Nomura Real Estate Master Fund, Inc. announced results for its 22nd fiscal period, with distribution per unit rising year on year to ¥3,695. During the period, it acquired 2 properties and sold 2, improving earnings with contributions from gains on property sales.
Nomura Real Estate Master Fund, Inc. announced results for its 22nd fiscal period (fiscal year ending August 2026). Distribution per unit, including distributions in excess of earnings, was ¥3,695, an increase of 1.7% from the previous period. During the period, it acquired 2 properties, including Proud Flat Kiyosumi-dori, and sold 2 properties, including Harumi Triton Office Tower Building Z. Gains on property sales contributed ¥2,376 million, and the equivalent of goodwill amortisation expense was added. Profit increased from the previous period. The portfolio at period-end comprised 285 properties, with total assets of approximately ¥1.0979 trillion and an interest-bearing debt ratio of 44.2%.
For the 23rd fiscal period (fiscal year ending February 2027), the fund is expected to acquire Best Western Hotel Fino Tokyo Akasaka. Rental revenue is expected to increase on improved occupancy at Shinjuku Nomura Building and contributions from newly acquired properties, but profit is forecast to decline 14.4% from the previous period as gains on property sales recorded in the previous period disappear and interest expenses rise. Assuming the equivalent of goodwill amortisation expense and part of retained earnings are added, distribution per unit is forecast at ¥3,719.