NOMURA REAL ESTATE MASTER FUND, INC.

TSE code :3462

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Message from the Management

 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 4th fiscal period, NMF sold 27 properties for a total of ¥81.5 billion, greatly surpassing its target for the first phase of ¥50 billion. NMF also acquired 19 properties, mainly from the sponsor, Nomura Real Estate Development Co., Ltd., for a total of ¥83.4 billion. Furthermore, by the absorption type merger with TOP REIT, Inc., which came into effect on September 1, 2016, the 19 properties (total acquisition price: ¥137,489 million) TOP then held, were transferred to NMF. These asset replacements and the absorption type of merger improved the quality of NMF’s portfolio.
As a result, at the end of the 4th fiscal period, NMF’s portfolio comprised 268 properties with a total acquisition price of ¥927.3 billion.

The 4th fiscal operating revenues totaled ¥38,139 million, operating profit reached ¥15,735 million, and net income came to ¥13,190 million with an internal growth in upside sectors including office and retail sectors. The per-unit distribution came to ¥3,037 at the end of the 4th fiscal period.

Beginning in the 5th fiscal period, NMF completed its strategic property replacements (SPRs) by a disposition of a retail property, Morisia Tsudanuma, along with acquisitions of two office properties, PMO Nihonbashi and PMO Hirakawacho, and for two retail properties, GEMS Daimon and GEMS Kanda. NMF will therefore be in transition to its second phase, the growth phase.

In the growth phase, NMF will target external growth by leveraging the Nomura Real Estate Group’s property development capabilities and internal growth by making maximum use of the property management pipeline with strengthening its property brands. NMF aims to maintain the quality of the portfolio while pursuing growth in order to secure stable income over the medium to long term and the steady growth of assets under management and increase unit holder value.

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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