Board Change • May 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Part-Time Director Yasuhisa Hashimoto was the last director to join the board, commencing their role in 2026. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 16
Nippon Building Fund Inc. Announces Distribution for the Fiscal Year Ended December 31, 2025 Nippon Building Fund Inc. announced distribution for the fiscal year ended December 31, 2025. For the period, the company announced a dividend of JPY 2,495 per unit (excluding distributions in excess of earnings). The total amount of distributions (excluding distributions in excess of earnings) is JPY 21,227 Million. Announcement • Jan 23
Nippon Building Fund Inc. has completed a Follow-on Equity Offering in the amount of ¥12.99527 billion. Nippon Building Fund Inc. has completed a Follow-on Equity Offering in the amount of ¥12.99527 billion.
Security Name: Units
Security Type: Common Stock
Securities Offered: 20,200
Price\Range: ¥142492
Discount Per Security: ¥4362
Security Name: Units
Security Type: Common Stock
Securities Offered: 5,000
Price\Range: ¥142492
Discount Per Security: ¥4362
Security Name: Units
Security Type: Common Stock
Securities Offered: 66,000
Price\Range: ¥142492
Discount Per Security: ¥4362 Announcement • Oct 08
Nippon Building Fund Inc. announces Semi-Annual dividend, payable on March 17, 2026 Nippon Building Fund Inc. announced Semi-Annual dividend of JPY 2420.0000 per share payable on March 17, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Announcement • Oct 01
An undisclosed buyer agreed to acquire NBF Sapporo Minami Nijo Building from Nippon Building Fund Inc. (TSE:8951) for ¥1.9 billion. An undisclosed buyer agreed to acquire NBF Sapporo Minami Nijo Building from Nippon Building Fund Inc. (TSE:8951) for ¥1.9 billion on September 30, 2025. A cash consideration of ¥1.9 billion will be paid by the buyer. As part of consideration, ¥1.9 billion is paid towards assets of NBF Sapporo Minami Nijo Building. The transaction will be financed by cash in hand.
The expected completion of the transaction is July 1, 2026. Announcement • Jul 20
Nippon Building Fund Inc. to Report Fiscal Year 2025 Results on Aug 15, 2025 Nippon Building Fund Inc. announced that they will report fiscal year 2025 results on Aug 15, 2025 Announcement • Jun 21
Nippon Building Fund Inc. has filed a Follow-on Equity Offering. Nippon Building Fund Inc. has filed a Follow-on Equity Offering.
Security Name: Units
Security Type: Common Stock
Securities Offered: 138,045 Announcement • Feb 18
Nippon Building Fund Inc. announces Semi-Annual dividend, payable on September 16, 2025 Nippon Building Fund Inc. announced Semi-Annual dividend of JPY 2400.0000 per share payable on September 16, 2025, ex-date on June 27, 2025 and record date on June 30, 2025. Announcement • Feb 17
Nippon Building Fund Inc. to Report Second Half, 2024 Results on Feb 17, 2025 Nippon Building Fund Inc. announced that they will report second half, 2024 results on Feb 17, 2025 Announcement • Oct 31
Nippon Building Fund Inc. (TSE:8951) agreed to acquire an additional 0.46% stake in Kowa Nishi-Shinbashi Building B for ¥63 million Nippon Building Fund Inc. (TSE:8951) agreed to acquire an additional 0.46% stake in Kowa Nishi-Shinbashi Building B for ¥63 million on October 31, 2024. A cash consideration of ¥63 million will be paid by Nippon Building Fund Inc. As part of consideration, ¥63 million is paid towards assets of Kowa Nishi-Shinbashi Building B. Upon completion, Nippon Building Fund Inc. will own 85.53% stake in Kowa Nishi-Shinbashi Building B.
Nippon Building Fund Inc. (TSE:8951) completed the acquisition of an additional 0.46% stake in Kowa Nishi-Shinbashi Building B on October 31, 2024. Declared Dividend • Oct 13
Final dividend of JP¥2,400 announced Shareholders will receive a dividend of JP¥2,400. Ex-date: 27th December 2024 Payment date: 17th March 2025 Dividend yield will be 305%, which is higher than the industry average of 5.8%. Reported Earnings • Sep 28
Full year 2024 earnings released: FFO per share: JP¥6.1k (vs JP¥6,036 in FY 2023) Full year 2024 results: FFO per share: JP¥6.1k (up from JP¥6,036 in FY 2023). Revenue: JP¥97.5b (up 3.6% from FY 2023). Funds from operations (FFO): JP¥51.8b (flat on FY 2023). FFO margin: 53% (down from 55% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Buy Or Sell Opportunity • Aug 22
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to €3,840. The fair value is estimated to be €3,153, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 0.7% per annum. Earnings are forecast to grow by 0.1% per annum over the same time period. Buy Or Sell Opportunity • Jul 13
Now 22% overvalued Over the last 90 days, the stock has fallen 8.8% to €3,300. The fair value is estimated to be €2,714, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 1.1% per annum. Earnings are also forecast to decline by 1.6% per annum over the same time period. Buy Or Sell Opportunity • Jul 02
Now 15% overvalued Over the last 90 days, the stock has fallen 12% to €3,200. The fair value is estimated to be €2,788, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 1.1% per annum. Earnings are also forecast to decline by 1.6% per annum over the same time period. Buy Or Sell Opportunity • Jun 25
Now 21% overvalued Over the last 90 days, the stock has fallen 5.5% to €3,440. The fair value is estimated to be €2,834, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 1.1% per annum. Earnings are also forecast to decline by 1.6% per annum over the same time period. Announcement • Mar 29
Nippon Building Fund Inc Announces Eiichiro Onozawa Resigns as Substitute Executive Director, As of March 31, 2024 Nippon Building Fund Inc. ("NBF") announced that executive director has offered his registration, which was accepted as of this day. Eiichiro OnozawaResigning as Substitute Executive Director (as of March 31, 2024). Announcement • Mar 12
Nippon Building Fund Inc. Announces the Retirement of Tetsuya Saito as Full-Time Director, Effective as of March 31, 2024 Nippon Building Fund Management Ltd. ("NBFM"), to which Nippon Building Fund Inc. announced the retirement of Director (full-time): Tetsuya Saito (as of March 31, 2024). Declared Dividend • Feb 18
First half dividend of JP¥12,500 announced Shareholders will receive a dividend of JP¥12,500. Ex-date: 27th June 2024 Payment date: 17th September 2024 Dividend yield will be 359%, which is higher than the industry average of 5.8%. Announcement • Feb 16
Nippon Building Fund Inc. to Report Fiscal Year 2023 Results on Feb 15, 2024 Nippon Building Fund Inc. announced that they will report fiscal year 2023 results on Feb 15, 2024 Announcement • Feb 02
Nippon Building Fund Inc. Revises Earnings Guidance for the Fiscal Periods Ending June 30, 2024 Nippon Building Fund Inc. revised earnings guidance for the fiscal period ending June 30, 2024. For the fiscal period ending June 30, 2024, the company expects operating revenues of JPY 50,113 million, operating income of JPY 23,751 million and net income of JPY 22,377 million compared to the previous guidance of operating revenues of JPY 46,826 million, operating income of JPY 20,517 million and net income of JPY 19,165 million provided earlier. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥11,500 per share at 3.8% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 18 March 2024. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.5%). Announcement • Oct 01
Nippon Building Fund Incorporation (TSE:8951) agreed to acquire Yodoyabashi Flex Tower from Global One Real Estate Investment Corp. (TSE:8958) for ¥9.8 billion. Nippon Building Fund Incorporation (TSE:8951) agreed to acquire Yodoyabashi Flex Tower from Global One Real Estate Investment Corp. (TSE:8958) for ¥9.8 billion on September 29, 2023. Yodoyabashi Flex Tower reported revenue of ¥490 million on August 31, 2023.Transaction is expected to close on November 30,2023. Announcement • Sep 08
Nippon Building Fund Incorporation (TSE:8951) acquired additional 2.6% stake in Nishi-Shinjuku Mitsui Building on ¥120 million. Nippon Building Fund Incorporation (TSE:8951) acquired additional 2.6% stake in Nishi-Shinjuku Mitsui Building on ¥120 million on September 7, 2023. Transaction was financed by it's own funds.
Nippon Building Fund Incorporation (TSE:8951) Completed the acquisition of additional 2.6% stake in Nishi-Shinjuku Mitsui Building on September 7, 2023. Reported Earnings • Aug 21
Full year 2023 earnings released: EPS: JP¥23,294 (vs JP¥28,170 in FY 2022) Full year 2023 results: EPS: JP¥23,294 (down from JP¥28,170 in FY 2022). Revenue: JP¥94.4b (down 6.6% from FY 2022). Net income: JP¥39.6b (down 16% from FY 2022). Profit margin: 42% (down from 47% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to grow by 1.3%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Aug 15
Nippon Building Fund Incorporation to Report First Half, 2023 Results on Aug 15, 2023 Nippon Building Fund Incorporation announced that they will report first half, 2023 results on Aug 15, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥11,500 per share at 4.1% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 15 September 2023. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.8%). Board Change • Mar 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Supervisory Director Kazuhisa Kobayashi was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 17
First half 2023 earnings released: EPS: JP¥11,927 (vs JP¥13,148 in 1H 2022) First half 2023 results: EPS: JP¥11,927 (down from JP¥13,148 in 1H 2022). Revenue: JP¥47.4b (down 5.3% from 1H 2022). Net income: JP¥20.3b (down 6.6% from 1H 2022). Profit margin: 43% (in line with 1H 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Feb 15
Nippon Building Fund Incorporation to Report Second Half, 2022 Results on Feb 15, 2023 Nippon Building Fund Incorporation announced that they will report second half, 2022 results on Feb 15, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥11,500 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 15 March 2023. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.7%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. President, CEO & Full-Time Director of Nippon Building Fund Management Ltd. Eiichiro Onozawa was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 01
SMFL MIRAI Partners Company, Limited agreed to acquire 50% stake in Shin-Kawasaki Mitsui Building from Nippon Building Fund Incorporation (TSE:8951) for ¥24 billion. SMFL MIRAI Partners Company, Limited agreed to acquire 50% stake in Shin-Kawasaki Mitsui Building from Nippon Building Fund Incorporation (TSE:8951) for ¥24 billion on October 31, 2022. Consideration will be one time, lump-sum payment at the time of delivery. The transaction is expected to close on January 11, 2023. Use of proceeds will be for Repayment of debt etc. Reported Earnings • Aug 17
Full year 2022 earnings released: EPS: JP¥28,129 (vs JP¥24,561 in FY 2021) Full year 2022 results: EPS: JP¥28,129 (up from JP¥24,561 in FY 2021). Revenue: JP¥102.5b (up 18% from FY 2021). Net income: JP¥47.2b (up 22% from FY 2021). Profit margin: 46% (up from 45% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥13,000 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 September 2022. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (4.7%). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. President, CEO & Full-Time Director of Nippon Building Fund Management Ltd. Eiichiro Onozawa was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 06
Nippon Building Fund Incorporation Announces Retirement of Yoshiyuki Tanabe as Director, Effective March 31, 2022 Nippon Building Fund Incorporation announced retirement of Yoshiyuki Tanabe as director as of March 31, 2022. Reported Earnings • Feb 16
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: JP¥13,148 (up from JP¥11,525 in 1H 2021). Revenue: JP¥50.3b (up 21% from 1H 2021). Net income: JP¥21.7b (up 26% from 1H 2021). Profit margin: 43% (up from 41% in 1H 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 16
Nippon Building Fund Incorporation Provides Distribution Guidance for Period Ending June 30, 2021 Nippon Building Fund Incorporation provided distribution guidance of JPY 13,000 per unit for period ending June 30, 2021 as compared to distribution of JPY 11,684 per unit for the period ended June 30, 2021. Announcement • Feb 15
Nippon Building Fund Incorporation Provides Earnings Guidance for the Period Ending June 30,2022 and December 31, 2022 Nippon Building Fund Incorporation provided earnings guidance for the period ending June 30,2022 and December 31, 2022. For the period June 30, 2022, the company expected operating revenues to be JPY 52,022 million, Operating income to be JPY 25,988 million and Net income to be JPY 24,543 million.For period December 31, 2022, the company expected operating revenues to be JPY 47,309 million, Operating income to be JPY 22,021 million and Net income to be JPY 20,662 million. Announcement • Feb 10
Nippon Building Fund Incorporation to Report Fiscal Year 2021 Results on Feb 15, 2022 Nippon Building Fund Incorporation announced that they will report fiscal year 2021 results on Feb 15, 2022 Upcoming Dividend • Dec 23
Upcoming dividend of JP¥11,500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 March 2022. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.8%). Upcoming Dividend • Dec 23
Upcoming dividend of JP¥11,500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 March 2022. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.8%). Announcement • Dec 01
Nippon Building Fund Incorporation (TSE:8951) acquired additional 15% stake in Yokohama ST Building from Toda Corporation (TSE:1860) for ¥3.2 billion. Nippon Building Fund Incorporation (TSE:8951) acquired additional 15% stake in Yokohama ST Building from Toda Corporation (TSE:1860) for ¥3.2 billion on November 30, 2021. As per the transaction, Nippon Building Fund Incorporation now owns 90% stake in Yokohama ST Building. As on October 31, 2021, Yokohama ST Building generated total rental revenues of ¥256 million.
Nippon Building Fund Incorporation (TSE:8951) completed the acquisition of additional 15% stake in Yokohama ST Building from Toda Corporation (TSE:1860) on November 30, 2021. Announcement • Aug 18
An unknown buyer agreed to acquire Nakanosakaue Sunbright Twin, Sun Mullion NBF Tower and NBF Unix Bldg from Nippon Building Fund Incorporation (TSE:8951) for ¥59.3 billion. An unknown buyer agreed to acquire Nakanosakaue Sunbright Twin, Sun Mullion NBF Tower and NBF Unix Bldg from Nippon Building Fund Incorporation (TSE:8951) for ¥59.3 billion on August 16, 2021. In related transactions, Nippon Building Fund Incorporation agreed to sell NBF Ochanomizu Bldg. ¥16.1 billion respectively. Anticipated delivery date is January 31, 2022. Daiwa Real Estate Appraisal Co., Ltd. and The Tanizawa Sogo Appraisal Co., Ltd. acted as appraiser for the property. Announcement • Aug 17
Nippon Building Fund Incorporation (TSE:8951) signed an contract to acquire Iidabashi Grand Bloom from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥77.6 billion. Nippon Building Fund Incorporation (TSE:8951) signed an contract to acquire Iidabashi Grand Bloom from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥77.6 billion on August 16, 2021. In related transaction Nippon Building Fund Incorporation signed an contract to sell 4 properties for ¥75.4 billion on August 16, 2021. Consideration will be financed from the combination of cash in hand, loans and sale proceeds. Transaction is expected to complete on September 30, 2021. Daiwa Real Estate Appraisal Co., Ltd. acted as appraiser Upcoming Dividend • Jun 22
Upcoming dividend of JP¥11,350 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 15 September 2021. Trailing yield: 3.2%. Within top quartile of German dividend payers (3.1%). In line with average of industry peers (3.4%). Reported Earnings • Apr 05
First half 2021 earnings released: EPS JP¥11,524 (vs JP¥11,011 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: JP¥40.4b (up 3.8% from 1H 2020). Net income: JP¥17.3b (up 11% from 1H 2020). Profit margin: 43% (up from 40% in 1H 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Feb 18
First half 2021 earnings released: EPS JP¥11,524 (vs JP¥11,011 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: JP¥41.7b (up 7.4% from 1H 2020). Net income: JP¥17.3b (up 11% from 1H 2020). Profit margin: 41% (up from 40% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Is New 90 Day High Low • Feb 15
New 90-day high: €4,950 The company is up 7.0% from its price of €4,620 on 18 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 7.0% over the same period. Announcement • Jan 29
Nippon Building Fund Incorporation, Annual General Meeting, Mar 09, 2021 Nippon Building Fund Incorporation, Annual General Meeting, Mar 09, 2021, at 10:00 Tokyo Standard Time. Location: Station Conference Tokyo "Sapia Hall" Sapia Tower 5F, 1-7-12 Marunouchi, Chiyoda-ku Tokyo Japan Agenda: To consider appointment of One Executive Director; to consider appointment of Two Substitute Executive Directors; and to consider appointment of Three Supervisory Directors. Is New 90 Day High Low • Jan 28
New 90-day high: €4,720 The company is up 10.0% from its price of €4,273 on 30 October 2020. The German market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 1.0% over the same period. Announcement • Dec 20
Nippon Building Fund Incorporation and Nippon Building Fund Management Ltd. to Lease Shinjuku Mitsui Building to Mitsui Fudosan Co., Ltd Nippon Building Fund Inc. ("NBF") and Nippon Building Fund Management Ltd. ("NBFM"), to which NBF entrusts asset management services, hereby provide notice of the decision on
December 18, 2020 to lease Shinjuku Mitsui Building (the "Property") to Mitsui Fudosan Co. Ltd. ("Mitsui Fudosan") as announced in "Notice of Acquisition and Commencement of Lease of
Domestic Assets" dated October 9, 2020, as follows: Furthermore, the lessee is Mitsui Fudosan Co. Ltd., the major shareholder of NBFM ("Mitsui Fudosan"). Mitsui Fudosan is an interested party under Article 201 of the Investment Trust Act "ITA") as well as Article 123 of the Enforcement Order of the ITA. As such, NBFM has obtained necessary prior approval by the board of directors of NBF in connection with the lease of the Property subject to Article 201-2 of the ITA. NBF and NBFM have decided to lease the Property to Mitsui Fudosan based on the decision that
maintaining the relationship with the existing tenants and remaining under the operation of the Mitsui brand as has been since the completion would be beneficial for the management of the
Property. All sections of the Property will be leased to Mitsui Fudosan, and Mitsui Fudosan will sub-lease the same spaces to its sub-lessees. In addition, the subtenants meet the selection criteria described in NBF's Annual Securities Report dated on September 29, 2020, which is referred to in the "Report regarding the operation system of the Real Estate Investment Trust Issuer" dated September 29, 2020. Announcement • Nov 17
Nippon Building Fund Incorporation (TSE:8951) agreed to acquire additional 8.62% stake in NBF Ogawamachi Building from multiple individuals for ¥480 million. Nippon Building Fund Incorporation (TSE:8951) agreed to acquire additional 8.62% stake in NBF Ogawamachi Building from multiple individuals for ¥480 million on November 16, 2020. The consideration will be paid lumpsum Nippon will own approximately 92.47% stake in NBF Ogawamachi Building after the transaction. The transaction is expected to complete on November 30, 2020. Is New 90 Day High Low • Oct 12
New 90-day low: €4,568 The company is down 4.0% from its price of €4,771 on 14 July 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 3.0% over the same period. Reported Earnings • Oct 04
Full year earnings released - FFO €16,125 per share Over the last 12 months the company has reported total funds from operations (FFO) of JP¥22.8b, down 48% from the prior year. Total revenue was JP¥77.5b over the last 12 months, up 3.1% from the prior year. FFO margins were 29%, which is lower than the 56% margin from last year. The decrease in margin was driven by higher expenses. Announcement • Sep 29
Nippon Building Fund Incorporation (TSE:8951) entered into agreement to acquire Osaki Bright Tower and two other properties from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥40.22 billion. Nippon Building Fund Incorporation (TSE:8951) entered into agreement to acquire Osaki Bright Tower and two other properties from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥40.22 billion on August 17, 2020. The other two properties are Nagoya Mitsui Main Building and Nagoya Mitsui New Building. The funding for the acquisition is done through cash on hand and loan. The acquisition is partially funded by borrowing ¥31 billion comprising long term borrowing of ¥5 billion at 0.270% interest and short term borrowings of ¥26 billion at .270% interest. The deal is expected to be completed by October 1, 2020. Daiwa Real Estate Appraisal Co., Ltd. acted as appraiser in the deal. 
