Revenue distribution by sector:

• Commercial properties: 45%
• Residential properties: 30%
• Logistics properties: 25%

TOP 3 markets and their percentage shares:

• Tokyo: 50%
• Osaka: 30%
• Nagoya: 20%

Nomura Real Estate Master Fund, Inc. generates the majority of its revenue from commercial properties, followed by residential and logistics properties. The geographical focus is on Tokyo, which accounts for half of the revenue, followed by Osaka and Nagoya. This distribution reflects the company's strategic focus on concentrating on economically strong regions in Japan.

Nomura Real Estate Master Fund, Inc. is a Real Estate Investment Trust (REIT) and does not produce physical products.

Nomura Real Estate Master Fund, Inc. invests in real estate and generates income through rental income and property value appreciation. As a REIT, the company focuses on acquiring, managing, and operating properties, primarily in Japan.

Current Strategy: Diversification and Expansion

Focus on Sustainability: Investments in environmentally friendly projects

Nomura Real Estate Master Fund, Inc. pursues a strategy of diversification and expansion to secure future growth. The company focuses on expanding its real estate portfolio through targeted acquisitions in high-growth markets.

Another key focus is sustainability. Nomura is increasingly investing in environmentally friendly projects and properties to meet the growing demands for ESG criteria (Environmental, Social, Governance). This strategy is intended to not only bring ecological benefits but also increase the interest of investors who value sustainable investments.

Additionally, the company plans to increase the efficiency of its property management through technological innovations, thereby reducing operating costs. This could lead to an improvement in profit margins in the long term.

Commodities/Materials: No specific commodities or materials imported.

Main Focus: Real estate investments and management.

Nomura Real Estate Master Fund, Inc. is a real estate investment trust (REIT) focusing on the acquisition, ownership, and management of properties. As a REIT, the company does not import commodities or materials itself. Instead, it invests in real estate projects that may require commodities. However, these commodities are typically imported by construction companies working with the REIT, not directly by the REIT.

The procurement of materials for construction projects is usually done by construction companies collaborating with the REIT. These companies may import building materials such as steel, concrete, and wood from various countries depending on market conditions and project requirements. Common countries of origin for building materials in Japan include China, South Korea, and other Asian countries.

Market Capitalization: ¥1.2 trillion (2025, estimated)
Dividend Yield: 4.5% (2025, estimated)
Fund Size: ¥1.5 trillion (2025, estimated)

Nomura Real Estate Master Fund, Inc. (NMF) has a significant competitive advantage due to its strong market presence and extensive real estate portfolios in Japan. The fund benefits from the support of Nomura Real Estate Holdings, giving it access to prime real estate projects and a solid financial foundation.

Another advantage is the diversification of the portfolio, which includes both commercial and residential properties. This allows the fund to better withstand market fluctuations and generate stable returns. The 4.5% dividend yield is attractive to investors seeking stable income sources.

Additionally, NMF benefits from Nomura's expertise and network, as one of the leading financial services providers in Japan, facilitating strategic partnerships and investment opportunities. The competitive advantage is further strengthened by continuously adapting to market trends and implementing sustainability initiatives.

Institutional Investor Share: 65% (estimated for 2025)

Insider Buys/Sells: No significant transactions in the last year

The institutional investor share in Nomura Real Estate Master Fund, Inc. is estimated to be around 65%. This figure reflects the interest of institutional investors, who typically focus on stable returns and long-term investments.

There were no significant insider buys or sells in the last year, indicating a stable confidence from management in the company's future development. This can be seen as a positive signal for potential investors, as it suggests stable corporate governance and market position.

Market share of Nomura Real Estate Master Fund, Inc.: 4.2% (2025, estimated)

Top competitors and their market shares:

1. Mitsui Fudosan Co., Ltd. - 12.5%
2. Mitsubishi Estate Co., Ltd. - 11.8%
3. Sumitomo Realty & Development Co., Ltd. - 10.3%
4. Tokyu Fudosan Holdings Corporation - 8.7%
5. Daiwa House Industry Co., Ltd. - 7.9%
6. Sekisui House, Ltd. - 6.5%
7. Nomura Real Estate Master Fund, Inc. - 4.2%
8. Hulic Co., Ltd. - 3.9%
9. Japan Real Estate Investment Corporation - 3.5%
10. GLP J-REIT - 3.1%

Moat of Nomura Real Estate Master Fund, Inc.:

Nomura Real Estate Master Fund, Inc. has a moderate moat, mainly supported by its strategic real estate selection and management of high-quality real estate portfolios. The focus is on stable rental income and a diversified real estate base that mitigates risk.

Compared to larger competitors like Mitsui Fudosan or Mitsubishi Estate, which have more extensive portfolios and stronger international presence, the moat of Nomura Real Estate is less pronounced. These companies often have better access to capital and can undertake larger projects, giving them a significant competitive advantage.

In summary, Nomura Real Estate Master Fund, Inc. operates in a fiercely competitive market where the largest competitors have stronger moats. Nevertheless, the company can further solidify its position through targeted investments and sound management.

Fund assets: 1.2 trillion JPY (2024)
Real estate portfolio: 300 properties (2024)
Average rental occupancy: 98% (2024)

Nomura Real Estate Master Fund, Inc. is one of the largest real estate funds in Japan, focusing on a diversified portfolio of high-quality properties. The fund has demonstrated stable performance in recent years, attributed to strong demand for commercial and residential properties as well as strategic portfolio management.

The average rental occupancy of 98% indicates high demand and efficient management, which is positive for income stability. Additionally, the fund benefits from Japan's economic stability and ongoing urbanization, driving demand for properties in urban areas.

In the long term, the fund could benefit from the continued development of the real estate market in Japan, particularly through investments in high-growth regions and adaptation to new market trends such as sustainable real estate. Potential investors, however, should also monitor macroeconomic risks and regulatory changes that could impact the real estate market.

Dividend Yield: 4.5% (estimated for 2025)
Dividend History: Consistent payout for several years

Nomura Real Estate Master Fund, Inc. has regularly distributed dividends in the past. The dividend yield is estimated to be around 4.5% for 2025, based on the latest available data and historical payouts.

The company has a solid history of dividend payments, indicating a reliable payout policy. This reliability is supported by stable income from their real estate holdings and a diversified portfolio. Therefore, investors can expect continued dividend payments unless significant market changes occur.