Apr. 25, 2019

Consolidated Financial Results
For the Fiscal Year Ended March 31, 2019
<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:

Kensuke Ueha,
General Manager, Corporate Communications Dept.

Email:

nrehd-ir@nomura-re.co.jp

Date of Ordinary General Meeting of shareholders:June 25, 2019

Scheduled starting date for dividend payments:

June 4, 2019

Scheduled submitting date of securities report:

June 25, 2019

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, 2018 to March 31, 2019(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)

Operating revenue

Operating profit

Profit attributable toOrdinary profit

owners of parent

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY2018

668,510

7.2

79,162

3.3

69,323

1.9

45,873(0.3)

FY2017623,762

9.5

76,660(0.8)

68,033(1.3)

46,029(2.1)(Note) Comprehensive income: FY2018: 47,795 million yen (up 9.6%) FY2017: 43,613 million yen (down 9.5%)

Basic earnings

Diluted earnings

per shareper share

Ordinary profit
Return on equity

Operating profit

margin on total

marginassets

Yen

Yen

%

%

%

FY2018245.99244.55

8.9

4.0

11.8

FY2017240.89239.52

9.4

4.2

12.3

(Reference)Share of profit (loss) of entities accounted for using equity method: FY2018: 167 million yen FY2017: 25 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, 2019

1,759,455

541,56229.9

2,854.21

Mar. 31, 2018

1,673,099

514,98230.0

2,664.70(Reference) Shareholders’ equity: As of March 31, 2019: 526,748 million yen

As of March 31, 2018: 501,491 million yen(3) Consolidated cash flows
Cash flows from(used in) operating activities

Cash flows from

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

activities

activities

Cash and cash equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

FY201889,964(46,699)

13,723

118,330

FY2017

21,498(51,637)

43,787

61,347

II. Dividends
Dividend per share
1st quarter2nd quarter3rd quarter

Total amountof dividends

Fiscal year
Total

end

end

end

Payout ratio(Consolidated)(Annual)end

Dividend on
equity(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

FY2017

-

35.00

-

35.00

70.00

13,30628.9

2.7

FY2018

-

37.50

-

37.50

75.00

14,001

30.5

2.7

-

40.00

-

40.00

80.00

FY2019(Forecast)

32.1(Note) Revision of dividend forecasts during this quarter: None
(Note) Total amount of dividends for the fiscal year ended March 31, 2019 include dividends of ¥73 million paid to the executive
compensation BIP (Board Incentive Plan) trust. The dividend 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, 2019 to March 31, 2020(% indicates the rate of changes from previous fiscal year or term)

Operating revenue

Operating profit

Business profit

Profit attributable toOrdinary profit

owners of parent

Basicearnings
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

739,000

10.5

79,5000.4

80,0000.5

70,0001.0

46,0000.3

251.31

Fiscal year
endingMar.31,
2020(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible
assets associated with corporate acquisitions

* 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

(3)

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: None4)

Restatements: 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

2019

2018

192,373,101

192,155,201

7,821,664

3,956,956

Fiscal year ended

Fiscal year ended

March 31, 2019

March 31, 2018

186,489,418

191,083,446(Note) 1,725,000 shares of the Company’s share owned by executive compensation BIP (Board Incentive Plan) trust are included to thenumber of treasury shares at end of period. 655,216 shares owned by the executive compensation BIP (Board Incentive Plan) trust are also
included to the number of treasury shares deducted in the calculation of average number of shares outstanding during the period.
* This Consolidated Financial Results is not required to be audited by certified public accountants or audit corporations.
* Proper use of forecasts of financial 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 due to various factors. For mattersrelated to the forecasts of financial results, please refer to “1. Business Results and Financial Position (4) Forecasts” on page 6 of the
Attachments.
(How to obtain the fact sheets)
The fact sheets will be disclosed on TDnet on April 25, 2019 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) Forecasts .............................................................................................................................................................................................

6(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 ........................................................................................................................................

18(5) Notes to Consolidated Financial Statements ................................................................................................................................

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

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

20(Real Estate for Rent) .....................................................................................................................................................................

20(Segment Information) ..................................................................................................................................................................

21(Per Share Information) .................................................................................................................................................................

24(Significant Subsequent Events) ....................................................................................................................................................

24

1

1. Business Results and Financial Position(1) Business Results
During the fiscal year under review, the Japanese economy continued to recover gradually with increases in consumer spending backed bycontinued improvements in the employment and personal income environments, and with increases in capital investment such as investments
for streamlining and labor-saving amid a labor shortage, and investments in maintenance and renewal in response to the aging of facilities.
Furthermore, in regard to the economic outlook, the gradual recovery is expected to continue overall due to a continued recovery in consumer
spending and growth in capital investment, although it is necessary to pay careful attention to the impact of trade issues on the global economy
and the impact of fluctuations in financial and capital markets.
In the real estate industry, the residential market saw sales prices continue to increase while supply volume declined due to construction
costs remaining high and intensified competition for the land acquisition, and there continued to be a trend of polarization in salability basedon the levels of the convenience of the regions and the properties themselves. In the office market, many deals were executed in connection
with office expansion such as relocations for more space, opening of branch offices and the expansion of floor space within buildings, anddeclining vacancy rates and increasing rent revenue continued nationwide. In the real estate investment market, the total asset size of J-REITs
was steadily expanded thanks to the increase of property acquisition accompanied by new listings and public offerings, and the appraisal of JREITs as stable and secure investments not susceptible to the impact of international affairs was enhanced because of the favorable domestic
real estate market conditions.
In this business environment, the Nomura Real Estate Group (the “Group”) posted the following consolidated performance for the fiscal
year under review: Operating revenue of 668,510 million yen, which represents an increase of 44,748 million yen, or 7.2% year on year;
operating profit of 79,162 million yen, an increase of 2,502 million yen, or 3.3%; ordinary profit of 69,323 million yen, an increase of 1,290
million yen, or 1.9%; and profit attributable to owners of parent of 45,873 million yen, a decrease of 155 million yen, or 0.3%.
An overview of business unit achievements is given below:
Operating revenue for each business unit includes internal sales and transfer amount among business units. Due to the rounding of fractions,
total figures may not match.
From this consolidated fiscal year, Nomura Real Estate Reform Co., Ltd., which had been classified under the Residential Development
Business Unit, was transferred to the Property & Facility Management Business Unit to promote business through integration into theproperty and facility management business. As of August 1, 2018, Nomura Real Estate Reform Co., Ltd. was merged with Nomura Real
Estate Partners Co., Ltd being the surviving company in an absorption-type merger.
In line with this change, the financial results of the fiscal year ended March 31, 2018 are calculated under the new classification.
<Residential Development Business Unit>
Operating revenue in this business unit totaled 362,761 million yen, which represents an increase of 7,315 million yen, or 2.1% year on
year, and operating profit totaled 23,180 million yen, which represents a decrease of 1,343 million yen, or 5.5% year on year, resulting in
an increase in operating revenue and a decrease in operating profit compared with the previous fiscal year.
This was mainly due to a decrease in gross profit in not residential development but other business owing to a decline in fees from JV
projects, while there is no change in gross profit margin ratio for housing sales and there was an increase in the number of housing sales
and a rise in unit sales prices.
In regard to housing sales, 5,890 units were recorded as sales (an increase of 25 units year on year), including PROUD CITY Etchujima(Koto-ku, Tokyo), PROUD TOWER Higashi Ikebukuro (Toshima-ku, Tokyo), OHANA Sobudai (Zama-shi, Kanagawa), PROUD
Shirakabecho (Higashi-ku, Nagoya-shi, Aichi) for condominiums, and PROUD SEASON Senri Maruyamacho (Suita-shi, Osaka) for
detached housings.
The number of housing contracted but not recorded as sales were 2,996 units as of the end of the fiscal year under review (an increase of
165 units compared with the end of the previous fiscal year). The contract progress rate for the planned 5,100 units of the next fiscal year
was 49.7% at the start of the fiscal year.
Number of units, sales, and outstanding contract amount as sold for the joint-venture projects are calculated based on the Group’s share.

2

Breakdown of operating revenue
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)

Operating revenue

Housing units sold
Housing sales Tokyo metropolitan area

(Millions of yen)

Operating revenue

Housing units sold(Millions of yen)

4,483 units

269,685

4,295 units

264,695

Kansai area

716 units

34,734830 units

40,719Other

666 units

32,399764 units

36,641

Subtotal

5,865 units

336,819

5,890 units

342,055(Detached housing)(607 units)(37,898)(647 units)(44,378)-

18,626-

20,705-355,445-362,761

Other
Total

Housing sales Period-end completed housing inventory (released for sale)
As of March 31, 2018

As of March 31, 2019

Tokyo metropolitan area

145 units

147 units

Kansai area

75 units

62 unitsOther

19 units

19 units

Total

239 units

229 units(Detached housing)(15 units)(35 units)

Housing sales Period-end completed housing inventory (unreleased)
As of March 31, 2018

As of March 31, 2019Total

218 units

47 units(Detached housing)(11 units)(9 units)

Housing sales Contracted but not recorded as housing sales
As of March 31, 2018

As of March 31, 2019

Outstanding
Housing units

contract amount

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

Tokyo metropolitan area

2,118 units

134,060

2,204 units

156,292

Kansai area

346 units

17,872410 units

21,694

Other

366 units

19,011381 units

22,222

Total

2,831 units

170,9442,996 units

200,209(Detached housing)(53 units)(3,353)(21 units)(1,608)<Leasing Business Unit >Operating revenue in this business unit totaled 167,628 million yen, which represents an increase of 32,686 million yen, or 24.2% year on
year, and operating profit totaled 38,858 million yen, an increase of 3,625 million yen, or 10.3%, resulting in increases in both operating revenue
and operating profit compared with the previous fiscal year.
This was mainly due to an increase in leasing revenue in leasing business and revenues of property sales in property development business.
Furthermore, the Company acquired all of the shares of Ryubundo Co., Ltd., which owns properties such as Hotel Niwa Tokyo, and its
wholly-owned subsidiary UHM Co., Ltd., a hotel operating company, in March 2019.

3

Breakdown of operating revenue
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)(Millions of yen)

(Millions of yen)

Leasing (offices)

53,312

53,975

Leasing (retail facilities)

12,686

13,817

Leasing (other)

7,193

7,946

Property development (sale)

43,301

77,090Property development (leasing)

4,724

5,031

Other

13,722

9,766

134,941

167,628

Total
Rentable area

As of March 31, 2018

As of March 31, 2019

Offices

846,338 m2

784,122 m2

Retail facilities

174,666 m2

169,497 m2

1,021,004 m2

953,620 m2

Total
Vacancy rate (offices and retail facilities)
As of March 31, 2018

As of March 31, 2019
0.7%

4.7%

<Investment Management Business Unit>
Operating revenue in this business unit totaled 9,641 million yen, which represents an increase of 263 million yen, or 2.8% year on year,
and operating profit totaled 5,943 million yen, an increase of 31 million yen, or 0.5%, resulting in increases in both operating revenue andoperating profit compared with the previous fiscal year.
Assets under management increased compared with the end of the previous fiscal year due to the acquisition of 75% of the shares ofLothbury, a real estate investment manager in the UK, in November 2018.
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)(Millions of yen)

(Millions of yen)
9,378

Operating revenue

9,641

Assets under management
As of March 31, 2018

As of March 31, 2019

(Millions of yen)

(Millions of yen)

REITs
Private funds, etc.
Total

1,209,259

1,290,999

76,643

378,477

1,285,903

1,669,476<Property Brokerage & CRE Business Unit>
Operating revenue in this business unit totaled 37,298 million yen, which represents an increase of 1,595 million yen, or 4.5% year on
year, and operating profit totaled 8,170 million yen, a decrease of 281 million yen, or 3.3%, resulting in an increases in operating revenue
and a decrease in operating profit compared with the previous fiscal year.
This was mainly due to investments in human resources, stores and systems with looking ahead to expand the business volume.
In the retail business, we opened the following new branches: Nagoya branch (Naka-ku, Nagoya-shi, Aichi) in April 2018, Toranomon
Center (Minato-ku, Tokyo) in May 2018, and Yokohama motomachi Center (Naka-ku, Yokohama-shi, Kanagawa) in October 2018.

4Breakdown of operating revenue
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)(Millions of yen)

(Millions of yen)

Property brokerage

31,63733,136

Other

4,065

4,162

35,70337,298

Total

Number of transactions and transaction value of property brokerage
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)

Number of transactions
Total transaction value (Millions of yen)

8,561

8,922

800,739

767,324<Property & Facility Management Business Unit>
Operating revenue in this business unit totaled 107,802 million yen, which represents an increase of 3,220 million yen, or 3.1% year on
year, and operating profit totaled 8,067 million yen, an increase of 988 million yen, or 14.0%, resulting in both increases in operating revenue
and operating profit compared with the previous fiscal year.
This was mainly due to an increase in revenue of property and facility management with the increase in the number of properties undermanagement and an increase in the number of members in the fitness club business.
In the fitness club business, we opened MEGALOS HIBIYA chanter (Chiyoda-ku, Tokyo) in September 2018 and MEGALOS Reflet
SHINSAIBASHI (Chuo-ku, Osaka-shi, Osaka) in November 2018.
From this consolidated fiscal year, Nomura Real Estate Reform Co., Ltd., which had been classified under the Residential Development
Business Unit, was transferred to the Property & Facility Management Business Unit. In line with this change, the financial results of the
fiscal year ended March 31, 2018 are calculated under the new classification.
As of August 1, 2018, Nomura Real Estate Reform Co., Ltd. was merged with Nomura Real Estate Partners Co., Ltd being the surviving
company in an absorption-type merger .
Breakdown of operating revenue
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)(Millions of yen)

(Millions of yen)

Property & facility management

50,386

51,222

Construction ordered

31,60432,083Fitness club & elderly care

16,064

17,025

Other

6,526

7,469

104,581

107,802

Total
Number of properties under management

As of March 31, 2018
Buildings under management
Condominiums under management (unit)

As of March 31, 2019

723

732

173,705

177,582<Other Business Unit>
Operating revenue in this business unit totaled 94 million yen, which represents a decrease of 12 million yen, or 11.7% year on year,
and operating loss totaled 43 million yen (operating loss of the previous fiscal year was 10 million yen).

5(2) Financial Position
As of Mar. 31, 2018

As of Mar. 31, 2019

Changes(Millions of yen)

(Millions of yen)

(Millions of yen)

Changes

Total assets

1,673,099

1,759,455

86,355

5.2%

Total liabilities

1,158,116

1,217,893

59,776

5.2%

Of which, Interest-bearing debt

(877,800)(914,000)(36,200)(4.1%)Net assets

514,982

541,562

26,579

5.2%

Shareholders' equity ratio

30.0%

29.9%

1.8

1.7

Debt/ equity ratio(Note) Debt/ equity ratio = Interest-bearing debt / Shareholder’s equity
Total assets were 1,759,455 million yen, which represents an increase of 86,355 million yen compared to the end of the previous fiscal year.
This was mainly due to increases in cash and deposits (increased by 29,003 million yen) and securities (increased by 28,000 million yen).
Total liabilities were 1,217,893 million yen, which represents an increase of 59,776 million yen compared to the end of the previous fiscal
year. This was mainly due to increases in interest-bearing debt (increased by 36,200 million yen) and notes and accounts payable-trade (increasedby 12,230 million yen).
Net assets were 541,562 million yen, which represents an increase of 26,579 million yen compared to the end of the previous fiscal year. Thiswas mainly due to the acquisition of treasury shares (decreased by 8,783 million yen) while an increase in retained earnings (increased by 32,271
million yen).
The shareholders' equity ratio was 29.9%, a decrease of 0.1 percentage point from the end of the previous fiscal year.

(3) Cash Flows
Cash and cash equivalents as of the end of the fiscal year under review totaled 118,330 million yen, which represents an increase of 56,983
million yen compared to the end of the previous fiscal year.
The state and factors associated with each cash flow of the fiscal year under review are shown below.
(Cash Flows from Operating Activities)
Net cash provided by (used in) operating activities increased by 89,964 million yen (a year-on-year increase of 68,465 million yen). Thiswas mainly due to the payments of income taxes, while profit before income taxes totaled 65,407 million yen and inventories decreased.
(Cash Flows from Investing Activities)
Net cash provided by (used in) investing activities decreased by 46,699 million yen (a year-on-year increase of 4,938 million yen). Thiswas mainly due to the payment for the acquisition of subsidiary shares accompanying changes in the scope of consolidation and thepurchase of property, plant and equipment and intangible assets(Cash Flows from Financing Activities)
Net cash provided by (used in) financing activities increased by 13,723 million yen (a year-on-year decrease of 30,063 million yen). Thiswas mainly due to the procurement of funds by long-term loans payable, while there was acquisition of treasury shares and payment ofcash dividends.

(4) Forecasts<Consolidated>
We expect to post operating revenue of 739,000 million yen, operating profit of 79,500 million yen, business profit of 80,000 million yen,ordinary profit of 70,000 million yen, and profit attributable to owners of parent of 46,000 million yen for the fiscal year ending March 31,
2020.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible
assets associated with corporate acquisitions

6

FY2019 Forecasts

FY2018Changes(Millions of yen)

(Millions of yen)

(Millions of yen)

Operating revenue

739,000

668,51070,489Operating profit

79,50079,162

337

Business profit

80,00079,623376

Ordinary profit

70,00069,323

676

Profit attributable to owners of parent

46,00045,873126<Forecasts by units>
Forecasts for the fiscal year ending March 31, 2020 by business unit are as follows.
From April 2019, the name of the reportable segment that was previously the Leasing Business Unit has been changed to the Commercial
Real Estate Business Unit. In addition, Nomura Real Estate Life & Sports Co., Ltd. and Nomura Real Estate Wellness Co., Ltd., which had
been classified under the Property & Facility Management Business Unit, were reclassified under the Commercial Real Estate Business Unit
and Residential Development Business Unit, respectively, the former because it aims to promote business in conjunction with the commercial
real estate business, and the latter because it aims to promote business in conjunction with the residential development business. The rental
housing business, which had been classified under the Commercial Real Estate Business Unit, was reclassified under the Residential
Development Business Unit to promote business in conjunction with the residential development business. In line with this change, thefinancial results for the fiscal year ended March 31, 2019 and forecasts of the financial results for the fiscal year ending March 31, 2020 bybusiness unit are calculated under the new classification.
Operating revenue
FY2019 Forecasts

FY2018Changes(Millions of yen)

(Millions of yen)

(Millions of yen)

Residential Development Business

365,000

375,373(10,373)

Commercial Real Estate Business

242,000

171,61270,387

Investment Management Business

12,000

9,641

2,358

Property Brokerage & CRE Business

41,00037,2983,701

Property & Facility Management

92,00091,374625

Business
Other
Adjustments
Total

0

94

(94)

(13,000)(16,885)

3,885

739,000

668,51070,489Business profit
FY2019 Forecasts

FY2018Changes(Millions of yen)

(Millions of yen)

(Millions of yen)

Residential Development Business

23,50025,032(1,532)

Commercial Real Estate Business

38,50038,043456

Investment Management Business

7,000

5,969

1,030

Property Brokerage & CRE Business

9,000

8,170

829

Property & Facility Management

7,500

7,464

35

0

(43)

43

(5,500)(5,013)(486)

80,00079,623376

Business
Other
Adjustments
Total

7

(5) Basic Policy regarding Profit Distribution and Dividends for the Current and Next Fiscal Year
The Company’s payout ratio is approximately 30%, in accordance with business performance, comprehensively considering the operating
environment, capital investment plans, retained earnings, and other relevant factors for the fiscal year ended March 31, 2019. The Company
intends to set the year-end dividend for the fiscal year ended March 31, 2019 at 37.5 yen per share as forecasted. Combined with the second
quarter-end dividend, the annual dividend per share will be 75.0 yen.
As for the fiscal year ended March 31, 2020 in Phase 1 of the Mid- to Long-term Management Plan (from fiscal year ending March 31,
2020 to fiscal year ending March 31, 2022) formulated in April 2019, total return ratio is around 40% to 50%. In regard to the dividend forthe next fiscal year, the second quarter-end and year-end dividends will be 40.0 yen per share, and the annual dividend will be 80.0 yen per
share.

8

2. Group Companies
Major business contents of the Nomura Real Estate Group and 65 affiliated companies (39 consolidated subsidiaries, and 26 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 and detached housing.
･Prime X. Co., Ltd. is engaged in Internet advertising for the real estate and housing industries.
･First Living Assistance Co., Ltd. provides services aimed at providing assistance to customers concerning their homes and living
arrangements.
<Leasing Business Unit >･Nomura Real Estate Development Co., Ltd. develops, builds and leases office buildings and retail facilities, and engages in the entrusted
management of office buildings. The Company is also engaged in the development and sale of property development for the real-estate
investment market, and the planning and management of construction work.
･NREG TOSHIBA BUILDING Co., Ltd. offers service that spans the development, construction, and leasing of office buildings, housing,and retail facilities, etc., as well as consultation on corporate real estate (CRE) utilization, and the development and sale of condominiums.
･Geo Akamatsu Co., Ltd. is engaged in the design and entrusted management of retail facilities.
･Nomura Real Estate Hotels Co., Ltd. is engaged in the planning and operation of hotels.
･UHM Co., Ltd. is engaged in the planning and operation of hotels.
･NREG TOSHIBA BUILDING FACILITIES Co., Ltd. offers maintenance and cleaning services for office buildings entrusted by
NREG TOSHIBA BUILDING Co., Ltd.
<Investment Management Business Unit >･Nomura Real Estate Asset Management Co., Ltd. provides investment management services including private funds, real estate
investment trusts (REITs), and real estate securitization products. Nomura Real Estate Development Co., Ltd. also has equity interest in
the funds managed by Nomura Real Estate Asset Management Co., Ltd.
･Lothbury Investment Management Group 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. Nomura Real Estate Urban Net Co., Ltd. also handles consignment sales for condominium units and detached housing.
<Property & Facility Management Business Unit >･Nomura Real Estate Partners Co., Ltd. is engaged in the entrusted management of condominiums, office buildings, and educational
facilities as well as tenant construction and repairment associated with management.
･Nomura Real Estate Life & Sports Co., Ltd. manages fitness club 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 Wellness Co., Ltd. is engaged in the development, planning, and operation of housing services for the elderly.
Nomura Real Estate Development Co., Ltd. promotes the elderly services business conducted by Nomura Real Estate Wellness Co., Ltd.,and carries out the acquisition and management of real estate for that business.
･Nomura Real Estate Amenity Service Co., Ltd. is engaged in the entrusted cleaning of office buildings, mainly from Nomura Real Estate
Partners Co., Ltd.
･NF Power Service Co., Ltd. is engaged in the sale, intermediation, and supply of electric energy.
<Other Business Unit >･Nomura Real Estate Development Co., Ltd. is engaged in the sale and lease of land and buildings.
The matters described above are shown in the following systematic business diagram.

9

Nomura Real Estate Holdings, Inc.
Nomura Real
Estate Group

Residential
Development
Business UnitManagement Guidance

Leasing
Business
Unit

Proprety
Brokerage &CRE Business
Unit

Investment
Management
Business
Unit

Property &Facility
Management
Business Unit

Other
Business
Unit

Nomura Real Estate Development

PRIME X.

First Living
Assistance

NREG
TOSHIBA
BUILDING
Geo Akamatsu

Nomura Real
Estate Hotels

Nomura Real
Estate AssetManagement

Nomura Real
Estate Urban
Net

Nomura Real
Estate Partners
Nomura Real
Estate Life &SportsLothbury
Investment
Management
Group
LimitedNomura Real
Estate Heating &Cooling Supply

Nomura Real
Estate Wellness

UHM
Nomura Real
Estate Amenity
NREG TOSHIBABUILDING
FACILITIESNF Power
Service(Note) On November 30, 2018, the Company acquired 75% of the shares of Lothbury Investment Management Group Limited andclassified it under the Investment Management Business Unit. On March 1, 2019, the Company acquired all of the shares of UHM
Co., Ltd. and classified it under the Leasing Business Unit. From April 2019, the name of the reportable segment that was previously
the Leasing Business Unit has been changed to the Commercial Real Estate Business Unit. Nomura Real Estate Life & Sports Co.,
Ltd. and Nomura Real Estate Wellness Co., Ltd., which had been classified under the Property & Facility Management Business
Unit, were reclassified under the Commercial Real Estate Business Unit and Residential Development Business Unit, respectively,
the former because it aims to promote business in conjunction with the commercial real estate business, and the latter because itaims to promote business in conjunction with the residential development business. Furthermore, NF Power Service Co., Ltd.
ceased being a consolidated subsidiary on April 1, 2019 because part of the shares was transferred.

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, 2018

As of March 31, 2019

AssetsCurrent assets
Cash and deposits

52,347

81,351

Notes and accounts receivable - trade17,30826,601

Securities

9,000

37,000Real estate for sale

102,884

161,224

Real estate for sale in process

261,278

290,398

Land held for development

228,326

184,650

Equity investments

9,612

18,066

Other

36,91750,274(39)(39)

717,635

849,528

403,011

394,979

Accumulated depreciation(163,985)(171,594)

Buildings and structures, net

239,026

223,385Land

592,550544,226

Other

26,57629,885(9,778)(10,464)

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

Accumulated depreciation
Other, net

16,797

19,421

848,374

787,033

12,364

18,104

Investment securities

42,36250,522

Leasehold and guarantee deposits

23,131

25,448Deferred tax assets

20,843

20,863

Other

8,387

7,956

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

94,725

104,789

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

Total non-current assets
Total assets

12955,464

909,926

1,673,099

1,759,455

(Millions of yen)
As of March 31, 2018

As of March 31, 2019

Liabilities
Current liabilities
Notes and accounts payable - trade

41,69653,927

Short-term loans payable

102,300

79,500

Income taxes payable

14,993

13,318Deposits received

18,807

26,915

Provision for bonuses

7,679

8,176

Provision for bonuses for directors (and other officers)

590

495

Provision for loss on business liquidation

36

26

Other

48,07349,513

Total current liabilities

234,176

231,873

Bonds payable

140,000

140,000

Long-term loans payable

635,500

694,500

Leasehold and guarantee deposits received

60,241

59,249Deferred tax liabilities

59,82861,563

Deferred tax liabilities for land revaluation

3,900

3,900

Provision for loss on subleasing business

102

15

18,375

18,175

－

719

5,991

7,895

Non-current liabilities

Retirement benefit liability
Provision for stocks payment
Other
Total non-current liabilities

923,940

986,019

1,158,116

1,217,893

Capital stock

117,072

117,293

Capital surplus

110,316

110,537

Total liabilities
Net assets
Shareholders' equity

Retained earnings

275,299

307,570

Treasury shares(10,004)(18,787)

Total shareholders' equity

492,683

516,613

Valuation difference on available-for-sale securities

4,516

6,718

Deferred gains or losses on hedges

262

(259)

Revaluation reserve for land

7,860

7,860

Accumulated other comprehensive income

Foreign currency translation adjustment

(225)

(677)

Remeasurements of defined benefit plans(3,605)(3,507)

Total accumulated other comprehensive income

8,807

10,134

Share acquisition rights

2,424

2,346

Non-controlling interests

11,067

12,467

Total net assets

514,982

541,562

1,673,099

1,759,455

Total liabilities and net assets

13

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)

Operating revenue

Fiscal year ended

Fiscal year ended

March 31, 2018

March 31, 2019
623,762

668,510※１ 441,708

479,797

Operating gross profit

182,053

188,712Selling, general and administrative expenses

105,393

109,549

Operating profit

76,66079,162

Interest income

45

44Dividend income

75

69

Share of profit of entities accounted for using equity method

25

167

Gain on donation of non-current assets－

54

Interest on refund

162－

Gain on transfer of right to request purchase of shares

112

－

Other

351

409

Total non-operating income

773

746

Interest expenses

7,334

8,753

Other

2,065

1,831

Operating cost

Non-operating income

Non-operating expenses

Total non-operating expenses

9,400

10,584

68,03369,323

3,311－

Gain on sales of investment securities

455－

Total extraordinary income

3,766

－

Impairment loss

3,614

1,989

Loss on building reconstruction

462

835

Loss on transfer of non-current assets

－

1,091

4,077

3,916

Profit before income taxes

67,72265,407

Income taxes - current

23,811

23,263

Income taxes - deferred(2,755)(4,385)

Total income taxes

21,05518,877

Profit46,666

46,529Ordinary profit
Extraordinary income
Gain on sales of non-current assets

Extraordinary losses

Total extraordinary losses

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

14

636

655

46,02945,873

(Consolidated Statements of Comprehensive Income)(Millions of yen)

ProfitFiscal year ended

Fiscal year ended

March 31, 2018

March 31, 201946,666

46,529(3,430)

2,201

142

(521)

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land

(0)

(0)

Foreign currency translation adjustment

(33)

(216)

Remeasurements of defined benefit plans, net of tax

523

98

(254)

(296)

(3,052)

1,265

43,61347,79542,97647,201

636

594

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 of parent
Comprehensive income attributable to non-controllinginterests15

(3) Consolidated Statements of Changes in Net Assets
FY2017 (From April 1, 2017 to March 31, 2018)(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

Retained earnings

116,779

110,023

293

293

Total shareholders'

Treasury shares

242,704

equity469,503(3)

Changes of items during period
Issuance of new shares

586

Dividends of surplus(13,435)(13,435)

46,02946,029Profit attributable to owners ofparentPurchase of treasury shares(10,001)(10,001)

Net changes of items other thanshareholders' equity
Total changes of items during
periodBalance at end of current period

293

293

32,594(10,001)

23,180117,072

110,316

275,299(10,004)

492,683

Accumulated other comprehensive income
Valuation
Total
difference

DeferredForeign
Revaluationon

gains orlosses on

for-salehedgesaccumulatedof defined benefit

other

plans

comprehensive

currency
reserve foravailable-

Remeasurements

translation
land

Share

Non-

acquisition

controllingrightsinterests

1,986

10,462

Total net assets

adjustment

incomesecurities

Balance at beginning of current
period

7,947

119

7,860

62

(4,129)11,860493,813

Changes of items during period
Issuance of new shares

586

Dividends of surplus(13,435)

Profit attributable to owners of

46,029parentPurchase of treasury shares
Net changes of items other thanshareholders' equity
Total changes of items during
periodBalance at end of current period(10,001)(3,430)

142

(0)

(288)

523

(3,053)437

604(2,010)(3,430)

142

(0)

(288)

523

(3,053)437

604

21,169

4,516

262

7,860

(225)

(3,605)

8,807

2,424

11,067514,982

16

FY2018 (From April 1, 2018 to March 31, 2019)(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

Retained earnings

117,072

110,316221

221

Total shareholders'

Treasury shares

275,299

equity492,683(10,004)

Changes of items during period
Issuance of new shares

442

Dividends of surplus(13,602)(13,602)45,87345,873

Profit attributable to owners ofparentPurchase of treasury shares(8,783)(8,783)

Net changes of items other thanshareholders' equity
Total changes of items during
periodBalance at end of current period

221

221

32,271(8,783)23,930117,293

110,537

307,570(18,787)

516,613

Accumulated other comprehensive income
Valuation
Total
difference

DeferredForeign
Revaluation

gains oronlosses on

for-salehedgesaccumulatedof defined benefit

other

plans

comprehensive

currency
reserve foravailable-

Remeasurements

translation
land

Share

Non-

acquisition

controllingrightsinterests

2,424

11,067

Total net assets

adjustment

incomesecurities

Balance at beginning of current
period

4,516

262

7,860

△225

△3,6058,807

514,982

Changes of items during period
Issuance of new shares

442

Dividends of surplus(13,602)

Profit attributable to owners of

45,873parentPurchase of treasury shares
Net changes of items other thanshareholders' equity
Total changes of items during
periodBalance at end of current period(8,783)
2,202

(521)

(0)

(451)

98

1,327

(77)

1,400

2,649

2,202

(521)

(0)

(451)

98

1,327

(77)

1,400

26,579

6,718

(259)

7,860

(677)

(3,507)

10,134

2,346

12,467

541,56217

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

Fiscal year ended

March 31, 2018

March 31, 2019

Cash flows from operating activities
Profit before income taxes

67,72265,407

Depreciation

18,824

19,201

Impairment loss

3,614

1,989

(3,311)
(455)

－

(25)

(167)

1

0

(11)

(9)

(155)

(87)

Interest and dividend income

(555)
(121)

(291)
(114)

Interest expenses

7,334

8,753

(769)
(28,943)(7,044)(8,922)

Loss (gain) on sales of non-current assets
Loss (gain) on sales of investment securities
Share of loss (profit) of entities accounted for using equity
methodIncrease (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on businessliquidation
Increase (decrease) in provision for loss on subleasing
business
Increase (decrease) in retirement benefit liability

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－32,938(8,454)

6,084

11,781(10,652)

8,102

Other, net

4,566(8,105)

Subtotal

56,103122,02394

257(9,425)(25,274)(8,181)(24,134)

21,49889,964(4,439)(4,971)

3,491

143

－

(21,544)－520(71,665)(20,824)

19,5890(1,148)

(649)

1,240

951

Repayments of lease and guarantee deposits received(3,153)(3,859)Proceeds from lease and guarantee deposits received

4,189

3,219

Other, net

258

314

(51,637)(46,699)

Increase (decrease) in deposits received

Interest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sales and liquidation of investment securities
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from sales of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andintangible assets
Payments for leasehold and guarantee deposits
Proceeds from collection of leasehold and guarantee deposits

Net cash provided by (used in) investing activities

18

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2018

March 31, 2019

Cash flows from financing activities
Repayments of finance lease obligations(11,500)(149)(8,000)(160)

Proceeds from long-term loans payable

80,000112,500

Repayments of long-term loans payable(60,800)(68,300)

69,360－Net increase (decrease) in short-term loans payable

Proceeds from issuance of bonds(10,000)

－

391

122

(10,048)(13,435)(31)(8,790)(13,602)(44)

43,787

13,7230(5)Net increase (decrease) in cash and cash equivalents

13,64856,983

Cash and cash equivalents at beginning of period

47,69961,347

Cash and cash equivalents at end of period

61,347

118,330

Redemption of bonds
Proceeds from issuance of common shares
Purchase of treasury shares
Cash dividends paid
Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents19(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)
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)496-(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)
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)

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

766,973794,478

Changes during the fiscal year

27,505(91,246)

Balance at the end of the fiscal year

794,478

703,232

946,597

878,919

26,122

26,026(96)

98

26,026

26,12555,82056,820Fair value at the end of the fiscal year
Properties including the portion used as real estate for rentBook value in the consolidated balance sheets
Balance at the beginning of the fiscal year
Changes during the fiscal year
Balance at the end of the fiscal year
Fair value at the end of the fiscal year

(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, 2018 and 2019 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 reflect 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.

20Income and loss on rental properties and other properties used as rental properties are as follows.
(Millions of yen)
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)

Rental properties
Operating profit

30,40929,169Others (gains (losses) on sale of property, etc.)

(761)

(52)

1,058

1,094

-

-

Other properties used as rental properties
Operating profit
Others (gains (losses) on sale of property, etc.)(Notes) 1. As real estate of which some portions are used as rental property includes portions used by the Company and certain consolidated
subsidiaries for providing services as well as management and administration, operating profit for this type of real estate is notrecorded.
2. Others include gain on sales of non-current assets (3,311 million yen) and impairment loss (3,614 million yen) in the fiscal year
ended March 31, 2018, impairment loss (38 million yen) in the fiscal year ended March 31, 2019.
(Segment Information)【Segment information】
I FY2017 (From April 1, 2017 to March 31, 2018)
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)AmountReportable segments

recorded in
Property
Residential

Other

Property &Adjustments
Total

Investment
Leasing

Development

Brokerage

Facility

Subtotal(Note) 1

Management& CRE

Management

33,521

93,687

consolidated
financial(Note) 2

statements(Note) 3

Operating revenue
Externalcustomers

354,565

132,501

9,378

623,654107

623,762-

623,762

880

2,440

-

2,182

10,893

16,396

0

16,396(16,396)-355,445

134,941

9,378

35,703

104,581

640,050107

640,158(16,396)623,762

24,52335,232

5,911

8,452

7,078

81,198(10)

81,187(4,527)76,660448,4121,060,815

34,84017,18162,781

1,624,031

921

1,624,952

48,147

1,673,099

Depreciation

345

15,809

29

436

1,525

18,145

4

18,150674

18,824

Amortization of
goodwill

-

235

-

-

29

264

-

264

-

264

Investment in affiliates
accounted for using
equity method

9,827

4,809

-

-

513

15,150-15,150-15,150

Increase in property,
plant and equipment
and intangible assets

645

69,151

26

527

2,110

72,461

2

72,464

1,111

73,575Inter-segment
Subtotal
Segment income orlossesSegment assets
Other items(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. (1) The deduction of 4,527 million yen shown in the adjustments column for segment profit or losses includes an increase inelimination of intersegment transactions of 2,591 million yen and a deduction of 7,199 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 48,147 million yen shown in the adjustments column for segment assets includes a deduction of 41,725
million yen for the elimination of inter-segment transactions and an addition of 89,872 million yen for corporate assets not21

allocated to each reportable segment.
3. The segment profit or losses is reconciled to the operating profit stated in the consolidated financial statement.
FY2018 (From April 1, 2018 to March 31, 2019)(Millions of yen)AmountReportable segments

recorded in
Residential

Property

Property &Brokerage

Facility

Other

Adjustments
Total

Investment
Leasing

Development

Subtotal(Note) 1(Note) 2

Management& CRE

Management

consolidated
financialstatements(Note) 3

Operating revenue
Externalcustomers

361,863

165,190

9,639

35,15796,565

668,41594

668,510-

668,510

898

2,437

2

2,141

11,236

16,7160

16,717(16,717)-362,761

167,628

9,641

37,298107,802685,132

94

685,227(16,717)

668,510

23,18038,858

5,943

8,170

8,067

84,219(43)

84,176(5,013)

79,162415,826

1,110,951

42,46328,22864,984

1,662,454

929

1,663,384

96,071

1,759,455

Depreciation

450

15,895

49

506

1,591

18,493

2

18,495705

19,201

Amortization of
goodwill

-

238

5

-

29

273

-

273

-

273

Investment in affiliates
accounted for using
equity method

19,955

7,461

-

76

519

28,012-28,012

114

28,127

Increase in property,
plant and equipment
and intangible assets

537

15,880

10

488

1,692

18,60919

18,628

1,148

19,776

Inter-segment
Subtotal
Segment income orlossesSegment assets
Other items(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. (1) The deduction of 5,013 million yen shown in the adjustments column for segment profit or losses includes an increase inelimination of intersegment transactions of 2,641 million yen and a deduction of 7,655 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 96,071 million yen shown in the adjustments column for segment assets includes a deduction of 49,367
million yen for the elimination of inter-segment transactions and an addition of 145,439 million yen for corporate assets notallocated to each reportable segment.
3. The segment profit or losses is reconciled to the operating profit stated in the consolidated financial statement.
【Notes relating to changes in reportable segments etc.】
From this consolidated fiscal year, Nomura Real Estate Reform Co., Ltd., which had been classified under the Residential Development
Business Unit, was transferred to the Property & Facility Management Business Unit.
The segment information for the previous consolidated fiscal year is prepared and disclosed based on the calculation methods after thischange.
【Related information】
FY2017 (From April 1, 2017 to March 31, 2018)
Information by major customer
Information by major customer is omitted because there is no specific external customer that accounts for 10% or more of operating
revenue in the consolidated statements of income.

22

FY2018 (From April 1, 2018 to March 31, 2019)
Information by major customer(Millions of yen)
Name of customer

Operating revenue

Relevant segment

Nomura Real Estate Master Fund, Inc.

73,523

Leasing business unit

【Impairment loss on noncurrent assets by reportable segment】
FY2017 (From April 1, 2017 to March 31, 2018)(Millions of yen)
Property &Residential

Leasing

Development

Impairment loss-

Investment

Property

Management

Brokerage & CRE

3,614

-

Facility

Total

Management

-

-

3,614

FY2018 (From April 1, 2018 to March 31, 2019)(Millions of yen)
Residential
Leasing

Development

Property &Investment

Property

Management

Brokerage & CRE

Facility

Total

Management

Impairment loss

-

1,989

-

23

-

-

1,989

(Per Share Information)
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)

Net assets per share

2,664.70 yen

2,854.21 yen

Basic earnings per share

240.89 yen

245.99 yen

Diluted earnings per share

239.52 yen

244.55 yen(Note) The basis for the calculation of basic earnings per share and diluted earnings per share is as follows.
FY2017FY2018(From April 1, 2017

(From April 1, 2018

to March 31, 2018)

to March 31, 2019)

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

46,02945,873--46,02945,873

191,083

186,489

-

-

1,088

1,097

1,088

1,097

Description of potentially dilutive common shares not

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

3rd Stock Acquisition Rights in

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

FY2013 (Number of rights: 2,343)

FY2013 (Number of rights: 2,188)

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

3rd Stock Acquisition Rights in

3rd Stock Acquisition Rights in

FY2015 (Number of rights: 3,761)

FY2015 (Number of rights: 3,705)

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 common stock 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)

Nomura Real Estate Holdings, Inc. the
5th Stock Acquisition Rights in
FY2015 (Number of rights: 230)
Nomura Real Estate Holdings, Inc. the
3rd Stock Acquisition Rights in
FY2017 (Number of rights: 4,514)(Note)For the purposes of calculating net assets per share, the Company’s shares owned by the executive compensation BIP (Board
Incentive Plan) trust 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 shares are included in the treasury shares deductedin the calculation of the average number of shares outstanding during the period. For the fiscal year ended March 31, 2019, thenumber of the treasury shares at end of period deducted in calculating net assets per share was 1,725 thousand shares, and theaverage number of treasury shares outstanding during the period deducted in calculating the basic earnings per share and diluted
earnings per share was 655 thousand shares.

(Significant Subsequent Events)
Not applicable24