ԏMay 13, 2021

岜岜MITSUBISHI ESTATE CO., LTD.

F ACTT BOOKK FY2021(The Fiscal Year Ending on March 31, 2021)

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

Page

I. Performance Comparisons (Consolidated)

II. Investment Data
III. Business Data

IV.Historical Performance Data(Consolidated)

1. Income Statement Results for FY2021 and FY2020

3

2. Current Income Statement Estimates for FY2022 and Results for FY2021

4

3. Balance Sheet Results at Periods Ended Mar 31, 2021 and Mar 31, 2020

5

4. Consolidated Cash Flow Statement Estimates for FY2022 and Results for FY2021 and Results for FY2020

6

1. Investment data

7

2. Assets Breakdown and Special Purpose Vehicles Data8

1. Commercial Property Business Revenue from Operations Breakdown (Consolidated)

9

2. Office Building Data (Consolidated)

9

3. Office Building Data (Unconsolidated)

9

4. Marunouchi Area Building Data (Unconsolidated)

9

5. Domestic Condominium Business Data10

1. Major Performance Items

11

2. Segment Information (Consolidated)

12

V. Mitsubishi Estate Group Companies' Data

13~15

Disclaimer
ʀThis FACT BOOK contains predictions and aims which relate to, without limitation, our future economic performance, our plans and objectives
for future operations and projections of revenue and other financial items.
These predictions are inherently subject to risks and uncertainties, due to unforeseeable events or external factors.
Future events and actual results, financial and otherwise, may differ materially from the events and results expressed here.
ʀPlease refer to ASSET BOOK for principal projects.

I. Performance Comparisons (Consolidated)
1. Income Statement Results for FY2021 and FY2020
ʴOverviewʵ
There is a decrease in revenue and operating income compared withFY2020. There is an increase in rental profits as a result of a full-year
operation and completion of new buildings as well as a rent increase inexisting buildings. However, the following factors led to an overall decrease
in revenue and operating income: a decrease in profits from retail properties
and hotels affected by spread of COVID-19; a decrease in revenue andprofits from asset sales in International Business.
ʴCommercial Property BusinessʵWhile capital gains are increased, a decrease in income gains due to an impact of COVID19 led to an overall decrease in revenue and profits compared with FY2020.
In regards to office buildings, a full-year operation and completion of new buildings aswell as a rent increase in existing buildings led to an increase in rental revenue and profits.
On the other hand, factors, such as a temporary closure during the state of emergency
declaration in April and May of 2020 and a decrease in the number of customers due to
COVID-19, negatively affected to tenant sales of retail properties and occupancy rates ofhotels compared with FY2020, thus led to a great decrease in revenue and profits. As aresult, there is a decrease in income gains in the segment as a whole.
ʽOffice Buildingsʾ
A full-year operation of new buildings (e.g.Yotsuya Tower), completion of new buildings(e.g. Mizuho Marunouchi Tower and Marunouchi Terrace), and a rent increase in existingbuildings led to an increase in rental revenue and profits.
ʽRetail Properties (e.g. outlet malls) ʾ
Factors such as a temporary closure during the state of emergency declaration in April andMay of 2020 and a subsequent decrease in the number of customers led to a decrease intenant sales. As a result, there is a great decrease in rental revenue and profits.
ʽHotelsʾDue to factors such as a temporary closure during the state of emergency declaration in
April and May of 2020 and a stagnant occupancy rates, performance is greatly
deteriorated.
ʴResidential BusinessʵWhile there is a decrease in revenue, profits remain unchanged. In regards to domestic
condominiums, the number of condominiums units sold is increased: however, a great
number of condominiums sold in the suburbs of greater Tokyo area and provincial cities
led to a decrease in average price per unit, thus resulted in a decrease in condominiums
sales. On the other hand, there is an increase in profits as a result of a rise in the grossmargin. There is a decrease in capital gains from sales of rental apartments.
ʴInternational Businessʵ
There is a decrease in revenue and profits compared with FY2020. While an increase inoccupancy rates of the U.S. office building (1271 Avenue of the Americas) and profits
from condominiums business in Asia contribute to an increase in income gains, there is adecrease in revenue and profits due to an effect of an office building disposition in the
U.K. recorded in FY2020.

Millions of yen (rounded down)

FY2021Results

FY2020Results

Millions of yen (rounded down)

䕔Breakdown of Extraordinary income

Change(New Segment)

5,144

3,021

1,711

1,309

-

14,915(14,915)-

4,480(4,480)16,603

26,251(9,647)723,712(51,270)

Gain on sales of investment securities

䚷Residential Business

362,755

385,538(22,782)

Gain on amortization of negative goodwill

114,457

134,175(19,718)

22,19921,316882

䚷Architectural Design & Engineering Business and Real Estate Services Business

56,064

57,128(1,063)

Change13,582

672,441

䚷International Business

FY2020Results

Gain on sales of fixed assets

䚷Commercial Property Business䚷Investment Management Business

FY2021Results

Gain on contribution for construction
Total

8,437

9,055

8,743

312

(29,378)(28,418)(960)

1,207,594

1,302,196(94,601)
Loss related to retirement of fixed assets

2,099

5,445

䚷Commercial Property Business

180,775

187,855(7,079)Loss on valuation of investment securities

-

2,344

(2,344)

䚷Residential Business

24,06824,320(251)

Loss on transfer of business

-

3,240

(3,240)䚷International Business

37,932

46,156(8,224)

Impairment loss

4,679

10,844(6,164)

䚷Investment Management Business

5,966

4,467

1,499

Loss on liquidation of subsidiaries

13,826-

13,826

Loss on infectious disease

5,698

-

5,698

Total

26,304

21,8744,429

䚷Other䚷Eliminations
Revenue from Operations(New Segment)

Millions of yen (rounded down)

䕔Breakdown of Extraordinary loss

959

2,407

(1,448)䚷Other

(1,089)(2,018)928

䚷Eliminations or Corporate(24,219)(22,420)(1,798)Operating Income

224,394

240,768(16,374)

㸺Reference㸼䚷Non-operating revenue

26,292

12,377

13,914

䕔Capital Gains included in Operating Income

307

229

77

䚷Architectural Design & Engineering Business and Real Estate Services Businessࠉ㸦Equity in earnings of unconsolidated subsidiaries and affiliates㸧

FY2021Results

FY2020Results

Change(3,345)

Millions of yen (rounded off to the nearest billion)

FY2021Results

FY2020Results

Change䚷Non-operating expense

39,72033,574

6,146

Capital Gains

Income Before Taxes and Special Items

210,965

219,572(8,606)

㻌㻌䚷Commercial Property Business

32,00023,0009,000

䚷Extraordinary income

16,603

26,251(9,647)

䚷䚷Residential Business

7,000

10,000(3,000)䚷䚷International Business䚷Extraordinary loss

26,304

21,874

4,429

12,00028,000(16,000)

Income Before Income Taxes and Minority Interests

201,265

223,949(22,683)

䚷䚷Investment Management Business

-

-

-

䚷Corporate tax, etc.

54,19558,533(4,337)

䚷㻌㻌Other---

Profit147,069

165,415(18,345)䚷㻌㻌Eliminations or Corporate

-

-

-

䚷Profit attributable to non-controlling interests

11,414

16,963(5,549)Total

51,00061,000(10,000)

Profit Attributable to Owners of Parent

135,655

148,451(12,796)*Capital Gains: Disposition of assets and other one-time-only profit with the exclusion of residential condominium sales.

㸺Reference㸼ԏBusiness Profit

As of April 2020, the Company made the following changes to its disclosure segment- 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 Business segment.

Business Profit

Millions of yen (rounded down)

FY2021Results

224,701

FY2020Results

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

(16,296)

2. Current Income Statement Estimates for FY2022 and Results for FY2021
Millions of yen (rounded down)ʴOverviewʵ
An overall increase is expected in revenue and operating income comparedwith FY2021. Main factors include the followings: a positive effect ofcompletion and a full-year operation of new buildings; an increase in capitalgains; an expected less impact of COVID-19 in hotels and retail properties.
ʴCommercial Property BusinessʵʽOffice Buildingsʾ
Despite a reduction in rental profit as a result of a decrease in rental income from existingbuildings being closed for redevelopment, an overall increase in income and profits is
expected as a result of completion and a full-year operation of new buildings as well as anincrease in capital gains.
ʽRetail Properties (e.g. outlet malls) ʾAn increase in rental revenue and profits is expected as a result of less impact of COVID19.
ʽHotelsʾ
A decrease in deficit is expected as a result of less impact of COVID-19.
ʴResidential BusinessʵBoth revenue and profits are expected to be stable as previous year as a result offavorable performance in domestic condominiums.
ʴInternational BusinessʵWhile there is a decrease due to an effect of revenue related to open-ended Europe
hybrid model investment fund recorded in FY2021, an increase in profits is expected as aresult of an increase in capital gains.

FY2022Estimates

FY2021Results

Millions of yen (rounded down)

䕔Breakdown of Extraordinary income

Change(New Segment)

FY2022Estimates

FY2021Results

ChangeGain on sales of fixed assets

7,000

13,582

䚷Commercial Property Business

787,000

672,441

114,559

Gain on sales of investment securities

6,000

3,021

2,979

䚷Residential Business

373,000

362,755

10,245Gain on sales of shares of affiliated companies

2,000

-

2,000

䚷International Business

96,000114,457(18,457)

Total

15,00016,603(1,603)䚷Investment Management Business

23,00022,199801

䚷Architectural Design & Engineering Business and Real Estate Services Business

62,00056,064

5,936

䚷Other

10,0009,055

945

䚷Eliminations(25,000)(29,378)

4,378

1,326,000

1,207,594

118,406

Revenue from Operations(New Segment)

Millions of yen (rounded down)

䕔Breakdown of Extraordinary loss

Loss related to retirement of fixed assets

-

4,679

(4,679)Loss on liquidation of subsidiaries-

13,826(13,826)-

5,698(5,698)17,00026,304(9,304)

13,225

䚷Residential Business

24,00024,068(68)

䚷International Business

42,00037,932

4,068

Loss on infectious disease

䚷Investment Management Business

7,000

5,966

1,034

Total

䚷Architectural Design & Engineering Business and Real Estate Services Business

4,000

959

3,041
(911)

(2,000)(1,089)(24,219)219

Operating Income

245,000

224,394

20,606

䚷Non-operating revenue

11,00026,292(15,292)

ChangeImpairment loss

180,775(24,000)

FY2021Results

2,099

194,000

䚷Other

FY2022Estimates

17,000䚷Commercial Property Business䚷Eliminations or Corporate(6,582)

㸺Reference㸼䕔Capital Gains included in Operating Income

14,901Millions of yen (rounded off to the nearest billion)

FY2022Estimates

FY2021Results

Change

300

307

(7)

䚷Non-operating expense

36,00039,720(3,720)㻌㻌䚷Commercial Property Business

43,00032,00011,000

Income Before Taxes and Special Items

220,000

210,965

9,035

䚷䚷Residential Business

5,000

7,000

(2,000)䚷Extraordinary income

15,00016,603(1,603)

䚷䚷International Business

16,00012,0004,000

䚷Extraordinary loss

17,00026,304(9,304)

䚷䚷Investment Management Business

-

-

-

Income Before Income Taxes and Minority Interests

218,000

201,265

16,735䚷㻌㻌Other---ࠉ㸦Equity in earnings of unconsolidated subsidiaries and affiliates㸧

Capital Gains䚷Corporate tax, etc.

65,00054,195

10,805䚷㻌㻌Eliminations or Corporate

Profit153,000

147,069

5,931

Total

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

䚷Profit attributable to non-controlling interests

11,00011,414(414)

Profit Attributable to Owners of Parent

142,000

135,655

6,345

-

-

-

64,00051,00013,000㸺Reference㸼
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 Business segment.

ԏBusiness Profit
Business Profit

Millions of yen (rounded down)

FY2022Estimates

245,300

FY2021Results

Change224,701*Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliates.

20,599

3. Balance Sheet Results at Periods Ended Mar 31, 2021 and Mar 31, 2020
Millions of yen (rounded down)

At Mar 31, 2021

At Mar 31, 2020

Millions of yen (rounded down)

ChangeAt Mar 31, 2021

AssetsAt Mar 31, 2020

ChangeLiabilities

I. Current assets

I. Current liabilities

1. Cash170,040

207,896(37,856)

2. Notes and accounts receivable-trade52,031

50,3401,691

1. Notes and accounts payable-trade60,50766,368(5,861)

2. Short-term borrowings

141,785

115,306

26,478(29,135)

3. Marketable securities

4,626

7,657

(3,030)3. Current portion of long-term debt

127,643

156,778

4. Property for sale

88,11672,25615,859

4. Commercial paper

50,00050,000-5. Property for sale in progress

267,563247,677

19,886

5. Bonds due within one year

65,00051,55013,4506. Property for development
7. Appropriated construction in progress

975

975

(0)

6. Accrued income taxes

24,457

29,773(5,315)

7,144

7,390

(245)

7. Other current liabilities

193,043

194,225(1,181)

662,437

664,001(1,564)8. Other inventories

1,034

1,005

29

9. Equity investments

496,182

450,520

45,661

II. Long-term liabilities

10. Other current assets

76,87570,2086,666

1. Bonds

745,759

775,584(29,825)

(553)

(294)

(259)

2. Long-term borrowings

1,393,858

1,278,678

115,179

1,164,037

1,115,634

48,402

11. Allowance for doubtful accounts
Total current assets

Total current liabilities

II. Fixed assets
1. Property and equipment(1) Buildings and structures(2) Machinery and equipment(3) Land

1,178,764

1,174,536

4,228

459,177

7,714

215,852

27,966

5. Deferred tax liabilities on land revaluation

264,082

264,063

19

6. Net defined benefit liability

27,123

26,919204

30,46027,712

2,747

7. Accrued directors' retirement benefits

662

601

60

2,152,812

85,122

8. Provision for environmental measures

4,537

4,556

(18)

(4) Land in trust

578,446

608,331(29,885)

136,273

126,311

9,961

Total property and equipment

466,891
243,818

2,237,934(5) Construction in progress(6) Other property and equipment

3. Lease deposits received
4. Deferred tax liability

9. Negative goodwill

83,60480,251

3,352

10. Other long-term liabilities

118,294

147,343(29,048)

18,013

17,548465

Total long-term liabilities

3,348,634

3,253,028

95,605

4,179,893

4,107,252

72,640Total liabilities

4,011,071

3,917,030

94,041

76,19372,764

3,429

I. Shareholders' Equity

2. Intangible assets

Net Assets(1) Leaseholds(2) Other intangible assets

24,901

24,002898

1. Capital

142,279

142,147

131

101,095

96,7674,328

2. Capital surplus

164,367

164,041326

3. Retained earnings

1,058,457

962,840

95,617(1) Investment securities

281,996236,969

45,027

4. Less treasury stock, at cost(105,216)(105,282)

66(2) Long-term loans

11,661

10,924737

1,259,887

1,163,746

96,141(3) Lease deposits

136,478

126,092

10,386

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

34,37021,336

13,033

1. Unrealized holding gain on securities

118,088

79,52738,560(5) Deferred tax assets

16,536

16,266269

2. Deferred gains or losses on hedging instruments(1,916)(1,948)31(6) Other investments

146,455

127,636

18,819

3. Land revaluation reserve

526,417526,623(206)(24,418)

Total intangible assets
3. Investments and other assets(7) Allowance for doubtful accounts

Total shareholders' equity

(6)

(643)

636

4. Foreign currency translation adjustments(53,740)(29,321)

Total investments and other assets

627,493538,582

88,911

5. Remeasurements of defined benefit plans

3,163(4,163)

7,327

Total fixed assets

4,908,481

4,742,602

165,879

592,011570,716

21,294

6,072,519

5,858,236

214,282

Total assets

䚷 Total other accumulated comprehensive income
III. Stock acquisition rights
IV. Non-controlling interests
Total net assets
Total liabilities and net assets



231

288

(56)

209,316

206,454

2,861

2,061,447

1,941,206

120,241

6,072,519

5,858,236

214,282

4. Consolidated Cash Flow Statement Estimates for FY2022 and Results for FY2021 and Results for FY2020
Millions of yen (rounded down)

ᆔFY2020 Results

ᆕFY2021 Results

Change䠄ᆕ-ᆔ䠅

ᆖFY2022 (Estimates)

Change䠄ᆖ-ᆕ䠅

Income before income taxes and minority interests

223,949

201,265(22,683)

218,000

16,735Adjustment for extraordinary income or loss

(1,395)

10,935

12,33014,0003,065

Depreciation and amortization

84,941

89,1074,165

90,000893

Decrease (increase) in inventories

148,161

56,443(91,718)

96,00039,557

Decrease (increase) in equity investments(43,217)(21,048)

22,169(131,000)(109,952)

Other(25,035)(71,888)(46,852)(44,000)

27,888

Income taxes, etc.

(45,636)(57,400)(11,764)(56,000)

1,400

䚷Net cash provided by (used in) operating activities

341,766

207,414(134,352)

187,000(20,414)

5,275

14,186

8,911

17,0002,814

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

105,830

30,403(75,426)

39,0008,597

Capital investment(331,857)(319,841)

12,016(394,000)(74,159)

Other(56,687)(22,051)

34,636(14,000)

8,051

䚷Net cash provided by (used in) investing activities(277,440)(297,303)(19,863)(352,000)(54,697)

Newly acquired funds

342,782

437,155

94,372

478,000

40,845

Repayment(305,736)(365,441)(59,705)(195,000)

170,441

Cash dividends paid

(53,846)(51,153)

2,692(54,000)(2,847)

Repurchase and disposal of own shares(100,024)(23)

100,001(30,000)(29,977)

Other

87,93729,888(58,049)(54,000)(83,888)

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

50,42579,312145,000

94,575䚷Cash and cash equivalents at the end of year

213,008

172,307(40,701)

152,000(20,307)

䚷Free Cash Flow

64,326(89,889)(154,215)(165,000)(75,111)

Proceeds from sales of investment securitiesII. Investment Data
1. Investment data
Capital investment*

Millions of yen (rounded down)

FY2021Equity investment

FY2022 (Estimates)

Total

319,841

Mitsubishi Estate

146,636

Millions of yen (rounded down)

FY2021

FY2022 (Estimates)

Total

394,000

Total

93,784

Total

176,000

Mitsubishi Estate

136,000

Mitsubishi Estate

49,179Mitsubishi Estate

48,000(Breakdown)(Breakdown)(Breakdown)

Office Building Business

Office Building

Logistics Facility

42,606

Logistics Facility

37,000

New/Redevelopment buildings(Marunouchi redevelopment etc.)

72,487

Refurbishment cost etc.

19,281

Hotel

19,525

New/Redevelopment buildings(Marunouchi redevelopment etc.)

60,000International

4,479International

6,000

Refurbishment cost etc.

14,000

Other(Domestic)

1,619

Office Building

2,000

Other(Domestic)

2,000

Other

72,000Logistics Facility

27,000Retail Property

19,227Hotel

25,000Logistics Facility

11,823Retail Property

10,000Other

173,204

Other

226,000(Breakdown)(Breakdown)

Other(Breakdown)

Mitsubishi Estate Residence

70,638Mitsubishi Estate Residence

MEC Group International*2

29,369Mitsubishi Estate Europe

Consolidated TMK(Domestic)

25,261MEC Group International*2

44,605(Breakdown)
82,000(Breakdown)US

26,07763,000Asia, Oceania

36,000EuropeMitsubishi Estate Europe

18,052

Mitsubishi Estate࣭Simon

8,000

Mitsubishi Estate࣭Simon

12,639

Tokyo Ryutsu Center

8,000

Sunshine City

5,714

Marunouchi Heat Supply

6,000

Marunouchi Heat Supply

3,520

Sunshine City

5,000

Royal Park Hotels & Resorts

2,001

Royal Park Hotels & Resorts

3,000

Yokohama Sky Building

1,414

Yokohama Sky Building

1,000Tokyo Kotsu Kaikan

1,070

Consolidated TMK(Domestic)

1,000

Strategic investment

32,000* Major inter-group transactions are eliminated.
*2 Rockfeller Group, Inc. changed its name to MEC Group International, Inc. on January 1, 2020.



US

56,000

16,487

Asia, Oceania

14,0002,040

Europe2,000

Strategic investment

56,0002. Assets Breakdown and Special Purpose Vehicles Data
Assets Breakdown (Consolidated)

Special Purpose Vehicles Data
Millions of yen (rounded down)

At Mar 31, 2021

At Mar 31, 2020

Millions of yen (rounded down)

ChangeInventories

At Mar 31, 2021

At Mar 31, 2020

Change56,19961,842(5,643)Equity investments by Mitsubishi Estate

Condominium(domestic)

272,812

262,090

10,722

International

1,906

2,028

(122)

Domestic(other)

52,72334,89017,833

US

1,906

2,028

(122)

International

387,260

353,788

33,472

-

-

-

US

181,046

172,424

8,622

Europe57,26034,23823,022

Asia

148,952

147,124

1,828

496,182

450,520

45,661

EuropeAsia
OtherTotal inventories

-

-

-

90,116

65,18724,929364,834

329,305

35,529Domestic Office Building

Total equity investments by Mitsubishi Estate

Equity investments
Domestic Office Building

56,19961,842(5,643)ٛReferenceٜ

Domestic(other)

52,72334,89017,833Equity investments by other companies

International

387,260

353,788

33,472

Domestic Office Building

US

181,046

172,424

8,622

Domestic(other)

Millions of yen (rounded off to the nearest billion)
104,000

99,000

5,000

0

0

-

Europe57,26034,23823,022

International

890,000

795,000

95,000Asia

148,952

147,1241,828

US

494,000

433,000

61,000496,182

450,520

45,661

Europe49,00034,00015,000Asia

347,000

328,000

19,000994,000

894,000

100,000

77,00077,0000Total equity investments
Fixed assets (Property and equipment)
Office Building

3,119,190

3,111,799

7,391

Outlet Mall

135,846

132,724

3,122

Total equity investments by other companies

Logistics Facility

81,02572,853

8,172

Retail Property (Except Outlet Mall)

138,314142,161(3,847)

Domestic(other)

4,000

4,000

(0)

Rental Apartment

112,130

80,90831,222

International

839,000

667,000

172,000

International

374,646

390,761(16,115)US

388,000

332,000

56,000Interest bearing debt borrowed by SPV
Domestic Office BuildingUS

172,329

171,339990

EuropeEurope115,071

130,872(15,801)

Asia

Asia

87,24688,548(1,302)

218,742

176,046

42,696

4,179,893

4,107,252

72,640

Other
Total fixed assets(property and equipment)

Total interest bearing debt borrowed by SPV

-

-

-

451,000

335,000

116,000

920,000

748,000

172,000* Domestic Same-Boat investment in Investment Management Business, etc. is not listed in the above reference.

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

Millions of yen (rounded down)

FY2017FY2018FY2019FY2020

FY2021

FY2022 (Estimates)

䚷㻌Marunouchi Area Office Building

-

-

-

243,681248,249

251,000

ࠉTokyo Area Office Building (Outside of Marunouchi)

-

-

-

128,927

140,514147,000

ࠉOffice Building (Outside of Tokyo)

-

-

-

64,54859,45761,000ࠉOutlet Mall

-

-

-

46,38640,02749,000ࠉOther*2---

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

524,423

543,000

Leasing

Total leasing
Sales of assets

-

-

-

91,03052,878134,000

Other

-

-

-

108,217

95,139110,000

Total

-

-

-

723,712672,441

787,000*1 Including revenue from other segments*2 Including independent shopping center, logistics facility, etc.

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

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

At Mar 31, 2021

3,672

3,822

3,968

4,120

4,147

Owned by MEC

2,295

2,404

2,536

2,592

2,543

Subleases

1,377

1,418

1,432

1,528

1,604

At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

At Mar 31, 2021

ࠉOwned by MEC

3,414

3,556

3,729

3,736

3,732

3,736

ࠉSubleases

1,971

2,013

2,016

2,133

2,259

2,272

Contracted area

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

At Mar 31, 2022
(Estimates)(1) Total operating floor spaceࠉTotal

5,385

5,570

5,745

5,869

5,991

6,009

(2) Leasable area

3,357

3,475

3,631

3,726

3,807

3,808

(3) Vacancy rate (All uses in Japan*1 )2.93 㸣

1.87 㸣

1.80 㸣

1.07 㸣

2.35 㸣

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

25,842

26,193

26,702

27,177

27,793At Mar 31, 2017

At Mar 31, 2018

At Mar 31, 2019

At Mar 31, 2020

Operating floor space

2,727

2,784

2,915

2,915

2,952

Leasable area

1,603

1,665

1,755

1,751

1,773

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

4. Marunouchi Area Building Data (Unconsolidated)

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

2.42 㸣
216,673

2.19 㸣

1.65 㸣
221,674

235,119

0.69 㸣
243,457

At Mar 31, 2021

2.50 㸣
247,558

3.0 㸣
28,5005. Domestic Condominium Business Data
FY2017FY2018FY2019FY2020

FY2021

FY2022 (Estimates)

223,266

254,140

238,924

202,876

203,513203,000

Condominiums sold (units)

3,713

3,938

4,007

3,214

3,476

2,900

Gross Margin*

19.4 㸣

19.7 㸣

17.0 㸣

17.8 㸣

18.7 㸣

20.0 㸣

Inventory (units)

326

460

542

373

213

1,700

Condominiums sold (Millions of yen)

3,236

3,615

3,966

2,924

2,350

188,282

156,944

144,970

162,141

140,455

-

-

-

-

-

-

-

The following fiscal year share (Millions of yen)

167,887

141,408

104,242

130,195

139,475-

The post following fiscal year share (Millions of yen)

20,395

15,536

40,72831,946980-

New Supply of condominiums (units)
Condominium contract balance (Millions of yen)
The fiscal year share (Millions of yen)

* Gross Margin: Subtract Land Acquisition Cost and Construction Cost from Sales

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

PL

BS

FY2018FY2019FY2020

FY2021

FY2022 (Estimates)

Revenue from Operations

1,125,405

1,194,049

1,263,283

1,302,196

1,207,594

1,326,000

Operating income

192,495

213,047

229,178

240,768

224,394

245,000

Income before taxes and special items

169,851

190,506

206,587

219,572

210,965

220,000

Profit attributable to owners of parent

102,681

120,443

134,608

148,451

135,655

142,000
6,300,000

Total assets

5,484,115

5,801,450 *1

5,774,193

5,858,236

6,072,519

Inventories

408,294434,638

361,455

329,305

364,834-

Fixed assets (property and equipment and Intangible assets)

3,956,299

4,076,113

4,183,212

4,204,019

4,280,988-

Interest-bearing debt

2,396,994

2,481,675

2,319,597

2,429,883

2,526,142

2,680,000

Net interest-bearing debt

2,153,652

2,194,815

2,140,288

2,216,874

2,353,835

2,530,000

Average interest rate

CF

Indicator

0.97 䠂

0.95 䠂

0.98 䠂

0.93 䠂

0.87 䠂

0.84 䠂

Shareholders' equity *2

1,592,777

1,698,348

1,770,643

1,734,462

1,851,899

1,900,000

Cash flow from operating activities

168,527

293,338

345,954341,766

207,414

187,000䚷(Depreciation and amortization)
Cash flow from investing activities

75,97477,54580,336

84,941

89,10790,000(327,292)(286,841)(271,083)(277,440)(297,303)(352,000)䚷(Capital investment)
Cash flow from financing activities(275,372)(289,570)(285,089)(331,857)(319,841)(394,000)(4,921)

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

50,425145,000

Free Cash Flow

(158,764)

6,497

74,87164,326(89,889)(165,000)

Business Profit *3

193,368

213,467

229,442240,998

224,701

245,300

EBITDA *4

279,718

302,424

320,641

336,784

331,821 *5

344,000 *5
4.0 䠂

ROA*6

3.6 䠂

3.8 䠂

4.0 䠂

4.1 䠂

3.8 䠂

ROE*7

6.6 䠂

7.3 䠂

7.8 䠂

8.5 䠂

7.6 䠂

EPS(Yen)

74.00

86.78

96.97

108.64101.347.6 䠂
106.707.7 times

7.3 times

6.7 times

6.6 times

7.1 times

7.4 times

7.1 times

6.7 times

6.1 times

6.1 times

6.6 times

6.9 times

Debt equity ratio *9

1.50

1.46

1.31

1.40

1.36

1.41

䚷After hybrid debt deductions*8
Interest expense

1.26

1.23

1.10

1.18

1.18

1.23

22,74323,122

23,503

22,10021,62322,000Net interest-bearing debtᲩEBITDA
After hybrid debt deductions *8

OtherMillions of yen (rounded down)

FY2017

Interest coverage ratio (ICR) *10

8.7 times

9.5 times

10.1 times

11.3 times

11.2 times

Annual dividends per share(Yen)

20

26

30

33

31

11.5 times
33

Dividend payout ratio

27.0 䠂

30.0 䠂

30.9 䠂

30.4 䠂

30.6 䠂

30.9 䠂

Current value of Income generating assets

6,791,968

7,383,415

7,941,134

8,270,844

8,361,217

Income generating assets unrealized gain

2,963,508

3,422,832

3,898,413

4,222,505

4,250,222-

Exchange average rate(¥/$䠅/PL

108.78112.16110.44109.03106.77106.00Exchange average rate(¥/£䠅/PL

147.57144.49147.41139.19137.01149.00Exchange current rate(¥/$䠅/BS

116.49113.00111.00109.56103.50143.00151.95140.46143.48139.82
Exchange current rate(¥/£䠅/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 the amendment.
*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 D&A for FY2021 = Total of D&A 䠉 D&A included in Loss on infectious disease (1,976 millions of yen)
*6 ROA = Business Profit / Total assets (averageᲣ
*7 ROE = Profit attributable to owners of parent / Shareholders' equity (average)*8 The subordinated bond and subordinated loan subject to equity credit from a credit rating agency (50% equity treatment) are shown after deductions.
*9 Debt equity ratio = Interest-bearing debt / Shareholders' equity*10 ICR = (Operating income + Interest income + Dividend income + Equity in earnings of unconsolidated subsidiaries and affiliates) / Interest expense-106.00149.002. Segment Information (Consolidated)

Millions of yen (rounded down)
FY2017

FY2021

FY2022 (Estimates)--

723,712672,441

787,000

䚷Residential Business

-

-

-

385,538

362,755

373,000

䚷International Business

-

-

-

134,175

114,457

96,000---21,31622,19923,000---57,12856,06462,000

-

-

-

8,743

9,055

10,000---(28,418)(29,378)(25,000)

1,125,405

1,194,049

1,263,283

1,302,196

1,207,594

1,326,000

䚷Commercial Property Business

-

-

-

187,855

180,775

194,000

䚷Residential Business

-

-

-

24,32024,06824,000䚷International Business

-

-

-

46,15637,93242,000䚷Investment Management Business䚷Architectural Design & Engineering Business and䚷Real Estate Services Business䚷Others

-

-

-

4,467

5,966

7,000

-

-

-

2,407

959

4,000

-

-

-

(2,018)(1,089)(2,000)䚷Eliminations or Corporate

-

-

-

(22,420)(24,219)(24,000)

192,495

213,047

229,178

240,768

224,394

245,000---

188,099

181,084

194,300

䚷Eliminations or Corporate䚷Total䚷Commercial Property Business䚷Residential Business

-

-

-

24,30524,06624,000䚷International Business

-

-

-

46,15637,93242,000

-

-

-

4,467

5,966

7,000

-

-

-

2,407

959

4,000

-

-

-

(2,018)(1,089)(2,000)---(22,420)(24,219)(24,000)
245,300

䚷Investment Management BusinessBusiness Profit* 䚷Architectural Design & Engineering Business and䚷Real Estate Services Business䚷Others䚷Eliminations or Corporate

193,368

213,467

229,442240,998

224,701

䚷Commercial Property Business

-

-

-

70,92771,713-

䚷Residential Business

-

-

-

3,946

4,120

-

䚷International Business

-

-

-

6,646

8,599

-

-

-

-

1,333

1,359

-

-

-

-

868

909

-

-

-

-

98

130

-

-

-

-

1,119

2,274

-

75,97477,54580,336

84,941

89,10790,00075-

䚷Total䚷Investment Management Business
Depreciation
and amortization 䚷Architectural Design & Engineering Business and䚷Real Estate Services Business䚷Others䚷Eliminations or Corporate䚷Total䚷Commercial Property Business

-

-

-

䚷Residential Business

-

-

-

㻙
386

358

-

䚷International Business

-

-

-

66

64

-

-

1,929

2,146

-

-

208

377

-

-

䚷Investment Management Business
Amortization of䚷Architectural Design & Engineering Business andgoodwill䚷Real Estate Services Business䚷Others-䚷Eliminations or Corporate

-

-

-

-

-

-

-

-

-

-

-

-

2,000

5,473

5,561

3,282

2,591

3,022

䚷Commercial Property Business

-

-

-

169,163

193,938-

䚷Residential Business

-

-

-

45,07972,629-䚷International Business

-

-

-

113,755

47,713-䚷Investment Management Business䚷Architectural Design & Engineering Business and䚷Real Estate Services Business䚷Others

-

-

-

328

54

-

䚷Total

-

-

-

948

454

-

-

-

-

411

321

-

-

-

-

2,172

4,729

-

275,372

289,570

285,089

331,857

319,841

394,000

䚷Commercial Property Business

-

-

-

4,135,091

4,167,287-

䚷Residential Business

-

-

-

570,282

673,344-

䚷International Business

-

-

-

887,179

929,869-

䚷Investment Management Business䚷Architectural Design & Engineering Business and䚷Real Estate Services Business䚷Others---

71,82977,586----55,73756,067----

13,27025,367-䚷Eliminations or Corporate

-

-

-

124,847

142,995-

5,484,115

5,801,450

5,774,193

5,858,236

6,072,519

6,300,000

䚷Eliminations or Corporate䚷TotalTotal assets

FY2020-䚷TotalCapitalinvestment

FY2019

䚷Commercial Property Business䚷Investment Management Business
Revenue fromOperations 䚷Architectural Design & Engineering Business and䚷Real Estate Services Business䚷Others

OperatingincomeFY2018

䚷Total* Business Profit: Operating Income + Equity in earnings(loss) of unconsolidated subsidiaries and affiliatesV. Mitsubishi Estate Group Companies' Data
Millions of yen (rounded down)
Mitsubishi Estate Co., Ltd.

FY2017FY2018FY2019FY2020

FY2021

Revenue from operations

416,619472,486

498,273

549,362542,646

Operating income

78,495

109,715

110,803

117,176

138,571

Income before taxes and special items

95,882

127,288

126,115

131,431

158,345

Net income

78,541

108,813

100,980

109,251

110,616

Total assets

4,575,250

4,708,269

4,749,852

4,782,507

4,936,321

43,44044,49447,57951,121

51,455

Depreciation and amortization
Mitsubishi Jisho Property Management Co., Ltd.*FY2017FY2018FY2019FY2020

FY2021

Share of Voting rights

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

66,741

71,666

79,54780,683

83,247

Operating income

4,777

5,509

5,950

5,960

5,757

Income before taxes and special items

4,780

5,495

5,936

5,960

5,757

Net income

3,172

3,882

4,282

4,101

3,978

Total assets

67,97369,761

77,146

77,63382,448Depreciation and amortization

108

113

227

201

209

Number of management properties

159

167

172

184

197

7,888,033 䟝

8,000,277 䟝

8,124,226 䟝

8,615.266 䟝

8,963,474 䟝

FY2020

FY2021

Management area
Marunouchi Heat Supply Co., Ltd.

FY2017FY2018FY2019

Share of Voting rights

64.16 䠂64.16 䠂64.16 䠂65.59 䠂65.59 䠂

Revenue from operations

13,293

13,894

14,833

15,766

15,694

Operating income

1,235

1,387

1,855

2,037

1,771

Income before taxes and special items

1,170

1,270

1,837

1,982

1,615

Net income

868

974

1,712

4,327

995

Total assets

25,48032,68433,25539,631

41,923

Depreciation and amortization

2,273

2,384

2,600

2,732

3,594

FY2021Sunshine City Corporation

FY2017FY2018FY2019FY2020Share of Voting rights

63.20 䠂63.20 䠂63.20 䠂63.20 䠂63.20 䠂

Revenue from operations

27,38029,212

28,121

26,926

24,079Operating income

6,987

8,352

6,933

5,213

5,194

Income before taxes and special items

5,679

7,260

5,690

3,473

4,344

Net income

3,984

5,016

3,954

2,372

2,085

Total assets

109,097

114,641

111,663

106,081

104,830

5,463

5,298

5,265

5,686

5,732

FY2021

Depreciation and amortization
Mitsubishi Estate䞉Simon Co., Ltd.

FY2017FY2018FY2019FY2020Share of Voting rights

60.00 䠂60.00 䠂60.00 䠂60.00 䠂60.00 䠂

Revenue from operations

43,642

45,462

46,65946,39340,030Operating income

17,35918,94019,673

18,963

14,619

Income before taxes and special items

17,593

19,211

19,952

19,21914,942

Net income

12,084

13,143

13,572

13,165

9,477

Total assets

101,767

109,485

108,913110,754

121,724

Depreciation and amortization
Store floor area

5,513

5,176

5,035

5,197

6,126

308,500 䟝

308,500 䟝

314,600 䟝

315,300 䟝

345,500 䟝Millions of yen (rounded down)
Tokyo Ryutsu Center Inc.*

FY2017FY2018FY2019

Share of Voting rights

56.15 䠂56.41 䠂58.22 䠂FY202060.03 䠂FY202160.03 䠂

Revenue from operations

7,118

8,679

10,34910,361

9,245

Operating income

1,904

2,451

3,223

3,238

1,997

Income before taxes and special items

1,829

2,193

2,874

2,976

1,711

Net income

1,446

1,517

2,543

2,037

1,224

Total assets

55,481

65,51765,56065,166

63,777

Depreciation and amortization

1,102

1,973

2,686

2,617

2,576

Royal Park Hotels and Resorts Co., Ltd.

FY2017FY2018FY2019FY2020

FY2021

Share of Voting rights

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

24,47424,09625,38824,266

9,775

Operating income

1,463

553

549

(992)

(7,343)

Income before taxes and special items

1,458

503

505

(1,004)(6,915)

Net income

1,212

324

432

(1,304)67

Total assets

11,58911,95012,327

10,366

13,722

757

796

928

1,220

1,157

FY2021

Depreciation and amortization
Mitsubishi Estate Residence Co., Ltd.

FY2017FY2018FY2019FY2020Share of Voting rights

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

298,637

306,379

302,180

269,660

251,093

Operating income

28,97125,45426,26024,72923,702

Income before taxes and special items

27,35823,907

24,77723,184

22,146

Net income

22,832

16,875

17,692

16,42914,750Total assets

562,209556,464

583,392

570,960

671,252

1,735

1,668

1,853

2,218

2,488

Depreciation and amortization
Mitsubishi Estate Home Co., Ltd.

FY2017FY2018FY2019FY2020

FY2021

Share of Voting rights

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

27,791

28,00534,57835,47428,200Operating income

363

148

341

54

318

Income before taxes and special items

396

162

347

68

324

Net income

471

106

197

(29)

287

Total assets

11,09012,805

11,506

11,232

13,092

228

250

312

402

400

FY2021

Depreciation and amortization
Mitsubishi Jisho Community Co., Ltd.

FY2017FY2018FY2019FY2020Share of Voting rights

71.47 䠂71.47 䠂71.47 䠂71.47 䠂71.47 䠂

Revenue from operations

48,56650,35952,56355,51455,663Operating income

3,059

3,029

3,170

3,353

3,629

Income before taxes and special items

3,130

3,106

3,237

3,427

3,690

Net income

1,931

2,032

2,101

2,222

2,477

Total assets

15,79817,75819,44020,851

21,908Depreciation and amortization
Number of condominium management units

381

403

393

401

394

331,438 units

342,691 units

349,572 units

352,365 units

350,682 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.

Millions of yen (rounded down)
MEC Group International, Inc.*

FY2017FY2018FY2019FY2020

FY2021

Share of Voting rights

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

64,94389,759107,952

91,99089,222

Operating income

22,36623,30028,14324,86130,877

Income before taxes and special items

20,30022,78026,11922,87426,353

Net income

4,479

6,237

13,33912,654

17,077

Total assets

375,104

447,459

410,801

429,135

468,786

7,361

7,531

5,535

4,762

5,744

Depreciation and amortization
Mitsubishi Estate Europe Ltd.

FY2017FY2018FY2019FY2020

FY2021

Share of Voting rights

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

7,646

7,320

7,912

43,672

22,785

Operating income

4,352

2,895

4,320

20,361

4,709

Income before taxes and special items

4,147

2,534

3,612

19,0604,342

Net income

3,074(4,511)

2,910

16,982

2,736

Total assets

133,853

145,608

156,852

189,954

192,419

2,113

2,083

1,876

1,834

1,846

FY2017FY2018FY2019FY2020

FY2021100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

595

830

2,918

1,905

3,042

Operating income

(21)

236

1,502

381

1,322

Income before taxes and special items

2,286

785

1,625

558

1,809

Net income

2,123

743

1,647

534

1,788

Total assets

32,73534,94836,59938,80238,750

10

119

133

130

128

Depreciation and amortization
Mitsubishi Estate Asia Pte. Ltd.

Share of Voting rights

Depreciation and amortization
Mitsubishi Jisho Sekkei Inc.

FY2017FY2018FY2019FY2020

FY2021

Share of Voting rights

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

16,96918,887

21,552

18,83820,034

Operating income

1,740

2,894

3,474

2,446

3,052

Income before taxes and special items

1,776

2,875

3,496

2,394

3,073

Net income

1,193

1,955

2,374

1,617

2,110

Total assets

25,64624,82625,85925,053

27,106

102

110

239

312

329

Depreciation and amortization
Mitsubishi Real Estate Services Co., Ltd.

FY2017FY2018FY2019FY2020

FY2021

Share of Voting rights

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

100.00 䠂

Revenue from operations

24,24325,584

27,524

27,117

22,662

Operating income

2,232

1,617

2,741

1,031

202

Income before taxes and special items

2,512

1,684

2,797

1,367

216

Net income

1,753

885

1,838

755

21

Total assets

24,307

21,34326,35925,047

23,847

Depreciation and amortization

343

347

397

416

362

Amount of transaction

308,884

234,366

307,369

450,048

260,240

Number of brokerage

1,314

1,162

1,129

1,095

932

-

5,737

50,54055,37956,596

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

