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Message from the Management

 It was my great honor to assume the position of executive director of Nomura Real Estate Master Fund, Inc. as of June 1, 2017.

 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 September 2016 absorption type merger with TOP REIT, Inc. dramatically increased NMF’s asset size, making it the second largest among J-REITs, and we continued to implement solid property management throughout the period. In addition to the assets acquired from TOP REIT, we also acquired Landport Kashiwa Shonan II during the period. 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. Furthermore, we have already reached agreements for additional property acquisitions in the fourth fiscal period and onward. These include sponsor-developed properties as well as, from non-sponsor sellers, the iconic Nakaza Cui-daore Building in Osaka and nORBESA in Sapporo. Through these efforts, we are steadily advancing external growth.
 Furthermore, performance in the leasing business, especially of offices, was 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.
 Going forward, we will continue to improve portfolio quality through strategic property replacements (SPRs). 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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