Fukuoka Reit Corporation · TSE:8968

Fukuoka Reit — FY2017 Earnings Presentation

46 slides from Fukuoka Reit's earnings presentation, October 2017

  1. Slide 1: http://www.fukuoka-reit.jp

    ⚗ᒱ䝮䞀䝌ᢖ㈠Ἢெ ➠㻕᭿ 䟺ᖲᠺ㻔㻙ᖳ㻜᭮㻔᪝ࠤᖲᠺ㻔㻚ᖳ㻛᭮㻖㻔᪝䟻 Ử⟤ㄕ᪺㈠ᩩ http://www.fukuoka-reit.jp

  2. Slide 2: Report of Financial Accounts / Investment, Operating, Financial Strategy

    䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 䜹䝢䝮䞀 䚸➠㻕᭿䟺ᖲᠺ㻔㻚ᖳ㻛᭮᭿䟻㻔ཾ䛈䛥䜐ฦ㒼㔘䚭 㻔㻜㻏㻓㻔㻗ළ Report of Financial Account 䟺๑ᅂⓆ⾪஢᝷Ẓ㻃 㻎㻛㻜㻛ළ䟻 䚸➠㻖᭿䟺ᖲᠺ㻔㻛ᖳ㻕᭮᭿䟻䠃ཾ䛈䛥䜐ฦ㒼㔘஢᝷䚭 㻔㻙㻏㻚㻓㻓ළ㻃 Ử⟤ሒ࿈ 䟺๑ᅂⓆ⾪஢᝷Ẓ㻃 㻎㻖㻛㻗ළ䟻 I nvestment Strategy ༡ኣ㥈䜬䝮䜦䜘௥⾪䛟䜑䜮䝙䜧䜽䇵䜹䝏䝇䜳䜽༡ኣ䝗䝯䇶㻃ཱིᚋ ᢖ㈠ᡋ␆ ᖲᠺ㻕㻓ᖳ୯㻔㻏㻙㻓㻓൦ළ䟺㻖ᖳ䛭ಶቌ䟻䛾䛴䜷䝣䝇䝌䝥䝷䝌 Operating Strategy ၛᴏ᪃シ኉୕䚮䜮䝙䜧䜽䝗䝯✄഼⋙䛮䜈䛱

  3. Slide 3: Report of Financial Accounts

    ➠䠄᭿Ử⟤ሒ࿈ ::: Re p o rt o f Fi n a n c i a l A c c o u n t s: : :

  4. Slide 4: ➠2᭿ฦ㒼㔘䛴ᐁ⦴ ➠2᭿྘⛸㈀ຸᣞᵾ ➠2᭿᥾─゛⟤᭡ ➠3᭿ฦ㒼㔘஢᝷ ➠2᭿㈒ೇᑊ↯⾪ ➠2᭿䟺ᖲᠺ17ᖳ8᭮᭿䟻ฦ㒼㔘䛴ᐁ⦴ ➠䠄᭿䛵䚮ᖲᠺ16ᖳ9᭮1᪝䛑䜏ᖲᠺ17ᖳ8᭮31᪝䜄䛭䛴゛⟤᭿㛣䛮䛰䛩䛬䛐䜐䜄䛟䛒䚮ᮇᢖ㈠Ἢெ䛵ᖲ…

    ➠2᭿ฦ㒼㔘䛴ᐁ⦴ ➠2᭿྘⛸㈀ຸᣞᵾ ➠2᭿᥾─゛⟤᭡ ➠3᭿ฦ㒼㔘஢᝷ ➠2᭿㈒ೇᑊ↯⾪ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ➠2᭿䟺ᖲᠺ17ᖳ8᭮᭿䟻ฦ㒼㔘䛴ᐁ⦴ ➠䠄᭿䛵䚮ᖲᠺ16ᖳ9᭮1᪝䛑䜏ᖲᠺ17ᖳ8᭮31᪝䜄䛭䛴゛⟤᭿㛣䛮䛰䛩䛬䛐䜐䜄䛟䛒䚮ᮇᢖ㈠Ἢெ䛵ᖲᠺ16ᖳ11᭮9᪝䜎䜐㈠⏐䜘ཱིᚋ䛝䛬 㐘⏕䜘㛜ጙ䛝䜄䛝䛥䛴䛭䚮ᐁ㈹Ⓩ䛰㐘⏕᪝ᩐ䛵䚮296᪝䛮䛰䛩䛬䛐䜐䜄䛟䚯 2 ( 296 ) 16 9 1 17 8 31 5,857 5,781 2,685 - 1,859 - 1,761 1,679 1 19,014 18,116 1 27,314 -

  5. Slide 5: Statement of income

    ➠2᭿ฦ㒼㔘䛴ᐁ⦴ ➠2᭿྘⛸㈀ຸᣞᵾ ➠2᭿᥾─゛⟤᭡ ➠3᭿ฦ㒼㔘஢᝷ ➠2᭿㈒ೇᑊ↯⾪ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ➠2᭿䟺ᖲᠺ17ᖳ8᭮᭿䟻᥾─゛⟤᭡ 2 296 16 9 1 17 8 31 (%) 2 99.8 1. 5,857 100.0 5,632 225 2. 3,172 54.2 2,765 319 6 26 19 1,419 28 36 25 241 ( ) 2,685 45.8 46 764 240 1. 19 0.3 0 19 2. 845 14.3 273 36 220 5 261 46 ( ) 1,859 31.8 (

  6. Slide 6: Balance sheet

    ➠2᭿ฦ㒼㔘䛴ᐁ⦴ ➠2᭿྘⛸㈀ຸᣞᵾ ➠2᭿᥾─゛⟤᭡ ➠3᭿ฦ㒼㔘஢᝷ ➠2᭿㈒ೇᑊ↯⾪ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ➠2᭿䟺ᖲᠺ17ᖳ8᭮᭿䟻㈒ೇᑊ↯⾪ 䚭䟺ᖲᠺ17ᖳ8᭮31᪝⌟ᅹ䟻 817 262 4,900 2,781 8,000 3,100 181 133 1,595 228 154 6.3 2 5,531 465 741 12,000 9,834 11.2 1,000 33,504 1,000 1,000 738 32,765 18,600 700 222 8,109 500 6 215 26,709 30.6 500 159 36

  7. Slide 7: Cash distribution and financial indicators

    ฦ㒼㔘䛴ᐁ⦴䛐䜎䛹஢᝷ ➠2᭿྘⛸㈀ຸᣞᵾ ➠2᭿᥾─゛⟤᭡ ➠3᭿ฦ㒼㔘஢᝷ ➠2᭿㈒ೇᑊ↯⾪ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ➠2᭿䟺ᖲᠺ17ᖳ8᭮᭿䟻྘⛸㈀ຸᣞᵾ 䚭䟺ᖲᠺ17ᖳ8᭮31᪝⌟ᅹ䟻 16 11 9 17 6 21 17 8 31 296 2.9% / 16 11 9 + /2 3.6% 2 296 3.8% / 16 11 9 + /2 4.7% 2 296 30.4% / 105.5% / 7.4 / 3,856 2,526 5

  8. Slide 8: Forecast

    ฦ㒼㔘䛴ᐁ⦴䛐䜎䛹஢᝷ ➠2᭿྘⛸㈀ຸᣞᵾ ➠2᭿᥾─゛⟤᭡ ➠3᭿ฦ㒼㔘䛴஢᝷ ➠2᭿㈒ೇᑊ↯⾪ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ➠3᭿䟺ᖲᠺ18ᖳ2᭮᭿䟻ฦ㒼㔘䛴஢᝷ 3 181 17 9 1 18 2 28 3,964 3,773 1,539 - 1,537 1,501 1 16,700 16,316 1 23,923 - 3 +384 6

  9. Slide 9: Investment Strategy

    ᢖ㈠ᡋ␆ : : : I n v e s t m e n t S t r a t e g y : : :

  10. Slide 10: ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 ≁ᚡ • ᒜ㝟䝿ஐᕗ᩺ᖷ⥲䚮 䚭䛐䜎䛹⚗ᒱᕰႜᆀୖ㕪༡ኣ㥈 䛑䜏ᚈṄ㻕ฦ • ᅗ…

    ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 ≁ᚡ • ᒜ㝟䝿ஐᕗ᩺ᖷ⥲䚮 䚭䛐䜎䛹⚗ᒱᕰႜᆀୖ㕪༡ኣ㥈 䛑䜏ᚈṄ㻕ฦ • ᅗ㐠㻖ྒ⥲䚮㻖ྒ⥲䝔䜨䝕䜽䚮 㒌ᕰ㧏㏷䝭䝷䝛䛾䜈ይ䜦䜳䜿䜽 • ᖕᗀ䛊஦䞀䜾䜘‫‮‬䛥䛟 䜽䝞䝇䜳 㼒 䝳䝷䝙䝱䜦᭩ኬ㻕㻖㻜㻑㻕㻜ᆟ䛑 䜏᭩ᑚ㻕㻘㻑㻕㻜ᆟ䜄䛭ฦ๪ྊ⬗ 㼒 ኮ஬㧏㻕㻑㻙㼐 㼒 ක䜵䞀䝚䝯 • 䜹䝏䝇䜳䜽䚮 け᪝ᮇ䜻䝊䜧㖗⾔䚮䝱䞀䝤䚮 ฝක⮾⏐➴䛴ඁⰃ䝊䝎䝷䝌 ᴣこ • ᡜᅹᆀ

  11. Slide 11: Investment ratio

    ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ᢖ㈠᪁㔢 60-90% 0-20% 10-30% 20-40% 0-10% 60-80% 8 ၛᴏ᪃シ୯ᚨ䛴ᆀᇡ≁໩ᆵ䝮䞀䝌

  12. Slide 12: External growth

    ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 160,000 84,533 4,400 80,133 6,633 73,500 11,200 Act Local 14,600 15,700 32,000 09 01 30 .11. .07. .09. H16 H17 H17 H20 9 ᖲᠺ20ᖳ୯1,600൦ළ䛾䛴ᠺ㛏䜷䝣䝇䝌䝥䝷䝌

  13. Slide 13: ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ 䜽䝡䝷䜹䞀ᣈฝ ⚗ᒱᆀᡜ䜴䝯䞀䝛 ୹こ㛜Ⓠ᱄௲ 䟺⤄䜅ථ䜒䛒⌟≟䛭Ửᏽ䛝䛬䛊䜑䜕䛗䛭䛵䛚䛜䛊䜄䛡䜙䟻 5% 5…

    ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 䜽䝡䝷䜹䞀ᣈฝ ⚗ᒱᆀᡜ䜴䝯䞀䝛 ୹こ㛜Ⓠ᱄௲ 䟺⤄䜅ථ䜒䛒⌟≟䛭Ửᏽ䛝䛬䛊䜑䜕䛗䛭䛵䛚䛜䛊䜄䛡䜙䟻 5% 5% ኬ༡㏳䜐 䝗䜼䝑䜽䜿䝷䝃䞀 58% 5% 䝮䝔䞀䜪䜭䞀䜳໪ஐᕗ 䝢䝮䝒䜦䜻䝊䜧⚗ᒱ 䝋䜮䝋䜮 10% ⚗ᒱ᮶ᗉ 5% 5% 7% ኮ♼䛓䜏䜇䛓㏳䜐䝗䝯 け᩺䜷䝷䝍䝣䝏䜦䝤 ༡ኣ㥈๑ 䟺ᒷ⏛ᒁ᩺㤃䟻 䝗䜼䝑䜽䜿䝷䝃䞀 ⚗ᒱᆀᡜ䜘䛵䛞䜇䛮䛟䜑䜽䝡䝷䜹䞀㝍䛒 አ㒂ᠺ㛏䜘䝔䝇䜳䜦䝇䝛 䜴䝭䝷䝍䝿

  14. Slide 14: Local-oriented investment

    ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ᕰሔ䛑䜏䛴㉆ථ Local t Ac (CAP6.5%) (CAP5.9%) 17 7 1 17 9 30 11 ᆀ䛴ฺ䜘Ὡ䛑䛝䛥┞ᑊཱིᘤ

  15. Slide 15: ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ SC 2,000 8,000 5 70 3 5km

    ᩺ぜཱིᚋ䠌䜹䝏䝇䜳䜽༡ኣ䝗䝯 䜽䝡䝷䜹䞀ᣈฝ ᢖ㈠᪁㔢 ᕰሔ䛑䜏䛴㉆ථ አ㒂ᠺ㛏䝱䞀䝍䝢䝇䝛 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 䜽䝡䝷䜹䞀᩺ぜ㛜Ⓠ∸௲䛴ཱིᚋ SC 2,000 8,000 5 70 3 5km 5 P 12 ஐᕗ྘ᆀ䛭䜷䝣䝩䝏䝊䜧ᆵSC᱄௲୩⾔᳠ゞ୯

  16. Slide 16: Operating Strategy

    㐘⏕ᡋ␆ : : : O p e r a t i n g S t r a t e g y : : :

  17. Slide 17: Portfolio overview

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 䝡䞀䝌䝙䜭䝮䜮䝢䝇䝛 䚭䟺ᖲᠺ17ᖳ9᭮30᪝⌟ᅹ䟻 ⚗ᒱ䝿ஐᕗᆀᇡ䛱≁໩ ၛᴏ᪃シ䝥䜨䝷 26.4% 35.7% 73.6% 64.3% 13 䜱䝧䝎䝯䜻䝊䜧༡ኣ䜘➱㢄䛱ཚ㐽䛛䜒䛥⠇ὰ䚮㧏✄഼䛴6∸௲䛭ᵋᠺ

  18. Slide 18: Portfolio list

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 䝡䞀䝌䝙䜭䝮䜮ୌぬ 17 9 30 1 2 m2 3 m2 9 5 32,000 37.9 32,100 5.8 25 51,482.82 47,909.64 99.9 3 5 15,700 18.6 16,600 6.4 84 75,500.03 100

  19. Slide 19: Property income

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 2 296 16 9 1 17 8 31 6 2,348 1,402 87 1,120 898 2,256 1,378 87 1,108 801 91 24 0 12 97 793 582 4 368 253 76 73 0

  20. Slide 20: Portfolio composition

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 䝡䞀䝌䝙䜭䝮䜮䝿䜹䝢䝮䞀 䚭䟺ᖲᠺ17ᖳ9᭮30᪝⌟ᅹ䟻 27.5% 23.8% 24.1% 2.2% 2.2% 22.6% 8.7% 67.2% 2.3% AMC 2.8% 3.0% 5.2% 3.2% 5.1% 1.3% 44.9% 37.2% 61.

  21. Slide 21: Sponsor-supported properties

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ∸௲ᴣこ䟺䜱䝧䝎䝯䜻䝊䜧༡ኣ䚮䜱䝧䝎䝯䜻䝊䜧䝿䝗䜼䝑䜽䜿䝷䝃䞀䝗䝯䟻 䚭䟺ᖲᠺ17ᖳ9᭮30᪝⌟ᅹ䟻 䜱䝧䝎䝯䜻䝊䜧༡ኣ ≁ᚡ • ༡ኣ㥈䜎䜐ᚈṄᅥ䚮⦶⳱⾜୯ὢ䛱㝼᥃ • ᪃シධమ䛭ᖳ㛣㻔༐୒ெ㉰䛴ᮮሔ⩽䜘ヺ䜑䚮⚗ᒱ䜘௥⾪䛟䜑びකྞᡜ • 䝭䜽䝝䜰䜽䝿䝙䝰

  22. Slide 22: Property overview: Daimyo and others

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ∸௲ᴣこ䟺䝕䞀䜳䝛䝰䜨䜽ኬฦ䝿䜹䝷䝮䝚䜻䝊䜧ᑚಲ䟻 䚭䟺ᖲᠺ17ᖳ9᭮30᪝⌟ᅹ䟻 ≁ᚡ 䝕䞀䜳䝛䝰䜨䜽ኬฦ • ኬฦ┬䜽䝡䞀䝈පᅧ䟺㻺᮴䜹䝇䜯䞀䜽䝃䜼䜦䝤䟻䛱㝼᥃䛟䜑䝏䝩䞀䝃䜪䝷䛱❟ᆀ • ኬฦ⡷Ⰳ㻬㻦⮫㎾䚮㥌㌬ሔ⣑㻗㻏㻓㻓㻓ྋ㒼ങ • 䜼䝫䝷䝿䜼䝧䞀䝋

  23. Slide 23: Property overview: Hotels and Canal City

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ∸௲ᴣこ䟺࿇᭱⏣䝗䜼䝑䜽䜿䝷䝃䞀䝿䜹䝏䝇䜳䜽༡ኣ䝗䝯䟻 䚭䟺ᖲᠺ17ᖳ9᭮30᪝⌟ᅹ䟻 ≁ᚡ ࿇᭱⏣䝗䜼䝑䜽䜿䝷䝃䞀 䚸᪺἖㏳䜐䚹䚸ኬ༡㏳䜐䚹䛱㟻䛝䚮ᆀୖ㕪࿇᭱⏣㥈䛱├⤎ 䝏䝩䞀䜦䞀䜳⨶⾙㤃䜘ᡥ䛒䛗䛥䝢䜨䜵䝯䝿䜴䝰䜨䝚䜽䛱䜎䜑䝋䜺䜨䝷 ᆀᇡ᭩㧏ဗ㈹䛴䜽䝞䝇

  24. Slide 24: Occupancy rates

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ∸௲ื✄഼⋙䛴᥆⛛ 䚭䟺ᖲᠺ17ᖳ9᭮30᪝⌟ᅹ䟻 (%) (%) (%) 100 100 100 100.0% 99.9% 99.8% 99.9% 100.0% 100.0% 95 95 95 90 90 90 85 85 85 80 80 80 H16

  25. Slide 25: Rent trends

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ၛᴏ᪃シ䛴❿ணງ䟺∸௲ื䛴኉୕㧏᥆⛛䟻 1,500 2,500 16 9 17 8 15 9 16 8 1,200 2,000 900 1,500 16 9 17 8 15 9 16 8 600 1,000 9 10 11 12 1 2 3 4 5 6 7

  26. Slide 26: Internal growth

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䚸ቌᗃ䚹䛮䚸᩺ぜ䝊䝎䝷䝌㛜ᢽ䚹䛱䜎䜑∸௲❿ணງ䛴ᙁ໩䟺䝕䞀䜳䝛䝰䜨䜽ኬฦ䟻 䟺ᕝ஥ᴣこ䟻 ᕝ᭿䠌ᖲᠺ㻔㻙ᖳ㻔㻓᭮䡐ᖲᠺ㻔㻚ᖳ㻗᭮䟺ᖲᠺ㻔㻚ᖳ㻗᭮㻕㻖᪝䜮䞀䝛䝷䟻 හᐖ䠌㈜㈒㟻✒㻃⣑㻕㻑㻕༐㼐㻕 ቌ䟺㻎㻕㻑㻕䟸䟻䚮䝊䝎䝷䝌ᩐ㻔㻗௲ቌ䟺

  27. Slide 27: Internal growth

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖’ 䚸䝕䞀䜳䝛䝰䜨䜽ኬฦ䚹ቌᗃᚃ䛴䛱䛔䜕䛊 23

  28. Slide 28: Internal growth

    䝡䞀䝌䝙䜭䝮䜮 䝢䝇䝛 䝡䞀䝌䝙䜭䝮䜮 䝿䜹䝢䝮䞀 ∸௲ᴣこ䟺࿇᭱⏣䝿䜹䝏䝇䜳䜽䟻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐖 䝡䞀䝌䝙䜭䝮䜮 ୌぬ ∸௲ᴣこ䟺䜱䝧䝎䝯䟻 ∸௲ื✄഼⋙䛴᥆⛛ හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 ∸௲ื㈜㈒஥ᴏ཭ᨥ䟺➠2᭿䟻 ∸௲ᴣこ䟺ኬฦ䝿ᑚಲ䟻 ၛᴏ᪃シ䛴❿ணງ 䝓䜨䝭䜨䝌 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 හ㒂ᠺ㛏䛾䛴ཱི䜐⤄䜅䐗 䚸䜦䜳䝊䜧䝚䝿䝊䝎䝷䝌䝢䝑䜼䝥䝷䝌䚹䛱䜎䜑㩥ᗐྡྷ୕䟺䜱䝧䝎䝯䜻䝊䜧༡ኣ䟻 㻽㻤㻵㻤䟺ᰬᘟఌ♣䜺䝭䝿䜼䝧䝕䝷䟻䛴ㄇ⮬ 㨡ࣆ • ᫤᭿䠌 ᖲᠺ㻔㻚ᖳ㻛᭮㻔㻕᪝䠡䠢䠗䠠 ງ勫 • හᐖ䠌 㖗ᗑ䚮ඵᮇᮄ䛭Ꮛᅹវ䜘♟䛟ඁⰃ㊨㟻ᗉ䝊䝎䝷䝌䚸㻽㻤

  29. Slide 29: Financial Strategy

    ㈀ຸᡋ␆ : : : F i n a n c i a l S t r a t e g y : : :

  30. Slide 30: Interest-bearing debt list

    ➠䠄᭿ೇථ㔘᪺⣵ 䠞䠦䠨ఴງ አ㒂᰹௛䛗ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 ➠䠄᭿䟺ᖲᠺ17ᖳ8᭮᭿䟻䚭ೇථ㔘᪺⣵ 4,900 0.58% H17.6.29 H18.6.23 1.0 0.8 3,100 0.58% H17.6.29 H18.6.23 1.0 0.8 12,000 1.39% H16.11.9 H21.8.31 4.8 4.0 1,000 0.58% H17.6.29 H20.6.23 3.0 2.8 1,000 0.58% H17.6.29 H20.6.23 3.0 2.8 1,000 0.58% H17.6.29 H20.6.23

  31. Slide 31: Debt and LTV

    ➠䠄᭿ೇථ㔘᪺⣵ 䠞䠦䠨ఴງ አ㒂᰹௛䛗ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 䠞䠦䠨ఴງ 䚭䟺ᖲᠺ17ᖳ8᭮31᪝⌟ᅹ䟻 20,000 30% 5,531 26,600 8,109 81,771 20,000 LTV 45 1,835 50,918 159 26

  32. Slide 32: Debt

    ➠䠄᭿ೇථ㔘᪺⣵ 䠞䠦䠨ఴງ አ㒂᰹௛䛗ཱིᚋ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 አ㒂᰹௛䛗ཱིᚋ 17 9 20 27

  33. Slide 33: Appendix

    Appendix 㻝 㻝 㻝 ⚗ ᒱ 㒌 ᕰ ᅥ 䛴 ᠺ 㛏 ᛮ 䛮 ᕰ ሔ ᵋ ㏸ ን ໩ 㻝 㻝 㻝 㻔㻑 ெཾᠺ㛏 㻕㻑 ெཾὮථ 㻖㻑 ᑯᴏ⩽ᩐ 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻙㻑 ᆀ౮ິྡྷ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻓㻑 ᑚ኉኉ሔ㟻✒ 㻔㻔㻑 ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻔㻕㻑 ᢖ㈠୹ᒌᛮฦᯊ

  34. Slide 34: Appendix contents

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 1.䚭ெཾᠺ㛏 ᅗහ୹こ㒌ᕰᅥ䛴 ᑑᮮ᥆゛ெཾ䛴᥆⛛ ெཾぜᶅ 120.0 115.0 110.0 105.0 100.0 95.0 90.0 85.0 12 17 22 27 32 37 42 ฝ඼䠌⥪ຸ┤ᖲᠺ12ᖳᅗເㄢᰕ䜘ᇱ䛱㈀ᅆἪெ᪝ᮇ⤊ῥ◂✪ᡜ䛒㞗゛ ⚗ᒱ㒌ᕰᅥ

  35. Slide 35: Population in Fukuoka

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 㻕㻑䚭ெཾὮථ ⚗ᒱ㒌ᕰᗀᇡᅥ䛾䛴㌷ථ⩽䛴 ୹こ㒌ᕰᅥ䛴ெཾቌ΅⋙Ẓ㍉ ᚉ๑ᑽపᆀහズ 7% 25% 53% 15% ฝ඼䠌⚗ᒱ┬ெཾ⛛ິㄢᰕ䛑䜏ᖲᠺ㻔 㻙ᖳ㻔㻓᭮ࠤᖲᠺ㻔㻚ᖳ㻙 ᭮䛴䝋䞀䝃䜘 ≁ᏽ㟸ႜฺὩິἪெᆀᇡ⤊ႜᨥᥴ䝑䝇䝌䝳䞀䜳䛒㞗゛ ⚗ᒱ㒌ᕰᗀᇡᅥ䛵䚮ெཾẒ䛭⚗

  36. Slide 36: Population inflow

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 3.䚭ᑯᴏ⩽ᩐ ᑯᴏ⩽ᩐ䛴᥆⛛ 130 120 110 100 95 60 2 7 12 ฝ඼䠌 ⥪ຸ┤㻃ᅗເㄢᰕ䟺᫓࿰㻙 㻓ᖳ䚮ᖲᠺ㻕ᖳ䚮ᖲᠺ㻚ᖳཀྵ䛹ᖲᠺ㻔 㻕ᖳ䟻䜎䜐≁ᏽ㟸ႜฺὩິἪெᆀᇡ⤊ႜᨥᥴ䝑䝇䝌䝳䞀䜳䛒㞗゛ 䟺Ἰ䟻㻃 ᫓࿰㻙㻓ᖳ䛴྘㒌ᕰᅥ䛴ᑯᴏ⩽ᩐ䜘㻔 㻓㻓䛮

  37. Slide 37: Number of business establishments

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 4.䚭ᆀᇡහ⥪⏍⏐ ᆀᇡහ⥪⏍⏐㢘 130 120 110 100 90 2 3 4 5 6 7 8 9 10 11 12 13 14 ฝ඼䠌හ㛮ᗋ㻃ᖲᠺ㻕ᖳࠤᖲᠺ㻔㻗ᖳ㻃┬Ằ⤊ῥ゛⟤䜎䜐≁ᏽ㟸ႜฺὩິἪெᆀᇡ⤊ႜᨥᥴ䝑䝇䝌䝳䞀䜳䛒ᣞᩐ໩ 䟺Ἰ䟻㻃 ᖲᠺ㻕ᖳ䛴ᆀᇡහ⥪⏍⏐

  38. Slide 38: Employed persons

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 5.䚭ஹ㏳䝑䝇䝌䝳䞀䜳 32 ஐᕗ䛴⋖㛭ཾ䛮䛝䛬䚮㝛䟺㧏㏷㐠㊨䝿㕪㐠䟻䚮ᾇ䟺༡ኣ῿䟻䚮✭䟺⚗ᒱ✭῿䟻䛴ᣈⅤ䜘Ᏸങ

  39. Slide 39: Economic growth

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 6.䚭ᆀ౮ິྡྷ ၛᴏᆀᆀ౮᭩㧏ೋ ၛᴏᆀᆀ౮᭩㧏ೋ ᑊ๑ᖳንິ⋙ 䟺ᖲᠺ17ᖳ䟻 (%) 35 20 30 25 16.00 15 20 15 10 10 5 0 5 4.35 5.33 -5 2.75 -10 1.38 1.76 1.45 -15 0 13 14 15

  40. Slide 40: Office market scale

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 7.䚭䜮䝙䜧䜽㈒ᐄ㟻✒ ㈒ᐄ㟻✒䟺ᖲᠺ16ᖳ12᭮ᮆ᫤Ⅴ䟻 7,000,000 6,411,905 6,000,000 5,000,000 4,000,000 3,000,000 1,978,424 2,000,000 792,724 1,000,000 618,839

  41. Slide 41: Office vacancy rate

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 8.䚭䜮䝙䜧䜽✭ᐄ⋙ ✭ᐄ⋙䟺ධమᖲᆍ䟻 ✭ᐄ⋙䟺⠇1ᖳᮅ‫‮‬䛴᩺⠇䝗䝯䟻 (%) (%) 15 50 40 10 30 20 5 10 0 0 12 13 14 15 16 12 13 14 15 16 ฝ඼䠌୔㨛ၛ஥䟺ᰬ䟻䚸ᆀᇡื䜮䝙䜧䜽䝋䞀䝃䚹 35 ᩺⠇䝗䝯✭ᐄ

  42. Slide 42: Office rent

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 9.䚭䜮䝙䜧䜽ᖲᆍ㈜ᩩ ᖲᆍ㈜ᩩ䟺䝗䝯ධమ䟻 ᖲᆍ㈜ᩩ䟺⠇1ᖳᮅ‫‮‬䛴᩺⠇䝗䝯䟻 ( / ) ( / ) 30,000 20,000 25,000 15,000 20,000 15,000 10,000 10,000 5,000 5,000 12 13 14 15 16

  43. Slide 43: Retail floor space

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 10.䚭ᑚ኉኉ሔ㟻✒ ᑚ኉኉ሔ㟻✒䟺ᖲᠺ14ᖳ䟻 ( m2) 2,000 1,630.9 1,500 1,070.8 1,000 597.5 314.1 500 123.2 160.2 0 ฝ඼䠌⤊ῥ⏐ᴏ┤㻃ᖲᠺ㻔㻗ᖳ㻃ၛᴏ⤣゛ㄢᰕ䚭䚭Ἰ䟻ஐᕗ䛱䛵ἀ⦎䜘ྱ䜄䛰䛊 37 ஐ

  44. Slide 44: Trends in investment unit price

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 㻔㻔㻑䚭ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 ᢖ㈠ཾ౮᰹䛴᥆⛛䟺ᖲᠺ17ᖳ10᭮25᪝䜄䛭䟻 ┞ᑊᰬ౮᥆⛛䟺ᖲᠺ17ᖳ6᭮21᪝⌟ᅹ䜘100䛮䛟䜑䟻 (a) 910,000 15,000 110% 105% 880,000 12,000 100% 850,000 9,000 95%

  45. Slide 45: Unitholder status

    㻔㻑 ெཾᠺ㛏 㻗㻑 ᆀᇡහ⥪⏍⏐ 㻚㻑 䜮䝙䜧䜽㈒ᐄ㟻✒ 㻔㻓㻑ᑚ኉኉ሔ㟻✒ 㻕㻑 ெཾὮථ 㻘㻑 ஹ㏳䝑䝇䝌䝳䞀䜳 㻛㻑 䜮䝙䜧䜽✭ᐄ⋙ 㻔㻔㻑ᢖ㈠ཾ౮᰹䛴䝕䝙䜭䞀䝢䝷䜽 㻖㻑 ᑯᴏ⩽ᩐ 㻙㻑 ᆀ౮ິྡྷ 㻜㻑 䜮䝙䜧䜽ᖲᆍ㈜ᩩ 㻔㻕㻑ᢖ㈠୹ᒌᛮฦᯊ 䜹䝢䝮䞀 ➠䠄᭿Ử⟤ሒ࿈ ᢖ㈠ᡋ␆ 㐘⏕ᡋ␆ ㈀ຸᡋ␆ 㻤㻳㻳㻨㻱㻧㻬㻻 㻔㻕㻑䚭ᢖ㈠୹ᒌᛮฦᯊ ᡜ᭯⩽ืᢖ㈠ཾᩐ๪ྙ ޷෥ଈ‫޷ݣ‬Ħಳࣶ17உ8‫ר‬ൈؕ۳ħ 1 20,000 21.7% 20.95% 2 5,184 5.6% 40.65% 3 2,622 2.8% 9.05% 4 2,233 2.4% 5 1,578 1.7% 28.0

  46. Slide 46: Our Commitment

    Our Commitment 䇻㻭㻐㻵㻨㻬㻷䝌䝇䝛䜳䝭䜽䛴㒼ᙔỀ‵䟺➠㻖᭿஢᝷㻔ཾᙔ䜐ฦ㒼㔘㻔㻙㻏㻚㻓㻓ළ䟻 䇻㻖ᖳ䛭㈠⏐ぜᶅಶቌ䟺ᖲᠺ㻕㻓ᖳ୯㻔㻏㻙㻓㻓൦ළ䟻 㻝 㻝 㻝 䚭 䛚 ΰ ⫀ ᭯ 㞬 䛌 䛚 䛜 䛊 䜄 䛝 䛥 㻃 㻝 㻝 㻝 ᮇ㈠ᩩ࡞ࡢࠉᑑᮮⓏ࡝ᴏ⦴ࠉ゛⏤ࠉ⤊ႜ┘ᵾ࣬ᡋ␆࡝࡜࠿エ㍍ࡈࡿ࡙࠷ࡾሔྙ࠿࠵ࡽࡱࡌࠊࡆࡿࡼᑑᮮ࡞㛭ࡌࡾ エ㏑ࡢࠉᑑᮮࡡฝᮮ஥ࡷ஥ᴏ⎌ሾࡡലྡྷ࡞㛭ࡌࡾ⌟᫤Ⅴ࡚ࡡ௫ᏽ࣬๑ᥞ࡞ࡻࡾࡵࡡ࡚ࡌ࠿ࠉࡆࡿࡼࡡ௫ᏽ࣬๑ᥞ ࡢḿࡊ࠷࡛ࡢ㝀ࡽࡱࡎࢆࠊᐁ㝷ࡡ⤎ᯕࡢᵕࠍ࡝こᅄ࡞ࡻࡽኬࡀࡂ␏࡝ࡾྊ⬗ᛮ࠿࠵ࡽࡱࡌࠊ ᮇ㈠ᩩࡢࠉᢖ㈠໅ㄇࢅ┘Ⓩ࡛ࡊ࡙షᠺࡈࡿࡒࡵࡡ࡚ࡢ࠵ࡽࡱࡎࢆࠊᢖ㈠ࢅ⾔࠹

Fukuoka Reit — FY2017 Earnings Presentation on 6ix