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← CockpitCompetitor Analysis › 8951.T Nippon Building Fund, Inc.Open in the cockpit ↗

Nippon Building Fund, Inc.8951.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Investment Trusts

A J-REIT that owns and leases a portfolio of office buildings across major Japanese cities.

≈ A large office REIT, like a smaller Boston Properties REITMomentum neutral 45
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$6.75B
US dollars, full cap
Free float
87%
of shares outstanding
$/day
$25.8M
20-day average traded
Fwd P/E
23.8×
forward earnings
ROIC−WACC
n/a
WACC 5.0%
Hurdle
n/a
no reverse DCF
Next earnings
103 days
17 Feb 2027
Close · JPY¥120,800
1D-2.7%
1W+1.1%
1M+3.6%
3M-7.2%
6M-7.9%
YTD-15.5%
1Y-14.3%
ATR %2.0%
52w lowhigh20.7% off high

What Nippon Building Fund does

A J-REIT that owns and leases a portfolio of office buildings across major Japanese cities.

Collects rent from office tenants and pays out most of its earnings to unit holders, as J-REIT rules encourage. It has no staff of its own and is run by an external manager owned by Mitsui Fudosan. Central Tokyo holds most of the portfolio.

In one line: A large office REIT, like a smaller Boston Properties REIT.

Products and services

  • Office building leasing

Customers

  • Corporate office tenants

Where it sits in the supply chain

  • Real estate
  • Real estate investment trust (REIT)
  • Office building ownership & leasing

What could go right

  • Tokyo office rent recovery

What could go wrong

  • Office vacancy/remote-work risk
  • Interest rate sensitivity on REIT valuations

Moat: narrow (scale, installed base). One of Japan's oldest and largest office REITs with a diversified prime-location portfolio.

Headquarters: Tokyo, Japan · Founded: 2001

Named competitors

Nippon Building Fund at a glance

Size Nippon Building Fund (8951.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $6.75B, the 189th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥120,800 on 6 Nov 2026.

Performance Over six months the shares fell 7.9%, against +2.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.

Growth Revenue fell 21.4% over the last twelve months (peer median +7.2%); the operating margin is 44.7% (peer median 39.5%).

Valuation It trades at 23.8× forward earnings against a peer median of 22.0× (9th most expensive of 19).

Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).

Relative performance

9010011011 May 202611 Aug 20266 Nov 2026Peer median 1028951.T 92
Six months, rebased to 100: Nippon Building Fund against the median of its 20 peers (local-currency closes).

Nippon Building Fund financials

Reported figures in JPY; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue¥107B¥128B¥150B¥123B¥122B
Revenue growth—-15%+22%+1%—
Gross profit¥48.4B¥46.9B¥49.5B¥42.7B¥49.1B
EBITDA¥63.8B¥61.9B¥64.5B¥57.3B¥64.1B
Net income¥43.7B¥42.8B¥46.0B¥38.8B¥45.7B
Free cash flow-¥34.7B-¥18.1B¥55.5B¥26.3B-¥25.3B
Capital expenditure¥101B¥106B¥53.7B¥57.5B¥108B
Total debtn/a¥628B¥586B¥592B¥578B

Quarterly statements and history in the cockpit →

Nippon Building Fund competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-10%0%+10%0%+10%VNOGPTHRMACSTAGRYNFRTRNOCHCEPRTLMPCDPLANDBLNDSGPARENNNCHP-UNPECOVCX8951.T6-month return →1-month return →
Up and to the right = strong over both horizons. Nippon Building Fund is the large dot.

Fundamentals: revenue growth against valuation

-20%-10%0%+10%+20%0×200×400×GPTHRMACSTAGRYNFRTRNOCHCEPRTLMPLANDBLNDCHP-UNVCX8951.TRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Nippon Building Fund is the large dot.

Nippon Building Fund competitors and peer comparison

Head to head with its named competitors (8951.T vs 8952.T vs 3462.T vs 8972.T)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Nippon Building Fund 8951.T$6.75B-8%-21%45%23.8×n/a
Japan Real Estate Investment 8952.T$4.98B-10%-1%38%25.6×n/a
Nomura Real Estate Master Fund 3462.T$3.66B-23%-18%36%20.5×n/a
KDX Realty Investment 8972.T$3.47B-16%+3%39%16.3×n/a
Daiwa Office Investment 8976.T$1.74B-12%+24%44%19.2×n/a
Mori Hills Reit Investment 3234.T$1.36B-14%-1%54%18.9×n/a
Hulic Reit 3295.T$1.23B-17%+5%38%17.6×n/a

How Nippon Building Fund compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Nippon Building Fund against its 20 peers (data as of 6 Nov 2026)
Measure8951.TPeer medianRank in peer set
1-month return+3.6%+8.5%7th lowest of 21
6-month return-7.9%+2.1%3rd lowest of 21
Distance from 52-week high-20.7%-13.5%4th lowest of 21
Revenue growth (TTM)-21.4%+7.2%lowest of 21
Operating margin44.7%39.5%9th highest of 21
Forward P/E23.8×22.0×9th most expensive of 19

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Nippon Building Fund 8951.TJapan$6.75B-8%-21%45%23.8×n/an/a
Vornado Realty Trust VNOUnited States$6.70B+11%+2%9%n/an/an/a
GPT GPT.AXAustralia$6.88B+11%-8%69%14.5×n/an/a
Healthcare Realty Trust HRUnited States$6.50B-5%-6%12%421.5×n/an/a
Macerich MACUnited States$7.04B+14%+9%-6%187.0×n/an/a
STAG Industrial STAGUnited States$7.06B-6%+9%38%32.0×n/an/a
Rayonier RYNUnited States$6.45B+6%-13%15%36.0×n/an/a
First Industrial Realty Trust FRUnited States$7.13B-14%+9%42%30.8×n/an/a
Terreno Realty TRNOUnited States$7.24B0%+18%41%34.7×n/an/a
Charter Hall CHC.AXAustralia$7.26B+14%-19%47%19.1×n/an/a
Essential Properties Realty Trust EPRTUnited States$6.21B-11%+21%64%21.6×n/an/a
LondonMetric Property LMP.LUnited Kingdom$6.16B+2%+17%89%13.6×n/an/a
COPT Defense Properties CDPUnited States$7.43B+4%+7%30%22.3×n/an/a
Land Securities LAND.LUnited Kingdom$7.51B+20%+7%48%13.2×n/an/a
British Land BLND.LUnited Kingdom$5.94B+17%+15%52%14.1×n/an/a
Stockland SGP.AXAustralia$7.74B+15%+15%20%12.4×n/an/a
Alexandria Real Estate Equities AREUnited States$7.80B-2%-10%27%n/an/an/a
NNN REIT NNNUnited States$7.89B-7%+7%61%19.6×n/an/a
Choice Properties Real Estate Investment Trust CHP-UN.TOCanada$7.95B-1%+4%20%40.5×n/an/a
Phillips Edison & PECOUnited States$5.72B+2%+7%29%49.4×n/an/a
Vicinity Centres VCX.AXAustralia$8.01B0%+3%52%15.3×n/an/a

Questions

Who are Nippon Building Fund's main competitors?
Named competitors: Japan Real Estate Investment Corp (8952.T), Nomura Real Estate Master Fund (3462.T), KDX Realty Investment (8972.T), Daiwa Office Investment (8976.T), Mori Hills REIT Investment (3234.T), Hulic Reit (3295.T). The cockpit's measured peer set (industry) also includes Vornado Realty Trust (VNO), GPT (GPT.AX), Healthcare Realty Trust (HR), Macerich (MAC), STAG Industrial (STAG), Rayonier (RYN).
Is Nippon Building Fund expensive compared with its peers?
On forward p/e it trades at 23.8× against a peer median of 22.0×, 9th most expensive of 19 in its peer set.
How has Nippon Building Fund stock performed?
Over six months to 6 Nov 2026 the shares returned -7.9% against +2.1% for the median peer; over one year -14.3%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.