Daisuke Yamashita
President. CEO & Director of Nippon Building Fund Management, Ltd
Good morning, everyone. This is Daisuke Yamashita, President and CEO of Nippon Building Fund Management Limited. Thank you very much for joining us today. Before presenting the results for the 49th fiscal period, I’d like to briefly comment on the public offering we conducted last month. Through this public offering, we are able to acquire properties, including a newly developed one in the Nihonbashi area, where further rent growth is expected, and we received very favorable feedback from many investors. I’d like to once again express my sincere appreciation to all of you. The office leasing market remains firm. And according to data recently released by Miki Shoji, vacancy in Central Tokyo was 2.15% as of the end of January, almost going below the 2% threshold. A vacancy below 2% is a level not seen since 2019 before the COVID-19 pandemic.
We hear that the leasing of properties that are to be completed in 2026 is progressing steadily and that demand is already extending to large-scale new properties scheduled for completion in 2028 and 2029. Supported by strong corporate earnings, we expect the office leasing market to remain solid going forward. Against this favorable backdrop, NBF has been steadily increasing real estate rental revenues. We will further accelerate EPU and DPU growth based on the strong internal growth and by continuing our external growth, supported by financing that is mindful of the financial market. Now I will explain the key points of our earnings forecast based on the results for the 49th fiscal period. Please turn to Page 3 of the presentation material.
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