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NOMURA REAL ESTATE OFFICE FUND, INC. Eighth Fiscal Period Semi-Annual Report Profile

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NOMURA REAL ESTATE OFFICE FUND, INC. Eighth Fiscal Period Semi-Annual Report Profile NOMURA REAL ESTATE OFFICE FUND, INC. Eighth Fiscal Period Se mi-Annual Report Eighth Fiscal Period Semi-Annual Report May 1, 2007 October 31, 2007 http://www.nre-of.co.jp/english/ Profile Nomura Real Estate Office Fund, Inc. (referred to as “Nomura Office Fund” or the “Company” hereafter) was listed on the Tokyo Stock Exchange on December 4, 2003 as a real estate investment corporation formed to own and invest in office properties, subject to the Law Concerning Investment Trusts and Investment Corporations of Japan. The Company’s basic investment policy is to assure stable rent revenues and steady portfolio growth over the medium- to long-term. Nomura Real Estate Asset Management Co., Ltd. (referred to as “NREAM” hereafter), a wholly owned subsidiary of Nomura Real Estate Holdings, Inc. is in charge of asset management on behalf of Nomura Office Fund in accordance with the basic investment policy as described above. Through coordination with Nomura Real Estate Holdings, Inc. and other group companies, NREAM aims to achieve these goals and more. Strength of Nomura Office Fund J-REIT with a large-capitalization specialized in office buildings Portfolio of 34 properties at a total acquisition price of ¥292.4 billion (as of October 31, 2007) Market capitalization of ¥308.4 billion (as of October 31, 2007) Constituent of MSCI Standard Index Track records of stable managements Eight consecutive fiscal periods of growth in operating revenues and net income Steady growth in DPU Collaboration with Nomura Real Estate Group NREAM, in charge of the Company’s asset management, belongs to Nomura Real Estate Group Supported by the group companies through provision of sales information and management expertise Rated A or more by domestic and foreign rating agencies Long-term rating: A Standard & Poor’s Ratings Services Short-term rating: A-1 Moody’s Investors Service, Inc. Issuer rating: A2 Rating and Investment Information, Inc. Issuer rating: AA- Holding to conservative financial strategies Unit Price (¥) Market Capitalization (¥ mln) Operating Revenues (Lth) Net Income (Lth) Cash Distribution per Unit (Rth) (¥ mln) 16,750 16,918 (¥) Contents 1,600,000 900,000 15,000 17,000 15,905 15,638 15,150 1,400,000 750,000 12,500 14,520 11,968 15,000 To Our Investors .............................................................................2 Property Details ............................................................................10 14,114 11,090 10,739 Financial Highlights........................................................................3 Performance Report .....................................................................17 9,810 1,200,000 600,000 10,000 13,000 8,641 Portfolio Highlights .......................................................................4 Financial Section ..........................................................................35 1,000,000 7,106 Financial Status of the Eighth Fiscal Period ................................5 Business Structure .......................................................................47 450,000 7,500 10,273 6,656 11,000 Management Summary of the Eighth Fiscal Period ...................6 Profile of the Asset Management Company ..............................48 800,000 300,000 5,000 4,531 4,466 4,486 9,000 4,229 Summary of Portfolio Properties .................................................8 Corporate Data...............................................................Back Cover 3,484 3,596 2,606 2,681 600,000 150,000 2,500 7,000 Portfolio Map ..................................................................................9 1,526 400,000 0 0 5,000 Dec. 4 Apr. 30 Oct. 29 Apr. 28 Oct. 31 Apr. 28 Oct. 31 Apr. 27 Oct. 31 1st 2nd 3rd 4th 5th 6th 7th 8th 2003 2004 2004 2005 2005 2006 2006 2007 2007 Period Period Period Period Period Period Period Period To Our Investors Financial Highlights Dear Investors, FINANCIAL SUMMARY 8th Period 7th Period 6th Period 5th Period 4th Period from May 1, 2007 from Nov. 1, 2006 from May 1, 2006 from Nov. 1, 2005 from May 1, 2005 to Oct. 31, 2007 to Apr. 30, 2007 to Oct. 31, 2006 to Apr. 30, 2006 to Oct. 31, 2005 We are delighted to be able to present to you the financial results for the eighth fiscal period (ended October 31, 2007) Operating Revenues ¥ mln 11,968 11,090 10,739 9,810 8,641 and report on our activities during the period herein. Net Operating Income (NOI) (Note 1) ¥ mln 8,286 7,763 7,591 6,952 6,125 We booked operating revenues for this period of ¥11,968 million, current profits of ¥4,486 million, and Income before Income Taxes ¥ mln 4,486 4,466 4,230 3,597 3,485 net income of ¥4,486 million. Cash distribution per unit was ¥16,918. Net Income ¥ mln 4,486 4,466 4,229 3,596 3,484 Some of the major developments during the eighth period included new investments in “Hatchobori NF Total Assets ¥ mln 326,711 315,402 288,060 268,559 239,067 Building”, “Yokohama Odori Koen Building” and“Kita-Sanjo Building.” As a result of these investments, Unitholders’ Capital ¥ mln 156,767 156,767 156,767 124,610 124,610 the number of properties in the portfolio now totals 34, with total acquisition price of ¥292.4 billion, promoting further Number of Units Issued unit 265,903 265,903 265,903 229,970 229,970 diversification of the portfolio. ¥ 606,510 606,315 605,499 557,492 557,004 Concerning property management, we focused on raising of rents reflecting the office leasing market conditions Net Assets per Unit that continue to be favorable. The average occupancy rate remained stable throughout this period, reaching 97.9% at Total Cash Distribution ¥ mln 4,498 4,453 4,229 3,596 3,484 the end of the period. Cash Distribution per Unit ¥ 16,918 16,750 15,905 15,638 15,150 We will continue adhering to the conservative investment policies in future. Funds from Operation (FFO) per Unit (Note 2) ¥ 22,714 22,509 21,585 21,889 20,559 Lastly, we would like to thank you again for your patronage in the past periods, and would like to ask for your Note 1: NOI (Net Operating Income) = Real Estate Rental Revenues – Real Estate Rental Expenses + Depreciation Note 2: FFO per Unit = (Net Income + Depreciation + Amortization of Investment Corporation Bonds Issuance Costs – Real Estate Sale Profit/Loss) / Number of Units Issued continued support for the years to come. CHANGES IN KEY FIGURES Operating Revenues (¥ mln) Total Assets (¥ mln) Cash Distribution per Unit (¥) 11,968 16,750 16,918 12,000 11,090 400,000 17,000 10,739 15,905 326,711 15,638 9,810 315,402 15,150 10,000 288,060 8,641 300,000 268,559 15,000 239,067 8,000 200,000 13,000 6,000 100,000 11,000 4,000 2,000 0 9,000 4th 5th 6th 7th 8th 4th 5th 6th 7th 8th 4th 5th 6th 7th 8th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period CHANGES IN UNIT PRICE AND MARKET CAPITALIZATION Unit Price (¥) Market Capitalization (¥ mln) 1,600,000 900,000 1,400,000 750,000 Market capitalization (as of Oct. 31, 2007) .......................¥ 308,447 mln All-time high price ............................................................¥1,560,000 per unit All-time low price .............................................................¥ 505,000 per unit 1,200,000 600,000 1,000,000 450,000 Mitsuharu Sato Executive Director Nomura Real Estate Office Fund, Inc. 800,000 300,000 4th public offering ¥926,100 600,000 2nd public offering 3rd public offering 150,000 ¥588,000 ¥740,782 Initial public offering ¥500,000 400,000 0 Dec. 4 Apr. 30 Oct. 29 Apr. 28 Oct. 31 Apr. 28 Oct. 31 Apr. 27 Oct. 31 2003 2004 2004 2005 2005 2006 2006 2007 2007 2 3 Portfolio Highlights Financial Status of the Eighth Fiscal Period CHANGES IN OCCUPANCY RATE (Average) TURNING OF SHORT-TERM FLOATING-RATE DEBTS TO LONG-TERM FIXED-RATE DEBTS The average occupancy rate maintained stable and high level throughout the eighth fiscal period. The Company has secured financial stability through promotion of long-term, fixed-rate interest-bearing debt including issuance of investment corporation bonds, to prepare for the future interest rate hikes. As of the end of the eighth fiscal period, the ratio of long- and short-term debt and fixed and floating debt are as follows: Average occupancy rate (%) Total leasable space (m2) 98.5 98.2 98.3 98.2 98.1 100.0 98.0 97.9 450,000 Ratio of long-term and short-term interest-bearing debts Ratio of fixed and floating interest-bearing debts Floating-rate: 362,859.72 362,773.62 350,712.00 350,701.38 350,698.36 350,701.66 353,560.13 Long-term: Short-term: Fixed-rate: ¥17.5 billion 90.0 350,000 ¥103.5 billion ¥36.5 billion ¥122.5 billion 12.5% 73.9% 26.1% 87.5% 80.0 250,000 70.0 150,000 Apr. 30, May 31, Jun. 30, Jul. 31, Aug. 31, Sep. 30, Oct. 31, 2007 2007 2007 2007 2007 2007 2007 (End of 7th Period) (End of 8th Period) Note: “Short-term” includes long-term debts Note: “Fixed” includes floating-rate borrowings with payable within one year. fixed rates through interest rate swap transactions. CHANGES IN SIZE OF PORTFOLIO As indicated below, diversification of the portfolio, which has steadily increased since listing, has also been promoted. DIVERSITY OF REPAYMENT DATES 34 bldgs We have diversified the repayment dates of interest-bearing debts to avoid concentration on any specific period or timing, thus reducing 31 bldgs the refinance risk and stabilizing the cash flow. (¥ bln) 30 bldgs 292.4 300 28 bldgs 282.8 23 bldgs 259.1 250 19 bldgs 240.8 (¥ bln) 18 bldgs 210.1 Borrowings Investment Corporation Bonds 35 200 15 bldgs 184.6 32.5 12 bldgs 151.5 150 127.2 30 104.2 100 25 50 20 17.5 16 0 15 Initial Listing 1st Period 2nd Period 3rd Period 4th Period 5th Period 6th Period 7th Period 8th Period 15 Dec.
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