July 28, 2017

Consolidated Financial Results
For the Three Months from April 1 to June 30, 2017
<under Japanese GAAP>
Note: The accompanying consolidated financial statements were not audited since they have been prepared only for reference purpose. All statements were basedon Tanshin report prepared in accordance with the provisions set forth in accounting regulations and principals generally accepted in Japan.

Name of company listed :Nomura Real Estate Holdings, Inc.

Shares traded :TSE (First section)

Code number :

3231

URL :

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

Representative :Eiji Kutsukake, President

Inquiries:

Naoko Usami,
General Manager, Corporate Communications Dept.

Email:

info@nomura-re-hd.com

Scheduled submitting date of quarterly securities report:

August 9, 2017

Scheduled starting date for dividend payments:-

Preparation of explanatory materials for financial results :YesInformation meetings arranged related to financial results :Yes (for institutional investors and analysts, in Japanese)(Values of less than one million yen rounded down)

I.

Consolidated operating results for the Three Months from April 1 to June 30, 2017
(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)

Operating revenue
First three months ended

Operating profit

Profit attributable toOrdinary profit

owners of parent

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Jun. 30, 2017

132,149

68.4

16,44086.1

14,524

113.5

9,603

99.0

Jun. 30, 2016

78,475(23.0)

8,835(19.2)

6,802(19.4)

4,824

8.0(Note) Comprehensive income:From April 1 to June 30, 2017 ¥7,120 million yen (up 62.6%)
From April 1 to June 30, 2016 ¥4,380 million yen (down 23.3%)

Basic earnings

Diluted earnings

per shareper shareFirst three months ended

Yen

Yen

Jun. 30, 2017

50.05

49.82

Jun. 30, 2016

25.16

25.08

(2) Consolidated financial position
Total assets
As of

Net assets

Shareholders' equity ratio

Millions of yen

Millions of yen%

Jun. 30, 2017

1,629,361

494,258

29.6

Mar. 31, 2017

1,593,093

493,81330.2(Reference) Shareholders’ equity:

As of June 30, 2017 481,718 million yen As of March 31, 2017 481,364 million yen

II. Dividends
Dividend per share
1st quarter-end

Fiscal year ended
Mar. 31, 2017
Fiscal year ending

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

-

30.00

-

35.00

65.00

35.00

-

35.00

70.00

-

Mar. 31, 2018
Fiscal year ending
Mar. 31, 2018
(Forecast)(Note) Revision of dividend forecasts during this quarter: NoneIII. Forecasts of consolidated operating results for the fiscal year from April 1, 2017 to March 31, 2018(% indicates the rate of changes from previous fiscal year or term)

Operating revenue

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

646,000

13.4

76,000(1.6)

67,000(2.8)

44,000(6.4)

229.27

Fiscal year
endingMar. 31, 2018

(Note) Revision of operating result forecasts during this quarter: None

* Notes(1) Significant changes to subsidiaries during the period (Changes in scope of consolidation of specified subsidiaries): None
(2) Adoption of specific accounting policies for quarterly consolidated financial statements: None(3) Changes in accounting policies, changes in accounting estimates and restatements
1)

Changes in accounting policies due to revision of accounting standards, etc.

: None2)

Changes in accounting policies other than the above: None3)

Changes in accounting estimates: None4)

Restatements: None(4) Number of shares issued (common stock)1)

Number of shares issued at end of period (including
treasury shares)

2)

3)

As of June 30

As of March 31

2017

2017

191,919,901

191,877,801

1,917

1,709

From April 1 to June 30

From April 1 to June 30

2017

2016

Treasury shares at end of period

Average number of shares outstanding during the period

191,893,316

191,692,306

* Quarterly consolidated financial results are not required to be audited.
* Proper use of forecasts of financial results, and other special matters
Forward-looking statements in this document, including the forecasts of financial results, etc., are based on the information currently
available to the Company and certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges torealize such statements. Actual performance and other results may differ materially from these forecasts due to various factors.
(How to obtain fact sheets)
The fact sheets will be disclosed on TDnet on July 28, 2017 and will be uploaded on the Company's website.

Attachments- Contents
1. Qualitative Information.............................................................................................................................................................................................

2(1) Business Results............................................................................................................................................................................................

2(2) Financial Position .........................................................................................................................................................................................

5(3) Consolidated Operating Result Forecasts ................................................................................................................................................

6

2. Quarterly Consolidated Financial Statements and Notes .....................................................................................................................................

7(1) Quarterly Consolidated Balance Sheets ....................................................................................................................................................

7(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ..................

9

Quarterly Consolidated Statements of Income
Three Months from April 1 to June 30, 2017.......................................................................................................................................

9

Quarterly Consolidated Statements of Comprehensive Income
Three Months from April 1 to June 30, 2017.......................................................................................................................................

10(3) Quarterly Consolidated Statement of Cash Flows ..................................................................................................................................

11(4) Notes to Quarterly Consolidated Financial Statements ..........................................................................................................................

13(Notes to Going Concern Assumptions) ..................................................................................................................................................

13(Notes to Significant Changes in Shareholder’s Equity) ........................................................................................................................

13(Segment Information) ...............................................................................................................................................................................

131

1. Qualitative Information(1) Business Results
The Nomura Real Estate Group (the “Group”) posted the following consolidated performance for the current first quarter: Operating
revenue of 132,149 million yen, which represents an increase of 53,674 million yen, or 68.4% year on year; operating profit of 16,440
million yen, an increase of 7,604 million yen, or 86.1%; ordinary profit of 14,524 million yen, an increase of 7,721 million yen, or
113.5%; and profit attributable to owners of parent of 9,603 million yen, an increase of 4,778 million yen, or 99.0%.
An overview of unit achievements is given below:
Operating revenue for each unit includes internal sales and transfer amount among units. Due to the rounding of fractions, total figures
may not match.
<Residential Development Unit>
Operating revenue in this unit totaled 73,519 million yen, which represents an increase of 43,927 million yen, or 148.4% year on year,
and operating profit totaled 4,275 million yen (the previous first quarter was operating loss of 725 million yen), resulting in increases inboth operating revenue and operating profit compared with the previous first quarter.
This was mainly due to an increase in the number of housing unit sales recorded in the housing sales business.
In regard to housing sales, we posted the sale of 1,089 units (an increase of 638 units year on year), including PROUD TOWER
Musashiurawa residence (Minami-ku, Saitama-shi, Saitama), PROUD Sakurashinmachi (Setagaya-ku, Tokyo), OHANA Kitanarashino(Funabashi-shi, Chiba), PROUD Kyoto Higashinotouin (Nakagyo-ku, Kyoto-shi, Kyoto) for condominiums, and PROUD SEASON
Soshigaya Shiki no Machi (Setagaya-ku, Tokyo) for detached housing. The contract progress rate for the planned 6,000 units of thisconsolidated fiscal year was 57.6% as of the end of the current first quarter.
The number of contracted but not recorded housing units totaled 2,806 units as of the end of the current first quarter (a decrease of
1,229 units compared with the end of the previous first quarter).
Number of units, sales, and outstanding contract amount as sold for the joint-venture projects are calculated based on the Group’s share.
From the previous third quarter, the classification of the “period-end completed housing inventories” has changed. In accordance withthis change, the figures as of the end of the previous first quarter have been calculated under the new classification.

Breakdown of operating revenue
First three months ended

First three months ended

Fiscal year ended

Jun. 30, 2016

Jun. 30, 2017

Mar. 31, 2017

Housing units soldOperating revenue

Housing units sold(Millions of yen)

Housingsales

Operating revenue

Housing units sold(Millions of yen)

Operating revenue(Millions of yen)Tokyo

298 units

18,187931 units56,425

4,291 units

250,475

Kansai area

26 units

1,623

112 units

8,319

807 units

35,890Other

125 units

5,594

45 units

1,823

468 units

22,594451 units

25,405

1,089 units

66,5685,567 units

308,960(69 units)(4,302)(82 units)(5,040)(682 units)(38,735)

metropolitan
area

Subtotal(Detachedhousing)

Other
Total

4,187

6,951

20,82729,59273,519329,7872

Housing sales Period-end completed housing inventories (released for sale)
As of June 30, 2016

As of June 30, 2017

As of March 31, 2017

Tokyo metropolitan area

95 units

238 units

187 units

Kansai area

44 units

28 units

38 units

Other

21 units

24 units

25 units

Total

160 units

292 units

252 units(Detached housing)(70 units)(17 units)(13 units)

Housing sales Period-end completed housing inventories (unreleased)
As of June 30, 2016

As of June 30, 2017

As of March 31, 2017Total

182 units

409 units

402 units(Detached housing)(50 units)(16 units)(33 units)

Housing sales Sold but not recorded housing units
As of June 30, 2016

As of June 30, 2017

Outstanding
Housing units

As of March 31, 2017

Outstanding

contract amount

Housing units

Outstanding

contract amount(Millions of yen)

Housing units(Millions of yen)contract amount(Millions of yen)

Tokyo metropolitan area

3,056 units

194,870

2,131 units

137,044

2,140 units

140,183

Kansai area

614 units

30,088221 units

11,144219 units

13,859Other

364 units

20,071453 units

23,460420 units

21,851

Total

4,035 units

245,030

2,806 units

171,649

2,779 units

175,895(Detached housing)(117 units)(7,291)(111 units)(6,789)(111 units)(6,489)<Leasing Unit >Operating revenue in this unit totaled 28,368 million yen, which represents an increase of 8,361 million yen, or 1.8% year on year, andoperating profit totaled 7,258 million yen, an increase of 1,088 million yen, or 17.6%, resulting in increases in both operating revenue andoperating profit compared with the previous first quarter.
This was mainly due to an increase in leasing revenue from newly-built properties such as Yokohama Nomura Building (Nishi-ku,
Yokohama-shi, Kanagawa) in the leasing business, as well as an increase in revenues from the sale of properties in the property
development business.
Breakdown of operating revenue
First three months ended

First three months ended

Fiscal year ended

Jun. 30, 2016

Jun. 30, 2017

Mar. 31, 2017

(Millions of yen)

(Millions of yen)

(Millions of yen)

Leasing (offices)

12,597

13,09551,981

Leasing (retail facilities)

2,898

2,841

11,649

Leasing (other)

1,468

1,654

5,954

Property development (sale)

840

8,313

35,350Property development (leasing)

847

1,051

4,054

Other

1,355

1,413

6,018

20,00728,368115,009

Total
Rentable area
As of June 30, 2016

As of June 30, 2017

As of March 31, 2017

Offices

832,492 ㎡

862,523 ㎡

831,177 ㎡

Retail facilities

144,797 ㎡

135,330 ㎡

144,797 ㎡

Total

977,289 ㎡

997,853 ㎡

975,974 ㎡

3

Vacancy rate (offices and retail facilities)
As of June 30, 2016

As of June 30, 2017
1.4%

As of March 31, 2017
0.6%

0.8%

<Investment Management Unit>
Operating revenue in this unit totaled 2,578 million yen, which represents an increase of 375 million yen, or 17.1% year on year, andoperating profit totaled 1,750 million yen, an increase of 437 million yen, or 33.3%, resulting in increases in both operating revenue andoperating profit compared with the previous first quarter.
This was mainly due to an increase in dividends.
Assets under management increased compared with the previous first quarter due to the merger between Nomura Real Estate Master
Fund, Inc. and TOP REIT, Inc. in September 2016.
First three months ended

First three months ended

Fiscal year ended

Jun. 30, 2016

Jun. 30, 2017

Mar. 31, 2017

(Millions of yen)

(Millions of yen)

(Millions of yen)

Operating revenue

2,203

2,578

9,662

Assets under management
As of June 30, 2016

As of June 30, 2017

As of March 31, 2017

(Millions of yen)

(Millions of yen)

(Millions of yen)

REITs
Private funds, etc.
Total

1,010,487

1,184,172

1,210,535

61,86849,73349,529

1,072,356

1,233,905

1,260,064<Property Brokerage & CRE Unit>
Operating revenue in this unit totaled 8,930 million yen, which represents an increase of 1,088 million yen, or 13.9% year on year,
operating profit totaled 2,327 million yen, an increase of 476 million yen, or 25.8%, resulting in increases in both operating revenue andoperating profit compared with the previous first quarter.
This was mainly due to an increase in the number of transactions and total transaction value in property brokerage.
In the retail business, we opened the following new property brokers branches: Omiya Center (Omiya-ku, Saitama-shi, Saitama) andTachikawa Center (Tachikawa-shi, Tokyo) in April 2017.
Breakdown of operating revenue
First three months ended

First three months ended

Fiscal year ended

Jun. 30, 2016

Jun. 30, 2017

Mar. 31, 2017

(Millions of yen)

(Millions of yen)

(Millions of yen)

Property brokerage

7,207

7,945

30,283

Other

634

984

4,536

Total

7,841

8,930

34,820

Number of transactions and total transaction value of property brokerageFirst three months ended

First three months ended

Fiscal year ended

Jun. 30, 2016

Jun. 30, 2017

Mar. 31, 2017

Number of transactions
Total transaction value (Millions of yen)

2,034

2,129

8,272

186,111

202,616

745,147

4

<Property & Facility Management Unit>
Operating revenue in this unit totaled 21,804 million yen, which represents an increase of 639 million yen, or 3.0% year on year, andoperating profit totaled 1,014 million yen, an increase of 91 million yen, or 9.9%, resulting in increases in both operating revenue andoperating profit compared with the previous first quarter.
In fitness club business, we opened MEGALOS_24 Nishiarai (Adachi-ku, Tokyo) in May 2017, MEGALOS_24 Tokiwadai(Itabashi-ku, Tokyo) and MEGALOS_Reflect Minatomirai (Nishi-ku, Yokohama-shi, Kanagawa) in June 2017.
Breakdown of operating revenue
First three months ended

First three months ended

Fiscal year ended

Jun. 30, 2016

Jun. 30, 2017

Mar. 31, 2017

(Millions of yen)

(Millions of yen)

(Millions of yen)

Property & facility management

11,791

12,18848,301

Construction ordered

4,520

4,266

26,857

Fitness club & elderly care

3,811

3,923

15,523

Other

1,040

1,425

5,081

21,16521,804

95,764

Total
Number of properties under management

As of June 30, 2016
Buildings under management
Condominiums undermanagement (unit)

As of June 30, 2017

As of March 31, 2017

710

720

702

163,224

170,337

168,999<Other Unit>
Operating revenue in this unit totaled 23 million yen, which represents a decrease of 1 million yen, or 4.6% year on year, and operating
profit totaled 3 million yen(the previous first quarter was operating loss of 11 million yen).

(2) Financial Position
As of March 31, 2017

As of June 30, 2017

Changes

Changes(Millions of yen)

(Millions of yen)

(Millions of yen)(%)

Total assets

1,593,093

1,629,361

36,268

2.3

Total liabilities

1,099,280

1,135,103

35,823

3.3

Net assets

493,813494,258

445

0.1

Shareholders' equity ratio

30.2%

29.6%

-

-

Total assets were 1,629,361 million yen, which represents an increase of 36,268 million yen compared to the end of the previous fiscal
year. This was mainly due to an increase in inventories (an increase of 40,318 million yen).
Total liabilities totaled 1,135,103 million yen, an increase of 35,823 million yen from the end of the previous fiscal year. This was
mainly due to an increase in commercial papers (increased by 34,000 million yen) and short-term loans payable (increased by 40,500
million yen), while income taxes payable (decreased by 12,584 million yen) and deposits received (decreased by 12,079 million yen)decreased .
Net assets totaled 494,258 million yen, an increase of 445 million yen compared to the end of the previous fiscal year. This was mainly
due to an increase in retained earnings (increased by 2,887 million yen), while valuation difference on available-for-sale securities(decreased by 2,553 million yen) decreased.
The shareholders' equity ratio was 29.6%, a decrease of 0.6 percentage points from the end of the previous fiscal year.

5(Cash Flows)
Cash and cash equivalents as of the end of the current first quarter totaled 46,737 million yen, which represents a decrease of 961 million
yen compared to the end of the previous fiscal year.
Net cash provided by (used in) operating activities decreased by 62,298 million yen (a year-on-year increase of 15,295 million yen).
This was mainly due to outflows resulted by the purchase of inventories and the payment of income taxes.
Net cash provided by (used in) investment activities decreased by 4,906 million yen ( a year-on-year increase of 14,141 million yen)This mainly reflected the purchase of tangible and intangible assets.
Net cash provided by (used in) financing activities increased by 66,260 million yen (a year-on-year decrease of 18,806 million yen).
The reason for this was fundraising by short-term loans payable and issuance of commercial papers.

(3) Consolidated Operating Result Forecasts
No change in the consolidated operating result forecast which was announced on April 27, 2017.

6

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)

As of March 31, 2017

As of June 30, 2017

AssetsCurrent assets
Cash and deposits

47,701

46,739Notes and accounts receivable - trade16,535

13,306

Real estate for sale120,385

143,791

Real estate for sale in process

249,663

238,562

Land held for development

199,812

227,607

2,567

2,422

Equity investments
Deferred tax assets

5,555

3,803

Other

42,12339,884(37)(37)

684,306

716,081

Buildings and structures, net

241,888

253,096Land

549,671549,517

Other, net

17,265

13,561

Total property, plant and equipment

808,825

816,176

10,985

10,844

Investment securities

46,25242,437

Lease and guarantee deposits

21,73821,966

Deferred tax assets

14,992

14,996

Other

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Investments and other assets

5,992

6,859

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

88,97586,259908,786

913,280

1,593,093

1,629,361

Total non-current assets
Total assets

7

(Millions of yen)
As of March 31, 2017

As of June 30, 2017

Liabilities
Current liabilities
Notes and accounts payable - trade35,612

27,926

Short-term loans payable

106,300

146,800－

34,000Current portion of bonds

10,00010,000

Income taxes payable

16,052

3,468

Deposits received

Commercial papers

29,45917,379Deferred tax liabilities

20

23

Provision for bonuses

7,516

3,878

Provision for directors' bonuses

639

162

Provision for loss on business liquidation

47

44

Other

50,14950,268

Total current liabilities

255,799

293,952

Bonds payable

70,00070,000Long-term loans payable

623,800

622,300

Lease and guarantee deposits received

57,597

58,172

Deferred tax liabilities

63,592

62,185

Deferred tax liabilities for land revaluation

3,900

3,900

Provision for loss on subleasing business

257

237

Net defined benefit liability

18,931

18,869

Other

5,402

5,485

843,481

841,150

1,099,280

1,135,103

116,779

116,820

Non-current liabilities

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus

110,023

110,064Retained earnings

242,704

245,592(3)(4)

469,503

472,473

Valuation difference on available-for-sale securities

7,947

5,393

Deferred gains or losses on hedges

119

54

Revaluation reserve for land

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

7,860

7,860

Foreign currency translation adjustment

62

(36)

Remeasurements of defined benefit plans(4,129)(4,026)

Total accumulated other comprehensive income

11,860

9,245

Subscription rights to shares

1,986

1,976

Non-controlling interests

10,462

10,562

Total net assets

493,813494,258

1,593,093

1,629,361

Total liabilities and net assets8(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income for the First Three Months from April 1 to June 30)(Millions of yen)First three months ended

First three months ended

Jun. 30, 2016

Jun. 30, 2017

Operating revenue

78,475132,149

Operating cost

49,33590,583Operating gross profit

29,13941,566

Selling, general and administrative expenses

20,30425,126

Operating profit

8,835

16,440Interest income

1210Dividend income

69

37

83

41

Gain on transfer of right to request purchase of shares

－

113

Other

67

66

Total non-operating income

232

269

Interest expenses

1,924

1,826

Other

339

358

Total non-operating expenses

2,264

2,184

6,802

14,524Gain on sales of non-current assets

653－

Total extraordinary income

653－

Non-operating income

Share of profit of entities accounted for using equity
methodNon-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Impairment loss－

67

Loss on building reconstruction－

182

Total extraordinary losses－

250

Profit before income taxes

7,456

14,274

Income taxes - current

1,496

3,051

Income taxes - deferred

1,002

1,486

Total income taxes

2,499

4,538

Profit

4,957

9,735

Profit attributable to non-controlling interests

132

132

Profit attributable to owners of parent

4,824

9,603

9

(Quarterly Consolidated Statements of Comprehensive Income for the First Three Months from April 1 to June 30)(Millions of yen)

ProfitFirst three months ended

First three months ended

Jun. 30, 2016

Jun. 30, 2017
4,957

9,735

Valuation difference on available-for-sale securities(843)(2,553)

Deferred gains or losses on hedges

171

(65)

Revaluation reserve for land

(0)

(0)

Foreign currency translation adjustment

7

(25)

Remeasurements of defined benefit plans, net of tax

86

102

－

(73)

(576)

(2,614)

4,380

7,120

4,248

6,988

132

132

Other comprehensive income

Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests10

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)First three months ended

First three months ended

Jun. 30, 2016

Jun. 30, 2017

Cash flows from operating activities
Profit before income taxes

7,456

14,274

Depreciation

4,133

4,601

(83)

(41)

0

0

(3)

(2)

(12)

(20)

Increase (decrease) in net defined benefit liability

15

(62)

Interest and dividend income

(81)

(47)

Interest expenses

1,924

1,826

5,095

3,225

Decrease (increase) in inventories(30,298)(40,221)

Decrease (increase) in equity investments(1,047)

145

Increase (decrease) in notes and accounts payable - trade(23,610)(7,686)

Increase (decrease) in deposits received(17,707)(12,079)

Other, net(8,612)(6,651)

Subtotal(62,830)(42,739)

Share of (profit) loss of entities accounted for using equity
methodIncrease (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on businessliquidation
Increase (decrease) in provision for loss on subleasing
business

Decrease (increase) in notes and accounts receivable trade

Interest and dividend income received

8649Interest expenses paid

(1,612)(1,407)

Income taxes paid

(13,237)(18,200)

Net cash provided by (used in) operating activities(77,593)(62,298)

(405)

(64)

1,324

31

(25,149)(4,657)

3,500

41

Payments for lease and guarantee deposits

(96)

(278)

Proceeds from collection of lease and guarantee deposits

226

357

Repayments of lease and guarantee deposits received

(862)

(418)

Proceeds from lease and guarantee deposits received

1,528

693

Other, net

886

(611)

(19,048)(4,906)

Cash flows from investing activities
Purchase of investment securities
Proceeds from sales and liquidation of investment
securities
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andintangible assets

Net cash provided by (used in) investing activities

11

(Millions of yen)First three months ended

First three months ended

Jun. 30, 2016

Jun. 30, 2017

Cash flows from financing activities
Net increase (decrease) in short-term loans payable

13,00032,000

Increase (decrease) in commercial papers

44,00034,000

Repayments of finance lease obligations

(40)

(35)

Proceeds from long-term loans payable

22,00017,500

Repayments of long-term loans payable(8,000)(10,500)

Proceeds from issuance of bonds

19,869－14

44

Proceeds from issuance of common shares
Purchase of treasury shares

(0)

(0)

(5,750)(6,715)

(26)

(31)

Net cash provided by (used in) financing activities

85,066

66,260Effect of exchange rate change on cash and cash equivalents

(11)

(17)

Cash dividends paid
Dividends paid to non-controlling interests

Net increase (decrease) in cash and cash equivalents(11,586)(961)

Cash and cash equivalents at beginning of period

57,59147,6994－

46,01046,737

Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation
Cash and cash equivalents at end of period12(4) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Notes to Significant Changes in Shareholders’ Equity)
Not applicable.

(Segment Information)【Segment information】
I FY2016 1Q (Three months from April 1 to June 30, 2016)
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)AmountReportable segments

recorded in
Property
Residential

Other

Property &Adjustments
Total

Investment
Leasing

Development

Brokerage

Facility

Subtotal(Note) 1

financial

Management& CRE

consolidated(Note) 2

statements

Management(Note) 3

Operating revenue
Externalcustomers
Inter-segment
Subtotal

29,502

19,411

2,203

7,730

19,60278,451

24

78,475-78,475

90

595

-

110

1,562

2,359

0

2,359

(2,359)-29,59220,007

2,203

7,841

21,16580,81024

80,834(2,359)78,475

(725)

6,169

1,312

1,851

923

9,532

(11)

9,520

(685)

8,835

Segment profit orlosses(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 685 million yen shown in the adjustments column for segment profit or losses includes an increase inelimination of intersegment transactions of 498 million yen and a deduction of 1,183 million yen for corporate expenses notallocated to each reportable segment. These corporate expenses mainly consist of general and administrative expenses not
attributable to reportable segments.
3. The segment profit or losses is reconciled to the operating profit stated in the Quarterly Consolidated Statements of Income.
2. Information regarding impairment loss on noncurrent assets or goodwill by reportable segments
Not applicable13II FY2017 1Q (Three months from April 1 to June 30, 2017)
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)AmountReportable segments

recorded in
Property
Residential

Other

Property &Adjustments
Total

Investment
Leasing

Development

Brokerage

Facility(Note) 1

Subtotal

Management& CRE

Management

8,297

20,098

consolidated
financial(Note) 2

statements(Note) 3

Operating revenue
Externalcustomers

73,34327,8072,578

132,126

23

132,149-

132,149

Inter-segment

176

561

-

632

1,706

3,075

0

3,075

(3,075)-

Subtotal

73,51928,368

2,578

8,930

21,804135,20223

135,225(3,075)132,149

Segment profit

4,275

7,258

1,750

2,327

1,014

16,627

3

16,631(190)

16,440(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 190 million yen shown in the adjustments column for segment profit includes an increase in eliminationof intersegment transactions of 973 million yen and a deduction of 1,163 million yen for corporate expenses not allocatedto each reportable segment. These corporate expenses mainly consist of general and administrative expenses not attributableto reportable segments.
3. The segment profit is reconciled to the operating profit stated in the Quarterly Consolidated Statements of Income.
2. Information regarding impairment loss on noncurrent assets or goodwill by reportable segment(Significant impairment loss on noncurrent assets)(Millions of yen)
Property
Residential

Leasing

Development

Impairment loss

Investment-

Management

67

-

14

Property &Brokerage &Facility

CRE

Management

-

Total

-

67