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Semi-Annual Report Tenth Fiscal Period Semi-Annual Report May 1, 2008 October 31, 2008 Profile Nomura Real Estate Office Fund, Inc. (referred to as “Nomura Office Fund” or the “Company” hereafter) was listed on the Tokyo Stock Exchange on December 4, 2003 as a real estate investment corporation formed to own and invest in office properties, subject to the Law Concerning Investment Trusts and Investment Corporations of Japan. The Company’s basic investment policy is to assure stable rent revenues and steady portfolio growth over the medium- to long-term. Nomura Real Estate Asset Management Co., Ltd. (referred to as “NREAM” hereafter), a wholly owned subsidiary of Nomura Real Estate Holdings, Inc. is in charge of asset management on behalf of Nomura Office Fund in accordance with the basic investment policy as described above. Through coordination with Nomura Real Estate Holdings, Inc. and other group companies, NREAM aims to achieve these goals and more. Strength of Nomura Office Fund J-REIT with a large-capitalization specialized in office buildings ■ Portfolio of 46 properties at a total acquisition price of ¥362.2 billion (as of October 31, 2008) ■ Market capitalization of ¥168.1 billion (as of October 31, 2008) ■ Constituent of MSCI Standard Index Track records of stable managements ■ Ten consecutive fiscal periods of growth in operating revenues and net income ■ Steady growth in DPU Collaboration with Nomura Real Estate Group ■ NREAM, in charge of the Company’s asset management, belongs to Nomura Real Estate Group ■ Supported by the group companies through provision of sales information and management expertise Rated A or more by three domestic and foreign rating agencies Rating and Investment Information, Inc. Issuer rating: AA- Standard & Poor’s Long-term rating: A Ratings Services Short-term rating: A-1 Moody’s Investors Service, Inc. Issuer rating: A2 ■ Holding to conservative financial strategies Unit Price (¥) Market Capitalization (¥ mln) Operating Revenues (Lth) Net Income (Lth) Cash Distribution per Unit (Rth) (¥ mln) (¥) 17,225 1,600,000 900,000 16,000 16,750 16,918 16,923 18,000 Contents 15,638 15,905 13,925 14,000 15,150 16,000 14,520 1,400,000 750,000 14,114 11,968 12,183 12,000 14,000 To Our Investors ...........................................................................2 Major Properties .........................................................................14 10,739 11,090 1,200,000 600,000 9,810 Financial Highlights ..................................................................... 3 Performance Report ...................................................................17 10,000 12,000 10,273 8,641 Management Summary of the Tenth Fiscal Period ...................4 Financial Section ........................................................................35 1,000,000 450,000 8,000 7,106 10,000 6,656 Portfolio Highlights .................................................................... 10 Profile of the Asset Management Company ............................48 6,000 5,256 8,000 800,000 300,000 Financial Status of the Tenth Fiscal Period ................................11 Business Structure ......................................................Back Cover 4,531 4,229 4,466 4,486 4,499 3,596 4,000 3,484 6,000 Summary of Portfolio Properties ..............................................12 Corporate Data ............................................................ Back Cover 2,606 2,681 600,000 150,000 2,000 1,526 4,000 400,000 0 0 2,000 Dec. 4 Apr. 30 Oct. 29 Apr. 28 Oct. 31 Apr. 28 Oct. 31 Apr. 27 Oct. 31 Apr. 30 Oct. 31 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 Period Period Period Period Period Period Period Period Period Period To Our Investors Financial Highlights Dear Investors, FINANCIAL SUMMARY 10th Period 9th Period 8th Period 7th Period 6th Period from May 1, 2008 from Nov. 1, 2007 from May 1, 2007 from Nov. 1, 2006 from May 1, 2006 to Oct. 31, 2008 to Apr. 30, 2008 to Oct. 31, 2007 to Apr. 30, 2007 to Oct. 31, 2006 We are delighted to be able to present to you the financial results for the tenth fiscal period (ended October 31, 2008) Operating Revenues ¥ mln 13,925 12,183 11,968 11,090 10,739 and report on our activities during the period herein. Net Operating Income (NOI) (Note 1) ¥ mln 9,927 8,572 8,286 7,763 7,591 We booked operating revenues for this period of ¥13,925 million, current profits of ¥5,256 million, and net Income before Income Taxes ¥ mln 5,256 4,500 4,486 4,466 4,230 income of ¥5,255 million. Cash distribution per unit was ¥17,225. 5,255 Some of the major developments during the tenth fiscal period included new investments in ”Shinjuku Sanshin Net Income ¥ mln 4,499 4,486 4,466 4,229 Building”, ”Iwamoto-cho Toyo Building”, ”Central Kyobashi Building”, ”Central Shintomicho Building”, ”Sunworld Total Assets ¥ mln 401,684 353,730 326,711 315,402 288,060 Yotsuya Building”, ”Toshin Meguro Building”, ”EME Hakata Ekimae Building”, ”Nomura Shibuya Dogenzaka Unitholders' Capital ¥ mln 185,455 156,767 156,767 156,767 156,767 Building”, and ”Nomura Nishi-Umeda Building.” As a result of these investments, the number of properties in the Number of Units Issued unit 305,123 265,903 265,903 265,903 265,903 portfolio now totals 46, with total acquisition price of ¥362.2 billion, promoting further diversification of the portfolio. Net Assets per Unit ¥ 625,031 606,488 606,510 606,315 605,499 Concerning property management, we continued to focus on raising of rents. The average occupancy rate Total Cash Distribution ¥ mln 5,255 4,499 4,498 4,453 4,229 remained stable throughout this period, reaching 97.3% at the end of the period. Cash Distribution per Unit ¥ 17,225 16,923 16,918 16,750 15,905 In terms of financing, regardless of the change in the funding environment, the Company has maintained good Funds from Operation (FFO) per Unit (Note 2) ¥ 23,228 23,069 22,714 22,509 21,585 relationship with financial institutions and secured stable funding, and continues to maintain a healthy balance sheet. Note 1: NOI (Net Operating Income) = Real Estate Rental Revenues − Real Estate Rental Expenses + Depreciation We will continue adhering to the conservative investment policies in future. Note 2: FFO per Unit = (Net Income + Depreciation + Amortization of Investment Corporation Bonds Issuance Costs − Real Estate Sale Profit/Loss) / Number of Units Issued Lastly, we would like to thank you again for your patronage in the past periods, and would like to ask for your continued support for the years to come. CHANGES IN KEY FIGURES Operating Revenues (¥ mln) Total Assets (¥ mln) Cash Distribution per Unit (¥) 13,925 17,225 14,000 11,968 12,183 500,000 18,000 16,750 16,918 16,923 401,684 10,739 11,090 12,000 353,730 15,905 400,000 315,402 326,711 16,000 10,000 288,060 8,000 300,000 14,000 6,000 200,000 4,000 12,000 100,000 2,000 0 0 10,000 6th 7th 8th 9th 10th 6th 7th 8th 9th 10th 6th 7th 8th 9th 10th Period Period Period Period Period Period Period Period Period Period Period Period Period Period Period CHANGES IN UNIT PRICE AND MARKET CAPITALIZATION Unit Price (¥) Market Capitalization (¥ mln) 1,600,000 900,000 1,400,000 750,000 Market capitalization (as of Oct. 31, 2008) .......................¥ 168,122 mln All-time high price ............................................................¥1,560,000 per unit All-time low price .............................................................¥ 407,000 per unit 1,200,000 600,000 1,000,000 450,000 Mitsuharu Sato 800,000 300,000 Executive Director Nomura Real Estate Office Fund, Inc. 4th public offering 2nd public offering ¥926,100 600,000 3rd public offering 150,000 ¥588,000 ¥740,782 5th public offering Initial public offering ¥756,560 ¥500,000 400,000 0 Dec. 4 Apr. 30 Oct. 29 Apr. 28 Oct. 31 Apr. 28 Oct. 31 Apr. 27 Oct. 31 Apr. 30 Oct. 31 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2 3 Tokyo Metro Marunouchi Line Management Summary of the Tenth Fiscal Period Isetan Shinjuku-sanchome Stn. Shinjuku Sanshin Building Toei Oedo Line Mitsukoshi JR Odakyu Store Dept. Shinjuku Shinjuku-sanchome Stn. Stn. LUMINE Toei Shinjuku Line Shinjuku Sanshin Stn. Shinjuku Line Keio New Investments Property Profile Building Stn. Shinjuku Line Odakyu Shinjuku Stn. The Property is located 4 minutes Head Takashimaya office of NOF Minami Shinjuku Kosyu Kaido Times JR East Square Building In the Tenth fiscal period, we made new investments in ”Nomura on foot from Shinjuku Station and Odakyu Shinjuku Southern Keio Line MAYNDS Tower Tower is surrounded by business and Shinjuku Shibuya Dogenzaka Building”, ”Shinjuku Sanshin Building”, JR Tokyo Gyoen commercial facilities. After the General hospital Meiji Dori Meiji e ”Sunworld Yotsuya Building”, ”Iwamoto-cho Toyo Building”, completion of the artificial ground, in L yu ak NTT DoCoMo Od Yoyogi Building ”Central Kyobashi Building”, ”Central Shintomicho Building”, Tokyo currently under construction, both Stn. Yoyogi sides of the station will be ”Toshin Meguro Building”, ”Nomura Nishi-Umeda Osaka connected, further enhancing the Location: Shibuya-ku, Tokyo Date Acquired: June 25, 2008 Building” and ”EME Hakata Ekimae Building” (Total Fukuoka location’s convenience as a business concentrated area. Acquisition Price: ¥12,300 million acquisition price: ¥44.8 billion). Central Tokyo Ikebukuro Ueno Sunworld Yotsuya Building Shinjuku Tokyo Shinjuku Sanshin Building Shibuya Nomura Shibuya Dogenzaka Building Nomura Shibuya Dogenzaka Building Shinagawa Location: Shibuya-ku, Tokyo Date Acquired: September 26, 2008 Acquisition Price: ¥7,660 million Miyashita Property Profile NOF Shibuya Koen-dori Building Park Meiji Dori Meiji Loft The Property has excellent Quattro Tokyu PARCO Department Store SEIBU DEPT. location as it faces ”Dogenzaka,” STORE JR Line JR Shibuya Shoto one of the busiest streets in Post Office Nomura Shibuya Shibuya 109 Dogenzaka Building Shibuya Stn. Shibuya with many office Shibuya Shibuya Theater Ekimae Bldg.
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