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Investor Presentation Fiscal Period Ended February 2018

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Investor Presentation Fiscal Period Ended February 2018 Nomura Real Estate Master Fund, Inc. Investor Presentation Fiscal Period Ended February 2018 April 18, 2018 目次 1. Public Offering 7. APPENDIX ・ Overview of the 1st Public Offering 5 ・ Changes in Various Indices 30 ・ Porfolio Summary（as of February 28, 2018) 33 2. Financial Highlights ・ Portfolio Management 34 ・ Financial Highlights for February 2018 (5th) Period 8 ・ Asset Management Status - Office - 35 ・ Summary of Main Indicators 10 ・ Asset Management Status - Retail - 36 ・ Asset Management Status - Logistics - 37 3. External Growth ・ Asset Management Status - Residentail - 38 ・ Acquisitions and Dispositions in February 2018(5th) Period 11 ・ New Acquisitions (1st PO) 39 ・ Track Record of Sponsor Support by Leasing Value Chain 14 ・ Strong Sponsor Pipelines for External Growth 45 ・ Track Record of Growth since Inception 15 ・ Mid- to Long-term Management Strategy - Growth Phase - 47 ・ Top 10 Tenants by Leased Space 48 4. Internal Growth ・ Portfolio List 49 ・ Internal Growth －Management Status－ 17 ・ Profit and Loss 56 ・ Appraisal Valuation 21 ・ NOI Analysis by Sector 57 ・ ESG Initiatives 22 ・ Balance Sheet 58 ・ Changes in Unit Price 59 5. Financial Status ・ Unitholders 60 ・ Financial Status 25 ・ Internal Reserves Equivalent to Gain on Sale 61 ・ Market Review 62 6. Earning Forecast Earning Forecast for Aug.2018 (6th) and Feb.2019(7th) Fiscal 29 ・ period ・ Organization and IR Activities 30 3 1 Public Offering 4 Overview of the 1st Public Offering - 1 - Implemented the Fund’s first public offering in February 2018. Promoting our strategy in our growth phase by acquiring prime properties totaling ¥33.4 billion. Highlights Summary Offering type Domestic st ・ The 1 public offering for sustainable growth in our growth Total number of units offered 138,670 units phase（Feb. 2019 FP distribution forecast ＋2.7％） (incl. Third-party Allotment) Total number of units issued and ・ Despite the softened market, the Fund obtained approximately 6.6 times outstanding after Third-party 4,321,800 units Allotment demand highly evaluated by increase in distribution and its external Issue price (Offer price) ¥137,474 growth strategy focusing on the Sponsor developed properties Amount to be paid ¥133,125 (Issue value) ・ Commencement of investment in hotels Launch date Feb.1, 2018 Pricing date Feb.13, 2018 Payment date Mar.1, 2018 ・ Built up the new branding strategy of the Fund at the same time as (Third-party Allotment） (Mar.20, 2018) the transition to the growth phase Total amount to be paid 18.46 billion (incl. Third-party Allotment) Changes in Main After Public Offering The end of August 2017 Indicators Acquisition Disposition Public Offering （at the end of April Fiscal Period 2018） Asset size \927.3 billion 16.5 billion 23.4 billion 33.4 billion \955.9 billion Number of property 268 5 2 10 281 Average NOI Yield 5.1% 4.2% 5.1% 4.4% 5.0% Average Building Age 19.0 years 3.5 years 36.0 years 2.6 years 18.4 years Greater Tokyo Ratio 82.0% 100% 100% 89.2% 82.1% Aug. 2018 Forecast Feb.2018 Forecast \ 3,081（＋2.0％） Distribution per unit \3,020 Feb. 2019 Forecast \ 3,102（＋2.7％） LTV 44.6% 44.4% (*)Average building age for 10 properties acquired at public offering is the same figure as that on the PPM. 5 Overview of the 1st Public Offering - 2 - Acquired properties recently developed by the Sponsor in greater Tokyo area Investment unit price outperformed TSE REIT index by 0.63pt (PMO:¥6.4bln, LP:¥15.3bln,PF:¥8.0bln） Average building age : 2.6yrs (*) New Acquisitions Greater Tokyo area : 89.2％ Acquisition Appraisal Appraisal Acquisition Property Name Sector Location Price Value NOI Yield Sponsor developed (\/mln) (\/mln) (%) Date Other property PMO Nihonbashi Chuo Ward properties Office 4,310 4,520 3.5% 2018/4/2 Mitsukoshi-mae Tokyo Minato Ward PMO Shibadaimon Office 2,130 2,180 3.9% 2018/4/2 Tokyo Hachioji City Lp Hachioji II Logistics 9,230 9,310 4.4% 2018/3/1 Tokyo Saitama City Lp Iwatsuki Logistics 6,090 6,110 4.5% 2018/3/1 Tokyo Shibuya Ward PF Yoyogi Hachiman Residential 966 1,000 4.4% 2018/4/2 Tokyo Landport Hachioji II Setagaya Ward PF Sangenjaya II Residential 2,750 2,800 4.4% 2018/4/2 Tokyo Chiyoda Ward PF Sotokanda Residential 2,280 2,370 4.4% 2018/4/2 Tokyo Shinjyuku Ward PF Nakaochiai Residential 844 873 4.6% 2018/4/2 Tokyo Kawasaki City PF Noborito Residential 1,216 1,260 5.1% 2018/4/2 Kanagawa Watermark Hotel Sapporo City Hotel 3,600 3,850 5.1% 2018/3/5 Sapporo Hokkaido PMO Nihonbashi PROUD FLAT Sangenjaya II Watermark Hotel Sapporo Total/Average 33,416 34,273 4.4% Mitsukoshi-mae (*) Average building age is the same figure as that on the PPM. Changes in Investment Unit Price Changes in Investment Unit Price （From the launch date to the pricing date） （Since the pricing date） Feb.13 Pricing date TSE REIT TSE REIT Feb.1 Launch date 東証REIT指数 NMF ¥143,300 東証REIT指数 NMF Index Index 102 ¥149,100 （＋0.63pt to TSE 106 Feb.6 Nikkei Stock Average REIT Index） ー1,071円 104 100 （Due to the concerns about rising interest rates in the U.S.） 102 98 100 As of Apr.10 96 98 Mar.1 （＋2.70pt to TSE Payment day REIT Index） 94 96 2/1 2/2 2/5 2/6 2/7 2/8 2/9 2/13 2/13 2/20 2/27 3/6 3/13 3/20 3/27 4/3 4/10 6 ２ Financial Highlights 7 Financial Highlights for February 2018 (5th) Period DPU：¥3,047（+¥27 above forecast） （¥ mln） Main factors accounting for differences between Ended Ended forecasts and results in 5th FP (¥mln） Feb.28,2018 Feb.28,2018 Differences (5th FP) (5th FP) ■Net Income Forecasts (A) Result (B) (B)-(A) ＋115 Operating Revenue 33,365 34,218 853 (excl. Gain on sales) Rental revenues 30,551 30,724 172 Other rental revenues 2,810 2,907 97 ■Rental Business profit/loss ＋136 Gain on sales of real estate 3 587 583 ①Rental business profit/loss of existing Operating Expense 20,860 21,006 145 Rental Business Expenses 14,652 14,785 133 properties Repair Expenses 1,548 1,758 209 (1)Rental revenues Tax and Public Dues 2,700 2,699 -1 （＋246） Depreciation and Amortization 4,752 4,737 -15 ・Increase in rent revenues and common ＋181 Others 5,651 5,590 -60 area charges Asset management fees 2,960 3,007 46 Amortization of goodwill 2,622 2,622 - ・Incurrence of settlement and penalty fee ＋65 Other operating expenses 625 591 -34 (2)Rental Expenses Operating profit 12,504 13,212 708 Non-operating revenues - 12 12 ・Increase in repair expenses ー213 （ー135） Non-operating expenses 2,487 2,509 21 （Restoration work costs ー69 Interest Expenses and other financial costs 2,479 2,457 -22 Emergency preventive maintenance costs ー37 Investment units issuance costs - 42 42 Renovation cost ⇒ Repair costsー50 ） Other non-operating expenses 8 9 0 ・Decrease in PM fee +29 Ordinary income 10,016 10,715 698 Net income 10,015 10,714 699 （revised fee etc.） Net income(excluding realized gain) 10,011 10,127 115 ② Rental business profit/loss of acquired/disposed properties Earnings a 10,286 10,976 690 （+26） Distribution in excess of profit b 2,346 1,769 -577 ・Increase in rental revenues Total distributions a+b 12,633 12,745 112 +24 ・Decrease in rental expenses +2 Internal reserves 3 587 583 Total Internal reserves 3,111 3,694 583 ■Operating expenses excluding ー12 rental expenses DPU 3,020 3,047 27 ・ Increase in asset management fee Distributions of earnings 2,459 2,624 165 ー46 Distributions in excess of retained earnings ・ Decrease in other expenses per unit [allowance for adjustment of 295 284 -11 +34 temporary differences] ■Non-operating profit/loss ー9 Distributions in excess of retained earnings ・Decrease in interest expenses, other per unit [other distributions in excess of net 266 139 -127 ＋22 earnings] financial costs ・Investments units issuance costs ー42 Total assets 1,085,296 1,089,820 4,523 Acquisition price 922,128 922,568 440 Interest-bearing debt 482,698 486,198 3,500 ■Gain on sales of real estates, etc. LTV 44.5% 44.6% 0.1% Market Capitalization - 612,410 - （Internal reserve） ＋583 NOI 23,461 23,583 121 ・Gain on sale of Funabashi LC, etc. FFO 17,388 17,489 100 ※ “＋” and “ー” indicates the impact on the net income in Feb.2018 period 8 Financial Highlights for February 2018 (5th )Period Factors in change of DPU（¥/ Unit） 5th FP ended February 2018 Increase in rent revenues Internal and common area charges +32 Reserves +31 （¥） Office Increase Retail ー1 Factors Logistics ー3 3,200 Decrease Residential +6 Decrease in interest expenses Factors +5 +26 DPU Other revenues Investment units ー10 Settlement/ issuance costs Penalty fee, etc. +15 Increase in asset ー11 Impact on asset swap +5 management fees （Acquisition of Summit Store Mukodaicho ） Decrease in other +11 139 140 （Disposition of Funabashi LC） expenses, etc. 3,100 ー31 63 Internal reserves of ー5 gain on sales 0（*） Increase in repair ー50 3,000 expenses Decrease3,053 in property +6 management fees 3,047 3,047 3,047 3,020 3,020 Decrease in other +13 （＋27） expenses 2,900 Feb.20182018年 2period月期 Rental賃貸事業収入 revenues Rental賃貸事業費用 business Othersその他 Gain売却益 on sales Feb.20182018年2 period月期 DPU expenses DPU 予想分配金 分配金実績 (Forecast) (Result) （*）In February 2018 period forecasts, it was assumed to internally reserved the realized gain of three million yen for Morisia Tsudanuma (¥0 per unit) 9 Summary of Main Management Indicators Operating revenue(mln) () shown total price excluding gain on sales NOI(￥mln) Average NOI Yield ■Gain on sales 平均NOI利回り （Forecast） ■Residential 5.1％ 5.1％ 5.1％ 5.1％ 5.1％ ■Logistics （Forecast） 4.9％ ■Retail 38,189 23,931 24,465 ■Office （35,032） 34,218 23,680 23,583 34,714 （33,631） 34,605 30,974 3,107 20,248 （29,532） 587 4,500 4,549 4,626 4,771 6,086 6,283 1,442 6,215 6,482 16,237 4,179 3,974 5,608 5,044 5,112 4,007 3,920 4,323 24,312 5,004
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