In the 19th fiscal period, we continue to recycle our assets, acquiring two properties and disposing of one. As per previous fiscal period, we utilized the amount of capital gains from the disposition to acquire and cancel approximately 3 billion yen of our treasury investment units.

In terms of property management, we have been able to achieve rental growth through both tenant replacement and rent revisions in all sectors, particularly in the residential sector which currently has favorable market conditions.

We look to continue enhancing dividends by implementing measures such as internal growth through property management, generating profits from asset replacements, and acquiring treasury investment units.

Based on our belief that achieving a sustainability society is essential for the sustainable growth of NMF, we set the ‘2050 Net Zero GHG Emission Target’ in October 2023. In April 2024, we formulated new materiality in the social field, aiming to solve social issues through real estate management, and we are steadily promoting each materiality.

We will continue to carefully monitor market changes and strive to improve performance, to meet the expectation and earn the trust of our investors through asset management.
On behalf of NMF, we deeply appreciate your continued support.

Executive Director of Nomura Real Estate Master Fund, Inc.