Glossary

The total amount of assets under management in real estate funds, etc. Also known as "AUM," which stands for Assets Under Management, taking its initials.

The reconstruction project for the Hamamatsucho Building (Former Toshiba Building), located in Minato-ku, Tokyo. It is a large-scale, mixed-use development covering an area totaling around 47,000 ㎡ with a gross floor area of around 550,000 ㎡. The name of the project “BLUE FRONT SHIBAURA” implies a place where new comfort is nurtured at the forefront of the sky and the sea. We aim the project will become the forefront of creating and spreading lifestyles unique to the waterfront and connecting the Tokyo Bay Area. We will contribute to the development of Tokyo from the Tokyo Bay Area which has further growth potential. In 2025, each company in our group plans to relocate its headquarters to BLUE FRONT SHIBAURA. For details, please see here.

The business plan announced in April 2025, covering the period from the fiscal year ending March 2026 to around 2030.
It consists of a “Long-term management policy” outlining long-term policies and objectives aimed at achieving the 2030 Vision, and a “Three-year plan” detailing specific business strategies for the period from the fiscal year ending March 2026 to the fiscal year ending March 2028.
The plan integrates various elements, including business operations, sustainability, human resources, and digital transformation (DX).
For details, please see here.

Business profit is an indicator set by our group and is calculated as follows:
Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible assets associated with corporate acquisitions + gain or loss on sale of equity interest in project companies in the Overseas Business Unit

In the housing sales business of the Residential
Development Business Unit, condominiums and detached housings that have been completed but for which a sales contract has not yet been concluded. They are divided into "released for sale" and "unreleased.""

In the housing sales business of the Residential
Development Business Unit, contract progress rate in housing sales is calculated using the following formula: (Sales at a specific point in time + contracted but not recorded as housing sales which will be recoreded in the fiscal year) / Forecast of sales to be recorded in the fiscal year.

In the housing sales business of the Residential
Development Business Unit, condominiums and detached housings for which a sales contract has been concluded with a customer but which has not yet been handed over.

A general term for our Group's Residential
Development, Commercial Real Estate and Overseas Business Unit. The business mainly involves acquiring land, constructing buildings, and leasing or selling them.

An indicator of how much a company is paying out in dividends in relation to its shareholders' equity.

Urban retail facility that mainly features one restaurant on each floor

Small office with services to meet the needs of workers in a small team

Satellite-type shared office that accommodates needs
associated with more diverse and efficient workstyles

For our Group, housing sales refers to selling condominiums and detached houses.

A financing method using securities that have the characteristics of both capital and debt.

Assets held by a company for the purpose of sale or processing. The "property for sale" held by our Group falls into this category.

Acquiring land to build condominiums, offices, etc.

The projects that we have decided to acquire land or participate in redevelopment or rebuilding
and that are expected to be recorded as sales.

Logistics facility with advanced and high functionality

A type of REIT that is listed on the stock exchange and managed through investments made from both domestic and international investors. In Japan, it is generally called "J-REIT." Our group manages Nomura Real Estate Master Fund, Inc.

Urban retail facility mainly focusing on service industries

Real estate brokerage business for small and medium-sized enterprises, business owners, some individual investors and high net worth individuals in the Property Brokerage & CRE Business Unit.

NAV refers to Net Asset Value, and is calculated by adding the shareholders’ equity and the unrealized gains (after deduction of tax) on leasing assets.

NAV / Per share is calculated as follows. The index obtained by dividing the stock price by the NAV per share is called P/NAV.
NAV / the number of shares issued at the end of period (excluding treasury shares)

Total leasable floor area. The data compiled and disclosed by our Group is the leasable floor area of ​​offices and retail facilities held as fixed assets in the Commercial Real Estate Business Unit. Net lettable area includes properties that have been completed less than one year.

Hotel with the concept of “creating memorable experiences through close links with the local community”

Nomura Real Estate Master Fund, Inc. was established as a diversified REIT in October 2015, following the merger of three J-REITs. One of the largest REITs in Japan, with assets exceeding 1 trillion yen. It is also sometimes referred to as NMF, taking its initials.

Nomura Real Estate Private REIT, Inc. was launched in November 2010 as the first private REIT in Japan. The company has built a comprehensive portfolio with diversified investments in offices, residential, logistics facilities, retail facilities, and hotels, and manages its assets with the aim of securing long-term stable profits and steady growth of its managed assets under a conservative financial strategy. It is sometimes referred to as NPR, taking its initials.

The number of condominium units whose sales have been recorded in the P&L.

Suburban-type condominiums developed under the concept of “delivering high-quality housing to as many customers as possible”

Health promoting senior rental housing developed under the concept of residences that facilitate enjoying the time of one’s life

Medium-scale office building similar in quality and specifications to large-scale office buildings

A fund that raises funds from investors and manages them, and which raises funds from limited number of investors.

A type of REIT that is a nonlisted open-ended REIT for institutional investors. Our group manages Nomura Real Estate Private REIT, Inc.

In terms of the Overseas business in our Group, each project is accounted for as equity investments or share of entities accounted for using equity method, depending on the project’s type of participation and other reasons. Profit or loss of the SPC (net profit / loss corresponding to the investment ratio) is included in the operating profit/loss on the P/L as the profit (loss) of equity investment. On the other hand, Profit or loss of the affiliates accounted for using equity method (net profit/loss corresponding to the investment ratio) is included in the non-operating profit or loss on the P/L as the profit (loss) of entities accounted for using equity method.

For our Group, property sales refers to the sale of leasing properties that we have developed within the Group (PROUD FLAT, PMO, Landport, etc.) that are recorded as inventory.

Assets such as buildings and lands that a company owns for the long term and uses for business purposes, rather than for the purpose of selling them. In our group, this mainly refers to offices and retail facilities used for leasing business in the Commercial Real Estate Business Unit.

A condominium brand aimed at helping each customer pursue their unique lifestyles, PROUD boasts leading-edge facilities that provide superior comfort as well as beautiful design, with each property situated in a select locations

Rental housing with renowned quality made possible by the Group’s abundant know-how

Detached housing based on the concept of “creating housing that will endure as the heritage of people, towns and times”

These projects are in the phase before “Land bank”. We have not regarded them to be counted as future sales, however we have signed certain agreements in terms of the development.

Real estate brokerage business for individuals in the Property Brokerage & CRE Business Unit.

A general term for the Group's Investment Management, Property Brokerage & CRE, and Property & Facility Management Business Unit. A business that does not own its assets but operates, brokers, and manages assets.

Located in Shinjuku-ku, Tokyo, this 50-story building was completed in 1978. It served as the headquarters for various our group companies from 1978 to 2025. (Planned to relocate to BLUE FRONT SHIBAURA in 2025)

Neighborhood retail facility that integrates grocery supermarkets, merchandise sales, restaurants, and service stores

A loan that sets sustainability performance targets (hereinafter referred to as "SPTs") that are aligned with the sustainability goals set out in the borrower's ESG strategy, links lending conditions such as interest rates to an evaluation of performance against the SPTs, and provides incentives or disincentives to the borrower depending on the degree to which those targets are achieved.

Finance for realizing a sustainable society. Our group is promoting initiatives such as sustainability linked loans and sustainability bonds with the aim of raising funds to contribute to the development of a sustainable society.

Offices and stores that are located in offices, logistics facilities, retail facilities, etc. under a lease agreement.

The total cost of land, buildings, etc. related to properties acquired in the Property sales business.

The total of land and building costs, selling and administrative expenses, etc. related to the projects in which we have participated.

Total return ratio is calculated as follows: Total return ratio = (dividend per share + share buyback per share) / EPS.
The long-term management policy (FY26/3–around 2030) sets a target total return ratio of 40-50% as a financial indicators.
For details on dividends and shareholder returns, please see here.

Unrealized gain obtained by comparing the acquisition price (book value) with the market value. Our group defines the gains on tangible fixed assets used in the leasing business as unrealized gains.

The purpose of Urban Redevelopment is to promote rational and healthy intensive land use and renewal of urban functions in areas within urban areas where urban functions are declining due to fragmentation of land use, a concentration of dilapidated wooden buildings, a lack of sufficient public facilities, etc. In other words, Urban Redevelopment is a project related to the development of buildings and building sites, as well as the development of public facilities.

Vacancy rate is calculated as follows: Vacant area / Rentable floor area. The figures compiled and disclosed by our Group are the vacancy rates of offices and retail facilities held as fixed assets in the Commercial Real Estate Business Unit. From the end of FY25/3, the calculation target was changed to properties that have been completed for one year or more.

Real estate brokerage business for large corporations, funds and overseas investors in the Property Brokerage & CRE Business Unit.