NOMURA REAL ESTATE MASTER FUND, INC.

TSE code :3462

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Message from the Management

In the 7th fiscal period, NMF steadily achieved external growth through acquisition (2 properties/¥9.1 billion) and disposition (5 properties/¥5.3 billion) of properties utilizing the asset management company’s unique network while advancing internal growth backed by an ongoing strong leasing market centering on the office building sector.
 As a result, at the end of the 7th fiscal period, NMF’s portfolio comprised 278 properties with a total acquisition price of ¥960.3 billion. Operating revenues totaled ¥35,428 million, operating profit reached ¥14,056 million, and net income came to ¥11,560 million. As a result, the per-unit distribution for the 7th fiscal period came to ¥3,128.

In addition to the external growth achieved to date, NMF expanded its asset size to over ¥1 trillion with its first domestic and international public offerings since its founding after the close of the 7th fiscal period. Through the public offerings, NMF intends to improve portfolio quality by acquiring 10 excellent properties developed by the sponsor as well as lower the LTV ratio and further increase distribution.
 Furthermore, along with its active promotion of management taking into consideration environmental, social and governance (ESG) issues based on the idea that realizing a sustainable society is essential for sustainable growth, NMF identified highly important materiality issues pertaining to ESG that should be addressed from February 2019 in order to promote ESG initiatives even more actively going forward. We would like to further deepen our communication with unitholders and other stakeholders as well as cooperate to work on these issues.

We remain strongly committed to enhancing performance and will manage the fund’s assets with the aim of living up to the expectations and trust of our unitholders.
 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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