July 29, 2010

For the Three Months from April 1 to June 30, 2010

Outline of Consolidated Financial Statements
Name of company listed :Code number :Shares traded :URL :Representative :IR contact :Nomura Real Estate Holdings, Inc.
3231
TSE (First section)
http://www.nomura-re-hd.co.jp/english/index.html
Hirohisa Suzuki, President
Yoichiro Ishikawa, General Manager of Corporate
Communications & Investor Relations Dept.
info@nomura-re-hd.com
August 13, 2010

Scheduled submitting date of annual securities report :Note: The accompanying consolidated financial statements were not audit since they have been prepared only for reference purpose. All
statements were based on Tanshin report prepared in accordance with the provisions set forth in accounting regulations and principals
generally accepted in Japan.
(Values of less than one million yen rounded off.)1.

Consolidated operating results for the three months from April 1 to June 30, 2010

(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)
Operating revenue

Operating income%First three months Millions of yen

Ordinary income%Millions of yen

Millions of yen

Net income%Millions of yen%

FY 201058,482(43.5)

4,500(73.8)

732(94.6)

(593)

―

FY 2009

103,47741.4

17,152124.2

13,583

137.4

7,140

119.0

Net income per share

Net income per share after
adjusting for dilution

First three months

yenyenFY 2010(3.12)―FY 2009

45.98

45.90

(2) Consolidated financial status
Total assets

Total shareholders'equity ratio

Net assets

Net assets per share

Millions of yen

Millions of yen%yenJun. 30, 2010

1,383,345

346,26321.5

1,564.81

Mar. 31, 2010

1,405,424

349,437

21.4

1,583.63(Reference) Equity: At June 30, 2010 ¥ 297,832 million, At March 31, 2010 ¥ 301,413 million

12.

Cash dividends per share

Cash dividends per share
1st quarter end

2nd quarter end

3rd quarter end

Fiscal year end

yen

FY endedMar. 31, 2010

―

20.00

FY endingMar. 31, 2011―***

FY endingMar. 31, 2011(Forecast)

***

12.50

―

yenyen

5.00

25.00

***

***

12.50

25.00

***
―

Annual(Note) Revision of cash dividends forecast during this quarter: NoneForecasts of consolidated operating results for the fiscal year from April 1, 2010 to March 31, 20113.

(% indicates the rate of changes from previous fiscal year or term)

Operating revenue

Operating income% Millions of yen

Millions of yen

Ordinary income% Millions of yen

Net income

Net income per share% Millions of yen%yen

Six months ending
Sept. 30, 2010

155,000(15.3)

9,500(58.8)

1,000(93.7)(1,000)―(5.25)

FY endingMar. 31, 2011

450,000

3.6

35,000(10.9)

18,000(24.9)

7,000

50.2

36.78

(Note) Revision of operating results forecasts during this quarter: None4.

Other important indices / information(1) Significant changes to consolidated subsidiaries during the period: None
Number of consolidations: Inclusion 0 (Company name: － ) Elimination 0 (Company name: － )(2) Simplified accounting and particular accounting in the elaboration of quarterly consolidated financial statement: None
(3) Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements
This information should be described in “Significant changes for presenting the quarterly consolidated financial statements”.
a)Changes in accounting principles: Yesb)

Other changes: None

(4) Number of shares issued (common stock)
At June 30
2010
Number of shares outstanding(including treasury stock)
Treasury stock

Average number of shares
during the term

At March 31
2010

190,331,700

190,331,000

866

853

From April 1 to June 30

From April 1 to June 30

2010

2009
190,330,360

155,304,502

Implementation status of quarterly review procedure
The financial summary and the accompanying materials including the quarterly consolidated financial statements are not subject to thequarterly review procedure by external auditors that are based on Financial Instruments and Exchange Act.
The quarterly review procedure has not yet finished at the point of releasing this financial summary.
Forward-Looking Statements
Certain statements other than historical facts in this document are forward-looking statements that reflect the company’s plans and estimates
based on currently available information. These statements include known and unknown risks, uncertainties, and other factors that may cause
the company’s actual future performance to differ from the forward-looking statements contained herewith.

2Consolidated Balance Sheets(Values of less than one million yen rounded off.)(Millions of yen)
Assets

資産

Current Assets:

流動資産709,618

684,947

現金及び預金受取手形及び売掛金
有価証券
販売用不動産
仕掛販売用不動産
開発用不動産営業エクイティ投資
繰延税金資産その他
貸倒引当金

39,336
15,76450,010247,927
139,01171,796
94,88922,82928,198(144)

30,3678,362
9247,586
162,406
87,723
95,99624,171
28,454(130)

固定資産

695,805

698,398

有形固定資産建物及び構築物(純額)
土地その他(純額)
無形固定資産投資その他の資産投資有価証券
敷金及び保証金
繰延税金資産その他
貸倒引当金

626,268
199,819
412,477
13,9708,273
61,263
17,043
26,036
14,3203,881(17)630,695
205,340
411,917
13,4368,217
59,485
14,83025,995
14,3994,277(17)1,405,424

1,383,345

1 Cash and Deposits
2 Notes and Accounts Receivable-trade
3 Short-term Investment Securities
4 Real Estate for Sale
5 Real Estate for Sale in Process
6 Land Held for Development
7 Equity Investments
8 Deferred Tax Assets
9 Other
Allowance for Doubtful Accounts
Noncurrent Assets:

1 Property, Plant and Equipment(１) Buildings and Structures, Net(２) Land(３) Other, Net
2 Intangible Assets
3 Investments and Other Assets(１) Investment Securities(２) Lease and Guarantee Deposits(３) Deferred Tax Assets(４) Other
Allowance for Doubtful Accounts

March 31, 2010

June 30, 2010

Total Assets

資産合計

Liabilities

負債

Current Liabilities :流動負債247,332

217,156

1 Notes and Accounts Payable-trade
2 Short-term Loans Payable
3 Commercial Papers
4 Income Taxes Payable
5 Deposits Received
6 Deferred Tax Liabilities
7 Provision for Bonuses
8 Provision for Directors' Bonuses
9 Provision for Loss on Business Liquidation
10 Other

支払手形及び買掛金
短期借入金
コマーシャル・ペーパー
未払法人税等預り金
繰延税金負債
賞与引当金
役員賞与引当金
事業整理損失引当金
その他

37,692
108,586

4,320
97
158
34,03917,836125,649
13,0001,332
18,642
390
2,034
56
147
38,067

Noncurrent Liabilities :固定負債

808,654

819,926

社債
長期借入金
受入敷金保証金繰延税金負債
再評価に係る繰延税金負債
退職給付引当金
転貸事業損失引当金
その他

20,180630,870
49,982
83,111
4,996
15,444
1,937
2,130

20,090640,287
50,586
81,6984,996
15,4291,775
5,062

1,055,987

1,037,082

1 Bonds Payable
2 Long-term Loans Payable
3 Lease and Guarantee Deposits Received
4 Deferred Tax Liabilities
5 Deferred Tax Liabilities for Land Revaluation
6 Provision for Retirement Benefits
7 Provision for Loss on Subleasing Business
8 OtherMarch 31, 2010

June 30, 2010

7,597
54,841-Total Liabilities

負債合計

Net Assets

純資産

Shareholders' Equity:

株主資本297,740

296,196

1 Capital Stock
2 Capital Surplus
3 Retained Earnings
4 Treasury Stock

資本金
資本剰余金
利益剰余金
自己株式

115,527
92,85789,356(1)

115,528
92,85887,811(1)

Valuation and Translation Adjustments:

1 Valuation Difference on Available-for-sale Securities
2 Deferred Gains or Losses on Hedges
3 Revaluation Reserve for Land
4 Foreign Currency Translation Adjustment

評価・換算差額等

3,672

1,635

その他有価証券評価差額金
繰越ヘッジ損益
土地再評価差額金為替換算調整勘定(2,181)279
5,999(424)(4,399)460
5,999(424)

Subscription Rights to Shares:

新株予約権

520

556

Minority Interests:

少数株主持分

47,50347,874

Total Net Assets

純資産合計

Total Liabilities and Net Assets

負債・純資産合計

3

349,437

346,263

1,405,424

1,383,345

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to June 302009

2010

AmountAmountⅠ Operating Revenue

営業収益103,477

58,482Ⅱ Operating Cost

営業原価71,06940,790

営業総利益

32,407

17,691

販売費及び一般管理費

15,255

13,190Operating Income

営業利益17,152

4,500

Ⅳ Non-operating Income

営業外収益

135

139

受取利息
受取配当金
持分法による投資利益
その他

561965217171687

営業外費用

3,704

3,908

支払利息
その他

3,174
529

3,569338

Ordinary Income

経常利益13,583732

Ⅵ Extraordinary Income

特別利益

-

65

固定資産売却益

-

65

特別損失

-

683

-

683

Operating Gross Profit

Ⅲ Selling, General and Administrative Expenses

1234

Interest Income
Dividends Income
Equity in Earnings of Affiliates
Other

Ⅴ Non-Operating Expenses
1 Interest Expenses
2 Other

1 Gain on Sales of Noncurrent Assets
Ⅶ Extraordinary Losses
1Loss on adjustment for changes of accounting standard for asset retirement obligations 資産除去債務会計基準の適用に伴う影響額

Income before Income Taxes and Minority Interests
Income Taxes-current
Income Taxes-deferred
Total Income Taxes
Loss before Minority Interests
Minority Interests in Income
Net Income4

税金等調整前当期純利益

13,583114

法人税,住民税及び事業税
法人税等調整額
法人税等合計

3,791
1,970
5,762

少数株主損益調整前四半期純損失-

少数株主利益四半期純利益又は四半期純損
失680

1,358
(1,046)
311
(197)
396

7,140(593)Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to June 30
20092010

Cash Flows
I. Net Cash Provided by (Used in) Operating Activities
Income Before Income Taxes and Minority Interests

税金等調整前四半期純利益

13,583114

Depreciation and Amortization

減価償却費

2,645

2,908

Equity in (Earnings) Losses of Affiliates

持分法による投資損益

(6)

(16)

Increase (Decrease) in Allowance for Doubtful Accounts

貸倒引当金の増減額

0(13)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

(10)

(15)

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(13)

(11)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(90)

(162)

Interest and Dividends Income

受取利息及び受取配当金(75)(35)

Interest Expenses

支払利息

3,174

3,569

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

23,554

7,401

Decrease (Increase) in Inventories

たな卸資産の増減額

18,000(38,611)

Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額

619(1,106)

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(45,137)(19,856)

Increase (Decrease) in Deposits Received

預り金の増減額(15,124)(36,198)

Other, Net

その他(7,902)

3,697

Subtotal

小計(6,785)(78,336)

Interest and Dividends Income Received

利息及び配当金の受取額6443Interest Expenses Paid

利息の支払額(2,696)(3,421)

Income Taxes Paid

法人税等の支払額(15,080)(8,070)

営業活動によるキャッシュ・フロー

(24,497)(89,785)

Net Cash Provided by (used in) Operating Activities
II. Net Cash Provided by (Used in) Investment Activities
Purchase of Investment Securities

投資有価証券の取得による支出-(65)

Proceeds from Sales and Liquidation of Investment Securities

投資有価証券の売却及び清算による収入

1965

Purchase of Property, Plant and Equipment and Intangible Assets

有形及び無形固定資産の取得による支出(14,336)(8,413)

Proceeds from Sales of Property, Plant and Equipment and Intangible Assets

有形及び無形固定資産の売却による収入

99

155

Collection of Loans Receivable

貸付金の回収による収入

18

7

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

(90)

(223)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

692

372

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出

(752)

(862)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

869

1,495

Other, Net

その他

(3)

(103)

投資活動によるキャッシュ・フロー

(13,484)(7,573)Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額(56,000)

25,000

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額-13,000

Repayments of Finance Lease Obligations

ファイナンス・リース債務の返済による支出

Proceeds from Long-term Loans Payable

Net Cash Provided by (Used in) Investment Activities
III. Net Cash Provided by (Used in) Financing Activities

(18)

(24)

長期借入れによる収入

23,00020,250

Repayment of Long-term Loans Payable

長期借入金の返済による支出(8,103)(18,769)

Redemption of Bonds

社債の償還による支出

(300)

(90)

Proceeds from Issuance of Common Stock

株式の発行による収入

57,4470

Purchase of Treasury Stock

自己株式の取得による支出

(0)

(0)

Cash Divedends Paid

配当金の支払額(2,987)(951)

Cash Dividends Paid to Minority Shareholders

少数株主への配当金の支払額

Net Cash Provided by (Used in) Financing Activities

(32)

(24)

財務活動によるキャッシュ・フロー

13,00538,389Ⅳ. Net Increase (Decrease) in Cash and Cash Equivalents

現金及び現金同等物の増減額(24,977)(58,969)

Ⅴ. Cash and Cash Equivalents at Beginning of Period

現金及び現金同等物の期首残高

78,47389,334

Ⅵ. Increase (decrease) in Cash and Cash Equivalents Resulting from Changeof Scope of Consolidation

連結の範囲の変更に伴う現金および現金同等物の増減額

Ⅶ. Cash and Cash Equivalents at End of Period

現金及び現金同等物の四半期末残高

5(3)53,493-30,365