Security code

Overview of the 38th fiscal period performance［8968 ］March 1st,2023〜August 31st,2023

Security code

Overview of the 38th fiscal period performance［8968 ］ March 1st,2023〜August 31st,2023
Executive summary

1

Appraisal value

14

Dividend per unit

2

Sustainability

15

External growth strategy and new acquisition of property

4

Financial statements and Business forecasts

18

Portfolio overview

6

Appendix

22

Financial strategy

12＊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
Fiscal period ending August 2023（38th period） Dividend is +153 yen compared to forecast. A dividend of 3,753 yen is an all-time high（＊1）

External Growth・Better-than-expected progress made in leasing at■Acquisition of 3 new properties
Name of property
Acquisition date
Acquisition priceInternal Growth

Kumamoto
East Front Building

Axion
Befu-Ekimae Premium

HakataFD Business Center

38th

39th

March 28, 2023

April 27, 2023

September 1, 2023

1,450 mm yen

1,525 mm yen

14,100 mm yen

6.0％

3.5％

4.1％

NOI yield （＊2）

・Sales increased year on year at all active retail facilities
properties ・ Canal City Hakata faced downtime due to renovations, but inbound tourism
demand recovered better than expected
・Canal City Hakata ： Sales up 18.0% year on year
： Number of visitors increased year on year due to theInitiatives ・Park Place Oita
continuous implementation of eventsby eachfacility
・Konoha Mall Hashimoto ： Sales increased in service and other business areas, due
to the revival of demand for outings■Retail

Hakata FD Business Center■Officebuildings（＊2） The indicated figure is based on the NOI described in the appraisal report.

・The period-end occupancy rate：98.5% （＊5）
Increase in monthly rent

（upon rent revision and tenant replacement）

Financial Management
Total debt

Committed line

86,450 13,000
mm yenmm yenFixed rate

■Others

Average remaining
duration to maturity

92.8％ 4.9 years
J-REITs' average：
4.1 years （＊4）

LTV （＊3）＋1.3 mm yen

・Logistics ： 100% occupancy rate. Rents revised upward for Tosu Logistics Center： ADR at Fukuoka Washington Hotel recovered to pre-COVID levels.
・HotelVariable rent continued to be generated at Tissage Hotel Naha（＊5）Residential floor spaces are removed from the total leasable floor space of Taihaku Street Business Center.

42.4％

Sus t ainabilit y44.7％（＊4）■External certification – GRESB Real Estate Assessment: “4 Stars”, Disclosure Assessment: “A Level”

J-REITs' average：– Green Building certification obtained for 80.3%（As of Sept. 1, 2023）（＊3）LTV is calculated as total interest-bearing debt divided by total assets.
（＊4）Indicates the average value of the latest account settlement figures of all investment corporations as of August 2023,■ Assessment of financial impacts based on climate change scenario analysis（qualitative・quantitative analysis）

calculated by Fukuoka Realty based on their disclosure materials.

（＊1） The dividend for the 2nd period is 3,802 yen, but the number of operating days is 296 days.

Dividend per unit
（yen）

4,000
3,000

3,250

3,361

3,539

3,536

3,523

130

2,000

3,580

3,755

3,600
【Dividend per unit】

145（Gain on sale）

3,753（Gain on sale）

543（Gain on sale）

299

38th Actual 3,753 yen（Gain on sale）

compared with the39th Forecast 3,755 yen forecast at 37 ＋155yen
th

1,000
0

compared with theforecast ＋ 153 yen

40 Forecast 3,600 yen
th

32

nd

Aug. 2020

33

rdFeb. 2021

34thAug. 2021

35thFeb. 2022

36thAug. 2022

37thFeb. 2023

38thAug. 2023

39

th

40

th

Feb. 2024[forecast] Aug. 2024[forecast]

Executive summary1Dividend per unit
Forecast dividend of 3,600 yen for the 40th fiscal period achieves the target dividend level after the absence of gain on sale
38th （Aug. 2023） Actual （compared with the previous FP）（yen）

38th （Aug. 2023） Actual （compared with the forecast）

（yen）

398

4,000

4,000
3,900

3,900

74

3,800
3,700
3,600

30

（220）

10

3,753

（9）

（61）

3,580

Of which, depreciation and amortization expenses（21）
selling general and administrative expenses （16）other operating expenses（24）

Kurume
Canal
Canal
37
HigashiCity
City
Actual Kushiwara SC Hakata Hakata
Gain on sale （Leasing business （Repair &threvenues）

maintenanceexpenses）

Higashi Hie Kurume
New
Repair &Expenses maintenanceproperty Business Higashi
Other
from
acquisition Center Kushiwara SC
expenses Others
revenues
utilities （Excl. Canal（NOI after （Leasing business NOI absence
depreciation）

revenues）（NOI after
depreciation）

71

44

139

3,753
（3）

3,600
Of which, revenues from utilities （79）

3,500

6
Of which, depreciation and amortization expenses
selling general and administrative expenses （5）other operating expenses
（4）

3,400
3,300
38 th
Forecast

38
Actualth

City Hakata）

39th （Feb. 2024） Forecast

（65）

（33）

3,600

Of which, revenues from utilities 9

3,400

3,800
3,700

（89）

3,500

3,300

3

37

Canal City
Hakata（Leasing businessrevenues）

Canal City
HakataOther
revenues（Repair &maintenanceexpenses）

Expensesfromutilities

Repair &maintenanceexpenses

38 th
ActualOthers（Excl. Canal
City Hakata）

40th （Aug. 2024） Forecast

（yen）

（yen）

4,000

4,000

74

194

3,900

3,900

39
3,800

（58）

3,753
92

3,700

3,500

（72）

Of which, revenues from utilities （36）

91

3,600

3,755

（63）
（52）

Of which, depreciation and amortization expenses（27）
selling general and administrative expenses （20）other operating expenses
（25）

（243）

3,400
3,300

3,800

Canal
KurumeCity
38
Higashi
HakataActual Kushiwara SC （Leasing
Gain on sale businessrevenues）

KurumeCanal
New
Expenses Repair &Cityproperty Higashi
Other
maintenance Borrowing
fromHakata acquisition Kushiwara SC
expenses
costs
revenues
NOI
absence（Repair &（NOI after
utilities （Excl. Canal

maintenanceexpenses）

depreciation）（NOI after
depreciation）

City Hakata）

9

89

3,600

75

24

（79）

（23）

3,600
（28）

Of which, depreciation and amortization expenses （33）selling general and administrative expenses （9）other operating expenses
＋14

（299）

Kurume（8）

Of which, revenues from utilities 74

3,500

3,300
39 th
Others Forecast

85

3,700

3,400

th

3,755

Canal

City
Higashi
39 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

40 th
Forecast

Dividend per unit

2

Dividend in normal operation
Target dividend in normal operation ： 3,800 yen（yen）

Dividend （excluding gain on sale）

Gain on sale

3,900

＋4.8％

3,700

＋10.2％

3,500
3,300

3,250

2,700
2,500

3,753

145

＋5.6％

3,755

3,580

＋12.1％

543

3,456
3,210

37 th
Feb. 2023

Implementation of
specific measures

Early achievement of
3,600 yen through property profits

Dividend recovery fromthe COVID-19 pandemic’s
worst phase
32nd
Aug. 2020

3,800

3,600

299

3,435

3,100
2,900

All-time high （＊）

38 thAug. 2023

Actual39 th
Feb. 2024[forecast]

40 th
Aug. 2024[forecast]

Normal operation

Forecast

2025〜2026

External Growth

Utilization of gains on saleand retained earnings（＊） The dividend for the 2nd period is 3,802 yen, but the number of operating days is 296 days.

Specific measures
Internal Growth・Execution of the future vision at Canal City Hakata
properties ・ Capturing inbound demand （China, etc.）■Retail■Officebuildings■Logistics： 221.6 billion yen

・New property Hakata FD Business Center in normal operation
・ Contract renewal and leasing by leveraging positive gaps in existing■ Target asset size ： 300 billion yen

・Rent renewal targeting market rent levels at existing logistics facilities

with a target asset size of 300
billion yen.

office buildings■Residence ・ Continuation of rent increases due to replacement■Hotel■ Asset size as of September 2023

・Performance-based rental income from the Tissage Hotel Naha generated

by the recovery of inbound demand in Okinawa

・ Continue to expand the portfolio■ Unrealized gains for the period ended

August 31, 2023: 48.4 billion yen
Replacement of properties
based on portfolio strategy
Utilization of gain on sale・Underpinning of distributions
・ Consideration of internal reserve

Dividend per unit3

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●Considering 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 August 31, 2023）

17/36

Acquired from sponsor（＊1）
SponsorOutside party

78,624mm yen● 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● After acquisition, property management that is closely tied to the community and assumes long-term ownershipproperties

New acquisition properties

78,624mm yenas ofAugust 31,
2023

37.9％ 207,564
mm yen35.5％
128,940mm yenas of
September 1,2023（＊2）

221,664mm yen38th［future］

asset size

143,040mm yen〜300,000

Office buildings

39th

Newly built

Residence

Newly built

Office buildings

mm yen

64.5％

62.1％
（＊1）Because the Higashi Hie Business Center that was acquired in the 10th FP, August 31, 2009, was acquired fromboth 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 by adding the acquisition price of the Hakata FD Business Center from August 31, 2023.

Investment type（based on acquisition price）

Others

14.6％
Office buildings

33.5％

Retail51.9％

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

Acquisition date

Others
13.7％

Office buildings
37.7％【Aiming for the optimal portfolio】

OthersMarch 28, 2023

September 1, 2023

Acquisition price

RetailRetail48.6％

April 27, 2023

1,450 mm yen
Office buildings

1,525 mm yen

14,100 mm yen

SourceOutside party

Outside party

SponsorExternal growth strategy and new acquisition of property

4

Leasing progress for Hakata FD Business Center

Succeeded in attracting leading domestic and foreign blue-chip companies and achieved faster leasing progress than expected
呉服町ランプ

Summary of Hakata FD Business Center

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％

7-Eleven

Hotel Okura
Fukuoka

4 minute walk

Hakataza
Theater

Nakasu Kawabata Station

Gofukumachi
Business Center

Ta
iha
ku
do
1 minute walkri
Ave
SubwayAirport Line
To
Ha
ka
ta

Hakata Riverain
mall

Reisen Park

Leasing Status◎Occupancy rate 86.5% （contracted + applied）（＊）

M
eij
i-d
or
iA
ve

Appraisal value

Gofukumachi
Station

Ha
ko
za
ki
Lin
e

14,100 mm yen

Su
bw
ay

Acquisition price

Kuramoto

Hakata FD Business Center
do
ri A
ve

September 1, 2023

Map of the area

Te
nji
n

Acquisition date

福岡市都市高速環状線

To

Hakata FD Business Center

Sh
ow
a

Name of property

御笠
川

100m

12F

Contracted

Underconsideration

AppliedFinancial institution（Foreign-affiliated）

11F
10F

Financial institution（Foreign-affiliated）

9F

Consulting business（Foreign-affiliated）

8F
7F

IT
business

6F

Industrial systems business

5F

Energy business

VacantTelecommunications business（Foreign-affiliated）
Telecommunications business

4F

Office equipment/OA-related business

3F

Independent administrative institution

2F（Foreignaffiliated）

Business process outsourcing business

Entrance hall

1F

Insurer

Manufacturer

Trading company

Vacant（＊） The leasing status is as of September 30, 2023. Occupancy rates are based on assumptions as of January 1, 2024.

The occupancy rate is 60.6% as of October 1, 2023.

Summary of Contracted and Applied Tenants （based on floor space）【Reason for Occupancy】

7％
7％

10％

24％

【Domestic or Foreign】

Extension and relocation
New base

51％

Site improvement
Annex
Eviction and relocation

46％

54％

Foreign-affiliatedcompanies
Domestic
companies＊CASBEE Wellness Office Evaluation Certification on February 27, 2023 （S rank, first in Fukuoka）
DBJ Green Building certification obtained on September 1, 2023 （3 stars）

Good Design Award on October 5, 2023

External growth strategy and new acquisition of property

5Trends in the Fukuoka office market

Tenant demand is robust, and progress of new building leasing is uneven
Fukuoka business district / Vacancy rates and supply and demand of office buildings◎Existing buildings remain steady; occupancy in new buildings polarized（tsubo）

40,000（％）

20

New supply（Total floor space）

Fukuoka business district / Average vacancy rate

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

FRC have remained at low levels

Central Tokyo（5 wards）19,750yen（YoY（ 2.0）％）
11,493yen（YoY＋0.7％）
Fukuoka◎The vacancy rates of office buildings owned by（tsubo）

21,000Net absorption（absorption demand）

35,000Vacancy rate（Fukuoka）

Vacancy rate（Fukuoka）

As of Sept. 2023
Central Tokyo（5 wards） 6.15 ％Vacancy rate（Office buildings owned by FRC）

15.38
30,000Fukuoka 5.80％

14.72
13.23

NagoyaSendaiOsaka
Sapporo11.98

25,00015

Existing buildings 4.32％
New buildings 49.26％

10.86

5.73％
5.39％
4.47％
2.86％

20,000 10.99

10
7.70

15,000

6.30
4.53 4.37

5,000

3.07

（10,000）（15,000）

Property name5

12,000

4

9,000

3

6,000

2

3,000

1

Address

Total floor space（tsubo）

February

Hakata FD Business Center

Tsunabamachi, Hakata Ward

4,754

February

Taihaku Sky Square

Tenyamachi, Hakata Ward

1,054

March

Daimyo Garden City

Daimyo, Chuo Ward

9,134

March

Hakata Station Parkside Building

Hakata Ekimae, Hakata Ward

1,362

April

Kyukan Suehiro-dori Building

Hakata Ekimae, Hakata Ward

1,591

June

Fukuoka K Square

Nakasunakashimamachi, Hakata Ward

3,394

Total

21,2892022

2023（year）

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

◎Vacancy rates are relatively low in large-scale and large-sized buildings

New buildings completed in 2023（more than 100 tsubo per floor area）
Completed15,000Trend of office building vacancy rate in Fukuoka City by size0Over 80% of tenants informally decided（20,000）

5

2.09

0
（5,000）6

0 Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. 0

3.79
2.04

7

Vacancy rate（Office buildings owned by FRC）

18,0005.80
4.26

10,000（％）

New supply（Total floor space）

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 （year）＊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 September.（scheduled）＊The vacancy rate for office buildings owned by the Investment Corporation in 2023 is based on figures as of the end of August.
＊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.

（％）

16.0

Large-scale building

Large-sized building

Medium-sized building

Office buildings owned by FRC

14.0

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

12.0

Small-sized building
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
8.0
6.0

4.4％

4.0

3.7％

2.0
0.0

2016

2017

2018

2019

2020

202１

2022

2023（year）

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

Portfolio overview

6Historical and projected office buildings’ occupancy rates
Unit rents are rising with high occupancy maintained（％）

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

2

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

3

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

4Taihaku Street Business Center （＊1）
Total leasable floor space：11,249.97㎡

5

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

6
7

Tenjin Nishi-Dori Center Building
Total leasable floor space：3,339.32㎡
Tenjin North Front Building
Total leasable floor space：5,261.64㎡

8

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

9

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

10
11
12

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㎡
Kumamoto East Front Building
Total leasable floor space：3,139.20㎡

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

Total leasable floor space：100,892.70㎡

100.0
90.0

100.0

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

99.0

99.1

99.1

96.0

◎Keeping high occupancy rate from the 37th FP

100.0

100.0

100.0

100.0

〈Average occupancy rates（projected）： 39th：98.5％ 40th：99.0％ 〉◎ Continue with rent increase through rent revision upon contract

100.0

100.0

100.0

100.0

97.9

99.8

99.9

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

100.0

100.0

100.0

100.0

100.0

93.3

95.3

90.0

86.7

83.8

70.0
90.0

100.0

100.0

85.0
100.0

〈Average occupancy rates（actual）： 38th：98.6％ 〉

97.9

80.0
100.0
80.0
100.0

Overview of Office Buildings

99.1

98.7

1,592
1,774

Move inMove out

37th

73.6

98.6

98.5

99.0

239

483

284

80.0

（tsubo）

Move-in/move-out floor space

99.7

377

330

357

38th

39th

40th

＊Occupancy rates are calculated as a weighted average during period.
〜Feb. 28, 2023
〜Aug. 31, 2023
〜Feb. 29, 2024
＊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）.

〜Aug. 31, 2024
（forecast）

renewal and tenant replacement

Major indicators of owned properties（＊3）
Total amount of acquisition
Investment ratio
Average age （＊4）
Tenants （＊5）
Total leasing revenues-real estate in the 38th FP
Rent gap （＊4）

69,490 mm yen
33.5％
20 years 10 month192
3,014 mm yen
12.5％（＊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 Aug. 2023.

Trend in rent unit price index of owned properties （＊7）（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 38th（＊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

7Initiatives at Canal City Hakata①
With sales on track to recovery to pre-pandemic levels, expectations are placed on further increase in the future
Canal City Hakata Sales Trends and Number of Foreign Nationals Entering Kyushu（mm yen）

Number of foreign nationals entering Kyushu

Canal City Hakata sales （＊）

16,000Downtime due tothe opening of
Alpen FUKUOKA（people）

3,000,000

COVID-19 outbreak

14,0002,500,000

12,0002,000,000

10,0001,500,000

8,000

1,000,000

6,000

500,000

4,000

28 th

Aug. 2018

30 th

29 th

Feb. 2019

32nd

31st

Aug. 2019Feb. 2020

34 th

33rd

Aug. 2020Feb. 2021

Aug. 2021

35 th

Feb. 2022

36 thAug. 2022

37 thFeb. 2023

38 thAug. 2023（＊） 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.

Feb. 2024（forecast）

40 th

0

Aug. 2024（forecast）

Factors behind the sales recovery trend after
the COVID-19 pandemic was settled

Situation of inbound◎Number of foreign nationals entering Kyushu
2018

39 th

Opening of Kushida Shrine Station

Recovery of domestic customer traffic

Events to at trac t customers

2023

Country /Regionmonthly average

Mar.

Apr.

May

Jun.

Jul.

Aug.

Total numberof immigrants

426,357

223,239

234,552

224,506

251,307

266,019

272,036

Korea

200,805

139,161

131,961

135,682

148,940

-

-

China

142,328

2,062

3,025

3,017

9,006

-

-

Taiwan34,46023,53924,30325,99736,014--

Hong Kong

23,792

13,78020,121

21,52827,374--

Others24,971

44,69755,14238,282

29,973--

Expectations for future sales growth
Recover y of inbound tourism

Alpen FUKUOKA Grand Opening

Better traffic flow from surrounding facilities＊The number of foreign visitors including cruise ship tourists. Figures for July and August 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.

◎Cruise Ship Calls to Hakata Port
year
Number of
port calls

2016

2017

2018

2019

2020

2021

2022

328

326

279

229

14

0

2

2023

（scheduled）

84＊The actual number of port calls from January to September 2023 is 49.

Source: Prepared by Fukuoka Realty based on data as of October 12, 2023 from the Fukuoka City Port & Airport Bureau

Portfolio overview

8Initiatives at Canal City Hakata②

Promote phased revamping in line with the future vision
Alpen FUKUOKAGrand Opening
September 15, 2023

Measures to attract customers
Furimaniacs “SAKE”

Canal Splash

Kabukuwa Sugoizo!! Exhibition
SPORTS &HEALTHCAREStore nameLocation

Alpen FUKUOKASouth Building 1F （partial） through 3F

Opening date September 15, 2023

East Building

CREATIVE

Revamped

Business Center Building

Center Walk

◎April 15, 2023

Canal City Theater

THE NORTH FACE+ extension completed

South Building
North Building

Grand Building

CREATIVE

Canal City Hakata

Canal City Hakata・B

Seiryu Park Renewal
Spring 2025~

Canal City Business Center Building＊Fukuoka REIT currently has no plan to acquire Canal City Hakata East Building and Canal City Theater.

◎Autumn and Winter 2023 ～La Festa to be revamped

FOOD

Planning renovating the Grand Building B1F dining zone

◎Becoming a showcase for a new food culture that combines Fukuoka specialties withthe cuisines of various Asian countries by actively attracting handpicked restaurants

B1F
Neo-bistro and bar zone

Gastronomy zone

◎The group represented by the sponsor, Fukuoka Jisho
Co., Ltd., became the preferred bidder for the “Seiryu
Park Development and Management/Operation Project.”

Portfolio overview

9Situation of other assets （Logistics）
Continued rise in unit rents
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

12

forecast
10

100,000
80,000860,000

6

40,0004

20,0002

00

Tosu Logistics Center

LOGICITY Minato Kashii

LOGICITY Hisayama

LOGICITY Wakamiya

Property
name（％）

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

LOGICITY Minato Kashii

North

3

10km

2018

2019

2020

2021

2022

2023

2024 （year）

Fukutsu
3

Koga

LOGICITY Koga

Trend in rent unit price

Fukuoka IC
area

Fukuoka I.C.

Itoshima Hakata Port area

3,800

JR Chikuhi Line

forecast

3,600

FukuokaKama

Dazaifu I.C.

LOGICITY LOGICITY
Minato Kashii Hisayama

Saga Pref. y
wa
Na

2019

2020

2021

2022

2023

2024

Kurume山浦PA

Tosu JCT area

Tosu I.C.

E

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

＊
＊

I.C

e

Ukiha

Oita

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

i Lin

sak

aga

N
HigashiseburiJR

Asakura

久留米基山筑紫野2018＊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.

2025 （year）

Sagayamato
I.C.

s

pres

i Ex

ak
gas

崎
方
面

2,800

385

至長崎

Hakata Port・Fukuoka IC・Inland area

329

Nishitetsu Tenjin
Omuta Line

Rent gap of 10% or more386

（tentative） LOGICITY Ogori

Chikugoogori
I.C.

1km

Kyushu Expressway

3,000

323

hu n
us se
Ky nkaniSh

Contract renewal

至
長

3,200

Chikushino I.C.

17

Within aradius of
30 km from
Fukuoka IC

Fukuoka

Logistic plan in Sonobe,
Kiyama Townshu
Kyu sswayreExp

Inland area

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
ay

3,400

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

（yen／tsubo）

2,600

322
西公園

◎Large supply, but rents expected to increase

Fukuoka 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

Kag JRosh
Line ima

2017＊Medium and large logistics facilities with a total floor space of 5,000 m2 or more in the Fukuoka metropolitan area are targeted.
Source: Prepared by Fukuoka Realty based on data of CBRE.

10

o n
ny se
Sa kaninhS
NogataFu
E x U kupr r b ok
e s an a
sw
ay

2016

LOGICITY Wakamiya

線

本

豊

日

LOGICITY Hisayama
JR hii
Kasne
Li

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

Munakata

Portfolio overview

10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
34th
（Aug.2021）

Occupancy rates

35th（Feb. 2022）

36th（Aug.2022）

37th（Feb. 2023）

38th（Aug.2023）◎ADR at Fukuoka Washington Hotel recovered to pre-COVID levels

Amex Akasakamon Tower

96.7%

96.9%

96.3%

94.2%

98.6%

City House Keyaki Dori

94.5%

98.6%

97.2%

98.8%

97.0%

Aqualia Chihaya

98.0%

99.3%

98.3%

98.9%

97.8%

D-Wing Tower （＊1）

94.3%

93.4%

95.7%

97.3%

97.6%

Granfore Yakuin Minami

97.7%

98.0%

97.2%

98.0%

95.3%

Rooms

The weighted average of
5 properties

96.1%

96.7%

96.8%

97.3%

97.5％

Leasing Form

50.7%

Area

94.5％

Operator＊1）
Axion Befu-Ekimae Premium （（＊2）

The weighted average of 6 properties＊The occupancy rate is calculated as a weighted average over the period.
（＊1）The figure includes the retail portion.
（＊2）Since Axion Befu-Ekimae Premium was acquired as of April 27, 2023, occupancy rates are shown for the period from April to August 2023.

（Jonan Ward）

Number of population

140,000 124,898
120,000
61,802100,000
80,00060,00040,00020,0000
2018

125,333

125,842

126,244

126,148

62,58563,40064,06564,531

Number of households

Fukuoka City

Higashi
Ward
2019

2020

2021

2022

Chuo
Ward

◎In-migrants/Out-migrants （Jonan Ward）
Number of in-migrants
Number of out-migrants（people）

10,000

842

0

641

Change

773
483

360

497

Nishi Ward

Befu Sta.

HakataTenjin Sta.

HakataWard

Jonan Ward Minami
Ward（5,000）（10,000）

Sawara Ward
2018

423

205

132

Fixed＋Variable rents

Fixed rents

Fixed＋Variable rents

Fukuoka City

Oita City

Naha City

WHG Nishinihon

FJ Hotels

Nest Hotel Japan Corporationaccommodation（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）

38th（Aug. 2023）

80.6％

71.0%

ADR （＊3）

6,257 yen

7,369 yen

RevPAR（＊4）

5,045 yen

5,231 yen

Room occupancy
rates（＊3）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.
（＊4）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.

2km

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

5,000

Tissage Hotel Naha

2019

2020

2021

2022

2023

＊Figures for 2023 are from January to August.
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） .

◎Trends in lodging occupancy index （monthly average）（index）

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

Tokyo

Fukuoka

Oita

Okinawa

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

②

④

n.
Ja

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

（people）

Hotel FORZA Oita

Hotel
（ Specialized for ）Residential Market in Fukuoka City’s Jonan Ward
◎Population and number of households

Fukuoka Washington Hotel[Canal City Hakata]

2019

2020

2021

2022

2023

＊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）

11

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◎Borrowings （long-term） in the 38th period （fiscal period ended August 2023）●New Borrowings

While diversifying debt maturities●Refinancing

LenderDate□ Adjust financing periods（used to be 7-10 years）

March 31, 2023 The Higo Bank

□ Adjust ratio of fixed/floating interest□ Lower spread

The HiroshimaJune 30, 2023 Bank

Aim to control financing costs through the above

AmountTerm

Interest rate

Date

700 5.0-year

0.61500％

Sustainable finance750 10.0-year

3-month TIBOR

July 31, 2023

500 6.0-year

0.54125％

Sustainable finance（mm yen）＋0.30%

1,000 7.0-year 0.63500％

Average interest rate （＊1） and duration
Average interest rate（％）

（％）

1.3

8

Forecast

1.2

7

1.1

6

1. 0
0.9

5

5.7

5.2

5.4

4.9

4.9

5.3

4.8

4

0.8

3

0.7

2

0.6
0.5

0.69

34th
Aug. 31, 2021

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.

0.67

0.70

39th
Feb. 29, 2024

40th
Aug. 31, 2024

10

Sumitomo Mitsui
Trust BankGreen Loan

Green Loan

August 31, 2023

Development
Bank of Japan

AmountTerm

Interest rate

900 5.0-year

0.50100％（mm yen）

600 8.0-year 0.82900％
2,000 6.0-year 0.83750％
2,000 6.5-year 0.90689％

Floating

8.9％（year）

Duration （years）

LenderFixed andfloating
rate

at the end of
the 40 th FP（Aug. 2024）
forecast

Floating

7.2％

at the end of
the 38 th FP（Aug. 2023）

Fixed
91.1％

Long-term rateLong-term

100％

at the end of
the 38 th FP（Aug. 2023）

Fixed
92.8％
Credit ratings （＊2）

JCR

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

12

Financing condition②
LTV rose, but controlled within the upper limit of 50%
Diversification of debt maturities（As of August 31, 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

2,500

2,000
0

6,600

4,200

2,000

700

2,000

1,900

39

40

41

42

th

th

st

2024

nd

7,000

7,000

7,000

44

rd

45th

th

2026

2025

6,800

6,200

50th

51st

1,200
1,500

300
43

4,400

5,900

6,900

4,900

1,000
56th

750

54th

58th

1,000
68th

2031

2032

2033

2038

700
46th

47th

2027

48th

49th

2028

2029

52nd

2030

（year）

LTV
（％）

50

45

Forecast

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

45.6％

45.6％

39th

40th

42.4％

35

30

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

Feb.
2024

Financial strategy

Aug.
2024

13

Appraisal value
The unrealized gains（＊1） totaled 48,478 million yen at the end of 38th fiscal period （increase of 1,947 million yen compared with previous fiscal period）- unit : mm yen

At the end of the 38th FP（Aug. 31, 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 （＊3）
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
Kumamoto East Front Building （＊4）
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）
Axion Befu-Ekimae Premium（Residence）（＊4）
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
750
3,550
5,250
107,683
14,600
11,200
4,400
7,000
5,900
2,600
2,800
4,230
3,290
7,700
4,320
1,450
69,490
1,250
8,150
5,050
1,700
2,060
1,111
1,280
2,800
1,100
1,525
1,530
2,835
30,391
207,564

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%
5.0%
5.9%
5.2%
5.1%
6.4%
5.4%
5.5%
6.8%
5.9%
5.6%
3.4%
6.6%
5.3%
-

Appraisalvalue①
29,30021,70020,2008,540
10,100
4,700
2,840
1,200
822
3,490
5,860
108,752
19,30016,0007,010
10,100
9,240
3,400
5,050
4,900
3,530
8,770
4,580
1,510
93,3901,640
10,000
5,950
2,590
2,050
1,150
2,060
4,020
1,430
1,560
1,860
2,940
37,250239,392

Book value②
29,89920,506
20,374
5,449
9,893
4,187
1,900
941
580
2,819
5,311
101,865
12,646
8,634
3,696
5,507
4,320
2,630
2,297
3,821
3,179
7,754
4,477
1,518
60,484
1,117
7,607
4,613
2,108
1,597
850
1,136
2,575
1,125
1,651
1,463
2,715
28,563
190,913Difference
①-②
（599）
1,193
（174）
3,090
206
512
939
258
241
670
548
6,886
6,653
7,365
3,313
4,592
4,919
769
2,752
1,078
350
1,015
102
（8）
32,905
522
2,392
1,336
481
452
299
923
1,444
304
（91）
396
224
8,686
48,478Cap Rateby direct
capitalization
method

③

4.2%
4.3%
5.4%
5.6%
5.1%
5.5%
5.4%
5.4%
5.5%
5.4%
4.8%
3.8%
4.0%
3.7%
4.1%
4.2%
3.5%
3.6%
4.2%
4.0%
3.0%
4.1%
4.6%
4.5%
3.8%
4.0%
5.1%
4.0%
4.0%
4.2%
4.0%
3.9%
3.5%
5.2%
4.9%
-

At the end of the 37th FP（Feb. 28, 2023）
Appraisalvalue④
29,50021,80020,5008,530
10,100
4,710
2,790
1,200
825
3,490
5,860
109,305
18,80015,600
6,850
9,830
8,990
3,310
4,930
4,790
3,450
8,500
4,550
1,460
91,060
1,440
9,760
5,790
2,550
2,000
1,120
2,060
3,940
1,390
1,530
1,900
2,910
36,390236,755

Difference
①-④
（200）
（100）
（300）
10
0
（10）
50
0
（3）
0
0
（553）
500
400
160
270
250
90
120
110
80
270
30
50
2,330
200
240
160
40
50
30
0
80
40
30
（40）
30
860
2,637

Cap Rateby direct
capitalization
method

⑤

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%
4.7%
3.9%
4.1%
5.2%
4.1%
4.1%
4.2%
4.1%
4.0%
3.6%
5.1%
4.9%
-

Appraiser

Difference
③-⑤
0.0%
0.0%
0.0%
（0.2）%
0.0%
0.0%（0.1）%
0.0%
0.0%
0.0%
0.0%
（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%（0.2）%（0.1）%（0.1）%（0.1）%（0.1）%（0.1）%
0.0%（0.1）%（0.1）%（0.1）%
0.1%
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
Tanizawa 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
Daiwa Real Estate 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 70% quasi co-ownership interest in the trust beneficiary interest on August 31, 2023, acquisition price and appraisal value are the figures after subtracting the 70% portion.
（＊4） The appraisal value at the end of the 37th fiscal year and the most recent cap rate are figures based on the appraisal at the time of property acquisition.

Appraisal value

14

Sustainability

Strengthening the organization of Sustainability Promotion Office （addition of two members including one dedicated member） （from June 2023）
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

● Join and participate in local economic

promote attractive urban development in collaboration with local
business circles● Deepen dialogue and collaboration with local community throughparticipation 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

Acquired DBJ Green Building Certification NEW［Hakata FD Business Center （acquired on September 1） ]● Training per employee （number of times）● Improve office environment（number of cases）● Enhance dissemination of information regarding strengths andcharms of Fukuoka and Kyushu＜80.3% of entire portfolio＞

85% Green Building Certification
rate or higher● Conduct regular tenant satisfaction
surveys （all properties）● Support research and studies on local economy and industries and● Ratio of green buildings certified （as of September 1, 2023）●（by 2030）● Promote improvement of employee satisfaction and work towards

increasing job satisfaction of tenant employees

Environment ➡ P29

organizations● Host local community events（number of times）● Join and participate in area management

organizations● Continued participation in activities that
contribute to the community （number of times）● Dialogue with investors（number of times）● ESG training for employees（number of times）● Compliance training（number of times）

Building featuring excellent"environmental and social considerations"Society ➡ P31● Implementation of corporate version of Furusato（hometown） tax payment by corporations

NEW（Kikuyo-machi, Ozu-machi, and Koshi City, Kumamoto）

Support for development and revitalization in
the areas in which we invest

Donationpresentation
ceremony（July 31,2023）

Ozu-machi

Kikuyo-machi

Koshi City

Sustainability

15

Assessment of Financial Impacts Based on Climate Change Scenario Analysis （qualitative analysis）
Updating qualitative analysis of risks and opportunities and financial impacts in line with the recommendations of the TCFD （Task Force on Climate-related Disclosures）
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 and Financial Impacts

Transition risks

Policy andlaw

Carbon tax burden increases with the introduction of carbon pricing

Technology

Severity
2030
2050

Response to Risks and Opportunities
Promotion of CO2 reduction targets
Energy-saving retrofits/introduction of renewable energy
Operation to boost energy efficiency
Develop long-term renovation plans, eyeing the useful life of buildings
Utilize subsidies, etc.
Improved portfolio in terms of environmental performance through acquiring properties, including ZEB and ZEHSM（energy-saving, power storage, ZEB/ZEH conversion, photovoltaics, etc.）

L

L

Market preferences cause vacancy rates to rise/rents to fall for
non-decarbonization-compatible properties

S

S

Delayed response to decarbonization causes unit prices to fall, missing
external growth opportunities--

Delayed response to decarbonization leads to shorter borrowing periods andhigher interest rates

S

S

More frequent disasters increase costs of damages/recovery

L

L

More frequent disasters increase disaster preparedness costs

S

M

Increased air conditioning usage due to rising temperatures increases utility
cost burden

S

SCountermeasure costs increase due to sea level riseS

S

Higher resource
Energy procurement costs associated with energy conservation decrease
efficiency

S

S

S

S

-

-

S

M

Promote environmental certification acquisition
Identify tenant needs through satisfaction surveys, etc.

Successful decarbonization response expands borrowers and financing
opportunities

S

S

Utilization of green finance

Successful decarbonization response helps tap new investor base--Appeal to investors who value environmental issues

Successful disaster preparedness measures reduce costs of damages
caused by disasters/disaster recovery

M

M

Risk monitoring of property location
Implementation of disaster countermeasures （installation of watertight panels, waterproofing for central monitoring, effectiveness of power receiving and transforming facilities, etc.）
Risk transfer through property insuranceMarketReputation

Physical risks

Acute

Chronic

Energysources

Increased costs for energy conservation/energy creation in existing properties

Progress in transition to clean energy leads to reduced carbon tax burden

Opportunities

Products and Increased supply of ZEB properties in the market boosts opportunities toacquire ZEB properties
services
Market preferences increase occupancy/rents for decarbonized properties

Markets

Resilience

Promote environmental certification acquisition
Identify tenant needs through satisfaction surveys, etc.
Promotion of green lease agreements
Promotion of greening
Appeal to investors who value environmental issues
Improved portfolio in terms of environmental performance through property replacement
Risk monitoring of property location
Implementation of disaster countermeasures （installation of watertight panels, waterproofing
for central monitoring, effectiveness of power receiving and transforming facilities, etc.）
Conduct BCP training
Provide property insurance
Hazard risk surveys at the time of property acquisition
Implementation of renovation to improve air conditioning efficiency
Operation to boost energy efficiency

Energy-saving retrofits/introduction of renewable energy
Improved portfolio in terms of environmental performance through acquiring ZEB/ZEH properties, etc.
Lower prices for high-efficiency equipment＊Items that are difficult to evaluate or calculate are indicated by "-".

Sustainability

16

Assessment of Financial Impacts Based on Climate Change Scenario Analysis （quantitative analysis）
Performing quantitative analysis of financial impacts based on scenario analysis in line with the recommendations of the TCFD （October 2023）
Financial Impacts
Scenario- unit : mm yen

Financial Impact

Carbon tax burden increases

Transition risks/
Opportunities

Increased costs for retrofitting existing proper ties
to make them energy conservation-/energycreation（on-site） -compatible
Energy procurement costs decrease with retrofits
Vacancy rates for non-decarbonization-compatible
properties increase/rents for compatible properties
increase

Damage from flooding/disaster recover y costs
increase

Physical risks/
Opportunities

Flood control costs increase

Increased utility cost burden due to increased air
conditioning usage

Countermeasure costs increase due to sea level rise

4℃ Scenario

1.5℃ Scenario

Risk

-

（352）

Countermeasureeffects

-

188

Risk

-

（783）

Opportunity

Reflected in carbon tax measure
ef fects and energy procurement
costs/rental business opportunities

Supplement
Increased carbon tax burden
Reduction due to retrofits for energy conser vation/energycreation （on-site） -compatible
Increased CAPEX
ncreased maintenance and management costs forrenewable energy facilities

Countermeasureeffects/opportunity-

119

Reduction due to retrofits for energy conser vation/energycreation （on-site） -compatible

Risk

-

（91）

Decrease in leasing business revenues if nomeasures are taken

Opportunity-

329

Increase in leasing business revenues when energysaving/energy- （on-site） retrofit measures are taken

（169）

（56）

38

13

Risk

（103）

（65）

Increased non-life insurance premiums
Increased CAPEX due to flood control construction

Risk

（14）

（3）

Increased utility costs due to more frequent use of
air conditioning

Countermeasureeffects-2

Reduction due to retrofits for energy
conser vation/energy-creation （on-site）

Risk

-

-

No events were identified at this time that could have a significant
impact on properties located in inundation zones, such as a decline inproperty values due to sea level rise or countermeasure costs incurred.

Risk
Countermeasureeffects

Increased probability of torrential rains, resulting in direct
damage from flooding and indirect damage from business
shutdowns, etc.
Risk transfer of direct/indirect losses due to flooding throughproperty insurance
Diminishing risk effect thanks to flooding countermeasures＊For figures less than a unit, the amount is rounded to the nearest round. ＊Unarticulated items are "-".
＊This estimate reflects only the portion that is judged to be calculable at this time, and does not evaluate all climate-related risks posed by FRC. In the future, we will try to develop our analysis in response to trends in global and Japan climate-related risks.
＊This estimate was made by taking into account the existing financial information of FRC and the information indicated by climate-related scenarios and literature. The unit is based on the impact amount on a cash basis （million yen） per year, and the time axis is assumed to be as of 2050.

The accuracy cannot be guaranteed at this time. In addition, the countermeasures assumed are based on trial calculations and are not planned or decided to be implemented.

Sustainability

17

Statements of Income （compared with the previous fiscal period）
Downtime due to revamping of Canal City Hakata covered by gain on sale- unit : mm yen

Account

38〜Feb. 28, 2023

th

A

■Operating profit and loss

Difference〜Aug. 31, 2023

B-A

B

Sign indicates impact on profit （unit : mm yen）

247

①Contribution of new acquisition properties（2 properties）＋57

Total operating revenues

9,037

9,284

Operating revenues excluding gain on sales

8,921

8,852

①

（69）

115

432

②

316

Park Place Oita

Total operating expenses

5,813

5,912

98

Konoha Mall Hashimoto＋11

SunLive City Kokura（15）

Expenses related to leasing business

5,147

5,231

534

544

10

Asset custody fees

7

7

0

Administrative service fees

57

58

0

Director’s compensations

3

3

-

Other operating expenses

63

66

2

Operating income

3,223

3,372

148

Total non-operating revenues

11

10

（0）

Total non-operating expenses

373

385

11

（incl. investment corporation bonds）

Interest expenses

274

284

10

Financing related expenses

97

98

1

Others

2

2

-

2,851

2,988

137

2,851

2,988

137

1

0

（0）

Profit

2,849

2,987

137

Total dividends

2,849

2,987

137

Dividend per unit（yen）

3,580

3,753

173

Gain on sales

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

Dividend

37

th

③

84

Active retail（198）-of which, Canal City Hakata／Canal City Hakata・B （175）（19）

Absence of revenue accompanying disposition of （13）Kurume Higashi Kushiwara SC＋59
Higashi Hie Business Center
Office buildings（excl. Higashi Hie Business Center）＋16
Tissage Hotel Naha
＋5
Others＋5
Total : （69）（of which, revenues from utilities＋7）②Increase in gain on sale from disposition of ＋316
Total : ＋316
Kurume Higashi Kushiwara SC③Increase in outsourcing expenses
Decrease in expenses from utilities
Increase in repair & maintenance expenses

（18）
＋4
（41）
Increase in taxes and other public charges （32）
Increase in depreciation and amortization expenses （31）
Decrease in other expenses＋34（Higashi Hie Business Center Leasing Fee, etc.）

Total : （84）Financial statements and business forecasts

18

Statements of Income （compared with the forecast）
Distribution is +153 yen vs. forecast due to the better-than-expected recovery of Canal City Hakata- unit : mm yen

38
Forecast at 37th

38
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

9,200

9,284

8,767

8,852

432

432

5,946

5,912

①

84
84
0

②

（34）

5,231

Asset management fees

7

Administrative service fees

58

Director’s compensations

3

Other operating expenses

66

＋95

-of which, Canal City Hakata／Canal City Hakata・B ＋111
Park Place Oita

（20）

SunLive City Kokura＋4

Office buildings
Tissage Hotel Naha
Others＋5（12）（4）
Total : ＋84（of which, revenues from utilities （63））②Increase in outsourcing expenses
Decrease in expenses from utilities
Increase in repair & maintenance expenses

Non-Operating
profit and loss

Operating income

3,253

3,372

118

Total non-operating revenues

0

0

（0）

Total non-operating expenses

387

385

（2）

Interest expenses（incl. investment corporation bonds）

284

Financing related expenses

98

Others

2
2,866

2,988

121

2,866

2,988

121

1

0

（0）

Profit

2,865

2,987

121

Total dividends

2,865

2,987

121

Dividend per unit（yen）

3,600

3,753

153

Total income taxes① Active retail

544

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

Dividend

th

（7）
＋56
（17）
Decrease in taxes and other public charges ＋3
Decrease in depreciation and amortization expenses ＋4
Increase in other expenses（5）
Total : ＋34

Financial statements and business forecasts

19

Business forecast （the 39th fiscal period, Feb. 2024）
Increased dividend of 3,755 yen due to the acquisition of new properties and opening of Alpen FUKUOKA in Canal City Hakata
Sign indicates impact on profit （unit : mm yen）

- unit : mm yen

Account

38
ActualOperating revenues

A

B

9,284

C

9,280

39th
Forecast
difference

38th
Actualdifference

39th
Forecast
at 38th

39th
Forecast
at 37th

th

C-A

C-B

28

9,313

33

■Difference between the 38th FP actualand the 39th FP forecast①Contribution of new acquisition properties （3 properties） ＋253
Active retail＋68-of which, Canal City Hakata／Canal City Hakata・B

Operating revenues
excluding gain on sales

222

33

②

（194）

ー

③

（23）

（67）

3,424

52

100

0

0

0

ー

385

457

435

50

（22）

Ordinary income

2,988

2,866

2,990

2

123

Profit

2,987

2,865

2,988

1

123

Total dividends

2,987

2,865

2,988

1

123

Dividend per unit （yen）

3,753

3,600

3,755

2

155

8,852

9,041

9,075

①

Gain on sales

432

238

238

Operating expenses

5,912

5,956

5,888

Operating income

3,372

3,323

Non-operating
revenues

0

Non-operating
expenses④

Park Place Oita

＋72

（12）

Konoha Mall Hashimoto（ 6）

SunLive City Kokura＋15

Absence of revenue accompanying disposition of（61）
Kurume Higashi Kushiwara SC（19）
Office buildings
Others（19）
Total : ＋222
（of which, revenues from utilities （32））②Decrease in gain on sale from disposition of
Kurume Higashi Kushiwara SC（194）
Total : （194）（16）③Increase in outsourcing expenses
Decrease in expenses from utilities＋26
Decrease in repair & maintenance expenses＋132
Decrease in taxes and other public charges＋2（70）
Increase in depreciation and amortization expenses
Increase in selling general and administrative expenses（16）
Increase in other expenses（35）
Total : ＋23④Increase in borrowing costs（50）
Total : （50）

Financial statements and business forecasts

20

Business forecast （the 40th fiscal period, Aug. 2024）
Dividend of 3,600 yen is secured after the absence of gain on saleSign indicates impact on profit （unit : mm yen）

- unit : mm yen

Account

Operating revenues

40th
Forecast at 38th

39th
Forecast at 38th
A

39th
Forecast difference

B

9,313

■Difference between the 39th FP forecast
and the 40th FP forecast

B-A

9,322

8

①Contribution of new acquisition properties（3 properties） ＋132
Active retail＋79-of which, Canal City Hakata／Canal City Hakata・B

Operating revenues
excluding gain on sales

9,075

9,322

①

Gain on sales

238

ー

②

（238）

Operating expenses

5,888

6,002

③

113

Operating income

3,424

3,319

Non-operating
revenues

00

Non-operating
expenses435

453

Ordinary income

2,990

2,866

247

（104）
ー
④

18
（123）

＋29

SunLive City Kokura（10）

Absence of revenue accompanying disposition of（13）
Kurume Higashi Kushiwara SC
Office buildings＋27
Others＋22
Total : ＋ 247（of which, revenues from utilities ＋59）

②Decrease in gain on sale from disposition of
Kurume Higashi Kushiwara SC

2,988

2,865

（123）

Total dividends

2,988

2,865

（123）

Dividend per unit （yen）

3,755

3,600

（155）

（238）
Total : （238）③Increase in outsourcing expenses
Increase in expenses from utilities
Decrease in repair & maintenance expenses

（6 ）
（63）
＋18
（64）
Increase in taxes and other public charges（24）
Increase in depreciation and amortization expenses
Increase in selling general and administrative expenses（7 ）Decrease in other expenses＋33
Total : （113）④Increase in borrowing costs

Profit＋60

Park Place Oita

（18）
Total : （18）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 / 128,940 mm yen

Unrealized gains

48,478 mm yen

Total leasable floor space

580,272.77 ㎡

Occupancy rate

99.1％

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）

86,450 mm yen

Establishment of stable financial base

LTV

42.4％

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

Fixed rate

92.8％

Average interest rate

0.66％

Appropriate management of real estate invested in

Overview of Fukuoka REIT Corporation

Credit ratings（based on acquisition price）

35 / 207,564 mm yen

Total debt

Stable dividends and steady NAV growth since listing◎Investment type

Others

14.6％

Office buildings

Retail

51.9％

33.5％

◎Investment area（based on acquisition price）

Other
Kyushu areas

22.6％

JCR AA −（Stable）

Fukuoka
metropolitan area

R&I A＋ （Stable）

77.4％

Investment unit price （＊1）
Unit price

162,100 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

129,031 mm yen （unit price ＊ outstanding units）
128,048 yen

Fiscal period

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

Asset manager

Fukuoka Realty Co., Ltd.

Dividend （actual）

185,197 yen
3,753 yen per unit （Days in fiscal period 184days） at the 38th FP

Dividend yield

4.6％ { （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 August 31, 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）

20000
15,000Saitama

SapporoChiba Sagamihara
KawasakiSendaiKyoto
Kobe

Shizuoka
Kitakyushu

Natural decrease

10,000（18,000） （16,000） （14,000） （12,000） （10,000） （8,000）

Sakai

5,000

Kumamoto
Hamamatsu

Niigata Hiroshima（6,000） （4,000）

0

Okayama（2,000）0（5,000）2,000

Trends in number of population growth in Fukuoka City
thousand（ people ）

1,650
1,600

1,550
1,500
1,450
1,400

◎Cities with high population growth rate
（Rate of increase from October, 2015 to July, 2020）

Rank1 Fukuoka
Rank2 Saitama
Rank3 Kawasaki
Rank4 Osaka
Rank5 Nagoya

Ranked 1st among government
ordinance-designated cities

4.9％
4.8％
4.3％

1,494 1,509
2012

2013

1,524

2014

1,538 1,555

1,571

2016

2017

15.5

Osaka

Kumamoto

15.0

NagoyaSaitama

Sagamihara

14.5

Chiba
Sakai

14.0

Kitakyushu

55.0

Shizuoka

Yokohama

SapporoHamamatsu
Niigata

57.0

59.0

61.0

1,585

1,600

1,619

1,631

1,642

2018

63.0

65.0 （％）

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

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

120

1,612

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

Nationwide

13.5
Kobe

Hiroshima

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

Tokyo metropolitan area

110

Nagoya metropolitan area

100

Osaka
metropolitan area

90
80

2015

Tokyo metropolitan area

Okayama

140

Surpassed
1.6 million
peopleAverage of government
ordinance-designated
0
2
3
4
5 （％）
cities
Source: Prepared by Fukuoka Realty based on Ministry of Internal Affairs
and Communications “Population Census of Japan in 2020”

Surpassed
1.5 million
peopleSendai

Kyoto

16.0

13.0

KawasakiFukuoka130

approx.
4 times

2.4％
1.6％
1.2％
1

Number of
population in
Fukuoka City

16.5

12.5
53.0

Natural increase/decrease（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 （2023） ” （Local Administration Bureau, Ministry of Internal Affairs and Communications） .

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

17.0

Youth population

Fukuoka

25,000（ Percentage of city population aged 15 to 29）

Social increase

Yokohama Net increase/decrease
zero line Nagoya（％）

30,000Osaka

Social increase/decrease（ Net increase in in-migrants: number of in-migrants / number of out-migrants）（comparison of ordinance-designated cities）（2022）

2019

2020

2021

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

2022

2023

（year）

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
China lifts restrictions on group travel to Japan （from August 2023）
number of overseas visitors

Monthly comparison with 2018

Change in Number of Foreign Nationals Entering Kyushu

China lifted restrictions
on group travel（people）

500,000

Decrease in number of Korean tourists

450,000

Easing of bordercontrol measures

COVID-19 pandemic

400,000

61.5

・Oct. 2023 Tour de Kyushu, a cycle road race event officiallyrecognized by the UCI （Union Cycliste Internationale）

250,000

・Dec. 2023 Fukuok a International Airpor t Terminal Nor th
Concourse to be fully opened for use （runway
expansion slated for 2025）

200,000
150,000
100,00080（＊1）

55.7 55.2 58.7
46.1
45.8
55.6 58.5
（＊1）
41.6
30.6

60
40
20

11.5

50,000120
100

350,000
300,000

（％）

0
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
M .
ar
Ap .
r
M .
ay
Ju
n.
Ju
l.
Au
g.

0
2018

2019

2020

2021

2022

2023
（year）（＊1） The number of foreign visitors for July and August 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

Number of Foreign Nationals Entering Kyushu from Major Countries

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

（Regions） （June 2023）

number of flights（flights/week）

400
372

300

Jun. 2023

Country / Region

Jun. 2018

Jun. 2019

Jun. 2023

Korea

189,739

182,328

148,940

78.5%

China

149,563

142,737

9,006

6.0%

Other Asia

77,79386,32681,435104.7%

Total of Kyushu
Region（＊3）

427,996

423,361

251,307

58.7%（Comparison with 2018）

399
294

200

203

100
0

Oct. 28, 2018～
Mar. 30, 2019

Mar. 31, 2019～
Oct. 26, 2019

2018

2019

9

7

Mar. 29, 2020～
Oct. 24, 2020

Mar. 28, 2021～
Oct. 30, 2021

2020

2021

17
Mar. 27, 2022～
Oct. 29, 2022
2022

Oct. 30, 2022～
Mar. 25, 2023

Mar. 26, 2023～
Oct. 28, 2023
2023

（year）（＊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.
Source: Prepared by Fukuoka Realty based on the data of “Overview of Regular International Flights” of the Ministry of Land, Infrastructure, Transport and Tourism（＊3） 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

223,239

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 ㎥ （planned）

FY1999 No storm water storage facilities

Fukuoka
6.2％

Tokyo
43.5％
Nagoya45.1％

Pacific Plate

Osaka
58.8％
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 2023.

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
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.

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 Financial Action
towards a Sustainable Society

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.

（Principles for Financial Action
for the 21st Century） （September 2018）GRESBGRESB 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 13 properties.

CASBEE（Comprehensive Assessment System
for Built Environment Efficiency）

BELS

CASBEE （Comprehensive Assessment System for Built Environment Efficiency） is a method forev aluating and r ating the envir onment al per f ormanc e o f buildings. It is a sy st em thatcomprehensively evaluates the quality of buildings including not only environmental considerationsuch as using materials and equipment that save energy or achieve smaller environmental loads but
also features like interior comfort and scenic aesthetics. 2 properties owned by FRC were certified.
BELS is a sy stem in which thir d par ties evaluate and indicate the ener gy conser vation
performance of 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・ Utilization of renewable energy NEW（common areas, 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

Maintenance and enhancement of environmental and construction performance

BeforeAfter

BeforeAfter

Green Building certification
Green Building certification obtained for 80.3%
of entire portfolio

Emergency
sign

Outdoorspotlight■Ratio of environmental certification acquisition
BELS Evaluation
Certification

Certification

14.2％

Gofukumachi Business Center●GRESB Real Estate Asssessment:
Received the rating of “ 4 stars”
and “Green Star”●Disclosure Assessment:
Received the highest “A Level”

1.5％

0.5％

＜Gas Heat Pump （GHP） air conditioner replacement＞ NEW

BeforeCASBEEGRESB2023

Certificatedproperties

After

80.3％

DBJ Green
Building
Certification

78.3％＊As of September 1, 2023
（based on total floor space）●DBJ Green Building Certification

Park Place Oita

13 properties owned by FRC were certified （One property has been newly acquired, and two properties
have been recertified.）□ Contributing to reducing running costs and CO2 emissions by replacing withenergy-saving equipment

Waste reduction / resource recycling / water resources, etc.
・ 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）

Fukuoka REIT

Conducting periodic property performance and functional assessments
Examples of Gofukumachi Business Center initiatives＜Upgrading of an automatic fire alarm equipment receiver （emergency broadcasting panel）＞ NEW

BeforeAfter●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)□ It plays an important role in the safety and security of tenants by guiding them toevacuate in the event of a fire through early detection and sounding.

Appendix29

ESG Initiatives （Society①）

Creation of pleasant workplaces

Fukuoka Realty

Initiatives for employees《Fukuoka Realty: Numbers of credentialed personnel》《Support for flexible working styles》 《Training for employees》■The average number of years of continuous service●（As of August 31, 2023）

of permanent employees: 8 years and 3 months●■Full-time personnel: 47 [Male:21 Female:26] * Gender ratio●●

Employees seconded from sponsors：3
Employees seconded to a sponsor：9●

Male : 44.7％
Female : 55.3％●●■Number of credentialed personnel
●

●

●

●

●

Real estate brokers : 23

ARES Certified Masters : 22

Certified Building Administrators : 5

First-class registered architect : 3
Real estate appraisers : 3

●

●

●

●

Attorney : 1

MBA : 2
CMA : 3

Licensed Representative of Condominium
Management Company : 1

Certified as a
“Fukuoka‘ Work-Style Reform’
Promotion Company ”（August 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●●

ESG training●

Integrated Report training●

In-house recreation, etc.

《Career development support》
●

●

●

●

●

＊The total number of permanent employees, contract employees and employees seconded from other companies.

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

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 tailoredto each management level
System for supporting acquisition ofqualifications（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
Improvement of employee lounge
Emergency drills to improve safety and security of tenants
Implementation of tenant satisfaction surveys
Distribution of sustainability guidelines
Park Place Oita and Konoha Mall Hashimoto introduced "Flexible Business Hours System （＊） " for tenants on a trial basis. NEW
Support for tenants’ employees and part-time job recruitment（posted on property websites） ＊System in which opening and closing hours are set at the discretion of the store●●●

Appendix30

ESG Initiatives （Society②）

Contribute to increased attractiveness and vitalization of Fukuoka and Kyushu area

Provision of regional information Fukuoka Realty●Implementation of corporate version of
Furusato （hometown） tax payment by corporations●Participation in local event （Yamakasa）

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

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”

Implementation of Corporate Version of Hometown Tax System Fukuoka Realty
Continue to implement the corporate version of the hometown tax payment system（Kikuyo-machi, Ozu-machi, and Koshi City, Kumamoto）

NEW

Employees of the Company participated in the
Hakata Gion Yamakasa Oiyama, the first regular event
held in four years （Hachiban Yamakasa Kamikawabata Dori）

Donations to 3 municipalities in Kumamoto NEW（Photo: Presentation ceremony in Koshi City ）Involvement in local community

Initiatives for
local communicaties, etc. Fukuoka Realty●●

Regional collaboration events （ 9 sake breweries from
Fukuoka/Kyushu, Furimaniacs "SAKE" and "SDGs WEEK," ahands-on experience of the recycling of waste plastic, etc. wereorganized） . 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

Others●Fukuoka Realty

Canal City Hakata

Canal City Hakata

Furimaniacs "SAKE"

NEW

Canal City Hakata「 SDGs WEEK 」 NEW

Participation in Clean Day

Hosted the Real Estate,
Finance and Economic Networking

Fukuoka REIT

Child-rearing support

Individual facility initiatives- Safety and security activities（crime prevention patrol, AED installation）- Local contribution （bike share service, EV charging station） , etc.

●

Child-rearing support

Park Place Oita

Canal City Hakata, others

Canal City Hakata, others

Canal City Hakata, others

Parking lot dedicated to pregnant
women and stroller users

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（About 1/3 of officers and employees participate in this 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. 2020– Sept. 2021

Oct. 2021– Sept. 2022

6 times

6 times

Oct. 2022– Sept. 2023

7 times（including e-learning）

Information disclosure and dialogue with stakeholders

Secure transparency and fairness of the Board of Directors
Title
President and CEO
Vice President Board of Directors（Non-Executive）
Vice President Board of Directors（Non-Executive）
Vice President Board of Directors（Non-Executive）
Vice President Board of Directors（Non-Executive）

Name
Zenji Koike
Hiroshi Shimuta
Yukitaka Ohara
Masanori Kozuma
Kazuomi Kamikawa

Attendance at board meetings at 38th

Information on attendanceat board meetings at 38th, etc.
Title

Name

Executive director

Zenji Koike

Supervisory director

Yasuo Kawasho

Supervisory director

Takashi Tanabe

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 fifth integrated reportin December 2023

(aim to expand non-financial information)

Integrated Report 2022
(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◎Posted interviews with President Zenji Koike in an ad in local business magazine Fukuoka Keizai（EX2023） and in Jutaku Shimpo （June 27, 2023 issue） , etc.

◎IR for domestic institutional investors
・ Financial results briefing for analysts and institutional investors（Following on-line live streaming） Post the video on the website the next day
・ Roadshows on financial results （face to face and conference calls）◎IR for overseas institutional investors
・Roadshows on financial results （Asia）
・ Timely information disclosure in English （held simultaneously as thedelivery of Japanese press releases）◎IR for individual investors

NEW・ In-person financial results presentation for individual unitholders（Fukuoka）（June 2023）

For the first time since the COVID-19 pandemic, an in-personpresentation for individual unitholders was held in Fukuoka.
・ Fukusho IR Fair Online（July 2023）

Fukuoka Keizai （EX2023）

Status of integration into indexes（as of August 31, 2023）◎Global indexes, etc

・ Responding to individual calls,etc.

FTSE EPRA/NAREIT
Global Real Estate Index
FTSE Developed
Small CapS&P Global REIT
Index
In-person financial results presentation
for individual unitholders（June 2023） NEW

Fukusho IR Fair Online（July 2023）

MSCI Japan
Small Cap Index

JUTAKU-SHIMPO（June 27, 2023 issue）

Other Activities
The Kyushu IR Workshop, whichstarted in collaboration with theJapan 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 ofcompanies from Fukuoka andK yushu and to build net works
among such companies.

Date
1st
workshop
July 2023

the 1st IR Kyushu Subcommittee （July 2023）

Theme & lecturer“IR Leading to Sustainable Evaluations: Trends in IR and Disclosure in FY2023"

Executive Director, Japan Investor Relations Association
Ms. Yoshiko Sato

＊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

12.11%

12.02%

11.81%

11.71%

12.41%（96,448）（95,695）（94,055）（93,281）（98,807）700,000

Individual・other

13,57295.82％

98,80712.41％

Foreigncorporations
Other domestic
corporations

238

1.68％

120,675

15.16％

252

1.77％

107,841

13.54％

Stock brokers

19

0.13％

25,256

3.17％

Financial institutions

83

0.58％

443,42155.70％

8

0.05％

337,16142.35％

14,164100.00％796,000

100.00％15.68%

14.90%

15.88%

15.16%（124,837）（118,671）（126,447）（120,675）

13.12%

13.37%

13.44%

13.54%（104,456）（106,471）（107,056）

13.41%（106,789）（107,841）

2.97%（Of which held by trust banks）

1.81%

3.17%

Total

500,000

2.20%（29,338）（17,569）（23,693）

400,000

55.92%

56.71%

56.84%（445,157）（451,428）（452,525）（14,439）

57.16%（455,044）（25,256）

Major investors [at the end of the 38th FP]
55.70%（443,421）

300,000

42.84%

42.77%

43.50%

44.44%

42.35%（341,024）（340,526）（346,314）（353,812）（337,161）

100,000

0

Percentage

15.15%

3.68%

36th
34th
38th
37th
35th
August 31, 2021 February 28, 2022 August 31, 2022 February 28, 2023 August 31, 2023

Financial institutions

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

Stock brokers

Other corporations（As of August 31, 2023）

Investment
units held

No. of unitholders（120,601）

600,000

200,000[at the end of the 38 th FP]

Foreign corporations

Individual・other

Rank

Name

Percentage（As of August 31, 2023）

Investment
units held

Percentage

1

Custody Bank of Japan, Ltd.（Trust account）

207,964

26.12％

2

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

86,72510.89％

3

Fukuoka Jisho Co., Ltd.

73,136

9.18％

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

35,601

4.47％

5

The Shinkumi Federation Bank

14,760

1.85％

6STATE STREET BANK WEST CLIENT - TREATY 505234

13,184

1.65％

7

JP MORGAN CHASE BANK 385771

10,671

1.34％

8

MetLife, Inc.

10,2271.28％

9SSBTC CLIENT OMNIBUS ACCOUNT

9,718

1.22％

10

Shikoku Railway Company

9,130

1.14％

Appendix34

Unit price chart
Investment unit price （＊1）

Turnover （＊2）：129,031 mm yen■Market capitalization（as of Aug. 31, 2023）（units）（yen）

300,000

120,000
38 thApril 27, 2015
4th PO

250,000

100,000

June 21, 2005
ListedMarch 1, 2018
5th PO

March 1, 2013
3rd PO

200,000

80,000March 1, 2011
2nd PO

60,000150,000
September 7, 2006
1st PO

100,000

40,00050,00020,0000Aug. 31,2005

Aug. 31,2006

Aug. 31,2007

Aug. 31,2008

Aug. 31,2009

Aug. 31,2010

Aug. 31,2011

Aug. 31,2012

Aug. 31,2013

Aug. 31,2014

Aug. 31,2015

Aug. 31,2016

Aug. 31,2017

Aug. 31,2018

Aug. 31,2019

Aug. 31,
2020

Aug. 31,2021

Aug. 31,2022

0Aug. 31,2023（＊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 3,753 yen- unit : mm yen

Category

34th〜 Aug. 31, 2021

36

35th

37th

th

〜 Feb. 28, 2023
A

〜 Aug. 31, 2022

〜 Feb. 28, 2022

38th

〜 Aug. 31, 2023
B

Difference
B−A

39th

40th

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

8,867

8,658

8,830

9,037

9,284

247

9,313

9,322

104

-

-

115

432

316

238

-

5,336

5,334

5,370

5,274

5,152

（122）

5,484

5,650

1,552

1,486

1,514

1,499

1,531

31

1,601

1,626

Operating income

3,204

3,185

3,181

3,223

3,372

148

3,424

3,319

Ordinary income

2,817

2,816

2,805

2,851

2,988

137

2,990

2,866

Profit

2,816

2,814

2,804

2,849

2,987

137

2,988

2,865

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

3,539

3,536

3,523

3,580

3,753

3,500

3,500

3,500

3,520

3,600

3,755

3,600

Operating revenues
Gain on sales
Leasing NOI
Depreciation and amortization
expenses

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

＋39

＋36

＋23

＋60

＋153

-

-

796,000

796,000

796,000

796,000

796,000

796,000

796,000

Total assets（at period-end）

199,804

198,745

201,223

201,442

203,868

Total liabilities（at period-end）

98,04996,991

99,48099,653

101,941

Total net assets（at period-end）

101,755

101,753

101,743

101,788

101,926

Days in fiscal period（days）

184

181

184

181

184

Number of investment properties

32

32

33

33

35

（＊1）
Number of tenants（at period-end）

1,010

1,016

1,021

1,007

1,018

（at period-end）

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

572,215.71㎡ 572,288.25㎡ 578,255.35㎡

577,161.81㎡ 580,272.77㎡

99.5％

99.4％

99.4％

97.9％

99.1％

FFO （Funds from Operation）（＊3）

4,265

4,301

4,318

4,234

4,086

FFO per unit（yen）

5,358

5,403

5,425

5,319

5,133

（＊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

Account

37th
Feb. 28, 2023
A

38th
Aug. 31, 2023
B

Total current assets

11,331

11,591

259

Total current liabilities

Cash and deposits

6,069

6,267

197

Operating accounts payable

Cash and deposits in trust

Difference
B－A

Account

4,243

6Operating accounts receivable

738

791

52

Current maturities of long-term debt

Prepaid expenses

270

259

（10）

Others16

29

12

190,086

192,2542,167

183,203

185,374

2,170

Buildings

1,112

1,918

805

Structures

19

23

3

Tools and fixtures

1

0

（0）

Total non-current liabilities

Total non-current assets
Total property, plant and equipment

Liabilities

4,236

Investment corporation bonds scheduled
to be redeemed within one year

37th
Feb. 28, 2023
A

38th
Aug. 31, 2023
B

15,867

10,625（5,241）108

Difference
B－A

662

771

2,000

2,000

-

10,4005,200（5,200）Account payable-other

21

16

（4）

Accrued expenses

422

433

11

Income taxes payable
Accrued consumption taxes
Advances received
Deposits received

1

0

（0）

366

11

（355）

1,068

1,065

（2）

924

1,125

201

83,78691,316

7,529

1,684

695

Investment corporation bonds

3,000

3,000

-

65,587

66,140552

Long-term debt

68,50076,2507,750

Structures in trust

1,043

1,033

（10）

Tenant leasehold and security deposits

758

837

78

Machinery and equipment in trust

708

703

（5 ）

Tenant leasehold and security deposits
received in trust

11,528

11,229（298）

Tools and fixtures in trust

231

238

7

Total liabilities

99,653

101,941

2,287

113,501

113,622

120

8

9

0

Total intangible assets

5,551

5,548

（2）

Total unitholders’ equity

101,788

101,926

137

Leasehold right in trust

5,545

5,545

-

Unitholders’ capital

98,93898,938

-

5

2

（2）

Surplus

2,850

2,987

137

1,331

1,331

0

101,788

101,926

137

0

0

（0）

201,442

203,868

2,425

Lands
AssetsLands 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

994

994

0

24

22

（1）

201,442

203,868

2,425

Total deferred assets
Total assets

Net assets

989

Buildings in trust

Total net assets

Total liabilities and net assets

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

37th A

38th B〜Feb. 28, 2023

Difference〜Aug. 31, 2023

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

3,939
2,988
1,531
1
（0）
284
（432）
（52）
（355）
31
（4）
5
（2）
201
10
（0）
12
4,219
0
（278）
（1）
（3,436）（1,539）1,495（3,172）
94
（16）
195
（494）
1
（2）
（298）
3,000
（3,000）8,450（5,900）（2,848）204
10,255
10,459

B－A

（748）
137
31
（0）
10
（316）
（103）
（124）
（722）
（27）
（9）
1
14
303
53
（3）
10
（747）
0
（1）
（0）
（3,318）（1,539）1,087（2,728）
（47）
108
140
（339）
（4）
4
2,504
3,000
（3,000）8,450（5,900）（45）（1,562）
1,766
204

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

942
908
34
568
375
34
104
7
43
3
373
190
183
3.6%
161

850
826
23
525
284
88
85
5
29
32
325
233
91
2.0%
508

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
Square Mall
Kagoshima
Usuki

Kumamoto
Intercommunity
SC

Hanahata SC

184 days
1,197
997
199
631
291
32
99
5
175
26
566
205
360
5.8%
187

278
278
47
8
1
34
1
0
230
52
178
6.9%
5

Kurume Higashi
Kushiwara SC

K’s Denki
Kagoshima

4,126
3,693
432
2,347
1,266
195
366
21
356
141
1,778
782
995
4.0%
923

856
682
173
574
306
38
42
2
107
77
282
100
182
5.7%
60
Marinoa City
Fukuoka（Marina Side Building）

38th
Total
A

184 days︵ Others︶
RetailDifference
A－B

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

3 days
（198）
（189）
（9）
42
7
26
7
（0）
6
（5）
（240）
7
（248）
（0.5）%
738

37th
Total
B

Difference
A－B

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

3 days
（22）
（17）
（ 5）
（ 7）
（ 0）
（ 0）
（0）
0
（2）
（ 3）
（15）
（ 3）
（11）
（0.0）%（13）

Forecast Difference
C （＊1）
A－C

4,030

95

2,384

（36）

1,646

131

Forecast Difference
A－C
C （＊1）

38th FP（Mar. 1, 2023 〜Aug. 31, 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

37th
Total
B

38th FP（Mar. 1, 2023 〜Aug. 31, 2023）（Length）

Category

Park Place Oita

38th
Total
A

253
222
31
86
38
5
16
0
24
0
167
31
136
6.3%
1

89
89
0
9
2
0
5
0
0
80
9
70
6.7%
-

40
40
5
1
0
3
0
0
35
5
29
6.2%
1

74
74
7
2
4
0
67
13
53
6.3%（＊2）
-

105
105
0
11
1
1
7
0
0
94
22
72
5.3%
0

177
177
25
1
3
18
0
0
151
22
129
5.8%
1

742
711
31
145
48
11
56
2
24
3
596
105
491
6.0%
4

742

（0）

144

1

598

（2）

（＊1）Forecast at the financial results of the 37 th fiscal period. （＊2）For Kurume Higashi Kushiwara SC, since the disposition of the 55% quasi co-ownership interest portion took place at the end of the fiscal period （on August, 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 Higashi Hie
TenjinTenjin North
Business
Business Sanix Hakata BusinessBusiness
Nishi-Dori
Front
Building
Center Building
CenterCenterCenter Center Building
Building（Length）

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

656
652
3
240
158
19
50
1
8
1
416
81
335
5.7%
97

Category

Tosu
Logistics
Center

594
525
69
184
74
4
40
2
60
1
409
71
337
7.3%
90

209
197
12
69
19
9
25
0
12
1
140
29
111
6.4%
8

331
331
0
107
56
18
29
1
2
223
64
159
6.4%
106

372
343
29
147
42
12
16
1
29
44
225
44
181
7.7%
49

Others①Total leasing business revenues
Leasing revenue-real estate
Other leasing revenue-real estate②Total leasing business expenses
Outsourcing fees
NonRepair and maintenance expenses disclosure（＊2）
Expenses for restoration to former state
Tax and other public charges
Insurance premiums and trust compensation
Utilities expenses
Other expenses③NOI（=①-②）
38④Depreciation and amortization expenses
9⑤Leasing business profit（=③-④）
29
NOI yield （acquisition price）
6.2%
Capital expenditures
1

38th FP（Mar. 1, 2023 〜Aug. 31, 2023）
184 days
86
152
162
86
123
149
28
12
20
54
53
1
10
18
1
8
1
16
9
9
0
0
0
24
11
0
0
10
66
98
109
10
32
40
55
65
68
5.1%
7.0%
5.2%
0
0
0

LOGICITY
Amex
LOGICITY LOGICITY Akasakamon City House
MinatoHisayama Wakamiya
Keyaki Dori
KashiiTower（Length）

Nondisclosure

Nondisclosure

Nondisclosure

（＊2）

（＊2）

（＊2）

188
38
149
4.6%
-

125
38
87
5.0%
0

72
15
56
8.5%
1

67
66
1
17
5
1
1
5
0
0
1
50
14
35
4.9%
23

Higashi Hie
Business
Center Ⅱ

Aqualia
Chihaya

D-WingTower

38th FP（Mar. 1, 2023 〜Aug. 31, 2023）
184 days
60
117
39
58
112
39
2
5
0
24
8
15
7
2
3
1
0
2
3
2
3
4
8
0
0
0
0
2
0
1
2
1
44
92
30
12
18
10
32
74
19
7.0%
6.6%
5.5%
3
0
6

Higashi Hie Tenjin Nishi-Dori
HakataKumamoto
Business Business Center Chikushi-Dori East Front（Land withCenterBuilding
Center � leasehold
Building
interest）

98
94
3
20
7
0
7
0
4
0
77
19
58
4.7%
-

159
159
21
21
0
137
137
3.6%
-

Axion
Granfore
Yakuin Befu-Ekimae
Minami
Premium

38
37
1
13
2
1
3
2
0
0
2
25
10
14
4.7%
79

13
10
2
2
0
0
0
0
0
11
6
4
2.1%
-

146
132
13
51
18
7
12
0
8
3
94
16
78
4.4%
2

44
40
4
14
7
1
0
3
0
30
10
19
4.9%
-

Hotel
Tissage
FORZA
Hotel Naha
Oita

63
63
30
0
1
7
0
20
32
25
7
4.3%
201

45
45
10
0
3
5
0
0
34
24
10
2.5%
0

38th
Total
A

3,014
2,836
178
984
416
85
238
12
164
67
2,030
419
1,610
5.9%
355
38th
Total
A

969
913
55
221
35
16
10
90
5
30
33
747
224
523
5.0%
318

37th
Total
B

Difference
A－B

181 days
2,894
2,731
162
985
405
66
214
11
169
118
1,909
404
1,504
5.6%
128

3 days
120
104
15
（0）
10
19
23
1
（4）
（51）
120
15
105
0.2%
227

37th
Total
B

Difference
A－B

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

3 days
30
22
8
18
0
（2）
0
1
0
（2）
20
12
11
0
（0.1）%
263

Forecast Difference
A－C
C （＊1）

3,009

5

987

（2）

2,021

8

Forecast Difference
A－C
C （＊1）

984

（15）

222

（0）

762

（14）

（＊1）Forecast at the financial results of the 37th 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

37th
Total
B

38th
Total
A

Category

Mar. 1, 2023
~Aug. 31, 2023
184 days
8,852
8,154
697
3,700
1,765
308
10
752
42
575
245
5,152
1,531
3,620
4.9%
1,602

（Length）

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

Difference
A－B

Forecast
C （＊）

Sept. 1, 2022
〜Feb. 28, 2023
181 days

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

（69）
（79）
9
53
18
41
0
32
1
（4）
（38）
（122）
31
（154）
（0.2）%
1,216

Repair and maintenance expenses, capital expenditures, and depreciationof which,
Canal City Hakata ／ Canal City Hakata ・ B

2,500

669

（South Building renovated 399）

2,000
1,500
1,000
500
0

153

121

119

34th

35 th

36th

266

308

37 th

38th

445

176

158

39th

40th

（forecast） （forecast）

Repair and maintenance expenses

34th

2,217

1,946

Office Building
355
Hotel FORZA Oita（air-conditioning equipment replacement 186） 201
Park Place Oita（air-conditioning equipment replacement 147） 187

35 th

84

3,734

（34）

5,033

118

of which,
Canal City Hakata ／ Canal City Hakata・B 1,370
540
Office Building
106
Konoha Mall Hashimoto

1,552 1,486 1,514 1,499 1,531 1,601 1,626

1,602 1,546

600

8,767

of which,
Office Building
689
Canal City Hakata ／ Canal City Hakata ・ B 207
D-Wing Tower（exterior wall repair work）
128（＊）Forecast at the financial results of the 37th fiscal period.

（mm yen）

Difference
A－C

385
36th

37 th

38th

Capital expenditures

39th

40th

（forecast） （forecast）

34th

35 th

36th

37 th

38th

39th

40th

（forecast） （forecast）

Depreciation
Appendix41

Portfolio table①（As of August 31, 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
Kumamoto East Front 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
Axion Befu-Ekimae Premium
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

Others27yr 4m
27yr 4m
21yr 5m
18yr 5m
12yr 5m
16yr11m
16yr 9m
16yr 1m
15yr 8m
15yr 9m
22yr10m－
27yr 4m
19yr10m
22yr 5m
21yr 5m
14yr 6m
26yr11m
13yr 7m
7yr 6m3yr 5m－31yr 7m
29yr 8m－
15yr 3m
9yr 4m8yr 7m18yr 6m
18yr 1m
15yr 9m
15yr 8m
17yr 6m
15yr 8m
0yr 5m15yr 0m
5yr 6m－20yr11m

Acquisition
Investment
price（mm yen）（＊2）
ratio

32,00021,06019,610
6,633
10,000
5,300
2,400
1,130
750
3,550
5,250
107,683
14,600
11,200
4,400
7,000
5,900
2,600
2,800
4,230
3,290
7,700
4,320
1,450
69,490
1,250
8,150
5,050
1,700
2,060
1,111
1,280
2,800
1,100
1,525
1,530
2,835
30,391
207,564

15.4%
10.1%
9.4%
3.2%
4.8%
2.6%
1.2%
0.5%
0.4%
1.7%
2.5%
51.9%
7.0%
5.4%
2.1%
3.4%
2.8%
1.3%
1.3%
2.0%
1.6%
3.7%
2.1%
0.7%
33.5%
0.6%
3.9%
2.4%
0.8%
1.0%
0.5%
0.6%
1.3%
0.5%
0.7%
0.7%
1.4%
14.6%
100.0%

Acquisition
timingSource （＊3）

2004/11/9
Sponsor2011/3/2
Outside party
2004/11/9
Sponsor2005/7/1
Outside party
2018/3/1
Sponsor2006/9/28
Sponsor2006/11/30
Sponsor2007/9/3
Sponsor2008/2/1
Sponsor2008/3/27
Outside party
2015/5/1
Sponso－－2004/11/9
Sponsor
2004/11/9
Sponsor2005/9/30
Outside party
2006/3/16
Sponsor2009/3/13 Outside party＋Sponsor
2013/2/1
Outside party
2013/3/28
Outside party
2018/3/1
Sponsor
2020/5/29
Sponsor2021/6/1
Sponsor2022/3/1
Outside party
2023/3/28
Outside party－－
2014/3/28
Outside party
2015/3/27
Outside party
2017/6/1
Outside party
2020/6/30
Outside party
2006/9/1
Outside party
2007/12/20
Outside party
2012/3/1
Outside party
2013/3/1
Outside party
2014/11/4
Outside party
2023/4/27
Outside party
2013/3/1
Sponsor2018/12/7
Outside party－－－－

Total leasable
floor space（㎡） （＊4）

48,176.33
31,141.44
121,184.13
61,450.22
22,191.52
14,602.88
6,968.66
2,801.15
1,940.34
7,296.17
33,069.82
350,822.66
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
3,139.20
105,663.59
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
1,937.89
5,785.44
3,758.76
123,786.52
580,272.77

Occupancy
rate

Tenants （＊5）

97.6%
96.7%
99.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
99.3%
100.0%
97.7%
100.0%
99.2%
99.4%
100.0%
100.0%
100.0%
100.0%
100.0%
92.8%
82.0%
98.4%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
95.7%
96.1%
97.0%
55.1％
100.0%
100.0%
98.8%
99.1%

22
42
101
1
124
13
2
2
1
1
1
310
64
34
16
（＊6）70
24
1
12
2
6
1
13
6
249
1
2
1
1
67
42
101
131
96
15
1
1
459
1,018

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.
Mitsui Sumitomo Insurance Company, Limited, NICHINOKEN－
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 57 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
13 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

NEW

Logistics

Others12 properties（＊1） Acquired on September 1, 2023

Higashi Hie
Business Center Ⅲ

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

Logistics

Logistics

LOGICITY Minato Kashii

Residence

Logistics

LOGICITY Wakamiya

LOGICITYNEW

Hakata Chikushi-Dori
Center Building

Residence

Hotel

Kumamoto
East Front Building

ResidenceAmex Akasakamon Tower

Hakata FD
Business Center （＊1）

Tosu Logistics Center

Residence

City House Keyaki DoriResidence

Aqualia Chihaya

Hotel

Residence

D-Wing Tower

Logistics

Total acquisition
price

1 property
to be acquired

221.6 bn yen（As of September 1, 2023）（＊2） Scheduled to be acquired

on March 31, 2029

Granfore Yakuin Minami

Axion Befu-Ekimae
Premium

Hotel FORZA Oita

Tissage Hotel Naha

Island City Minato Bay related site
（Land with leasehold interest） （tentative） （＊2）

Appendix44Portfolio map

in

Um

26

A

FUKUOKA
PayPay DOME
Nishijin Sta.

Subwayne
Airport LiUr

Ha Subw
koz ayaki
LineNakasu13
Kawabata24
15
Sta.
Gion Sta.
Higashi-Hie
Kushida18
Sta.
Shrine Sta. Hakata
29 32 21
19 16
Tenjin 1 12
17
14
Akasaka Sta.
22 20
Tenjin-minami Sta. 2
Watanabe-dori Sta.
30

202

Yakuin-odori
Sta.
Ropponmatsu Sakurazaka
Sta.
Sta.

JR

1km
500m

263

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

2 Canal City Hakata・B■Address ： 1-chome, Sumiyoshi,
Hakata Ward, Fukuoka City

3 Park Place Oita

Ten Nishjin- itet
Om su
uta
Lin

Ka

Kyushu Shinkansen

BEST DENKI
Stadium

JR LineExpressway

Ur

go

sh

im

e

Fukuoka
University

Urban Expressw
Kanjo Line ay

8

5 Konoha Mall Hashimoto■Address：2-chome, Hashimoto,
Nishi Ward, Fukuoka City

6 Square Mall Kagoshima Usuki■Address：2-chome, Usuki,aL

9 Kurume Higashi Kushiwara SC■Address ： Higashi kushihara,
Kurume City

10 K’s Denki Kagoshima■Address ： Tokai-cho, Kagoshima City

Kagoshima City

7 Kumamoto Intercommunity 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

13 Gofukumachi Business Center

6
10

Kagoshima
NEW Acquired on September 1, 2023

24 Hakata FD Business Center■Address ： Tsunabamachi,

Hakata Ward, Fukuoka City

25 Tosu Logistics Center■Address ： Himekata-cho,Tosu City, Saga Pref.

26 LOGICITY Minato Kashii

Others31 Aqualia Chihaya■Address ： 4-chome, Chihaya,
Higashi Ward, Fukuoka City32 D-Wing Tower■Address：2-chome, Daimyo,
Chuo Ward, Fukuoka City

33 Granfore Yakuin Minami
34 Axion Befu-Ekimae Premium

14 Sanix Hakata Building

Tenjin Nishi-Dori Business Center 28
21 （Land with leasehold interest）
LOGICITY Wakamiya■Address ： 2-chome, Tenjin,
Chuo Ward, Fukuoka City

22 Hakata Chikushi-Dori Center Building■Address ： Gokushomachi,
Hakata Ward, Fukuoka City

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

4 SunLive City Kokura

8 Hanahata SC

12 Canal City Business Center Building

16 Higashi Hie Business Center

23 Kumamoto East Front Building■Address ： 3-chome, Higashi-hie,
Hakata Ward, Fukuoka City

Office buildings

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

11 Marinoa City Fukuoka（Marina Side Building） 15 Taihaku Street Business Center

Retail20 Higashi Hie Business Center Ⅲ■Address ： Kami Gofukumachi,
Hakata Ward, Fukuoka City

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

36

■Address ： 1-chome, Hirao, Chuo Ward,
Fukuoka City

■Address：2-chome, Odo, Nishi Ward,
Fukuoka City

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

Kumamoto■Address：2-chome, Minatokashii,
Higashi Ward, Fukuoka City

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

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

7

■Address ： 1-chome, Higashi-hie,
Hakata Ward, Fukuoka City

■Address ： 2-chome, Koen Dori Nishi,
Oita City■Address ： 2-chome, Kami Kuzuhara,
Kokura Minami Ward, Kitakyushu City

35
3

Okinawa

Fukuoka-kuko（Airport）
Sta.

Fukuoka
AirportOita

Miyazaki

33

34

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

NagasakiFukuoka IC

Yakuin Sta.

202

5 Hashimoto Sta.

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

Kaizuka Sta.

Ohorikoen（Ohori Park）Sta.

Tojinmachi Sta.

ssway

Marina-TOWN

23

e

11

Saga

Lin

Sea-Side
MOMOCHI

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

Fukuoka25
9hii

Hakata Bays
Ka

HakozakiPort

Urban Expressway
Kanjo Line

Chihaya Sta.

31

JR

ba
n
Ka Expsh resii L sw
ine ayUrban Expressway
Route 6 Island City Line

4
28

27

u ExpreJR

Island City

Kyush

Uminonakamichi
Seaside Park

Fukuoka Cityu
ets e
hit LinNis ukaiz
Ka

Fukuoka City

ine

hi L

mic

ka
oNa

NEW Acquired on March 28, 2023

■Address ： 1-chome, Shinyashiki, Chuo Ward,

Kumamoto City

■Address：Hisayama-machi, Kasuya-gun,
Fukuoka Pref.

■Address： Shimoaruki, Miyawaka City

29 Amex Akasakamon Tower■Address ： 2-chome, Maizuru,
Chuo Ward, Fukuoka City

30 City House Keyaki Dori

■Address ： 2-chome, Kego,
Chuo Ward, Fukuoka CityNEW Acquired on April 27, 2023

■Address ： 3-chome, Befu, Jonan Ward,

Fukuoka City

35 Hotel FORZA Oita

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

36 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 City

Appendix45

Disposition of property （Kurume Higashi Kushiwara SC）
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 （Completed）
2nd （55% quasi co-ownership interest） / August 31, 2023 （Completed）
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
（yen）

5,000
4,000

■28th
■32nd
■34th
■36th
■38th
■25th
■22nd
・LOGICITY Minato Kashii
・Higashi Hie Business Center Ⅲ ・Tenjin Nishi-Dori Business Center ・ Hakata Chikushi-Dori ・ Kumamoto East Front Building
・Park Place Oita（Sports Club NAS） ・Konoha Mall Hashimoto
1,450（Land with leasehold interest） Center Building
8,150
10,000
3,290
1,470
■20th
・ Axion Befu-Ekimae Premium
4,320・Marinoa City Fukuoka（Marina Side Building） ・AEON Hara Shopping Center（Sold） ・Higashi Hie Business Center Ⅱ ・LOGICITY Wakamiya
7,700
・Tosu Logistics Center
1,525
5,250
4,230
1,700
・CANAL CITY Hakata・B Grand Building（5,410）・ Kurume Higashi Kushiwara SC
1,250（adjacent land）（adjacent land）・ Park Place Oita（Home Plaza NAFCO） （88.28% co-ownership）
・Park Place Oita
（Sold）
・Park Place Oita
・ Aqualia Kego（Sold）（55% of quasi co-ownership interest）（Sold）（7,640）（＊1）
■37th
590
860
990
（2,800）（1,375）
■21st
■26th
■29th
・
KurumeHigashi
KushiwaraSC・Granfore Yakuin Minami
・Tissage Hotel Naha
・LOGICITY Hisayama（15% of quasi co-ownership interest）（Sold） （375）
Cruiseship
passenger
Kumamoto
1,100
2,835
5,050
shopping sprees
earthquake
熊本地震

3,243

3,278

3,435

3,563

3,574

3,479

3,398

3,422

3,593

3,512

3,687

3,693

3,642

COVID-19

3,250

3,361

3,539

3,536

3,523

3,753

3,580

3,000
2,000
1,000
0

20th

22nd

Aug. 2014

24th

Aug. 2015

Aug. 2016＊The price of properties are listed in millions of yen.
（＊1） The amount is the appraisal value at the time of transfer.

26th

28th

Aug. 2017

Aug. 2018

30th

Aug. 201932nd

Aug. 2020

34th

Aug. 2021

36th

Aug. 2022

38th

Aug. 2023

NAV per unit （＊2）（yen）

200,000
180,000
160,000

144,472
140,000

128,375 131,215

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

182,750 185,197

136,051

120,000
100,000

20th

Aug. 2014

22nd

Aug. 2015

24th

Aug. 2016

26th

Aug. 2017

28th

Aug. 2018

30th

Aug. 201932nd

Aug. 2020

34th

Aug. 2021

36th

Aug. 2022

38th

Aug. 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（mm yen）

Residence

Hotel

LTV（appraisal basis）

Ratio of retail properties

2.0％ （%）

PO（Mar. '18）

PO（Apr. '15）

220,000

LTV（book basis）

85

2.1％ 4.5％

200,000

4.8％ 7.3％ 80
PO（Mar. '11）

PO（Sept. '06）

180,000

PO（Mar. '13）

7.8％

75

Ratio of retail properties

160,000 67.8

70
37.7％

140,000

33.5％

Change in investment policy（March 2019）65

60

120,000

100,000

55

51.9

80,00048.6 50

Capacity up to 50% approx. 30,900 mm yen

LTV60,000Capacity up to 45% approx. 9,600 mm yen

45.4
42.4

40,00045

40

LTV（appraisal basis）
37.0 35

20,000
34.3

30.4

0

2nd

4th

6th

8th

10th

12th

14th

16th

18th

20th

22nd

24th

26th

28th

30th

32nd

34th

36th

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
th
th
＊As the senior equity interest in an anonymous partnership managed by CCH Bridge Y.K. was redeemed in the 14 FP, it is excluded from total acquired assets from the 14 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.

（＊1）

30

After
38th acquisition

Aug.
of2023 Hakata FD
Business
Center＊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.
（＊1）Unrealized gain on LTV (appraisal basis) after acquisition of the Hakata FD Business Center is calculated by the difference between the appraisal value at the time of acquisition and the acquisition price.
（＊2）Calculated by adding the acquisition price of the Hakata FD Business Center from the end of the 38th fiscal year. In addition, the 30% quasi-co-ownership interest in Kurume Higashi-Kushihara SC, which is scheduled to be transferred on November 30, 2023, has not been deducted.

Appendix（＊2）

48

Historical appraisal values （unrealized gains）
Unrealized gains: 48,478 million yen, ratio of unrealized gains: 25.4％( * 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

16,777 19,830

8,243 9,138
6,498 5,543

11,09736,92337,648 37,927 40,761

42,81243,026 46,530

48,47822,878 25,541

24,255
21,152

14,434

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）

50,000182,336
184,715
185,177
188,746
186,972
183,532
190,163
190,913186,088
187,891

1,893
118,686
120,299
115,560
118,411
119,486
112,001
115,195
107,338
103,025

81,771

171,555
164,527
168,138
159,246
168,902
169,031
182,352
158,007
152,422
172,406
158,851
159,128
150,603146,246
146,62193,556
86,777

0

2nd

Aug.
2005

4th

Aug.
2006

6th

Aug.
2007

8th

Aug.
2008

10th

Aug.
2009

12th
Aug.
2010

14th
Aug.
2011

16th
Aug.
2012

18th
Aug.
2013

20th
Aug.
2014

22nd
Aug.
2015

24th
Aug.
2016

26th
Aug.
2017

28th
Aug.
2018

30th
Aug.
2019

32nd
Aug.
2020

34th
Aug.
2021

36th
Aug.
2022

38th
Aug.
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

99.7

98.4 98.4 98.4 98.5 98.3

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
98.1

97.9

97.0

97.6

97.2 97.2

97.0 97.1

10th

12th

97.4

97.6 97.6

97.9

98.1

98.7

99.1

99.5 99.5 99.6 99.6 99.4

98.5 98.5 98.6

99.8 99.7

99.6 99.7 99.6 99.6 99.7

99.0

99.2 99.2 99.2 99.2 99.1

98.7 98.6 98.7 98.7 98.8

99.3
98.9

99.5 99.4

99.1 99.0

98.7 98.6 98.6 98.6
（＊3）

98.6
98.2
（＊3）

96.0
95.0

2nd

Aug.
2005

4th

Aug.
2006

6th

Aug.
2007

8th

Aug.
2008

Aug.
2009

Aug.
2010

14th

16th

Aug.
2011

Aug.
2012

18th
Aug.
2013

20th
Aug.
2014

22nd
Aug.
2015

24th
Aug.
2016

26th
Aug.
2017

28th
Aug.
2018

30th
Aug.
2019

32nd
Aug.
2020

34th
Aug.
2021

36th

38th

Aug.
2022

Aug.
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 38th 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 37th and 38th fiscal periods are preliminary figures. The figures for the 38th fiscal period are the figures for May 2023.

Occupancy rates [the weighted average during the period]
Category

Investment ratio（based on acquisition price）

34 th〜 Aug. 31, 2021

35 th

〜 Feb. 28, 2022

36 th

〜 Aug. 31, 2022

37 th

〜 Feb. 28, 2023

38 th

〜 Aug. 31, 2023

Retail

51.9％

99.5％

99.3％

98.8％

98.9％

98.6％

Office buildings

33.5％

99.8％

99.8％

99.4％

98.6％

98.4％

Others

14.6％

99.3％

99.4％

99.4％

99.5％

98.9％

Total

100.0％

99.5％

99.4％

99.1％

99.0％

98.6％
Appendix50

Top tenants by leased floor area
Ordinary lease

LesseeTenantShare of totalleased space（＊1）

〜Aug. 31, 2024

41st〜Feb. 28, 2025

Remaininglease term

(years) （＊2）

18

●Konoha Mall Hashimoto

7

10.2％

●Park Place Oita

0

6.2％（＊3）●Marinoa City Fukuoka（Marina Side Building）

11

SunLive Co., Ltd.

SunLive

11.3％

2

AEON Kyushu Co., Ltd.

AEON

3

FJ. Entertainment Works Ltd.

●Canal City Hakata

4

Canal City OPA Co., Ltd.

5KASEI inc Co., Ltd.

６

〜Feb. 29, 2024

40th

（As of August 31, 2023）●SunLive City Kokura

1

ー

39th

Fixed-term lease

Alpen Co., Ltd.

OPA

4.5％

ー

Alpen FUKUOKASports Depo,
Golf 5

4.3％

4.1％

0

●Canal City Hakata・B

1●LOGICITY Hisayama

1●Canal City Hakata

10●Square Mall Kagoshima Usuki

3●Kumamoto Intercommunity SC

3●Kurume Higashi Kushiwara SC

4

7

Fukuoka Logistic System Corporation

ー

4.0％

●LOGICITY Minato Kashii

18

F−LINE CORPORATION

ー

3.5％

●LOGICITY Minato Kashii

nondisclosure

9

Tsukasa Kigyou

ー

3.1％

●LOGICITY Wakamiya

7

10

K'S HOLDINGS CORPORATION

2.4％●Park Place Oita

1

K’s Denki

（＊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 August 31, 2023 with periods shorter than one year rounded down to the nearest whole year.
（＊3）
The 6.2% includes a 0.4% office portion.（7 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 increase the amount in line with rent revisions
Change in monthly rent due to rent revisions and tenant replacements （＊1）（thousand yen）

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

30,00080

Change due to tenant replacements

Newly occupied floor space（tsubo）

Rate of rent increase（＊2）

1,592Change due to rent revisions

60

Cumulative amount of change（left axis）

40

25,000
5,231

5,344

737

20
0

20,000

202

31st

274

445

225

239

32nd

33rd

34th

35th

36th

37th

38th

0

4

4

3

4

12

2

Feb. 29, 2020 Aug. 31, 2020 Feb. 28, 2021 Aug. 31, 2021 Feb. 28, 2022 Aug. 31, 2022 Feb. 28, 2023 Aug. 31, 2023
Number of7
new occupants
Average freerent period（＊3） 0.2 months

4,164
3,900

-

1.3 months 1.9 months 0.3 months-

1.9 months 0.4 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）（％）

12
10,000

10
1,496

8

1,631
1,356

4,619

3,433

3,189
2,313

6
4

5,000

1,422

1,205

2
0

Rate of rent increase（＊4）

916

297

31st

32nd

33rd

34th

35th

36th

37th

38th

Number ofcontruct changes
Of which, number ofrevisions to increase

30

36

20

31

35

37

28

38

15

19

8

6

6

12

7

7

Ratio of revisions
to increase

50.0％

52.8％

40.0％

19.4％

17.1％

32.4％

25.0％

18.4％

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

0

31st

32nd

33rd

34th

35th

36th

37th

38th

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

1,901

1,884

1,851
265
375

1,000

Breakdown of active retail rents

280

（＊3）

1,476

451

（＊3）

1,432

254

（＊3）

472
1,262

1,410

35 th

〜Feb.28,
2022

36 th

37th

〜Aug.31,
2022

（＊3）

1,000

0

38 th

〜Feb.28,
2023◎The 37th FP

Variable rents

Variable rents（928 mm yen）

（969 mm yen）

11.7％

25.1％

1,027
201

976
175

826
0

◎The 38th FP

2,000

1,734
284

491

Portfolio overall〜Aug.31,
2023

800

35 th

〜Feb.28,
2022

Canal City Hakata／Canal City Hakata・B

36 th〜Aug.31,
2022

1,008
217
790

37th

〜Feb.28,
2023

997
211

Fixed rents

Fixed rents

786（2,764 mm yen）

（7,264 mm yen）

88.3％

74.9％

38 th

〜Aug.31,2023

Park Place Oita
（mm yen）（mm yen）

3,000

3,000

Breakdown of Tissage Hotel Naha
（mm yen）

2,000

2,000

◎The 38th FP
Variable rents

100

11.4％

（931 mm yen）

1,000

1,000

0

262

270

262

262

35 th

36 th

〜Feb.28,
2022〜Aug.31,
2022

7

293
262

30

37th

〜Feb.28,
2023

SunLive City Kokura

278
262

38 th

〜Aug.31,
2023

15
0

663
201

646
194

679
227

682
229

461

452

452

453

35 th

36 th

37th

38 th

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

Konoha Mall Hashimoto

50

0

45

43

40

37

43

37

43

35 th

36 th

37th

38 th

37

〜Feb.28,
2022〜Aug.31,2022

3〜Feb.28,
2023〜Aug.31,2023

2

Fixed rents

88.6％（7,223 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.

Appendix53

Initiatives by Fukuoka City Government and status of office workers
Driving up future office demand
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

57

1,334

1,041

（of which,main fields and functions）

53

50

1,058

2,600

Asset
managementbusiness

2,157

665

FinTechFY2016FY2017FY2018FY2019FY2020creative-relatedindustries
foreign/
foreign-affiliated

28

40

38

38

30

41

47

18

13

14

15

12

15

12

Call center

12

9

7

2

8

8

6

headquartersfunctions, etc.
international
finance

3

1

7

6

0

7

5

FY2021 FY2022

ー

ー

ー

ー

ー

6

7

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.

（Key Companies Establishing Fukuoka Locations in FY2022）● International Finance, Foreign & Foreign-affiliated ／ M-DAQ Japan K.K.

Codo Advisory, Inc.
● Creative-related ／ COMICSMART INC., Smaregi, Inc.,
PlatinumGames Inc.
（Key Companies Establishing Fukuoka Locations in FY2023）● E. Sun Bank （Taiwan） : Opened Fukuoka Branch as its second base in Japan （September 1）● NN Life Insurance Co., Ltd.: Established "Technology Operation Center Fukuoka"
as part of its BCP （Business Continuity Plan） （September 1）
Source: Created by Fukuoka Realty based on Fukuoka City press releases.

◎Global financial city vision （“TEAM FUKUOKA”; launched September 2020）

Effects of concentrated priority attraction areas

65

64

Initiatives Aimed at Attracting Companies to Fukuoka City

BCP
response
operations□ Providing growth capital from outside sources to startups
and local companies□ Promoting attraction and corporate growth through fundfunction initiatives□Creating innovations and providing advanced financial services□ Active participation of engineers and science/engineering personnel□ Diversification of international financial centers in Japan（Correction of excess concentration of population and industry in Tokyo）

Fukuoka City tops list of
business opening rate in Japanfor 4 consecutive years
Business
Opening Rate
FY2021

6.3％

1stFukuoka City Special Zone for Global
Startups & Job Creation（National Strategic Special Zone）
Initiatives to support startups●Tax Reduction for Startups（municipal tax, national tax）

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

21 major urban
areas
Source: Prepared by Fukuoka Realty based on data from
“The general condition of the Fukuoka City Economy
March 2023” by the Fukuoka City Economy,
Source: Prepared by Fukuoka Realty based on the section of Fukuoka City’ s official site featuring
Tourism & Culture Bureau.
“National Strategic Special Zone for Global Startups & Job Creation.”

Appendix54

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

Sales（annual total（＊1））
Sept. 2022 - Aug. 2023

21.2 bn yen

Sales（annual total（＊2））
Sept. 2022 - Aug. 2023

YoY ＋22.8%（vs. 2 years ago ＋29.8%）

A highly entertaining urban multi-purpose retailfacility.Sales are on a recovery trend due toinbound tourism demand from Asia, excluding
China, etc.

●Konoha Mall Hashimoto●Park Place Oita

26.0 bn yen
YoY ＋6.2%（vs. 2 years ago ＋7.9%）

A suburban mall anchored by a GMS and tenants
involved in daily necessities.Stronger efforts todraw customers through continuous implementation of participatory events.

Sales（annual total）
Sept. 2022 - Aug. 2023

●SunLive City Kokura

16.1 bn yen
YoY ＋10.8%（vs. 2 years ago ＋16.9%）

A daily-life-oriented mall anchored by a supermarket and tenants involved in daily necessities.A
resurgence in demand for travel and outings led tohigher sales at stores in the service category.

ーSales（annual total（＊3））
Sept. 2022 - Aug. 2023

YoY ＋1.3%（vs. 2 years ago ＋17.9%）

A daily-life-oriented mall anchored by a supermarket and tenants involved in daily necessities.Restaurants that match the characteristicsof the facilities are performing well.

（＊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 priority measures to prevent the spread of disease in Fukuoka

2022

Property name

3/6

Mar.

Apr.

May

Jun.

Jul.

2023
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

36
Aug. 2022

37
Feb. 2023

38
Aug. 2023

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

＋16.8％＋27.8％＋18.0％

Park Place Oita （＊2）

＋2.0％

＋6.4％

＋5.9％

Konoha Mall Hashimoto＋8.3％＋10.5％＋11.1％

SunLive City Kokura＋18.2％

＋0.4％

＋2.1％

Other retail properties（＊4）

＋2.4％

＋1.5％

＋2.6％

th

th

Jul.

Aug.

th

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

List of Interest-bearing debt
■List of borrowings
Category
Current
maturity oflong-term debt

Long-termdebt（As of August 31, 2023）

LenderThe Bank of Fukuoka
The Nishi-Nippon City Bank
Mizuho BankSBI Shinsei Bank
Development Bank of Japan
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
The Bank of Fukuoka
The Oita Bank
The Kagoshima Bank
The Higo Bank
Resona Bank
Syndicated loan （Green loan）（＊5）

Balance（mm yen）

2,000
2,000
500
700
2,000
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
300
200
200
200
200
2,200

Drawdown Repayment Term Fixed/ Average Interest（year） Floating
Date
Date
Rate
Feb.29,2016
Feb.29,2016
Feb.29,2016
Jul.29,2016
Feb.29,2016
Sep.30,2016
Dec.30,2016
Dec.30,2016
Mar.31,2017
Mar.31,2017
Mar.31,2017
Jun.30,2017
Jun.30,2017
Jul.31,2017
Jul.31,2017
Aug.31,2017
Sep.29,2017
Dec.29,2017
Dec.29,2017
Feb.28,2018
Feb.28,2018
Feb.28,2018
Feb.28,2018
Mar.1,2018
Mar.30,2018
Mar.30,2018
Mar.30,2018
Mar.30,2018
Mar.30,2018
Mar.30,2018
Mar.30,2018
Mar.30,2018
Mar.30,2018
Mar.30,2018
Jan.31,2019
Jan.31,2019
Jan.31,2019
Jan.31,2019
Feb.28,2019
Feb.28,2019
Feb.28,2019
Feb.28,2019
Jul.31,2019

Feb.29,2024
Feb.29,2024
Feb.29,2024
Jul.31,2024
Feb.28,2025
Sep.30,2025
Dec.30,2025
Dec.30,2026
Mar.31,2027
Mar.31,2025
Mar.31,2025
Jun.30,2026
Dec.31,2026
Jul.31,2027
Jul.31,2027
Aug.31,2027
Sep.30,2027
Dec.30,2027
Dec.30,2027
Feb.29,2028
Feb.26,2027
Feb.27,2026
Feb.29,2028
Mar.1,2028
Mar.31,2026
Mar.31,2028
Mar.31,2028
Mar.31,2028
Mar.31,2025
Mar.31,2027
Mar.31,2027
Mar.31,2028
Mar.31,2028
Mar.31,2025
Jan.31,2029
Jan.31,2028
Jan.31,2029
Jan.31,2029
Feb.27,2026
Feb.27,2026
Feb.27,2026
Feb.28,2029
Jul.31,2029

8.0 Floating 0.42000%
8.0 Fixed 0.44000% （＊1）
8.0 Fixed 0.44000% （＊1）
8.0 Fixed 0.40000%
9.0 Fixed 0.62000%
9.0 Floating 0.41855%
9.0 Fixed 0.71750%
10.0 Floating 0.42455%
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 0.42000%
10.0 Floating 0.42000%
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）

Category

LenderLong-term
debt

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）
The Higo Bank
The Higo Bank
The Hiroshima Bank
The Hiroshima Bank
Sumitomo Mitsui Trust Bank （Green loan）
Sumitomo Mitsui Trust Bank （Green loan）
Development Bank of Japan （Green loan）
Development Bank of Japan （Green loan）
Total

Balance（mm yen）

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

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

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 0.37455%
7.0 Fixed 0.72625%

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

10.0 Fixed 0.91875% （＊8）

700
750
500
1,000
900
600
2,000
2,000
81,4505.0 Fixed 0.61500%
10.0 Floating 0.37455%
6.0 Fixed 0.54125%
7.0 Fixed 0.63500%
5.0 Fixed 0.50100%
8.0 Fixed 0.82900%
6.0 Fixed 0.83750%
6.5 Fixed 0.90689%

Mar.31,2023 Mar.31,2028
Mar.31,2023 Mar.31,2033
Jun.30,2023 Jun.29,2029
Jun.30,2023 Jun.28,2030
Jul.31,2023 Jul.31,2028
Jul.31,2023
Jul.31,2031
Aug.31,2023 Aug.31,2029
Aug.31,2023 Feb.28,2030■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 August 31, 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

Appendix56

Lenders
A stable network of sponsor banks and other lenders
Breakdown of debt by lenders
OthersInvestment
corporation bonds 5.8％
Aozora Bank

A regional bank transaction network

Investment corporation bonds

Sponsor banks

1.2％

SBI Shinsei Bank 1.2％
The Norinchukin
Bank
Resona Bank

1.7％

Development
Bank of Japan

4.7％◎Sharing of information networks unique to regional banks to utilize
for our investment strategy in the area

- unit : mm yen

The Bank of Fukuoka
The Nishi-Nippon City Bank The Kitakyushu Bank
10,000 Borrowing
11,400 Borrowing
2,200
Borrowing
5,000 Committed line of credit 5,000
Committed line of credit

The Bank of Saga
Borrowing

500
300

Committed line of credit

The Oita Bank
Borrowing
Committed line of credit

1,500
500

The Miyazaki Bank
Borrowing

700

20.6％

Regional banks

Regional banks（excl. sponsor banks）

18.1％

86,450mm yenat the end of
the 38 th FP（Aug. 2023）

The
Nishi-Nippon
City Bank

13.2％

The Bankof Fukuoka

Megabanks, Trust banks
MizuhoTrust & Banking

11.6％

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

The Higo Bank
Borrowing

500

2,750

1.2％

Sumitomo Mitsui
Banking Corporation 3.0％
Sumitomo Mitsui
Trust Bank

3.8％

MUFG Bank

5. 7％

Mizuho Bank

8.3％

The Kagoshima Bank
Borrowing

800

The Hiroshima Bank
3,500
Borrowing
The Iyo Bank
Borrowing

Appendix

1,200

57

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
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
Private Fund Management Office
Appendix

58

The condition of suburb area in Fukuoka
A

BC

Fukuoka Airport Runway Expansion Project

E

1km
500m

Addition of a new 2,500 m x 60 m runway
New runway due to be placed in service at the end of March 2025

Purpose and EffectImproved runway throughput （number of departures and arrivals）（+14.6%）
164,000 times/year【Current status】【After runway expansion】 188,000 times/year （~212,000 times/year）
inUm
JR
Island City Minato Bay related site
（Land with leasehold interest）（tentative）（Schedule to be acquired
on March 31, 2029）

ShikanoshimaIsland

Isl

an

←

d

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 LinelegendJR （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

Fukuoka Nishi Civic Poolza

Chuo youme Town Hakata
Port

Marine Messe

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

Seaside Momochi
FUKUOKA
Beach Park
PayPay DOMEAEON Marina Town

MARK ISFukuokamomochi

NEW Axion Befu-Ekimae Premium
Acquired on April 27, 2023

uko Line

Ohori
Park

34

Ruins of
Fukuoka 30
Castle32 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
油山

Fukuoka IC

sen
kan
hin
S
nyo JR Sasaguri Line
Sa

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

13 15

18
2 1 12

Hakata Sta.
14

19

22

16
20

Canal City Hakata

AEON MALL Fukuoka

Fukuoka Airport

BEST DENKI
Stadium

Prefectural Swimming Pool

33

Tenjin LOFT

Mt. Konosusan

5

is owned by Fukuoka REIT Corporation（ As of September 1, 2023）.

ka Urban
Kasuy Expressway
a LineFukuoka City Zoologicaland Botanical Gardens

Konoha Mall Hashimoto

Waterfront Next

29

Sasaguri
Forestof Kyushu
University

Kyushu University
Hakozaki Campus Site

24

Subway K

TORIUS Hisayama

Fukuo

HakozakiPortki

NEW Hakata FD Business Center
Acquired on September 1, 2023

Atago Shrine
Nagatare Seaside Park

Sa

31

Nanakuma subway line
extention project（Opened on
March 27, 2023）
Hanahata SC
88

Fu

ku

Mitsui Shopping Parknn

Aqualia Chihaya

hink
anse

a

shu
S

im

ine

←

sa

LOGICITY Minato Kashii

ii L

Bu

sh

sh

←

no

Ka

ika

27

Kyu

Sh

26
A

Uminonakamichi
Seaside Park

JR

2

←

LOGICITY HisayamaFuk
Ex uokap
Ka ress Urbashi wa ni Li yne

Kinin Park

Futamigaura

ine

hi L

mic

ka
ona

4

F

Ha Su
ko bw
za ay
ki
Lin
e

1

D

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

59

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

Amex
Akasakamon
Tower

Tenjin North
Front Building

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

32

Homukyoku-mae

Saza

Iwataya
Shinkanori
eki-d SOLARIA

Tenjindori

Fukuoka Daimyo Garden City

読売福岡ビル

Kiram

ResoraTenjinFu

Kego ES

kuo

ka

Kego

iku

shi

Pre

Imaizumi

Imaizumi
Park

Tenjin intersection 500m radius

fec

tur

al R

oa31
d

Yakuin-Mutsukado

Ha S
ko ubw
za a
ki y
Li
ne

Av
e.

Av
e.

do
ri

Canal City Hakata

Canal City BusinessCenter Building

Hakata Ekimae
Business Center（＊）

M
ei
ji-

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 �

or

i

112

Hakataeki
minami22
Hakata Chikushi-Dori
Center Building

山王1丁目

り

Yakuin Sta.

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

美野島

553

山王
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

山王2丁目

575

下

竹

・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

33

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 September 1, 2023）＊.
is owned by Fukuoka Jisho Group（As of September 1, 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

AmuPlaza
Hakata602

Fukuoka zoo-mae

Higashi Hie
Business Center

385

Station-front square at
Hakata Station
Chikushi Exit

Fukuoka
Center Building

The Nishi-nippon
City Bank

12

福岡放送
本社

ri
-do

4

Yakinkoban-mae

Hakataeki higashi

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-ekimae 1chome

Hakata Bus
Terminal

Hotel NIKKO
Fukuoka

Canal City Hakata
East Building
Hakata-ekimae-dori Ave. Hakata-ekimae
2chome21Haruyoshi
ES

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

neHakata Ward
Office3

FukuokaAsahi Building（＊）

Hakata Police Office

Sumiyoshi Shrine

Ta

Yakuin-odori-nishi
Minami-yakuin

Max
Value

HakataKuyakusho
IriguchiSumiyoshi-jinja
Mae

uin

Kogarasu
ShrineThe Nishi-Nippon bank
Head Office Annex

祇園町
Mangyo-ji

Watanabe-dori

Watanabe-dori Kita

Toko JHS
Katakasu ES

通

ta.

ri S
-odo

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

JPR Hakata

Gion Sta. Building

Hakata-ekimae
3chomeBivi
TenjinToko-kitaPark

赤Jotobashi
Nishi

YakuinYak

Shokokaigisho
Iriguchi

Hakatakeisatsusho
Iriguchi

553

Yutaka日

Jotobashi

Nishitetsu Yakuin Sta.

City House
Keyaki Dori

202

e.

Av

Hakataekimae

Smile Hotel
Hakata-ekimae

Line

Ch

UrbanBLD
Tenjin

Ku

ri

do

ko

Joten-jiTocho-ji

博多祇園
M-SQUARE

Haruyoshibashi
Higashi

Hotel WBF
Fukuoka tenjin-minami

Shinkawa-bashi

Tenjin MENT
BuildingerTakeshita-dori

Kego 2chome.

muta
Nishitetsu Tenjin-O.
Ave Kego KOBAN

Tenjin LUCE

Ave

Riv

Toko 2chomescheduled）（reconstruction
East Buildingeay Linbw a
Su kumaan
N

202

Kego-jinja Mae

ori

i-d
ash
ninb
Sho

Kego

r

Sankoubashi

Watanabe-dori 4chome

asa

祇園町

中洲1丁目
East Building
City Hakata
HakataCanal
Canal Cityve

Canal City Hakata／
Canal City Hakata・B

Haruyoshiri

K

Building

.

do
eab .
an Avedoro

taiokuRiveatTenjinNishi-dori
Squareve.

-dori A

Daimyo30
Akasaka（provisional name）

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

TENJIN216

Class
Keyaki Dori

dori

aki-

Key

New Fukuoka Building Tenjin121

Plaza

17

iA

KushidaShrineNishinakasu

Tenjin Chuo
Fukuoka City Hall Parkor

ReisenPark

Tenjin Business Center 2nd Phase Project
Haruyoshi （provisional name）

Tenjinkirameki-dori building（＊） Mitsukoshi

Dimyo 1chome

Shimin Center
Taiikukan

Fukuoka Shiyakusho-mae-dW

TaishoTenjin Nishi-Dori
Center Building（provisional
name）Tenjin1-7 plann-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 Linka

新川

Maizuru

Na

Best Denki
Fukuoka Main Store

ku

Mik

202

Taihaku Street
Business Center

15

冷泉町

gate’s

薬院

Show

iha

Gionmachi
Nishi

Acros
Fukuokave.

Katakasu
Yutaka JCT

Gokusho-machi

Tenya-machi

Tenjin Business CenterAa-dori

Maizuru
2chome43

Ta

アクロス福岡前

Maizuru
1chome福岡市消防局

Akasakanishi

Nishitetsu Inn Fukuoka

Hinode Tenjin
Building

552

Katakasu
1chomeShofuku-ji

Subway Kuko Line

NakasuNishi-ohashi

Gofukumachi
Business Center-machiKamikawabata-machi

Bank ofJapan

Chuoyubinkyoku-mae
Tenjinbashi-guchi

Nakasu13

24

Nakasu-Kawabata Sta.

Fukuoka Kogin Building（＊）

AEON
Shoppers Fukuoka（Land with leasehold interest）

29

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

Sh
ow
ado
ri

KBC
Kyushu Asahi Nanotsu-guchi
Broadcasting

Fukuoka Central wholesalemarket fish market

Shimokawabata-machi

Suzaki
Park

F

線
2号
港
空
速
高
市
都

KBC
Cinema 1・2

1

3

Suzaki-machi

Gofuku machi

Gofukumachi Sta. Kamigofuku

Tsunaba-machi

Fukuoka Prefectural
Museum of Art

空港通

E

福岡高校

Yutaka 1chome

奈良屋町 Business Center
HakataFD

Shiminkaikan-mae

D

中呉服町

博多小学校

吉塚1丁目

550

蔵本

A

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".

Appendix60Redevelopment in Tenjin area （Tenjin Big Bang）（To be completed in May 2025）

Image of the area subject toTenjin Big Bang（Fukuoka City）

ka r
Na iveR

Phased and successive
reconstruction project of
Fukuoka Chuo Post Office and
AEON Shoppers Fukuoka

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

No. of applications for building
confirmation: 59 buildings（50 buildings completed）（＊1）

Tenjin Business Center

River front
Bussiness Center■Completed before 1978●
Bank of Japan●
Fukuoka Chuo Post Office
Hulic Fukuoka Bldg.
Rebuilding Project（provisional name）（To be completed in Dec. 2024）

7（Completed in Mar. 2023）

image（Press release, Dec, 2022）

8

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

8●
Fukuoka
PARCO

Tenjin 1-chome North 14th

5

e t suNishituok a
k
u
F
jin）
（Ten .
St a

2
Tenjin 1-chome south block
Acros
Fukuoka●2

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

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

4

istrict
dori dMeijiTenjin
Fukuoka Kogin （＊2）
Building●i-dor eachō ssag
Inabound pa
rgr
unde

Fukuoka Tenjin
Center Building●

Tenjin Business Center 2nd
Phase Project（provisional name）（To be completed in Jun. 2026）

Tenjin 1-chome north block（14th Block）●
AEON
Shoppers Fukuoka●Mina Tenjin（Completed in Sept. 2021）

6

image

（Press release, Dec. 22, 2022） 3

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, May 13, 2021）

5（provisional name）

Tenjin1-7 plan

（To be completed in Mar. 2026）

image（Press release, Aug 30, 2022） 6（＊1） February 2015 to May 2022 after the start of Tenjin Big Bang. Number of completed buildings as of May 2022. （announced by Fukuoka City） . （＊2） 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

Appendix61

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

⑤

ve

.

⑤

The Nishi-Nippon
City Bank
Head Office Annex

Canal City Hakata

Hakata River

Kushida Shrine Sta.

Kyukan Jotenjidori
Building

Nanakuma
SubwayLine

JR Hakata Sta.

●
Hakata Sta.
Aerial City ProjectNorth zone

Naka River

4

6●
Sumiyoshi Shrine

os

y

mi

Su

ori

owned by Fukuoka Jisho Group. ＊3

Miyako Hotel
Hakata

Su
bw

.
ve

A

Crown Plaza
ANA Fukuoka

ay

Sanix Hakata Building（Scheduled to be completed
in the end of FY2028）

South zone

d
hi-

2

1

Hakata Ekimae
Business Center （＊2）

iku

sh

i-d

or

iA

ve

.

◎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

50

3（Press release, Feb. 3, 2021）

4

Hakata Ekimae 3-chome Project（tentative name）（Completion slated for June 2025）

to start in 2025,
To be completed
in Sept. 2028）（Press release, Dec. 19, 2019）

5

image

（Press release, Aug. 1, 2023）

6◎New project （decided on February 28, 2022）

New incentive
Floor area
ratio of up to（Completed in Feb. 2021）（Demolition work

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

Existing system
to relax floorarea ratio

Hakata Fukami Park Building

The Nishi-Nippon
City Bank
Head Office Annex,
Administrative
Head Office Building
100m

Hakata Connected Bonus

2

Hakata East TerraceLineHakata Chikushi-Dori
Center Building

image（Press release, Jul. 27, 2023）（Completed in Aug. 2022）（Press release, Aug. 5, 2022）（＊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

Reconstruction project of head office CONNECT SQUARE HAKATA
of The Nishi-Nippon City Bank
（To be completed in Feb. 2025） （To be completed in Mar. 2024）

Northeast side （image）（Press release, March. 30, 2023） 1

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

Canal City Hakat East
Building（dismantling scheduled）

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)

Appendix62

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

Overview of Fukuoka Jisho Co., Ltd. （period ended May 31, 2023）
Name

Fukuoka Jisho Co., Ltd.

Net sales

20.2 billion yen

Ordinary income

5.8 billion yen

Established

July 1961

Industries

Real estate（comprehensive developer）

Net income

10.4 billion yen

Representative

Ichiro Enomoto, President and C.E.O

Total assets

239.6 billion yen

Employees

176

Equity ratio

37.1％■Tenjin Business Center
Office buildings

Use

Officebuildings■Tenjin Business Center 2nd Phase Project（provisional name）

Office buildings

RetailResidence■LOGICITY Minato Kashii North
Logistics■Class Keyaki Dori

Hotel

ResidenceYear of completion

Total floor
space

Fukuoka Kogin Building

1970

15,160㎡

2

Fukuoka Asahi Building

1970

44,762㎡

3

Hakata Ekimae Business Center

1999

23,542㎡

4

Naha Business Center

2018

8,994㎡

5

Tenjin Business Center

2021

61,100㎡

6Sumitomo Life Fukuoka Building/Tenjin Nishi-dori Business Center
Reconstruction Project (provisional name) （＊）

May 2025 （scheduled）

42,000㎡

June 2026 （scheduled）

62,932㎡

No.

Name

1

7

Tenjin Business Center 2nd Phase Project

8

Marinoa City Fukuoka （Outlet Building）

9

Tenjin Kirameki Dori Building

2003

24,525㎡

City Hakata East Building
10 （Canal
dismantling scheduled）

2011

18,534㎡

11 Class Keyaki Dori2008

6,500㎡

July 2024 （scheduled）

2,648㎡

13 Hotel FORZA Sapporo Ekimae

2020

11,344㎡

14 LOGICITY Minato Kashii North

2020

47,150㎡

March 2023

49,545㎡

16 LOGICITY Ogori (provisional name)July 2024 （scheduled）

28,364㎡

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

Not announcedー

18 Logistic plan in Sonobe, Kiyama Town

Not announcedー

19 Island city Logistic Plan

2030 （scheduled）

ー(provisional name)1-chome rental apartment
12 Imagawa(provisional name)15 LOGICITY Koga
Logistics＊Prepared by Fukuoka Realty based on data from Fukuoka Jisho Co., Ltd.

（Building Ⅰ）/
2000
46,663㎡
2004（Building Ⅱ）/ 2007（Building Ⅲ）＊Includes properties owned by the Fukuoka Jisho Group and properties co-owned with other companies.
（＊）FRC acquired land with leasehold interest on June 1, 2021.

Appendix63