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Nomura Real Estate Master Fund, Inc. logo

Nomura Real Estate Master Fund, Inc.

3462.T

JPXReal EstateREIT - Retail

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Latest quote

¥151,000

+¥1,500 · +1.00%

Aug 24, 2:42 PM JST

3462.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Nomura Real Estate Master Fund, Inc. (NMF) operates as a real estate investment vehicle, primarily acquiring and managing a diverse portfolio of properties such as office buildings, retail spaces, logistics centers, and residential complexes. Its operations are externally managed by Nomura Real Estate Asset Management Co., Ltd. (NREAM), a specialized asset management firm that is a wholly-owned subsidiary of Nomura Real Estate Holdings, Inc. NMF was formally established on October 1, 2015, through a consolidation merger integrating the former Nomura Real Estate Master Fund, Inc., Nomura Real Estate Office Fund, Inc. (NOF), and Nomura Real Estate Residential Fund, Inc. (NRF). The fund's investment securities (TSE code: 3462) commenced trading on the Real Estate Investment Trust Section of the Tokyo Stock Exchange on October 2 of the same year.

Industry
REIT - Retail
Sector
Real Estate
Headquarters
JP
CEO
Shuhei Yoshida
Listed since
Jun 12, 2013
Employees
3

Market position

Volume
3.1K
0.34× average
Average volume
9.04K
Average daily volume
Market cap
701.6B JPY
Beta
0.19
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
1.23T JPY
EV / EBITDA
23.31×
Earnings yield
4.28%
Free cash flow yield
5.78%

Profitability & efficiency

Return on equity
5.32%
Return on assets
2.72%
Return on invested capital
3.16%

Financial health

Current ratio
0.68×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends61%51%41%31%Gross margin, FY2021: 57.56%Gross margin, FY2022: 56.99%Gross margin, FY2023: 58.52%Gross margin, FY2024: 49.45%Gross margin, FY2025: 58.67%Operating margin, FY2021: 39.84%Operating margin, FY2022: 39.43%Operating margin, FY2023: 41.90%Operating margin, FY2024: 41.58%Operating margin, FY2025: 42.50%Net margin, FY2021: 33.67%Net margin, FY2022: 33.81%Net margin, FY2023: 36.70%Net margin, FY2024: 36.29%Net margin, FY2025: 36.96%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 57.56%. Gross margin FY2022 56.99%. Gross margin FY2023 58.52%. Gross margin FY2024 49.45%. Gross margin FY2025 58.67%. Operating margin FY2021 39.84%. Operating margin FY2022 39.43%. Operating margin FY2023 41.90%. Operating margin FY2024 41.58%. Operating margin FY2025 42.50%. Net margin FY2021 33.67%. Net margin FY2022 33.81%. Net margin FY2023 36.70%. Net margin FY2024 36.29%. Net margin FY2025 36.96%.

Income trends

Revenue

86.83B JPY+2.81%

Operating income

36.9B JPY+5.08%

Net income

32.09B JPY+4.71%
Income trends across reported periods92.97B JPY68.41B JPY43.86B JPY19.31B JPYRevenue, FY2021: 75.58B JPYRevenue, FY2022: 76.54B JPYRevenue, FY2023: 83.63B JPYRevenue, FY2024: 84.46B JPYRevenue, FY2025: 86.83B JPYOperating income, FY2021: 30.11B JPYOperating income, FY2022: 30.18B JPYOperating income, FY2023: 35.05B JPYOperating income, FY2024: 35.11B JPYOperating income, FY2025: 36.9B JPYNet income, FY2021: 25.45B JPYNet income, FY2022: 25.88B JPYNet income, FY2023: 30.7B JPYNet income, FY2024: 30.65B JPYNet income, FY2025: 32.09B JPYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 75.58B JPY. Revenue FY2022 76.54B JPY. Revenue FY2023 83.63B JPY. Revenue FY2024 84.46B JPY. Revenue FY2025 86.83B JPY. Operating income FY2021 30.11B JPY. Operating income FY2022 30.18B JPY. Operating income FY2023 35.05B JPY. Operating income FY2024 35.11B JPY. Operating income FY2025 36.9B JPY. Net income FY2021 25.45B JPY. Net income FY2022 25.88B JPY. Net income FY2023 30.7B JPY. Net income FY2024 30.65B JPY. Net income FY2025 32.09B JPY.
Metric (JPY)FY2025FY2024FY2023FY2022FY2021
Revenue86.83B JPY84.46B JPY83.63B JPY76.54B JPY75.58B JPY
Cost of goods sold35.89B JPY42.69B JPY34.69B JPY32.93B JPY32.08B JPY
Gross profit50.94B JPY41.76B JPY48.94B JPY43.62B JPY43.51B JPY
Selling, general, and administrative7.7B JPY7.62B JPY7.59B JPY7.3B JPY7.3B JPY
Operating expenses14.04B JPY6.65B JPY13.89B JPY13.44B JPY13.39B JPY
Interest income68.42M JPY4.71M JPY1.09M JPY548K JPY654K JPY
Interest expense4B JPY3.57B JPY3.47B JPY3.51B JPY3.74B JPY
Depreciation and amortization16.83B JPY16.78B JPY16.7B JPY16.59B JPY16.32B JPY
Operating income36.9B JPY35.11B JPY35.05B JPY30.18B JPY30.11B JPY
Net income32.09B JPY30.65B JPY30.7B JPY25.88B JPY25.45B JPY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
30%
3 beats, 7 misses, 0 met estimates
Average EPS surprise
-0.56%
10 comparable reports
Latest EPS result
2,874.35
Estimate 2,900 · Miss by 0.88%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates3,915.63,471.873,028.132,584.4Q4 '22BeatQ2 '23MissQ4 '23MissQ2 '24BeatQ4 '24MissQ2 '25MissQ4 '25MissQ2 '26Miss
Q4 2022, reported Oct 18, 2022: actual 2,862.93, estimate 2,824, surprise +1.38%, Beat. Q2 2023, reported Jun 19, 2023: actual 2,958.23, estimate 3,010, surprise -1.72%, Miss. Q4 2023, reported Oct 18, 2023: actual 3,551.67, estimate 3,581.75, surprise -0.84%, Miss. Q2 2024, reported Jun 20, 2024: actual 2,748.2, estimate 2,735, surprise +0.48%, Beat. Q4 2024, reported Oct 17, 2024: actual 3,759.27, estimate 3,765, surprise -0.15%, Miss. Q2 2025, reported Apr 17, 2025: actual 3,434.35, estimate 3,460, surprise -0.74%, Miss. Q4 2025, reported Oct 16, 2025: actual 3,466.19, estimate 3,510, surprise -1.25%, Miss. Q2 2026, reported Apr 21, 2026: actual 2,874.35, estimate 2,900, surprise -0.88%, Miss.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates74.85B60.04B45.23B30.42BQ2 '23BeatQ4 '23No estimateQ2 '24MissQ4 '24BeatQ2 '25BeatQ4 '25MissQ2 '26MissQ4 '26Estimate
Q2 2023, reported Jun 19, 2023: actual 46.58B JPY, estimate 40.1B JPY, surprise +16.17%, Beat. Q4 2023, reported Oct 18, 2023: actual 55.7B JPY, estimate —, surprise —, Comparison unavailable. Q2 2024, reported Jun 20, 2024: actual 39.38B JPY, estimate 39.44B JPY, surprise -0.16%, Miss. Q4 2024, reported Oct 17, 2024: actual 71.78B JPY, estimate 45.17B JPY, surprise +58.92%, Beat. Q2 2025, reported Apr 17, 2025: actual 53.34B JPY, estimate 43.29B JPY, surprise +23.24%, Beat. Q4 2025, reported Oct 16, 2025: actual 33.49B JPY, estimate 43.95B JPY, surprise -23.81%, Miss. Q2 2026, reported Apr 21, 2026: actual 41.19B JPY, estimate 41.48B JPY, surprise -0.71%, Miss. Q4 2026, reported Oct 15, 2026: actual —, estimate 41.92B JPY, surprise —, Comparison unavailable.

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ETFs holding 3462.T

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Total International Stock ETF logoVanguard Total International Stock ETFVXUS
Market value
57.41M
Weight
0.01%
AUM
646.2B USD
Expense ratio
0.05%
Price / 1D
$87.71+0.78%
Vanguard FTSE Developed Markets ETF logoVanguard FTSE Developed Markets ETFVEA
Market value
38.01M
Weight
0.01%
AUM
315B USD
Expense ratio
0.03%
Price / 1D
$73.42+0.80%
iShares Core MSCI EAFE ETF logoiShares Core MSCI EAFE ETFIEFA
Market value
26.29M
Weight
0.01%
AUM
195.14B USD
Expense ratio
0.07%
Price / 1D
$100.85+0.86%
Vanguard Global ex-U.S. Real Estate ETF logoVanguard Global ex-U.S. Real Estate ETFVNQI
Market value
15.08M
Weight
0.38%
AUM
3.9B USD
Expense ratio
0.12%
Price / 1D
$45.71+0.04%
iShares MSCI EAFE Small-Cap ETF logoiShares MSCI EAFE Small-Cap ETFSCZ
Market value
13.38M
Weight
0.10%
AUM
13.28B USD
Expense ratio
0.40%
Price / 1D
$86.60+0.70%
iShares Global REIT ETF logoiShares Global REIT ETFREET
Market value
10.4M
Weight
0.21%
AUM
5.06B USD
Expense ratio
0.14%
Price / 1D
$28.02-0.21%
Vanguard FTSE All-World ex-US ETF logoVanguard FTSE All-World ex-US ETFVEU
Market value
9.1M
Weight
0.01%
AUM
95.9B USD
Expense ratio
0.04%
Price / 1D
$85.69+0.82%
Schwab International Equity ETF logoSchwab International Equity ETFSCHF
Market value
8.64M
Weight
0.01%
AUM
69.7B USD
Expense ratio
0.03%
Price / 1D
$28.46+0.85%

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