Nomura Real Estate Master Fund., Inc.

Supplement Documentation for Press Release“Notice Concerning Acquisition and Disposition of Domestic Real Estate
and Trust Beneficial Interests in Domestic Real estate” dated today
March 14, 2023

Investment in Healthcare Facilities
Background of Starting Investment in Healthcare Facilities
Marketability and future growthpotential of the health care market

Improvement in marketability and fluidity basedon the accumulation of trading/investment
records in the market
Growth potential of the future market basedon increases in the elderly population and thenumbers of people requiring
assistance/nursing care
Possibility of risk identification based on
the accumulation of track records
Moves toward achievement of the policy
objective (Sufficiency ratio of elderly housing:
4.0% by 2030)

 National population movements (by age)
and aging ratio(thousand)（千人）
140,000

15-64 years （%）
15～64歳
50.0
Percentage of
65歳以上

65 years old or over
65歳以上
0-14 years old
0～14歳

30.0

80,00040,00038.4

40.0

40,0001 in 2.6
people will
be over 65
by 2065

30.0

30,00036.8

20.2

60,000(thousand)（千人）
50,000people aged 65
years or over

120,000
100,000

 Senior citizen housing sufficiency ratio
and policy objective

20.0

10.3
10.0

elderly
高齢者人口5.0%
population
Policy goal : 4.0%
高齢者向け住宅
elderly housing（capacity:1,490,000 people）
sufficiency rate
供給率
充足率
4.0%
Immediate constructionof elderly housing(for 600,000 people)
3.0%
is necessary

2.5%

20,0002.0%（capacity:890,000 people）

10,0001.0%

20,000000.0
1985年 2005年 2025年 2045年 2065年 (year)(Source) “Future Population Estimate of Japan” by the National
Institute of Population and Social Security Research

Development and operation ofhealthcare facilities by the sponsor

0.0%
2005年

2010年

2014年

2018年

2030年 (year)(Source) Ministry of Land, Infrastructure, Transport and Tourism
Basic Plan for Housing (National Plan)

Properties developed: 8 (including plans)
Properties under operation: 4 (out of 8)

Developed / projects under development

Continuous development of rental seniorresidences (OUKAS) by the Nomura Real
Estate Group and utilization of its sponsor
pipeline

Property NameOUKAS Funabashi

Under
operation

Accumulation of know-how/expertise basedon the investment records of the Nomura
Real Estate GroupOUKAS Makuhari Bay-Park
OUKAS Kichijoji
OUKAS Hiyoshi

Beforeoperation

OUKAS Shiki
OUKAS Setagaya Sengawa

Location
Funabashi-shi,
Chiba
Chiba-shi,
Chiba
Mitaka-shi,Tokyo
Yokohama-shi,
Kanagawa
Asaka-shi,
Saitama
Setagaya-ku,
Tokyo

Openning year No. of units
2017

125 units2020

141 units

2020

116 units2021

120 units

2023 (plan)

145 units

2023 (plan)

186 units

OUKAS Kichijoji

OUKAS Hiyoshi(Source) “Consolidated Financial Results for the Nine Months from April 1 to December 31, 2022” by Nomura Real Estate Holdings, Inc.

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Properties acquired in this transaction
Improve portfolio profitability through the acquisition of four healthcare facilities located in the Greater Tokyo area

【Asset to Be Acquired】

SOMPO CARE La vie Re Residence Yoga

Grapes Tsujido Nishi-Kaigan

Acquisition price¥2,850 mln

Acquisition price¥1,820 mln

Appraisal Value¥3,390 mln

Appraisal Value¥2,290 mln

Type of Ownership (Land)

Ordinary fixed-term
land leasehold

Type of Ownership (Land)

Ordinary fixed-term
land leasehold

NOI yield (Note 1)

6.7%

NOI yield (Note 1)

7.7%

Completion Date

March, 2017

Completion Date

July, 2016

SOMPO CARE Sompo no ie Omori-Nishi

Cross-sectoral asset replacement
unique to a Diversified REIT realized
through strong relationships withoperating companies

SOMPO CARE La vie Re Residence Shonan Tsujido（Scheduled Date of Purchase andSales Agreement:May 31, 2023）【Asset to Be Disposed of】
NMF Tenjin-Minami Building（Office）
Transfer Price¥3,040 mln

NOI yield (Note 2)

5.0%

Completion Date

February, 2008

PRIME URBAN Otsuka（Residential）

Acquisition price¥1,462 mln

Acquisition price¥1,150 mlnAppraisal Value¥1,840 mln

Appraisal Value¥1,580 mln

Type of Ownership (Land)

Ownership

Type of Ownership (Land)

NOI yield (Note 1)

4.7%

Ordinary landleasehold rightCompletion Date

November, 2014

NOI yield (Note 1)

6.4%

Completion Date

July, 2017

Transfer Price¥772 mln

NOI yield (Note 2)

5.0%

Completion Date

September, 2006

（Note 1）The value entered is calculated by dividing the NOI based on the direct capitalization approach recorded in the appraisal summary by the anticipated acquisition price.
（Note 2）the value entered is calculated by dividing the total NOI for the 13th fiscal period ended February 28, 2022 and the 14th fiscal period ended August 31, 2022 by the Anticipated Disposition Price.

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This document has been prepared for the purpose of provision of information only, and should not be construed as an offer, solicitation or commercial conduct of any nature associated with any specific products. Investors wishing to purchasethe investment units of Nomura Real Estate Master Fund, Inc. should contact their own securities brokers or dealers. A fee may be charged by your financial instruments business operator in relation to the sale or purchase of investment
本資料は、情報提供を目的としたものであり、特定の商品についての募集・勧誘・営業等を目的としたものではありません。本投資法人の投資口のご購入にあたっては各証券会社にお問い合わせください。なお、投資口の売買にあたっては取扱金融商品取引業
units.For management fees that the Fund pays to Nomura Real Estate Asset Management Co., Ltd., please refer to the terms and conditions of the Fund, etc.The forward-looking statements with respect to the future financial results containedin this document are based on the current facts about the investment policy of the Fund, applicable laws and regulations, the market environment, business practice, etc., as of the preparation date of this document and do not reflect or者所定の手数料を必要とする場合があります。本投資法人が野村不動産投資顧問株式会社に支払う運用報酬につきましては、本投資法人規約等をご参照ください。本資料に記載された将来の予想に関する記述は、本資料作成日における本投資法人の投資方針、
consider any changes in the circumstances after the preparation date. These forward-looking statements inherently reflect uncertainty about known risks as well as unknown risks and other factors and may deviate from the actual operating
適用法令、市場環境、実務慣行その他の事実関係を前提としており、作成日以降における事情の変更を反映、考慮していません。将来の予想に関する記述は、既知のリスクの不確実性又は未知のリスクその他の要因を内在しており、本投資法人の実際の業績、and management results, financial conditions, etc., of the Fund.Investment in real estate investment securities may result in a loss due to a decline in the transaction price caused by, for example, changes in the price or the revenue-generating
経営結果、財務状況等とは異なる場合があります。不動産投資証券は、保有資産である不動産の価格、収益力の変動や発行者の財務状態の悪化等により取引価格が下落し、損失を被ることがあります。本資料で提供している情報に関しては、万全を期しており
capability of the underlying properties or deterioration of the financial conditions of the issuer.Although the information contained in this document is intended to be complete and thorough, there is no assurance of precision and safety of thesame. Please note that the contents of this document is subject to change or cancellation without prior notice.It is prohibited to make duplication, reproduction, distribution or use of any part or whole of the information contained in thisますが、その情報の正確性及び安全性を保証するものではありません。また、予告なしに内容が変更または廃止される場合がございますので、予めご了承ください。事前の承諾なしに本資料に掲載されている内容の複製・転用等を行うことを禁止します。
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