About NBF

Investment Policy

  • Portfolio Policy
  • Investment Criteria
  • Operation and Disposition Policy

NBF conducts diversified investment focused in the Tokyo
CBDs as well as in Other Greater Tokyo and Other Cities.

The investment strategy of NBF divides the investment area into three areas consisting of Tokyo CBDs, Other Greater Tokyo and Other Cities in such manner that 70% or more of total investment assets (Real Estate, etc.) is allocated to Tokyo CBDs and Other Greater Tokyo and 30% or less to Other Cities. The purpose of this area diversification is to minimize cash flow risks due to earthquakes, risk of vacancies and so forth. The following table sets forth the abovesaid area diversification strategy.

Area Specific Area Area Analysis Incorporation Ratio
Tokyo CBDs 23 wards of Tokyo of which, central 5 wards (Chiyoda-ku, Chuo-ku,
 Minato-ku, Shinjuku-ku,
  • Relatively high rent levels and low vacancy rates compared to Other Cities; also, relatively large market scale (both leasing and purchase/disposition) with high growth rates.
  • Relatively low NOI yields.
  • Relatively high liquidity at the time of disposition.
70% or greater
Other Greater Tokyo Tokyo Metropolis (excluding 23 wards of Tokyo) and 6 prefectures (Kanagawa, Chiba, Saitama, Ibaraki, Gunma and Tochigi)
  • Basic characteristics are between those of Tokyo CBDs and Other Cities.
Other Cities Major cities in prefectures excluding the above prefectures
  • Relatively low rent levels and high vacancy rates compared to Tokyo CBDs. also, relatively small market scale (both leasing and purchase/disposition) with low growth rates.
  • Relatively high NOI yields.
  • Relatively low liquidity at the time of disposition.
30% or less
  • (Note)Due to unforeseeable events such as, extreme fluctuations in market trends, financial trends, real estate market trends and so forth, it may not always be possible to operate in accordance with each of the above criteria.
Distribution Per Unit
Actual42nd Period (1H/2022) 13,476yen
Forecast43rd Period (2H/2022) 11,500yen
44th Period (1H/2023) 11,500yen
Portfolio Data
Number of
Asset Size(Total Acquisition Price)
(Contract base)
1,436.9billion yen
As of August. 31, 2022
Occupancy Rate 96.6%
As of June. 30, 2022
Financial Data
42nd Period (1st-Half 2022)

Investor Meeting(webcast)