May 14, 2020

MITSUBISHI ESTATE CO., LTD.

(The Fiscal Year Ending March 31, 2020)

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)
V. Mitsubishi Estate Group Companies' Data

1. Income Statement Results for FY2020 and FY2019
2. Income Statement Estimates for FY2021 and Results for FY2020
3. Balance Sheet Results at Periods Ended Mar 31, 2020 and Mar 31, 2019
4. Consolidated Cash Flow Statement Estimates for FY2021 and Results for FY2020 and Results for FY2019
1. Investment data
2. Assets Breakdown and Special Purpose Vehicles Data
1.Commercial Property Business Revenue from Operations Breakdown (Consolidated)
2.Office Building Data (Consolidated)
3.Office Building Data (Unconsolidated)
4.Marunouchi Area Building Data (Unconsolidated)
5.Domestic Condominium Business Data
1. Major Performance Items
2. Segment Information (Consolidated)
Mitsubishi Estate Co., Ltd.
Mitsubishi Estate Home Co., Ltd.
Mitsubishi Jisho Property Management Co., Ltd.
Mitsubishi Jisho Community Co., Ltd.
Marunouchi Heat Supply Co., Ltd.
Mec Group International, Inc.
Sunshine City Corporation
Mitsubishi Estate Europe Ltd.
Mitsubishi Estate Simon Co., Ltd.
Mitsubishi Estate Asia Pte. Ltd.
Tokyo Ryutsu Center
Mitsubishi Jisho Sekkei Inc.
Royal Park Hotels & Resorts Co., Ltd.
Mitsubishi Real Estate Services Co., Ltd.
Mitsubishi Estate Residence Co., Ltd.

3
4
5
6
7
8
9
9
9
9
10
11
12
13~15

Disclaimer
This FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance, our plans andobjectives 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 FY2020 and FY2019
Millions of yen (rounded down)

Overview
There is an increase in income and profits compared with
FY2019. Main factors include an increase in rental profits in
Office Building Business and International Business; anincrease in capital gains mainly from International Business.
Since February 2020, hotels and retail properties have been
affected by spread of the new coronavirus.
Office Building Business
There is an increase in income and profits compared with FY2019.
Main factors include an increase in rental
profits as a result of a full-year operation of new buildings (e.g.
Marunouchi Nijubashi Building) as well as vacancy rate
improvement and a rent increase in existing buildings. There is also
an increase in capital gains.
Lifestyle Property Business
There is an increase in income and profits compared with FY2019.
There was an increase in capital gains from sales of logistic facilities.
Retail properties such as outlet malls have been affected by the newcoronavirus since February 2020; therefore resulted in a decrease inboth sales and rental profits.
Residential Business
There is a decrease in income and profits compared with FY2019.
There was an overall decrease from both domestic and international
condominiums. In addition, there was a decrease in capital gains
from sales of rental apartments.
International Business
There is an increase in income and profits compared with FY2019.
Renovation of the U.S. office building (1271 Avenue of theAmericas) has been completed. An improvement of occupancy rate
led to an increase in rental profits. Sales of the U.K. office building(8 Finsbury Circus) also contributed to a great increase in capitalgains.
Hotel & Airport Business
There is a decrease in income and profits compared with FY2019.
The occupancy rate has greatly decreased due to the newcoronavirus infection since February 2020.

FY2020Results

FY2019Results

ChangeMillions of yen (rounded down)

Breakdown of Extraordinary income

FY2020Results

FY2019Results

ChangeOffice Building Business

565,501

529,695

35,806

Gain on sales of fixed assets

5,144

-

5,144

Lifestyle Property Business

127,205

106,182

21,023Gain on sales of investment securities

1,711

6,072

(4,361)

Residential Business

389,008

420,405(31,396)

Gain on negative goodwill

-

2,097

(2,097)

International Business

130,718

81,844

48,874Gain on amortization of negative goodwill

14,915-

14,915Investment Management Business

21,31649,588(28,271)

Gain on contribution for construction

4,480

-

4,480

Hotel & Airport Business

36,43844,171(7,733)

Total

26,251

8,170

18,080Architectural Design & Engineering Business

21,58924,671(3,082)

Real Estate Services Business

35,54033,586

1,953

Other

8,622

8,106

516

Eliminations(33,745)(34,969)

1,223

Revenue from Operations

1,302,196

1,263,283

38,912

Loss related to retirement of fixed assets

5,445

3,818

Office Building Business

152,886

147,691

5,194

Loss on valuation of investment securities

2,344

-

2,344

Lifestyle Property Business

35,741

32,5603,181

Loss on transfer of business

3,240

-

3,240

Residential Business

25,94630,428(4,481)

Impairment loss

10,844-

10,844

International Business

44,54426,927

17,617

Total

21,874

3,818

18,056

Investment Management Business

4,467

9,231

(4,763)

Hotel & Airport Business(2,998)2,371(5,369)Architectural Design & Engineering Business

1,268

2,021

(753)

Real Estate Services Business

1,139

2,603

(1,463)

Millions of yen (rounded down)

Breakdown of Extraordinary loss

Reference
Capital Gains included in Operating Income

FY2020Results

FY2019Results

Change1,626Millions of yen (rounded off to the nearest billion)

FY2020Results

FY2019Results

Change

199

(196)

396

Eliminations or Corporate(22,426)(24,459)

2,033

Office Building Business

15,00012,000Operating Income

240,768

229,178

11,590Lifestyle Property Business

8,000

4,000

4,000

Non-operating revenue

12,377

12,391(14)

Residential Business

10,00011,000(1,000)International Business

Other

Equity in earnings of unconsolidated subsidiaries and affiliates
Non-operating expense

Capital Gains
3,000

229

263

(33)

28,00014,00014,00033,57434,983(1,409)Investment Management Business

-

5,000

(5,000)219,572

206,587

12,985

Hotel & Airport Business

-

2,000

(2,000)Extraordinary income

26,251

8,170

18,080

Other

-

-

-

Extraordinary loss

21,874

3,818

18,056

Eliminations or Corporate

-

-

-

223,949

210,939

13,009Total

61,00048,00013,000*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests

Corporate tax, etc.

58,533

58,958(424)

Profit165,415

151,981

13,433

Profit attributable to non-controlling interests

16,963

17,372(409)

Profit Attributable to Owners of Parent

148,451

134,608

13,843

Reference
Business Profit
Business Profit

Millions of yen (rounded down)

FY2020Results

240,998

FY2019Results

Change229,442*Business Profit: Operating Income + Equity in earnings(loss) unconsolidated subsidiaries and affiliates.

3

11,556

2. Income Statement Estimates for FY2021 and Results for FY2020
Millions of yen (rounded down)

Overview
An overall decrease in income and profits is expected byconsidering the impact of the new coronavirus. An increase inrental profits from both domestic and international officebuildings is expected. Factors include an increase inoccupancy rate as a result of full-year operation of domestic
new buildings as well as a completion of the U.S. officebuilding renovation. On the other hand, a decrease in profits is
expected due to an impact of the new coronavirus on hotels
and retail properties, such as outlet malls. Capital gains arealso expected to decrease as a result of a decline in property
sales.
Commercial Property Business
Office Buildings: An increase in rental income and profits is
expected as a result of a full-year operation of new buildings (e.g.
Yotsuya Tower) as well as a vacancy rate improvement and a rent
increase in existing buildings.
Retail properties (e.g. outlet malls): A decrease in rental income andprofits is expected due to an impact of the new coronavirus.
Hotels: A decrease in revenue and profits is expected due to a
decline of occupancy rate as a result of an impact of the newcoronavirus.
Capital gains from sales of office buildings and logistic facilities arealso expected to decrease.
Residential BusinessA decrease in sales from domestic condominiums is expected due toan impact of the new coronavirus. Capital gains from sales of rental
apartments are also expected to decrease.
International Business
An increase in rental profits is expected as a result of an increase inoccupancy rate of the U.S. office building (1271 Avenue of theAmericas). In Asia, an increase in sales and profits is expected as aresult of an increase in unit delivery.
A decrease in capital gains is expected due to an effect of sales the
U.K. office buildings in the previous year.

FY2021
Estimates

FY2020Results

ChangeMillions of yen (rounded down)(New Segment)(49,712)

Breakdown of Extraordinary income

FY2021
Estimates

FY2020Results

ChangeCommercial Property Business

674,000

723,712Residential Business

320,000

385,538(65,538)

Gain on sales of fixed assets

13,0005,144International Business

88,000134,175(46,175)

Gain on sales of investment securities

2,000

1,711

289

Investment Management Business

20,00021,316(1,316)

Gain on amortization of negative goodwill-

14,915(14,915)

Architectural Design & Engineering Business and Real Estate Services Business

58,00057,128872

Gain on contribution for construction

Other

8,000

8,743

(743)

Total

Eliminations(26,000)(28,418)

2,418

Revenue from Operations

1,142,000

1,302,196(160,196)(New Segment)

7,856

-

4,480

(4,480)15,00026,251(11,251)

Millions of yen (rounded down)

Breakdown of Extraordinary loss

FY2021
Estimates

FY2020Results

ChangeCommercial Property Business

163,000

187,855(24,855)

Residential Business

12,00024,320(12,320)

Loss related to retirement of fixed assets

8,000

5,445

2,555

International Business

29,00046,156(17,156)

Loss on valuation of investment securities

-

2,344

(2,344)

Investment Management Business

4,000

4,467

(467)

Loss on transfer of business

-

3,240

(3,240)Architectural Design & Engineering Business and Real Estate Services Business

2,000

2,407

(407)

Impairment loss-

10,844(10,844)

Other(1,000)(2,018)

1,018

Other extraordinary loss

14,000-14,000Eliminations or Corporate(24,000)(22,420)(1,580)Total

22,00021,874126

Operating Income

185,000

240,768(55,768)

Non-operating revenue

18,00012,377

5,623

300

229

71

34,00033,574426

Equity in earnings of unconsolidated subsidiaries and affiliates
Non-operating expense

169,000

219,572(50,572)

Extraordinary income

15,00026,251(11,251)

Extraordinary loss

22,00021,874

126

Income Before Taxes and Special Items

Reference
Capital Gains included in Operating Income

Millions of yen (rounded off to the nearest billion)

FY2021
Estimates

FY2020Results

ChangeCapital Gains
Commercial Property Business

22,00023,000(1,000)Residential Business

6,000

10,000(4,000)162,000

223,949(61,949)

International Business

3,000

28,000(25,000)

Corporate tax, etc.

41,00058,533(17,533)

Investment Management Business

-

-

-

Profit121,000

165,415(44,415)

Other

-

-

-

Profit attributable to non-controlling interests

11,00016,963(5,963)Eliminations or Corporate

-

-

-

Profit Attributable to Owners of Parent

110,000

148,451(38,451)

31,00061,000(30,000)

Income Before Income Taxes and Minority Interests

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

As of April 2020, the Company made the following changes to its disclosure segments.
- The Office Building, Lifestyle Property, and Hotel & Airport Business were integrated into newly established The Commercial Property Business segment.
- International Residential Business moved from the Residential Business segment to the International Business segment.
- The Architectural Design & Engineering Businss and Real Estate Services Business segment were integrated into newly established Architectural Design & Engineering Business and Real Estate Services Businesssegment.

Reference
Business Profit
Business Profit

Millions of yen (rounded down)

FY2021
Estimates

185,300

FY2020Results

Change240,998*Business Profit: Operating Income + Equity in earnings(loss) unconsolidated subsidiaries and affiliates.

4(55,698)

3. Balance Sheet Results at Periods Ended Mar 31, 2020 and Mar 31, 2019
Millions of yen (rounded down)

At Mar 31, 2020

At Mar 31, 2019

Millions of yen (rounded down)

ChangeAt Mar 31, 2020

AssetsAt Mar 31, 2019

ChangeLiabilities

I. Current assets

I. Current liabilities

1. Cash207,896

176,81431,081

1. Notes and accounts payable-trade66,36857,9678,401

2. Notes and accounts receivable-trade50,34062,603(12,262)

2. Short-term borrowings

115,306

86,15629,150(74,287)

3. Marketable securities

7,657

6,767

889

3. Current portion of long-term debt

156,778

231,065

4. Property for sale

72,256

84,104(11,847)

4. Commercial paper

50,000-50,0005. Property for sale in progress

247,677

268,152(20,475)

5. Bonds due within one year

51,55075,000(23,450)

6. Property for development

975

996

(20)

6. Accrued income taxes

29,773

19,620

10,153

7. Appropriated construction in progress

7,390

7,058

331

7. Other current liabilities

194,225

219,133(24,908)

664,001

688,942(24,940)
41,667

8. Other inventories

1,005

1,143

(137)

9. Equity investments

450,520

387,385

63,135

10. Other current assets

70,20878,061(7,853)

1. Bonds

775,584

733,916

11. Allowance for doubtful accounts

(294)

(218)

(76)

2. Long-term borrowings

1,278,678

1,188,866

89,812

1,115,634

1,072,869

42,765

3. Lease deposits received

459,177

440,058

19,118(17,783)

Total current assets

Total current liabilities
II. Long-term liabilities

II. Fixed assets

4. Deferred tax liability

215,852

233,635

1. Property and equipment

5. Deferred tax liabilities on land revaluation

264,063

264,063-(9,182)

6. Net defined benefit liability

26,91926,573346(1) Buildings and structures(2) Machinery and equipment(3) Land

1,174,536

1,183,718

27,712

24,8182,893

7. Accrued directors' retirement benefits

601

579

22

2,152,812

2,105,797

47,014

8. Provision for environmental measures

4,556

4,623

(67)
(12,171)(4) Land in trust

608,331

676,572(68,240)

9. Negative goodwill

80,251

92,423(5) Construction in progress

126,31180,67445,637

10. Other long-term liabilities

147,343

143,403

3,939(6) Other property and equipment

17,54816,502

1,045

Total long-term liabilities

3,253,028

3,128,145

124,883

4,107,252

4,088,084

19,168

Total liabilities

3,917,030

3,817,088

99,942

Total property and equipment
2. Intangible assets

Net Assets(1) Leaseholds

72,764

74,384(1,620)(2) Other intangible assets

24,002

20,7433,259

1. Capital

142,147

142,023

124

96,767

95,1281,638

2. Capital surplus

164,041

162,498

1,543

3. Retained earnings

962,840

858,581104,258

236,969

258,527(21,557)

4. Less treasury stock, at cost(105,282)(5,278)(100,004)

1,163,746

1,157,824

5,922

Total intangible assets

I. Shareholders' Equity

3. Investments and other assets(1) Investment securities(2) Long-term loans

10,924

2,924

7,999

Total shareholders' equity(3) Lease deposits

126,092

114,713

11,378

II. Other accumulated comprehensive income(4) Net defined benefit asset

21,33623,935(2,599)

1. Unrealized holding gain on securities

79,527

115,452(35,925)(5) Deferred tax assets

16,266

20,766(4,499)2. Deferred gains or losses on hedging instruments(1,948)(64)(1,883)(6) Other investments

127,636

97,911

29,724

3. Land revaluation reserve

526,623526,623

-

(643)

(668)

24

4. Foreign currency translation adjustments(29,321)(30,144)822(7) Allowance for doubtful accounts
Total investments and other assets

538,582

518,110

20,471

5. Remeasurements of defined benefit plans(4,163)952(5,116)

Total fixed assets

4,742,602

4,701,323

41,278

Total other accumulated comprehensive income

570,716

612,819(42,102)5,858,236

5,774,193

84,043

Total assets

III. Stock acquisition rights
IV. Non-controlling interests
Total net assets

5

Total liabilities and net assets

288

302

(13)

206,454

186,159

20,294

1,941,206

1,957,105(15,898)

5,858,236

5,774,193

84,043

4. Consolidated Cash Flow Statement Estimates for FY2021 and Results for FY2020 and Results for FY2019
Millions of yen (rounded down)

FY2019Results

FY2020Results

FY2021Estimates

Change210,939

223,949

13,009161,000(62,949)

961(1,395)(2,356)

7,000

8,395

Depreciation and amortization

80,336

84,941

4,605

87,0002,058

Decrease (increase) in inventories

132,337

148,161

15,82318,000(130,161)

Decrease (increase) in equity investments(9,124)(43,217)(34,092)(146,000)(102,783)

Other(15,678)(25,035)(9,357)(19,000)

6,035

Income taxes, etc.

(53,817)(45,636)

8,180(66,000)(20,364)

Net cash provided by (used in) operating activities

345,954341,766(4,187)42,000(299,766)

Proceeds from sales of investment securities

13,871

5,275(8,596)

12,0006,725

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

4,752

105,830

101,077

55,000(50,830)(285,089)(331,857)(46,768)(350,000)(18,143)(4,618)(56,687)(52,068)(16,000)

40,687

Net cash provided by (used in) investing activities(271,083)(277,440)(6,356)(299,000)(21,560)

Newly acquired funds

160,510

342,782

182,271645,000

302,218

Repayment(229,938)(305,736)(75,797)(353,000)(47,264)

Cash dividends paid

(52,209)(53,846)(1,636)(49,000)

4,846

(16)

(100,024)(100,008)-

100,024

Other(70,819)

87,937

158,757(49,000)(136,937)

Net cash provided by (used in) financing activities(192,473)(28,886)

163,586

194,000

222,886

Cash and cash equivalents at the end of year

179,308

213,008

33,699147,000(66,008)

Free Cash Flow

74,87164,326(10,544)(257,000)(321,326)

Income before income taxes and minority interests
Adjustment for extraordinary income or loss

Capital investment
Other

Payments for repurchase of own shares

6

Change-II. Investment Data
1. Investment data
Capital investment

Millions of yen (rounded down)

FY2020Equity investment

FY2021 (Estimates)

Millions of yen (rounded down)

FY2020Total

331,857

Total

350,000

Mitsubishi Estate

128,599

Mitsubishi Estate

178,000

FY2021 (Estimates)

Total

99,412

Mitsubishi Estate

24,252(Breakdown)(Breakdown)(Breakdown)

Office Building Business

Office Building

Office Building Business

13,25863,52990,000Lifestyle Property Business

8,854

Refurbishment cost etc.

23,938

Refurbishment cost etc.

20,000

Others(Domestic)

1,160

Lifestyle Property Business

23,844Hotel

21,000Hotel & Airport Business

11,182Retail Property

21,000Logistics Facility

18,000

Other

172,000

Other

75,160Other

203,258(Breakdown)(Breakdown)(Breakdown)

Mitsubishi Estate Europe

46,590

MEC Group International

MEA Comercial Holdings

41,761

Mitsubishi Estate Residence

39,946

MEC Group International*2

Asia, Oceania

46,618Mitsubishi Estate Residence

40,000US

Mitsubishi Estate Europe

30,000EuropeSimon

16,00025,449Mitsubishi Estate

21,593Sunshine City

7,000

Marunouchi Heat Supply

8,849

Consolidated TMK(Domestic)

8,000

Sunshine City

6,759

Marunouchi Heat Supply

6,000Royal Park Hotels & Resorts

2,000

Consolidated TMK(Domestic)

4,368

Yokohama Sky Building

2,393Royal Park Hotels & Resorts

1,119* Major inter-group transactions are eliminated.
*2 Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.

7

3,000

International

Other

2,000

165,000(Breakdown)

57,000Simon

Mitsubishi Estate

Mitsubishi Estate

168,000(Breakdown)

New/Redevelopment buildings(Marunouchi redevelopment etc.)

New/Redevelopment buildings(Marunouchi redevelopment etc.)

Total

Asia, Oceania

43,00026,833

US

31,0001,707

Europe1,000

Strategic investment

90,0002. Assets Breakdown and Special Purpose Vehicles Data
Assets Breakdown (Consolidated)

Special Purpose Vehicles Data
Millions of yen (rounded down)

At Mar 31, 2020

At Mar 31, 2019

Millions of yen (rounded down)

ChangeAt Mar 31, 2020

Inventories

At Mar 31, 2019

ChangeEquity investments by Mitsubishi Estate

Condominium(domestic)

262,090--

International

2,028

-

-

US

2,028

-

-

-

-

-

US

EuropeAsia
OtherTotal inventories

Domestic Office Building

61,842--

Domestic(other)

34,890--International

353,788--

172,424

-

-

-

-

-

Europe34,238--65,187--

Asia

147,124--

329,305--

Total equity investments by Mitsubishi Estate

450,520--

Reference

Millions of yen (rounded off to the nearest billion)

Equity investments
Domestic Office Building

61,842--

Domestic(other)

34,890--International

353,788--

Domestic Office BuildingUS

172,424--

Domestic(other)

Equity investments by other companies
99,000

-

-

0

-

-

Europe34,238--International

827,000

-

-

Asia

147,124--

US

465,000--

450,520--

Europe34,000--

Office Building

3,111,799--

Outlet Mall

132,724--

Logistics Facility

72,853--Retail Property (Except Outlet Mall)

142,161--

Rental Apartment

80,908--International

390,761--

Total equity investments
Fixed assets (Property and equipment)

Asia

328,000--

926,000--

Domestic Office Building

77,000--

Domestic(other)

4,000

-

-

International

686,000--

US351,000--

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

US

171,339--

EuropeEurope130,872

-

-

Asia

Asia

88,548--176,046--

4,107,252

-

-

Other
Total fixed assets(property and equipment)

Total interest bearing debt borrowed by SPV

-

-

-

335,000--

767,000--* Domestic Same-Boat investment in Investment Management Business is not listed in the above reference.

8III. Business Data
1.Commercial Property Business Revenue from Operations Breakdown (Consolidated) *1
FY2016FY2017

Marunouchi Area Office Building-

Tokyo Area Office Building-

Office Building (Outside of Tokyo)
Outlet Mall
Other

Millions of yen (rounded down)

FY2018FY2019FY2020

FY2021 (Estimates)

-

-

-

243,681

-

-

-

-

128,927

-

-

-

-

-

64,548

-

-

-

-

-

46,386

-

-

-

-

-

40,919

-

-

-

-

-

524,464

-

-

-

-

-

91,030

-

Other

-

-

-

-

108,217

-

Total

-

-

-

-

723,712-At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

3,583

3,672

3,822

3,968

4,120

Owned by MEC

2,175

2,295

2,404

2,536

2,592

Subleases

1,407

1,377

1,418

1,432

1,528

Leasing

outside of Marunouchi)

Total leasing
Sales of assets*1 Including revenue from other segments.

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

Contracted area

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

At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

At Mar 31, 2021
(Estimates)(1) Total operating floor space
Owned by MEC

3,265

3,414

3,556

3,729

3,736

3,747

Subleases

1,909

1,971

2,013

2,016

2,133

2,284

5,174

5,385

5,570

5,745

5,869

6,031

(2) Leasable area

Total

3,192

3,357

3,475

3,631

3,726

3,827

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

2.22

2.93

1.87

1.80

1.07

2.0

(4) Average rent*2 (All uses in Japan)

25,23425,842

26,193

26,702

27,17728,000At Mar 31, 2016

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

Operating floor space

2,531

2,727

2,784

2,915

2,915

Leasable area

1,466

1,603

1,665

1,755

1,751

* 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)

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

1.37

2.42

1.65

2.19

0.69

202,337

216,673

221,674

235,119

243,457

9

5.Domestic Condominium Business Data
FY2016
Condominiums sold (Millions of yen)

FY2017FY2018FY2019FY2020

FY2021 (Estimates)

215,762

223,266

254,140

238,924

202,876

Condominiums sold (units)

3,868

3,713

3,938

4,007

3,214

-

Gross margin

18.7

19.4

19.7

17.0

17.8

-

Inventory (units)

188

326

460

542

373

-

New Supply of condominiums (units)

-

3,641

3,236

3,615

3,966

2,924

-

Condominium contract balance (Millions of yen)

226,952

188,282

156,944

144,970

162,141-

The following fiscal year share (Millions of yen)

140,563

167,887

141,408

104,242

130,195-

The post following fiscal year share (Millions of yen)

86,38920,395

15,536

40,72831,946-* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales

10

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

Millions of yen (rounded down)

FY2016
Revenue from operations
PL

BS

Indicator

FY2019FY2020

FY2021 (Estimates)

1,125,405

1,194,049

1,263,283

1,302,196

1,142,000

Operating income

166,199

192,495

213,047

229,178

240,768

185,000

Income before taxes and special items

144,851

169,851

190,506

206,587

219,572

169,000

Profit attributable to owners of parent

83,426102,681

120,443

134,608

148,451

110,000
6,000,000

Total assets

5,311,840

5,484,115

5,801,450 *1

5,774,193

5,858,236

Inventories

439,044408,294434,638

361,455

329,305-

Fixed assets (property and equipment and Intangible assets)

3,658,846

3,956,299

4,076,113

4,183,212

4,204,019-

Interest-bearing debt

2,291,038

2,396,994

2,481,675

2,319,597

2,429,883

2,610,000

Net interest-bearing debt

1,878,645

2,153,652

2,194,815

2,140,288

2,216,874

2,460,000

0.96

0.97

0.95

0.98

0.93

0.93

Shareholders' equity *2

1,509,680

1,592,777

1,698,348

1,770,643

1,734,462

1,790,000

Cash flow from operating activities

135,821

168,527

293,338

345,954341,766

42,000(Depreciation and amortization)

74,24575,97477,54580,336

84,94187,000Cash flow from investing activities(231,003)(327,292)(286,841)(271,083)(277,440)(299,000)(Capital investment)(275,316)(275,372)(289,570)(285,089)(331,857)(350,000)

Cash flow from financing activities

309,237(4,921)

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

194,000

Free Cash Flow

(95,181)(158,764)

6,497

74,87164,326(257,000)

Business Profit *3

166,804

193,368

213,467

229,442240,998

185,300

EBITDA *4

252,034

279,718

302,424

320,641

336,784

289,800
3.1

ROA*5

3.3

3.6

3.8

4.0

4.1

ROE*6

5.6

6.6

7.3

7.8

8.5

6.2

EPS(Yen)

60.13

74.00

86.78

96.97

108.64

82.18

Net interest-bearing debt EBITDA

7.5 times

7.7 times

7.3 times

6.7 times

6.6 times

After hybrid debt deductions *7

7.0 times

7.1 times

6.7 times

6.1 times

6.1 times

7.9 times

1.52

1.50

1.46

1.31

1.40

1.46

Debt equity ratio *8

8.5 times

1.33

1.26

1.23

1.10

1.18

1.24

20,18922,74323,122

23,503

22,10023,000After hybrid debt deductions*7
Interest expense
Interest coverage ratio (ICR) *9

8.5 times

8.7 times

9.5 times

10.1 times

11.3 times

Annual dvidends per share(Yen)

16

20

26

30

33

25

26.6

27.0

30.0

30.9

30.4

30.4

Current value of Income generating assets

6,079,064

6,791,968

7,383,415

7,941,134

8,270,844-

Income generating assets unrealized gain

2,569,084

2,963,508

3,422,832

3,898,413

4,222,505-

121.10108.78112.16110.44109.03106.00Exchange average rate(¥/£ /PL

185.19147.57144.49147.41139.19138.00Exchange current rate(¥/$ /BS

120.61116.49113.00111.00109.56106.00

Dividend payout ratio
Other

FY20181,009,408

Average interest rate

CF

FY2017

Exchange average rate(¥/$ /PL

8.7 times

178.78143.00151.95140.46143.48138.00Exchange current rate(¥/£ /BS*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 theamendment.
*2 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*3 Business Profit = Operating Income + Equity in earnings(loss) unconsolidated subsidiaries and affiliates*4 EBITDA = Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates + Depreciation + Amortization of goodwill*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 income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Interest expense11

2. Segment Information (Consolidated)

Revenue
from
Operations

OperatingincomeBusiness
Profit*1

Depreciation
andamortization

FY2017FY2018FY2019Commercial Property Business

-

-

-

-

723,712674,000

Residential Business

-

-

-

-

385,538

320,000

International Business

-

-

-

-

134,175

88,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others----21,31620,000----57,12858,000

-

-

-

-

8,743

8,000

Total

-

-

-

-

1,302,196

1,142,000

Commercial Property Business

-

-

-

-

187,855

163,000

Residential Business

-

-

-

-

24,32012,000International Business

-

-

-

-

46,15629,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

-

-

4,467

4,000

-

-

-

-

2,407

2,000

-

-

-

-

(2,018)(1,000)

Total

-

-

-

-

240,768

185,000

Commercial Property Business

-

-

-

-

188,099

163,255

Residential Business

-

-

-

-

24,305

12,044

International Business

-

-

-

-

46,15629,000Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others

-

-

-

-

4,467

4,000

-

-

-

-

2,407

2,000

-

-

-

-

(2,018)(1,000)

Total

-

-

-

-

240,998

185,300

Commercial Property Business

-

-

-

-

70,927-

Residential Business
International Business

-

-

-

-

3,946
6,646

-

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

-

-

-

-

1,333

-

-

-

-

-

868

-

-

-

-

-

98

-

Total

-

-

-

-

84,94187,000Commercial Property Business

-

-

-

-

-

-

Residential Business

-

-

-

-

386

-

International Business

-

-

-

-

66

-

-

-

-

1,929

-

-

-

-

-

208

-

-

-

-

-

-

-

Total

-

-

-

-

2,591

3,000

Commercial Property Business

-

-

-

-

169,163-

Residential Business

-

-

-

-

45,079-International Business

-

-

-

-

113,755-

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

-

-

-

-

328

-

-

-

-

-

948

-

-

-

-

-

411

-

Total

-

-

-

-

331,857

350,000

Commercial Property Business

-

-

-

-

4,135,091-

Residential Business

-

-

-

-

570,282-

International Business

-

-

-

-

887,179-

Investment Management BusinessArchitectural Design & Engineering Business andReal Estate Services Business
Others----71,829

-

-

-

-

-

55,737

-

-

-

-

-

13,270

-

Total

-

-

-

-

5,858,236

6,000,000

Amortization Investment Management Businessof goodwill Architectural Design & Engineering Business andReal Estate Services Business
OthersCapitalinvestment

Total assets

Millions of yen (rounded down)
FY2016*1 Business Profit = Operating Income + Equity in earnings(loss) unconsolidated subsidiaries and affiliates

12

FY2020

FY2021 (Estimates)

V. Mitsubishi Estate Group Companies' Data
Millions of yen (rounded down)

Mitsubishi Estate Co., Ltd.

FY2016FY2017FY2018FY2019FY2020

Revenue from operations

380,951

416,619472,486

498,273

549,362

FY2021 (Estimates)-

Operating income

75,92578,495

109,715

110,803

117,176-

Income before taxes and special items

67,77095,882

127,288

126,115

131,431-

Net income

43,41878,541

108,813

100,980

109,251-

Total assets

4,486,547

4,575,250

4,708,269

4,749,852

4,782,507-

Mitsubishi Jisho Property Management Co., Ltd.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

67,95866,741

71,666

79,54780,683-Operating income

4,668

4,777

5,509

5,950

5,960

-

Income before taxes and special items

4,676

4,780

5,495

5,936

5,960

-

Net income

3,166

3,172

3,882

4,282

4,101

-

Total assets

77,562

67,97369,761

77,146

77,633-

Number of management properties
Management area

FY2021 (Estimates)

138

159

167

172

184

-

7,149,291

7,888,033

8,000,277

8,124,226

8,615.266-

Marunouchi Heat Supply Co., Ltd.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

64.16

64.16

64.16

64.16

65.59

FY2021 (Estimates)-

Revenue from operations

13,226

13,293

13,894

14,833

15,766-

Operating income

1,100

1,235

1,387

1,855

2,037

-

Income before taxes and special items

1,115

1,170

1,270

1,837

1,982

-

Net income

1,506

868

974

1,712

4,327

-

Total assets

26,93825,48032,68433,25539,631-

FY2021 (Estimates)

Sunshine City Corporation

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

63.20

63.20

63.20

63.20

63.20

-

Revenue from operations

26,864

27,38029,212

28,121

26,926-

Operating income

7,195

6,987

8,352

6,933

5,213

-

Income before taxes and special items

5,861

5,679

7,260

5,690

3,473

-

Net income

3,876

3,984

5,016

3,954

2,372

-

Total assets

100,300

109,097

114,641

111,663

106,081-

Mitsubishi Estate Simon Co., Ltd.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

60.00

60.00

60.00

60.00

60.00

FY2021 (Estimates)-

Revenue from operations

43,946

43,642

45,462

46,65946,393-Operating income

16,301

17,35918,94019,673

18,963-

Income before taxes and special items

16,521

17,593

19,211

19,952

19,219-Net income

10,69912,084

13,143

13,572

13,165

Total assets

101,802

101,767

109,485

108,913110,754-

Store floor area

308,500

308,500

308,500

314,600

315,300-

13

Millions of yen (rounded down)

Tokyo Ryutsu Center Inc.

FY2016FY2017*FY2018FY2019FY2020Share of Voting rights

-

56.15

56.41

58.22

60.03

FY2021 (Estimates)-

Revenue from operations

-

7,118

8,679

10,34910,361-

Operating income

-

1,904

2,451

3,223

3,238

-

Income before taxes and special items

-

1,829

2,193

2,874

2,976

-

Net income

-

1,446

1,517

2,543

2,037

-

Total assets-

55,481

65,51765,56065,166-FY2021 (Estimates)

Royal Park Hotels and Resorts Co., Ltd.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

23,92524,47424,09625,38824,266-

Operating income

1,098

1,463

553

549

(992)

-

Income before taxes and special items

1,019

1,458

503

505

(1,004)-

Net income

935

1,212

324

432

(1,304)-

Total assets

11,610

11,58911,95012,327

10,366-FY2021 (Estimates)

Mitsubishi Estate Residence Co., Ltd.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

100.00100.00100.00100.00100.00

Revenue from operations

239,637

298,637

306,379

302,180

269,660-

Operating income

18,491

28,97125,45426,26024,729--

Income before taxes and special items

18,16327,35823,907

24,77723,184-

Net income

9,113

22,832

16,875

17,692

16,429-Total assets

641,736562,209556,464

583,392

570,960-

Mitsubishi Estate Home Co., Ltd.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

100.00100.00100.00100.00100.00

FY2021 (Estimates)-

Revenue from operations

27,12827,79128,80534,57835,474-

Operating income

475

363

148

341

54

-

Income before taxes and special items

482

396

162

347

68

-

Net income

382

471

106

197

(29)

-

Total assets

12,209

11,09012,805

11,506

11,232-

FY2021 (Estimates)

Mitsubishi Jisho Community Co., Ltd.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

71.47

71.47

71.47

71.47

71.47

-

Revenue from operations

34,93748,56650,35952,56355,514-

Operating income

2,262

3,059

3,029

3,170

3,353

-

Income before taxes and special items

2,373

3,130

3,106

3,237

3,427

-

Net income

1,437

1,931

2,032

2,101

2,222

-

Total assets

10,275

15,79817,75819,44020,851-

Number of condominium management units

199,772 units

331,438 units

342,691 units

349,572 units

352,365 units-* Tokyo Ryutsu Center Inc. becomes a Mitsubishi Estate consolidated subsidiary in FY2017-2ndQ. However, the figures for the FY2017-1stQ are included in this table.

14

Millions of yen (rounded down)

MEC Group International, Inc.*

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

100.00100.00100.00100.00100.00

FY2021 (Estimates)-

Revenue from operations

84,36064,94389,759107,952

91,990-Operating income

20,12822,36623,30028,14324,861-

Income before taxes and special items

16,85520,30022,78026,11922,874-

Net income

8,615

4,479

6,237

13,33912,654-

Total assets

347,895

375,104

447,459

410,801

429,135-

Mitsubishi Estate Europe Ltd.
Share of Voting rights

Revenue from operations

FY2016FY2017FY2018FY2019FY2020100.00100.00100.00100.00100.00

FY2021 (Estimates)
-

7,895

7,646

7,320

7,912

43,672-

Operating income

4,307

4,352

2,895

4,320

20,361-

Income before taxes and special items

3,504

4,147

2,534

3,612

19,060-Net income

2,400

3,074

4,511

2,910

16,982-

Total assets

164,044

133,853

145,608

156,852

189,954-

Mitsubishi Estate Asia Pte. Ltd.

FY2016FY2017FY2018FY2019FY2020100.00100.00100.00100.00100.00

Revenue from operations

680

595

830

2,918

1,905

-

Operating income

244

(21)

236

1,502

381

-

Income before taxes and special items

427

2,286

785

1,625

558

-

Net income

427

2,123

743

1,647

534

-

Total assets

32,62332,73534,94836,59938,802-

FY2021 (Estimates)

Share of Voting rights

FY2021 (Estimates)-

Mitsubishi Jisho Sekkei Inc.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

17,106

16,96918,887

21,552

18,838-Operating income

2,934

1,740

2,894

3,474

2,446

-

Income before taxes and special items

2,996

1,776

2,875

3,496

2,394

-

Net income

1,944

1,193

1,955

2,374

1,617

-

Total assets

25,37825,64624,82625,85925,053-

FY2021 (Estimates)

Mitsubishi Real Estate Services Co., Ltd.

FY2016FY2017FY2018FY2019FY2020Share of Voting rights

100.00100.00100.00100.00100.00-

Revenue from operations

19,81524,24325,584

27,524

27,117-

Operating income

663

2,232

1,617

2,741

1,031

-

Income before taxes and special items

847

2,512

1,684

2,797

1,367

-

Net income

639

1,753

885

1,838

755

-

Total assets

23,502

24,307

21,34326,35925,047-

Amount of transaction

195,137

308,884

234,366

307,369

450,048-

Number of brokerage

1,278

1,314

1,162

1,129

1,095

-

-

-

5,737

50,54055,379-Number of parking management* Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.

15