gain on sales

8,830

8,921

206
①

91

-

115

②

115

Total operating expenses

5,648

5,813

③

164

Expenses related to leasing business

4,974

5,147

172

534

534

（0）

Asset custody fees

7

7

（0）

Administrative service fees

60

57

（2）

Director’s compensations

6

3

（3）

Other operating expenses

65

63

（2）

Operating income

3,181

3,223

41

Total non-operating revenues

1

11

（0）

Total non-operating expenses

377

373

（4）

Interest expenses（incl. investment corporation bonds）

278

274

（4）

Financing related expenses

97

97

（0）

Others

1

2

0

2,805

2,851

45

2,805

2,851

45

1

1

0

Profit

2,804

2,849

45

Total dividends

2,804

2,849

45

Dividend per unit（yen）

3,523

3,580

57

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. 28, 2023

Total operating revenues

Gain on sales

Dividend

36th① Active retail＋127-of which, Canal City Hakata／Canal City Hakata・B ＋23
Park Place Oita

＋52

Konoha Mall Hashimoto＋28

SunLive City Kokura＋22

Higashi Hie Business Center
Office buildings（excl. Higashi Hie Business Center）
Others

（43）
＋13
（6）
Total : ＋91（of which, revenues from utilities ＋11）
②Gain on sale from disposition of

Kurume Higashi Kushiwara SC（15% quasi co-ownership interest）＋115
Total : ＋115

③Increase in outsourcing expenses（5）
Increase in expenses from utilities（34）
Increase in repair & maintenance expenses （147）
Decrease in depreciation and amortization expenses ＋14
Decrease in selling general and administrative expenses ＋7
Decrease in other expenses＋1
Total : （164）

Financial statements and business forecasts

18

Statements of Income （compared with the forecast）
Canal City Hakata: signs of inbound tourism demand returning; Higashi Hie Business Center: completed leasing at an early stage; Dividend: +60 yen compared with the forecast- unit : mm yen

37
Forecast at 36th37
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

A

B-A

8,915

9,037

8,800

8,921

115

115

5,737

5,813

121
①

121
0

②

76

5,147

Asset management fees

7

Administrative service fees

57

Director’s compensations

3

Other operating expenses

63

＋86

-of which, Canal City Hakata／Canal City Hakata・B ＋90
Park Place Oita

（1 ）SunLive City Kokura（1 ）Higashi Hie Business Center
Tissage Hotel Naha
Others＋28＋3＋4Total : ＋121

（of which, revenues from utilities

Non-Operating
profit and loss

Operating income

3,177

3,223

45

Total non-operating revenues

0

1

0

Total non-operating expenses

375

373

（1）

Interest expenses（incl. investment corporation bonds）

274

Financing related expenses

97

Others

2
2,803

2,851

47

2,803

2,851

47

1

1

（0）

Profit

2,801

2,849

48

Total dividends

2,801

2,849

47

Dividend per unit（yen）

3,520

3,580

60

Total income taxes① Active retail

（33））

534

Asset custody fees

Profit before income taxes

Sign indicates impact on profit （unit : mm yen）

■Operating profit and loss

Difference

B

Expenses related to leasing business

Ordinary income

Dividendth②Decrease in outsourcing expenses＋1
Decrease in expenses from utilities＋13
Increase in repair & maintenance expenses （72）
Decrease in depreciation and amortization expenses ＋5
Decrease in selling general and administrative expenses ＋3
Increase in other expenses（26）
Total : （76）Financial statements and business forecasts

19

Business forecast （the 38th fiscal period, Aug. 2023）
Downtime due to temporary closure of Canal City Hakata South Building to be offset by gain on saleSign indicates impact on profit （unit : mm yen）

- unit : mm yen

Account

37
ActualOperating revenues
Operating revenues
excluding gain on sales

A

B

9,037
8,921

37th
Actualdifference

38th
Forecast
at 37th

37th
Forecast
at 36th

th

C

9,119
8,686

C-A

162

9,200
8,767

①

（154）

38th
Forecast
difference■Difference between the 37th FP actualand the 38th FP forecast

C-B

80
80

Gain on sales

115

433

432

②

316

（0）

Operating expenses

5,813

5,920

5,946

③

132

26

Operating income

3,223

3,199

3,253

30

54

Non-operating
revenues

1

0

0

（0）

ー

Non-operating
expenses

373

381

387

14

6

Ordinary income

2,851

2,819

2,866

15

47

Profit

2,849

2,817

2,865

15

47

Total dividends

2,849

2,817

2,865

15

47

Dividend per unit （yen）

3,580

3,540

3,600

20

60

①Contribution of new acquisition properties （2 properties） ＋56
Active retail（293）-of which, Canal City Hakata／Canal City Hakata・B（287）

Park Place Oita

＋1

Konoha Mall Hashimoto＋12

SunLive City Kokura（19）

Absence of revenue accompanying disposition of（13）
Kurume Higashi Kushiwara SC
Higashi Hie Business Center＋58＋16
Office buildings（excl. Higashi Hie Business Center）
Tissage Hotel Naha
＋17
Others＋5
Total : （154）（of which, revenues from utilities ＋71）
②Increase in gain on sale from disposition of
Kurume Higashi Kushiwara SC＋316
Total : ＋316

（11）
③Increase in outsourcing expenses
Increase in expenses from utilities（52）
Increase in repair & maintenance expenses（24）
Increase in taxes and other public charges
（35）
（36）
Increase in depreciation and amortization expenses
Increase in selling general and administrative expenses（8 ）Decrease in other expenses＋34
Total : （132）

Financial statements and business forecasts

20

Business forecast （the 39th fiscal period, Feb. 2024）
Maintaining dividend at 3,600 yen with the opening of Canal City Hakata South Building and new acquisition of properties

Sign indicates impact on profit （unit : mm yen）

- unit : mm yen

Account

Operating revenues

38th
Forecast at 37th

39th
Forecast at 37th

A

38th
Forecast difference

B

9,200

■Difference between the 38th FP forecast
and the 39th FP forecast

B-A

9,280

80

①Contribution of new acquisition properties （3 properties）＋203
Active retail＋125-of which, Canal City Hakata／Canal City Hakata・B

Operating revenues
excluding gain on sales

8,767

9,041

①

274

Gain on sales

432

238

②

（194）

Operating expenses

5,946

5,956

③

10

Operating income

3,253

3,323

70

Non-operating
revenues

00ー

Non-operating
expenses

387

457

Ordinary income

2,866

2,866

ー

Profit

2,865

2,865

ー

Total dividends

2,865

2,865

ー

Dividend per unit （yen）

3,600

3,600

ー

④

70

＋122

Park Place Oita

（5 ）Konoha Mall Hashimoto（10）

SunLive City Kokura＋19

Absence of revenue accompanying disposition of（61）
Kurume Higashi Kushiwara SC＋4
Office buildings
Others＋3
Total : ＋ 274（of which, revenues from utilities （42））②Decrease in gain on sale from disposition of
Kurume Higashi Kushiwara SC（194）
Total : （194）③Increase in outsourcing expenses
Decrease in expenses from utilities
Decrease in repair & maintenance expenses
Increase in depreciation and amortization expenses
Increase in selling general and administrative expenses
Decrease in other expenses
Total :
④Borrowing costs

（24）
＋20
＋85
（75）
（18）
＋2
（10）

（70）
Total : （70）

Financial statements and business forecasts

21

サステナビリティへの取り組み

Appendix22

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 / 130,315 mm yen

Unrealized gains

46,530 mm yen

Total leasable floor space

577,161.81㎡

Occupancy rate

97.9％

◎Investment type（based on acquisition price）

33 / 205,964 mm yen

Others14.0％
Office buildings

Retail

53.0％

33.0％

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

Financial highlight （＊1）
Total debt

83,900 mm yen

Establishment of stable financial base

LTV

41.6％

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

Fixed rate

93.4％

Average interest rate

0.66％

Stable dividends and steady NAV growth since listing
Appropriate management of real estate invested in

Credit ratings◎Investment area（based on acquisition price）

Other
Kyushu areas

22.8％

JCR AA −（Stable）

Fukuoka
metropolitan area

R&I A＋ （Stable）

77.2％

Investment unit price （＊1）

Overview of Fukuoka REIT Corporation

Unit price

164,600 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

131,021 mm yen （unit price ＊ outstanding units）
127,875 yen

Fiscal period

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

Asset manager

Fukuoka Realty Co., Ltd.

Dividend （actual）

182,750 yen
3,580 yen per unit （Days in fiscal period 181days） at the 37th FP

Dividend yield

4.4％ { （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 28, 2023 (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

Appendix23

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％
Appendix24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）

KawasakiSendaiNatural decrease

Niigata

Kobe

Shizuoka

Sakai（12,000）（10,000）（8,000）（6,000）（4,000）

Okayama（2,000）2,000
0increase （2,000）

Hiroshima

Kyoto（14,000）

Kumamoto Natural

0Socialdecrease

Kitakyushu

4,000（4,000）2,000（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 （2022） ” （Local Administration Bureau, Ministry of Internal Affairs and Communications） .

thousand（ people ）

1,600

1,550

1,500

1,450

1,400

◎Cities with high population growth rate

Ranked 1st among government
ordinance-designated cities

Number of
population in
Fukuoka City

（Rate of increase from October, 2015 to July, 2020）

Rank1 Fukuoka
Rank2 Saitama
Rank3 Kawasaki
Rank4 Osaka
Rank5 Nagoya

Average of government
ordinance-designated0
citiesSurpassed
1.6 million
peopleapprox.
4 times

2.4％

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
people1,494 1,509
2012

2013

1,524

2014

1,538 1,555

2015

2016

1,571

1,585

1,600

1,612

1,632

2018

2019

2020

2021

2022

2023

（year）

Saitama

Sakai

14.0

Kitakyushu

55.0

Shizuoka

Yokohama

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

Nationwide

13.5
Kobe

Hiroshima

Hamamatsu
Niigata

57.0

59.0

61.0

63.0

65.0 （％）

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

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

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

Tokyo metropolitan area

110

Nagoya metropolitan area

100

80

2017

Chiba

Osaka
metropolitan area

90

＊The number of population is the figure as of October 1. The figure of year 2023 is indicated as of March 1.
Source: Prepared by Fukuoka Realty based on data from “Estimated Population”（Fukuoka City General Affairs and Planning Bureau）.

NagoyaSagamihara

14.5

120

1,631

Tokyo metropolitan area
Osaka

Kumamoto

15.0

130

1,619

Sendai

Okayama

15.5

13.0

KawasakiFukuoka

Kyoto

16.0

140

4.9％
4.8％
4.3％
1.6％
1.2％
1

16.5

12.5
53.0

Natural increase/decrease

Trends in number of population growth in Fukuoka City

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

17.0

Youth population

Sagamihara

6,000（ Percentage of city population aged 15 to 29
）

Chiba

Nagoya8,000

Socialincrease

Fukuoka

Net increase/decrease
zero line

Osaka

（％）

10,000Saitama

Yokohama Sapporo

Social increase/decrease（ Net increase in in-migrants: number of in-migrants / number of out-migrants）（comparison of ordinance-designated cities）（2021）

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”.

Appendix25

Condition of Inbound Tourists
Steadily increasing, mainly from South Korea, since the relaxation of border restrictions in October 2022
Change in Number of Foreign Nationals Entering Kyushu
number of overseas visitors

Decrease in number of Korean tourists（people）

500,000

450,000

COVID-19 pandemic

400,000
350,000
300,000
250,000
200,000
150,000
100,000

・Nov. 2022 QUEEN BEETLE resumes operation ofJapan-South Korea route in Fukuoka
・Mar. 2023 Foreign shipping companies resume
operation of cruise ships to Japan・Ju l. 2023 World Aquatics Championships - Fukuoka 2023
・Aug. 2023 World Aquatics Masters Championships Kyushu 2023

Monthly comparison with 2018（％）

Easing of bordercontrol measures

100
80

60
45.8 46.1
（＊1）
（＊1）

41.6
30.6

40
20

11.5

50,000

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

0

2018

2019

2020

2021

2022

◎Recovered to 54.6% compared with 2018
number of flights（flights/week）（year）

Number of Foreign Nationals Entering Kyushu from Major Countries（Regions） （December 2022）（Comparison with 2018）

Ratio of
Fukuoka Airport（＊3）

10.6％

372
316

200

Dec. 2022

Country / Region

Dec. 2018

Dec. 2019

Dec. 2022

Korea

227,548

74,557

126,260

55.5%

China

114,271

103,299646

0.6％

Other Asia

72,04088,64144,362

61.6％

Total of Kyushu
Region（＊4）

424,325

278,363

176,560

41.6％

400

300

0

2023

（＊1） The number of foreign visitors for 2023 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

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

120（Comparison with 2018）

203
100
0

5.5
2018

Oct. 28, 2018～
Mar. 30, 20192019

Oct. 27, 2019～
Mar. 28, 2020

2020

Oct. 25, 2020～
Mar. 27, 20219
2021Oct. 31, 2021～
Mar. 26, 2022

2022

（year）

Oct. 30, 2022～
Mar. 25. 2023（＊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.
(＊3） The percentage of international flights in Fukuoka among the total number of international flights (passenger flights) by airport in Japan 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（＊4） 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

Appendix26

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

FY2023 128,300 ㎥

FY1999 No storm water storage facilities

Fukuoka
6.2％

Tokyo
43.4％
Nagoya44.6％

Pacific Plate

Osaka
58.3％
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 2022.

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.

Appendix27

Certification from external organizations and information disclosure

Newly obtained CASBEE（Comprehensive Assessment System for Built Environment Efficiency）Certification for two properties（February 2023）
Endorsement of TCFD
（Task Force on Climate-related
Financial Disclosures）（September 2022）

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

Principles for Responsible
Investment （PRI）（September 2018）

Refers to the six basic principles advocated in 2006 by Kofi Annan, the United Nations Secretary-General at
the time, 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 in order to implement practices at an international level when it promotes ESG awareness in realestate investment and management operations.

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 21stCentury） 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 a sustainable society.
The Asset Management Company became a signatory in September 2018, affirming the ideas of the Principles.

GRESB

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

DBJ Green Building
Certification

The DBJ Green Building Certification is a certification system established in 2011 as an initiative
to support real estate featuring "environmental and social considerations" and entities that own
and operate such estate. The system evaluates real estate sustainability from five ESG-based
perspectives.
FRC has acquired the certification for 12 properties.

NEW

CASBEE（Comprehensive Assessment System
for Built Environment Efficiency）

BELS

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 usingmaterials and equipment that save energy or achieve smaller environmental loads but also features
like interior comfort and scenic aesthetics. Two properties owned by FRC were certified.
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.

Appendix28

ESG Initiatives （Environment）
Reduction of environmental load

Enhancing energy efficiency Fukuoka REIT

BeforeMaintenance and enhancement of environmental and construction performance

Green Building certification

GRESB2022

Green Building certification obtained for 80.0%
of entire portfolio

・ Promotion of conversion to LED lighting
Example: Conversion to LED lighting at
some exclusive areas (Higashi Hie Business Center) NEW・ Utilization of renewable energy （solar power generation panels installed, etc.）
・ Reduction in Air Conditioning Load (applied coating film
containing a shading agent)・ Greening of common spaces ・ Arrangement of water areas ・Creation of shaded spaces
・Installation of charging station for electric vehicles
・Installation of electronic circuit breaker・ Water and energy conservation Measures
Renewal of electric water heater with energy saving effects（avoid unnecessary reheating when no one is using) NEW■Ratio of environmental certification acquisition
After

CASBEE

BELS Evaluation
Certification

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

1.6％

14.7％

Certificatedproperties

80.0％

DBJ Green
Building
Certification

77.9％＊As of February 28, 2023
（based on total floor space）

Before●CASBEE Certification for Real Estate

After

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）●Installation of canal water filtration system, greywater
plant and water-saving toilets （Canal City Hakata）●Canal City Hakata has worked to reduce water consumption

through a canal water filtration system (rainwater reusesystem), a greywater plant (kitchen drainage reuse system),water-saving toilets, etc.

・ Canal water filtration system(rainwater reuse system)NEW

CASBEE Certification for Real Estate is a system in whicha third-party organization certifies the accuracy of theassessment of buildings evaluated by CASBEE-Real Estatethrough an assessment of contents. It scores buildings
under each of the evaluation items in five categories,
comprising “1. Energy & Greenhouse Gases”, “2. Water”,“3. Use of Resources & Safety”, “4. Biodiversity &Sustainable Site”, and “5. Indoor Environment”. Based on
the scores, the evaluation results are given one of four
ranks: Rank S, Rank A, Rank B+, and Rank B. Twoproperties owned by FRC were certificated Rank A（February 2023） .

Sanix Hakata Building（Rank A）

Granfore Yakuin Minami（Rank A）

●DBJ Green Building Certification●BELS Evaluation

12 properties owned by FRC were certified
Reacquired certification for 2 properties （March 2023）

5 properties owned by FRC were certified

Appendix29

ESG Initiatives （Society①）

Creation of pleasant workplaces

Fukuoka Realty

Initiatives for employees《Support for flexible working styles》 《Training for employees》《Fukuoka Realty: Numbers of credentialed personnel》●（As of February 28, 2023）■The average number of years of continuous service●of permanent employees: 8 years and 9 months●■Full-time personnel: 46 [Male:20 Female:26] * Gender ratio●●

Employees seconded from sponsors：2
Employees seconded to a sponsor：8■Number of credentialed personnel
●

●

●

●

●

●

Real estate brokers : 26

ARES Certified Masters : 24

Certified Building Administrators : 4First-class registered architect : 2
Real estate appraisers : 3●

Male : 43.5％
Female : 56.5％●＊The total number of permanent employees,

contract employees and employees seconded
from other companies.

●

●

●

●

●

Attorney : 1

MBA : 2Administrative Scrivener : 1

SME management consultant : 1

NEW

Certified as a
“Fukuoka‘ Work-Style Reform’
Promotion Company ”（ August 28, 2018）

Registration with
SDGs in Fukuoka
Prefecture
Fukuoka City
Well-Being & SDGs Entry into
Registration System registration system（July 2022）（February 2023）

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●●

Sustainability training●

Integrated Report training●

In-house recreation, etc.

《Career development support》
●

●

●

●

●

CMA : 3

Child-rearing support（maternity leave,
childcare leave system）
Nursing care leave

Licensed Representative of Condominium Management Company : 1

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

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

●

●

●

Other Initiatives《health management ・Improvement of office environment》

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

Mandatory health checkups and comprehensive medical examinations●

Application system to restrict excessive overtime work●

Assistance for use of sports clubs●

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

●

Installation of personal lockers

personal booths,
meeting booths

plants, etc.

Installation of
personal lockers

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

●

●
●

●

●

Improvement of employee lounge
Improved the lounge environment at Konoha Mall Hashimoto with a focus on the health and comfort of tenants’ employees.
Similar arrangement is under study for other facilities.
Implementation of tenant satisfaction surveys

Appendix30

ESG Initiatives （Society②）

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

Provision of regional information Fukuoka Realty
Information provision using website, social media, financial results briefing materials, etc.
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●Participation in local sporting events・ Information provision using website and social media
Signboard of Fukuoka Realty Co., Ltd.

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” NEW

Implementation of Corporate Version of Hometown Tax System Fukuoka Realty
Continue to implement the corporate version of the hometown tax payment system

Support for ice skating rinkNEW

Press announcement

Support local professional sports

Involvement in local community

Initiatives for local communicaties, etc.
●

●

●

●

●

●

Fukuoka Realty

Regional cooperation （conducted collaborative
sales and experiential learning with a local elementary schooland Ueki Greengrocer at 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
Participates in the Kyushu SDGs Forum

Others●Fukuoka Realty

Child-rearing support
NEW“Seiryo Marche” （learning and sales experience）

Participation in Clean Day

Children's Plaza inHashimoto, Nishi Ward
Tenant moved in

Installed a
wash-basin forhands and feet

Parking lot
dedicated to pregnant
women and stroller users

Fukuoka REIT

Child-rearing support

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

●●

Hosted the Real Estate,
Finance and Economic
Networking

Park Place Oita

Canal City Hakata, others

Canal City Hakata, others

Canal City Hakata, others

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 9.18% of FRC’s investment units
・Cumulative investment system for investment units（36.4% of the officers and employees perticipated in the system）
A cumulative investment system for investment units was introduced for the
Asset Manager officers and employees in April 2015 in order to enhancetheir mindset for FRC’s investment unit price and better performance aswell as promote their assets formation.

Management Fee Structure Fukuoka Realty
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

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.
Oct. 2019– Sept. 2020

Oct. 2020– Sept. 2021

6 times

6 times

Oct. 2021– Sept. 2022

6 times（including e-learning）

Information disclosure and dialogue with stakeholders

Secure transparency and fairness of the Board of Directors
Name

Title
President and CEO

Attendance at board meetings at 37th

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

Information on attendanceat board meetings at 37 th, etc.
Title

Name

Executive director

Zenji Koike

Supervisory director

Takashi Tanabe

Supervisory director

Yasuo Kawasho

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

Publication ofIntegrated Report
Fukuoka REIT・Published fourth integrated reportin December 2022

(aim to expand non-financial information)

Integrated Report 2022 NEW(published in December 2022)

・ESG interview（from December 2022）

Conducted more than ten times

Appendix32

IR initiatives
Major IR activities implemented

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

・ Financial results briefing for analysts and institutional investors

FRC’s website was selected as a AAA website in the Fiscal
2022 All Japanese Listed Companies' Website Ranking （overall and sector rankings） announced by Nikko Investor Relations Co., Ltd. （Targets of the survey: All listed companies inJapan （3,926 companies））
FRC has won the award in the ranking （overall ranking） for
13 consecutive years since 2010. （11 times as a AAA siteand 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 an interview with President & CEO Zenji Koike on
Fukuoka Keizai （November 2022） and Zaikai Kyushu（January 2023）（Following on-line live streaming） Post the video on the website the next day
・ Roadshows on financial results （face to face and conference calls）

・ Hold property tours◎IR for overseas institutional investors
・ Roadshows on financial results （North America, Europe, Asia, etc.）
・ Timely information disclosure in English （held simultaneously as thedelivery of Japanese press releases）◎IR for individual investors
・ Kyushu IR Fair 2022（November 2022）
・ J-REIT Online IR seminar（December 2022）
・ Fukusho IR Fair Online（December 2022）
・ Responding to individual calls,etc.

Other Activities
The Kyushu IR Workshop, which started in collaboration with the Japan Investor Relations Association, is entering its 13
year in 2023. It is utilized as a venue to study the latest IR trends with IR staff of companies from Fukuoka and Kyushu
and to build networks among such companies.
Kyushu IR Fair 2022
（November 2022）

J-REIT Online IR seminar（December 2022）

Status of integration into indexes （as of February28, 2023）◎Global indexes, etc

FTSE EPRA/NAREIT
Global Real Estate Index
FTSE Developed
Small CapS&P Global REIT
Index
MSCI Japan
Small Cap Index

Date
1st
workshop
July 2022
2ndworkshop
December 2022
3rdworkshopMarch 2023

Theme & lecturer“Information Disclosure and Dialogue with Investors- ESG, the Post-COVID-19 Era, Human Capital, Etc. -”Graduate School of Business Administration, Hitotsubashi University
Professor Shoichi Tsumuraya (visiting researcher at Japan Investor
Relations Association)"Aiming to be a Group Trusted by Future Stakeholders"Asahi Group Holdings, Ltd. Head of IR, Corporate Communications
Takeshi Takano

the 2nd IR Kyushu Subcommittee （December 2022）"Enhancement of ESG Information Disclosure and Activism"
Professor Emeritus at Aoyama Gakuin University, Specially Appointed Professor at Tokyo Metropolitan University
Tetsuo Kitagawa＊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

No. of unitholders and investment units held by unitholder category

796,000

796,000

796,000

796,000

796,000

12.80%

12.11%

12.02%

11.81%

11.71%[101,953][96,448][95,695][94,055]

600,000[120,464]

13.16%

500,000

400,000

15.15%

15.68%[120,601][124,837]

13.12%

13.37%[104,754][104,456]

2.79%

3.68%

[106,471]

2.20%

14.90%

13.41%[107,056][106,789]

2.97%

1.81%

[17,569][23,693]56.10%

55.92%

56.71%

56.84%[446,587][445,157][451,428][452,525]

42.60%[339,112]42.84%[341,024]

42.77%[340,526]

43.50%[346,314]

57.16%[455,044]

44.44%[353,812]

100,000

0

34th
36th
33rd
37th
35th
February 28, 2021 August 31, 2021 February 28, 2022 August 31, 2022 February 28, 2023

Financial institutions

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

Stock brokers

Other corporations

95.67％

93,281

11.71％

242

1.78％

12 6,447

15.88％

243

1.79％

106,789

13.41％

Stock brokers

21

0.15％

14,439

1.81％

Financial institutions

79

0.58％

455,04457.16％（Of which held by trust banks）

8

0.05％

353,81244.44％

13,524100.00％796,000

100.00％

Total[14,439]300,000

200,000

12,93915.88%

13.44%[29,338]

Percentage

Foreigncorporations
Other domestic
corporations[126,447][22,242]

No. of unitholders
Individual・other[118,671]

Foreign corporations

Individual・other（As of February 28, 2023）

Investment
units held

[93,281]700,000
15.13%[at the end of the 37 th FP]

Major investors [at the end of the 37th FP]
Rank

Name

Percentage（As of February 28, 2023）

Investment
units held

Percentage

1

Custody Bank of Japan, Ltd.（Trust account）

215,223

27.03％

2

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

97,76512.28％

3

Fukuoka Jisho Co., Ltd.

73,136

9.18％

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

34,091

4.28％

5

The Shinkumi Federation Bank

14,760

1.85％

6STATE STREET BANK WEST CLIENT - TREATY 505234

12,865

1.61％

7

MetLife, Inc.

10,2271.28％

8

JP MORGAN CHASE BANK 385771

9,400

1.18％

9

Shikoku Railway Company

9,130

1.14％

10

SSBTC CLIENT OMNIBUS ACCOUNT

9,015

1.13％

Appendix34

Unit price chart
Investment unit price （＊1）

Turnover （＊2）：131,021 mm yen■Market capitalization（as of Feb. 28, 2023）（units）（yen）

300,000

120,000
th37

April 27, 2015
4th PO

250,000

100,000

June 21, 2005
ListedMarch 1, 2018

第 5回公募増資
5th PO

March 1, 2013

3rd PO
第 3回公募増資

200,000

80,000March 1, 2011
2nd PO

60,000150,000

September 7, 2006
1st PO

100,000

40,00050,00020,0000Feb. 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

0Feb. 28,2023（＊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

Financial highlights
Dividend per unit was 3,580 yen- unit : mm yen

Category

33

34

rd

th

36th

35th

37th

〜 Feb. 28, 2023
B

〜 Aug. 31, 2022
A

Difference

38th

39th

〜 Aug. 31, 2023
（forecast）〜 Feb. 29, 2024
（forecast）

206

9,200

9,280

115

115

432

238

5,370

5,274

（96）

5,033

5,391

1,486

1,514

1,499

（14）

1,536

1,612

3,204

3,185

3,181

3,223

41

3,253

3,323

2,677

2,817

2,816

2,805

2,851

45

2,866

2,866

Profit

2,675

2,816

2,814

2,804

2,849

45

2,865

2,865

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

3,361

3,539

3,536

3,523

3,580

3,300

3,500

3,500

3,500

3,520

3,600

3,600

〜 Feb. 28, 2021

〜 Aug. 31, 2021

8,904

8,867

8,658

8,830

9,037

-

104

-

-

5,347

5,336

5,334

1,623

1,552

Operating income

3,061

Ordinary income

Operating revenues
Gain on sales
Leasing NOI
Depreciation and amortization
expenses〜 Feb. 28, 2022

B−A

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

＋61

＋39

＋36

＋23

＋60

-

-

796,000

796,000

796,000

796,000

796,000

796,000

796,000

Total assets（at period-end）

199,559

199,804

198,745

201,223

201,442

Total liabilities（at period-end）

97,944

98,04996,991

99,48099,653

Total net assets（at period-end）

101,614

101,755

101,753

101,743

101,788

Days in fiscal period（days）

181

184

181

184

181

Number of investment properties

31

32

32

33

33

（＊1）
Number of tenants（at period-end）

1,011

1,010

1,016

1,021

1,007

572,215.71㎡ 572,288.25㎡ 578,255.35㎡

577,161.81㎡（at period-end）

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

608,557.70㎡
99.5％

99.5％

99.4％

99.4％

97.9％

FFO （Funds from Operation）（＊3）

4,299

4,265

4,301

4,318

4,234

FFO per unit（yen）

5,401

5,358

5,403

5,425

5,319

（＊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

Appendix36Balance sheets（compared with the previous fiscal period）- unit : mm yen

36thAug. 31, 2022
A
9,111

37th
Feb. 28, 2023
B
15,867

661

662

0

Investment corporation bonds scheduled
to be redeemed within one year

-

2,000

2,000

Current maturities of long-term debt

Account

36th
Aug. 31, 2022
A

37th
Feb. 28, 2023
B

Total current assets

9,690

11,331

1,641

Total current liabilities

Cash and deposits

4,203

6,069

1,866

Operating accounts payable

Cash and deposits in trust

Difference
B－A

Account

4,236

（99）

Operating accounts receivable

788

738

（50）

Prepaid expenses

227

270

42

Consumption taxes receivable

124

-

（124）

Others10

16

6

191,506

190,086（1,420）Total non-current assets

Liabilities

4,335

Difference
B－A
6,755

5,900

10,4004,500

Account payable-other

16

21

5

Accrued expenses

421

422

0

Income taxes payable

0

1

0

Accrued consumption taxes

-

366

366

Advances received（16）

184,617

183,203（1,413）

1,084

1,068

Buildings

1,118

1,112

（5）

Deposits received

1,026

924

（101）

Structures

19

19

（0）

Total non-current liabilities

90,36883,786（6,581）Tools and fixtures

1

1

（0）

Investment corporation bonds

5,000

3,000

（2,000）Long-term debt

73,00068,500（4,500）

741

758

17

11,627

11,528（99）

Total property, plant and equipment

Lands
AssetsBuildings in trust

989

989

-

66,726

65,587（1,138）Tenant leasehold and security deposits

1,043

（25）

Machinery and equipment in trust

738

708

（29）

Total liabilities

99,48099,653173

Tools and fixtures in trust

232

231

（0）

113,715

113,501

（213）

7

8

0

Total unitholders’ equity

101,743

101,78845

Total intangible assets

5,554

5,551

（2）

Unitholders’ capital

98,93898,938-

Leasehold right in trust

5,545

5,545

-

8

5

（2）

1,335

1,331

（3）

0

0

0

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

327

-

Long-term prepaid expenses

997

994

（3）

26

24

（1）

201,223

201,442

218

Total deferred assets
Total assets

Net assets

1,068

Tenant leasehold and security deposits
received in trust

Surplus
Total net assets

Total liabilities and net assets

2,804

2,850

45

101,743

101,78845

201,223

201,442

218

Appendix37

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

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

36th A

37th B

Difference〜Feb. 28, 2023

〜Aug. 31, 2022

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

4,688
2,851
1,499
1
（0）
274
（115）
50
124
366
59
4
3
（16）
（101）
（42）
3
2
4,966
0
（277）
（0 ）
（117）
407
（443）
142
（125）
55
（154）
6
（6）
（2,803）（2,803）
1,766
8,488
10,255

B－A

（24）
45
（14）
0
（0）
（4）
（115）
226
32
366
（14）
11
（0）
（94）
（430）
（69）
36
1
（23）
0
（1）
0
5,380
0
407
5,467
（147）
（125）
（254）
29
2
（0）
（1,489）（4,000）4,000（7,500）
6,000
10
3,866
（2,100）
1,766

Appendix38Income and expenditure by properties （Retail）- unit : mm yen

Category

Canal City Hakata

Canal City Hakata・B

Konoha Mall
Hashimoto

SunLive City Kokura

Active retail

Square Mall
Kagoshima
Usuki

181 days
1,216
1,008
208
646
278
57
99
5
178
27
570
207
363
5.8%
50

958
919
38
546
375
23
100
7
36
3
411
188
223
3.9%
24

1,011
981
29
467
290
28
81
5
28
32
543
227
316
3.4%
93

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

Kumamoto
Intercommunity
SC

Forecast Difference
A－C
C （＊1）

Hanahata SC

Kurume Higashi
Kushiwara SC

4,324
3,882
441
2,305
1,258
169
359
21
350
146
2,018
774
1,244
4.5%
185

844
679
165
583
305
45
41
2
107
81
261
99
162
5.2%
15

293
293
61
8
15
34
1
1
231
52
179
7.0%
0
K’s Denki
Kagoshima

Marinoa City
Fukuoka（Marina Side Building）

184 days （3） days
127
4,196
105
3,777
22
419
91
2,214
2
1,256
113
55
（0）
359
（1）
23
21
328
（44）
190
36
1,982
（0）
774
36
1,207
0.1%
4.4%
1,739 （1,554）
36th
Total
B

37th
Total
A

Difference
A－B

4,237

86

2,281

23

1,956

62

Forecast Difference
A－C
C （＊1）

37th FP（Sept. 1, 2022 〜Feb. 28, 2023）（Length）

181 days︵ 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

Difference
A－B

37th FP（Sept. 1, 2022 〜Feb. 28, 2023）（Length）

Category

Park Place Oita

36th
Total
B

37th
Total
A

258
222
35
88
38
2
16
0
26
2
170
30
139
6.4%
13

90
89
0
9
2
0
5
0
0
80
10
69
6.7%
-

40
40
5
1
0
3
0
0
35
5
29
6.3%
0

87
87
10
2
1
5
0
0
77
16
61
6.2%（＊2）
-

109
109
0
10
1
0
7
0
0
99
22
76
5.6%
-

178
177
1
29
1
7
18
0
0
149
22
126
5.7%
3

765
728
36
153
48
12
57
2
26
6
611
108
503
6.1%
17

184 days （3） days
762
2
（1）
730
3
32
（9）
162
0
48
（10）
22
（0）
57
0
2
1
25
（0）
6
11
600
（9）
117
20
482
0.1%
6.0%
（6）
24

763

2

145

8

617

（6）

（＊1）Forecast at the financial results of the 36 th fiscal period. （＊2）For Kurume Higashi Kushiwara SC, since the disposition of the 15% quasi co-ownership interest portion took place at the end of the fiscal period （on February 28, 2023）, the calculation is done without subtracting it from the acquisition price.

Appendix39Income and expenditure by properties （Office buildings・Others）- unit : mm yen

Category

Canal City
Gofukumachi
Taihaku Street
Sanix Hakata
Business
Business
Business
Building
Center Building
CenterCenterHigashi Hie
Business
Center Ⅱ

Higashi Hie
Business
Center �

Tenjin Nishi-Dori
HakataBusiness Center Chikushi-Dori（Land withCenterBuilding
leasehold interest）

37th
Total
A

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

657
654
2
228
158
10
48
1
8
1
429
80
348
5.9%
5

597
531
65
204
74
9
37
2
65
13
393
72
320
7.0%
18

Category

Tosu
Logistics
CenterLOGICITY
MinatoKashii

211
197
14
66
19
6
23
0
15
0
144
28
115
6.6%
13

330
330
0
95
56
7
27
1
2
235
61
173
6.7%
4

313
284
28
182
40
10
16
1
28
84
130
42
88
4.4%
68

181 days
146
86
123
86
22
59
19
10
1
16
1
9
15
0
0
22
0
0
86
67
32
10
54
56
6.2%
5.2%
10
-

Amex
LOGICITY LOGICITY Akasakamon City House
Hisayama Wakamiya
Keyaki Dori
Tower

Difference
A－B

184 days
2,924
2,759
165
889
401
29
214
10
158
74
2,035
404
1,630
6.0%
144

（3） days
（29）
（27）
（2）
96
3
36
（0）
0
10
44
（125）
（0）
（125）
（0.4）%
（16）

36th
Total
B

Difference
A－B

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

（3） days
（8）
（2）
（6）
9
（0）
7
0
（0）
（0）
0
1
（18）
（5）
（12）
（0.1）%
16

Forecast Difference
A－C
C （＊1）

Aqualia
Chihaya

165
149
15
55
18
1
9
0
13
11
109
40
69
5.2%
0

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

159
159
18
18
0
140
140
3.6%
-

127
118
8
33
17
2
0
10
1
93
15
77
4.3%
7

D-WingTower

Granfore
YakuinMinami

Hotel
FORZA
Oita

Tissage
Hotel Naha

39
38
1
11
2
1
2
2
0
0
1
27
10
17
5.1%
0

63
63
0
9
0
0
7
0
0
53
22
31
7.0%
-

40
40
0
9
0
2
5
0
0
31
24
7
2.2%
0

2,894
2,731
162
985
405
66
214
11
169
118
1,909
404
1,504
5.6%
128
37th
Total
A

2,866

27

949

35

1,916

（7

Forecast Difference
A－C
C （＊1）

37th FP（Sept. 1, 2022 〜Feb. 28, 2023）（Length）

Others

36th
Total
B

37th FP（Sept. 1, 2022 〜Feb. 28, 2023）（Length）①Total leasing business revenues
Leasing revenue-real estate
Other leasing revenue-real estate②Total leasing business expenses
Outsourcing fees
Repair and maintenance expenses
Expenses for restoration to former state
Tax and other public charges
Insurance premiums and trust compensation
Utilities expenses
Other expenses③NOI（=①-②）④Depreciation and amortization expenses⑤Leasing business profit（=③-④）
NOI yield （acquisition price）
Capital expenditures

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

Nondisclosure

Nondisclosure

Nondisclosure

Nondisclosure

（＊2）

（＊2）

（＊2）

（＊2）

38
9
28
6.1%
-

184
38
146
4.5%
3

117
38
78
4.6%
1

68
15
53
8.0%
9

66
63
3
20
5
2
3
5
0
1
2
45
14
31
4.4%
3

181 days
39
60
39
59
1
8
12
2
3
1
1
1
3
4
0
0
0
0
1
1
30
47
10
11
20
36
5.6%
7.4%
5
24

115
110
5
25
7
2
2
7
0
2
2
90
18
71
6.4%
4

938
891
46
203
34
19
10
88
5
32
12
735
212
523
5.1%
54

932

5

192

10

740

（5）

（＊1）Forecast at the financial results of the 36th fiscal period. （＊2）Information is not disclosed because the permission of tenants has not been obtained.

Appendix40Income and expenditure by properties （Total） /Repair and maintenance expenses, capital expenditures, and depreciation- unit : mm yen

36th
Total
B

37th
Total
A

Category

Sept. 1, 2022
〜Feb. 28, 2023

（Length）

181 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

8,921
8,233
687
3,647
1,746
266
10
719
41
579
283
5,274
1,499
3,774
5.1％
385

Difference
A－B

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

Difference
A－C

ForecastC （＊）（3） days

91
73
18
187
5
147
0
（0）
（1 ）
34
0
（96）
（14）
（81）
（0.1）％（1,561）

8,800

121

3,561

85

5,238

36

（＊）Forecast at the financial results of the 36th fiscal period.

Repair and maintenance expenses, capital expenditures, and depreciation（mm yen）

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

2,500（Equipment renewal, lot formation work, emergency generator renewal,

2,000

parking lot lighting equipment renewal

687
211

153

121

119

33 rd

34th

35 th

36th

266
37 th

291

205

38th

39th

（forecast）（forecast）

Repair and maintenance expenses

2,124

1,946

731
213

1,000

0

508）

Office Building
Park Place Oita

1,500

500

812

33 rd

445
34th

1,388

600

35 th

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

662
309

1,623 1,552

1,486 1,514 1,499 1,536

1,612

33 rd

35 th

39th

385
36th

37 th

Capital expenditures

38th

39th

（forecast）（forecast）

34th

36th

37 th

38th

（forecast）（forecast）

Depreciation
Appendix41

Portfolio table①（As of February 28, 2023）

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

Age （＊1）

Office buildings

Others26yr 10m
26yr 10m
20yr 11m
17yr 11m
11yr 11m
16yr 5m
16yr 3m
15yr 7m
15yr 2m
15yr 3m
22yr 4m－
26yr 10m
19yr 4m
21yr 11m
20yr 11m
14yr 0m
26yr 5m
13yr 1m
7yr 0m2yr 11m－
31yr 1m－
14yr 9m
8yr 10m
8yr 1m18yr 0m
17yr 7m
15yr 3m
15yr 2m
17yr 0m
15yr 2m
14yr 6m
5yr 0m－20yr 0m

Acquisition
price（mm yen）（＊2）

32,00021,06019,610
6,633
10,000
5,300
2,400
1,130
2,125
3,550
5,250
109,058
14,600
11,200
4,400
7,000
5,900
2,600
2,800
4,230
3,290
7,700
4,320
68,040
1,250
8,150
5,050
1,700
2,060
1,111
1,280
2,800
1,100
1,530
2,835
28,866205,964

Investment
ratio

15.5%
10.2%
9.5%
3.2%
4.9%
2.6%
1.2%
0.5%
1.0%
1.7%
2.5%
53.0%
7.1%
5.4%
2.1%
3.4%
2.9%
1.3%
1.4%
2.1%
1.6%
3.7%
2.1%
33.0%
0.6%
4.0%
2.5%
0.8%
1.0%
0.5%
0.6%
1.4%
0.5%
0.7%
1.4%
14.0%
100.0%－

Acquisition
timingSource （＊3）

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

Total leasable
floor space（㎡） （＊4）

46,585.57
31,141.44
121,183.73
61,450.22
22,191.52
14,602.88
6,968.66
2,801.15
5,497.63
7,296.17
33,069.82
352,788.79
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
102,524.39
4,173.29
43,233.72
24,505.65
17,556.32
4,821.25
2,710.86
5,619.69
7,187.59
2,496.06
5,785.44
3,758.76
121,848.63
577,161.81

Occupancy
rate

81.6%
94.8%
99.8%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
97.0％
100.0%
98.6%
100.0%
99.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
86.7％
98.8％
100.0%
100.0%
100.0%
100.0%
98.3％
100.0%
98.9％
99.5％
99.0％
100.0%
100.0%
99.8％
97.9％

Tenants
（＊5）

23
40
101
1
124
13
2
2
1
1
1
309
64
35
16
（＊6） 70
25
1
12
2
6
1
13
245
1
2
1
1
66
42
104
136
98
1
1
453
1,007

Primary tenants

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

Appendix42

Portfolio table②

Retail11 properties

Canal City Hakata

Canal City Hakata ・ B

Park Place Oita

SunLive City Kokura

Konoha Mall Hashimoto

Square Mall
Kagoshima Usuki

Office buildings
12 properties

Kumamoto
Intercommunity SC

Hanahata SC

KurumeHigashi Kushiwara SC

K’ s Denki Kagoshima

Marinoa City Fukuoka

Gofukumachi
Business Center

Sanix Hakata Building

Taihaku Street
Business Center

Higashi Hie
Business Center

Tenjin Nishi-Dori
Center Building

Canal City
Business Center Building（Marina Side Building）

Tenjin North Front Building

Higashi Hie
Business Center Ⅱ

Appendix43

Portfolio table③
NEW

Logistics

Logistics

Others11 properties（＊1） Acquired on March 28, 2023

Higashi Hie
Business Center Ⅲ

Logistics

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

Logistics

LOGICITY Hisayama

LOGICITY Wakamiya

Hotel

Hotel

Hakata Chikushi-Dori
Center Building

Kumamoto
East Front Building （＊1）

ResidenceAmex Akasakamon Tower

Tosu Logistics Center

Residence

Residence

City House Keyaki Dori

Logistics

Residence

Aqualia Chihaya

NEW

Residence

D-Wing Tower

NEW

Granfore Yakuin Minami

Total acquisition
price

205.9 bn yen（As of February 28, 2023）（＊2） Scheduled to be acquired

on March 31, 2029

Tissage Hotel Naha

Residence

Office3 properties
to be acquired

Hotel FORZA Oita

LOGICITY Minato Kashii

Island City Minato Bay related site
（Land with leasehold interest） （tentative） （＊2）（＊3） Scheduled to be acquiredon April 27, 2023

Axion Befu-Ekimae
Premium （＊3）（＊4） Scheduled to be acquiredon September 1, 2023

Hakata FD
Business Center （＊4）

Appendix44Portfolio map

in

Um

25

A

FUKUOKA
PayPay DOME
Nishijin Sta.

Subwayne
Airport LiUr

Ha Subw
koz ayaki
LineNakasu13
Kawabata C
15
Sta.
Gion Sta.
Higashi-Hie
Kushida18
Sta.
Shrine Sta. Hakata
28 31 21
19 16
Tenjin 1 12
17
14
Akasaka Sta.
22 20
Tenjin-minami Sta. 2
Watanabe-dori Sta.
29

202

Yakuin-odori
Sta.
Ropponmatsu Sakurazaka
Sta.
Sta.

1km
500m

263

1 Canal City Hakata

Okinawa
Kyushu Shinkansen

BEST DENKI
Stadium

JR LineExpressway

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 HashimotoaL

9 Kurume Higashi Kushiwara SC

ineba
Da n E
za xp
ifu reLi sswne ay

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

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

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

13 Gofukumachi Business Center

20 Higashi Hie Business Center Ⅲ■Address：2-chome, Hashimoto,
Nishi Ward, Fukuoka City

■Address ： Higashi kushihara,
Kurume City

■Address ： Kami Gofukumachi,
Hakata Ward, Fukuoka City

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

2 Canal City Hakata・B

6 Square Mall Kagoshima Usuki

10 K’s Denki Kagoshima

14 Sanix Hakata Building

21 （Land with leasehold interest）

3 Park Place Oita

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

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

610

■Address：2-chome, Usuki,■Address ： Tokai-cho, Kagoshima City

Kagoshima City

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

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

34

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

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

7

32

B

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

33
3

Miyazaki

Yakuin Sta.

202

5 Hashimoto Sta.

Fukuoka
Airport

Oita

Kumamoto

Fukuoka IC

Fukuoka-kuko（Airport）
Sta.

Ohorikoen（Ohori Park）Sta.

Tojinmachi Sta.

ssway

Marina-TOWN

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

Kaizuka Sta.

23

Nagasaki

e

11

Saga

Lin

Sea-Side
MOMOCHI

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

Fukuoka24
9hii

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

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

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

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

■Address ： Gokushomachi,
Hakata Ward, Fukuoka City

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

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

Tenjin Nishi-Dori Business Center 28
Amex Akasakamon Tower■Address ： 2-chome, Tenjin,
Chuo Ward, Fukuoka City

22 Hakata Chikushi-Dori Center Building■Address ： 2-chome, Hakataekiminami,
Hakata Ward, Fukuoka CityNEW Acquired on March 28, 2023

23 Kumamoto East Front Building■Address ： 1-chome, Shinyashiki, Chuo Ward,

Kumamoto City

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

29 City House Keyaki Dori

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

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

Office buildings

Others

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 Hotel FORZA Oita

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

34 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 CityNEW Scheduled to be acquired on April 27, 2023

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

Fukuoka CityNEW Scheduled to be acquired on September 1, 2023

C Hakata FD Business Center■Address ： Tsunabamachi,

Hakata Ward, Fukuoka City

Appendix45

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

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
2nd （55% quasi co-ownership interest） / August 31, 2023
3rd （30% quasi co-ownership interest） / November 30, 2023

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

Appraisal value

2,740 million yen （as of Aug. 31, 2022）

Book value

1,966 million yen （as of Aug. 31, 2022）

Disposition price（planned）

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

Acquisition dateFebruary 1, 2008

Acquisition price2,500 million yen

Land area

7,182.44 ㎡

Total floor area

6,467.80 ㎡

cantly exceeded the book value.

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

large-scale renovation of 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
Appendix46

Dividend and NAV per unit
Dividend per unit

■28th
■37th
■25th
■22nd
■32nd
■34th
・LOGICITY Minato Kashii
・Park Place Oita（Sports Club NAS） ・Konoha Mall Hashimoto
・Higashi Hie Business Center Ⅲ ・Tenjin Nishi-Dori Business Center ・ Kurume Higashi Kushiwara SC（15% of quasi co-ownership interest）（Sold）
8,150
10,0001,470
3,290（Land with leasehold interest）
■18th
■20th
（375）
・Marinoa City Fukuoka（Marina Side Building） ・AEON Hara Shopping Center（Sold） ・Higashi Hie Business Center Ⅱ ・LOGICITY Wakamiya
7,700
・D-Wing Tower
・Tosu Logistics Center
5,250
4,230
（5,410）1,700・CANAL CITY Hakata・B Grand Building ■36th
1,250
2,800
（adjacent land）（adjacent land） ・ Park Place Oita（Home Plaza NAFCO） （88.28% co-ownership）
・Park Place Oita
・Park Place Oita
・ Aqualia Kego（Sold）（Sold） ・ Hakata Chikushi-Dori（yen） ・Hotel FORZA Oitast■21
（7,640）（＊1）
590
860（2,800）990
1,530
Center Building
5,000
■29th
■26th
4,320
・Tenjin North Front Building ・Granfore Yakuin Minami
1,100・
Tissage
Hotel
Naha
Cruiseship
passenger
Kumamoto
Hisayama
・LOGICITY
2,800
shopping sprees
earthquake
2,835
5,050
COVID-19

4,000

3,291

3,243

3,278

18th

19th

20th

3,435

3,563

3,574

3,479

3,398

3,422

3,512

3,593

3,687

22nd

23rd

24th

25th

26th

27th

28th

29th

3,693

3,642

3,250

3,361

32nd

33rd

3,539

3,536

3,523

3,580

34th

35th

36th

37th

3,000
2,000
1,000
0

21st

Aug. 2013 Feb. 2014 Aug. 2014 Feb. 2015

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

30th

31st

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. 2022 Feb. 2023

NAV per unit （＊2）（yen）

200,000
180,000
160,000

144,472
140,000

131,215
127,080 128,375

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

136,051

120,000
100,000

18th

19th

20th

21st

22nd

23rd

24th

25th

26th

27th

28th

29th

30th

31st

32nd

33rd

34th

35th

36th

37th

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. 2022 Feb. 2023
＊A 5-for-1 split of investment unit was effectuated on March 1, 2014. A 5-for-1 split of dividends and NAV per units before the 19th FP.
（＊2）Market net asset value per unit=（Total net assets + Unrealized gains - Total amount of dividends）/ Total number of investment units outstanding

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

PO（Apr. '15）

（mm yen）

220,000

Residence

LTV

Hotel

Ratio of retail properties

2.0％ （%）

PO（Mar. '18）
2.1％

200,000

PO（Mar. '11）

PO（Sept. '06）

4.1％

PO（Mar. '13）

4.4％

7.2％ 807.8％

180,000

75

Ratio of retail properties

160,000 67.8

85

70
37.5％

Change in investment policy（March 2019）

140,000

33.0％

65

60

120,000

100,000

53.0

LTV

80,00060,00055

Capacity up to 50% approx. 33,600 mm yen

48.9 50

Capacity up to 45% approx. 12,200 mm yen

45

40,000

41.6

40

35

20,000
30.4

0

3rd

5th

7th

9th

11th

13th

15th

17th

19th

21st

23rd

25th

27th

29th

31st

33rd

35th

30

After
37thacquisition

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
of
2019
2020
2021
2022
2023 3 new
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
properties＊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.
（＊）The acquisition price （including planned） of the Kumamoto East Front Building, Axion Befu-Ekimae Premium, and Hakata FD Business Center is added from the end of the 37th fiscal year. In addition, the 55% quasi co-ownership interst in Kurume Higashi Kushiwara SC, which is scheduled to be transferred on August 31, 2023, has not been deducted.

Appendix48

Historical appraisal values （unrealized gains）
Unrealized gains: 46,530 million yen, ratio of unrealized gains: 24.6％( * 1)

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

250,000

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

31,804 34,087

29,467200,000

6,498 5,543

21,152

14,434

11,0978,243 9,138

37,648 37,927

43,026 46,530

22,878 25,541

24,255

16,777 19,830

36,92340,761 42,812

6,066 6,522

150,000
20,79921,07012,465 9,300 8,953 9,394 6,989

18,742
13,955
7,894

100,000-411

171,555

1,893

158,007

115,560
103,025107,338

112,001

152,422
158,851
146,246150,603
146,621

118,686

120,299

50,000186,972
185,177
188,746
184,715
182,336
183,532
190,163
187,891
186,088

115,195

119,486

118,411

9th

11th

13th

168,138
164,527
168,902
169,031
182,352

159,246172,406

159,128

86,777 93,556
81,771

0

3rd

Feb.
2006

5th

Feb.
2007

7th

Feb.
2008

Feb.
2009

Feb.
2010

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

( * 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
Maintained a higher occupancy rate than the J-REIT average
Historical occupancy rates
（％）

100.0
99.0
98.0

99.8 99.0

99.4 99.2

98.4 98.4 98.4 98.5

99.7

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
98.3

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

98.5 98.5

99.5 99.5 99.6 99.6 99.4

99.8 99.7

98.8
98.6 98.7 98.6 98.7 98.7

99.0

99.6 99.7 99.6 99.6 99.7
99.2 99.2 99.2 99.2 99.1

99.3
98.9

99.5 99.4

98.7 98.6

99.1 99.0
98.5
（＊3）

98.3
（＊3）

96.0
95.0

3rd

Feb.
2006

5th

Feb.
2007

7th

Feb.
2008

9th

Feb.
2009

Feb.
2010

15th

Feb.
2011

Feb.
2012

17th
Feb.
2013

19th

21st

Feb.
2014

Feb.
2015

23rd
Feb.
2016

25th
Feb.
2017

27th
Feb.
2018

29th
Feb.
2019

31st

Feb.
2020

33rd
Feb.
2021

35th

37th

Feb.
2022

Feb.
2023

（＊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 37th 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 36th and 37th fiscal periods are preliminary figures. The figures for the 37th fiscal period are the figures for November 2022.

Occupancy rates [the weighted average during the period]
Category

Investment ratio（based on acquisition price）

33 rd〜 Feb. 28, 2021

34 th

〜 Aug. 31, 2021

35 th

〜 Feb. 28, 2022

36 th

〜 Aug. 31, 2022

37 th

〜 Feb. 28, 2023

Retail

53.0％

99.2％

99.5％

99.3％

98.8％

98.9％

Office buildings

33.0％

99.5％

99.8％

99.8％

99.4％

98.6％

Others

14.0％

99.4％

99.3％

99.4％

99.4％

99.5％

Total

100.0％

99.3％

99.5％

99.4％

99.1％

99.0％
Appendix50

Top tenants by leased floor area
Ordinary lease

LesseeTenantShare of totalleased space
（＊1）

38th

〜Aug. 31, 2023

39th

〜Feb. 29, 2024

Fixed-term lease40th〜2024 年 8 月（As of February 28, 2023）

Remaininglease term

(years) （＊2）●SunLive City Kokura

18●Konoha Mall Hashimoto

8

1

SunLive Co., Ltd.

2AEON Kyushu Co., Ltd.

AEON

10.4％

●Park Place Oita

1

3

FJ. Entertainment Works Ltd.

ー6.3％（＊3）●Marinoa City Fukuoka（Marina Side Building）

12●Canal City Hakata

0●Canal City Hakata・B

2

SunLive

11.5％

4

Canal City OPA Co., Ltd.

OPA

4.6％

5

KASEI inc Co., Ltd.

ー

4.3％

●LOGICITY Hisayama

1

6

Fukuoka Logistic System Corporation

ー

4.1％

●LOGICITY Minato Kashii

17

F−LINE CORPORATION

ー

3.6％

●LOGICITY Minato Kashii

nondisclosure

8

Tsukasa Kigyou

ー

3.1％

●LOGICITY Wakamiya

7●Square Mall Kagoshima Usuki

3●Kumamoto Intercommunity SC

3●Kurume Higashi Kushiwara SC

4●Park Place Oita

2

9
10

Alpen Co., Ltd.

K'S HOLDINGS CORPORATIONSports Depo,
Golf 5

K’s Denki

3.1％

2.4％

（＊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 28, 2023 with periods shorter than one year rounded down to the nearest whole year.
（＊3）
The 6.3% 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
Continue to realize rent increase
Change in monthly rent due to rent revisions and tenant replacements （＊1）（thousand yen）

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

30,00080

Change due to tenant replacements

1,592

Rate of rent increase（＊2）

Change due to rent revisions

60

Cumulative amount of change（left axis）

737

40

25,000
5,231

5,344

20
0

20,000

367

202

30th

274

445

225

31st

32nd

33rd

34th

35th

36th

37th

7

0

4

4

3

4

12

0.2 months--

1.9 months

Aug. 31, 2019 Feb. 29, 2020 Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022 Feb. 28, 2023

4,164
3,900
3,612

Number of6
new occupants
Average freerent period（＊3） 0.3 months

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

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

2,840

Floor space subject to rent increase（tsubo）

（％）

10

10,000

8
1,496

3,474

3,433

3,189

6

1,631

2,313

4
5,000

Rate of rent increase（＊4）

4,619

2
0

1,422

1,205
297

30th

31st

32nd

33rd

34th

35th

36th

37th

Number ofcontruct changes
Of which, number ofrevisions to increase

34

30

36

20

31

35

37

28

16

10

14

8

6

6

12

7

Ratio of revisions
to increase

47.1％

33.3％

38.9％

40.0％

19.4％

17.1％

32.4％

25.0％

Aug. 31, 2019 Feb. 29, 2020 Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022 Feb. 28, 2023

0

30th

31st

32nd

33rd

34th

35th

36th

37th

Aug. 31, 2019 Feb. 29, 2020 Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022 Feb. 28, 2023
＊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）

Variable rent s（＊2）

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

3,000

2,000

3,000

2,094
241
312

1,782

1,901

1,884

1,851

（＊4）

265
375

1,000

1,476

280

（＊4）

451

（＊4）

1,432

34 th

〜Aug.31,
2021

35 th

〜Feb.28,
2022

Variable rents

Variable rents（966 mm yen）

（829 mm yen）

10.2％

284
491

（＊4）

1,000

0

37th

〜Aug.31,2022◎The 36th FP

2,000

1,410

36 th

Portfolio overall◎The 37th FP

24.9％

1,017
176
840

0

Breakdown of active retail rents〜Feb.28,
2023

34 th

〜Aug.31,2021

Canal City Hakata／Canal City Hakata・B

1,027
201
826

35 th

〜Feb.28,
2022

976
175
800

36 th

〜Aug.31,
2022

1,008
217

Fixed rents

Fixed rents

790（2,915 mm yen）

（7,331 mm yen）

89.8％

75.1％

37th

〜Feb.28,2023

Park Place Oita
（mm yen）（mm yen）

3,000

3,000

Breakdown of Tissage Hotel Naha
（百万円）

2,000

2,000

◎The 37th FP
Variable rents

100

11.7％

（969 mm yen）
1,000

1,000

0

262

262

270

262

262

262

34 th

35 th

36 th

〜Aug.31,2021〜Feb.28,2022

7〜Aug.31,
2022

SunLive City Kokura

293
262

37th

〜Feb.28,
2023

30
0

631
178

663
201

646
194

679
227

453

461

452

452

34 th

35 th

36 th

37th

〜Aug.31,2021〜Feb.28,
2022〜Aug.31,2022〜Feb.28,
2023

Konoha Mall Hashimoto

50

0

43

37

43

40

43

37

43

37

34 th

35 th

36 th

37th

〜Aug.31,2021〜Feb.28,
2022〜Aug.31,2022

3〜Feb.28,
2023

Fixed rents

88.3％（7,264 mm yen）

Tissage Hotel Naha

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

Appendix53

Initiatives by Fukuoka City Government and status of office workers
Driving up future office demand
Initiatives Aimed at Attracting Companies to Fukuoka City
◎Global financial city vision （“TEAM FUKUOKA”; launched September 2020）
With the aim of attracting international
financial func tions t o Fukuok a, TEAMFUK UOK A w a s launc he d t o c onduc t
pr omo t ional a c t i v i t ie s and c r e a t e anenvironment that will generate momentum
for the city as a whole by leveraging thecharacteristics of industrial, academic, andgovernment partners.

Change in the number of companies with headquarters functions/in growth area established in Fukuoka City
◎Strong demand for creative-related industries and call centers
No. ofcompanies
established
No. ofemployees

58
2,989

57

64

57

53

1,334

1,041

50

1,058

2,600

665

写真提供：福岡市◎Attracted companies to Fukuoka City（of which,main fields and functions）

by TEAM FUKUOKA（Major Announcements in FY2022）●Fin Tech companies

M-DAQ / Singapore
LayerX Co., Ltd. / Tokyo
Trinity Technology Co., Ltd. / Tokyo● Financial institutions
E.SUN Bank / Taiwan

Fukuoka City tops list of
business opening rate in Japanfor 4 consecutive years
Business
Opening Rate
FY20216.3％

1st

21 major urban
areas

Fukuoka City Special Zone for Global
Startups & Job Creation（National Strategic Special Zone）

FY2016FY2017FY2018FY2019FY2020

FY2021

creative-relatedindustries
foreign/
foreign-affiliated

28

40

38

38

30

41

18

13

14

15

12

15

Call center

12

9

7

2

8

8

headquartersfunctions, etc.
international
finance

3

1

7

6

0

7

ー

ー

ー

ー

ー

6

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

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

creation effect and major development centers in creative-related industries
will lead to further job creation by businesses with high added value.

（Key Companies Establishing Fukuoka Locations in FY2021）

Initiatives to support startups●Tax Reduction for Startups（municipal tax, national tax）

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

Source: Prepared by Fukuoka Realty based on data from “The generalcondition of the Fukuoka City Economy,September 2022” by the Source: Prepared by Fukuoka Realty based on the section of Fukuoka City’ s official site featuring
Fukuoka City Economy, Tourism & Culture Bureau.
“National Strategic Special Zone for Global Startups & Job Creation.”• Japanet Holdings Co., Ltd. （some head office functions）• MCP Holdings Limited （international finance / Hong Kong）• SmartHR （creative-related industries）• Howden （foreign or foreign-owned / England）

Source: Created by Fukuoka Realty based on Fukuoka City press releases.

◎MCP Asset Management, the first company attracted by TEAM FUKUOKA
that attracts international financial functions, established “Kyushuhatsu Japan ・Evolution Fund Investment Business Investment Limited Partnership” in March 2023

(invest in companies promoting ESG initiatives in Fukuoka and Kyushu)

Appendix54

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

Sales（annual total（＊1））
Mar. 2022 - Feb. 2023

●Konoha Mall Hashimoto●Park Place Oita

19.6 bn yen

Sales（annual total（＊2））
Mar. 2022 - Feb. 2023

YoY ＋22.6%

25.3 bn yen
YoY ＋4.2%（vs. 2 years ago ＋38.9%）（vs. 2 years ago ＋12.2%）

A highly entertaining urban multi-purpose retail facility.
Sales are recovering with the domestic travel subsidy
program, lifting of border restrictions, etc.

A suburban mall anchored by a GMS and tenants
involved in daily necessities. Opened new stores,
including one that is Kyushu’s first, for the effect of
attracting customers of all ages.

Sales（annual total）
Mar. 2022 - Feb. 2023

●SunLive City Kokura

15.3 bn yen
YoY ＋9.4%（vs. 2 years ago ＋17.8%）

A daily-life-oriented mall anchored by a supermarket
and tenants involved in daily necessities. Visitors
increased with the store replacement, various event
planning, etc.

Sales（annual total（＊3））
Mar. 2022 - Feb. 2023

ー
YoY ＋8.3%（vs. 2 years ago ＋16.8%）

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

Change in sales from a year earlier…Effective period of the state of emergency in Fukuoka

2021

Property name8/20〜9/30
Sept.

Oct.

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

2022
Nov.

Dec.

Jan.

1/27〜3/6
Feb.

Mar.

Apr.

May

Jun.

2023
Jul.

Aug.

Sept.

Oct.

Nov.

Dec.

35 th
Feb. 2022

36 thAug. 2022

37thFeb. 2023

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

（4.0％）＋16.8％＋27.8％

Park Place Oita （＊2）

＋1.3％

＋2.0％

＋6.4％

Konoha Mall Hashimoto

＋2.8％

＋8.3％

＋10.5％

SunLive City Kokura＋14.7％＋18.2％＋0.4％

Other retail properties（＊4）

＋0.5％

＋2.4％

＋1.5％

Jan.

（year）

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.
（＊4）

Appendix55

Strategies to strengthen active retail

Conducted events and store replacement, boosting foot traffic from wide and nearby trade areas
Park Place Oita

Canal City Hakata●Winter illumination and Christmas show
“XMAS DISCO”●●FLEA MANIACS CURRY LABO FESTIVAL●

Held the annual facilit y- wide illumination andChristmas period-only Christmas show

Attracted 21 curry stores and 2 merchandise
stores●Store replacement
O p e nin g o f n e w s t o r e s a n dreopening of a renovated store
on September 23, 2022●

Kyushu’s first NITORI EXPRESS
store

●

●Shangri-la zone●

●Events to promote inbound tourist visitors
Resumed one-stop tax exemption service from
September 2022
Passport campaign
Held a campaign in which inbound travelers fromoverseas are eligible for an array of services
upon presenting their passports
Lunar New Year novelties distribution event●Fukuoka City Subway Nana kuma Lineextension and new station opening
commemoration “7FES”

●

●

●

●

The Shangri-la zone, which had
reopened after renovation in April
2022, was converted into a winter-only hands-on zone of playing withlights and wind, boosting foot traffic●

With the Fukuoka City Subway Nanakuma Line extension and new station opening on March 27, 2023, “Seven” （nana in Japanese） celebratory events were
held at Canal City Hakata
In one of the events, “Nanakuma Line Stamp Rally,” which washeld at the new station “Kushida Shrine Station” and within
Canal City Hakata, one more stamp was placed at Konoha
Mall Hashimoto, which is directly
connected to Hashimoto Stationon the Nanakuma Line, to generatemutual flow of customers

Konoha Mall Hashimoto●Hashimoto Marche

first anniversary event●

Sold limit ed luck y bags and gave out
commemorative gifts in commemorationo f the fir st anniv er sar y o f Hashimot oMarche, a food and goods sales zone

●Store replacement

Opened Sept. 23, 2022
GU

Opened Jan. 12, 2023
Komeda's Coffee

Opened Jan. 12, 2023
KURO DARUMA

Appendix56

List of Interest-bearing debt
■List of borrowings
Category

Current
maturity oflong-term debt

Long-termdebt（As of February 28, 2023）

LenderSumitomo Mitsui Trust Bank
Development Bank of JapanThe Nishi-Nippon City Bank
The Bank of Fukuoka
The Nishi-Nippon City Bank
Mizuho Bank
Development Bank of JapanSBI Shinsei Bank
Sumitomo Mitsui Trust Bank
Syndicated loan （＊2）
The Bank of Fukuoka
Resona Bank
The Higo BankMUFG Bank
Syndicated loan （＊3）
Development Bank of JapanThe Bank of Fukuoka
The Nishi-Nippon City Bank
Syndicated loan （＊4）
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

Balance（mm yen）

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

Drawdown Repayment Term Fixed/ Average Interest（year） Floating
Rate
Date
Date
Jul.31,2015

Jul.31,2023

Aug.31,2015

Aug.31,2023

Aug.31,2015

Aug.31,2023

Feb.29,2016 Feb.29,2024
Feb.29,2016 Feb.29,2024
Feb.29,2016 Feb.29,2024
Feb.29,2016 Feb.28,2025
Jul.29,2016

Jul.31,2024

Sep.30,2016 Sep.30,2025
Dec.30,2016 Dec.30,2025
Dec.30,2016 Dec.30,2026
Mar.31,2017

Mar.31,2027

Mar.31,2017

Mar.31,2025

Mar.31,2017

Mar.31,2025

Jun.30,2017

Jun.30,2026

Jun.30,2017 Dec.31,2026
Jul.31,2017

Jul.31,2027

Jul.31,2017

Jul.31,2027

Aug.31,2017

Aug.31,2027

Sep.29,2017 Sep.30,2027
Dec.29,2017 Dec.30,2027
Dec.29,2017 Dec.30,2027
Feb.28,2018 Feb.29,2028
Feb.28,2018 Feb.26,2027
Feb.28,2018 Feb.27,2026
Feb.28,2018 Feb.29,2028
Mar.1,2018

Mar.1,2028

Mar.30,2018

Mar.31,2026

Mar.30,2018

Mar.31,2028

Mar.30,2018

Mar.31,2028

Mar.30,2018

Mar.31,2028

Mar.30,2018

Mar.31,2025

Mar.30,2018

Mar.31,2027

Mar.30,2018

Mar.31,2027

Mar.30,2018

Mar.31,2028

Mar.30,2018

Mar.31,2028

Mar.30,2018

Mar.31,2025

Jan.31,2019

Jan.31,2029

Jan.31,2019

Jan.31,2028

Jan.31,2019

Jan.31,2029

8.0 Fixed 0.56400% （＊1）
8.0 Fixed 0.88000%
8.0 Fixed 0.87000% （＊1）
8.0 Floating 0.42455%
8.0 Fixed 0.44000% （＊1）
8.0 Fixed 0.44000% （＊1）
9.0 Fixed 0.62000%
8.0 Fixed 0.40000%
9.0 Floating 0.40764%
9.0 Fixed 0.71750%
10.0 Floating 0.41364%
10.0 Fixed 0.65846%
8.0 Fixed 0.48130%
8.0 Fixed 0.48130%
9.0 Fixed 0.77677%
9.5 Fixed 0.65000%
10.0 Fixed 0.79195%
10.0 Fixed 0.89195%
10.0 Fixed 0.84952%
10.0 Fixed 0.49350% （＊1）
10.0 Fixed 0.81209%
10.0 Fixed 0.68000%
10.0 Fixed 0.75000% （＊1）
9.0 Fixed 0.60000% （＊1）
8.0 Fixed 0.50000%
10.0 Fixed 0.56700% （＊1）
10.0 Fixed 0.72000%
8.0 Fixed 0.48000%
10.0 Fixed 0.80219%
10.0 Fixed 0.80219%
10.0 Fixed 0.63000%
7.0 Fixed 0.50400% （＊1）
9.0 Fixed 0.49000%
9.0 Fixed 0.57600% （＊1）
10.0 Fixed 0.64630%
10.0 Fixed 0.64630%
7.0 Fixed 0.40000%
10.0 Fixed 0.65528%
9.0 Fixed 0.59000%
10.0 Floating 0.42455%

Category

LenderLong-term
debt

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
Development 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 Corporation
Syndicated loan（sustainability-linked loan） （＊7）
Total

Balance（mm yen）

Drawdown Repayment Term Fixed/ Average Interest（year） Floating
Rate
Date
Date

300 Jan.31,2019 Jan.31,2029
200 Feb.28,2019 Feb.27,2026
200 Feb.28,2019 Feb.27,2026
200 Feb.28,2019 Feb.27,2026
200 Feb.28,2019 Feb.28,2029
2,200 Jul.31,2019 Jul.31,2029
1,500 Jul.31,2019 Jan.29,2027
500 Sep.25,2019 Sep.29,2028
2,500 Feb.28,2020 Feb.28,2030
1,700 Feb.28,2020 Feb.28,2030
1,000 Jun.30,2020 Jun.28,2030
700 Jun.30,2020 Jun.28,2030
500 Jun.30,2020 Jun.29,2029
500 Jun.30,2020 Jun.30,2028
1,500 Jul.31,2020 Jul.31,2030
1,000 Jul.31,2020 Jul.31,2030
500 Jul.31,2020 Jul.31,2030
200 Jul.31,2020 Jul.31,2030
1,000 Mar.31,2021 Mar.31,2031
5,300 Jul.31,2021 Jul.31,2031
1,000 Mar.31,2022 Mar.31,2032
1,600 Jun.30,2022 Jun.29,2029

10.0 Floating 0.42455%
7.0 Fixed 0.33380%
7.0 Fixed 0.33380%
7.0 Fixed 0.33380%
10.0 Fixed 0.48845% （＊1）
10.0 Fixed 0.52100% （＊1）
7.5 Fixed 0.30300%
9.0 Fixed 0.48000%
10.0 Fixed 0.48000% （＊1）
10.0 Fixed 0.42000%
10.0 Fixed 0.56922%
10.0 Fixed 0.56922%
9.0 Fixed 0.60000%
8.0 Fixed 0.46500%
10.0 Fixed 0.53000%
10.0 Fixed 0.47000%
10.0 Fixed 0.52630%
10.0 Fixed 0.52630%
10.0 Fixed 0.59000%
10.0 Fixed 0.49000% （＊1）
10.0 Floating 0.36364%
7.0 Fixed 0.72625%

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

10.0 Fixed

0.91875% （＊8）

78,900■Investment corporation bonds
Category
Investment
corporation
bonds

Issue
The first series of unsecured bonds
The second series of unsecured bonds
The third series of unsecured bonds

Total

Balance（mm yen）

Issue date

Maturity
Date

2,000 Dec.30,2013 Dec.29, 2023
2,000 Jul.31, 2017 Jul.30, 2032
1,000 Jul.31, 2018 Jul.30, 2038
5,000

（year）

Term

Coupon （year）

10.0
15.0
20.0

1.32000%
1.00000%
1.20000%■Committed line of credit
Category
Committed line

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

Credit Limit（mm yen）

PeriodStart

End
6,000 Aug. 1, 2018 Jul.31, 2025
7,000 Mar. 2, 2020 Feb.28, 2026
13,000＊ For floating-rate debts, the interest rates applicable as of February 28, 2023 are indicated. ＊All debts have been borrowed with no collateral and no guarantee, to be repaid in lump-sum upon maturity.
（＊1）FRC has concluded a swap agreement to practically fix interest rate on debt. The indicated interest rate reflects the effect of the swap agreement. （＊2）The lenders are Development Bank of Japan・The Oita Bank・The Kagoshima Bank・The Kitakyushu Bank・The Juhachi-Shinwa Bank・The Hiroshima Bank（＊3）The lenders are The Bank of Fukuoka・The Nishi-Nippon City Bank・The Oita Bank・The Kitakyushu Bank・The Miyazaki Bank・The Juhachi-Shinwa Bank・The Iyo Bank （＊4）The lenders are The Nishi-Nippon City Bank ・ The Bank of Fukuoka ・The Oita Bank・The Kitakyushu Bank・The Juhachi-Shinwa Bank・The Hiroshima Bank（＊5）The lenders are Mizuho Bank・The Bank of Saga ・The Higo Bank （＊6）The lenders are Mizuho Bank・The Hiroshima Bank・The Kitakyushu Bank・The Iyo Bank・The Higo Bank （＊7）The lenders are Development Bank of Japan・The Nishi-Nippon City Bank・ The Bank of Fukuoka（＊8）If the CO2 reduction target is achieved, a preferential interest rate is applied from August 2031 until the repayment date from the interest rate of the initial loan. （＊9）The lenders are The Bank of Fukuoka・Resona Bank （＊10）The lenders are The Nishi-Nippon City Bank・ Resona Bank・ The Oita Bank・The Bank of Nagasaki・The Bank of Saga

Appendix57

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

A regional bank transaction network◎Sharing of information networks unique to regional banks to utilize
for our investment strategy in the area

OthersInvestment
corporation bonds

6.0％

Aozora Bank

1.2％

SBI Shinsei Bank

1.2％

The Norinchukin
Bank

1.8％

Resona Bank

Regional banks

Investment corporation bonds

Sponsor banks

Development
Bank of Japan

4.9％

Regional banks

15.1％

83,900mm yenat the end of
the 37 th FP（Feb. 2023）

The
Nishi-Nippon
City Bank

14.1％

The Bankof Fukuoka

MizuhoTrust & Banking

The Bank of Saga
Borrowing
Committed line of credit

500
300

The Oita Bank
Borrowing
Committed line of credit

1,500
500

The Miyazaki Bank
Borrowing

700

21.2％

（excl. sponsor banks）

Megabanks, Trust banks- unit : mm yen

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

11.9％

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

The Higo Bank
Borrowing

500

1,300

1.2％

Sumitomo Mitsui
Banking Corporation 3.1％
Sumitomo Mitsui
Trust Bank

3.9％

MUFG Bank

5.8％

Mizuho Bank

8.6％

The Kagoshima Bank
Borrowing

800

The Hiroshima Bank
2,000
Borrowing
The Iyo Bank
Borrowing

Appendix

1,200

58

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.（4）15052 issued
by the Governor of Fukuoka（updated on February 28,2019）

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

Compliance Assesment Committee

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

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

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

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

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 NEW
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
NEW

Private Fund Management Office
Appendix

59

The condition of suburb area in Fukuoka
A

B

CWorld Championships 2023 Fukuoka

D

E

F

1km

Koga IC

500m

World Masters Championships 2023 Kyushu

ress

IKEA

Exp

1

way

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

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

ine

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

AEON MALL Kashiihama

ito

o

on

Or

3

Mt. Bishamonyama
Imazu Sports ParkF
M uk
er uni uoka
ry cip
Se al
rvi
ce

NokonoshimaIsland F

Marinoa City Fukuoka（Marina Side Building）

Kyushu University
Ito Campus

Hakata Bay

NokonoshimaIsland Park

a

am
oh
ein
〜 M
d
an

Isl

Fukuokashi
Umizuri Park

11

Ikinomatsubara

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 P45 regarding the number of properties.＊

Nishi-kyushu
Expressway

za★

Seaside Momochi
FUKUOKA
Beach Park
PayPay DOMEAEON Marina Town★

MARK ISFukuokamomochi

NEW Axion Befu-Ekimae Premium
April 27, 2023（scheduled）

C

Subway K

uko Line

Ohori
Park

B

is owned by Fukuoka REIT Corporation（ As of February 28, 2023）.

Ruins of
Fukuoka 29
Castle31 21 Tenjin
17

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

2 1 12

Hakata Sta.
14

19

22

sen
kan
hin
S
nyo JR Sasaguri Line
Sa

16
20

Tenjin LOFT

Hanahata SC
88

Fukuoka Airport

BEST DENKI
Stadium

Prefectural Swimming PoolNishOmitets
uta u TeLin njineNanakuma subway line
extention project（Opened on
March 27, 2023）

AEON MALL Fukuoka★

Canal City Hakata
32

Fukuoka IC

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

13 15

18

Mt. Konosusan

5

Waterfront Next

28

Fukuoka City Zoologicaland Botanical Gardens

Konoha Mall Hashimotoka Urban
Kasuy Expressway
a LineKyushu University
Hakozaki Campus Site

Marine Messe ★

Fukuoka Urban
Fukuoka Hall
Expressway Kanjo Line（A ・ B）★

Fukuoka Nishi Civic Pool

Chuo youme Town Hakata
Port

Sasaguri
Forestof Kyushu
University

Fukuo

HakozakiPortki

NEW Hakata FD Business Center
September 1, 2023（scheduled）

Atago Shrine
Nagatare Seaside ParkSa

TORIUS HisayamaFuku

Mitsui Shopping Park
LaLaport Fukuoka
n

←

d

hink
anse

an

30

shu
S

Isl

Aqualia Chihaya

ine

a

Kyu

im

n

LOGICITY Minato Kashii

ii L

sa

←

Futamigaura

Bu

sh

26

sh

←

no

25

Ka

ika

LOGICITY HisayamaA

Uminonakamichi
Seaside Park

Ha Su
ko bw
za ay
ki
Lin
e

Sh

Kyushu Sangyo
University

JR

2

←

Vegefru stadium(Fresh produce market)

Fuk
Ex uokap
Ka ress Urbashi wa ni Li yne

Kinin Parktsu
hite ine
Nis uka L
iz
Ka

hi L

mic

ka
ona

ShikanoshimaIslandKyu

shu＊★indicates the venue for each event.

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

60

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

天神北出入口

C

D

中呉服町

博多小学校

吉塚1丁目

550

蔵本

A

空港通

E

福岡高校

F
Yutaka 1chome

奈良屋町
Business Center
HakataFD

Shiminkaikan-mae（To be acquired on Sept. 1, 2023）

Amex
Akasakamon
Tower

Tenjin North
Front Building

31

Homukyoku-mae

Saza

Iwataya
Shinkanori
eki-d SOLARIA

Tenjindori

Fukuoka Daimyo Garden City

Kiram

ResoraTenjin

Ch

Kego

iku

City House
Keyaki Dori

shi

Pre

fec

tur

al R

oa31
d

Yakuin-Mutsukado

do
ri

M
ei
ji-

Canal City Hakata／
Canal City Hakata・B

Sankoubashi
553

Bivi
TenjinCanal City Hakata

AmuPlaza
HakataFukuoka
Center Building

The Nishi-nippon
City Bank

12
Canal City BusinessCenter Building

Hakata Ekimae
Business Center（＊）

Canal City Hakata 500m radius

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

Sanix Hakata
Building

Fukuoka GOA Building

sh

i-d

oe

Nakahie
Park

n-

19

Hakataekihigashido

Higashihie

1620

ri Fukuoka Eartheon
Building

Higashi Hie
Business Center �oriHakataeki
minami22
Hakata Chikushi-Dori
Center Building

山王1丁目

り

555

385

高砂
美野島北

・Extended section ：Between Tenjin-Minami Station and
HakataStation
犬飼大神宮
宮島

り
通
島
野
美

・Construction distance ：approx. 1.4 km
・Travel
博多駅南 within city center ：清川2丁目東
高砂1丁目

ri

美野島

553

福岡小林郵便局

Yakuin Sta.
Hakata Sta. 7 min.
Watanabe-dori Sta.
Hakata Sta. 5 min.
春住小学校
575

竹

下

・Directly connected to Hakata Station;transfer at Tenjin not necessary
り

ori

清川

通

ui-d

iku

ek

筑

美野島

Jos

Ch

hi

Sta.

Yanagibashi

高砂

Hirao

白金
清川3丁目

Granfore平尾Yakuin
Minami
1丁目

32

SUNLIFE No.3
Building

Otowa

The Basics
Fukuoka

Higashi Hie
Business Center Ⅱ

Kiyokawa

Tsuyukiri-hashi

31＊ Please refer to P45 regarding the number of properties.
is owned by Fukuoka REIT Corporation（As of February 28 2023）＊.
is owned by Fukuoka Jisho Group（As of February 28 2023）＊.
（＊） The property is co-owned by the Fukuoka Jisho Group with the other company.

ka

Hakata Sta. 500m radius

高砂1丁目南

300m

Na

14

Higashi-Hie

Higashi-Hie

Godochosha-mae

HakataKITTE Hakata Hankyu

JRJP
Hakata Building
Kamiyo Hakata
Chuo Building

Hakata East Terrace

Hakataeki(Chikushiguchi)

紫Yakuin-ekimae

N

100m

Higashi Hie
Business Center

385

Station-front square at
Hakata Station
Chikushi Exit

602

Fukuoka zoo-mae

Hakataeki higashi

Hakata Bus
Terminal

Hotel NIKKO
Fukuoka

Canal City Hakata
East Building
Hakata-ekimae-dori Ave. Hakata-ekimae
2chome

2

福岡放送
本社

-do

4

Yakinkoban-mae

Hakata-ekimae 1chome

山王公園
通
り
◎Nanakuma subway Line extension opened ［Kushida Shrine Sta.］（Taken on March 27, 2023） ◎Overview of Nanakuma
ユトリア博多 subway line extension

渡辺通西

iya

ay Li
bw a
Su kumaan

Hakata Ward
Office3

FukuokaAsahi Building（＊）

Hakata Police Office1

Haruyoshi
ES

Denki
Building North
Denki Watanabe-dori Sta.
Building Shinkan
Denki Building
Hotel
Denki
New Otani
Building 602
Kyosokan

kam

ne

Max
Value

HakataKuyakusho
Iriguchi

Mangyo-ji

Sumiyoshi Shrine

Ta

Yakuin-odori-nishi

The Nishi-Nippon bank
Head Office Annex

祇園町
Kushida Shrine
Sta.

Sumiyoshi-jinja
Mae

Watanabe-dori Kita

Toko JHS
Katakasu ES

通

ri S
-odo

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

JPR Hakata

Gion Sta. Building

Watanabe-doriuinMinami-yakuin

Shokokaigisho
Iriguchi

Hakata-ekimae
3chomeYakuin Sta.

ta.

Kogarasu
Shrine博多祇園
M-SQUARE赤Jotobashi
Nishi

Yakuin

Yak

Av
e.

Av
e.

202

YutakaToko-kita
Park

Hakataekimae

Hakatakeisatsusho
IriguchiHaruyoshi

e.

Av

日

城東橋

Ku

ri

do

ko

Takeshita-dorikaImaizumiParkmuta Line
Nishitetsu Tenjin-O
Nishitetsu Yakuin Sta.

kuo

UrbanBLD
Tenjiner

Joten-jiTocho-ji

Smile Hotel
Hakata-ekimae

Shinkawa-bashi

Tenjin MENT
Building

Riv

Toko 2chome

Haruyoshibashi
Higashieay Linbw a
Su kumaan
N

Fu

Kego ES.

dori

Kego 2chomeTenjin LUCE

Ave

Tenjin intersection 500m radius

iash.
Ave Kego KOBAN

.

asa

祇園町

Canal City Hakata
East BuildingrHotel WBF
Fukuoka tenjin-minami

ri

202

Kego-jinja Mae

Imaizumi

ninb
Sho

Kego

ve

中洲1丁目

ve

Nishinakasu

Haruyoshi

iA

ReisenPark

KushidaShrine

Ri

or

do
eab .
an AveK

29
Akasakadorotaiokuka-datTenjinNishi-dori
Squareve.

-dori A

DaimyoBuilding

Watanabe-dori 4chome

TENJIN216

Class
Keyaki Dori

dori

aki-

Key

（provisional name）

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

Tenjinkirameki-dori building（＊） Mitsukoshi

Dimyo 1chome

Shimin Center
Taiikukan

New Fukuoka Building Tenjin121

Plaza

17

Na

ku

Mik

202

Taihaku Street
Business Center

15

W

TaishoTenjin Nishi-Dori
Center Building

Tenjin Chuo（provisional
Fukuoka City Hall Park
name）
Tenjin1-7 plan Tenjin MMT Building（during dismantling）

n-dori
VIORO

Tenjin
Prime

ishi-

Chuo Ward
OfficeShinnippon Building

Nishitetsu
Grand
Hotel

jin N

Su

Chuo-kuyakusho

Ave.

Ten

Akasaka Sta.

Ku
bway

21

Tenjin-nishi

-dori

Meiji

e
ko LinFukuoka Shiyakusho-mae

Former North
Annex Site
Reuse Project

Yutaka JCT

Gokusho-machi

iha

Gionmachi
Nishi

新川

Maizuru

Akasaka
nishi

Acros
Fukuoka
Best Denki
Fukuoka Main Store

Katakasu

冷泉町

Nakasu

薬院

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

Show

43

Ta

Tenjin Business Center

ve.

552

Katakasu
1chomeShofuku-ji

Subway Kuko Line

アクロス福岡前Aa-dori

Maizuru
2chome-machigate’sNishi-ohashi

Nishitetsu Inn Fukuoka

Hinode Tenjin
Building

Maizuru
1chome福岡市消防局

Gofukumachi Sta. Kamigofuku

Kamikawabata-machi

Chuoyubinkyoku-mae
Tenjinbashi-guchi

NakasuBank ofJapan

Gofukumachi
Business Center

Tenya-machi

Nakasu-Kawabata Sta.

Fukuoka Kogin Building（＊）

AEON
Shoppers Fukuoka（Land with leasehold interest）

28

2

Higashinakajimabashi

18

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

Shimokawabata-machi

SuzakiPark

KBC
Kyushu Asahi Nanotsu-guchi
Broadcasting

Fukuoka Central wholesalemarket fish market

Sh
ow
ado
ri

KBC
Cinema 1・2

1

3

Suzaki-machi

13

Ha S
ko ubw
za a
ki y
Li
ne

Tsunaba-machi

Fukuoka Prefectural
Museum of Art

Gofuku machi

555

博多駅南5丁目大宮

Ground entrance
高宮小学校

Ticket gate on B1F

Source:Prepared by Fukuoka Realty based on data from the Fukuoka
Municipal Subway "Reiwa 4 Overview Pamphlet".

Appendix61

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

Image of the area subject toTenjin Big Bang（Fukuoka City）●
Bank of Japan●
Fukuoka Chuo Post Office（To be completed in Dec. 2024）

7（To be completed in Jan. 2023）

image（Press release, Dec, 2022）

8

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

8●
FukuokaPARCO

e t suNishituok a
k
u
F
jin）
（Ten .
St a（Press release, Dec. 22, 2022） 3

Tenjin 1-chome North 14th

Tenjin 1-chome south block
Acros
Fukuoka
●

2

5

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

2

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

4

istrict
dori dMeijiTenjin
Fukuoka Kogin （＊3）
Building●i-dor eachō ssag
Inabound pa
rgr
unde

Fukuoka Tenjin
Center Building●

Former North Annex Site
Reuse Project（To be completed in Jun. 2026）

Tenjin 1-chome north block（14th Block）●
AEON
Shoppers Fukuoka●Mina Tenjin

Hulic Fukuoka Bldg.
Rebuilding Project（provisional name）

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: 59 buildings（50 buildings completed）（＊2）（Completed in Sept. 2021）

Tenjin Business Center

River front
Bussiness Center■ Completed before 1978

6

image

Shin-Fukuoka Bldg.

（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 （＊3）
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, Nov. 12, 2020） 5（provisional name）

Tenjin1-7 plan

（To be completed in Mar. 2026）

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

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

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

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

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

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

Relaxation of floorarea ratio by up to50％

Tenjin Big Bang Area

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

Appendix62

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

ve

.

⑤

⑤

The Nishi-Nippon
City Bank
Head Office Annex

Canal City Hakata（注）Hakata River

Kushida Shrine Sta.

Kyukan Jotenjidori
Building

Nanakuma
SubwayLine

JR Hakata Sta.

●
Hakata Sta.
Aerial City ProjectNorth zone

Naka River●
Sumiyoshi Shrine

y

mi

Su

os

hi

owned by Fukuoka Jisho Group. ＊

4

e.

Av

Crown Plaza
ANA Fukuoka（To be completed in Mar. 2024）

Su
bw

ay

Sanix Hakata Building

Lin
e

image

（Press release, Nov. 26, 2021） 2

iku

sh

i-d

or

iA

ve

.

（Completed in Feb. 2021）

Hakata Chikushi-Dori
Center Building◎Expand the system to relax the floor area ratio requirement（measure to facilitate renewal of city center functions）●High-quality, high-value-added buildings●Provide floors for tenant relocation

3

50

The Nishi-Nippon
City Bank
Head Office Annex,
Administrative
Head Office Building（Press release, Feb. 3, 2021）

4（Press release, Dec. 19, 2019）5◎New project （decided on February 28, 2022）

New incentive
Floor area
ratio of up to（Press release, Aug. 5, 2022）

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

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

Existing system
to relax floorarea ratio

Hakata East Terrace（Completed in Aug. 2022）（Demolition work
100m

Hakata Connected Bonus

1

Hakata Fukami Park Building（＊1） January 2019 to May 2022 after the start of Hakata Connected （announced by Fukuoka City） . The number of buildings completed includes Hakata East Terrace, which was completed in August 2022.
（＊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

SUNLIFE
No.3 Building

Ch（To be completed in Feb. 2025）

Fukuoka Higashi General Prefectural
Office Building Site Utilization Project3

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

South zone
ri
-do

2

1

Hakata Ekimae
Business Center （＊2）

Planned construction site of
new head office of The Nishi-Nippon City Bank

Northeast side （image）（Press release, March. 30, 2023）

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

Canal City Hakata
East Building

is owned by Fukuoka REIT Corporation ＊.M
ve ikas
A
a
ri
Ri
do
ve
ok
u
r
K

Fukuoka Asahi Building（＊2）

Hakata-ekimae-dori Ave.

＊

No. of applications for building
confirmation: 20 buildings（注 1）（14 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)

Appendix63

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

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

Fukuoka Jisho Co., Ltd.

Net sales23.5 billion yen

Ordinary income

6.6 billion yen

Established

July 1961

Industries

Real estate（comprehensive developer）

Total assets

224.6 billion yen

Representative

Ichiro Enomoto, President and C.E.O

Borrowings

117.8 billion yen

Employees

183

Equity ratio

34.9％■Tenjin Business Center
Office buildings■Naha Business Center

Use

Logistics

Residence

Total floor
space

1970

15,160㎡

2

Fukuoka Asahi Building

1970

44,762㎡

3

Sun Life No. 3 Building

1978

8,262㎡

4

Tenjin MMT Building（during dismantling）

ー

ー

5

Hakata Ekimae Business Center

1999

23,542㎡

6

Naha Business Center

2018

8,994㎡

7

Tenjin Business Center

2021

61,100㎡

8

Hakata FD Business CenterFebruary 2023

21,786㎡

9Sumitomo Life Fukuoka Building/
Nishi-dori Business Center
Reconstruction Project (provisional name) （＊）

May 2025（scheduled）

42,000㎡

10

Marinoa City Fukuoka（Outlet Building）

11

Tenjin Kirameki Dori Building

2003

24,525㎡

12Canal City Hakata East Building（dismantling scheduled）

2011

18,534㎡

Residence

13

Class Keyaki Dori2008

6,500㎡

Hotel

14

Hotel FORZA Sapporo Ekimae

2020

11,344㎡

15

LOGICITY Minato Kashii North

2020

47,150㎡

16

LOGICITY Koga

March 2023

49,545㎡

17

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

Not announcedー

18

Logistic plan in Sonobe, Kiyama Town

Not announcedー

19Island city Logistic Plan

2030（scheduled）

ー

Officebuildings

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

Year of completion

Fukuoka Kogin Building

Office buildings■Class Keyaki Dori

Name

1

Retail■LOGICITY Minato Kashii North

No.

2000
（Building Ⅰ）/
46,663㎡
2004（Building Ⅱ）/ 2007
（Building Ⅲ）＊Includes properties owned by the Fukuoka Jisho Group and properties co-owned with other companies.
（＊）Fukuoka REIT Corporation acquired the land with leasehold interest from the owner of the office building Fukuoka Jisho Co., Ltd. on June 1, 2021.

Appendix64