April 26, 2023

Consolidated Financial Results
For the Fiscal Year Ended March 31, 2023
<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 :TSECode number :

3231

URL :

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

Representative :Satoshi Arai, President and Representative Director

Inquiries:

Hidehiro Sasaki,
General Manager, Corporate Communications Dept.

Email:

nrehd-ir@nomura-re.co.jp

Scheduled date of Ordinary General Meeting of Shareholders:June 23, 2023

Scheduled starting date for dividend payments:

June 5, 2023

Scheduled submitting date of securities report:

June 23, 2023

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 fiscal year from April 1, 2022 to March 31, 2023
(1) Consolidated business results(% indicates the rate of changes from previous fiscal year)

Operating revenue

Operating profit

Millions ofBusiness profit

Millions of

Fiscal year ended

Millions of%yenowners of parent

Millions of%yenProfit attributable toOrdinary profit

Millions of

%

%

yen

yen

%
yen

Mar. 31, 2023

654,735

1.5

99,5989.2

105,172

13.4

94,12114.0

64,52016.6

Mar. 31, 2022

645,049

11.1

91,21019.5

92,765

21.3

82,55725.2

55,312

31.1(Note) Comprehensive income: Fiscal year ended March 31, 2023 : 67,294 million yen (up 14.4%)
Fiscal year ended March 31, 2022 : 58,814 million yen (up 25.1%)(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible
assets associated with corporate acquisitions

Basic earnings

Diluted earnings

per shareper share

Ordinary profit
Return on equity

margin on total
assetsOperating profit
marginFiscal year ended

Yen

Yen

%

%

%

Mar. 31, 2023

365.26364.35

10.1

4.5

15.2

Mar. 31, 2022

307.81306.89

9.2

4.2

14.1

(Reference) Share of profit (loss) of entities accounted for using equity method: Fiscal year ended March 31, 2023 : 4,872 million yen
Fiscal year ended March 31, 2022 : 895 million yen

(2) Consolidated financial position
Total assets
As ofShareholders’ equity ratio

Net assets

Net assets per share

Millions of yen

Millions of yen%

YenMar. 31, 2023

2,110,693

655,73731.0

3,756.30

Mar. 31, 2022

2,040,506

621,39830.3

3,478.14(Reference) Shareholders’ equity: As of March 31, 2023: 653,307 million yen As of March 31, 2022: 618,762 million yen(3) Consolidated cash flows

II.

Cash flows from (used in)

Cash flows from (used in)

Cash flows from (used in)

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Mar. 31, 2023

(42,809)(62,896)

65,67527,770Mar. 31, 2022

52,793(46,277)(9,619)67,793

Dividends
Dividend per share
1st quarter2nd quarter3rd quarter

Total amountof dividends

Fiscal year
Total

end

end

end

Payout ratio(Consolidated)(Annual)end

Dividend on
equity(Consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

Mar. 31, 2022

-

42.50

-

55.00

97.50

17,67931.7

2.9Mar. 31, 2023

-

55.00

-

65.00

120.0021,451

32.9

3.3

-

65.00

-

65.00

130.00Mar. 31, 2024
(Forecast)

34.7(Note) Revision from previous dividend forecasts: Yes(Note) The total amount of dividends include the amount of dividends paid to the executive compensation BIP (Board Incentive Plan) trust
and the ESOP (Employee Stock Ownership Plan) trust for granting stock (245 million yen in the fiscal year ended March 31, 2022
and 403 million yen in the fiscal year ended March 31, 2023).

III. Forecasts of consolidated operating results for the fiscal year from April 1, 2023 to March 31, 2024(% indicates the rate of changes from previous fiscal year)

Operating revenue

Operating profit

Business profit

Profit attributable toOrdinary profit

owners of parent

Basicearnings
per share

Fiscal year
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

750,000

14.5

103,000

3.4

109,000

3.6

94,000(0.1)

65,0000.7

374.27

endingMar. 31,2024

* Notes(1) Significant changes to subsidiaries during the period (Changes in scope of consolidation of specified subsidiaries): None
(2) Changes in accounting policies, changes in accounting estimates and restatements
1)

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

: Yes

2)

Changes in accounting policies other than the above: None3)

Changes in accounting estimates: None4)

Restatements: None(Note) For details, please refer to “4. Consolidated Financial Statements (5) Notes to Consolidated Financial Statements (Changes in
Accounting Policies)” on page 21 of the Attachments.
(3)

Number of shares issued (common stock)1)

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

2)

3)

Treasury shares at end of period

Average number of shares outstanding during the period

As of Mar. 31

As of Mar. 31

2023

2022

182,938,437

182,604,637

9,015,395

4,704,422

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2022

176,640,837

179,695,784(Note) The number of treasury shares at end of each period includes the shares of Nomura Real Estate Holdings, Inc. (the “Company”)
owned by BIP (Board Incentive Plan) trust and ESOP (Employee Stock Ownership Plan) trust (3,553,057 shares as of March 31,
2023 and 2,522,837 shares as of March 31, 2022). The Company’s share owned by executive compensation BIP (Board IncentivePlan) trust and ESOP (Employee Stock Ownership Plan) trust are included in the number of treasury shares deducted in thecalculation of average number of shares outstanding during the period (3,018,085 shares in the fiscal year ended March 31, 2023 and2,300,241 shares in the fiscal year ended March 31, 2022).
* This Consolidated Financial Results is not required to be audited by certified public accountants or audit corporations.
* Proper use of forecasts of operating 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 are due to various factors. For
matters related to the forecasts of financial results, please refer to “1. Business Results and Financial Position (4) Consolidated Operating
Result Forecasts” on page 8 of the Attachments.
(How to obtain the fact sheets)
The fact sheets will be disclosed on TDnet on April 26, 2023 and will be uploaded on the Company’s website.

Attachments- Contents
1. Business Results and Financial Position ............................................................................................................................................................... 2(1) Business Results .............................................................................................................................................................................................. 2(2) Financial Position ............................................................................................................................................................................................ 7(3) Cash Flows ...................................................................................................................................................................................................... 7(4) Consolidated Operating Result Forecasts ...................................................................................................................................................... 8(5) Basic Policy regarding Profit Distribution and Dividends for the Current and Next Fiscal Year............................................................... 9
2. Group Companies ................................................................................................................................................................................................ 10
3. Basic Policies for Selecting Accounting Standards ............................................................................................................................................ 12
4. Consolidated Financial Statements ..................................................................................................................................................................... 13(1) Consolidated Balance Sheets........................................................................................................................................................................ 13(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income.............................................................. 15(Consolidated Statements of Income).............................................................................................................................................................. 15(Consolidated Statements of Comprehensive Income) .................................................................................................................................. 16(3) Consolidated Statements of Changes in Shareholders' Equity ................................................................................................................... 17(4) Consolidated Statements of Cash Flows...................................................................................................................................................... 19(5) Notes to Consolidated Financial Statements................................................................................................................................................ 21(Notes to Going Concern Assumptions) ......................................................................................................................................................... 21(Changes in Accounting Policies).................................................................................................................................................................... 21(Notes to Consolidated Statements of Income)............................................................................................................................................... 21(Real Estate for Rent)........................................................................................................................................................................................ 22(Segment Information) ..................................................................................................................................................................................... 23(Per Share Information) .................................................................................................................................................................................... 25(Significant Subsequent Events) ...................................................................................................................................................................... 26- 1 -1. Business Results and Financial Position(1) Business Results
During this fiscal year, the Japanese economy continued on an overall trend of recovery, with a dual focus being placed on COVID-19
response and economic and social activity, a recovery in personal consumption, and an increase in corporate capital investment, among othermeasures. However, global inflation, monetary tightening particularly in Europe and the United States, and soaring prices for energy and raw
materials, etc., evoked weakness and uncertainty in some areas.
Regarding the real estate market conditions, a robust sales trend continued in the housing sales market, with first-month contract rate
exceeding 70% for the second year in a row in the Tokyo metropolitan area and completed housing inventories released for sale decreasing
significantly to the level of approximately 10 years ago, etc. In the leasing office market, although vacancy rates are continuing at a high level
for the recent few years as in the previous fiscal year, we saw demand for office relocations to higher value-added offices in line with thediversification of values and work styles. In addition, the retail and hotel market, which was severely affected by the COVID pandemic,
showed an upward trend in sales and occupancy rates from the middle of the fiscal year onward as service consumption and inbound demand
recovered due to the easing of restrictions on movement and entry into Japan, etc. In the real estate investment market, as in the previous fiscal
year, the volume of property transactions remained strong particularly for logistics facilities and rental housing due to a good domestic fundprocurement environment and strong appetite for investment by investors, and the size of the market continued to grow. Moreover, the realestate brokerage market continued robustly, with the number of transactions for used condominiums in the Tokyo metropolitan area
proceeding at a high level and average transaction prices continuing to rise, etc., due to strong relocation demand.
In this business environment, the Nomura Real Estate Group (the “Group”) posted the following business results for this fiscal year:
Operating revenue of 654,735 million yen, which represents an increase of 9,686 million yen, or 1.5% year on year; operating profit of 99,598
million yen, an increase of 8,388 million yen, or 9.2%; business profit of 105,172 million yen, an increase of 12,406 million yen, or 13.4%;
ordinary profit of 94,121 million yen, an increase of 11,563 million yen, or 14.0%; and profit attributable to owners of parent of 64,520
million yen, an increase of 9,208 million yen, or 16.6%.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible
assets associated with corporate acquisitions
An overview of business unit achievements is given below:(Notes) 1.

Operating revenue for each business unit includes internal sales and transfer amount among business units.

2.

Total figures may not match due to the rounding of fractions.

3.

As of April 1, 2022, the Company made the following changes and an organization restructure.

Overseas Business Unit was newly established and the classification of Overseas Business Division of Nomura Real
Estate Development Co., Ltd. and overseas subsidiaries, etc., which had been classified under the “Other”, have been
reclassified.



Nomura Real Estate Development Co., Ltd. and Nomura Real Estate Building Co., Ltd. were merged (Nomura Real
Estate Development Co., Ltd. as the surviving company). Due to this change, partial revisions were made to the method
used to calculate the breakdown of operating revenue and to the method used to calculate the net lettable area and thevacancy rate. (The figures for the fiscal year ended March 31, 2022, are also calculated in accordance with the abovechange.)

Nomura Real Estate Hotels Co., Ltd. and UHM Co., Ltd. were merged (Nomura Real Estate Hotels Co., Ltd. as thesurviving company).

<Residential Development Business Unit>
Operating revenue in this Business Unit totaled 302,480 million yen, which represents a decrease of 6,745 million yen, or 2.2% year on
year, and business profit totaled 33,333 million yen, an increase of 782 million yen, or 2.4% year on year, resulting in a decrease in operating
revenue and an increase in business profit compared with the previous fiscal year.
In regard to housing sales, 4,142 units were recorded as sales (a decrease of 187 units year on year), including PROUD TOWER Shibaura(Minato-ku, Tokyo), PROUD TOWER Kameido Cross (Koto-ku, Tokyo), OHANA Chigasaki (Chigasaki-shi, Kanagawa), PROUD Hankyu
Tsukaguchi Ekimae (Amagasaki-shi, Hyogo) for condominiums, and PROUD SEASON Nerima Kasugacho Seikanomachi (Nerima-ku,
Tokyo) for detached housings.
The number of housing contracted but not recorded as sales was 3,819 units as of the end of this fiscal year (an increase of 271 units year onyear) and the contract progress rate against the scheduled housings sales for the next fiscal year was 74.8% at the beginning of the fiscal year
ending March 31, 2024.
Number of units, sales, and outstanding contract amount as sold for the joint-venture projects are calculated based on the business’s share.

- 2 -Breakdown of operating revenue
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)

Housing units soldOperating revenue

Housing units sold(Millions of yen)

Operating revenue(Millions of yen)

Tokyo metropolitan area

2,944 units

210,4132,718 units

199,905

Kansai area

496 units

26,522650 units

34,730Other

889 units

47,079773 units

39,025

Subtotal

4,329 units

284,015

4,142 units

273,662(Detached housing)(451 units)(29,990)(353 units)(25,186)

Rental housing (Note)

-

5,621

-

8,603

Senior / Other-

19,588-20,214-309,225-

302,480

Housing
sales

Total

(Note) Rental Housing refers to properties developed for real estate investment market.
Housing sales period-end completed housing inventory (released for sale)
As of March 31, 2022

As of March 31, 2023

Tokyo metropolitan area

74 units

119 units

Kansai area

18 units

43 units

Other

38 units

60 units

Total

130 units

222 units(Detached housing)(0 units)(0 units)

Housing sales period-end completed housing inventory (unreleased)
As of March 31, 2022

As of March 31, 2023

Total

253 units

199 units(Detached housing)(0 units)(0 units)

Housing sales contracted but not recorded as housing sales
As of March 31, 2022

As of March 31, 2023

Outstanding
Housing units

contract amount

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

Tokyo metropolitan area

2,555 units

197,4782,968 units

251,819

Kansai area

439 units

23,687421 units

23,501Other

553 units

28,705429 units

21,090Total

3,548 units

249,8703,819 units

296,411(Detached housing)(226 units)(15,689)(205 units)(15,810)<Commercial Real Estate Business Unit>
Operating revenue in this Business Unit totaled 199,309 million yen, which represents a decrease of 3,150 million yen, or 1.6% year on year,
and business profit totaled 39,529 million yen, an increase of 938 million yen, or 2.4% year on year, resulting in a decrease in operating revenue
and an increase in business profit compared with the previous fiscal year.

- 3 -Breakdown of operating revenue
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)(Millions of yen)

(Millions of yen)

Leasing (offices)

45,666

41,191

Leasing (retail facilities)

12,302

16,195

Leasing (other)

4,131

3,323

106,451

97,471

13,977

16,786

Fitness

13,624

15,040

Other

6,306

9,301

202,460

199,309

Property for sales(sale) (Note)
Property for sales(leasing) (Note)

Total(Note) Property for sales refers to properties such as office building, retail facility and logistic facility developed for real estate investment
market.
Net lettable area
As of March 31, 2022

As of March 31, 2023

Office658,902 m2

538,982 m2

Retail facility

131,873 m2

158,102 m2

790,776 m2

697,085 m2

Total
Vacancy rate (offices and retail facilities)
As of March 31, 2022

As of March 31, 2023
5.9%

4.8%

<Overseas Business Unit>
Operating revenue in this Business Unit totaled 6,770 million yen, which represents an increase of 4,141 million yen year on year, andbusiness profit totaled 7,288 million yen, an increase of 6,996 million yen year on year, resulting in increases in both operating revenue andbusiness profit compared with the previous fiscal year. Share of profit (loss) of entities accounted for using equity method included in businessprofit in this Business Unit was 4,836 million yen.
Breakdown of operating revenue
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)(Millions of yen)

(Millions of yen)

Housing sales

1,785

5,876

Leasing

692

657

Other

150

235

2,628

6,770

Total
<Investment Management Business Unit>

Operating revenue in this Business Unit totaled 13,632 million yen, which represents an increase of 827 million yen, or 6.5% year on year,
and business profit totaled 8,089 million yen, an increase of 253 million yen, or 3.2% year on year, resulting in increases in both operating
revenue and business profit compared with the previous fiscal year.

- 4 -FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)(Millions of yen)

(Millions of yen)
12,804

Operating revenue

13,632

Assets under management
As of March 31, 2022

As of March 31, 2023

(Millions of yen)

(Millions of yen)Domestic asset

REITs

1,424,772

1,465,984

managerPrivate funds, etc.

196,370

252,957

Overseas asset manager

326,929

238,735

Total

1,948,071

1,957,676<Property Brokerage & CRE Business Unit>
Operating revenue in this Business Unit totaled 47,700 million yen, which represents an increase of 3,937 million yen, or 9.0% year on
year, and business profit totaled 13,822 million yen, an increase of 2,106 million yen, or 18.0% year on year, resulting in increases in both
operating revenue and business profit compared with the previous fiscal year.
This was mainly due to an increase in total transaction value in property brokerage.
Breakdown of operating revenue
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)(Millions of yen)

(Millions of yen)

Property brokerage

39,83345,257(retail business)(21,825)(24,071)(middle business)(8,326)(9,613)(wholesale business)(9,681)(11,571)

Other

3,929

2,442

43,76247,700Total
The classification of property brokerage is as follows.
*Retail business: Real estate brokerage business for individuals*Middle business: Real estate brokerage business for small and midsize companies, business owners, some individual investors and high net
worth individuals*Wholesale business: Real estate brokerage business for large corporations, funds and overseas investors
Number of transactions and transaction value of property brokerage
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)

Number of transactions

10,081

9,985

Total transaction value (Millions of yen)

964,882

1,060,313<Property & Facility Management Business Unit>
Operating revenue in this Business Unit totaled 105,474 million yen, which represents an increase of 6,244 million yen, or 6.3% year on
year, and business profit totaled 9,878 million yen, an increase of 673 million yen, or 7.3% year on year, resulting in increases in both
operating revenue and business profit compared with the previous fiscal year.

- 5 -Breakdown of operating revenue
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)(Millions of yen)

(Millions of yen)

Property & facility management

58,26459,502

Construction ordered

35,21539,875

Other

5,750

6,096

99,230105,474

Total
Number of properties under management

As of March 31, 2022
Buildings under management
Housings under management (unit)

As of March 31, 2023
772

782

186,549

189,574<Other>Operating revenue totaled 282 million yen which represents an increase of 155 million yen year on year, and business profit totaled 147
million yen (business loss of the previous fiscal year was 199 million yen).

- 6 -(2) Financial Position(Assets, liabilities and net assets)
As of March 31, 2022

As of March 31, 2023

Changes(Millions of yen)

(Millions of yen)

(Millions of yen)

Total assets

2,040,506

2,110,693

Changes

70,187

3.4%

Total liabilities

1,419,107

1,454,956

35,8482.5%(Of which, Interest-bearing debt)(1,022,735)(1,121,548)(98,812)(9.7%)Net assets

621,398

655,737

34,338

5.5%

Shareholders’ equity ratio

30.3%

31.0%

-

-

1.7

1.7

-

-

Debt / equity ratio(Note) Debt / equity ratio = Interest-bearing debt / Shareholder’s equity
Total assets were 2,110,693 million yen, which represents an increase of 70,187 million yen compared to the end of the previous fiscal
year. This was mainly because inventories increased by 104,896 million yen and investment securities increased by 40,875 million yen, whileother in current assets, including tax receivable due to income tax refund, decreased by 47,665 million yen and cash and deposits decreased by
39,974 million yen.
Total liabilities were 1,454,956 million yen, which represents an increase of 35,848 million yen compared to the end of the previous fiscal
year. This was mainly because interest-bearing debt increased by 98,812 million yen, while deposits received decreased by 24,171 million
yen, notes and accounts payable - trade decreased by 15,186 million yen, accounts payable decreased by 13,196 million yen and deferred tax
liabilities decreased by 12,378 million yen.
Net assets were 655,737 million yen, which represents an increase of 34,338 million yen compared to the end of the previous fiscal year.
This was mainly because retained earnings increased by 44,681 million yen and foreign currency translation adjustment increased by 2,093
million yen, while the company acquired treasury shares (decreased by 13,591 million yen).
The shareholders’ equity ratio was 31.0%, an increase of 0.6 percentage point from the end of the previous fiscal year.

(3) Cash Flows
Cash and cash equivalents as of the end of this fiscal year totaled 27,770 million yen, which represents a decrease of 40,023 million yen
compared to the end of the previous fiscal year.
The state and factors associated with each cash flow of this fiscal year are shown below.
(Cash flows from operating activities)
Net cash provided by (used in) operating activities decreased by 42,809 million yen (a year-on-year decrease of 95,602 million yen). Thiswas mainly due to an increase in inventories, a decrease in deposits received and an increase in trade receivables, while profit before income
taxes of 88,088 million yen was recorded.
(Cash flows from investing activities)
Net cash provided by (used in) investing activities decreased by 62,896 million yen (a year-on-year decrease of 16,618 million yen). Thiswas mainly due to the purchase of property, plant and equipment and intangible assets and the purchase of investment securities.
(Cash flows from financing activities)
Net cash provided by (used in) financing activities increased by 65,675 million yen (a year-on-year increase of 75,295 million yen). Thiswas mainly due to the fund procurement by long-term borrowings, while there were the payment of dividends and the purchase of treasury
shares.

- 7 -(4) Consolidated Operating Result Forecasts<Consolidated Forecasts>
The Group expects the following consolidated results for the fiscal year ending March 31, 2024: Operating revenue of 750,000 million
yen; operating profit of 103,000 million yen; business profit of 109,000 million yen; ordinary profit of 94,000 million yen; and profit
attributable to owners of parent of 65,000 million yen.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible
assets associated with corporate acquisitions
FY2023

FY2022(From April 1, 2023
to March 31, 2024)
forecast(From April 1, 2022

Changes

to March 31, 2023)(Millions of yen)

(Millions of yen)

(Millions of yen)
Operating revenue

750,000

654,735

95,264

Operating profit

103,000

99,5983,401

Business profit

109,000

105,172

3,827

Ordinary profit

94,00094,121(121)

65,00064,520479

Profit attributable to owners ofparent<By Business Unit>

Forecasts for the fiscal year ending March 31, 2024 by Business Unit are as follows.
Operating revenue
FY2023

FY2022(From April 1, 2023
to March 31, 2024)
forecast(From April 1, 2022

Changes

to March 31, 2023)(Millions of yen)

(Millions of yen)

(Millions of yen)
Residential Development

350,000

302,480

47,519Commercial Real Estate

240,000

199,30940,690Overseas

5,000

6,770

(1,770)Investment Management

14,00013,632367

Property Brokerage & CRE

46,00047,700(1,700)Property & Facility Management

109,000

105,474

3,525

0

282

(282)

Adjustments(14,000)(20,913)

6,913

Total

750,000

654,735

95,264

Other

- 8 -

Business profit
FY2023

FY2022(From April 1, 2023
to March 31, 2024)
forecast(From April 1, 2022

Changes

to March 31, 2023)(Millions of yen)

(Millions of yen)

(Millions of yen)
Residential Development

35,00033,333

1,666

Commercial Real Estate

45,00039,5295,470

Overseas

5,000

7,288

(2,288)Investment Management

8,500

8,089

410

Property Brokerage & CRE

12,00013,822(1,822)

Property & Facility Management

10,000

9,878

121

0

147

(147)

Adjustments(6,500)(6,917)

417

Total

109,000

105,172

3,827

Other

(5) Basic Policy regarding Profit Distribution and Dividends for the Current and Next Fiscal YearAs for dividend, the Company set the year-end dividend for the fiscal year ended March 31, 2023 at 65.0 yen per share, which is anincrease of 5.0 yen from forecasted. Combined with the second quarter-end dividend, the annual dividend per share is 120.0 yen. As aresult, total return ratio during this fiscal year, which included the acquisition of treasury shares, is 47.6%.
Under the Mid- to Long-term Business Plan, which was formulated in April 2022, the Company set a policy of the total return ratio tobe 40-50% in Phase 1 (from fiscal year ended March 31, 2023 to fiscal year ending March 31, 2025). In regard to the dividend for the next
fiscal year, the Company intends to set both the second quarter-end and the year-end dividend for the fiscal year ending March 31, 2024 at
65.0 yen per share, therefore the annual dividend per share is expected to be 130.0 yen.

- 9 -

2. Group Companies
As of the end of this fiscal year, the Group comprises the Company and 87 affiliated companies (41 consolidated subsidiaries, and 46
unconsolidated subsidiaries accounted for using the equity method and affiliates), and the major business contents of the major consolidated
subsidiaries are given below.
<Residential Development Business Unit>･Nomura Real Estate Development Co., Ltd. is engaged in the development and sale of condominiums, detached housing and rental
housing and the development of senior housing.
･Nomura Real Estate Wellness Co., Ltd. is engaged in the planning and operation of housings for the elderly.
･Prime X Co., Ltd. is engaged in Internet advertisings.
･Musashi Co., Ltd is engaged in the development and sale of systems related to real estate.
･First Living Assistance Co., Ltd. provides services aimed at providing assistance to customers concerning their homes arrangements.
<Commercial Real Estate Business Unit>･Nomura Real Estate Development Co., Ltd. is engaged in the development, leasing and sale of office buildings, retail facilities, logistic
facilities and other properties, and also in the entrusted management of office buildings and logistic facilities. The company is also
involved in the planning and management of construction work.
･Nomura Real Estate Life & Sports Co., Ltd. is engaged in the management of fitness club business.
･Nomura Real Estate Retail Properties Co., Ltd. is engaged in the design and entrusted management of retail facilities.
･Nomura Real Estate Hotels Co., Ltd. is engaged in the planning and operation of hotels.
<Overseas Business Unit>･Nomura Real Estate Development Co., Ltd. is engaged in the development and sale of condominiums and detached housing, and thedevelopment and leasing of offices buildings and other properties.
･ZEN PLAZA CO., LTD is engaged in leasing business of office building in Vietnam (Ho Chi Minh City).
<Investment Management Business Unit>･Nomura Real Estate Asset Management Co., Ltd. provides investment management services including real estate investment trusts(REITs), private funds and real estate securitization products.
Nomura Real Estate Development Co., Ltd. has equity interest in the funds managed by Nomura Real Estate Asset Management Co.,Ltd.
･Lothbury Investment Management Limited provides investment management services including private funds and real estate
securitization products.
<Property Brokerage & CRE Business Unit>･Nomura Real Estate Solutions Co., Ltd. is engaged in real estate brokerage and consulting business, as well as the insurance agency
business.
<Property & Facility Management Business Unit>･Nomura Real Estate Partners Co., Ltd. is engaged in the operation and management of condominiums and office buildings, as well as
contracting for repair and tenant works associated with management, and also engages in operations in renovation business.
･Nomura Real Estate Heating and Cooling Supply Co., Ltd. operates a local cooling and heat supply business in Yokohama Business
Park (Hodogaya-ku, Yokohama, Kanagawa).
･Nomura Real Estate Amenity Service Co., Ltd. is engaged in the entrusted cleaning of office buildings, mainly from Nomura Real
Estate Partners Co., Ltd.
<Other>･Nomura Real Estate Development Co., Ltd. is engaged in the sale and leasing of land and buildings.
The matters described above are shown in the following systematic business diagram.

- 10 -

Nomura Real Estate Holdings, Inc.

Nomura Real
Estate GroupManagement Guidance

Residential
Development
Business Unit

Commercial
Real EstateBusiness Unit

Overseas
Business Unit

Investment
Management
Business Unit

Property
Brokerage &CRE Business
Unit

Property &Facility
Management
Business Unit

Nomura Real
EstateDevelopment

Nomura Real Estate Development

Nomura Real
Estate Wellness

Nomura Real
Estate Life &SportsPRIME X

Nomura Real
Estate Retail
Properties

Musashi

Nomura Real
Estate Hotels

ZEN PLAZA
Co., LTD

Other

Nomura Real
Estate AssetManagement
Lothbury
Investment
Management
LimitedNomura Real
EstateSolutions

Nomura Real
EstatePartners
Nomura Real Estate
Heating & Cooling
SupplyNomura Real
Estate Amenity
ServiceFirst Living
Assistance*(Note) As of April 1, 2023, the merger has been carried out with PRIME X Co., Ltd. being the surviving company and Musashi Co., Ltd.

- 11 -

3. Basic Policies for Selecting Accounting Standards
The Group creates consolidated financial statements in accordance with the Japanese standards taking account of comparability of theconsolidated financial statements over different accounting periods and between companies. The Group will adopt International AccountingStandards, as appropriate, considering shareholder composition and the movement of other domestic companies in the industry.

- 12 -

4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Real estate for sale
Real estate for sale in process
Land held for development
Equity investments
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Leasehold and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 13 -

As of March 31, 2023

69,03822,025371,504
333,860
188,41733,871
108,106(20)
1,126,802

29,06340,890447,194368,384
182,71432,32081,751(14)
1,182,306

375,232(175,069)
200,163497,599
41,746(13,123)
28,623726,386
19,933

388,798(206,164)
182,634
477,01363,586(16,761)
46,824
706,472
20,384

101,155
30,04727,3228,858(0)167,383
913,7032,040,506

142,031
31,76318,7568,979(0)201,529928,387
2,110,693

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of bonds payable
Income taxes payable
Deposits received
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for loss on business liquidation
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Leasehold and guarantee deposits received
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for share awards
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets- 14 -

As of March 31, 2023

80,992
108,500
10,00022,29943,8579,934
549
881,838357,980

65,805
117,864
20,00013,278
19,686
11,204600
479,385
327,829

150,000
754,235
59,301
58,207
3,902
3,567
16,644
15,267
1,061,127
1,419,107

130,000
853,684
58,44445,8293,903
4,300
15,115
15,8491,127,127
1,454,956

118,604
114,993382,382(11,864)
604,115

119,054
115,444427,064(25,456)
636,107

7,337
(332)
7,868
1,254
(1,481)
14,646927
1,708
621,398
2,040,506

5,755
40
7,868
3,348
186
17,199658
1,772
655,737
2,110,693

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended
March 31, 2022
Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Subsidy for cooperation income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on building reconstruction
Loss on COVID-19
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 15 -

Fiscal year ended
March 31, 2023

645,049※1 439,737
205,312
114,101
91,210654,735※1 432,073
222,662
123,064
99,598

70
97
895
269
513
1,846

111
54
4,872
－
1,011
6,050

8,825
1,673
10,49982,557

10,221
1,306
11,527
94,121

－
－

6,873
6,873

568
655
281
1,505
81,05232,301(6,629)25,671
55,38068
55,312

7,911
4,993
－
12,90588,08827,737(4,349)23,38764,701
180
64,520(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 16 -

Fiscal year ended
March 31, 2023
55,38064,701

(487)
1,009
(8)
1,611
498

(1,589)
373
(0)
1,328
1,667

809

813

3,434
58,814

2,593
67,29458,572

67,073242

221

(3) Consolidated Statements of Changes in Shareholders' Equity
FY2021 (From April 1, 2021 to March 31, 2022)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

118,043

114,433

560

560

Treasury shares

369,597

Total shareholders' equity(30,125)

571,948

Changes during period
Issuance of new shares

1,120

Dividends of surplus(15,515)(15,515)

Profit attributable to owners ofparent55,31255,312

Purchase of treasury shares(8,957)(8,957)

Disposal of treasury shares

214

214

Transfer from retained earnings tocapital surplus

27,004

Cancellation of treasury shares(27,004)(27,004)－
27,004－

Change in ownership interest ofparent due to transactions with noncontrolling interests－

Reversal of revaluation reserve for
land

(7)

(7)

Net changes in items other thanshareholders' equity－

Total changes during period
Balance at end of period

560

560

12,785

18,26032,167

118,604

114,993382,382(11,864)

604,115

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

7,827(1,342)

7,869

(995)

Share
Total
Remeasurem
accumulated acquisition
ents ofrightsotherdefinedcomprehensive
benefit plansincome(1,979)11,3791,406

Noncontrollinginterests

Total net assets

1,616

586,350

Changes during period
Issuance of new shares

1,120

Dividends of surplus(15,515)

Profit attributable to owners ofparent55,312

Purchase of treasury shares(8,957)

Disposal of treasury shares

214

Transfer from retained earnings tocapital surplus－

Cancellation of treasury shares－

Change in ownership interest ofparent due to transactions with noncontrolling interests－

Reversal of revaluation reserve for
land

(7)

Net changes in items other thanshareholders' equity

(489)

1,009

(0)

2,249

498

3,267

(478)

92

2,880

Total changes during period

(489)

1,009

(0)

2,249

498

3,267

(478)

92

35,047

Balance at end of period

7,337

(332)

7,868

1,254

(1,481)

14,646927

1,708

621,398- 17 -

FY2022 (From April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

118,604

114,993450450

Treasury shares

382,382

Total shareholders' equity(11,864)

604,115

Changes during period
Issuance of new shares

901

Dividends of surplus(19,838)(19,838)

Profit attributable to owners ofparent64,52064,520Purchase of treasury shares(14,325)(14,325)

Disposal of treasury shares

734

734

Transfer from retained earnings tocapital surplus－

Cancellation of treasury shares－

Change in ownership interest ofparent due to transactions with noncontrolling interests－

Reversal of revaluation reserve forland－

Net changes in items other thanshareholders' equity－

Total changes during period
Balance at end of period

450

450

44,681(13,591)

31,992

119,054

115,444427,064(25,456)

636,107

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

7,337

(332)

7,868

1,254

Share
Total
Remeasurem
accumulated acquisition
ents ofrightsotherdefinedcomprehensive
benefit plansincome(1,481)

14,646927

Noncontrollinginterests

Total net assets

1,708

621,398

Changes during period
Issuance of new shares

901

Dividends of surplus(19,838)

Profit attributable to owners ofparent64,520Purchase of treasury shares(14,325)

Disposal of treasury shares

734

Transfer from retained earnings tocapital surplus－

Cancellation of treasury shares－

Change in ownership interest ofparent due to transactions with noncontrolling interests－

Reversal of revaluation reserve forland－

Net changes in items other thanshareholders' equity(1,582)

373

(0)

2,093

1,667

2,552

(269)

63

2,346

Total changes during period(1,582)

373

(0)

2,093

1,667

2,552

(269)

63

34,338

Balance at end of period

5,755

40

7,868

3,348

186

17,199658

1,772

655,737- 18 -

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Gain on sale of non-current assets
Share of loss (profit) of entities accounted for using equity method
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on business liquidation
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in equity investments
Increase (decrease) in trade payables
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sales and liquidation of investment securities
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Purchase of property, plant and equipment and intangible assets
Proceeds from sale of property, plant and equipment and intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee deposits
Repayments of lease and guarantee deposits received
Proceeds from lease and guarantee deposits received
Other, net
Net cash provided by (used in) investing activities- 19 -

Fiscal year ended
March 31, 2023

81,052
19,089
568
－
(895)
6
(5)
426
(167)
8,825
(2,690)
1,092(5,077)
20,23318,714(9,592)
131,580427(8,386)(70,828)
52,79388,08820,593
7,911(6,873)(4,872)(6)(3)(1,530)(165)
10,221(18,824)(85,968)
2,135(15,208)(24,176)(11,378)(40,058)385(9,484)
6,348(42,809)(9,958)38(34,486)
－

(89)

－

(36,618)
237(2,489)1,552(5,728)5,536
1,242(46,277)(44,064)
16,749(1,516)
1,601(5,779)4,646(46)(62,896)(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of finance lease liabilities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Redemption of bonds
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Proceeds from investments in silent partnerships
Purchase of shares of subsidiaries not resulting in change in scope of
consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 20 -

Fiscal year ended
March 31, 2023

8,500
(104)
71,722(56,053)667(10,000)
248(8,982)(15,515)
(97)
－

(756)
(234)
178,204(69,000)
639(10,000)
388(14,379)(19,838)
(158)
810

(5)

－

(9,619)273(2,831)
70,624
67,79365,675
6(40,023)
67,793
27,770(5) Notes to Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Changes in Accounting Policies)
Application of the Implementation Guidance on Accounting Standard for Fair Value Measurement
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.
31, June 17, 2021), from the beginning of the fiscal year ended March 31, 2023. The Company has prospectively applied new accounting
policies based on the Implementation Guidance on Accounting Standard for Fair Value Measurement, in accordance with the transitional
measurement in Article 27-2 of the Implementation Guidance on Accounting Standard for Fair Value Measurement. There is no impact ofapplication of the Implementation Guidance on Accounting Standard for Fair Value Measurement on consolidated financial statements forthe fiscal year ended March 31, 2023.
(Notes to Consolidated Statements of Income)*1 Inventory at the end of the fiscal year is the amount after devaluation of the book value in connection with decline in profitability, and thefollowing loss on valuation of inventories is included in the cost of sales.
(Millions of yen)
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)

3,022- 21 -

176

(Real Estate for Rent)
Some of the Company’s consolidated subsidiaries own rental office buildings and rental retail facilities (including land) in Tokyo and otherregions. Some rental office buildings are regarded as properties including the portion used as rental properties since they are used by theCompany and certain consolidated subsidiaries.
The book values in the Consolidated Balance Sheet, changes during the fiscal year, and fair values of these rental properties and properties
including the portion used as rental properties are as follows.
(Millions of yen)
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)

Real estate for rentBook value in the consolidated balance sheets
Balance at the beginning of the fiscal year
Changes during the fiscal year
Balance at the end of the fiscal year
Fair value at the end of the fiscal year

636,953

639,024

2,071(20,901)

639,024

618,122853,867

836,951

25,83125,758Properties including the portion used as real estate for rentBook value in the consolidated balance sheets
Balance at the beginning of the fiscal year
Changes during the fiscal year
Balance at the end of the fiscal year
Fair value at the end of the fiscal year

(72)

(418)

25,75825,34057,92059,040(Notes) 1. Book values in the consolidated balance sheet are the amounts determined by deducting accumulated depreciation from theacquisition cost.
2. Fair values as of March 31, 2022 and 2023 are determined based primarily on values according to Real Estate Appraisal
Standards (including adjustments based on certain indexes). However, if no significant fluctuations in certain appraisal values orindexes considered to appropriately reflected market values have occurred since the time of acquisition from third party or thetime of the most recent appraisal, the Group bases the fair value on an amount that has been adjusted using the aforesaid values
or indexes.

- 22 -

(Segment Information)【Segment information】
Information regarding sales, gains or losses, assets, liabilities and others, by reportable segment
FY2021 (From April 1, 2021 to March 31, 2022)(Millions of yen)AmountReportable segments

recorded in
Property
Residential Commercial

Other

Property &Total

Investment
Overseas

Brokerage

Development Real Estate

Facility

Subtotal(Note) 1

Adjustments consolidated
financial(Note) 2

Management& CRE

statements

Management(Note) 3

Operating revenue
Externalcustomers

308,214

195,524

2,628

12,72440,56485,334644,99058

645,049-

645,049

1,011

6,935

-

79

3,198

13,89525,12067

25,188(25,188)-309,225

202,460

2,628

12,804

43,762

99,230670,110126

670,237(25,188)645,049

32,51938,286

(512)

7,515

11,713

9,114

98,636(199)

98,437(7,227)

91,210

27

30

772

-

3

61

895

-

895

-

895

3

273

31

321

-

29

659

-

659

-

659

32,55038,590291

7,836

11,716

9,205

100,191(199)

99,992(7,227)

92,765514,546

1,204,549

117,010

43,22035,78748,881

1,963,995

777 1,964,772

75,7332,040,506

Depreciation

486

16,071

131

298

538

750

18,277

3

18,281808

19,089Investment in affiliates
accounted for using
equity method

556

1,011

92,711-

95

323

94,698-

94,698683

95,382

Increase in property,
plant and equipment
and intangible assets

1,381

45,519

293

25

668

460

48,348

6

48,3552,351

50,706

Internal sales andtransfer amountamong segments
Subtotal
Operating profit(Note) 3

Share of profit (loss)of entities accounted
for using equity
method (Note) 3
Amortization of
intangible assets
associated withcorporateacquisitions(Note) 3

Segment profit orloss (Business profit
or loss) (Note) 3
Segment assets
Other items(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. (1) The deduction of 7,227 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 2,426 million yen and a deduction of 9,653 million yen for corporate
expenses not allocated to each reportable segment. These corporate expenses mainly consist of general and administrative
expenses not attributable to reportable segments.
(2) The addition of 75,733 million yen shown in the adjustments column for segment assets includes a deduction of 69,609
million yen for the elimination of inter-segment transactions and an addition of 145,343 million yen for corporate assets notallocated to each reportable segment.
3. Segment profit or loss (Business profit or loss) = operating profit + share of profit (loss) of entities accounted for using equity
method + amortization of intangible assets associated with corporate acquisitions- 23 -

FY2022 (From April 1, 2022 to March 31, 2023)(Millions of yen)AmountReportable segments

recorded in
Residential Commercial

Property

Property &Brokerage

Facility

Other

Adjustments
Total

Investment
Overseas

Development Real Estate

Subtotal(Note) 1

Management& CRE

consolidated
financial(Note) 2

statements

Management(Note) 3

Operating revenue
Externalcustomers

301,496

196,844

6,769

13,44445,41990,482

654,457277

654,735-

654,735

983

2,465

0

187

2,280

14,991

20,908

4

20,913(20,913)-

302,480

199,309

6,770

13,63247,700105,474

675,366282

675,649(20,913)654,735

33,32339,231

2,414

7,796

13,785

9,816

106,368

147

106,516(6,917)

99,598

(6)

23

4,836

(51)

37

32

4,872

-

4,872

-

4,872

15

273

37

344

-

29

700

-

700

-

700

33,33339,529

7,288

8,089

13,8229,878

111,942147

112,089(6,917)105,172

607,382

1,225,125

160,94244,06429,08851,3682,117,972

1,324

2,119,296(8,602)

2,110,693

Depreciation

1,131

16,313

149

354

569

749

19,269919,2781,314

20,593

Investment in affiliates
accounted for using
equity method

550

1,025

130,400

559

142

355

133,034-

133,034

817

133,852

Increase in property,
plant and equipment
and intangible assets

2,103

28,806

948

25

947

251

33,082-

33,082

2,058

35,140Internal sales andtransfer amountamong segments
Subtotal
Operating profit(Note) 3

Share of profit (loss)of entities accounted
for using equity
method (Note) 3
Amortization of
intangible assets
associated withcorporateacquisitions(Note) 3

Segment profit orloss (Business profit
or loss) (Note) 3
Segment assets
Other items(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. (1) The deduction of 6,917 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 3,187 million yen and a deduction of 10,105 million yen for corporate
expenses not allocated to each reportable segment. These corporate expenses mainly consist of general and administrative
expenses not attributable to reportable segments.
(2) The deduction of 8,602 million yen shown in the adjustments column for segment assets includes a deduction of 59,013
million yen for the elimination of inter-segment transactions and an addition of 50,410 million yen for corporate assets notallocated to each reportable segment.
3. Segment profit or loss (Business profit or loss) = operating profit + share of profit (loss) of entities accounted for using equity
method + amortization of intangible assets associated with corporate acquisitions【Notes relating to changes in reportable segments, etc.】
From the beginning of the fiscal year ended March 31, 2023 Overseas Business Unit was added as a reportable segment with arestructuring of the organizational structure. The Overseas Business Division of Nomura Real Estate Development Co., Ltd. and overseas
subsidiaries, etc., which had been classified under the Other, have been reclassified under the Overseas Business Unit. The figures by- 24 -

reportable segment for the previous fiscal year are classified under the new reportable segment.
【Impairment losses on non-current assets by reportable segment】
FY2021 (From April 1, 2021 to March 31, 2022)(Millions of yen)
Residential

Commercial

Development

Impairment losses

Real Estate-

Property

Investment
Overseas

568

Management-

Property &Brokerage &Facility

CRE

Management

-

-

Total

-

568

FY2022 (From April 1, 2022 to March 31, 2023)(Millions of yen)
Property
Residential

Commercial

Development

Real Estate

Impairment losses

-

7,911

Investment

Overseas

Management-

Property &Brokerage &Facility

CRE

Management

-

-

Total

-

7,911

(Per Share Information)
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)

Net assets per share

3,478.14 yen

3,756.30 yen

Basic earnings per share

307.81 yen

365.26 yen

Diluted earnings per share

306.89 yen

364.35 yen- 25 -

(Note) The basis for the calculation of basic earnings per share and diluted earnings per share is as follows.
FY2021

FY2022(From April 1, 2021

(From April 1, 2022

to March 31, 2022)

to March 31, 2023)

Basic earnings per share
Profit attributable to owners of parent (Millions ofyen)Profit not attributed to common shareholders(Millions of yen)
Profit attributable to owners of parent available tocommon stock (Millions of yen)

55,31264,520--55,31264,520179,695

176,640

-

-

540

443

(540)

(443)

Average number of shares of common stock
outstanding during the period(Thousand shares)
Diluted earnings per share
Adjustment for profit attributable to owners of parent(Millions of yen)
Increase in number of shares of common stock(Thousand shares)
Of which, stock acquisition rights(Thousand shares)
Description of potentially dilutive common shares not--included in the computation of diluted earnings per
share because of their anti-dilutive effect(Note)For the purposes of calculating net assets per share, the Company’s shares owned by the executive compensation BIP (Board
Incentive Plan) trust and ESOP (Employee Stock Ownership Plan) are included in the treasury shares deducted from the total
number of shares issued at end of period. In calculating the basic earnings per share and diluted earnings per share, the said sharesare included in the treasury shares deducted in the calculation of the average number of shares outstanding during the period. The
number of the treasury shares at the end of period deducted in calculating net assets per share was 2,522 thousand shares for the
fiscal year ended March 31, 2022 and 3,553 thousand shares for the fiscal year ended March 31, 2023, and the average number oftreasury shares during the period deducted in calculating the basic earnings per share and diluted earnings per share was 2,300
thousand shares for the fiscal year ended March 31, 2022 and 3,018 thousand shares for the fiscal year ended March 31, 2023.

(Significant Subsequent Events)
Not applicable- 26 -