Nippon Building Fund, Inc. · TSE:8951

Nippon Building Fund — H1 2014 Earnings Presentation

69 slides from Nippon Building Fund's earnings presentation, Aug 15, 2014

  1. Slide 1: Results for January-June 2014 (26th Period)

    Nippon Building Fund Inc. Nippon Building Management Ltd. Results for January-June 2014 (26th Period) NBF Investor Presentation aera August 15, 2014 WILL Le i 4 Wie ae:

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  3. Slide 3: Contents

    CONTENTS 1. Overview of NBF 5. Appendix 1-1: Features & Policies 4 1 Trends in the Office Building Leasing Market（1/4） 35 1 Trends in the Office Building Leasing Market（2/4） 36 2. Financial Results & Forecast 1 Trends in the Office Building Leasing Market（3/4） 37 2-1 1H/2014 (26th Period) Financial

  4. Slide 4: 1. Overview of NBF

    1. Overview of NBF NBF

  5. Slide 5: 1-1: Features and Policies

    1-1: Features and Policies An office-specialized J-REIT, sponsored by Mitsui Fudosan Co., Ltd. (As of June 30, 2014) Portfolio Quality Financial Fundamentals Focused investment in highly competitive superior office buildings Sound LTV control Ratio of investment in 5 wards of central Tokyo： 51.5％ (S

  6. Slide 6: 2. Financial Results & Forecast

    2. Financial Results & Forecast [Investment Unit Split] NBF implemented a split of its investment units on a two-for-one basis effective as of January 1, 2014. Definition of Terms Fiscal period Terms Definitions Building Name 1 property (additional stake) acquired during the 25th Period and 3 Nishi

  7. Slide 7: 2-1 1H/2014 Financial Results Overview

    2-1 1H/2014 (26th Period) Financial Results Overview Key Topics  New Property Acquisitions －Total acquisition price: ¥24.8 billion; assumed weighted average NOI yield: 5.55% Sakaisuji-Honmachi Nakanoshima Central Tower Jingumae M-SQUARE Center Building (40% share) (Additional Acquisition) (Acquisi

  8. Slide 8: 2-2 1H/2014 Financial Highlights (1/2)

    2-2 1H/2014 (26th Period) Financial Highlights（1/2） (JPY millions, except percentages and until data) Period on 2H/2011 1H/2012 2H/2012 1H/2013 2H/2013 1H/2014 Period (PoP) (21st Period) (22nd Period) (23rd Period) (24th Period) (25th Period) (26th Period) Change (%) Total operating revenues 29,773

  9. Slide 9: 2-2 1H/2014 Financial Highlights (2/2)

    2-2 1H/2014 (26th Period) Financial Highlights（2/2） Total Operating Revenues Net Income Total Assets (Period End) (JPY millions） (JPY millions） (JPY billions) 40,000 14,000 1,100 13,276 1,047.9 37,134 36,561 12,941 12,771 1,022.8 1,040.5 35,719 35,000 12,000 1,000 31,529 29,773 30,243 899.1 30,000 1

  10. Slide 10: 2-3 1H/2014 Statement of Income

    2-3 1H/2014 (26th Period) Statement of Income  Statement of Income  Summary of PoP Change (JPY millions) (JPY millions) 2H/2013 1H/2014 PoP (25th Period) (26th Period) Change Operating revenues: - 573 Total operating revenues 37,134 36,561 -573 Rental revenues + 112 Operating revenues 34,844 34,65

  11. Slide 11: 2-4 1H/2014 Balance Sheet

    2-4 1H/2014 (26th Period) Balance Sheet  Balance Sheet  Summary of PoP Change Assets (JPY millions) (JPY millions) Dec. 31, 2013 June 30, 2014 PoP Assets: + 17,760 (25th Period) (26th Period) Change Current assets 37,347 35,467 -1,880 Fixed assets + 19,653 Cash and cash equivalents 36,509 34,333 -

  12. Slide 12: 2-5 1H/2014 Financial Position

    2-5 1H/2014 (26th Period) Financial Position  Financial Data 2H/2013 1H/2014 PoP (25th Period) (26th Period) Change LTV 43.8% 43.1% -0.7Pt Long-term fixed interest- bearing debt ratio 99.6％ 96.4％ -3.2Pt Short-term debt Average interest rate 1.34％ 1.25％ -0.09Pt ¥16,000 million Average maturity (long

  13. Slide 13: 2-6 1H/2014 Appraisal Value Assessment

    2-6 1H/2014 (26th Period) Appraisal Value Assessment  Appraisal Value  Appraisal Value & Book Value 2H/2013 1H/2014 PoP (25th Period) (26th Period) Change (JPY billions) Book value (end of period) (Left Axis) （％） 1,200.0 Appraisal value (end of period) (Left Axis) 12 Number of properties 71 73 +2

  14. Slide 14: 2-7 2H/2014 (27th Period) Forecast

    2-7 2H/2014 (27th Period) Forecast  Results Forecast (JPY millions)  PoP Change Compared with 26th Period (JPY millions) 1H/2014 2H/2014 (Forecast) PoP 1H/2015 (Reference) PoP Operating revenues: - 1,717 (26th Period) (27th Period) Change (28th Period) Change Rental revenues - 87 Total operating r

  15. Slide 15: Reference: Distributions per Unit Forecast

    Reference: Distributions per Unit Forecast  DPU 1H/2014 (26th Period) 2H/2014 (27th Period) 1H/2015 (28th Period) (Actual) (Forecast) (Reference) ¥8,152 ¥7,520 ¥7,550 PoP-¥493 PoP-¥632 PoP+¥30  Factors in PoP Change in DPU ¥250 2H/2013 (25th Period) (Actual) ｰ¥300 ¥8,645* ¥100 (¥17,290) ¥107 -¥350

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  17. Slide 17: 3. Operating Results & Outlook

    3. Operating Results & Outlook 16

  18. Slide 18: 3-1 Occupancy, Floor Space of Tenants Moving in and out

    3-1 Occupancy, Floor Space of Tenants Moving in and out Occupancy rate is forecast to rise as new tenants replace large tenants that moved out  NBF’s average occupancy rate during the period, the percentage of floor space of tenants moving in and out （％） (Forecast) （％） 15.0 100 96.8 97.5 97.8 97.1

  19. Slide 19: 3-2 Rental Revenue

    3-2 Rental Revenue The rate of decline in revenue from existing buildings will lessen significantly in 1H/2015 (28th Period) due to the effect of tenant replacement  Rental Revenue Composition & Percentage Change at Existing Properties (Annualized PoP Comparison) （%） 10 (Forecast) 8 Internal growth

  20. Slide 20: 3-3 Property Acquisitions

    3-3 Property Acquisitions Announced on Announced on March 5, 2014 along with January 30, 2014 the Resolution to Issue New Investment Units Sakaisuji-Honmachi Center Bldg. (additional acquisition) Nakanoshima Central Tower Jingumae M-SQUARE Honmachi, Chuo-ku, Nakanoshima, Kita-ku, Jingumae, Shibuya-k

  21. Slide 21: 3-4 Property Acquisitions and Dispositions

    3-4 Property Acquisitions and Dispositions We will continue to strengthen our portfolio.  Acquisitions and Dispositions (Most Recent 3 Periods) 23 wards of Tokyo Other Cities 1H/2013 2H/2013 1H/2014 (24th Period) (25th Period) (26th Period) Acquired from Mitsui Fudosan Co., Ltd. Acquired from Third

  22. Slide 22: 3-5 Financial Management (1/2)

    3-5 Financial Management（1/2） We flexibly implemented a capital increase benefitted from favorable equity market  Summary of the Equity Offering  Key Performance Indicators at Period End Primary units offered: 2H/2013 1H/2014 26,500 units (25th Period) (26th Period) Number of units Third party all

  23. Slide 23: 3-5 Financial Management (2/2)

    3-5 Financial Management（2/2） We forecast that refinancing with favorable terms will reduce our borrowing costs.  New Funding & Repayment  Long-Term Debt Procured in 1H/2014 (26th Period) 1H/2014 (26th Period) Long-Term Borrowings & Investment Corporation Bonds Repayment Overview New Procurement O

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  25. Slide 25: 4. NBF's Strengths & Strategies

    4. NBF’s Strengths & Strategies 24

  26. Slide 26: 4-1 Portfolio Strategy (1/3) – Quality

    4-1 Portfolio Strategy（1/3）– Quality Focused investment in highly competitive premium office buildings  Investment by Region  Continued Appraisal Value & Floor Space (Over 10,000 tsubo) (Acquisition price basis; as of June 30, 2014) (JPY billions) *The size of the dot for each property 23 Wards of

  27. Slide 27: 4-1 Portfolio Strategy (2/3) – Size

    4-1 Portfolio Strategy（2/3）– Size Diversity, stability and liquidity as the largest J-REIT  NBF’s J-REIT Market Share (Total Acquisition Price)  NBF’s J-REIT Market Share (Market Capitalization) By Asset Type By Type of Investment Corporation Other (infrastructure, seniors) Hotels 1.4% 9.0% 9.9% 2

  28. Slide 28: 4-1 Portfolio Strategy (3/3) – Pipeline

    4-1 Portfolio Strategy（3/3）– Pipeline We are aggressively acquiring and flexibly selling properties. Since our IPO, we have acquired approximately 60% of our properties from the Mitsui Fudosan Group (acquisitions and brokerage).  Total Acquisitions by Seller  Co-Existence Model with Mitsui Fudosan

  29. Slide 29: 4-2 Leasing Strategy

    4-2 Leasing Strategy Conduct leasing promotion and existing tenant relations by fully using the sales capabilities of the Mitsui Fudosan Group.  Average Occupancy Rate during the Period & Total Rentable Area （%） (10 thousand ㎡) 100 180 97.5 97.8 97.3 96.8 97.1 97.0 96.8 96.7 95.5 95.4 97.0 95 95.8

  30. Slide 30: 4-3 Property Management Strategy (1/2)

    4-3 Property Management Strategy (1/2) – Organization & Additional Investment We use the comprehensive capabilities of the Mitsui Fudosan Group and strategically make additional investments  Property Management Structure  Strategic Additional Investment with Clear Objectives • Formulate & execute

  31. Slide 31: 4-3 Property Management Strategy (2/2)

    4-3 Property Management Strategy (2/2) – Management & Operation Quality We create trusting relationships with tenants by providing high-quality operations that tenants and office workers appreciate.  Program to Raise Management & Operation Quality  Overall Customer Satisfaction Demonstrated by (PD

  32. Slide 32: 4-4 Financial Strategy (1/2) – LTV and Debt Ratio

    4-4 Financial Strategy (1/2) – LTV and Long-Term Fixed Interest-Bearing Debt Ratio Levels of 36-46% (maximum of 56%) for LTV 90% or higher for the long-term fixed interest-bearing debt ratio  LTV & Long-Term Fixed Interest-Bearing Debt Ratio  Average Maturity (Long-Term Interest-Bearing Debt) (％)

  33. Slide 33: 4-4 Financial Strategy (2/2) – Debt Maturity Diversification

    4-4 Financial Strategy（2/2）– Debt Maturity Diversification Reduced refinancing risk through diversification of debt maturity  Debt Maturity Schedule  Overview of Commitment Lines (As of June 30, 2014) (JPY billions) 70.0 Maximum borrowing ¥40.0 billion ¥20.0 billion Short-term debt Long-term debt

  34. Slide 34: 4-5 NBF's Strategies (Conclusion)

    4-5 NBF’s Strategies (Conclusion) Four strategies for the goal of increasing unitholder value Portfolio Strategy Financial Strategy • Aggressive property acquisitions & flexible • Conservative LTV level (36-46%) and a high disposition long-term fixed-rate debt ratio (90% or • Focused investment in h

  35. Slide 35: 5. Appendix

    5. Appendix NBF 34

  36. Slide 36: Trends in the Office Building Leasing Market (1/4)

    1 Trends in the Office Building Leasing Market（1/4）  Average Vacancy Rate in Tokyo,  Average Asking Rent in Tokyo CBD Osaka & Nagoya CBDs （%） Tokyo business districts: Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, Shibuya-ku (Yen/tsubo) Osaka business districts: Umeda area, Minamimorimachi area, Yo

  37. Slide 37: Trends in the Office Building Leasing Market (2/4)

    1 Trends in the Office Building Leasing Market（2/4）  Market Rents for Office Buildings in Tokyo Business Districts (Average Asking Rent & Average Vacancy Rate) (Yen/tsubo) （％） 25,000 9.43% 10 ('12.6) 8.57% ¥22,901 ('03.6 & 8) ('08.8) 8 6.45% 20,000 ('14.6) 6 ¥16,607 ('14.6) ¥17,526 ('04.10) 4 ¥16,2

  38. Slide 38: Trends in the Office Building Leasing Market (3/4)

    1 Trends in the Office Building Leasing Market（3/4）  Office Space Supply & Demand (Net Absorption) in the 23 Wards of Tokyo (10,000 tsubo) 60 Supply (Forecast) Supply Demand 2H Actual 40 20 0 1H Actual -20 -40 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Asset manag

  39. Slide 39: Trends in the Office Building Leasing Market (4/4)

    1 Trends in the Office Building Leasing Market（4/4）  New Supply of Large-Scale Office Buildings in the 23 Wards of Tokyo (10 thousand m2) 250 (Forecast) 216 200 175 Historical average of Average of 1.050 154 million m2/year (gross 150 1.040 million m2/year (gross floor space floor space basis) from

  40. Slide 40: Real Estate Acquisition Market Trends

    2 Real Estate Acquisition Market Trends  Acquisitions of Assets by J-REITs (JPY billions) 900.0 800.0 ■Office ■Housing ■Retail ■Logistics ■Hotels ■Other 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 2011 2012 2013 2014 Source: Association f

  41. Slide 41: Global REIT Ranking

    3 Global REIT Ranking (As of June 30, 2014)  Global Top 30 REITs by Market Capitalization  Global Top 34 REITs by Total Acquisition Price (the 3rd Largest in Office REITs) (the 3rd Largest in Office REITs) Market Cap Assets Rank Ticker Company Name Sector Country Rank Ticker Company Name Sector Co

  42. Slide 42: Distribution per Unit

    4 Distribution per Unit (Yen) (Points) 1,500,000 4,000 NBF unit price (left scale) TSE REIT Index (right scale) 3,000 1,000,000 2,000 500,000 1,000 0 0 (Yen) 12,000 11,274 11,126 10,887 Distribution per Unit1 10,064 9,695 9,904 9,836 10,000 9,513 9,612 8,645 8,562 8,645 8,523 8,126 8,446 8,427 8,152

  43. Slide 43: NBF's Track Record

    5 NBF’s Track Record  Asset Scale (Total Acquisition Price) & Average Occupancy Rate during the Period (JPY billions) (%) 1,300.0 100 1,200.0 98.3 98.3 98.7 97.8 97.3 97.9 98.4 97.5 97.0 95 97.1 97.0 97.3 96.8 96.7 97.1 96.9 97.2 96.8 95.1 95.5 95.4 1,100.0 95.5 1,066.4 1,074.3 93.3 93.9 1,050.7 93

  44. Slide 44: Historical Overview of Financial Management

    6 Historical Overview of Financial Management Investment corporation bonds (left scale) Long-term fixed-rate debt ratio (right scale) Borrowings (left scale) LTV (Interest-bearing debt / total assets; right scale) (JPY billions) （％） 600 100 92.9 94.2 92.2 99.6 550 86.7 87.3 87.0 97.5 97.7 96.4 85.8

  45. Slide 45: Lenders & Borrowings

    7 Lenders & Borrowings (JPY millions) 2H/2013 1H/2014 Repayment Lender Other 25th Period End 26th Period End Method Shinsei Bank, Ltd. - 8,000 Mizuho Bank, Ltd. - 4,000 Lump sum Unsecured, Resona Bank, Ltd. - 2,000 Short-term repayment on due unguaranteed, The Norinchukin Bank - 2,000 borrowings dat

  46. Slide 46: Floor Space of Tenants Moving in and out by Property

    -500 1,000 1,500 2,000 -2,000 -1,500 -1,000 0 500 Area (㎡) NBF Osaki Bldg. NBF Hibiya Bldg. Gate City Ohsaki Nishi-Shinjuku Mitsui Bldg. Nakanosakaue Sunbright Twin Mitsubishi Heavy Industries Head Office Bldg. NBF Toyosu Canal Front Shiba NBF Tower NBF Platinum Tower NBF Minami-Aoyama Bldg. NBF COM

  47. Slide 47: Property Age

    9 Property Age December 31, 2013 June 30, 2014 (25th Period End) (26th Period End) 10.7% 14.1% 20.0% 18.0% Average Property Age Average Property Age 15.99 years 16.38 years 67.9% 69.3% Under 5 years Over 5 years but under 10 years 10 years or older 46

  48. Slide 48: Top 10 Tenants (Leased Floor Space Basis)

    10 Top 10 Tenants (Leased Floor Space Basis) (As of June 30, 2014) Floor Space Share of Tenant Name Leased Property Floor Space (m2) Total Rentable Area Gate City Ohsaki and 10 other 1. Mitsui Fudosan Co., Ltd.1 226,531 21.5% 1. Mitsui Fudosan Co., Ltd. properties Mitsui Fudosan Co., Ltd. generally

  49. Slide 49: Tenants by Industry

    11 Tenants by Industry (As of June 30, 2014) Share of Industry Main Companies Floor Space 1. Service 19.9% Transcosmos inc., Hakuhodo DY Holdings Inc. Information & 2. 12.7% IBM Japan, Ltd., NS Solutions Corporation communications Electrical Other 3. 11.7% Sony Corporation, Panasonic Corporation equ

  50. Slide 50: Renewal Investment

    12 Renewal Investment Facility Updates Renewal of Common Areas Exterior Wall Renewal Improve customer satisfaction and Improve property competitiveness Maintain functionality environmental friendliness, and reduce costs Painting (use of thermal Various signs updated Air conditioning repairs insulati

  51. Slide 51: Emergency Drills & Customer Satisfaction Events

    13 Emergency Drills & Customer Satisfaction Events Emergency Drills NBF Concert (May) Umbrella Rental (May-July) Planning and implementation of emergency drills that heighten tenant Held NBF Concerts at the Rental umbrellas are available awareness of and ability to respond to disasters entrance of t

  52. Slide 52: Overview of Unit Ownership

    14 Overview of Unit Ownership Ownership by Unitholder Number of Unitholders by Type 25th Period End 26th Period End 25th Period End 26th Period End Change Change Uniholder Category (December 31, 2013 ) (June 30, 2014 ) Uniholder Category (December 31, 2013 ) (June 30, 2014 ) Units1 % of Total Units

  53. Slide 53: Historical Summary of Results and Financial Position

    15 Historical Summary of Results and Financial Position 1H/2012 2H/2012 1H/2013 2H/2013 1H/2014 22nd Period 23rd Period 24th Period 25th Period 26th Period Operating revenues JPY millions 30,243 31,529 35,719 37,134 36,561 Leasing revenues JPY millions 30,243 31,529 33,622 34,844 34,659 Note 1: Figu

  54. Slide 54: Property Portfolio Overview (1/2) - 23 Wards of Tokyo

    16 Property Portfolio Overview（1/2）- 23 Wards of Tokyo  23 Wards of Tokyo Total Leased Total Leased Area Total Rentable Occupancy rate at end Total Number of Total Rentable Area Occupancy rate at end Building Name Area（㎡） PML（%） Building Name （㎡） Total Number of Tenants PML（%） Area (㎡) of period (%

  55. Slide 55: Property Portfolio Overview (2/2) - Other Greater Tokyo & Other Cities

    16 Property Portfolio Overview (2/2) – Other Greater Tokyo & Other Cities  Other Greater Tokyo  Other Cities Total Leased Total Leased Area Total Rentable Occupancy rate at end Total Number of Total Rentable Area Occupancy rate at end Property Name Area（㎡） PML（%） Property Name （㎡） Total Number of

  56. Slide 56: Appraisal Value (1/2) - 23 Wards of Tokyo

    17 Appraisal Value（1/2）- 23 Wards of Tokyo  23 Wards of Tokyo (JPY millions) Book Value at (1) Appraisal (2) Appraisal Book Value at (1) Appraisal (2) Appraisal Property Name Acquisition Price 1H/2014 Value at Value at (1) - (2) Property Name Acquisition Price 1H/2014 Value at Value at (1) - (2) 26

  57. Slide 57: Appraisal Value (2/2) - Other Greater Tokyo & Other Cities

    17 Appraisal Value (2/2) – Other Greater Tokyo & Other Cities  Other Greater Tokyo  Other Cities (JPY millions) Book Value at (1) Appraisal (2) Appraisal Book Value at (1) Appraisal (2) Appraisal Property Name Acquisition Price 1H/2014 Value at Value at (1) - (2) Property Name Acquisition Price 1H

  58. Slide 58: Appraisal Rate (1/2) - 23 Wards of Tokyo

    18 Appraisal Rate（1/2）- 23 Wards of Tokyo  23 Wards of Tokyo Appraisal Value at Direct Return Method DCF Method Appraisal Value at Direct Return Method DCF Method Appraisal Value at Direct Return Method DCF Method Appraisal Value at Direct Return Method DCF Method 1H/2014 2H/2013 1H/2014 2H/2013 Pr

  59. Slide 59: Appraisal Rate (2/2) - Other Greater Tokyo & Other Cities

    18 Appraisal Rate (2/2) – Other Greater Tokyo & Other Cities  Other Greater Tokyo  Other Cities Appraisal Value at Direct Return Method DCF Method Appraisal Value at Direct Return Method DCF Method Appraisal Value at Direct Return Method DCF Method Appraisal Value at Direct Return Method DCF Metho

  60. Slide 60: Revenue by Property (1/3) - 23 Wards of Tokyo

    19 Revenue by Property（1/3）- 23 Wards of Tokyo  23 Wards of Tokyo (JPY millions) Mitsubishi Heavy NBF NBF Osaki Bldg. NBF Hibiya Gate City Nishi-Shinjuku Nakanosakaue NBF Toyosu Shiba NBF NBF Platinum NBF Minami- NBF COMODIO NBF Toyosu Toranomon Nakameguro GT Celestine Shiba NBF Shibuya NBF Ginza S

  61. Slide 61: Revenue by Property (2/3) - Other Greater Tokyo

    19 Revenue by Property（2/3）– Other Greater Tokyo  Other Greater Tokyo (JPY millions) Chofu South Gate Shin-Kawasaki Tsukuba Mitsui NBF Utsunomiya S-ino Omiya North NBF Shin-Urayasu Yokohama ST Bldg. Parale Mitsui Bldg. NBF Atsugi Bldg. NBF Urawa Bldg. NBF Matsudo Bldg. Total of Greater Tokyo Bldg.

  62. Slide 62: Revenue by Property (3/3) - Other Cities

    19 Revenue by Property（3/3）– Other Cities  Other Cities (JPY millions) Sumitomo Mitsui Sakaisuji- NBF Sapporo NBF Sendai NBF Niigata NBF Nagoya Aqua Dojima NBF Nakanoshima Shinanobashi Shinanobashi NBF Hiroshima Sapporo L-Plaza NBF Unix Bldg. Banking Nagoya Honmachi Center Aqua Dojima East Minami N

  63. Slide 63: Change in Geographical Categories

    20 Change in Geographical Categories  Total Acquisition Price (As of June 30, 2014) Before Change After Change Total Acquisition Period-End Total Acquisition Period-End Region Properties Price Occupancy Rate Region Properties Price Occupancy Rate Tokyo Central Business 23 Wards of Tokyo 44 ¥838.1 b

  64. Slide 64: Portfolio Map

    21 Portfolio Map NBF ‘Nippon Buliding Fund = N ws | \isiane i 2 Bhinguickir ip J ; ‘ uo & ) A SO a? - { Shibuya wg f es es ED chuos 2 Minato-ku @} B35) Setagaya-ku | Other Cities 1 8 Properties ¥1 33.1 billion < ®O6O00 Greater Tokyo 1 1 Properties ¥1 03.0 billion 23 Wards of Tokyo 44 Properties ¥838

  65. Slide 65: Properties (1/4) - 23 Wards of Tokyo

    22 Properties（1/4）- 23 Wards of Tokyo 64

  66. Slide 66: Properties (2/4) - 23 Wards of Tokyo

    22 Properties（2/4）- 23 Wards of Tokyo 65

  67. Slide 67: Properties (3/4) - 23 Wards of Tokyo

    22 Properties（3/4）- 23 Wards of Tokyo 66

  68. Slide 68: Properties (4/4) - Other Cities

    22 Properties（4/4）– Other Cities 67

  69. Slide 69: Disclaimer

    Disclaimer This English language notice is a translation of the Japanese language Investor Presentation dated February 17, 2014 and was prepared solely for the convenience of, and reference by, overseas investors. Neither NBF nor Nippon Building Fund Management, Ltd. makes any warranties as to its a

Nippon Building Fund — H1 2014 Earnings Presentation on 6ix