About NBF

Investment Policy

  • Portfolio Policy
  • Investment Criteria
  • Operation and Disposition Policy
  • Selection made based on location conditions and basic performance of individual buildings at the time of selection of properties.
  • Decisions are based on consideration of earthquake resistance,environmental and geological conditions and so forth.
  • Investments in properties which are not completed or unleased is limited to 10% of total investment.

Property Selection Criteria

When investing in individual real estate, etc., selections will be made through comprehensive judgments based on the forecast investment yields resulting from their acquisition costs and their anticipated profits, future prospects and stability of the area of location, availability of measures responding to risks of deterioration and obsolescence, insurability and so forth. The details of the relevant criteria are set forth in the following table.Though such consideration will involve the study of the criteria included in the following table, it is possible that not all of the following criteria will be satisfied when NBF acquires or intends to acquire operating assets.

Item Points to be reviewed
Scale of building

Exclusive floor area (overall exclusive floor area in the concerned property) and exclusive floor area on a standard floor (exclusive floor area per floor).

  • Desired total exclusive floor area is 1,650 m2 (approximately 500 tsubo) or more.
  • Exclusive floor area on a standard floor is 330 m2 (approximately 100 tsubo) or more.
Construction type and specifications of facilities Building design and floor plan suitable for leasing, with divisibility,
adequate ceiling height, electrical service, HVAC equipment, etc.
Earthquake resistance Comply with new earthquake standards (meaning standards based on the Building Standards Act revised in 1981) or secure performance equivalent to or above that level (obtaining structure rating/structure evaluation (rating/evaluation on building structure conducted by The Building Center of Japan based on the Building Standards Act), etc.)
Measures regarding status of legal title

In cases such as co-ownership, condominium interest ownership, a building erected on leased land, etc. where NBF will not obtain complete ownership of a building, the following matters are appropriately treated.

  • Measures to protect security deposits, measures to complement its ability to bear renovation costs.
  • Appropriate measures regarding demands for division of co-ownership interests or the disposition of a co-owner's interest, etc.
Tenancy characteristics Acceptable creditworthiness of tenants, purposes of use by tenants,
configuration, and condition of collectibility of rents etc.
Environmental; condition of land, etc. No use of harmful substances such as asbestos or existence of measures to respond to such. Soil contamination conditions comply with environmental standards, etc.

Investment in Properties Not Completed or Unleased

In principle, NBF acquires real estate, etc. which are leased/leasable assets at the time of closing. NBF may acquire properties which are not yet leasable at the time of closing based on consideration of the impact on NBF's asset operation activities after taking into account the investment amount, the date of completion or of becoming leasable, estimated revenues and so forth; provided, however, that the contract amount of any such unleasable assets combined with the total contract amount of previously acquired unleasable assets (but excluding unleasable assets which thereafter become operational) will not exceed 10% of the total assets indicated on the most recent balance sheet of NBF.
For this purpose, "leased/leasable assets" shall mean properties for which the construction of the buildings have been completed and such buildings are leased or leasable. Properties which are owned by NBF and have become operational at some point shall be deemed "leasable" thereafter (including such cases as reconstruction or large-scale renovation of a building).

Distribution Per Unit
Actual37th Period (2H/2019) 11,011yen
Forecast38th Period (1H/2020) 10,720yen
39th Period (2H/2020) 10,750yen
Portfolio Data
Number of
Properties
71
Asset Size(Total Acquisition Price) 1,135.5billion yen
As of Mar. 4, 2020
Occupancy Rate 99.4%
As of Jun. 30, 2020
Financial Data
37th Period(Second-Half 2019)

Investor Meeting(webcast)

DOWN LOAD