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    8951   JP3027670003

NIPPON BUILDING FUND INCORPORATION

(8951)
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Nippon Building Fund Incorporation : January-June 2021(40th Period) Investor Presentation

08/16/2021 | 09:03pm EST

CONTENTS

1. Financial Highlights

1-1 Financial Highlights (1/3)

1-1 Financial Highlights (2/3)

4

1-1 Financial Highlights (3/3)

5

2. Financial Results

2-1 1H/2021 (40th Period) Statement of Income

7

2-2 1H/2021 (40th Period) Balance Sheet

8

3. Operating Results & Outlook

3-1 NBF's Operating Policies

11

12

3-1 NBF's Replacement Strategy (Announced after March 2021)(1/3)

3-1 NBF's Replacement Strategy (Announced after March 2021)(2/3)

13

3-1 NBF's Replacement Strategy (Announced after March 2021)(3/3)

14

3-2 External Growth: Property Acquisition (1/2)

15

3-2 External Growth: Property Acquisitions &

Dispositions(2/2)

16

3-2 External Growth: (Detailed Data)

17

3-3 Changes in Retained Profits

18

3-4 Internal Growth1/2

19

3-5 Internal Growth2/2

20

3-6 Internal Growth: Strategic Investments to Add Value

(NBF Shibuya East)

21

3-7 Finance (1/2)

22

3-7 Finance (2/2)

23

3-8 Appraisal Value

24

4. Forecast

4-1 1H/2021 (41st Period), 2H/2022 (42nd Period) Forecasts

27

(Reference) Performance Forecast

28

5 . Market Data

5-1 Trends in the Office Building Leasing Market (1/2)

31

5-1 Trends in the Office Building Leasing Market (2/2)

32

5-2 Trends in the Real Estate Trading Market

33

5-3 NBF Unit Price, TSE REIT Index 10-Year

Japanese

Government Bond Yields

34

6. NBF's Competitive Advantages

6-1J-REIT with the Longest Track Record (1/2)

36

6-1J-REIT with the Longest Track Record (2/2)

37

6-2 The Largest J-REIT in Size

38

6-3 A Portfolio Focused on Tokyo

39

6-4 Collaboration with Sponsor

(Mitsui Fudosan Group) (1/3): Pipeline

40

6-4 Collaboration with Sponsor

(Mitsui Fudosan Group) (2/3): Leasing

41

6-4 Collaboration with Sponsor

(Mitsui Fudosan Group) (3/3): Property Management

42

6-5 Stable Financial Management

43

7.

ESG Initiatives

7-1 ESG Initiatives (Highlights)

45

7-2 ESG Initiatives Policy

46

7-3 Environment Initiatives

47

7-4 Social Initiatives for Tenants

48

7-5 Examples of Social Events for Employees

49

7-6 Governance Initiatives

50

8.

Appendix

1

Top 10 Tenants (Leased Floor Space Basis) /

Tenants by Industry

52

2

Floor Space of Tenants

Moving in and out by Property *(1H/2021)

53

3

Property Age

54

4

55

Financial Management

5 Lenders & Borrowings

56

6

Overview of Unit Ownership

57

7

Historical Summary of Main

Management

Indicators and Other Data

58

8

Property Portfolio Overview

(1/2)(23 Wards of Tokyo)

59

8

Property Portfolio Overview (2/2)

(Other Greater Tokyo & Other Cities)

60

9

61

Appraisal Value (1/3)(23 Wards of Tokyo)

9

Appraisal Value (2/3)(23 Wards of Tokyo)

62

9

Appraisal Value (3/3)(Other Greater Tokyo

& Other Cities)

63

10 Revenue by Property (1/3)(23 Wards of Tokyo)

64

10 Revenue by Property (2/3)

(23 Wards of Tokyo & Other Greater Tokyo)

65

10 Revenue by Property (3/3)(Other Cities)

66

11 Portfolio Map

67

68

12 Properties (1/4)(23 Wards of Tokyo)

12 Properties (2/4)(23 Wards of Tokyo)

69

12 Properties (3/4)(23 Wards of Tokyo

& Other Greater Tokyo)

70

12 Properties (4/4)(Other Cities)

71

1 Disclaimer

1. Financial Highlights

2

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 million yen

24,277 million yen

Operating income

21,291 million yen

+3,968 million yen

+22.9

19,679 million yen

17,252 million yen

(excl. profits and losses from

dispositions)

Net income

21,427 million yen

+4,154 million yen

+24.0

21,003 million yen

22,926 million yen

Net income

+25.5

(excl. profits and losses from

19,940 million yen

+4,055 million yen

18,308 million yen

15,901 million yen

dispositions)

DPU (yen)

11,684 yen

+684 yen

+6.2

11,500 yen

12,500 yen

DPU: Forecast (announced February 2021) 11,350 + 334

Units issued and outstanding

1,652,500

-

1,652,500

1,652,500

at the Period end

Average occupancy rate

97.8%

-1.0%

96.7%

97.5%

during the Period

3

1-1 Financial Highlights (2/3)

(As of June 30, 2021)

Total assets

Asset

1,367.5 billion yen

Unrealized gain on appraisal value

297.3 billion yen

Location

23 wards of Tokyo: 82.7

Central 5 wards of Tokyo: 55.9

Average Occupancy

Rate during

the Period Note 1

97.8%

Debt

LTV

42.2%

Long-termfixed-rate

debt ratio

95.1%

Average

interest rate

0.47%

Average maturity

6.08 years

Market cap

Equity

1,145.1 billion yen

NAV per unit Note 2

573,646 yen

Note 1: Average occupancy rate during the period: weighted average of month-end occupancy rate on a floor space basis

Note 2: NAV per unit: (Unitholders' capital at period end + Reserve for advanced depreciation in the next period (reserve - reversal)

  • Unrealized gain or loss on appraisal value at period end)
    ÷ Units issued and outstanding at period end

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Nippon Building Fund Inc. published this content on 17 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2021 01:02:05 UTC.


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Financials
Sales 2022 95 377 M 840 M 840 M
Net income 2022 40 216 M 354 M 354 M
Net Debt 2022 447 B 3 937 M 3 937 M
P/E ratio 2022 27,4x
Yield 2022 3,36%
Capitalization 1 165 B 10 257 M 10 260 M
EV / Sales 2022 16,9x
EV / Sales 2023 17,7x
Nbr of Employees -
Free-Float 84,3%
Chart NIPPON BUILDING FUND INCORPORATION
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Nippon Building Fund Incorporation Technical Analysis Chart | 8951 | JP3027670003 | MarketScreener
Technical analysis trends NIPPON BUILDING FUND INCORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Mean consensus -
Number of Analysts 0
Last Close Price 705 000,00 
Average target price
Spread / Average Target -
EPS Revisions
Managers and Directors
Koichi Nishiyama Executive Officer
Motohiko Sato Supervisory Officer
Masaki Okada Supervisory Officer
Keiko Hayashi Supervisory Officer
Sector and Competitors