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    Real Estate

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    REIT - Office
Nippon Building Fund Incorporation

Nippon Building Fund Incorporation

8951.T
Nippon Building Fund IncorporationJP flagTokyo Stock Exchange
128,800.00
JPY
-1,400.00
- -
1.14TMarket Cap
Nippon Building Fund Incorporation
8951.T
(Tokyo Stock Exchange)

Recent

price

128,800.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
FRC
10,268.45
10,000.63
10,077.29
5,365.77
9,860.12
9,806.52
10,130.43
11,123.98
10,496.2
11,000.46
11,039.78
11,532.95
11,725.24
11,097.11
11,883.05
11,629.61
Revenue per Share
3,262.01
3,091.47
3,123.39
1,918.4
3,072.54
3,112.25
3,587.62
3,936.53
4,040.98
4,382.08
4,505.3
5,155
5,384.28
4,567.81
5,409.9
4,994.48
Basic EPS, GAAP
5,789.68
5,810.59
5,283.83
5,198.38
5,302.8
3,302.06
884.13
9,294.81
1,211.98
1,146
-42.14
-21,056.85
-2,978.01
3,095.54
6,521.51
-2,104.17
Free Cash Flow per Basic Share
- -
2,965.33
2,982.28
1,684.66
3,260.14
3,093.64
3,286.19
3,598.4
3,803.18
4,168.99
4,267.68
4,477.38
5,003.76
4,599.97
4,915.87
4,914.08
Dividend per Share
71,250.13
71,757.12
72,703.2
74,788.32
75,066.7
75,085.35
75,303.96
75,610.13
75,587.06
75,732.7
90,600.41
79,289.06
81,635.86
81,430.2
81,800.95
82,810.3
Book Value per Share
66,221.47
67,172.22
66,942.34
69,852.49
70,580
70,594.15
70,885.1
71,228.05
71,470.65
71,689.74
86,683.51
76,034.18
78,983.51
78,844.62
79,342.24
82,800.83
Tangible Book Value per Share
5
6
6
7
7
7
7
7
7
7
7
8
8
9
9
9
Basic Weighted Avg Shares
55,655
57,854
61,774
37,135
69,612
69,234
71,521
78,535
74,103
77,663
80,339
96,549
99,583
94,380
101,065
99,766
Sales/Revenue/Turnover
42.59
43.17
41.82
44.16
39.14
39.07
41.41
40.32
42.92
43.33
44.15
47.42
48.61
43.87
48.2
46.4
Operating Margin (%)
- -
11,445
12,341
6,930
14,326
14,256
14,245
14,438
14,164
14,444
14,349
14,824
15,646
15,847
15,783
15,522
Depreciation Expense
17,680
17,884
19,146
13,277
21,692
21,972
25,329
27,792
28,529
30,938
32,786
43,155
45,729
38,849
46,011
42,846
Net Income, GAAP
- -
0.01
0.01
0.01
0.01
0.01
0.01
- -
0.01
0.01
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
31.77
30.91
30.99
35.75
31.16
31.74
35.41
35.39
38.5
39.84
40.81
44.7
45.92
41.16
45.53
42.95
Profit Margin (%)
-22,909
-37,975
-34,972
-22,703
-49,256
-59,892
-56,686
-27,801
-53,968
-52,060
74,798
-28,773
-56,990
-51,020
-45,148
-54,627
Working Capital
276,375
312,625
336,875
399,125
370,375
355,625
373,875
365,125
357,000
377,500
414,500
509,500
517,500
536,500
528,300
558,900
LT Debt
394,574
424,242
446,005
519,198
534,156
534,288
536,413
538,795
540,468
541,975
666,621
672,291
706,521
706,247
710,444
729,182
Total Equity
- -
3.33
3.15
1.81
2.82
2.82
3.08
3.29
3.32
3.48
3.37
3.9
3.86
3.2
3.75
3.48
Return on Invested Capital (%)
- -
3.2
3.06
1.81
2.82
2.83
3.09
3.31
3.34
3.5
3.37
3.92
3.88
3.23
3.79
3.53
Return on Capital (%)
4.58
4.46
4.45
2.76
4.14
4.15
4.77
5.22
5.35
5.79
5.49
6.52
6.74
5.61
6.63
6.09
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Working Capital

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.36%
1.83%
2.64%
Free Cash Flow
5,775.87%
11,415.36%
-132.54%
Net Income, GAAP
7.62%
6.82%
-6.88%
Sales/Revenue/Turnover
3.96%
4.78%
-1.29%
Total Cash Common Dividend
7.04%
6.77%
0.83%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
94,380
2024
- -
- -
- -
- -
101,065
2025
- -
- -
- -
- -
99,766

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
4,567.81
2024
- -
- -
- -
- -
5,409.9
2025
- -
- -
- -
- -
4,994.48

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
4,599.97
2024
- -
- -
- -
- -
4,915.87
2025
- -
- -
- -
- -
4,914.08
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Business
Nippon Building Fund Inc. (NBF) operates as Japan's largest office-specialized J-REIT, primarily investing in high-quality office buildings and related assets to achieve steady asset growth and stable earnings from a medium- to long-term perspective; its portfolio consists of 70 properties valued at 1,519.0 billion yen with a 98.6% occupancy rate, focused mainly on central Tokyo's five central wards and surrounding areas including Yokohama, Kawasaki, Sapporo, Toyama, and other regional cities such as Hokkaido, Fukushima, Niigata, Aichi, Hiroshima, and Osaka. The fund generates revenue principally through real estate rental income from large corporate office buildings leased to tenants in service, electrical equipment, information, and communications industries; it also earns ancillary revenues, profits from property dispositions, and manages investments in securities and beneficiary certificates. Sponsored by Mitsui Fudosan Co., Ltd. and externally managed by Nippon Building Fund Management Ltd., NBF was established on March 16, 2001, listed on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market (ticker: 8951) on September 10, 2001, and maintains its headquarters at Muromachi Furukawa Mitsui Building, 3-1 Nihonbashi Muromachi 2-chome, Chuo-ku, Tokyo. Recent strategic property replacements include the acquisition of Yokohama Mitsui Building, D-TOWER TOYAMA, Frontier Musashikosugi N and S Buildings, and CONNECT SAPPORO (renamed NBF CONNECT SAPPORO, completed November 2025 for 13.8 billion yen) paired with dispositions of Tsukuba Mitsui Building, Shiba NBF Tower, and NBF Sapporo Minami Nijo Building; these moves, funded by long-term borrowings and debt refinancing, support portfolio optimization, with a five-for-one investment unit split effective October 1, 2024, increasing outstanding units to 8,504,955 and a July 2025 third-party allocation raising 871.15 million yen. NBF targets an LTV ratio of 36-46%, maintains high credit ratings (JCR AA+, R&I AA, S&P A+), and forecasts EPU of 2,200 yen and DPU over 2,400 yen ahead of schedule in the 49th fiscal period through internal growth of 2.0-2.5% and external expansion.