January 29, 2009

For the Nine Months from April 1 to December 31, 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
NoFebruary 13, 2009

Adoption of U.S. accounting standards :Scheduled submitting date of the third 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 nine months from April 1 to December 31, 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%

2008/12240,668―

29,821―

23,001―

13,504―

2007/12242,685

5.6

43,22615.0

36,355

11.5

21,135

13.2

Quarterly net income pershare after adjusting fordilution

Quarterly net income
per share
yenyen2008/12

90.43

90.33

2007/12141.54141.53(2) Consolidated financial status
Total assets

Net assets per share

Millions of yen

Millions of yen%

yen

2008/12

1,343,935

281,05717.6

1,580.83

2008/03891,700

235,55126.1

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

Total shareholders’equity ratio

Net assets

At December 31, 2008 ¥ 236,112 million, At March 31, 2008 ¥ 232,790 million

Cash dividends per share
Cash dividends 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

15.00

30.00

****

****

1

Annual

yen

20.00

****

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

Net income per Share

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

yen460,000

11.852,000△ 25.540,000△ 33.723,000△ 34.8154.02(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: Yes
Number of consolidations: Inclusion 1 (Company name: NREG TOSHIBA BUILDING Co., Ltd.)
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 December 31
2008
Number of shares outstanding(including treasury stock)
Treasury stock

Average number of shares during the term

At March 312008

149,360,500

149,325,000

584

250

From April 1 to December 31
2008
149,328,389

From April 1 to December 31
2007
149,324,845

Forward-Looking Statements
1. The forecasts of consolidated operating results announced on October 30, 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

Current Assets:

March 31, 2008

December 31, 2008

流動資産630,916

798,155

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

31,5129,041－200,533
139,793
114,081
92,873
10,39032,763(72)

33,346
7,931
46,000204,284
221,205
122,889
120,227
11,80230,539(72)

固定資産260,783

545,780

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
12,3361,803(117)477,729
173,197
297,152
7,379
8,724
59,326
15,78827,883
12,671
3,049(66)

Total Assets

資産合計

891,700

1,343,935

Liabilities

負債

March 31, 2008

December 31, 2008

1 Cash and Deposits
2 Notes and Accounts Receivable-trade
3 Marketable 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

Current Liabilities :

流動負債

263,973

366,479

1 Trade Accounts Payable
2 Short-term Loans Payable
3 Corporate Bonds Due within One Year
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
1年内償還予定の社債
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
50,36931,559232,248300
5,301
35,073
275
2,630
303
230
58,556

Noncurrent Liabilities :固定負債

392,175

696,399

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

20,300314,532
30,127
3,855
3,904
12,143
2,890
4,422

20,000520,570
45,87085,431
3,904
13,821
2,489
4,311

Total Liabilities

負債合計656,148

1,062,878

Net Assets

純資産

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 Other

Share Holders' Equity:

株主資本231,894240,274

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)82,69760,027
97,550(1)

896(4,162)

1,215(0)(326)
8(4,113)268(327)
8Valuation 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

363

Minority Interests:

少数株主持分

2,543

44,581

Total Net Assets

純資産合計235,551

281,057

Total Liabilities and Net Assets

負債・純資産合計

891,700

1,343,935

3

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)

From April 1 toDecember 31
20072008
AmountAmountⅠ Operating Revenue

営業収益242,685

240,668

Ⅱ Operating Cost

営業原価

158,526

166,797

営業総利益

84,15973,870

販売費及び一般管理費

40,93344,049Operating Income

営業利益43,22629,821Ⅳ Non Operating Income

営業外収益

400

258

受取利息
受取配当金
持分法による投資利益
その他

121490229

98
38
121

営業外費用

7,271

7,078

支払利息
持分法による投資損失
匿名組合損益分配額
その他

5,487
928
855

6,543
6528

Ordinary Profit

経常利益36,35523,001

Ⅵ Extraordinary Gains

特別利益

612

-

関係会社清算益
関係会社持分変動利益

474
138-

税金等調整前四半期純利益

36,96823,001

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12,042
3,564
15,606226

9,992(655)
9,336
160

四半期純利益21,135

13,504Gross Operating Profit

Ⅲ Selling, General and Administrative Expenses

1 Interest Income
2 Dividends Income
3 Equity in Gain of Unconsolidated Subsidiaries and Affiliates
4 Other
Ⅴ Non Operating Expenses
1 Interest Expenses
2 Equity in Loss of Unconsolidated Subsidiaries and Affiliates
3 Distributions from Silent Partnership
4 Other

1 Gain on Liquidation of an Affiliated Company
2 Gain on Changes in Equity of Affiliates
Income before Income Taxes and Minority Interests
Income Taxes-current
Income Taxes-deferredTotal Income Taxes
Minority Interests in Income
Net Quarterly Income4Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to December 312007
2008

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

36,96823,001

Depreciation and Amortization

減価償却費

3,626

3,758

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(13)(58)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

1,035918

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(325)

(48)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(424)

(400)

Interest and Dividends Income

受取利息及び受取配当金

(170)

(137)

Interest Expenses

支払利息

5,487

6,543

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

3,233

2,052

Decrease (Increase) in Inventories

たな卸資産の増減額(39,475)(86,100)

Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額(10,778)(27,354)

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(13,822)(33,166)

Increase (Decrease) in Deposits Received

預り金の増減額(39,272)(35,559)

Other, Net

その他(5,801)(6,357)

Subtotal

小計(59,734)(152,903)

Interest and Dividends Income Received

利息及び配当金の受取額

5398Interest Expenses Paid

利息の支払額(4,921)(5,730)

Income Taxes Paid

法人税等の支払額(26,678)(21,240)

営業活動によるキャッシュ・フロー

(91,281)(179,775)(1,483)

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(7)

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

連結の範囲の変更を伴う子会社株式の取得による支出(996)(80,079)

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(4,997)(5,731)

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

5,131

14

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

(626)

(774)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

1,430

645

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(3,445)(1,591)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

1,990

1,153

Other, Net

その他

266

(232)

投資活動によるキャッシュ・フロー

(1,091)(88,082)

Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額

60,450129,200

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額20,000-

Proceeds from Long-term Loans Payable

長期借入れによる収入

32,515259,203

Repayment of Long-term Loans Payable

長期借入金の返済による支出(44,543)(67,396)

Proceeds from Issuance of Corporate Bonds

社債の発行による収入

20,182-

Payments for Redemption of Corporate Bonds

社債の償還による支出

(25)

-

Proceeds from Issuance of Shares

株式の発行による収入

Proceeds from Issuance of Shares to Minority Shareholders

少数株主からの払込みによる収入

Purchase of Treasury Stock

自己株式の取得による支出

Cash Divedends Paid

配当金の支払額

Cash Dividends Paid to Minority Shareholders

少数株主への配当金の支払額

(6)

(83)

Net Cash Provided by (Used in) Financing Activities

財務活動によるキャッシュ・フロー

84,525

315,695Ⅳ. Net Increase (Decrease) in Cash and Cash Equivalents

現金及び現金同等物の増減額(7,846)

47,838

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

20,586

79,344

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

5-01,1810(0)(0)(5,226)(5,226)