1. Japan Stocks

  2. •

    Real Estate

  3. •

    REIT - Retail
Nomura Real Estate Master Fund, Inc.

Nomura Real Estate Master Fund, Inc.

NMMRF
Nomura Real Estate Master Fund, Inc.US flagOther OTC
1,008.35
USD
- -
- -
42.85EPS
23.53P/E
4.69BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
Revenue per Share
- -
11,193.87
12,267.95
- -
17,416.3
16,215.62
16,246.74
15,973.34
16,029.83
16,233.33
17,736.6
18,094.91
Basic EPS, GAAP
- -
5,369.01
4,706.89
- -
5,226.03
5,038.54
5,243.38
5,357.32
5,397.6
5,487.96
6,509.89
6,566.05
Free Cash Flow per Basic Share
- -
2,685.5
-11,123.51
- -
5,502.13
178.18
-5,317.04
-1,226.3
4,101.36
2,630.68
7,089.86
7,382.18
Dividend per Share
- -
3,638.09
4,938.35
- -
5,331.84
5,709.43
5,405.06
6,109.91
6,645.62
6,531.29
6,611.28
6,884.97
Book Value per Share
- -
99,204.48
98,971.37
- -
42,391.8
45,514.85
51,312.64
55,290.16
54,616.16
54,842.12
55,531.01
56,308.87
Tangible Book Value per Share
- -
96,897.69
96,663.1
- -
108,043.34
111,003.36
114,180.34
114,948.65
113,631.3
112,826.87
113,081.38
113,303.27
Basic Weighted Avg Shares
- -
2
2
- -
4
4
4
5
5
5
5
5
Sales/Revenue/Turnover
- -
18,641
20,429
- -
72,855
68,951
72,046
74,505
75,584
76,543
83,632
84,457
Operating Margin (%)
- -
53.55
44.23
- -
37.03
38.43
39.31
40.11
39.84
39.43
41.9
41.58
Depreciation Expense
- -
3,036
3,447
- -
14,865
14,887
15,296
15,769
16,315
16,594
16,699
16,783
Net Income, GAAP
- -
8,941
7,838
- -
21,861
21,424
23,252
24,988
25,451
25,877
30,695
30,647
Effective Tax Rate (%)
- -
0.02
0.03
- -
0.01
0.01
0.01
0.03
0.01
0.02
0.01
- -
Profit Margin (%)
- -
47.96
38.37
- -
30.01
31.07
32.27
33.54
33.67
33.81
36.7
36.29
Working Capital
2,233
14,612
11,075
8,552
2,768
2,460
-6,137
4,877
-2,461
-29,761
-9,444
-36,114
LT Debt
61,893
80,307
102,122
351,976
429,984
433,495
439,389
456,752
462,711
453,029
471,446
449,930
Total Equity
162,372
165,201
164,813
479,311
556,649
571,837
600,911
625,506
619,901
615,128
614,690
606,202
Return on Invested Capital (%)
- -
4.1
3.47
- -
2.79
2.5
2.6
2.65
2.64
2.66
3.09
3.1
Return on Capital (%)
- -
6.04
3.39
- -
4.19
3.77
3.83
3.83
3.76
3.79
4.38
4.37
Return on Common Equity (%)
- -
10.82
4.75
- -
12.47
11.55
11.04
10.3
9.88
10.03
11.8
11.68

Capital Structure

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Working Capital

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
21.55%
0.19%
-1.38%
Free Cash Flow
- -
-75.42%
3.07%
Net Income, GAAP
- -
5.89%
-0.16%
Sales/Revenue/Turnover
- -
3.28%
0.99%
Total Cash Common Dividend
- -
6.29%
3.09%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
83,632
2024
- -
- -
- -
- -
84,457
2025
- -
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
6,509.89
2024
- -
- -
- -
- -
6,566.05
2025
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
6,611.28
2024
- -
- -
- -
- -
6,884.97
2025
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Masaomi Katayama
Sector
Real Estate
Industry
REIT - Retail
Address
8-5-1, Nishi-Shinjuku Tokyo Japan
IPO Date
Dec 11, 2019
Website
nre-mf.co.jp
Similar Companies
Vicinity Centres (VCX.AX)
Tanger Inc. (SKT)
HomeCo Daily Needs REIT (HDN.AX)
Pavilion Real Estate Investment Trust (5212.KL)
Nomura Real Estate Master Fund, Inc. (3462.T)
Wereldhave N.V. (WHA.AS)
Business
Nomura Real Estate Master Fund, Inc. (NMMRF) operates as a diversified Japanese real estate investment trust (J-REIT) that acquires, owns and manages a portfolio of income-generating properties including office buildings, retail facilities, logistics centers, residential properties, hotels and healthcare facilities; its assets encompass 63 office properties, 51 retail facilities, 25 logistics facilities, 137 residential units including healthcare, 8 hotels and 1 other property, with a total acquisition price of 1,099 billion yen and an appraisal value of 1,344 billion yen as of September 2025, concentrated primarily in the Greater Tokyo Area and extending to other major Japanese cities such as Sapporo, Sendai, Osaka, Kyoto, Hiroshima, Fukuoka and Naha. Headquartered at 1-1-1 Shibaura, Minato-ku, Tokyo, the company was established on October 1, 2015 through a consolidation-type merger of former Nomura Real Estate Master Fund, Inc., Nomura Real Estate Office Fund, Inc. and Nomura Real Estate Residential Fund, Inc., followed by a merger with TOP REIT, Inc. in September 2016, and is externally managed by Nomura Real Estate Asset Management Co., Ltd., a wholly owned subsidiary of Nomura Real Estate Holdings, Inc. The portfolio maintains a high occupancy rate of 99.0% as of October 2025, supported by the leasing expertise and value chain of the Nomura Real Estate Group, targeting stable mid- to long-term earnings growth for unitholders. Recent developments include corrections to financial results for the 19th and 20th fiscal periods announced in November 2025 due to inaccuracies in investment property valuations, leadership changes in the asset management company on November 20, 2025 to enhance governance and overseas strategy focus, strategic property transactions such as swapping an aging Tokyo office for a prime Aoyama asset in a related-party deal, new debt financings in November 2025, and recent acquisitions including Landport Tama logistics facility in August 2024, MIMARU SUITES Tokyo Asakusa hotel in April 2024 and PROUD FLAT Asakusa Tresage residential property in March 2025.