For Translation Purposes Only
October 2, 2015
For Immediate Release
Nomura Real Estate Master Fund, Inc.
Satoshi Yanagita, Executive Director(Securities Code: 3462)
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President and Chief Executive Officer
Inquiries: Motomi Uki, Head of NMF Investment Management GroupTEL: +81-3-3365-8767
EMAIL: nmf3285@nomura-re.co.jp

Notice Concerning Summary of Financial Results
For the 5th Fiscal Period Ended August 31, 2015 of(Old) Nomura Real Estate Master Fund, Inc. (Consolidated Investment Corporation)
Nomura Real Estate Master Fund, Inc. (“Old NMF”) merged with Nomura Real Estate Office
Fund, Inc. and Nomura Real Estate Residential Fund, Inc. on October 1, 2015 and was dissolved
as of today, and this press release is posted to announce the summary of financial results of Old
NMF (consolidated investment corporation) for the fiscal period ended August 2015.
Please note that the summary of financial results describes the status of Old NMF prior to themerger, except when indicated by the context or otherwise specified, and does not describe thestatus of Nomura Real Estate Master Fund, Inc. (current investment corporation) which is the
new corporation established by the merger.

(Attachment)(Reference) SUMMARY OF FINANCIAL RESULTS (REIT) For the 5th Fiscal Period Ended August 31, 2015*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/english/(Reference) SUMMARY OF FINANCIAL RESULTS (REIT)
For the 5th Fiscal Period Ended August 31, 2015
October 2, 2015
REIT securities issuer:
Representative:

Nomura Real Estate Master Fund, Inc. (“NMF”)
Securities code: 3285 (Note 1)
Satoshi Yanagita, Executive Director

Asset management company:
Representative:
Inquiries:

Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President and Chief Executive Officer
Motomi Uki, 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

November 27, 2015 (Note 2)
November 19, 2015
Yes
No

(Note 1) NMF was delisted on September 28, 2015 by the consolidation-type merger with Nomura Real Estate Office Fund, Inc.
(“NOF”) and Nomura Real Estate Residential Fund, Inc. (“NRF”).
In their place, Nomura Real Estate Master Fund, Inc. (the “New Investment Corporation”), the new investment corporation
established through the merger, was listed today on the Tokyo Stock Exchange REIT market (securities code: 3462).
(Note 2) The securities report for NMF’s fiscal period ending August 2015 (March 1, 2015 to August 31, 2015) before the merger
mentioned above will be submitted.
[Amounts are rounded down to the nearest million yen]

1. Financial Results for the Fiscal Period Ended August 31, 2015 (5th period) (from March 1, 2015 to August 31,
2015)(1) Operating Results[% figures are the ratio of increase (decrease) compared with the previous period]
Operating Revenues
Period ended
August 31, 2015
February 28, 2015

million yen
10,406
10,066

Operating Profit

%
(3.4)
(6.3)

Net Income
per Unit
Period ended

million yen
4,328
4,750

%
(△8.9)(2.4)

Return on Unitholders’Equityyen

August 31, 2015
February 28, 2015

Ordinary Income

2,217
2,489

million yen
3,693
4,146

%
(△10.9)(1.6)

million yen
3,692
4,145

%
(△10.9)(1.6)

Ratio of
Ordinary Income
to Operating Revenue

Ratio of
Ordinary Income
to Total Assets

%
2.2
2.5

Net Income

%

%

1.3
1.6

35.5
41.2

(2) Distributions
Distribution
per Unit

Total
Distributions(excluding distribution
in excess of earnings)(excluding distribution
in excess of earnings)

yenmillion yen
3,691
4,146

Period ended
August 31, 2015
February 28, 2015

2,217
2,490

Distribution
in excess of Net
Income per Unit
yen
0
0

Total
Distributions
in Excess of
Net Income
million yen
00Distribution
Payout Ratio

Ratio ofDistributions to
Net Assets

%

%

99.9
100.0

2.2
2.5

(3) Financial Position
Total Assets
Period ended
August 31, 2015
February 28, 2015

million yen
287,696276,539Net Assets
million yen
164,813
165,267－ 1 －Net Assets to Total Assets

Net Assets per Unit

%
57.3
59.8

yen
98,971
99,244

(4) Status of Cash FlowsNet Cash
Provided by (used in)Operating Activities
Period ended
August 31, 2015
February 28, 2015

million yen
6,176
5,024

Net Cash
Provided by (used in)Investing Activities
million yen△10,888△17,482

Net Cash
Provided by (used in)
Financing Activities

Cash and
Cash Equivalents
at End of Period

million yen
7,012
14,650*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:

million yen
21,12018,820

Yes
None
None
None

(2) Number of Investment Units Issued and Outstanding① Number of investment units issued (including treasury investment units)
As of August 31, 2015:
1,665,260 units
As of February 28, 2015:
1,665,260 units② Number of treasury investment units
As of August 31, 2015:– units
As of February 28, 2015:– 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 28.
* 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. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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.

Sumitomo Mitsui Trust Bank,
LimitedUnitholders’ Meeting

Asset Manager①

Nomura Real Estate Asset
Asset Management Co., Ltd.

⑤④

Board of Directors’meeting
Executive Director:
Takashi Kataoka

Mitsubishi UFJ Trust andBanking Corporation

Supervisory Director:
Sadahiko Yoshimura

Information Provider

Supervisory Director:
Shuhei Yoshida

Nomura Real Estate
Development Co., Ltd.

AuditorBasic Agreement with respect toLeasing Value Chain③

General Administrator(Organizational Administration,
Accounting)
Administrator of Unitholders’Register⑥

Ernst & Young
ShinNihon LLC

General Administrator(Financial Agent)
The Bank ofTokyo-Mitsubishi UFJ, Ltd.

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

(Note) There is no company made transactions pursuant to the provisions of Article 2-3, Paragraph 3, each items of the Order for Enforcement of
the Financial Instruments and Exchange Act, out of the related parties of the asset management company.

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 Financial Agent Agreement(Note) With the merger of NMF, NOF and NRF, changes have been made to the Information Provision
Agreements regarding logistics facilities and retail facilities to add office buildings, the investment
target of NOF, and residential facilities, the investment target of NRF, among other items as
information provision. Due to this change, Nomura Real Estate Development Co., Ltd. willcontinue to supply property information to the Asset Management Company including
information on office buildings and residential facilities even after the merger.

－ 3 －Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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

Mitsubishi UFJ Trust andBanking Corporation

GeneralAdministrator(Organizational
Administration,
Accounting)－ 4 －Related business outline
NMF invests in specific assets, mainly real estate
and real-estate securities, with the aim of
securing stable medium- and long-term income
and delivering steady portfolio growth.
Pursuant to the Asset Management Agreement(stated in ① above), and at the request of NMF,
the Asset Management Company shall manage
the assets held by NMF in accordance with
NMF’s articles of incorporation and theinvestment targets and policies prescribed
therein.
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.
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).

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Administrator ofUnitholders’Register

The Bank ofTokyo-Mitsubishi UFJ, Ltd.

Nomura Real Estate
Development Co., Ltd.

Nomura Real Estate
Holdings, Inc.

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

Pursuant to the Transfer Agency Agreement(stated in ③ above), and at the request of NMF,
Mitsubishi UFJ Trust and Banking shall perform
administration relating to the preparation,
management, and safekeeping of the unitholder
register and other books, administration relating
to distributing invitations for general unitholders’meetings, preparation and tallying of voting
papers and proxies, and administration relating
to the payment of distributions to unitholders.
GeneralPursuant to the fiscal agency agreement (stated
Administrator forin ⑥ above), The Bank of Tokyo-Mitsubishi
Investment
UFJ performs the operation services related to
Corpration Bonds
the issuance of Corporate Bond, the operation
services related to the interest payment ofCorporate Bond, the operation services related
to the original registers of Corporate Bond, andother related services.
Information
Nomura Real Estate Development shall provide
Providerinformation regarding real estate for sale inaccordance with the Information Provision
Agreement (stated in ④ above). Please refer to“2. Investment Policy / (1) Investment Policy / 6
Value Chain of Nomra Real Estate Group / D.
Utilizing Pipeline Support from Sponcer”
presented in the Securities Report (filed on May
25, 2015).
Parent Company of Nomura Real Estate Holdings holds 100% of theasset management
shares outstanding of asset management
comapny
company 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 ofWith the purpose of sharing information andinformation sharing know-how regarding rental real estate and jointly
and joint reviewers
reviewing measures such as for increasing theof measures
brand value, a basic agreement (⑤ in the figure
above) is concluded among the AssetManagement Company, Nomura Real Estate
Development Co., Ltd, Nomura Real Estate
Partners Co., Ltd. and Geo-Akamatsu Co., Ltd.
regarding a leasing value chain prescribing thesetting of regular meetings, etc.

－ 5 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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.

2. Management Policy and Management Status(1) Management Policy
Disclosure is omitted, since there are no significant changes from the “Investment Policy,” “Investment
Targets” and “Distribution Policy” presented in the securities report (filed on May 25, 2015).
(2) Management Status① Outline of Fiscal Period under Review
NMF was incorporated on January 31, 2013 by Nomura Real Estate Asset Management Co., Ltd. underthe Act on Investment Trusts and Investment Corporations, and listed on the Real Estate Investment Trust
Securities Market of Tokyo Stock Exchange, Inc. on June 12, 2013 (securities code: 3285).
NMF adopts the basic asset management policy of investing primarily in specified assets of real estate,etc. to secure stable income and steady growth of assets under management over the medium- to long-term.
NMF has set primarily logistics facilities and retail facilities as main investment targets to achieve the basic
policy described above. Both types of facilities are regarded as being essential to economic activities, withlogistics facilities as industrial infrastructure and retail facilities as infrastructure supporting consumption
activities.
(Note) The Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951) is hereinafter referred to as the “Investment Trusts Act.”“Assets under management” refers to assets that belong to NMF.
“Specified assets of real estate” refers to that which is stipulated in the Ordinance for Enforcement of the Act on Investment Trusts andInvestment Corporations (Prime Minister’s Ordinance No. 129 of 2000).
For the purposes of this report, real estate includes rights of lease and superficies of real estate. Unless otherwise stated, the same applies
hereinafter.
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 continuously been on a moderate recovery trend. Furthermore, thepostponement of the consumption tax hike and price decrease due to low crude oil price, in addition to
the progressing depreciation of the yen and high stock prices affected by the additional monetary easing
conducted by the Bank of Japan, are serving as a tailwind for the economy as evidenced by thereinforced improving trends in the confidence for future economic conditions among companies andhouseholds since December 2014 indicated in “Economy Watchers Survey” conducted by the Cabinet
office. Going forward, personal consumption and capital investments are expected to lead the growthagainst the backdrop of improvement in the employment and income environment as well as strong
corporate earnings.
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. Furthermore, the upward trend of the TSE REIT Index grew, partly due to the Bank of Japan
implementing additional monetary easing in October 2014 with decision to further purchase J-REIT
investment units. Although it recently turned downward, it still remains at a high level. In addition,
reviewing of the composition of the portfolio of Government Pension Investment Fund, the largest
pension fund operator in Japan, and led to part of their vast fund being invested in the J-REIT market
has also become a tailwind. 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.
－ 6 －Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Concerning the environment surrounding retail facilities, consumer confidence has been steadily
improving since November 2014 due to the postponement of the consumption tax hike and pricedecrease brought by low crude oil prices while retail sales have been on an improving trend centering on
non-durable goods (beverages, food, etc.). Under such circumstances, the retail industry is showing ahigh level of capital investment and the appetite for opening new shops is increasing in the industry as
demand is expected to continue increasing such as due to the continued inflow of populations
particularly into major urban zones and the increase in consumption by foreign visitors to Japan. On theother hand, since new store developments are being suppressed backed by the intensification ofcompetition to acquire lots and rising land prices, the rarity of existing commercial accumulations onprime lots is increasing and it is forecast that the rent level of shops will continue to increase graduallycentering on prime properties.
Concerning logistics facilities market trends, supported by activated demand from the food wholesale
business in addition to demand from e-commerce and internet mail-orders and the fashion/apparelindustry, serving as the demand-driving forces, as well as demand from the accompanying third-party
logistics (Note 1) business expansion, supply-demand remains tight and the vacancy rate of large logistics
facilities continues to be at a low level. Although large new supply is expected in 2015 through 2016, theratio of highly-functional logistics facilities needed for realizing an efficient delivery network is still small
in the entire stock, thus strong demand for such prime properties is expected to continue for the time
being.
In the real estate transaction market, appetite for property acquisition continues to be strong centeringon J-REITs and other real estate funds inside and outside Japan and real estate companies backed by thefavorable financing environment in Japan due to monetary easing, etc., recovering moves in the leasing
market and other factors. On the other hand, some cases of overheated transactions are observed inproperty acquisition competition due to the increased number of transaction participants and theanticipated increase in asset prices.
Under such circumstances, NMF acquired Godo Kaisha Osaka Hirakata Project Silent Partnership
Equity Interest (investment amount of 100 million yen) on March 30, 2015 and, along with the acquisition,
preferential negotiation right to purchase trust beneficiary interest in mainly Hirakata Logistics Center.
Furthermore, on Julyl 1, 2015, NMF acquired Kawaguchi Ryoke Logistics Center. Ryoke Capital Godo Kaisha
is the operator of the silent partnership in which NMF has made investment of 500 million yen(approximately 17.9% of the silent partnership equity interest), and NMF exercised, for the conclusion of thepurchase and sale agreement, the preferential negotiation right granted upon the acquisition of silent
partnership equity interest.

As a result, the number of properties held by NMF (excluding an equity interest in a silent
partnership) at the end of the 5th fiscal period was 57 properties (total acquisition price of 266,393
million yen), investment ratio in the Greater Tokyo area (Note 2) accounted for 80.4% and gross leasablearea was 954,447.89m2. In addition, the occupancy rate of the entire portfolio at the end of the 5th fiscal
period was stable at a high level of 99.3%.
In addition, on September 1, 2015 subsequent to the end of the 5th fiscal period (end of Augusty 2015),
NMF transferred trust beneficiary interest in mainly Mitsubishi Motors Ibaraki Maintenance Center.
(Note 1) Third-party logistics (3PL) refers to logistics services outsourced by shippers for part or all of their logistics functions.
(Note 2) “Greater Tokyo area” refers to Tokyo, Kanagawa, Chiba and Saitama prefectures.

－ 7 －Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

B. Status of Fund Procurement
During the period under review, NMF borrowed 11,200 million yen on June 30, 2015 to fund part of
the acquisition of a specified asset and related expenses. As a result, the balance of interest-bearing
liabilities was 110,307 million yen and the ratio of interest-bearing liabilities to total assets (LTV) was
38.3% at the end of the 4th fiscal period.
The following is the rating obtained by NMF as at the end of the 5th fiscal period. The rating is not a
rating of NMF investment units. Concerning NMF investment units, there are no credit ratings thatcredit rating agencies have provided or made available for inspection and there are no credit ratings thatcredit rating agencies are scheduled to provide or make available for inspection at the request of NMF.
Japan Credit Rating Agency, Ltd. has released a press release dated May 27, 2015 regarding the credit
rating of NMF for the reason that NMF concluded a merger agreement on May 27, 2015 as stated below
in “C. Merger with Nomura Real Estate Office Fund, Inc. and Nomura Real Estate Residential Fund,Inc.”
Credit rating agency
Japan Credit Rating Agency, Ltd. (JCR)

Rating description
Long-term issuer rating:

：

Note
AA−

Rating outlook:(Note)(Note) Designation to credit monitor (direction: positive) was announced in a press release dated May 27, 2015.

C. Merger with Nomura Real Estate Office Fund, Inc. and Nomura Real Estate Residential Fund, Inc.
NMF, Nomura Real Estate Office Fund, Inc. (“NOF”) and Nomura Real Estate Residential Fund, Inc.
(“NRF”; and NMF, NOF and NRF are individually referred to as the “Consolidated Investment Corporation”
hereinafter) respectively have determined at each of the board of directors meetings held on May 27, 2015, to
implement a consolidation-type merger (the “Merger”) as mentioned below, whereby October 1, 2015 is set as
the date of incorporation of investment corporation (the “New Investment Corporation) incorporated
through the consolidation-type merger, and have entered into a merger agreement dated May 27, 2015.
Moreover, the merger agreement was approved at the general meetings of unitholders of NMF and NOF
held on July 30, 2015 and the general meeting of unitholders of NRF held on July 31, 2015.

1. Purpose of Merger
The Consolidated Investment Corporations each entrusted their asset management to Nomura Real
Estate Asset Management Co., Ltd. and were provided support by the Nomura Real Estate Groupand had established stable track records. However, in recent years the companies were faced byenvironmental changes such as intensified acquisition competitions, polarization of size in J-REITs
and diversification of investment types of J-REITs.
Confronting such changes in business environment, the Consolidated Investment Corporations
have respectively considered measures to maximize sustainable growth of unitholders’ value and haveshared a common view that there is a need to expand the asset size, diversify portfolio and strengthen
the stability of financing basis in order to strengthen capacity for future growth, and discussions anddeliberations have been carried out as measures for increasing unitholder value.
By becoming a top-class domestic diversified type J-REIT with an asset size of more than JPY 900
billion, with increased asset size and diversified investment types of assets, it is believed the merger
will contribute to expand acquisition opportunities, stabilize the portfolio, enhance risk tolerance, gain
competitive strength for asset acquisitions and stabilize the financial basis. In addition, it is believedthat both growth and stability can be achieved in managing the portfolio by making the best use of
the Asset Management Company’s abundant and professional expertise accumulated throughmanagement of the Consolidated Investment Corporations and effectively leveraging wide-range
know-hows and brands held by Nomura Real Estate Group, one of the major comprehensive realestate developers in Japan.
In particular, the Consolidated Investment Corporations believe the following demonstrates theconcept of the merger.
i. Pursue sustainable growth by transforming from a “specialized type J-REIT” to a “diversified typeJ-REIT”
ii. Strengthen stability and enhance growth strategy through benefit of a large scale REIT
iii. Accelerating mutual growth with Nomura Real Estate Group by establishing a “leasing value
chain”
After the merger, the New Investment Corporation, with the above-mentioned concepts of themerger in mind, aims to secure stable medium- to long-term income and maximize unitholders’ value
through steadily increasing the portfolio size. In addition, it is expected, as a positive effect of themerger, market price of investment units could be more stabilized due to increase in cash distribution
through external and internal growth and improved liquidity of investment units.
－ 8 －Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

2. Merger Ratio
With the merger, 1 unit of the New Investment Corporation will be allotted for 1 unit of NMF,
3.60 units of the New Investment Corporation will be allotted for 1 unit of NOF and 4.45 units of
the New Investment Corporation will be allotted for 1 unit of NRF. Therefore there will be fractionsof one investment unit generated for unitholders of NOF and NRF. As such, such fractions shall bedisposed pursuant to the relevant laws through market transactions and the proceeds from the unit
sales will be distributed to holders of such fractions according to the fractions each unitholder has.
3．Cash Distribution on Merger
Instead of cash distributions for each Consolidated Investment Corporation’s final fiscal period
ending on September 30, 2015 (in the case of NMF; the period from September 1, 2015 to
September 30, 2015; in the case of NOF, the period from May 1, 2015 to September 30, 2015; and in
the case of NRF, the period from June 1, 2015 to September 30, 2015), the New Investment
Corporation will make a cash distribution on merger to the unitholders listed or recorded on the final
unitholders register of each of the Consolidated Investment Corporations as of the day immediately
prior to the date of incorporation of the New Investment Corporation (excluding each Consolidated
Investment Corporation and the dissenting unitholders of each Consolidated Investment Corporation
who demand for repurchase of investment units pursuant to Article 149- 3 of the Act on Investment
Trusts and Investment Corporations) (the “Allotted Investors”), in an amount equivalent to the cash
distributions for the final fiscal period based on each Consolidated Investment Corporation’s
distributable profit (the payment on merger will be (i) the amount of distributable profit of each
Consolidated Investment Corporation as of the day immediately prior to the date of incorporation of
the New Investment Corporation divided by (ii) the number of investment units that is obtained bydeducting (a) the number of investment units held by the unitholders other than the Allotted
Investors of each Consolidated Investment Corporation from (b) the number of investment units
issued and outstanding of each of such Consolidated Investment Corporation, as of the day
immediately prior to the date of incorporation of the New Investment Corporation (amounts lessthan one yen are rounded down)). The details will be announced once they are determined.
D. Business Performance and Distributions
As a result of the management described above, business performance for the 5th fiscal period was asfollows: operating revenue of 10,406 million yen, operating income of 4,328 million yen, ordinary
income of 3,693 million yen and net income of 3,692 million yen.
Concerning distributions in the 5th fiscal period, in order to have the maximum 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 unappropriated retained earnings,
excluding fractions of the distribution per investment unit that are less than 1 yen. Accordingly, NMF
declared distribution per investment unit of 2,217 yen.

－ 9 －Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

② Outlook for Next Fiscal Period
A. Future Management Policy and Challenges
The Japanese economy ahead is anticipated to see the moderate recovery trend continue due to suchfactors as the recovery in corporate earnings and pickup in capital investment as well as improvement in
the employment and income environments.
In addition, in the J-REIT market, with Bank of Japan’s monetary easing policies leading to favorable
supply of funds to the real estate market as well as the ongoing stable level of TSE REIT Index, thefavorable financial and capital environment is anticipated to continue. On the other hand, since thenumber of transaction participants with a strong acquisition appetite is on the rise, the environment for
acquiring prime properties is forecast to become harsh.
With such a view on the economic environment, NMF merged with NOF and NRF and the merger
became effective as of October 1, 2015. The New Investment Corporation thereby established will start
management based on the following policies in order to secure stable income in the medium to long term
and realize steady growth of assets under management.
(a) Realizing stable growth through investment in diverse real estate (diversified type strategy)
Through its diversified type strategy, the Investment Corporation will aim to pursue both stability andgrowth potential of income through the effects of sector diversification while promoting selective
investment in prime properties and increase of investment opportunities with the greater capacity tocollect property information.
The portfolio of the New Investment Corporation is comprised of properties with stableprofitability not easily affected by economic fluctuations such as logistics facilities, retail facilities(located in residential areas) and residential facilities, as well as properties whose income can be
expected to grow through economic fluctuations such as retail facilities (located near stations) andoffice buildings. It is believed that both stability and growth potential of income can be pursued
through investment that focuses on differences in lease transaction practices such as contract periods
and contract types (normal lease and fixed-term lease) as well as in property-specific income features.
Furthermore, investment targets in the J-REIT market, initially centering on offices, are becoming
more diversified, 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 growth of the J-REIT market. Given these circumstances around the J-REIT market,
the New Investment Corporation will pursue further growth by responding to the diversification of
investment targets utilizing the features of being a diversified type REIT.
(b) Portfolio management that utilizes the diversification effect (large-scale REIT strategy)
The New Investment Corporation which is one of the largest in Japan will manage its properties
actively and effectively through the effects of a diversified portfolio which decreases the risks ofdecreased revenues and maldistribution of portfolio properties as well as the risks associated withtenant concentration. Responding to the aging of portfolio properties is a matter that can’t be avoided
for the New Investment Corporation which will own real estate and such for long periods of time.
Therefore, measures aimed at increasing the portfolio value will be actively promoted such as
implementing value-adding work utilizing depreciation, replacement of properties and rebuilding incollaboration with the sponsor. Furthermore, internal growth will be enhanced by advancing
consolidation and efficiency in property management and endeavoring to reduce various expenses.
In addition to such measures, the New Investment Corporation will promote the increase of the asset
size and market size, reduction of financial costs and diversification of funding methods in an aim toincrease financial stability backed by increased funding capabilities.
(c) Utilizing leasing value chain with Nomura Real Estate Group (sponsor pipeline)
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. Businesssegments 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 corporategroup.
Nomura Real Estate Asset Management Co., Ltd., the asset management company of the New
Investment Corporation, 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., has established 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－ 10 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

and profitability of properties in both hard and soft aspects, and will actively promote thestrengthening of the brand powers of properties developed by the sponsor such as PMO, PROUD
FLAT, GEMS and Landport as well as increase the value of the New Investment Corporation’s
portfolio properties. Through this, a positive cycle of mutual growth will be established among the
New Investment Corporation and Nomura Real Estate Group companies in 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, the New Investment Corporation will
promote optimal portfolio management and the steady growth of the asset size backed by the richpipeline and aim to secure stable income in the medium to long term.

－ 11 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

③ Significant Subsequent Events
A. Transfer of the Asset
NMF has transferred “Mitusbishi Motors Ibaraki Maintenance Center” on September 1, 2015, after
the end of 5th fiscal period (August 31, 2015).
Type of Asset

Trust beneficiary interest in mainly real estate

Property Name

Mitsubishi Motors Ibaraki Maintenance CenterTransfer Price (Note)¥1,133 million
April 30, 2015
(date of agreement on purchase and sale of beneficial interest in real estate trust)
September 1, 2015 (date of delivery of beneficial interest in real estate trust)

Date of Agreement
Transfer Date
Transferee

Japanese General Operating Company
The Fund is scheduled to record around ¥240 million of transfer profit (including
Impact on Earnings
miscellaneous expences) as Operating Revenues on final fiscal period (fromSeptember 1, 2015 to September 30, 2015)(Note)
Excluding property taxes, urban planning taxes.

(Reference)
A. Acquisition of the asset
The Fund concluded the purchase and sale agreement of assets stated below on May 27, 2015, subject tothe merger.
Type of asset

Trust beneficiary interest in mainly real estate

Real estate

Name of asset

NRE Kichijoji Building

GEMS Ichigaya

Location (Note 1)(Registry) 2-2017-216 Kichijoji Honcho, Musashino
City, Tokyo and 10 others(Street) 2-2-17 Kichijoji Honcho, Musashino City,
Tokyo(Registry) 4-3 Rokubancho, Chiyoda Ward,Tokyo(Street) 4-3 Rokubancho, Chiyoda Ward,Tokyo(Note 2)

Structure (Note 1)

S/RC B2/7F

S/SRC B1/9F

Land Area (Note 1)

923.73m2 (279.42 tsubo) (Note 3)

236.59m2 (71.56 tsubo)

Building Area (Note 1)

5,550.35m2 (1,678.98 tsubo) (Note 3)

1,477.10m2 (446.82tsubo)

Type of Ownership(Land) Ownership (51.0%) (Note 4)(Building) Ownership (51.0%) (Note 4)(Land) Ownership(Building) Ownership

Completion(Note 1)

July 10, 2014

October 31, 2014

¥5,310 million¥2,080 million

May 27, 2015
(date of agreement on purchase and sale ofbeneficial interest in real estate trust)October 30, 2015
(date of delivery of beneficial interest in real estate
trust)

May 27, 2015
(date of agreement on purchase and sale of realestate)Nomura Real Estate Development, Co., Ltd.

Nomura Real Estate Development, Co., Ltd.

Date

Scheduled Acquisition
Price (Note 5)
Date of agreement
Scheduled dateAcuisdition
Sellerof

October 30, 2015
(date of delivery of real estate)

Scheduled to finance from borrowings in New Scheduled to finance from borrowings in New
Investment Corporation
Investment Corporation(Note 1) “Location (registry)”, “Structure”, “Land Area”, “Building Area”, and “Completion Date”, are based on theinformation in the real estate registry.
(Note 2) Concerning location of the Property, Street has not been officially indicated.
(Note 3) Area for land and building indicates area for the entire land and building of the Property.
(Note 4) The ratio of ownership is indicated as 51%, which is the ratio of quasi co-ownership of trust beneficiary interest inreal estate planned to be acquired by the New Investment Corporation.
(Note 5) Excluding property taxes, urban planning taxes, consumption taxes and local consumption taxes

Financing－ 12 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

3. Financial Statements(1) Balance Sheet
As of February 28, 2015

Thousands of Yen
As of August 31, 2015

12,486,260
6,333,926
206,479
269,318
5
3,609
571,565
104,101
19,975,268

14,457,463
6,663,335
291,505
294,892
39
7,614－
158,415
21,873,266

3,502,973(163,530)
3,339,443
28,932(4,723)24,208
10,923,206
103,956,034(4,998,376)
98,957,658
866,502(266,616)
599,886
20,397(3,205)
17,191
137,141,279
4,317
251,007,192

3,503,532(223,636)
3,279,895
28,932(6,302)
22,62910,923,206
108,535,911(6,596,671)
101,939,239
866,502(341,485)
525,017
55,193(6,205)48,988143,927,747
19,714
260,686,439

3,828,326
15,5593,843,886

3,827,940
15,923
3,843,864

463,151588,612
89,205546,095
1,687,064
256,538,143

99,667532,582
89,205546,095
1,267,550
265,797,854

26,527
26,527
276,539,938

25,15525,155
287,696,275

AssetsCurrent assets
Cash and bank deposits
Cash and bank deposits in trust
Rental receivables
Prepaid expenses
Deferred tax assets
Income taxes receivable
Consumption taxes receivable
Other
Total current assets
Noncurrent assets
Property and equipment
Buildings
Less accumulated depreciation
Buildings, net
Structures
Less accumulated depreciation
Structures, net
Land
Buildings in trust
Less accumulated depreciation
Buildings in trust, net
Structures in trust
Less accumulated depreciation
Structures in trust, net
Tools, furniture and fixtures in trust
Less accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress
Total property and equipment
Intangible assets
Leasehold rights in trust
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term prepaid expenses
Long-term deposits
Security deposits
Total investments and other assets
Total noncurrent assets
Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets－ 13 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

As of February 28, 2015
Liabilities
Current liabilities
Trade accounts payable
Short-term debt
Current portion of long-term debt
Other accounts payable
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Rent received in advance
Other current liabilities
Total current liabilities
Long-term liabilities
Investment corporation bonds
Long-term debt
Security deposits from tenants
Security deposits from tenants in trust
Total long-term liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
SurplusRetained earnings
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets*1*2－ 14 －

493,9224,000,000
85,600235,326
26,211
549

Thousands of Yen
As of August 31, 2015－
1,509,800
955
6,352,365

439,285
8,100,000
85,600333,448
37,290751
103,577
1,582,911
115,298
10,798,164

3,000,000
92,064,600
539,430
9,316,397
104,920,428
111,272,793

3,000,000
99,121,800
539,430
9,423,817
112,085,048
122,883,212

161,120,405

161,120,405

4,146,739
4,146,739
165,267,144
165,267,144
276,539,938

3,692,657
3,692,657
164,813,062
164,813,062
287,696,275*1*2

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015(2) Statement of Income and Retained Earnings
Previous period
from Sep. 1, 2014
to Feb. 28, 2015

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

9,068,947
980,402
16,744
10,066,094*1*1

9,253,044
1,126,933
26,816
10,406,793*1

4,358,151
787,713
14,50863,6806,000－
85,4885,315,542
4,750,552*1

4,421,692
836,589
15,571
61,894
7,200
659,323
76,284
6,078,557
4,328,236

1,790Interest expenses on investment corporation bonds
Amortization of investment corporation bondissuance costs
Loan arrangement fees
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
Retained earnings brought forward
Retained earnings at end of period－ 15 －

Thousands of Yen
Current period
from Mar. 1, 2015
to Aug. 31, 2015

－
35
1,825

1,887
2,236
52
4,176

474,0748,700

498,179
13,073

1,143

1,372

121,433
499
605,851
4,146,526
4,146,526
722
24
746
4,145,779
959
4,146,739

125,499
522
638,647
3,693,766
3,693,766
1,384
(33)
1,350
3,692,415
241
3,692,657

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015(3) Statement of Changes in Net Assets
Previous period (from September 1, 2014 to February 28, 2015)

Unitholders'
capitalBalance at the beginning ofcurrent period
Changes of items during theperiodTotalunitholders'equityTotal net assets

4,080,846

4,080,846

165,201,251

165,201,251

Cash distribution paid

(4,079,887)(4,079,887)(4,079,887)(4,079,887)

Net income

4,145,779

4,145,779

4,145,779

4,145,779－

65,89265,89265,89265,892*1 161,120,405

4,146,739

4,146,739

165,267,144

165,267,144

Total changes of items
during the period
Balance at the end of current
period161,120,405(Unit: thousand yen)

Unitholders' equity
SurplusRetained
Total surplus
earnings

Current period (from March 1, 2015 to August 31, 2015)

Unitholders'
capitalBalance at the beginning ofcurrent period
Changes of items during theperiodTotalunitholders'equityTotal net assets

4,146,739

4,146,739

165,267,144

165,267,144

Cash distribution paid

(4,146,497)(4,146,497)(4,146,497)(4,146,497)

Net income

3,692,415

3,692,415

3,692,415

3,692,415－(454,081)(454,081)(454,081)(454,081)*1 161,120,405

3,692,657

3,692,657

164,813,062

164,813,062

Total changes of items
during the period
Balance at the end of current
period161,120,405(Unit: thousand yen)

Unitholders' equity
SurplusRetained
Total surplus
earnings－ 16 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015(4) Statement of Cash Distributions

I. Retained earnings at end of period
II. Amount of distributions[Amount of distributions per investment unit]
III. Retained earnings brought forward
Calculating method for distribution amountPrevious period
from Sep. 1, 2014
to Feb. 28, 2015

Current period
from Mar. 1, 2015
to Aug. 31, 2015

4,146,739,268 yen
4,146,497,400 yen[2,490 yen]
241,868 yen

3,692,657,521 yen
3,691,881,420 yen[2,217 yen]
776,101 yen

Pursuant to the policy that“distributions shall be in excess of anamount equivalent to 90% of NMF’s
amount of earnings available for
distribution as prescribed in Article
67-15, Paragraph 1 of the Act on
SpecialMeasures
Concerning
Taxation” as provided in Article 36,
Paragraph 1, Item 2 of NMF’s Articles
of Incorporation, NMF decided to
distribute almost the entire amount ofretained earnings. Accordingly, NMF
declared distributions of earnings of
4,146,497,400 yen. NMF will not
distribute cash in excess of earnings asprovided in Article 36, Paragraph 2 of
the Articles of Incorporation.

Pursuant to the policy that“distributions shall be in excess of anamount equivalent to 90% of NMF’s
amount of earnings available for
distribution as prescribed in Article
67-15, Paragraph 1 of the Act on
SpecialMeasures
Concerning
Taxation” as provided in Article 36,
Paragraph 1, Item 2 of NMF’s Articles
of Incorporation, NMF decided to
distribute almost the entire amount ofretained earnings. Accordingly, NMF
declared distributions of earnings of
3,691,881,420 yen. NMF will not
distribute cash in excess of earnings asprovided in Article 36, Paragraph 2 of
the Articles of Incorporation.

－ 17 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015(5) Statement of Cash Flows
Previous period
from Sep. 1, 2014
to Feb. 28, 2015
Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of investment corporation bond issuance costs
Interest income
Interest expenses
Decrease (increase) in rental receivables
Decrease (increase) in prepaid expenses
Decrease (increase) in consumption taxes receivable
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 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
Purchases of investment securities
Proceeds from withdrawal of investment securities
Reimbursement of security deposits to tenants in trust
Proceeds from security deposits from tenants in trust
Payments for security deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term debt
Repayment of short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from issuance of investment corporation bonds
Payments of investment corporation bonds issuance costs
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 at end of period－ 18 －*1

Thousands of Yen
Current period
from Mar. 1, 2015
to Aug. 31, 2015

4,146,526
1,706,847
1,143(1,790)482,774
12,963(32,035)(571,565)
25,989(50,000)
85,472(4,822)(275,528)
27,519(45,631)5,507,862
1,790(481,052)(3,844)
5,024,754

3,693,766
1,740,121
1,372(1,887)511,253(85,026)(25,573)
571,565
56,030－(54,636)
48,067
103,577
73,11048,1286,679,869
1,887(500,173)(5,187)
6,176,395(6,375)(18,351,735)－(4,489)－24,321(75,226)
960,736(29,968)(17,482,737)(8,027)(11,351,806)(2,250)－(104,838)
456,448(340,022)
462,128－(10,888,367)

7,000,000(3,000,000)
11,800,000(42,800)
3,000,000(27,670)(4,079,025)
14,650,504
2,192,520
16,627,667
18,820,187

4,100,000－
7,100,000(42,800)－－(4,144,617)
7,012,582
2,300,610
18,820,187
21,120,798*1

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015(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
2~20 years
Tools, furniture and fixtures
2~10 years② Intangible assets
The straight-line method is adopted.
③ Long-term prepaid expenses
The straight-line method is adopted.

3. Deferred investment
corporation bond issuancecosts
4. Revenue and expenses
recognition

Deferred investment corporation bond issuance costs are amortized by the straight-line
method over the respective terms of the bonds.

5. Hedge accounting① Method of hedge accounting
Deffered hedge accounting is adopted. For interest-rate swap transactions meet therequirements for special treatment, special treatment is adopted.

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 previous period is 12,000 thousand yen
and in the fiscal period is 40,919 thousand yen.

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.
6. 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.

－ 19 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

7. Other significant mattersforming basis for
preparation offinancial statements① Accounting for trust beneficiary interests in real estate, etc.
Concerning trust beneficiary interests in real estate, etc. held, all accounts of assets andliabilities within trust assets as well as all accounts of revenue and expenses incurred fromthe trust assets are recorded in the relevant account item of the balance sheet andstatement of income and retained earnings.
The following material items of the trust assets recorded in the relevant account item
are separately listed on the balance sheet.
(1) Cash and bank deposits in trust(2) Buildings in trust; structures in trust; tools, furniture and fixtures in trust; and land intrust(3) Leasehold rights in trust(4) Security deposits from tenants in trust② Accounting for consumption taxes
Concerning accounting for consumption tax and local consumption tax, these taxes are
not included.

(8) Chages in Accounting Policy(Application of the Accounting Standard for Business Combinations)
The “Accounting Standard for Business Combinations” (ASBJ Statement No. 21, revised on September 13, 2013)
and “Accounting Standard for Business Divestitures” (ASBJ Statement No. 7, revised on September 13, 2013) could
be applied from the beginning of the accounting period after April 1, 2014. Accordingly, NMF applied theseaccounting standards from the accounting period ended Augst 31, 2015. In addition, NMF recorded acquisition-related
costs as expenses in the fiscal periods in which the costs are incurred.
Regarding business combinations, from the beginning of the accounting period ended August 31, 2015, NMF
changed the method to reflect changes in the allocation of the acquisition costs arising from confirmation of theprovisional accounting treatment on the financial statements that includes the acquisition date.
NMF has adopted these accounting standards from the beginning of the accounting period ended Augst 31, 2015,
following transitional treatment based on Article 58-2 (4) of “Accounting Standard for Business Combinations,” andArticle 57-4 (4) of “Accounting Standard for Business Divestitures”.
As a result, Operating profit, Ordinary income and Net income decreased 659 million yen each for the Current period.

(9) Notes to Financial Statements(Notes to Balance Sheet)*1. Commitment line agreement
NMF is concluding a commitment line agreement with 3 lending financial institutions.
Previous period
Current period(Feb. 28, 2015)(Aug. 31, 2015)
Committed line of credit
10,000,000 thousand yen
10,000,000 thousand yen
Balance of used line
－ thousand yen－ thousand yen
Balance of unused line
10,000,000 thousand yen
10,000,000 thousand yen*2. Minimum net assets as provided in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations
Previous period
Current period(Feb. 28, 2015)(Aug. 31, 2015)
50,000 thousand yen
50,000 thousand yen－ 20 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

(Notes to Statement of Income and Retained Earnings)*1. Breakdown of real estate rental revenues and expenses(Unit: thousand yen)
Current period
from Mar. 1, 2015
to Aug. 28, 2015

Previous period
from Sep. 1, 2014
to Feb. 28, 2015
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

8,763,843
305,104
91,016
801,535
87,8509,068,947

8,940,456
312,587

9,253,044

980,402

94,516
889,790
142,626

1,126,933

10,049,349

391,935
270,561
726,772
672,710
18,404
258,742
96,4791,705,559
216,985

C. Real estate rental profits [A－B]

4,358,151
4,358,151
5,691,198

10,379,977

404,300
235,392
748,164
723,142
18,840187,661
101,585
1,738,832
263,772

4,421,692
4,421,692
5,958,284(Notes to Statement of Changes in Net Assets)
Previous period
from Sep. 1, 2014
to Feb. 28, 2015

Current period
from Mar. 1, 2015
to Aug. 31, 2015

Total number of investment units authorized

20,000,000 units

20,000,000 units

Total number of investment units issued and outstanding

1,665,260 units

1,665,260 units*1.Total number of investment units authorized andtotal number of investment units issued and outstanding(Notes to Statement of Cash Flows)*1. Reconciliation of cash and cash equivalents at end of period to balance sheet accounts
Previous period
from Sep. 1, 2014
to Feb. 28, 2015
12,486,260(Unit: thousand yen)
Current period
from Mar. 1, 2015
to Aug. 31, 2015
14,457,463

Cash and bank deposits in trust

6,333,926

6,663,335

Cash and cash equivalents

18,820,187

21,120,798

Cash and bank deposits－ 21 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

(Notes on Lease Transactions)Operating lease transactions (as lessor)
Future lease payments receivable(Unit: thousand yen)Previous period(Feb. 28, 2015)

Current period(Aug. 31, 2015)

Due within 1 year

14,445,033

14,251,817

Due after 1 year

44,639,620

48,290,073

Total

59,084,653

62,541,890(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
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.

－ 22 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

2. Matters concerning fair value, etc. of financial instruments
The following are the carrying amount and fair value as of February 28, 2015, and the difference between theseamounts.
(Unit: thousand yen)

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

Carrying amount(Note 1)
12,486,260
6,333,926[4,000,000][85,600][3,000,000][92,064,600]－

Fair value(Note 1)
12,486,260
6,333,926[4,000,000][86,641][3,033,783][94,134,935]－

Amount of difference
－
－
－
1,041
33,7832,070,335－

The following are the carrying amount and fair value as of August 31, 2015, and the difference between these amounts.
(Unit: thousand yen)

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

Carrying amount(Note 1)
14,457,463
6,663,335[8,100,000][85,600][3,000,000][99,121,800]－

Fair value(Note 1)
14,457,463
6,663,335[8,100,000][86,657][3,029,544][101,175,312]－

Amount of difference
－
－
－
1,057
29,544
2,053,512－(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 long-term debt; (6) 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.
(5) Investment corporation bonds
The fair value of investment corporation bonds issued by the Company is determined based on their market prices.
(7) 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 amountType of asset
Investment securities

Previous period(Feb. 28, 2015)
463,151

Current period(Aug. 31, 2015)
99,667*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 28, 2015)(Unit: thousand yen)

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

12,486,260
6,333,926
18,820,187

Due after
1 year,within2 years－－－

Due after
2 years,
within3 years－－－

Due after
3 years,
within4 years－－－

Due after
4 years,
within5 years－－－

Due after
5 years－－－

Amount of redemption of monetary claims scheduled to be due after the date of settlement of accounts (August 31, 2015)(Unit: thousand yen)

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

14,457,463
6,663,335
21,120,798

Due after
1 year,within2 years－－－－ 23 －

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. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

(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 28, 2015)(Unit: thousand yen)

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

4,000,000－
85,6004,085,600

Due after
1 year,within2 years－－
13,085,600
13,085,600

Due after
2 years,
within3 years－－
6,085,600
6,085,600

Due after
3 years,
within4 years－－
18,985,600
18,985,600

Due after
4 years,
within5 years－－
14,085,600
14,085,600

Due after
5 years－
3,000,000
39,822,200
42,822,200

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 (August 31, 2015)(Unit: thousand yen)

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

8,100,000－
85,6008,185,600

Due after
1 year,within2 years－－
19,085,600
19,085,600

Due after
2 years,
within3 years－－
12,285,600
12,285,600

Due after
3 years,
within4 years－－
16,785,600
16,785,600

Due after
4 years,
within5 years－－
20,485,600
20,485,600

Due after
5 years－
3,000,000
30,479,400
33,479,400(Notes on securities)
Previous period (As of February 28, 2015)
Not applicable.
Current period (As of August 31, 2015)
Not applicable.

(Notes on Derivative Transactions)
1. Transactions not subject to hedge accounting
Previous period (As of February 28, 2015)
Not applicable.
Current period (As of August 31, 2015)
Not applicable.
2. Transactions subject to hedge accounting
Previous period (As of February 28, 2015)
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

Type ofderivative transactionMainhedged item

Contract amountDue after 1 year

Fair value(Unit: thousand yen)
Method for
calculating
fair value

Interest-rate swap transaction
Long-term
Floating receivable
72,425,100
72,382,300*
debt
Fixed payable* 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 “(4) Current portion of long-term debt” and “(6) Long-term debt” in“Notes on Financial Instruments; 2. Matters concerning fair value, etc. of financial instruments” earlier in this report.
Special treatment forinterest-rate swaps

Current period (As of August 31, 2015)
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

Type ofderivative transactionMainhedged item

Contract amountDue after 1 year

Fair value(Unit: thousand yen)
Method for
calculating
fair value

Interest-rate swap transaction
Long-term
Floating receivable
78,003,700
77,960,900*
debt
Fixed payable* 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 “(4) Current portion of long-term debt” and “(6) Long-term debt” in“Notes on Financial Instruments; 2. Matters concerning fair value, etc. of financial instruments” earlier in this report.
Special treatment forinterest-rate swaps－ 24 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

(Notes on retirement benefit plans)Previous period (As of February 28, 2015)
Not applicable.
Current period (As of August 31, 2015)
Not applicable.

(Notes on Tax Effect Accounting)
1. Breakdown of main causes for occurrence of deferred tax assets and deferred tax liabilities

Deferred tax assets
Non-deductible accrued enterprise tax
Amortization of leasehold right in trust
Subtotal deferred tax assets
Valuation allowance
Total deferred tax assets
Net deferred tax assets(Unit: thousand yen)Previous period(Feb. 28, 2015)

Current period(Aug. 31, 2015)

5
263
269
(263)
5
5

39
374
413
(374)
39
39

2. Breakdown of major components that caused significant differences between statutory tax rate and effective tax rate after
application of tax effect accounting
Previous period
Current period(Feb. 28, 2015)(Aug. 31, 2015)34.16%
34.15%
Statutory tax rate
(Adjustments)(34.16%)(34.13%)

Other

0.02%

0.02%

Effective tax rate after application of tax effect accounting

0.02%

0.04%

Deductible cash distributions(Notes on equity method income and retained earnings, etc.)
Previous period (from September 1, 2014 to February 28, 2015)
Not applicable.
Current period (from March 1, 2015 to August 31, 2015)
Not applicable.

－ 25 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

(Notes on Transactions with Related Parties)
1. Parent company and major corporate unitholders
Previous period (from September 1, 2014 to February 28, 2015)
Not applicable.
Current period (from March 1, 2015 to August 31, 2015)
Not applicable.
2. Subsidiaries and affiliates
Previous period (from September 1, 2014 to February 28, 2015)
Not applicable.
Current period (from March 1, 2015 to August 31, 2015)
Not applicable.
3. Fellow subsidiaries
Previous period (from September 1, 2014 to February 28, 2015)
Not applicable.
Current period (from March 1, 2015 to August 31, 2015)
Not applicable.
4. Directors and major individual unitholders
Previous period (from September 1, 2014 to February 28, 2015)
Not applicable.
Current period (from March 1, 2015 to August 31, 2015)
Not applicable.

(Notes on asset retirement obligations)

Previous period (from September 1, 2014 to February 28, 2015)
Not applicable.
Current period (from March 1, 2015 to August 31, 2015)
Not applicable.

(Notes on Investment and Rental Properties)
NMF owns leasable logistics facilities and leasable retail facilities (including land) in Greater 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.

Previous period
from Sep. 1, 2014
to Feb. 28, 2015
Carrying amount
Balance at beginning of period
Amount of increase (decrease) during period
Balance at end of period
Fair value at end of period(Note 1)
(Note 2)

(Note 3)

238,207,919
16,627,599
254,835,518
280,180,000(Unit: thousand yen)
Current period
from Mar. 1, 2015
to Aug. 31, 2015
254,835,518
9,668,407
264,503,926
296,338,000

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 previous period ismainly attributable to acquisition of Universal CityWalk Osaka (15,961,434 thousand yen) and Kawasaki More’s (2,110,212
thousand yen) and decrease during previous period is depreciation (1,705,224 thousand yen). The amount of increaseduring current period is mainly attributable to acquisition of Kawaguchi Ryoke Logistics Center (10,944,386 thousand yen)and decrease during current period is depreciation (1,738,235 thousand yen).
Fair value at the end of the period is the appraisal value or investigation value found by an outside real estate appraiser.
However, the scheduled transferred price for the Mitsubishi Motors Ibaraki Maintenance Center is used for the fair value atthe end of the previous period and current period.
－ 26 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

The income (loss) in the previous period and 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)
Previous period (from September 1, 2014 to February 28, 2015)
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
Since no single external client represents 10% or more of the Fund’s total operating revenues, information aboutmajor customer has been omitted.
Current period (from March 1, 2015 to August 31, 2015)
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
Since no single external client represents 10% or more of the Fund’s total operating revenues, information aboutmajor customer has been omitted.

－ 27 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

(Notes on Per Unit Information)
Previous period
from Sep. 1, 2014
to Feb. 28, 2015

Current period
from Mar. 1, 2015
to Aug. 31, 2015

Net assets per unit

99,244 yen

98,971 yen

Net income per unit

2,489 yen

2,217 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.

Previous period
from Sep. 1, 2014
to Feb. 28, 2015

Current period
from Mar. 1, 2015
to Aug. 31, 2015

4,145,779

3,692,415－－

Net income attributable to ordinary investment units (thousand yen)

4,145,779

3,692,415

Average number of investment units during period (units)

1,665,260

1,665,260

Net income (thousand yen)Amount not attributable to ordinary unitholders (thousand yen)

(Notes on Significant Subsequent Events)
Transfer of the asset
The Fund has transferred “Mitusbishi Motors Ibaraki Maintenance Center” on September 1, 2015, after the end of 5th
fiscal period (August 31, 2015).
Mitsubishi Motors Ibaraki Maintenance Center
Type of Asset

Trust beneficiary interest in mainly real estate

Date of Agreement

April 30, 2015

Transfer Date

September 1, 2015

Transfer Price¥1,133,000 thousand

Transferee

Japanese General Operating Company
The Fund is scheduled to record around ¥240 million of transfer profit (including
miscellaneous expences) as Operating Revenues on final fiscal period (from September 1,
2015 to September 30, 2015).

Impact on Earnings(Additional Information)
Merger with Nomura Real Estate Office Fund, Inc. and Nomura Real Estate Residential Fund, Inc.
NMF, NOF, and NRF respectively have determined at each of the board of directors meetings held on May 27, 2015 toimplement a consolidation-type merger (the “Merger”), whereby October 1, 2015 is set as the date of incorporation of
the New Investment Corporation, and that the companies have entered into a merger agreement (the “Merger
Agreement”) dated May 27, 2015. A proposal of the Merger Agreement was approved at the general meeting ofunitholders of NMF and NOF on July 30, 2015, and at the general meeting of unitholders of NRF on July 31, 2015.
Accordingly, each Consolidated Investment Corporation were delisted from Tokyo Stock Exchange REIT market on
September 28, 2015. Moreover, New Investment Corporation was approved by Tokyo Stock Exchange to be listed on
September 1, 2015, and was listed on October 2, 2015.
(1) Purpose of Merger
NMF believes that the Merger will expand acquisition opportunities, stabilize the portfolio, enhance risk tolerance,increase competitive strength for asset acquisitions and stabilize the financial base by increasing the asset size anddiversifying target investment sectors. In addition, NMF believes that it can achieve both growth 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 is confident that the Merger is the best option for its
unitholders and has therefore entered into the Merger Agreement.
(2) Merger Ratio
Upon the merger, 1 New Investment Corporation units was allotted for each NMF unit, 3.60 New Investment
Corporation units was for each NOF unit, and 4.45 New Investment Corporation units was allotted for each NRF unit.
－ 28 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

(3) Cash Distribution on Merger
Instead of cash distributions for NMF’s final fiscal period ending on September 30, 2015 (the period from September 1,
2015 to September 30, 2015), the New Investment Corporation will make a cash distribution on merger to theunitholders listed or recorded on the final unitholders register of NMF as of the day immediately prior to the date ofincorporation of the New Investment Corporation, in an amount equivalent to the cash distributions for the final fiscal
period based on NMF’s distributable profit.
(4) Overview of Preceding Periods of the Consolidated Investment Corporations (NOF (period ended April 2015) andNRF (period ended May 2015))
NOF (period ended April 2015)
Line of business: Management as investment in specific assets, mainly assets, based on the Investment Trust Act
Operating revenue
13,025 million yen
Net income
3,613 million yen
Assets439,861 million yen
Liabilities
224,662 million yen
Net assets
215,198 million yen
NRF (period ended May 2015)
Line of business: Management as investment in specific assets, mainly assets, based on the Investment Trust Act
Operating revenue
5,678 million yen
Net income
1,872 million yen
Assets169,316 million yen
Liabilities
94,161 million yen
Net assets
75,155 million yen(9) Increase (Decrease) in Total Number of Investment Units Issued and Outstanding
There were no changes in the total number of investment units issued and outstanding during the current
fiscal period (from March 1, 2015 to August 31, 2015). The following is the increase (decrease) in unitholders’capital and total number of investment units issued and outstanding during the period from the date ofincorporation of NMF through the end of the current fiscal period (August 31, 2015).

Date

Description

Unitholders’ capital(million yen)
Increase(Decrease)

January 31, 2013
June 11, 2013
(Note 1)
(Note 2)

Incorporation throughprivate placement
Capital increase throughpublic offering

Balance

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

Note

200

200

2,000

2,000

(Note 1)

160,920

161,120

1,663,260

1,665,260(Note 2)

Investment units were issued at an issue price (paid-in amount) of 100,000 yen per unit upon incorporation of NMF.
New investment units were additionally issued through a public offering at an offer price of 100,000 yen (paid-in amount: 96,750 yen)
per unit for the purpose of procuring funds for acquisition of new properties, and thereby management of assets was commenced.

－ 29 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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 5th 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.
The following is the status of directors and Audit & Supervisory of the Asset Management Company as ofthe date of this report.
Position
Representative Director,
President and Chief
Executive Officer

Name
Norio
Ambe

Brief personal history
Apr. 1980
Jul. 2001
Dec. 2005
Apr. 2006

Apr. 2008
Apr. 2008
Apr. 2008
Apr. 2009
Apr. 2013
Apr. 2014

Oct. 2014

Apr. 2014
Apr. 2014

Nomura Securities Co., Ltd.
Managing Director of the Institutional Sales Department
Managing Director of the Financial Institution Marketing
Department of Nomura Asset Management Co., Ltd.
Senior Managing Director of the Financial Institution Marketing
Department, and in charge of the Product Services Department
and the Financial Institution Marketing Department
Senior Managing Director of Nomura Asset Management Co.,
Ltd.
Chairman of Nomura Asset Management Singapore Limited
Chairman of Nomura Asset Management Hong Kong Limited
Senior Corporate Managing Director of Nomura AssetManagement Co., Ltd.
Executive Vice President, Manager of the Instituitional Clients
Division and the Overseas Clients Division
Representative Director, Vice President and Executive Officer of
Nomura Real Estate Asset Management Co., Ltd., Supervisor of
the Client Relations & Marketing Department, the Investment
Management Department, the New Products & Marketing
Department, and the Finance Department
Representative Director, Vice President and Executive Officer,
Supervisor of the Finance Department, the Client Relations &Marketing Department, the Investment Management Department,
and the Product Management Department
Currently serves as Executive Officer, in charge of asset
management, of Nomura Real Estate Holdings, Inc.
Currently serves as Representative Director, President and Chief
Executive Officer of Nomura Real Estate Asset Management Co.,Ltd.

－ 30 －

Number ofshares held–

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Position
Representative Director,
Executive Vice President
Supervisor of the
Corporate Planning
Department, theCompliance Department,
the Internal Audit
Department, and the
Accounting Department
In charge of theDiscretionary Investment
Management Section

Name
KenichiShinbashi

Brief personal history
Apr. 1978
Jun. 1997
Jun. 1999
Apr. 2002
Apr. 2003
Jun. 2003
Apr. 2004
Jul. 2006
Jul. 2010
Apr. 2012
May 2012
Oct. 2012

Apr. 2013

Apr. 2014

Oct. 2014

Oct. 2015

Nomura Securities Co., Ltd.
General Manager of Public Relations Department
General Manager of General Coordination and Policy Planning
Department
Director, in charge of Risk Management Department and System
Planning Department
Director, in charge of Job Categories Headquarter and Investment
Trust & Pension Fund Business Headquarter
Executive Officer, in charge of Job Categories Headquarter andInvestment Trust & Pension Fund Business Headquarter
Director
General Manager of the Policy Making Headquarters of Japan
Securities Dealers Association
Corporate Advisor of Nomura Land and Building Co., Ltd.
Representative Director, Executive Vice President of Nomura
Real Estate Asset Management Co., Ltd.
Representative Director, Executive Vice President, General
Manager of the Finance & Accounting Headquarters
Representative Director, Executive Vice President, Supervisor of
the Fund Management Department, the Investment Officers, theInvestment Advisory Section, the Finance Department, the
Accounting Department, the Internal Audit Department, theCompliance Department, the Corporate Planning Department
and the Business Promotion Division
Representative Director, Executive Vice President, Supervisor of
the Fund Management Department, of the Investment Officers,
the Finance Department, the Accounting Department, theInternal Audit Department, the Compliance Department and the
Corporate Planning Department
Representative Director, Executive Vice President, Supervisor of
the Corporate Planning Department, the ComplianceDepartment, the Internal Audit Department, and the Accounting
Department, and in charge of the Investment Performance
Analysis Section
Representative Director, Executive Vice President, Supervisor of
the Corporate Planning Department, the ComplianceDepartment, the Internal Audit Department, and the Accounting
Department, and in charge of the Investment Performance
Analysis Section and Discretionary Investment Management
SectionCurrently serves as Representative Director, Executive Vice
President, Supervisor of the Corporate Planning Department, theCompliance Department, the Internal Audit Department, and the
Accounting Department, and in charge of Discretionary
Investment Management Section－ 31 －

Number ofshares held–

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Position
Representative Director
and Senior Managing
Executive Officer,
Supervisor of theAcquisitions
Department, theInvestment Management
Planning Department,
the NMF Investment
Management Group, andthe NPR Investment
Management
Department

Name
Hiroshi
Kurokawa

Brief personal history
Apr. 1990
Apr. 2009
Apr. 2012
Apr. 2012
Apr. 2013

Apr. 2014
Apr. 2015

In charge of the Research& Analysis Section
Chief Strategy Officer
Oct. 2015

Director andYasuhikoManaging Executive
OfficerFuruseIn charge of theCompliance Department

Apr. 1984
Jun. 1995
Apr. 2003
Dec. 2009

General Manager of theInternal Audit
Department

Oct. 2012
Apr. 2014
Apr. 2015

Director andSeiicchiro

Managing Executive
Officer

Wada

In charge of the Client
Relations & Marketing
Department,and theProduct Management
Department

Apr. 1986
Jul. 2008
Jul. 2009
Apr. 2013
Jul. 2013
Apr. 2014
Oct. 2014
Apr. 2015

Oct. 2015

Nomura Real Estate Development Co., Ltd.
General Manager of the Pair System Management Department
General Manager of the Development Department I
Director, GEO-AKAMATSU Co., Ltd.
Executive Officer, in charge of the Architectural Design Office,the Retail Property Department, and the Logistic Property
Department, General Manager of the Asset Management
Department of Nomura Real Estate Development Co., Ltd.
Executive Officer, in charge of the Retail Property Department,
and the Logistic Property Department
Representative Director and Senior Managing Executive Officer,
Supervisor of the Acquisitions Department, the Investment
Management Planning Department, the NOF Investment
Management Department, the NRF Investment Management
Department, the NMF Investment Management Department, andthe NPR Investment Management Department, in charge of the
Research & Analysis Section, Chief Strategy Officer of Nomura
Real Estate Asset Management Co., Ltd.
Currently serrves as Representative Director and Senior Managing
Executive Officer, Supervisor of the Acquisitions Department,
the Investment Management Planning Department, the NMF
Investment Management Group, and the NPR Investment
Management Department, in charge of the Research & Analysis
Section, Chief Strategy Officer
Nomura Securities Co., Ltd.
Chief of the Archives Division of the Legal Department
Chief of the Administrative Division of the Wealth Management
Business Department
General Manager of the Corporate Legal Section of Nomura
Asset Management Co., Ltd.
Director and Executive Officer, in charge of the ComplianceDepartment, of Nomura Real Estate Asset Management Co., Ltd.
Director and Executive Officer, in charge of the ComplianceDepartment, General Manager of the Internal Audit Department
Currently serves as Director and Managing Executive Officer, incharge of the Compliance Department, General Manager of theInternal Audit Department
Nomura Securities Co., Ltd.
Managing Director, Head of the Real Estate Investment
Management
Managing Director, Head of the Asset Finance Strategy
General Manger of the Overseas Client Relations & Marketing
Department of Nomura Real Estate Asset Managemet Co., Ltd.
General Manger of the New Products & Marketing Department
Executive Officer, General Manger of the New Products &Marketing Department
Director and Executive Officer, in charge of the ProductManagement Department
Director and Managing Executive Officer, in charge of the Client
Relations & Marketing Department, and the Product Management
Department
Curretly serves as Director and Managing Executive Officer, incharge of the Client Relations & Marketing Department,
Investment Management Department and the ProductManagement Department－ 32 －

Number ofshares held

–

–

–

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Position

Name

Director andMasatoManaging Executive
Officer

YamauchiBrief personal history
Apr. 1991
Jun. 2003
Apr. 2005

General Manager of the
Corprate Planning
Department, the
Accounting Department,
and the Finance
Department

Oct. 2008
Oct. 2009

Oct. 2011
Oct. 2012
Apr. 2014
Oct. 2014

Apr. 2015

Director andMotomiManaging Executive
OfficerUki

Head of the NMF
Investment Management
Group
General Manager of theFund Management
Department, NMF
Investment Management
Group

Apr. 1991
Apr. 1998
Apr. 2000
Feb. 2002
Apr. 2006

Oct. 2008
Apr. 2009
Jun. 2010
Oct. 2011
Apr. 2012
Oct. 2012
Apr. 2013

Jul. 2013
Apr. 2014
Oct. 2014
Apr. 2015
Oct. 2015

Nomura Real Estate Development Co., Ltd.
Chief of Management Division of Building Development
Department
Chief of Wages and Walfare Division of Human Resource
Department
Manager of Planning Section of Asset Management Company
Leader of the Asset Management Group of the Office
Management Headquarter of Nomura Real Estate AssetManagemet Co., Ltd.
General Manager of the Finance Department
Executive Officer, General Manager of the Finance Department
Executive Officer, General Manager of the Finance Department
and the Accounting Department
Director and Executive Officer, General Manager of the
Corporate Planing Department, the Accounting Department , andthe Finance Department
Curretly serves as Director and Managing Executive Officer,
General Manager of the Corporate Planing Department, the
Accounting Department , and the Finance Department
Nomura Real Estate Development Co., Ltd.
Business Planning Department
Asset Management Business Department
Real Estate Investment Business Department of Nomura Real
Estate Investment Management Co., Ltd.
Leader of the Real Estate Investment Group of the Residential
Management Headquarter of Nomura Real Estate AssetManagemet Co., Ltd.
General Manager of the JOFI Management Section of Nomura
Real Estate Investment Management Co., Ltd.
General Manager of the Project Planning Department
General Manager of the Fund Management Department
General Manager of the Client Relations & Marketing
Department of Nomura Real Estate Asset Management Co., Ltd.
Director, General Manager of the Sales Headquarter
Director and Executive Officer in charge of the Client Relations& Marketing Department
Director and Executive Officer in charge of the Client Relations& Marketing Department and Overseas Client Relations &Marketing Department
Director and Executive Officer in charge of the Client Relations& Marketing Department
Director and Executive Officer, and General Manager of theAsset Management Department
Director and Executive Officer, and General Manager of the
NMF Investment Management Department
Director and Managing Executive Officer, and General Managerof the NMF Investment Management Department
Currently serves as Director and Managing Executive Officer,
Head of the NMF Investment Management Group, and General
Manager of the Fund Management Department, NMF Investment
Management Group－ 33 －

Number ofshares held––

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Position
Director andExecutive Officer

Name
Shoji
Yoshihara

General Manager of theAsset Management
Department I, NMF
Investment Management
Group

Brief personal history
Apr. 1987
Apr. 2009
Apr. 2010
Oct. 2012

Jan. 2013
Oct. 2014
Oct. 2015

Audit & Supervisory
Board Member

Takahiko
Nagaki

Apr. 1980
Jun. 2001
Jan. 2003
Apr. 2011
Oct. 2011

Audit & Supervisory
Board Member

Tadanao
Takagoshi

Apr. 1981
Jun. 1997
Jun. 2002
Apr. 2006
Apr. 2007
Jan. 2009
June 2009
June 2012
Sep. 2012
Apr. 2014

Nomura Real Estate Development Co., Ltd.
General Manager of the Business Group Development
Department-III
General Manager of the Corporate Secretariat Section
Director and Executive Officer, in charge of the FundManagement Department, of Nomura Real Estate AssetManagement Co., Ltd.
Director and Executive Officer, and General Manager of theFund Management Department
Director and Executive Officer, and General Manager of the
NOF Investment Management Department
Currently serves as Director and Executive Officer, and General
Manager of the Asset Management Department I, NMF
Investment Management Group
Nomura Real Estate Development Co., Ltd.
Gereranl Manager of the IT Strategy Promotion Section
General Manager of the Planning Section of the Corporate
Company
General Manager of the Planning Section of the AssetManagement Company
Currently serves as Audit & Supervisory Board Member of
Nomura Real Estate Asset Management Co., Ltd.
Nomura Real Estate Development Co., Ltd.
Branch Chief of the Sapporo Branch
Director of Nomura Real Estate Urban Net Co., Ltd.
Managing Director, Assistant General Manager of the Sales
Headquarter of Megalos Co., Ltd.
Managing Director, in charge of Sales Headquater and Business
Development Headquater
Managing Director, in charge of Sales Headquater, and General
Manager of the Business Development Headquater
Managing Director, and General Manager of the Administrative
Headquater
Managing Director, in charge of Sales Headquater, and General
Manager of the Business Headquater
Managing Director, General Manager of the Business Headquater
Currently serves as Audit & Supervisory Board Member of
Nomura Real Estate Asset Management Co., Ltd.

－ 34 －

Number ofshares held

–

–

–

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Position
Audit & Supervisory
Board Member(part-time)

Name
ShigekiFujitani

Brief personal history
Apr. 1981
Apr. 2008
Oct. 2008
Apr. 2009
Apr. 2011
Apr. 2012
Apr. 2013
Jun. 2013
Jun. 2013
Jun. 2013
Jun. 2013
Apr. 2014
Jun. 2014
Jun. 2014
Jun. 2015

Nomura Securities Co., Ltd.
Senior Managing Director of Nomura Asset Management Co.,Ltd.
Senior Managing Director of Nomura Holdings, Inc., in charge of
the Transision Group
Senior Managing Director, Deputy CFO, deputy in charge ofCorporate Planning
Senior Managing Director, Deputy CFO
Senior Managing Director, Co-Deputy CFO
Currently serves as Audit & Supervisory Board Member of
Nomura Real Estate Development Co., Ltd.
Currently serves as Audit & Supervisory Board Member of
Nomura Real Estate Urban Net Co., Ltd.
Audit & Supervisory Board Member of Nomura Living Support
Co., Ltd.
Currently serves as Audit & Supervisory Board Member of
Nomura Building Management Co., Ltd.
Audit & Supervisory Board Member of Nomura Real Estate
Holdings, Inc.
Currently serves as Audit & Supervisory Board Member of Prime
X Co. Ltd.
Currently serves as Audit & Supervisory Board Member of
NREG Toshiba Building Co., Ltd.
Currently serves as Audit & Supervisory Board Member of
Nomura Real Estate Asset Management Co., Ltd.
Currently serves as Director (Audit & Supervisory Committee
Member) Nomura Real Estate Holdings, Inc.

－ 35 －

Number ofshares held–

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period ended August 31, 2015

5. Reference Information(1) Investment Status

Type of asset

Use

Real estate

Retailproperties
Logistics
properties

Real estatein trust

Retailproperties

Area(Note 1)

Greater Tokyo area
Subtotal
Greater Tokyo area
Other areas
Subtotal
Greater Tokyo area
Kinki area
Other areas
Subtotal

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

4th fiscal period
5th fiscal period
As of February 28, 2015
As of August 31, 2015
As a percentage
As a percentage
Total amount held
Total amount heldof total amount ofof total amount of(million yen)(million yen)assets (%)
assets (%)(Note 2)
(Note 2)
(Note 3)(Note 3)
14,286
5.2
14,225
4.9
14,286
5.2
14,225
4.9
113,72141.1
123,779
43.0
6,342
2.3
6,252
2.2
120,06343.4
130,032
45.2
74,63927.0
74,66026.0
39,597
14.3
39,381
13.7
6,246
2.3
6,203
2.2
120,48443.6
120,24541.8
254,835
92.2
264,503
91.9
463
0.2
99
0.0
21,241
7.7
23,092
8.0
276,539

100.0

4th fiscal period
As of February 28, 2015
As a percentage
Amountof total amount(million yen)of assets (%)(Note 5)(Note 3)
Total amount of liabilities
Total amount of net assets

287,696

100.0

5th fiscal period
As of August 31, 2015
As a percentage
Amountof total amount(million yen)of assets (%)(Note 5)(Note 3)111,272

40.2

122,88342.7

165,26759.8

164,81357.3(Note 1) “Greater Tokyo area” refers to Tokyo, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “Kinki area” refers to Osaka
Prefecture, Kyoto Prefecture, Hyogo Prefecture and Nara Prefecture. “Chukyo area” refers to Aichi Prefecture, Gifu Prefecture and Mie
Prefecture. “Other areas” refers to cabinet-order-designated cities, prefectural capitals, and cities with a population of 100,000 persons ormore as well as surrounding areas of these cities, that are not included in the Greater Tokyo area, Kinki area and Chukyo area (hereinafter thesame).
(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) For 4th fiscal period, Ryoke Capital Godo Kaisha Silent Partnership Equity Interest. Futhremore, In line with the acquisition of “Kawaguchi
Ryoke Logistics Center” by Nomura Master Fund (acquisition date: July 1, 2015), Ryoke Capital Godo Kaisha is planned to be dissolved. The
Fund received settlement money in accordance with the silent partnership equity interest. For 5th fiscal period, 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.

－ 36 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period ended August 31, 2015(2) Investment Assets①

Major Issue of Investment Securities
The following summarizes the investment securities held as of August 31, 2015 (end of the 5th 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

－

－

99

－

－

－

－

99

－

Unit priceTotal price(million yen)

Unrealized
gain/loss(million yen)

Remarks

99

－

－

99

－

－

(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.

② 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. (57 properties) held as of August 31, 2015 (end of the 5th
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, are hereinafterreferred to as the “assets held at the end of the 5th fiscal period”). Unless otherwise stated, the figures in thetables below are the figures as of August 31, 2015.

－ 37 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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 5th fiscal period.
Number of properties

57
Total

Acquisition price (thousand yen) (Note 1)(As a percentage of total acquisition price (%))

Logistics total
Greater Tokyo area
Other areas

266,393,141（100.0）132,810,000（49.9）
126,230,000
6,580,000
133,583,141（50.1）

Retail total
Greater Tokyo area

87,927,000

Kinki area

39,316,141

Other areas

6,340,000

Total of opinion of value at end of period (thousand yen) (Note 2)

296,113,000

Gross leasable area (m2) (B) (Note 3)

954,447.89

Gross leased area (m2) (A) (Note 4)

947,538.68

Portfolio occupancy rate (%) (A)÷(B) (Note 5)

99.3

Total number of tenants (Note 6)

296

Total of all contracted rent (thousand yen) (Note 7)

1,561,405

Total of all security deposits, etc. (thousand yen) (Note 8)

9,759,815(Note 1)“Acquisition price” is the amount excluding transaction brokerage commission, real estate taxes and the other various expenses required
for the acquisition of the real estate, etc. (the amount at which the real estate, etc. is transacted as stated in the real estate sale andpurchase contract or trust beneficiary interest sale and purchase contract, etc. (“sale and purchase agreement, etc.”)). Percentage figures
as presented in a percentage of the sum total of acquisition price is rounded to first decimal place.

(Note 2)

“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”
below in this report.

(Note 3)The sum total of “leasable area” of each of the assets held at the end of the 5th fiscal period. “Leasable area” is the sum total area of
logistics properties or retail properties, etc. leasable in each asset (including the area of common-use space, etc., if leased). “Leasablearea” 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 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, the land area based on that presented in
the registry is shown as contracted area.

(Note 4)The sum total of “leased area” of each of the assets held at the end of the 5th fiscal period. “Leased area” is the area that is actuallyleased to an end-tenant (The area stated in the lease contract; provided, however, that such be limited to the area of logistics propertiesor retail properties (if all of rental units are collectively leased, then the area of the entire rental units) and not include the leased area ofparking space, etc. However, if the master lessee has a rent-guaranteed master lease for some or all rental units, the space is included inleased 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 5)Gross leased area as a percentage of leasable area (rounded to first decimal place).

(Note 6)The sum total of “total number of tenants” of each of the assets held at the end of the 5th 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－ 38 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015lease 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 7)

The total amount of “total contracted rent” for August 2015 of each of the assets held at the end of the 5th fiscal period (rounded down
to the nearest thousand yen). “Total contracted rent” for August 2015 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 August 2015 (If common-use space, etc. isleased 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 8)The total amount of “all security deposits, etc.” of each of the assets held at the end of the 5th fiscal period (rounded down to thenearest 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 August 31, 2015 (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.
August 31, 2013 February 28, 2014 August 31, 2014 February 28, 2015 August 31, 2015(end of 1st fiscal (end of 2nd fiscal (end of 3rd fiscal (end of 4th fiscal (end of 5th fiscal
period)period)period)period)period)Number of properties

54

55

55

56

57

Total number of tenants

241

251

243

284

296

Gross leasable area (m2)

890,795.63

897,089.54

897,406.28

911,615.63

954,447.89

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

99.8

99.8

99.9

99.8

99.3

－ 39 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

B. Price and Investment Share
The following is an overview of the assets held at the end of the 5th fiscal period (acquisition price,
carrying amount, opinion of value at end of period, investment share and appraiser).
Use

Area

Property name17,40017,03319,800

6.7

Landport Itabashi

15,71015,42017,800

6.0

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

Landport Kawagoe

13,70013,232

15,500

5.2

Japan Real Estate InstituteLandport Atsugi

11,41010,955

12,100

4.1

Kawaguchi Ryoke Logistics Center

10,79010,923

11,600

3.9

Sagamihara Tana Logistics Center

10,60010,683

11,700

4.0

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

Sagamihara Onodai Logistics Center

8,700

8,450

9,930

3.4

Japan Real Estate Institute

8,250

8,031

9,150

3.1

Japan Real Estate Institute

7,340

7,048

8,370

2.8

Japan Real Estate InstituteFunabashi Logistics Center

4,660

4,651

5,320

1.8

Japan Real Estate InstituteAtsugi Minami Logistics Center B Tower

4,590

4,516

5,130

1.7

Hanyu Logistics Center

3,810

3,650

4,310

1.5

Kawaguchi Logistics Center B Tower

3,750

3,715

4,320

1.5

Kawaguchi Logistics Center A Tower

2,830

2,822

3,270

1.1

Atsugi Minami Logistics Center A Tower

2,690

2,643

3,160

1.1

Ota Nitta Logistics Center

3,430

3,253

3,760

1.3

Ota Higashishinmachi Logistics Center

2,170

2,063

2,420

0.8

Ota Kiyohara Logistics Center

650

611

715

0.2

Chiyodamachi Logistics Center

330

324

361

0.1

132,810130,032

148,71650.2

Morisia Tsudanuma

16,60016,884

17,400

5.9

Yokosuka More’s City

13,64013,755

15,100

5.1

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

Recipe SHIMOKITA

10,407

10,733

10,700

3.6

Japan Valuers Co., Ltd.

Kawasaki More’s

6,080

6,167

7,240

2.4

EQUINIA Shinjuku

4,260

4,297

4,560

1.5

EQUINIA Ikebukuro

3,990

4,020

4,320

1.5

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

3,440

3,640

4,250

1.4

Japan Real Estate Institute

3,080

2,984

3,490

1.2

Japan Real Estate InstituteKonami Sports Club Fuchu

2,730

2,673

3,230

1.1

Daiwa Real Estate Appraisal
Co., Ltd.

FESTA SQUARE

2,600

2,511

2,960

1.0

Japan Real Estate Institute

GEMS Shibuya

2,490

2,484

2,640

0.9

Daiwa Real Estate Appraisal
Co., Ltd.

Sundai Azamino

1,700

1,647

1,920

0.6

Japan Real Estate Institute

EQUINIA Aobadai

1,560

1,573

1,810

0.6

Japan Real Estate Institute

Megalos Kanagawa

1,000

1,007

1,320

0.4

Japan Real Estate Institute

Universal CityWalk Osaka

15,50015,705

16,600

5.6

Japan Valuers Co., Ltd.

Izumiya Senrioka

8,930

8,773

10,500

3.5

Merad Owada

6,640

6,601

7,280

2.5

Other areas

Logistics subtotal

covirna machida
GreaterTokyo area
Nitori Makuhari
RetailKinki area

Appraiser

Landport Urayasu

Landport Hachioji
GreaterTokyo area Landport Kasukabe
Logistics

Opinion of
Acquisition
Investment
Carrying amount
value
price
share
(million yen) at end of period(million yen)（%）
(Note 2)
(million yen)
(Note 1)
(Note 4)(Note 3)－ 40 －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.
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.

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Use

Area

Property name

Opinion of
Acquisition
Investment
Carrying amount
value
price
share
(million yen) at end of period(million yen)（%）
(Note 2)
(million yen)
(Note 1)
(Note 4)(Note 3)

Izumiya Yao

4,406

4,292

5,010

1.7

Izumiya Obayashi

3,020

3,179

3,590

1.2

Ichibancho stear

4,700

4,644

5,450

1.8

EQUINIA Aobadori

1,640

1,559

1,860

0.6

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

Mitsubishi Motors Meguro

2,740

2,764

2,880

1.0

Japan Real Estate InstituteMitsubishi Motors Chofu

1,760

1,776

1,840

0.6

Mitsubishi Motors Shibuya

1,570

1,586

1,740

0.6

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

Mitsubishi Motors Nerima

1,240

1,251

1,310

0.4

Japan Real Estate InstituteMitsubishi Motors Kawasaki

950

959

1,040

0.4

Mitsubishi Motors Takaido

850

859

898

0.3

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

800

808

837

0.3

Japan Real Estate Institute

800

808

828

0.3

Japan Real Estate Institute

770

779

810

0.3

Japan Real Estate Institute

740

748

827

0.3

The Tanizawa Sogo Appraisal
Co., Ltd.

Mitsubishi Motors Sekimachi

600

606

627

0.2

Japan Real Estate InstituteMitsubishi Motors Higashiyamato

450

455

496

0.2

The Tanizawa Sogo Appraisal
Co., Ltd.

Mitsubishi Motors Motosumiyoshi

370

375

377

0.1

Japan Real Estate InstituteMitsubishi Motors Kawagoe

350

355

369

0.1

Mitsubishi Motors Edogawa

200

204

211

0.1

Mitsubishi Motors Sayama

160

163

169

0.1

Mitsubishi Motors
Ibaraki Maintenance Center

820

829

908

0.3

Retail subtotal

133,583

134,471

147,397

49.8

Total

266,393

264,503

296,113

100.0

Kinki area
RetailOther areas

Mitsubishi Motors Katsushika
Retail(land
Mitsubishi Motors Higashikurume
Greater
withTokyo area Mitsubishi Motors Setagaya
leaseholdright)
Mitsubishi Motors Suginami

Kinki area

(Note 1)

Appraiser

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

“Acquisition price” is the amount excluding transaction brokerage commission, real estate taxes and the other various expenses required for theacquisition of the real estate, etc. (the amount at which the real estate, etc. is transacted as stated in the sale and purchase agreement, etc.).

(Note 2)“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 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 5th fiscal period-end (August 31, 2015) 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 4)

“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 (57 properties in total). The figures arerounded to first decimal place. Accordingly, the sum total may not add up to 100.0.

－ 41 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

C. Overview of Buildings, Etc.
The following is an overview of the buildings, etc. of the assets held at the end of the 5th 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

Property nameLandport Urayasu

Landport Itabashi

Greater Tokyo
area

Urayasu-shi,
Chiba
Itabashi-ku,
TokyoConstruction completion

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

May 2008

70,045.85

70,045.85

100.0

2

(Note 8)(Note 8)(Note 8)January 2008

52,794.55

52,794.55

100.0

2

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

Kawagoe-shi,
Saitama

May 2009

71,569.89

71,569.89

100.0

2

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

Atsugi-shi,
Kanagawa

March 2007

47,995.23

47,995.23

100.0

2

(Note 8)(Note 8)(Note 8)Kawaguchi Ryoke
Logistics Center

Kawaguchi-shi,
Saitama

October 2003

42,840.91

42,840.91

100.0

1

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

Sagamihara Tana
Logistics Center

Sagamihara-shi,
Kanagawa

October 2007

50,450.00

50,450.00

100.0

1

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

Sagamihara Onodai
Logistics Center

Sagamihara-shi,
Kanagawa

August 2000

57,448.03

57,448.03

100.0

1

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

Hachioji-shi,Tokyo

November 2008

34,837.65

34,837.65

100.0

6

(Note 8)(Note 8)(Note 8)June 2009

29,630.48

29,630.48

100.0

1

(Note 8)(Note 8)(Note 8)September 1991

30,641.98

30,641.98

100.0

2

(Note 8)(Note 8)(Note 8)Landport Kasukabe

Logistics

Location

As aOperating 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)

Kasukabe-shi,
Saitama

Funabashi
Logistics Center

Funabashi-shi,
Chiba

Atsugi Minami
Logistics Center B Tower

Atsugi-shi,
Kanagawa

May 2005

24,931.11

24,931.11

100.0

1

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

Hanyu
Logistics Center

Hanyu-shi,
SaitamaFebruary 2006

24,850.80

24,850.80

100.0

1

(Note 8)(Note 8)(Note 8)Kawaguchi
Logistics Center B Tower

Kawaguchi-shi,
SaitamaApril 1996

13,648.70

13,648.70

100.0

1

(Note 8)(Note 8)(Note 8)Kawaguchi
Logistics Center A Tower

Kawaguchi-shi,
Saitama

September 1991

12,003.57

12,003.57

100.0

1

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

Atsugi Minami
Logistics Center A Tower

Atsugi-shi,
Kanagawa

October 2003

9,825.52

9,825.52100.0

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

Ota Nitta
Logistics CenterOta-shi,Gunma

March 2003

42,328.00

42,328.00

100.0

1

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

Ota Higashishinmachi
Logistics CenterOta-shi,
Gunma

August 2008

23,584.72

23,584.72

100.0

1

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

Ota Kiyohara
Logistics CenterOta-shi,Gunma

May 2004

9,397.38

9,397.38

100.0

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

Chiyodamachi
Logistics Center

Ora-gun,
Gunma

January 1999

4,592.00

4,592.00

100.0

1(Note 8)(Note 8)(Note 8)-653,416.37

653,416.37

100.0

29

4,398

42.4

3,766

Other areas

Logistics subtotal

RetailGreater Tokyo
area-

Morisia Tsudanuma

Narashino-shi,
Chiba

Low-rise retail building:
October 1978
Parking building:November 1987

39,736.87

39,060.97

98.3

108

1,147

11.1

799

Yokosuka More’s City

Yokosuka-shi,
Kanagawa

July 1997

29,383.65

29,383.65

100.0

1

(Note 8)(Note 8)(Note 8)July 2011

6,295.22

6,295.22

100.0

11

327

3.2

370

August 1980

18,810.31

18,810.31

100.0

1

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

Recipe SHIMOKITA

Kawasaki More’s

Setagaya-ku,
Tokyo
Kawasaki-shi,
Kanagawa－ 42 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Use

Area

Greater Tokyo

Property nameMarch 1988

3,611.59

3,611.59

100.0

13

173

1.7

480

EQUINIA Ikebukuro

Toshima-ku,
Tokyo

October 1973

2,693.93

2,693.93

100.0

13

150

1.4

234

covirna machida

Machida-shi,Tokyo

September 1981

2,891.32

2,891.32

100.0

7

165

1.6

124

Nitori Makuhari

Chiba-shi,
Chiba

November 2007

14,367.98

14,367.98

100.0

1

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

Konami Sports Club Fuchu

Fuchu-shi,TokyoFebruary 2000

12,385.18

12,385.18

100.0

1

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

Saitama-shi,
Saitama

September 2008

7,480.63

7,480.63

100.0

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

Shibuya-ku,
Tokyo

September 2012

1,791.34

1,791.34

100.0

10

98

1.0

127

Sundai Azamino

Yokohama-shi,
Kanagawa

November 2008

2,286.47

2,286.47

100.0

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

Yokohama-shi,
Kanagawa

November 1982

2,457.36

2,457.36

100.0

7

80

0.8

119

Megalos Kanagawa

Yokohama-shi,
Kanagawa

May 2002

6,217.85

6,217.85

100.0

1(Note 8)(Note 8)(Note 8)June, 2001

9,733.28

9,204.21

94.6

45

782

7.5

638

24,399.12

24,399.12

100.0

1

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

14,941.54
5,856.50

14,941.54
5,856.50

100.0

1(Note 8)(Note 8)(Note 8)34,198.01

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)February 2006

4,611.68

4,611.68

100.0

7

235

2.3

309

June 2008

4,030.37

4,030.37

100.0

19

164

1.6

255

-

3,381.19

3,381.19

100.0

1(Note 8)(Note 8)(Note 8)-4,183.63

4,183.63

100.0

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

1,421.31

1,421.31

100.0

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

1,725.61

1,725.61100.0

1(Note 8)(Note 8)(Note 8)-3,057.02

3,057.02

100.0

1(Note 8)(Note 8)(Note 8)-1,923.64

1,923.64

100.0

1(Note 8)(Note 8)(Note 8)-1,930.05

1,930.05

100.0

1(Note 8)(Note 8)(Note 8)-4,105.00

4,105.00

100.0

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

Izumiya Senrioka

Merad Owada

Izumiya Yao

Izumiya Obayashi

Ichibancho stear
Other areas
EQUINIA Aobadori

Retail(land with Greater Tokyo
leaseholdarea
right)

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)

Shinjuku-ku,
Tokyo

Universal CityWalk Osaka

Kinki area

Construction completion

Leased area(m2)
(Note 2)As apercentage of

EQUINIA Shinjuku

area

RetailLocation

Leasable area(m2)
(Note 1)

OperatingOsaka-shi,
Osaka
Suita-shi,
Osaka
Osaka-shi,
Osaka

Annex: July 1999
Main building: June 2000
Store: September 1994
Logistics: July 2000

Yao-shi,

Newly built: July 2003

Osaka

Expansion: April 2012

Takarazuka-shi,
Hyogo
Sendai-shi,
MiyagiSendai-shi,
Miyagi

Mitsubishi Motors

Meguro-ku,

MeguroTokyo

Mitsubishi Motors

Chofu-shi,

Chofu

Tokyo

Mitsubishi Motors

Shibuya-ku,

ShibuyaTokyo

Mitsubishi Motors

Nerima-ku,

NerimaTokyo

Mitsubishi Motors

Kawasaki-shi,

KawasakiKanagawa

Mitsubishi Motors

Suginami-ku,

TakaidoTokyo

Mitsubishi Motors

Katsushika-ku,

Katsushika

Tokyo

Mitsubishi Motors

Higashikurume-shi,

Higashikurume

Tokyo

Mitsubishi Motors

Setagaya-ku,

SetagayaTokyo

Mitsubishi Motors

Suginami-ku,

SuginamiTokyo

Mitsubishi Motors

Nerima-ku,

Sekimachi

Tokyo

Newly built: September 1973
Expansion: October 1977
Expansion: January 2001

－ 43 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Use

Area

Property nameGreater Tokyo
Retailarea(land withleaseholdright)

Kinki area

(Note 1)

Location

Mitsubishi Motors

Higashiyamato-shi,

HigashiyamatoTokyo

Mitsubishi Motors

Kawasaki-shi,

Motosumiyoshi

Kanagawa

Mitsubishi Motors

Kawagoe-shi,

Kawagoe

Saitama

Mitsubishi Motors

Edogawa-ku,

EdogawaTokyo

Mitsubishi Motors

Sayama-shi,

SayamaSaitama

Mitsubishi Motors

Ibaraki-shi,

Ibaraki Maintenance Center

Osaka

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)

Leasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)-

2,783.79

2,783.79

100.0

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

1,646.97

1,646.97

100.0

1(Note 8)(Note 8)(Note 8)-2,462.40

2,462.40100.01(Note 8)(Note 8)(Note 8)-892.56892.56100.0

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

1,793.00

1,793.00

100.0

1(Note 8)(Note 8)(Note 8)-5,704.24---(Note 8)(Note 8)(Note 8)Construction completion

Retail subtotal--

301,031.52

294,122.31

97.7

267

5,981

57.6

5,993

Total

-

-

954,447.89

947,538.68

99.3

296

10,379

100.0

9,759

“Leasable area” is the sum total area of logistics properties or retail properties, etc. leasable in each asset (including the area of common-use space, etc., ifleased). 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 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, the land area based on that presented in the registry is shown ascontracted area.

(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 logistics properties or retail properties (if all of rental units are collectively leased, then the area of the entire rental units) and not include the leased areaof 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 theland 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
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 5th fiscal period (for the property acquired during the
5th 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 August 31, 2015 (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.

－ 44 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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

Logistics

Property name

DCF approach

Value byDiscount
incomerate
approach(%)(million yen)
4.4
4.5
4.4
19,7004.6(Note 4)4.5
4.6
17,6004.7(Note 5)Landport Urayasu

19,80020,100Landport Itabashi

17,80018,100Landport Kawagoe

15,50015,6005.0

15,300Landport Atsugi

12,10012,100

4.8

Kawaguchi Ryoke Logistics Center

11,60011,700

Sagamihara Tana Logistics Center

11,700

Sagamihara Onodai Logistics Center

Terminal
cap rate(%)

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

4.6

892

5.1

4.8

835

5.3

4.7

5.2

791

5.8

12,1004.7
4.9(Note 6)

5.0

584

5.1

4.8

11,400

4.6

5.0

580

5.4

11,8005.0

11,700

4.9

5.3

605

5.7

9,930

9,960

5.1

9,900

4.7

5.3

527

6.1

Landport Hachioji

9,150

9,150

4.9

9,140

4.6

5.0

450

5.5

Landport Kasukabe

8,370

8,450

4.9

8,290

4.5

5.2

414

5.6

Funabashi Logistics Center

5,320

5,390

5.0

5,240

4.7

5.3

292

6.3

Atsugi Minami Logistics Center B Tower

5,130

5,140

4.9

5,130

4.8
5.0
(Note 7)

5.1

253

5.5

Hanyu Logistics Center

4,310

4,340

5.8

4,290

5.6

6.0

257

6.8

Kawaguchi Logistics Center B Tower

4,320

4,350

5.0

4,300

4.8

5.2

221

5.9

Kawaguchi Logistics Center A Tower

3,270

3,290

5.3

3,260

5.1

5.5

174

6.2

5.1

157

5.8

Atsugi Minami Logistics Center A Tower

3,160

3,180

4.9

3,150

4.8
5.0
(Note 8)

Ota Nitta Logistics Center

3,760

3,780

6.3

3,750

6.1

6.5

243

7.1

Ota Higashishinmachi Logistics Center

2,420

2,430

6.2

2,410

6.0

6.4

154

7.1

Ota Kiyohara Logistics Center

715

717

6.2

714

6.0

6.4

46

7.2

Chiyodamachi Logistics Center

361

362

6.1

361

5.9

6.3

25

7.6

148,716

-

-

-

-

-

7,508

5.7

Morisia Tsudanuma

17,40017,1005.3

17,500

5.1

5.5

1,081

6.5

Yokosuka More’s City

15,10015,400

5.4

15,000

5.4

5.6

882

6.5

Recipe SHIMOKITA

10,70010,8004.2

10,500

4.0

4.4

446

4.3

Kawasaki More’s

7,240

7,310

4.7

7,210

4.7

4.9

389

6.4

EQUINIA Shinjuku

4,560

4,480

4.1

4,600

3.9

4.3

196

4.6

EQUINIA Ikebukuro

4,320

4,260

4.4

4,350

4.2

4.6

192

4.8

covirna machida

4,250

4,280

5.1

4,220

4.7

5.1

222

6.5

Nitori Makuhari

3,490

3,540

5.4

3,440

5.2

5.7

191

6.2

Konami Sports Club Fuchu

3,230

3,240

5.5

3,220

5.3

5.7

170

6.2

FESTA SQUARE

2,960

2,970

5.7

2,940

5.4

5.9

168

6.5

GEMS Shibuya

2,640

2,650

4.7

2,640

4.5

4.9

123

5.0

Logistics subtotal

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

－ 45 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Use

RetailRetail(land withleaseholdright)(Note 1)

Property name

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

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

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

Terminal
cap rate(%)

Sundai Azamino

1,920

1,930

5.6

1,900

5.2

5.9

108

6.4

EQUINIA Aobadai

1,810

1,820

5.6

1,790

5.4

5.8

108

7.0

Megalos Kanagawa

1,320

1,330

6.0

1,310

5.8

6.2

84

8.5

Universal CityWalk Osaka

16,60017,0004.9

16,500

4.7

5.1

904

5.8

5.7

587

6.6

6.3

461

7.0

6.0

309

7.0

6.0

230

7.6

5.0

248

5.3

Izumiya Senrioka

10,50010,4005.5

10,5005.3
5.7(Note 9)Merad Owada

7,280

7,270

6.1

7,280

5.9

5.6
4,980
6.0
(Note 10)
5.6
3,560
6.0
(Note 11)
4.8
5,560
5.0
(Note 12)

Izumiya Yao

5,010

5,070

5.8

Izumiya Obayashi

3,590

3,650

5.8

Ichibancho stear

5,450

5,200

4.8

EQUINIA Aobadori

1,860

1,680

5.4

1,940

5.6

5.6

101

6.2

Mitsubishi Motors Meguro

2,880

-

-

2,880

5.5

-

155

5.7

Mitsubishi Motors Chofu

1,840

-

-

1,840

5.2

-

93

5.3

Mitsubishi Motors Shibuya

1,740

-

-

1,740

5.0

-

86

5.5

Mitsubishi Motors Nerima

1,310

-

-

1,310

5.6

-

70

5.7

Mitsubishi Motors Kawasaki

1,040

-

-

1,040

6.6

7.0

73

7.7

Mitsubishi Motors Takaido

898

-

-

898

5.1

-

44

5.3

Mitsubishi Motors Katsushika

837

-

-

837

5.5

-

44

5.6

Mitsubishi Motors Higashikurume

828

-

-

828

7.0

-

55

6.9

Mitsubishi Motors Setagaya

810

-

-

810

5.6

-

43

5.7

Mitsubishi Motors Suginami

827

-

-

827

4.9

5.3

39

5.3

Mitsubishi Motors Sekimachi

627

-

-

627

5.6

-

34

5.8

Mitsubishi Motors Higashiyamato

496

-

-

496

8.1

8.5

42

9.5

Mitsubishi Motors Motosumiyoshi

377

-

-

377

6.0

-

22

6.0

Mitsubishi Motors Kawagoe

369

-

-

369

5.8

6.2

22

6.4

Mitsubishi Motors Edogawa

211

-

-

211

5.5

-

10

5.2

Mitsubishi Motors Sayama

169

-

-

169

8.4

8.8

14

9.2

Mitsubishi Motors
Ibaraki Maintenance Center (Note 13)

908

-

-

-

-

-

-

-

Retail subtotal

147,397

-

-

-

-

-

8,067

6.0

Total

296,113

-

-

-

-

-

15,575

5.8“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 5th fiscal period-end (August 31, 2015) 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 to－ 46 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

(Note 2)

(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)verify 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 5th
fiscal period (rounded to first decimal place).
The discount rate of “Landport Urayasu” is 4.4 for the 1st year, 4.5 for the 2nd to 4th year, and 4.6 for the 5th to 11th year since the effective date ofvalue.
The discount rate of “Landport Itabashi” is 4.5 for the 1st year and 4.7 for the 2nd to 11th year since the effective date of value.
The discount rate of “Landport Atsugi” is 4.7 for the 1st to 2nd year and 4.9 for the 3rd to 11th year since the effective date of value.
The discount rate of “Atsugi Minami Logistics Center B Tower” is 4.8 for the 1st to 7th year and 5.0 for the 8th to 11th year since the effective date ofvalue.
The discount rate of “Atsugi Minami Logistics Center A Tower” is 4.8 for the 1st to 8th year and 5.0 for the 9th to 11th year after the effective date ofvalue.
The discount rate of “Izumiya Senrioka” is 5.3 for the 1st to 8th year and 5.7 for the 9th to 11th year after the effective date of value.
The discount rate of “Izumiya Yao” is 5.6 for the 1st to 8th year and 6.0 for the 9th to 11th year after the effective date of value.
The discount rate of “Izumiya Obayashi” is 5.6 for the 1st to 10th year and 6.0 for the 11th year after the effective date of value.
The discount rate of “Ichibancho stear” is 4.8 for the 1st year and 5.0 for the 2nd to 11th year after the effective date of value.
For “Mitsubishi Motors Ibaraki Maintenance Center”, since rent is not accrued as of the effective date of value from tenant has evacuated from entirelandon June 30, 2015, guidline transaction method is applied instead of income approach for the Opinion of value at end of period. Accordingly, columns of“Direct capitalization approach”, “DCF approach”, “NOI”, and “NOI yield” are not written.

－ 47 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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 5th
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

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

Kawaguchi Ryoke Logistics Center

Mizuho Trust & Banking Co., Ltd.

2002/8/13

2025/7/31

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

2023/6/30

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

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

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

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

2004/12/1

2023/6/30

Kawasaki More’s

Mitsubishi UFJ Trust and Banking Corporation

EQUINIA Shinjuku

Mitsubishi UFJ Trust and Banking Corporation

2006/3/24

2023/6/30

EQUINIA 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－－ 48 －

2008/4/24

2023/6/30

Building：2008/9/25
Land：2009/11/27

2023/6/30

2008/10/29

2023/6/30－－

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Trust period
Name of property subject to trust

Name of trustee
Date of setting

Date of expiration

Sundai Azamino

Mitsubishi UFJ Trust and Banking Corporation

2008/11/28

2023/6/30

EQUINIA Aobadai

Mitsubishi UFJ Trust and Banking Corporation

2002/3/27

2023/6/30

Megalos Kanagawa

－

－

－

Universal CityWalk Osaka

Sumitomo Mitsui Trust Bank, Limited

2012/12/28

2020/12/31

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

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

2004/3/31

2023/6/30

Mitsubishi Motors
Mitsubishi UFJ Trust and Banking Corporation
Ibaraki Maintenance Center(Note) The following is a breakdown of the assets held at the end of the 5th fiscal period.
・Properties of which real estate itself is held
03 properties
・Properties of which are subject to trust
54 properties－ 49 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

F. Leasing Summary and Income/Loss Status
The status of income/loss in the 5th 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.
5th fiscal period (from March 1, 2015 to August 31, 2015)(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Landport Urayasu

Landport Itabashi

Landport Kawagoe

Landport Atsugi

Kawaguchi Ryoke
Logistics Center(Note 2)

184

184

184

184

62

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

459,585

430,661

392,584

332,960

109,355④ Depreciation

110,487

93,108135,114

123,893

20,743⑤ Real estate rental profits (③−④)

349,098

337,553

257,470

209,066

88,612

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－ 50 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

5th fiscal period (from March 1, 2015 to August 31, 2015)(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Sagamihara Tana
Logistics Center

Sagamihara Onodai
Logistics Center

Landport Hachioji

Landport Kasukabe

Funabashi
Logistics Center

184

184

184

184

184

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

314,827

258,831

164,558

205,509140,429④ Depreciation

97,14775,64379,07378,44531,424⑤ Real estate rental profits (③−④)

217,680

183,188

85,485127,063

109,005

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)
Property name
Number of business days
during the 5th fiscal period

Atsugi Minami
Logistics Center
B Tower

Hanyu
Logistics Center

Kawaguchi
Logistics Center
B Tower

Kawaguchi
Logistics Center
A Tower

Atsugi Minami
Logistics Center
A Tower

184

184

184

184

184

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

87,534

126,918

112,103

89,95178,762④ Depreciation

41,81943,101

17,576

10,66015,765⑤ Real estate rental profits (③−④)

45,714

83,816

94,527

79,291

62,996

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－ 51 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

5th fiscal period (from March 1, 2015 to August 31, 2015)(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Ota Nitta
Logistics Center184

Ota Higashishinmachi
Logistics Center184

Ota Kiyohara
Logistics Center
184

Chiyodamachi
Logistics Center

Morisia Tsudanuma

184

184

Rental revenues

863,077

Other rental revenues

284,475① Property related revenues(Note 1)

(Note 1)

(Note 1)

(Note 1)

1,147,553

Property management costs

145,796

Property management fees

67,226

Property and other taxes

63,885

Utility expenses

238,462

Casualty insurance

2,707

Repairs and maintenance

15,211－

Land rents

69,502Other rental expenses(Note 1)

(Note 1)

(Note 1)

(Note 1)

602,792③ NOI (①−②)

119,563

77,19022,13912,077544,760④ Depreciation

46,82828,638

10,683

4,033

95,797⑤ Real estate rental profits (③−④)

72,73448,551

11,4558,044

448,962② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Yokosuka More’s City

Recipe SHIMOKITA

184

184

Kawasaki More’s
184

EQUINIA Shinjuku

EQUINIA Ikebukuro

184

184

Rental revenues

268,554

147,388

133,340

Other rental revenues

58,99625,752

16,925

173,140

150,265① Property related revenues(Note 1)

327,550(Note 1)

Property management costs

26,336

10,466

4,696

Property management fees

3,302

2,740

2,497

Property and other taxes

15,41817,424

8,757

Utility expenses

38,43918,403

11,568Casualty insurance

255

193

121

Repairs and maintenance

2,082

2,820

6,136

－

－

－

9,546

1,975

1,517

Land rents
Other rental expenses(Note 1)

95,381(Note 1)54,02435,295③ NOI (①−②)

421,400

232,169

194,815

119,115

114,970④ Depreciation

47,61644,841

15,410

7,896

6,036

⑤ Real estate rental profits (③−④)

373,784

187,327

179,405

111,219

108,933② Property related expences－ 52 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

5th fiscal period (from March 1, 2015 to August 31, 2015)(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

covirna machida

Konami Sports Club
Fuchu

Nitori Makuhari

184

184

184

FESTA SQUARE184

GEMS Shibuya
184

Rental revenues

138,868

80,496

Other rental revenues

26,56618,141① Property related revenues

165,435(Note 1)

(Note 1)

(Note 1)

98,637

Property management costs

12,588

4,828

Property management fees

6,302

2,730

Property and other taxes

8,896

5,633

Utility expenses

17,96018,942

Casualty insurance

135

72

Repairs and maintenance

2,643

954

－

－

6,792

4,435

Land rents
Other rental expenses

55,319(Note 1)

(Note 1)

(Note 1)

37,596③ NOI (①−②)

110,115

99,96584,58884,46961,040④ Depreciation

10,924

27,84919,441

25,524

10,923⑤ Real estate rental profits (③−④)

99,191

72,116

65,14758,944

50,117② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Sundai Azamino
184

EQUINIA Aobadai

Megalos Kanagawa

Universal CityWalk
Osaka

184

184

184

Rental revenues

71,923

520,320

Other rental revenues

8,370

262,555① Property related revenues(Note 1)80,293(Note 1)

782,875

Property management costs

6,258

49,577

Property management fees

1,294

45,540Property and other taxes

4,938

22,253

Utility expenses

8,401

149,685

Casualty insurance

101

818

Repairs and maintenance

2,184

9,531

－

29,9581,042

109,262

Land rents
Other rental expenses

Izumiya Senrioka
184(Note 1)

(Note 1)

24,220(Note 1)

416,628(Note 1)

③ NOI (①−②)

54,31856,07233,095366,247

316,859④ Depreciation

15,403

5,547

5,957

159,588

53,585⑤ Real estate rental profits(③−④)

38,91450,525

27,138

206,658

263,274② Property related expences－ 53 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

5th fiscal period (from March 1, 2015 to August 31, 2015)(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Merad Owada

Izumiya Yao

Rental revenues

188,847

138,566

Other rental revenues

46,99026,092

235,838

164,659

Property management costs

6,628

7,752

Property management fees

5,349

3,376

Property and other taxes

13,494

5,076

Utility expenses

25,046

15,069Casualty insurance

199

202

Repairs and maintenance

4,875

314

－

34,737

12,497

1,259(Note 1)184

EQUINIA Aobadori
184(Note 1)

184

Ichibancho stear
184① Property related revenues

184

Izumiya Obayashi(Note 1)

Land rents
Other rental expenses(Note 1)

(Note 1)

(Note 1)

68,091

67,788③ NOI (①−②)

240,116

154,174

119,140

167,747

96,870④ Depreciation

25,52336,61813,88523,01523,256⑤ Real estate rental profits(③−④)

214,593

117,556

105,254

144,732

73,613② Property related expences(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Mitsubishi Motors
MeguroMitsubishi Motors
Chofu

Mitsubishi Motors
Shibuya

Mitsubishi Motors
NerimaMitsubishi Motors
Kawasaki

184

184

184

184

184

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

77,53946,49343,19935,297

36,698④ Depreciation

－

－

－

－

－

77,53946,49343,19935,297

36,698

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)－ 54 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

5th fiscal period (from March 1, 2015 to August 31, 2015)(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Mitsubishi Motors
TakaidoMitsubishi Motors
Katsushika

Mitsubishi Motors
Higashikurume

Mitsubishi Motors
SetagayaMitsubishi Motors
Suginami

184

184

184

184

184

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

22,19622,24927,596

21,735

19,461④ Depreciation

－

－

－

－

－

22,19622,24927,596

21,735

19,461

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 5th fiscal period

Mitsubishi Motors
Sekimachi

Mitsubishi Motors
Higashiyamato

Mitsubishi Motors
Motosumiyoshi

Mitsubishi Motors
Kawagoe

Mitsubishi Motors
Edogawa

184

184

184

184

184

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

17,15021,148

10,689

11,0985,099④ Depreciation

－

－

－

－

－

17,15021,148

10,689

11,098

5,099

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)－ 55 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

5th fiscal period (from March 1, 2015 to August 31, 2015)(Unit: thousand yen)
Property name
Number of business days
during the 5th fiscal period

Mitsubishi Motors
SayamaMitsubishi Motors
Ibaraki MaintenanceCenter184

184(Note 1)

(Note 1)

(Note 1)

(Note 1)

③ NOI (①−②)

7,199

64,660④ Depreciation

－

－

7,199

64,660Rental 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)(Note 1)

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

(Note 2)Acquired on July 1, 2015. Accordingly, the figures in the table are the figures for on and after the acquisition date.

－ 56 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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 5th
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 5th fiscal period, excluding properties on landwith leasehold right, to total 40 properties was 2.56% and the PML for each of the assets held at the endof the 5th 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

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)

Landport Urayasu

Shimizu Corporation

February 2013

－

－

292

4.16

Landport Itabashi

Shimizu Corporation

February 2013

－

－

176

6.42

March 2013

－

－

310

3.73

February 2013

－

－

101

6.15

March 2015

－

－

348

3.91

March 2013

－

－

162

4.32

February 2013

－

－

427

7.30

February 2013

－

－

83

5.79

February 2013

－

－

78

5.90

February 2013

－

－

425

3.40

February 2013

－

－

10

6.15

February 2013

－

－

84

2.72

February 2013

－

－

155

2.92

February 2013

－

－

193

2.92

February 2013

－

－

87

5.36

Property nameLandport Kawagoe
Landport Atsugi
Kawaguchi Ryoke Logistics Center
Sagamihara Tana Logistics Center
Sagamihara Onodai Logistics Center
Logistics

Landport Hachioji
Landport Kasukabe
Funabashi Logistics Center
Atsugi Minami Logistics Center B Tower
Hanyu Logistics Center
Kawaguchi Logistics Center B Tower
Kawaguchi Logistics Center A Tower
Atsugi Minami Logistics Center A Tower

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
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.

－ 57 －

PML(%)

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

Use

Property nameOta Nitta Logistics Center
Ota Higashishinmachi Logistics Center
Logistics
Ota Kiyohara Logistics Center
Chiyodamachi Logistics Center
Logistics subtotal

－

113

1.40

February 2013

－

－

56

1.35

February 2013

－

－

22

1.03

February 2013

－

－

53

3.76

－

－

－

3,183

2.96

0

－

2,540

4.70

Yokosuka More’s City

Shimizu Corporation

February 2013

－

144

814

6.89

Recipe SHIMOKITA

Tokio Marine & Nichido
Risk Consulting Co., Ltd.

September 2013

－

－

29

4.38

Kawasaki More’s

Shimizu Corporation

February 2013
December 2014

0

1

749

7.39

EQUINIA Shinjuku

Tokio Marine & Nichido
Risk Consulting Co., Ltd.

February 2013

－

－

221

5.81

EQUINIA Ikebukuro

Shimizu Corporation

February 2013

0

0

144

8.36

February 2013

－

300

120

10.85

February 2013

－

－

77

3.90

February 2013

－

－

204

2.76

February 2013

－

－

43

5.40

March 2013

－

－

14

4.18

February 2013

－

－

31

4.89

February 2013

－

－

137

9.33

February 2013

－

－

94

9.06

August 2014

－

－

434

4.42

February 2013

－

－

239

5.43

February 2013

－

－

270

3.33

February 2013

－

－

168

3.97

February 2013

－

－

236

3.89

February 2013

－

－

66

2.42

February 2013

－

－

81

1.57

FESTA SQUAREGEMS Shibuya
Sundai Azamino
EQUINIA Aobadai
Megalos Kanagawa
Universal CityWalk Osaka
Izumiya Senrioka
Merad Owada
Izumiya Yao
Izumiya Obayashi
Ichibancho stear
EQUINIA Aobadori(Note 3)－February 2013

Konami Sports Club Fuchu(Note 2)－February 2013

Tokio Marine & Nichido
Risk Consulting Co., Ltd.

Nitori Makuhari(Note 1)

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.

PML
(%)

Morisia Tsudanuma

covirna machida

RetailPreparer of engineering report

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

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
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

－

－

0

445

6,720

2.84

Total

－

－

0

445

9,904

2.56

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). However, for the properties that have been estimatedfor emergency repair expenses in the engineering reports stated above (Morisia Tsudanuma, Kawasaki More’s and EQUINIA Ikebukuro), the repairs forthe estimated items have been already completed as of the date of this report.
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).

－ 58 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

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 5th 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

Unicersal CityWalk Osaka(Osaka-shi, Osaka)

Guid sign installation works ofthe center cort

From Jan. 2016
To Feb. 2016

100,000--

Morisia Tsudanuma(Narashino-shi, Chiba)

Renewal of the escalator ofrestaurant tower 1st phase

From Dec. 2015
To Feb. 2016

80,000--Kawasaki More’s(Kawasaki-shi, Kanagawa)Renwal of the escalator 1st
phase

From Oct. 2015
To Feb. 2016

71,140--Unicersal CityWalk Osaka(Osaka-shi, Osaka)Renewal of the LED vision

From Oct. 2015
To Nov. 2015

49,800--Morisia Tsudanuma(Narashino-shi, Chiba)

Renewal of the parking fee
settlement machine

From Jan. 2016
To Feb. 2016

44,000--(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 5th fiscal period for the assets held as of the end of the 5th
fiscal period. Capital expenditures during the 5th fiscal period were 448,225 thousand yen and, whencombined with the 187,661 thousand yen repair expenses charged to expenses during the 5th fiscal period,a total of 635,887 thousand yen in construction was implemented.
Name of real estate, etc.
(Location)
Yokosuka More’s City
(Yokosuka-shi, Kanagawa)

Construction amount(thousand yen)

PurposeConstruction period

Renwal of the exterior package 2nd phase

From May 2014
To Mar. 2015

89,814

Landport Hachioji(Hachioji-shi, Tokyo)

Room divisional works

From Apr 2015
To May. 2015

55,458Morisia Tsudanuma(Narashino-shi, Chiba)

Installation of LED lighting

From Jun. 2015
To Jul. 2015

22,912Morisia Tsudanuma(Narashino-shi, Chiba)

Catwalk renovation of restaurant tower

From May 2015
To Aug. 2015

20,610

Other Properties

Improvement of features

From Mar 2015
To Aug. 2015

259,430
448,225

Total－ 59 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015(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.
However, NMF have not made cash reserve during the 1st fiscal period.
1st fiscal period
from Jan. 31, 2013
to Aug. 31, 2013

2nd fiscal period
from Sep. 1, 2013
to Feb. 28, 2014

3rd fiscal period
from Mar. 1, 2014
to Aug. 31, 2014

4th fiscal period
from Sep. 1, 2014
to Feb. 28, 2015

(millions of Yen)
5th fiscal period
from Mar. 1, 2015
to Aug. 31, 2015

－

－

396

1,064

1,603

－

396

667

538

430

－

－

－

－

－

－

396

1,064

1,603

2,034

Reserve for the beginningof the period
Reserve for the current
fiscal period
Reversal of reserve forthe current fiscal period
Reserve brought forward

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 5th 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 August 31, 2015.
Tenant name

No.

(Note 1)Use

1

Fukuyama Transporting Co., Ltd.

Logistics

2

Izumiya Co., Ltd.

RetailProperty nameLandport Urayasu
Sagamihara Onodai Logistics Center

Total leased area
(m2)

Share
(%)
(Note 2)

92,389.48

9.8

70,311.49

7.4

67,691.71

7.1

Izumiya Senrioka
Izumiya Yao
Izumiya Obayashi
Kawaguchi Ryoke Logistics Center3

Nippon Express Co., Ltd.

Logistics

4

Amazon Japan Logistics K.K.

Logistics

Landport Kawagoe

56,377.76

5.9

5

Neovia Logistics Services, LLC

Logistics

Sagamihara Tana Logistics Center

50,450.00

5.3

48,193.96

5.1

Hanyu Logistics Center

Yokosuka More’s City

6

Yokohama Okadaya Co., Ltd.

Retail7

Mitsui-Soko Logistics Co., Ltd.

Logistics

Ota Nitta Logistics Center

42,328.00

4.5

8ASKUL Corporation

Logistics

Landport Itabashi

37,276.71

3.9

Total for 16 Mitsubishi Motors properties

35,432.72

3.7

Landport Urayasu

35,104.40

3.7

535,556.23

56.5

Kawasaki More’s

Retail9

Not disclosed

10

Otsuka Warehouse Co., Ltd.

(land withleaseholdright)
Logistics

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.
“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.

－ 60 －

Nomura Real Estate Master Fund, Inc. (3285)
Financial Results for the 5th Fiscal Period Ended August 31, 2015

K. Status of Major Properties
Not applicable.

L. Overview of Leasing to Interested Parties
Tenant name

Property name

Megalos Co., Ltd.

Megalos Kanagawa
Morisia Tsudanuma
GEMS Shibuya
Universal CityWalk Osaka

Geo Akamatsu Co., Ltd.

M. Collateral
Not applicable.

－ 61 －

Leased area(m2)
6,217.85
39,736.87
1,791.34
9,733.28