銘柄情報

Nippon Building Fund Inc.

Office building REIT sponsored by Mitsui Fudosan. Was Japan's first REIT to be listed, and has the largest market capitalization of any J-REIT for its investment units. With the cooperation of the sponsor, Mitsui Fudosan, it owns properties, mainly large-scale buildings in central Tokyo, and pursues a policy of diversified investment in Greater Tokyo and other cities.

  • Unit Price and Trading Volume 拡大

  • Unit Yield, Sector Average and Overall Average 拡大

2022/02/15Update

投資指標の計算式について

Investment amount per unit

Unitholders' capital / Number of investment units authorized

NAV per unit

((Unitholders' capital + Investment surplus) + (Portforio assets appraisal value - ortfolio assets book value) / Number of investment units authorized

P/NAV

Investment unit price / NAV per unit

FFO per unit

(Net income + depreciation + profit and loss on real estate) / Number of investment units authorized

P/FFO

Investment unit price / FFO per unit

NOI

Rental business income + depreciation

NOI yield

NOI / Portfolio assets book value

Implied cap rate

NOI / (Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) + Security and guarantee deposits received

Market capitalization

Investment unit price * Number of investment units authorized

LTV

Interest-bearing liabilities / Total assets

DSCR

NOI / (Interest-bearing liabilities at end of previous period - Interest-bearing liabilities at end of current period + current interest expense)

EV / EBITDA

Market capitalization + (Interest-bearing liabilities - cash on hand and in bank) / NOI

Ratio of long-term fixed interest rate

Long-term fixed interest / Interest-bearing liabilities

Corporate Data

Investment Corporation Name Nippon Building Fund Inc.
Abbreviation NBF
Securities code 8951(JPX)
Listing date 2001/09/10
Time elapsed 20.81 year
Closing months June / December
URL http://www.nbf-m.com/nbf/
Unitholders' capital 673,047Million JPY
Number of investment units authorized 1,700,991Unit
Investment amount per unit 395,679JPY
Rating S&P:A+ / R&I:AA / JCR:AA+ 
Type of assets under management Office Building REIT / OfficeBuildings:100%
Management target regions
Tokyo CBD's :81.7% / Other Greater Tokyo:6.0% / Other Cities:12.3%
Number of investment properties 73
Number of tenants 1567
Total leasable floor space 1,154,248,000.00㎡

Investment Index Information

NAV per Unit 598,307JPY
Unit Price / NAV per Unit 1.13
FFO per Unit 20,666JPY
Unit Price / FFO per Unit 32.71
NOI Yield 4.06%
Implied Cap Rate 2.83%
Market capitalization 1,149,870Million JPY
Acquisition book value 1,382,200Million JPY
Term-end book value 1,273,839Million JPY
Appraisal value 1,588,260Million JPY
Interest-bearing liabilities 550,500Million JPY
LTV 42.12%
EV / EBITDA 32.35
Average maturity of borrowings 5.76year
Ratio of long-term fixed interest rate
Average occupancy rate 96.4%
Average age of buildings 23.09year

Investment Management Policies

  • Invests mainly in office buildings in the Tokyo urban area.
  • Aims for the improvement of unitholder value ("stable growth in the medium and long term of distribution per unit" and "increase of net asset value per unit").

Other Related Corporations

Asset Manager Nippon Building Fund Management Ltd.
Update 2022/02/15 Capital 495Million JPY
Major Shareholders 46% Mitsui Fudosan Co., Ltd. Other Shareholders
35% Sumitomo Life Insurance Company
5% Sumitomo Mitsui Trust Bank, Limited
5% Sumitomo Mitsui Banking Corporation
3% Daido Life Insurance Company
3% Mitsui Sumitomo Insurance Company, Limited
3% The Britel Fund Trustees Limited.

Account Settlement InformationFY2021-12(Million JPY)

39th 40th 41th
(most recent)
42th forecast 43th forcast
Revised Date Revised Date
Operating revenue 41,747 46,213 50,334 52,022 47,309
Operating income 18,712 22,778 23,004 25,988 22,021
Ordinary income 17,274 21,428 21,728 24,543 20,662
Net income 17,273 21,427 21,727 24,543 20,662
Short-term borrowings 45,000 25,000 41,000
Long-term borrowings 362,500 46,500 452,500
Investment corporation bonds 52,000 57,000 57,000
Total assets 1,197,435 1,305,388 1,306,855
Net assets 666,620 669,870 672,290
Distribution per unit 11,000
JPY/per Unit
11,684
JPY/per Unit
11,848
JPY/per Unit
13,000
JPY/per Unit
11,500
JPY/per Unit

Other Affiliated Companies

Asset custodian Sumitomo Mitsui Trust Bank, Limited Accounting auditor KPMG AZSA LLC
Accounting services Heiseikaikeisha(“HSK”) Tax Corporation Unitholders registry administrator Sumitomo Mitsui Trust Bank, Limited
Tax administration services PwC Tax Japan Investment corporation bond administrator Sumitomo Mitsui Trust Bank, Limited/Sumitomo Mitsui Banking Corporation
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