October 30, 2008

For the Six Months from April 1 to September 30,2008

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
President, Hirohisa Suzuki
Masaomi Katayama, General Manager of Corporate
Communications & Investor Relations Dept.
info@nomura-re-hd.com
No
December 2, 2008
November 14, 2008

Adoption of U.S. accounting standards :Scheduled starting date for dividend payments:
Scheduled submitting date of the second quarter 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 six months from April 1 to September 30, 2008

(1) Consolidated business results(% indicates the rate of changes from previous fiscal term)

Revenue from operations

Operating income

Ordinary profit

Quarterly net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

2008/09150,501―

18,746―

14,427―8,910―

2007/09

186,749

17.6

36,36732.8

32,24632.0

18,857

34.1

Quarterly net income pershare after adjusting fordilution

Quarterly net income
per share
yenyen2008/09

59.67

59.63

2007/09126.29―(2) Consolidated financial status
Total assets

Net assets per share

Millions of yen

Millions of yen%

yen

2008/09987,369

241,09024.1

1,594.48

2008/03891,700

235,55126.1

1,558.96(Reference) Total shareholders’ equity:2.

Total shareholders’equity ratio

Net assets

At September 30, 2008 ¥ 238,094 million, At March 31, 2008 ¥ 232,790 million

Cash dividends per share
Cash divinends per share
1st Quarterend

2nd Quarterend

3rd Quarter
end

Fiscal year
end

yen

2008/03

―

15.00

―

2009/03

―

20.00

****

FY 2009/03 forecast

****

****

―

yen

yen

15.00

30.00

****

20.00

(Note) Revision of cash dividends forecast for this term : None1Annual

****

40.00

3.

Forecasts of consolidated operating results for the fiscal year from April 1, 2008 to March 31, 2009(% indicates the rate of changes from previous fiscal year)
Revenue fromoperations

FY 2009/03

Operating income

Ordinary profit

Net income per Share

Net income

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%yen

480,000

16.667,000△ 4.056,000△ 7.1

32,000△ 9.2

214.30(Note) Revision of operating results forecasts for during this term : Yes

4.

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 September 302008
Number of shares outstanding(including treasury stock)
Treasury stock

Average number of shares during the term

At March 31
2008

149,325,000

149,325,000

384

250

From April 1 to September 30
2008
149,324,706

From April 1 to September 30
2007
149,324,878

Forward-Looking Statements
1. The forecasts of consolidated operating results announced on May 2, 2008 have been changed in this document for the full year of FY2009 / 03.
2.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

March 31, 2008

September 30, 2008

Current Assets:

流動資産630,916

725,781

現金及び預金受取手形及び売掛金
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

31,512
9,041
200,533
139,793
114,081
92,873
10,39032,763(72)

28,0607,010
213,047
169,072
140,010
123,565
9,727
35,355(67)

固定資産260,783

261,588

有形固定資産建物及び建築物(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

195,271
81,168110,093
4,009
4,270
61,241
19,58527,633
12,336
1,803(117)

196,514
79,284112,309
4,920
4,104
60,96918,99827,474
12,5102,052(66)

Total Assets

総資産891,700

987,369

Liabilities

負債

March 31, 2008

September 30, 2008

Current Liabilities :

流動負債

263,973282,646

1 Operating Accounts Payable
2 Short-term Loans Payable
3 Commercial Papers
4 Income Taxes Payable5 Deposits Received
6 Deferred Tax Liabilities
7 Provision for Bonuses
8 Provision for Directors' Bonuses
9 Provision for Loss on Business Liquidation
10 Other

営業未払金
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

63,37773,184－
14,82657,075
165
4,104
590
279
50,36929,817
153,787
22,0003,889
19,576
184
4,663
194
247
48,285

Noncurrent Liabilities :固定負債

392,175

463,632

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整理損失引当金
その他

20,300314,532
30,127
3,855
3,904
12,1432,890
4,422

20,300387,255
29,291
2,867
3,904
13,0092,623
4,382

Total Liabilities

負債合計

656,148746,278

Net Assets

純資産

Share Holders' Equity:

株主資本231,894

238,564

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

82,64659,97689,272(0)82,64659,976
95,942
(1)

896

(469)

1,215
(0)
(326)
8(242)
91(327)
8

1 Cash and Deposits
2 Notes and Accounts Receivable-trade
3 Real Estate for Sale
4 Real Estate for Sale in Process
5 Land Held for Development
6 Equity Investments
7 Deferred Tax Assets
8 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

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 Business8 OtherValuation 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
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

Subscription Rights to Shares:

新株予約権

217

422

Minority Interests:

少数株主持分

2,543

2,573

Total Net Assets

純資産合計235,551

241,090

Total Liabilities and Net Assets

負債・純資産合計

891,700

987,3693

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to
September 30
2007
2008
AmountAmount

Ⅰ Operating Revenue

営業収益186,749

150,501

Ⅱ Operating Cost

営業原価122,535

102,046

営業総利益

64,21348,454

販売費及び一般管理費

27,84629,707

営業利益

36,367

18,746

営業外収益

271

155

受取利息
受取配当金
持分法による投資利益
その他

104360129612568

営業外費用

4,391

4,474

支払利息
持分法による投資損失
その他

3,607
784

4,074
6393

Ordinary Profit

経常利益32,246

14,427

Ⅵ Extraordinary Gains

特別利益

474

-

関係会社清算益

474-

Gross Operating Profit

Ⅲ Selling, General and Administrative Expenses
Operating Income

Ⅳ Non Operating Income
1 Interest Income
2 Dividends Income
3 Gain on Changes in Equity of Affiliates
4 OtherⅤ Non Operating Expenses
1 Interest Expenses
2 Equity in Losses of Affiliates
3 Other

1 Gain on Liquidation of an Affiliated Company
Income before Income Taxes and Minority Interests
Income Taxes-current
Income Taxes-deferred
Total Income Taxes
Minority Interests in Income
Net Quarterly Income

税金等調整前四半期純利益

32,721

14,427

法人税,住民税及び事業税
法人税等調整額
法人税等合計少数株主利益10,696
3,017
13,713
150

4,978
447
5,425
91

四半期純利益18,8578,910

4Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to September 30

Cash Flows

2007

2008

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

32,721

14,427

Depreciation and Amortization

減価償却費

2,396

2,498

Equity in (Earnings) Losses of Affiliates

持分法による投資損益(0)6Increase (Decrease) in Allowance for Doubtful Accounts

貸倒引当金の増減額

(12)

(55)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

615

865

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額(278)(32)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(283)

(266)

Interest and Dividends Income

受取利息及び受取配当金

(141)

(87)

Interest Expenses

支払利息

3,607

4,074

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

3,161

2,030

Decrease (Increase) in Inventories

たな卸資産の増減額(9,030)(67,911)

Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額

16,421(30,692)

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(9,092)(33,559)

Increase (Decrease) in Deposits Received預り金の増減額(34,527)(37,499)

Other, Net

その他

(398)

(2,785)

Subtotal

小計

5,157

(148,987)

Interest and Dividends Income Received

利息及び配当金の受取額

4372Interest Expenses Paid

利息の支払額(3,509)(3,771)

Income Taxes Paid

法人税等の支払額(17,013)(17,520)

営業活動によるキャッシュ・フロー

(15,321)(170,207)

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(5)(1,483)

Proceeds from Sale of Investment Securities

投資有価証券の売却及び清算

166-

Purchase of Subsidiaries' Shares Resulting in Changes in Scope of Consolidation

連結範囲の変更を伴う子会社株式の取得(996)-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(4,032)(4,060)

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

11

13

Payments of Loans Receivable

貸付けによる支出

(15)

(15)

Collection of Loans Receivable

貸付金の回収による収入

5,118

12

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

(463)

(399)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

1,381

578

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(2,697)(1,512)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

1,479

711

Other, Net

その他

317(113)

投資活動によるキャッシュ・フロー

265(6,269)Net Cash Provided by (Used in) Investment Activities
III. Net Cash Provided by (Used in) Financing Activities

19,85054,200Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額

Proceeds from Long-term Loans Payable

長期借入れによる収入

19,260117,135

Repayment of Long-term Loans Payable

長期借入金の返済による支出(21,967)(18,009)

Proceeds from Issuance of Shares to Minority Shareholders

少数株主からの払込みによる収入

10

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(2,986)(2,239)Cash Dividends Paid to Minority Shareholders

少数株主への配当金の支払額

(6)

(57)

Net Cash Provided by (Used in) Financing Activities

財務活動によるキャッシュ・フロー

14,150173,027

Ⅳ. Net Increase (Decrease) in Cash and Cash Equivalents

現金及び現金同等物の増減額(906)(3,448)

V. Cash and Cash Equivalents at Beginning of the Period

現金及び現金同等物の期首残高

28,43731,510

Ⅵ. Increase (decrease) in Cash and Cash Equivalents Resulting from Change
in 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

(3)

(4)

Ⅶ. Cash and Cash Equivalents at End of the Period

現金及び現金同等物の四半期末残高

27,52728,0585-

22,000