■May 12, 2022

MITSUBISHI ESTATE CO., LTD.

FACT BOOK FY2022(The Fiscal Year Ending on March 31, 2022)

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

Page

Ⅰ. Performance Comparisons (Consolidated)

Ⅱ. Investment Data
Ⅲ. Business Data

Ⅳ.Historical Performance Data(Consolidated)

1. Income Statement Results for FY2022 and FY2021

3

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

4

3. Balance Sheet Results

5

4. Cash Flow Statements

6

1. Investment data

7

2. Assets Breakdown and Special Purpose Vehicles Data8

1. Commercial Property Business Operating Revenue Breakdown (Consolidated)

9

2. Office Building Data (Consolidated)

9

3. Office Building Data (Unconsolidated)

9

4. Marunouchi Area Building Data (Unconsolidated)

9

5. Domestic Condominium Business Data10

1. Major Performance Items

11

2. Segment Information (Consolidated)

12

Ⅴ. Mitsubishi Estate Group Companies' Data

13～15

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.
・Please refer to ASSET BOOK for principal projects.

2

Ⅰ. Performance Comparisons (Consolidated)
1. Income Statement Results for FY2022 and FY2021
Millions of yen (rounded down)＜Summary＞

FY2021Results

Commercial Property Business

760,658

672,441

88,216

Gain on sale of non-current assets

6,781

13,582

Residential Business

380,959

362,755

18,204Gain on sale of investment securities

7,987

3,021

4,966

International Business

121,234

114,457

6,776

Gain on sale of shares of subsidiaries and associates

1,843

-

1,843

【Overview】
There is a significant increase in operating profit and profit attributable to ownersof parent compared with FY2021. Main factors include the followings: an increasein capital gains; an opening of Tokiwabashi Tower; a recovery of retail properties
and hotels; an increase in fee income in Investment Management Business.
【Commercial Property Business】
An increase in capital gains led to an overall increase in revenue and profits comparedwith FY2021. Sales from office buildings and logistic facilities contributed to a significant
increase in capital gains. There is an improvement in income gains of approx. 5 billion
yen after excluding the effect of the adjustment in FY2021 that costs during temporary
closure of retail properties and hotels were carried at extraordinary loss from operating
costs.
In regards to office buildings, in addition to an increase in rental revenue and profits innew buildings, other factors, such as a record in advance of the amount equivalent torestoration costs in existing buildings, led to an overall increase in revenue and profits.
Retail properties and hotels have been affected by prolonged SOE during the first halfof FY2022 and Semi-SOE in 4Q; therefore, improvement range is limited.
＜Office Buildings＞
In regards to new buildings, there is an increase in rental revenue and profits mainly asa result of opening of Tokiwabashi Tower, which was completed in June, 2021. Inexisting buildings, despite an impact of a decrease in rental profits as a result of adecrease in rental revenue from buildings to be closed, factors, such as a record inadvance of the amount equivalent to restoration costs in existing buildings, led to an
overall increase in revenue and profits compared with FY2021.
＜Retail Properties (e.g. outlet malls)＞
While showing overall recovery, a temporary closure of some outlet malls during SOE
in 1Q and a declaration of Semi-SOE in 4Q affected for a certain level.
＜Hotels＞
The recovery is limited due to the following factors: a prolonged SOE during the firsthalf of FY2022, a declaration of Semi-SOE in 4Q, and a decrease of inbound visitors.
【Residential Business】
There is an increase in revenue and profits compared with FY2021. There is anincrease in profits as a result of well progress in domestic condominiums sales, animprovement of the gross margin, and cost reduction.
【International Business】
There is an increase in revenue and profits compared with FY2021. A significant
increase in capital gains from sales of logistic facilities in U.S. and office buildings in
Hanoi, Vietnam, is the main factor led to an overall increase.
【Investment Management Business】
There is an increase in revenue and profits compared with FY2021. Main factors led toan overall increase are: Record of contingent fee from rising market value of managed
assets in U.S. funds and an increase in fees as AUM grew. However, the said
contingent fee is expected to be distributed to employees in management companies,
therefore, contribution of profit attributable to owners of parent is limited.

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

FY2022
Results

ChangeFY2022
Results

FY2021Results

Change(6,800)Investment Management Business

46,702

22,19924,503

Reversal of provision for environmental measures

3,576

-

3,576

Architectural Design & Engineering Business and Real Estate Services Business

57,78056,064

1,715

Total

20,18916,603

3,585

Other

10,134

9,055

1,078

Eliminations(27,979)(29,378)

1,398

1,349,489

1,207,594

141,894

Commercial Property Business

189,909180,775

9,133

Residential Business

30,17324,068

6,104

Loss related to retirement of non-current assets

16,2542,099

International Business

55,81637,932

17,884

Impairment loss

3,866

4,679

(813)

Investment Management Business

26,537

5,966

20,570Loss on liquidation of subsidiaries-

13,826(13,826)-

5,698(5,698)20,12026,304(6,183)Operating Revenue

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

Architectural Design & Engineering Business and Real Estate Services Business

2,802

959

1,843

Loss on infectious disease

Other(1,683)(1,089)

(593)

Total

Eliminations or Corporate(24,578)(24,219)(359)

278,977

224,394

54,583＜Reference＞

16,31926,292(9,973)■Capital Gains included in Operating profit

332

307

25

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

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

FY2022
Results

FY2021Results

Change14,154

Millions of yen (rounded off to the nearest billion)

FY2022
Results

FY2021Results

Change41,58639,7201,865Commercial Property Business

42,00032,000253,710

210,965

42,744

Residential Business

5,000

7,000

10,000(2,000)20,18916,6033,585International Business

29,00012,00017,00020,12026,304(6,183)

Investment Management Business

-

-

-

253,779

201,265

52,513

Other

-

-

-

70,88954,195

16,693Eliminations or Corporate

182,889

147,069

35,820Total

27,718

11,41416,303*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

155,171

135,655

19,516---76,00051,00025,000＜Reference＞■Business profit
Business profit

Millions of yen (rounded down)

FY2022
Results

FY2021Results

279,310

224,701

Change54,608*Business profit: Operating profit + Share of profit of entities accounted for using equity method

32. Current Income Statement Forecasts for FY2023 and Results for FY2022
Millions of yen (rounded down)＜Summary＞【Overview】
The highest record for two consecutive years is expected in operating profit
and profit attributable to owners of parent for FY2023. Contributing factors
include a significant increase in overseas capital gains and a recovery of
demand in hotels and retail properties as a result of the easing of restrictions.
Annual dividends per share is expected to be 38 yen, a record high for two
consecutive years. ROE is also expected to keep the 8% level.
【Commercial Property Business】＜Office Buildings＞
Despite an increase in rental profits as a result of full-year operation of
Tokiwabashi Tower, a decrease is expected in rental revenue from existingbuildings being closed for redevelopment and also in revenue for the amountequivalent to restoration costs in existing buildings.
＜Retail Properties＞
An increase in rental revenue and profits is expected as a result of the relaxingof restrictions.
＜Hotels＞
An improvement in overall revenue is expected mainly as a result of a recovery
of domestic demand followed by the easing of restrictions.

FY2022
Results

Commercial Property Business

788,000

760,658

27,342Gain on sale of non-current assets

Residential Business

345,000

380,959(35,959)

Gain on sale of investment securities

International Business

205,000

121,234

83,766

Investment Management Business

35,00046,702(11,702)

Architectural Design & Engineering Business and Real Estate Services Business

62,00057,7804,220【International Business】
An increase in profits is expected mainly as a result of a significant increase incapital gains from sales of Central Saint Giles in London and logistic facilities
in U.S.
【Investment Management Business】
While there is an overall decrease in revenue and profits due to an effect of arecord of contingent fee in FY 2022, an increase in profits excluding contingent
fee is expected as AUM steadily grows.

Change

6,781

(781)
(7,987)

Gain on sale of shares of subsidiaries and associates

-

1,843

(1,843)

Reversal of provision for environmental measures

-

3,576

(3,576)6,000

20,189(14,189)

Total

11,000

10,134866(27,979)(2,021)

1,416,000

1,349,489

66,511

Commercial Property Business

182,000

189,909(7,909)Residential Business

27,00030,173(3,173)

Loss related to retirement of non-current assets

International Business

94,00055,81638,184

Impairment loss

Investment Management Business

13,00026,537(13,537)

Total

4,000

2,802

1,198

(2,000)(1,683)(317)

Eliminations or Corporate(27,000)(24,578)(2,422)

291,000

278,977

12,023

12,00016,319(4,319)

400

332

68

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

Non-operating expenses

Change7,987(30,000)

Other

FY2022
Results-

Eliminations
Operating Revenue

FY2023
Forecasts

6,000

Other

Architectural Design & Engineering Business and Real Estate Services Business【Residential Business】
Despite a decrease in revenue and profits due to a decrease in the number ofunits sold of domestic condominiums, a significant increase is expected incapital gains from rental apartments.

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

FY2023
Forecasts

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

＜Reference＞■Capital Gains included in Operating profit

FY2023
Forecasts

FY2022
Results

Change22,000

16,254

5,746

-

3,866

(3,866)22,00020,1201,880

Millions of yen (rounded off to the nearest billion)

FY2023
Forecasts

FY2022
Results

ChangeCommercial Property Business

35,00042,000(7,000)Residential Business

22,0005,000

17,00032,00041,586(9,586)

International Business

65,00029,00036,000271,000

253,710

17,290Investment Management Business

-

-

-

Extraordinary income

6,000

20,189(14,189)

Other

-

-

-

Extraordinary loss

22,00020,1201,880

Eliminations or Corporate

-

-

-

255,000

253,779

1,221

Total

122,000

76,00046,00076,00070,8895,111*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

179,000

182,889(3,889)14,00027,718(13,718)＜Reference＞

165,000

155,171

9,829■Business profit

Ordinary Profit

Profit before Income Taxes
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent

Business profit

Millions of yen (rounded down)

FY2023
Forecasts

FY2022
Results

291,400

279,310

Change12,090*Business profit: Operating profit + Share of profit of entities accounted for using equity method

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

At Mar 31, 2022 At Mar 31, 2021

Millions of yen (rounded down)

ChangeAssetsAt Mar 31, 2022 At Mar 31, 2021

ChangeLiabilities

I. Current assets

I. Current liabilities

1. Cash and deposits

233,117

170,040

63,077

1. Trade notes and accounts payable

60,51660,507

9

2. Trade notes accounts receivable, and contract assets

60,64552,0318,613

2. Short-term borrowings

182,052

141,785

40,266

3. Current portion of long-term borrowings

79,928

127,643(47,714)50,000(50,000)
25,0003. Securities

4,280

4,626

(346)

4. Real estate for sale

41,23988,116(46,876)

4. Commercial papers

5. Real estate for sale in process

299,532

267,563

31,968

5. Current portion of bonds payable

90,00065,000

724

975

(250)

6. Income taxes payable

29,44524,457

4,987

4,316

7,144

(2,828)

7. Other current liabilities

189,099

193,043(3,943)631,043

662,437(31,394)

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

1,575

1,034

541

9. Equity investments

624,521496,182

128,339

10. Other current assets

87,26076,875

10,384

(422)

(553)

130

1,356,789

1,164,037

192,752

11. Allowance for doubtful accounts
Total current assets-

Total current liabilities
II. Non-current liabilities
1. Bonds payable
2. Long-term borrowings

786,335

745,759

40,576

1,598,562

1,393,858

204,703

3. Leasehold and guarantee deposits received

451,749

466,891(15,142)

II. Non-current assets

4. Deferred tax liabilities

274,176

243,818

30,358

1. Property, plant and equipment

5. Deferred tax liabilities for land revaluation

264,082

264,082

6. Retirement benefit liability

27,402

27,123(1) Buildings and structures

1,230,513(2) Machinery, equipment and vehicles(3) Land

1,178,764

51,748278

31,20830,460748

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

464

662

(197)

2,310,551

2,237,934

72,617

8. Provision for environmental measures

888

4,537

(3,648)(4) Land in trust

585,470

578,446

7,024

9. Negative goodwill

85,526

83,604

1,922(5) Construction in progress

169,700

136,273

33,426

10. Other long-term liabilities

137,252

118,294

18,957(6) Other property, plant and equipment
Total property, plant and equipment

18,54518,013531

Total non-current liabilities

3,626,441

3,348,634

277,8074,345,989

4,179,893

166,096

Total liabilities

4,257,484

4,011,071

246,413

2. Intangible assets

Net assets(1) Leasehold interests in land

82,541

76,193

6,347(2) Other intangible assets

25,55024,901649

1. Share capital

142,414142,279135

108,092

101,095

6,997

2. Capital surplus

159,749

164,367(4,617)

3. Retained earnings

1,165,344

1,058,457

106,887

299,617

281,996

17,6204. Treasury shares(132,483)(105,216)(27,267)

2,324

11,661(9,337)

1,335,024

1,259,887

75,137(3) Leasehold and guarantee deposits

140,230

136,478

3,751(4) Retirement benefit asset

45,99834,37011,628

1. Valuation difference on available-for-sale securities

130,841

118,088

12,753(5) Deferred tax assets

25,887

16,5369,350

2. Deferred gains or losses on hedges

103(1,916)

2,020(6) Other investments

169,535

146,455

23,0803. Revaluation reserve for land

526,417

526,417

(548)

(6)

(542)

2,162

(53,740)

Total intangible assets
3. Investments and other assets(1) Investment securities(2) Long-term loans receivable(7) Allowance for doubtful accounts

Total assets

Total investments and other assets

683,045

627,493

55,551

Total non-current assets

5,137,127

4,908,481

228,645

6,493,917

6,072,519

421,398

I. Shareholders' Equity

Total shareholders' equity
II. Accumulated other comprehensive income

4. Foreign currency translation adjustment
5. Remeasurements of defined benefit plans
Total accumulated other comprehensive income

55,902

8,675

3,163

5,512

668,200

592,01176,189III. Stock acquisition rights

201

231

(30)

IV. Non-controlling interests

233,005

209,316

23,689Total net assets
Total liabilities and net assets

2,236,432

2,061,447

174,984

6,493,917

6,072,519

421,398

5

4. Cash Flow Statements
Millions of yen (rounded down)①FY2021 Results②FY2022 Results

Change（②-①）③FY2023 (Forecasts)

Change（③-②）

Profit before income taxes

201,265

253,779

52,513

255,000

1,221

Adjustment for extraordinary income or loss

10,935

7,349(3,586)

16,0008,651

Depreciation

89,107

91,581

2,474

94,0002,419

Decrease (increase) in inventories

56,443116,993

60,549102,000(14,993)

Decrease (increase) in equity investments(21,048)(30,267)(9,218)(66,000)(35,733)

Other(71,888)(107,139)(35,250)

42,000149,139

Income taxes paid

(57,400)(52,206)

5,194(73,000)(20,794)

207,414280,090

72,676370,000

89,910

Proceeds from sale and redemption of investment securities

14,186

9,562(4,624)2,000(7,562)

Proceeds from sales of property and equipment and beneficial
interests in trust of property and equipment

30,403

14,570(15,832)

9,000(5,570)Capital investment(319,841)(329,115)(9,273)(459,000)(129,885)

Other(22,051)(8,795)

13,255(32,000)(23,205)(297,303)(313,778)(16,474)(480,000)(166,222)

Newly acquired funds

437,155

390,678(46,477)

399,000

8,322

Repayment(365,441)(183,951)

181,489(235,000)(51,049)

Cash dividends paid

(51,153)(58,249)(7,096)(64,000)(5,751)(23)(29,861)(29,837)

029,861

29,888(27,641)(57,529)(85,000)(57,359)

50,42590,97340,54815,000(75,973)

172,307234,244

61,937140,000(94,244)(89,889)(33,687)

56,201(110,000)(76,313)

Net cash provided by (used in) operating activities

Net cash provided by (used in) investing activities

Repurchase and disposal of own shares
Other
Net cash provided by (used in) financing activities
Cash and cash equivalents at end of period
Free cash flow

6

Ⅱ. Investment Data
1. Investment data
Capital investment*

Millions of yen (rounded down)

FY2022Equity investment

FY2023 (Forecasts)

Total

329,115

Mitsubishi Estate

130,014

Millions of yen (rounded down)

FY2022

FY2023 (Forecasts)

Total

459,000

Total

83,964

Total

140,000

Mitsubishi Estate

154,000

Mitsubishi Estate

24,141

Mitsubishi Estate

59,000(Breakdown)(Breakdown)(Breakdown)

Office Building

Office Building

Logistics Facility

19,300Logistics Facility

42,000

New/Redevelopment buildings(Marunouchi redevelopment etc.)(Breakdown)

63,680

New/Redevelopment buildings(Marunouchi redevelopment etc.)

71,000

Office Building

2,829

Office Building

12,000

Refurbishment cost etc.

14,265

Refurbishment cost etc.

23,000

Other(Domestic)

1,052

International

3,000

Hotel

23,139Hotel

24,000International

Other(Domestic)

2,000

Logistics Facility

15,581

Logistics Facility

21,000Retail Property

12,097Retail Property

12,000

Other

199,100

Other

235,000

Other

56,000(Breakdown)(Breakdown)

Other

960

59,822(Breakdown)(Breakdown)

MEC Group International

59,837

Mitsubishi Estate Residence

70,000US38,942

US

35,000Mitsubishi Estate Europe

52,695

Mitsubishi Estate Europe

58,000Asia, Oceania

19,866

Asia, Oceania

16,000Mitsubishi Estate Residence

49,834

MEC Group International

38,000Europe1,013

Europe3,000

Tokyo Ryutsu Center

6,952

Consolidated SPC(Domestic)

16,000Mitsubishi Estate・Simon

6,372

Mitsubishi Estate・Simon

14,000Consolidated SPC(Domestic)

6,134

Consolidated SPC(International)

9,000

Marunouchi Heat Supply

4,553

Sunshine City

6,000

Sunshine City

3,596

Yokohama Sky Building

3,000

Strategic investment

25,000Royal Park Hotels & Resorts

2,844

Marunouchi Heat Supply

2,000

Ikebukuro District Heating and Cooling

1,232

Royal Park Hotels & Resorts

2,000

URBAN LIFE

1,216

Yokohama Sky Building

1,091
Strategic investment

70,000* Major inter-group transactions are eliminated.

7

2. Assets Breakdown and Special Purpose Vehicles Data
Assets Breakdown (Consolidated)

Special Purpose Vehicles Data
Millions of yen (rounded down)
At Mar 31, 2022

At Mar 31, 2021

Millions of yen (rounded down)

ChangeInventories

At Mar 31, 2022

At Mar 31, 2021

ChangeEquity investments by Mitsubishi Estate

Condominium (domestic)

240,992

272,812(31,820)

International

9,617

1,906

7,711

US

170

1,906

EuropeAsia
OtherTotal inventories(1,736)

-

-

9,447

-

9,447

96,77990,116

6,663

347,388364,834(17,446)

Domestic Office Building

59,01756,1992,818

Domestic(other)

73,63852,723

20,915International

491,865

387,260

104,605

US

248,518

181,046

67,472Europe59,71357,2602,453

183,633

148,952

34,681

Total equity investments by Mitsubishi Estate

Asia

624,521496,182

128,339

Millions of yen (rounded off to the nearest billion)

Equity investments
Domestic Office Building

59,01756,1992,818＜Reference＞

Domestic (other)

73,63852,723

20,915Equity investments by other companies

International

491,865

387,260

104,605

Domestic Office Building

US248,518

181,046

67,472

Domestic(other)

Europe59,71357,2602,453

Asia
Total equity investments

Outlet Mall

104,000

0

0

6,000
0

International

1,071,000

766,000

305,000
218,000

183,633

148,952

34,681

US

588,000

370,000

624,521496,182

128,339

Europe51,00049,000

2,000

Asia

432,000

347,000

85,0001,181,000

870,000

311,000
0

Property, plant and equipment
Office Building

110,000

3,112,604

3,119,190(6,586)

134,724

135,846(1,122)

Total equity investments by other companies
Interest bearing debt borrowed by SPV

Logistics Facility

94,051

81,02513,026

Domestic Office Building

77,00077,000Retail Property (Except Outlet Mall)

147,400

138,314

9,086

Domestic(other)

4,000

4,000

0

Rental Apartment

139,830

112,130

27,700International

983,000

836,000

147,000

International

484,992

374,646

110,346US

455,000

385,000

70,000US

217,318

172,329

44,989Europe

9,000

-

9,000

Europe174,082

115,07159,011

Asia

519,000

451,000

68,0001,064,000

917,000

147,000

Asia
Other
Total property, plant and equipment

93,591

87,246

6,345

232,388

218,742

13,646

4,345,989

4,179,893

166,096

Total interest bearing debt borrowed by SPV* Domestic Same-Boat investment in Investment Management Business, etc. is not listed in the above reference.

8

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

Millions of yen (rounded down)

FY2018FY2019FY2020

FY2021

FY2022

FY2023 (Forecasts)

Marunouchi Area Office Building--

243,681248,249

256,967

252,000

Tokyo Area Office Building (Outside of Marunouchi)--

128,927

140,514

149,361

144,000

Office Building (Outside of Tokyo)--

64,54859,45760,45061,000Outlet Mall--

46,38640,02744,16451,000

Other*2--

40,91936,17535,24237,000--524,464

524,423546,186

545,000

Leasing

Total leasing
Sales of assets--

91,03052,878

126,878

124,000

Other*3--

108,217

95,13987,593

119,000

Total

-

-

723,712672,441

760,658

788,000*1 Including revenue from other segments*2 Including independent shopping center, logistics facility, etc.
*3 Including property management, hotel, dividend from unconsolidated SPV (including capital gain through SPV), etc.

2. Office Building Data (Consolidated)(Thousands of square meters)

At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

At Mar 31, 2021

At Mar 31, 2022

3,822

3,968

4,120

4,147

4,151

Owned by MEC

2,404

2,536

2,592

2,543

2,559

Subleases

1,418

1,432

1,528

1,604

1,592

Contracted area

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

At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

At Mar 31, 2021

At Mar 31, 2022

At Mar 31, 2023
(Forecasts)

Owned by MEC

3,556

3,729

3,736

3,732

3,765

3,642

Subleases

2,013

2,016

2,133

2,259

2,275

2,271

Total

5,570

5,745

5,869

5,991

6,040

5,913

(2) Leasable area

3,475

3,631

3,726

3,807

3,834

3,705

(3) Vacancy rate (All uses in Japan*1 )1.87 ％

1.80 ％

1.07 ％

2.35 ％(1) Total operating floor space(4) Average rent*2 (All uses in Japan)

27,7933.3 ％26,193

26,702

27,17728,228At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

At Mar 31, 2021

At Mar 31, 2022

Operating floor space

2,784

2,915

2,915

2,952

3,026

Leasable area

1,665

1,755

1,751

1,773

1,820

Office vacancy rate

1.65 ％

2.19 ％

0.69 ％

2.50 ％

3.5 ％
29,000*1 Including retail area etc. in office building*2 The average rent is per 3.3 square meters per month.

4. Marunouchi Area Building Data (Unconsolidated)

Building lease revenue(Thousands of square meters; millions of yen(rounded down))

221,674

235,119

243,457

247,558

3.33 ％
256,7079

5. Domestic Condominium Business Data
FY2018FY2019FY2020

FY2021

FY2022

FY2023 (Forecasts)

258,074

242,859

206,684

207,004

216,231

115,000

Condominiums sold (units)

3,938

4,007

3,214

3,476

3,046

1,600

Gross margin*2*3

20.9 ％

19.2 ％

19.3 ％

20.1 ％

22.5 ％

23.1 ％

Inventory (units)

460

542

373

213

62

-

3,615

3,966

2,924

2,350

2,131

1,900

156,944

144,970

162,141

140,455

100,026-

Condominiums sold (Millions of yen)*1*3

New supply of condominiums (units)
Condominium contract balance (Millions of yen)
The fiscal year share*2 (Millions of yen)

-

-

-

-

-

The following fiscal year share (Millions of yen)

141,408

104,242

130,195

139,475

70,210-The post following fiscal year share (Millions of yen)

15,536

40,72831,946980

29,816-*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 FY2022, 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.

10

Ⅳ.Historical Performance Data(Consolidated)
1. Major Performance Items
FY2019FY2020

FY2021

FY2022

FY2023 (Forecasts)

1,194,049

1,263,283

1,302,196

1,207,594

1,349,489

1,416,000

Operating profit

213,047

229,178

240,768

224,394

278,977

291,000

Ordinary profit

190,506

206,587

219,572

210,965

253,710271,000

Profit attributable to owners of parent

120,443

134,608

148,451

135,655

155,171

165,000

5,801,450

5,774,193

5,858,236

6,072,519

6,493,917

6,800,000

434,638

361,455

329,305

364,834

347,388

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

4,076,113

4,183,212

4,204,019

4,280,988

4,454,081

Interest-bearing debt

2,481,675

2,319,597

2,429,883

2,526,142

2,738,632

2,820,000

Net interest-bearing debt

2,194,815

2,140,288

2,216,874

2,353,835

2,504,387

2,680,000

Operating revenue
PL

Total assets*1
Inventories
BS

Average interest rate
Shareholders' equity *2
Cash flow from operating activities(Depreciation)
CF

Indicator

Cash flow from investing activities(Capital investment)

0.95 ％

0.98 ％

0.93 ％

0.87 ％

0.79 ％-

0.76 ％

1,698,348

1,770,643

1,734,462

1,851,899

2,003,225

2,120,000

293,338

345,954341,766

207,414280,090370,000

77,54580,336

84,941

89,107

91,581

94,000(286,841)(271,083)(277,440)(297,303)(313,778)(480,000)(459,000)(289,570)(285,089)(331,857)(319,841)(329,115)

Cash flow from financing activities

37,203(192,473)(28,886)

50,42590,97315,000Free cash flow

6,497

74,87164,326(89,889)(33,687)(110,000)

Business profit *3

213,467

229,442240,998

224,701

279,310

291,400

EBITDA *4

302,424

320,641

336,784

331,821 *5

381,434

395,000

ROA*6

3.8 ％

4.0 ％

4.1 ％

3.8 ％

4.4 ％

ROE*7

7.3 ％

7.8 ％

8.5 ％

7.6 ％

8.1 ％

EPS(Yen)

86.78

96.97

108.64101.34116.454.4 ％8.0 ％124.75

Net interest-bearing debt／EBITDA

7.3 times

6.7 times

6.6 times

7.1 times

6.6 times

6.8 times

After hybrid debt deductions *8

6.7 times

6.1 times

6.1 times

6.6 times

6.2 times

6.4 times
1.33

Debt equity ratio *9
After hybrid debt deductions*8
Interest expense

1.46

1.31

1.40

1.36

1.37

1.23

1.10

1.18

1.18

1.19

1.17

23,122

23,503

22,10021,623

20,74221,000Interest coverage ratio (ICR) *10

9.5 times

Annual dividends per share(Yen)

26

30

33

31

36

38

30.0 ％

30.9 ％

30.4 ％

30.6 ％

30.9 ％

30.5 ％

Dividend payout ratio
Other

Millions of yen (rounded down)
FY201810.1 times

11.3 times

11.2 times

13.9 times

14.2 times

Current value of Income generating assets

7,383,415

7,941,134

8,270,844

8,361,217

8,840,420-

Income generating assets unrealized gain

3,422,832

3,898,413

4,222,505

4,250,222

4,573,290-

Exchange average rate(¥/$）/PL

112.16110.44109.03106.77109.91120.00Exchange average rate(¥/£）/PL

144.49147.41139.19137.01151.18160.00Exchange current rate(¥/$）/BS

113.00111.00109.56103.50115.02120.00Exchange current rate(¥/£）/BS

151.95140.46143.48139.82

155.24160.00*1 From FY2019/3-1Q onward, the amendment to Standard for Tax Effect Accounting announced on February 16th, 2018 has been applied.
Thus figure on the Total assets as of the end of March, 2018, is also modified based on the application of the amendment.
*2 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*3 Business profit = Operating profit + Share of profit of entities accounted for using equity method*4 EBITDA = Operating income + Interest income + Dividend income + Share of profit of entities accounted for using equity method + Depreciation + Amortization of goodwill*5 Depreciation for FY2021 = Total of Depreciation － Depreciation included in Loss on infectious disease (1,976 millions of yen)
*6 ROA = Business profit / Total assets (average）*7 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*8 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.
*9 Debt equity ratio = Interest-bearing debt / Shareholders' equity*10 ICR = (Operating profit + Interest income + Dividend income + Share of profit of entities accounted for using equity method) / Interest expense11

2. Segment Information (Consolidated)

Operatingrevenue

FY2018FY2019FY2020

FY2021

FY2022Millions of yen (rounded down)
FY2023 (Forecasts)

Commercial Property Business--

723,712672,441

760,658

788,000

Residential Business--

385,538

362,755

380,959

345,000

International Business--

134,175

114,457

121,234

205,000

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others--21,31622,19946,70235,000--57,12856,06457,78062,000

-

-

8,743

9,055

10,134

11,000-Eliminations or Corporate
Total

Operatingprofit1,194,049-

187,855

180,775

189,909

182,000-

24,32024,06830,17327,000International Business--

46,15637,93255,81694,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

4,467

5,966

26,537

13,000

-

-

2,407

959

2,802

4,000

-

-

(2,018)(1,089)(1,683)(2,000)213,047

229,178(22,420)(24,219)(24,578)(27,000)

240,768

224,394

278,977

291,000

Commercial Property Business--

188,099

181,084

190,211

182,400

Residential Business--

24,30524,06630,20427,000International Business--

46,15637,93255,81694,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

4,467

5,966

26,537

13,000

-

-

2,407

959

2,802

4,000

-

-

(2,018)(1,089)(1,683)(2,000)213,467

229,442(22,420)(24,219)(24,578)(27,000)

240,998

224,701

279,310

291,400

Commercial Property Business--

70,92771,71373,315-Residential Business

-

-

3,946

4,120

4,570

-

International Business

-

-

6,646

8,599

8,460

-

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

-

-

1,333

1,359

1,681

-

-

-

868

909

894

-

-

-

98

130

147

-

Eliminations or Corporate

-

-

1,119

2,274

2,510

84,941

89,107

91,581

Total

77,54580,336

-

-

75

75

-

Residential Business

-

-

386

358

358

-

International Business

-

-

66

64

67

-

-

1,929

2,146

1,665

-

-

-

208

377

-

-

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

5,561

-

94,000Commercial Property BusinessEliminations or Corporate

-

3,282

377
-

-

-

-

-

2,591

3,022

2,544

2,100

Commercial Property Business--

169,163

193,938

167,689

Residential Business--

45,07972,62951,998-International Business--

113,755

47,713

113,323-

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

-

-

328

54

938

-

-

-

948

454

653

-

-

-

411

321

51

-

Eliminations or Corporate

-

-

2,172

4,729

(5,539)-331,857

319,841

329,115--

4,135,091

4,167,287

4,273,287-

Residential Business--

570,282

673,344666,928-

International Business--

887,179

929,869

1,130,973-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others--71,82977,586108,984---

55,73756,06757,759---13,27025,36725,352-Eliminations or Corporate--

124,847

142,995

230,630-

5,774,193

5,858,236

6,072,519

6,493,917

6,800,000

Total

289,570

5,801,450

285,089-

Commercial Property Business

Total

Total assets(30,000)
1,416,000

-

Total

Capitalinvestment(27,979)
1,349,489-

Eliminations or Corporate

Amortization of
goodwill(29,378)
1,207,594

Residential Business

Total

Depreciation(28,418)
1,302,196

Commercial Property BusinessEliminations or Corporate

Business Profit*

1,263,283

459,000*Business profit: Operating profit + Share of profit of entities accounted for using equity method

12

Ⅴ. Mitsubishi Estate Group Companies' Data
Millions of yen (rounded down)
Mitsubishi Estate Co., Ltd.
FY2018FY2019FY2020

FY2021

FY2022

Operating revenue

472,486

498,273

549,362542,646567,286

Operating profit

109,715

110,803

117,176

138,571

120,792

Ordinary profit

127,288

126,115

131,431

158,345

128,934

Net income

108,813

100,980

109,251

110,616

93,612

Total assets

4,708,269

4,749,852

4,782,507

4,936,321

5,079,089

44,49447,57951,121

51,45553,442

Depreciation
Mitsubishi Jisho Property Management Co., Ltd.*FY2018FY2019FY2020

FY2021

FY2022

Share of voting rights

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

71,666

79,54780,683

83,247

95,773Operating profit

5,509

5,950

5,960

5,757

5,570

Ordinary profit

5,495

5,936

5,960

5,757

5,528

Net income

3,882

4,282

4,101

3,978

3,781

Total assets

69,761

77,146

77,63382,44895,086

Depreciation

113

227

201

209

224

Number of management properties

167

172

184

197

8,000,277 ㎡

8,124,226 ㎡

8,615,266 ㎡

8,963,474 ㎡

10,053,028 ㎡

FY2018FY2019FY2020

FY2021

FY2022

Management area
Marunouchi Heat Supply Co., Ltd.

218

Share of voting rights

64.16 ％

64.16 ％

65.59 ％

65.59 ％

65.59 ％

Operating revenue

13,894

14,833

15,766

15,694

16,836

Operating profit

1,387

1,855

2,037

1,771

1,340

Ordinary profit

1,270

1,837

1,982

1,615

1,204

Net income

974

1,712

4,327

995

989

Total assets

32,68433,25539,631

41,92340,541

2,384

2,600

2,732

3,594

3,750

FY2018FY2019FY2020

FY2021

FY2022

Depreciation
Sunshine City Corporation
Share of voting rights

63.20 ％

63.20 ％

63.20 ％

63.20 ％

63.20 ％

Operating revenue

29,212

28,121

26,926

24,07924,809Operating profit

8,352

6,933

5,213

5,194

4,492

Ordinary profit

7,260

5,690

3,473

4,344

3,637

Net income

5,016

3,954

2,372

2,085

2,544

Total assets

114,641

111,663

106,081

104,830

106,322

5,298

5,265

5,686

5,732

5,760

FY2018FY2019FY2020

FY2021

FY2022

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

60.00 ％

60.00 ％

60.00 ％

60.00 ％

60.00 ％

Operating revenue

45,462

46,65946,39340,03044,177
16,789Operating profit

18,94019,673

18,963

14,619Ordinary profit

19,211

19,952

19,21914,942

17,155

Net income

13,143

13,572

13,165

9,477

11,870Total assets

109,485

108,913110,754

121,724

124,609

Depreciation

5,176

5,035

5,197

6,126

6,188
Store floor area
308,500 ㎡
314,600 ㎡
315,300 ㎡
345,500 ㎡
345,500 ㎡* As of April 1, 2021, Mitsubishi Jisho Retail Management was merged into Mitsubishi Jisho Property Management thus calculated figures after FY2022 includes figures of Mitsubishi Jisho Retail Management.

13

Tokyo Ryutsu Center Inc.
FY2018FY2019FY2020

FY2021

FY2022

Share of voting rights

56.41 ％

58.22 ％

60.03 ％

60.03 ％

60.42 ％

Operating revenue

8,679

10,34910,361

9,245

7,811

Operating profit

2,451

3,223

3,238

1,997

1,770

Ordinary profit

2,193

2,874

2,976

1,711

1,653

Net income

1,517

2,543

2,037

1,224

(810)

Total assets

65,51765,56065,166

63,777

60,117

Depreciation

1,973

2,686

2,617

2,576

1,930

Royal Park Hotels and Resorts Co., Ltd.
FY2018FY2019FY2020

FY2021

FY2022

Share of voting rights

100.00100.00 ％100.00 ％100.00 ％100.00 ％Operating revenue

24,09625,38824,266

9,775

14,464

Operating profit

553

549

(992)

(7,343)(6,700)Ordinary profit

503

505

(1,004)(6,915)(5,822)

Net income

324

432

(1,304)67

302

Total assets

11,95012,327

10,366

13,722

14,799Depreciation

796

928

1,220

1,157

1,169
FY2022

Mitsubishi Estate Residence Co., Ltd.
FY2018FY2019FY2020

FY2021

Share of voting rights

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

306,379

302,180

269,660

251,093

264,647
32,635

Operating profit

25,45426,26024,72923,702

Ordinary profit

23,907

24,77723,184

22,14630,825

Net income

16,875

17,692

16,42914,75020,364

Total assets

556,464

583,392

570,960

671,252

645,722

Depreciation

1,668

1,853

2,218

2,488

2,998

Mitsubishi Estate Home Co., Ltd.
FY2018FY2019FY2020

FY2021

FY2022

Share of voting rights

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

28,00534,57835,47428,20033,493Operating profit

148

341

54

318

210

Ordinary profit

162

347

68

324

213

Net income

106

197

(29)

287

187

Total assets

12,805

11,506

11,232

13,092

11,016

Depreciation

250

312

402

400

354

FY2018FY2019FY2020

FY2021

FY2022

Mitsubishi Jisho Community Co., Ltd.
Share of voting rights

71.47 ％

71.47 ％

71.47 ％

71.47 ％

71.47 ％

Operating revenue

50,35952,56355,51455,66357,342

Operating profit

3,029

3,170

3,353

3,629

3,713

Ordinary profit

3,106

3,237

3,427

3,690

3,790

Net income

2,032

2,101

2,222

2,477

2,476

Total assets

17,75819,44020,851

21,90822,901

Depreciation

403

393

401

394

371

342,691 units

349,572 units

352,365 units

350,682 units

345,327 units

Number of condominium management units

14

MEC Group International, Inc.*1
FY2018FY2019FY2020

FY2021

Share of voting rights

100.00 ％100.00 ％100.00 ％100.00 ％FY2022100.00 ％Operating revenue

89,759107,952

91,99089,222

127,440
61,692

Operating profit

23,30028,14324,86130,877

Ordinary profit

22,78026,11922,87426,35359,625

Net income

6,237

13,33912,654

17,07725,636

Total assets

447,459

410,801

429,135

468,786

592,915

Depreciation

7,531

5,535

4,762

5,744

6,535

Mitsubishi Estate Europe Ltd.
FY2018FY2019FY2020

FY2021

FY2022

Share of voting rights

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

7,320

7,912

43,672

22,785

4,028

Operating profit

2,895

4,320

20,361

4,709

786

Ordinary profit

2,534

3,612

19,060

4,342(6,340)Net income(4,511)

2,910

16,982

2,736(2,824)

Total assets

145,608

156,852

189,954

192,419

255,840

Depreciation

2,083

1,876

1,834

1,846

1,374

Mitsubishi Estate Asia Pte. Ltd.
FY2018FY2019FY2020

FY2021

FY2022

Share of voting rights

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

830

2,918

1,905

3,042

2,824

Operating profit

236

1,502

381

1,322

200

Ordinary profit

785

1,625

558

1,809

347

Net income

743

1,647

534

1,788

59

Total assets

34,94836,59938,80238,75043,105

Depreciation

119

133

130

128

299

Mitsubishi Jisho Design Inc.*2
FY2018FY2019FY2020

FY2021

FY2022

Share of voting rights

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

18,887

21,552

18,83820,03419,922

Operating profit

2,894

3,474

2,446

3,052

2,816

Ordinary profit

2,875

3,496

2,394

3,073

2,844

Net income

1,955

2,374

1,617

2,110

1,945

Total assets

24,82625,85925,053

27,10627,273

Depreciation

110

239

312

329

326

Mitsubishi Real Estate Services Co., Ltd.
FY2018FY2019FY2020

FY2021

FY2022

Share of voting rights

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

25,584

27,524

27,117

22,662

24,820Operating profit

1,617

2,741

1,031

202

1,554

Ordinary profit

1,684

2,797

1,367

216

1,672

Net income

885

1,838

755

21

1,104

Total assets

21,34326,35925,047

23,847

24,977

Depreciation

347

397

416

362

348

234,366

307,369

450,048

260,240

273,926

Amount of transaction
Number of brokerage

1,162

1,129

1,095

932

1,118

Number of parking management

5,737

50,54055,37956,59658,418*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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