Slide 1: Fukuoka REIT Corporation
http://www.fukuoka-reit.jp
Slide 2: ………………………………………………………………… …………………………………………………………………… …………………………………………………………………………… 21 …………………………………………………………………………… 3…
………………………………………………………………… 4 …………………………………………………………………… 11 …………………………………………………………………………… 21 …………………………………………………………………………… 30 ………………………………………………………………… 35 …………………………………………………………………………… 39 2
Slide 3: 3
3
Slide 4: Financial Report
4 Financial Report
Slide 5: 18,632 4,496 4,050 1,983 1,751 1,716 1,698 18,400 1,715 1,697 17 18,632 18,438 194
18,632 4,496 4,050 445 1,983 1,751 232 1,716 1,698 17 18,400 1,715 1,697 17 18,632 18,438 194 18,200 184 181 8 7 250 181 277,580.44m2 262,979.61m2 99.3 99.4 99.4 99.0 − 5
Slide 6: Statement of income
293 4,496,048 100.0 4,050,927 100.0 445,120 11.0 46 4,231,464 3,879,589 351,875 128,583 171,338 42,754 136,000 − 136,000 26 2,512,620 55.9 2,299,570 56.8 213,049 9.3 2,123,240 1,959,121 164,118 25 273,293 249,046 24,246 8,344 7,590 754 32,192 29,572 2,620 9,600 9,600 − 65,948 44,639 21,309 1,983,427
Slide 7: Balance sheet
% % % % % % 2,935,049 1,424,770 1,510,279 232,183 313,223 81,039 3,430,267 2,585,615 844,652 8,100,000 15,100,000 7,000,000 333,808 132,641 201,166 46,319 41,889 4,430 19 18 0 250,629 228,055 22,574 89,196 − 89,196 975 1,036 61 252,634 75,851 176,782 535,254 481,088 54,165 7,040,976 6.8 4,218,898 4.
Slide 8: Cash flow and distribution
1,716,102 1,698,288 619,112 562,577 5,595 5,595 368 20 171,148 133,328 201,166 49,316 89,196 1,595,230 86,287 35,576 25,103 99,281 12,673 33,046 54,165 15,605 251,306 268,582 53,923 40,161 7,808 16,512 7,898 33,146 2,408,557 3,784,407 368 20 161,247 99,974 1,109 2,204 2,246,568 3,682,249 − 786,459 7
Slide 9: Forecast
5,088 4,803 4,496 4,050 1,983 1,751 1,886 1,822 1,716 1,698 1,884 1,819 1,715 1,697 17,600 17,000 18,632 18,438 1 9
Slide 10: 3.4 3.8 6.7 6.7 48.7 53.8 41.0 35.6 81.0 55.2 14.6 17.9 551,377 552,580
181 3.4 3.8 6.7 6.7 48.7 53.8 41.0 35.6 81.0 55.2 14.6 17.9 551,377 552,580 636,696 1.33 25,358 24,550 18,632 18,438 10
Slide 11: Portfolio Operation Strategy
Portfolio Operation Strategy
Slide 12: RAMMED RAL S—
RAMMED RAL S— (88) V4 INO ARR [FPA (REREAD KBE EDRALYS— eT ILyT4- EVRARYI—-EIL FeF IY T Aes DIVIABSEIL (ttn) BRD T-1 ABNER AINE) ( 18 10 18 NB pal a a a | DYUDYF4IE ROLPE-IWb BABES
Slide 13: Portfolio list
ed WyT 18 10478 32,000 34,700 47,858.67 100.0 N-DIVARKS mR © aac 18,700 18,200 6.5 59 400,664.83, 99.5 PUPYF ON BRM 157A 6,633 7,130 6.6 6.0 61,450.22 INRBISAL F411) mei 15te67R*” 740 7207.4 7.0 3,743.12 RILP EVER S eis be sae 5,300 5370 6.2 61 — Gam RATYI—ISI=F+“SC RE IRE yy 2,400 2420 6.5 64 — (ta
Slide 14: ( ) 4,360 4,050 4,231 3,879 2,123 1,959 64 920 886 34 39 31
( ) 4,360 4,050 309 4,231 3,879 351 128 171 42 2,123 1,959 164 920 886 34 39 31 7 − 2 24 22 300 245 55 29 30 0 619 562 56 211 177 34 = 2,236 2,091 145 = 2,855 2,654 201 / 6.2 6.4 14
Slide 15: ( ) − 1,387 1,363 493 190 293 24 19 0 1 1 66
( ) − 1,387 912 290 35 674 559 205 293 1,363 893 290 34 673 493 190 293 24 19 0 1 1 66 15 0 651 523 105 13 327 281 92 126 322 267 8 1 170 73 19 56 3 14 0 5 12 1 1 70 74 47 6 46 38 17 8 6 2 0 5 3 1 1 174 118 45 3 82 94 35 64 72 42 0 0 16 60 18 2 = - 736 388 184 21 347 278 112 167 = 910 507 230 25 429
Slide 16: SHEE 1.7%
SHEE 1.7% (21) Misery 748s W279 42%9 pug Fa (41) REBELSARATS. GE) ROMA Fat 1 BF2A2BA) RUB4A CEA 1 BBA 1 A) BRA Ge) RURAL LEAR NaCI 2ZEGRANEERAAOCRA DIF UPENENOMA CICA HMBSSES) SDA (CROMMEANET. atl THWSST GES) BAMA CF av) 88 AS 1B) ROTUNDA MAICR Hee FAM AES) GT REL CHET.
Slide 17: FrF vss ELS
FrF vss ELS f\, Wall 7F9R~TMetSA 16f9R~TAi 1 7288 FELCH (Saat) FRI 6—1 78 spat) 71 Oe 1068 (92 11668 Spe yes = l 9A 108118 128 1A 2A 3A 4A 5A 6A 7A 8A GE) eed VETS O BI THA FSA _ COMME GA STORE
Slide 18: a IO ERB
oe a IO ERB oe ROR 7B Fe Liees (SSR) 16~1 78 Stl 7~18ee 235¢R ina 24885 9A 10H 118 12R 18 2A 3A 48 5A GR 78 6A CE) DLA AAO SHOR LOEABICRELEEDCS. J KEY sieRADAIEKm ~ m1 9 1A4-JI¥ SuERS43.277m? SUITE) 400,000m? ‘HEH 52Z GEREN. 1008 CHE) i atedleaseites Pa) 71 SAAD AR or N-FIVAA Sie AON4G2km \ HARE ES,
Slide 19: ] PUUIUTINE Sle
] PUUIUTINE Sle 9A 10R11812A 1A 28 3A 4A 5A 6A 7A 8A PAPLF AIBOPBIDE LBD RAUL TRELLIEDD CT » BART UTS RRM TST LI THRE Ae (98F) 2,000 1,500 1000 otH= mh (A. A. SR) ENENOM CHER CORUNA FEBMLKIEAN al a eRENR<RANOS SRE ° SiRt 16S AM Emam BEAM ds
Slide 20: Occupancy rates
FrF ibys 4s 100.0% N-DILAZAARH ecg, BPUVIVT ANN 100.0% H1803 04 OS, WHEISINIF+4E-W 100.0% H1803 «04056. poyFAesew 100.0% H1g03 04 0S, RAR EVRARYI— 100.0% ° H1803 0405, AMEBDEVAALYI— 98:3 04 Hig03 040506, FrTWys4 -EYRAAZRYI—-EW o4 HAAR 93.5% oR MAMT IIb TEI: abd AE Hixe 96.5% MPR ST ¥v Maid ° 20512 9
Slide 21: Investment Strategy
Investment Strategy
Slide 22: • • • • • • • •
6 • • • • • • • • 22
Slide 23: SOR: F 2S
SOR: F 2S Mi: A 1kmx y Ya 10D 1000b ~ — 5,000781 | 5,000bL ~ 10,0008 1) ro000%+ ~ 15,0007 MN isc00xt ~ soomam
Slide 24: CAP
aes 5 4.1009 (FL) (FE) Raa: SPAL1999518 (PIE) R20, i a1. Sag RAR: 20. 683 11118 BIE) 2) mSeatt iG: GE SBA1ROAIE SRR 19 12208 (FE) ‘AB MUTT aT ouanae) ie car 6.0% EWGCAP regan 246509 (FE) RIRCAP:6.2% | maCAP6.5% (FR) 6 2 % RIBOSE Ft 18HE9A200 RSPAS OSI (FE) Sova eva NHR cap 6.2% BRM Fob Paiorinoa [fa
Slide 25: 25
25
Slide 26: PAY TARSEIIT— @
1,106,544 PAY TARSEIIT— @ (RET) BRAY —TEA—F4SC @ AILPE-VBREFE © (BAR) PF ANIARAIIP BED @ ASEOCYVAZAtS—@ 88,674 FPTILITAESSPCHARAENRE LCT ESHA 21) © ING@DS2=F+E-ILe DoyDABBEILe yUIIT4Nee 73,500 RARE VAALI—e@ Fe PWYF+-EVAALII—-EW) @ INN—DIVAAKS © FTW 18S © Fa 1611598 Foe Fae HBR (£88 4a RSERE) CFA BF2
Slide 27: pity OHS SAS. AWS apes
pity OHS SAS. AWS apes @aB LRA ITIL as fei 4 i Y—Yat)b OF RE ISICILU VIZ es 9 ~759 ““ ORECAUTHINEEHOMBORR Ke |KO aoe 725% 4 eSPIET IY HORIN ex ame LSC is) —— eO-kY1RONFAU-+5— aes Reka 75— 9 ~ 4169 USAF 4 EAN eww eee =| TP mmm | 8257+ 78% 5~15% BLER1IN—DYESC k. ey eT yT4- SERB ; OW BATS ARE (Tih BHR
Slide 28: 1OOAALLE
1OOAALLE YU—Yart Ib (BARRE ESC) A-)NN-U—-Yat LE) LDA UR. SPIEE— ERD ES DCOLAICTES SOBALLE PONY (sBrH) 5eS-S5 MD(FFYbSYIA), LYI-FAXYES 34=1=747 (43 BSC) SHALE SE-#ASC GMS+AFAU—+5— San —A ae —— ZA SEdS5AT AICBISRRE, WEE RDSTEDCE BURR BORUEESGE +elie——ZX BUPA DRI DEES RUPTCOEEO RA < (nm } >
Slide 29: 15,000 SC
18 15,000 SC 12 12 15 15 10 29
Slide 30: Financial Strategy
Financial Strategy
Slide 31: 31
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Slide 32: LTV
MU—h RBA LTV (HAIFA eRe) seme-93 8% ee 0 HSU A LTV air Ru ene) emnee-944 0 POMBS1x—3 U— NRA $8438 (Fah SBAA) AR
Slide 33: 35.6% 26.6% 64.4% 73.4% 0 20 0 0 18 2 18 9 0.84 1.50
140 120 120 100 35.6% 26.6% 100 70 64.4% 80 66 73.4% 60 39 40 20 0 0 18 2 18 9 0.84 1.50 1.9 3.0 33
Slide 34: Interest-bearing debt
( 18 9 30 ) 0.79000% 3,400,000,000 2006.2.27 2007.2.27 18 9 30 18 10 31 1 0.79000% 500,000,000 2006.3.31 2007.3.31 18 9 30 18 10 31 1 3,900,000,000 12,000,000,000 2004.11.9 2009.8.31 1.39000 2 0.94000% 6,600,000,000 2005.6.29 2008.6.23 18 9 26 18 12 25 1 10,000,000,000 2006.8.25 2010.7.30 1.92250% 3
Slide 35: Compliance
Compliance
Slide 36: Valuation
HBS PIRIC KS Valuation = ASEM <7 MED ERomER ut> we iE (i) <etE> (#) SEMERET AY bO-7 <14att> HAABES RRA lCKSValuation RAAHCBISEERE - AOL ise XD PADENS SS - HUBERT oR @ ratte MRL HELEIVISAPYA BRIA [SRtex (82) ] + RLS “FELIS + SRT 1S, + FPR SHOR, (Zetit (SZ) DISA PARE Bt) + HEBEPIROZ, GEL. NEB EL) MMR
Slide 37: Ee Bia
Ee Bia fala] U — hie A ME FEN (BAS RE Et REO “RATA BBS SE IDA PYABASt ‘BEREY=AT IL ERE Beka steaicd aE EBL RE FARIA HEN AUERE Baa Otel U 7 LT 4 BE ER Ea IRS ERE SEER REBASSARE BARE “PRUNES PERSE - PBBERS | SESE a IPA PYAR - ‘DUIS PARE (ERE EBS RE ABER EE RB DSE FREE PBB RSS eee we SERS RRR AREER UAT
Slide 38: 1 2
1 2 1 2 38
Slide 39: Appendix
Appendix Appendix 9.
Slide 40: BATORE
BATORE KRRCOME + RYKI—F (FA YEVRIXYRAFID sali UN ee RAE
Slide 41: HAWRIUP EOtth
HAWRIUP EOtth MTD EE WTB. BARS 60-90% os aol ADLAEIL AISA. BIL PUE-U—Aly a ~~ yk 10-30% ‘esmnesacesensy 20-40% ESOT Hse ee PSR nER CHARROWORESD) PNY. U-Yast ib. DEa=F4 0-10% ‘60. 80% RAITT a + FUNC RE RMR X TY EOth (ES) 2.9% ae” ZO TUN ta 28.3%
Slide 42: FTF bb OT
FTF bb 1 OT (SRGPRS—2) GE1) SHYT LAIN 2.0% 342.0% 21% RZ 2.6% —1 ALAR 2.8% TAF UE AM Ri -YA-VUT-+ 3.0% DRI IRT I 4.6% RRS! (AINA) TO DLE 15 LLE 1B — 19.7% 0.7% by bas ted (RUsERN—2) GE) 154ebLE 5.7% RABRWAT AOD RAR (BAZ)
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Slide 44: Led
aN Led isoreRReD ape ceed eave
Slide 45: ped
ped wil RUE é yar My, xe | lh N-IILAZ YG xa eaes REAATS a) Bok ANMILC. Sah Sr ry ty x
Slide 46: Ear)
Ear) Et eke asa=s¢E— hepa canis, i
Slide 47: sagas
| sagas oy een fo) ithne (te) RBI I— 4523=7-48¢
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Slide 51: 25000
16 17 17 18 16 18 25000 51
Slide 52: See
& C) See FRAT aX FARIA MST ae at A eR: a 7 Bere BT Be % iL es Be me ; SE RO
Slide 53: Hae FHME FRG BaIOF SATE PRIOR
Se Hae FHME FRG BaIOF SATE PRIOR
Slide 54: HASSaneO ADRS ADFABR DOSE ER
HASSaneO ADRS ADFABR DOSE ER SBAIG OFF 1 OOE LHR (RREBH-ASROGA BPRS) ASSESS <u mp BHA - AD Raph PRADA PTO eest ar ROSE ait Cait ese ah ALOR | KBr sun ‘eR apart Des BT eure 0 1 H BAGO Fale Fae Paes Pais Fale Falls mI PITS FA (HiPR) BBALGOS ~ Fe | 2 SRS a HESS BESS, Pe | 7 RR RE UR AOS (HPD) EBA e Pan
Slide 55: 108.0 106.0 104.0 102.0 100.0 98.0 96.0 94.0 92.0 90.0 5
108.0 106.0 104.0 102.0 100.0 100 98.0 96.0 94.0 92.0 90.0 55
Slide 56: Unitholder composition
RAD MOS RAEATIV—-WAHKR GOWNS) a) amie 1,000,000 neat MOIRA 900,000 42.65% : 1% mame, 800,000 wA 700,000 600,000 500,000 400,000 20% 40% 60% 80% 100% 300,000 200,000 EWR (4H) om _ = =e 0 Oo Ta 9 1025 W/ VB V1 ¥30 S10 6/20 76 28 WE RABMBU? LTT 1 IR 20,000 21.73% BRL T BRR THStett 6,847 7.44% BANSAT +
Slide 57: 10 High Rollers
Beyong the Strip ( Long the fastest-growing metropolis in America, sin city is building more than casinos 10 HIGH ROLLERS City of Substance ( There are many would-be ‘Gateways to Asia.’ This one’s for real Rich and Richer ( A bright spot in the gloaming, but for how long? Capital of Magnet London’s
Slide 58: City of Substance
"ENERGY Fukuoka isa big raw for visit from all over ° 7 te . less crowded than on the other = City of Substance SSeisex THERE ARE MANY WOULD-BE ‘GATEWAYS, Sst scndmar- TO ASIA.’ THIS ONE'S FOR REAL. was in Nagoya) on Kyushu. And this ryidea which cityin investment inmanufacturingon modesto Chinaout
Slide 59: Point 1
POE FOE PG OE FH] ERO a 1S Sa aie Ra GR Pa OE | eB (HEAPAT) ERAS CORSE UN 2 | (E) FROAOR HIRE 1OOEL CHRBUEL. FI AELIEBOTT
Slide 60: Point 2
POINT 2 POINT 2 2 300 250 200 150 100 50 0 60
Slide 61: Point 3
POINT 3 POINT 3 1.0 100% 3.5 160,000 3.2 3.0 140,000 14.1 80% 120,000 12.2 100,000 60% 80,000 92.7 40% 60,000 68.2 40,000 20% 20,000 0 0% POINT 3 61