October 31 2013
Earnings Highlights for 2014/3-2Q
Mitsubishi Estate Co., Ltd●Earnings for 2014/3-2Q
Million yen (figures under a million are rounded down)
2014/3
2Q Results
Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Revenue from Operations
Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Operating Income
Income Before Taxes &Special Items
Net Income
EBITDA

2013/3
2Q Results

ChangeChange (%)

246,947
129,002223,237
144,859

23,709(15,857)

10.6 %(10.9) %23,7197,718

16,000207.3 %

55,852
481,00153,186
4,281

32,826435,932
59,0092,909

23,02645,068(5,822)
1,372

70.1
10.3(9.9)
47.2

3,466

785

2,681

341.5 %

20,16873,7484,322
58,40915,845
15,338366.6 %
26.3 %

62,70446,064

16,64036.1 %

43,631
115,657

24,84598,802

18,785
16,85575.6 %
17.1 %

Summary【 Overview】
There is an increase in income and profit compared with 201 3/3-2Q. Major factors for the increase ofincome include the effects of selling off properties in the building business, commercial property
development & investment business and the international business. Major factors for the increase ofprofit include appropriations from selling off property in the international business . Factors affecting
the individual segments compared with 2013/3-2Q are detailed below.
【Building Business】
There is an increase in income due to selling off a building in 1Q and the effect of buildings
constructed in FY2013. However, there is a decrease in profits due to the effect of closing buildings
and the result of high profit ratio, large-scale one-off income from 2013/3-2Q.
(Vacancy rates)
While leasing in buildings excluding Marunouchi are progressing, examples of tenants leaving
existing buildings sees the vacancy rates of Japan (all purpose) fall by 0.21% and Marunouchi(offices) grow by 0.21%. Both met expections, and figures are in line with 2014/3 estimates.
Japan (all purpose)(2013/6: 8.33％ → 2013/9: 8.12％, 2014/3 Estimate: 6.0％)

Marunouchi (offices)(2013/6: 6.26％ → 2013/9: 6.84％)%%%%

(Average rents)
The average rents (Japan-all purpose) compared with the end of June 2013 decreased by¥153/tsubo.month. The main factor is due to the headway of leasing in properties outside ofMarunouchi which see comparatively lower average rents. However, further progression of leasing
new buildings in Marunouchi is planned, which puts average rents in line with estimates.
Japan (all purpose) (2013/6: ¥23,598/tsubo.month → 2013/9： ¥23,445/tsubo.month)(2014/3 Estimate： ¥24,000/tsubo.month)【Residential Business】
Despite a decrease in income due to the sale of many lower-priced condominium units, animprovement of the profit ratio saw an increase in profits. Of expectations for the sales ofcondominiums (¥288 billion), 87.9% of contracts have been finalize d by the end of September 2013
which is in line with estimates.
【Commercial Property Development & Investment】
There is an increase in income and profit due to an increase in the occupancy rates of new buildings
and the sale of properties. However, there is a decline in rental profits due to t he price of theproperties exceededing expectations and a portion of the sales being brought forward, so profits are
inline with estimates.
【 International Business】
The increase in income and profit is due to a favorable exchange rate and from selling off alarge-scale property.
●Revision of 2014/3 Estimates

Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Revenue from Operations
Building BusinessResidential Business
Commercial Property
Development & Investment
International Business
Operating Income
Income Before Taxes & Special
Items
Net Income
EBITDA

Million yen (figures under a million are rounded down)
2014/3 Estimates
2014/3 Estimates
ChangeChange (%)(Current)(Previous)
504,000
509,000(5,000)(1.0) %
390,000
390,000- %35,00035,000-- %82,0001,070,000
112,000
27,00077,0001,070,000
117,000
27,0005,000(5,000)-5,000

5,000-- %25,000160,000

20,000160,000

5,000-

25.0 %- %122,000

122,000-- %58,000242,000

58,000242,000

-

- %
- %

6.5(4.3)-%%%%

Summary【 Overview】
The revision of the March 2014 estimates includes the movement of income and profits between
segments, but this does not affect overall figures. Furthermore, there was an augmentation ofextraordinary income (gain on negative goodwill) but corporation tax was increased so the net
income is unaffected.
【Building Business】
A downward adjustment to income and profits has been made after a revision of property sales.
【 International Business】
An upward adjustment to income and profits has been made after the price of property sales exceeded
expectations and a review of the exchange rate.

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 ext ernal factors. Future events and actual results,financial and otherwise, may differ materially.

The summary of financial statements and fact book can be found on the homepage.
◇Summary of 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)