Hello, I’m Etsuo Matsuyuki.
Welcome and thank you very much for tuning in for the performanceoverview of Fukuoka REIT Corporation for the 33rd fiscal period ended
February 28, 2021.
We have a lot to talk about as we are going to go through these slides, so
let’s get started.

0

1

Executive summary
Announced a decrease in the ratio of retail properties and an increase in the ratio of office buildings in the portfolio through asset replacement

Executive summary

1

Please take a look at page 1. This is an executive summary. As theheadline goes, the share of retail facilities in our portfolio will go down whilethat of office buildings will go up after the asset replacement, which weannounced on March 18. We put the details of the asset replacement in theupper left side of the slide. We will dispose 88 percent of our co-ownershipshare of Canal City Hakata・B Grand Building and instead acquire land withleasehold interest for Tenjin Nishi-Dori Business Center.

Next to the right is about our existing properties. For retail properties, Canal
City Hakata has been focused on domestic demand as there has been
virtually no foreign tourists coming in. The impact of rent reductions on our
results was significant especially during the state of emergency in the monthsof April and May last year. But as local businesses were getting back to asense of normalcy towards the end of last year, we have already recouped all
the rent reductions and deferments we granted during the state of emergency.
Now, our office buildings, accounting for 30 percent of our portfolio, continued
to enjoy high occupancy and saw the upward rent revisions for the ninth
consecutive period. For Others, I want to talk about LogiCity Wakamiya,which is a logistics facility, and it’s started contributing to earnings sinceNovember last year. For our hotels, there was no rent reduction or rent
deferment during the last six months.

2

The situation of our financial management is described at the lower left sideof the slide. We remain focused and committed to keeping us on solid
financial footing.
Next to its right is a summary of our ESG activities. We received three starin the GRESB survey and almost 80 percent of the total floor space of ourportfolio is Green Building certified. We also published the second issue of
our “Integrated Report” earlier this year.
As a result of all these activities, our dividend payout for the 33rd period was
3,361 yen per unit, beating our own expectations by 61 yen or 1.8 percent aswell as the previous period by 3.4 percent, as you can see at the bottom of
the page. And our forecast for the 34th and 35th periods is for 3,500 yen perunit for both periods.

2Aim of Asset Replacement（announced on March 18, 2021）

Asset replacement and growth strategy

2

Let’s look at page 2. Here are the details for the asset replacement weannounced on March 18 this year. So, why do we do asset replacement?
What is our goal? We do this following the change we made to ourinvestment policy back in March 2019 to raise the percentage of officebuildings and lower the percentage of retail facilities. Because that allows us
to leverage the growth and strength of office buildings in Tenjin area in the
mid to long term, and at the same time we were also able to mitigate risks
associated with full service hotels, which continue to be hit hard by the
pandemic.
You can read further details on the asset replacement below, so let me justpoint out here that the acquisition price is 90 million yen cheaper than its
appraisal value whereas the selling price is 60 million yen higher than its
appraisal value.

3

Investment policy and External Growth Strategy

Asset replacement and growth strategy

3

Next, please take a look at page 3. Our investment policy and external
growth strategy is pretty much focused on, as I explained earlier, raising theshare of office buildings and other assets by ten percentage points andlowering that of retail facilities by the same margin. Following this change wemade to our investment policy back in March 2019, we acquired an officebuilding and a logistics facility in 2020. And, again, as I said earlier, we aregoing to dispose our co-ownership share of Canal City Hakata・B and acquireland with leasehold interest for an office building on June 1st. As a result of
all these actions, we successfully lower the share of retail facilities by five
percentage points from 59.2 percent back in March 2019 to 54.2% in June
2021 after the asset replacement is completed. We are showing the pie
charts at the lower left corner of the slide.
And the aim of our external growth strategy is to increase our asset size fromthe current 200 billion yen to 250 billion yen by further diversifying risks foreach investment type and to expand our presence as a comprehensive JREIT.
Let me also say a few words on our sponsor pipeline. As we put it in the
middle of the slide, there has been a lot of redevelopment going on in thecentral parts of Fukuoka, namely Tenjin and Hakata areas, and our sponsor
Fukuoka Jisho has been very much involved in these projects. Fukuoka

4Jisho also has plans to develop a number of logistics facilities going forward
following the development of our first logistics facility back in September lastyear. We not only have our sponsor but also local connections and market
intelligence, as in the case of the acquisition of LogiCity Wakamiya last year,
to back our external growth strategy so that we will continue to pursue
opportunities to acquire office buildings and logistics facilities with aparticular focus on exercising a very selective investment policy.

4

Historical trends of asset’s size by investment type [based on acquisition]
Asset size is 201.9 billion yen at the end of the 33 rd fiscal period （based on acquisition）

Asset replacement and growth strategy

4

Let’s go to the next page. This graph is showing how our asset size haschanged over the years for each investment type. The asset size is 201.9
billion yen at the end of February 2021. with LTV stands at 41.3 percent at
the end of February 2021. We’ve been consistently operating with 35 to 45
percent LTV range. And with a loan-to-value ratio of 45% our remaining
borrowing capacity will be around 13 billion yen.

5

New acquisition property for the 34th FP
Tenjin Nishi-Dori Business Center（Land with leasehold interest） 〜Land of Office Building along Meiji-dori Avenue in the Tenjin Area〜

Asset replacement and growth strategy

5

Please take a look at page 5. This is about the property we are going toacquire in this period, the acquisition of land with leasehold interest for Tenjin
Nishi-Dori Business Center. The location is excellent. It’s right at the heart ofthe city of Fukuoka at the intersection of the Meiji Dori avenue, where a lot of
the branches of Japan’s major financial institutions and retail facilities areconcentrated, and bustling Tenjin Nishi-Dori street. The picture you see on
the slide shows the building to be demolished, so it’s not a new building, it’s
an existing building. And, as we put it next to that picture, we are able tocollect rent from our sponsor Fukuoka Jisho while the construction is goingon and we also signed a variable rent agreement so that we can collect rent
in line with market rent for a specified period of time after the completion of
the project.

6

Property to be transferred in the 34th fiscal period and Canal City Hakata as a whole
Collaboration with Hoshino Resorts REIT, Inc. 〜 Promoting revitalization of Canal City Hakata as a whole 〜

Asset replacement and growth strategy

6

Let’s then move on to talk about the property we are going to dispose. Takea look at page 6. We are showing the entire layout floor map of Canal City
Hakata because we think it’s nice to refresh our memory and to understandexactly what we are going to sell. The areas enclosed in red lines are Canal
City Hakata and those in blue lines are Canal City Hakata・B. And the one
enclosed in green lines is an office building, it’s called Business Center
Building. And the Canal City Theater is owned by our sponsor Fukuoka Jisho,
not by us.
The part we are going to dispose is the areas in blue lines, Canal City
Hakata・B, that’s 88 percent of our co-ownership share of the building. And
we are going to sell that to Hoshino Resorts REIT. You can also read why wedecided to sell it to Hoshino in the slide. To put it simply, we’ve been thinking
about how to grapple with the impact from the pandemic on this property.
We thought about renovating the retail space except the hotel space,creating a completely new space, and of course selling the property tosomeone, when we were contacted by Hoshino about the property. The saleto Hoshino will bring some mid to long term stability to our portfolio and we
can also expect an increase in demand and traffic to Canal City Hakata given
Hoshino’s ability to pull in more domestic travelers. And we came to ourdecision to dispose this property because we judged that this was the best
way to maximize the value for our investors in the mid to long term.

7

Fukuoka Jisho and Hoshino Resorts signed a memorandum of
understanding with respect to future collaboration and we have no doubt thatthat will add more growth and value to Canal City Hakata in years to come.

7

Impact of COVID-19 infection on retail properties

Impact of COVID-19 infection

7

Please take a look at the next page, page 7. Here I’m going to talk about the
impact of COVID-19 on our existing retail properties. On the left half of theslide, we are showing a graph that indicates how the sales of our large retailfacilities have been affected by the pandemic over the last year. The two
dotted lines in the middle of the graph represent the averages nationwide andin the large cities. And so, it is clear that our active retails such as Park
Place Oita, Konoha Mall Hashimoto, and SunLive City Kokura were doing
better than the national averages. Canal City Hakata was doing below theaverages just because inbound was gone; there was no foreign tourists at all.
The blip shown in the months of October and November was because of therelease of the blockbuster “Demon Slayer: Kimetsu no Yaiba The Movie,” asyou all know, boosting the traffic in and around the facilities.
The situation with regards to rent reductions and deferments is described justnext to the graph on the upper right side. In the 33rd period, we granted rent
reductions worth 84 million yen. Rent reductions were given and in effect toa total of 49 tenants during the 33rd period.

8

Statements of Income （compared with the previous fiscal period）
Increase in income through new acquisition of properties and recovery in sales of retail properties- unit : mm yen （Figures rounded down to the nearest mm yen）

Sign indicates impact on profit （unit : mm yen）

Financial statements

8

Let’s go to the next page, page 8. This is our P&L for the 33rd fiscal period
as compared to the previous period. Total operating revenues came in better
than the previous period by 385 million yen. That is in part due to the start ofthe leasing contract for LogiCity Wakamiya, which we acquired last year, thefull-period contribution of Higashi Hie Business Center III, and the great
results coming from Park Place Oita, which also houses Home Plaza Nafco
in its premise. The total contribution of these three properties was about 120
million yen. And it is also because of the fact that other retail facilities didmarkedly better than in the period before.
At the same time outsourcing expenses also increased from the previous
period because we resumed spending money on promotions andadvertisements, which we couldn’t do during the lockdown when almost all
the tenants were closed.
And, with all things considered, we were able to pay dividend of 3,361 yen
per unit for the 33rd period.

9

Statements of Income （compared with the forecast）
Reducing operating expenses led to a dividend 61 yen above the forecast- unit : mm yen （Figures rounded down to the nearest mm yen）

Sign indicates impact on profit （unit : mm yen）

Financial statements

9

Please take a look at the next page. On page 9 we compare our results
against the forecast. Operating revenues came in exactly in line with our
expectations, but we successfully managed to make further cutbacks in
expenses and that is why our dividend payout beat the expectation by 61 yen
per unit.

10Business forecast （the 34th fiscal period, Aug. 2021）
By covering the decrease in earnings due to property sale with the increase in revenue from owned properties and gain on sale, dividend per unit is forecast to be 3,500 yen

Business forecasts

10

The next page, page 10, describes our forecast for the 34th fiscal period.
Operating revenues are expected to go up by 75 million yen; that is 95 minus
20 million yen. But we have to remind ourselves that this 95 million yen is again from the sale of Canal City Hakata・B. So, without it, our operating
revenues are expected to decrease by 20 million yen. And here are thereasons why. Please take a look at the right hand side of the slide. But I
guess just looking at these numbers may not give you much clarity, so we’ve
prepared more details on the P&L for Canal City Hakata・B. Take a look at
this breakdown just below. So, we’re going to lose a big portion of leasing
revenue, 232 million yen, if we sell Canal City Hakata・B. But naturally thedrop in expenses is not going to be as big as that. So, that’s why we will lose
about 82 million yen in operating income if we dispose Canal City Hakata・B.
In contrast, leasing revenues from properties other than Canal City Hakata・B
are expected to rise by 212 million yen and the expenses will also go up by
111 million yen accordingly. And so, the operating revenues from properties
other than Canal City Hakata・B are expected to increase by 101 million yen,and that will be an increase of 19 million yen in operating income on balance.
And if you add this 19 million yen to the 95 million yen, which is a gain on thesale of Canal City Hakata・B, you'll get 114 million yen, which is our forecast
for the next period’s operating income.

11

Business forecast （the 35th fiscal period, Feb. 2022）
Dividend per unit is expected to be maintained despite the absence of gain on sale in the previous fiscal periodBusiness forecasts

11

Please take a look at the next page, page 11, and this is our forecast for the
35th fiscal period. We’re going to go through the same exercise again to give
you more clarity. If you take out the P&L of Canal City Hakata・B, you seethat we will lose 215 million yen in operating revenue and at the same time
we’re not going to have to spend the expenses for the property. So, onbalance, we will lose only 24 million yen in terms of operating income, andthat’s when we look at Canal City Hakata・B alone.

For properties other than Canal City Hakata・B, on the other hand, we expect
the operating revenue to go up by 56 million yen and that is in large part
thanks to the full period contribution of Tenjin Nishi Dori Business Center.
We also expect that the expenses for the other properties will go down by 56
million yen. That’s why the operating income from properties other than
Canal City Hakata・B will be 112 million yen. And if you combine these two
numbers, or if you take 24 million yen from 112 million yen, that will be 88
million yen, which would push up our total operating income. Now, we will
have a gain on sale of the property, 95 million yen, in the 34th period, butthere will be nothing in the 35th period. So, that’s why we expect theoperating income for the 35th period to be seven million yen short of what is
expected for the preceding period. Despite all that, we will continue to pay
the same amount of dividend for the 35th period by further cutting nonoperating expenses. And speaking of expenses, we should notice that the
decline in depreciation and amortization is getting bigger. We’ve prepared a12

slide, that is page 49, to give you more details and background.

12

Situation of active retail①
Sales are on a recovery trend

Portfolio overview

12

Let’s go to the next page, page 12. This is about the situation of our active
retails. Our active retails are definitely on track for recovery. And as I said
earlier even Canal City Hakata has picked up some steam thanks to Demon
Slayer movie. Konoha Mall Hashimoto continues to be doing great with newrestaurant openings despite the pandemic. And SunLive City Kokura will see
major tenant replacements and undergo the renovation of its common use
space by fall to sort of commemorate its 15th anniversary.

The table you see at the bottom is comparing sales and occupancy rates forthe latest periods against the same period of the year before for each retailproperty. We’ve also put a video clip here showing what we are doing toprevent the spread of infections at Canal City Hakata so that our customers
can feel safe shopping at us.

13

Situation of active retail②
Increase visitors from neighboring trade zones; attract customers from wider areas in Japan over the medium to long term by offering experiential value, renovation and tenant replacement

Portfolio overview

13

Please take a look at the next page, page 13. When we were making
forecast for the 34th and 35th periods, we continued to assume that there
would be no foreign tourist coming to visit Fukuoka. That is why the biggest
focus for Canal City Hakata continues to be to expand its trading area andattract more local customers. In fact there has been a lot of collaboration
between Canal City Hakata and blockbuster movies as well as popularcharacters. We all know that was exactly the case last year with Demon
Slayer and we just had at the beginning of this period a new Evengelion film,
Evangelion: 3.0+1.0 Thrice Upon a Time. There is an official store in Canal
City Hakata. Also from April 24 our Aqua Panorama is going to feature
Gundam, another popular character, and there will be an official store in
Canal City Hakata as well. So, we have films, Aqua Panorama, and official
stores. We hope that these kinds of collaboration will boost traffic to Canal
City Hakata.
Tenant replacement is also a key part of our efforts to attracting local
customers especially for Konoha Mall Hashimoto and Canal City Hakata.
Some of the brands open their first store in Kyushu at our retail properties.

14

Trends in the Fukuoka office market

Portfolio overview

14

Let’s move on to the next page, page 14. And this is about the current officemarket in Fukuoka. The vacancy rate in Fukuoka has ticked up to 4.02
percent as of March and it’s been edging up gradually over the last couple ofyears. If you take a look at the graph at the lower right side of the slide,that’s showing the average vacancy rates of Fukuoka business district andthose of Central Tokyo. And you will notice that the curve of the vacancy rate
in Fukuoka is more moderate than this rather steep curve for Central Tokyo.
We are also showing average asking rents in the graph, which is just above.
Here, again, the story is similar. You see a rather sharp drop in asking rentsin Tokyo while the average asking rents in Fukuoka rose 2.5 percent in one
year between March 2020 and March 2021.

15

Office demand underpinning the Fukuoka office market

Portfolio overview

15

Please take a look at the next page. We’ve done analysis on the officedemand in Fukuoka, which sustains this robust office market. On the left
side of the slide, you see this graph showing the number of companies which
receive subsidies from Fukuoka City’s Business Establishment Support
Program. In 2019, fifty-three companies received the subsidies and six ofwhich moved in and transferred its headquarters to Fukuoka and fifteencompanies were either foreign or foreign-affiliated companies. And many of
those companies are call center businesses or in the knowledge creation
sector, so many different types of businesses have chosen to do business inFukuoka.
Also, last fall, during the height of the pandemic, one Tokyo-based company
decided to move part of its headquarter functions to Fukuoka, and that was
Japanet Holdings. Please look at the right-hand side of the slide. According
to some media report, this company will move in to Tenjin Business Center.
Its proximity to Asia is one of the city’s hallmarks touted by the Fukuoka City
government to bring in international financial functions. And as a result of theinitiatives by the city to attract as many as possible, it was announced in
February that MCP Holdings based in Hong Kong would be the first to havean office in Fukuoka.

16

Implementation Status of Remote Work in Fukuoka and Initiatives by Fukuoka City Government

Portfolio overview

16

Please take a look at the next page. We did talk about this in the last
meeting as well. This is about the state of remote work across Japan during
the pandemic. As of November last year, 16.4 percent of businesses havetheir employees work from home in Fukuoka, and this is lower than in Tokyo
or Osaka. Why is that? There are many reasons for the lower percentage,
but I think the biggest one is the fact that workers in Fukuoka spend less timeon commute than those in other Japanese cities.

Now, we understand that the future demand for office is most likely a functionof new business openings. And in this respect the Fukuoka City governmenthas been extending its support for startups for quite some time, and we are
beginning to see tangible outcomes, giving the strong impetus for growth inthe office market in Fukuoka.

17

Historical and projected office buildings’ occupancy rates
Maintaining high occupancy levels while steadily increasing rent per unit area（％）

Portfolio overview

17

Let’s move on to page 17. We are showing the occupancy rates for ouroffice buildings and we are seeing these very elevated levels to continue forsome time to come. Also, the small graph at the lower right corner of theslide shows that the rent unit price index continues to rise thanks to the
upward rent revisions.

18Office building rent revisions and tenant replacement situation
Increase in rent has continued

Portfolio overview

18

Please take a look at the next page, page 18. Here are more details about
rent increases. For the 33rd period, it was hard to negotiate with our tenants
for rent increase because of the pandemic and its financial tolls on theirbusinesses. And that’s why we see a smaller number in the 33rd period thanin the 32nd period. Even still we could successfully increase monthly
contract rent by almost three million yen through tenant replacements andrent revisions.

19

Situation of other assets（Hotel, Residence）

Portfolio overview

19

On page 19, this is about other assets, namely, hotels and residences. We
own four hotels, but as I explained earlier, we are going to sell Grand Hyatt,the only full service hotel we have, come June 1st. The other three hotels
are room-only hotels. We are also showing average occupancy rates in theprefectures we operate in and our hotels’ RevPAR below.
Residences also continue to enjoy high levels of occupancy rates. Amex
Akasakamon Tower’s occupancy was a bit lower than the rest in the 32nd
period, but it recovered nicely in the 33rd period. So, overall the residence
occupancy has been quite stable. We also increase rent at the time of tenant
replacements and rent revisions. And as you can see at the bottom, theincrease in rent has been consistent although its pace has been very
marginal. But we all should be proud that we could raise the rent even during
the pandemic.

20

Situation of other assets（Logistics）

Portfolio overview

20

Please take a look at the next page, page 20. This is about our logistics
assets. The most important thing here is the fact that there remains novacancy in logistics facilities in Fukuoka Prefecture. All of our four logistics
facilities are being fully operated, and we hope to continue acquiring logistics
facilities going forward.

21

Key financing events in the 33rd fiscal period and the 34th fiscal period
Extension of commitment line agreement and long-term financing （10 years） achieved

Financial strategy

21

The next page describes our key financing events. Take a look at page 21.
One of the topics here is the extension of the committed line of credit
agreement. We signed an agreement with the Nishi-Nippon City Bank toextend the term of the committed line of credit by one year, setting theremaining term to three years. So, that means we have both committed lineof credit agreements, the one with the Bank of Fukuoka and the other with
the Nishi-Nippon City Bank as agents, extended the remaining term to three
years, and that of course gives us more flexibility and stability in securing
funds. In addition to that, we borrowed one billion yen for ten years at 0.59
percent interest from the Juhachi-Shinwa Bank on March 31st.

22

Financing condition①
Establishment of stable financial baseFinancial strategy

22

Let’s move on to page 22. We are showing all these numbers todemonstrate that we remain committed to keeping us on solid financial
footing.

23

Financing condition②
A stable network of sponsor banks and other lenders

Financial strategy

23

Please take a look at page 23. We are operating with a stable and robust
network of banks which consists of our three sponsor banks, Development
Bank of Japan, Nishi-Nippon City Bank, and Bank of Fukuoka, accounting foralmost 50 percent of our borrowings, and other financial institutions andinstruments.

24

Appraisal value
Maintained unrealized gains for all properties （＊1）- unit : mm yen （Figures rounded down to the nearest mm yen）

Appraisal value

24

Here on page 24, the first thing I want you to look at is the cap rates on theright side of the slide. In the 32nd period, the cap rates were flat across ourportfolio. But this time in the 33rd period seven properties saw the cap rates
edging down just one tenth of a percentage point. And these are four
logistics facilities and three residences. Also, in the middle of the slide, weare showing the variance in the appraisal value between the 32nd and 33rd
periods. Sixteen properties saw their appraisal value go up from the previous
period while the appraisal value decreased for eleven properties. The
increase in the appraisal value for the sixteen properties is in large part
thanks to the decline in the cap rates as well as rent increases for officebuildings. On the other hand, the decrease in the appraisal value is seen in
our retails such as Canal City, Park Place Oita, or Konoha Mall Hashimoto.
That is largely due to the pandemic and its tolls on their retail sales.
There are four properties whose appraisal value shrank by more than 50
million yen, and all that drop is as a result of having to obtain an Engineering
Report again.

25

Historical appraisal values（unrealized gains）
Maintained continuously since the 3 rd fiscal period（Unrealized gains 37,927 mm yen, 20.3% ratio of unrealized gains at the 33rd FP（＊1）

Appraisal value）

25

Let’s move on to the next page, page 25. The unrealized gains stand at 37.9
billion yen with 20.3 percent ratio as of the end of the 33rd fiscal period. We
have consistently yielded unrealized gains since the 3rd fiscal period, and webelieve that is as a result of our particular focus on exercising a very
selective investment policy.

26

Sustainability

Sustainability

26

Last but not least, let me talk about what we are doing with respect tosustainability. We have engaged in specific activities in all three areas, theenvironment, society, and governance throughout the past year. So, please
read through the texts on the right side of the slide. You can also read the
Appendix for more details, from page 36 and beyond. But let me point out
just one issue with regards to the environment. One of the sort of imminentenvironmental threats to the region we operate in is flooding, which becomes
more frequent with more violent typhoons and torrential rains that are said tobe caused by global warming. In the 32nd period, we replaced or newly
installed water stops at Canal City Hakata. And in the 33rd period we did thesame, putting water stops at Tisage Hotel Naha.
And that concludes my presentation. Thank you very much.

27

27

28

Profile

Appendix

28

29

A real estate investment trust specializing in regional properties

Appendix29

30

Current situation of Fukuoka City①

Appendix30

31

Current situation of Fukuoka City②

Appendix31

32

Portfolio properties' occupancy rates
Maintained high occupancy rates

Appendix

32

33

Dividend and NAV per unit

Appendix33

34

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

Appendix

34

35

Certification from external organizations and information disclosure

Appendix

35

36

ESG Initiatives （Environment）

Appendix

36

37

ESG Initiatives （Society①）

Appendix

37

38

ESG Initiatives （Society②）

Appendix

38

39

ESG Initiatives （Governance）

Appendix

39

40

IR Initiatives

Appendix40

41Asset management company’s organization

Appendix4142

Unitholders’ data

Appendix4243

Unit price chart

Appendix

43

44

Financial highlights
Dividend per unit was 3,361 yen- unit : mm yen （Figures rounded down to the nearest mm yen）

Appendix44

45

Balance sheets（compared with the previous fiscal period）- unit : mm yen （Figures rounded down to the nearest mm yen）

Appendix

45

46

Cash flow statements（compared with the previous fiscal period）- unit : mm yen （Figures rounded down to the nearest mm yen）

Appendix46

47

Income and expenditure by properties（Retail）- unit : mm yen （Figures rounded down to the nearest mm yen）（＊）Forecast at the financial results of the 32nd fiscal period.

Appendix47

48

Income and expenditure by properties（Office buildings・Others）- unit : mm yen （Figures rounded down to the nearest mm yen）（＊1）Forecast at the financial results of the 32nd fiscal period. （＊2）Information is not disclosed because the permission of tenants has not been obtained.

Appendix48

49

Income and expenditure by properties（Total）/Repair and maintenance expenses, capital expenditures, and depreciation- unit : mm yen （Figures rounded down to the nearest mm yen）

Appendix49

50

List of Interest-bearing debt

Appendix

50

51

Portfolio table（As of February 28, 2021）

Appendix

51

52

Portfolio map

Appendix

52

53

Portfolio

Appendix

53

54

Top tenants by leased floor area

Appendix

54

55

Breakdown of variable rents

Appendix

55

56

The condition of suburb area in Fukuoka

Appendix

56

57

The condition of Fukuoka city center
Nanakuma subway line extension project will be completed by FY2022

Appendix

57

58

Redevelopment in Tenjin area（Tenjin Big Bang）
2-year extension until the end of Tenjin Big Bang project in the end of Year 2026 （＊1）

Appendix

58

59

Redevelopment in Hakata area（Hakata Connected）

Appendix

5960

Sponsor pipeline （Fukuoka Jisho Group）

Appendix60

61