Nippon Building Fund (NBF, J-REIT 8951)
ConfidenceLikelyUpdated2026-07-29Review by2027-01-29Sources10Machine-translatedOriginal (JA)
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TL;DR
Nippon Building Fund Inc. (NBF, TSE J-REIT 8951) is a Mitsui Fudosan-sponsored, office-specialized J-REIT and was one of the two first-listed J-REITs in September 2001. At 2026-07-01, its official portfolio page reported 69 properties and a ¥1,558.9 billion acquisition-price total; Tokyo’s 23 wards represented 78.8% of that acquisition-price denominator. Current rank, index membership, sponsor-origin share and comparison with Japan Real Estate (JRE, 8952) must still be established from same-date issuer and index-provider data.
Tenant concentration depends on the contractual layer. NBF’s major-tenants disclosure at 2025-12-31 lists Mitsui Fudosan as tenant / master lessee for Shinjuku Mitsui Building and 23 other properties: 573,235 m2, or 47.0% of total rentable area. Mitsui Fudosan generally subleases those properties to multiple end tenants, and NBF receives the sublease rent less a stated percentage. The 47.0% contractual counterparty concentration and the diversification of underlying occupants are therefore different measurements; neither should be replaced by an unsupported “mid-single-digit” claim.
Wiki route
This entry sits under real-estate-finance index as the Mitsui Fudosan office J-REIT anchor. Read it together with Mitsui Fudosan financing model for sponsor-side financing and asset-recycling context, with Japan Real Estate (JRE, 8952) for a same-vintage office-J-REIT comparison, and with Top 10 J-REIT overview matrix for cross-J-REIT positioning. The structural-governance frame is J-REIT vs US REIT governance comparison and J-REIT sponsor structure and conflict of interest. For office vs logistics contrast use logistics J-REIT vs office J-REIT asset-class comparison and the logistics anchors GLP J-REIT (3281) and Nippon Prologis REIT (3283).
1. Corporate identity
Table evidence (reviewed 2026-07-29): NBF investment-corporation structure, NBF official disclosures and the JPX listed-REIT directory.
| Item | Detail |
|---|---|
| Ticker | TSE J-REIT 8951 |
| Investment corporation | Nippon Building Fund Inc. (日本ビルファンド投資法人) |
| Asset-management company | Nippon Building Fund Management Ltd., under NBF’s asset-management entrustment agreement |
| Sponsor | Mitsui Fudosan (TSE Prime 8801) |
| Listing date | September 2001 (first-listed J-REIT alongside JRE) |
| Investment scope | Office-specialized portfolio; actual geographic exposure must use the dated portfolio denominator |
| Investment-corporation asset custodian and unitholder-register administrator | Sumitomo Mitsui Trust Bank, Limited |
| General administrators | Reiwa Accounting Holdings Co., Ltd. for accounting; PwC Tax Japan for tax affairs |
| Property-level trust trustee | A separate asset-level role for property held through trust beneficial interests; identify it only from the applicable property/title disclosure |
| Rating | Use the current ratings and outlooks disclosed by NBF and each rating agency |
| Index status | Verify current inclusion directly from each index provider’s dated constituent list |
2. Portfolio composition
Table evidence (reviewed 2026-07-29; issuer snapshot as of 2026-07-01, occupancy as of 2026-06-30): NBF official portfolio dashboard. NBF disclosed 69 properties, ¥1,558.9 billion asset size and 98.2% occupancy.
| Axis | NBF pattern |
|---|---|
| Asset class | Office-specialized, as stated by NBF |
| Geographic concentration | At 2026-07-01, Tokyo’s 23 wards were 78.8% of total acquisition price; other Greater Tokyo was 7.9% and other cities 13.3% |
| Tokyo sub-market focus | Derive from the current property list using a stated denominator; do not infer it from the sponsor’s wider territory |
| Property size and tenant structure | Calculate from current property and tenant data; the master-lease counterparty table is not an end-occupant census |
| Acquisition source | Classify each dated acquisition as sponsor / related-party or third-party from the transaction disclosure; sponsor redevelopment is not a committed pipeline |
| Property age | Calculate from the current property list using a stated weighting method |
3. Capital and leverage
Table evidence (reviewed 2026-07-29): NBF official financial strategy and portfolio dashboard. The issuer states an LTV target range of 36%–46%; all point-in-time debt and DPU figures must use the applicable period disclosure.
| Item | NBF pattern |
|---|---|
| LTV policy band | Issuer target range 36%–46% |
| Debt mix | Use NBF’s current debt schedule for lenders, instruments, rates and maturities |
| Bond curve | Compare dated NBF bond terms with matched J-REIT issues; do not assume benchmark status |
| Sponsor support stake | Use NBF’s dated major-unit-holder disclosure; do not substitute a typical sponsor percentage |
| Distribution policy | Fiscal periods end in June and December; tax deductibility is subject to statutory conduit conditions, including the applicable greater-than-90% distribution test |
| Foreign-investor share | Use NBF’s dated unit-holder disclosure; JPX investor-type trading data measures flow, not issuer ownership |
4. Contractual master lessee vs end tenants
Table evidence (as of 2025-12-31): NBF major tenants.
| Measurement | Officially disclosed reading |
|---|---|
| Contractual tenant / master lessee | Mitsui Fudosan: Shinjuku Mitsui Building and 23 other properties |
| Leased area | 573,235 m2, 47.0% of NBF’s total rentable area |
| Sublease structure | Mitsui Fudosan generally subleases the relevant properties to various sublessees; some leased space is excluded from that description |
| Rent mechanism | NBF receives the rents collected by Mitsui Fudosan from sublessees less a stated percentage |
| Next named tenant | Sony Group: 73,477 m2, 6.0% of total rentable area |
The official table measures NBF’s contractual tenant exposure, so Mitsui Fudosan cannot be described as a minimal tenant. Analysis of end-occupant diversification requires a separate subtenant dataset and a clearly stated denominator. Contractual concentration, building-level multi-tenancy and DPU volatility are not interchangeable.
5. NBF vs JRE — same-vintage office-J-REIT comparison
Table evidence (reviewed 2026-07-29): NBF official disclosures, JRE portfolio disclosures, and JPX listing data. Sub-market labels are qualitative and should be checked against current property lists.
| Axis | NBF (Mitsui Fudosan) | JRE (Mitsubishi Estate) |
|---|---|---|
| Ticker | 8951 | 8952 |
| Sponsor | Mitsui Fudosan | Mitsubishi Estate |
| Listing date | September 2001 (first) | September 2001 (co-first) |
| Geographic exposure | Calculate from the same-date property lists using the same denominator | Calculate from the same-date property lists using the same denominator |
| Acquisition source | Classify dated transactions and read the current sponsor-support agreement | Classify dated transactions and read the current sponsor-support agreement |
| AUM scale | Compare same-date issuer figures | Compare same-date issuer figures |
| LTV | Use the current issuer definition and date | Use the current issuer definition and date |
| DPU yield | Align market price, DPU definition and date | Align market price, DPU definition and date |
| Foreign-investor profile | Use dated NBF unit-holder disclosure | Use dated JRE unit-holder disclosure |
| Sub-market exposure | Derive from NBF’s current property list | Derive from JRE’s current property list |
NBF and JRE provide a useful sponsor-model comparison. Do not infer pipeline contribution, valuation or sub-market sensitivity without same-date issuer data and the relevant agreements or transactions.
6. Counterpoints
- For sponsor dependence, calculate sponsor / related-party acquisitions over a stated period and apply the issuer’s transaction controls.
- For office-demand resilience, compare dated vacancy, rent, lease expiry and tenant retention with a defined peer set.
- For yield attractiveness, align DPU, market price, tax, currency hedge, date and JGB tenor.
- For leverage, compare financing cost, maturity, covenant headroom and downside scenarios rather than labeling the LTV.
- For growth, use disclosed acquisition capacity and an identified pipeline; sponsor redevelopment alone is not a committed NBF acquisition.
Related
- real-estate-finance index
- Mitsui Fudosan financing model
- Japan Real Estate (JRE, 8952)
- Nomura Real Estate Master Fund (NMF)
- GLP J-REIT (3281)
- Nippon Prologis REIT (3283)
- Top 10 J-REIT overview matrix
- J-REIT market overview
- J-REIT vs US REIT governance comparison
- J-REIT sponsor structure and conflict of interest
- J-REIT foreign investor ownership
- J-REIT dividend yield vs JGB spread
- logistics J-REIT vs office J-REIT comparison
- trust bank custody operating comparison
- MUFG Trust · SMTB · Mizuho Trust
- FinWiki index
Sources
- NBF — official site, investment-corporation structure, portfolio and tenant disclosures.
- Mitsui Fudosan IR — https://www.mitsuifudosan.co.jp/english/ir/
- JPX — REIT Market English landing.
- ARES — Association for Real Estate Securitization, English.
- FSA — investment-corporation framework reference.
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