Jul. 28, 2022

Consolidated Financial Results
For the Three Months from April 1 to June 30, 2022
<under Japanese GAAP>
Note: The accompanying consolidated financial statements were not audited since they have been prepared only for reference purpose. All statements werebased on 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 :Code number :

TSE
3231

URL :
Representative :https://www.nomura-re-hd.co.jp/english/
Eiji Kutsukake, President and Representative Director

Inquiries :Hidehiro Sasaki,
General Manager, Corporate Communications Dept.

Email :
Scheduled submitting date of quarterly securities report :nrehd-ir@nomura-re.co.jp
August 10, 2022

Scheduled starting date for dividend payments :Preparation of explanatory materials for financial results :YesInformation meetings arranged related to financial results :Yes (for institutional investors and analysts, in Japanese)(Values of less than one million yen rounded down)

I. Consolidated operating results for the Three Months from April 1, 2022 to June 30, 2022
(1) Consolidated business results(% indicates the rate of changes from previous fiscal term)
Operating revenue

Operating profit

Business profit

Profit attributableto owners of parent

Ordinary profit

First three months ended

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Jun. 30, 2022

199,72136.3

37,28922.3

38,97427.7

36,30830.5

26,93344.8

Jun. 30, 2021

146,544

7.4

30,49370.3

30,51968.5

27,82580.5

18,606110.6(Note) Comprehensive income: From April 1, 2022 to June 30, 2022 : 30,925 million yen (up 32.4%)
From April 1, 2021 to June 30, 2021 : 23,364 million yen (up 278.7%)(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions

Basic earnings
per shareFirst three months ended

Diluted earnings
per share

Yen

Yen

Jun. 30, 2022

151.54151.13

Jun. 30, 2021

103.16102.78

(2) Consolidated financial position
Total assets

Shareholders’ equity ratio

Net assets

As ofMillions of yen

Millions of yen%

Jun. 30, 2022

2,005,770

641,888

31.9

Mar. 31, 2022

2,040,506

621,398

30.3(Reference) Shareholders’ equity: As of June 30, 2022 : 639,371 million yen

As of March 31, 2022 : 618,762 million yen

II. Dividends
Dividend per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
Mar. 31, 2022

-

42.50

-

55.00

97.50

Fiscal year ending
Mar. 31, 2023

-

55.00

-

55.00

110.00Fiscal year ending
Mar. 31, 2023
(Forecasts)(Note) Revision of dividend forecasts during this quarter: No

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)
Profit attributable toowners of parent

Operating profit

Business profit

Fiscal year ending

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Yen

Mar. 31, 2023

680,000

5.4

90,500(0.8)

97,0004.6

85,0003.0

57,0003.1

321.77(Note) Revision of operating results forecasts during this quarter: No

Ordinary profit

Basic earnings
per share

Operating revenue

* Notes(1) Significant changes to subsidiaries during the period (Changes in scope of consolidation of specified subsidiaries): None
(2) Adoption of specific accounting policies for quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to revision of accounting standards, etc.
2) Changes in accounting policies other than the above: Yes: None3) Changes in accounting estimates
4) Restatements: None: None(Note) For details, please refer to “2. Quarterly Consolidated Financial Statements (4) Notes to Quarterly Consolidated Financial
Statements (Changes in Accounting Policies)” on page 14 of the Attachments.
(4) Number of shares issued (common stock)1) Number of shares issued at end of period (including treasury shares)
2) Treasury shares at end of period

As of Jun. 30

As of Mar. 31

2022

2022

182,720,937
4,882,631

182,604,637
4,704,422

From April 1 toJune 30, 2022
3) Average number of shares outstanding during the period

177,727,147

From April 1 toJune 30, 2021
180,373,100(Note) The number of treasury shares at end of each period includes the shares of the company owned by BIP (Board IncentivePlan) trust and ESOP (Employee Stock Ownership Plan) trust (2,330,346 shares as of June 30, 2022 and 2,522,837
shares as of March 31, 2022).The Company’s share owned by executive compensation BIP trust and ESOP trust areincluded in the number of treasury shares deducted in the calculation of average number of shares outstanding during theperiod (2,474,105 shares as of June 30, 2022 and 1,952,943 shares as of June 30, 2021).
* This Quarterly “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 theCompany pledges to realize 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(3) 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 July 28, 2022 and will be uploaded on the Company’s website.

Attachments- Contents
1. Business Results and Financial Position -----------------------------------------------------------------------------------------------(1) Business Results ----------------------------------------------------------------------------------------------------------------------

22(2) Financial Position -------------------------------------------------------------------------------------------------------------------(3) Consolidated Operating Result Forecasts -----------------------------------------------------------------------------------------

7
7

2. Quarterly Consolidated Financial Statements -----------------------------------------------------------------------------------------(1) Quarterly Consolidated Balance Sheets -------------------------------------------------------------------------------------------

88(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income -Quarterly Consolidated Statements of Income for the First Three Months from April 1 to June 30, 2022 --------------

10
10

Quarterly Consolidated Statements of Comprehensive Income for the First Three Months from April 1 to June 30,
2022 ------------------------------------------------------------------------------------------------------------------------------------

11(3) Quarterly Consolidated Statement of Cash Flows ------------------------------------------------------------------------------(4) Notes to Quarterly Consolidated Financial Statements -------------------------------------------------------------------------

12
14(Notes to Going Concern Assumptions) -----------------------------------------------------------------------------------------(Notes to Significant Changes in Shareholder’s Equity) -----------------------------------------------------------------------

14
14(Changes in Accounting Policies) ------------------------------------------------------------------------------------------------(Segment Information) --------------------------------------------------------------------------------------------------------------

14
15

-1-

1. Business Results and Financial Position(1) Business Results
The Nomura Real Estate Group (the “Group”) posted the following consolidated performance for the three months ended June30, 2022: Operating revenue of 199,721 million yen, which represents an increase of 53,177 million yen, or 36.3% year on year;
operating profit of 37,289 million yen, an increase of 6,795 million yen, or 22.3%; business profit of 38,974 million yen, an
increase of 8,455 million yen, or 27.7%; ordinary profit of 36,308 million yen, an increase of 8,482 million yen, or 30.5%; andprofit attributable to owners of parent of 26,933 million yen, an increase of 8,327 million yen, or 44.8%.
(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:
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. As of April 1, 2022, the Company made the following changes and an organization restructure.
*Overseas Business Unit was newly established 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.
*Nomura Real Estate Development Co., Ltd. and Nomura Real Estate Building Co., Ltd. were merged. (Nomura Real Estate
Development Co., Ltd. as the surviving company) Due to this change, partial revisions were made to the method used to
calculate the breakdown of operating revenue and to the method used to calculate the net lettable area and the vacancy rate.
(The figures for the three months ended June 30, 2021, and the fiscal year ended March 31, 2022, are also calculated inaccordance with the above change.)*Nomura Real Estate Hotels Co., Ltd. and UHM Co., Ltd. were merged. (Nomura Real Estate Hotels Co., Ltd. as thesurviving company)<Residential Development Business Unit>
Operating revenue in this Business Unit totaled 91,374 million yen, which represents an increase of 44,772 million yen, or
96.1% year on year, and business profit totaled 10,118 million yen, an increase of 8,383 million yen, or 483.3% resulting inincreases in both operating revenue and business profit compared with the financial results of the three months ended June 30,
2021.
This was mainly due to increases in the number of housing units sold and improvement in the gross margin ratio in the housing
sales business.
In regard to housing sales, 1,378 units were recorded as sales (an increase of 731 units year on year) against the planned 4,300
units for this fiscal year. The contract progress rate was 86.0% at the end of this first quarter against the projected operating
revenue of housing sales for this fiscal year.
The number of housing contracted but not recorded as sales were 3,326 units as of the end of this first quarter (a decrease of 214
units year on year).
Number of units, sales, and outstanding contract amount as sold for the joint-venture projects are calculated based on thebusiness’s share.
Breakdown of operating revenue
First three months ended
Jun. 30, 2021
Housing units soldFirst three months ended
Jun. 30, 2022

Fiscal year ended
Mar. 31, 2022

Operating revenue
Operating revenue
Operating revenue
Housing units sold
Housing units sold(Millions of yen)
(Millions of yen)
(Millions of yen)

Tokyo metropolitan area

406 units

29,325

1,039 units

69,093

2,944 units

210,413

Kansai area

87 units

4,627

21 units

1,002

496 units

26,522Other

154 units

8,726

317 units

16,067889 units

47,079Subtotal(Detached housing)

647 units(138 units)

42,679(8,931)

1,378 units(156 units)

86,164(11,175)

4,329 units(451 units)

284,015(29,990)

Rental housing (Note)

-

318

-

490

-

5,621

Senior / Other

-

3,604

-

4,720

-

19,588-46,602-

91,374-309,225

Housing sales

Total(Note) Rental Housing refers to properties developed for real estate investment market.

-2-

Housing sales Period-end completed housing inventory (released for sale)
As of Jun. 30, 2021

As of Jun. 30, 2022

As of March 31, 2022

Tokyo metropolitan area

109 units

111 units

74 units

Kansai area

47 units

2 units

18 units

Other

34 units

89 units

38 units

Total

190 units

202 units

130 units(Detached housing)(16 units)(3 units)(0 unit)

Housing sales Period-end completed housing inventory (unreleased)
As of Jun. 30, 2021
Total
(Detached housing)

As of Jun. 30, 2022

78 units(6 units)

As of March 31, 2022

215 units(0 unit)

253 units(0 unit)

Housing sales Contracted but not recorded as housing sales
As of Jun. 30, 2021

As of Jun. 30, 2022

As of March 31, 2022

Housing units

Outstanding
contract amount(Millions of yen)

Housing units

Outstanding
contract amount(Millions of yen)

Housing units

Outstanding
contract amount(Millions of yen)

Tokyo metropolitan area

2,540 units

187,479

2,418 units

189,245

2,555 units

197,478

Kansai area

390 units

21,252532 units

28,200439 units

23,687

Other

609 units

31,716375 units

19,374553 units

28,705

Total(Detached housing)

3,540 units(141 units)

240,447(9,258)3,326 units(142 units)236,819(9,547)3,548 units(226 units)249,870(15,689)<Commercial Real Estate Business Unit>
Operating revenue in this Business Unit totaled 75,231 million yen, which represents an increase of 7,630 million yen, or 11.3%
year on year, and business profit totaled 22,118 million yen, a decrease of 1,154 million yen, or 5.0%, resulting an increase inoperating revenue and a decrease in business profit compared with the financial results of the first three months ended June 30,
2021.
This was mainly due to revenue from property for sales business increased, while gross profit from sales decreased.
Breakdown of operating revenue
First three months ended
Jun. 30, 2021
(Millions of yen)First three months ended
Jun. 30, 2022
(Millions of yen)

Leasing (offices)

11,13910,652

45,666

Leasing (retail facilities)

2,943

3,969

12,302

Leasing (other)

1,002

831

4,131

Property for sales(sale) (Note)

45,48950,538106,451

3,128

3,698

13,977

Fitness

2,921

3,670

13,624

Other

975

1,870

6,306

67,60075,231

202,460

Property for sales(leasing) (Note)

Total

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

(Note) Property for sales refers to properties such as office building, retail facility and logistic facility developed for real estate
investment market.

-3-

Net lettable area
As of Jun. 30, 2021

As of Jun. 30, 2022

As of March 31, 2022

Offices

714,166 ㎡

635,797 ㎡

658,902 ㎡

Retail facilities

120,609 ㎡

157,997 ㎡

131,874 ㎡

834,775 ㎡

793,794 ㎡

790,776 ㎡

Total

Vacancy rate (offices and retail facilities)
As of Jun. 30, 2021

As of Jun. 30, 2022
5.2%

As of March 31, 2022
6.9%

5.9%

<Overseas Business Unit>
Operating revenue in this Business Unit totaled 916 million yen, which represents an increase of 298 million yen, or 48.2% year
on year, and business profit totaled 1,536 million yen (business loss of the first three months ended June 30, 2021 was 302 millionyen), resulting in increases in both operating revenue and business profit compared with the financial results of the three months
ended June 30, 2021. Share of profit of entities accounted for using equity method included the business profit in this Business
Unit was 1,471 million yen.
Breakdown of operating revenue
First three months ended
Jun. 30, 2021
(Millions of yen)First three months ended
Jun. 30, 2022
(Millions of yen)

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Housing sales

433

705

1,785

Leasing

160

166

692

Other

24

45

150

618

916

2,628

Total

<Investment Management Business Unit>
Operating revenue in this Business Unit totaled 3,828 million yen, which represents an increase of 375 million yen, or 10.9%
year on year, and business profit totaled 2,549 million yen, an increase of 267 million yen, or 11.7%, resulting in increases in both
operating revenue and business profit compared with the financial results of the first three months ended June 30, 2021.
This was mainly due to an increase in the domestic asset manager’s assets under management.

Operating revenue

First three months ended
Jun. 30, 2021
(Millions of yen)First three months ended
Jun. 30, 2022
(Millions of yen)

3,453

3,828

Fiscal year ended
Mar. 31, 2022
(Millions of yen)
12,804

Assets under management
As of Jun. 30, 2021
(Millions of yen)Domestic

REITs

asset
managerPrivate funds, etc.

Overseas asset manager
Total

As of Jun. 30, 2022
(Millions of yen)

As of Mar. 31, 2022
(Millions of yen)

1,396,973

1,449,716

1,424,772

174,102248,174

196,370

306,835

345,675

326,929

1,877,911

2,043,566

1,948,071-4-

<Property Brokerage & CRE Business Unit>
Operating revenue in this Business Unit totaled 10,748 million yen, which represents an increase of 127 million yen, or 1.2%
year on year, and business profit totaled 3,072 million yen, a decrease of 123 million yen, or 3.9%, resulting in an increase inoperating revenue and a decrease in business profit compared with the financial results of the first three months ended June 30,
2021.
This was mainly due to an increase in total transaction value in property brokerage, on the other hand, there were investments inhuman resources, branches, and systems with looking ahead to expand the business volume.
Breakdown of operating revenue
First three months ended
Jun. 30, 2021
(Millions of yen)First three months ended
Jun. 30, 2022
(Millions of yen)

Property brokerage

9,642

9,781

39,833(retail business)(5,390)(6,021)(21,825)(middle business)(1,693)(1,718)(8,326)(wholesale business)(2,558)(2,041)(9,681)

978

966

3,929

10,621

10,74843,762

Other
Total

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

The classification of Property brokerage is as follows.
*Retail business: Real estate brokerage business for individuals*Middle business: Real estate brokerage business for small and midsize companies, business owners, some individual investors andhigh net worth individuals*Wholesale business: Real estate brokerage business for large corporations, funds and overseas investors
Number of transactions and transaction value of property brokerageFirst three months ended
Jun. 30, 2021

First three months ended
Jun. 30, 2022

Fiscal year ended
Mar. 31, 2022

Number of transactions

2,499

2,467

10,081

Total transaction value(Millions of yen)

220,007

222,815

964,882<Property & Facility Management Business Unit>
Operating revenue in this Business Unit totaled 21,283 million yen, which represents a decrease of 335 million yen, or 1.6%
year on year, and business profit totaled 1,391 million yen, a decrease of 148 million yen, or 9.7%, resulting in decreases in both
operating revenue and business profit compared with the financial results of the first three months ended June 30, 2021.
Breakdown of operating revenue
First three months ended
Jun. 30, 2021
(Millions of yen)First three months ended
Jun. 30, 2022
(Millions of yen)

Property & facility management

14,293

14,52858,264

Construction ordered

6,013

5,359

35,215

Other

1,311

1,394

5,750

21,61821,28399,230

Total-5-

Fiscal year ended
Mar. 31, 2022
(Millions of yen)

Number of properties under management
As of Jun. 30, 2021
Buildings under management
Condominiums under management(unit)

As of Jun. 30, 2022

As of Mar. 31, 2022

795

786

772

182,844

187,593

186,549<Other>Operating revenue totaled 65 million yen, which represents an increase of 52 million yen, or 406.8% year on year, and businessprofit totaled 39 million yen (business loss of the first three months ended June 30, 2021 was 43 million yen).

-6-(2) Financial Position
As of March 31, 2022
(Millions of yen)

As of Jun. 30, 2022
(Millions of yen)

Changes(Millions of yen)

Changes

Total assets

2,040,506

2,005,770(34,735)(1.7%)

Total liabilities

1,419,107

1,363,882(55,225)(3.9%)Net assets

621,398

641,888

20,489

3.3%

Shareholders’ equity ratio

30.3%

31.9%

-

-

Total assets were 2,005,770 million yen, which represents a decrease of 34,735 million yen compared to the end of the previous
fiscal year. This was mainly because cash and deposits decreased by 39,904 million yen, while investment securities increased by
10,067 million yen.
Total liabilities were 1,363,882 million yen, which represents a decrease of 55,225 million yen compared to the end of theprevious fiscal year. This was mainly because notes and accounts payable-trade decreased by 34,745 million yen and accounts
payable decreased by 16,529 million yen.
Net assets were 641,888 million yen, which represents an increase of 20,489 million yen compared to the end of the previous
fiscal year. This was mainly because retained earnings increased by 17,010 million yen, foreign currency translation adjustment
increased by 1,575 million yen and valuation difference on available-for-sale securities increased by 1,351 million yen.
The shareholders’ equity ratio was 31.9%, an increase of 1.6 percentage point from the end of the previous fiscal year.
(Cash Flows)
Cash and cash equivalents as of the end of this first quarter totaled 28,106 million yen, which represents a decrease of 39,686
million yen compared to the end of the previous fiscal year.
Net cash provided by (used in) operating activities decreased by 41,463 million yen (a year-on-year decrease of 17,018 millionyen). This was mainly due to a decrease in trade payables and the payments of income taxes, while profit before income taxes was
36,308 million yen.
Net cash provided by (used in) investing activities decreased by 21,052 million yen (a year-on-year decrease of 16,178 millionyen). This was mainly due to the purchase of property, plant and equipment and intangible assets.
Net cash provided by (used in) financing activities increased by 22,673 million yen (a year-on-year increase of 11,449 millionyen). This was mainly due to the fund procurement by the issuance of commercial papers, while there was a payment of cash
dividends.
(3) Consolidated Operating Result Forecasts
No change in the consolidated operating result forecast which was announced on April 26, 2022.

-7-

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsReal 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, net
Land
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-8-

As of June 30, 2022

69,03829,13422,025

16,608371,504
333,860
188,41733,871
108,106(20)
1,126,802

376,403
360,050
150,488
40,062
119,523(20)
1,092,249

200,163497,599
28,623726,386
19,933

196,571499,569
29,599725,741
20,358101,155
30,04727,3228,858(0)167,383
913,7032,040,506

111,223
28,572
17,266
10,359(0)
167,421913,5212,005,770

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
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-sale securities
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-9-

As of June 30, 2022

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

46,246
105,000
29,00030,0008,478
34,744
4,922

549

138

8
81,838357,980759,305
317,843

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

130,000
762,177
57,49650,9693,902
3,654
16,75821,0801,046,039
1,363,882

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

118,770
115,160
399,393(12,509)620,814

7,337
(332)
7,868
1,254
(1,481)
14,646927
1,708
621,398
2,040,506

8,688
517
7,868
2,830
(1,348)18,556846
1,670
641,888
2,005,770

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income for the First Three Months from April 1 to June 30, 2022)(Millions of yen)Three months ended
June 30, 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
methodOther
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 losses
Impairment losses
Loss on COVID-19
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- 10 -

Three months ended
June 30, 2022

146,544
89,77456,76926,27530,493

199,721
132,657
67,06329,77437,289

20
30

17
26

－

1,514

122
172

144
1,702

2,186

2,338

135

－

518
2,841
27,825345
2,684
36,308405
281
686
27,138
9,012
(491)
8,521
18,617
10
18,606－－－36,308
7,810
1,544
9,355
26,952
19
26,933(Quarterly Consolidated Statements of Comprehensive Income for the First Three Months from April 1 to June 30, 2022)(Millions of yen)Three months ended
June 30, 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 non-controllinginterests- 11 -

Three months ended
June 30, 2022

18,617

26,952

1,797
1,250
(0)
1,194
133

1,353
850
(0)
951
132

372

685

4,747
23,364

3,973
30,92523,22030,843

143

82

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Three months ended
June 30, 2021

Cash flows from operating activities
Profit before income taxes
Depreciation
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 businessliquidation
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 property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment
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
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of finance lease liabilities
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
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 inchange in scope 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- 12 -

Three months ended
June 30, 2022

27,1384,712

36,3084,989

135(1,514)

(0)

(0)

(1)

(0)

184
(50)
2,186
4,143
(2,026)(1,009)(24,273)
38,095(6,610)42,624172(1,544)(65,696)(24,444)

112
(44)
2,338
5,445
6,639
(5,901)(34,766)(9,116)(18,311)(13,821)59(1,658)(26,043)(41,463)(701)(1,840)

1－(6,694)(19,178)

274

26

(369)

(367)

301

609

(901)
1,898
1,317
(4,873)(2,246)
1,691
253(21,052)

7,000
(77)
20,000
6,836(4,000)359(10,000)
108(1,214)(7,759)(23)(2,000)(65)
29,00016,774(10,500)
243－
387(1,122)(9,923)
(120)

(5)

－

11,224

22,673233

155(17,861)(39,686)

Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

70,62452,763- 13 -

67,793
28,106

(4) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Notes to Significant Changes in Shareholders’ Equity)
Not applicable.
(Changes in Accounting Policies)
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ
Guidance No. 31, June 17, 2021), from the beginning of the first three months from April 1 to June 30, 2022. The company has
prospectively applied new accounting policies based on the Implementation Guidance on Accounting Standard for Fair Value
Measurement, in accordance with the transitional measurement in Article 27-2 of Implementation Guidance on AccountingStandard for Fair Value Measurement. The impact of application of Implementation Guidance on Accounting Standard for Fair
Value Measurement, on consolidated financial statements on the first three months from April 1 to June 30, 2022 is immaterial.

- 14 -

(Segment Information)【Segment information】
I First three months from April 1 to June 30, 2021
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments
Residential
Commercial
Develop
Real Estate
ment
Operating revenue
Externalcustomers
Internal sales andtransfer amountamong segments

Overseas
Business

Investment
Management

Property
Brokerage& CRE

Property&
Facility
Management

Subtotal

Other(Note) 1

Total

Amountrecorded in
Adjustments consolidated(Note) 2
financialstatements(Note) 3

46,422

67,125

618

3,443

9,689

19,231

146,53112

146,544-

146,544

179

474

-

9

931

2,386

3,982

0

3,983

(3,983)-

Subtotal

46,602

67,600618

3,453

10,621

21,618150,51412

150,527(3,983)

146,544

Operating profit(Note) 3

1,726

23,174

(112)

2,204

3,195

1,508

31,698(43)

31,654(1,161)30,493

Share of profit (loss)of entities accounted
for using equity
method (Note) 3

7

30

(198)

-

-

23

(135)

-

(135)

-

(135)

Amortization of
intangible assets
associated withcorporateacquisitions(Note) 3

-

68

7

77

-

7

161

-

161

-

161

1,734

23,273

(302)

2,282

3,195

1,540

31,723(43)

31,680(1,161)

30,519Segment profit orloss (Business profit
or loss) (Note) 3(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 1,161 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 667 million yen and a deduction of 1,828 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.
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
2. Information regarding impairment loss on non-current assets or goodwill by reportable segment(Significant impairment loss relating to non-current assets)(Millions of yen)

Impairment loss

Residential
Development

Commercial
Real Estate-

405

Overseas
Business

Investment
Management-- 15 --

Property Brokerage Property &&Facility
CRE
Management
-

-

Total

405

Ⅱ First three months from April 1 to June 30, 2022
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments
Residentia
Commerciall Develop
Real Estate
ment
Operating revenue
External customers
Internal sales andtransfer amountamong segments

Overseas
Business

Investment
Management

Property
Brokerage& CRE

Property& Facility
Management

Subtotal

Other(Note) 1

Total

Amountrecorded in
Adjustments consolidate(Note) 2 d financial
statements(Note) 3

91,19874,619916

3,783

10,231

18,908

199,657

64

199,721-

199,721

176

612

-

45

517

2,374

3,726

0

3,727

(3,727)-

Subtotal

91,37475,231916

3,828

10,74821,283203,38365

203,448(3,727)

199,721

Operating profit(Note) 3

10,121

22,026

56

2,466

3,072

1,357

39,101

39

39,141(1,851)37,289

Share of profit (loss)of entities accounted
for using equity
method (Note) 3

(7)

23

1,471

-

-

26

1,514

-

1,514

-

1,514

Amortization of
intangible assets
associated withcorporate acquisitions(Note) 3

3

68

8

82

-

7

170

-

170

-

170

Segment profit or loss
(Business profit orloss) (Note) 3

10,11822,118

1,536

2,549

3,072

1,391

40,78639

40,826(1,851)

38,974(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 1,851 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 787 million yen and a deduction of 2,639 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.
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
2. Notes relating to changes in reportable segments etc.
From the first three months from April 1 to June 30, 2022, Overseas Business Unit was added as a reportable segmentwith a review of the organizational structure. The Overseas Business Division of Nomura Real Estate Development Co.,
Ltd. and overseas subsidiaries, etc., which had been classified under the Other, have been reclassified under the Overseas
Business Unit.
The figures by reportable segment for the first three months from April 1 to June 30, 2021 are classified under the newreportable segment.
3. Information regarding impairment loss on non-current assets or goodwill by reportable segment
Not applicable- 16 -