Financial Statements
Selected Financial Data
Selected Financial Data（Chart）
Total revenues
（Yen in millions）
Income before income taxes
（Yen in millions）
Net income
（Yen in millions）
Total assets
（Yen in millions）
| 34th | 35th | 36th | 37th | 38th | ||
|---|---|---|---|---|---|---|
| February 2023 |
August 2023 |
February 2024 |
August 2024 |
February 2025 |
||
| Total revenues | （Yen in millions） |
12,344 | 13,049 | 12,586 | 12,703 | 12,828 |
| Revenues from property leasing | （Yen in millions） |
(12,344) | (12,500) | (12,586) | (12,703) | (12,828) |
| Operating expenses | （Yen in millions） |
6,508 | 6,792 | 6,415 | 6,712 | 6,626 |
| Rental expenses | （Yen in millions） |
(5,124) | (5,329) | (5,001) | (5,282) | (5,174) |
| Operating income | （Yen in millions） |
5,835 | 6,256 | 6,170 | 5,991 | 6,202 |
| Income before income taxes | （Yen in millions） |
5,427 | 5,893 | 5,770 | 5,571 | 5,794 |
| Net income | （Yen in millions） |
5,426 | 5,892 | 5,769 | 5,570 | 5,793 |
| Total assets | （Yen in millions） |
327,109 | 327,052 | 327,134 | 325,693 | 326,912 |
| Total net assets | （Yen in millions） |
151,408 | 151,874 | 152,283 | 152,084 | 152,307 |
| Unitholders' capital | （Yen in millions） |
145,449 | 145,449 | 145,449 | 145,449 | 145,449 |
| Total number of units outstanding | (units) | 503,472 | 503,472 | 503,472 | 503,472 | 503,472 |
| Net assets per unit | (Yen) | 300,728 | 301,653 | 302,467 | 302,072 | 60,502 |
| Total amount of cash distribution | （Yen in millions） |
5,426 | 5,359 | 5,769 | 5,570 | 5,792 |
| Net income per unit | (Yen) | 10,778 | 11,703 | 11,459 | 11,063 | 2,301 |
| Distribution per unit | (Yen) | 10,778 | 10,645 | 11,459 | 11,064 | 11,506 |
| Distribution per unit (not including distributions in excess of earnings) |
(Yen) | (10,778) | (10,645) | (11,459) | (11,064) | (11,506) |
| Distribution in excess of earnings per unit |
(Yen) | (－) | (－) | (－) | (－) | (－) |
| ROE | (%) | 3.6 | 3.9 | 3.8 | 3.7 | 3.8 |
| Capital ratio | (%) | 46.3 | 46.4 | 46.6 | 46.7 | 46.6 |
| Number of investment properties | (properties) | 134 | 133 | 136 | 136 | 138 |
| Total rentable area | (㎡) | 539,260.00 | 535,530.55 | 542,534.49 | 542,534.49 | 547,528.74 |
| Occupancy rate at the end of period | (%) | 97.4 | 97.0 | 97.2 | 96.8 | 98.0 |
| (Note1) | As of February 28, 2025 as the record date and March 1, 2025 as the effective date, NAF conducted an investment unit split that divided each investment unit on a five-for-one basis. Net assets per unit and Net income per unit are calculated as if the investment unit split had been conducted at the beginning of the 38th fiscal period. |
|---|---|
| (Note2) | Net income per unit: Net income / Weighted average number of units outstanding |
| (Note3) | ROE: Net income / (Initial net assets + Net assets at the end of the period) / 2 x 100 |
| (Note4) | Capital ratio: Total net assets / Total assets x 100 |