October 28, 2010

For the Six Months from April 1 to September 30, 2010

Outline of Consolidated Financial Statements
Name of company listed :Code number :Shares traded :URL :Representative :IR contact :Nomura Real Estate Holdings, Inc.
3231
T SE (First section)
http://www.nomura-re-hd.co.jp/english/index.html
Hirohisa Suzuki, President
Yoichiro Ishikawa, General Manager of Corporate
Communications & Investor Relations Dept.
info@nomura-re-hd.com
December 2, 2010
November 12, 2010

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

Consolidated operating results for the six months from April 1 to September 30, 2010

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

O perating revenue%

First six months Millions of y en

O perating income%Millions of y en

O rdinary income
Millions of y en

Net income%Millions of y en%

FY 2010

147,574(19.3)

10,280(55.4)

2,648(83.4)

37(99.5)

FY 2009

182,926

21.5

23,031

22.9

15,94810.5

7,644(14.2)

Ne t income per share

Ne t income per shareafter adjusting fordilution

First six months

yenyenFY 2010

0.20

0.18

FY 200944.31

44.22(2) Consolidated financial status
Total assets

Net assets

Total shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%yen

Sep.30, 2010

1,481,529

347,34120.1

1,566.77

Mar. 31, 2010

1,405,424

349,437

21.4

1,583.63(Reference) Equity: At September 30, 2010 ¥ 298,264 million, At March 31, 2010 ¥301,413 million

12.

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

2nd quarter end

3rd quarter end

Fiscal year end

yen

FY endedMar. 31, 2010

―

20.00

FY endedMar. 31, 2011

―

12.50

FY endingMar. 31, 2011
(Forecast)

***―

yen

5.00

25.00

***

***

12.50

25.00

***
―

***

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

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

Operating income

Ordinary income

Net income

Net income per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%yen

450,000

3.6

35,000(10.9)

18,000(24.9)

7,000

50.2

36.78

FY endingMar. 31, 2011

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

4.

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

Other changes: None

(4) Number of shares issued (common stock)
At September 30
2010
Number of shares outstanding(including treasury stock)
T reasury stock

At March 31
2010

190,370,600

190,331,000

866

853

From April 1 to September 30

From April 1 to September 30

2010

2009

Average number of shares
during the term

190,339,966

172,545,969

Implementation status of quarterly review procedure
The financial summary and the accompanying materials including the quarterly consolidated financial statements are not subject to thequarterly review procedure by external auditors that are based on Financial Instruments and Exchange Act.
The quarterly review procedure has not yet finished at the point of releasing this financial summary.
Forward-Looking Statements
1.The forecasts of consolidated operating results announced on May 1, 2009 have been changed in this document for the full year of FY
ending March 31, 2010.
2.Certain statements other than historical facts in this document are forward-looking statements that reflect the company’s plans and estimates
based on currently available information. These statements include known and unknown risks, uncertainties, and other factors that may causethe company’s actual future performance to differ from the forward-looking statements contained herewith.

2

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

資産

Current Assets:

流動資産692,615

709,618

現金及び預金受取手形及び売掛金

43,485
9,072

39,336
15,764

有価証券
販売用不動産226,838

50,010247,927

仕掛販売用不動産
開発用不動産営業エクイティ投資

181,633
80,01998,045139,01171,796
94,889繰延税金資産その他

26,262
27,33922,82928,198

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

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

September 30, 2010

March 31, 2010

-

貸倒引当金

(79)

(144)

固定資産

788,913695,805

有形固定資産建物及び構築物(純額)718,330
238,493626,268
199,819

土地その他(純額)
無形固定資産475,577
4,259
10,330412,477
13,9708,273

投資その他の資産投資有価証券60,252
15,602

61,263
17,043

敷金及び保証金
繰延税金資産25,771
14,53826,036
14,320

その他
貸倒引当金

4,357
(17)

3,881
(17)

1,481,529

1,405,424

Total Assets

資産合計

Liabilities

負債

Current Liabilities :流動負債278,895

247,332

支払手形及び買掛金
短期借入金

13,567
170,781

37,692
108,586

コマーシャル・ペーパー
未払法人税等

10,000
4,194

7,597

預り金
繰延税金負債
賞与引当金

21,122
197
3,997

54,841

54
136

97158

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

役員賞与引当金
事業整理損失引当金-4,32054,84434,039

固定負債

855,291

808,654

社債
長期借入金

30,000655,57820,180
630,870

受入敷金保証金繰延税金負債
再評価に係る繰延税金負債

57,216
81,734
5,005

49,982
83,1114,996

退職給付引当金
転貸事業損失引当金

16,015
1,612

15,444
1,937

その他

8,128

2,130

1,134,187

1,055,987

株主資本296,888

297,740

資本金

115,558

115,527

資本剰余金
利益剰余金
自己株式

92,88888,443(1)

92,85789,356(1)

負債合計

Net Assets

純資産

S hareholders' Equity:

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

March 31, 2010

その他

Total Liabilities

Valuation and Translation Adjustments:

September 30, 2010

評価・換算差額等

1,375

3,672

その他有価証券評価差額金(4,582)(2,181)

繰越ヘッジ損益
土地再評価差額金

393
5,990

279
5,999(424)

為替換算調整勘定(424)

S ubscription Rights to S hares:

新株予約権

626

520

Minority Interests:

少数株主持分

48,45047,503

Total Net Assets

純資産合計

Total Liabilities and Net Assets

負債・純資産合計

3347,341

349,437

1,481,529

1,405,424

Consolidated Quarterly Statements of Income(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to September 30
20092010

AmountAmountⅠ Operating Revenue

営業収益

182,926

147,574

Ⅱ Operating Cost

営業原価

129,059

109,011

営業総利益

53,866

38,563

販売費及び一般管理費

30,83528,283Operating Income

営業利益23,031

10,280Ⅳ Non-operating Income

営業外収益

278

239

受取利息
受取配当金
持分法による投資利益
その他

99196153

35
1816168

営業外費用

7,362

7,871

支払利息
その他

6,396
965

7,180
690

Ordinary Income

経常利益15,9482,648

Ⅵ Extraordinary Income

特別利益

272

181

固定資産売却益

272

181

特別損失

－

683

資産除去債務会計基準の適用に伴う 影響額－683

税金等調整前当期純利益

16,2212,146法人税,住民税及び事業税
法人税等調整額
法人税等合計

6,402882
7,284

Operating Gross Profit

Ⅲ S elling, General and Administrative Expenses

1234

Interest IncomeDividends Income
Equity in Earnings of Affiliates
OtherⅤ Non-Operating Expenses
121Interest Expenses
Other

Gain on Sales of Noncurrent Assets

Ⅶ Extraordinary Losses
1Loss on adjustment for changes of accounting standard for asset retirement obligations

Income before Income Taxes and Minority Interests
Income Taxes-current
Income Taxes-deferred
Total Income Taxes
Income before M inority Interests
M inority Interests in Income

少数株主利益1,2914,413(3,265)
1,148
997
960

四半期純利益7,64437

少数株主損益調整前四半期純利益

Net Income4－Consolidated Statements of Cash Flows(Values of less than one million yen rounded off.)(Millions of yen)
From April 1 to September 30

Cash Flows

2009

2010

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

税金等調整前当期純利益

16,221

2,146

Depreciation and Amortization

減価償却費

5,252

6,021

Equity in (Earnings) Losses of Affiliates

持分法による投資損益

(6)

(16)

Increase (Decrease) in Allowance for Doubtful Accounts

貸倒引当金の増減額

(16)

(64)

Increase (Decrease) in Provision for Retirement Benefits

退職給付引当金の増減額

557

570

Increase (Decrease) in Provision for Loss on Business Liquidation

事業整理損失引当金の増減額

(27)

(22)

Increase (Decrease) in Provision for Loss on Subleasing Business

転貸事業損失引当金の増減額

(181)

(325)

Interest and Dividends Income

受取利息及び受取配当金

(119)

(53)

Interest Expenses

支払利息

6,396

7,180

Decrease (Increase) in Notes and Accounts Receivable-trade

売上債権の増減額

24,461

6,723

Decrease (Increase) in Inventories

たな卸資産の増減額

13,166(29,274)

Decrease (Increase) in Equity Investments営業エクイティ投資の増減額(7,950)(3,278)

Increase (Decrease) in Notes and Accounts Payable-trade

仕入債務の増減額(44,314)(24,198)

Increase (Decrease) in Deposits Received

預り金の増減額(16,523)(33,718)

Other, Net

その他(6,361)

6,395

S ubtotal

小計(9,447)(61,914)

Interest and Dividends Income Received

利息及び配当金の受取額

11260Interest Expenses Paid

利息の支払額(6,131)(7,044)

Income Taxes Paid

法人税等の支払額(14,971)(5,089)

営業活動による キ ャッシュ ・フロー

(30,438)(73,988)

Net Cash Provided by (used in) Operating Activities
II. Net Cash Provided by (Used in) Investment Activities
Purchase of Investment Securities

投資有価証券の取得による支出

Proceeds from Sales and Liquidation of Investment Securities

投資有価証券の売却及び清算による収入

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

連結の範囲の変更を伴う子会社株式及び出資金の取得による支出

Purchase of Property, Plant and Equipment and Intangible Assets
Proceeds from Sales of Property, Plant and Equipment and Intangible Assets-(311)

379

70-(13,664)

有形及び無形固定資産の取得による支出(18,127)(19,000)

有形及び無形固定資産の売却による収入

785

674

Collection of Loans Receivable

貸付金の回収による収入

27

13

Payments for Lease and Guarantee Deposits

敷金及び保証金の差入による支出

(109)

(332)

Proceeds from Collection of Lease and Guarantee Deposits

敷金及び保証金の回収による収入

815

919

Repayments of Lease and Guarantee Deposits Received

受入敷金保証金の返還による支出(1,500)(1,790)

Proceeds from Lease and Guarantee Deposits Received

受入敷金保証金の受入による収入

1,237

4,413

Other, Net

その他

(64)

(212)

投資活動による キ ャッシュ ・フロー

(16,558)(29,221)Net Increase (Decrease) in Short-term Loans Payable

短期借入金の純増減額(64,400)

36,500

Increase (Decrease) in Commercial Papers

コマーシャル・ペーパーの増減額-10,000

Repayments of Finance Lease Obligationsファイナンス・リース債務の返済による支出

Proceeds from Long-term Loans Payable

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

(40)

(53)

長期借入れによる収入

58,50038,250

Repayment of Long-term Loans Payable

長期借入金の返済による支出(32,104)(36,118)

Proceeds from Issuance of Corporate Bonds

社債の発行による収入

-

9,937

Redemption of Bonds

社債の償還による支出

(300)

(180)

Proceeds from Issuance of Common Stock

株式の発行による収入

65,2500Proceeds from Stock Issuance to M inority Shareholders

少数株主からの払込みによる収入

Purchase of Treasury Stock

自己株式の取得による支出

Cash Divedends Paid

配当金の支払額

Cash Dividends Paid to M inority Shareholders

少数株主への配当金の支払額

-0(0)

(0)

(2,987)

(951)

(32)

(24)

Net Cash Provided by (Used in) Financing Activities

財務活動による キ ャッシュ ・フロー

23,88557,358

Ⅳ. Net Increase (Decrease) in Cash and Cash Equivalents

現金及び現金同等物の増減額(23,111)(45,851)

Ⅴ. Cash and Cash Equivalents at Beginning of Period

現金及び現金同等物の期首残高

78,47389,334

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

連結の範囲の変更に伴う現金および現金同等物の増減額

3,068-

Ⅶ. Cash and Cash Equivalents at End of Period

現金及び現金同等物の四半期末残高58,430

43,4835