Kyushu Railway : The Real Estate Strategy Under Medium-Term Business Plan 2025–2027（3,308 KB）

The Real Estate Strategy Under Medium-Term Business Plan 2025-2027

November 26, 2025

Representative Director and Senior Managing Exective Officer Director General of Business Development Headquarters

Toshihiro Mori

1. Medium-Term Business Plan 2022-2024 in Review 3

2. Future Initiatives Under Medium-Term Business Plan 7

2025-2027

1. ‌Medium-Term Business Plan 2022-2024 in Review ‌Medium-Term Business Plan 2022-2024 in Review

   • While unplanned cost increases occurred due to inflation and other factors, numerical targets were generally achieved thanks to initiatives such as cost structure reforms (including BPR), efforts to maximize the effect of the Nishi-Kyushu Shinkansen opening, and the recovery in mobility demand.

   • With respect to financial soundness, we maintained a stable level of financial management. The Company believes it is well positioned to respond swiftly to attractive investment opportunities going forward.

     
     
     ‌Medium-Term Business Plan 2022-2024 in Review

   • In the Real Estate and Hotels Segment, we actively moved forward with growth investments, including the New Nagasaki Station Building Project.

   • The real estate leasing business and hotels business achieved significant growth, including recovery following the COVID-19 pandemic.

     Results in the Real Estate and Hotels Segment Under Medium-Term Business Plan 2022-2024

     • Operating Revenue in the Real Estate and Hotels Segment ⚫ Operating Profit (Loss) in the Real Estate and Hotels Segment

       
       
       

       (Billions of yen)

       160.0

       FY2021→FY2024

       (5.0)

       6.2

       (2.9)

0

5.0

＋3.5

10.0

15.0

6.2

20.0

＋0.2

0.9

18.0

25.0

＋9.7

30.0

FY2021→FY2024

31.4 ＋13.4

(Billions of yen)

35.0

＋29.7

140.0

120.0

100.0

80.0

60.0

40.0

20.0

0.0

5

113.7

143.4

.0

7

78.2

＋23.3

(13.3)

＋19.7

1. • During the period, we made growth investments of around ¥210 billion, including the New Nagasaki Station Building

     Project.

   • We also advanced a diverse range of initiatives, including entry into the logistics facilities business, acquisition of commercial property management contracts, office property acquisitions near Hakata, and the integration of hotel operating companies.

     Key Initiatives Under Medium-Term Business Plan 2022-2024

     Commercial Offices Hotels Logistics Condominiums City-building

     FY2023.3

     FY2024.3

     FY2025.3

     Aug. 2022 Opened THE BLOSSOM KYOTO

     Sep. 2022 Acquired the i-PRO Building

     Apr. 2023 Opened JR Kagoshima Chuo Building Aug. 2023 Acquired Sunny Side Mall Kokura

     Apr. 2024 Selected as the preferred bidder for the development of the former site of Kyushu University Hakozaki Campus

     Nov. 2022 Began handling outsourced property Sep. 2023 Opened Ekimachi 1-Chome Orio

     management for VIORO

     Aug. 2024 Acquired JR Hakata ekimae No. 1 Building

     Jan. 2023 Acquired JR Hakata ekihigashi NS Building

     Feb. 2023 Completed construction of

     MJR Kumamoto Station The Tower

     Oct. 2023 Opened URESHINO YADOYA

     Nov. 2023 Opened Amu Plaza Nagasaki Annex

     Jan. 2024 Opened Nagasaki Marriott Hotel Mar. 2024 Completed construction of

     CONNECT SQUARE HAKATA

     Oct. 2024 Established JR KYUSHU HOTELS & RESORTS

     Inc.

     Feb. 2025 Completed Construction of Toranomon Alcea Tower

     Feb. 2025 Completed construction on RJR Prescia

     Mar. 2023 Acquired Fukuoka Kita Logistics Center

     Mar. 2023 Acquired Hakozaki Wharf Logistics Facility

     Higashi Jujo Garden

     Mar. 2025 Acquired Kanzaki logistics facility

     Mar. 2025 Completed construction on MJR Hakata The Residence

     
     
     

     Fukuoka Kita

     Logistics Center VIORO

     JR Hakata ekihigashi NS Building

     JR Kagoshima

     Chuo Building

     New Nagasaki

     Station Building Project

     Toranomon Alcea Tower

     MJR Hakata The Residence

2. ‌ Future Initiatives Under Medium-Term Business Plan 2025-2027 ‌The JR Kyushu Group's City-Building Aims

   • We are committed to enhancing the attractiveness of station areas, which serve as social infrastructure, together with the local community. Through the provision of safe and comfortable mobility services, we aim to contribute to sustainable city building by cultivating the local population and promoting interaction around the stations.

     Providing attractive

     transportation services

     Strengthening functions as

     a transportation hub

     Exciting spaces and

     opportunities for entertainment, culture, and leisure

     Well-developed industrial infrastructure supporting sustainable business and employment creation

Promoting MaaS in cooperation with other

City building based on partnership agreements

transportation operators (locations throughout with local governments (Fukuhoku-yutaka Line,

Kyushu) Fukuoka Prefecture)

Major development pipelines*2*3

• Logistics facilities ■ Urban residences

• City-building development

‌About the Cancellation of the Project Utilizing the Space Above the Tracks at Hakata Station

Building

Rental housing

JR Hakata Ekimae Building

No. 1

Acquired: August 2024

Total floor area: 2,859m2

CONNECT SQUARE HAKATA

Hakata Station

JR Kyushu Hotel Blossom Hakata Chuo

JRJP Hakata Building

JR Hakata City

New

Hakata ekiHigashi 2-Chome Office

Project

Office development planned

New

Hakata Ekimae 3-Chome Hotel

(tentative name)

Hotel opening planned during FY2028

Site area: 1,480m2

Total rooms: Approx. 150 (planned)

Project utilizing the space above the tracks at Hakata Station (cancelled)

RJR Precia Hakataekimae

JR Hakata ekihigashi NS Building

JR Hakata EkimMinami Building

Note: RJR PreciaHakata, RJR PreciaHakata Rakusuienand RJR PreciaHakataekimaeare owned by JR Kyushu Private Reit, Inc.

JRJP Hakata Building and CONNECT SQUARE HAKATA are jointly owned with another company.

JR Kyushu Hotel Blossom Hakata Chuo is operated under a building lease.

‌City Building through Enhanced Collaboration among Businesses: Around the Hohi Main Line

Tentative name: Haramizu Station Area Land Readjustment Project

Tentative name: JR Higo-Ozu Building Development Project

• The consortium we are belong to (representative: Mitsui Fudosan Co., Ltd.) was selected as a project study partner in charge of organizing requirements up to project approval. We are studying the path toward realization of the future vision envisioned by Kikuyo town.

• The building is intended as a base for semiconductor suppliers and other companies.

  
  
  

• 2 minutes' walk from Higo-Ozu Station. About 8 minutes' drive to Semicon Techno Park where TSMC Kumamoto Plant is also located.

  Date of completion: January 2027 (planned)

  Lot area: Approx. 9,212m2

  Number of passengers

  180 Haramiz

  140 Sanrigi

  100

  60 Higo-Ozu

  20

  2019.4 2025.10

  
  
  

  Consignment period	Until March 31, 2026
  Target area	Approx. 70ha between the new station and Haramizu Station
  Others	Public solicitation will be issued for a project promotion partner who will be in charge of land development, etc. after the project is approved (timing to be determined).
  	TSMC's Kumamoto Plant (The First Plant)

  Kikuchi City Kyokushi Isaka Development (Logistics)

  Kagoshima Main Line

Haramizu Station

Location ：Kikuyo town,

Kumamoto Prefecture Operational：From December 2024 Also: A second plant is under construction near the first plant.

u

Construction to begin by fiscal 2027

2km

Kumamoto Station

Note; Number of passengers in April 2019 =100

10 km from Kumamoto Station

Images ©2024 TerraMetrics, Airbus, Google, map data ©2024 Google

20 km from Kumamoto Station

(Office)

Hakata Eki-Higashi 2-Chome Office Project (Hotel)

Hakata Ekimae 3-Chome Hotel Scheduled to open in FY2028 Approx. 150 guest rooms planned

Fourth hotel in the Hakata area / lease property

(Condominiums)

MJR Kumamoto Gate Tower

Scheduled for completion in FY2025, 236 units Second tower condominium project in Kumamoto

(Condominiums)

MJR Kagoshima-Chuo Ekimae The Garden Scheduled for completion in FY2025, 156 units Urban redevelopment project in Kajiyamachi,

Kagoshima

(Condominiums, rental housing, commercial facilities) RJR, MJR, commercial development

Scheduled FY2026 onward

First MJR-branded development in Kitakyushu City

(Commercial)

Beppu Station Market Renovation Phase 1 opened in FY2025

Renovation of the approx. 1 km-long under-track commercial facility originally opened in 1966

(Office)

Tentative name: JR Higo-Ozu Building Development Project

Scheduled for completion in FY2026

‌Strengthen and Expand Assets in Growth Areas: Logistics Real Estate Business

in-house.

• Centered on the Kyushu region, we are actively promoting entry into the logistics real estate business,

  including through partnerships with other companies.

  11

• In November 2025, we have completed LOGI STATION Fukuoka Ogori, our first property developed

  Expressway connections

  -Kyushu Expressway

  • Nagasaki Expressway, Oita Expressway, Higashi Kyushu Expressway

  • Others

  LOGI STATION Kokura-Higashi Development

  • Second joint development project with Yoshida Kaiun

  • Located approx. 1.7 km from Kokura-Higashi IC

  Location: Kitakyushu, Fukuoka Prefecture Total floor area: Approx. 32,436m² Scheduled completion: January 2027

  4

  10

  LOGI STATION Fukuoka Ogori

  2

  6

  HAKATA

  1

  3

  5

  ⚫

  ⚫

  7 12

  11

  TOSU

  First in-house developed property

  Located approx. 1.5 km from Chikugo Ogori IC

  Location: Ogori, Fukuoka Prefecture Total floor area: Approx. 85,423m²

  8

  LOGI STATION Tosu Ⅱ Development

  9

  KUMAMOTO

  • Development of a logistics facility in a highly convenient area near Tosu Junction

  • Located approx. 7 km from Tosu IC and Higashi-Sefuri IC

  Location: Tosu, Saga Prefecture Total floor area: Approx. 21,254m2

  Scheduled completion: February 2028

  
  
  

  LOGI STATION Tosu Ⅱ Development (Approx. 21,254m2)

  12

  9 LOGI STATION Kumamoto Kikuchi Development

  (Approx. 16,815m2)

  10 LOGI STATION Kokura-Higashi Development(Approx. 32,436m2)

  11 LOGI STATION Tosu Ⅰ Development (Approx. 16,229m2)

  Sue Daiichi Logistics Center (Approx. 12,452m2)

  Shin-moji Logistics Facility (Approx. 14,333m2)

  LOGI STATION Fukuoka Ogori (Approx. 85,423m2)

  LOGI STATION Fukuoka Kanda (Approx. 15,946m2)

  5

  6

  Hakozaki Wharf Logistics Facility (Approx. 25,657m2) 8 Southern Tosu Cross Park Development Project (TBD)

  7 Kanzaki Logistics Facility (Approx. 9,243m2)

  Fukuoka Kita Logistics Center (Approx. 11,684m2)

  1

  2

  3

  4

  Logistics Facilities in Kyushu

  Figures in parentheses

  indicate total floor area.

  -Operating: 6 properties

  -Under development, etc.: 6 properties

  
  
  

  ‌Strengthen and Expand Assets in Growth Areas: Housing Business

• Cumulative condominium unit sales have surpassed 10,000 units. The MJR brand has established strong presence and a solid track record in the Kyushu region.

• By leveraging our accumulated business expertise and collaborating with external partners through joint ventures and other means, we aim to further grow the business.

  
  
  

  FY2026.3

  FY2027.3

  FY2028.3

  
  
  

  MJR Kumamoto Gate Tower

  MJR Kagoshima-Chuo Ekimae The Garden

  RJR Prescia Kagoshima Ekimae

  MJR Urakami The Residence

  MJR Akasaka Gate Tower

  ‌Further Enhancing Our Appeal through the Renovation of Existing Assets

  • We are working to enhance profitability through the ongoing renovation of existing assets, including station buildings and hotels.

  • On November 14, Nintendo FUKUOKA opened in Amu Plaza Hakata. Joint events are being held in collaboration with railway operations and other Amu Plaza.

    Station Building Tenant Sales

    Hotel Occupancy Rates and Average Unit Prices

    Nintendo FUKUOKA

    (Billions of yen)

    © Nintendo

    140.3

    Wrapped Shinkansen

    128.3

    97.3

    POP UP STORE

    FY22.3 FY23.3 FY24.3 FY25.3

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

(Yen)

In each Amu Plaza

‌Proactive Engagement in Urban Development through Public Bidding and Other Opportunities

‌Promoting a Rotational Business Using Private REITs and Other Means

Asset Sales (cumulative)

70.0

60.0

50.0

40.0

30.0

20.0

10.0

In addition to properties sold to the

private REIT, we continue to be involved in the operation and management of certain assets that have been sold externally.

(Billions of yen)

These materials contain forward-looking statements concerning business forecasts, targets, etc. of the JR Kyushu Group.

These statements are judgments made by the Company based on information, projections, and assumptions available at the time of the materials' creation. Accordingly, please be advised that actual operating results could greatly differ from the contents of the materials due to the economic situation inside and outside Japan and the economic situation in Kyushu; real estate market conditions; the progress of respective projects; changes in laws and regulations; and a wide range of other risk factors.