Nippon Building Fund, Inc. · TSE:8951

Nippon Building Fund — H2 2018 Earnings Presentation

71 slides from Nippon Building Fund's earnings presentation, Feb 18, 2019

  1. Slide 1: July-December 2018 (85th Period) Investor Presentation

    A July-December 2018 (85th Period) £ : A Investor Presentation February 18, 2019 NBF Nippon Building Fund Inc. Nippon Building Fund Nippon Building Management Ltd.

  2. Slide 2: Contents

    CONTENTS 1. Financial Highlights 7. ESG Initiatives 1-1 Financial Highlights (1/3) 3 7-1 ESG Initiative Policy 42 1-1 Financial Highlights (2/3) 4 7-2 Environment Initiatives(1/3) 43 1-1 Financial Highlights (3/3) 5 7-2 Environment Initiatives(2/3) 44 7-2 Environment Initiatives(3/3) 45 2. Financial

  3. Slide 3: 1. Financial Highlights

    1. Financial Highlights 2

  4. Slide 4: Financial Highlights (1/3)

    1-1 Financial Highlights (1/3) Actual Forecast 2H/2018 1H/2019 2H/2019 (37th Period) (35th Period) (36th Period) (Reference) PoP Change Total operating revenues 37,468 million yen +832 million yen +2.3% 38,223 million yen 38,917 million yen Operating income 16,031 million yen +256 million yen +1.6%

  5. Slide 5: Financial Highlights (2/3)

    1-1 Financial Highlights (2/3) （As of December 31, 2018） Average Occupancy Unrealized gain Total assets on appraisal value Location Rate during Note 1 the Period Assets 23 wards of Tokyo:80.8％ 1,024.8 billion yen 243.8 billion yen Central 5 wards of Tokyo: 99.5% 51.0％ Long-term fixed-rate Average LT

  6. Slide 6: Financial Highlights (3/3)

    1-1 Financial Highlights (3/3) Distributions per Unit (DPU) NAV per Unit （yen） （yen） 11,000 600,000 10,283 545,190 10,000 550,000 537,915 9,650 523,821 9,370 505,308 9,129 497,513 9,000 8,867 500,000 484,767 8,397 8,000 450,000 7,000 400,000 6,000 350,000 0 5,000 0 300,0000 1H/'16 2H/'16 1H/'17 2H/'

  7. Slide 7: 2. Financial Results

    2. Financial Results 【Definition of Term】 Fiscal period Terms Definitions Property Name 3 properties Roppongi T-CUBE, acquired in 3 properties acquired (including additional acquisition) during Celestine Shiba Mitsui, Bldg. (additional acquisition) previous the period ended June 30, 2018 (34th Perio

  8. Slide 8: 2H/2018 (35th Period) Statement of Income

    2-1 2H/2018 (35th Period) Statement of Income (million yen) ●Summary of PoP Change (million yen) 1H/2018 2H/2018 PoP Change (34th Period) (35th Period) Amount Percentage Total operating revenues: +832 Total operating revenues 36,635 37,468 832 2.3% Rental revenues +1,074 Operating revenues 36,251 37

  9. Slide 9: 2H/2018 (35th Period) Balance Sheet

    2-2 2H/2018 (35th Period) Balance Sheet Assets (million yen) June 30,2018 December 31,2018 PoP Change (34th Period end) (35th Period end) Amount Percentage ●Summary of PoP Change (million yen) Current assets 14,468 21,408 6,939 48.0% Cash and cash equivalents 12,475 20,206 7,731 62.0% Total assets:

  10. Slide 10: Memo

    — Nippon Bufiding Func (MEMO)

  11. Slide 11: 3. Operating Results & Outlook

    3. Operating Results & Outlook 10

  12. Slide 12: External Growth (1/4)

    3-1 External Growth（1/4） Achieved mid-to-long term, comprehensive improvement in profitability, G-BASE田町 through replacement of properties in the portfolio. Acquisition Properties Effect of Replacement ・Asset Scale Expansion G-BASE Osaki Bright Core TAMACHI -Bright Plaza Total acquisition price: ¥1,

  13. Slide 13: External Growth (2/4) G-BASE TAMACHI

    3-1 External Growth（2/4） G-BASE TAMACHI Property Features • A new property completed in January 2018. Mitsui Fudosan and Shimizu Corporation led development. We plan to acquire a 70% stake on March 29, 2019 and the remaining 30% stake on April 25, 2019. 【Location】 • Conveniently located near transpo

  14. Slide 14: External Growth (3/4) Osaki Bright Core - Bright Plaza

    3-1 External Growth（3/4） Osaki Bright Core – Bright Plaza (Additional acquisition) ●Osaki Bright Core ●Osaki Bright Plaza Property Features  NBF’s total investment is ¥18.4 billion with the additional acquisition of Mitsui Fudosan’s ownership interest. 【Location】  The property has convenient acces

  15. Slide 15: External Growth (4/4)

    3-1 External Growth（4/4） ●Disposition Summary(36thPeriod) ●Internal Reserves NBF Shibakouen Daimon Street Bldg. NBF Utsonomiya Bldg. (Million yen） 8,000 7,287 Reversal of reserve for advanced deprecation 6,823 6,823 7,000 6,439 464 Provision of reserve for advanced deprecation 383 6,000 1,452 4,987

  16. Slide 16: Internal Growth (1/3)

    3-2 Internal Growth （1/3） ●Average occupancy rate during the period, the percentage of floor space of tenants moving in and out （％） （Forecast） （％） 15.0 99.5 100.0 Average occupancy rate during the period (right scale)Note 1 99.3 99.4 99.0 Percentage of floor space of tenants moving in (left scale)No

  17. Slide 17: Internal Growth (2/3)

    3-2 Internal Growth （2/3） ●Breakdown of PoP Change in Rental Revenues from Exsiting Properties (rent revisions and replacement, etc.) （％） （Forecast） 3.0 Rent revision Replacement, etc. Rent revision ＋ Replacement, etc. 2.0 1.0 0.0 -1.0 We forecast that rent revisions will be net positive PoP for the

  18. Slide 18: Mitsubishi Heavy Industries Head Office Building Initiatives 1

    3-2 Internal Growth（3/3） Mitsubishi Heavy Industries Head Office Building Initiatives 1 ●Mitsubishi Heavy Industries Head Office Building Initiatives Overview Key Features of the Initiatives Mitsubishi Heavy Industries ("MHI"), the tenant in the Mitsubishi Heavy ●The existing lease contract with MHI

  19. Slide 19: Mitsubishi Heavy Industries Head Office Building Initiatives 2

    3-2 Internal Growth （3/3）Mitsubishi Heavy Industries Head Office Building Initiatives 2 Mitsubishi Heavy Industries Head Office Building Property Features 【Acquisition Background】  Developed as a large office building located in the center of Shinagawa Grand Commons, a large-scale development on th

  20. Slide 20: Finance (1/2)

    3-3 Finance（1/2） ●Financial Data ●Interest-Bearing Debt （Million yen） 1H/2018 2H/2018 PoP 1H/2018 2H/2018 PoP (34th Period) (35th Period) Change (34th Period) (35th Period) Change LTV 40.9％ *40.8％ -0.1pt Short-Term Borrowings 4,000 0 -4,000 Long-Term Fixed-Rate Long-Term Borrowings 93.3％ 92.6％ -0.7p

  21. Slide 21: Finance (2/2)

    3-3 Finance（2/2） ●New Funding and Repayment ● Long-Term Borrowings Procured in 2H/2018 (35th Period) 2H/2018 (35th Period) Long-Term Borrowings & Investment Corporation Bonds ・Long-term borrowings Repayment Overview New Funding Overview Financing Lender Amount Term Fixed/ Interest Date （Million yen）

  22. Slide 22: Appraisal Value Assessment

    3-4 Appraisal Value Assessment ●Appraisal Value ●Appraisal Value & Book Value (Billion yen) 1,400 1H/2018 2H/2018 PoP (34rd Period end) (35th Period end) Change Book value (period end) Appraisal value (period end) Number of properties 72 properties 72 properties - Appraisal 1,200 value 1,232.1 billi

  23. Slide 23: Forecast

    Forecast NBF 22

  24. Slide 24: 1H/2019 (36th Period) Forecast

    4-1 1H/2019 (36th Period) Forecast ●Summary of PoP Change for 1H/2019 (Million yen） （Million yen） 2H/2018 1H/2019 2H/2019 +755 PoP Change PoP Change Total operating revenues （Actual） （Forecast） (Reference) (35th Period） (36th Period） Amount Percentage (37th Period） Amount Percentage Rental revenues

  25. Slide 25: Performance Forecast

    (Reference) Performance Forecast Rental revenues Operating income from property leasing activities （Million yen） Previous period Internal growth External growth Rental revenues （Million yen） 35,500 35,150 18,500 18,118 35,000 34,444 18,000 17,822 17,634 34,500 34,081 17,500 34,000 17,000 33,500 16,5

  26. Slide 26: Memo

    — Nippon Bufiding Func (MEMO) 25

  27. Slide 27: Market Data

    Market Data NBF 26

  28. Slide 28: Trends in the Office Building Leasing Market (1/2)

    5-1 Trends in the Office Building Leasing Market （1/2） ●Market Rents for Office Buildings in Tokyo Business Districts* (Average Asking Rent & Average Vacancy Rate) （Yen/tsubo） (％） 9.43％ 25,000 10.00 （‘12.6） 8.57％ 22,901 yen （‘03.6・8） （‘08.8） 9.00 8.00 21,010 yen （‘19.1） 7.00 20,000 6.00 5.00 17,526

  29. Slide 29: 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 April 27, 2018 300 （Forecast） 250 Average of 1.01 million m2/year 2

  30. Slide 30: 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 Source: Compiled by asset management company from da

  31. Slide 31: 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 （yen） （pt） 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

  32. Slide 32: Memo

    — Nippon Bufiding Func (MEMO) 31

  33. Slide 33: 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 32

  34. Slide 34: 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) （Billion yen） Central 5 Wards of Tokyo (incl. in abo

  35. Slide 35: 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 10,887 12,000 11,126 10,064 10,283 9,695 9,904 9,836 9,650 9,513 8,645 8,523 9,612 8,562 8,645 9,370 8,126 8,427 8,397 8,867 9,129 9,000 7,683 8,446 7,747 8,152 8,001 7,592 7,569 7,600 7,740 7,877 7,681 7,78

  36. Slide 36: The Largest J-REIT in Size

    6-2 The Largest J-REIT in Size （As of December 31, 2018) ●Market Capitalization Ratio of J-REITs （Billion yen） 975.6 billion yen by Type 1,000 900 Office buildings 800 J-REIT Total Market Capitalization 22.0% … 12,970.3 billion yen 700 Diversified and hybrid 600 44.3% Logistics 11.2% 500 400 300 Res

  37. Slide 37: A Portfolio Focused on Tokyo

    6-3 A Portfolio Focused on Tokyo ● Investment Ratio by Area ● Continued Appraisal Value & Floor Space (Acquisition price basis; as of December 31, 2018) (20 properties over 10,000 tsubo) 23 Wards of Tokyo Other Greater Tokyo Other Cities Continued Appraisal Value *The size of the dot for each proper

  38. Slide 38: 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

  39. Slide 39: 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 （％） NBF’s Average occupancy rate during the period (nationwide)Note 1 (left scale) （10 thousand ㎡） Reference: Average market occupancy rate during the periodNote 2 (Tok

  40. Slide 40: Collaboration with Sponsor (3/3) Property Management

    6-4 Collaboration with Sponsor (Mitsui Fudosan Group) (3/3) Property Management ●Property Management Structure ●Strategic Additional Investment with Clear Objectives • Formulate & execute management & operation plans Formulate and execute • Formulate & execute large-scale repair plans Set building g

  41. Slide 41: Stable Financial Management

    6-5 Stable Financial Management ●LTV & Long-Term Fixed-Rate Debt Ratio ●Average Maturity (Long-Term Interest-Bearing Debt) （％） （Years） 6 100 5 5.60 96.5 94.0 5.16 5.15 5.22 5.24 90 95.2 93.8 95.2 4 4.99 92.5 93.3 92.6 4.02 4.11 長期固定金利比率 Target ターゲット：90％以上 : 90% or higher for the long-term 3 80 fixed

  42. Slide 42: 7. ESG Initiatives

    7. ESG Initiatives （Initiatives by NBF and NBFM） 41

  43. Slide 43: ESG Initiative Policy

    7-1 ESG Initiative Policy NBFM believes ESG initiatives lead to improving the competitiveness of the portfolio.NBFM is promoting various initiatives, such as the reduction of environmental load in our portfolio management, considerations for stakeholders such as local communities and employees, etc.

  44. Slide 44: Environment Initiatives (1/3)

    7-2 Environment Initiatives （1/3） ● Initiatives for Green Building Certification ・NBF endeavors to utilize DBJ Green Building Certifications in an aim to increase the credibility and objectivity of its efforts to reduce environmental load as well as increase the value of its buildings in the mid-to-

  45. Slide 45: Environment Initiatives (2/3)

    7-2 Environment Initiatives （2/3） ● Environment Initiatives : Some Examples Environmental Performance Improvement of Environmental Performance through Building / Facility Renovations / Retrofits ●Environmental perfomance indicators are improved in FY2017. ●NBF promotes installation of high-efficienc

  46. Slide 46: Environment Initiatives (3/3)

    7-2 Environment Initiatives （3/3） ● Promoting LED lighting（tenant areas・common areas） Target Case Examples(35th Period) ●Reduction of CO2 emissions 【Yokohama ST Bldg.（Tenant Areas・Common Areas）】 ●Improvement in asset value by green building initiative ● Meeting Tenants’ needs ・Switching to LED light

  47. Slide 47: Social Initiatives

    7-3 Social Initiatives ●Social Initiatives : Some Examples Initiatives for Local Communities Initiatives for Tenants ●As a part of local communities, NBF holds initiatives such as ● NBF endeavors to improve safety and security as well as the lunchtime concerts, water sprinkling programs for cooling

  48. Slide 48: Governance Initiatives

    7-4 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 governan

  49. Slide 49: Memo

    — Nippon Bufiding Func (MEMO) 48

  50. Slide 50: Appendix

    og Appendix NBF 49

  51. Slide 51: 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 December 31, 2018) Warehousing & Transportation Other Ratio of Total 1.8% 8.6% Leased Areas Tenant Name Leased Property Rentable Other products (㎡) Service 19.9%

  52. Slide 52: Floor Space of Tenants Moving in and out by Property (2H/2018)

    NBF Kumamoto Bldg. Hakata Gion M-SQUARE NBF Matsuyama Nichigin-mae Bldg. Hiroshima Fukuromachi Bldg. Other Cities NBF Hiroshima Tatemachi Bldg. Number in parenthesis is an average of total rentable area at the end of each month Sun Mullion NBF Tower Sakaisuji-Honmachi Center Bldg. Shinanobashi Mitsu

  53. Slide 53: Property Age

    3 Property Age 1H/2018 2H/2018 （34th Period） （35th Period） 17.5% 17.5% 34.9% 34.9％ Average Property Age Average Property Age 18.32 years 18.82years 47.6% 47.6％ 10 years or less 11-20 years Over 20 years 52

  54. Slide 54: 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 97.7 600 100 95.2 95.0 95.2 93.3 92.6 95.2 95.1 92.9 94.2 93.8 94.0 97.7 96.4 9

  55. Slide 55: Lenders & Borrowings

    5 Lenders & Borrowings （Million yen） 1H/2018 2H/2018 Repayment Lender Other 34th Period End 35th Period End Method Sumitomo Mitsui Trust Bank, Ltd. 1,000 - Unsecured, Shinkin Central Bank 1,000 - Lump sum unguaranteed, Short-Term repayment on Resona Bank, Ltd. 1,000 - ranked pari Borrowings due date

  56. Slide 56: Overview of Unit Ownership

    6 Overview of Unit Ownership Ownership by Unitholder Number of Unitholders by Type Jun. 30, 2018 Dec. 31, 2018 Jun. 30, 2018 Dec. 31, 2018 PoP PoP Change Uniholder Category (34th Period end) (35th Period end) (34th Period end) (35th Period end) Change Uniholder Category Units % Units % Units Units %

  57. Slide 57: Historical Summary of Main Management Indicators and Other Data

    7 Historical Summary of Main Management Indicators and Other Data 31st Period 32nd Period 33rd Period 34th Period 35th Period 2H/2016 1H/2017 2H/2017 1H/2018 2H/2018 Operating revenues (Million yen) 35,849 36,409 42,125 36,635 37,468 Note 1: NOI from property leasing activities does not include such

  58. Slide 58: Property Portfolio Overview (1/2) – 23 Wards of Tokyo

    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

  59. Slide 59: Property Portfolio Overview (2/2) – Other Greater Tokyo & Other Cities

    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 En

  60. Slide 60: Appraisal Value (1/3) – 23 Wards of Tokyo

    9 Appraisal Value (1/3) – 23 Wards of Tokyo ●23 Wards of Tokyo 2H/2018 35th Period End 1H/2018 34th 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)

  61. Slide 61: Appraisal Value (2/3) – 23 Wards of Tokyo

    9 Appraisal Value (2/3) – 23 Wards of Tokyo 2H/2018 35th Period End 1H/2018 34th 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 Val

  62. Slide 62: Appraisal Value (3/3) – Other Greater Tokyo & Other Cities

    9 Appraisal Value (3/3) – Other Greater Tokyo & Other Cities ●Other Greater Tokyo / Other Cities 2H/2018 35th Period End 1H/2018 34th Period End Unrealized Gain PoP Change in (1) Direct Direct Acquisition Price (2) (3) (Loss) Appraisal Value Property Name Book Value at Return DCF Method Return DCF M

  63. Slide 63: Revenue by Property (1/3) – 23 Wards of Tokyo

    10 Revenue by Property (1/3) – 23 Wards of Tokyo ●23 Wards of Tokyo (Million yen） Mitsubishi Kowa Heavy NBF NBF NBF NBF Nishi- Celestine NBF NBF Toranomon NBF Shinjuku NBF Nishi- Roppongi Industries Shiba Minami- Shibuya Ginza Street River City Shinkawa Shinbashi Shinjuku Shiba Mitsui Platinum COMOD

  64. Slide 64: Revenue by Property (2/3)

    10 Revenue by Property (2/3) – 23 Wards of Tokyo & Other Greater Tokyo ●23 Wards of Tokyo (Million yen） Ueno Osaki Bright NBF Higashi Toyo-cho NBF NBF NBF Toyosu NBF Toyosu Nakameguro NBF Ueno East Tower Core - Bright Ikebukuro Gotanda Center Bldg. Ikebukuro Ikebukuro Canal Front Garden Front GT Tow

  65. Slide 65: Revenue by Property (3/3) – Other Cities

    10 Revenue by Property (3/3) – Other Cities ●Other Cities (Million yen） Sumitomo NBF NBF NBF Sapporo Nakanoshima Sakaisuji- Hiroshima NBF Sapporo NBF Unix NBF Niigata Mitsui NBF Nagoya Aqua Dojima Shinanobashi Sun Mullion Hiroshima Matsuyama Hakata Gion Minami Nijo Central Honmachi Fukuromachi Kumam

  66. Slide 66: Portfolio Map

    Portfolio Map . Kita-ku Of nif 46) - Toshima-ku, / » 47143 2 Sumida-ku Le ™ Other Cities 1 6 Properties ¥1 27.6 billion 23 Wards of Tokyo 47 Properties ¥892.3.on f 4 Spe Other Greater Tokyo Qproperties ¥85.0 billion 65 NBF Nippon Building Fund - Acquisition Price (Total) — 72 Properties ¥1 1 05.0 bi

  67. Slide 67: Properties (1/4) – 23 Wards of Tokyo

    12 Properties (1/4) – 23 Wards of Tokyo 1 Roppongi T-CUBE 5 Shiba NBF Tower 9 Toranomon Kotohira Tower 13 Shinjuku Mitsui Bldg. No.2 17 NBF Shinkawa Bldg. 1-1, Roppongi 1-30, Shiba 2-8, Toranomon 2-11, Nishi- Location 31-1, 31-7, 20-15, Location Location Location Location 3-chome, Daimon 1-chome, Sh

  68. Slide 68: Properties (2/4) – 23 Wards of Tokyo

    12 Properties (2/4) – 23 Wards of Tokyo 21 NBF Shibuya East 25 NBF Shibakouen Daimon Street Bldg. 29 Panasonic Tokyo Shiodome Bldg. 33 Jingumae M-SQUARE 37 NBF Toyosu Canal Front 3-5, Shibuya 3- Location 8-12, Shibakouen 5-1, Higashi- 4-16, Jingumae 1- 6-52, Toyosu 5- Location Location Location Loca

  69. Slide 69: Properties (3/4) – 23 Wards of Tokyo & Other Greater Tokyo

    12 Properties (3/4) – 23 Wards of Tokyo & Other Greater Tokyo 41 Osaki Bright Core - Bright Plaza 45 Toyo-cho Center Bldg. 48 Chofu South Gate Bldg. 52 Tsukuba Mitsui Bldg. 56 NBF Matsudo Bldg. Bright Core: Location 48-26, Kojimacho 6-1, Takezono 1- 18-4, Hon-cho, Location Location 3-2, Toyo 2-chome

  70. Slide 70: Properties (4/4) – Other Cities

    12 Properties (4/4) – Other Cities 57 Sapporo L-Plaza 61 Sumitomo Mitsui Banking Nagoya Bldg. 65 Shinanobashi Mitsui Bldg. 69 Hiroshima Fukuromachi Bldg. 28, Kita Hachijo 18-19, Nishiki 2- 11-7, 5-25, Fukuromachi, Location Location Location Location Nishi chome, Utsubohonmachi Nakaku, 3-chome, kita-

  71. Slide 71: Disclaimer

    Disclaimer This English language notice is a translation of the Japanese language Investor Presentation dated February 18, 2019 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 — H2 2018 Earnings Presentation on 6ix