Fukuoka Reit Corporation · TSE:8968
Fukuoka Reit — FY2009 Earnings Presentation
73 slides from Fukuoka Reit's earnings presentation, 2009
Slide 1: Fukuoka REIT Corporation (8968)
:liwww.fukuoka-reit.jp/ Z = = = = . ‘a Ka Si. 5 S if, . ~ “a ~ : yy t iy / ee } ad : : m7 te i) [7 APSR EAILNAN, (8968) ea AAA 1 #5 ee 268 = Lu aa WO a O > << - Li
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Slide 4: Fukuoka
Fukuoka Eas) En) JUNC BS) SERARIUT (ABI 9% ea aston _ 0 >, 5% i 5% % aE) . \ Mahe 5% M DAVILA 4 VT (#R) akas¢7 / 5% 10-30% ZOHAN Messt 0 FEBARE (FR) a P>> | PMRRULOME SE _ % aa t0 0-10% ‘ Vv MRR ABITAT. ‘ a sk ai chid EME \ A wY per iiros SEM HE) PNY Vat. AlSa=Tr4 maar dt ic 50% 20-40% ae | T eee vo
Slide 5: Contents
POMRGRE 006 iomseteneinee O15 ATARI 021 KE 027 Fee 030 wens 037 Seow 047 PALF4IRA~~- 050 = ae —— |< a Strategy of Retail! Strategy of Office Tota! Strategy Appendix ARAIIS. HROCRM, MH, ARAM RBTEAIMENTHSRSMHVET., CHOOHRIMTSRAS, HROKKEORRAROMAIMT SRA CORE - WB ESLOTIM, CHOOR: MBSE EISMVECA,. RROBMTHA
Slide 6: BIWMRAR SA
BIWMRAR SA Strategy of Retai | Total Stratugy Appendix Strategy of Office Financial Statements
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Slide 10: Occupancy rates by property
SFr HLT s+ ths %) 99.5 100 100 100 100 1 100 Cre ee) " 12 m7EsESC %) 100 100 100 100 100 100 100 90 80 | 10 + 60+ 0 —_ _ — — = 008, 9 " 1 09. 1 BN-—DILIARD %) 999 999 999 999 999 99.9 100 - 90+ 2008. 9 10 W 12 2009. 1 BABARHGRSC %) 100 100 100 100 100 100 100 - 90 | BYU ILT4/)a %) 100 100 100 100 10
Slide 11: Occupancy rates by property
=mnNaAUSY + tb BATU T4 - EVRALUS—EIL %) 996 982 985 985 985 978 a pre) 80 + OF 60 2008. 9 10 W 12 2009.1 exwmY EDAAtys— 100 94.4 94.4 93.5 93.5 93.6 92.9 a 90+ 80} 10} or — De a a | S2HeTHRwHe %) 993 9g; 993 994 993 99.2 o—— 100 2008. 9 10 W 12 2009.1 2 BARA EV AALY4— ee 100 - 97:9 _97.9 97.9 97.9 9
Slide 12: Tenant and rent trends
Om Set THs Om M+ T+ oo —Om N-IILIAKH Om ATITE—-IERAFE OR Or PLU IL FA Ow 7A FU FRRBA Oo AMAMHSMSC MALY S—Asa=T41SC TESBSC ce 1,000 - . 948 953 935 © 925 o—_ 910 906 914 —> o— —o- o— —o— —o 800 + 600+ 504 507 503 500 503 504 oe 400 } dl 230 246 243 243 242 243 200 } 162 204 187 12) —$—$_>— — ~_ 177 1
Slide 13: Tenant and rent trends
(BAR) 1,000°- 800 | 600} 400+ 200} Core SHYT EVRALYS—EW 9eOre Hoy DAMSEW eeQes RBRMELAALLS— eee FAyIARARMII— eoOee KiHMYEURALYS— eoQee VFANOATPAMY 442 429 442 443 448 445 447 Serre errrrrrrrrrtttr Si oh Le Sree 378 379 378 377 373 Orceeeccccsccccsdrerccnscsssecesecssenscsssesse@erssseeesseeeee@eesse
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Slide 15: iP 10K STN
iP 78 10K STN
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Slide 18: Portfolio overview
ABR MitMurtlva cveazrva— mre » m4 HM 5,90055A ik 7 PEK CERGM 5,900 EMER AAYE.0% SR OE OF A m # @ FpR2143A138 i th 1 % = FHTPOARASH MMR St WK HH Pr A ie 8 i ET WU Re er ednis, BREEREEE OH) MRE HSE Mi BST Bel SKA EAS BAR Ae L212 R68 3,815.43m 20,028. 04ni th: fhe A fe rhl= CH hfe ADFAAAAA:ZKYID 3S 3H
Slide 19: tT MS FR EM BIRO
tT MS FR EM BIRO TAREE REER ce tetas 2 POBADIS thee . * Bt = sy Lo a ao A Sige = recta Pe, : = MSRRE THI. iw, he FERRERO ameeecn3s or NM, boca, SERS IE wy = ty 5 > - : be HMMM: SSRRAQ HR BhRe: AHA SIs Ri 11255 2 =
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Slide 21: Financial Strategy
a ®t Business Fore @ FA Financial Stetenents New Aauinetion Property v Strategy of feta Strategy of Office Total Strategy Appendix Financial Strategy
Slide 22: Financial strategy: debt and LTV
2% FaL—Yaro BEILLLM UBRADS |v ERMROD 7 Rae #844 (10~80%) Pry RELI ES80%N~ Phy tems ITOOMALC Apt e—IF4 ty belli pre AKU —(SARRMIT MMIC FSA Prr BARODA SET (Fa) ULB BRR TIHOASY hAY KS 1 SRA SER rm RELKL—IT1 Ay hOR « ee wr BREEN) wr RIEU — HK 15,000 -- 2082. °«°«°«38 4 5 rr a a i0 ii 2 (A) 22
Slide 23: Borrowings
(a) Eira) | FRO | >> BIASYbAVESI VBA BMA R20GAERE {GAZ {fA (GBR) ffAB wARh AE 2A) YRIGERIT 2,000 2008/10/7 ae 1.71212% Ar BARVY—DSOASYbAV ESI TU RHE SyhsAD hah BAK MEM (BAP) MMSE #78 BAAD T+ BRIT 5,000 2009/3/1 2010/2/28 > BRHBELAALLUA—MARS (RARER MMs Tha sy hAV KIA TR M2009 8AKAARRRART20GAVIPIFVA 2
Slide 24: EAMRODE | [MPLA
EAMRODE | [MPLA (83) 2.00 140+ 134 | — FLARE MAS | 1.80 | 750 161 120 | 1.60+ 1.49 1.50 1.52 __ 3 > o -O— oO 100 }- 1.40 1.20} 80} 1.00 60 | 0.80} 40} 0.60 0.40 20/ 0.20} OR VE~ 2 ~ 3E~ EN Suk 0.00 RSM ROMA WIM WOMR WOM WIOMIER 25K ERB ERMC OERM AN AN —FUARAPERMBGAL . <AARBCRHE SRG 120/18 > BREIL ER
Slide 25: | BELKEOHS | [ Fav—vay |
| BELKEOHS | [ Fav—vay | (4) 25nLeE RT 307 | 25. LEB | BOB 251 2.52 2.42 219 ; BM ROM BRIM WMA WIA WiOMMBR 2.56 BSW 3% ASyb4yb514 6.6% 0.5} 3 asyb*ybs1y 2.7% 0.0
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Slide 27: Appraisal Value
uit s = Business Forecast- Financial Statements New Aauintthon Property Strategy of Reta Strategy of Office Appraisal Value Appendix
Slide 28: Strategy of Retail
SETS, — MRR LI OM 28
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Slide 30: Strategy of Retail
i ha OB S RR y ep rrr)? cer ieee ( rrr ree if i . | rrr ree 4 ree ures : , err in Praparty Aopraixat Value y of Strategy of Retail ME
Slide 31: Retail tenant sales
f EPIL FT 418s ) MRERABAOZOMECT FEL MEAS (SE RAR) — 2007.3~2008.2 142189 3 49.42% — 2008.3~2009.2 128163 FELIS (SER) = 2007.3~2008.2 240183 5 +4.44% — 2008. 3~2009.2 500,000 F 251183 a rn a a os 4 5 6 7 8 9 OH @ | 2 ( PUYILT 4S } KATATE FLY RMEMETSS LIU TOT RAMS TUL i RMUITIAM LTS Y EA, FELIS (SEM)
Slide 32: Canal City Hakata
~LaF@CE THE PLEASANT VOYAGE IN CANAL CITY RENEWAL + | (H20. 11) ‘Main fashion zone Variety zone RENEWAL OPA(H20. 9) Ret =a-7 ERE MSR ALT T+ es ABEWE ASAT RM EBA eae M 2,539. 13nt BM RB 2.539.134 OPACHZO. 9) > F-FBM 11218 : , ABF PY RRANF TE RENEWAL OPA(H21. 3) PE Gaal» S—ALVASVIL AEE (H21. 8) FE > N
Slide 33: Tenant composition
FAABSTIHVE RMOLMERRH (RAR - PRR AA IRA)) oo WIE CAP TOR REL Fe yVATO—ORR TAF ULB RBAG BELEN AR 835A Om HF == 2.0K RMMSC 300 =Om 2757E-ARRAFH Oe HHI P32 aHF1S0 Ow 7—-AFVFRREAG Om E1050 204 204 200 187 162 —— 191 — — ° "17 171 170 168 93 107 100 Ms Ls a 83 78 78 s 38 34 a4 5 14 SM ROM WIN HIM HINA ate
Slide 34: Tenant composition
FOAL AAD OMRX | 9 r0955R uF ILYAbY OT DrAAN-IILAAKRE Dy bumFI TAF UX AFAF YE URW ETN F413 AR—IAA—YUF 4 AR-—YFR/ ANS xe FIL F4 OPA v AERHELSS Aiea 34.5% 40.6% (11,1408) 1,3418 75") (34 ra] KEKLSS i?) HERAT 2.4% LES (8084F) (22) 259th 22.49 Gap/Gap kids Sri PRRUMRT HD ME 23 N-DILAAKRRA MRRUMRFHLUb ( S
Slide 35: + ‘| Fr 70F 60F 50+ 103848 56+ - RAZOEFS —O- RHOKHS —O- FLORDE
100 + ‘| 80 Fr 9 70F 60F 50+ 40 103848 56+ - RAZOEFS —O- RHOKHS —O- FLORDE 974% “on 94.3% 93.3% BERLOIS% i Gea ELD IN% Ome BEFELDB5% ORE BETELOB0% OME 35
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Slide 37: Strategy of Office
ADV4I42QO8 Business Forecast- New Auuinition Property Financial Strateny Apprainal Value Strategy of Reta Total Strategy ce BOROn) LE Financial Strategy of Office
Slide 38: [ MARIAP+AELZSRES | —o~ maw 12.086
[ MARIAP+AELZSRES | —o~ maw 12.086 00°92 19931994 199519961907 19981999 200020012002 2009-2004 2008 2008 2007.03 200708 2007.09 200712 200803 200808 2008.09 2008.12 (4A) Pa 4 9 38
Slide 39: ( MMA IAB ANSLZ |
( MMA IAB ANSLZ | (R) : 27,000 r : 24542: 24,000 f 22.380 21,000 : 18,000 + ; 15,000 : 12,000 : 16807 ==: 161930 9.000 1.612 : 6,000 } 3,000 } aio 9 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 +2002 2003 2004 2005 2006 2007 2008 : 2009 (4) “soe | ME IEMs 6,000 } : 49,000 © : MUAH (HF): METERS,
Slide 40: Acquisitions by J-REITs
Wo mre a6 ah) et A @ iicnsmmen oS Rey 2007.02 S418 3 @ sexexve, {#SRSRMITE 2007.08 3.40058 © issust SR Rmer 2007.11 1,493.88 (4) #S#HSLOG sSRReey 2007.11 1,654 38 @ aserearoen MWSETHRATE — 2008.01 2.60258 @ rove uarata WSEPMSTA «2008.02 3.945. @ s<wrmsen 9S. 106e 2008.04 5,558 98 © senen MSEMSRPRA 2
Slide 41: Acquisitions by J-REITs
a TOT = ane meee OM) RA 8 @ «sare PREGSITA —«-2007.03 3.765 98 © wrxemen PRERDMSTA 2008.03 1.6108 @ waren PRERRITE 2008.03 3.74438 © xevsrenzey PREMMITA —« 2008.04 1,968 2 (©) da Vinci IMAIZUMI I PRESRITE 2008. 04 662 $F ® @ eenrem PRERDB2TA 2008.05 7.42098 © avamen PREMIITA «2008.08 1,896 98 @ xere
Slide 42: | Mh MRAP ACLLSH
| Mh MRAP ACLLSH 61.7 “att teeta, 6 9 2 20083 «6 A (RO 1A) 9 2 GER) SPRCLOLZSRISHILE Y Mth BA ITAEW ASR | ORT) (%) 10.0 - aor 74 724745 Tg 6.0- 4.0+ 2.0} “2007.3 4«6 + #49 12 «2083 #6 #9 12 GEA) MELFFEILILELYTEBFLEAMASNSM:: 42
Slide 43: ( Mth FELD SARIZSE |
( Mth FELD SARIZSE | 20.0 F 15.0 + 10.0 F 5.0} 0.0° BRZF (O14 b)D EE (RIO KI~IERAB)O ADFAEIL Fh) FRE IL BSHEOP)EILABLAS 1FRBLCHERRKE UCHR 43
Slide 44: Office occupancy rates
| RAM4LSREB (BEAD) WRT F 4 EDRALYS—EIL (RR RETA : 23,017. 20m’) 996 982 985 985 (985 100 $: “ 5 o——s" .,, 944 0 he 854 80 ot i L i H H i H mom miOm MII 2008.09 2008.10 2008.11 2008.12 2009.01 2009.02 Bt y7ABSEN (RMA MMM : 6, 293.77m’) (%) 98.6 98.6 98.6 100.0 100.0 100.0 007 “6 © o—_°—_——o © >» 965
Slide 45: Office rent trends
BRIA D+ ACL EMRRAEB —— #5e 15, 350F9 (FA/$#) —_ 4 35,000 HOR23E 59078 — SAR... 9.710% ( — Mimi 9,550F 30,000 | % — kin 9.2903 — test 9,100 25,000 F —— Ait 9,040F3 8,070F3 20,000 15,000 10,000 | 5.000 n 4 n n n n nm n 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 2007.3 2007.6 2007.9 “2007 12 2008.3 2
Slide 46: Office strategy
Y—-TIYbORER | @ ERFROHSA-—T—EIL (HM DRYER) IMISTFIVEMARISIAE (BRRBVAIMS) BD: BBAHSA—F—EWIST HV SIRESOFLERT. HSBLOKRHY SB ERAHSETCHE. HRAMMIMILT CRABARSOMREMAOT. BRMAU y HIASA—F-BASHMR > RATARBBEHAOY—T7 Yb FRFAMRHOTETHFVYLOMSISHML RADHORARR | M RAADSACILORALESEIVISME, AFF AOw/N-IKESEIL @ 2010 FOMMRBI
Slide 47: Total Strategy
Business Forecast ar tatene Wow Acuinet on Propert y Financial Strategy Aopraisal Value Total Strategy
Slide 48: Total strategy
FEO J-RENIV—7 yb | ANF VAG BARS ~OBRS ARVY—-ILYYbUAD DratvAit RHR. AMA LSEARRAM B=FMABA- AME FHEARBtIkS JEFAVNO4A—VUAEFRES HHHOTS. ROFRE HOTHEE EEA GRI SSR GRD RABAB. AP THU BEAD RPE: A I+ ARB kS Fy VaAIO—BDYAD MMSE +“ MY—bOVRVAV ERY — | PRT PERN BRT ARS eC B PRA ERRIMGRSCS-REBT BRECUBARH. MRGUB AMO
Slide 49: EEE) | NIMES |
EEE) | NIMES | MAMEA AI 14 APRBLAORREHE BAKVY—-ENDECSBE BEA V-LU FAO MIE BMEOBGALRARILEN L REBMGEMR 2] MBAS | | oma L AA FA ll OD HEF | BYU DP AFYA : 20098 AAO RIL210F I ARETEL BRAC RMILED HF BE5CEBAMRODK HEETSr)|@AcRORaDER | BLIV50%E TOHARA—100~ 150/8 A MSS TILOMMBA - MBER RY KI-F BRORRA 1 SY TERA
Slide 50: Appendix
Apprainal Vitus Appendix
Slide 51: Appendix
New Aquisition Proper ty Financial Strategy Appraisal Value Strategy MV. MV a y. Appendix
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Slide 55: Appendix
Business Forecast- New Aquisition Property Financial Strategy Appraisal Value Strategy of Reta MV. MV a y. Appendix
Slide 56: FTN F IMS THTWYT «
FTN F IMS THTWYT 4 « EVAALYS-EM EDRALUS— EVAALUS— 4 ADSAEN FARBT AY YoyIr Rie WSEWL EVRAtUSa— TAYIA ARMS I— YFTAINDA (toe 4E2 is < N-IILIAA xR 14 aBa=F4S0 RAT S— 32a=F+SC 200996331 BRE PuUYILT4 a 15 aBa=F48C AILPE—W ERSTE
Slide 57: ( $PELEAE cee ts<—A) (21 J [ PARRA Le cz2) } [ NOI EES
( $PELEAE cee ts<—A) (21 J [ PARRA Le cz2) } [ NOI EES c:z2) } ha he 68.6% lam HE UA
Slide 58: Tenant rankings
ALR em<—2) | | PLLA cesarean [ SRRBRALE | | NOI ELSE } (%) (%) (%) (%) FTN F414 s N—DILAAKH ENTITY 418s ANTI F48s WN-DILAAKH POV IL FAI WN-DILAAKH W-DILAAKRH FTW T4 -EPFALYS-EW FATT 4S FATWF 4 EPARLYS—EW Fatt EPAACYS-EW AMR SRAtLS— 97 RF 19 RBMEIRALY S— 10.4 AMATEVAALYS— 97 AMBYELRALLS— 6.1 SUPP CUR
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Slide 61: [ FTVEARMMS LHDMORA |
[ FTVEARMMS LHDMORA | (%) ELS ao RIED SOBRE ROMY 7 AXTNY TA: 1996 36.0% 39.8 EDaARYS—EW Was wyjyjjjlldddddddddddddsss HoyDAMSENL —2001 56.8% L 56.8 36.5 6.7 wyypjjddddddddddsdsjmjjj:j£j:gj:ij:j§: dsj: ff 1.3 EpaAEYS— Wee z#z#zz#z#z#z#z¢ eeeppppp;d::dééié:éézézjz£:jéé:jé;:£jéé£: [ 0.5 1.6 S887 res .
Slide 62: Appendix
Business Fores: New Aquisition Property Financial Strategy ARSE MX 7X FAIR Appraisal Value ategy of Reta MV. MV a y. Appendix
Slide 63: Unitholder composition
[ BOMAMAES 1 PRI H (seat ssa) ew ) 51183 APAAZCNRHRFFRKE (1) 34e bl ESR 1.7% 541+5.9% 1t22.0% (10085F9) APLAEIL 32.7% (1,673875R9) Cok Siuhsd 65.3% (3,3368675F3) BRERRORGFAL o>) 1S4E ELE 21.0% sexa 104 E RA
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Slide 66: (Tf IRB IT PEARAOS EHH) CT MAD OB
(Tf IRB IT PEARAOS EHH) CT MAD OB (FA) 900,000 864,630 847,195 800,000 + 763,679 741,902 745,202 700, 000 }- 688,585 619,112 600, 000 } 562,577 486,226 HR-DIVAAKRB MRIBIS RAH AHALP MR 234,523 RRIBKAS RAR 200,000 + 133,330 134,176 3B RAM HSM HOM HIM 8H HIM Bearh BRAHKH BRARNRA
Slide 67: (ACBAARH 10K- NMORE
(ACBAARH 10K- NMORE BAP) 10M 11a SiR RAH HR RAH & wi 98.9 159.1 60.8 143.2 Coble 36.3 A3211 A38.1 A15.9 EGAAMRMFE | FHESOAM B # > EMM LBP ERA EoaRGS SEN ADWLAVAVOP Miz 2009.12 BABAR Ph MS aR AR + HAR NY a A 2009.03 3155 K-YPLARKS Ae VLEDR BIH 2009.09 218 5A PRE MRS 2009.12 368 AA KEY ETARLYS— AMY =
Slide 68: Appendix
New Aquisition Proper ty Financial Strategy FRUFADR Appraisal Value Strategy MV. MV a y. Appendix
Slide 69: Unitholders
[ RAFAFIAYV—MAARKR GEAOANS) [ FBRAT (IMA) ] (O) 120,000 - mitt nite RAMON RANE 107050 107,050 1070508 107050M 1070500 n + Dios Pee = 1 eaPeoR 20,000 18.68% 100,000} — _— 92,0500 92,0500 92,0500 2 Sen Ree 9,010 8.42% BAKSAF4 HER 80,000 3 eres tseesteett (REO) 6,225 5.8296 oroox| | 34208] | ma RY CARE
Slide 70: Investment unit price and trading volume
[ PHO MOE WBF 8 A (20094F 2A 28B Me): 367A ME Bw (HB): 1, 300, 000F9(20072A 268) MEU Ri (HB) : 297, 000 (2008411208) (FA) (QO) 1,400,000 7 14.000 13,9780 — neo GH mee He + 20054F6A218 5 000 200,000 ere 880,000 1,000,000 = 45,000 20094F2.A278 800.000 RRO 44,000 ~, 200699878 343,000 [ "pana 600,000 :
Slide 71: Definitions of indicators
Wee THR ca RE HROLRS) RRERMABRRROA (ERB) 3.1% (AMBRARE A BAAR 365) / (GMAMABREMR+RAMARREM) 72 BREAMBAREROE (FRA) 6.3% (AMAARS BAAR 365) ~ (MAMAMAHRRA+AAMAHRR) ~2 BREANF ARLE (LIV) 41.4% WAAANFARR- MARKER RMAAFARLE 74.2% WARRMAANFARR- MAAAT ARR Fyub + F-ER+ANLYY+ LYA (OSCR) 1.1 (RA BEA SE + Se HA + A
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