July 28, 2016

Outline of Consolidated Financial Statements
For the Three Months from April 1 to June 30, 2016
Name of company listed :Nomura Real Estate Holdings, Inc.

Shares traded :TSE (First section)

Code number :

3231

URL :

http://www.nomura-re-hd.co.jp/english/

Representative :Eiji Kutsukake, President

IR contact :Naoko Usami,
General Manager of Corporate Communications Dept.
info@nomura-re-hd.com

Scheduled submitting date of quarterly securities report:

August 9, 2016

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)

Note: The accompanying consolidated financial statements were not audited since they have been prepared only for reference purpose. All statements were basedon 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.)I.

Consolidated Operating Results for the Three Months from April 1 to June 30, 2016
(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)

Operating revenue

Operating income

Profit attributable toOrdinary income

owners of parent

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY201678,475(23.0)

8,835(19.2)

6,802(19.4)

4,824

8.0

FY2015

101,887(10.3)

10,941(16.9)

8,435(23.1)

4,467(25.8)First three months(Note) Comprehensive income:From April 1 to June 30, 2016 ¥4,380 million (down 23.3%)
From April 1 to June 30, 2015 ¥5,712 million (down 32.7%)

First three months

yenProfit attributable toowners of parent per shareafter adjusting for dilution
yen

FY2016

25.16

25.08

FY2015

23.37

23.27

Profit attributable toowners of parent per share(2) Consolidated financial status
Total assets

Net assets

Shareholders' equity ratio

Millions of yen

Millions of yen%

Jun. 30, 2016

1,516,601

455,053

29.2

Mar. 31, 2016

1,485,449

456,408

29.9(Reference) Shareholders’ equity:

At June 30, 2016 ¥443,420 million

1

At March 31, 2016 ¥444,854 million

II. Dividends
Dividend per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

yen

yen

yen

yen

yen

FY2015

―

27.50

―

30.00

57.50

FY2016

―
30.00

―

30.00

60.00

FY2016(Forecast)(Note) Revision of dividend forecasts during this quarter: NoneIII. Forecasts of Consolidated Operating Results for the Fiscal Year from April 1, 2016 to March 31, 2017(% indicates the rate of changes from previous fiscal year or term)

Operating revenue

Operating income

Ordinary income

Millions ofMillions ofMillions ofyen
FY2016

589,000%
3.4

yen
76,000

%

yen

(6.1)

67,000

Profit attributable toowners of parent
Millions of

%

%

yen

(8.9)

224.30yen(7.8)

43,000

Profit per share(Note) Revision of operating result forecasts during this quarter: None

* 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, accounting estimates, and restatements
1)

Changes in accounting policies due to revision of accounting standards, etc.

: None2)

Changes in accounting policies other than the above: None3)

Changes in accounting estimates: None4)

Restatements: None(4) Number of shares issued (common stock)1)

Number of shares outstanding (including treasury shares)

2)

Treasury shares

3)

Average number of shares during the term

At June 30

At March 31

2016

2016

191,714,501

191,679,601

1,601

1,508

From April 1 to June 30

From April 1 to June 30

2016

2015

191,692,306

2

191,177,262

* Implementation status of quarterly auditing procedure
The financial summary and the accompanying materials including the consolidated financial statements are not subject to the quarterly
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.
* Use of earnings forecasts and other special remarks(Forward-looking statements)
Certain statements other than historical facts in this document are forward-looking statements that reflect the company’s plans andestimates based on currently available information. Therefore, the Company has no intention to promise the accomplishment of theforecasts. 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.
(How to obtain fact sheets)
The fact sheets will be disclosed on TDnet on July 28, 2016 and will be uploaded on the Company's website.

3Appendix - Contents
1. Qualitative Information .................................................................................................................................................................................

2(1) Business Results ...............................................................................................................................................................................

2(2) Financial Position .............................................................................................................................................................................

6(3) Consolidated Operating Result Forecasts .....................................................................................................................................

6

2. Quarterly Consolidated Financial Statements ............................................................................................................................................

7(1) Quarterly Consolidated Balance Sheets ........................................................................................................................................

7(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income........

9

Quarterly Consolidated Statements of Income
Three Months from April 1 to June 30, 2016 ..........................................................................................................................

9

Quarterly Consolidated Statements of Comprehensive Income
Three Months from April 1 to June 30, 2016 ..........................................................................................................................

10(3) Quarterly Consolidated Statement of Cash Flows ......................................................................................................................

11(4) Notes to Quarterly Consolidated Financial Statements ..............................................................................................................

13(Notes to Going Concern Assumptions) .......................................................................................................................................

13(Notes to Significant Changes in Shareholders’ Equity) ............................................................................................................

13(Segment Information) ....................................................................................................................................................................

131

1. Qualitative Information(1) Business Results
The Nomura Real Estate Group posted the following consolidated performance for the current first quarter: Operating revenue of
78,475 million yen, which represents a decrease of 23,412 million yen, or 23.0% year on year; operating income of 8,835 million yen, adecrease of 2,106 million yen, or 19.2%; ordinary income of 6,802 million yen, a decrease of 1,632 million yen, or 19.4%; and profit
attributable to owners of parent of 4,824 million yen, an increase of 357 million yen, or 8.0%.
An overview of unit achievements is given below:
Operating revenue for each unit includes internal sales and transfer amount among units. Due to the rounding of fractions, total figures
may not match.
From the first quarter of the fiscal year ending March 31, 2017, Yokohama Business Park Heating and Cooling Supply Co., Ltd.,
which had been classified under the Leasing Unit, was transferred to the Property & Facility Management Unit to promote business inconjunction with the property and management business. In line with this change, the financial results for the first quarter of the fiscal year
ended March 31, 2016 and the fiscal year ended March 31, 2016 are calculated under the new classification.
<Residential Development Unit>
Operating revenue in this unit totaled 29,592 million yen, which represents a decrease of 22,966 million yen, or 43.7% year on year,
and operating loss was 725 million yen, while the previous first quarter achieved operating income of 2,206 million yen.
In housing sales, both revenue and income decreased due to a decrease in housing units sold. This is mainly due to most of housing
units planned to be recorded in this fiscal year are mainly posted after the second quarter. We posted the sale of 451 units (a decrease of
420 units from the previous quarter), including PROUD CITY Kaga-Gakuen-dori (Itabashi-ku, Tokyo), PROUD Sanno (Ota-ku, Tokyo) ,PROUD CITY Sendai Nagamachi-Minami (Taihaku-ku, Sendai-shi, Miyagi) for condominiums, and PROUND SEASON Tsuruse(Iruma-gun, Saitama) for detached houses.
The number of sold but not recorded housing units totaled 4,035 as of the end of June, 2016 (a decrease of 963 units over the end of
previous first quarter).
Number of units, sales, and outstanding contract amount sold for the joint-venture projects are calculated based on the Group’s share.
Breakdown of operating revenue
FY2015 1Q
Housing units sold

Housing
sales

Tokyo

FY2016 1Q

Operating revenue(Millions of yen)

Housing units soldFY2015

Operating revenue(Millions of yen)

Housing units soldOperating revenue(Millions of yen)

817 units

46,706298 units

18,187

4,721 units

260,494

Kansai area

3 units

210

26 units

1,623

857 units

38,223Other

50 units

2,588

125 units

5,594

427 units

20,078Subtotal

871 units

49,505451 units

25,405

6,006 units

318,795(Detached houses)(52 units)(4,397)(69 units)(4,302)(643 units)(39,514)

metropolitan area

Other
Total

3,053

4,187

15,71952,55929,592

334,5142

Housing sales Period-end completed housing inventories
As of June 30, 2015

As of June 30, 2016

As of March 31, 2016

Tokyo metropolitan area

132 units

271 units

285 units

Kansai area

10 units

50 units

38 unitsOther

11 units

21 units

25 units

Total

153 units

343 units

349 units(Detached houses)(55 units)(120 units)(140 units)

Housing sales Sold but not recorded housing units
As of June 30, 2015

As of June 30, 2016

Outstanding
Housing units

As of March 31, 2016

Outstanding

contract amount

Housing units(Millions of yen)contract amount

Outstanding
Housing units(Millions of yen)contract amount(Millions of yen)

Tokyo metropolitan area

3,874 units

218,509

3,056 units

194,8702,569 units

162,146

Kansai area

716 units

31,560614 units

30,088535 units

26,577Other

407 units

18,596364 units

20,071389 units

21,235

Total

4,998 units

268,667

4,035 units

245,030

3,493 units

209,959(Detached houses)(63 units)(3,686)(117 units)(7,291)(74 units)(4,613)<Leasing Unit >Operating revenue in this unit totaled 20,007 million yen, which represents a decrease of 2,510 million yen, or 11.1% year on year, andoperating income totaled 6,169 million yen, a decrease of 574 million yen, or 8.5%.
In the leasing business, while rental revenue increased due to improvement of vacancy rate, the number of properties sold decreased
resulting decreases in both income and profit over the previous first quarter.
Since the previous second quarter, the classification of the breakdown of operating revenue was changed. According to this change, thefigures for the previous first quarter results were calculated under the new classification.
Yokohama Business Park Heating and Cooling Supply Co., Ltd., which had been classified under the Leasing Unit, was transferred to
the Property & Facility Management Unit from this first quarter. Thus, the financial results for the first quarter of the fiscal year ended
March 31, 2016 and the fiscal year ended March 31, 2016 are calculated under the new classification.
Breakdown of operating revenue
FY2015 1Q

FY2016 1Q

FY2015(Millions of yen)

(Millions of yen)

(Millions of yen)

Leasing (offices)

12,143

12,59749,594

Leasing (retail facilities)

2,575

2,898

10,873

Leasing (other)

1,447

1,468

5,882

Property development (sale)

3,800

840

33,260Property development (leasing)

906

847

3,320

Other

1,644

1,355

7,295

22,51720,007110,226

Total
Rentable area

As of June 30, 2015

As of June 30, 2016

As of March 31, 2016

Offices

827,827 ㎡

832,492 ㎡

829,312 ㎡

Retail facilities

108,178 ㎡

144,797 ㎡

144,815 ㎡

936,005 ㎡

977,289 ㎡

974,127 ㎡

Total

3

Vacancy rate (offices and retail facilities)
As of June 30, 2015

As of June 30, 2016
4.7%

As of March 31, 2016
1.4%

2.2%

<Investment Management Unit>
Operating revenue in this unit totaled 2,203 million yen, which represents an increase of 436 million yen, or 24.7% year on year, andoperating income totaled 1,312 million yen, an increase of 410 million yen, or 45.5%. This unit showed increases both in revenue andincome compared to the previous first quarter. This was due to an increase in asset management fees associated with acquisition
conducted by REITs.
FY2015 1Q

FY2016 1Q

FY2015(Millions of yen)

(Millions of yen)

(Millions of yen)

Operating revenue

1,766

2,203

10,973

Assets under management
As of June 30, 2015

As of June 30, 2016

As of March 31, 2016

(Millions of yen)

(Millions of yen)

(Millions of yen)

REITs

1,010,750

1,010,487

1,012,630

Private funds, etc.

104,853

61,86861,851

1,115,604

1,072,356

1,074,481

Total<Property Brokerage & CRE Unit>
Operating revenue in this unit totaled 7,841 million yen, which represents an increase of 1,277 million yen, or 19.5% year on year,
operating income totaled 1,851 million yen, an increase of 879 million yen, or 90.6%.
Due to increases in the number and amount of property brokerage transactions and property sales, the Property Brokerage & CRE Unit
revealed increases in both income and profit over the previous first quarter.
In retail operations, we opened the following new branch stores in April 2016 : Iidabashi Center (Chiyoda-ku, Tokyo) and Toyonaka
Center (Toyonaka-shi, Osaka) .
Breakdown of operating revenue
FY2015 1Q

FY2016 1Q

FY2015(Millions of yen)

(Millions of yen)

(Millions of yen)

Property brokerage

5,858

7,207

28,028

Other

706

634

7,345

6,564

7,841

35,373

Total

Number of transactions and total transaction value of property brokerage
FY2015 1Q
Number of transactions
Total transaction value (Millions of yen)

FY2016 1Q

FY2015

1,792

2,034

7,710

142,450

186,111

713,5744

<Property & Facility Management Unit>
Operating revenue in this unit totaled 21,165 million yen, which represents an increase of 189 million yen, or 0.9% year on year, andoperating income totaled 923 million yen, an increase of 31 million yen, or 3.6%.
In fitness club business sector, we opened MEGALOS_0+ Ebisu (Shibuya-ku, Tokyo) in April 2016, and MEGSLOS_Reflet Ebisu(Shibuya-ku, Tokyo) in June 2016.
Yokohama Business Park Heating and Cooling Supply Co., Ltd., which had been classified under the Leasing Unit, was transferred to
the Property & Facility Management Unit from this first quarter. In line with this change, the financial results for the first quarter of the
fiscal year ended March 31, 2016 and the fiscal year ended March 31, 2016 are calculated under the new classification.
Breakdown of operating revenue
FY2015 1Q

FY2016 1Q

FY2015(Millions of yen)

(Millions of yen)

(Millions of yen)

Property & facility management

11,696

11,791

47,952

Construction ordered

4,754

4,520

24,636

Fitness club & elderly care

3,621

3,811

14,995

Other

903

1,040

3,967

20,975

21,16591,552As of June 30, 2015

As of June 30, 2016

Total

Number of properties under management

Buildings under management
Condominiums under management (unit)

As of March 31, 2016

737

710

705

156,640

163,224

163,036<Other Unit>
Operating revenue in this unit totaled 24 million yen, which represents a decrease of 170 million yen, or 87.6% year on year, andoperating loss totaled 11 million yen (the previous first quarter showed operating loss of 44 million yen).

5(2) Financial Position
As of March 31, 2016

As of June 30, 2016

Changes

Changes(Millions of yen)

(Millions of yen)

(Millions of yen)(%)

Total assets

1,485,449

1,516,601

31,151

2.1

Total liabilities

1,029,041

1,061,548

32,506

3.2

Net assets

456,408455,053(1,354)(0.3)

Shareholders' equity ratio

29.9%

29.2％

-

-

Total assets totaled 1,516,601 million yen, an increase of 31,151 million yen from the end of the previous fiscal year. This was mainly
due to a decrease in cash and deposits (decreased by 11,581 million yen), while both inventories (an increase of 30,298 million yen) andland (an increase of 15,599 million yen) increased.
Total liabilities totaled 1,061,548 million yen, an increase of 32,506 million yen from the end of the previous fiscal year. This was
mainly due to decrease in notes and accounts payable - trade (decreased by 23,610 million yen), while commercial papers (increased by
44,000 million yen) and bonds payable (increased by 20,000 million yen) increased.
Net assets totaled 455,053 million yen, a decrease of 1,354 million yen from the end of the previous fiscal year. This was mainly due toa decrease in retained earnings (decreased by 926 million yen) and valuation difference on available-for-sale securities (decreased by 842
million yen).
The shareholders' equity ratio was 29.2 %, a decrease of 0.7 point from the end of the previous fiscal year.
(Cash Flows)
Cash and cash equivalents as of the end of the current first quarter totaled 46,010 million yen, which represents a decrease of 11,581
million yen from the end of the previous fiscal year.
Net cash provided by (used in) operating activities decreased by 77,593 million yen (a decrease of 35,941 million yen year on year).
This was mainly due to deposit outflows resulted by the purchase of inventories and decreases in deposits received, and notes andaccounts payable-trade.
Net cash provided by (used in) investment activities decreased by 19,048 million yen (a decrease of 3,685 million yen year on year).
This mainly reflected the purchase of property, plant and equipment and intangible assets.
Net cash provided by (used in) financing activities increased by 85,066 million yen (an increase of 40,046 million yen year on year).
This was mainly due to funding through short-term loans payable, commercial papers and bonds.

(3) Consolidated Operating Result Forecasts
There is no change in the consolidated operating result forecasts announced on April 28, 2016.

6

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
FY2015FY2016 1Q(As of March 31, 2016)(As of June 30, 2016)

AssetsCurrent Assets
Cash and deposits

57,59346,012

Notes and accounts receivable-trade

15,371

10,273

Real estate for sale78,132

95,319Real estate for sale in process

269,546

291,573

Land held for development

148,729

139,761

Equity investments

819

1,866

Deferred tax assets

5,285

5,752

Other

33,33837,904

Allowance for doubtful accounts

(38)

(39)

608,779

628,424

Buildings and structures, net

235,068

232,907Land

523,696539,296

Total current assets
Noncurrent Assets
Property, plant and equipment

Other, net

20,325

21,568

Total property, plant and equipment

779,091

793,772

10,681

10,831

Investment securities

45,511

42,576

Lease and guarantee deposits

21,37921,225

Deferred tax assets

14,84014,840

Other

5,167

4,932

(0)

(0)

Intangible assets
Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total Assets

7

86,897

83,573876,670888,177

1,485,449

1,516,601

(Millions of yen)
FY2015FY2016 1Q(As of March 31, 2016)(As of June 30, 2016)

Liabilities
Current Liabilities
Notes and accounts payable-trade51,162

27,551

Short-term loans payable

137,300

152,800

Commercial papers-

44,000

Income taxes payable

13,232

1,888

Deposits received

29,617

11,910

Deferred tax liabilities

17

16

Provision for bonuses

7,073

3,629

Provision for directors' bonuses

738

150

Provision for loss on business liquidation

61

58

Other

49,90346,229Total current liabilities

289,107288,236

Bonds payable

60,00080,000Long-term loans payable

524,600

536,100

Lease and guarantee deposits received

63,76664,458Deferred tax liabilities

64,07065,283

Deferred tax liabilities for land revaluation

3,900

3,900

Provision for loss on subleasing business

313

301

18,01818,034

Noncurrent Liabilities

Net defined benefit liability
Other

5,264

5,235

739,933

773,3121,029,041

1,061,548

Capital stock

116,598

116,633

Capital surplus

109,842

109,877

Retained earnings

207,203206,277

Total noncurrent liabilities
Total Liabilities
Net Assets
Shareholders' Equity

Treasury shares

(3)

(3)

433,642432,784

Valuation difference on available-for-sale securities

6,664

5,822

Deferred gains or losses on hedges

155

327

Revaluation reserve for land

7,861

7,861

Total shareholders' equity
Accumulated Other Comprehensive Income

Foreign currency translation adjustment

43

50

Remeasurements of defined benefit plans(3,513)(3,426)

Total accumulated other comprehensive income

11,212

10,635

Subscription Rights to Shares

1,685

1,658

Non-Controlling Interests

9,868

9,974

456,408455,053

1,485,449

1,516,601

Total Net Assets
Total Liabilities and Net Assets8(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Three Months from April 1 to June 30, 2016)(Millions of yen)
FY2015 1Q

FY2016 1Q(From April 1 to(From April 1 toJune 30, 2015)

June 30, 2016)

Operating Revenue

101,887

78,475

Operating Cost

70,38949,335

Operating Gross Profit

31,497

29,139Selling, General and Administrative Expenses

20,556

20,304

Operating Income

10,941

8,835Interest income

912Dividends income

86

69

Equity in earnings of affiliates

16

83

Other

56

67

Total non-operating income

168

232

2,045

1,924

Non-Operating Income

Non-Operating Expenses
Interest expenses
Other

629

339

Total non-operating expenses

2,674

2,264

8,435

6,802

Gain on sales of noncurrent assets-

653

Total extraordinary income-

653

Loss on valuation of investment securities

280-

Total extraordinary losses

280-

Income before Income Taxes and Minority Interests

8,154

7,456

Income Taxes - Current

1,312

1,496

Income Taxes - Deferred

1,645

1,002

Total Income Taxes

2,958

2,499

Profit

5,196

4,957

Ordinary Income
Extraordinary Income

Extraordinary Losses

Profit Attributable to Non-Controlling Interests

729

132

Profit Attributable to Owners of Parent

4,467

4,824

9

(Quarterly Consolidated Statements of Comprehensive Income)(Three Months from April 1 to June 30, 2016)(Millions of yen)

Profit

FY2015 1Q

FY2016 1Q(From April 1 to(From April 1 toJune 30, 2015)

June 30, 2016)
5,196

4,957

Valuation difference on available-for-sale securities

603

(843)

Deferred gains or losses on hedges

(29)

171

Revaluation reserve for land

(0)

(0)

Foreign currency translation adjustment

0

7

(58)

86

Other Comprehensive Income

Remeasurements of defined benefit plans, net of tax
Total other comprehensive income

515

(576)

5,712

4,380

Comprehensive income attributable to owners of parent

4,980

4,248

Comprehensive income attributable to non-controlling interests

731

132

Comprehensive Income(Breakdown)

10(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
FY2015 1Q

FY2016 1Q(From April 1 to(From April 1 toJune 30, 2015)

June 30, 2016)

Cash Flows from Operating Activities
Income before income taxes and minority interests

8,154

7,456

Depreciation and amortization

3,913

4,133

Equity in (earnings) losses of affiliates

(16)

(83)

0

0

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on business liquidation

(5)

(3)

Increase (decrease) in provision for loss on subleasing business

(31)

(12)

Increase (decrease) in net defined benefit liability

(32)

15

Interest and dividends income

(95)

(81)

Interest expenses

2,045

1,924

Decrease (increase) in notes and accounts receivable-trade

2,883

5,095

Decrease (increase) in inventories(7,523)(30,298)35(1,047)

Increase (decrease) in notes and accounts payable-trade(14,031)(23,610)

Increase (decrease) in deposits received(13,337)(17,707)

Other, net(8,607)(8,612)

Subtotal(26,647)(62,830)95

86Interest expenses paid

(1,892)(1,612)

Income taxes paid

(13,208)(13,237)

Net cash provided by (used in) operating activities(41,652)(77,593)

Decrease (increase) in equity investments

Interest and dividends income received

Cash Flows from Investing Activities
Purchase of investment securities

(100)

(405)

Proceeds from sales and liquidation of investment securities

1,808

1,324

Purchase of property, plant and equipment and intangible assets(15,521)(25,149)

4

3,500

Payments for lease and guarantee deposits

(179)

(96)

Proceeds from collection of lease and guarantee deposits

435

226

Repayments of lease and guarantee deposits received(1,406)(862)

Proceeds from lease and guarantee deposits received

1,839

1,528

Other, net(2,243)886

Net cash provided by (used in) investment activities(15,362)(19,048)

Proceeds from sales of property, plant and equipment and intangible
assets11

(Millions of yen)
FY2015 1Q

FY2016 1Q(From April 1 to(From April 1 toJune 30, 2015)

June 30, 2016)

Cash Flows from Financing Activities
Net increase (decrease) in short-term loans payable

32,40013,000

Increase (decrease) in commercial papers

20,00044,000

Repayments of finance lease obligations

(38)

(40)

Proceeds from long-term loans payable

20,00022,000

Repayment of long-term loans Payable(28,000)(8,000)

Proceeds from issuance of bonds

9,936

19,869Proceeds from issuance of common stock

160

14

Proceeds from share issuance to non-controlling shareholders

56-

Purchase of treasury shares-(0)Cash dividends paid

(4,777)(5,750)

Dividends paid to non-controlling interests(1,464)(26)(3,253)-45,02085,066

0(11)

Net Increase (Decrease) in Cash and Cash Equivalents(11,994)(11,586)

Cash and Cash Equivalents at Beginning of Period

50,41857,591-

4

38,42446,010

Payments from changes in ownership interests in subsidiaries that do
not result in change in scope of consolidation
Net cash provided by (used in) financing activities
Effect of Exchange Rate Change on Cash and Cash Equivalents

Increase (decrease) in cash and cash equivalents resulting from change ofscope of consolidation
Cash and Cash Equivalents at End of Period12(4) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.

(Notes to Significant Changes in Shareholders’ Equity)
Not applicable.

(Segment Information)
Segment information
I FY2015 1Q (Three months from April 1 to June 30, 2015)
1. Information regarding revenue, and income or loss by reportable segment(Millions of yen)AmountReportable segments

recorded in

Residential

Property

Property &Brokerage &Facility

CRE

Management

Other

Leasing
Development

Adjustments
Total

Investment
Subtotal(Note) 1

Quarterly
Consolidated(Note) 2

Statements ofManagement

Income(Note) 3

Operating revenue
52,406

21,757

1,766

6,327

19,435 101,692

Inter-segment

152

760

0

237

1,539

Subtotal

52,55922,517

1,766

6,564

2,206

6,743

902

971

External customers

Segment income or
loss

194

101,887-

101,887

2,690

0

2,690

(2,690)-20,975 104,383

194

104,578(2,690)101,887(44)

11,671(729)

10,941891

11,715(Notes) 1. The other category includes operating segments that are not included in reportable segments.
2. The deduction of 729 million yen shown in the adjustments column for segment income or loss includes an addition of 333
million yen for the elimination of inter-segment transactions and a deduction of 1,063 million yen for corporate expenses notallocated to reportable segments. These corporate expenses mainly consist of general and administrative expenses not
attributable to reportable segments.
3. The segment income or loss is reconciled to the operating income stated in the Quarterly Consolidated Statements of Income.
2. Impairment loss on noncurrent assets or goodwill by reportable segments
Not applicable.

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II FY2016 1Q (Three months from April 1 to June 30, 2016)
1. Information regarding revenue, and income or loss by reportable segment(Millions of yen)AmountReportable segments

Residential

recorded in

Property

Property &Brokerage &Facility

CRE

Management

Other

Leasing
Development

Adjustments
Total

Investment
Subtotal(Note) 1

Quarterly
Consolidated(Note) 2

Statements ofManagement

Income(Note) 3

Operating revenue
29,502

19,411

2,203

7,730

19,60278,451

24

78,475-78,475Inter-segment

90

595

-

110

1,562

2,359

0

2,359

(2,359)-Subtotal

29,59220,007

2,203

7,841

21,16580,81024

80,834(2,359)78,475

(725)

6,169

1,312

1,851

923

9,532

(11)

9,520

(685)

8,835

External customers

Segment income orloss(Notes) 1. The other category includes operating segments that are not included in reportable segments.
2. The deduction of 685 million yen shown in the adjustments column for segment income or loss includes an addition of 498
million yen for the elimination of inter-segment transactions and a deduction of 1,183 million yen for corporate expenses notallocated to reportable segments. These corporate expenses mainly consist of general and administrative expenses not
attributable to reportable segments.
3. The segment income or loss is reconciled to the operating income stated in the Quarterly Consolidated Statements of Income.
2. Changes in reportable segments
Since this first quarter of the current accounting period, Yokohama Business Park Heating and Cooling Supply Co., Ltd.,
which had been classified under the Leasing Unit, was transferred to the Property & Facility Management Unit to promotebusiness in conjunction with the property and facility management business.
In this regard, the segment information for the previous first quarter had been prepared in accordance with the newly adopted
method of cost allocation and segment classification.
3. Impairment loss on noncurrent assets or goodwill by reportable segment
Not applicable.

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