Nippon Building Fund, Inc. · TSE:8951
Nippon Building Fund — H1 2020 Earnings Presentation
73 slides from Nippon Building Fund's earnings presentation, Aug 18, 2020
Slide 1: Investor Presentation January-June 2020 (38th Period)
January-June 2020 (38th Period) Investor Presentation August 18, 2020 Nippon Building Fund Inc. Nippon Building Fund Management Ltd. 0
Slide 2: Contents
CONTENTS NBF Policies and Initiatives for COVID-19 3 6-4 Collaboration with Sponsor (Mitsui Fudosan Group) (2/3) Leasing 39 1. Financial Highlights 6-4 Collaboration with Sponsor 1-1 Financial Highlights (1/3) 5 (Mitsui Fudosan Group) (3/3) Property Management 40 1-1 Financial Highlights (2/3) 6 6-5
Slide 3: Memo
dl NBF «MEMO)
Slide 4: NBF Policies and Initiatives for COVID-19
NBF Policies and Initiatives for COVID-19 NBF Initiatives Maximize unitholder value by building good long-term relationships with all stakeholders 【Provide Safety and Security】 • Temporary rent reduction and payment deferral • Installation of disinfectant dispensers in common areas Tenants • Instruc
Slide 5: 1. Financial Highlights
1. Financial Highlights 4
Slide 6: Financial Highlights (1/3)
1-1 Financial Highlights （1/3） Actual Forecast 1H/2020 2H/2020 1H/2021 (38th Period) (39th Period) (40th Period) PoP Change Total operating revenues 38,591 million yen -543 million yen -1.4% 41,732 million yen 40,506 million yen Operating income 16,760 million yen -155 million yen -0.9% 17,828 milli
Slide 7: Financial Highlights (2/3)
1-1 Financial Highlights （2/3） Average Occupancy Unrealized gain Total assets on appraisal value Location Rate during Note 1 the Period Asset 81.5％ 1,135.5 billion yen 281.4 billion yen 99.4% 23 wards of Tokyo: Central 5 wards of Tokyo:51.6 ％ Long-term fixed-rate Average LTV Average maturity debt ra
Slide 8: Financial Highlights (3/3)
1-1 Financial Highlights （3/3） 19-year track record of stable distributions per unit and NAV per unit Distributions per Unit (DPU) NAV per Unit （yen） （yen） 12,000 600,000 572,136 11,011 10,986 566,917 11,000 558,516 10,560 550,000 545,190 10,283 537,915 10,000 9,650 523,821 9,370 500,000 9,000 8,000
Slide 9: 2. Financial Results
2. Financial Results 【Definition of Term】 Fiscal period Terms Definitions Property Name Nishi-Shinjuku Mitsui Bldg. (37th Period additional acquisitions) 2H 2019(37th Period):3properties acquired Kowa Nishi-Shinbashi Bldg. B (37th Period additional acquisitions) properties acquired 1H 2020 (38th Per
Slide 10: 1H/2020 (38th Period) Statement of Income
2-1 1H/2020 (38th Period) Statement of Income (million yen） ●Summary of PoP Change （million yen） 2H/2019 1H/2020 PoP Change (37th Period) (38th Period) Amount Percentage Total operating revenues: -543 Total operating revenues 39,134 38,591 -543 -1.4% Rental revenues +617 Operating revenues 39,134 38
Slide 11: 1H/2020 (38th Period) Balance Sheet
2-2 1H/2020 (38th Period) Balance Sheet (million yen） ●Summary of PoP Change Assets （million yen） December 31,2019 June 30,2020 PoP Change (37th Period end) (38th Period end) Amount Percentage Total assets: +1,721 Current assets 17,058 18,718 1,660 9.7% Current assets +1,660 Cash and cash equivalent
Slide 12: Memo
dl NBF «MEMO) 11
Slide 13: 3. Operating Results & Outlook
3. Operating Results & Outlook 12
Slide 14: Operating Policies to Accommodate COVID-19
Operating Policies to Accommodate COVID-19 Targeting stable operations by flexibly adapting to markets 【Current Initiatives and NBF’s Impact】 【Outlook】 Office Market Trends Diversifying Office Use • Increase in telecommuting (telecommuting ratio among • Work styles are becoming more diverse, suc
Slide 15: NBF's Growth Strategies
NBF’s Growth Strategies Targeting additional growth by leveraging our strong ability to adapt to markets 【NBF’s Features and Strengths】 The longest track record among J-REITs • Extensive experience and expertise acquired over 19 years since listing(Distributions in 38 periods) • Adapted to major ext
Slide 16: External Growth
3-1 External Growth Property Acquisitions 38th Period (1H/’20) 39th Period (2H/‘20) Tokyo 23 Tokyo 23 wards Other cities Other cities wards Osaki Bright Core – OSAKI BRIGHT Nagoya Mitsui Main Nagoya Mitsui New Bright Plaza TOWER Building Building Acquisition price ¥2.8 billion ¥13.97 billion ¥13.05
Slide 17: External Growth (acquisition planned in 39th Period) (1/2)
3-2 External Growth (acquisition planned in 39th Period) (1/2) OSAKI BRIGHT TOWER Osaki Bright Core – Bright Plaza (Additional Acquisition ) Kita-Shinagawa, Location Acquisition of newly Building Tokyo CBD from Shinagawa-ku, Tokyo March 26, 2020 sponsor Acquisition date Acquisition price ¥2.80 billi
Slide 18: External Growth (acquisition planned in 39th Period) (2/2)
3-2 External Growth (acquisition planned in 39th Period) (2/2) Nagoya Mitsui Main Building & New Building Property Features Acquisition of major sponsor flagship properties ■NBF trophy properties in Nagoya in Nagoya • Highly convenient with a direct underground connection to Nagoya station Main New
Slide 19: External Growth: NBF Shinkawa Building Disposition
3-3 External Growth: NBF Shinkawa Building Disposition NBF Shinkawa Bldg. （East Bldg. & Residential Tower） ● Retained Profits Replaces to fully occupied assets 10,000 (million yen） (Forecast) 8,912 8,373 539 8,000 7,302 1,071 West Building East Building & 478 Residential Tower 6,000 4,000 2,000 0 20
Slide 20: Internal Growth (1/2)
3-4 Internal Growth(1/2) Impact of COVID-19: Conservative outlook for moving in and out ●Average occupancy rate during the period, the percentage of floor space of tenants moving in and out （％） （％） （ Forecast ） 15.0 100.0 98.7 98.8 99.5 99.5 98.2 99.3 99.4 99.4 97.9 99.0 10.0 98.0 98.0 5.0 4.3 96.0
Slide 21: Internal Growth (2/2)
3-5 Internal Growth(2/2) * ● Breakdown of PoP Change in Rental Revenues from Existing Properties (rent revisions and replacement, etc.) （％） （ Forecast ） 4.0 Rent revision Replacement, etc. 3.0 Rent revision ＋ Replacement, etc. 2.0 1.0 0.0 -1.0 -2.0 -3.0 -4.0 1H/'16 2H/'16 1H/'17 2H/'17 1H/'18 2H/'18
Slide 22: Finance (1/2)
3-6 Finance （1/2） Diversified maturities, stabilized funding, lowered cost of funding ●New Funding and Repayment ●Financial Data 1H/2020 (38th Period) Long-Term Borrowings & Investment Corporation Bonds 2H/2019 1H/2020 PoP (37th Period) (38th Period) Change Repayment Overview New Funding Overview LT
Slide 23: Finance (2/2)
3-6 Finance （2/2） ●Long-Term Borrowings Procured in 1H/2020 (38th Period) ●Interest-Bearing Debt （Million yen） Amount Term Fixed/ Interest Financing Date Lender 2H/2019 1H/2020 PoP (Million yen） (Years) Floating Rate (37th Period) (38th Period) Change Sumitomo Mitsui 2020/1/27 3,000 7.0 Fixed 0.27%
Slide 24: Appraisal Value Assessment
3-7 Appraisal Value Assessment ●Appraisal Value ●Appraisal Value & Book Value （Billion yen） 1,400 2H/2020 1H/2020 PoP (37th Period end) (38th Period end) Change Book value (period end) Appraisal value (period end) Number of properties 71 properties 71 properties - 1,200 Appraisal value 1,291.2 billi
Slide 25: 4. Forecast
Forecast NBF 24
Slide 26: 2H/2020 (39th Period), 1H/2021 (40th Period) Forecasts
4-1 2H/2020 (39th Period), 1H/2021 (40th Period) Forecasts (million yen） 1H/2020 2H/2020 1H/2021 （ million yen） PoP Change PoP Change （Actual） （Forecast） (Forecast) ●Summary of PoP Change 39th period 40th period (38th Period） (39th Period） Amount Percentage (40th Period） Amount Percentage Total oper
Slide 27: (Reference) Performance Forecast
（Reference） Performance Forecast Rental Revenues (Million yen) 37,000 +362 Million yen of revenue grows 36,500 +356 ▼745 747 36,252 36,000 35,890 +4 Property Rent replacement revision 35,500 Impact of External Covid-19 growth 35,0000 1H/’20 1 2 3 4 5 1H/’21 6 (Actual) (forecast) Interest 支払金利expense
Slide 28: Memo
dl NBF «MEMO) 27
Slide 29: 5. Market Data
Market Data NBF 28
Slide 30: 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 2020 was 2.77%, asking rents increased for the 79th consecutive month ●Market Rents for Office Buildings in Tokyo Business Districts* (Average Asking Rent & Average Vacancy Rate) （Yen/tsubo） (％） 25
Slide 31: 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 25, 2020 300 （Forecast） 250 Average of 1.03 million m2/year 216
Slide 32: 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 Source: Compiled by asset management compa
Slide 33: 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 34: 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 33
Slide 35: 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
Slide 36: 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 12,000 11,126 11,011 10,064 10,887 10,986 9,904 9,836 10,283 10,560 9,513 9,695 9,612 9,650 8,562 8,645 9,370 8,126 8,427 8,397 8,867 9,129 9,000 8,645 8,446 8,523 7,747 8,152 8,001 7,683 7,592 7,569 7,600 7
Slide 37: The Largest J-REIT in Size
6-2 The Largest J-REIT in Size （As of June 30, 2020） ●Market Capitalization Ratio of J-REITs （Billion yen） by Type 1,000 866.9 billion yen 900 Office buildings 800 J-REIT Total Market Capitalization 20.6% … 13,044.3 billion yen 700 Diversified and hybrid 600 42.4% 500 Logistics 18.7% 400 300 Hotel a
Slide 38: 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 June 30, 2020) (20 properties over 10,000 tsubo) *The size of the dot for each property Continued Appraisal indicates amount of NOI for the 36th Other Cities Value (B
Slide 39: Collaboration with Sponsor (Mitsui Fudosan Group) (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 40: Collaboration with Sponsor (Mitsui Fudosan Group) (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 99.5 99.5 99.4 99.4 210 NBF’s Average occupancy rate during the period (nationwide)Note 1 (left scale) 99.3 Reference: Average market occupancy
Slide 41: Collaboration with Sponsor (Mitsui Fudosan Group) (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 42: Stable Financial Management
6-5 Stable Financial Management ●LTV & Long-Term Fixed-Rate Debt Ratio ●Average Maturity (Long-Term Interest-Bearing Debt) （％） （years） 100 6 5 5.60 5.54 5.53 5.62 95.2 5.15 5.22 5.24 90 94.0 93.3 93.6 4 4.99 92.5 92.6 92.9 93.5 3 Target : 90% or higher for the long-term 80 fixed-rate debt ratio 2 1
Slide 43: 7. ESG Initiatives
7. ESG Initiatives (NBF and its asset management company) 42
Slide 44: ESG Initiatives (Highlights)
7-1 ESG Initiatives（Highlights） Environmental Consideration Initiatives Support for tenants related to COVID-19 Environmental initiatives have broadly enhanced Initiatives to stop the spread of infection environmental performance Other Initiatives Energy CO2 emissions • Installation of splash- consu
Slide 45: ESG Initiative Policy
7-2 ESG Initiative Policy NBFM are promoting ESG initiatives, such as the reduction of environmental load in portfolio management, considerations for stakeholders such as local communities and employees, etc., in accordance with the Basic Policy for ESG Initiatives. NBFM, in recognition of the impor
Slide 46: Environment Initiatives (1/2)
7-3 Environment Initiatives （1/2） ● Examples of Environmental Initiatives Following the policies of “promoting energy efficiency and reduction of CO2 emissions” and “preserving water environment, and promoting resource saving and waste reduction”, NBF invests in facilities for energy efficiency en
Slide 47: Environment Initiatives (2/2)
7-3 Environment Initiatives（2/2） ● Promoting LED lighting（tenant areas・common areas） Objectives Examples ●Reduce CO2 emissions. 【26 Properties Converted to LED in 38th Period】 ●Improve asset value through green building initiatives ●Meet tenant needs ●Representative examples of LED conversion Plan
Slide 48: Social Initiatives (1/2)
7-4 Social Initiatives(1/2) ●Social Initiatives : Some Examples Building management with consideration Initiatives for Tenants for a historical and cultural site 【Toranomon Initiatives to prevent the spread of Toranomon Kotohira Tower was developed with Kotohira Tower】 infection consideration to
Slide 49: Social Initiatives (2/2)
7-4 Social Initiatives(（2/2） ●Initiatives for NBFM Employees: Some Examples Securing talented professionals Supporting employees in COVID-19 NBFM takes in human resources who are experts in property Installation of employee assistance programs to provide safe work investment and management from
Slide 50: Governance Initiatives
7-5 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 51: Memo
dl NBF «MEMO) 50
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, 2020) Warehousing Other 8.6% Leased Areas Ratio of Total &Transportation Tenant Name Leased Property Rentable 1.7% (㎡) Service 21.9% Area (%) Other produc
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. 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
Slide 55: Property Age
3 Property Age 2H/2019 1H/2020 （37th Period） （38th Period） 15.9% 14.0% 42.3% 42.5% Average Property Age Average Property Age 19.2 years 19.7 years 41.7% 43.7% 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 97.7 600 100 95.2 95.0 95.2 93.3 93.593.6 95.2 95.1 92.9 94.2 93.8 94.0 92.6 92
Slide 57: Lenders & Borrowings
5 Lenders & Borrowings （Million yen） 2H/2019 1H/2020 Repayment Lender Other 37th Period End 38th Period End Method Short-Term Borrowings Subtotal - - Development Bank of Japan Inc. 76,500 76,500 MUFG Bank,LTD. 69,000 69,000 Sumitomo Mitsui Trust Bank, Ltd. 39,000 39,000 Sumitomo Mitsui Banking Corpo
Slide 58: Overview of Unit Ownership
6 Overview of Unit Ownership Ownership by Unitholder Number of Unitholders by Type Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 PoP PoP Change Uniholder Category (37th Period end) (38th Period end) Uniholder Category (37th Period end) (38th 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 34th Period 35th Period 36th Period 37th Period 38th Period Note 1: NOI from property leasing activities does not 1H/2018 2H/2018 1H/2019 2H/2019 1H/2020 include such items as gain or loss on sale of investment properties. Operating r
Slide 60: 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
Slide 61: 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
Slide 62: Appraisal Value (1/3) – 23 Wards of Tokyo
9 Appraisal Value（1/3） – 23 Wards of Tokyo ● 23 Wards of Tokyo 1H/2020 38th Period End 2H/2019 37th 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) – 23 Wards of Tokyo
9 Appraisal Value（2/3） – 23 Wards of Tokyo 1H/2020 38th Period End 2H/2019 37th 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 Valu
Slide 64: Appraisal Value (3/3) – Other Greater Tokyo & Other Cities
9 Appraisal Value（3/3） – Other Greater Tokyo & Other Cities ●Other Greater Tokyo / Other Cities 1H/2020 38th Period End 2H/2019 37th 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 Me
Slide 65: 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） NBF Kowa NBF NBF NBF Toranomon NBF NBF NBF Shinjuku NBF NBF Nishi- Celestine Nishi- Roppongi Shinagawa Shiba Minami- G-BASE Shibuya Ginza Street Mitsui Bldg. River City Shinkawa Shinjuku Shiba Mitsui Platinum COMODIO K
Slide 66: Revenue by Property (2/3)
10 Revenue by Property (2/3) – 23 Wards of Tokyo & Other Greater Tokyo ●23 Wards of Tokyo (Million yen） Osaki Bright Ueno Higashi Toyo-cho NBF NBF NBF Toyosu NBF Toyosu Nakameguro NBF Ikebukuro Core - Bright East Tower NBF Ueno Bldg. Gotanda Center Bldg. Ikebukuro Ikebukuro City Canal Front Garden F
Slide 67: Revenue by Property (3/3) – Other Cities
10 Revenue by Property (3/3) – Other Cities ●Other Cities (Million yen） Sumitomo NBF NBF NBF Sapporo NBF Niigata Nakanoshima Sakaisuji- Hiroshima NBF Sapporo NBF Unix Mitsui NBF Nagoya Aqua Dojima Shinanobashi Sun Mullion Hiroshima Matsuyama Hakata Gion Minami Nijo Telecom Central Honmachi Fukuromac
Slide 68: Portfolio Map
11 Portfolio Map Tokyo: 23 Wards and Central 5 Wards other routs subway 23 Wards of Tokyo 11.2% 43 properties 7.3% ¥929.4 billion 51.6% Other Cities 81.5% 67
Slide 69: Properties (1/4) – 23 Wards of Tokyo
12 Properties (1/4) – 23 Wards of Tokyo 1 Roppongi T-CUBE 六本木ティーキューブ 55 Shiba NBF Tower 芝NBFタワー 9 G-BASE TAMACHI 13 NBF Ginza Street Bldg. 13 17 NBF Toranomon Bldg. 1-1, Roppongi 1-30, Shiba 7-5, Ginza 5- 6-21, Nishi- 所 在 地 Location 東京都港区六本木 所 在 地 Location 東京都港区芝大門一丁目 Location 29-11,Shiba Location L
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 Panasonic Tokyo Shiodome Bldg. 33 Jingumae M-SQUARE 37 NBF Toyosu Canal Front Location 20, Samoncho, 2-12, Akasaka 2- 5-1, Higashi- 4-16, Jingumae 1- 6-52, Toyosu 5- Location Location Location Location ch
Slide 71: Properties (3/4) – 23 Wards of Tokyo & Other Greater Tokyo
12 Properties (3/4) – 23 Wards of Tokyo & Other Greater Tokyo 41 Ueno East Tower 45 Toyo-cho Center Bldg. 48 Chofu South Gate Bldg. 52 Tsukuba Mitsui Bldg. 16-1, Higashi-Ueno Location 3-2, Toyo 2-chome, Location 48-26, Kojimacho 6-1, Takezono 1- Location Location 2-chome, 2-chome, Chofu, chome, Koto
Slide 72: Properties (4/4) – Other Cities
12 Properties (4/4) – Other Cities 56 Sapporo L-Plaza 60 Sumitomo Mitsui Banking Nagoya Bldg. 64 Shinanobashi Mitsui Bldg. 68 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-
Slide 73: Disclaimer
Disclaimer This English language notice is a translation of the Japanese language Investor Presentation dated August 17, 2020 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