Tenjin 121 Bldg.

C-14 Other Cities Office Medium-size Sponsor

An office building in an area of Fukuoka City blessed with greenery

This highly convenient office building located in Tenjin, Fukuoka City, which is the busiest commercial district in Kyushu, and has access to multiple transport lines, including Tenjin subway station.
The area has a high concentration of commercial facilities such as department stores and multiple public facilities such as the city hall and a general hospital.
Another appealing aspect of the area is that, despite being a busy commercial district, it also has abundant greenery, including Tenjin Chuo Park and a multi-purpose complex whose exterior features an extensive terraced garden.
Tenjin 121 Building has approximately 160 tsubos of office space per floor, which can be divided into smaller sections, enabling it to accommodate the needs of diverse office types, including clinics, legal offices, and financial institutions.

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Property Overview

Address Fukuoka, Fukuoka3-38 Tenjin 1 Chome, Chuo-ku
Structure/Floors S, SRC  13F Acquisition Price (million yen) 2,810
Total Floor Space (m2) 8,690.95 Leasable Space (m2) 3,257.07
Completed 2000-7 Standard Floor Space (m2) 516.61
Acquisition Date June 21, 2002 No. of Tenants 15
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  • (Note1) The abbreviations of the “Structure/Floors represent the following, respectively:
  • S: steel-framed RC: reinforced concrete SRC: steel-framed, reinforced concrete
  • (Note2) The acquisition price indicates the transfer price stated in the real estate transaction agreement or trust beneficiary transfer agreement, rounded down to the nearest million yen, and excludes various expenses required for the acquisition of the relevant real estate, etc. and consumption tax, etc.
  • (Note3) The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.
  • (Note4) The “Leasable Space” indicates the area of the portions owned by JPR.

Management Status

35th 36th 37th 38th
Rental Revenues (million yen) 115 120 119 124
Rental Expenses (million yen) 37 38 37 37
NOI from Leasing (million yen) 78 81 82 87
Depreciation (million yen) 11 11 11 11
Rental Income (million yen) 66 70 70 76
Capital Expenditures (million yen) 0 0 0 0
Period-End Occupancy Rate (%) 100.0 98.3 100.0 100.0
NOI Yield (%) 5.6 5.8 5.9 6.2
NOI Yield after Depreciation (%) 4.8 5.0 5.1 5.4
Appraisal Value (million yen) 3,340 3,400 3,640 3,680
Gain or Loss from Valuation (million yen) 1,297 1,368 1,620 1,671
Cap Rate (%) 4.3 4.2 4.2 4.2
  • (Note1) Period-end occupancy rate = Leased space/Leasable space
  • (Note2) Annualized NOI yield = (Rent revenue - Realestate expenses related to rent business) + Depreciation/Acquisition price
  • (Note3) Annualized NOI yield(after depreciation) = (Rent revenue - Realestate expenses related to rent business)/Acquisition price
  • (Note4) Unrealized gains or losses = Appraisal value - Book value
  • (Note5) Cap rate indicates the capitalization rate by the direct capitalization method. Direct capitalization method is one of the methods to calculate the value estimated by income approach (a method to estimate the value of the target property by calculating the sum total of present value of the net operating income which the target property is expected to generate in the future), and capitalizes the net operating income of a certain period by using the capitalization rate.
  • (Note6) The amounts and areas are rounded down to the nearest specified unit, and the percentages and other figures are rounded off to the nearest specified unit.

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