July 30, 2008

For the Three Months from April 1 to June 30, 2008

Outline of Consolidated Financial Statements
Name of company listed :Code number :Shares traded :URL :Representative :IR contact :Nomura Real Estate Holdings, Inc.
3231
TSE (First section)
http://www.nomura-re-hd.co.jp/english/index.html
President, Hirohisa Suzuki
Masaomi Katayama, General Manager of Corporate
Communications & Investor Relations Dept.
info@nomura-re-hd.com
No
August 14, 2008

Adoption of U.S. accounting standards :Scheduled submitting date of the first quarter report:

Note: The accompanying consolidated financial statements were not audit since they have been prepared only for reference purpose. All
statements were based on Tanshin report prepared in accordance with the provisions set forth in accounting regulations and principals
generally accepted in Japan.
(Values of less than one million yen rounded off.)1.

Consolidated operating results for the three months from April 1 to June 30, 2008

(1) Consolidated business results(% indicates the rate of changes from previous fiscal term)

Revenue from operations

Operating income

Ordinary profit

Quarterly net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

2008/06

73,187

―

7,649

―

5,720

―

3,260―

2007/06

84,49723.4

10,258

0.5

8,461

△ 4.7

4,803

△ 5.8

Quarterly net income pershare after adjusting fordilution

Quarterly net income
per shareyenyen

2008/06

21.83

21.82

2007/06

32.17―(2) Consolidated financial status

Millions of yen

Millions of yen

Total shareholders’equity ratio%

2008/06

919,350

236,674

25.4

1,566.60

2008/03891,700

235,55126.1

1,558.96

Total assets(Reference) Total shareholders’ equity:2.

Net assets

At June 30, 2008 ¥ 233,931 million, At March 31, 2008 ¥ 232,790 million

Cash dividends per share
Cash divinends per share
1st Quarterend

3rd Quarter
end

InterimFiscal year
end

yen

2008/03―

2009/03―

FY 2009/03 forecast

****

15.00
****

20.00

―
****

―

yenyen

15.00

30.00

****

20.00

(Note) Revision of cash dividends forecast for this term : None1

Annual

****

40.00

Net assets per share
yen

3.

Forecasts of consolidated operating results for the fiscal year from April 1, 2008 to March 31, 2009(% indicates the rate of changes from previous fiscal year)

Revenue fromoperations

Ordinary profit

Operating income

Net income

Net income per Share

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%yenInterim-2008/09

165,000-

17,000-12,000-7,000-

46.88

FY 2009/03

500,000

21.5

71,5002.4

61,5002.035,5000.7

237.74(Note) Revision of operating results forecasts for during this term : None

4.

Other important indices / information(1) Significant changes to consolidated subsidiaries during the period: None
Number of consolidations: Inclusion 0 (Company name: － ) Elimination 0 (Company name: － )(2) Simplified accounting and particular accounting in the elaboration of quarterly consolidated financial statement: None
(3) Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements
This information should be described in “Significant changes for presenting the quarterly consolidated financial statements”.
a)Changes in accounting principles: Yesb) Other changes: None
(4) Number of shares issued (common stock)
At June 302008
Number of shares outstanding(including treasury stock)
Treasury stock

Average number of shares during the term

At March 31
2008

149,325,000

149,325,000

286

250

First Quarter ending June 30
2008
149,324,725

First Quarter ending June 30
2007
149,324,896

Forward-Looking Statements
Certain statements other than historical facts in this document are forward-looking statements that reflect the company’s plans and estimates
based on currently available information. These statements include known and unknown risks, uncertainties, and other factors that may cause
the company’s actual future performance to differ from the forward-looking statements contained herewith.

2Consolidated Quarterly Balance Sheets(Values of less than one million yen rounded off.)(Millions of yen)
Assets

資産

Current Assets:

March 31, 2008 June 30, 2008

流動資産630,916

656,866

現金及び預金受取手形及び売掛金
販売用不動産
仕掛販売用不動産
開発用不動産営業エクイティ投資
繰延税金資産その他
貸倒引当金

31,512
9,041
200,533
139,793
114,081
92,873
10,39032,763(72)

17,063
6,442
207,259
155,487
114,912
112,4548,220
35,099(73)

固定資産260,783

262,484

有形固定資産建物及び建築物(純額)
土地その他(純額)
無形固定資産投資その他の資産投資有価証券
敷金及び保証金
繰延税金資産その他
貸倒引当金

195,271
81,168110,093
4,009
4,270
61,24119,585
27,633
12,336
1,803(117)

195,216
80,496
111,003
3,715
4,153
63,114
21,25627,344
12,693
1,887(66)

Total Assets

総資産891,700

919,350

Liabilities

負債・純資産Current Liabilities :

流動負債

263,973

236,064

1 Operating Accounts Payable
2 Short-term Loans Payable
3 Commercial Papers
4 Income Taxes Payable
5 Deposits Received
6 Deferred Tax Liabilities
7 Provision for Bonuses
8 Provision for Directors' Bonuses
9 Provision for Loss on Business Liquidation
10 Other

営業未払金
短期借入金
コマーシャル・ペーパー
未払法人税等預り金
繰延税金負債
賞与引当金
役員賞与引当金
事業整理損失引当金その他

63,37773,184－
14,82657,075
165
4,104
590
279
50,36928,847
114,625
21,000655
20,500
235
2,285
97
263
47,552

Noncurrent Liabilities :固定負債

392,175

446,612

社債
長期借入金
受入敷金保証金繰延税金負債
再評価に係る繰延税金負債
退職給付引当金転貸整理損失引当金
その他

20,300314,532
30,127
3,855
3,904
12,1432,890
4,422

20,300369,213
29,5483,796
3,904
12,5262,756
4,565

656,148

682,676

Share Holders' Equity:

負債合計
純資産
株主資本

231,894

232,914

1 Capital Stock
2 Capital Surplus
3 Retained Earnings
4 Treasury Stock

資本金
資本剰余金
利益剰余金
自己株式

82,64659,97689,272(0)82,64659,97690,293
(0)

896

1,017

1,215(0)(326)
81,430(94)(326)
8

1 Cash and Deposits
2 Notes and Accounts Receivable-trade
3 Real Estate for Sale
4 Real Estate for Sale in Process
5 Land Held for Development
6 Equity Investments
7 Deferred Tax Assets
8 Other
Allowance for Doubtful Accounts
Noncurrent Assets:

1 Property, Plant and Equipment(１) Buildings and Structures, Net(２) Land(３) Other, Net
2 Intangible Assets
3 Investments and Other Assets(１) Investment Securities(２) Lease and Guarantee Deposits(３) Deferred Tax Assets(４) OtherAllowance for Doubtful Accounts

1 Bonds Payable
2 Long-term Loans Payable
3 Lease and Guarantee Deposits Received
4 Deferred Tax Liabilities
5 Deferred tax Liabilities for Land Revaluation
6 Provision for Retirement Benefits
7 Provision for Loss on Subleasing Business
8 Other Liabilities
Total Liabilities

Net Assets

Valuation and Translation Adjustments:

1 Valuation Difference on Available-for-sale Securities
2 Deferred Gains or Losses on Hedges
3 Revaluation Reserve for Land
4 Foreign Currency Translation Adjustment

評価・換算差額等
その他有価証券評価差額金繰越ヘッジ損益
土地再評価差額金
為替換算調整勘定

March 31, 2008 June 30, 2008

Subscription Rights to Shares:

新株予約権

217

234

Minority Interests:

少数株主持分

2,543

2,507

Total Net Assets

純資産合計3235,551

236,674

Total Liabilities and Net Assets

負債・純資産合計

891,700

919,350

Consolidated Quarterly Statements of Income journey(Values of less than one million yen rounded off.)(Millions of yen)

Quaterly period
ended June 30
2007
2008
AmountAmount

Ⅰ Operating Revenue

営業収益84,49773,187

Ⅱ Operating Cost

営業原価60,99351,262

営業総利益23,50321,924

販売費及び一般管理費

13,245

14,275

営業利益

10,2587,649

Ⅳ Non Operating Income

営業外収益

12279

1 Interest Income
2 Dividends Income
3 Other

受取利息受取配当金
その他

652730231639Ⅴ Non Operating Expenses

営業外費用

1,919

2,008

支払利息
持分法による投資損失
その他

1,781
0138

1,862
6139

Ordinary Profit

経常利益

8,461

5,720

Income before Income Taxes and Minority Interests

税金等調整前四半期純利益

8,461

5,720

法人税,住民税及び事業税
法人税等調整額
法人税等合計少数株主利益

1,931
1,654
3,586
72

696
1,741
2,438
22

四半期純利益

4,803

3,260

Gross Operating Profit

Ⅲ Selling, General and Administrative Expenses
Operating Income

1 Interest Expenses
2 Equity in Losses of Affiliates
3 Other

Income Taxes-current
Income Taxes-deferred
Total Income Taxes
Minority Interests in Income
Net Quarterly Income4

Consolidated Quarterly Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
During Quaterly period
ended June 30
2007
2008

Cash Flows
I. Net Cash Provided by (Used in) Operating Activities
Income Before Income Taxes and Minority Interests
Depreciation and Amortization
Equity in (Earnings) Losses of Affiliates
Increase (Decrease) in Allowance for Doubtful Accounts
Increase (Decrease) in Provision for Retirement Benefits
Increase (Decrease) in Provision for Loss on Business Liquidation
Increase (Decrease) in Provision for Loss on Subleasing Business
Interest and Dividends Income
Interest Expenses
Decrease (Increase) in Notes and Accounts Receivable-trade
Decrease (Increase) in Inventories
Decrease (Increase) in Equity Investments
Increase (Decrease) in Notes and Accounts Payable-trade
Increase (Decrease) in Deposits Received
Other, Net
SubtotalInterest and Dividends Income Received
Interest Expenses Paid
Income Taxes Paid

税金等調整前四半期純利益
減価償却費
持分法による投資損益
貸倒引当金の増減額
退職給付引当金の増減額
事業整理損失引当金の増減額
転貸事業損失引当金の増減額
受取利息及び受取配当金支払利息
売上債権の増減額
たな卸資産の増減額
営業エクイティ投資の増減額
仕入債務の増減額
預り金の増減額
その他
小計
利息及び配当金の受取額
利息の支払額
法人税等の支払額

Net Cash Provided by (used in) Operating Activities

営業活動によるキャッシュ・フロー

II. Net Cash Provided by (Used in) Investment Activities
Purchase of Investment Securities
Purchase of Property, Plant and Equipment and Intangible Assets
Payments of Loans ReceivableCollection of Loans Receivable
Payments for Lease and Guarantee Deposits
Proceeds from Collection of Lease and Guarantee Deposits
Repayments of Lease and Guarantee Deposits Received
Proceeds from Lease and Guarantee Deposits Received
Other, Net

投資有価証券の取得による支出有形及び無形固定資産の取得による支出貸付けによる支出貸付金の回収による収入敷金及び保証金の差入による支出敷金及び保証金の回収による収入受入敷金保証金の返還による支出受入敷金保証金の受入による収入
その他

Net Cash Provided by (Used in) Investment Activities

投資活動によるキャッシュ・フロー

III. Net Cash Provided by (Used in) Financing Activities
Net Increase (Decrease) in Short-term Loans Payable
Increase (Decrease) in Commercial Papers
Proceeds from Long-term Loans Payable
Repayment of Long-term Loans Payable
Purchase of Treasury Stock
Cash Divedends Paid
Cash Dividends Paid to Minority Shareholders

短期借入金の純増減額
コマーシャル・ペーパーの増減額
長期借入れによる収入
長期借入金の返済による支出
自己株式の取得による支出
配当金の支払額
少数株主への配当金の支払額

Net Cash Provided by (Used in) Financing Activities
IV. Net Increase (Decrease) in Cash and Cash Equivalents
V. Cash and Cash Equivalents at Beginning of the Period
VI. Cash and Cash Equivalents at End of the Period

8,461
1,169
0
(0)
167
(22)
(141)
(92)
1,781
3,422
(9,556)
7,773(12,646)(23,705)(5,868)(29,258)
69(1,329)(15,299)(45,817)

5,720
1,259
6(50)
382
(16)
(133)
(39)
1,862
2,598
(23,459)(19,581)(34,529)(36,574)(6,334)(108,887)53(1,479)(15,638)(125,952)

3(1,414)
8
5,104
(343)
1,070
(2,012)
787
(30)
3,173

(1,483)(1,451)(5)
3(153)
371(1,062)564(105)(3,321)

財務活動によるキャッシュ・フロー

32,5004,260(1,954)1(0)(2,986)(6)
31,81238,50021,00061,000(3,377)(0)(2,239)(57)
114,825

現金及び現金同等物の増減額(10,831)(14,448)

現金及び現金同等物の期首残高

28,43731,510

現金及び現金同等物の四半期末残高

17,605

17,0615