■February 6, 2017

MITSUBISHI ESTATE

FACT BOOK 2017/3-3rd Q

Inquiries: Investor Relations Office
Mr. Tamaki, Ms. Radcliffe
TEL: +81-3-3287-5207
FAX: +81-3-3212-3757
http://www.mec.co.jp/e/investor/index.html

■Contents
Page/sI. Performance Comparisons (Consolidated)

II. Highlights

III. Summary of Consolidated Financial Statements

1. Income Statement Results for 2017/3-3Q and 2016/3-3Q3

2. Current Income Statement Estimates for 2017/3 and Results for 2016/3

4

3. Current and Previous (announced on November 7, 2016) Income Statement Estimates for 2017/3

5

4. Balance Sheet Results at Periods Ended 2016/12 and 2016/3

6

1. Major Performance Items (Consolidated)

7

2. Segment Information (Consolidated)

8,9

3. Building Business Revenue from Operations Breakdown (Consolidated)

10

4. Building Business Data (Consolidated)

10

5. Building Business Data (Unconsolidated)

10

6. Marunouchi Area Building Data (Unconsolidated)

10

7. Lifestyle Property Business Data (Consolidated)

11

8. Condominium Business Data

11

9. Special Purpose Vehicle Data12

1. Consolidated Balance Sheets

13 , 14

2. Consolidated Income Statements

15

3. Consolidated Cash Flow Statements

16

4. Total Assets, Capital Investment and Depreciation (Consolidated)

17

5. Interest-Bearing Debt (Consolidated)

17

6. Major Consolidated Subsidiaries

18

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.

2

I. Performance Comparisons (Consolidated)
1. Income Statement Results for 2017/3-3Q and 2016/3-3Q
Millions of yen (rounded down)

Millions of yen (rounded down)

2017/3-3Q
Results

2016/3-3Q
Results

Building Business

370,656

316,368

54,287

Gain on sales of fixed assets

-

2,652

(2,652)

Lifestyle Property Business

66,79465,6401,154

Gain on sales of investment securities-

11,320(11,320)

Residential Business

276,947

220,01256,935Gain on negative goodwill

13,505-

13,505International Business

54,07955,571(1,491)

Reversal of accrued payment

-

4,098

(4,098)Investment Management

17,04718,096(1,048)Settlement received

1,966

-

1,966

Architectural Design & Engineering

11,09911,271

(171)

Total

15,471

18,072(2,600)Hotel Business

25,575

25,104470

Real Estate Services

17,00013,7173,283

2017/3-3Q
Results

2016/3-3Q
Results

Other
Eliminations
Revenue from Operations

Change■Breakdown of Extraordinary income

3,102

2,837

265

(18,193)(16,655)(1,537)2017/3-3Q
Results

2016/3-3Q
Results

Change824,111

711,965

112,145

Building Business

103,625

84,986

18,638Lifestyle Property Business

19,855

19,690165

Residential Business

13,899

7,750

6,149

Loss related to retirement of fixed assets

1,836

-

International Business

23,157

14,9398,217

Impairment loss

1,287

-

1,287

Investment Management

4,343

3,252

1,090

Loss on step acquisitions

6,431

-

6,431

Total

9,555

-

9,555

Architectural Design & Engineering

(621)

(301)

(320)

Hotel Business

2,024

1,818

206

Real Estate Services

504

(196)

700

Other

188

47

141

(16,532)(10,749)(5,783)
29,205

Eliminations or Corporate
Operating Income

150,444

121,239

Non-operating revenue

8,004

8,405

(401)

Non-operating expense

21,836

20,454

1,382
27,420136,612109,191

Extraordinary income

15,471

18,072Extraordinary loss

9,555

-

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests
Corporate tax, etc.

ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent

142,528

127,263

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

(2,600)9,555
15,26442,403

38,105

4,297

100,125

89,157

10,967

10,74010,723

16

89,38478,434

10,9503Change1,836

2. Current Income Statement Estimates for 2017/3 and Results for 2016/3

Millions of yen (rounded down)

2017/3
Estimates

2016/3Results

Millions of yen (rounded down)

Change■Breakdown of Extraordinary income

2017/3
Estimates

2016/3Results

ChangeBuilding Business

481,000

422,349

58,651Gain on sales of fixed assets

-

2,709

Lifestyle Property Business

89,00086,5692,431

Gain on sales of investment securities

4,000

11,350(2,709)(7,350)Residential Business

414,000

345,226

68,774Gain on negative goodwill

13,000-13,000International Business

65,00075,956(10,956)

Reversal of accrued payment

-

4,098

(4,098)Investment Management

21,00024,994(3,994)

Reversal of allowance for loss on obligations of additional investments

-

1,262

(1,262)

Architectural Design & Engineering

19,00021,279(2,279)Settlement received

2,000

-

2,000

Hotel Business

34,00033,089911

Total

19,00019,421(421)

Real Estate Services

24,00019,815

4,185

Other
Eliminations
Revenue from Operations

4,000

3,882

118

(26,000)(23,754)(2,246)

1,125,000

1,009,408

115,592

Building Business

128,000

108,940

19,060Lifestyle Property Business

25,00025,842(842)

Residential Business

22,00018,035

3,965

Loss related to retirement of fixed assets

9,000

4,223

4,777

International Business

24,00019,421

4,579

Impairment loss

1,000

2,561

(1,561)

Investment Management

4,000

5,082

(1,082)

Provision for environmental measures

-

5,068

(5,068)Architectural Design & Engineering

500

1,754

(1,254)

Provision for loss on business transfer-

10,570(10,570)

Hotel Business

2,000

1,490

510

Loss on step acquisitions

6,000

-

6,000

Real Estate Services

1,500

602

898

Total

16,00022,423(6,423)

Other

0

(37)

37

(22,000)(14,933)(7,067)

Operating Income

185,000

166,199

18,801Non-operating revenue

10,00010,949(949)

Non-operating expense

33,00032,296704

162,000

144,851

17,149Extraordinary income

19,00019,421(421)

Extraordinary loss

16,00022,423(6,423)

165,000

141,850

23,15056,00043,571

12,429109,000

98,278

10,722Eliminations or Corporate

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests
Corporate tax, etc.

ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent

14,00014,851(851)

95,00083,426

11,574

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

4

2017/3
Estimates

2016/3Results

Change3. Current and Previous (announced on November 7, 2016) Income Statement Estimates for 2017/3

Millions of yen (rounded down)

Building Business2017/3Current
Estimates

2017/3
Previous
Estimates

481,000

483,000

Millions of yen (rounded down)

ChangeLifestyle Property Business

89,00089,0000414,000

417,000(3,000)International Business

65,00065,0000Investment Management

21,00020,0001,000

Architectural Design & Engineering

19,00019,0000Hotel Business

34,00034,000

0Real Estate Services

24,00024,000

0

Other

4,000

4,000

0

(26,000)(26,000)0

1,125,000

1,129,000(4,000)Eliminations
Revenue from Operations
Building Business

128,000

126,000

2,000

Lifestyle Property Business

25,00024,0001,000

Residential Business

22,00022,0000International Business

24,00024,0000Investment Management

4,000

3,000

1,000

2017/3
Previous
Estimates
4,000

Gain on negative goodwill

13,00013,0000

Settlement received

2,000

2,000

0

Total

19,00019,0000■Breakdown of Extraordinary income(2,000)Residential Business2017/3Current
Estimates
4,000

Gain on sales of investment securities

Change0Millions of yen (rounded down)■Breakdown of Extraordinary loss
Loss related to retirement of fixed assets
Impairment loss

2017/3Current
Estimates
9,000

2017/3
Previous
Estimates
9,000

1,000

-

Change0
1,000Architectural Design & Engineering

500

500

0

Loss on step acquisitions

6,000

6,000

0

Hotel Business

2,000

2,000

0

Total

16,00015,0001,000

Real Estate Services

1,500

1,500

0

0

0

0

(22,000)(23,000)

1,000

Operating Income

185,000

180,000

5,000

Non-operating revenue

10,00010,0000Non-operating expense

33,00033,0000

162,000

157,000

5,000

Extraordinary income

19,00019,0000Extraordinary loss

16,00015,0001,000

165,000

161,000

4,000

56,00057,000(1,000)109,000

104,000

5,000

14,00014,000095,00090,000

5,000

Other
Eliminations or Corporate

Income Before Taxes and Special Items

Income Before Income Taxes and Minority Interests
Corporate tax, etc.

ProfitProfit attributable to non-controlling interests
Profit Attributable to Owners of Parent

5

4. Balance Sheet Results at Periods Ended 2016/12 and 2016/3
Millions of yen (rounded down)

At Dec 31, 2016 At Mar 31, 2016
AssetsI. Current assets
1. Cash2. Notes and accounts receivable-trade
3. Marketable securities
4. Property for sale
5. Property for sale in progress
6. Property for development
7. Appropriated construction in progress
8. Other inventories
9. Equity investments
10. Deferred tax assets
11. Other current assets
12. Allowance for doubtful accounts
Total current assets
II. Fixed assets
1. Property and equipment(1) Buildings and structures(2) Machinery and equipment(3) Land(4) Land in trust(5) Construction in progress(6) Other property and equipment
Total property and equipment
2. Intangible assets(1) Leaseholds(2) Other intangible assets
Total intangible assets
3. Investments and other assets(1) Investment securities(2) Long-term loans(3) Lease deposits(4) Net defined benefit asset(5) Deferred tax assets(6) Other investments(7) Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

Millions of yen (rounded down)

Change234,187
35,90013,30040,190378,513
1,133
12,818
1,157
268,576
9,180
78,790(342)
1,073,408

412,983
35,261
14
54,827366,354
8,905
7,942
1,014
276,842
14,552
55,764(528)
1,233,935(178,795)
638
13,286(14,636)
12,159(7,771)
4,876
142(8,266)(5,372)
23,026
185(160,526)

953,869
20,271
1,960,201
701,280
136,004
14,6893,786,317

886,494
21,9391,955,451
549,811
122,261
15,1053,551,062

67,375(1,668)4,750
151,469
13,743(416)
235,254

74,36024,346
98,70775,49432,289107,784(1,133)(7,943)(9,076)

248,8381,430
111,124
9,656
10,87765,764(1,616)446,075
4,331,099
5,404,508

216,334
1,406
115,3829,810
16,17061,578(1,623)419,058
4,077,904
5,311,840

32,50424(4,257)(154)(5,292)4,185
727,017
253,194
92,668At Dec 31, 2016 At Mar 31, 2016
Liabilities
I. Current liabilities
1. Notes and accounts payable-trade
2. Short-term borrowings
3. Current portion of long-term debt
4. Bonds due within one year
5. Accrued income taxes
6. Deferred tax liability
7. Allowance for loss on business transfer
8. Other current liabilities
Total current liabilities
II. Long-term liabilities
1. Bonds
2. Long-term borrowings
3. Lease deposits received
4. Deferred tax liability
5. Deferred tax liabilities on land revaluation
6. Net defined benefit liability
7. Accrued directors' retirement benefits
8. Provision for environmental measures
9. Negative goodwill
10. Other long-term liabilities
Total long-term liabilities
Total liabilities
Net Assets
I. Shareholders' Equity
1. Capital
2. Capital surplus
3. Retained earnings
4. Less treasury stock, at cost
Total shareholders' equity
II. Other accumulated comprehensive income
1. Unrealized holding gain on securities
2. Deferred gains or losses on hedging instruments
3. Land revaluation reserve
4. Foreign currency translation adjustments
5. Remeasurements of defined benefit plans
Total other accumulated comprehensive income
III. Stock acquisition rights
IV. Non-controlling interests
Total net assets
Total liabilities and net assets

6

Change51,292
95,906161,226
80,075
13,194
1,412
184,626
587,733

58,331
103,125
163,651
78,02322,903
10,570234,271
670,877(7,038)(7,218)(2,425)2,051(9,709)1,412(10,570)(49,644)(83,143)772,750
1,256,518
399,244
220,435
263,661
31,299793
4,831
90,90768,367
3,108,809
3,696,543

825,000
1,114,426
393,309180,205
265,91232,464685
5,068
83,82780,882
2,981,782
3,652,660(52,250)
142,091
5,934
40,230(2,250)(1,164)
107
(236)
7,079
(12,514)127,027
43,883

141,659
161,475
664,128(5,455)
961,808

141,373
161,188
600,116(5,385)897,293285
287
64,012(69)
64,515

114,576(302)
524,073(49,753)(10,111)
578,482529
167,144
1,707,964
5,404,508

89,945(30)
521,248
13,900(12,676)
612,387529
148,970
1,659,180
5,311,840

24,631(272)
2,824(63,653)
2,565(33,905)
18,174
48,784
92,668

II. Highlights
1. Major Performance Items (Consolidated)

Millions of yen (rounded down)

2014/3

2015/3

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

Revenue from operations

1,075,285

1,110,259

711,965

1,009,408

824,111

1,125,000

Operating income

161,271

156,332

121,239

166,199

150,444

185,000

Income before taxes and special items

139,638

133,113109,191

144,851

136,612

162,000

Profit attributable to owners of parent

64,29773,33878,434

83,42689,38495,000Total assets

4,765,368

4,901,526

5,068,452

5,311,840

5,404,508

5,430,000

Shareholders' equity *1

1,329,057

1,495,838

1,527,758

1,509,680

1,540,290

1,550,000

Interest-bearing debt

1,973,042

1,929,355

2,081,792

2,291,038

2,372,529

2,430,000

Cash flow from operating activities

336,489

200,078

66,353

135,82197,087

104,500

Cash flow from investing activities(133,537)(46,568)(121,163)(231,003)(252,088)(377,000)

Cash flow from financing activities(177,514)(189,109)

101,687

309,237(9,895)

10,500EBITDA *2

246,332

239,934

186,499

252,034

216,443

273,500

Return on assets (ROA) *3,6

3.5 %

3.4 %

-%

3.4 %

-%

3.6 %

Interest coverage ratio (ICR) *4

7.5 times

7.7 times- times

8.5 times- times

7.6 times

Return on equity (ROE) *5,6

5.0 %

5.2 %

-%

5.6 %

-%

6.2 %

Earnings per share (EPS) (Yen)

46.34

52.85

56.53

60.13

64.42

*1 Shareholders' equity = Net assets - Stock acquisition rights - Non-controlling interests*2 EBITDA = Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates + Depreciation + Amortization of goodwill*3 ROA = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Total assets (average）*4 ICR = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Interest expense*5 ROE = Profit attributable to owners of parent / Shareholders' equity (average)

7

68.46

2. Segment Information (Consolidated)(Millions of yen (rounded down); as percentage of total)(1) Revenue from Operations

2014/3

Building Business

484,229

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

403,259
48,02980,366
6,288
19,946
29,21927,097
3,674(26,825)
1,075,285

2014/3*1
43.9% Building Business
36.6% Residential Business
4.4%
7.3% International Business
0.6% Investment Management
1.8% Architectural Design & Engineering
2.7% Hotel Business
2.5% Real Estate Services
0.2% Other
Eliminations or corporate

2015/3525,82948.0%

587,660

403,25936.8%

377,73680,366
6,288
19,946
29,21927,097
3,674(20,396)
1,075,285

7.3%
0.6%
1.8%
2.7%
2.5%
0.3%

77,7948,050
19,46730,827
27,295
3,747(22,321)
1,110,259

2015/3*2
51.9% Building Business
Lifestyle Property Business
33.4% Residential Business
6.9% International Business
0.7% Investment Management
1.7% Architectural Design & Engineering
2.7% Hotel Business
2.4% Real Estate Services
0.3% Other
Eliminations or corporate

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

484,816
105,706
383,887

42.7%
9.3%
33.8%

316,368
65,640220,012

43.4%
9.0%
30.2%

422,349
86,569345,226

40.9%
8.4%
33.4%

370,656
66,794
276,947

44.0%
7.9%
32.9%

481,000
89,000414,000

41.8%
7.7%
36.0%

71,176
14,885
19,46730,827
20,543
3,747(24,799)
1,110,259

6.3%
1.3%
1.7%
2.7%
1.8%
0.4%

55,571
18,096
11,271
25,104
13,717
2,837(16,655)
711,965

7.6%
2.5%
1.5%
3.4%
1.9%
0.5%

75,95624,994
21,27933,08919,815
3,882(23,754)
1,009,408

7.4%
2.4%
2.1%
3.2%
1.9%
0.3%

54,07917,047
11,09925,57517,0003,102(18,193)824,111

6.4%
2.0%
1.3%
3.0%
2.0%
0.5%

65,00021,00019,00034,00024,0004,000(26,000)
1,125,000

5.6%
1.8%
1.7%
3.0%
2.1%
0.3%

Millions of yen (rounded down)(2) Operating income

2014/3

Building Business

108,172

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

27,7788,130
25,579
3,046
1,252
737
1,544
(246)
(14,724)
161,271(3) Rate of return

2014/3
116,277

128,982

Residential Business

27,778

11,605International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

25,579
3,046
1,252
737
1,544
(246)
(14,698)
161,271

26,068
4,064
663
754
1,111
16
(16,934)
156,332

2014/3

Building Business22.3 %

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

6.9 %16.9 %
31.8 %
48.4 %
6.3 %
2.5 %
5.7 %
(6.7) %

2015/3*1
Building Business2014/3

International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2015/3*1
Building Business22.1 %

21.9 %

Residential Business

6.9 %

3.1 %

International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

31.8 %
48.4 %
6.3 %
2.5 %
5.7 %
(6.7) %

33.5
50.5
3.4
2.4
4.1
0.4

15.0 %

14.1 %

15.0 %

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business

%
%
%
%
%
%

*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

102,820
26,162
11,532

84,986
19,6907,750

108,940
25,842
18,035

103,625
19,855
13,899128,000
25,00022,00025,901
4,282
663
754
1,105
16
(16,906)
156,332

14,939
3,252
(301)
1,818
(196)
47
(10,749)
121,239

19,421
5,082
1,754
1,490
602
(37)
(14,933)
166,199

23,157
4,343
(621)
2,024
504
188
(16,532)
150,444

24,000
4,000
500
2,000
1,500
0
(22,000)
185,000

2015/3

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

21.2 %
24.7 %
3.0 %

26.9 %
30.0 %
3.5 %

25.8 %
29.9 %
5.2 %

28.0 %
29.7 %
5.0 %

26.6 %
28.1 %
5.3 %

36.4
28.8
3.4
2.4
5.4
0.4

%
%
%
%
%
%

26.9 %
18.0 %(2.7) %
7.2 %
(1.4) %
1.7 %

25.6 %
20.3 %
8.2 %
4.5 %
3.0 %
(1.0) %

42.8 %
25.5 %(5.6) %
7.9 %
3.0 %
6.1 %

36.9
19.0
2.6
5.9
6.3
0.0

14.1 %

17.0 %

16.5 %

18.3 %

%
%
%
%
%
%

16.4 %
Millions of yen (rounded down)(4) Depreciation

2014/3

Building Business

57,500Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

3,032
4,985
6,748
43
72
1,162
407
223
629
74,805

2014/3

2015/3*1
Building Business

62,48559,960Residential Business

3,032

2,728

International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

6,748
43
72
1,162
407
223
629
74,805

7,378
55
103
1,322
333
159
654
72,696

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2016/3-3Q

2017/3-3Q

2017/3 (Estimates)

48,665
11,294
2,762

32,1039,054
2,232

43,752
12,2883,085

35,161
9,364
2,403

-

6,404
1,029
103
1,322
300
159
654
72,696

5,277
4,070
95
1,108
206
72
337
54,559

7,033
5,413
126
1,527
284
90
642
74,245

4,710
3,241
82
1,099
255
48
177
56,54577,000*1 As of April 2014, the Commercial Property Development & Investment Business has been integrated into the Building Business.
*2 As of April 2015, the following segment changes have occurred.
・Domestic retail & logistics property businesses (not including some multi-use facilities）no longer feature in the Building Business, now featuring in the newly created Lifestyle Property Business.
・Overseas investment management business has been moved from the International Business to the Investment Management Business.
・Mitsubishi Jisho House Net Co., Ltd has been moved from the Real Estate Services Business to the Residential Business.

8

2016/3

Millions of yen (rounded down)

2014/3(5) Amortization of goodwill
Building Business

501

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

3,126
899
70
4,598

2014/3

2015/3*1
Building Business

501

479

Residential Business

3,126

3,312

International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

899
70
4,598

875
4,667

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

409
69
3,312

307
301
2,272

409
318
3,030

307
52
2,272

-

875
4,667

1,789
4,670

2,386
6,144

1,483
0
4,115

5,500
Millions of yen (rounded down)

2014/3(6) Operating income before depreciation *3
Building Business

166,173

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

33,936
13,11533,226
3,159
1,324
1,899
1,951
(23)
(14,095)
240,674

2014/3

2015/3*1
Building Business

179,263

189,421

Residential Business

33,936

17,645International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

33,226
3,159
1,324
1,899
1,951
(23)
(14,069)
240,674

34,321
4,119
766
2,076
1,444
175
(16,280)
233,695

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

151,894
37,525
17,606

117,396
29,045
12,254

153,101
38,44824,150139,093
29,271
18,574-32,305
6,186
766
2,076
1,405
175
(16,252)
233,695

20,216
9,111
(206)
2,926
10
119
(10,412)
180,468

26,454
12,881
1,880
3,017
886
53
(14,291)
246,588

27,867
9,067
(539)
3,123
759
236
(16,355)
211,104

267,500
Millions of yen (rounded down)

2014/3(7) Capital expenditure
Building Business

91,242

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

18,3804,907
48,394
35
53
2,040
294
869
6,360
172,579

2014/3

2015/3*1
Building Business

96,149120,704

Residential Business

18,38022,108International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

48,394
35
53
2,040
294
869
6,360
172,579

45,947
242
677
3,290
408
382
(2,304)
191,457

2015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

87,53633,16822,167

105,969
22,29817,153

175,904
40,272
29,144

133,950
28,03817,759-21,261
24,927
677
3,290
349
382
(2,304)
191,457

21,620
221
110
667
332
17
620
169,01235,472
378
116
1,295
433
29
369
283,416

26,226
146
97
468
406
156
2,442
209,691

Millions of yen (rounded down)

2014/3(8) Total assets
Building Business

3,040,634

Residential Business
Commercial Property Development & Investment
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

662,350
403,188452,048
30,03524,246
24,63624,781
28,02575,4204,765,368

Exchange rate¥/$¥/£

2016/3-3Q
PL
120.98PL
185.47

BSBS

119.96181.86

2014/3

2015/3*1
Building Business

3,433,585

3,416,285

Residential Business

662,350

597,587

International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

455,358
30,03524,246
24,63624,781
28,02582,347
4,765,368

595,293
31,03024,98528,03427,505
27,696
153,106
4,901,526

2017/3-3Q
PL
108.57PL
151.42

BSBS

101.18132.02

2017/3 (Estimates) *4
PL105.00 BS
PL
145.00 BS

105.00145.002015/3*2
Building Business
Lifestyle Property BusinessResidential Business
International Business
Investment Management
Architectural Design & Engineering
Hotel Business
Real Estate Services
Other
Eliminations or corporate

2015/122016/3

2016/122017/3 (Estimates)

3,094,967
321,405602,263

3,145,235
378,523
626,493

3,208,271
372,779
748,400

3,436,174
450,734
642,698-

479,785
146,538
24,98528,03423,972
27,696
151,876
4,901,526

478,290
140,624
24,97928,80023,75827,564
194,180
5,068,452

515,844
141,126
27,47428,417
23,60823,501
222,415
5,311,840

455,871
120,715
25,214
28,792
24,00812,013
208,285
5,404,508

5,430,000*1 As of April 2014, the Commercial Property Development & Investment Business has been integrated into the Building Business .
*2 As of April 2015, the following segment changes have occurred.
・Domestic retail & logistics property businesses (not including some multi -use facilities）no longer feature in the Building Business, now featuring in the newly created Lifestyle Property Business.
・Overseas investment management business has been moved from the International Business to the Investment Management Business.
・Mitsubishi Jisho House Net Co., Ltd has been moved from the Real Estate Services Business to the Residential Business.
*3 Operating income before depreciation is included in earnings before depreciation and amortization of goodwill.
*4 The exchange rate used for calculating the 2017/3 estimates. The actual average exchange rate for 2016 was $1/ ¥108.78 and £1/¥147.57.

9

3. Building Business Revenue from Operations Breakdown (Consolidated) *1

Millions of yen (rounded down)

2014/3

2014/3 *2

2015/3 *2

2015/3 *3

2016/3-3Q *3

2016/3 *3

2017/3-3Q *3Leasing403,319

409,175

416,631

347,757

265,214353,958

280,390

Property Management

17,866

17,696

19,721

Contracted Work

11,56011,463District Heating and Cooling Services

8,991

Other (Sales of assets etc.)

373,000

19,38915,623

21,14615,85823,00014,50014,50010,641

14,5978,310

13,000

8,991

8,724

8,724

6,084

8,387

6,203

8,000

42,49178,503

128,083

94,44318,80324,25959,89264,000

Total

484,229525,829587,660

484,816

316,368

422,349

370,656

481,000*1 Including revenue from other segments.
*2 As of April 2014, revenue from operations from the former Commercial Property Development & Investment Business is included in calculations.
*3 As of April 2015, revenue from operations from the Lifestyle Property Business is not included in calculations.

4. Building Business Data (Consolidated)
Contracted area

(Thousands of square meters)

2014/3

2015/3

2015/122016/3

2016/12

4,053

4,184

3,458

3,470

3,526

Owned by MEC

2,514

2,629

2,092

2,074

2,160

Subleases

1,539

1,555

1,366

1,395

1,365

* As of April 2014, figures include the contracted area from the former Commercial Property Development & Investment Business’ properties (excluding logistics).
* As of April 2015, the contracted area from the Lifestyle Property Business are not included in calculations.

5. Building Business Data (Unconsolidated)(Thousands of square meters)

2014/3

2015/3

2015/122016/3

2016/122017/3(Estimates)

Owned by MEC

3,288

3,326

3,263

3,265

3,265

3,393

Subleases

2,292

2,345

1,916

1,909

1,972

1,965

Total

5,580

5,670

5,179

5,174

5,237

5,358

(2) Leasable area

3,475

3,504

3,225

3,192

3,308

3,317

(3) Vacancy rate (All uses in Japan)

5.29 %

2.80 %

3.36 %

2.22 %

3.08 %(1) Total operating floor space(4) Average rent (All uses in Japan)¥23,861¥23,587¥25,094¥25,234¥25,862* The average rent is per 3.3 square meters per month.
* As of April 2014, the floor space and rent from the former Commercial Property Development & Investment Business (not including logistics) are included in calculations.
* As of April 2015, the floor space and rent from the Lifestyle Property Business are not included in calculations.

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

2014/3

2015/3

2015/122016/3

2016/12

Operating floor space

2,755

2,583

2,569

2,531

2,594

Leasable area

1,714

1,571

1,511

1,466

1,567

Office vacancy rate

4.32 %

1.82 %

1.79 %

1.37 %

Building lease revenue¥204,621¥202,784¥152,332¥202,33710

1.64 %¥160,300

3.5 %¥25,500

2017/3(Estimates) *3

7. Lifestyle Property Business Data (Consolidated)(Thousands of square meters)

2015/122016/3Contracted area
691
680
* These figures are for the contracted area of retail properties of the Lifestyle Property Business.

2016/12681

8. Condominium Business Data
2014/3
2015/3
Condominiums sold (Millions of yen)
288,938
239,422
Condominiums sold (units)
6,259
4,603
Gross margin19.1 %
17.3 %
Inventory (units)
107
141
New Supply of condominiums (units)
5,920
5,119
* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales

2016/3-3Q
126,9072,212
18.1 %
144
2,705

2016/3
215,7623,868
18.7 %
188
3,641

11

2017/3-3Q
137,2462,224
18.9 %
330
2,353

2017/3(Estimates)
230,000
3,800
18.0 %
3,500

9. Special Purpose Vehicle Data

Millions of yen (rounded down)

2014/3

2015/3

2015/122016/3

2016/12

Building Business
Equity investment by Mitsubishi Estate
64,481
206,865
148,039
172,698
168,948(Unconsolidated)
32,282
102,31182,69779,00576,737
Equity investment by other companies
48,572
102,552
84,35276,70478,440(Unconsolidated)
48,572
102,530
84,35276,70478,440Interest bearing debt borrowed by SPV
255,980
157,971
130,938
97,69397,568(Unconsolidated)
237,880
157,871
130,838
97,593
97,468Lifestyle Property Business
Equity investment by Mitsubishi Estate
31,09531,09732,063(Unconsolidated)
7,244
7,245
8,211
Equity investment by other companies
2,483
2,488
3,221
(Unconsolidated)
2,483
2,488
3,221
Interest bearing debt borrowed by SPV
8,386
8,297
10,975(Unconsolidated)
8,286
8,197
10,875Residential Business
Equity investment by Mitsubishi Estate
15,47648(Unconsolidated)
Equity investment by other companies(Unconsolidated)
Interest bearing debt borrowed by SPV(Unconsolidated)
Commercial Property Development & Investment Business
Equity investment by Mitsubishi Estate
136,816(Unconsolidated)
72,965Equity investment by other companies
22,622(Unconsolidated)
17,934
Interest bearing debt borrowed by SPV
314,031(Unconsolidated)
153,322
Total
Equity investment by Mitsubishi Estate
216,774
206,914179,135
203,795
201,011(Unconsolidated)
105,248
102,31189,942
86,25084,949Equity investment by other companies
71,195102,552
86,836
79,192
81,661(Unconsolidated)
66,507
102,530
86,836
79,192
81,661
Interest bearing debt borrowed by SPV
570,011
157,971
139,324
105,990108,543(Unconsolidated)
391,202
157,871
139,124
105,790108,343* The numbers include the following S.P.V
1. TMK vehicles under the real estate securitization law - Mitsubishi Estate's share : over 20%
2. YK-TK or GK-TK vehicles under the commercial law - Mitsubishi Estate's share : over 20%* As of April 2014, the TMK・TK vehicles of the former Commercial Property Development & Investment Business are included in the Building Business.
* As of April 2015, domestic retail & logistics property businesses (not including some multi-use facilities）no longer feature in the Building Business, now featuring in the newly created Lifestyle Property Business.

12III. Summary of Consolidated Financial Statements
1. Consolidated Balance Sheets

Millions of yen (rounded down)

At March 31, 2014
AssetsCurrent assets
Cash
Notes and accounts receivable-tradeMarketable securities
Property for sale
Property for sale in progress
Property for development
Appropriated construction in progress
Other inventories
Equity investments
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Property and equipment
Buildings and structures
Machinery and equipment
Land
Land in trust
Construction in progress
Other property and equipment
Total property and equipment
Intangible assets
Leaseholds
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Long-term loans
Lease deposits
Net defined benefit asset
Deferred tax assets
Other investments
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets

Total assets

At March 31, 2015

At December 31, 2015

At March 31, 2016

At December 31, 2016

224,12128,5391,333
66,484
319,355
8,609
7,195
1,012
223,911
21,15245,014(208)
946,522

197,169
35,873
2,179
52,102
314,305
8,646
6,594
1,002
251,249
17,01065,244(571)
950,806

244,905
29,02625
42,756355,992
8,801
12,467
1,175
241,515
13,69865,777(592)
1,015,549

412,983
35,261
14
54,827366,354
8,905
7,942
1,014
276,842
14,552
55,764(528)
1,233,935

234,187
35,90013,30040,190378,513
1,133
12,818
1,157
268,576
9,180
78,790(342)
1,073,408

896,947
23,1891,897,116
440,852
53,657
16,841
3,328,605

846,652
21,161
1,839,707
532,774
90,69415,022
3,346,013

886,301
19,0491,912,195
545,609
94,44014,8303,472,426

886,494
21,9391,955,451
549,811
122,261
15,1053,551,062

953,869
20,271
1,960,201
701,280
136,004
14,6893,786,317

87,913
8,139
96,05287,021
33,210120,232

81,53633,051
114,588

75,49432,289107,784

74,36024,346
98,707

213,656
1,532
113,015
6,320
10,15051,356(1,844)394,1883,818,846
4,765,368

280,809
1,448
112,397
23,194
10,504
57,840(1,722)484,473
3,950,719
4,901,526

251,005
1,408
116,507
24,83812,27061,495(1,636)465,888
4,052,902
5,068,452

216,334
1,406
115,3829,810
16,17061,578(1,623)419,058
4,077,904
5,311,840

248,8381,430
111,124
9,656
10,87765,764(1,616)446,075
4,331,099
5,404,508

13

Millions of yen (rounded down)

At March 31, 2014
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Current portion of long-term debt
Commercial paper
Bonds due within one year
Accrued income taxes
Deferred tax liability
Allowance for loss on business transfer
Other current liabilities
Total current liabilities
Long-term liabilities
Bonds
Long-term borrowings
Lease deposits received
Deferred tax liability
Deferred tax liabilities on land revaluation
Net defined benefit liability
Accrued directors' retirement benefits
Provision for environmental measures
Negative goodwill
Other long-term liabilities
Total long-term liabilities
Total liabilities
Net assets
Shareholders' equity
CapitalCapital surplus
Retained earnings
Less treasury stock, at cost
Total shareholders' equity
Other accumulated comprehensive income
Unrealized holding gain on securities
Deferred gains or losses on hedging instruments
Land revaluation reserve
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other accumulated comprehensive income
Stock acquisition rights
Non-controlling interests
Total net assets

Total liabilities and net assets

At March 31, 2015

At December 31, 2015

At March 31, 2016

At December 31, 2016

105,271
63,762
343,127
56,595
14,423947
183,619
767,747

95,632
77,881
86,61728,00040,2259,934
205
181,210
519,70754,96961,298120,986
50,00080,58320,028200,268
588,134

58,331
103,125
163,651
78,02322,903
10,570234,271
670,877

51,292
95,906161,226
80,075
13,194
1,412
184,626
587,733

645,000
855,052
383,083
192,938
319,090
20,380593
92,35642,0322,550,527
3,318,275

645,000
1,044,387
381,605
206,079
280,672
23,068656
77,172
83,012
2,741,655
3,261,362

585,000
1,176,558
382,242202,220
280,848
23,260757
81,84575,6962,808,431
3,396,565

825,000
1,114,426
393,309180,205
265,91232,464685
5,068
83,82780,882
2,981,782
3,652,660

772,750
1,256,518
399,244
220,435
263,661
31,299793
4,831
90,90768,367
3,108,809
3,696,543

141,373
170,485
465,757(4,811)
772,805

141,373
162,638
538,687(5,259)837,440

141,373
161,745595,928(5,367)
893,678

141,373
161,188
600,116(5,385)897,293

141,659
161,475
664,128(5,455)
961,808

75,971
125
493,153(8,249)(4,748)556,252494
117,540
1,447,093
4,765,368

127,609(5)
504,756
20,7985,238
658,398500
143,825
1,640,163
4,901,526

110,280(199)
505,112
14,1694,716
634,079529
143,598
1,671,886
5,068,452

89,945(30)
521,248
13,900(12,676)
612,387529
148,970
1,659,180
5,311,840

114,576(302)
524,073(49,753)(10,111)
578,482529
167,144
1,707,964
5,404,508

14

2. Consolidated Income Statements

Millions of yen (rounded down)
2014/3

Revenue from operations
Operating income
Non-operating income
Interest income
Dividend income
Equity in earnings of unconsolidated subsidiaries and affiliates
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expense
Loss on disposal of fixed assets
Other non-operating expenses
Total non-operating expenses
Income before taxes and special items
Extraordinary income
Gain on sales of fixed assets
Gain on sales of investment securities
Gain on negative goodwill
Reversal of accrued payment
Reversal of allowance for loss on obligations of additional investments
Settlement received
Total extraordinary income
Extraordinary loss
Loss related to retirement of fixed assets
Impairment loss
Provision for loss on obligations of additional investments
Provision for environmental measures
Provision for loss on business transfer
Loss on step acquisitions
Total extraordinary loss
Income before income taxes and minority interests
Corporation tax, inhabitants' tax and enterprise tax
Income taxes for prior periods
Income taxes-deferred
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

2015/3

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

1,075,285
161,271

1,110,259
156,332

711,965
121,239

1,009,408
166,199

824,111150,444

1,125,000
185,000

232
3,876
1,547
3,666
9,323

287
4,577
1,372
2,850
9,087

225
4,244
1,559
2,375
8,405

284
4,556
605
5,503
10,949

209
4,258
869
2,666
8,004

1,000
4,000
1,000
4,000
10,00022,1294,029
4,796
30,956
139,638

21,072
4,780
6,454
32,306133,113

14,757
4,053
1,643
20,454
109,191

20,183
6,064
6,049
32,296
144,851

17,1642,361
2,311
21,836
136,61225,0005,000
3,000
33,000162,000

6,702
4,942
11,64436,551
12,25648,807

2,652
11,320
4,098
18,072

2,709
11,3504,098
1,262
19,421

13,505
1,966
15,471

4,000
13,0002,000
19,0002,303
32,644
7,648
42,596108,685
22,403
20,684(2,359)67,9573,660
64,297

6,190
73,725
1,804
81,719100,201
23,190(9,814)86,825
13,48773,338127,263
32,321
5,784
89,157
10,72378,434

4,223
2,561
5,068
10,57022,423
141,850
43,994(422)
98,27814,851
83,426

1,836
1,287
6,431
9,555
142,528
33,262
9,140
100,125
10,74089,384

9,000
1,000
6,000
16,000165,000

15

56,000109,000
14,00095,0003. Consolidated Cash Flow Statements

Millions of yen (rounded down)
2014/3

2015/3

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

Income before income taxes and minority interests

108,685

100,201

127,263

141,850

142,528

165,000

Adjustment for extraordinary income or loss

34,95532,954(8,044)(318)(1,117)4,000

Depreciation and amortization

74,80572,69654,55974,24556,54577,000Decrease (increase) in inventories

93,854110,219(19,653)(33,202)47,20760,000Decrease (increase) in equity investments(18,180)(35,973)874(32,487)(23,040)(91,000)

Other

71,470(45,659)(73,995)

9,316(79,870)(58,000)

Income taxes, etc.

(29,102)(34,360)(14,651)(23,582)(45,165)(52,500)

Net cash provided by (used in) operating activities

336,489

200,078

66,353

135,82197,087

104,500

Proceeds from sales of marketable securities andinvestment securities

1,034

624

28,95329,043

8,607

15,000

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

33,854

167,645

18,00222,806

1,113

3,500

(159,677)(177,331)(162,104)(275,316)(195,603)(330,000)(8,748)(37,506)(6,015)(7,536)(66,206)(65,500)

Net cash provided by (used in) investing activities(133,537)(46,568)(121,163)(231,003)(252,088)(377,000)

Newly acquired funds

181,349

328,053

248,321503,154

215,773

316,000

Repayment(275,254)(505,027)(118,028)(154,773)(183,775)(265,500)

Purchases of property and equipment
Other

Cash dividends paid

(25,448)(21,684)(27,259)(29,082)(32,417)(33,000)

Other(58,161)

9,549(1,345)(10,061)(9,476)(7,000)Net cash provided by (used in) financing activities(177,514)(189,109)

101,687

309,237(9,895)

10,500Effect of exchange rate on cash and cash equivalents

8,321

1,235

(1,025)(153)(9,841)-

Net increase (decrease) in cash and cash equivalents

33,758(34,363)

45,850213,902(174,737)(262,000)

Increase in cash and cash equivalents from newly
consolidated subsidiary

-

6,658

-

-

-

-

Decrease in cash and cash equivalents resulting
from exclusion of subsidiaries from consolidation

(856)

-

-

-

-

-

-

1,455

-

-

-

-

191,837
224,739

224,739
198,489

198,489244,340

198,489
412,392

412,392
237,654412,500
150,500

Increase in cash and cash equivalents resulting
from share transfer
Cash and cash equivalents at the beginning of year
Cash and cash equivalents at the end of year16

4. Total Assets, Capital Investment and Depreciation (Consolidated)
2014/3

Millions of yen (rounded down)

2015/3

2016/3-3Q

2016/32017/3-3Q

2017/3 (Estimates)

Total assets

4,765,368

4,901,526

5,068,452

5,311,840

5,404,508

5,430,000

Capital investment

159,677

177,331

162,104

275,316

195,603

330,000

Depreciation

74,80572,69654,55974,24556,54577,0002016/32017/3-3Q

Millions of yen (rounded down)

Capital investment
2017/3-3Q

2017/3 (Estimates)

Total

195,603

Total

330,000

Mitsubishi Estate(Breakdown)

125,626

Mitsubishi Estate(Breakdown)

197,000

Building Business
Marunouchi redevelopment
construction cost etc.
Refurbishment cost etc.
Lifestyle Property Business

Other

Building Business
Marunouchi redevelopment
construction cost etc.

161,000

6,252

Refurbishment cost etc.

11,0005,205

Lifestyle Property Business

24,000112,91169,977(Breakdown)

Other

133,000(Breakdown)

Mitsubishi Jisho Residence
Rockefeller Group, Inc.

15,916

Rockefeller Group, Inc.

48,00014,687

Mitsubishi Jisho Residence

24,000

Yokohama Sky Building

11,918Mitsubishi Estate Europe

14,000Tokyo Ryutsu Center

9,615

Yokohama Sky Building

13,000Sunshine City

7,378

Tokyo Ryutsu Center

10,000Marunouchi Heat Supply

3,927

Sunshine City

9,000

Mitsubishi Estate Europe

2,411

Marunouchi Heat Supply

6,000

Consolidated TMK

1,545

4,000

Mitsubishi Estate・Simon

1,096

Mitsubishi Estate Asia
Mitsubishi Estate・Simon
Consolidated TMK

2,000

3,000

* Major inter-group transactions are eliminated.

5. Interest-Bearing Debt (Consolidated)

Millions of yen (rounded down)

2014/3

2015/3

2016/3-3Q

2017/3 (Estimates)

Interest-bearing debt

1,973,042

1,929,355

2,081,792

2,291,038

2,372,529

2,430,000

Net interest-bearing debt *1
Interest expense

1,748,303
22,176

1,730,866
21,0991,837,451
14,763

1,878,645
20,1892,134,874
17,1642,280,000
25,000Financial income and expense (net) *2(18,067)(16,234)(10,292)(15,348)(12,696)(20,000)

Average interest rate *3

1.09 %

1.08 %

0.98 %

0.96 %

0.98 %

1.04 %

Debt equity ratio *4

1.48

1.29

1.36

1.52

1.54

1.57

-

-

-

1.33

1.28

1.31

Debt equity ratio after hybrid debt deductions *4,5

*1 Net interest-bearing debt = Interest-bearing debt - Cash and cash equivalents*2 Financial income and expense = Interest income + Dividend income - Interest expense*3 Average interest rate = Interest expense / Interest-bearing debt (average)*4 Debt equity ratio = Interest-bearing debt / Shareholders' equity*5 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.

17

6. Major Consolidated Subsidiaries
2017/3-3Q Results

Millions of yen (rounded down)
Revenue fromoperations

Share of MEC

Mitsubishi Estate・Simon Co., Ltd.
Mitsubishi Jisho Residence Co., Ltd.
Mitsubishi Estate Home Co., Ltd.
Mitsubishi Jisho Community Co., Ltd.
Rockefeller Group, Inc.
Mitsubishi Estate Europe Limited
Mitsubishi Jisho Sekkei Inc.
Royal Park Hotels & Resorts Co., Ltd.
Royal Park Hotel Co., Ltd.
Mitsubishi Real Estate Services Co., Ltd.

Net income

Total assets

Shareholders'equity61,266

63,10553,633

4,553,000

1,347,773

2,153,993

31,848100.00%64.16%
63.20%
60.00%
100.00%100.00%71.47%
100.00%100.00%100.00%100.00%55.71%
100.00%-48,105
9,894
20,56432,193
199,173
15,92135,422
53,180
5,043
10,051
18,774
7,514
17,000824,111

3,080
1,260
5,463
12,824
21,764(670)
2,018
20,528
2,891
381
1,621
416
555
150,444

3,079
1,237
4,649
12,971
20,600(639)
2,077
19,415
2,807
405
1,626
366
800
136,612

2,108
850
3,268
8,891
15,943
(647)
1,291
8,139
2,336
251
1,357
247
584
89,384

72,611
25,10496,486
100,065
560,958
13,225
13,388313,317
121,072
23,771
12,53814,76323,913
5,404,508

26,21921,13456,64536,44765,811
2,284
6,982
175,485
61,597
18,421
3,202
7,865
15,705
1,540,290

9
1,612
16,67327,472
418,054
95,052
55,969
4,237
3,230
29
2,372,529

81
1,631
4,064
4,117
1,313
173
292
5,830
1,630
75
562
543
255
56,545

Operating income

Income before taxes
and special items

Millions of yen (rounded down)
Revenue fromoperations

Share of MEC

Mitsubishi Jisho Property Management Co., Ltd.
Marunouchi Heat Supply Co., Ltd.
Sunshine City Corporation
Mitsubishi Estate・Simon Co., Ltd.
Mitsubishi Jisho Residence Co., Ltd.
Mitsubishi Estate Home Co., Ltd.
Mitsubishi Jisho Community Co., Ltd.
Rockefeller Group, Inc.
Mitsubishi Estate Europe Limited
Mitsubishi Jisho Sekkei Inc.
Royal Park Hotels & Resorts Co., Ltd.
Royal Park Hotel Co., Ltd.
Mitsubishi Real Estate Services Co., Ltd.

Depreciation

312,6242016/3-3Q Results

Mitsubishi Estate Co., Ltd.

Interest-bearing
debt-

Mitsubishi Estate Co., Ltd.
Mitsubishi Jisho Property Management Co., Ltd.
Marunouchi Heat Supply Co., Ltd.
Sunshine City Corporation

Operating income

Income before taxes
and special items

Net income

Total assets

Shareholders'equityInterest-bearing
debt

Depreciation-

286,779

61,14860,511

51,8974,223,154

1,303,128

1,855,925

29,117100.00%64.16%
63.20%
60.00%
100.00%100.00%71.47%
100.00%100.00%100.00%100.00%55.71%
100.00%-49,7909,751
20,29732,733
144,165
14,657
25,69962,074
6,092
8,540
18,233
7,569
13,717
711,965

3,195
986
5,694
12,062
7,594
(657)
1,843
15,390
3,458
498
1,384
425
(154)
121,239

3,197
1,009
4,986
12,127
7,315
(653)
1,906
12,693
2,875
559
1,325
336
15
109,191

2,116
1,362
3,338
7,887
4,708
(660)
1,225
7,121
2,253
351
1,244
396
23
78,434

69,241
24,53893,581
94,599526,343
13,281
8,584
326,957
165,483
22,668
12,11915,45923,7995,068,452

24,116
20,252
53,992
32,762
322,397
1,889
4,180
193,022
82,09917,225
2,154
7,744
14,723
1,527,758

27
762
16,161
31,821
122,329
093,28378,552
5,037
4,150
36
2,081,792

98
1,591
3,905
4,513
1,260
150
123
7,160
1,708
88
572
539
206
54,559* Before consolidation adjustments.
* As of April 1 2016, Mitsubishi Jisho Community Co., Ltd. and Mitsubishi Jisho Marubeni Residence Services Co.,Ltd. were merged to form a new company that operates under the name of Mitsubishi Jisho Community Co., Ltd.
For FY2017 ongoing, figures for Mitsubishi Jisho Community Co., Ltd are those of the new company.

18