January 28, 2011

For the Nine Months from April 1 to December 31, 2010

Outline of Consolidated Financial Statements
Name of company listed :Code number :Shares traded :URL :Representative :IR contact :Nomura Real Estate Holdings, Inc.
3231
T SE (First section)
http://www.nomura-re-hd.co.jp/english/index.html
Hirohisa Suzuki, President
Yoichiro Ishikawa, General Manager of Corporate
Communications & Investor Relations Dept.
info@nomura-re-hd.com
February 14, 2011

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

Consolidated operating results for the nine months from April 1 to December 31, 2010

(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)
O perating revenue

O perating income%

First nine months Millions of yen

O rdinary income%

Millions of yen

Millions of yen

Net income%Millions of yen%

FY 2010

243,539(11.8)

19,289(37.6)

7,349(63.6)(7,395)-FY 2009

276,072

14.7

30,913

3.7

20,180(12.3)

9,305(31.1)Ne t income per share

Ne t income per shareafter adjusting fordilution

First nine months

yenyenFY 2010(38.85)-FY 2009

52.13

52.05

(2) Consolidated financial status
Total assets

Net assets

Total shareholders’equity ratio

Net assets per share

Millions of yen

Millions of yen%

yenDec. 31, 2010

1,490,068

341,80919.6

1,534.00

Mar. 31, 2010

1,405,424

349,437

21.4

1,583.63(Reference) Equity : At December 31, 2010 ¥ 292,033 million, At March 31, 2010 ¥ 301,413 million

12.

Cash dividends per share
Cash dividends per share
1st quarter end

2nd quarter end

3rd quarter end

Fiscal year end

yenAnnualyenyenFY endedMar. 31, 2010

―

20.00

―

5.00

25.00

FY endingMar. 31, 2011

―

12.50

―

***

***

12.50

25.00

FY endingMar. 31, 2011
(Forecast)

***

***

***

(Note) Revision of cash dividends forecasts during this quarter: None3.

Forecasts of consolidated operating results for the fiscal year from April 1, 2010 to March 31, 2011(% indicates the rate of changes from previous fiscal year or term)
O perating revenue

FY endingMar. 31, 2011

O perating income

O rdinary income

Net income

Net income per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%yen

470,000

8.2

42,0006.9

25,000

4.3

7,000

50.2

36.77

(Note) Revision of operating results forecasts during this quarter: None4.

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

Other changes: None

(4) Number of shares issued (common stock)
At December 312010Number of shares outstanding(including treasury stock)
T reasury stock

At March 31
2010

190,374,800

190,331,000

866

853

From April 1 to December 31

From April 1 to December 31

2010

2009

Average number of shares
during the term

190,350,778

178,492,217

Implementation status of quarterly review procedure
The financial summary and the accompanying materials including the quarterly consolidated financial statements are not subject to thequarterly review procedure by external auditors that are based on Financial Instruments and Exchange Act.
The quarterly review procedure has not yet finished at the point of releasing this financial summary.
Forward-Looking Statements
Certain statements other than historical facts in this document are forward-looking statements that reflect the company’s plans and estimates
based on currently available information. These statements include known and unknown risks, uncertainties, and other factors that may cause
the company’s actual future performance to differ from the forward-looking statements contained herewith.

2

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

資産

Current Assets:

流動資産648,900

709,618

現金及び預金40,83639,336

受取手形及び売掛金

9,276

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

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

December 31, 2010

March 31, 2010

15,764

有価証券
販売用不動産201,93150,010247,927

仕掛販売用不動産

214,025

139,011

開発用不動産営業エクイティ投資

68,361
61,414

71,796
94,889繰延税金資産21,047

22,829その他

32,08428,198

貸倒引当金

-(77)

(144)

固定資産

841,167

695,805

有形固定資産733,753626,268

建物及び構築物(純額)
土地238,442490,094

199,819
412,477

その他(純額)5,217

13,970

無形固定資産10,1828,273

投資その他の資産

97,231

61,263

投資有価証券

43,66917,043

敷金及び保証金
繰延税金資産その他

25,661
23,2604,658

26,036
14,320
3,881

貸倒引当金

(18)

(17)

1,490,068

1,405,424

Total Assets

資産合計

Liabilities

負債Current Liabilities :

流動負債

305,539

支払手形及び買掛金

12,644

37,692

短期借入金

186,339

108,586

コマーシャル・ペーパー
1年内償還予定の社債

20,00011,8291 Notes and Accounts Payable-trade
2 Short-term Loans Payable
3 Commercial Papers
4 Current Portion of Bonds
5 Income Taxes Payable
6 Deposits Received
7 Deferred Tax Liabilities
8 Provision for Bonuses
9 Provision for Directors' Bonuses
10 Provision for Loss on Business Liquidation
11 OtherNoncurrent Liabilities :1 Bonds Payable
2 Long-term Loans Payable
3 Lease and Guarantee Deposits Received
4 Deferred Tax Liabilities
5 Deferred Tax Liabilities for Land Revaluation
6 Provision for Retirement Benefits
7 Provision for Loss on Subleasing Business
8 Other

247,332

-

2,266

7,597

預り金

19,001

54,841

繰延税金負債

398

-

賞与引当金
役員賞与引当金

2,070
81

4,320
97

事業整理損失引当金
その他

124
50,782

158
34,039

固定負債

842,718

808,654

社債
長期借入金

30,000643,775

20,180630,870

受入敷金保証金繰延税金負債

57,42880,98549,982
83,111

再評価に係る繰延税金負債
退職給付引当金
転貸事業損失引当金

5,005
15,985
1,449

4,996
15,444
1,937

その他

8,089

2,130

1,148,258

1,055,987

株主資本287,082

297,740

資本金

115,562

115,527

資本剰余金
利益剰余金

92,891
78,63092,85789,356

負債合計

Net Assets

純資産

S hareholders' Equity:

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

March 31, 2010

未払法人税等

Total Liabilities

Valuation and Translation Adjustments:

December 31, 2010

自己株式

(1)

(1)

評価・換算差額等

4,950

3,672

その他有価証券評価差額金(1,076)(2,181)

繰越ヘッジ損益
土地再評価差額金

461
5,990

279
5,999(424)

為替換算調整勘定(424)

S ubscription Rights to S hares:

新株予約権

642

520

Minority Interests:

少数株主持分

49,13347,503

Total Net Assets

純資産合計

341,809349,437

Total Liabilities and Net Assets

負債・純資産合計
3

1,490,068

1,405,424

Consolidated Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to December 312009

2010

AmountAmountⅠ Operating Revenue

営業収益276,072

243,539

Ⅱ Operating Cost

営業原価

199,174

181,775

営業総利益

76,897

61,763

販売費及び一般管理費

45,98442,473Operating Income

営業利益30,913

19,289Ⅳ Non-operating Income

営業外収益

377

397

受取利息
受取配当金
持分法による投資利益
その他

125276217482816303

営業外費用

11,10912,337

支払利息
その他

9,875
1,234

11,0471,290

Ordinary Income

経常利益20,1807,349

Ⅵ Extraordinary Income

特別利益

484

181

固定資産売却益
訴訟精算金

364
119

181
-Operating Gross Profit

Ⅲ S elling, General and Administrative Expenses

1234

Interest Income
Dividends Income
Equity in Earnings of Affiliates
OtherⅤ Non-Operating Expenses
1212

Interest Expenses
OtherGain on Sales of Noncurrent AssetsLitigation Adjustment

特別損失-16,218

Loss on Valuation of Equity Investments
Impairment Loss

営業エクイティ投資評価損
減損損失

Loss on adjustment for changes of accounting standard for asset retirement obligations

資産除去債務会計基準の適用に伴う 影響額-

14,766768
683

20,664(8,688)少数株主利益

7,504
1,883
9,387
1,971

6,836
(9,777)(2,941)(5,746)1,648

四半期純利益又は四半期純損失

9,305(7,395)

Ⅶ Extraordinary Losses
123

税金等調整前四半期純利益
又は税金等調整前四半期純損失

Income (Loss) before Income Taxes and Minority Interests

法人税,住民税及び事業税
法人税等調整額
法人税等合計Income Taxes-currentIncome Taxes-deferred
Total Income Taxes
Loss before M inority Interests
M inority Interests in Income

少数株主損益調整前四半期純損失

Net Income (Loss)4

Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to December 31

Cash Flows

2009

2010

I. Net Cash Provided by (Used in) Operating Activities
Income (Loss) Before Income Taxes and M inority Interests

税金等調整前四半期純利益
又は税金等調整前四半期純損失

20,664(8,688)Depreciation and Amortization

減価償却費

7,963

9,398

Equity in (Earnings) Losses of Affiliates

持分法による投資損益

(6)

(16)

Increase (Decrease) in Allowance for Doubtful Accounts

貸倒引当金の増減額

(26)

(65)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

620

540

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(41)

(33)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(272)

(487)

Interest and Dividends Income

受取利息及び受取配当金

(153)

(76)

Interest Expenses

支払利息

9,875

11,047

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

22,828

6,518

Decrease (Increase) in Inventories

たな卸資産の増減額(15,666)(25,400)

Decrease (Increase) in Equity Investments

営業エクイティ投資の増減額(5,396)

9,960

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(42,032)(25,122)

Increase (Decrease) in Deposits Received

預り金の増減額(15,118)(35,840)

Other, Net

その他(11,475)

11,742

S ubtotal

小計(28,236)(46,524)

Interest and Dividends Income Received

利息及び配当金の受取額

141

72

Interest Expenses Paid

利息の支払額(9,251)(10,977)

Income Taxes Paid

法人税等の支払額(18,940)(9,935)

営業活動によ る キ ャ ッシュ ・ フロ ー(56,286)(67,364)(6,121)Net Cash Provided by (used in) Operating Activities
II. Net Cash Provided by (Used in) Investment Activities
Purchase of Investment Securities

投資有価証券の取得による支出(793)

Proceeds from Sales and Liquidation of Investment Securities

投資有価証券の売却及び清算による収入

379

70

Purchase of Subsidiaries' Shares Resulting in Changes in Scope of Consolidation

連結の範囲の変更を伴う子会社株式の取得による支出-(13,664)

Payments for investments in subsidiaries resulting in change in scope of consolidation

連結の範囲の変更を伴う子会社株式及び出資金の取得による収入-2,169Purchase of Property, Plant and Equipment and Intangible Assets

有形及び無形固定資産の取得による支出(19,803)(34,236)

Proceeds from Sales of Property, Plant and Equipment and Intangible Assets

有形及び無形固定資産の売却による収入

944

674

Collection of Loans Receivable

貸付金の回収による収入

35

20

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

(147)

(712)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

878

1,328

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(2,168)(3,103)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

3,449

5,058

Other, Netその他(61)(209)投資活動によ る キ ャ ッシュ ・ フロ ー

(17,287)(48,726)

Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額(91,300)

39,500

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額-20,000

Repayments of Finance Lease Obligations

ファイナンス・リース債務の返済による支出

Proceeds from Long-term Loans Payable

Net Cash Provided by (Used in) Investment Activities
III. Net Cash Provided by (Used in) Financing Activities

(62)

(83)

長期借入れによる収入

108,000

57,250

Repayment of Long-term Loans Payable

長期借入金の返済による支出(41,927)(55,464)

Proceeds from Issuance of Corporate Bonds

社債の発行による収入-9,937

Redemption of Bonds

社債の償還による支出

(300)

(180)

Proceeds from Issuance of Common Stock

株式の発行による収入

65,2500Proceeds from Stock Issuance to M inority Shareholders

少数株主からの払込みによる収入

04

Purchase of Treasury Stock

自己株式の取得による支出

(0)

(0)

Cash Divedends Paid

配当金の支払額(6,793)(3,331)

Cash Dividends Paid to M inority Shareholders

少数株主への配当金の支払額

(50)

(42)

Net Cash Provided by (Used in) Financing Activities

財務活動によ る キ ャ ッシュ ・ フロ ー

32,816

67,590Ⅳ. Net Increase (Decrease) in Cash and Cash Equivalents

現金及び現金同等物の増減額(40,757)(48,500)

Ⅴ. Cash and Cash Equivalents at Beginning of Period

現金及び現金同等物の期首残高

78,47389,334

Ⅵ. Increase (decrease) in Cash and Cash Equivalents Resulting from Changeof S cope of Consolidation

連結の範囲の変更に伴う 現金およ び現金同等物の増減額

3,068-

Ⅶ. Cash and Cash Equivalents at End of Period

現金及び現金同等物の四半期末残高

40,78440,8345