Fukuoka REIT Corporation ... Company Profile ¢â‚¬¢Company Fukuoka REIT Corporation ... Fukuoka Shintoshin

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  • Fukuoka REIT Corporation

    Introduction of Our REIT (8968)

    http://www.fukuoka-reit.jp

  • 2

    Investment Highlights

    Opportunity to invest

    in a select retail/office

    portfolio in the region.

    Growing Fukuoka area

    backed by strong

    inflow of

    younger population.

    Right timing to

    invest in Fukuoka.

    Sophisticated

    AM/PM team

    with strong

    local business support.

  • 3

    Profile

    Company Profile • Company Fukuoka REIT Corporation

    • Asset Management Company Fukuoka Realty

    • Sponsors Fukuoka Jisho, Kyushu Electric Power, Royal Holdings, The Bank of Fukuoka,

    The Nishi-Nippon City Bank, Nishi-Nippon Railroad, Saibu Gas, Kyudenko,

    Kyushu Railway Company

    • Listed date 6/21/2005 (Tokyo Stock Exchange, Fukuoka Stock Exchange)

    Financial Highlights • Equity Market Cap JPY 94,593 million (as of 2/28/2006)

    • Total Debt JPY 33,700 million (as of 2/28/2006)

    • Debt Ratings A- (S&P)

    Dividend Information • Previous Fiscal Period End 2/28/2006 (semi-annually, every February and August)

    • Cash Dividend (actual) JPY 18,438 per share

    • Yield (actual) 4.19% (as of 4/17/2006)

    • Yield Gap (actual) 2.24% (Comparison with 10-year JGB as of 4/17/2006)

    Current Pricing • Stock Price JPY 887,000 (as of 4/17/2006)

    • Outstanding Units 92,050

    • 52 Week High JPY 910,000 (6/21/2005)

    • 52 Week Low JPY 763,000 (9/15/2005)

    Portfolio Summary • Asset Types Retail 64.6%, Office 35.4% (as of 2/28/2006)

    • Asset Areas Kyushu, Japan (mainly Fukuoka metropolitan area)

    • Properties 7 (as of 2/28/2006) Two more properties newly acquired on march 2006

    • Total Leasable Area 260,470.9 m2 (as of 2/28/2006)

    • Occupancy 99.0% (as of 2/28/2006)

  • 4

    oVibrant, new and large properties represented by

    Canal City Hakata “Vibrant, New and Large”

    oThe Fukuoka metropolitan area boasts the top population

    growth rate of the four largest metropolitan areas in Japan “A Leader in Population Growth”

    oPipeline support by the Fukuoka Jisho Group, Kyushu’s largest

    integrated developer

    oProactive participation by leaders of Kyushu’s business world

    including Kyushu Electric Power

    “Proactive Sponsorship by Kyushu’s Business Leaders”

    o Japan’s first region-specific REIT “Act Local, Think Global”

    Summary

  • Concept

    : : : A c t L o c a l , T h i n k G l o b a l : : :

  • 6

    Concept: Characteristics of Fukuoka REIT

    Act Local, Think Global

    Fukuoka REIT is primarily focused on retail properties in Fukuoka and Kyushu, giving it

    differentiated risk and standout return characteristics that differ from REITs investing in the Tokyo

    metropolitan office market

    Concept Hometown Portfolio Strategy Appendix

    1

    Differentiated Risks and Standout Returns 2

  • Hometown

    : : : A L e a d e r i n P o p u l a t i o n G r o w t h : : :

  • 8

    Hometown: Where is Fukuoka/Kyushu

    Tokyo

    Osaka

    Fukuoka Pref. ■ 1.5h flight from Tokyo, Seoul,

    Shanghai ■ Population: 2.47mm

    (Metropolitan Area), 5mm (Pref.)

    ■ Strong history of commerce with Korea and China of more than 1,000 years

    Kyushu, Westernmost Island of the 4 Main Japanese Islands, is the Closest to Asia

    Kyushu Region ■ 7 prefectures ■ “#16” GDP in the world ■ 14mm Population ■ Industry -Semiconductor -Automotive -Processed food products

    Hometown Concept Portfolio Strategy Appendix

  • 9

    Fukuoka Metropolitan Area

    2.47 million people

    Tokyo Metropolitan Area

    30.28 million people

    osaka Metropolitan Area

    12.20 million people

    Nagoya Metropolitan Area

    5.46 million people

    Hometown: Size of the Fukuoka Metropolitan Area

    Source:Tabulated by the Japan Economic Research Institute based on the 2000 National Census conducted by the Ministry of Internal Affairs and Communications

    Populations of Major Japanese Metropolitan Areas

    Fukuoka City and municipalities from which 10% or more of the population commutes to school or work in Fukuoka City

    Fukuoka City population: 1.34 million

    Fukuoka metropolitan area population: 2.37 million

    Fukuoka Metropolitan Area

    Fukuoka is the Fourth Largest Metropolitan Area in Japan following Tokyo, Osaka and Nagoya

    Hometown Concept Portfolio Strategy Appendix

  • 10

    Hometown: Estimated Future Population Changes

    90

    100

    110

    120

    130

    140

    150

    1985 1990 1995 2000 2005 2010 2015 2020 2025 2030

    Tokyo Metropolian Area

    Nagoya Metropolitan Area

    Osaka Metropolitan Area

    Fukuoka Metropolitan Area

    Nation Wide

    Medium estimates of the National Institute of

    Population and Social Security Research

    Actual values from national census

    Actual Values Projected Future Values

    Source: Fukuoka Shintoshin Kaihatsu Co., Ltd. prepared based on the established national census figures of the Ministry of Internal Affairs and Communications (MIC) for 1985-2000, unverified figures for the 2005 national census by MIC, Estimated Future Japanese Population (medium estimates) of the National Institute of Population and Social Security Research compiled in January 2002 and December 2003 figures for the “Estimated Future Population of Japanese Municipalities” issued by the same body.

    Note) Graph formed after establishing the national and municipal populations in 1985 as 100

    Fukuoka Metropolitan Area’s Population will Continue to Grow

    Hometown Concept Portfolio Strategy Appendix

  • 11

    Source: Global Statistics 2005: National Economic Figures issued by the Statistics Bureau of the Ministry of Internal Affairs and Communications and the 2002 Prefectural Citizens Economic Figures issued by the Cabinet Office’s Economic and Social Research Institute

    Country Comparison of Kyushu’s GDP

    International Comparison of Kyushu Economy with Countries

    Note: Kyushu’s land area is based on investigations by Japan’s Geographic Survey Institute. Figures of foreign countries are those of 2000. Kyushu’s population is based on the Citizen Registers of 2004. Those of foreign countries are estimates of 2003. Export and import values are for 2002 for both Kyushu and foreign countries, calculated at 1US$ = 122 yen.

    Kyushu’s GDP is Near Australia’s in Size

    Hometown Concept Portfolio Strategy Appendix

    Hometown: Size of the Kyushu Economy

  • 12

    Distribution of Primary Automobile and IT Companies in Kyushu

    Hometown: Kyushu’s Industries ~Automotives / IT

    Concentration of the Automobile Industry (Trends of Toyota Parts Companies)

    Rich in Human Resources and Blessed by Nature, Kyushu Has a Huge Connection of Semiconductor and Automotive Plants

    Toyota Motors Kyushu, Kanda Plant (Kanda-machi, Fukuoka Prefecture)

    DENSO Kitakyushu Plant (Kitakyushu City)

    Toyota Motors Kyushu (Wakamiya City, Fukuoka Prefecture)

    Power Device Division, Mitsubishi Electronic (Fukuoka City)

    Tokyo Electron Kyushu (Tosu City, Saga Prefecture)

    Nissan Motor, Kyushu Plant (Kanda-machi,Fukuoka Prefecture)

    ROHM Fukuoka (Yukuhashi City, Fukuoka Prefecture)

    Daihatsu Auto Body (Nakatsu City, Oita Prefecture)

    Oita Canon (Kunisaki City, Oita Prefecture)

    Nagasaki Technology Center, Sony Semiconductor Kyushu (Isahaya City, Nagasaki Prefecture)

    Aishin Kyushu (Jonan Town, Kumamoto Prefecture)

    Fuji Photo Film (Kikyuyo Town, Kumamoto Prefecture)

    Fujitsu Integrated Microtechnology, Kyushu Plant (Satsuma-Sendai City, Kagoshima Prefecture)

    Toshiba, Oita Plant (Oita Prefecture)

    NEC Kyushu (Kumamoto Prefecture)

    Asahi Kasei Microsystems Kyushu (Nobeoka City, Miyazaki Prefecture)

    Honda Motor, Kumamoto Plant

    Miyazaki Oki Electric (Kiyotake Town, Miyazaki Prefecture)

    KYOCERA Corporation Kagoshima Kokubu Plant (Kirishima City, Kagoshima Prefecture)

    Automobile

    IT

    DENSO Building a new diesel vehicle fuel injection device plant at an investment of about 20 billion yen (Kitakyushu City)

    AISIN SEIKI

    Expanded the line of its subsidiary to increase the car part production capacity by 50% (Jonan Town, Kumamoto Prefecture)

    TOYOTA BOSHOKU

    Built a new plant for interior materials of doors, etc. and began operating it in summer 2005. The investment was about 4 billion yen (Miyawaka City, Fukuoka Prefecture)

    TOYODA GOSEI Opened a new plant that produces air bag modules, etc. in September 2005 (Kitakyushu City)

    KOITO MANUFACTURING

    Building a new plant for lighting equipment to open in October 2006 (plan) (Saga City)

    FUTABA INDUSTRIAL

    To open a new press component plant by the end of this year (