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Message from the Management

 NMF has reached the end of its third fiscal period (September 1, 2016 to February 28, 2017). We owe our success to date to the support of our investors.
 Since its launch in October 2015, NMF has been making steady progress toward becoming the premiere J-REIT by implementing its Medium- to Long-term Management Strategy, a concrete roadmap for achieving NMF’s basic strategies of securing stable income over the medium to long term and ensuring the steady growth of assets under management.
 In the third fiscal period, the absorption type merger with TOP REIT, Inc., which came into effect on September 1, 2016, dramatically increased NMF’s asset size, making it the second largest among J-REITs. Since then, I think our management of the properties transferred from TOP REIT has gotten off to a good start. In addition to these assets, we acquired Landport Kashiwa Shonan II. As a result, at the end of the third fiscal period, NMF’s portfolio comprised 272 properties with a total acquisition price of ¥932.8 billion.
 Performance in the leasing business, especially of offices, was also favorable, with third fiscal period operating revenues of ¥34,714 million, operating profit of ¥11,244 million, and net income of ¥8,670 million. As a result, the per-unit distribution came to ¥3,028.
 Furthermore, after the end of the third fiscal period, we acquired seven properties as part of our strategic property replacements (SPRs). At a total price of ¥38.2 billion, these included four Landport and Proud Flat properties acquired from the sponsor, Nomura Real Estate Development Co., Ltd. We also sold six properties for a total of ¥31.3 billion (including sales scheduled but not yet executed). These were properties that were expected to see declining competitiveness due to age or increasing maintenance and management costs, or for which we had received notice of contract termination from tenants.
 In the fourth fiscal period and beyond, I believe that we are positioned to further pursue both internal and external growth by leveraging the Nomura Real Estate Group’s development capabilities, wide-ranging know-how and brand.

As we move forward, we ask for your continued support and encouragement.

Executive Director of Nomura Real Estate Master Fund, Inc.

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