Nippon Building Fund Inc.

Nippon Building Fund Management Ltd.

2H 2021 (41st Period)

Investor Presentation

February,16 2022

CONTENTS

1. Financial Highlights

1-1 Financial Highlights (1/3)

3

1-1 Financial Highlights (2/3)

4

1-1 Financial Highlights (3/3)

5

2. Financial Results

2-1 2H/2021 (41st Period) Statement of Income

7

2-2 2H/2021 (41st Period) Balance Sheet

8

3. Operating Results & Outlook

3-1 Operating Policies

11

3-2 Replacement Strategy (Announced after March 2021)

12

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

13

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

14

3-4 Internal Growth (1/2)

15

3-4 Internal Growth (2/2)

16

3-5 Construction Expenses（CAPEX+Repair Costs）

17

3-6 Finance

18

3-7 Appraisal Value

19

4. Forecast

4-1 1H/2022 (42nd Period), 2H/2022 (43rd Period) Forecasts

21

(Reference) Performance Forecast

22

4-2 Policy for Using Retained Profits and Gains on Transfer

23

5 . Market Data

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

25

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

26

5-2 Trends in the Real Estate Trading Market

27

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

Government Bond Yields

28

6. NBF's Competitive Advantages

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

30

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

31

6-2 The Largest J-REIT in Size

32

6-3 A Portfolio Focused on Tokyo

33

6-4 Collaboration with Sponsor

(Mitsui Fudosan Group) (1/4): Pipeline

34

6-4 Collaboration with Sponsor

(Mitsui Fudosan Group) (2/4): Portfolio

35

6-4 Collaboration with Sponsor

(Mitsui Fudosan Group) (3/4): Leasing

36

6-4 Collaboration with Sponsor

(Mitsui Fudosan Group) (4/4): Property Management _

37

6-5 Stable Financial Management

38

7. ESG Initiatives

7-1 ESG Initiatives Policy

40

7-2 Setting Materiality and key KPI

41

7-3 Environment Initiatives

42

7-4 Social Initiatives for Tenants and NBFM Employees

43

7-5 Governance Initiatives

44

8. Appendix

8-1 Top 10 Tenants (Leased Floor Space Basis) /

Tenants by Industry

46

8-2 Floor Space of Tenants

Moving in and out by Property (2H/2021)

47

8-3

Property Age

48

8-4

Financial Management

49

8-5

Lenders & Borrowings

50

51

8-6 Overview of Unit Ownership

8-7 Historical Summary of Main

Management

Indicators and Other Data

52

8-8 Property Portfolio Overview (1/2)(23 Wards of Tokyo)

53

8-8

Property Portfolio Overview (2/2)

(Other Greater Tokyo & Other Cities)

54

8-9 Appraisal Value (1/3)(23 Wards of Tokyo)

55

8-9 Appraisal Value (2/3)(23 Wards of Tokyo)

56

8-9 Appraisal Value (3/3)(Other Greater Tokyo & Other Cities)

57

8-10 Revenue by Property (1/3)(23 Wards of Tokyo)

58

8-10 Revenue by Property (2/3)

(23 Wards of Tokyo & Other Greater Tokyo)

59

8-10 Revenue by Property (3/3)(Other Cities)

60

8-11 Portfolio Map

61

8-12 Properties (1/4)(23 Wards of Tokyo)

62

8-12 Properties (2/4)(23 Wards of Tokyo)

63

8-12 Properties (3/4)(23 Wards of Tokyo &

Other Greater Tokyo)

64

8-12 Properties (4/4)(Other Cities)

65

Disclaimer

1

1. Financial Highlights

2

1-1 Financial Highlights (1/3)

Actual

Forecast

2H/2021

1H/2022

2H/2022

(41st Period)

(42nd Period)

(43rd Period)

PoP Change

Total operating revenues

50,334 million yen

+4,121 million yen

+8.9％

52,022 million yen

47,309 million yen

Operating income

23,004 million yen

+225 million yen

+1.0％

25,988 million yen

22,021 million yen

Operating income

20,276 million yen

-1,015 million yen

-4.8％

18,974 million yen

19,604 million yen

(excl. profits and losses from

dispositions)

Net income

21,727 million yen

+300 million yen

+1.4％

24,543 million yen

20,662 million yen

Net income

19,000 million yen

-940 million yen

-4.7％

17,530 million yen

18,244 million yen

(excl. profits and losses from

dispositions)

DPU (yen)

11,848 yen

+164 yen

+1.4％

13,000 yen

11,500 yen

DPU: Forecast （Announced January 2022) ¥11,500 + ¥348

Units issued and outstanding

1,652,500

-

1,700,991

1,700,991

at the Period end

Average occupancy rate

96.4％

-1.4％

96.0％

96.7％

during the Period

3

1-1 Financial Highlights (2/3)

Asset

Debt

Total assets

1,382.2 billion yen

LTV

42.1%

(As of December 31, 2021)

Unrealized gain

Location

Average Occupancy

Rate during

on appraisal value

the Period Note 1

314.4 billion yen

23 wards of Tokyo: 82.9％

96.4%

Central 5 wards of Tokyo: 59.4％

Long-termfixed-rate

Average

Average maturity

debt ratio

interest rate

95.1%

0.47%

5.76 years

Equity

Market cap

1,107.1 billion yen

NAV per unit Note 2

585,254 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

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Nippon Building Fund Inc. published this content on 16 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2022 01:43:02 UTC.