44th Period Financial Presentation Materials

Performance Overview

Fukuoka REIT Corporation recorded a record high NOI in the 44th period (fiscal year ending August 2026), promoting internal growth through rent revisions and property replacement. Distribution per unit was 4,075 yen, flat year-over-year, and the distribution forecast is 4,040 yen, aiming to stabilize the financial base through both external and internal growth. LTV remained low at 42.4%, securing a capital structure resilient to future interest rate increases. Differences between actuals and forecasts may vary depending on condominium sale and disposal gains, but overall stable operations are being maintained.

Outlook and Capital Policy

Earnings forecasts for the 45th and 46th periods have been revised upward from a 4,000 yen baseline to 4,040 yen and 4,050 yen respectively. For external growth, the REIT will promote portfolio quality improvement through property replacement (Kumamoto East Front Building, LogiCity Koga, Trias, etc.) and SPC investments. On the financial side, the REIT will continue to control funding costs through refinancings, maintaining a fixed-rate ratio around 83% and an average remaining term of about 3.7 years. By utilizing green finance, the REIT aims to reduce interest-rate sensitivity and stabilize distributable income.