History of the Nomura Real Estate GroupWe have been able to achieve business growth amid changing times by anticipating the needs of customers and society.
Our past initiatives have created value in the present day and into the future.

FY1982/3

ExceededOperating revenue¥100.0 billion

Business profit*1, 2*1. Business profit = operating profit + share of profit(loss) of entities accounted for using equity method+ amortization of intangible assets associated withcorporate acquisitions*2. The Figures before FY2018/3 are equivalent tofigures of operating profit.

19571960

19651970

1975

1980

1990

1957–1990

1991–2002

Entered into the residential development businessto solve the housing shortage during the postwar
reconstruction period.

Overcoming financial crisis by concentrating
business resources on the residential business.

High economic growth period—Bubble economy

In 1957, the Company was established as an asset management company for Nomura Securities
when the latter constructed its new head office building. In 1961, the Company entered the residential development business with the aim of tackling the housing shortage, which was a keysocial issue during the postwar reconstruction period. In 1963, the Company advanced into thecondominium development business and firmly established its position as a major private realestate developer. While steadily expanding our office building business, in 1978, we developed
Shinjuku Nomura Building, a skyscraper that still serves as our head office to this day.

Bubble burst—Recession in the 1990’s

When the bubble burst, the economy and the real estate market conditions rapidly deteriorated.
The Group overcame the crisis by grasping the resurgence of residential needs in urban centers
due to falling land prices and concentrated its business resources on the condominium business.
In 1999, the Company was an early adopter of IT, launching the real estate
information website “nomu.com.” In 2002, we announced “PROUD,” an integrated brand of
housing and related services under which we have continued to create products and services,leading to a strength for the Company.

1961
1957
Spun off from Nomura Securities and launched realestate business focused on the leasing and management of office buildings

1963
Launched condominium development business withthe construction of Co-op Takenomaru in Kanagawa

21985

Nomura Real Estate Holdings, Inc.

1999

Launched real estate development business with
development of the Kajiwarayama residential areain Kanagawa

1978Completed construction of Shinjuku
Nomura Building, moved the Company’s
Head Office from Nihonbashi to Shinjuku

Completion: 1990 and onward
Yokohama Business Park (YBP), one of the largest businessdevelopments undertaken by the Company alone as a private company, completed

2002
Launched “PROUD” as an integrated brand of housing andrelated services
Completed construction of PROUD Kugayama (2003)

Launched the real estate information website“nomu.com”

Introduction

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

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

Data, etc.

FY2023/3

Exceeded

FY2005/3

FY2013/3

Exceeded

Exceeded¥300.0 billion¥654.7 billion¥500.0 billion

FY2023/3

Exceeded¥100.0 billion

FY2023/3
Business profit¥105.1
Billion[Pie chart (business profit) legend]■Residential Development ■Commercial Real Estate■Overseas ■Investment Management■Property Brokerage & CRE■Property & Facility Management ■Other1995

2000

2005

2003–2010

2010

2015

2011–2022

Economic recovery—
Global financial crisis

Great East Japan Earthquake—Advancements in globalization

2020

2023

2023–

The post COVID-19 era

Accelerating growth through M&A, anddevelopment of characteristic brands.

Initiatives to build cities that connect today withtomorrow’s possibilities in Japan and overseas.

In October 2006, the Company was listed on the First Section of the Tokyo Stock Exchange (nowthe TSE Prime Market). We increased our financing capabilities from capital markets and significantly expanded the Leasing business through the M&A of NREG Toshiba Building (merged intoNomura Real Estate in April 2022). We also developed a string of characteristic asset brands,including PMO (with which we created a new market of medium-sized high-grade offices), andLandport (logistics facilities with advanced and high functionality, created through early-stage
market entry and development based on investor needs).

We are working on several projects through which we are demonstrating the Group’s expertise.
One is Shibaura Project, a large-scale, mixed-use development (South Tower: completion scheduled for February 2025; North Tower: completion scheduled for FY2031/3). Under this project, wewill develop a total floor space of approximately 550,000 m2, the largest in the Group’s history.
Moreover, the overseas expansion of our expertise cultivated in Japan has accelerated, especiallyin the cities of rapidly growing ASEAN countries. Meanwhile, in OKUTAMA TOWN, Tokyo, we own
approximately 130 ha of forest. With this forest as a basis, we have launched new initiatives
aimed at realizing low-carbon buildings via the use of wood materials even as we strive to maintain and restore forest functions. Looking ahead, we will strive to build cities—dynamic stages
that connect today with tomorrow’s possibilities—at home and abroad in a way that accurately
meets people’s needs.

2015

20062007

Nomura Real Estate Holdings was listed on the First Sectionof the Tokyo Stock Exchange

Established “Nomura Real EstateMaster Fund” through the merger of 3 REITs

Completed construction of Landport Atsugi

2022
Launched the Mori wo Tsunagu TOKYO project(Integrated Forest Management Project in Tokyo)

2008
Completed construction of PMO
Nihonbashi Honcho

2022
Established Federal Land NRE Global (FNG), a joint
venture company in the Philippines

2023
Nomura Real Asset Investment Corporation launched afund management business2008
NREG TOSHIBA BUILDING joined the Group2025

Scheduled completion of Shibaura Project(South Tower)
Integrated Report 2023

3

Overview of the Nomura Real Estate GroupThe Nomura Real Estate Group is engaged in a diverse range of businesses from real estate development to the provision ofrelevant services.

Review of the Fiscal Year Ended March 2023
In the fiscal year ended March 31, 2023, the Group’s business profit*1 and profit attributable to owners of parent amounted to ¥105.1 billion and¥64.5 billion, respectively, with both achieving record highs.

Operating revenue¥654.7 billionDividend per share

Business profit*1¥105.1 billion

Total return ratio¥120.00¥2,110.6 billion
31.0%
Shareholders’ equity ratio

Total assets

47.6%

Profit attributable toowners of parent¥64.5 billion

ROA

5.1%

EPS

¥365.26

ROE

10.1%

CO2 emissions reduction (compared to FY2020/3)

98,000 t-CO

Scope 1 & 22

(approx. 35% reduction)

Scope 3

1,868,000 t-CO

2

(approx. 41% reduction)

Trend in Each Indicator
Operating revenue / Business profit
Operating revenue (left scale)

Total return ratio / Dividend payout ratio /Dividend per shareTotal return ratio (left scale)Business proﬁt (right scale)(Billions of yen)(Billions of yen)

(%)

160.0

50

800.0

668.5

676.4

82.8

79.6

400.0

105.1

120.0

00

2021/32022/32023/3

31.7

29.9

75.00

80.0

40.0

2020/3

44.3

35.5

30

200.0

2019/3

45.0

40

30.5

92.7
76.4

Dividend per share (right scale)
(yen)

46.3
41.4

654.7

645.0
580.6

600.0

Dividend payout ratio (left scale)

47.6

150.0

120.00
32.9

120.0

90.0

82.50

97.50

80.00

2060.01030.000(FY)

2019/32020/32021/32022/32023/3(FY)

Business profit totaled ¥105.1 billion, up ¥12.4 billion (13.4%) year on year,
hitting a record high.

We achieved an 11th consecutive annual increase in cash dividends, based on
growth in profit and expansion in the dividend payout ratio. Moreover, the total
return ratio amounted to 47.6%, enabling us to live up to our shareholder return
policy as stipulated under the Mid- to Long-term Business Plan ( p. 34).

ROA / ROE

CO2 emissions reduction (Scope 1& 2, 3)

ROAROE

Scope 1& 2 (left scale)(%)(thousand t-CO2)

12400(thousand t-CO2)
4,000

10.1
98.9

3,172

9.2

9.1

Scope 3*2 (right scale)

3,000

300

7.4
6

4.6

4.7

4.1

4.7

5.1

1,916

200

150

3

132 1,287

1,868

129

98

100

2019/32020/32021/32022/32023/3

Our ROA and ROE came to 5.1% and 10.1%, respectively, achieving ourtargets under the Mid- to Long-term Business Plan ( p. 34).

(FY)

2020/32021/32022/32023/3

Nomura Real Estate Holdings, Inc.

(FY)

We have identified a target of reducing the volume of CO2 emissions by 35%( p. 45) by March 31, 2031, compared with the level recorded in the fiscal year
ended March 31, 2020. Accordingly, we are promoting a variety of decarbonization initiatives.

*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 Total of Category 1 and 11 emissions from Group facilities certified under SBT
Note: See pp. 90-91 for formulas for each indicator.

41,0000002,000

Introduction

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

Our Challenges and Strategies(Actions)

The Foundation of Our Activities(Base)

Data, etc.

Overview by Business Unit
The Nomura Real Estate Group mainly operates in the Development Sector, in which it creates value through real estate development, and theService & Management Sector, in which it creates value through the provision of real estate-related services, with a total of six business units supporting these two sectors.

Development Sector

Residential
Development
Business Unit

Commercial
Real EstateBusiness Unit

Overseas
Business Unit

Service & Management Sector

Investment
Management
Business Unit

Property Brokerage& CRE
Business Unit

Property & Facility
Management
Business Unit

Business unit overview

Major business asset components*3• Development and sale of condominiums anddetached housing• Development, leasing and sale of rental housing• Development and management of senior housing• Internet advertising• Land bank in the domestic housing sales business:
approx. ¥1,770.0 billion(equivalent to approx. 22,380 units)• Number of Nomura Real Estate Group Customer Club
members: approx.152,000• Level of participation in residential redevelopment
projects: Industry-leading*4

Major brands, etc.

• Development, leasing, sales, and entrusted• Net lettable area (offices and retail facilities):management of office building, logistics facility,approx. 697,000 m2• Number of tenants: more than 2,000 companies*5
retail facility, etc.
• Fitness club operations• Number of H1T offices and their members: 248 offices/• Development, leasing, and management of hotels
approx. 3,600 companies, approx. 400,000 members• Planning and management of construction work, etc. • Number of MEGALOS fitness clubs and their members:
37 clubs/approx. 114,000 members• Development and sale of housing mainly inSoutheast Asia and China• Development, leasing, etc., of office buildings andserviced apartments, primarily in Southeast Asia,
China, the U.K. and the U.S.

• Number of housing sale projects the Group participatedin/total project cost (our share):31/approx. ¥560.0 billion• Number of leasing projects, etc., the Group participatedin/total project cost (our share):
12/approx. ¥70.0 billion• Assets under management (AUM):approx. ¥1.9 trillion• Investment management services, including listed
and private real estate investment trusts (REITs) and • Number of institutional investors through domestic assetmanagement (excluding listed REIT): 296 Institutionsprivate funds• Investment management services, including real
• Asset management know-how: Accumulated over theestate securitization products
course of more than 20 years• Real estate brokerage and consulting• Real estate information website operation• Insurance agency, etc.

• Number of retail branches: 88*6
• Number of middle offices: 11*6
• Number of wholesale offices: 9*6• Number of nomu.com members: approx. 263,000• Number of partner financial institutions, including
Nomura Securities and regional financial institutions: 112• Operation and management of and contract work for
condominiums, office buildings, etc.
• Renovation business• Local cooling and heat supply business;solar power business• Entrusted cleaning of office buildings• Number of housing units under management:
approx.189,000 units• Number of buildings under management: 782 units• Licensed Representatives of Condominium
Management Company: 616• Building environment and health management
engineers: 571*3 Data are for the fiscal year ended March 2023 or as of March 31, 2023, except for the number of nomu.com members, which is as of January 31, 2023.
*4 Source: Based on in-house research*5 Total number of tenants occupying properties that the Group owns and conducts property management.
*6 In cases where an entity is operating multiple businesses, the number of branches and offices are calculated on the basis of each business.

Revenue Composition by Business Unit*7
Operatingrevenue

Results for theFY23/3
Operating revenue
Total¥654.7billion■Residential Development¥302.4 billion (44.8%)■Commercial Real Estate¥199.3 billion (29.5%)■Overseas¥6.7 billion (1.0%)■Investment Management¥13.6 billion (2.0%)■Property Brokerage & CRE¥47.7 billion (7.1%)■Property &Facility Management¥105.4 billion (15.6%)■Other¥0.2 billion (0.0%)

Business profit

Results for the
FY23/3Business proﬁtTotal¥105.1billion■Residential Development¥33.3 billion (29.8%)■Commercial Real Estate¥39.5 billion (35.4%)■Overseas¥7.2 billion (6.4%)■Investment Management¥8.0 billion (7.2%)■Property Brokerage & CRE¥13.8 billion (12.4%)■Property &Facility Management¥9.8 billion (8.8%)■Other¥0.1 billion (0.1%)

Total assets

Results for theFY23/3
Total asset composition
Total¥2,110.6billion■Residential Development¥607.3 billion (28.7%)■Commercial Real Estate¥1,225.1 billion (57.8%)■Overseas¥160.9 billion (7.6%)■Investment Management¥44.0 billion (2.1%)■Property Brokerage & CRE¥29.0 billion (1.4%)■Property &Facility Management¥51.3 billion (2.4%)■Other
¥1.3 billion (0.1%)* 7 The composition ratio is calculated based on the simple sum of each item and rounded to the first decimal place, so the total may not add up to 100%. In addition, the total displayed in thecenter of the pie chart includes intersegment adjustments, so it differs from the total sales, business profit or total assets of each Business Unit.
Integrated Report 2023

5