(Reference) SUMMARY OF FINANCIAL RESULTS (REIT)
For the 1st Fiscal Period Ended February 29, 2016
April 14, 2016
REIT securities issuer:
Representative:

Nomura Real Estate Master Fund, Inc. (“NMF”)
Securities code: 3462
Satoshi Yanagita, Executive Director

Asset management company:
Representative:
Inquiries:

Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President and Chief Executive Officer
Kenichi Okada, Head of NMF Investment Management Group

Scheduled date of filing of securities report:
Scheduled date of commencement of distribution payout:
Preparation for supplementary materials on financial results:
Holding of briefing session on financial results:

Stock exchange listing: Tokyo Stock Exchange(Note 1)
URL: http://www.nre-mf.co.jp/english/

TEL: +81-3-3365-8767

May 27, 2016
May 19, 2016
Yes
Yes (for institutional investors and analyst)[Amounts are rounded down to the nearest million yen]

1. Financial Results for the Fiscal Period Ended February 29, 2016 (1st period) (from October 1, 2015 to February 29,
2016)(1) Operating Results[% figures are the ratio of increase (decrease) compared with the previous period]
Operating Revenues
Period ended
February 29, 2016

million yen
24,313%(-)

Net Income
per Unit
Period ended
February 29, 2016

Operating Profit
million yen
6,483

Ordinary Income%(-)

Return on Unitholders’Equityyen

million yen
4,050

Net Income%(-)

Ratio of
Ordinary Income
to Total Assets

%

1,087

%

million yen
4,048

(-)

Ratio of
Ordinary Income
to Operating Revenue
%

0.8

%

0.4

16.7

(Note 1) NMF’s accounting period for the fiscal period ended February 2016 is the 152 days from October 1, 2015 to February 29, 2016.
(Note 2) Since the fiscal period ended February 2016 is the first fiscal period, the operating status of only this fiscal period is indicated. Moreover, since
percentages for operatinve revenues, operating profit, ordinary income and net income are for rates of period-on-period change, nothing is
indicated in those sections. The same applies hereinafter(2) Distributions
Distribution
per Unit(excluding
distribution
in excess of Net
Income)Total
Distributions(excluding
distribution
in excess of
Net Income)Distribution
in excess of
Net Income
per Unit

Total
Distributions
in excess of
Net Income

yenmillion yen
1,179

yen
1,902

million yen
7,079

Period ended
February 29, 2016

317

Distribution
Per Unit(including
distribution inexcess of Net
Income)Total
Distributions(including
distribution
in excess of
Net Income)

2,219

million yen
8,259

yen

Distribution
Payout Ratio(Note 2)

Ratio ofDistributions
to Net Assets

%
29.1

%
0.2

(Note 1) Of the 1,902 yen of distribution per unit in excess of earnings in the fiscal period ended February 2016, 1,649 yen is distribution of the reserve
for temporary difference adjustments and 253 yen is distribution reducing unitholders’ capital for tax purposes. Futhremore, ratio of decresing
surplus is 0.003.
(Note 2) Distribution Payout Ratio is calculated using below formula and rounded off to first decimal place.
Distribution Payout Ratio = Total Distributions (excluding distribution in excess of Net Income) / Net Income × 100
Distribution Payout Ratio will be 204.0% using the formula:
Distribution Payout Ratio = Total Distributions (including distribution in excess of Net Income) / Net Income × 100(Note 3) Raio of Distributions to Net Assets is caluculated using below formula and rounded off to first decimal place.
Raio of Distributions to Net Assets = Distribution Per Unit (excluding distribution in excess of Net Income) / {(Net Assets per Unit at thebegging of the fiscal period + Net Assets per Unit at the end of the fiscal period) / 2} × 100
Raio of Distributions to Net Assets will be 1.7% using the formula:
Raio of Distributions to Net Assets = Distribution Per Unit (including distribution in excess of Net Income) / {(Net Assets per Unit at thebegging of the fiscal period + Net Assets per Unit at the end of the fiscal period) / 2} × 100(3) Financial Position
Total Assets
Period ended
February 29, 2016

million yen
928,297

Net Assets
million yen
477,601

Net Assets to Total Assets

Net Assets per Unit

%
51.4

yen
128,318(4) Status of Cash FlowsNet Cash
Provided by (used in)Operating Activities
Period ended
February 29, 2016

million yen
8,725

Net Cash
Provided by (used in)Investing Activities
million yen(11,500)- 1 -Net Cash
Provided by (used in)
Financing Activities
million yen(469)

Cash and
Cash Equivalents
at End of Period
million yen
58,325

2．Earnings Forecasts for the Fiscal Period Ending August 31, 2016 (2nd period) (from March 1, 2016 to August 31,
2016)[% figures are the ratio of increase (decrease) compared with the previous period]

Operating
Revenues

August 31,

millionyen

Distribution
per Unit

Operating Profit

million%yen

Ordinary Income

million%yen(excluding
distribution
in excess of
Net Income)Net Income

million%yen%

30,06224.0 10,715
65.3
8,330
105.7
8,329
105.8
2016
（Reference）Forecast net income per unit for the fiscal period ending August 31, 2016: 2,237 yen

Distribution

Distribution
per Unit
in excess of(including
Net Income distribution
per Unit in excess of Net
Income)

yen

yen

yen

2,237

523

2,760

*Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement① Changes in accounting policies accompanying amendments to accounting standards, etc.:② Changes in accounting policies other than in ①:③ Changes in accounting estimates:④ Retrospective restatement:

None
None
None
None

(2) Number of Investment Units Issued and Outstanding① Number of investment units issued (including treasury investment units)
As of February 29, 2016:
3,722,010units② Number of treasury investment units
As of February 29, 2016:– units(Note) For the number of investment units used as the basis for calculation of net income per unit, please refer to“Notes on Per Unit Information” on page 52.
* Presentation of the status of implementation of audit procedures
At the time of disclosure of this report, audit procedures for financial statements pursuant to the Financial
Instruments and Exchange Act (Act No. 25 of 1948) have not been completed.
* Explanation of forward-looking statements
The outlook for management status and other forward-looking statements contained in this report are basedon information currently available to and certain assumptions deemed reasonable by NMF. Accordingly, actual
management status, etc. may differ materially due to a variety of factors.

This is an English language translation of the original Japanese announcement of the financial statements(“Kessan Tanshin”). This translation is provided for information purpose only. Should there be any discrepancy
between this translation and the Japanese original, the Japanese original shall prevail.

- 2 -Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

Attachment
1. Related Corporations of the Investment Corporation① Structure of the Investment Corporation
The followings are company name and outline of related business of NMF’s related parties and otherrelevant parties.
Investment Corporation

Specified Related Party (Note)
Parent company of the asset
management companhy

Nomura Real Estate
Master Fund, Inc.

Asset Custodian②

Nomura Real Estate
Holdings, Inc.
Unitholders’ Meeting

Asset Manager
Nomura Real Estate Asset
Asset Management Co., Ltd.

⑤

④

①

Board of Directors’meeting
Executive Director:
Satoshi Yanagita

Supervisory Director:
Shuhei Yoshida

Nomura Real Estate
Development Co., Ltd.

AuditorErnst & Young
ShinNihon LLC

Nomura Real Estate
Development Co., Ltd.
Nomura Real Estate Partners Co.,Ltd.
GEO-AKAMATSU Co., Ltd.

⑦⑨

General Administrator(Organizational Administration,
Accounting)
Administrator of Unitholders’RegisterSpecial Accounts Administrative
Agent
Mitsubishi UFJ Trust andBanking Corporation

Supervisory Director:
Sadahiko Yoshimura

Information Provider

Basic Agreement with respect toLeasing Value Chain③⑥

Sumitomo Mitsui Trust Bank,
Limited⑧

General Administrator(Financial Agent)
The Bank ofTokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedNomura Securities Co., Ltd.
Mizuho Securities Co., Ltd.

General administrator ofinvestment corporation bonds
General Administrator(Short-Term Investment
Corporation Bonds)
Sumitomo Mitsui Trust Bank,
Limited(Note) Nomura Real Estate Holdings, Inc., the parent company of the asset management company, falls under the category of specified related
corporation as stipulated in Article 12 Paragraph 3 of the Cabinet Office Ordinance on Disclosure of Information of Regulated Securities, etc.
(Ordinance of the Ministry of Finance No. 22 of 1993; hereinafter the “Regulated Securities Information Disclosure Ordinance”). Nomura Real
Estate Development Co., Ltd. also falls under the category of specified related corporation as stipulated in Article 12 Paragraph 3 of theRegulated Securities Information Disclosure Ordinance as it is an interested party, etc., of NMF’s asset management company as stipulated in
Article 201 Paragraph 1 of the Investment Trust Act and, furthermore, is a corporation that makes or has made transactions with NMF set forthin Article 29-3, Paragraph 3, Item 1 and 2 of the Order for Enforcement of the Financial Instruments and Exchange Law (Cabinet Order No.
321 of 1965) (transactions which satisfy the criteria stipulated in Article 55-8, Paragraph 1 of the Cabinet Office Ordinance Regarding
Regulations on Securities Transactions (Cabinet Office Ordinance No. 59 of 2007)).

- 3 -Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

Type of Agreements① Asset Management Agreement② Asset Custody Agreement③ Transfer Agency Agreement, General Administration Agreement④ Information Provision Agreement⑤ Basic Agreement with respect to Leasing Value Chain⑥ Agreement on Special Account Management⑦ Investment Corporation Bond Management Agreement (related to NOF’s 2nd series bonds) (Note2)⑧ Financial Agent Agreement (related to Former NMF’s 1st series bonds, NOF’s 6th series bonds,
NOF’s 7th series bonds, NOF’s 9th series bonds, NOF’s 10th series bonds and NRF’s 2nd series
bonds) / Principal Payment Entrustment Agreement (NOF’s 2nd series bonds) / Registration
Entrustment Agreement (NOF’s 2nd series bonds) / Investment Corporation Bond Management
Agreement (related to NOF’s 2nd series bonds) (Note)⑨ Agreement on Entrustment of Issuance, Redemption and Settlement of Short-Term Investment
Corporation Bonds / Private Placement Handling Agreement(Note) In this document, Former Nomura Real Estate Master Fund, Inc.’s First Series Unsecured Investment
Corporation Bonds (with pari passu clause among specified investment corporation bonds) arereferred to as “Former NMF’s 1st series bonds,” Nomura Real Estate Office Fund, Inc.’s Second Series
Unsecured Investment Corporation Bonds (with pari passu clause among specified investment
corporation bonds) are referred to as “NOF’s 2nd series bonds,” Nomura Real Estate Office Fund,
Inc.’s Sixth Series Unsecured Investment Corporation Bonds (with pari passu clause among specified
investment corporation bonds) are referred to as “NOF’s 6th series bonds,” Nomura Real Estate
Office Fund, Inc.’s Seventh Series Unsecured Investment Corporation Bonds (with pari passu clauseamong specified investment corporation bonds) are referred to as “NOF’s 7th series bonds,” Nomura
Real Estate Office Fund, Inc.’s Ninth Series Unsecured Investment Corporation Bonds (with paripassu clause among specified investment corporation bonds) are referred to as “NOF’s 9th series
bonds,” Nomura Real Estate Office Fund, Inc.’s Tenth Series Unsecured Investment Corporation
Bonds (with pari passu clause among specified investment corporation bonds) are referred to as“NOF’s 10th series bonds” and Nomura Real Estate Residential Fund, Inc.’s Second Series Unsecured
Investment Corporation Bonds (with pari passu clause among specified investment corporation bonds)
are referred to as “NRF’s 2nd series bonds.”- 4 -Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

② Names of company and related companies, their management roles and its related business outline
Name

Management role

Nomura Real Estate
Master Fund, Inc.

Investment
Corporation

Nomura Real Estate
Asset Management Co., Ltd.

Asset managementcompany

Sumitomo Mitsui Trust
Bank, Limited

Asset Custodian- 5 -Related business outline
NMF invests in real estate, leaseholds of realestate and superficies or beneficial interests oftrusts in which only these assets are entrusted,from among “real estate and other assets”
described in the Ordinance for Enforcement of
the Act on Investment Trusts and Investment
Corporations (Ordinance of Prime Minister’s
Office No. 129 of November 17, 2000), with theaim of securing stable medium- to long-term
income and delivering steady portfolio growth.
Pursuant to the Asset Management Agreement(stated in ① above), the Asset Management
Company shall manage the assets held by NMF
in accordance with NMF’s articles ofincorporation (hereinafter the “Articles ofIncorporation”) and the investment targets andpolicies prescribed therein, as entrusted by NMF.
Pursuant to the Asset Custody Agreement(stated in ② above), and at the request of NMF,
Sumitomo Mitsui Trust Bank shall provide
custodian services with regard to the assets held
by NMF.

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

Name
Mitsubishi UFJ Trust andBanking Corporation

Management role
GeneralAdministrator(Organizational
Administration,
Accounting)

Administrator ofUnitholders’Register- 6 -Related business outline
Pursuant to the General Administration
Agreement (stated in ③ above), and at therequest of NMF, Mitsubishi UFJ Trust andBanking shall perform administration relating to
the management of NMF (administration asprescribed in Article 117, item 4 of theInvestment Trust Law, excluding administration
performed by the administrator of theunitholders’ register), administration relating to
NMF’s accounts (administration as prescribed in
Article 117, item 5 of the Investment TrustLaw), administration relating to the preparationof accounting books (administration asprescribed in Article 117, item 6 of theInvestment Trust Law and in Article 169,
paragraph 2, item 6 of the Ordinance for
Enforcement thereof (includes item 129 of thePrime Minister’s Ordinance of 2000 and
subsequent revisions and is hereinafter referred
to as the “Ordinance for Enforcement of theInvestment Trust Law”)), administration relating
to taxes (administration as prescribed in Article
117, item 6 of the Investment Trust Law and in
Article 169, paragraph 2, item 7 of theOrdinance for Enforcement of the Investment
Trust Law).
Pursuant to the Transfer Agency Agreement(stated in ③ above), Mitsubishi UFJ Trust andBanking shall perform administration relating to
the preparation, management, and keeping of
the unitholder register and other books,
administration
relating
to
distributing
convocation notice for general unitholders’meetings, preparation and tallying of voting
instructions and proxies, administration relating
to the payment of distributions to unitholders
and administration relating to the collection,
registration, etc. of individual numbers ofunitholders, etc. (Act on the Use of Numbers to
Identify a Specific Individual in the
Administrative Procedure (Act No. 27 of 2013;
hereinafter the “Numbers Act”) as well as
corporate numbers (corporate number as definedin the “Numbers Act.” The same applies
hereinafter) as entrusted by NMF.

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

Name

Management role

Related business outline

Mitsubishi UFJ Trust andBanking Corporation.

Special Accounts
Administrative
Agent

Nomura Real Estate
Development Co., Ltd.

Information
Provider andSpecial Related
Corporation(Of the relatedparties, etc. of theAsset Management
Company,
corporations that
conducted or willconducttransactions set
forth in Article
29-3, Paragraph 3,
Item 1 and 2 of theOrder for
Enforcement of
the Financial
Instruments andExchange Law)

Pursuant to the agreement on special accountmanagement (stated in ⑥ above), The Bank ofTokyo-Mitsubishi UFJ, Ltd. shall perform, as the
special accounts administrator for book-entry
units on the book-entry units issued by NMF,
administration relating to the preparation,
administration and keeping of book-entry
account books and their ancillary books andadministration relating to the collection,
registration, etc. of individual numbers andcorporate numbers of participants as entrusted
by NMF.
Pursuant to the Information Provision
Agreement (stated in ④ above), Nomura Real
Estate Development Co., Ltd. shall provide
information regarding real estate for sale if itplans to sell real estate, etc. that it owns or will
own after development that fits NMF’s property
selection criteria.
Furthermore, the company is the related partiesof the Asset Management Company (it is a
consolidated subsidiary of Nomura Real Estate
Holdings Inc., the parent company of the AssetManagement Company, which owns all of its
shares issued) and is a previous owner of a partof NMF’s portfolio assets (The total amount ofmoney NMF paid to or received from Nomura
Real Estate Development Co., Ltd. ascompensation for the acquisition and transfer ofreal estate during the first fiscal period (ended
February 2016) is equivalent to more than 20%of the total amount of money NMF paid or
received as compensation for the acquisition andtransfer of real estate, etc. (in this column, “realestate, etc.” shall hereinafter refer to real estate,leaseholds of real estate and superficies) andbeneficial interest in real estate trust). Besides theInformation Provision Agreement above and the
Basic Agreement with respect to Leasing Value
Chain ( ⑤ in the above figure), Nomura Real
Estate Development Co., Ltd. has concluded saleagreements and incidental agreements with NMF
regarding a part of NMF’s portfolio assets.

- 7 -Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

Name
Nomura Real Estate
Holdings, Inc.

Nomura Real Estate
Development Co., Ltd.
Nomura Real Estate
Partners Co., Ltd.
GEO-AKAMATSU Co.,LtdManagement role
Specified Releted
Corporation
Parent Company ofasset management
comapny

Related business outline

Nomura Real Estate Holdings holds 100% of theshares outstanding of asset managementcompany and concerned as parent company of
the asset management company scribed in theRegulation for Terminology, Forms andPreparation of Financial Statements, etc.
(Ordinance of the Ministry of Finance No. 59 of
1963). Furthermore, NMF have no contract or
do not intend to have contract with the said
company.
Partners of
The Basic Agreement with respect to Leasing
information sharing Value Chain (stated in ⑥ above) which
and joint reviewers
stipulates the establishment of a regular meetingof measures
body and such is concluded for the purpose of
sharing information and know-how concerning
real estate leasing and the joint deliberation of
measures such as for increasing the brand value
between the Asset Management Company,
Nomura Real Estate Development Co., Ltd.,
Nomura Real Estate, Partners Co., Ltd. and
GEO-AKAMATSU Co., Ltd.

- 8 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

<General Administrators of Investment Corporation Bonds, Etc.>
Investment
Management
corporation
Name
Details of operations
role
bond
Former
GeneralThe Bank of
Pursuant to the Financial Agent Agreement
NMF’s 1st administrator Tokyo-Mitsubishi UFJ,
(stated in ⑧ above) with regards to Former
seriesof investment Ltd.
NMF’s 1st series bonds, the Bank ofbonds
corporation
Tokyo-Mitsubishi
UFJ,
Ltd.
performs
bonds
administration related to the issuance of corporate
bonds, administration related to the interest
payment of corporate bonds, administration
related to the original registers of corporate bond,and other related administration.
NOF’s
GeneralThe Bank of
Pursuant to the Investment Corporation Bond
2nd series administrator Tokyo-Mitsubishi UFJ,
Management Agreement (stated in ⑦ above) withbonds
of investment Ltd.
regard to NOF’s 2nd series bonds, the Bank ofcorporation
Tokyo-Mitsubishi UFJ, Ltd. performs operations
bonds
as the investment corporation bond manager
based on entrustment by NMF.
GeneralThe Bank of
Pursuant to the Principal Payment Entrustment
administrator Tokyo-Mitsubishi UFJ,
Agreement, the Registration Entrustment
of investment Ltd.
Agreement and the Investment Corporation Bondcorporation
Management Agreement (stated in ⑧ above) withbonds
regard to NOF’s 2nd series bonds, the Bank ofTokyo-Mitsubishi
UFJ,
Ltd.
performs
administration related to the issuance ofinvestment corporation bonds, administration
related to the preparation and keeping of theinvestment corporation bond registry as well asother administration related to the investment
corporation bond registry, administration related
to the payment of interest and redemption
proceeds to investment corporation bond holders,administration related to reception of claims ofinvestment corporation bond holders regarding
execution of their rights and other requests byinvestment corporation bond holders, etc., basedon entrustment by NMF.
Moreover, the Bank of Tokyo-Mitsubishi UFJ
performs administration related to the issuanceand interest payment of corporate bonds deemed
to be book-entry investment corporation bonds
based on the provision of Article 28 Paragraph 1of the Act on Book-Entry Transfer of Company
Bonds, etc. (Act No. 75 of 2001; hereinafter the“Book-Entry Act”) prior to revision through the
Act for Partial Revision of the Act on Transfer ofBonds, etc. for Achieving Rationalization of
Settlements for Transactions of Shares, etc. and
Other Acts (hereinafter the “Settlement
Rationalization Act”).

- 9 -Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

Investment
Management
corporation
role
bond
NOF’s
General2nd series administrator
bonds
of investment
corporation
bonds

Name

Details of operations

Nomura Securities Co.,
Ltd. and Mizuho Securities
Co., Ltd.

Pursuant to the Principal Payment Entrustment
Agreement (stated in ⑧ above) with regard to
NOF’s 2nd series bonds, Nomura Securities Co.,
Ltd. and Mizuho Securities Co., Ltd. performs
administration related to the payment of interest
and redemption proceeds to investment
corporation bond holders, based on entrustment
by NMF.
Pursuant to the Financial Agent Agreement(stated in ⑧ above) with regard to NOF’s 6thseries bonds and 9th series bonds, the Bank ofTokyo-Mitsubishi
UFJ,
Ltd.
performs
administration related to the issuance of corporate
bonds, administration related to the interest
payment of corporate bonds, administration
related to the preparation and keeping of theinvestment corporation bond registry as well asother administration related to the investment
corporation bond registry, administration related
to reception of claims of investment corporationbond holders regarding execution of their rights
and other requests by investment corporationbond holders, etc.
Pursuant to the Financial Agent Agreement(stated in ⑧ above) with regard to NOF’s 7thseries bonds and 10th series bonds, Sumitomo
Mitsui
Banking
Corporation
performs
administration related to the issuance of corporate
bonds, administration related to the interest
payment of corporate bonds, administration
related to the preparation and keeping of theinvestment corporation bond registry as well asother administration related to the investment
corporation bond registry, administration related
to reception of claims of investment corporationbond holders regarding execution of their rights
and other requests by investment corporationbond holders, etc.

NOF’s 6th
seriesbonds and
NOF’s 9thseriesbonds

Generaladministrator
of investment
corporation
bonds

The Bank ofTokyo-Mitsubishi UFJ,Ltd.

NOF’s 7thseriesbonds andNOF’s
10th series
bonds

Generaladministrator
of investment
corporation
bonds

Sumitomo Mitsui Banking
Corporation- 10 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

Investment
Management
corporation
role
bond
NRF’s 2nd Generalseriesadministrator
bonds
of investment
corporation
bonds

Name

Details of operations

Sumitomo Mitsui Banking
Corporation

Pursuant to the Financial Agent Agreement(stated in ⑧ above) with regard to NRF’s 2ndseries bonds, Sumitomo Mitsui Banking
Corporation performs administration related tothe issuance of corporate bonds, administration
related to the interest payment of corporate
bonds, administration related to the preparationand keeping of the investment corporation bondregistry as well as other administration related tothe investment corporation bond registry,administration related to reception of claims ofinvestment corporation bond holders regarding
execution of their rights and other requests byinvestment corporation bond holders, etc.
Furthermore, the company is the related partiesof the Asset Management Company (it is a
consolidated subsidiary of Nomura Real Estate
Holdings Inc., the parent company of the AssetManagement Company, which owns all of its
shares issued) and is a previous owner of a part of
NMF’s portfolio assets (The total amount ofmoney NMF paid to or received from Nomura
Real Estate Development Co., Ltd. ascompensation for the acquisition and transfer ofreal estate during the first fiscal period (ended
February 2016) is equivalent to more than 20% of
the total amount of money NMF paid or received
as compensation for the acquisition and transfer
of real estate, etc. (in this column, “real estate,etc.” shall hereinafter refer to real estate,leaseholds of real estate and superficies) andbeneficial interest in real estate trust). Besides theInformation Provision Agreement above and the
Basic Agreement with respect to Leasing Value
Chain (⑤ in the above figure), Nomura Real
Estate Development Co., Ltd. has concluded saleagreements and incidental agreements with NMF
regarding a part of NMF’s portfolio assets.

- 11 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

<General Administrator of Short-Term Investment Corporation Bonds>
NameManagement role
Details of operations
The Bank ofGeneral administrator of
Pursuant to the Agreement on Entrustment ofTokyo-Mitsubishi UFJ,
short-term investment
Issuance, Redemption and Settlement ofLtd.
corporation bonds
Short-Term Investment Corporation Bonds(stated in ⑨ above) with regard to short-term
investment corporation bonds, the Bank ofTokyo-Mitsubishi
UFJ,
Ltd.
performs
administration related to the issuance ofshort-term investment corporation bonds,
administration related to redemption and,administration related to fund settlements, etc.
Moreover, pursuant to the Private Placement
Handling Agreement (stated in ⑨ above), theBank of Tokyo-Mitsubishi UFJ, Ltd. performs
administration related to private placement
handling with regard to the issuance of short-term
investment corporation bonds.
③ Figure of silent partnership in which NMF invests
A. Godo Kaisha Osaka Hirakata Project Silent Partnership
Godo Kaisha Osaka Hirakata Project (Note 1)
Beneficiary interest in realestate in trust, etc. (Note 2)¥3,692 million

Non-recourse loans¥2,747 million
Silent partnership equity
interest, etc. (Note 3)¥945 million(Note 1) Mizuho Trust & Banking Co., Ltd. is appointed as the asset manager of the G.K.
(Note 2) The asset is beneficiary interest in real estate in trust mainly in “Hirakata Logistics Center”.
(Note 3) NMF has invested 100 million yen (approx. 10.6%) in the silent partnership equity, etc.
(Note 4) As stated in “2. Management Policy and Management Status / (2) Management Status / ③ Significant
Subsequent Events / (Reference) A. Acquisition of the asset” below, NMF has excercied the preferential
negotiation right granted upon the acquisition of the silent partnership equity interest, and concluded thepurchase and sales agreement of trust beneficiary interest in mainly “Osaka Kuzuha Logistics Center” with
Godo Kaisha Osaka Hirakata Project

2. Management Policy and Management Status(1) Management Policy(1.1) Investment Policy① Basic Policy
NMF invests in real estate, leaseholds of real estate and superficies or beneficial interests of trusts inwhich only these assets are entrusted, from among “real estate and other assets” described in the Ordinancefor Enforcement of the Act on Investment Trusts and Investment Corporations, with its basic policy being
to aim in its management to secure stable medium- to long-term income and deliver steady portfolio growth(Article 27 of the Articles of Incorporation). Under this basic policy, NMF will combine its “diversified typestrategy” which will pursue both steady external growth through diverse investment opportunities presented
through investments in facilities of various sectors including logistics facilities, retail facilities, offices andresidential facilities and stabilization of income backed by the differences in the income characteristics ofeach sector, with the “large-scale REIT strategy” which enhances the effects of diversification of properties- 12 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

and tenants and aims to establish a stable portfolio that controls the volatility of profitability and asset
values, and with the “utilization of the leasing value chain” which is the framework for external growththrough the acquisition of rental revenue-generating real estate developed by the Nomura Real Estate Group,
the sponsor, and internal growth through management that utilizes the features of real estate of various
sectors, with an aim to realize the securing of stable medium- to long-term income and delivery of steady
portfolio growth and increase unitholder value.
Moreover, NMF will adopt an investment strategy that centers on the Greater Tokyo area (Tokyo,
Kanagawa, Chiba and Saitama prefectures) which has strong tenant demand while also considering regional
diversification through the three major metropolitan areas and cabinet-order designated cities, etc.
The three major metropolitan areas mentioned above refers to the Tokyo metropolitan area, Chukyo area and the
Kinki area.
Tokyo metropolitan area: Tokyo, Kanagawa, Chiba, Saitama, Tochigi, Gunma, Ibaraki and Yamanashi prefectures
Chukyo area: Aichi, Gifu and Mie prefectures
Kinki area: Osaka, Kyoto, Hyogo and Nara prefectures

Moreover, other major cities including cabinet-order designated cities are cabinet-order designated cities,
prefectural capitals, and cities with a population of 100,000 persons or more, excluding the Greater Tokyo
area, the Chukyo area and the Kinki area.
A. Realizing Stable Growth through Investment in Diverse Real Estate (Diversified Type Strategy)
Through the diversified type strategy, NMF will pursue both stability and growth potential of income
through the effects of diversifying sectors and aim to promote selective investments in prime properties
and expand investment opportunities through an increased ability to collect property information.
NMF’s portfolio is comprised of properties with stable profitability not easily affected by economic
fluctuations such as logistics facilities, retail facilities (located in residential areas), residential facilities, etc.
which are not easily affected by the economic fluctuations and from which stable income is expected andas well as properties whose income can be expected to grow through economic fluctuations such as
offices, retail facilities (located near stations), etc. It is believed that both stability and growth potential ofincome can be pursued through investment that focuses on the differences in lease transaction practices
such as in contract periods and contract forms (normal lease and fixed-term lease) as well as inproperty-specific income features.
Furthermore, investment targets in the J-REIT market initially focused on offices are becoming morediversified, incorporating retail facilities, residential facilities, logistics facilities and even hotels, factories,
infrastructure and healthcare facilities. Further expansion of this trend is expected going forward with the
future growth of the J-REIT market. Given these circumstances surrounding the J-REIT market, NMF
will pursue further growth by responding to diversification of investment targets utilizing the features of adiversified-type REIT and expanding investment opportunities.
B. Portfolio Management that Utilizes the Diversification Effect (Large-Scale REIT Strategy)
NMF has an asset size of 261 properties worth ¥792.6 billion (as of the end of February 2016; basedon acquisition price) and it believes it is able to reduce the risks of decreased revenues and maldistributionof portfolio properties as well as the risks associated with tenant concentration through the effects ofdiversifying its portfolio. Against the backdrop of the reduction of these risks, NMF will actively promotevarious measures to increase the portfolio’s values. Specifically, responding to the aging of portfolio
properties is a matter that can’t be avoided for an investment corporation which will own real estate andsuch for long periods of time and so measures aimed at increasing the portfolio value will be actively
promoted such as implementing value-adding work utilizing depreciation, replacement of properties andrebuilding in collaboration with the sponsor. Furthermore, utilizing the advantages of being a large-scale
REIT, internal growth will be enhanced by advancing consolidation and efficiency in property
management and endeavoring to reduce various expenses.
In addition to such measures, NMF will promote the increase of the asset size and market size,- 13 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

reduction of financial costs and diversification of funding methods with an aim to increase financial
stability backed by increased funding capabilities.
C. Promoting Mutual Growth with the Nomura Real Estate Group (Utilization of Leasing Value Chain)
The Nomura Real Estate Group is a corporate group comprised of the consolidated subsidiaries, etc.
of Nomura Real Estate Holdings such as Nomura Real Estate Development Co., Ltd. Business segments
are divided into the Residential Business, Leasing Business, Asset Management Business, Property
Brokerage and CRE Business, Property & Facility Management Business and Other Businesses. This
diverse range of businesses is operated as a comprehensive real estate corporate group.
NMF, in addition to receiving external growth support through the property acquisition pipeline by way
of provision of information on real estate, etc. from Nomura Real Estate Development Co., Ltd., hasestablished a management pipeline with the dual functions of sharing information and know-how
regarding rental revenue real estate among Nomura Real Estate Group companies as well as jointly
deliberating and promoting measures necessary for increasing brand value and profitability of properties
in both hard and soft aspects, and will actively promote the strengthening of the brand powers ofproperties developed by the sponsor such as PMO, PROUD FLAT, GEMS and Landport as well as
increase the value of NMF’s portfolio properties. Through this, a positive cycle of mutual growth will beestablished among NMF and Nomura Real Estate Group companies with an aim to increase unitholder
value.
By maximally utilizing the planning, development and management capabilities associated with realestate of various sectors in the Nomura Real Estate Group, NMF will promote optimal portfolio
management and the steady growth of the asset size backed by the rich pipeline and aim to secure stable
income in the medium to long term.
② Investment Policy
A. Portfolio Construction Standards
NMF will invest in facilities from a variety of sectors including logistics facilities, retail facilities, offices
and residential facilities (including real estate backing real estate, etc. and real estate backed securities (bothas described in Article 28 Paragraph 1 of the Articles of Incorporation) excluding real estate). Based on
the Asset Management Company’s judgements in light of real estate market trends, it is NMF’s policy to
aim to secure stable income in the medium to long term through well-balanced diversified investments inthese assets (NMF will not establish limits for investment ratios of sectors).
Furthermore, NMF’s main target investment area will center on the three major metropolitan areas(Tokyo metropolitan area, Chukyo area and Kinki area) and also include major cities including
cabinet-ordinance designated cities and their surrounding areas. In its investments NMF will promote
diversification of the locations of portfolio properties to be acquired with the aim of stabilizing cash flowby reducing the risks associated with earthquakes, fluctuations of local economies and rental conditions,etc.
NMF will construct its portfolio using the following geographical configurations as targets, focusing
most on the density of tenant demand and also being aware of regional diversification.
Greater Tokyo area (Tokyo, Kanagawa, Chiba and
75% or more
Saitama prefectures)
Chukyo area (Aichi, Gifu and Mie prefectures)
Kinki area (Osaka, Kyoto, Hyogo and Nara prefectures)
25% or less
Other cities(Note 1) The ratios are based on acquisition price (for properties inherited through the merger this means thecapitalized amount at the time of merger) and exclude taxes and other expenses related to acquisition.
Moreover, there may be temporary divergence from the above ratios.
(Note 2) “Other cities” refers to cabinet-order designated cities, prefectural capitals, and cities with a population of
100,000 persons or more as well as surrounding areas of these cities, excluding the Greater Tokyo area, theChukyo area and the Kinki area

- 14 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

B. Investment Standards
1. Property Selection Standards by Sector(i) Logistics Facilitiesa) Definition of Sector
Logistics facilities are defined as real estate targeted for acquisition at which more than 50% of
the gross leasable area is provided for logistics facilities use (Note) at the point of acquisition.
When investing only in a building’s site or in superficies or leasehold rights of such a site (realestate that constitutes the main body of a building’s site and superficies or leasehold rights of suchsites are hereinafter referred to as “sites, etc.”), the sector of the site, etc. shall be the sector whose
definition matches or is expected to match the building on the site, etc. (the same is true for all
sectors).
(Note) Investments can also target consumer warehouses (trunk rooms, rental storage space, etc.) and in such acase the property size standards in b) below shall not apply.

b) Property Size (Note 1)
In principle, the gross floor area shall be 10,000 m2 or more (Note 2).
In principle, when investing in land the site area shall be 10,000 m2 or more.
(Note 1) Investment shall be allowed even if the property does not meet the above standards for gross floorarea and site area if the acquisition of the property will secure or expand synergetic effects withalready-owned properties or opportunities for acquiring properties, or if other benefits are expected(including the following cases) (the same is true for all sectors).
・If the property is adjacent to a property already owned and it is deemed that pursuit of higher
value can be expected such as through additional work to already-owned properties or integral
rebuilding
・If the property is included in a bulk acquisition.
・If the property is developed by a provider with whom ongoing transactions are expected.
(Note 2) The gross floor area is determined based on the gross floor area indicated in the registry or in otherrecords and takes into account the gross floor area as stipulated in the Building Standards Act (thesame is true for all sectors).

(ii) Retail Facilitiesa) Definition of Sector
Retail facilities are defined as real estate targeted for acquisition at which more than 50% of thegross leasable area is provided for retail facilities use (Note) at the point of acquisition.
(Note) NMF classifies retail facilities into the following two types.

Classificat
ion

Station area

Residential area

Overview

Facilities that rely on the ability of (terminal)
station to gather customers

Facilities backed by a population of nearby
residentsMain
evaluation
items

・Number of arriving and departing passengers
at the station
・Distance to the station (accessibility)
・Commercial accumulation status (vibrancy)
・Visibility
・Synergy with other retail facilities
・Specifications of building facilities

・Trade area population
・Transportation access・Trends of competing stores・Substitutability of tenants and sector
・Length of lease contract period
・Tenant credits

Maintypes oftenants

・Service sector tenants
・Merchandise stores・Restaurants, etc.

・Food supermarkets
・General supermarkets
・Furniture retailers
・Sports clubs, etc.

b) Property SizeClassificati
onStation area

Residential area

Building

In principle, the gross floor area shall be 1,000
m2 or more.

In principle, the gross floor area shall be 1,500
m2 or more.

Land

When investing in land, land will be considereda target for investment regardless of the sitearea.

When investing in land, in principle the sitearea shall be 1,500 m2 or more.

- 15 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016c) Property Selection Policy
In addition to the standards in “2. Property Selection Standards Applied Regardless of Sector”
described below, investment in retail facilities will consider the balance of profitability and stability
as a property selection policy.
Since retail facilities have high volatility of profitability through changes in consumers’
preferences, property selection will focus on access, substitutability, lease agreement terms andtenant credibility in addition to commercial accumulation status (vibrancy) and trade area
population.
(iii) Officesa) Definition of Sector
Offices are defined as real estate targeted for acquisition at which more than 50% of the grossleasable area is provided for office use (Note) at the point of acquisition.
(Note) The sections occupied by tenants for restaurants and shops are not included.

b) Property Size
In principle, the gross floor area shall be 3,300 m2 or more.
(iv) Residential Facilitiesa) Definition of Sector
Residential facilities are defined as real estate targeted for acquisition at which more than 50%of the gross leasable area is provided for residential facility use (Note) at the point of acquisition.
(Note) Residential facilities refer to the following facilities, etc. Regarding residential facilities other than rental
apartments, in addition to normal lease schemes, management entrustment schemes for dedicatedoperators that will manage the facility will be considered based on the property’s management form.

Rental apartments(Including company housing (whole
leasing to companies) and student
condominiums (where occupants
must be students))
Condominiums for short-term stayService apartments
Dormitories
Housing for the elderly

Residential facilities used for the purpose of general
residency and whose leasing is in principle for more than ayear.

Residential facilities with furniture that are used for the
purpose of short-term stay on a weekly or monthly basis(less than a year).
Residential facilities with furniture and that provide
services such as linen (bedding replacements), front desk
services and concierge services.
Residential facilities that are used as so-called dormitories
such as with the establishment of public spaces, facilities
for the provision of food, etc.
Residential facilities with nursing care services.

(v) Other Sectors
There are many sectors in other real estate targeted for investment and specific limits on sizeand such will not be established in light of the diversity of investment standards according tosectors. Investment in other sectors will be made upon comprehensive considerations of locality
by location characteristics, ease of securing substitute tenants, general versatility of facilities, etc.
of each individual real estate targeted for investment.
2. Property Selection Standards Applied Regardless of Sector
The following items will be considered for acquisition of all properties regardless of sector.
(i) Location
The regions targeted for investment for properties in all sectors shall center on the three major
metropolitan areas and also include major cities including cabinet-ordinance designated cities andtheir surrounding areas.
- 16 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

In addition to the above, in principle micro areas where properties are situated must be able toexpect sufficient stability considering rental demand.
(ii) Rights Relations
In principle, rights relations must be ownership rights. Regarding consideration of investment inreal estate that is jointly owned or in real estate with compartmentalized ownership, judgement will
be made for each property upon comprehensive consideration of the following.
① For joint ownership, the existence of measures to control claims for division of or sale ofinterest in jointly-owned property② Type and ratio of interest of other co-owners and holders of compartmentalized ownership③ Method of management and status of reserve of repair reserves, security deposits, etc.
including parts born by the other holders of compartmentalized ownership④ The existence, period, etc. of collateral of interests of other co-owners and exclusive areas ofother holders of compartmentalized ownership
Moreover, when considering investment in a property whose land rights is a leasehold, theterms of the land’s lease agreement will be taken into account.
(iii) Investment in Land (Including Land with Leasehold Rights)
When investing in a site, etc. only, investment decisions will be made upon consideration ofsuch matters as the credibility and type of the owner of the building on the site, etc., the terms of
the superficies agreement or the land’s lease agreement with the owner as well as the possibility of
conversion of use, possibility of development and fluidity for when a sale would be implemented.
For land with leasehold rights, since maintenance fees and the burden of repair investments are
generally small and stable revenue can therefore be expected in addition to amortization being
unnecessary and therefore that the ratio of dividends to rental revenue can be expected to be
increases, investments will be made in light of these features of land with leasehold rights.
(iv) Building Age
Regarding building age, projections for capital expenditure (cost) resulting from aging, etc.
according to the building age will be made and consideration will be given to the leveling off ofcapital expenditure in the whole portfolio.
(v) Environment, Geology, etc.
In principle the following standards must be met.
・No problems with regard to the status of use or management of hazardous substances arepointed out in the building condition survey report (engineering report).
・There are no concerns of soil contamination (this includes cases where surveys haveconfirmed that there is a small health risk to users and to the surrounding areas).
Investment shall be allowed even if the above standards are not met as long as it is possible tomeet the standards by implementing construction work and, furthermore, sufficient profitability
can be expected even when adding the expenses for the work and if the impact on NMF’s cash
flow is minimal.
(vi) Earthquake ResistanceIn principle the standard for earthquake resistance is that the property must meet newearthquake resistance standards or must have earthquake resistance of the same level or more andthat the PML must be below 20%.
Investment shall be allowed even if these standards are not met as long as it is possible to meetthe standards by implementing seismic strengthening work and, furthermore, sufficientprofitability can be expected even when adding the expenses for the work and if the impact on
NMF’s cash flow is minimal.
- 17 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016(vii) Investment Assuming Use Conversion
When considering investment assuming conversion to a sector other than the existing sectors,
judgements will be made by estimating the current status and situation after conversion withregard to profitability and tenant composition. In addition, whether or not conversion is easy will
be deliberated in light of the costs and time period required for the conversion work and changesof tenants.
(viii) Tenant Composition
Investment will be made in properties where the tenants’ credibility and purpose of use areappropriate.
In principle investment will be made in properties targeting multiple tenants. Regarding
properties leased to a single tenant or to a small number of tenants, investment decisions will bemade upon comprehensive consideration of the content of lease agreements, the credibility of thecompanies, etc. according to the commercial register of said companies or to surveys by company
analysis firms, expected ability to attract tenants after departures, characteristics of the sector, etc.
(ix) Investment in Non-Operating Real Estate (Real Estate under Development)
In principle, based on NMF’s basic policy of securing stable income, NMF will invest in realestate that is already being leased and is generating income at the point of acquisition.
Regarding investment in non-operating real estate (real estate under development), investment
decisions will be made upon consideration of the impact that risks related to the completion,
handing over, etc. of buildings as well as expected income after operations begin based on theforecasts of when operations will begin and of the situation for securing tenants, etc. will haveon the entire portfolio as well as the items in “(x) Points in Implementing Forward
Commitments” below.
(x) Points in Implementing Forward Commitments
The following points will be considered when implementing forward commitments (postdated
sale agreements where the conclusion and delivery of the property is scheduled over one monthahead of the contract date, and other similar agreements).
・Points concerning Cancelation Penalties
With regard to cancellation penalties for contractual defaults, investment decisions will becarefully made upon sufficient inspection of the impact that the level of the cancelation
penalty will have on the entire portfolio’s balance, dividend level, etc. (including the delisting
standards of Tokyo Stock Exchange, Inc.).
・Upper Limit of Period, Methods of Procuring Settlement Funds, etc.
With regard to the period between the conclusion of the sale agreement and the handing overof the property, the upper limit of the period shall be that which is reasonable for eachindividual property in comparison with efforts for development projects and such, andinvestment decisions will be carefully made based on full comprehension of the risks offluctuations in the financial environment, real estate market, etc. during the period. With
regard to the methods of procuring settlement funds, as for the point of deciding an
acquisition the method of procuring acquisition funds, as well as its feasibility, for settlement
according to the acquisition amount will be verified such as regarding the use of credit
facilities such as commitment lines, while for the point of settlement the optimal funding
method will be chosen according to changes in the funding environment reflected in financial
markets, the investment corporation, bond market (including short-term investment
corporation bonds), relations with partner financial institutions, etc.
・Points considering Changes in Asset Value
If there are possibilities of significant changes in the appraisal value during the period fromthe conclusion of the sale agreement to the handing over of the property due to changes in
economic conditions and such, the appraisal value will be reviewed upon the acquisition ofanother appraisal. In addition, if the appraisal value is lower than the acquisition price,
appropriate measures will be taken upon making judgements such as on the necessity of- 18 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

terminating the agreement through payment of a penalty or renegotiating the sale price.
・Changes in Conditions
If the seller implements a change of conditions or if a tenant fails to make payment andterminates the lease agreement during the period from the conclusion of the sale agreement
to the handing over of the property, judgements will be carefully made with regard to the
response upon sufficient verification of the impact on the sale price and the whole portfolio,
on condition of the prior consent of the buyer.
C. Property Survey (Due Diligence) Standards
When investing in real estate related assets, property surveys (due diligence) will be implemented for the
purpose of understanding the property features of the real estate (superiority of location, functions andsize of the building, rent level, existence of competing properties, etc.). The items of the due diligencesurvey are as follows<Main Due Diligence Items>
Survey items
PhysicalLand survey
surveyBuilding survey

Environmental
surveyLegal survey

Rights relations

Legal limitations

Contractual
relations
Economic
surveyTenant survey
Market survey

Profitability
surveyContent
・Confirmation of acreage and boundaries
・Surrounding environment, regional features and transportation
access・ Confirmation through building condition survey report(engineering report)
・Building and facility specifications, building defects, earthquake
resistance and earthquake risks, etc.
・ History of repairs, repair plans (CAPEX), managementagreements and management status
・Ground geology, buried objects and soil pollution
・Status of hazardous substances (asbestos, PCB, etc.)
・Rights relations such as ownership rights and rights of pledge
・ Form of ownership such as joint ownership andcompartmentalized ownership・Existence and status of litigation and the possibility of disputes
・Limitations such as through laws (including ordinances andagreements)
・Legal compliance and status of conformity
・Seller condition survey (risk of denial of transaction, etc.)
・ Content of agreements such as sale agreements and leaseagreements
・Content of agreements (contract form, rent, contract period, etc.)
・Existence of uncollected money and tenant credibility
・Analysis of trade area, industrial structure and tenant demand
・Trends of competing properties (sales, rent, occupancy rate, etc.)
・Plans of development nearby
・Appraisal by real estate appraisers (price survey)
・Analysis of property’s past balance- 19 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(1.2) Investment Targets
NMF sets forth its policy in its Articles of Incorporation (Article 29)① Assets Targeted for Investment
A. NMF shall invest in the specified assets set forth below.
(1) Real estate(2) Each of the assets set forth below:(i) Leaseholds of real estate(ii) Surface rights(iii) The assets set forth in (1) or (i) or (ii) above under foreign laws and regulations(iv) Beneficial interests of trusts formed by entrustment of real estate, leaseholds of real estate, surface
rights or the assets set forth in (iii) above (including comprehensive trusts (hokatsu shintaku) formedby entrustment of real estate, together with money appertaining thereto)(v) Beneficial interests of money trusts, the purpose of which is to invest the trust properties mainly
in real estate, leaseholds of real estate, surface rights or the assets set forth in (iii) above(vi) Equity interests in such agreements as shall provide that, in consideration of contribution of eitherof the parties in order to finance an investment by the other party in (1) the real estate or (2) the
assets set forth in (i) through (v) above, such other party shall invest the properties so contributedin such assets mainly and make distribution of profits from such investment (the “equity interests
in anonymous associations (tokumei kumiai) relating to real estate”);(vii) Beneficial interests of money trusts the purpose of which is to invest the trust properties mainly inequity interests in anonymous associations relating to real estate(viii) Assets having a nature similar to the assets set forth in (iv) through (vii) formed in accordance withforeign laws and regulations(3) The following certificates invested primarily in real estate, etc. (including rights that should be
represented by the certificates in cases where certificates representing such rights have not been issued):(i) Preferred capital contribution certificates (as defined in the Act Concerning Securitization ofAssets (Act No., 105 of 1998; including subsequent amendments; the “Act on Securitization ofAssets”))(ii) Beneficial certificates (as defined in the Investment Trust Act)(iii) Investment unit certificates (as defined in the Investment Trust Act)(iv) Beneficial certificates of specified purpose trust (as defined in the Act on Securitization of Assets(excluding such falling under the category of the assets set forth in (2) (iv), (v) or (vii) above))(v) Equity interests certificates in anonymous association (meaning equity interests in anonymous
associations as set forth in Article 2, Paragraph 2, Item 5 of the Financial Instruments andExchange Act (Act No. 25 of 1948; including subsequent amendments) (excluding such fallingunder the category of the assets set forth in (2) (vi) above))(vi) Assets having a nature similar to the assets set forth in (i) through (v) formed in accordance withforeign laws and regulations
B. NMF may invest in the following specified assets, in addition to the specified assets set forth in A. above,
including rights that should be represented on the certificates in cases where certificates representing
such rights have not been issued.
(1) The specified assets falling under any of the following items:(i) Deposits(ii) Negotiable deposits(iii) Monetary receivables (in this Paragraph B., as defined in the Enforcement Order for the Investment
Trust and Investment Corporation Act (Cabinet Order No. 480 of 2000; including subsequent
amendments; the “Investment Trust Act Enforcement Order”))(iv) Government bonds (as defined in the Financial Instruments and Exchange Act)(v) Municipal bonds (as defined in the Financial Instruments and Exchange Act)(vi) Bonds issued by a juridical person pursuant to a special law (as defined in the Financial Instruments
and Exchange Act)(vii) Shares (as defined in the Financial Instruments and Exchange Act)(viii) Commercial papers (as defined in the Financial Instruments and Exchange Act)- 20 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(ix) Specified bonds provided for in the Act on Securitization of Assets (as defined in the Act on
Securitization of Assets)(x) Beneficial interests of money trusts the purpose of which is to invest the trust properties mainly inthe assets set forth in (i) through (ix) above(xi) Securities (securities as defined in the Investment Trust Act; excluding those assets set forth inParagraph A above and Paragraph B that fall under securities, hereinafter the same)(2) Rights relating to a derivative transaction (as defined in the Investment Trust Act Enforcement Order)(3) Facilities generating renewable energy (as defined in the Investment Trust Act Enforcement Order)

C. NMF may invest in the following rights, etc., the acquisition of which is considered to be necessary or
useful in connection with real estate related assets.
(1) Trademarks and trademark equivalents (i.e., trademarks and exclusive or standard trademark use rights)
under the Trademark Act (Act No. 127 of 1959; including subsequent amendments)(2) Copyrights as defined in the Copyright Act (Law No. 48 of 1970; including subsequent amendments)(3) Movables (of those movables specified in the Civil Code (Act No. 89 of 1896; including subsequent
amendments), facilities, fixtures, and other items attached to the real estate constructional or for theuse of real estate) excluding that which pertains to facilities generating renewable energy(4) Rights to use the source of hot springs provided for in the Hot Spring Act (Act No. 125 of 1948;
including subsequent amendments) and the facilities relating to such hot springs(5) Carbon dioxide equivalent quotas as defined in the Act on Promotion of Global WarmingCountermeasures (Act No. 117 of 1998; including subsequent amendments) and any other rights
similar thereto or emission rights (including emission rights regarding greenhouse gases)(6) Other rights the acquisition of which is necessary or useful, in connection with investments in real estate
related assets, etc.
D. In addition to the assets specified in the preceding paragraphs A. through C. above, NMF may acquire,other than assets owned for investment purposes, assets such as trademarks relating to NMF’s tradename and other assets owned in conjunction with the operation of NMF.
(1.3) Distribution Policy① Distribution Policy
In principle, NMF will pay out distributions based on the following policies (Article 36 Paragraph 1 of
the Articles of Incorporation).
A. Distributable amounts arising from investment of NMF’s Investment Assets (the “Distributable
Amount”) shall be income calculated on each settlement date in accordance with the Investment Trust
Act and generally accepted corporate accounting principles in Japan (being the amount calculated bydeducting the total amount of the aggregate contribution amount, the surplus contribution amount, andvaluation and conversion differences from the amount of the total asset minus the total debt (i.e. the net
assets) shown in the balance sheet of NMF as of each Settlement Date).
B. Distribution amounts shall be determined by NMF and such distribution amounts shall exceed 90% of theearnings available for distribution of NMF (in case of change in the calculation method of such amountdue to amendment to laws and regulations etc., the amount as amended) as defined in the special
taxation measures for investment corporations as set forth in Article 67-15, Paragraph 1 of the Special
Taxation Measures Act (the “Special Provisions of Taxation on Investment Corporations”) (provided
however, the Distributable Amounts is the upper limit.). Provided, however, that this will not apply ifthere is a loss for tax purposes or if there will be no taxable earnings because of carrying a tax loss
forward, and in such cases the amount will be reasonably determined by NMF. NMF may accumulate,retain and dispose reserves from the Distributable Amount that are deemed to be necessary for
maintaining its Investment Assets or improving the value thereof such as the long-term reserve for- 21 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

maintenance, payment reserve, reserve for distribution, and other similar reserves and accounts.
C. Any amount of income or earned income through the settlement date that is not applied to the
distribution and retained shall be invested under the basic investment policies and investment stance of
NMF.
② Distributions in Excess of Earnings
In order to alleviate the impact of the goodwill amortization and other merger related expenses (the“Merger Expenses, etc.”) on cash distribution, if the total amount of the difference between accounting
and tax treatment for each fiscal period is less than the Merger Expenses, etc., the Fund will make
distribution in excess of net income by adding such amount up to the amount of Merger Expenses, within
the limit as prescribed by the regulations of the Investment Trusts Association, Japan (meaning the entire
amount equivalent to the increase in the reserve for temporary difference adjustments plus the amountequivalent to 60/100 of the difference between the cumulative amount of depreciation and amortization
recorded as of the end of the relevant calculation period and that of the end of the prior calculation
period with respect to the Distribution Reducing Unitholders’ Capital for Tax Purpose (ordinary
distribution in excess of net income)).
In the following cases, NMF may distribute an amount in excess of the Distributable Amount equal tothe amount of the distribution specified in “① Distribution Policy / B.” plus an amount to be determined
by NMF up to the amount stipulated by the regulations of The Investment Trusts Association, Japan(Article 36 Paragraph 2 of the Articles of Incorporation).
A. In cases where NMF aims to mitigate imposition of corporation taxes, etc.
B. In addition to A. above, the immediately preceding item, in cases where NMF deems it appropriate
taking into consideration, among other things, the economic circumstances, the trend of the real-estatemarket, the leasing market or the real estate investment trust market, etc., or the influence, etc. ofacquisition and sale of assets, large-scale repair and financing by NMF on the distribution per unit.
③

Method of Distribution of Dividends
The dividends specified in ① and ② above shall be distributed in cash within three months in principle
after such settlement date to the unitholders or registered pledgees whose names appear or are recorded assuch on the latest unitholders’ list as of the settlement date, in proportion to the respective number ofunits held by such unitholders (Article 36 Paragraph 3 of the Articles of Incorporation).

④ Discharge of Claim for Distributions
In case the dividends specified in ① and ② above are unclaimed for a period of three full years after
the date on which such dividends first become payable, NMF shall be discharged from its payment
obligation thereof. Further, any dividends remaining unpaid shall bear no interest (Article 36 Paragraph 4of the Articles of Incorporation).
⑤ Regulations of The Investment Trusts Association, Japan
Other than that in ① through ④ above, NMF shall follow the regulations of The Investment Trusts
Association, Japan with regards to distributions.

(2) Management Status① Outline of Fiscal Period under Review
NMF was established on October 1, 2015 through the consolidation type merger of the former Nomura
Real Estate Master Fund, Inc. (hereinafter the “former NMF”), Nomura Real Estate Office Fund, Inc.
(hereinafter “NOF”) and Nomura Real Estate Residential Fund, Inc. (hereinafter “NRF”), and listed its- 22 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

investment securities (TSE code: 3462) on the Real Estate Investment Trust Section of the Tokyo Stock
Exchange on October 2 the same year.
NMF adopts the basic policy of investing primarily in real estate and other assets to secure stable
income and steady growth of assets under management over the medium to long term. In order to realize
this basic policy, NMF adopts an investment strategy that centers on the Greater Tokyo area (Tokyo,
Kanagawa, Chiba and Saitama prefectures) which has strong tenant demand while also considering regional
diversification through the three major metropolitan areas and cabinet-order designated cities, etc. By
combining the “diversified type strategy” in which investments are made in facilities of a variety of sectors
such as logistics facilities, retail facilities, offices and residential facilities with the “large-scale REIT
strategy” which pursues the effects of diversifying properties and tenants to make the portfolio more stable
as well as with the utilization of the “leasing value chain” with the Nomura Real Estate Group, the sponsor,
NMF will aim to increase unitholder value by securing stable income and steady growth of assets undermanagement over the medium to long term.
(Note) “Assets under management” refers to assets that belong to NMF.
Furthermore, “Real estate, etc.” refers to assets defined in Article 29, Paragraph 1 (1) or (2) of NMF’s Articles of Incorporation, and “real estatebacked securities” refers to assets defined in Article 29, Paragraph 1 (3) of NMF’s Articles of Incorporation in this report (“Real estate, etc.”and “real estate backed securities” are hereinafter collectively referred to as “real estate related assets.”).
Real estate and the underlying real estate of real estate related assets are together referred to as the “real estate under management” or the“property.”

A. Investment Environment and Management Performance
The Japanese economy has continued on its gentle recovery as there are trends of companies andhouseholds being cautious in their economic activities backed by the deceleration of the global economy
and such. Though there is a possibility of strengthening negative factors, movements towards an economic
improvement can be seen coming into 2016 through various measures such as the Bank of Japan’s
additional monetary easing measures. Furthermore, the Japanese economy is expected to head towards
positive cycles in the medium to long term with the backdrop of the progression of Abenomics and such.
Under such an environment, the J-REIT market has been experiencing inflow of both domestic andforeign investment capital due to expectation for recovery of the Japanese economy and the real estatemarket. Backed by such favorable financing environment among other factors, there were continuous
active property acquisitions accompanying new J-REIT listings and capital increases through public
offering by existing J-REITs.
In terms of logistics facilities, as demand from internet mail-orders and apparel industry, which are thedriving force of demand, as well as demand from the accompanying third-party logistics (Note) continues tobe brisk, demand and supply in the market continues to be tight, also with the addition in recent years ofdemand accompanying the sophistication of logistics of the food wholesale industry. New demand of alarge scale is expected for 2016 onward and there is a possibility that the vacancy rate will rise temporarily
but it is forecast that demand for highly functional logistics facilities will be steady and that vacant spaces
will gradually be eliminated.
(Note) Third-party logistics (3PL) refers to logistics services outsourced by shippers for part or all of their logistics functions.

Concerning the environment surrounding retail facilities, individual consumption is currently weak suchas due to the effects of households being oriented towards thriftiness. The consumer sentiment index (theCabinet Office’s “Consumer Confidence Survey”) indicates an ongoing gradual recovery from expectationsof improving income. An increase of retail sales is expected going forward as the upward trend of real
wages solidifies. Moreover, rental demand in major urban zones is strong. This is because the population is
flowing into these areas backed by economic expansion and there are strong needs for retailers starting
new shops. Stable demand is expected to continue such as with the support of growing inbound demand.
With regard to the office leasing market, while newly supplied properties continue to look for tenants,
demand and supply is tightening due to companies seeking to improve locations and specifications orincrease floor space, with the backdrop of increasing corporate earnings. While the rent level continues tobe increasing at a slow pace due to the impact of the current economic standstill, this gradual recovery is
expected to continue going forward supported by demand from companies to increase their spaces.
Concerning the environment surrounding the rental apartment market, the stock and new supply ofhigh-quality rental condominiums in good locations is at a low level while excessive inflow of population
into major urban areas continues and so supply is expected to be limited going forward as well due to therise of land prices, increase of construction costs and intensification of competition with for-sale- 23 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

condominiums and other sectors for acquiring lots. Reflecting such supply/demand conditions, rental
condominiums owned by J-REITs continue to have a high occupancy rate of more than 95% overall.
New rents are forecast to follow a gentle upward trajectory for the time being backed by tight supply
and demand and an improving income environment.
In the real estate transaction market, there is a sense of overheating in the competition to acquire
properties. While the same situation for supply and demand is expected to continue under anaccommodative financial environment, if uncertainties of domestic and foreign financial markets andtrends of risk avoidance which are currently ongoing become extended, this could lead to lower investor
sentiment through changes in the funding environment and so such trends must be watched closely.
Under such circumstances, NMF acquired four properties (NRE Kichijoji Building, GEMS Ichigaya,
PROUD FLAT Hatchobori and PROUD FLAT Itabashi Honcho) for ¥9,030 million on October 30,
2015.
As a result, the number of properties held by NMF (excluding an equity interest in a silent partnership)at the end of the fiscal period under review was 261 properties (total acquisition price of ¥792,658 millionyen), investment ratio in the Greater Tokyo area accounted for 80.0% and gross leasable area was
1,658,140.97m2. In addition, the occupancy rate of the entire portfolio at the end of the fiscal period
under review was stable at a high level of 98.9%.
In addition, subsequent to the end of the first fiscal period (end of February 2016), NMF acquired threeproperties (PMO Tamachi, PMO Ginza Hatchome and PMO Shibakoen) for ¥14,080 million on March 1,
2016, acquired PRIME URBAN Chikusa (¥1,110 million) on April 5, 2016 and is scheduled to acquire
PRIME URBAN Meguro Mita (Note1) (¥1,058 million) on April 25, 2016 and Hirakata Kuzuha Logistics
Center (Note2) (¥3,460 million) on April 27, 2016. On the other hand, eight properties whose
competitiveness decreased due to aging, etc. or whose maintenance costs are expected to increase weresold for ¥5,350 million (total sale price) to increase the quality of the portfolio.

(Note1) Although the current property name is “Sunny Hill Meguro Mita,” the Fund plans to change the name to “PRIME URBAN Meguro Mita” atthe earliest opportunity, after the acquisition.
(Note2) Although the current property name is “Hirakata Logistics Center,” the Fund plans to change the name to “Hirakata Kuzuha Logistics
Center” at the earliest opportunity, after the acquisition.

B. Status of Fund Procurement
During the fiscal period under review, NMF refinanced ¥25.2 billion of maturing interest-bearing
liabilities (of which ¥15.0 billion are investment corporation bonds) and procured ¥9.3 billion of funds
for the acquisition of new properties. As a result, the balance of interest-bearing liabilities was ¥403,164
million and the ratio of interest-bearing liabilities to total assets (LTV) was 43.4% at the end of the fiscal
period under review.
The following is the rating obtained by NMF as at the end of the fiscal period under review. The
rating is not a rating of NMF investment units. Concerning NMF investment units, there are no credit
ratings that credit rating agencies have provided or made available for inspection and there are no credit
ratings that credit rating agencies are scheduled to provide or make available for inspection at the requestof NMF.

Credit rating agency
Japan Credit Rating Agency, Ltd. (JCR)
Rating and Investment Information, Inc.
(R&I)

Rating description

NoteLong-term issuer rating:AA

Rating outlook:

StableRating:A+

Rating outlook:

StableA

Rating outlook:

Stablelong-term corporate
Standard & Poor's Financial Services

credit ratings

LLC, (S&P)

short-term corporate
credit ratings

A-1

C. Business Performance and Distributions
As a result of the management described above, business performance for the 1st period was asfollows: operating revenue of ¥24,313 million, operating income of ¥6,483 million, ordinary income of¥4,050 million and net income of ¥4,048 million.
- 24 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

Concerning distributions for the 1st period, the Fund decided the distribution for each 1 unit will be¥2,219.
Within the distribution mentioned above, in order to have the maximum amount of distributions ofearnings included in deductible expenses by applying special measures for the tax treatment (Article
67-15, Paragraph 1 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957)), NMF
decided to distribute almost the entire amount of income as stipulated in Article 136 Paragraph 1 of theInvestment Trust Act, excluding fractions of the earnings distribution per investment unit that are lessthan 1 yen. Accordingly, NMF declared earnings distribution per investment unit (excluding distributions
in excess of earnings) of 317 yen.
In addition to this, in accordance with the distribution policy stipulated in the Articles ofIncorporation and in consideration of the impact that costs related to the merger such as amortization
costs of goodwill and net assets deductions (that which is described in Article 2 Paragraph 2 (30) (b) of
the Calculation Rules for Investment Corporations; together with costs related to the merger such asamortization costs of goodwill to be referred hereafter as “merger-related costs, etc.”) will have on
distributions, NMF will distribute the distribution in excess of earnings that it decides with the amountequivalent to the merger-related costs (hereinafter “distribution in excess of earnings”). When
implementing distribution in excess of earning, if each period’s distribution of reserve for temporary
difference adjustments (that which is stipulated in Article 2 Paragraph 2 (30) (b) of the Calculation Rules
for Investment Corporations) is less than the amount of merger-related costs, etc., other distribution inexcess of net income will also be implemented.
For the fiscal period under review NMF decided to implement ¥7,079 million of distributions inexcess of earnings which is the sum of ¥1,622 million of amortization expenses for goodwill, ¥2,590
million of fees paid to the Asset Management Company for the merger and ¥2,867 million of loss ondeferred hedge as well as implement ¥6,137 million of distribution of reserve for temporary difference
adjustments and so per unit distribution of reserve for temporary difference adjustments was ¥1,649. In
addition, NMF decided to implement ¥941 million of other distribution in excess of net income and so
per unit distribution of other distriburion in excess of net icome was ¥253.

- 25 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

② Outlook for Next Fiscal Period
A. Future Management Policy
Following its establishment, NMF formulated and announced its mid- to long-term management
strategy in November 2015.
The mid- to long-term management strategy separates the 10 years following NMF’s establishment
into three phases (the quality phase, growth phase and master phase) and aims for stable management in
the mid to long term through the steady growth of the asset size and establishment of the fund brand.
In the quality phase, which is the first phase (up to three to five years after the establishment), NMF will
utilize the benefits of being one of Japan’s largest diversified REITs to promote internal growthcentering on strategic property replacements (SPRs) and upside sectors (Note) and aim to increase theasset size.
As its first round of SPRs NMF decided to acquire three properties and sell eight properties on March
29, 2016.
(Note) Upside sectors refer to sectors for which an increase of rental revenue can be expected, particularly offices as well as retailfacilities in station areas.

③ Significant Subsequent Events
A. Transfer of the Asset
The fund concluded the sales and purchase agreement with same Tokutei Mokuteki Kaisha on March
30, 2016, after the end of 1st fiscal year end (February 29, 2016) regarding the assets stated below, andconcluded the transfer of the assets on April 12, 2016.
Impact on Earning is scheduled to record of transfer profit as Operating Revenues on the 2nd fiscal
period (from March 1, 2016 to August 31, 2016).

Use

Property name

Type of Asset

Central Shintomicho Building

Trust beneficiary interestin mainly real estate

OfficeToho Edogawabashi Building

Real Estate

OfficeToshin Meguro Building
PRIME URBAN Ochiai

Trust beneficiary interestin mainly real estate
Real EstateTransfer Price（million yen）

2nd fiscal period
Impact on
Earnings（million yen）

(Note 1)－

OfficeResidential

PRIME URBAN Nakano

Real Estate

Residential

PRIME URBAN Ekoda

Real Estate

Residential

PRIME URBAN Urayasu II

Real Estate

Residential

PRIME URBAN Yamahana

Real Estate

Residential

Total

5,350

132

(Note 1) The purchase price of each property is not disclosed as the assignee’s consent to the disclosure thereof has notbeen obtained.
(Note 2) Regarding Toho Edogawabashi Building, PRIME URBAN Nakano and PRIME URBAN Urayasu II, loss on saleof real estate, etc. is recorded as impairment loss in the first fiscal period. For details please refer to “(Notes toStatement of Income and Retained Earnings) *2 Impairment loss” below.

- 26 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

(Reference)
A. Acquisition of the asset
NMF has acquired the following assets on March 1, 2016.
Type of Asset

Real Estate

Real Estate

Property name

PMO Tamachi

PMO Ginza Hatchome

Location(Note 1)

(Registry)
5-202-1 Shiba, Minato Ward, Tokyo and other 2
lots(Street)5-31-17 Shiba, Minato Ward, Tokyo(Registry)
8-204-8 Ginza, Chuo Ward, Tokyo and other 4
lots(Street)8-12-8 Ginza, Chuo Ward, Tokyo

Structure (Note 1)

S/SRC B1/12F

S 10F

709.50 m2 (214.62 tsubo)321.39 m2 (97.22 tsubo)

5,171.17 m2 (1,564.27 tsubo)

2,487.63 m2 (752.50 tsubo)

Type of Ownership(Land) Ownership(Building) Ownership(Land) Ownership(Building) Ownership

Completion date
(Note 1)February 7, 2014

April 25, 2014

Acquisition price(Note 2)

6,210 million yen

3,970 million yen

May 27, 2015
(date of agreement on purchase and sale of realestate)March 1, 2016
(date of delivery of real estate)

May 27, 2015
(date of agreement on purchase and sale of realestate)March 1, 2016
(date of delivery of real estate)

Seller

Nomura Real Estate Development, Co., Ltd.

Nomura Real Estate Development, Co., Ltd.

Financing

Scheduled to finance from borrowings

Scheduled to finance from borrowings

Type of Asset

Real Estate

Property namePMO Shibakoen

Location(Note 1)

(Registry)
1-13-8 Shibakoen, Minato Ward, Tokyo(Street)1-2-1 Shibakoen, Minato Ward, Tokyo

Structure (Note 1)

S 8F

Land Area(Note 1)
Building Area
(Note 1)

Date of agreement
Date of acquisition

Land Area(Note 1)
Building Area
(Note 1)
Type of Ownership
Completion date
(Note 1)
Acquisition price(Note 2)
Date of agreement
Date of acquisition

547.05 m2 (165.48 tsubo)
3,362.95 m2 (1,017.29 tsubo)(Land) Ownership(Building) Ownership
July 31, 2014
3,900 million yen
May 27, 2015
(date of agreement on purchase and sale of realestate)March 1, 2016
(date of delivery of real estate)

Seller

Nomura Real Estate Development, Co., Ltd.

Financing

Scheduled to finance from borrowings(Note 1) “Location (registry)”, “Structure”, “Land Area”, “Building Area”, and “Completion Date”, are based on theinformation in the real estate registry.
(Note 2) Excluding property taxes, urban planning taxes, consumption taxes and local consumption taxes- 27 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

NMF decided to acquire the following assets on March 29, 2016. The acquisation of PRIME URBAN
Chikusa has been completed on April 5, 2016.
Trust beneficiary interest in mainly real estate

Real Estate

Property name

Hirakata Kuzuha Logistics Center

PRIME URBAN Meguro Mita

Location(Note 1)

(Registry)
1-7 Shodai-Tachika, Hirakata City, Osaka(Street)(Registry)
2-178-1 Mita, Meguro Ward, Tokyo, Others (Street)Type of Asset

2-7-9 Mita, Meguro Ward, Tokyo

1-7 Shodai-Tachika, Hirakata City, Osaka
Structure (Note 1)
Land Area(Note 1)
Building Area
(Note 1)S 3F

RC, B1/4F

14,315.70 m2（4,330.49 tusbo）（Note2）

515.34㎡（155.89 tusbo）

19,628.03 m2（5,937.47 tsubo）（Note2）

1,101.06㎡（333.07 tusbo）（Note2）(Land) Ownership
Type of Ownership (Building) Ownership
Completion date
(Note 1)
Scheduled
Acquisition Price(Land) Ownership(Building) Ownership

April 15, 2003

July 29,2008

3,460 million yen

1,058 million yen(Note 3)
March 30, 2016
March 31, 2016
Date of agreement (date of agreement on purchase and sale of (date of agreement on purchase and sale of real
beneficial interest in real estate trust)estate)April 27,2016
Scheduled date ofApril 25,2016(date of delivery of beneficial interest in real estate(date of delivery of real estate)
Acuisdition
trust)
SellerGodo Kaisha Osaka Hirakata Project

Undisclosed（Note4）

Financing

Cash on hand including transfer payment

Cash on hand including transfer payment

Type of Asset

Real Estate

Property namePRIME URBAN Chikusa

Location(Note 1)
Structure (Note 1)
Land Area(Note 1)
Building Area
(Note 1)
Type of Ownership(Registry)
905, 906 Aoi, Higashi Ward, Nagoya City, Aichi(Street)3-9-8, Aoi, Higashi Ward, Nagoya City, Aichi
RC, 13F
400.53㎡（121.16 tsubo）（Note2）
2,393.47㎡（724.02 tsubo）（Note2）(Land) Ownership(Building) Ownership

Completion date
(Note 1)

August 12, 2008

Acquisition
price(Note 3)

1,110 million yen

March 30, 2016
Date of agreement (date of agreement on purchase and sale of realestate)April 5,2016
Date of acquisition (date of delivery of real estate)
SellerUndisclosed（Note4）

Financing

Cash on hand

- 28 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

(Note 1) “Location (registry)”, “Structure”, “Land Area”, “Building Area”, and “Completion Date”, are based on the information in the real estateregistry.
(Note 2) Area for land and building indicates area for the entire land and building of the Property.
(Note 3) Excluding property taxes, urban planning taxes, consumption taxes and local consumption taxes(Note 4) Undisclosed, since concent have not obtained from the seller.

- 29 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

Assumptions Underlying Earnings Forecasts for the Fiscal Period Ending August 31, 2016 (2nd Period)
Item
Calculation period

Assumptions
・2nd Fiscal Period: March 1, 2016 to August 31, 2016

・It is assumed that NMF will acquire two properties, namely PRIME URBAN Meguro
Mita on April 25, 2016, and Hirakata Kuzuha Logistics Center on April 27, 2016
(hereinafter the “Assets Scheduled for Acquisition”) in addition to the real estate, etc.
(257 properties) owned as of the day of this document (hereinafter the “Acquired
Portfolio”). Furthermore, from this acquisition, “Godo Kaisha Osaka Hirakata Projectsilent equity partnership” is assumed to dissolve and NMF will receive settlement
Assets Under Management
amount pro-rata to the equity interest amount.
・In forecasting the financial results it is assumed that NMF will have acquired the Assets
Scheduled for Acquisition on the above scheduled acquisition dates and that there will
be no change in assets under management (new property acquisitions or sales of
portfolio properties) until August 3１, 2016.
・In practice, the investment portfolio is subject to change.
Operating revenues

・Leasing income is estimated based on the business condition of the Acquired Portfolio,
information provided by the current owners of the Assets Scheduled for Acquisition,
the tenant trends, competing building in the neighborhood, and the real estate market
conditions, etc., and assuming that there are no arrears and nonpayment cases.

・In respect of leasing expenses, which constitute a principal component of operating
expenses, expenses other than depreciation are calculated based on the historical data
reflecting factors that may cause expenses to fluctuate, based on the information
provided by the current owners of each Asset Scheduled for Acquisition.
・In general, the fixed asset taxes and city planning taxes imposed on the properties in the
tax year (including the date) are distributed between the seller and the purchaser on adaily pro-rata basis and settled at the time of acquisition, and such taxes are deemed as
the acquisition costs rather than expenses.
・The tax amount is estimated to be ¥2,328 million for the 2nd fiscal period (ending August
31, 2016). These amounts are included in the leasing expenses.
・Outsourcing expenses are estimated to be ¥2,943 million for the 2nd fiscal period (ending
August 31, 2016).
・As for the repair and maintenance, the Asset Management Company (Nomura Real Estate
Operating expenses
Management Co., Ltd.) estimates the required amounts for the respective properties for(excluding amortizationeach of the fiscal periods based on the medium- and long-term repair plans. However, it
expenses for goodwill)is possible that the actual repair expenses for the fiscal periods may differ significantly
than the estimates since (i) an unforeseeable event might cause serious damage to abuilding requiring emergency repair expenditure, (ii) amounts might vary year by year,
and (iii) certain types of repair expenses are not required every year.
・Depreciation and amortization are estimated to be ¥4,237 million for the 2nd fiscal period(ending August 31, 2016).
・Leasing expenses are estimated to be ¥14,166 million for the 2nd fiscal period (ending
August 31, 2016).
・The amount to be recorded as the merger related expenses is estimated to be ¥2,597
million for the 1st fiscal period (ended February 29, 2016).
・The operating expenses other than the rental expenses (including asset management fees,
asset custody fees and general administration fees) are estimated at ¥3,232 million forthe 2nd fiscal period (ending August 31, 2016).

- 30 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

Item

Assumptions

・Goodwill is expected to accrue upon the merger and will be accounted as assets andamortized using the straight-line method over 20 years on a regular basis pursuant to the
Accounting Standards for Business Combinations (Statement No. 21, as amended on
September 13, 2013). The amount of goodwill is ¥77,875 million. The goodwill
amortization is estimated to be ¥1,946 million for the 2nd fiscal period (ending August
Amortization expenses
31, 2016).
for goodwill
・The goodwill amortization is the item that will cause the difference between accounting
and tax treatment and may result in the imposition of corporation tax or other tax.
Following the tax reform in tax year 2015, NMF intends to make cash distributions inexcess of its profits for the purpose of tax relief during the goodwill amortization
period, and it is expected that NMF will be able to avoid such taxation.
・Interest payable and other borrowing related expenses are estimated at ¥2,377 million for
Non-operating expenses
the 2nd fiscal period (ending August 31, 2016).
・As of the date of this document NMF has interest-bearing liabilities of ¥417,864 million,of which ¥385,364 million is the balance of borrowings and ¥32,500 million is thebalance of investment corporation bonds issued.
・Concerning the borrowing of ¥30,422 million, which will be due by the last business dayof the 2nd fiscal period (ending August 31, 2016), the Fund assumes that the entire
Interest-bearing liabilities
amount be refinanced excluding the scheduled repayment of ¥92 million using cash on
hand. No investment corporation bonds will reach maturity by the end of the same
fiscal period.
・The Fund assumes that there will be no changes in the amount of the outstanding
borrowings and investment corporation bonds (including the short term investment
corporation bonds) other than the change in the amount stated above.
・The Fund assumes that there will be no changes in the number of investment units
issued and outstanding as of the date of this report of 3,722,010 units and there will be
Investment units
no additional issues of new investment units by the end of the 2nd fiscal period (ending
August 31, 2016).
Distribution per unit

Distribution per unit inexcess of earnings per
unit

・Distribution per unit is calculated according to the Fund’s distribution policy outlined in
its Articles of Incorporation.
・Distribution per unit may vary due to various factors, including changes in the investment
portfolio, changes in rent income caused by tenant replacements, and unforeseen repairs.
・The amount of distribution in excess of net income is estimated on the assumption that, forthe purpose of tax relief, the Corporation will distribute the amount equivalent to the total
amount of the goodwill amortization, etc. that will cause the difference between accounting
and tax treatment, and may result in the imposition of corporation tax or other tax. In order
to alleviate the impact of the goodwill amortization and other merger related expenses (the“Merger Expenses, etc.”) on cash distribution, the above estimate is based on the assumption
that, if the total amount of the difference between accounting and tax treatment for eachfiscal period is less than the Merger Expenses, etc., the Corporation will make distribution inexcess of net income by adding such amount up to the amount of Merger Expenses, within
the limit as prescribed by the regulations of the Investment Trusts Association, Japan(meaning the entire amount equivalent to the increase in the reserve for temporary difference
adjustments plus the amount equivalent to 60/100 of the difference between the cumulative
amount of depreciation and amortization recorded as of the end of the relevant calculation
period and that of the end of the prior calculation period with respect to the other
distribution in excess of net income (ordinary distribution in excess of net income)).

・For the 2nd fiscal period, all amount of distribution in excess of earnings (¥523) is
expected as other distribution in excess of net income.

- 31 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

Item

Assumptions

Other

・It is assumed that there will be no amendments in legislation, taxation, accounting
principles, listing requirements and the Investment Trusts Association, Japan regulations,which affect the above forecasts.
・It is assumed that there will be no material changes in general economic conditions andreal estate markets.

- 32 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

3. Financial Statements(1) Balance Sheet
Thousands of Yen
As of February 29, 2016
AssetsCurrent assets
Cash and bank deposits

47,139,232

Cash and bank deposits in trust

11,185,928

Rental receivables

436,676

Prepaid expenses

429,670

Income taxes receivable

34

Other

585,749

Allowance for doubtful accounts(54)
59,777,237

Total current assets
Noncurrent assets
Property and equipment
Buildings

102,158,810

Less accumulated depreciation(1,515,696)
100,643,113)

Buildings, net
Structures

260,082

Less accumulated depreciation(30,027)

Structures, net

230,055

Machinery

501,736

Less accumulated depreciation(48,242)

Machinery, net

453,494

Equipment

21,885Less accumulated depreciation(765)

Equipment, net

21,119Land

171,862,734

Buildings in trust

164,543,080

Less accumulated depreciation(8,909,348)

Buildings in trust, net

155,633,731

Structures in trust

887,200

Less accumulated depreciation(416,550)

Structures in trust, net

470,649

Machinery in trust

67,591Less accumulated depreciation(2,381)

Machinery in trust, net

65,209Tools, furniture and fixtures in trust

203,098

Less accumulated depreciation(15,801)

Tools, furniture and fixtures in trust, net

187,296

Land in trust

351,799,272

Leased assets

24,494

Less accumulated depreciation(3,349)Leased assets, net

21,145Construction in progress

436,020

Total property and equipment

781,823,844- 33 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

Thousands of Yen
As of February 29, 2016
Intangible assets
Goodwill

76,252,702

Leasehold rights

951,943

Leasehold rights in trust

7,541,282

Other

25,399Total intangible assets

84,771,328

Investments and other assets
Investment securities

91,430Long-term prepaid expenses

742,792

Long-term deposits

89,385

Security deposits

977,583

Total investments and other assets

1,901,193
868,496,366

Total noncurrent assets
Deferred assets

23,782

Investment corporation bond issuance costs

23,782

Total deferred assets
Total assets

928,297,387- 34 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

Thousands of Yen
As of February 29, 2016
Liabilities
Current liabilities
Trade accounts payable
Short-term debt
Current portion of Investment corporationbond
Current portion of long-term debt
Lease obligations in trust
Other accounts payable
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Rent received in advance
Unearned revenue
Derivatives liabilities
Other current liabilities
Total current liabilities
Long-term liabilities
Investment corporation bonds
Long-term debt
Lease obligations in trust
Long-term advanced received
Security deposits from tenants
Security deposits from tenants in trust
Derivatives liabilities
Total long-term liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
SurplusCapital surplus
Retained earnings
Total surplus
Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Valuation and translation adjustments
Total net assets
Total liabilities and net assets*1

2,162,600
9,100,000
5,000,000
50,015,600
8,651
1,888,592
325,813994
140,701
4,394,283
369,865
37,854
298,547
73,743,504
27,500,000
311,549,000
14,046
838,163
8,403,287
25,818,152
2,829,740
376,952,390
450,695,894

161,120,405
315,299,775
4,048,907
319,348,682
480,469,087*2- 35 -(2,867,594)(2,867,594)
477,601,492
928,297,387

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(2) Statement of Income and Retained Earnings
Thousands of Yen
Current period
from Oct. 1, 2015
to Feb. 29, 2016

Operating revenues
Rental revenues
Other rental revenues
Gain on investments in silent partnership
Total operating revenues
Operating expenses
Real estate rental expenses
Impairment loss
Asset management fees
Asset custody fee
Administrative service fees
Directors' compensations
Merger expenses
Amortization of goodwill
Other operating expenses
Total operating expenses
Operating profit
Non-operating revenues
Interest income
Reversal of dividends payable
Interest on refund
Other non-operating revenues
Total non-operating revenues
Non-operating expenses
Interest expenses*1*1

22,286,435
2,026,176
1,066
24,313,678*1*2

11,546,708
79,0191,505,234
21,349185,995
6,000
2,590,275
1,622,397
273,520
17,830,501
6,483,176
6,064
3,906
16
97
10,085Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Loan arrangement fees
Other offering costs associated with the issuance ofinvestment units
Other non-operating expenses
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Transfer of unappropriated retained earnings by merger
Retained earnings at end of period- 36 -

1,408,454
294,325
1,143
297,926
436,525*34,550
2,442,925
4,050,336
4,050,336
2,018
39
2,058
4,048,278
629
4,048,907

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(3) Statement of Changes in Net Assets
Current period (from October 1, 2015 to February 29, 2016)

Unitholders'
capitalBalance at the beginning ofcurrent period
Changes of items during theperiod(Unit: thousand yen)

Unitholders' equity
SurplusRetained
Capital surplus
earnings

Total surplus

Totalunitholders'equity

－

－

－

－

－

161,120,405

315,299,775

913,191

316,212,966

477,333,371

Cash distribution paid

(912,562)(912,562)(912,562)

Net income

4,048,278

4,048,278

4,048,278

Increase by merger

Net changes of items
other than unitholders’equityTotal changes of items
during the period
Balance at the end of current
period161,120,405

315,299,775

4,048,907

319,348,682

480,469,087*1 161,120,405

315,299,775

4,048,907

319,348,682

480,469,087

Valuation and translation
adjustments

Balance at the beginning ofcurrent period
Changes of items during theperiodDeferred gains
or losses onhedgesValuation andtranslation
adjustments－－

Total net
assets－Increase by merger

477,333,371

Cash distribution paid

(912,562)

Net income

4,048,278

Net changes of items
other than unitholders’equityTotal changes of items
during the period
Balance at the end of current
period(2,867,594)(2,867,594)(2,867,594)(2,867,594)(2,867,594)

477,601,492(2,867,594)(2,867,594)

477,601,492- 37 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(4) Statement of Cash Distributions
Current period
from Oct. 1, 2015
to Feb. 29, 2016

I.

Retained earnings at end of period

4,048,907,447 yen

Ⅱ．Distributions in excess of retained
earnings
Of which, allowance for adjustment of
temporary differences
Of which, other distributions in excess
of net earnings

7,079,263,020 yen
6,137,594,490 yen
941,668,530 yen

Ⅲ．Distributions[Distributions per unit]
Of which, distributions of earnings[Of which, other distributions in excess
of net earnings per unit]
Of which, allowance for adjustment of
temporary differences[Of which, distributions in excess ofretained earnings per unit [allowance foradjustment of temporary differences] ]Of which, other distributions in excess
of net earnings[Of which, distributions in excess ofretained earnings per unit [other
distributions in excess of net earnings] ]8,259,140,190yen(2,219yen)
1,179,877,170yen

Ⅳ．Retained earnings carried forward

2,869,030,277yen(317yen)
6,137,594,490yen(1,649yen)
941,668,530yen(253yen)- 38 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

Calculating method for distribution amountConcerning distributions for the 1st period, the Fund decided the
distribution for each 1 unit will be ¥2,219.
Within the distribution mentioned above, in order to have themaximum amount of distributions of earnings included in deductible
expenses by applying special measures for the tax treatment (Article
67-15, Paragraph 1 of the Act on Special Measures Concerning Taxation(Act No. 26 of 1957)), NMF decided to distribute almost the entire
amount of income as stipulated in Article 136 Paragraph 1 of theInvestment Trust Act, excluding fractions of the earnings distribution
per investment unit that are less than 1 yen. Accordingly, NMF declaredearnings distribution per investment unit (excluding distributions inexcess of earnings) of 317 yen.
In addition to this, in accordance with the distribution policy stipulated
in the Articles of Incorporation and in consideration of the impact thatcosts related to the merger such as amortization costs of goodwill andnet assets deductions (that which is described in Article 2 Paragraph 2(30) (b) of the Calculation Rules for Investment Corporations; together
with costs related to the merger such as amortization costs of goodwill
to be referred hereafter as “merger-related costs, etc.”) will have on
distributions, NMF will distribute the distribution in excess of earnings
that it decides with the amount equivalent to the merger-related costs(hereinafter “distribution in excess of earnings”). When implementing
distribution in excess of earning, if each period’s distribution of reserve
for temporary difference adjustments (that which is stipulated in Article
2 Paragraph 2 (30) (b) of the Calculation Rules for Investment
Corporations) is less than the amount of merger-related costs, etc., other
distribution in excess of net income will also be implemented.
For the fiscal period under review NMF decided to implement ¥7,079
million of distributions in excess of earnings which is the sum of¥1,622 million of amortization expenses for goodwill, ¥2,590 millionof fees paid to the Asset Management Company for the merger and¥2,867 million of loss on deferred hedge as well as implement ¥6,137
million of distribution of reserve for temporary difference adjustments
and so per unit distribution of reserve for temporary difference
adjustments was ¥1,649. In addition, NMF decided to implement ¥941
million of other distribution in excess of net income and so per unit
distribution of other distriburion in excess of net icome was ¥253.

- 39 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(5) Statement of Cash Flows
Thousands of Yen
Current period
from Oct. 1, 2015
to Feb. 29, 2016
Cash flows from operating activities
Income before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Amortization of investment corporation bond issuance costs
Interest income
Interest expenses
Loss on disposal of property and equipment
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in rental receivables
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Decrease (increase) in long-term deposits
Increase (decrease) in trade accounts payable
Increase (decrease) in other accounts payable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accrued expenses
Increase (decrease) in rent received in advance
Other
SubtotalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments for purchase of property and equipment
Payments for purchase of property and equipment in trust
Payments for purchase of intangible assets
Payments for purchase of intangible assets in trust
Proceeds from withdrawal of investment securities
Reimbursement of security deposits to tenants
Proceeds from security deposits from tenants
Reimbursement of security deposits to tenants in trust
Proceeds from security deposits from tenants in trust
Payments for security deposits
Proceeds from security deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Repayment of investment corporation bonds
Distributions to unitholders
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents from merger
Cash and cash equivalents at end of period

4,050,336
3,472,856
79,0191,622,397
1,143(6,064)
1,702,780
6,881
54138,204(29,734)(218,802)(180)
606,536(8,392)(347,569)(524,025)
86,851
159,517
10,791,813
6,064(2,077,288)
5,250
8,725,840(4,482,327)(6,696,288)(4,640)(7,241)
8,754(993,243)
401,938(260,360)
542,395(10,000)75(11,500,938)*1- 40 -

5,000,000
29,500,000(11,082,800)(15,000,000)(8,886,988)(469,788)(3,244,885)－
61,570,046
58,325,160

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(6) Notes Concerning the Going Concern Assumption
Not applicable.

(7) Notes Concerning Significant Accounting Policies
1. Investment securities

2. Depreciation of
noncurrent assets

Non-marketable securities classified as other securities are carried at cost. Cost of securities
sold is determined by the moving average method. For equity interests in a silent partnership,
NMF adopts the method of factoring in the net amount of silent partnership income (loss) inproportion to its equity interests.
① Property and equipment (including trust assets)
The straight-line method is adopted.
The useful lives of major property and equipment are as follows:
Buildings
3~70 years
Structures
2~45 years
Machinery
2~10 years
Tools, furniture and fixtures
2~15 years② Intangible assets
The straight-line method is adopted.
Goodwill is amortized using straight-line method over 20 years.
③ Long-term prepaid expenses
The straight-line method is adopted.

3. Deferred investment
corporation bond issuancecosts
4. Allowance for doubtful
accounts
5. Revenue and expenses
recognition

6. Hedge accounting

Deferred investment corporation bond issuance costs are amortized by the straight-line
method over the respective terms of the bonds.
For allowance for doubtful accounts against possible losses arising from default on
receivables, uncollectable amount is estimated and recorded by investigating collectability
based on historical loan loss ratios for general receivables and on a case-by-case examination
for doubtful and other specific receivables.
Accounting for fixed asset tax, etc.
Of the tax amount assessed and determined for fixed asset tax, city planning tax,
depreciable asset tax, etc. on real estate, etc. held, the method of charging the amountcorresponding to the concerned fiscal period to expenses as expenses related to rent
business is adopted.
The amount equivalent to fixed asset tax, etc. for the fiscal year including the acquisition
date paid to the seller as reimbursement upon acquisition of real estate or trust beneficiaryinterests in real estate is included in the cost of acquisition of the concerned real estateand not recorded as expenses. The amount equivalent to fixed asset tax, etc. included in
the cost of acquisition of real estate, etc. in the fiscal period is 5,370 thousand yen.
① Method of hedge accounting
Deffered hedge accounting is adopted. For interest-rate swap transactions meet therequirements for special treatment, special treatment is adopted.
② Hedging instruments and hedged items
Hedging instruments
Interest-rate swap transactions
Hedged items
Interest on loans③ Hedging policy
NMF conducts derivative transactions for the purpose of hedging risks prescribed in
the Articles of Incorporation in accordance with the Basic Policy on Risk Management.
④ Method for assessing effectiveness of hedging
The effectiveness of hedging is assessed by the correlation between changes in the fairvalue of hedging instruments and hedged items.

7. Cash and cash equivalents
as stated in the Statementof Cash Flows

Cash and cash equivalents in the statement of cash flows consist of cash on hand and cashin trust; deposits and deposits in trust that can be withdrawn at any time; and short-term
investments with a maturity of 3 months or less from the date of acquisition, which arereadily convertible to cash and bear only an insignificant risk of price fluctuation.

- 41 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(8) Notes to Financial Statements(Notes to Balance Sheet)*1. Commitment line agreement① NMF is concluding a commitment line agreement with 3 lending financial institutions.
Current period(Feb. 29, 2016)
Committed line of credit
10,000,000 thousand yen
Balance of used line
5,000,000 thousand yen
Balance of unused line
5,000,000 thousand yen② NMF is concluding a commitment line agreement with 5 lending financial institutions.
Current period(Feb. 29, 2016)
Committed line of credit
30,000,000 thousand yen
Balance of used line
- thousand yen
Balance of unused line
30,000,000 thousand yen*2. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations
Current period(Feb. 29, 2016)
50,000 thousand yen- 42 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

(Notes to Statement of Income and Retained Earnings)*1. Breakdown of real estate rental revenues and expenses(Unit: thousand yen)
Current period
from Oct. 1, 2015
to Feb. 29, 2016
A. Property related revenues
Rental revenues
Rent revenues
Common area charges
Other rental revenues
Parking revenues
Incidental income
Other miscellaneous revenues
Property related revenues
B. Property related expenses
Real estate rental expenses
Property management costs
Property management fees
Property and other taxes
Utility expenses
Casualty insurance
Repairs and maintenanceLand rents
Depreciation
Other rental expenses
Property related expenses

20,176,656
2,109,778

22,286,435

450,566
1,529,932
45,6782,026,176
24,312,611

1,378,031
654,354
2,114,885
1,389,965
30,984
1,555,616
162,378
3,471,461
789,029

11,546,708
11,546,708
12,765,903

C. Real estate rental profits [A－B]*2. Impairment loss
NMF recorded impairment loss during the fiscal period under review for the following asset groups.
Property name

Use

Type

Location

Toho Edogawabashi Building
PRIME URBAN Nakano
PRIME URBAN Urayasu II

OfficeResidential
Residential

Land, building, etc.
Land, building, etc.
Land, building, etc.

Bunkyo Ward,Tokyo
Nakano Ward, Tokyo
Urayasu City, Chiba

Impairment loss
(thousand yen)
50,924
20,9587,136

Each property is considered as an asset group for calculating impairment loss. In the fiscal period under review, as
sale agreements were concluded on March 20, 2016 for the above three fixed asset groups, the book values weredecreased to the recoverable values and the amount of decrease was recorded as impairment loss to the classificationof operating expenses.
Impairment loss caused by sales are regarded as having the properties of operating expenses and are therefore
recorded to the classification of operating expenses in accordance with Article 48 Paragraph 2 of the Calculation Rules
for Investment Corporations.
Also, the recoverable values of the asset groups are measured using the net realizable values. The net realizablevalues are calculated by subtracting the expected disposal costs from the actual sale prices.

*3 Net amount in which the total amount of accepted retained earnings through the merger of ¥913,191 thousand andthe amount of dividend surplus (cash distribution on merger) of ¥912,562 thousand are offset is indicated.

- 43 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

(Notes to Statement of Changes in Net Assets)
Current period
from Oct. 1, 2015
to Feb. 29, 2016
*1.Total number of investment units authorized andtotal number of investment units issued and outstanding
Total number of investment units authorized

20,000,000 units

Total number of investment units issued and outstanding

3,722,010 units(Notes to Statement of Cash Flows)*1. Reconciliation of cash and cash equivalents at end of period to balance sheet accounts(Unit: thousand yen)
Current period
from Oct. 1, 2015
to Feb. 29, 2016
47,139,232

Cash and bank deposits
Cash and bank deposits in trust

11,185,928

Cash and cash equivalents

58,325,160*2. Important contents of the non-cash transactions(Unit: thousand yen)
Current period
from Oct. 1, 2015
to Feb. 29, 2016
NMF was established through the consolidation type merger of the former NMF with theconsolidated investment corporations, namely NOF and NRF. The main breakdown of theassets and liabilities inherited from these three investment corporations is as follows. The
increase of unitholders’ equity and seed surplus are ¥161,120,405 thousand and ¥315,299,775
thousand respectively.

Current assets

63,281,117

Noncurrent assets

783,332,891

Deferred assets

24,926

Total assets

846,638,935

Current liabilities

62,222,670

Long-term liabilities

384,957,993

Total liabilities

447,180,664(Notes on Lease Transactions)Operating lease transactions (as lessor)
Future lease payments receivable(Unit: thousand yen)
Current period(Feb. 29, 2016)
Due within 1 year

23,715,979

Due after 1 year

58,287,999

Total

82,003,978(Notes on Financial Instruments)
1. Matters concerning status of financial instruments(1) Policy for handling financial instruments
NMF procures funds through debt financing, issuance of investment corporation bonds, issuance of investment
units, etc. upon acquisition of real estate related assets. In procuring funds through interest-bearing liabilities, NMF
adopts the basic financial policy of procuring funds with due consideration for extending the loan period, converting- 44 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

the interest rate to a fixed rate and laddering the repayment dates, etc. for interest-bearing liabilities.
NMF enters into derivative transactions for the purpose of hedging risks of future interest rates rising and adopts
the policy of not engaging in speculative transactions.
(2) Description of financial instruments and associated risks, and risk management structure
Funds from debts and investment corporation bonds are primarily used to fund the acquisition of real estate related
assets and to fund the repayment of debts and redemption of investment corporation bonds. These are exposed toliquidity risks of failure to procure alternative funds at the time of repayment or redemption. NMF controls and limits
the concerned risks by diversifying the lending financial institutions, as well as considering and implementing effective
use of surplus funds, procurement of funds from the capital market through issuance of investment units, etc. andother various procurement of funds. In addition, floating interest rates debts are exposed to risks of the interest rate
payable rising. NMF limits the impact that the interest rate payable rising has on NMF’s operations by keeping LTV(ratio of interest-bearing liabilities to total assets) at a low level and keeping the ratio of borrowings that are long-term
and fixed-rate borrowings at a high level. Furthermore, derivative transactions (interest-rate swap transactions, etc.) areavailable as a hedging instrument for hedging risks of floating interest rates rising and converting the interest expenses
to a fixed payment.
Deposits are those for investing NMF’s surplus funds and are exposed to risks of failure of the financial institutions
that are holding the deposits and other credit risks, but NMF limits the risks by diversifying the financial institutions
that are holding the deposits.
(3) Supplementary explanation on matters concerning fair value, etc. of financial instruments
The fair value of financial instruments, aside from values based on market price, includes values based on reasonablecalculation when there is no market price. Certain assumptions are adopted in the calculation of the concernedvalues. Accordingly, there may be cases where the concerned values will vary when different assumptions are adopted.
In addition, concerning the contract amount, etc. of derivative transactions presented in “Notes on Derivative
Transactions” later in this report, the amount itself does not represent the market risk involved in these derivativetransactions.

- 45 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

2. Matters concerning fair value, etc. of financial instruments
The following are the carrying amount and fair value as of February 29, 2016, and the difference between theseamounts.
(Unit: thousand yen)

Carrying amount(Note 1)
(1) Cash and bank deposits(2) Cash and bank deposits in trust(3) Short-term debt
(4) Current portion of investment
corporation bonds(5) Current portion of long-term debt
(6) Investment corporation bonds(7) Long-term debt
(8) Derivative transactions

Fair value(Note 1)

Amount of difference

47,139,232
11,185,928(9,100,000)

47,139,232
11,185,928(9,100,000)－－－(5,000,000)(5,046,550)

46,550(50,015,600)(27,500,000)(311,549,000)(2,882,186)(50,192,167)(29,536,482)(318,556,852)(2,882,186)

176,567
2,036,482
7,007,852－(Note 1) Items that are charged to liabilities are shown in brackets [ ].
(Note 2) Matters concerning method for calculating fair value of financial instruments and derivative transactions(1) Cash and bank deposits; (2) Cash and bank deposits in trust, (3) Short-term debt
As these are settled within a short period of time, the fair value is approximately the same as the book value and is thus stated at that bookvalue.
(4) Current portion of investment corporation bonds; (6) Investment corporation bonds
The fair value of investment corporation bonds issued by the Company is determined based on their market prices(5) Current portion of long-term debt; (7) Long-term debt
As long-term debt with floating interest rates reflect market interest rates within a short period of time, the fair value is thought to beapproximately the same as the book value and is thus stated at that book value (However, the fair value of long-term debt with floatinginterest rates that are subject to special treatment for interest-rate swaps (please refer to “Notes on Derivative Transactions” later in thisreport) is based on the method of calculating by discounting the sum total amount of principal and interest accounted for as one transaction
together with the concerned interest-rate swap by the interest rate that is reasonably estimated as being applicable in the event of drawdown
of a similar debt financing.). In addition, the fair value of long-term debt with fixed interest rates is calculated based on the method of
calculating by discounting the sum total amount of principal and interest by the interest rate that is reasonably estimated as being applicable in
the event of drawdown of a similar debt financing.
.
(8) Derivative transactions
Please refer to “Notes on Derivative Transactions” later in this report.
(Note 3) Financial instruments for which fair value is deemed extremely difficult to determine(Unit: thousand yen)

Carrying amountCurrent period(Feb. 29, 2016)
91,430Type of asset
Investment securities*Investment securities (ownership interests in a silent partnership) do not have a readily available market price and reasonable estimates of cash
flows from the underlying properties cannot be made, so the fair value is deemed extremely difficult to determine. Accordingly, they are excluded
from fair value disclosures.
(Note 4) Amount of redemption of monetary claims scheduled to be due after the date of settlement of accounts (February 29, 2016)(Unit: thousand yen)

Due within
1 yearCash and bank deposits
Cash and bank deposits in trust
Total

47,139,232
11,185,928
58,325,160

Due after
1 year,within2 years－－－- 46 -

Due after
2 years,
within3 years－－－

Due after
3 years,
within4 years－－－

Due after
4 years,
within5 years－－－

Due after
5 years－－－

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

(Note 5) Amount of repayment of investment corporation bond, long-term debt and other interest-bearing liabilities scheduled to be due after thedate of settlement of accounts (February 29, 2016)(Unit: thousand yen)

Due after
1 year,within2 years－
9,000,000
53,475,600
62,475,600

Due within
1 yearShort-term debt
Investment corporation bonds
Long-term debt
Total

9,100,000
5,000,000
50,015,600
64,115,600

Due after
2 years,
within3 years－－
43,685,600
43,685,600

Due after
3 years,
within4 years－－
49,185,600
49,185,600

Due after
4 years,
within5 years－
5,000,000
49,455,600
54,455,600

Due after
5 years－
13,500,000
115,746,600
129,246,600(Notes on securities)
Current period (As of February 29, 2016)
Not applicable.

(Notes on Derivative Transactions)
1. Transactions not subject to hedge accounting
Current period (As of February 29, 2016)
Not applicable.
2. Transactions subject to hedge accounting
Current period (As of February 29, 2016)
The following is the contract amount or the amount equivalent to the principal provided in the contract, etc. as ofthe date of settlement of accounts for each method of hedge accounting.
Method ofhedge accounting
Principal treatment method
Special treatment forinterest-rate swaps

Type ofderivative transaction
Interest-rate swap transaction
Floating receivable
Fixed payable
Interest-rate swap transaction
Floating receivable
Fixed payable

Main hedged
item

Contract amount (Note 1)
Due after 1 year

(Unit: thousand yen)
Fair value(Note 2)Long-term debt

149,700,000

130,457,200(Note 3) (2,882,186)

Long-term debt

103,382,300

90,339,500(Note 4) (2,492,211)

253,082,300

220,796,700(5,374,397)

Total* Since derivative transactions qualifying for special treatment for interest-rate swaps are accounted for as one transaction together with their hedged
item, long-term debt, the fair value of these is included in the fair value of “(5) Current portion of long-term debt” and “(7) Long-term debt” in“Notes on Financial Instruments; 2. Matters concerning fair value, etc. of financial instruments” earlier in this report.
（Note 1） Contract amount is based on notional amount.
（Note 2） Fair value is calculated by swap counterparty, based on the actual market interest rate, etc.
（Note 3） Out of the fair value, (¥14,591 thousand) is booked as “accrued expences” on the Balance Sheet.
（Note 4） Out of the fair value, (¥2,492,211 thousand) is not marked to market on the Balance Sheet, since adopting Special treatment forinterest-rate swaps.

(Notes on retirement benefit plans)

Current period (As of February 29, 2016)
Not applicable.

(Notes on Business Combination)
Current period (As of February 29, 2016)
Business Combination through Acquisition
1． Overview of Business Combination（1） Name and Line of Business of Aquirees
Name of acquiree
Nomura Real Estate Office Fund, Inc. (“NOF”)
Nomura Real Estate Residential Fund, Inc. (“NRF”)

Line of Business
Real estate investment trust
Real estate investment trust（2） Main Reasons for Business Combination
NMF believed that the merger would expand acquisition opportunities, stabilize the portfolio, enhance risk
tolerance, increase competitive strength for asset acquisitions and stabilize the financial base by increasing theasset size and diversifying target investment sectors. In addition, NMF believed that it could achieve both growth- 47 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

and stable management by effectively leveraging the wide-range of know-hows and brands held by Nomura Real
Estate Group, one of the major comprehensive real estate developers in Japan. As such, NMF was confident
that the merger was the best option for its unitholders and has therefore entered into the merger agreement.
（3） Date of Business Combination
October 1,2015（4） Legal Framework of Business Combination
A consolidation type merger with the former NMF, NOF and NRF as the consolidated investment corporations.
（5） Name of the Investment Corporation after Merger
Nomura Real Estate Master Fund, Inc.
（6） Main Reasons for Decision to Acquire the Companies① The former NMF’s shareholder holds the most voting rights among three investment corporations.
② NMF’s Board of Directors are constituted from former NMF’s Board of Directors.
2． Performance Period of Acquirees Included in the Statement of Income and Retained Earnings
Name of acquiree

Performance period

NOF
NRF

From October 1, 2015 to February 29, 2016
From October 1, 2015 to February 29, 2016

3． Acquisition Cost of Acquirees and the Breakdown
Name of acquiree

Acquisition cost

NOF
NRF
Total

205,604,427 thousand yen
109,695,348 thousand yen
315,299,775 thousand yen

4． Exchange Ratio, Method of Calculation and Number of Investment Units Delivered as Consideration for theAcquisition（1） Exchange Ratio of Investment Units
Merger Ratio

NMF
1.00

Former NMF
1.00

NOF
3.60

NRF
4.45

（2） Method of Calculation
Each investment corporation appointed a financial advisor for the merger and requested each financial advisor
to perform a financial analysis of the merger ratio. The former NMF appointed Nomura Securities Co., Ltd.,NOF appointed Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and NRF appointed SMBC Nikko Securities
Inc (hereafter refferd as “FA”). The merger ratio of each were calculated based on factors such as financial status,
asset status and future outlooks, and the merit of the Merger were comprehensively considered upon reference
to the results of the calculationsof the financial status by each FAs, leading to an agreement among the former
NMF, NOF and NRF with regard to the above merger ratios.
（3） Number of Investment Units Granted
Name of acquiree

NOF
NRF

Number of investment units granted
1,341,190 unit
715,560 unit

5． Content and Amount of Main Acquisition-Related Expenses
Content

Relevant investment
corporation

FA fees

Former NMF¥600,000 thousand

Acquisition fees for merger

NMF¥2,590,275 thousand- 48 -

AmountNomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

6． Amount and Cause of Goodwill（1）Amount of Goodwill
77,875,100 thousand yen（2）Cause
Goodwill was caused by the acquisition of acquirees NOF and NRF, the former for ¥205,604,427thousand(acquisition price) exceeding its market value of net assets of ¥159,932,291 thousand and the latter for¥109,695,348 thousand (acquisition price) exceeding its market value of net assets of ¥77,492,382 thousand.

（3）Method of Goodwill Amortization and the Amortization Period
The goodwill will be amortized equally over a period of 20 years .

7． Amounts and Main Breakdown of Assets Accepted and Liabilities Taken from the Business Combination
Current assets
Noncurrent assets
Total assets(Unit: thousand yen)
39,178,399
518,620,230
557,798,629

Current liabilities
Long-term liabilities
Total liabilities

51,711,857
268,662,098
320,373,955

8． Estimated Impact on the Statement of Income and Retained Earnings for the Fiscal Period Under Review Assuming
the Business Combination is Completed on the Start Date of the Operating Period
There is no impact since the business combination date matches the start date of the operating period(Notes on Tax Effect Accounting)
1. Breakdown of main causes for occurrence of deferred tax assets and deferred tax liabilities
Current period(February 29, 2016)
Deferred tax assets(Unit: thousand yen)

Accepted valuation difference at merger

15,343,107

Deferred gains or losses on hedges

926,519

Deferred interest

389,900

Over-depreciated long-term prepaid expenses

36,451

Denied impairment loss

25,531

Denied amortization of leasehold right in trust500

Non-deductible accrued enterprise tax

97

Excess allowance for doubtful accounts

17

Subtotal deferred tax assets

16,722,125△16,722,125

Valuation allowance
Total deferred tax assets－

Net deferred tax assets－- 49 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

2. Breakdown of major components that caused significant differences between statutory tax rate and effective tax
rate after application of tax effect accounting
Current period(February 29, 2016)
Statutory tax rate

32.31%(Adjustments)
Deductible cash distributions
Valuation of allowance△58.38%

Amortization of goodwill

12.94%

Other

0.01％

Effective tax rate after application oftax effect accounting

0.05%

13.16%(Notes on equity method income and retained earnings, etc.)
Current period (from October 1, 2015 to February, 2016)
Not applicable.

(Notes on Transactions with Related Parties)
1. Parent company and major corporate unitholders
Current period (from October 1, 2015 to February, 2016)
Not applicable.
2. Subsidiaries and affiliates
Current period (from October 1, 2015 to February, 2016)
Not applicable.
3. Fellow subsidiaries
Current period (from October 1, 2015 to February, 2016)
Not applicable.
4. Directors and major individual unitholders
Current period (from October 1, 2015 to February, 2016)
Not applicable.

(Notes on asset retirement obligations)

Current period (from October 1, 2015 to February, 2016)
Not applicable.

(Notes on Investment and Rental Properties)
NMF owns leasable office, leasable retail facilities, leasable logistics facilities and leasable residential (including land) inGreater Tokyo area and other areas for the purpose of earning revenue from leasing.
The following are the carrying amount, amount of increase (decrease) during the fiscal period and fair value of theseinvestment and rental properties at the end of the fiscal period.
(Unit: thousand yen)
Current period
from Oct. 1, 2015
to Feb. 29, 2016
Carrying amount
Balance at beginning of period
Amount of increase (decrease) during period
Balance at end of period
Fair value at end of period

781,610,588
8,696,317
790,306,905
829,072,000- 50 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

(Note 1)
(Note 2)
(Note 3)(Note4)

Balance after the merger treatment is stated for the Balanve at beginning of period.
Carrying amount is the amount of cost of acquisition, less accumulated depreciation.
Of the amount of increase (decrease) in investment and rental properties, the amount of increase during current period ismainly attributable to acquisition of NRE Kichijoji Building (5,347,396 thousand yen) and GEMS Ichigaya (2,112,624
thousand yen) and PROUD FLAT Hatchobori (962,150 thousand yen) and PROUD FLAT Itabashi Honcho (767,484
thousand yen) and decrease during previous period is depreciation (3,471,460 thousand yen).
Fair value at the end of the period is the appraisal value or investigation value found by an outside real estate appraiser.

The income (loss) in the current period for investment and rental properties is as presented in “Notes to Statement of
Income and Retained Earnings” earlier in this report.
(Notes on Segment Information)(Segment Information)
Since the Fund has been engaged in the real estate leasing business as a single segment, segment information has been
omitted.
(Related Information)
Current period (from October 1, 2015 to February, 2016)
1. Information by product and service
Disclosure is omitted, since revenues from external customers of a single product/service category is more than
90% of the operating revenues on statement of income and retained earnings.
2. Information by geographical area
(1) Revenues
Disclosure is omitted, since revenues from external customers in Japan is more than 90% of the operating revenues
on statement of income and retained earnings.
(2) Property and equipment
Disclosure is omitted, since the amount of property and equipment located in Japan is more than 90% of theamount of property and equipment on balance sheet.
3. Information by major customer

Customer name
Nomura Real Estate
Partners Co., Ltd.

Revenues (thousand yen)

Related segment name3,542,264

Rental real estate business- 51 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016

(Notes on Per Unit Information)
Current period
from Oct. 1, 2015
to Feb. 29, 2016
Net assets per unit

128,318 yen

Net income per unit

1,087 yen

(Note 1)
(Note 2)

Net income per unit is calculated by dividing net income by the average number of investment units during the period.
In addition, the diluted net income per unit is not stated, since there are no diluted investment units.
The following is the basis for calculation of net income per unit.

Current period
from Oct. 1, 2015
to Feb. 29, 2016
Net income (thousand yen)

4,048,278

Amount not attributable to ordinary unitholders (thousand yen)－

Net income attributable to ordinary investment units (thousand yen)

4,048,278

Average number of investment units during period (units)

3,722,010(Notes on Significant Subsequent Events)
The fund concluded the sales and purchase agreement with same Tokutei Mokuteki Kaisha on March 30,
2016, after the end of 1st fiscal year end (February 29, 2016) regarding the assets stated below, and concluded
the transfer of the assets on April 12, 2016.
Impact on Earning is scheduled to record of transfer profit as Operating Revenues on the 2nd fiscal period(from March 1, 2016 to August 31, 2016).
Property name

Type of Asset

Use

Central Shintomicho Building

Trust beneficiary interestin mainly real estate

OfficeToho Edogawabashi Building

Real Estate

OfficeToshin Meguro Building
PRIME URBAN Ochiai

Trust beneficiary interestin mainly real estate
Real EstateTransfer Price（million yen）

2nd fiscal period
Impact on Earnings（million yen）

(Note 1)－

OfficeResidential

PRIME URBAN Nakano

Real Estate

Residential

PRIME URBAN Ekoda

Real Estate

Residential

PRIME URBAN Urayasu II

Real Estate

Residential

PRIME URBAN Yamahana

Real Estate

Residential

Total

5,350

132

(Note 1) The purchase price of each property is not disclosed as the assignee’s consent to the disclosure thereof has not beenobtained.
(Note 2) For Toho Edpgawabashi Building, PRIME URBAN Ochiai, and PRIME URBAN Urayasu II, the amont for the loss fromthe transaction has been recorded as write off loss. Please refer to “3. Financial Statements / (8) Notes to Financial
Statements / (Notes to Statement of Income and Retained Earnings) / *2. Impairment loss” above for the details.

- 52 -

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February, 2016(9) Increase (Decrease) in Total Number of Investment Units Issued and Outstanding
The following is the increase (decrease) in unitholders’ capital and total number of investment units issued
and outstanding during the period from the date of incorporation of NMF through the end of the current
fiscal period (February 29, 2016).

Date

Description

Increase(Decrease)
October 1, 2015

Total number ofinvestment units
issued and outstanding(units)Increase
Balance(Decrease)

Unitholders’ capital(million yen)

Consolidation typemerger161,120

Balance161,120

3,722,010

3,722,010

Note(Note 1)

(Note 1) NMF was established through the consolidation type merger of the former NMF, NOF and NRF on October 1, 2015. Upon its
establishment, NMF allotted 1 NMF unit per former NMF unit, 3.60 NMF units per NOF unit and 4.45 NMF units per NRF unit.

4. Changes in Directors(1) Changes in NMF Directors
Timely disclosure of changes in directors will be made at the time that details are determined.
There were no changes in directors during the 1st fiscal period.
(2) Changes in Asset Management Company Directors and Audit & Supervisory
Timely disclosure of changes in directors and Audit & Supervisory will be made at the time that details are
determined.
There were changes in the directors after the 1st Fiscal Period end (February 29, 2016) stated below.
Please refer to the press release dated March 4, 2016 titled “Notice Concerning Scheduled Amendments of
the Articles of Incorporation, Changes in Organization, and Changes of Directors and Important Employees
in the Asset Management Company” for the details.
Assume office (as of April 1, 2016)
Name

Title (New)

Title (Former)

Kenichi Okada

Director and Managing Executive
Officer,
Head of NMF Investment
Management Group,
General Manager, AssetManagement Department I

Executive Officer,
General Manager, NPR Investment
Management Department

Resign (as of March 31, 2016)
Name

Title (New)

Title (Former)

Kenichi Shinbashi(Resignation)

Motomi Uki(Resignation)- 53 -

Representative Director, Executive Vice
President
Supervisor of the Corporate Planning
Department, the Compliance Department,
the Internal Audit Department, and the
Accounting Department
In charge of the Discretionary Investment
Management Section
Director andManaging Executive Officer
Head of the NMF Investment
Management Group
General Manager of the FundManagement Department

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016

5. Reference Information(1) Investment Status

Type of asset

Use

Officeproperties
Real estate

Retailproperties
Residential
properties
Officeproperties

Real estatein trust

Retailproperties
Logistics
properties
Residential
properties

Area(Note 1)
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Other areas
Subtotal

Subtotal
Silent Partnership Equity Interest (Note 4)
Deposits and other assets
Total amount of assets

1st fiscal period
As of February 29, 2016
Total amount held
As a percentage of total amount of(million yen)assets (%)(Note 2)
(Note 3)82,5788.9
25,178
2.7
107,757
11.6
16,282
1.8
16,282
1.8
120,820
13.0
29,302
3.2
150,12216.2
198,895
21.4
50,1785.4
249,07326.8
80,256
8.6
44,565
4.8
124,82213.4
122,814
13.2
6,161
0.7
128,975
13.9
11,133
1.2
2,138
0.2
13,272
1.4
790,30685.1
91
0.0
137,89914.9
928,297
100.0
1st fiscal period
As of February 29, 2016
AmountAs a percentage of total amount of(million yen)assets (%)(Note 3)(Note 5)

Total amount of liabilities
Total amount of net assets

450,69548.6

477,601

51.4(Note 1) “Greater Tokyo area” refers to Tokyo, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “Other areas” refers to cabinet-orderdesignated cities, prefectural capitals, and cities with a population of 100,000 persons or more as well as surrounding areas of these cities, thatare not included in the Greater Tokyo area.
(Note 2) Total amount held is the carrying amount (in the case of real estate and real estate in trust, the sum total amount of book value, after
depreciation).
(Note 3) The figures are rounded off to first decimal place. Accordingly, the sum total may not add up to 100.0%.
(Note 4) Godo Kaisha Osaka Hirakata Project Silent Partnership Equity Interest.
(Note 5) Total amount of liabilities and total amount of net assets are the amounts as stated in the balance sheet as total liabilities and total net assets.

－ 54 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period ended February 29, 2016(2) Investment Assets①

Major Issue of Investment Securities
The following summarizes the investment securities held as of February 29, 2016 (end of the 1st fiscal

period) by NMF.
Book value
Name
Godo Kaisha
Osaka Hirakata
Project Silent
Partnership
Equity Interest(Note 2)
Total

Market value(Note 1)
Total price
Unit price(million yen)Type of
asset

Units

Silentpartnership
equityinterest

－

－

91

－

－

－

－

91

－

Unit priceTotal price(million yen)

Unrealized
gain/loss(million yen)

Remarks

91

－

－

91

－

－

(Note 1) Book value is noted as market value.
(Note 2) Investing in real estate in trust beneficiary interest as Hirakata Logistics Center for main trust asset.
(Note 3)NMF has excercied the preferential negotiation right granted upon the acquisition of the silent partnership equity interest, and concluded thepurchase and sales agreement of trust beneficiary interest in mainly “Osaka Kuzuha Logistics Center” with Godo Kaisha Osaka Hirakata
Project② Investment Real Estate Properties
Real estate are all presented together with real estate trust beneficiary interests in “③ Other Major
Investment Assets”③ Other Major Investment Assets
The following summarizes the real estate, etc. (261 properties) held as of February 29, 2016 (end of the
1st fiscal period) by NMF (the real estate, and the beneficiary interests of trusts in which real estate
properties are the principal trust properties or the real estate that are the underlying assets thereof, arehereinafter referred to as the “assets held at the end of the 1st fiscal period”). Unless otherwise stated, thefigures in the tables below are the figures as of February, 2016.

－ 55 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

A. Overview of Portfolio and Leasing Status, and Changes in Occupancy Rate, Etc.
(a) Overview of Portfolio and Leasing Status
The following is an overview of the portfolio and leasing status for the assets held at the end of
the 1st fiscal period.
Number of properties

261
Total

Acquisition price (thousand yen)
(Note 1)(Note 2)

Office total(As a percentage of total acquisition price (%))
Greater Tokyo area
Other areas
Retail total
Greater Tokyo area
Other areas
Logistics total
Greater Tokyo area
Other areas
Residential total
Greater Tokyo area
Other areas

792,658,000（100.0）355,638,000（44.9）
280,438,000（35.4）
75,200,000（9.5）
140,153,000（17.7）
95,317,000（12.0）
44,836,000（5.7）
132,810,000（16.8）
126,230,000（15.9）
6,580,000（0.8）
164,057,000（20.7）
132,367,000（16.7）
31,690,000（4.0）

Total of opinion of value at end of period (thousand yen) (Note 3)

829,072,000

Gross leasable area (m2) (B) (Note 4)

1,658,140.97

Gross leased area (m2) (A) (Note 5)

1,639,978.00

Portfolio occupancy rate (%) (A)÷(B) (Note 6)

98.9

Total number of tenants (Note 7)

1,329

Total of all contracted rent (thousand yen) (Note 8)

4,472,214

Total of all security deposits, etc. (thousand yen) (Note 9)33,357,745(Note 1) Acquisition Price indicates the amount excluding costs required to acquire the properties, including transaction brokerage fee, taxes andpublic dues, etc. (the amount of transaction payment of real estate, etc. described in the sales agreement) for the Succeeded Assets(Former NMF) and Assets Acquired After Merger. On the other hand, for the Succeeded Assets (NOF/NRF), except for thosedescribed in (Note 2), since there is no significant decline in occupancy rate or other conditions that will affect the appraisal values fromthe reference date, the figures are determined using the appraisal values as of the end of April 2015 for assets succeeded from NOF andthe appraisal values as of the end of May 2015 for the assets succeeded from NRF. Furthermore, the figures indicated are unaudited
figures.
(Note 2) Acquisition Values of these assets indicates appraisal values as of the end of September 2015.
NRE Shibuya Dogenzaka Building, NOF Tameike Building, NOF Shinagawa Konan Building, Yokohama Odori Koen Building,
PRIME URBAN Shinyurigaoka.
(Note 3) “Opinion of value at end of period” is the appraisal value or investigation value provided by the respective real estate appraiser. For theopinion of value at the end of the period for real estate, please refer to (Note 1) of “D. Overview of Opinion of Value at End of Period”－ 56 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

below in this report.
(Note 4)The sum total of “leasable area” of each of the assets held at the end of the 1st fiscal period. “Leasable area” is the sum total area ofoffice properties, retail properties, logistics properties, or residential properties, etc. leasable in each asset (including the area of commonuse space, etc., if leased). “Leasable area” is calculated based not on that presented in the registry, but based on the area stated in thelease contract and the area calculated based on building completion drawings, etc. Accordingly, the leasable area may not be the same as
the floor area based on that presented in the registry and may possibly exceed the floor area. In the case of land with leasehold right, theland area based on that presented in the registry is shown as contracted area.

(Note 5)The sum total of “leased area” of each of the assets held at the end of the 1st fiscal period. “Leased area” is the area that is actually leased
to an end-tenant (The area stated in the lease contract; provided, however, that such be limited to the area of office properties, retailproperties, logistics properties, or residential properties, etc (if all of rental units are collectively leased, then the area of the entire rental
units) and not include the leased area of parking space, etc. However, if the master lessee has a rent-guaranteed master lease for some or
all rental units, the space is included in leased area regardless of whether or not there is a lease agreement with an end-tenant.) in each
asset. In the case of land with leasehold right, the leased area of the land is shown.

(Note 6)Gross leased area as a percentage of leasable area (rounded to first decimal place).

(Note 7)The sum total of “total number of tenants” of each of the assets held at the end of the 1st fiscal period. In the calculation of “number oftenants,” when some or all rental units are collectively leased for the purpose of subleasing and the lessee in the lease agreement (master
lease agreement) has concluded an agreement with an end-tenant (sublessee that is the actual user) for subleasing the rental units, thelessee of the master lease agreement is counted as one tenant. However, in the case of assets with a so-called pass-through master leaseagreement where the rent received from the lessee in the master lease agreement is the same amount as the rent that the lessee receives
from the end-tenant, the total number of end-tenants is shown. In addition, if multiple rental units in a specific asset are leased to a
specific tenant, this is counted as one tenant for the asset and, if multiple assets are leased to a specific tenant, these are counted
separately and the total of that number of tenants is shown.

(Note 8)The total amount of “total contracted rent” for February 2016 of each of the assets held at the end of the 1st fiscal period (rounded
down to the nearest thousand yen). “Total contracted rent” for February 2016 refers to the sum total of monthly rent and common area
charges in lease agreements actually concluded with end-tenants that are valid as of the last day of February 2016 (If common-use space,etc. is leased based on the lease agreement, the rent for such is included and, if rent includes the amount equivalent to the fee for use ofparking space, such amount is included. In addition, if the master lessee has a rent-guaranteed master lease for some or all rental units,
the rent for the space is based on the rent, etc. in the lease agreement concluded with the master lessee.). Furthermore, regarding tenants
who have been exempt from rent payment for a certain period of time in their agreements, such exemption period is not considered in
the table above and the rent is calculated based on the monthly rent and common area charges payable immediately after the exemption
period ends. In addition, the standard level of rent is used for tenants with sales-based rent.

(Note 9)The total amount of “all security deposits, etc.” of each of the assets held at the end of the 1st fiscal period (rounded down to the nearest
thousand yen). “All security deposits, etc.” is the sum total amount of the balance of leasehold and security deposits stated in therespective lease contract with end-tenants of each asset as of February 29, 2016 (rounded down to the nearest thousand yen).
Accordingly, the sum total of “leasehold and security deposits” of the respective property may not add up to the amount shown in the
total columns.

(b) Changes in Occupancy Rate, Etc.
The following is the changes in the occupancy rate, etc. of real estate under management held
by NMF.
February 29, 2016(end of 1st fiscal
period)Number of properties

261

Total number of tenants

1,329

Gross leasable area (m2)

1,658,140.97

Portfolio occupancy rate
(at end of fiscal period) (%)

98.9－ 57 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

B. Price and Investment Share
The following is an overview of the assets held at the end of the 1st fiscal period (acquisition price,
carrying amount, opinion of value at end of period, investment share and appraiser).
Use

OfficeArea

GreaterTokyo area

Opinion of
Investment
value
share
at end of period（%）(million yen)
(Note 5)(Note 4)

Acquisition
price(million yen)
(Note 1)

Carrying
amount(million yen)
(Note 3)

Shinjuku Nomura Building

43,90044,61544,900

5.4

NRE Tennozu Building

20,50020,50920,500

2.5

The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

Kojimachi Millennium Garden

26,70026,71426,700

3.2

Japan Real Estate InstituteNOF Nihonbashi Honcho Building

21,40021,35821,300

2.6

Tennozu Park Side Building

12,70012,68412,000

1.4

The Tanizawa Sogo Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.

NOF Shinjuku Minamiguchi Building

10,00010,002

10,300

1.2

Japan Real Estate InstituteNOF Shibuya Koen-dori Building

10,40010,42010,400

1.3

Daiwa Real Estate Appraisal
Co., Ltd.

Secom Medical Building

11,10011,076

11,100

1.3

Japan Real Estate InstituteNOF Shiba Building

7,040

7,035

7,090

0.9

Daiwa Real Estate Appraisal
Co., Ltd.

Nishi-Shinjuku Showa Building

8,140

8,141

7,930

1.0

Appraisal Firm A Square Ltd.

NRE Shibuya Dogenzaka Building

5,310

5,323

5,320

0.6

Daiwa Real Estate Appraisal
Co., Ltd.

NOF Tameike Building

4,810

4,806

4,480

0.5

Appraisal Firm A Square Ltd.

Iwamoto-cho Toyo Building

4,050

4,071

4,060

0.5

Japan Real Estate InstituteNOF Shinagawa Konan Building

3,460

3,461

3,310

0.4

NOF Surugadai Plaza Building

4,690

4,681

4,700

0.6

The Tanizawa Sogo Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.

PMO Nihonbashi Honcho

4,320

4,303

4,520

0.5

Japan Real Estate Institute

PMO Nihonbashi Kayabacho

5,010

4,996

5,140

0.6

Japan Real Estate InstituteOtemachi Tatemono Gotanda Building

4,430

4,593

4,670

0.6

Daiwa Real Estate Appraisal
Co., Ltd.

NRE Higashi-nihonbashi Building

3,570

3,573

3,350

0.4

Japan Real Estate Institute

PMO Akihabara

4,240

4,222

4,580

0.6

Japan Real Estate InstituteHatchobori NF Building

2,480

2,475

2,480

0.3

The Tanizawa Sogo Appraisal
Co., Ltd.

NOF Kanda Iwamoto-cho Building

4,160

4,194

4,160

0.5

Japan Real Estate Institute

NOF Takanawa Building

2,830

2,832

2,820

0.3

Japan Real Estate Institute

PMO Hatchobori

2,880

2,878

3,050

0.4

Japan Real Estate Institute

NOF Minami Shinjuku Building

2,210

2,215

2,210

0.3

The Tanizawa Sogo Appraisal
Co., Ltd.

PMO Nihonbashi Odenmacho

2,210

2,201

2,310

0.3

Japan Real Estate InstituteCentral Shintomicho Building

1,330

1,329

1,330

0.2

Japan Real Estate Institute

PMO Higashi-nihonbashi

1,690

1,691

1,810

0.2

Japan Real Estate Institute

NRE Ueno Building

6,470

6,471

6,470

0.8

Japan Real Estate Institute

NOF Technoport Kamata Center Building

4,780

4,781

4,570

0.6

NF Hongo Building.

4,890

4,880

5,000

0.6

The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

Toho Edogawabashi Building

1,140

1,095

1,090

0.1

Japan Real Estate InstituteToshin Meguro Building

858

855

858

0.1

Japan Real Estate Institute

Crystal Park Building

3,390

3,387

3,400

0.4

Appraisal Firm A Square Ltd.

NOF Kichijoji Honcho Building

1,780

1,798

1,820

0.2

Japan Real Estate InstituteFaret Tachikawa Center Square

3,850

3,849

3,950

0.5

The Tanizawa Sogo Appraisal
Co., Ltd.

NOF Kawasaki Higashiguchi Building

7,830

7,853

7,930

1.0

Japan Valuers Co., Ltd.

Property name－ 58 －

AppraiserNomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Carrying
amount(million yen)
(Note 3)

NOF Yokohama Nishiguchi Building

5,460

5,472

5,720

0.7

Japan Real Estate InstituteNOF Shin-Yokohama Building

2,620

2,808

2,840

0.3

The Tanizawa Sogo Appraisal
Co., Ltd.

Yokohama Odori Koen Building

1,810

1,810

1,800

0.2

Japan Valuers Co., Ltd.

Sapporo North Plaza

6,250

6,295

6,480

0.8

Japan Real Estate Institute

NRE Sapporo Building

4,140

4,110

4,250

0.5

Japan Real Estate Institute

JCB Sapporo Higashi Building

3,270

3,262

3,260

0.4

Japan Real Estate InstituteNOF Sendai Aoba-dori Building

2,030

2,038

2,080

0.3

NOF Utsunomiya Building

2,320

2,370

2,250

0.3

Morii Appraisal & Investment
Consulting, Inc.
The Tanizawa Sogo Appraisal
Co., Ltd.

NOF Nagoya Fushimi Building

2,240

2,223

2,160

0.3

Japan Real Estate InstituteNOF Nagoya Yanagibashi Building

2,280

2,275

2,280

0.3

Japan Valuers Co., Ltd.

18,30018,27718,300

2.2

Japan Real Estate Institute

SORA Shin-Osaka 21

12,10012,117

12,100

1.5

Japan Valuers Co., Ltd.

NRE Osaka Building

6,100

6,184

6,030

0.7

NRE Nishi-Umeda Building

3,450

3,463

3,450

0.4

NRE Yotsubashi Building

4,000

4,008

3,920

0.5

NRE Hiroshima Building

2,280

2,279

2,320

0.3

The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.

NOF Hakata Ekimae Building

4,210

4,226

4,280

0.5

Japan Real Estate Institute

NOF Tenjin-Minami Building

2,230

2,219

2,170

0.3

Japan Real Estate Institute

Office subtotal

355,638

356,830

357,298

43.1

Morisia Tsudanuma

16,60017,141

17,500

2.1

Yokosuka More’s City

13,64013,737

15,400

1.9

Daiwa Real Estate Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.

Recipe SHIMOKITA

10,407

10,701

10,700

1.3

Japan Valuers Co., Ltd.

Kawasaki More’s

6,080

6,228

7,370

0.9

EQUINIA Shinjuku

4,260

4,289

4,570

0.6

EQUINA Ikebukuro

3,990

4,027

4,330

0.5

The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

covirna machida

3,440

3,683

4,260

0.5

Japan Real Estate InstituteNitori Makuhari

3,080

2,956

3,560

0.4

Japan Real Estate InstituteKonami Sports Club Fuchu

2,730

2,653

3,240

0.4

Daiwa Real Estate Appraisal
Co., Ltd.

FESTA SQUARE

2,600

2,485

3,010

0.4

Japan Real Estate Institute

GEMS Shibuya

2,490

2,473

2,640

0.3

Daiwa Real Estate Appraisal
Co., Ltd.

Sundai Azamino

1,700

1,631

1,960

0.2

Japan Real Estate Institute

EQUINIA Aobadai

1,560

1,584

1,820

0.2

Japan Real Estate Institute

Megalos Kanagawa

1,000

1,001

1,340

0.2

Japan Real Estate InstituteMitsubishi Motors Meguro

2,740

2,764

2,940

0.4

Japan Real Estate InstituteMitsubishi Motors Chofu

1,760

1,776

1,850

0.2

Mitsubishi Motors Shibuya

1,570

1,586

1,760

0.2

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

Mitsubishi Motors Nerima

1,240

1,251

1,320

0.2

Japan Real Estate InstituteMitsubishi Motors Kawasaki

950

959

1,050

0.1

Mitsubishi Motors Takaido

850

859

906

0.1

The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

Mitsubishi Motors Katsushika

800

808

844

0.1

Japan Real Estate InstituteArea

GreaterTokyo area

OfficeProperty name

Other areas Omron Kyoto Center Building

RetailGreaterTokyo area

Opinion of
Investment
value
share
at end of period（%）(million yen)
(Note 5)(Note 4)

Acquisition
price(million yen)
(Note 1)

－ 59 －

AppraiserNomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Property nameAcquisition
price(million yen)
(Note 1)

Opinion ofCarrying
Investment
value
amountshareat end of period(million yen)（%）(million yen)
(Note 2)
(Note 4)(Note 3)

Appraiser

Mitsubishi Motors Higashikurume

800

808

831

0.1

Japan Real Estate InstituteMitsubishi Motors Setagaya

770

779

831

0.1

Japan Real Estate InstituteMitsubishi Motors Suginami

740

748

847

0.1

The Tanizawa Sogo Appraisal
Co., Ltd.

Mitsubishi Motors Sekimachi

600

606

635

0.1

Japan Real Estate InstituteMitsubishi Motors Higashiyamato

450

455

499

0.1

The Tanizawa Sogo Appraisal
Co., Ltd.

Greater
Mitsubishi Motors Motosumiyoshi
Tokyo area

370

375

378

0.0

Japan Real Estate InstituteMitsubishi Motors Kawagoe

350

355

371

0.0

Mitsubishi Motors Edogawa

200

204

212

0.0

Mitsubishi Motors Sayama

160

163

171

0.0

NRE Kichijoji Building

5,310

5,333

5,460

0.7

GEMS Ichigaya

2,080

2,106

2,130

0.3

The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

Universal CityWalk Osaka

15,50015,676

16,300

2.0

Japan Valuers Co., Ltd.

Izumiya Senrioka

8,930

8,718

10,700

1.3

Merad Owada

6,640

6,576

7,270

0.9

Other areas Izumiya Yao

4,406

4,256

5,110

0.6

Izumiya Obayashi

3,020

3,167

3,650

0.4

Ichibancho stear

4,700

4,634

5,510

0.7

EQUINIA Aobadori

1,640

1,535

1,890

0.2

Retail subtotal

140,153

141,105

155,165

18.7

Landport Urayasu

17,40016,923

20,1002.4

Landport Itabashi

15,71015,32818,000

2.2

The Tanizawa Sogo Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.

Landport Kawagoe

13,70013,097

15,700

1.9

Japan Real Estate InstituteLandport Atsugi

11,41010,834

11,700

1.4

Sagamihara Tana Logistics Center

10,600

10,585

11,900

1.4

The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

Sagamihara Onodai Logistics Center

8,700

8,374

10,200

1.2

Japan Real Estate InstituteLandport Hachioji

8,250

7,958

9,350

1.1

Japan Real Estate InstituteGreater
Landport Kasukabe
Tokyo area

7,340

6,968

8,550

1.0

Japan Real Estate InstituteFunabashi Logistics Center

4,660

4,640

5,440

0.7

Japan Real Estate InstituteAtsugi Minami Logistics Center B Tower

4,590

4,495

5,260

0.6

Hanyu Logistics Center

3,810

3,607

4,210

0.5

Kawaguchi Logistics Center B Tower

3,750

3,701

4,410

0.5

Kawaguchi Logistics Center A Tower

2,830

2,811

3,330

0.4

Atsugi Minami Logistics Center A Tower

2,690

2,628

3,220

0.4

Kawaguchi Ryoke Logistics Center

10,79010,85911,900

1.4

Ota Nitta Logistics Center

3,430

3,206

3,760

0.5

Ota Higashishinmachi Logistics Center

2,170

2,034

2,460

0.3

Ota Kiyohara Logistics Center

650

600

728

0.1

Chiyodamachi Logistics Center

330

320

368

0.0

132,810

128,975

150,586

18.2

RetailLogistics

Other areas

Logistics subtotal－ 60 －The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.

The Tanizawa Sogo Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
The Tanizawa Sogo Appraisal
Co., Ltd.
Morii Appraisal & Investment
Consulting, Inc.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Property nameAppraiser

3,388

3,480

0.4

PROUD FLAT Yoyogi Uehara

989

990

1,010

0.1

PROUD FLAT Hatsudai

713

711

729

0.1

PROUD FLAT Shibuya Sakuragaoka

750

747

750

0.1

PROUD FLAT Gakugei Daigaku

746

743

762

0.1

PROUD FLAT Meguro Gyoninzaka

939

937

964

0.1

PROUD FLAT Sumida Riverside

2,280

2,267

2,360

0.3

PROUD FLAT Kagurazaka

1,590

1,582

1,650

0.2

PROUD FLAT Waseda

1,110

1,104

1,140

0.1

947

942

888

0.1

PROUD FLAT Sangen Jaya

1,190

1,183

1,200

0.1

PROUD FLAT Kamata

1,160

1,152

1,180

0.1

PROUD FLAT Kamata II

3,320

3,299

3,390

0.4

PROUD FLAT Shinotsuka

623

618

621

0.1

PROUD FLAT Kiyosumi Shirakawa

928

922

947

0.1

PROUD FLAT Monzen Nakacho II

652

648

652

0.1

PROUD FLAT Monzen Nakacho I

1,030

1,023

1,040

0.1

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
The Tanizawa
Sogo
Appraisal Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co.
Daiwa Real Estate Appraisal
Co.
Daiwa Real Estate Appraisal
Co.

PROUD FLAT Fujimidai

1,470

1,463

1,530

0.2

Japan Real Estate Institute

PROUD FLAT Asakusa

1,920

1,906

1,970

0.2

PROUD FLAT Yokohama

2,090

2,076

2,090

0.3

PROUD FLAT Kamioooka

2,710

2,693

2,710

0.3

The
Tanizawa
Sogo
Appraisal Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

PROUD FLAT Tsurumi II

1,650

1,639

1,690

0.2

Japan Real Estate Institute

PRIME URBAN Azabu Juban

1,100

1,100

1,110

0.1

PRIME URBAN Akasaka

938

937

939

0.1

PRIME URBAN Tamachi

972

970

994

0.1

Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.

PRIME URBAN Shibaura

1,830

1,822

1,890

0.2

Japan Valuers

PROUD FLAT Shinjuku Kawadacho

GreaterTokyo area

Opinion ofCarrying
Investment
value
amountshareat end of period(million yen)（%）(million yen)
(Note 2)
(Note 4)(Note 3)3,400

PROUD FLAT Shirokane Takanawa

Residential

Acquisition
price(million yen)
(Note 1)

Co., Ltd.

PRIME URBAN Hatagaya

469

470

472

0.1

PRIME URBAN Yoyogi

359

357

362

0.0

Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.

PRIME URBAN Ebisu II

1,140

1,138

1,200

0.1

Japan Real Estate Institute

PRIME URBAN Bancho

1,090

1,087

1,100

0.1

679

676

685

0.1

PRIME URBAN Iidabashi

2,040

2,031

2,090

0.3

PRIME URBAN Ebisu

1,260

1,258

1,270

0.2

PRIME URBAN Naka Meguro

1,410

1,407

1,420

0.2

PRIME URBAN Gakugei Daigaku

775

771

789

0.1

PRIME URBAN Senzoku

474

472

475

0.1

PRIME URBAN Meguro Riverside

414

411

423

0.1

Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

PRIME URBAN Meguro Ohashi Hills

2,970

2,959

2,870

0.3

Japan Valuers

PRIME URBAN Chiyoda Fujimi－ 61 －

Co., Ltd.

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Property nameAppraiser

1,310

1,306

1,360

0.2

Japan Real Estate Institute

PRIME URBAN Gakugei Daigaku II

1,080

1,077

1,110

0.1

Japan Real Estate Institute

PRIME URBAN Naka Meguro II

2,850

2,850

2,880

0.3

Japan Real Estate Institute

PRIME URBAN Kachidoki

2,570

2,573

2,580

0.3

Chuo Real Estate Appraisal
Co., Ltd.

PRIME URBAN Shinkawa

2,100

2,095

2,150

0.3

Japan Valuers

Co., Ltd.

PRIME URBAN Nihonbashi Yokoyamacho

4,220

4,197

4,280

0.5

Japan Valuers

Co., Ltd.

PRIME URBANNihonbashi Hamacho

1,550

1,544

1,600

0.2

Japan Real Estate Institute

PRIME URBAN Hongo Ikizaka

557

554

563

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Hakusan

866

860

889

0.1

Japan Valuers

Co., Ltd.

1,490

1,489

1,520

0.2

338

337

340

0.0

PRIME URBAN Nishi Shinjuku I

1,090

1,084

1,110

0.1

PRIME URBAN Nishi Shinjuku II

885

879

905

0.1

PRIME URBAN Shinjuku Naitomachi

430

428

438

0.1

PRIME URBAN Nishi Waseda

421

418

431

0.1

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
The Tanizawa
Sogo
Appraisal Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

PRIME URBAN Shinjuku Ochiai

594

594

604

0.1

Japan Valuers

PRIME URBAN Mejiro

1,430

1,429

1,460

0.2

Japan Real Estate Institute

PRIME URBANKagurazaka

2,900

2,888

2,920

0.4

Japan Real Estate Institute

PRIME URBAN Sangen Jaya III

718

718

733

0.1

PRIME URBAN Chitose Karasuyama

717

717

731

0.1

PRIME URBAN Sangen Jaya II

483

484

488

0.1

PRIME URBAN Sangen Jaya

724

720

740

0.1

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

PRIME URBAN Minami Karasuyama

667

664

678

0.1

Japan Valuers

PRIME URBAN Ochiai

GreaterTokyo area

Opinion ofCarrying
Investment
value
amountshareat end of period(million yen)（%）(million yen)
(Note 2)
(Note 4)(Note 3)PRIME URBAN Meguro Aobadai

PRIME URBAN Yotsuya Gaien Higashi

Residential

Acquisition
price(million yen)
(Note 1)

Co., Ltd.

Co., Ltd.

PRIME URBAN Karasuyama Galleria

549

546

551

0.1

PRIME URBAN Karasuyama Court

338

336

343

0.0

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

PRIME URBAN Kamikitazawa

597

597

601

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Chitose Funabashi

746

742

756

0.1

Japan Valuers

Co., Ltd.

1,390

1,384

1,450

0.2

Japan Real Estate Institute

494

493

504

0.1

PRIME URBAN Osaki

1,860

1,858

1,900

0.2

PRIME URBAN Oimachi II

1,040

1,039

1,060

0.1

PRIME URBAN Yukigaya

951

952

959

0.1

PRIME URBAN Omori

905

900

922

0.1

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

PRIME URBAN Denenchofu Minami

774

769

781

0.1

Japan Valuers

PRIME URBANNagahara Kamiikedai

1,720

1,715

1,730

0.2

Japan Real Estate Institute

PRIME URBAN Nakano

489

468

489

0.1

Daiwa Real Estate Appraisal
Co., Ltd.

PRIME URBAN Nakano Kamitakada

498

495

508

0.1

Japan Valuers

PRIME URBAN Yoga
PRIME URBAN Shinagawa Nishi

Co., Ltd.

Co., Ltd.

1,060

1,059

1,080

0.1

PRIME URBAN Nishi Ogikubo

414

412

423

0.1

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

PRIME URBAN Nishi Ogikubo II

1,790

1,786

1,810

0.2

Japan Real Estate Institute

PRIME URBAN Takaido－ 62 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Property name

725

745

0.1

PRIME URBAN Komagome

437

436

442

0.1

Daiwa Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.

PRIME URBAN Ikebukuro

3,800

3,783

3,850

0.5

Japan Real Estate Institute

PRIME URBAN Monzen Nakacho

2,420

2,410

2,470

0.3

PRIME URBAN Kameido

779

773

794

0.1

PRIME URBAN Sumiyoshi

632

627

639

0.1

PRIME URBAN Mukojima

528

526

530

0.1

PRIME URBAN Kinshi Koen

1,290

1,281

1,310

0.2

PRIME URBAN Kinshicho

758

754

773

0.1

PRIME URBAN Hirai

722

716

737

0.1

PRIME URBAN Kasai

640

635

641

0.1

PRIME URBAN Kasai II

981

972

989

0.1

PRIME URBAN Kasai East

1,140

1,132

1,160

0.1

409

409

409

0.0

Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Chuo Real Estate Appraisal
Co., Ltd.

1,080

1,073

1,100

0.1

Japan Valuers

Co., Ltd.

384

387

393

0.0

Chuo Real Estate Appraisal
Co., Ltd.

PRIME URBAN Machiya South Court

1,910

1,903

1,980

0.2

Japan Real Estate Institute

PRIME URBAN Musashi Koganei

1,910

1,912

1,910

0.2

Japan Valuers

Co., Ltd.

PRIME URBAN Musashino Hills

1,280

1,281

1,280

0.2

Japan Valuers

Co., Ltd.

PRIME URBANKoganei Honcho

791

788

807

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Kumegawa

1,520

1,508

1,530

0.2

Japan Real Estate Institute

PRIME URBAN Musashi Kosugi comodo

1,940

1,939

2,000

0.2

Japan Valuers

Co., Ltd.

962

960

986

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Shinyurigaoka

1,020

1,014

1,040

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Tsurumi Teraya

493

491

495

0.1

Japan Real Estate Institute

PRIME URBAN Urayasu II

227

219

229

0.0

Japan Real Estate Institute

PRIME URBAN Urayasu

804

800

826

0.1

Japan Real Estate Institute

PRIME URBAN Gyotoku I

633

629

643

0.1

Japan Real Estate Institute

PRIME URBAN Gyotoku II

730

726

750

0.1

Japan Real Estate Institute

PRIME URBAN Gyotoku Ekimae

488

484

490

0.1

Japan Real Estate Institute

PRIME URBAN Gyotoku Ekimae II

469

467

470

0.1

Japan Real Estate Institute

PRIME URBAN Gyotoku III

747

744

749

0.1

Japan Real Estate Institute

PRIME URBAN Nishi Funabashi

761

753

772

0.1

Japan Real Estate Institute

PRIME URBAN Kawaguchi

1,580

1,572

1,610

0.2

Japan Valuers

PROUD FLAT Hatchobori

920

958

952

0.1

Japan Real Estate Institute

PROUD FLAT Itabashi Honcho

720

762

756

0.1

Japan Real Estate Institute

PROUD FLAT Itsutsubashi

652

645

664

0.1

Daiwa Real Estate Appraisal
Co., Ltd.

PROUD FLAT Kawaramachi

735

727

650

0.1

Japan Real Estate Institute

PROUD FLAT Shin Osaka

1,620

1,605

1,630

0.2

Japan Real Estate Institute

PRIME URBAN Yamahana

273

272

274

0.0

The Tanizawa
Appraisal Co., Ltd.

PRIME URBAN Asakusa

PRIME URBAN Kawasaki

Other areas

Appraiser

730

PRIME URBAN Itabashi Kuyakushomae

Residential

Opinion ofCarrying
Investment
value
amountshareat end of period(million yen)（%）(million yen)
(Note 2)
(Note 4)(Note 3)PRIME URBAN Otsuka

PRIME URBAN Ekoda

GreaterTokyo area

Acquisition
price(million yen)
(Note 1)

－ 63 －

Co., Ltd.

Sogo

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property namePRIME URBAN Kita Juyo Jo

274

272

277

0.0

The Tanizawa
Appraisal Co., Ltd.

PRIME URBAN Odori Koen I

502

498

511

0.1

Japan Real Estate Institute

PRIME URBAN Odori Koen II

334

331

340

0.0

Japan Real Estate Institute

PRIME URBAN Kita Juichi Jo

547

542

557

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Miyanosawa

475

470

487

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Odori Higashi

394

391

398

0.0

Japan Valuers

Co., Ltd.

PRIME URBAN Chiji Kokan

249

246

254

0.0

Japan Valuers

Co., Ltd.

PRIME URBAN Maruyama

229

227

232

0.0

Japan Valuers

Co., Ltd.

PRIME URBAN Kita Nijuyo Jo

437

433

445

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Sapporo Idaimae

616

610

625

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Sapporo Riverfront

4,480

4,444

4,560

0.6

Japan Valuers

Co., Ltd.

PRIME URBAN Kita Sanjo Dori

1,730

1,714

1,780

0.2

Japan Valuers

Co., Ltd.

PRIME URBAN Nagamachi Icchome

1,140

1,131

1,010

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Yaotome Chuo

466

460

417

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Tsutsumidori Amamiya

949

950

843

0.1

Japan Real Estate Institute

PRIME URBAN Aoi

712

706

724

0.1

Chuo Real Estate Appraisal
Co., Ltd.

PRIME URBAN Kanayama

553

548

571

0.1

Japan Valuers

Co., Ltd.

PRIME URBAN Tsurumai

1,020

1,010

1,050

0.1

Japan Valuers

Co., Ltd.

PRIME URBANKamimaezu

1,590

1,578

1,610

0.2

Japan Valuers

Co., Ltd.

PRIME URBAN Izumi

3,770

3,741

3,870

0.5

Japan Valuers

Co., Ltd.

Area

Residential Other areas

Appraiser

Sogo

PRIME URBAN Esaka I

652

646

657

0.1

PRIME URBAN Esaka II

794

786

809

0.1

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

PRIME URBAN Esaka III

1,190

1,180

1,200

0.1

Japan Valuers

Co., Ltd.

PRIME URBANTamatsukuri

1,020

1,013

1,040

0.1

Japan Valuers

Co., Ltd.

PRIME URBANSakaisuji Honmachi

1,810

1,796

1,820

0.2

Japan Real Estate Institute

PRIME URBAN Hakata

588

583

589

0.1

PRIME URBAN Yakuin Minami

265

262

269

0.0

PRIME URBAN Kashii

398

394

326

0.0

PRIME URBAN Hakata Higashi

622

616

515

0.1

PRIME URBAN Chihaya

604

599

543

0.1

164,057

163,395

166,023

20.0

792,658

790,306

829,072

100.0

Residential subtotal
Total(Note 1)

Opinion ofCarrying
Investment
value
amountshareat end of period(million yen)（%）(million yen)
(Note 2)
(Note 4)(Note 3)Acquisition
price(million yen)
(Note 1)

Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.
Daiwa Real Estate Appraisal
Co., Ltd.

Acquisition Price indicates the amount excluding costs required to acquire the properties, including transaction brokerage fee, taxes and public dues, etc.
(the amount of transaction payment of real estate, etc. described in the sales agreement) for the Succeeded Assets (Former NMF) and Assets Acquired
After Merger. On the other hand, for the Succeeded Assets (NOF/NRF), except for those described in (Note 2), since there is no significant decline inoccupancy rate or other conditions that will affect the appraisal values from the reference date, the figures are determined using the appraisal values as ofthe end of April 2015 for assets succeeded from NOF and the appraisal values as of the end of May 2015 for the assets succeeded from NRF.
Furthermore, the figures indicated are unaudited figures.

(Note 2)Acquisition Values of these assets indicates appraisal values as of the end of September 2015.
NRE Shibuya Dogenzaka Building, NOF Tameike Building, NOF Shinagawa Konan Building, Yokohama Odori Koen Building, PRIME URBAN
Shinyurigaoka.

(Note 3)“Carrying amount” is the sum total amount of the acquisition value (including various expenses required for the acquisition) of land, buildings, structures,
tools, furniture and fixtures, construction in progress, and leasehold rights (including these assets in trust), less accumulated depreciation.

(Note 4)

“Opinion of value at end of period” is the appraisal or investigation value provided by the respective real estate appraiser (the value calculated by the－ 64 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

respective real estate appraiser with the date of the 1st fiscal period-end (February 29, 2016) as the effective date of value and the value indicated by the
income approach as a standard) in accordance with NMF’s Articles of Incorporation and the Regulations Concerning Accounting of Investment
Corporations (Cabinet Office Ordinance No. 47 of 2006). For the opinion of value at the end of the period for real estate, please refer to (Note 1) of “D.
Overview of Opinion of Value at End of Period” below in this report.
(Note 5)“Investment share,” which is based on the opinion of value at the end of the period, is the opinion of value at the end of the period of the respective
asset as a percentage of the total amount of the opinion of value at the end of the period of the entire portfolio (261 properties in total). The figures arerounded to first decimal place. Accordingly, the sum total may not add up to 100.0.

－ 65 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

C. Overview of Buildings, Etc.
The following is an overview of the buildings, etc. of the assets held at the end of the 1st fiscal period(use, area, property name, location, construction completion, leasable area, leased area, occupancy rate,
number of tenants, operating revenue from property leasing and that as a percentage of total operating
revenue from property leasing, and leasehold and security deposits).

Use

Area

Construction completion

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

May 197831,500.89

30,683.61

97.4

104

1,361

5.6

2,690

June 1996

25,127.12

25,127.12

100.0

6

(Note 8)(Note 8)(Note 8)

Chiyoda-ku,
Tokyo

May 2000

16,384.19

16,297.01

99.5

2(Note 8)(Note 8)(Note 8)NOF Nihonbashi Honcho
Building

Chuo-ku, Tokyo

April 1961

19,157.05

18,937.88

98.9

15

577

2.4

954

Tennozu Park Side Building

Shinagawa-ku,
Tokyo

January 1995

18,051.60

16,402.37

90.9

20

407

1.7

643

NOF Shinjuku Minamiguchi
Building

Shibuya-ku,
Tokyo

April 1974

6,709.22

6,439.85

96.0

18

245

1.0

420

NOF Shibuya Koen-dori
Building

Shibuya-ku,
Tokyo

September 1987

3,489.09

3,489.09

100.0

7

209

0.9

420

Secom Medical Building

Chiyoda-ku,
TokyoFebruary 2005

8,821.24

8,821.24

100.0

1(Note 8)(Note 8)(Note 8)March 1991

8,165.10

8,165.10

100.0

11

199

0.8

335

Property nameLocation

Shinjuku Nomura Building

Shinjuku-ku,
Tokyo

NRE Tennozu Building
Kojimachi Millennium Garden

NOF Shiba Building

OfficeGreater Tokyo
area

As a
Operating percentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Shinagawa-ku,
Tokyo

Minato-ku,
TokyoNishi-Shinjuku Showa
Building

Shinjuku-ku,
Tokyo

April 1982

5,686.89

5,451.43

95.9

19

229

0.9

416

NRE Shibuya Dogenzaka
Building

Shibuya-ku,
Tokyo

March 1999

3,358.00

3,358.00

100.0

7

115

0.5

206

NOF Tameike Building

Minato-ku,
TokyoAugust 1959

4,715.20

4,715.20

100.0

15

137

0.6

257

Iwamoto-cho Toyo Building

Chiyoda-ku,
Tokyo

June 1993

4,117.26

4,117.26

100.0

7

112

0.5

204

NOF Shinagawa Konan
Building

Shinagawa-ku,
Tokyo

November 1987

7,378.55

6,450.26

87.4

4

121

0.5

207

NOF Surugadai Plaza Building

Chiyoda-ku,
Tokyo

April 1997

4,160.94

4,160.94

100.0

3

124

0.5

264

Chuo-ku, Tokyo

June 2008

2,450.06

2,450.06

100.0

7

94

0.4

208

PMO Nihonbashi Kayabacho Chuo-ku, Tokyo

August 2014

3,472.70

3,472.70

100.0

9

108

0.4

250

Otemachi Tatemono Gotanda
Building

Shinagawa-ku,
Tokyo

December 1986

5,545.13

5,353.30

96.5

11

187

0.8

352

NRE Higashi-nihonbashi
Building

Chuo-ku, Tokyo

September 1990

4,554.98

4,235.70

93.0

6

109

0.5

154

Chiyoda-ku,
Tokyo

January 2010

3,037.37

3,037.37

100.0

5

102

0.4

176

Hatchobori NF Building

Chuo-ku, Tokyo

October 1990

2,854.83

2,854.83

100.0

8

71

0.3

134

NOF Kanda Iwamoto-cho
Building

Chiyoda-ku,
Tokyo

July 1988

4,076.38

4,076.38

100.0

8

108

0.4

174

NOF Takanawa Building

Shinagawa-ku,
Tokyo

April 1993

3,361.48

3,361.48

100.0

14

86

0.4

177

PMO Hatchobori

Chuo-ku, Tokyo

May 2009

2,074.66

2,074.66

100.0

8

68

0.3

150

Shibuya-ku,
Tokyo

March 1986

2,464.71

2,464.71

100.0

6

70

0.3

155

PMO Nihonbashi Honcho

PMO Akihabara

NOF Minami Shinjuku
Building－ 66 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Greater Tokyo
area

OfficeAs apercentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Construction completion

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

PMO Nihonbashi Odenmacho Chuo-ku, Tokyo

March 2010

2,054.21

2,054.21

100.0

9

60

0.2

119

Central Shintomicho Building Chuo-ku, Tokyo

March 1990

2,465.86

2,465.86

100.0

6

48

0.2

74

PMO Higashi-nihonbashi

Chuo-ku, Tokyo

October 2009

1,859.43

1,859.43

100.0

7

44

0.2

100

NRE Ueno Building

Taito-Ku, Tokyo

March 1990

4,869.81

4,869.81

100.0

9

171

0.7

443

NOF Technoport Kamata
Center Building

Ota-ku, Tokyo

September 1990

13,847.84

13,534.70

97.7

21

191

0.8

375

NF Hongo Building.

Bunkyo-ku,
TokyoAugust 1989

3,820.09

3,820.09

100.0

1(Note 8)(Note 8)(Note 8)

Toho Edogawabashi Building

Bunkyo-ku,
TokyoMarch 1993

2,058.95

2,058.95

100.0

9

39

0.2

67

Toshin Meguro Building

Meguro-ku,
Tokyo

September 1989

1,341.17

1,341.17

100.0

7

27

0.1

60

Crystal Park Building

Musashino City,
Tokyo

October 1991

3,900.85

3,844.98

98.6

10

100

0.4

141

NOF Kichijoji Honcho
Building

Musashino City,
Tokyo

October 1987

1,936.40

1,936.40

100.0

8

57

0.2

111

Faret Tachikawa Center
SquareTachikawa City,Tokyo

December 1994

6,851.48

6,851.48

100.0

17

176

0.7

263

NOF Kawasaki Higashiguchi
Building

Kawasaki-shi,
Kanagawa

March 1988

8,266.67

8,266.67

100.0

32

256

1.1

523

NOF Yokohama Nishiguchi
Building

Yokohama-shi,
Kanagawa

October 1985

6,866.60

6,866.60

100.0

38

179

0.7

321

NOF Shin-Yokohama
Building

Yokohama-shi,
Kanagawa

October 1990

8,074.83

8,074.83

100.0

9

127

0.5

116

Yokohama Odori Koen
Building

Yokohama-shi,
Kanagawa

March 1989

4,234.62

4,234.62

100.0

18

75

0.3

116

Sapporo North Plaza

Sapporo-shi,
Hokkaido

August 1981

13,642.16

13,450.42

98.6

49

288

1.2

458

NRE Sapporo Building

Sapporo-shi,
Hokkaido

July 2008

6,559.34

6,559.34

100.0

4

152

0.6

265

JCB Sapporo Higashi Building

Sapporo-shi,
Hokkaido

October 1966

9,062.04

9,062.04100.0

1(Note 8)(Note 8)(Note 8)NOF Sendai Aoba-dori
Building

Sendai City,
SendaiJuly 1968

6,033.70

5,926.85

98.2

38

114

0.5

180

December 1999

5,882.20

5,882.20

100.0

31

120

0.5

188

Property name

NOF Utsunomiya Building

Other areas

OperatingLocation

Utsunomiya City,
Tochigi

NOF Nagoya Fushimi
Building

Nagoya-shi, Aichi

August 2009

3,282.90

3,282.90

100.0

16

70

0.3

98

NOF Nagoya Yanagibashi
Building

Nagoya-shi, Aichi

March 1991

4,655.74

4,655.74

100.0

17

96

0.4

175

Omron Kyoto Center Building

Kyoto City,
Kyoto

July 2000

34,616.84

34,616.84

100.0

1

(Note 8)(Note 8)(Note 8)SORA Shin-Osaka 21

Osaka City,
Osaka

July 1994

21,171.04

19,348.52

91.4

40

398

1.6

633

NRE Osaka Building

Osaka City,
Osaka

December 1983

16,977.79

16,977.79

100.0

25

341

1.4

551

NRE Nishi-Umeda Building

Osaka City,
Osaka

June 1993

5,213.02

5,213.02

100.0

16

132

0.5

304

NRE Yotsubashi Building

Osaka City,
Osaka

November 1991

11,558.68

11,558.68

100.0

19

203

0.8

327

NRE Hiroshima Building

Hiroshima City,
Hiroshima

July 1976

7,828.17

7,828.17

100.0

20

141

0.6

236

－ 67 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

OfficeArea

Construction completion

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)As apercentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Property nameLocation

NOF Hakata Ekimae Building

Fukuoka City,
Fukuoka

July 1983

7,520.72

7,418.22

98.6

53

155

0.6

276

NOF Tenjin-Minami Building

Fukuoka City,
Fukuoka

February 2008

3,769.34

3,769.34

100.0

25

66

0.3

111

430,937.13

423,272.85

98.3

877

10,85844.7

22,04839,736.87

38,727.58

97.5

106

926

3.8

785

29,383.65

29,383.65

100.0

1

(Note 8)(Note 8)(Note 8)6,295.22

6,295.22

100.0

11

264

1.1

370

Other areas

Office subtotal

Morisia Tsudanuma

Yokosuka More’s City
Recipe SHIMOKITA

RetailOperating

Greater Tokyo
area

Low-rise commercial
Narashino City,building, restaurant building,Chiba
office building: October
1978
Yokosuka City,
1997
Parking lotJuly
building:
Kanagawa
November 1987
Setagaya Ward,
July 2011
Tokyo

Kawasaki More’s

Kawasaki City,
Kanagawa

August 1980

18,810.31

18,810.31

100.0

1

(Note 8)(Note 8)(Note 8)EQUINIA Shinjuku

Shinjuku Ward,Tokyo

March 1988

3,611.59

3,611.59

100.0

13

142

0.6

480

EQUINA Ikebukuro

Toshima Ward,Tokyo

October 1973

2,693.93

2,693.93

100.0

13

123

0.5

235

covirna machida

Machida City,
Tokyo

September 1981

2,891.32

2,891.32

100.0

7

134

0.6

124

Nitori Makuhari

Chiba City, Chiba

November 2007

14,367.98

14,367.98

100.0

1

(Note 8)(Note 8)(Note 8)

Konami Sports Club Fuchu

Fuchu City,Tokyo

February 2000

12,385.18

12,385.18

100.0

1

(Note 8)(Note 8)(Note 8)FESTA SQUARE

Saitama City,
Saitama

September 2008

7,480.63

7,480.63

100.0

1(Note 8)(Note 8)(Note 8)GEMS Shibuya

Shibuya Ward,Tokyo

September 2012

1,791.34

1,791.34

100.0

10

79

0.3

127

Sundai Azamino

Yokohama City,
Kanagawa

November 2008

2,286.47

2,286.47

100.0

1(Note 8)(Note 8)(Note 8)EQUINIA Aobadai

Yokohama City,
Kanagawa

November 1982

2,457.36

2,457.36

100.0

7

64

0.3

119

Megalos Kanagawa

Yokohama City,
Kanagawa

May 2002

6,217.85

6,217.85

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Meguro

Meguro Ward,
Tokyo

-

3,381.19

3,381.19

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Chofu

Chofu City,
Tokyo

-

4,183.63

4,183.63

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Shibuya

Shibuya Ward,
Tokyo

-

1,421.31

1,421.31

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Nerima

Nerima Ward,
Tokyo

-

1,725.61

1,725.61100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Kawasaki

Kawasaki City,
Kanagawa-

3,057.02

3,057.02

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Takaido

Suginami Ward,
Tokyo

-

1,923.64

1,923.64

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Katsushika

Katsushika Ward,
Tokyo

-

1,930.05

1,930.05

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors
Higashikurume

Higashikurume
City, Tokyo

-

4,105.00

4,105.00

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Setagaya

Setagaya Ward,
Tokyo

-

1,305.78

1,305.78

100.0

1(Note 8)(Note 8)(Note 8)-

1,831.00

1,831.00

100.0

1(Note 8)(Note 8)(Note 8)-989.77989.77100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Suginami
Mitsubishi Motors Sekimachi

Suginami Ward,Tokyo
Nerima Ward,Tokyo－ 68 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Property nameGreater Tokyo
area

Location

Construction completion

Leased area(m2)
(Note 2)As apercentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Mitsubishi Motors
Higashiyamato

Higashiyamato
City, Tokyo

-

2,783.79

2,783.79

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors
Motosumiyoshi

Kawasaki City,
Kanagawa-

1,646.97

1,646.97

100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Kawagoe

Kawagoe City,
Saitama-

2,462.40

2,462.40100.01(Note 8)(Note 8)(Note 8)Mitsubishi Motors Edogawa

Edogawa Ward,
Tokyo

-

892.56892.56100.0

1(Note 8)(Note 8)(Note 8)Mitsubishi Motors Sayama

Sayama City,
Saitama-

1,793.00

1,793.00

100.0

1(Note 8)(Note 8)(Note 8)NRE Kichijoji Building

Musashino City,
Tokyo

July 2014

2,042.08

2,042.08

100.0

1(Note 8)(Note 8)(Note 8)GEMS Ichigaya

Chiyoda-ku,
Tokyo

October 2014

1,277.06

1,277.06

100.0

10

48

0.2

93

Universal CityWalk Osaka

Osaka City,
Osaka

June 2001

9,733.28

8,630.24

88.7

46

683

2.8

603

24,399.12

24,399.12

100.0

1

(Note 8)(Note 8)(Note 8)Store: 5,856.50 Store:5,856.50
Logistics:
Logistics:
14,941.54
14,941.54

100.0

1

(Note 8)(Note 8)(Note 8)RetailIzumiya Senrioka

Suita City, Osaka

Annex: July 1999
Main Building: June 2000

Merad Owada

Osaka City,
Osaka

Store: September 1994
Logistics: July 2000

Izumiya Yao

Yao City, Osaka

Other areas

New Construction: July 2003
Additional Construction:
April 201234,198.01

34,198.01

100.0

1

(Note 8)(Note 8)(Note 8)

11,714.36

11,714.36

100.0

1

(Note 8)(Note 8)(Note 8)New Construction:
September 1973

Izumiya Obayashi

Takarazuka City,
Hyogo

Additional Construction:
October 1977
Additional Construction:
January 2001

Ichibancho stear

Sendai City,
MiyagiFebruary 2006

4,627.35

4,627.35

100.0

7

193

0.8

307

EQUINIA Aobadori

Sendai City,
MiyagiJune 2008

4,030.37

3,937.22

97.7

17

132

0.5

252

298,662.09

296,456.61

99.3

275

5,055

20.8

6,162

Retail subtotal

Landport Urayasu

Urayasu City,
Chiba

May 2008

70,045.85

70,045.85

100.0

2

(Note 8)(Note 8)(Note 8)Landport Itabashi

Itabashi Ward,Tokyo

January 2008

52,794.55

52,794.55

100.0

2

(Note 8)(Note 8)(Note 8)May 2009

71,569.89

71,569.89

100.0

2

(Note 8)(Note 8)(Note 8)

Atsugi City,
Kanagawa

March 2007

47,995.23

47,995.23

100.0

2

(Note 8)(Note 8)(Note 8)

Sagamihara Tana Logistics
CenterSagamihara City,
Kanagawa

October 2007

50,450.00

50,450.00

100.0

1

(Note 8)(Note 8)(Note 8)

Sagamihara Onodai Logistics
CenterSagamihara City,
Kanagawa

August 2000

57,448.03

57,448.03

100.0

1

(Note 8)(Note 8)(Note 8)Landport Hachioji

Hachioji City,Tokyo

November 2008

34,837.65

34,837.65

100.0

6

245

1.0

221

Landport Kasukabe

Kasukabe City,
Saitama

June 2009

29,630.48

29,630.48

100.0

1

(Note 8)(Note 8)(Note 8)

Funabashi Logistics Center

Funabashi City,
Chiba

September 1991

30,328.41

30,328.41

100.0

2

(Note 8)(Note 8)(Note 8)

Atsugi Minami Logistics
Center B Tower

Atsugi City,
Kanagawa

May 2005

24,931.11

24,931.11

100.0

1

(Note 8)(Note 8)(Note 8)

Hanyu Logistics Center

Hanyu City,
SaitamaFebruary 2006

24,888.68

24,888.68

100.0

1

(Note 8)(Note 8)(Note 8)Landport Kawagoe
Landport Atsugi

Logistics

Leasable area(m2)
(Note 1)

Operating

Greater Tokyo
area

Kawagoe City,
Saitama－ 69 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Logistics

Other areas

Construction completion

Kawaguchi Logistics Center B Kawaguchi City,
SaitamaTower

April 1996

13,648.70

13,648.70

100.0

1

(Note 8)(Note 8)(Note 8)Kawaguchi Logistics Center A Kawaguchi City,
Saitama
Tower

September 1991

12,003.57

12,003.57

100.0

1

(Note 8)(Note 8)(Note 8)

Atsugi City,
Kanagawa

October 2003

9,825.52

9,825.52100.0

1(Note 8)(Note 8)(Note 8)Kawaguchi Ryoke Logistics
CenterKawaguchi City,
Saitama

October 2003

42,840.91

42,840.91

100.0

1

(Note 8)(Note 8)(Note 8)

Ota Nitta Logistics Center

Ota City, Gunma

March 2003

42,328.00

42,328.00

100.0

1

(Note 8)(Note 8)(Note 8)

Ota Higashishinmachi
Logistics Center

Ota City, Gunma

August 2008

23,584.72

23,584.72

100.0

1

(Note 8)(Note 8)(Note 8)

Ota Kiyohara Logistics Center Ota City, Gunma

May 2004

9,397.38

9,397.38

100.0

1(Note 8)(Note 8)(Note 8)January 1999

4,592.00

4,592.00

100.0

1(Note 8)(Note 8)(Note 8)653,140.68

653,140.68

100.0

29

3,790

15.6

3,811

Atsugi Minami Logistics
Center A Tower

Location

Oura-Gun,
Gunma

Logistics subtotal

Greater Tokyo
area

Leasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Leased area(m2)
(Note 2)

Chiyodamachi Logistics Center

Residential

As apercentage of

Leasable area(m2)
(Note 1)

Property nameGreater Tokyo
area

Operating

PROUD FLAT Shirokane
Takanawa

Minato-ku,
Tokyo

July 2008

2,950.11

2,903.90

98.4

1

79

0.3

39

PROUD FLAT Yoyogi
UeharaShibuya-ku,
Tokyo

November 2005

1,151.34

1,129.50

98.1

1

24

0.1

8

PROUD FLAT Hatsudai

Shibuya-ku,
TokyoFebruary 2007

958.98958.98

100.0

1

19

0.1

5

PROUD FLAT Shibuya
Sakuragaoka

Shibuya-ku,
Tokyo

January 2008

638.70638.70

100.0

1

18

0.1

6

PROUD FLAT Gakugei
Daigaku

Meguro-ku,
Tokyo

September 2006

934.39934.39

100.0

1

20

0.1

6

PROUD FLAT Meguro
Gyoninzaka

Meguro-ku,
Tokyo

December 2006

855.23834.06

97.5

1

23

0.1

7

PROUD FLAT Sumida
Riverside

Chuo-ku, Tokyo

February 2007

3,055.21

2,888.10

94.5

1

62

0.3

16

PROUD FLAT Kagurazaka

Shinjuku-ku,
Tokyo

November 2006

1,793.43

1,793.43

100.0

1

40

0.2

3

PROUD FLAT Waseda

Shinjuku-ku,
Tokyo

January 2007

1,450.91

1,406.51

96.9

1

29

0.1

7

PROUD FLAT Shinjuku
Kawadacho

Shinjuku-ku,
Tokyo

November 2007

1,102.20

1,080.79

98.1

1

24

0.1

9

January 2007

1,277.82

1,231.42

96.4

1

29

0.1

7

PROUD FLAT Sangen Jaya

Setagaya-ku,
Tokyo

PROUD FLAT Kamata

Ota-ku, Tokyo

January 2007

1,541.64

1,500.42

97.3

1

31

0.1

8

PROUD FLAT Kamata II

Ota-ku, Tokyo

February 2008

4,051.72

3,951.91

97.5

1

88

0.4

26

PROUD FLAT Shinotsuka

Toshima-ku,
Tokyo

March 2008

752.09730.85

97.2

1

16

0.1

3

PROUD FLAT Kiyosumi
Shirakawa

Koto-ku, Tokyo

January 2007

1,209.56

1,209.56

100.0

1

25

0.1

10

PROUD FLAT Monzen
Nakacho II

Koto-ku, Tokyo

March 2008

830.55830.55

100.0

1

17

0.1

5

PROUD FLAT Monzen
Nakacho I

Koto-ku, Tokyo

July 2008

1,191.08

1,191.08

100.0

1

27

0.1

8

PROUD FLAT Fujimidai

Nerima-ku,
Tokyo

January 2010

2,222.05

2,222.05

100.0

1

46

0.2

14

PROUD FLAT Asakusa

Taito-ku, Tokyo

March 2008

2,685.39

2,685.39

100.0

1

52

0.2

18

－ 70 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Greater Tokyo
Residential
area

Construction completion

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

Operating

As apercentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Property nameLocation

PROUD FLAT Yokohama

Yokohama-shi,
Kanagawa

February 2008

3,118.12

3,039.90

97.5

1

60

0.3

18

PROUD FLAT Kamioooka

Yokohama-shi,
Kanagawa

March 2008

4,872.17

4,872.17

100.0

1

79

0.3

15

PROUD FLAT Tsurumi II

Yokohama-shi,
Kanagawa

April 2009

2,219.74

2,163.01

97.4

1

52

0.2

21

PRIME URBAN Azabu Juban

Minato-ku,
TokyoMarch 1999

1,222.13

1,156.53

94.6

1

26

0.1

7

PRIME URBAN Akasaka

Minato-ku,
Tokyo

December 2002

1,062.05

1,011.05

95.2

1

22

0.1

5

PRIME URBAN Tamachi

Minato-ku,
TokyoJanuary 2005

1,107.36

1,107.36

100.0

1

25

0.1

8

PRIME URBAN Shibaura

Minato-ku,
Tokyo

July 2006

1,905.39

1,776.71

93.2

1

48

0.2

9

PRIME URBAN Hatagaya

Shibuya-ku,
Tokyo

November 1992

650.60650.60

100.0

1

12

0.1

3

PRIME URBAN Yoyogi

Shibuya-ku,
Tokyo

September 2003

439.56414.02

94.2

1

9

0.0

2

PRIME URBAN Ebisu II

Shibuya-ku,
Tokyo

January 2006

1,184.81

1,184.81

100.0

1

28

0.1

7

PRIME URBAN Bancho

Chiyoda-ku,
TokyoFebruary 2003

1,277.04

1,277.04

100.0

1

27

0.1

7

PRIME URBAN Chiyoda
Fujimi

Chiyoda-ku,
Tokyo

March 2003

793.87793.87

100.0

1

17

0.1

6

PRIME URBAN Iidabashi

Chiyoda-ku,
Tokyo

October 2005

2,087.70

2,065.69

98.9

1

49

0.2

17

PRIME URBAN Ebisu

Meguro-ku,
Tokyo

July 2001

1,444.40

1,444.40

100.0

1

31

0.1

7

PRIME URBAN Naka
MeguroMeguro-ku,
Tokyo

December 2004

1,302.42

1,275.84

98.0

1

33

0.1

10

PRIME URBAN Gakugei
Daigaku

Meguro-ku,
Tokyo

December 2006

1,008.39

1,008.39

100.0

1

20

0.1

5

PRIME URBAN Senzoku

Meguro-ku,
Tokyo

November 2006

655.27655.27

100.0

1

12

0.1

3

PRIME URBAN Meguro
Riverside

Meguro-ku,
Tokyo

December 2006

453.77453.77

100.0

1

11

0.0

3

PRIME URBAN Meguro
Ohashi Hills

Meguro-ku,
TokyoFebruary 2008

2,955.74

2,904.80

98.3

1

70

0.3

17

PRIME URBAN Meguro
Aobadai

Meguro-ku,

March 2006

1,464.14

1,464.14

100.0

1

32

0.1

12

PRIME URBAN Gakugei
Daigaku II

Meguro-ku,
TokyoAugust 2006

1,109.87

1,079.71

97.3

1

25

0.1

11

PRIME URBANNaka Meguro
II

Meguro-ku,
TokyoJanuary 2002

2,393.45

2,233.49

93.3

1

65

0.3

37

PRIME URBAN Kachidoki

Chuo-ku, Tokyo

February 1987

4,524.00

4,252.27

94.0

1

74

0.3

21

PRIME URBAN Shinkawa

Chuo-ku, Tokyo

September 1999

3,600.61

3,475.87

96.5

1

62

0.3

42

PRIME URBAN Nihonbashi
Chuo-ku, Tokyo
Yokoyamacho

January 2008

5,926.17

5,781.73

97.6

1

106

0.4

41

PRIME URBANNihonbashi
Hamacho

Chuo-ku, Tokyo

January 2005

2,026.44

1,873.56

92.5

1

39

0.2

10

PRIME URBAN Hongo
IkizakaBunkyo-ku,
TokyoJanuary 2006

662.58638.07

96.3

1

14

0.1

4

PRIME URBAN Hakusan

Bunkyo-ku,
TokyoFebruary 2008

1,069.82

1,069.82

100.0

1

21

0.1

5

Tokyo

－ 71 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Greater Tokyo
Residential
area

Construction completion

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

Operating

As apercentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Property nameLocation

PRIME URBAN Yotsuya
Gaien Higashi

Shinjuku-ku,
Tokyo

January 2004

1,759.11

1,759.11

100.0

1

37

0.2

10

PRIME URBAN Ochiai

Shinjuku-ku,
TokyoMarch 1986

517.53500.06

96.6

1

10

0.0

2

PRIME URBAN Nishi
Shinjuku I

Shinjuku-ku,
TokyoAugust 2006

1,459.86

1,459.86

100.0

1

30

0.1

7

PRIME URBAN Nishi
Shinjuku II

Shinjuku-ku,
TokyoFebruary 2007

1,162.55

1,137.23

97.8

1

23

0.1

6

PRIME URBAN Shinjuku
Naitomachi

Shinjuku-ku,
Tokyo

January 2007

578.18578.18

100.0

1

11

0.0

3

PRIME URBAN Nishi
WasedaShinjuku-ku,
Tokyo

December 2006

507.11

507.11

100.0

1

11

0.0

2

PRIME URBAN Shinjuku
OchiaiShinjuku-ku,
TokyoMarch 1995

1,053.39

1,012.18

96.1

1

17

0.1

4

PRIME URBAN Mejiro

Shinjuku-ku,
Tokyo

June 2005

1,755.52

1,703.96

97.1

1

35

0.1

6

PRIME URBANKagurazaka

Shinjuku-ku,
TokyoMarch 2008

2,853.82

2,794.83

97.9

1

68

0.3

23

PRIME URBAN Sangen Jaya
III

Setagaya-ku,
Tokyo

March 1992

1,018.72

988.28

97.0

1

20

0.1

4

PRIME URBAN Chitose
Karasuyama

Setagaya-ku,
Tokyo

November 1988

1,774.01

1,706.63

96.2

1

22

0.1

10

PRIME URBAN Sangen Jaya
II

Setagaya-ku,
Tokyo

November 1990

810.98810.98

100.0

1

15

0.1

9

PRIME URBAN Sangen Jaya

Setagaya-ku,
Tokyo

January 2005

874.15874.15

100.0

1

19

0.1

5

PRIME URBAN Minami
Karasuyama

Setagaya-ku,
Tokyo

January 2007

1,049.73

1,049.73

100.0

1

20

0.1

4

PRIME URBAN Karasuyama
Galleria

Setagaya-ku,
Tokyo

March 2007

835.05784.95

94.0

1

14

0.1

3

PRIME URBAN Karasuyama
Court

Setagaya-ku,
Tokyo

March 2007

576.20576.20

100.0

1

10

0.0

2

PRIME URBAN
Kamikitazawa

Setagaya-ku,
Tokyo

May 1987

1,384.45

1,229.65

88.8

1

16

0.1

4

PRIME URBAN Chitose
Funabashi

Setagaya-ku,
Tokyo

January 2009

1,027.44

1,002.34

97.6

1

18

0.1

5

PRIME URBAN Yoga

Setagaya-ku,
Tokyo

July 2007

1,773.05

1,704.42

96.1

1

36

0.2

10

January 1992

961.25941.54

97.9

1

17

0.1

8

PRIME URBAN Shinagawa
Nishi

Shinagawa-ku,
Tokyo

PRIME URBAN Osaki

Shinagawa-ku,
TokyoFebruary 2004

2,106.16

1,999.37

94.9

1

45

0.2

10

PRIME URBAN Oimachi II

Shinagawa-ku,
Tokyo

March 1989

1,794.85

1,778.84

99.1

1

41

0.2

8

PRIME URBAN Yukigaya

Ota-ku, Tokyo

October 1987

1,536.59

1,503.97

97.9

1

29

0.1

8

PRIME URBAN Omori

Ota-ku, Tokyo

January 2005

1,190.70

1,168.65

98.1

1

23

0.1

7

PRIME URBAN Denenchofu
Ota-ku, Tokyo
MinamiMarch 2008

1,100.17

1,078.73

98.1

1

20

0.1

6

PRIME URBANNagahara
Kamiikedai

Ota-ku, Tokyo

January 2008

2,282.62

2,092.31

91.7

1

37

0.2

12

PRIME URBAN Nakano

Nakano-ku,
TokyoFebruary 1985

801.30744.70

92.9

1

15

0.1

2

PRIME URBAN Nakano
Kamitakada

Nakano-ku,
TokyoFebruary 2008

818.75818.75

100.0

1

16

0.1

4

－ 72 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Greater Tokyo
Residential
area

Construction completion

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

Operating

As apercentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Property nameLocation

PRIME URBAN Takaido

Suginami-ku,
Tokyo

January 1987

1,746.20

1,746.20

100.0

1

32

0.1

6

PRIME URBAN Nishi
Ogikubo

Suginami-ku,
TokyoFebruary 2003

543.09516.61

95.1

1

11

0.0

3

PRIME URBAN Nishi
Ogikubo II

Suginami-ku,
TokyoFebruary 2008

2,225.33

2,198.02

98.8

1

42

0.2

12

PRIME URBAN Otsuka

Toshima-ku,
Tokyo

September 2006

944.99864.93

91.5

1

19

0.1

4

PRIME URBAN Komagome

Toshima-ku,
Tokyo

September 1988

991.94953.47

96.1

1

15

0.1

5

PRIME URBAN Ikebukuro

Toshima-ku,
Tokyo

December 2006

4,376.95

4,347.86

99.3

1

92

0.4

21

PRIME URBAN Monzen
Nakacho

Koto-ku, Tokyo

March 2004

3,207.92

3,022.72

94.2

1

64

0.3

19

PRIME URBAN Kameido

Koto-ku, Tokyo

March 2004

1,117.34

1,093.54

97.9

1

21

0.1

7

PRIME URBAN Sumiyoshi

Koto-ku, Tokyo

March 2003

813.52813.52

100.0

1

15

0.1

5

PRIME URBAN Mukojima

Sumida-ku,
Tokyo

September 1989

1,108.91

1,068.61

96.4

1

17

0.1

2

PRIME URBAN Kinshi Koen

Sumida-ku,
Tokyo

January 2005

1,886.50

1,837.20

97.4

1

34

0.1

10

PRIME URBAN Kinshicho

Sumida-ku,
Tokyo

March 2004

991.62991.62

100.0

1

19

0.1

8

PRIME URBAN Hirai

Edogawa-ku,
Tokyo

March 2003

1,095.91

1,074.61

98.1

1

19

0.1

6

PRIME URBAN Kasai

Edogawa-ku,
TokyoFebruary 2004

905.81865.64

95.6

1

17

0.1

4

PRIME URBAN Kasai II

Edogawa-ku,
TokyoFebruary 2006

1,437.84

1,416.70

98.5

1

26

0.1

8

PRIME URBAN Kasai East

Edogawa-ku,
Tokyo

March 2006

1,884.62

1,860.40

98.7

1

32

0.1

7

PRIME URBAN Ekoda

Nerima-ku,
Tokyo

July 1989

872.49827.50

94.8

1

11

0.0

3

PRIME URBAN Itabashi
Kuyakushomae

Itabashi-ku,
Tokyo

November 2006

1,742.64

1,742.64

100.0

1

31

0.1

7

PRIME URBAN Asakusa

Taito-ku, Tokyo

February 1987

876.70793.55

90.5

1

13

0.1

3

PRIME URBAN MachiyaSouth Court

Arakawa-ku,

January 2001

4,141.56

4,101.98

99.0

1

61

0.3

37

PRIME URBAN Musashi
Koganei

Koganei-shi,TokyoFebruary 1991

5,999.80

5,757.80

96.0

1

59

0.2

15

PRIME URBAN Musashino
Hills

Koganei-shi,Tokyo

January 1993

2,961.06

2,908.86

98.2

1

30

0.1

17

PRIME URBANKoganei
HonchoKoganei-shi,
Tokyo

July 2004

1,604.72

1,562.34

97.4

1

23

0.1

7

Tokyo

PRIME URBAN Kumegawa

Higashimurayama-shi, Tokyo

September 2008

2,610.05

2,610.05

100.0

1

47

0.2

37

PRIME URBAN Musashi
Kosugi comodo

Kawasaki-shi,
Kanagawa

February 1987

3,692.44

3,692.44

100.0

1

61

0.3

30

PRIME URBAN Kawasaki

Kawasaki-shi,
Kanagawa

March 1998

1,706.46

1,615.91

94.7

1

30

0.1

8

PRIME URBAN
Shinyurigaoka

Kawasaki-shi,
Kanagawa

January 2009

1,708.19

982.91

57.5

1

30

0.1

9

PRIME URBAN Tsurumi
TerayaYokohama-shi,
Kanagawa

February 1992

952.06898.69

94.4

1

17

0.1

4

－ 73 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Greater Tokyo
area

As a
percentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Property nameLocation

Construction completion

Leasable area(m2)
(Note 1)PRIME URBAN Urayasu II

Urayasu-shi,
Chiba

April 1993

437.94405.50

92.6

1

7

0.0

2

PRIME URBAN Urayasu

Urayasu-shi,
Chiba

March 2004

1,264.84

1,222.84

96.7

1

22

0.1

8

PRIME URBAN Gyotoku I

Ichikawa-shi,
Chiba

December 2001

1,151.36

1,107.12

96.2

1

18

0.1

6

PRIME URBAN Gyotoku II

Ichikawa-shi,
Chiba

May 2002

1,244.00

1,244.00

100.0

1

20

0.1

4

PRIME URBAN Gyotoku
EkimaeIchikawa-shi,
Chiba

May 2006

778.19757.19

97.3

1

13

0.1

4

PRIME URBAN Gyotoku
EkimaeⅡ

Ichikawa-shi,
Chiba

March 2001

927.33766.06

82.6

1

15

0.1

5

PRIME URBAN Gyotoku III

Ichikawa-shi,
Chiba

June 2001

1,766.47

1,651.67

93.5

1

25

0.1

7

PRIME URBAN Nishi
Funabashi

Funabashi-shi,
Chiba

February 2006

1,237.80

1,114.02

90.0

1

21

0.1

7

PRIME URBAN Kawaguchi

Kawaguchi-shi,
SaitamaFebruary 2008

2,477.11

2,436.25

98.4

1

48

0.2

27

PROUD FLAT Hatchobori

Chuo-ku, Tokyo

May 2014

992.75967.63

97.5

1

18

0.1

6

Itabashi-ku,
Tokyo

July 2014

1,192.07

1,192.07

100.0

1

16

0.1

6

Sendai-shi, Miyagi

February 2007

1,861.56

1,836.57

98.7

1

25

0.1

9

PROUD FLAT Kawaramachi Sendai-shi, Miyagi

November 2008

1,967.54

1,740.85

88.5

1

23

0.1

7

PROUD FLAT Shin Osaka

Osaka-shi, Osaka

September 2009

2,990.68

2,826.27

94.5

1

47

0.2

5

PRIME URBAN Yamahana

Sapporo-shi,
Hokkaido

February 2005

1,518.58

1,483.48

97.7

1

10

0.0

2

PRIME URBAN Kita Juyo Jo

Sapporo-shi,
Hokkaido

October 2005

1,155.60

1,118.70

96.8

1

11

0.0

2

PRIME URBAN Odori Koen
I

Sapporo-shi,
Hokkaido

January 2006

1,850.20

1,850.20

100.0

1

14

0.1

4

PRIME URBAN Odori Koen
II

Sapporo-shi,
Hokkaido

September 2005

1,148.72

1,148.72

100.0

1

9

0.0

2

PRIME URBAN Kita Juichi
Jo

Sapporo-shi,
Hokkaido

January 2008

1,851.39

1,820.52

98.3

1

20

0.1

4

January 2008

2,114.53

1,898.49

89.8

1

18

0.1

3

PROUD FLAT Itabashi
HonchoPROUD FLAT Itsutsubashi

Leased area(m2)
(Note 2)

OperatingResidential

Other areas

PRIME URBAN Miyanosawa

Sapporo-shi,
Hokkaido

PRIME URBAN Odori
Higashi

Sapporo-shi,
Hokkaido

January 2008

1,494.36

1,494.36

100.0

1

15

0.1

3

PRIME URBAN Chiji Kokan

Sapporo-shi,
Hokkaido

January 2008

1,007.30

1,007.30

100.0

1

11

0.0

2

PRIME URBAN Maruyama

Sapporo-shi,
Hokkaido

January 2008

911.07776.82

85.3

1

8

0.0

1

PRIME URBAN Kita Nijuyo
Jo

Sapporo-shi,
Hokkaido

January 2008

1,773.90

1,773.90

100.0

1

17

0.1

3

PRIME URBAN Sapporo
Idaimae

Sapporo-shi,
Hokkaido

February 2008

2,439.90

2,317.47

95.0

1

23

0.1

4

PRIME URBAN Sapporo
Riverfront

Sapporo-shi,
Hokkaido

January 2008

15,552.59

15,129.53

97.3

1

155

0.6

24

PRIME URBAN Kita Sanjo
Dori

Sapporo-shi,
Hokkaido

February 2007

5,094.29

4,992.29

98.0

1

57

0.2

14

January 2008

3,411.24

3,411.24

100.0

1

34

0.1

13

PRIME URBAN Nagamachi
Sendai-shi, Miyagi
Icchome－ 74 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Area

Leased area(m2)
(Note 2)As apercentage ofLeasehold andOccupancy
revenue from total operating
Number of
security
rateproperty
revenue fromtenants
deposits( %)leasing
property(Note 4)(million yen)
(Note 3)(million yen)leasing(Note 7)(Note 5)
( %)(Note 6)

Property nameLocation

PRIME URBAN Yaotome
Chuo

Sendai-shi, Miyagi

January 2008

1,380.21

1,318.95

95.6

1

14

0.1

5

PRIME URBAN
Tsutsumidori Amamiya

Sendai-shi, Miyagi

August 1995

4,251.91

4,077.19

95.9

1

36

0.1

14

PRIME URBAN Aoi

Nagoya-shi, Aichi

August 2006

1,571.04

1,540.92

98.1

1

21

0.1

7

PRIME URBAN Kanayama

Nagoya-shi, Aichi

January 2008

1,391.02

1,391.02

100.0

1

20

0.1

7

PRIME URBAN Tsurumai

Nagoya-shi, Aichi

June 2008

2,502.11

2,285.62

91.3

1

34

0.1

6

PRIME URBANKamimaezu Nagoya-shi, Aichi

July 2008

3,541.43

3,474.20

98.1

1

45

0.2

12

PRIME URBAN Izumi

Nagoya-shi, Aichi

January 2008

7,543.10

7,233.81

95.9

1

103

0.4

21

PRIME URBAN Esaka I

Suita-shi, Osaka

January 2007

1,189.12

1,164.12

97.9

1

17

0.1

3

PRIME URBAN Esaka II

Suita-shi, Osaka

February 2007

1,392.00

1,296.00

93.1

1

21

0.1

5

PRIME URBAN Esaka III

Suita-shi, Osaka

August 2008

2,151.67

2,026.84

94.2

1

33

0.1

7

PRIME URBANTamatsukuri Osaka-shi, Osaka

February 2009

2,373.10

2,237.68

94.3

1

28

0.1

3

PRIME URBANSakaisuji
HonmachiOsaka-shi, Osaka

February 2007

3,909.90

3,695.64

94.5

1

52

0.2

8

PRIME URBAN Hakata

Fukuoka-shi,
FukuokaMarch 2007

2,176.23

2,176.23

100.0

1

23

0.1

0

PRIME URBAN Yakuin
MinamiFukuoka-shi,
FukuokaMarch 2007

897.84872.85

97.2

1

10

0.0

1

PRIME URBAN Kashii

Fukuoka-shi,
Fukuoka

February 2008

1,222.34

1,222.34

100.0

1

12

0.1

1

PRIME URBAN Hakata
HigashiFukuoka-shi,
FukuokaMarch 2008

1,854.13

1,821.87

98.3

1

20

0.1

0

PRIME URBAN Chihaya

Fukuoka-shi,
FukuokaMarch 2008

1,740.70

1,708.44

98.1

1

19

0.1

4

Residential subtotal

275,401.07

266,753.29

96.9

148

4,607

19.0

1,335

Total

1,658,140.97

1,639,978.00

98.9

1,329

24,312100.0

33,357

Residential Other areas(Note 1)

Construction completion

Leasable area(m2)
(Note 1)

Operating“Leasable area” is the sum total area of office properties, retail properties, logistics properties, or residential properties, etc. leasable in each asset(including the area of common-use space, etc., if leased). The leasable area is calculated based not on that presented in the registry, but based on the area
stated in the lease contract and the area calculated based on building completion drawings, etc. Accordingly, the leasable area may not be the same as thefloor area based on that presented in the registry and may possibly exceed the floor area. For Shinjuku Nomura Building, the leasable area is the area
calculated by multiplying the overall leasable area by the quasi co-ownership ratio of the beneficial interest in real estate trust owned by NMF as of theend of the 1st fiscal period. For NRE Tennozu Building, since the rent is the amount in which the building’s overall rent is multiplied by the ownership
ratio of the common areas for a master lease agreement, the leasable area is the area in which the building’s overall leasable area is multiplied by theownership ratio of the common areas. Land with leasehold interest indicates the land area in the registry as contracted space.

(Note 2)

“Leased area” is the area that is actually leased to an end-tenant (The area stated in the lease contract; provided, however, that such be limited to the areaof office properties, retail properties, logistics properties, or residential properties, etc (if all of rental units are collectively leased, then the area of theentire rental units) and not include the leased area of parking space, etc. However, if the master lessee has a rent-guaranteed master lease for some or all
rental units, the space is included in leased area regardless of whether or not there is a lease agreement with an end-tenant.) in each asset. In the case ofland with leasehold right, the leased area of the land is shown.

(Note 3)

“Occupancy rate” is the leased area as a percentage of leasable area in each asset (rounded to first decimal place).

(Note 4)In the calculation of “number of tenants,” when some or all rental units are collectively leased for the purpose of subleasing and the lessee in the leaseagreement (master lease agreement) has concluded an agreement with an end-tenant (sublessee that is the actual user) for subleasing the rental units, thelessee of the master lease agreement is counted as one tenant. However, in the case of assets with a so-called pass-through master lease agreement where
the rent received from the lessee in the master lease agreement is the same amount as the rent that the lessee receives from the end-tenant, the total－ 75 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

number of end-tenants is shown. In addition, if multiple rental units in a specific asset are leased to a specific tenant, this is counted as one tenant for theasset and, if multiple assets are leased to a specific tenant, these are counted separately and the total of that number of tenants is shown in the subtotal
and total columns.
(Note 5)

“Operating revenue from property leasing” is the operating revenue from property leasing in the 1st fiscal period (for the property acquired during the 1st
fiscal period, the operating revenue from property leasing for on and after the date of acquisition).

(Note 6)

“As a percentage of total operating revenue from property leasing” is the operating revenue from property leasing of each asset as a percentage of thesum total of operating revenue from property leasing (total operating revenue from property leasing). The figures are rounded to first decimal place.
Accordingly, the sum total may not add up to 100.0.

(Note 7)

“Leasehold and security deposits” is the sum total amount of the balance of leasehold and security deposits stated in the respective lease contract with
end-tenants of each asset as of February 29, 2016 (rounded down to the nearest million yen). Accordingly, the sum total of “leasehold and security
deposits” of the respective property may not add up to the amount shown in the respective subtotal and total columns.

(Note 8)Not disclosed, because consent has not been obtained from the tenant. Logistics subtotal, Retail subtotal and Total figures are the sum of the figures
including not disclosed, since consent has not been obtained from the tenant.

－ 76 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

D. Overview of Opinion of Value at End of Period
The following is an overview of the opinion of value at the end of the period (① opinion of value at
end of period, ② value by income approach and capitalization rate using direct capitalization approach,③ value by income approach, discount rate and terminal capitalization rate using DCF approach, ④
NOI, and ⑤ NOI yield (NOI / acquisition price)).
Use

Property name

Direct capitalization
Opinion of
approachvalue
at end ofValue byperiodincomeCap rate(million yen) approach(%)(Note 1)(million yen)

DCF approach
Value byDiscount
incomerate
approach(%)(million yen)

Terminal
cap rate(%)

NOINOI yield(million(NOI /
yen)
acquisition(Note 2)
price)(%)(Note 3)

Shinjuku Nomura Building (Note 4)

44,90046,2003.8

44,400

4.0

4.0

1,953

4.4

NRE Tennozu Building

20,50019,8004.4

20,800

4.2

4.5

957

4.8

Kojimachi Millennium Garden

26,70027,0004.2

26,300

3.9

4.4

1,180

4.5

NOF Nihonbashi Honcho Building

21,30020,7004.4

21,600

4.3

4.6

956

5.3

Tennozu Park Side Building

12,00012,3004.1

11,800

4.1

4.3

611

4.7

NOF Shinjuku Minamiguchi Building

10,30010,400

4.1

10,100

3.9

4.3

446

4.4

NOF Shibuya Koen-dori Building

10,40010,6003.9

10,300

3.7

4.1

425

6.0

Secom Medical Building

11,10011,300

4.1

10,900

3.9

4.3

456

5.3

NOF Shiba Building

7,090

7,250

4.4

7,020

4.2

4.6

345

5.2

Nishi-Shinjuku Showa Building

7,930

8,240

4.5

7,930

4.2

4.8

384

5.4

NRE Shibuya Dogenzaka Building

5,320

5,410

4.0

5,280

3.8

4.2

213

5.5

NOF Tameike Building

4,480

4,590

4.5

4,480

4.2

4.8

216

5.6

Iwamoto-cho Toyo Building

4,060

4,120

4.1

4,000

3.9

4.3

188

5.6

NOF Shinagawa Konan Building

3,310

3,320

4.6

3,300

4.6

4.8

188

5.4

NOF Surugadai Plaza Building

4,700

4,850

4.3

4,630

4.4

4.5

218

5.6

PMO Nihonbashi Honcho

4,520

4,600

3.9

4,440

3.7

4.1

178

6.2

PMO Nihonbashi Kayabacho

5,140

5,220

4.0

5,060

3.8

4.2

208

5.7

Otemachi Tatemono Gotanda Building

4,670

4,820

4.7

4,610

4.4

4.9

238

6.4

NRE Higashi-nihonbashi Building

3,350

3,400

4.5

3,300

4.3

4.7

166

5.8

PMO Akihabara

4,580

4,650

4.1

4,500

3.9

4.3

190

5.9

Hatchobori NF Building

2,480

2,490

4.3

2,470

4.3

4.5

114

6.9

NOF Kanda Iwamoto-cho Building

4,160

4,230

4.2

4,090

4.0

4.4

193

6.6

NOF Takanawa Building

2,820

2,860

4.5

2,770

4.3

4.7

137

4.9

PMO Hatchobori

3,050

3,100

4.1

3,000

3.9

4.3

127

6.7

NOF Minami Shinjuku Building

2,210

2,250

4.4

2,190

4.6

4.6

106

5.2

PMO Nihonbashi Odenmacho

2,310

2,330

4.3

2,280

4.1

4.5

99

5.6

Central Shintomicho Building

1,330

1,340

4.7

1,320

4.5

4.9

71

7.0

PMO Higashi-nihonbashi

1,810

1,830

4.4

1,780

4.2

4.6

80

5.1

NRE Ueno Building

6,470

6,560

4.2

6,380

4.0

4.4

285

6.3

NOF Technoport Kamata Center Building

4,570

4,570

5.2

4,570

5.3

5.4

285

7.2

NF Hongo Building.

5,000

5,080

4.7

4,960

4.8

5.2

260

6.0

Toho Edogawabashi Building

1,090

1,100

4.6

1,070

4.4

4.8

59

5.1

Toshin Meguro Building

858

867

4.7

848

4.5

4.9

46

4.4

Crystal Park Building

3,400

3,430

4.8

3,400

4.5

5.1

187

4.8

Office－ 77 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

OfficeProperty name

Direct capitalization
Opinion of
approachvalue
at end ofValue byperiodincomeCap rate(million yen) approach(%)(Note 1)(million yen)

DCF approach
Value byDiscount
incomerate
approach(%)(million yen)

Terminal
cap rate(%)

NOINOI yield(million(NOI /
yen)
acquisition(Note 2)
price)(%)(Note 3)

NOF Kichijoji Honcho Building

1,820

1,840

5.0

1,800

4.8

5.2

99

4.5

Faret Tachikawa Center Square

3,950

3,880

5.0

3,980

5.2

5.2

216

5.3

NOF Kawasaki Higashiguchi Building

7,930

7,980

5.1

7,870

4.9

5.3

423

4.7

NOF Yokohama Nishiguchi Building

5,720

5,790

4.7

5,640

4.5

4.9

306

4.4

NOF Shin-Yokohama Building

2,840

2,690

5.2

2,910

5.0

5.4

162

6.0

Yokohama Odori Koen Building

1,800

1,800

5.4

1,800

5.2

5.6

103

5.3

Sapporo North Plaza

6,480

6,530

5.2

6,430

5.0

5.4

400

5.2

NRE Sapporo Building

4,250

4,290

5.3

4,210

5.1

5.5

240

5.4

JCB Sapporo Higashi Building

3,260

3,270

5.3

3,240

5.4

5.2

193

5.5

NOF Sendai Aoba-dori Building

2,080

2,090

5.6

2,060

5.4

5.8

141

5.6

NOF Utsunomiya Building

2,250

2,170

5.8

2,280

5.8

6.0

152

5.6

NOF Nagoya Fushimi Building

2,160

2,180

5.0

2,140

4.8

5.2

110

5.4

NOF Nagoya Yanagibashi Building

2,280

2,320

5.3

2,240

5.1

5.5

152

5.6

Omron Kyoto Center Building

18,30018,1005.3

18,500

4.9

5.3

953

6.2

SORA Shin-Osaka 21

12,10012,2004.9

11,900

4.7

5.1

679

5.7

NRE Osaka Building

6,030

6,200

5.0

5,960

5.2

5.2

430

6.4

NRE Nishi-Umeda Building

3,450

3,540

4.4

3,410

4.2

4.6

177

5.8

NRE Yotsubashi Building

3,920

3,880

4.9

3,930

5.1

5.1

251

5.9

NRE Hiroshima Building

2,320

2,270

6.1

2,340

6.3

6.3

165

6.9

NOF Hakata Ekimae Building

4,280

4,320

5.2

4,230

5.0

5.4

252

6.6

NOF Tenjin-Minami Building

2,170

2,190

5.2

2,150

5.0

5.4

113

4.9

357,298

-

-

-

-

-

17,5094.9Morisia Tsudanuma

17,50017,2005.2

17,600

5.0

5.4

1,069

6.4

Yokosuka More’s City

15,40015,7005.3

15,300

5.3

5.5

883

6.5

Recipe SHIMOKITA

10,70010,8004.2

10,500

4.0

4.4

447

4.3

Kawasaki More’s

7,370

7,470

4.6

7,330

4.6

4.8

390

6.4

EQUINIA Shinjuku

4,570

4,480

4.1

4,610

3.9

4.3

196

4.6

EQUINA Ikebukuro

4,330

4,270

4.4

4,350

4.2

4.6

192

4.8

covirna machida

4,260

4,290

5.1

4,230

4.5

4.9

223

6.5

Nitori Makuhari

3,560

3,610

5.3

3,500

5.1

5.6

191

6.2

Konami Sports Club Fuchu

3,240

3,250

5.5

3,230

5.3

5.7

170

6.2

FESTA SQUARE

3,010

3,030

5.6

2,990

5.3

5.8

168

6.5

GEMS Shibuya

2,640

2,640

4.7

2,640

4.5

4.9

123

4.9

Sundai Azamino

1,960

1,970

5.5

1,940

5.1

5.8

108

6.4

EQUINIA Aobadai

1,820

1,830

5.5

1,800

5.3

5.7

107

6.9

Megalos Kanagawa

1,340

1,350

5.9

1,330

5.7

6.1

84

8.5

Mitsubishi Motors Meguro

2,940

-

-

2,940

5.4

-

155

5.7

Mitsubishi Motors Chofu

1,850

-

-

1,850

5.2

-

93

5.3

Office subtotal

Retail－ 78 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

RetailProperty name

Direct capitalization
Opinion of
approachvalue
at end ofValue byperiodincomeCap rate(million yen) approach(%)(Note 1)(million yen)

DCF approach
Value byDiscount
incomerate
approach(%)(million yen)

Terminal
cap rate(%)

NOINOI yield(million(NOI /
yen)
acquisition(Note 2)
price)(%)(Note 3)

Mitsubishi Motors Shibuya

1,760

-

-

1,760

5.0

-

86

5.5

Mitsubishi Motors Nerima

1,320

-

-

1,320

5.5

-

70

5.7

Mitsubishi Motors Kawasaki

1,050

-

-

1,050

6.5

6.9

73

7.7

Mitsubishi Motors Takaido

906

-

-

906

5.1

-

44

5.3

Mitsubishi Motors Katsushika

844

-

-

844

5.4

-

44

5.6

Mitsubishi Motors Higashikurume

831

-

-

831

7.0

-

55

6.9

Mitsubishi Motors Setagaya

831

-

-

831

5.5

-

43

5.7

Mitsubishi Motors Suginami

847

-

-

847

4.8

5.2

39

5.3

Mitsubishi Motors Sekimachi

635

-

-

635

5.5

-

34

5.8

Mitsubishi Motors Higashiyamato

499

-

-

499

8.0

8.4

42

9.5

Mitsubishi Motors Motosumiyoshi

378

-

-

378

6.0

-

22

6.0

Mitsubishi Motors Kawagoe

371

-

-

371

5.7

6.1

22

6.4

Mitsubishi Motors Edogawa

212

-

-

212

5.5

-

10

5.2

Mitsubishi Motors Sayama

171

-

-

171

8.3

8.7

14

9.2

NRE Kichijoji Building (Note 5)

5,460

5,560

4.2

5,410

4.0

4.4

456

8.6

GEMS Ichigaya

2,130

2,150

4.1

2,120

3.9

4.3

87

4.2

Universal CityWalk Osaka

16,30016,6004.9

16,200

4.7

5.1

887

5.7

Izumiya Senrioka

10,70010,6005.4

10,7005.2
5.6(Note 4)

5.6

587

6.6

Merad Owada

7,270

7,270

6.1

7,270

5.9

6.3

461

7.0

5.9

309

7.0

5.9

231

7.7

4.9

250

5.3

5.5
5.9
(Note 5)5.5
5.9
(Note 6)
4.7
4.8
4.9
(Note 7)

Izumiya Yao

5,110

5,170

5.7

5,080

Izumiya Obayashi

3,650

3,720

5.7

3,620

Ichibancho stear

5,510

5,360

4.7

5,580

EQUINIA Aobadori

1,890

1,760

5.3

1,940

5.5

5.5

103

6.3

155,165

-

-

-

-

-

8,364

6.0

Landport Urayasu

20,10020,400

4.3

20,000

4.5

884

5.1

Landport Itabashi

18,00018,4004.5

17,800

4.7

830

5.3

Landport Kawagoe

15,70015,9004.9

15,500

4.6

5.1

792

5.8

4.9

559

4.9

Retail subtotal

4.4
4.5(Note 8)4.4
4.6
(Note 9)11,70011,8004.7

11,7004.6
4.8(Note 10)

11,90012,0004.9

11,900

4.8

5.2

606

5.7

Sagamihara Onodai Logistics Center

10,200

10,2005.0

10,100

4.6

5.2

527

6.1

Landport Hachioji

9,350

9,340

4.8

9,350

4.5

4.9

450

5.5

Landport Kasukabe

8,550

8,630

4.8

8,460

4.4

5.1

414

5.6

Funabashi Logistics Center

5,440

5,510

4.9

5,370

4.6

5.2

292

6.3

Atsugi Minami Logistics Center B Tower

5,260

5,250

4.8

5,270

4.7
4.9
(Note 11)

5.0

253

5.5

Landport Atsugi

Logistics Sagamihara Tana Logistics Center－ 79 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Logistics

Property name

Direct capitalization
Opinion of
approachvalue
at end ofValue byperiodincomeCap rate(million yen) approach(%)(Note 1)(million yen)

DCF approach
Value byDiscount
incomerate
approach(%)(million yen)

Terminal
cap rate(%)

NOINOI yield(million(NOI /
yen)
acquisition(Note 2)
price)(%)(Note 3)

Hanyu Logistics Center

4,210

4,290

5.4

4,170

5.2

5.6

236

6.2

Kawaguchi Logistics Center B Tower

4,410

4,440

4.9

4,390

4.7

5.1

222

5.9

Kawaguchi Logistics Center A Tower

3,330

3,350

5.2

3,320

5.0

5.4

174

6.2

5.0

157

5.8

Atsugi Minami Logistics Center A Tower

3,220

3,250

4.8

3,200

4.7
4.9
(Note 12)

Kawaguchi Ryoke Logistics Center

11,90012,1004.7

11,700

4.5

4.9

584

5.4

Ota Nitta Logistics Center

3,760

3,780

6.2

3,750

6.0

6.4

239

7.0

Ota Higashishinmachi Logistics Center

2,460

2,480

6.1

2,450

5.9

6.3

154

7.1

Ota Kiyohara Logistics Center

728

730

6.1

727

5.9

6.3

46

7.2

Chiyodamachi Logistics Center

368

369

6.0

368

5.8

6.2

25

7.6

Logistics subtotal

150,586

-

-

-

-

-

7,453

5.6

PROUD FLAT Shirokane Takanawa

3,480

3,540

4.3

3,450

4.1

4.5

152

4.5

PROUD FLAT Yoyogi Uehara

1,010

1,020

4.4

1,000

4.2

4.6

45

4.6

PROUD FLAT Hatsudai

729

739

4.5

725

4.3

4.7

33

4.7

PROUD FLAT Shibuya Sakuragaoka

750

763

4.4

744

4.2

4.6

34

4.5

PROUD FLAT Gakugei Daigaku

762

772

4.4

757

4.2

4.6

36

5.0

PROUD FLAT Meguro Gyoninzaka

964

977

4.4

958

4.2

4.6

43

4.6

PROUD FLAT Sumida Riverside

2,360

2,400

4.4

2,340

4.2

4.6

112

4.9

PROUD FLAT Kagurazaka

1,650

1,670

4.4

1,640

4.2

4.6

74

4.7

PROUD FLAT Waseda

1,140

1,150

4.4

1,130

4.2

4.6

50

4.6

888

901

4.4

882

4.2

4.6

43

4.6

PROUD FLAT Sangen Jaya

1,200

1,220

4.5

1,190

4.3

4.7

55

4.6

PROUD FLAT Kamata

1,180

1,190

4.6

1,170

4.4

4.8

55

4.8

PROUD FLAT Kamata II

3,390

3,420

4.7

3,380

4.7

4.9

164

5.0

PROUD FLAT Shinotsuka

621

630

4.6

617

4.4

4.8

29

4.8

PROUD FLAT Kiyosumi Shirakawa

947

959

4.6

942

4.4

4.8

47

5.1

PROUD FLAT Monzen Nakacho II

652

660

4.6

648

4.4

4.8

31

4.8

PROUD FLAT Monzen Nakacho I

1,040

1,050

4.6

1,030

4.4

4.8

49

4.8

PROUD FLAT Fujimidai

1,530

1,550

5.0

1,500

4.8

5.2

79

5.4

PROUD FLAT Asakusa

1,970

1,980

4.7

1,960

4.7

4.9

95

5.0

PROUD FLAT Yokohama

2,090

2,110

4.8

2,080

4.6

5.0

108

5.2

PROUD FLAT Kamioooka

2,710

2,840

5.0

2,660

4.9

5.2

144

5.4

PROUD FLAT Tsurumi II

1,690

1,700

4.8

1,670

4.6

5.0

84

5.1

PRIME URBAN Azabu Juban

1,110

1,130

4.4

1,110

4.2

4.6

49

4.5

PRIME URBAN Akasaka

939

949

4.3

939

4.1

4.5

41

4.4

PRIME URBAN Tamachi

994

1,010

4.6

994

4.4

4.8

46

4.8

PRIME URBAN Shibaura

1,890

1,910

4.5

1,860

4.3

4.7

87

4.8

PRIME URBAN Hatagaya

472

482

4.8

472

4.6

5.0

24

5.1

PRIME URBAN Yoyogi

362

364

4.5

362

4.3

4.7

16

4.7

PROUD FLAT Shinjuku Kawadacho

Residential－ 80 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property name

Direct capitalization
Opinion of
approachvalue
at end ofValue byperiodincomeCap rate(million yen) approach(%)(Note 1)(million yen)

DCF approach
Value byDiscount
incomerate
approach(%)(million yen)

Terminal
cap rate(%)

NOINOI yield(million(NOI /
yen)
acquisition(Note 2)
price)(%)(Note 3)PRIME URBAN Ebisu II

1,200

1,210

4.3

1,180

4.1

4.5

53

4.7

PRIME URBAN Bancho

1,100

1,110

4.5

1,100

4.3

4.7

50

4.7

685

691

4.5

684

4.3

4.7

31

4.7

PRIME URBAN Iidabashi

2,090

2,100

4.5

2,090

4.3

4.7

95

4.7

PRIME URBAN Ebisu

1,270

1,290

4.6

1,270

4.4

4.8

59

4.7

PRIME URBAN Naka Meguro

1,420

1,440

4.4

1,420

4.2

4.6

64

4.6

PRIME URBAN Gakugei Daigaku

789

800

4.4

784

4.2

4.6

37

4.8

PRIME URBAN Senzoku

475

481

4.5

472

4.3

4.7

23

4.9

PRIME URBAN Meguro Riverside

423

429

4.4

421

4.2

4.6

21

5.1

PRIME URBAN Meguro Ohashi Hills

2,870

2,910

4.4

2,830

4.2

4.6

135

4.6

PRIME URBAN Meguro Aobadai

1,360

1,380

4.3

1,340

4.1

4.5

60

4.6

PRIME URBAN Gakugei Daigaku II

1,110

1,120

4.3

1,090

4.1

4.5

48

4.5

PRIME URBANNaka Meguro II

2,880

2,930

4.4

2,820

4.2

4.6

130

4.6

PRIME URBAN Kachidoki

2,580

2,610

4.9

2,580

4.7

5.1

141

5.5

PRIME URBAN Shinkawa

2,150

2,170

4.7

2,120

4.5

4.9

106

5.1

PRIME URBAN Nihonbashi Yokoyamacho

4,280

4,330

4.5

4,220

4.3

4.7

196

4.7

PRIME URBANNihonbashi Hamacho

1,600

1,620

4.4

1,580

4.2

4.6

72

4.7

PRIME URBAN Hongo Ikizaka

563

570

4.5

555

4.3

4.7

26

4.8

PRIME URBAN Hakusan

889

901

4.4

876

4.2

4.6

40

4.7

1,520

1,540

4.4

1,510

4.2

4.6

68

4.6

340

345

4.8

338

4.6

5.0

19

5.7

PRIME URBAN Nishi Shinjuku I

1,110

1,120

4.5

1,100

4.3

4.7

55

5.1

PRIME URBAN Nishi Shinjuku II

905

913

4.5

901

4.5

4.7

41

4.7

PRIME URBAN Shinjuku Naitomachi

438

446

4.4

435

4.2

4.6

19

4.6

PRIME URBAN Nishi Waseda

431

438

4.4

428

4.2

4.6

21

5.1

PRIME URBAN Shinjuku Ochiai

604

607

4.9

601

4.7

5.1

30

5.2

PRIME URBAN Mejiro

1,460

1,480

4.5

1,440

4.3

4.7

68

4.8

PRIME URBANKagurazaka

2,920

2,960

4.3

2,880

4.1

4.5

129

4.5

PRIME URBAN Sangen Jaya III

733

741

4.9

729

4.7

5.1

38

5.3

PRIME URBAN Chitose Karasuyama

731

738

4.9

728

4.7

5.1

40

5.7

PRIME URBAN Sangen Jaya II

488

494

4.8

486

4.6

5.0

26

5.5

PRIME URBAN Sangen Jaya

740

750

4.5

735

4.3

4.7

34

4.7

PRIME URBAN Minami Karasuyama

678

686

4.7

670

4.5

4.9

35

5.3

PRIME URBAN Karasuyama Galleria

551

559

4.6

548

4.4

4.8

28

5.1

PRIME URBAN Karasuyama Court

343

348

4.6

341

4.4

4.8

17

5.2

PRIME URBAN Kamikitazawa

601

608

4.9

594

4.7

5.1

32

5.5

PRIME URBAN Chitose Funabashi

756

765

4.6

746

4.4

4.8

35

4.8

1,450

1,470

4.3

1,430

4.1

4.5

65

4.7

PRIME URBAN Chiyoda Fujimi

Residential
PRIME URBAN Yotsuya Gaien Higashi
PRIME URBAN Ochiai

PRIME URBAN Yoga

－ 81 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property name

Direct capitalization
Opinion of
approachvalue
at end ofValue byperiodincomeCap rate(million yen) approach(%)(Note 1)(million yen)

DCF approach
Value byDiscount
incomerate
approach(%)(million yen)

Terminal
cap rate(%)

NOINOI yield(million(NOI /
yen)
acquisition(Note 2)
price)(%)(Note 3)

504

509

4.9

502

4.7

5.1

30

6.2

PRIME URBAN Osaki

1,900

1,920

4.4

1,890

4.2

4.6

85

4.6

PRIME URBAN Oimachi II

1,060

1,070

4.8

1,060

4.6

5.0

63

6.1

PRIME URBAN Yukigaya

959

968

4.9

955

4.7

5.1

52

5.5

PRIME URBAN Omori

922

936

4.5

916

4.3

4.7

42

4.7

PRIME URBAN Denenchofu Minami

781

790

4.7

772

4.5

4.9

37

4.9

PRIME URBANNagahara Kamiikedai

1,730

1,750

4.4

1,700

4.2

4.6

78

4.6

PRIME URBAN Nakano

489

494

5.1

487

4.9

5.3

25

5.3

PRIME URBAN Nakano Kamitakada

508

513

4.8

502

4.6

5.0

27

5.5

1,080

1,090

5.0

1,080

4.8

5.2

56

5.3

PRIME URBAN Nishi Ogikubo

423

429

4.6

421

4.4

4.8

20

4.8

PRIME URBAN Nishi Ogikubo II

1,810

1,840

4.3

1,780

4.1

4.5

80

4.5

PRIME URBAN Otsuka

745

754

4.6

741

4.4

4.8

35

4.8

PRIME URBAN Komagome

442

446

5.1

442

4.9

5.3

27

6.2

PRIME URBAN Ikebukuro

3,850

3,900

4.5

3,790

4.3

4.7

177

4.7

PRIME URBAN Monzen Nakacho

2,470

2,490

4.6

2,470

4.4

4.8

116

4.8

PRIME URBAN Kameido

794

799

4.9

794

4.7

5.1

39

5.1

PRIME URBAN Sumiyoshi

639

641

4.8

639

4.6

5.0

31

5.0

PRIME URBAN Mukojima

530

535

5.1

530

4.9

5.3

30

5.9

PRIME URBAN Kinshi Koen

1,310

1,320

4.8

1,310

4.6

5.0

64

5.0

PRIME URBAN Kinshicho

773

779

5.1

773

4.9

5.3

40

5.4

PRIME URBAN Hirai

737

742

4.9

737

4.7

5.1

36

5.1

PRIME URBAN Kasai

641

646

4.9

641

4.7

5.1

32

5.1

PRIME URBAN Kasai II

989

1,000

4.9

989

4.7

5.1

49

5.1

PRIME URBAN Kasai East

1,160

1,170

4.8

1,160

4.7

5.1

58

5.1

409

399

5.3

409

5.1

5.5

22

5.6

1,100

1,110

4.9

1,090

4.7

5.1

56

5.2

393

387

5.1

393

4.9

5.3

21

5.6

PRIME URBAN Machiya South Court

1,980

2,000

5.3

1,950

5.1

5.5

110

5.8

PRIME URBAN Musashi Koganei

1,910

1,920

5.3

1,890

5.1

5.5

107

5.6

PRIME URBAN Musashino Hills

1,280

1,300

5.2

1,260

5.0

5.4

72

5.7

PRIME URBANKoganei Honcho

807

814

5.1

799

4.9

5.3

43

5.5

PRIME URBAN Kumegawa

1,530

1,540

5.4

1,520

5.2

5.6

84

5.6

PRIME URBAN Musashi Kosugi comodo

2,000

2,020

5.1

1,970

4.9

5.3

115

5.9

986

995

5.1

976

4.9

5.3

54

5.7

PRIME URBAN Shinyurigaoka

1,040

1,060

5.0

1,020

4.8

5.2

54

5.3

PRIME URBAN Tsurumi Teraya

495

500

5.4

490

5.2

5.6

28

5.8

PRIME URBAN Urayasu II

229

231

5.3

226

5.1

5.5

13

6.0

PRIME URBAN Shinagawa Nishi

PRIME URBAN Takaido

Residential

PRIME URBAN Ekoda
PRIME URBAN Itabashi Kuyakushomae
PRIME URBAN Asakusa

PRIME URBAN Kawasaki－ 82 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property name

Direct capitalization
Opinion of
approachvalue
at end ofValue byperiodincomeCap rate(million yen) approach(%)(Note 1)(million yen)

DCF approach
Value byDiscount
incomerate
approach(%)(million yen)

Terminal
cap rate(%)

NOINOI yield(million(NOI /
yen)
acquisition(Note 2)
price)(%)(Note 3)PRIME URBAN Urayasu

826

836

4.9

815

4.7

5.2

41

5.2

PRIME URBAN Gyotoku I

643

649

5.1

636

4.9

5.3

34

5.4

PRIME URBAN Gyotoku II

750

757

5.0

743

4.8

5.2

38

5.3

PRIME URBAN Gyotoku Ekimae

490

495

5.0

484

4.8

5.2

25

5.2

PRIME URBAN Gyotoku Ekimae II

470

474

5.1

466

4.9

5.3

28

6.1

PRIME URBAN Gyotoku III

749

757

5.1

740

4.9

5.3

47

6.4

PRIME URBAN Nishi Funabashi

772

779

5.1

765

4.9

5.3

40

5.3

PRIME URBAN Kawaguchi

1,610

1,620

5.4

1,590

5.2

5.6

90

5.7

PROUD FLAT Hatchobori

952

964

4.3

939

4.1

4.5

42

4.6

PROUD FLAT Itabashi Honcho

756

763

4.6

749

4.4

4.8

36

5.0

PROUD FLAT Itsutsubashi

664

665

5.5

663

5.3

5.7

41

6.4

PROUD FLAT Kawaramachi

650

657

5.5

643

5.3

5.7

41

5.7

PROUD FLAT Shin Osaka

1,630

1,640

5.1

1,610

4.9

5.3

85

5.3

PRIME URBAN Yamahana

274

272

5.5

275

5.4

5.7

17

6.5

PRIME URBAN Kita Juyo Jo

277

273

5.5

278

5.3

5.7

18

6.8

PRIME URBAN Odori Koen I

511

515

5.4

506

5.2

5.6

29

5.8

PRIME URBAN Odori Koen II

340

343

5.4

337

5.2

5.6

19

5.8

PRIME URBAN Kita Juichi Jo

557

560

5.6

553

5.4

5.8

34

6.3

PRIME URBAN Miyanosawa

487

490

5.7

484

5.5

5.9

32

6.7

PRIME URBAN Odori Higashi

398

400

5.7

396

5.5

5.9

25

6.5

PRIME URBAN Chiji Kokan

254

255

5.6

253

5.4

5.8

17

6.8

PRIME URBAN Maruyama

232

233

5.6

230

5.4

5.8

15

6.6

PRIME URBAN Kita Nijuyo Jo

445

447

5.7

442

5.5

5.9

28

6.5

PRIME URBAN Sapporo Idaimae

625

629

5.6

621

5.4

5.8

39

6.4

PRIME URBAN Sapporo Riverfront

4,560

4,570

5.7

4,540

5.5

5.9

265

5.9

PRIME URBAN Kita Sanjo Dori

1,780

1,790

5.6

1,760

5.4

5.8

102

5.9

PRIME URBAN Nagamachi Icchome

1,010

1,010

5.7

1,000

5.5

5.9

64

5.7

PRIME URBAN Yaotome Chuo

417

418

5.8

415

5.6

6.0

27

5.9

PRIME URBAN Tsutsumidori Amamiya

843

850

5.6

835

5.4

5.8

60

6.4

PRIME URBAN Aoi

724

729

5.2

724

5.0

5.4

38

5.4

PRIME URBAN Kanayama

571

576

5.3

565

5.1

5.5

35

6.4

PRIME URBAN Tsurumai

1,050

1,050

5.3

1,040

5.1

5.5

63

6.2

PRIME URBANKamimaezu

1,610

1,630

5.3

1,590

5.1

5.5

87

5.5

PRIME URBAN Izumi

3,870

3,910

5.2

3,830

5.0

5.4

205

5.5

PRIME URBAN Esaka I

657

666

5.1

653

4.9

5.3

34

5.2

PRIME URBAN Esaka II

809

818

5.1

805

4.9

5.3

41

5.3

PRIME URBAN Esaka III

1,200

1,200

5.2

1,200

5.0

5.4

64

5.4

PRIME URBANTamatsukuri

1,040

1,050

5.2

1,030

5.0

5.4

55

5.5

Residential－ 83 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property name

Direct capitalization
Opinion of
approachvalue
at end ofValue byperiodincomeCap rate(million yen) approach(%)(Note 1)(million yen)

DCF approach
Value byDiscount
incomerate
approach(%)(million yen)

1,820

1,840

5.0

1,800

4.8

5.2

94

5.2

PRIME URBAN Hakata

589

595

5.4

587

5.2

5.6

37

6.5

PRIME URBAN Yakuin Minami

269

272

5.3

268

5.1

5.5

17

6.6

PRIME URBAN Kashii

326

329

5.6

325

5.4

5.8

22

5.5

PRIME URBAN Hakata Higashi

515

518

5.5

513

5.3

5.7

34

5.5

PRIME URBAN Chihaya

543

546

5.5

542

5.3

5.7

33

5.5

166,023

-

-

-

-

-

8,425

5.1

829,072

-

-

-

-

-

41,753

5.3

PRIME URBANSakaisuji Honmachi

Residential

Residential subtotal
Total(Note 1)

(Note 2)

(Note 3)(Note 4)

Terminal
cap rate(%)

NOINOI yield(million(NOI /
yen)
acquisition(Note 2)
price)(%)(Note 3)

“Opinion of value at end of period” is the appraisal or investigation value provided by the respective real estate appraiser (the value calculated by therespective real estate appraiser with the date of the 1st fiscal period-end (February 29, 2016) as the effective date of value and the value indicated by the
income approach as a standard) listed in “B. Price and Investment Share” earlier in this report in accordance with NMF’s Articles of Incorporation andthe Regulations Concerning Accounting of Investment Corporations.
The appraisal or investigation value of real estate is no more than an indication of the opinion of the value of the appraised real estate at the time ofappraisal by the respective real estate appraiser, etc. conducted in accordance with the Act on Real Estate Appraisal (Act No. 152 of 1963), real estateappraisal standards, etc. Reappraisal of the same real estate may result in a different appraisal or investigation value, depending on the real estate appraiser
conducting the appraisal and the method or timing of the appraisal. In addition, the appraisal of real estate is not a guarantee or promise of the possibilityof transactions at present or in the future at the appraised value.
Furthermore, the cost approach and income approach (direct capitalization approach and discounted cash flow approach) are used in appraisal
calculations. The appraisal value is determined by the income approach if the subject real estate’s price is based on an emphasis on investment profitability
in the market and it is seen as an investment target for qualified institutional investors, etc. The value indicated by the cost approach is used as an index toverify the value indicated by the income approach.
“Direct capitalization approach” is a method where the net revenue in a certain period is capitalized by the capitalization rate, among methods of seeking
the value indicated by the income approach (a method of seeking the estimated value of real estate by seeking the sum of the present value of the net
revenue the real estate is expected to generate in the future).
“Discounted cash flow (DCF) approach” is a method where the net income and terminal value arising in multiple successive periods are discounted topresent value according to their periods and totaled, among methods of seeking the value indicated by the income approach.
“NOI” is, in the case of properties other than properties on land with leasehold right, the net operating income using the direct capitalization approachstated in the appraisal report or investigation report and, in the case of properties on land with leasehold right, the initial-year net operating income using
the DCF approach stated in the appraisal report or investigation report (rounded down to the nearest million yen). Accordingly, the sum total of “NOI”
of the respective property may not add up to the amount shown in the respective subtotal and total columns.
“NOI yield (NOI / acquisition price)” is the amount NOI devided by the acquisition price (rounded to first decimal place). Logistics subtotal, Retail
subtotal and Total figures are the sum of NOI devided by the sum of acquisition price for the properties in each categories, held at the end of the 1st
fiscal period (rounded to first decimal place).
The asset is a quasi-co-ownership of real estate trust beneficiary rights. The proportion of NMF's quasi-shared interests is 50.1% of the total.
Acquisition price in the above table, the balance sheet amount, year-end calculation price and NOI is the price of this quasi-co-ownership interest.

(Note 5)The asset is a quasi-co-ownership of real estate trust beneficiary rights. The proportion of NMF's quasi-shared interests is 51.0% of the total.
Acquisition price in the above table, the balance sheet amount, year-end calculation price and NOI is the price of this quasi-co-ownership interest.

(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)The discount rate of “Izumiya Senrioka” is 5.2 for the 1st to 8th year and 5.6 for the 9th to 11th year after the effective date of value.
The discount rate of “Izumiya Yao” is 5.5 for the 1st to 7th year and 5.9 for the 8th to 11th year after the effective date of value.
The discount rate of “Izumiya Obayashi” is 5.5 for the 1st to 10th year and 5.9 for the 11th year after the effective date of value.
The discount rate of “Ichibancho stear” is 4.7 for the 1st to 2nd year, 4.8 for the 3rd to 10th year, and 4.9 for the 11th year after the effective date ofvalue.
The discount rate of “Landport Urayasu” is 4.4 for the 1st to 3rd year and 4.5 for the 4th to 11th year after the effective date of value.
The discount rate of “Landport Itabashi” is 4.4 for the 1st year and 4.6 for the 2nd to 11th year after the effective date of value.
The discount rate of “Landport Atsugi” i is 4.6 for the 1st year and 4.8 for the 2nd to 11th year after the effective date of value.
The discount rate of “Atsugi Minami Logistics Center B Tower” is 4.7 for the 1st to 6th year and 4.9 for the 7th to 11th year after the effective date ofvalue.
The discount rate of “Atsugi Minami Logistics Center A Tower” is 4.7 for the 1st to 8th year and 4.9 for the 9th to 11th year after the effective date ofvalue.

－ 84 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

E. Overview of Trust Beneficiary Interests
The following is an overview of the trust of individual assets of the assets held at the end of the 1st
fiscal period (name of trustee and trust period). The entry for the respective item is “－” in the case ofeach asset of which NMF has acquired the real estate itself.
Hereafter, concerning assets for which the trust period is due to expire, whether to continue the trust
or to hold the real estate itself by being issued the real estate in trust in kind upon the end of the trust will
be determined based on a comprehensive consideration of the economic rationality and other factors.
Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration

Shinjuku Nomura Building

Mitsubishi UFJ Trust and Banking Corporation

2003/12/8

2023/12/31

NRE Tennozu Building

Mitsubishi UFJ Trust and Banking Corporation

2005/3/18

2020/9/30

Kojimachi Millennium Garden

－

－

－

NOF Nihonbashi Honcho Building

Mitsubishi UFJ Trust and Banking Corporation

2002/3/5

2022/2/28

Tennozu Park Side Building

Sumitomo Mitsui Trust Bank, Limited

1991/3/27

2024/2/29

NOF Shinjuku Minamiguchi Building

Sumitomo Mitsui Trust Bank, Limited

2005/6/30

2018/6/30

NOF Shibuya Koen-dori Building

Sumitomo Mitsui Trust Bank, Limited

2004/9/28

2024/9/30

Secom Medical Building

－

－

－

NOF Shiba Building

Sumitomo Mitsui Trust Bank, Limited

2001/9/27

2021/9/30

Nishi-Shinjuku Showa Building

Sumitomo Mitsui Trust Bank, Limited

2002/3/15

2022/3/31

NRE Shibuya Dogenzaka Building

－

－

－

NOF Tameike Building

Sumitomo Mitsui Trust Bank, Limited

2005/9/29

2025/9/30

Iwamoto-cho Toyo Building

Mitsubishi UFJ Trust and Banking Corporation

2006/3/10

2017/2/15

NOF Shinagawa Konan Building

Sumitomo Mitsui Trust Bank, Limited

2003/12/8

2023/12/31

NOF Surugadai Plaza Building

Sumitomo Mitsui Trust Bank, Limited

2004/2/27

2024/2/29

PMO Nihonbashi Honcho

－

－

－

PMO Nihonbashi Kayabacho

－

－

－

Otemachi Tatemono Gotanda Building

Sumitomo Mitsui Trust Bank, Limited

2004/9/30

2023/7/31

NRE Higashi-nihonbashi Building

－

－

－

PMO Akihabara

－

－

－

Hatchobori NF Building

Sumitomo Mitsui Trust Bank, Limited

2004/9/1

2017/8/9

NOF Kanda Iwamoto-cho Building

Sumitomo Mitsui Trust Bank, Limited

2004/2/26

2024/2/29

NOF Takanawa Building

－

－

－

PMO Hatchobori

－

－

－

NOF Minami Shinjuku Building

Mitsubishi UFJ Trust and Banking Corporation

2003/1/30

2023/3/31

PMO Nihonbashi Odenmacho

－

－

－

Central Shintomicho Building

Sumitomo Mitsui Trust Bank, Limited

2005/9/15

2018/6/30

PMO Higashi-nihonbashi

－

－

－

NRE Ueno Building

－

－

－

NOF Technoport Kamata Center Building

Sumitomo Mitsui Trust Bank, Limited

2000/9/29

2020/9/30

NF Hongo Building.

Sumitomo Mitsui Trust Bank, Limited

2008/3/14

2023/7/31－ 85 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration－－

2005/5/27

2018/6/30－－

Toho Edogawabashi Building－

Toshin Meguro Building

Sumitomo Mitsui Trust Bank, Limited

Crystal Park Building－

NOF Kichijoji Honcho Building

Sumitomo Mitsui Trust Bank, Limited

2004/9/24

2019/1/31

Faret Tachikawa Center Square

Mitsubishi UFJ Trust and Banking Corporation

2003/12/5

2023/12/31

NOF Kawasaki Higashiguchi Building

Sumitomo Mitsui Trust Bank, Limited

2005/6/30

2025/6/30

NOF Yokohama Nishiguchi Building

Mizuho Trust & Banking Co., Ltd

2002/3/29

2024/10/31

NOF Shin-Yokohama Building

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2022/3/31

Yokohama Odori Koen Building

－

－

－

Sapporo North Plaza

Mizuho Trust & Banking Co., Ltd

2000/2/10

2025/5/31

NRE Sapporo Building

－

－

－

JCB Sapporo Higashi Building

－

－

－

NOF Sendai Aoba-dori Building

Mitsubishi UFJ Trust and Banking Corporation

2003/2/14

2023/2/28

NOF Utsunomiya Building

Mitsubishi UFJ Trust and Banking Corporation

2001/7/5

2021/7/4

NOF Nagoya Fushimi Building

－

－

－

NOF Nagoya Yanagibashi Building

Sumitomo Mitsui Trust Bank, Limited

2005/9/29

2025/9/30

Omron Kyoto Center Building

Mitsubishi UFJ Trust and Banking Corporation

2006/3/30

2021/3/29

SORA Shin-Osaka 21

－

－

－

NRE Osaka Building

Sumitomo Mitsui Trust Bank, Limited

2003/12/5

2023/12/31

NRE Nishi-Umeda Building

－

－

－

NRE Yotsubashi Building

Sumitomo Mitsui Trust Bank, Limited

2003/12/5

2023/12/31

NRE Hiroshima Building

Sumitomo Mitsui Trust Bank, Limited

2003/12/5

2023/12/31

NOF Hakata Ekimae Building

Sumitomo Mitsui Trust Bank, Limited

2002/5/22

2018/6/29

NOF Tenjin-Minami Building

Sumitomo Mitsui Trust Bank, Limited

2006/12/19

2019/3/31

Morisia Tsudanuma

Sumitomo Mitsui Trust Bank, Limited

2006/8/30

2023/6/30

Yokosuka More’s City

Mitsubishi UFJ Trust and Banking Corporation

2006/5/31

2023/6/30

Recipe SHIMOKITA

－

－

－

2006/9/28

2023/6/30

Kawasaki More’s

Mitsubishi UFJ Trust and Banking Corporation

2004/12/１

2023/6/30

EQUINIA Shinjuku

Mitsubishi UFJ Trust and Banking Corporation

2006/3/24

2023/6/30

EQUINA Ikebukuro

Mitsubishi UFJ Trust and Banking Corporation

2003/2/14

2023/6/30

covirna machida

Sumitomo Mitsui Trust Bank, Limited

2004/6/1

2023/6/30

Nitori Makuhari

Sumitomo Mitsui Trust Bank, Limited

Konami Sports Club Fuchu

Mitsubishi UFJ Trust and Banking Corporation

FESTA SQUARE

Sumitomo Mitsui Trust Bank, Limited

GEMS Shibuya－

Sundai Azamino

Mitsubishi UFJ Trust and Banking Corporation－ 86 －

2008/4/24

2023/6/30

Building：2008/9/25
Land：2009/11/27

2023/6/30

2008/10/29

2023/6/30－－

2008/11/28

2023/6/30

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration

2002/03/27

2023/6/30－－

EQUINIA Aobadai

Mitsubishi UFJ Trust and Banking Corporation

Megalos Kanagawa－

Mitsubishi Motors Meguro

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Chofu

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Shibuya

Mitsubishi UFJ Trust and Banking Corporation

2004/3/31

2023/6/30

Mitsubishi Motors Nerima

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Kawasaki

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Takaido

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Katsushika

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Higashikurume

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Setagaya

Mitsubishi UFJ Trust and Banking Corporation

2004/3/31

2023/6/30

Mitsubishi Motors Suginami

Mitsubishi UFJ Trust and Banking Corporation

2004/3/31

2023/6/30

Mitsubishi Motors Sekimachi

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Higashiyamato

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Motosumiyoshi

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Kawagoe

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Edogawa

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Mitsubishi Motors Sayama

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

NRE Kichijoji Building

Mitsubishi UFJ Trust and Banking Corporation

2005/3/10

2025/3/10－－－

2012/12/28

2020/12/31

GEMS Ichigaya
Universal CityWalk Osaka

Sumitomo Mitsui Trust Bank, Limited

Izumiya Senrioka

Sumitomo Mitsui Trust Bank, Limited

2005/8/11

2023/6/30

Merad Owada

Mizuho Trust & Banking Co., Ltd.

Retail：2001/3/29
Logistics:2007/9/28

2023/6/30

Izumiya Yao

Sumitomo Mitsui Trust Bank, Limited

2005/8/11

2023/6/30

Izumiya Obayashi

Sumitomo Mitsui Trust Bank, Limited

2005/8/30

2023/6/30

Ichibancho stear

Mizuho Trust & Banking Co., Ltd

2005/1/31

2023/6/30

EQUINIA Aobadori

Sumitomo Mitsui Trust Bank, Limited

2008/6/30

2023/6/30

Landport Urayasu

Sumitomo Mitsui Trust Bank, Limited

2007/6/29

2023/6/30

Landport Itabashi

Mitsubishi UFJ Trust and Banking Corporation

2008/1/31

2023/6/30

Landport Kawagoe

Mitsubishi UFJ Trust and Banking Corporation

2007/9/21

2023/6/30

Landport Atsugi

Sumitomo Mitsui Trust Bank, Limited

2005/12/14

2023/6/30

Sagamihara Tana Logistics Center

Sumitomo Mitsui Trust Bank, Limited

2013/4/26

2023/7/31

Sagamihara Onodai Logistics Center

Mitsubishi UFJ Trust and Banking Corporation

2003/3/31

2023/7/31

Landport Hachioji

Sumitomo Mitsui Trust Bank, Limited

2007/3/29

2023/6/30

Landport Kasukabe

Mitsubishi UFJ Trust and Banking Corporation

2009/7/29

2023/6/30

Funabashi Logistics Center

Sumitomo Mitsui Trust Bank, Limited

2005/9/29

2023/6/30

Atsugi Minami Logistics Center B Tower

Mitsubishi UFJ Trust and Banking Corporation

2006/3/30

2023/6/30－ 87 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration

Hanyu Logistics Center

Mitsubishi UFJ Trust and Banking Corporation

2005/8/26

2023/6/30

Kawaguchi Logistics Center B Tower

Mizuho Trust & Banking Co., Ltd

2004/1/29

2023/6/30

Kawaguchi Logistics Center A Tower

Mizuho Trust & Banking Co., Ltd

2004/1/29

2023/6/30

Atsugi Minami Logistics Center A Tower

Mitsubishi UFJ Trust and Banking Corporation

2006/3/30

2023/6/30

Kawaguchi Ryoke Logistics Center

Mizuho Trust & Banking Co., Ltd

2002/8/13

2025/7/31

Ota Nitta Logistics Center

Mitsubishi UFJ Trust and Banking Corporation

2006/12/27

2023/6/30

Ota Higashishinmachi Logistics Center

Mitsubishi UFJ Trust and Banking Corporation

2008/12/19

2023/6/30

Ota Kiyohara Logistics Center

Mitsubishi UFJ Trust and Banking Corporation

2006/12/27

2023/6/30

Chiyodamachi Logistics Center

Mitsubishi UFJ Trust and Banking Corporation

2006/9/27

2023/6/30

PROUD FLAT Shirokane Takanawa

－

－

－

PROUD FLAT Yoyogi Uehara

－

－

－

PROUD FLAT Hatsudai

－

－

－

PROUD FLAT Shibuya Sakuragaoka

－

－

－

PROUD FLAT Gakugei Daigaku

－

－

－

PROUD FLAT Meguro Gyoninzaka

－

－

－

PROUD FLAT Sumida Riverside

－

－

－

PROUD FLAT Kagurazaka

－

－

－

PROUD FLAT Waseda

－

－

－

PROUD FLAT Shinjuku Kawadacho

－

－

－

PROUD FLAT Sangen Jaya

－

－

－

PROUD FLAT Kamata

－

－

－

PROUD FLAT Kamata II

－

－

－

PROUD FLAT Shinotsuka

－

－

－

PROUD FLAT Kiyosumi Shirakawa

－

－

－

PROUD FLAT Monzen Nakacho II

－

－

－

PROUD FLAT Monzen Nakacho I

－

－

－

PROUD FLAT Fujimidai

－

－

－

PROUD FLAT Asakusa

－

－

－

PROUD FLAT Yokohama

－

－

－

PROUD FLAT Kamioooka

－

－

－

PROUD FLAT Tsurumi II

－

－

－

PRIME URBAN Azabu Juban

－

－

－

PRIME URBAN Akasaka

－

－

－

PRIME URBAN Tamachi

－

－

－

PRIME URBAN Shibaura

－

－

－

PRIME URBAN Hatagaya

－

－

－

PRIME URBAN Yoyogi

－

－

－

－ 88 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration

PRIME URBAN Ebisu II

－

－

－

PRIME URBAN Bancho

－

－

－

PRIME URBAN Chiyoda Fujimi

－

－

－

PRIME URBAN Iidabashi

Mitsubishi UFJ Trust and Banking Corporation

2015/10/20

2025/10/19

PRIME URBAN Ebisu

－

－

－

PRIME URBAN Naka Meguro

－

－

－

PRIME URBAN Gakugei Daigaku

Mitsubishi UFJ Trust and Banking Corporation

2006/12/26

2016/12/25

PRIME URBAN Senzoku

Mitsubishi UFJ Trust and Banking Corporation

2006/12/26

2016/12/25

PRIME URBAN Meguro Riverside

－

－

－

PRIME URBAN Meguro Ohashi Hills

－

－

－

PRIME URBAN Meguro Aobadai

－

－

－

PRIME URBAN Gakugei Daigaku II

－

－

－

PRIME URBANNaka Meguro II

－

－

－

PRIME URBAN Kachidoki

－

－

－

PRIME URBAN Shinkawa

Sumitomo Mitsui Trust Bank, Limited

2007/9/3

2017/8/31

PRIME URBAN Nihonbashi Yokoyamacho

－

－

－

PRIME URBANNihonbashi Hamacho

－

－

－

PRIME URBAN Hongo Ikizaka

－

－

－

PRIME URBAN Hakusan

－

－

－

PRIME URBAN Yotsuya Gaien Higashi

－

－

－

PRIME URBAN Ochiai

－

－

－

PRIME URBAN Nishi Shinjuku I

Mitsubishi UFJ Trust and Banking Corporation

2006/9/1

2016/8/31

PRIME URBAN Nishi Shinjuku II

Mitsubishi UFJ Trust and Banking Corporation

2007/2/28

2017/2/27

PRIME URBAN Shinjuku Naitomachi

Mitsubishi UFJ Trust and Banking Corporation

2007/2/28

2017/2/27

PRIME URBAN Nishi Waseda

－

－

－

PRIME URBAN Shinjuku Ochiai

－

－

－

PRIME URBAN Mejiro

－

－

－

PRIME URBANKagurazaka

－

－

－

PRIME URBAN Sangen Jaya III

－

－

－

PRIME URBAN Chitose Karasuyama

－

－

－

PRIME URBAN Sangen Jaya II

－

－

－

PRIME URBAN Sangen Jaya

－

－

－

PRIME URBAN Minami Karasuyama

－

－

－

PRIME URBAN Karasuyama Galleria

－

－

－

PRIME URBAN Karasuyama Court

－

－

－

PRIME URBAN Kamikitazawa

－

－

－

PRIME URBAN Chitose Funabashi

－

－

－

－ 89 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration

PRIME URBAN Yoga

－

－

－

PRIME URBAN Shinagawa Nishi

－

－

－

PRIME URBAN Osaki

－

－

－

PRIME URBAN Oimachi II

－

－

－

PRIME URBAN Yukigaya

－

－

－

PRIME URBAN Omori

－

－

－

PRIME URBAN Denenchofu Minami

－

－

－

PRIME URBANNagahara Kamiikedai

－

－

－

PRIME URBAN Nakano

－

－

－

PRIME URBAN Nakano Kamitakada

－

－

－

PRIME URBAN Takaido

－

－

－

PRIME URBAN Nishi Ogikubo

－

－

－

PRIME URBAN Nishi Ogikubo II

－

－

－

PRIME URBAN Otsuka

Mitsubishi UFJ Trust and Banking Corporation

2006/10/12

2016/10/11

PRIME URBAN Komagome

Mitsubishi UFJ Trust and Banking Corporation

2016/2/28

2026/2/27

PRIME URBAN Ikebukuro

－

－

－

PRIME URBAN Monzen Nakacho

－

－

－

PRIME URBAN Kameido

－

－

－

PRIME URBAN Sumiyoshi

－

－

－

PRIME URBAN Mukojima

－

－

－

PRIME URBAN Kinshi Koen

－

－

－

PRIME URBAN Kinshicho

－

－

－

PRIME URBAN Hirai

－

－

－

PRIME URBAN Kasai

－

－

－

PRIME URBAN Kasai II

Mitsubishi UFJ Trust and Banking Corporation

2006/3/30

2016/3/29

PRIME URBAN Kasai East

－

－

－

PRIME URBAN Ekoda

－

－

－

PRIME URBAN Itabashi Kuyakushomae

－

－

－

PRIME URBAN Asakusa

－

－

－

PRIME URBAN Machiya South Court

－

－

－

PRIME URBAN Musashi Koganei

－

－

－

PRIME URBAN Musashino Hills

－

－

－

PRIME URBANKoganei Honcho

－

－

－

PRIME URBAN Kumegawa

－

－

－

PRIME URBAN Musashi Kosugi comodo

－

－

－

PRIME URBAN Kawasaki

－

－

－

PRIME URBAN Shinyurigaoka

－

－

－

－ 90 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration

PRIME URBAN Tsurumi Teraya

－

－

－

PRIME URBAN Urayasu II

－

－

－

PRIME URBAN Urayasu

－

－

－

PRIME URBAN Gyotoku I

－

－

－

PRIME URBAN Gyotoku II

－

－

－

PRIME URBAN Gyotoku Ekimae

Mitsubishi UFJ Trust and Banking Corporation

2006/6/29

2016/6/28

PRIME URBAN Gyotoku Ekimae II

－

－

－

PRIME URBAN Gyotoku III

－

－

－

Mitsubishi UFJ Trust and Banking Corporation

2006/3/30

2016/3/29

PRIME URBAN Kawaguchi

－

－

－

PROUD FLAT Hatchobori

－

－

－

PROUD FLAT Itabashi Honcho

－

－

－

PROUD FLAT Itsutsubashi

－

－

－

PROUD FLAT Kawaramachi

－

－

－

PROUD FLAT Shin Osaka

－

－

－

PRIME URBAN Yamahana

－

－

－

PRIME URBAN Kita Juyo Jo

－

－

－

PRIME URBAN Odori Koen I

－

－

－

PRIME URBAN Odori Koen II

－

－

－

PRIME URBAN Kita Juichi Jo

－

－

－

PRIME URBAN Miyanosawa

－

－

－

PRIME URBAN Odori Higashi

－

－

－

PRIME URBAN Chiji Kokan

－

－

－

PRIME URBAN Maruyama

－

－

－

PRIME URBAN Kita Nijuyo Jo

－

－

－

PRIME URBAN Sapporo Idaimae

－

－

－

PRIME URBAN Sapporo Riverfront

－

－

－

PRIME URBAN Kita Sanjo Dori

－

－

－

PRIME URBAN Nagamachi Icchome

－

－

－

PRIME URBAN Yaotome Chuo

－

－

－

PRIME URBAN Tsutsumidori Amamiya

－

－

－

Mitsubishi UFJ Trust and Banking Corporation

2005/3/4

2016/9/14

PRIME URBAN Kanayama

－

－

－

PRIME URBAN Tsurumai

－

－

－

PRIME URBANKamimaezu

－

－

－

PRIME URBAN Izumi

－

－

－

PRIME URBAN Esaka I

Mitsubishi UFJ Trust and Banking Corporation

2007/3/1

2017/2/28

PRIME URBAN Nishi Funabashi

PRIME URBAN Aoi－ 91 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration

PRIME URBAN Esaka II

Mitsubishi UFJ Trust and Banking Corporation

2007/3/9

2017/3/8

PRIME URBAN Esaka III

－

－

－

PRIME URBANTamatsukuri

－

－

－

PRIME URBANSakaisuji Honmachi

－

－

－

PRIME URBAN Hakata

－

－

－

PRIME URBAN Yakuin Minami

－

－

－

PRIME URBAN Kashii

－

－

－

PRIME URBAN Hakata Higashi

－

－

－

PRIME URBAN Chihaya

－

－

－

(Note) The following is a breakdown of the assets held at the end of the 1st fiscal period.
・Properties of which real estate itself is held
154properties
・Properties of which are subject to trust
104 properties－ 92 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

F. Leasing Summary and Income/Loss Status
The status of income/loss in the 1st fiscal period is stated in accordance with “Notes Concerning
Significant Accounting Policies” in “3. Financial Statements” presented above in this report. NOI, which
stands for net operating income, refers to the amount of total operating revenue from property leasing,less total operating expenses from property leasing (excluding depreciation).
These figures do not represent or guarantee figures in the future.
Amounts are rounded down to the nearest thousand yen. Accordingly, the figures shown may notnecessarily add up to the total figure.
1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

Shinjuku Nomura
Building
152

NRE Tennozu Building

Kojimachi Millennium
Garden152

152

NOF Nihonbashi
Honcho Building

Tennozu Park Side
Building

152

152

Rental revenues

1,243,048

555,534

374,115

Other rental revenues

118,719

22,26533,619577,800

407,735① Property related revenues

1,361,767(Note 1)

(Note 1)

Property management costs

151,067

44,083

6,786

Property management fees

38,532

11,832

8,771

Property and other taxes

175,977

40,35849,114

Utility expenses

130,786

28,08815,414

Casualty insurance

1,309

519

53

140,040

20,494

8,653

-

-

-

32,238

3,176

111,571

Repairs and maintenanceLand rents
Other rental expenses

669,953(Note 1)

(Note 1)

148,554

200,366③ NOI (①−②)

691,813264,795

417,744429,246

207,369④ Depreciation

59,22663,01455,00855,66937,198⑤ Real estate rental profits (③−④)

632,587

201,780

362,735

373,576

170,170② Property related expences－ 93 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

NOF Shinjuku
NOF Shibuya Koen-dori
Secom Medical Building
Minamiguchi Building
Building

Nishi-Shinjuku Showa
Building

152

152

152

152

Rental revenues

230,250

187,386

180,621208,542

Other rental revenues

15,582

22,11919,22920,469245,833

209,506

199,850

229,011

Property management costs

8,896

7,237

12,140717

Property management fees

4,148

4,412

3,899

4,740

Property and other taxes

23,277

26,794

21,65832,771

Utility expenses

13,154

7,162

13,214

13,392

Casualty insurance

179

124

218

588

Repairs and maintenance

9,488

21,260

1,034

2,202

-

-

-

-

2,026

5,299

1,251

30,404

61,172

72,291(Note 1)53,417

84,818③ NOI (①−②)

184,660

137,214

185,499

146,433

144,192④ Depreciation

4,972

4,848

35,62910,483

5,796

179,688

132,365

149,869

135,949

138,395① Property related revenues

Land rents
Other rental expenses② Property related expences⑤ Real estate rental profits (③−④)

152

NOF Shiba Building(Note 1)

(Unit: thousand yen)
Property name

NRE Shibuya
Dogenzaka Building

NOF Tameike Building

Iwamoto-cho Toyo
Building

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

104,899

128,904

102,419

108,580

116,961

Other rental revenues

10,143

8,866

9,732

13,201

7,729

115,042

137,770

112,151

121,782

124,691

Property management costs

6,346

9,878

7,019

13,002

8,016

Property management fees

3,006

3,275

1,545

3,733

2,617

Property and other taxes

14,28817,533

11,40914,534

13,446

Utility expenses

7,448

9,820

6,954

11,281

7,285

Casualty insurance

105

118

122

194

119

Repairs and maintenance

9,449

8,200

39,661

19,345

3,597

-

2,838

-

-

-

579

1,253

3,203

3,278

691

41,22452,91969,91565,37035,773③ NOI (①−②)

73,81884,851

42,23556,411

88,917④ Depreciation

5,806

7,453

8,423

6,974

9,306

⑤ Real estate rental profits (③−④)

68,011

77,39733,81249,437

79,610① Property related revenues

Land rents
Other rental expenses② Property related expences－ 94 －NOF Shinagawa Konan NOF Surugadai Plaza
Building
Building

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PMO Nihonbashi
HonchoPMO Nihonbashi
Kayabacho

Otemachi Tatemono
Gotanda Building

NRE Higashinihonbashi Building

PMO Akihabara

152

152

152

152

152

Rental revenues

89,00999,218171,281

101,674

95,327

Other rental revenues

5,547

9,326

15,905

7,960

6,701

94,557

108,545

187,186

109,635

102,029

Property management costs

4,951

6,378

13,746

11,672

4,955

Property management fees

2,388

2,806

3,573

2,687

2,495

Property and other taxes

6,775

-

7,175

9,801

7,760

Utility expenses

5,307

7,811

9,280

7,115

5,260

Casualty insurance

93

103

190

149

81

1,464

93

17,612

12,574263--

58,545

-

-

721

884

1,616

2,890

1,159

21,702

18,078111,741

46,892

21,975③ NOI (①−②)

72,85490,46775,44562,74280,054④ Depreciation

22,987

20,833

8,933

10,421

21,660⑤ Real estate rental profits (③−④)

49,866

69,63366,51252,321

58,394① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Unit: thousand yen)
NOF Kanda IwamotoNOF Takanawa Building
cho Building

NOF Minami Shinjuku
Building

PMO Hatchobori

Property name

Hatchobori NF Building

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

65,81596,751

77,85563,071

62,177

Other rental revenues

6,121

11,681

8,874

5,459

7,883

71,936

108,433

86,73068,53070,061

Property management costs

1,231

4,158

6,894

4,366

4,718

Property management fees

1,601

1,961

1,655

1,743

3,235

Property and other taxes

7,633

8,633

8,052

6,190

9,766

Utility expenses

4,224

5,759

4,964

4,229

5,471

9

103

106

77

67

3,120

24,477

2,006

1,744

13,483

-

-

-

-

-

8,315

3,456

1,019

824

703

26,13648,551

24,69919,17437,445③ NOI (①−②)

45,80059,882

62,03049,35632,615④ Depreciation

5,032

7,415

6,847

17,752

2,670⑤ Real estate rental profits (③−④)

40,76852,46655,182

31,60329,945① Property related revenues

Casualty insurance
Repairs and maintenanceLand rents
Other rental expenses② Property related expences－ 95 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PMO Nihonbashi
Odenmacho

Central Shintomicho
Building

PMO Higashinihonbashi

NRE Ueno Building

NOF Technoport
Kamata Center Building

152

152

152

152

152

Rental revenues

56,751

38,99540,676

157,844

166,326

Other rental revenues

3,676

9,586

3,796

13,76824,83460,42848,58144,473

171,612

191,161

Property management costs

4,057

3,630

4,210

12,762

38,764

Property management fees

1,481

934

1,292

3,464

4,928

Property and other taxes

6,109

4,014

4,867

14,15034,880Utility expenses

3,633

3,621

3,690

9,749

23,995

Casualty insurance

55

63

58

160

357

Repairs and maintenance

242

820

4,852

2,506

11,601

-

-

-

-

-

615

793

1,496

1,259

12,292

16,194

13,87920,46744,053

126,820③ NOI (①−②)

44,23334,702

24,005

127,559

64,340④ Depreciation

12,373

3,253

13,43910,862

12,184⑤ Real estate rental profits (③−④)

31,86031,448

10,566116,696

52,156① Property related revenues

Land rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property nameNF Hongo Building.

Toho Edogawabashi
Building

Toshin Meguro Building

Crystal Park Building

NOF Kichijoji Honcho
Building

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

34,573

24,59992,67953,284

Other rental revenues

4,478

3,146

7,762

4,298

39,052

27,745

100,441

57,582

Property management costs

4,704

2,235

50

3,244

Property management fees

881

572

1,881

1,247

Property and other taxes

6,190

2,292

9,674

4,976

Utility expenses

3,411

2,026

5,334

2,982

Casualty insurance

68

41

60

59

4,328

1,956

300

3,291

-

-

-

-

1,245

881

14,8281,478(Note 1)

20,82810,00532,12917,279③ NOI (①−②)

130,079

18,224

17,74068,31240,302④ Depreciation

9,733

3,219

2,610

8,337

4,014

120,346

15,004

15,12959,97436,288① Property related revenues(Note 1)

Repairs and maintenanceLand rents
Other rental expenses② Property related expences⑤ Real estate rental profits (③−④)－ 96 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name

Faret Tachikawa Center
SquareNOF Kawasaki
Higashiguchi Building

NOF Yokohama
Nishiguchi Building

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

162,402226,654

158,419

116,808

61,279Other rental revenues

13,96030,334

21,34911,054

14,421

176,363

256,988

179,768

127,862

75,701

Property management costs

348

16,937

13,62813,048

8,313

Property management fees

4,378

4,442

5,015

3,131

1,389

Property and other taxes

16,09021,077

21,96016,369

7,031

Utility expenses

19,06816,434

11,442

12,711

13,841

Casualty insurance

221

223

198

196

120

Repairs and maintenance

1,408

34,1099,735

19,733

1,057

-

-

-

-

-

35,127

2,876

3,597

1,073

872

76,641

96,101

65,57866,26532,627③ NOI (①−②)

99,721

160,886

114,190

61,596

43,073④ Depreciation

10,10012,06011,26912,630

7,002⑤ Real estate rental profits (③−④)

89,621

148,826

102,920

48,96636,071① Property related revenues

Land rents
Other rental expenses② Property related expences

NOF Shin-Yokohama Yokohama Odori Koen
Building
Building(Unit: thousand yen)
NOF Utsunomiya
Building

Property name

Sapporo North PlazaNRE Sapporo Building

JCB Sapporo Higashi
Building

NOF Sendai Aoba-dori
Building

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

247,010

134,403

95,173

98,120

Other rental revenues

41,093

17,776

19,112

22,450288,103

152,180

114,286

120,570

Property management costs

28,180

10,11913,582

14,160Property management fees

7,116

3,187

3,188

3,666

Property and other taxes

15,911

8,018

8,757

11,912

Utility expenses

40,136

18,585

11,903

13,881

Casualty insurance

329

199

219

209

11,351

4,616

7,129

7,190

-

-

-

-

3,763

1,414

2,655

2,402

106,790

46,141(Note 1)47,43653,421③ NOI (①−②)

181,313106,038

81,641

66,84967,148④ Depreciation

12,81340,985

18,696

5,589

16,991⑤ Real estate rental profits (③−④)

168,499

65,052

62,944

61,26050,157① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences－ 97 －(Note 1)

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property nameNOF Nagoya Fushimi
Building

NOF Nagoya
Yanagibashi Building

Omron Kyoto Center
Building

SORA Shin-Osaka 21

NRE Osaka Building

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

62,25785,890331,497

290,200

Other rental revenues

8,069

10,35566,66750,98070,326

96,246398,165

341,180

Property management costs

5,622

7,445

48,842

41,150Property management fees

1,331

2,286

6,423

9,525

Property and other taxes

8,652

13,62160,03738,268

Utility expenses

5,601

9,576

41,36642,237

Casualty insurance

97

135

803

448

1,031

2,594

25,157

21,178

-

-

-

-

528

799

16,8682,776

22,86536,458(Note 1)

199,499

155,586③ NOI (①−②)

47,461

59,788373,930

198,665

185,594④ Depreciation

20,804

4,605

56,83928,844

18,817⑤ Real estate rental profits (③−④)

26,65655,182

317,090

169,821

166,776① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Note 1)

(Unit: thousand yen)
Property name

NRE Nishi-Umeda
Building

NOF Hakata Ekimae
Building

NOF Tenjin-Minami
Building

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

120,498

188,362

128,296

136,11657,889Other rental revenues

11,586

14,793

13,38019,4788,661

132,085

203,155

141,676

155,595

66,551

Property management costs

9,810

30,09017,37912,812

5,920

Property management fees

3,203

6,042

2,669

2,955

1,515

Property and other taxes

16,47826,4089,266

15,036

8,580

Utility expenses

9,046

15,51910,891

15,206

6,634

Casualty insurance

170

306

214

247

89

Repairs and maintenance

12,91911,475

11,81011,678546

Land rents

16,367----

Other rental expenses

1,165

2,036

2,479

2,829

2,164

69,162

91,87954,70960,76625,452③ NOI (①−②)

62,922111,276

86,966

94,82841,098④ Depreciation

7,542

16,3494,544

14,391

16,447⑤ Real estate rental profits (③−④)

55,38094,92682,42280,437

24,651① Property related revenues② Property related expences

NRE Yotsubashi
Building

NRE Hiroshima
Building－ 98 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name

Morisia Tsudanuma

Yokosuka More’s City

Recipe SHIMOKITA

Number of business days
during the 1st fiscal period

152

152

152

Kawasaki More’s152

EQUINIA Shinjuku
152

Rental revenues

726,795

223,715

124,342

Other rental revenues

199,850

41,10817,918① Property related revenues

926,646(Note 1)

264,823(Note 1)

142,261

Property management costs

121,956

21,9498,819

Property management fees

53,198

2,591

3,107

Property and other taxes

63,904

15,424

17,423

Utility expenses

156,243

25,285

11,997

Casualty insurance

1,583

149

112

170,670

3,323

9,409

-

-

-

65,16514,145

1,795

Repairs and maintenanceLand rents
Other rental expenses

632,722(Note 1)

82,868(Note 1)

52,664③ NOI (①−②)

293,923

364,758

181,955

156,232

89,596④ Depreciation

86,73538,78238,43213,808

6,596⑤ Real estate rental profits (③−④)

207,188

325,975

143,522

142,423

83,000② Property related expences(Unit: thousand yen)covirna machida

Nitori Makuhari

Property name

EQUINA Ikebukuro

Number of business days
during the 1st fiscal period

152

152

Rental revenues

111,357

115,744

Other rental revenues

12,046

18,609123,404

134,353

Property management costs

3,929

10,730Property management fees

3,313

3,178

Property and other taxes

8,764

4,469

Utility expenses

7,594

12,480Casualty insurance

70

78

6,358

47,473

-

-

1,240

8,222

31,271③ NOI (①−②)

Konami Sports Club
Fuchu

FESTA SQUARE

152

152

152

(Note 1)

(Note 1)

(Note 1)

86,633(Note 1)

(Note 1)

(Note 1)

92,13247,72079,29868,745

69,158④ Depreciation

5,682

10,53023,427

16,695

21,665⑤ Real estate rental profits (③−④)

86,44937,18955,87152,04947,492① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences－ 99 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

GEMS Shibuya

Sundai Azamino

152

152

Megalos Kanagawa

152

152

152

(Note 1)

(Note 1)

Rental revenues

67,08059,935

Other rental revenues

12,5184,870① Property related revenues

79,599(Note 1)64,806

Property management costs

4,014

5,350

Property management fees

2,275

1,341

Property and other taxes

5,642

4,958

Utility expenses

12,467

5,030

Casualty insurance

42

59

Repairs and maintenance251

10,714--

10,711

830

Land rents
Other rental expenses

Mitsubishi Motors
MeguroEQUINIA Aobadai

35,404(Note 1)28,285(Note 1)

(Note 1)

③ NOI (①−②)

44,19444,71836,521

24,39164,597④ Depreciation

9,209

12,979

5,268

5,178

-

⑤ Real estate rental profits (③−④)

34,98531,73831,252

19,21364,597② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

Mitsubishi Motors
Chofu

Mitsubishi Motors
Shibuya

Mitsubishi Motors
NerimaMitsubishi Motors
TakaidoMitsubishi Motors
Kawasaki

152

152

152

152

152

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

38,73635,98429,40730,573

18,491④ Depreciation

-

-

-

-

-

38,73635,98429,40730,573

18,491

Rental revenues
Other rental revenues① Property related revenues
Property management costs
Property management fees
Property and other taxes
Utility expenses
Casualty insurance
Repairs and maintenanceLand rents
Other rental expenses② Property related expences⑤ Real estate rental profits (③−④)－ 100 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

Mitsubishi Motors
Katsushika

Mitsubishi Motors
Higashikurume

Mitsubishi Motors
SetagayaMitsubishi Motors
Suginami

Mitsubishi Motors
Sekimachi

152

152

152

152

152

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

18,53322,991

18,098

16,203

14,286④ Depreciation

-

-

-

-

-

18,53322,991

18,098

16,203

14,286

Rental revenues
Other rental revenues① Property related revenues
Property management costs
Property management fees
Property and other taxes
Utility expenses
Casualty insurance
Repairs and maintenanceLand rents
Other rental expenses② Property related expences⑤ Real estate rental profits (③−④)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

Mitsubishi Motors
Higashiyamato

Mitsubishi Motors
Motosumiyoshi

Mitsubishi Motors
Kawagoe

Mitsubishi Motors
SayamaMitsubishi Motors
Edogawa

152

152

152

152

152

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

17,618

8,900

9,242

4,242

5,993

④ Depreciation

-

-

-

-

-

17,618

8,900

9,242

4,242

5,993

Rental revenues
Other rental revenues① Property related revenues
Property management costs
Property management fees
Property and other taxes
Utility expenses
Casualty insurance
Repairs and maintenanceLand rents
Other rental expenses② Property related expences⑤ Real estate rental profits (③−④)－ 101 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name

NRE Kichijoji Building(Note 2)

Number of business days
during the 1st fiscal period

123

GEMS Ichigaya(Note 2)

Universal CityWalk
Osaka

Izumiya Senrioka

123

152

Rental revenues

40,168468,104

Other rental revenues

8,777

215,048

48,945683,153

Property management costs

3,367

38,992

Property management fees

1,230

35,805

Property and other taxes

27

22,295

Utility expenses

7,946

116,714

Casualty insurance

29

543

Repairs and maintenance60

83,498Land rents-

24,9652,376

98,279(Note 1)

15,036③ NOI (①−②)

84,842④ Depreciation⑤ Real estate rental profits (③−④)① Property related revenues

152

152

(Note 1)

(Note 1)

421,094(Note 1)

(Note 1)33,908262,058

258,610

187,786

14,295

6,005

143,275

46,151

22,46270,54627,902

118,783

212,458

165,324(Note 1)Other rental expenses② Property related expences

Merad Owada(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

Izumiya Obayashi

Izumiya Yao

152

Rental revenues

174,719

112,316

Other rental revenues

18,681

19,936

193,400

132,253

Property management costs

5,525

6,472

Property management fees

7,027

2,590

Property and other taxes

6,767

2,499

Utility expenses

17,067

10,972

Casualty insurance

118

116

Repairs and maintenance

4,316

5,976

-

28,920

5,118

1,496

(Note 1)152

EQUINIA Aobadori

152① Property related revenues

152

Ichibancho stear(Note 1)

Land rents
Other rental expenses

Landport Urayasu
152(Note 1)

(Note 1)

(Note 1)45,94059,045(Note 1)

③ NOI (①−②)

105,51273,431

147,460

73,208363,953④ Depreciation

30,125

11,56419,755

19,59994,038⑤ Real estate rental profits (③−④)

75,38761,867

127,704

53,608269,915② Property related expences－ 102 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

Landport Itabashi

Landport Kawagoe

Landport Atsugi

Sagamihara Tana
Logistics Center

Sagamihara Onodai
Logistics Center

152

152

152

152

152

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

337,319

310,748

254,314

276,979

234,359④ Depreciation

79,357

115,328

105,919

82,39465,539⑤ Real estate rental profits (③−④)

257,961

195,420

148,394

194,585

168,819

Rental revenues
Other rental revenues① Property related revenues
Property management costs
Property management fees
Property and other taxes
Utility expenses
Casualty insurance
Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Unit: thousand yen)
Landport Kasukabe

Funabashi Logistics
Center

152

152

152

152

(Note 1)

(Note 1)

(Note 1)

(Note 1)

59,704(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

185,635

158,33190,903

41,206

106,417④ Depreciation

67,65766,80926,017

37,19535,979⑤ Real estate rental profits (③−④)

117,977

91,52264,886

4,010

70,438Property name
Number of business days
during the 1st fiscal period

Landport Hachioji
152

Rental revenues

230,989

Other rental revenues

14,349① Property related revenues

245,339

Property management costs

9,174

Property management fees

2,589

Property and other taxes

25,601

Utility expenses

12,042

Casualty insurance

385

Repairs and maintenance

9,110Land rents－

Other rental expenses

801② Property related expences－ 103 －

Atsugi Minami Logistics
Hanyu Logistics Center
Center B Tower

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name

Kawaguchi Logistics
Center B Tower

Kawaguchi Logistics
Center A Tower

Atsugi Minami Logistics
Center A Tower

Kawaguchi Ryoke
Logistics Center

Number of business days
during the 1st fiscal period

152

152

152

152

152

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

79,171

72,84057,585272,103102,131④ Depreciation

14,4249,050

13,04153,80939,426⑤ Real estate rental profits (③−④)

64,74663,78944,543

218,294

62,704

Ota Nitta Logistics
CenterRental revenues
Other rental revenues① Property related revenues
Property management costs
Property management fees
Property and other taxes
Utility expenses
Casualty insurance
Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property nameOta Higashishinmachi
Logistics Center

Number of business days
during the 1st fiscal period

152

Ota Kiyohara Logistics Chiyodamachi Logistics
CenterCenter152

Rental revenues

74,78023,758Other rental revenues

5,071

1,236

79,852

24,995

Property management costs

2,217

759

Property management fees

4,019

1,225

Property and other taxes

4,120

1,594

Utility expenses

875

323

Casualty insurance

72

26

1,317

639

-

-

2,286

1,095

(Note 1)

(Note 1)

152

PROUD FLAT
Yoyogi Uehara

152① Property related revenues

152

PROUD FLAT
Shirokane Takanawa(Note 1)

Repairs and maintenanceLand rents
Other rental expenses(Note 1)

(Note 1)

(Note 1)

14,908

5,665③ NOI (①−②)

66,565

2,600

2,077

64,943

19,329④ Depreciation

24,903

8,793

3,442

15,876

4,787⑤ Real estate rental profits (③−④)

41,661(6,192)(1,365)49,067

14,542② Property related expences－ 104 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PROUD FLAT
Hatsudai

PROUD FLAT
Shibuya Sakuragaoka

PROUD FLAT
Gakugei Daigaku

PROUD FLAT
Meguro Gyoninzaka

PROUD FLAT
Sumida Riverside

152

152

152

152

152

18,722

17,13419,19821,77558,622

836

1,508

1,269

1,847

3,560

19,55918,643

20,467

23,622

62,183

Property management costs

730

1,279

798

845

2,890

Property management fees

1,144

843

1,101

907

3,183

Property and other taxes

1,287

854

1,162

1,109

3,530

Utility expenses

206

244

376

327

912

Casualty insurance

20

16

22

21

67

Repairs and maintenance

645

503

965

972

1,590

-

-

-

-

-

686

90

814

199

1,595

4,721

3,831

5,240

4,382

13,771③ NOI (①−②)

14,837

14,811

15,227

19,24048,412④ Depreciation

3,362

3,706

4,424

5,058

16,072⑤ Real estate rental profits (③−④)

11,474

11,105

10,803

14,18132,339Rental revenues
Other rental revenues① Property related revenues

Land rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PROUD FLAT
Kagurazaka

PROUD FLAT
WasedaPROUD FLAT
Shinjuku Kawadacho

PROUD FLAT
KamataPROUD FLAT
Sangen Jaya

152

152

152

152

152

Rental revenues

38,93927,962

22,51928,046

29,512Other rental revenues

1,700

1,959

1,955

1,223

1,793

40,63929,922

24,47529,26931,305

Property management costs

1,609

1,617

1,449

809

1,431

Property management fees

1,378

1,499

1,013

1,511

1,693

Property and other taxes

2,066

1,705

1,298

1,571

1,634

Utility expenses

753

515

502

549

422

Casualty insurance

41

33

25

32

37

Repairs and maintenance

833

507

413

957

986

-

-

-

-

-

381

388

541

344

1,046

7,065

6,267

5,243

5,776

7,251

③ NOI (①−②)

33,57423,655

19,231

23,49324,054④ Depreciation

10,087

7,359

5,687

7,965

9,622

⑤ Real estate rental profits (③−④)

23,487

16,295

13,544

15,52814,431① Property related revenues

Land rents
Other rental expenses② Property related expences－ 105 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PROUD FLAT
Kamata II

PROUD FLAT
Shinotsuka

PROUD FLAT
Kiyosumi Shirakawa

PROUD FLAT
Monzen Nakacho II

PROUD FLAT
Monzen Nakacho I

152

152

152

152

152

Rental revenues

83,085

15,46824,747

15,90725,216

Other rental revenues

5,158

851

822

1,585

2,495

88,243

16,32025,56917,49327,711

Property management costs

2,308

909

1,690

1,148

1,996

Property management fees

3,495

980

511

1,054

1,548

Property and other taxes

4,924

835

1,361

828

1,644

Utility expenses

1,177

279

471

249

556

Casualty insurance

94

19

27

20

30

1,609

974

88

1,199

595

-

-

-

-

-

1,405

381

228

590

928

15,015

4,380

4,379

5,091

7,300

③ NOI (①−②)

73,228

11,93921,19012,402

20,411④ Depreciation

23,825

4,872

6,786

4,328

7,855

⑤ Real estate rental profits (③−④)

49,403

7,066

14,403

8,073

12,555① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PROUD FLAT
Fujimidai

PROUD FLAT
Asakusa

PROUD FLAT
Yokohama

PROUD FLAT
Tsurumi II

PROUD FLAT
Kamioooka

152

152

152

152

152

46,01549,61356,68976,00045,796

916

2,892

4,208

3,137

7,006

46,93152,50560,897

79,13752,802

Property management costs

2,242

1,850

2,248

2,642

3,142

Property management fees

1,306

2,876

2,708

1,612

2,218

Property and other taxes

3,098

3,335

4,424

6,392

2,987

Utility expenses

569

699

953

691

2,382

Casualty insurance

48

63

82

137

53

Repairs and maintenance

113

1,075

2,117

425

1,217

Land rents

-

-

-

-

-

Other rental expenses

40

1,409

1,357

469

1,387

7,419

11,30913,891

12,37013,389③ NOI (①−②)

39,512

41,19547,00566,76739,413④ Depreciation

9,096

15,64915,91420,874

12,632⑤ Real estate rental profits (③−④)

30,41525,54631,09045,893

26,781

Rental revenues
Other rental revenues① Property related revenues② Property related expences－ 106 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Azabu Juban

PRIME URBAN
Akasaka

PRIME URBAN
Tamachi

PRIME URBAN
Shibaura

PRIME URBAN
Hatagaya

152

152

152

152

152

Rental revenues

25,48922,06625,20545,295

12,027

Other rental revenues

1,039

701

234

3,301

520

26,52822,76825,43948,597

12,547

Property management costs

1,005

700

762

2,082

743

Property management fees

1,917

1,305

845

2,922

1,005

Property and other taxes

1,568

1,448

1,554

2,781

645

Utility expenses

249

424

348

962

255

Casualty insurance

30

28

27

50

16

Repairs and maintenance

922

989

247

1,440

980

-

-

-

-

-

1,419

892

228

1,682

753

7,113

5,788

4,012

11,922

4,398③ NOI (①−②)

19,415

16,98021,42636,6748,149④ Depreciation

1,901

2,294

4,032

11,549766⑤ Real estate rental profits (③−④)

17,513

14,686

17,39425,124

7,383① Property related revenues

Land rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property namePRIME URBAN
Ebisu ⅡPRIME URBAN
Yoyogi

PRIME URBAN
BanchoPRIME URBAN
Iidabashi

PRIME URBAN
Chiyoda Fujimi

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

9,013

27,12826,221

17,241

46,229Other rental revenues

422

1,812

1,115

247

3,477

9,436

28,94027,337

17,48849,707

Property management costs

575

1,205

855

730

981

Property management fees

877

1,830

1,647

810

3,807

Property and other taxes

509

1,688

1,524

1,004

2,626

Utility expenses

137

316

282

188

678

Casualty insurance

13

27

30

18

55

1,415

980

1,655

891

1,699

-

-

-

-

-

706

747

1,000

353

2,069

4,234

6,794

6,996

3,997

11,917③ NOI (①−②)

5,201

22,145

20,341

13,49137,790④ Depreciation

2,005

3,389

4,401

3,234

9,719

⑤ Real estate rental profits (③−④)

3,195

18,756

15,93910,25728,070① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences－ 107 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Ebisu

PRIME URBAN
Naka Meguro

PRIME URBAN
Gakugei Daigaku

PRIME URBAN
Senzoku

PRIME URBAN
Meguro Riverside

152

152

152

152

152

Rental revenues

26,73332,024

19,397

11,884

11,571Other rental revenues

4,514

1,626

1,055

334

293

31,24733,651

20,452

12,218

11,864

Property management costs

1,102

667

484

205

495

Property management fees

2,352

1,704

1,270

994

573

Property and other taxes

1,514

1,646

1,055

618

585

Utility expenses

416

200

119

75

173

Casualty insurance

29

30

19

12

12

1,069

757

774

630

422

-

-

-

-

-

1,886

737

1,216

1,812

312

8,371

5,743

4,940

4,349

2,575

③ NOI (①−②)

22,87527,90815,512

7,868

9,288

④ Depreciation

4,184

4,650

4,287

2,420

2,717

⑤ Real estate rental profits (③−④)

18,691

23,257

11,224

5,448

6,570

① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Unit: thousand yen)
PRIME URBAN
Gakugei DaigakuⅡ

Property namePRIME URBAN
Meguro Ohashi Hills

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

66,85930,65324,387

58,836

69,358Other rental revenues

3,698

2,147

960

6,701

4,727

70,55732,801

25,34765,53774,086

Property management costs

1,342

806

806

1,500

2,430

Property management fees

3,166

2,131

1,030

4,147

4,866

Property and other taxes

4,114

1,764

1,395

2,916

3,622

Utility expenses

1,018

453

351

2,183

643

Casualty insurance

68

30

24

55

101

2,598

1,909

464

1,058

21,347

-

-

-

-

-

1,106

899

627

2,229

2,796

13,416

7,995

4,700

14,09235,808③ NOI (①−②)

57,14024,805

20,64651,444

38,277④ Depreciation

14,999

4,949

4,048

5,992

5,590

⑤ Real estate rental profits (③−④)

42,14019,856

16,59845,452

32,686① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences

PRIME URBAN
Meguro Aobadai－ 108 －PRIME URBAN
Kachidoki

PRIME URBAN
Naka Meguro II

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Nihonbashi
Yokoyamacho

PRIME URBAN
Shinkawa

PRIME URBAN
Nihonbashi Hamacho

PRIME URBAN
Hongo Ikizaka

PRIME URBAN
Hakusan

152

152

152

152

152

Rental revenues

56,45699,30136,852

13,506

20,440

Other rental revenues

5,584

7,572

2,638

1,164

1,022

62,040106,874

39,49014,67021,462

Property management costs

3,863

4,237

818

755

800

Property management fees

1,903

5,279

2,334

878

1,346

Property and other taxes

4,281

6,764

2,256

874

1,362

Utility expenses

2,931

1,036

691

233

283

Casualty insurance

84

125

43

16

25

1,815

3,940

1,445

273

967

-

-

-

-

-

1,580

1,709

1,383

361

811

16,46023,092

8,972

3,391

5,597

③ NOI (①−②)

45,58083,781

30,518

11,27915,864④ Depreciation

5,315

27,497

7,694

3,202

6,779

⑤ Real estate rental profits (③−④)

40,26456,283

22,823

8,076

9,085

① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property namePRIME URBAN
Yotsuya Gaien Higashi

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

35,666

9,186

28,25822,533

11,118Other rental revenues

1,711

1,163

2,385

1,029

33

37,377

10,34930,64323,562

11,151

Property management costs

1,390

600

1,245

912

595

Property management fees

2,573

585

2,426

1,462

472

Property and other taxes

2,383

359

1,602

1,541

717

Utility expenses

525

171

329

368

162

Casualty insurance

42

12

29

29

13

2,878

1,225

2,977

402

55

-

-

-

-

-

1,484

453

3,668

1,314

861

11,278

3,406

12,279

6,031

2,876

③ NOI (①−②)

26,098

6,943

18,364

17,531

8,275④ Depreciation

6,012

710

6,042

5,940

1,773

⑤ Real estate rental profits (③−④)

20,086

6,232

12,321

11,5906,501① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences

PRIME URBAN
Ochiai

PRIME URBAN
Nishi Shinjuku I－ 109 －PRIME URBAN
Shinjuku Naitomachi

PRIME URBAN
Nishi Shinjuku II

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Nishi Waseda

PRIME URBAN
Shinjuku Ochiai

PRIME URBAN
MejiroPRIME URBAN
Sangen JayaⅢ

PRIME URBAN
Kagurazaka

152

152

152

152

152

11,664

16,53933,95665,926

18,935

48

790

1,480

2,901

1,483

11,712

17,33035,437

68,827

20,419Property management costs

383

809

1,140

2,263

757

Property management fees

514

1,096

1,849

3,460

1,105

Property and other taxes

591

878

2,308

3,993

888

Utility expenses

246

153

528

549

337

Casualty insurance

13

19

38

68

26

1,489

1,111

1,337

3,686

1,782

-

-

-

-

-

346

818

1,786

2,243

838

3,586

4,888

8,990

16,2635,735③ NOI (①−②)

8,125

12,441

26,44752,563

14,683④ Depreciation

3,048

1,318

5,833

15,790

1,875⑤ Real estate rental profits (③−④)

5,077

11,123

20,61336,77312,807

Rental revenues
Other rental revenues① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property namePRIME URBAN
Chitose Karasuyama

PRIME URBAN
Minami Karasuyama

PRIME URBAN
Karasuyama Galleria

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

20,193

12,897

18,38819,01814,719Other rental revenues

2,773

2,408

1,336

1,017

253

22,96615,305

19,724

20,036

14,972

Property management costs

795

631

620

700

655

Property management fees

1,198

753

1,212

1,249

701

Property and other taxes

1,297

900

1,011

1,363

992

Utility expenses

507

540

299

254

236

Casualty insurance

32

22

22

24

18

1,478

3,278

3,720

480

278

-

-

-

-

-

293

281

869

515

527

5,601

6,408

7,756

4,587

3,411

③ NOI (①−②)

17,364

8,897

11,967

15,448

11,561④ Depreciation

1,451

1,124

4,177

4,434

3,789

⑤ Real estate rental profits (③−④)

15,913

7,773

7,790

11,013

7,772① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences

PRIME URBAN
Sangen Jaya II

PRIME URBAN
Sangen Jaya

－ 110 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property namePRIME URBAN
Karasuyama Court

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

9,961

16,153

18,26733,726

17,338Other rental revenues

225

684

717

3,133

550

10,186

16,837

18,98536,85917,888Property management costs

455

530

832

1,068

875

Property management fees

467

881

1,063

2,264

779

Property and other taxes

627

902

1,407

2,745

832

Utility expenses

148

162

269

592

213

Casualty insurance

12

25

23

44

24

Repairs and maintenance

224

2,319

200

1,024

2,093

-

-

-

-

-

194

719

1,093

939

616

2,129

5,541

4,890

8,678

5,434

③ NOI (①−②)

8,056

11,296

14,09528,181

12,454④ Depreciation

2,321

1,232

4,355

7,731

1,511

⑤ Real estate rental profits (③−④)

5,734

10,064

9,740

20,45010,942① Property related revenues

Land rents
Other rental expenses② Property related expences

PRIME URBAN
Kamikitazawa

PRIME URBAN
Chitose Funabashi

PRIME URBAN
Yoga

PRIME URBAN
Shinagawa Nishi(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Osaki

PRIME URBAN
Oimachi II

PRIME URBAN
Yukigaya

PRIME URBAN
Denenchofu Minami

PRIME URBAN
Omori

152

152

152

152

152

Rental revenues

43,38536,982

28,712

22,873

19,717

Other rental revenues

2,563

4,492

1,005

1,023

1,023

45,94941,47529,71723,897

20,740Property management costs

1,865

1,988

1,018

1,000

905

Property management fees

2,022

2,585

1,703

1,254

1,033

Property and other taxes

2,521

1,673

1,157

1,381

1,558

Utility expenses

547

2,194

305

371

278

Casualty insurance

48

47

41

25

25

2,275

3,558

2,519

989

1,145

-

-

-

-

-

1,780

1,337

1,662

1,227

799

11,06013,384

8,408

6,247

5,746

③ NOI (①−②)

34,88828,09021,30917,64914,994④ Depreciation

8,599

2,734

2,004

5,902

5,328

⑤ Real estate rental profits (③−④)

26,28925,356

19,305

11,746

9,665① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences－ 111 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property namePRIME URBAN
Nagahara Kamiikedai

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

35,807

14,68815,27631,871

10,509Other rental revenues

1,598

542

998

1,080

578

37,405

15,23016,27532,952

11,088Property management costs

1,240

812

1,135

1,573

357

Property management fees

1,944

969

931

1,812

717

Property and other taxes

2,775

613

1,112

1,352

545

Utility expenses

414

133

255

399

190

Casualty insurance

47

21

19

46

12

Repairs and maintenance

988

1,507

340

2,991

365

-

-

-

-

-

2,859

866

536

1,326

682

10,272

4,925

4,330

9,501

2,872

③ NOI (①−②)

27,133

10,305

11,94423,4508,215④ Depreciation

6,879

954

3,584

2,430

1,994

⑤ Real estate rental profits (③−④)

20,253

9,350

8,359

21,0206,221① Property related revenues

Land rents
Other rental expenses② Property related expences

PRIME URBAN
NakanoPRIME URBAN
Nakano Kamitakada

PRIME URBAN
TakaidoPRIME URBAN
Nishi Ogikubo(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Nishi OgikuboⅡ

PRIME URBAN
OtsukaPRIME URBAN
Komagome

PRIME URBAN
Monzen Nakacho

PRIME URBAN
Ikebukuro

152

152

152

152

152

Rental revenues

40,351

18,91914,28187,875

60,110

Other rental revenues

1,650

690

1,157

5,048

4,138

42,002

19,60915,43992,92464,249Property management costs

1,250

722

735

2,218

1,809

Property management fees

2,179

1,295

869

4,608

2,924

Property and other taxes

2,419

1,059

1,018

5,141

3,302

Utility expenses

464

239

371

869

1,127

Casualty insurance

44

22

22

98

70

2,114

1,516

1,162

2,843

4,404

-

-

-

-

-

1,363

1,142

1,161

2,836

1,329

9,836

5,998

5,341

18,616

14,967③ NOI (①−②)

32,166

13,61010,09774,30749,281④ Depreciation

5,372

4,837

780

20,662

12,892⑤ Real estate rental profits (③−④)

26,793

8,773

9,317

53,64536,388① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences－ 112 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
KameidoPRIME URBAN
Sumiyoshi

PRIME URBAN
Mukojima

PRIME URBAN
Kinshi Koen

PRIME URBAN
Kinshicho

152

152

152

152

152

20,848

14,466

17,481

32,843

19,355

154

1,394

362

1,379

600

21,003

15,86017,84434,223

19,955

Property management costs

665

555

1,252

1,105

695

Property management fees

668

1,107

832

1,523

598

Property and other taxes

1,107

832

844

1,942

1,020

Utility expenses

290

255

343

622

254

Casualty insurance

23

18

30

45

22

Repairs and maintenance

240

1,245

819

2,180

315

Land rents

-

-

-

-

-

Other rental expenses

66

737

295

844

76

3,062

4,750

4,419

8,263

2,984

③ NOI (①−②)

17,94011,11013,42525,95916,970④ Depreciation

6,324

5,190

2,643

10,743

5,405⑤ Real estate rental profits (③−④)

11,616

5,919

10,781

15,216

11,565

Rental revenues
Other rental revenues① Property related revenues② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Hirai

PRIME URBAN
Kasai

PRIME URBAN
Kasai IIPRIME URBAN
Ekoda

PRIME URBAN
Kasai East

152

152

152

152

152

18,866

15,70325,51530,844

11,299

457

1,792

1,161

1,157

595

19,324

17,496

26,67732,002

11,894

Property management costs

645

671

680

952

495

Property management fees

1,037

973

1,353

1,249

874

Property and other taxes

1,118

993

1,522

2,012

608

Utility expenses

229

427

321

381

126

Casualty insurance

23

20

30

38

18

Repairs and maintenance

940

2,160

1,681

315

1,536

-

-

-

-

-

789

1,042

1,513

566

862

4,784

6,290

7,102

5,517

4,521

③ NOI (①−②)

14,539

11,205

19,574

26,4857,372④ Depreciation

5,987

5,045

9,044

8,851

926

⑤ Real estate rental profits (③−④)

8,552

6,160

10,52917,634

6,446

Rental revenues
Other rental revenues① Property related revenues

Land rents
Other rental expenses② Property related expences－ 113 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property namePRIME URBAN
Itabashi Kuyakushomae

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

28,866

12,082

58,11854,272

25,695

Other rental revenues

2,153

950

3,044

4,950

4,857

31,01913,032

61,16259,22230,552

Property management costs

1,005

810

1,520

1,755

1,470

Property management fees

1,779

897

2,430

2,611

3,836

Property and other taxes

2,148

717

3,610

5,320

2,768

Utility expenses

584

260

516

309

504

Casualty insurance

36

18

84

97

54

1,530

4,661

5,189

2,621

5,693

-

-

-

-

-

2,028

204

970

1,698

3,756

9,113

7,570

14,321

14,412

18,083③ NOI (①−②)

21,906

5,462

46,84144,81012,469④ Depreciation

8,169

1,034

10,461

4,556

2,674

⑤ Real estate rental profits (③−④)

13,737

4,427

36,37940,253

9,794① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences

PRIME URBAN
Asakusa

PRIME URBAN
Machiya South Court

PRIME URBAN
Musashi Koganei

PRIME URBAN
Musashino Hills(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Koganei Honcho

PRIME URBAN
Kumegawa

PRIME URBAN
Musashi Kosugi comodo

PRIME URBAN
Shinyurigaoka

PRIME URBAN
Kawasaki

152

152

152

152

152

Rental revenues

22,35743,17453,50627,03725,075

Other rental revenues

1,424

4,583

8,243

3,461

5,503

23,78247,757

61,74930,49830,578Property management costs

705

1,255

817

2,013

1,187

Property management fees

1,417

2,086

3,891

1,780

3,480

Property and other taxes

1,608

2,890

2,704

1,906

1,998

Utility expenses

272

498

1,237

402

352

Casualty insurance

30

61

70

45

36

Repairs and maintenance

641

1,350

3,330

4,168

8,397

-

-

-

-

-

1,423

1,782

1,948

770

3,597

6,099

9,924

14,00011,086

19,050③ NOI (①−②)

17,68337,83347,74819,411

11,528④ Depreciation

4,483

13,978

5,660

3,539

7,673

⑤ Real estate rental profits (③−④)

13,20023,85442,08815,872

3,855① Property related revenues

Land rents
Other rental expenses② Property related expences－ 114 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Tsurumi Teraya

PRIME URBAN
Urayasu II

PRIME URBAN
Urayasu

PRIME URBAN
Gyotoku I

PRIME URBAN
Gyotoku II

152

152

152

152

152

Rental revenues

15,002

6,847

22,441

17,234

19,720

Other rental revenues

2,129

524

240

1,461

839

17,131

7,372

22,681

18,69520,559Property management costs

955

419

721

880

805

Property management fees

1,048

532

740

894

611

Property and other taxes

985

373

1,077

1,006

1,108

Utility expenses

264

155

412

384

272

Casualty insurance

34

12

27

24

25

1,415

818

776

1,589

182

-

-

-

-

-

298

390

245

680

146

5,001

2,701

4,002

5,460

3,153

③ NOI (①−②)

12,1304,670

18,67913,235

17,406④ Depreciation

1,913

771

5,279

4,055

4,684

⑤ Real estate rental profits (③−④)

10,217

3,898

13,3999,179

12,722① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Gyotoku EkimaeⅡ

PRIME URBAN
Gyotoku Ekimae

PRIME URBAN
GyotokuⅢ

PRIME URBAN
Kawaguchi

PRIME URBAN
Nishi Funabashi

152

152

152

152

152

13,430

15,48024,763

20,58944,581

106

193

516

716

4,087

13,537

15,67425,27921,30548,668Property management costs

609

739

1,052

680

2,172

Property management fees

492

578

1,270

970

2,183

Property and other taxes

776

774

1,469

1,194

3,514

Utility expenses

214

187

373

249

853

Casualty insurance

16

21

40

27

61

Repairs and maintenance

246

5,396

17,524

1,630

1,423

-

-

-

-

-

949

277

1,026

763

601

3,304

7,975

22,757

5,516

10,810③ NOI (①−②)

10,233

7,699

2,521

15,78937,858④ Depreciation

4,017

2,463

4,019

7,964

9,665

⑤ Real estate rental profits (③−④)

6,215

5,236

(1,498)

7,824

28,192

Rental revenues
Other rental revenues① Property related revenues

Land rents
Other rental expenses② Property related expences－ 115 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PROUD FLAT
Hatchobori(Note 2)

PROUD FLAT
Itabashi Honcho(Note 2)

PROUD FLAT
Itsutsubashi

PROUD FLAT
Kawaramachi

PROUD FLAT
Shin Osaka

123

123

152

152

152

17,841

15,76324,011

21,65843,314

366

802

1,915

1,968

4,512

18,207

16,56525,927

23,627

47,826

Property management costs

634

622

1,057

1,049

1,346

Property management fees

1,233

787

1,244

1,198

1,925

5

5

936

1,059

3,136

Utility expenses

143

180

354

421

582

Casualty insurance

17

21

31

37

59

Repairs and maintenance

93

51

189

573

2,034

Land rents

-

-

-

-

-

676

257

306

929

1,505

2,804

1,926

4,120

5,269

10,589③ NOI (①−②)

15,402

14,63921,806

18,35837,237④ Depreciation

3,481

4,953

7,204

8,462

16,788⑤ Real estate rental profits (③−④)

11,9209,685

14,602

9,895

20,448

Rental revenues
Other rental revenues① Property related revenues

Property and other taxes

Other rental expenses② Property related expences(Unit: thousand yen)
Property namePRIME URBAN
Yamahana

PRIME URBAN
Kita Juyo Jo

PRIME URBAN
Odori Koen I

PRIME URBAN
Kita Juichi Jo

PRIME URBAN
Odori Koen II

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

9,378

10,662

14,261

9,262

19,307

Other rental revenues

1,029

754

24

16

1,460

10,408

11,417

14,286

9,279

20,767

Property management costs

875

1,099

-

-

511

Property management fees

53

72

-

-

709

Property and other taxes

574

506

775

503

971

Utility expenses

11

-

596

275

848

Casualty insurance

18

17

23

14

29

Repairs and maintenance

97

-

59

56

11

Land rents

-

-

-

-

-

Other rental expenses

15

57

-

-

272

1,645

1,751

1,454

850

3,354

③ NOI (①−②)

8,762

9,665

12,832

8,428

17,413④ Depreciation

1,661

2,433

4,568

2,734

5,624

⑤ Real estate rental profits (③−④)

7,101

7,231

8,264

5,694

11,789① Property related revenues② Property related expences－ 116 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Miyanosawa

PRIME URBAN
Odori Higashi

PRIME URBAN
Chiji Kokan

PRIME URBAN
Maruyama

PRIME URBAN
Kita Nijuyo Jo

152

152

152

152

152

Rental revenues

16,592

13,577

9,802

7,771

15,322Other rental revenues

2,105

1,989

1,248

1,025

2,076

18,69815,567

11,051

8,796

17,398Property management costs

573

466

515

342

459

Property management fees

646

867

589

468

596

Property and other taxes

964

771

626

536

894

Utility expenses

1,057

506

379

523

936

Casualty insurance

28

22

17

13

27

Repairs and maintenance

794

465

412

502

97

-

-

-

-

-

538

566

412

429

298

4,604

3,667

2,953

2,815

3,310

③ NOI (①−②)

14,093

11,899

8,098

5,981

14,088④ Depreciation

5,628

3,806

2,875

2,486

4,952

⑤ Real estate rental profits (③−④)

8,465

8,093

5,222

3,494

9,136

① Property related revenues

Land rents
Other rental expenses② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Sapporo Idaimae

PRIME URBAN
Sapporo Riverfront

PRIME URBAN
Kita Sanjo DoriPRIME URBAN
Nagamachi Icchome

PRIME URBAN
Yaotome Chuo

152

152

152

152

152

Rental revenues

20,746140,077

51,14731,652

13,684

Other rental revenues

2,667

15,664

5,968

3,019

1,172

23,413

155,742

57,116

34,671

14,856

Property management costs

546

7,505

1,618

585

472

Property management fees

974

5,982

2,179

2,116

965

Property and other taxes

1,064

8,159

2,502

1,394

643

Utility expenses

798

5,336

2,711

605

368

Casualty insurance

33

312

100

56

24

Repairs and maintenance

819

4,607

1,968

869

510

-

-

-

-

-

641

3,799

1,062

650

643

4,878

35,704

12,143

6,278

3,627

③ NOI (①−②)

18,535120,037

44,97228,393

11,229④ Depreciation

6,298

44,275

18,691

10,2305,710⑤ Real estate rental profits (③−④)

12,23775,762

26,281

18,163

5,519① Property related revenues

Land rents
Other rental expenses② Property related expences－ 117 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property namePRIME URBAN
Tsutsumidori Amamiya

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

33,004

19,36819,41333,34042,371Other rental revenues

3,246

1,893

761

1,167

3,183

36,251

21,261

20,17434,50745,554

Property management costs

1,748

900

915

1,477

1,590

Property management fees

1,483

740

725

1,311

2,234

Property and other taxes

1,271

1,454

1,422

2,877

3,776

Utility expenses

1,494

258

425

474

710

Casualty insurance

74

31

29

52

68

5,860

419

493

1,160

862

Land rents

-

-

-

-

-

Other rental expenses

85

687

282

625

1,588

12,017

4,492

4,293

7,979

10,830③ NOI (①−②)

24,233

16,76915,88026,52734,724④ Depreciation

5,200

5,865

5,603

11,04914,278⑤ Real estate rental profits (③−④)

19,033

10,904

10,277

15,477

20,445① Property related revenues

Repairs and maintenance② Property related expences

PRIME URBAN
Aoi

PRIME URBAN
Kanayama

PRIME URBAN
Tsurumai

PRIME URBAN
Kamimaezu(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Izumi

PRIME URBAN
Esaka IPRIME URBAN
Esaka IIPRIME URBAN
Tamatsukuri

PRIME URBAN
Esaka III

152

152

152

152

152

Rental revenues

99,967

16,545

20,34329,92827,242Other rental revenues

3,676

1,137

1,219

3,871

1,242

103,643

17,682

21,56333,80028,484

Property management costs

2,750

555

603

1,037

960

Property management fees

4,920

666

705

1,522

1,092

Property and other taxes

7,534

644

759

1,359

2,365

Utility expenses

1,320

286

249

647

545

Casualty insurance

151

24

28

55

44

11,091

1,179

586

764

818

-

-

-

-

-

8,668

739

837

1,104

930

36,436

4,097

3,770

6,492

6,756

③ NOI (①−②)

67,206

13,584

17,792

27,30821,728④ Depreciation

32,548

6,005

7,641

12,1048,300⑤ Real estate rental profits (③−④)

34,658

7,579

10,151

15,203

13,427① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences－ 118 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

1st fiscal period (from October 1, 2015 to February 29, 2016)(Unit: thousand yen)
Property namePRIME URBAN
Sakaisuji Honmachi

Number of business days
during the 1st fiscal period

152

152

152

152

152

Rental revenues

49,142

21,736

10,053

11,806

19,706

Other rental revenues

3,268

1,655

613

1,043

1,285

52,411

23,391

10,666

12,85020,992

Property management costs

1,300

982

649

646

916

Property management fees

1,842

2,158

811

1,209

1,165

Property and other taxes

3,843

2,081

944

1,264

1,899

Utility expenses

475

466

232

259

453

Casualty insurance

84

35

15

22

33

1,625

972

347

954

1,306

-

-

-

-

-

1,181

864

161

533

524

10,351

7,561

3,164

4,889

6,300

③ NOI (①−②)

42,05915,830

7,502

7,960

14,692④ Depreciation

16,336

5,586

2,717

4,462

6,643

⑤ Real estate rental profits (③−④)

25,722

10,243

4,785

3,498

8,048

① Property related revenues

Repairs and maintenanceLand rents
Other rental expenses② Property related expences

PRIME URBAN
HakataPRIME URBAN
Yakuin Minami

PRIME URBAN
Kashii(Unit: thousand yen)
Property name
Number of business days
during the 1st fiscal period

PRIME URBAN
Chihaya152

Rental revenues

17,544

Other rental revenues

1,578① Property related revenues

19,123

Property management costs

690

Property management fees

717

Property and other taxes

1,668

Utility expenses

321

Casualty insurance

28

Repairs and maintenance

1,312

Land rents-

Other rental expenses-② Property related expences

4,738③ NOI (①−②)

14,384④ Depreciation

5,023⑤ Real estate rental profits(③−④)

9,360(Note 1)

Not disclosed, because consent has not been obtained from the tenant.

(Note 2)Acquired on October 30, 2015. Accordingly, the figures in the table are the figures for on and after the acquisition date.

－ 119 －PRIME URBAN
Hakata Higashi

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

G. Overview of Engineering Report and Earthquake Risk Analysis
Upon acquisition of assets under management (excluding properties on land with leasehold right),
NMF entrusts a building investigation to and obtains a report of the concerned investigation(“engineering report”) from an independent outside investigator with no vested interest. The following is
the repair expenses, etc. stated in the engineering reports for each of the assets held at the end of the 1st
fiscal period. However, the content of the reports is no more than an opinion of the preparers of theengineering reports stated below and there is no guarantee as to the accuracy of the content.
In addition, the following estimated amounts are as of the date of preparation of the engineering
report and not as of the date of this report.
Furthermore, inflation rates and consumption taxes are not taken into account in the calculation of future
repair and renewal expenses.
The portfolio PML for the assets held at the end of the 1st fiscal period, excluding properties on landwith leasehold right, to total 245 properties was 1.92% and the PML for each of the assets held at the endof the 1st fiscal period is as follows. PML in the table below refers to the probable maximum loss that aproperty will experience in the assumed scheduled use period (50 years = useful life of a general building)due to an earthquake event of the assumed maximum scale (large earthquake with a probability ofoccurring once in 475 years = large earthquake with a 10% probability of occurrence in 50 years),
expressed as the estimated cost associated with restoring a property damaged in connection with such anearthquake event to its condition prior to that event as a percentage of the replacement cost associatedwith the property, based on the report prepared by Sompo Japan Nipponkoa Risk Management Inc.
Please note that, as of the date of this report, no earthquake insurance has been or is scheduled to betaken out.
Use

Property name2011/5

－

－

3,185

0.74

Shimizu Corporation

2016/2

－

0

1,836

2.64

Kojimachi Millennium Garden

Tokio Marine & Nichido Risk
Consulting Co., Ltd.

2014/3

－

－

1,150

0.83

NOF Nihonbashi Honcho Building

Shimizu Corporation

2010/10

－

－

1,028

5.39

Shimizu Corporation

2011/4

－

2

1,750

0.61

NOF Shinjuku Minamiguchi Building

Shimizu Corporation

2013/4

－

0

473

6.88

NOF Shibuya Koen-dori Building

Shimizu Corporation

2011/4

－

0

335

6.37

Secom Medical Building

Shimizu Corporation

2012/10

－

－

49

1.29

NOF Shiba Building

Shimizu Corporation

2011/4

－

0

494

2.99

Shimizu Corporation

2011/9

－

0

396

11.60

NRE Shibuya Dogenzaka Building

Shimizu Corporation

2014/10

－

－

70

5.48

NOF Tameike Building

Shimizu Corporation

2012/4

－

0

397

6.45

Iwamoto-cho Toyo Building

Shimizu Corporation

2013/6

－

0

376

4.33

NOF Shinagawa Konan Building

Shimizu Corporation

2015/4

－

－

661

5.16

NOF Surugadai Plaza Building

Shimizu Corporation

2011/4

－

－

248

0.78

NRE Tennozu Building(Note 4)PML(%)

Shimizu Corporation

Shinjuku Nomura Building(Note 5)

Tennozu Park Side Building

OfficePreparer of engineering report

Emergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)(Note 5)

Nishi-Shinjuku Showa Building(Note 5)－ 120 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property namePreparer of engineering report

PML
(%)

PMO Nihonbashi Honcho

Shimizu Corporation

2014/4

－

－

41

4.00

PMO Nihonbashi Kayabacho

Shimizu Corporation

2014/12

－

－

43

4.54

Otemachi Tatemono Gotanda Building

Tokio Marine & Nichido Risk
Consulting Co., Ltd.

2013/6

－

－

305

6.44

NRE Higashi-nihonbashi Building

Shimizu Corporation

2014/10

－

－

272

4.95

PMO Akihabara

Shimizu Corporation

2011/11

－

－

31

4.62

(Note 5)

Shimizu Corporation

2013/4

－

－

165

7.03

NOF Kanda Iwamoto-cho Building

Shimizu Corporation

2011/4

－

0

307

5.45

NOF Takanawa Building

Shimizu Corporation

2015/4

－

－

200

5.15

PMO Hatchobori

Shimizu Corporation

2011/8

－

－

31

3.82

NOF Minami Shinjuku Building

Shimizu Corporation

2011/4

－

0

161

6.87

PMO Nihonbashi Odenmacho

Tokio Marine & Nichido Risk
Consulting Co., Ltd.

2013/5

－

－

23

6.03

Central Shintomicho Building

Shimizu Corporation

2014/4

－

0

158

5.35

PMO Higashi-nihonbashi

Shimizu Corporation

2011/8

－

－

28

3.37

NRE Ueno Building

Shimizu Corporation

2014/10

－

－

294

4.31

Shimizu Corporation

2010/8

－

0

1,058

6.72

NF Hongo Building.

Tokio Marine & Nichido Risk
Consulting Co., Ltd.

2013/5

－

－

335

4.33

Toho Edogawabashi Building

Shimizu Corporation

2013/6

－

0

170

7.41

Toshin Meguro Building

Shimizu Corporation

2015/4

－

－

108

4.58

(Note 5)

Shimizu Corporation

2012/4

－

0

513

3.69

NOF Kichijoji Honcho Building

Shimizu Corporation

2014/10

－

0

100

6.76

Shimizu Corporation

2016/2

－

0

437

1.17

NOF Kawasaki Higashiguchi Building

Shimizu Corporation

2012/10

－

1

599

6.93

NOF Yokohama Nishiguchi Building

Shimizu Corporation

2011/9

－

0

656

6.00

NOF Shin-Yokohama Building

Shimizu Corporation

2016/2

－

－

390

9.64

Yokohama Odori Koen Building

Shimizu Corporation

2012/10

－

0

233

8.35

Sapporo North Plaza

Shimizu Corporation

2012/4

－

0

1,138

0.18

NRE Sapporo Building

Shimizu Corporation

2014/4

－

－

300

0.04

JCB Sapporo Higashi Building

Shimizu Corporation

2013/4

－

－

374

0.80

NOF Sendai Aoba-dori Building

Shimizu Corporation

2012/12

－

0

471

4.39

NOF Utsunomiya Building

Shimizu Corporation

2010/4

－

0

494

2.67

NOF Nagoya Fushimi Building

Shimizu Corporation

2015/4

－

－

44

8.34

NOF Nagoya Yanagibashi Building

Shimizu Corporation

2011/9

－

0

515

7.99

Omron Kyoto Center Building

Shimizu Corporation

2013/6

－

－

765

2.22

Hatchobori NF Building

NOF Technoport Kamata Center Building(Note 5)

OfficeEmergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)

Crystal Park Building

Faret Tachikawa Center Square(Note 5)

－ 121 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

OfficeProperty namePreparer of engineering report

Emergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)

SORA Shin-Osaka 21

Shimizu Corporation

2014/4

－

－

1,546

2.94

NRE Osaka Building

Shimizu Corporation

2016/2

－

0

1,914

9.15

NRE Nishi-Umeda Building

Shimizu Corporation

2014/10

－

－

372

8.55

NRE Yotsubashi Building

Shimizu Corporation

2016/2

－

－

1,082

1.63

NRE Hiroshima Building

Shimizu Corporation

2010/10

－

0

423

4.24

NOF Hakata Ekimae Building

Shimizu Corporation

2014/4

－

0

535

0.90

NOF Tenjin-Minami Building

Shimizu Corporation

2013/6

－

－

59

1.57

－

9

29,166

1.49

Office subtotal
Morisia Tsudanuma

Tokio Marine & Nichido Risk
Consulting Co., Ltd.

2013/2

0

－

2,540

4.70

Yokosuka More’s City

Shimizu Corporation

2013/2

－

144

814

6.89

Recipe SHIMOKITA

Tokio Marine & Nichido Risk
Consulting Co., Ltd.

2013/9

－

－

29

4.38

Kawasaki More’s

Shimizu Corporation

2013/2
2014/12

0

1

749

7.39

EQUINIA Shinjuku

Tokio Marine & Nichido Risk
Consulting Co., Ltd.

2013/2

－

－

221

5.81

EQUINA Ikebukuro

Shimizu Corporation

2013/2

0

0

144

8.36

2013/2

－

300

120

10.85

2013/2

－

－

77

3.90

2013/2

－

－

204

2.76

2013/2

－

－

43

5.40

2013/3

－

－

14

4.18

2013/2

－

－

31

4.89

2013/2

－

－

137

9.33

2013/2

－

－

94

9.06

2015/5

－

－

30

3.06

2015/5

－

－

9

2.61

2014/8

－

－

434

4.42

2013/2

－

－

239

5.43

2013/2

－

－

270

3.33

2013/2

－

－

168

3.97

2013/2

－

－

236

3.89

2013/2

－

－

66

2.42

2013/2

－

－

81

1.57

0

445

6,761

2.80

－

－

292

4.16

covirna machida
Nitori Makuhari
Konami Sports Club Fuchu
FESTA SQUAREGEMS Shibuya

RetailSundai Azamino

Megalos Kanagawa
NRE Kichijoji Building(Note 4)

GEMS Ichigaya
Universal CityWalk Osaka
Izumiya Senrioka
Merad Owada
Izumiya Yao
Izumiya Obayashi
Ichibancho stear
EQUINIA Aobadori

Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Shimizu Corporation

EQUINIA Aobadai

Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.

Retail subtotal
Logistics

PML(%)

Landport Urayasu

Shimizu Corporation－ 122 －

2013/2

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property nameLandport Itabashi
Landport Kawagoe
Landport Atsugi
Sagamihara Tana Logistics Center
Sagamihara Onodai Logistics Center
Landport Hachioji
Landport Kasukabe
Funabashi Logistics Center
Atsugi Minami Logistics Center B Tower

Logistics
Hanyu Logistics Center
Kawaguchi Logistics Center B Tower
Kawaguchi Logistics Center A Tower
Atsugi Minami Logistics Center A Tower
Kawaguchi Ryoke Logistics Center
Ota Nitta Logistics Center
Ota Higashishinmachi Logistics Center
Ota Kiyohara Logistics Center
Chiyodamachi Logistics Center

Preparer of engineering report

Shimizu Corporation
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Shimizu Corporation
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Shimizu Corporation
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.
Tokio Marine & Nichido Risk
Consulting Co., Ltd.

Emergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)PML(%)

2013/2

－

－

176

6.42

2013/3

－

－

310

3.73

2013/2

－

－

101

6.15

2013/2

－

－

162

4.32

2013/3

－

－

427

7.30

2013/2

－

－

83

5.79

2013/2

－

－

78

5.90

2013/2

－

－

425

3.40

2013/2

－

－

10

6.15

2013/2

－

－

84

2.72

2013/2

－

－

155

2.92

2013/2

－

－

193

2.92

2013/2

－

－

87

5.36

2015/3

－

－

348

3.91

2013/2

－

－

113

1.40

2013/2

－

－

56

1.35

2013/2

－

－

22

1.03

2013/2

－

－

53

3.76

－

－

3,183

2.96

Logistics subtotal
PROUD FLAT Shirokane Takanawa

Shimizu Corporation

2008/8

－

－

27

9.06

PROUD FLAT Yoyogi Uehara

Shimizu Corporation

2013/5

－

－

25

4.68

PROUD FLAT Hatsudai

Shimizu Corporation

2015/5

－

0

20

6.90

PROUD FLAT Shibuya Sakuragaoka

Takenaka Corporation

2008/4

－

－

8

6.20

PROUD FLAT Gakugei Daigaku

Takenaka Corporation

2013/11

0

－

52

8.83

PROUD FLAT Meguro Gyoninzaka

Shimizu Corporation

2014/5

－

－

16

7.41

PROUD FLAT Sumida Riverside

Takenaka Corporation

2014/3

0

0

128

3.97

PROUD FLAT Kagurazaka

Shimizu Corporation

2015/5

－

0

36

5.06

PROUD FLAT Waseda

Shimizu Corporation

2014/5

－

－

22

5.22

PROUD FLAT Shinjuku Kawadacho

Takenaka Corporation

2016/2

－

0

66

6.53

PROUD FLAT Sangen Jaya

Shimizu Corporation

2014/5

0

－

24

5.28

PROUD FLAT Kamata

Shimizu Corporation

2014/5

－

－

22

8.13

PROUD FLAT Kamata II

Takenaka Corporation

2009/10

－

－

60

8.01

PROUD FLAT Shinotsuka

Takenaka Corporation

2008/4

－

－

8

5.00

Residential－ 123 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property namePreparer of engineering report

Emergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)PML(%)

PROUD FLAT Kiyosumi Shirakawa

Takenaka Corporation

2014/3

0

－

64

6.97

PROUD FLAT Monzen Nakacho II

Takenaka Corporation

2008/4

－

－

6

3.59

PROUD FLAT Monzen Nakacho I

Takenaka Corporation

2008/7

－

－

16

7.23

2011/10

－

－

14

7.12

2015/5

－

－

40

3.27

PROUD FLAT Fujimidai
PROUD FLAT Asakusa

Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd

PROUD FLAT Yokohama

Takenaka Corporation

2014/11

－

－

133

5.79

PROUD FLAT Kamioooka

Shimizu Corporation

2008/3

－

－

51

10.71

PROUD FLAT Tsurumi II

Tokyo Bldg-Tech Center
Co.,Ltd

2011/10

－

－

19

4.58

PRIME URBAN Azabu Juban

Shimizu Corporation

2013/5

－

－

27

6.41

PRIME URBAN Akasaka

Shimizu Corporation

2012/11

－

－

16

6.77

PRIME URBAN Tamachi

Shimizu Corporation

2013/5

－

0

25

5.65

PRIME URBAN Shibaura

Shimizu Corporation

2009/9

－

－

36

7.90

PRIME URBAN Hatagaya

Shimizu Corporation

2012/11

－

－

20

7.42

PRIME URBAN Yoyogi

Shimizu Corporation

2013/5

－

－

13

7.68

PRIME URBAN Ebisu II

Tokyo Bldg-Tech Center
Co.,Ltd

2013/7

－

－

25

6.38

PRIME URBAN Bancho

Shimizu Corporation

2011/11

－

－

15

5.23

Shimizu Corporation

2012/11

－

－

19

4.92

PRIME URBAN Iidabashi

Shimizu Corporation

2013/11

－

－

61

6.31

PRIME URBAN Ebisu

Shimizu Corporation

2013/5

－

－

32

10.36

PRIME URBAN Naka Meguro

Shimizu Corporation

2013/5

－

－

28

9.45

PRIME URBAN Gakugei Daigaku

Takenaka Corporation

2007/2

－

－

10

6.18

PRIME URBAN Senzoku

Takenaka Corporation

2014/3

－

－

29

8.53

PRIME URBAN Meguro Riverside

Takenaka Corporation

2014/11

－

－

37

7.97

PRIME URBAN Meguro Ohashi Hills

Takenaka Corporation

2016/2

－

0

126

5.20

2013/7

－

－

21

6.04

2013/7

－

－

16

5.66

2014/11

－

－

37

6.16

Residential PRIME URBAN Chiyoda Fujimi

PRIME URBAN Meguro Aobadai
PRIME URBAN Gakugei Daigaku II
PRIME URBANNaka Meguro II

Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd

PRIME URBAN Kachidoki

Shimizu Corporation

2013/5

－

0

234

5.54

PRIME URBAN Shinkawa

Tokyo Bldg-Tech Center
Co.,Ltd

2016/2

－

－

81

4.75

PRIME URBAN Nihonbashi Yokoyamacho

Shimizu Corporation

2009/9

－

－

57

6.51

2013/7

－

－

29

3.27

2015/5

－

－

17

8.26

2015/5

－

－

17

3.64

PRIME URBANNihonbashi Hamacho
PRIME URBAN Hongo Ikizaka
PRIME URBAN Hakusan

Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd
Shimizu Corporation－ 124 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property namePreparer of engineering report

Emergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)PML(%)

PRIME URBAN Yotsuya Gaien Higashi

Shimizu Corporation

2013/5

－

－

30

2.89

PRIME URBAN Ochiai

Shimizu Corporation

2013/11

－

－

40

6.94

PRIME URBAN Nishi Shinjuku I

Takenaka Corporation

2013/11

－

5

91

5.53

PRIME URBAN Nishi Shinjuku II

Shimizu Corporation

2014/5

－

－

14

4.79

PRIME URBAN Shinjuku Naitomachi

Shimizu Corporation

2014/5

－

－

7

3.76

PRIME URBAN Nishi Waseda

Takenaka Corporation

2014/11

－

1

35

4.70

2016/2

－

－

20

6.90

2013/4

－

－

32

2.85

2013/7

－

－

34

5.25

PRIME URBAN Shinjuku Ochiai
PRIME URBAN Mejiro
PRIME URBAN Kagurazaka

Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd

PRIME URBAN Sangen Jaya III

Shimizu Corporation

2012/5

－

－

37

6.91

PRIME URBAN Chitose Karasuyama

Shimizu Corporation

2013/11

－

－

76

8.38

PRIME URBAN Sangen Jaya II

Shimizu Corporation

2013/5

－

－

51

8.20

PRIME URBAN Sangen Jaya

Shimizu Corporation

2013/11

－

－

24

7.01

PRIME URBAN Minami Karasuyama

Takenaka Corporation

2014/11

－

1

56

9.15

PRIME URBAN Karasuyama Galleria

Takenaka Corporation

2014/11

－

－

40

6.22

PRIME URBAN Karasuyama Court

Takenaka Corporation

2014/11

－

－

27

4.95

Tokyo Bldg-Tech Center
Co.,Ltd

2007/11

－

－

39

9.50

PRIME URBAN Chitose Funabashi

Takenaka Corporation

2009/2

－

－

12

12.16

PRIME URBAN Yoga

Tokyo Bldg-Tech Center
Co.,Ltd

2015/5

－

－

31

6.91

PRIME URBAN Shinagawa Nishi

Shimizu Corporation

2013/11

－

－

89

5.40

PRIME URBAN Osaki

Shimizu Corporation

2012/11

－

0

34

8.98

PRIME URBAN Oimachi II

Shimizu Corporation

2013/11

－

0

168

5.56

PRIME URBAN Yukigaya

Shimizu Corporation

2012/11

－

0

77

8.10

PRIME URBAN Omori

Shimizu Corporation

2012/11

－

0

15

4.91

PRIME URBAN Denenchofu Minami

Takenaka Corporation

2008/4

－

－

12

5.33

PRIME URBANNagahara Kamiikedai

Tokyo Bldg-Tech Center
Co.,Ltd

2014/11

－

－

29

6.17

PRIME URBAN Nakano

Shimizu Corporation

2011/11

－

－

21

6.97

PRIME URBAN Nakano Kamitakada

Takenaka Corporation

2014/11

－

－

43

11.76

PRIME URBAN Takaido

Shimizu Corporation

2013/5

－

－

48

9.70

PRIME URBAN Nishi Ogikubo

Shimizu Corporation

2011/11

－

－

11

8.16

PRIME URBAN Nishi Ogikubo II

Tokyo Bldg-Tech Center
Co.,Ltd

2014/11

－

－

26

10.10

PRIME URBAN Otsuka

Shimizu Corporation

2013/11

－

－

20

6.72

PRIME URBAN Komagome

Shimizu Corporation

2014/5

－

－

67

8.05

Residential PRIME URBAN Kamikitazawa－ 125 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property namePreparer of engineering report

Emergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)PML(%)

PRIME URBAN Ikebukuro

Tokyo Bldg-Tech Center
Co.,Ltd

2013/7

－

－

52

8.42

PRIME URBAN Monzen Nakacho

Shimizu Corporation

2013/11

－

－

79

7.56

PRIME URBAN Kameido

Shimizu Corporation

2013/11

－

－

28

3.90

PRIME URBAN Sumiyoshi

Shimizu Corporation

2013/5

－

－

12

3.78

PRIME URBAN Mukojima

Shimizu Corporation

2013/11

－

－

64

5.88

PRIME URBAN Kinshi Koen

Shimizu Corporation

2012/11

－

－

27

6.30

PRIME URBAN Kinshicho

Shimizu Corporation

2012/11

－

－

22

3.66

PRIME URBAN Hirai

Shimizu Corporation

2013/5

－

－

21

4.37

PRIME URBAN Kasai

Shimizu Corporation

2012/11

－

－

14

4.78

PRIME URBAN Kasai II

Shimizu Corporation

2013/5

－

－

25

4.60

PRIME URBAN Kasai East

Tokyo Bldg-Tech Center
Co.,Ltd

2015/5

－

－

29

5.22

PRIME URBAN Ekoda

Shimizu Corporation

2011/11

－

－

18

5.51

PRIME URBAN Itabashi Kuyakushomae

Tokyo Bldg-Tech Center
Co.,Ltd

2015/5

－

－

29

5.29

PRIME URBAN Asakusa

Shimizu Corporation

2011/11

－

－

23

10.63

PRIME URBAN Machiya South Court

Shimizu Corporation

2011/10

－

－

62

7.86

PRIME URBAN Musashi Koganei

Tokyo Bldg-Tech Center
Co.,Ltd

2016/2

－

－

95

5.53

PRIME URBAN Musashino Hills (Note 6)

Tokyo Bldg-Tech Center
Co.,Ltd

2016/2－－

A Tower：58
B Tower：
34

A Tower：
8.18
B Tower：
4.98

PRIME URBAN Koganei Honcho

Tokyo Bldg-Tech Center
Co.,Ltd

2012/5

－

－

25

5.01

PRIME URBAN Kumegawa

Shimizu Corporation

2011/10

－

－

33

2.18

PRIME URBAN Musashi Kosugi comodo

Takenaka Corporation

2014/11

－

－

220

3.97

2016/2

－

－

72

7.18

2015/5

－

－

28

5.68

Residential

PRIME URBAN Kawasaki
PRIME URBAN Shinyurigaoka

Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd

PRIME URBAN Tsurumi Teraya

Shimizu Corporation

2012/5

－

－

32

9.42

PRIME URBAN Urayasu II

Shimizu Corporation

2011/11

－

－

18

3.00

PRIME URBAN Urayasu

Shimizu Corporation

2012/11

－

－

16

3.03

PRIME URBAN Gyotoku I

Shimizu Corporation

2011/11

－

－

13

3.07

PRIME URBAN Gyotoku II

Shimizu Corporation

2012/5

－

－

12

3.00

PRIME URBAN Gyotoku Ekimae

Shimizu Corporation

2013/5

－

－

12

2.65

PRIME URBAN Gyotoku Ekimae II

Takenaka Corporation

2015/5

－

0

77

3.05

PRIME URBAN Gyotoku III

Takenaka Corporation

2015/5

0

2

150

3.50

PRIME URBAN Nishi Funabashi

Shimizu Corporation

2013/5

－

－

17

3.78

PRIME URBAN Kawaguchi

Tokyo Bldg-Tech Center
Co.,Ltd

2015/5

－

－

49

4.14

－ 126 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property name

PROUD FLAT Hatchobori
PROUD FLAT Itabashi Honcho

Preparer of engineering report

Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd

Emergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)PML(%)

2015/5

－

－

15

4.37

2015/5

－

－

18

4.32

PROUD FLAT Itsutsubashi

Takenaka Corporation

2007/4

－

－

20

1.61

PROUD FLAT Kawaramachi

Takenaka Corporation

2016/2

－

－

95

4.55

PROUD FLAT Shin Osaka

Shimizu Corporation

2011/10

－

－

26

10.86

PRIME URBAN Yamahana

Takenaka Corporation

2013/11

0

0

48

0.33

PRIME URBAN Kita Juyo Jo

Takenaka Corporation

2013/11

0

0

62

0.41

PRIME URBAN Odori Koen I

Takenaka Corporation

2013/11

－

－

66

0.39

PRIME URBAN Odori Koen II

Takenaka Corporation

2013/11

－

－

50

0.42

PRIME URBAN Kita Juichi Jo

Takenaka Corporation

2014/11

－

0

56

0.44

PRIME URBAN Miyanosawa

Takenaka Corporation

2014/11

－

0

71

0.50

PRIME URBAN Odori Higashi

Takenaka Corporation

2014/11

－

0

50

0.86

PRIME URBAN Chiji Kokan

Takenaka Corporation

2014/11

－

－

47

0.67

PRIME URBAN Maruyama

Takenaka Corporation

2014/11

－

－

35

0.82

PRIME URBAN Kita Nijuyo Jo

Takenaka Corporation

2014/11

0

0

54

0.33

PRIME URBAN Sapporo Idaimae

Takenaka Corporation

2014/11

0

1

72

1.09

2011/10

－

－

107

0.02

2011/10

－

－

44

0.98

Residential PRIME URBAN Sapporo Riverfront
PRIME URBAN Kita Sanjo DoriTokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd

PRIME URBAN Nagamachi Icchome

Takenaka Corporation

2016/2

－

0

126

3.65

PRIME URBAN Yaotome Chuo

Takenaka Corporation

2016/2

－

0

56

4.34

PRIME URBAN Tsutsumidori Amamiya

Takenaka Corporation

2016/2

－

－

225

1.48

PRIME URBAN Aoi

Shimizu Corporation

2013/11

－

－

22

10.66

PRIME URBAN Kanayama

Takenaka Corporation

2015/5

－

0

86

8.77

PRIME URBAN Tsurumai

Takenaka Corporation

2015/5

0

1

136

6.77

2011/6

－

－

19

7.73

2011/10

－

－

50

5.99

PRIME URBANKamimaezu
PRIME URBAN Izumi

Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd

PRIME URBAN Esaka I

Shimizu Corporation

2014/5

－

0

14

6.04

PRIME URBAN Esaka II

Shimizu Corporation

2014/5

－

－

23

5.95

2008/11

－

－

8

7.51

2011/10

－

－

18

11.40

2013/7

－

－

46

9.93

PRIME URBAN Esaka III
PRIME URBAN Tamatsukuri
PRIME URBAN Sakaisuji Honmachi

Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd
Tokyo Bldg-Tech Center
Co.,Ltd

PRIME URBAN Hakata

Takenaka Corporation

2014/3

0

0

99

1.46

PRIME URBAN Yakuin Minami

Takenaka Corporation

2014/3

－

0

50

2.47

－ 127 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

Use

Property name2016/2

－

0

62

0.63

Takenaka Corporation

2016/2

－

－

94

2.37

Takenaka Corporation

2016/2

－

－

59

0.67

Residential subtotal

2

20

6,912

2.65

Total

2

476

46,024

1.92

Residential PRIME URBAN Hakata Higashi
PRIME URBAN Chihaya(Note 2)

(Note 3)(Note 4)(Note 5)(Note 6)PML(%)

Takenaka Corporation

PRIME URBAN Kashii(Note 1)

Preparer of engineering report

Emergency Short-term Long-term
repairrepairrepairPreparation dateexpenses
expenses
expenses(million yen) (million yen) (million yen)
(Note 1)
(Note 2)
(Note 3)

Emergency repair expenses are the repair expenses for items having failures that will functionally hinder daily operations or items that are legally
instructed for improvement but are yet to be renovated (rounded down to the nearest million yen).
Short-term repair expenses are the repair expenses required within one year, such as for items for which early renovation is desirable due to deterioration
progressing and items for which failure is thought to arise if left unattended, other than expenses associated with standard repairs or renewal of interior
finishing and equipment (rounded down to the nearest million yen).
The estimated amount of long-term repair expenses is the sum total amount of the long-term repair expenses projection (12-year period) (rounded down
to the nearest million yen).
For this property, the amount in which the estimate for each building is multiplied by NMF’s portion of quasi co-ownership of real estate beneficiaryinterests in trust is indicated (amounts less than a million yen are rounded off).
For these properties, the amount in which the estimate for each building is multiplied by NMF’s portion of co-ownership of the common areas as
stipulated in the management agreement, owned directly or through a trustee, is indicated (amounts less than a million yen are rounded off).
This property is comprised of two buildings, building A and building B.

－ 128 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

H. Status of Capital Expenditures(i)

Schedule of Capital Expenditures
Of the scheduled amount of capital expenditures associated with renovation work, etc. planned (orcompleted) to the date of this report for the assets held at the end of the 1st fiscal period, the following
are the major capital expenditures. Please note that the scheduled construction amount below includes
the portion charged to expenses in accounting.

Name of real estate, etc.
(Location)

Scheduled construction amount(thousand yen)
Total
AmountTotalamountpaid during
amountalready
periodpaid

PurposeScheduled period

Shinjuku Nomura Building(Shinjuku-ku, Tokyo)

Renewal of extra high voltage
substation facility

From Feb. 2011
To Mar. 2017

460,000

Shinjuku Nomura Building(Shinjuku-ku, Tokyo)

Renewal of central monitoring
panel

From Jul. 2014
To Oct. 2017345,000

81,92835,951

Shinjuku Nomura Building(Shinjuku-ku, Tokyo)

Measure works for long-period
earthquake motion

From Jan. 2015
To Sep. 2016

976,000

325,650―

NOF Shinjuku Minamiguchi
Building(Shibuya-ku, Tokyo)

Renewal of air-conditioning
systemFrom Jun. 2016
To Aug. 2017

275,000－－

NOF Utsunomiya Building(Utsunomiya-shi, Tochigi)

Renewal of air-conditioning
systemFrom Jul. 2015
To Jul. 2016

324,000

64,80064,800― 411,507(ii) Capital Expenditures During the Fiscal Period
The following is an overview of the major construction work falling under the category of capital
expenditures that were conducted during the 1st fiscal period for the assets held as of the end of the 1st
fiscal period. Capital expenditures during the 1st fiscal period were 2,335,419thousand yen and, whencombined with the 1,555,616 thousand yen repair expenses charged to expenses during the 1st fiscal
period, a total of 3,891,036 thousand yen in construction was implemented.
Name of real estate, etc.
(Location)
Otemachi Tatemono Gotanda
Building(Shinagawa-ku, Tokyo)

PurposeConstruction period

Construction amount(thousand yen)

From Jul. 2015
To Jan. 2016

147,829

NOF Shin-Yokohama Building Renewal of packaged air conditioning
system(Yokohama-shi, Kanagawa)

From Nov. 2015
To Feb. 2016

84,807Morisia Tsudanuma(Narashino-shi, Chiba)

Renewal of escalator control system

From Dec. 2015
To Feb. 2016

80,126

Shinjuku Nomura Building(Shinjuku-ku, Tokyo)

Renewal of central monitoring

From Jul. 2014
To Oct. 2015

78,790

Other Properties

Improvement of features

From Oct. 2015
To Feb. 2016

1,943,865

Renewal of air conditioning

Total－ 129 －

2,335,419

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016(iii) Cash Reserved for Long-Term Repair Plans (Reserve for Repairs)
Based on long-term repair plans formed for each property, NMF sets aside the cash reserves toprovide for medium- to long-term future large-scale repairs, etc. from cash flows during the period.
(millions of Yen)

1st fiscal period
from Oct. 1, 2015
to Feb. 29, 2016
Reserve for the beginningof the period
Reserve for the current
fiscal period
Reversal of reserve forthe current fiscal period

6,070
1,123
547

Reserve brought forward

6,647

I. Status of Major Tenants
Not applicable.
J. Top 10 Tenants by Leased Area
The following are those tenants of the assets held at the end of the 1st fiscal period of which rank in
the top ten when a tenant’s leased area is expressed as a percentage of the sum total of the leased area ofthe entire portfolio as at February 29, 2016.
Tenant name

No.

(Note 1)Use

1Nomura Real Estate Partners Co., Ltd.

Residential

2

Fukuyama Transporting Co., Ltd.

Logistics

3

Izumiya Co., Ltd.

RetailProperty name
Total of PROUD FLAT Shirogane-Takanawa,
and 112 others
Landport Urayasu
Sagamihara Onodai Logistics Center

Total leased area
(m2)

Share
(%)
(Note 2)

178,878.94

10.9

92,389.48

5.6

70,311.49

4.3

67,691.71

4.1

Izumiya Senrioka
Izumiya Yao
Izumiya Obayashi
Kawaguchi Ryoke Logistics Center

4

Nippon Express Co., Ltd.

Logistics

5

Amazon Japan Logistics K.K.

Logistics

Landport Kawagoe

56,377.76

3.4

6

Neovia Logistics Services, LLC

Logistics

Sagamihara Tana Logistics Center

50,450.00

3.1

48,193.96

2.9

Hanyu Logistics Center

Yokosuka More’s City

7

Yokohama Okadaya Co., Ltd.

Retail8

Mitsui-Soko Logistics Co., Ltd.

Logistics

Ota Nitta Logistics Center

42,328.00

2.6

9

ASKUL Corporation

Logistics

Landport Itabashi

37,276.71

2.3

Total for 15 Mitsubishi Motors properties

35,432.72

2.2

679,330.77

41.4

Kawasaki More’s

Retail10

Not disclosed(land withleaseholdright)

Total for top 10 tenants(Note 1)In the case of assets with a so-called pass-through master lease agreement where the rent received from the lessee in the master lease agreement is
the same amount as the rent that the lessee receives from the end-tenant, end-tenants is shown as an tenant, and lessee is not shown as an tenant.
However, for the residential facilities, master lessee is shown as a tenant, and area is shown that actually entered into the tenant agreement with end
tenants. “Tenant name” is not disclosed for some tenants, due to unavoidable circumstances.

(Note 2)

“Share” is the sum total of leased area of the respective tenant as a percentage of the sum total of leased area of the entire portfolio of assets held by
NMF at the end of this fiscal period.

－ 130 －

Nomura Real Estate Master Fund, Inc. (3462)
Financial Results for the 1st Fiscal Period Ended February 29, 2016

K. Status of Major Properties
Not applicable.

L. Overview of Leasing to Interested Parties
Tenant name

Property name

Nomura Real Estate Partners
Co., Ltd.

Shinjuku Nomura Building
NRE Yotsubashi Building
Total of PROUD FLAT Shirogane-Takanawa,
and 112 others
Shinjuku Nomura Building
NOF Yokohama Nishiguchi Building
NRE Yotsubashi Building
Megalos Kanagawa
Shinjuku Nomura Building
Otemachi Tatemono Gotanda Building
NOF Kichijoji Honcho Building
NOF Kawasaki Higashiguchi Building
NOF Yokohama Nishiguchi Building
NRE Nishi-Umeda Building
NRE Yotsubashi Building

Nomura Real Estate
Development Co., Ltd
Megalos Co., Ltd.
Nomura Real Estate Urban Net
Co., Ltd.

Geo Akamatsu Co., Ltd.
Nomura Amenity Service Co.,NRE Yotsubashi Building
Ltd.

M. Collateral
Not applicable.

－ 131 －

Leased area(m2)
1,021.26
1,024.91
178,878.94
5,880.61
94.83
1,266.19
6,217.85
1,558.57
198.90269.37216.54373.27404.41460.7180.01