October 31 2014
Earnings Highlights for 2015/3-2Q
Mitsubishi Estate Co., Ltd●Earnings for 2015/3-2Q
Million yen (figures under a million are rounded down)
2015/3
2Q Results(New Segment*)
Building BusinessResidential Business
International Business
Revenue from Operations(New Segment*)
Building BusinessResidential Business
International Business
Operating Income
Income Before Taxes &Special Items
Net Income
EBITDA

2014/3
2Q Results

ChangeChange (%)

262,951
115,31432,473
438,521267,717129,00255,852
481,001(4,766)(13,687)(23,378)(42,479)(1.8)(10.6)(41.9)(8.8)%%%%

64,048(514)
11,28966,73256,654
4,281
20,16873,748

7,394(4,795)(8,878)(7,015)13.1(112.0)(44.0)
(9.5)

%%%
%

56,77962,704(5,925)53,436
108,409

43,631
115,657

9,805(7,248)(9.4) %

22.5 %(6.3) %
*Segment Changes: As of April 2014, the Commercial Property Development & Investment Business has
been integrated into the Building Business.

Summary【Overview】
There is a decrease in income and profits compared with 2014/3-2Q. Major factors for the decrease ofincome include the selling off of a large-scale property in the International Business in the first halfof the previous period, and the decrease of condominium units sold in the Residential Business.
Despite an increase of rental profits in the Building Business, the selling off of a large-scale property
in the International Business in the first half of the previous period, and the decrease of condominium
units sold in the Residential Business factored towards a decrease of profits. Factors affecting theindividual segments compared with 2014/3-2Q are detailed below.
【Building Business】
Despite gains from the effects of buildings completed in 2012, a decrease in buildings sold led to adecrease in income. However, there was an increase in profits due to the effects of buildings
completed in 2012 and the favorable performance of the outlet mall business.
(Vacancy rates)
Leasing both within and outside of Marunouchi are progressing, with the vacancy rates for Japan (allpurpose) improved by 1.00% and by 0.92% for Marunouchi (offices) compared with the end of June
2014. Figures are in line with estimates.
Japan (all purpose)(2014/6: 5.70% → 2014/9: 4.70%, 2015/3 Estimate: 3.5%)

Marunouchi (offices)(2014/6: 6.43% → 2014/9: 5.51%)

(Average rents)
The average rents (Japan-all purpose) compared with the end of June 2014 saw a slight increase by¥16/tsubo.month. The main factor is due to the effects of raising rents, particularily in Marunouchi.
However, further progression of leasing in new buildings in Marunouchi is planned, which puts
average rents in line with estimates.
Japan (all purpose) (2014/6: ¥23,129/tsubo.month → 2014/9： ¥23,145/tsubo.month)(2015/3 Estimate： ¥23,500/tsubo.month)【Residential Business】A factor for the decrease in income and profits is the decrease in condominium units sold. Of
expectations for the sales of condominiums (¥255 billion), 84.4% of contracts had been finalized by
the end of September 2014, which is in line with estimates.
【International Business】
The decrease in income and profits is due to selling off a large-scale property in the first half of theprevious period.
●Revision of 2015/3 Estimates

Building BusinessResidential Business
International BusinessEliminations
Revenue from Operations
Building BusinessResidential Business
International BusinessEliminations or Corporate
Operating Income
Income Before Taxes & SpecialItems
Net Income
EBITDA

Million yen (figures under a million are rounded down)
2015/3 Estimates
2015/3 Estimates
ChangeChange (%)(Current)(Previous)
579,000
553,000
26,0004.7 %393,000
393,000－－ %62,00061,0001,000
1.6 %(20,000)(18,000)(2,000)1,104,000
1,079,000
25,0002.3 %121,000
116,000
5,000
4.3 %
17,00017,000－－ %18,00010,0008,000
80.0 %(15,000)(15,000)－
147,000
134,000
13,0009.7 %108,000

95,00013,00013.7 %

60,000227,000

60,000214,000－
13,000－ %6.1 %Summary【Overview】
The revision of the March 2015 estimates includes an upward adjustment of revenue from operationsby ¥25bn and operating income by ¥13bn. However, due to a concurrent augmentation ofextraordinary income, extraordinary losses, corporation tax, etc., net income remains at ¥60bn.

【Building Business】
An upward adjustment to income has been made after a revision of property sales. Profits were also
upwardly revised due to an increase in rental income, and an increase of profits from selling offproperty.

【International Business】
An upward adjustment to income and profits has been made after a temporary increase in profits fromthe sale of property, management fees, etc.

Disclaimer
This data contains predictions and aims which relate to our future economic performance andprojections of revenue and other financial items. These predictions are inherently subject to risks anduncertainties, due to unforeseeable events or external factors. Future events and actual results,financial and otherwise, may differ materially.

The Summary of Consolidated Financial Statements and Fact Book can be found on the homepage.
◇Summary of Consolidated Financial Statements(http://www.mec.co.jp/e/investor/irlibrary/tanshin/index.html)◇FACT BOOK
(http://www.mec.co.jp/e/investor/irlibrary/fact/index.html)