NOMURA REAL ESTATE MASTER FUND, INC.

TSE code :3462

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Message from the Management

 During the 16th fiscal period, we decided to implement asset replacement as part of our policy of external growth.
Through continuous asset replacement, we aim to achieve steady increase in distributions by realizing gains on sales as well as enhancing the quality of our property portfolio by improving the ratio of properties in the Greater Tokyo area and improving building age.

 In the fiscal period under review, in the office sector, The Nomura Real Estate Group has maintained stable performance through appropriate and flexible leasing activities based on these market trends by leveraging our sales strengths. Against the background of a continuing strong market, we achieved backfilling of vacancies and rent increases when re-contracting in the logistics sector despite the pandemic. We were able to leverage the strengths of NMF during this fiscal period as well to continue ensuring stable earnings through flexible operations that took market changes into account.
 
 As a result, at the end of the 16th fiscal period, our portfolio consisted of 290 properties with a total acquisition price of ¥1,098.5 billion. Operating revenues totaled ¥43,645 million, operating profit reached ¥18,931 million, and net income came to ¥16,746 million for the fiscal period.

 Further, in the area of ESG (Environment, Social and Governance) activities which NMF has been promoting for a long time, NMF identified material issues and formulated KPI targets, recognizing that achieving a sustainable society is critical to NMF’s sustainable growth. In October 2022, we declared that we achieve net zero greenhouse gas (GHG) emissions by 2050. In addition, In October 2023, we revised our interim GHG reduction target upwards, aiming for 80% reduction in greenhouse gas (GHG) emissions by 2030 (compared with the 2019 level).

 In order to achieve this, we will continue promoting ESG initiatives such as initiatives in the environmental field aiming for energy-saving and initiatives in the social field aiming for improving tenant satisfaction and contributing to local communities. NMF will continue to actively promote its ESG measures as a frontrunner in the J-REIT industry.

 While carefully monitoring the trends of accompanying market changes, NMF will manage properties with a strong determination to improve its performance in order to meet investors’ expectations and earn their trust. We ask for your continued support and encouragement.


Executive Director of Nomura Real Estate Master Fund, Inc.

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