Nomura Real Estate Master Fund, 17% Decrease in Ordinary Profit for The Current Fiscal Year

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Thu Oct 16, 2025 3:30 pm JST Earnings

3462 Nomura Real Estate Master Fund,Inc.

Earnings Report

Nomura Real Estate Master Fund <3462> [TSE REIT] announced its financial results after the market closed on October 16th (15:30). The ordinary profit for the fiscal year ended August 2025 was 0.7% from the previous period to 16.0 billion yen. However, for the fiscal year ending February 2026, the ordinary profit is expected to decrease by 16.9% from the previous period to 13.3 billion yen.

At the same time, the company has reduced the distribution for the previous term from 3555 yen to 3542 yen (compared to 3453 yen in the prior term), and plans to set the distribution for the current term at 3624 yen.

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Actual Results

Historical Performance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug, 2024	45,081	19,941	17,689	17,688	3,759.0	3,450	Oct 17, 2024	J-GAAP
Feb, 2025	43,117	18,336	15,986	15,986	3,434.0	3,453	Apr 17, 2025	J-GAAP
Aug, 2025	43,710	18,561	16,099	16,103	3,465.0	3,542	Oct 16, 2025	J-GAAP
YoY	+1.4%	+1.2%	+0.7%	+0.7%	+0.9%

Full Year Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug, 2025 Guidance	42,970	18,027	15,508	15,512	3,338.5	3,555	Apr 17, 2025	J-GAAP
Aug, 2025 Results	43,710	18,561	16,099	16,103	3,465.0	3,542	Oct 16, 2025	J-GAAP
Revision Rate	+1.7%	+3.0%	+3.8%	+3.8%	+3.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025	43,117	18,336	15,986	15,986	3,434.0	3,453	Apr 17, 2025	J-GAAP
Aug, 2025	43,710	18,561	16,099	16,103	3,465.0	3,542	Oct 16, 2025	J-GAAP
Feb, 2026 Guidance	41,443	15,982	13,378	13,411	2,886.3	3,624	Oct 16, 2025	J-GAAP
YoY	-5.2%	-13.9%	-16.9%	-16.7%	-16.7%

Quarterly Results