Apr 27, 2021

Consolidated Financial Results
For the Fiscal Year Ended March 31, 2021
<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 :TSE (First section)

Code number :

3231

URL :

http://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, 2021

Scheduled starting date for dividend payments:

June 4, 2021

Scheduled submitting date of securities report:

June 24, 2021

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, 2020 to March 31, 2021
(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)

Operating revenue

Operating profit

Millions ofBusiness profit

Millions of

Fiscal year ended

Millions of%yenowners of parent

Millions of%yenProfit attributable toOrdinary profit

Millions of

%

%

yen

yen

%
yen

Mar. 31, 2021

580,660(14.2)

76,333(6.8)

76,448(7.7)

65,965(9.7)

42,198(13.7)

Mar. 31, 2020

676,495

1.2

81,905

3.5

82,833

4.0

73,077

5.4

48,886

6.6(Note) Comprehensive income: Fiscal year ended March 31, 2021 : 47,020 million yen (up 2.0%)
Fiscal year ended March 31, 2020 : 46,084 million yen (down 3.6%)(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, 2021

232.53231.73

7.4

3.5

13.1

Mar. 31, 2020

267.21265.88

9.1

4.1

12.1

(Reference) Share of profit (loss) of entities accounted for using equity method: Fiscal year ended March 31, 2021 : (510) million yen
Fiscal year ended March 31, 2020 : 313 million yen

(2) Consolidated financial position
Total assets
As of

Net assets

Shareholders' equity ratio

Net assets per share

Millions of yen

Millions of yen%

yenMar. 31, 2021

1,921,306

586,35030.4

3,229.80

Mar. 31, 2020

1,801,273

565,12030.5

3,031.15(Reference) Shareholders’ equity: As of March 31, 2021: 583,328 million yen

As of March 31, 2020: 550,177 million yen(3) Consolidated cash flows

II.

Cash flows from

Cash flows from

Cash flows from(used in) operating(used in ) investing(used in) financing

activities

activities

activities

Cash and cash equivalents
at end of period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Mar. 31, 2021

(63,504)(55,789)

112,376

70,624Mar. 31, 2020

56,618(30,490)(66,821)77,611Dividends
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, 2020

-

40.00

-

40.00

80.00

14,72930.1

2.7

Mar. 31, 2021

-

40.00

-

42.50

82.50

15,102

35.8

2.6

-

42.50

-

42.50

85.00

Mar. 31, 2022
(Forecast)

31.3(Note) Revision of dividend forecasts during this quarter: 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 (157 million yen in the fiscal year ended March 31, 2020 and 161
million yen in the fiscal year ended March 31, 2021). The payout ratio is calculated by dividing the total amount of dividends by the profit
attributable to owners of parent.

III. Forecasts of consolidated operating results for the fiscal year from April 1, 2021 to March 31, 2022(% 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

FiscalMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

680,000

17.1

77,0000.9

84,0009.972,5009.949,50017.3

274.71year ending

Mar. 31,2022* 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.

: None2)

Changes in accounting policies other than the above: None3)

Changes in accounting estimates: NoneRestatements

4)(3): NoneNumber 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

2021

2020

193,099,001

192,875,301

12,490,613

11,367,181

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2020

181,479,078

182,954,299(Note) The number of treasury shares at end of each period includes the shares of the company owned by BIP (Board Incentive Plan) trust and
ESOP (Employee Stock Ownership Plan) trust (1,962,549 shares as of March 31, 2021 and 1,968,017 shares as of March 31, 2020).
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 (1,964,228
shares in the fiscal year ended March 31, 2021 and 1,937,442 shares in the fiscal year ended March 31, 2020).
* 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 mattersrelated 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 27, 2021 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 Net Assets ...................................................................................................................

16(4) Consolidated Statement of Cash Flows .......................................................................................................................................

19(5) Notes to Consolidated Financial Statements ...............................................................................................................................

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

22(Notes to Consolidated Statements of Income) ..........................................................................................................................

22(Real Estate for Rent) .....................................................................................................................................................................

22(Segment Information) ..................................................................................................................................................................

23(Per Share Information) .................................................................................................................................................................

25(Significant Subsequent Events) ...................................................................................................................................................

26

1

1. Business Results and Financial Position(1) Business Results
During this fiscal year, the Japanese economy was in an extremely difficult situation as economic activities and the movement of people inJapan and overseas were severely restricted due to the spread of the COVID-19, which caused the GDP growth rate in the April-June period tofall to its worst postwar level, etc. Although there were signs of the economy picking up gradually from the middle of the fiscal year due tofactors such as a resumption of economic activities in stages and the effects of economic measures, the recent resurgence of COVID-19 has led
to weakness in consumer spending on lodging, eating and drinking, etc. Therefore, in regard to the economic outlook, it is necessary to pay
careful attention to the economic impact of the infection trends.
Regarding the real estate market conditions, the residential development market saw a decrease in the supply of housing units due to theimpact of the suspension of sales activities and other factors, while sales trends were steady overall due to the diversification of customer needs
with respect to area and space associated with increased use of teleworking, etc. and support from a low interest rate environment and various
taxation measures. In the leasing office market, although there has been an increasing trend in vacancy rates and a declining trend in rent revenue,
mainly in the central areas of Tokyo, on the COVID-19, there has been a rapid diversification in perceived value of offices, including theincreasing demand for shared offices and satellite offices and attracting attention to their significance as spaces for innovation andcommunication. In the real estate investment market, property transactions were active toward the end of the fiscal year and the market continued
to grow due to global monetary easing and public spending and the strong appetite for investment in domestic real estate by investors in Japanand overseas.
In this business environment, the Nomura Real Estate Group (the “Group”) posted the following consolidated performance for thisconsolidated fiscal year: Operating revenue of 580,660 million yen, which represents a decrease of 95,835 million yen, or 14.2% year on year;
operating profit of 76,333 million yen, a decrease of 5,572 million yen, or 6.8%; business profit of 76,448 million yen, a decrease of 6,385
million yen, or 7.7%; ordinary profit of 65,965 million yen, a decrease of 7,112 million yen, or 9.7%; and profit attributable to owners of parentof 42,198 million yen, a decrease of 6,687 million yen, or 13.7%.
(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:(Note) 1. Operating revenue for each business unit includes internal sales and transfer amount among business units.
2. Total figures may not match due to the rounding of fractions.
3. From this consolidated fiscal year, reportable segment, etc. has been changed as follows. As of October 1, 2020, Geo AkamatsuCo., Ltd. changed the corporate name to Nomura Real Estate Retail Properties Co., Ltd.
(Changes in reportable segment, etc.)
The overseas condominium development and sales business, which had been classified under the Residential Development Business Unit in
Nomura Real Estate Development Co., Ltd. and the overseas office and other properties development and leasing business, and ZEN PLAZA
CO., LTD., which had been classified under the Commercial Real Estate Business Unit in Nomura Real Estate Development Co., Ltd., havebeen reclassified under the Other.
As of April 1, 2020, the Company acquired all shares of NREG TOSHIBA BUILDING Co., Ltd. held by non-controlling shareholders. In
addition, NREG TOSHIBA BUILDING FACILITIES Co., Ltd., which had been a wholly owned subsidiary of it and had been classified under
the Commercial Real Estate Business Unit, has been merged with Nomura Real Estate Partners Co., Ltd. which has been classified under theProperty & Facility Management Business Unit. The merger has been carried out with NREG TOSHIBA BUILDING FACILITIES Co., Ltd.
being the absorbed company and Nomura Real Estate Partners Co., Ltd. being the surviving company. As of the same date, NREG TOSHIBABUILDING Co., Ltd. changed the corporate name to Nomura Real Estate Building Co., Ltd.
In line with this change, the financial results of the consolidated fiscal year ended March 31, 2020 is based on the changed classification in
the above and the new classification of business unit after the merger.
<Residential Development Business Unit>
Operating revenue in this business unit totaled 272,577 million yen, which represents a decrease of 61,388 million yen, or 18.4% year on
year, and business profit totaled 22,404 million yen, which represents a decrease of 2,935 million yen, or 11.6% year on year, resulting indecreases in both operating revenue and business profit compared with the previous fiscal year.
This was mainly due to a decrease in the number of housings sales in the housing sales business.
In regard to housing sales, 3,669 units were recorded as sales (a decrease of 1,070 units year on year), including PROUD TOWER MusashiKoganei Cross (Koganei-shi, Tokyo), PROUD CITY Hiyoshi Residence Ⅱ (Kohoku-ku, Yokohama-shi, Kanagawa), OHANA
Shintokorozawa DUHALE (Tokorozawa-shi, Saitama), PROUD TOWER Sakai-Higashi (Sakai-ku, Sakai-shi, Osaka) for condominiums, and2

including PROUD SEASON Koganei-Midori-machi (Koganei-shi, Tokyo) for detached housings. The gross margin ratio for this business
improved to 22.6% (20.4% in the previous fiscal year).
The number of housing contracted but not recorded as sales was 3,276 units as of the end of this fiscal year (an increase of 665 units
year on year) and the contract progress rate against the scheduled housings sales for the next fiscal year was 65.3% at the beginning of the
fiscal year ending March 31, 2022.
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
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)

to March 31, 2021)

Housing units soldOperating revenue

Housing units sold(Millions of yen)

Operating revenue(Millions of yen)

Tokyo metropolitan area

3,448 units

225,349

2,981 units

211,465

Kansai area

690 units

36,149312 units

18,081Other

600 units

32,878375 units

18,062

Subtotal

4,739 units

294,376

3,669 units

247,609(470 units)(30,780)(372 units)(22,741)

Rental housing (Note)-

19,001-

5,960

Senior / Other-

20,588-19,007-

333,966-

272,577

Housingsales(Detached housing)

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, 2020

As of March 31, 2021

Tokyo metropolitan area

261 units

161 units

Kansai area

5 units

45 units

Other

55 units

33 units

Total

321 units

239 units(Detached housing)(22 units)(18 units)

Housing sales Period-end completed housing inventory (unreleased)
As of March 31, 2020

As of March 31, 2021

Total

187 units

182 units(Detached housing)(3 units)(5 units)

Housing sales Contracted but not recorded as housing sales
As of March 31, 2020

As of March 31, 2021

Outstanding
Housing units

contract amount

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

Tokyo metropolitan area

2,067 units

154,9382,260 units

170,232

Kansai area

248 units

14,097394 units

20,655Other

295 units

17,039622 units

34,075

Total

2,611 units

186,075

3,276 units

224,963(Detached housing)(60 units)(3,604)(159 units)(10,425)

3

<Commercial Real Estate Business Unit >Operating revenue in this business unit totaled 179,227 million yen, which represents a decrease of 32,905 million yen, or 15.5% year on
year, and business profit totaled 35,469 million yen, a decrease of 3,777 million yen, or 9.6%, resulting in decreases in both operating revenue
and business profit compared with the previous fiscal year.
This was mainly due to a decrease in revenue from property for sales business and decreases in revenue from leasing (retail facilities)business, hotel business and fitness business due to the COVID-19 impact.
Breakdown of operating revenue
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)

to March 31, 2021)(Millions of yen)

(Millions of yen)

Leasing (offices)

48,56247,411

Leasing (retail facilities)

12,91011,018

Leasing (other)

8,375

5,776

106,816

87,846

7,037

11,239Fitness

15,757

11,509Other

12,674

4,426

212,133

179,227

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, 2020

As of March 31, 2021

Offices

768,310 ㎡

706,771 ㎡

Retail facilities

145,136 ㎡

120,966 ㎡

913,446 ㎡

827,737 ㎡

Total
Vacancy rate (offices and retail facilities)
As of March 31, 2020

As of March 31, 2021
4.0%

5.1%

<Investment Management Business Unit>
Operating revenue in this business unit totaled 12,456 million yen, which represents an increase of 397 million yen, or 3.3% year on year,
and business profit totaled 7,587 million yen, an increase of 438 million yen, or 6.1%, resulting in increases in both operating revenue andbusiness profit compared with the previous fiscal year.

Operating revenue

FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)

to March 31, 2021)(Millions of yen)

(Millions of yen)
12,0594

12,456

Assets under management
As of March 31, 2020

As of March 31, 2021

(Millions of yen)

(Millions of yen)Domestic asset

REITs

1,367,758

1,396,973

managerPrivate funds, etc.

130,211

139,513

Overseas asset manager

300,614279,159

Total

1,798,583

1,815,646<Property Brokerage & CRE Business Unit>
Operating revenue in this business unit totaled 39,436 million yen, which represents an increase of 325 million yen, or 0.8% year on year,
and business profit totaled 8,976 million yen, a decrease of 112 million yen, or 1.2%, resulting in an increase in operating revenue and adecrease in business profit compared with the previous fiscal year.
Breakdown of operating revenue
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)

to March 31, 2021)(Millions of yen)

(Millions of yen)

Property brokerage

35,156

34,718(retail business)(24,017)(23,334)(wholesale business)(11,138)(11,384)

3,954

4,717

39,11039,436

Other
Total
Number of transactions and transaction value of property brokerage
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)
Number of transactions
Total transaction value (Millions of yen)

to March 31, 2021)
9,515

9,322

872,337

893,423<Property & Facility Management Business Unit>
Operating revenue in this business unit totaled 98,384 million yen, which represents an increase of 109 million yen, or 0.1% year on year,
and business profit totaled 9,281 million yen, an increase of 715 million yen, or 8.4%, resulting in increases in both operating revenue andbusiness profit compared with the previous fiscal year.
Breakdown of operating revenue
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)

to March 31, 2021)(Millions of yen)

(Millions of yen)

Property & facility management

55,53056,783

Construction ordered

37,32735,863

Other
Total

5

5,417

5,737

98,274

98,384

Number of properties under management
As of March 31, 2020
Buildings under management
Housings under management (unit)

As of March 31, 2021
786

788

182,259

183,162<Other>Operating revenue totaled 2,070 million yen which represents an increase of 926 million yen, or 81.0% year on year, and business loss totaled
1,495 million yen (business loss of the previous fiscal year was 1,012 million yen).
(2) Financial Position(Assets, liabilities and net assets)
As of March 31, 2020

As of March 31, 2021

Changes(Millions of yen)

(Millions of yen)

(Millions of yen)

Total assets

1,801,273

Total liabilities

1,236,153

1,334,956

98,8028.0%(Of which, Interest-bearing debt)(870,000)(1,008,500)(138,500)(15.9%)Net assets

565,120586,350

21,2303.8%

Shareholders' equity ratio

30.5%

30.4%

-

-

1.6

1.7

-

-

Debt / equity ratio

1,921,306

Changes

120,033

6.7%(Note) Debt / equity ratio = Interest-bearing debt / Shareholder’s equity
Total assets were 1,921,306 million yen, which represents an increase of 120,033 million yen compared to the end of the previous fiscal year.
This was mainly because inventories increased by 160,786 million yen, while property, plant and equipment decreased by 42,096 million yen.
Total liabilities were 1,334,956 million yen, which represents an increase of 98,802 million yen compared to the end of the previous fiscal
year. This was mainly because interest-bearing debt increased by 138,500 million yen, while notes and accounts payable - trade decreased by
33,034 million yen.
Net assets were 586,350 million yen, which represents an increase of 21,230 million yen compared to the end of the previous fiscal year. Thiswas mainly because retained earnings increased by 27,516 million yen and valuation difference on available-for-sale securities increased by
4,911 million yen, while non-controlling interests decreased by 11,475 million yen.
The shareholders' equity ratio was 30.4%, a decrease of 0.2 percentage point from the end of the previous fiscal year.

(3) Cash Flows
Cash and cash equivalents as of the end of this consolidated fiscal year totaled 70,624 million yen, which represents a decrease of 6,987
million yen compared to the end of the previous fiscal year.
The state and factors associated with each cash flow of this consolidated fiscal year are shown below.
(Cash flows from operating activities)
Net cash provided by (used in) operating activities decreased by 63,504 million yen (a year-on-year decrease of 120,122 million yen). Thiswas mainly due to an increase in inventories and a decrease in trade payables, while 62,820 million yen in profit before income taxes wasrecorded.
(Cash flows from investing activities)
Net cash provided by (used in) investing activities decreased by 55,789 million yen (a year-on-year decrease of 25,298 million yen). Thiswas mainly due to the purchase of 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 increased by 112,376 million yen (a year-on-year increase of 179,197 million yen). Thiswas mainly due to the fund procurement by long-term borrowings and issuance of bonds payable.

6(4) Consolidated Operating Result Forecasts<Consolidation>
The Group expects the following consolidated performance for the fiscal year ending March 31, 2022: Operating revenue of 680,000
million yen; operating profit of 77,000 million yen; business profit of 84,000 million yen; ordinary profit of 72,500 million yen; and profit
attributable to owners of parent of 49,500 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
FY2021

FY2020(From April 1, 2021
to March 31, 2022)
forecast(From April 1, 2020

Changes

to March 31, 2021)(Millions of yen)

(Millions of yen)

(Millions of yen)
Operating revenue

680,000

580,660

99,339Operating profit

77,00076,333666

Business profit

84,00076,448

7,551

Ordinary profit

72,50065,965

6,534

49,50042,198

7,301

Profit attributable to owners ofparent<By business unit>

Forecasts for the fiscal year ending March 31, 2022 by business unit are as follows:
Operating revenue
FY2021

FY2020(From April 1, 2021
to March 31, 2022)
forecast(From April 1, 2020

Changes

to March 31, 2021)(Millions of yen)

(Millions of yen)

(Millions of yen)
Residential Development

315,000

272,577

42,422

Commercial Real Estate

220,000

179,227

40,772

Investment Management

12,00012,456(456)

Property Brokerage & CRE

42,00039,436

2,563

Property & Facility Management

100,000

98,384

1,615

3,000

2,070

929

Adjustments(12,000)(23,492)

11,492

Total

680,000

580,660

99,339Other

7

Business profit
FY2021

FY2020(From April 1, 2021
to March 31, 2022)
forecast(From April 1, 2020

Changes

to March 31, 2021)(Millions of yen)

(Millions of yen)

(Millions of yen)
Residential Development

26,50022,404

4,095

Commercial Real Estate

36,00035,469530

Investment Management

7,500

7,587

(87)

Property Brokerage & CRE

9,000

8,976

23

Property & Facility Management

9,000

9,281

(281)

Other

3,000

(1,495)

4,495

Adjustments(7,000)(5,776)(1,223)

Total

84,00076,4487,551(5) Basic Policy regarding Profit Distribution and Dividends for the Current and Next Fiscal Year
Under the Mid- to Long-term Business Plan, which was formulated in April 2019, the Company has targeted the total return ratio to bearound 40-50% in Phase 1 (from fiscal year ended March 31, 2020 to fiscal year ending March 31, 2022).
As for dividend, the Company set the year-end dividend for the fiscal year ended March 31, 2020 at 42.5 yen per share, which is an increaseof 2.5 yen from forecasted. Combined with the second quarter-end dividend, the annual dividend per share is 82.5 yen. As a result, total return
ratio during this consolidated fiscal year, which included the acquisition of treasury shares, is 45.3%.
In regard to the dividend for the next fiscal year, the company intend to set both the second quarter-end and the year-end dividend for the
fiscal year ending March 31, 2022 at 42.5 yen per share, therefore the annual dividend per share is expected be 85.0 yen.

8

2. Group Companies
Major business contents of the Nomura Real Estate Group and 73 affiliated companies (41 consolidated subsidiaries, and 32 affiliates andunconsolidated subsidiaries accounted for using the equity method), and consolidated subsidiaries involved in the relevant businesses, as wellas the role of said 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.
･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 andother 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 Development Co., Ltd. and Nomura Real Estate Urban Net Co., Ltd. are engaged in real estate brokerage andconsulting business. Nomura Real Estate Urban Net Co., Ltd. also handles consignment sales for condominiums 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

Investment
Management
Business
Unit

Proprety
Brokerage &CRE 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 &SportsFirst Living
Assistance

Nomura Real
Estate Retail
Properties

Nomura Real
Estate AssetManagement

Other
Business
Unit

Nomura Real
Estate Urban
Net

Nomura Real
Estate Partners

ZEN PLAZA

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

Nomura Real
Estate Hotels

UHM*(Note)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. As of April 1, 2021, the Company restructured theorganization to integrate location, personnel and function into Nomura Real Estate Urban Net Co., Ltd. In addition, Nomura Real Estate Urban
Net Co., Ltd. changed its corporate name to Nomura Real Estate Solutions Co., Ltd on the same day.

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, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits

78,401

71,625

Notes and accounts receivable - trade25,35919,635

Real estate for sale

234,973

336,308

Real estate for sale in process

298,787

326,165

Land held for development

180,358

212,727

Equity investments

30,983

28,770Other

57,882

48,104(20)(14)

906,726

1,043,321

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

380,420

361,895

Accumulated depreciation(173,461)(176,168)

Buildings and structures, net

206,958

185,727

526,809506,097

Land
Other

33,781

34,988

Accumulated depreciation(11,227)(12,589)

Other, net

22,55322,399756,321714,224

20,223

18,468Investment securities

58,95286,428

Leasehold and guarantee deposits

27,99927,655

Deferred tax assets

22,69623,097

Other

8,354

8,111

Total property, plant and equipment
Intangible assets
Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

12

(0)

(0)

118,003145,292

894,547

877,985

1,801,273

1,921,306

(Millions of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade94,197

61,162

Short-term borrowings

72,00087,000Current portion of bonds payable

20,00010,000

Income taxes payable

19,476

18,572

Deposits received

35,56425,140

Provision for bonuses

8,410

8,599

473

455

Provision for bonuses for directors (and otherofficers)
Provision for loss on business liquidation

19

13

Other

51,92758,378

Total current liabilities

302,068

269,322

Bonds payable

120,000

160,000

Long-term borrowings

658,000

751,500

Leasehold and guarantee deposits received

62,39258,855

Deferred tax liabilities

61,38959,934

Deferred tax liabilities for land revaluation

3,900

3,891

Non-current liabilities

Provision for share awards

1,541

2,734

Retirement benefit liability

18,705

16,216

Other

8,157

12,501

934,084

1,065,633

1,236,153

1,334,956

Share capital

117,822118,043

Capital surplus

111,065

114,433

Retained earnings

342,081369,597

Treasury shares(27,339)(30,125)

Total shareholders' equity

543,630

571,948

2,915

7,827

1,044

(1,342)

Revaluation reserve for land

7,860

7,869

Foreign currency translation adjustment(1,322)(995)

Remeasurements of defined benefit plans(3,950)(1,979)6,547

11,379

Share acquisition rights

1,850

1,406

Non-controlling interests

13,091

1,616

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets

13

565,120586,350

1,801,273

1,921,306

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

Operating revenue

676,495

580,660

Operating costs

482,772*1 397,602

Operating gross profit

193,723

183,057

Selling, general and administrative expenses

111,817

106,724

Operating profit

81,90576,333

Interest income

86

95

Dividend income

122

63

313

－

Gain on sale of non-current assets－

96

Adjustment income for cancellation

398－

Gain on sale of investment securities

102－

Gain on reversal of share acquisition rights

31

123

Other

295

368

1,350

747

8,788

9,015

－

510

Other

1,389

1,590

Total non-operating expenses

10,178

11,11573,07765,965

Subsidies for employment adjustment－

565

Gain on sale of non-current assets

393－

Total extraordinary income

393

565

Impairment losses

121

1,285

Loss on COVID-19

－

1,715

Loss on building reconstruction

260

708

Total extraordinary losses

381

3,710

Profit before income taxes

73,09062,820

Income taxes - current

24,38824,752

Income taxes - deferred(934)(4,159)Total income taxes

23,454

20,593

Profit49,63642,227

Non-operating income

Share of profit of entities accounted for using
equity method

Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodOrdinary profit
Extraordinary income

Extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent

14

749

28

48,88642,198(Consolidated Statements of Comprehensive Income)(Millions of yen)

ProfitFiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
49,63642,227(3,804)

4,910

1,303

(2,386)

Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land(0)8Foreign currency translation adjustment

52

(531)

(442)

1,970

(660)

821

Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(3,551)

4,793

46,08447,02045,29947,030785(10)Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests15(3) Consolidated Statements of Changes in Net Assets
FY2019 (From April 1, 2019 to March 31, 2020)(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

117,293

110,537528

528

Retained earnings

307,570

Total shareholders'

Treasury shares

equity(18,787)

516,613

Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable to owners ofparent1,056(14,375)(14,375)

48,886

48,886

Purchase of treasury shares(8,573)(8,573)

Disposal of treasury shares

21

21

Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of current period

528

528

34,510(8,551)27,016

117,822

111,065

342,081(27,339)543,630

16

Accumulated other comprehensive income
Valuation
Total
difference

DeferredForeign
Revaluationon

gains orlosses onof defined benefit

other

plans

comprehensive

translation
land

for-saleaccumulated

currency
reserve foravailable-

Remeasurements

hedges

Share

Non-

acquisition

controllingrightsinterests

2,346

12,467

Total net assets

adjustment

incomesecurities

Balance at beginning of current
period

6,718

(259)

7,860

(677)

(3,507)

10,134

541,562

Changes during period
Issuance of new shares

1,056

Dividends of surplus(14,375)

Profit attributable to owners of

48,886parentPurchase of treasury shares(8,573)

Disposal of treasury shares

21

Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other than

(3,803)

1,303

(0)

(644)

(442)

(3,587)

(495)

624

(3,458)

Total changes during period(3,803)

1,303

(0)

(644)

(442)

(3,587)

(495)

624

23,557

Balance at end of current period

2,915

1,044

7,860

(1,322)(3,950)

6,547

1,850

13,091

565,120

shareholders' equity

17

FY2020 (From April 1, 2020 to March 31, 2021)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of current
periodCapital surplus

Retained earnings

117,822

111,065

221

221

Total shareholders'

Treasury shares

342,081equity(27,339)543,630

Changes during period
Issuance of new shares

442

Dividends of surplus
Profit attributable to owners ofparent(14,682)(14,682)

42,19842,198Purchase of treasury shares(2,798)(2,798)

Disposal of treasury shares

11

11

Change in ownership interest ofparent due to transactions with

3,146

3,146

non-controlling interests
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of current period

221

3,367

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

114,433

369,597(30,125)

571,948

Accumulated other comprehensive income
Valuationdifference on

Balance at beginning ofcurrent period

Remeasurcurrency

ements ofn reservetranslation

definedfor landadjustmen

benefitt

plans(1,322)(3,950)gains oravailable-for-losses on

sale securities

hedges2,915

Foreign
Revaluatio

Deferred

1,044

Total accumulated

Share

Non-

other

acquisition

controllingcomprehensive

rightsinterests

Total net assets

income

7,860

6,547

1,850

13,091

565,120

Changes during period
Issuance of new shares

442

Dividends of surplus(14,682)

Profit attributable to owners

42,198of parent
Purchase of treasury shares(2,798)

Disposal of treasury shares

11

Change in ownershipinterest of parent due to3,146transactions with noncontrolling interests
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of current
period4,911(2,386)

8

327

1,970

4,831

(444)

(11,475)(7,087)4,911(2,386)

8

327

1,970

4,831

(444)

(11,475)

21,2307,827(1,342)

7,869

(995)

(1,979)11,379

1,406

1,616

586,35018

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

Cash flows from operating activities
Profit before income taxes

73,09062,820Depreciation

19,80520,021

Impairment losses

121

1,285

Loss (gain) on sale of non-current assets

(393)

－

(313)

510

(19)

(5)

(7)

(6)

(15)

－

Increase (decrease) in retirement benefit liability

513(2,488)Interest and dividend income

(208)

(159)

Interest expenses

8,788

9,015

Share of loss (profit) of entities accounted for using
equity method
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for loss on
business liquidation
Increase (decrease) in provision for loss on
subleasing business

Decrease (increase) in trade receivables

1,266

5,708

Decrease (increase) in inventories(53,594)(103,858)

Decrease (increase) in equity investments(12,916)

2,213

Increase (decrease) in trade payables

40,258(33,024)

Increase (decrease) in deposits received

8,648(10,422)

Other, net(2,670)19,549Subtotal

82,352(28,840)390

284

Interest paid

(8,197)(9,407)

Income taxes paid

(17,927)(25,540)

Net cash provided by (used in) operating activities

56,618(63,504)(15,779)(19,827)

1,375

150

(3,461)(8,334)(85)－(20,363)(45,665)

7,819

18,445(2,393)(1,734)

2,492

2,255

(2,797)(6,401)

3,272

5,192

Interest and dividends received

Cash flows from investing activities
Purchase of investment securities
Proceeds from sales and liquidation of investment
securities
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Payments for sale of shares of subsidiaries
resulting in change in scope of consolidation
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant andequipment and intangible 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

19

Other, net
Net cash provided by (used in) investing activities

20

(569)

129

(30,490)(55,789)

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of finance lease obligations(4,000)

9,000

(235)

(183)

Proceeds from long-term borrowings

14,500149,500

Repayments of long-term borrowings(54,500)(50,000)

Proceeds from issuance of shares

524

105

Proceeds from issuance of bonds－

49,737

Redemption of bonds－(20,000)

Proceeds from sale of treasury shares

22

11

Purchase of treasury shares(8,631)(2,803)

Dividends paid

(14,375)(14,682)

(125)

(83)

－

(8,226)(66,821)112,376

(24)

(69)

Net increase (decrease) in cash and cash equivalents(40,718)(6,987)

Cash and cash equivalents at beginning of period

118,330

77,611

Cash and cash equivalents at end of period

77,611

70,624

Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents21

(5) Notes to Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Notes to Consolidated Statements of Income)*1 Closing inventory is the amount after devaluation of the book value in connection with decline in profitability, and the following loss on
valuation of inventories is included in the cost of sales.
(Millions of yen)
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)

to March 31, 2021

22

540

(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)
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020

to March 31, 2021)

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

703,232

681,101

Changes during the fiscal year

(22,130)(44,148)

Balance at the end of the fiscal year

681,101

636,953

859,620815,677

Balance at the beginning of the fiscal year

26,12525,867

Changes during the fiscal year

(258)

(35)

Balance at the end of the fiscal year

25,867

25,831

57,03056,730Fair value at the end of the fiscal year
Properties including the portion used as real estate for rentBook value in the consolidated balance sheets

Fair value at the end of the fiscal year

(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, 2020 and 2021 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 or indexes
considered to appropriately reflected market values have occurred since the time of acquisition from third party or the time of themost recent appraisal, the Group bases the fair value on an amount that has been adjusted using the aforesaid values or indexes.

22

(Segment Information)【Segment information】
Information regarding sales, gains or losses and others, by reportable segment
FY2019 (From April 1, 2019 to March 31, 2020)(Millions of yen)AmountReportable segments

recorded in
Residential

Commercial

Development Real Estate

Property

Property &Brokerage

Facility

Other

Adjustments
Total

Investment
Subtotal(Note) 1

Management& CRE

Management

consolidated
financial(Note) 2

statements(Note) 3

Operating revenue
Externalcustomers

333,170

208,895

12,05837,22983,996675,352

1,143

676,495-

676,495

795

3,237

0

1,880

14,27820,1930

20,193(20,193)-

333,966

212,133

12,05939,11098,274

695,545

1,143

696,688(20,193)

676,495

25,351

38,941

6,853

9,097

8,474

88,718(1,267)87,451(5,545)

81,905

(11)

32

-

(8)

62

74

239

313

-

313

-

273

296

-

29

599

15

614

-

614

25,33939,247

7,149

9,088

8,566

89,392(1,012)

88,379(5,545)82,833

457,505

1,112,664

43,053

19,24047,106

1,679,570

61,7301,741,300

59,972

1,801,273

Depreciation

531

16,661

297

529

674

18,69564

18,7601,044

19,805Investment in affiliates
accounted for using
equity method

546

927

-

75

98

1,648

54,463

56,111

315

56,427

Increase in property,
plant and equipment
and intangible assets

714

16,249

181

405

1,774

19,325311

19,637722

20,360Internal 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 5,545 million yen shown in the adjustments column for segment profit or loss (business profit or loss) includes
elimination of intersegment transactions of 2,119 million yen and a deduction of 7,664 million yen for corporate expenses notallocated to each reportable segment. These corporate expenses mainly consist of general and administrative expenses not
attributable to reportable segments.
(2) The addition of 59,972 million yen shown in the adjustments column for segment assets includes a deduction of 46,119
million yen for the elimination of inter-segment transactions and an addition of 106,092 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

23

FY2020 (From April 1, 2020 to March 31, 2021)(Millions of yen)AmountReportable segments

recorded in
Property
Residential

Commercial

Other

Facility(Note) 1

Adjustments
Total

Brokerage
Development Real Estate

Property &Investment
Subtotal

Management& CRE

Management

consolidated
financial(Note) 2

statements(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【Notes relating to changes in reportable segments etc.】
From this consolidated fiscal year, in accordance with the review of the organizational structure, as of April 1, 2020, NREGTOSHIBA BUILDING FACILITIES Co., Ltd., which had been classified under the Commercial Real Estate Business Unit,
had been an absorbed company in an absorption-type merger with Nomura Real Estate Partners Co., Ltd. being the surviving
company, which is the Company’s consolidated subsidiary and has been classified under the Property Management & Facility

24

Business Unit.
The overseas condominium development and sales business, which had been classified under the Residential Development
Business Unit in Nomura Real Estate Development Co., Ltd. and the overseas offices and other properties development andleasing business, and ZEN PLAZA CO., LTD., which had been classified under the Commercial Real Estate Business Unit in
Nomura Real Estate Development Co., Ltd., have been reclassified under the Other.
In line with this change, the segment information disclosed for the fiscal year ended March 31, 2020 is based on the changedclassification.
【Impairment loss on noncurrent assets by reportable segment】
FY2019 (From April 1, 2019 to March 31, 2020)(Millions of yen)
Property &Residential

Commercial

Investment

Property

Development

Real EstateManagement

Brokerage & CRE

Impairment loss

-

121

-

Facility

Total

Management

-

-

121

FY2020 (From April 1, 2020 to March 31, 2021)(Millions of yen)
Property &Residential

Commercial

Investment

Property

Development

Real EstateManagement

Brokerage & CRE

Facility

Total

Management

Impairment loss

-

1,285

-

-

-

1,285

(Per Share Information)
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)

to March 31, 2021)

Net assets per share

3,031.15 yen

3,229.80 yen

Basic earnings per share

267.21 yen

232.53 yen

Diluted earnings per share

265.88 yen

231.73 yen

25

(Note) The basis for the calculation of basic earnings per share and diluted earnings per share is as follows.
FY2019FY2020(From April 1, 2019

(From April 1, 2020

to March 31, 2020)

to March 31, 2021)

Basic earnings per share
Profit attributable to owners of parent (Millions of

48,88642,198--48,88642,198

182,954

181,479

-

-

913

622

(913)

(622)

Description of potentially dilutive common shares

Nomura Real Estate Holdings, Inc. theNomura Real Estate Holdings, Inc. thenot included in the computation of diluted earnings

3rd Stock Acquisition Rights in

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

FY2013 (Number of rights: 1,664)

FY2015 (Number of rights: 3,142)

Nomura Real Estate Holdings, Inc. theNomura Real Estate Holdings, Inc. the

3rd Stock Acquisition Rights in

5th Stock Acquisition Rights in

FY2015 (Number of rights: 3,283)

FY2015 (Number of rights: 220)

Nomura Real Estate Holdings, Inc. theNomura Real Estate Holdings, Inc. the

3rd Stock Acquisition Rights in

3rd Stock Acquisition Rights in

FY2017 (Number of rights: 4,418)

FY2017 (Number of rights: 4,356)

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)(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. For
the fiscal year ended March 31, 2020, the number of the treasury shares at the end of period deducted in calculating net assets per
share was 1,968 thousand shares and 1,962 thousand shares for the fiscal year ended March 31, 2021, and the average number oftreasury shares during the period deducted in calculating the basic earnings per share and diluted earnings per share was 1,937
thousand shares for the fiscal year ended March 31, 2020 and 1,964 thousand shares for the fiscal year ended March 31, 2021.

(Significant Subsequent Events)
Not applicable26