Nippon Building Fund, Inc.

Nippon Building Fund, Inc.

670.00
EUR
-5.00
(-0.74%)
Feb 17Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
5,365.77
9,860.12
9,806.52
10,130.43
11,123.98
10,496.2
11,000.46
11,039.78
11,685.16
11,725.24
11,097.11
11,883.05
11,629.61
- -
Basic EPS, GAAP
1,918.4
3,072.54
3,112.25
3,587.62
3,936.53
4,040.98
4,382.08
4,505.3
5,223.03
5,384.28
4,567.81
5,409.9
4,994.48
- -
Free Cash Flow per Basic Share
5,198.38
5,302.8
3,302.06
884.13
9,294.81
1,211.98
1,146
-42.14
-21,334.76
-2,978.01
3,095.54
6,521.51
-2,104.17
- -
Dividend per Share
1,684.66
3,260.14
3,093.64
3,286.19
3,598.4
3,803.18
4,168.99
4,267.68
4,536.47
5,003.76
4,599.97
4,915.87
4,914.08
- -
Book Value per Share
75,028.63
75,659.54
75,678.18
75,979.21
76,316.54
76,553.52
76,767
80,680.29
81,366.52
83,071.7
83,039.5
83,533
84,298.49
84,298.49
Tangible Book Value per Share
69,859.25
70,580
70,594.15
70,885.1
71,228.05
71,470.65
71,689.74
76,346.7
77,037.67
78,872.78
78,844.62
79,342.24
82,117.52
82,117.52
Basic Weighted Avg Shares
7
7
7
7
7
7
7
7
8
8
9
9
9
- -
Sales/Revenue/Turnover
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
- -
Operating Margin (%)
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
- -
Depreciation Expense
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
- -
Net Income, GAAP
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
- -
Effective Tax Rate (%)
0.01
0.01
0.01
0.01
- -
0.01
0.01
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
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
- -
Working Capital
-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
-54,627
LT Debt
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
558,900
Total Equity
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
729,182
Return on Invested Capital (%)
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 Capital (%)
1.8
2.81
2.82
3.07
3.29
3.32
3.48
3.35
3.9
3.85
3.2
3.75
3.48
- -
Return on Common Equity (%)
2.75
4.12
4.11
4.73
5.17
5.29
5.72
5.43
6.45
6.63
5.5
6.5
5.95
- -

Capital Structure

JPY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
58,000
94,100
69,100
LT Borrowings
528,300
499,900
558,900
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
9
9
9
Market Capitalization
- -
- -
- -

Working Capital

JPY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
26,838
14,732
29,690
Cash, Cash Equivalents & STI
21,348
8,993
23,912
Accounts Receivable, Net
284
332
292
Inventories
- -
- -
- -
Total Current Liabilities
71,986
105,848
84,318
Payables & Accruals
- -
- -
- -
ST Debt
58,000
94,100
69,100
Deferred Revenue
- -
- -
- -

Growth Rates

JPY

•

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%

Semi-annual Revenue

JPY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
94,380
2024
- -
- -
101,065
2025
- -
- -
99,766

Semi-annual Earnings Per Share

JPY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
4,567.81
2024
- -
- -
5,409.9
2025
- -
- -
4,994.48

Semi-annual Dividends Per Share

JPY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
4,599.97
2024
- -
- -
4,915.87
2025
- -
- -
4,914.08

Company Description

CEO
Daisuke Yamashita
Full Time Employees
3,356
Sector
Finance
Industry
Real estate investment trusts
Address
Muromachi Furukawa Mitsui Building Tokyo TY Japan 103-0022
IPO Date
Sep 10, 2001
Website
nbf-m.com
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.

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