April 26, 2022

Consolidated Financial Results
For the Fiscal Year Ended March 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 were basedon 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 :TSECode number :

3231

URL :

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

Representative :Eiji Kutsukake, President and Representative Director

Inquiries:

Hidehiro Sasaki,
General Manager, Corporate Communications Dept.

Email:

nrehd-ir@nomura-re.co.jp

Scheduled date of Ordinary General Meeting of Shareholders:June 24, 2022

Scheduled starting date for dividend payments:

June 6, 2022

Scheduled submitting date of securities report:

June 24, 2022

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 fiscal year from April 1, 2021 to March 31, 2022
(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)

Operating revenue
Millions ofOperating profit

Business profit

Millions of

Fiscal year ended

Millions of%yenowners of parent

Millions of%yenProfit attributable toOrdinary profit

Millions of

%

%

yen

yen

%
yen

Mar. 31, 2022

645,049

11.1

91,21019.5

92,765

21.3

82,55725.2

55,312

31.1

Mar. 31, 2021

580,660(14.2)

76,333(6.8)

76,448(7.7)

65,965(9.7)

42,198(13.7)(Note) Comprehensive income: Fiscal year ended March 31, 2022 : 58,814 million yen (up 25.1%)
Fiscal year ended March 31, 2021 : 47,020 million yen (up 2.0%)(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

Diluted earnings

per shareper share

Ordinary profit
Return on equity

margin on total
assetsOperating profit
marginFiscal year ended

Yen

Yen

%

%

%

Mar. 31, 2022

307.81306.89

9.2

4.2

14.1

Mar. 31, 2021

232.53231.73

7.4

3.5

13.1

(Reference) Share of profit (loss) of entities accounted for using equity method: Fiscal year ended March 31, 2022 : 895 million yen
Fiscal year ended March 31, 2021 : (510) million yen

(2) Consolidated financial position
Total assets
As ofShareholders’ equity ratio

Net assets

Net assets per share

Millions of yen

Millions of yen%

YenMar. 31, 2022

2,040,506

621,39830.3

3,478.14

Mar. 31, 2021

1,921,306

586,35030.4

3,229.80(Reference) Shareholders’ equity: As of March 31, 2022: 618,762 million yen As of March 31, 2021: 583,328 million yen(3) Consolidated cash flows

II.

Cash flows from (used in)

Cash flows from (used in)

Cash flows from (used in)

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Mar. 31, 2022

52,793(46,277)(9,619)67,793Mar. 31, 2021

(63,504)(55,789)

112,376

70,624

Dividends
Dividend per share
1st quarter2nd quarter3rd quarter

Total amountof dividends

Fiscal year
Total

end

end

end

Payout ratio(Consolidated)(Annual)end

Dividend on
equity(Consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

Mar. 31, 2021

-

40.00

-

42.50

82.50

15,10235.5

2.6

Mar. 31, 2022

-

42.50

-

55.00

97.50

17,679

31.7

2.9

-

55.00

-

55.00

110.00Mar. 31, 2023
(Forecast)

34.3(Note) Revision from previous dividend forecasts: Yes(Note) The total amount of dividends include the amount of dividends paid to the executive compensation BIP (Board Incentive Plan) trust
and the ESOP (Employee Stock Ownership Plan) trust for granting stock (161 million yen in the fiscal year ended March 31, 2021
and 245 million yen in the fiscal year ended March 31, 2022).

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)

Operating revenue

Operating profit

Business profit

Profit attributable toOrdinary profit

owners of parent

Basicearnings
per share

Fiscal year
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

680,000

5.4

90,500(0.8)

97,0004.6

85,0003.0

57,0003.1

321.02endingMar. 31,2023

* Notes(1) Significant changes to subsidiaries during the period (Changes in scope of consolidation of specified subsidiaries): None
(2) Changes in accounting policies, changes in accounting estimates and restatements
1)

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

: Yes

2)

Changes in accounting policies other than the above: None3)

Changes in accounting estimates: None4)

Restatements: None(Note) For details, please refer to “4. Quarterly Consolidated Financial Statements and Notes (5) Notes to Consolidated Financial
Statements (Changes in Accounting Policies)” on page 20 of the Attachments.
(3)

Number of shares issued (common stock)1)

Number of shares issued at end of period (including
treasury shares)

2)

3)

Treasury shares at end of period

Average number of shares outstanding during the period

As of Mar. 31

As of Mar. 31

2022

2021

182,604,637

193,099,001

4,704,422

12,490,613

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2021

179,695,784

181,479,078(Note) The number of treasury shares at end of each period includes the shares of the company owned by BIP (Board Incentive Plan) trustand ESOP (Employee Stock Ownership Plan) trust (2,522,837 shares as of March 31, 2022 and 1,962,549 shares as of March 31,2021). 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 of shares
outstanding during the period (2,300,241 shares in the fiscal year ended March 31, 2022 and 1,964,228 shares in the fiscal year ended
March 31, 2021).
* This 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 the Company pledges torealize 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 (4) Consolidated Operating
Result Forecasts” on page 7 of the Attachments.
(How to obtain the fact sheets)
The fact sheets will be disclosed on TDnet on April 26, 2022 and will be uploaded on the Company’s website.

Attachments- Contents
1. Business Results and Financial Position ............................................................................................................................................................... 2(1) Business Results .............................................................................................................................................................................................. 2(2) Financial Position ............................................................................................................................................................................................ 6(3) Cash Flows ...................................................................................................................................................................................................... 6(4) Consolidated Operating Result Forecasts ...................................................................................................................................................... 7(5) Basic Policy regarding Profit Distribution and Dividends for the Current and Next Fiscal Year ............................................................... 8
2. Group Companies .................................................................................................................................................................................................. 9
3. Basic Policies for Selecting Accounting Standards ............................................................................................................................................ 11
4. Consolidated Financial Statements ..................................................................................................................................................................... 12(1) Consolidated Balance Sheets........................................................................................................................................................................ 12(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income.............................................................. 14(Consolidated Statements of Income).............................................................................................................................................................. 14(Consolidated Statements of Comprehensive Income) .................................................................................................................................. 15(3) Consolidated Statements of Changes in Shareholder’s Equity................................................................................................................... 16(4) Consolidated Statements of Cash Flows...................................................................................................................................................... 18(5) Notes to Consolidated Financial Statements................................................................................................................................................ 20(Notes to Going Concern Assumptions) ......................................................................................................................................................... 20(Changes in Accounting Policies).................................................................................................................................................................... 20(Notes to Consolidated Statements of Income)............................................................................................................................................... 20(Real Estate for Rent)........................................................................................................................................................................................ 21(Segment Information) ..................................................................................................................................................................................... 22(Per Share Information) .................................................................................................................................................................................... 24(Significant Subsequent Events) ...................................................................................................................................................................... 25

1

1. Business Results and Financial Position(1) Business Results
During this fiscal year, the Japanese economy continued on an overall trend of recovery even amid the prolonged effects of COVID-19,
with vaccinations being delivered on a broad scale, a dual focus being placed on infection prevention measures and economic and social
activity, and corporate capital investment recovering, among other measures. However, a resurgence in infections in the latter part of the fiscal
year due to the Omicron variants has led to a weakening of personal consumption in lodging, eating and drinking, etc., the Russia's invasion of
Ukraine and other factors has caused increasing prices for raw materials and creating changes in financial capital markets, etc., which is
evoking weakness and uncertainty in some areas.
Regarding the real estate market conditions, the housing sales market saw a robust sales trend with the number of housing units supplied
recovering to pre-COVID levels, the first-month contract rate exceeding 70% for the first time in six years in the Tokyo metropolitan area, andother factors, underpinned by diversification of customer needs, the continuing low interest rate environment, etc. In the leasing office market,
although vacancy rates are continuing at a high level for the recent few years, mainly in the central areas of Tokyo, the vacancy rates began
declining in the middle of the fiscal year for certain areas, and for some areas we have begun to see demand emerging for office relocations
with an eye to post-COVID business growth and further diversification of work styles. In addition, the logistics market continued to expand
due to the spread of e-commerce and other factors, and the retail and hotel market, which was severely affected by the COVID pandemic,
showed a gradual recovery trend. In the real estate investment market, property transactions were active mainly for logistics facilities andrental housing due to a good fund procurement environment and strong appetite for investment in domestic real estate by investors in Japanand overseas, and the size of the market continued to grow. Moreover, the real estate brokerage market continued robustly with the number oftransactions and average transaction prices for used condominiums in the Tokyo metropolitan area proceeding at a high level, etc., particularly
due to an increase in relocation demand and an ongoing price differences between new properties and used properties in the retail business.
In this business environment, the Nomura Real Estate Group (the “Group”) posted the following business results for this fiscal year:
Operating revenue of 645,049 million yen, which represents an increase of 64,389 million yen, or 11.1% year on year; operating profit of
91,210 million yen, an increase of 14,876 million yen, or 19.5%; business profit of 92,765 million yen, an increase of 16,317 million yen, or
21.3%; ordinary profit of 82,557 million yen, an increase of 16,591 million yen, or 25.2%; and profit attributable to owners of parent of
55,312 million yen, an increase of 13,113 million yen, or 31.1%.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions
An overview of business unit achievements is given below:
Operating revenue for each business unit includes internal sales and transfer amount among business units. Total figures may not match dueto the rounding of fractions.
In Property Brokerage & CRE Business Unit, the real estate brokerage and consulting business had been conducted by two companies,
Nomura Real Estate Development Co. Ltd. and Nomura Real Estate Urban Net Co. Ltd. by March 31, 2021. As of April 1, 2021, theCompany restructured the organization as Nomura Real Estate Development Co. Ltd as splitting company and Nomura Real Estate Urban
Net Co. Ltd. as successor company in absorption-type split to integrate location, personnel and function. In addition, Nomura Real Estate
Urban Net Co., Ltd. changed its corporate name to Nomura Real Estate Solutions Co., Ltd on the same day.
As of January 14, 2022, the Company acquired all shares of Musashi Co., Ltd. and it had been classified under the Residential
Development Business Unit.
<Residential Development Business Unit>
Operating revenue in this business unit totaled 309,225 million yen, which represents an increase of 36,647 million yen, or 13.4% year on
year, and business profit totaled 32,550 million yen, an increase of 10,146 million yen, or 45.3%, resulting in increases in both in operating
revenue and business profit compared with the previous fiscal year.
This was mainly due to an increase in the number of housings units sold and improvement in the gross margin ratio in the housing sales
business.
In regard to housing sales, 4,329 units were recorded as sales (an increase of 660 units year on year), including PROUD TOWER Kameido
Cross (Koto-ku, Tokyo), PROUD TOWER Higashi-Ikebukuro Station Arena (Toshima-ku, Tokyo), OHANA Nakaurawa (Sakura-ku,
Saitama-shi, Saitama), PROUD TOWER Nagoya Nishiki (Naka-ku, Nagoya-shi, Aichi) for condominiums, and PROUD SEASON
Tsukimino (Minami-ku, Sagamihara-shi, Kanagawa) for detached housings.
The number of housing contracted but not recorded as sales was 3,548 units as of the end of this fiscal year (an increase of 272 units year onyear) and the contract progress rate against the scheduled housings sales for the next fiscal year was 74.6% at the beginning of the fiscal year
ending March 31, 2023.

2

Number of units, sales, and outstanding contract amount as sold for the joint-venture projects are calculated based on the business’s share.
Breakdown of operating revenue
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)

Housing units soldOperating revenue

Housing units sold(Millions of yen)

Operating revenue(Millions of yen)

Tokyo metropolitan area

2,981 units

211,465

2,944 units

210,413

Kansai area

312 units

18,081496 units

26,522Other

375 units

18,062889 units

47,079Subtotal

3,669 units

247,6094,329 units

284,015(Detached housing)(372 units)(22,741)(451 units)(29,990)

Rental housing (Note)

-

5,960

-

5,621

Senior / Other-

19,007-

19,588-272,577-

309,225

Housing
sales

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 March 31, 2021

As of March 31, 2022

Tokyo metropolitan area

161 units

74 units

Kansai area

45 units

18 units

Other

33 units

38 units

Total

239 units

130 units(Detached housing)(18 units)(0 units)

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

As of March 31, 2022

Total

182 units

253 units(Detached housing)(5 units)(0 units)

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

As of March 31, 2022

Outstanding
Housing units

contract amount

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

Tokyo metropolitan area

2,260 units

170,232

2,555 units

197,478

Kansai area

394 units

20,655439 units

23,687

Other

622 units

34,075553 units

28,705

Total

3,276 units

224,9633,548 units

249,870(Detached housing)(159 units)(10,425)(226 units)(15,689)<Commercial Real Estate Business Unit>
Operating revenue in this business unit totaled 202,460 million yen, which represents an increase of 23,232 million yen, or 13.0% year on
year, and business profit totaled 38,590 million yen, an increase of 3,120 million yen, or 8.8%, resulting in increases in both in operating revenue
and business profit compared with the previous fiscal year.
This was mainly due to an increase in revenue from property sales.

3Breakdown of operating revenue
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)(Millions of yen)

(Millions of yen)

Leasing (offices)

47,41145,422

Leasing (retail facilities)

11,01812,302

Leasing (other)

5,776

4,131

87,846

106,451

11,23913,977

Fitness

11,50913,624

Other

4,426

6,550

179,227

202,460

Property for sales(sale) (Note)
Property for sales(leasing) (Note)

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 March 31, 2021

As of March 31, 2022

Office706,771 m2

655,663 m2

Retail facility

120,966 m2

131,874 m2

827,737 m2

787,536 m2

Total
Vacancy rate (office and retail facility)
As of March 31, 2021

As of March 31, 2022
5.1%

6.0%

<Investment Management Business Unit>
Operating revenue in this business unit totaled 12,804 million yen, which represents an increase of 348 million yen, or 2.8% year on year,
and business profit totaled 7,836 million yen, an increase of 248 million yen, or 3.3%, resulting in increases in both operating revenue andbusiness profit compared with the previous fiscal year.

Operating revenue

FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)(Millions of yen)

(Millions of yen)
12,456

4

12,804

Assets under management
As of March 31, 2021

As of March 31, 2022

(Millions of yen)

(Millions of yen)Domestic asset

REITs

1,396,973

1,424,772

managerPrivate funds, etc.

139,513

196,370

Overseas asset manager

279,159

326,929

Total

1,815,646

1,948,071<Property Brokerage & CRE Business Unit>
Operating revenue in this business unit totaled 43,762 million yen, which represents an increase of 4,325 million yen, or 11.0% year on
year, and business profit totaled 11,716 million yen, an increase of 2,739million yen, or 30.5%, resulting in increases in both operating revenue
and business profit compared with the previous fiscal year.
This was mainly due to increases in the number of transactions and total transaction value in property brokerage (retail business).
Breakdown of operating revenue
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)(Millions of yen)

(Millions of yen)

Property brokerage

34,71839,833(retail business)(23,334)(28,706)(wholesale business)(11,384)(11,126)

4,717

3,929

39,436

43,762

Other
Total
Number of transactions and transaction value of property brokerage
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)

Number of transactions
Total transaction value (Millions of yen)

9,322

10,081

893,423

964,882<Property & Facility Management Business Unit>
Operating revenue in this business unit totaled 99,230 million yen, which represents an increase of 845 million yen, or 0.9% year on year,
and business profit totaled 9,205 million yen, a decrease of 76 million yen, or 0.8%, resulting in an increase in operating revenue and adecrease in business profit compared with the previous fiscal year.
Breakdown of operating revenue
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)(Millions of yen)

(Millions of yen)

Property & facility management

56,78358,264

Construction ordered

35,86335,215

Other

5,737

5,750

98,384

99,230Total

5Number of properties under management
As of March 31, 2021
Buildings under management
Housings under management (unit)

As of March 31, 2022
788

772

183,162

186,549<Other>Operating revenue totaled 2,755 million yen which represents an increase of 685 million yen, or 33.1% year on year, and business profit
totaled 92 million yen (business loss of the previous fiscal year was 1,495 million yen).

(2) Financial Position(Assets, liabilities and net assets)
As of March 31, 2021

As of March 31, 2022

Changes(Millions of yen)

(Millions of yen)

(Millions of yen)

Total assets

1,921,306

2,040,506

Changes

119,199

6.2%

Total liabilities

1,334,956

1,419,107

84,151

6.3%(Of which, Interest-bearing debt)(1,008,500)(1,022,735)(14,235)(1.4%)Net assets

586,350

621,398

35,047

6.0%

Shareholders’ equity ratio

30.4%

30.3%

-

-

1.7

1.7

-

-

Debt / equity ratio(Note) Debt / equity ratio = Interest-bearing debt / Shareholder’s equity
Total assets were 2,040,506 million yen, which represents an increase of 119,199 million yen compared to the end of the previous fiscal
year. This was mainly because other in current assets including withholding income tax on dividends from subsidiaries increased by 51,533
million yen, inventories increased by 18,708 million yen and investment securities increased by 14,726 million yen.
Total liabilities were 1,419,107 million yen, which represents an increase of 84,151 million yen compared to the end of the previous fiscal
year. This was mainly because notes and accounts payable - trade increased by 19,829 million yen, deposits received increased by 18,717
million yen and interest-bearing debt increased by 14,235 million yen.
Net assets were 621,398 million yen, which represents an increase of 35,047 million yen compared to the end of the previous fiscal year.
This was mainly because retained earnings increased by 12,785 million yen. In this fiscal year, the company cancelled 27,004 million yen oftreasury stock and acquired 8,957 million yen of treasury shares.
The shareholders’ equity ratio was 30.3%.

(3) Cash Flows
Cash and cash equivalents as of the end of this fiscal year totaled 67,793 million yen, which represents a decrease of 2,831 million yen
compared to the end of the previous fiscal year.
The state and factors associated with each cash flow of this fiscal year are shown below.
(Cash flows from operating activities)
Net cash provided by (used in) operating activities increased by 52,793 million yen (a year-on-year increase of 116,297 million yen).
This was mainly due to the recording of 81,052 million yen in profit before income taxes and increases in trade payables and deposits received
while there were payments of income taxes.
(Cash flows from investing activities)
Net cash provided by (used in) investing activities decreased by 46,277 million yen (a year-on-year increase of 9,511 million yen). Thiswas mainly due to the purchase of property, plant and equipment and intangible assets and the purchase of investment securities.
(Cash flows from financing activities)
Net cash provided by (used in) financing activities decreased by 9,619 million yen (a year-on-year decrease of 121,995 million yen).
This was mainly due to the payment of dividends and the redemption of bonds despite fund procurement by long-term borrowings.

6

(4) Consolidated Operating Result Forecasts<Consolidated Forecasts>
The Group expects the following consolidated results for the fiscal year ending March 31, 2023: Operating revenue of 680,000 million
yen; operating profit of 90,500 million yen; business profit of 97,000 million yen; ordinary profit of 85,000 million yen; and profit attributableto owners of parent of 57,000 million yen.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible
assets associated with corporate acquisitions
FY2022

FY2021(From April 1, 2022
to March 31, 2023)
forecast(From April 1, 2021

Changes

to March 31, 2022)(Millions of yen)

(Millions of yen)

(Millions of yen)
Operating revenue

680,000

645,049

34,950Operating profit

90,50091,210(710)

Business profit

97,00092,765

4,234

Ordinary profit

85,00082,5572,442

57,00055,312

1,687

Profit attributable to owners ofparent<By Business Unit>

Forecasts for the fiscal year ending March 31, 2023 by Business Unit are as follows. From April 2022, the Overseas Business Unit was
newly established to clarify responsibility for revenue toward steady growth of overseas business, etc., 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 changed. In line with this change, the financial results for the fiscal year ended March 31, 2022 and forecasts for the
fiscal year ending March 31, 2023 by Business Unit are calculated under the new classification.
Operating revenue
FY2022

FY2021(From April 1, 2022
to March 31, 2023)
forecast(From April 1, 2021

Changes

to March 31, 2022)(Millions of yen)

(Millions of yen)

(Millions of yen)
Residential Development

325,000

309,225

15,774

Commercial Real Estate

210,000

202,460

7,539

Investment Management

13,00012,804

195

Property Brokerage & CRE

44,00043,762

237

Property & Facility Management

104,000

99,230

4,769

4,000

2,628

1,371

0

126

(126)

Adjustments(20,000)(25,188)

5,188

Total

680,000

645,049

34,950Overseas
Other

7

Business profit
FY2022

FY2021(From April 1, 2022
to March 31, 2023)
forecast(From April 1, 2021

Changes

to March 31, 2022)(Millions of yen)

(Millions of yen)

(Millions of yen)
Residential Development

32,50032,550(50)

Commercial Real Estate

41,00038,5902,409

Investment Management

8,000

7,836

163

Property Brokerage & CRE

11,50011,716(216)

Property & Facility Management

9,000

9,205

(205)

Overseas

5,500

291

5,208

0

(199)

199

Adjustments(10,500)(7,227)(3,272)

Total

97,00092,765

4,234

Other

(5) Basic Policy regarding Profit Distribution and Dividends for the Current and Next Fiscal YearAs for dividend, the Company set the year-end dividend for the fiscal year ended March 31, 2022 at 55.0 yen per share, which is anincrease of 7.5 yen from forecasted. Combined with the second quarter-end dividend, the annual dividend per share is 97.5 yen. As a result,
total return ratio during this fiscal year, which included the acquisition of treasury shares, is 44.3%.
Under the Mid- to Long-term Business Plan, which was disclosed today, the Company set a policy of the total return ratio to be
40-50% in Phase 1 (from fiscal year ending March 31, 2023 to fiscal year ending March 31, 2025). In regard to the dividend for the next
fiscal year, the Company intends to set both the second quarter-end and the year-end dividend for the fiscal year ending March 31, 2023 at
55.0 yen per share, therefore the annual dividend per share is expected to be 110.0 yen.

8

2. Group Companies
Major business contents of the Group and 79 affiliated companies (42 consolidated subsidiaries, and 37 unconsolidated subsidiaries
accounted for using the equity method and affiliates), and consolidated subsidiaries involved in the relevant businesses, as well as the role ofsaid consolidated subsidiaries are given below.
<Residential Development Business Unit>･Nomura Real Estate Development Co., Ltd. is engaged in the development and sale of condominiums, detached housing and rental
housing and the development of senior housing.
･Nomura Real Estate Wellness Co., Ltd. is engaged in the planning and operation of housings for the elderly.
･Prime X Co., Ltd. is engaged in Internet advertisings.
･Musashi Co., Ltd is engaged in the development and sale of systems related to real estate.
･First Living Assistance Co., Ltd. provides services aimed at providing assistance to customers concerning their homes arrangements.
<Commercial Real Estate Business Unit>･Nomura Real Estate Development Co., Ltd. is engaged in the development, leasing and sale of office buildings, retail facilities, logistic
facilities and other properties, and also in the entrusted management of office buildings and logistic facilities. The company is also
involved in the planning and management of construction work.
･Nomura Real Estate Building Co., Ltd. is engaged in the development, leasing and sale of office building, retail facility, rental housing
and other properties.
･Nomura Real Estate Life & Sports Co., Ltd. is engaged in the management of fitness club business.
･Nomura Real Estate Retail Properties Co., Ltd. is engaged in the design and entrusted management of retail facilities.
･Nomura Real Estate Hotels Co., Ltd. and UHM Co., Ltd. is engaged in the planning and operation of hotels.
<Investment Management Business Unit>･Nomura Real Estate Asset Management Co., Ltd. provides investment management services including real estate investment trusts(REITs), private funds and real estate securitization products.
Nomura Real Estate Development Co., Ltd. has equity interest in the funds managed by Nomura Real Estate Asset Management Co.,Ltd.
･Lothbury Investment Management Limited provides investment management services including private funds and real estate
securitization products.
<Property Brokerage & CRE Business Unit>･Nomura Real Estate Solutions Co., Ltd. is engaged in real estate brokerage and consulting business, consignment sales forcondominiums and detached housing, as well as the insurance agency business.
<Property & Facility Management Business Unit>･Nomura Real Estate Partners Co., Ltd. is engaged in the operation and management of condominiums and office buildings, as well as
contracting for repair and tenant works associated with management, and also engages in operations in renovation business.
･Nomura Real Estate Heating and Cooling Supply Co., Ltd. operates a local cooling and heat supply business in Yokohama Business
Park (Hodogaya-ku, Yokohama, Kanagawa).
･Nomura Real Estate Amenity Service Co., Ltd. is engaged in the entrusted cleaning of office buildings, mainly from Nomura Real
Estate Partners Co., Ltd.
<Other>･Nomura Real Estate Development Co., Ltd. is engaged in the overseas business of development and sale of condominiums, and thedevelopment and leasing of offices buildings and other properties, and in the domestic business of the sale and leasing of land andbuildings.
･ZEN PLAZA CO., LTD is engaged in leasing business of office building in Vietnam (Ho Chi Minh City).
The matters described above are shown in the following systematic business diagram.

9

Nomura Real Estate Holdings, Inc.
Nomura Real
Estate GroupManagement Guidance

Residential
Development
Business Unit

Commercial
Real EstateBusiness Unit

Property
Brokerage &CRE Business
Unit

Investment
Management
Business
Unit

Property &Facility
Management
Business Unit

Nomura Real
EstateDevelopment

Nomura Real Estate Development

Nomura Real
Estate Wellness

Nomura Real
Estate Building

PRIME X

Nomura Real
Estate Life &SportsMusashi

Nomura Real
Estate Retail
Properties

First Living
Assistance

Nomura Real
Estate Hotels

Other

Nomura Real
Estate AssetManagement

Nomura Real
Estate Solutions

Nomura Real
Estate Partners

ZEN PLAZA

Nomura Real Estate
Heating & Cooling
SupplyLothbury
Investment
Management
LimitedNomura Real
Estate Amenity
Service

UHM*(Note) As of January 14, 2022, the Company acquired all shares of Musashi Co., Ltd., which have been classified under the “Residential
Development Business Unit”
As of April 1, 2022, the Company made the following changes and an organization restructure.
*Overseas Business Unit was newly established to clarify responsibility for revenue toward steady growth of overseas business,
etc., 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.
*In Commercial Real Estate Business Unit, Nomura Real Estate Development Co. Ltd. and Nomura Real Estate Building Co., Ltd
was merged to unify development, leasing and management business. (Nomura Real Estate Development Co., Ltd as the surviving
company)*As for hotel operation business in Commercial Real Estate Business Unit, Nomura Real Estate Hotels Co., Ltd. and UHM Co.,Ltd were merged to integrate expertise and human resources, as well as to maximize synergies among hotels and brands. (Nomura
Real Estate Hotels Co., Ltd as the surviving company)

10

3. Basic Policies for Selecting Accounting Standards
The Group creates consolidated financial statements in accordance with the Japanese standards taking account of comparability of theconsolidated financial statements over different accounting periods and between companies. The Group will adopt International AccountingStandards, as appropriate, considering shareholder composition and the movement of other domestic companies in the industry.

11

4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, andcontract assets
Real 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
Accumulated depreciation
Buildings and structures, net
Land
Other
Accumulated depreciation
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

12

As of March 31, 2022

71,625
19,63569,038－－22,025336,308
326,165
212,727
28,77048,104(14)
1,043,321

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

361,895(176,168)
185,727
506,097
34,988(12,589)
22,399714,224
18,468375,232(175,069)
200,163497,599
41,746(13,123)
28,623726,386
19,93386,42827,65523,0978,111(0)145,292
877,985
1,921,306

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

(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
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-salesecurities
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

13

As of March 31, 2022

61,16287,00010,00018,57225,1408,599

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

455

549

13
58,378269,3228
81,838357,980

160,000
751,500
58,85559,934
3,891
2,734
16,216
12,501
1,065,633
1,334,956

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

118,043
114,433
369,597(30,125)
571,948

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

7,827

7,337

(1,342)
7,869(995)(1,979)11,3791,406
1,616
586,350
1,921,306

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

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended
March 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
methodGain on sale of non-current assets
Gain on reversal of share acquisition rights
Subsidy for cooperation income
Other
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
Subsidies for employment adjustment
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on COVID-19
Loss on building reconstruction
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

14

Fiscal year ended
March 31, 2022

580,660※１ 397,602
183,057
106,724
76,333645,049※１ 439,737
205,312
114,101
91,210

95
63

70
97

－

895

96
123
－
368
747

19
25
269
468
1,846

9,015

8,825

510

－

1,590
11,11565,965

1,673
10,49982,557

565
565

－
－

1,285
1,715
708
3,710
62,82024,752(4,159)20,59342,22728
42,198

568
281
655
1,505
81,05232,301(6,629)25,671
55,38068
55,312

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 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 noncontrolling interests

15

Fiscal year ended
March 31, 2022
42,22755,3804,910(2,386)
8
(531)
1,970

(487)
1,009
(8)
1,611
498

821

809

4,793
47,0203,434
58,81447,03058,572(10)242

(3) Consolidated Statements of Changes in Shareholders' equity
FY2020 (From April 1, 2020 to March 31, 2021)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

117,822

111,065

221

221

Total shareholders'equityTreasury shares

342,081(27,339)543,630

Changes during period
Issuance of new shares

442

Dividends of surplus(14,682)(14,682)

Profit attributable to owners ofparent42,19842,198Purchase of treasury shares(2,798)(2,798)

Disposal of treasury shares

11

11

Transferfromretainedearnings to capital surplus
Cancellation of treasury shares
Change in ownership interestof parent due to transactions
with non-controlling interests

3,146

3,146

Reversal of revaluation reserve
for landNet changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

221

3,367

27,516(2,786)28,318118,043

114,433

369,597(30,125)

571,948

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

2,915

1,044

Foreign
Share
NonRemeasure
Total
currency
Revaluati
ments of accumulated acquisition controllingtranslatio
rightsinterests
on reserve
definedothernfor landbenefitcomprehensi
adjustmen
plans
ve incomet
7,860(1,322)(3,950)

6,547

1,850

13,091

Total net
assets565,120

Changes during period
Issuance of new shares

442

Dividends of surplus(14,682)

Profit attributable to owners ofparent42,198Purchase of treasury shares(2,798)

Disposal of treasury shares

11

Transferfromretainedearnings to capital surplus
Cancellation of treasury shares
Change in ownership interestof parent due to transactions
with non-controlling interests

3,146

Reversal of revaluation reserve
for landNet changes in items otherthan shareholders' equity

4,911(2,386)

8

327

1,970

4,831

(444)

(11,475)(7,087)

Total changes during period

4,911(2,386)

8

327

1,970

4,831

(444)

(11,475)

21,230

Balance at end of period

7,827(1,342)

7,869

(995)

(1,979)11,379

1,406

1,616

586,350

16

FY2021 (From April 1, 2021 to March 31, 2022)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

118,043

114,433

560

560

Treasury shares

369,597

Total shareholders'equity(30,125)

571,948

Changes during period
Issuance of new shares

1,120

Dividends of surplus(15,515)(15,515)

Profit attributable to owners ofparent55,31255,312

Purchase of treasury shares(8,957)(8,957)

Disposal of treasury shares

214

214

Transferfromretainedearnings to capital surplus

27,004

Cancellation of treasury shares(27,004)(27,004)
27,004

Change in ownership interestof parent due to transactions
with non-controlling interests
Reversal of revaluation reserve
for land(7)(7)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

560

560

12,785

18,26032,167

118,604

114,993382,382(11,864)

604,115

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

7,827(1,342)Foreign
Share
NonRemeasure
Total
currency
Revaluati
ments of accumulated acquisition controllingtranslatio
rightsinterests
on reserve
definedothernfor landbenefitcomprehensi
adjustmen
plans
ve income
t
7,869

(995)

(1,979)11,379

1,406

1,616

Total net
assets586,350

Changes during period
Issuance of new shares

1,120

Dividends of surplus(15,515)

Profit attributable to owners ofparent55,312

Purchase of treasury shares(8,957)

Disposal of treasury shares

214

Transferfromretainedearnings to capital surplus
Cancellation of treasury shares
Change in ownership interestof parent due to transactions
with non-controlling interests
Reversal of revaluation reserve
for landNet changes in items otherthan shareholders' equity

(7)
(489)

1,009

(0)

2,249

498

3,267

(478)

92

2,880

Total changes during period

(489)

1,009

(0)

2,249

498

3,267

(478)

92

35,047

Balance at end of period

7,337

(332)

7,868

1,254

(1,481)

14,646927

1,708

621,39817

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
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 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 shares of subsidiaries resulting in change in scopeof consolidation
Purchase of property, plant and equipment and intangible
assetsProceeds 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
Other, net
Net cash provided by (used in) investing activities

18

Fiscal year ended
March 31, 2022

62,82020,021
1,285

81,052
19,089
568

510

(895)

(5)
(6)
(2,488)
(159)
9,015
5,708
(103,858)
2,213(33,024)(10,422)
19,549(28,840)
284(9,407)(25,540)(63,504)

6
(5)
426
(167)
8,825
(2,690)
1,092(5,077)
20,23318,714(9,592)
131,580427(8,386)(70,828)
52,793(19,827)150(9,958)38(8,334)(89)(45,665)(36,618)

18,445237(1,734)2,255(6,401)5,192
129(55,789)(2,489)1,552(5,728)5,536
1,242(46,277)

(Millions of yen)
Fiscal year ended
March 31, 2021
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of finance lease liabilities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting in change inscope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

19

Fiscal year ended
March 31, 2022

9,000
(183)
149,500(50,000)
105
49,737(20,000)
11(2,803)(14,682)
(83)

8,500
(104)
71,722(56,053)667－(10,000)
248(8,982)(15,515)(97)(8,226)(5)

112,376(69)(6,987)
77,611
70,624(9,619)273(2,831)
70,624
67,793

(5) Notes to Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Changes in Accounting Policies)
1. Application of the Accounting Standard for Revenue Recognition
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020, AccountingStandards Board of Japan), from the beginning of the fiscal year ended March 31, 2022. It recognizes revenues for goods or services
based on the amount estimated to be received in exchange for such goods or services at the point when control of the promised goods orservices is conveyed to the customer.
The Company has applied the Accounting Standard for Revenue Recognition transitionally, in accordance with the proviso in Article 84of the standard. The cumulative effect amount, applying with the new accounting policy retrospectively prior to the beginning of the
fiscal year ended March 31, 2022, was adjusted to retained earnings at the beginning of the fiscal year ended March 31, 2022, and theCompany has applied the new policy to the balance at the beginning of the fiscal year.
As a result, the impact of application of the Accounting Standard for Revenue Recognition on consolidated financial statements for the
fiscal year ended March 31, 2022 is immaterial.
Due to the application of Accounting Standard for Revenue Recognition, “Notes and accounts receivable - trade” which were included
in “Current assets” in the consolidated balance sheets for the previous fiscal year, are included in “Notes and accounts receivable - trade,and contract assets” from the fiscal year ended March 31, 2022. In accordance with the transitional treatment stipulated in Article 89-2 ofthe Accounting Standard for Revenue Recognition, figures for the previous fiscal year have not been restated in accordance with the new
approach to presentation. Furthermore, notes to revenue recognition for the previous fiscal year have not been described as allowed by
the transitional treatment stipulated in Article 89-3 of the Accounting Standard for Revenue Recognition.
2. Application of the Accounting Standard for Fair Value Measurement
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019, AccountingStandards Board of Japan), from the beginning of the fiscal year ended March 31, 2022. The Company has prospectively applied new
accounting policies based on the Accounting Standard for Fair Value Measurement, in accordance with the transitional measurement in
Article 19 of Accounting Standard for Fair Value Measurement and Article 44-2 of “Accounting Standard for Financial Instruments,”(ASBJ Statement No. 10, July 4, 2019). The impact of application of the Accounting Standard for Fair Value Measurement on
consolidated financial statements for the fiscal year ended March 31, 2022 is immaterial.

(Notes to Consolidated Statements of Income)*1 Inventory at the end of the fiscal year is the amount after devaluation of the book value in connection with decline in profitability, and thefollowing loss on valuation of inventories is included in the cost of sales.
(Millions of yen)
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)

540

20

3,022

(Real Estate for Rent)
Some of the Company’s consolidated subsidiaries own rental office buildings and rental retail facilities (including land) in Tokyo and otherregions. Some rental office buildings are regarded as properties including the portion used as rental properties since they are used by theCompany and certain consolidated subsidiaries.
The book values in the Consolidated Balance Sheet, changes during the fiscal year, and fair values of these rental properties and properties
including the portion used as rental properties are as follows.
(Millions of yen)
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)

Real estate for rentBook value in the consolidated balance sheets
Balance at the beginning of the fiscal year

681,101

636,953

Changes during the fiscal year

(44,148)

2,071

Balance at the end of the fiscal year

636,953

639,024815,677

853,867

25,867

25,831

Fair value at the end of the fiscal year
Properties including the portion used as real estate for rentBook value in the consolidated balance sheets
Balance at the beginning of the fiscal year
Changes during the fiscal year
Balance at the end of the fiscal year
Fair value at the end of the fiscal year

(35)

(72)

25,83125,75856,73057,920(Notes) 1. Book values in the consolidated balance sheet are the amounts determined by deducting accumulated depreciation from theacquisition cost.
2. Fair values as of March 31, 2021 and 2022 are determined based primarily on values according to Real Estate Appraisal
Standards (including adjustments based on certain indexes). However, if no significant fluctuations in certain appraisal values orindexes considered to appropriately reflected market values have occurred since the time of acquisition from third party or thetime of the most recent appraisal, the Group bases the fair value on an amount that has been adjusted using the aforesaid values
or indexes.

21

(Segment Information)【Segment information】
Information regarding sales, gains or losses, assets, liabilities and others, by reportable segment
FY2020 (From April 1, 2020 to March 31, 2021)(Millions of yen)AmountReportable segments

recorded in
Property
Residential

Commercial

Adjustments
Total

Brokerage
Development Real Estate

Other

Property &Investment
Facility

Subtotal(Note) 1

Management& CRE

consolidated
financial(Note) 2

statements

Management(Note) 3

Operating revenue
Externalcustomers

271,767

173,851

12,456

36,611

83,929578,616

2,043

580,660-

580,660

809

5,376

-

2,824

14,45523,46626

23,492(23,492)-

272,577

179,227

12,45639,436

98,384602,083

2,070

604,153(23,492)

580,660

22,42135,138

7,296

8,962

9,089

82,908(798)

82,110(5,776)76,333

(16)

57

-

13

163

217

(727)

(510)

-

(510)

-

273

291

-

29

594

30

624

-

624

22,40435,469

7,587

8,976

9,281

83,720(1,495)82,224(5,776)76,448505,976

1,160,805

42,86825,20150,095

1,784,946

89,237

1,874,184

47,122

1,921,306

Depreciation

516

16,892

300

496

745

18,950112

19,063958

20,021

Investment in affiliates
accounted for using
equity method

529

973

-

87

262

1,852

72,63874,490576

75,067

Increase in property,
plant and equipment
and intangible assets

541

43,776

42

534

304

45,200210

45,410165

45,575Internal sales andtransfer amountamong segments
Subtotal
Operating profit(Note) 3

Share of profit (loss)of entities accounted
for using equity
method (Note) 3
Amortization of
intangible assets
associated withcorporate acquisitions(Note) 3

Segment profit or loss
(Business profit orloss) (Note) 3
Segment assets
Other items(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. (1) The deduction of 5,776 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 1,730 million yen and a deduction of 7,507 million yen for corporate
expenses not allocated to each reportable segment. These corporate expenses mainly consist of general and administrative
expenses not attributable to reportable segments.
(2) The addition of 47,122 million yen shown in the adjustments column for segment assets includes a deduction of 56,823
million yen for the elimination of inter-segment transactions and an addition of 103,946 million yen for corporate assets notallocated to each reportable segment.
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

22

FY2021 (From April 1, 2021 to March 31, 2022)(Millions of yen)AmountReportable segments

recorded in
Residential

Commercial

Development Real Estate

Property

Property &Brokerage

Facility

Other

Adjustments
Total

Investment
Subtotal(Note) 1(Note) 2

Management& CRE

consolidated
financialstatements

Management(Note) 3

Operating revenue
Externalcustomers

308,214

195,524

12,72440,56485,334642,361

2,687

645,049-

645,049

1,011

6,935

79

3,198

13,89525,12067

25,188(25,188)-309,225

202,460

12,804

43,762

99,230667,4822,755

670,237(25,188)645,049

32,51938,286

7,515

11,713

9,114

99,148(711)

98,437(7,227)

91,210

27

30

-

3

61

122

772

895

-

895

3

273

321

-

29

628

31

659

-

659

32,55038,5907,836

11,716

9,205

99,90092

99,992(7,227)

92,765514,546

1,204,549

43,22035,78748,881

1,846,985

117,787

1,964,772

75,7332,040,506

Depreciation

486

16,071

298

538

750

18,146135

18,281808

19,089Investment in affiliates
accounted for using
equity method

556

1,011

-

95

323

1,987

92,711

94, 698

683

95,382

Increase in property,
plant and equipment
and intangible assets

1,381

45,519

25

668

460

48,055300

48,3552,351

50,706

Internal sales andtransfer amountam ong segments
Subtotal
Operating profit(Note) 3

Share of profit (loss)of entities accounted
for using equity
method (Note) 3
Amortization of
intangible assets
associated withcorporate acquisitions(Note) 3

Segment profit or loss
(Business profit orloss) (Note) 3
Segment assets
Other items(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. (1) The deduction of 7,227 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 2,426 million yen and a deduction of 9,653 million yen for corporate
expenses not allocated to each reportable segment. These corporate expenses mainly consist of general and administrative
expenses not attributable to reportable segments.
(2) The addition of 75,733 million yen shown in the adjustments column for segment assets includes a deduction of 69,609
million yen for the elimination of inter-segment transactions and an addition of 145,343 million yen for corporate assets notallocated to each reportable segment.
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【Notes relating to changes in reportable segments, etc.】(Application of the Accounting Standard for Revenue Recognition)
The Company has applied the Accounting Standard for Revenue Recognition, and changed the way of accounting for revenue
recognition from the beginning of the fiscal year ended March 31, 2022 as described in above “Changes in Accounting Policies.” Therefore,
the Company has similarly changed the measuring method of segment profit or loss. The impact of the change on operating revenue and23

profit or loss of reportable segments is immaterial.
【Impairment losses on non-current assets by reportable segment】
FY2020 (From April 1, 2020 to March 31, 2021)(Millions of yen)
Property &Residential

Commercial Real

Investment

Property

Development

EstateManagement

Brokerage & CRE

Impairment losses

-

1,285

-

Facility

Total

Management

-

-

1,285

FY2021 (From April 1, 2021 to March 31, 2022)(Millions of yen)
Property &Residential

Commercial Real

Investment

Property

Development

EstateManagement

Brokerage & CRE

Facility

Total

Management

Impairment losses

-

568

-

-

-

568

(Per Share Information)
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)

Net assets per share

3,229.80 yen

3,478.14 yen

Basic earnings per share

232.53 yen

307.81 yen

Diluted earnings per share

231.73 yen

306.89 yen

24(Note) The basis for the calculation of basic earnings per share and diluted earnings per share is as follows.
FY2020

FY2021(From April 1, 2020

(From April 1, 2021

to March 31, 2021)

to March 31, 2022)

Basic earnings per share
Profit attributable to owners of parent (Millions of42,19855,312--

42,19855,312

181,479

179,695

-

-

622

540

(622)

(540)

yen)
Profit not attributed to common shareholders(Millions of yen)
Profit attributable to owners of parent available tocommon stock (Millions of yen)
Average number of shares of common stock
outstanding during the period(Thousand shares)
Diluted earnings per share
Adjustment for profit attributable to owners of parent(Millions of yen)
Increase in number of shares of common stock(Thousand shares)
Of which, stock acquisition rights(Thousand shares)
Description of potentially dilutive common shares not

Nomura Real Estate Holdings, Inc. theincluded in the computation of diluted earnings per

3rd Stock Acquisition Rights inshare because of their anti-dilutive effect

FY2015 (Number of rights: 3,142)-

Nomura Real Estate Holdings, Inc. the
5th Stock Acquisition Rights in
FY2015 (Number of rights: 220)
Nomura Real Estate Holdings, Inc. the
3rd Stock Acquisition Rights in
FY2017 (Number of rights: 4,356)(Note)For the purposes of calculating net assets per share, the Company’s shares owned by the executive compensation BIP (Board
Incentive Plan) trust and ESOP (Employee Stock Ownership Plan) are included in the treasury shares deducted from the total
number of shares issued at end of period. In calculating the basic earnings per share and diluted earnings per share, the said sharesare included in the treasury shares deducted in the calculation of the average number of shares outstanding during the period. The
number of the treasury shares at the end of period deducted in calculating net assets per share was 1,962 thousand shares for the
fiscal year ended March 31, 2021 and 2,522 thousand shares for the fiscal year ended March 31, 2022, and the average number oftreasury shares during the period deducted in calculating the basic earnings per share and diluted earnings per share was 1,964
thousand shares for the fiscal year ended March 31, 2021 and 2,300 thousand shares for the fiscal year ended March 31, 2022.

(Significant Subsequent Events)
Not applicable25