FY2023(The Fiscal Year Ending March 31, 2024)

IR Data Book
For details of the "Long-Term Management Plan 2030", which began from April 2020, please see the following link.
https://www.mec.co.jp/en/ir/plan2030/
Definition of Term（Changes from previous versions）“FY2023” means the Group’s fiscal year ended March 31, 2024, and other fiscal years mean in a corresponding manner

Copyright @ MITSUBISHI ESTATE Co., Ltd. All Rights Reserved

Contents

Financial Supplemental Data
Business Overview
Commercial Property Business

03
17
20

Office Buildings

23

Outlet Malls, Retail Properties, Logistics Facilities, Hotels, and Airports

40

Residential Business

50

International Business

56

Investment Management Business

69

Investment/Financial Data, etc.

74

ESG Initiatives

79

Overview of the "Long-Term Management Plan 2030"

85

MITSUBISHI ESTATE CO., LTD.

IR Data Book

2

Financial Supplemental Data

MITSUBISHI ESTATE CO., LTD.

IR Data Book

3

Financial Supplemental Data

1. Summary of Segment Changes
Old Segment

New Segment

Commercial Property Business Group

Commercial Property Business Group

Marunouchi Property Business Group

Residential Business Group

Residential Business GroupInternational Business GroupInternational Business Group

Investment Management Business Group

Investment Management Business Group

Architectural Design & Engineering
Business Group

Architectural Design & Engineering
Business Group

Real Estate Services Business Group

Real Estate Services Business GroupIR Data Book

4

Financial Supplemental Data

2. FY2023 Income Statement Results
Commercial Property Business

FY2023Results
849,771

FY2022
Results
777,424

Residential Business

398,827

346,419

52,407

International Business

173,770

176,130(2,360)Investment Management Business

30,96235,878(4,915)

Architectural Design & Engineering
Business and Real Estate Services Business

73,26560,774

12,491

11,00911,801(792)(32,918)(30,602)(2,316)

1,504,687

1,377,827

126,860

Commercial Property Business

211,795

188,852

22,943

Residential Business

38,88835,037

3,851International Business

51,44889,400(37,952)

Investment Management Business(1,619)8,054(9,673)

9,021

4,176

4,844

Other

(1,577)(2,121)544

Elimination or Corporate(29,328)(26,696)(2,632)

278,627

296,702(18,075)

15,80914,361

1,448

308

260

47

Millions of yen (rounded down)

Other
Elimination
Operating revenue

Architectural Design & Engineering
Business and Real Estate Services Business

Operating profit
Non-operating income(Share of profit of entities accounted forusing equity method)

Change72,34653,27839,244

14,034

241,158

271,819(30,661)

Extraordinary income

45,513

12,22433,288Extraordinary losses

12,13831,141(19,002)

Total income taxes
Profit attributable to non-controllinginterests

98,131

70,63427,496

Non-operating expenses
Ordinary profit

7,968

16,924(8,956)

Profit attributable to owners of parent

168,432

165,343

3,089

Business profits

278,935

296,962

EBITDA

391,625402,221(18,027)(10,596)■ Breakdown of Extraordinary income

Millions of yen (rounded down)

FY2023Results
10,381

FY2022
Results
8,921

Gain on sale of investment securities

30,2803,303

26,977

Gain on amortization of negative
goodwill

4,850

-

4,850

45,513

12,22433,288Gain on sale of non-current assets

Total■ Breakdown of Extraordinary loss
Loss related to retirement of noncurrent assets
Loss on valuation of shares ofsubsidiaries and associates
Impairment losses
Loss on valuation of equity investments
Total

Change1,460

Millions of yen (rounded down)

FY2023Results

FY2022
Results

Change-17,741(17,741)-2,599(2,599)-3,535(3,535)

12,138

7,264

4,874

12,13831,141(19,002)■ Capital Gains(before G&A) included in Operating Profit

Commercial Property BusinessResidential Business
International Business
Total

Millions of yen(rounded off to the nearest billion)

FY2023Results
52,000

FY2022
Results
42,00023,00024,000Change10,000(1,000)32,00061,000(29,000)

107,000

1270,000(20,000)

IR Data Book

5

Financial Supplemental Data

3. FY2023 Income Statement Results (Main factors for increase/decrease)

Millions of yen (rounded down)

FY2023Results

FY2022
Results

ChangeMain factors for increase/decrease

Operating Profit

278,627

296,702(18,075)

Commercial Property Business

211,795

188,852＋22,943

52,00042,000＋10,000

38,88835,037＋3,851 +Increased profit of condominiums business

23,00024,00051,44889,40032,00061,000(1,619)

8,054

9,021

4,176

Other

(1,577)(2,097)＋519

Elimination or Corporate(29,328)(26,696)(2,632)

Capital Gain (before G&A)

Residential Business
Capital Gain (before G&A)

International Business
Capital Gain (before G&A)

Investment Management BusinessArchitectural Design & Engineering
Business and Real Estate Services Business+Strong performance of hotels and commercial properties, increased gain onsale of properties(1,000)(37,952) -The absence of large capital gains recorded in the previous fiscal year
(29,000)-The adjustment of incentive fees (non-cash) reported in the previous fiscal
year+Good performance of Architectural Design & Engineering Business and Real
＋4,844
Estate Services Business(9,673)

IR Data Book

6

Financial Supplemental Data

4. FY2024 Income Statement Forecasts (FY2024 Forecasts vs. FY2023 Results)
Commercial Property Business

FY2024
Forecasts
519,000

FY2023Results
499,138

Marunouchi Property Business

382,000

381,027

973

Residential Business

392,000

398,827(6,827)

International Business

245,000

173,770

71,230Investment Management Business

39,00030,962

8,038

Architectural Design & Engineering
Business and Real Estate Services Business

74,00073,265735

12,00011,009991

Millions of yen (rounded down)<New Segment*>

Other■ Capital Gains included in Operating Profit (before G&A)

Change19,862(67,000)(63,313)(3,687)

1,596,000

1,504,687

91,313

Commercial Property Business

110,000

114,730(4,730)Marunouchi Property Business

90,00097,082(7,082)

Residential Business

40,00038,8881,112International Business

70,00051,44818,552

Investment Management Business

13,000(1,619)14,619Architectural Design & Engineering
Business and Real Estate Services Business

7,000

9,021

(2,021)Elimination
Operating revenue

Other(2,000)(1,577)(423)

Elimination or Corporate(28,000)(29,346)

1,346

300,000

278,627

21,373

12,00015,809(3,809)

300

308

(8)

60,00053,278

6,722

Operating profit
Non-operating income(Share of profit of entities accounted forusing equity method)
Non-operating expenses

252,000

241,158

10,842Extraordinary income / losses

26,00033,374(7,374)

Total income taxes
Profit attributable to noncontrollinginterests

92,00098,131(6,131)

13,000

7,968

5,032

Profit attributable to owners of parent

173,000

168,432

4,568

Business profits

300,300

278,935

21,365

EBITDA

413,600

391,625

21,975

Ordinary profit

Commercial Property Business

FY2024
Forecasts
45,000

FY2023Results

Millions of yen (rounded off
to the nearest billion)

Change52,000(7,000)Residential Business

20,00023,000(3,000)International Business

45,00032,00013,000110,000

107,000

3,000

Total

*From FY2024, the former Commercial Property Business Group is split into the Commercial
Property Business Group and the Marunouchi Property Business Group.

IR Data Book

7

Financial Supplemental Data

5. FY2024 Income Statement Forecasts (Main factors for increase/decrease)

Millions of yen (rounded down)

FY2024
Forecasts

FY2022
Results

ChangeMain factors for increase/decrease＋21,373

Operating Profit

300,000

278,627

Commercial Property Business

110,000

114,730

Capital Gain (before G&A)

45,00052,000Marunouchi Property Business

90,00097,082-Decrease rental profit due to closure of buildings planned for(7,082) redevelopment/property sale, and increase expenses such as applicable
taxes

Residential Business

40,00038,888＋1,112 +Increase profit of condominium business

20,00023,00070,00051,44845,00032,000Investment Management Business

13,000(1,619)Architectural Design & Engineering
Business and Real Estate Services Business

7,000

9,021

(2,021)Other(2,000)(1,577)(422)

Elimination or Corporate(28,000)(29,346)＋1,346

Capital Gain (before G&A)

International Business
Capital Gain (before G&A)

(4,730) -Decrease gain on sale of properties(7,000)(3,000)＋18,552 +Increase gain on sale of properties, increase profit of condominium business＋13,000＋14,619 +Rebound of adjustment of incentive fees

IR Data Book

8

Financial Supplemental Data

6. Balance Sheet
Millions of yen (rounded down)

As ofMar. 31, 2024

As ofMar. 31, 2023

Millions of yen (rounded down)

As ofMar. 31, 2024

Change1,945,088

1,616,602

328,485

Liabilities

Cash and deposits
Trade notes, accounts
receivable and contract assets

273,951

225,01148,93989,17469,987

19,187

Current liabilities
Trade notes and accounts
payableReal estate for sale

53,792

65,252(11,460)

Real estate for sale in progress

453,008

420,956

32,051

719

719

-

Equity investments

962,175

716,416

245,758

Other

112,265

118,256(5,990)Non-current assets
Total property, plant andequipment

5,638,660

5,255,356

383,303

4,597,114

4,416,214

180,900

Total intangible assets

104,743

111,187

Investment securities

434,243

Other
Total assets

Current assets

Real estate for development

As ofMar. 31, 2023

Change4,959,155

4,492,017

467,137

871,447855,337

16,11087,094

66,407

20,687

Short-term borrowings
Current portion of long-termborrowings

231,378

194,881

36,497

93,261

210,087(116,825)

Current portion of bonds payable

81,111

26,63554,476

Other378,601

357,326

21,276

Non-current liabilities

4,087,707

3,636,680

451,027

Bonds payable

799,472

820,584(21,111)Long-term borrowings

1,931,400

1,618,019

313,380(6,444)

Other

1,356,835

1,198,077

158,758

306,352

127,891

Net assets

2,624,593

2,379,941

244,651

502,559

421,60280,956

1,463,054

1,399,299

63,754

7,583,748

6,871,959

711,789

132,469

77,48954,979805,583

680,772

124,811

Share acquisition rights

71

193

(121)

Non-controlling interests

223,414222,187

1,227

Total liabilities and net assets

7,583,748

6,871,959

711,789

Shareholders’ equity
Foreign currency translation
adjustment
Accumulated othercomprehensive income※※Total amount excluding foreign currency translation adjustment

IR Data Book

9

Financial Supplemental Data

7. Assets Breakdown (Consolidated) : As of March 31, 2024
Millions of yen (rounded down)

As of
Mar 31, 2024

As ofMar. 31, 2023

As ofMar. 31, 2024

ChangeInventories
380,572

344,572

36,000

Office Building(Commercial Property Business) *981,816

International

16,15027,611(11,461)

Office Building(Marunouchi Property Business) *2,082,689

5,420

17,697(12,277)

Outlet Mall

-

-

-

Asia

10,730

9,913

817

Other

117,112

121,361

Total inventories

513,834

493,544

EuropeChangeProperty, plant and equipment

Condominium(domestic)
US

As of
Mar. 31, 2023

3,128,790(64,285)

134,625

137,313(2,688)Logistics Facility

186,837

106,355

80,482Retail Property(Except Outlet Mall)

120,264

143,054(22,790)(4,249)Rental Apartment

156,236

146,896

9,340

20,290International

669,789493,339

176,450US362,259

262,495

99,764

Europe279,718

215,741

63,977

Equity investments
Domestic Office Building

72,50056,81015,690Asia

27,811

15,103

12,708Domestic(other)

110,154

80,97529,179Other

264,858

260,4674,391International

779,520

578,630

200,890

Total property, plant and equipment

4,597,114

4,416,214

180,900US

365,304

298,349

66,955

Europe42,62042,957

(337)

Asia

371,595

237,323

134,272

962,175

716,416

245,758

Total equity investments* From FY2024, the former Commercial Property Business Group is split into the Commercial
Property Business Group and the Marunouchi Property Business Group.

IR Data Book

10

Financial Supplemental Data

8. Consolidated Cash FlowMillions of yen (rounded down)①FY2022
Results
Cash Flows From
Operating Activities②FY2023
Results（②－①）

Change③FY2024
Forecasts（③－②）

Change269,914307,249

37,334

279,000(28,249)

Depreciation

93,45998,301

4,841

101,000

2,699

Decrease (Increase) in inventories

7,462

130,702123,240

194,000

63,298(5,399)(184,048)(178,648)(98,000)

86,048(312,046)(362,017)(49,971)(525,000)(162,983)

7,717

41,38833,670(286,523)(451,402)(164,879)(572,000)(120,598)

Cash Flows From
Financing Activities

30,457

100,433

69,976

118,000

17,567

Cash and Cash Equivalents
at End of Period

225,772

275,965

50,192150,000(125,965)

Free Cash Flow

(42,132)(54,768)(12,636)(246,000)(191,232)

Decrease (Increase) in equity
investments

Cash Flows From
Investing Activities
Proceeds from sales ofinvestment securities
Purchase of property, plant andequipment

IR Data Book

11

Financial Supplemental Data

9. Investment Data
Capital Investment
FY2023（Results）
Total
Mitsubishi Estate

Millions of yen (rounded down)

451,402
122,122

FY2024（Forecasts）
Total
Mitsubishi Estate(Breakdown)(Breakdown)

Office Building
New/Redevelopment buildings

Office Building(Marunouchi redevelopment etc.)

Refurbishment cost etc.
Hotel
Retail Property
Logistics Facility
Other(Breakdown)

MEC Group International
Mitsubishi Estate Residence
Mitsubishi Estate Europe
Consolidated SPC(Domestic)
Tokyo Ryutsu Center
Consolidated SPC(International)
Mitsubishi Estate・Simon
Sunshine City
Mitsubishi Estate Hotels & Resorts *2
Marunouchi Hotel

572,000
205,000

Commercial property business

99,00020,232
23,177
12,166
11,485329,279

Marunouchi property business

43,00029,00018,0008,000
296,000

Retail Property
Logistics Facility
Other(Breakdown)

97,74563,51959,31853,117
24,297
11,346
5,858
4,102
3,307
1,582

Tokyo Ryutsu Center

122,000
85,00026,00017,00015,00011,000
5,000
4,000
3,000
2,000
2,000

Strategic investment

71,000

MEC Group International
Mitsubishi Estate Residence
Mitsubishi Estate Europe
Consolidated SPC(International)
Consolidated SPC(Domestic)
Mitsubishi Estate・Simon
Sunshine City
Marunouchi Heat Supply
Mitsubishi Estate Hotels & Resorts *2
Yokohama Sky Building

FY2023（Results）
Total
Mitsubishi Estate(Breakdown)

54,505Hotel

Equity investment*1 Major inter-group transactions are eliminated.
*2 Royal Park Hotels & Resorts Co., Ltd. changed its name to Mitsubishi Estate Hotels & Resorts Co., Ltd. on January 1, 2024.

Millions of yen (rounded down)

291,722
93,688FY2024（Forecasts）
Total
Mitsubishi Estate(Breakdown)

323,000
98,000Logistics Facility

Hotel40,00038,00016,0004,000

Other(Domestic)

41,13531,356
17,476
3,089
630

Other

198,033

Other

80,000International
Logistics Facility
Office Building
Hotel(Breakdown)US
Asia, Oceania

International
Office Building(Breakdown)

103,292
94,427

Asia, Oceania

40,00040,000Strategic investment

145,000

US

IR Data Book

12

Financial Supplemental Data

10. Project Lineup（Commercial Property Business）
Category

Marunouchi

Name (Including tentative)※1

Size※2Uchi-kanda 1-Chome Project

85,200㎡

Torch Tower

553,000㎡

Yurakucho Building・Shin-Yurakucho Building Redevelopment Project
Kokusai Building・Teigeki Building Redevelopment Project※3

Outlet mallToyosu 4-2 Development Project

136,000㎡

GRAND GREEN OSAKA(Umekita Second) (Osaka)

378,450㎡

Nishiki 3-25 Development Project (Nagoya)

109,700㎡★

●★

●
Gradual completion and opening
★

●
★

●

★

●

★

●
★

●

Approx.
\1.3 tn

Under consideration

6,600㎡★

●
Under consideration

245,000㎡

Logicross Zama

178,500㎡★

Large-scale Logicross Sagamihara
Logistics Logicross Osaka Suminoe

170,900㎡

★

●
★

●
●
★

43,500㎡●★

277,000㎡※3

Approx.
\80 bnUnder consideration

46,500㎡

205,000㎡★…Start Construction●
Under consideration★

Tokyo Ryutsu Center Distribution A Building

Misato City Hikoito Project

Forecast NOI (Under Forecast Investment
Stable Operation)
Amount●205,800㎡

34,600㎡

2030

Under consideration

98,600㎡※3

FY2025★

87,100㎡※3

Kyoto Jyoyo Next-generation Core Logistics Facilities Project

FY202474,000㎡

FUKAYA HANAZONO PREMIUM OUTLETS ®
KYOTO JOYO PREMIUM OUTLETS ®

FY20239,400㎡

67,000㎡

D
Mixed use・ Tenjin 1-7 Project (Fukuoka)oOfficeDogenzaka 2-chome South Redevelopment Projectm
SannomiyaKumoi Dori 5-chome Redevelopment Project (Kobe)es
Akasaka 2・6-chome Development Projectt
Iidabashi Station East Redevelopment Projecti
Former Hotel Grand Palace site Redevelopment Projectc

FY2022

10,700㎡※3

Osaka Dojimahama Tower

FY2021●
Under consideration

54,000㎡●…Completion*1 Includes properties expected to be sold by 2030

*2 Total floor area unless otherwise noted.

*3 Site area

IR Data Book

13

Financial Supplemental Data

11. Project Lineup（International Asset Business）
Category

Asia

Name (Including tentative)※1

One City Centre (Thailand・Office, Retail)180 George Street (Australia・Office, Retail)The Grand Outlet East Jakarta（Indonesia・Outlet Mall）
Parkline Place（Australia・Office, Commercial）
Suzhou ALPHA PARK（China・Office）
International Tech Park Chennai Radial Road（India・Mixed use）

Crystal Bridge（Shanghai・Mixed Use）
The Grand Outlet Bali（Indonesia・Outlet Mall）
One Circular Quay（Australia・Hotel etc.）
Oasis Central Sudirman （Indonesia・Mixed use）
Warwick Court（London・Large-scale Renovation）
8 Bishopsgate（London・Office, Commercial）

O
v
e
r
s
e
a
s

US

FY2022116,000㎡※3

59,000㎡
49,000㎡
65,900㎡

★

★

※3

●
●

240,000㎡●

29,000㎡
85,000㎡
11,000㎡
338Unitis
※3
※4

●
●

●

16,700㎡
76,800㎡★
★

39,700㎡
60,800㎡
28,200㎡★

※543,100㎡
23,000㎡
38,500㎡
37,100㎡●★
★

★

51,000㎡

★

★

★
★

●
●

●
●

●

56,000㎡
23,600㎡
61,000㎡●●★

★

42,100㎡

20,400㎡

●

●

●

★

104,600㎡

34,200㎡●★
★

●

94,600㎡●●

10,400㎡
23,000㎡

*3

●

2030

★

★

7,800㎡

31,200㎡●

FY2025★

★

307,000㎡

Grace（Sweden・Large-scale Renovation）
60-72 Upper Ground（London・Office, Commercial）
1 Victoria Street（London・Large-scale Renovation）
125 Shaftesbury Avenue（London・Large-scale Renovation）
55 Paradise （New York・Logistics）
Duncan Logistics（South Carolina・Logistics）
Braselton 85（Georgia・Logistics）
Spotswood（New Jersey・Logistics）
Paradigm RiNo（Colorado・Office）
Spartanburg 221（South Carolina・Logistics）
Virginia Data Center（Buiiding1・Data Center）
Virginia Data Center（Buiiding2・Data Center）
16 Dupont（New York・Rental Apartment）
Vista（Alabama・Rental Apartment）
Surprise Poin（Arizona・Logistics）
600 Fifth Street NW （Washington D.C. ・Office）
Carney's Point（Pennsylvania・Logistics）
25 Commerce（Colorado・Logistics）
Sycamore Hills（Arizona・Logistics）
E 2nd Martin（Colorado・Rental Apartment）
Byberry Logistics （Pennsylvania・Logistics）
336 Craig Road（Nevada・Logistics）
Baseline 152 Arizonat（Arizona・Rental Apartment）●

FY2024★

86,800㎡※3

FY2023★

220,400㎡

48,000㎡

The Blossoms（London・Rental Apartment）★…Start Construction

FY2021

246,300㎡

dMoura1（Spain・Office）

Europe

※2

Size

★
★
★
★

★

★

Forecast NOI (Under Forecast Investment
Stable Operation)
Amount●●●Approx.
\60 bnAround\800 bn

●

●

●
●

●
●

●
●
●

●

●…Completion*1 Includes properties expected to be sold by 2030

*2 Total floor area unless otherwise noted.

*3 Leasable Area

*4 Site Area

*5 Total of two buildings

IR Data Book

14

Financial Supplemental Data

12. Income Generating Assets : Current Status #1
Unrealized gains increased due to the accumulation of assets in each asset types and the completion of new properties.

Income Generating Assets’ Unrealized Gain
（Billions of yen）

Book value

9,000
7,941.1

8,000
7,000

Unrealized gain

8,270.8

8,361.2

8,840.4

8,964.4

9,343.2

2,963.5

3,898.4

4,222.5

4,250.2

4,573.2

4,633.8

4,849.9

4,577
3,935

4,000

3,504

3,000

4,167

3,606

3,241
2,950
2,643

2,500

3,000
3,828.4

3,960.5

4,042.7

4,048.3

4,110.9

4,267.1

4,330.6

4,493.2

2,000
1,500

1,000
0

5,000

3,500

4,000

2,000

Adjusted BPS

4,500

6,791.9

3,422.8

BPS

（Yen）

7,383.4

6,000
5,000

BPS and Adjusted BPS※

1,000
FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

1,148

1,224

1,276

1,296

1,383

1,515

1,664

1,896

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023※ BPS including unrealized gains (after tax)

IR Data Book

15

Financial Supplemental Data

13. Income Generating Assets : Current Status #2

Unrealized Gain Breakdown(FY2023 Results)

Rental Profit(Billion of yen)
190

International
11%

180

(Outside of
Marunouchi)

18%

Marunouchi
Existing Building
20%

Marunouchi
Redevelopedbuilding※

51％

160

180.2

FY2019FY2020

174.8

184.3

183.3
177.5

168.3

170

Domestic

180.5

160.7

150
140
130
120
110
100

※ Redeveloped properties after the completion of Marunouchi Building
Since the fiscal year ended March 2022, the entire TOKYO TORCH PJ has
been counted as a Marunouchi Redeveloped building.

FY2016FY2017FY2018FY2021

FY2022

FY2023

IR Data Book

16

Business Groups and Segments under Long-Term Management Plan 2030

Real Estate Services BusinessNew and Other Businesses

●

●

●

Operation and Management
and Brokerage Businesses
Condominium Sale andLeasing business
Operation and Management
Business
Development and Leasing
Business
Airport Operation Business
Management Business

Outlet Mall Business

Logistics Facility Business

Development Business

Retail Facility Business
Operation andManagement Business
Development andLeasing Business●●●
Non-Asset
Business

International Business●
Domestic AssetBusiness●

Architectural Design & Engineering
Business●
International
Asset Business

Investment Management Business

●
●
●
●

●
●

Business Overview

●

●

Hotel
Business
OfficeBuilding
Business

Residential
Business
Marunouchi
Property
Business
Commercial Property Business

MITSUBISHI ESTATE CO., LTD.

17
IR Data Book

Business Overview

1. Mitsubishi Estate Group’s Business Segments
Commercial Property Business

Marunouchi Property Business

Office Buildings

Retail Properties

Logistics Facilities

Hotels/Airports

Engages in thedevelopment, leasing, andproperty management ofoffice buildings, in major
Japanese cities.

Develops retailproperties and outlet
malls nationwide,
mainly in the major
metropolitan areas.

Development, leasing,and management of the“Logicross” series as afoundation of logistics
facilities.

Undertakes hotel management
nationwide as the Royal Park
Hotels group. Began private
airport management business.

Residential Business
Domestic Residential
Operate residential condominium
business under "The Parkhouse" brandand rental apartments business under"The Parkhabio" brand.

International Business
Undertakes office building development
and leasing businesses in the UnitedStates and the United Kingdom, as wellas projects in Asia and Oceania cities.

Development, leasing, and property
management of mainly office buildings in
Otemachi, Marunouchi, and Yurakucho(DaiMaruYu district). Maximize profits througharea development and area management in
the DaiMaruYu district.

Investment Management
Business

Architectural Design & Engineering andReal Estate Service Business

Provides a wide range ofservices regarding real estate
investment for investors.

Architectural Design & Engineering Business
Mitsubishi Jisho Design Inc. provides
architectural design and engineering servicesof construction and civil engineering.

Real Estate Services Business
Mitsubishi Real Estate Services Co., Ltd. offers
real estate brokerage, parking lot
management support, and other services.

IR Data Book

18

Business Overview

2. Business Scale

Residential
Business
13%

Investment Management BusinessArchitectural Design & Engineering
Business and Real Estate Services
Business, Others
1%

Commercial
Property Business

International
Business
17%

Investment Management
Business

2%

Architectural Design & Engineering
Business and Real Estate Services Business,
Others1%

Residential
Business
13%

Marunouchi
Property Business

37%

34%

Marunouchi
Property Business

32%

International
Business
22%

Commercial
Property Business

Operating Profit

Total Assets

Approx.

Approx.

¥278.6billion

28%¥7,583.7billion※FY2023 Results

IR Data Book

19

Commercial Property Business

MITSUBISHI ESTATE CO., LTD.

IR Data Book

20

Commercial Property Business1. Capital Recycling Business (Capital Gains)
Commercial Property’s
Capital Recycling Asset:

Office 53％¥1.03tnNon-operating
Assets 33％

OperatingAssets

67%

Logistic 1%

NOI Yield

7%* Domestic rental etc. real estate excluding
Marunouchi, outlets and assets owned by apart of consolidated subsidiaries

Hotel 3%As of end of March 2024

Retail 10%

Recent Developed / Developing Projects
FY2023

FY2024FY2025

FY2026FY2027

Total
Investments indeveloping PJ

approx.
¥500bnLogicross Zama
Location: Zama, Kanagawa
Total Floor Area: 178,500㎡
Completion: Nov. 2023

Logicross Sagamihara
Location: Sagamihara, Kanagawa
Total Floor Area: 170,900㎡
Completion: Dec. 2023

Osaka Dojimahama
Tower
Location:
Osaka, Osaka
Total Floor Area:
67,000㎡
Completion:
Apr. 2024(Tentative name)Toyosu 4-2 Development Project
Location: Koto, Tokyo
Total Floor Area: 136,000㎡
Completion: Jun. 2025

(Tentative name)

Tenjin 1-7 Project
Location:
Fukuoka, Fukuoka
Total Floor Area:
74,000㎡
Completion:
Dec. 2026(Tentative name)

Akasaka 2・6-chome
Development Project
Location:
Minato, Tokyo
Total Floor Area:
205,800㎡
Completion: FY2028*Including otherthan on the left

IR Data Book

21

Commercial Property Business

２. Capital Gain* Results
Performance (Major properties sold)Capital Gain by Asset
OfficeLogistics

Hotels and Others

FY 2023 ¥■3rd MINAMI AOYAMAUsage: Office / Total floor area: 14,700㎡(Billions of yen)
60

52.0
42.0

40

32.0
23.0
20

7.0

42.0

6.0

3.0

■Toyosu Foresia (partial ownership)
Usage: Office / Total floor area: 101,500㎡
3rd MINAMI AOYAMAFY202214.0■Logista・Logicross Ibaraki Saito (Buildings A, B)
Usage: Logistics / Total floor area: 139,600㎡
43.0

8.0

35.0

The ARGYLE aoyama(sum of two bldgs.)¥42.0bn

FY202128.0

15.0
FY2019¥42.0bn■the ARGYLE aoyama
Usage: Office / Total floor area: 23,100㎡

8.0

24.0

0

52.0bn■Toyosu Front (partial ownership)
Usage: Office / Total floor area: 107,000㎡
FY2020

FY2021

FY2022

FY2023

Toyosu Front*before G&A

IR Data Book

22

Office Buildings

MITSUBISHI ESTATE CO., LTD.

IR Data Book

23

Office Buildings

1. Marunouchi Area Map

Marunouchi

Yurakucho

Otemachi
12
6
14

7

16

13

15

1

8

5

2

11

9

10

18

4
3

17

IR Data Book24

Office Buildings

2. TOKYO TORCH（Tokyo Tokiwabashi Project）

Torch Tower

61-RF

Observatory

59-60F

Rental Housing

53-58F

Hotel

7-52F

Office

3-6F

Grand Hall

B1-6F

Retail/Park
Tokiwabashi Tower

Tokiwabashi Tower

Torch Tower

Zenigamecho Building

NameTOKYO TORCH（Tokyo Tokiwabashi Project）

Location

Chiyoda,Tokyo and Chuo, Tokyo

Site Area

31,400㎡

Total Floor Area

146,000㎡

553,000㎡

Floor Area Ratio©Mitsubishi Jisho Design Inc.

Building C

20,000㎡

30,000㎡

1,860%

Floors(above ground /below ground)Height

38/5
212m

62/4
385m

- /4

9/3
53m

Construction Begins

Jan. 2018

Sep. 2023

Jan. 2018

Apr. 2017

Expected Completion

Jun. 2021

Map Number

End of March 2028 End of March 2028
(planned)(planned)

Mar. 2022⑰
IR Data Book25

Office Buildings

3. Marunouchi : The Latest Projects

Name

Mizuho Marunouchi Tower・Ginkokaikan・Marunouchi Terrace

Tokiwabashi Tower(Tentative name)
Uchikanda 1-chome Project

Location

Chiyoda, Tokyo

Chiyoda, Tokyo and Chuo, Tokyo

Chiyoda, Tokyo

Site Area

11,200㎡

31,400㎡ (Project Total)

5,100㎡

Total Floor Area

180,900㎡

146,000㎡ (Tokiwabashi Tower)

85,200㎡

Floor Area Ratio

1,300%

1,860% (Project Total)

1,400％

38/5

26/3

Floors(above ground / below ground)Mizuho Marunouchi Tower・Ginkokaikan: 29/4
Marunouchi Terrace: 10/4

Construction Began

Jan. 2018

Jan. 2018

Jul. 2022

Expected Completion

Sep. 2020

Jun. 2021

Jan. 2026⑯⑰⑱

Map Number

IR Data Book

26

Office Buildings

4. Marunouchi : The Redevelopment Buildings #1

Name

Marunouchi Building

The Industry Club of Japan・Mitsubishi UFJ Trust andBanking Building

Marunouchi Kitaguchi
Building(Marunouchi Oazo)

Tokyo Building

Shin-Marunouchi Building

Location

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Site Area

10,000㎡

8,100㎡

23,800㎡

8,100㎡

10,000㎡

Total Floor Area

159,800㎡

109,900㎡

65,600㎡

149,300㎡

195,400㎡

Floor Area Ratio

1,437%

1,234%

1,272%

1,700%

1,760%

Leasable Area

76,200㎡

40,500㎡

53,600㎡

83,400㎡

103,500㎡

37/4

30/4

29/4

33/4

38/4

Completion

Aug. 2002

Feb. 2003

Aug. 2004

Oct. 2005

Apr. 2007

Map Number

①

②

③

④

⑤

Floors(above ground / below ground)(Entire Marunouchi Oazo)

IR Data Book27

Office Buildings

5. Marunouchi : The Redevelopment Buildings #2

Name

JA Building

Keidanren Kaikan

Marunouchi Park
Building

Marunouchi Eiraku
Building

OTEMACHI FINANCIAL CITYOTEMACHI FINANCIAL CITY

Location

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Site Area

13,400㎡ *

13,400㎡ *12,000㎡

8,000㎡

14,100㎡ *14,100㎡ *Total Floor Area

236,000㎡ *

236,000㎡ *

195,600㎡

139,700㎡

109,600㎡

133,200㎡

Floor Area Ratio

1,590% *1,590% *1,565%

1,593%

1,570% *1,570% *Leasable Area

33,100㎡

15,300㎡

117,400㎡

49,600㎡

27,200㎡

59,100㎡

37/3

23/4

34/4

27/4

31/4

35/4

Completion

Apr. 2009

Apr. 2009

Apr. 2009

Jan. 2012

Oct. 2012

Oct. 2012

Map Number

⑥

⑦

⑧

⑨

⑩

⑪

Floors(above ground / below ground)* For total of 3 buildings (Nikkei, JA, and Keidanren)

North Tower

South Tower* For total of 2 buildings (North Tower and South Tower)
IR Data Book28

Office Buildings

6. Marunouchi : The Redevelopment Buildings #3

Name

Otemon Tower・ENEOS
Building

OTEMACHI FINANCIAL CITY
GRAND CUBE

Otemachi Park Building

Marunouchi Nijubashi Building

Location

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Chiyoda, Tokyo

Site Area

6,900㎡

9,800㎡

9,300㎡

9,900㎡

Total Floor Area

107,600㎡

193,600㎡

151,700㎡

174,100㎡

Floor Area Ratio

1,400%

1,650%

1,400%

1,500%

Leasable Area

44,500㎡

131,400㎡

83,000㎡

79,000㎡

22/5

31/4

29/5

30/4

Completion

Nov. 2015

Apr. 2016

Jan. 2017

Oct. 2018

Map Number

⑫

⑬

⑭

⑮

Floors(above ground / below ground)

IR Data Book

29

Office Buildings

7. Pipelines
Marunouchi Area

Tokyo (Outside of Marunouchi)

Osaka Dojimahama
Tower

FY2023(Tentative name)

FY2023
GRAND GREEN OSAKA(Umekita Second Project)

Partial opening： Sep. 2024

FY2024

Total floor area：136,000㎡
Completed：Jun. 2025

(Tentative name)(Tentative name)

Uchikanda 1-Chome Project

Nishiki 3-Chome
25th City Block Project

Total floor area：85,200㎡
Completed：Jan. 2026

(Tentative name)

Project Movie
A short movie
introducing
TOKYO TORCH(Tentative name)

Total floor area：74,000㎡
Completed：Dec. 2026

Kobe Sannomiya
Kumoi-Dori 5-Chome
Redevelopment

Total floor area：98,600㎡
Completed：FY2027(Tentative name)

Akasaka2･6-chome
Development Project

Yurakucho Area Redevelopment

FY2025
Tenjin 1-7 Project

Total floor area：87,100㎡
Completed：Feb.2027

Torch Tower
Total floor area：553,000㎡
Completed：End of Mar. 2028

Total floor area：109,700㎡
Completed：Mar. 2026

Shibuya-ku Dogenzaka
2-Chome Project

https://www.youtube.com/watch?v=stqH3DtOJ1M

FY2027

Total floor area：67,000㎡
Completed：Apr. 2024

Toyosu 4-2
Development Project

FY2024FY2025

Outside of Tokyo

FY2027
GRAND GREEN OSAKA(Umekita Second Project)

Total Completion：FY2027

Total floor area：205,800㎡
Completed：FY2028

IR Data Book30

Office Buildings

8. Earnings Related Data: Total Contracted Floor Space (Consolidated)

0

500

1,277

Marunouchi

Tokyo

1,000

(Outside of Marunouchi)

534

Outside of Tokyo

564

878

370

2,000（thousand ㎡）

406

Total 1,683 th ㎡

Total 1,412 th ㎡

Total 934 th ㎡
Owned

Reference

1,500

Total Contracted Floor
Approx.

4,030 thousand ㎡(as of Mar. 31, 2024)

Subleases

Definitions of term

Total Leasable Area…Leasable area for tenants／Total Contracted Floor Space…Actual leased area to tenants(Total Leasable Area－Vacant area)／Vacancy Rates…Vacant area / Total Leasable Area

IR Data Book

31

Office Buildings

9. Earnings Related Data: Total Leasable Area (Unconsolidated)
Marunouchi/Marunouchi Redevelopment Buildings(Thousand ㎡)

Marunouchi

2,000

Marunouchi Redeveloped Buildings

1,755

1,714
1,614

1,500

1,415
1,281

1,308

1,582

1,605

1,626

1,603

1,571

1,477

1,246

1,000

742
578
417

500

124
0

Reference

04/3

05/3

06/3

1,820

1,745

1,683

1,466

994

259

1,773

1,655

1,140

174

1,751

588

839

843

1,027

1,104 1,105 1,126

1,196 1,186 1,186

828

631

419

259

07/3

08/3

09/3

10/3

11/3

12/3

13/3

14/3

15/3

16/3

17/3

18/3

19/3

20/3

21/3

22/3

23/3

24/3

Definitions of term

Total Leasable Area…Leasable area for tenants／Total Contracted Floor Space…Actual leased area to tenants(Total Leasable Area－Vacant area)／Vacancy Rates…Vacant area / Total Leasable Area
IR Data Book

32

Office Buildings

10. Earnings Related Data: Vacancy Rates
Vacancy Rates (Tokyo Central 5 Wards（Market） vs. Marunouchi Offices & All uses in Japan (Unconsolidated))
Vacancy rate (Market：TC5W)

Vacancy rate (Unconsolidated：Marunouchi offices)

Vacancy rate (Unconsolidated：All uses in Japan)
Mar.2024
Vacancy rate
(Market：TC5W)

5.47%

Vacancy rate
(Unconsolidated：
All uses in Japan)

3.45%

Vacancy rate
(Unconsolidated：
Office in Japan)

3.30%

Vacancy rate
(Unconsolidated：
Marunouchi offices)

2.33%

10.0%
9.19%

9.0%

9.04%
8.56%

8.75%

8.0%
7.0%

6.70%

6.0%

6.05%

6.37%

5.29%

4.0%

3.58%
2.89%

3.0%
2.0%

1.68%

0.0%

2.42%

2.06%
1.09%

1.0%

3.98%

2.26%

3.73%

3.60%

2.80%

2.93%
2.22%

2.42%

2.42%
1.82%

3.33%
2.80%

1.87%
1.65%

1.37%

08/3

09/3

10/3

11/3

12/3

13/3

14/3

15/3

16/3

2.50%

2.19%
1.80%
1.78%

3.29%

2.43%

2.35%

1.50%

3.45%

2.33%

1.07%

Forecast of Vacancy rate
(Unconsolidated：Office in Japan)

About 3.5%
（end of Mar. 2025）

0.69%

0.55% 0.19%
07/3

5.47%

4.34%

4.32%

3.66%

3.40%
2.86%

2.72%

3.58%

5.42%

5.30%

5.0%

6.41%

17/3

18/3

19/3

20/3

21/3

22/3

23/3

24/3

25/3
(F)

Source: Miki Shoji Co., Ltd. and MEC’s property data

IR Data Book

33

Office Buildings

11. Earnings Related Data: Average Rents
Average Rents (All uses & Office in Japan) (Unconsolidated)
All uses in Japan (Unconsolidated)(yen / tsubo-month)

31,030

Office in Japan (Unconsolidated)

30,00029,221

28,00024,86426,00025,234
24,42323,56024,00022,00023,97423,85023,861

23,587

12/3

13/3

14/3

15/3

25,842

26,193

26,702

27,177

27,79329,471

28,22822,602
21,73320,00018,00016,00014,00012,000

07/3

08/3

09/3

10/3

11/3

16/3

17/3

18/3

19/3

20/3

21/3

22/3

23/3

24/3

Source: Miki Shoji Co., Ltd. and MEC’s property data

IR Data Book

34

Office Buildings

12. Office Building Market Data:
12. New Supply of Large-Scale Office Buildings (23 Wards of Tokyo)(Millions of ㎡)

2.5
2.16

Historical average supply
Approx. 1.06 million ㎡/year
1.75(2000-2022)

20.93 million ㎡/year

1.54

1.5

1.41
1.25

1

0.91
0.72

0.5

0

Projected average supply
over the next 5 years

1.79

1.21

1.19

1.17

1.09
0.87

0.86 0.85

0.77
0.65

1.36

1.26

0.58

0.97

0.85
0.69

0.73

0.61
0.48

0.72
0.58

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2024* 2025* 2026* 2027**Forecast

Source: Mori Building (as of May 2023)*Research subject buildings: Buildings with a total office floor area exceeding 10,000㎡

IR Data Book

35

Office Buildings

13. Competitive Edge of Marunouchi: Area/Number of Railway Lines©Open Street Map

2,400m
1,500mMarunouchi
Area

120ha

Railway lines

28 lines

Nihonbashi
Area

76ha

Railway lines

5 lines

Shinagawa
Area

49ha

Railway lines

9 lines

ShibuyaArea

86ha

Railway lines

8 lines

Toranomon
Area

58ha

Railway lines

2 lines

IR Data Book36

Office Buildings

14. Competitive Edge of Marunouchi: Number of Headquarters and Offices(as of January 2024 ）1. Fortune Global 500 company headquarters

3. Number of Companies Listed on the Prime Marketof the Tokyo Stock Exchange

MARUNOUCHI19

NIHONBASHISHINAGAWA

3

2

SHIBUYATORANOMON00

MARUNOUCHI

2. Top 50 company headquarters in terms ofmarket capitalization

MARUNOUCHI15NIHONBASHI

5SHINAGAWA2TORANOMON1SHIBUYA0NIHONBASHI76

SHIBUYA34

TORANOMON

31103 SHINAGAWA

29

4. Foreign financial company offices

MARUNOUCHI74

TORANOMON22NIHONBASHI

18

SHIBUYA

6SHINAGAWA

0

IR Data Book37

Office Buildings

15. Marunouchi Data: Marunouchi Office Tenant Mix (Unconsolidated)
March 2000

1

Type of Business
Manufacturing

2

42.5%

1

Area ratio of Business
FinanceFinance22.2%

2

Manufacturing

22.4%

3

Trading

10.4%

3

Professional Firm

17.5%

4

Information

6.3%

4

Trading

9.5%

5Professional Firm

4.4%

5

Information

9.0%

Others

14.2%

Others18.2%

Contracted area（office）

Area ratio

March 2024

Area ratio

23.4%

Contracted area（office）

Approx. 835 th m2

Approx. 1,478 th m2

Others 18.2%
Manufacturing

Others 14.2％

42.5%

Professional Firm 4.4%
Information 6.3%

Trading 10.4%
Finance 22.2%

Finance
23.4%

March 2000
Contracted area
Approx.
835 th m2

Trading
9.5%

Infromation
9.0%
Professional Firm
17.5%

March 2024
Contracted area

Approx.
1,478 th m2

Manufacturing
22.4%

IR Data Book

38

Office Buildings

16. Marunouchi Data: Approaches for Marunouchi Area Development
Improvement of floor-area-ratio

Relaxation of plot ratio regulations：Special Urban Renaissance Districts

Improving plot ratio in Marunouchi area by reviewing the usearea(June 2004)

Possible to be permitted for relaxation of floor-area ratio regulation
depending on levels of contribution to city regeneration as an exemptionof urban planning

1,000%

1,300%※1,200% for limited areas

Example• International business bases (Global Business Hub Tokyo etc.)• Development of fine urban environment(improvement of water quality of ditch around the Imperial Palace, etc.)• BCP functions (self-reliant electric power, water supply, etc.)

Transfer of plot ratio：Exceptional plot ratio district system

Change of building uses：Consolidation of non-office use

Possible to transfer floor area among
several areas meeting acertain conditions

Possible to consolidate and allocate mandated non-officeuse floor-areas when running several projects simultaneously
Example"Exceptional floor-arearatio district" area

Consolidate office andhotel usages

Non-office ─
Office─

ExampleTransfer unused floor-areaat Tokyo station to otherbuildings around the station

Hotels

Offices

Consolidate non-office use in offices into hotels
to expand office areas in office buildings

IR Data Book

39

Outlet Malls, Retail Properties,
Logistics Facilities, Hotels and Airport Business

MITSUBISHI ESTATE CO., LTD.

IR Data Book40

Outlet Malls

1. Outlet Mall Business #1
Store Area,
Operating Revenue & Operating Profit

Sales-linked & Fixed Rent Ratio(average of all facilities)（Thousand ㎡）
380(Billions of yen ）
60
55

370

50

360

45

350

40

340

35

330

30

320

25

310

20

300

15

290

10

280

FY18

FY19

FY20

FY21

FY22

FY23

Store area

314,600

315,300

345,500

345,500

373,100

373,000

Operating Revenue

46,65946,39340,03044,17751,06957,376

Operating Profit

19,673

18,963

14,61916,78919,25723,013

47%

38%

38%

40%

47%

53%

62%

62%

60%

53%

FY2019FY2020

FY2021

FY2022

FY2023Fixed rent
Sales-linked rent

ROA & Total Assets(Billions of yen)

20%

150

17.3%

15%

12.6%

13.6%

14.7%

16.10%
100

10%

50

5%

0

FY2019FY2020

FY2021

FY2022

FY2023

Total Asset(right axis)
ROA

IR Data Book

41

Outlet Malls

2. Outlet Mall Business #2
Name

Location

Site Area

Total Floor
Area

Store Floor
Area

Numberof Stores

Schedule

GOTEMBA PREMIUM OUTLETS®

Gotemba,
Shizuoka

419,200㎡

70,400㎡

61,300㎡

290

Open: Jul. 2000,
Phase4 expansion: Jun. 2020

RINKU PREMIUM OUTLETS®

Izumisano,Osaka

130,300㎡

64,900㎡

50,200㎡

250

Open: Nov. 2000,
Phase5 expansion: Aug. 2020

SANO PREMIUM OUTLETS®

Sano, Tochigi

174,600㎡

39,900㎡

37,300㎡

180

Open: Mar. 2003,
Phase4 expansion: Jul. 2008

TOSU PREMIUM OUTLETS®

Tosu, Saga

134,200㎡

36,800㎡

31,700㎡

170

Open: Mar. 2004,
Phase4 expansion: Nov. 2019180

Open: Mar. 2005,
Phase4 expansion: Nov. 2014

210

Open: Jul. 2007,
Phase3 expansion: Dec. 2012

TOKI PREMIUM OUTLETS®

Toki, Gifu

KOBE-SANDA PREMIUM OUTLETS®

Kobe, Hyogo

283,700㎡
316,800㎡

41,300㎡
49,600㎡

35,100㎡
42,100㎡

SENDAI-IZUMI PREMIUM OUTLETS®

Sendai, Miyagi

43,700㎡

20,300㎡

15,100㎡

80

Open: Oct. 2008

AMI PREMIUM OUTLETS®

Inashiki, Ibaraki

211,100㎡

34,700㎡

30,600㎡

160

Open: Jul. 2009,
Phase2 expansion in Dec. 2011

SHISUI PREMIUM OUTLETS®

Inba, Chiba

421,000㎡

47,300㎡

42,100㎡

220

Open: Apr. 2013,
Phase3 expansion: Sep. 2018

FUKAYA-HANAZONO PREMIUM
OUTLETS®

Fukaya,Saitama

195,700㎡

34,600㎡

27,500㎡

130

Open: Oct. 2022

(Tentative name) KYOTO JOYOPREMIUM OUTLETS® Project

Joyo, Kyoto

245,000㎡---

Scheduled to open at the same time as the
opening of the neighboring roads.

FUKAYA - HANAZONOPREMIUM OUTLETS®
Sendai-Izumi
FukayaSano
HanazonoAmi
Kyoto Joyo Toki
Shisui
Gotemba
Kobe-Sanda
Rinku
Tosu

GOTEMBA PREMIUM
OUTLETS®

IR Data Book

42

Logistics Facilities

3. Logistics Facility Business #1
Capital Gain on Sales

Completed & Disposed properties(Billions of yen)

14

14

12
10
8

8

6

8

4

7

2
0

3
FY2019LOGIPORT Kawasaki Bay
・Disposed : FY2020

FY2020

FY2021

FY2022

FY2023

Logista・ Logicross Ibaraki Logista・ Logicross Ibaraki
Saito（A Building）
Saito（B Building）
・Disposed : FY2022

・Disposed : FY2022

Total Floor
NOI
Completion Appraisal
Area
Cap Rate

Name

Location

Logicross Atsugi

Atsugi,
Kanagawa

29,900㎡

Mar. 2017

4.5%

Logicross Kobe Sanda

Kobe,
Hyogo

12,900㎡

Jun. 2017

5.1%

Logicross Narashino

Narashino,Chiba

36,400㎡

Mar. 2018

4.2%

Logicross Osaka

Osaka,
Osaka

36,600㎡

Sep. 2018

4.3%

Logicross Nagoya
Kasadera

Nagoya,Aichi

72,400㎡

Jan. 2019

5.0%

LOGIPORT Kawasaki
Bay

Kawasaki,Kanagawa

297,000㎡

May 2019

4.2%

Logicross Yokohama
KohokuYokohama,
Kanagawa

16,400㎡

May 2019

4.1%

Logicross AtsugiⅡ

Atsugi,
Kanagawa

35,100㎡

Jul. 2019

4.4%

Logista・ LogicrossIbaraki,
Ibaraki Saito A Building Osaka

108,500㎡

May 2021

4.2%

Logista・ LogicrossIbaraki,
Ibaraki Saito B Building Osaka

31,100㎡

Apr. 2021

4.3%※Excerpts from major transactions only
※Appraisal NOI Cap Rates are values announced Mitsubishi Estate Logistics REIT Investment Corporation.
（As of August 2023）

IR Data Book

43

Logistics Facilities

4. Logistics Facility Business #2
Completed projects

Total Assets

Name

Assets inOperation

36％
Assets under2
buildings
development64％

8 buildings

Assets underdevelopment

52％

Assets inOperation48％

4 buildings

12 buildings

End of March 2020

End of March 2024

Approx. ¥27bn

Approx. ¥174bn

Total Floor
Area

Location

Completion

Tokyo Ryutsu Center
Distribution A Building

Ota, Tokyo

202,000㎡

Aug. 2023

Logicross Zama

Zama, Kanagawa

178,500㎡

Nov. 2023

Logicross Sagamihara

Sagamihara, Kanagawa

170,900㎡

Dec. 2023

Projects under development
Site
Area

Total Floor Construction
Area
BeginsName

Location(Tentative name) Atsugi
Kamiechi Logistic Facility Plan

Atsugi,
Kanagawa

52,900㎡

29,600㎡

Sep. 2023

Nov. 2024

Logicross Osaka Suminoe

Osaka,
Osaka

21,300㎡

43,500㎡

Oct. 2023

Mar. 2025

Osaka,
Osaka

12,700㎡

21,200㎡ 2024 Autumn

2026 Spring

Misato,Saitama

54,500㎡ 135,000㎡

2024 Winter2026 Summer

Joyo, Kyoto

119,000㎡ 277,000㎡

After 2025

After 2026

(Tentative name) Osaka
Taisho-ku Hirao Refrigerated
Logistic Facility Plan
(Tentative name)
Logicross Misato(Tentative name) Kyoto Joyo
Core Logistics Facility

Completion※Ratio by value※Total fixed assets and equity investment※Excl. Tokyo Ryutsu CenterTokyo Ryutsu Center Distribution A Building
Completion : Aug. 2023

Logicross Sagamihara
Completion : Dec. 2023

IR Data Book

44

Hotels

5. Hotel (Development/Operations) Business #1 (Non-asset Business)
Royal Park Hotels
Number of Rooms

Mitsubishi Estate Hotels & Resorts*
Operating profit（Billions of yen）

（Rooms）

3,399
2,434 2,434

3,815

4,129

4,415

4,916

1.4

2,809

2.1
0.5

0.5
-0.9

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

FY2016FY2017FY2018FY2019-0.6-7.3

FY2020-6.7

FY2021

FY2022

FY2023

Hotels opened in each period

The Royal Park Hotel Iconic
Nagoya

FY2019FY2020

FY2021

FY2022

FY2023

2 bldgs

2 bldgs

2 bldgs

2 bldgs

2 bldgs• Osaka
Kitahama• KobeSannomiya• Kyoto Nijo

• Iconic Kyoto• Osaka
Midosuji• KyotoUmekoji• Sapporo
Odori Park

• Ginza
Corridor• Iconic
Nagoya• Fukuoka
NakasuThe Royal Park Hotel Canvas
Fukuoka Nakasu* Royal Park Hotels & Resorts Co., Ltd. changed its name to Mitsubishi Estate Hotels & Resorts Co., Ltd. on January 1, 2024.

IR Data Book45

Hotels

6. Hotel (Development/Operations) Business #2 (Non-asset Business)
Business Status of Royal Park Hotels and Resorts（yen）
25,000ADR

RevPar

Ocupancy Rate

20,00078.4%

15,000

48.9%

53.1%

78.8%
73.8%

71.3%

90.0%
80.0%

74.1%

65.9%

63.7%
49.5%

74.5%

70.0%

61.1%

60.0%

49.9%

50.0%

42.8%

40.0%

10,000

30.0%

5,000

4.7%

22.4%

20.0%
10.0%
0.0%

0

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

4Q

FY2023

IR Data Book

46

Hotels

7. Hotel (Development/Operations) Business #3
Hotel Management Business （Non-asset Business）
Number of Rooms

Open

Number of Rooms

Open

Royal Park HotelName

Chuo, Tokyo

Location

419

Jun. 1989

The Royal Park Canvas Ginza 8

NameChuo, Tokyo

Location

121

Mar. 2019

Yokohama Royal Park Hotel

Yokohama, Kanagawa

603

Sep. 1993

The Royal Park Canvas Osaka Kitahama

Osaka, Osaka

238

Jun. 2019

Sendai Royal Park Hotel

Sendai, Miyagi

110

Apr. 1995

The Royal Park Hotel Iconic Osaka Midosuji

Osaka, Osaka

352

Mar. 2020

Hotel ATOLLEMERALD Miyakojima

Miyakojima Okinawa

137

May. 1996

The Royal Park Canvas Kobe Sannomiya

Kobe, Hyogo

170

Jan. 2021

The Royal Park Hotel Iconic Tokyo Shiodome

Minato, Tokyo

490

Jul. 2003

The Royal Park Hotel Kyoto Umekoji

Kyoto, Kyoto

246

Mar. 2021

Marunouchi Hotel

Chiyoda, Tokyo

205

Oct. 2004

The Royal Park Canvas Kyoto Nijo

Kyoto, Kyoto

180Jun. 2021

The Royal Park Hotel Fukuoka

Fukuoka, Fukuoka

174

Jul. 2011

The Royal Park Canvas Sapporo Odori Park

Sapporo, Hokkaido

134

Oct. 2021

The Royal Park Hotel Kyoto Sanjo

Kyoto, Kyoto

172

Oct. 2011

The Royal Park Hotel Iconic Kyoto

Kyoto, Kyoto

125

Apr. 2022

The Royal Park Canvas Nagoya

Nagoya, Aichi

153

Nov. 2013

The Royal Park Canvas Ginza Corridor

Chuo, Tokyo

161

Nov. 2022

The Royal Park Hotel Tokyo Haneda

Ota, Tokyo

313

Sep. 2014

The Royal Park Canvas Fukuoka Nakasu

Fukuoka, Fukuoka

255

Aug. 2023

The Royal Park Hotel Kyoto Shijo

Kyoto, Kyoto

127

Apr. 2018

The Royal Park Hotel Iconic Nagoya

Nagoya, Aichi

246

Feb. 2024

The Royal Park Hotel Hiroshima Riverside

Hiroshima, Hiroshima

127

Oct. 2018

Hotel Development Business （Domestic Asset Business）
Name
The Royal Park Hotel Kyoto Shijo (MJ HOTEL Kyoto Shijo)
The Royal Park Hotel Canvas Kobe Sannnomiya(MJ HOTEL Kobe Sannomiya)
The Royal Park Hotel Kyoto Umekoji (MJ HOTEL Kyoto Umekoji)
MIMARU TOKYO ASAKUSA STATION(MJ HOTEL Asakusa Kaminarimon)
The Royal Park Canvas Sapporo Odori Park
(MJ HOTEL Sapporo Odori Park)
Hotel Okura Kyoto Okazaki Bettei (MJ HOTEL Kyoto Okazaki)
Nest Hotel Naha Nishi (MJ HOTEL Naha Nishi)
Sotetsu FRESA INN Sendai (MJ HOTEL Sendai Chuo)
Hilton Okinawa Miyakojima Resort
Rosewood Miyakojima
Canopy by Hilton Okinawa Miyakojima Resort

Numberof Rooms

Construction Begins

Open

Kyoto, Kyoto

127

Jul. 2016

Apr. 2018

Kobe, Hyogo

170

Sep. 2019

Jan. 2021

Kyoto, Kyoto

246

Jun. 2019

Mar. 2021

Taito, Tokyo

51

Dec. 2019

Apr. 2021

Sapporo, Hokkaido

134

Mar. 2020

Oct. 2021

Kyoto, Kyoto
Naha, Okinawa
Sendai, Miyagi
Miyakojima, Okinawa
Miyakojima, Okinawa
Miyakojima, Okinawa

60
143
224
329
55
310

Feb. 2020
Sep. 2020
Oct. 2020Feb. 2021
Mar. 2022
Sep. 2023

Jan. 2022
Mar. 2022
Jul. 2022
Jun. 2023
Autumn 2024
Spring 2026

Location

The Royal Park Canvas Sapporo
Odori Park

Hilton Okinawa Miyakojima Resort

Information Movie

Guidance Video Of Royal Park Hotels

https://www.youtube.com/watch?v=pMD89uhfPbg

IR Data Book

47

Hotels

8. Market Data: Recovery in the number of Visitor Arrivals
Number of Visitor Arrivals（Thousands people）

3,000
Visitor Arrivals

Compared to 2019120%

111.60%

2,500

100%

2,000

80%

1,500

60%

1,000

40%

500

20%

0

Jan. Mar. May Jul. Sep. Nov. Jan. Mar. May Jul. Sep. Nov. Jan. Mar. May Jul. Sep. Nov. Jan. Mar. May Jul. Sep. Nov. Jan. Mar. May Jul. Sep. Nov. Jan. Mar.

2019

2020

2021

2022

2023

0%

2024

Source: JAPAN NATIONAL TOURISM ORGANIZATION

IR Data Book

48

Airport Business

9. Airport BusinessAirport Administration Projects (Operated as Concession)
Project

Owning Entity

Operating Entity

Project
Description

Consortium Corporations

Start Date

Management
PeriodTakamatsu
AirportNational Gov.

Takamatsu Airport
Co., Ltd.

Manage thewhole airport

Mitsubishi Estate, Taisei
Corporation,
Pacific Consultants, etc.

Apr. 201815 years(Max. 50)

Fujisan Shizuoka
AirportShizuokaPrefecture

Mt. Fuji Shizuoka
Airport Co., Ltd.

Manage thewhole airport

Mitsubishi Estate, Tokyu
Corporation, etc.

Apr. 201920 years(Max. 40)

7 airports in
Hokkaido

Government,
Hokkaido,
Asahikawa-city,
Obihiro-city

Hokkaido Airports
Co., Ltd.

Manage thewholeairports

Mitsubishi Estate,
Hokkaido Airport,
Development Bank ofJapan, Tokyu
corporation, etc.

Jun. 2020
onward,sequentially

30 years(4 Airports
operated bycentralgovernment:
33 years)

Future Image of Takamatsu Airport

Maintenance/operation of passenger terminal facilities and accepting private jets
Business target

AirportproviderBusiness entity

Shimojishima Airport

Okinawa
Prefecture

Shimojishima Airport
Management Co., Ltd.

Business description
Terminals Construction andManagement※Runways and other facilities aremanaged by Okinawa Prefecture

Consortium
Corporations

Terminal
Opening

Mitsubishi Estate,
Sojitz, Kokubagumi

Mar. 2019

Future Image of Fujisan Shizuoka Airport

Shimojishima Airport

Shimojishima Airport(Terminal)

IR Data Book

49

Residential Business

MITSUBISHI ESTATE CO., LTD.

IR Data Book

50

Residential Business1. Condominium Business Data #1

FY2022(Results)

FY2023

FY2024(Results)(Forecasts)

Condominiums Sold(millions of yen) ※1

117,792

159,965

156,000

Condominiums Sold
(units)

1,596

2,271

1,750

Gross Margin ※2

26.1%

25.9%

29.0%

Inventory (units)

61

53

-

2,157

2,195

1,550

New Supply of
Condominiums (units)※1 Sales※2 Gross profit

Condominium
contract balance(millions of yen)

230,369

FY2024 share(millions of yen)

128,942= Sales of new condominiums +supplementary revenue relating to condominiums= Sales - COGS (land acquisition and development costs,
building construction costs, etc.)
Gross profit margin= Gross profit ÷ Sales

Land Bank by reporting period
As of End of
March, 2024

6,650

5,550
4,400

Total

16,600 units
FY2024～FY2026
FY2027～FY2029
FY2030～

FY2024 Contract
Progress Rate
Approx.

84.2％

IR Data Book

51

Residential Business

2. Condominium Business Data #2
Scheduled for Major delivery in FY2024
Name (Project Name)

Location

Site Area

Total Units

Scheduled
Delivery

The Parkhouse Marunouchi 3-Chome

Nagoya, Aichi

700㎡

52

Apr. 2024

The Parkhouse Matsudo

Matsudo, Chiba

1,900㎡

107

May 2024

The Parkhouse Togoshikoen Tower

Shinagawa, Tokyo

2,400㎡

241

May 2024

The Parkhouse Kaminoge Terrace

Setagaya, Tokyo

1,200㎡

29

May 2024

The Parkhouse Misato

Misato, Saitama

3,600㎡

196

Jul. 2024

The ParkOne`s Sangenjaya

Setagaya, Tokyo

1,200㎡

63

Sep. 2024

The Parkhouse Takanawa Place

Minato, Tokyo

900㎡

27

Oct. 2024

The Parkhouse Gran Sanbancho26

Chiyoda, Tokyo

1,700㎡

102

Nov. 2024

The ParkOne`s Fukagawa Monzennakacho

Koto, Tokyo

700㎡

47

Jan. 2025

The Parkhouse Danbara

Hiroshima, Hiroshima

1,200㎡

64

Jan. 2025

The Parkhouse Omori Tower

Ota, Tokyo

1,300㎡

104

Feb. 2025

The Parkhouse Hibarigaoka

Nishitokyo, Tokyo

1,000㎡

140

Feb. 2025

The Parkhouse Funabashi Honcho

Funabashi, Chiba

1,500㎡

74

Mar. 2025

The Parkhouse Matsudo Honcho

Matsudo, Chiba

800㎡

45

Mar. 2025

The Parkhouse Todoroki

Setagaya, Tokyo

3,600㎡

39

Mar. 2025

The Parkhouse Ohorisuikei

Fukuoka, Fukuoka

700㎡

30

Mar. 2025

The Parkhouse Hibarigaoka

The Parkhouse Gran Sanbancho26※Entire site

IR Data Book

52

Residential Business3. Condominium Business Data #3
Scheduled for Major delivery in FY2025
Name (Project Name)

Location

Site Area Total Units

Scheduled
Delivery

The Parkhouse Saginuma

Kawasaki, Kanagawa

3,900㎡

105

Apr. 2025

The Parkhouse Yokohama Kounandai

Yokohama, Kanagawa

8,700㎡

163

May 2025(Tentative name) Musashino-shi Nakacho
Sanchome Plan

Musashino, Tokyo

1,700㎡

45

May 2025

The Parkhouse Tomioka Monzennakacho

Koto, Tokyo

500㎡

37

Jun. 2025

The Parkhouse Kamimaezu Front

Nagoya, Aichi

900㎡

90

Jul. 2025(Tentative name) Chuo-ku Nihonbashi
Ningyocho 2-Chome Plan

Chuo, Tokyo

500㎡

45

Sep. 2025

The Parkhouse Chiyoda Rokubancho

Chiyoda, Tokyo

1,500㎡

48

Oct. 2025

The Parkhouse Osaka Umeda Tower

Osaka, Osaka

1,700㎡

173

Nov. 2025

The Parkhouse Miyamaedaira 2-Chome

Kawasaki, Kanagawa

6,400㎡

154

Jan. 2026(Tentative name) Okazaki-shi Hanecho Plan

Okazaki, Aichi

1,200㎡

60

Jan. 2026(Tentative name) Hiroshima-shi Naka-ku
Kaminoboricho 1-Chome Plan

Hiroshima, Hiroshima

800㎡

45

Jan. 2026

The Parkhouse Shiba Onarimon

Minato, Tokyo

600㎡

63

Mar. 2026

4,600㎡

146

Mar. 2026(Tentative name) Kawawacho Station West
Yokohama, Kanagawa
Area Land Readjustment Project D Area Plan

The Parkhouse Osaka Umeda Tower※Entire site

The Parkhouse Miyamaedaira Nichome

IR Data Book

53

Residential Business4. Condominium Market Data
Number of New Supplies/Average Prices (the Greater Tokyo Area)(Average price/Millions of yen)

(Unit)

140,000

Number of new supplies

120,000

Average price

90

81

80
70

100,000

60

80,00050

60,00040

31,000 30

40,00026,88620

20,0000

102001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

0(F)

Source: Real Estate Economic Institute Co., Ltd.

IR Data Book

54

Residential Business

5. Rental apartments businessTotal Assets

Capital Gain on Sale

Rental apartments
Underdevelopment
29%（37 buildings）

In Operation
71%

Other residential property(Billions of yen)

25.0

Assisted living residence, student apartment, etc.

Approx.

¥162 bn

20.0

Under
development
29%

In
operation71%（14 buildings ）（45 buildings）

23.0

FY2022

FY2023

15.0

Approx.

58 bn

10.0

10.0

5.0

(15buildings)

0.0(End of March 2024)* % based on amount

24.0

FY20197.0
FY20205.0
FY2021* Trends in capital gains(before G&A) for Residential Business

Property list (Rental apartments)
Name

Location

Total Units

Completion

The Parkhabio Shin-Koenji

Suginami, Tokyo

58

Oct. 2021

The Parkhabio Koishikawa

Bunkyo, Tokyo

51

Dec. 2021

49
106
81
160
138
112
90
52
47
53
88
59

Jun. 2022
Sep. 2022
Oct. 2022
Jan. 2023
Feb. 2023
Feb. 2023
Feb. 2023
Mar. 2023
Mar. 2023
May 2023
Jun. 2023
Jul. 2023

The Parkhabio SOHO Otemachi
Chiyoda, Tokyo
The Parkhabio Meguro Sakuratei
Shinagawa, Tokyo
The Parkhabio SOHO Yoyogi Koen
Shibuya, Tokyo
The Parkhabio Shibuya Cross
Meguro, Tokyo
The Parkhabio Takinogawa
Kita, Tokyo
The Parkhabio Ebara Nakanobu Ekimae Shinagawa, Tokyo
The Parkhabio Iriya
Taito, Tokyo
The Parkhabio Shimokitazawa
Setagaya, Tokyo
The Parkhabio Motoasakusa Place
Taito, Tokyo
The Parkhabio SOHO Yutenji
Meguro, Tokyo
The Parkhabio Esaka Koen
Suita, Osaka
The Parkhabio Ebaranakanobu Place
Shinagawa, Tokyo

Name

Location

Total Units

Completion

115
86
79

Aug. 2023
Aug. 2023
Aug. 2023

81

Sep. 2023

The Parkhabio Higashi Nagasaki
The Parkhabio Ningyocho Residence
The Parkhabio Gyotoku Ekimae

Nakano, Tokyo
Bunkyo, Tokyo
Suginami, Tokyo
Kawauchi,
SaitamaKoto, Tokyo
Minato, Tokyo
Osaka, Osaka
Itabashi, Tokyo
Toshima, Tokyo
Chuo, Tokyo
Ichikawa, Chiba

The Parkhabio Shin-Sakae

Nagoya, Aichi

52
49
52
107
48
98
141
140

Sep. 2023
Sep. 2023
Sep. 2023
Oct. 2023
Nov. 2023
Jan. 2024
Feb. 2024
Feb. 2024

The Parkhabio Shin-Nakano

Nakano, Tokyo

93

Mar. 2024

The Parkhabio Bunkyo Mejirodai Place Bunkyo, Tokyo

55

Mar. 2024

The Parkhabio Nakano Fujimicho Garden

The Parkhabio Bunkyo Edogawabashi
The Parkhabio Kamikitazawa
The Parkhabio Kawaguchi
The Parkhabio Kameido
The Parkhabio SOHO Minamiaoyama
The Parkhabio Doushin
The Parkhabio Itabashi Kuyakushomae

In addition to the listed above, there are approximately 17 projects in operation and 37 projects under development

The Parkhabio SOHO Yutenji

IR Data Book

55

International Business

MITSUBISHI ESTATE CO., LTD.

IR Data Book

56

International Business1. International Business Strategy
Business Area

Mitsubishi Estate London Limited
LondonRockefeller Group International, Inc.
Mitsubishi Estate New York Inc.

China
Total assets: Approx. 30bn yen

The United Kingdom
Total assets: Approx. 400bn yen

New Jersey
Colorado

Shanghai
Hanoi

Mitsubishi Estate (Shanghai) Ltd.

California

Mitsubishi Estate Taiwan Ltd.
Taipei

YangonChennaiBangkok

Ho Chi Minh City

Mitsubishi Estate Asia Pte. Ltd.

Arizona

Georgia

New York
Washington DC & Maryland
Miami

The United States
Total assets: Approx. 870bn yen

TaiwanTotal assets: Approx. 12bn yen

Jakarta

Mitsubishi Estate Group office and its project locations

Southeast Asia and Oceania
Total assets: Approx. 430bn yen

SydneyMajor Project Locations

BusinessScale※As of End of March 2023

Total Asset

FY’21-FY’23
average

Approx. ¥1.3tn

65.5bnOperating Profit Approx. ¥Total Asset

2030 Target

Approx. ¥1.5tn

Operating Profit

Approx. ¥90.0bn
IR Data Book

57

International Business2. International Asset: Business Strategies
BS / PL Outline
As of the release of
LT Management Plan

Business Profit

Total Assets

Total Assets¥1.3tn¥713.0bn
21%

Area(Mainly Asia)

Assets by AreaUS

¥1.5tn

ROA: Approx. 6%

EuropeAsia

Investment Strategies

Developing countries¥90.0bn
Total Assets
Approx.

¥65.5bn(FY’17-’19 average)

US, Europe, Australia, etc.)

Operating Profit
Approx.

Operating Profit¥30.4bn

Developed countries

Aims to reach 2030 target faster

49%

30%

(FY2018)

Late 2020s

Results over last 3 yrs.
(FY’21-FY’23 average)

Investment Policy• Expands capital recycling assets to ensure constant gains on sales
Active• Actively invests in growing areas and new assets• Earns revenue through Hybrid Model Investment mainly in the US

Diversified
Efficiency-seeking• Selects areas/asset-types by the market and business practices• Grows opportunities through partnering with leading local businesses
IR Data Book

58

International Business3. International Asset: Capital Gain Results
Performance (Major properties sold)Capital Recycling Assets

Book Value of the Overseas Assets*

Book Valueas of Mar. 2024

FY2023

US

44%

Europe

25%

Asia・

31%

Oceania¥1,3tnCapital Gain by Area
(Billions of yen)
60

US

EuropeAsia・Oceania

28.0
20

0

61.0

39.0

40

16.0

29.0

12.0

12.0

FY2019FY202018.0
FY2021

Stateline 77

Location New Jersey
Usage
Logistics
31,000㎡
SizeOver 100％
EIRR

Location South Carolina
Usage
Logistics
93,100㎡
SizeOver 30％
EIRR

Central St. Giles

Hanover

Location London
Usage
Office66,000㎡
SizeOver 10％
EIRR

Location Pennsylvania
Usage
Logistics
42,100㎡
Size
100％
EIRR

FY202132.0

In Europe and other areas ¥61bn

In US logistics, Asia offices etc.¥29bn

Harvill

Capital Place

Location California
Usage
Logistics
31,000㎡
Size
EIRR
Over 100%

Location Hanoi, Vietnam
Usage
Office151,600㎡
Size
EIRR
Over 30%

2.0
5.0

11.0

12.0

Eastampton

FY2022* Sum of Inventory, Equity Investment, and PPE,
excluding CORE Assets (Manhattan) to be held

In US and other areas ¥32bn

22.0

25.0

FY2022

FY2023

IR Data Book

59

International Business4. the U.S./Regional Strategy #1
Advantages※RGII: Rockefeller Group International, Inc.

1. Office Leasing Business

RGII's Development Expertise and Recognition
In its nearly 90-year history, RGII has extensive experience in thedevelopment of large-scale mixed-use projects such as Rockefeller
Center, as well as logistics facilities andresidential properties (condominiums
and rental apartment).

TA Realty's Sourcing Capabilities
Focusing on logistics facilities and rental apartment, we invest in andmanage a wide range of markets throughout the U.S. and contributeto the Group's sourcing efforts. In particular,
TA Realty is top-ranked in the U.S. intransaction value for logistics facilities.

(Income gains)

Income gains from the two
flagship buildings in Manhattan,
New York

1221 Avenue ofthe Americas

1271 Avenue ofthe Americas

2. Development Business (Capital gains)
JV-type development business for offices, logistics, rental
apartment, data centers, etc. in the U.S.
※ Organize SPCs for each PJ (in principle, we take major share and utilize
project loans.).

3. Hybrid Model Investment Business

Strategies

Strengthen capital recycling
business and capitalize on
RGII know-how

Business Models

Hybrid Model Investment Business in Major U.S. Cities

Promote joint
ventures with local
partners

Expected Returnfrom Investment：
IRR 8~10%

The business model combines the strengths of the International Business andInvestment Management Businesses, aiming to expand and diversify the scaleof investments, provide services to third-party investors, and increase
opportunities to earn various fees by introducing third-party investors' funds inaddition to the Company's own funds (see p73 for details).

IR Data Book60

International Business5. the U.S./Regional Strategy #2
Stable income gains from higher occupancy rates & long-term contract
Income gains from of thetwo flagship buildings in NY

Approx. ¥20.0bn

Over10 years
The U.S. /Growing capital gains

Leasable Area

Approx. 244,000㎡

Leasable Area

Approx. 195,000㎡

Completion

1972

Completion

・1959
・Renovated in 2019

The U.S./Asset Balance（Billions of yen）

1%

30

5%

Hybrid Model Investment※
Logistics・Data Center

3%

11%

20

10

12
0

1271 Avenue of the Americas

1221 Avenue of the Americas

Average remaining lease period

FY201912
FY202018

FY202122

FY202225
21%

FY2023¥732bn21%

38%

Fragship Office Buildings in Manhattan
Rental Apartment
Office・Mixed use
Condominiums
Others

38%
21%
21%
11%
5%
3%
1%

Most of the Hybrid Model Investments are inlogistics, data centers, and rental apartment(As of End of March 2024)※The business model aiming to expand and diversify the scale of investments as well as earn various fees by introducing third-party investors' funds in addition to the Company's own funds(see p73 for details).

IR Data Book

61

International Business6. the U.S./Major Projects
The Flagship Office Buildings in NY
Name

Location

1271 Avenue ofthe Americas
1221 Avenue ofthe Americas

Manhattan,
New York
Manhattan,
New York

Site
Area(㎡)

LeasableArea(㎡)

Floors/
Units

Office・Retail8,950

195,000

48

Completed in 1959
Renovated in 2019

Office・Retail

10,000244,000

51

1972

Site
Area(㎡)

LeasableArea(㎡)

Floors/Units

Completion

437,000

16,7001

2023

Main Use

Capital Recycling Assets
Name

Location

Main Use

55 Paradise

Bay Shore,
New York

Logistics

Spotswood

Spotswood,
New Jersey

Logistics

243,000

Port 460

Suffolk,
Virginia

Logistics

983,000*

1

60,8001

224,000-

Completion

Data Center

587,000*

69,000-sol38（Liv Laveen）

Laveen,Arizona

RentalApartment

110,900

29,500360

2023

Patten Gray
（1158 Delaware）

Denver,Colorado

RentalApartment

2,800

28,800250

2024

Rose Hill

Manhattan,
New York

Condominiums

900

13,4001232022

200 East 83rd

Manhattan,
New York

Condominiums

1,000

18,00086

2023

600 Fifth Street NW

Washington,
D.C.

Office4,500

37,00012

2025

Atlanta,Georgia

Office・RentalApartment

60/3572026

Office20,8004,700 Rental
Apartment

DenverIrvine2025 (Bldg. 1,2)2026 (Bldg. 3 )2027 (Bldg. 4,5)2024 (Bldg. 1)
2025 (Bldg. 2)

Loudon,Virginia1072 West Peachtree

Rockefeller Group International, Inc.
Mitsubishi Estate New York Inc.
New York

New Jersey
Washington, D.C.

Annapolis

Virginia
Atlanta

Phoenix

2024

Data Center
Building 1・2

2

NORTH
AMERICA

Miami
Mitsubishi Estate Group office
and its project locations
Major Project Locations

1072
West Peachtree

Rose Hill

600 Fifth Street NW

Port 460

29,900*1 Total site area as all 5 buildings are scheduled to open
*2 Total site area as all 7 buildings are scheduled to open

IR Data Book

62

International Business

7. Europe/Regional Strategy #1
Advantages
Know-how and network based on nearly 40 years ofsuccessful business experience
Our group-led development achievements and know-how in highly
individualized and difficult projects that require administrative
consultations and applications for permits and approvals.

Business Models
1. Office Development

Office development
business in the central
LondonAbundant network of Europa Capital
Established and managed 13 funds since 1995, with a total investment
track record of over 13.4 billion Euros in 21 European countries.
Established relationships with 120+ institutional investors mainly in North
America and Europe.

Strategies
Investment and return that take into account the balance
between stable earnings and higher capital efficiency

Promote development business mainly concluded
large-scale development projects￡

Expected Return from Investment：IRR 8~10%

Warwick Court

8 Bishopsgate（Completion: Jul. 2022） (Completion: Jun. 2023 ）2. Rental Apartment Development
Rental Apartment
Development Business in the
Greater London Area and
Gateway Cities Outside ofLondon3. Property development business

The Blossoms (Morello)(Completion: 2024 ）on the European Continent.

Promote development business of income property on theEuropean Continent. Cooperate with Europa Capital andutilize rich network. Also make hybrid model investments infunds managed by Europa Capital.

IR Data Book

63

International Business

8. Europe/Regional Strategy #2
Office development based on our advantages

High level of capital gains• Local network with nearly 40 years of business experience and strong
relationships with government and partners

FY2019 ¥16.0bn8 Finsbury Circus• Promote large-scale development in prime areas, while the level ofdevelopment difficulty is high, including administrative consulations
and obtaining permits and approvals.

Total Floor
Area
Completion

Approx. 23,000㎡
2016

39.0bnFY2022 ¥Central St. Giles
Total Floor
Area
Completion

Approx. 66,000㎡
2010

Europe/Asset Balance
Hybrid Model Investment※
9%

Warwick Court

8 Bishopsgate
FloorsTotal Floor Area
Completion

51
Approx. 85,000㎡
Jun. 2023• Our share: 100%
• Investment amount: approx. ¥114.0bn• Increase the leasable area by approx.
2.8 times.

FloorsTotal Floor Area
Completion

8
Approx. 29,000㎡
Renovated in Jul. 2022

Rental Apartment
10%• First large-scale renovation PJ in the U.K.
• Increase revenues through renovation• Contract rate: almost 100%

Office・Mixed use¥322.0bn

81%(As of End of March 2024)※The business model aiming to expand and diversify the scale of investments as well as earn various fees by introducing third-party investors' funds in addition to the Company's own funds(see p73 for details).

IR Data Book

64

International Business

9. Europe/Major Projects

Name

LeasableArea(㎡)

Location

Main Use

8 Bishopsgate

London, UK

Office・Retail60-72 Upper Ground

London, UK

Office・Retail

125 Shaftesbury Avenue

London, UK

Office・Retail23,00013

Clive House

London, UK

Office8,000

81930’s31,2009

1960’sPlanned to be
Renovated in
2028

19,0008

2003

53,000To bedetermined

Floors /Units
51

Completion
2023

To be
determined Late 2020’s

Renovated in 2003

London, UK

OfficeWarwick Court

London, UK

Office・Retail245 Hammersmith Road

London, UK

Office・Retail24,00012

2019

The Blossoms（Morello）

London, UK

RentalApartment

24,000338

2024

46 Rue La Boétie

Paris, France

Office

2,535

9

1964

dMoura1(Cristóbal de Moura 121-125)

Barcelona,
Spain

Office11,00010

2023

Grace（Fyrkanten 11）

Stockholm,
SwedenOffice・Retail・
Residence

7,800

8

Renovated in 2024

After renovation

After renovation※

Stockholm

1982
Planned to be
Renovated in 2028

1 Victoria Street※

Warwick Court

Renovated in 2022

Mitsubishi Estate London Limited

LondonParis

Barcelona

EUROPE

Renovated in 2025
Mitsubishi Estate Group office
and its project locations
Major Project Locations

1920

1Victoria Street

IR Data Book

65

International Business

10. Asia/Regional Strategy
Advantages

Business Models

Promote business in 11 countries and regions in Asia and Oceania
Extensive business in Singapore, Vietnam, Thailand, China, etc. Most recently, establisheda branch in Australia in May 2021 and is expanding business in the same area.

1. Development of large-scale mixed-use facilities
In SE Asia & Oceania, participation in joint ventures

Network of MEC Global Partners Asia
Establish and manage funds that invest in a wide variety of real estate, including office,retail, logistics, and residential properties.

Strategies• Accumulate investment balance and establish a portfolio of Capital Recycling
Business• Promote business with the two wheels of development business by Major Shareand partnership-based business• Expected Return from Investment (IRR)：
Developed countries：8～10%／Developing countries：more than 10%• Organization₋ Hands-on Development by expatriate and local staff for major share projects
₋ Collaborate with local partners for minor share projects

Asia/Asset Balance
Hybrid Model
Investment※
9%￥410.0 bn

Condominiums

40%

Offices, Mixed use

36%

Location

Singapore

Main Use

Office・Serviced
Apartment・Retail

Total
Floor Area

One Circular Quay
Location

Sydney, Australia

Main Use

Residence・Hotel ・RetailApprox. 93,400㎡

Total
Floor Area

MEC’s share

10%

MEC’s share

66.7%

Completion

2021

Completion

2027

Approx. 86,800㎡

2. Development of condominiums
Development of Condominiums Business with local partners inAustralia, Thailand, China, and other areas

Others7%

Rental apartments
8%

Capita Spring

One Sydney Harbour

Life Rama 4

Location

Sydney, Australia

Location

Bangkok, Thailand

Floors/Units

R1：72/315
R2：68/322

Units

1,237

MEC’s share

49%

MEC’s share

25%

Completion

2024

Completion2024(As of End of March 2024)※The business model aiming to expand and diversify the scale of investments as well as earn various fees by introducing third-party investors' funds in addition to the Company's own funds(see p73 for details).

IR Data Book

66

International Business

11. Asia/Major Projects
Name

Location

Main Use

Site
LeasableArea(㎡) Area(㎡)Floors / Units Completion

180 George Street

Sydney, Australia

Office・Retail

4,600

55,00055

2022

Parkline Place

Sydney, Australia

Office・Retail

2,500

49,10039

2024

One Circular Quay

Sydney, Australia

Residence・Hotel ・Retail4,100

86,800※1

Residence: 161
Hotel: 220※4

2027

CapitaSpring

Singapore

Office・Serviced
Apartment・Retail

6,100

93,400※1

51

2021

Trinity Tower

Jakarta, Indonesia

Office・Retail16,00075,00050

2021

Oasis Central Sudirman

Jakarta, Indonesia

Mixed Use
Development

33,000307,000※1

Bldg. A: 75
Bldg. B: 65

2028

The Grand Outlet-East Jakarta

Karawang, Indonesia

Outlet mall

26,000150

2023

The Grand Outlet-Kura Kura Bali

Bali, Indonesia

Outlet mall

28,852150

2026

Riverbank PlaceCentral Village 1・2

Ho Chi Minh, Vietnam

Office9,000

One City Centre

Bangkok, Thailand

Office・Retail

Savya Financial CenterNorth Tower

Manila, Philippines

Bander Bukit Raja
Industrial Gateway

88,00047,047

※5
※5

25

2014

※1

1

2022

9,700

61,00061

2023

Office・Retail6,000※2

29,700※1

14

2022

Selangor, Malaysia

Logistics

157,000--

2020(Phase 1)

International Tech Park Chennai
Radial Road

Chennai, India

Office・Retail

52,500240,000

11

2024

ALPHA PARK

Hangzhou, Zhejiang,
China

Office52,500172,300

23

2021

Suzhou Business Park

Jiangsu, Suzhou, China

Office49,600220,400※1

18

2024

Crystal Bridge

Shanghai, China

Office・Retail35,500246,000

5 Buildings

2025

Nangang CITY LINK

Taipei City, Taiwan

Office・Hotel ・Retail

67,000200,000※1-

2015

Taiwan Nangang Yucheng
Project

Taipei City, Taiwan

Office

5,300

-

27

2023

※1 Total Floor Area

※2Total Site Area

Samut Prakan, Thailand Outlet mall

3,200
153,000※3Offices owned by our company are located on the 3rd to 8th floors※360,000※1※4 Number of Rooms※5 Number of Stores

ASIA･
OCEANIA

Beijing
Crystal Bridge
SuzhouMitsubishi Estate(Shanghai) Ltd.
Hangzhou Shanghai
Mitsubishi Estate Taiwan Ltd.
Hanoi
TaipeiChengduYangonChennai

Mitsubishi Estate (Thailand) Co., Ltd.
ManilaBangkok
Ho Chi Minh City
Bandar Bukit Raja
Singapore

Mitsubishi Estate Vietnam Company Ltd.

Mitsubishi Estate Asia Pte. Ltd.

Jakarta

PT. Mitsubishi Estate Indonesia

Oasis Central Sudirman

Melbourne Sydney

180 George Street
Mitsubishi Estate Group office
and its project locations
Major Project Locations

IR Data Book

67

International Business12. Condominium Business in Asia

Major Ongoing ProjectLand Bank of For-Sale Condominiums in Asia
Australia

Malaysia

350 units

Property Name

Vietnam

300 units Others
50 units

350 units

Philippines

Total

400 units

9,300 units

China

950 units

Indonesia※Based on MEC's shares

1,450 units

Thailand

5,450 units※As of End of March 2024

One Sydney Harbour／Australia
Totals Units

R1：315
R2：322

MEC's share

25％

Completion

2024

Life Rama 4／Thailand
Totals Units
MEC's shareCompletion

1,237
49%
2024

Location

Southeast Asia
The Address Siam-Ratchathewi

Bangkok, Thailand

Life Rama 4

Bangkok, Thailand

Life Phahon-Ladprao

Bangkok, Thailand

Aspire Sukhumvit-Rama4

Bangkok, Thailand

Aspire Onnut Station

Bangkok, Thailand

GEMS

Selangor, Malaysia

Oasia(previously L34)

Dong Nai Province, Vietnam

DAISAN

Kota Tngerang, Indonasia

Kizuna Heights

Manila, Philippines

East Asia
Zhongnan・Southern Shore Mansion

Huainan, Anhui, China

Weifeng・Elegant Residence

Changchun, Jilin, China

Weifeng・Sunrise Building

Changchu, Jilin, China

Vanke・Halo Space

Yantai, Shandong, China

Taiwan・De you xiu chuan

Taoyuan, Taiwan

Taiwan・De you zhi ren

New Taipei, Taiwan

Taiwan・Song ping lu PJ

Taipei, Taiwan

Total
units

MEC's
share

Comple
tion

880
1,237
598
1,323
696
676
489
1,780
1,036

49%
49%
49%
49%
49%
45%
49%
49%
40%

2023

1,665
1,016
1,782
1,441
121
81
45

30%
14%
13%
40%
30%
30%
40%

2024
2024
2024
2025
2023
2024
After 2023

2026
2025
After 2023
After 2023

2024
2024
2025
2026

Oceania
One Sydney Harbour R1/R2

Sydney, Australia

R1 : 315 R1 : 25%
R2 : 322 R2 : 25%2024※As of End of March 2024

IR Data Book

68

Investment Management Business

MITSUBISHI ESTATE CO., LTD.

IR Data Book

69

Investment Management Business1. Investment Management Business :Establishing Global Platform across 4 areas - Japan, US, Europe and Asia-PacificUnited States

EuropeTA Realty （North America）

Europa Capital （Europe）
Established in 1995. Based in the U.K., manages funds thatinvest in office, residential, commercial and logistics
properties throughout Europe. With track record of a total
investment of over €13.4 bn in 21 European countries.
Acquired a stake in the company in 2010, making it asubsidiary.

Established in 1982. A leading real estate investment
management company in the U.S. with funds that invest ina diverse range of real estate, including logistics,
residential, office and retail properties in major cities
across the U.S. Acquired in 2015 and became a subsidiary.

Carry out marketing &research andestablish funds worldwide

Provide global opportunities toworldwide investors

Japan

Japan Real Estate Asset Management Co., Ltd.

MEC Global Partners Asia (Asia, Oceania)

Established in 2000. Entrusted with asset
management of "Japan Real Estate Investment
Corporation," the first J-REIT listed in Japan in
September 2001. Mainly invests in office bldgs.

Established in 2017 (name changed
in 2021). Based in Singapore,manages core open-end fund etc.
that invest in pan-Asia.

Mitsubishi Jisho Investment Advisors, Inc.
Established in 2001. Provides a wide range of realestate investment products to institutional investors
in Japan and overseas based on the know-how
and resources accumulated by the Mitsubishi
Estate Group. Manages listed REITs, private REITs,
and private funds.

Asia-PacificGroupwide
Synergy

Mitsubishi Estate Group's network
for investment & development and management & services
IR Data Book70

Investment Management Business2. Investment Management Business : Growing AuM and Operating Profit
AuM has achieved the original target sooner(¥5.7 tn at end of FY2023).
Released new targets of AuM ¥10 tn and operating profit ¥30 bn by end of FY2030.

At end of FY2024(Billions of yen)

Asia and Oceania

Operating Profit（Millions of yen）

300

50,000Europe

JRE

450

1,200
Overseas

Changes in AuM and Operating Profit

Total Appx.

¥5.7 tn

Japan

MJIA

10.0

AuM Domestic
AuM International

9.0

Operating Profit

40,00030,0008.0
7.0

26,537

5.4

1,200

US

5.7

30,0006.0
5.0

20,0002,550

3.6
10,000End of FY 2030

AuM：￥10 tn
OP： ￥30 bn

Mid-2020s￥5 tn achieved
Original target

10.0

AuM
(Trillions of yen）

3.8

4.6

5,966

4.0

8,054

3.0

4,467

2.0

(1,619)

0

1.0
0.0

(10,000)

New target (Released in Mar. 2023)

20/3

21/3

22/3

23/3

24/3

End of FY 2030
(New Target)

Japan: At end of Mar. 2024 Overseas: At end of Dec. 2023

IR Data Book71

Investment Management Business3. Investment Management Business：Changes in Operating Profit

Incentive fee（Billions of yen）

30

Incentive fee

25Base fee

26.5•

For some funds, incentive fees are established in which the management company
receives a portion of the excess over expected returns.

•

Such fees are received near the end of the fund as returns are determined, but inaccounting, the company updates returns as needed using market valuations of realestate and records the fees it expects to earn as operating revenue each period.

•

Although it will contribute fully to operating revenue and operating profit, its
contribution to profit attributable to owners of parent will be limited because a
portion will be posted as profit attributable to noncontrolling interests in the form ofcompensation to the officers and employees of the asset management company.

20

18.5

15
10
5
0

4.4
4.4

5.9
1.6
4.3

8.0

8.0

-1.6

10.2

9.9

Base fee etc.

-2.2

-5

-11.5

-10
-15

AuM

(End of FY)

FY2019FY2020

FY2021

FY2022

FY2023¥3.6tn¥3.7tn¥4.5tn¥5.4tn¥5.7tn•AM fee: fee received over management period, linked with AuM etc.

•

Acquisition fee: fee incurred in acquisition of investment property, linked withacquisition cost•

Disposition fee: fee incurred in sales of investment property, linked with sale value•

Same boat investment dividend: dividend income in case of making a certain
percentage of equity investment to share risk with investors※ Besides same boat investment, Hybrid Model Investment is conducted. Investment Management BusinessGroup acts as the fund manager and solicits funds from third-party investors, while International BusinessGroup also makes investments in a hybrid model investment. See next page for details.

IR Data Book72

Investment Management Business4. Investment Management Business :Synergies with International Business through Hybrid Model Investment
The business model, a fusion of strengths between IM Business G in fund management and International Business G in selffinancing investment, expands mainly into the U.S. as well as Europe and Asia.
Self-financing Model

MEC only to invest
MEC（International Business G）

Hybrid Model

MEC + third-party investors to invest
MEC（International Business G）

Third-party investors
Fee
incomeIncome/Capitalgains etc.
Investment

Dividends andcapital gains etc.

Investment

Dividends andcapital gains etc.

Investment
Service

Limited scale ofinvestment and numberof properties

MEC（Investment Management G)

Enabling investment in more properties

Management Service

Risk dispersion and higher sourcing ability

Gain fee income
IR Data Book73

Investment/Financial Data, etc.

MITSUBISHI ESTATE CO., LTD.

IR Data Book74

Investment/Financial Data, etc.

1. Net Interest-Bearing Debt/EBITDA Ratio, Debt/Equity Ratio（Billions of yen）

（Times）

9

2,700
2,400

7.1

6.6

2,100
1,800

2,353.8

2,196.3

6.6

6.2
2,504.3

2,645.9
2,346.8

2,488.4300
03,150.0
2,862.2

3,008.2
2,720.4

1.33

1.31

1.38

1.18

1.19

1.17

1.18

1.24

Net interest-bearing debt
Debt/EBITDA ratio (right axis)*after hybrid debt deductions

FY2022
Net interest-bearing debt
*after hybrid debt deductions
Debt equality ratio (right axis)

FY20234
3

1.37

FY20217

5

1.36

FY2020

8

6

6.2

900
600

7.3

6.9

6.6

1,500
1,200

7.6

7.3

FY2024(F)2
10Debt/EBITDA ratio (right axis)
Debt equality ratio (right axis)*after hybrid debt deduction

IR Data Book75

Investment/Financial Data, etc.

2. Interest-Bearing Debt Data #1 (Consolidated)
Interest-Bearing Debt Trends

Breakdown of Interest-Bearing Debt *（Billions of yen）

4,000

93.2%

92.4%
83.2%

93.3%

93.2%

86.5%

87.0%

3,000

1.7
50 1.9
100

50

2.0

100

1.5

1.4

100

1,760.5（Floating ¥415.4bn）

YenLong-term

Fixed

100
2,187.5

1,450.7

75%

79.8%

92.6%

85.4%

2,000

Foreign ¥635bn

Short ¥231.3bn

Floating ¥457.6bn

Yen/Foreign Currencies

Long/Short Terms

Fixed/Floating Rates

85.4%
68.5

76.4%

100%

92.6%

(As of end of Mar. 2024)

50%

1,922.9

Fixed ¥2,678.9bn

1,563.2

Yen ¥2,501.5bn

Long ¥2,905.2bn* Excl. CP & Lease liability

25%

1,000

0

250

215

215

577.1

595.7

661.3

215

215

632.2

665.8

20/3

21/3

22/3

23/3

24/3

Total 2,429.8

2,526.1

2,738.6

2,871.6

3,138.1

Straight bondBank LoanCP
Fixed ratio*

Procurement Interest Rates
2%0%

Subordinated bond
Subordinated loan
Lease Obligation
Long-term ratio** Excl. CP & Lease liability

0.98%

1%
0.97%

0%

17/3

1.20%
0.93%

0.87%

0.95%

18/3

19/3

20/3

21/3

0.79%

22/3

0.89%

23/3

24/3
IR Data Book76

Investment/Financial Data, etc.

3. Interest-Bearing Debt Data #2

Procurement Interest Rates/
Average Duration of Interest-Bearing Debt

Amount Scheduled to be Repaid(Unconsolidated)（Billions of yen）

Average Duration ofInterest-Bearing Debt
1.5%

（years）

1,000

12

7.3 years(As of end of Mar. 2024)

800

8.2

8.2

8

600

7.8

1.07%

432.0

1.09%

400

0.91%
0.96%

169.0

200

7.3

226.6

235.0

4

0.78%

146.2

1.02% 1.0%
0.91%

0.80%
0.74%

0.74%

0.63%
0.60%

0

FY2023

FY2024FY2025

FY2026FY2027Long-term Loan

210.0

87.6

136.0

159.7

169.8

Short-term Loan

194.8

0

0

0

0

Corporate Bond

26.6

81.1

10.0

66.7

65.0

Lease liability

0.4

0.3

0.2

0.2

0.1

0

21/3

22/3

23/3

24/3

0.5%

Average duration of interest-bearing debt
Bonds/Average interest
Bank loans/Average interest
Total/Average interest
IR Data Book

77

Investment/Financial Data, etc.

4. Interest-Bearing Debt Data #3 (Reference: Unconsolidated SPV)
Equity investments by MEC

MEC’s share (％)(Billions of yen) *1

Domestic
International

Investment toDevelopment

International
Investment to
Funds

Asia

73
81
95
14
330

Hybrid Model Investment
・Same-Boat Investment

338

Officeother
USEurope(As of end of FY2023)

Approx. 35%
Approx. 90% *2
Approx. 50%
Approx. 50%
Approx. 30%

Interest bearing debt borrowed
by SPV (Billions of yen) *1

63
21 *2
80
0
840

AuM (International)：¥3.3tn*1 Billions of yen (rounded off to the nearest billion)*2 Domestic Same-Boat investment in Investment Management Business, etc. is not listed in the above reference.

Reference : Assets Scale of Unconsolidated SPV
Domestic (Office)
MEC's shareother's share
Interest bearing debt

Domestic (Other)
USInternational
Investment toDevelopment

Europe

131

73

81 10
95
14

63

21
95

80

14

0

200

840

850

330

Asia

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200 (Billions of yen ）* Other’s share is roughly calculated from “Equity investment by MEC” and ”MEC’s share”
IR Data Book78

ESG Initiatives

For details of ESG initiatives in the "Long-term Management Plan 2030“, please refer to the following link.
https://www.mec.co.jp/en/ir/plan2030/
MITSUBISHI ESTATE CO., LTD.

IR Data Book79

ESG Initiatives

1. Materialities / Review Key themes for Sustainability Management

To (1) clarify the relationship between our business and enhancing social value, (2) promote internal understanding of the importance of sustainability
management, and (3) align with the demands and expectations of shareholders and society, we have reviewed our key themes of sustainability issues
by returning to the question “Why are we working on sustainability?”

Materialities・Review Process for Key Themes
STEP

1

STEP

Mapping Out Material Issues
We identified the social issues with a deep relationship to Mitsubishi Estate andmapped and prioritized them along the two axes of “impact on the society
surrounding the Group” and “impact on the Group’s growth” to identify items
assessed as having a particularly large impact on each axis as material issues.

Mitsubishi Estate Group’s Material Issue Matrix
Environment

Very highSocialBiodiversity

Impact on the society surrounding the Group

Waste reduction and circularity
Supply chain (environmental)

Rights of indigenous
peopleChild labor

Occupational health and safety

Forced labor

Urban development andstakeholder DE&I promotion

Harassment
Discrimination

Urban development andthe wellness of people
Contribution to local communities

Governance
Climate change, greenhousegas and embodied carbon
reduction
Low birthrate and aging
population
Quality of products and services
Customer satisfaction
Maintenance and enhancement ofurban functions

Resilience

Supply chain (social)

Innovation
partnership

Poverty issues

Unequal society

Policy interest rate trends

Lifestyle change

Water

Marketing

Increase in business costs(materials, fuel costs, labor
shortages, etc.)

Education

Conflicts

Freedom of association

Impact on the Group’s growthHigh

Very highFoundation of management with two strategic drivers
Corporate governanceCompliance

Organizing material issues into four groups: urban development and services, the global
environment, respect for people, and value creation, and based on the result, “Sustainabilityof the Mitsubishi Estate Group and Society: Four Key Themes” were established.

Classification of Material Issues
Maintenance and enhancement ofurban functions

Capital policy

Sustainability of the Mitsubishi Estate Group and Society:
Four Key Themes

Customer satisfaction

Quality of products andResilience
services
Contribution to local
Lifestyle change
communities
Increase in business costs (materials, fuel costs,
labor shortages, etc.)

Urbandevelopment
and services

Climate change, greenhouse gas and embodied
carbon reduction
Waste reduction and circularity
Supply chain(environmental)

Biodiversity

Low birthrate and aging
population

Supply chain (social)

Urban development andstakeholder DE&I*1 promotion
Urban development and the wellness of people

Freedom of expression

Human resources

2

Identifying Four Key Themes

Occupational healthand safety

Business andhuman rights*2

Innovation

partnership

The global
environment

Respect forpeoplePursue tangible and intangible urban
development for the next generation“Urban areas of choice” that are valued by all generations
and develop organically

Maintain commitment to reducing
environmental impact
持続可能なまちと地球環境の実現

Consider people, empathize with people,
protect people

A society in which diverse people can work and live happily

Create and circulate new value
Value
creation

Anticipating changing times and fostering
affluence and convenience*1 Equity added to the existing diversity and inclusion*2 Encompasses issues including child labor, forced labor, harassment, discrimination, rights of indigenous people

IR Data Book

80

ESG Initiatives

2. Efforts to Improve Social Value
Set new GHG emission reduction targets(Declaration of Net Zero) Substantially accelerated RE100 achievement timeline.

Overview of GHG reduction targets
Meet the 1.5°C scenario of SBTi (The Science Based Targets initiative) and review in accordance with the new net-zero standard announced by SBTi.
Certified as the first company in Japan by SBTi in June 2022.
New Mid- and Long-Term Reduction Targets: relative to base year (FY 2019) emissions

FY2030 Reduce the sum of Scope 1 and 2 by at least 70% andScope 3 by at least 50%.

Breakdown of GHG emissions and major reduction policies (FY2022 Actual)
5.3%
7.3%

2050 Achieving Net Zero.

Scope2：Indirect emissions from the use of electricity, heat, and steam
supplied by other companies”(Reduce Scope 1, 2, and 3 by at least 90%. Neutralize residual emissions*.)

Compliant with new SBT net zero standard (1.5°C scenario)
New Mid- and Long-Term Reduction
Targets / Scope 1, 2

【Emissions】 Use of electricity 【Measures】 Switch to renewable electricity”

New Mid- and Long-Term
Reduction Targets / Scope 3

87.4%

By FY2030※ Calculation: Floor space sold x Emissions per ㎡ in the previous year (Scope 1+2) X 50 years

Reduction within VC

FY2019VC reduction

Over 90%

Neutralization

Less than10%
FY2025

RE100

Aiming toAchieve

FY2025More than 50%

3,560 thousand tons

476 thousand tons

2050 Net Zero

FY2019FY20302050

Neutralization

Scope3：Indirect emissions other than Scope 1 and 2【Emissions】①Future emissions by asset sales※(Approx. 20％, Category 11）②Emissions by capital investment(Approx. 39％, Category 2）【Measures】 ①Reduction through reduction of Scope2②Identification of GHG emissions during the production of construction materials,
and reduction through the use of low-carbon materials”

By FY2030

Reduction within the value chain (VC)

More than 70%

Scope1：Direct emissions by companies themselves【Emissions】 Use of gas 【Measures】 Expectations for new energy and new technologies

2050 Net Zero
VC reduction

Over 90%
Neutralization
Less than10%

FY2030Accelerate introduction of renewableenergy to achieve RE100

Renewable electricity rate and targets• Following Otemachi, Marunouchi, and Yurakucho
areas, switch to renewable energy-derived power for
office buildings and retail properties, owned in Tokyoand Yokohama (including plans).

80%• Aiming to achieve RE100 by FY2025.

20%

60%

Neutralization

51％

40%
0%

2050

100％

100%

31％

1.1%

3.1%

FY2019FY2020 FY2021

FY2022

FY2025(Target)*Emissions that remain unabated within the value chain in the target fiscal year are termed “residual emissions.” The SBTi standard requires neutralizing any residual emissions outside the value chain using forest-absorption
and carbon-removal technologies to counterbalance the impact of these unabated emissions and to achieve net-zero emissions.

IR Data Book

81

ESG Initiatives

3. Corporate Governance (The “G” in ESG) #1
Establish effective governance that ensures long-term enhancement of corporate values.

Corporate Structure

Committee Members• Transitioned to a “Company with Nominating Committee, etc.” in June 2016
• The second independent evaluation of the effectiveness of the Board wasundertaken in 2023, following the first in 2020.

Structure of the Board of Directors (from Jun. 2023)• To increase the proportion of independent outside directors for
management audit and supervision enforcement, the number ofinternal executive directors was reduced in June 2023.
14 directors: 7 company directors and 7 independent outside
directors (10 of which are non-executive directors)• Chairpersons of all committees are independent outside
directors• Remuneration and Nominating Committees comprised ofindependent outside directors only
• With regards to the Audit Committee, two non-executive
internal directors, who are familiar with the company's
business, were appointed to ensure the effectiveness of audits• 5 of 7 independent outside directors are male and 2 are female
Board Structure

From June 29, 2023

Composition of Male/Female
From June 29, 2023

2
4

7

12
3

Company Director (Executive)
Company Director (Non-executive)
Independent/Outside Director (Non-executive)

Male
FemaleNominating Committee
Exclusively
outside directors
Outside Director

Audit Committee
Chairperson is an
outside director
Company Director(Non-executive)

Remuneration Committee
Exclusively
outside directors
Chairperson(Outside director)

IR Data Book82

ESG Initiatives

4. Corporate Governance (The “G” in ESG) #2
Strategic-Holding Stock Policies

The Executive Compensation Plan Aims to AlignShareholders and Executives’ Interests• Sold 23 ※entities (entirely sold 11) with a total
value of approx. ¥63.3 bn in the past five years(FY2019-FY2023)

Composition ofCompensation• Approx. ¥366.5 bn (market value) of listed stock
as of March 31, 2024. Routinely review strategic
objectives and dispose of stocks as necessary

2

4

8

140
130
120
110
100

164

152

148

16

138

22

30

34

41

33

Single-year Performancebased Incentive
30％

Fixed Component

RS Incentive 20％
Variable
portion10%

Fixed
portion10%

PS
Incentive
10％

Variable Component

Restricted Stock Incentives : 20%• Form : Stock• Lock-up period：Up to the time of retirement of a director or officer※The evaluation method for the variable portion is the same as for performance-linked cash compensation.

134

133

129

127

122

90
80

Base Salary40％• Form: Cash
• Calculation: "KPIs" : Business profit, EPS, ROA, ROE etc., of previous year (quantitativeevaluation) as well as levels of contribution to medium- to long-term business results,
efforts in ESGs, and other elements (qualitative evaluation)

170
150

(Expansion of evaluation items linked to LT management plan 2030.）

Single-Year Performance-Based Incentives : 30%

Holdings of Shares Held Strategic Purposes(Total for Listed and Non-Listed Companies)
160

Medium- to Long-term Incentive (30%)

Short-term Incentive(40%)

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Non-new business-related holdings
New business-related holdings※ Stocks of listed companies only. Including partial sale

Phantom Stock Incentives : 10%• Form: Cash
• Performance evaluation period: About 3 years• Calculation: Based on stock price and total shareholder return (TSR) relative to ※peercompanies※Nomura Real Estate Holdings, Inc., Tokyu Fudosan Holdings Corporation, Mitsui Fudosan Co., Ltd., Tokyo
Tatemono Co., Ltd., and Sumitomo Realty & Development Co., Ltd

IR Data Book83

ESG Initiatives

5. External Evaluations
Category

Benchmarks

2020

2021

2022

2023

Remarks

ESG in General

FTSE4Good Global Index

●

●

●

●

22 years in a row

ESG in General

FTSE Blossom Japan Index (Adopted by GPIF)

●

●

●

●

7 years in a row

ESG in General

FTSE Blossom Japan Sector Relative Index (Adopted by GPIF)

ー

ー

●

●

2 years in a row

ESG in General

MSCI Japan ESG Select Leaders Index (Adopted by GPIF)

●

●

●

●

7 years in a row

ESG in General

Dow Jones Sustainability Asia Pacific Index

●

●

●

●

4 years in a row

ESG in General

Member of the "S&P Global Sustainability Yearbook"

●

●

●

●

4 years in a row

ESG in General

SOMPO Sustainability Index

●

●

●

●

12 years in a row

ESG in General

GRESB Public Disclosure

A

A

A

A

7 years in a row

ESG in General

GRESB Standing Investment Benchmark

5 Star

5 Star

5 Star

5 Star

4 years in a row

ESG in General

GRESB Development Benchmark

4 Star

5 Star

4 Star

3 StarE (Environment)

S&P/JPX Carbon Efficient Index (Adopted by GPIF)

●

●

●

●

E (Environment)

CDP Climate Change

A

A-

A

A

E (Environment)

CDP Water Security

―

A-

A-

A

S (Social)

MSCI Japan Empowering Women Select Index (Adopted by GPIF)

●

●

●

●

S (Social)Morningstar Japan ex-REIT Gender Diversity Tilt Index(Adopted by GPIF)

ー

ー

ー

6 years in a row

6 years in a row

●

Newly
established
As of February 2024
― …Not selected

IR Data Book84

Overview of the "Long-Term Management Plan 2030"

For details of the "Long-Term Management Plan 2030", which began from April 2020, please refer to the following link.

https://www.mec.co.jp/en/ir/plan2030/
MITSUBISHI ESTATE CO., LTD.

IR Data Book85

Overview of the "Long-Term Management Plan 2030"

1. Management Plan: Objectives
Mitsubishi Estate Group Sustainability Vision 2050 Be the Ecosystem Engineers※1
Responsibility to the next generation

Return to basics

to operate a responsible business that we can proudly pass on to the next
Basic Continue
generation as a legacy to the future
PolicyResponsibility to the EarthContinue to maintain the health of the global environment for the sustainability of thesocial and business environment

Responsibility as a leading company• Enhance “earning capability” (core competence), the foundational
strength of a real estate business that can adapt to a changing
environment• Ensure asset management in a broad sense

Continue to be a company that is valued and needed by customers, local communities,
and employees

Sustainable growth in social value andshareholder value

Basic Policy

Continue providing social infrastructure
for the next generation

2030 Goals

Four Key Themes for realizing the sustainability ofboth Mitsubishi Estate Group and society① Pursue tangible and intangible urban development for the
next generation② Maintain commitment to reducing environmental impact③ Consider people, empathize with people, protect people④ Create and circulate new value※1 We aspire to be a corporate group (=engineers) that provides
spaces and infrastructure (=ecosystems) where all actors(individuals, corporations, and more) are able to coexist sustainably
and thrive together—economically, environmentally, and socially.
(Announced February 5, 2020)

Two strategic
drivers

Enhancingsocialvalue

Enhancing
Shareholder
value

Basic Policy

Achieve a transformation to a highly-efficientbusiness portfolio that is resilient in changing
market conditions

2030 Goals
ROA

5%

ROE

10%

EPS

200 yenInteraction“Creating a truly meaningful society through urban development,” the mission of the Group,by establishing the sustainability of both the Group growth and society
IR Data Book86

Overview of the "Long-Term Management Plan 2030"

2. Quantitative Target - 2030 Target※Repost from the "Long-Term Management Plan 2030"

2030 Target

※1

ROA※1

ROE

EPS

5％

10％

¥200

ROA ＝ Business Profit※2 / Total Asset (average of opening/closing balances)

Key Assumptions

Profit Growth

Shareholders Returns
Current framework※

Business Profit※2

Approx.

¥350–400 bn※2Business Profit= Operating Income + Equity

in earnings (loss) unconsolidated subsidiaries
and affiliates

Payout ratio：Approx. 30%

Progressive dividend of ¥3 every fiscal year(¥60 or more in FY2030)

Share buybacks

when determined to be an
optimal use of funds

Financial Stability
Maintaincurrent level of credit ratings

Reference

R＆I：AAS＆P：A＋
Moody‘s ：A2※Will adjust to business conditions

IR Data Book87

Overview of the "Long-Term Management Plan 2030"

3. 2030 Targets: Realization Plan (ROA・ROE・EPS)※Repost from the "Long-Term Management Plan 2030"

Total AssetBusiness Profit

Current (FY2019(E))

Business Profit
Total Asset¥230.5 bn

2030 Target¥350-400 bn(EPS: ¥200)＝ ROA 3.9%

With current leverage

ROE

7.8％

Approx. ¥50bn growth from each of: domestic
asset, international asset, non-asset business
Assumption of total asset changes
Flexible capital policy
Optimize investments, assets sales,
shareholder return and financing
according to market conditions(EPS: ¥100.2)¥5.9 tn

Increase of ¥120–170 bn

Approx. ¥7-8 tn

ROA

Expected net increase: ¥1-2 tn
Increase

Net investment: Approx. ¥2–3 tn

Decrease

Depreciation: Approx. ¥1 tn

5%With current leverage

ROE

10％
IR Data Book88

Overview of the "Long-Term Management Plan 2030"

4. Capital Allocation Policy※Repost from the "Long-Term Management Plan 2030"

Cash inCash out

Financialcapacity

Strategic
Allocation• Allocate capitals based on market conditions• Select projects which help to increase shareholder value

investments/
shareholder
return/suppression ofdebt

Capital recycling business expected returns (pre-tax IRR)

Strategic allocation to improve medium- to long-term capital efficiency

Domestic：6～8％
International (developed countries) ：8～10％
International (developing countries) ：10％～※ Expected return from total investment in each business

Cash flowfromoperatingactivities

Plannedinvestment &returnBaseshareholders
returnPlanned projects – return through asset sales (book value)※ Including undetermined projects.

Payout ratio: Approx. 30％※Shareholder return method and scale will be adjustedwith real estate and financial market conditions, stock price, and ROE/EPS

IR Data Book89

Disclaimer
Contact Information
Investor Relations Office,Corporate Communications Department
Mitsubishi Estate Co., LTD.
+81-3-3287-5200

https://www.mec.co.jp/en/

This material is provided for information purposes only. Nothing herein is intended toconstitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any
specific products by Mitsubishi Estate Co., Ltd. (the “Company”)
The contents of this material involve judgements based on the information available to theCompany as of the releasing date. Although the information expressed is obtained orcompiled from sources that the Company believes to be reliable, the Company cannot
and does not guarantee the accuracy, certainty or completeness of the information.
Forward-looking statements contained herein involve known and unknown risks,
uncertainties and other factors that may affect future results or events expressed in thosestatements, and therefore should not be read as a guarantee by the Company that such
results or events will be achieved as stated.
Further, the Company undertakes no obligation to update any of such forward-looking
statements, whether as a result of new information, future events or otherwise. This material
may also be changed or removed without prior notice.
The contents of this material may not be copied, reproduced, or distributed in any way
without prior consent from the Company.