Main Asset Brands
Residential business

PROUD
A condominium brand aimed at helping each customer
pursue their unique lifestyles, PROUD boasts leading-edge
facilities that provide superior comfort as well as beautiful
design, with each property situated in a select locations.
Cumulative number of housing units supplied:approx. 77,000 units*1, 2

PROUD Nerima Nakamurabashi Marks (common space)

PROUD Motoyoyogicho

PROUD SEASON
Detached housing based on the concept of“creating housing that will endure as theheritage of people, towns and times”
Cumulative number of housing units supplied:approx. 8,000 units*1

PROUD SEASON Seijo Court*1. As of March 31, 2023 (number of developed properties includes plans)*2. Cumulative number of PROUD condominiums and detached housing units supplied

84

Nomura Real Estate Holdings, Inc.

Introduction

Our Vision(To be)Our Current Strengths and Core(Strengths)

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

Data, etc.

PROUD FLAT
Rental housing with renowned quality made possible by
the Group’s abundant know-how
Cumulative number of developed properties:
132 properties*1

PROUD FLAT Nakano (common space)

OUKAS Setagaya Sengawa

PROUD FLAT Ryogoku South

OUKAS

OHANA

Health promoting senior rental housing developed under
the concept of residences that facilitate enjoying the timeof one’s life

Suburban-type condominiums developed under the conceptof “delivering high-quality housing to as many customers
as possible”

Cumulative number of developed properties:
11 properties*1

Cumulative number of housing units supplied:approx. 5,000 units*1

OHANA Nakaurawa

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85

Commercial Real Estate Development Business

OfficePMO
Medium-scale office building similar in quality and specifications tolarge-scale office buildings
Cumulative number of developed properties: 72 properties*

PMO Nishishinbashi

PMO Tamachi IV

H1T
Satellite-type shared office that accommodates needs
associated with more diverse and efficient workstyles

1

HO

Number of bases: 248 branches* (including affiliated offices)
Small office with services to meet theneeds of workers in a small team
Cumulative number of developed
properties: 18 properties*(including types that are incorporated
into larger developed property’s floors)

H1O Aoyama

H1T Ikebukuro West Exit

Logistics facilities

Landport
Logistics facility with advanced and high functionality
Cumulative number of developed properties: 47 properties*

Landport Tama

* Cumulative number of developed properties (including plans) and number of bases are as of March 31, 2023

86

Nomura Real Estate Holdings, Inc.

Introduction

Our Vision(To be)Our Current Strengths and Core(Strengths)

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

Data, etc.

Retail facilities

GEMS
Urban retail facility that mainly features one
restaurant on each floor
Cumulative number of developed properties:
22 properties*

GEMS Tamachi

GEMS Roppongi

GEMS Kawasaki

SOCOLAMEFULL

Neighborhood retail facility that
integrates grocery supermarkets,merchandise sales, restaurants,
and service stores

Urban retail facility mainly focusing
on service industries
SOCOLA Hiyoshi

Cumulative number of developed
properties: 8 properties*

Cumulative number of developed
properties: 7 properties*

SOCOLA Minami Gyotoku

MEFULL Tamachi

Hotel

NOHGA HOTEL
Hotel with the concept of “creating memorable
experiences through close links with the local
community”
Cumulative number of developed properties:
3 properties*

NOHGA HOTEL KIYOMIZU KYOTO

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87

Main Development Projects
Large-scale, Mixed-use Redevelopment Project
Shibaura Project*3
We are promoting the construction of the Twin Towers as
a reconstruction project for the Hamamatsucho Building(Toshiba Building). It is a large-scale, mixed-use
development covering an area totaling around 47,000 m2
with a gross floor area of around 550,000 m2.
We propose TOKYO WORKation,*1 a new way ofworking while experiencing the sky, sea, and greenery in
the urban center featuring the unique location of the
Shibaura area facing Tokyo Bay.
In addition, the Company decided to move the head
offices*2 of each Group company to the South Tower.
Aiming to realize the key theme of “high profit growth, andhigh asset and capital efficiency” in the Mid- to Long-term
Business Plan, we will foster an organizational culture morechallenging than ever before and realize new workstyles.
Location:
Minato-ku, Tokyo
District area:
approx. 47,000 m2
Gross floor area: approx. 550,000 m2
Major uses:
Office, retail, hotel, shared residence,parking lot, etc.
Number of floors: South Tower, 43F above ground,
3F below ground
North Tower, 45F above ground,
3F below ground
Scheduled forSouth Tower Feb. 2025,
completion:
North Tower FY31/3
Business entities: Nomura Real Estate Development
East Japan Railway Company

Nihonbashi 1-chome Central District
Category 1 Urban Redevelopment*3

Nakano Station Shin North Exit
Station-Front Area Redevelopment*3

Okayama City Ekimae-cho 1-chome 2, 3, 4District Redevelopment*3

Scheduled forcompletion:
Major uses:

Scheduled forcompletion:
Major uses:

Scheduled forcompletion:
Major uses:

FY26/3
Office, retail facility, hotel,residence, conference venue
Gross floor area: approx. 380,300m2

FY30/3
Halls, office, residence, retail facility,
hotel, area management facilities
Gross floor area: approx. 298,000m2

FY26/3
Residence, retail facility, office,hotel, hall
Gross floor area: approx. 84,300m2*1. Workstyles that help enhance performance and employee engagement thanks to the option to select one’s workplace from among office areas, hotels, retail facilities, surrounding outside spaces,
and other locations that promote individual wellbeing*2. Companies subject to the move are still under consideration*3. Joint venture project88

Nomura Real Estate Holdings, Inc.

Introduction

Our Vision(To be)Our Current Strengths and Core(Strengths)

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

Data, etc.

Overseas Business

Asia
Grand Park 2nd period*3
Ho Chi Minh City, Vietnam
Completion: 2022
Major use: Residence
Total units: approx. 11,000

Sunshine Fort*3
Manila,Philippines

Scheduled for
Residence 2023 and onward
completion:
Retail facility 2022
Major uses:
Residence, retail facility
Total units:
approx. 1,400
Retail facility
Rental floor area: approx. 17,000m2

Park Origin Thonglor*3
Bangkok, Thailand

Completion: 2022
Major use: Residence
Total units: approx. 1,180

U.K. and U.S.

127 Charing Cross Road
London, U.K.

Press Block Project*3
Portland, U.S.

Schedule for completionof renovation work:
2024
Major uses:
Office, store
Gross floor area:
approx. 5,200m2

Scheduled
for completion:
Major uses:

2025
Rental housing,retail, office

Number of rental
housing units:
341
Rental floor area for retail and office
Retail facilities: approx. 1,113m2
Offices:
approx. 1,840m2

Integrated Report 2023

89

11-year Financial Data
FY13/3

FY14/3

FY15/3

FY16/3

FY17/3Operating revenue

517,740

532,016

567,159

569,545569,680

Operating profit

58,30874,307

71,89480,912

77,271

Statements of Income / Balance Sheets /Statements of Cash Flows (Millions of yen):

1

Business profit*

—

—

—

—

—

Ordinary profit

45,80664,05863,681

72,67968,952

Profit attributable to owners of parent

19,357

26,84438,44147,18247,005

Total assets

1,369,949

1,313,887

1,369,226

1,485,449

1,593,093

Current assets

535,103496,978

549,300

608,779

684,306

Inventories

369,667

349,167

429,764

496,910570,888

29,578

7,128

6,316

819

2,567

Non-current assets

Equity investments

834,845816,909819,926

876,670

908,786

Total net assets

398,276

418,697

461,031456,408

493,813Interest-bearing debt

669,268

617,583

616,700

721,900

810,100

Cash flows from operating activities

89,29583,53523,837

13,258(31,889)

Cash flows from investing activities(2,588)(20,191)(32,476)(59,714)(54,558)

Cash flows from financing activities(94,666)(57,858)(8,983)53,63776,575

18,963

21,93838,87150,36761,3002

Capital investment*

Per Share Data (Yen):
Profit attributable to owners of parent

101.61140.70201.28246.42245.101,764.05

1,863.12

2,061.86

2,320.84

2,508.73

NAV*3

1,885

1,997

2,299

2,708

3,063

Annual dividends

30.00

35.00

45.00

57.50

65.00

190,595,500

190,906,800

191,119,700

191,679,601

191,877,801

1,125

1,206

1,206

1,508

1,709

11.3

14.0

12.7

14.2

13.6

Net assets

Share Information (Shares):
Number of shares issued at the end of period(including treasury shares)
Treasury shares at the end of period*4
Management Benchmarks:
Operating profit ratio (%)
5

ROA* (%)

4.5

5.6

5.5

5.8

5.1

ROE*6 (%)

5.9

7.8

10.3

11.2

10.1

Shareholders’ equity ratio

24.5

27.1

28.8

29.9

30.2

Unrealized profit*7 (billions of yen)

37.2

41.2

70.2

110.9

153.9

D/E ratio (times)

2.0

1.7

1.6

1.6

1.7

EBITDA* (billions of yen)

61.0

72.8

82.1

94.8

93.7

Debt to EBITDA ratio*8 (times)

11.0

8.5

7.5

7.6

8.6

Total return ratio* (%)

29.5

24.9

22.4

23.3

26.5

Dividend payout ratio*10 (%)

29.5

24.9

22.4

23.3

26.5

Share price (yen)

2,084

1,970

2,166

2,080

1,774

PER (times)

20.9

15.0

14.2

9.9

7.9

PBR (times)

1.2

1.1

1.1

0.9

0.7

Total shareholder return (TSR)*11

—

—

—

—

—

8

9

Stock Index (at the end of each period):*1 Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible assets associated with corporate acquisitions*2 Capital investment represents the amount shown for “Purchase of property, plant and equipment and intangible assets” in the Consolidated Statements of Cash Flows.
*3 NAV per share = (shareholders’ equity + unrealized gains (after deduction of tax)) / the number of shares issued at the end of period (excluding treasury shares), Unrealized gains (after deduction oftax) = Unrealized gains × (1-effective tax rate)*4 Treasury shares at the end of period includes shares held by the executive compensation BIP (Board Incentive Plan) trust and shares held by the ESOP (Employee Stock Ownership Plan) trust for
granting stock for employees.
*5 ROA = business profit / average assets during the fiscal year Before FY17/3: ROA = (operating income + non-operating income) /average assets during the fiscal year
*6 ROE = profit attributable to owners of parent / shareholders’ equity (average over the fiscal year)

90

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Introduction

Our Vision(To be)Our Current Strengths and Core(Strengths)

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

FY23/3

Data, etc.

FY24/3 (forecast)*12

FY18/3

FY19/3

FY20/3

FY21/3

FY22/3

623,762

668,510

676,495

580,660

645,049

654,735

750,000

76,66079,162

81,90576,333

91,21099,598103,000—

79,623

82,83376,44892,765

105,172

109,000

68,03369,32373,07765,96582,557

94,121

94,00046,02945,87348,88642,19855,31264,52065,0001,673,099

1,759,455

1,801,273

1,921,306

2,040,506

2,110,693—

717,635

849,528

906,726

1,043,321

1,126,802

1,182,306—

592,996

636,925

714,734

875,520894,229

999,125—

9,612

18,06630,983

28,77033,87132,320—955,464

909,926

894,547

877,985

913,703

928,387—

514,982

541,562

565,120586,350

621,398

655,737—

877,800

914,000

870,000

1,008,500

1,022,735

1,121,548—

21,49889,96456,618(63,504)

52,793(42,809)—(51,637)(46,699)(30,490)(55,789)(46,277)(62,896)—

43,787

13,723(66,821)112,376(9,619)65,675—71,66520,824

20,36345,66536,61844,064—240.89245.99267.21232.53307.81365.26374.272,664.70

2,854.21

3,031.15

3,229.80

3,478.14

3,756.30

—

3,333

3,630

3,833

4,035

4,442

4,764

—

70.00

75.00

80.00

82.50

97.50

120.00130.00

192,155,201

192,373,101

192,875,301

193,099,001

182,604,637

182,938,437—

3,956,956

7,821,664

11,367,181

12,490,613

4,704,422

9,015,395

—

12.3

11.8

12.1

13.1

14.1

15.2

—

4.7

4.6

4.7

4.1

4.7

5.1

—

9.4

8.9

9.1

7.4

9.2

10.1

—

30.0

29.9

30.5

30.4

30.3

31.0

—

181.9

206.3

209.6

209.6

247.0

252.5

—

1.8

1.7

1.6

1.7

1.7

1.7

—

93.8

93.3

101.6

91.8

108.9

118.9

—

9.4

9.8

8.6

11.0

9.4

9.4

—

50.8

41.4

46.3

45.0

44.3

47.6

—

29.1

30.5

29.9

35.5

31.7

32.9

34.7

2,512

2,125

1,755

2,665

2,933

2,930

—

10.7

8.5

6.9

12.0

10.2

8.5

—

1.0

0.8

0.6

0.9

0.9

0.8

—

—

87.6

76.0

115.5

130.1

134.8

—

* 7 Unrealized profit = fair value of real estate for rent at the end of the fiscal year – balance of real estate for rent at the end of the fiscal year
* 8 EBITDA = profit before income taxes + interest expenses + depreciation, Debt to EBITDA ratio = interest bearing debt / EBITDA* 9 Total return ratio = (dividend per share + share buyback per share) / EPS*10 Dividend payout ratio = dividend per share / EPS*11 Total shareholder return (TSR) = (stock price as of the end of the fiscal year + accumulated dividend per share from FY19/3 to FY23/3) / stock price as of the end of FY18/3*12 Forecasts as of July 27, 2023

Integrated Report 2023

91

Business Unit Information(millions of yen)

Operating Revenue

FY20/3

FY21/3

FY22/3 *1, 2, 3

FY23/3

Residential Development
Housing sales (Japan)
Rental housing (sales)*4
Rental housing (leasing revenue)*4
SeniorOther
Commercial Real Estate
Leasing (offices)
Leasing (retail facilities)
Leasing (other)
Property for sales (sale)*5
Property for sales (leasing)*5
Fitness
Other
Overseas
Housing sales
Leasing
Other
Investment Management
Property Brokerage & CRE
Brokerage fee (retail)*3
Brokerage fee (middle)*3
Brokerage fee (wholesale)*3
Other
Property & Facility Management
Property & facility management
Construction ordered
Other
Adjustments (elimination or corporate)
Total
Operating Profit

333,966
294,376
17,931
1,070
451
20,136
212,133
48,562
12,9108,375
106,816
7,037
15,757
12,674————
12,05939,11024,017—
11,138
3,954
98,27455,53037,327
5,417
1,143(20,193)
676,495

272,577
247,609
5,035
925
651
18,355
179,227
47,411
11,018
5,776
87,846
11,23911,509
4,426
—
—
—
—
12,45639,43623,334—
11,384
4,717
98,38456,78335,863
5,737
2,070(23,492)
580,660

309,225
284,015
4,120
1,501
998
18,590202,460
45,666
12,302
4,131
106,451
13,977
13,624
6,306
2,628
1,785
692
150
12,804
43,762
21,825
8,326
9,681
3,929
99,23058,26435,2155,750
126(25,188)645,049

302,480
273,662
6,300
2,303
1,403
18,811
199,309
41,191
16,195
3,323
97,471
16,786
15,040
9,301
6,770
5,876
657
235
13,63247,70024,071
9,613
11,571
2,442
105,474
59,50239,875
6,096
282(20,913)654,735

Operating Profit
Residential Development
Commercial Real Estate
Overseas
Investment Management
Property Brokerage & CRE
Property & Facility Management
Other
Adjustments (elimination or corporate)
Total(millions of yen)

25,351
38,941
—
6,853
9,097
8,474
(1,267)(5,545)
81,90522,42135,138
—
7,296
8,962
9,089
(789)
(5,776)76,33332,51938,286(512)
7,515
11,713
9,114(199)(7,227)
91,21033,32339,231
2,414
7,796
13,785
9,816
147(6,917)
99,59825,33939,247
—
7,149
9,088
8,566
(1,012)(5,545)82,83322,40435,469
—
7,587
8,976
9,281
(1,495)(5,776)76,44832,55038,590291
7,836
11,716
9,205(199)(7,227)
92,76533,33339,5297,288
8,089
13,822
9,878
147(6,917)105,172

Business Profit*6
Residential Development
Commercial Real Estate
Overseas
Investment Management
Property Brokerage & CRE
Property & Facility Management
Other
Adjustments (elimination or corporate)
Total(millions of yen)

*1 From FY23/3, the Overseas Business Unit was newly established, and the Overseas Business Division of Nomura Real Estate Development and overseas subsidiaries, etc., which had beenclassified under the “Other,” have been reclassified under this business unit. Due to this change, the figures listed for FY22/3 have been retroactively adjusted.
*2 As of April 1, 2022, Nomura Real Estate Development and Nomura Real Estate Building were merged (with Nomura Real Estate Development as the surviving company), and the breakdown ofoperating revenue in the Commercial Real Estate Business Unit was changed. Due to this change, the figures listed for FY22/3 have been retroactively adjusted.
*3 From FY23/3, the breakdown of operating revenue in the Property Brokerage & CRE Business Unit was changed. Thus, figures listed for FY22/3 onward reflect this change. The breakdown is asfollows: Retail: Real estate brokerage business for individuals; Middle: Real estate brokerage business for small and medium-sized enterprises, business owners, some individual investors and highnet worth individuals; Wholesale: Real estate brokerage business for large corporations, funds and overseas investors

92

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Introduction

Our Vision(To be)Our Current Strengths and Core(Strengths)

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

Data, etc.

(millions of yen)

AssetsResidential Development
Commercial Real Estate
Overseas
Investment Management
Property Brokerage & CRE
Property & Facility Management
Other
Adjustments (elimination or corporate)
Total

FY20/3

FY21/3

FY22/3 *1, 2

FY23/3

457,505
1,112,664—
43,053
19,24047,106
61,73059,972
1,801,273

505,976
1,160,805—
42,86825,20150,09589,237
47,122
1,921,306

514,546
1,204,549
117,010
43,22035,78748,881
777
75,7332,040,506

607,382
1,225,125
160,94244,06429,08851,3681,324(8,602)
2,110,693

401,119314,297
—
—
—
69
11
(762)
714,734

463,944412,862———44
11(1,342)875,520

458,049
436,810
—
—
—
69
11
(712)
894,229514,774
485,188
—
—
—
377
11
(1,225)
999,125

Inventories
Residential Development
Commercial Real Estate
Overseas
Investment Management
Property Brokerage & CRE
Property & Facility Management
Other
Adjustments (elimination or corporate)
Total(millions of yen)

Return on Assets (ROA)*7(%)

Residential Development
Commercial Real Estate
Overseas
Investment Management
Property Brokerage & CRE
Property & Facility Management
Other
Total ROA*8

Key Results
Residential Development
Housing sales (units)
Gross profit ratio of housing sales (%)
Completed housing inventories at the end of the
fiscal year (released for sale) (units)
Completed housing inventories at the end of the
fiscal year (unreleased) (units)
Commercial Real Estate
Net lettable area at the end of the fiscal year
(offices, retail facilities) (m2)*9Vacancy rate at the end of the fiscal year
(offices, retail facilities) (%)*9
Number of MEGALOS members at the end of the
fiscal year
Investment Management
Assets under management at the end of the
fiscal year (millions of yen)
Property Brokerage & CRE
Brokerage: Number of transactions
Brokerage: Transaction value (millions of yen)
Property & Facility Management
Buildings under management at the end of the
fiscal year (buildings)
Housing under management at the end of the
fiscal year (units)

5.5
3.5
—
16.6
47.2
18.2
—
4.7

FY20/3

4.4
3.1
—
17.7
35.6
18.5
—
4.1

FY21/3

6.3
3.2
0.2
18.1
32.7
18.8
—
4.7

5.5
3.2
4.5
18.4
47.5
19.2
11.2
5.1

FY22/3 *1, 2

FY23/3

4,739
20.4

3,669
22.6

4,329
23.6

4,142
25.6

321

239

130

222

187

182

253

199

915,311829,670

790,776

697,085

4.0

4.9

5.9

4.8

143,663

111,425

110,608

114,914

1,798,583

1,815,646

1,948,071

1,957,676

9,515
872,337

9,322
893,423

10,081
964,882

9,985
1,060,313

786

788

772

782

182,259

183,162

186,549

189,574*4 Rental housing refers to properties developed for the real estate investment market.
*5 Property for sales refers to properties such as office building, retail facility and logistic facility developed for the real estate investment market.
*6 Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization expenses of intangible assets associated with corporate acquisitions.
*7 ROA of each business unit = business profit / total assets at the end of the fiscal year.
*8 Total ROA = business profit / average assets during the fiscal year.
*9 As of April 1, 2022, Nomura Real Estate Development and Nomura Real Estate Building were merged (with Nomura Real Estate Development as the surviving company), and a partial revision wasmade to the method used to calculate the net lettable area and the vacancy rate in Commercial Real Estate Business Unit. The figures listed reflect this change.

Integrated Report 2023

93

ESG DataE

FY21/3

FY22/3

FY23/3

Environmental certification acquisition rate for newly built property forsales (excluding rental housing)*1

100%

100%

100%

Number of environmental
certifications acquired for newly built
property for sales (excluding rental
housing)*1

15

15

13

Environment
Environmental management

Response to climate change
Total CO2 emissions
Scope 1, 2
Scope 3

1,588,269 t-CO2

2,297,026 t-CO2

2,173,921 t-CO2

132,206 t-CO2

129,056 t-CO2

98,280 t-CO2

1,456,063 t-CO2

2,167,970 t-CO2

2,075,641 t-CO2

Energy use*2

381,817 MWh per year

379,428 MWh per year

382,231 MWh per year

Energy use intensity*2

0.184 MWh/m² per year

0.182 MWh/m² per year

0.186 MWh/m² per year

21,926 thousand kWh per year

22,801 thousand kWh per year

22,356 MWh per year

1,698 thousand m³ per year

1,920 thousand m³ per year

2,040 thousand m³ per year

0.81 m³/m² per year

0.93 m³/m² per year

0.99 m³/m² per year

5,112 t per year

7,213 t per year

11,188 t per year

3.047 kg/m² per year

3.504 kg/m² per year

5.453 kg/m² per year

Solar power generated at
Landport logistics facilities
Efficient use of water resources
Total water use*2
2

Water use intensity*

Appropriate resource use andpollution prevention
Total waste discharge*2
2

Waste discharge intensity*

S

SocialEmployment / Human resources
Number of employees*3
Female employee ratio*4
Number of new graduate hires

7,390

7,548

7,695

31.8%

32.5%

33.0%

274

264

292

42.0%

39.8%

39.4%

Female manager and juniormanager ratio*5

11.2%

11.7%

13.9%

Average years of service*4

10.4

10.5

10.8

11.5

11.7

12.1

7.9

8.1

8.2

140

303

311

2.05%

2.33%

2.31%

Average work time over statutory
working hours(hours per person/month)

9.99

13.73

11.03

Rate of acquisition of paid leave

56.14%

62.11%

68.43%

Female new graduate hires ratio

Male*

4

Female*4
Number of foreign national
employees*6
Rate of employment of persons
with disabilities*7
Health and productivity management

Number of work-related injuries
resulting in death
Absentee rate*8

94

Nomura Real Estate Holdings, Inc.

0

0

0

0.41%

0.45%

0.40%

IntroductionS

Our Vision(To be)Our Current Strengths and Core(Strengths)

Our Challenges and Strategies(Actions)

FY21/3

The Foundation of Our Activities(Base)

Data, etc.

FY22/3

FY23/3SocialUtilizing and improving human resources
Rate of acquisition of childcare leave*9Rate among men
Rate of reinstatement after childcare leave ratio—

96.20%

64.54%—

15.80%

38.58%

96.20%

92.90%

98.81%

Male

100%

100%

100%

Female95.00%

90.60%

98.10%

Family care leave takers
Investment in training cost per employee*10
Training hours per employee*10, 11

6

5

8

¥70,462¥47,936¥51,612

9.87

4.21

3.79

97.80%

93.00%

92.37%

OthersGroup employee awareness survey response rate *1213G

Employee workplace engagement *

3.96

3.97

3.87

Average employee compensation*14¥10,116,985¥10,177,382¥10,339,925

Percentage of implementation of 1-on-1 meetings

—

84%

83%

Procurement guideline survey implementation rate*15

—

37%

51%

13

12

12

5

5

4

Governance
Number of Directors*16
Independent External Directors*16
16

1

2

1

Number of the Board of Directors meetings

15

21

15

Average attendance rate of all Directors

100%

99.6%

99.4%

Average attendance rate of Independent External Directors

100%

99.0%

98.2%

Female Directors*

Number of Audit & Supervisory Committee meetings

14

12

12

Average attendance rate of Audit & Supervisory
Committee Members

100%

100%

100%

Average attendance rate of Independent External Directors(Audit & Supervisory Committee Members)

100%

100%

100%

*1 Includes properties scheduled to be acquired during FY2024/3.
*2 Boundaries for items that are subject to aggregation, such as energy consumption, total wateruse, total waste emissions, etc., vary. See the Sustainability Report for more information.
*3 Excludes employees seconded from the Group (the Company and its consolidated subsidiaries) to outside the Group, and includes those seconded from outside the Group to the Group.
*4 Includes employees seconded from the Group (the Company and its consolidated subsidiaries) to outside the Group. The calculation is based on 7,996 consolidated employees,
excluding those seconded from outside the Group to the Group.
*5 Number of female managers + Number of female candidates for managerial positions /Number of all managers + Number of all candidates for managerial positions*6 Number of foreign national employees does not include foreign technical interns.
*7 Rate of employment of persons with disabilities for each period is as of June of the following
fiscal year. The scope covered includes Group companies that are subject to the Act on
Employment Promotion, etc. of Persons with Disabilities.
*8 Absentee rate =total days of absence/ (scheduled working days × number of employees)*9 From FY2023/3, the method for disclosure has been changed to secure conformity with acalculation formula for information disclosure via securities reports as stipulated underguidelines issued by the Ministry of Health, Labour and Welfare, which has made it mandatory to announce the status of childcare leave utilization.

*10 From FY2022/3, the figures have been changed from Nomura Real Estate Development
on a non-consolidated basis to those for the entire Group.
*11 Covers only mandatory training and does not include open and selective training or
e-learning courses.
*12 Figures for FY2021/3 and FY2022/3 represent the response rate to employee satisfaction
surveys undertaken by Nomura Real Estate Development on a non-consolidated basis.
Figures for FY2023/3 represent the response rate to the awareness survey targeting all
Nomura Real Estate Group employees. (The scope of employees surveyed has been
expanded from approximately 2,000 to approximately 7,000.)*13 Figures for FY2021/3 and FY2022/3 represent the “employee satisfaction level” assessed via
employee satisfaction surveys undertaken by Nomura Real Estate Development on a
non-consolidated basis. Figures for FY2023/3 represent “employee workplace engagement”
assessed via an awareness survey targeting all Nomura Real Estate Group employees.
*14 Average of data for Nomura Real Estate Holdings employees.
Number of employees: 261 in FY21/3, 283 in FY22/3, 283 in FY23/3*15 The denominator is the volume of transactions involving our Group companies, and thenumerator is the total volume of transactions with companies that responded to the procurement guideline survey (both calculated on a purchase price basis).
*16 Decrease in personnel due to resignation during the term is not stated.

Sustainability information https://www.nomura-re-hd.co.jp/english/sustainability/

Integrated Report 2023

95

List of Group Companies
Company name

Established

Overview of Businesses

Nomura Real Estate Holdings

2004Management of the operation of group businesses
through holding stocks and management instruction

Nomura Real Estate
Development

1957

Condominium sales, detached housing sales, investment
and development, building leasing business, architecturaldesign, asset management, etc.

https://www.nomura-re.co.jp/english/

Nomura Real Estate AssetManagement

2003

Investment management business, type II financial
instruments business, investment advisory and agency,
real estate trading, etc.

https://www.nre-am.co.jp/english/

Nomura Real Estate
Solutions

2000

Real estate brokerage for individuals and corporates,
insurance agency, bank agency, real estate information
website operation

https://www.nomura-solutions.co.jp/english/

Nomura Real Estate Partners

1977

Facility management for buildings and condominiums,
architectural and interior design, property management,
cleaning, insurance agency, renovation

https://www.nomura-pt.co.jp/ (Japanese only)

Nomura Real Estate Life &Sports1989

Planning and management of sports clubs and consulting,sales and rental of sports items, etc.

https://www.megalos.co.jp/(Japanese only)

Nomura Real Estate Heating
and Cooling Supply

1987

Supply of heating / solar power sales business

Nomura Real Estate Retail
Properties

1968

Project management of retail facilities, including commercial surveys, demand forecasts, market research, businessplanning, operational planning, and merchandising,property management of retail facilities

Nomura Real Estate Wellness

2015

Development planning and management of senior
housings and related services

https://www.nomura-re-wn.co.jp/(Japanese only)

Nomura Real Estate Hotels

2017

Planning, operation, and management of hotels

https://www.nomura-hotels.co.jp/(Japanese only)

Nomura Real Estate Amenity
Service1990

Building and condominium cleaning, sales of consumable—

PRIME X

2006

Internet advertising agency, creative business, marketingbusiness

https://www.prime-x.co.jp/(Japanese only)

First Living Assistance

2017

Home/living assistance service

Lothbury Investment
Management

2010

Asset management business in the United Kingdom

https://www.lothburyim.com/

ZEN PLAZA

1995

Ownership and operation business of ZEN PLAZA

https://zenplaza.com.vn/

Beijing shokai Nomura Real
Estate Management

2018

Operation and management of Beijing Fortune Building—

Tokio Property Services

1983

Brokerage for trading and leasing of housing, offices, andfactories based in Singapore

https://www.tokioproperty.com.sg/en

NOMURA REAL ESTATE ASIA

2015

Exploring real estate development opportunities, market
research, and building relationships with partnercompanies in Southeast Asia—

NOMURA REAL ESTATEHONG KONG

2016

Support services for investment to real estate in Japan
from foreign investors, building relationships with local corporations and investors, exploring business opportunities—

NOMURA REAL ESTATE(THAILAND)

2019

Investment in local business, market surveys, identificationof new projects and partner corporations, building
business relationships with and monitoring of local
partner companies, and provision of support for Group
companies and businesses—

NOMURA REAL ESTATEVIETNAM

2019

Local market surveys identification of new projects andpartner corporations, building business relationships withand monitoring of local partner companies, and provisionof support for Group companies and businesses—

NOMURA REAL ESTATECONSULTING (SHANGHAI)

2021

Consulting services for real estate, information consulting
services, construction project management services—* Some Group companies have been merged and renamed after their inauguration.

96(As of July 31, 2023)

Nomura Real Estate Holdings, Inc.

Websitehttps://www.nomura-re-hd.co.jp/english/—

https://www.nomura-rp.co.jp/(Japanese only)

http://www.f-la.co.jp/(Japanese only)Introduction

Our Vision(To be)Our Current Strengths and Core(Strengths)

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

Data, etc.

External Evaluations
Inclusion in ESG indices

Commendations on social activities

The ESG indices adopted by GPIF
(Government Pension Investment Fund)

Selected for MSCI Japan ESG Select Leaders Index, a wide-ranging
index (1)

Selected for Health and Productivity Management
Award 2023 (1, 2, 3, 6, 7, 8, 10)

Awarded Silver in PRIDE Index (1, 2, 3)

Selected for MSCI Japan Empowering Women (WIN) Select Index,
a thematic index (1)Received Good Design Award 2022 for 5 items. The
Group received this award for the 21st consecutive
year (2)Awarded Bronze in PRIDE Index (6, 7)

Selected for FTSE Blossom Japan
Index, a wide-ranging index (1)Selected for S&P/JPX Carbon
Efficient Index, a thematic/ environmental index in the ESG indices (1)Selected as the FTSE4 Good Index Series, a
representative index for ESG investment (1)Selected for FTSE Blossom Japan
Sector Relative Index, a wide-ranging
index (1)Signatures on initiatives

Selected for Morningstar Japan ex-REIT
Gender Diversity Tilt Index, a thematic
index (1)

Selected as the Sompo Sustainability Index
uniquely set by Sompo Asset Management (1)Signed the United Nations Global
Compact (1)Signed the Principles for
Responsible Investment (3, 9)

Joined “Renewable Energy 100%” (1)Approved by the Science Based
Targets (SBT) initiative (1, 3)

Agreed to Recommendations of the
Task Force on Climate-related
Financial Disclosures (TCFD) (1, 3)

Joined the Japan Climate Initiative (3)Signed the Financial Action
Principles for the Formation of a
Sustainable Society (the 21stCentury Principles of Financial
Action) (3)Member of the UK Green Building
Council (GBC) (9)Joined the “Task Force for Naturerelated Financial Disclosures”
forum (1)Joined “the 30by30 Alliance for
Biodiversity” (1)Agreed to the Declaration of Biodiversity by Keidanren (1)Commendations on environmental activities

Received a 5-star rating for real estate (4, 5)
and the level A rating in the disclosure evaluation (1, 4) of the GRESB, which is an annual
benchmark for considering ESG in the realestate sector.

ੳ઒୞ಀ

CDP Climate Change A-Rated and selected
as a “Supplier Engagement Leader” (1)Selected / Concerned / Award-winning companiesੳ઒୞ಀ

Acquired and registered Eco-Action 21(Environmental Management System)
certification (4)*Acquired and registered Eco-Action 21(Environmental Management System)
certification (5) ** Became the first Japanese Real Estate Investment
Trust (J-REIT) to acquire and register this certification* Became the first private REIT to acquire and register
this certification

1: Nomura Real Estate Holdings, Inc.

6: Nomura Real Estate Solutions Co., Ltd.

2: Nomura Real Estate Development Co., Ltd.

7: Nomura Real Estate Partners Co., Ltd.

3: Nomura Real Estate Asset Management Co., Ltd.

8: Nomura Real Estate Life & Sports Co., Ltd.

4: Nomura Real Estate Master Fund, Inc.

9: Lothbury Investment Management Limited

5: Nomura Real Estate Private REIT Inc.

10: PRIME X Co., Ltd.

Note: The inclusion of Nomura Real Estate Holdings, Inc. in any MSCI index, and the use of MSCI logos, trademarks, service marks or index
names herein, do not constitute a sponsorship, endorsement or promotion of Nomura Real Estate Holdings, Inc. by MSCI or any of its
affiliates. The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service
marks of MSCI or its affiliates.

Integrated Report 2023

97

Corporate Information(As of March 31, 2023)

Corporate data
Corporate name:

Nomura Real Estate Holdings, Inc.

Representative:

Satoshi Arai, President and Representative Director

Head office:1-26-2 Nishi-Shinjuku, Shinjuku-ku, Tokyo 163-0566, Japan

Date of establishment:

June 1, 2004

Number of employees:

7,695 (consolidated)

Fiscal year:

From April 1 to March 31

General meeting of shareholders: June

Share information

Composition of shareholdings

Capital:2.98%¥119,054,000,000

2.92%

Number of authorized shares: 450,000,000 shares
Number of shares issued:

182,938,437 shares(including 5,462,338 treasury shares)* The number of treasury shares above does notinclude 2,976,697 shares held by the executive
compensation BIP (Board Incentive Plan) trustand 576,360 shares held by the ESOP
(Employee Stock Ownership Plan) trust for
granting stock for employees.

Listed market:

Tokyo Stock Exchange Prime Market

Minimum trading unit:

100 shares

Number of shareholders:

28,4578.35%
35.98%
21.69%■ Other Japanese ﬁrms
■ Foreign investors, etc.
■ Financial institutions■ Individuals and others■ Treasury stock■ Financial Instruments ﬁrms

March 31, 2023

28.04%

Major shareholders (top 10)
Shareholders’ name

No. of shares held

Shareholding ratio (%)

Nomura Holdings, Inc.

64,777,500

36.49

The Master Trust Bank of Japan, Ltd. (Trust account)

21,274,800

11.98

Custody Bank of Japan, Ltd. (Trust account)

11,191,400

6.30

Nomura Real Estate Holdings Employee Shareholding Association

3,055,181

1.72

The Master Trust Bank of Japan, Ltd.
(BIP (Board Incentive Plan) trust account 76272)

2,976,697

1.67

STATE STREET BANK WEST CLIENT - TREATY 505234

2,245,384

1.26

SSBTC CLIENT OMNIBUS ACCOUNT

1,841,551

1.03

JPMorgan Securities Japan Co., Ltd.

1,618,877

0.91

JP MORGAN CHASE BANK 385781

1,486,476

0.83

THE BANK OF NEW YORK MELLON 140044

1,475,607

0.83*1 Although the Company holds 5,462,338 treasury shares, it is excluded from the list of major shareholders above.
*2 The shareholding ratio is calculated after deducting the above treasury stock (5,462,338 shares).

Total shareholder return*1, 2
2019/32020/32021/32022/32023/3

Nomura Real Estate Holdings

87.6%

76.0%

115.5%

130.1%

134.8%TOPIX (Including dividends)

95.0%

85.9%

122.1%

124.6%

131.8%*1 Total shareholder return is the overall yield for shareholders that takes into account both capital gains and dividends. It is calculated in accordance with the formula prescribed by the Cabinet
Office Ordinances.
*2 Total shareholder return is calculated at fiscal year-ends, starting from the year beginning April 1, 2018, as if the investment was made at the closing stock price at March 31, 2018.

98

Nomura Real Estate Holdings, Inc.

Introduction

Our Vision(To be)Our Current Strengths and Core(Strengths)

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

Data, etc.

Information disclosure on the website
Additional information can be found on our website.

Websitehttps://www.nomura-re-hd.co.jp/english/

Financial information

Non-financial information
Integrated Reporthttps://www.nomura-re-hd.co.jp/english/ir/ir_library/annualreport.html• Investor relations
https://www.nomura-re-hd.co.jp/english/ir/
Management policy
Financial information
IR library
Stock information• Company information
https://www.nomura-re-hd.co.jp/english/company/• Business overview
https://www.nomura-re-hd.co.jp/english/service/• Sustainability
https://www.nomura-re-hd.co.jp/english/sustainability/• Sustainability Report (PDF)
https://www.nomura-re-hd.co.jp/english/
sustainability/download/index.html

Publication of Integrated Report 2023 (Guaranteed by the Director in Charge)
I would like to express our gratitude to our investors and other stakeholders for your consistent support and cooperation.
The Group launched a new management structure in April 2023 with
Mr. Kutsukake becoming Chair and Director, and Mr. Arai becomingGroup CEO. In this report, Mr. Arai expresses his thoughts as the new
CEO in the CEO message, and, in the COO message and CFO interview,
we announce strategies aimed at realizing the “high profit growth, andhigh asset and capital efficiency” as targeted in the Mid- to Long-term
Business Plan and progress made so far.
Through this report, I hope all readers gain a deeper understandingof the strengths and foundations the Group has built up to date, thestrategies and issues addressed mainly in the Mid- to Long-term
Business Plan, and the Group’s vision.
As the Group CFO and executive officer in charge of investor relations
responsible for compiling this integrated report, I hereby declare thelegitimacy of its compilation process and the accuracy of the content.
The Group will continue striving to expand its disclosure andenhance transparency while holding dialogues with all our stakeholders
in an effort to further improve the report. We look forward to receiving
your frank opinions.
I would like to conclude by taking this opportunity to express ourappreciation to all the readers of this report and to all those who havehelped compile and issue it.

Executive Officer, Group CFO
Toshihide Tsukasaki

Integrated Report 2023

99

Nomura Real Estate Holdings, Inc.
Shinjuku Nomura Building, 1-26-2 Nishi-Shinjuku, Shinjuku-ku,
Tokyo 163-0566, Japan
URL: http://www.nomura-re-hd.co.jp/english

Printed in Japan