Breaking Down Nomura Real Estate Master Fund, Inc. Financial Health: Key Insights for Investors

Nomura Real Estate Master Fund, Inc. (ticker 3462.T) stands as a consolidated REIT born on October 1, 2015 and today manages a diverse portfolio of 285 properties with an acquisition price totaling 1,099 billion yen, delivering an industry-strong occupancy of 99.0% as of October 31, 2025; guided by the mission to 'create a stage where people can flourish and enrich their lives,' NMF pares fiduciary rigor with sustainability - including a 2050 Net Zero GHG Emission Target set in October 2023 and new social materiality defined in April 2024 - while targeting robust financial metrics like an average annual business profit growth rate of 8%+ and a shareholders' equity ratio around 30%, paying a cash distribution of 3,542 yen per unit for the 20th fiscal period ending August 31, 2025 (payment commenced November 19, 2025), and embedding core values of Visionary, Professionalism, Fairness, Sustainability, Innovation, and Collaboration into a strategy that seeks to create measurable social and financial value

Nomura Real Estate Master Fund, Inc. (3462.T) - Intro

• Listing: Tokyo Stock Exchange - Ticker 3462.T
• Establishment: October 1, 2015 (consolidation of three Nomura Real Estate entities)
• Portfolio scale (as of Sep 1, 2025): 285 properties; total acquisition price ¥1,099 billion
• Occupancy rate (as of Oct 31, 2025): 99.0%
• 20th fiscal period (ending Aug 31, 2025) cash distribution: ¥3,542 per unit (payment commenced Nov 19, 2025)

• Capital discipline - prioritize risk-adjusted returns and portfolio diversification
• Operational excellence - maximize occupancy and rental performance through active management
• Transparency & governance - maintain market-grade investor communications and compliance
• Sustainability & social impact - pursue carbon neutrality and address community needs through real estate

• 2050 Net Zero GHG Emission Target announced: October 2023
• New materiality in the social field established: April 2024 - focuses on community resilience, accessibility, and tenant wellbeing
• Integration of energy efficiency and ESG considerations in asset renovation and new acquisitions

• Regular financial reporting and distribution notices aligned with fiscal periods
• Active disclosure of portfolio metrics and sustainability targets
• Investor resources and profile analysis available: Exploring Nomura Real Estate Master Fund, Inc. Investor Profile: Who's Buying and Why?

Nomura Real Estate Master Fund, Inc. (3462.T) - Overview

• Mission focus: Provide spaces that enhance quality of life while generating sustainable financial returns.
• Sustainability integration: Embed environmental and social considerations into acquisition, management, and renovation to preserve environment and society.
• Fiduciary duty: Maximize property value and deliver stable distributions and capital growth for unitholders.
• Community impact: Revitalize local economies through active asset stewardship and tenant-centric development.
• Stakeholder collaboration: Align interests across investors, tenants, local governments, and service providers to enable peak performance.

• Office and commercial properties - core holdings concentrated in major urban centers to capture steady rental demand and high occupancy.
• Retail and mixed-use assets - curated to enhance community vitality and tenant footfall.
• Logistics/alternative assets - selectively added to diversify cash flows and capture e-commerce demand.

• Asset-level upgrades: energy-efficiency investments, seismic and life-safety improvements, tenant amenity enhancements.
• Active portfolio rotation: disposition of non-core assets and reinvestment into higher-yielding or higher-growth opportunities.
• Stakeholder programs: tenant engagement, local partnerships, and inclusive community planning to boost long-term asset resilience.
• Performance monitoring: KPIs for occupancy, NOI growth, capex efficiency, and GHG reductions to align with fiduciary objectives.

Nomura Real Estate Master Fund, Inc. (3462.T) - Mission Statement

• Deliver long-term, stable total returns for unitholders through active property management, portfolio optimization, and disciplined capital allocation.
• Integrate environmental, social, and governance (ESG) initiatives into asset operations to preserve the earth and strengthen community resilience.
• Create social value by prioritizing occupant well-being, community connectivity, and accessible, sustainable real estate solutions.
• Pursue steady profit growth and maintain a healthy balance sheet to support sustainable distributions and reinvestment.

• Be recognized as a global Life & Time Developer - creating meaningful value in residential, commercial, and mixed-use sectors.
• Average annual business profit growth target: 8% or higher (medium-term management target).
• Target shareholders' equity ratio: approximately 30% to ensure financial resilience and borrowing capacity.
• Embed sustainability targets across the portfolio - energy efficiency improvements, GHG reduction pathways, and enhanced ESG disclosure.

• Active asset management - rent optimization, selective capital expenditure, and repositioning to boost NOI and valuation.
• Disciplined capital policy - maintain equity ratio near 30% while optimizing cost of debt and refinancing schedules.
• Strategic acquisitions and disposals - focusing on assets with resilient cash flows and potential for value-add through refurbishment and ESG upgrades.
• Stakeholder engagement - collaboration with local communities, tenants, and investors to maximize social benefit and long-term value.

Nomura Real Estate Master Fund, Inc. (3462.T) - Vision Statement

• Mission: To generate stable income and medium- to long-term capital growth through professional, sustainable real estate asset management that contributes to vibrant, resilient urban communities.
• Vision: To be a visionary real estate platform that shapes new ways of living, working, and doing business in Japan's urban cores while delivering responsible returns for investors.

• Visionary - Strategic redevelopment and enhancement programs to create stages where people and businesses can shine, with targeted value-add investments and repositioning initiatives.
• Professionalism - In-house and external asset-management expertise applied across acquisitions, leasing, capital expenditure, and performance monitoring to maintain service quality and risk controls.
• Fairness - Transparent disclosure, balanced stakeholder engagement, and governance structures aligned with unitholder interests and local communities.
• Sustainability - Integration of environmental and social initiatives across the portfolio to reduce carbon intensity, enhance resilience, and support community well-being.
• Innovation - Piloting flexible space concepts, proptech-enabled building operations, and adaptive reuse strategies to meet evolving occupier needs.
• Collaboration - Partnerships with local governments, developers, tenants, and institutional investors to overcome silos and create multidimensional value.

• Energy and emissions: Targeted improvements in energy efficiency and progressive adoption of green leases and building certifications across core office assets.
• Resilience: Seismic retrofits and business-continuity planning for high-priority assets in Tokyo and regional hubs.
• Social impact: Tenant engagement programs to foster mixed-use activation and support local SMEs within retail components.

• Professional stewardship: Independent board oversight with external asset management arrangements and performance KPIs tied to unitholder returns.
• Fairness and transparency: Regular investor disclosures, quarterly occupancy and leasing updates, and active IR communications.
• Collaborative sourcing: Co-investment and JV arrangements used selectively to expand deal sourcing and share execution risk.