Nippon Building Fund, Inc. · TSE:8951

Nippon Building Fund — H1 2016 Earnings Presentation

67 slides from Nippon Building Fund's earnings presentation, Aug 16, 2016

  1. Slide 1: Results for January-June 2016 (30th Period) Investors Presentation

    Results for January-June 2016 (30th Period) Investors Presentation August 16, 2016 Nippon Building Fund Inc. Nippon Building Fund Management Ltd.

  2. Slide 2: Contents

    CONTENTS 1. Overview of NBF 5. Appendix 1-1 Features and Basic Policies 3 1 Trends in the Office Building Leasing Market (1/4) 33 1 Trends in the Office Building Leasing Market (2/4) 34 2. Financial Results & Forecast 1 Trends in the Office Building Leasing Market (3/4) 35 2-1 1H/2016 (30th Period)

  3. Slide 3: 1. Overview of NBF

    1. Overview of NBF NBF

  4. Slide 4: 1-1 Features and Basic Policies

    1-1 Features and Basic Policies NBF is an office-specialized J-REIT, sponsored by Mitsui Fudosan. (As of June 30, 2016) Portfolio Quality Financial Fundamentals Focused investment in highly competitive premium office building Sound LTV control Ratio of investment in central 5 wards: 51.0％ (acquisiti

  5. Slide 5: 2. Financial Results & Forecast

    2. Financial Results & Forecast Definition of Terms Fiscal period Terms Definitions Property Name 2 new 2 property acquired during the period ended June 30, 2016 (30th Period) Ueno East Tower, properties (One property is an additional acquisition) Kowa Nishi-Shinbashi Bldg. B(additional acquisition)

  6. Slide 6: 2-1 1H/2016 (30th Period) Financial Highlights (1/2)

    2-1 1H/2016 (30th Period) Financial Highlights (1/2) (million yen) 2H/2013 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 PoP Change (25th Period) (26th Period) (27th Period) (28th Period) (29th Period) (30th Period) (%) Total operating revenues 37,134 36,561 34,806 34,593 34,640 35,671 +3.0％ (Profits/Loss

  7. Slide 7: 2-1 1H/2016 (30th Period) Financial Highlights (2/2)

    2-1 1H/2016 (30th Period) Financial Highlights (2/2) Total Operating Revenues Net Income Total Assets (Period End) (million yen) (million yen) (billion yen) 40,000 14,000 13,276 1,100 12,771 12,808 1,040.5 37,134 36,561 1,022.8 1,022.9 1,022.3 1,029.0 35,671 12,000 (11,273) 10,995 10,977 (11,856) 1,

  8. Slide 8: 2-2 1H/2016 (30th Period) Statement of Income

    2-2 1H/2016 (30th Period) Statement of Income  Statement of Income  Summary of PoP Change (million yen) (million yen) ＋1,030 2H/2015 1H/2016 PoP Change Total operating revenues (29th Period) (30th Period) Amount Percentage Total operating revenues 34,640 35,671 1,030 3.0% Rental revenues ＋479 Oper

  9. Slide 9: 2-3 1H/2016 (30th Period) Balance Sheet

    2-3 1H/2016 (30th Period) Balance Sheet  Balance Sheet  Summary of PoP Change (million yen) Assets (million yen) ＋16,337 December 31,2015 June 30,2016 PoP Change Total assets: (29th Period end) (30th Period end) Amount Percentage Current assets 14,901 19,570 4,668 31.3% Current assets ＋4,668 Cash

  10. Slide 10: 2-4 1H/2016 (30th Period) Financial Position

    2-4 1H/2016 (30th Period) Financial Position  Financial Data 2H/2015 1H/2016 PoP Change (29th Period) (30th Period) LTV 41.3% 42.1% +0.8pt Short-Term Debt Long-Term Fixed-Rate Debt Ratio 95.2％ 93.8％ -1.4pt 8,000million yen Average interest Rate 1.10％ 0.94％ -0.16pt Investment Corporation Bonds Long-

  11. Slide 11: 2-5 1H/2016 (30th Period) Appraisal Value Assessment

    2-5 1H/2016 (30th Period) Appraisal Value Assessment  Appraisal Value  Appraisal Value, Book Value and Unrealized Gain Ratio 2H/2015 1H/2016 PoP (billion yen) (%) (29th Period) (30th Period) Change 1,400 18 Book value (period end) (Left Axis) Number of properties 74 73 －1 Appraisal value (period e

  12. Slide 12: 2-6 2H/2016 (31st Period) Forecast

    2-6 2H/2016 (31st Period) Forecast  Results Forecast  Summary of PoP change for 2H/2016 (million yen) (million yen) 2H/2016 1H/2017 －1 1H/2016 (Actual) （Forecast） PoP Change （Reference） PoP Change Total operating revenues: Amount Percentage Amount ＋776 (30th Period) (31st Period) (32nd Period) Per

  13. Slide 13: Reference: Performance Indicators

    Reference: Performance Indicators Rental Revenue Net Income & DPU 72 existing properties 4 acquisitions, 2 disposals Net income(left scale) DPU(right scale) (million yen) (million yen) (yen) 33,500 13,000 12,808 951 12,199 9,000 33,000 12,500 Profits from disposition (Provision of reserve for 8,640

  14. Slide 14: MEMO

    —— NBE (MEMO) 13

  15. Slide 15: 3. Operating Results & Outlook

    3. Operating Results & Outlook 14

  16. Slide 16: 3-1 Occupancy, Floor Space of Tenants Moving in and out

    3-1 Occupancy, Floor Space of Tenants 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 97.9 98.2 98.2 97.5 97.8 97.6 97.9 96.7 96.8 97.1 97.0 96.8 95 10.0 Average occupancy rate during the period (rig

  17. Slide 17: 3-2 Rental Revenue

    3-2 Rental Revenue  Breakdown of Change in Leasing Revenues  Breakdown of Change in Leasing Revenues at (External and Internal Growth) Existing Properties (replacement and rent revision) (PoP) (PoP) 10% 2% （Forecast） （Forecast） External growth replacement External growth rent revision (contract ba

  18. Slide 18: 3-3 Properties acquired in the 30th Period

    3-3 Properties acquired in the 30th Period (ended June 30, 2016) Ueno East Tower [Map] [Sectional View] Hotel Office Kowa Nishi-Shinbashi Bldg.B(additional acquisition) Location Higashi-Ueno, Taito-ku, Tokyo [Property Features] Completion December 7, 2015 Acquisition Background Total floor space 12,

  19. Slide 19: 3-4 Planned Properties Acquisition for the 31st Period

    3-4 Planned Properties Acquisition for the 31st Period (ending December 31, 2016) Toyo-cho Center Bldg. [Map] [Floor Plan (2nd,3rd Floor)] Rentable area of about 880 tsubo (2,908m2) (floors 2 and 3) Nishi-Shinjuku Mitsui Bldg. (additional acquisition) Location Toyo, Koto-ku, Tokyo [Property Features

  20. Slide 20: 3-5 Dispositions and Internal Reserves for the 30th Period

    3-5 Dispositions and Internal Reserves for the 30th Period (ended June 30, 2016) NBF Sendai Honcho Bldg. NBF Atsugi Bldg. ■Internal Reserves*2 (million yen) 6,000 Reversal of reserve for advanced deprecation Provision of reserve for advanced deprecation 4,767 5,000 4,185 4,185 4,185 951 4,000 370 1,

  21. Slide 21: 3-6 Financial Management

    3-6 Financial Management  New Funding & Repayment  Long-Term Debt Procured in 1H/2016 (30th Period) 1H/2016 (30th Period) Long-Term Borrowings & Investment Corporation Bonds • Long-term borrowings Repayment Overview New Funding Overview Borrowing Amount Term Fixed/ Interest Lender Repayment Repaym

  22. Slide 22: MEMO

    —— NBE «MEMO) 21

  23. Slide 23: 4. NBF's Strengths & Strategies

    4. NBF’s Strengths & Strategies 22

  24. Slide 24: 4-1 Portfolio Strategy (1/3) – Quality

    4-1 Portfolio Strategy (1/3) – Quality Focused investment in highly competitive premium office buildings Investment Ratio by Area  Continued Appraisal Value & Floor Space (Acquisition price basis; as of June 30, 2016) (20 properties over 10,000 tsubo) Continued Appraisal *The size of the dot for e

  25. Slide 25: 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 (As of June 30, 2016)  Total Acquisition Price  Market Capitalization By Asset Type By Type of Investment Corporation Other (infrastructure, seniors) 7.4% 7.7% 3.8% Hotels 4.7% Lo

  26. Slide 26: 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 Fudos

  27. Slide 27: 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 ㎡) 100 210 NBF’s average occupancy rate during the period1 (left scale) Re

  28. Slide 28: 4-3 Property Management Strategy (1/2) – Organization & Additional Investment

    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

  29. Slide 29: 4-3 Property Management Strategy (2/2) – Management & Operation Quality

    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

  30. Slide 30: 4-4 Financial Strategy (1/2) – LTV and Long-Term Fixed-Rate Debt Ratio

    4-4 Financial Strategy (1/2) – LTV and Long-Term Fixed-Rate Debt Ratio 36-46% (maximum of 56%) for LTV 90% or higher for the long-term fixed-rate debt ratio  LTV & Long-Term Fixed-Rate Debt Ratio  Average Maturity (Long-Term Interest-Bearing Debt) (％) (Years) 100 6 99.6 96.4 97.7 5 95.0 96.5 94.7

  31. Slide 31: 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 (billion yen) (As of June 30, 2016) 80.0 Maximum Short-term debt Long-term debt Investment corporation bonds borrowin

  32. Slide 32: 4-5 Strategies (Conclusion)

    4-5 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 higher) • Focused investment in

  33. Slide 33: 5. Appendix

    5. Appendix NBF 32

  34. Slide 34: 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, Y

  35. Slide 35: 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) ¥22,901 8.57% ('08.8) ('03.6 & 8) 8 20,000 ¥18,271 ('16.7) 6 ¥17,526 ('04.10) 4 ¥16,207 15,000 ('1

  36. Slide 36: 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 Demand Supply (Jan-Jun) Demand (Jan-Jun) 40 20 0 -20 -40 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Jan-Jun) Source: Compiled

  37. Slide 37: 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 m 2) 300 (Forecast) 250 216 Average of 1.14 million m2/year Historical average (1986-2015) (gross floor space basis) 200 from 2016 onward 1.03 million m2/year (gros

  38. Slide 38: Trends in the Property Acquisition Market

    2 Trends in the Property Acquisition Market  Acquisitions of Assets by J-REITs (billion yen) 1,000 ■Office ■Housing ■Retail 800 ■Logistics ■Hotels ■Other 600 400 200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 2011 2012 2013 2014 2015 2016 Source: Compiled b

  39. Slide 39: Unit Price, Distributions per Unit & NAV per Unit

    3 Unit Price, Distributions per Unit & NAV per Unit  Unit Price (Note1) (yen) 1,500,000 1,000,000 500,000 0  Distributions per Unit (Note1) (yen) 12,000 11,274 11,126 10,887 9,513 9,695 10,064 9,836 9,612 9,904 8,645 8,645 8,523 8,562 9,000 8,126 8,446 8,427 8,152 8,036 8,397 8,001 7,683 7,592 7,7

  40. Slide 40: Asset Scale (Total Acquisition Price) & Period Average Occupancy Rate

    4 Asset Scale (Total Acquisition Price) & Period Average Occupancy Rate Period average occupancy rate (right scale) 23 wards of Tokyo (left scale) Other greater Tokyo (left scale) Central 5 Wards (billion yen) Other cities (left scale) (%) (incl. in above) (left scale) 1,300 100 1,200 98.7 97.9 98.3

  41. Slide 41: Financial Management

    5 Financial Management Investment corporation bonds (left scale) Long-term fixed-rate debt ratio (right scale) Borrowings (left scale) LTV (Interest-bearing debt to total assets) (right scale) (billion yen) (%) 600 94.2 93.8 100 92.9 92.2 99.6 97.7 96.5 95.2 550 85.8 86.7 87.3 87.0 97.5 97.7 96.4 90

  42. Slide 42: Lenders & Borrowings

    6 Lenders & Borrowings (million yen) 2H/2015 1H/2016 Repayment Lender Other 29th Period End 30th Period End Method Sumitomo Mitsui Trust Bank, Ltd. 7,000 7,000 Lump sum Unsecured, The Yamanashi Chuo Bank, Ltd. 1,000 1,000 Short-Term repayment on unguaranteed, Shinsei Bank, Ltd. 3,000 - Borrowings du

  43. Slide 43: Floor Space of Tenants Moving in and out by Property

    3,000 3,500 4,000 1,000 1,500 2,000 2,500 3,000 -2,500 -2,000 -1,500 -1,000 0 500 -500 Area(Tsubo) 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 Platin

  44. Slide 44: Top Tenants (Leased Floor Space Basis)

    8 Top 10 Tenants (Leased Floor Space Basis) (As of June 30, 2016) Ratio of Total Tenant Name Leased Property Leased Areas (m 2) Rentable Area (%) Gate City Ohsaki and 10 other 1. Mitsui Fudosan Co., Ltd.(Note) 226,552 21.1 properties (Note) Mitsui Fudosan Co., Ltd. 2. Sony Corporation NBF Osaki Bldg

  45. Slide 45: Tenants by Industry

    9 Tenants by Industry (As of June 30, 2016) Share of Industry Main Companies Floor Space 1. Service 21.5% Transcosmos inc., Hakuhodo DY Holdings Inc. Electrical 2. 11.4% Sony Corporation, NEC Corporation equipment Information & 3. 11.3% NS Solutions Corporation, Softbank Corp. Other financial Other

  46. Slide 46: Property Age

    10 Property Age December 31, 2015 June 30, 2016 (29th Period End) (30th Period End) 20.8% 22.5% 39.4% 39.3% Average Property Age Average Property Age 17.79 years 17.89 years 39.8% 38.2% Under 10 years Over 10 years but under 20 years 20 years or older 45

  47. Slide 47: Achievements: Environmental Evaluation & Certification

    11 Achievements: Environmental Evaluation & Certification GRESB DBJ Green Building The Global Real Estate Sustainability Benchmark (GRESB) survey is DBJ Green Building Certification is a certification system established by the Development an indicator that evaluates the sustainability initiatives of

  48. Slide 48: Sustainability Initiatives (1/2)

    12 Sustainability Initiatives (1/2) Improving Business Continuity and Creating Added Value Disaster Prevention and BCP Measures Earthquake sensor installation Earthquake-resistance improvement and renewal of elevators Checking the earthquake sensor and building conditions will enable our building ma

  49. Slide 49: Sustainability Initiatives (2/2)

    12 Sustainability Initiatives (2/2) Achieving occupant comfort while minimizing environmental impacts / Community engagements Energy efficiency improvement CS improvement and Community Engagement Programs Common Area Lighting Upgrades Facilities Retrofit Various Events (Installation of LED Lighting)

  50. Slide 50: Status of NBF Kumamoto Building

    13 Status of NBF Kumamoto Building  Building Status • Earthquake damage was minor and included cracking of some interior and exterior surfaces. However, tenants regained use of the premises in stages from the next day. • Disaster restoration work was completed in the period, ended June 30, 2016 (30

  51. Slide 51: Overview of Unit Ownership

    14 Overview of Unit Ownership Ownership by Unitholder Number of Unitholders by Type Dec. 31, 2015 Jun. 30, 2016 Dec. 31, 2015 Jun. 30, 2016 PoP Change PoP Change Uniholder Category (29th Period end) (30th Period end) Uniholder Category (29th Period end) (30th Period end) Units % Units % Units % Unit

  52. Slide 52: Property Portfolio Overview (1/2) – 23 Wards of Tokyo

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

  53. Slide 53: Property Portfolio Overview (2/2) – Other Greater Tokyo & Other Cities

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

  54. Slide 54: Appraisal Value (1/2) – 23 Wards of Tokyo

    16 Appraisal Value (1/2) – 23 Wards of Tokyo  23 Wards of Tokyo (million yen) (1) Book Value at (2) Appraisal Value (3) Appraisal Value Unrealized PoP change in (1) Book Value at (2) Appraisal Value (3) Appraisal Value Unrealized PoP change in Acquisition Acquisition Property Name 1H/2016 at 1H/201

  55. Slide 55: Appraisal Value (2/2) – Other Greater Tokyo & Other Cities

    16 Appraisal Value (2/2) – Other Greater Tokyo & Other Cities  Other Greater Tokyo  Other Cities (million yen) (1) Book Value at (2) Appraisal Value (3) Appraisal Value Unrealized PoP change in (1) Book Value at (2) Appraisal Value (3) Appraisal Value Unrealized PoP change in Acquisition Acquisiti

  56. Slide 56: Appraisal Rate (1/2) – 23 Wards of Tokyo

    17 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/2016 2H/2015 1H/2016 2H/2015

  57. Slide 57: Appraisal Rate (2/2) – Other Greater Tokyo & Other Cities

    17 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

  58. Slide 58: Revenue by Property (1/3) – 23 Wards of Tokyo

    18 Revenue by Property (1/3) – 23 Wards of Tokyo  23 Wards of Tokyo (million yen) Mitsubishi Heavy NBF Toranomon Celestine NBF NBF Shibuya NBF Ginza NBF Kowa Nishi- NBF Osaki NBF Hibiya Gate City Nishi-Shinjuku Nakanosakaue NBF Toyosu Shiba NBF NBF Platinum NBF Minami- NBF Toyosu Nakameguro Ueno Ea

  59. Slide 59: Revenue by Property (2/3) – Other Greater Tokyo

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

  60. Slide 60: Revenue by Property (3/3) – Other Cities

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

  61. Slide 61: Historical Summary of Results and Financial Position

    19 Historical Summary of Results and Financial Position 1H/2014 2H/2014 1H/2015 2H/2015 1H/2016 26th Period 27th Period 28th Period 29th Period 30th Period Operating revenues (million y en) 36,561 34,806 34,593 34,640 35,671 Note 1: Figures in parentheses are annualized from monthly data. Leasing re

  62. Slide 62: Portfolio Map

    20 Portfolio Map （As of June 30, 2016) Kita-ku 46 73 Toshima-ku Arakawa-ku Taito-ku ¥865.8 ¥1,096.1 Bunkyo-ku Nakano-ku Sumida-ku Shinjuku-ku Chiyoda-ku Imperial Shibuya-ku Palace Koto-ku 11.8 Minato-ku Setagaya-ku 9.2 51.0 Meguro-ku Shinagawa-ku 79.0 17 ¥129.5 10 ¥100.7 Note: Numbers on the maps co

  63. Slide 63: Properties (1/4) – 23 Wards of Tokyo

    21 Properties (1/4) – 23 Wards of Tokyo 16-1, Higashi-Ueno 2-chome, Taito-ku, Tokyo 3,508.73m2 41,180.99m2 B2/25F Dec. 7, 2015 62

  64. Slide 64: Properties (2/4) – 23 Wards of Tokyo

    21 Properties (2/4) – 23 Wards of Tokyo 63

  65. Slide 65: Properties (3/4) – Wards of Tokyo & Other Greater Tokyo

    21 Properties (3/4) – 23 Wards of Tokyo & Other Greater Tokyo Toyo-cho Center Bldg. (acquisition planned for the 31st Period, ending December 31, 2016) 3-2, Toyo 2-chome, Koto-ku, Tokyo 5,700.14m2 19,033.93m2 B1/5F Mar. 18, 1994 64

  66. Slide 66: Properties (4/4) – Other Cities

    21 Properties (4/4) – Other Cities 65

  67. Slide 67: Disclaimer

    Disclaimer This English language notice is a translation of the Japanese language Investor Presentation dated August 16, 2016 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

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