Provisional translation only
October 19, 2022

EARNINGS BRIEFING FOR THE PERIOD ENDED AUGUST 2022
Name of issuer:
Code number:
URL:
Stock listings:

Fukuoka REIT Corporation (FRC)8968
https://www.fukuoka-reit.jp/en/
Tokyo Stock Exchange and Fukuoka Stock Exchange

Representative:

Zenji Koike

Asset manager:
Representative:
Contact:

Fukuoka Realty Co., Ltd.
Zenji Koike
President and CEO
Keishi Tamura
General Manager of Planning Dept.
Phone: +81-92-272-3900

Executive Director

Expected date for submitting securities report:
Expected commencement date of dividend payments:
Supplementary documents for earnings briefing:
Analyst meeting (for institutional investors and analysts):

November 28, 2022
November 18, 2022
Yes
Yes
(Figures rounded down to nearest mm yen)

1. Performance and situation of assets for the period ended August 2022
(March 1, 2022 to August 31, 2022)(1) Performance(% shows percentage change from previous period)

Operating revenues
mm of yen
Period ended

August 2022
Period ended

February 2022

Operating income%

mm of yen

Ordinary income%

mm of yen

Profit%mm of yen

%

8,830

2.0

3,181

(0.1)

2,805

(0.4)

2,804

(0.4)

8,658

(2.3)

3,185

(0.6)

2,816

(0.0)

2,814

(0.1)

Profit per unit
Period ended

August 2022
Period ended

February 2022

Return on net assets

Ratio of ordinary income Ratio of ordinary income
to total assets
to operating revenues

3,523 yen

2.8%

1.4%

31.8%

3,536 yen

2.8%

1.4%

32.5%

(2) Dividends

Period ended

August 2022
Period ended

February 2022

Dividend
per unit

Total
dividend(excl. dividendin excess ofearnings)(excl. dividendin excess ofearnings)

Dividendin excess ofearnings
per unit

Total
dividendin excess ofearnings

Dividend
per unit

Total
dividend(incl. dividendin excess ofearnings)(incl. dividendin excess ofearnings)

Ratio of

Payout dividend
to netratio
assets3,523 yen 2,804 mm yen— yen — mm yen

3,523 yen 2,804 mm yen 100.0%

2.8%

3,536 yen 2,814 mm yen— yen — mm yen

3,536 yen 2,814 mm yen 100.0%

2.8%(3) Financial condition
Period ended

August 2022
Period ended

February 2022

Ratio of net assets tototal assets

Net assets per unit

101,743 mm yen

50.6%

127,818 yen

101,753 mm yen

51.2%

127,831 yen

Total assets

Net assets

201,223 mm yen
198,745 mm yen(4) Cash flows condition
Cash flows fromoperating activities
Period ended

August 2022
Period ended

February 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Balance of cash andcash equivalents at
end of period

4,712 mm yen(5,498) mm yen(1,314) mm yen

8,488 mm yen

3,146 mm yen(658) mm yen(2,816) mm yen

10,588 mm yen

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

2. Forecast of performance for the period ending February 2023 (September 1, 2022 toFebruary 28, 2023) and the period ending August 2023 (March 1, 2023 to August 31, 2023)(% shows percentage change from previous period)

Operating revenues Operating income

Period ending

February 2023
Period ending

August 2023

Ordinary income

ProfitDividend
per unit

Dividendin excess ofearnings
per unit

mm of yen%

mm of yen%

mm of yen%

mm of yen(excl. dividend% in excess ofearnings)

8,915

1.0

3,177

(0.1)

2,803

(0.1)

2,801

(0.1) 3,520 yen

— yen

9,119

2.3

3,199

0.7

2,819

0.6

2,817

0.6 3,540 yen— yen(Reference) Forecast profit per unit:
Forecast profit per unit:

Period ending February 2023
Period ending August 2023

3,520 yen
3,540 yen

3. Others(1) Changes in accounting policies, changes in accounting estimates and restatement of accounting errors(i) Changes in accounting policies accompanying amendments to accounting standards, etc.: No(ii) Changes in accounting policies other than above (i):No
(iii) Changes in accounting estimates:No(iv) Restatement of accounting errors:No(2) Number of investment units outstanding(i) Number of investment units outstanding at end of period (including treasury investment units):
As of August 2022
796,000 units
As of February 2022
796,000 units(ii) Treasury investment units at end of period:
As of August 2022
0 unitAs of February 2022
0 unitNote: Regarding the number of investment units, a basis for calculating profit per unit, please refer to “Per unit information” on page11.

* Statement on Implementation Status of Audit Procedure
This Earnings Briefing (“Kessan Tanshin” in Japanese) report is not subject to audit procedures by public
accountants or audit corporations.
* On the adequate use of performance forecasts and other items warranting special mention
Forecast figures are calculated based on information available on the date of release of the forecast and contain
uncertain factors to a large extent. Actual operating revenues, operating income, ordinary income, profit, anddividend per unit may differ due to changes in the business environment. The forecast should not be construed
as a guarantee of actual dividend. Concerning details of the preconditions for the above forecast figures pleaserefer to “1. Management Situation, (2) Forecast for the next fiscal period – Preconditions for the performance
forecast for the period ending February 2023 (September 1, 2022 to February 28, 2023) and the period ending
August 2023 (March 1, 2023 to August 31, 2023)” on page 3.

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

1. Management Situation(1) Summary of the current fiscal period(a) Brief history of the investment corporation
Fukuoka REIT Corporation (hereinafter “FRC”) was established on July 2, 2004 based on the “Act on Investment
Trusts and Investment Corporations” (Act No. 198 in 1951 including later revisions) and listed on the Tokyo Stock
Exchange, Inc. and the Fukuoka Stock Exchange on June 21, 2005 as the nation’s first real estate investment
trust specializing in regional properties (code number: 8968). FRC invests in real estate throughout all of Kyushu(including Okinawa Prefecture) with a central focus on Fukuoka City and Yamaguchi Prefecture (hereinafter the“Fukuoka/Kyushu area”) by turning regional characteristics in the real estate industry into strengths.
FRC started asset management activities on November 9, 2004 after acquisition of four properties comprisingretail properties and an office building, and manages a total of 33 properties comprising 11 Retail, 11 Officebuildings (including land with leasehold interest for an office building) and 11 Others as of the end of the 36th
fiscal period (August 31, 2022).
(b) Investment environment and portfolio performance
The Japanese economy showed a mild pickup trend during the fiscal period under review (the 36th fiscal period).
As for the outlook, with social and economic activities increasingly normalized while measures are thoroughly
taken against the novel coronavirus (COVID-19) infection, the economy is expected to pick up due in part to theeffects of various political measures, although a downturn in overseas economies in the face of global monetary
tightening, etc. poses a risk of placing downward pressure on the domestic economy.
In the Fukuoka and Kyushu area, the core investment target area for FRC, the economy improved moderately by
and large, mainly in consumer spending and housing investment, with public spending remaining at a high level
and capital investment increasing as a whole. As we foresee, we must be wary of how the economic conditions
will be impacted by the spread of COVID-19 and rising raw material prices, etc.
As for land price trends, the 2022 Land Price Survey showed an upward turn in the combined average price forresidential and commercial land on a national basis and, by land type, in residential land price and commercial
land price, respectively, for the first time in three years, 31 years and three years, for each. Meanwhile, in Fukuoka
City, the central area of FRC’s investment targets, land prices continued rising for the tenth consecutive year, up
9.6% year-on-year for commercial land and up 6.5% year-on-year for residential land.
Under such circumstances, FRC’s portfolio achieved solid performance in the asset types of office buildings,
logistic facilities, residential properties and retail properties rooted in the spheres of people’s daily lives. On theother hand, the impact of COVID-19 continued to linger at Canal City Hakata, a city-center retail property, whilehotels remained unable to recover as tourism demand, etc. did not return strongly. As for external growth in the
36th fiscal period, FRC acquired Hakata Chikushi-Dori Center Building, an office property located in about aneight-minute walk from Hakata Station, on March 1, 2022.
When analyzing FRC’s portfolio (on an acquisition price basis) as of the end of the 36th fiscal period by investment
target area, the investment ratio in the Fukuoka metropolitan area accounted for 77.1%; when analyzing byproperty type, Retail, Office buildings, and Others accounted for 53.0%, 33.0% and 14.0%, respectively.
On top of these efforts, Fukuoka Realty Co., Ltd. to which FRC entrusts its asset management (the AssetManager) has established the Sustainability Policy and Regulations Concerning Sustainability Management topromote sustainability through environmental, social and governance (ESG) considerations. By setting up the
Sustainability Promotion Committee, which comprises full-time directors, Executive Director and generalmanagers of each department, the Asset Manager investigates specific targets and measures and supervises the
progress in implementation of the measures with regard to the internal system, cooperation with related parties
outside the company and information disclosure policy, etc. On the implementation side, the sustainability officer(general manager of the Planning Department), who is the person responsible for the practical aspects concerning
the targets set at the Sustainability Promotion Committee, concurrently serves as general manager of
Sustainability Promotion Office, which is engaged in continuous operations related to the GRESB Real Estate
Assessment (with Green Star rating), the Principles for Responsible Investment (PRI) and the Principles for
Financial Action for the 21st Century (PFA21) and other initiatives.
Having established a “Policy on Climate Change and Resilience” that states its policy of endeavors regarding therisks and opportunities from climate changes as well as the resilience (strength and buoyancy) of its operations
and strategies for climate-related issues, the Asset Manager announced its support for the recommendations of
the Task Force on Climate-related Financial Disclosures (TCFD) and joined the TCFD Consortium, anorganization of Japanese companies expressing their support, both in September 2022.

1

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022(c) Summary of fundraising
In the 36th fiscal period, FRC conducted refinancing of 6,000 mm yen as well as new financing of 1,500 mm yen.
These led to the balance of its interest-bearing debt outstanding (including investment corporation bonds) at theend of the period totaling 83,900 mm yen. Of the total amount of financing (7,500 mm yen), FRC procured 6,500
mm yen by way of sustainable financing with an aim to promote sustainability through ESG considerations.
The loan-to-value ratio (ratio of interest-bearing debt (including investment corporation bonds) to total assets)was 41.7% and the ratio of fixed-interest rate debt (ratio of interest-bearing debt with fixed interest rates (including
investment corporation bonds) to total interest-bearing debt) stood at 93.4% at the end of the 36th fiscal period.
In addition, with regard to the commitment line agreement (credit limit: 6,000 mm yen) with The Bank of Fukuoka,
Ltd. serving as the agent, FRC extended the commitment period by a year, lengthening the remaining term ofcommitment to three years.
FRC will continue its endeavors to reduce refinancing risks by dispersing debt repayment dates and othermeasures. At the same time, FRC will investigate mitigating the possible increase in financing costs in accordancewith higher interest rates going forward, including review of the ratio of fixed-interest rate debt.
Moreover, the credit ratings assigned to FRC as of the end of the 36th fiscal period are as follows.
Credit Rating Agency
Rating and Investment Information, Inc. (R&I)
Japan Credit Rating Agency, Ltd. (JCR)

Rating Type
Issuer Rating
Long-term Issuer Rating

RatingA+
AA−

Rating Outlook
StableStable(d) Summary of performance and dividend
As a result of these management efforts, operating revenues totaled 8,830 mm yen and operating income after
excluding operating expenses such as expenses related to leasing business and asset management fees totaled
3,181 mm yen. Ordinary income was 2,805 mm yen and profit amounted to 2,804 mm yen. Management decided
to make a dividend of 3,523 yen per unit to meet the requirements of special tax measures for an investment
corporation (as stipulated in Article 67-15 of the Act on Special Measures Concerning Taxation of Japan [Act No.
26 in 1957 including later revisions]). Under this act, an investment corporation is allowed to deduct the maximum
amount of dividends paid to investors from its taxable income.
(2) Forecast for the next fiscal period(a) Portfolio management policy
FRC will further reinforce management and leasing capabilities by cooperating with property managementcompanies including sponsor companies, and secure and maintain the stable operation of the properties bymaking the most use of their advantages.
FRC will make investments based on the basic policy stipulated in its Articles of Incorporation and its basic
philosophy: focusing on “specialized areas in which FRC can demonstrate its competitive edge” that are in “highgrowth potential markets.” By geographic location, of Fukuoka and Kyushu areas, FRC will invest 60% to 90%
of its assets in the Fukuoka metropolitan area since the Fukuoka metropolitan area is expected to have a highpopulation growth rate in the future. In addition to the Fukuoka metropolitan area, management has decided toactively acquire properties in major cities if there are regions or properties where FRC can generate investment
merits from community-oriented viewpoints. FRC will acquire high-quality properties with adequate use of its
advantages, such as information gathering ability in the areas, good knowledge of regional properties and close
relations with the local business community including its sponsors and governments, so that investors cancontinue to invest in FRC with assurance. Meanwhile, FRC will build stronger relationships with financial
institutions to realize stable fundraising and try to maintain a solid financial structure.
(b)

Significant events that have occurred after the end of the current fiscal period:
No relevant items.

(c)Performance forecast for the next fiscal period
FRC aims to achieve the following performance goals for the period ending February 2023 (September 1, 2022
to February 28, 2023) and the period ending August 2023 (March 1, 2023 to August 31, 2023). Concerning
preconditions for the relevant performance forecast, please refer to “Preconditions for the performance forecast
for the period ending February 2023 (September 1, 2022 to February 28, 2023) and the period ending August2023 (March 1, 2023 to August 31, 2023)” on page 3.
Period ending February 2023
Period ending August 2023
Operating revenues
8,915 mm yen
9,119 mm yen
Operating income
3,177 mm yen
3,199 mm yen
Ordinary income
2,803 mm yen
2,819 mm yen
Profit2,801 mm yen
2,817 mm yen
Dividend per unit
3,520 yen
3,540 yen
Dividend in excess of earnings per
— yen
— yen
unit
Note:

The above forecast figures are calculated based on certain preconditions. The forecast should not be construed as aguarantee of actual performance since actual operating revenues, operating income, ordinary income, profit, dividend
per unit and dividend in excess of earnings per unit may differ due to changes in the business environment.

2

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

Preconditions for the performance forecast for the period ending February 2023 (September 1, 2022 to February 28,2023) and the period ending August 2023 (March 1, 2023 to August 31, 2023)
Item
Preconditions
37th fiscal period: September 1, 2022 to February 28, 2023 (181 days)
Calculation period
38th fiscal period: March 1, 2023 to August 31, 2023 (184 days)
 It is assumed that there will be 33 properties FRC owns as of August 31, 2022.
Assets under FRC assumes that it will dispose part of Kurume Higashi Kushiwara SC in the 37th and 38th fiscal
management
periods.
 In practice, the number may fluctuate due to changes in assets under management.
Total number ofinvestment units It is assumed that there will be no issuance of new investment units until August 31, 2023.
outstanding The balance of interest-bearing debt outstanding at the end of the 37th fiscal period (February 28,2023) is expected to total 83,900 mm yen. The loan-to-value ratio (interest-bearing debt / total assets
 100) is expected to stand at around 41.7% (as of August 31, 2022, the loan-to-value ratio stands
Interest-bearing debt
at 41.7%).
and refinancing
 The balance of interest-bearing debt outstanding at the end of the 38th fiscal period (August 31,2023) is expected to total 83,900 mm yen. The loan-to-value ratio (interest-bearing debt / total assets
 100) is expected to stand at around 41.6%.
 Of leasing revenues – real estate, revenues from properties FRC has already acquired are calculated
based on tenancy agreements that are valid as of October 19, 2022, by taking into account thecompetitiveness of the properties and the market environment, etc.
Of leasing revenues – real estate, revenues from lease contracts with variable rent such as
percentage-of-sales rent and percentage-of-GOP rent are calculated based on past results by taking
into account such fluctuation factors as sales and GOP of the relevant tenants.
 For leasing revenues – real estate, tenant vacancies are taken into account to a certain extent. It is
Operating revenues
assumed that there will be no rent arrears or non-payments by tenants.
 With the impact of the spread of COVID-19 in Japan and abroad prolonging, the situation requires
FRC to anticipate that a certain degree of impact will continue in the 37th and 38th fiscal periods on
its retail properties and hotels for which percentage-of-sales rents, etc. are established. In estimating
the sales, etc. of such properties, FRC assumes that, while domestic tourism will recover gradually,
inbound tourism will not recover until the 38th fiscal period. However, actual sales may fluctuate
depending on when the COVID-19 pandemic is contained.
 When acquiring properties, the property taxes and city planning taxes for the assets will be
proportionally calculated according to the holding period and adjusted with the former owner.
However, the adjusted amount of the property taxes and city planning taxes to be borne by FRC for
the initial year will not be written off since they will be included in the acquisition cost.
 FRC writes off estimated repair costs expected to be required for buildings for the calculation periods(the 37th and 38th fiscal periods). Actual repair costs may differ significantly from the estimatedamounts since there is the possibility that repair costs are incurred urgently due to damages tobuildings caused by unforeseeable factors, repair costs generally differ largely from period to period,
Operating expenses
and repair costs are not regularly incurred.
 Concerning outsourcing expenses, FRC anticipates 1,747 mm yen for the 37th fiscal period and1,752 mm yen for the 38th fiscal period.
 Concerning taxes and other public charges, FRC anticipates 719 mm yen for the 37th fiscal period
and 755 mm yen for the 38th fiscal period.
 Concerning depreciation and amortization expenses, FRC anticipates 1,505 mm yen for the 37th
fiscal period and 1,534 mm yen for the 38th fiscal period.
 Concerning interest expenses (including interest expenses on investment corporation bonds) andNon-operating
expenses related to financing, FRC anticipates 373 mm yen for the 37th fiscal period and 379 mm
expenses
yen for the 38th fiscal period.
 Dividend (dividend per unit) is calculated based on the dividend policy stipulated in FRC’s Articles ofIncorporation.
 Dividend per unit may fluctuate due to fluctuations in leasing revenues caused by changes in assets
Dividend per unit
under management and tenants or various factors including unexpected occurrences of repair.
 Dividend per unit may fluctuate depending on when the spread of COVID-19 will actually becontained.
Dividend in excess
 Dividend in excess of earnings (dividend in excess of earnings per unit) is not planned at the moment.
of earnings per unit It is assumed that there will be no revisions to laws and regulations, the tax system, and accounting
standards that may influence the forecast figures.
Others It is also assumed that there will be no significant unexpected changes in general economic
conditions and the real estate market.

3

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

2. Financial Statements(1) Balance sheet(thousands of yen)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
OthersTotal current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Structures
Accumulated depreciation
Tools and fixtures
Accumulated depreciation
Lands
Buildings in trust
Accumulated depreciation
Structures in trust
Accumulated depreciation
Machinery and equipment in trust
Accumulated depreciation
Vehicles and transport equipment in trust

Accumulated depreciation
Tools and fixtures in trust
Accumulated depreciation
Lands in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold right in trust
Other intangible assets in trust
Total intangible assets

35th fiscal period

36th fiscal period(as of February 28, 2022)(as of August 31, 2022)

6,860,969
3,775,847
612,230
254,292
217,676
15,55011,736,566

1,171,821(39,043)
20,698
(516)
1,571
(312)
101,745,620(36,671,427)
1,939,630(884,785)
1,461,684(707,143)
626(594)
1,443,100(1,222,570)

1,132,777
20,182
1,258
989,124
65,074,192
1,054,845
754,54131
220,530
110,373,363
500,610
180,121,458
5,545,883
11,234
5,557,117

Investment and other assets
Deferred tax assets

4,203,346
4,335,931
788,376
227,634
124,948
10,2239,690,462

1,171,821(53,781)
20,698
(709)
1,571
(430)
104,797,631(38,070,850)
1,976,251(907,404)
1,483,511(745,401)
626(594)
1,473,642(1,241,477)

1,118,039
19,9881,140
989,124
66,726,781
1,068,847
738,11031
232,165
113,715,265
7,932
184,617,427
5,545,883
8,315
5,554,198

52

13

Lease and guarantee deposits

10,00010,000

Lease and guarantee deposits in trust

327,135

327,135

Long-term prepaid expenses
Total investment and other assets
Total non-current assets
Deferred assets
Investment corporation bond issuance
expenses
Total deferred assets
Total assets

4964,988997,950

1,302,176

1,335,099

186,980,752

191,506,725

27,836

26,664

27,836

26,664

198,745,156

201,223,852

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022
(thousands of yen)

35th fiscal period

36th fiscal period(as of February 28, 2022)(as of August 31, 2022)

Liabilities
Current liabilities
Operating accounts payable

495,811

661,770

6,000,000

5,900,000

Accounts payable-other

22,767

16,275

Accrued expenses

414,713421,792

1,659

962

Advances received

1,007,044

1,084,850

Deposits received

697,145

1,026,223

8,639,141

9,111,875

Investment corporation bonds

5,000,000

5,000,000

Long-term debt

71,400,000

73,000,000

450,958

741,017

11,501,470

11,627,634

88,352,428

90,368,652

96,991,569

99,480,527

98,938,764

98,938,764

Unappropriated surplus

2,814,821

2,804,559

Total surplus

2,814,821

2,804,559

101,753,586

101,743,324

101,753,586

101,743,324

198,745,156

201,223,852

Current maturities of long-term debt

Income taxes payable

Total current liabilities
Non-current liabilities

Tenant leasehold and security deposits
Tenant leasehold and security deposits
received in trust
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Surplus

Total unitholders’ equity
Total net assets
Total liabilities and net assets

5

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

(2) Statement of income(thousands of yen)

35th fiscal period

36th fiscal period(September 1, 2021 to
February 28, 2022)(March 1, 2022 toAugust 31, 2022)

Operating revenues
Leasing revenues – real estate
Other leasing revenues – real estate*1 8,040,738*1 618,096*1 8,160,720
8,658,835*1 669,929

8,830,650

Operating expenses
Expenses related to leasing business*1, *2 4,810,362*1, *2 4,974,312

526,058

534,574

Asset custody fees

7,431

7,514

Administrative service fees

57,76960,087

Director’s compensations

9,600

6,600

Other operating expenses

61,771

Asset management fees

Operating income

5,472,993

65,6693,185,841

5,648,758
3,181,891

Non-operating revenues
Interest received

55

Others

567

40
623

1,191

1,231

Non-operating expenses
Interest expenses
Interest expenses on investment
corporation bonds
Amortization of investment
corporation bond issuance expenses
Financing related expenses

242,524

249,567

29,20029,200

2,102

1,172

96,157

97,744

Others37

370,02237377,722

Ordinary income

2,816,442

2,805,401

Profit before income taxes

2,816,442

2,805,401

Income taxes-current

1,667

Income taxes-deferred(39)

Profit

968
1,628

38

1,007

2,814,814

2,804,394

Surplus brought forward

7

165

Unappropriated surplus

2,814,821

2,804,559

6

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

(3) Statement of changes in net assets
35th fiscal period (September 1, 2021 to February 28, 2022)(thousands of yen)
Unitholders’ Equity
Surplus
Unitholders’ capital
Balance as of
September 1, 2021
Changes in thecurrent fiscal period

Unappropriated surplus

Total
net assets

2,817,051

101,755,815

101,755,815

Dividend of surplus(2,817,044)(2,817,044)(2,817,044)

Profit2,814,814

2,814,814

2,814,814—(2,229)(2,229)(2,229)98,938,764

2,814,821

101,753,586

101,753,586

Total of changes in thecurrent fiscal period
Balance as ofFebruary 28, 2022

98,938,764

Total
unitholders’ equity

36th fiscal period (March 1, 2022 to August 31, 2022)(thousands of yen)
Unitholders’ Equity
Surplus
Unitholders’ capital
Balance as ofMarch 1, 2022
Changes in thecurrent fiscal period

Unappropriated surplus

Total
net assets

2,814,821

101,753,586

101,753,586

Dividend of surplus(2,814,656)(2,814,656)(2,814,656)

Profit2,804,394

2,804,394

2,804,394—(10,261)(10,261)(10,261)

98,938,764

2,804,559

101,743,324

101,743,324

Total of changes in thecurrent fiscal period
Balance as ofAugust 31, 2022

98,938,764

Total
unitholders’ equity

7

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

(4) Dividend statement
Item
I.
II.

35th fiscal period

36th fiscal period(September 1, 2021 to
February 28, 2022)(March 1, 2022 toAugust 31, 2022)

Unappropriated surplus

2,814,821 thousand yen

2,804,559 thousand yen

Total dividend

2,814,656 thousand yen

2,804,308 thousand yen[Dividend per investment
unit][3,536 yen]

[3,523 yen]

III. Surplus brought forward

165 thousand yen

251 thousand yen

Method for calculating dividends

The amount of dividends shall be decided in The amount of dividends shall be decided inaccordance with the dividend policy accordance with the dividend policy
stipulated in Article 38-1-2 of FRC’s Articles stipulated in Article 38-1-2 of FRC’s Articles
of Incorporation and must exceed 90% of of Incorporation and must exceed 90% of
FRC’s distributable profits as stipulated in FRC’s distributable profits as stipulated in
Article 67-15-1 of the Special Taxation Article 67-15-1 of the Special Taxation
Measures Act. Following the above policy, Measures Act. Following the above policy,
FRC shall decide to distribute 2,814,656 FRC shall decide to distribute 2,804,308
thousand yen, which is almost the entire thousand yen, which is almost the entire
amount of unappropriated surplus, as amount of unappropriated surplus, asearnings dividends. Moreover, dividend in earnings dividends. Moreover, dividend inexcess of earnings as stipulated in Article excess of earnings as stipulated in Article38-2 of FRC’s Articles of Incorporation will 38-2 of FRC’s Articles of Incorporation will
not be provided.
not be provided.

(Note) Amounts other than the amounts of dividend per investment units are rounded down to the nearest thousand yen.

8

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

(5) Cash flows statement(thousands of yen)

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
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) operating activities
Net cash provided by (used in) investment activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment 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) investment activities
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 cash provided by (used in) financial activities
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

935th fiscal period

36th fiscal period(September 1, 2021 to
February 28, 2022)(March 1, 2022 toAugust 31, 2022)

2,816,442
1,486,407

2,805,401
1,514,524

2,102

1,172

(55)
271,724(19,216)(217,676)(705,556)(29,962)5,577(3,258)(50,183)(215,687)
18,381
71,142(9,271)3,420,911
55(273,972)(952)
3,146,040(40)
278,767(176,146)
92,727—73,784(6,115)
4,057
77,805
329,077
26,658(32,961)
1,417
4,990,13240(275,746)(1,665)
4,712,760(5,092)(522,327)
176(30)
109,679(239,871)
4,978(6,343)(658,830)(493)(5,911,512)
290,149(90)
309,878(183,714)
3,634(6,099)(5,498,246)————(2,816,432)(2,816,432)(329,222)
10,917,706
10,588,484

4,000,000(4,000,000)
7,500,000(6,000,000)(2,814,517)(1,314,517)(2,100,003)
10,588,484
8,488,481

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

(6) Notes on the going concern assumption
No relevant items.
(7) Significant accounting policies
Disclosure is omitted, since there are no significant changes from contents disclosed by the latest securities report(submitted on May 31, 2022).
(8) Notes to financial statements
FRC omits the disclosure of notes to balance sheet, statement of changes in net assets, and cash flows statement,
as well as notes on lease transactions, financial instruments, securities, derivative transactions, related-party
transactions, tax-effect accounting, retirement benefits, asset retirement obligations, rental properties, revenue
recognition, segment information and equity method income, etc. since it does not find substantial need for disclosurein the earnings briefing.
(Notes to statement of income)*1. Breakdown of revenues and expenses related to real estate leasing business(thousands of yen)

35th fiscal period

36th fiscal period(September 1, 2021 to
February 28, 2022)(March 1, 2022 toAugust 31, 2022)

A. Real estate leasing business revenues
Leasing revenues – real estate
Rents

6,677,000

6,784,821

Common charges

944,582

934,731

Parking revenues

419,155

8,040,738

441,168

8,160,720

Other leasing revenues – real estate
Incidental income

571,819

Other miscellaneous income

46,277

Total real estate leasing business revenues

649,178
618,096

20,7508,658,835

669,9298,830,650

B. Expenses related to real estate leasing business
Expenses related to leasing businessOutsourcing fees

1,711,225

1,740,908

Repair and maintenance expenses

121,025

119,524

Taxes and other public charges

711,798

719,695

Insurance premiums and trust compensation

41,70842,669

Utilities expenses

476,400

544,853

1,486,407

1,514,524

Depreciation and amortization expenses
Other expenses related to real estate leasing
business
Total expenses related to real estateleasing business
C. Revenues and expenses related to real estateleasing business (A - B)

261,797

4,810,362

292,136

4,974,312

4,810,362

4,974,312

3,848,472

3,856,337*2. Transactions with affiliated companies(thousands of yen)

Expenses related to real estate leasing business35th fiscal period

36th fiscal period(September 1, 2021 to
February 28, 2022)(March 1, 2022 toAugust 31, 2022)

775,89110

839,311

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

(Per unit information)
35th fiscal period

36th fiscal period(September 1, 2021 to February 28, 2022)(March 1, 2022 to August 31, 2022)

Net assets per investment unit:
Profit per investment unit:

127,831 yen
3,536 yen

Net assets per investment unit:
Profit per investment unit:

127,818 yen
3,523 yen

Note 1: Profit per investment unit is calculated by dividing profit by the day-weighted average number of investment units
outstanding during the fiscal period. Diluted profit per investment unit is not shown since there are no potential
investment units.
Note 2: Calculation of profit per investment unit is based on the following.

Profit (thousands of yen)Amount not attributable to common unitholders(thousands of yen)
Profit attributable to common investment units(thousands of yen)
Average number of investment units during the fiscal
period (units)(Significant subsequent events)
No relevant items.
(9) Change in the number of investment units outstanding
No relevant items.

11

35th fiscal period

36th fiscal period(September 1, 2021 to
February 28, 2022)(March 1, 2022 toAugust 31, 2022)

2,814,814

2,804,394——

2,814,814

2,804,394

796,000

796,000

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

3. Reference Information(1) Information on the prices, etc. of investment assets
1) Investment situation(as of August 31, 2022)

Type ofasset

Location

Use

RetailOffice buildings

Real estate

Others(Note 1)

Total value of
properties owned

Percentage of
total assets(mm of yen) (Note 2)(%) (Note 3)

Fukuoka
metropolitan area——

Other Kyushu areas——

Fukuoka
metropolitan area——

Other Kyushu areas——

Fukuoka
metropolitan area

—

—

2,128

1.1

2,128

1.1

Fukuoka
metropolitan area

66,78033.2

Other Kyushu areas

37,08918.4

Fukuoka
metropolitan area

59,306

29.5——

Fukuoka
metropolitan area

19,632

9.8

Other Kyushu areas

5,226

2.6

188,035

93.4

11,0605.5

201,223100.0[190,171][94.5]

Other Kyushu areas
Subtotal
RetailOffice buildings

Real estatein trust

Other Kyushu areas
OthersSubtotal
Deposits and other assets
Total amount of assets (Note 4)

Note 1: “Fukuoka metropolitan area” refers to cities, towns and villages where 10% or more of the population commute to
Fukuoka City for school and work, according to the 2020 census, which states “the number of workers and students aged
15 years or older (students including those aged 14 years or younger: particular reference) including commuting between
their homes and places of work or school” conducted by Fukuoka City and the Statistics Bureau of the Ministry of Internal
Affairs and Communications. “Other Kyushu areas” refers to all other parts of Kyushu (excluding the Fukuoka
metropolitan area).
Note 2: “Total value of properties owned” is based on the value on the balance sheet (the value of real estate and real estate intrust is the book value after depreciation).
Note 3: Concerning the “Percentage of total assets,” the figures are rounded off to one decimal place. The total of individual
percentages in the above table may not equal 100%.
Note 4: Figures in parentheses for “Total amount of assets” refer to the value and percentage of real estate owned in effect tothe total amount of assets.
(as of August 31, 2022)

Value on balance sheet

Percentage of total amount of assets(mm of yen)(%)

Total liabilities

99,48049.4

Total net assets

101,743

50.6

12

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

2) Investment assets(A) Values and investment ratios at end of period are as follows.
(as of August 31, 2022)

Real estate property nameAcquisition
price(mm of yen)
(Note 1)

Value onbalance sheet(mm of yen)

Period-end
appraisal value(mm of yen)
(Note 2)

Investment
ratio
(%)
(Note 3)

Real estateappraiser

Canal City Hakata

32,00029,75730,600

Tanizawa Sogo
15.5 Appraisal Co., Ltd.

Canal City Hakata･B

21,06020,701

21,400

Tanizawa Sogo
10.2 Appraisal Co., Ltd.

Park Place Oita

19,61020,55520,500Japan Real Estate
9.5 Institute

SunLive City Kokura

6,633

5,548

8,520

Japan Real Estate
3.2 InstituteKonoha Mall Hashimoto

10,00010,01810,000

Tanizawa Sogo
4.8 Appraisal Co., Ltd.

Square Mall Kagoshima Usuki

5,300

4,234

4,650

Japan Real Estate
2.6 InstituteKumamoto Intercommunity SC

2,400

1,921

2,740

Japan Real Estate
1.2 InstituteHanahata SC

1,130

950

1,200

Tanizawa Sogo
0.5 Appraisal Co., Ltd.

Kurume Higashi Kushiwara SC

2,500

1,966

2,740

Tanizawa Sogo
1.2 Appraisal Co., Ltd.

K’s Denki Kagoshima

3,550

2,863

3,660

Tanizawa Sogo
1.7 Appraisal Co., Ltd.
Tanizawa Sogo
2.5 Appraisal Co., Ltd.

Marinoa City Fukuoka (Marina
Side Building)Retail subtotal:
Canal City Business Center
Building

5,250

5,352

5,890

109,433

103,869

111,900

53.0

14,60012,706

17,400

Tanizawa Sogo
7.1 Appraisal Co., Ltd.

Gofukumachi Business Center

11,2008,679

15,600

Tanizawa Sogo
5.4 Appraisal Co., Ltd.

Sanix Hakata Building

4,400

3,731

6,890

Japan Real Estate
2.1 InstituteTaihaku Street Business Center

7,000

5,524

9,770

Japan Real Estate
3.4 Institute

Higashi Hie Business Center

5,900

4,288

8,230

Tanizawa Sogo
2.9 Appraisal Co., Ltd.

Tenjin Nishi-Dori Center Building

2,600

2,650

3,360

Japan Real Estate
1.3 InstituteTenjin North Front Building

2,800

2,350

4,880

Japan Real Estate
1.4 Institute

Higashi Hie Business Center II

4,230

3,901

4,660

Tanizawa Sogo
2.1 Appraisal Co., Ltd.

Higashi Hie Business Center III

3,290

3,218

3,380

Tanizawa Sogo
1.6 Appraisal Co., Ltd.

7,700

7,754

8,250

Japan Real Estate
3.7 InstituteTenjin Nishi-Dori Business Center(Land with leasehold interest)
Hakata Chikushi-Dori Center
Building
Office buildings subtotal:

4,320

4,499

4,540

Tanizawa Sogo
2.1 Appraisal Co., Ltd.

68,04059,30686,96033.0

Amex Akasakamon Tower

2,060

1,599

1,950

Daiwa Real Estate
1.0 Appraisal Co., Ltd.

City House Keyaki Dori

1,111

866

1,090

Daiwa Real Estate
0.5 Appraisal Co., Ltd.

Aqualia Chihaya

1,280

1,129

2,040

Japan Real Estate
0.6 Institute

D-Wing Tower

2,800

2,605

3,880

Tanizawa Sogo
1.4 Appraisal Co., Ltd.

Granfore Yakuin Minami

1,100

1,064

1,370

Tanizawa Sogo
0.5 Appraisal Co., Ltd.

Hotel FORZA Oita

1,530

1,329

1,890

Japan Real Estate
0.7 InstituteTissage Hotel Naha

2,835

2,762

2,880

Tanizawa Sogo
1.4 Appraisal Co., Ltd.

Tosu Logistics Center

1,250

1,134

1,420

Japan Real Estate
0.6 Institute

LOGICITY Minato Kashii

8,150

7,680

9,670

Tanizawa Sogo
3.9 Appraisal Co., Ltd.

LOGICITY Hisayama

5,050

4,688

5,650

Tanizawa Sogo
2.4 Appraisal Co., Ltd.

LOGICITY Wakamiya

1,700

2,128

2,490

Tanizawa Sogo
0.8 Appraisal Co., Ltd.

Others subtotal:
Total

28,866206,339

26,987
190,163

34,330233,190

13

14.0
100.0

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

(Real estate property to be acquired)Real estate property name
Island City Minato Bay related site
(Land with leasehold interest)(tentative) (Note 4)
Note 1:
Note 2:
Note 3:Note 4:

Acquisition
price (planned)(mm of yen)
(Note 1)

Value onbalance sheet(mm of yen)

Period-end
appraisal value(mm of yen)
(Note 2)

8,082

-

8,210

Investment
ratio
(%)
(Note 3)

Real estateappraiser
Tanizawa Sogo
- Appraisal Co., Ltd.

“Acquisition price” and “Acquisition price (planned)” refer to the amount (purchasing prices shown on the purchasing
contracts) not including expenses for the acquisition of relevant properties (agency fees and taxes and other public charges).
“Period-end appraisal value” refers to the evaluation value based on appraisals by a real estate appraiser in conformity withthe method and standards for asset evaluation stipulated in FRC’s Articles of Incorporation and rules stipulated by theInvestment Trusts Association, Japan.
“Investment ratio” is obtained by dividing each property’s acquisition value by the total acquisition price. The total of individual
percentages in the above table may not equal 100%, since the figures are rounded off to one decimal place.
The acquisition of the property falls under the category of forward commitment, etc. as provided by the “Comprehensive
Guidelines for Supervision of Financial Instruments Business Operators, etc.” set by the Financial Services Agency. As areservation deposit, FRC paid the amount equivalent to 5% (approximately 4 mm yen) of the purchase price corresponding
to its acquisition ratio at the time of applying for purchase to the Fukuoka City Government. If FRC withdraws from thepurchase of the property, the deposit shall be used as cancellation penalty.

14

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

(B) Summary of the real estate leasing business(as of August 31, 2022)

Real estate property name

Canal City Hakata

Number oftenants(Note 1)

Occupancy
rate(%)(Note 3)Total
leasable floor
space
(m2)

Total
leased floor
space
(m2)

1 [43]

97.7

46,585.57

45,494.59

Total
leasingrevenues(mm of yen)
(Note 4)
1,016

Percentage
of totalleasingrevenues(%) (Note 5)
11.5

Canal City Hakata･B

1 [42]

96.0

31,141.44

29,904.36

929

10.5

Park Place Oita

1 [103]

99.8

121,184.09

120,987.88

1,164

13.2

1

100.0

61,450.22

61,450.22

270

3.1

SunLive City Kokura
Konoha Mall Hashimoto

1 [124]100.0

22,191.19

22,191.19

816

9.2

Square Mall Kagoshima Usuki

13

100.0

14,602.88

14,602.88

255

2.9

Kumamoto Intercommunity SC

2

100.0

6,968.66

6,968.66

89

1.0

Hanahata SC

2

100.0

2,801.15

2,801.15

40

0.5

Kurume Higashi Kushiwara SC

1

100.0

6,467.80

6,467.80

88

1.0

K’s Denki Kagoshima
Marinoa City Fukuoka (Marina
Side Building)

1

100.0

7,296.17

7,296.17

111

1.3

Retail subtotal:
Canal City Business Center
Building
Gofukumachi Business Center
Sanix Hakata Building

1

100.0

33,069.82

33,069.82

177

2.0

25 [333](Note 2)

99.3

353,758.99

351,234.72

4,959

56.2

1 [64]

100.0

23,031.14

23,031.14

649

7.3

36

100.0

19,905.34

19,905.34

590

6.7

16

100.0

6,293.75

6,293.75

211

2.4

Taihaku Street Business Center

1 [71]

99.5

14,677.35

14,601.53

325

3.7

Higashi Hie Business Center1 [27]

100.0

13,614.59

13,614.59

357

4.0

Tenjin Nishi-Dori Center Building

1

100.0

3,339.32

3,339.32

86

1.0

Tenjin North Front Building

11

100.0

5,252.41

5,252.41

148

1.7

Higashi Hie Business Center II

2

100.0

6,214.77

6,214.77

164

1.9

Higashi Hie Business Center III
Tenjin Nishi-Dori Business Center(Land with leasehold interest)(Note 6)
Hakata Chikushi-Dori Center
Building

6100.0

2,981.14

2,981.14

98

1.1

1

100.0

1,343.51

1,343.51

159

1.8

1 [13]

96.7

5,994.41

5,796.59

133

1.5

99.7

102,647.73

102,374.09

2,924

33.1

Amex Akasakamon Tower

77 [248](Note 2)
1 [64]

94.1

4,821.25

4,534.78

66

0.7City House Keyaki Dori1 [42]

100.0

2,710.86

2,710.86

39

0.4

Aqualia Chihaya

1 [104]98.9

5,619.69

5,559.96

60

0.7

D-Wing Tower

1 [127]93.2

7,187.59

6,695.58

112

1.3

Granfore Yakuin Minami

1 [96]

97.0

2,496.06

2,421.34

39

0.4

Office buildings subtotal:

Hotel FORZA Oita

1

100.0

5,785.44

5,785.44

63

0.7

Tissage Hotel Naha

1

100.0

3,758.76

3,758.76

Tosu Logistics Center

1

100.0

4,173.29

4,173.29

LOGICITY Minato Kashii

2

100.0

43,233.72

43,233.72

LOGICITY Hisayama

1

100.0

24,505.65

24,505.65

LOGICITY Wakamiya

1

100.0

17,556.32

17,556.32

43
Undisclosed(Note 7)
Undisclosed(Note 7)
Undisclosed(Note 7)
Undisclosed(Note 7)

0.5
Undisclosed(Note 7)
Undisclosed(Note 7)
Undisclosed(Note 7)
Undisclosed(Note 7)

99.3

121,848.63

120,935.70

946

10.7

99.4

578,255.35

574,544.51

8,830

100.0

Others subtotal:
Total
Note 1:

Note 2:

12 [440](Note 2)114 [1,021](Note 2)

“Number of tenants” is based on the total number of sections stipulated in the tenancy agreements for retail and officebuildings among relevant properties. For the number of tenants in pass-through master leasing properties, the number ofsections stipulated in the tenancy agreements with end tenants is shown in parentheses. The Taihaku Street BusinessCenter is an office building with a residential tower. Its number of end tenants comprises 13 offices and 58 residences.
The subtotal and total of all the tenants in other than pass-through master leasing properties and the number of sections
stipulated in the tenancy agreements with end tenants for pass-through master leasing properties is shown in parentheses
in the total column for “Number of tenants.”

15

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022
Note 3:Note 4:Note 5:Note 6:Note 7:“Occupancy rate” refers to the percentage of total leased floor space to total leasable floor space and the figures are rounded
off to one decimal place.
“Total leasing revenues” is the total of real estate leasing revenues and other revenues from real estate rent in the current
fiscal period.
“Percentage of total leasing revenues” is obtained by dividing each property’s total leasing revenues by the total amount of
total leasing revenues. The total of individual percentages in the above table may not equal 100%, since the figures arerounded off to one decimal place.
The number of tenants indicates the number of the lessee of the land with leasehold interest. The total leasable floor spaceindicates the land area recorded in the real estate registry.
The figures are not disclosed as no consent to disclosure has been obtained from the tenants.

(2) Status of capital expenditures
1) Capital expenditures after the end of the 36th fiscal period and planned capital expenditures
The following table provides amounts of major items of capital expenditures associated with renovations, etc.
conducted after the end of the 36th fiscal period and of capital expenditures associated with renovations, etc.
planned as of October 19, 2022 for real estate properties owned by FRC. The planned construction costs indicatedbelow may be partly classified as expenses for accounting purposes. In addition, FRC will implement renewal
construction work in order to maintain and improve the competitiveness of properties in the market as well as tenantsatisfaction, on top of the construction, facilities and replacement work for which expenditures will be made regularly.

Real estate
property namePlanned construction cost
(mm of yen)Amountpaid in the Total amountTotal
36th fiscal
already paid
periodLocation

PurposeSchedule

Canal City
HakataHakata Ward,
Fukuoka City

Replacement offacilities andformation of floor
sections

From March 2023 toJuly 2023

528

—

—

Canal City
HakataHakata Ward,
Fukuoka City

Replacement of airconditioning units

From March 2022 toFebruary 2023

78

—

—

Canal City
Hakata·B

Hakata Ward,
Fukuoka City

Replacement ofemergency power
generators

From July 2022 toApril 2023

50

—

—

Park Place Oita

Oita City, Oita

Replacement of airconditioning units

From March 2023 to
May 2023

147

—

—

Gofukumachi
Business Center

Hakata Ward,
Fukuoka City

From April 2023 to
May 2023

52——

Gofukumachi
Business Center

Hakata Ward,
Fukuoka City

From July 2023 toAugust 2023

52

—

—

Hotel FORZA
Oita

Oita City, Oita

From May 2023 toAugust 2023

58

—

—

Replacement ofcentral monitoring
equipment
Replacement ofdisaster prevention
facilities andequipment
Replacement of airconditioning units

16

Fukuoka REIT Corporation (8968); Earnings Briefing for the Period ended August 2022

2) Capital expenditures during the 36th fiscal period
Capital expenditures for the real estate properties owned by FRC totaled 1,946 mm yen in the 36th fiscal period.
Furthermore, FRC incurred construction costs of 2,075 mm yen in total in the period, including 119 mm yen in repair
and maintenance expenses classified as expenses on the statement of income and 9 mm yen in expenses forrestoration to former state. The following table provides the overview of major construction work that was completed
in the 36th fiscal period.
Real estate
property nameLocation

Canal City Hakata

Hakata Ward,
Fukuoka City

Replacement of piping

From July 2021 to April
2022

597

Park Place Oita

Oita City, Oita

Renovation of common
spacesFrom September 2021 toApril 2022

632

Park Place Oita

Oita City, Oita

Formation of tenant sections

May 202278

Park Place Oita

Oita City, Oita

Replacement of airconditioning units

May 2022

33

Konoha Mall
Hashimoto

Nishi Ward,
Fukuoka City

Switching to LED lighting
throughout the building

From June 2022 toAugust 2022

147

Konoha Mall
Hashimoto

Nishi Ward,
Fukuoka City

Improvement of food court
environment

From February 2022 toApril 2022

62

Square Mall
Kagoshima Usuki

Kagoshima City,
Kagoshima

Renovation of external walls

From May 2022 toAugust 2022

19

Gofukumachi
Business Center

Hakata Ward,
Fukuoka City

Replacement of airconditioning units

March 2022

38

Sanix Hakata
Building

Hakata Ward,
Fukuoka City

Renovation of common
spacesFrom February 2022 to
May 2022

36

Taihaku Street
Business Center

Hakata Ward,
Fukuoka City

Repair of mechanical parking
lots

June 2022

14

Taihaku Street
Business Center

Hakata Ward,
Fukuoka City

Replacement of heatexchangers

August 2022

10

Hotel FORZA Oita

Oita City, Oita

Replacement of airconditioning units

May 2022

12

Purpose17

PeriodConstruction cost
(mm of yen)