Nippon Building Fund, Inc. · TSE:8951
Nippon Building Fund — H1 2021 Earnings Presentation
73 slides from Nippon Building Fund's earnings presentation, Aug 17, 2021
Slide 1: Nippon Building Fund Inc. 1H 2021 Investor Presentation
Nippon Building Fund Inc. Nippon Building Fund Management Ltd. 1H 2021 (40th Period) Investor Presentation August 17, 2021 NBF Nippon Building Fund
Slide 2: Contents
CONTENTS 1. Financial Highlights 1-1 Financial Highlights (1/3) ３ 6-4 Collaboration with Sponsor 1-1 Financial Highlights (2/3) 4 (Mitsui Fudosan Group) (1/3): Pipeline 40 1-1 Financial Highlights (3/3) 5 6-4 Collaboration with Sponsor (Mitsui Fudosan Group) (2/3): Leasing 41 2. Financial Results 6-
Slide 3: Financial Highlights
1. Financial Highlights 2
Slide 4: Financial Highlights (1/3)
1-1 Financial Highlights (1/3) Actual Forecast 1H/2021 2H/2021 1H/2022 (40th Period) (41st Period) (42nd Period) PoP Change Total operating revenues 46,213 million yen +4,465 million yen +10.7％ 50,396 million yen 50,777 million yen Operating income 22,778 million yen +4,066 million yen +21.7％ 22,375
Slide 5: Financial Highlights (2/3)
1-1 Financial Highlights (2/3) (As of June 30, 2021) Average Occupancy Unrealized gain Total assets Location Rate during on appraisal value the Period Note 1 Asset 82.7％ 1,367.5 billion yen 297.3 billion yen 97.8% 23 wards of Tokyo: Central 5 wards of Tokyo: 55.9％ Long-term fixed-rate Average LTV de
Slide 6: Financial Highlights (3/3)
1-1 Financial Highlights (3/3) Two decades track record of stable distributions per unit and NAV per unit Distributions per Unit (DPU) NAV per Unit (yen) (yen) 13,000 600,000 573,646 566,917 572,136 564,249 12,000 11,684 558,516 550,000 545,190 11,011 10,986 11,000 11,000 10,560 10,283 500,000 10,00
Slide 7: Financial Results
2. Financial Results 【Definition of Term】 Fiscal period Terms Definitions Property Name Osaki Bright Tower (39th Period acquisition) Nagoya Mitsui Main Bldg. (39th Period acquisition) Nagoya Mitsui New Bldg. (39th Period acquisition) 2H 2020 (39th Period): 3 properties acquired and 1 additional prop
Slide 8: 1H/2021 (40th Period) Statement of Income
2-1 1H/2021 (40th Period) Statement of Income (million yen) 2H/2020 1H/2021 PoP Change ● Summary of PoP Change (million yen) (39th Period) (40th Period) Amount Percentage Total operating revenues 41,747 46,213 4,465 10.7% Total operating revenues ＋4,465 Operating revenues 40,359 44,688 4,329 10.7% R
Slide 9: 1H/2021 (40th Period) Balance Sheet
2-2 1H/2021 (40th Period) Balance Sheet (million yen) ●Summary of PoP Change Assets (million yen) December 31,2020 June 30,2021 PoP Change (39th Period end) (40th Period end) Amount Percentage Total assets: +107,952 Current assets 134,904 45,324 -89,580 -66.4％ Current assets - 89,580 Cash and cash e
Slide 10: Memo
— Nippon Bufiding Func (MEMO)
Slide 11: Operating Results & Outlook
3. Operating Results & Outlook 10
Slide 12: NBF's Operating Policies
3-1 NBF’s Operating Policies Leverage our outstanding portfolio and the strengths of our sponsor to adapt flexibly to market changes. Internal Growth/Office Leasing Market External Growth/Office Trading Market • Vacancy rate and average rent reflect economic stagnation • Interest rates and transacti
Slide 13: Replacement Strategy (1/3)
3-1 NBF’s Replacement Strategy (Announced after March 2021)(1/3) Replacement Strategy Outcomes Property acquisitions （Total: ￥91.0 billion) Improved Capital Improved NOI Yield Higher NOI Efficiency Property Property dispositions acquisitions + ￥316 million + ￥16.0 billion 3.0％ 3.6％ Improved Environm
Slide 14: Replacement Strategy (2/3)
3-1 NBF’s Replacement Strategy (Announced after March 2021)(2/3) Improved portfolio performance with replacements totaling ￥198 billion (total acquisitions and dispositions) Capital recovery of Improved Improved ￥16.0 billion NAV improved to Lowered portfolio effective NOI and environmental Improved
Slide 15: Replacement Strategy (3/3): NAV Improvement
3-1 NBF’s Replacement Strategy (Announced after March 2021)(3/3) Effects of Portfolio Replacement ① Recovered capital and improved capital efficiency: Capital recovery of ￥16.0 billion ② Improved NAV (incl. increase in unrealized gains): NAV increase of ￥22,059/unit ③ Improved NOI and NOI yield: Inc
Slide 16: External Growth: Property Acquisition (1/2)
3-2 External Growth: Property Acquisition (1/2) IIDABASHI GRAND BLOOM Property Features High-grade mixed-use commercial and office building Location Good access to major areas of Tokyo • 1-minute walk from JR Iidabashi station, 5 lines available including Tokyo Metro and Toei Oedo subway, good acces
Slide 17: External Growth: Property Acquisitions & Dispositions (2/2)
3-2 External Growth: Property Acquisitions & Dispositions (2/2) ■ 1H 2021（40th Period）Property Acquisitions Ueno East Tower (acquired additional 40%) Location Ueno, Taito-ku, Tokyo Shinjuku Mitsui Bldg. Acquisition date March 29, 2021 Nishi Shinjuku, Acquisition price ￥13.4 billion Location Appraisa
Slide 18: External Growth (Detailed Data)
3-2 External Growth（Detailed Data） Property Acquisitions Property Acquisitions • Property age is a weighted average based on acquisition price (as of IIDABASHI June 30, 2021) Ueno East Tower Total • Unrealized gain or loss: appraisal value - acquisition price (acquired additional 40%) GRAND BLOOM •
Slide 19: Changes in Retained Profits
3-3 Changes in Retained Profits Policy for Using Gain on Transfer and Retained Profits Previously: Used when large tenants moved out, the event of a disaster, selling properties with unrealized losses, PO during the period, etc. Future: In addition to the above, NBF will use a portion of gains on di
Slide 20: Internal Growth (1/2)
3-4 Internal Growth（1/2） Assumptions about the rate of moving in and out are conservative, occupancy rate will bottom in 2H 2021 ●Average occupancy rate during the period, and the percentage of floor space of tenants moving in and out （％） （％） 99.3 99.5 99.5 99.4 15.0 99.4 100.0 98.7 98.8 98.8 97.8 *
Slide 21: Internal Growth (2/2)
3-5 Internal Growth（2/2） Decrease in rental revenues due to large tenant move outs will bottom in 1H 2022 ● Breakdown of PoP Change in Rental Revenues from Existing Properties (rent revisions and replacement, etc.) (%) 4.0 Rent revision Replacement, etc. 3.0 Rent revision ＋ Replacement, etc. Large t
Slide 22: Internal Growth: Strategic Investments (NBF Shibuya East)
3-6 Internal Growth: Strategic Investments to Add Value (NBF Shibuya East) Strategically add value with a focus on high-potential properties to consistently provide choice office space NBF Shibuya East ■ Effective use of surplus space to create relaxing spaces Location Shibuya 3-Chome, Shibuya-ku, T
Slide 23: Finance (1/2)
3-7 Finance (1/2) Diversified maturities, stabilized funding, lowered cost of funding ●New Funding and Repayment ●Financial Data 1H/2021 (40th Period) Long-Term Borrowings & Investment Corporation Bonds 2H/2020 1H/2021 PoP (39th Period) (40th Period) Change Repayment Overview New Funding Overview LT
Slide 24: Finance (2/2)
3-7 Finance (2/2) ● Long-Term Interest-Bearing Debt Procured in 1H/2021 (40th Period) ●Interest-Bearing Debt (Million yen) • Long-term borrowings (Million yen) 2H/2021 1H/2021 PoP Term Fixed/ Interest Financing Date Lender Amount Change (Years) Floating Rate (39th Period end) (40th Period end) Sumit
Slide 25: Appraisal Value
3-8 Appraisal Value ●Appraisal Value ●Appraisal Value & Book Value (billion yen) 2H/2020 1H/2021 PoP 1,600 (39th Period end) (40th Period end) Change Book value Appraisal value Number of properties 74 properties 75 properties +1 property 1,400 Appraisal value 1,338.1 billion yen 1,548.7 billion yen
Slide 26: Memo
— Nippon Bufiding Func (MEMO) 25
Slide 27: Forecast
Forecast NBF 26
Slide 28: 1H/2021 (41st Period), 2H/2022 (42nd Period) Forecasts
4-1 1H/2021 (41st Period), 2H/2022 (42nd Period) Forecasts (million yen) (million yen) 1H/2021 2H/2021 PoP Change 1H/2022 PoP Change ●Summary of PoP Change 41st period 42nd period 科目 (Actual) (Forecast) (Forecast) (40th Period) (41st Period) Amount Percentage (42nd Period) Amount Percentage Total op
Slide 29: (Reference) Performance Forecast
(Reference) Performance Forecast DPU Target stable growth in DPU by deploying gains on transfers to supplement internal growth. (yen) Gain on disposition – retained profits Other Gain on disposition – retained profits Other Internal External growth growth External Internal growth growth Property tax
Slide 30: Memo
— Nippon Bufiding Func (MEMO) 29
Slide 31: Market Data
Market Data NBF 30
Slide 32: Trends in the Office Building Leasing Market (1/2)
5-1 Trends in the Office Building Leasing Market (1/2) Vacancy rate in Tokyo business district in July 2021 was 6.28%, asking rents was ￥21,045 ●Market Rents for Office Buildings in Tokyo Business Districts* (Average Asking Rent & Average Vacancy Rate) (Yen/tsubo) (%) 25,000 10.00 8.57% 22,901yen 9.
Slide 33: Trends in the Office Building Leasing Market (2/2)
5-1 Trends in the Office Building Leasing Market (2/2) ●New Supply of Large-Scale Office Buildings* in the 23 Wards of Tokyo (10 thousand m2) Source: Compiled by asset management company using data from Mori Building Co., Ltd. as of May 27, 2021 300 (Forecast) 250 Average of 0.94 million m2/year 216
Slide 34: Trends in the Real Estate Trading Market
5-2 Trends in the Real Estate Trading Market ●Real Estate Trading Value (Office Buildings) (Billion yen) 2,500 First half Second half 2,000 1,500 1,000 500 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Compiled by asset management
Slide 35: NBF Unit Price, TSE REIT Index & 10-Year JGB Yields
5-3 NBF Unit Price, TSE REIT Index ＆ 10-Year Japanese Government Bond Yields ●NBF Unit Price ＆ TSE REIT Index (pt) (yen) 1,200,000 4,000 NBF unit price (left scale) TSE REIT Index (right scale) 900,000 3,000 600,000 2,000 300,000 1,000 0 0 '01.9 '02.9 '03.9 '04.9 '05.9 '06.9 '07.9 '08.9 '09.9 '10.9
Slide 36: NBF's Competitive Advantages
6. NBF’s Competitive Advantages 6-1 J-REIT with the Longest Track Record 6-2 The Largest J-REIT in Size 6-3 A Portfolio Focused on Tokyo 6-4 Collaboration with Sponsor (Mitsui Fudosan Group) ・Pipeline ・Leasing ・Property Management 6-5 Stable Financial Management 35
Slide 37: J-REIT with the Longest Track Record (1/2)
6-1 J-REIT with the Longest Track Record (1/2) ●Asset Scale (Total Acquisition Price) & Average Occupancy Rate during the Period 23 wards of Tokyo (left scale) Other Greater Tokyo (left scale) Average occupancy rate during the period (right scale) Central 5 Wards of Tokyo (incl. in above) (left scal
Slide 38: J-REIT with the Longest Track Record (2/2)
6-1 J-REIT with the Longest Track Record (2/2) ●Distributions per Unit (Note 1) (Yen) 11,274 11,684 12,000 11,126 11,011 11,000 10,064 10,887 10,986 9,904 9,836 10,283 10,560 9,513 9,695 9,650 9,612 8,562 8,645 8,126 8,427 8,397 8,867 9,129 9,370 9,000 8,645 8,446 8,523 7,747 8,152 8,001 7,683 7,592
Slide 39: The Largest J-REIT in Size
6-2 The Largest J-REIT in Size (As of June 30, 2021) ●Market Capitalization Ratio of J-REITs (Billion yen) by Type 1,145.1 billion yen 1,200 1,100 Office buildings 1,000 J-REIT Total Market Capitalization 19.9% 900 … 17,528.7 billion yen 800 Diversified and hybrid 700 47.0% 600 Logistics 18.1% 500 4
Slide 40: A Portfolio Focused on Tokyo
6-3 A Portfolio Focused on Tokyo ● Investment Ratio by Area(Acquisition price basis) 23 Wards of Tokyo Central 5 Wards of Tokyo (As of June 30, 2021) Other Cities 153.9 billion yen 23 Wards of Tokyo (11.3%) 1,131.0 billion yen (82.7%) Other Greater Tokyo 82.6 billion yen Shinjuku Mitsui Bldg. Roppon
Slide 41: Collaboration with Sponsor (1/3): Pipeline
6-4 Collaboration with Sponsor (Mitsui Fudosan Group) (1/3) Pipeline ●Total Acquisitions by Seller ●Co-Existence Model with Mitsui Fudosan Group Since our IPO, we have acquired approximately 60% of our properties from the Mitsui Fudosan Own Group (acquisitions and brokerage). Manage (Billion yen) Ni
Slide 42: Collaboration with Sponsor (2/3): Leasing
6-4 Collaboration with Sponsor (Mitsui Fudosan Group) (2/3) Leasing ●Average Occupancy Rate during the Period & Total Rentable Area (%) (10 thousand ㎡) 100 99.3 99.5 99.5 99.4 99.4 210 NBF’s Average occupancy rate during the period (nationwide)Note 1 (left scale) Reference: Average market occupancy
Slide 43: Collaboration with Sponsor (3/3): Property Management
Collaboration with Sponsor (Mitsui Fudosan Group) (3/3) 6-4 Property Management ●Support from both Nippon Building Fund Management and NBF Office Management NBFOM Strengths and Features ●Strong relationships with existing tenants Nippon Building Fund NBFOM is NBF’s dedicated PM company. It builds re
Slide 44: Stable Financial Management
6-5 Stable Financial Management ●LTV & Long-Term Fixed-Rate Debt Ratio ●Average Maturity (Long-Term Interest-Bearing Debt) (%) (years) 100 7 6 95.2 95.1 5 6.08 90 92.9 93.5 5.60 5.54 5.53 5.62 93.3 92.6 93.6 5.24 5.35 91.7 4 5.22 Target : 90% or higher for the long-term 3 80 fixed-rate debt ratio 2
Slide 45: ESG Initiatives
7. ESG Initiatives (NBF and NBFM) 44
Slide 46: Status of ESG Initiatives (Highlights)
7-1 Status of ESG Initiatives (Highlights) Added to MSCI Japan ESG Select Leaders Index • Added to MSCI Japan ESG Select Leaders Index in May 2021 ＊ Japan’s Government Pension Investment Fund has also selected MSCI Japan ESG Select Leaders Index as its ESG index for managing funds. Support for and P
Slide 47: ESG Initiatives Policy
7-2 ESG Initiatives Policy NBF’s basic approach is to obtain the following external evaluations and certifications, and to support and participate in international initiatives. NBF recognizes that consideration for ESG is an important issue in real estate investment management. Based on the Mitsui F
Slide 48: Environment Initiatives
7-3 Environment Initiatives Initiatives to Improve Environmental Performance • All executives and employees of the asset management company promote ESG and create an internal system that ensures the PDCA cycle is implemented. • We aim to reduce energy-derived CO² emissions by 40% or more (basic unit
Slide 49: Social Initiatives for Tenants
7-4 Social Initiatives for Tenants Implementation of initiatives for tenants and communities Safe, secure operations Customer satisfaction events for tenants COVID-19 Countermeasures（Shinjuku Mitsui Bldg. No.2） ●Customer satisfaction events for tenants Installation of high-performance air purifier
Slide 50: Examples of Social Events for Employees
7-5 Examples of Social Events for Employees (Asset management company: Nippon Building Fund Management Ltd.) Support for Employees during COVID-19 Pandemic Health and Comfort Initiatives (Wellness) Initiatives for Employees Comfortable Office Space • Use of shared offices (Work Styling) • Establishe
Slide 51: Governance Initiatives
7-6 Governance Initiatives NBFM has established a governance structure such as with its Compliance Committee, Risk Management Meeting, Investment Review Meeting and Executive Board, and endeavors to thoroughly implement risk management and compliance in its operations and improve corporate governanc
Slide 52: Appendix
og Appendix. NBF 51
Slide 53: Top 10 Tenants / Tenants by Industry
1 Top 10 Tenants (Leased Floor Space Basis) /Tenants by Industry ●Top 10 Tenants (Leased Floor Space Basis) ●Tenants by Industry2 （As of June 30, 2021) Ratio of Total Leased Areas Tenant Name Leased Property Rentable Other 8.5% (㎡) Area (%) Other Other financial industry 2.0% Shinjuku Mitsui Bldg. W
Slide 54: Floor Space of Tenants Moving in and out by Property
NBF Kumamoto Bldg. Hakata Gion M-SQUARE NBF Matsuyama Nichigin-mae Bldg. Hiroshima Fukuromachi Bldg. NBF Hiroshima Tatemachi Bldg. Other Cities Sun Mullion NBF Tower Sakaisuji-Honmachi Center Bldg. Shinanobashi Mitsui Bldg. Nakanoshima Central Tower Aqua Dojima NBF Tower NBF Nagoya Hirokoji Bldg. Na
Slide 55: Property Age
3 Property Age 2H/2020 1H/2021 （39th Period end） （40th Period end） 15.9% 8.7% 42.4% 47.3% Average Property Age Average Property Age 20.0 years 23.2 years 43.9% 41.7% 10 years or less 11-20 years Over 20 years 54
Slide 56: Financial Management
4 Financial Management Borrowings (left scale) Long-term fixed-rate debt ratio (right scale) Investment corporation bonds (left scale) LTV (Interest-bearing debt to total assets) (right scale) （Billion yen） 99.6 （％） 97.5 97.7 600 95.1 100 95.2 95.0 95.2 93.3 95.2 95.1 92.9 94.2 93.8 94.0 92.6 92.9 9
Slide 57: Lenders & Borrowings
5 Lenders & Borrowings （Million yen） 2H/2020 1H/2021 Repayment Lender Method Other 39th Period End 40th Period End Short-Term Sumitomo Mitsui Banking Corporation 10,000 - Borrowings Subtotal 10,000 - Development Bank of Japan Inc. 76,500 79,500 MUFG Bank,LTD. 64,000 79,000 Sumitomo Mitsui Banking Co
Slide 58: Overview of Unit Ownership
6 Overview of Unit Ownership Ownership by Unitholder Number of Unitholders by Type Dec. 31, 2020 Jun. 30, 2021 Dec. 31, 2020 Jun. 30, 2021 PoP PoP Change Unitholder Category (39th Period end) (40th Period end) Unitholder Category (39th Period end) (40th Period end) Change Units % Units % Units Units
Slide 59: Historical Summary of Main Management Indicators and Other Data
7 Historical Summary of Main Management Indicators and Other Data 36th Period 37th Period 38th Period 39th Period 40th Period 1H/2019 2H/2019 1H/2020 2H/2020 1H/2021 Note 1: NOI from property leasing activities does not Operating revenues (Million yen) 38,529 39,134 38,591 41,747 46,213 include such
Slide 60: Property Portfolio Overview (1/2)
8 Property Portfolio Overview (1/2)(23 Wards of Tokyo) ● 23 Wards of Tokyo Occupancy Total Occupancy Total Total Total Leased Total Total Leased Rate at Number Rate at Number Property Name Rentable Area (㎡) PML (%) Property Name Rentable Area (㎡) PML (%) End of of End of of Area (㎡) (incl. subleases
Slide 61: Property Portfolio Overview (2/2)
8 Property Portfolio Overview (2/2)(Other Greater Tokyo & Other Cities) ●Other Greater Tokyo ●Other Cities Occupancy Total Occupancy Total Total Total Leased Total Total Leased Rate at Number Rate at Number Property Name Rentable Area (㎡) PML (%) Property Name Rentable Area (㎡) PML (%) End of of End
Slide 62: Appraisal Value (1/3)
9 Appraisal Value(1/3)(23 Wards of Tokyo) ● 23 Wards of Tokyo 1H/2021 40th Period End 2H/2020 39th Period End Direct Direct Unrealized Gain PoP Change in Acquisition Price (1) (Loss) Appraisal Value Property Name (2) Return DCF Method (3) Return DCF Method （million yen） Book Value at (2) - (1) (2) -
Slide 63: Appraisal Value (2/3)
9 Appraisal Value(2/3)(23 Wards of Tokyo) 1H/2021 40th Period End 2H/2020 39th Period End Direct Direct Unrealized Gain PoP Change in Acquisition Price (1) (Loss) Appraisal Value Property Name (2) Return DCF Method (3) Return DCF Method （million yen） Book Value at (2) - (1) (2) - (3) Appraisal Value
Slide 64: Appraisal Value (3/3)
9 Appraisal Value(3/3)(Other Greater Tokyo & Other Cities) ●Other Greater Tokyo / Other Cities 1H/2021 40th Period End 2H/2020 39th Period End Direct Direct Unrealized Gain PoP Change in Acquisition Price (1) (2) (Loss) Appraisal Value Property Name Return DCF Method (3) Return DCF Method （million y
Slide 65: Revenue by Property (1/3)
10 Revenue by Property (1/3)(23 Wards of Tokyo) ●23 Wards of Tokyo (ｍillion yen） NBF NBF NBF NBF Kowa Nishi- Celestine NBF NBF Toranomon NBF Shinjuku Shinjuku Roppongi GranTokyo Shinagawa Shiba Minami- G-BASE Shibuya Ginza Street Nishi- River City Shinjuku Shiba Mitsui Platinum COMODIO Kotohira Ocha
Slide 66: Revenue by Property (2/3)
10 Revenue by Property (2/3)(23 Wards of Tokyo) ●23 Wards of Tokyo (million yen） NBF Osaki Nakanosakau Ueno Osaki Bright Osaki Bright NBF Higashi Toyo-cho NBF NBF Gate City NBF Toyosu NBF Toyosu Nakameguro NBF Ueno Bldg. e Sunbright East Tower Core - Bright Tower Ikebukuro Gotanda Center Bldg. Ikebu
Slide 67: Revenue by Property (3/3)
10 Revenue by Property(3/3)(Other Cities) ●Other Cities (million yen） Sumitomo NBF NBF NBF Sapporo NBF Niigata Nagoya Nagoya Nakanoshima Sakaisuji- Hiroshima NBF Sapporo NBF Unix Mitsui NBF Nagoya Aqua Dojima Shinanobashi Sun Mullion Hiroshima Matsuyama Hakata Gion Minami Nijo Telecom Mitsui New Mit
Slide 68: Portfolio Map
Portfolio Map [ Tokyo: 23 Wards and Central 5 Wards | 187419), 16) = JR = Subway Ale 23 Wards of Tokyo 49 Properties ¥1 s1 31 0 billion Other Cities 1 8 Properties ¥1 53.9 billion NBF Nippon Building Fund | Greater Tokyo outside the 23 wards | Other Greater Tokyo 8 Properties ¥82.6 billion 7 Acquisi
Slide 69: Properties (1/4) (23 Wards of Tokyo)
12 Properties (1/4)(23 Wards of Tokyo) 1 Shinjuku Mitsui Bldg. 5 Celestine Shiba Mitsui Bldg. 9 NBF COMODIO Shiodome 13 NBF Shibuya Garden Front 13 17 River City M-SQUARE Nishi-Shinjuku 2-1- 23-1, Shiba 3- 14-1, Higashi- 1-6, Tsukuda 2- Location Location Location 25-18, 26-3, Shibuya Location Locati
Slide 70: Properties (2/4) (23 Wards of Tokyo)
12 Properties (2/4) (23 Wards of Tokyo) 21 Yotsuya Medical Bldg. 25 NBF Akasaka Sanno Square 29 NBF Higashi-Ginza Square 33 Ryukakusan Bldg. 37 Nakanosakaue Sunbright Twin Location 20, Samoncho, 2-12, Akasaka 2- 13-14, Tsukiji 1- 5-12, Higashi- 46-1, 4, Honcho 2- Location Location Location Location
Slide 71: Properties (3/4)
12 Properties (3/4) (23 Wards of Tokyo & Other Greater Tokyo) 41 Osaki Bright Core - Bright Plaza 45 NBF Ikebukuro East 49 NBF Ikebukuro City Bldg. 50 Chofu South Gate Bldg. 54 Tsukuba Mitsui Bldg. Bright Core: 4-3, Higashi- 17-8, Higashi- 6-1, Takezono 1- Location Location Location Location 48-26,
Slide 72: Properties (4/4) (Other Cities)
12 Properties (4/4)(Other Cities) 58 Sapporo L-Plaza 62 Sumitomo Mitsui Banking Nagoya Bldg. 66 Aqua Dojima NBF Tower 70 Sun Mullion NBF Tower 74 Hakata Gion M-SQUARE 28, Kita Hachijo 18-19, Nishiki 2- 4-16, 6-12, Minami- Location 2-1, Reisenmachi, Location Location Location Location Nishi chome, Do
Slide 73: Disclaimer
Disclaimer This English language notice is a translation of the Japanese language Investor Presentation dated August 17, 2021 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 acc