■August 10, 2023

MITSUBISHI ESTATE CO., LTD.

FACT BOOK FY2023-1Q(The Fiscal Year Ending on March 31, 2024)
Definition of Term（Changes from previous versions）“FY2023” refers to the Group’s fiscal year ended March 31, 2024, and other fiscal years are referred to in a corresponding manner.

Inquiries: MITSUBISHI ESTATE CO., LTD.
Investor Relations Office
TEL: +81-3-3287-5200
FAX: +81-3-3212-3757
https://www.mec.co.jp/en/ir/

Page

Ⅰ. Performance Comparisons (Consolidated)

Ⅱ. Investment Data
Ⅲ. Business Data

Ⅳ. Historical Performance Data (Consolidated)

1. Income Statement Results for FY2023-1Q and FY2022-1Q

3

2. Income Statement Progress Against Forecast for FY2023

4

3. Current Income Statement Forecasts for FY2023 and Results for FY2022

5

4. Balance Sheet Results

6

5. Cash Flow Statements

7

1. Investment Data8

2. Assets Breakdown

9

1. Commercial Property Business Operating Revenue Breakdown (Consolidated)

10

2. Office Building Data (Consolidated)

10

3. Office Building Data (Unconsolidated)

10

4. Marunouchi Area Building Data (Unconsolidated)

10

5. Domestic Condominium Business Data11

1. Major Performance Items

12

2. Segment Information (Consolidated)

13

Ⅴ. Mitsubishi Estate Group Companies' Data

14～16

Disclaimer
This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance,
our plans and objectives for future operations and projections of revenue and other financial items.
These predictions are inherently subject to risks and uncertainties, due to unforeseeable events or external factors.
Future events and actual results, financial and otherwise, may differ materially from the events and results expressed
here.

2

Ⅰ. Performance Comparisons (Consolidated)
1. Income Statement Results for FY2023-1Q and FY2022-1Q
Millions of yen (rounded down)【Overview】
There is a decrease in operating revenue and operating profit YoY.
A decline in significant overseas capital gains recorded in FY2022
is a major factor. On the other hand, continuing low vacancy rates
contributes to stable rental profits. There is an increase in profits
YoY in hotels and retail properties due to an improvement inbusiness conditions. Despite a low progress rate overall, with the
expected records of capital gains etc. after 2Q, the performancemakes a steady progress toward achieving the initial forecasts.
Factors affecting individual segments compared with FY2022 aredetailed below.

【Commercial Property Business】
There is an increase in revenue and profits YoY with increases both incapital gains and income gains. Capital gains increased by +¥3.0 billion
YoY. The continuing stable rental profits from existing buildings
contributed to income gains. There is a large increase in profits followedby the improvement of business conditions in hotels and outlet malls.
＜Office Buildings＞
Despite a decrease in rental profits from closed buildings forredevelopment, the continuing low vacancy rates in existing buildings
contributed to an increase in revenue YoY.

FY2022-1Q
Results

Commercial Property Business

190,857

163,826

27,030Gain on sale of non-current assets

-

6,269

Residential Business

51,68963,461(11,772)

Gain on sale of investment securities

2,710

-

2,710

International Business

32,15460,751(28,596)

Total

2,710

6,269

(3,558)FY2023-1Q
Results

FY2022-1Q
Results

Investment Management Business＜Hotels＞
There is an increase in revenue and profits YoY followed by the
improvement of business conditions. The performance is in favorable
progress toward achieving our full-year forecasts.
【Residential Business】
There is a decrease in revenue and profits YoY. Approximately 90% of
the sales scheduled for full-year have already been contracted, and theperformance is in steady progress toward achieving our full-year
forecasts.
【International Business】
There is a decrease in revenue and profits due to a decline of capitalgains associated with the sale of Central St. Giles, an office building in
London, recorded in FY2022.

Change

6,793

9,345

(2,552)

15,554

11,994

3,560

Other

2,216

2,515

(298)

Eliminations(6,800)(6,526)(273)

Architectural Design & Engineering Business and Real Estate Services Business

Operating Revenue

FY2023-1Q
Results

FY2022-1Q
Results

Change(6,269)Millions of yen (rounded down)■Breakdown of Extraordinary losses

Change292,465

305,367(12,902)

Loss related to retirement of non-current assets

-

397

(397)

Commercial Property Business

45,91938,384

7,534

Loss on valuation of investment securities

-

3,152

(3,152)

Residential Business(1,813)

2,576(4,390)

Total

-

3,549

(3,549)International Business

8,860

47,900(39,040)Investment Management Business

1,214

2,675

(1,461)＜Reference＞

Architectural Design & Engineering Business and Real Estate Services Business

1,576

(742)

2,319

■Capital Gains included in Operating profit

Other

(683)

(415)

(267)

Eliminations or Corporate＜Retail Properties (e.g. outlet malls)＞
There is an increase in revenue and profits YoY followed by the
improvement of business conditions. The performance is in steadyprogress toward achieving our full-year forecasts.

Millions of yen (rounded down)■Breakdown of Extraordinary income

FY2023-1Q
Results

Operating Profit
Non-operating income(Share of profit of entities accounted for using equity method)

Non-operating expenses
Ordinary Profit
Extraordinary income
Extraordinary losses
Profit before Income Taxes
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent

Millions of yen (rounded off to the nearest billion)

FY2023-1Q
Results

FY2022-1Q
Results

Change(6,672)(6,860)188

48,40083,518(35,117)

Commercial Property Business

5,000

2,000

3,000

Residential Business

4,000

5,000

(1,000)

6,010

5,547

61

88

462

International Business

6,000

40,000(34,000)(27)

Investment Management Business--

10,780

7,220

3,559

-

Other

-

-

-

43,63081,845(38,215)

Eliminations or Corporate

2,710

6,269

(3,558)

Total*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

-

3,549

(3,549)46,34084,564(38,224)

22,953

18,8204,133＜Reference＞

23,38765,744(42,357)■Business profit

4,118

4,190

(72)

19,26961,553(42,284)

Business profit

-

-

-

15,00047,000(32,000)

Millions of yen (rounded down)

FY2023-1Q
Results

FY2022-1Q
Results

48,462

83,607

Change(35,145)*Business profit: Operating profit + Share of profit of entities accounted for using equity method【Investment Management Business】
There is a decrease in revenue and profits YoY mainly due to a decline ofincentive fees in FY2022.
【Architectural Design & Engineering Business and Real Estate
Services Business】
There is an increase in revenue and profits YoY mainly due to a favorable
performance in the enterprise brokerage business.

3

2. Income Statement Progress Against Forecast for FY2023
Millions of yen (rounded down)

FY2023-1Q
Results

FY2023
Forecasts

Millions of yen (rounded down)■Breakdown of Extraordinary income

Progress
Rate

FY2023-1Q
Results

FY2023
Forecasts

Commercial Property Business

190,857

836,000

22.8%

Gain on sale of non-current assets

Residential Business

51,689381,000

13.5%

Gain on sale of investment securities

2,710International Business

32,154

158,000

20.3%

Total

2,710

Investment Management Business

6,793

43,00015.7%

15,55467,000

23.2%

Other

2,216

11,00020.1%

Eliminations(6,800)(27,000)

25.1%

Architectural Design & Engineering Business and Real Estate Services Business

Operating Revenue-

FY2023-1Q
Results

FY2023
Forecasts

292,465

1,469,000

19.9%

Loss related to retirement of non-current assets-

45,919188,000

24.4%

Loss on valuation of investment securities-

Residential Business(1,813)36,000(5.0%)

Total-

International Business

8,860

54,00016.4%

Investment Management Business

1,214

12,000

10.1%＜Reference＞

Architectural Design & Engineering Business and Real Estate Services Business

1,576

5,000

31.5%

■Capital Gains included in Operating profit

Other

(683)

(1,000)68.3%

Eliminations or Corporate

Non-operating income(Share of profit of entities accounted for using equity method)

Non-operating expenses
Ordinary Profit

Millions of yen (rounded off to the nearest billion)

FY2023-1Q
Results

FY2023
Forecasts

Progress
Rate

22.2%

Commercial Property Business

5,000

45,000

11.1%

18.3%

Residential Business

4,000

19,000

21.0%

6,010

11,00054.6%

International Business

6,000

30,000

20.0%

61

300

20.3%

Investment Management Business

-

-

-

10,78043,000

25.0%

Other

-

-

-

18.8%

Eliminations or Corporate

31,000

8.7%

Total

Extraordinary losses

-

5,000

-

46,340258,000

17.9%

22,95379,00029.0%＜Reference＞

23,387179,000

13.0%■Business profit

4,118

13,00031.6%

19,269166,000

11.6%

Profit Attributable to Owners of Parent-(30,000)

232,000

Profit attributable to non-controlling interests

5,000

264,000

2,710

ProfitProgress
Rate(6,672)

43,630Total income taxes

8.7%

48,400Extraordinary income

Profit before Income Taxes

31,000Millions of yen (rounded down)■Breakdown of Extraordinary losses

Commercial Property Business

Operating Profit

Progress
Rate

-

-

-

15,00094,00015.9%*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Business profit

Millions of yen (rounded down)

FY2023-1Q
Results

FY2023
Forecasts

48,462

264,300

Progress
Rate

18.3%

*Business profit: Operating profit + Share of profit of entities accounted for using equity method

43. Current Income Statement Forecasts for FY2023 and Results for FY2022* There is no change in the FY2023 earnings estimates announced on May 11, 2023.
Millions of yen (rounded down)

FY2022
Results

Commercial Property Business

836,000

777,424

58,576

Gain on sale of non-current assets

Residential Business

381,000

346,419

34,581Gain on sale of investment securities

International Business

158,000

176,130(18,130)

Total

Investment Management Business

43,00035,878

7,122

Architectural Design & Engineering Business and Real Estate Services Business

67,00060,774

6,226

Other

11,00011,801(801)

Eliminations(27,000)(30,602)3,602【Overview】
Despite contributing factors, such as an increase in capital gains in
Commercial Property Business, a recovery of demand in retailproperties and hotels, and an increase in the number of units soldof domestic condominiums, operating profit is expected todecrease compared with FY2022 due to a decrease in overseas
capital gains. On the other hand, the highest record for threeconsecutive years is expected in profit attributable to owners ofparent as a result of improvement in extraordinary income/loss.
Annual dividends per share is expected to be 40 yen (+ 2 yen fromFY2022), a record high for three consecutive years.
Factors affecting individual segments compared with FY2022 aredetailed below.
【Commercial Property Business】
Despite an increase in capital gains and a recovery of demand in retailproperties and hotels, operating profit is expected to remain around thesame level mainly due to a decrease in rental revenue from buildings to
be closed for redevelopment.
＜Office Buildings＞
While high rents and low vacancy rates are expected to remain in existingbuildings, rental revenue from existing buildings being closed forredevelopment is likely to decrease.
＜Retail Properties (e.g. outlet malls)＞
An increase in rental revenue and profits is expected as a result of therelaxing of restrictions.
＜Hotels＞
An improvement in revenue is expected as a result of the relaxing ofrestrictions.
【Residential Business】
Despite a decrease in capital gains from rental apartments etc, operating
profits is expected to remain almost unchanged as a result of an increasein the number of units sold of domestic condominiums.
【International Business】
An overall decrease in revenue and profits is expected due to a decreasein overseas capital gains resulting from the absence of large property
sales recorded in FY2022.
【Investment Management Business】
An overall increase in revenue and profits is expected as a result of anincrease in various fees.

Millions of yen (rounded down)■Breakdown of Extraordinary income

FY2023
Forecasts

Operating Revenue

ChangeFY2023
Forecasts

FY2022
Results

Change8,921
3,303
31,00012,224

Millions of yen (rounded down)■Breakdown of Extraordinary losses

FY2023
Forecasts

FY2022
Results

Change1,469,000

1,377,827

91,173

Loss related to retirement of non-current assets

17,741

Commercial Property Business

188,000

188,852(852)

Loss on valuation of shares of subsidiaries and associates

2,599

Residential Business

36,00035,037963

Impairment losses

3,535International Business

54,00089,400(35,400)

Loss on valuation of equity investments

7,264

Investment Management Business

12,000

8,054

3,946

5,000

4,176

824

Architectural Design & Engineering Business and Real Estate Services Business

Total

Other

(1,000)(2,121)

1,121＜Reference＞

Eliminations or Corporate(30,000)(26,696)(3,304)■Capital Gains included in Operating profit

264,000

296,702(32,702)

11,00014,361(3,361)

300

260

40

Operating Profit
Non-operating income(Share of profit of entities accounted for using equity method)

Non-operating expenses
Ordinary Profit
Extraordinary income
Extraordinary losses
Profit before Income Taxes
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent

18,7765,000

31,141(26,141)

Millions of yen (rounded off to the nearest billion)

FY2023
Forecasts

FY2022
Results

ChangeCommercial Property Business

45,00042,0003,000

Residential Business

19,00024,000(5,000)International Business(31,000)

43,00039,2443,756

30,00061,000232,000

271,819(39,819)

Investment Management Business

-

-

-

31,00012,224

18,776

Other

-

-

-

5,000

31,141(26,141)

258,000

252,902

5,098

Total

*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Eliminations or Corporate

79,00070,634

8,366

179,000

182,268(3,268)13,00016,924(3,924)＜Reference＞

166,000

165,343

657■Business profit
Business profit

-

-

-

94,000127,000(33,000)

Millions of yen (rounded down)

FY2023
Forecasts

FY2022
Results

Change264,300

296,962(32,662)*Business profit: Operating profit + Share of profit of entities accounted for using equity method

54. Balance Sheet Results
Millions of yen (rounded down)

At June 30, 2023 At Mar 31, 2023

Millions of yen (rounded down)

At June 30, 2023 At Mar 31, 2023

ChangeAssetsChangeLiabilities

I. Current assets

I. Current liabilities

1. Cash and deposits
2. Trade notes, accounts receivables, and contract assets
3. Securities

177,010225,011(48,001)

1. Trade notes and accounts payable

51,14066,40757,33869,987(12,648)

2. Short-term borrowings

231,092

194,881

36,211

4,876

3,578

1,298

3. Current portion of long-term borrowings

108,025

210,087(102,061)

4. Real estate for sale

45,01865,252(20,234)

4. Commercial papers

50,000

5. Real estate for sale in process

470,169

420,956

49,212

5. Current portion of bonds payable

6,676

6. Real estate for development
7. Costs on construction contracts in progress

719

719

7,686

5,201

2,485

6. Income taxes payable

12,31523,574(11,258)

301,066

333,752(32,685)

760,318

855,337(95,019)

1,645

1,413

231

9. Equity investments

731,966

716,416

15,550

II. Non-current liabilities

10. Other current assets

92,817

108,723(15,906)

1. Bonds payable

(626)

(659)

32

1,588,622

1,616,602(27,980)

Total current assets
II. Non-current assets
1. Property, plant and equipment(1) Buildings and structures

1,231,637(2) Machinery, equipment and vehicles(3) Land

1,222,991

880,584

820,584

60,0001,685,552

1,618,019

67,533

3. Leasehold and guarantee deposits received

450,931448,4422,488

4. Deferred tax liabilities

309,468

288,861

20,606

2. Long-term borrowings

5. Deferred tax liabilities for land revaluation

264,082

264,082

6. Retirement benefit liability

28,16827,644524

27,66027,909(249)

7. Provision for retirement benefits for directors (and other officers)

435

478

(43)

2,341,056

2,335,460

5,595

8. Provision for environmental measures

259

582

(323)

575,654575,648

6(5) Construction in progress

252,351

228,955

23,396

Total property, plant and equipment

Total current liabilities

8,646(4) Land in trust(6) Other property, plant and equipment

50,000(19,958)

7. Other current liabilities

8. Other inventories

11. Allowance for doubtful accounts

26,635(15,266)

9. Negative goodwill

60,83260,413418

10. Other non-current liabilities

105,011

107,568(2,557)28,39525,2493,145

Total non-current liabilities

3,785,326

3,636,680

148,6464,456,755

4,416,214

40,541

Total liabilities

4,545,644

4,492,017

53,627

2. Intangible assets

Net assets(1) Leasehold interests in land

81,446

81,745(299)

I. Shareholders' equity(2) Other intangible assets

28,95429,441(486)

1. Share capital

142,414

142,414

110,401

111,187(786)

2. Capital surplus

158,088

157,914

1,142,057

1,147,425(5,367)

371,823

306,352

65,471(68,637)(48,454)(20,183)

1,373,922

1,399,299(25,377)

176,913

138,552

38,361299

2,106(1,806)

3. Revaluation reserve for land

526,417

526,417

4. Foreign currency translation adjustment

85,32577,489

5. Remeasurements of defined benefit plans
Total accumulated other comprehensive income

13,028

13,695(667)

801,984

758,261

43,722

Total intangible assets
3. Investments and other assets

3. Retained earnings(1) Investment securities(2) Long-term loans receivable

4. Treasury shares

2,741

2,559

182

(3) Leasehold and guarantee deposits

146,386

144,0702,315(4) Retirement benefit asset

63,20662,528677

1. Valuation difference on available-for-sale securities(5) Deferred tax assets

25,89525,943(48)

2. Deferred gains or losses on hedges(6) Other investments

179,725

187,095(7,369)

(609)

(596)

(13)

(7) Allowance for doubtful accounts

Total assets

Total investments and other assets

789,169

727,954

61,214

Total non-current assets

5,356,326

5,255,356

100,969

6,944,948

6,871,959

72,989Total shareholders' equity

173

II. Accumulated other comprehensive income

7,835

III. Share acquisition rights

168

193

(24)

IV. Non-controlling interests

223,228

222,187

1,041

Total net assets
Total liabilities and net assets

2,399,304

2,379,941

19,362

6,944,948

6,871,959

72,9896

5. Cash Flow Statements
Millions of yen (rounded down)

Profit before income taxes①FY2022-1Q Results②FY2023-1Q Results

Change（②-①）③FY2022 Results④FY2023 (Forecasts)

Change（④-③）

84,564

46,340(38,224)

252,902

258,000

5,098

Adjustment for extraordinary income or loss

(1,837)(1,409)427

13,756(29,000)(42,756)

Depreciation

22,82823,278449

93,45996,0002,541(108,363)(13,847)

94,515

7,462

151,000

143,538

Decrease (increase) in equity investments

41,763(4,135)(45,899)(5,399)(92,000)(86,601)

Other(19,790)

2,772

22,562(27,960)

23,00050,960

Income taxes refund (paid)(36,884)(31,502)

5,382(64,305)(79,000)(14,695)(17,718)

21,496

39,214

269,914

328,000

58,086

122

4,065

3,943

7,717

7,560

14

(7,545)17,047

Capital investment(81,681)(96,672)(14,990)(286,523)(424,000)(137,477)

Other(3,912)(5,690)(1,777)(50,288)

106,000

156,288(77,911)(98,282)(20,371)(312,046)(318,000)(5,954)

Decrease (increase) in inventories

Cash flows from operating activities
Proceeds from sale of investment securities
Proceeds from sales of property, plant and equipment
and beneficial interests in trust of property and equipment

Cash flows from investing activities
Newly acquired funds

48,737136,050

87,312309,326

327,000

17,674

Repayment(82,838)(135,688)(52,849)(175,040)(270,000)(94,960)

Cash dividends paid

(32,971)(30,831)2,140(70,426)(68,000)

2,426

Repurchase and disposal of own shares
Other
Cash flows from financing activities
Cash and cash equivalents at end of period
Free cash flow

(3)

(20,472)(20,468)(45,822)(54,000)(8,178)215,975

80,281(135,694)

12,42023,000

10,580148,898

29,339(119,559)

30,457(42,000)(72,457)

291,986

178,987(112,999)

225,772

190,000(35,772)(95,629)(76,785)

18,843(42,132)

10,00052,1327

Ⅱ. Investment Data
1. Investment Data
Capital investment*

Millions of yen (rounded down)

FY2023-1Q

Equity investment

FY2023 (Forecasts)

Total

96,672

Mitsubishi Estate

36,595

Millions of yen (rounded down)

FY2023-1Q

FY2023 (Forecasts)

Total

424,000

Total

8,791

Total

201,000

Mitsubishi Estate

129,000

Mitsubishi Estate

1,818

Mitsubishi Estate

50,000(Breakdown)(Breakdown)(Breakdown)

Office Building

Office Building

Logistics Facility(Breakdown)
Logistics Facility

27,00058,000

Office Building

20,000

Refurbishment cost etc.

27,000

Other(Domestic)

3,000

8,582

Hotel

18,0002,680

Retail Property

11,000Logistics Facility

1,673

Logistics Facility

9,000

Other

60,076

New/Redevelopment buildings(Marunouchi redevelopment etc.)

14,454

New/Redevelopment buildings(Marunouchi redevelopment etc.)

Refurbishment cost etc.

8,339

Hotel
Retail Property(Breakdown)

Other

250,000(Breakdown)

Other

1,250

6,972

(Breakdown)

Other

101,000(Breakdown)

Mitsubishi Estate Residence

20,516

Mitsubishi Estate Residence

61,000

US

4,735

US

61,000

MEC Group International

13,271MEC Group International

61,000Asia, Oceania

2,237

Asia, Oceania

38,000Consolidated SPC(Domestic)

11,177

Mitsubishi Estate Europe

35,000Europe2,000

Mitsubishi Estate Europe

6,342

Consolidated SPC(Domestic)

30,000Mitsubishi Estate・Simon

3,415

Tokyo Ryutsu Center

28,000Sunshine City

2,528

Sunshine City

10,000Mitsubishi Estate・Simon

6,000Royal Park Hotels & Resorts

3,000

Consolidated SPC(International)

3,000

Marunouchi Heat Supply

1,000

Yokohama Sky Building

1,000

Marunouchi Hotel

1,000

Strategic investment

50,000Japan Regus Holdings

1,000Tokyo Kotsu Kaikan

1,000

Strategic investment

45,000* Major inter-group transactions are eliminated.

8

2. Assets Breakdown
Assets Breakdown (Consolidated)
Millions of yen (rounded down)
At Jun 30, 2023

At Mar 31, 2023

ChangeCondominium (domestic)

373,404

344,572

28,832

International

22,27827,611(5,333)

US

11,897

17,697

Inventories

Europe

-

Asia
Other
Total inventories(5,800)--10,3809,913

467

129,557

121,361

8,196

525,239

493,544

31,695Equity investments
Domestic Office Building

58,27556,8101,465

Domestic (other)

82,00980,975

1,034International

591,682

578,630

13,052

US

304,083

298,349

5,734

Europe44,302

42,957

1,345

Asia
Total equity investments

243,296

237,323

5,973

731,966

716,416

15,550Property, plant and equipment
Office Building

3,121,220

3,128,790(7,570)Outlet Mall

138,463

137,313

1,150

Logistics Facility

117,152

106,355

10,797Retail Property (Except Outlet Mall)

144,241

143,054

1,187

Rental Apartment

156,090

146,896

9,194

International

519,497493,339

26,158US

275,194

262,495

12,699Europe227,902

215,741

12,161
1,298

Asia
Other
Total property, plant and equipment

16,401

15,103260,092

260,467(375)

4,456,755

4,416,214

40,5419

Ⅲ. Business Data
1. Commercial Property Business Operating Revenue Breakdown (Consolidated)*1

Millions of yen (rounded down)

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

FY2023 (Forecasts)

Marunouchi Area Office Building

248,249

256,967

62,950253,525

65,344254,000

Tokyo Area Office Building (Outside of Marunouchi)

140,514

149,361

37,483

145,827

36,154148,000

Office Building (Outside of Tokyo)

59,45760,45015,164

61,914

16,15763,000Outlet Mall

40,02744,164

11,25351,052

13,32657,000

Other*2

36,17535,242

8,722

36,634

9,234

40,000524,423546,186

135,574

548,954

140,216562,000

Sales of assets

52,878

126,878

5,378

105,228

15,475132,000

Other*3

95,13987,59322,873

123,240

35,165142,000

Leasing

Total leasing

Royal Park Hotels and Resorts*4
Total

9,418

12,391

5,695

29,487

9,774-

672,441

760,658

163,826

777,424

190,857

836,000*1 Including revenue from other segments*2 Including independent shopping center, logistics facility, etc.
*3 Including property management, hotel, dividend from unconsolidated SPC (including capital gain through SPC), revenue from flexible workspace business(Japan Regus), etc.
*4 As of April 1, 2022, Royal Park Hotel's management business was transferred to Royal Park Hotels and Resorts thus calculated figures after FY2022 includes figures of Royal Park Hotel.

2. Office Building Data (Consolidated)
Contracted area

(Thousands of square meters)

At Mar 31, 2021

At Mar 31, 2022

At Jun 30, 2022

At Mar 31, 2023

At Jun 30, 2023
4,114

4,147

4,151

4,099

4,006

Owned by MEC

2,543

2,559

2,536

2,490

2,456

Subleases

1,604

1,592

1,563

1,516

1,659

3. Office Building Data (Unconsolidated)(Thousands of square meters ; yen/tsubo.month)

At Mar 31, 2021

At Mar 31, 2022

At Jun 30, 2022

At Mar 31, 2023

At Jun 30, 2023

At Mar 31, 2024
(Forecasts)

Owned by MEC

3,732

3,765

3,767

3,664

3,657

3,583

Subleases

2,259

2,275

2,284

2,141

2,269

2,160

(1) Total operating floor space

Total

5,991

6,040

6,051

5,804

5,926

5,743

(2) Leasable area

3,807

3,834

3,823

3,709

3,790

3,659

(3) Vacancy rate (All uses in Japan* )2.35 ％

3.29 ％

4.24 ％

3.73 ％

3.91 ％

3.5 ％* Including retail area etc. in office building

4. Marunouchi Area Building Data (Unconsolidated)(Thousands of square meters; millions of yen(rounded down))

At Mar 31, 2021

At Mar 31, 2022

At Jun 30, 2022

At Mar 31, 2023

At Jun 30, 2023

Operating floor space

2,952

3,026

3,044

2,920

2,913

Leasable area

1,773

1,820

1,821

1,745

1,734

Office vacancy rate

2.50

3.33 ％

4.30 ％

2.43 ％

Building lease revenue

247,558

256,70762,722

252,486

2.68 ％
65,78310

5. Domestic Condominium Business Data
FY2020

FY2021207,004

216,231

Condominiums sold (units)

3,476

Gross margin*2*3

20.1 ％

Inventory (units)

Condominiums sold (Millions of yen)*1*3

New supply of condominiums (units)
Condominium contract balance (Millions of yen)
The fiscal year share (Millions of yen)
The following fiscal year share (Millions of yen)
The post following fiscal year share (Millions of yen)

FY2022-1Q

FY2022

FY2023-1Q

FY2023 (Forecasts)

16,187

117,792

4,091

160,000

3,046

154

1,596

72

2,200

22.5 ％

25.4 ％

26.1 ％

32.1 ％

213

62

23

61

45

-

2,350

2,131

706

2,157

654

1,700

140,455

100,026

165,088

194,301

244,584

24.0 ％

Contract Progress Rate--

93,463-

142,815

139,475

70,21069,721

125,275

92,70289.2 %-

980

29,816

1,904

69,026

9,067-*1 Sales = Sales of new condominiums + supplementary revenue relating to condominiums*2 Gross profit = Sales - COGS (land acquisition and development costs, building construction costs, etc.)*2 Gross profit margin = Gross profit ÷ Sales*3 From FY2021, the definition of sales has been changed (supplementary revenue relating to condominiums is added), and the changed figures are shown,including the results of previous years.

11

Ⅳ. Historical Performance Data (Consolidated)
1. Major Performance Items

PL

FY2021

FY2022-1Q

FY2022

FY2023-1Q

FY2023 (Forecasts)

Operating revenue

1,207,594

1,349,489

305,367

1,377,827

292,465

1,469,000

Operating profit

224,394

278,977

83,518296,70248,400264,000

Ordinary profit

210,965

253,710

81,845

271,819

43,630232,000

Profit attributable to owners of parent

135,655

155,171

61,553

165,343

19,269166,000

Total assets

6,072,519

6,493,917

6,716,831

6,871,959

6,944,948

7,000,000

Inventories

364,834

347,388462,457

493,544525,239-

4,280,988

4,454,082

4,516,082

4,527,401

4,567,157-

Non-current assets (Property, plant and equipment and Intangible assets)

BSInterest-bearing debt

2,526,142

2,738,632

2,943,947

2,871,677

2,963,507

2,940,000

Net interest-bearing debt

2,353,835

2,504,387

2,651,960

2,645,905

2,784,520

2,750,000

Average interest rate
Shareholders' equity *1
Cash flow from operating activities(Depreciation)
CF

Millions of yen (rounded down)
FY2020Cash flow from investing activities(Capital investment)

0.87 ％

0.77 ％

0.89 ％

2,003,225

2,077,098

2,157,561

207,414280,090(17,718)

89,107

91,581

22,828(297,303)(313,778)

1.06 ％

1.10 ％

2,175,906

2,180,000

269,914

21,496

328,000

93,45923,27896,000(77,911)(312,046)(98,282)(318,000)(319,841)(329,115)(81,681)(286,523)(96,672)(424,000)

Cash flow from financing activities

50,42590,973

148,898

30,45729,339(42,000)

Free cash flow

(89,889)(33,687)(95,629)(42,132)(76,785)

10,000Business profit *2

224,701

279,310

83,607

296,962

48,462

264,300

EBITDA *3

331,821 *4

381,434

110,679 *4

402,22176,795374,500

ROA*5

3.8 ％

4.4 ％

- ％

4.4 ％

- ％

ROE*6

7.6 ％

8.1 ％

- ％

7.9 ％

- ％

Indicator EPS(Yen)

101.34116.4546.54

125.54

14.93

3.8 ％
7.7 ％
130.08Net interest-bearing debt／EBITDA

7.1 times

6.6 times- times

6.6 times- times

7.3 times

After hybrid debt deductions *7

6.6 times

6.2 times- times

6.2 times- times

6.9 times

Debt equity ratio *8
After hybrid debt deductions*7
Interest expenses
Interest coverage ratio (ICR) *9

1.36

1.37

1.42

1.33

1.36

1.35

1.18

1.19

1.25

1.17

1.22

1.19

21,623

20,742

5,445

25,001

7,742

11.2 times

Annual dividends per share(Yen)Dividend payout ratio
Other

0.79 ％

1,851,899

13.9 times

31

36

30.6 ％

30.9 ％- times- ％12.2 times

32,000- times38-

30.3 ％- ％8.5 times
40
30.8 ％

Current value of Income generating assets

8,361,217

8,840,420-

8,964,491--

Income generating assets unrealized gain

4,250,222

4,573,290-

4,633,863--

Exchange average rate(¥/$）/PL

106.77109.91116.34131.63132.42128.00Exchange average rate(¥/£）/PL

137.01151.18155.96162.00160.97156.00Exchange current rate(¥/$）/BS

103.50115.02

122.39132.70133.53128.00Exchange current rate(¥/£）/BS

139.82

155.24160.89160.00165.56156.00*1 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*2 Business profit = Operating profit + Share of profit of entities accounted for using equity method*3 EBITDA = Operating income + Interest income + Dividend income + Share of profit of entities accounted for using equity method + Depreciation + Amortization of goodwill*4 Depreciation for FY2020 = Total of Depreciation － Depreciation included in Loss on infectious disease (1,976 millions of yen)
*5 ROA = Business profit / Total assets (average）*6 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*7 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.
*8 Debt equity ratio = Interest-bearing debt / Shareholders' equity*9 ICR = (Operating profit + Interest income + Dividend income + Share of profit of entities accounted for using equity method) / Interest expense

122. Segment Information (Consolidated)

Operatingrevenue

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

Millions of yen (rounded down)
FY2023 (Forecasts)

Commercial Property Business

672,441

760,658

163,826

777,424

190,857

836,000

Residential Business

362,755

380,959

63,461

346,419

51,689381,000

International Business

114,457

121,234

60,751

176,130

32,154

158,000

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

22,19946,702

9,345

35,8786,793

43,00056,06457,78011,99460,774

15,55467,000

9,055

10,1342,515

11,801

2,216

11,000Eliminations or Corporate(29,378)(27,979)(6,526)(30,602)(6,800)(27,000)

1,207,594

1,349,489

305,367

1,377,827

292,465

1,469,000

Commercial Property Business

180,775

189,90938,384

188,852

45,919188,000

Residential Business

24,06830,173

2,576

35,037(1,813)36,000International Business

37,93255,81647,90089,4008,860

54,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

5,966

26,537

2,675

8,054

1,214

12,000

959

2,802

(742)

4,176

1,576

5,000

(1,089)(1,683)(415)(2,121)(683)(1,000)Total

OperatingprofitBusiness profit*

Depreciation

Amortization of
goodwill

Eliminations or Corporate(24,219)(24,578)(6,860)(26,696)(6,672)(30,000)

Total

224,394

278,977

83,518296,70248,400264,000

Commercial Property Business

181,084

190,211

38,466

189,089

45,979188,300

Residential Business

24,06630,2042,584

35,059(1,811)

36,000International Business

37,93255,81647,90089,4008,860

54,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

5,966

26,537

2,675

8,054

1,214

12,000

959

2,802

(742)

4,176

1,576

5,000

(1,089)(1,683)(415)(2,121)(683)(1,000)Eliminations or Corporate(24,219)(24,578)(6,860)(26,696)(6,672)(30,000)

Total

224,701

279,310

83,607

296,962

48,462

264,300

Commercial Property Business

71,71373,315

17,981

72,181

18,150-Residential Business

4,120

4,570

1,160

4,993

1,334

-

International Business

8,599

8,460

2,358

10,4102,306-Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

1,359

1,681

384

1,837

433

-

909

894

239

981

212

-

130

147

32

147

37

-

Eliminations or Corporate

2,274

2,510

671

2,907

803

-

Total

89,107

91,581

22,82893,45923,27896,000Commercial Property Business

75

75

18

75

489

-

Residential Business

358

358

89

358

89

-

International Business

64

67

0

217

0

-

2,146

1,665

446

2,140

238

-

377

377

94

377

94

-

-

-

-

-

-

-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

-

-

-

-

3,022

2,544

650

3,170

913

5,800

Commercial Property Business

193,938

167,689

56,330134,406

55,215-Residential Business

72,62951,998

12,17957,943

20,834-

International Business

47,713

113,403

13,767

93,953

20,173

-

54

938

6

334

148

-

454

653

127

332

57

-

321

51

126

794

104

-

4,729

(5,620)(857)(1,241)

138-

Eliminations or Corporate
Total

Capitalinvestment

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
OthersEliminations or Corporate

319,841

329,115

81,681

286,523

96,672424,000

4,167,287

4,273,287

4,257,593

4,434,331

4,393,742-

Residential Business

673,344666,928

775,672

834,751

835,037-

International Business

929,869

1,130,973

1,222,983

1,270,849

1,311,302-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

77,586108,984

117,650

112,590

112,201-

56,06757,75953,543

61,22558,347-25,36725,35225,653

27,59915,979-Eliminations or Corporate

142,995

230,630

263,734

130,610

218,337-

6,072,519

6,493,917

6,716,831

6,871,959

6,944,948

7,000,000

Total
Commercial Property BusinessTotal assets

Total*Business profit: Operating profit + Share of profit of entities accounted for using equity method

13

Ⅴ. Mitsubishi Estate Group Companies' Data
Millions of yen (rounded down)
Mitsubishi Estate Co., Ltd.
FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

Operating revenue

542,646567,286

120,610523,275

162,863

Operating profit

138,571

120,792

21,714

94,201

49,691

Ordinary profit

158,345

128,934

47,305

107,856

79,287

Net income

110,616

93,61244,51967,40866,994

Total assets

4,936,321

5,079,089

5,261,441

5,326,049

5,423,828

51,45553,442

13,24453,46013,443

FY2022-1Q

FY2022

FY2023-1Q

Depreciation
Mitsubishi Jisho Property Management Co., Ltd.*FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％100.00 ％100.00 ％100.00 ％Operating revenue

83,247

95,773

22,953105,060

24,816

Operating profit

5,757

5,570

747

6,167

1,245

Ordinary profit

5,757

5,528

749

6,144

1,243

Net income

3,978

3,781

508

4,207

999

Total assets

82,44895,08685,596

103,521

92,416

Depreciation

209

224

53

325

71

Number of management properties

197

218

-

214

-

- ㎡

9,429,319 ㎡- ㎡

Management area
Marunouchi Heat Supply Co., Ltd.

8,963,474 ㎡

10,053,028 ㎡

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

Share of voting rights

65.59 ％

65.59 ％

65.59 ％

65.59 ％

65.59 ％

Operating revenue

15,694

16,836

4,085

19,262

4,171

Operating profit

1,771

1,340

338

1,781

325

Ordinary profit

1,615

1,204

347

1,723

258

Net income

995

989

238

1,095

176

Total assets

41,92340,541

39,33339,24237,897

3,594

3,750

876

3,564

820

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

Depreciation
Sunshine City Corporation
Share of voting rights

63.20 ％

63.20 ％

63.20 ％

63.20 ％

63.20 ％

Operating revenue

24,07924,8096,614

27,132

7,412

Operating profit

5,194

4,492

1,569

5,701

1,995

Ordinary profit

4,344

3,637

1,632

4,571

2,003

Net income

2,085

2,544

1,130

3,159

1,390

Total assets

104,830

106,322

104,526

108,631

105,957

5,732

5,760

1,398

5,641

1,400

FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

Depreciation
Mitsubishi Estate・Simon Co., Ltd.
Share of voting rights

60.00 ％

60.00 ％

60.00 ％

60.00 ％

60.00 ％

Operating revenue

40,03044,177

11,26251,06913,326

Operating profit

14,61916,7894,351

19,257

5,419

Ordinary profit

14,942

17,155

4,360

19,646

5,299

Net income

9,477

11,8703,009

13,575

3,632

Total assets

121,724

124,609

116,654

137,393

126,949

Depreciation

6,126

6,188

1,470

6,558

1,718

Store floor area

345,500 ㎡

345,500 ㎡- ㎡

373,100 ㎡* As of April 1, 2021, Mitsubishi Jisho Retail Management was merged into Mitsubishi Jisho Property Management thus calculated figures after FY2021 includes figures of Mitsubishi Jisho Retail Management.

- ㎡

14

Tokyo Ryutsu Center Inc.
FY2020

FY2021

FY2022-1Q

FY2022

FY2023-1Q

Share of voting rights

60.03 ％

60.42 ％

60.42 ％

60.47 ％

60.47 ％

Operating revenue

9,245

7,811

1,984

8,350

2,034

Operating profit

1,997

1,770

494

1,958

409

Ordinary profit

1,711

1,653

434

1,765

354

Net income

1,224

(810)

311

1,237

262

Total assets

63,777

60,11759,46060,00559,191

Depreciation

2,576

1,930

440

1,765

430

Royal Park Hotels and Resorts Co., Ltd.*FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％FY2022-1Q
100.00 ％FY2022100.00 ％FY2023-1Q
100.00 ％Operating revenue

9,775

14,464

6,229

31,857

10,378Operating profit(7,343)(6,700)

(702)

(688)

409

Ordinary profit(6,915)(5,822)

(448)

(324)

425

Net income

67

302

(453)

(337)

420

Total assets

13,722

14,79915,705

15,64015,997

Depreciation

1,157

1,169

291

1,224

297

Mitsubishi Estate Residence Co., Ltd.
FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％FY2022-1Q
100.00 ％FY2022100.00 ％FY2023-1Q
100.00 ％Operating revenue

251,093

264,647

39,982

221,100

25,837

Operating profit

23,702

32,635

3,867

34,479(439)

Ordinary profit

22,14630,8253,400

32,418(944)

Net income

14,75020,364

2,439

21,860(516)

Total assets

671,252

645,722756,920

799,710807,256

Depreciation

2,488

2,998

730

3,205

899

Mitsubishi Estate Home Co., Ltd.
FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％FY2022-1Q
100.00 ％FY2022100.00 ％FY2023-1Q
100.00 ％Operating revenue

28,20033,493

4,886

33,661

5,112

Operating profit

318

210

(744)

(707)

(668)

Ordinary profit

324

213

(743)

(768)

(668)

Net income

287

187

(743)

(854)

(668)

Total assets

13,092

11,016

8,172

10,6608,725

Depreciation

400

354

87

391

86

FY2020

FY2021

Mitsubishi Jisho Community Co., Ltd.
FY2022-1Q

FY2022

FY2023-1Q

Share of voting rights

71.47 ％

71.47 ％

71.47 ％

71.47 ％

71.47 ％

Operating revenue

55,66357,342

13,13058,354

13,576

Operating profit

3,629

3,713

501

3,945

409

Ordinary profit

3,690

3,790

530

4,032

451

Net income

2,477

2,476

347

2,639

278

Total assets

21,90822,901

20,692

24,453

22,116

Depreciation

394

371

83

332

88

Number of condominium management units
350,682 units
345,327 units- units
344,867 units* As of April 1, 2022, Royal Park Hotel's management business was transferred to Royal Park Hotels and Resorts thus calculated figures after FY2022 includes figures of Royal Park Hotel.

- units

15

MEC Group International, Inc.*1
FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％FY2022-1Q
100.00 ％FY2022100.00 ％FY2023-1Q
100.00 ％Operating revenue

89,222

127,440

25,046

142,972

32,666

Operating profit

30,877

61,692

11,40458,658

11,610Ordinary profit

26,35359,625

10,78854,82010,353

Net income

17,07725,636

5,325

33,606

4,741

Total assets

468,786

592,915

641,473

720,529

737,050

Depreciation

5,744

6,535

1,838

8,506

1,959

FY2022-1Q

FY2022

FY2023-1Q

Mitsubishi Estate Europe Ltd.
FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％100.00 ％100.00 ％100.00 ％Operating revenue

22,785

4,028

39,86447,851

1,783

Operating profit

4,709

786

39,134

41,786569

Ordinary profit

4,342(6,340)38,78738,560(835)

Net income

2,736(2,824)34,25331,931(669)

Total assets

192,419

255,840

283,603

282,571

301,421

Depreciation

1,846

1,374

346

1,627

525

Mitsubishi Estate Asia Pte. Ltd.
FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％FY2022-1Q
100.00 ％FY2022100.00 ％FY2023-1Q

Operating revenue

3,042

2,824

528

3,224

761

Operating profit

1,322

200

(434)

(1,201)(1,016)

Ordinary profit

1,809

347

(240)

(1,035)(1,199)Net income

1,788

59

(203)

(837)

(1,204)

Total assets

38,75043,10546,32556,847

48,608Depreciation

128

299

54

377

64

100.00 ％Mitsubishi Jisho Design Inc.*2
FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％FY2022-1Q
100.00 ％FY2022100.00 ％FY2023-1Q
100.00 ％Operating revenue

20,03419,922

3,439

20,3503,900Operating profit

3,052

2,816

24

2,640

54

Ordinary profit

3,073

2,844

41

2,683

59

Net income

2,110

1,945

17

1,927

26

Total assets

27,10627,27324,71828,47826,067

Depreciation

329

326

78

324

50

Mitsubishi Real Estate Services Co., Ltd.
FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％100.00 ％100.00 ％100.00 ％Operating revenue

22,662

24,8205,483

26,842

7,844

Operating profit

202

1,554

(522)

2,675

1,560

Ordinary profit

216

1,672

(517)

2,763

1,563

Net income

21

1,104

(373)

1,889

1,073

Total assets

23,847

24,977

23,91426,96827,127

Depreciation

FY2022-1Q

FY2022

FY2023-1Q

362

348

91

367

82

Amount of transaction

260,240

273,926-

355,950-

Number of brokerage

932

1,118

-

1,197

-

56,59658,418-61,004-

Number of parking management*1 Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.
*2 Mitsubishi Jisho Sekkei Inc. changed its English name to Mitsubishi Jisho Design Inc. on April 1, 2022.

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