Fukuoka Reit Corporation · TSE:8968
Fukuoka Reit — FY2010 Earnings Presentation
56 slides from Fukuoka Reit's earnings presentation, February 2011
Slide 1: Fukuoka REIT Corporation
Fukuoka REIT Corporation tal U— KR BAA 513 BA REARS | s968 2010498 18~2011#2A 28H
Slide 2: Highlights of the period
ÞåÝÐçä gVw A! T ³%´i h6ãçÜAY ³A! T £¡´ê;L¥I`*ë ³b c g S< gh6ãÏäÚд ³dt[A!E ¤¢!´ê;L¥I`*ë êh6C5ê'ël10#ë ³J r ´£¡£´êA! T±dt[A!Eëê;L¥I`*ë ³ØáæÖç h6+@S< gµ7S< gµ åÑâäàçäÛÐæÕØS< gµ ³-Q êp ë ´ê¤;L£Ië´´ S< gh6tµS< gvIP×ÚÐtµ vIPS< gµvaFS< gµ ³-Q
Slide 3: Contents
$ %$ !* # ,!& $"' +())& ( 5 Appendix 31 . %* 12 413 B#@&$ 55=A6"?+/@>82E @?;8<613A<6#A!'2F 55?DE+/9<8C:7 ) 15 - 19 ,@0 22 HJGI@0 28 3
Slide 4: Summary of results
SHODKEYIA Pa RA fa SLR 202A AMRAORTRR PMB AIT ME FishAM+RwHE = S&P:A— R&l:A+ [=A r- sxcmoes 8 913a5r Cees meat 28 700 a5r 98 6% PNESLSY ICO ea l-eee SHYT (HS BOMBICEY Ble Me RKO HERA : , HBSAOBAOKH-ALEBS a kaa ted SM MBBIt20NSIALA MUAMECVET, 1D SEY RBH 16,465F > Hi+365 Fukuoka re17
Slide 5: Summary of financial results
@R¤§¡ "=L:?> ®³K®;C4¯¯i Qw: Qon: Qoo: Qop:jxk Qoq:jyk *J Qor: Qos: hM pnnw,p8pv6 pnnw,v8qo6 pnon,p8pv6 pnon,v8qo6 pnoo,p8pv6 ®y±x¯ pnoo,v8qo6 pnop,p8pw6 j0k j0k i"=L slrtt sltpo sltrn slttq slttp iio ulnqn ulnor iE{|zi®Ao¯ qlswu qltst qltwv qltqu qlsqu iww rlrop rlrnt iB ^ vtr wsn wsr wsq
Slide 6: Balance sheet and income statement
g ,La<D S=J6p Yvw<qr Yvx<qr .R Yvw<qr Yvx<qr .R WU wuvu/}:xv9N'wuvv/w:w}9N' WU wuvu/}:xv9N'wuvv/w:w}9N' GiP {s|vv |sv|w y{u Gf vvsuw| vus~~} w} Nlnl vs||| wsyx| {z~ #@=4l wy| }zy p{u| dNl dnl ysvzv ysuux vy} V< l xuu t xuu #@=l zwz y}w yw v/jI+m< l }
Slide 7: Income statement
4K\R;=A &[@ W)9b`?aI $ J >F3n O-=TK.l^eJ Ptu= o}p Ptv=o~p $E ML usts+{<vt: ustt+u<u{: ~} "?K xqyyv xqyyu t Hb` xqu{u xqu{t s Hb` tzu tzu s Uhj us{ us{ r "?aI vquxs vqvww |w " ? b`?aI uqzzt uq{zw tsv 4 cHgI#i vw| vwy v K CnRn#n cH S168 tt w y Y(]168 v{ vz t V
Slide 8: Income and expenses by property
0BPI5I: #z!$Sy}~?VT {I: A 8>/` F{)7KB|z*_xuwRX A DtC Iaob Gfh7apb = geff'g6gm4 po 9B jckhi jckkg q gl t?VT jcgmf tvz ?VT flg tL[] gem 9U@ hchih hchii f 9 tVT9U@ gcmli 0 tW?Z@\ hik B ;`I`` tW? J-23 i tN%Q-23 hl M & t+\ n 0 tvz 9U@ lf B 9B gcgne gchfl gk 9"B g f se t, e tvz e 9
Slide 9: Financial results details
QO47< I 8C0` t Mfg7`aob Mfh7`apb 'tH gefe(m5hf3 geff(g5gm3 po :?x|~ gchni gcjij fjf tL)*7PJ fclnl fclkh shi tB U njh njm j t- se se e t1.- imf ijm sgh t :8 Zy#B]sz# sfjm ig gee t8.@ULNy#B]szB& sfgj sfh ffg t :8.Zy#B]szB& sfkl lf ghm t8.Zy#B]szB& jh sil sfef t8.UGy
Slide 10: Forecast of results
LVM:U xjyvwz GgVM\8 |LVM:UÅd1$Æ HiXi'i! {A7cIVM~d1$X {J-REIT VM~R#I7c _ ^VM=Z®Ã«ÅN7c _[cN Æ&~C4 RS/¾¿d1$X {W13@J-REIT VM~201029?1<201121?31<=Z®Ã«&~C4 RS/¾¿d1$X |VM Wu@ Wml@ Wmm@ Wmn@ Wmo@ 7c f}Q nllu2n?nt< nllu2t?om< nlml2n?nt< nlml2t?om< nlmm2n?
Slide 11: Forecast details
0z ÈïÑÛÄëïÌíäñÙ¹9m¸¿Á,¤"¼dºc ócóKV>ôô JL~ e0z Eöõ÷Tz óUô lJLDX lJLDX 5bv( 9 O 9 e0 0z E [!i 2Yu Fq e? e? v( v( óUô ¡ z z 8\ ¡ ¡ ;g w 'Á O O óUô óUô ÊèÚìÐ×Å- ò ò ò ò ò ¢ }Ws 0< ÞñË
Slide 12: Financial strategy
A>v[lNn A>v[l«¨¡© [lQtB 1EB KQ)B 1EB <yB 1EB [l>v? [l KÇ KÈ 7¦³ [l KÇ KȬi A>v[l <y}Ç[l È 7¦³ <y}Ç[l Ȭi ¸À¾Â»¼·'Ä vX¬b Xq]P 9 K \ 9B 1EB )s \ ;"#
Slide 13: Management policy
SHOMRAOFHTIOW COSA 2011F2A 7A RATRBOMRAORTOFSAAIIOWUT PITTA 5 ES OME RE BEA THIS, - se BA THK O Bh =H OA. BMAHED J-REIT HG CO Hh HE ARIK ORBTRORRMRBECSATE ABBE N\ 1 FOMRERRAA . “MADCON LTV KO MH ROR DEE AEDOAYYAKENKRRBREAOHEA RFRAEOSRAORR OFFI Y F418S (SK) OFFS TEMBTS&OLT, ARP RMEOR MHRRORRRE RAE A
Slide 14: External growth
EVP IVT 1S ORR 14,6008 5Fi SORED WEREOMRDE @USEN OMB ~ 28,00 BF RTO BEG
Slide 15: Portfolio operating performance
,AD ="0 cgfhdeb iK [`a W9:],AC 0#lACE\38_ T,AD =2- j m(j!$kk j+] . )^\;ZXY47k m( ,AD ,AD ,AD ,AB 0 ,AC 0 ,AB 0 ,AC 0 6 6'1 <V* 2- V& V& J K '1- L L?J L?K -& LM L?LM VV" ) E>FFC E>FFB G>@CC G>@C@ N A>CFF Q A>CFH UC "=0== VV"5% C>BE@ C>CDD D>CBD D>CCD O A>@HD R II@ A@ VV" ) B>DAB B>CAG B>G@H B>FIE BHB
Slide 16: Portfolio operating performance
+AE=!/ 3"[bdec4%\W06 ]28` T+AE=1, fh' f # gg f*^- (_];ZXY57gh' +AD +AD +AE +AC/ +AB/ +AC/ , <V) 1, 1, V& J K L M M?K V& M?L VV!( E>FFC E>FFB G>@C@ G>@AD N A>CEA Q UAF !=/== VV!6$ C>BE@ C>CDD D>CCD D>CFC O A>@AH R BH VV! ( B>DAB B>CAG B>FIE B>FE@ CCC UDD VV!( A A B B @ ? VV!6$ FAF EED FEC FDE P IA S
Slide 17: Portfolio data
) '(* $ + ,/- ! " # "" " ! " "## "! "# !!! !#! !" % ! " ! ! !! !" !" ! ! - . . . ! ! ! ! ! ! ,& - $) 17
Slide 18: "(* )!*($%&* ' ". ,-+/(* ###
"(* )!*($%&* ' ". ,-+/(* ### 18
Slide 19: Growth strategy
/>@!580 $K=AACq+rX4O D/>@!60 D 92%<P (& 6=== D$Kq'?r q'1rHl[hn\INQFUMS^pkmpf:3F:3R1#UFJ:3XJJTLG q'2rS&Ps`cndpgoYngojYpaompeZn]_pi`VW;!-$KXG E=EE R&Is$7bncpVW*3$XG E=E=EJCRs"$,.VW;! $XG B20112 28) 19
Slide 20: )(' $ & #*+-/),.1 #!% " "" # #
)(' $ & #*+-/),.1 212 #!% " "" # 102 # 20
Slide 21: Portfolio status
zk /0Z¬uzry 201182I28GW( ] zÓÔ G xRJ xREQ VÓ8VÔ Bi Ö [Jz 3m \5{g ÒÓ hGL½À¹{g ÒÓ 8xR0® ^X% ÒÓ S@ JGA |Jz DX{g
Slide 22: Market trends and unit price
PFIOTAFBEOK: Sed ITH Bvt IVT 1 ZOK NOIOHER O5—AV ARIF LV=a—F ATL (BaF) Oe FTN F118 WO N—DILAARR we HUFL Te 1,000 925 a0 917 912 = Sar ° _——— 800 600 525 524 509 19 a7 400 as 43 2 4 243 2 — . 2 es 8 ot 7 = OF VHS FHS ADORR 200 T T FATT FS ORRMBO— BEL CHEM ARR AA MAREN BL TOE. D7ANI 79a OME ROM Fim Rw
Slide 23: *%)/+ 0($+ ".&/',! 2($+ "3*%)/+ 2&/',! 3"$-#*%)/+
*%)/+ 0($+ ".&/',! 1 2($+ "3*%)/+ 2&/',! 3"$-#*%)/+ 23
Slide 24: Acquired properties
NYY TRO AKI RENCE AIM Me eit APLPE—-NERBFE | | MARY S—DEa—F41SC ABAR MRSC ee AFR aye VIE a— Oe MALY S—IBa=F4 SC Oe ADIT E—-NERSFE > ARARMH Sc ee FAT UFRRBAG = Tei SC (BAF) 200 ot 189 187 185 189 — ——o— ~ oo —2 168 ae = —o- ° 163 . ie % age 158 BBO: 20069288 RBEEM: 2006411A30H — mRABAMI: 20084F2A18 .
Slide 25: Internal growth strategy
!.T2" ]`b^g!<= T2TIP+;=nJ2 B&2" B]`b^g!2"$ !.T5 o%1pFima2GRUD(2 TIPD>K[O 92D?#o 9T2\0bdlcT 9S#'\MQ* pJ.K[QHZbdlc2TIPD/2J.K[QHZT/26 D CCCC@ )1DA:3oem`hj_a TWpT,9\-4LQHVNE o%2pFfkmc2GRUD#J.K[QHZbdlc2TIPDbdlcT79SXYNZ2o/2\8HO2pT,9\-4LQHVNE 25
Slide 26: 2453 !# . 6!7 -*'+/%" !! ""$ .. +,(+'0)&
2453 !# . 6!7 -*'+/%" !! ""$ .. 1 +,(+'0)& 26
Slide 27: Initiatives
#;=@<B9>=?:;8 ABC &$%% '&9>=?:;8 A)763;=@< 3" B%C 2/,04*&$%% &&(3 3 701!-0,5.+ 27
Slide 28: Initiatives
AH@CJ <24? AH@C9& +:-9( 726/;3. +#" *:-801>?!$26/;3.,+ %=GBFCDIEK85/6:'?)/60=;3. 28
Slide 29: Initiatives
7@59 0# "% 7@59/$ "% &#F' ,2#G H8E?EDB;AE>6B9! /=E:3.B4C<5.-*-)1+( 29
Slide 30: Initiatives
&0ITK("! *0ITK=)5:48B("=/.;3HRFKQV=?@>4 20ITK("Z,YHRFKQV HRFK<- ZJXQXWUMSXPGUK+ $'%<OXLD;%&UEVNF;9694A73 1 OXL= <C<D#694A73 2 HRFK)! ZJXQXWUMSXPGUK+ $'%<OXLD;%&UEVNF;9694A73 30
Slide 31: Appendix
[4 Appendix
Slide 32: Rent and fee structure
A!"; ^zw ^)M-R _)MLro 5% A!TH 5% I03x~pTH 03+C 5% 5% IP<, 60-90% A!Q$ 10-30% W\\Y[XZ] )MTH ei" 6G?j ?nl 10% 0-10% ei 50% @ F& @ F& _)M|q A!( 81 "V 8 0-20% A!o~p M=N>@ ei ~``:9.K` .KB 5% 5% 5% 5% spz Atz`{oz}t 20-40% V# I03SO 81A!)M7j4%@A!o~pg 82A!)M
Slide 33: Portfolio list
ëÿÚåÅ÷Æn 201192E28CW+ HIDS !; M d9@ !; vt HIDS HIDS U %_ Ă\ă >wPV !;C HIDSmØÜüÚ ĂQă ĂQă ĂQă "ia `V ØÜüÚ@ ĂĀă ûÎüÚü騸þ ÇñÜøÎØÀ0 9ýE£££ ā ÐëüÍÿ £ ā óÜÁØÖÛþÎÞìÇñÜøÎØÀ áÿÈçùÁÐ1 9ýE ā ÐëüÍÿ ā ÁÆüþÊÿÑÙüÇ Íü÷
Slide 34: Portfolio property list (1/8)
A—hKIAVA O CHAT (1/8) oO FAHY FHS [PF—ALSC(F IF 47 GR) 6) HoyYDAMSEWL [ADSAE MIF I41A)) @ 7EsSC (AZa=F4SC(s4y> THR) ) © APLFE—-NVEKRBFB (aEa=[F4SClNy> IRR) FAFIY F41GS-B er) (F—HYSC(P OF 47M) ) MiLMevAArrvs— [APSAEM(AILA)) IN—DILAARH [Y—VatWSC( 7 IF47 MR) 1] TAF UT RRBAE [BEa=F4S8C( sy) 7RR)) 3) FTN
Slide 35: Portfolio property list (2/8)
AR—KIAUAD CRBS (2/8) SS llt— DEVAL F41182S @ heh MMACSEESITS @ ARAMA - 45,990.34n1 © Rw 19964F48 158 @ PMStt HH AAR St tt | . Ct ti 2M *s _ i Fatwes¢ “eo | & —_i | lp asumay | ” $ BBaLF< ee afi ee pert Fukuoka
Slide 36: Portfolio property list (3/8)
AR—KIAUAD CRBS (3/8) SS lltt—s QAVTIY F418S°B © Pre HARCSRESITS BS ARAKHM - 63,988.89M (1 PS 19964548158 @ PMS HF Sth Ft St ett (GE1) 20104 11 R30 REO A WA REM ASECML TET. “Can. on aN . i Fate F1 “%e& | & — | ssumay | ” rs BEAL F< 2% an Fukuoka
Slide 37: Portfolio property list (4/8)
@ hee ASA BYB2TB @ ARAMA - 103,963.52 wR 20024 3A268-4A 178, 2004448288, 2007%4A98, 2008%3A318 @ PMStt W-DILAAKRRRSHA 7 ——. ” Pa 4 a MORFRE seers ABRB ALC. . ~~, eel _ SEER = haere W—DILAA ~~ ARM iC AP
Slide 38: Portfolio property list (5/8)
AR—hKIAYAD CRS (5/8) | QYVYIV FAA rte - AAMAS MELE RRZTA BARTKAM - 61,450.22n RRM 2005463178 BpMstt HB a SH ieee Denes | Fukuoka re17
Slide 39: Portfolio property list (6/8)
R—KIAUA DRS (6/8) SS lllttt—s™ (AILVE—-)BRSS | | ORAL 4—asa=F48C | | 4A. Rv avEL Fey 4— oremsc Shee LRAHSE2TS Bee RARMEITS Beit SHRSRE RTS OE HR MA EATS SAR MAM : 14.661.720 SARTMAM : 6.968.66n SB ARAM : 27.580.75ri SARTRAM : 2.001.15c BLRHw 200649198 BR 20064811A 158 eR 19764F10A268(2007U—1—7)L) Me
Slide 40: Portfolio property list (7/8)
R—KIAYUA ORS (7/8) SS lllttt—s™ ADIA (2 Bk HRIRSC O7-AFIEBRBAE | |Oertiyteessatys—EW @AmBEDAALUA— @ tei AMAT RET @ ei 2 Th BY Sheth MRRESRESITS SARTEHM - 6.467.201 SBS ARAPMBM : 7.296.170 SB ARTMHM : 23.051.93ni Bema 20074812438 Bh 20078:11A178 Bho 19964F4 A158 Bw pmstt FAR PRS tt Bpmstt FAS tt Bpma
Slide 41: Portfolio property list (8/8)
MR—KIAUA DRS (8/8) tts Ov=y7ABSEIL OxABBYED RALLY S— | |ORIRED RALLY S— OP AYIA IRA I— mm ices HEHMSROSRRZTE miei MMH S Rave MReT mazes MEHSS EM MITE mei MAP RE MMT ES BARA - 6.293.726 SARTCHM 494A 11,226.57M BS ARTKHM : 13.695.51n tattle 4,755.14 E SE #:3,427.38mi = oa] 20054F7A268 jeter ode Robbie
Slide 42: Property-level income data
XV:1 :« :® °H6?/®® Ngi5S 5S *G O *G LK ¤¨! ¬¡©" ª§ ( apb aqb apdqb arb apdrb Ngi5hfgf+o4g3²hfgg+h4hn3® ZD5\® gng3 gng3 gng3 gng3 gnj3 i3 }CXV:JS gciih oli hoh hcknn hckol n hckll hg _CXVJ gcifk ojk hoh hckji hckkj gg __CXVJ hm gn d jk jg i _ _ _ _ _ _ ~CXV:WDS khk jno j
Slide 43: Property-level income data
PN6, ¡B2;* FE 0@ !S 47) Hac1K 1K %A I %A [j\ [k\ j^k [l\ j^l Hac1b`a`&i/a.£b`aa&b/bh. T?1W aha. aha. aha. aha. aha. aha. ahd. }c. v>PN6DK~ f`i eaf b`b bih cci a]iff a]ifa d a]iei f Y>PND f`g dff ahh big cac a]hgb a]hf` ab YY>PND
Slide 44: Appraisal values
J.:& AI2 I<G >Y[,y u!ws!D0~#) jJ.:& AI2 I<G aggdfceh k11/2S'B$wnJ.:&PTtpl 9-3%W $#), 4 ;k: $PT kkk8QN$ WY`[ kkkkkkkkk kkk7O$F '? WY\Y kkk7OC '$ WWW\` kkk8QN$ WY[Z >Y[,#@k WWWWWWWWWWWWWWWWWWWW! kkk5BU$? WWWZY kkk7OC
Slide 45: Unitholder information
REET—4 SS ll RAEATIV—AAa Hh RA Bele) BP 2RAS (B13) 20114F2A 280 RE (Q) 120,000 Wats RE RARRON RAHA 107,0500 107,050 107,050 107,0500 107,050 1 RRR THR SK ett 14.1050 13.18% 100,000 2 BAMA. +-EAIRERTAR SH 13.2140 12.34% (#0) 3 «SAE HM TAMSH EO) 9.3470 8.73% 80,000 ESRC ARNT RH 4 4, 4.38% (ES FEEO) ee
Slide 46: Investment unit price
Re MBE SS ll BEBO mes mPFC AA (2011 2A2SARA) : 646189 WL 38 i (#2 MM) 1, 300, 000F9(20074F 2268) WLR MAH): 297, 000F3(20084F11A208) — geome HR (FD) o 1,500,000 —.- 13,9780 mee 2005468218 _ 1,200,000 RRORE 880,000 2011 2A288 4,000 ai SRO tel 604,000F3 | 3,000 600,000 20064978 FiBLHeR RT 2.000 766.360
Slide 47: Unitholder composition
| tal 7 IbT 4 GAS et) A el SMUT ILS +e HESS BAK ee RR:35H% (20112 R25 AISA LARB IL I547LAMRFML) RERTE HRIVISIPVAEA (Ft THEREt- ABS) aL IS{F VAIL TORR Peet Te VAISBEAS AV ISAPYABRE AVISIPVYABRA RARLORBER CREF SEO YAIRI SRR BAS sdehaies HR BE KKRAR, BABRK. CHBR, HR ME RRAR, BABR. SHBR. AISI LAME AVIFA
Slide 48: CSR
4,51-(') /17.2507!*' 6&"# & + CSR'173$%) 48
Slide 49: CSR initiatives
%g^hc_4687ZY ([?44$-! %Y12X KQeib`adY0k%12"eib`adl @eib`ad+ Dk3#Wl YH1Y XSWH\EVFGLV]cjfXA3#W ] MO\+']4SXB &XT#Weib`ad],YNAPY)]*NTFJLVUA%Y12X. NTFQRK\CYI/[]\B 5==:<9;> 49
Slide 50: CSR initiatives
%nXoeY2465SP (T=22 " "O1IJ-/ r]lgoaeY s ]lgoaeY Q"SP (TV&$O,KMDU?0 OZho^q'!+NIMA"#.r2007sBV .IJ? ARFDECO2rGWHLs*2008BODCM.rZ`X_amp.sV .@ >\qjp[icdf)kpegpbP 3;;8:79< 50
Slide 51: -".&#* ! %$( %$( +'#" %$(-),/".
-".&#* ! %$( %$( +'#" %$(-),/". 51
Slide 52: 47:894 )--7:894,. !&&#%"$' ( 431+25P346.0/+*
47:894 )--7:894,. !&&#%"$' ( 431+25P346.0/+* 52
Slide 53: Fukuoka overview
=%k) =%k*K7awvz 4J&j_^fZ=%l6*K7wvzrA,cf^p[ (ZJ&k.Fa5$ j>Cdpi`Z=%l2020'Mng"{urA,dpbhaEHnqf^p[ XDJ&k.> PUURTQSV W1985'k mJ&kr100hcf-/cZt}yceokgd[ Y 1985'=%J&kl1,847,232gd[ 1985'2005'OB9G4;! Z2010'OB9G4I! Z@< LN:?+\01k&82#3.F]r j<=%sx}|}w~a*cf^nd[ 53
Slide 54: H HP- D" ".74 A8B=941, H ?:E><=E;@CFJ-SHISG74 A8B=941,
456!* +2/03 #((%'$&) H HP- D" ".74 A8B=941, H ?:E><=E;@CFJ-SHISG74 A8B=941, 54
Slide 55: ihEI-koazvEO
ihEI-koazvEO Bight COMMIT Hue Fukuoka reit BHO Rte HHH TO ERM EIS BIE RAE A HICH. ER PRIMA! 200955 EO RENE Rt AR EY) AARRABVIT LTT HM, FIRE 96.1% Se ET A TE MEDEA ONMT SUAARMMRIT LTIK THR,
Slide 56: Disclaimer and contact
ABARAT SEBS R RAS BRUT ILT+ HU — HABA #HU—-hRezA eS 1538-1R CY) Cwitteqiaad | fukuokareit8968 FukuokaRealty http://twitter.com/fukuokareit8968 http:/Awww.facebook.com/fukuokarealty facebook Fukuoka Realty facebook card CORBIS, FRORM, HH, ELISASAR, MBG MEN CHOHMMHVET. CHOORRICAT SicmMls, BMV—HRAKA RU