NBF Report 2001 1st Period

NBF Report 2001

1st Period
From : March 16, 2001 (Date of Inception)To: December 31, 2001

Office Building Fund of Japan, Incorporated

2-7-2 Yaesu, Chuo-ku, Tokyo, Japan

http://www.nbf-m.com/nbf/

Corporate Data

Table of Contents
Pages

Introduction

1

Message from NBFM to the NBF Shareholders

2

Portfolio Snapshot

5

Related Entities of NBF

15

Investment Policies of NBF

17

Distribution Policies of NBF

23

I Performance Information Report25

Investment Performance Overview

26

Overview of NBF

30

Outline of Investment Portfolio

32

Capital Expenditures

39

Expenses regarding Entrustment etc.

40

Trading Activities during the Current Period

41

II Financial Statements
III Overview of Related Operating Entities
IV Appendix

43
53
63

Investment Objects

63

Investment Restrictions

65

Corporate Data

Back coverThis document contains translations of selected information described in the Securities Report (yuka shoken hokokusho) filed on March
27, 2002 pursuant to the Securities Exchange Law of Japan, and the Financial Statements and the Performance Information Report for the period
from March 16, 2001 to December 31, 2001, of Office Building Fund of Japan, Inc. prepared pursuant to the Investment Trust Law of Japan.
This English language document was prepared solely for the convenience of and reference by overseas investors and neither
corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. The Japanese language Securities Report
and the Financial Statements and the Performance Information Report for the aforementioned period should always be referred to as originals of
this document.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concept of theequivalent Japanese terms. With respect to any and all terms herein, including without limitation, financials statements, if there exist any
discrepancies in the meaning or interpretation thereof between the original Japanese documents and English statements contained herein, theoriginal Japanese documents will always govern the meaning and interpretation. None of Office Building Fund of Japan, Inc., Office Building FundManagement Japan, Ltd. or any of their respective directors, officers, employees, partners, shareholders, agents or affiliates will be responsible or
liable for the completeness, appropriateness or accuracy of English translations or the selection of the portions(s) of any document(s) translated
into English. No person has been authorized to give any information or make any representations other than as contained in this document inrelation to the matters set out in this document, and if given or made, such information or representation must not be relied upon as having beenauthorized by Office Building Fund of Japan, Inc., Office Building Fund Management Japan, Ltd. or any of their respective directors, officers,
employees, partners, shareholders, agents or affiliates.
The financial statements of Office Building Fund of Japan, Inc. have been prepared in accordance with generally accepted accounting
principles in Japan (Japanese GAAP) which may materially differ in certain respects from generally accepted accounting principles in otherjurisdictions.
Many provisions of this document contain forward-looking statements and information. We base these statements on our beliefs as wellas our assumptions based solely on certain limited information currently available to us. Because these statements reflect our current views
concerning future events, these statements involve known and unknown risks, uncertainties and assumptions. Our future performance could
materially differ from those set out in these forward-looking statements. We do not undertake and will not undertake to release revisions offorward-looking statements to reflect future events or circumstances or of any other statements or information contained herein.

Corporate Office:2-7-2, Yaesu, Chuo-ku, Tokyo, 104-0028, Japan+81-3-3281-8810
www.nbf-m.com/nbf/
Date of Inception:
March 16, 2001
Capital:Common shares issued and outstanding as of December 31, 2001:¥148,899 million
280,700 shares
Shareholders:
10,954 (As of December 31, 2001)
Transfer Agent
The Chuo Mitsui Trust and Banking Co., Ltd.
3-33-1, Shiba, Minato-ku, Tokyo, 168-0023, Japan+81-3-3323-7111
Independent Public Accountants
Asahi & Co.
Asahi Center Building
1-2, Tsukudo-cho, Shinjuku-ku, Tokyo, 162-8551, Japan
Investor Relations
For further information, please contact our asset management company:
Investor Relations of Financial Department
Office Building Fund Management Japan, Ltd.
2-7-2, Yaesu, Chuo-ku, Tokyo, 104-0028, Japan+81-3-3281-8810

Office Building Fund of Japan, Incorporated

Introduction
Office Building Fund of Japan, Incorporated (hereinafter “NBF”, being an abbreviation of “Nihon
Building Fund toshi-hojin”) was formed on March 16, 2001 in Japan as an investment corporation
under the Law concerning Investment Trusts and Investment Corporations of Japan (“the Investment
Trust Law of Japan”) with the objective investing assets consisting primarily of Designated Assets(as this term is defined in the Investment Trust Law of Japan), and in accordance with said law
which requires an investment corporation to be managed by an external entity, management of such
assets is entrusted to an asset management company (in this case, Office Building Fund Management
Japan, Ltd. hereinafter “NBFM”, being an abbreviation of “Nihon Building Fund Management”)
which undertakes such asset management.
NBF’s primary investment objective is to achieve sustainable growth in portfolio value and stableprofits on a mid-term to long-term basis. NBF intends to achieve this objective by investing in realestate consisting of buildings primarily used for offices and their underlying land located in Tokyo
Central Business Districts (hereinafter “CBDs”), Other Greater Tokyo and Other Cities in Japan aswell as securities, beneficiary certificates representing beneficiary interests in trusts (hereinafter“beneficiary certificates”) and other assets backed by office properties (collectively hereinafter “RealEstate etc.” )NBF, which is a public company, is a closed-end fund whose shares are non-redeemable upon
demand by a shareholder. The accounting period is six months, except for this first term. For tax
reporting purposes, NBF may deduct its cash dividends of profits from taxable income underJapanese tax regulations if it distributes to its shareholders amounts being in excess of 90% of
taxable income for the period and complies with other organizational and operational requirements.
NBF will continue its efforts to satisfy these requirements.

History of NBF
March 16, 2001

Established by founders: Mitsui Fudosan Co. Ltd., The Chuo Mitsui
Trust and Banking Co., Ltd., and NBFM (formerly “MF AssetManagement Co., Ltd.”)

May 10, 2001

Registration under Article 187 of the Investment Trust Law of JapanMay 23, 2001

Commencement of business (acquiring trust beneficiary certificateswith respect to properties consisting of 22 office buildings held in
trust)

September 10, 2001

Listing of common shares of NBF on the Japanese Real Estate
Investment Trust (hereinafter “J-REIT”) section of the Tokyo Stock
Exchange.

1Message from NBFM to the NBF Shareholders
concentrating and restructuring the management
resources of Japanese business enterprises.
In this environment, NBFM’s asset managementbusiness starts from a clear understanding of themarket and with a view toward the future.
NBFM believes that in order to maximize
shareholder value, all features are important,including the size of, quality of, anddiversification of the portfolio, and tenantsatisfaction. In order to approach these strategic(right) Toshihiko Fukase, Executive Director of
Office Building Fund of Japan Incorporated.
(left) Koichi Nishiyama, President & CEO of
Office Building Fund Management Japan
Ltd., Executive Director of Office Building
Fund of Japan Incorporated.

features, we believe it is also important toestablish healthy financing policies and a highlevel compliance system. Our asset
management activities are implemented with thesupport of the enthusiasm and enhanced conceptof morals of NBFM’s management and staff.
The supply level of newly-constructed, largescale office buildings in the Tokyo central
business areas will be higher in 2003, which
affects not only the office leasing market but

Office Building Fund Management Japan Ltd.

also the activities of the tenants who are NBF’s(“NBFM”), the asset management company ofprincipal and potential customers. Based upon

NBF, is exclusively engaged in managing NBF’s

its estimation of the impact of such supply andinvestments, primarily acquiring, owning,

the recovery of the market, NBFM believes thatmanaging, leasing, and renovating office

there is a chance for NBF to expand its scale

properties.

externally through further acquisition, and its
superiority becomes evident through a

Prices of real estate in Japan have been declining

comparison of internal growth such as retention

over the past 10 years. On the other hand, whileof tenants and reduction of rental costs,

an asset evaluation method based on cash flow

especially in a weak market. It is also our basic

generated from real estate has become standard

strategy, due to the extreme concentration of

in Japan, a brake has been put on such dropping

economic activities in Tokyo, to realize area

prices, or conversely, prices seem to be rising indiversification of the properties of NBF, whilecertain places in the central business areas of

securing the Tokyo central business area as an

Tokyo. Economic activity, which has been slow

important investment target. NBFM took as its

to date, has reached the stage where a cyclicalgoal the expansion of NBF’s portfolio size tobottom can be confirmed due to progress in

300,000 million yen by the end of 2002, and to2

Office Building Fund of Japan, Incorporated

500,000 million yen by the end of 2005, in order

NBF, under the asset management policies ofto obtain further portfolio efficiency as well as

NBFM, the Mitsui Fudosan group is engaged into establish a firm basis for profitability. By“office management” (the active and fully-

overcoming this challenging period for the

integrated management of office properties,

leasing market, we believe that further growth

including interfacing with tenants, planningcan be achieved.

renovations, and providing accounting support),
and will continue efforts to provide comfortable

As for the characteristics of the Japanese office

office environments by means of customer-building market, in the past business enterprises

focused property management. We hope thatand administrative agencies tended to own andinvestors acknowledge not only that we haveuse real estate themselves. Recently, from theattained performance results so far, but also thatviewpoint of efficient use of capital, cases where

we have a competitive advantage which will bebusiness enterprises sold and leased back their

publicly known based on our future results. In

headquarters’ office or liquidated investmentcomparison with other J-REITs, we believe thatproperties they managed, including spin-off’s of

we can prove our originality in both acquisition

their real estate investment departments, haveand office management. While utilizing theseen an increase. This presents major

strength of the Mitsui Fudosan group, we intend

opportunities for NBF. However, the current

to maximize the effects of cost, which issituation has yet to indicate that a secondary

possible through the collective whole of ourmarket for commercial real estate has matured.

management and staff who respectively have

NBFM’s management and staff share a common

experience in various fields and outsourcing

scenario for the success and growth of NBF and(“the right man in the right place”). There are

can quickly judge whether or not to acquire

many day-to-day business activities which are

specific properties by examining whether they

low-key and inconspicuous, such as

may reasonably be expected to satisfy the return-communication with tenants, but we are proud

on-investment requirements set forth in the asset

that our management and staff aremanagement guidelines established by NBFM.

enthusiastically conducting operations andmanagement.

We are furthermore aware of the fact thattenants’ requirements or needs for office space

Healthy financial management through flexible

have been changing in Japan. They are evenand quick means of funding helps to broaden

more interested than ever in not only reviewing

choices of strategies and measures forrents, but in location, consolidation of offices, IT

implementation. We are reminded that, inavailability, earthquake resistance and security

addition to the merits of bargaining power in the

etc. It seems obvious that now is the time that

real estate market based on the size of our

NBF can obtain relatively large-scale, newly-

portfolio, the fact that we have been able toconstructed and highly-equipped Grade-A

establish the current portfolio with a healthybuildings at relatively reasonable prices

financial basis during the initial period wascompared to the past. Even after acquisition by

extremely important with respect to gaining3

access to the financial markets. After the close

NBF and NBFM to achieve sufficientof our first term, NBF was awarded ‘A’ long-recognition and appreciation from the markets.

term and ‘A-1’ short-term corporate credit
ratings by S&P and an issuer rating of A3 by

Trust is one of the most important factors in our

Moody’s. As for our legal compliance system,

business. Our objective is to earn further trust

we will develop the equivalent level of internal

through the results of our performance.

oversight functions employed by other top-rated

Although both NBF and NBFM are still

financial institutions engaged in fiduciary duties

developing entities, we hope to build stablewith respect to the asset management business.

brand equity vis-a-vis both tenants and financial
markets at the earliest opportunity in order to

NBF was established in March 2001 and its

enjoy an appropriate reputation as a leading J-

common shares were listed on the Tokyo StockREIT.

Exchange as the first J-REIT in September.
Thus, NBFM has also been in a position, in both

Office Building Fund Management Japan Ltd.

financial markets and real estate markets, to bear

President & CEOa large amount of responsibility as an asset
management company, which, from both midterm and long-term perspectives, is required by
the numerous investors in NBF. As our contacts
with financial markets and media throughproviding NBF company information haveincreased after it became a public company, we
have acquired much valuable experience withina short time and come to better understand oursocial responsibility at the same time.
The J-REIT system is the first magnificent
adventure in the Japanese real estate industry inwhich earnings are distributed in accordancewith so-called “pass-through” characteristics andthe fiduciary duty owed directly to shareholders
in the public market is guaranteed byachievement of a high-level of disclosure. It
was during the first term that we launchedstructuring of our investor base, including
individual investors, and it will be our mission topromote recognition and understanding of, andexpand the scale of, NBF during the second
term. Additional efforts will be necessary for4Office Building Fund of Japan, Incorporated

Portfolio Snapshot
Asset allocation

Regional allocation
Total Real Estate etc. ¥225,666 mil.

Total Assets ¥256,847 mil.

Other Greater Tokyo
26,988million (12%)

Other Cities
23,669million (10%)

Real estate
2,597million(1.0%)
Real estate held in trust
223,068mil. (87%)

Deposits and other assets
31,180mil. (12%)

Tokyo CBDs
175,008million (78%)

Note: Figures above are based on the book value as of December, 2001.

Occupancy rates

(%)

99.9

99.8

99.8

99.8

99.8

99.8

99.9

99.9

99.9

99.8

99.7

99.8

96.9

97.2

97.2

97.5

97.6

97.3

97.4

97.2

97.3

97.4

94.6

95.0

95.0

95.6

95.9

92.8

92.7

92.6

Apr 30

May 31

Jun 30

100
96.9

95

90

94.4

97.0
94.1

93.6

91.4

91.6

Aug 31

Sep 30

94.8

94.2

93.0

93.4

93.7

Nov 30Dec 31

Jan 31
2002

93.8

93.8

93.0

Oct 31

92.8

93.6

90.5

85

80

0

May 232001

Feb 28

1st PeriodTokyo CBDs

Mar 31

2nd Period
Other Greater Tokyo

Other Cities

Note: Occupancy rates: Ratio of gross leased area to total rentable area

5

Total

Location of Office Properties
Tokyo CBDs
Kita-ku

Itabashi-ku

Arakawa-ku
IkebukuroHaToshima-ku
oshima-ku

Nippori

ku

sa

n-

dori

Av
e

.

-

Bunkyo-ku
Taito- -ku

Showa-do- ri Av

e.

Ueno

Shinjuku-ku

Sumida-ku

Chiyoda-ku
Chiyoda-ku

So

tob

or

-

Ome-kaido Ave.

i-d oriAve

Meiji-do- ri

Nakanosakaue
-

.

Ave.

Chu- o- Line

Shinjuku

MitsukoshimaeKoe.
- ri Av-do

Shibuya-ku
ma

a
Aoy

Hib
iya
-dori Ave.

- Ave.
o- aid- shu-kve

Otemachi-Kiyosubashi-dori Ave.

To-kyo-Ko- to- -ku.

- ri Aodgi-Toranomon

n

po

-

Imperial Palace

Yotsuya

Shinbashi

Chu- o- -kupRoRoppongi

Shibuya

Yam

.

te L

ano

e
Av

ine

Tamachive- ri A
do
tema
Ya

- ri
o
-d
wa
a
ag
m
Ta

Hamamatsucho-

Minato-ku

Setagaya-ku

Meguro-ku.

ShinagawaTo- kyo- -Bay

keih

in H

Daini-

ighway

keihinHigh way

Shinaga
Shina
Shinagawa-ku
gawa-ku
wa-ku

chi-

Express way

Daii

JR LineSubway Ginza Line
Subway Marunouchi Line

(Other Greater Tokyo)
Nakano-Sakaue Sunbright Twin

Subway Hibiya Line-NKK Headquarters’ Bldg.
Shiba NBF Tower
GSK Bldg.
Shinjuku Mitsui Bldg. No.2
Kowa Nishi Shinbashi Bldg. B
Takanawa 1-chome Bldg.
Nihonbashi Muro-machi Center Bldg.
Mita City Bldg.
Shinjuku Yocho-machi Bldg.

-

Subway Hanzomon Line

6

Office Building Fund of Japan, Incorporated

IBARAKI- et

Jo

ToSh hok
ink u
an
se

n

Tsukuba Mitsui Bldg.

Joban

Tsukuba(temporaly)

Ex
pw
y

Other Greater Tokyosu

TSUKUBA-SHISh

SAITAMAin

5)x
E plan
baing
u
k n

uE

en

ok

ns

-h
To

ka

s 00
es r 2
pr fo

xp

n

wy

u e
Ts Op
(

-

Omiya

e
Lin
- an
Job

Daido Life Omiya Bldg.
SAITAMA-SHI
SAITAMA-SHI
Ka
net

pwy
n Ex

su

- Gaika

Ex

o
Toky

pw

Matsudo City Bldg.
MATSUDO-SHIMATSUDO-SHI

y

-

-

TOKYO

MatsudoTokyo CBDs
MUSASHINO-SHI

CHIBA

Kitasenju

Nakano-Sakaue
Sunbright Twin

Shinjuku

Akihabara-

tohi-kanHigas yExpw

To-kyo--CHOFU-SHI
- Exp
-o

Chu

wy

Shibuya
Inagekaigan

CHIBA-SHI
ShinagawaInage Kaigan Bldg.

Chiba

Tom
ei
Ex
pw
y

Other Cities
To- kyo- -Bay

Kawasaki

KANAGAWAKAWASAKI-SHI
KA ASAKI-SHI

YOKOHAMA-SHI
Yokohama

Tok

yowa

nA

qu

aL

ine

Sapporo Minami Bldg.

Yokohama ST Bldg.

JR LineExpress Way

Daido Life Sendai Bldg.

Niigata Telecom Bldg.

Unix Bldg.
Shijo Karasuma Minami Bldg.

Other Greater Tokyo

Hamamatsu City Bldg.
Hakata Gion 21 Bldg.

Sakai Higashi Center Bldg.
Otemae Center Bldg.
Kyoumachi bori Center Bldg.
Sun Mullion Osaka Bldg.

7

NKK Headquarters’ Bldg.
Location: 1-2, Marunouchi 1-chome,

Site area: 5,495.49m2

Chiyoda-ku, Tokyo
Floor area of building : 62,949.13m2
Structure: Above ground: 18 floors,

Completion: June 1974

below ground 4 floors

Shiba NBF Tower
Location: 1-30, Shiba Daimon 1-chome,

Site area: 6,475.44m2 (*)

Minato-ku, Tokyo
Floor area of building : 44,437.17m2
Structure: Above ground: 18 floors,

Completion: October 1986

below ground 3 floors(*)Note: NBF has leasehold right in trust for most of the land underlying of thebuilding.

GSK Bldg.
Location: 6-15, Sendagaya 4-chome,
Shibuya-ku, Tokyo

Site area: 5,335.28m2

Floor area of building : 29,137.86m2
Structure: Above ground: 18 floors,
below ground 4 floors

Completion: November 1990

Shinjuku Mitsui Bldg. No.2
Location: 2-11, Nishi Shinjuku 3-chome,

Site area: 2,980.64m2

Shinjuku-ku, Tokyo
Floor area of building : 27,685.90m2
Structure: Above ground: 18 floors,

Completion: October 1983

below ground 4 floors

8Office Building Fund of Japan, Incorporated

Kowa Nishi Shinbashi Bldg. B
Location: 14-1, Nishi Shinbashi 2-chome, Minatoku, Tokyo
Site area: 2,449.40m2 (*)
Floor area of building : 20,180.42m2 (*)
Structure: Above ground: 16 floors,
below ground 2 floors
Completion: August 1994(*)Note: Condominium ownership of the building (partly co-owned interest
thereof). NBF owns approx.83% of the entire building.
For further information, see page33, Note5 of Selected Data by Property

Takanawa 1-chome Bldg.
Location: 3-13, Takanawa 1-chome,

Site area: 2,618.77m2

Minato-ku, Tokyo
Floor area of building : 12,847.59m2
Structure: Above ground: 9 floors

Completion: November 1987

Nihonbashi Muro-machi Center Bldg.
Location: 2-15, Nihonbashi Muro-machi
3-chome, Chuo-ku, Tokyo
Site area: 3,097.74m2 (*)
Floor area of building : 23,019.01m2(*)
Structure: Above ground: 12 floors,
below ground 1 floor
Completion: October 1986(*)Note: Ownership interest is of floors 6-12 of the building. Above figures forfloor area are for the entire building.
For further information, see page33, Note6 of Selected Data by Property

Mita City Bldg.
Location: 12-15, Mita 3-chome, Minato-ku,

Site area: 1,458.95m2

Tokyo
Floor area of building : 9,185.13m2
Structure: Above ground: 12 floors,

Completion: June 1991

below ground 1 floor

9

Shinjuku Yocho-machi Bldg.
Location: 10-10, Yocho-machi, Shinjuku-ku,

Site area: 1,984.82m2

Tokyo
Floor area of building : 7,185.38m2
Structure: Above ground: 7 floors,

Completion: January 1989

below ground 1 floor

Yokohama ST Bldg.
Location: 11-15, Hokko1-chome, Nishi-ku,

Site area: 6,348.45m2 (*)

Yokohama, Kanagawa
Floor area of building : 42,568.77m2 (*)
Structure: Above ground: 18 floors,

Completion: October 1987

below ground 2 floors(*)Note: Co-ownership of 75% of the land and the building.

Tsukuba Mitsui Bldg.
Location: 6-1, Takezono 1-chome, Tsukuba,
IbarakiSite area: 6,280.82m2 (*)

Floor area of building : 26,266.10m2 (*)
Structure: Above ground: 19 floors,
below ground 2 floors

Completion: March 1990(*)Note: Co-ownership of 75% of the land and the building.

Daido Life Omiya Bldg.
Location: 23-1, Yoshijiki-cho 1-chome,

Site area: 1,290.21m2

Saitama, Saitama
Floor area of building : 6,155.16m2

10Structure: Above ground: 8 floors

Completion: October 1991

Office Building Fund of Japan, Incorporated

Inage Kaigan Bldg.
Location: 23-2, Takasu 3-chome, Mihama-ku,

Site area: 1,884.29m2

Chiba, Chiba
Floor area of building : 7,175.12m2
Structure: Above ground: 7 floors

Completion: November 1992

Matsudo City Bldg.
Location: 18-4, Hon-cho, Matsudo, Chiba

Site area: 1,064.25m2

Floor area of building : 6,386.17m2
Structure: Above ground: 8 floors

Completion: August 1992

Sapporo Minami Nijo Bldg.
Location: 18-1, Minami Nijo Nishi 2-chome,
Chuo-ku, Sapporo, Hokkaido

Site area: 970.42m2

Floor area of building : 8,149.78m2
Structure: Above ground: 9 floors,
below ground 2 floors

Completion: November 1990

Daido Life Sendai Bldg.
Location: 16-10, Honcho 2-chome, Aoba-ku,

Site area: 1,658.99m2

Sendai, Miyagi
Floor area of building : 10,585.42m2
Structure: Above ground: 14 floors,

Completion: June 1987

below ground 1 floor

11Unix Bldg.
Location: 6-6, Sakae-cho, Fukushima,

Site area: 3,112.75m2

Fukushima
Floor area of building : 23,420.12m2
Structure: Above ground: 11 floors,

Completion: September 1994

below ground 2 floors

Niigata Telecom Bldg.
Location: 4-27, Bandai 4-chome, Niigata,

Site area: 2,385.83m2

Niigata
Floor area of building : 14,146.71m2
Structure: Above ground: 10 floors

Completion: May 1989

Hamamatsu City Bldg.
Location: Denmacho 312-1, Hamamatsu,
ShizuokaSite area: 1,144.81m2

Floor area of building : 6,931.30m2
Structure: Above ground: 9 floors

Completion: December 1990

Sakai Higashi Center Bldg.
Location: 3-11, Kita Kawara-machi 1+chome,

Site area: 1,978.53m2

Sakai, Osaka
Floor area of building : 7,294.35m2

12Structure: Above ground: 8 floors

Completion: June 1991

Office Building Fund of Japan, Incorporated

Otemae Center Bldg.
Location: 2-15, Otemae 1-chome, Chuo-ku,

Site area: 1,038.25m2

Osaka, Osaka
Floor area of building : 7,580.74m2
Structure: Above ground: 13 floors,

Completion: June 1992

below ground 1 floor

Shijo Karasuma Minami Bldg.
Location: Dojishacho167, Karasuma Nishi-iru,
Ayanokoji, Shimogyo-ku, Kyoto,
Kyoto

Site area: 761.21m2

Floor area of building : 5,792.21m2
Structure: Above ground: 9 floors,

Completion: September 1991

below ground 1 floor

Kyoumachibori Center Bldg.
Location: 17-16, Kyoumachibori 1-chome,
Nishi-ku, Osaka, Osaka

Site area: 530.21m2

Floor area of building : 3,919.95m2
Structure: Above ground: 10 floors,
below ground 1 floor

Completion: April 1987

Hakata Gion 21 Bldg.
Location: 2-1, Gion-cho, Hakata-ku, Fukuoka,

Site area: 1,394.88m2

Fukuoka
Floor area of building : 7,477.69m2
Structure: Above ground: 9 floors

Completion: April 199313

We acquired the following two properties on February 1 and March 12, 2002, and February 25, 2002, respectively. An
overview of each property as of its date of acquisition is as follows.

Nakano-Sakaue Sunbright Twin

Acquisition date:February 1, 2002 and March 25, 2002

Outline of Acquired Property : Condominium interest being 16th floor - 30th floorof the South Wing, 16th floor and co-ownership of
17th floor of the North Wing, respectively (*means
figures for each interest hereinafter)

Sun Mullion NBF Tower

Note 1.
Note 2.

Acquisition prices:¥8,433 million and ¥546 million respectively

Acquisition structure:

Acquisition of real estate held in trust (trustee: UFJ
Trust Bank)

Location:

46-1, Honcho 2-chome, Nakano-ku, Tokyo

Site area:

Size of total site 10,331.90m2

Floor area of building:Floor space of divided condominium interests are
10,955.90m2 and 984.32m2 respectively , out of thegross floor area of the entire building:
63,396.95m2(including common areas)

Structure:

Steel-framed reinforced concrete building, Flat roof
Above ground: 30 floors, below ground: 2 floors

Completion:

September 1996

Number of tenants*:

1

Rentable area*:

11,073.06m2 and 1,001.18m2 respectively

Leased area*:

11,073.06m2 and 1,001.18m2 respectively

Occupancy rate*:

100%

Acquisition date:

March 12, 2002

Outline of Acquired Property:

Fee simple

Acquisition price:¥10,500 million

Acquisition structure:

Acquisition of real estate held in trust (trustee:
Mitsubishi Trust & Banking)Location:

6-12, Minami-Honmachi 2-chome, Chuo-ku, Osaka,
Osaka

Site area:

2,150.36m2

Floor area of building:

23,755.80m2

Structure:

Steel-framed reinforced concrete
Above ground: 22 floors, below ground: 2 floors

Completion:

January 1996

Number of tenants:

32

Rentable area:

14,252.01m2(excluding 774.88m2 consisting of arental hall on the 3rd floor)

Leased area:

13,247.26m2

Occupancy rate:

92.95%

Site area and construction date stated in the outlines are as specified in the real estate register.
Acquisition price stated does not include national consumption tax, regional consumption tax and miscellaneous costs of acquisition.

14

Office Building Fund of Japan, Incorporated

Related Entities of NBF
For more information, see“Overview of the Related Operating Entities”.

General Meeting ofshareholders

The Chuo Mitsui Trustand Banking

Asset Custody
Entrustment

Asset Management
Entrustment

Asset Custody

Mitsui Fudosan

Office Management
Entrustment

Office Building FundManagementJapan(NBFM)

Office Building
Fund of Japan,
Incorporated(NBF)
Board of Directors

NBF Office
Management

Borrowings/Bonds
and Notes
Debt service

Liabilities

OfficeManagement

Investment

Rent etc.

Real Estateetc.

AssetsInvestment

Shareholders’EquityQualified
Institutional
Investors/
Bondholders

Shareholder

Trading

Distribution

Shareholder

Major Related Operating Entities
Assignment

Name

Asset Management Company

Office Building Fund Management Japan, Ltd.(“NBFM”)

Asset Custodian

The Chuo Mitsui Trust and Banking Co., Ltd.

Transfer Agent

The Chuo Mitsui Trust and Banking Co., Ltd.

Accounting Agent

Makoto Sugai of Heiseikaikeisha Accounting Office

Administrative Agent

Office Building Fund Management Japan, Ltd.(“NBFM”)

Bond Trustee

The Norinchukin Bank

15

16

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        $'  + %
$ % ,    H    ?  +     %
  ) %I511111              % + %!" 
.$ + %!"$ % @12 .$34  -     $ :A11A 
   +),  /    $%   &'   

3$$ +$$ %$$
' $'   %$     %$   %)$  , $  $  %)$ $      $%')
!" $    ' $'  
$ $, $*$     
B  $ $ %    %   
  $  +      ,              
 !" $' +  
$%   %  ,     "  $  $
       $  3
.  5:A11:   3$'   $ ) %
:1'% $$   3   4)$ ,,  
 8) ')+ 
  ,    

 ! "!  #   $%&'%             !  $'   $   $ $$  ) 
+ %        %
+*G %       $$   $   %         % *     
     7%  %
* $,        " #$ , $  %
    '  *  *    3      % ,   ()   !   $% 
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 +*$ %  , $ % $%  $$$!"     !" %  , $  *  
* + +
*$ %  , $ % $% 
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!$  J  A5:
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$!" !" %$ ,     "    -  $!"  
!",E''D   C12  % %) C12 +$     *  $* 
     ( % *,       








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!"+ 
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!"G$    $   -E7 4) $E(  %$%
  $ (
-$   $   ,.  
4$   $  $   $*$ $  % 
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.  4$    *$       )        
-      %!"   $) 612)    !" C0:@7 -)#E(,H-)    .H 8 )     .     !"$$' 
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$ -E($ - (
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    3+ .  )   
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5;C2, $'  ' $ 05@2   $  (   A*$  (   B   12 

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%  '#   &# 1-   *)   *   %$ $A115  %     *  $!" %     (!" $*    
-*%  *   * $ $$ * !")     ' $!") $   - $
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 5"  2    )$ +*  -#"    -")3#"  %!+ '  ' #" + '"  $$)  & 
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 7))  $      )
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 5"  2   2  $$     ' #"      "0
 1   "0  $ #"  -.
)*/ !  #$ %!
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 40 $   0"  "   )*0'!%!
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 4  $  ). 
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)*%**!    )) $" **!    







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     -$$, )8  $9"':;6,8< = $  >   
 "   '  (= $9"=> 8   :(:  >  ,?) :(:-$$, )8 >)9"(;6,8>< )
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6,8 $ 0) $. #0)   "0:
6,8> 6,8A  ) "0 )) ) =))) ) ) $$" " :6,8>  0*%B =0> 8   :(:%+B =0/   ($'  "0B =0  :  $/"  6,8 "" #0+    )" $$) $    :  0       9.13'   $ ?0 / ?
3#):  $5% 6,8 = $0  * $$" " ;-$$4 " <  )"" #0     $ $$ ":  $5
% 6,8  $$ " * ))0 $   :   "0$ -$$4 " = "" #0!:+B:   

6,8    "" $  9" 0 ="     $ '  (= $9"/  3#)(= $9" $ 0= )"" )0"9"=$$$  )     $'  )/    
  : "0)$   $  $
 =""$ 9"   " "  $     0
6,8=$="" "( 8,   $> 0 $8  
0/  3#)(=:6,8  ""  $   6,8
     :'"") "0)$   $   $  
$     0  " $   $    9":   $   A 0 $ = ""$ " "  $   "0)$   )  =  $   " "  = $=)  0   : !" !           

6,8   )0   = ) 0 $         :         '  " "   =  "  "
  #"  $     $ $$" " $0   $" "  :4 "0 " " ) ).   $  :  $   $ ) 0$  + 0 :         "  $" " "2: 
3#"  $ " =     "  ) $ $ $" "0#"   :     

5$    2 ) ).  0 :   ' #  $     $ $ $ " "  :#
$$ $" 0$$ =   $   $ $  $  #" "    )2 $ # :   1 # "  " "  0  :6,8  "  $ #  " $  =)"   $" "0 )
 $0    $  "   "2 " $      $" " : "2 #   && $ " 5% :    

6,8 "  $$" "       $)0= 0 = 0"0  :1 " "0   = $    )2 0  :  ) " $    )2  =   0 :   !         8  $0      $   =    =  )#"   $     
     : 

 "   "   $ "    =))  $     ) )" : ! 

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$ " $=    )  ":6,8   +        0'  (= $9":  '! ()   )(*#/ .        $  .      .   =)     ) :          .     )  5 %   ""0 ))
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9"  # = =  "" #0 : %B   :  $  =)  2   )$
$$ =   0#6,8D $$#$ $ " "  $ " $ >  $"   5% :
>-   
&*&* =%     
&*&, =  
$$ =6 
$$& =
6,8     "   '  (= $9":  )   "           ! B $# $ "      "    =    $ #  9" #)   : 0)

6,8    " "    "   . ")  :  $5% $      . ")    $  =   %:   @@@@@@@ (   .#+% @@@@@@@@,#$#0 @@@@@@@@@@@@@ (  &++ 1!
  !#& ,    $> ,  $5   $6,8  $$"0 $    $! " ))))+%*       $  5% :





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             "!

       "  6,8 ? ) $$   $    0 )013 :  $  =)  $ )     "   )= ")    :
23    4     &



6,8>  ) "0 $6,8    =    13 : " $  ) $6,8:  6,8>   
6,8-$$>) :(: 4 "0    0)"  )    $13 :  '  "$   )4 "0       0 :$ > 8   :(: 
4 "0      :
76,8  13 :> 8   :(: 4 "0 $)=? "   $" $# )$ :0 $ $  :=  "  0 $13 : $ )) $1
3 :  7#"  $"   $      =  6,8-$$>) :(: 4 "0 $/ .):

23    4     

'6,8  13 :> 8   :(: -$$>)
,  )= "  $ 6,8 ? $$) $ 13 
:
'   = ="  )  0 0 
 6,8 $0=)    -$$>),  ) ) "  $ 6,8="$  $ $     ) $$) $   : )-$$>),   )13 : 06,8  
# )"   $   =  -$$>),  / .):8       ) 0#   $ ))  )0 $$  )) )?)"    $
# )  $  $" "= )  0 $$  ))   ""   =  $ # ) 06,8-$$>) :(: 3# )'0)$  # ) 0> 8   :(: 6='0):







    +,#(%-1$+2)(-2'! * $ ,    $#    $6,8      $ " 0   $  $= =0     $#   "  $   " 0    $' "   :  $5%  )  $6,8    $  )) $
   = #   $  " 0   = 4  %    "  $#    " 0  :    $5%   $,  $5   $6,8=  $ 
 =:6 $#   

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3# 5 @ 6 0
3# 5  62=
/ " 05   E / " 05 
?6 2=
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

!  !1   @9> 3    1 ?7   > 3  #) 
9>  7> 1  1   1 !1 !   # #! $! 7> 1     1   ! 7   ! 9        "$ 7  #

   
  )6,8 $ '  (= $9"   $' "  0)) $   :  )) $
   $6,8     )= 0" :  $    $)  $#:  )  ?"  .?  0) )=
 ?0 :  )) $      0"   =   "   $) = 0       = =? "   !: $'  (= $9" :  '""   0 "    " )C 0 $  )  " 0C 0 $ ))  $ " F" 
 == "     $  $' "       "0= .  $  ))  "     $   " = " C 0 $   )
 :
4   $ )06,8 $    $' "  :  '  )"   $ ) $   $' "   $' "   "   "   $  "     $  :
6,8   >)3 )=6,8> ) "0     ))   $6,8
;>)  <    "0:  '6,8>   >)3 )  ) $6,8 $ 
#    ) )0  ""  $))
$   :   6,8  >)3     ) ""0    $)) $
  :           '  # )   $6,8#    "   $
6,8  2   0C   .C      $6,8#"$ # ) ):  E =   )) 
 06,8> $ >)3 ) ))
) $    ) $$   )#  $ ) )    0 ) 0   ?) $ '  (= $9" "" 0
4  %       " 0    2  "      $#   :4  %      0 "" 
  )          0   $ 
'  (= $9"  $' "   =   0 "      $#   :  1     $4  %   = ")=C 0 $   " )4  %    " =   $C 0 $ )  :   $4  %    $6,8 " #    " 0 0 ""   =   0 "$ 
   #    " 0 =# $ 
   $  $#    " 0  " :   $ $$ $#    " 0   = 0  ) " "" F"  = $ $$ $# 
   " 0 =  ""   0    $
  =  ) $ "        $' "   :#    " 0   "" )
) $    !+G  $'  (= $9"  $' "   #"$  =  ""  "    $
6,8  "     $'  (= $9" $'  (= $9"  $' "   :
3#    " 0  0 0 "    $
)) $   :  '$  $   $#   " 0  C " $$=       $=    $' "  = "    $ #   " 0 0  " )%B   $    )
 =    = "    $    #  
0=00  $     $   $ # 
   " 0  )     !!:G * $
'  (= $9"+ $   $9" :! " # $
H'  (= $9"  )  $# ),  $5   $6,8 $   = "" )  $0  $$)""  $,  $ 0 $6,8    $=      $)) $     $ >)3 ) C "" 0)) $

      $   ""  $6,8  " 0) ")  )   00"0 $$ )  #"  ")  )   0:
6,8   '  (= $9" "" "   ? ) $    )) $ " " : 1 ")  6,8  ) "0"$  ) $   $6,8 ) $6,8  
,   $  ) $6,8 $    $= $  =:
+ ,#(%-3% 1$4+3% * $  !% % %3% ',
6,8>  >) "0" $ '  (= $9""$  ) $6,8D    ? ) $     $6,8:   $5% 6,8>    ) "0 00
6,8:
  $ 6,8> "." $*!+  :    "
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 .H?  ) $6,8"    >)3 )
  =)    $ 6,8 =  $' "   $6,8' -C 4   $ : .H? ) $)$$  $)) $   
4  %     )))>) $'      
 $ 6,8"   )$ I  1))>) $'      =) :    ! "  >)8    %B $  $  )$ 13 :    )"  =  $   $13 : >)  =#  ="0: >)8    %B $5  3) "     $>)
8     )="0:>)8 %
'13 : =0.  "       $   " $ 13 :)   " $ 
 )  $       $ "   $13 :   " $F"  =   " #)   " #     $   #   "0$  =)
") ="""0F"  ==""  $
   $6,8 "  = =  " " $  =)

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=  $9":  >C    0 $6,8> $  = :/"!  
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1) 0,$/ 1) 0 $   $ =  $     $ ""      $ )) $   "$     = ? )"   $   
"0 $      =   $=  :.)   "     0)*  =)    $ 6,8 ?   0 $=    )     "  = " $   =06,8   )     $0$       $    
   :+,35%755%#+6 %* %%
(4,>?  / ) $E ??  )-$$  $4  
$#  : "  " 0    " =6,8:



 

     .)  ))"   I ),  3 )+  =)    $ 6,8 ? 
""  $$ )   #.$$ :+,)(-#3% *44+#3% ( 8%/ $    8%&%'  %/ $ ! ,
6,8-$$>) :(:))  0    ) $$) $6,8  B =  0 $> 8   :(:  $5
% :    $5% 6,8-$$>) :(:"." $   :   "  " 0    " =6,8:
 . "  $ > 8   :(:"   -$$>)
,  / .))  =) "$  /  -$$>),   $ =  . "  $ > 8   :(:"   4 "0 $/ .))!  =) "$    4 "0 $)0,   $ = .  3# )'0,  )  =)   0 )#   $ ))  )0 $$  ))13 : 06,8 # ) ))"    $ #"    $  "  "0# )  6,83# )
'0,  :.  4 "0    0)  =) =6,8>   13 :  6,8> )  0  $    $
13 :+,3-*44+#3% (%/ $ 
! / $   %).'  %,   > 8   :(:"$   "       
 " )   $ ) $$ ) ?) $ :    $>% > 8  "." $%**%%   =   $6,8:       " =6,8:
 .  -$$>))   =)   = "  $$" "0 "$  -$$>),   )13 13 : 06,8: 
3# )"   $       J/  -$$>),  J  6,8-$$>) :(:    =)   
6  #3%      







    A ")B $0> 8  ) "  
9 ))      :  A ")4  B      " $)  ):  ")   )0) $   )>6 2  4! :       )                 )"    $  )  .  / ""4 "0    0)  =)    6,8-$$>) :(:"$ )4 "0    0,   )"" )) $     ) )  :  $ ?)4 "0    0,  $ 6,8>$J/ ""
4 "0    0,  J :  .  4 "0 $)0,  )&  =) =6,8
  13 :  $)  $) $
 )  $ 6,8 ?  "   $"  $
# )$ :0 $ $  :=   "  0 $  $ )) $ : .# )"   $     4 "0 $)0,  
J/  4 "0 $)0,  J  6,8-$$>) :(:!  =) .  6='0,  )%  =)   0 )#   $ )) $J6=
'0,  J  )0 $$  )) )?)
"     $"   # )  6,8:
     "  3 ,  8    $ $   ="0"   -$$>))=  $  "06,8  $   "$       : 
 %B $  )$  $13 :    )"  =  $   $13 : >)  =#  F %B $ ") $    $3 ,  8  $" $;C 6-'< F"  = $ 
 $13 : >)   # $ F$ "  = )$ ) )$C 6-'  2  )
 $   C 6-'="0:    / "  8 '-$$>),  )"" "  ? "   $ ).     "  ).        "  $  "  =     $   " #    =="0: 6 8 $       +   8  $+ $     $ +        
 8  $+  " %B $     $                                                                                                 !"########$ $/ "  8   '$6,8     "   $) $   -$$>)
,  ) "  $  $13 : $/ "  8  )   $""     )  )       $ "   $0 $   :="  "0
0    : +%,) 5(5+(  - )(-($9
''! ,)  $ 6  ?,?A  "  6  ?,?(= $9":  ,? ?$ 9" )  $  0$ 0 " 0   $,?D   0))"0.     :    $>% ,?"." $*!!!  :    $5% = 
"  " 0    " =6,8:
 . )8 6,8H  ,     $>0%  "0  K $'   '   = " " )$ ""   = 6,8
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#         %            &'                        $  (   &'            ) "* &'+ '  $, $     "-  &' &'.+ $  (                  $ /                               $  0   +            0   + 
1 $  (      &' 2                 0  +   &' &'.+  $, $  (   &'2                 %  &3    %   0   +   &'.+  $, $







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         !"#' -C  $6,8 "$  $' "   $  = :%    + !, "&"  



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3#)(= $9"F"  =    .?   ""0$ ")"     :&  ,$0 $  $> 0       $=
"0 >)  $ ")"   :

%  ! + !, "&"  


6,80$ " "  $$$0)) " $   $  =)5 )  :  ,?"  :    :
%  9" I ,  6  , *  1)  0,  6  , +  4"  5 ),   $/"4 "  " )  "$
:%:: $/  3#)(= $9"F"  =    .?   ""0$ ")"    $    :  ,$0 $  $> 0  )$ " "  $0 $
$ ) ) :&  > 0  # )  C "     $4)" * $% $)  ))'  (= $9" :    >      ?  $$   "  $>)   =  ? $$      $       "     ="   $ =   = " 9"   0 ?:%   &"  


6,80$ " "  $$$0)) " $    $  $5" 09" ) :&% +  !   

6,8   "" C $ )))  =  #"$   , :




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      $%#%&

% - +       
 " "    %'" &    
6,8=      $9"    
 .9"   J' -C 4  J  $' "   :  4  
$ J , ' 4  , ' /)0J:(    # 
6,80       )) $   : ) /;:, ' 4  <,:' /)0  + 84      "       $ :  /;:, ' 4  <,:' /)0   /)0$    $4 $  :  '"   
/<' -C   :4"' -C  ) 5 )  <: 0 $  0  0     $9" $' "   :'"  ! &* &+
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  "    C     $ "   = "     $'  (= $9"      "" ) 
  "  :  6,8= 0 "0=     )
= $=$  = : ,  #  ) '"   %*:%::+   =  "      $=)0     ) "0" #"$    "$"     $
)  ))'  (= $9"   ?0  $  "    $   : #  (  '"    ) '" # ! +::%   =  "       C  )" #"$    "$"     $) 
))'  (= $9"   ?0  $  "    $   : #    (  # $ %*:%:: ) "00  ?        $    "#    $          $  "  = )0. = C $$)"06,8   : #  %"    '
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    $    $     "     = 
$     $ : #       "    '" # &)- %*:%::&'  $ ) )   "$)  ))
'  (= $9")  0 ) "0
=  $  "    $   )$  $)
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#  $+ L  $   $    )  ,   !+  )   ! $ & :  "  0     0 $ "$ " "  $")       0 $$  =)   
 =    $)F $ 0$ )" "  $# ) ) F 
 ="  )  "   "     $'  (= $9":,   !+  $   .  ( (    &:  "  :):  0 C 0 $   $=  =0 
  "  :):" 0     $ "  "  
#"$  =)   
 =    $)F  $ 0$ )" "  $# ) ) :    ,  #  ) ' $  1    ) "0%*:% ' ="     $= )    ) "0 " $  )0 $$  =)   =   =' 40:  J' 40:J   " =   C 0 $   $ ) "0  =     "=  )
 "0  )0)  ))'  (= $9":  )  "0$   ))       ) " :=  ' 40:$ ) "0 ?   =    $6,8
= C $$)  : "$'  (= $9":H?)   =   $  "  =
C $$)' 40: $6,8>: H?)   0 )2   0) $)
"  $    $  "    $   $6,8 
?   =" "  $$)    "0) $     ) "   "  "$) 
))'  (= $9"=  ' 40: $ ) "0:'    "0=  ' 40: $ )
 "0   =      ?)   =
C $$  0" )?$ " "  $)$  "     $"0 $$   0    $     $)
 ?"):'    "0 ) $   =  ' 40: $ ) "0 ? "0 $$   0    $    "" )"0 $$" $$)  0   =  "   $       $"   $$ $         "0 ) $     $    = #"0     "0 ) $    ) "  )    =   $6,8   $     "0 ) $   :$') $   =  ' 40: $ ) "0?     =#   $ 
 )=    =  "      )  $   #"0) $    )    "       )=   $6,8   $) $    :)'  "0=  ' 40: $ )
 "0?     =#   $ )
=  $    =  "     )      $   #"0   )$0$"    =   $6,8   $  :  1     "  ,   ! " !+ )   "    ""         =           "   $ " 
 = "  6,8>  )  ? )"    ) $  )    )   = ))    )
5 )   ""  $  )   ) $ ) = #     " 0   ) " = "$  )   $#     " 0   "   " 0 = "$            $ ) "0= "$  ):




 

Corporate Data

Table of Contents
Pages

Introduction

1

Message from NBFM to the NBF Shareholders

2

Portfolio Snapshot

5

Related Entities of NBF

15

Investment Policies of NBF

17

Distribution Policies of NBF

23

I Performance Information Report25

Investment Performance Overview

26

Overview of NBF

30

Outline of Investment Portfolio

32

Capital Expenditures

39

Expenses regarding Entrustment etc.

40

Trading Activities during the Current Period

41

II Financial Statements
III Overview of Related Operating Entities
IV Appendix

43
53
63

Investment Objects

63

Investment Restrictions

65

Corporate Data

Back coverThis document contains translations of selected information described in the Securities Report (yuka shoken hokokusho) filed on March
27, 2002 pursuant to the Securities Exchange Law of Japan, and the Financial Statements and the Performance Information Report for the period
from March 16, 2001 to December 31, 2001, of Office Building Fund of Japan, Inc. prepared pursuant to the Investment Trust Law of Japan.
This English language document was prepared solely for the convenience of and reference by overseas investors and neither
corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. The Japanese language Securities Report
and the Financial Statements and the Performance Information Report for the aforementioned period should always be referred to as originals of
this document.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concept of theequivalent Japanese terms. With respect to any and all terms herein, including without limitation, financials statements, if there exist any
discrepancies in the meaning or interpretation thereof between the original Japanese documents and English statements contained herein, theoriginal Japanese documents will always govern the meaning and interpretation. None of Office Building Fund of Japan, Inc., Office Building FundManagement Japan, Ltd. or any of their respective directors, officers, employees, partners, shareholders, agents or affiliates will be responsible or
liable for the completeness, appropriateness or accuracy of English translations or the selection of the portions(s) of any document(s) translated
into English. No person has been authorized to give any information or make any representations other than as contained in this document inrelation to the matters set out in this document, and if given or made, such information or representation must not be relied upon as having beenauthorized by Office Building Fund of Japan, Inc., Office Building Fund Management Japan, Ltd. or any of their respective directors, officers,
employees, partners, shareholders, agents or affiliates.
The financial statements of Office Building Fund of Japan, Inc. have been prepared in accordance with generally accepted accounting
principles in Japan (Japanese GAAP) which may materially differ in certain respects from generally accepted accounting principles in otherjurisdictions.
Many provisions of this document contain forward-looking statements and information. We base these statements on our beliefs as wellas our assumptions based solely on certain limited information currently available to us. Because these statements reflect our current views
concerning future events, these statements involve known and unknown risks, uncertainties and assumptions. Our future performance could
materially differ from those set out in these forward-looking statements. We do not undertake and will not undertake to release revisions offorward-looking statements to reflect future events or circumstances or of any other statements or information contained herein.

Corporate Office:2-7-2, Yaesu, Chuo-ku, Tokyo, 104-0028, Japan+81-3-3281-8810
www.nbf-m.com/nbf/
Date of Inception:
March 16, 2001
Capital:Common shares issued and outstanding as of December 31, 2001:¥148,899 million
280,700 shares
Shareholders:
10,954 (As of December 31, 2001)
Transfer Agent
The Chuo Mitsui Trust and Banking Co., Ltd.
3-33-1, Shiba, Minato-ku, Tokyo, 168-0023, Japan+81-3-3323-7111
Independent Public Accountants
Asahi & Co.
Asahi Center Building
1-2, Tsukudo-cho, Shinjuku-ku, Tokyo, 162-8551, Japan
Investor Relations
For further information, please contact our asset management company:
Investor Relations of Financial Department
Office Building Fund Management Japan, Ltd.
2-7-2, Yaesu, Chuo-ku, Tokyo, 104-0028, Japan+81-3-3281-8810

NBF Report 2001 1st Period

NBF Report 2001

1st Period
From : March 16, 2001 (Date of Inception)To: December 31, 2001

Office Building Fund of Japan, Incorporated

2-7-2 Yaesu, Chuo-ku, Tokyo, Japan

http://www.nbf-m.com/nbf/