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    Real estate investment trusts
Nomura Real Estate Master Fund, Inc.

Nomura Real Estate Master Fund, Inc.

127,300.00
JPY
0.00
(0.00%)
775.48BMarket Cap
Apr 20Next Earn
Nomura Real Estate Master Fund, Inc.
TSE:3462
(Tokyo Stock Exchange)

Recent

price

127,300.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
JPY
- -
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
18,687.26
- -
Revenue per Share
- -
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
6,906.48
- -
Basic EPS, GAAP
- -
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
7,987.21
- -
Free Cash Flow per Basic 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
7,006.95
- -
Dividend per Share
97,505.47
99,204.48
98,971.37
128,777.59
133,069.98
132,314.48
132,146.76
132,657.29
131,468.74
130,456.4
130,363.57
129,878.87
129,810.29
129,142.65
Book Value per Share
95,203.84
96,897.69
96,663.1
106,523.11
108,043.34
109,213.66
111,347.28
113,708.33
113,631.3
112,826.87
113,081.38
113,303.27
113,656.62
113,573.25
Tangible Book Value per Share
2
2
2
4
4
4
4
5
5
5
5
5
5
5
Basic Weighted Avg Shares
- -
18,641
20,429
- -
72,855
68,951
72,046
74,505
75,584
76,543
83,632
84,457
86,828
- -
Sales/Revenue/Turnover
- -
53.55
44.23
- -
37.03
38.43
39.31
40.11
39.84
39.43
41.9
41.58
42.5
- -
Operating Margin (%)
- -
3,036
3,447
- -
14,865
14,887
15,296
15,769
16,315
16,594
16,699
16,783
16,825
- -
Depreciation Expense
- -
8,941
7,838
- -
21,861
21,424
23,252
24,988
25,451
25,877
30,695
30,647
32,090
- -
Net Income, GAAP
- -
0.02
0.03
- -
0.01
0.01
0.01
0.03
0.01
0.02
0.01
- -
- -
- -
Effective Tax Rate (%)
- -
47.96
38.37
- -
30.01
31.07
32.27
33.54
33.67
33.81
36.7
36.29
36.96
- -
Profit Margin (%)
2,233
14,612
11,075
8,552
2,768
2,460
-6,137
4,877
-2,461
-29,761
-9,444
-36,114
-24,944
-34,086
Working Capital
61,893
80,307
102,122
351,976
429,984
433,495
439,389
456,752
462,711
453,029
471,446
449,930
456,626
444,220
LT Debt
162,372
165,201
164,813
479,311
556,649
571,837
600,911
625,506
619,901
615,128
614,690
606,202
603,146
600,044
Total Equity
- -
4.1
3.47
- -
2.79
2.5
2.6
2.65
2.64
2.66
3.09
3.1
3.27
- -
Return on Invested Capital (%)
- -
4.02
3.39
- -
2.71
2.42
2.51
2.57
2.56
2.59
3.01
3.02
3.2
- -
Return on Capital (%)
- -
5.46
4.75
- -
4.22
3.8
3.97
4.08
4.09
4.19
4.99
5.02
5.31
- -
Return on Common Equity (%)

Capital Structure

JPY

•

in mil. unless spec.
Feb'25
Aug'25
Feb'26
ST Debt
72,496
65,601
78,006
LT Borrowings
456,240
456,620
444,215
LT Finance Leases
- -
6
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
5
5
5
Market Capitalization
651,420
748,065
775,478

Working Capital

JPY

•

in mil. unless spec.
Feb'25
Aug'25
Feb'26
Total Current Assets
54,413
54,051
57,640
Cash, Cash Equivalents & STI
39,315
37,629
40,421
Accounts Receivable, Net
897
1,227
931
Inventories
- -
- -
- -
Total Current Liabilities
85,065
78,995
91,725
Payables & Accruals
- -
- -
- -
ST Debt
72,496
65,601
78,006
Deferred Revenue
- -
- -
- -

Growth Rates

JPY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
21.52%
-0.72%
-0.5%
Free Cash Flow
- -
-58.73%
7.71%
Net Income, GAAP
- -
5.34%
4.71%
Sales/Revenue/Turnover
- -
3.16%
2.81%
Total Cash Common Dividend
- -
2.77%
1.31%

Semi-annual Revenue

JPY

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
84,457
2025
- -
- -
86,828
2026
- -
- -
- -

Semi-annual Earnings Per Share

JPY

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
6,566.05
2025
- -
- -
6,906.48
2026
- -
- -
- -

Semi-annual Dividends Per Share

JPY

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
6,884.97
2025
- -
- -
7,006.95
2026
- -
- -
- -
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Business
Nomura Real Estate Master Fund, Inc. (3462.T) is a diversified real estate investment trust (REIT) that invests in income-generating properties including office buildings, retail facilities, residential properties, logistics facilities, hotels and other commercial assets; its portfolio comprises 285 properties primarily concentrated in the Greater Tokyo Area with total acquisition costs of approximately JPY 1,099 billion as of September 2025 and an occupancy rate of 99.0% as of October 2025. Established on October 1, 2015 through a consolidation-type merger of the former Nomura Real Estate Master Fund Corporation, Nomura Real Estate Office Fund, Inc. and Nomura Real Estate Residential Fund, Inc., and listed on the Tokyo Stock Exchange the following day, the REIT is headquartered at 1-1-1 Shibaura, Minato-ku, Tokyo and externally managed by Nomura Real Estate Asset Management Co., Ltd., a wholly-owned subsidiary of Nomura Real Estate Holdings, Inc. The fund targets stable medium- to long-term income and sustainable asset growth for unitholders through a diversified strategy leveraging the Nomura Real Estate Group's leasing value chain, rigorous asset management and strategic portfolio optimization focused on urban areas with strong tenant demand. Recent developments include the acquisition of the hotel property &HOTEL HAKATA in Fukuoka for JPY 3.8 billion in June 2025, expanding its hotel portfolio to eight properties valued at JPY 28.3 billion or 2.6% of total assets; the acquisition of H1O Nihonbashi Kobunecho office property in March 2025; the disposition of four residential properties including PROUD FLAT Asakusa Tresage and PRIME URBAN Senzoku totaling JPY 2.7 billion in March-April 2025 to reallocate capital to higher-yield assets; issuance of investment corporation bonds including green bonds and securing a JPY 40 billion commitment line agreement in 2025; and ongoing debt financing activities such as green loans to support portfolio growth amid steady increases in assets under management reported in Nomura Real Estate Holdings' fiscal year ended March 31, 2025.