NBFJF(NBFJF)

$842.92—

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NBFJF(NBFJF)

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$842.92—

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NBFJF(NBFJF)

NBFJF

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7/10/26

NIPPON BUILDING FUND INCORPORATION (NBFJF)

Friday

11:44 PM

Thesis: Nippon Building Fund Incorporation: the story is balanced — Tokyo Grade A office vacancy rates in the five central wards (Chiyoda, Chuo, Minato, Shibuya…

Revenue Outlook

Metric	FY2025	FY2026E	FY2027E
Revenue	$128.0B	$81.8B	$86.7B
Rev. Growth	+26.6%	-36.1%	+6.1%
EPS	$5003.58	$4914.76	$6017.21
EPS Growth	-7.5%	-1.8%	+22.4%
P/E (fwd)	0.2×	0.2×	0.1×

★ Analysts see FY2027 revenue reaching $86.7B — +6.1% growth in a single year.

What Moves the Stock

1Tokyo Grade A office vacancy rates in the five central wards (Chiyoda, Chuo, Minato, Shibuya, Shinjuku) - sub-2% vacancy supports rent growth
2Rental rate trends and lease renewal spreads on portfolio rollovers - mark-to-market opportunities when legacy leases expire below current market rents
3Bank of Japan monetary policy shifts - any move toward interest rate normalization pressures REIT valuations and increases refinancing costs
4Yen exchange rate movements - foreign investor flows into Japanese REITs accelerate when yen weakens, providing currency tailwinds
5Acquisition pipeline and cap rate spreads - ability to acquire accretive assets at 3.5-4.5% cap rates while debt costs remain below 1%
6Base rental income from long-term office leases (estimated 85-90% of revenue)
7Common area maintenance (CAM) charges and property management fees (estimated 8-12%)
8Parking and other ancillary property income (estimated 2-5%)

FY2025 Snapshot

Revenue: $128.0B
Rev. Growth: +26.6%
Gross Margin: 24.6%
Op. Margin: 36.3%
Net Margin: 33.5%
Net Income: $42.9B
NI Growth: -6.8%
EPS: $5003.58
1Y Return: -7.1%

My Notes

dividend - NBF attracts income-focused investors seeking high, stable dividend yields (historically 3-5%) with quarterly distributions.
High sensitivity through multiple channels.
Watch on earnings: Tokyo Grade A office vacancy rate (Miki Shoji Research monthly data) - sub-2% is tight, above 4% signals oversupply, Tokyo central five wards average asking rent per tsubo - leading indicator of rental rate trends and mark-to-market potential, Bank of Japan 10-year JGB yield target and policy meeting outcomes - any hawkish shift pressures REIT valuations immediately.

One Sentence Summary:

Nippon Building Fund Incorporation: the story is balanced — tokyo grade a office vacancy rates in the five central wards (chiyoda, chuo, minato, shibuya.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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Metric

FY2025

FY2026E

FY2027E

P/E (fwd)

0.2×

0.1×

What Moves the Stock

1Tokyo Grade A office vacancy rates in the five central wards (Chiyoda, Chuo, Minato, Shibuya, Shinjuku) - sub-2% vacancy supports rent growth

2Rental rate trends and lease renewal spreads on portfolio rollovers - mark-to-market opportunities when legacy leases expire below current market rents

3Bank of Japan monetary policy shifts - any move toward interest rate normalization pressures REIT valuations and increases refinancing costs

4Yen exchange rate movements - foreign investor flows into Japanese REITs accelerate when yen weakens, providing currency tailwinds

5Acquisition pipeline and cap rate spreads - ability to acquire accretive assets at 3.5-4.5% cap rates while debt costs remain below 1%

6Base rental income from long-term office leases (estimated 85-90% of revenue)

7Common area maintenance (CAM) charges and property management fees (estimated 8-12%)

8Parking and other ancillary property income (estimated 2-5%)

My Notes

dividend - NBF attracts income-focused investors seeking high, stable dividend yields (historically 3-5%) with quarterly distributions.

High sensitivity through multiple channels.

Watch on earnings: Tokyo Grade A office vacancy rate (Miki Shoji Research monthly data) - sub-2% is tight, above 4% signals oversupply, Tokyo central five wards average asking rent per tsubo - leading indicator of rental rate trends and mark-to-market potential, Bank of Japan 10-year JGB yield target and policy meeting outcomes - any hawkish shift pressures REIT valuations immediately.

NIPPON BUILDING FUND INCORPORATION (NBFJF)

Revenue Outlook

What Moves the Stock

NBFJF Chart

My Notes

One Sentence Summary:

Explore More

NIPPON BUILDING FUND INCORPORATION (NBFJF)

Revenue Outlook

What Moves the Stock

NBFJF Chart

My Notes

One Sentence Summary: