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									Profile


             Profile                                                                           Investment Unit Price
Name                     Fukuoka REIT Corporation                                              Unit Price                                491,000 yen (as of February 28, 2010)
Asset Manager            Fukuoka Realty Co., Ltd                                               Outstanding Unit                          107,050 units
                         Licensed by                                                                                                     52.5billion yen
                         Fukuoka Local Finance Branch Bureau (financial instruments) No.10     Market Capitalization
                                                                                                                                         (unit price   outstanding units as of February 28, 2010)
Sponsors                 Fukuoka Jisho,Kyushu Electric Power,                                  Historical High                           1,300,000 yen (February 26, 2007)
                         Royal Holdings,The Bank of Fukuoka,
                         The Nishi-Nippon City Bank,                                           Historical Low                            297,000 yen (November 20, 2008)
                         Nishi-Nippon Railroad, Saibu Gas,
                         Kyudenko, Kyushu Railway,                                             Net Asset Value Per Share                 580,352 yen (as of February 28, 2010)
                         Development Bank of Japan Inc.
                                                                                               Market Net Asset Value Per Share 646,598 yen (as of February 28, 2010)
Listed Date              June 21, 2005(Tokyo Stock Exchange, Fukuoka Stock Exchange)         Market Net Asset Value Per Share = {(Total Appraisal Value at the end of period based on appraisal
                                                                                             reports-Total Book Value at the end of period based on Balance Sheet) +Net Asset at the end of period}/
                                                                                             Outstanding Units as of the end of period

  Financial Highlight

Total Assets             130.7 billion yen as of February 28, 2010                                Portfolio Summary
Total Debt               57.2 billion yen as of February 28, 2010                                                                                                                   Others 2.6
Credit Ratings                                                                                 Asset Type                                                                              Office
                         S&P A-(Stable)         R&I A      (Stable)
LTV (Interest-bearing liabilities/total assets)           43.8
                                                                                                based on acquisition price                Retail           61.7                    35.7
                                                                                                                                                                                   Other Kyushu Area
 Dividend Information                                                                          Asset Location                             Fukuoka

                                                                                                based on acquisition price
                                                                                                                                          Metropolitan
                                                                                                                                          Area
                                                                                                                                                            70.2                     29.8
                               February 28, 2010
The 11th Fiscal Period End     (semi-annual periods ending every February and August)

Dividend (actual)              17,397 yen per unit                                             Total Leasable Space at End of Period 362,235.82

Asset Management Period 181 days                                                               Occupancy Rate at End of period                 99.1
                                                                                             Figures have been calculated based on owned properties (except senior anonymous partnership
                        7.1
Dividend Yield           (Dividend / Days in fiscal period       365) / Unit Price           (TK:Tokumei Kumiai in Japanese) equity interest) as of February 28, 2010. Figures of Rentable Area
                                                                                             and Occupancy Rate are calculated as of February 28, 2010


                                                                                                                                                                                           Profile     2
Contents




 Regarding rounding of amounts, percentages, and ratios : unless otherwise noted, in these materials, monetary amounts are rounded down to the nearest whole unit, and percentages and ratios are rounded off to two decimal places.




                                                                                                                                                                                                                                   Contents   3
Highlights of 11th fiscal period




                                   Highlights of 11th fiscal period   4
5
Financial highlights
Achieved growth in revenues and income compared with the previous fiscal period.

                                                                                                                                                                   unit: mm yen
                                                                                                                                 *The figures are rounded down to the million yen.

                               7th fiscal      8th fiscal      9th fiscal      10th fiscal     11th fiscal                              12th fiscal           13th fiscal
                                                                                                                Variation                 period                period
         Category               period          period          period           period          period                                 Mar 1, 2010            Sep 1, 2010
                               Sep 1, 2007      Mar 1, 2008    Sep 1, 2008      Mar 1, 2009     Sep 1, 2009                             Aug 31, 2010          Feb 28, 2011
                               Feb 29, 2008     Aug 31, 2008   Feb 28, 2009     Aug 31, 2009    Feb 28, 2010                             (forecast)              (forecast)

Operating revenues                    5,179            5,483          5,466            5,621           5,640              19                     5,619                 5,595
Property’s NOI (*1)                   3,441            3,596          3,597            3,656           3,698              42                     3,591                 3,564
Depreciation                            763              847            864              950             954               3                       960                   972
Operating income                      2,382            2,441          2,405            2,371           2,408              36                     2,355                 2,350
Ordinary income                       1,981            1,968          1,933            1,861           1,863               2                     1,788                 1,777
Net income                            1,980            1,966          1,932            1,860           1,862               2                     1,787                 1,776

Dividend per unit        1      18,499 yen      18,373 yen      18,049 yen      17,377 yen       17,397 yen          20 yen              16,700 yen            16,600 yen
Latest dividend forecast 2      17,700 yen      17,800 yen      17,800 yen      16,700 yen       16,600 yen
Difference between forecast
and actual dividends (1-2)         799 yen         573 yen         249 yen         677 yen          797 yen
Investment units outstanding
(at period-end) (units)            107,050         107,050         107,050         107,050          107,050

Total assets(at period-end)
(unit: mm yen)                     121,654         125,954         125,222         130,836          130,705
Net Assets(at period-end)
(unit: mm yen)                      62,100           62,231         62,196           62,124          62,126
                                                                                                                (*1) “Property NOI” =”Rent revenue-real estate” – “Leasing
                                                                                                                     business expenditure” + “Depreciation”
Days in fiscal period              182 days         184 days       181 days         184 days        181 days    (*2) The number of properties owned does not include the
Number of properties owned                                                                                           senior anonymous partnership equity interest.
(at period-end) (*2)                    14               15             15               16              16     (*3) The number of tenants shown is based on the total for
Number of tenants                                                                                                    properties FRC owns. As for the number of tenants in
 (at period-end) (*3)                    325             381             404             439              445        pass-through master leasing properties, the total
Total leasable space                                                                                                 number of sections stipulated in the tenancy agreements
(at period-end)                340,061.83      350,382.95      348,496.42      362,206.45      362,235.82            with end tenants is shown.
                                                                                                                (*4) “Occupancy rate” = “Total leased space at period-end”
Occupancy rate
(at period-end) (*4)                 98.8             99.4           99.2             98.8            99.1           ”Total leasable space at period-end”




                                                                                                                                                   Financial Statements              6
Balance sheets comparison with previous fiscal period

                                                                                                                                                           unit: mm yen
                                                                                                                         *The figures are rounded down to the million yen.
                                                  10th      11th      Variation                                                      10th         11th        Variation
Assets                                                                             Liabilities

  Current assets                                                                      Current liabilities

   Cash and deposits                                1,908     2,910       1,002         Operating account payable                        270           431           160
   Cash and deposits in trust                       3,980     3,966         (14)        Short-term debt                                3,800         3,200         (600)
                                                                                        Current maturities of long-term
   Operating accounts receivable                      418       367         (50)                                                      10,150        11,650        1,500
                                                                                        debt
   Prepaid expenses                                   200       138         (62)
                                                                                        Account payable-other                             19            22             3
   Consumption taxes receivable                       151         -       (151)
                                                                                        Accrued expenses                                 266           267             1
   Deferred tax assets                                  0         0            0
                                                                                        Income taxes payable                               0             0             0
   Other                                               31        31            0        Accrued consumption taxes                          -           168           168
     Total current assets                           6,691     7,414        723          Advances received                                672           653          (18)
                                                                                        Deposits received                                775           535         (239)
                                                                                          Total current liabilities                   15,955        16,931          976

  Noncurrent assets                                                                   Noncurrent liabilities
    Property, plant and equipment                                                       Long-term debt payable                        43,350        42,375         (975)
    Building in trust, net                         48,359    47,598       (761)         Tenant leasehold and security
                                                                                        deposits                                         331           331             0
    Structures in trust, net                          677       650        (26)
                                                                                        Tenant leasehold and security
    Machinery and equipment in trust, net             256       250         (6)         deposits in trust
                                                                                                                                       9,075         8,941         (133)
    Tools, furniture and fixtures in trust, net       430       411        (19)
    Land in trust                                  68,810    68,810           -           Total noncurrent liabilities                52,756        51,647       (1,108)
     Total property, plant and equipment          118,534   117,720       (813)
    Intangible assets
                                                                                          Total liabilities                           68,711        68,578         (132)
    Leasehold rights in trust                       1,765     1,765            -
      Total intangible assets                       1,765     1,765            -
                                                                                   Net assets
  Investments and other assets
    Investments securities                          3,421     3,421           -       Shareholder’s equity
    Lease and guarantee deposits                       10        10           -
                                                                                          Shareholder’s capital                       60,264        60,264             -
    Lease and guarantee deposits in trust             100       100           -
    Long-term prepaid expenses                        312       273        (39)       Surplus
     Total investments and other assets             3,844     3,804        (39)         Unappropriated surplus
                                                                                                                                       1,860         1,862             2
                                                                                        (undisposed loss)
                                                                                          Total surplus                                1,860         1,862             2

                                                                                         Total shareholder’s equity                   62,124        62,126             2
     Total noncurrent assets                      124,144   123,290       (853)
                                                                                         Total net assets                             62,124        62,126             2

     Total assets                                 130,836   130,705       (130)          Total liabilities and net assets            130,836       130,705         (130)



                                                                                                                                                                             Financial Statements   7
Income statements comparison with previous fiscal period
Full-period contribution from Higashi Hie Business Center acquired in the 10th fiscal period.

                                                                                                           unit: mm yen
                                                                         *The figures are rounded down to the million yen.

                                                           10th    A              11th    B
                                                                                                       Variation
                                                          Mar 1, 2009            Sep 1, 2009
                                                                                                            B   A
                                                          Aug 31, 2009           Feb 28, 2010

 Operating revenues
     Rental revenue-real estate                                    5,300                    5,318                     18
     Other rental revenue-real estate                                185                      185                      0
     Anonymous partnership distribution                              136                      136                      -
        Total operating revenues                                   5,621                    5,640                     19
 Operating expenses
     Expenses related to rent business                             2,780                    2,761                   (18)
     Asset management fee                                            344                      345                      1
     Asset custody fee                                                11                       11                      0
     Administrative service fees                                      34                       38                      3
     Director’s compensations                                          9                        9                      -
     Other operating expenses                                         69                       66                    (3)
        Total operating expenses                                   3,249                    3,232                   (17)
        Operating income                                           2,371                    2,408                     36
 Non-operating revenues
     Interest received                                                    2                      1                    (1)
     Other                                                                0                      2                      1
        Total non-operating income                                        3                      4                      0
 Non-operating expenses
     Interest payment                                                439                      472                     32
      Amortization of investment unit issuance expenses                 8                        -                    (8)
      Financing related expenses                                      65                       76                     10
         Total non-operating expenses                                514                      549                     35
         Ordinary income                                           1,861                    1,863                       2
         Net income before tax                                     1,861                    1,863                       2
      Income taxes-current                                              1                        1                      0
      Income taxes-deferred                                           (0)                      (0)                    (0)
      Total Income taxes                                                1                        1                      0
         Net income                                                1,860                    1,862                       2
      Retained earnings brought forward                                 0                        0                    (0)
 Unappropriated retained earnings                                  1,860                    1,862                       2


                                                                                                                             Financial Statements   8
Income statements comparison with forecast
revenues growth driven by strong cinema box office receipts.
                                                                                             unit: mm yen
                                                           *The figures are rounded down to the million yen.


                                           Budget                  11th   (B)
                                                                                        Variation
                                                                 Sep 1, 2009
                                             (A)                                             B   A
                                                                 Feb 28, 2010

 Operating revenues
      Rental revenues                                                        5,318
      Other rental revenues                                                    185
      Anonymous partnership distribution                                       136
       Total operating revenues                    5,592                     5,640                     48
 Operating expenses
      Expenses related to rent business                                      2,761
      Asset management fee                                                     345
      Asset custody fee                                                         11
      Administrative service fees                                               38
      Director’s compensations                                                   9
      Other operating expenses                                                  66
       Total operating expenses                    3,256                     3,232                   (24)
       Operating income                            2,335                     2,408                     72
 Non-operating income
       Interest income                                                           1
      Other                                                                      2
       Total non-operating income                     5                          4                    (1)
 Non-operating expenses
       Interest expenses                                                       472
      Financing related expenses                                                76
       Total non-operating expense                  562                        549                   (13)
       Ordinary income                             1,778                     1,863                     84
       Net income before tax                       1,778                     1,863                     84
      Total Income taxes                              1                          1                    (0)
       Net income                                  1,777                     1,862                     85


                                                                                                               Financial Statements   9
Cashflow statements comparison with previous fiscal period

                                                                                                                         unit: mm yen
                                                                                       *The figures are rounded down to the million yen.
                                                                10th(184days) (A)      11th(181days) (B)            Variation
                          Category                                 Mar 1, 2009            Sep 1, 2009                 (B-A)
                                                                   Aug 31, 2009           Feb 28, 2010
Net cash provided by (used in) operating activities
Net income before tax                                                         1,861                  1,863                            2
Depreciation expenses                                                           950                    954                            3
Amortization of investment unit issuance expenses                                  8                      -                         (8)
Interest received                                                                (2)                    (1)                           1
Interest payment                                                                439                    472                          32
Decrease (increase) in operating accounts receivable                          (133)                      50                        184
Decrease (increase) in consumption taxes refund receivable                    (151)                    151                         303
Increase (decrease) in accrued consumption taxes                              (110)                    168                         279
Increase (decrease) in operating accounts payable                               (89)                   120                         209
Increase (decrease) in account payable-other                                       2                    (3)                         (5)
Increase (decrease) in accrued expenses                                            2                      1                           0
Increase (decrease) in advances received                                          69                   (18)                       (88)
Increase (decrease) in deposits expenses                                        282                  (240)                       (522)
Decrease (increase) in prepaid expenses                                         (78)                     62                        140
Decrease (increase) in long-term prepaid expense                              (217)                      39                        256
Other, Net                                                                         2                      0                         (1)
   Subtotal                                                                   2,835                  3,622                         787
Interest received                                                                  2                      1                         (1)
Interest payment                                                              (499)                  (472)                          26
Income taxes paid                                                               (28)                   (28)                           0
Income taxes refund                                                               28                     27                         (1)
Net cash provided by (used in) operating activities                           2,338                  3,150                         811
Net cash provided by (used in) investment activities
Purchase of property, plant and equipment in trust                          (4,283)                  (100)                       4,182
Purchase of intangible assets in trust                                      (1,765)                      -                       1,765
Proceeds from tenant leasehold and security deposits                            331                      0                       (311)
Repayments of tenant leasehold and security deposits                              0                      -                            0
Proceeds from tenant leasehold and security deposits in trust                   103                     77                         (25)
Repayments of tenant leasehold and security deposits in trust                 (253)                  (211)                           41
Payments of lease and guarantee deposits in trust                             (100)                      -                         100
Net cash provided by (used in) investment activities                        (5,966)                  (233)                       5,732
Net cash provided by (used in) financing activities
Increase in short-term debt payable                                          30,400                 19,200                    (11,200)
Decrease in short-term debt payable                                        (28,000)               (19,800)                       8,200
Proceed from long-term debt payable                                          15,000                    600                    (14,400)
Repayment of long-term debt payable                                        (12,000)                    (75)                     11,925
Dividends paid                                                              (1,932)                (1,853)                          78
Net cash provided by (used in) financing cash flow                            3,467                (1,928)                     (5,396)
Net increase (decrease) in cash and cash deposits                             (160)                    988                       1,148
Cash and cash deposits at beginning of period                                 6,049                  5,889                       (160)
Cash and cash deposits at end of period                                       5,889                  6,877                         988


                                                                                                                                           Financial Statements   10
Historical chart of occupancy rates




  Occupancy rates
                            7th fiscal period           8th fiscal period            9th fiscal period           10th fiscal period 11th fiscal period                         Investment share
     Category                    Sep 1, 2007                 Mar 1, 2008                  Sep 1, 2008                  Mar 1, 2009                 Sep 1, 2009
                                                                                                                                                                             (based on acquisition price)
                                 Feb 29, 2008                Aug 31, 2008                 Feb 28, 2009                 Aug 31, 2009                 Feb 28,2010

 Active Retail                            99.8                        99.9                         99.6                        100.0                       100.0                               44.9
 Passive Retail                          100.0                       100.0                        100.0                        100.0                       100.0                               16.8
 Office                                   98.0                        98.3                         97.3                         96.6                        95.2                               35.7
 Others                                   81.2                        84.8                         94.0                         90.0                        91.0                                2.6
        Total                             99.2                        99.3                         99.1                         99.0                        99.0                              100.0
  calculated by weighted average
Active Retail = properties with variable rents such as Canal City Hakata, Park Place Oita, and SunLiveCity Kokura.
Passive Retail = properties without variable such as Square Mall Kagoshima Usuki, Kumamoto Intercommunity SC, Hara SATY, Hanahata SC, Kurume Higashi Kushiwara SC, and K’s Denki Kagoshima.

                                                                                                                                                                                 Financial Statements       11
Appraisal Value

                                                                                                                                                                                                                                                     unit: mm yen
                                                                                                                                                                                                                   *The figures are rounded down to the million yen.
                                                                                                                    Latest appraisal value by the DCF
                                                                               Amount                                                                       10th fiscal period-end        11th fiscal period-end         Difference factor
                                                       Acquisition                                                             method (*2)
                                                                             recognized        Latest appraisal
                  Property name                          Price                                                                                                Direct                       Direct                                                   Appraisal company
                                                           *1             in balance sheet          Value           Appraisal    Discount    Periodical                      Cap                           Cap         CF factor   CR factor
                                                                          at end of period                                                                 capitalization               capitalization
                                                                                                                     value         rate      Cap Rate                        Rate                          Rate           *3          *4
                                                                                                                                                              values                       values
          Canal City Hakata                                    32,000               31,510                34,700      34,100         5.2         5.4              36,300      5.1              36,200        5.1          (100)              0 Tanizawa Sogo Appraisal
          Park Place Oita                                      15,700               16,833                17,900      17,700         5.9         6.4              18,200      6.3              18,000        6.3          (200)              0 Japan Real Estate Institute
          SunLiveCity Kokura                                     6,633                6,349                7,410        7,380        5.9         6.4               7,410      6.6                7,440       6.6             30              0 Japan Real Estate Institute
          Square Mall Kagoshima Usuki                            5,300                5,042                4,970        4,950        6.6         7.1               4,970      6.9                4,980       6.9             10              0 Japan Real Estate Institute
Retail




          Kumamoto Intercommunity SC                             2,400                2,302                2,420        2,390        6.4         6.9               2,450      6.6                2,450       6.6               0             0 Japan Real Estate Institute
          Hara SATY                                              5,410                5,524                5,200        5,180        6.0         7.5               5,220      7.2                5,220       7.2               0             0 Japan Real Estate Institute
          Hanahata SC                                            1,130                1,113                1,150        1,140        6.1         6.4               1,180      6.1                1,180       6.1               0             0 Tanizawa Sogo Appraisal
          Kurume Higashi Kushiwara SC                            2,500                2,449                2,510        2,480        6.1         6.4               2,570      6.1                2,570       6.1               0             0 Tanizawa Sogo Appraisal
          K’s Denki Kagoshima                                    3,550                3,531                3,380        3,370        5.7         6.3               3,400      6.0                3,400       6.0               0             0 Tanizawa Sogo Appraisal
                 Total of retail properties                    74,623               74,657                79,640      78,690         -            -               81,700        -              81,440         -           (260)              0             -
          Canal City Business Center Building                  14,600               14,198                15,600      15,300         5.3         5.6              16,400      5.3              16,300        5.3          (100)              0 Tanizawa Sogo Appraisal
          Gofukumachi Business Center                          11,200               10,489                12,900      12,800         5.4         5.6              13,300      5.3              13,200        5.3          (100)              0 Tanizawa Sogo Appraisal
Office




          Sanix Hakata Building                                  4,400                4,392                4,950        4,910        5.2         5.6               4,980      5.4                4,980       5.4               0             0 Japan Real Estate Institute
          Taihaku Street Business Center                         7,000                6,821                6,730        6,680        5.7         6.1               6,770      5.9                6,770       5.9               0             0 Japan Real Estate Institute
          Higashi Hie Business Center                            5,900                5,793                5,910        5,950        6.1         6.4               5,800      6.1                5,800       6.1               0             0 Tanizawa Sogo Appraisal
                  Total of office buildings                    43,100               41,695                46,090      45,640         -            -               47,250        -              47,050         -           (200)              0               -
          Amex Akasakamon Tower                                  2,060                2,014                1,710        1,690        5.8         6.2               1,790      6.0                1,740       6.0            (50)             0 Daiwa Real Estate Appraisal
Others




          City House Keyaki Dori                                 1,111                1,119                1,000          994        5.7         6.1               1,010      5.9                1,010       5.9               0             0 Daiwa Real Estate Appraisal
                      Total of others                            3,171                3,133                2,710        2,684        -           -                 2,800       -                 2,750        -             (50)             0              -
                  Total properties                           120,894               119,486              128,440      127,014         -            -             131,750         -             131,240         -           (510)              0               -
*1       “Acquisition price” do not include fees, public charges and expenses.
*2       Latest appraisal values by the DCF method are based on the DCF method recorded in appraisal reports for each owned property as of February 28, 2010.
*3       The figures are obtained by dividing net income used for calculation of direct capitalization values at the end of 11th fiscal period by the direct capitalization yield at the end of 10th fiscal period, and deducting the quotient
         from the direct capitalization value at the end of 10th fiscal period.
*4       The figures are obtained by deducting the figure calculated in the above from the difference in the direct capitalization values between at the end of 11 fiscal period and at the end of 10th fiscal period.




                                                                                                                                                                                                                                        Financial Statements                 12
13
Business forecast

                                                                                                                    *The figures are rounded down to the million yen.

   12        13          10th fiscal period   11th fiscal period   12th fiscal period                           13th fiscal period
                                                                                          10th        11th                                  11th           12th
                              Results              Results             Forecast         Variation   Variation       Forecast              Variation     Forecast
                                  1                    2                    3             (3-1)       (3-2)              4                  (4-2)          (4-3)
                                                                                            (1)                                              (44)
Operating revenues             5,621               5,640                5,619                         (20)           5,595                                 (24)
                                                                                           14                                                  12
Operating expenses             3,249               3,232                3,264                         32             3,245                                 (19)
                                                                                          (16)                                                (57)
Operating income               2,371               2,408                2,355                         (52)           2,350                                  (4)
                                                                                           (1)                                                 (2)
Non-Operating income                3                   4                    2                        (2)                 2                                 -
                                                                                           54                                                  25
Non-operating expenses           514                 549                  568                         19               574                                   5
                                                                                          (72)                                                (85)
Ordinary income                1,861               1,863                1,788                         (74)           1,777                                 (10)
                                                                                          (72)                                                (85)
Net income                     1,860               1,862                1,787                         (74)           1,776                                 (10)




                                                                                                                                         Business Forecast          14
History of dividends
Dividend payout exceeded latest forecast again in 11th fiscal period



                         2nd fiscal   3rd fiscal   4th fiscal   5th fiscal   6th fiscal   7th fiscal   8th fiscal   9th fiscal   10th fiscal 11th fiscal 12th fiscal 13th (unit: yen)
                                                                                                                                                                           fiscal
                          period       period       period       period       period       period       period       period        period      period      period      period


  Dividend results          19,014      18,438       18,632        17,341      18,360       18,499       18,373       18,049        17,377       17,397


  Dividend forecast
(latest fiscal period)
                           18,116       16,700       18,200       17,000       17,600       17,700       17,800       17,800        16,700       16,600       16,700

  Dividend forecast
(2 fiscal years prior
                                                                               17,600       17,000       17,200       17,400        17,000       16,500       16,700        16,600




                                                                                                                                                              Business Forecast     15
16
Key financing events in 11th fiscal period
Continued progress toward building a stable financial structure




                                                                  Financial Structure   17
Breakdown of borrowings
Financial stability attained through business relationships with diverse range of financial institutions




                                                                                                           Financial Structure   18
List of borrowings
Maintain relationship with prime financial institutions

                                                                                                                                                                                                                                              (As of February 28, 2010)
     Type                                               Lender                                               Amount (JPY)             Borrowing Date            Repayment Maturity       Payment Method               Annual Interest             Description
                 Mizuho Corporate Bank, The Norinchukin Bank, Shinkin Central Bank,
  Long-term      The Hiroshima Bank, The Iyo Bank, The Bank of Saga, Yamaguchi Bank,                           10,000,000,000                August 25, 2006            July 30, 2010    Lump sum upon maturity        1.92250     (*3)
 debt payable                                                                                                                                                                                                                                     No collateral
                 Higo Bank, Shinwa Bank                                                                                                                                                                                                           No guarantee
  due with in
     year        The Bank of Fukuoka                                                                            1,500,000,000                  June 30,2008       December 30, 2010      Lump sum upon maturity        0.91273      (*1) *6
                                                        Subtotal                                               11,500,000,000
                 The Bank of Fukuoka                                                                            2,000,000,000                August 25, 2006           July 29, 2011     Lump sum upon maturity        2.05174     (*2)
                 The Nishi-Nippon City Bank                                                                     2,000,000,000                August 25, 2006           July 29, 2011     Lump sum upon maturity        2.05174     (*2)
                 The Dai-ichi Mutual Life Insurance                                                             1,000,000,000                August 25, 2006           July 29, 2011     Lump sum upon maturity        2.05174     (*2)
                 Shinsei Bank                                                                                   1,000,000,000                August 25, 2006           July 29, 2011     Lump sum upon maturity        2.00174     (*2)
                 The Sumitomo Trust and Banking                                                                 1,000,000,000             September 29, 2006           July 29, 2011     Lump sum upon maturity        1.80296     (*2)
                 The Nishi-Nippon City Bank                                                                     2,500,000,000              February 27, 2008       February 28, 2013     Lump sum upon maturity        1.69226     (*2)
                 The Sumitomo Trust and Banking                                                                 2,000,000,000              February 27, 2008       February 28, 2013     Lump sum upon maturity        1.69226     (*2)
                 Mizuho Corporate Bank                                                                          2,000,000,000              February 29, 2008       February 28, 2013     Lump sum upon maturity        1.69226     (*2)
                 Mitsubishi UFJ Trust and Banking                                                               2,000,000,000              February 29, 2008       February 28, 2013     Lump sum upon maturity        1.59226     (*2)
   Long-term
                 Aozora Bank                                                                                    1,000,000,000              February 29, 2008       February 28, 2013     Lump sum upon maturity        1.54226     (*2)           No collateral
     Debt        The Bank of Fukuoka, The Nishi-Nippon City Bank, Oita Bank,                                                                                                                                                                      No guarantee
                 The Miyazaki Bank, Shinwa Bank, The Iyo Bank, The Bank of Saga,                                6,000,000,000                  June 23, 2008           June 29, 2012     Lump sum upon maturity         0.96273     (*1) *6
                 The Eighteenth Bank, Yamaguchi Bank
                 Aozora Bank                                                                                    1,000,000,000                  June 30, 2008           June 28, 2013     Lump sum upon maturity         0.96273     (*1) *6

                 The Bank of Fukuoka                                                                            1,500,000,000                  June 30, 2008      December 30, 2011      Lump sum upon maturity        0.96273      (*1) *6
                 Resona Bank                                                                                    2,000,000,000                October 7, 2008     September 28, 2012      Lump sum upon maturity        1.71212     (*2)
                 Development Bank of Japan Inc.                                                                 2,925,000,000                  June 30, 2009          June 30, 2017     Repayment instalment(*7        2.20000     (*2)
                 Development Bank of Japan Inc.                                                                 4,000,000,000                August 31, 2009        August 29, 2014      Lump sum upon maturity        1.71000     (*2)
                 Development Bank of Japan Inc.                                                                 4,000,000,000                August 31, 2009        August 31, 2015      Lump sum upon maturity        1.95000     (*2)
                 Development Bank of Japan Inc.                                                                 4,000,000,000                August 31, 2009        August 31, 2016      Lump sum upon maturity        2.17000     (*2)
                 The Sumitomo Trust and Banking                                                                   600,000,000             September 30,2009      September 28, 2012      Lump sum upon maturity        1.54457     (*2)
                                                        Subtotal                                               42,525,000,000
                 The Bank of Fukuoka, Resona Bank, Kumamoto Family Bank and Shinwa Bank(*4)                     1,600,000,000               February26 ,2010           March 31,2010     Lump sum upon maturity        0.60545     (*8)           No collateral
  Committed
                 The Nishi-Nippon City Bank (*5)                                                                1,600,000,000               February26 ,2010           March 31,2010     Lump sum upon maturity        0.60545     (*8)           No guarantee
  credit line
                                                        Subtotal                                                3,200,000,000
                                                         Total                                                 57,225,000,000
  Status of Forming of Committed credit line
                                                                                                                                                 Commitment Period
          Type                                               Lender                                       Credit Limit (JPY)                                                                                          Description
                                                                                                                                              Start              End
                            The Bank of Fukuoka, Resona Bank, Kumamoto Family Bank and
 Committed credit line 1
                            Shinwa Bank
                                                                                                                5,000,000,000                 August 1, 2009            July 31, 2010
                                                                                                                                                                                                                       No collateral
                                                                                                                                               March 1, 2009       February 28, 2010                                   No guarantee
 Committed credit line 2    The Nishi-Nippon City Bank                                                          5,000,000,000
                                                                                                                                               March 1, 2010       February 28, 2011
                                                Total                                                          10,000,000,000
(*1)It is floating interest.
(*2)It is fixed interest.                                                                                                                             (*6) Interest Period is from December 30, 2009 to March 31, 2010.(not including the concerned date)
(*3) A swap agreement has been concluded to fix the interest rate on variable interest debt and the indicated interest rate is the rate               (*7) 75 million yen at end-December and end-June (5% of initial principal annually); remaining balance of
        when the swap agreement is incorporated.                                                                                                           1,875 million yen to be repaid on final principal repayment date.
(*4) The debt under committed credit line agreement1.                                                                                                 (*8) Interest Period is from February 26, 2010 to March 31, 2010.(not including the concerned date)
(*5) The debt under committed credit line agreement2.

                                                                                                                                                                                                                                   Financial Structure               19
Active Retail NOI, Sales
Sales growth driven largely by hit movies




                                            Strategy of Retail   21
Passive Retail NOI
Actualized stable operating revenues by well-managed properties with long-term leases




                                                                                        Strategy of Retail   22
Breakdown of rents from retail properties




                                            Strategy of Retail   23
Top 10 tenants by leased floor area




                                      Strategy of Retail   24
Historical and projected office building occupancy rates
Prevented increasing vacancy rate




                                                    Strategy of Office   26
Office vacancy rates and rents




                                 Strategy of Office   27
Analysis of vacancy rates in city of Fukuoka past 3 years
Vacancies of new office buildings tend to be decreased




                                                         Strategy of Office   28
Domestic office building completions by city
Fukuoka’s office building construction boom ended in 2009




                                                            Strategy of Office   29
Variation in demand and supply




                                 Strategy of Office   30
New office space supply trends   Hakata, Gion, and Gofukumachi areas
New office supply in Fukuoka




                                                          Strategy of Office   31
New office space supply trends   Tenjin and Yakuin areas




                                                           Strategy of Office   32
Investment policy
Investment strategy adapted to real estate market conditions




                                                               Growth Strategy   34
CCH Bridge Limited Company YK: Yugen Kaisha in Japanese deal
Additional acquisition 3,000 million yen of senior anonymous partnership equity interest




                                                                                           Growth Strategy   35
Overview of Canal City Hakata including the office building




                                                        Growth Strategy   36
Investment stance




                    Growth Strategy   37
A real estate investment trust specializing in regional properties


 Sponsors                                                                                          Investment Policy

                                                                                                   Investment Area


           5%
     The Bank of
      Fukuoka
                                      5%
                           The Nishi-Nippon
                              City Bank
                                              Development
                                                            5%
                                            Bank of Japan Inc
                                                                                   5%
                                                                               Saibu Gas
                                                                                                   60-90%                                                     Fukuoka Metropolitan Area




                                                                                                   10-30%                               Other Kyushu areas
                                                                                                                                       (including Okinawa and Yamaguchi Prefectures)




          50%              Outside
                           director
                                                                   Outside
                                                                   director
                                                                                  10%
                                                                                                   0-10%                            Others


        Fukuoka     *1                  Fukuoka Realty                           Kyushu *                                                                            Investment Type
         Jisho                           (Asset Manager)                      Electric Power
                                                                                                                                                 Others
                                                                                                                                      Hotel, residence, logistics,
                                                                                                                                       public and other facilities
                                                                                                                                                                     0-20%
           5%                         5%                   5%                      5%
                                                                                                                                  Office buildings
                                                                                                                              Office buildings class A    20-40%
                                                                                 Royal



                                                                                                                                     60-80%
       Kyudenko               Nishi-Nippon          Kyushu Railway
                                Railroad                (JR Kyushu)             Holdings              Retail properties
(*1)Concluded MOU with FRC concerning pipeline support.
                                                                                                            Urban, regional and
(*2)Concluded with FRC concerning provision of property information on owned real-estate assets.     community shopping centers




                                                                                                                                                                                Appendix   39
Portfolio map




                Appendix   40
Portfolio table

                                                                                                                                                                                                                              (As of February 28, 2010)

                                                                         Acquisition                     Latest       Appraisal                                     Total                Number of
                                                                                                                      cap Rate                                               Occupancy
                                                             Age            Price    Investment         Appraisal                    Acquisition   Source         leasable               tenants at                 Primary tenants at end of
                               Property Name                                                                            (NCF                                                 rate at end
                                                             *1           (mm yen)      ratio             Value        basis)          Timing         *4        space at end               end of                            period
                                                                                                                                                                              of period
                                                                                *2                      (mm yen)           *                                    of period                  period
                                                                                                                                                                                                               Washington Hotel and United
                     Canal City Hakata                       13yr10m            32,000         26.5          34,700            5.1    Nov 9,2004 Sponsor           45,990.34            99.5                49 Cinema Canal City13

                     Park Place Oita                          7yr11m            15,700         13.0          17,900            6.3    Nov 9,2004 Sponsor          103,963.39          100.0               101 JUSCO and K’s Denki
                     SunLiveCity Kokura                       4yr11m                 6,633      5.5           7,410            6.6    July 1,2005 External         61,450.22          100.0                  1 Sunlive
Retail Properties




                                                                                                                                                                                                               Sports Depo/Golf5 and Best
                     Square Mall Kagoshima Usuki              3yr 5m                 5,300      4.4           4,970            6.9   Sep 28,2006 Sponsor           14,661.72          100.0                 11 Denki
                                                                                                                                                                                                               Sports Depo/Golf5 and Star
                     Kumamoto Intercommunity SC               3yr 3m                 2,400      2.0           2,420            6.6   Nov 30,2006 Sponsor            6,968.66          100.0                  2 bucks Coffee

                     Hara SATY                                33yr4m                 5,410      4.5           5,200            7.2    Mar 1,2007 Sponsor           27,580.75          100.0                  1 SATY
                                                                                                                                                                                                               BON REPAS and
                     Hanahata SC                              2yr 7m                 1,130      0.9           1,150            6.1    Sep 3,2007 Sponsor            2,801.15          100.0                  2
                                                                                                                                                                                                               Matsumotokiyoshi
                     Kurume Higashi Kushiwara SC              2yr 2m                 2,500      2.1           2,510            6.1    Feb 1,2008 Sponsor            6,467.80          100.0                  1 Sports Depo/Golf5
                     K’s Denki Kagoshima                      2yr 3m                 3,550      2.9           3,380            6.0   Mar 27,2008 External           7,296.17          100.0                  1 K’s Denki
                     Total of retail properties                                 74,623           61.7       796,640
                     Canal City Business Center Building     13yr10m            14,600         12.1          15,600            5.3    Nov 9,2004 Sponsor           23,040.18            93.4                53 TOTO and Bell System24
Office buildings




                                                                                                                                                                                                               Sanyo Shinpan Finance and
                     Gofukumachi Business Center              6yr 4m            11,200          9.3          12,900            5.3    Nov 9,2004 Sponsor           19,906.22            93.9                20
                                                                                                                                                                                                               NTT West Japan-Kyushu
                     Sanix Hakata Building                    8yr10m                 4,400      3.6           4,950            5.4   Sep 30,2005 External           6,293.76          100.0                 14 SANIX ane Idemitsu Kosan
                                                                                                                                                                                                                 NTT COMWARE and Tokyo Marine &
                     Taihaku Street Business Center           7yr11m                 7,000      5.8           6,730            5.9   Mar 16,2006 Sponsor           14,653.95            98.3                67 Nichido Jimu Outsourcing
                                                                                                                                                   External +
                     Higashi Hie Business Center              1yr 0m                 5,900      4.9           5,910            6.1   Mar 13,2009 Sponsor           13,695.51           100.0                15 Fujitsu and Forest Holdings

                     Total of office buildings                                  43,100         35.7          46,090
                     Amex Akasakamon Tower                    4yr 7m                 2,060      1.7           1,710            6.0    Sep 1,2006 External           4,755.14            98.8                65
Others




                     City House Keyaki Dori                   2yr 3m                 1,111      0.9           1,000            5.9   Dec 20,2007 External           2,710.86          100.0                 42
                    Total of others                                                  3,171       2.6%         2,710
          Total or weighted average of all properties (*5)    10yr0m          120,894         100.0         128,440            5.7                                362,235.82            99.1              445

                                                                  Acquisition cost                          Dividend of
                                       Issue                                          Acquisition Timing    Anonymous                                "Age" as of the end of the fiscal period.
                                                                     (mm yen)                               partnership                             Acquisition costs do not include fees, public charges and expenses.
Senior anonymous partnership interest of CCH Bridge                                                                                                  "Appraisal CAP rate (NCF basis)" are calculated under the direct capitalization method in the
                                                                           3,400        February 27, 2006           8.0%                            appraisal at the end of period as of the end of period.
LLC
                                                                                                                                                    Properties acquire through arrangement by a sponsor company are indicate with "sponsor" in the
                                                                                                                                                    column of seller.
                                                                                                                                                     “occupancy rate” is obtain by divided the total lease area by the total leases as of the end of the
                           Total of portfolio (mm yen)                                        124,294                                               fiscal periods.



                                                                                                                                                                                                                                      Appendix             41
Leasing business income and expenditure by properties Active

                                                                                                                                                                       (unit: mm yen)


                                             Canal City       Park Place       Sunlive City       11th Total       10th Total       Variation         Budget         Variation
                Category
                                              Hakata             Oita            Kokura               ( )              ( )                             ( )

                                                              11th(Sep 1, 2009 to Feb 28, 2010)
                           (Length)
                                                181days           181days          181days           181days          184days           (3days)         181days              0day

 Total leasing business                            1,348               978              292            2,618             2,627                  (8)       2,578                  40

  Rent revenue-real estate                         1,322               949              292            2,564             2,581             (17)

  Other rent revenue-real estate                      25                28                    -           54                46                   8

 Total leasing business expenses                     430               468               51              950               949                   0             954               (4)

  Outsourcing fees                                   298               292                8              600               621             (20)

  Maintenance expenses                                10                32                2               45                28                  17

  Expenses for restoration to former state                -                -                  -                -                -                 -

  Tax and public charges                              73                86               36              196               196                  (0)
  Insurance premiums and trust
  compensation                                            7                6              2               15                16                  (0)

  Utilities expense                                   23                26                    -           49                54                  (4)

  Other expenses                                      17                24                0               42                33                   8

 NOI                                                 917               509              241            1,668             1,677                  (9)       1,624                  44

 Depreciation                                        190               168               45              405               402                   2

 Leasing business profit                             726               341              195            1,263             1,275             (11)

 NOI yield                                         5.7%              6.5%             7.3%              6.1%             6.2%            (0.1%)

 Capital expenditures                                 33                37                    -           71                67                   3


                                                                                                                                                                     Appendix      42
Leasing business income and expenditure by properties Passive

                                                                                                                                                              (unit: mm yen)

                              Square Mall  Kumamoto                           Kurume      K’s Denki
                                                                                                        11th Total   10th Total   Variation       Budget      Variation
        Category              Kagoshima      Inter    Hara SATY Hanahata SC    Higashi   Kagoshima
                                                                                                            (A)          (B)       A B              (C)        A C
                                Usuki     CommunitySC                       kushiwara SC      SC

                                                11th(Sep 1, 2009 to Feb 28, 2010)
                (Length)
                                181days     181days     181days       181days       181days   181days     181days      184days      (3days)       181days           0day

 Total Leasing business             254          89          212            40          88       111          797          802          (4)           798              (1)

   Rent revenue-real estate         227          89          212            40          88       111          770          770          (0)
   Other rent revenue-real
   estate                             27          0            0             -            -         -          27            32         (4)
 Total leasing business
  expenses                            91         11           24             5          10        11          156          157          (1)           164              (8)

   Outsourcing fees                   37          2            6             1           2         1           52            58         (5)

   Maintenance expenses                4          0            2             0            -         -            7            0           7
   Expenses for restoration
   to former state                     -           -            -            -            -         -            -            -               -

   Tax and public charges             18          6           14             3           5         8           57            57         (0)
   Insurance premiums and
   trust compensation                  1          0            0             0           0         0             4            4         (0)

   Utilities expense                  26           -            -            -            -         -          26            29         (3)

   Other expenses                      2          1            0             0           0         0             7            7           0

 NOI                                162          78          187            34          78        99          641          644          (3)           633                7

 Depreciation                         47         18           26             7          22        30          152          151            0
 Leasing business profit
                                    115          59          160            27          55        69          488          492          (3)

 NOI yield                         6.1%        6.5%         6.9%         6.2%         6.2%      5.6%         6.3%         6.6%      (0.3%)

 Capital expenditure                   6           -          11             -            -         -          18             1          16


                                                                                                                                                            Appendix      43
Leasing business income and expenditure by properties Office

                                                                                                                                                                       (unit: mm yen)

                                    Canal City                                      Taihaku        Higashi Hie
                                                     Gofukumachi      Sanix                                      11th Total       10th Total   Variation   Budget     Variation
                                    Business                          Hakata         Street
             Category                                 Business                      Business        Business
                                      Center                                                                        (A)              (B)         A-B        (C)         A-C
                                     Building          Center        Building        Center          Center

                                                                 11th(Sep 1, 2009 to Feb 28, 2010)
                    (Length)
                                      181days           181days        181days        181days         181days      181days         184days      (3days)    181days          0day

 Total Leasing business                    628              523             195            297            338         1,984           1,955           29     1,974             10

   Rent revenue-real estate                624              472             183            297            312         1,889           1,853           36

   Other rent revenue-real estate                4              50           12                0            26           94             102          (7)

 Total leasing business expenses           219              188              56             96            112           673             690          (7)       677             (4)

   Outsourcing fees                        147                  71           19             59              41          339             366         (26)

   Maintenance expenses                          7              24              1              4             0           39              31            8
   Expenses for restoration
   to former state                               1               -              -              0             -                1            -           1

   Tax and public charges                   46                  38           17             26               -          129             129          (0)
   Insurance premiums and
   trust compensation                            5               3              1              1             2           13              14          (0)

   Utilities expense                             6              48           14                -            27           97              96            0

   Other expenses                                4               1              2              3            39           52              53          (1)

 NOI                                       408              335             139            201            226         1,311           1,264           47     1,297             14

 Depreciation                               86                  94           36             65              78          362             361            0
 Leasing business profit
                                           322              240             103            135            147           949             902           46

 NOI yield                                5.6%             6.0%            6.3%           5.8%           7.7%          6.1%           5.8%         0.3%

 Capital expenditure                        15                  14              3           12               0           46              38            8


                                                                                                                                                                     Appendix        44
Leasing business income and expenditure by properties Others Total


  Leasing business income and                                                                                                 Leasing business income and
expenditure (Others)                                                                                       (unit: mm yen)   expenditure (Total)                                 (unit: mm yen)

                                 Amex                                                                                       11th Total       10th total   variation   Budget     Variation
                                         City House 11th Total         10th Total   Variation    Budget    Variation
         Category             Akasakamon
                                                                                                                                (1)             (2)          1-2        (3)         1-3
                                         Keyaki Dori   (A)                (B)         A-B          (C)       A-C
                                 Tower

                               11th(Sep 1, 2009 to Feb 28, 2010)
                   (Length)
                                 181days      181days    181days        184days      181days     181days         0day          181days        184days      (3days)    181days         0day

 Total leasing business                65           38        104            100            3       105             (1)           5,504          5,485           19     5,456             48

   Rent revenue-real estate            56           38         95             95           (0)                                    5,318          5,300           18
   Other rent revenue-real                                                                                                         185             185            0
   estate                               8            0             8            4           4
 Total leasing business                                                                                                                                                 1,826           (20)
                                       20            6         26             30           (3)       30             (3)           1,806          1,829         (22)
  expenses
   Outsourcing fees                     5            2             7            7          (0)                                    1,000          1,053         (53)

   Maintenance expenses                 0            0             1            3          (2)                                       93              63          29

   Expenses for restoration             2            -             2            3          (1)                                           3            3           0
   Tax and public charges               3            2             6            6          (0)                                     389             389          (0)
   Insurance premiums and
   trust compensation                   0            0             0            0          (0)                                       35              35         (0)
   Utilities expense                    0            0             1            1          (0)                                     175             182          (7)
   other expenses                       6            1             7            6           0                                      109             100            8

 NOI                                   45           32         77             69            7        74               2           3,698          3,656           42     3,630             68

 Depreciation                          22           12         34             34            0                                      954             950            3
 Leasing business profit                                                                                                                         2,705           38
                                       22           19         42             34            7                                     2,743

 NOI yield                          4.4%         5.8%       4.9%            4.3%        0.6%

 Capital expenditures                   4            -             4            0           3                                      141             109           31


                                                                                                                                                                            Appendix        45
Repair and maintenance expenses, capital expenditures, depreciation, and tax and fees




                                                                                                                                                                                      unit: mm yen
                                                                                                                                                    *The figures are rounded down to the million yen.

                    Fiscal period                                                     Property                        Purpose                                 Construction cost
                                                                              Canal City Hakata             Fire safety upgrade                                          13
                                                                              Park Place Oita               Environmental beautification                                        24
                       11th
                                                                              Hara SATY                     Roof waterproofing                                                  10
                                                                              Gofukumachi Business Center   Common area renovation                                              14
                                                                              Canal City Hakata             Exterior wall repair                                                20
                                                                                                            Exterior wall painting and recaulking                               31
             11 12th (planned)                                                Park Place Oita               Security system replacement                                         23
                                                                                                            Environmental beautification                                        23
                                                                              Hara SATY                     Roof waterproofing                                                  15
*Table lists construction projects with a budget of 10 million yen or more.


                                                                                                                                                                                Appendix           46
Construction confirmation inspection agencies/PML


                                          Construction          Completion                                                                                                                      Construction            Construction
          Property Name                                                                             Design Companies                                           Contractor                    Confirmation Agency        Confirmation
                                             Name                 Date                                                                                                                                                    Agency          *3

                                                                                                                                                 Canal City Hakata New                                                                 A) 8.0
                                         New construction                        Fukuoka Jisho First Class Architect’s Office, FJ
                                                                                                                                                 Construction Zone 1 Construction                                                      B) 7.6
Canal City Hakata                        and renovation   Apr 15,1996            Urban Development, Takenaka Corporation and                                                      Fukuoka City                      Fukuoka City
                                         work                                                                                                    Joint Venture and Takenaka                                                            C) 5.3
                                                                                 Zenitaka Corporation Design Consortium (* 2)
                                                                                                                                                 Corporation                                                                           D) 11.1
                                                              Mar 26,2002        Asanuma Corporation Kyushu Branch, First Class                                                                                                        A) 14.5
                                         New construction                                                                       Asanuma Corporation, Fujita
                                                          Apr 17,2002            Architect’s Office                                                                                         Oita City          Oita City               B) 11.2
Park Place Oita                          and renovation                                                                         Corporation, Hashimoto
                                         work             Apr 28,2004            Fujita Corporation Kyushu Branch First Class                                                               Japan ERI Co., Ltd Japan ERI Co., Ltd
                                                                                                                                Construction Co., Ltd                                                                                  C) 11.3
                                                              Apr 9,2007         Architect’s Office
                                                                                                                                Penta-Ocean Construction Co.,
SunLiveCity Kokura                       New construction Mar 17,2005            Matsui and Kono Joint Design Venture                                                                       Japan ERI Co., Ltd Japan ERI Co., Ltd         6.7
                                                                                                                                Ltd.
Square Mall Kagoshima Usuki              New construction Sep 19,2006            Yamashita Sekkei, Inc.                                          Fujita Corporation                         Kagoshima City          Kagoshima City        9.6
Kumamoto Intercommunity SC New construction Nov 15,2006                          Kajima Corporation                                              Kajima Corporation                         Japan ERI Co., Ltd Japan ERI Co., Ltd        16.3
Hara SATY                                New construction Oct 26,1976            Pal Corporation                                                 Obayashi Corporation                       Fukuoka City            Fukuoka City         13.2
Hanahata SC                              New construction July 10,2007           Nishimatsu Construction Co., Ltd                                Nishimatsu Construction Co., Ltd Japan ERI Co., Ltd Japan ERI Co., Ltd                   6.0
Kurume Higashi Kushiwara SC New construction Dec 3,2007                          Azusa Sekkei Co., Ltd                                           Toyo Construction Co., Ltd                 Kurume City             Kurume City           9.9
K’s Denki Kagoshima                      New construction Nov 17,2007            Futaba Sekkei LLC                                               Daiwa House Industry Co.,Ltd               Kagoshima City          Kagoshima City        7.3
                                                                                                                                  Canal City Hakata New
                                         New construction
Canal City Business Center                                                       Fukuoka Jisho First Class Architect’s Office, FJ Construction Zone 2 Construction
                                         and renovation   Apr 15,1996                                                                                              Fukuoka City                                     Fukuoka City          6.9
Building                                 work                                    Urban Development First Class Architect’s Office Joint Venture, Zenitaka
                                                                                                                                  Corporation
Gofukumachi Business Center New construction Oct 16,2003                         Institute of New Architecture Inc.                              Takenaka Corporation                       Fukuoka City            Fukuoka City          4.0
                                                                                                                                                 Maeda Corporation Kyushu
Sanix Hakata Building                    New construction Mar 31,2001            Maeda Corporation First Class Architect’s Office                                                           Fukuoka City            Fukuoka City          4.3
                                                                                                                                                 Branch
Taihaku Street Business Center New construction Mar 7,2002                       Yamashita Sekkei, Inc.                                          Takenaka Corporation                       Fukuoka City            Fukuoka City          7.5

Higashi Hie Business Center              New construction Feb 6,2009             Takenaka Corporation                                            Takenaka Corporation                       Japan ERI Co., Ltd Japan ERI Co., Ltd         1.3

Amex Akasakamon Tower                    New construction July 26,2005           Masaki Architect & Associates                                   Tada Corporation Kyushu Branch Japan ERI Co., Ltd Japan ERI Co., Ltd                    11.6

City House Keyaki Dori                   New construction Nov 17,2007            Planning Office LECS Co., Ltd.                                  Daiho Corporation Kyushu Branch Japan ERI Co., Ltd Japan ERI Co., Ltd                    1.9
Portfolio   *1                                                                                                                                                                                                                            4.9
(*1) Of multiple assumed earthquake scenarios, the portfolio PML values of Fukuoka REIT have been calculated by assuming the central part of Fukuoka City as the earthquake epicenter.
(*2) This consortium is the joint design venture by the designers of each zone.
(*3) Zones A through D of Canal City Hakata are classified by building status surveys. A indicates the Washington Hotel building, and B the amusement building, C the mega store building and D the common areas.
     Parkplace Oita A and B are classified by building status surveys. B indicates Seven Eleven, A indicates the area other than B.

                                                                                                                                                                                                                                   Appendix      47
News about retail properties with variable rents
Hit movies, Park Place Oita wins Japan SC Silver Award




                                                         Appendix   48
Overview of Canal City Hakata




                                Appendix   49
Fukuoka REIT major investment area
Owned blue-chip properties around Hakata station area




                                                        Appendix   50
Fukuoka's industrial strengths call centers
The numbers of call centers are concentrated into Kyushu and Okinawa




                                                                       Appendix   51
Higashi Hie Business Center's appeal
Winner of Fukuoka Prefecture architectural award




                                                   Appendix   52
Fukuoka - the closet city to East Asia




                                         Appendix   53
Fukuoka's infrastructural growth potential




                                             Appendix   54
Fukuoka's infrastructural growth potential




                                             Appendix   55
IR activities
Proactive approach to IR




                           Appendix   56
Asset management company’s organization




                                          Appendix   57
Unitholder data




                  Appendix   58
Unit price chart




                   Appendix   59
Property overview




                    Appendix   60
Property overview




                    Appendix   61
Property overview




                    Appendix   62
Property overview




                    Appendix   63
Property overview




                    Appendix   64
Property overview




                    Appendix   65
Property overview




                    Appendix   66
Property overview




                    Appendix   67
Property overview




                    Appendix   68
Property overview




                    Appendix   69
Disclaimer




             Disclaimer   70

								
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