Environmental Management

Governance

Risk Management

Social and Environmental Risk Management

Indicators and Targets

Targets, KPIs, and Results

Item	Target for 2030	Unit	FY22/3 results	FY23/3 results	FY24/3 results	FY25/3 results
Percentage of newly constructed fixed assets and property sales (excluding rental housing) that acquire environmental certifications (DBJ Green Building^1, LEED^2, CASBEE^3, BELS^4, etc.) each year	100	％	100	100	100	100
Percentage of our properties owned by Nomura Real Estate Master Fund, Inc. (NMF) with green certification (three stars or more or equivalent to)^{*5, 6}	70.0	％	56.0	58.5	56.4	65.4

*1

A certification program developed by the Development Bank of Japan to promote real estate development that contributes to the environment and society.
*2

A system developed and operated by the U.S. Green Building Council for granting certification to environmentally conscious buildings.
*3

Comprehensive Assessment System for Built Environment Efficiency; includes the certification program administered by the Institute for Building Environment and Energy Conservation (IBEC) and independent local municipality assessment programs.
*4

BELS stands for Building-Housing Energy-efficiency Labeling System, which was established by the Ministry of Land, Infrastructure, Transport and Tourism. With this system, a third-party evaluation organization evaluates and certifies energy conservation performance of a building.
*5

Green certification (with three stars or more or equivalent to) refers to DBJ Green Building Certification (three stars or more), BELS Certification (three stars or more), or CASBEE for Real Estate (B+ or higher). The figure is calculated based on the floor area of our properties, excluding land. The green certification ratio is as of August 31 of the following fiscal year.
*6

The percentages of our properties with green certification (with at least three stars or the equivalent) can be found at https://www.nre-mf.co.jp/en/esg/environmental/environmental-performance.html.

Other results

Item	Unit	FY22/3 results	FY23/3 results	FY24/3 results	FY25/3 results
Percentage of properties with ISO 14001 certification^*1	％	19.6	22.1	22.7	20.2
Number of properties with energy performance certification		16	14	19	7
Environmental compliance (material violations of environmental laws and regulations [including pollution and water use] and allegations by outside parties)		0	0	0	0
Item	Result for FY2025/3
List of properties with DBJ Green Building certification in FY2025/3 (including pending applications)	Office buildings	PMO Akihabara III PMO Takanawa Gateway PMO Shinbashi II H¹O Hatchobori
	Logistics facilities	LP Yokohama Sugita
	Retail facilities	GEMS Tachikawa
BELS (Building-Housing Energy-efficient Labeling System) in FY2025/3	GEMS Tachikawa PMO Akihabara III PMO Takanawa Gateway PMO Shinbashi II H¹O Hatchobori LP Yokohama Sugita BLUE FRONT SHIBAURA

*1

The net lettable area of the Group as of the end of each fiscal year was used as the denominator, and the floor area of the relevant offices of the Yokohama Business Park is used as the numerator
Certification acquisition date: March 5, 2004 (JQA-EM3815)
Certification organization: Japan Quality Assurance Organization (JQA)
Scope of registered activities: Planning and provision of comprehensive building management services (facility management, cleaning, and security)

ESG Data (Environment)

Initiatives

Environmental Management System

The Group is increasing the sophistication of its environmental initiatives through the use of an internationally acknowledged environmental management system (EMS).
Yokohama Business Park Headquarters (A1, A2, A3, C1, C2, and C3 buildings) at the Yokohama Division of Nomura Real Estate Partners Co., Ltd. acquired ISO 14001 certification for their environmental management system and are carrying out various initiatives including waste reduction, resource recycling, and energy-saving measures. At certified offices, annual internal audits as well as audits by external certification organizations are conducted to ensure their compliance with the EMS and environmental laws and regulations and the effectiveness of measures for controlling environmental pollution.

We strive for environmentally responsible management through the Nomura Real Estate Master Fund and the Nomura Real Estate Private REIT, both of which have achieved certification and registration for Eco-Action 21, an environmental management system of Japan’s Ministry of the Environment.

Environmental Management in the Supply Chain

Supply Chain Management

Assessment of Environmental Performance in Newly Developed Properties

When developing PROUD condominiums in the Residential Development Business Unit, the Group requires project implementers to submit Environmental and Product Planning Sheets and to improve residential environmental performance and quality. Similarly, when developing office buildings, commercial facilities and logistics facilities in the Commercial Real Estate Development Unit, the Group requires project implementers to submit Sustainability Assessment Sheets and to quantify the environmental performance and quality of each development project.

Environmental and Product Planning Sheets (excerpt)

Inclusion of UA-value^*1 and BEI-value^*2
Inclusion of environmental certification status, energy-saving equipment, and energy-creating equipment
Comprehensive coverage of safety and security, the environment, community, and health and well-being
Promotion of community design and universal design

*1

UA-value: Insulation performance of concrete, thermal insulation materials, sashes, etc.
*2

BEI-value: Energy-saving performance of the entire building, including thermal performance of building envelopes as well as equipment, such as heating and cooling systems and hot water supply systems

Introduction of Green Lease Agreements

Our Group has introduced green lease clauses into some of the lease agreements for the assets we own. Through these clauses, the building owner and tenants voluntarily agree on initiatives to reduce environmental impact—such as by improving energy efficiency in buildings—thereby building a relationship in which both parties benefit from reductions in utility costs, including water and energy expenses. While fostering this cooperative framework, we are aggressively working to reduce the environmental impact of our facilities and to ensure compliance with environmental laws and regulations.

*
Examples of Green Lease Clauses
- Cooperation in improving environmental performance (energy conservation, water conservation, and waste separation and reduction) for the purpose of obtaining environmental certifications
- Sharing data such as energy consumption and waste generation, and holding discussions for maintaining and enhancing building performance
- Introduction of green leases under which the Group and tenants share the costs of energy-saving renovations (such as LED lighting retrofit projects) carried out at our properties

Responding to Climate Change

Environmental Responses in the Design and Construction Stages

The Group undertakes environmental responses in the design and construction phases of condominiums, leased offices, and other properties in accordance with the Design and Construction Standards and the Quality Manual that include specifications for environmental performance.

Environmental Education

In addition to providing environmental and sustainability education to all employees every year as part of the rank-specific training programs (the Group’s new employee and key employee training programs), we also publish our environmental initiatives in internal newsletters, our in-house website and elsewhere to promote environmental awareness among our employees. Also, our Environmental Subcommittee, which consists of the persons in charge of architecture, product design, and technology at each Group company, shares information on environmental issues and the latest environmental technologies.

Environmental Subcommittee (as of April 2025)
Officers in charge	Officers in charge of Residential Development Division, Urban Development Division, Quality Management Dept., Engineering Management Dept., Nomura Real Estate Holdings, Inc.
Departments in charge	Residential Product Planning & Marketing Dept., Quality Management Dept., Engineering Management Dept., Architectural Design Office, Nomura Real Estate Development Co., Ltd., Environmental Engineering Dept., Corporate Planning Dept., Nomura Real Estate Partners Co., Ltd.
Secretariat	Sustainability Management Dept., Nomura Real Estate Holdings, Inc.

Environmental Compliance

In 2025/3, the Group did not commit any material violations of environmental laws and regulations (including pollution and water use) in the manufacture, sale, or management of its products and services.

Chemicals: Proper Management and Usage Reduction

When developing condominiums, office buildings, retail facilities, and the like, the Group follows its Design Standards and Quality Manual in using construction materials with a four star formaldehyde emission rating, the highest rating.
Our construction partners are required to submit a Quality Control Check Sheet. When construction is completed, measurement is conducted on the levels of five substances (formaldehyde, toluene, xylene, ethylbenzene, and styrene) designated in the Housing Quality Assurance Promotion Act.

Asbestos: Proper Handling and Continuous Monitoring

The Nomura Real Estate Group handles asbestos found during demolition work with the utmost caution and care by cordoning off affected areas and ensuring regular third-party testing to determine presence and concentration. We also conduct continuous monitoring to ensure that no problems exist.