Nomura Real Estate Holdings, Inc. TSE:3231
Nomura Real Estate : Publication of Financial Report 2024
Source: MarketScreener
Financial Report
For the Fiscal Year Ended March 31, 2024
2024
Management's Discussion and Analysis ________________________ 1
Consolidated Balance Sheets _______________________________ 21
Consolidated Statements of Income __________________________ 23
Consolidated Statements of Comprehensive Income _____________ 24
Consolidated Statements of Changes in Net Assets ______________ 25
Consolidated Statements of Cash Flows _______________________ 26
Notes to Consolidated Financial Statements ____________________ 27
Management's Discussion and Analysis
Progress and Results of Business
Regarding the real estate market conditions, the housing sales market saw sales prices rise, as a result of continued strong demand while the number of units supplied per year in the Tokyo metropolitan area fell for the second year in a row. Background factors fueling the strong demand included stable mortgage interest rates and higher household income among buyers due to a rise in dual-income households. In the leasing office market, we saw demand for higher value-added offices in line with the diversification of work styles, and vacancy rates improved mainly in the central areas of Tokyo. In addition, in the retail facilities and hotel market, which had been severely affected by the COVID pandemic, service consumption and inbound demand continued to recover after restrictions on movement and entry into Japan were generally lifted. In the real estate investment market, although long-term interest rates are on a gradual upward trend in Japan, the volume of property transactions remained strong due to the continued good domestic fund procurement environment and strong appetite for investment among investors, and the size of the market continued to grow. The real estate brokerage market for used housing remained robust, with the number of transactions for used condominiums in the Tokyo metropolitan area proceeding at a high level and transaction prices continuing to rise, etc., due to strong demand.
In this business environment, the Nomura Real Estate Group (the "Group") posted the following consolidated performance for the fiscal year ended March 31, 2024: Operating revenue of ¥734,715 million, which represents an increase of 12.2% year on year; operating profit of ¥112,114 million, an increase of 12.6%; business profit*1 of ¥113,665 million, an increase of 8.1%; ordinary profit of ¥98,248 million, an increase of 4.4%; and profit attributable to owners of parent of ¥68,164 million, an increase of 5.6%.
Operating Results by Segment
An overview of segment achievements is given below:
Residential Development Business Unit
Operating revenue in the Residential Development Business Unit totaled ¥351,812 million, which represents an increase of ¥49,332 million or 16.3% year on year, and business profit totaled ¥40,848 million, an increase of ¥7,514 million or 22.5%, resulting in increases in both operating revenue and business profit compared with the previous fiscal year.
In regard to housing sales, 4,298 units were recorded as sales (an increase of 156 units year on year), including condominiums at PROUD TOWER Meguro MARC (Shinagawa-ku, Tokyo), PROUD CITY Toyoda Tamadaira no Mori (Hino-shi, Tokyo), and PROUD CITY Otsukyo (Otsu-shi, Shiga), and detached housing units at PROUD SEASON Hikarigaoka Grace (Nerima-ku, Tokyo).
The number of housing units contracted but not recorded as sales was 3,461 units as of the end of the fiscal year ended March 31,
2024 (a decrease of 358 units year on year) and the contract progress rate against the scheduled housing sales for the next fiscal year was 69.5% at the beginning of the fiscal year ending March 31, 2025.
As an initiative in the fiscal year ended March 31, 2024, we newly opened PROUD SEASON Gallery Komazawa. It offers a place for customers to consider a range of luxury built-for-sale detached housing in the Jonan and Josai areas of the 23 wards of Tokyo. We are actively promoting the sale of luxury built-for-sale detached housing units, for which demand is growing.
As an example of external valuation on our PROUD condominiums, we were honored with the Grand Prize in the Overall Evaluation of the SUUMO AWARD 2023.
Please note that from the fiscal year ending March 31, 2025, the hotel business, which has belonged to the Commercial Real Estate Business Unit, will now belong to the Residential Development Business Unit.
Commercial Real Estate Business Unit
Operating revenue in the Commercial Real Estate Business Unit totaled ¥223,752 million, which represents an increase of ¥24,442 million or 12.3% year on year, and business profit totaled ¥49,976 million, an increase of ¥10,447 million or 26.4%, resulting in increases in both operating revenue and business profit compared with the previous fiscal year.
Construction of 20 facilities including the PMO Ginza II office building and the Landport Toda logistics facility have been completed. The Group has large-scalemixed-use developments scheduled, including the BLUE FRONT SHIBAURA (Shibaura Project) (location:
Minato-ku, Tokyo; major uses: office, commerce, hotel, and housing; scheduled for completion: South Tower in fiscal year ending March 31, 2025 and North Tower in fiscal year ending March 31, 2031), and the Nihonbashi 1-chome Central District Redevelopment (location: Chuo-ku, Tokyo; major uses: office, commerce, hotel, housing, and conference; scheduled for completion: fiscal year ending March 31, 2026).
In the fiscal year ended March 31, 2024, we completed construction of the Nomura Real Estate Tameikesanno Building, a wooden sustainable office building. This building uses wood for construction materials and for the interior, and is designed to be environmentally friendly and conducive to the wellness of people who work in the building while ensuring fire resistance and earthquake resistance. The Nomura Real Estate Tameikesanno Building was selected by the Ministry of Land, Infrastructure, Transport and Tourism for the 2021 Leading Project for Sustainable Buildings (Wooden Construction Leading Type)*2.
*1 Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of intangible assets associated with corporate acquisitions
*2 This initiative by the Ministry of Land, Infrastructure, Transport and Tourism highlights leading examples of construction of large-scale wooden buildings that make extensive use of wood, a renewable recyclable resource. Its aim is to contribute to the advancement of construction techniques using wood while promoting and raising public awareness about wooden buildings.
Nomura Real Estate Holdings, Inc. 1 Financial Report 2024
Overseas Business Unit
Operating revenue in the Overseas Business Unit totaled ¥4,616 million, which represents a decrease of ¥2,153 million or 31.8% year on year, and business loss totaled ¥(357) million, a decrease of ¥7,645 million, resulting in decreases in both operating revenue and business profit compared with the previous fiscal year. Share of profit (loss) of entities accounted for using equity method included in business profit in this Business Unit was ¥851 million.
In the housing sales business, sales continued to be recorded for delivery of residential condominiums of GrandPark Phase 3 in Ho Chi Minh City, Vietnam and other projects from the previous fiscal year.
In the fiscal year ended March 31, 2024, we decided to participate in The Fitzrovia, an office building development project, and to acquire 55 St James's Street, an existing office building, in London, U.K. To meet growing demand throughout Europe for environmental performance, both projects have obtained high environmental indicators.
In addition, in Manila, the Philippines, the retail facility MITSUKOSHI BGC, in a large-scalemixed-use development of housing and commercial facilities, had its grand opening. With a carefully designed exterior and interior aesthetic that conveys the uniqueness of Japan, it represents the idea of a bridge between the Philippines and Japan, and has attracted Japanese companies among its tenants.
In the mid- to long-term business plan, the Group has positioned its overseas business as a growth field. We have set a policy of investing approximately ¥550 billion in the overseas business from fiscal year ended March 31, 2023 to fiscal year ending March 31, 2031 and growing overseas business profit to a 15% or more share of our total profit.
Investment Management Business Unit
Operating revenue in the Investment Management Business Unit totaled ¥14,356 million, which represents an increase of ¥724 million or 5.3% year on year, and business profit totaled ¥8,571 million, an increase of ¥481 million or 6.0%, resulting in increases in both operating revenue and business profit compared with the previous fiscal year.
Assets under management steadily increased in the domestic REIT business with Nomura Real Estate Master Fund, Inc. (NMF) and Nomura Real Estate Private REIT, Inc. (NPR) having acquired a total of 19 properties (total transaction amount of ¥80,225 million) including MEFULL Chayamachi and PROUD FLAT Shibuya Sasazuka from Nomura Real Estate Development Co., Ltd., in addition to progress in the formation of private equity funds meeting the needs of investors.
As an initiative in the fiscal year ended March 31, 2024, Nomura Real Asset Investment Co., Ltd., a joint venture with Nomura Holdings, Inc., launched a fund management business. From the beginning, this business has various assets worth about ¥90 billion under management, including offices, housing, hotels, healthcare facilities and land. Through it, we aim to provide high-quality management services.
Furthermore, NMF received a four-star rating in the Global Real Estate Sustainability Benchmark (GRESB)*1 Real Estate Assessment and the highest A-level rating in the GRESB Public Disclosure Assessment, and NPR received the highest five-star rating in the GRESB Real Estate Assessment. The ESG initiatives and disclosures of these companies received high evaluations.
Property Brokerage & CRE*2 Business Unit
Operating revenue in the Property Brokerage & CRE Business Unit totaled ¥49,588 million, which represents an increase of ¥1,888 million or 4.0% year on year, and business profit totaled ¥13,447 million, a decrease of ¥375 million or 2.7%, resulting in an increase in operating revenue and a decrease in business profit compared with the previous fiscal year.
In the retail business of this Business Unit, the Tsudanuma Center opened in January 2024, bringing the total number of branches for individual customers to 88 as of the end of the fiscal year ended March 31, 2024.
As initiatives in the fiscal year ended March 31, 2024, we have introduced a "hashtag-based floor plan search" function on our nomu.com real estate information website as a way of identifying floor plans with the features customers want. We have also started offering AI ANSWER Plus (beta version)*3, a chat communication consultation AI service, which we co-developed with LIFULL Co., Ltd. We are using AI to offer new services and experiences in our provision of real estate information.
Furthermore, we have started operating an official nomu.com LINE account. Through LINE, which is used by around 80% of the population in Japan, we share regular content such as recommended properties and mortgage loans, and customers can also book property tours.
We offer customers greater convenience in their search for a home.
Property & Facility Management Business Unit
Operating revenue in the Property & Facility Management Business Unit totaled ¥108,190 million, which represents an increase of ¥2,716 million or 2.6% year on year, and business profit totaled ¥10,088 million, an increase of ¥209 million or 2.1%, resulting in increases in both operating revenue and business profit compared with the previous fiscal year.
As of the end of the fiscal year ended March 31, 2024, the number of buildings under management was 794 buildings (up 12 from the end of the previous fiscal year), and the number of condominiums under management was 193,959 units (up 4,385).
As initiatives in the fiscal year ended March 31, 2024, our approach for Urbanity Oji, which this Business Unit manages under contract, was selected as a pioneering regeneration model type (repair work support) in the 2023 model project for extending the life of condominium stock, which is supported by the Ministry of Land, Infrastructure, Transport and Tourism. We also received the highest award in the construction and maintenance category of the Condominium Value Up Award 2023 sponsored by the Condominium Management Companies Association. These initiatives improve the soundness of repair reserve funds needed to properly maintain and manage aging condominiums, whose numbers are set to rise sharply in Japan in the near future. The pioneering approach and ingenuity of the initiatives for prolonging the lifespan of condominiums have earned strong praise.
Furthermore, we received the Grand Prize in the overall evaluation in the customer satisfaction ranking of the SUUMO AWARD 2023 (Condominium Management Company category of Kansai Area). In addition, we also received the Grand Prize / Excellence award in three other categories, including the Hospitality category.
Other
Operating revenue totaled ¥280 million, which represents a decrease of ¥1 million year on year, and business profit totaled ¥161 million, an increase of ¥13 million year on year.
*1 GRESB is an annual benchmark assessment that measures ESG considerations for property companies and funds.
*2 Corporate Real Estate. Real estate strategy support services for enterprises (such as consulting on the effective utilization and trading of real estate).
*3 Notes on the beta version: The beta version may differ from the official version. We do not guarantee that the same features, services, design, performance, etc. that are provided in the official version will be provided in the beta version.
Nomura Real Estate Holdings, Inc. 2 Financial Report 2024
Analysis of Financial Position
Assets
Total assets were ¥2,251,456 million, which represents an increase of ¥140,762 million compared with the end of the previous fiscal year. This was mainly because investment securities increased by ¥36,918 million, construction in progress increased by ¥28,246 million, advance payments to suppliers increased by ¥28,111 million, and cash and deposits increased by ¥25,879 million.
Liabilities
Total liabilities were ¥1,559,015 million, which represents an increase of ¥104,059 million compared with the end of the previous fiscal year. This was mainly because interest-bearing debt increased by ¥71,179 million, notes and accounts payable - trade increased by ¥12,845 million, and deposits received increased by ¥10,296 million.
Net Assets
Net assets were ¥692,440 million, which represents an increase of ¥36,702 million compared with the end of the previous fiscal year. This was mainly because retained earnings increased by ¥45,088 million, while the Company acquired treasury shares (decreased by ¥6,447 million).
The shareholders' equity ratio was 30.7%, a decrease of 0.3 percentage point from the end of the previous fiscal year.
Cash Flows
Cash Flows From Operating Activities
Net cash provided by (used in) operating activities increased by ¥70,878 million (a year-on-year increase of ¥113,687 million). This was mainly because profit before income taxes of ¥96,653 million was recorded, while income taxes were paid.
Cash Flows From Investing Activities
Net cash provided by (used in) investing activities decreased by ¥83,638 million (a year-on-year decrease of ¥20,741 million). This was mainly due to the purchases of property, plant and equipment and intangible assets, and investment securities, despite the sales and liquidation of property, plant and equipment and intangible assets, and investment securities.
Cash Flows From Financing Activities
Net cash provided by (used in) financing activities increased by ¥39,921 million (a year-on-year decrease of ¥25,753 million). This was mainly due to the fund procurement by long-term borrowings, despite the payment of dividends and the redemption of bonds.
Nomura Real Estate Holdings, Inc. 3 Financial Report 2024
Facilities Situation
In the fiscal year ended March 31, 2024, the Group's total capital investments amounted to ¥66,059 million, including 55 St James's Street (London, UK) and BLUE FRONT SHIBAURA (Shibaura Project, Minato-ku, Tokyo).
The breakdown of capital investment by Business Unit is as follows.
Previous fiscal year | Current fiscal year | ||
(April 1, 2022 to | (April 1, 2023 to | ||
Business Unit (Millions of yen) | March 31, 2023) | March 31, 2024) | Change |
Residential Development | ¥ 2,103 | ¥ 1,930 | ¥ (172) |
Commercial Real Estate | 28,806 | 45,356 | 16,550 |
Overseas | 948 | 14,987 | 14,038 |
Investment Management | 25 | 4 | (20) |
Property Brokerage and CRE | 947 | 1,575 | 628 |
Property and Facility Management | 251 | 961 | 710 |
Other | 0 | 2 | 2 |
Subtotal | 33,082 | 64,818 | 31,736 |
Adjustments | 2,058 | 1,241 | (816) |
Total | ¥35,140 | ¥66,059 | ¥30,919 |
The following facilities, for which construction was still in progress at the end of the previous fiscal year, were completed in the fiscal year ended March 31, 2024.
Book Value | ||||||
Property Name | Business | (Millions of | ||||
Company Name | (Location) | Unit | Major Use | Size of Construction or Details of Facility, etc. | Area (m2) | yen) |
Nomura Real | Nomura Fudosan | |||||
Estate | Tameikesanno | Commercial | Office | Steel-framed construction, 1 floor below | Building: 5,402 | ¥7,787 |
Development Co., | Building | Real Estate | ground, 9 floors above ground | Land: 690 | ||
Ltd. | (Minato-ku, Tokyo) | |||||
The following facilities were acquired in the fiscal year ended March 31, 2024.
Book Value | ||||||
Property Name | Business | (Millions of | ||||
Company Name | (Location) | Unit | Major Use Size of Construction or Details of Facility, etc. | Area (m2) | yen) | |
Land | ||||||
Nomura Real | NOHGA HOTEL | slated | ||||
Estate | SHINJUKU GYOEN | Commercial | for | - | Land: 619 | ¥9,879 |
Development Co., | (tentative name) | Real Estate | building | |||
Ltd. | (Shinjuku-ku, Tokyo) | construc | ||||
-tion |
NREA 55 St James's Street 1 Limited and 1 other company
55 St James's | Overseas | Office | Steel-framed construction, 1 floor below | Building: 2,472 | ¥12,161 |
Street (London, UK) | ground, 7 floors above ground | Land: 436 | |||
The following facility was sold during the fiscal year ended March 31, 2024.
Book Value | ||||||
Property Name | Business | (Millions of | ||||
Company Name | (Location) | Unit | Major Use | Size of Construction or Details of Facility, etc. | Area (m2) | yen) |
Nomura Real | Creare Toshiba | Reinforced concrete construction | ||||
Estate | Commercial | Residen- | (partially steel-framed reinforced | Building: 26,352 | ||
Fuchu (Fuchu-shi, | ¥4,756 | |||||
Development Co., | Real Estate | tial | concrete construction), 10 floors above | Land: 20,590 | ||
Tokyo) | ||||||
Ltd. | ground | |||||
Nomura Real Estate Holdings, Inc. 4 Financial Report 2024
Major Facilities and Equipment
Major facilities and equipment in the Nomura Real Estate Group (Nomura Real Estate Holdings, Inc. and its consolidated subsidiaries) are as follows.
- Commercial Real Estate Business Unit
- Office and retail facilities, etc.
Completion | Book Value (Millions of yen) | |||||||||
Company | Property Name | Size of Construction or | Total Floor | or [Time of | Land | |||||
Name | (Location) | Major Use | Details of Facility, etc. | Area (m2) | Acquisition] | Area (m2) | Building | Land | Other | Total |
Steel-framed | ||||||||||
Hamamatsucho | reinforced concrete | |||||||||
Nomura Real | construction (partially | |||||||||
Building / | ||||||||||
Estate | steel-framed and | |||||||||
Toshiba Building | Office | 158,732 | March 1984 | 33,921 | ¥7,546 | ¥129,809 | ¥315 | ¥137,671 | ||
Development | reinforced concrete | |||||||||
(Minato-ku, | ||||||||||
Co., Ltd. | construction), 3 floors | |||||||||
Tokyo) | ||||||||||
below ground, 39 | ||||||||||
floors above ground | ||||||||||
Steel-framed | ||||||||||
Yokohama | construction (partially | |||||||||
Nomura Real | steel-framed | |||||||||
Business Park *2 | Mainly | |||||||||
Estate | (Hodogaya-ku, | Office | reinforced concrete | 245,200 | February | 70,693 | 24,065 | 14,557 | 654 | 39,277 |
Development | construction), 2 floors | |||||||||
Yokohama-shi, | 1990 | |||||||||
Co., Ltd. | below ground, 21 | |||||||||
Kanagawa) | ||||||||||
floors above ground, | ||||||||||
11 other buildings | ||||||||||
Steel-framed | ||||||||||
construction (partially | ||||||||||
Nomura Real | KAMEIDO | reinforced concrete | ||||||||
Estate | and steel-framed | |||||||||
CLOCK *2 *3 | Retail facility | 55,491 | March 2022 | 8,622 | 13,567 | 21,391 | 810 | 35,769 | ||
Development | reinforced concrete | |||||||||
(Koto-ku, Tokyo) | ||||||||||
Co., Ltd. | construction), 1 floor | |||||||||
below ground, 6 floors | ||||||||||
above ground | ||||||||||
TOKYO | Steel-framed | |||||||||
construction (partially | ||||||||||
Nomura Real | TORANOMON | |||||||||
steel-framed | ||||||||||
Estate | GLOBAL | |||||||||
Office | reinforced concrete | 20,860 | June 2020 | 1,183 | 10,841 | 22,187 | 248 | 33,277 | ||
Development | SQUARE *4 | |||||||||
construction), 4 floors | ||||||||||
Co., Ltd. | (Minato-ku, | |||||||||
below ground, 24 | ||||||||||
Tokyo) | ||||||||||
floors above ground | ||||||||||
LAZONA | ||||||||||
Nomura Real | Kawasaki | Steel-framed | ||||||||
Estate | Toshiba Building | |||||||||
Office | construction, 15 floors | 98,428 | March 2013 | 9,764 | 10,225 | 22,245 | 482 | 32,953 | ||
Development | (Saiwai-ku, | |||||||||
above ground | ||||||||||
Co., Ltd. | Kawasaki-shi, | |||||||||
Kanagawa) | ||||||||||
Steel-framed | ||||||||||
construction (partially | ||||||||||
Nomura Real | Nihonbashi | reinforced concrete | ||||||||
Estate | Muromachi | Office | and steel-framed | 44,989 | September | 2,737 | 10,170 | 19,227 | 289 | 29,688 |
Development | Nomura Building | reinforced concrete | 2010 | |||||||
Co., Ltd. | (Chuo-ku, Tokyo) | construction), 5 floors | ||||||||
below ground, 21 | ||||||||||
floors above ground | ||||||||||
Nomura Real | Former Nomura | |||||||||
Fudosan | Land slated | |||||||||
Estate | ||||||||||
Nihonbashi- | for building | - | - | - | 3,196 | - | 23,436 | - | 23,436 | |
Development | ||||||||||
honcho Building | construction | |||||||||
Co., Ltd. | ||||||||||
(Chuo-ku, Tokyo) | ||||||||||
Steel-framed | ||||||||||
reinforced concrete | ||||||||||
Nomura Real | Shinjuku Nomura | construction (partially | ||||||||
Estate | Building *2 *4 | Office | reinforced concrete | 58,512 | May 1978 | 4,639 | 5,114 | 16,303 | 197 | 21,615 |
Development | (Shinjuku-ku, | and steel-framed | ||||||||
Co., Ltd. | Tokyo) | construction), 5 floors | ||||||||
below ground, 50 | ||||||||||
floors above ground | ||||||||||
Steel-framed | ||||||||||
Nomura Real | HOTEL NIWA | construction (partially | ||||||||
steel-framed | ||||||||||
Estate | TOKYO | |||||||||
Hotel | reinforced concrete | 9,280 | March 2009 | 1,710 | 2,905 | 16,515 | 118 | 19,539 | ||
Development | (Chiyoda-ku, | |||||||||
construction), 16 floors | ||||||||||
Co., Ltd. | Tokyo) | |||||||||
above ground, 2 other | ||||||||||
buildings | ||||||||||
Midosuji Nomura | Steel-framed | |||||||||
construction (partially | ||||||||||
Midosuji Mirai | Building *2 | |||||||||
reinforced concrete | February | |||||||||
Development, | (Chuo-ku, | Office | 20,420 | 1,939 | 3,080 | 15,707 | 10 | 18,798 | ||
construction), 2 floors | 2009 | |||||||||
LLC | Osaka-shi, | |||||||||
below ground, 14 |
Osaka) | floors above ground |
Nomura Real Estate Holdings, Inc. 5 Financial Report 2024
Completion | Book Value (Millions of yen) | |||||||||
Company | Property Name | Size of Construction or | Total Floor | or [Time of | Land | |||||
Name | (Location) | Major Use | Details of Facility, etc. | Area (m2) | Acquisition] | Area (m2) | Building | Land | Other | Total |
Steel-framed | ||||||||||
reinforced concrete | ||||||||||
Nomura Real | Morisia | construction (partially | ||||||||
Estate | Tsudanuma *2 | Retail facility | reinforced concrete | 105,491 | Mainly | 19,194 | ¥364 | ¥16,885 | ¥24 | ¥17,273 |
Development | (Narashino-shi, | construction), 3 floors | October 1978 | |||||||
Co., Ltd. | Chiba) | below ground, 12 | ||||||||
floors above ground, 1 | ||||||||||
other building | ||||||||||
Steel-framed | ||||||||||
reinforced concrete | ||||||||||
Nomura Real | Nomura Fudosan | construction (partially | ||||||||
Estate | reinforced concrete | |||||||||
Ginza Building *4 | Office | 13,641 | March 1982 | 1,624 | 1,693 | 11,565 | 19 | 13,278 | ||
Development | and steel-framed | |||||||||
(Chuo-ku, Tokyo) | ||||||||||
Co., Ltd. | construction), 5 floors | |||||||||
below ground, 17 | ||||||||||
floors above ground | ||||||||||
Steel-framed | ||||||||||
Nomura Real | Nomura Fudosan | construction (partially | ||||||||
steel-framed | ||||||||||
Estate | Shibadaimon | |||||||||
Office | reinforced concrete | 15,700 | April 2010 | 2,447 | 2,391 | 10,650 | 45 | 13,087 | ||
Development | Building (Minato- | |||||||||
construction), 2 floors | ||||||||||
Co., Ltd. | ku, Tokyo) | |||||||||
below ground, 11 | ||||||||||
floors above ground | ||||||||||
Nomura Real | Toshiba | Steel-framed | ||||||||
Estate | Hamamatsucho | Office | reinforced concrete | 13,482 | July 1974 | 2,907 | 341 | 10,956 | 1 | 11,299 |
Development | Building (Minato- | construction, 8 floors | ||||||||
Co., Ltd. | ku, Tokyo) | above ground | ||||||||
NOHGA HOTEL | Steel-framed | |||||||||
Nomura Real | KIYOMIZU | construction (partially | ||||||||
Estate | KYOTO | Hotel | reinforced concrete | 8,906 | January 2022 | 2,514 | 3,542 | 6,885 | 431 | 10,858 |
Development | (Higashiyama- | construction), 1 floor | ||||||||
Co., Ltd. | ku, Kyoto-shi, | below ground, 6 floors | ||||||||
Kyoto) | above ground | |||||||||
Steel-framed | ||||||||||
Nomura Real | SOCOLA | construction (partially | ||||||||
Estate | Minamigyotoku *2 | Retail facility | reinforced concrete | 35,612 | April 2000 | 16,503 | 5,741 | 4,942 | 146 | 10,830 |
Development | (Ichikawa-shi, | construction), 2 floors | ||||||||
Co., Ltd. | Chiba) | below ground, 2 floors | ||||||||
above ground | ||||||||||
Nomura Fudosan | Steel-framed | |||||||||
Nomura Real | construction (partially | |||||||||
Otemachi North | ||||||||||
Estate | reinforced concrete | |||||||||
Building | Office | 7,768 | June 2021 | 886 | 3,269 | 7,472 | 58 | 10,799 | ||
Development | construction), 1 floor | |||||||||
(Chiyoda-ku, | ||||||||||
Co., Ltd. | below ground, 10 | |||||||||
Tokyo) | ||||||||||
floors above ground | ||||||||||
NOHGA HOTEL | ||||||||||
Nomura Real | SHINJUKU | Land slated | ||||||||
Estate | GYOEN | [January | ||||||||
for building | - | - | 619 | - | 9,879 | - | 9,879 | |||
Development | (tentative name) | 2024] | ||||||||
construction | ||||||||||
Co., Ltd. | (Shinjuku-ku, | |||||||||
Tokyo) | ||||||||||
bono Sagamiono | Reinforced concrete | |||||||||
Nomura Real | construction (partially | |||||||||
Shopping Center | ||||||||||
Estate | steel-framed | |||||||||
*4 (Minami-ku, | Retail facility | 43,059 | January 2013 | 5,797 | 4,120 | 4,649 | 67 | 8,837 | ||
Development | Sagamihara-shi, | construction), 1 floor | ||||||||
Co., Ltd. | below ground, 11 | |||||||||
Kanagawa) | ||||||||||
floors above ground | ||||||||||
Steel-framed | ||||||||||
construction (partially | ||||||||||
Nomura Real | steel-framed | |||||||||
Fuchu Toshiba | reinforced concrete | |||||||||
Estate | ||||||||||
Building (Fuchu- | Office | and reinforced | 32,299 | April 1993 | 8,290 | 2,719 | 5,247 | 28 | 7,995 | |
Development | ||||||||||
shi, Tokyo) | concrete construction), | |||||||||
Co., Ltd. | ||||||||||
1 floor below ground, 8 | ||||||||||
floors above ground, 1 | ||||||||||
other building | ||||||||||
Nomura Real | Nomura Fudosan | Steel-framed | ||||||||
Tameikesanno | ||||||||||
Estate | construction, 1 floor | |||||||||
Building | Office | 5,402 | October 2023 | 690 | 2,408 | 5,311 | 67 | 7,787 | ||
Development | below ground, 9 floors | |||||||||
(Minato-ku, | ||||||||||
Co., Ltd. | above ground | |||||||||
Tokyo) | ||||||||||
Nomura Fudosan | ||||||||||
Nomura Real | Midosujihoncho | Steel-framed | ||||||||
Building / | reinforced concrete | |||||||||
Estate | ||||||||||
Toshiba Osaka | Office | construction, 4 floors | 15,220 | October 1965 | 1,307 | 878 | 5,989 | 5 | 6,873 | |
Development | ||||||||||
Building (Chuo- | below ground, 10 | |||||||||
Co., Ltd. | ||||||||||
ku, Osaka-shi, | floors above ground | |||||||||
Osaka)
Nomura Real Estate Holdings, Inc. 6 Financial Report 2024
Completion | Book Value (Millions of yen) | |||||||||
Company | Property Name | Size of Construction or | Total Floor | or [Time of | Land | |||||
Name | (Location) | Major Use | Details of Facility, etc. | Area (m2) | Acquisition] | Area (m2) | Building | Land | Other | Total |
Nomura Fudosan | Steel-framed | |||||||||
Nomura Real | Midosuji Building | |||||||||
reinforced concrete | ||||||||||
Estate | / NREG Midosuji | |||||||||
Office | construction, 2 floors | 21,007 | April 1974 | 2,366 | ¥1,038 | ¥5,768 | ¥11 | ¥6,817 | ||
Development | Building (Chuo- | |||||||||
below ground, 10 | ||||||||||
Co., Ltd. | ku, Osaka-shi, | |||||||||
floors above ground | ||||||||||
Osaka) | ||||||||||
Nihonbashi 1- | ||||||||||
Nomura Real | chome Central | |||||||||
District Urban | Land slated | |||||||||
Estate | ||||||||||
Area | for building | - | - | [March 2008] | 18,996 | - | 6,161 | - | 6,161 | |
Development | ||||||||||
Redevelopment | construction | |||||||||
Co., Ltd. | ||||||||||
Project *6 (Chuo- | ||||||||||
ku, Tokyo) | ||||||||||
Nomura Real | NREG Kawasaki | Reinforced concrete | ||||||||
Logistics Center | construction (partially | |||||||||
Estate | Logistics | |||||||||
(Kawasaki-ku, | steel-framed | 49,046 | March 2014 | 27,866 | 2,798 | 3,109 | 246 | 6,154 | ||
Development | facility | |||||||||
Kawasaki-shi, | construction), 5 floors | |||||||||
Co., Ltd. | ||||||||||
Kanagawa) | above ground | |||||||||
Nomura Real | NOHGA HOTEL | |||||||||
AKIHABARA | Steel-framed | |||||||||
Estate | ||||||||||
TOKYO | Hotel | construction, 10 floors | 4,016 | June 2020 | 663 | 1,508 | 4,169 | 222 | 5,900 | |
Development | ||||||||||
(Chiyoda-ku, | above ground | |||||||||
Co., Ltd. | ||||||||||
Tokyo) | ||||||||||
Nomura Real | Nomura Fudosan | Steel-framed | ||||||||
reinforced concrete | ||||||||||
Estate | Ichigaya Building | |||||||||
Office | construction, 2 floors | 6,753 | January 1982 | 1,220 | 2,390 | 3,182 | 5 | 5,579 | ||
Development | (Chiyoda-ku, | |||||||||
below ground, 9 floors | ||||||||||
Co., Ltd. | Tokyo) | |||||||||
above ground | ||||||||||
Nomura Real | SOCOLA | Reinforced concrete | ||||||||
Musashikoganei | construction (partially | |||||||||
Estate | ||||||||||
Cross *7 *8 | Retail facility | steel-framed | 10,040 | March 2020 | 1,643 | 3,812 | 1,301 | 142 | 5,256 | |
Development | ||||||||||
(Koganei-shi, | construction), 4 floors | |||||||||
Co., Ltd. | ||||||||||
Tokyo) | above ground | |||||||||
Nomura Real | Tsurumi Toshiba | Steel-framed | ||||||||
Building | reinforced concrete | |||||||||
Estate | ||||||||||
(Tsurumi-ku, | Office | construction, 1 floor | 20,648 | March 1991 | 3,501 | 2,078 | 3,073 | 23 | 5,175 | |
Development | ||||||||||
Yokohama-shi, | below ground, 10 | |||||||||
Co., Ltd. | ||||||||||
Kanagawa) | floors above ground | |||||||||
Steel-framed | ||||||||||
LAZONA | reinforced concrete | |||||||||
Nomura Real | construction (partially | |||||||||
Kawasaki Plaza | ||||||||||
Estate | reinforced concrete | September | ||||||||
*4 *5 (Saiwai-ku, | Retail facility | 98,254 | 72,013 | 4,717 | - | 299 | 5,017 | |||
Development | Kawasaki-shi, | and steel-framed | 2006 | |||||||
Co., Ltd. | construction), 1 floor | |||||||||
Kanagawa) | ||||||||||
below ground, 6 floors | ||||||||||
above ground | ||||||||||
Nomura Real | Nomura Fudosan | Steel-framed | ||||||||
Estate | Kaigan Building | February | ||||||||
Office | construction, 8 floors | 5,262 | 1,307 | 1,317 | 3,465 | 2 | 4,784 | |||
Development | (Minato-ku, | 1992 | ||||||||
above ground | ||||||||||
Co., Ltd. | Tokyo) | |||||||||
Steel-framed | ||||||||||
Nomura Real | construction (partially | |||||||||
PMO Nihonbashi | steel-framed | |||||||||
Estate | ||||||||||
Muromachi *4 | Office | reinforced concrete | 5,333 | January 2013 | 701 | 880 | 3,716 | 45 | 4,642 | |
Development | (Chuo-ku, Tokyo) | construction), 1 floor | ||||||||
Co., Ltd. | ||||||||||
below ground, 9 floors | ||||||||||
above ground | ||||||||||
Former Fukuoka | ||||||||||
Nomura Real | Tenjin Center | Land slated | ||||||||
Estate | Building *2 *3 | - | - | - | 2,256 | 0 | 4,624 | 0 | 4,624 | |
Development | (Chuo-ku, | for building | ||||||||
construction | ||||||||||
Co., Ltd. | Fukuoka-shi, | |||||||||
Fukuoka) | ||||||||||
Nomura Real | Toshiba | Reinforced concrete | ||||||||
Manseibashi | ||||||||||
Estate | construction, 1 floor | September | ||||||||
Building *5 | Office | 5,319 | 681 | 148 | 3,551 | 0 | 3,700 | |||
Development | (Chiyoda-ku, | below ground, 9 floors | 1961 | |||||||
Co., Ltd. | above ground | |||||||||
Tokyo) | ||||||||||
Steel-framed | ||||||||||
construction (partially | ||||||||||
Nomura Real | steel-framed | |||||||||
GICROS GINZA | reinforced concrete | |||||||||
Estate | ||||||||||
GEMS (Chuo-ku, | Retail facility | and reinforced | 2,683 | July 2019 | 312 | 1,606 | 2,015 | 15 | 3,636 | |
Development | ||||||||||
Tokyo) | concrete construction), | |||||||||
Co., Ltd. | ||||||||||
3 floors below ground, | ||||||||||
11 floors above ground
Nomura Real Estate Holdings, Inc. 7 Financial Report 2024
Completion | Book Value (Millions of yen) | |||||||||
Company | Property Name | Size of Construction or | Total Floor | or [Time of | Land | |||||
Name | (Location) | Major Use | Details of Facility, etc. | Area (m2) | Acquisition] | Area (m2) | Building | Land | Other | Total |
Toshiba Sendai | Steel-framed | |||||||||
Nomura Real | construction (partially | |||||||||
Building *4 *5 | ||||||||||
Estate | (Aoba-ku, | Hotel | reinforced concrete | 16,179 | April 1975 | 1,731 | ¥628 | ¥2,817 | ¥9 | ¥3,455 |
Development | construction), 2 floors | |||||||||
Sendai-shi, | ||||||||||
Co., Ltd. | below ground, 11 | |||||||||
Miyagi) | ||||||||||
floors above ground | ||||||||||
Steel-framed | ||||||||||
Nomura Fudosan | construction (partially | |||||||||
Nomura Real | steel-framed | |||||||||
Nishi-Shinjuku | ||||||||||
Estate | reinforced concrete | |||||||||
Kyodo Building *4 | Office | 6,716 | October 1993 | 1,249 | 729 | 2,700 | 1 | 3,432 | ||
Development | and reinforced | |||||||||
(Shinjuku-ku, | ||||||||||
Co., Ltd. | concrete construction), | |||||||||
Tokyo) | ||||||||||
1 floor below ground, 8 | ||||||||||
floors above ground
Notes: 1. "Building" represents building accounts, "Land" represents land and leasehold interests in land accounts and "Other" represents structures; machinery and equipment; tools, furniture and fixtures; vehicles; and leased asset accounts. "Total" represents the sum of leasehold interests in land accounts and property, plant and equipment excluding construction in progress accounts.
- Includes the trust beneficial right.
- Land area is the equity conversion areas.
- Both the total floor area and land area are the equity conversion areas.
- Land area includes leased land.
- Land area is the site area for the entire redevelopment project.
- Total floor area represents the exclusive element of a unit ownership building. Also, land area is multiplied by our ownership ratio.
- Size of Construction or Details of Facility, etc. represents the retail facilities portion of unit ownership building.
- Fitness club, etc.
Completion | Book Value (Millions of yen) | |||||||||
Company | Property Name | Size of Construction or | Total Floor | or [Time of | Land | |||||
Name | (Location) | Major Use | Details of Facility, etc. | Area (m2) | Acquisition] | Area (m2) | Building | Land | Other | Total |
MEGALOS | ||||||||||
Nomura Real | Kashiwa and | Reinforced concrete | ||||||||
Estate Life & | other 36 facilities | Fitness club | construction, 3 floors, | 15,321 | June 2002 | 15,430 | ¥6,987 | ¥- | ¥675 | ¥7,663 |
Sports Co., | (Kashiwa-shi, | 1 other building and | ||||||||
Ltd. | Chiba and | fitness club | ||||||||
others) |
Notes: 1. "Building" represents building accounts, "Land" represents land and leasehold interests in land accounts and "Other" represents structures; machinery and equipment; tools, furniture and fixtures; vehicles; and leased asset accounts. "Total" represents the sum of leasehold interests in land accounts and property, plant and equipment excluding construction in progress accounts.
2. "Total Floor Area" represents the total area of MEGALOS Kashiwa, MEGALOS Chikusa and MEGALOS Saginuma, which own the buildings, etc. "Land Area" represents the leased land area of these facilities. Excluding these three facilities, 34 facilities are operated through building leases, etc. "Size of Construction or Details of Facility, etc." and "Completion or [Time of Acquisition]" are in reference to MEGALOS Kashiwa.
In addition to the table above, the main subleased buildings leased by the Group in the Commercial Real Estate Business Unit are as follows.
Company Name | Property Name (Location) | Rentable Area (m2) |
Nomura Real Estate Development Co., Ltd. | Across Shin Osaka (Yodogawa-ku,Osaka-shi, Osaka) | 17,298 |
(2) Overseas Business Unit
Completion | Book Value (Millions of yen) | |||||||||
Company | Property Name | Size of Construction or | Total Floor | or [Time of | Land | |||||
Name | (Location) | Major Use | Details of Facility, etc. | Area (m2) | Acquisition] | Area (m2) | Building | Land | Other | Total |
127 Charing | 127-133 Charing | Reinforced concrete | ||||||||
Cross Road | construction, 1 floor | [February | ||||||||
Cross Road | Office | 4,672 | 1,244 | ¥2,177 | ¥8,244 | ¥- | ¥10,422 | |||
Project (London, | below ground, 4 floors | 2021] | ||||||||
Limited | ||||||||||
UK) | above ground | |||||||||
NREA 55 St | ||||||||||
James's | 55 St James's | Steel-framed | ||||||||
Street 1 | construction, 1 floor | |||||||||
Street (London, | Office | 2,472 | [March 2024] | 436 | ¥5,423 | ¥6,737 | ¥- | ¥12,161 | ||
Limited and | below ground, 7 floors | |||||||||
UK) | ||||||||||
other 1 | above ground | |||||||||
company
Facilities Establishment, Removal and Others
As of March 31, 2024, the following facilities are scheduled to be established or renovated. There was no major expansion or removal of facilities.
Nomura Real Estate Holdings, Inc. 8 Financial Report 2024
- Establishment of major facilities
Planned Aggregate | |||||||||
Investment | |||||||||
(Millions of yen) | Schedule | ||||||||
Company | Property Name | Business | Major | Size of Construction or | Amount | Sources of | |||
Name | (Location) | Unit | Use | Details of Facility, etc. | Total | Paid | funding | Start | Completion |
BLUE FRONT | Steel-framed construction | ||||||||
(partially steel-framed | |||||||||
Nomura Real | SHIBAURA | ||||||||
reinforced concrete and | Borrowings | Fiscal year | Fiscal year | ||||||
Estate | (Shibaura Project | Commercial | |||||||
Office | reinforced concrete | ¥228,104 | ¥107,436 | and own | ended March | ending March | |||
Development | South Tower) S | Real Estate | |||||||
construction), 3 floors | funds | 31, 2022 | 31, 2025 | ||||||
Co., Ltd. | tower | ||||||||
below ground, 43 floors | |||||||||
(Minato-ku, Tokyo) | |||||||||
above ground | |||||||||
Steel-framed construction | |||||||||
Nihonbashi 1- | (partially reinforced | ||||||||
Nomura Real | chome Central | concrete and steel-framed | Borrowings | Fiscal year | Fiscal year | ||||
Estate | District Urban Area | Commercial | reinforced concrete | ||||||
Office | 73,417 | 23,605 | and own | ended March | ending March | ||||
Development | Redevelopment | Real Estate | construction), 2 floors | ||||||
funds | 31, 2022 | 31, 2026 | |||||||
Co., Ltd. | Project | below ground, 51 floors | |||||||
(Chuo-ku, Tokyo) | above ground, 2 other | ||||||||
buildings | |||||||||
- Renovation of major facility
Planned Aggregate Investment | ||||||
(Millions of yen) | ||||||
Company Name | Property Name (Location) | Business Unit | Total | Amount Paid | Construction Period | Note |
Nomura Real Estate | Construction | |||||
- | Commercial Real Estate | ¥3,754 | ¥- | April 2024 - March 2025 | for facility | |
Development Co., Ltd. | ||||||
renovation | ||||||
Note: Refers to renovation of major facilities of several existing properties owned by Nomura Real Estate Co., Ltd.
Nomura Real Estate Holdings, Inc. 9 Financial Report 2024