January 26, 2023

Consolidated Financial Results
For the Nine Months from April 1 to December 31, 2022
<under Japanese GAAP>
Note: The accompanying consolidated financial statements were not audited since they have been prepared only for reference purpose. All statements werebased on Tanshin report prepared in accordance with the provisions set forth in accounting regulations and principals generally accepted in Japan.

Name of company listed :Nomura Real Estate Holdings, Inc.

Shares traded :Code number :

TSE
3231

URL :
Representative :http://www.nomura-re-hd.co.jp/english/
Eiji Kutsukake, President and Representative Director

Inquiries:

Hidehiro Sasaki,
General Manager, Corporate Communications Dept.

Email:
Scheduled submitting date of quarterly securities report:

nrehd-ir@nomura-re.co.jp
February 13, 2023

Scheduled starting date for dividend payments:
Preparation of explanatory materials for financial results :YesInformation meetings arranged related to financial results :Yes (for institutional investors and analysts, in Japanese)(Values of less than one million yen rounded down)

I. Consolidated operating results for the Nine Months from April 1, 2022 to December 31, 2022
(1) Consolidated business results(% indicates the rate of changes from previous fiscal term)
Operating revenue

Operating profit

Business profit

Profit attributableto owners of parent

Ordinary profit

First nine months ended

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Dec. 31, 2022

422,590

17.1

61,45025.1

66,52434.9

58,18441.3

40,91952.3

Dec. 31, 2021

361,004(3.3)

49,135

3.4

49,2993.1

41,1782.8

26,8593.5(Note) Comprehensive income: From April 1, 2022 to December 31, 2022: 47,088 million yen (up 66.4%)
From April 1, 2021 to December 31, 2021: 28,300 million yen (up 6.1%)(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions

Basic earnings
per shareFirst nine months ended

Diluted earnings
per share

Yen

Yen

Dec. 31, 2022

230.85230.24

Dec. 31, 2021

149.15148.68

(2) Consolidated financial position
Total assets

Shareholders’ equity ratio

Net assets

As ofMillions of yen

Millions of yen%

Dec. 31, 2022

2,065,732

641,173

30.9

Mar. 31, 2022

2,040,506

621,398

30.3(Reference) Shareholders’ equity: As of December 31, 2022: 638,641 million yen

As of March 31, 2022: 618,762 million yen

II. Dividends
Dividend per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
Mar. 31, 2022

-

42.50

-

55.00

97.50

Fiscal year ending
Mar. 31, 2023

-

55.00

-

60.00

115.00Fiscal year ending
Mar. 31, 2023
(Forecasts)(Note) Revision from previous dividend forecasts: Yes
For the revision of dividend forecasts, please refer to “Announcement of Revision of Dividend Forecast” released today(January 26, 2023).

III. Forecasts of consolidated operating results for the fiscal year from April 1, 2022 to March 31, 2023(% indicates the rate of changes from previous fiscal year)
Profit attributable toowners of parent

Operating profit

Business profit

Fiscal year ending

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Yen

Mar. 31, 2023

660,000

2.3

94,0003.1

100,000

7.8

88,0006.6

60,0008.5

339.61(Note) Revision from previous operating results forecasts: Yes

Ordinary profit

Basic earnings
per share

Operating revenue

* Notes(1) Significant changes to subsidiaries during the period (Changes in scope of consolidation of specified subsidiaries): None
(2) Adoption of specific accounting policies for quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to revision of accounting standards, etc.
2) Changes in accounting policies other than the above: Yes: None3) Changes in accounting estimates
4) Restatements: None: None(Note) For details, please refer to “2. Quarterly Consolidated Financial Statements and Notes (4) Notes to Quarterly
Consolidated Financial Statements (Changes in Accounting Policies)” on page 16 of the Attachments.
(4) Number of shares issued (common stock)1) Number of shares issued at end of period (including treasury shares)
2) Treasury shares at end of period

As of Dec. 31

As of Mar. 31

2022

2022

182,875,137
7,053,864

182,604,637
4,704,422

From April 1 to
Dec 31, 2022
3) Average number of shares outstanding during the period

From April 1 to
Dec 31, 2021

177,255,930

180,080,665(Note) The number of treasury shares at end of each period includes the shares of the company owned by BIP (Board IncentivePlan) trust and ESOP (Employee Stock Ownership Plan) trust (3,553,057 shares as of December 31, 2022 and 2,522,837
shares as of March 31, 2022).
The Company’s share owned by executive compensation BIP (Board Incentive Plan) trust and ESOP (Employee Stock
Ownership Plan) trust are included in the number of treasury shares deducted in the calculation of average number ofshares outstanding during the period. (2,857,593 shares from April 1 to December 31, 2022 and 2,233,462 shares from
April 1 to December 31, 2021)* This Quarterly “Consolidated Financial Results” is not required to be audited by certified public accountants or audit corporations.
* Proper use of forecasts of operating results, and other special matters
Forward-looking statements in this document, including the forecasts of financial results, etc., are based on the information
currently available to the Company and certain assumptions deemed to be reasonable. These statements do not purport that theCompany pledges to realize such statements. Actual performance and other results may differ materially from these forecasts are due
to various factors. For matters related to the forecasts of financial results, please refer to “1. Business Results and Financial Position(3) Consolidated Operating Result Forecasts” on page 8 of the Attachments.
(How to obtain the fact sheets)
The fact sheets will be disclosed on TDnet on January 26, 2023 and will be uploaded on the Company’s website.

Attachments- Contents
1. Business Results and Financial Position ……………………………………………………………………………………
(1) Business Results ……………………………………………………………………………………………………….

22(2) Financial Position ……………………………………………………………………………………………………...
(3) Consolidated Operating Result Forecasts ……………………………………………………………………………...

7
8

2. Quarterly Consolidated Financial Statements ………………………………………………………………………………
(1) Quarterly Consolidated Balance Sheets ……………………………………………………………………………….

1010(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ...
Quarterly Consolidated Statements of Income for the First Nine Months from April 1 to December 31, 2022 ………

12
12

Quarterly Consolidated Statements of Comprehensive Income for the First Nine Months from April 1 to December
31, 2022 ………………………………………………………………………………………………………………..

13(3) Quarterly Consolidated Statement of Cash Flows …………………………………………………………………….
(4) Notes to Quarterly Consolidated Financial Statements ………………………………………………………………..

14
16(Notes to Going Concern Assumptions) ………………………………………………………………………………
(Notes to Significant Changes in Shareholder’s Equity) ………………………………………………………………

16
16(Changes in Accounting Policies) ……………………………………………………………………………………...
(Segment Information) …………………………………………………………………………………………………

16
17

-1-

1. Business Results and Financial Position(1) Business Results
The Nomura Real Estate Group (the “Group”) posted the following consolidated performance for the nine months ended
December 31, 2022: Operating revenue of 422,590 million yen, which represents an increase of 61,585 million yen, or 17.1% year
on year; operating profit of 61,450 million yen, an increase of 12,314 million yen, or 25.1%; business profit of 66,524 million yen,
an increase of 17,225 million yen, or 34.9%; ordinary profit of 58,184 million yen, an increase of 17,006 million yen, or 41.3%;
and profit attributable to owners of parent of 40,919 million yen, an increase of 14,059 million yen, or 52.3%.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions
An overview of Business Unit achievements is given below:
1. Operating revenue for each Business Unit includes internal sales and transfer amount among Business Units.
2. Total figures may not match due to the rounding of fractions.
3. As of April 1, 2022, the Company made the following changes and an organization restructure.
*Overseas Business Unit was newly established and the classification of Overseas Business Division of Nomura Real Estate
Development Co., Ltd. and overseas subsidiaries, etc., which had been classified under the “Other”, have been reclassified.
*Nomura Real Estate Development Co., Ltd. and Nomura Real Estate Building Co., Ltd. were merged. (Nomura Real Estate
Development Co., Ltd. as the surviving company) Due to this change, partial revisions were made to the method used to
calculate the breakdown of operating revenue and to the method used to calculate the net lettable area and the vacancy rate.
(The figures for the nine months ended December 31, 2021, and the fiscal year ended March 31, 2022, are also calculated inaccordance with the above change.)*Nomura Real Estate Hotels Co., Ltd. and UHM Co., Ltd. were merged. (Nomura Real Estate Hotels Co., Ltd. as thesurviving company)-2-

<Residential Development Business Unit>
Operating revenue in this Business Unit totaled 164,170 million yen, which represents an increase of 25,869 million yen, or
18.7% year on year, and business profit totaled 9,239 million yen, an increase of 3,367 million yen, or 57.4%, resulting in increases
in both operating revenue and business profit compared with the financial results of the nine months ended December 31, 2021.
This was mainly due to increases in the number of housing units sold in the housing sales business.
In regard to housing sales, 2,319 units were recorded as sales (an increase of 417 units year on year) against the planned 4,300
units for this fiscal year. The contract progress rate was 97.5% at the end of this third quarter against the projected operating
revenue of housing sales for this fiscal year.
The number of housing contracted but not recorded as sales were 4,577 units as of the end of this third quarter (a decrease of 132
units year on year).
Number of units, sales, and outstanding contract amount as sold for the joint-venture projects are calculated based on thebusiness’s share.
Breakdown of operating revenue
First nine months ended
Dec. 31, 2021
Housing units soldFirst nine months ended
Dec. 31, 2022

Fiscal year ended
Mar. 31, 2022

Operating revenue
Operating revenue
Operating revenue
Housing units sold
Housing units sold(Millions of yen)
(Millions of yen)
(Millions of yen)

Tokyo metropolitan area

1,290 units

93,145

1,539 units

103,047

2,944 units

210,413

Kansai area

277 units

13,452329 units

18,700496 units

26,522

Housing sales

Other

335 units

17,293451 units

22,507889 units

47,079Subtotal(Detached housing)

1,902 units(364 units)

123,892(23,683)

2,319 units(284 units)

144,255(20,519)

4,329 units(451 units)

284,015(29,990)

Rental housing (Note)

-

2,679

-

6,544

-

5,621

Senior / Other-

11,729-13,370-19,588-138,301-

164,170-309,225

Total(Note) Rental Housing refers to properties developed for real estate investment market.
Housing sales period-end completed housing inventory (released for sale)
As of Dec. 31, 2021

As of Dec. 31, 2022

As of Mar. 31, 2022

Tokyo metropolitan area

78 units

69 units

74 units

Kansai area

23 units

31 units

18 units

Other

20 units

73 units

38 units

Total(Detached housing)

121 units(0 unit)

173 units(3 units)

130 units(0 unit)

Housing sales period-end completed housing inventory (unreleased)
As of Dec. 31, 2021

As of Dec. 31, 2022

As of Mar. 31, 2022

Total

66 units

161 units

253 units(Detached housing)(0 unit)(0 unit)(0 unit)-3-

Housing sales contracted but not recorded as housing sales
As of Dec. 31, 2021

As of Dec. 31, 2022

As of Mar. 31, 2022

Housing units

Outstanding
contract amount(Millions of yen)

Housing units

Outstanding
contract amount(Millions of yen)

Housing units

Outstanding
contract amount(Millions of yen)

Tokyo metropolitan area

3,293 units

246,068

3,396 units

269,169

2,555 units

197,478

Kansai area

466 units

26,658624 units

33,153439 units

23,687

Other

948 units

50,392557 units

28,997553 units

28,705

Total(Detached housing)

4,709 units(194 units)

323,119(13,538)

4,577 units(167 units)

331,320(11,545)3,548 units(226 units)249,870(15,689)<Commercial Real Estate Business Unit >Operating revenue in this Business Unit totaled 148,426 million yen, which represents an increase of 20,627 million yen, or
16.1% year on year, and business profit totaled 33,052 million yen, an increase of 5,346 million yen, or 19.3%, resulting inincreases in both operating revenue and business profit compared with the financial results of the first nine months ended
December 31, 2021.
This was mainly due to an increase in revenue from property sales.
Breakdown of operating revenue
First nine months ended
Dec. 31, 2021
(Millions of yen)First nine months ended
Dec. 31, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Leasing (offices)

34,25831,25845,666

Leasing (retail facilities)

8,923

12,016

12,302

Leasing (other)

3,089

2,477

4,131

Property for sales(sale) (Note)

57,06273,000106,451

Property for sales(leasing) (Note)

10,17012,185

13,977

Fitness

10,020

11,231

13,624

Other

4,274

6,256

6,306

127,799

148,426

202,460

Total(Note) Property for sales refers to properties such as office building, retail facility and logistic facility developed for real estate
investment market.
Net lettable area
As of Dec. 31, 2021

As of Dec. 31, 2022

As of Mar. 31, 2022

Offices

707,466 ㎡

563,225 ㎡

658,902 ㎡

Retail facilities

133,626 ㎡

157,991 ㎡

131,874 ㎡

841,092 ㎡

721,216 ㎡

790,776 ㎡

Total

Vacancy rate (offices and retail facilities)
As of Dec. 31, 2021

As of Dec. 31, 2022
6.4%

As of Mar. 31, 2022
5.4%

-4-

5.9%

<Overseas Business Unit>
Operating revenue in this Business Unit totaled 5,360 million yen, which represents an increase of 3,845 million yen, or 253.9%
year on year, and business profit totaled 6,755 million yen (business loss of the first nine months ended December 31, 2021 was
1,317 million yen), resulting in increases in both operating revenue and business profit compared with the financial results of thenine months ended December 31, 2021. Share of profit of entities accounted for using equity method included in the business profit
in this Business Unit was 4,487 million yen.
Breakdown of operating revenue
First nine months ended
Dec. 31, 2021
(Millions of yen)First nine months ended
Dec. 31, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Housing sales

894

4,677

1,785

Leasing

521

511

692

Other

98

171

150

1,514

5,360

2,628

Total

<Investment Management Business Unit>
Operating revenue in this Business Unit totaled 10,447 million yen, which represents an increase of 843 million yen, or 8.8%
year on year, and business profit totaled 6,416 million yen, an increase of 388 million yen, or 6.4%, resulting in increases in both
operating revenue and business profit compared with the financial results of the first nine months ended December 31, 2021.

First nine months ended
Dec. 31, 2021
(Millions of yen)
Operating revenue

9,603

First nine months ended
Dec. 31, 2022
(Millions of yen)
10,447

Fiscal year ended
Mar. 31, 2022
(Millions of yen)
12,804

Assets under management
As of Dec. 31, 2021
(Millions of yen)Domestic

REITs

asset
managerPrivate funds, etc.

Overseas asset manager
Total

As of Dec. 31, 2022
(Millions of yen)

As of Mar. 31, 2022
(Millions of yen)

1,397,078

1,441,211

1,424,772

194,101

252,376

196,370

310,865

314,260

326,929

1,902,045

2,007,848

1,948,071<Property Brokerage & CRE Business Unit>
Operating revenue in this Business Unit totaled 34,251 million yen, which represents an increase of 2,585 million yen, or 8.2%
year on year, and business profit totaled 10,202 million yen, an increase of 1,971 million yen, or 23.9%, resulting in increases inboth operating revenue and business profit compared with the financial results of the first nine months ended December 31, 2021.
This was mainly due to increases in total transaction value in property brokerage business.
Breakdown of operating revenue
First nine months ended
Dec. 31, 2021
(Millions of yen)First nine months ended
Dec. 31, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Property brokerage

28,74632,57939,833(retail business)(15,517)(17,520)(21,825)-5-

(middle business)(5,976)(6,829)(8,326)(wholesale business)(7,252)(8,230)(9,681)

Other

2,919

1,672

3,929

31,66634,251

43,762Total

The classification of property brokerage is as follows.
*Retail business: Real estate brokerage business for individuals*Middle business: Real estate brokerage business for small and midsize companies, business owners, some individual investors andhigh net worth individuals*Wholesale business: Real estate brokerage business for large corporations, funds and overseas investors
Number of transactions and transaction value of property brokerageFirst nine months ended
Dec. 31, 2021

First nine months ended
Dec. 31, 2022

Fiscal year ended
Mar. 31, 2022

Number of transactions

7,313

7,355

10,081

Total transaction value(Millions of yen)

688,467

759,404

964,882<Property & Facility Management Business Unit>
Operating revenue in this Business Unit totaled 73,410 million yen, which represents an increase of 3,464 million yen, or 5.0%
year on year, and business profit totaled 6,351 million yen, an increase of 420 million yen, or 7.1%, resulting in increases in both
operating revenue and business profit compared with the financial results of the first nine months ended December 31, 2021.
Breakdown of operating revenue
First nine months ended
Dec. 31, 2021
(Millions of yen)First nine months ended
Dec. 31, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Property & facility management

43,72844,53858,264

Construction ordered

22,09824,39435,215

Other

4,119

4,477

5,750

69,94673,41099,230

Total

Number of properties under management
As of Dec. 31, 2021
Buildings under management
Housings under management(unit)

As of Dec. 31, 2022

As of Mar. 31, 2022

781

793

772

183,221

187,379

186,549<Other>Operating revenue totaled 211 million yen which represents an increase of 171 million yen, or 423.5% year on year, andbusiness profit totaled 114 million yen (business loss of the first nine months ended December 31, 2021 was 161 million yen).

-6-(2) Financial Position
As of Mar. 31, 2022
(Millions of yen)

As of Dec. 31, 2022
(Millions of yen)

Changes(Millions of yen)

Total assets

2,040,506

2,065,732

25,225

1.2%

Total liabilities

1,419,107

1,424,559

5,451

0.4%

Net assets

621,398

641,173

19,774

3.2%

Shareholders’ equity ratio

30.3%

30.9%

-

-

Changes

Total assets were 2,065,732 million yen, which represents an increase of 25,225 million yen compared to the end of the previous
fiscal year. This was mainly because inventories increased by 80,031 million yen and investment securities increased by 36,234
million yen, while other in current assets, including tax receivable due to income tax refund, decreased by 39,428 million yen, cash
and deposits decreased by 38,075 million yen, and land decreased by 15,799 million yen.
Total liabilities were 1,424,559 million yen, which represents an increase of 5,451 million yen compared to the end of theprevious fiscal year. This was mainly because interest-bearing debt increased by 124,503 million yen, while notes and accounts
payable - trade decreased by 47,514 million yen, deposits received decreased by 30,912 million yen, income taxes payable
decreased by 20,000 million yen and accounts payable decreased by 16,472 million yen.
Net assets were 641,173 million yen, which represents an increase of 19,774 million yen compared to the end of the previous
fiscal year. This was mainly because retained earnings increased by 21,080 million yen, foreign currency translation adjustment
increased by 3,621 million yen and deferred gains or losses on hedges increased by 1,362 million yen, while the company acquired
treasury shares (decreased by 7,934 million yen).
The shareholders’ equity ratio was 30.9%, an increase of 0.6 percentage point from the end of the previous fiscal year.
(Cash Flows)
Cash and cash equivalents as of the end of this third quarter totaled 29,638 million yen, which represents a decrease of 38,154
million yen compared to the end of the previous fiscal year.
Net cash provided by (used in) operating activities decreased by 75,181 million yen (a year-on-year increase of 8,375 millionyen). This was mainly due to an increase in inventories and a decrease in trade payables, while profit before income taxes of
55,384 million yen was recorded.
Net cash provided by (used in) investing activities decreased by 60,084 million yen (a year-on-year decrease of 32,147 millionyen). This was mainly due to the purchase of property, plant and equipment and intangible assets and the purchase of investment
securities.
Net cash provided by (used in) financing activities increased by 97,075 million yen (a year-on-year increase of 17,731 millionyen). This was mainly due to the fund procurement by long-term borrowings and the issuance of commercial papers, while there
were payment of dividends and redemption of bonds.

-7-

(3) Consolidated Operating Result Forecasts
The consolidated operating result forecasts for the fiscal year ending March 31, 2023 were revised from the figures announced
on April 26, 2022, by examining the future outlook based on the operating results for the nine months ended December 31, 2022.
<Consolidated Forecasts>
The Group expects the following consolidated operating result for the fiscal year ending March 31, 2023: Operating revenue of
660,000 million yen; operating profit of 94,000 million yen; business profit of 100,000 million yen; ordinary profit of 88,000
million yen; and profit attributable to owners of parent of 60,000 million yen.
Changes from the previous consolidated operating result forecasts are as follows:
Operating revenue

Operating profit

Business profit

Ordinary profit

Profit attributable toowners of parent

Earnings per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecasts (A)680,000

90,50097,00085,00057,000321.02

Revised forecasts (B)660,000

94,000100,000

88,00060,000339.61

Changes (B-A)(20,000)

3,500

3,000

3,000

3,000

Changes (%)(2.9%)

3.9%

3.1%

3.5%

5.3%

Actual results for theprevious fiscal year

645,049

91,21092,76582,55755,312307.81<Forecasts by Business Unit>
Forecasts for the fiscal year ending March 31, 2023 by business unit are as follows:
Operating revenue
Previous forecasts(Millions of yen)

Revised forecasts(Millions of yen)

Changes(Millions of yen)

Residential Development

325,000

300,000(25,000)

Commercial Real Estate

210,000

210,000-

Overseas Business

4,000

5,000

1,000

Investment Management

13,00013,000-Property Brokerage & CRE

44,00045,0001,000

Property & Facility Management

104,000

104,000

-

0

0

-

(20,000)(17,000)

3,000

680,000

660,000(20,000)

Other
Adjustments
Total

-8-

Business profit
Previous forecasts(Millions of yen)

Revised forecasts(Millions of yen)

Changes(Millions of yen)

Residential Development

32,50032,500-Commercial Real Estate

41,00041,000-Overseas Business

5,500

6,500

1,000

Investment Management

8,000

8,000

-

Property Brokerage & CRE

11,50012,5001,000

Property & Facility Management

9,000

9,500

500

0

0

-

(10,500)(10,000)

500

97,000100,000

3,000

Other
Adjustments
Total

-9-

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsReal estate for sale
Real estate for sale in process
Land held for development
Equity investments
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Leasehold and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 10 -

As of December 31, 2022

69,03830,962

22,025

17,846

371,504
333,860
188,41733,871
108,106(20)
1,126,802

410,184
378,622
184,534
32,014
92,605(16)
1,146,753

200,163497,599
28,623726,386
19,933

187,642481,799
34,584704,026
20,613

101,155
30,04727,3228,858(0)167,383
913,7032,040,506

137,389
30,917
17,4248,608(0)194,339
918,978
2,065,732

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Current portion of bonds payable
Income taxes payable
Deposits received
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for loss on business liquidation
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Leasehold and guarantee deposits received
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for share awards
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets- 11 -

As of December 31, 2022

80,992
108,500－
10,00022,29943,857
9,934

33,477116,000
46,00020,0002,298
12,945
5,341

549

412

8
81,838357,980

572,827309,308

150,000
754,235
59,301
58,207
3,902
3,567
16,644
15,267
1,061,127
1,419,107

130,000
835,239
58,881
48,2993,902
3,862
16,927
18,137
1,115,250
1,424,559

118,604
114,993382,382(11,864)
604,115

118,984
115,374
403,463(19,799)
618,023

7,337
(332)
7,868
1,254
(1,481)
14,646927
1,708
621,398
2,040,506

7,927
1,029
7,868
4,875
(1,083)
20,617745
1,785
641,173
2,065,732

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income for the First Nine Months from April 1 to December 31, 2022)(Millions of yen)
Nine months ended
December 31, 2021
Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on building reconstruction
Loss on COVID-19
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 12 -

Nine months ended
December 31, 2022

361,004
233,466
127,538
78,402
49,135422,590275,029
147,561
86,111
61,450

50
81

63
52

－

4,552

423
555

327
4,996

6,638

7,425

326

－

1,548
8,513
41,178836
8,261
58,184

－
－

6,873
6,873

405
617
281
1,304
39,873
16,076(3,085)
12,991
26,88122
26,859

6,642
3,030
－
9,673
55,384
15,960(1,629)14,33141,053
134
40,919(Quarterly Consolidated Statements of Comprehensive Income for the First Nine Months from April 1 to December 31, 2022)(Millions of yen)
Nine months ended
December 31, 2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests- 13 -

Nine months ended
December 31, 2022
26,88141,053

(512)
212
(8)
1,088
386

590
1,362
(0)
2,205
397

251

1,478

1,418
28,3006,034
47,08828,15546,890144

197

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
Nine months ended
December 31, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Gain on sale of non-current assets
Share of loss (profit) of entities accounted for using equity
methodIncrease (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on business liquidation
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in equity investments
Increase (decrease) in trade payables
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sales and liquidation of investment securities
Purchase of property, plant and equipment and intangible assets
Proceeds from sale of property, plant and equipment andintangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee deposits
Repayments of lease and guarantee deposits received
Proceeds from lease and guarantee deposits received
Net decrease (increase) in short-term loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of finance lease liabilities
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Redemption of bonds
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Proceeds from investments in silent partnerships
Purchase of shares of subsidiaries not resulting in change in scopeof consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 14 -

Nine months ended
December 31, 2022

39,87314,142405－

55,384
15,317
6,642(6,873)326(4,552)

0
(3)
372
(131)
6,638
2,490
(28,844)(1,663)(31,375)(7,397)(2,583)(7,750)401(5,438)(70,769)(83,556)

(3)
(2)
280
(116)
7,425
4,234
(70,205)
2,520(47,540)(30,918)(7,405)(75,813)327(6,107)
6,411(75,181)(9,669)35(19,494)(25,505)－(31,418)212

16,748(1,503)
1,105(4,250)
4,266
－
1,360
(27,937)

(988)
1,151
(4,943)
3,504(18,707)75(60,084)

23,500(189)
87,00031,408(32,500)
635(10,000)
248(5,140)(15,515)
(97)
－

(500)
(221)
46,000133,660(45,000)
586(10,000)
388(8,689)(19,838)
(120)
810

(5)

－

79,344
172

97,07535

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(31,975)
70,62438,648- 15 -(38,154)
67,793
29,638

(4) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Notes to Significant Changes in Shareholders’ Equity)
Not applicable.
(Changes in Accounting Policies)
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ
Guidance No. 31, June 17, 2021), from the beginning of the first three months from April 1 to June 30, 2022. The company has
prospectively applied new accounting policies based on the Implementation Guidance on Accounting Standard for Fair Value
Measurement, in accordance with the transitional measurement in Article 27-2 of Implementation Guidance on AccountingStandard for Fair Value Measurement. The impact of application of Implementation Guidance on Accounting Standard for Fair
Value Measurement, on consolidated financial statements on the first nine months from April 1 to December 31, 2022 isimmaterial.

- 16 -

(Segment Information)【Segment information】
I First nine months from April 1 to December 31, 2021
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments

Residential
Commercial
Develop
Real Estate
ment

Operating revenue
External customers
Internal sales and transfer
amount among segments

Overseas
Business

Investment
Management

Property
Brokerage& CRE

Property &Facility
Management

Subtotal

Other(Note) 1

Total

Amountrecorded in
Adjustments consolidated(Note) 2
financialstatements(Note) 3

137,809

121,381

1,514

9,562

29,82260,876360,96737

361,004-

361,004

491

6,417

-

40

1,844

9,070

17,863

3

17,867(17,867)-

138,301

127,799

1,514

9,603

31,666

69,946

378,83140

378,872(17,867)

361,004

5,850

27,470

(897)

5,788

8,231

5,844

52,287(161)

52,126(2,990)49,135

Share of profit (loss) of entities
accounted for using equity method(Note) 3

21

30

(442)

-

-

64

(326)

-

(326)

-

(326)

Amortization of intangible assets
associated with corporate
acquisitions(Note) 3

-

205

22

240

-

21

490

-

490

-

490

Segment profit or loss (Businessprofit or loss) (Note) 3

5,872

27,706(1,317)

6,028

8,231

5,931

52,452(161)

52,290(2,990)49,299Subtotal
Operating profit(Note) 3(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 2,990 million yen shown in the adjustments column for segment profit or loss (Business profit or loss)
includes elimination of intersegment transactions of 2,033 million yen and corporate expenses not allocated to eachreportable segment of 5,024 million yen. These corporate expenses mainly consist of general and administrative expenses
not attributable to reportable segments.
3. Segment profit or loss (Business profit or loss) = operating profit + share of profit (loss) of entities accounted for using
equity method + amortization of intangible assets associated with corporate acquisitions
2. Notes relating to changes in reportable segments etc.
(Significant impairment loss relating to non-current assets)(Millions of yen)

Impairment loss

Residential
Development

Commercial
Real Estate-

405

Overseas
Business

Investment
Management

Property
Brokerage &
CRE

-

-

-

- 17 -

Property &Facility
Management

Total
-

405

Ⅱ First nine months from April 1 to December 31, 2022
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments
Other(Note) 1

Total

422,381208

422,590-422,590

9,880

13,6862

13,689(13,689)-

34,251

73,410436,067211

436,279(13,689)

422,590

6,173

10,202

6,273

66,944

114

67,058(5,608)61,450

4,487

(13)

-

56

4,552

-

4,552

-

4,552

205

27

256

-

21

522

-

522

-

522

33,052

6,755

6,416

10,202

6,351

72,019114

72,133(5,608)66,524

Residential
Development

Commercial
Real Estate

Overseas
Business

Investment
Management

Property
Brokerage& CRE

Property &Facility
Management

Subtotal

163,601

146,682

5,360

10,30732,89963,530

569

1,744

0

139

1,352

164,170

148,426

5,360

10,4479,230

32,823

2,240

Share of profit (loss) of entities
accounted for using equity method(Note) 3(2)

23

Amortization of intangible assets
associated with corporate
acquisitions(Note) 3

11

Segment profit or loss (Businessprofit or loss) (Note) 3

9,239

Operating revenue
External customers
Internal sales and transfer
amount among segments
Subtotal
Operating profit(Note) 3

Amountrecorded in
Adjustments consolidated(Note) 2
financialstatements(Note) 3(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 5,608 million yen shown in the adjustments column for segment profit or loss (Business profit or loss)
includes elimination of intersegment transactions of 1,347 million yen and corporate expenses not allocated to eachreportable segment of 6,955 million yen. These corporate expenses mainly consist of general and administrative expenses
not attributable to reportable segments.
3. Segment profit or loss (Business profit or loss) = operating profit + share of profit (loss) of entities accounted for using
equity method + amortization of intangible assets associated with corporate acquisitions
2. Notes relating to changes in reportable segments etc.
From the first three months from April 1 to June 30, 2022, Overseas Business Unit was added as a reportable segmentwith a review of the organizational structure. The Overseas Business Division of Nomura Real Estate Development Co.,
Ltd. and overseas subsidiaries, etc., which had been classified under the Other, have been reclassified under the Overseas
Business Unit.
The figures by reportable segment for the first nine months from April 1 to December 31, 2021 are classified under the
new reportable segment.
3. Information regarding impairment loss on non-current assets or goodwill by reportable segment(Significant impairment loss relating to non-current assets)(Millions of yen)

Impairment loss

Residential
Development

Commercial
Real Estate

-

6,642

Overseas
Business

Investment
Management

Property
Brokerage &CREProperty &Facility
Management

-

-

-

-

- 18 -

Total

6,642