Business Briefing– International Business/Australia Business –Mar. 25. 2024

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Copyright © MITSUBISHI ESTATE Co., Ltd. All Rights ReservedToday's Speakers

Mitsubishi Estate
Executive Officer, General Manager of International Business
Planning Department

International
Business Group

Masanori Iwase
Mitsubishi Estate Asia Pte. Ltd. Australia Branch
Executive Director, Head of Australia branch

Yuzo Nishiyama

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2

International Business Overview

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International Business Overview

1. Overview of International Business Development• Promoting international business at five bases in the US, Europe, and Asia. Total assets are approx. 1.4tn yen (FY2022)• In Southeast Asia and Oceania, in addition to Singapore, we have bases in Indonesia, Vietnam, Australia, Thailand.

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

LondonColorado
Shanghai

EuropeHanoi
YangonBangkok

Total assets: Approx. 330bn yen

New Jersey

California

Mitsubishi Estate(Shanghai) Ltd.
Taipei Mitsubishi Estate Taiwan Ltd.

Georgia

Arizona

New York
Washington DC &MarylandThe United States
Total assets: Approx. 720bn yen

Miami

Ho Chi Minh City

Singapore

Mitsubishi Estate Asia Pte. Ltd.

Jakarta

SydneyChina

TaiwanSoutheast Asia and Oceania

Total assets: Approx. 44bn yen

Total assets: Approx. 13bn yen

Total assets: Approx. 310bn yen

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International Business Overview

2. KPI Targets• Aiming to achieve the PL targets earlier than FY2030 due to the progress of selected and quality investments
BS / PL Outline

Late 2020's

Results over last 3 years(FY2020-FY2022 average)

As of the release ofLong-Term Management Plan

Operating Profit

Asia and Oceania
27.0%

Operating Profit

90.0bn yen

Operating Profit
61.0 bn yen

30.4bn yen(FY2017-FY2019 average)

Total Assets

Total Assets
1.1tn yen

713bn yen
End-FY2018

Total Assets

1.5tn yen

US
51.0%

Europe22.0%

ROA: Approx. 6%
Breakdown of Total Assets

Aiming to reach long-term target ahead of schedule

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5International Business Overview

3. Operating Profit Trend and Breakdown
Operating Profit

Capital Gains(Billions of yen) Long-term target for 2030

+50.0bn yen
89.4

90

US

EuropeAsia and Oceania

Logistics, Rental apartments

OfficesSize of 20bn yen per year

Rental apartments

Focus on investment
efficiency

80
70
60
50

55.8

54.0

46.1
28.0

Condominium sales
Over ¥several-10bn

Mainly in Asia; For actual demand
37.9

40
30

61.0

29.0

30.0
Rental profit

12.0

Approx. ¥20bn

Mainly in Europe and US; Stable

20
10

18.1

25.9

26.8

28.4

24.0
Hybrid-model investment profit
Over ¥several-10bn

0
FY2019FY2020

FY2021

FY2022

FY2023(F)Capital Gains
Income Gains

In US; Logistics, Rental apartments
General admin expenses, developing costs etc.

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International Business Overview

4. Area Strategies
Area

Developed countries(US, Europe, Australia, etc.)

Investment Policy• Expand 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

Area

Basic Strategies

Business Models

US• Strengthen capital recycling business that utilizing
RGII know-how• JV-type development business for logistics, rental
apartment, data centers, offices, etc.

• Promote joint ventures with local partners• Hybrid ｍodel investment business in major U.S.
Cities• Office leasing business in New York

Europe• Investment and return that focus on the balance
between stable earnings and higher capitalefficiency• Promote development business mainly concluded
large-scale development projects

Australia• Promoting capital recycling business with carefully
selected and leading local partners• Building a balanced portfolio by expanding ofasset types• Office development business in central London• Rental apartment development business in the
Greater London Area and gateway cities outside ofLondon• Extensive residential development business in
Sydney, Melbourne and Brisbane, including luxury
residential condominiums, rental apartments, andsenior housing

Expected Return from Investment

IRR 8-10%
Execution Structure• Hands-on development by local staff at
RGII• At MENY, expatriates collaborate with TA
Realty• Efficient use of local external resources,
mainly expatriate staff, for development
projects in London• Collaborative for each asset type utilizing
knowledgeable partners• Office development business in Sydney CBD, etc.

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International Business Overview

5. Project Lineup
Category

Asia

Name (Including tentative) *1
Trinity Tower (Indonesia・Office, Retail)Hangzhou ALPHA PARK (China・Office)CapitaSpring (Singapore・Mixed use)
180 George Street (Australia・Office, Retail)One City Centre (Thailand・Office, Retail)The Grand Outlet（Indonesia・Outlet Mall）
Parkline Place（Australia・Office, Commercial）
International Tech Park Chennai, Radial Road（India・Mixed use）

Overseas

Suzhou ALPHA PARK（China・Office）
Crystal Brige（Shanghai・Mixed Use）
One Circular Quay（Australia・Hotel etc.）
Oasis Central Sudirman（Indonesia・Mixed use）
Warwick Court（London・Large-scale Renovation）
8 Bishopsgate（London・Office, Commercial）
The Blossoms（London・Rental Apartment）
EuropedMoura1（Spain・Office）
Grace（Sweden・Large-scale Renovation）
60-72 Upper Ground（London・Office, Commercial）
Stateline 77 Building1/2（South Carolina・Logistics）
55 Paradise （New York・Logistics）
Virginia Data Center（Buiiding1・Data Center）
Virginia Data Center（Buiiding2・Data Center）
sol38 （Arizona・Rental Apartment）
PATTEN GRAY （Colorado・Rental Apartment）
1072 West Peachtree （Georgia・Mixed Use）
600 Fifth Street NW （Washington D.C.・Office）
Heritage, Chula Vista (California・Logistics）
US Spotswood（New Jersey・Logistics）
Paradigm RiNo (Colorado・Office）
10 Constitution Ave（New Jersey・Logistics）
Spartanburg 221（South Carolina・Logistics）
Nellis Logistics Center（Nevada・Logistics）
3102 N Lamb（Nevada・Logistics）
16 Dupont（New York・Rental Apartment）
Vista（Alabama・Rental Apartment）
E 2nd Martin（Colorado・Rental Apartment）…Project announces after the Long-term Management Plan
*1 Includes properties expected to be sold by 2030

Size*2
143,200㎡
233,600㎡
93,400㎡*355,000㎡
116,000㎡
49,000㎡
65,900㎡*3240,000㎡
220,400㎡
246,300㎡
86,800㎡
307,000㎡
29,000㎡
85,000㎡
338units*3
11,000㎡*37,800㎡*4
10,400㎡*393,600㎡*3
16,700㎡*5

FY2021 FY2022 FY2023 FY2024 FY2025

Forecast NOI (Under
Stable Operation)

Forecast Investment
AmountApprox. ¥45 bn

Approx.
¥550〜660 bn

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51,000㎡

360units
250units*3
49,300㎡*337,000㎡
60,800㎡
28,200㎡
28,200㎡
13,600㎡
94,600㎡
12,600㎡
13,500㎡
43,100㎡
23,000㎡
23,600㎡

2030

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★…Start Construction*2 Total floor area unless otherwise noted.

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●…Completion*3 Leasable Area

*4 Site Area

*5 Total of two buildings

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the US

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US

1. Stable Income from High Occupancy Rates & Long-Term Contracts
Rental profit from two flagship buildings in NY

1

Approx. 20.0bn yen

Average remaining lease period

Over 10 years

1221 Avenue of the Americas
MidtownCompletion

1972

Number offloors

50 floors and 5 undergroundfloors 244,000 m2(contract area)

Occupancy
rate

Office: 98.9%

Major
tenants

White and Case, NBCU,
Morgan Stanley,
MUFG American Holdings

Midtown South

Downtown

2211271 Avenue of the Americas* As of End of March 2023

Completion

Completion: 1959
Renovation: 2019

Number offloors48 floors and 3 undergroundfloors 195,000 m2(contract area)

Occupancy
rate

Office: 100%Major
tenants

Latham and Watkins, AIG, MLB,
MizuhoCopyright © MITSUBISHI ESTATE Co., Ltd. All Rights Reserved.

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US

2. Rockefeller Group Development Performance
Development track record expanding across the US

List of slated projects
Project

5 6

4

2
1 3

Asset Type

Location

Size

Completion

Rose Hill (East 29th St.)

Condominium

New York

230ksf2021

200 East 83rd St.

Condominium

New York

269ksf

2023

Greenpoint Landing

Rental apartment

New York

326ksf

2025

Bay Shore (55 Paradise)

Logistics

New York

173ksf2023

Crossways (Woodbury)

Logistics

New York

145ksf2024

Spotswood

Logistics

New Jersey

655ksf

2024

Carneys Point

Logistics

New Jersey

1.1msf2025

Condominium

Georgia

154ksf2021

Georgia

552ksf

2025

40 West 12th
1072 West Peachtree

1

2

Liv North Valley
Arizona
Total floor area: 45,500 m2
Rental apartment (385 units)
Construction completed in 2018

Val Verde
Logistics Center

4

5

California
Total floor area: 27,000 m2
Construction completed in 2021

3

Liv Crossroads
Arizona
Total floor area: 29,000 m2
Construction completed in 2022

6

Mixed use (Rental
apartment/Office)Lakemont

Braselton 85

Logistics

Georgia

428ksf2023

South Carolina
Total floor area: 34,000 m2
Construction completed in 2019

Stateline 77

Logistics

South Carolina

1msf

2022

Spartanburg

Logistics

South Carolina

1msf

2024

Vista Square

Rental apartment

Alabama

248ksf

2024

600 Fifth St. NW

OfficeWashington, D.C.

400ksf2025

Paradigm RiNo

OfficeColorado

200ksf2024

Patten Grey

Rental apartment

Colorado309ksf2024

Fowler Lane

Rental apartment

Montana

236ksf2025

Heritage Industrial

Logistics

California

201ksf

2023

Patterson Commerce Ctr

Logistics

California

256ksf2024

Nellis Logistics Ctr

Logistics

Las Vegas

136ksf

2024

Lehigh Valley
Pennsylvania
Total floor area: 121,000 m2
Construction completed in 2020

EdisonNew Jersey
Total floor area: 84,000 m2
Construction completed in 2019

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US

3. High Returns on Capital Gains
Capital Gains Results

US/Asset Balance
1%(Billions of yen)

30
5%

4%

7%
20

10

12.0

12.0

FY2019FY2020

15%

22.0

18.0

581.0bn yen

0
FY202142%

42%

Flagship Office Buildings in Manhattan

26%

Logistics・Data Center15%

Condominium

7%

Office・Mixed use

5%

Rental apartment

4%

Other

1%

Most of the Hybrid Model Investments are inlogistics, data centers, and rental apartments

26%

FY2022Hybrid Model Investment* As of End of March 2023

FY2020 Results

FY2021 Results

FY2022 Results

Harvill

Val Verde

LIV North Valley

EdisonLocation

Arizona

Location

New Jersey

Location

California

Location

California

Hanover
Location

Pennsylvania

Location

Arizona

Main use

Rental apartment

Main use

Logistics

Main use

Logistics

Main use

Logistics

Main use

Logistics

Main use

Rental apartment

Number ofunits

385 units

Total floor
area

83,600 m2

Total floorarea

31,000 m2

Total floor
area

26,900 m2

Total floor
area

42,100 m2

Number ofunits

356 units

EIRR

Over 30%EIRROver 50%

EIRROver 100%

EIRR

Approx. 100%

EIRR

Approx. 100%

EIRR

Approx. 30%

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Liv Crossroads

12Europe

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Europe

1. Continued Large-scale Development and Achieving Development Profits
Past achievements
1

2

3

4

5

Achievement of high development profits
In operation

Sold

Clive House

Central Saint Giles

6

In operation

Sold

7

Paternoster Square
8

2

Sold

Sold

Bow Bells House

8 Finsbury Circus

FY202239.0bn yen

Rentalapartment

5
2

3
4

In operation

Sold

245 Hammersmith Road

1 Victoria Street

The Lark

5

London Eye
1

Rentalapartment

Buckingham
Palace7

Big Ben9

Total floor
area

66,000 m2

Completion

2010

10

9

In operation

Central Saint Giles

Tower Bridge

106

8 Finsbury Circus
FY201916.0bn yen
Total floorarea

23,000 m2

Completion

2016

London Borough of Croydon

Under development

Morello North & South

8

Under development

In operation

72 Upper Ground

8 Bishopsgate

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Europe

2. Recent Development Projects
Even in an uncertain market, demand for office space in prime locations remains brisk.

Warwick Court
Construction completed in 2003
Renovation completed in July 2022

Project features• UK’s first large-scale renovation project• Revenue increase by renovation of existing building• Nearly fully leased (Major tenant: T Rowe Price)

8 Bishopsgate
Warwick Court

Project summary
Location

London, UK

Total floor area

29,000 m2

Number offloors

8 floors and 2 underground floors

London Eye

Tower Bridge

Buckingham
Big Ben
Palace8 Bishopsgate
Construction completed in June 2023

Project features• Development of a skyscraper office building in the City of
London• Achieved a 2.8-fold increase in leasable area
• Leasing completed over 85% as of Jan. 2024.
Project summary
Location

London, UK

Total floor area

85,000 m2

Number offloors

51 floors (height: 204m) and 3
underground floors, 1 penthouse floor
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15

Australia

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Australia

1. Business Overview
Milestones to date and structure
2016

Mitsubishi Estate Asia Australia BranchEntered the Australian real estate businessParticipated in Melbourne Quarter
Entered the office businessParticipated in 180 George Street (Salesforce Tower)

2020

Entered the luxury condominium businessParticipated in One Sydney Harbour Residences One* Participated in Residences Two the following year

2021

Branch office opened
Entered the office business directly connected to Metro stations
Participated in Parkline Place

2022

Entered Land Lease Community businessParticipated in SRRP
the first major share in the Australian businessParticipated in One Circular Quay

Currently 10 people

180 George Street (Salesforce Tower) completed

2023

Entered rental apartment (BTR) businessParticipated in LIVEntered Master Plan Community businessParticipated in Lyra

At the time ofbranch opening

Entered the boutique condominium businessParticipating in Putney2024

Scheduled completion of One Sydney Harbour Residences One and Two

2 people

Scheduled completion of Parkline Place
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Australia

2. Business Overview
Accumulated asset/Asset type
• Accumulated investment (cash out) is approx. A$1.5bn (approx. 140bn yen) (Accumulated investment after
the opening of the branch in 2021 is approx. A$1.2bn)• Grow into a position to strategically select quality investments as a “partner of choice”
1. Fly-in-Fly-Out
Market entry

2. Boots-on-the-Ground
Expansion of track record

2015 – 20202021（branch established） –2022

2023 & beyond

●
●

●
●

●
●

housing with land leasehold right)

○

●

●

Hotel

○

BTR (Build-to-rent; rental●●

apartment)

○

○

●

Master plan community

○

○

●

Logistics○○○

Opportunity

Retail outlet

○

○

○

Opportunity

Others (DC, student housing, SA,

○

○

○

Opportunity

Investment sector

OfficeBTS (Build-to-sell; condominium)
LLC (Land Lease Community;etc.)

3. Buying Window
Market leadership

Investment balance allocation

11%
22%
24%

43%

OfficeCondominium・Hotel
Rental apartment (BTR)
Other residential assets (LLC, MPC)

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Australia

3. Real Estate Market

Attractiveness as a real estate market
Continued population growth due to increased
immigration
The population is expected to continue to grow andreach 30mn by 2033.

Political and economic stability

Transparency of real estate transactions

Real estate prices are rising amid economic growth
supported by population growth and continued inflation.

High transparency in terms of legislation, management
structure, brokerage business, etc.
2022 Global Real Estate Transparency Index: Rankings

Rank
Economic growth trend (2000-2023)
As of the end of 2023: Approx. 26mn

Source: graphtochart.com

(%)

Japan

Australia

Source: IMF – World Economic Outlook Databases

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Country

1 UK

Total point
1.25

2020
UK

2 US

1.34

US

3 France

1.34

Australia

4 Australia

1.38

France5 Canada

1.44

Canada6 Netherlands

1.54

New Zealand

7 Ireland

1.69

Netherlands

8 Sweden

1.76

Ireland

9 Germany

1.76

Sweden10 New Zealand

1.77

Germany
Source: JLL

19

Australia

4. Real Estate Market

Market data
Housing

Market data

New supply and price trends• Policy interest rates are rising, but housing prices continue to climb
steadily due to a chronic shortage of supply.
• Prices for ultra-luxury properties, where most are cash buyers
unaffected by interest rates, rose in particular.

OfficeRent and vacancy rate (Sydney)• Rents for prime office space rose as the “Flight to Quality” progressed.
• The vacancy rate for the overall market is over 10%, but there are clear
winners and losers depending on the property.
• The pandemic impact is relatively minor when compared from a global
perspective.

Clarity in global office rents
SydneySeoul
Singapore
TaipeiHo Chi Minh
ShanghaiOsaka
New York
LondonBangkokBeijing
Kuala Lumpur
JakartaTokyo
Hong Kong

Notes：As of April Compared to October 2022
Source：Japan Real Estate InstituteCopyright © MITSUBISHI ESTATE Co., Ltd. All Rights Reserved.

20

Australia

5. Mitsubishi Estate's Strengths
Closing and project promotion skills based on accumulated development and JV experience in Australia

Number of investment assets

10 projects
Total investment

Approx. A$1.5bn (140bn yen)
* BTR and LLC, which are portfolio-type investments, are each counted as a single case.

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21

Australia

6. Mitsubishi Estate's Strengths
Maximizing upfront and development profits through financing capabilities from a sound financial position

One Circular Quay

Mitsubishi Estate's Credit Ratings
Credit rating agency

MOODY's

A2

Standard and Poor’s (S&P)

A+

Rating and Investment Information (R&I)• A super luxury residential development (59floors, 161 units) and a five-star hotel (26floors, 220 rooms)

Long-term credit rating

Japan Credit Rating Agency (JCR)• The Waldorf Astoria, Hilton‘s premier brandis opening in Australia for the first timeAA- (Positive)AA+
From October 23, 2023

• Large-scale investment project with approx.
285 billion yen in sales• Our ownership share: 66.7%
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Australia

7. Business Management System
Selecting Australian market leaders/leading companies in eachsector as joint venture partners(Land Lease Community(Office / Condominium)(Office)/Master Plan Community)(Rental apartment (BTR))(Condominium)
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Australia

8. Development Projects
Develop and hold a balanced portfolio in Sydney CBD and suburbs
Map - Central Sydney -SydneyHarbour Bridge

SydneyOpera HouseThe Rocks

Under development

1 One Sydney Harbour Residences One

Under development

2 One Sydney Harbour Residences Two

Under development

3 One Circular Quay

Construction completed

4 180 George Street

Property held by fund5 60 Margaret Street

Property held by fund

6 130 Pitt Street

Construction completed

Under development

7 Parkline Place

Under development

Historic Preservation District
3
4

1 2

Barangaroo

Royal Botanic
GardenRedevelopment Area 5

CBD

8 LIV Indigo
9 Putney Waterfront Redevelopment

Business Area
6

Darling Harbour
Pyrmont
Waterfront

Map - Broader Sydney -7

Town Hall

Hyde
Park

9

Commercial Area
8

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Australia

9. Development Projects
Developing a series of flagship assets in a prime locations in the Sydney CBD
180 George Street

180 George Street (Office)Location/Use

Sydney/Office (55 floors, 263m)

Total floor area

62,828 m2

Schedule

Construction began in 2018,
completed in 2022

Mitsubishi Estate's
investment

Approx. 16bn yen (Share: 30%)

Overview

99% contract offers

One Circular Quay (Condominium / Hotel)
Location/Use

Sydney/Residential (59 floors)/Hotel (26 floors)

Total floor area

86,800 m2

Schedule

Construction began in 2023,
to be completed in 2026

Mitsubishi Estate's
investment (including
planned)Approx. 75bn yen (Share: 66.7%)

Overview

Over 70% of condominiums contracted
and hotel sold

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One Circular Quay(Image)25

Australia

10. Development Projects
One Sydney Harbour (Condominium)
Location/Use

Schedule

Sydney

One
Two

One
Two

72 stories, 315 units
68 stories, 322 units

Construction began in 2020,
to be completed in 2024
Construction began in 2021,
to be completed in 2024

Mitsubishi Estate's
investment

Approx. 21bn yen (Total One, Two, Share: 25%)

Overview

Over 90% contracted
The penthouse was contracted at A$140mn(approx. 13bn yen), a record price in Australia

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26

Australia

11. Development Projects
Build to Rent (rental apartments)• Rental apartments supply is of great significance for addressing the social issues of housing shortages and price hikes
caused by population growth.
• Rent increase of over 7% in the last year
• NOI yields also remained highInvestment (including planned)

Approx.

45bn yen

Asset count(of which, assets in operation)

5 projects (2 projects)

LIV Indigo @ Sydney
Completed in 2020 (316 units)

LIV Anura @ Brisbane
Scheduled to be completed in 2024 (396 units)

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LIV Munro @ Melbourne
Completed in 2022 (490 units)

LIV Aston @ Melbourne
Scheduled to be completed in 2024
(474 units)

LIV Albert Fields @ Melbourne
Scheduled to be completed in 2025 (498 units)

27

Australia

12. Development Projects
Land Lease Community (housing with land leasehold right)• The target population of active seniors aged 50+ is expected to grow in the future• Enjoy stable cash flow from a combination of housing sales and land lease income• Since land lease income is linked to commodity prices, income can be expected to increase even after construction is completed
Investment (including planned)

Approx.

13bn yen

Asset count6 projects

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28

Australia

13. Summary
Aiming for further business expansion in high-potential markets by effectively utilizing our resources

Market Potential

Mitsubishi Estate's Capabilities

Macro Environment• A strong presence and ability to promote business in Australia
through diverse asset development experience• Continuous economic growth, rare in developed countries, with apopulation growth of 1-2% per year, driven primarily by immigration• Recent inflation and interest rate spikes are forecast to soften after
2025

Real Estate Market• “Time to buy” conditions in the real estate market• Tight supply/demand for residential assets across a wide range ofprice bands against a backdrop of chronically short supply• Scope for continued demand growth in logistics and other asset types• Strategic selection of quality projects through good relationships withmultiple local blue-chip developers• Accelerating investment in Australia as the Company shifts
investment to developed countries and investment in Australia canplay a key role in APAC region earnings• Potential for further investment opportunities and expanded
investment scale via collaboration with other capital partners

Playing a pivotal role in the International Business expansion as stipulated in the long-term management plan 2030
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29

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
the Company 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 inthose statements, and therefore should not be read as a guarantee by the Company thatsuch 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 thismaterial may not be copied, reproduced, or distributed in any way without prior consent
from the Company.

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