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Nippon Building Fund (8951) investor relations material
Nippon Building Fund H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong financial performance in 1H 2026, with operating revenues up 10.9% and net income up 26.2% year-over-year, driven by high occupancy rates above 98% and strategic asset replacements.
Enhanced portfolio quality through acquisitions in Tokyo and Sapporo and notable property dispositions.
Continued focus on sustainability, earning top ESG ratings and progressing toward GHG reduction targets.
Financial highlights
1H 2026 total operating revenues: ¥53,858 million (+10.9% YoY); operating income: ¥26,694 million (+25.8% YoY); net income: ¥24,354 million (+26.2% YoY).
Distribution per unit: ¥2,489 (+1.4% from prior period); EPU: ¥2,173; payout ratio: 90.0%.
NOI from property leasing: ¥31,809 million (+2.1% YoY); NOI yield: 4.48%.
LTV at 42.6%; long-term fixed interest rate ratio: 76.9%; average interest rate 0.82%.
NAV per unit: ¥125,533; market cap: ¥1,109.8 billion; total assets: ¥1,475,730 million.
Outlook and guidance
2H 2026 forecast: operating revenues ¥50,502 million, net income ¥19,968 million, DPU ¥2,465.
1H 2027 forecast: operating revenues ¥51,016 million, net income ¥20,363 million, DPU ¥2,541.
Portfolio expected to remain highly occupied (98.5%–98.6%) with stable rental demand.
- Net income rose 19.6%, DPU increased, and a five-for-one unit split will boost liquidity.8951
H1 2024 - Operating revenues up 1.1%, net income down 2.9%, with high occupancy and major asset moves.8951
H2 2024 - Net income and distributions rose on high occupancy and acquisitions, with strong ESG performance.8951
H1 2025 - High occupancy and strategic acquisitions support robust earnings and future growth.8951
H2 2025
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