Nippon Building Fund Inc.'s first-half net income increased 9.8% year over year to ¥15.39 billion from ¥14.01 billion, surpassing its ¥14.12 billion forecast for the six-month period.
The Japanese real estate investment trust's operating revenues in the six months ended June 30 also increased to ¥38.53 billion from ¥36.64 billion a year earlier, higher than its roughly ¥36.90 billion target for the end-June period.
The Mitsui Fudosan Co. Ltd.-sponsored REIT earmarked ¥14.91 billion for its interim distribution with distribution per unit at ¥10,560.
Looking into the second half, Nippon Building expects a net income of ¥15.46 billion, up 0.5% from the first half. It also expects end-December operating income to reach ¥16.84 billion, up 0.6% from end-June, while operating revenues to rise 1.7% to ¥39.20 billion for the same period.
It also aims for a per-unit distribution of ¥10,950 for the six months ending Dec. 31.
For the first six months of 2020, the REIT is forecasting a 2.3% decline in its net income to ¥15.11 billion from the estimated level as of end-2019. Distribution for the six-month period ending June 30, 2020, is anticipated to reach ¥10,700 per unit, also down from the end-2019 estimate.
As of Aug. 15, US$1 was equivalent to ¥106.18.